Document:

EX-10.9

 Confidential Treatment Requested by Compass, Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 EXHIBIT 10.9 
  

 
 AGREEMENT OF LEASE 

Between 
 90 FIFTH OWNER LLC, 

Landlord, 
 and 

URBAN COMPASS, INC., 
 Tenant.

 Premises: 
 Entire Third (3rd) and Fourth (4th) Floors 
 90 Fifth
Avenue 
 New York, New York 
  

 

  

 Confidential Treatment Requested by Compass, Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 LEASE INFORMATION SUMMARY 

 

			
	 I.    LEASE DATE:
	  	July 23rd, 2014
		
	 II.   PARTIES AND 
ADDRESSES:
	  	
		
	 A.  Landlord:
	  	90 Fifth Owner LLC
		
	 B.  Landlord’s 
Address for 
Notices
	  	 c/o RFR Realty LLC 
390 Park Avenue 
New York, New York 10022

 
 with a copy to:

 
 Katsky Korins LLP 
605 Third Avenue 
New York, New York 10158 
Attn: Randolph
Amengual, Esq.

		
	 C:   Tenant:
	  	Urban Compass, Inc.
		
	 D:   Tenant’s Address 
for Notices
	  	 Prior to the Commencement Date
  

17-19 Union Square West 
New York, New York 10001 
Attn: David Snider

 
 After the Commencement Date

 
 90 Fifth Avenue, 3rd Floor 
New
York, New York 10011 
Attn: David Snider

	 III. PROPERTY INFORMATION:
	  	
		
	 A.  Premises:
	  	The entire third (3rd) and fourth (4th) floors of the 
Building, as shown cross-hatched on Exhibit 1 
annexed hereto and
made a part hereof.
		
	 B.  Building:
	  	90 Fifth Avenue, New York, New York
		
	 C.  Real Property:
	  	The real property on which the Building is located.

  
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	 IV.  TERM
	  	
		
	 A.  Term of Lease:
	  	Ten (10) years and five (5) months.
		
	 B.  Commencement 
Date:
	  	The date that Landlord’s Work and the Base Building Work is (or is deemed to be) substantially completed and Landlord delivers possession of the Premises to Tenant vacant, broom clean and free of all tenancies and
occupancies.
		
	 C.  Expiration Date:
	  	The date immediately preceding ten (10) years and
five (5) months after the Commencement Date,
provided that if such date is not the last day of the
calendar month, then the Expiration Date shall be
extended to
the last day of the calendar month in
which such date occurs.
	 V.  RENT:
	  	
		
	 A.  Minimum Rent:
	  	(i) One Million Eight Hundred Fourteen Thousand Six Hundred Eighty Eight and 00/100 ($1,814,688.00) Dollars per annum ($151,224.00 per month) for the period from the Commencement Date through the day immediately preceding the fifth
(5th) anniversary of the Minimum Rent Commencement Date; and
		
		  	(ii) One Million Nine Hundred Forty Thousand Seven Hundred Eight and 00/100 ($1,940,708.00) Dollars per annum ($161,725.67 per month) for the period from the fifth (5th)
anniversary of the Minimum Rent Commencement Date through the Expiration Date.
		
	 B.  Minimum Rent Abatement Period:
	  	The first seven (7) full calendar months of the Term. The day immediately following the last day of the Minimum Rent Abatement Period is referred to herein as the “Minimum Rent Commencement Date”.
		
	 C:   Electricity:
	  	Submetered, plus 6% (as further described in Subsection 26H of this Lease).
		
	 D.  Tenant’s 
Proportionate 
Share
	  	19.388%

  
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	 E.  Base Tax Amount:
	  	The Taxes payable for the calendar year 2014 (the “Base Tax Year”). Accordingly, the Base Tax Amount shall mean fifty (50%) percent of the sum of (i) the Taxes payable for the New York City fiscal tax year
commencing on July 1, 2013 and ending on June 30, 2014, and (ii) the Taxes payable for the New York City fiscal tax year commencing on July 1, 2014 and ending on June 30, 2015.
		
	 F.   Base Operating 
Factor:
	  	An amount equal to fifty (50%) percent of the sum of: (i) the Operating Expenses for the 2014 calendar year, and (ii) the Operating Expenses for the 2015 calendar year, subject to adjustment pursuant to the provisions of
Subsection 3E(v) hereof. The average of the 2014 and 2015 Operating Years are referred to herein as the “Base Operating Year”.
		
	 G.   Security Deposit:
	  	$1,814,688.00.
		
	 H.   Landlord’s Work:
	  	As described on Schedule B annexed hereto and made a part hereof.
		
	 I.    Base Building 
Work:
	  	As described on Schedule C annexed hereto and made a part hereof.
		
	 VI.  PERMITTED USES
	  	General and executive offices, and uses reasonably ancillary or incidental thereto that are permitted by Legal Requirements (as hereinafter defined).
	 VII.  BROKERS:
	  	
		
	 A.  Landlord’s 
Broker:
	  	RFR Realty LLC
		
	 B.  Tenant’s Broker:
	  	Cushman & Wakefield, Inc.

 The summary of lease information set forth above and any addendum and/or exhibit(s) and/orschedule(s)
(“Riders”) attached to this Lease are incorporated into and made a part of thefollowing Lease. Notwithstanding anything to the contrary contained in this Lease, Articles 1through 31 shall control the rights and obligations of the
parties hereto except that the provisionsof any Riders shall supersede any inconsistent provisions in Articles 1 through 31, as the casemay be. 

  
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 TABLE OF CONTENTS 

 

					
	 1.  PREMISES; TERM; USE AND OCCUPANCY
	  	 	1	 
	 A. Premises
	  	 	1	 
	 B. Commencement Notice
	  	 	1	 
	 C. Condition Of Premises
	  	 	3	 
	 D. Permitted Uses
	  	 	3	 
	 E.  Certificate Of Occupancy
	  	 	4	 
		
	 2.  RENT
	  	 	5	 
	 A. Minimum Rent
	  	 	5	 
	 B. Additional Rent
	  	 	5	 
	 C. Rent Tax
	  	 	6	 
	 D. Rent Credit
	  	 	6	 
		
	 3.  ESCALATIONS
	  	 	6	 
	 A. Defined Terms
	  	 	6	 
	 B. Escalation
	  	 	7	 
	 C. Payment of Escalations
	  	 	8	 
	 D. Adjustments
	  	 	9	 
	 E.  Operating Expenses Definition
	  	 	11	 
	 F.  Audit Right
	  	 	13	 
		
	 4.  ALTERATIONS
	  	 	14	 
	 A. Defined Terms
	  	 	14	 
	 B. Alterations Within Premises
	  	 	15	 
	 C. Landlord’s Supervisory Fee
	  	 	16	 
	 D. Required Submissions; Permits
	  	 	16	 
	 E.  Completion of Alterations
	  	 	18	 
	 F.  Liens
	  	 	19	 
	 G. Miscellaneous Conditions
	  	 	19	 
	 H. Removal of Alterations
	  	 	20	 
		
	 5.  REPAIRS; FLOOR LOAD
	  	 	21	 
		
	 6.  REQUIREMENTS OF LAW
	  	 	22	 
		
	 7.  SUBORDINATION
	  	 	23	 
	 A. Subordination
	  	 	23	 
	 B. Attornment
	  	 	23	 
	 C. Certificates
	  	 	24	 
	 D. Subordination and Non-Disturbance
Agreement
	  	 	24	 
		
	 8.  RULES AND REGULATIONS
	  	 	25	 
		
	 9.  INSURANCE
	  	 	25	 
	 A. Tenant’s Insurance
	  	 	25	 
	 B. Waiver of Subrogation
	  	 	26	 

  
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	 10.  DESTRUCTION OF THE PREMISES; PROPERTY LOSS OR DAMAGE
	  	27
	 A. Repair of Damage
	  	27
	 B. Termination Options
	  	27
	 C. Provision Controlling
	  	28
	 D. Property Loss or Damage
	  	28
		
	 11.  CONDEMNATION
	  	29
	 A. Condemnation
	  	29   
	 B. Award
	  	29   
		
	12. ASSIGNMENT AND SUBLETTING	  	29
	 A. Prohibition Without Consent
	  	29   
	 B. Notice of Proposed Transfer
	  	30   
	 C. Landlord’s Recapture Option
	  	30   
	 D. Effect of Termination by Landlord
	  	31   
	 E.  Takeback by Landlord
	  	31   
	 F.  Conditions for Landlord’s Approval
	  	33   
	 G. Future Requests
	  	35   
	 H. Sublease Provisions
	  	35   
	 I.   Profits From Assignment or Subletting
	  	36   
	 J.   Other Transfers
	  	37   
	 K. Assumption By Transferee; Liability of Tenant
	  	38   
	 L.  Related Entity
	  	38   
	 M.   Desk Sharing
	  	38   
		
	 13.  ACCESS TO PREMISES
	  	39
		
	 14.  LIMITATION ON LIABILITY
	  	40
	 A. Landlord’s Liability
	  	40   
	 B. Tenant’s Liability
	  	41   
		
	 15.  DEFAULT
	  	41
	 A. Events of Default
	  	41   
	 B. Effect of Bankruptcy
	  	42   
	 C. Conditional Limitation
	  	43   
	 D. Repeated Defaults
	  	43   
		
	 16.  REMEDIES AND DAMAGES
	  	43
	 A. Landlord’s Remedies
	  	43   
	 B. Damages
	  	44   
	 C. Legal Fees
	  	45   
		
	 17.  FEES AND EXPENSES
	  	46
	 A. Curing Tenant’s Defaults
	  	46   
	 B. Late Charges
	  	46   
		
	 18.  NO REPRESENTATIONS BY LANDLORD
	  	46

  
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	 19.  END OF TERM
	  	46   
	 A. Surrender of Premises
	  	46   
	 B. Holdover by Tenant
	  	47   
		
	 20.  QUIET ENJOYMENT
	  	47   
		
	 21.  FAILURE TO GIVE POSSESSION
	  	47   
		
	 22.  NO WAIVER
	  	48   
		
	 23.  WAIVER OF TRIAL BY JURY
	  	48   
		
	 24.  INABILITY TO PERFORM
	  	49   
	 A. Landlord’s Inability to Perform
	  	49   
	 B. Tenant’s Inability to Perform
	  	49   
		
	 25.  BILLS AND NOTICES
	  	49   
		
	 26.  SERVICES
	  	49   
	 A. Elevator
	  	49   
	 B. HVAC
	  	50   
	 C. After Hours and Additional Services
	  	51   
	 D. Cleaning
	  	51   
	 E.  Trash Removal
	  	52   
	 F.  Sprinkler System
	  	52   
	 G. Water
	  	52   
	 H. Electricity Service
	  	53   
	 I.   Telecommunications
	  	55   
	 J.   Interruption of Services
	  	55   
		
	 27.  SECURITY DEPOSIT
	  	55   
	 A. Deposit of Security
	  	55   
	 B. Letter of Credit
	  	55   
	 C. Application of Security Deposit
	  	56   
		
	 28.  ADDITIONAL DEFINITIONS
	  	57   
		
	 29.  BROKER
	  	57   
		
	 30.  INDEMNITY
	  	58   
		
	 31.  MISCELLANEOUS
	  	59   
	 A. No Offer
	  	59   
	 B. Signatories
	  	59   
	 C. Directory Listings
	  	59   
	 D. Authority
	  	59   
	 E.  Signage
	  	60   
	 F.  Consents and Approvals
	  	61   

  
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	 G.  Rent Control
	  	 	61	 
	 H.  Access to Premises
	  	 	62	 
	 I.    Roof Terrace
	  	 	62	 
	 J.    Confidentiality
	  	 	63	 
	 K.  Adjacent Excavation; Shoring
	  	 	63	 
	 L.   Labor Harmony
	  	 	63	 
	 M.   Captions
	  	 	63	 
	 N.  Fire Stairs
	  	 	63	 
	 O.  Bicycles
	  	 	63	 
	 P.   Parties Bound
	  	 	64	 

  
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 AGREEMENT OF LEASE, made between 90 FIFTH OWNER LLC, as landlord, and URBAN COMPASS, INC., a
Delaware corporation, as tenant. 
 WITNESSETH: 

The parties hereto, for themselves, their heirs, distributees, executors, administrators, legal representatives, successors and assigns,
hereby covenant as follows: 
 1. PREMISES; TERM; USE AND OCCUPANCY. 

A. Premises. Landlord hereby leases to Tenant and Tenant hereby hires from Landlord the Premises in the Building for the Term, to
commence on the Commencement Date and to end on the Expiration Date, both dates inclusive, unless the Term shall sooner end pursuant to any of the terms, covenants or conditions of this Lease or pursuant to law. Subject to the terms of this Lease,
the leasing of the Premises by Tenant shall include the non-exclusive right of Tenant to use, in common with Landlord and the other tenants and occupants of the Building, the common Building facilities and
common areas of the Building that serve the Premises, including, without limitation, the Building lobbies, hallways, elevators, loading docks, fire stairs. 

B. Commencement Notice. 

(i) Landlord shall fix the Commencement Date upon not less than five (5) days’ written notice to Tenant, which notice shall state
that Landlord has, or on or prior to the commencement date fixed in said notice shall have, substantially completed Landlord’s Work (described in Schedule B attached hereto) and the Base Building Work (described in Schedule C attached hereto);
provided, however, that, subject to the provisions of Subsection 1B(iv) below, in the event that Tenant takes possession of the Premises prior to the expiration of such five (5) day period, the Commencement Date shall be the date that Tenant so
takes possession of the Premises. Tenant shall have the right, after the delivery of Landlord’s notice, but prior to moving into the Premises, to inspect the Premises (the “Commencement Inspection”) with Landlord’s
representative and deliver to Landlord, within ten (10) days of the date of such Commencement Inspection, a list of any minor or insubstantial details of Landlord’s Work and the Base Building Work, mechanical adjustment and/or decorative
items (that would not materially interfere with Tenant’s use and occupancy of the Premises for the Permitted Uses), that are incomplete or need to be corrected (the “Punchlist”). Landlord shall complete or repair any items on
such Punchlist promptly, but any such items shall not affect the date of substantial completion of Landlord’s Work or the Commencement Date. If, after Tenant’s Commencement Inspection, Tenant does not, in good faith, believe that
Landlord’s Work and the Base Building Work are substantially completed, Tenant shall deliver a notice of such assertion to Landlord within five (5) business days of the date of the Commencement Inspection, and if Landlord and Tenant are
unable to agree, using good faith efforts, on whether or not Landlord’s Work and the Base Building Work are substantially completed, either party may commence the Work Dispute Resolution Procedure described in Schedule B attached hereto. 

(ii) Notwithstanding anything contained herein to the contrary, in the event that Landlord does not substantially complete Landlord’s Work
and the Base Building Work on or before the date that is one (1) year after Landlord obtains permits for Landlord’s Work, for any 

  
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reason other than (1) the unavailability or delay in delivery of any specialty items chosen by Tenant (e.g., floor coverings, lighting fixtures), (ii) Tenant Delay (as hereinafter
defined), or (iii) Unavoidable Delay (as hereinafter defined), Tenant shall have the option to terminate this Lease upon thirty (30) days’ written notice to Landlord; provided, however, that in the event Landlord delivers possession
of the Premises to Tenant and the Commencement Date occurs within such thirty (30) day period, Tenant’s termination of this Lease shall be null and void. If this Lease is terminated pursuant to the provisions of this Subsection 1B(ii),
neither party shall have any further obligations to the other hereunder, except for those that expressly survive the expiration or earlier termination of this Lease, and Landlord shall return to Tenant, within thirty (30) days after the
termination of the Lease, any prepaid Minimum Rent, the Security Deposit and any amounts paid by Tenant to Landlord on account of Work Cost Overruns (as defined in Schedule B attached hereto) (which obligation shall survive the termination of the
Lease). Landlord agrees that Landlord shall file applications for permits for Landlord’s Work promptly after the Plans and Plans Based Estimate are finalized. 

(iii) After the determination of the Commencement Date, and at Landlord’s request, prior to delivery of possession of the Premises to
Tenant, Tenant agrees to execute, acknowledge and deliver to Landlord an instrument, in form reasonably satisfactory to Landlord, setting forth the Commencement Date and the Expiration Date; provided, however, that any failure by Tenant to deliver
such instrument shall not affect the determination of the Commencement Date as set forth in such Landlord’s notice. 
 (iv)
Notwithstanding anything to the contrary contained herein, Tenant and Tenant’s employees, agents and approved contractors may enter the Premises and the Building pursuant to a license granted hereunder (the “Pre-Commencement License”) for the limited purposes of taking measurements and installing cabling for Tenant’s voice and data systems only, subject to the limitations hereinafter set forth
(“Tenant’s IT Installations”). The Pre-Commencement License shall be subject to such reasonable restrictions and conditions as may be imposed by Landlord. The Pre-Commencement License shall commence upon full execution and delivery of this Lease to Tenant and end on the Commencement Date (the “Pre-Commencement License
Period”). By executing this Lease, the parties acknowledge that the mutual premises, covenants and conditions set forth herein constitute consideration for the Pre-Commencement License. Tenant’s
right to enter into the Premises and Building pursuant to the Pre-Commencement License shall not trigger the Commencement Date. In connection with the access granted under the
Pre-Commencement License, Tenant shall: (a) comply with the reasonable restrictions and conditions required by Landlord; (b) obtain and maintain the insurance required by Article 9A(i) of this Lease,
and deliver evidence of the same to Landlord prior to Tenant or any Tenant Party (as hereinafter defined) entering the Premises; (c) Tenant and any Tenant Party shall comply with the Rules and Regulations (as hereinafter defined) at all times
during such entries to the Premises; (d) Tenant shall indemnify, defend and hold Landlord harmless from and against any losses, costs or damages incurred by Landlord (or the Landlord Indemnitees (as hereinafter defined)), resulting from or in
connection with any such entries to the Premises by Tenant or any Tenant Party, including, without limitation, any injuries to persons or damage to the Premises, the Building or any part of the Property caused by Tenant or any Tenant Party, or any
violations of Legal Requirements caused by Tenant or any Tenant Party; and (e) Tenant shall comply with all of the terms and conditions of Article 4 of this Lease with respect to any alterations or installations in the Premises performed during
the Pre-Commencement License Period. Tenant shall coordinate 

  
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all activities on and about the Premises relating to Tenant’s IT Installations and any of Tenant’s and its employees’, agents’ or contractors’ entries to the Premises and
the Building with Landlord, and Tenant shall not interfere with or hinder Landlord in the performance of Landlord’s Work or the Base Building Work, and any interference or hindrance shall be considered a Tenant Delay (as defined in Schedule B
attached hereto). 
 C. Condition Of Premises. Tenant agrees to accept possession of the Premises in the condition which shall exist
on the Commencement Date “as is” subject to the completion of Landlord’s Work and the Base Building Work as provided herein, and further agrees that 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 the performance of Landlord’s Work and the Base Building Work. The taking of possession of the Premises by Tenant shall be presumptive evidence as against Tenant that, at the
time such possession was so taken, the Premises and the Building were in good and satisfactory condition and that Landlord’s Work and the Base Building Work was substantially completed. Notwithstanding the foregoing, Tenant shall have the right
to give Landlord notice of any latent defects in Landlord’s Work which defects were not (or would not have been) discernible after diligent examination of the Premises, provided that such defects are not caused by any Tenant Party (as
hereinafter defined), for a period of one hundred eighty (180) days after the substantial completion of Landlord’s Work, TIME OF THE ESSENCE. Landlord shall complete or repair any such items promptly, but any such items shall not affect
the date of substantial completion of Landlord’s Work or the Commencement Date. 
 D. Permitted Uses. 

(i) Tenant shall use and occupy the Premises for the Permitted Uses, and for no other purpose. 

(ii) Anything contained herein to the contrary notwithstanding, Tenant shall not use the Premises or any part thereof, or permit the Premises
or any part thereof to be used, (a) for the business of photographic, multilith or multigraph reproductions or offset printing (except as set forth in the last sentence of this Subsection D(ii)), (b) for a retail banking, trust company,
depository, guarantee or safe deposit business (except that Tenant may provide escrow and similar services in connection with its primary business office use of the Premises), (c) as a savings bank, a savings and loan association or a loan company,
(d) for the sale of travelers checks, money orders, drafts, foreign exchange or letters of credit or for the receipt of money for transmission, (e) as a “retail” stock broker’s or dealer’s office which shall be open to
the general public (except pursuant to prior appointment), (f) as a restaurant or bar or for the sale of confectionery, soda, beverages, sandwiches, ice cream or baked goods or for the preparation, dispensing or consumption of food or beverages in
any manner whatsoever (except that Tenant may install vending machines at the Premises for the use of Tenant’s employees and business guests), (g) as a news or cigar stand, (h) as an employment agency, labor union office, physician’s
or dentist’s office or for the rendition of any other diagnostic or therapeutic services, dance or music studio, school (except for the training of employees of Tenant), (i) as a barber shop, beauty salon or manicure shop, (j) for the
direct sale, at retail, wholesale or otherwise, of any goods or products, (k) for a public stenographer or typist, (l) for a telephone or telegraph agency, telephone or secretarial service for the public at large, (m) for a messenger
service for the public at large, (n) gambling or gaming activities, obscene or pornographic purposes or any sort of commercial 

  
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sex establishment, (o) for the possession, storage, manufacture or sale of alcohol, drugs or narcotics, (p) for the conduct of a public auction, or (q) for the offices or business
of any federal, state or municipal agency or any agency of any foreign government. Notwithstanding the foregoing or any other provision of this Lease, nothing in this Lease shall preclude Tenant from (x) using the Premises as an office for a
real estate brokerage firm, including meeting with clients and guests at the Premises by appointment and (y) using any part of the Premises for photographic, multilith or multigraph reproductions in connection with, either directly or
indirectly, its own business and/or activities. 
 (iii) Neither Tenant nor any Tenant Party shall use any portion of the halls, corridors,
stairways, elevators or other public portions of the Building or any entranceways, sidewalks or roadways adjoining the Building in any manner which would cause any unreasonable congestion or in any way impede the flow of pedestrian traffic outside
of the Premises or the Building. 
 E. Certificate Of Occupancy. 

(i) Within three (3) business days of Landlord’s execution and delivery of this Lease to Tenant, Landlord shall file the application
annexed to this Lease as Exhibit 5, with the New York City Department of Buildings (the “DOB”) for a “Schedule A” to the Building’s certificate of occupancy, stating in substance that the permitted occupancy of
each of the third (3rd) and fourth (4th) floors of the Building will be increased to be at least ninety (90) persons (the
“Schedule A”). Landlord shall use good faith, commercially reasonable efforts to obtain the Schedule A within forty-five (45) days after the date of this Lease and deliver a copy thereof to Tenant. In the event that Landlord is
unable to obtain the Schedule A and deliver a copy thereof to Tenant within such forty-five (45) day period (which date shall be subject to Unavoidable Delay, which Unavoidable Delay shall not exceed thirty (30) days), the
“Schedule A Deadline”), Tenant shall have the right to terminate this Lease on fifteen (15) days’ written notice to Landlord (the “CO Termination Notice”) given at any time after the Schedule A Deadline,
but before the date that the Schedule A is issued. In the event that Landlord is unable to obtain the Schedule A within fifteen (15) days after the date of the CO Termination Notice (the “CO Termination Date”), as Tenant’s
sole and exclusive remedies: (i) this Lease shall terminate as of the CO Termination Date and neither Landlord nor Tenant shall have any further obligations to each other hereunder, except for such obligations that expressly survive the
expiration or earlier termination of the Lease and (ii) Landlord shall, within thirty (30) days after the CO Termination Date (a) refund any prepaid Rent (as hereinafter defined) and Security Deposit to Tenant and (b) pay the
Termination Fee to Tenant. Landlord’s obligations pursuant to clause (ii) of the immediately preceding sentence shall survive the termination of the Lease. The term “Termination Fee” as used in this Subsection 1E(i) shall
mean the sum of $35,000.00. In the event that Landlord obtains the Schedule A before the CO Termination Date, Tenant’s CO Termination Notice shall be void and the Lease shall not be deemed terminated thereby. 

(ii) Provided that this Lease is not terminated pursuant to Subsection 1E(i) above, Landlord shall use commercially reasonable efforts to
obtain an amended certificate of occupancy or temporary certificate of occupancy for the Building increasing the number of permitted occupants on each of the third (3rd) and fourth (4th) floors of the Building (such temporary or permanent certificate of occupancy is referred to herein as the “Amended CO”) on 

  
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or before the Commencement Date (subject to Unavoidable Delay not to exceed thirty (30) days, the “Amended CO Deadline”). In the event that Landlord is unable to obtain an
Amended CO by the Amended CO Deadline, as Tenant’s sole and exclusive remedy, the Minimum Rent Abatement Period shall be extended two (2) days for each day from and after the Commencement Date that the Amended CO has not been obtained. In
the event that Landlord obtains an Amended CO, but the permitted occupancy of each of the third (3rd) and fourth (4th) floors of the Building
is less than ninety (90) people per floor, Tenant shall receive the following extensions of the Minimum Rent Abatement Period (in addition to any other extensions of the Minimum Rent Abatement Period expressly set forth herein): (a) if the
Amended CO allows a permitted occupancy of more than 85 people per floor for each of the third (3rd) and fourth (4th) floors, the Minimum Rent
Abatement Period shall not be extended; (b) if the Amended CO allows a permitted occupancy of more than 75 people per floor, but less than 84 people per floor for each of the third (3rd) and
fourth (4th) floors, the Minimum Rent Abatement Period shall be extended for two (2) additional calendar months; and (c) if the Amended CO allows a permitted occupancy of fewer than 74
people per floor for each of the third (3rd) and fourth (4th) floors, the Minimum Rent Abatement Period shall be extended for four
(4) additional calendar months. 
 (iii) Tenant shall not at any time use or occupy the Premises in violation of the certificate of
occupancy issued for the Premises or for the Building. Landlord agrees that it shall not, at any time during the Term, amend the certificate of occupancy in a manner that would adversely affect Tenant’s ability to use the Premises for office
use. A true and correct copy of the certificate of occupancy for the Building is attached hereto as Exhibit 6. 
 2. RENT. 

A. Minimum Rent. Tenant agrees to pay the Minimum Rent 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, commencing on the Commencement Date and on the first (1st) day of each calendar
month thereafter during the Term (except as hereinafter otherwise provided), at Landlord’s address as set forth herein or such other place as Landlord may designate, without any set-off, offset, abatement
or deduction whatsoever, except that Tenant shall pay the first full monthly installment on the execution hereof. If the Commencement Date shall occur on a date other than the first (1st)
day of any calendar month, Tenant shall pay to Landlord, on the Commencement Date, an amount equal to such proportion of an equal monthly installment of Minimum Rent as the number of days from and including the Commencement Date bears to the total
number of days in said calendar month. Any Minimum Rent for any other partial month during the Term shall be equitably pro rated on a per diem basis. Landlord shall have the right to require Tenant to pay Minimum Rent when due by wire transfer of
funds to an account designated from time to time by Landlord on at least thirty (30) days’ advance notice to Tenant. 
 B.
Additional Rent. All sums other than Minimum Rent payable hereunder shall be deemed to be “Additional Rent” and shall be payable within thirty (30) days of rendition of a statement therefor, unless other payment dates
are hereinafter provided. The term “Rent” as used in this Lease shall mean Minimum Rent and Additional Rent. Landlord may apply payments made by Tenant towards the payment of any item of Minimum Rent and/or Additional Rent payable
hereunder notwithstanding any designation by Tenant as to the items against which any such payment should be credited. 

  
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 C. Rent Tax. Tenant shall, in addition to and together with the payments of Minimum
Rent and any Additional Rent, pay to Landlord any and all sales or rent taxes required by any Governmental Agency to be collected by Landlord in connection with Minimum Rent and Additional Rent. Tenant shall also pay before delinquency any and all
taxes, assessments, license fees and public charges levied, assessed or imposed and which become payable during the term of this Lease upon Tenant’s fixtures, furniture, appliances and personal property installed or located in or about the
Premises. 
 D. Rent Credit. Notwithstanding anything to the contrary hereinabove set forth, provided Tenant is not in default under
this Lease beyond the expiration of any applicable grace or cure period, Tenant shall be entitled to a credit against the Minimum Rent for the Minimum Rent Abatement Period. 

3. ESCALATIONS. 
 A. Defined Terms.

 (i) “Taxes” shall mean the aggregate amount of real estate taxes and any special or other assessments (exclusive of
penalties and interest thereon) imposed upon the Real Property and real estate taxes or assessments imposed in connection with the receipt of income or rents from the Building to the extent that same shall be in lieu of all or a portion of the
aforesaid taxes or assessments, or additions or increases thereof, including, without limitation, (a) assessments made upon or with respect to any air rights, (b) BID Charges and (c) any assessments levied after the date of this Lease
for public benefits to the Real Property or the Building (excluding an amount equal to any assessments that are not payable in installments and are paid in full during the Base Tax Year; to the extent that any assessment is payable in installments
that are due during both the Base Tax Year and subsequent Tax Years during the Term, the amount of such assessment shall be excluded from both the calculation of the Base Tax Amount and the calculation of Taxes for any subsequent Tax Year affected
by such assessment) which assessments, if payable in installments, shall be deemed payable in the maximum number of permissible installments and there shall be included in real estate taxes for each Comparison Year (hereinafter defined) in which
such installments may be paid, the installments of such assessment so becoming payable during such Comparison Year (in the manner in which such taxes and assessments are imposed as of the date hereof), except as specifically set forth above;
provided, that if because of any change in the taxation of real estate, any other tax or assessment (including, without limitation, any occupancy, gross receipts, rental, income, franchise, transit or other 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 or in addition to, any of the foregoing Taxes, such other tax or assessment shall be deemed part of Taxes to the extent that the same are at such
time generally assessed against owners or lessors of comparable buildings in the area of Manhattan in which the Building is located. Notwithstanding anything to the contrary contained herein, the term “Taxes” shall not include net income
(except as set forth above), franchise or “value added” tax (except as set forth above), inheritance tax or estate tax, commercial occupancy tax (except as set forth above), transfer taxes, mortgage and ground lease recording taxes, and
any other taxes and 

  
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charges on financings of the Real Property or the Building, and any interest, fines or penalties imposed by the taxing authority for late payment (except to the extent such late payment is due to
Tenant’s late payment of Additional Rent under this Article 3). For the purposes of this Article 3, Taxes shall be calculated without taking into account any ICIP, ICAP or similar tax abatement, exemption or deferral program affecting the Real
Property. With respect to any Comparison Year all 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 year. 
 (ii) “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. 

(iii) “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). 
 (iv) “BID Charges” shall mean business
improvement district taxes and similar charges imposed on the Building and/or the Real Property and any expenses incurred by Landlord in contesting the same. 

(v) “Operating Expenses” shall have the meaning set forth in Subsection E of this Article 4. 

(vi) “Operating Year” shall mean each calendar year that includes any part of the Term. 

(vii) “Comparison Year” shall mean (a) with respect to Taxes, any calendar year during the Term (or such other twelve
(12) month fiscal or accounting period as Landlord may reasonably elect) and (b) with respect to Operating Expenses, any Operating Year during the Term. The term “Comparison Year” shall also include any partial Comparison Year
occurring during the Term (provided that Tenant’s Tax Payment (as hereinafter defined) or Operating Payment (as hereinafter defined), as applicable, shall be appropriately pro-rated on a per diem basis
for any partial Comparison Year). 
 (viii) “Landlord’s Statement” shall mean an instrument or instruments containing a
comparison of any increase or decrease in the Rent for the preceding Comparison Year pursuant to the provisions of this Article 3. 
 B.
Escalation. 
 (i) If the Taxes payable for any Comparison Year (any part or all of which falls within the Term) shall represent an
increase above the Base Tax Amount, then the Rent for such Comparison Year and continuing thereafter until a new Landlord’s Statement is rendered to Tenant, shall be increased by Tenant’s Proportionate Share of such increase (a
“Tax Payment”). The Taxes shall be initially computed on the basis of the Assessed Valuation in effect at the time Landlord’s 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 

  
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reduction of any such Assessed Valuation, but shall be subject to subsequent adjustment as provided in Subsection D(i)(a) of this Article 3. Notwithstanding anything to the contrary contained in
this Article 3, no Tax Payment shall be due from Tenant for the first twelve (12) months of the Term. 
 (ii) If the Operating Expenses
for any Comparison Year (any part or all of which falls within the Term) shall represent an increase above the Base Operating Factor, then the Rent for such Comparison Year and continuing thereafter until a new Landlord’s Statement is rendered
to Tenant, shall be increased by Tenant’s Proportionate Share of such increase (an “Operating Payment”). Notwithstanding anything to the contrary contained in this Article 3, no Operating Payment shall be due from Tenant for
the first twelve (12) months of the Term. 
 C. Payment of Escalations. 

(i) At any time prior to, during or after any Comparison Year Landlord shall render to Tenant a Landlord’s Statement or Statements showing
separately or together (i) a comparison of the Taxes payable for the Comparison Year with the Base Tax Amount, (ii) a comparison of the Operating Expenses payable for the Comparison Year with the Base Operating Factor, and (iii) the
amount of the increase in the Rent resulting therefrom. Landlord’s failure to render a Landlord’s Statement and/or receive payments with respect thereto during or with respect to any Comparison Year shall not prejudice Landlord’s
right to render a Landlord’s Statement and/or receive payments with respect thereto during or with respect to any subsequent Comparison Year, and shall not eliminate or reduce Tenant’s obligation to pay increases in the Rent pursuant to
this Article 3 for such Comparison Year. Landlord may also at any time and from time to time, furnish to Tenant a revised Landlord’s Statement or Statements showing separately or together (a) a comparison of the Taxes payable for the
Comparison Year with the Base Tax Amount and (b) a comparison of the Operating Expenses for the Comparison Year with the Base Operating Factor. 

(ii) With respect to an increase in the Rent resulting from an increase in the Taxes for any Comparison Year above the Base Tax Amount, Tenant
shall pay to Landlord a sum equal to one-half (1⁄2) of such amount on the first day of June and a sum equal to one-half (1⁄2) of such amount on the first day of December of each calendar year. If Landlord’s Statement shall be furnished
to Tenant after the commencement of the Comparison Year to which it relates, then (I) until Landlord’s Statement is rendered for such Comparison Year, Tenant shall pay Tenant’s Proportionate Share of increases in Taxes for such
Comparison Year in semi-annual installments, as described above, based upon the last prior Landlord’s Statement rendered to Tenant with respect to Taxes, and (II) Tenant shall pay to Landlord an amount equal to any underpayment of the Tax
Payment theretofore paid by Tenant for such Comparison Year and, in the event of an overpayment by Tenant, Landlord shall permit Tenant to credit against subsequent payments under this Subsection the amount of such overpayment. At Landlord’s
option, Landlord may deliver to Tenant a statement setting forth Landlord’s estimate of the Tax Payment for the next succeeding Tax Year (the “Estimated Amount”). In such event, Tenant shall pay the Estimated Amount in advance
in equal monthly installments together with that month’s installment of Minimum Rent. In the event of an overpayment or underpayment by Tenant, the difference shall be adjusted in accordance with the terms of this Article 3. The benefit of any
discount for any early payment or prepayment of Taxes shall accrue solely to the benefit of Landlord, and such discount shall not be subtracted from the Tax Payment. Tenant shall be obliged to pay the Tax Payment regardless of whether Tenant is
exempt, in whole or in part, from the payment of any Taxes by reason of Tenant’s diplomatic status or otherwise. 

  
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 (iii) Tenant’s obligations with respect to increases in Operating Expenses shall be
payable by Tenant on the first day of the month following the furnishing to Tenant of a Landlord’s Statement with respect to the Operating Expenses in an amount equal to one twelfth (1/12th) of such increase in the Rent multiplied by the number
of months (and any fraction thereof) of the Term then elapsed since the commencement of the Comparison Year for which the increase is applicable, together with a sum equal to one twelfth (1/12th) of such increase with respect to the month following
the furnishing to Tenant of a Landlord’s Statement; and thereafter, commencing with the next succeeding monthly installment of Rent and continuing monthly thereafter until rendition of the next succeeding Landlord’s Statement, the monthly
installments of Rent shall be increased by an amount equal to one twelfth (1/12th) of such increase. Any increase in the Rent shall be collectible by Landlord in the same manner as Rent. At Landlord’s option, Landlord may deliver to Tenant a
statement setting forth Landlord’s estimate of the Operating Expenses for the next succeeding Comparison Year (the “Estimated Amount”). In such event, Tenant shall pay the Estimated Amount in advance in equal monthly
installments together with that month’s installment of Minimum Rent. In the event of an overpayment or underpayment by Tenant, the difference shall be adjusted in accordance with the terms of this Article 3. 

(iv) Following each Landlord’s Statement, a reconciliation shall be made as follows: Tenant shall be debited with any increase in the Rent
shown on such Landlord’s Statement and credited with the aggregate, if any, paid by Tenant on account in accordance with the provisions of this Subsection C for the Comparison Year in question; Tenant shall pay any net debit balance to Landlord
within thirty (30) days next following rendition by Landlord of a statement for such net debit balance; any net credit balance shall be applied against the next accruing monthly installment of Rent, or refunded to Tenant if no further Rent is
due from Tenant to Landlord hereunder. The provisions of this Subsection C(iv) shall survive the expiration or earlier termination of the Lease. 

D. Adjustments. 

(i) (a) In the event that, after a Landlord’s Statement has been sent to Tenant, an Assessed Valuation which had been utilized in
computing the Taxes for a Comparison 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 statement adjusting the Tax Payment for such Comparison Year (taking into account the expenses mentioned in the last sentence of Subsection A(i) of this Article 3) and setting forth Tenant’s
Proportionate Share of such refund and Tenant shall be entitled to receive such share by way of a credit against the Rent next becoming due after the sending of such Landlord’s Statement; provided, however, that (A) Tenant’s
Proportionate Share of such refund shall be limited to the amount, if any, which Tenant had theretofore paid to Landlord as increased Rent for such Comparison Year on the basis of the Assessed Valuation before it had been reduced, and (B) if
Tenant is in default hereunder at such time, Tenant shall not receive such credit until such time as such default has been cured by Tenant. 

  
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 (b) In the event that, after a Landlord’s Statement has been sent to Tenant, the
Assessed Valuation which had been utilized in computing the Base Tax Amount is reduced (as a result of settlement, final determination of legal proceedings or otherwise) then, and in such event: (A) the Base Tax Amount shall be retroactively
adjusted to reflect such reduction, (B) the monthly installment of Rent shall be increased accordingly, and (C) all retroactive Additional Rent resulting from such retroactive adjustment shall be forthwith payable when billed by Landlord.
Landlord promptly shall send to Tenant a statement setting forth the basis for such retroactive adjustment and Additional Rent payments. 

(ii) After the end of each Operating Year, Landlord shall furnish to Tenant a Landlord’s Statement for such Operating Year. Each such year-end Landlord’s Statement shall be accompanied by a reasonably detailed computation of Operating Expenses for the Building prepared by the managing agent for the Building or a certified public accountant
designated by Landlord from which Landlord shall make the computation of Operating Payment. In making computations of Operating Expenses and the Operating Payment, the certified public accountant or the managing agent may rely on Landlord’s
reasonable estimates and allocations whenever said estimates and allocations are needed for this Article 3. If the Landlord’s Statement shows that the sums paid by Tenant under Subsection C(iii) of this Article 3 exceeded Tenant’s
Operating Payments required to be paid by Tenant for such Operating Year, Landlord shall credit the amount of such excess against subsequent payments of Rent or, if at the end of the Term there shall not be any further installments of Rent remaining
against which Landlord can credit any such overpayments due Tenant, Landlord shall deliver to Tenant Landlord’s check in the amount of the refund due Tenant within thirty (30) days after Tenant shall first be entitled to a credit for the
overpayment of Operating Expenses; and if the Landlord’s Statement for such Operating Year shows that the sums so paid by Tenant were less than Tenant’s Operating Payment due for such Operating Year, Tenant shall pay the amount of such
deficiency within thirty (30) days after demand therefor. 
 (iii) Any Landlord’s Statement sent to Tenant shall be conclusively
binding upon Tenant unless, within ninety (90) days after such statement is sent, Tenant shall (a) pay to Landlord the amount set forth in such statement, without prejudice to Tenant’s right to dispute the same, and (b) send a
written notice to Landlord objecting to such statement and specifying the particular respects in which such statement is claimed to be incorrect. The parties recognize the unavailability of Landlord’s books and records because of the
confidential nature thereof. 
 (iv) Anything in this Article 3 to the contrary notwithstanding, under no circumstances shall the rent
payable under this Lease be less than the Minimum Rent set forth herein. 
 (v) The expiration or termination of this Lease during any
Comparison Year for any part or all of which there is an increase in the Rent under this Article shall not affect the rights or obligations of the parties hereto respecting such increase and any Landlord’s Statement relating to such increase
may, on a pro rata basis, be sent to Tenant subsequent to, and all such rights and obligations shall survive, any such expiration or termination. Any payments due under such Landlord’s Statement shall be payable within thirty (30) days
after such statement is sent to Tenant. 
 (vi) Landlord and Tenant acknowledge and agree that Tenant’s Operating Payment and Tax
Payment shall be appropriately pro-rated on a per diem basis for any partial Tax Year or Operating Year occurring during the Term. 

  
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 E. Operating Expenses Definition. 

(i) The term “Operating Expenses” shall mean the aggregate of those costs and expenses (and taxes thereon, if any) paid or
incurred by Landlord or on behalf of Landlord with respect to the operation, cleaning, repair, safety, replacement (subject to the provisions of this Subsection E), management, security and maintenance of the Real Property, Building Systems,
sidewalks, curbs, plazas, and other areas adjacent to the Building, and with respect to the services provided to tenants, including, without limitation: (a) salaries, wages and bonuses paid to, and the cost of any hospitalization, medical,
surgical, union and general welfare benefits (including group life insurance), any pension, retirement or life insurance plans and other benefits or similar expenses relating to building employees of Landlord engaged in the operation, cleaning,
repair, safety, replacement (subject to the provisions of this Subsection E), management, security or maintenance of the Real Property and the Building Systems or in providing services to tenants, not exceeding the level of building manager;
(b) social security, unemployment and other payroll taxes, the cost of providing disability and worker’s compensation coverage imposed by any Legal Requirement, union contract or otherwise with respect to said employees; (c) the cost
of gas, oil, steam, water, sewer rental, HVAC and other utilities furnished to the Building and utility taxes; (d) the expenses incurred for casualty, rent, liability, fidelity, plate glass and any other insurance; (e) the cost of repairs,
maintenance and painting, including the cost of acquiring or renting all supplies, tools, materials and equipment used in operating or repairing the Building; (f) expenditures, whether by purchase or lease, for capital improvements and capital
equipment that: (I) are made by reason of Legal Requirements becoming effective from and after the date of the Lease, or (II) that are reasonably intended, in Landlord’s sole, but reasonable business judgment, to reduce expenses that
would otherwise be included in Operating Expenses, or (III) constitute a replacement which in Landlord’s reasonable judgment is prudent to make in lieu of repairs to the replaced item(s), because replacement is reasonably expected to be
less expensive than repairing the replaced item, provided that in no event shall the amount included under this clause (III) for any Operating Year exceed Landlord’s reasonable estimate of the amount which Landlord would have otherwise
paid to make such repairs during such Operating Year; (g) the cost or rental of all supplies, tools, materials and equipment; (h) the cost of uniforms, work clothes and dry cleaning; (i) the cost of window cleaning, janitorial,
concierge, guard, watchman or other security personnel, service or system, if any; (j) management fees not exceeding four (4%) percent of the annual gross rents in the Building; (k) charges of independent contractors performing work
included within this definition of Operating Expenses; (l) telephone and stationery costs; (m) legal, accounting and other professional fees and disbursements incurred in connection with the operation and management of the Real Property
(that are not included in the management fees described in clause (j) above); (n) association fees and dues; (o) the cost of decorations; (p) depreciation of hand tools and other movable equipment used in the operation, cleaning,
repair, safety, management, security or maintenance of the Building; (q) exterior and interior landscaping; and (r) the electrical costs incurred in the operation of the common areas of the Real Property and the Building. Operating
Expenses shall be calculated in accordance with good accounting principles, consistently applied and in a manner which is generally recognized or utilized by owners of comparable commercial buildings in the general geographic area of the Premises in
Manhattan (“Comparable Buildings”). 

