Document:

Agreement of Lease

  

  
 Exhibit 10.9 
  
 AGREEMENT OF LEASE 
  
 between 
  
 THE EQUITABLE LIFE ASSURANCE 
 SOCIETY OF THE UNITED STATES 
  
 and 
  
 ELAS SECURITIES ACQUISITION CORP., 
  
 Landlord 
  
 and 
  
 NATIONAL FINANCIAL PARTNERS CORP., 
  
 Tenant 
  
 787
Seventh Avenue 
 New York, New York 10019 
  
 Shearman & Sterling LLP 
 599 Lexington
Avenue 
 New York, New York 10022 
  

 TABLE OF CONTENTS 
  

			
	 	  	Page

	 DEFINITIONS
	  	1
	 Article 1 DEMISE, PREMISES, TERM, RENT
	  	7
	 Article 2 USE AND OCCUPANCY
	  	8
	 Article 3 ALTERATIONS
	  	9
	 Article 4 REPAIRS-FLOOR LOAD
	  	16
	 Article 5 WINDOW CLEANING
	  	18
	 Article 6 REQUIREMENTS OF LAW
	  	18
	 Article 7 SUBORDINATION
	  	20
	 Article 8 RULES AND REGULATIONS
	  	23
	 Article 9 INSURANCE, PROPERTY LOSS OR DAMAGE; REIMBURSEMENT
	  	23
	 Article 10 DESTRUCTION-FIRE OR OTHER CAUSE
	  	25
	 Article 11 EMINENT DOMAIN
	  	28
	 Article 12 ASSIGNMENT, SUBLETTING, MORTGAGE, ETC.
	  	29
	 Article 13 ELECTRICITY
	  	37
	 Article 14 ACCESS TO PREMISES
	  	39
	 Article 15 CERTIFICATE OF OCCUPANCY
	  	41
	 Article 16 DEFAULT
	  	42
	 Article 17 REMEDIES AND DAMAGES
	  	44
	 Article 18 FEES AND EXPENSES
	  	46
	 Article 19 NO REPRESENTATIONS BY LANDLORD
	  	47
	 Article 20 END OF TERM
	  	47
	 Article 21 QUIET ENJOYMENT
	  	48
	 Article 22 FAILURE TO GIVE POSSESSION
	  	48
	 Article 23 NO WAIVER
	  	48
	 Article 24 WAIVER OF TRIAL BY JURY
	  	49
	 Article 25 INABILITY TO PERFORM
	  	50
	 Article 26 BILLS AND NOTICES
	  	50
	 Article 27 ESCALATION
	  	51
	 Article 28 SERVICES
	  	60
	 Article 29 PARTNERSHIP TENANT
	  	63
	 Article 30 VAULT SPACE
	  	64
	 Article 31 SECURITY
	  	64
	 Article 32 CAPTIONS
	  	68
	 Article 33 PARTIES BOUND
	  	68
	 Article 34 BROKER
	  	68
	 Article 35 INDEMNITY
	  	69
	 Article 36 ADJACENT EXCAVATION-SHORING
	  	70
	 Article 37 MISCELLANEOUS
	  	70
	 Article 38 RENT CONTROL
	  	72
	 Article 39 RENEWAL TERM
	  	73

  

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

	 SCHEDULE A
	  	 RULES AND REGULATIONS
	  	A-1
	 SCHEDULE B
	  	 CLEANING SPECIFICATIONS
	  	B-1
	 SCHEDULE C
	  	 LANDLORD’S WORK
	  	C-1
	 EXHIBIT A
	  	 FLOOR PLAN
	  	“A”-1
	 EXHIBIT B
	  	 AC SPECIFICATIONS
	  	“B”-1
	 EXHIBIT C
	  	 EXISTING CERTIFICATE OF OCCUPANCY
	  	“C”-1

  

 ii 

 AGREEMENT OF LEASE, made as of the 9th day of September, 2004, between Landlord and Tenant. 
  
 W I T N E S S E T H: 
  
 The parties hereto, for themselves, their legal representatives, successors and assigns, hereby covenant as follows.

  
 DEFINITIONS 
  
 (a) Capitalized terms used herein and not defined elsewhere in this Lease
shall have the meanings set forth below, each of which definition shall be included within, and an integral and substantive part of, the terms, covenants and provisions of this Lease: 
  
 “ADA” shall mean the Americans with Disabilities Act of 1990, Public Law 101-336, U.S.C. §§ 12101
et seq. as the same may be hereafter amended from time to time, together with all regulations and guidelines promulgated pursuant thereto or in connection therewith. 
  
 “Affiliate” shall mean, with respect to Landlord and Tenant, a corporation or other entity which shall (1)
control, (2) be under the control of, or (3) be under common control with Landlord or Tenant, as the case may be. As used herein, the term “control” shall mean the ownership of fifty percent (50%) or more of the outstanding voting stock of
a corporation or other majority equity and control interest if such entity is not a corporation. 
  
 “Alterations” shall mean alterations, installations, improvements, additions or other physical work or changes in or about the Premises.

  
 “Applicable Rate” shall mean the lesser of
(x) two (2) percentage points above the then current Base Rate, and (y) the maximum rate permitted by applicable law. 
  
 “Assessed Valuation” shall have the meaning set forth in Section 27.1 hereof. 
  
 “Bankruptcy Code” shall mean 11 U.S.C. Section 101 et
seq., or any statute of similar nature and purpose. 
  
 “Base Operating Expenses” shall have the meaning set forth in Section 27.1 hereof. 
  
 “Base Operating Year” shall have the meaning set forth in Section 27.1 hereof. 
  
 “Base Rate” shall mean the rate of interest publicly
announced from time to time by Citibank, N.A., or its successor, as its “base rate” (or such other term as may be used by Citibank, N.A., from time to time, for the rate presently referred to as its “base rate”). 
  
 “Base Taxes” shall have the meaning set forth in Section
27.1 hereof. 
  
 “Broker” shall have the
meaning set forth in Article 34 hereof. 
  

 “Building” shall mean all the buildings, equipment and other improvements and
appurtenances of every kind and description now located or hereafter erected, constructed or placed upon the land and any and all alterations and replacements thereof, additions thereto and substitutions therefor, known by the address of 787 Seventh
Avenue, New York, New York. 
  
 “Building
Systems” shall mean the mechanical, gas, electrical, sanitary, heating, air conditioning, ventilating, elevator, plumbing, life-safety and other service systems of the Building except for the distribution portions located within the
Premises. 
  
 “Business Date” shall have the
meaning set forth in Section 28.2 hereof. 
  
 “Business Days” shall mean all days, excluding Saturdays, Sundays and all days observed by either the State of New York or the Federal Government or by the labor unions servicing the Building as legal holidays. 

 
 “Commencement Date” shall have the meaning set forth in
Section 1.1 hereof. 
  
 “Consumer Price
Index” shall mean the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the United States Department of Labor, New York, N.Y. - Northeastern N.J. Area, All Items (1982-84=100), or any successor
index thereto, appropriately adjusted. In the event that the Consumer Price Index is converted to a different standard reference base or otherwise revised, the determination of adjustments provided for herein shall be made with the use of such
conversion factor, formula or table for converting the Consumer Price Index as may be published by the Bureau of Labor Statistics or, if said Bureau shall not publish the same, then with the use of such conversion factor, formula or table as may be
published by Prentice-Hall, Inc., or any other nationally recognized publisher of similar statistical information. If the Consumer Price Index ceases to be published, and there is no successor thereto, such other index as Landlord and Tenant shall
agree upon in writing shall be substituted for the Consumer Price Index. If Landlord and Tenant are unable to agree as to such substituted index, such matter shall be submitted to the American Arbitration Association or any successor organization
for determination in accordance with the regulations and procedures thereof then obtaining for commercial arbitration. The costs of such arbitration shall be shared equally by Landlord and Tenant. 
  
 “Current Year” shall have the meaning set forth in
Section 27.4 hereof. 
  
 “Deficiency”
shall have the meaning set forth in Section 17.2 hereof. 
  
 “Electricity Additional Rent” shall have the meaning set forth in Section 13.2 hereof. 
  
 “Escalation Rent” shall mean either individually or collectively, as the case may be, the Tax Payment and the Operating Payment.

  
 “Event of Default” shall have the meaning set
forth in Section 16.1 hereof. 
  

 2 

 “Expiration Date” shall mean the Fixed Expiration Date or such earlier or later date on
which the Term shall sooner or later end pursuant to any of the terms, conditions or covenants of this Lease or pursuant to law. 
  
 “1st Rental Period” shall have the meaning set forth in Section 1.1 hereof. 
  
 “Fixed Expiration Date” shall have the meaning set forth in
Section 1.1 hereof. 
  
 “Fixed Rent” shall
have the meaning set forth in Section 1.1 hereof. 
  
 “Governmental Authority (Authorities)” shall mean the United States of America, the State of New York, the City of New York, any political subdivision thereof and any agency, department, commission, board, bureau or
instrumentality of any of the foregoing, now existing or hereafter created, having jurisdiction over the Real Property or any portion thereof. 
  
 “HVAC” shall mean heat, ventilation and air conditioning. 
  
 “HVAC Systems” shall mean the Building Systems providing HVAC. 
  
 “Indemnitees” shall mean Landlord, Mortgagee and Lessor, the
partners or members comprising Landlord, Mortgagee and Lessor and the partners, shareholders, members, officers, directors, employees and agents (including, without limitation, leasing and managing agents) of Landlord, Mortgagee and Lessor and of
the partners thereof. 
  
 “Initial Alterations”
shall mean the Alterations to be made by Tenant to initially prepare the Premises for Tenant’s occupancy. 
  
 “Landlord”, on the date as of which this Lease is made, shall mean The Equitable Life Assurance Society of the United States and Elas
Securities Acquisition Corp., each having an office at 787 Seventh Avenue, but after a sale or transfer of the Building or Real Property, “Landlord” shall mean the fee owner of the Building or Real Property, as the case may be, and if
there shall exist a Superior Lease, the Lessee thereunder. 
  
 “Landlord’s Work” shall mean the items of work listed on Schedule C, attached hereto and made a part hereof. 
  
 “Lessor(s)” shall mean a lessor under a Superior Lease. 
  
 “Letter of Credit” shall have the meaning set forth in Article 31 hereof. 
  
 “Mortgage(s)” shall mean any trust indenture or mortgage
which may now or hereafter affect the Real Property, the Building or any Superior Lease and the leasehold interest created thereby, and all renewals, extensions, supplements, amendments, modifications, consolidations and replacements thereof or
thereto, substitutions therefor, and advances made thereunder. 
  
 “Mortgagee(s)” shall mean any trustee, mortgagee or holder of a Mortgage. 
  

 3 

 “Office (offices)” shall mean any premises other than premises used as a store or stores
for the sale or display, at any time, of goods, wares or merchandise, of any kind, or a restaurant, shop, booth, bootblack or other stand, barber shop, or for other similar purposes or for manufacturing. 
  
 “Operating Expenses” shall have the meaning set forth in
Section 27.1 hereof. 
  
 “Operating
Payment” shall have the meaning set forth in Section 27.4 hereof. 
  
 “Operating Statement” shall have the meaning set forth in Section 27.1 hereof. 
  
 “Operating Year” shall have the meaning set forth in Section 27.1 hereof. 
  
 “Operation of the Property” shall mean the operation,
maintenance, repair, protection, improvement and management of the Real Property or the Building and the curbs, sidewalks and areas adjacent thereto. 
  
 “Overtime Periods” shall have the meaning set forth in Section 28.3 hereof. 
  
 “Parties” shall have the meaning set forth in Section
37.2 hereof. 
  
 “Partner” or
“partner” shall mean any general partner of Tenant. 
  
 “Partnership Tenant” shall have the meaning set forth in Article 29 hereof. 
  
 “Person(s) or person(s)” shall mean any natural person or persons, a partnership, a corporation and any other form of business or legal
association or entity. 
  
 “Premises” shall mean,
subject to the provisions of Section 4.3 hereof, the entire rentable area of the eleventh (11th) floor of the Building as indicated by hatching on Exhibit A attached hereto and made a part hereof. Should Tenant timely install an ADA
compliant bathroom, as set forth in Section 1.1 hereto, the Premises shall in addition include the janitor’s closet to the extent so utilized by Tenant in order to effect such installation. 
  
 “Prevailing Rate” shall have the meaning set forth in
Section 12.6 hereof. 
  
 “Real Property”
shall mean the Building, together with the plot of land upon which it stands. 
  
 “Recapture Space” shall have the meaning set forth in Section 12.6 hereof. 
  
 “Recapture Sublease” shall have the meaning set forth in Section 12.6 hereof. 
  
 “Related Entity” shall have the meaning set forth in
Section 12.4 hereof. 
  
 “Renewal Term”
shall have the meaning set forth in Section 39.1 hereof. 
  
 “Rent Commencement Date” shall be the date on which occurs the eleven (11) month anniversary of the date hereof. 
  

 4 

 “Rent Per Square Foot” shall have the meaning set forth in Section 12.7 hereof.

  
 “Rental” shall mean and be deemed to include
Fixed Rent, Escalation Rent, all additional rent and any other sums payable by Tenant hereunder. 
  
 “Requirements” shall mean all present and future laws, rules, orders, ordinances, regulations, statutes, requirements, codes and
executive orders, extraordinary as well as ordinary, of all Governmental Authorities now existing or hereafter created, and of any and all of their departments and bureaus, and of any applicable fire rating bureau, or other body exercising similar
functions, affecting the Real Property or any portion thereof, or any street, avenue or sidewalk comprising a part of or in front thereof or any vault in order under the same, or requiring removal of any encroachment, or affecting the maintenance,
use or occupation of the Real Property or any portion thereof. 
  
 “Rules and Regulations” shall mean the rules and regulations annexed hereto and made a part hereof as Schedule A, and such other and further reasonable rules and regulations as Landlord or Landlord’s agents may
from time to time adopt on at least ten (10) Business Days’ prior written notice, subject to Tenant’s rights to dispute the reasonableness thereof as provided in Article 8 hereof. 
  
 “Space Factor” shall mean 35,159 as the same may be
increased or decreased pursuant to the terms hereof. 
  
 “Specialty Alterations” shall mean Alterations consisting of kitchens, executive bathrooms, raised computer floors, vaults, vertical and/or horizontal transportation systems, dumbwaiters, pneumatic tubes, and other
Alterations of a similar character. 
  
 “Sublease
Expenses” shall have the meaning set forth in Section 12.7 hereof. 
  
 “Sublease Profit” shall have the meaning set forth in Section 12.7 hereof. 
  
 “Sublease Rent” shall have the meaning set forth in Section 12.7 hereof. 
  
 “Sublease Rent Per Square Foot” shall have the meaning set
forth in Section 12.7 hereof. 
  
 “Sublease
Statement” shall have the meaning set forth in Section 12.6 hereof. 
  
 “Superior Lease(s)” shall mean all ground or underlying leases of the Real Property or the Building heretofore or hereafter made and all renewals, extensions, supplements, amendments and modifications
thereof. 
  
 “Taxes” shall have the meaning set
forth in Section 27.1 hereof. 
  
 “Tax
Payment” shall have the meaning set forth in Section 27.2 hereof. 
  
 “Tax Statement” shall have the meaning set forth in Section 27.1 hereof. 
  

 5 

 “Tax Year” shall have the meaning set forth in Section 27.1 hereof. 

 
 “Tenant”, on the date as of which this Lease is made,
shall mean National Financial Partners Corp., a Delaware corporation, having an address prior to the Business Date at 787 Seventh Avenue, 49th Floor, New York, New York, and thereafter at the Premises, but thereafter “Tenant” shall mean
only the tenant under this Lease at the time in question; provided, however, that the originally named Tenant, any successor thereto or any assignee shall not be released from liability hereunder in the event of any assignment of this Lease.

  
 “Tenant Fund” shall have the meaning set
forth in Section 3.6 hereof. 
  
 “Tenant’s
Property” shall mean Tenant’s movable fixtures and movable partitions, telephone and other equipment furniture, furnishing, decorations and other items of personal property. 
  
 “Tenant’s Share” shall mean two and one hundred ninety-five thousandths percent (2.195%), as the same
may be increased pursuant to the terms of Article 11 hereof or decreased pursuant to the terms hereof. 
  
 “Tentative Monthly Escalation Charge” shall have the meaning set forth in Section 27.4 hereof. 
  
 “Term” shall mean a term which shall commence on the
Commencement Date and shall expire on the Expiration Date. 
  
 “Unavoidable Delays” shall have the meaning set forth in Article 25 hereof. 
  
 (b) Rules of Construction. The following rules of construction shall be applicable for all purposes of this Lease and all agreements supplemental
hereto, unless the context otherwise requires: 
  

	 	1.	The terms “hereby”, “hereof”, “hereto”, “herein”, “hereunder” and any similar terms shall refer
to this Lease, and “hereafter” shall mean after, and “heretofore” shall mean before, the date of this Lease. 

  

	 	2.	Words of the masculine, feminine or neuter gender shall mean and include the correlative words of the other genders and words importing the singular number shall mean and include
the plural number and vice versa. 

  

	 	3.	The terms “include”, “including” and similar terms shall be construed as if followed by the phrase “without being limited to”.

  

	 	4.	Whenever a party hereto “shall” perform (or cause to be performed) any obligations hereunder, such performance shall be at such party’s sole cost and expense
unless otherwise expressly provided. 

  

 6 

 (c) The captions under the article and section numbers and the table of contents of this Lease are for
convenience and reference only and in no way define, limit or describe the scope or intent of this Lease nor in any way affect this Lease. 
  
 ARTICLE 1 
 DEMISE, PREMISES, TERM, RENT

  
 Section 1.1 Landlord hereby leases to Tenant and
Tenant hereby hires from Landlord the Premises for the Term to commence on the date Landlord shall deliver possession of the Premises to Tenant, which date shall be
                         , 2004 [date to be 7 days from execution of this Lease] (the “Commencement
Date”) and to end on the date immediately preceding the tenth (10th) anniversary of the Rent Commencement Date (the “Fixed Expiration Date”) subject to the provisions of Article 39 hereof, at an annual rent (the
“Fixed Rent”) of: 
  
 (1) One
Million Seven Hundred Fifty-Seven Thousand Nine Hundred Fifty and 00/100 Dollars ($1,757,950.00; $146,495.83 per month) for the period commencing on the Rent Commencement Date and ending on the day immediately preceding the fifth (5th) anniversary
of the Commencement Date (the “1st Rental Period”); and 
  
 (2) One Million Nine Hundred Thirty-Three Thousand Seven Hundred Forty-Five and 00/100 Dollars ($1,933,745.00; $161,145.42 per month) for the period commencing on the day next succeeding the end of the 1st Rental
Period and ending on the Fixed Expiration Date, 
  
 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 (1st) day of each calendar month during the Term
commencing on the Rent Commencement Date, at the office of Landlord or such other place as Landlord may designate, without any set-off, offset, abatement or deduction whatsoever, except that Tenant shall pay the first monthly installment of Fixed
Rent on the execution hereof. At the request of Landlord, Fixed Rent shall be payable when due by wire transfer of funds to an account designated from time to time by Landlord. Landlord shall deliver to Tenant an ACP-5 certificate within fourteen
(14) days of the date hereof, and shall deliver possession of the Premises on the Commencement Date vacant, unoccupied and free of any leases or tenancies, and in broom clean condition. Tenant acknowledges that Landlord may be performing the
Landlord’s Work after the Commencement Date, and Tenant agrees that the performance of any Landlord’s Work shall not affect the occurrence of the Commencement Date or be deemed an eviction, constructive or otherwise, or otherwise affect
the validity of this Lease or the obligations of Tenant hereunder. Landlord shall complete the Landlord’s Work in a reasonably timely manner after the Commencement Date (but in any event within sixty (60) days thereof), taking into account good
construction scheduling practices and the nature of Landlord’s Work in the scheme of the overall construction of the Initial Alterations. After the Commencement Date, Landlord and Tenant shall each cooperate with the other to minimize
interference with Tenant’s performance of the Initial Alterations (as such term is hereinafter defined) and Landlord’s performance of Landlord’s Work, as the case may be. After the Commencement Date, Tenant 

  

 7 

 
shall be permitted to demolish the improvements in the Premises (including the floor, but not the slab) at Tenant’s sole cost and expense. Prior to any
such demolition, Landlord shall have approved the demolition contractor and the demolition plans and specifications. Landlord hereby approves Structure Tone, Inc. as the demolition contractor. During such demolition, Landlord shall have the right to
supervise and approve all fireproofing work, fire stop repairs and cable removal. Tenant acknowledges that should Tenant decide to demolish the ADA compliant bathroom referenced in Section 3.8 hereof, Tenant may install an ADA compliant bathroom
utilizing, in part, the janitor’s closet as opposed to the HVAC equipment room, as a part of Tenant’s Initial Alterations. In the event Tenant demolishes the floor (exclusive of the slab) in the Premises, Tenant shall file a new ACP-5
certificate within ten (10) days of completion of such demolition at Tenant’s sole cost and expense. 
  
 Section 1.2 If the Rent Commencement Date shall occur on a date other than the first (1st) day of any calendar month, on the Rent Commencement Date
Tenant shall pay to Landlord a sum equal to Four Thousand Eight Hundred Sixteen and 00/100 Dollars ($4,816.00), multiplied by the number of calendar days in the period from the Rent Commencement Date to the last day of the month in which the Rent
Commencement Date shall occur, both dates inclusive. 
  
 Section 1.3 After the occurrence of the Commencement Date, at the request of either party hereto, the parties hereto shall promptly execute and deliver to each other an agreement in form and substance mutually satisfactory to each
other memorializing the Commencement Date, the Rent Commencement Date and the Fixed Expiration Date, provided, however, the failure to do so shall not affect the occurrence of the Commencement Date, the Rent Commencement Date or the
Fixed Expiration Date or the rights and obligations of the parties under this Lease. 
  
 ARTICLE 2 
 USE AND OCCUPANCY 
  
 Section 2.1 Tenant shall use and occupy the Premises as general and executive offices commensurate with the quality
and character of the Building (including, in each instance, uses incidental thereto) and for no other purpose. 
  
 Section 2.2 Tenant shall not use the Premises or any part thereof, or permit the Premises or any part thereof to be used, (1) for the business of
photographic, multilith or multigraph reproductions or offset printing, except in connection with, either directly or indirectly, Tenant’s own business and/or activities, (2) for retail activities of a bank, trust company, depository, guarantee
or safe deposit business, (3) as a savings bank, a savings and loan association, or as a loan company, (4) for the sale of travelers checks, money orders, drafts, foreign exchange or letters of credit or for the receipt of money for transmission,
(5) by the United States government, the City or State of New York, any foreign government, the United Nations or any agency or department of any of the foregoing, (6) for the preparation, dispensing or consumption of food or beverages in any manner
whatsoever, except for consumption by Tenant’s officers, employees and business guests, and except that Tenant may use a part of the Premises as a “kitchen/pantry” similar in all respects to the kitchen/pantry Tenant had on the
49th floor of the Building, (7) as an employment agency, executive search firm or similar enterprise, 

  

 8 

 
labor union, school, or vocational training center (except for the training of employees of Tenant intended to be employed at the Premises), or (8) as a
barber shop or beauty salon. 
  
 Section 2.3 Any interior
windows which are visible from the atrium, gallery or lobby space in the Building shall not be covered or obstructed by Tenant, nor shall any items, articles, or signs, including, without limitation, any of Tenant’s Property, be placed,
installed or affixed in a manner so as to be visible from the atrium, gallery or lobby space in the Building, except with the prior written consent of Landlord, which consent shall not be unreasonably withheld or delayed. 
  
 ARTICLE 3 
 ALTERATIONS 
  
 Section 3.1 (A) Except as set forth in Section 3.5 hereof, Tenant shall not make any Alterations without Landlord’s prior consent. Landlord agrees not to unreasonably withhold or delay its consent to any proposed
Alterations, provided that such Alterations (i) are not visible from the outside of the Building, (ii) do not affect any part of the Building other than the Premises, or require any alterations to be performed in, or made to, any portion of the
Building or the Real Property other than the Premises, (iii) do not adversely affect the Building Systems, (iv) do not affect any service required to be furnished by Landlord to Tenant or to any other tenant or occupant of the Building or affect the
proper functioning of any Building System, (v) do not affect the certificate of occupancy for the Building or for the Premises, and (vi) do not affect the structural components of the Building. 
  
 (B) (1) Prior to making any Alterations, including the Initial Alterations,
Tenant shall (i) if required hereunder, submit to Landlord detailed plans and specifications (including layout, architectural, mechanical and structural drawings) for each proposed Alteration and shall not commence any such Alteration without first
obtaining Landlord’s approval of such plans and specifications, which in the case of Alterations which meet the criteria set forth above shall not be unreasonably withheld or delayed, (ii) supply such additional information regarding the
Alteration as Landlord shall reasonably request, (iii) at Tenant’s expense, obtain all permits, approvals and certificates required by any Governmental Authorities, and (iv) furnish to Landlord duplicate policies, or certificates thereof of
worker’s compensation (covering all persons to be employed by Tenant, and Tenant’s contractors and subcontractors in connection with such Alteration) and comprehensive public liability (including property damage coverage) insurance in such
form, with such companies, for such periods and in such amounts as Landlord may reasonably approve, naming Landlord and its agents, any Lessor and any Mortgagee, as additional insureds. Landlord shall approve or disapprove such plans and
specifications within ten (10) Business Days after request therefor is made and such plans and specifications are furnished to Landlord. If Landlord shall neither approve nor disapprove of a proposed Alteration within such ten (10) Business Day
period, Tenant shall send a second notice of such request and information and if Landlord shall not respond to such second request within two (2) Business Days after its receipt of such second notice request, Landlord shall be deemed to have
approved said plans and specifications with respect to such proposed Alteration. Notwithstanding the foregoing two sentences, Landlord agrees that if Landlord shall disapprove any plans and specifications submitted by Tenant with respect to any
Alterations and Tenant shall re-submit revised final plans and specifications for such Alteration, Landlord shall approve 

  

 9 

 
or disapprove such revised plans and specifications within five (5) Business Days after such re-submission is made and such revised plans and specifications
are furnished to Landlord. If Landlord shall neither approve nor disapprove of such revised plans and specifications with such five (5) Business Day period, Landlord shall be deemed to have approved said plans and specifications. Upon completion of
such Alteration, Tenant, at Tenant’s expense, shall obtain certificates of final approval of such Alteration required by any Governmental Authority and shall furnish Landlord with copies thereof (it being agreed that all filings with
Governmental Authorities to obtain such permits, approvals and certificates shall be made at Tenant’s expense, by a Person designated by Landlord), together with the “as-built” plans and specifications (including reproducible mylars
and microfiche index cards and such plans shall be in a computerized DXF format) for such Alterations, and copies of all asbestos surveys and reports, if any, prepared by Tenant’s asbestos consultants or contractors in connection with, or
arising out of, the performance of such Alteration. For purposes of this Article 3, all final detailed plans and specifications with respect to any Alterations which include “field notes” and are delivered to Landlord in CAD format
shall be acceptable to Landlord as “as-built” plans and specifications. All Alterations shall be made and performed substantially in accordance with the plans and specifications therefor as approved by Landlord, and strictly in compliance
with all Requirements, the Rules and Regulations, all rules and regulations relating to Alterations promulgated by Landlord, in its reasonable judgment. All materials and equipment to be incorporated in the Premises as a result of any Alterations or
a part thereof shall be first quality and no such materials or equipment (other than Tenant’s Property) shall be subject to any lien, encumbrance, chattel mortgage or title retention or security agreement. In addition, no Alteration at a cost
for labor and materials (as reasonably estimated by Landlord’s architect, engineer or contractor) in excess of One Hundred Thousand and 00/100 Dollars ($100,000.00) (which amount shall be increased on the third (3rd) anniversary of the
Commencement Date and annually thereafter by the annual percentage increase, if any, in the Consumer Price Index from that in effect on the immediately preceding anniversary of the Commencement Date), either individually or in the aggregate with any
other Alteration constructed in any twelve (12) month period, shall be undertaken prior to Tenant’s delivering to Landlord either (i) a performance bond and labor and materials payment bond (issued by a surety company and in form reasonably
satisfactory to Landlord), each in an amount equal to 110% of such estimated cost, or (ii) such other security as shall be reasonably satisfactory to Landlord. If, as a result of any Alterations performed by Tenant, including, without limitation,
the Initial Alterations, any alterations are required to be performed in or made to any portion of the Building or the Real Property other than the Premises in order to comply with any Requirement(s), which alterations would not otherwise have had
to be performed or made pursuant to the applicable Requirement(s) at such time, Landlord, at Tenant’s sole reasonable cost and expense, may perform or make such alterations and take such actions as Landlord shall deem reasonably necessary. All
Alterations requiring Landlord’s consent shall be performed only under the supervision of an independent licensed architect reasonably satisfactory to Landlord. 
  
 (2) Landlord reserves the right to disapprove any plans and specifications in part, to reserve approval of items shown
thereon pending its review and approval of other plans and specifications, and to condition its approval upon Tenant making revisions to the plans and specifications or supplying additional information. Any review or approval by Landlord of any
plans and/or specifications or preparation of any plans by an architect or engineer designated by Landlord with respect to any Alteration is solely for Landlord’s benefit, and without any 

  

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representation or warranty whatsoever to Tenant or any other Person with respect to the compliance thereof with any Requirements, the adequacy, correctness
or efficiency thereof or otherwise. 
  
 (C) Tenant shall be
permitted to perform Alterations during the hours of 8:00 a.m. to 6:00 p.m. on Business Days, provided that such work shall not materially interfere with or interrupt the operation and maintenance of the Building or the performance by Landlord of
repairs, alterations or other work in the Building, or unreasonably interfere with or interrupt the use and occupancy of the Building by other tenants for space in the Building. Otherwise, Alterations shall be performed at Tenant’s expense and
at such times and in such manner as Landlord may from time to time reasonably designate; it being expressly understood and agreed that all chopping, coring and any other work affecting the slab shall be performed after 6:00 p.m. and before 8:00 a.m.
on Business Days (or at any hour on days other than Business Days), unless otherwise designated by Landlord. All Tenant’s Property installed by Tenant in and to the Premises which may be made by Tenant at its own cost and expense (including,
but not limited to, the Tenant Fund) prior to and during the Term, shall remain the property of Tenant, and upon the Expiration Date or earlier end of the Term, may be removed from the Premises by Tenant at Tenant’s option, provided,
however, that Tenant shall repair and restore in a good and workerlike manner to good condition any damage to the Premises or the Building caused by such removal. All Alterations in and to the Premises shall upon the installation thereof
become the property of Landlord, except that Landlord shall have no obligation to maintain, install, repair or replace any such Alteration and Tenant shall have such obligations in accordance with the provisions of this Lease. Notwithstanding the
foregoing, however, Landlord, upon notice given at least thirty (30) days prior to the Expiration Date or upon such shorter notice as is reasonable under the circumstances upon the earlier expiration of the Term, may require Tenant to remove any
Tenant’s Property and/or Specialty Alterations, and to repair and restore in a good and workerlike manner to good condition any damage to the Premises or the Building caused by such removal. Notwithstanding the preceding sentence Tenant shall
either (i) remove all vertical cables installed by Tenant prior to the Expiration Date or upon the earlier expiration of the Term or (ii) pay to Landlord the cost and expense, up to a maximum of $35,000, of removal of such vertical cables within ten
(10) days after rendition of a bill therefor. 
  
 (D) (1) All
Alterations for which Landlord’s consent is required hereunder shall be performed at Tenant’s option by either Landlord’s contractor(s) or by contractors, subcontractors or mechanics approved by Landlord (which approval shall not be
unreasonably withheld, provided that such contractor, subcontractor or mechanic is a member of the appropriate trade labor union), at Tenant’s expense and at such times and in such manner as Landlord may from time to time reasonably designate.
Landlord agrees that provided that Tenant shall furnish Landlord with all information reasonably requested by Landlord with respect to a proposed contractor, Landlord shall either approve or disapprove such contractor within fifteen (15) Business
Days after such request is made and such information is furnished to Landlord. If Landlord shall neither approve nor disapprove of a proposed contractor within such fifteen (15) Business Day period, and Tenant shall send a second notice of such
request and information and Landlord shall neither approve nor disapprove of a proposed contractor within five (5) Business Days after such receipt of such second notice request, Landlord shall be deemed to have approved such proposed contractor.
Prior to making each Alteration, at Tenant’s request, Landlord shall within five (5) Business Days furnish Tenant with a list of independent 

  

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contractors who may perform Alterations to the Premises on behalf of Tenant. If Tenant engages any contractor set forth on the list, Tenant shall not be
required to obtain Landlord’s consent for such contractor unless, prior to entering into a contract with such contractor or the commencement of work by the contractor, Landlord shall notify Tenant that such contractor has been removed from the
list. 
  
 (2) Notwithstanding the foregoing, with respect to any
Alteration affecting any Building System which shall consist of the Building management system, electrical, sprinkler, HVAC or life-safety systems or any structural component of the Building, (i) Tenant shall select a contractor from a list of
approved independent contractors (each of whom shall charge commercially competitive rates) furnished by Landlord to Tenant (containing, with respect to those contractors who are not to perform work on any Building System or any system connected to
any Building System, at least three contractors) and (ii) the Alteration shall, at Tenant’s reasonable cost and expense, be designed by an engineer, if any, designated by Landlord for the relevant Building System or structural component of the
Building, as the case may be. 
  