  
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 (ii) Notwithstanding the foregoing, Operating Expenses shall not include, and the costs and
expenses set forth in subparagraph (i) of this Subsection E shall exclude or have deducted from them, as the case may be: (a) executives’ salaries above the grade of building manager; (b) amounts received or reasonably
recoverable by Landlord through proceeds of insurance to the extent they are compensation for sums that would be included in Operating Expenses; (c) cost of repairs or replacements incurred by reason of fire or other casualty or condemnation to
the extent Landlord is compensated therefor; (d) costs incurred in performing work or furnishing services or utilities for any 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 or utilities that Landlord is obligated to furnish to Tenant at Landlord’s expense; (e) Taxes (including any charges or fees included in the definition of “Taxes”); (f) financing and refinancing
costs and mortgage interest and amortization payments and other debt service with respect to the Real Property and any costs relating to the sale or other disposition of all or any part of the Real Property or any interest therein; (g) all
costs and expenses incurred in connection with leasing, renovating, improving, remodeling, decorating, and/or installing leasehold improvements for tenants or occupants or prospective tenants and occupants of the Building, including, without
limitation, leasing commissions, rental concessions, advertising and promotional expenditures, lease buy-outs and attorneys’ fees in connection therewith; (h) any expense for which Landlord is
entitled to be reimbursed by any tenant as an additional charge in excess of Minimum Rent and any escalation rent; (i) amortization and depreciation, except as otherwise specifically provided in subparagraphs (i) and (iii) of this
Subsection E; (j) any amount paid to affiliates of Landlord for goods or services to the extent that such costs exceed what such goods and services would have cost if they were not delivered or rendered by an affiliate; (k) rental or any
financing costs under any ground or underlying lease; (l) professional fees not allocated to the operation or management of the Real Property and professional fees allocable to disputes with, or preparation of leases for, tenants and
prospective tenants; (m) advertising and promotional expenses with respect to the Real Property; (n) amounts otherwise includable in Operating Expenses but which are reimbursed to Landlord directly by Tenant or other tenants of the
Building; (o) the cost of the acquisition or installation of artwork, statues or paintings or electronic art, in excess of $10,000.00 per annum (and specifically excluding holiday decorations, which shall be included as Operating Expenses); (p)
the cost incurred in respect of any addition to or enlargement of the Building; (q) any interest, fine, penalty or other late charges payable by Landlord, not caused by Tenant; (r) capital improvements and other capital expenditures,
except as specifically set forth in Subsection 3E(i)(f) above; (s) Landlord’s charitable or political contributions; (t) costs specifically relating to any maintenance and repair that would only benefit the retail or garage areas of
the Building (and would not benefit the office tenants of the Building); (t) bad debt loss, rent loss, or any reserve for bad debt loss or rent loss for the Building; (u) any cost or expense related to the removal, cleaning, abatement or
remediation of Hazardous Materials; and (v) any cost relating to compliance with any law or union contract relating to unfunded pension plans. 

(iii) Except as set forth below, the cost of any item of capital equipment or any capital expenditure set forth in Subsection 3E(i)(f) hereof,
shall be included in Operating Expenses for the Operating Year in which such cost is incurred and in every subsequent Operating Year, on a straight-line basis, to the extent that such items are amortized over the useful life of such capital

  
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improvement, with interest calculated at an annual rate equal to two (2%) percent over the prime rate of interest in effect at the time of Landlord’s having made said expenditure.
Notwithstanding the foregoing, the alterations, repairs, replacements and/or improvements described in clause (III) of Subsection 3E(i)(f), shall be included in Operating Expenses in the Operating Year in which such costs are incurred, except
as such costs may be limited as provided in clause (III) of Subsection 3E(i)(f). Additionally, in connection with the costs described in Subsection 3E(i)(f)(II), at Landlord’s option, such costs shall not be amortized over the useful life
of the improvement, but shall instead be included in Operating Expenses up to extent of the annual amount of the savings resulting from such alteration, repair, replacement or improvement. If Landlord leases any item of capital equipment designed to
result in savings or reductions in expenses that would otherwise be included in Operating Expenses, then the rentals and other costs paid with respect to such leasing shall be included in Operating Expenses for the Operating Years in which such
rentals or costs were incurred, but in no event shall the amount includible in Operating Expenses exceed the actual amount of savings for such Operating Year (based on Landlord’s reasonable estimate of what the Operating Expenses would have
been without such leased equipment). 
 (iv) 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 for all or any portion of an Operating Year, Operating Expenses for such Operating Year
shall be deemed to be increased by an amount equal to the additional Operating Expenses which reasonably would have been incurred during such Operating Year by Landlord if it had, at its own expense, furnished such work or service to such tenant.

 (v) In determining the amount of both the Base Operating Factor and Operating Expenses for any other Operating Year, if less than ninety
five (95%) percent of the Building’s rentable area shall have been occupied by tenant(s) at any time during the calendar years 2014 or 2015 or such other Operating Year, Operating Expenses, for purposes of the Base Operating Factor and for such
other Operating Year, shall be adjusted to the amount which would normally be expected to be incurred had ninety five (95%) percent of all such areas been occupied throughout the calendar years 2014 or 2015 or such other Operating Year. The
provisions of this subparagraph (v) with respect to adjustments of Operating Expenses for vacancy shall apply only to Operating Expenses which are variable and which increase in the same relationship to the increase in occupancy in the Building
and shall not apply to any Operating Expenses which do not vary with the level of occupancy in the Building. 
 F. Audit Right. If
Tenant shall send an objection notice pursuant to Subsection D(iii) of this Article 3 with respect to a Landlord’s Statement, Tenant may, at its own expense, select an independent certified public accountant or an internal auditor directly
employed by Tenant, that is not being compensated by Tenant, in whole or in part, on a contingency basis (an “Approved Examiner”), and provided that such Approved Examiner is not and has not during the Term been affiliated with, a
shareholder in, an officer, director, partner, or employee of, Landlord or any managing agent of Landlord or any affiliate of Landlord, and such Approved Examiner may examine Landlord’s books and records relating solely to disputed aspects of
the disputed items to determine the accuracy of Landlord’s Statement. Tenant recognizes the confidential nature of Landlord’s books and records and agrees that information obtained by it or an Approved Examiner

  
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during any examination (including any compromise, settlement or adjustment relating to the results of such examination) shall be maintained in strict confidence by Tenant and such Approved
Examiner. As a condition precedent to Tenant’s exercise of its right to examine Landlord’s books and records, Tenant shall deliver to Landlord a confidentiality agreement, reasonably satisfactory to Landlord, from the Approved Examiner to
the same effect as Tenant’s agreement contained in the preceding sentence. If, after such examination, such Approved Examiner shall dispute such Landlord’s Statement, either party may refer the decision of the issues raised to a reputable
independent, third party firm of certified public accountants, that does not work (and who has not for the prior five (5) years, worked) for Landlord or Tenant, or an affiliate of either, to be approved by the other party, which approval shall
not be unreasonably withheld or delayed (an “Impartial Accountant”). If Landlord and Tenant cannot, using good faith efforts, agree on an Impartial Accountant, either party may refer the selection of the Impartial Accountant to the
American Arbitration Association (the “AAA”), in which case, the decision of the AAA shall be binding on both parties. The decision of the Impartial Accountant shall be conclusively binding upon the parties. The fees and expenses
involved in resolving such dispute shall be borne by the unsuccessful party (and if both parties are partially unsuccessful, the accountants shall apportion the fees and expenses between the parties based upon the degree of success of 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 Landlord’s Statement, as provided in this Article. If the final results of
the audit show an overcharge to Tenant of more than ten (10%) percent of the amount of Operating Costs actually owed by Tenant, then Landlord shall pay Tenant’s reasonable
out-of-pocket costs for such audit, not to exceed $10,000.00, and Landlord shall credit or refund to Tenant any overpayment of such items as discovered by the audit
within thirty (30) days of completion of such audit. In the event such audit discloses an undercharge of such items as billed to Tenant, Tenant shall pay Landlord the amount of any underpayment based on such undercharge within thirty
(30) days of completion of the audit, as Additional Rent. 
 4. ALTERATIONS. 

A. Defined Terms. 
 (i)
“Alterations” shall mean and include all installations, changes, alterations, restorations, renovations, decorations, replacements, additions, improvements and betterments made in or to the Premises or the Building by Tenant.
Alterations shall not include Landlord’s Work or the Base Building Work. 
 (ii) “Building Systems” shall mean the
mechanical, gas, electrical, sanitary, heating, air-conditioning, ventilating, elevator, plumbing, life-safety and other service systems of the Building. 

(iii) “Governmental Agency(ies)” shall mean the federal government and any state, county, city, borough and municipality, and
any division, agency, subdivision, bureau, office, commission, board, authority and department thereof, and any public officer or official and any quasi-governmental officials and authorities, and any insurance boards, having jurisdiction over the
Real Property, the Building and/or the Premises. 

  
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 (iv) “Legal Requirements” shall mean and include all laws orders,
ordinances, directions, notices, rules and regulations of any Governmental Agencies. 
 (v) “Minor Alterations” shall mean Non-Structural Alterations which do not require the issuance of a building permit or any other governmental authorization, and which cost less than $100,000.00 in the aggregate during any three (3) calendar
month period; provided, however, that Minor Alterations that are purely decorative in nature (i.e., painting, the installation or removal of carpeting or wall coverings and the installation or relocation of modular office partitions), shall not be
subject to the $100,000.00 cap. 
 (vi) “Non-Structural Alterations” shall mean
Alterations that do not materially affect any part of the base Building Systems (it being understood that the term “base Building Systems” shall not include any Building Systems that are located in and exclusively serve the Premises), or
parts of the Building Systems serving other tenants, or materially affect the roof, load bearing walls, columns, risers, beams, floor slabs and other structural components of the Building. 

(vii) “Permits” shall mean all governmental permits, approvals, licenses, authorizations, waivers, consents and certificates
which may be required in connection with the performance of any Alterations. 
 (viii) “Specialty Alterations” shall mean
Alterations consisting of raised floors, vaults, internal staircases, pneumatic tubes, vertical and horizontal transportation systems, and any other installations which would cost materially more to remove than ordinary office installations. 

B. Alterations Within Premises. 

(i) Except in accordance with the provisions of this Article, Tenant shall make no Alterations in or to the Premises, whether structural or non-structural, without Landlord’s prior written consent, which consent Landlord agrees not to unreasonably withhold or unduly delay with respect to Non-Structural
Alterations that are made entirely within the Premises and which do not affect the structure of the Building or any Building Systems outside (or serving parts of the Building outside) the Premises, or violate, create a condition which violates, or
require Landlord to perform any work or incur any expense to ensure compliance with, any Legal Requirements, and then only by contractors or mechanics approved in writing by Landlord (which approval Landlord agrees not to unreasonably withhold or
unduly delay with respect to contractors or mechanics performing Non-Structural Alterations). 
 (ii)
Notwithstanding anything to the contrary contained in this Subsection B, Tenant shall have the right, on not less than five (5) days’ prior written notice to Landlord, but without being required to obtain Landlord’s consent, to
perform Minor Alterations in or to the Premises, provided that: (y) Tenant shall comply with all applicable Legal Requirements and all of the other applicable requirements governing Alterations set forth in this Lease, and (z) such Minor
Alterations shall be performed only by contractors or mechanics approved in writing by Landlord (which approval Landlord agrees not to unreasonably withhold or unduly delay). Tenant’s notice to Landlord regarding a proposed Decorative
Alteration should include Landlord expressly reserves the right to exclude from the Building any person, firm or corporation attempting to perform any Alterations or act as construction contractor or manager without Landlord’s prior written
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 (iii) It shall be Tenant’s responsibility and obligation to ensure that all Alterations:
(1) shall be made at Tenant’s own cost and expense and at such times and in such manner as Landlord may from time to time reasonably designate (including reasonable rules governing Alterations as Landlord may from time to time make), (2)
shall comply with all Legal Requirements, (3) shall be made promptly and in a good and workmanlike manner using materials substantially similar in quality to the standard generally used in the Building or higher quality materials,
(4) shall not affect the appearance of the Building outside of the Premises or be visible from the exterior of the Building, and (5) shall not reduce the value or utility of the Building. 

C. Landlord’s Supervisory Fee. Tenant agrees to pay to Landlord’s managing agent or designated construction
manager as a supervisory fee an amount equal to five (5%) percent of the cost of any Alterations to be performed by Tenant (other than Minor Alterations) in each instance. Such supervisory fee shall be paid by Tenant prior to the commencement of any
such Alterations, based on the estimated cost of such Alterations (including any fees charged by general contractors, architects, construction managers or similar professionals), and upon the completion of such Alterations, Tenant shall pay to
Landlord’s managing agent or designated construction manager the difference, if any, between (i) five (5%) percent of the actual cost of such Alterations, and (ii) the amount previously paid as the estimated supervisory fee prior to
the commencement of such Alterations. Notwithstanding the foregoing, no Supervisory Fee shall be payable in connection with Tenant’s Alterations if Tenant uses Landlord’s designated contractor or one of Landlord’s preferred
contractors (the “Preferred Contractors”). As of the date of this Lease, the Preferred Contractors are: TriStar Construction Corp., JT Magen & Company, Inc., Henegan Construction Co. Inc., James E. Fitzgerald, Inc. and ACC
Construction Company, Inc. and Envirochrome. Landlord shall provide Tenant with an updated list of Preferred Contractors upon Tenant’s written request therefor. In addition, Tenant shall reimburse Landlord, as Additional Rent, for any
reasonable out-of-pocket expenses to third parties reasonably incurred by Landlord in connection with any Alterations performed by Tenant. Landlord acknowledges that the
fees described in this Subsection 4C do not apply to Landlord’s Work or the Base Building Work. 
 D. Required Submissions;
Permits. 
 (i) Prior to commencing the performance of any Alterations (other than Minor Alterations), Tenant shall furnish to Landlord:

 (1) Five (5) sets of plans and specifications prepared by a licensed architect or engineer engaged by Tenant, at the sole cost and
expense of Tenant, in sufficient detail to be accepted for filing by the New York City Building Department (or any successor or other Governmental Agency serving a similar function) of such proposed Alterations (the “Plans and
Specifications”), and in accordance with Landlord’s requirements for Plans and Specifications. One (1) set of the Plans and Specifications submitted to Landlord shall be half-size and four
(4) sets of the Plans and Specifications shall be full size (one of which must be signed and sealed by Tenant’s architect). Landlord’s approval of the Plans and Specifications shall be evidenced by in writing by an authorized
representative of Landlord. Landlord reserves the right to disapprove any Plans and Specifications in part, to reserve approval of items shown thereon pending its review 

  
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and approval of other plans and specifications, and/or to condition its approval upon Tenant making revisions to the Plans and Specifications or supplying additional information. If Landlord
shall disapprove the Plans and Specifications, then Tenant shall in good faith promptly proceed to amend the Plans and Specifications to satisfy Landlord’s objections and shall resubmit such amended Plans and Specifications to Landlord for
approval. In no event shall Landlord’s preliminary or final approval of the Plans and Specifications be deemed to waive or supersede any provision of this Lease relating to such proposed Alterations and, to the extent of a conflict or
inconsistency between the Plans and Specifications and the provisions of this Lease, the provisions of this Lease shall control and shall only be deemed amended or superseded if Landlord and Tenant agree to that effect in a written amendment to this
Lease. To the extent that Tenant performs Alterations reflected in the Plans and Specifications that conflict or are inconsistent with this Lease, Landlord may have such Alterations removed or conformed to the applicable requirements of this Lease
at Tenant’s expense. In the event that Landlord does not respond to the Plans and Specifications or Tenant’s revisions to the Plans and Specifications made pursuant to Landlord’s comments within ten (10) business days, Tenant
shall have the right to send Landlord a notice of Landlord’s failure to respond to the Plans and Specifications (a “Tenant Alteration Reminder Notice”), which notice may contain a legend in capital letters and bold type on the
first page thereof which states: “PURSUANT TO SUBSECTION D(i)(1) OF ARTICLE 4 OF THE LEASE, IN THE EVENT THAT YOU SHALL NOT RESPOND TO TENANT’S REQUEST FOR APPROVAL OF THE WITHIN DESCRIBED PLANS AND SPECIFICATIONS WITHIN FIVE
(5) BUSINESS DAYS, YOU SHALL BE DEEMED TO HAVE CONSENTED TO THE ALTERATIONS SET FORTH ON SUCH PLANS AND SPECIFICATIONS.” In the event that Landlord fails to respond to Tenant’s request for approval of Plans and
Specifications within five (5) business days of the Tenant Alteration Reminder Notice, Landlord shall be deemed to have consented to the Alterations described in the referenced Plans and Specifications. 

(2) A certificate evidencing that Tenant (or Tenant’s contractors) has (have) procured and paid for worker’s compensation insurance
covering all persons employed in connection with the work, who might assert claims for death or bodily injury against Landlord, Tenant, the Real Property and/or the Building as set forth on Exhibit 4 annexed hereto and made a part hereof or as
otherwise required by Landlord, and such additional personal injury and property damage insurance (over and above the insurance required to be carried by Tenant pursuant to the provisions of this Lease), builder’s risk, fire and other casualty
insurance as Landlord may reasonably require in connection with the Alterations. 
 (3) If the work to be undertaken requires expenditures by
Tenant in excess of $150,000.00 (exclusive of the cost of Minor Alterations), a surety company performance bond in form and substance reasonably satisfactory to Landlord (procured at Tenant’s cost and expense), issued by a surety company
reasonably acceptable to Landlord, or other security reasonably satisfactory to Landlord, in an amount equal to at least 125% of the estimated cost of such Alterations, guaranteeing to Landlord and any Mortgagee and/or Lessor the completion thereof
and payment therefor within a reasonable time, free and clear of all liens, encumbrances, chattel mortgages, security interests, conditional bills of sale and other charges, and in accordance with the plans and specifications approved by Landlord.

 (4) All Permits required by any applicable Legal Requirements, all of which shall be obtained at Tenant’s cost and expense, provided,
however, that no plans, specifications or applications shall be filed by Tenant with any Governmental Agency without Tenant first obtaining Landlord’s written consent thereto, which consent shall not be unreasonably withheld or delayed. 

  
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 (ii) Notwithstanding anything contained herein to the contrary, Landlord’s engineer, at
Tenant’s reasonable expense, will design, in accordance with the Plans and Specifications, all engineering work required for any structural work or any Building Systems. Tenant shall reimburse Landlord for the reasonable cost of such
engineering services. Furthermore, with respect to any Alteration affecting any Building Systems, Tenant shall employ, at Tenant’s sole cost and expense, Landlord’s designated contractor (including with respect to Alterations to the
Class E Systems of the Building, the electrician for the Building’s Class E Systems contractor). 
 (iii) Upon Landlord’s
approval of the Plans and Specifications, Tenant shall cause the Plans and Specifications to be filed with the Governmental Agencies having jurisdiction thereof, in order to obtain, and shall obtain all Permits which may be required in connection
with the performance of such Alterations. Landlord shall have the right to require that Tenant to make all filings using Landlord’s expediter for the Building (provided that such expeditor’s charges are commercially reasonable). Landlord
shall with reasonable promptness sign the applications for such Permits prepared by Tenant which require Landlord’s signature and otherwise cooperate with Tenant in connection therewith, at no cost or liability to Landlord. 

E. Completion of Alterations. 

(i) Tenant, at Tenant’s sole cost and expense, shall complete all Alterations in accordance with the provisions of this Lease. Alterations
shall be deemed completed at such time as (a) all certifications, approvals, licenses and permits with respect to such Alterations that may be required to evidence compliance with all Legal Requirements have been obtained and delivered to
Landlord, and (b) Tenant shall (1) furnish evidence reasonably satisfactory to Landlord that all Alterations have been completed and paid for in full and that any and all liens therefor that have been or might be filed have been discharged
of record or waived and that no security interests relating thereto are outstanding, (2) pay Landlord for the cost of any work performed by Landlord on Tenant’s behalf in connection with such Alterations, (3) except as to Minor
Alterations, furnish Landlord with four (4) sets of prints of “as built” drawings of the Premises together with four (4) sets of prints of the same, and the same in CADD format, and, and (4) except as to Minor Alterations,
furnish an affidavit in the form recommended by the American Institute of Architects from Tenant’s registered architect certifying that the Alterations have been performed in accordance with the Plans and Specifications as approved by Landlord.

 (ii) Tenant shall provide Landlord with copies of all lien waivers (including partial lien waivers) from all contractors and
subcontractors performing any Alterations on Tenant’s behalf within five (5) days of Tenant’s receipt thereof, and in any event no later than twenty (20) days after substantial completion of any Alterations. 

(iii) Tenant shall keep accurate and complete cost records of all Alterations performed by Tenant, and upon Landlord’s request, shall
furnish to Landlord true copies thereof and/or of all contracts entered into and work orders issued by Tenant in connection therewith. 

  
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 F. Liens. 

(i) In no event shall any material or equipment be incorporated in or affixed to the Premises in connection with any Alterations which is
subject to any lien, encumbrances, chattel mortgage, security interest, charge of any kind whatsoever, or is subject to any conditional sale or other similar or dissimilar title retention agreement. Tenant shall not create or permit to be created
any lien, encumbrance or charge (levied on account of any taxes or any mechanic’s, laborer’s or materialman’s lien, conditional sale, title retention agreement or otherwise) which might be or become a lien, encumbrance or charge upon
the Real Property or Building or any part thereof or the income therefrom, and Tenant shall not suffer any other matter or thing whereby the estate, rights and interest of Landlord in the Real Property or Building or any part thereof might be
impaired. 
 (ii) If any lien, encumbrance or charge referred to in this Subsection F shall at any time be filed against the Real Property or
Building or any part thereof, then Tenant, within thirty (30) days after Tenant shall have received notice of the filing thereof and at Tenant’s cost and expense, shall cause the same to be discharged of record by bonding or otherwise. If
Tenant shall fail to cause such lien to be discharged within the aforesaid period, then, in addition to any other right or remedy, Landlord may discharge the same either by paying the amount claimed to be due or by procuring the discharge of such
lien by deposit or by bonding proceedings, and in any such event Landlord shall be entitled, if Landlord so elects, to compel the prosecution of an action for the foreclosure of such lien by the lienor and to pay the amount of the judgment in favor
of the lienor with interest, costs and allowances. Any amount so paid by Landlord and all reasonable costs and expenses incurred by Landlord in connection therewith, together with interest thereon at the Interest Rate, shall constitute Additional
Rent payable by Tenant under this Lease. 
 G. Miscellaneous Conditions. 

(i) Landlord shall not be liable for any failure or diminution of any Building Systems or services, or for any damage to Tenant’s property
or the property of any other person, caused by Alterations made by Tenant, notwithstanding Landlord’s consent thereto or to the plans and specifications therefor. Tenant shall promptly correct any faulty or improper Alteration made by Tenant
and shall repair any and all damage caused thereby. Upon Tenant’s failure to promptly make such corrections and repairs, Landlord, upon not less than ten (10) days’ notice (except in the event of an emergency) to Tenant, may make such
corrections and repairs if Tenant shall fail to do so and charge Tenant for the cost thereof and any such charge shall be deemed Additional Rent. The review and/or approval by Landlord, its agents, consultants and/or contractors, of any Alterations
or of Plans and Specifications therefor and the coordination of the performance of such Alterations with the Building, are solely for the benefit of Landlord, and neither Landlord nor any of its agents, consultants or contractors shall have any duty
toward Tenant; nor shall Landlord or any of its agents, consultants and/or contractors be deemed to have made any representation or warranty to Tenant, or have any liability, with respect to the safety, adequacy, correctness, efficiency or
compliance with Legal Requirements of any Plans and Specifications, Alterations or any other matter relating thereto. 

  
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 (ii) All Alterations to be performed by Tenant shall be done in a manner which will not
interfere with or disturb other tenants and occupants of the Building nor delay or impose any additional expense on Landlord in the maintenance, cleaning, repair, safety, management and security of the Building or the Building Systems or in the
performance of any improvements in the Building. Landlord shall have the right to inspect the performance of the Alterations at any reasonable time to verify compliance by Tenant with the provisions of this Lease. 

(iii) Landlord shall permit Tenant’s contractors and suppliers to move construction materials, supplies and equipment for the Alterations
to the Premises and to remove construction waste and debris therefrom, by an elevator to be designated by Landlord at times appointed by Landlord after normal business hours or on other than business days, giving effect to other previously made
appointments. Tenant’s contractors and suppliers shall pay Landlord’s then Building-standard charges for the use of such elevator as Additional Rent. Such elevator use shall be subject to reasonable scheduling and supervision by Landlord.
Tenant shall, and shall cause its contractors and suppliers to, comply with Landlord’s rules and regulations, and Landlord’s directions for the coordination and control of construction activities in the Building and the protection and
security of the Building and its systems and occupants. 
 (iv) If Tenant shall fail to comply with any provision of this Article (beyond
notice and the expiration of any applicable cure period), Landlord, in addition to any other remedy herein provided, may require Tenant to immediately cease all work being performed in the Building by or on behalf of Tenant, and Landlord may deny
access to the Premises to any person performing work or supplying materials in the Premises. 
 (v) Tenant shall make any and all
modifications and additions and replacements to the existing sprinkler and alarm systems within or serving the Premises as may be necessitated by any Alterations. 

(vi) Notwithstanding anything to the contrary contained in this Lease, Tenant shall not be obligated to cure any building violations (each, a
“Building Violation”) that have been noted or issued before the date of this Lease, or during the Term of this Lease, that were not caused (in whole or in part) by Tenant or any Tenant Party, and, to the extent that any Building
Violation actually, materially and adversely interferes with or materially delays the performance of an approved Alteration, Landlord shall promptly and with due diligence, take any necessary action to cause such Building Violation(s) not to
actually, materially and adversely interfere or materially delay the performance of such approved Alteration. 
 H. Removal of
Alterations. 
 (i) All movable property, furniture, furnishings and trade fixtures furnished by or at the expense of Tenant, other than
those affixed to the Premises so that they cannot be removed without damage and other than those replacing an item theretofore furnished and paid for by Landlord or for which Tenant has received a credit or allowance, shall remain the property of
Tenant, and may be removed by Tenant from time to time prior to the expiration of the Term. All Alterations made by Tenant, including all paneling, decorations, partitions, railings, mezzanine floors, galleries and the like, which are affixed to the
Premises, shall become the property of Landlord and shall be surrendered with the Premises at the end of the Term, provided, however, that Landlord may elect, at Landlord’s option, to require Tenant (a) to remove, prior to the expiration
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Specialty Work Items (as defined in Schedule B attached hereto), or (b) pay Landlord for the reasonable cost of removal of such Specialty Alterations or Specialty Work Items. Notwithstanding
the foregoing, in connection with any request by Tenant for Landlord’s consent to any Alterations, Landlord agrees to inform Tenant at the time of Landlord’s consent if the proposed Alterations are Specialty Alterations that may be
required to be removed upon the expiration of the Term of this Lease in accordance with the standards set forth in this Subsection, provided that any notice requesting Landlord’s consent to such Alterations shall contain a legend in capital
letters and bold type on the first page thereof which states “PURSUANT TO SUBSECTION H OF ARTICLE 4 OF THE LEASE, IN THE EVENT THAT YOU SHALL CONSENT TO THE PROPOSED ALTERATIONS DESCRIBED IN THIS NOTICE YOU ARE REQUIRED TO INFORM TENANT AT
THE TIME OF YOUR CONSENT IF SUCH ALTERATIONS ARE SPECIALTY ALTERATIONS, THAT MAY BE REQUIRED TO BE REMOVED UPON THE EXPIRATION OF THE TERM OF THE LEASE IN ACCORDANCE WITH THE STANDARDS SET FORTH IN SAID SUBSECTION.” Provided that Tenant
complies with the notice requirements of this Subsection H(i), if Landlord fails to designate Alterations as Specialty Alterations at the time Landlord approves such Alterations, Landlord shall not be permitted to require that such Alterations be
removed prior to the expiration of the Term. 
 (ii) In any case where Tenant removes any property or Alterations in accordance with
Subsection H(i) or otherwise, Tenant shall immediately repair all damage caused by said removal, cap all electrical, plumbing and waste disposal lines in accordance with sound construction practice, and shall restore the Premises to good order and
condition at Tenant’s expense. Upon Tenant’s failure to remove any such property or Alterations, Landlord may: (a) remove all such property and Alterations which Landlord may require Tenant to remove pursuant to Subsection H(i), (b)
cause the same to be placed in storage, (c) repair any damage caused by said removal and restore the Premises to good order and condition, or (d) deem such property and Alterations to have been abandoned by Tenant, and retain and dispose
of said items without any liability to Tenant and without accounting to Tenant for the proceeds thereof. Tenant shall reimburse Landlord for all of the expenses incurred by Landlord in connection therewith. 

(iii) The provisions of this Subsection H shall survive the expiration or sooner termination of the Term, whereupon any and all monetary
obligations of Tenant pursuant thereto shall be deemed damages recoverable by Landlord. 
 5. REPAIRS; FLOOR LOAD. Landlord shall maintain and repair
the public portions of the Building, both exterior and interior, the structural portions of the Building, the roof of the Building and all Building Systems up to their point of entry to the Premises in a manner reasonably consistent with other class
“A” office properties in New York City. Tenant shall, throughout the Term, take good care of the Premises, the fixtures and appurtenances therein and the Building Systems located in the Premises, and at Tenant’s sole cost and expense,
make all nonstructural repairs thereto as and when needed to preserve them in good working order and condition, reasonable wear and tear and damage for which Tenant is not responsible under the terms of this Lease excepted. In addition, 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 any Alterations made by Tenant or any Tenant
Party’s acts or omissions, shall be repaired promptly by Tenant, at its sole cost and expense, to the 

  
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reasonable satisfaction of Landlord. All the aforesaid repairs shall be of quality and class equal to the original work or construction and shall be made in accordance with the provisions of
Article 4 hereof. Tenant shall give Landlord prompt notice of any defective condition in any plumbing, electrical, air-cooling or heating system located in, servicing or passing through the Premises. Tenant
shall not place a load upon any floor of the Premises exceeding the floor load per square foot area which such floor was designed to carry and which is allowed by law. Landlord reserves the right to prescribe the weight and position of all safes,
business machines and heavy equipment and installations. 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. Except as may be expressly provided herein, 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. If the Premises
be or become infested with vermin, Tenant, at Tenant’s expense, shall cause the same to be exterminated from time to time to the satisfaction of Landlord and shall employ such exterminators and such exterminating company or companies as shall
be approved by Landlord. 
 6. REQUIREMENTS OF LAW. 

A. Landlord represents to Tenant that as of the Commencement Date, the Premises shall comply with all Legal Requirements in effect as of the
Commencement Date that are applicable to Landlord’s Work and the use of the Premises for general and executive offices. 
 B. Tenant, at
its sole expense, shall comply with all Legal Requirements during the Term which shall now or hereafter impose any violation, order or duty upon Landlord or Tenant with respect to the Premises as a result of the use, occupation or alteration thereof
by Tenant. Tenant shall promptly notify Landlord if it receives notice of any violation of, or defaults under, any Legal Requirements, liens or other encumbrances applicable to the Premises. Notwithstanding the foregoing, Tenant shall not be
required to make any structural changes to the Building, the Building Systems or the Premises pursuant to this Subsection 6A, unless the same are required due to (i) Tenant’s particular manner of use of the Premises or operation of its
installations, equipment or other property therein (other than the mere use of the Premises as generic executive and general offices), (ii) any cause or condition created by or at the instance of Tenant, or (iii) the breach of any of
Tenant’s obligations hereunder. 
 B. Tenant shall not do or permit to be done any act or thing upon the Premises which will invalidate
or be in conflict with any insurance policies covering the Building and fixtures and property therein; 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 Legal Requirements. If by reason of Tenant’s acts or omissions, the fire insurance rate shall at the beginning of this Lease or at any time thereafter be higher than it otherwise would be, then Tenant shall reimburse 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 or use by Tenant. 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 New York Fire Insurance Rating Organization, 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 Premises. 

  
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 C. If any governmental license or permit shall be required for the proper and lawful conduct
of Tenant’s business and if the failure to secure such license or permit would, in any way, affect Landlord or the Building, then Tenant, at Tenant’s expense, shall promptly procure and thereafter maintain, submit for inspection by
Landlord, and at all times comply with the terms and conditions of, each such license or permit. 
 7. SUBORDINATION. 

A. Subordination. This Lease is subject and subordinate to each and every ground or underlying lease of the Real Property or the
Building heretofore or hereafter made by Landlord (collectively the “Superior Leases”) and to each and every trust indenture and mortgage (collectively the “Mortgages”) which may now or hereafter affect the Real
Property, the Building or any such Superior Lease and the leasehold interest created thereby, and to all renewals, extensions, supplements, amendments, modifications, consolidations, and replacements thereof or thereto, substitutions therefor and
advances made thereunder. This clause shall be self-operative and no further instrument of subordination shall be required to make the interest of any lessor under a Superior Lease (a “Lessor”), or trustee or mortgagee of a Mortgage
(a “Mortgagee”) superior to the interest of Tenant hereunder. In confirmation of such subordination, however, Tenant shall execute promptly any certificate that Landlord may reasonably request. 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, except to a de minimis extent, increase the obligations or
adversely affect the rights of Tenant under this Lease, Tenant covenants to make such modifications. 
 B. Attornment. If at any time
prior to the expiration of the Term, any Mortgage shall be foreclosed or any Superior Lease shall terminate or be terminated for any reason, Tenant agrees, at the election and upon demand of any owner of the Real Property or the Building, or the
lessor under any such Superior Lease, 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, upon the then executory terms and conditions of this Lease, for the
remainder of the term originally demised in this Lease, provided that such owner, lessor or mortgagee, as the case may be, or receiver caused to be appointed by any of the foregoing, shall not then be entitled to possession of the Premises. The
provisions of this Subsection B 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, agrees to execute, from time to time, instruments in
confirmation of the foregoing provisions of this Subsection B, satisfactory to any such owner, lessor or mortgagee, acknowledging such attornment and setting forth the terms and conditions of its tenancy. Nothing contained in this Subsection B shall
be construed to impair any right otherwise exercisable by any such owner, lessor or mortgagee. 

  
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 C. Certificates. From time to time, within ten (10) days next following request
by Landlord or any Mortgagee, Tenant shall deliver to Landlord or such Mortgagee, as the case may be, a written statement executed and acknowledged by Tenant, in form satisfactory to Landlord or such Mortgagee, (i) stating that this Lease is
then in full force and effect and has not been modified (or if modified, setting forth all modifications), (ii) setting forth the date to which the Minimum Rent, Additional Rent and other charges hereunder have been paid, together with the amount of
fixed base monthly Minimum Rent then payable, (iii) 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,
(iv) stating the amount of the security deposit under this Lease, (v) stating whether there are any subleases affecting the Premises, (vi) stating the address of Tenant to which all notices and communications under the Lease shall be
sent, the Commencement Date and the Expiration Date, and (vii) as to any other matters requested by Landlord or such Mortgagee. Tenant acknowledges that any statement delivered pursuant to this Subsection 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 any assignee of any Mortgagee, or by any Lessor. In the event that Tenant fails to
execute, acknowledge and deliver a statement in accordance with the provisions hereof within ten (10) days after Landlord’s initial request therefor, Landlord may deliver a second request to Tenant, advising Tenant that if such failure
continues for an additional three (3) business days: (i) Tenant’s failure to respond shall constitute an acknowledgment by Tenant, which may be relied on by any person who would be entitled to rely upon any such statement, that such
statement as submitted by Landlord is true and correct and (ii) Tenant shall pay to Landlord, as Additional Rent, the sum of $500.00 per day for each day after said additional three (3) business day period that such certificate is not
delivered to Landlord as required hereby. 
 D. Subordination and Non-Disturbance Agreement.
With respect to any current Mortgages and Superior Leases affecting the Premises, Landlord agrees (subject to the qualifications hereinafter set forth) to obtain from the holders of any such Mortgages and Superior Leases, a Subordination and Non-Disturbance Agreement (“SNDA”) in favor of Tenant on such Mortgagee’s or Lessor’s standard form, within thirty (30) days of the date of this Lease, which Tenant agrees to execute
and deliver to Landlord within ten (10) business days after receipt thereof. With respect to any future Mortgages and current or future Superior Leases affecting the Building, Landlord agrees (subject to the qualifications hereinafter set
forth) to request from the holders of any such Mortgages and Superior Leases, an SNDA in favor of Tenant on such Mortgagee’s or Lessor’s standard form, which Tenant agrees to execute and deliver to Landlord within ten (10) business
days after receipt thereof; provided, however, Landlord shall have no liability to Tenant and this Lease shall not be affected in the event that Landlord is unable to obtain an SNDA from any current or future Mortgagee or Lessor, except that, in
such event, this Lease shall not be subordinate to such Mortgage or Superior Lease. Notwithstanding the foregoing, in the event that Landlord delivers to Tenant said Mortgagee’s or Lessor’s commercially reasonable standard form of SNDA and
Tenant fails or refuses to execute the same, this Lease shall be subject and subordinate to such Mortgage or Superior Lease. Landlord shall in no event be required to expend any monies or commence or prosecute litigation or reject financing which is
otherwise satisfactory to it to obtain an SNDA, and Tenant agrees to be liable for any processing fees and reasonable attorneys’ fees charged by the holders of such superior instruments in connection with obtaining such SNDA. Landlord
represents that as of the date of this Lease: (i) there are no Superior Leases affecting the Premises and (ii) the only Mortgage affecting the Premises is that certain Consolidated, Amended and Restated Mortgage and Security Agreement
between Landlord and JPMorgan Chase Bank, N.A. dated as of December 22, 2004, and recorded with the Office of the 

  
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New York City Register, New York County (the “Recorder’s Office”) on January 28, 2005 as CRFN 2005000057656 (the “Consolidated Mortgage”) which
Consolidated Mortgage was assigned to Wells Fargo Bank, N.A., as Trustee for the Registered Holders of J.P. Morgan Chase Commercial Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates, Series 2005-CIBC11 dated as of
March 30, 2005 and recorded with the Recorder’s Office on June 15, 2005 as CRFN 2005000345545. 
 8. RULES AND REGULATIONS. Tenant and
the Tenant Parties shall observe, and comply with, 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 (collectively, the “Rules and Regulations”) on such notice to be given as Landlord may elect. In case Tenant disputes the reasonableness of any additional Rule or Regulation hereafter made or adopted by Landlord or
Landlord’s agents, the parties hereto agree to submit the question of the reasonableness of such Rule or Regulation for decision to the American Arbitration Association, or to such impartial person or persons as he may designate, whose
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
in writing upon Landlord within sixty (60) days after receipt by Tenant of written notice of the adoption of any such additional Rule or Regulation. 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 servants, employees, agents,
visitors or licensees. Landlord shall not enforce the Rules and Regulations against Tenant in a discriminatory manner. In the event of a conflict between the Rules and Regulations and the terms of this Lease, the terms of this Lease shall prevail.

 9. INSURANCE. 
 A.
Tenant’s Insurance. Tenant shall obtain and thereafter maintain during the Term, on or before the earlier to occur of (a) the Commencement Date, or (b) the date that Tenant or any Tenant Party (as hereinafter
defined) enters the Premises for any purpose, including, without limitation, pursuant to Subsection 1B(iv) hereof): 
 (i) A policy of
commercial general liability and property damage insurance on an occurrence basis, with a broad form contractual liability endorsement. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of
not less than $1,000,000 per occurrence/$5,000,000 general aggregate for injury (or death) and damage to property, which amount may be satisfied with a primary commercial general liability policy of not less than $1,000,000 and an excess (or
umbrella) liability policy affording coverage, at least as broad as that afforded by the primary commercial general liability policy, in an amount not less than the difference between $5,000,000 and the amount of the primary policy. Such insurance
may be carried under a blanket policy covering the Premises and other locations of Tenant, provided such a policy contains an endorsement (a) naming the Landlord Indemnitees as additional insureds and (b) specifically referencing the
Premises. Whenever, in Landlord’s reasonable judgment, good business practice and changing conditions indicate a need for additional amounts or different types of insurance coverage, Tenant shall, within twenty (20) days after
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 (ii) An insurance policy for Tenant’s property and Alterations, in either case to the
extent insurable under the available standard forms of “all risk” insurance policies, in an amount equal to one hundred (100%) percent of the replacement value thereof. 

(iii) Workers’ compensation insurance providing statutory benefits for Tenant’s employees and employer’s liability. 

(iv) Business interruption or rental insurance with a minimum limit of at least $250,000.00 per year. 

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”. All such policies shall contain a provision that the insurance company will not cancel or refuse to renew the policy, or change in any material way the nature or extent of
the coverage provided by such policy (a “Cancellation or Modification Notice”), without first giving Landlord and Tenant at least thirty (30) days’ written notice by certified mail, return receipt requested. In the event
that Tenant’s insurer will not agree to give Landlord a Cancellation or Modification Notice, Tenant shall, upon receipt of a Cancellation or Modification Notice, promptly deliver a copy thereof to Landlord (and Tenant’s failure to do so
will be a default under this Lease). Prior to the time such insurance is first required to be carried by Tenant and thereafter at least thirty (30) days prior to the termination of any existing policy, Tenant shall deliver to Landlord a
certificate evidencing the effectiveness of the insurance policies required to be maintained hereunder. Each policy required hereunder shall contain a clause that the policy and the coverage evidenced thereby shall be primary with respect to any
policies carried by Landlord, and that any coverage carried by Landlord shall be excess insurance. The limits of the insurance required under this Article shall not limit the liability of Tenant under this Lease. In the event that Tenant fails to
continuously maintain insurance as required hereby, Landlord may, at its option and without relieving Tenant of any obligation hereunder, order such insurance and pay for the same at the expense of Tenant. In such event, Tenant shall repay the
amount expended by Landlord, with interest thereon, as Additional Rent. Tenant acknowledges that Landlord will not carry insurance on and shall not be responsible for damage to, Tenant’s Alterations, fixtures, furnishings, equipment or other
property, and that Landlord shall not carry insurance against, or be responsible for any loss suffered by Tenant due to, interruption of Tenant’s business. 

B. Waiver of Subrogation. The parties hereto shall procure an appropriate clause in, or endorsement on, any fire or extended coverage
property insurance covering the Premises and the Building, as well as 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
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discharge, exoneration and covenant not to sue herein contained shall be limited by and be 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. 
 10. DESTRUCTION OF THE PREMISES; PROPERTY LOSS OR DAMAGE. 

A. Repair of Damage. If the Premises shall be damaged by fire or other casualty, the damages shall be repaired by and at the expense of
Landlord promptly following notice thereof by Tenant and the Rent until such repairs shall be made shall be reduced in the proportion which the area of the part of the Premises which is not usable by Tenant bears to the total area of the Premises;
provided, however, should Tenant reoccupy a portion of the Premises for the conduct of its business prior to the date such repairs are made, the Rent shall be reinstated with respect to such reoccupied portion of the Premises and shall be payable by
Tenant from the date of such occupancy. Landlord shall have no obligation to repair any damage to, or to replace, any fixtures, furniture, furnishings, equipment or other property or effects of Tenant and Landlord’s restoration obligations
shall be limited to placing the Premises into their condition on the Commencement Date. Tenant shall (i) cooperate with Landlord in the restoration of the Premises and shall remove from the Premises as promptly as possible all of Tenant’s
salvageable inventory, movable equipment, furniture and other property, and (ii) repair the damage to Tenant’s property and restore the Premises within one hundred eighty (180) days after Landlord has substantially completed its
restoration obligations. 
 B. Termination Options. 

(i) Anything in Subsection A of this Article to the contrary notwithstanding, if the Building shall be so damaged by fire or other casualty
that: (a) Landlord is terminating leases affecting at least forty (40%) percent of the rentable square foot area of the office portion of the Building; or (b) in Landlord’s opinion either: (x) substantial alteration, demolition
or reconstruction of the Building shall be required (whether or not the Premises shall have been damaged or rendered untenantable) or (y) the Building, after its repair, alteration or restoration shall not be economically viable as an office
building, then in any of such events, Landlord, at Landlord’s option, may, not later than ninety (90) days following the settlement of the insurance claim (the “Determination Date”), but in no event, more than one hundred
eighty (180) days after the date of the damage, give Tenant a notice in writing terminating this Lease. If Landlord elects to terminate this Lease, the Term shall expire upon the tenth (10th)
day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord. Upon the termination of this Lease under the conditions provided for in the next preceding sentence, Tenant’s liability for Rent shall
cease as of the day following such damage. 
 (ii) In the case of any fire or other casualty which affects the Premises to such a degree that
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setting forth such contractor’s good faith estimate as to the time required to repair such damage. If such estimated time exceeds twelve (12) months from the date of the casualty,
Tenant may elect to terminate this Lease by giving notice to Landlord not later than thirty (30) days following Tenant’s receipt of such statement. If Tenant makes such election, the Term shall expire on the thirtieth (30th) day after such
notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord. If Tenant does not elect to terminate this Lease pursuant to this Subsection B(ii) (or is not entitled to terminate this Lease pursuant to this Subsection
B(ii)), Landlord shall be obligated to perform such repairs. If such repairs are not completed within sixty (60) days after the expiration of the period estimated for effecting such repairs, Tenant may elect to terminate this Lease by giving
notice to Landlord not later than fifteen (15) days following the expiration of such sixty (60) day period. If Tenant makes such election, the term of this Lease shall expire on the thirtieth (30th) day after such notice is given, and
Tenant shall vacate the Premises and surrender the same to Landlord, unless Landlord shall have substantially completed the required repairs and restored the Premises prior to the expiration of such thirty (30) day period in which case
Tenant’s termination notice shall be null and void. 
 C. Provision Controlling. The parties agree that this Article constitutes
an express agreement governing any case of damage or destruction of the Premises or the Building by fire or other casualty, and that 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 import now or hereafter in force shall have no application in any such case. 
 D.
Property Loss or Damage. 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. Neither Landlord nor its agents shall be liable for any injury or damage
to persons or property or interruption of Tenant’s business resulting from fire, explosion, falling plaster, steam, gas, electricity, water, rain or snow or leaks from any part of the Building or from the pipes, appliances or plumbing works or
from the roof, street or subsurface or from any other place or by dampness or by any other cause of whatsoever nature; nor shall Landlord or its agents be liable for any such damage caused by other tenants or persons in the Building or caused by
construction of any private, public or quasi-public work; nor shall Landlord be liable for any latent defect in the Premises or in the Building. Anything in this Lease to the contrary notwithstanding, nothing in this Lease shall be construed to
relieve Landlord from responsibility directly to Tenant for any loss or damage caused directly to Tenant wholly or in part by the negligence or willful misconduct of Landlord or its employees or agents. If at any time any windows of the Premises are
temporarily closed, darkened or bricked-up for any reason whatsoever including, but not limited to, Landlord’s own acts, or any of such windows are permanently closed, darkened or bricked-up if required by law or related to any construction upon property adjacent to the Real Property by Landlord or others, 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 Rent nor shall the same release Tenant from its obligations hereunder nor constitute an eviction. Tenant shall give prompt notice to Landlord in case of fire or accident in the Premises
or in the Building discovered by Tenant. Tenant shall not move any safe, heavy machinery, heavy equipment, freight, bulky matter or heavy fixtures into or out of the Building, to the extent the same require special handling, without Landlord’s
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not be unreasonably withheld or delayed, and payment to Landlord of Landlord’s reasonable costs in connection therewith. If such safe, machinery, equipment, freight, bulky matter or fixtures
requires special handling, Tenant agrees to employ only persons holding a Master Rigger’s License to do said work, and that all work in connection therewith shall comply with the Administrative Code of the City of New York and all other laws
and regulations applicable thereto, and shall be done during such hours as Landlord may reasonably designate. 
 11. CONDEMNATION. 

A. Condemnation. If the whole or any substantial part of 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 Building or Premises shall be so acquired or condemned then
this Lease shall continue in force and effect, except (i) if a part of the Premises is acquired or condemned, from and after the date of the vesting of title, the Rent 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, (ii) if the part of the Building so acquired or condemned shall contain more than thirty (30%) percent 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, Tenant, at Tenant’s option, may terminate this
Lease, and (iii) whether or not the Premises shall be affected thereby, Landlord, at Landlord’s option, may terminate this Lease. Any termination by Landlord or Tenant must be given within sixty (60) days following the date of notice
of vesting of title. If any termination notice is given by Landlord or Tenant this Lease and the Term shall come to an end and expire five (5) days after the date of the termination notice with the same effect as if the date of expiration of
said five (5) days were the Expiration Date. If a part of the Premises shall be so acquired or condemned and this Lease shall not be terminated pursuant to the foregoing provisions of this Subsection, Landlord, at Landlord’s expense, shall
restore that part of the Premises not so acquired or condemned to a self-contained rental unit. In the event of any termination of this Lease pursuant to the provisions of this Subsection A, the Rent shall be apportioned as of the date of
termination and any prepaid portion of Rent for any period after such date shall be refunded by Landlord to Tenant. 
 B. Award. In
the event of any such acquisition or condemnation, 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 Subsection B shall be deemed to prevent Tenant from making a claim in any condemnation proceedings for
the then value of any furniture, furnishings and fixtures installed by and at the sole expense of Tenant and included in such taking or for moving expenses, provided that such award shall not reduce the amount of the award otherwise payable to
Landlord. 
 12. ASSIGNMENT AND SUBLETTING. 

A. Prohibition Without Consent. Except as otherwise set forth herein, Tenant, for itself, its heirs, distributees, executors,
administrators, legal representatives, successors and assigns, expressly covenants that it shall not assign, mortgage, pledge, encumber or otherwise 

  
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transfer this Lease, nor underlet, nor suffer, nor permit the Premises or any part thereof to be used or occupied by others, without the prior written consent of Landlord in each instance as
hereinafter provided. If this Lease be assigned, or if the Premises or any part thereof be underlet or occupied by anybody other than Tenant, Landlord may, after default by Tenant that continues beyond the expiration of the applicable notice and
cure period, collect rent from the assignee, undertenant or occupant, and apply the net amount collected to the Rent herein reserved, but no assignment, underletting, occupancy or collection shall be deemed a waiver of the provisions hereof, the
acceptance of the assignee, undertenant or occupant as tenant, or a release of Tenant from the further performance by Tenant of covenants on the part of Tenant herein contained. The consent by Landlord to an assignment or underletting shall not in
any way be construed to relieve Tenant from obtaining the express consent in writing of Landlord to any further assignment or underletting, which consent shall not be unreasonably withheld, conditioned or delayed pursuant to the provisions of
Subsection F, G and H hereof (and subject further to Landlord’s rights pursuant to the provisions of Subsection C and I hereof). In no event shall any permitted sublessee assign or encumber its sublease or further sublet all or any portion of
its sublet space, or otherwise suffer or permit the sublet space or any part thereof to be used or occupied by others, without Landlord’s prior written consent in each instance, which consent shall not be unreasonably withheld, conditioned or
delayed pursuant to the provisions of Subsection F, G and H hereof (and subject further to Landlord’s rights pursuant to the provisions of Subsection C and I hereof). Any assignment, sublease, mortgage, pledge, encumbrance or transfer in
contravention of the provisions of this Article shall be void. 
 B. Notice of Proposed Transfer. If Tenant shall at any time or times
during the Term desire to assign this Lease or sublet all or part of the Premises, then whether or not Landlord’s consent is required, Tenant shall give notice thereof to Landlord (a “Transfer Notice”), which notice shall be
accompanied by (i) a conformed or photostatic copy of the proposed assignment or sublease, or a fully executed term sheet, including all of the material terms of the proposed assignment or sublease, including, without limitation, the permitted
use of the applicable portion of the Premises, any consideration being paid therefor (including any additional rent and escalations), the effective date of a proposed assignment or commencement date of a proposed sublease (as applicable), which date
shall not be less than thirty (30) nor more than one hundred and eighty (180) days after the giving of such notice, any concessions, tenant improvement allowance or free rent periods, and, in connection with a proposed sublease, the length
of the term (the “Term Sheet”), (ii) a statement setting forth in reasonable detail the identity of the proposed assignee or subtenant (a “Transferee”), the nature of its business and its proposed use of the
Premises, (iii) current financial information with respect to the proposed Transferee, including, without limitation, its most recent financial report, and (iv) such additional information related to the proposed Transferee as Landlord
shall reasonably request, if any. 
 C. Landlord’s Recapture Option. Each Transfer Notice with respect to a
proposed assignment or sublease whose effective date or commencement date (as applicable) is after the second (2nd) anniversary of the Commencement Date shall be deemed an offer from Tenant
to Landlord whereby Landlord (or Landlord’s designee) may, at its option, in connection with either an assignment of the Lease or a sublease of at least one (1) full floor of the Premises for all or substantially all of the remainder of
the Term (a) sublease the portion of the Premises proposed to be subleased (hereinafter called the “Subject Space”) from Tenant upon the terms and conditions hereinafter set forth (if the proposed transaction is a sublease of
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Premises for all or substantially all of the remainder of the Term), (b) terminate this Lease (if the proposed transaction is an assignment of the Lease or a sublease of all or substantially all
of the Premises for all or substantially all of the remainder of the Term) or (c) terminate the Lease with respect to the Subject Space (if the proposed transaction is a sublease of one (1) full floor of the Premises for all or
substantially all of the remainder of the Term) (the foregoing options are collectively referred to herein as the “Recapture Option”). The Recapture Option may be exercised by Landlord by notice to Tenant at any time within thirty
(30) days after the aforesaid notice has been given by Tenant to Landlord; and during such thirty (30) day period Tenant shall not assign this Lease nor sublet such space to any person or entity. 

D. Effect of Termination by Landlord. 

(i) If Landlord exercises its option to terminate this Lease, then (i) this Lease shall end and expire on the date that such assignment or
sublet was to commence, (ii) the Minimum Rent and Additional Rent due hereunder shall be paid and apportioned to such date, and (iii) Landlord shall be free to and shall have no liability to Tenant if Landlord should lease the Premises (or
any part thereof) to Tenant’s prospective Transferee. 
 (ii) If Landlord exercises its option to terminate this Lease with respect to a
proposed sublease where the Subject Space is less than the entire Premises, then (a) this Lease shall end and expire with respect to the Subject Space as of the date that such sublet was to commence, (b) the Minimum Rent and Additional
Rent due hereunder for the Subject Space shall be paid and apportioned to such date, (c) Landlord, at Tenant’s expense, may make such alterations as may be required or deemed necessary by Landlord to physically separate the subleased space
from the balance of the Premises and to comply with any legal or insurance requirements relating to such separation, (d) from and after the date that such sublet was to commence, the Minimum Rent and Tenant’s Proportionate Share shall be
adjusted on a pro-rata basis to reflect the reduction in the size of the Premises; and (e) Landlord shall be free to and shall have no liability to Tenant if Landlord should lease the Subject Space (or
any part thereof) to Tenant’s prospective Transferee. The parties shall enter into a reasonable amendment of this Lease to reflect the modifications to this Lease described in this Subsection 12D(ii). 

E. Takeback by Landlord. 

(i) If Landlord exercises its option to sublet the Subject Space, such sublease to Landlord or its designee (as subtenant) shall be at the
lower of (a) the rental rate per rentable square foot of Minimum Rent and Additional Rent then payable pursuant to this Lease, or (b) the rentals set forth in the proposed sublease, and shall be for the same term as that of the proposed
subletting, and such sublease: 
 (a) shall be expressly subject to all of the covenants, agreements, terms, provisions and conditions of
this Lease except such as are irrelevant or inapplicable, and except as otherwise expressly set forth to the contrary in this Article; 

(b) shall be upon the same terms and conditions as those contained in the proposed sublease, except such as are irrelevant or inapplicable and
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 (c) shall give the sublessee the unqualified and unrestricted right, without Tenant’s
permission, to assign such sublease or any interest therein and/or to sublet the Subject Space or any part or parts of the Subject Space and to make any and all changes, alterations and improvements in the Subject Space, and if the proposed sublease
will result in all or substantially all of the Premises being sublet, grant Landlord or its designee the option to extend the term of such sublease for the balance of the term of this Lease less one (1) day; 

(d) shall provide that any assignee or further subtenant of Landlord or its designee, may, at the election of Landlord, be permitted to make
alterations, decorations and installations in the Subject Space or any part thereof and shall also provide in substance that any such alterations, decorations and installations in such space therein made by any assignee or subtenant of Landlord or
its designee may be removed, in whole or in part, by such assignee or subtenant, at its option, prior to or upon the expiration or other termination of such sublease provided that such assignee or subtenant, at its expense, shall repair any damage
and injury to such space so sublet caused by such removal; and 
 (e) shall provide that (1) 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, (2) any assignment or subletting by Landlord or its designee (as the subtenant) may be for any purpose or purposes
that Landlord, in Landlord’s uncontrolled discretion, shall deem suitable or appropriate, (3) Tenant, at Tenant’s expense, shall and will at all times provide and permit reasonably appropriate means of ingress to and egress from the
Subject Space to Landlord or its designee, (4) Landlord, at Tenant’s expense, may make such alterations as may be required or deemed necessary by Landlord to physically separate the subleased space from the balance of the Premises and to
comply with any legal or insurance requirements relating to such separation, and (5) that at the expiration of the term of such sublease, Tenant will accept the Subject Space in its then existing condition, subject to the obligations of the
sublessee to make such repairs thereto as may be necessary to preserve the Subject Space in good order and condition. 
 (ii) If Landlord
exercises its option to sublet the Subject Space, (a) Landlord shall indemnify and save Tenant harmless from all obligations under this Lease as to the Subject Space during the period of time it is so sublet to Landlord and from any claims
brought by third parties with respect to any accidents or injuries in the Subject Space; (b) performance by Landlord, or its designee, under a sublease of the Subject Space shall be deemed performance by Tenant of any similar obligation under
this Lease and any default under any such sublease shall not give rise to a default under a similar obligation contained in this Lease (or otherwise under this Lease) nor shall Tenant be liable for any default under this Lease or deemed to be in
default hereunder if such default is occasioned by or arises from any act or omission of the tenant under such sublease or is occasioned by or arises from any act or omission of any occupant holding under or pursuant to any such sublease; and
(c) Tenant shall have no obligation, at the expiration or earlier termination of the Term, to remove any alteration, installation or improvement made in the Subject Space by Landlord (or its designee). 

(iii) Tenant shall have no responsibility for, or liability to Landlord or any other person, with respect to any act or omission of the
sublessee under a sublease of the Subject Space, or any assignee or further sublessee of the Subject Space, and no such act or omission shall constitute or give rise to a default under this Lease. Performance by Landlord or such person, assignee or
sublessee of an obligation of Tenant under this Lease pursuant to the terms of any sublease of the Subject Space shall be deemed performance by Tenant of such obligation under this Lease related to the Subject Space. 

  
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 F. Conditions for Landlord’s Approval. In the event Landlord does
not exercise the Recapture Option, Landlord’s consent (which must be in writing and form reasonably satisfactory to Landlord) to the proposed assignment or sublease shall not be unreasonably withheld or delayed, provided and upon condition
that: 
 (i) Tenant shall have complied with the provisions of Subsection B of this Article and, if applicable, Landlord shall not have
exercised the Recapture Option; 
 (ii) In Landlord’s reasonable judgment the proposed Transferee is engaged in a business or activity,
and the Premises, or the relevant part thereof, will be used in a manner, which (a) is in keeping with the then standards of the Building, (b) is limited to the use of the Premises for the Permitted Use, and (c) the proposed occupancy
shall not, in Landlord’s reasonable opinion, increase the office cleaning requirements or the Building’s operating or other expenses or impose an extra burden upon services to be supplied by Landlord to Tenant, unless Tenant or such
assignee agrees to reimburse Landlord for such additional expenses; 
 (iii) The proposed Transferee is a reputable person of good character
and with sufficient financial worth considering the responsibility involved, and Landlord has been furnished with reasonable proof thereof; 

(iv) Neither (a) the proposed Transferee, nor (b) any person which, directly or indirectly, controls, is controlled by or is under
common control with, the proposed Transferee, is then an occupant of any part of the Building; 
 (v) The proposed Transferee is not a person
with whom Landlord or Landlord’s agent (directly or through a broker) is or has been, within the preceding three (3) month period, negotiating to lease space in the Building provided there is not then and Landlord does not reasonably
anticipate having other reasonably comparable space available for leasing in the Building; 
 (vi) The form of the proposed sublease or
instrument of assignment (a) shall be in form reasonably satisfactory to Landlord, and (b) shall comply with the applicable provisions of this Article; 

(vii) There shall not be more than four (4) subtenants of the Premises; 

(viii) Tenant shall not advertise the Premises at an aggregate rent which is less than the then current market rent per rentable square foot
for the Premises as though the Premises were vacant (but the foregoing shall not prevent Tenant from actually subleasing the Premises for a lower rent), and the rental and other terms and conditions of the sublease are the same as those contained in
the proposed sublease furnished to Landlord pursuant to Subsection B of this Article; 
 (ix) Tenant shall reimburse Landlord, as Additional
Rent, for the reasonable costs that may be incurred by Landlord in connection with said assignment or sublease, including without limitation, the costs of making investigations as to the acceptability of the proposed Transferee, and reasonable legal
costs incurred by Landlord in connection with the granting of any requested consent; 

  
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 (x) Tenant shall not have advertised or publicized in any way the availability of the
Premises without prior notice to and approval by Landlord (which approval shall not be unreasonably withheld), nor shall any advertisement state the name (as distinguished from the address) of the Building or the proposed rental; 

(xi) The proposed Transferee shall not be entitled, directly or indirectly, to diplomatic or sovereign immunity and shall be subject to the
service of process in, and the jurisdiction of the courts of New York State; 
 (xii) There exists no Event of Default either as of the time
of Landlord’s consent, or as of the effective date of the proposed assignment or commencement date of the proposed sublease. 
 Landlord
agrees that it shall respond to Tenant’s request for approval of a proposed assignment or sublease within thirty (30) days of Landlord’s receipt of a complete Transfer Notice. If Landlord fails to respond to a Transfer Notice within
such thirty (30) day period, Landlord shall be deemed to have rejected the proposed assignment or sublease. Notwithstanding the foregoing, in the event that Tenant delivers a Term Sheet to Landlord along with its Transfer Notice (in lieu of a
fully executed sublease or assignment agreement), and Landlord consents to the proposed assignment or sublease based on the Term Sheet (and does not exercise the Recapture Option), Tenant shall, no less than ten (10) business days prior to the
effective date of the proposed assignment, or commencement date of the proposed sublease, deliver to Landlord a fully executed copy of the assignment or sublease document (as applicable, the “Final Transfer Document”). The rental or
other consideration, and the other material terms and conditions in the Final Transfer Document must be substantially the same as those contained in the Term Sheet furnished to Landlord with Tenant’s Transfer Notice. For the purposes hereof,
the rental and other consideration in the Final Transfer Document will be deemed to be substantially the same as the rental and other consideration described in the Term Sheet, if the total consideration or total rental amount, taking into account
any abatements, work contributions or other inducements, is not less than ninety (90%) percent of the total consideration or total rental amount (taking into account any abatements, work allowances or other inducements) described in the Term Sheet.
If the consideration or other material terms and conditions of the Final Transfer Document are not substantially the same as those in the Term Sheet, Landlord shall have a second right to exercise the Recapture Option or reject the proposed
assignment or sublease, within ten (10) business days of Landlord’s receipt of the Final Transfer Document. 
 Except for any
subletting by Tenant to Landlord or its designee pursuant to the provisions of this Article, each subletting or assignment shall be subject to all of the covenants, agreements, terms, provisions and conditions contained in this Lease. Tenant further
agrees that notwithstanding any such subletting, no other and further subletting of the Premises by Tenant or any person claiming through or under Tenant shall or will be made except upon compliance with and subject to the provisions of this
Article. If Landlord shall decline to give its consent to any proposed assignment or sublease, or if Landlord shall exercise the Recapture Option, Tenant shall 

  
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indemnify, defend and hold harmless Landlord against and from any and all loss, liability, damages, costs, and expenses (including reasonable counsel fees) resulting from any claims that may be
made against Landlord by the proposed Transferee or by any brokers or other persons claiming a commission or similar compensation in connection with the proposed assignment or sublease. 

G. Future Requests. In the event that (i) Landlord fails to exercise the Recapture Option and consents to a proposed assignment or
sublease, and (ii) Tenant fails to execute and deliver the assignment or sublease to which Landlord consented within one hundred fifty (150) days after the giving of such consent, then, Tenant shall again comply with all of the provisions
and conditions of Subsection B of this Article before assigning this Lease or subletting all or part of the Premises. 
 H. Sublease
Provisions. With respect to each and every sublease or subletting authorized by Landlord under the provisions of this Lease, it is further agreed that: 

(i) No subletting shall be for a term ending later than one (1) day prior to the Expiration Date of this Lease. 

(ii) No sublease shall be delivered, and no subtenant shall take possession of the Premises or any part thereof, until an executed counterpart
of such sublease has been delivered to Landlord. 
 (iii) Each sublease shall provide that it is subject and subordinate to this Lease and to
the matters to which this Lease is or shall be subordinate, and that in the event of termination, re-entry or dispossession 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 (a) be liable
for any previous act or omission of Tenant under such sublease unless: (x) such act or omission: (1) continues after the date that Landlord succeeds to Tenant’s interest in the sublease and (2) is reasonably susceptible of cure
by Landlord, and (y) subtenant has given Landlord notice of such act or omission and a reasonable opportunity to cure the same (which shall be no shorter than any cure period given to Tenant under the sublease), (b) be subject to any
counterclaim, offset or defense, not expressly provided in such sublease, which theretofore accrued to such subtenant against Tenant, (c) be bound by any previous modification of such sublease not expressly consented to by Landlord except for
modifications expressly provided for in a Landlord approved sublease, of which Landlord has received notice (such as, for example, renewal options, cancellation options and expansion options) or (d) by any previous prepayment of more than one
(1) month’s Rent that is not actually received by Landlord. The provisions of this Article shall be self-operative and no further instrument shall be required to give effect to this provision. 

(iv) If Landlord shall recover or come into possession of the Premises before the date herein fixed for the termination of this Lease, due to
an Event of Default by Tenant hereunder, Landlord shall have the right, at its option, to take over any and all subleases or sublettings of the Premises or any part thereof made by Tenant and to succeed to all the rights of said subleases and
sublettings or such of them as it may elect to take over. 

  
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 (v) Every subletting hereunder is subject to the condition and by its acceptance of and entry
into a sublease, each subtenant thereunder shall be deemed conclusively to have thereby agreed from and after the termination of this Lease or re-entry by Landlord hereunder of or if Landlord shall otherwise
succeed to Tenant’s estate in the Premises, that such subtenant shall waive any right to surrender possession or to terminate the sublease in connection with such succession and, at Landlord’s election, such subtenant shall be bound to
Landlord for the balance of the term of such sublease and shall attorn to and recognize Landlord, as its landlord, under all of the then executory terms of such sublease, except that Landlord shall not (i) be liable for any previous act or
omission of Tenant under such sublease unless: (x) such act or omission: (1) continues after the date that Landlord succeeds to Tenant’s interest in the sublease and (2) is reasonably susceptible of cure by Landlord, and
(y) subtenant has given Landlord notice of such act or omission and a reasonable opportunity to cure the same (which shall be no shorter than any cure period given to Tenant under the sublease), (ii) be subject to any counterclaim, defense or
offset not expressly provided for in such sublease, which theretofore accrued to such subtenant against Tenant, (iii) be bound by any previous modification or amendment of such sublease not expressly consented to by Landlord except for
modifications expressly provided for in the sublease, of which Landlord has received notice (such as, for example, renewal options, cancellation options and expansion options) or by any previous prepayment of more than one (1) month’s rent
and Additional Rent not actually received by Landlord which shall be payable as provided in the sublease, (iv) be obligated to repair the subleased space or the Building or any part thereof, beyond Landlord’s obligations under Article 10
of this Lease, (v) be obligated to repair the subleased space or the Building or any part thereof, in the event of partial condemnation beyond Landlord’s obligations pursuant to Article 11 of this Lease, or (vi) be obligated to
perform any work in the subleased space of the Building or to prepare them for occupancy beyond Landlord’s obligations under this Lease, and the subtenant shall execute and deliver to Landlord any instruments Landlord may reasonably request to
evidence and confirm such attornment. 
 I. Profits From Assignment or Subletting. If Landlord shall give its consent to any
assignment of this Lease or to any sublease or if Tenant shall enter into any other assignment or sublease permitted hereunder, Tenant shall in consideration therefor, pay to Landlord, as Additional Rent: 

(i) in the case of an assignment, an amount equal to fifty (50%) percent of all sums and other considerations paid to Tenant by the assignee
for or by reason of such assignment (including, but not limited to, sums paid for the sale of Tenant’s fixtures, leasehold improvements, equipment, furniture, furnishings or other personal property, less, in the case of a sale thereof, the then
fair market value thereof) less all expenses reasonably and actually incurred by Tenant on account of reasonable brokerage commissions, attorneys’ fees and advertising costs, and reasonable, market work allowances, free rent and other
reasonable, market inducements, in connection with such assignment; and 
 (ii) in the case of a sublease, fifty (50%) percent of any rents,
additional charges or other consideration paid under the sublease to Tenant by the subtenant which is in excess of the Rent and Additional Rent accruing during the term of the sublease in respect of the subleased space (at the rate per square foot
payable by Tenant hereunder) pursuant to the terms hereof (including, but not limited to, sums paid for the sale or rental of Tenant’s fixtures, leasehold improvements, equipment, furniture or other personal property, less, in the case of the
sale thereof, the then fair 

  
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market value thereof), less all expenses reasonably and actually incurred by Tenant on account of reasonable brokerage commissions, attorneys’ fees, advertising costs, reasonable and market
work allowances and free rent and the reasonable cost of demising the premises so sublet in connection with such sublease. 
 (iii) The sums
payable under this Subsection shall be paid to Landlord as and when paid by the subtenant to Tenant. 
 J. Other Transfers. 

(i) If Tenant is a corporation other than a corporation whose stock is listed and traded on a nationally recognized stock exchange (hereinafter
referred to as a “public corporation”) unless such stock shall be sold, transferred or otherwise conveyed by persons deemed “insiders” within the meaning of the Securities Exchange Act of 1934, as amended, the provisions
of Subsection A of this Article shall apply to a transfer (by one or more transfers) of a majority of the stock of Tenant as if such transfer of the stock of Tenant were an assignment of this Lease, unless Ori Allon and/or Robert Reffkin
(x) continue to own twenty (20%) percent or more of the issued and outstanding stock of Tenant and (y) continue to be on the Board of Directors of Tenant. At any point during the Term that the conditions described in clause (x) or (y)
of the foregoing sentence cease to be satisfied, such event will be deemed an assignment of this Lease. Such assignment shall, however, be permitted without Landlord’s prior consent provided that: (a) Tenant delivers to Landlord notice of
such event pursuant to the provisions of Subsection B hereof; (b) the Tenant entity will continue to exist and operate substantially the same business in the Premises in substantially the same manner as prior to the transfer that caused the
assignment to occur; and (c) the Financial Requirement (as hereinafter defined) is satisfied. The provisions of this paragraph shall apply equally to any corporation which directly or indirectly controls Tenant. 

(ii) If Tenant is a limited liability company, partnership, limited liability partnership or other business entity, the provisions of
Subsection A of this Article shall apply to a transfer (by one or more transfers) of a majority interest in the limited liability company, partnership, limited liability partnership or other business entity or in any entity which directly or
indirectly controls such limited liability company, partnership, limited liability partnership or other business entity, as if such transfer were an assignment of this Lease, unless Ori Allon and/or Robert Reffkin (x) continue to own twenty
(20%) percent or more of the ownership interests in Tenant and (y) continue to be on the Board of Directors or other equivalent management committee of Tenant. At any point during the Term that the conditions described in clause (x) or (y)
of the foregoing sentence cease to be satisfied, such event will be deemed an assignment of this Lease. Such assignment shall, however, be permitted without Landlord’s prior consent provided that: (a) Tenant delivers to Landlord notice of
such event pursuant to the provisions of Subsection B hereof; (b) the Tenant entity will continue to exist and operate substantially the same business in the Premises, in substantially the same manner, as prior to the transfer that caused the
assignment to occur; and (c) the Financial Requirement is satisfied. 
 (iii) As used in this Subsection J, the term “Financial
Requirement” shall mean that the net worth of Tenant following an assignment described in this Subsection J, determined in accordance with generally accepted accounting principles, is equal to or greater than Tenant’s net worth as
shown on Tenant’s financial statements presented to Landlord as of the date of this Lease. 

  
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Pursuant to 17 C.F.R. Section 200.83 
  

 K. Assumption By Transferee; Liability of Tenant. Any assignment or subletting
(whether or not Landlord’s consent is required) shall be made only if, and shall not be effective until, the Transferee shall execute, acknowledge and deliver to Landlord an agreement in form and substance reasonably satisfactory to Landlord
whereby the Transferee shall assume the obligations of this Lease on the part of Tenant to be performed or observed and whereby the Transferee shall agree that the provisions in Subsection A of this Article shall, notwithstanding such assignment or
transfer, continue to be binding upon it in respect of all future assignments and transfers. Notwithstanding any assignment or subletting and/or acceptance of Rent by Landlord from any Transferee, Tenant shall and will remain fully liable for the
payment of the Rent due and to become due hereunder and for the performance of all the covenants, agreements, terms, provisions and conditions contained in this Lease on the part of Tenant to be performed and all acts and omissions of any Transferee
or anyone claiming under or through any Transferee which shall be in violation of any of the obligations of this Lease shall be deemed to be a violation by Tenant. The joint and several liability of Tenant and any immediate or remote successor in
interest of Tenant and the due performance of the obligations of this Lease on Tenant’s part to be performed or observed shall not be discharged, released or impaired in any respect by any agreement or stipulation made by Landlord extending the
time, or modifying any of the obligations, of this Lease, or by any waiver or failure of Landlord to enforce any of the obligations of this Lease. 

L. Related Entity. Notwithstanding anything contained herein to the contrary, Landlord’s consent shall not be required, Landlord
shall not be permitted to exercise the Recapture Option and Landlord shall not be entitled to any sums under Subsection 12I above, in the event of an assignment of this Lease or a sublease of all or part of the Premises where the Transferee is a
Related Entity, provided that such transfer is not for the purposes of circumventing the provisions of this Article. A “Related Entity” shall mean any business entity (i) which controls, is controlled by, or is under common
control with Tenant, (ii) to which substantially all of Tenant’s assets are transferred (whether accomplished in a single transaction or a series of unrelated transactions) of equity interests (or other mechanism, such as, for example, the
issuance of additional stock, a stock voting agreement or change in classes of stock) which individually, or in the aggregate, result in a change of control of Tenant, or (iii) into which Tenant may be merged or consolidated, provided that:
(a) the Related Entity continues to operate the same (or substantially similar) business as Tenant’s business prior to the effective date of the transfer; (b) the net worth, experience and reputation of the Related Entity is equal to
or greater than the net worth, experience and reputation of Tenant and of any guarantor of this Lease (if applicable) immediately prior to such transfer; and (c) any such transaction complies with the other provisions of this Article. No such
transfer shall relieve, release, impair or discharge any of Tenant’s obligations hereunder. For the purposes hereof, “control” shall be deemed to mean ownership of not less than fifty (50%) percent of all of the voting stock of such
corporation or not less than fifty (50%) percent of all of the legal and equitable interests in any other business entities. Tenant must give Landlord not less than ten (10) days’ prior written notice of any transaction with a Related
Entity, together with reasonably supporting documentation showing how the Related Entity is related to Tenant. 
 M. Desk Sharing.
Notwithstanding the provisions of this Article, or any other provisions of this Lease, Tenant may from time to time, without Landlord’s consent or approval but otherwise subject to all of the provisions of this Lease, permit portions of the
Premises not to exceed twenty (20%) percent of the Premises, in the aggregate, to be used or occupied under so-called “desk sharing” arrangements by persons who have an ongoing business relationship
with 

  
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Tenant (each such employee, a “Desk Space User”), provided that, (i) any such use or occupancy of desk or office space shall be without the installation of any separate
entrance to the Premises or additional demising walls in the Premises (and no additional demising walls shall be required to comply with Legal Requirements in connection with such Desk Space User’s use of a portion of the Premises), (ii) there
shall be no separate identification of any Desk Space User in the elevator lobby or elsewhere in the Building, (iii) each Desk Space User shall use the Premises in accordance with all of the provisions of this Lease, and only for the Permitted
Uses, (iv) such use of a portion of the Premises shall not create or be deemed to create any right, title or interest of the Desk Space User in or to the Premises, (v) the occupancy by the Desk Space User shall not materially increase
traffic through the lobby of the Building (beyond that which would reasonably be expected to occur if Tenant used the entire Premises for the normal conduct of its business, be likely to materially increase Landlord’s operating expenses beyond
that which would be incurred for use by Tenant or for use in accordance with standards of use by Tenant or for use in accordance with standards of use of other tenancies in the Building, or materially increase the burden on existing cleaning
services or elevators over the burden that would be incurred for use by Tenant for normal business purposes in accordance with the provisions of this Lease if the Premises were fully occupied by Tenant, and (vi) such arrangement will terminate
automatically upon the termination of this Lease. Each such occupancy shall be subject and subordinate to this Lease and to the matters to which this Lease is or shall be subordinate, and in the event of the expiration or earlier termination of this
Lease for any reason whatsoever, including without limitation, a voluntary surrender of the Premises or the applicable portion of the Premises by Tenant to Landlord, such occupancy shall immediately terminate.. Prior to entering into any such desk
sharing arrangement, Tenant shall notify Landlord in writing of its plan to provide any space in the Premises to a Desk Space User, which notice shall include (a) the identity of the Desk Space User, with such reasonable detail as may be
required by Landlord as to particulars and principals of such Desk Space User, (b) a description of the nature and character of the business to be conducted in the Premises by such Desk Space User, and (c) the rentable square feet and
location in the Premises to be occupied by such Desk Space User, together with a copy of the agreement, if any, relating to the use or occupancy of such portion of the Premises by such Desk Space User. The provisions of Subsections C and I of this
Article shall not apply to any transaction with a Desk Space User. 
 13. ACCESS TO PREMISES. Tenant shall permit Landlord, Landlord’s agents and
public utilities servicing the Building to erect, use and maintain, concealed ducts, pipes and conduits in and through the walls, columns and hung ceilings and under the floors of the Premises to the extent reasonably practicable, and provided that
the foregoing shall not reduce the usable square foot area of the Premises by more than a de minimis amount or materially interfere with the floor plan of the Premises. Landlord or Landlord’s agents shall have the right to enter the
Premises at all reasonable times to examine the same, to show them to prospective purchasers, mortgagees or lessees of the entire office portion of the Building or space therein, and to make such repairs, alterations, improvements or additions as
Landlord may reasonably deem necessary to the Premises or to any other portion of the Building or which Landlord may elect to perform following Tenant’s failure to make repairs or perform any work which Tenant is obligated to perform under this
Lease, or for the purpose of complying with Legal Requirements and Landlord shall be allowed to take all material into and upon the Premises that may be required therefor without the same constituting an eviction or constructive eviction of Tenant
in whole or in part and the Rent shall in nowise abate while said repairs, alterations, improvements or additions are being made, by reason of loss or interruption of business of Tenant, or otherwise. During the one (1) year period prior to the

  
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Expiration Date or the expiration of any renewal or extended term, Landlord may exhibit the Premises to prospective tenants thereof. Except in the event of an emergency or where such entry is
required pursuant to Legal Requirements, Landlord’s right of entry pursuant to this Article shall be exercised following reasonable advance notice to Tenant (which notice may be oral) and Landlord agrees that while exercising such right of
entry or making such repairs, replacements or improvements, Landlord shall use reasonable efforts to minimize interference with the conduct of Tenant’s business, without however, the necessity of incurring any overtime or other additional
expense. Subject to the provisions of Subsection 9B hereof, Landlord shall promptly repair any damage to the Premises caused by Landlord’s or its agents’, employees’ or contractors’ access to the Premises. Tenant shall have the
right to have a representative present during any entry into the Premises by Landlord or its agents, employees or contractors, provided that Tenant makes a representative available following the notice required by this Article 13 (if any). If,
during the last three (3) months of the Term, Tenant shall have removed all or substantially all of Tenant’s property therefrom, Landlord may immediately enter and alter, renovate and redecorate the Premises, without elimination or
abatement of Rent, or incurring liability to Tenant for any compensation, and such acts shall not be deemed an actual or constructive eviction and shall have no effect upon this Lease. If Tenant shall not be personally present to open and permit an
entry into the Premises, at any time, when for any reason an entry therein shall be necessary or permissible, Landlord or Landlord’s agents may enter the same by a master key, or in the event of an emergency may forcibly enter the same, without
rendering Landlord or such agents liable therefor (if during such entry Landlord or Landlord’s agents shall accord reasonable care to Tenant’s property), and without in any manner affecting the obligations and covenants of this Lease.
Landlord also shall have the right at any time, without the same constituting an actual or constructive eviction and without incurring any liability to Tenant therefor, to change the arrangement and/or location of entrances or passageways, doors and
doorways, and corridors, elevators, stairs, toilets or other public parts of the Building and to change the name, number or designation by which the Building is commonly known, provided that such changes shall not have a material adverse effect on
Tenant’s access to the Premises or the general office use of the Premises. Tenant understands and agrees that all parts (except surfaces facing the interior of the Premises) of all walls, windows and doors bounding the Premises (including
exterior Building walls, core corridor walls, doors and entrances), all balconies, terraces and 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. 
 14. LIMITATION ON LIABILITY. 

A. Landlord’s Liability. If the Building shall be sold, leased or otherwise transferred, Landlord shall be relieved
of all future obligations and liabilities hereunder arising from and after the date of the transfer and the transferee shall be deemed to have assumed and agreed to perform all such obligations and liabilities of Landlord under this Lease. In the
event of such sale, lease or transfer, Landlord shall also be relieved of all existing obligations and liabilities hereunder provided that the transferee assumes in writing such obligations. Neither the shareholders, directors or officers of
Landlord, if Landlord is a corporation, nor the partners comprising Landlord (nor any of the shareholders, directors or officers of such partners), if Landlord is a partnership, 

  
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nor ally member of Landlord, if Landlord is a limited liability company (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 ally damages against any of the Parties. The liability of Landlord for Landlord’s obligations under this Lease shall not exceed
and shall be limited to Landlord’s interest in the Building and the Real Property (including, without limitation, any insurance, condemnation and sales or refinance proceeds thereof) 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. Neither Landlord nor Tenant shall
have any liability for any consequential or punitive damages under this Lease, except for Tenant’s liability pursuant to Subsection 19B hereof. 

B. Tenant’s Liability. Neither the shareholders, directors or officers of Tenant, if Tenant is a corporation, nor the
partners comprising Tenant (nor any of the shareholders, directors or officers of such partners), if Tenant is a partnership, nor any member of Tenant, if Tenant is a limited liability company or any employee of any of them (collectively, the
“Tenant Principals”), shall be liable for the performance of Tenant’s obligations under this Lease. Landlord shall look solely to the assets of Tenant to enforce Tenant’s obligations hereunder and shall not seek any
damages against any of the Tenant Principals. 
 15. DEFAULT. 

A. Events of Default. This Lease and the term and estate hereby granted are subject to the limitations that upon the occurrence, at any
time prior to or during the Term, of any one or more of the following events (referred to as “Events of Default”): 
 (i)
if Tenant shall default in the payment when due of any installment of Rent or in the payment when due of any Additional Rent, and such default shall continue for a period of five (5) days after Landlord gives written notice of such default to
Tenant; or 
 (ii) if Tenant shall default in the observance or performance of any term, covenant or condition of this Lease on
Tenant’s part to be observed or performed (other than the covenants for the payment of Rent and Additional Rent) and Tenant shall fail to remedy such default within thirty (30) days after notice by Landlord to Tenant of such default, or if
such default is of such a nature that it cannot, using diligent efforts, be completely remedied within said period of thirty (30) days and Tenant shall not commence within said period of thirty (30) days, or shall not thereafter diligently
prosecute to completion all steps necessary to remedy such default; or 
 (iii) 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 with Landlord 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 
 (iv) if any time after the Commencement Date the Premises shall become abandoned (provided however, that as long as
Tenant is fulfilling its other obligations under this Lease, Tenant may temporarily vacate the Premises without being in default under this Subsection 15A(iv): (a) in the event of a casualty, pursuant to the provisions of Article 10 hereof; and
(b) for up to thirty (30) days in connection with an assignment or sublease, or a renovation of the Premises); or 

  
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 (v) if Tenant’s interest in this Lease shall devolve upon or pass to any person,
whether by operation of law or otherwise, except as may be expressly permitted herein; or 
 (vi) if Tenant shall file a voluntary petition
in bankruptcy or insolvency, or shall be adjudicated a bankrupt or insolvent, or shall file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or
any future federal bankruptcy act or any other present or future applicable federal, state or other statute or law, or shall make an assignment for the benefit of creditors or shall seek or consent to or acquiesce in the appointment of any trustee,
receiver or liquidator of Tenant or of all or any part of Tenant’s property; or 
 (vii) if, within sixty (60) days after the
commencement of any proceeding against Tenant, whether by the filing of a petition or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or any future federal
bankruptcy act or any other present or future applicable federal, state or other statute or law, such proceeding shall not have been dismissed, or if, within sixty (60) days after the appointment of any trustee, receiver or liquidator of
Tenant, or of all or any part of Tenant’s property, without the consent or acquiescence of Tenant, such appointment shall not have been vacated or otherwise discharged, or if any execution or attachment shall be issued against Tenant or any of
Tenant’s property pursuant to which the Premises shall be taken or occupied or attempted to be taken or occupied; or 
 (viii) 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 27, and the Issuing Bank shall fail to honor the Letter of Credit and pay the proceeds thereof to Landlord
for any reason whatsoever; or 
 (ix) if Tenant shall fail to deliver a certificate as required by Subsection C of Article 7, which failure
shall continue for five (5) business days after notice thereof; 
 then, in any of said cases, at any time prior to or during the Term,
of any one or more of such Events of Default, Landlord, at any time thereafter, at Landlord’s option, may give to Tenant a three (3) days’ notice of termination of this Lease and, in the event such notice is given, this Lease and the
Term shall come to an end and expire (whether or not the Term shall have commenced) upon the expiration of said three (3) days with the same effect as if the date of expiration of said three (3) days were the Expiration Date, but Tenant
shall remain liable for damages as provided in Article 16 hereof. 
 B. Effect of Bankruptcy. If, at any time, (i) Tenant shall
be comprised of 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 clauses (6) and (7) of Subsection A of this Article, 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
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proceeding of the types referred to in said clauses (6) and (7) 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 rent or a waiver on the part of Landlord of any rights under said Subsection A. 
 C.
Conditional Limitation. Nothing contained in this Article shall be deemed to require Landlord to give the notices herein provided for prior to the commencement of a summary proceeding for non-payment of
rent or a plenary action for recovery of rent on account of any default in the payment of the same, it being intended that such notices are for the sole purpose of creating a conditional limitation hereunder pursuant to which this Lease shall
terminate and if Tenant thereafter remains in possession after such termination if Tenant shall do so as a holdover tenant. 
 D. Repeated
Defaults. Tenant expressly recognizes that Tenant’s due and punctual performance of all its obligations under this Lease throughout the term hereof is of paramount importance to Landlord, and, without limiting any of the provisions of this
Lease, Tenant agrees that, if Tenant (i) shall fail to pay for five (5) days after it becomes due an installment of Minimum Rent or any Additional Rent and Landlord gives Tenant notice of such failure for two (2) consecutive months or
for a total of three (3) months during any twenty four (24) month period during the Term, or (ii) shall default in the timely performance of any other obligation of Tenant under this Lease with respect to which Landlord shall have
given Tenant notice of default, and such default shall occur more than two (2) times in any period of twelve (12) months, then notwithstanding that such failure or other default shall have been cured within the applicable grace period
provided in this Lease, any further similar default shall be deemed to be deliberate and Landlord thereafter may, without further notice of default, serve a three (3) day notice of cancellation of this Lease as and with the effects provided in
Subsection A of this Article. 
 16. REMEDIES AND DAMAGES. 

A. Landlord’s Remedies. 

(1) If an Event of Default shall occur and be continuing, or if this Lease and the Term shall expire and come to an end as provided in Article
15: 
 (a) Landlord and its agents and servants may immediately, or at any time after such Event of 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, either by summary proceedings, or by any other applicable action or proceeding, (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 

(b) 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. 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 

  
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or any part thereof, or, in the event of any such reletting, for refusal or failure to collect any rent due upon any such reletting, and no such refusal or failure shall operate to relieve Tenant
of any liability under this Lease or otherwise to affect any such liability; 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. 

(2) 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 further 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 (i) Tenant shall have been dispossessed by a judgment or by warrant of any court or judge, or (ii) any re-entry by Landlord, or (iii) 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. 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 on Tenant’s part to be observed or performed, 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. 
 B. Damages. 

(1) If this Lease and the Term shall expire and come to an end as provided in Article 15, or by or under any summary proceeding or any other
action or proceeding, or if Landlord shall re-enter the Premises as provided in Subsection A of this Article, or by or under any summary proceeding or any other action or proceeding, then, in any of said
events: 
 (a) Tenant shall pay to Landlord all Rent, Additional Rent and other charges 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; 

(b) Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency (referred to as “Deficiency”)
between the Rent reserved in this Lease 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 Subsection A(1)
of this Article for any part of such period (first deducting from the rents collected under any such reletting all of Landlord’s expenses in connection with the termination of this Lease, or Landlord’s reentry upon the Premises and with
such reletting including, but not limited to, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting); any such
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of 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 
 (c) whether or not Landlord shall
have collected any monthly Deficiencies as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, in lieu of any further Deficiencies as and for liquidated and agreed final damages, a sum equal to
the amount by which the Rent reserved in this Lease 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 (which amounts shall
first be discounted to present value at an annual rate of four (4%) percent), less the aggregate amount of Deficiencies theretofore collected by Landlord pursuant to the provisions of Subsection B(1)(b) of this Article 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. 

(2) 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 Subsection B. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall
exceed the Rent reserved in this Lease. Solely for the purposes of this Article, the term “Rent” as used in Subsection B(1) of this Article shall mean the Rent in effect immediately prior to the date upon which this Lease and the Term
shall have expired and come to an end, or the date of re-entry upon the Premises by Landlord, as the case may be, adjusted to reflect any increase or decrease pursuant to the provisions of Article 3 hereof for
the Comparison Year immediately preceding such event. Nothing contained in Article 15 or this Article 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 Subsection B(1) of this Article. 