 (E) Any mechanic’s lien
filed against the Premises or the Real Property for work claimed to have been done for, or materials claimed to have been furnished to, Tenant shall be discharged by Tenant within thirty (30) days after Tenant shall have received notice thereof, at
Tenant’s expense, by payment or filing the bond required by law. Tenant shall not, at any time prior to or during the Term, directly or indirectly employ, or permit the employment of, any contractor, mechanic or laborer in the Premises, whether
in connection with any Alteration or otherwise, if such employment would unreasonably interfere or cause any conflict with other contractors, mechanics or laborers engaged in the construction, maintenance or operation of the Building by Landlord,
Tenant or others, or of any adjacent property owned by Landlord. In the event of any such interference or conflict, Tenant, upon demand of Landlord, shall cause all contractors, mechanics or laborers causing such interference or conflict to leave
the Building immediately. 
  
 Section 3.2 Tenant shall pay
to Landlord within ten (10) days of demand and as additional rent in connection with any Alteration, including, without limitation, the Initial Alterations, the reasonable out-of-pocket expenses incurred by Landlord in connection with such
Alteration. 
  
 Section 3.3 Landlord, at Tenant’s
expense, and upon the request of Tenant, shall join in any applications for any permits, approvals or certificates required to be obtained by Tenant in connection with any permitted Alteration (provided that the provisions of the applicable
Requirement shall require that Landlord join in such application) and shall otherwise cooperate with Tenant in connection therewith, provided that Landlord shall not be obligated to incur any cost or expense not reimbursed by Tenant, including,
without limitation, attorneys’ fees and disbursements or suffer any liability in connection therewith. 
  
 Section 3.4 With respect to all Alterations, including, without limitation all repair work and improvements made by Tenant pursuant to the
provisions of this Lease, Landlord shall have the right at all times to monitor the performance of an Alteration for compliance with the Building regulations and procedures, Requirements, Rules and Regulations 

  

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and the terms and conditions of this Article 3. If Landlord reasonably determines that any of such Building regulations and procedures, Requirements,
Rules and Regulations or terms and conditions are not being complied with in all material respects, Landlord shall notify Tenant of such non-compliance, and if such non-compliance is not corrected (i) within ten (10) days of such notice, or (ii)
immediately in cases of emergency or in cases where the safety of people or property is threatened, then Landlord may immediately require the cessation of all work being performed in or around the Premises until such time as Landlord is reasonably
satisfied that the applicable Building regulations and procedures, Requirements, Rules and Regulations or terms and conditions will be observed. Landlord’s monitoring of any work in or around the Premises shall not be deemed a certification by
Landlord of compliance with any applicable Building regulations and procedures, Requirements, Rules and Regulations or terms and conditions, or a waiver by Landlord of its right to require compliance in all material respects with such Building
regulations and procedures, Requirements, Rules and Regulations or terms and conditions, nor shall such monitoring relieve Tenant from any liabilities relating to such work. 
  
 Section 3.5 Anything contained in this Lease to the contrary notwithstanding, Landlord’s consent shall not be
required with respect to (a) any Alteration consisting of painting or carpeting or (b) any other Alteration, provided that such other Alterations (i) are not visible from the outside of the Building, (ii) do not affect any part of the Building other
than the Premises or require any alterations to be performed in or made to any portion of the Building or the Real Property other than the Premises, (iii) do not adversely affect the Building Systems, (iv) do not affect any service required to be
furnished by Landlord to Tenant or any other tenant or occupant of the Building, or affect the proper functioning of any Building System (v) do not affect the certificate of occupancy for the Building or the Premises, (vi) do not affect the
structural components of the Building, and (vii) the estimated cost of the labor and materials for which shall not exceed $150,000, which amount shall be increased on the third (3rd) anniversary of the Commencement Date and annually thereafter by
the annual percentage increase, if any, in the Consumer Price Index from that in effect on the date immediately preceding the anniversary of the Commencement Date, either individually or in the aggregate with other Alterations constructed within any
twelve (12) month period; provided, however, that at least ten (10) days prior to making any such Alteration, Tenant shall submit to Landlord the plans and specifications for such Alteration, and any such Alteration shall otherwise be
performed in compliance with the provisions of this Article 3. 
  
 Section 3.6 (A) Landlord shall contribute an amount not to exceed One Million Five Hundred Eighty-Two Thousand One Hundred Fifty-Five and 00/100 Dollars ($1,582,155.00) (the “Tenant Fund”) toward the cost of the
Initial Alterations, provided that ten percent (10%) of the Tenant Fund may be applied toward so-called “soft costs” incurred by Tenant in connection with the Initial Alterations, including the reasonable fees and disbursements of
architects, engineers and other professionals and consultants, together with permit, filing and other similar fees and charges. 
  
 (B) Landlord shall disburse a portion of the Tenant Fund to Tenant or directly to such contractor, subcontractor or materialmen as Tenant may direct from
time to time, within thirty (30) days after receipt of the items set forth in Section 3.6(C) hereof, provided that on the date of a request and on the date of disbursement from the Tenant Fund no default of which Landlord shall have provided
notice to Tenant shall have occurred and be continuing. Upon 

  

 13 

 
Tenant’s cure of a default referred to in the preceding sentence and the satisfaction of the other terms and conditions of this Section 3.6(B),
Landlord shall disburse the previously requested portion of the Tenant Fund as set forth herein. Disbursements from the Tenant Fund shall not be made more frequently than monthly, and shall be in an amount equal to the aggregate amounts theretofore
paid or payable (as certified by an authorized officer of Tenant and Tenant’s independent, licensed architect) to Tenant’s contractors, subcontractors and materialmen (which amounts shall have not been the subject of a previous
disbursement from the Tenant Fund) multiplied by a fraction, the numerator of which is 1,582,155 and the denominator of which is the total cost of the Initial Alterations as estimated by Tenant’s independent licensed architect and as approved
by Landlord (which approval shall not be unreasonably withheld), which fraction shall be subject to readjustment as provided by Section 3.6(C) hereof (but in no event shall such fraction be greater than one (1)). 
  
 (C) Landlord’s obligation to make disbursements from the Tenant Fund
shall be subject to Landlord’s verification of the total cost of the Initial Alterations as estimated by Tenant’s independent licensed architect and receipt of: (a) a request for such disbursement from Tenant signed by an authorized
officer of Tenant, together with the certification required by Section 3.6(B) hereof, (b) copies of all receipts, invoices and bills for the work completed and materials furnished in connection with the Initial Alterations and incorporated in
the Premises which are to be paid from the requested disbursement or which have been paid by Tenant and for which Tenant is seeking reimbursement, (c) copies of all contracts with the general contractor and the major sub-contractors equal to or
greater than $250,000, work orders, change orders and other materials relating to the work or materials which are the subject of the requested disbursement or reimbursement, (d) a certificate of Tenant’s independent licensed architect stating
(i) that, in his opinion, the portion of the Initial Alterations theretofore completed and for which the disbursement is requested was performed in a good and workerlike manner and substantially in accordance with the final detailed plans and
specifications for such Initial Alterations, as approved by Landlord, (ii) the percentage of completion of the Initial Alterations as of the date of such certificate, and (iii) the revised estimated total cost to complete the Initial Alterations,
and (e) waivers of lien from all contractors, subcontractors and materialmen who have performed work, or furnished materials in connection with the Initial Alterations which were either paid or were the subject of any previously requested
disbursement. If the estimated total cost of the Initial Alterations shall be revised at any time and such revised cost increases the original estimated total cost of the Initial Alterations by more than five percent (5%), then the denominator of
the fraction referred to in Section 3.6(B) hereof shall be adjusted appropriately. 
  
 (D) In no event shall the aggregate amount paid by Landlord to Tenant or its contractor, subcontractor or materialmen under this Section 3.6 exceed the amount of the Tenant Fund. Upon the completion of the
Initial Alterations and satisfaction of the conditions set forth in Section 3.6(E) hereof, any amount of the Tenant Fund which has not been previously disbursed shall be retained by Landlord. Upon the disbursement of the entire Tenant Fund
(or the portion thereof if upon completion of the Initial Alterations the Tenant Fund is not exhausted), Landlord shall have no further obligation or liability whatsoever to Tenant for further disbursement of any portion of the Tenant Fund to Tenant
or Tenant’s contractor, subcontractors or materialmen. Tenant shall complete, at its sole cost and expense, the Initial Alterations, whether or not the Tenant Fund is sufficient to fund such completion. Any costs to complete the 

  

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Initial Alterations in excess of the Tenant Fund shall be the sole responsibility and obligation of Tenant. 
  
 (E) Within forty-five (45) days after completion of the Initial Alterations,
Tenant shall deliver to Landlord general releases and waivers of lien from all contractors, subcontractors and materialmen involved in the performance of the Initial Alterations and the materials furnished in connection therewith, and a certificate
from Tenant’s independent licensed architect certifying that (i) in his opinion the Initial Alterations have been performed in a good and workerlike manner and completed in accordance with the final detailed plans and specifications for such
Initial Alterations as approved by Landlord and (ii) all contractors, subcontractors and materialmen have been paid for the Initial Alterations and materials furnished through such date. Notwithstanding the foregoing, Tenant shall not be required to
deliver to Landlord any general release or waiver of lien if Tenant shall be disputing in good faith the payment which would otherwise entitle Tenant to such release or waiver, provided that Tenant shall keep Landlord advised in a timely fashion of
the status of such dispute and the basis therefor and Tenant shall deliver to Landlord the general release or waiver of lien when the dispute is settled. Nothing contained in this Section, however, shall relieve Tenant from complying with the
provisions of Section 3.1(E) hereof. 
  
 Section 3.7
Landlord represents and warrants that, to the best of its knowledge, the Premises do not contain any asbestos or asbestos-containing materials. If Tenant, at any time after the Commencement Date, shall uncover or discover any asbestos or
asbestos-containing materials within the Premises, which asbestos or asbestos-containing materials were not placed or caused to be placed in the Premises or such other portion of the Building by Tenant or by Tenant’s employees, agents,
contractors or subcontractors, and which are required to be abated by removal, enclosure or encapsulation in accordance with applicable Requirements, Landlord’s sole obligation and liability shall be to promptly commence and diligently proceed
to remove, enclose or encapsulate same, at its sole cost and expense (except if the asbestos or asbestos-containing materials were placed or caused to be placed in the Premises or any other portion of the Building by Tenant or its employees, agents,
contractors or subcontractors, in which case such removal, enclosure or encapsulation shall be performed by Landlord, at Tenant’s sole cost and expense), in accordance with applicable Requirements. Upon such uncovering or discovery of any such
asbestos or asbestos-containing materials, Tenant shall take all reasonable actions to cooperate with Landlord and its contractor(s) in connection with the removal, enclosure or encapsulation of such asbestos or asbestos-containing materials,
including vacating the Premises or affected portion thereof if in the judgment of Landlord and/or Landlord’s AIHA accredited contractor or consultant, it is unsafe for persons to remain in such affected portion of the Premises, and shall cause
all of its employees, agents, contractors, subcontractors, mechanics, materialmen, laborers and all other parties to do the same. If Landlord or Landlord’s AIHA accredited contractor or consultant shall determine that Tenant must vacate the
Premises or affected portion thereof as aforesaid, Tenant shall have no right to re-enter the Premises or such affected portion until all of such asbestos or asbestos-containing materials shall have been removed, enclosed or encapsulated, as
aforesaid. If as a result of the presence of such asbestos or asbestos-containing materials or the removal, enclosure or encapsulation thereof as aforesaid Tenant shall be unable to occupy the Premises or any portion thereof to perform the Initial
Alterations, the Fixed Rent and Escalation Rent payable with respect to the affected area of the Premises shall abate until Tenant shall be able to occupy the 

  

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affected area of the Premises (or any portion thereof) to perform the Initial Alterations. If Tenant shall be unable to occupy a portion of the Premises as
aforesaid for any period prior to the Rent Commencement Date, upon and after the occurrence of the Rent Commencement Date the Fixed Rent and Escalation Rent payable with respect to such area shall be abated for a period equal to the period for which
Tenant was unable to occupy such area prior to the Rent Commencement Date. The foregoing shall not constitute an actual or constructive eviction in whole or in part, or relieve Tenant from any of its obligations under this Lease, or impose any
liability upon Landlord or its agents by reason of inconvenience or annoyance to Tenant, or injury to or interruption of Tenant’s business, or otherwise. 
  

Section 3.8 Landlord represents and warrants that, to the best of its knowledge as of the date hereof, the Premises (exclusive of any
improvements therein) do not contain any hazardous materials in material quantities or concentrations or that are not customary in a first-class office building in Manhattan of similar age and class or in quantities in excess of applicable
Requirements. To the actual knowledge of Landlord, no improvements in the Premises contain any hazardous materials in material quantities or concentrations or that are not customary in a first-class office building in Manhattan of similar age and
class. 
  
 Section 3.9 Landlord represents and warrants
that, to the best of its knowledge, as of the date hereof, the unisex restroom in the Premises is in compliance with ADA. 
  
 ARTICLE 4 
 REPAIRS-FLOOR LOAD

  
 Section 4.1 Landlord shall operate, maintain and
make all necessary repairs (both structural and non-structural) to the Building Systems and the public portions of the Building and the structural portions of the Premises, both exterior and interior, as well as latent defects in the portions of the
Building outside of the Premises and the structural components of the Premises, in conformance with standards applicable to comparable first-class office buildings in Manhattan. Tenant, at Tenant’s sole cost and expense, shall take good care of
the Premises and the fixtures, equipment and appurtenances therein and make all nonstructural repairs thereto as and when needed to preserve them in good working order and condition, except for reasonable wear and tear, obsolescence and damage for
which Tenant is not responsible pursuant to the provisions of Articles 10 and 11 hereof. 
  
 Notwithstanding the foregoing, all damage or injury to the Premises or to any other part of the Building, or to its fixtures, equipment and appurtenances,
whether requiring structural or nonstructural repairs, caused by or resulting from negligence or improper conduct of, or Alterations made by, Tenant, Tenant’s agents, employees, contractors, subcontractors or materialmen, and not covered by
Landlord’s insurance policies and any waiver of subrogation in favor of Tenant thereon, shall be repaired at Tenant’s sole reasonable cost and expense, either by Tenant to the reasonable satisfaction of Landlord (if the required repairs
are nonstructural in nature and do not affect any Building System), or by Landlord (if the required repairs are structural in nature or affect any Building System). Tenant also shall repair all damage to the Building and the Premises to the extent
caused by the moving of Tenant’s Property. All the 

  

 16 

 
aforesaid repairs shall be of first quality and class consistent with first-class office building work or construction and shall be made in accordance with
the provisions of Article 3 hereof. If Tenant fails after ten (10) days’ notice (or such shorter period (but in no event less than five (5) days or such shorter period as may be required due to an emergency) as Landlord may be permitted
pursuant to any Superior Lease or mortgage) to proceed with due diligence to make repairs required to be made by Tenant, the same may be made by Landlord at the reasonable expense of Tenant, and the expenses thereof incurred by Landlord, with
interest thereon at the Applicable Rate from the time the expense was incurred, shall be forthwith paid to Landlord as additional rent within ten (10) days after rendition of a bill or statement therefor. Tenant shall give Landlord prompt notice
after discovery by Tenant of any defective condition in any Building System, located in, servicing or passing through the Premises. 
  
 Section 4.2 Tenant shall not place a load upon any floor of the Premises exceeding fifty (50) pounds per square foot “live load”. Tenant
shall not move any safe, heavy machines or machinery, heavy equipment, bulky matter or fixtures into or out of the Building without Landlord’s prior consent, which consent shall not be unreasonably withheld. If such safe, machinery, equipment,
bulky matter or fixtures requires special handling, Tenant shall employ only persons holding a Master Rigger’s license to do said work. All work in connection therewith shall comply with the Requirements, and shall be done during such hours as
Landlord may reasonably designate. Business machines and mechanical equipment shall be placed and maintained by Tenant at Tenant’s expense in settings sufficient in Landlord’s reasonable judgment to absorb and prevent vibration, noise and
annoyance, other than a de minimis amount thereof. Except as expressly provided in this Lease, there shall be no allowance to Tenant for a diminution of rental value and no liability on the part of Landlord by reason of inconvenience, annoyance or
injury to business arising from Landlord, Tenant or others making, or failing to make, any repairs, alterations, additions or improvements in or to any portion of the Building or the Premises, or in or to fixtures, appurtenances or equipment
thereof, provided, however, that the foregoing shall not prevent Tenant from seeking specific performance of Landlord’s obligations under this Article 4 in the event Landlord fails to perform such obligations. 

 
 Section 4.3 Subject to the provisions of Section 4.4 hereof,
Landlord or Landlord’s agents or designees shall have the right to enter the Premises at all reasonable times (except in the case of an emergency) upon reasonable prior notice (except in case of an emergency, which notice may be oral), without
the same constituting (i) a breach by Landlord of any provisions of this Lease, (ii) a breach of Tenant’s quiet enjoyment, (iii) an actual or constructive eviction, or (iv) a release of Tenant’s obligations to pay Fixed Rent, Escalation
Rent, or any items of Rental, and without incurring any liability to Tenant therefor, to repair, change or otherwise alter the arrangement or location of entrances or passageways, doors and doorways, and corridors, elevators, stairs, toilets, or
other space within the Building other than the Premises and to change the name, number or designation by which the Building is commonly known, provided any such repair, change or alteration (a) does not unreasonably deprive Tenant of access to the
Building or the Premises, or (b) does not reduce the rentable area (except by a de minimis amount) of the Premises. Subject to the release and waiver of subrogation provisions as more particularly described in Section 10.5 hereof, Landlord,
at its expense, shall promptly repair any damage to Tenant’s Alterations caused by Landlord in its performance of any such repair, change or alteration. All parts (except surfaces facing the interior of the Premises) of all floors, ceilings,
walls, windows and doors bounding the Premises (including exterior Building 

  

 17 

 
walls, exterior core corridor walls, all roofs adjacent to the Premises, all space in or adjacent to the Premises used for shafts, stacks, stairways, chutes,
pipes, conduits, ducts, fan rooms, heating, air cooling, plumbing and other mechanical facilities, service closets and other Building facilities) are not part of the Premises, and Landlord shall have the use thereof, as well as access thereto
through the Premises for the purposes of operation, maintenance, alteration and repair. 
  
 Section 4.4 Landlord shall use its reasonable efforts to minimize interference with Tenant’s access to the Building and the Premises and enjoyment, use and occupancy of the Premises in making any repairs,
alterations, additions or improvements and to perform and complete such repairs, alterations, additions or improvements with due diligence; provided, however, that Landlord shall have no obligation to employ contractors or labor at
so-called overtime or other premium pay rates or to incur any other overtime costs or expenses whatsoever, except that Landlord, at its expense, shall employ contractors or labor at so-called overtime or other premium pay rates if necessary to make
any repair required to be made by it hereunder to remedy any condition that either (i) results in a denial of access to the Premises or (ii) threatens the health or safety of any occupant of the Premises. In all other cases, at Tenant’s
request, Landlord shall employ contractors or labor at so-called overtime or other premium pay rates and incur any other overtime costs or expenses in making any repairs, alterations, additions or improvements, provided Tenant shall pay to Landlord,
as additional rent, within ten (10) Business Days after demand, an amount equal to the difference between (i) the overtime or other premium pay rates, including all fringe benefits and other elements of such pay rates, and (ii) the regular pay rates
for such labor, including all fringe benefits and other elements of such pay rates. 
  
 ARTICLE 5 
 WINDOW CLEANING 
  
 Tenant shall not clean, nor require, permit, suffer or allow any window in the Premises to be cleaned from the outside in
violation of Section 202 of the Labor Law, or any other applicable law, or of the rules of the Board of Standards and Appeals, or of any other board or body having or asserting jurisdiction. 
  
 ARTICLE 6 
 REQUIREMENTS OF LAW 
  
 Section 6.1 (A) Tenant, at its sole expense, shall comply with all Requirements, including, without limitation, ADA, applicable to the manner of use of the Premises by Tenant, the making of Alterations therein
or the result of the making thereof and those applicable by reason of the nature or type of business conducted in, or manner of use by Tenant of, the Premises. Tenant shall not do or permit to be done any act or thing upon the Premises which will
invalidate or be in conflict with a standard Insurance Services Office all-risk insurance policy; and shall not do, or permit anything to be done in or upon the Premises, or bring or keep anything therein, except as now or hereafter permitted by the
New York City Fire Department, New York Board of Fire Underwriters, the Insurance Services Office or other authority having jurisdiction and then only in such quantity and manner of storage as not to increase the rate for fire insurance applicable
to the Building, or use the Premises in a manner (as opposed to mere use as general “offices”) which specifically because of such use shall increase 

  

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the rate of fire insurance on the Building or on property located therein, over that in similar type buildings or in effect on the Commencement Date. If by
reason of Tenant’s failure to comply with the provisions of this Article, the fire insurance rate shall be higher than it otherwise would be, then Tenant shall desist from doing or permitting to be done any such act or thing and shall reimburse
Landlord, as additional rent hereunder, for that part of all fire insurance premiums thereafter paid by Landlord which shall have been charged because of such failure by Tenant, and shall make such reimbursement within ten (10) days of demand by
Landlord. In any action or proceeding wherein Landlord and Tenant are parties, a schedule or “make up” of rates for the Building or the Premises issued by the Insurance Services Office, or other body fixing such fire insurance rates, shall
be conclusive evidence of the facts therein stated and of the several items and charges in the fire insurance rates then applicable to the Building. 
  
 (B) Landlord, at its sole cost and expense (but subject to recoupment as provided in Article 27 hereof), shall comply with all other Requirements
applicable to the Premises and the Building, other than those Requirements which Tenant or other tenants or occupants of the Building shall be required to comply with, subject to Landlord’s right to contest the applicability or legality
thereof, Landlord hereby represents that, to its knowledge, as of the date hereof the Building is in compliance with all Requirements as to which non-compliance would result in a material adverse effect upon Tenant’s right to occupy and use the
Premises for the uses expressly permitted pursuant to Article 2 hereof. 
  
 Section 6.2 Tenant, at its sole cost and expense and after notice to Landlord, may contest by appropriate proceedings prosecuted diligently and in good faith, the legality or applicability of any Requirement with which Tenant is
required to comply under the terms of this Lease provided that (a) Landlord (or any Indemnitee) shall not be subject to imprisonment or to prosecution for a crime, nor shall the Real Property or any part thereof be subject to being condemned or
vacated, nor shall the certificate of occupancy for the Premises or the Building be suspended or threatened to be suspended by reason of non-compliance or by reason of such contest; (b) before the commencement of such contest, if Landlord or any
Indemnitee may be subject to any civil fines or penalties or other criminal penalties or if Landlord may be liable to any independent third party as a result of such noncompliance then Tenant shall furnish to Landlord either (i) a bond of a surety
company satisfactory to Landlord, in form and substance reasonably satisfactory to Landlord, and in an amount at least equal to one hundred twenty percent (120%) of the sum of (A) the cost of such compliance, (B) the criminal or civil penalties or
fines that may accrue by reason of such non-compliance (as reasonably estimated by Landlord) and (C) the amount of such liability to independent third parties (as reasonably estimated by Landlord), and shall indemnify Landlord (and any Indemnitee)
against the cost of such compliance and liability resulting from or incurred in connection with such contest or non-compliance (except that Tenant shall not be required to furnish such bond to Landlord if it has otherwise furnished any similar bond
required by law to the appropriate Governmental Authority and has named Landlord as a beneficiary thereunder) or (ii) other security reasonably satisfactory in all respects to Landlord; (c) such non-compliance or contest shall not constitute or
result in a violation (either with the giving of notice or the passage of time or both) of the terms of any Mortgage or Superior Lease, or if such Superior Lease or Mortgage shall condition such non-compliance or contest upon the taking of action or
furnishing of security by Landlord, such action shall be taken or such security shall be furnished at the expense of Tenant; and (d) Tenant shall keep Landlord regularly advised as to the status of such proceedings. Without limiting the 

  

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applicability of the foregoing, Landlord (or any Indemnitee) shall be deemed subject to prosecution for a crime if Landlord (or any Indemnitee), a Lessor, a
Mortgagee or any of their officers, directors, partners, shareholders, agents or employees is charged with a crime of any kind whatsoever unless such charges are withdrawn twenty (20) days before Landlord (or any Indemnitee), such Lessor or such
Mortgagee or such officer, director, partner, shareholder, agent or employee, as the case may be, is required to plead or answer thereto. 
  
 ARTICLE 7 
 SUBORDINATION 
  
 Section 7.1 Landlord hereby represents and warrants that as of the
date hereof, the only Mortgagee is JP Morgan Chase and there is no Lessor. The Mortgage which affects the Real Property as of the date hereof shall be subject and subordinate in all respects to this Lease and all rights of Tenant hereunder. Landlord
further represents that the provision of such Mortgage subordinating such Mortgage to this Lease is self-operative and no further instrument of subordination shall be required to make the interest of Tenant hereunder superior to the present
Mortgage. This Lease shall be subject and subordinate to each and every Superior Lease and to each and every Mortgage hereafter affecting the Real Property or any Superior Lease, and to all renewals, extensions, supplements, amendments,
modifications, consolidations and replacements thereof or thereto, substitutions therefor, and advances made thereunder; provided, however, that any future Mortgagee shall execute and deliver to Tenant an agreement to the effect that,
if there shall be a foreclosure of its mortgage, such Mortgagee will not make Tenant a party defendant to such foreclosure, evict Tenant, disturb Tenant’s possession under this Lease, or terminate or disturb Tenant’s leasehold estate or
rights hereunder provided no Event of Default has occurred and is continuing hereunder, and such agreement may contain in substance the provisions set forth in Section 7.2 (1) through (7) (any such agreement, or any agreement of similar
import, from a Mortgagee, being hereinafter called a “Nondisturbance Agreement”). This clause shall be self-operative and no further instrument of subordination shall be required to make the interest of any Lessor or Mortgagee
superior to the interest of Tenant hereunder, however, Tenant shall execute and deliver promptly any certificate or agreement that Landlord may request in confirmation of such subordination. If, in connection with the financing of the Real Property,
the Building or the interest of the lessee under any Superior Lease, any lending institution shall request reasonable modifications of this Lease that do not increase the monetary obligations of Tenant under this Lease, materially increase
Tenant’s other obligations, or materially adversely affect the rights or obligations of Tenant under this Lease, Tenant shall make such modifications. 
  
 Section 7.2 If at any time prior to the expiration of the Term, any Superior Lease shall terminate or be terminated for any reason or any Mortgagee
comes into possession of the Real Property or the Building or the estate created by any Superior Lease by receiver or otherwise, Tenant agrees, at the election and upon demand of any owner of the Real Property or the Building, or of the Lessor, or
of any Mortgagee in possession of the Real Property or the Building, to attorn, from time to time, to any such owner, Lessor or Mortgagee or any person acquiring the interest of Landlord as a result of any such termination, or as a result of a
foreclosure of the Mortgage or the granting of a deed in lieu of foreclosure, upon the then executory terms and conditions of this Lease, subject to the provisions of Section 7.1 hereof and this Section 7.2, for the remainder of the
Term, provided that such owner, Lessor or Mortgagee, 

  

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as the case may be, or receiver caused to be appointed by any of the foregoing, shall then be entitled to possession of the Premises and provided
further that such owner, Lessor or Mortgagee, as the case may be, or anyone claiming by, through or under such owner, Lessor or Mortgagee, as the case may be, including a purchaser at a foreclosure sale, shall not be: 
  
 (1) liable for any act or omission of any prior landlord
(including, without limitation, the then defaulting landlord), or 
  
 (2) subject to any defense or offsets which Tenant may have against any prior landlord (including, without limitation, the then defaulting landlord), or 
  
 (3) bound by any payment of Rental which Tenant may have made to any prior landlord (including, without
limitation, the then defaulting landlord) more than thirty (30) days in advance of the date upon which such payment was due, or 
  
 (4) bound by any obligation to make any payment to or on behalf of Tenant, including, without limitation, payments on account of any
Tenant Fund, or 
  
 (5) bound by any obligation
to perform any work or to make improvements to the Premises, except for (i) repairs and maintenance pursuant to the provisions of Article 4, the need for which repairs and maintenance first arises after the date upon which such owner, Lessor,
or Mortgagee shall be entitled to possession of the Premises, (ii) repairs to the Premises or any part thereof as a result of damage by fire or other casualty pursuant to Article 10 hereof, but only to the extent that such repairs can be
reasonably made from the net proceeds of any insurance actually made available to such owner, Lessor or Mortgagee, and (iii) repairs to the Premises as a result of a partial condemnation pursuant to Article 11 hereof, but only to the extent that
such repairs can be reasonably made from the net proceeds of any award made available to such owner, Lessor or Mortgagee, or 
  
 (6) bound by any amendment or modification of this Lease made without its consent, or 
  
 (7) bound to return Tenant’s security deposit, if any,
until such deposit has come into its actual possession and Tenant would be entitled to such security deposit pursuant to the terms of this Lease. 
  
 Notwithstanding the foregoing, this Lease shall not terminate by reason of the termination of any Superior Lease without the prior written consent of the Mortgagee of the
Mortgage which is a first mortgage on Landlord’s interest in the Real Property. The provisions of this Section 7.2 shall inure to the benefit of any such owner, Lessor or Mortgagee, shall apply notwithstanding that, as a matter of law,
this Lease may terminate upon the termination of any such Superior Lease, and shall be self-operative upon any such demand, and no further instrument shall be required to give effect to said provisions. Tenant, however, upon demand of any such
owner, Lessor or Mortgagee, shall execute, from time to time, instruments in confirmation of the foregoing provisions of this Section 7.2, satisfactory to any such owner, Lessor or Mortgagee, and acknowledging such attornment and setting
forth the terms and conditions of its tenancy. Nothing contained in this Section 7.2 shall be construed to impair any right otherwise exercisable by any such owner, Lessor or Mortgagee. 
  

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 Section 7.3 If requested by any Mortgagee, any Lessor or Landlord, Tenant agrees to promptly
execute and deliver at its own cost and expense any instrument, in recordable form, to evidence such subordination. 
  
 Section 7.4 (a) From time to time, within fifteen (15) days next following request by Landlord, any Mortgagee or any Lessor, Tenant shall deliver
to Landlord, such Mortgagee or such Lessor a written statement executed by Tenant, in form reasonably satisfactory to Landlord, such Mortgagee or such Lessor, (1) stating that this Lease is then in full force and effect and has not been modified (or
if modified, setting forth all modifications), (2) setting forth the date to which the Fixed Rent, additional rent and other items of Rental have been paid, (3) stating whether or not, to the best knowledge of Tenant, Landlord is in default under
this Lease, and, if Landlord is in default, setting forth the specific nature of all such defaults, and (4) as to any other matters reasonably requested by Landlord, such Mortgagee or such Lessor. Tenant acknowledges that any statement delivered
pursuant to this Section 7.4(a) may be relied upon by any purchaser or owner of the Real Property or the Building, or Landlord’s interest in the Real Property or the Building or any Superior Lease, or by any Mortgagee, or by an assignee
of any mortgagee, or by any Lessor. 
  
 (b) From time to time,
within fifteen (15) days next following request by Tenant, Landlord shall deliver to Tenant a written statement executed by Landlord, in form reasonably satisfactory to Tenant, (1) stating that this Lease is then in full force and effect and has not
been modified (or if modified, setting forth all modifications), (2) setting forth the date to which the Fixed Rent, additional rent and other items of Rental have been paid, (3) stating whether or not, to the best knowledge of Landlord, Tenant is
in default under this Lease, and, if Tenant is in default, setting forth the specific nature of all such defaults, and (4) as to any other matters reasonably requested by Tenant. 
  
 Section 7.5 As long as any Superior Lease or Mortgage shall exist, Tenant shall not seek to terminate this Lease by
reason of any act or omission of Landlord until Tenant shall have given written notice of such act or omission to all Lessors and Mortgagees at such addresses as shall have been furnished to Tenant by such Lessors and Mortgagees and, if any such
Lessor or Mortgagee, as the case may be, shall have notified Tenant within thirty (30) Business Days following receipt of such notice of its intention to remedy such act or omission, until a reasonable period of time shall have elapsed following the
giving of such notice, during which period such Lessors and Mortgagees shall have the right, but not the obligation, to remedy such act or omission. 
  
 Section 7.6 Tenant hereby irrevocably waives any and all right(s) it may have in connection with any zoning lot merger or transfer of development
rights with respect to the Real Property including, without limitation, any rights it may have to be a party to, to contest, or to execute, any Declaration of Restrictions (as such term is defined in Section 12-10 of the Zoning Resolution of The
City of New York effective December 15, 1961, as amended) with respect to the Real Property, which would cause the Premises to be merged with or unmerged from any other zoning lot pursuant to such Zoning Resolution or to any document of a similar
nature and purpose, and Tenant agrees that this Lease shall be subject and subordinate to any Declaration of Restrictions or any other document of similar nature and purpose now or hereafter 

  

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affecting the Real Property. In confirmation of such subordination and waiver, Tenant shall execute and deliver promptly any certificate or instrument that
Landlord reasonably may request. 
  
 ARTICLE 8 
 RULES AND REGULATIONS 
  
 Tenant and Tenant’s contractors, employees, agents, visitors and licensees shall comply with the Rules and Regulations. If Tenant disputes the
reasonableness of any additional Rule or Regulation hereafter adopted by Landlord, the dispute shall be determined by arbitration in the City of New York in accordance with the rules and regulations then obtaining of the American Arbitration
Association or its successor. Any such determination shall be final and conclusive upon the parties hereto. The right to dispute the reasonableness of any additional Rule or Regulation upon Tenant’s part shall be deemed waived unless the same
shall be asserted by service of a notice upon Landlord within thirty (30) days after receipt by Tenant of notice of the adoption of any such additional Rule or Regulation. The costs of such arbitration shall be paid by the unsuccessful party.
Nothing in this Lease contained shall be construed to impose upon Landlord any duty or obligation to enforce the Rules and Regulations or terms, covenants or conditions in any other lease against any other tenant, and Landlord shall not be liable to
Tenant for violation of the same by any other tenant, its employees, agents, visitors or licensees, except that Landlord shall not enforce any Rule or Regulation against Tenant which Landlord shall not then be enforcing against all other office
tenants in the Building (other than Landlord or its Affiliates). No additional rule or regulation adopted by Landlord shall increase Tenant’s monetary obligations hereunder other than by a de minimis amount or materially reduce Tenant’s
rights under this Lease or interfere with Tenant’s permitted use hereunder. 
  
 ARTICLE 9 
 INSURANCE, PROPERTY LOSS OR DAMAGE; REIMBURSEMENT 
  
 Section 9.1 (A) Any Building employee to whom any property shall be
entrusted by or on behalf of Tenant shall be deemed to be acting as Tenant’s agent with respect to such property and neither Landlord nor its agents shall be liable for any damage to property of Tenant or of others entrusted to employees of the
Building, nor for the loss of or damage to any property of Tenant by theft or otherwise. 
  
 (B) Neither Landlord nor its agents shall be liable (i) for any injury or damage to persons or property, or interruption of Tenant’s business, resulting from fire or other casualty, (ii) for any such injury or
damage caused by other tenants or persons in the Building or caused by construction of any private, public or quasi-public work, nor (iii) for any latent defect in the Premises or in the Building (except to the extent Landlord shall be required to
repair same pursuant to Article 4 hereof). Anything in this Article 9 to the contrary notwithstanding, except as set forth in Articles 4, 10, 13, 28 and 35 of this Lease and otherwise as expressly
provided herein, Landlord shall not be relieved from responsibility directly to Tenant for any loss or damage caused directly to Tenant wholly or in part by the willful or negligent acts or omissions of Landlord. Nothing in the foregoing shall
affect any right of Landlord to the indemnity from Tenant to which Landlord may be entitled under Article 35 hereof in order to recoup for payments made to compensate for losses of third parties. 
  

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 (C) Subject to the provisions of Section 4.4 hereof, if at any time any windows of the Premises
are temporarily closed, darkened or bricked-up by reason of repairs, maintenance, alterations or improvements to the Building or due to any Requirement, or any of such windows are permanently closed, darkened or bricked up due to any Requirement,
Landlord shall not be liable for any damage Tenant may sustain thereby and Tenant shall not be entitled to any compensation therefor nor abatement of Fixed Rent or any other item of Rental nor shall the same release Tenant from its obligations
hereunder or constitute an eviction. 
  
 (D) Tenant shall, as soon
as practicable, notify Landlord of any fire or accident in the Premises. 
  
 Section 9.2 Tenant shall obtain and keep in full force and effect (i) an “all risk” insurance policy for Tenant’s Alterations and Tenant’s Property at the Premises, and (ii) a policy of
comprehensive general public liability and property damage insurance on an occurrence basis with a broad form contractual liability endorsement. Such policies shall provide that Tenant is named as the insured. Landlord, Landlord’s managing
agent and any Lessors and any Mortgagees (whose names shall have been furnished to Tenant) shall be added as additional insureds, as their respective interests may appear. To the extent obtainable by Tenant, such policy with respect to clause
(ii) above shall include a provision under which the insurer agrees to indemnify and hold Landlord, Landlord’s managing agent, and such Lessors and Mortgagees harmless from and against all cost, expense and/or liability arising out of or
based upon any and all claims, accidents, injuries and damages mentioned in Article 35. In addition, the policy required to be carried pursuant to clause (ii) above shall contain a provision that the policy shall be non-cancelable and
non-modifiable with respect to Landlord, such managing agent, and such Lessors and Mortgagees (whose names and addresses shall have been furnished to Tenant) unless thirty (30) days’ written notice shall have been given to Landlord by certified
mail, return receipt requested, which notice shall contain the policy number and the names of the insured and additional insureds. In addition, upon receipt by Tenant of any notice of cancellation or any other notice from the insurance carrier which
may adversely affect the coverage of the insureds under such policy of insurance, Tenant shall immediately deliver to Landlord and any other additional insureds thereunder a copy of such notice. The minimum limits of liability under the policy of
insurance required to be carried pursuant to clause (ii) above shall be a combined single limit with respect to each occurrence in an amount of not less than $5,000,000 for injury (or death) to persons and damage to property, which amount
shall be increased from time to time to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by prudent landlords of first-class non-institutional office buildings in New York City. All insurance
required to be carried by Tenant pursuant to the terms of this Lease shall be effected under valid and enforceable policies issued by reputable and independent insurers permitted to do business in the State of New York, and rated in Best’s
Insurance Guide, or any successor thereto (or if there be none, an organization having a national reputation) as having a general policyholder rating of “A” and a financial rating of at least “13”. 
  
 Section 9.3 Landlord shall obtain and keep in full force and effect
insurance against loss or damage by fire and other casualty to the Building as may be insurable under then available standard forms of “all-risk” insurance policies, in an amount equal to one hundred percent (100%) of the replacement value
thereof or in such lesser amount as will avoid co-insurance (including an “agreed amount” endorsement). Notwithstanding the foregoing, 

  

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Landlord shall not be liable to Tenant for any inability to insure or failure to replace or restore any Alterations unless Tenant shall have notified
Landlord of the completion of such Alterations and of the cost thereof and delivered to Landlord final “as built” plans and specifications of such Alterations, and shall maintain adequate records with respect to such Alterations to
facilitate the adjustment of any insurance claims with respect thereto. Tenant shall cooperate with Landlord and Landlord’s insurance companies in the adjustment of any claims for any damage to the Building or such Alterations. 
  
 Section 9.4 On or prior to the Commencement Date, Tenant shall deliver
to Landlord appropriate insurance policies (or, after the initial delivery of such insurance policies, certificates of insurance), including evidence of waivers of subrogation required pursuant to Section 10.5, required to be carried by
Tenant pursuant to this Article 9. Evidence of each renewal or replacement of a policy shall be delivered by Tenant to Landlord at least twenty (20) days prior to the expiration of such policy, and a copy of such replacement policy or
certificates thereof shall be delivered by Tenant to Landlord upon request. 
  
 ARTICLE 10 
 DESTRUCTION-FIRE OR OTHER CAUSE 
  
 Section 10.1 (A) If the Premises (including the Alterations) shall be
damaged by fire or other casualty, and if Tenant shall give prompt notice thereof to Landlord, the damage to the Premises, but excluding damage to the Alterations and Tenant’s Property, shall be diligently repaired by and at the expense of
Landlord to substantially the condition prior to the damage, with such modifications as shall be required in order to comply with Requirements, and from the date of such damage until one hundred twenty (120) days after such repairs shall be
substantially completed (of which substantial completion Landlord shall promptly notify Tenant) the Fixed Rent, Escalation Rent and Space Factor shall be reduced in the proportion which the area of the part of the Premises which is not usable by
Tenant (and not actually used by Tenant), bears to the total area of the Premises. Tenant shall cooperate with Landlord in connection with the making of such repairs, including without limitation, the making or settlement of any insurance claims.
Landlord shall have no obligation to repair any damage to, or to replace, any Alterations or Tenant’s Property. Landlord shall use its reasonable efforts to minimize interference with Tenant’s use and occupancy in making any repairs
pursuant to this Section. Anything contained herein to the contrary notwithstanding, if the Premises (including any Alterations) are damaged by fire or other casualty at any time prior to the completion of the Initial Alterations, Landlord’s
obligation to repair the Premises shall be limited to repair of the Premises to substantially the condition of the Premises on the Commencement Date with such modifications as shall be required in order to comply with Requirements. 
  
 (B) Prior to the substantial completion of any such repair, Landlord shall
provide Tenant and Tenant’s contractor, subcontractors and materialmen access to the Premises to perform Alterations, on the following terms and conditions (but not to occupy the same for the conduct of business): 
  
 (1) Tenant shall not commence work in any portion of the
Premises until the date specified in a notice (which notice shall be delivered not later than ten (10) days prior to the date specified therein) from Landlord to Tenant stating that the repairs 

  

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required to be made by Landlord have been or will be completed to the extent reasonably necessary, in Landlord’s reasonable discretion, to permit the
commencement of the Alterations then prudent to be performed in accordance with good construction practice in the portion in question without interference with, and consistent with the performance of, the repairs remaining to be performed;

  
 (2) Such access by Tenant shall be deemed to
be subject to all of the applicable provisions of this Lease, except that there shall be no obligation on the part of Tenant solely because of such access to pay any Fixed Rent, Escalation Rent, or the Electricity Additional Rent, with respect to
the affected portion of the Premises for any period prior to one hundred twenty (120) days after substantial completion of the repairs required to be made by Landlord hereunder; and 
  
 (3) It is expressly understood that if after 3 days notice to Tenant, Landlord shall be prevented from
substantially completing the repairs due to any acts of Tenant, its agents, servants, employees or contractors, including without limitation by reason of the performance of any Alteration, by reason of Tenant’s failure or refusal to comply or
to cause its architects, engineers, designers and contractors to comply with any of Tenant’s obligations described or referred to in this Lease, or if such repairs are not completed, because under good construction scheduling practice such
repairs should be performed after completion of any Alteration, then such work shall be deemed substantially complete on the date when the work would have been substantially complete but for such delay and the expiration of the abatement of the
Tenant’s obligations hereunder shall not be postponed by reason of such delay. Any additional reasonable and necessary costs to Landlord to complete any work occasioned by such delay shall be paid by Tenant to Landlord within ten (10) days
after demand, as additional rent. 
  
 Section 10.2 Anything
contained in Section 10.1 to the contrary notwithstanding, if the Building shall be so damaged by fire or other casualty that, in Landlord’s reasonable opinion, substantial alteration, demolition, or reconstruction of the Building shall
be required (whether or not the Premises shall have been damaged or rendered untenantable), then Landlord, at Landlord’s option, may, not later than sixty (60) days following the damage, give Tenant a notice in writing terminating this Lease,
provided that Landlord may not terminate this Lease unless it shall elect to terminate leases (including this Lease), affecting at least fifty percent (50%) of the rentable area of the Building. If Landlord elects to terminate this Lease, the
Term shall expire upon a date set by Landlord, but not sooner than the thirtieth (30th) day after such notice is given, unless sooner if required by any Requirement or any insurance requirement, and Tenant shall vacate the Premises and surrender the
same to Landlord in accordance with the provisions of Article 20 hereof. Upon the termination of this Lease under the conditions provided for in this Section 10.2, Tenant’s liability for Fixed Rent and Escalation Rent and
additional rent shall cease and any prepaid portion of Fixed Rent and Escalation Rent for any period after such date shall be promptly refunded by Landlord to Tenant. 
  
 Section 10.3 (A) Within forty-five (45) days after notice to Landlord of any damage described in Section 10.1
hereof, Landlord shall deliver to Tenant a statement prepared by a reputable contractor setting forth such contractor’s good faith estimate as to the time required to repair such damage, exclusive of time required to repair any Alterations. If
the 

  

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estimated time period exceeds nine (9) months from the date of such statement, Tenant may elect to terminate this Lease by notice to Landlord not later than
thirty (30) days following receipt of such statement. If Tenant makes such election, the Term shall expire upon the thirtieth (30th) day after notice of such election is given by Tenant (or such shorter period as required by any applicable
Requirement or Landlord’s insurance carrier), and Tenant shall vacate the Premises and surrender the same to Landlord in accordance with the provisions of Article 20 hereof. 
  
 (B) Notwithstanding the foregoing, if the Premises shall be substantially damaged during the last year of the initial Term
or Renewal Term, Landlord or Tenant may elect by notice, given within thirty (30) days after the occurrence of such damage, to terminate this Lease and if either party makes such election, the Term shall expire upon the thirtieth (30th) day after
notice of such election is given by such party and Tenant shall vacate the Premises and surrender the same to Landlord in accordance with the provisions of Article 20 hereof; provided, however, subject to Landlord’s right
to terminate this Lease pursuant to Section 10.2 hereof, Landlord may not terminate this Lease pursuant to this Section 10.3(B) during the last year of the initial Term if Tenant shall have theretofore delivered the Renewal Notice in
accordance with the provisions of Section 39.1 hereof. Except as set forth in this Section 10.3, Tenant shall have no other options to cancel this Lease under this Article 10. 
  
 Section 10.4 This Article 10 constitutes an express agreement
governing any case of damage or destruction of the Premises or the Building by fire or other casualty, and Section 227 of the Real Property Law of the State of New York, which provides for such contingency in the absence of an express agreement, and
any other law of like nature and purpose now or hereafter in force shall have no application in any such case. 
  
 Section 10.5 The parties hereto shall procure an appropriate clause in, or endorsement on, any fire or extended coverage insurance covering the
Premises, the Building and personal property, fixtures and equipment located thereon or therein, pursuant to which the insurance companies waive subrogation or consent to a waiver of right of recovery and having obtained such clauses or endorsements
of waiver of subrogation or consent to a waiver of right of recovery, will not make any claim against or seek to recover from the other for any loss or damage to its property or the property of others resulting from fire or other hazards covered by
such fire and extended coverage insurance, provided, however, that the release, discharge, exoneration and covenant not to sue herein contained shall be limited by and coextensive with the terms and provisions of the waiver of
subrogation clause or endorsements or clauses or endorsements consenting to a waiver of right of recovery. If the payment of an additional premium is required for the inclusion of such waiver of subrogation provision, each party shall advise the
other of the amount of any such additional premiums and the other party at its own election may, but shall not be obligated to, pay the same. If such other party shall not elect to pay such additional premium, the first party shall not be required
to obtain such waiver of subrogation provision. If either party shall be unable to obtain the inclusion of such clause even with the payment of an additional premium, then such party shall attempt to name the other party as an additional insured
(but not a loss payee) under the policy. If the payment of an additional premium is required for naming the other party as an additional insured (but not a loss payee), each party shall advise the other of the amount of any such additional premium
and the other party at its own election may, but shall not be obligated to, pay the same. If such other party shall not elect to pay such additional premium or if it shall not be possible to have the other party 

  

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named as an additional insured (but not loss payee), even with the payment of an additional premium, then (in either event) such party shall so notify the
first party and the first party’s agreement to name the other party as an additional insured shall be satisfied. Tenant acknowledges that Landlord shall not carry insurance on and shall not be responsible for damage to, Tenant’s Property
or Alterations, and that Landlord shall not carry insurance against, or be responsible for any loss suffered by Tenant due to, interruption of Tenant’s business. 
  
 ARTICLE 11 
 EMINENT DOMAIN 
  
 Section 11.1 If the
whole of the Real Property, the Building or the Premises shall be acquired or condemned for any public or quasi-public use or purpose, this Lease and the Term shall end as of the date of the vesting of title with the same effect as if said date were
the Expiration Date. If only a part of the Real Property and not the entire Premises shall be so acquired or condemned then, (1) except as hereinafter provided in this Section 11.1, this Lease and the Term shall continue in force and effect
but, if a part of the Premises is included in the part of the Real Property so acquired or condemned, from and after the date of the vesting of title, the Fixed Rent and the Space Factor shall be reduced in the proportion which the area of the part
of the Premises so acquired or condemned bears to the total area of the Premises immediately prior to such acquisition or condemnation and Tenant’s Share shall be redetermined based upon the proportion in which the ratio between the rentable
area of the Premises remaining after such acquisition or condemnation bears to the rentable area of the Building remaining after such acquisition or condemnation; (2) whether or not the Premises shall be affected thereby, Landlord, at
Landlord’s option, may give to Tenant, within sixty (60) days next following the date upon which Landlord shall have received notice of vesting of title, a ninety (90) days’ notice of termination of this Lease if Landlord shall elect to
terminate leases (including this Lease), affecting at least fifty percent (50%) of the rentable area of the Building; and (3) if the part of the Real Property so acquired or condemned shall contain more than fifteen percent (15%) of the total area
of the Premises immediately prior to such acquisition or condemnation, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises or if, in Tenant’s reasonable opinion, the portion of
the Premises remaining shall be inadequate for Tenant to conduct its business at the Premises or if a temporary taking of the Premises is in excess of one hundred eighty (180) days, Tenant, at Tenant’s option, may give to Landlord, within sixty
(60) days next following the date upon which Tenant shall have received notice of vesting of title, a thirty (30) days’ notice of termination of this Lease. If any such thirty (30) days’ notice of termination is given, by Landlord or
Tenant, this Lease and the Term shall come to an end and expire upon the expiration of said thirty (30) days with the same effect as if the date of expiration of said thirty (30) days were the Expiration Date. If a part of the Premises shall be so
acquired or condemned and this Lease and the Term shall not be terminated pursuant to the foregoing provisions of this Section 11.1, Landlord, at Landlord’s expense, shall restore that part of the Premises not so acquired or condemned to
a self-contained rental unit to a condition similar to that on the Commencement Date exclusive of Tenant’s Alterations, except that if such acquisition or condemnation occurs prior to completion of the Initial Alterations, Landlord shall only
be required to restore that part of the Premises not so acquired or condemned to a self-contained rental unit exclusive of Tenant’s Alterations. In the event of any termination of this Lease and the Term pursuant to the provisions of this
Section 11.1, the Fixed Rent shall be apportioned as of the earlier of (i) the date of sooner termination or (ii) vesting of title, and 

  

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any prepaid portion of Fixed Rent or Escalation Rent for any period after such date shall be refunded by Landlord to Tenant. 
  
 Section 11.2 In the event of any such acquisition or condemnation of
all or any part of the Real Property, Landlord shall be entitled to receive the entire award for any such acquisition or condemnation, Tenant shall have no claim against Landlord or the condemning authority for the value of any unexpired portion of
the Term and Tenant hereby expressly assigns to Landlord all of its right in and to any such award. Nothing contained in this Section 11.2 shall be deemed to prevent Tenant from making a separate claim in any condemnation proceedings for the
then value of any Tenant’s Property included in such taking, and for any moving expenses, provided that same does not reduce any award or payment to Landlord. 
  
 Section 11.3 If the whole or any part of the Premises shall be acquired or condemned temporarily (not to exceed one
hundred eighty (180) days) during the Term for any public or quasi-public use or purpose, Tenant shall give prompt notice thereof to Landlord and the Term shall not be reduced or affected in any way and Tenant shall continue to pay in full all items
of Rental payable by Tenant hereunder without reduction or abatement, and Tenant shall be entitled to receive for itself any award or payments for such use, provided, however, that: 
  
 (i) if the acquisition or condemnation is for a period not
extending beyond the Term and if such award or payment is made less frequently than in monthly installments, the same shall be paid to and held by Landlord as a fund which Landlord shall apply from time to time to the Rental payable by Tenant
hereunder, except that, if by reason of such acquisition or condemnation changes or alterations are required to be made to the Premises which would necessitate an expenditure to restore the Premises, then a portion of such award or payment
reasonably considered by Landlord as appropriate to cover the expenses of the restoration shall be retained by Landlord, without application as aforesaid, and applied toward the restoration of the Premises as provided in Section 11.1 hereof;
or 
  
 (ii) if the acquisition or condemnation is
for a period extending beyond the Term, such award or payment shall be apportioned between Landlord and Tenant as of the Expiration Date; Tenant’s share thereof, if paid less frequently than in monthly installments, shall be paid to Landlord
and applied in accordance with the provisions of clause (i) above, provided, however, that the amount of any award or payment allowed or retained for restoration of the Premises shall remain the property of Landlord if this
Lease shall expire prior to the restoration of the Premises. 
  
 ARTICLE 12 
 ASSIGNMENT, SUBLETTING, MORTGAGE, ETC. 
  
 Section 12.1 (A) Except as expressly permitted herein, Tenant, without the prior consent of Landlord in each
instance, shall not (a) assign its rights or delegate its duties under this Lease (whether by operation of law, transfers of interests in Tenant or otherwise), mortgage or encumber its interest in this Lease, in whole or in part, (b) sublet, or
permit the subletting of, the Premises or any part thereof, or (c) permit the Premises or any part thereof to 

  

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be occupied, or used for desk space, mailing privileges or otherwise, by any person other than Tenant. 
  
 (B) If this Lease is assigned to any person or entity pursuant to the
provisions of the Bankruptcy Code, if permitted by applicable law, any and all monies or other consideration payable or otherwise to be delivered in connection with such assignment shall be paid or delivered to Landlord, shall be and remain the
exclusive property of Landlord and shall not constitute property of Tenant or of the estate of Tenant within the meaning of the Bankruptcy Code. If permitted by applicable law, any and all monies or other considerations constituting Landlord’s
property under the preceding sentence not paid or delivered to Landlord shall be held in trust for the benefit of Landlord and shall be promptly paid to or turned over to Landlord. 
  
 Section 12.2 If Tenant’s interest in this Lease is assigned in violation of the provisions of this Article
12, such assignment shall be void and of no force and effect against Landlord; provided, however, that Landlord may collect an amount equal to the then Fixed Rent plus any other item of Rental from the assignee as a fee for its use
and occupancy. If the Premises or any part thereof are sublet to, or occupied by, or used by, any person other than Tenant, whether or not in violation of this Article 12, Landlord, after default by Tenant under this Lease, may collect any
item of Rental or other sums paid by the subtenant, user or occupant as a fee for its use and occupancy, and shall apply the net amount collected to the Fixed Rent and other items of Rental reserved in this Lease. No such assignment, subletting,
occupancy or use, whether with or without Landlord’s prior consent, nor any such collection or application of Rental or fee for use and occupancy, shall be deemed a waiver by Landlord of any term, covenant or condition of this Lease or the
acceptance by Landlord of such assignee, subtenant, occupant or user as tenant hereunder. The consent by Landlord to any assignment, subletting, occupancy or use shall not relieve Tenant from its obligation to obtain the express prior consent of
Landlord to any further assignment, subletting, occupancy or use. Tenant shall pay to Landlord a processing fee and the reasonable attorneys’ fees and disbursements incurred by or on behalf of Landlord in connection with any proposed assignment
of Tenant’s interest in this Lease or any proposed subletting of the Premises or any part thereof. Neither any assignment of Tenant’s interest in this Lease nor any subletting, occupancy or use of the Premises or any part thereof by any
person other than Tenant, nor any collection of Rental by Landlord from any person other than Tenant as provided in this Section 12.2, nor any application of any such Rental as provided in this Section 12.2 shall, in any circumstances,
relieve Tenant of its obligations under this Lease on Tenant’s part to be observed and performed. Any person or entity to which this Lease is assigned pursuant to the provisions of the Bankruptcy Code shall be deemed without further act or deed
to have assumed all of the obligations arising under this Lease on and after the date of such assignment. Any such assignee shall execute and deliver to Landlord upon demand an instrument confirming such assumption. No assignment of this Lease shall
relieve Tenant of its obligations hereunder and, subsequent to any assignment, Tenant’s liability hereunder shall continue notwithstanding any subsequent modification or amendment hereof or the release of any subsequent tenant hereunder from
any liability, to all of which Tenant hereby consents in advance; provided, however, if any subsequent modification or amendment of this Lease made without the consent of Tenant shall increase the obligations or liability of Tenant
under this Lease, any prior tenant, including Tenant, shall not be liable to the extent of any such increase, except if any such modification or amendment is made with a Related Entity of Tenant, Tenant shall be bound by such modification or
amendment. 
  

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 Section 12.3 (A) If Tenant assumes this Lease and proposes to assign the same pursuant to the
provisions of the Bankruptcy Code to any person or entity who shall have made a bona fide offer to accept an assignment of this Lease on terms acceptable to the Tenant, then notice of such proposed assignment shall be given to Landlord
by Tenant no later than twenty (20) days after receipt by Tenant, but in any event no later than ten (10) days prior to the date that Tenant shall make application to a court of competent jurisdiction for authority and approval to enter into such
assignment and assumption. Such notice shall set forth (a) the name and address of such person, (b) all of the terms and conditions of such offer, and (c) adequate assurance of future performance by such person under the Lease, including, without
limitation, the assurance referred to in Section 365(b)(3) of the Bankruptcy Code. If permitted by applicable law, Landlord shall have the prior right and option, to be exercised by notice to Tenant given at any time prior to the effective date of
such proposed assignment, to accept an assignment of this Lease upon the same terms and conditions and for the same consideration, if any, as the bona fide offer made by such person, less any brokerage commissions which would otherwise
be payable by Tenant out of the consideration to be paid by such person in connection with the assignment of this Lease. 
  
 (B) The term “adequate assurance of future performance” as used in Section 12.3 of this Lease shall mean that any proposed assignee
shall, among other things, (a) deposit with Landlord on the assumption of this Lease the sum of nine (9) months of the then Fixed Rent as security for the faithful performance and observance by such assignee of the terms and obligations of this
Lease, (b) furnish Landlord with financial statements of such assignee for the prior three (3) fiscal years, as finally determined after an audit and certified as correct by a certified public accountant, which financial statements shall show a net
worth of at least six (6) times the then Fixed Rent for each of such three (3) years, and (c) provide such other information or take such action as Landlord, in its reasonable judgment shall determine is necessary to provide adequate assurance of
the performance by such assignee of its obligations under the Lease. 
  
 Section 12.4 Tenant shall have the privilege subject to the terms and conditions hereinafter set forth, without the consent of Landlord, to assign its interest in this Lease (i) to any corporation which is a successor to Tenant
either by merger or consolidation, (ii) to a purchaser of all or substantially all of Tenant’s assets (provided such purchaser shall have also assumed substantially all of Tenant’s liabilities), or (iii) to a corporation or other
entity which shall (1) control, (2) be under the control of, or (3) be under common control with, the originally named Tenant or successor to Tenant pursuant to clauses (i) or (ii) above (the term “control” as used herein shall be
deemed to mean ownership of more than 50% of the outstanding voting stock of a corporation, or other majority equity and control interest if Tenant is not a corporation) (any such entity being a “Related Entity”). Tenant may also
sublease all or any portion of the Premises to a Related Entity without the consent of Landlord. Any assignment or subletting described above may only be made upon the condition that (a) any such assignee or subtenant shall continue to use the
Premises as permitted under Section 2.1 hereof, (b) the principal purpose of such assignment or sublease is not the acquisition of Tenant’s interest in this Lease (except if such assignment or sublease is made to a Related Entity and is
made for a valid intracorporate business purpose and is not made to circumvent the provisions of Section 12.1 of this Article), and (c) any such assignee (other than a Related Entity) shall have a net worth and annual income and cash flow,
determined in accordance with generally accepted accounting principles, 

  

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consistently applied, after giving effect to such assignment, equal to or greater than Tenant’s net worth and annual income and cash flow, as so
determined, on the date of such assignment. Tenant shall, within ten (10) business days after execution thereof, deliver to Landlord (a) a duplicate original instrument of assignment in form and substance reasonably satisfactory to Landlord, duly
executed by Tenant, and (b) an instrument in form and substance reasonably satisfactory to Landlord, duly executed by the assignee, in which such assignee shall assume observance and performance of, and agree to be personally bound by, all of the
terms, covenants and conditions of this Lease on Tenant’s part to be observed and performed. Either a transfer of a controlling interest in the shares of Tenant (if Tenant is a corporation or trust) or a transfer of a majority of the total
interest in Tenant (if Tenant is a partnership) at any one time or over a period of time through a series of transfers, shall not be deemed an assignment of this Lease; provided that the principal purpose of such transfers is not the acquisition of
Tenant’s interest in this Lease or is made to circumvent the provisions of this Article 12. Prior to the effective date of such transfer the transferee shareholders of Tenant shall certify that the provisions in the immediately preceding
sentence are true and accurate. 
  
 Section 12.5 If, at any
time after Tenant may have assigned Tenant’s interest in this Lease, this Lease shall be disaffirmed or rejected in any proceeding of the types described in Paragraph (E) of Section 16.1 hereof, or in any similar proceeding, or in
the event of termination of this Lease by reason of any such proceeding or by reason of lapse of time following notice of termination given pursuant to said Article 16 based upon any of the Events of Default set forth in such paragraph,
Tenant, upon request of Landlord given within thirty (30) days next following any such disaffirmance, rejection or termination (and actual notice thereof to Landlord in the event of a disaffirmance or rejection or in the event of termination other
than by act of Landlord), shall (1) pay to Landlord all Fixed Rent, Escalation Rent and other items of Rental due and owing by the assignee to Landlord under this Lease to and including the date of such disaffirmance, rejection or termination, and
(2) as “tenant”, enter into a new lease with Landlord of the Premises for a term commencing on the effective date of such disaffirmance, rejection or termination and ending on the Expiration Date, unless sooner terminated as in such lease
provided, at the same Fixed Rent and upon the then executory terms, covenants and conditions as are contained in this Lease, except that (a) Tenant’s rights under the new lease shall be subject to the possessory rights of the assignee under
this Lease and the possessory rights of any person claiming through or under such assignee or by virtue of any statute or of any order of any court, and (b) such new lease shall require all defaults existing under this Lease to be cured by Tenant
with due diligence, and (c) such new lease shall require Tenant to pay all Escalation Rent reserved in this Lease which, had this Lease not been so disaffirmed, rejected or terminated, would have accrued under the provisions of Article 27
hereof after the date of such disaffirmance, rejection or termination with respect to any period prior thereto. If Tenant shall default in its obligation to enter into said new lease for a period of ten (10) days next following Landlord’s
request therefor, then, in addition to all other rights and remedies by reason of such default, either at law or in equity, Landlord shall have the same rights and remedies against Tenant as if Tenant had entered into such new lease and such new
lease had thereafter been terminated as of the commencement date thereof by reason of Tenant’s default thereunder. 
  
 Section 12.6 (A) Notwithstanding the provisions of Section 12.1 hereof, if Landlord shall not exercise its rights pursuant to paragraph
(C) of this Section 12.6, Landlord shall not unreasonably withhold its consent to any subletting of the Premises (if Tenant proposes 

  

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to sublet a portion of the Premises then, unless the context otherwise requires, references in this Section 12.6 to the Premises shall be deemed to
refer to the portion of the Premises proposed to be sublet by Tenant), provided that: 
  
 (1) the Premises shall not, without Landlord’s prior consent, have been publicly advertised for subletting at a rental rate less than
the prevailing rental rate set by Landlord for comparable space in the Building (the “Prevailing Rate”); 
  
 (2) no Event of Default shall have occurred and be continuing; 
  
 (3) the proposed subtenant shall have the financial wherewithal relative to its liabilities and obligations,
including without limitation its obligations under such proposed sublease, be of a character, be engaged in a business, and propose to use the Premises in a manner in keeping with the standards in such respects of the other tenancies in the
Building; 
  
 (4) if Landlord has or within six
(6) months thereafter reasonably expects to have space available in the Building comparable to the size of the space Tenant proposes to sublet, the proposed subtenant shall not be a person or entity with whom Landlord is then negotiating or has
received or given an offer to lease comparable space in the Building; 
  
 (5) the character of the business to be conducted or the proposed use of the Premises by the proposed subtenant shall not (a) be likely to increase Landlord’s operating expenses beyond that which would be
incurred for use by Tenant or for use in accordance with the standards of use of other tenancies in the Building; (b) increase the burden on existing cleaning services or elevators over the burden prior to such proposed subletting; (c) require any
alterations to be performed in or made to any portion of the Building or the Real Property other than the Premises; or (d) violate any provision or restrictions herein relating to the use or occupancy of the Premises; if Landlord shall have
consented to a sublease and, as a result of the use and occupancy of the subleased portion of the Premises by the subtenant, Landlord’s operating expenses are increased, then Tenant shall pay to Landlord, within ten (10) days after demand, as
additional rent, all resulting increases in Operating Expenses; 
  
 (6) the subletting shall be expressly subject to all of the terms, covenants, conditions and obligations on Tenant’s part to be observed and performed under this Lease and the further condition and restriction
that the sublease shall not be assigned, encumbered or otherwise transferred or the subleased premises further sublet by the subtenant in whole or in part, or any part thereof suffered or permitted by the subtenant to be used or occupied by others,
without the prior written consent of Landlord in each instance; 
  
 (7) the subletting shall end no later than one (1) day before the Expiration Date and shall not be for a term of less than two (2) years unless it commences less than two (2) years before the Expiration Date;

  

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 (8) no subletting shall be for less than 5,000 contiguous rentable square feet and at no
time shall there be more than three (3) occupants, including Tenant, in the Premises; 
  
 (9) Tenant shall reimburse Landlord on demand for any reasonable costs that may be incurred by Landlord in connection with said sublease,
including, without limitation, any reasonable processing fee, reasonable attorneys’ fees and disbursements and the reasonable costs of making investigations as to the acceptability of the proposed subtenant; and 
  
 (10) such sublease shall expressly provide that in the event
of termination, re-entry or dispossess of Tenant by Landlord under this Lease, Landlord 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 Landlord’s
option, attorn to Landlord pursuant to the then executory provisions of such sublease, except that Landlord shall not (i) be liable for any previous act or omission of Tenant under such sublease, (ii) be subject to any offset, not expressly provided
in such sublease, which therefore accrued to such subtenant against Tenant, (iii) be bound by any previous modification of such sublease or by any previous prepayment of more than one month’s rent unless previously approved by Landlord, (iv) be
bound by any covenant to undertake or complete any construction of the premises or any portion thereof demised by such sublease and (v) be bound by any obligation to make any payment to or on behalf of the subtenant, except for services, repairs,
maintenance and restoration provided for under the sublease to be performed after the date of such termination, re-entry or dispossess by Landlord under this Lease and which Landlord is required to perform hereunder with respect to the subleased
space at Landlord’s expense, it being expressly understood, however, that Landlord shall not be bound by any obligation to make payment to or on behalf of a subtenant with respect to construction performed by or on behalf of such subtenant at
the subleased premises. 
  