C. Legal Fees. 
 (i)
Tenant hereby agrees to pay, as Additional Rent, all reasonable attorneys’ fees and disbursements (and all other court costs or expenses of legal proceedings) which Landlord may incur or pay out by reason of, or in connection with (a) any
action or proceeding by Landlord against Tenant (including, but not limited to, any arbitration proceeding) in which Landlord prevails; (b) any default by Tenant in the observance or performance of any obligation under this Lease (including,
but not limited to, matters involving payment of rent and Additional Rent, computation of escalations, alterations or other Tenant’s work and subletting or assignment), whether or not Landlord commences any action or proceeding against Tenant;
(c) any action or proceeding brought by Tenant against Landlord (or any officer, partner or employee of Landlord) in which Tenant fails to prevail; and (d) any other appearance by Landlord (or any officer, partner or employee of Landlord)
as a witness or otherwise in any action or proceeding whatsoever involving or affecting Tenant or this Lease, in which Landlord is not named as a party. 

  
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 (ii) Tenant’s obligations under this Subsection C shall survive the expiration of the
Term hereof or any earlier termination of this Lease. 
 17. FEES AND EXPENSES. 

A. Curing Tenant’s Defaults. If Tenant shall default in the observance or performance of any term or covenant on
Tenant’s part to be observed or performed under or by virtue of any of the terms or provisions in any Article of this Lease, Landlord may, on ten (10) days’ notice to Tenant perform the same for the account of Tenant, and if Landlord
makes any expenditures or incurs any obligations for the payment of money in connection therewith including, but not limited to reasonable attorneys’ fees and disbursements in instituting, prosecuting or defending any action or proceeding, such
sums paid or obligations incurred with interest and costs shall be 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. Tenant acknowledges
that Landlord need not await the expiration of any cure period afforded Tenant or give Tenant any prior notice pursuant to this Subsection 17A, if the circumstances constitute an emergency requiring immediate action due to an immediate threat of
injury to persons or damage to property. 
 B. Late Charges. 

(i) If any installment of Minimum Rent or any Additional Rent shall not be paid within five (5) days after such installment shall have
first become due, Tenant shall also pay to Landlord (a) an administrative late charge in the amount of four (4%) percent of the overdue amount, and (b) interest thereon at the Interest Rate from the due date until such installment of
Minimum Rent or Additional Rent is fully paid. Such administrative late charge and interest charge shall be due and payable as Additional Rent with the next monthly installment of Minimum Rent. 

(ii) If any check delivered to Landlord in full or partial payment of any amounts due to Landlord pursuant to the terms of this Lease shall not
be honored by reason of insufficient or uncollected funds or for any other reason, then Tenant shall pay to Landlord a service charge on account thereof in the amount of four (4%) percent of the overdue amount, which service charge shall be due and
payable as Additional Rent with the next monthly installment of Minimum Rent. 
 18. NO REPRESENTATIONS BY LANDLORD. Landlord or Landlord’s
agents have made no representations or promises with respect to the Building, the Real Property, the Premises or Taxes or any other matter related to this Lease and Tenant’s occupancy of 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. All references in this Lease to the consent or approval of Landlord shall be deemed to mean the written consent of Landlord or the
written 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. 

19. END OF TERM. 
 A. Surrender of
Premises. Upon the expiration or other termination of the Term, Tenant shall quit and surrender to Landlord the Premises, broom clean, in good order and condition, ordinary wear and tear and damage for which Tenant is not responsible under the
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of this Lease excepted, and Tenant may remove all of its property pursuant to Article 4. Tenant’s obligation to observe or perform this covenant 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 of any successor law of like import then in force in connection with any holdover summary proceedings
which Landlord may institute to enforce the provisions of this Article. In addition, 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
substantial, will exceed the amount of the monthly installments of the Rent theretofore payable hereunder, and will be impossible to accurately measure. Tenant therefore agrees that if possession of the Premises is not surrendered to Landlord within
twenty-four (24) hours after the Expiration Date or sooner termination of the Term, in addition to any other rights or remedy Landlord may have hereunder or at law, Tenant shall pay to Landlord for each month and for each portion of any month
during which Tenant holds over in the Premises after the Expiration Date or sooner termination of this Lease, a sum equal to two (2) times the Minimum Rent which was payable under this Lease during the last month of the Term, plus one hundred
percent (100%) of the Additional Rent which would have been due from Tenant for such holdover period had the Term not ended. Nothing herein contained shall be deemed to permit Tenant to retain possession of the Premises after the Expiration Date or
sooner termination of this Lease and no acceptance by Landlord of payments from Tenant after the Expiration Date or sooner termination of the Term 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, which provisions shall survive the Expiration Date or sooner termination of this Lease. 
 B. Holdover by
Tenant. If Tenant shall hold-over or remain in possession of any portion of the Premises for a period of thirty (30) days beyond the Expiration Date of this Lease, notwithstanding the acceptance of any Rent and Additional Rent paid by
Tenant pursuant to Subsection A of this Article, Tenant shall be subject not only to summary proceeding and all damages related thereto, but also to any damages arising out of lost opportunities (and/or new leases) by Landlord to re-let the Premises (or any part thereof). All damages to Landlord by reason of such holding over by Tenant may be the subject of a separate action and need not be asserted by Landlord in any summary proceedings
against Tenant. 
 20. QUIET ENJOYMENT. Landlord covenants and agrees with Tenant that upon Tenant paying the Rent and Additional Rent and observing
and performing all the terms, covenants and conditions, on Tenant’s part to be observed and performed, Tenant may peaceably and quietly enjoy the Premises subject, nevertheless, to the terms and conditions of this Lease and to all Superior
Leases and Mortgages. 
 21. 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 import then in force and further waives the right to recover any damages which may result from Landlord’s failure
to deliver possession of the Premises on the date set forth herein for the commencement of the Term. If Landlord shall be unable to give possession of the Premises on such date, and provided Tenant is not responsible for such inability to give
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the Premises are available for occupancy by Tenant, and no such failure to give possession on such date shall in anyway 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 same be construed in any way to extend the Term, except as specifically provided in Subsection 1B(ii) hereof. If permission is given to Tenant to enter
into possession of the Premises or to occupy premises other than the Premises prior to the Commencement Date, Tenant covenants and agrees that such occupancy shall be deemed to be under all the terms, covenants, conditions and provisions of this
Lease, including the covenant to pay Rent. 
 22. NO WAIVER. 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 agents shall not operate as a termination of this Lease or a surrender of the Premises. The failure of either party 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 force and effect of an original violation. The receipt by Landlord of Rent 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 and/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 either party unless such waiver be in writing signed by such party. No payment by Tenant or receipt by Landlord of a lesser amount than the monthly Rent herein stipulated shall be deemed to be other than on account of the
earliest stipulated Rent, 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 Rent 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 Rent 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 in this Lease. Any executory agreement hereafter made shall be ineffective to change, modify, discharge or effect an abandonment of it in whole or in part unless such executory agreement is in writing and signed by the party against whom
enforcement of the change, modification, discharge or abandonment is sought. 
 23. WAIVER OF TRIAL BY JURY. It is mutually agreed by and between
Landlord and Tenant that they 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 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, and/or any claim of injury or damage, or for the enforcement of any remedy under any statute, emergency or otherwise. It is further mutually agreed that
in the event Landlord commences any summary proceeding (whether for nonpayment of rent or because Tenant continues in possession of the Premises after the expiration or termination of the Term), Tenant will not interpose any counterclaim (except for
mandatory or compulsory counterclaims) of whatever nature or description in any such proceeding. 

  
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 24. INABILITY TO PERFORM. 

A. Landlord’s Inability to Perform. This Lease and the obligation of Tenant to pay Rent and Additional Rent hereunder
and perform all of the other covenants and agreements hereunder on the part of Tenant to be performed shall in nowise 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 accident 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 rule, order or regulation of any federal, state, county or municipal authority or any department or subdivision thereof or any government agency or by reason of the conditions of supply and demand which have
been or are affected by war or other emergency (each of foregoing circumstances is referred to herein as an “Unavoidable Delay”). 

B. Tenant’s Inability to Perform. In the event that Tenant is unable to fulfill any of its obligations under this
Lease, other than the covenant to pay Rent, expressly or impliedly to be performed by Tenant, and Tenant is prevented or delayed from so doing by Unavoidable Delay then Tenant’s performance thereof shall be excused for the period of such
Unavoidable Delay, provided that Tenant shall give Landlord written notice of the existence and nature of such Unavoidable Delay promptly upon discovering such Unavoidable Delay and shall thereafter regularly update Landlord with respect thereto.
Once any such Unavoidable Delay is abated, Tenant shall perform its obligations with diligence, continuity and dispatch. 
 25. BILLS AND NOTICES.
Except as otherwise expressly provided in this Lease, any bills, statements, notices, demands, requests or other communications given or required to be given under this Lease shall be deemed sufficiently given or rendered if in writing, sent postage
prepaid, by registered or certified mail (return receipt requested), or via overnight courier, or by hand delivery addressed (a) to Tenant (i) at Tenant’s Address for Notices, or (ii) at any place where Tenant or any agent or
employee of Tenant may be found if mailed subsequent to Tenant’s vacating, deserting, abandoning or surrendering the Premises, or (b) to Landlord at Landlord’s Address for Notices, or (c) to such other address as either Landlord
or Tenant may designate as its new Address for Notices by notice given to the others in accordance with the provisions of this Article. Tenant hereby acknowledges and agrees that any such bill, statement, demand, notice, request or other
communication may be given by Landlord’s agent on behalf of Landlord. Any Landlord’s Statement, bill, notice or other communication by Landlord with respect to Rent (other than default notices) may be given by regular mail and need not be
sent to any party other than Tenant. Any such bill, statement, demand, notice, request or other communication shall be deemed to have been rendered or given: (i) three (3) business days after mailed by registered or certified mail;
(ii) one (1) business day after depositing the same with an overnight courier for delivery or (iii) on the date of delivery if delivered by hand with written evidence thereof. 

26. SERVICES. 
 A. Elevator.
Landlord shall provide non-exclusive passenger elevator facilities during Ordinary Building Hours and shall have at least one passenger elevator in the bank of elevators

  
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servicing the Premises available at all other times. Landlord shall provide non-exclusive freight elevator services on an “as available” basis
for incidental use by Tenant during such times as shall be designated by Landlord, in its discretion, from time to time. Use of the freight elevator shall in all events be arranged by Tenant on not less than twenty-four (24) hours prior notice
and shall be provided by Landlord to the extent that no conflict exists with other tenants or other parties requesting such usage (all such conflicts to be resolved by Landlord, in Landlord’s sole discretion, reasonably exercised) on a first
come, first served basis. There is no charge for freight elevator use in the Building during Ordinary Building Hours. 
 B. HVAC. 

(i) Landlord shall furnish heat to the Premises when and as required by law, during Ordinary Building Hours. Landlord shall not be responsible
for the adequacy, design or capacity of the heating distribution system or if the normal operation of the heat distribution system serving the Building shall fail to provide heat at reasonable temperatures or any reasonable volumes or velocities in
any parts of the Premises by reason of any rearrangement of partitioning or other Alterations made or performed by or on behalf of Tenant or any person claiming through or under Tenant. 

(ii) As of the Commencement Date, each floor of the Premises will be served by a twenty (20) ton core condenser water unit, plus perimeter
chilled water units (the “HVAC System”) during Ordinary Building Hours from May 15th through October 15th of each year during
the Term, when, in the judgment of Landlord, reasonably exercised, it may be required for the comfortable occupancy of the Premises, and shall ventilate the Premises on business days and for similar hours during other months of the year. 

(iii) Based on an average electric load of five (5) watts sustained demand load per usable square foot and one person per 150 square feet
of net usable area of the Premises, Landlord represents that the HVAC System will deliver supply air at a temperature that will provide space temperatures in the Premises of: 72 degrees Fahrenheit dry bulb (+/- 2 degrees) when the outside air
temperature is no higher than 92 degrees Fahrenheit dry bulb) and 68 degrees Fahrenheit dry bulb (+/- 2 degrees) when the outside air temperature is no lower than 11 degrees Fahrenheit dry bulb. Notwithstanding the foregoing, Landlord makes no
representation and Landlord shall have no obligation or liability with respect to the performance of the HVAC System by reason of: (i) human occupancy factors and any machinery or equipment installed by or on behalf of Tenant or any person
claiming through or under Tenant that have an electrical load in excess of the average electrical load for the air-cooling system as designed or (ii) any rearrangement of partitioning or other Alterations
made or performed by or on behalf of Tenant or any person claiming through or under Tenant. Tenant agrees to keep and cause to be kept closed all of the windows in the Premises whenever the air-cooling system
is in operation and agrees to lower and close the blinds when necessary because of the sun’s position whenever the air-cooling system is in operation. Tenant at all times agrees to cooperate fully with
Landlord and to abide by the reasonable regulations and requirements which Landlord may prescribe for the proper functioning and protection of the air-cooling system. Landlord, throughout the Term, in
accordance with the provisions of Article 13 hereof, shall have free access to any and all mechanical installations of Landlord, including but not limited to air-cooling, fan, ventilating, machine rooms and
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 (iv) Landlord hereby consents in concept to Tenant’s installation of supplemental air
conditioning units in the Premises (the “Supplemental Units”), subject, however to the applicable provisions of this Lease, including without limitation, Article 4 hereof, and the necessity of obtaining Landlord’s prior written
consent thereto. Landlord agrees to provide up to ten (10) tons of condenser water per year to each of the third (3rd) and fourth (4th)
floors of the Premises for Tenant’s Supplemental Units. In the event that Tenant installs the Supplemental Units, Tenant shall pay: (x) Landlord’s Building-standard, per ton one time connection fee to the Building’s condenser
water loop (which is $2,125.00 per ton of condenser water as of the date hereof, but which is subject to change from time to time on a reasonable basis, based on the then-current costs of materials, utilities and union labor); (y) Tenant shall pay
to Landlord, annually upon demand, a sum equal to the then-Building standard rate per ton of condenser water (which is $650.00 per ton per annum as of the date hereof, but which is subject to change from time to time on a reasonable basis, based on
the then-current costs of materials, utilities and union labor); and (z) Tenant shall pay to Landlord upon demand, Tenant’s share of the cost of maintaining, repairing and/or replacing the cooling tower providing such condenser water, such
share to be based upon Tenant’s total demand of condenser water relative to the total demand of all other tenants and occupants in the Building who are similarly supplied condenser water by Landlord. 

C. After Hours and Additional Services. The Rent does not include any charge to Tenant for the furnishing of any freight elevator
facilities or for the service of heat or air conditioning to the Premises during periods other than Ordinary Building Hours for the furnishing and distributing of such facilities or services (referred to as “Overtime Periods”).
Accordingly, if Landlord shall furnish any (i) freight elevator facilities, or (ii) heat or air conditioning to the Premises during Overtime Periods, then Tenant shall pay Landlord Additional Rent for such facilities or services at the
standard rates then fixed by Landlord for the Building, which rates may be reasonably changed from time to time, based on the then-current costs of utilities, materials and union labor. Landlord represents that the current Building rates are:
(i) for heat during Overtime Periods: $175.00 per hour, (ii) for air conditioning during Overtime Periods: $225.00 per hour, and (iii) for freight elevator during Overtime Periods: $150.00 per hour (with a minimum of 4 hours on
weekdays, and 8 hours on weekends). If more than one tenant utilizing the same system as Tenant requests the same Overtime Periods for the same services as Tenant, the charge to Tenant shall be adjusted pro rata. Landlord shall have the right to
charge Tenant for a particular minimum number of hours of usage of any facilities during Overtime Periods to the extent that the applicable union or service contract requires Landlord to engage the necessary personnel for such minimum number of
overtime hours. Notwithstanding the foregoing, Landlord shall permit the Tenant to use the freight elevator for up to twenty-eight (28) hours (which shall be used in four (4) hour increments) during Overtime Periods, free of charge, for
Tenant’s initial move-in to the Premises. 
 D. Cleaning. 

(i) Landlord, at its expense, shall cause the Premises and Building common areas to be cleaned in accordance with the cleaning specifications
set forth on Exhibit 2 annexed hereto and made a part hereof. Tenant shall pay to Landlord, on demand and as Additional Rent, any reasonable costs incurred by Landlord for extra cleaning work in the Premises required because of: (i) misuse use
or neglect on the part of Tenant or its employees or visitors, (ii) use of portions of the Premises for the preparation, serving or consumption of food or beverages, data processing or reproducing operations, other than normal internal office
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toilets, or other special purposes requiring greater or more difficult cleaning work than office areas, (iii) any unusual quantity of interior glass surfaces, and (iv) any non-building standard materials or finishes installed by Tenant or at its request requiring greater or more difficult cleaning work. Landlord, its cleaning contractor and their employees shall have access to the
Premises from and after 5:00 p.m. Monday through Friday, and the free use of light, power and water therein, as is reasonably required for the purpose of cleaning the Premises in accordance with Landlord’s obligations hereunder. 

(ii) 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. 

E. Trash Removal. Tenant covenants and agrees, at its sole cost and expense, to comply with all present and future Legal Requirements
regarding the collection, sorting, separation and recycling of waste products, garbage, refuse and trash (collectively “Rubbish”). Tenant shall sort and separate the Rubbish into such categories as provided by law. Tenant shall pay
all costs, expenses, fines penalties or damages that may be imposed on Landlord or Tenant by reason of Tenant’s failure to comply with the provisions of trash or recycling laws. Tenant shall pay, as Additional Rent, the cost of removal from the
Premises and the Building of so much of Tenant’s Rubbish as shall in any material respect, exceed that ordinarily accumulated daily in the routine of business office occupancy (“Extra Rubbish Removal”). Tenant, at Tenant’s
expense shall store any refuse generated by the consumption of food or beverages at the Premises (so-called “wet garbage”) in an appropriate, separate facility, shall notify Landlord’s cleaning
contractor of the existence of such wet garbage, and shall be responsible for any damage caused to the Premises or the Building while in Tenant’s possession by the existence of such wet garbage, including any leakage of such wet garbage. 

F. Sprinkler System. Anything elsewhere in this Lease to the contrary notwithstanding, if any Governmental Agency requires or recommends
that any changes, modifications, alterations or additional sprinkler heads or other equipment be made or supplied to the sprinkler system by reason of Tenant’s business, or the location of the partitions, trade fixtures, or other contents of
the Premises, then Tenant shall, at Tenant’s expense, or, at Landlord’s election, Landlord shall, at Tenant’s expense, promptly make and supply such changes, modifications, alterations, additional sprinkler heads or other equipment
(pursuant to submission of necessary engineering plans and specifications for Landlord’s reasonable approval), whether the work involved shall be structural or non-structural in nature. 

G. Water. Landlord shall furnish water to the Premises for drinking, cleaning and lavatory purposes to the extent piping and fixtures
presently exist therein. If Tenant uses any material quantity of water for any purpose other than ordinary drinking, cleaning and lavatory uses, Landlord may install water meter to measure Tenant’s water consumption for all purposes and Tenant
agrees to pay for the installation and maintenance thereof and for water consumed as shown on said meter and any sewer rent or tax based thereon. 

  
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 H. Electricity Service. 

(i) Landlord shall furnish six (6) watts per rentable square foot, connected load of electrical energy (exclusive of electricity for
heating, ventilation and air conditioning (except for any supplemental units installed by or on behalf of Tenant)) for the use of Tenant in the Premises for the operation of the lighting fixtures, the electrical receptacles and the supplemental air-cooling equipment, if any, installed in the Premises, and all of Tenant’s equipment, machinery and appliances, which electrical energy shall be made available to the electrical closet in the Premises. A
submeter or submeters, which shall be installed as part of the Base Building Work, and shall be functional as of the Commencement Date, shall measure Tenant’s consumption of electrical energy in the Premises. Landlord shall make any required
repairs to and maintain the submeter or submeters serving the Premises in working order during the Term. Tenant shall pay to Landlord as Additional Rent, on demand, at any time from time to time but no more frequently than monthly, for its
consumption of electrical energy and demand at the Premises, at the same rate schedule charged by the utility or its successor servicing the Building, plus (i) an amount equal to six (6%) percent of the total cost of Tenant’s electric
consumption and demand (not including sales tax) for Landlord’s overhead and supervision charge in connection with Landlord’s reading of the submeter(s) and billing Tenant and (ii) any taxes, surcharges or other charges which are
assessed in respect of consumption and demand of electricity. In no event shall Tenant be required to pay more than once for any tax or other element of the electric bill nor shall the aforesaid six (6%) percent premium be charged by Landlord on any
taxes or surcharges. Based upon the utility bill for the Building for the applicable month, Tenant shall be billed for its consumption of electricity computed on the average cost to Landlord of kilowatt demand and the average cost to Landlord for on
peak and off peak kilowatt hour consumption as registered by the submeter(s) installed to measure Tenant’s consumption of electricity. If any tax shall be imposed upon Landlord’s receipts from the sale or resale of electrical energy to
Tenant, the pro rata share applicable to the electrical energy service received by Tenant shall be passed on to, included in the bill of, and paid by Tenant if and to the extent permitted by law. Landlord shall bill Tenant, monthly, for the cost of
its consumption of electricity in the Premises and Tenant shall pay the amount thereof at the time of Tenant’s payment of the next monthly installment of Minimum Rent that is due no less than thirty (30) days after Tenant’s receipt of
the applicable electric bill from Landlord. Each such bill shall state Tenant’s consumption of electricity, the rates that Tenant pays for such electricity, and furnish details with respect to any taxes and surcharges. 

(ii) If either the quantity or character of electrical services is changed by the utility or other company supplying electrical service to the
Building or is no longer available or suitable for Tenant’s requirements, no such change, unavailability or unsuitability shall constitute an actual or constructive eviction, in whole or in part, or entitle Tenant to any abatement or diminution
of rent, 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.

 (iii) If Tenant requires additional energy for any reason whatsoever, including without limitation, the use of additional business
machines, office equipment or other appliances in the Premises which utilize electrical energy, Tenant shall request such additional electrical energy from Landlord in each instance. If Landlord agrees to provide the same (which agreement shall not
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a connection fee equal to the then Building rate for each additional kilovolt ampere. In addition, any additional feeders or risers which are required to supply any additional electrical
requirements which Tenant may have, and all other equipment proper and necessary in connection with such feeders or risers, shall be installed by Landlord upon Tenant’s request, at the sole, but reasonable, cost and expense of Tenant, provided
that, in Landlord’s reasonable judgment, such additional feeders or risers are necessary and are permissible under applicable laws and insurance regulations and the installation of such feeders or risers will not cause permanent damage or
injury to the Building or the Premises or cause or create a dangerous or hazardous condition or entail excessive or unreasonable alterations or interfere with or disturb other tenants or occupants of the Building. At no time shall the use of
electrical energy in the Premises exceed the capacity of the existing feeders or wiring installations then serving the Premises. 
 (iv) If
Landlord is required by Legal Requirements to do so, Landlord reserves the right to discontinue furnishing electricity to Tenant in the Premises on not less than thirty (30) days’ notice to Tenant. If Landlord is compelled 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. If Landlord so discontinues furnishing electricity to Tenant, Tenant shall arrange to obtain electricity directly from the utility or other company servicing the Building. Such electricity may be furnished to Tenant by means of the then
existing electrical facilities serving the Premises to the extent that the same are available, suitable and safe for such purposes. All meters and all additional panel boards, feeders, risers, wiring and other conductors and equipment which may be
required to obtain electricity, of substantially the same quantity, quality and character, shall be installed by Landlord, (i) at Tenant’s expense, if Landlord shall have been compelled to discontinue furnishing electricity to the Premises
by reason of any act or omission of Tenant, or (ii) at the equal expense of Landlord and Tenant if such discontinuance shall have been solely by reason of a Legal Requirement that becomes effective after the date of this Lease. Landlord shall
not voluntarily discontinue furnishing electricity to Tenant until Tenant is able to receive electricity directly from the utility or other company servicing the Building. 

(v) Any Alterations to the electrical system serving the Premises shall be made in accordance with Article 4 of this Lease. At Landlord’s
option, any such electrical Alterations shall be installed or performed by Landlord, at Tenant’s sole cost and expense, payable as Additional Rent within ten (10) days after rendition to Tenant of a bill therefor. Tenant shall at all time
comply with the rules and regulations applicable to the service, equipment, wiring and requirements of the utility company supplying electricity to the Building. Tenant covenants and agrees that at all times its use of electricity will not exceed
the capacity of existing feeders to the Building or the risers or wiring installations therein and Tenant shall not use any electrical equipment which, in Landlord’s reasonable judgment, will overload such installations or interfere with the
use thereof by other tenants in the Building. 
 (vi) Except as specifically set forth herein, Landlord shall not be liable to Tenant in any
way for any interruption, curtailment or failure or defect in the supply or character of electricity furnished to the Premises by reason of any requirement, act or omission of Landlord or of any utility or other company servicing the Building with
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 (vii) From time to time, Landlord may institute for the Building energy conservation programs
that Landlord reasonably believes will be in the best interests of the Building and its tenants. Similar programs may be established by the Utility. Tenant shall promptly comply with and carry out, in good faith, any and all reasonable obligations
issued by Landlord or the Utility, as the case may be, under such programs, as the same may exist from time to time. 
 I.
Telecommunications. 
 (i) Landlord shall provide Tenant with Tenant’s pro rata share of vertical riser space in the Building for
Tenant’s electric power, voice and data equipment. 
 (ii) Tenant shall not solicit other occupants of the Building to use wireless
internet service that emanates from the Premises. In the event that Tenant’s wireless Internet service (if any) interferes in any material respect with any Building Systems or with the wireless internet service of other tenants in the Building,
Tenant shall, promptly, after receipt of written notice from Landlord regarding such interference, remedy the same. 
 J. Interruption of
Services. If Landlord fails to provide any service or perform any obligation that Landlord is obligated to provide or perform under this Lease and solely as a result thereof, Tenant shall not be able to conduct its business at the Premises
(after taking reasonable steps to mitigate any such inability to conduct its business at the Premises), and Tenant shall have vacated the Premises for a period of seven (7) consecutive business days or more after written notice by Tenant to
Landlord advising Landlord of such failure to provide any such service or perform any such obligation, that such failure has rendered the Premises unusable and that Tenant has vacated the Premises, then, Tenant shall be entitled to an abatement of
Minimum Rent and Additional Rent for each day after said seven (7) consecutive business day period through the earlier to occur of the day preceding (i) the day on which the service is substantially restored, and (ii) the day Tenant
recommences the conduct of its business at the Premises. Tenant shall not be entitled to an abatement of Rent in the event that such failure results from (i) any installation, Alteration or improvement which is not performed by Tenant in a good
workmanlike manner; (ii) Tenant’s failure to perform any obligation hereunder; (iii) the negligence or tortious conduct of Tenant; (iv) casualty; or (vi) Unavoidable Delay. 

27. SECURITY DEPOSIT. 
 A. Deposit of
Security. Tenant shall deposit with Landlord on the signing of this Lease the Letter of Credit for the Security Deposit as security for the faithful performance and observance by Tenant of the terms, conditions and provisions of this Lease,
including without limitation the surrender of possession of the Premises to Landlord herein provided. 
 B. Letter of Credit. For the
deposit required pursuant to Subsection A of this Article, Tenant shall deliver to Landlord a clean, irrevocable, non-documentary and unconditional letter of credit (the “Letter of Credit”)
issued by and drawn upon any commercial bank (the “Issuing Bank”) with offices for banking purposes in the City of New York and having an S&P rating of not less than “A”, which Letter of Credit shall (a) have a
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satisfactory to Landlord, (c) be for the account of Landlord, (d) be in the amount of the Security Deposit, (e) be fully transferable by Landlord without any fees or charges
therefor, (f) have an expiration date which is not earlier than sixty (60) days after the Expiration Date, and (g) provide that it shall be deemed automatically renewed, without amendment, for consecutive periods of one (1) year
each thereafter during the term of this Lease, unless the Issuing Bank sends notice (the “Non-Renewal Notice”) to Landlord by certified mail, return receipt requested, not less than forty five
(45) days next preceding the then expiration date of the Letter of Credit that it elects not to have such Letter of Credit renewed. The Letter of Credit shall provide that Landlord shall have the right, exercisable upon receipt of the Non-Renewal Notice, by sight draft on the Issuing Bank, to receive the monies represented by the existing Letter of Credit and to hold such proceeds pursuant to the terms of this Article as a cash security pending
the replacement of such Letter of Credit. 
 C. Application of Security Deposit. In the event that Tenant defaults beyond the giving
of notice and the expiration of applicable grace periods in respect of any of the terms, provisions and conditions of this Lease, Landlord may apply or retain the whole or any part of any cash security held by Landlord or may notify the Issuing Bank
and thereupon receive all the monies represented by the Letter of Credit and use, apply or retain the whole or any part of such proceeds, as the case may be, to the extent required for the payment of any Rent as to which Tenant is in default or for
any sum which Landlord may expend or may be required to expend by reason of Tenant’s default beyond the applicable cure period under 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 reentry by Landlord. If Landlord applies or retains any part of any cash security or proceeds of the Letter of Credit, as the case may be, Tenant, within ten (10) days
after notice from Landlord and at Landlord’s option, shall deposit with Landlord the amount so applied or retained or increase the amount of the Letter of Credit or provide an additional or replacement Letter of Credit, so that Landlord shall
have the full Security Deposit on hand at all times during the Term. Any cash security or the Letter of Credit, as the case may be, shall be promptly returned to Tenant after the Expiration Date and after delivery of the entire possession of the
Premises to Landlord, less any sums appropriately drawn upon by Landlord pursuant to the foregoing provisions of this Article 27. In the event of a sale of the Real Property or the Building or leasing of the Building, Landlord shall transfer any
cash security or so much thereof as remains following a default by Tenant to the vendee or lessee and with respect to the Letter of Credit, within thirty (30) days of notice of such sale or leasing, Tenant, at Tenant’s sole cost and
expense, shall arrange for the transfer of the Letter of Credit to the new landlord, as designated by Landlord in the foregoing notice or have the Letter of Credit reissued in the name of the new landlord and Landlord shall thereupon be released by
Tenant from all liability for the return of such security. Landlord shall execute any documentation reasonably required by the Issuing Bank to effectuate such assignment of the Letter of Credit. Tenant agrees to look solely to the new landlord for
the return of such cash security or Letter of Credit and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the Security Deposit to a new landlord. Tenant further covenants that, except in connection with a
permitted assignment of this Lease, it will not assign or encumber or attempt to assign or encumber any monies or Letter of Credit deposited herein as security and that neither Landlord nor its successors or assigns shall be bound by any such
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 28. ADDITIONAL DEFINITIONS. 

A. The term “Tenant Party(ies)” shall mean and include Tenant and all of Tenant’s principals, officers, agents,
contractors, servants, employees, subtenants, licensees, visitors and invitees. 
 B. The term “office” or
“offices”, wherever used in this Lease, shall not be construed to mean premises used as a store or stores, for the sale or display, at any time, of goods, wares or merchandise, of any kind, or as a restaurant, shop, booth, bootblack
or other stand, barber shop, or for other similar purposes or for manufacturing. 
 C. The words “reenter” and
“reentry” as used in this Lease are not restricted to their technical legal meaning. 
 D. The term “business
days” as used in this Lease shall exclude Saturdays, Sundays and all days observed by the State or Federal Government as legal holidays and union holidays for those unions that materially affect the delivery of services in the Building.

 E. The words “include”, “including” and “such as” shall each be construed as if
followed by the phrase “without being limited to”. The words “herein”, “hereof”, “hereby”, “hereunder” and words of similar import shall be construed to refer to this
Lease as a whole and not to any particular Article or subdivision hereof unless expressly so stated. 
 F. The terms “substantial
completion” or “substantially completed” or words of similar import shall mean that any construction work (including Alterations and Landlord’s Work) has been substantially completed, it being agreed that any such work
shall be deemed substantially complete, substantially in accordance with the plans and specifications therefor, notwithstanding the fact that minor or insubstantial details of construction or demolition and/or mechanical adjustment and/or decorative
items remain to be performed, provided that any such unperformed work shall not materially interfere with Tenant’s use and occupancy of the Premises for the Permitted Uses. 

G. The term “Interest Rate” shall mean one and one-half (11⁄2%) percent per month, or the applicable maximum legal rate of interest, whichever is lower. 

H. The term “Hazardous Substances” shall mean, collectively, (a) asbestos and polychlorinated biphenyls, and
(b) hazardous or toxic materials, wastes and substances which are defined, determined and identified as such pursuant to any Legal Requirement. 

I. The term “Ordinary Building Hours” shall mean 8:00 a.m. to 6:00 p.m. on business days. 

29. BROKER. Landlord and Tenant each represent and warrant to the other that they have dealt directly with (and only with), the Landlord’s Broker
and the Tenant’s Broker as broker in connection with this Lease, and that insofar as either Landlord or Tenant knows no other broker negotiated this Lease or is entitled to any commission in connection therewith, and the execution and delivery
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Tenant shall each indemnify and hold the other harmless from and against any and all claims for commission, fees or other compensation by any other person who shall claim to have dealt with it in
connection with this Lease and for any and all costs incurred by such party in connection with such claims, including, without limitation, reasonable attorneys’ fees and disbursements, by reason of any claimed dealings it had with any broker
other than Landlord’s Broker or Tenant’s Broker. Landlord shall pay any commission due to Landlord’s Broker or Tenant’s Broker in connection with this Lease pursuant to a separate written agreement or agreements between Landlord
and Landlord’s Broker and Tenant’s Broker. 
 30. INDEMNITY. Tenant shall not do or permit any act or thing to be done upon the Premises
which could reasonably be expected to subject Landlord to any liability or responsibility for injury, damages to persons or property or to any liability by reason of any violation of any Legal Requirement, but shall exercise such control over the
Premises as to fully protect Landlord against any such liability. Tenant agrees to indemnify and save harmless the Landlord Indemnitees from and against (a) all third party claims of whatever nature in connection with the Lease, the Premises,
the Building or the Property (including, without limitation, the Roof Terrace), against Landlord arising from any negligence or willful misconduct of Tenant or any Tenant Party or any breach of this Lease by Tenant or any Tenant Party, (b) all
third party claims arising from any accident, injury or damage whatsoever caused to any person or to the property of any person and occurring in or about the Premises from the date access to the Premises is given to Tenant or any Tenant Party
(including during the performance of Landlord’s Work), but excluding third-party claims arising specifically from the performance of Landlord’s Work by Landlord or its agents, employees or contractors or any other work at the Premises
performed by Landlord or its agents, employees or contractors, or any acts or omissions of Landlord’s agents or employees, (c) all third party claims arising from any accident, injury or damage to any person, entity or property, occurring
outside of the Premises but anywhere within or about the Real Property (including, without limitation, the Roof Terrace), where such accident, injury or damage results or is claimed to have resulted from the negligence or willful misconduct of
Tenant or any Tenant Party, or any breach of this Lease; (d) any breach, violation or nonperformance 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, (e) any misrepresentation made by Tenant hereunder, (f) any cooperation by Landlord with Tenant as contemplated by Article 4, (g) any violation by Tenant of the provisions of Subsection F of Article 4 and (h) any claim,
loss or liability arising or claimed to arise from Tenant, or any Tenant Party causing or permitting any Hazardous Substances to be brought upon, kept or used in or about the Premises or causing or permitting any Tenant Party to bring or keep
Hazardous Substances at the Real Property or any seepage, escape or release of such Hazardous Substances caused by the introduction of such Hazardous Substances into the Premises or the Real Property after the Commencement Date, or such earlier date
that Tenant or any Tenant Party has access to the Premises (except to the extent that such Hazardous Substances were introduced to the Premises or the Real Property by Landlord or Landlord’s agents, employees or contractors). This indemnity and
hold harmless agreement shall include indemnity from and against any and all liability, fines, suits, demands, costs and expenses of any kind or nature incurred in or in connection with any such claim or proceeding brought thereon, and the defense
thereof (which defense shall be made by counsel selected by Tenant that is reasonably acceptable to Landlord, it being agreed that any counsel selected by Tenant’s insurance company shall be deemed acceptable to Landlord), including all
reasonable legal fees and expenses incurred in enforcing the provisions of this indemnity. Tenant shall not be required to indemnify the Landlord Indemnitees and hold the 

  
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Landlord Indemnitees harmless to the fullest extent permitted by law, to the extent that the negligence or willful misconduct of a Landlord Indemnitee contributed to the loss or damage sustained
by the person making the claim. The term “Landlord Indemnitees” shall mean, collectively, Landlord, any Lessor, any Mortgagee, Landlord’s managing agent and their respective partners, members, managers, shareholders, officers,
directors, employees and agents. In no event shall Tenant be responsible for consequential damages under the provisions of this Article 30. 
 31.
MISCELLANEOUS. 
 A. No Offer. This Lease is offered for signature by Tenant and it is understood that this Lease shall not be
binding upon Landlord unless and until Landlord shall have executed and delivered a fully executed copy of this Lease to Tenant. 
 B.
Signatories. If more than one person executes this Lease as Tenant, each of them understands and hereby agrees that the obligations of each of them under this Lease are and shall be joint and several, that the term “Tenant” as used
in this Lease shall mean and include each of them jointly and severally and that the act of or notice from, or notice or refund to, or the signature of, any one or more of them, with respect to the tenancy and/or this Lease, including, but not
limited to, any renewal, extension, expiration, termination or modification of this Lease, shall be binding upon each and all of the persons executing this Lease as Tenant with the same force and effect as if each and all of them had so acted or so
given or received such notice or refund or so signed. 
 C. Directory Listings. Landlord agrees to provide Tenant with a reasonable
number of listings on the Building’s lobby directory, provided that in all events, Tenant shall be limited to a number of listings determined by multiplying Tenant’s Proportionate Share by the total number of spaces for listings on such
directory. 
 D. Authority. 

(i) If Tenant is a corporation, partnership, limited liability company or other business entity, each individual executing this Lease on behalf
of Tenant hereby represents and warrants that Tenant is a duly formed and validly existing entity qualified to do business in the State of New York and that Tenant has full right and authority to execute and deliver this Lease and that each person
signing on behalf of Tenant is authorized to do so. 
 (ii) Tenant represents and warrants to Landlord that (a) Tenant and each person
or entity directly or indirectly owning an interest in Tenant is (i) not currently identified on the Specially Designated Nationals and Blocked Persons List maintained by the Office of Foreign Assets Control of the Department of the Treasury
(“OFAC”) and/or on any other similar list maintained by OFAC pursuant to any authorizing statute, executive order or regulation (collectively, the “List”), and (ii) not a person or entity with whom a citizen of
the United States is prohibited to engage in transactions by any trade embargo, economic sanction, or other prohibition of United States law, regulation, or Executive Order of the President of the United States, (b) none of the funds or other
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of any nature whatsoever in Tenant (whether directly or indirectly), (d) none of the funds of Tenant have been derived from any unlawful activity with the result that the investment in Tenant is
prohibited by Legal Requirements or that this Lease is in violation of any Legal Requirement, and (e) Tenant has implemented procedures, and will consistently apply those procedures, to ensure the foregoing representations and warranties remain
true and correct at all times. The term “Embargoed Person” means any person, entity or government subject to trade restrictions under U.S. law, including but not limited to, the International Emergency Economic Powers Act, 50 U.S.C.
§1701 et seq., The Trading with the Enemy Act, 50 U.S.C. §1 et seq., and any Executive Orders or regulations promulgated thereunder with the result that the investment in Tenant is prohibited by Requirements or Tenant is in
violation of any Requirements. 
 (iii) Tenant covenants and agrees (a) to comply with all Requirements relating to money laundering,
anti-terrorism, trade embargos and economic sanctions, now or hereafter in effect, (b) to immediately notify Landlord in writing if any of the representations, warranties or covenants set forth in this paragraph or the preceding paragraph are
no longer true or have been breached or if Tenant has a reasonable basis to believe that they may no longer be true or have been breached, (c) not to use funds from any “Prohibited Person” (as such term is defined in the
September 24, 2001 Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism) to make any payment due to Landlord under this Lease and (d) at the request of Landlord,
to provide such information as may be requested by Landlord to determine Tenant’s compliance with terms hereof. 
 (iv) Tenant hereby
acknowledges and agrees that Tenant’s inclusion on the List any time during the Term shall be an Event of Default under this Lease. Notwithstanding anything herein to the contrary, Tenant shall not permit the Premises or any portion thereof to
be used or occupied by any person or entity on the List or by any Embargoed Person (on a permanent, temporary or transient basis), and any such use or occupancy of the Premises by any such person or entity shall be an Event of Default under this
Lease. 
 E. Signage. Tenant shall not exhibit, inscribe, paint or affix any sign, advertisement, notice or other lettering on any
portion of the Building or the outside of the Premises without the prior written consent of Landlord in each instance, which consent shall not be unreasonably withheld. A plan of all signage or other lettering proposed to be exhibited, inscribed,
painted or affixed shall be prepared by Tenant in conformity with building standard signage requirements and submitted to Landlord for Landlord’s consent. All signage or other lettering which has been approved by Landlord shall thereafter be
installed by Tenant at Tenant’s sole cost and expense. Upon installation of any such signage or other lettering, such signage or lettering shall not be removed, changed or otherwise modified in any way without Landlord’s prior written
approval, which approval shall not be unreasonably withheld. Tenant shall not exhibit, inscribe, paint or affix on any part of the Premises or the Building visible to the general public any signage or lettering including the words
“temporary” or “personnel”. Any signage, advertisement, notice or other lettering which shall be exhibited, inscribed, painted or affixed by or on behalf of Tenant in violation of the provisions of this Subsection may be removed
by Landlord and the cost of any such removal shall be paid by Tenant as Additional Rent. Tenant shall not permit any machinery, equipment, sign, banner or any other thing to protrude from the Premises to the exterior of the Building beyond any plane
of the exterior windows of the Premises or beyond the Premises within the interior of the Building. Tenant shall have no right to use any window in the Premises for any 

  
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sign or other display that is designed principally for advertising or promotion. Notwithstanding the foregoing, Landlord consents in concept to Tenant’s installation of identifying signage
on the third (3rd) floor and fourth (4th) floors of the Building, provided that the same comply with applicable Legal Requirements and are
approved by Landlord, in Landlord’s reasonable discretion. 
 F. Consents and Approvals. Wherever in this Lease Landlord’s
consent or approval is required, if Landlord shall delay or refuse such consent or approval, Tenant in no event shall be entitled to make, nor shall Tenant make, any claim, and Tenant hereby waives any claim for money damages (nor shall Tenant claim
any money damages by way of set-off, counterclaim or defense) based upon any claim or assertion by Tenant that Landlord unreasonably withheld or unreasonably delayed its consent or approval. Tenant’s sole
remedy shall be an action or proceeding to enforce any such provision, for specific performance, injunction or declaratory judgment. Notwithstanding anything to the contrary contained herein, Tenant may seek by arbitration on an expedited basis such
injunctive relief or specific performance in connection with a claim by Tenant that Landlord has unreasonably withheld, delayed or conditioned its consent, provided that Landlord has expressly agreed in writing herein not to unreasonably withhold,
delay or condition such consent. In the event that Tenant demands arbitration under this Article, Landlord and Tenant shall jointly select an independent arbitrator (the “Arbitrator”). In the event that Landlord and Tenant shall be
unable to jointly agree on the designation of the Arbitrator within three (3) days after they are requested to do so by either party, then the parties agree to allow any judge in the New York State Supreme Court or the AAA to designate the
Arbitrator in accordance with the rules, regulations and/or procedures for expedited proceedings then in effect under the rules of the AAA. The Arbitrator shall conduct such hearings and investigations as he may deem appropriate and shall, within
seven (7) days after the date of designation of the Arbitrator issue a determination as to whether Landlord’s refusal to consent was unreasonable or determining such other dispute expressly made subject to arbitration hereunder. The
determination of the Arbitrator shall be conclusive and binding upon Landlord and Tenant and shall be set forth, along and with the Arbitrator’s rationale for such choice, in a written report delivered to Landlord and Tenant. The prevailing
party shall recover its reasonable counsel fees and expenses, if any, in connection with any arbitration under this Article. The Arbitrator appointed pursuant to this Article shall be an independent real estate professional with at least ten
(10) years’ experience in leasing and management of properties which are similar in character to the Building. The Arbitrator shall not have the power to add to, modify or change any of the provisions of this Lease but shall have the only
have the power to direct Landlord to consent to such request. 
 G. Rent Control. In the event the Minimum Rent or Additional Rent or
any part thereof provided to be paid by Tenant under the provisions of this Lease during the demised term shall become uncollectible or shall be reduced or required to be reduced or refunded by virtue of any Legal Requirements, Tenant shall enter
into such agreement(s) and take such other steps 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 (but not in excess of the amounts reserved under this Lease). Upon the termination of such legal rent restriction (a) the Minimum Rent and/or Additional Rent shall become and thereafter be payable in accordance with the
amounts reserved herein for the periods following such termination, and (b) Tenant shall pay to Landlord promptly upon being billed, to the maximum extent legally permissible, an amount equal to (i) the Minimum Rent and/or Additional Rent
which would have been paid pursuant to this Lease but for such legal rent restriction, less (ii) the amounts paid by Tenant during the period such legal rent restriction was in effect. 