 (B) At least thirty (30) Business Days
prior to any proposed subletting Tenant shall submit a statement to Landlord (a “Sublease Statement”) containing the following information: (a) the name and address of the proposed subtenant, (b) a description of, and a scale
drawing or floor plan identifying, the portion of the Premises to be sublet, (c) the terms and conditions of the proposed subletting including the rent payable, (d) the nature and character of the business of the proposed subtenant and (e) any other
information that Landlord may reasonably request. Unless (i) the proposed subtenant is a Related Entity of Tenant or (ii) such sublease shall (A) be entered into by Tenant not later than twelve (12) months after Tenant’s actual occupancy of any
portion of the Premises, (B) be for less than 5,000 contiguous rentable square feet of the Premises, (C) be for a term of not more than thirty-six (36) months, (D) be non-renewable, and (E) Tenant shall not demise the Premises in connection with
such sublease, nor construct or permit a separate entrance for such sublet space, Landlord shall have the right, exercisable within thirty (30) days after Landlord’s receipt of the Sublease Statement, to sublet (in its own name or that of its
designee) such portion of the Premises (“Recapture Space”) from Tenant on the terms and conditions set forth in paragraph (C) of this Section 12.6. If Landlord shall fail to notify Tenant within said thirty (30) day
period of Landlord’s intention to exercise its rights pursuant to this Section 12.6(B) and if Landlord shall have consented to such subletting as provided in Section 12.6(A) hereof, Tenant shall be free to sublease that portion of
the Premises 

  

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to such proposed subtenant on the same terms and conditions set forth in the Sublease Statement, subject to the terms and conditions of this Lease, including
paragraph (A) of this Section 12.6. If Tenant shall not enter into such sublease within one hundred twenty (120) days after the delivery of the Sublease Statement to Landlord, then the provisions of Section 12.1 and this
Section 12.6 shall again be applicable to any other proposed subletting. If Tenant shall enter into such sublease within one hundred twenty (120) days as aforesaid, Tenant shall deliver a true, complete and fully executed counterpart of such
sublease to Landlord within five (5) days after execution thereof. 
  
 (C) (1) If Landlord exercises its option to sublet the Recapture Space, such sublease to Landlord or its designee as subtenant (each, a “Recapture Sublease”) shall: 
  
 (a) be upon the same terms and conditions as set forth in
the Sublease Statement and as otherwise contained in this Lease, except such as are irrelevant or inapplicable and except as otherwise expressly set forth to the contrary in this paragraph (C); 
  
 (b) give the subtenant the unqualified and unrestricted
right, without Tenant’s permission, to assign such sublease and to further sublet the Recapture Space or any part thereof and to make any and all changes, alterations, and improvements in the Recapture Space; 
  
 (c) provide in substance that any such changes, alterations,
and improvements made in the Recapture Space may be removed, in whole or in part, prior to or upon the expiration or other termination of the Recapture Sublease provided that any material damage and injury caused thereby shall be repaired; and

  
 (d) provide that (i) the parties to such
Sublease expressly negate any intention that any estate created under such Sublease be merged with any other estate held by either of said parties, (ii) prior to the commencement of the term of the Recapture sublease, the party responsible for the
following as set forth in the Sublease Statement or if no party is indicated as responsible for the following, Tenant, at its expense, shall make such alterations as may be required or reasonably deemed necessary by the subtenant to physically
separate the Recapture Space from the balance of the Premises and to provide appropriate means of ingress to and egress thereto and to the public portions of the balance of the floor such as toilets, janitor’s closets, telephone and electrical
closets, fire stairs, elevator lobbies, etc., and (iii) at the expiration of the term of such Sublease, Tenant will accept the Recapture Space in its then existing condition, broom clean. 
  
 (2) If Landlord is unable to give Tenant possession of the Recapture Space at the expiration of the term of the Recapture
Sublease by reason of the holding over or retention of possession of any tenant or other occupant, then (w) Landlord shall continue to pay all charges previously payable under the Recapture Sublease until the date upon which Landlord shall give
Tenant possession of such Recapture Space free of occupancies, (x) neither the Expiration Date nor the validity of this Lease shall be affected, and (y) Tenant waives any rights under Section 223-a of the Real Property Law of New York, or any
successor statute of similar import, to rescind this Lease and further waives the right to recover any damages from Landlord which may 

  

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result from the failure of Landlord to deliver possession of the Recapture Space at the end of the term of the Recapture Sublease, and (z) Landlord, at
Landlord’s expense, shall use its reasonable efforts to deliver possession of such Recapture Space to Tenant and in connection therewith, if necessary, shall institute and in good faith prosecute holdover and any other appropriate proceedings
against the occupant of such Space. 
  
 (3) The failure by
Landlord to exercise its option under Section 12.6(C) with respect to any subletting shall not be deemed a waiver of such option with respect to any extension of such subletting or any subsequent subletting of the Premises affected thereby.

  
 Section 12.7 (A) In connection with any subletting of
all or any portion of the Premises, Landlord shall be entitled to and Tenant shall pay to Landlord a sum equal to fifty percent (50%) of any Sublease Profit derived therefrom. All sums payable hereunder by Tenant shall be calculated on an annualized
basis, but shall be paid to Landlord, as additional rent, within ten (10) days after receipt thereof by Tenant. 
  
 (B) For purposes of this Lease: 
  
 (1) “Rent Per Square Foot” shall mean the sum of the then Fixed Rent, Escalation Rent and Electricity Additional Rent
divided by the Space Factor. 
  
 (2)
“Sublease Profit” shall mean the product of (x) the Sublease Rent Per Square Foot less the Rent Per Square Foot, and (y) the number of rentable square feet constituting the portion of the Premises sublet by Tenant. 
  
 (3) “Sublease Rent” shall mean any rent or
other consideration paid to Tenant directly or indirectly, by any subtenant, including Landlord or its designee pursuant to Section 12.6(C) hereof, or any other amount received by Tenant from or in connection with any subletting (including,
but not limited to sums paid for the sale or rental, or consideration received on account of any contribution in excess of the Fair Market Value of Tenant’s Property as determined by reputable independent third party appraiser reasonably
satisfactory to Landlord, of Tenant’s Property, or sums paid in connection with the supply of electricity or HVAC) after deducting therefrom the following sublease expenses (the “Sublease Expenses”): (i) the reasonable
out-of-pocket cost and expenses of Tenant in making such sublease such as brokers’ fees, attorneys’ fees, and advertising fees paid to unrelated third parties, (ii) any sums paid to Landlord pursuant to paragraph (A)(10) of
Section 12.6, (iii) the cost of improvements or alterations costs made by Tenant expressly and solely for the purpose of preparing that part of the Premises for such subtenancy and (iv) the unamortized unreimbursed cost of any Tenant’s
Property leased to and used by such subtenant. In determining Sublease Rent, the costs set forth in clauses (i), (ii), (iii) and (iv) shall be deducted as and when incurred by Tenant. 
  
 (4) “Sublease Rent per Square Foot” shall
mean the Sublease Rent divided by the rentable square feet of the space demised under a sublease. 
  
 (5) Sublease Profit shall be recalculated from time to time to reflect any corrections in the prior calculation thereof due to (i)
subsequent payments received or made by Tenant, (ii) the final adjustment of payments to be made by or to Tenant or (iii) 

  

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mistake. Promptly upon the making or receipt of any such discovery of any such mistake, Tenant shall submit to Landlord a recalculation of the Sublease
Profit as the case may be, and an adjustment shall be made between Landlord and Tenant, if applicable with respect thereto on account of prior payments made or credits received pursuant to this Section 12.7. 
  
 (6) As used in this Section 12.7, “Tenant”
shall also include any Related Entity. 
  
 Section 12.8
Notwithstanding anything to the contrary set forth in this Article 12, Tenant shall have the right to enter into license agreements with individuals, bona fide clients of Tenant, or such entities that have a substantial business relationship
with Tenant (“Permitted Licensees”), without Landlord’s consent but upon notice to Landlord setting forth the names of such individuals or entities, pursuant to which such Permitted Licensees may occupy individual offices in
the Premises, which offices shall not be separately demised or have a separate entrance or reception area; provided, however, that (i) in no event shall the space occupied by Permitted Licensees exceed, in the aggregate, more than six
(6) offices within the Premises, (ii) in no event shall such licensee be separately identified within the Premises (provided however, that such licensee may be identified in the Building directory in accordance with this Lease), and (iii) each such
licensee shall provide to Landlord a certification certifying that such licensee does not have a sublease or any other real property interest in the Real Property. Notwithstanding the foregoing, Tenant shall not license, sublease, assign this Lease
or otherwise grant the right to occupy any portion of the Premises to any person (or entity which would in turn permit such occupation, e.g., an employee of a corporation) who in Landlord’s reasonable judgment, would (a) subject the Premises or
the Building to unfavorable publicity, (b) adversely affect the value of the Building, (c) adversely affect Landlord’s ability to manage or operate the Building, or (d) adversely affect Landlord’s ability to mortgage, transfer, sell or
otherwise deal with the Building. 
  
 ARTICLE 13 
 ELECTRICITY 
  
 Section 13.1 Tenant shall at all times comply with the rules, regulations, terms and conditions applicable to service, equipment, wiring and
requirements of the public utility supplying electricity to the Building. The risers servicing the Premises shall be capable of furnishing six (6) watts demand load of electricity per gross square foot of the Premises (exclusive of base Building
HVAC). Tenant’s use and consumption of electricity shall not exceed a demand load of six (6) watts per gross square foot of the Premises. Tenant shall not use any electrical equipment which, in Landlord’s sole reasonable judgment, would
exceed such capacity of the risers serving the Premises or interfere with the electrical service to other tenants of the Building. In the event that, in Landlord’s sole reasonable judgment, Tenant’s electrical requirements exceed such
capacity, Landlord shall so notify Tenant of same, and Tenant shall immediately cease such usage, subject to the provisions of this Section 13.1. Within five (5) days after receipt of such notice, Tenant shall notify Landlord that it shall
permanently cease such usage or shall request that additional electrical capacity (specifying the amount requested) be made available to Tenant. Landlord, in Landlord’s sole judgment, shall determine whether to make available such additional
electrical capacity to Tenant and the amount, if any, to be made available. If Landlord shall agree to make available such additional electrical capacity and the 

  

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same necessitate installation of an additional riser, risers or other proper and necessary equipment, the same shall be installed by Landlord, within the
limits of the switchgear, provided, however, that Landlord, in Landlord’s sole reasonable judgment (taking into consideration the potential needs of present and future tenants of the Building and of the Building itself),
determines that such installation is practicable. Any such installation shall be made by Landlord, at Tenant’s sole expense, and shall be chargeable and collectible as additional rent and paid within ten (10) days after the rendition of a bill
to Tenant therefor. If Landlord, in Landlord’s sole judgment, shall determine not to make available such additional electrical capacity, Tenant shall have no further right to such additional capacity. Landlord shall not be liable in any way to
Tenant for any failure or defect in the supply or character of electric service furnished to the Premises by reason of any requirement, act or omission of the utility serving the Building or for any other reason not attributable to the gross
negligence or willful malfeasance of Landlord, whether electricity is provided by public or private utility or by any electricity generation system owned and operated by Landlord. 
  
 Section 13.2 (A) Unless Landlord is required by any Requirement or by the rules and regulations of the public utility
to have Tenant obtain electricity from the public utility company furnishing electricity to the Building pursuant to the provisions of Section 13.3 hereof, electricity shall be supplied by Landlord to the Premises and Tenant shall pay to
Landlord, as additional rent for such service, the amounts (the “Electricity Additional Rent”) as determined by a meter or submeter (installed by Landlord, at Tenant’s cost, for the purposes of measuring such consumption) at
charges, terms and rates set from time to time during the Term by the public utility corporation serving the Building under the service classification in effect pursuant to which Landlord purchases electricity, plus an amount equal to five percent
(5%) of the charge therefor as Landlord’s administrative charge for overhead and supervision. 
  
 (B) Where more than one meter measures the electricity supplied to Tenant, the total electricity rendered through all meters shall be computed and billed
in the aggregate in accordance with the provisions hereinabove set forth. Bills for the Electricity Additional Rent shall be rendered to Tenant at such time as Landlord may elect, and Tenant shall pay the amount shown thereon to Landlord within ten
(10) days after receipt of such bill. 
  
 Section 13.3 If
Landlord shall be required by any Requirement or by the public utility company furnishing electricity to the Building to discontinue furnishing electricity to Tenant, this Lease shall continue in full force and effect and shall be unaffected
thereby, except only that from and after the effective date of such discontinuance, Landlord shall not be obligated to furnish electricity to Tenant and Tenant shall not be obligated to pay the Electricity Additional Rent. Landlord shall not elect
to discontinue furnishing electricity to Tenant unless Landlord shall also elect to discontinue furnishing electricity to all other office tenants in the Building. If Landlord so discontinues furnishing electricity to Tenant, Tenant shall diligently
obtain electric energy directly from the public utility furnishing electric service to the Building. The costs of such service shall be paid by Tenant directly to such public utility. Such electricity may be furnished to Tenant by means of the
existing electrical facilities serving the Premises, at no charge, to the extent the same are available, suitable and safe for such purposes as reasonably determined by Landlord. All meters and all additional panel boards, feeders, risers, wiring
and other conductors and equipment which may be required to obtain electricity shall be installed by Landlord. The costs of such installation shall be borne equally by Landlord and Tenant. 

  

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Landlord, to the extent permitted by applicable Requirements, shall not discontinue furnishing electricity to the Premises until such installations have been
made and Tenant shall be able to obtain electricity directly from the public utility. 
  
 ARTICLE 14 
 ACCESS TO PREMISES 
  
 Section 14.1 (A) Tenant shall permit Landlord, Landlord’s agents and public utilities servicing the Building to
erect, use and maintain, ducts, pipes and conduits in and through the Premises. Landlord or Landlord’s agents shall have the right to enter the Premises at all reasonable times upon reasonable prior notice (except in case of emergency), which
notice may be oral, to examine the same, to show them to prospective purchasers, Mortgagees or lessees of the Building or space therein, and to make such repairs, alterations, improvements or additions (i) as Landlord may deem necessary to the
Premises or to any other portion of the Building, or (ii) which Landlord may elect to perform following ten (10) days after notice following Tenant’s failure to make or commence making and thereafter diligently prosecute to completion repairs
or perform any work which Tenant is obligated to make or perform under this Lease, or (iii) for the purpose of complying with all Requirements, and Landlord shall be allowed to take all material into and upon the Premises that may be required
therefor without the same constituting a breach by Landlord of any provisions of this Lease, a breach of Tenant’s quiet enjoyment, an eviction or constructive eviction of Tenant in whole or in part, or a release of Tenant’s obligations to
pay Fixed Rent, Escalation Rent, or any item of Rental, and except as expressly provided in Section 14.3 hereof, the Fixed Rent, Escalation Rent (and any other item of Rental) shall in no wise abate while said repairs, alterations,
improvements or additions are being made, by reason of loss or interruption of business of Tenant, or otherwise. 
  
 (B) Any work performed or installations made pursuant to this Article 14 shall be made with reasonable diligence and otherwise pursuant to
Section 4.4 hereof. Subject to the release and waiver of subrogation in favor of Landlord, Landlord shall promptly repair any damage to the Premises, the Alterations and Tenant’s Property caused by such work or installations. 

 
 (C) Any pipes, ducts, or conduits installed in or through the Premises
pursuant to this Article 14 shall either be concealed behind, beneath or within partitioning, columns, ceilings or floors located or to be located in the Premises, or completely furred at points immediately adjacent to partitioning columns or
ceilings located or to be located in the Premises, provided that the installation of such pipes, ducts, or conduits, when completed, shall not reduce the usable area of the Premises beyond a de minimis amount. 
  
 Section 14.2 Upon reasonable prior notice to Tenant, Landlord may
exhibit the Premises to prospective tenants thereof during the twenty-four (24) month period prior to the Expiration Date. If Tenant shall not be present when for any reason entry into the Premises shall be necessary or permissible under the terms
of this Lease, Landlord or Landlord’s agents may enter the same without rendering Landlord or such agents liable therefor (during such entry Landlord or Landlord’s agents shall accord reasonable care under the circumstances to
Tenant’s Property), and without in any manner affecting this Lease. Nothing herein contained, however, shall be deemed or construed to impose upon Landlord any obligation, responsibility or liability 

  

 39 

 
whatsoever, for the care, supervision or repair of the Building or any part thereof, other than as herein provided. 
  
 Section 14.3 (A) If due to any work or installation performed by
Landlord hereunder or failure by Landlord to provide services to the Premises in accordance with the provisions of this Lease, (i) Tenant shall be unable for at least ten (10) consecutive Business Days or fourteen (14) Business Days in any period of
twenty-five (25) consecutive Business Days (after Tenant shall have notified Landlord of its inability) to operate its business in the Premises in substantially the same manner as such business was operated prior to the performance of such work or
installation or such failure and (ii) such interruption shall occur during business hours, the Fixed Rent and the Escalation Rent shall be reduced on a per diem basis in the proportion in which the area of the portion of the Premises which is
unusable bears to the total area of the Premises for each day subsequent to the aforesaid ten (10) consecutive Business Day period or fourteen (14) Business Day period that such portion of the Premises became unusable (and Tenant actually did not
use such portion for the conduct of business) until the earlier of (x) the first Business Day after the date the work or installation are completed or the day the services are provided, as the case may be, by Landlord and (y) the date Tenant shall
reoccupy the affected portion of the Premises for the conduct of business. If Tenant shall be entitled to such reduction of Fixed Rent and Escalation Rent as aforesaid and such reduction shall accrue before the Rent Commencement Date shall occur,
then commencing with the Rent Commencement Date, Tenant shall be entitled to a credit against the Fixed Rent becoming due in an amount equal to the amount of such reduction. 
  
 (B) If due to an Unavoidable Delay Tenant shall be unable to operate its business in the Premises in substantially the same
manner as such business was operated prior to the occurrence of such Unavoidable Delay for 20 consecutive days (after Tenant shall have notified Landlord of its inability) and such interruption shall occur during business hours, the Fixed Rent and
the Escalation Rent shall be reduced on a per diem basis in the proportion in which the area of the portion of the Premises which is unusable bears to the total area of the Premises for each day subsequent to the aforesaid 20 day period that such
portion of the Premises became unusable (and Tenant actually did not use such portion for the conduct of business) until the earlier of (x) the date which is 20 days after the 20 day period and (y) the date Tenant shall reoccupy the affected portion
of the Premises for the conduct of business. 
  
 (C) If due to an
Unavoidable Delay Tenant shall be unable to operate its business in the Premises in substantially the same manner as such business was operated prior to the occurrence of such Unavoidable Delay for 40 consecutive days (after Tenant shall have
notified Landlord of its inability) and such interruption shall occur during business hours, the Fixed Rent and the Escalation Rent shall be reduced on a per diem basis in the proportion in which fifty percent (50%) of the area of the portion of the
Premises which is unusable bears to the total area of the Premises for each day subsequent to the aforesaid 40 day period that such portion of the Premises became unusable (and Tenant actually did not use such portion for the conduct of business)
until the date Tenant shall reoccupy the affected portion of the Premises for the conduct of business. 
  

 40 

 ARTICLE 15 
 CERTIFICATE OF OCCUPANCY 
  
 Section 15.1 Tenant shall not at any time use or occupy the Premises in violation of the certificate of occupancy at such time issued for the Premises or for the Building and in the event that any department of the City or State of
New York shall hereafter contend or declare by notice, violation, order or in any other manner whatsoever that the Premises are used for a purpose which is a violation of such certificate of occupancy, Tenant shall, upon five (5) Business Days’
written notice from Landlord or any Governmental Authority, immediately discontinue such use of the Premises. A certificate of occupancy with respect to the Premises in the form attached hereto as Exhibit C will be in force upon the
Commencement Date, provided, however, neither such certificate, nor any provision of this Lease, nor any act or omission of Landlord, shall be deemed to constitute a representation or warranty that the Premises, or any part thereof, lawfully may be
used or occupied for any particular purpose or in any particular manner, in contradiction to mere “office” use. 
  
 Section 15.2 Tenant shall have the right, at its sole cost and expense, on prior written notice to Landlord and subject to any pending
application(s), to amend the certificate of occupancy from time to time in effect for the Premises to accommodate Tenant’s operation of a conference center in the Premises, subject to Landlord’s prior consent, which shall not be
unreasonably withheld or delayed, provided that (i) the same is done subject to, and in accordance with, all Requirements, (ii) any such amendment shall not permit any use of the Premises not permitted under this Lease, (iii) no such change shall
adversely affect any portion of the Building other than the Premises or the use of such other portions of the Building, (iv) any filing in connection therewith shall be performed by Landlord’s designated code consultant or expediter and at
Tenant’s sole cost and expense (provided that such designated expediter or code consultant shall charge commercially reasonable rates and if Tenant notifies Landlord that in Tenant’s reasonable determination said expediter’s or code
consultant’s rates are not commercially reasonable and the extent of the surcharge, Landlord may still require Tenant to use said expediter or code consultant so long as Landlord pays such surcharge), (v) neither Landlord nor any other tenant
of the Building will be adversely affected by such amendment, and (vi) upon the expiration or earlier termination of the Term, upon request by Landlord, Tenant shall amend the certificate of occupancy for the Premises so that it conforms to the
certificate of occupancy for the Premises in effect prior to any change by Tenant. Landlord shall reasonably cooperate with Tenant’s efforts under this Section 15.2; provided that, except as set forth above, Landlord shall not be
required to expend any sum of money in connection therewith or, if Landlord shall incur any such expenditures, Tenant shall reimburse Landlord for its actual reasonable out-of-pocket costs and expenses in connection therewith, and provided further
that Landlord shall not be obligated to perform any work in connection therewith. 
  

 41 

 ARTICLE 16 
 DEFAULT 
  
 Section
16.1 Each of the following events shall be an “Event of Default” hereunder: 
  
 (A) if Tenant shall default in the payment when due of any installment of Fixed Rent for five (5) days after notice, or in the payment
when due of any other item of Rental and such default shall continue for five (5) days after notice of such default is given to Tenant, except that if Landlord shall have given three (3) such notices in any twelve (12) month period, Tenant shall not
be entitled to any further notice of its delinquency in the payment of Rental until such time as twelve (12) consecutive months shall have elapsed without Tenant having defaulted in any such payment; or 
  
 (B) if Tenant shall default in the observance or performance
of any term, covenant or condition on Tenant’s part to be observed or performed under any other lease, if any, with Landlord or Landlord’s predecessor in interest of space in the Building and such default shall continue beyond any grace
period set forth in such other lease for the remedying of such default; or 
  
 (C) if the Premises shall become vacant for 45 consecutive days or for any 65 days within any 90 day period or abandoned; or 
  
 (D) if Tenant’s interest in this Lease shall devolve upon or pass to any person, whether by operation of law or otherwise, except as
expressly permitted under Article 12 hereof; or 
  
 (E) (1) if Tenant shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; or 
  
 (2) if Tenant shall commence or institute any case, proceeding or other action (A) seeking relief on its behalf as debtor, or to
adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts under any existing or future law of any jurisdiction,
domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, or (B) seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its property; or

  
 (3) if Tenant shall make a general assignment
for the benefit of creditors; or 
  
 (4) if any
case, proceeding or other action shall be commenced or instituted against Tenant (A) seeking to have an order for relief entered against it as debtor or to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment,
winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, or
(B) seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its property, which in either of such cases (i) results in any such entry of an order for relief, adjudication of
bankruptcy or insolvency or such an appointment or the issuance or entry of any other order having a similar effect or (ii) remains undismissed for a period of one hundred twenty (120) days; or 
  
 (5) if any case, proceeding or other action shall be
commenced or instituted against Tenant seeking issuance of a warrant of attachment, execution, distraint or similar 

  

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process against all or any substantial part of its property which results in the entry of an order for any such relief which shall not have been vacated,
discharged, or stayed or bonded pending appeal within one hundred twenty (120) days from the entry thereof; or 
  
 (6) if Tenant shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set
forth in clauses (2), (3), (4), or (5) above; or 
  
 (7) if a trustee, receiver or other custodian is appointed for any substantial part of the assets of Tenant which appointment is not vacated or effectively stayed within ten (10) Business Days; or 
  
 (F) if Tenant shall default in the observance or performance
of any other term, covenant or condition of this Lease on Tenant’s part to be observed or performed and Tenant shall fail to remedy such default within thirty (30) days after notice by Landlord to Tenant of such default; provided,
however, if such default is of such a nature that it can be remedied but cannot be completely remedied within said period of thirty (30) days, Tenant shall not be in default hereunder if (x) it commences to remedy such default within said
period of thirty (30) days and thereafter diligently prosecutes to completion all steps necessary to remedy such default, and (y) the continuance of such default would not subject Landlord, the lessor under a Superior Lease, or a Mortgagee to
criminal liability; or 
  
 (G) If Landlord shall
properly present the Letter of Credit, if any, to the bank which issued the same in accordance with the provisions of Article 31 hereof, and the bank shall fail to honor the Letter of Credit and pay the proceeds thereof to Landlord for any reason
whatsoever; or 
  
 (H) If this Lease is assigned
(or all or a portion of the Premises are subleased) to a Related Entity and such Related Entity shall no longer (i) control, (ii) be under common control with, or (iii) be under the control of the named Tenant (or any permitted successor by merger,
consolidation or purchase as provided herein). 
  
 Section
16.2 (A) If an Event of Default (i) described in Section 16.1(E) hereof shall occur, or (ii) described in Sections 16.1(A), (B), (C), (D), (F), (G) or (H) shall occur and Landlord, at any time thereafter
prior to the curing of the Event of Default, at its option gives written notice to Tenant stating that this Lease and the Term shall expire and terminate on the date Landlord shall give Tenant such notice, which date shall be at least five (5)
Business Days after the date of sending of the notice to Tenant then this Lease and the Term and all rights of Tenant under this Lease shall expire and terminate as if the date on which the Event of Default described in clause (i) above
occurred or the date such notice is given to Tenant by Landlord were the Fixed Expiration Date and Tenant immediately shall quit and surrender the Premises, but Tenant shall nonetheless be liable for all of its obligations hereunder, as provided in
Articles 17 and 18 hereof. Anything contained herein to the contrary notwithstanding, if such termination shall be stayed by order of any court having jurisdiction over any proceeding described in Section 16.1(E) hereof, or by
federal or state statute, then, following the expiration of any such stay, or if the trustee appointed in any such proceeding, Tenant or Tenant as debtor-in-possession 

  

 43 

 
shall fail to assume Tenant’s obligations under this Lease within the period prescribed therefor by law or within one hundred twenty (120) days after
entry of the order for relief or as may be allowed by the court, or if said trustee, Tenant or Tenant as debtor-in-possession shall fail to provide adequate protection of Landlord’s right, title and interest in and to the Premises or adequate
assurance of the complete and continuous future performance of Tenant’s obligations under this Lease as provided in Section 12.3(B), Landlord, to the extent permitted by law or by leave of the court having jurisdiction over such
proceeding, shall have the right, at its election, to terminate this Lease on five (5) days’ notice to Tenant, Tenant as debtor-in-possession or said trustee and upon the expiration of said five (5) day period this Lease shall cease and expire
as aforesaid and Tenant, Tenant as debtor-in- possession or said trustee shall immediately quit and surrender the Premises as aforesaid. 
  
 (B) If an Event of Default described in Section 16.1(A) hereof shall occur, or this Lease shall be terminated as provided in Section 16.2(A)
hereof, Landlord, without notice, may reenter and repossess the Premises without being liable to indictment, prosecution or damages therefor and may dispossess Tenant by summary proceedings or otherwise. 
  
 Section 16.3 If, at any time, (i) Tenant shall comprise two (2) or
more persons, or (ii) Tenant’s obligations under this Lease shall have been guaranteed by any person other than Tenant, or (iii) Tenant’s interest in this Lease shall have been assigned, the word “Tenant”, as used in Section
16.1(E), shall be deemed to mean any one or more of the persons primarily or secondarily liable for Tenant’s obligations under this Lease. Any monies received by Landlord from or on behalf of Tenant during the pendency of any proceeding of
the types referred to in Section 16.1(E) shall be deemed paid as compensation for the use and occupation of the Premises and the acceptance of any such compensation by Landlord shall not be deemed an acceptance of Rental or a waiver on the
part of Landlord of any rights under Section 16.2. 
  
 ARTICLE 17 
 REMEDIES AND DAMAGES 
  
 Section 17.1 (A) If there shall occur any Event of Default, or this Lease and the Term shall expire and come to an end as provided in Article
16 hereof: 
  
 (1) Tenant shall quit and
peacefully surrender the Premises to Landlord, and Landlord and its agents may immediately, or at any time after such default or after the date upon which this Lease and the Term shall expire and come to an end, re-enter the Premises or any part
thereof without notice, either by summary proceedings, or by any other applicable action or proceeding, or by force or otherwise (without being liable to indictment, prosecution or damages therefor), and may repossess the Premises and dispossess
Tenant and any other persons from the Premises and remove any and all of their property and effects from the Premises; and 
  
 (2) Landlord, at Landlord’s option, may relet the whole or any part or parts of the Premises from time to time, either in the name of
Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Expiration Date, at such rental or rentals and upon such other conditions, which may include concessions and free rent periods, as Landlord, in
its sole discretion, may determine; provided, however, 

  

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that Landlord shall have no obligation to relet the Premises or any part thereof and shall in no event be liable for refusal or failure to relet the Premises
or any part thereof, and no such refusal or failure shall operate to relieve Tenant of any liability under this Lease or otherwise affect any such liability, and Landlord, at Landlord’s option, may make such repairs, replacements, alterations,
additions, improvements, decorations and other physical changes in and to the Premises as Landlord, in its sole discretion, considers advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any
liability under this Lease or otherwise affecting any such liability. 
  
 (B) Tenant hereby waives the service of any notice of intention to re-enter or to institute legal proceedings to that end which may otherwise be required to be given under any present or future law. Tenant, on its own behalf and on behalf
of all persons claiming through or under Tenant, including all creditors, does hereby waive any and all rights which Tenant and all such persons might otherwise have under any present or future law to redeem the Premises, or to re-enter or repossess
the Premises, or to restore the operation of this Lease, after (a) Tenant shall have been dispossessed by a judgment or by warrant of any court or judge, or (b) any re-entry by Landlord, or (c) any expiration or termination of this Lease and the
Term, whether such dispossess, re-entry, expiration or termination shall be by operation of law or pursuant to the provisions of this Lease. The words “re-enter”, “re-entry” and “re-entered” as used in this Lease shall
not be deemed to be restricted to their technical legal meanings. In the event of a breach or threatened breach by Tenant, or any persons claiming through or under Tenant, of any term, covenant or condition of this Lease, Landlord shall have the
right to enjoin such breach and the right to invoke any other remedy allowed by law or in equity as if re-entry, summary proceedings and other special remedies were not provided in this Lease for such breach. The right to invoke the remedies
hereinbefore set forth are cumulative and shall not preclude Landlord from invoking any other remedy allowed at law or in equity. 
  