  
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 H. Access to Premises. Subject to its reasonable security regulations, Landlord agrees
that the Building shall be accessible to Tenant twenty four (24) hours a day, seven (7) days a week and Tenant shall have the use of at least one (1) elevator subject to call, twenty four (24) hours a day, seven (7) days a
week. Landlord shall provide security measures at the Building twenty four (24) hours per day, seven (7) days per week. 
 I.
Roof Terrace. Landlord shall install a terrace (the “Roof Terrace”) as generally depicted on Exhibit 7 attached hereto, on a portion of the roof of the Building for the general use of the Building’s tenants (including
Tenant). Landlord shall open the Roof Terrace to the Building’s tenants on or before February 1, 2015, subject to Unavoidable Delay. Subject to the provisions of this Subsection I, once the Roof Terrace is constructed and open for
tenants’ use, Tenant and its employees shall have the non-exclusive right to use the Roof Terrace between the hours of 8:00 a.m. and midnight, seven (7) days per week, provided that any parties,
events or other gatherings on the Roof Terrace shall require Landlord’s prior approval. Notwithstanding the foregoing, Tenant acknowledges that Landlord shall not be required to provide maintenance or security services to the Roof Terrace
outside of Ordinary Building Hours. Tenant further acknowledges that Landlord shall have no liability to Tenant or any Tenant Party as a result of any accident, injury or damage arising from or relating to Tenant’s or any Tenant Party’s
use of the Roof Terrace. Any use of the Roof Terrace must be in accordance with any rules, regulations and security procedures that Landlord may adopt in connection therewith. No smoking will be permitted on the Roof Terrace. Landlord reserves the
right to restrict the use of the Roof Terrace during the winter and in inclement weather, and to discontinue the common use of the Roof Terrace by the tenants if Landlord is prohibited by applicable Legal Requirements from maintaining the Roof
Terrace for the common use of the Building’s tenants. Landlord shall also have the right to close the Roof Terrace for the general use of the Building’s tenants on a temporary basis (e.g., for a particular evening) after Ordinary Building
Hours, in each case upon at least two (2) business days’ posted notice to the tenants of the Building, in order for Landlord to host private events and/or to allow tenants of the Building (including Tenant) to do so. Landlord agrees that
Tenant shall have the right to exclusively use the Roof Terrace after Ordinary Building Hours once per Roof Season (as hereinafter defined), with no fee (but otherwise in accordance with Landlord’s rules and regulations) (the “Annual
Roof Exclusive”), provided that Tenant requests the date for its Annual Roof Exclusive by April 15th of the applicable year, TIME OF THE ESSENCE. In the event that Tenant does not
submit a date to Landlord for its Annual Roof Exclusive by April 15th of the applicable year, Tenant shall lose its right to the Annual Roof Exclusive for such year. As used herein, the
term “Roof Season” shall mean the period between June 1st and September 30th, during each calendar year during
the Term. Tenant acknowledges that reservations of the Roof Terrace will be taken by Landlord on a first-come, first-served basis. In the event that Tenant wishes to serve liquor on the Roof Terrace to Tenant’s guests or employees (or to any
other party), which service shall be free of charge, Tenant shall be required to obtain host liquor liability insurance that is reasonably acceptable to Landlord, naming Landlord and the Landlord Indemnitees as additional insureds, and provide
evidence of such insurance to Landlord. Notwithstanding the foregoing, Landlord may restrict Tenant’s ability to serve alcohol on the Roof Terrace if the same is resulting in damage to the Building or noise complaints, or is otherwise impacting
other tenants’ use or enjoyment of their premises or the Roof Terrace, or is, in Landlord’s reasonable discretion, increasing Landlord’s costs in connection with the maintenance of the Roof Terrace. 

  
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 J. Confidentiality. Landlord and Tenant each acknowledge that the terms and conditions
of this Lease are to remain confidential for each other’s benefit, and may not be disclosed by either of them to anyone, by any manner or means, directly or indirectly, without the other party’s prior written consent, other than to such
party’s employees, consultants or lenders, or attorneys, accountants or similar professional advisors. The consent by Landlord or Tenant to any disclosures shall not be deemed to be a waiver on the part of Landlord or Tenant of any prohibition
against any future disclosure. 
 K. Adjacent Excavation; Shoring. If an excavation shall be made upon land adjacent to the Premises,
or shall be authorized to be made, Tenant shall 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 Rent. 

L. Labor Harmony. Tenant shall not at any time, either directly or indirectly, use any contractors or labor or materials in the Premises
in connection with any Alteration or otherwise if the use of such contractors or labor or materials would create any work stoppage, picketing, labor disruption or any other difficulty with other contractors or labor engaged by Tenant or Landlord or
others in the construction, maintenance or operation of the Building or any part thereof. Tenant shall immediately stop any work or other activity if Landlord shall notify Tenant that continuing such work or activity would violate the provisions of
the immediately preceding sentence. 
 M. 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. 
 N. Fire Stairs. Tenant shall have
the right to use the fire stairwells adjacent to the Premises as internal circulation stairs subject to any applicable Legal Requirements. Tenant may make code-compliant security and aesthetic Alterations within the fire stairwells with
Landlord’s prior review and approval and otherwise subject to the provisions of Article 4 of this Lease. Tenant may install, at its own expense, a card access system to each floor of the Premises, in accordance with the applicable provisions of
this Lease and applicable Legal Requirements. 
 O. Bicycles. Tenant and its employees may bring bicycles to the Premises, subject to
compliance with Legal Requirements and the provisions of this Subsection O. Bicycles must be taken to the Premises via the service entrance of the Building and brought to the Premises via the freight elevator only, subject to the availability of the
freight elevator, Landlord’s rules and regulations regarding use of the freight elevator and all applicable freight elevator charges during Overtime Periods. All bicycles must be walked inside of the Building and may not in any way interfere
with the operation of the Building. No bicycles shall be allowed in the passenger elevators of the Building. All bicycles must be stored in the Premises in compliance with all applicable Legal Requirements, and may not interfere with egress from the
Premises or any other life/safety requirements. Tenant shall (a) indemnify and hold harmless Landlord and the Landlord 

  
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Indemnitees from and against any loss, costs or damages incurred by Landlord as a result of such bicycles being brought into the Building, including, without limitation, for any material damage
to the Building or injuries caused thereby and (b) shall be responsible for any cleaning any common areas of the Building soiled by such bicycles. 

P. Parties Bound. 
 (i) The
covenants, conditions and agreements contained in this Lease shall bind and inure to the benefit of Landlord and Tenant and their respective heirs, distributees, executors, administrators, successors, and, except as otherwise provided in this Lease,
their assigns. 
 (ii) This Lease is offered to Tenant for signature with the understanding that it shall not be binding upon Landlord unless
and until Landlord shall have: (a) received the first installment of Minimum Rent due hereunder by good and sufficient check; (b) received the Security Deposit by good and sufficient check or letter of credit in form satisfactory to
Landlord or as may otherwise as required by Article 27; (c) received, to the satisfaction of Landlord, any and all other sums of money, documents or instruments required by the terms of this Lease to be delivered by Tenant to Landlord on or before
the Commencement Date, including insurance certificates, permits, licenses and plans; and (e) executed and unconditionally delivered to Tenant a fully executed copy of this Lease. 

[SIGNATURE PAGE TO FOLLOW.] 

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

			
	90 FIFTH OWNER LLC, Landlord
		
	By:	 	 /s/ Thomas L. Lavin

		 	Name: Thomas L. Lavin
		 	Title:   Vice President
	
	URBAN COMPASS, INC., Tenant
		
	By:	 	 /s/ David Snider

		 	Name: David Snider
		 	Title:   Chief Operating Officer
	
	      

	Tenant’s Tax ID Number

 Urban Compass Lease Signature Page 

  

 Confidential Treatment Requested by Compass, Inc. 

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 EXHIBIT 1 

FLOOR PLAN OF PREMISES 
 THIS IS A SCHEMATIC PLAN
AND IS INTENDED ONLY TO SHOW THE PROPOSED GENERAL LAYOUT OF THE PREMISES. ALL MEASURES, DISTANCES AND DIMENSIONS ARE APPROXIMATE AND NOT TO SCALE. THE DEPICTIONS HEREON DO NOT CONSTITUTE A WARRANTY OR REPRESENTATION OF ANY KIND. 

  

 Confidential Treatment Requested by Compass, Inc. 

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 90 Fifth Avenue Floor 3 For complete listing, visit www.rfrspace.com Note to Scale. All dimensions and conditions are approximate

  

 Confidential Treatment Requested by Compass, Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 

 
 90 Fifth Avenue Floor 4 For complete listing, visit www.rfrspace.com Note to Scale. All dimensions and conditions are approximate

  

 Confidential Treatment Requested by Compass, Inc. 

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 EXHIBIT 2 

CLEANING SPECIFICATIONS 
 A. The
following general cleaning will be performed nightly, Monday through Friday, excluding union and legal holidays: 
 (1) All carpeting will be
vacuumed once per week and carpets swept, as needed, the remaining four (4) nights. 
 (2) All composition floor tiling will be swept
and dust mopped with a chemically treated mop for dust control one (1) time per week. 
 (3) All desks will be dusted. Tenant personalty
and work product will not be moved. 
 (4) Wastepaper baskets will be emptied and trash removed to a designated location in the Premises.
Plastic liners will be installed weekly into all trash receptacles at Tenant’s expense. 
 (5) Wipe clean all water fountains and
coolers; empty waste water. 
 B. The following lavatory service will be performed Monday through Friday, excluding union and legal holidays:

 (1) Porcelain fixtures will be scoured clean. 

(2) Both sides of toilet seats will be washed with a mild germicidal solution. 

(3) Bright work will be dry polished. 

(4) Trash receptacles will be emptied and cleaned, as needed. 

(5) Mirrors will be wiped clean. 

(6) Partitions will be wiped down, as necessary. 

(7) Shelves and counters will be wiped clean. 

(8) Floors will be mopped with a mild disinfectant. 

(9) Lavatory supplies will be furnished and installed at the Tenant’s expense. 

C. The following shall be performed weekly: 

(1) All chairs, tables, cabinets and attachments will be dusted weekly. Tenant personalty and work product will not be moved. 

  

 Confidential Treatment Requested by Compass, Inc. 

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 (2) Window sills will be dusted weekly. Tenant personalty and work product will not be moved.

 (3) Moldings and ledges within hands’ reach will be dusted weekly. 

D. The following shall be performed quarterly: 

(1) Dust in place all picture, frame, charts, graphs and similar wall hangings not reached in nightly cleaning. 

(2) Dust all vertical surfaces and walls, partition doors, door bucks and other surfaces not reached in nightly cleaning. Tenant personalty and
work product will not be moved. 
 E. Window Cleaning: 

(1) All windows are to be cleaned inside and outside two (2) times per year. 

  

 Confidential Treatment Requested by Compass, Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 EXHIBIT 3 

FORM OF LETTER OF CREDIT 
 [See
attached.] 

  

 Confidential Treatment Requested by Compass, Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 IRREVOCABLE LETTER OF CREDIT 

ISSUE DATE: June 26, 2014 
 L/C NO.: _________ 

APPLICANT: Urban Compass, Inc 

**************DIRECT************** 
  

			
	90 Fifth Owner LLC	  	AMOUNT: USD $1,814,688.00

 c/o RFR Realty LLC 
 390 Park
Avenue 
 New York, New York 10022 
 Attn: Executive Vice
President 
 LADIES AND GENTLEMEN: 
 We hereby establish our
irrevocable standby letter of credit no. ____________ in your favor for an aggregate amount not to exceed the amount indicated above, expiring at our counters at 1230 Avenue of the Americas, 2nd
Floor, New York, NY 10020, Attn: Business Banking, with our close of business on June 26, 2015. 
 This letter of credit is
available with the First Republic Bank, New York against presentation of your draft at sight drawn on the First Republic Bank, New York. 
 It is a
condition of this irrevocable letter of credit that it shall be automatically extended without amendment for additional one year periods from the present or each future expiration date, unless at least 45 days prior to such date we send you
notice in writing by registered mail at the above address, that we elect not to renew this letter of credit for such additional period. However in no event shall this letter of credit be extended beyond the final expiration date of August 1,
2025Upon such notice to you, you may draw drafts on us at sight for an amount not to exceed the balance remaining in this letter of credit within the then applicable expiration date, accompanied by your dated statement purportedly signed by one of
your officials reading: “the amount of this drawing USD _____________ under the First Republic Bank letter of credit number _____________ represents funds due us as we have received notice from the First Republic Bank of its decision not to
extend letter of credit number __________ for an additional year, and the obligation remains outstanding.” We will not notify Applicant or any other third party with respect to communications, or inquiries of Beneficiary, including the
presentation of the Letter of Credit for payment or any attempt to draw against the Letter of Credit, until after the Letter of Credit has been paid in accordance with the terms hereof. 

This letter of credit is transferable in its entirety (but not in part) and the First Republic Bank only is authorized to act as the transferring bank. 

  

 Confidential Treatment Requested by Compass, Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 We shall not recognize any transfer of this letter of credit until this original letter of credit together
with any amendments and a signed and completed transfer form satisfactory to us is received by us. 
 Transfer charges are for the applicant’s account.
Forms are attached hereto as Exhibit A. 
 The correctness of the signature and title of the person signing the transfer forms must be verified by your
bank. 
 In case of any transfer under this letter of credit, the draft and any required statement must be executed by the transferee. 

This letter of credit may not be transferred to any person with which U.S. persons are prohibited from doing business under U.S. foreign assets control
regulations or other applicable U.S. laws and regulations. 
 All drafts must indicate: “Drawn under the First Republic Bank, New York letter of credit
no. ____________ dated June 26, 2014.” 
 The original letter of credit and all sight drafts must be presented for drawing. 

Except as otherwise expressly stated herein, this letter of credit is subject to the Uniform Customs and Practice for documentary credits, 2007 Revision,
ICC Publication No. 600, excluding Articles 8, 9, 11 through 13, 18 through 28, and further requiring that all signatures be signed as original handwriting, not facsimile, stamped or electronic signatures. 

 

			
	First Republic Bank
		
	By: 	 	  

		
	Name:	 	  

		
	Title: 	 	  

  

 Confidential Treatment Requested by Compass, Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 Exhibit A to First Republic Bank 

Irrevocable Standby Letter of Credit No. __________ 

[EXHIBIT TO BE TYPED ON BENEFICIARY’S LETTERHEAD] 

NOTICE OF TRANSFER OF ENTIRE 

IRREVOCABLE STANDBY LETTER OF CREDIT 

First Republic Bank 
 111 Pine Street 

San Francisco, CA 94111 
 Attention: Commercial Loan Closing 

 

	 	Re:	 Irrevocable Standby Letter of Credit No. [insert Letter of Credit No.], dated [insert date],
issued by First Republic Bank (the “Letter of Credit”) for the account of [insert name of applicant] (“Applicant”) 

Ladies and Gentlemen: 
 For value received, the
undersigned, being the beneficiary (“Beneficiary”) (or a duly authorized representative thereof) of the Letter of Credit, hereby irrevocably assigns and transfers all of the Beneficiary’s rights under the Letter of Credit, as
previously and hereafter amended, supplemented and/or otherwise modified, to: 
 [insert full name and address of transferee] 

By this transfer, all of our rights in the Letter of Credit are transferred to the transferee, and the transferee shall have the sole rights
as beneficiary under the Letter of Credit, including sole rights relating to any amendments, whether extensions or other amendments, and whether now existing or hereafter made. You are hereby irrevocably instructed to advise future amendment(s) of
the Letter of Credit to the transferee without our consent of notice to us. 
 The original Letter of Credit is herewith returned with all
amendments to this date. Please notify the transferee in such form as you deem advisable of this transfer and of the terms and conditions to this Letter of Credit, including amendments as transferred. 

 

			
	Very truly yours,
	
	    [insert name of Beneficiary and date of
	    this Notice of Transfer]
		
	    By:	 	[insert signature]
		
	    Name:	 	[insert name]
		
	    Title:	 	[insert title]
		
	    Date:	 	[insert date]

  

			
	Receipt of Instruction to Transfer acknowledged:
	
	FIRST REPUBLIC BANK

			
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

		
	Date:	 	  

  

 Confidential Treatment Requested by Compass, Inc. 

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 EXHIBIT 4 

CONTRACTOR’S INSURANCE REQUIREMENTS 

Contractor’s Liability Insurance 
 (a) Scope of
Coverage - The contractor shall, at its expense, purchase and maintain in full force and effect during the performance of any Alterations such insurance as will protect contractor, Landlord, Landlord’s managing agent and any other parties
designated by Landlord and their respective officers, directors, shareholders, affiliates, partners, agents and employees from claims under workers’ compensation acts and other employee benefits acts, from claims for injury to persons or damage
to property which may arise out of or result from operations under the construction contract, whether by contractor or by any subcontractor, or anyone directly or indirectly employed by any of them, or anyone for whose acts they may be liable, for
not less than the limits of liability prescribed below, or as required by Legal Requirements, whichever is the greater, issued by a company or companies satisfactory to Landlord and qualified to do business in the State of New York. 

(1) Commercial general liability policy including coverage for: contractual liability recognizing the contract, bodily and personal injury
liability, broad form property damage liability, independent contractor’s coverage, demolition on any building or structure, collapse, blasting .and excavation, and products liability and completed operations (for at least two (2) years
following completion) written on an occurrence form with limits of $1,000,000 for each occurrence and $2,000,000 general aggregate with each policy year to apply per project. 

(2) An automobile liability policy, covering all owned, non-owned, borrowed or hired vehicles,
including loading and unloading thereof, with a combined single limit of $1,000,000 for bodily injury and property damage arising out of ownership, maintenance or use of any auto. 

(3) Workers’ compensation and occupational disease insurance, employee benefit insurance and any other insurance in the statutory amounts
required by the laws of the State of New York, with broad-form all-states endorsement. 
 (4)
Employer’s liability insurance with a limit of $1,000,000 for each accident. 
 (5) Excess (Umbrella) liability insurance for not less
than $5,000,000 for each occurrence and $5,000,000 annually in the aggregate to apply per project. 
 (6) Performance and material and
payment bonds, covering contractor’s full performance of the Alterations and payment of all obligations arising under the contract, in such form and with such sureties as Landlord may approve. Unless otherwise agreed to in writing by Landlord,
the face amount of each performance and material and payment bond shall be for 100% of the contract sum. 

  

 Confidential Treatment Requested by Compass, Inc. 

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 (b) The above insurance shall be primary and non-contributing and
without liability on the part of Landlord for premiums, will name as additional insureds the Landlord, Landlord’s managing agent and any other parties specified by Landlord, and their respective partners, directors, officers, employees, agents
and representatives. 
 (c) The above liability insurance shall not contain cross-liability exclusion. 

(d) The contractor shall, before the commencement of any Alterations, file certificates with Landlord as required hereby to show the existence of such
insurance, which insurance shall be subject to Landlord’s approval as to the adequacy of protection and compliance with this Lease and the satisfactory standing of the insurer, and all policies shall provide for thirty (30) day prior
notice of cancellation to Landlord. Such insurance shall be placed with reputable insurance companies licensed or authorized to do business in the State of New York and having an “A.M. Best” rating of “A VIII” or better, or an
equivalent rating by another recognized rating organization acceptable to Landlord. 
 (e) The general liability coverage will include completed operations
insurance for a period of two (2) years following final completion of the Alterations. 
 (f) All requirements imposed by the policies referred to
above, and to be performed by the contractor, shall likewise be imposed upon, assumed and performed by each of the subcontractors. 
 (g) Nothing contained
herein shall relieve the contractor and any subcontractors of any tier of their respective obligations to exercise due care in the performance of their duties in connection with the Alterations or to complete the Alterations in strict compliance
with this Lease. 
 (h) The insurance coverage to be maintained for the benefit of the contractor, Landlord, Landlord’s managing agent, and any other
party specified by Landlord shall be primary and non-contributing for all such entities. 
 (i) The carrying of the
insurance described herein shall in no way be interpreted as relieving the contractor of any responsibility or liability under this Lease or the construction contract. 

  

 Confidential Treatment Requested by Compass, Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 EXHIBIT 5 

APPLICATION FOR SCHEDULE A 

  

 Confidential Treatment Requested by Compass, Inc. 

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 PW1A: Schedule A - Occupancy / Use Must Be Typewritten. Existing Legal Use Floor Building Coed Occupation Offices Offices and Showroom
LIGHT MANUFACTURING RESTROOM VAULT, BOILER, MECHANICAL ROOM, OFFICES AND STORAGE 

  

 Confidential Treatment Requested by Compass, Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 

 
 PW1A: Schedule A - Occupancy / Use Must Be Typewritten. Existing Legal Use Floor Building Coed Occupation Offices Offices and Showroom
LIGHT MANUFACTURING RESTROOM VAULT, BOILER, MECHANICAL ROOM, OFFICES AND STORAGE Sheet 2 of 4 

  

 Confidential Treatment Requested by Compass, Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 

 
 PW1A: Schedule A - Occupancy / Use Must Be Typewritten. Existing Legal Use Floor Building Coed Occupation Offices Offices and Showroom
LIGHT MANUFACTURING RESTROOM VAULT, BOILER, MECHANICAL ROOM, OFFICES AND STORAGE Sheet 3 of 4 

  

 Confidential Treatment Requested by Compass, Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 

 
 PW1A: Schedule A - Occupancy / Use Must Be Typewritten. Existing Legal Use Floor Building Coed Occupation Offices Offices and Showroom
LIGHT MANUFACTURING RESTROOM VAULT, BOILER, MECHANICAL ROOM, OFFICES AND STORAGE Sheet 2 of 4 Building Notes to appear on the Certificate of Occupancy 

  

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 EXHIBIT 6 

CERTIFICATE OF OCCUPANCY 

  

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 DEPARTMENT OF BUILDINGS CERTIFICATE OF OCCUPANCY AMENDED BOROUGH MANHATTAN DATE 

  

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 THAT THE ZONNING ON WHICH THE PREMISES IS LOCATED IS BOUNDED AS FOLLOWS. BEGINNING at a point on the distant COMMERCIAL 

  

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 EXHIBIT 7 

ROOF TERRACE 
 THIS IS A SCHEMATIC PLAN AND IS
INTENDED ONLY TO SHOW THE PROPOSED GENERAL LAYOUT OF THE ROOF TERRACE. ALL MEASURES, DISTANCES AND DIMENSIONS ARE APPROXIMATE AND NOT TO SCALE. THE DEPICTIONS HEREON DO NOT CONSTITUTE A WARRANTY OR REPRESENTATION OF ANY KIND. 

  

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 90 Fifth Avenue roof For complete listing, visit www.rfrspace.com Note to Scale. All dimensions and conditions are approximate

  

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 SCHEDULE A 

RULES AND REGULATIONS 
 1. The
rights of each tenant in the Building to the entrances, corridors and elevators of the Building are limited to ingress to and egress from such tenant’s premises and no tenant shall use, or permit the use of the entrances, corridors, or
elevators for any other purpose. No tenant shall invite to its premises, or permit the visit of persons in such numbers or under such conditions as to interfere with the use and enjoyment of any of the plazas, entrances, corridors, elevators and
other facilities of the Building by other tenants. No tenant shall encumber or obstruct, or permit the encumbrances or obstruction of any of the sidewalks, plazas, entrances, corridors, elevators, fire exits or stairways of the Building. Landlord
reserves the right to control and operate the public portions of the Building, the public facilities, as well as facilities furnished for the common use of the tenants, in such manner as Landlord deems best for the benefit of the tenants generally.

 2. Landlord may refuse admission to the Building outside of Ordinary Building Hours to any person not known to the watchman in charge or
not having a pass issued by Landlord or not properly identified, and may require all persons admitted to or leaving the Building outside of Ordinary Building Hours to register. All tenants’ employees, agents and visitors shall be permitted to
enter and leave the Building whenever appropriate arrangements have been previously made between Landlord and the tenant with respect thereto. Each tenant shall be responsible for all persons for whom it requests such permission and shall be liable
to Landlord for all acts of such persons. Any person whose presence in the Building at any time shall, in the reasonable judgment of Landlord, be prejudicial to the safety, character, reputation or interests of the Building or its tenants may be
denied access to the Building or may be ejected therefrom. In case of invasion, riot, public excitement or other commotion Landlord may prevent all access to the Building during the continuance of the same, by closing the doors or otherwise, for the
safety of the tenants and protection of property in the Building. Landlord may require any person leaving the Building with any package or other object to exhibit a pass from the tenant from whose premises the package or object is being removed, but
the establishment and enforcement of such requirement shall not impose any responsibility on Landlord for the protection of any tenant against the removal of property from the premises of tenant. Landlord shall, in no way, be liable to any tenant
for damages or loss arising from the admission, exclusion or ejection of any person to or from a tenant’s premises or the Building under the provisions of this rule. 

3. No tenant shall obtain or accept for use in its premises ice, drinking water, towels, barbering, boot blacking, floor polishing, lighting
maintenance, cleaning or other similar services from any persons not authorized by Landlord in writing to furnish such services. Such services shall be furnished only at such hours, in such places within the tenant’s premises and under such
regulation as may be fixed by Landlord. 
 4. No window or other air-conditioning units shall be
installed by any tenant, and only such window coverings as are supplied or permitted by Landlord shall be used in a tenant’s premises. 

  

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 5. There shall not be used in any space, nor in the public halls of the Building, either by
any tenant or by jobbers, or other in the delivery or receipt of merchandise, any hand trucks, except those equipped with rubber tires and side guards. 

6. All entrance doors in each tenant’s premises shall be left locked when the tenant’s premises are not in use. Entrance doors shall
not be left open at any time. All windows in each tenant’s premises shall be kept closed at all times and all blinds therein above the ground floor shall be lowered when and as reasonably required because of the position of the sun, during the
operation of the Building air-conditioning system to cool or ventilate the tenant’s premises. 

7. No noise, including the playing of any musical instruments, radio or television, which, in the judgment of Landlord, might disturb other
tenants in the Building, shall be made or permitted by any tenant. No dangerous, inflammable, combustible or explosive object, material or fluid shall be brought into the Building by any tenant or with the permission of any tenant. 

8. The water and wash closets and other plumbing fixtures shall not be used for any purposes other than those for which they were designed or
constructed, and no sweepings, rubbish, rags, acids or other substances shall be deposited therein. All damages resulting from any misuse of the plumbing fixtures shall be borne by the tenant who, or whose servants, employees, agents, visitors or
licensees, shall have caused the same. 
 9. No additional locks or bolts of any kind shall be placed upon any of the doors or windows in any
tenant’s premises and no lock on any door therein shall be changed or altered in any respect. Duplicate keys for a tenant’s premises and toilet rooms shall be procured only from Landlord, which may make a reasonable charge therefore. Upon
the termination of a tenant’s lease, all keys of the tenant’s premises and toilet rooms shall be delivered to Landlord. Each tenant shall provide Landlord with appropriate means to access any electronic security system in the Premises.

 10. Each tenant, shall, at its expense, provide artificial light in its premises for Landlord’s agents, contractors and employees
while performing janitorial or other cleaning services and making repairs or alterations in said premises. 
 11. No animals or birds (except
for service animals), bicycles, mopeds or vehicles of any kind shall be kept in or about the Building or permitted therein. 
 12. No
furniture, office equipment, packages or merchandise will be received in the Building or carried up or down in the elevator, except between such hours as shall be designated by Landlord. Landlord shall prescribe the charge for freight elevator use
and the method and manner in which any merchandise, heavy furniture, equipment or safes shall be brought in or taken out of the Building, and also the hours at which such moving shall be done. Any reserved usage of the freight elevator shall be in
minimum increments of four (4) hours. No furniture, office equipment, merchandise, large packages or parcels shall be moved or transported in the passenger elevators at any time. No tenant shall use the passenger elevators for any purpose other
than transporting persons to and from its premises. 

  

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 13. All lighting fixtures hung in offices or spaces along the perimeter of any tenant’s
Premises must be fluorescent, of a quality, type, design and bulb color approved by Landlord unless the prior consent of Landlord has been obtained for other lamping. 

14. The exterior windows and doors that reflect or admit light and air into any premises or the halls, passageways or other public places in
the Building, shall not be covered or obstructed by any tenant, nor shall any articles be placed on the windowsills. 
 15. Canvassing,
soliciting and peddling in the Building is prohibited and each tenant shall cooperate to prevent same. 
 16. No tenant shall do any cooking,
conduct any restaurant, luncheonette or cafeteria for the sale or service of food or beverages to its employees or to others, except as expressly approved in writing by Landlord. In addition, no tenant shall cause or permit any odors of cooking or
other processes or any unusual or objectionable odors to emanate from the premises. The foregoing shall not preclude tenant from having food or beverages delivered to the premises (for example, in connection with catered meals), provided that no
cooking or food preparation shall be carried out at the premises, except that Tenant shall be permitted to have a microwave and coffee maker in its premises for its employees’ use. 

17. No tenant shall generate, store, handle, discharge or otherwise deal with any hazardous or toxic waste, substance or material or oil or
pesticide on or about the Real Property, except for substances customarily used in ordinary office use and cleaning supplies, provided that such substances are stored, handled and disposed of in accordance with applicable Legal Requirements. 

  

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 SCHEDULE B 

LANDLORD’S WORK 
 Except as
otherwise specifically provided herein, Landlord, at its expense, and in accordance with all Legal Requirements, shall build the Premises (“Landlord’s Work”) in accordance with plans and specifications (the
“Plans”) to be prepared by Landlord’s architect and approved by Tenant, as set forth herein. 
 On or before the tenth
(10th) business day following the date of this Lease, Tenant, its architect and its other representatives shall furnish Landlord with any information necessary to enable Landlord to prepare the
Plans and to prepare an estimate of the cost of the work depicted in the Plans (the “Plans Based Estimate”). Landlord shall submit the Plans and the Plans Based Estimate for Tenant’s approval, which submission shall include a
notice stating in bold, capital letters, “PLEASE BE ADVISED THAT, PURSUANT TO SCHEDULE B OF THE LEASE, TENANT MUST DELIVER ANY OBJECTIONS TO THE ENCLOSED PLANS AND PLANS BASED ESTIMATE WITHIN SEVEN (7) BUSINESS DAYS.
TENANT’S FAILURE TO RESPOND TO THE ENCLOSED PLANS AND PLANS BASED ESTIMATE WITHIN SUCH SEVEN (7) BUSINESS DAY PERIOD SHALL BE DEEMED TO BE A TENANT DELAY.”. Landlord shall identify in the Plans, any items of
Landlord’s Work that would cost materially more than ordinary office installations to remove (such as raised floors, vaults, internal staircases, pneumatic tubes and vertical and horizontal transportation systems), that Landlord may require
Tenant to remove from the Premises at the end of the Term pursuant to the provisions of Subsection 4H of the Lease (“Specialty Work Items”). Tenant shall approve or disapprove the Plans and Plans Based Estimate within seven
(7) business days after Landlord’s submission of the same to Tenant. If Tenant shall object to or request revisions to any part of the Plans or the Plans Based Estimate, such objections and revisions shall be made in writing (a
“Tenant Objection Notice”) and given to Landlord during the aforementioned seven (7) business day period. Tenant’s failure to respond to the Plans and Plans Based Estimate within such seven (7) business day period
shall be deemed to be a Tenant Delay. Tenant’s objections and/or revisions shall be described in any Tenant Objection Notice in sufficient detail to enable Landlord to modify such Plans or the Plans Based Estimate in order to make them
acceptable to Tenant. Landlord shall promptly modify the Plans and the Plans Based Estimate to reflect Tenant’s objections and revisions and submit such revised Plans and Plans Based Estimate to Tenant with a notice stating in bold, capital
letters, “PLEASE BE ADVISED THAT, PURSUANT TO SCHEDULE B OF THE LEASE, TENANT MUST DELIVER ANY OBJECTIONS TO THE ENCLOSED PLANS AND PLANS BASED ESTIMATE WITHIN FIVE (5) BUSINESS DAYS. TENANT’S FAILURE TO RESPOND TO
THE ENCLOSED PLANS AND PLANS BASED ESTIMATE WITHIN SUCH FIVE (5) BUSINESS DAY PERIOD SHALL BE DEEMED TO BEA TENANT DELAY.”. Tenant shall respond to such revised Plans and the revised Plans Based Estimate within five
(5) business days of Tenant’s receipt thereof. In the event that Tenant submits a Tenant Objection Notice with respect to the revised Plans and/or Plans Based Estimate after the five (5) business day period described in the preceding
sentence, such delay shall be deemed to be a Tenant Delay (as hereinafter defined). 

  

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 Landlord shall obtain no less than three (3) general contractor bids for Landlord’s
Work from general contractors selected by Landlord. Landlord shall disclose the bids to Tenant promptly after Landlord’s receipt thereof. 

Notwithstanding anything to the contrary contained in this Schedule B, Tenant acknowledges that Landlord shall not be obligated to incur costs
in excess of $1,638,260.00 in connection with Landlord’s Work (or the Additional Work (as hereinafter defined)) (the “Landlord’s Work Cap”), including the cost of preparing the Plans, Additional Work Plans (as hereinafter
defined), Plans Based Estimate and Post-Plans Based Estimate (as hereinafter defined). No more than fifteen (15%) percent of the Landlord’s Work Cap shall be applied to architectural and engineering fees (collectively, “Soft
Costs”) associated with Landlord’s Work (the “Soft Cost Cap”). Landlord acknowledges that no freight elevator fees, supervisory fees or other fees that would ordinarily be charged to Tenant in connection with a Tenant
Alteration, will be charged in connection with the Base Building Work or added to the expenses incurred by Landlord (or otherwise charged to Tenant), as part of Landlord’s Work costs. Furthermore, the Base Building Work described in Schedule C
attached hereto, shall not be deemed to be part of Landlord’s Work hereunder. Notwithstanding anything herein to the contrary, in no event shall Tenant be required to pay any amount with respect to the Landlord’s Work (including Additional
Work) in excess of the amount, if any, by which the actual, third-party, out of pocket cost thereof is in excess of the Landlord’s Work Cap, or the Soft Costs thereof are in excess of the Soft Cost Cap. Any excess funds paid by Tenant shall be
promptly refunded to Tenant. 
 In the event that the final Plans Based Estimate reflects that the cost of Landlord’s Work will exceed
the Landlord’s Work Cap or that the Soft Costs of Landlord’s Work will exceed the Soft Cost Cap (each, a “Plan Work Cost Overrun”), and the total Plan Work Cost Overrun is less than $504,080.00 (the “Overrun
Cap”), Tenant shall pay to Landlord, as Additional Rent: (i) fifty (50%) percent of the Plan Work Cost Overruns within five (5) business days after Landlord’s request therefor, and in any event, before Landlord commences
Landlord’s Work and (ii) fifty (50%) percent of the Plan Work Cost Overruns within ten (10) business days after substantial completion of Landlord’s Work. If the total Plan Work Cost Overruns exceed the Overrun Cap, Tenant shall
pay to Landlord as Additional Rent: (a) an amount equal to: (x) fifty (50%) percent of the total Plan Work Cost Overrun up to the Overrun Cap, plus (y) one hundred (100%) percent of the difference between the total amount of the Plan
Work Cost Overrun and the Overrun Cap within five (5) business days after Landlord’s request therefor, and in any event, before Landlord commences Landlord’s Work and (b) the remaining amount of the Plan Work Cost Overrun within
ten (10) business days after substantial completion of Landlord’s Work. For example, if the total amount of the Plan Work Cost Overruns are $550,000.00, Tenant would pay to Landlord an amount equal to $297,960.00 prior to the commencement
of Landlord’s Work within five (5) business days of Tenant’s receipt of an invoice from Landlord, and $252,040.00 within ten (10) business days after Landlord’s Work is substantially complete. 

In the event that Tenant requests that Landlord perform additional work in the Premises beyond that depicted in the Plans and the Plans Based
Estimate, or Tenant requests that Landlord substitute any previously approved item or quantity of work reflected in the Plans and the Plans Based Estimate (any of the foregoing being referred to as “Additional Work”), Landlord shall
prepare the plans for such Additional Work (the “Additional Work Plans”) at Tenant’s expense. 

  

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 Based upon the Additional Work Plans, Landlord shall estimate reasonably the cost of the
Additional Work depicted thereon (the “Post-Plans Based Estimate”) and advise Tenant thereof. If Tenant fails to withdraw its request for such Additional Work within seven (7) days of Tenant’s receipt of the Post-Plans
Based Estimate, Tenant shall be deemed to have approved such Additional Work and Post-Plans Based Estimate thereof. If the cost of the Additional Work causes the total cost of Landlord’s Work to exceed the Landlord’s Work Cap (the
“Additional Work Cost Overruns”, and together with the Plan Work Cost Overruns, the “Work Cost Overruns”), to the extent that the Additional Work Cost Overruns do not cause the total Work Cost Overruns to exceed the
Overrun Cap, Tenant shall pay to Landlord, as Additional Rent: (i) fifty (50%) percent of the total amount of the Additional Work Cost Overruns within seven (7) days of Tenant’s receipt of the Post-Plans Based Estimate and
(ii) fifty (50%) percent of the total amount of the Additional Work Cost Overruns within ten (10) business days of the date that the Landlord’s Work is substantially completed. In the event that the Additional Work causes the total
Work Cost Overruns to exceed the Overrun Cap, Tenant shall pay to Landlord as Additional Rent: (a) an amount equal to: (x) fifty (50%) percent of the Additional Work Cost Overruns up to the Overrun Cap, plus (y) one hundred (100%)
percent of the difference between the total amount of the Work Cost Overruns and the Overrun Cap within seven (7) days after Tenant’s receipt of the Post-Plans Based Estimate, and in any event, before Landlord commences the Additional Work
and (b) the remaining amount of the Additional Work Cost Overruns within ten (10) business days after substantial completion of Landlord’s Work. 

For example, if the Plan Work Cost Overrun is $450,000.00, Tenant will pay to Landlord, prior to the commencement of Landlord’s Work,
within five (5) business days of Tenant’s receipt of an invoice from Landlord, an amount equal to $225,000.00. If Tenant requests Additional Work that results in an Additional Work Cost Overrun of $100,000.00 (for a total Work Cost Overrun
of $550,000.00), Tenant will be required to pay to Landlord, within seven (7) days of Tenant’s receipt of the Post-Plans Based Estimate and before Landlord commences the Additional Work, an amount equal to $72,960.00 (50% of the Additional
Work Cost Overrun up to the Overrun Cap, plus the difference between the total Work Cost Overruns and the Overrun Cap). Tenant would be required to the remainder of the Work Cost Overruns within ten (10) business days after substantial
completion of Landlord’s Work. 
 If in Landlord’s commercially reasonable judgment, any items of Additional Work shall involve
Long Lead Work (as hereinafter defined), then Landlord may require Tenant to agree on a fixed Commencement Date of this Lease (allowing a reasonable time for the performance of Landlord’s Work in absence of the necessity of performing the Long
Lead Work). If the parties cannot agree upon a fixed Commencement Date, then Landlord shall have the right to decline to perform such Long Lead Work, and Tenant shall be responsible for the performance thereof (subject to the terms of this Lease)
after the completion of Landlord’s Work and any other (non-objected to by Landlord) Additional Work. 

David Snider shall be deemed to be the agent of Tenant who is duly authorized to bind and act for Tenant in all respects with respect to
Landlord’s Work and any Additional Work. 
 All submissions and notices with respect to the Plans or Landlord’s Work shall be
given in accordance with the provisions of Article 25 of this Lease. 

  

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 Landlord shall assign to Tenant any rights that Landlord has under any manufacturer or
supplier warranties obtained by Landlord in connection with Landlord’s Work, to the extent that the same are assignable. To the extent that such warranties are not assignable, Landlord shall reasonably cooperate with Tenant to facilitate Tenant
obtaining the benefit of any such warranties. 
 For purposes of establishing the Commencement Date of the Lease, Landlord’s Work shall
be deemed to have been substantially completed on, and the date of substantial completion of Landlord’s Work shall be, the earlier of (1) the date on which Landlord’s Work has been completed substantially in accordance with the Plans
and Additional Work Plans (if any), or would have been completed but for any Tenant Delay, it being agreed that the substantial completion of Landlord’s Work shall be deemed to have occurred notwithstanding the fact that (A) minor details,
balancing or adjustments may not then have been completed, provided that such uncompleted work shall not materially interfere with Tenant’s use of the Premises, (B) any Long Lead Work remains to be performed, or (C) any work which, in
accordance with good construction scheduling practice, must be sequenced to follow completion of any Long Lead Work or any Alterations to be performed by Tenant, remains to be performed, and (2) the date on which Tenant takes occupancy of any
portion of the Premises for the conduct of its business. Notwithstanding the foregoing, the establishment of a Commencement Date that is earlier than the date that Landlord’s Work is actually substantially completed shall not relieve Landlord
of its obligation to substantially complete Landlord’s Work. The term “Long Lead Work” shall mean any item which is not a stock item and must be specially manufactured, fabricated or installed or is of such an unusual, delicate
or fragile nature that there is a substantial risk that (i) there will be a delay in its manufacture, fabrication, delivery or installation, or (ii) after delivery, such item will need to be reshipped or redelivered or repaired, so that in
Landlord’s reasonable judgment, such item will delay the substantial completion of Landlord’s Work beyond the date on which Landlord’s Work would have otherwise been substantially completed. In addition, Long Lead Work shall include
any item which in accordance with good construction practice should be completed after the completion of any item of work in the nature of the items described in the immediately preceding sentence. Landlord shall notify Tenant if any item in the
Plans or Additional Work Plans constitutes Long Lead Work at the time that the Plans or Additional Work Plans are submitted to Tenant for review, to the extent that any delays are then known to Landlord, or otherwise, promptly after Landlord obtains
actual knowledge of a potential delay. If Landlord obtains actual knowledge of Long Lead Work after the Plans or Additional Work Plans are approved, at the time that Landlord notifies Tenant of such Long Lead Work, Landlord shall, to the extent
reasonably possible, suggest substitutions or alternatives to the Long Lead Work item, that would not cause a delay in Landlord’s Work (or that would minimize such delay). The term “Tenant Delay” shall mean any actual delay
that Landlord encounters in commencing or performing Landlord’s Work (or any portion thereof) or in the preparation of the Plans or Plans Based Estimate or Additional Work Plans or Post-Plans Based Estimate by reason of any failure by Tenant to
comply with the provisions of this Schedule B, any Additional Work, changes to Landlord’s Work requested by Tenant after the Plans are finally approved, or similar act, neglect, failure or omission by Tenant, its agents, servants, employees,
contractors or subcontractors. Landlord shall promptly notify Tenant after Landlord has actual knowledge of a Tenant Delay, which notice shall state in reasonable detail the basis of such Tenant Delay (a “Tenant Delay Notice”). In
the event that Landlord fails to deliver to Tenant a Tenant Delay Notice within five (5) business days of the occurrence thereof (which notice may be by e-mail
to                ), Landlord shall be barred from later claiming that such Tenant act or omission constituted a Tenant Delay. Any period of a Tenant Delay shall not
exceed the time period that 

  

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Landlord was actually delayed as a result of such Tenant Delay and any simultaneous Tenant Delays shall be deemed to run concurrently (rather than consecutively) and shall not be “double
counted”. In the event that the Commencement Date is accelerated due to a Tenant Delay or Long Lead Work, Landlord shall continue to work diligently to complete Landlord’s Work and the Base Building Work. If Landlord’s Work and the
Base Building Work is not substantially completed within the period of the Tenant Delay or delay caused by Long Lead Work, the Minimum Rent Abatement Period shall be deemed to be extended on a day for day basis for each day that Landlord’s Work
and the Base Building Work has not been substantially completed after the period of the Tenant Delay or Long Lead Work delay has expired. For example, if Landlord and Tenant agree that substantial completion of Landlord’s Work has been delayed
for thirty (30) days due to Tenant Delay or Long Lead Work, and accordingly, agree to a Commencement Date of November 1st, if Landlord’s Work is not substantially completed by December 1st, Tenant shall receive a day for day extension of the Minimum Rent Abatement Period for each day from and after December 1st that Landlord’s
Work is not substantially completed. 
 In the event of any dispute in connection with Landlord’s Work, including, without limitation,
whether a Tenant Delay has occurred or whether Landlord’s Work has been substantially completed, either Landlord or Tenant may refer the matter to Andrew VanderVeen at VanderVeen Associates (the “Consultant”). The party that
refers the matter to the Consultant must give simultaneous notice to the other party regarding the same (the “Dispute Notice”). The parties shall meet with a representative of the Consultant within five (5) business days of the
date of the Dispute Notice to present its case to the Consultant’s representative. The decision of the Consultant’s representative shall be rendered within five (5) business days of such meeting, and shall be final and binding on both
of the parties. Landlord and Tenant shall share equally the Consultant’s fees in connection with resolving any such dispute. The foregoing procedure is referred to herein as the “Work Dispute Resolution Procedure”. 

  

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 SCHEDULE C 

BASE BUILDING WORK 
 Landlord shall, at its
expense, perform the following work and installations (the “Base Building Work”) prior to the Commencement Date: 
  

	 	•	 	 The fan coil units will be delivered in good working condition. 

 

	 	•	 	 Landlord shall make available a reasonable number of connection points and
tie-ins to connect the Premises to the Building’s Class-E fire system. 

  

	 	•	 	 Windows will be delivered in good working order. 

 

	 	•	 	 Drywall the perimeter and the core walls up to the ceiling. 

 

	 	•	 	 Patch the ceiling. 

  

	 	•	 	 Encase the existing columns with sheetrock. 

 

	 	•	 	 Install a submeter or submeters to measure Tenant’s electrical consumption in the Premises.

  

	 	•	 	 Deliver to Tenant Landlord’s ACP-5 for the Premises for
Tenant’s records. 

  

	 	•	 	 Any Hazardous Substances existing in the Premises as of the date hereof shall be removed or otherwise remediated
in accordance with applicable Legal Requirements; 

  

	 	•	 	 Build men’s and women’s bathrooms on the fourth
(4th) floor of the Building that are substantially similar in design and materials to the men’s and women’s bathrooms on the third
(3rd) floor of the Building, except that no medicine cabinets will be installed in the fourth (4th) floor bathrooms. 

  

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 FIRST AMENDMENT OF LEASE 

FIRST AMENDMENT OF LEASE (this “First Amendment”) made as of this 6th
day of October, 2014, by and between 90 FIFTH OWNER LLC, having an office c/o RFR Realty LLC, 390 Park Avenue, New York, New York 10022 (“Landlord”), and URBAN COMPASS, INC., having an office at
17-19 Union Square West, New York, New York 10001 (“Tenant”). 
 W I T N E S S E
T H : 
 WHEREAS, Landlord and Tenant have previously entered into a Lease, dated as of July 23, 2014 (the
“Lease”), pursuant to which Landlord leased to Tenant and Tenant did hire from Landlord the entire 3rd and 4th floors (the
“Existing Premises”), as more particularly described in the Lease, in the building known as 90 Fifth Avenue, New York, New York (the “Building”), upon and subject to all of the terms, covenants and conditions as are
more particularly described in the Lease; 
 WHEREAS, Landlord wishes to lease to Tenant and Tenant wishes to lease from Landlord the entire
fifth (5th) floor (the “Fifth Floor Premises”) and the entire sixth (6th) floor (the “Sixth Floor Premises”,
and together with the Fifth Floor Premises, collectively, the “Additional Premises”) of the Building, in addition to the Existing Premises; and 

WHEREAS, the parties hereto desire to modify and amend the Lease in certain respects as provided herein. 

NOW, THEREFORE, in consideration of these premises and the mutual covenants hereinafter contained, the parties hereto agree as follows: 

1. All terms not otherwise defined herein shall have the meanings assigned to them in the Lease. 

2. The definition of “Premises” in Section IIIA of the Lease Information Summary is hereby deleted and replaced with the following,
“The entire third (3rd), fourth (4th), fifth (5th) and sixth (6th) floors of the Building, as shown cross-hatched on Exhibit 1 annexed hereto and made a part hereof.” 

3. (a) Subsections 1B(i), (ii) and (iii) of the Lease shall be deemed to refer only to the Existing Premises. Notwithstanding the
foregoing, if Tenant terminates the Lease pursuant to the provisions of Subsection B(ii) thereof, the Lease will also be deemed to be terminated with respect to the Additional Premises. The Term of the Lease with respect to the Additional Premises
shall commence on the date that Landlord’s Additional Premises Work (as defined in Exhibit B attached hereto) and the Additional Premises Base Building Work (as hereinafter defined) are substantially completed and Landlord delivers the
Additional Premises to Tenant in broom clean condition, vacant, and free of all tenancies and occupancies. Landlord shall fix the Commencement Date for the Additional Premises (the “Additional Premises Commencement Date”) upon not
less than five (5) days’ written notice to Tenant (the “Commencement Date Notice”), which Commencement Date Notice shall state that Landlord has, or on or prior to the commencement date fixed in said Commencement Date
Notice shall have, substantially completed Landlord’s Additional Premises Work and the Additional Premises Base Building Work (as hereinafter defined); provided, however, that, subject to the provisions of Subsection 1B(iv) of the Lease, in the
event that Tenant takes possession of the Additional Premises prior to the expiration of such five (5) day period, the Additional Premises Commencement Date shall be the date that Tenant so takes possession of the Additional Premises. The
Additional Premises Commencement Date set forth in Landlord’s Commencement Date Notice shall not be sooner than the Commencement Date of the Existing Premises. 

  
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Tenant shall have the right, after the delivery of Landlord’s notice, but prior to moving into the Additional Premises, to conduct a Commencement Inspection of the Additional Premises with
Landlord’s representative and deliver to Landlord, within ten (10) days of the date of such Commencement Inspection, a Punchlist with respect to the Additional Premises. Landlord shall complete or repair any items on such Punchlist
promptly, but any such items shall not affect the date of substantial completion of Landlord’s Additional Premises Work or the Additional Premises Commencement Date. If, after Tenant’s Commencement Inspection, Tenant does not, in good
faith, believe that Landlord’s Additional Premises Work and the Additional Premises Base Building Work are substantially completed, Tenant shall deliver a notice of such assertion to Landlord within five (5) business days of the date of
the Additional Premises Commencement Inspection, and if Landlord and Tenant are unable to agree, using good faith efforts, on whether or not Landlord’s Additional Premises Work and the Additional Premises Base Building Work are substantially
completed, either party may commence the Work Dispute Resolution Procedure described in Exhibit B attached hereto. After the determination of the Additional Premises Commencement Date, and at Landlord’s request, prior to delivery of possession
of the Additional Premises to Tenant, Tenant agrees to execute, acknowledge and deliver to Landlord an instrument, in form reasonably satisfactory to Landlord, setting forth the Additional Premises Commencement Date and the Expiration Date;
provided, however, that any failure by Tenant to deliver such instrument shall not affect the determination of the Additional Premises Commencement Date as set forth in such Landlord’s notice. 

(b) Subsection 1C of the Lease shall be deemed to refer only to the Existing Premises. Tenant agrees to accept possession of the Additional
Premises in the condition which shall exist on the Additional Premises Commencement Date “as is” subject to the completion of Landlord’s Additional Premises Work and the Additional Premises Base Building Work as provided herein, and
further agrees that Landlord shall have no obligation to perform any work or make any installations in order to prepare the Additional Premises for Tenant’s occupancy, other than the performance of Landlord’s Additional Premises Work and
the Additional Premises Base Building Work. The taking of possession of the Additional Premises by Tenant shall be presumptive evidence as against Tenant that, at the time such possession was so taken, the Additional Premises were in good and
satisfactory condition and that Landlord’s Additional Premises Work and the Additional Premises Base Building Work were substantially completed. Notwithstanding the foregoing, Tenant shall have the right to give Landlord notice of any latent
defects in Landlord’s Additional Premises Work which defects were not (or would not have been) discernible after diligent examination of the Additional Premises, provided that such defects are not caused by any Tenant Party (as hereinafter
defined), for a period of one hundred eighty (180) days after the substantial completion of Landlord’s Additional Premises Work, TIME OF THE ESSENCE. Landlord shall complete or repair any such items promptly, but any such items shall not
affect the date of substantial completion of Landlord’s Additional Premises Work, the Additional Premises Base Building Work or the Additional Premises Commencement Date. 

4. The Term of the Lease with respect to the Additional Premises shall expire on the Expiration Date of the Lease with respect to the Existing
Premises. The Commencement Date and the Term with respect to the Existing Premises shall not be affected by the Additional Premises Commencement Date. 

5. The references to the “Commencement Date” in the following provisions of the Lease shall continue to refer to the Commencement
Date with respect to the Existing Premises, and shall be deemed to refer to the “Additional Premises Commencement Date” with respect to the Additional Premises: Subsections 1A, 1B(iv), 2A, 7C, 10A, 15A(iv), 26B(ii) and 26H(i), and Article
30. Except as specifically set forth herein, the term “Commencement Date” as used in the Lease shall be deemed to refer to the Commencement Date for the Existing Premises. 

  
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 6. Notwithstanding anything contained herein to the contrary, in the event that Landlord does
not substantially complete Landlord’s Additional Premises Work and the Additional Premises Base Building Work on or before the date that is one (1) year after Landlord obtains permits for Landlord’s Additional Premises Work, for any
reason other than (i) the unavailability or delay in delivery of any specialty items chosen by Tenant (e.g., floor coverings, lighting fixtures), (ii) Tenant Delay (as hereinafter defined), or (iii) Unavoidable Delay (as hereinafter
defined), Tenant shall have the option to terminate this Lease with respect to the Additional Premises only upon thirty (30) days’ written notice to Landlord; provided, however, that in the event Landlord delivers possession of the
Additional Premises to Tenant and the Additional Premises Commencement Date occurs within such thirty (30) day period, Tenant’s termination of this Lease with respect to the Additional Premises shall be null and void. If this Lease is
terminated with respect to the Additional Premises pursuant to the provisions of this Section 6, neither party shall have any further obligations to the other hereunder with respect to the Additional Premises, except for those that expressly
survive the expiration or earlier termination of this Lease, and Landlord shall return to Tenant, within thirty (30) days after the termination of the Lease with respect to the Additional Premises, any prepaid Minimum Rent with respect to the
Additional Premises, the Additional Security (as defined in Section 13 below), and any amounts paid by Tenant to Landlord on account of Work Cost Overruns attributable to Landlord’s Additional Premises Work (which obligation shall survive
the termination of the Lease). Landlord agrees that Landlord shall file applications for permits for Landlord’s Additional Premises Work promptly after the Plans and Plans Based Estimate for Landlord’s Additional Premises Work are
finalized. 
 7. The last sentence of Subsection 1B(iv) of the Lease is deleted and replaced with the following, “Tenant shall
coordinate all activities on and about the Premises relating to Tenant’s IT Installations and any of Tenant’s and its employees’, agents’ or contractors’ entries to the Existing Premises or the Additional Premises and the
Building prior to the Commencement Date or the Additional Premises Commencement Date, as applicable, with Landlord, and Tenant shall not interfere with or hinder Landlord in the performance of Landlord’s Work or the Base Building Work, or
Landlord’s Additional Premises Work or the Additional Premises Base Building Work, and any delay caused by such interference or hindrance shall be considered a Tenant Delay (as defined in Schedule B attached hereto).” 

8. Exhibit 1 of the Lease shall be supplemented by adding the floor plans attached to this First Amendment as Exhibit A, at the end of
Exhibit 1. 
 9. The Minimum Rent for the Fifth Floor Premises only shall be: 

(a) Nine Hundred Forty Five Thousand One Hundred Fifty and 00/100 ($945,150.00) Dollars per annum ($78,762.50 per month) for the period
commencing on the Additional Premises Commencement Date through the day immediately preceding the fifth (5th) anniversary of the Fifth Floor Minimum Rent Commencement Date (as hereinafter
defined); and 
 (b) One Million Eight Thousand One Hundred Sixty and 00/100 ($1,008,160.00) Dollars per annum ($84,013.33 per month) for the
period commencing on the fifth (5th) anniversary of the Fifth Floor Minimum Rent Commencement Date through and including the Expiration Date. 

10. Minimum Rent for the Sixth Floor Premises only shall be: 

(a) Nine Hundred Eighty Two Thousand Nine Hundred Fifty Six and 00/100 ($982,956.00) Dollars per annum ($81,913.00 per month) for the period
commencing on the Additional Premises Commencement Date through the day immediately preceding the fifth (5th) anniversary of the Sixth Floor Minimum Rent Commencement Date (as hereinafter
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 (b) One Million Forty Five Thousand Nine Hundred Sixty Six and 00/100 ($1,045,966.00) Dollars
per annum ($87,163.83 per month) for the period commencing on the fifth (5th) anniversary of the Fifth Floor Minimum Rent Commencement Date through and including the Expiration Date. 

11. Tenant shall pay the first monthly installment of Minimum Rent with respect to each of the Fifth Floor Premises and the Sixth Floor
Premises simultaneously with Tenant’s execution of this First Amendment and delivery of the same to Landlord. Such amounts shall be applied to the first payment of Minimum Rent due for the Fifth Floor Premises and the Sixth Floor Premises,
respectively, after the Fifth Floor Minimum Rent Abatement Period and the Sixth Floor Minimum Rent Abatement Period, as applicable, just as the payment of the first monthly installment of Minimum Rent due for the Existing Premises made by Tenant
upon Tenant’s execution of the Lease and delivery of the same to Landlord shall be applied to the first payment of Minimum Rent due for the Existing Premises after the Minimum Rent Commencement Date. 

12. Notwithstanding anything herein to the contrary, provided that Tenant is not in default under the Lease (as amended) beyond the expiration
of any applicable grace or cure period, Tenant shall be entitled to a credit against the Minimum Rent due for the Fifth Floor Premises for the first nine (9) full calendar months following the Additional Premises Commencement Date (the
“Fifth Floor Minimum Rent Abatement Period”). The day immediately following the last day of the Fifth Floor Minimum Rent Abatement Period is referred to herein as the “Fifth Floor Minimum Rent Commencement Date”.

 13. Notwithstanding anything herein to the contrary, provided that Tenant is not in default under the Lease (as amended) beyond the
expiration of any applicable grace or cure period, Tenant shall be entitled to a credit against the Minimum Rent due for the Sixth Floor Premises for the first six (6) full calendar months following the Additional Premises Commencement Date
(the “Sixth Floor Minimum Rent Abatement Period”). The day immediately following the last day of the Sixth Floor Minimum Rent Abatement Period is referred to herein as the “Sixth Floor Minimum Rent Commencement
Date”. 
 14. Subsection V.D. of the Lease Information Summary is hereby deleted and replaced with the following,
“Tenant’s Proportionate Share: 38.775%.” 
 15. Subsection V.G. of the Lease Information Summary is deleted and
replaced with the following, “Security Deposit: $3,742,794.00”. Within thirty (30) days of the date of this First Amendment, Tenant shall deliver to Landlord an amendment to the Letter of Credit previously delivered to Landlord
in connection with the Lease, increasing the amount of the Letter of Credit by $1,928,106.00 (the “Additional Security”) from $1,814,688.00 to $3,742,794.00 (the “LC Amendment”). Tenant’s failure to timely
deliver the LC Amendment to Landlord shall be a default under the Lease. 
 16. Tenant acknowledges that Tenant has received the Schedule A
referenced in Subsection 1E(i) of the Lease, and therefore, Tenant waives its right to terminate the Lease pursuant to Subsection 1E(i) of the Lease. 

17. Subsection 1E(ii) of the Lease is deleted in its entirety and replaced with the following: 

“Landlord shall use commercially reasonable efforts to obtain an amended certificate of occupancy or temporary
certificate of occupancy for the Building, increasing the maximum number of permitted occupants on each of the third (3rd) floor and the fourth
(4th) floor of the Building (such temporary or permanent certificate of occupancy is referred to herein as the “Amended CO”) on or before the Commencement Date (subject to

  
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Unavoidable Delay not to exceed thirty (30) days, the “Amended CO Deadline”). In the event that Landlord is unable to obtain an Amended CO by the Amended CO Deadline, or if
the Building’s certificate of occupancy is amended with respect to the third (3rd) floor only or the fourth (4th) floor only, as
Tenant’s sole and exclusive remedy, the Minimum Rent Abatement Period shall be extended: (a) two (2) days for each day from and after the Commencement Date if Landlord is not able to obtain an Amended CO with respect to the entire Existing
Premises; or (b) one (1) day for each day from and after the Commencement Date if Landlord is not able to obtain an Amended CO with respect to one of the floors of the Existing Premises (but Landlord is able to obtain an Amended CO for the
other floor of the Existing Premises). In the event that Landlord obtains an Amended CO, but the permitted occupancy of the third (3rd) floor and/or the fourth (4th) floor of the Building is less than ninety (90) people, Tenant shall receive the following extensions of the Minimum Rent Abatement Period (in addition to any other extensions of the Minimum
Rent Abatement Period expressly set forth herein), as applicable: (x) if the Amended CO allows a maximum permitted occupancy of 85 people or more on each of the third (3rd) floor and the
fourth (4th) floor, Minimum Rent Abatement Period shall not be extended; (y) if the Amended CO allows a maximum permitted occupancy of between 75 people and 84 people on either or both of the
third (3rd) floor and/or the fourth (4th) floor, the Minimum Rent Abatement Period shall be extended for two (2) additional calendar
months (provided that if the reduced occupancy level only applies to one of the two floors of the Existing Premises, and the maximum permitted occupancy of the other floor is 85 people or more, Tenant shall only receive a fifty (50%) percent Minimum
Rent Abatement for the additional two (2) calendar month period); and (z) if the Amended CO allows a maximum permitted occupancy of 74 or fewer people per floor on either or both of the third
(3rd) floor and/or the fourth (4th) floor, the Minimum Rent Abatement Period shall be extended for four (4) additional calendar months
(provided that if the reduced occupancy level only applies to one of the two floors of the Existing Premises, and the maximum permitted occupancy of the other floor of the Existing Premises is 85 people or more, Tenant shall only receive a fifty
(50%) percent Minimum Rent Abatement for the additional four (4) calendar month period).” 
 18. Landlord shall use commercially
reasonable efforts to obtain an amended certificate of occupancy or temporary certificate of occupancy for the Building increasing the maximum number of permitted occupants on each of the fifth
(5th) floor and the sixth (6th) floor of the Building (such temporary or permanent certificate of occupancy is referred to herein as the
“Amended Additional Premises CO”) on or before the Additional Premises Commencement Date (subject to Unavoidable Delay not to exceed thirty (30) days, the “Amended Additional Premises CO Deadline”). In the
event that Landlord is unable to obtain an Amended Additional Premises CO by the Amended Additional Premises CO Deadline, or if the Building’s certificate of occupancy is amended with respect to the Fifth Floor Premises or the Sixth Floor
Premises, but is not amended with respect to the other floor of the Additional Premises) as Tenant’s sole and exclusive remedy, the Fifth Floor Minimum Rent Abatement Period (if the Amended Additional Premises CO is not obtained with respect to
the Fifth Floor Premises) and/or the Sixth Floor Minimum Rent Abatement Period (if the Amended Additional Premises CO is not obtained with respect to the Sixth Floor Premises) shall be extended two (2) days for each day from and after the
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Commencement Date that the Amended Additional Premises CO has not been obtained with respect to the entire Additional Premises or the applicable floor of the Additional Premises. In the event
that Landlord obtains an Amended Additional Premises CO, but the permitted occupancy of the fifth (5th) floor and/or the sixth (6th) floor of
the Building is less than ninety (90) people, Tenant shall receive the following extensions of the Fifth Floor Minimum Rent Abatement Period and/or the Sixth Floor Minimum Rent Abatement Period (in addition to any other extensions of the Fifth
Floor Minimum Rent Abatement Period and Sixth Floor Minimum Rent Abatement Period expressly set forth herein), as applicable: (a) if the Amended Additional Premises CO allows a maximum permitted occupancy of 85 people or more on each of the
fifth (5th) floor and the sixth (6th) floor, neither the Fifth Floor Minimum Rent Abatement Period nor the Sixth Floor Minimum Rent Abatement
Period shall be extended; (b) if the Amended Additional Premises CO allows a maximum permitted occupancy of between 75 people and 84 people on either or both of the fifth (5th) floor and/or
the sixth (6th) floor, the Fifth Floor Minimum Rent Abatement Period (if the reduced occupancy applies to the Fifth Floor Premises) and/or the Sixth Floor Minimum Rent Abatement Period (if the
reduced occupancy applies to the Sixth Floor Premises), as applicable, shall be extended for two (2) additional calendar months; and (c) if the Amended Additional Premises CO allows a maximum permitted occupancy of 74 or fewer people per
floor on either or both of the fifth (5th) floor and/or the sixth (6th) floor, the Fifth Floor Minimum Rent Abatement Period (if the reduced
occupancy applies to the Fifth Floor Premises) and/or the Sixth Floor Minimum Rent Abatement Period (if the reduced occupancy applies to the Sixth Floor Premises) shall be extended for four (4) additional calendar months. 

19. Subsection 4A(i) is modified to add the phrase “or Landlord’s Additional Premises Work or the Additional Premises Base Building
Work” at the end of the definition of “Alterations”. 
 20. Subsection 4B(ii) is modified to delete the phrase,
“Tenant’s notice to Landlord regarding a proposed Decorative Alteration should include” from the last sentence thereof. 
 21.
The following phrase shall be added to the last sentence of Subsection 4C, “or Landlord’s Additional Premises Work or the Additional Premises Base Building Work”. 

22. Landlord represents to Tenant that as of the Additional Premises Commencement Date, the Additional Premises shall comply with all Legal
Requirements in effect as of the Additional Premises Commencement Date that are applicable to Landlord’s Additional Premises Work, the Additional Premises Base Building Work and the use of the Additional Premises for general and executive
offices. The provisions of Subsection 6A of the Lease shall not apply to the Additional Premises. 
 23. Subsection 12F(vii) is amended to
substitute the number “eight (8)” for the number “four (4)”. In no event shall Tenant be permitted to have more than two (2) subtenants per floor of the Premises. 

24. The provisions of Subsection 12I of the Lease shall not apply to any sublease of the Sixth Floor Premises by Tenant for the period from the
Additional Premises Commencement Date through the day immediately preceding the third (3rd) anniversary of the Sixth Floor Minimum Rent Commencement Date (the “Sixth Floor Sublease
Period”). To the extent that any sublease of the Sixth Floor Premises by Tenant is for a term exceeding the Sixth Floor Sublease Period, or is for a term occurring after the Sixth Floor Sublease Period, Subsection 12I of the Lease shall
apply to any part of the sublease term after the expiration of the Sixth Floor Sublease Period. 
 25. Schedule B of the Lease is hereby
deleted in its entirety and replaced with Exhibit B attached hereto. All references to “Schedule B” in the Lease shall be deemed to refer to Exhibit B of this First Amendment. 

  
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 26. Landlord shall perform the work (the “Additional Premises Base Building
Work”) listed on Exhibit C attached hereto in the Additional Premises at Landlord’s expense. 
 27.
In addition to the condenser water that Landlord has agreed to furnish to the Existing Premises, Landlord agrees to provide up to ten (10) tons of condenser water per year to each of the Fifth Floor Premises and Sixth Floor Premises for
Tenant’s Supplemental Units therein, on the terms and conditions described in Subsection 26B(iv) of the Lease. 
 28. The last sentence
of Subsection 26C of the Lease is deleted and replaced with the following, “Notwithstanding the foregoing, Landlord shall permit the Tenant to use the freight elevator for up to fifty six (56) hours (which shall be used in four
(4) hour increments) during Overtime Periods, free of charge, for Tenant’s initial move-in to the Premises.” 

29. Subsection 28F of the Lease shall be deemed to apply to Landlord’s Additional Premises Work and the Additional Premises Base Building
Work, as well as Landlord’s Work, the Base Building Work and Alterations. 
 30. Both references to “Landlord’s Work” in
clause (b) of Article 30 of the Lease are deleted and replaced with the following, “Landlord’s Work and Landlord’s Additional Premises Work”. 

31. Landlord consents in concept to Tenant’s installation of identifying signage on each of the fifth (5th) floor of the Building and the sixth (6th) floor of the Building, provided that the same comply with applicable Legal Requirements and are
approved by Landlord, in Landlord’s reasonable discretion. 
 32. Subsection 31J of the Lease is deleted in its entirety and replaced
with the following, 
 “Confidentiality. Landlord and Tenant each acknowledge that the terms and conditions of
this Lease, as amended, are to remain confidential for each other’s benefit, and may not be disclosed by either of them to anyone, by any manner or means, directly or indirectly, without the other party’s prior written consent, other than
to such party’s employees, consultants or lenders, or attorneys, accountants or similar professional advisors, and with respect to Landlord, to prospective purchasers or ground lessors of the Building and/or Real Property. The consent by
Landlord or Tenant to any disclosures shall not be deemed to be a waiver on the part of Landlord or Tenant of any prohibition against any future disclosure.” 

33. Supplementing the provisions of Subsection 31E of the Lease, provided that Tenant is not in default of the terms and conditions of the
Lease (as amended), beyond the expiration of applicable notice, grace and cure periods, commencing on the date that is the earlier of: (a) the date that the office portion of the Building is fully leased and (b) the Additional Premises
Commencement Date, Landlord shall provide the Named Tenant (as hereinafter defined) with a block sign in the lobby desk of the Building (the “Lobby Desk”) with the Named Tenant’s name and/or logo (“Tenant’s Lobby
Block Sign”). Tenant acknowledges that each of the other tenants of the Building shall also be permitted to have a block sign in the Lobby Desk; provided that: (x) no tenant occupying the same number of floors or fewer floors of the
Building than Tenant shall be permitted to have a block sign in the Lobby Desk that is larger than Tenant’s Lobby Block Sign; (y) Tenant’s Lobby Block Sign will be located on the top shelf of the Lobby Desk display; and
(z) Tenant’s Lobby Block Sign will occupy the entire length of the top shelf of the Lobby Desk, as shown on Exhibit D attached hereto. Landlord will use Named Tenant’s name and logo as depicted on Exhibit E attached
hereto (the “Approved Name and Logo”) in Tenant’s Lobby Block Sign. Any change in the Approved Name and Logo must be approved by Landlord in Landlord’s sole discretion. In the event that

  
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Landlord, at Landlord’s sole discretion, elects to change the Lobby Desk of the Building so that it no longer displays tenants’ signs generally, Landlord shall provide Named Tenant with
a sign in the lobby of the Building with the Approved Name and Logo (or such other name and/or logo that is approved by Landlord in Landlord’s sole discretion) that is comparable in size and visibility to Tenant’s Lobby Sign depicted on
Exhibit D attached hereto (the “Alternative Tenant Lobby Sign”). If Landlord determines that Landlord will no longer use the Lobby Desk for tenants’ sign displays, and instead provides Tenant with the Alternative Tenant
Lobby Sign, Landlord represents that Landlord shall not permit any tenant occupying the same number of floors or fewer floors of the Building than Tenant to have a sign in the lobby of the Building that is larger or more visible than the Alternative
Tenant Lobby Sign. As used herein, the term “Named Tenant”, shall mean the tenant originally named in the Lease, or a Related Entity of such Named Tenant. 

34. Landlord shall, at Tenant’s request, and at Tenant’s sole, but reasonable, cost and expense, replace the front panels in the
Lobby Desk depicted on Exhibit E attached hereto with a single piece of glass so that the view of Tenant’s Lobby Block sign from the front of the Lobby Desk will not be obstructed. 

35. Supplementing the provisions of Subsection 31I of the Lease, in addition to Tenant’s Annual Roof Exclusive, Tenant shall have the
right to the right to exclusively use the Roof Terrace after Ordinary Building Hours on up to ten (10) additional occasions (the “Additional Roof Terrace Events”), with no fee (but otherwise in accordance with Landlord’s
rules and regulations); provided, however, that Tenant shall not hold more than one (1) Additional Roof Terrace Event per Roof Season. Tenant acknowledges that Tenant must request the date for any Additional Roof Terrace Event by April 15th of the applicable year, TIME OF THE ESSENCE. In the event that Tenant does not submit a date to Landlord for its Additional Roof Terrace Event by April 15th of the applicable year, Tenant shall not be permitted to have an Additional Roof Terrace Event for such Roof Season. 

36. Landlord hereby consents in concept to the installation of a shower in the Additional Premises as part of Landlord’s Additional
Premises Work, subject to the provisions of Exhibit B hereof. Tenant shall be responsible for repairing any water damage to the Premises, and the cost of repairing any water damage to the Building, due to any Tenant Party’s use of the shower.
Tenant acknowledges that the shower would be a Specialty Alteration that Landlord may require Tenant to remove from the Premises (and restore any damage caused by such removal) at the end of the Term. 

37. Landlord consents in concept to the installation of a kitchen in the Additional Premises as part of Landlord’s Additional Premises
Work, subject to the provisions of Exhibit B hereof, including, without limitation, that such kitchen complies with all applicable Legal Requirements and is in a location in the Additional Premises designated by Landlord; provided, however, that if
Tenant’s installation of a kitchen in the Premises requires an amendment to the certificate of occupancy for the Building: (i) Tenant shall be responsible for obtaining such amendment in accordance with Legal Requirements, at Tenant’s
sole cost (provided that Landlord shall reasonably cooperate with Tenant in obtaining such amendment to the certificate of occupancy at no cost or liability to Landlord); and (ii) Landlord shall be relieved of any penalties described in
Section 18 above, if the proposed kitchen use delays the issuance of the Amended Additional Premises CO. Tenant acknowledges that the kitchen shall be deemed to be a Specialty Alteration that Landlord may require Tenant to remove from the
Premises (and repair any damage caused by such removal) at the end of the Term. In the event that a kitchen is installed in the Additional Premises as part of Landlord’s Additional Premises Work, Landlord hereby consents to Tenant cooking in
the Additional Premises. Notwithstanding the foregoing, Tenant shall not cause or permit any odors of cooking or other objectionable odors to emanate from the Premises, and if such odors or fumes emanate from the Premises, Tenant shall within three
(3) days’ notice from Landlord install or commence to install, at its own cost and expense, reasonable control devices or procedures to eliminate such odors, and complete such installation as expeditiously as possible. Landlord further
consents in concept to Tenant’s installation of venting equipment relating to the proposed kitchen in a location designated by Landlord, provided that all such venting equipment must be of a type that does not allow odors to permeate the
Building or any common areas thereof, including, without limitation the rooftop of the Building. 

  
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 38. Subsection 31N of the Lease is deleted in its entirety and replaced with the following,

 “Tenant shall have the right to use the fire stairwells adjacent to the Existing Premises and Additional Premises
(and between the Existing Premises and Additional Premises) as internal circulation stairs subject to any applicable Legal Requirements. Tenant may make code-compliant security and aesthetic Alterations within the fire stairwells with
Landlord’s prior review and approval, and otherwise subject to the provisions of Article 4 of this Lease. Tenant may install, at its own expense, a card access system to each floor of the Premises, in accordance with the applicable provisions
of this Lease and applicable Legal Requirements.” 
 39. Tenant represents and warrants that Tenant has dealt directly with (and only
with), RFR Realty LLC and Cushman & Wakefield, Inc. as broker in connection with this First Amendment, and that insofar as Tenant knows no other broker negotiated this First Amendment or is entitled to any commission in connection
therewith, and the execution and delivery of this First Amendment by Landlord shall be conclusive evidence that Landlord has relied upon the foregoing representation and warranty. Landlord represents and warrants that Landlord has dealt directly
with (and only with), RFR Realty LLC and Cushman & Wakefield, Inc. as broker in connection with this First Amendment, and that insofar as Landlord knows no other broker negotiated this First Amendment or is entitled to any commission in
connection therewith. Landlord shall pay any commission due to RFR Realty LLC and Cushman & Wakefield, Inc. in connection with this First Amendment pursuant to a separate written agreement. 

40. Except as specifically set forth in this First Amendment, the Lease and all covenants, agreements, terms and conditions thereof:
(a) shall apply equally to the Additional Premises and the remainder of the Premises, (b) remain in full force and effect, and (c) are, in all respects, ratified and confirmed. 

41. The covenants, agreements, terms and conditions contained in this First Amendment shall bind and inure to the benefit of the parties hereto
and their respective successors and, except as may be otherwise provided in the Lease as hereby supplemented, their respective assigns. 

42. This First Amendment may not be changed or terminated orally but only by an agreement in writing signed by the party against which
enforcement of any waiver, change, termination, modification or discharge is sought. 

  
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 IN WITNESS WHEREOF, Landlord and Tenant have executed this First Amendment of Lease as of the
date first above written. 
  

			
	90 FIFTH OWNER LLC, Landlord
		
	By:	 	 /s/ Thomas L. Lavin

		 	Name: Thomas L. Lavin
		 	Title: Vice President
	
	URBAN COMPASS, INC., Tenant
		
	By:	 	 /s/ David Snider

		 	Name: David Snider
		 	Title: Chief Operating Officer

  
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 EXHIBIT A 

FLOOR PLAN OF THE ADDITIONAL PREMISES 
 THIS IS A
SCHEMATIC PLAN AND IS INTENDED ONLY TO SHOW THE PROPOSED GENERAL LAYOUT OF THE ADDITIONAL PREMISES. ALL MEASURES, DISTANCES AND DIMENSIONS ARE APPROXIMATE AND NOT TO SCALE. THE DEPICTIONS HEREON DO NOT CONSTITUTE A WARRANTY OR REPRESENTATION OF ANY
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 905th Avenue Open Layout AJ Camhi 212509-777 acamhi@rfr.com Oliver Katcher 212883-0526okatcher@rfr.com 

  

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 905th Avenue Open Layout AJ Camhi 212 509-7777 acamhi@rfr.com Oliver Katcher 212 883-0526 okatcher@rfr.com 

  

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 EXHIBIT B 

LANDLORD’S WORK 
 Except as
otherwise specifically provided herein, Landlord, at its expense, and in accordance with all Legal Requirements, shall build the Existing Premises (“Landlord’s Work”) and the Additional Premises (the “Landlord’s
Additional Premises Work”) in accordance with plans and specifications (the “Plans”) to be prepared by Landlord’s architect and approved by Tenant, as set forth herein. 

On or before the tenth (10th) business day following the date of the Lease, Tenant, its
architect and its other representatives shall furnish Landlord with any information necessary to enable Landlord to prepare the Plans for Landlord’s Work and to prepare an estimate of the cost of the work depicted in the Plans (the
“Plans Based Estimate”). Landlord shall submit the Plans and the Plans Based Estimate for Landlord’s Work for Tenant’s approval, which submission shall include a notice stating in bold, capital letters, “PLEASE BE
ADVISED THAT, PURSUANT TO SCHEDULE B OF THE LEASE, TENANT MUST DELIVER ANY OBJECTIONS TO THE ENCLOSED PLANS AND PLANS BASED ESTIMATE WITHIN SEVEN (7) BUSINESS DAYS. TENANT’S FAILURE TO RESPOND TO THE ENCLOSED PLANS AND PLANS
BASED ESTIMATE WITHIN SUCH SEVEN (7) BUSINESS DAY PERIOD SHALL BE DEEMED TO BE A TENANT DELAY.”. Landlord shall identify in the Plans for Landlord’s Work, any items of Landlord’s Work that would cost materially
more than ordinary office installations to remove (such as raised floors, vaults, internal staircases, pneumatic tubes and vertical and horizontal transportation systems), that Landlord may require Tenant to remove from the Premises at the end of
the Term pursuant to the provisions of Subsection 4H of the Lease (“Specialty Work Items”). Tenant shall approve or disapprove the Plans and Plans Based Estimate for Landlord’s Work within seven (7) business days after
Landlord’s submission of the same to Tenant. If Tenant shall object to or request revisions to any part of the Plans or the Plans Based Estimate for Landlord’s Work, such objections and revisions shall be made in writing (a “Tenant
Objection Notice”) and given to Landlord during the aforementioned seven (7) business day period. Tenant’s failure to respond to the Plans and Plans Based Estimate for Landlord’s Work within such seven (7) business day
period shall be deemed to be a Tenant Delay. Tenant’s objections and/or revisions shall be described in any Tenant Objection Notice in sufficient detail to enable Landlord to modify such Plans or the Plans Based Estimate for Landlord’s
Work in order to make them acceptable to Tenant. Landlord shall promptly modify the Plans and the Plans Based Estimate for Landlord’s Work to reflect Tenant’s objections and revisions and submit such revised Plans and Plans Based Estimate
for Landlord’s Work to Tenant with a notice stating in bold, capital letters, “PLEASE BE ADVISED THAT, PURSUANT TO SCHEDULE B OF THE LEASE, TENANT MUST DELIVER ANY OBJECTIONS TO THE ENCLOSED PLANS AND PLANS BASED ESTIMATE WITHIN FIVE
(5) BUSINESS DAYS. TENANT’S FAILURE TO RESPOND TO THE ENCLOSED PLANS AND PLANS BASED ESTIMATE WITHIN SUCH FIVE (5) BUSINESS DAY PERIOD SHALL BE DEEMED TO BEA TENANT DELAY.”. Tenant shall respond to
such revised Plans and the revised Plans Based Estimate for Landlord’s Work within five (5) business days of Tenant’s receipt thereof. In the event that Tenant submits a Tenant Objection Notice with respect to the revised Plans and/or
Plans Based Estimate for Landlord’s Work after the five (5) business day period described in the preceding sentence, such delay shall be deemed to be a Tenant Delay (as hereinafter defined). 

On or before the tenth (10th) business day following the date of the First Amendment,
Tenant, its architect and its other representatives shall furnish Landlord with any information necessary to enable Landlord to prepare the Plans for Landlord’s Additional Premises Work and to prepare the Plans Based Estimate for
Landlord’s Additional Premises Work. Landlord shall submit the Plans and the Plans Based Estimate for Landlord’s Additional Premises Work for Tenant’s approval, which submission shall include

  
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a notice stating in bold, capital letters, “PLEASE BE ADVISED THAT, PURSUANT TO EXHIBIT B OF THE FIRST AMENDMENT, TENANT MUST DELIVER ANY OBJECTIONS TO THE ENCLOSED PLANS AND PLANS BASED
ESTIMATE WITHIN SEVEN (7) BUSINESS DAYS. TENANT’S FAILURE TO RESPOND TO THE ENCLOSED PLANS AND PLANS BASED ESTIMATE WITHIN SUCH SEVEN (7) BUSINESS DAY PERIOD SHALL BE DEEMED TO BE A TENANT DELAY.”.
Landlord shall identify in the Plans for Landlord’s Additional Premises Work, any items of Landlord’s Additional Premises Work that are Specialty Work Items. Tenant shall approve or disapprove the Plans and Plans Based Estimate for
Landlord’s Additional Premises Work within seven (7) business days after Landlord’s submission of the same to Tenant. If Tenant shall object to or request revisions to any part of the Plans or the Plans Based Estimate for
Landlord’s Additional Premises Work, Tenant shall deliver a Tenant Objection Notice to Landlord during the aforementioned seven (7) business day period. Tenant’s failure to respond to the Plans and Plans Based Estimate for
Landlord’s Additional Premises Work within such seven (7) business day period shall be deemed to be a Tenant Delay. Tenant’s objections and/or revisions shall be described in any Tenant Objection Notice in sufficient detail to enable
Landlord to modify such Plans or the Plans Based Estimate for Landlord’s Additional Premises Work in order to make them acceptable to Tenant. Landlord shall promptly modify the Plans and the Plans Based Estimate for Landlord’s Additional
Premises Work to reflect Tenant’s objections and revisions and submit such revised Plans and Plans Based Estimate for Landlord’s Additional Premises Work to Tenant with a notice stating in bold, capital letters, “PLEASE BE ADVISED
THAT, PURSUANT TO EXHIBIT B OF THE FIRST AMENDMENT, TENANT MUST DELIVER ANY OBJECTIONS TO THE ENCLOSED PLANS AND PLANS BASED ESTIMATE WITHIN FIVE (5) BUSINESS DAYS. TENANT’S FAILURE TO RESPOND TO THE ENCLOSED PLANS AND PLANS
BASED ESTIMATE WITHIN SUCH FIVE (5) BUSINESS DAY PERIOD SHALL BE DEEMED TO BEA TENANT DELAY.”. Tenant shall respond to such revised Plans and the revised Plans Based Estimate for Landlord’s Additional Premises Work
within five (5) business days of Tenant’s receipt thereof. In the event that Tenant submits a Tenant Objection Notice with respect to the revised Plans and/or Plans Based Estimate for Landlord’s Additional Premises Work after the five
(5) business day period described in the preceding sentence, such delay shall be deemed to be a Tenant Delay (as hereinafter defined). 

Landlord shall obtain no less than three (3) general contractor bids for Landlord’s Work and for Landlord’s Additional Premises
Work from general contractors selected by Landlord. Landlord shall disclose the bids to Tenant promptly after Landlord’s receipt thereof. 

Notwithstanding anything to the contrary contained in this Schedule B, Tenant acknowledges that Landlord shall not be obligated to incur costs
in excess of $3,276,520.00 in connection with Landlord’s Work, Landlord’s Additional Premises Work, or the Additional Work (as hereinafter defined)) (the “Landlord’s Work Cap”), including the cost of preparing the
Plans, Additional Work Plans (as hereinafter defined), Plans Based Estimate and Post-Plans Based Estimate (as hereinafter defined). No more than fifteen (15%) percent of the Landlord’s Work Cap shall be applied to architectural and engineering
fees (collectively, “Soft Costs”) associated with Landlord’s Work and Landlord’s Additional Premises Work (the “Soft Cost Cap”). Landlord acknowledges that no freight elevator fees, supervisory fees or
other fees that would ordinarily be charged to Tenant in connection with a Tenant Alteration, will be charged in connection with the Base Building Work or the Additional Premises Base Building Work, or added to the expenses incurred by Landlord (or
otherwise charged to Tenant), as part of Landlord’s Work costs or Landlord’s Additional Premises Work costs. Furthermore, neither the Base Building Work described in Schedule C attached to the Lease, nor the Additional Premises Base
Building Work described on Exhibit C of the First Amendment, shall be deemed to be part of Landlord’s Work or Landlord’s Additional Premises Work hereunder. Notwithstanding anything herein to the contrary, in no event shall Tenant be
required to pay any amount with respect to the Landlord’s Work (including Additional Work) or Landlord’s Additional Premises Work (including Additional Work in the Additional Premises) in excess of the amount, if any, by which the actual,
third-party, out of pocket cost thereof is in excess of the Landlord’s Work Cap, or the Soft 

  
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Costs thereof are in excess of the Soft Cost Cap. Any excess funds paid by Tenant shall be promptly refunded to Tenant. In the event that Tenant has not paid to Landlord the full amount of
Landlord’s actual, out-of-pocket costs incurred in connection with Landlord’s Work, Landlord’s Additional Premises Work, or any Additional Work, in excess
of Landlord’s Work Cap or the Soft Cost Cap based on the Plans Based Estimate or Post-Plans Based Estimate (as hereinafter defined), Tenant shall pay any amounts due to Landlord: (i) in connection with Landlord’s Work or any
Additional Work relating to the Existing Premises within ten (10) business days after substantial completion of Landlord’s Work and any Additional Work relating to the Existing Premises; and (ii) in connection with Landlord’s
Additional Premises Work or any Additional Work relating to the Additional Premises within ten (10) business days after substantial completion of Landlord’s Additional Premises Work and any Additional Work relating to the Additional
Premises. Tenant acknowledges that at least $630,100.00 of Landlord’s Work Cap must be allocated to each of the third (3rd), fourth (4th), fifth (5th) and sixth (6th) floors of the Premises. 

In the event that the final Plans Based Estimates for Landlord’s Work and Landlord’s Additional Premises Work reflects that the cost
of Landlord’s Work and Landlord’s Additional Premises Work will exceed the Landlord’s Work Cap or that the Soft Costs of Landlord’s Work and Landlord’s Additional Premises Work will exceed the Soft Cost Cap (each, a
“Plan Work Cost Overrun”), and the total Plan Work Cost Overrun is less than $1,008,160.00 (the “Overrun Cap”), Tenant shall pay to Landlord, as Additional Rent: (i) fifty (50%) percent of the Plan Work Cost
Overruns within five (5) business days after Landlord’s request therefor, and in any event, before Landlord commences Landlord’s Work (or Landlord’s Additional Premises Work, if the Plan Work Cost Overrun occurs in connection
with Landlord’s Additional Premises Work) and (ii) fifty (50%) percent of the Plan Work Cost Overruns within ten (10) business days after substantial completion of Landlord’s Work (or Landlord’s Additional Premises Work, if
the Plan Work Cost Overrun occurs in connection with Landlord’s Additional Premises Work). If the total Plan Work Cost Overruns exceed the Overrun Cap, Tenant shall pay to Landlord as Additional Rent: (a) an amount equal to: (x) fifty
(50%) percent of the total Plan Work Cost Overrun up to the Overrun Cap, plus (y) one hundred (100%) percent of the difference between the total amount of the Plan Work Cost Overrun and the Overrun Cap within five (5) business days after
Landlord’s request therefor, and in any event, before Landlord commences Landlord’s Work (or Landlord’s Additional Premises Work, in the event that the Plan Work Cost Overruns occur in connection with Landlord’s Additional
Premises Work) and (b) the remaining amount of the Plan Work Cost Overrun within ten (10) business days after substantial completion of Landlord’s Work (or Landlord’s Additional Premises Work (if any amounts remain due), in the
event that the Plan Work Cost Overruns occur in connection with Landlord’s Additional Premises Work). For example, if after the Plans Based Estimate for Landlord’s Work is prepared, the total amount of the Plan Work Cost Overruns (for
Landlord’s Work) are $1,200,000.00, Tenant would pay to Landlord an amount equal to $695,920.00 prior to the commencement of Landlord’s Work within five (5) business days of Tenant’s receipt of an invoice from Landlord, and the
remainder of any Work Cost Overruns in connection with Landlord’s Work within ten (10) business days after Landlord’s Work is substantially complete. If after the Plans Based Estimate for Landlord’s Additional Premises Work is
prepared, the total amount of the Plan Work Cost Overruns (for Landlord’s Work and Landlord’s Additional Premises Work) increase to $1,300,000.00, Tenant would pay to Landlord an amount equal to $100,000.00 prior to the commencement of
Landlord’s Additional Premises Work within five (5) business days of Tenant’s receipt of an invoice from Landlord, and any balance for Plan Work Cost Overruns in connection with Landlord’s Additional Premises Work would be due
within ten (10) business days after Landlord’s Additional Premises Work is substantially complete. 
 In the event that Tenant
requests that Landlord perform additional work in the Premises or the Additional Premises beyond that depicted in the Plans and the Plans Based Estimate for the Existing Premises or the Additional Premises, or Tenant requests that Landlord
substitute any previously approved item or quantity of work reflected in the Plans and the Plans Based Estimate for Landlord’s Work or Landlord’s Additional Premises Work (any of the foregoing being referred to as “Additional
Work”), Landlord shall prepare the plans for such Additional Work (the “Additional Work Plans”) at Tenant’s expense. 