 Section 17.2 (A) If this Lease and the Term shall expire and come to an end as provided in Article 16 hereof, or by or under any summary
proceeding or any other action or proceeding, or if Landlord shall re-enter the Premises as provided in Section 17.1, or by or under any summary proceeding or any other action or proceeding, then, in any of said events: 
  
 (1) Tenant shall pay to Landlord all Fixed Rent, Escalation
Rent and other items of Rental payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;

  
 (2) Tenant also shall be liable for and shall
pay to Landlord, as damages, any deficiency (referred to as “Deficiency”) between the Rental for the period which otherwise would have constituted the unexpired portion of the Term and the net amount, if any, of rents collected
under any reletting effected pursuant to the provisions of clause (2) of Section 17.1 for any part of such period (first deducting from the rents collected under any such reletting all of Landlord’s reasonable expenses in
connection with the termination of this Lease, Landlord’s re-entry upon the Premises and with such reletting including, but not limited to, all repossession costs, brokerage commissions, legal expenses, reasonable attorneys’ fees and
disbursements, alteration costs, contribution to 

  

 45 

 
work and other expenses of preparing the Premises for such reletting); any such Deficiency shall be paid in monthly installments by Tenant on the days
specified in this Lease for payment of installments of Fixed Rent, Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice
Landlord’s right to collect the Deficiency for any subsequent month by a similar proceeding; and 
  
 (3) whether or not Landlord shall have collected any monthly Deficiency as aforesaid, Landlord shall be entitled to recover from Tenant,
and Tenant shall pay to Landlord, on demand, in lieu of any further Deficiency as and for liquidated and agreed final damages, a sum equal to the amount by which the Rental for the period which otherwise would have constituted the unexpired portion
of the Term exceeds the then fair and reasonable rental value of the Premises for the same period, both discounted to present worth at the Base Rate less the aggregate amount of Deficiencies theretofore collected by Landlord pursuant to the
provisions of clause (A)(2) of this Section 17.2 for the same period; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, shall have been relet by
Landlord for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental
value for the part or the whole of the Premises so relet during the term of the reletting. 
  
 (B) If the Premises, or any part thereof, shall be relet together with other space in the Building, the rents collected or reserved under any such reletting and the expenses of any such reletting shall be equitably
apportioned for the purposes of this Section 17.2. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the Fixed Rent reserved in this Lease. Solely for the
purposes of this Article 17, the term “Escalation Rent” as used in Section 17.2(A) shall mean the Escalation Rent in effect immediately prior to the Expiration Date, or the date of re-entry upon the Premises by Landlord, as
the case may be, adjusted to reflect any increase pursuant to the provisions of Article 27 hereof for the Operating Year immediately preceding such event. Nothing contained in Article 16 hereof or this Article 17 shall be deemed
to limit or preclude the recovery by Landlord from Tenant of the maximum amount allowed to be obtained as damages by any statute or rule of law, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this
Section 17.2. 
  
 ARTICLE 18 
 FEES AND EXPENSES 
  
 Section 18.1 If Tenant shall default under this Lease, or if Tenant shall fail to comply with its obligations under this Lease and the preservation
of property or the safety of any tenant, occupant or other person is threatened, Landlord may (1) perform the same for the account of Tenant, or (2) make any reasonable expenditure or incur any obligation for the payment of money, including, but not
limited to, reasonable attorneys’ fees and disbursements in instituting, prosecuting or defending any action or proceeding, and the cost thereof, with interest thereon at the Applicable Rate from the date Tenant is presented with a bill or
statement, shall be 

  

 46 

 
deemed to be additional rent hereunder and shall be paid by Tenant to Landlord within ten (10) days of rendition of any bill or statement to Tenant therefor.

  
 Section 18.2 If Tenant shall fail to pay any
installment of Fixed Rent, Escalation Rent or any other item of Rental within three (3) days after same is due, Tenant shall pay to Landlord, in addition to such installment of Fixed Rent, Escalation Rent or other item of Rental, as the case may be,
as a late charge and as additional rent, a sum equal to interest at the Applicable Rate on the amount unpaid, computed from the date three (3) days after the date such payment was due to and including the date of payment. 
  
 ARTICLE 19 
 NO REPRESENTATIONS BY LANDLORD 
  
 Landlord and Landlord’s agents have made no representations or promises with respect to the Building, the Real Property or the 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 herein. Tenant shall accept possession of the Premises in the condition which shall exist on the Commencement Date “as is”, and Landlord shall have no
obligation to perform any work or make any installations in order to prepare the Premises for Tenant’s occupancy, other than Landlord’s Work. Landlord represents and warrants that as of the date hereof to its knowledge there exists no
violation of any Requirements with respect to the Premises that would not be corrected by the demolition of the existing improvements in the Premises or the performance of the Initial Alterations. 
  
 ARTICLE 20 
 END OF TERM 
  
 Upon the expiration or other termination of this Lease, Tenant shall quit and surrender to Landlord the Premises, vacant, broom clean, in good order and condition, ordinary wear and tear and damage for which Tenant is not responsible under
the terms of this Lease excepted, and Tenant shall remove all of its property as may be required pursuant to Article 3 hereof; this obligation shall survive the expiration or sooner termination of the Term. If the last day of the Term or any
renewal thereof falls on Saturday or Sunday, this Lease shall expire on the Business Day immediately preceding. Tenant expressly waives, for itself and for any person claiming through or under Tenant, any rights which Tenant or any such person may
have under the provisions of Section 2201 of the New York Civil Practice Law and Rules and of any successor law of like import then in force in connection with any holdover or summary proceedings which Landlord may institute to enforce the foregoing
provisions of this Article 20. Tenant acknowledges that possession of the Premises must be surrendered to Landlord on the Expiration Date. Tenant agrees to indemnify and save Landlord harmless from and against all claims, losses, damages,
liabilities, costs and expenses (including, without limitation, attorneys’ fees and disbursements) resulting from any delay by Tenant past the date that is six (6) months after the Expiration Date in surrendering the Premises, including,
without limitation, any claims made by any succeeding tenant founded on such delay. The parties recognize and agree that the damage to Landlord resulting from any failure by Tenant to timely surrender possession of the Premises as aforesaid will be
extremely substantial, will exceed the amount of the monthly installments of the Fixed Rent and Escalation Rent theretofore payable hereunder, and will be 

  

 47 

 
impossible to measure accurately. Tenant therefore agrees that, except if and to the extent Landlord has expressly agreed to allow Tenant to remain in
possession after the Expiration Date, if possession of the Premises is not surrendered to Landlord on or before the Expiration Date, in addition to any other rights or remedies Landlord may have hereunder or at law, and without in any manner
limiting Landlord’s right to demonstrate and collect any damages suffered by Landlord and arising from Tenant’s failure to surrender the Premises as provided herein, Tenant shall pay to Landlord on account of use and occupancy of the
Premises for each month and for each portion of any month during which Tenant holds over in the Premises after the Expiration Date, a sum equal to one and one-half (11⁄2) times the aggregate of that portion of the Fixed Rent, Escalation Rent and
other items of Rental which were payable under this Lease during the last month of the Term. Nothing herein contained shall be deemed to permit Tenant to retain possession of the Premises without written consent after the Expiration Date or to limit
in any manner Landlord’s right to regain possession of the Premises through summary proceedings, or otherwise, and no acceptance by Landlord of payments from Tenant after the Expiration Date shall be deemed to be other than on account of the
amount to be paid by Tenant in accordance with the provisions of this Article 20. The provisions of this Article 20 shall survive the Expiration Date. 
  
 ARTICLE 21 
 QUIET ENJOYMENT 
  
 Provided no Event of Default
has occurred and is continuing, Tenant may peaceably and quietly enjoy the Premises subject, nevertheless, to the terms and conditions of this Lease including, but not limited to, Section 37.2 hereof and Article 7 hereof, including,
without limitation, all Superior Leases and Mortgages. 
  
 ARTICLE
22 
 FAILURE TO GIVE POSSESSION 
  
 Tenant waives any right to rescind this Lease under Section 223-a of the New York Real Property law or any successor statute of similar nature and purpose
then in force and further waives the right to recover any damages which may result from Landlord’s failure for any reason to deliver possession of the Premises on the date set forth in Section 1.1 hereof for the commencement of the Term.
No such failure to give possession on the date set forth in Section 1.1 hereof for the commencement of the Term or on the Commencement Date shall in any way affect the validity of this Lease or the obligations of Tenant hereunder or give rise
to any claim for damages by Tenant or claim for rescission of this Lease, nor shall the same be construed in any way to extend the Term except as provided in this Article 22. 
  
 ARTICLE 23 
 NO
WAIVER 
  
 Section 23.1 No act or thing done by
Landlord or Landlord’s agents during the Term shall be deemed an acceptance of a surrender of the Premises, and no agreement to accept such surrender shall be valid unless in writing signed by Landlord. No employee of Landlord or of
Landlord’s agents shall have any power to accept the keys of the Premises prior to the termination of this Lease. The delivery of keys to any employee of Landlord or of Landlord’s 

  

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agents shall not operate as a termination of this Lease or a surrender of the Premises. In the event Tenant at any time desires to have Landlord sublet the
Premises for Tenant’s account, Landlord or Landlord’s agents are authorized to receive said keys for such purpose without releasing Tenant from any of the obligations under this Lease, and Tenant hereby relieves Landlord of any liability
for loss of or damage to any of Tenant’s effects in connection with such subletting. 
  
 Section 23.2 The failure of Landlord or Tenant to seek redress for violation of, or to insist upon the strict performance of, any covenant or condition of this Lease, or any of the Rules and Regulations set
forth or hereafter adopted by Landlord, shall not prevent a subsequent act, which would have originally constituted a violation, from having all of the force and effect of an original violation. The receipt by Landlord or payment by Tenant of Fixed
Rent, Escalation Rent or any other item of Rental with knowledge of the breach of any covenant of this Lease shall not be deemed a waiver of such breach. The failure of Landlord to enforce any of the Rules and Regulations set forth, or hereafter
adopted, against Tenant or any other tenant in the Building shall not be deemed a waiver of any such Rules and Regulations. No provision of this Lease shall be deemed to have been waived by Landlord or Tenant, unless such waiver be in writing signed
by Landlord or Tenant, as the case may be. No payment by Tenant or receipt by Landlord of a lesser amount than the monthly Fixed Rent or other item of Rental herein stipulated shall be deemed to be other than on account of the earliest stipulated
Fixed Rent or other item of Rental, or as Landlord may elect to apply same, nor shall any endorsement or statement on any check or any letter accompanying any check or payment as Fixed Rent or other item of Rental be deemed an accord and
satisfaction, and Landlord may accept such check or payment without prejudice to Landlord’s right to recover the balance of such Fixed Rent or other item of Rental or pursue any other remedy in this Lease provided. This Lease contains the
entire agreement between the parties and all prior negotiations and agreements are merged herein. Any executory agreement hereafter made shall be ineffective to change, modify, discharge or effect an abandonment of this Lease 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. 
  

ARTICLE 24 
 WAIVER OF TRIAL BY JURY

  
 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 Landlord and Tenant, Tenant’s use or occupancy of the Premises, or for the enforcement of any remedy under any statute, emergency or otherwise. If Landlord commences any summary proceeding against Tenant, Tenant will not
interpose any counterclaim of whatever nature or description in any such proceeding (unless failure to impose such counterclaim would preclude Tenant from asserting in a separate action the claim which is the subject of such counterclaim), and will
not seek to consolidate such proceeding with any other action which may have been or will be brought in any other court by Tenant. 
  

 49 

 ARTICLE 25 
 INABILITY TO PERFORM 
  
 Except as provided herein, this Lease and the obligation of Tenant to pay Rental hereunder and perform all of the other covenants and agreements hereunder on the part of Tenant to be performed shall in no wise be affected, impaired or
excused because Landlord is unable to fulfill any of its obligations under this Lease expressly or impliedly to be performed by Landlord or because Landlord is unable to make, or is delayed in making any repairs, additions, alterations, improvements
or decorations or is unable to supply or is delayed in supplying any equipment or fixtures, if Landlord is prevented or delayed from so doing by reason of strikes or labor troubles, or by any cause whatsoever reasonably beyond Landlord’s
control, including but not limited to, laws, governmental preemption in connection with a national emergency or by reason of any Requirements of any Governmental Authority or by reason of the conditions of supply and demand which have been or are
affected by war or other emergency (“Unavoidable Delays”). Landlord shall promptly notify Tenant of any Unavoidable Delay which prevents Landlord from fulfilling any of its obligations under this Lease. 
  
 ARTICLE 26 
 BILLS AND NOTICES 
  
 Except as otherwise expressly provided in this Lease, any bills, statements, consents, notices, demands, requests or other communications given or required to be given under this Lease shall be in writing and shall be
deemed sufficiently given or rendered if delivered by hand (against a signed receipt) or if sent by registered or certified mail (return receipt requested) addressed 
  
 if to Tenant (a) at Tenant’s address set forth in this Lease, if mailed prior to Tenant’s taking
possession of the Premises, or (b) at the Building, if mailed subsequent to Tenant’s taking possession of the Premises, or (c) at any place where Tenant or any agent or employee of Tenant be found if mailed subsequent to Tenant’s vacating,
deserting, abandoning or surrendering the Premises, in each case with a copy to Skadden, Arps, Slate, Meagher & Flom LLP, Four Times Square, New York, New York 10036, Attn: Richard Kalikow, Esq., or 
  
 if to Landlord at Landlord’s address set forth in this
Lease, Attn: Office of the Chief Investment Officer, Senior Vice President, and with copies to (x) Morgan Stanley, US RE Investing Division, 1585 Broadway, Floor 37, New York, New York 10036, Attn: [Asset Management], (y) Shearman & Sterling
LLP, 599 Lexington Avenue, New York, New York 10022, Attn: Chris M. Smith and (z) any Mortgagee or Lessor which shall have requested same, by notice given in accordance with the provisions of this Article 26 at the address designated by such
Mortgagee or Lessor, or 
  
 to such other address(es) as either Landlord or Tenant
may designate as its new address(es) for such purpose by notice given to the other in accordance with the provisions of this Article 26. Any such bill, statement, consent, notice, demand, request or other communication shall be deemed to have
been rendered or given on the date when it shall have been hand delivered or three (3) Business Days from when it shall have been mailed as provided in this Article 26. 
  

 50 

 ARTICLE 27 
 ESCALATION 
  
 Section 27.1 For the purposes of this Article 27, the following terms shall have the meanings set forth below. 
  
 (A) “Assessed Valuation” shall mean the amount for which the Real Property is assessed pursuant to applicable provisions
of the New York City Charter and of the Administrative Code of the City of New York for the purpose of imposition of Taxes. 
  
 (B) “Base Operating Expenses” shall mean the Operating Expenses for the Base Operating Year. 
  
 (C) “Base Operating Year” shall mean the
calendar year ending December 31, 2005, except with respect to the Renewal Term the “Base Operating Year” shall mean the calendar year ending on December 31st of the calendar year in which the Fixed Expiration Date shall occur. 

 
 (D) “Base Taxes” shall mean the average
of the Taxes for the tax years commencing July 1, 2004 and ending June 30, 2006, except with respect to the Renewal Term “Base Taxes” shall mean the Taxes for the Tax Year commencing July 1 of the year in which the Fixed Expiration Date
shall occur and ending June 30th of the following calendar year. 
  
 (E) (1) “Operating Expenses” shall mean the aggregate of those costs and expenses without duplication (and taxes, if any, thereon, including, without limitation, sales and value-added taxes) paid or
incurred by or on behalf of Landlord (whether directly or through independent contractors) in respect of the Operation of the Property which are properly chargeable to the operation of the Property together with and including (without limitation)
the costs of gas, oil, steam, water, sewer rental, electricity (for the portions of the Real Property not leased to and occupied by tenants or available for occupancy), HVAC and other utilities furnished to the Building and utility taxes, and the
expenses incurred in connection with the Operation of the Property such as insurance premiums, attorneys’ fees and disbursements (exclusive of any such fees and disbursements incurred in applying for any reduction of Taxes) and auditing and
other professional fees and expenses, but specifically excluding: 
  
 (a) Taxes, 
  
 (b) franchise or income taxes imposed upon Landlord, 
  
 (c) debt service payments on Mortgages, 
  
 (d) all leasing costs, including leasing and brokerage commissions and similar fees, and accounting and appraisal fees relating to determinations of fair market rent, 
  

 51 

 (e) capital improvements (except as otherwise provided herein) and the cost, if any, of
removing asbestos or any other hazardous material or waste from the Building, 
  
 (f) the cost of electrical energy consumed in any space within the Building leased or available for lease to tenant(s) and any survey costs or submetering or submeter reading costs incurred in connection therewith,

  
 (g) the cost of tenant installations, tenant
allowances or tenant inducements incurred in connection with preparing space for a tenant, 
  
 (h) salaries, including without limitation wages, fringe benefits and all other compensation, of personnel above the grade of building
manager and such building manager’s supervisor, 
  
 (i) rent paid under Superior Leases, 
  
 (j) any expense for which Landlord is otherwise compensated through the proceeds of insurance or is otherwise compensated, including but not limited to reimbursement by any tenant (including Tenant), or any expense of the Building for
services in excess of the services Landlord is obligated to furnish to Tenant hereunder, 
  
 (k) legal fees, disbursements and other costs incurred in connection with any negotiation of, or disputes arising out of, any space lease
or proposed space lease in the Building, 
  
 (l)
depreciation, except as provided herein, 
  
 (m)
Landlord’s advertising and promotional costs to advertise available space in the Building, 
  
 (n) the portion of any fee or expenditure paid to any Affiliate of Landlord which exceeds the amount which would be paid for comparable
services and/or goods in the absence of such relationship, 
  
 (o) auditing fees in connection with tenant (including Tenant) disputes, 
  
 (p) payments made to tenants to take over leases, 
  
 (q) to the extent any costs that are otherwise includable in Operating Expenses are incurred with respect to
the Building and other buildings owned or managed by Landlord, the amounts that are properly allocable to such other buildings shall be excluded from Operating Expenses, 
  
 (r) expense of abatement or removal of hazardous substances in the Real Property or any part thereof,

  

 52 

 (s) costs incurred in connection with the financing or refinancing of the Real Property,
or a sale or transfer of all or any portion of the Real Property (including the acquisition or sale of air rights, transferable development rights, easements or other real property interests) or any interest therein or in any Person of whatever tier
owing an interest therein, 
  
 (t) costs and
expenses incurred in connection with the enforcement of leases, including court costs, accounting fees, auditing fees, attorneys fees and disbursements in connection with any summary proceeding to disposes any tenant, 
  
 (u) costs and expenses incurred in connection with procuring
tenants, including lease concessions, lease takeover or rental assumption obligations, architectural costs, engineering, fees and other similar professional costs and legal fees in connection with lease negotiations, 
  
 (v) damages and attorneys’ fees and disbursements and
any other costs in connection with any proceeding, judgment, settlement or arbitration award resulting from any liability of Landlord and fines or penalties due to Landlord’s gross negligence or wrongful acts, including deductibles under any
insurance policies covering such liabilities, 
  
 (w) any compensation paid to clerks, attendants or other persons in commercial concessions operated by Landlord not for the general benefit of all tenants of the Building, 
  
 (x) fines or penalties resulting from the violation by Landlord of any Requirements, 
  
 (y) the cost of installing, operating and maintaining any
specialty facility such as an observatory, broadcasting facilities, luncheon club, athletic or recreational club, child care or similar facility, auditorium, cafeteria or dining facility or conference center, or making any additions to, or building
additional stories on, the Building or its plazas, or adding buildings or other structures adjoining the Building, or connecting the Building to other structures adjoining the Building; provided, however, that if any of the foregoing
items shall be installed, operated or maintained for the benefit of the tenants of the Building, the cost of such items (other than the construction and installation thereof) shall not be excluded from inclusion in the definition of “Operating
Expenses” set forth above, 
  
 (z) the cost
of acquiring, leasing, installing, maintaining displaying, protecting, insuring, restoring or renewing works of art or temporary exhibitions located at or within the Building, 
  
 (aa) costs relating to withdrawal liability or unfunded pension liability under the Multi-Employer Pension
Plan Act or other Requirement, and 
  

 53 

 (bb) cost of any capital improvement made to comply with a Requirement the violation of
which is in existence as of the date hereof, 
  
 except, however,
that if Landlord is not furnishing any particular work or service (the cost of which if performed by Landlord would constitute an Operating Expense) to a tenant who has undertaken to perform such work or service in lieu of the performance thereof by
Landlord, Operating Expenses shall be deemed to be increased by an amount equal to the additional Operating Expenses which reasonably would have been incurred during such period by Landlord if it had furnished such work or services to such tenant.
Any costs incurred in performing work or furnishing services for any tenant (including Tenant), whether at such tenant’s or Landlord’s expense, to the extent that such work or service is in excess of any work or service that Landlord is
obligated to furnish to Tenant at Landlord’s expense shall be deducted from Operating Expenses otherwise chargeable to the Operation of the Property. Any insurance proceeds received with respect to any item previously included as an Operating
Expense shall be deducted from Operating Expenses for the Operating Year in which such proceeds are received; provided, however, to the extent any insurance proceeds are received by Landlord in any Operating Year with respect to any item which was
included in Operating Expenses during the Base Operating Year, the amount of insurance proceeds so received shall be deducted from Base Operating Expenses and (x) the Base Operating Expenses shall be retroactively adjusted to reflect such deduction
and (y) all retroactive Operating Payments resulting from such retroactive adjustment shall be due and payable when billed by Landlord. Until such time as the electricity supplied to each floor of the Building and the common and public areas of the
Building (including, without limitation, the Building Systems) shall be separately metered or submetered, Operating Expenses shall include an amount equal to (i) Landlord’s cost per kilowatt hour (utilizing the electrical rates applicable to
the Building including energy charges, demand charges, time-of-day charges, fuel adjustment charges, rate adjustment charges, sales tax and any other factors used by the public utility in computing its charges to Landlord) of furnishing electric
current to the entire Building, multiplied by (ii) the number of kilowatt hours of electric current furnished to the public and common areas of the Building (including, without limitation, the Building Systems) and other areas not available for
occupancy as determined by a survey prepared by an independent, reputable electrical engineer selected by Landlord; and 
  
 (2) In determining the amount of Operating Expenses for any Operating Year, including, without limitation, the Base Operating Year, if
less than all of the Building rentable area shall have been occupied by tenant(s) at any time during any such Operating Year, Operating Expenses shall be determined for such Operating Year to be an amount equal to the like expenses which would
normally be expected to be incurred had all such areas been occupied throughout such Operating Year. 
  
 (3) (i) If any capital improvement is made during any Operating Year in order to comply with a Requirement or in lieu of a repair, then
the cost of such improvement shall be included in Operating Expenses for the Operating Year in which such improvement was made; provided, however, to the extent the cost of such improvement is required to be capitalized for federal income tax
purposes, such cost shall 

  

 54 

 
be amortized over the useful economic life of such improvement as reasonably estimated by Landlord, and the annual amortization, together with interest
thereon at the then Base Rate, of such improvement shall be deemed an Operating Expense in each of the Operating Years during which such cost of the improvement is amortized. 
  
 (ii) If any capital improvement is made during any Operating Year either for the purpose of saving or
reducing Operating Expenses (as, for example, a labor-saving improvement), then the cost of such improvement shall be included in Operating Expenses for the Operating Year in which such improvement was made, unless such cost shall exceed such
savings in Operating Expenses for such Operating Year, in which case only an amount equal to the savings shall be included; provided, however, in either event, such cost shall be amortized over such period of time as Landlord reasonably estimates
such savings or reduction in Operating Expenses will equal the cost of such improvement and the annual amortization, together with interest thereon at the then Base Rate, of such improvement shall be deemed an Operating Expense in each of the
Operating Years during which such cost of the improvement is amortized. 
  
 (F) “Operating Statement” shall mean a statement in reasonable detail setting forth a comparison of the Operating Expenses for an Operating Year with the Base Operating Expenses and the Escalation
Rent for the preceding Operating Year pursuant to the provisions of this Article 27. 
  
 (G) “Operating Year” shall mean the calendar year within which the Commencement Date occurs and each subsequent calendar
year for any part or all of which Escalation Rent shall be payable pursuant to this Article 27. 
  
 (H) “Taxes” shall mean the aggregate amount of real estate taxes and any general or special assessments (exclusive of
penalties and interest thereon) imposed upon the Real Property (including, without limitation, (i) assessments made upon or with respect to any “air” and “development” rights now or hereafter appurtenant to or affecting the Real
Property, (ii) any fee, tax or charge imposed by any Governmental Authority for any vaults, vault space or other space within or outside the boundaries of the Real Property, and (iii) any taxes or assessments levied after the date of this Lease in
whole or in part for public benefits to the Real Property or the Building, including any Business Improvement District taxes and assessments) without taking into account any discount that Landlord may receive by virtue of any early payment of Taxes
or on account of any exemption or abatements of Taxes to which the Real Property is entitled; provided, that if because of any change in the taxation of real estate, any other tax or assessment, however denominated (including, without limitation,
any franchise, income, profit, sales, use, occupancy, gross receipts or rental tax) is imposed upon Landlord or the owner of the Real Property or the Building, or the occupancy, rents or income therefrom, in substitution for any of the foregoing
Taxes, such other tax or assessment shall be deemed part of Taxes computed as if Landlord’s sole asset were the Real Property. With respect to any Tax Year, all reasonable expenses, including attorneys’ fees and disbursements, 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. Anything contained herein to the contrary notwithstanding, 

  

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Taxes shall not be deemed to include (i) any taxes on Landlord’s income, (ii) franchise taxes, (iii) estate or inheritance taxes or (iv) any similar
taxes imposed on Landlord, unless such taxes are levied, assessed or imposed in lieu of or as a substitute for the whole or any part of the taxes, assessments, levies, impositions which now constitute Taxes. In determining the amount of Taxes for
any Tax Year (or for the partial calendar years in which the Term shall commence or expire), Taxes payable in such Tax Year shall be apportioned for the portions of the Tax Years occurring within such partial years. 
  
 (I) “Tax Statement” shall mean a statement
setting forth a comparison of Taxes for a Tax Year with the Base Taxes and the Tax Payment due for such Tax Year pursuant to the provisions of this Article 27. 
  
 (J) “Tax Year” shall mean the period July 1 through June 30 (or such other period as
hereinafter may be duly adopted by The City of New York as its fiscal year for real estate tax purposes), any portion of which occurs during the Term. 
  
 Section 27.2 (A) If the Taxes payable for any Tax Year (any part or all of which falls within the Term) shall represent an increase above the Base
Taxes, then Tenant shall pay as additional rent for such Tax Year and continuing thereafter until a new Tax Statement is rendered to Tenant, Tenant’s Share of such increase (the “Tax Payment”). Tenant shall not be entitled to
any credit against any Tax Payment on account of any discount that Landlord may receive by virtue of any early payment of Taxes or on account of any exemptions or abatements of Taxes to which the Real Property is entitled, attributable, in whole or
in part, to any other real property owned by Landlord or any affiliate or any property with respect to which Landlord or such affiliate is the lessee under any ground or underlying lease, and Taxes shall be calculated without taking into account any
such discounts, exemptions or abatements. The Taxes shall be computed initially on the basis of the Assessed Valuation in effect at the time the Tax Statement is rendered (as the Taxes may have been settled or finally adjudicated prior to such
time), regardless of any then pending application, proceeding or appeal respecting the reduction of any such Assessed Valuation, but shall be subject to subsequent adjustment as provided in Section 27.3(A) hereof. 
  
 (B) At any time during or after the Term, Landlord may render to Tenant a Tax
Statement or Statements showing (i) a comparison of the Taxes for a Tax Year with the Base Taxes and (ii) the amount of the Tax Payment resulting from such comparison. Tenant shall pay Landlord, in two (2) equal installments, in advance, on June
10th and December 10th of each year, the Tax Payment shown thereon. If Taxes are required to be paid in full or on any other date or dates than as presently required by the Governmental Authority imposing the same, then the due date of the
installments of the Tax Payment shall be correspondingly accelerated or revised so that the Tax Payment (or the two (2) installments thereof) is due at least twenty (20) days prior to the date the corresponding payment is due to the Governmental
Authority. If the Tax Year established by The City of New York shall be changed, any Taxes for the Tax Year prior to such change which are included within the new Tax Year and which were the subject of a prior Tax Statement shall be apportioned for
the purpose of calculating the Tax Payment payable with respect to such new Tax Year. Landlord’s failure to render a Tax Statement during or with respect to any Tax Year shall not eliminate or reduce Tenant’s obligation to make Tax
Payments pursuant to this Article 27 for such Tax Year, and shall not prejudice Landlord’s right 

  

 56 

 
to render a Tax Statement during or with respect to any subsequent Tax Year. Upon written request, but not more often than once a year, Landlord shall
furnish Tenant with a reproduced copy of the tax bill (or receipted bill) for the Taxes for the current or next succeeding Tax Year (if theretofore issued by the Governmental Authority). 
  
 (C) The Tax Payment shall be pro rated for any partial Tax Year in which the Term of this Lease shall expire. If a Tax
Statement is furnished to Tenant after the commencement of the Tax Year in respect of which such Tax Statement is rendered, Tenant shall within ten (10) Business Days thereafter, pay to Landlord an amount equal to the amount of any underpayment of
the Tax Payment with respect to such Tax Year and, in the event of an overpayment, Landlord shall either pay to Tenant or, at Landlord’s election, credit against subsequent payments of Fixed Rent, the amount of Tenant’s overpayment.

  
 Section 27.3 (A) Only Landlord shall be eligible to
institute tax reduction or other proceedings to reduce the Assessed Valuation. In the event that, after a Tax Statement has been sent to Tenant, an Assessed Valuation which had been utilized in computing the Taxes for a Tax Year other than the Base
Tax Year is reduced (as a result of settlement, final determination of legal proceedings or otherwise), and as a result thereof a refund of Taxes is actually received by or on behalf of Landlord, then, promptly after receipt of such refund, Landlord
shall send Tenant a Tax Statement adjusting the Taxes for such Tax Year (taking into account the expenses mentioned in Section 27.1(H)) and setting forth Tenant’s Share of such refund and Tenant shall be entitled to receive such Share by
way of a credit against the Fixed Rent next becoming due after the sending of such Tax Statement or, if no further Fixed Rent shall be due, enclosing payment of the amount of Tenant’s Share of such refund to Tenant, provided, however, that
Tenant’s Share of such refund shall be limited to the portion of the Tax Payment, if any, which Tenant had theretofore paid to Landlord attributable to increases in Taxes for the Tax Year to which the refund is applicable on the basis of the
Assessed Valuation before it had been reduced. 
  
 (B) In the
event that, after a Tax Statement has been sent to Tenant, the Assessed Valuation which had been utilized in computing the Base Taxes is reduced (as a result of settlement, final determination of legal proceedings or otherwise) then the Base Taxes
shall be retroactively adjusted to reflect such reduction, and all Tax Payments shall be calculated with giving effect to such reduction in the Assessed Valuation with respect to such Base Taxes. 
  
 (C) Any Tax Statement sent to Tenant shall be conclusively binding upon
Tenant unless, within ninety (90) days after such Tax Statement is sent, Tenant shall send a written notice to Landlord objecting to such Tax Statement and specifying the respects in which such Tax Statement is disputed. If such notice is sent,
provided Tenant shall have paid to Landlord when due the amount shown on any such Tax Statement, as provided in Section 27.2 hereof, Tenant (together with its independent certified public accounting firm reasonably satisfactory to Landlord)
may examine Landlord’s books and records relating to the Taxes of the Property to determine the accuracy of the Tax Statement. Tenant recognizes the confidential nature of such books and records and agrees to maintain the information obtained
from such examination in strict confidence. 
  
 Section
27.4 (A) If the Operating Expenses for any Operating Year (any part or all of which falls within the Term) shall be greater than the Base Operating Expenses, then 

  

 57 

 
Tenant shall pay as additional rent for such Operating Year and continuing thereafter until a new Operating Statement is rendered to Tenant, Tenant’s
Share of such increase (the “Operating Payment”) as hereinafter provided. 
  
 (B) At any time during or within two (2) years after the Term, Landlord may render to Tenant an Operating Statement or Statements showing (i) a comparison of the Operating Expenses for the Operating Year in question
with the Base Operating Expenses, and (ii) the amount of the Operating Payment resulting from such comparison. Landlord’s failure to render an Operating Statement during or with respect to any Operating Year in question shall not prejudice
Landlord’s right to render an Operating Statement during or with respect to any subsequent Operating Year, and shall not eliminate or reduce Tenant’s obligation to make payments of the Operating Payment pursuant to this Article 27
for such Operating Year. 
  
 (C) On the first day of the month
following the furnishing to Tenant of an Operating Statement, Tenant shall pay to Landlord a sum equal to 1/12th of the Operating Payment shown thereon to be due for the preceding Operating Year multiplied by the number of months (and any fraction
thereof) of the Term then elapsed since the commencement of such Operating Year in which such Operating Statement is delivered, less Operating Payments and any Tentative Monthly Escalation Charge theretofore made by Tenant for such Operating Year
and thereafter, commencing with the then current monthly installment of Fixed Rent and continuing monthly thereafter until rendition of the next succeeding Operating Statement, Tenant shall pay on account of the Operating Payment for such Year an
amount equal to 1/12th of the Operating Payment shown thereon to be due for the preceding Operating Year. Any Operating Payment shall be collectible by Landlord in the same manner as Fixed Rent. 
  
 (D) (1) As used in this Section 27.4, (i) “Tentative Monthly
Escalation Charge” shall mean a sum equal to 1/12th of the product of (a) Tenant’s Share, and (b) the difference between (x) the Base Operating Expenses and (y) Landlord’s reasonable good faith estimate of Operating Expenses for
the Current Year, and (ii) “Current Year” shall mean the Operating Year in which a demand is made upon Tenant for payment of a Tentative Monthly Escalation Charge. 
  