  
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 Based upon the Additional Work Plans, Landlord shall estimate reasonably the cost of the
Additional Work depicted thereon (the “Post-Plans Based Estimate”) and advise Tenant thereof. If Tenant fails to withdraw its request for such Additional Work within seven (7) days of Tenant’s receipt of the Post-Plans
Based Estimate for Landlord’s Work or Landlord’s Additional Premises Work, Tenant shall be deemed to have approved such Additional Work and Post-Plans Based Estimate thereof. If the cost of the Additional Work causes the total cost of
Landlord’s Work and Landlord’s Additional Premises Work to exceed the Landlord’s Work Cap (the “Additional Work Cost Overruns”, and together with the Plan Work Cost Overruns, the “Work Cost
Overruns”), to the extent that the Additional Work Cost Overruns do not cause the total Work Cost Overruns to exceed the Overrun Cap, Tenant shall pay to Landlord, as Additional Rent: (i) fifty (50%) percent of the total amount of the
Additional Work Cost Overruns within seven (7) days of Tenant’s receipt of the Post-Plans Based Estimate for Landlord’s Work or Landlord’s Additional Premises Work, as applicable, and (ii) fifty (50%) percent of the total
amount of the Additional Work Cost Overruns within ten (10) business days of the date that the Landlord’s Work, or Landlord’s Additional Premises Work (if the Additional Work relates to the Additional Premises) is substantially
completed. In the event that the Additional Work causes the total Work Cost Overruns to exceed the Overrun Cap, Tenant shall pay to Landlord as Additional Rent: (a) an amount equal to: (x) fifty (50%) percent of the Work Cost Overruns up
to the Overrun Cap, plus (y) one hundred (100%) percent of the difference between the total amount of the Work Cost Overruns and the Overrun Cap, less any amounts previously paid with respect to Work Cost Overruns, within seven (7) days
after Tenant’s receipt of the Post-Plans Based Estimate for Landlord’s Work or Landlord’s Additional Premises Work, as applicable, and in any event, before Landlord commences the Additional Work and (b) the remaining amount of
the Additional Work Cost Overruns within ten (10) business days after substantial completion of Landlord’s Work or Landlord’s Additional Premises Work, as applicable. 

For example, if the Plan Work Cost Overrun is $1,000,000.00 for Landlord’s Work, Tenant will pay to Landlord, prior to the commencement
of Landlord’s Work, within five (5) business days of Tenant’s receipt of an invoice from Landlord, an amount equal to $500,000.00. If Tenant requests Additional Work relating to the Existing Premises that results in an Additional Work
Cost Overrun of $100,000.00 (increasing the total Work Cost Overrun to $1,100,000.00 for Landlord’s Work), Tenant will be required to pay to Landlord, within seven (7) days of Tenant’s receipt of the Post-Plans Based Estimate for
Landlord’s Work and before Landlord commences the Additional Work in the Existing Premises, an amount equal to $95,920.00 (50% of the Work Cost Overrun up to the Overrun Cap, plus the difference between the total Work Cost Overruns and the
Overrun Cap, less the amount previously paid by Tenant in connection with Work Cost Overruns). Tenant would be required to pay the remainder of the Work Cost Overruns for the Existing Premises within ten (10) business days after substantial
completion of Landlord’s Work. If then, the Plans Based Estimate for Landlord’s Additional Premises Work shows an additional Work Cost Overrun in the amount of $100,000.00 (increasing the Work Cost Overrun to $1,200,000.00 for
Landlord’s Work, Additional Work for the Existing Premises and Landlord’s Additional Premises Work), Tenant will be required to pay to Landlord, within seven (7) days of Tenant’s receipt of the Plans Based Estimate for
Landlord’s Additional Premises Work, an amount equal to $100,000.00 (50% of the total Work Cost Overrrun up to the Overrun Cap, plus the difference between the total Work Cost Overruns and the Overrun Cap, less the amount previously paid by
Tenant in connection with Work Cost Overruns), and any balance of the Work Cost Overruns would be due from Tenant within ten (10) business days after substantial completion of Landlord’s Additional Premises Work. 

  
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Pursuant to 17 C.F.R. Section 200.83 
  

 If in Landlord’s commercially reasonable judgment, any items of Landlord’s Work,
Landlord’s Additional Premises Work or any Additional Work shall involve Long Lead Work (as hereinafter defined), then Landlord may require Tenant to agree on a fixed Commencement Date of this Lease, or a fixed Additional Premises Commencement
Date, as applicable (allowing a reasonable time for the performance of Landlord’s Work and/or Landlord’s Additional Premises Work, as applicable, in absence of the necessity of performing the Long Lead Work). If the parties cannot agree
upon a fixed Commencement Date or Additional Premises Commencement Date, as applicable, then Landlord shall have the right to decline to perform such Long Lead Work, and Tenant shall be responsible for the performance thereof (subject to the terms
of this Lease) after the completion of Landlord’s Work or Landlord’s Additional Premises Work, as applicable, and any other (non-objected to by Landlord) Additional Work. 

David Snider shall be deemed to be the agent of Tenant who is duly authorized to bind and act for Tenant in all respects with respect to
Landlord’s Work, Landlord’s Additional Premises Work and any Additional Work. 
 All submissions and notices with respect to the
Plans, Plans Based Estimates, Post-Plans Based Estimates, Landlord’s Work, Landlord’s Additional Premises Work or Additional Work, shall be given in accordance with the provisions of Article 25 of this Lease. 

Landlord shall assign to Tenant any rights that Landlord has under any manufacturer or supplier warranties obtained by Landlord in connection
with Landlord’s Work and Landlord’s Additional Premises Work, to the extent that the same are assignable. To the extent that such warranties are not assignable, Landlord shall reasonably cooperate with Tenant to facilitate Tenant obtaining
the benefit of any such warranties. 
 For purposes of establishing the Commencement Date of the Lease or the Additional Premises
Commencement Date, as applicable, Landlord’s Work or Landlord’s Additional Premises Work, as applicable, shall be deemed to have been substantially completed on, and the date of substantial completion of Landlord’s Work or
Landlord’s Additional Premises Work shall be, the earlier of (1) the date on which Landlord’s Work or Landlord’s Additional Premises Work (as applicable) has been completed substantially in accordance with the applicable Plans
and Additional Work Plans (if any), or would have been completed but for any Tenant Delay, it being agreed that the substantial completion of Landlord’s Work or Landlord’s Additional Premises Work (as applicable) shall be deemed to have
occurred notwithstanding the fact that (A) minor details, balancing or adjustments may not then have been completed, provided that such incomplete work shall not materially interfere with Tenant’s use of the Existing Premises or Additional
Premises (as applicable), (B) any Long Lead Work remains to be performed, or (C) any work which, in accordance with good construction scheduling practice, must be sequenced to follow completion of any Long Lead Work or any Alterations to be
performed by Tenant, remains to be performed, and (2) the date on which Tenant takes occupancy of any portion of the Existing Premises (with respect to the Commencement Date) or the Additional Premises (with respect to the Additional Premises
Commencement Date) for the conduct of its business. Notwithstanding the foregoing, the establishment of a Commencement Date that is earlier than the date that Landlord’s Work is actually substantially completed, or a Additional Premises
Commencement Date that is earlier than the date that Landlord’s Additional Premises Work is actually substantially completed shall not relieve Landlord of its obligation to substantially complete Landlord’s Work, or Landlord’s
Additional Premises Work, as applicable. The term “Long Lead Work” shall mean any item which is not a stock item and must be specially manufactured, fabricated or installed, or is not part of a customary office installation (such as
kitchen equipment) to the extent that such installation is reasonably anticipated to cause an actual delay in the substantial completion of Landlord’s Work or Landlord’s Additional Premises Work, or is of such an unusual, delicate or
fragile nature that there is a substantial risk that (i) there will be a delay in its manufacture, fabrication, delivery or installation, or (ii) after delivery, such item will need to be reshipped or redelivered or repaired, so that in
Landlord’s reasonable judgment, such item will delay the substantial completion of Landlord’s Work, or Landlord’s Additional Premises Work, as applicable, beyond the date on which Landlord’s Work or Landlord’s Additional
Premises Work, as applicable, would have otherwise been substantially completed. 

  
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In addition, Long Lead Work shall include any item which in accordance with good construction practice should be completed after the completion of any item of work in the nature of the items
described in the immediately preceding sentence. Landlord shall notify Tenant if any item in the Plans or Additional Work Plans constitutes Long Lead Work at the time that the Plans or Additional Work Plans are submitted to Tenant for review, to the
extent that any delays are then known to Landlord, or otherwise, promptly after Landlord obtains actual knowledge of a potential delay. If Landlord obtains actual knowledge of Long Lead Work after the Plans or Additional Work Plans are approved, at
the time that Landlord notifies Tenant of such Long Lead Work, Landlord shall, to the extent reasonably possible, suggest substitutions or alternatives to the Long Lead Work item, that would not cause a delay in Landlord’s Work or
Landlord’s Additional Premises Work (or that would minimize such delay). The term “Tenant Delay” shall mean any actual delay that Landlord encounters in commencing or performing Landlord’s Work or Landlord’s
Additional Premises Work (or any portion thereof) or in the preparation of the Plans or Plans Based Estimate or Additional Work Plans or Post-Plans Based Estimate by reason of any failure by Tenant to comply with the provisions of this Schedule B,
any Additional Work, changes to Landlord’s Work or Landlord’s Additional Premises Work requested by Tenant after the Plans are finally approved, or similar act, neglect, failure or omission by Tenant, its agents, servants, employees,
contractors or subcontractors. Landlord shall promptly notify Tenant after Landlord has actual knowledge of a Tenant Delay, which notice shall state in reasonable detail the basis of such Tenant Delay (a “Tenant Delay Notice”). In
the event that Landlord fails to deliver to Tenant a Tenant Delay Notice within five (5) business days of the occurrence thereof (which notice may be by e-mail
to                ), Landlord shall be barred from later claiming that such Tenant act or omission constituted a Tenant Delay. Any period of a Tenant Delay shall not
exceed the time period that Landlord was actually delayed as a result of such Tenant Delay and any simultaneous Tenant Delays shall be deemed to run concurrently (rather than consecutively) and shall not be “double counted”. In the event
that the Commencement Date or Additional Premises Commencement Date is accelerated due to a Tenant Delay or Long Lead Work, Landlord shall continue to work diligently to complete Landlord’s Work or Landlord’s Additional Premises Work (as
applicable) and the Base Building Work or Additional Premises Base Building Work (as applicable). If Landlord’s Work and the Base Building Work are not substantially completed within the period of the Tenant Delay or delay caused by Long Lead
Work, the Minimum Rent Abatement Period shall be deemed to be extended on a day for day basis for each day that Landlord’s Work and the Base Building Work has not been substantially completed after the period of the Tenant Delay or Long Lead
Work delay has expired. Similarly, if Landlord’s Additional Premises Work and the Additional Premises Base Building Work is not substantially completed within the period of the Tenant Delay or delay caused by Long Lead Work, the Additional
Premises Minimum Rent Abatement Period shall be deemed to be extended on a day for day basis for each day that Landlord’s Additional Premises Work and the Additional Premises Base Building Work has not been substantially completed after the
period of the Tenant Delay or Long Lead Work delay has expired. For example, if Landlord and Tenant agree that substantial completion of Landlord’s Work has been delayed for thirty (30) days due to Tenant Delay or Long Lead Work, and
accordingly, agree to a Commencement Date of November 1st, if Landlord’s Work is not substantially completed by December 1st, Tenant shall
receive a day for day extension of the Minimum Rent Abatement Period for each day from and after December 1st that Landlord’s Work is not substantially completed. 

In the event of any dispute in connection with Landlord’s Work or Landlord’s Additional Premises Work, including, without
limitation, whether a Tenant Delay has occurred or whether Landlord’s Work or Landlord’s Additional Premises Work has been substantially completed, either Landlord or Tenant may refer the matter to Andrew VanderVeen at VanderVeen
Associates (the “Consultant”). The party that refers the matter to the Consultant must give simultaneous notice to the other party regarding the same (the “Dispute Notice”). The parties shall meet with a
representative of the Consultant within five (5) business days of the date of the Dispute Notice to present its case to the Consultant’s representative. The decision of the Consultant’s representative shall be rendered within five
(5) business days of such meeting, and shall be final and binding on both of the parties. Landlord and Tenant shall share equally the Consultant’s fees in connection with resolving any such dispute. The foregoing procedure is referred to
herein as the “Work Dispute Resolution Procedure”. 

  
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 EXHIBIT C 

ADDITIONAL PREMISES BASE BUILDING WORK 
 Landlord
shall, at its expense, perform the following work and installations in the Additional Premises prior to the Additional Premises Commencement Date: 
  

	 	•	 	 The fan coil units will be delivered in good working condition. 

 

	 	•	 	 Landlord shall make available a reasonable number of connection points and
tie-ins to connect the Additional Premises to the Building’s Class-E fire system. 

 

	 	•	 	 Windows will be delivered in good working order. 

 

	 	•	 	 Drywall the perimeter and the core walls up to the ceiling. 

 

	 	•	 	 Encase the existing columns with sheetrock. 

 

	 	•	 	 Patch the ceiling. 

  

	 	•	 	 Install a submeter or submeters to measure Tenant’s electrical consumption in the Additional Premises.

  

	 	•	 	 Deliver to Tenant Landlord’s ACP-5 for the Additional Premises for
Tenant’s records. 

  

	 	•	 	 Any Hazardous Substances existing in the Additional Premises as of the date hereof shall be removed or otherwise
remediated in accordance with applicable Legal Requirements; 

  

	 	•	 	 Build men’s and women’s bathrooms on the fifth
(5th) and sixth (6th) floors of the Building that are substantially similar in design and materials to the men’s and women’s
bathrooms on the third (3rd) floor of the Building, except that no medicine cabinets will be installed in the fifth (5th) or sixth (6th) floor bathrooms. 

  
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 EXHIBIT D 

TENANT’S LOBBY BLOCK SIGN LOCATION 
 THE
ATTACHED RENDERING IS A CONCEPTUAL RENDERING INTENDED TO SHOW ONLY THE APPROXIMATE LOCATION AND APPROXIMATE PROPORTIONAL SIZE OF TENANT’S LOBBY BLOCK SIGN IN THE LOBBY DESK. ALL MEASURES, DISTANCES AND DIMENSIONS ARE APPROXIMATE AND NOT TO
SCALE. 

  
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 URBAN COMPASS Company A Company B Company C Company D 

  
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 EXHIBIT E 

TENANT’S NAME AND LOGO 
 (See
attached.) 

  
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 URBAN COMPASS Company A Company B Company C Company D 

  

 Confidential Treatment Requested by Compass, Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 SECOND AMENDMENT OF LEASE 

SECOND AMENDMENT OF LEASE (this “Second Amendment”) made as of this 9th
day of April, 2015, by and between 90 FIFTH OWNER LLC, having an office c/o RFR Realty LLC, 390 Park Avenue, New York, New York 10022 (“Landlord”), and URBAN COMPASS, INC., having an office at 90 Fifth Avenue, New York, New York
10011 (“Tenant”). 
 W I T N E S S E T H : 

WHEREAS, Landlord and Tenant have previously entered into a Lease, dated as of July 23, 2014 (the “Original Lease”),
which Original Lease was amended by First Amendment of Lease dated as of October 6, 2014 (the “First Amendment” and together with the Original Lease, the “Lease”) pursuant to which Landlord leased to Tenant and
Tenant did hire from Landlord the entire 3rd, 4th, 5th and 6th floors (the “Current Premises”), as more particularly described in the Lease, in the building known as 90 Fifth Avenue, New York, New York (the “Building”), upon
and subject to all of the terms, covenants and conditions as are more particularly described in the Lease; 
 WHEREAS, Landlord wishes to
lease to Tenant and Tenant wishes to lease from Landlord the entire seventh (7th) floor (the “7th Floor
Premises”) of the Building, in addition to the Current Premises; and 
 WHEREAS, the parties hereto desire to modify and amend the
Lease in certain respects as provided herein. 
 NOW, THEREFORE, in consideration of these premises and the mutual covenants hereinafter
contained, the parties hereto agree as follows: 
 1. All terms not otherwise defined herein shall have the meanings assigned to them in the
Lease. 
 2. The definition of “Premises” in Section IIIA of the Lease Information Summary (as revised by Section 2 of the
First Amendment) is hereby deleted and replaced with the following, “The entire third (3rd) fourth (4th), fifth (5th), sixth (6th) and seventh (7th) floors of the Building, as shown cross-hatched on Exhibit 1
annexed hereto and made a part hereof.” 
 3. (a) The Term of the Lease with respect to the 7th Floor Premises shall commence on the date that: (i) this Second Amendment is fully executed and delivered to Tenant, and (ii) Landlord delivers the 7th Floor Premises to Tenant in broom clean condition, vacant, and free of all tenancies and occupancies (the “7th Floor
Commencement Date”). 
 (b) Tenant agrees to accept possession of the 7th Floor
Premises in the condition which shall exist on the 7th Floor Commencement Date “as is” subject to the completion of Landlord’s
7th Floor Work (as defined in Exhibit B attached hereto), and further agrees that Landlord shall have no obligation to perform any work or make any installations in order to prepare the 7th Floor Premises for Tenant’s occupancy, other than the performance of Landlord’s 7th Floor Work. The taking of possession of the 7th Floor Premises by Tenant shall be presumptive evidence as against Tenant that, at the time such possession was so taken, the 7th Floor Premises
were in good and satisfactory condition, subject to the completion of Landlord’s 7th Floor Work. Notwithstanding the foregoing, Tenant shall have the right to give Landlord notice of any
latent defects in Landlord’s 7th Floor Work which defects were not (or would not have been) discernible after diligent examination of the
7th Floor Premises, provided that such defects are not caused 

  

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by any Tenant Party, for a period of one hundred eighty (180) days after the date that Landlord’s 7th Floor Work is actually
substantially completed, TIME OF THE ESSENCE. Landlord shall complete or repair any such items promptly, but any such items shall not affect the 7th Floor Minimum Rent Commencement Date. Tenant
further acknowledges that Landlord shall perform Landlord’s 7th Floor Work in the 7th Floor Premises after the 7th Floor Commencement Date, and accordingly, Tenant shall provide to Landlord and its agents, employees and contractors, access to the 7th Floor
Premises at all times for the purpose of performing (or preparing to perform), Landlord’s 7th Floor Work, and shall not interfere with the performance of such work at any time. Any
interference by Tenant or any Tenant Party with Landlord’s, or its agents’, employees’ or contractors’ performance of Landlord’s 7th Floor Work shall be a Tenant Delay
hereunder. 
 4. The Term of the Lease with respect to the 7th Floor Premises and the
Current Premises shall expire on May 31, 2025. The Additional Premises Commencement Date and the Term with respect to the 5th and 6th
Floors shall not be affected by this Second Amendment. 
 5. The references to the “Commencement Date” in the following provisions
of the Lease shall be deemed to refer to the “7th Floor Commencement Date” with respect to the 7th Floor Premises only: Subsections
1A, 2A, 7C, 10A, 15A(iv), 26B(ii) and 26H(i), and Article 30. Except as specifically set forth herein, the term “Commencement Date” as used in the Lease shall be deemed to refer to the Commencement Date for the Existing Premises (as
defined in the First Amendment) and the Additional Premises Commencement Date shall be deemed to refer to the commencement date of the Lease with respect to the Additional Premises, as provided in Section 5 of the First Amendment. 

6. Subsection 1B of the Lease shall not apply to the 7th Floor Premises. 

7. Notwithstanding anything contained herein to the contrary, in the event that the 7th
Floor Substantial Completion Date (as defined in, and as the same may be adjusted pursuant to, Exhibit B attached hereto) does not occur on or before the date that is one (1) year after Landlord obtains permits for Landlord’s 7th Floor Work (the “7th Floor Permit Date”), Tenant shall have the option to terminate this Lease with respect to the
7th Floor Premises only, upon thirty (30) days’ written notice to Landlord; provided, however, that in the event that the 7th Floor
Substantial Completion Date occurs within such thirty (30) day period, Tenant’s termination of this Lease with respect to the 7th Floor Premises shall be null and void. If this Lease is
terminated with respect to the 7th Floor Premises pursuant to the provisions of this Section 7, neither party shall have any further obligations to the other hereunder with respect to the 7th Floor Premises, except for those that expressly survive the expiration or earlier termination of this Lease, and Landlord shall return to Tenant, within thirty (30) days after the termination
of the Lease with respect to the 7th Floor Premises, any prepaid Minimum Rent with respect to the 7th Floor Premises, the Additional Security
(as defined in Section 15 below). Landlord agrees that Landlord shall file applications for permits for Landlord’s 7th Floor Work promptly after the 7th Floor Plans and 7th Floor Plans Based Estimate for Landlord’s 7th Floor Work are
finalized. 
 8. In the event that the 7th Floor Substantial Completion Date (as
adjusted pursuant to Exhibit B) does not occur by the date that is one hundred fifty (150) days after the last to occur of: (i) the 7th Floor Permit Date; and (ii) the date
that Tenant finally approves both the 7th Floor Plans (as defined in Exhibit B attached hereto) and the 7th Floor Plans Based Estimate
(as defined in Exhibit B attached hereto) (the “7th Floor Substantial Completion Outside Date”), the 7th
Floor Minimum Rent Commencement Date shall be adjourned one day for each day after the 7th Floor Substantial Completion Outside Date that the
7th Floor Substantial Completion Date has not occurred. 
 9. Exhibit 1 of the Lease
shall be supplemented by adding the floor plans attached to this Second Amendment as Exhibit A, at the end of Exhibit 1. 

  

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 10. The Minimum Rent for the 7th Floor
Premises only shall be: 
 (a) One Million Twenty Thousand Seven Hundred Sixty Two and 00/100 ($1,020,762.00) Dollars per annum ($85,063.50
per month) for the period commencing on the 7th Floor Commencement Date through the day immediately preceding the fifth (5th) anniversary of
the 7th Floor Minimum Rent Commencement Date (as hereinafter defined); and 
 (b) One
Million Eighty Three Thousand Seven Hundred Seventy Two and 00/100 ($1,083,772.00) Dollars per annum ($90,314.33 per month) for the period commencing on the fifth (5th) anniversary of the 7th Floor Minimum Rent Commencement Date through and including the Expiration Date. 
 11.
Tenant shall pay the first monthly installment of Minimum Rent with respect to the 7th Floor Premises simultaneously with Tenant’s execution of this Second Amendment and delivery of the same
to Landlord. Such amounts shall be applied to the first payment of Minimum Rent due for the 7th Floor Premises after the expiration of the 7th
Floor Minimum Rent Abatement Period. 
 12. For the avoidance of doubt, except as expressly modified by the First Amendment and this Second
Amendment, all items of Additional Rent described in the Original Lease, including, without limitation, the escalations described in Article 3 of the Original Lease, the condenser water charges described in Subsection 26B(iv) of the Original Lease,
and the electric charges described in Subsection 26H(i) of the Original Lease, shall apply to the 7th Floor Premises, as well as the Current Premises. Landlord acknowledges that Tenant shall not
be responsible for paying the escalations described in Article 3 of the Original Lease, condenser water charges described in Subsection 26B(iv) of the Original Lease or the electric charges described in Subsection 26H(i) of the Original Lease with
respect to the 7th Floor Premises, until the 7th Floor Substantial Completion Date (unless Tenant operates the Supplemental Units in the 7th Floor Premises prior to such date). 
 13. Notwithstanding anything herein to the
contrary, provided that Tenant is not in default under the Lease (as amended) beyond the expiration of any applicable grace, notice and/or cure period, Tenant shall be entitled to a credit against the Minimum Rent due for the 7th Floor Premises from the 7th Floor Commencement Date through December 31, 2015 (the “7th Floor Minimum Rent Abatement Period”). January 1, 2016 is referred to herein as the “7th Floor Minimum
Rent Commencement Date”. 
 14. As of the 7th Floor Substantial Completion
Date, Subsection V.D. of the Lease Information Summary (as previously amended by Section 14 of the First Amendment) shall be deleted and replaced with the following, “Tenant’s Proportionate Share: 48.469%.” 

15. Subsection V.G. of the Lease Information Summary is deleted and replaced with the following, “Security Deposit:
$4,763,556.00”. Within thirty (30) days of the date of this Second Amendment, Tenant shall deliver to Landlord an amendment to the Letter of Credit previously delivered to Landlord in connection with the Lease, increasing the amount of the
Letter of Credit by $1,020,762.00 (the “Additional Security”) from $3,742,794.00 to $4,763,556.00 (the “Second LC Amendment”). Tenant’s failure to timely deliver the Second LC Amendment to Landlord shall be a
default under the Lease. 
 16. Subsection 4A(i) of the Original Lease, as previously modified by Section 19 of the First Amendment, is
further modified to add the phrase “or Landlord’s 7th Floor Work” at the end of the definition of “Alterations”. 

  

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 17. The following phrase shall be added to the last sentence of Subsection 4C of the Original
Lease, as the same was previously modified by Section 21 of the First Amendment, “or Landlord’s 7th Floor Work”. 

18. Landlord represents to Tenant that: (a) as of the 7th Floor Commencement Date,
the 7th Floor Premises shall comply with all Legal Requirements applicable to the then-current condition of the 7th Floor Premises and
(b) as of the date that Landlord’s 7th Floor Work is completed, the 7th Floor Premises shall comply with all Legal Requirements in
effect as of such date that are applicable to Landlord’s 7th Floor Work and the use of the 7th Floor Premises for general and executive
offices. The provisions of Subsection 6A of the Lease shall not apply to the 7th Floor Premises. 

19. Subsection 12F(vii) of the Original Lease, as previously modified by Section 23 of the First Amendment, is further amended to
substitute the number “ten (10)” for the number “eight (8)”. In no event shall Tenant be permitted to have more than two (2) subtenants per floor of the Premises. 

20. Section 24 of the First Amendment is hereby deleted in its entirety. The provisions of Subsection 12I of the Lease shall not apply to
any sublease of the 7th Floor Premises by Tenant for the period from the 7th Floor Commencement Date through the day immediately preceding the
third (3rd) anniversary of the 7th Floor Premises Minimum Rent Commencement Date (the “7th Floor Sublease Period”). To the extent that any sublease of the 7th Floor Premises by Tenant is for a term exceeding the 7th Floor Sublease Period, or is for a term occurring after the 7th Floor Sublease Period, Subsection 12I of the Lease shall apply to any part of the
sublease term after the expiration of the 7th Floor Sublease Period. 
 21.
Intentionally Omitted 
 22. Landlord shall permit the Tenant to use the freight elevator for up to twenty eight (28) hours (which shall
be used in four (4) hour increments) during Overtime Periods, free of charge, for Tenant’s initial move-in to the 7th Floor Premises. 

23. Subsection 28F of the Lease, as modified by Section 29 of the First Amendment, shall be deemed to apply to Landlord’s 7th Floor Work, as well as Landlord’s Additional Premises Work, the Additional Premises Base Building Work, Landlord’s Work and the Base Building Work and Alterations. 

24. Both references to “Landlord’s Work and Landlord’s Additional Premises Work” in clause (b) of Article 30 of the
Lease (as modified by Section 30 of the First Amendment) are deleted and replaced with the following, “Landlord’s Work, Landlord’s Additional Premises Work and Landlord’s
7th Floor Work”. 
 25. Landlord consents in concept to Tenant’s installation
of identifying signage on the 7th floor of the Building, provided that the same complies with applicable Legal Requirements and is approved by Landlord, in Landlord’s reasonable discretion.

 26. Subsection 31N of the Lease (as previously modified by Section 38 of the First Amendment) is deleted in its entirety and replaced
with the following, 
 “Tenant shall have the right to use the fire stairwells adjacent to the Current Premises and the 7th Floor Premises (and between the Current Premises and the 7th Floor Premises) as internal circulation stairs subject to any applicable Legal
Requirements. Tenant may make code-compliant security and aesthetic Alterations within the fire stairwells with Landlord’s prior review and approval, and otherwise subject to the provisions of Article 4 of this Lease. Tenant may install, at its
own expense, a card access system to each floor of the Premises, in accordance with the applicable provisions of this Lease and applicable Legal Requirements.” 

  

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 27. Nothing contained in this Second Amendment shall be deemed to increase Tenant’s
signage rights pursuant to Section 33 of the First Amendment and Tenant acknowledges that Tenant’s Lobby Block Sign shall only occupy the entire length of the top shelf of the Lobby Desk, subject to the provisions of Section 33 of the
First Amendment. 
 28. The definition of “Tenant Delay” in Exhibit B of the First Amendment, is hereby deleted and replaced with
the following, 
 “The term “Tenant Delay” shall mean any actual delay that Landlord encounters in: (a) commencing
or performing Landlord’s Work, Landlord’s Additional Premises Work (or any portion thereof) or Landlord’s 7th Floor Work; or (b) in the preparation of the Plans or the Plans
Based Estimate, the Additional Work Plans or the Post-Plans Based Estimate, the 7th Floor Plans or the 7th Floor Plans Based Estimate, the 7th Floor Additional Work Plans or the 7th Floor Post-Plans Based Estimate, by reason of: (w) any failure by Tenant to comply with the
provisions of Schedule B to the Lease (as amended), or Exhibit B of the First Amendment; (x) any Additional Work or Additional 7th Floor Work; (y) changes to Landlord’s Work,
Landlord’s Additional Premises Work or Landlord’s 7th Floor Work requested by Tenant after the Plans or 7th Floor Plans are finally
approved; or (z) similar act, neglect, failure or omission by Tenant, its agents, servants, employees, contractors or subcontractors.” 

29. The definition of “Long Lead Work” in Exhibit B of the First Amendment, is hereby deleted and replaced with the following,

 “The term “Long Lead Work” shall mean any item which is not a stock item and must be specially manufactured,
fabricated or installed, or is not part of a customary office installation (such as kitchen equipment) to the extent that such installation is reasonably anticipated to cause an actual delay in the substantial completion of Landlord’s Work,
Landlord’s Additional Premises Work, and/ or Landlord’s 7th Floor Work or is of such an unusual, delicate or fragile nature that there is a substantial risk that (i) there will be a
delay in its manufacture, fabrication, delivery or installation, or (ii) after delivery, such item will need to be reshipped or redelivered or repaired, so that in Landlord’s reasonable judgment, such item will delay the substantial
completion of Landlord’s Work, Landlord’s Additional Premises Work or Landlord’s 7th Floor Work. as applicable, beyond the date on which Landlord’s Work, Landlord’s
Additional Premises Work or Landlord’s 7th Floor Work, as applicable, would have otherwise been substantially completed. In addition, Long Lead Work shall include any item which in accordance
with good construction practice should be completed after the completion of any item of work in the nature of the items described in the immediately preceding sentence.” 

30. Tenant represents and warrants that Tenant has dealt directly with (and only with), RFR Realty LLC and Cushman & Wakefield, Inc.
as broker in connection with this Second Amendment, and 

  

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that insofar as Tenant knows no other broker negotiated this Second Amendment or is entitled to any commission in connection therewith, and the execution and delivery of this Second Amendment by
Landlord shall be conclusive evidence that Landlord has relied upon the foregoing representation and warranty. Landlord represents and warrants that Landlord has dealt directly with (and only with), RFR Realty LLC and Cushman & Wakefield,
Inc. as broker in connection with this Second Amendment, and that insofar as Landlord knows no other broker negotiated this Second Amendment or is entitled to any commission in connection therewith. Landlord shall pay any commission due to RFR
Realty LLC and Cushman & Wakefield, Inc. in connection with this Second Amendment pursuant to a separate written agreement. This Section 31 shall survive the expiration or earlier termination of the Lease with respect to the 7th Floor Premises. 
 31. Except as specifically set forth in this Second Amendment, the
Lease and all covenants, agreements, terms and conditions thereof: (a) shall apply equally to the 7th Floor Premises and the Current Premises, (b) remain in full force and effect, and
(c) are, in all respects, ratified and confirmed. 
 32. The covenants, agreements, terms and conditions contained in this Second
Amendment shall bind and inure to the benefit of the parties hereto and their respective successors and, except as may be otherwise provided in the Lease as hereby supplemented, their respective assigns. 

33. This Second Amendment may not be changed or terminated orally but only by an agreement in writing signed by the party against which
enforcement of any waiver, change, termination, modification or discharge is sought. 
 [SIGNATURE PAGE TO FOLLOW.] 

  

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 IN WITNESS WHEREOF, Landlord and Tenant have executed this Second Amendment of Lease as of
the date first above written. 
  

			
	90 FIFTH OWNER LLC, Landlord
		
	By:	 	 /s/ Thomas L. Lavin

		 	Name: Thomas L. Lavin
		 	Title:   Vice President
	
	URBAN COMPASS, INC., Tenant
		
	By:	 	 /s/ David Snider

		 	Name: David Snider
		 	Title:   Chief Operating Officer

  

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 EXHIBIT A 

FLOOR PLAN OF THE 7TH FLOOR PREMISES 

THIS IS A SCHEMATIC PLAN AND IS INTENDED ONLY TO SHOW THE PROPOSED GENERAL LAYOUT OF THE 7TH FLOOR
PREMISES. ALL MEASURES, DISTANCES AND DIMENSIONS ARE APPROXIMATE AND NOT TO SCALE. THE DEPICTIONS HEREON DO NOT CONSTITUTE A WARRANTY OR REPRESENTATION OF ANY KIND. 

  

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 90 Fifth Avenue Floor 7 RFR 14 Street Fifth Avenue 

  

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 EXHIBIT B 

LANDLORD’S 7TH FLOOR WORK 

Except as otherwise specifically provided herein, Landlord, at its expense, and in accordance with all Legal Requirements, shall build the 7th Floor Premises (“Landlord’s 7th Floor Work”) in accordance with plans and specifications (the
“7th Floor Plans”) to be prepared by Landlord’s architect and approved by Tenant, as set forth herein. Landlord’s 7th Floor Work shall include patching the ceiling to a building standard level at Landlord’s expense. Capitalized terms used, but not defined in this Exhibit B shall have the meanings ascribed to
such terms in Exhibit B of the First Amendment. 
 On or before the tenth (10th)
business day following the date of this Second Amendment, Tenant, its architect and its other representatives shall furnish Landlord with any information necessary to enable Landlord to prepare the
7th Floor Plans for Landlord’s 7th Floor Work and to prepare an estimate of the cost of the work depicted in the 7th Floor Plans (the “7th Floor Plans Based Estimate”). Landlord shall submit the 7th Floor Plans and the 7th Floor Plans Based Estimate for Tenant’s approval, which submission shall include a notice stating in bold, capital
letters, “PLEASE BE ADVISED THAT, PURSUANT TO EXHIBIT B OF THE SECOND AMENDMENT, TENANT MUST DELIVER ANY OBJECTIONS TO THE ENCLOSED 7TH FLOOR PLANS AND 7TH FLOOR PLANS BASED ESTIMATE WITHIN SEVEN (7) BUSINESS DAYS. TENANT’S FAILURE TO RESPOND TO THE ENCLOSED 7TH FLOOR PLANS AND 7TH FLOOR PLANS BASED ESTIMATE WITHIN SUCH SEVEN (7) BUSINESS DAY PERIOD SHALL BE DEEMED TO BE A TENANT DELAY.”. Landlord shall identify in the 7th Floor Plans, any items of Landlord’s 7th Floor Work that would constitute Specialty Work Items. Tenant shall approve or disapprove the 7th Floor Plans and 7th Floor Plans Based Estimate within seven (7) business days after Landlord’s submission of the same to Tenant. If
Tenant shall object to or request revisions to any part of the 7th Floor Plans or the 7th Floor Plans Based Estimate, Tenant shall give a Tenant Objection Notice to Landlord during the aforementioned seven (7) business day period. Tenant’s
failure to respond to the 7th Floor Plans and 7th Floor Plans Based Estimate within such seven (7) business day period shall be deemed to be a Tenant Delay. Tenant’s objections and/or revisions shall be described in any Tenant Objection
Notice in sufficient detail to enable Landlord to modify such 7th Floor Plans or the 7th Floor Plans Based Estimate in order to make them acceptable to Tenant. Landlord shall promptly modify the 7th Floor Plans and the 7th Floor Plans Based Estimate
to reflect Tenant’s objections and revisions, and submit such revised 7th Floor Plans and 7th Floor Plans Based Estimate to Tenant with a notice stating in bold, capital letters, “PLEASE BE ADVISED THAT, PURSUANT TO EXHIBIT B OF THE
SECOND AMENDMENT, TENANT MUST DELIVER ANY OBJECTIONS TO THE ENCLOSED 7TH FLOOR PLANS AND 7TH FLOOR PLANS BASED ESTIMATE WITHIN FIVE (5) BUSINESS DAYS. TENANT’S FAILURE TO RESPOND TO THE ENCLOSED 7TH FLOOR PLANS AND 7TH FLOOR
PLANS BASED ESTIMATE WITHIN SUCH FIVE (5) BUSINESS DAY PERIOD SHALL BE DEEMED TO BE A TENANT DELAY.”. Tenant shall respond to such revised 7th Floor Plans and the revised 7th Floor Plans Based Estimate within five
(5) business days of Tenant’s receipt thereof. In the event that Tenant submits a Tenant Objection Notice with respect to the revised 7th Floor Plans and/or 7th Floor Plans Based Estimate after the five (5) business day period
described in the preceding sentence, such delay shall be deemed to be a Tenant Delay (as hereinafter defined). 
 Landlord shall obtain no
less than three (3) general contractor bids for Landlord’s 7th Floor Work from general contractors selected by Landlord. Landlord shall disclose the bids to Tenant promptly after
Landlord’s receipt thereof. 
 In the event that Tenant requests that Landlord perform additional work in the 7th Floor Premises beyond that depicted in the 7th Floor Plans and the 7th Floor Plans Based
Estimate, or Tenant requests that 

  

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Landlord substitute any previously approved item or quantity of work reflected in the 7th Floor Plans and the 7th Floor Plans Based Estimate (any of the foregoing being referred to as “Additional 7th Floor Work”), Landlord shall
prepare the plans for such Additional 7th Floor Work (the “Additional 7th Floor Work Plans”) at Tenant’s
reasonable expense. 
 Based upon the Additional 7th Floor Work Plans, Landlord shall
estimate reasonably the cost of the Additional 7th Floor Work depicted thereon (the “7th Floor Post- Plans Based
Estimate”) and advise Tenant thereof. If Tenant fails to withdraw its request for such Additional 7th Floor Work within seven (7) days of Tenant’s receipt of the 7th Floor Post-Plans Based Estimate, Tenant shall be deemed to have approved such Additional 7th Floor Work and 7th Floor Post-Plans Based Estimate thereof. 
 If, in Landlord’s commercially
reasonable judgment, any items of Landlord’s 7th Floor Work or any Additional 7th Floor Work shall involve Long Lead Work, or will
otherwise delay completion of Landlord’s 7th Floor Work, then Landlord may require Tenant to agree on a fixed 7th Floor Substantial
Completion Date (allowing a reasonable time for the performance of Landlord’s 7th Floor Work, as applicable, in absence of the necessity of performing the Long Lead Work). If the parties
cannot agree upon a fixed 7th Floor Substantial Completion Date, as applicable, then Landlord shall have the right to decline to perform such Long Lead Work, and Tenant shall be responsible for
the performance thereof (subject to the terms of this Lease) after the completion of Landlord’s 7th Floor Work and any other (non-objected to by
Landlord) Additional 7th Floor Work. 
 David Snider shall be deemed to be the agent of
Tenant who is duly authorized to bind and act for Tenant in all respects with respect to Landlord’s 7th Floor Work and any Additional 7th
Floor Work. 
 All submissions and notices with respect to the 7th Floor Plans, 7th Floor Plans Based Estimates, the 7th Floor Post-Plans Based Estimates, Landlord’s 7th
Floor Work, or the Additional 7th Floor Work, shall be given in accordance with the provisions of Article 25 of the Lease. 

Landlord shall assign to Tenant any rights that Landlord has under any manufacturer or supplier warranties obtained by Landlord in connection
with Landlord’s 7th Floor Work, to the extent that the same are assignable. To the extent that such warranties are not assignable, Landlord shall reasonably cooperate with Tenant to
facilitate Tenant obtaining the benefit of any such warranties. 
 Tenant acknowledges that Tenant shall pay all amounts due from any
architects, engineers, contractors, subcontractors, materials providers or others, performing, or supplying materials for, Landlord’s 7th Floor Work or the Additional 7th Floor Work (the “7th Floor Work Costs”), as and when such amounts are billed by, and due to, such parties, and
Landlord shall have no liability in connection therewith (except in connection with the Landlord’s 7th Floor Contribution, as set forth below). 

Landlord shall reimburse Tenant for the 7th Floor Work Costs paid by Tenant in an amount
not to exceed $819,130.00 (“Landlord’s 7th Floor Contribution”) in three (3) equal payments of $273,043.33 (except that the final Disbursement shall be
$273,043.34) (each, a “Disbursement”), which Disbursements shall be paid in three (3) installments (each date that a Disbursement is scheduled to be paid to Tenant is referred to herein as a “Scheduled Disbursement
Date”): (i) the first Disbursement shall be paid on the later of (a) the date that is thirty (30) days after Landlord’s 7th Floor Work is substantially completed and
(b) the date that is twelve (12) months after the 7th Floor Minimum Rent Commencement Date; (ii) the second Disbursement shall be paid on the date that is twenty four
(24) months after the 7th Floor Minimum Rent Commencement Date; and (iii) the third Disbursement shall be paid on the date that is thirty six (36) months after the 7th Floor Minimum Rent Commencement Date. Notwithstanding the foregoing, Landlord’s payment of each of the Disbursements shall be contingent on Landlord’s receipt of a request from Tenant
(each, a “Disbursement Request”) no less than thirty (30) days prior to the applicable 

  

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Scheduled Disbursement Date (and if such Disbursement Request is submitted less than thirty (30) days prior to such date, Landlord shall not be required to make the applicable Disbursement
before the date that such Disbursement Request is received). Tenant acknowledges that no more than fifteen (15%) percent of the Landlord’s 7th Floor Contribution may be used to reimburse
Tenant for Soft Costs in connection with the 7th Floor Work. Landlord’s payment of each Disbursement shall be conditioned on Landlord’s receipt of the following: 

(a) A true and correct copy of the application for payment (in the form issued by the American Institute of Architects) by the contractors
performing Landlord’s 7th Floor Work, for Landlord’s 7th Floor Work, including sworn statements evidencing the cost thereof (or in
the case of subcontractors and materialmen, sworn statements for the last preceding Disbursement Request, other than with respect to the first Disbursement Request) together with copies of all receipted bills and invoices showing payment of the such
costs by Tenant; and 
 (b) Final lien waivers from all contractors or subcontractors with respect to the portion of the 7th Floor Work Costs for which Tenant is seeking reimbursement. 
 Landlord shall cooperate
in good faith with Tenant in obtaining the documents listed in clauses (a) and (b) above from the contractors performing Landlord’s Work. Notwithstanding the foregoing, Landlord shall not be required to make any Disbursement: (x) at
any time that Tenant is in default under the terms of the Lease (as modified by the Second Amendment) (provided that Landlord shall make such Disbursement to Tenant after Tenant cures such default, provided that the default is cured within the
applicable notice and cure period); or (y) at any time prior to the date that Tenant has paid the entire amount of the 7th Floor Work Costs. Notwithstanding anything to the contrary contained
in this Exhibit B, if at the time a Disbursement is required to be made, Tenant is in arrears in the payment of Minimum Rent or any Additional Rent under the Lease, as amended, then Landlord may offset the amount of such arrearages against
any Disbursement. If the total cost of Landlord’s 7th Floor Work which qualifies for reimbursement pursuant to this Exhibit B is less than Landlord’s 7th Floor Contribution, or if Tenant has not submitted a Disbursement Request within ninety (90) days of the Scheduled Disbursement Date for such Disbursement, Tenant shall not be entitled to any
payment or credit for such excess or unused amounts. 
 For the purposes of this Second Amendment, Landlord’s 7th Floor Work shall be deemed to have been substantially completed on, and the date of substantial completion of Landlord’s 7th Floor Work (the
“7th Floor Substantial Completion Date”) shall be, the earlier of: (a) the date on which Landlord’s
7th Floor Work has actually been substantially completed, substantially in accordance with the applicable 7th Floor Plans and Additional 7th Floor Work Plans (if any), or the date on which Landlord’s 7th Floor Work would have been substantially completed but for any Tenant Delay,
Unavoidable Delay or unavailability or delay in delivery of specialty items chosen by Tenant (e.g. floor coverings, lighting fixtures, etc.); (b) the fixed 7th Floor Substantial Completion
Date, if required by Landlord in connection with any Long Lead Work or other work requested by Tenant, as described above; or (c) the date on which Tenant takes occupancy of any portion of the
7th Floor Premises for the conduct of its business. Landlord and Tenant agree that the substantial completion of Landlord’s 7th Floor Work
shall be deemed to have occurred notwithstanding the fact that (A) minor details, balancing or adjustments may not then have been completed, provided that such incomplete work shall not materially interfere with Tenant’s use of the 7th Floor Premises, (B) any Long Lead Work remains to be performed, or (C) any work which, in accordance with good construction scheduling practice, must be sequenced to follow completion of
any Long Lead Work or any Alterations to be performed by Tenant, remains to be performed. Notwithstanding the foregoing, the establishment of a 7th Floor Substantial Completion Date that is
earlier than the date that Landlord’s 7th Floor Work is actually substantially completed, shall not relieve Landlord of its obligation to substantially complete Landlord’s 7th Floor Work. 