 (2) At any time in any Operating Year, Landlord, at its option, in lieu of the payments required under Section
27.4(C) hereof, may demand and collect from Tenant, as additional rent, a sum equal to the Tentative Monthly Escalation Charge multiplied by the number of months in said Operating Year preceding the demand and reduced by the sum of all payments
theretofore made under Section 27.4(C) with respect to said Operating Year, and thereafter, commencing with the month in which the demand is made and continuing thereafter for each month remaining in said Operating Year, the monthly
installments of Fixed Rent shall be deemed increased by the Tentative Monthly Escalation Charge. Any amount due to Landlord under this Section 27.4(D) may be included by Landlord in any Operating Statement rendered to Tenant as provided in
Section 27.4(B) hereof. 
  
 (E) (1) After the end of the
Current Year and at any time that Landlord renders an Operating Statement or Statements to Tenant as provided in Section 27.4(B) hereof with respect to the comparison of the Operating Expenses for said Operating Year or Current Year, with the
Base Operating Expenses, as the case may be, the amounts, if any, collected by 

  

 58 

 
Landlord from Tenant under Section 27.4(C) or (D) on account of the Operating Payment or the Tentative Monthly Escalation Charge, as the case
may be, shall be adjusted, and, if the amount so collected is less than or exceeds the amount actually due under said Operating Statement for the Operating Year, a reconciliation shall be made as follows: Tenant shall be debited with any Operating
Payment shown on such Operating Statement and credited, or, if no further Fixed Rent shall be payable hereunder, shall be paid to Tenant with the amounts, if any, paid by Tenant on account in accordance with the provisions of subsection (C)
and subsection (D)(2) of this Section 27.4 for the Operating Year in question. Tenant shall pay any net debit balance to Landlord within fifteen (15) days next following rendition by Landlord of an invoice for such net debit balance;
any net credit balance shall be applied against the next accruing monthly installments of Fixed Rent, or, if no further Fixed Rent shall be payable, shall be paid to Tenant. 
  
 (2) If the sum of the Tentative Monthly Escalation Charges and payments made by Tenant in accordance with subsection
(C) of this Section 27.4 for any Operating Year shall have exceeded the Operating Payment for such Operating Year by more than ten percent (10%), interest at the Applicable Rate on the portion of the overpayment that exceeds the
applicable Operating Payment by more than ten percent (10%) determined as of the respective dates of such payments by Tenant and calculated from such respective dates to the dates on which such amounts are credited against the monthly installments
of Fixed Rent, shall be so credited. Any amount owing to Tenant subsequent to the Term shall be paid to Tenant within ten (10) Business Days after a final determination has been made of the amount due to Tenant. 
  
 Section 27.5 Any Operating Statement sent to Tenant shall be
conclusively binding upon Tenant unless, within ninety (90) days after such Statement is sent, Tenant shall send a written notice to Landlord objecting to such Statement and specifying the respects in which such Statement is disputed. If such notice
is sent, provided Tenant shall have paid to Landlord when due the amount shown on any such Operating Statement, as provided in Section 27.4 hereof, Tenant (together with its independent certified public accounting firm reasonably satisfactory
to Landlord) may examine Landlord’s books and records relating to the Operation of the Property to determine the accuracy of the Operating Statement. Tenant recognizes the confidential nature of such books and records and agrees to maintain the
information obtained from such examination in strict confidence. If after such examination, Tenant still disputes such Operating Statement, either party may refer the decision of the issues raised to a reputable independent firm of certified public
accountants, selected by Landlord and approved by Tenant, which approval shall not be unreasonably withheld or delayed as long as such certified public accounting firm is one of the so-called “big-four” public accounting firms, and the
decision of such accountants shall be conclusively binding upon the parties. The fees and expenses involved in such decision shall be borne by the unsuccessful party (and if both parties are partially successful, such fees and expenses shall be
apportioned between Landlord and Tenant in inverse proportion to the amount by which such decision is favorable to each party). Notwithstanding the giving of such notice by Tenant, and pending the resolution of any such dispute, Tenant shall pay to
Landlord when due the amount shown on any such Operating Statement, as provided in Section 27.4 hereof. 
  
 Section 27.6 The expiration or termination of this Lease during any Operating Year or Tax Year shall not affect the rights or obligations of the
parties hereto respecting payments of Escalation Rent for such Operating Year or Tax Year and any Operating Statement 

  

 59 

 
or Tax Statement relating to such Escalation Rent, may be sent to Tenant subsequent to, and all such rights and obligations shall survive, any such
expiration or termination. In determining the amount of Escalation Rent for the Operating Year and Tax Year in which the Term shall expire, the payment of Escalation Rent for such Operating Year and Tax Year shall be prorated based on the number of
days of the Term which fall within such Operating Year and Tax Year. Any payments due under such Operating Statement or Tax Statement shall be payable within twenty (20) days after such Statement is sent to Tenant. 
  
 ARTICLE 28 
 SERVICES 
  
 Section 28.1 (A) Landlord shall provide passenger elevator service to the Premises on twenty-four hours per day, seven days per week, three hundred sixty-five days per year, subject to interruption and cessation due to Unavoidable
Delays, Requirements and insurance requirements. 
  
 (B)
Commencing on the Commencement Date, there shall be one (1) freight elevator serving the Premises on call on a “first come, first served” basis on Business Days from 8:00 a.m. to 5:00 p.m., and on a reservation, “first come, first
served” basis from 5:00 p.m. to 8:00 a.m. on Business Days and at any time on days other than Business Days. If Tenant shall use the freight elevators (subject to availability) serving the Premises between 5:00 p.m. and 8:00 a.m. on Business
Days or at any time on any other days, Tenant shall pay Landlord additional rent for such use at Landlord’s standard rates. Tenant acknowledges that such charge by Landlord for the freight elevator service may be increased from time to time
during the Term hereof based on increases as per Section 28.3 hereof. The foregoing notwithstanding, in connection with (x) the performance of any Alterations, including, without limitation, the Initial Alterations, (y) Tenant’s initial move of
Tenant’s Property into the Premises and (z) delivery to or from the Premises of large or bulky deliveries, Tenant shall only be permitted to use the freight elevators (subject to availability) serving the Premises between 5:00 p.m. and 8:00
a.m. on Business Days or at any time on Saturdays and Sundays (collectively, “Non-Business Hours”) on a non-exclusive, non-discriminatory basis, and shall pay Landlord additional rent for such use at Landlord’s standard rates,
provided, however, that in connection with the performance of the Initial Alterations and Tenant’s initial move into the Premises, Tenant shall not be required to pay for the first ten (10) hours of Tenant’s use of such
freight elevators during Non-Business Hours. 
  
 Section
28.2 Landlord, at Landlord’s expense, but subject to recoupment pursuant to Article 27 hereof, commencing on the date on which Tenant shall occupy the Premises for the conduct of its business (the “Business Date”),
shall furnish to the points of entry to the Premises through the HVAC System, heating and air conditioning to the Premises from 8:00 a.m. to 6:00 p.m. on Business Days when required for comfortable occupancy in accordance with the specifications
attached hereto as Exhibit “B” of the Premises. Tenant acknowledges and agrees that to the extent Tenant shall install or use heat generating machines or equipment or construct partitioning or other Alterations in the Premises which
adversely affects the air circulation in the Premises, Landlord may not be able to meet the specifications set forth on Exhibit “B” and accordingly Landlord shall have no liability to Tenant if as a result of the foregoing it shall
be unable to meet said specifications. Landlord, throughout the Term, upon 

  

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reasonable notice (which may be oral), shall have free access to any and all mechanical installations of Landlord, including but not limited to, air-cooling,
fan, ventilating and machine rooms and electrical closets. Tenant shall not construct partitions or other obstructions which may materially interfere with Landlord’s free access thereto, or interfere with the moving of Landlord’s equipment
to and from the enclosures containing said installations. Neither Tenant, nor its agents, employees or contractors shall at any time enter the said enclosures or tamper with, adjust or touch or otherwise in any manner affect said mechanical
installations. 
  
 Section 28.3 The Fixed Rent does not
reflect or include any charge to Tenant for the furnishing of any necessary freight elevator facilities or distributing HVAC to the Premises during periods (“Overtime Periods”) other than the hours and days set forth above.
Accordingly, if Landlord shall furnish any such freight elevator facilities (except as provided in Section 28.1(B) hereof) or HVAC to the Premises at the request of Tenant during Overtime Periods, Tenant shall pay Landlord additional rent for
such freight elevator service, including the services of the operator thereof, as set forth in Section 28.1(B) hereof and Tenant shall pay Landlord additional rent for such HVAC service at the standard rate per hour, subject to increase as
provided herein. Such rates may be proportionately increased commencing January 1, 2005 and thereafter on each subsequent January 1st of each calendar year by the percentage increase in the Consumer Price Index in effect on such date during the
previous year to that in effect on such date during such calendar year. Landlord shall not be required to furnish any such services during any Overtime Periods unless Landlord has received advance notice from Tenant requesting such services prior to
2:00 p.m. of the day upon which such services are requested or by 2:00 p.m. of the last preceding Business Day if such Overtime Periods are to occur on a day other than a Business Day. If Tenant fails to give Landlord such advance notice, then,
failure by Landlord to furnish any such services during such Overtime Periods shall not constitute an actual or constructive eviction, in whole or in part, or entitle Tenant to any abatement or diminution of Rental, or relieve Tenant from any of its
obligations under this Lease, or impose any liability upon Landlord or its agents by reason of inconvenience or annoyance to Tenant, or injury to or interruption of Tenant’s business or otherwise. 
  
 Section 28.4 Provided Tenant shall keep the Premises in order,
Landlord, at Landlord’s expense, subject to recoupment pursuant to Article 27 hereof, commencing on the Business Date, shall cause the Premises, excluding any portions of the Premises used for any private or non-core lavatories or the
storage, preparation, service or consumption of food or beverages, to be cleaned, substantially in accordance with the standards set forth in Schedule B annexed hereto and made a part hereof. If, however, any additional cleaning of the
Premises is to be done by Tenant, it shall be done at Tenant’s sole expense, in a manner reasonably satisfactory to Landlord and no one other than persons approved by Landlord shall be permitted to enter the Premises or the Building for such
purpose. Tenant shall pay to Landlord the cost of removal of any of Tenant’s refuse and rubbish from the Premises and the Building to the extent that the same exceeds the refuse and rubbish usually attendant upon the use of such Premises as
offices. Bills for the same shall be rendered by Landlord to Tenant at such time as Landlord may elect and shall be due and payable within fifteen (15) days of receipt of same by Tenant as additional rent. Tenant, at Tenant’s expense, shall
cause all portions of the Premises used for the storage, preparation, service or consumption of food or beverages to be cleaned daily in a manner satisfactory to Landlord, and to be exterminated against infestation by vermin, rodents or roaches
regularly and, in addition, whenever there shall be evidence of any infestation. Tenant 

  

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shall not permit any person to enter the Premises or the Building for the purpose of providing such extermination services, other than persons first approved
by Landlord, such approval not to be withheld unreasonably. 
  
 Section 28.5 If the “sprinkler system” installed in the Building or any of its appurtenances shall be damaged or injured or not in proper working order by reason of any act or omission of Tenant, Tenant’s agents,
servants, employees, licensees or visitors, Tenant shall forthwith restore the same to good working condition at its own expense; and if the New York Board of Fire Underwriters or the Insurance Services Office or any bureau, department or official
of the state or city government shall require that any changes, modifications, alterations or additional sprinkler heads or other equipment be made or supplied by reason of Tenant’s particular business, or the Alterations made by Tenant, or the
location of the partitions, trade fixtures, or other contents of the Premises placed by or on behalf of Tenant, Landlord shall, at Tenant’s reasonable expense, promptly make and supply such changes, modifications, alterations, additional
sprinkler heads or other equipment. 
  
 Section 28.6
Landlord shall provide to the lavatories in the core area of the Premises hot and cold water for ordinary drinking, cleaning and lavatory purposes and to the pantries and other lavatories in the Premises cold water for such purposes. If Tenant
requires, uses or consumes water for any purpose in addition to ordinary drinking, cleaning, or lavatory purposes, Landlord may install a water meter and thereby measure Tenant’s water consumption for all such additional purposes. In such event
(1) Tenant shall pay Landlord for the cost of the meter and the cost of the installation thereof and through the duration of Tenant’s occupancy Tenant shall keep said meter and equipment in good working order and repair at Tenant’s own
cost and expense; (2) Tenant shall pay for water consumed as shown on said meter above the cost of ordinary water usage, as and when bills are rendered as additional rent, and on default in making such payment Landlord may pay such charges and
collect the same from Tenant; and (3) Tenant shall pay the sewer rent, charge or any other tax, rent, levy or charge which now or hereafter is assessed, imposed or shall become a lien upon the Premises or the realty of which they are a part pursuant
to any Requirement made or issued in connection with any such metered use, consumption, maintenance or supply of water, water system, or sewage or sewage connection or system; provided however, that in no event shall any item included in the
definition of “Taxes” in Section 27.1 be included within the items which Tenant shall be required to pay pursuant to this subsection (3). The bill rendered by Landlord for the above shall be based upon Tenant’s consumption and
shall be payable by Tenant as additional rent within ten (10) Business Days of rendition. Upon completion of the Initial Alterations, Landlord shall provide Tenant with adequate tie-ins to the Building Class E System consistent with the number of
tie-ins required for a typical standard office installation and configuration. 
  
 Section 28.7 Landlord reserves the right to stop service of the HVAC System or the elevator, electrical, plumbing or other Building Systems or facilities in the Building when necessary, by reason of accident or
emergency, or for repairs, additions, alterations, replacements or improvements in the reasonable judgment of Landlord desirable or necessary to be made, until said repairs, alterations, replacements or improvements shall have been completed (which
repairs, alterations and improvements shall be performed in accordance with Section 4.4 hereof). Except as otherwise provided in Section 14.3 hereof, Landlord shall have no responsibility or liability for interruption, curtailment or
failure to supply HVAC, elevator, electrical, plumbing or 

  

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other Building Systems or facilities when prevented by Unavoidable Delays or by any Requirement of any Governmental Authority or due to the exercise of its
right to stop service as provided in this Section 28.7. The exercise of such right or such failure by Landlord shall not constitute an actual or constructive eviction, in whole or in part, or, except as provided in Section 14.3 hereof,
entitle Tenant to any compensation or to any abatement or diminution of Rental, or relieve Tenant from any of its obligations under this Lease, or impose any liability upon Landlord or its agents by reason of inconvenience or annoyance to Tenant, or
injury to or interruption of Tenant’s business, or otherwise. Landlord agrees to use reasonable efforts to provide Tenant with prior oral notice of any anticipated stoppage of service, it being expressly understood and agreed, however, that
Landlord shall not incur any liability for its failure to so notify Tenant unless Landlord shall willfully fail to notify Tenant of such anticipated stoppage of service. 
  
 Section 28.8 Landlord and Tenant acknowledge that Landlord shall furnish up to a maximum of twenty (20) tons of
condenser water to the Premises by means of the existing condenser water pipes in the Building. Tenant shall pay to Landlord an annual charge for the reservation and supply of Landlord’s condenser water, within ten (10) days after rendition of
a bill therefor. Such annual charge shall be equal to 20 times (i) Six Hundred Fifty and 00/100 ($650.00) plus (ii) Six Hundred Fifty and 00/100 ($650.00) multiplied by the percentage increase, if any, in the Consumer Price Index from that in effect
on the date of this Lease to the date of such bill, for each ton of cooling capacity of the supplemental air conditioning system for which Landlord’s condenser water is supplied. Tenant shall pay Landlord a one-time “tap-in” fee of
$1,500 per tap. Tenant acknowledges and agrees that Landlord shall not be liable to Tenant for any failure or defect in the supply or character of condenser water supply to Tenant by reason of any requirement, act or omission of the public service
company serving the Building or for any other reason, except for the gross negligence or willful misconduct of Landlord or its agents or employees. 
  
 ARTICLE 29 
 PARTNERSHIP TENANT

  
 If Tenant is a partnership or a professional corporation
(or is comprised of two (2) or more Persons, individually or as co-partners of a partnership or shareholders of a professional corporation) or if Tenant’s interest in this Lease shall be assigned to a partnership or a professional corporation
(or to two (2) or more Persons, individually or as co-partners of a partnership or shareholders of a professional corporation) pursuant to Article 12 hereof (any such partnership, professional corporation and such Persons are referred to in
this Article 29 as “Partnership Tenant”), the following provisions shall apply to each such Partnership Tenant: (a) parties comprising Partnership Tenant shall be personally liable for the obligations of Tenant hereunder; (b)
each of the parties comprising Partnership Tenant hereby consents in advance to, and agrees to be bound by (x) any written instrument which may hereafter be executed by Partnership Tenant or any successor partnership, changing, modifying, extending
or discharging this Lease, in whole or in part, or surrendering all or any part of the Premises to Landlord (except for any instrument which contradicts subparagraph (a) above), and (y) any notices, demands, requests or other communications which
may hereafter be given by Partnership Tenant or by any 

  

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of the parties comprising Partnership Tenant; and (c) any bills, statements, notices, demands, requests or other communications given or rendered to
Partnership Tenant or to any of such parties shall be binding upon Partnership Tenant and all such parties. 
  
 ARTICLE 30 
 VAULT SPACE 
  
 Notwithstanding anything contained in this Lease or indicated on any sketch,
blueprint or plan, any vaults, vault space or other space outside the boundaries of the Real Property are not included in the Premises. Landlord makes no representation as to the location of the boundaries of the Real Property. All vaults and vault
space and all other space outside the boundaries of the Real Property which Tenant may be permitted to use or occupy are to be used or occupied under a revocable license, and if any such license shall be revoked, or if the amount of such space shall
be diminished or required by any Governmental Authority or by any public utility company, such revocation, diminution or requisition shall not constitute an actual or constructive eviction, in whole or in part, or entitle Tenant to any abatement or
diminution of Rental, or relieve Tenant from any of its obligations under this Lease, or impose any liability upon Landlord. Any fee, tax or charge imposed by any Governmental Authority for any such vaults, vault space or other space occupied by
Tenant shall be paid by Tenant. 
  
 ARTICLE 31 
 SECURITY 
  
 Section 31.1 As set forth in that certain “Consent and Release” by and between Landlord and Tenant dated the date hereof, Tenant has
deposited with Landlord, a “clean”, unconditional, irrevocable and transferable letter of credit (the “Letter of Credit”) the sum of One Million Seven Hundred Fifty Thousand and 00/100 Dollars ($1,750,000.00), issued by
and drawn on a bank satisfactory to Landlord and which is a member of the New York Clearing House for the account of Landlord, for a term of not less than one (1) year, as security for: (i) the faithful performance and observance by Assignee (as
hereinafter defined) of the terms, covenants, conditions, agreements and obligations of Assignee under the Agreement of Lease dated March 30, 2000 by and between Landlord and Tenant’s predecessor, as amended by that certain First Amendment to
Agreement of Lease dated the date hereof (as so amended, the “Prior Lease”) whereby Landlord leased to Tenant the 49th floor in the Building and (ii) the faithful performance and observance by Tenant of the terms, covenants, conditions, agreements and obligations of this Lease, including the surrender of possession of the Premises to
Landlord as herein provided. Said Prior Lease was assigned by Tenant to New Mountain Capital LLC (together with its successors and assigns, “Assignee”) pursuant to that certain Assignment and Assumption Agreement dated of even date
herewith. The Letter of Credit shall provide (i) for the continuance of such credit for a period of at least one (1) year from the date of delivery of such letter of credit, (ii) for the automatic extension of such Letter of Credit for additional
periods of one (1) year from the initial and each future expiration date thereof (the last such extension to provide for the continuance of such Letter of Credit for at least three (3) months beyond August 16, 2010 unless such bank gives Landlord
notice (a “Letter of Credit Termination Notice”) of its intention not to renew the Letter of Credit, such Letter of Credit Termination 

  

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Notice to be given in accordance with Article 26 of this Lease, not less than sixty (60) days prior to the initial or any future expiration date of
such Letter of Credit and (iii) that in the event such Notice is given by such bank and Tenant has not provided Landlord with a substitute Letter of Credit which complies with the requirements of this Section 31.1 by the date which is thirty
(30) days prior to the expiration of such Letter of Credit, Landlord shall have the right to present the Letter of Credit for payment on such bank at sight, for the balance remaining in such Letter of Credit and apply or retain the whole or any part
of the proceeds thereof to the extent permitted herein. If an Event of Default exists in respect of any of the terms, covenants, conditions, agreements or obligations of this Lease, including the payment of Fixed Rent or any other item of Rental, or
if Assignee shall default under any of the terms, covenants, conditions, agreements or obligations of the Prior Lease, Landlord may present the Letter of Credit for payment and apply or retain the whole or any part of the proceeds thereof, as the
case may be, to the extent required for the payment of any Fixed Rent or any other item of Rental as to which Tenant is in default or any item of rental as to which Assignee is in default under the Prior Lease or for any sum which Landlord may
expend or be required to expend by reason of Tenant’s default in respect of any of the terms, covenants, conditions, agreements or obligations of this Lease, including, any damages or deficiency in the reletting of the Premises, whether such
damages or deficiency accrue or accrues before or after summary proceedings or other re-entry by Landlord, or which Landlord may expend or be required to expend by reason of Assignee’s default under any of the terms, covenants, conditions,
agreements or obligations of the Prior Lease. If Landlord applies or retains any part of the proceeds of the Letter of Credit following an Event of Default in respect of any of the terms, covenants, conditions, agreements or obligations of this
Lease, Tenant, upon demand, shall deposit with Landlord the amount so applied or retained or the amount by which the value has declined so that Landlord shall have the full deposit on hand at all times during the Term. Unless an uncured Event of
Default exists under this Lease or the Prior Lease, the Letter of Credit shall be returned to Tenant on or about August 16, 2010 to Landlord. Notwithstanding anything herein contained to the contrary, any failure by Assignee to tender an increased
Letter of Credit on August 17, 2010, as required by the terms and conditions of the Prior Lease, shall not be deemed an Event of Default by Tenant under this Lease. In the event of a sale of the Real Property or the Building or leasing of the
Building, Landlord shall have the right to draw upon the Letter of Credit and transfer the Letter of Credit or proceeds to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return of such Letter of
Credit or proceeds, as the case may be, and Tenant shall cause the bank which issued the Letter of Credit to issue an amendment to the Letter of Credit or issue a new Letter of Credit naming the vendee or lessee as the beneficiary thereunder. To the
extent that the Letter of Credit or proceeds shall have been actually transferred or delivered by Landlord to a new landlord, Tenant shall look solely to the new landlord for the return of the Letter of Credit or proceeds, as the case may be. The
provisions hereof shall apply to every transfer or assignment of the Letter of Credit or proceeds made to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the Letter of Credit or proceeds thereof and neither
Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance. If at any time the security held hereunder shall consist of cash, and not a Letter of Credit, Landlord shall
hold the same in an interest bearing money-market account and the interest thereon (less a one percent (1%) administrative fee per annum and less the amount of such interest which has been applied in the same manner that the 

  

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remainder of the security has been applied) shall be paid to Tenant to the extent and at the same time the remainder of the security shall be returned to
Tenant hereunder. 
  
 Section 31.2 Notwithstanding anything
contained herein to the contrary, if on December 15, 2006 (the “Reduction Date”), this Lease shall be in full force and effect and no default by Tenant of its obligations hereunder has occurred and is continuing and the Prior Lease
is in full force and effect and no default by Assignee of its obligations thereunder has occurred and is continuing, Tenant shall have the right to reduce the amount of the Letter of Credit to One Million Seventy Five Thousand and 00/100 Dollars
($1,075,000) on the Reduction Date, and such reduced amount shall be held by Landlord as security in accordance with the terms hereof. If the security being held is cash and Tenant is entitled to a reduction of the security so deposited as
aforesaid, Landlord shall within ten (10) days after Tenant’s written request return to Tenant an amount of the security then being held by Landlord so the amount of cash being held by Landlord shall be reduced as aforesaid, and if at the time
of such reduction, the security being held by Landlord is a Letter of Credit, Tenant shall either deliver to Landlord an amendment to the existing Letter of Credit or a new Letter of Credit, which amendment or new Letter of Credit shall comply with
the terms and conditions of this Article 31 and shall reduce the amount of the security as aforesaid. 
  
 Section 31.3 Notwithstanding anything to the contrary set forth in Section 31.1 hereof, Landlord shall not draw upon the Letter of Credit by reason
of a default by Assignee under the Prior Lease unless Landlord shall have first applied the security deposit posted by Assignee pursuant to the First Amendment of Lease but except as aforesaid, Landlord’s right to draw on the Letter of Credit
shall not be affected, released, terminated, discharged or impaired, in whole or in part, by: 
  
 (a) any lack of genuineness, regularity, validity, legality or enforceability, or the voidability, of the Prior Lease or any other agreement or instrument relating thereto; 
  
 (b) any amendment, restatement, supplement, change or modification of the
terms of the Prior Lease; provided, however, that if any such amendment, restatement, supplement, change or modification made after the date hereof increases the obligations or liabilities under the Prior Lease of the Assignee or any
successor tenant, then in no event shall Tenant be liable for any such increase, but Tenant agrees that any such amendment, restatement, supplement, change or modification shall in no way release Tenant from the obligations under the Prior Lease as
they existed prior to such amendment, restatement, supplement, change or modification; 
  
 (c) any change in the time, manner or place of payment, performance or observance of all or any of the Prior Lease obligations or any extensions of time for payment, performance or observance, whether in whole or in
part, of the terms of the Prior Lease on the part of Assignee or any successor tenant to be paid, performed or observed, as applicable; provided, however, that if any such change or extension made after the date hereof increases the
obligations or liabilities under the Prior Lease of the Assignee or any successor tenant, then in no event shall Tenant be liable for any such increase, but Tenant agrees that any such change or extension shall in no way release Tenant from the
obligations under the Prior Lease as they existed prior to such change or extension; 
  

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 (d) any amendment or waiver of, or any assertion or enforcement or failure or refusal to assert or
enforce, or any consent or indulgence granted by Landlord with respect to a departure from, any term of the Prior Lease, including the waiver of any default by any successor tenant, or the making of any other arrangement with, or the accepting of
any compensation or settlement from, any successor tenant; 
  
 (e)
any failure or delay of Landlord to exercise, or any lack of diligence in exercising, any right or remedy with respect to the Prior Lease; 
  
 (f) any dealings or transactions between Landlord and Assignee or any successor tenant who succeeds to Assignee by merger, consolidation or otherwise by
operation of law; 
  
 (g) any assignment, conveyance,
extinguishment, merger or other transfer, voluntary or involuntary (whether by operation of law or otherwise), of all or any part of the interest of Assignee in the Prior Lease to any successor tenant who succeeds to Assignee by merger,
consolidation or otherwise by operation of law; 
  
 (h) the
exercise of any right or remedy under the Prior Lease, or the obtaining of any judgment against any successor tenant, or the taking of any action to enforce the same; 
  
 (i) any bankruptcy, insolvency, assignment for the benefit of creditors, receivership, trusteeship or dissolution of or
affecting Assignee or any successor tenant who succeeds to Tenant by merger, consolidation or otherwise by operation of law; 
  
 (j) any exchange, surrender or release, in whole or in part, of any security which may be held by Landlord at any time for or under the Prior Lease or in
respect of the obligations under the Prior Lease; 
  
 (k) any
guaranty now or hereafter executed by Assignee or any successor tenant who succeeds to Tenant by merger, consolidation or otherwise by operation of law or any other party or the release of Assignee or any successor tenant who succeeds to Tenant by
merger, consolidation or otherwise by operation of law from liability for the payment, performance or observance of any of the obligations under the Prior Lease or any of the terms of the Prior Lease on the part of any successor tenant to be paid,
performed or observed, as applicable, whether by operation of law or otherwise; 
  
 (l) any rights, powers or privileges Landlord may now or hereafter have against any person, entity or collateral in respect of the obligations under the Prior Lease; 
  
 (m) the failure to give Tenant any notices whatsoever; 
  
 (n) the exercise of any right or remedy under the Prior Lease, or the
obtaining of any judgment against Assignee or any successor tenant who succeeds to Tenant by merger, consolidation or otherwise by operation of law, or the taking of any action to enforce the same; or 
  
 (o) any other circumstance which might in any manner or to any extent
constitute a defense available to Tenant, or vary the risk of Tenant, or might otherwise constitute a legal or 

  

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equitable discharge or defense available to a surety, whether similar or dissimilar to the foregoing; 
  
 all from time to time before or after any default by any successor tenant under the Prior
Lease, and with or without further notice to or assent from Tenant. Tenant acknowledges and affirms that the right of Landlord to draw upon Letter of Credit in respect of the obligations under the Prior Lease shall extend to all amounts which
constitute a part of the obligations under the Prior Lease and would be owed by Assignee or any successor tenant who succeeds to Tenant by merger, consolidation or otherwise by operation of law to Landlord under the Prior Lease but for the fact that
they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization, or similar proceeding involving Assignee or any successor tenant who succeeds to Assignee by merger, consolidation or otherwise by operation of law and
such right shall continue to be effective or be reinstated, as the case may be, and the rights of Landlord hereunder shall continue with respect to, any Obligation (or portion thereof) under the Prior Lease at any time paid by Assignee or any
successor tenant who succeeds to Assignee by merger, consolidation or otherwise by operation of law which shall thereafter be required to be restored under the Prior Lease or returned by Landlord upon the insolvency, bankruptcy or reorganization of
Assignee or any successor tenant who succeeds to Assignee by merger, consolidation or otherwise by operation of law, or for any other reason, all as though such Obligation (or portion thereof) had not been so paid or applied. 
  
 ARTICLE 32 
 CAPTIONS 
  
 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 provision thereof. 
  
 ARTICLE 33 
 PARTIES BOUND 
  
 The covenants, conditions and agreements contained in this Lease shall bind and inure to the benefit of Landlord and Tenant and their respective legal representatives, successors, and, except as otherwise provided in
this Lease, their assigns. 
  
 ARTICLE 34 
 BROKER 
  
 Each party represents and warrants to the other that it has not dealt with any broker or Person in connection with this Lease other than CB Richard Ellis,
Inc. and Grubb & Ellis New York Inc. (collectively, the “Brokers”). The execution and delivery of this Lease by each party shall be conclusive evidence that such party has relied upon the foregoing representation and warranty.
Tenant shall indemnify and hold Landlord harmless from and against any and all claims for commission, fee or other compensation by any Person (other than Brokers) who shall claim to have dealt with Tenant in connection with this Lease and for any
and all costs incurred by Landlord in connection with such claims, including, without limitation, reasonable attorneys’ fees and disbursements. Landlord shall pay the Brokers any commission, fee or compensation due the Brokers in connection
with this Lease and shall indemnify and hold 

  

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Tenant harmless from and against any and all claims for commission, fee or other compensation by the Brokers and any Person who shall claim to have dealt
with Landlord in connection with this Lease and for any and all costs incurred by Tenant in connection with such claims, including, without limitation, reasonable attorneys’ fees and disbursements. This provision shall survive the expiration or
earlier termination of this Lease. 
  
 ARTICLE 35 
 INDEMNITY 
  
 Section 35.1 Tenant shall not do or permit any act or thing to be done upon the Premises which may subject Landlord to any liability or
responsibility for injury, damages to persons or property or to any liability by reason of any violation of law or of any Requirement, but shall exercise such control over the Premises as to fully protect Landlord against any such liability. Tenant
shall indemnify and save the Indemnitees harmless from and against (a) all claims of whatever nature against the Indemnitees arising from any act, omission or negligence of Tenant, its contractors, licensees, agents, servants, employees, invitees or
visitors, (b) all claims against the Indemnitees arising from any accident, injury or damage caused to any person or to the property of any person and occurring during the Term in or about the Premises, (c) all claims against the Indemnitees arising
from any accident, injury or damage occurring outside of the Premises but anywhere within or about the Real Property, where such accident, injury or damage results or is claimed to have resulted from an act, omission or negligence of Tenant or
Tenant’s agents, employees, invitees or visitors, and (d) any breach, violation or non-performance of any covenant, condition or agreement in this Lease set forth and contained on the part of Tenant to be fulfilled, kept, observed and
performed; provided, however, that the foregoing shall not be construed to require Tenant to indemnify Landlord against any claims arising out of the negligence or the wilful act of Landlord or its contractors, licensees, agents, servants,
employees, invitees or visitors. This indemnity and hold harmless agreement shall include indemnity from and against any and all liability, fines, suits, demands, costs and reasonable expenses of any kind or nature (including, without limitation,
attorneys’ fees and disbursements) incurred in or in connection with any such claim or proceeding brought thereon, and the defense thereof but shall be limited to the extent any insurance proceeds collectible by Landlord under policies owned by
Landlord or such injured party with respect to such damage or injury are insufficient to satisfy same. Tenant shall have no liability for any consequential damages suffered either by Landlord or by any party claiming through Landlord. 
  
 Section 35.2 If any claim, action or proceeding is made or brought
against Landlord, with respect to which claim, action or proceeding Tenant shall be obligated to indemnify Landlord against, pursuant to the terms of this Lease, then, upon demand by Landlord, Tenant at its sole cost and expense, shall resist or
defend such claim, action or proceeding in Landlord’s name, if necessary, by such attorneys as Landlord shall approve, which approval shall not be unreasonably withheld. Attorneys for Tenant’s insurer shall hereby be deemed approved for
purposes of this Section 35.2. The provisions of this Article 35 shall survive the expiration or earlier termination of this Lease. 
  

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 ARTICLE 36 
 ADJACENT EXCAVATION-SHORING 
  
 If an excavation shall be made upon land adjacent to the Premises, or shall be authorized to be made, Tenant shall, upon reasonable advance notice, afford to the person causing or authorized to cause such excavation, license to enter upon
the Premises for the purpose of doing such work as said person shall deem necessary to preserve the wall or the Building from injury or damage and to support the same by proper foundations without any claim for damages or indemnity against Landlord,
or diminution or abatement of Rental provided that Tenant shall continue to have access to the Premises and the Building. 
  
 ARTICLE 37 
 MISCELLANEOUS 
  
 Section 37.1 This Lease is offered for signature by Tenant and it is
understood that this Lease shall not be binding upon Landlord or Tenant unless and until Landlord and Tenant shall have executed and delivered a fully executed copy of this Lease to each other. 
  
 Section 37.2 Neither the partners (direct or indirect) comprising
Landlord, nor the shareholders (nor any of the partners comprising same), partners, directors or officers of any of the foregoing (collectively, the “Parties”) shall be liable for the performance of Landlord’s obligations under
this Lease. Tenant shall look solely to Landlord to enforce Landlord’s obligations hereunder and shall not seek any damages against any of the Parties. The obligations of Landlord under this Lease shall not be binding upon Landlord named herein
after the sale, conveyance, assignment or transfer by such Landlord (or upon any subsequent landlord after the sale, conveyance, assignment or transfer by such subsequent landlord) of its interest in the Building or the Real Property, as the case
may be, and in the event of any such sale, conveyance, assignment or transfer, and the transfer of the security deposit to the purchaser, grantee, assignee or transferee, as the case may be, Landlord shall be and hereby is entirely freed and
relieved of all covenants and obligations of Landlord hereunder to the extent that such transferee assumes the obligations of Landlord under this Lease, subject to the terms hereof. Prior to any such sale, conveyance, assignment or transfer, the
liability of Landlord for Landlord’s obligations under this Lease shall be limited to Landlord’s interest in the Real Property and Tenant shall not look to any other property or assets of Landlord or the property or assets of any of the
Parties in seeking either to enforce Landlord’s obligations under this Lease or to satisfy a judgment for Landlord’s failure to perform such obligations. After any such sale, conveyance, assignment or transfer, to the extent that the
transferee shall have not assumed Landlord’s obligations under this Lease, the liability of Landlord for such obligations shall be limited to the proceeds of such transfer received by it. 
  
 Section 37.3 Notwithstanding anything contained in this Lease to the
contrary, all amounts payable by Tenant to or on behalf of Landlord under this Lease, whether or not expressly denominated Fixed Rent, Escalation Rent, additional rent or Rental, shall constitute rent for the purposes of Section 502(b) (7) of the
Bankruptcy Code. 
  
 Section 37.4 Tenant shall reimburse
Landlord as additional rent, within ten (10) days after rendition of a statement, for all expenditures made by, or damages or fines sustained or 

  

 70 

 
incurred by, Landlord, due to any Event of Default by Tenant under this Lease, with interest thereon at the Applicable Rate. 
  
 Section 37.5 (A) If there is a dispute between Landlord and Tenant as
to the reasonableness of Landlord’s refusal to (i) consent to any subletting or assignment where Landlord has agreed pursuant to the terms of Article 12 hereof to be reasonable or (ii) approve any contractor or plans and specifications where
Landlord has agreed pursuant to the terms of Article 3 hereof to be reasonable, Tenant shall give Landlord a notice setting forth the reasons for its dispute, and if within two (2) Business Days after Landlord’s receipt of such notice, Landlord
and Tenant shall be unable to resolve such dispute, such dispute shall be resolved by arbitration conducted pursuant to the Expedited Procedures provisions of the Commercial Arbitration Rules of the American Arbitration Association
(“AAA”); provided, however, that with respect to any such arbitration: (i) the list of arbitrators referred to in said Rules shall be returned within five (5) Business Days from the date of mailing; (ii) the parties
shall notify the AAA, by telephone, within three (3) Business Days of any objections to the arbitrator appointed and will have no right to object if the arbitrator so appointed was on the list submitted by the AAA and was not objected to in
accordance with the Rules of the AAA; (iii) the hearing shall be held within five (5) Business Days after the appointment of the arbitrator; and (iv) the arbitrator shall render its determination within five (5) Business Days after the completion of
the hearing. Except to the extent expressly provided herein, no other disputes hereunder shall be resolved by arbitration. 
  
 (B) If the determination of any such arbitration shall be that Landlord was unreasonable in refusing to consent to such subletting, then unless Landlord
shall have acted arbitrarily or capriciously in its refusal to grant such consent, Tenant’s sole remedy arising out of such arbitrator’s determination shall be the right to enter into the proposed subletting. 
  
 (C) The arbitrators shall be bound by the provisions of this Lease and shall
not have the power to add to, subtract from, or otherwise modify such provisions. Each of the arbitrators shall have at least ten (10) years’ experience in the business of managing first-class office buildings located in Manhattan or acting as
a real estate broker dealing with such office buildings. 
  
 Section 37.6 Tenant hereby waives any claim against Landlord which Tenant may have based upon any assertion that Landlord has unreasonably withheld or unreasonably delayed any consent or approval requested by Tenant, and Tenant
agrees that its sole remedy shall be an action or proceeding to enforce any related provision or for specific performance, injunction or declaratory judgment except in the case that Landlord has maliciously or otherwise in bad faith withheld any
such consent or approval in which case Tenant may bring an action against Landlord for damages. In the event of such determination, the requested consent or approval shall be deemed to have been granted; however, Landlord shall have no liability to
Tenant for its refusal or failure to give such consent or approval in the absence of a judicial determination of malice or bad faith on the part of Landlord. Tenant’s sole remedy for Landlord’s unreasonably withholding or delaying consent
or approval shall be as provided in this Section 37.6. 
  

 71 

 Section 37.7 Landlord may, from time to time, designate an agent who is authorized to act on
behalf of Landlord with respect to the performance of Landlord’s obligations under this Lease. Until such time as Landlord shall notify Tenant to the contrary, CB Richard Ellis, Inc. is designated as such an agent. Tenant shall deal solely with
CB Richard Ellis, Inc. in the administration and performance of Landlord’s obligations under this Lease until such time as Tenant is notified that CB Richard Ellis, Inc. is no longer acting as an agent of Landlord. Landlord may designate an
additional or new agent upon ten (10) days notice to Tenant. Tenant acknowledges that CB Richard Ellis, Inc. or any such agent is acting solely as agent for Landlord in connection with the foregoing and CB Richard Ellis, Inc. or any such agent and
its direct and indirect partners, officers, shareholders, directors and employees shall have no liability to Tenant in connection with the performance of Landlord’s obligations under this Lease except for its gross negligence and Tenant hereby
waives any and all claims against any such party arising out of, or in any way connected with, this Lease or the Real Property except for its gross negligence. 
  

Section 37.8 All references in this Lease to the consent or approval of Landlord shall be deemed to mean the written consent or approval of
Landlord and no consent or approval of Landlord shall be effective for any purpose unless such consent or approval is set forth in a written instrument executed by Landlord. 
  
 Section 37.9 Subject to Requirements, Unavoidable Delays and the terms and conditions of this Lease, including
without limitation the Rules and Regulations, Tenant shall have access to the Building and the Premises twenty-four hours per day, seven days per week, three hundred sixty-five days per year. 
  
 Section 37.10 Throughout the Term, in the event that Tenant shall no
longer be required pursuant to applicable law to make its annual financial statements public, Tenant shall, upon Landlord’s request, provide Landlord with its annual financial statements not later than one hundred twenty (120) days after the
end of Tenant’s fiscal year. Such financial statements must be prepared in accordance with GAAP, audited by one of the so-called “big four” public accounting firms, include a balance sheet and an income statement, and show any changes
in the cash and capital of the relevant entity and include all associated footnotes. 
  
 Section 37.11 In the event of any litigation or arbitration arising out of this Lease, the prevailing party shall be entitled to receive from the losing party an amount equal to the prevailing party’s
reasonable costs incurred in such litigation or arbitration, including, without limitation, the prevailing party’s reasonable attorneys’ fees, costs and disbursements. If both parties are partially successful, such fees and expenses shall
be apportioned between Landlord and Tenant in inverse proportion to the amount by which such decision is favorable to each party. 
  
 ARTICLE 38 
 RENT CONTROL 
  
 If at the commencement of, or at any time or times during the Term of this
Lease, the Rental reserved in this Lease shall not be fully collectible by reason of any Requirement, 

  

 72 

 
Tenant shall enter into such agreements and take such other steps (without additional expense to Tenant) as Landlord may reasonably request and as may be
legally permissible to permit Landlord to collect the maximum rents which may from time to time during the continuance of such legal rent restriction be legally permissible (and not in excess of the amounts reserved therefor under this Lease). Upon
the termination of such legal rent restriction prior to the expiration of the Term, (a) the Rental shall become and thereafter be payable hereunder in accordance with the amounts reserved in this Lease for the periods following such termination and
(b) Tenant shall pay to Landlord, if legally permissible, an amount equal to (i) the items of Rental which would have been paid pursuant to this Lease but for such legal rent restriction less (ii) the rents paid by Tenant to Landlord during the
period or periods such legal rent restriction was in effect. 
  
 ARTICLE 39 
 RENEWAL TERM 
  
 Section 39.1 Tenant shall have the option (the “Renewal Option”) to extend the Term of this Lease for one (1) additional period of
five (5) years (the “Renewal Term”), which Renewal Term shall commence on the date immediately succeeding the Fixed Expiration Date and end on the fifth (5th) anniversary of the Fixed Expiration Date provided that (a) this Lease
shall not have been previously terminated, (b) Tenant shall occupy at least eighty percent (80%) of the Premises for the conduct of its business and (c) no Event of Default shall have occurred (x) on the date Tenant gives Landlord written notice
(the “Renewal Notice”) of Tenant’s election to exercise such Renewal Option, and (y) on the Fixed Expiration Date. The Renewal option may be exercised with respect to the entire Premises only and shall be exercisable by Tenant
delivering the Renewal Notice to Landlord at least twelve (12) months prior to the Fixed Expiration Date. Time is of the essence with respect to the giving of the applicable Renewal Notice. Upon the giving of the Renewal Notice, Tenant shall have no
further right or option to extend or renew the Term. 
  
 Section 39.2 If Tenant exercises the Renewal Option, the Renewal Term shall be upon the same terms, covenants and conditions as those contained in this Lease, except that (i) the Fixed Rent shall be deemed to mean the Fixed Rent as
determined pursuant to Section 39.3, (ii) Tenant shall not be entitled to any further abatement or credit against the Fixed Rent pursuant to Article 1 herewith and (iii) Landlord will not be required to perform Landlord’s Work. 
  
 Section 39.3 For the Renewal Term the Fixed Rent shall be determined
as follows: 
  
 (A) The Fixed Rent for the
Premises for the Renewal Term shall be an amount equal to the annual fair market rental value of the Premises (the “Fair Market Rent”) on the first day of the Renewal Term (hereinafter referred to as the “Rental
Value”). The Fair Market Rent shall be determined taking into account all relevant factors and as if the Premises were available in the then rental market for comparable first-class market buildings in midtown Manhattan and assuming that
Landlord has had a reasonable time to locate a tenant who rents with the knowledge of the uses to which the Premises can be adapted, and that neither Landlord nor the prospective tenant is under any compulsion to rent, taking into account:

  
 (i) the fact that the Base Taxes and the Base
Operating Expenses provided herein shall change as provided in Article 27 hereof for the purpose of calculating the escalation payments payable pursuant to Article 27 hereof, which payments shall continue to be made during the Renewal Term;

  

 73 

 (ii) the fact that as of the commencement of the Renewal Term, Tenant shall not be
required to pay, in addition to the escalation payments presently provided for under this Lease, Tenant’s Share of such other escalation payments which Landlord is then charging tenants under other leases or offers for leases in the Building or
in other buildings then owned by Landlord or its affiliates or under common management with the management company then managing the Building or of such other escalation payments which other landlords are then charging tenants under leases or offers
for leases in other office buildings which are similar in character or location to the Building; 
  
 (iii) the fact that Landlord shall not be obligated to perform any work including, without limitation, Landlord’s Work, in the
Premises to prepare the same for Tenant’s occupancy; and 
  
 (iv) the fact that Tenant shall not be entitled to any abatement or credit against the Fixed Rent. 
  
 (B) For purposes of determining the Fair Market Rent, the following procedure shall apply: 
  
 (1) the Fair Market Rent shall be determined by Landlord on
the basis of the highest and best office use of the Premises assuming that the Premises are free and clear of all leases and tenancies (including this Lease), and, at the election of Landlord, that the Premises are occupied by one (1) tenant or are
subdivided and occupied by more than one (1) tenant, whether improved or unimproved. 
  
 (2) Landlord shall give Tenant written notice (the “Rent Notice”) within one hundred twenty (120) days prior to the Fixed
Expiration Date, which Rent Notice shall set forth Landlord’s determination of the Fair Market Rent (“Landlord’s Determination”). If Landlord shall fail or refuse to give such notice as aforesaid, the Rental Value shall be
deemed to be the sum of (x) the Fixed Rent payable by Tenant on the Expiration Date and (y) the annualized Escalation Rent payable on the Expiration Date with respect to the applicable Tax Year or Operating Year occurring on the Expiration Date (the
amounts set forth in clauses (x) and (y) are referred to as the “Last Year Rental” then payable by Tenant on the Fixed Expiration Date. 
  
 (3) If Landlord’s Determination exceeds the Last Year Rental payable by Tenant on the Expiration Date, then Tenant shall give
Landlord written notice (“Tenant’s Notice”), within thirty (30) days after Tenant’s receipt of the Rent Notice, of whether Tenant accepts or disputes Landlord’s Determination. If 

  

 74 

 
Tenant in Tenant’s Notice accepts Landlord’s Determination or if Tenant fails or refuses to give Tenant’s Notice as aforesaid, Tenant shall be
deemed to have accepted Landlord’s Determination for the Renewal Term in accordance with the terms of this Article. If Tenant in Tenant’s Notice disputes Landlord’s Determination, Tenant shall deliver to Landlord, within thirty (30)
days after Tenant’s receipt of the Rent Notice, Tenant’s determination of the Fair Market Rent (“Tenant’s Determination”) as determined by an independent real estate appraiser (“Tenant’s
Appraiser”), together with a copy of the appraisal prepared by Tenant’s Appraiser. 
  
 (4) Landlord shall give Tenant written notice (“Landlord’s Notice”), within thirty (30) days after Landlord’s
receipt of Tenant’s Determination, of whether Landlord accepts or disputes Tenant’s Determination. If Landlord in Landlord’s Notice accepts Tenant’s Determination or if Landlord fails or refuses to give Landlord’s Notice as
aforesaid. Landlord shall be deemed to have accepted Tenant’s Determination. If Landlord in Landlord’s Notice disputes Tenant’s Determination, Landlord shall appoint an independent real estate appraiser (“Landlord’s
Appraiser”). If within thirty (30) days after Tenant’s receipt of Landlord’s Notice in dispute, Landlord’s Appraiser and Tenant’s Appraiser shall mutually agree upon the determination (the “Mutual
Determination”) of the Fair Market Rent, their determination shall be final and binding upon the parties. If Landlord’s Appraiser and Tenant’s Appraiser shall be unable to reach a Mutual Determination within said thirty (30) day
period, both of the Appraisers shall jointly select a third independent real estate appraiser (“Third Appraiser”) whose fee shall be borne equally by Landlord and Tenant. In the event that Landlord’s Appraiser and Tenant’s
Appraiser shall be unable to jointly agree on the designation of the Third Appraiser within five (5) days after they are requested to do so by either party, then the parties agree to allow the American Arbitration Association, or any successor
organization to designate the Third Appraiser in accordance with the rules, regulations and/or procedures then obtaining of the American Arbitration Association or any successor organization. 
  
 (5) The Third Appraiser shall conduct such hearings and
investigations as he may deem appropriate and shall, within thirty (30) days after the date of designation of the Third Appraiser, choose either Landlord’s or Tenant’s Determination, and such choice by the Third Appraiser shall be
conclusive and binding upon Landlord and Tenant. Each party shall pay its own counsel fees and expenses if any, in connection with any arbitration under this Section, including the expenses and fees of any Appraiser selected by it in accordance with
provisions of this Article. Any Appraiser appointed pursuant to this Article shall be an independent real estate appraiser with at least ten (10) years’ experience in leasing and valuation of properties which are similar in character to the
Building, and a member of the American Institute of Appraisers of the National Association of Real Estate Boards and a member of the Society of Real Estate Appraisers. The Appraisers shall not have the power to add to, modify or change any of the
provisions of this Lease. 
  

 75 

 (6) It is expressly understood that any determination of the Fair Market Rent pursuant to
this Article shall be based on the criteria stated in Section 39.3 hereof. 
  
 (C) After a determination has been made of the Rental Value for the Renewal Term, the parties shall execute and deliver to each other an
instrument setting forth the Rental Value as hereinabove determined. 
  
 (D) If the final determination of the Rental Value shall not be made on or before the first day of the Renewal Term in accordance with the provisions of this Article, pending such final determination Tenant shall
continue to pay, as the Fixed Rent for the Renewal Term, an amount equal to Landlord’s Determination (subject to escalation pursuant to Article 27 hereof). If, based upon the final determination hereunder of the Rental Value, the payments made
by Tenant on account of the Fixed Rent for such portion of the Renewal Term were (i) less than the Rental Value payable for the Renewal Term, Tenant shall pay to Landlord the amount of such deficiency within ten (10) days after demand therefor or
(ii) greater than the Rental Value payable for the Renewal Term, Landlord promptly shall refund to Tenant the amount of such excess. 
  
 [signature page follows] 
  

 76 

 IN WITNESS WHEREOF, Landlord and Tenant have respectively executed this Lease as of the day and year
first above written. 
  

			
	 Landlord

	
	THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
		
	By:	 	/s/    Thomas D. Carey
	 Name:
	 	Thomas D. Carey
	 Title:
	 	Investment Officer
	
	ELAS SECURITIES ACQUISITION CORP.
		
	By:	 	/s/    Andrew S. Bauman
	 Name:
	 	Andrew S. Bauman
	 Title:
	 	V.P.
	
	Tenant
	
	NATIONAL FINANCIAL PARTNERS CORP.
		
	By:	 	/s/    Gerald H. Goldberg
	 Name:
	 	Gerald H. Goldberg
	 Title:
	 	Executive Vice President

  

 SCHEDULE A 
  
 RULES AND REGULATIONS 
  
 (1) The sidewalks, entrances, passages, courts, elevators, vestibules, stairways, corridors, or halls shall not be obstructed or encumbered by Tenant or
used for any purpose other than ingress and egress to and from the Premises and for delivery of merchandise and equipment in prompt and efficient manner, using elevators and passageways designated for such delivery by Landlord. 
  
 (2) No awnings, air-conditioning units, fans or other projections shall be
attached to the outside walls of the Building. No curtains, blinds, shades, or screens, other than those which conform to Building standards as established by Landlord from time to time, shall be attached to or hung in, or used in connection with,
any window or door of the Premises, without the prior written consent of Landlord which shall not be unreasonably withheld or delayed. Such awnings, projections, curtains, blinds, shades, screens or other fixtures must be of a quality, type, design
and color, and attached in the manner reasonably approved by Landlord. All electrical fixtures hung in offices or spaces along the perimeter of the Premises must be of a quality, type, design and bulb color approved by Landlord, which consent shall
not be withheld or delayed unreasonably unless the prior consent of Landlord has been obtained for other lamping. 
  
 (3) No sign, advertisement, notice or other lettering shall be exhibited, inscribed, painted or affixed by Tenant on any part of the outside of the
Premises or Building or on the inside of the Premises if the same can be seen from the outside of the Premises without the prior written consent of Landlord except that the names of Tenant and any Related Entity may appear on the entrance door of
the Premises. In the event of the violation of the foregoing by Tenant, if Tenant has refused to remove same after reasonable notice from Landlord, Landlord may remove same without any liability, and may charge the reasonable expense incurred by
such removal to Tenant. Interior signs on doors and directory tablet shall be of a size, color and style reasonably acceptable to Landlord. 
  
 (4) The exterior windows and doors that reflect or admit light and air into the Premises or the halls, passageways or other public places in the Building,
shall not be covered or obstructed by Tenant. 
  
 (5) No showcases
or other articles shall be put in front of or affixed to any part of the exterior of the Building, nor placed in the halls, corridors or vestibules, nor shall any article obstruct any air-conditioning supply or exhaust without the prior written
consent of Landlord. 
  
 (6) The water and wash closets and other
plumbing fixtures shall not be used for any purposes other than those for which they were constructed, and no sweepings, rubbish, rags, acids or other substances shall be deposited therein. All damages resulting from any misuse of the fixtures shall
be borne by Tenant. 
  
 (7) Subject to the provisions of
Article 3 of this Lease, Tenant shall not mark, paint, drill into, or in any way deface any part of the Premises or the Building. No boring, 

  

 A-1 

 
cutting or stringing of wires shall be permitted, except with the prior written consent of Landlord, which consent shall not be unreasonably withheld or
delayed, and as Landlord may direct. 
  
 (8) No space in the
Building shall be used for manufacturing, for the storage of merchandise, or for the sale of merchandise, goods or property of any kind at auction or otherwise. 
  

(9) Tenant shall not make, or permit to be made, any unseemly or unreasonably disturbing noises or unreasonably disturb or unreasonably interfere with
occupants of this or neighboring buildings or premises or those having business with them whether by the use of any musical instrument, radio, television set, talking machine, unmusical noise, whistling, singing, or in any other way. 
  
 (10) Tenant, or any of Tenant’s employees, agents, visitors or
licensees, shall not at any time bring or keep upon the Premises any inflammable, combustible or explosive fluid, chemical or substance except such as are incidental to usual office occupancy. 
  
 (11) 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 the mechanism thereof, unless Tenant promptly provides Landlord with the key or combination thereto. Tenant must, upon the termination of its tenancy, return to Landlord
all keys of stores, offices and toilet rooms, and in the event of the loss of any keys furnished at Landlord’s expense, Tenant shall pay to Landlord the reasonable cost thereof. 
  
 (12) No bicycles, vehicles or animals of any kind, except for seeing eye dogs, shall be brought into or kept by Tenant in or
about the Premises or the Building. 
  
 (13) All removals, or the
carrying in or out of any safes, freight, furniture or bulky matter of any description must take place in the manner and during the hours which Landlord or its agent reasonably may determine from time to time. Landlord reserves the right to inspect
all safes, freight or other bulky articles to be brought into the Building and to exclude from the Building all safes, freight or other bulky articles which violate any of these Rules and Regulations or the Lease of which these Rules and Regulations
are a part. 
  
 (14) Tenant shall not occupy or permit any portion
of the Premises demised to it to be occupied as an office for a public stenographer or typist, or for the possession, storage, manufacture, or sale of liquor, narcotics, dope, or as a barber or manicure shop, or as an employment bureau. Tenant shall
not engage or pay any employees on the Premises, except those actually working for Tenant at the Premises, nor advertise for labor giving an address at the Premises. 
  
 (15) Tenant shall not purchase spring water, ice, towels or other like service, or accept barbering or bootblacking services
in the Premises, from any company or persons not approved by Landlord, which approval shall not be withheld or delayed unreasonably and at hours and under regulations other than as reasonably fixed by Landlord. 
  

 A-2 

 (16) Landlord shall have the right to prohibit any advertising by Tenant which, in Landlord’s
reasonable opinion, tends to impair the reputation of the Building or its desirability as a building for offices, and upon written notice from Landlord, Tenant shall refrain from or discontinue such advertising. 
  
 (17) Landlord reserves the right to exclude from the Building between the
hours of 6 p.m. and 8 a.m. and at all hours on Saturdays, Sundays and legal holidays all persons who do not present a pass to the Building signed or approved by Landlord. Tenant shall be responsible for all persons for whom a pass shall be issued at
the request of Tenant. 
  
 (18) Tenant shall, at its expense,
provide artificial light for the employees of Landlord while doing janitor service or other cleaning, and in making repairs or alterations in the Premises. 
  
 (19) The requirements of Tenant will be attended to only upon written application at the office of the Building. Building employees shall not perform any
work or do anything outside of the regular duties, unless under special instructions from the office of Landlord. 
  
 (20) Canvassing, soliciting and peddling in the Building is prohibited and Tenant shall co-operate to prevent the same. 
  
 (21) There shall not be used in any space, or in the public halls of the
Building, either by Tenant or by jobbers or others, in the delivery or receipt of merchandise, any hand trucks, except those equipped with rubber tires and side guards. 
  
 (22) Tenant may, at its sole cost and expense and subject to compliance with all applicable Requirements and the provisions
of Article 3 and 4 of this Lease, install and maintain vending machines for the exclusive use by Tenant, its officers, employees and business guests, provided that each machine, where necessary shall have a waterproof mat thereunder
and be connected to a drain. 
  
 (23) Tenant shall keep the
entrance door to the Premises closed at all times. 
  
 (24) Tenant
shall comply with and abide by the reasonable standard operating procedures established by Landlord for the Building. 
  
 (25) Tenant shall, at its expense, issue to each employee of Tenant, an identification card containing the name of the company and a photograph and
signature of such employee. 
  

 A-3 

 SCHEDULE B 
  
 CLEANING SPECIFICATIONS 
  
 Nightly - General Offices: 
  

	1.	Empty ash trays and pick up paper 

  

	2.	Wash and clean all drinking fountains 

  

	3.	Carpeted areas carpet swept, moving light furniture only (4 nights) 

  

	4.	Floors, other than carpet, mopped 

  

	5.	Empty waste baskets and dust furniture 

  

	6.	Clean floors, main lobby and public corridor 

  

	7.	Freshen all public corridor and lobby sand urns. 

  
 Nightly - Core (Base Building) Lavatories 
  

	1.	All flooring washed nightly 

  

	2.	All mirrors, powder shelves, bright work, etc., including flushometers, piping and toilet seat hinges washed and polished nightly 

  

	3.	All basins, bowls, urinals and toilet seats (both sides) washed nightly 

  

	4.	All partitions, tile walls, dispensers and receptacles dusted nightly 

  

	5.	Paper towel and sanitary disposal receptacles emptied and cleaned nightly 

  

	6.	Dispensers filled with supplies provided by Tenant 

  
 Weekly 
  

	1.	Carpeted areas vacuum cleaned 

  
 At Regular Intervals 
  

	1.	Wash all toilet walls 

  

	2.	Clean venetian blinds 

  

	3.	Dust A/C wall and ceiling grills and wall hangings not reached in nightly cleaning. 

  
 Four Times Per Year 
  

	1.	Clean exterior windows, inside and out. 

  

 B-1 

 SCHEDULE C 
  
 LANDLORD’S WORK 
  

	1.	Install sub-meter and related equipment as required for measuring electrical power consumption, if necessary. 

  

	2.	Damaged or missing perimeter convection covers and grills shall be repaired or replaced as required. Perimeter HVAC units shall be delivered in good working order, cleaned and with
new filters. 

  

	3.	Paint and remove all debris from the 11th floor
freight elevator lobby. 

  

	4.	Repair the damaged door from the elevator lobby and replace the hardware thereon. 

  

	5.	Align two (2) core doors and repair the hardware on one (1) of the core doors. 

  

 C-1 

  
 EXHIBIT A 

 
 FLOOR PLAN 
  
 [GRAPHIC APPEARS HERE] 
  

 “A”-1 

  
 EXHIBIT B 

 
 HVAC SPECIFICATIONS 
  
 The HVAC System shall be capable of maintaining 78 degrees Fahrenheit at 50%
relative humidity, when outdoor conditions are 95 degrees Fahrenheit dry bulb and 75 degrees Fahrenheit wet bulb. The HVAC system shall be capable of maintaining 70 degrees Fahrenheit at outdoor temperature of 0 degrees Fahrenheit. The HVAC System
is designed based upon (i) one (i) cfm per usable square feet, (ii) electrical usage of 5 watts per usable square foot, (iii) occupancy rate of one (1) person per 100 usable square feet, (iv) Mecho shades drawn half-way. 
  

 “B”-1 

  
 EXHIBIT C 

 
 EXISTING CERTIFICATE OF OCCUPANCY 
  
 [attached] 
  

 “C”-1 

 The Equitable Life Assurance Society 
 Of the United States and 
 ELAS Securities Acquisition Corp. 
 1290 Avenue of the Americas 
 New
York, NY 10104 
  
 September 28, 2004 
  
 National Financial Partners 
 787 Seventh Avenue —49th Floor 
 New York, NY 10019 
 Attention: Mr. Jerry Goldberg 
  
 Re: 787 Seventh
Avenue 
  
 Ladies and Gentlemen: 
  
 Reference is made that certain Agreement of Lease (the “Lease”),
dated as of September 9, 2004, between The Equitable Life Assurance Society of the United States and Elas Securities Acquisition Corp. (collectively, “Landlord”) and National Financial Partners (“Tenant”). All capitalized terms
herein shall have the meaning set forth in the Lease unless otherwise defined herein: 
  
 In accordance with Section 1.3 of the Lease, Landlord and Tenant acknowledge and agree as follows: 
  
 1. Landlord hereby leases to Tenant and Tenant hires from Landlord the 11th Floor Premises (“Delivered Floor”) for the Term to
commence on the date Landlord delivered possession of the Premises to Tenant, which date shall be on September 16, 2004 (the “Commencement Date”). 
  
 2. The Rent Commencement Date with respect to the 11th Floor shall be August 16, 2005. 
  
 3. The Fixed Expiration Date with respect to the 11th Floor
shall be August 15, 2015. 
  
 Very truly yours,

  
 THE EQUITABLE LIFE ASSURANCE 
 SOCIETY OF THE UNITED STATES 
  
 By:    /s/ Thomas D.
Carey                                     
 Name: 

 Title: 
  
 ELAS SECURITIES ACQUISITION CORP. 
  
 By:    /s/ Andrew S.
Bauman                             
 Name: Andrew S. Bauman 
 Title: V.P. 
  
 ACKNOWLEDGED AND AGREED: 
  
 NATIONAL
FINANCIAL PARTNERS 
  
 By:    /s/ Gerald H. Goldberg                             
 Name: Gerald H. Goldberg 
 Title: Executive Vice PresidentAmended and Restated 2000 Stock Incentive Plan

 Exhibit 10.13 
  
 NATIONAL FINANCIAL PARTNERS CORP. 
  
 AMENDED AND RESTATED 
 2000 STOCK INCENTIVE PLAN 
  
 SECTION 1.
Purpose; Definitions 
  
 The purpose of the Plan is to give
National Financial Partners Corp. and any Related Entity (each as defined below) a competitive advantage in attracting, retaining and motivating officers, employees, independent contractors (including, without limitation, managers, including entity
managers), consultants and non-employee directors, and to provide the Company and its Related Entities with a stock plan providing incentives linked to the financial results of the businesses of the Company and its subsidiaries. 
  
 For purposes of the Plan, the following terms are defined as set forth below:

  
 “Affiliate” of a Person shall mean a Person
that directly or indirectly controls, or is controlled by, or is under common control with, such Person. 
  
 “Applicable Laws” means the legal requirements relating to the administration of stock incentive plans, if any, under applicable
provisions of federal securities laws, state corporate and securities laws, the Code, the rules of any applicable stock exchange or national market system, and the rules of any foreign jurisdiction applicable to Awards granted to residents therein.

  
 “Award” means a Stock Appreciation Right,
Stock Option, Restricted Stock, Restricted Stock Unit or Performance Unit award. 
  
 “Award Agreement” means a Restricted Stock Agreement, Restricted Stock Unit Agreement, Option Agreement, Stock Appreciation Right Agreement or Performance Unit Agreement. An Award Agreement may
include provisions included in an employment consulting or management agreement or other agreement providing for the performance or provision of professional services. 
  
 “Award Cycle” means the period of consecutive fiscal years or portions thereof designated by the Committee
over which Performance Units are to be earned. 
  
 “Board” means the Board of Directors of the Company. 
  
 “Cause” means (i) the failure of a Participant to substantially fulfill his obligations with respect to his Employment/Service, (ii) the Participant is charged with or convicted of a felony or engages
in conduct that constitutes gross negligence or gross misconduct in carrying out his duties with respect to his Employment/Service, (iii) violation by the Participant of any noncompetition, nonsolicitation or confidentiality provision contained in
any agreement between the Participant and the Company or (iv) any material act by the Participant involving dishonesty or disloyalty or any act by the Participant involving moral turpitude which adversely affects the business of the Company.

  

 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any
successor thereto. 
  
 “Committee” means such
committee of the Board as the Board may designate for the purpose of administering the Plan. 
  
 “Common Stock” means the common stock, par value $0.01 per share, of the Company. 
  
 “Company” means National Financial Partners Corp., a Delaware corporation. 
  
 “Disability” means a grantee would qualify for benefit payments under the long-term disability policy of
the Company regardless of whether the grantee is covered by such policy or employed by the Company. If the Company or the Related Entity to which the grantee provides services does not have a long-term disability plan in place,
“Disability” means that a grantee is unable to carry out the responsibilities and functions of the position held by the grantee by reason of any medically determinable physical or mental impairment. A grantee will not be considered to have
incurred a Disability unless he or she furnishes proof of such impairment sufficient to satisfy the Committee in its discretion. 
  
 “Employee” means any person, including an officer or director, who is an employee of the Company or any Related Entity. 
  
 “Employment/Service” means, unless otherwise defined in an
applicable Award Agreement, employment, consulting or management agreement or other agreement providing for the performance or provision of professional services, employment with, or services performed as an officer, non-Employee director, Employee,
independent contractor (including, without limitation, managers, including an entity manager) or agent of or as a consultant to, the Company or any Related Entity. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and any successor
thereto. 
  
 “Fair Market Value” of the Common
Stock means, as of any given date, the mean between the highest and lowest reported sales prices of the Common Stock on the New York Stock Exchange or, if not listed on such exchange, on any other national securities exchange on which the Common
Stock is listed or, if not so listed, on the NASDAQ National Market on the last preceding date on which there was a sale of Common Stock on such exchange or the NASDAQ National Market. If the Common Stock is not then listed on any exchange or the
NASDAQ National Market, the Board in good faith shall determine the Fair Market Value of the Common Stock. 
  
 “Family Member” means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew,
mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law, including adoptive relationships, any person sharing the grantee’s household (other than a tenant or Employee), a trust in which these persons have more
than fifty percent of the beneficial interest, a foundation in which these persons (or the 

  

 -2- 

 
grantee) control the management of assets, and any other entity in which these persons (or the grantee) own more than fifty percent of the voting interests.

  
 “Grant Date” means the effective date of
grant of any Award as set forth in the Award Agreement. 
  
 “IPO” means the consummation of a registered underwritten public offering or offerings of Common Stock with aggregate net proceeds to the Company and any selling stockholder of at least $50 million. 
  
 “Nonqualified Stock Option” means any Stock Option granted
pursuant to this Plan. 
  
 “Option Agreement”
means an agreement setting forth the terms and conditions of an Award of Stock Options and, if applicable, Stock Appreciation Rights. 
  
 “Parent” means a “parent corporation,” whether now or hereafter existing, as defined in Section 424(e) of the
Code. 
  
 “Participant” has the meaning set forth
in Section 4. 
  
 “Performance Goals” means the
performance goals established by the Committee in connection with the grant of a Performance Unit. 
  
 “Performance Unit” means an Award granted under Section 8. 
  
 “Performance Unit Agreement” means an agreement setting forth the terms and conditions of an Award of
Performance Units. 
  
 “Person” means an
individual, corporation, partnership, limited liability company, joint venture, trust, unincorporated organization, government (or any department or agency thereof) or other entity. 
  
 “Plan” means the National Financial Partners Corp. 2000 Stock Incentive Plan, as set forth herein and as
hereinafter amended from time to time. 
  
 “Plan
Shares” has the meaning set forth in Section 11(b). 
  
 “Related Entity” means any Parent, Subsidiary and any business, corporation, limited liability company or other entity in which the Company, a Parent or a Subsidiary holds a substantial ownership interest, directly or
indirectly. 
  
 “Restricted Stock” means an Award
granted under Section 7(a). 
  
 “Restricted Stock
Agreement” means an agreement setting forth the terms and conditions of an Award of Restricted Stock. 
  
 “Restricted Stock Unit” means an Award granted under Section 7(b). 
  

 -3- 

 “Restricted Stock Unit Agreement” means an agreement setting forth the terms and
conditions of an Award of Restricted Stock Units. 
  
 “SEC” means the Securities and Exchange Commission or any successor agency. 
  
 “Securities Act” means the Securities Act of 1933, as amended from time to time, and any successor thereto. 
  
 “Share” means a share of Common Stock. 
  
 “Stock Appreciation Right” means a right granted under
Section 6. 
  
 “Stock Appreciation Right
Agreement” means an agreement setting forth the terms and conditions of an Award of Stock Appreciation Rights. 
  
 “Stock Option” means an option granted under Section 5. 
  
 “Stockholders Agreement” has the meaning as set forth in Section 11(a). 
  
 “Subsidiary” means a “subsidiary
corporation,” whether now or hereafter existing, as defined in Section 424(f) of the Code. 
  
 In addition, certain other terms used herein have definitions otherwise ascribed to them herein. 
  
 SECTION 2. Administration of the Plan 
  
 a) Plan Administrator. The Plan shall be administered by the
Committee, or, if no Committee has been designated or appointed, by the Board (in which case all references herein to the Committee shall include the Board). 
  
 b) Powers of the Committee. Subject to Applicable Laws and the provisions of the Plan (including any other powers given to the Committee
hereunder), and except as otherwise provided by the Board, the Committee shall have the authority, in its discretion, to: 
  
 i) select the Participants to whom Awards may from time to time be granted; 
  
 ii) determine whether and to what extent awards of Nonqualified Stock Options, Stock Appreciation Rights,
Restricted Stock, Restricted Stock Units and Performance Units or any combination thereof are to be granted hereunder; 
  
 iii) determine the number of shares of Common Stock to be covered by each Award granted hereunder; 
  
 iv) determine the terms and conditions of any Award granted
hereunder (including, but not limited to, the option price (subject to Section 5(a)), any vesting conditions, restrictions or limitations (which may be related to the performance of 

  

 -4- 

 
the Participant, the Company or any Related Entity)) and any acceleration of vesting or waiver of forfeiture regarding any Award and the shares of Common
Stock relating thereto, based on such factors as the Committee shall determine; 
  
 v) modify, amend or adjust the terms and conditions of any Award, at any time or from time to time including, but not limited to,
Performance Goals; 
  
 vi) determine to what
extent and under what circumstances Common Stock and other amounts payable with respect to an Award shall be deferred; 
  
 vii) determine under what circumstances an Award may be settled in cash or Common Stock under Section 5(g), 6(b), 6(d)(ii), 7(b) or
8(b)(v); 
  
 viii) adopt, alter and repeal such
administrative rules, guidelines and practices governing the Plan as it shall from time to time deem advisable; 
  
 ix) interpret the terms and provisions of the Plan and any Award issued under the Plan (and any agreement relating thereto); and

  
 x) otherwise supervise the administration of
the Plan. 
  
 c) Committee Procedures. The Committee may
act only by a majority of its members then in office, except that the members thereof may authorize any one or more of their number or any executive officer of the Company to execute and deliver documents on behalf of the Committee. Once appointed,
such Committee shall continue to serve in its designated capacity until otherwise directed by the Board. The Board may authorize one or more executive officers of the Company to grant Awards subject to such limitations as the Board determines from
time to time. However, grants by an executive officer shall be subject to ratification by the Board and will not be effective until the date of such ratification. 
  
 Any dispute or disagreement which may arise under, or as a result of, or in any way relate to, the interpretation,
construction or application of the Plan or an Award (or related Award Agreement) granted hereunder shall be determined by the Committee. Any determination made by the Committee pursuant to the provisions of the Plan with respect to the Plan, any
Award or Award Agreement shall be made in the sole discretion of the Committee and, with respect to an Award, at the time of the grant of the Award or, unless in contravention of any express term of the Plan, at any time thereafter. All decisions
made by the Committee shall be final and binding on all persons, including the Company, any Related Entity and the Participants. 
  
 SECTION 3. Common Stock Subject to Plan and Adjustments to Capitalization 
  

a) Stock Subject to Plan. The total number of shares of Common Stock reserved and available for grant under the Plan shall be 16 million. Shares
subject to an Award under the Plan may be authorized and unissued shares or may be treasury shares. 
  
 Any shares of Common Stock covered by an Award (or portion of an Award) which is forfeited or canceled, expires or is settled in cash, shall be deemed not
to have been 

  

 -5- 

 
issued for purposes of determining the maximum aggregate number of Plan Shares which may be issued under the Plan. Shares that actually have been issued
under the Plan pursuant to an Award shall not be returned to the Plan and shall not become available for future issuance under the Plan, except that if unvested Plan Shares are forfeited, or repurchased by the Company at their original purchase
price, such Plan Shares shall become available for future grant under the Plan. 
  
 b) Adjustments Upon Changes in Capitalization. Subject to any required action by the stockholders of the Company, the number of shares of Common Stock covered by each outstanding Award, and the number of Shares
which have been authorized for issuance under the Plan but as to which no Awards have yet been granted or which have been returned to the Plan, the exercise or purchase price of each such outstanding Award, as well as any other terms that the
Committee determines require adjustment shall be proportionately adjusted for (i) any increase or decrease in the number of issued Shares resulting from a stock split, reverse stock split, stock dividend, combination or reclassification of the
Shares, or similar transaction affecting the Shares, (ii) any other increase or decrease in the number of issued Shares effected without receipt of consideration by the Company, or (iii) as the Committee may determine in its discretion, any other
transaction with respect to Common Stock to which Section 424(a) of the Code applies or a similar transaction; provided, however that conversion of any convertible securities of the Company shall not be deemed to have been
“effected without receipt of consideration.” The Committee shall make such adjustment and its determination shall be final, binding and conclusive. Except as the Committee determines, no issuance by the Company of shares of stock of any
class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason hereof shall be made with respect to, the number or price of Shares subject to an Award. 
  
 SECTION 4. Participants 
  
 Officers, Employees, independent contractors (including, without limitation, managers, including entity managers),
consultants and non-Employee directors of the Company and/or a Related Entity who are responsible for or contribute to the management, growth and profitability of the business of the Company and/or a Related Entity shall be “Participants”
eligible to be granted Awards under the Plan. 
  
 SECTION 5. Stock Options

  
 The Committee shall have the authority to grant any
Participant Stock Options with or without Stock Appreciation Rights. 
  
 Stock Options shall be evidenced by Option Agreements, which shall include such terms and provisions as the Committee may determine from time to time. The grant of a Stock Option shall occur on the date the Committee by resolution selects
an individual to receive a grant of a Stock Option, determines the number of shares of Common Stock to be subject to such Stock Option to be granted to such individual and specifies the terms and provisions of the Stock Option, or on such other date
as the Committee may determine. The Company shall notify a Participant of any grant of a Stock Option, and a written Option Agreement shall be duly 

  

 -6- 

 
executed and delivered by the Company to such Participant. Subject to Section 11(a), such agreement shall become effective upon execution by the Company and
the Participant. 
  
 Stock Options shall be subject to the
following terms and conditions and shall contain such additional terms and conditions as the Committee shall deem desirable: 
  
 a) Exercise Price. The price per share of Common Stock purchasable under a Stock Option shall be determined by the Committee and set forth
in the Option Agreement (the “Exercise Price”). 
  
 b)
Option Term. The Committee shall fix the term of each Stock Option; provided, that, no Stock Option shall be exercisable more than ten years after the date the Stock Option is granted. Absent any such term being fixed by the
Committee, pursuant to an Option Agreement or otherwise, such term shall be ten years. 
  
 c) Exercisability. Except as otherwise provided herein, Stock Options shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Committee. If the
Committee provides that any Stock Option is exercisable only in installments, the Committee may at any time waive such installment exercise provisions, in whole or in part, based on such factors as the Committee may determine. In addition, the
Committee may at any time accelerate the exercisability of any Stock Option. 
  
 d) Method of Exercise. Subject to the provisions of this Section 5, vested Stock Options may be exercised, in whole or in part, at any time during the option term by giving written notice of exercise to
the Company in accordance with the terms of the Award Agreement, which terms include specifying the number of shares of Common Stock subject to the Stock Option to be purchased. 
  
 Such notice shall be accompanied by payment in full of the Exercise Price per share by certified or bank check or such other
instrument as the Company may accept. If approved by the Committee, payment, in full or in part, may also be made in the form of unrestricted Common Stock already owned by the Participant of the same class as the Common Stock subject to the Stock
Option (based on the Fair Market Value of the Common Stock on the date the Stock Option is exercised); provided, however, that in all instances the portion of consideration equal to the par value of shares of Common Stock purchased must be
paid in cash or other legal consideration permitted by the Delaware General Corporation Law. 
  
 In the discretion of the Committee, after an IPO, payment for any shares subject to a Stock Option may also be made by delivering a properly executed exercise notice to the Company, together with a copy of irrevocable
instructions to a Company designated brokerage firm to effect the immediate sale of such options and remit to the Company, out of the proceeds available on the settlement date, sufficient funds to cover the aggregate exercise price payable for the
purchased shares of Common Stock as well as the amount of any federal, state, local or foreign withholding taxes. 
  

 -7- 

 In addition, in the discretion of the Committee, payment of the Exercise Price for any shares subject to
a Stock Option may also be made in accordance with such other payment methods as may be permitted by the Committee in its sole discretion. 
  
 No shares of Common Stock shall be issued until full payment therefor has been made. Except as otherwise provided in the Stockholders Agreement or the
applicable Option Agreement, subject to a Participant’s compliance with Section 11(a) hereof, a Participant shall have all of the rights of a stockholder of the Company holding the class or series of Common Stock that is subject to such Stock
Option (including, if applicable, the right to vote the shares and the right to receive dividends and distributions), when the Participant has given written notice of exercise, has paid in full for such shares and, if requested, has given the
representations referred to in Section 11(c). 
  
 e)
Nontransferability of Stock Options. No Stock Option shall be transferable by the Participant other than (i) by will or by the laws of descent and distribution or (ii) in the case of a Stock Option, as otherwise expressly permitted
under the applicable Option Agreement including, if so permitted, pursuant to a qualified domestic relations order (as defined in the Code) or pursuant to a gift to such Participant’s Family Member, whether directly or indirectly or by means of
a trust, partnership, limited liability company or otherwise. All Stock Options shall be exercisable, subject to the terms of this Plan, during the Participant’s lifetime, only by the Participant or any person to whom such Stock Option is
transferred pursuant to the preceding sentence, including such Participant’s guardian, legal representative and other transferee. The term “Participant” includes the estate of the Participant or the legal representative of the
Participant named in the Option Agreement and any person to whom an Option is otherwise transferred in accordance with this Section 5(e) by will or the laws of descent and distribution; provided, however, that references herein to
Employment/Service of a Participant or termination of Employment/Service of a Participant shall continue to refer to the Employment/Service or termination of Employment/Service of the applicable grantee of an Award hereunder. 
  
 f) Termination of Employment/Service. Except as otherwise
provided by the Committee or in the applicable Option Agreement, (i) upon the Participant’s death or Disability on or after the second anniversary of the Grant Date, all Stock Options granted to the Participant shall become vested and
immediately exercisable and shall remain exercisable for a period of one year from the date of death or Disability, (ii) upon the Participant’s death or Disability prior to the second anniversary of the Grant Date, the Participant shall forfeit
unvested Stock Options as of the date of death or Disability and the Participant shall have one year to exercise vested Stock Options that are vested as of the date of death or Disability, (iii) if the Participant’s Employment/Service is
terminated with Cause, the Participant shall forfeit all Stock Options, whether vested or unvested that have not been exercised as of the date of termination and (iv) if the Participant’s Employment/Service is terminated for a reason other than
death, Disability or Cause, the Participant shall forfeit unvested Stock Options as of the date of termination and the Participant shall have thirty days to exercise vested Stock Options that are vested as of the date of termination. 
  

 -8- 

 A Participant’s Employment/Service shall not be considered terminated in the case of (i) any
approved leave of absence, (ii) transfers among the Company, any Related Entity, or any successor, in any capacity of Employee, director or consultant, or (iii) any change in status as long as the individual remains in the service of the Company or
a Related Entity in any capacity of Employee, director or consultant (except as otherwise provided in the Award Agreement). An approved leave of absence shall include sick leave, military leave or any other authorized personal leave. 
  
 Any vested Stock Options not exercised within the permissible period of time
shall be forfeited by the Participant. Notwithstanding any of the foregoing, the Participant shall not be permitted to exercise any Stock Option at a time beyond the initial option term. 
  
 g) Cashing Out of Stock Option. On receipt of written notice of exercise, the Committee may elect to cash out
all or any portion of the shares of Common Stock for which a Stock Option is being exercised by paying the Participant an amount, in cash, equal to the excess of the Fair Market Value of one share of Common Stock over the Exercise Price per share
times the number of shares of Common Stock for which the Option is being exercised on the effective date of such cash out. 
  
 SECTION 6. Stock Appreciation Rights 
  
 a) Grant and Exercise. Stock Appreciation Rights may be granted alone or in conjunction with all or part of a Stock Option granted under the
Plan and may be granted either at or after the time of grant of such Stock Option. A Stock Appreciation Right shall terminate and no longer be exercisable upon the termination or exercise of the related Stock Option. The terms and conditions of a
Stock Appreciation Right shall be set forth in the Option Agreement for the related Stock Option or an amendment thereto. 
  
 b) Freestanding Stock Appreciation Rights. A Stock Appreciation Right granted without relationship to a Stock Option, pursuant to Section
6(a), shall be exercisable as determined by the Committee, but in no event after ten years from the date of grant. Any such Award shall be in such form and shall have such terms and conditions as the Committee may determine; provided that,
the base price of a freestanding Stock Appreciation Right shall be determined by the Committee in its sole discretion. A freestanding Stock Appreciation Right shall entitle the holder, upon receipt of such right, to an amount, in cash, shares of
Common Stock or both, with the Committee having the right to determine the form of payment, determined by multiplying (i) the excess of the Fair Market Value of a share of Common Stock on the date of exercise of the Stock Appreciation Right over the
base price of the Stock Appreciation Right, by (ii) the number of shares of Common Stock as to which such Stock Appreciation Right shall have been exercised. A freestanding Stock Appreciation Right may be exercised by giving written notice of
exercise to the Company or its designated agent specifying the number of shares of Common Stock as to which such Stock Appreciation Right is being exercised. Except as otherwise provided by the Committee or as set forth in the Participant’s
Stock Appreciation Right Agreement, upon the Participant’s death or when the Participant’s Employment/Service is terminated for any reason, the Participant shall forfeit all freestanding Stock Appreciation Rights, whether vested or
unvested. Subject to the provisions of the Plan and 

  

 -9- 

 
the Stock Appreciation Right Agreement pursuant to which an award is granted, freestanding Stock Appreciation Rights may not be sold, assigned, transferred,
pledged or otherwise encumbered. 
  
 c) Tandem Stock
Appreciation Rights. A Stock Appreciation Right may be exercised by a Participant in accordance with Section 6(d) by surrendering the applicable portion of the related Stock Option in accordance with procedures established by the Committee.
Upon such exercise and surrender, the Participant shall be entitled to receive an amount determined in the manner prescribed in Section 6(d). Stock Options, which have been so surrendered, shall no longer be exercisable to the extent the related
Stock Appreciation Rights have been exercised. A Stock Appreciation Right shall terminate and no longer be exercisable upon the termination or exercise of the related Stock Option. 
  
 d) Tandem Stock Appreciation Rights Terms and Conditions. Stock Appreciation Rights shall be subject to such
terms and conditions as shall be determined by the Committee, including the following: 
  
 (i) Stock Appreciation Rights shall be exercisable only at such time or times and to the extent that the Stock Options to which they
relate are exercisable in accordance with the provisions of Section 5 and this Section 6; 
  
 (ii) upon the exercise of a Stock Appreciation Right, a Participant shall be entitled to receive an amount equal to the product of (a) the
excess of the Fair Market Value of one share of Common Stock on the date of exercise over the Exercise Price per share specified in the related Stock Option and (b) the number of shares in respect of which the Stock Appreciation Right shall have
been exercised. Such amount may be paid in cash, shares of Common Stock or both, which form shall solely be determined at the discretion of the Committee; 
  
 (iii) Stock Appreciation Rights shall be transferable only with the related Stock Option in accordance with Section 5(e); and 

 
 (iv) upon the exercise of a Stock Appreciation Right
(other than an exercise for cash), the Stock Option or part thereof to which such Stock Appreciation Right is related shall be deemed to have been exercised for the purpose of the limitation set forth in Section 3 on the total number of shares of
Common Stock to be issued under the Plan, but only to the extent of the number of shares covered by the Stock Appreciation Right at the time of exercise. 
  
 SECTION 7. Restricted Stock; Restricted Stock Units 
  
 a) The Committee shall determine the Participants to whom and the time or times at which grants of Restricted Stock will be awarded, the number of shares
to be awarded to any Participant, the conditions for vesting, the time or times within which such Awards may be subject to forfeiture and restrictions on transfer and any other terms and conditions of the Awards (including provisions (i) relating to
placing legends on certificates representing shares of 

  

 -10- 

 
Restricted Stock, (ii) permitting the Company to require that shares of Restricted Stock be held in custody by the Company with a stock power from the owner
thereof until restrictions lapse and (iii) relating to any rights to purchase the Restricted Stock on the part of the Company and any Related Entity), in addition to those contained in the Stockholders Agreement. The terms and conditions of
Restricted Stock Awards shall be set forth in a Restricted Stock Agreement, which shall include such terms and provisions as the Committee may determine from time to time. Except as provided in this Section 7, the Restricted Stock Agreement, the
Stockholders Agreement and any other relevant agreements, the Participant shall have, with respect to the shares of Restricted Stock, all of the rights of a stockholder of the Company holding the class or series of Common Stock that is the subject
of the Restricted Stock Award, including, if applicable, the right to vote the shares and, subject to the following sentence, the right to receive any cash dividends or distributions (but, subject to the third paragraph of Section 3, not the right
to receive non-cash dividends or distributions). If so determined by the Committee in the applicable Restricted Stock Agreement, cash dividends and distributions on the class or series of Common Stock that is the subject of the Restricted Stock
Award shall be automatically deferred and reinvested in additional Restricted Stock, held subject to the vesting of the underlying Restricted Stock, or held subject to meeting conditions applicable only to dividends and distributions. 
  
 b) A Restricted Stock Unit shall represent the right to receive Common Stock
or cash, or a combination thereof, in the Committee’s discretion, at the end of a specified deferral period, which right may be conditioned on the satisfaction of specified performance or other criteria. Each Restricted Stock Unit shall at all
times be equal in value to the Fair Market Value of one share of Common Stock. The Committee shall determine the Participants to whom and the time or times at which grants of Restricted Stock Units shall be awarded, the number of units to be awarded
to any Participant, the conditions for vesting, the time or times within which such Awards may be subject to forfeiture and restrictions on transfer and any other terms and conditions of the Awards. The terms and conditions of Restricted Stock Unit
Awards shall be set forth in a Restricted Stock Unit Agreement, which shall include such terms and provisions as the Committee may determine from time to time. Unless otherwise determined by the Committee, a Participant who has been granted an Award
of Restricted Stock Units shall have none of the rights of a stockholder of the Company with respect to any portion of such Award unless and until shares of Common Stock have been issued to such Participant in settlement of such Award. If so
determined by the Committee and set forth in the applicable Restricted Stock Unit Agreement, Restricted Stock Units may be credited with dividend equivalents in the event that cash dividends are paid or other distributions are made in respect of
shares of Common Stock. In the event dividend equivalents are to be credited in respect of Restricted Stock Units, the Committee shall determine the terms and conditions thereof, including whether such dividend equivalents shall be converted into
additional Restricted Stock Units. 
  
 SECTION 8. Performance Units

  
 a) Administration. Performance Units may be
awarded either alone or in addition to other Awards granted under the Plan. The Committee shall determine the Participants to whom and the time or times at which Performance Units shall be awarded, the 

  

 -11- 

 
number of Performance Units to be awarded to any Participant, the duration of the Award Cycle and any other terms and conditions of the Award, in addition to
those contained in Section 8(b). 
  
 b) Terms and
Conditions. Performance Unit Awards shall be subject to the following terms and conditions: 
  
 (i) The Committee may, prior to or at the time of the grant, condition the settlement of Performance Units upon the attainment of
Performance Goals. The Committee may also condition the settlement thereof upon the continued service of the Participant. The provisions of such Awards (including without limitation any applicable Performance Goals) need not be the same with respect
to each recipient. Subject to the provisions of the Plan and the Performance Unit Agreement referred to in Section 8(b)(vi), Performance Units may not be sold, assigned, transferred, pledged or otherwise encumbered during the Award Cycle.

  
 (ii) Except to the extent otherwise provided
in the applicable Performance Unit Agreement or Section 8(b)(iii), upon a Participant’s termination of Employment/Service for any reason during the Award Cycle or before any applicable Performance Goals are satisfied, all rights to receive cash
or stock in settlement of the Performance Units shall be forfeited by the Participant. 
  
 (iii) In the event that a Participant’s Employment/Service is terminated (other than for Cause, as determined by the Committee), or
in the event of the death of a Participant, the Committee shall have the discretion to waive, in whole or in part, any or all remaining payment limitations with respect to any or all of such Participant’s Performance Units. 
  
 (iv) A Participant may elect to further defer receipt of
cash or shares in settlement of Performance Units for a specified period or until a specified event, subject in each case to the Committee’s approval and to such terms as are determined by the Committee (the “Elective Deferral
Period”). Subject to any exceptions adopted by the Committee, such election must generally be made prior to commencement of the Award Cycle for the Performance Units in question. 
  
 (v) At the expiration of the Award Cycle, the Committee shall evaluate the Company’s performance in
light of any Performance Goals for such Award, and shall determine the number of Performance Units granted to the Participant which have been earned, and the Committee shall then cause to be delivered (A) a number of shares of Common Stock equal to
the number of Performance Units determined by the Committee to have been earned, or (B) cash equal to the Fair Market Value of such number of shares of Common Stock to the Participant, as the Committee shall elect (subject to any deferral pursuant
to Section 8(b)(iv)). 
  
 (vi) Each Award shall
be confirmed by, and be subject to, the terms of a Performance Unit Agreement. 
  

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 SECTION 9. Term, Amendment and Termination 
  
 The Plan will continue in effect for a term of ten years after the effective date of the Plan unless sooner terminated.
Awards outstanding as of such date shall not be affected or impaired by the termination of the Plan. 
  
 The Board may amend, alter or discontinue the Plan, prospectively or retroactively, but no amendment, alteration or discontinuation shall be made which
would materially impair the rights of any Participant under an Award theretofore granted without the Participant’s consent. 
  
 The Committee may amend the terms of any Award theretofore granted, prospectively or retroactively, but no such amendment shall be made which would
materially impair the rights of any Participant thereunder without the Participant’s consent. 
  
 SECTION 10. Unfunded Status of Plan 
  
 It is presently intended that the Plan constitute an “unfunded” plan for incentive and deferred compensation. The Committee may authorize the creation of trusts or other arrangements to meet the obligations
created under the Plan to deliver Common Stock or make payments; provided, however, that unless the Committee otherwise determines, the existence of such trusts or other arrangements is consistent with the “unfunded” status of the
Plan. 
  
 SECTION 11. General Provisions 
  
 a) Stockholders Agreement. Notwithstanding anything in this
Plan to the contrary, unless the Committee determines otherwise, it shall be a condition to receiving any Award under the Plan or transferring any Option in accordance with Section 5(e) or any other transfer permitted under the terms of an Award
Agreement or otherwise, that a Participant (or transferee in the case of such transfer) shall become a party to the Stockholders Agreement, dated as of October 27, 2000, among the Company and certain stockholders of the Company, as such agreement
may be amended and/or restated from time to time (the “Stockholders Agreement”), and such Participant (or transferee in the case of such transfer) shall become a “Management Investor” thereunder (or such transferee shall become a
“Permitted Transferee” of a “Management Investor” thereunder). 
  
 b) Awards and Certificates. Shares of Restricted Stock and shares of Common Stock issuable upon the exercise or settlement of a Stock Option, Stock Appreciation Right, Restricted Stock Unit or
Performance Unit (together, “Plan Shares”) shall be evidenced in such manner as the Committee may deem appropriate, including book-entry registration or issuance of one or more stock certificates. Any certificate issued in respect of Plan
Shares shall be registered in the name of such Participant and shall bear appropriate legends referring to the terms, conditions, and restrictions applicable to such Award, substantially in the following form: 
  
 “The transferability of this certificate and the shares of stock
represented hereby are subject to the terms, conditions and restrictions (including forfeiture) of the National Financial Partners 

  

 -13- 

 
Corp. 2000 Stock Incentive Plan and a Restricted Stock Agreement and/or an Option Agreement, as the case may be, between the issuer and the registered holder
hereof. Copies of such Plan and Agreement are on file at the offices of National Financial Partners Corp.” 
  
 “The securities represented by this certificate have not been registered under the Securities Act of 1933, as amended, or under the securities laws
of any state, and may not be sold or otherwise disposed of except pursuant to an effective registration statement under said Act and applicable state securities laws or an applicable exemption to the registration requirements of such Act and
laws.” 
  
 Such Plan Shares may bear other legends to the extent the
Committee or the Board determines it to be necessary or appropriate, including any required by the Stockholders Agreement or pursuant to any applicable Award Agreement. 
  
 The Committee may require that any certificates evidencing Plan Shares be held in custody by the Company until the
restrictions thereon shall have lapsed and that the Participant deliver a stock power, endorsed in blank, relating to the Plan Shares. 
  
 c) Representations and Warranties. The Committee may require each person purchasing or receiving Plan Shares to (i) represent to and agree
with the Company in writing that such person is acquiring the shares without a view to the distribution thereof and (ii) make any other representations and warranties that the Committee deems appropriate. 
  
 d) Additional Compensation. Nothing contained in the Plan shall
prevent the Company or a Related Entity from adopting other or additional compensation arrangements for its Employees. 
  
 e) No Right of Employment/Service. Adoption of the Plan or grant of any Award shall not confer upon any officer, Employee, independent
contractor (including, without limitation, a manager, including an entity manager), consultant, non-Employee director or agent any right to continued Employment/Service, nor shall it interfere in any way with the right of the Company or any Related
Entity thereof to terminate the Employment/Service of any officer, Employee, independent contractor (including, without limitation, a manager, including an entity manager), consultant, non-Employee director or agent at any time. 
  
 f) Withholding Taxes. No later than the date as of which an
amount first becomes includible in the gross income of a Participant for federal income tax purposes with respect to any Award under the Plan, such Participant shall pay to the Company or, if appropriate, any Related Entity, or make arrangements
satisfactory to the Committee regarding the payment of, any federal, state, local or foreign taxes of any kind required by law to be withheld with respect to such amount. If approved by the Committee, withholding obligations may be settled with
Common Stock, including Common Stock that is part of the Award that gives rise to the withholding requirement. The obligations of the Company under the Plan shall be conditional on such payment or arrangements, and the Company and any Related Entity
shall, 

  

 -14- 

 
to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to the Participant. The Committee may establish such
procedures, as it deems appropriate, including making irrevocable elections, for the settlement of withholding obligations with Common Stock. 
  
 g) Beneficiaries. The Committee shall establish such procedures as it deems appropriate for a Participant to designate a beneficiary to whom
any amounts payable in the event of the Participant’s death are to be paid or by whom any rights of the Participant, after the Participant’s death, may be exercised. 
  
 h) Governing Law. Except to the extent that provisions of the Plan are governed by applicable provisions of
the Code or other substantive provisions of Federal law, the Plan and all Awards made and actions taken thereunder shall be governed by and construed and enforced in accordance with the laws of the State of Delaware without regard to the principles
of conflicts of law thereof. 
  
 i) Compliance with
Laws. If any Applicable Law shall require the Company or a Participant seeking to exercise Stock Options or Stock Appreciation Rights or to settle Restricted Stock Units or Performance Units payable in Common Stock to take any action with
respect to the Plan Shares to be issued upon the exercise of such Stock Options or Stock Appreciation Rights or upon the settlement of such Restricted Stock Units or Performance Units, then the date upon which the Company shall issue or cause to be
issued the certificate or certificates for the Plan Shares shall be postponed until full compliance has been made with respect to all such requirements of law or regulation; provided, that the Company shall use its reasonable efforts to take
all necessary action to comply with such requirements of law or regulation. Moreover, in the event that the Company shall determine that, in compliance with the Securities Act or other applicable statutes or regulations, it is necessary to register
any of the Plan Shares with respect to which an exercise of a Stock Option or Stock Appreciation Right or the settlement of a Restricted Stock Unit or Performance Unit payable in Common Stock has been made, or to qualify any such Plan Shares for
exemption from any of the requirements of the Securities Act or any other applicable statute or regulation, no Stock Options or Stock Appreciation Rights may be exercised, no Restricted Stock Unit or Performance Unit may be settled in Common Stock,
and no Plan Shares shall be issued to a holder exercising a Stock Option or Stock Appreciation Right or to a holder of a Restricted Stock Unit or Performance Unit payable in Common Stock until the required action has been completed; provided,
that the Company shall use its reasonable efforts to take all necessary action to comply with such requirements of law or regulation. Notwithstanding anything to the contrary contained herein, neither the Board nor the members of the Committee owes
a fiduciary duty to any Participant in his or her capacity as such. 
  
 SECTION
12. Effective Date of Plan 
  
 The Plan shall be effective as
of the date it is approved by the Board. 
  

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