  

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 Landlord shall notify Tenant if any item in the 7th Floor Plans or Additional 7th Floor Work Plans constitutes Long Lead Work at the time that the
7th Floor Plans or 7th Floor Additional Work Plans are submitted to Tenant for review, to the extent that any delays are then known to
Landlord, or otherwise, promptly after Landlord obtains actual knowledge of a potential delay. If Landlord obtains actual knowledge of Long Lead Work after the 7th Floor Plans or 7th Floor Additional Work Plans are approved, at the time that Landlord notifies Tenant of such Long Lead Work, Landlord shall, to the extent reasonably possible, suggest substitutions or alternatives
to the Long Lead Work item, that would not cause a delay in Landlord’s 7th Floor Work (or that would minimize such delay). 

In the event that Landlord fails to deliver to Tenant a Tenant Delay Notice (as defined in Schedule B, as amended) within five
(5) business days of the occurrence of a Tenant Delay (which notice may be given by e-mail to                ), Landlord
shall be barred from later claiming that such Tenant act or omission constituted a Tenant Delay. Any period of a Tenant Delay shall not exceed the time period that Landlord was actually delayed as a result of such Tenant Delay and any simultaneous
Tenant Delays shall be deemed to run concurrently (rather than consecutively) and shall not be “double counted”. In the event that the 7th Floor Substantial Completion Date is
accelerated due to a Tenant Delay or Long Lead Work, Landlord shall continue to work diligently to complete Landlord’s 7th Floor Work. If Landlord’s 7th Floor Work is not substantially completed within the period of the Tenant Delay or delay caused by Long Lead Work, the 7th Floor Substantial
Completion Date shall be adjourned on a day for day basis for each day that Landlord’s 7th Floor Work has not been substantially completed. 

The provisions of Schedule B of the Lease (as amended) regarding the Work Dispute Resolution Procedure shall apply to Landlord’s 7th Floor Work in the same manner that it applies to Landlord’s Work and Landlord’s Additional Premises Work. After the determination of the
7th Floor Substantial Completion Date, and at Landlord’s request, Tenant agrees, to execute, acknowledge and deliver to Landlord an instrument, in form reasonably satisfactory to Landlord,
setting forth the 7th Floor Substantial Completion Date. 

  

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 THIRD AMENDMENT OF LEASE 

THIRD AMENDMENT OF LEASE (this “Third Amendment”) made as of this 26th
day of October, 2015, by and between 90 FIFTH OWNER LLC, having an office c/o RFR Realty LLC, 390 Park Avenue, New York, New York 10022 (“Landlord”), and URBAN COMPASS, INC., D/B/A COMPASS, having an office at 90 Fifth Avenue, New
York, New York 10011 (“Tenant”). 
 W I T N E S S E T
H : 
 WHEREAS, Landlord and Tenant have previously entered into a Lease, dated as of July 23, 2014 (the “Original
Lease”), which Original Lease was amended by First Amendment of Lease dated as of October 6, 2014 (the “First Amendment”) and Second Amendment of Lease dated as of April 9, 2015 (the “Second
Amendment” and together with the Original Lease and the First Amendment, the “Lease”) pursuant to which Landlord leased to Tenant and Tenant did hire from Landlord the entire
3rd, 4th, 5th, 6th and 7th floors (the “Third Amendment Current Premises”), as more particularly described in the Lease, in the building known as 90 Fifth Avenue, New York, New York (the
“Building”), upon and subject to all of the terms, covenants and conditions as are more particularly described in the Lease; 

WHEREAS, Landlord wishes to lease to Tenant and Tenant wishes to lease from Landlord the entire
8th and 9th Floors (the “Expansion Premises”) of the Building, in addition to the Third Amendment Current Premises; and 

WHEREAS, the parties hereto desire to modify and amend the Lease in certain respects as provided herein. 

NOW, THEREFORE, in consideration of these premises and the mutual covenants hereinafter contained, the parties hereto agree as follows: 

1. All terms not otherwise defined herein shall have the meanings assigned to them in the Lease. 

2. The definition of “Premises” in Section IIIA of the Lease Information Summary (as revised by Section 2 of the First Amendment
and Section 2 of the Second Amendment) is hereby deleted and replaced with the following, “The entire third (3rd), fourth (4th),
fifth (5th), sixth (6th), seventh (7th), eighth (8th) and ninth (9th) floors of the Building, as shown cross-hatched on Exhibit 1 annexed hereto and made a part hereof.” 

3. (a) The Term of the Lease with respect to the Expansion Premises shall commence on the date that: (i) this Third Amendment is fully
executed and delivered to Tenant, and (ii) Landlord delivers the Expansion Premises to Tenant in broom clean condition, vacant, and free of all tenancies and occupancies (the “Expansion Premises Commencement Date”). 

(b) Tenant agrees to accept possession of the Expansion Premises in the condition which shall exist on the Expansion Premises Commencement Date
“as is”, and further agrees that Landlord shall have no obligation to perform any work or make any installations in order to prepare the Expansion Premises for Tenant’s occupancy. The taking of possession of the Expansion Premises by
Tenant shall be presumptive evidence as against Tenant that, at the time such possession was so taken, the Expansion Premises were in good and satisfactory condition. Notwithstanding the foregoing, Tenant shall have the right, within thirty
(30) days of the Expansion Premises Commencement Date, TIME OF THE ESSENCE, to give Landlord notice of any latent defects in the Expansion Premises that were not (or would not have 

  

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been) discernible after a diligent examination of the Expansion Premises, provided that such defects are not caused by any Tenant Party. Landlord shall complete or repair any such items promptly,
but any such items shall not affect the Expansion Premises Commencement Date (unless such items materially interfere with Tenant’s ability to perform Tenant’s Expansion Initial Work in the Expansion Premises, and solely a result thereof,
Tenant is not able to, and does not, perform any of Tenant’s Expansion Initial Work in the Premises). 
 4. The Term of the Lease with
respect to the entire Premises (including both the Expansion Premises and the Third Amendment Current Premises) shall expire on May 31, 2025. The Term with respect to the Third Amendment Current Premises shall not be affected by this Third
Amendment. 
 5. The references to the “Commencement Date” in the following provisions of the Lease shall be deemed to refer to the
“Expansion Premises Commencement Date” with respect to the Expansion Premises only: Subsections 1A, 2A, 7C, 10A, 15A(iv), 26B(ii) and 26H(i), and Article 30. Except as specifically set forth herein, the term “Commencement Date”
as used in the Lease shall be deemed to refer to the commencement date of the Lease for the Existing Premises (as defined in the First Amendment), the term “Additional Premises Commencement Date” shall be deemed to refer to the
commencement date of the Lease with respect to the Additional Premises, as provided in Section 5 of the First Amendment, and the “7th Floor Commencement Date” shall refer to the
commencement date of the Lease with respect to the 7th Floor Premises, as provided in Section 5 of the Second Amendment. 

6. Subsection 1B of the Lease shall not apply to the Expansion Premises. 

7. Exhibit 1 of the Lease shall be supplemented by adding the floor plans attached to this Third Amendment as Exhibit A, at the end of
Exhibit 1. 
 8. The Minimum Rent for the Expansion Premises only shall be: 

(a) Two Million Forty One Thousand Five Hundred Twenty Four and 00/100 ($2,041,524.00) Dollars per annum ($170,127.00 per month) for the period
commencing on the Expansion Premises Commencement Date through May 31, 2020; and 
 (b) Two Million One Hundred Sixty Seven Thousand
Five Hundred Forty Four and 00/100 ($2,167,544.00) Dollars per annum ($180,628.67 per month) for the period commencing on June 1, 2020 through and including the Expiration Date. 

9. Tenant shall pay the first monthly installment of Minimum Rent with respect to the Expansion Premises simultaneously with Tenant’s
execution of this Third Amendment and delivery of the same to Landlord. Such amounts shall be applied to the first two (2) monthly payments of Minimum Rent due for the Expansion Premises after the expiration of the Expansion Premises Full
Minimum Rent Abatement Period (as hereinafter defined). 
 10. For the avoidance of doubt, except as expressly modified by the First
Amendment, the Second Amendment and this Third Amendment, all items of Additional Rent described in the Original Lease, including, without limitation, the escalations described in Article 3 of the Original Lease, the condenser water charges
described in Subsection 26B(iv) of the Original Lease (if applicable to the Expansion Premises), and the electric charges described in Subsection 26H(i) of the Original Lease, shall apply to the Expansion Premises, as well as the Third Amendment
Current Premises. Landlord acknowledges that Tenant shall not be responsible for paying any Additional Rent with respect to the Expansion Premises (including, without limitation, Additional Rent in respect of the escalations described in Article 3
of the Original Lease, the condenser water charges described in Subsection 26B(iv) of the Original Lease or the electric charges described in Subsection 26H(i) of the Original Lease with respect to the Expansion Premises until the Expansion Premises
Commencement Date). 

  
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 11. Notwithstanding anything herein to the contrary, provided that Tenant is not in default
under the Lease (as amended) beyond the expiration of any applicable grace, notice and/or cure period, Tenant shall be entitled to a credit against: (a) one hundred percent (100%) of the Minimum Rent due for the Expansion Premises only, for the
first ten (10) full calendar months following the Expansion Premises Commencement Date (the “Expansion Premises Full Minimum Rent Abatement Period”); and (b) fifty percent (50%) of the Minimum Rent due for the Expansion
Premises only, for the period from the eleventh (11th) full calendar month following the Expansion Premises Commencement Date through the sixteenth
(16th) full calendar month following the Expansion Premises Commencement Date (the “Expansion Premises Half Minimum Rent Abatement Period”). The day immediately following the
expiration of the Expansion Premises Full Minimum Rent Abatement Period is referred to herein as the “Expansion Premises Minimum Rent Commencement Date”. 

12. As of the Expansion Premises Commencement Date, Subsection V.D. of the Lease Information Summary (as previously amended by Section 14
of the First Amendment and Section 14 of the Second Amendment) shall be deleted and replaced with the following, “Tenant’s Proportionate Share: 67.857%.” 

13. (a) Subsection V.G. of the Lease Information Summary is deleted and replaced with the following, “Security Deposit:
$6,805,080.00”. Within thirty (30) days of the date of this Third Amendment, Tenant shall deliver to Landlord an amendment to the Letter of Credit previously delivered to Landlord in connection with the Lease, increasing the amount of the
Letter of Credit by $2,041,524.00 (the “Additional Third Amendment Security”) from $4,763,556.00 to $6,805,080.00 (the “Third LC Amendment”). Tenant’s failure to timely deliver the Third LC Amendment to
Landlord shall be a default under the Lease. 
 (b) Notwithstanding the foregoing, commencing on July 26, 2020, provided that, and so
long as the Security Deposit Reduction Conditions are satisfied, the Security Deposit due hereunder shall be reduced from $6,805,080.00 to $6,294,699.00. Landlord shall promptly cooperate with Tenant in complying with any reasonable requirements of
the Issuing Bank in connection with the reduction of the Security Deposit provided for herein. The “Security Deposit Reduction Conditions” are: (i) Tenant has not defaulted in its obligations under the Lease more than once
during any twelve (12) month period during the Term, and such default shall have been cured within the applicable cure period; (ii) Tenant has not been late in the payment of Minimum Rent or Additional Rent more than twice during any
twelve (12) month period; (iii) the Named Tenant (as hereinafter defined) is “Tenant” under the Lease; and (iv) Tenant’s net worth exceeds ten (10) times the annual Minimum Rent then payable under the Lease. Each
year, from and after January 1, 2020, provided that Tenant has received the Security Deposit reduction described in this Section 13(b), Tenant shall submit to Landlord, within fifteen (15) days after Landlord’s written request
therefor, which request shall be accompanied by a signed Confidentiality Agreement in the form attached hereto as Exhibit B, Tenant’s most recent annual and quarterly audited financial statements (or if audited financial statements are
not available, Tenant’s most recent annual and quarterly internal financial statements that are certified by a certified public accountant). If, at any time, the Security Deposit Reduction Conditions are not satisfied, Tenant shall be required,
upon ten (10) business days’ written notice from Landlord, to restore the Security Deposit to $6,805,080.00. Notwithstanding the foregoing, at any time during the Term (prior to or after January 1, 2020), regardless of whether Tenant
receives the Security Deposit reduction described in this Section 16(b), in connection with the sale or refinance of the Building or Landlord’s interest therein, Tenant shall, no more than once per calendar year, within fifteen
(15) days of Landlord’s written request (which shall be accompanied by a Confidentiality Agreement in the form attached hereto as Exhibit B), deliver to Landlord Tenant’s most recent annual and quarterly audited

  
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financial statements (or if audited financial statements are not available, Tenant’s most recent annual and quarterly internal financial statements that are certified by a certified public
accountant), which financial statements may be delivered by Landlord to any third party lender or prospective purchaser from whom Landlord delivers a Confidentiality Agreement in substantially the form attached hereto as Exhibit B (or such
other form of Confidentiality Agreement that is reasonably acceptable to Tenant). 
 14. Tenant acknowledges that the Amended CO (as
described in Section 1E(ii) of the Lease as modified by Section 17 of the First Amendment) and the Amended Additional Premises CO have been obtained. 

15. Landlord represents to Tenant that as of the Expansion Premises Commencement Date, the Expansion Premises shall comply with all Legal
Requirements applicable to the then-current condition of the Expansion Premises. The provisions of Subsection 6A of the Lease shall not apply to the Expansion Premises. 

16. (a) Subject to the provisions of this Section 16, Landlord shall contribute an amount up to $1,638,260.00 (the
“Landlord’s Contribution”) toward the cost of the performance of the Tenant’s Alterations to prepare the Expansion Premises for Tenant’s initial occupancy (“Tenant’s Expansion Initial Work”)
(other than Soft Costs in excess of fifteen (15%) percent of the total amount of Landlord’s Contribution (the “Soft Cost Contribution Cap”) and the costs of furniture and office equipment). Landlord acknowledges and agrees that
Tenant shall be permitted to perform Tenant’s Expansion Initial Work, and use the Building’s freight elevator (without charge) during Ordinary Building Hours, subject to the provisions of Subsection 26A of the Lease (provided, however,
that during Ordinary Building Hours the freight elevator may only be used to transport people; construction materials and debris may only be transported via the freight elevator during Overtime Periods). The items of Tenant’s Expansion Initial
Work which are the subject of the applicable request for payment (the “Disbursement Request”) must be completed and Tenant must have submitted the Disbursement Request in accordance with the terms hereof, no later than one hundred
eighty (180) days after completion of those items of Tenant’s Expansion Initial Work which are the subject of the Disbursement Request. Landlord represents that Landlord’s Preferred Contractors as of the date hereof, are the same as
Landlord’s Preferred Contractors listed in Subsection 4C of the Original Lease. Landlord agrees that Tenant shall not be required to pay the supervisory fee pursuant to Subsection 4C of the Lease in connection with Tenant’s Expansion
Initial Work if Tenant uses TriStar Construction Corp. to perform Tenant’s Expansion Initial Work (provided, however that Tenant shall be required to reimburse Landlord for Landlord’s reasonable, out-of-pocket expenses to third parties incurred in connection with Tenant’s Expansion Initial Work, pursuant to the last sentence of Subsection 4C of the Original Lease). Landlord further agrees that
Tenant shall not be required to provide a performance bond or other security in connection with Tenant’s Expansion Initial Work. Landlord’s obligation to make any payment of Landlord’s Contribution (each, a
“Disbursement”) are subject to the following: 
 (i) Tenant may not make more than one (1) Disbursement Request in any
calendar month and not more than nine (9) Disbursement Requests during the progress of Tenant’s Expansion Initial Work. 
 (ii)
There shall be no outstanding monetary or non-monetary defaults for which Tenant has received notice from Landlord with respect to any of the terms, covenants, or conditions to be performed or observed by
Tenant under this Lease (including, without limitation, the requirements of this Article 4 of the Lease). 

  
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 (iii) With each Disbursement Request, Tenant shall submit to Landlord the following: 

(a) A true and correct copy of the application for payment (in the form issued by the American Institute of Architects) by Tenant’s
contractors for the items of Tenant’s Expansion Initial Work completed to date, including statements evidencing the cost thereof (or in the case of subcontractors and materialmen, statements for the last preceding Disbursement Request, other
than with respect to the first Disbursement Request) together with copies of all paid, receipted bills and invoices; 
 (b) Conditional or
final lien waivers with respect to the portion of Tenant’s Expansion Initial Work performed to date from Tenant’s contractors (or in the case of subcontractors and materialmen and except for the final Disbursement, unconditional lien
waivers to the extent of all amounts previously disbursed); 
 (c) Tenant’s certification (or a certification by Tenant’s
architect or project manager) to Landlord that the amounts set forth in all contractor’s statements are owed to Tenant’s contractors for the portion of Tenant’s Expansion Initial Work performed to date; 

(d) A certification by Tenant’s independent licensed architect stating that (I) in his or her opinion, the portion of the
Tenant’s Expansion Initial Work theretofore completed and for which the disbursement is requested was performed in a good and workmanlike manner and substantially in accordance with the final Plans and Specifications for such Tenant’s
Expansion Initial Work, as approved by Landlord pursuant to Article 4 of the Lease, (II) the percentage of completion of the Tenant’s Expansion Initial Work as of the date of such certificate, and (III) the estimated total costs to
complete the performance of the Tenant’s Expansion Initial Work (as such cost may change from time to time). 
 (iv) Landlord shall not
be required to make any Disbursement until Tenant shall have paid fifty (50%) percent of the amount of the total contract cost of Tenant’s Expansion Initial Work (the “Total Contract Cost”) in excess of the total amount of
Landlord’s Contribution. After Tenant has paid such amount, Landlord’s Disbursements shall be in the full amount of such Disbursement Requests (provided that such Disbursement Requests are complete, and provided further, that Landlord
shall not be required to disburse a portion of the Landlord’s Contribution that would result in the total percentage of the Landlord’s Contribution that has been disbursed to Tenant being greater than the total percentage of the Total
Construction Costs (excluding Soft Costs) paid by Tenant as of the date of such Disbursement Request). All Disbursements shall be subject to a retention of ten (10%) percent until Tenant’s Expansion Initial Work shall have been completed and
approved. 
 (v) Notwithstanding anything to the contrary contained in this Section, if at the time a Disbursement is required to be made
Tenant is in arrears in the payment of Minimum Rent or any Additional Rent, beyond the expiration of applicable notice, grace and cure periods, then Landlord may offset the amount of such arrearages against any Disbursement. 

(b) Landlord shall disburse a portion of the Landlord’s Contribution to Tenant within thirty (30) days after Landlord acknowledges
receipt of a complete Disbursement Request, including the items set forth in Section 16(a)(iii) above, except that Landlord shall not advance any portion of Landlord’s Contribution prior to Tenant’s contractors or materialmen having
furnished materials or supplied or performed work or services. Disbursements from the Landlord’s Contribution shall not be made more frequently than monthly, and shall be in an amount equal to the aggregate amounts theretofore paid (as
certified by an executive officer of Tenant and by Tenant’s independent, licensed architect) to Tenant’s contractors, subcontractors, and materialmen with respect to the Tenant’s Expansion Initial Work, which

  
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shall not have been the subject of a previous disbursement from the Landlord’s Contribution. If Landlord shall fail to pay an installment of Landlord’s Contribution on a timely basis
when required hereunder, Tenant shall provide written notice of such failure to Landlord. If Landlord shall not make the required payment to Tenant within fifteen (15) days after such notice shall have been given to Landlord, then any dispute
arising between Landlord and Tenant as to whether Landlord has failed to properly pay such installment of Landlord’s Contribution shall be subject to expedited arbitration pursuant to the terms of Section 17 below, and the determination of
the arbitrators shall be binding on each of the parties. 
 (c) Subject to the terms and conditions set forth herein, within thirty
(30) days of the last to occur of (1) Tenant’s Disbursement Request for the final Disbursement, (2) completion of Tenant’s Expansion Initial Work in accordance with the terms hereof, (3) delivery to Landlord of general
releases and waivers of lien from all contractors, subcontractors and materialmen involved in the performance of Tenant’s Expansion Initial Work and the supply of materials used in connection therewith, (4) a certificate from Tenant’s
independent licensed architect certifying that (x) in his or her opinion Tenant’s. Expansion Initial Work has been performed in a good and workmanlike manner and completed substantially in accordance with the final detailed Plans and
Specifications for such Tenant’s Expansion Initial Work, as approved by Landlord pursuant to the provisions of Article 4 of the Lease, and (y) to his or her knowledge all contractors, subcontractors and materialmen have been paid for
Tenant’s Expansion Initial Work, and materials furnished through such date, and (5) satisfaction of the conditions set forth in Subsection E of Article 4 of the Lease, the balance of Landlord’s Contribution which has not been
previously disbursed to Tenant, shall be disbursed to Tenant. Tenant expressly agrees that Landlord’s obligation to pay the final Disbursement shall be conditioned upon Tenant’s compliance with the requirements set forth in clauses (1) -
(5) of this Section 16(c). 
 (d) In no event shall the aggregate amount paid by Landlord to Tenant hereunder exceed the amount of the
Landlord’s Contribution. If the total cost of Tenant’s Expansion Initial Work (exclusive of Soft Costs in excess of the Soft Cost Cap), are less than the amount of the Landlord’s Contribution, any excess shall be retained by Landlord.
It is expressly understood and agreed that Tenant shall promptly commence and diligently prosecute to completion, at its sole cost and expense, the Tenant’s Expansion Initial Work and pay all Soft Costs, whether or not the Landlord’s
Contribution is sufficient to fund such completion. Any costs to complete the Tenant’s Expansion Initial Work in excess of the Landlord’s Contribution and the payment of Soft Costs in excess of the Soft Cost Cap shall be the sole
responsibility and obligation of the Tenant. 
 (e) If the cost of all items of Tenant’s Expansion Initial Work (exclusive of Soft Costs
in excess of the Soft Cost Cap) is less than the Landlord’s Contribution, or if Tenant has not submitted a final Disbursement Request within twenty four (24) months after the Expansion Premises Commencement Date (subject to extension by
reason of Tenant’s failure to complete the Tenant’s Expansion Initial Work prior to that date if Tenant is prevented or delayed from so doing by reason of delay beyond Tenant’s reasonable control), Tenant shall not be entitled to any
payment or credit for such excess or unused amounts. 
 17. If Tenant desires to determine whether Tenant is entitled to, or Landlord has
failed to timely pay a requested Disbursement of all or any portion of Landlord’s Contribution, such dispute shall be settled and finally determined by arbitration in The City of New York in accordance with the following provisions of this
Section and, unless specifically addressed below, the American Arbitration Association’s (“AAA”) rules with respect to expedited arbitration. Within five (5) business days following the giving of any notice by one party to
the other stating that it wishes such dispute to be so determined, Landlord and Tenant shall each give notice to the other setting forth the name and address of an arbitrator designated by the party giving such notice. If either party shall fail to
give notice of such designation within said five (5) business days, then the arbitrator chosen by the other side shall make the determination alone. The two arbitrators shall designate a third arbitrator. If the two arbitrators shall fail to
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arbitrator within five (5) business days after the designation of the second arbitrator, then either party may apply to the AAA for the designation of such arbitrator. All arbitrators shall
be persons who shall have had at least ten (10) years of continuous experience in the business of owning or managing real estate in the Borough of Manhattan, The City of New York. The three arbitrators shall conduct such hearings as they deem
appropriate, make their determination in writing, and give notice to Landlord and Tenant of their determination as soon as practicable, and if possible, within five (5) business days after the designation of the third arbitrator; the
concurrence of any two of said arbitrators shall be binding upon Landlord and Tenant, or, in the event no two of the arbitrators shall render a concurrent determination, then the determination of the third arbitrator designated shall be binding upon
Landlord and Tenant. Judgment upon any award rendered in any arbitration held pursuant to this Section 17 shall be final and binding upon Landlord and Tenant, whether or not a judgment shall be entered in any court. 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 arbitrator selected by it in accordance with the provisions of this Section, and the parties shall share all other
expenses and fees of any such arbitration. The arbitrators shall be bound by the provisions of this Lease, and shall not add to, subtract from or otherwise modify such provisions. 

18. Subsection 12F(vii) of the Original Lease, as previously modified by Section 23 of the First Amendment and Section 19 of the
Second Amendment, is further amended to substitute the number “fourteen (14)” for the number “ten (10)”. In no event shall Tenant be permitted to have more than two (2) subtenants per floor of the Premises. 

19. Section 20 of the Second Amendment is hereby deleted in its entirety. The provisions of Subsection 12I of the Lease shall not apply to
any sublease of the portion of the Expansion Premises located on the ninth (9th) floor of the Building for the period from the Expansion Premises Commencement Date through the day immediately
preceding the third (3rd) anniversary of the Expansion Premises Minimum Rent Commencement Date (the “9th Floor Sublease
Period”). To the extent that any sublease of the 9th floor of the Building by Tenant is for a term exceeding the 9th Floor Sublease
Period, or is for a term occurring after the 9th Floor Sublease Period, Subsection 12I of the Lease shall apply to any part of the sublease term after the expiration of the 9th Floor Sublease Period. 
 20. Landlord shall permit the Tenant to use the freight elevator
for up to fifty-six (56) hours (which shall be used in four (4) hour increments) during Overtime Periods, free of charge, for Tenant’s initial move-in to
the Expansion Premises. Additionally, Tenant shall be permitted to use the freight elevator during Ordinary Building Hours at no charge (but subject to the provisions of Subsection 26A of the Lease) in connection with Tenant’s Expansion Initial
Work). 
 21. Subsection 31N of the Lease (as previously modified by Section 38 of the First Amendment and Section 26 of the Second
Amendment) is deleted in its entirety and replaced with the following, 
 “Tenant shall have the right to use the fire stairwells
adjacent to the Third Amendment Current Premises and the Expansion Premises (and between the Third Amendment Current Premises and the Expansion Premises) as internal circulation stairs subject to any applicable Legal Requirements. Tenant may make
code-compliant security and aesthetic Alterations within the fire stairwells with Landlord’s prior review and approval (which approval shall not be unreasonably withheld, delayed or conditioned), and otherwise subject to the provisions of
Article 4 of this Lease. Tenant may install, at its own expense, a card access system to each floor of the Premises, in accordance with the applicable provisions of this Lease and applicable Legal Requirements.” 

  
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 22. Section 33 of the First Amendment is hereby deleted in its entirety and replaced
with the following, 
 “Supplementing the provisions of Subsection 31E of the Lease, provided that Tenant is not in monetary default
under the Lease (as amended) and there are no uncured non-monetary defaults by Tenant under the terms and conditions of this Lease (as amended) for which Tenant has received notice, in either case, beyond the
expiration of applicable notice, grace and cure periods, commencing on the date that is the earlier of: (a) the date that the office portion of the Building is fully leased and (b) the Additional Premises Commencement Date, Landlord shall
provide the Named Tenant (as hereinafter defined) with a block sign in the lobby desk of the Building (the “Lobby Desk”) with the Named Tenant’s name and/or logo (“Tenant’s Lobby Block Sign”). Tenant
acknowledges that each of the other tenants of the Building shall also be permitted to have a block sign in the Lobby Desk; provided that: (x) no tenant occupying the same number of floors or fewer floors of the Building than Tenant shall be
permitted to have a block sign in the Lobby Desk that is larger than Tenant’s Lobby Block Sign; (y) Tenant’s Lobby Block Sign will be located on the top shelf of the Lobby Desk display; and (z) Tenant’s Lobby Block Sign will
occupy the entire length of the top shelf of the Lobby Desk, as shown on Exhibit C attached hereto. Landlord will use Named Tenant’s name and logo as depicted on Exhibit C attached hereto (the
“Approved Name and Logo”) in Tenant’s Lobby Block Sign. Any change in the Approved Name and Logo must be approved by Landlord in Landlord’s sole discretion. Landlord acknowledges that Tenant operates its business in the
Premises under the trade name “COMPASS”. As used herein, the term “Named Tenant”, shall mean the tenant originally named in the Lease, a Related Entity of the tenant originally named in this Lease, or an entity that
satisfies the conditions of Subsection 12J of the Original Lease.” 
 23. For so long as Named Tenant occupies at least six
(6) floors of the Building, Named Tenant shall have the right to have a sign on the wall of the ground floor lobby of the Building, of the size and in the location depicted on Exhibit D attached hereto (the
“Lobby Wall Sign”). The design, materials, appearance and colors of the Lobby Wall Sign shall be subject to Landlord’s approval, which shall not be unreasonably withheld, delayed or conditioned. Landlord shall install the Lobby
Wall Sign at Tenant’s sole, but reasonable expense. Tenant shall pay to Landlord the estimated cost of purchasing and installing the Lobby Wall Sign within thirty (30) days of Tenant’s receipt of an invoice therefor from Landlord, as
Additional Rent. If Landlord’s actual cost to purchase and install the Lobby Wall Sign exceeds Landlord’s estimated cost, Tenant shall pay such excess to Landlord, as Additional Rent, within ten (10) business days of Tenant’s
receipt of an invoice therefor. 
 24. For so long as Named Tenant occupies at least six (6) floors of the Building, Named Tenant shall
have the right to have a plaque on the exterior of the Building, of the size and in the location depicted on Exhibit E attached hereto (the “Exterior Plaque”). The design, materials, appearance and colors
of the Exterior Plaque shall be subject to Landlord’s approval, which shall not be unreasonably withheld, delayed or conditioned. Landlord shall install the Exterior Plaque at Tenant’s sole, but reasonable expense. Tenant shall pay to
Landlord the estimated cost of purchasing and installing the Exterior Plaque within thirty (30) days of Tenant’s receipt of an invoice therefor from Landlord, as Additional Rent. If Landlord’s actual cost

  
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 Confidential Treatment Requested by Compass, Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 
to purchase and install the Exterior Plaque exceeds Landlord’s estimated cost, Tenant shall pay such excess to Landlord, as Additional Rent, within ten (10) business days of
Tenant’s receipt of an invoice therefor. 
 25. Modifying the provisions of Section 31I of the Lease, Tenant shall be entitled to
one (1) additional Annual Exclusive per twelve (12) month period during the Term. In no event shall Tenant be entitled to have more than three (3) total events per Roof Season that are Annual Exclusives or Additional Roof Terrace
Events. 
 26. Landlord shall use commercially reasonable efforts to enforce the provisions of the lease of the tenant on the tenth (10th) and eleventh (11th) floors of the Building (the “10th and 11th Floor Tenant”) that: (a) restrict such tenant from materially adversely affecting the ninth (9th) floor or the ninth (9th) floor ceiling in the course of such 10th and 11th Floor Tenant’s construction (except
as expressly set forth herein); and (b) require the 10th and 11th Floor Tenant to install sufficient noise proofing materials during its
initial build-out to prevent noise from the tenth (10th) floor from being heard on the ninth (9th)
floor, or otherwise disrupting Tenant’s use of the ninth (9th) floor. Notwithstanding the foregoing, Tenant acknowledges that the 10th and
11th Floor Tenant will be installing two (2) pipes that will penetrate the ninth (9th) floor ceilings which Landlord believes will be
located in the approximate locations that are depicted on Exhibit E attached hereto. The two (2) pipes will be run high and tight to the slab and follow the column lines of the Building so as to minimize interference
with the portion of the Premises located on the ninth (9th) floor. 
 27. Tenant
represents and warrants that Tenant has dealt directly with (and only with), RFR Realty LLC and Cushman & Wakefield, Inc. as broker in connection with this Third Amendment, and that insofar as Tenant knows no other broker negotiated this
Third Amendment or is entitled to any commission in connection therewith, and the execution and delivery of this Third Amendment by Landlord shall be conclusive evidence that Landlord has relied upon the foregoing representation and warranty.
Landlord represents and warrants that Landlord has dealt directly with (and only with), RFR Realty LLC and Cushman & Wakefield, Inc. as broker in connection with this Third Amendment, and that insofar as Landlord knows no other broker
negotiated this Third Amendment or is entitled to any commission in connection therewith. Landlord shall pay any commission due to RFR Realty LLC and Cushman & Wakefield, Inc. in connection with this Third Amendment pursuant to a separate
written agreement. This Section 27 shall survive the expiration or earlier termination of the Lease with respect to the Expansion Premises. 

28. Except as specifically set forth in this Third Amendment, the Lease and all covenants, agreements, terms and conditions thereof:
(a) shall apply equally to the Expansion Premises and the Third Amendment Current Premises, (b) remain in full force and effect, and (c) are, in all respects, ratified and confirmed. 

29. The covenants, agreements, terms and conditions contained in this Third Amendment shall bind and inure to the benefit of the parties hereto
and their respective successors and, except as may be otherwise provided in the Lease as hereby supplemented, their respective assigns. 

30. This Third Amendment may not be changed or terminated orally but only by an agreement in writing signed by the party against which
enforcement of any waiver, change, termination, modification or discharge is sought. 
 [SIGNATURE PAGE TO FOLLOW.] 

  
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Pursuant to 17 C.F.R. Section 200.83 
  

 IN WITNESS WHEREOF, Landlord and Tenant have executed this Third Amendment of Lease as of the
date first above written. 
  

			
	90 FIFTH OWNER LLC, Landlord
		
	By:	 	 /s/ Thomas L. Lavin

		 	Name: Thomas L. Lavin
		 	Title:   Vice President
	
	URBAN COMPASS, INC., Tenant
		
	By:	 	 /s/ David Snider

		 	Name: David Snider
		 	Title:   COO

  
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Pursuant to 17 C.F.R. Section 200.83 
  

 EXHIBIT A 

FLOOR PLAN OF THE EXPANSION PREMISES 
 THIS IS A
SCHEMATIC PLAN AND IS INTENDED ONLY TO SHOW THE PROPOSED GENERAL LAYOUT OF THE EXPANSION PREMISES. ALL MEASURES, DISTANCES AND DIMENSIONS ARE APPROXIMATE AND NOT TO SCALE. THE DEPICTIONS HEREON DO NOT CONSTITUTE A WARRANTY OR REPRESENTATION OF ANY
KIND. 

  
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Pursuant to 17 C.F.R. Section 200.83 
  

 

 
 90 Fifth Avenue 14th street Fifth Avenue For complete listing,visit www.rfrspace.com www.rfrrealty.com Not to scale. All dimenensions
and condition only. 

  

 Confidential Treatment Requested by Compass, Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 

 
 90 Fifth Avenue 14th street Fifth Avenue For complete listing,visit www.rfrspace.com www.rfrrealty.com Not to scale. All dimenensions
and condition only. 

  

 Confidential Treatment Requested by Compass, Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 EXHIBIT B 

FORM OF CONFIDENTIALITY AGREEMENT 

CONFIDENTIALITY AGREEMENT 

Agreement dated ________, 2015 (the “Effective Date”), between Urban Compass, Inc., d/b/a Compass, a Delaware corporation (the
“Company”), and 90 FIFTH OWNER, LLC, a Delaware limited liability company (the “Recipient”) with offices at c/o RFR Realty LLC, 390 Park Avenue, New York, New York 10022. 

1. Background. The Company and the Recipient (the “parties”) intend to engage in discussions and negotiations concerning an
amendment of a lease between Recipient and the Company at certain Recipient-owned real property (the “Lease Transaction”). In the course of discussions regarding the Lease Transaction, it is anticipated that the Company will disclose or
deliver solely to the Recipient and to the Recipient’s managing agent, and each of their directors, officers and employees, on an as-needed basis (collectively, “Representatives”) certain of the
Company’s financial information for the limited purposes of enabling the Recipient to evaluate the Lease Transaction (the “Purposes”). The parties have entered into this Agreement in order to assure the confidentiality of such
financial information in accordance with the terms of this Agreement. 
 2. Proprietary Information. As used in this Agreement, the
term “Proprietary Information” shall mean all financial information or confidential or proprietary information designated as such in writing by the Company, whether by letter or by the use of an appropriate proprietary stamp or legend,
prior to or at the time any such trade secret or confidential or proprietary information is disclosed by the Company to the Recipient. For the avoidance of doubt, “Proprietary Information” shall include, without limitation, any and all
financial information related to the Company’s business or operations. In addition, and without limitation, the term “Proprietary Information” shall be deemed to include any notes, analyses, compilations, studies, interpretations,
memoranda or other documents prepared by the Recipient or its Representatives which contain, reflect or are based upon, in whole or in part, any Proprietary Information furnished to the Recipient or its Representatives pursuant hereto. 

3. Scope of Agreement. This Agreement shall apply to all Proprietary Information disclosed by the Company, whether before, on or after
the date hereof. 
 4. Use and Disclosure of Proprietary Information. The Recipient and its Representatives shall use the Proprietary
Information only for the Purposes, or in connection with a potential financing or sale of Recipient’s interest in the property affected by such Lease Transaction, and such Proprietary Information shall not be used for any other purpose without
the prior written consent of the Company. The Recipient and its Representatives shall hold in confidence, and shall not disclose to any person, whatsoever, outside its organization, any Proprietary Information or exploit such Proprietary Information
for its own benefit or the benefit of another without the prior written consent of the Company. Without limitation of the foregoing, the Recipient shall not cause or permit reverse engineering of any Proprietary Information or decompilation or
disassembly of any software programs which are part of the Proprietary Information. The Recipient shall disclose Proprietary Information received by it under this Agreement only to persons (a) within its organization and (b) serving as
legal counsel, primary accountant, lender or potential purchaser in connection with the real property related to the Lease Transaction, in each case, who have a need to know such Proprietary Information in the course of the performance of their
duties and who are bound by a written agreement, enforceable by the Company, to protect the confidentiality of such Proprietary Information. The Recipient shall obtain from any potential purchaser or lender of the real

  
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Pursuant to 17 C.F.R. Section 200.83 
  

 
property related to the Lease Transaction (or Recipient’s interest therein), a confidentiality agreement in the same form as this agreement, or such other form that is reasonably acceptable
to the Company. The Recipient shall adopt and maintain programs and procedures which are reasonably calculated to protect the confidentiality of Proprietary Information and shall be responsible to the Company for any disclosure or misuse of
Proprietary Information which results from a failure to comply with this provision. The Recipient will promptly report to the Company any actual or suspected violation of the terms of this Agreement and will take all reasonable further steps
requested by the Company to prevent, control or remedy any such violation. Notwithstanding anything contained in this Agreement to the contrary, this Agreement shall not prohibit the Recipient from disclosing Proprietary Information to the extent
required in order for the Recipient to comply with applicable laws and regulations and any court or other judicial order, provided that the Recipient provides prior written notice of such required disclosure to the Company and takes
reasonable and lawful actions to avoid and/or minimize the extent of such disclosure. 
 5. Limitation on Obligations. The obligations
of the Recipient specified in Section 4 shall not apply, and the Recipient shall have no further obligations, with respect to any Proprietary Information to the extent the Recipient can demonstrate, by clear and convincing evidence, that such
Proprietary Information: 
 A. is generally known to the public at the time of disclosure or becomes generally known without the Recipient or
its Representatives violating this Agreement; 
 B. is in the Recipient’s possession at the time of disclosure otherwise than as a
result of Recipient’s breach of any legal obligation; 
 C. becomes known to the Recipient through disclosure by sources other than the
Company having the legal right to disclose such Proprietary Information; or 
 D. is independently developed by the Recipient without
reference to or reliance upon the Proprietary Information. 
 6. Ownership of Proprietary Information. The Recipient agrees that it
shall not receive any right, title or interest in, or any license or right to use, the Proprietary Information or any patent, copyright, trade secret, trademark or other intellectual property rights therein, by implication or otherwise. 

7. Return of Proprietary Information. The Recipient shall, upon the termination of this Agreement or the request of the Company, destroy
(to the extent reasonably possible): (i) any notes, reports or other documents prepared by the Recipient which contain Proprietary Information; and (ii) any Proprietary Information (and all copies and reproductions thereof) which is in
electronic form or or cannot otherwise be returned to the Company. Notwithstanding the return or destruction of the Proprietary Information, the Recipient and its Representatives will continue to be bound by their obligations of confidentiality and
other obligations hereunder. 
 8. Miscellaneous. 

A. This Agreement supersedes all prior agreements, written or oral, between the parties relating to the subject matter of this Agreement. This
Agreement may not be modified, changed or discharged, in whole or in part, except by an agreement in writing signed by the parties. 
 B.
This Agreement will be binding upon and inure to the benefit of the parties and their respective heirs, successors and assigns. 

  
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Pursuant to 17 C.F.R. Section 200.83 
  

 C. This Agreement shall be construed and interpreted in accordance with the internal laws of
the State of New York, without giving effect to the principles of conflicts of law thereof. 
 D. The provisions of this Agreement are
necessary for the protection of the business and goodwill of the Company and are considered by the Recipient to be reasonable for such purpose. The Recipient agrees that any breach of this Agreement will cause the Company substantial and irreparable
injury and, therefore, in the event of any such breach, in addition to other remedies which may be available, the Company shall have the right to specific performance and other injunctive and equitable relief. Notwithstanding the foregoing, nothing
in this Agreement shall make Recipient liable to the Company or any other party for consequential or punitive damages, except in the case of Recipient’s gross negligence or willful misconduct which results in the dissemination of the
Confidential Information to parties that are not permitted to receive the same pursuant to this Agreement. 
 E. The confidentiality
obligations imposed by this Agreement shall continue with respect to a particular item of Proprietary Information until the fifth anniversary of the disclosure of such Proprietary Information to Recipient pursuant to this Agreement. 

F. For the convenience of the parties, copies of signatures to this Agreement may be transmitted by facsimile or
e-mail in portable document format (.pdf) and in counterparts, each of which shall be deemed to be an original, and both of which taken together, shall constitute one agreement binding on both parties. 

[Remainder of Page Intentionally Left Blank] 

  
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Pursuant to 17 C.F.R. Section 200.83 
  

 The parties below and hereto have executed this Confidentiality Agreement as of the day and year first set
forth above. 
  

			
	URBAN COMPASS, INC.
		
	By:	 	
	Name:	 	David Snider
	Title:	 	COO
	
	90 FIFTH OWNER, LLC
		
	By:	 	
	Name:	 	
	Title:	 	

  

  

 Confidential Treatment Requested by Compass, Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 EXHIBIT C 

APPROVED NAME AND LOGO 
 (Please
see attached.) 

  

 Confidential Treatment Requested by Compass, Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 

 
 COMPASS 

  

 Confidential Treatment Requested by Compass, Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 

 
 COMPASS peakperformance RFR 

  

 Confidential Treatment Requested by Compass, Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 EXHIBIT D 

LOBBY WALL SIGN LOCATION AND DIMENSIONS 

(Please see attached.) 

  

 Confidential Treatment Requested by Compass, Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 EXHIBIT E 

EXTERIOR PLAQUE LOCATION AND DIMENSIONS 

(Please see attached.) 

  

 Confidential Treatment Requested by Compass, Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 

 
 comp 

  

 Confidential Treatment Requested by Compass, Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 EXHIBIT F 

APPROXIMATE PIPE LOCATIONS 
 (See
attached) 

  

 Confidential Treatment Requested by Compass, Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 

 
 90 Fifth open layout Avenue For complete listing, visit www.rfrspace.com Not to Sale. All dimensions and conditions are approximate

  

 Confidential Treatment Requested by Compass, Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 FOURTH AMENDMENT OF LEASE 

FOURTH AMENDMENT OF LEASE (this “Fourth Amendment”) made as of this 10th
day of March, 2016, by and between 90 FIFTH OWNER LLC, having an office c/o RFR Realty LLC, 390 Park Avenue, New York, New York 10022 (“Landlord”), and URBAN COMPASS, INC., D/B/A COMPASS, having an office at 90 Fifth Avenue, New
York, New York 10011 (“Tenant”). 
 W I T N E S S E T H : 

WHEREAS, Landlord and Tenant have previously entered into a Lease, dated as of July 23, 2014 (the “Original Lease”),
which Original Lease was amended by First Amendment of Lease dated as of October 6, 2014 (the “First Amendment”), Second Amendment of Lease dated as of April 9, 2015 (the “Second Amendment”), and Third
Amendment of Lease dated as of October 26, 2015 (the “Third Amendment”, and together with the Original Lease, the First Amendment and the Second Amendment, the “Lease”) pursuant to which Landlord leased to
Tenant and Tenant did hire from Landlord the entire 3rd, 4th, 5th, 6th, 7th, 8th and 9th floors (the
“Premises”), as more particularly described in the Lease, in the building known as 90 Fifth Avenue, New York, New York (the “Building”), upon and subject to all of the terms, covenants and conditions as are more
particularly described in the Lease; 
 WHEREAS, the parties hereto desire to modify and amend the Lease in certain respects as provided
herein. 
 NOW, THEREFORE, in consideration of these premises and the mutual covenants hereinafter contained, the parties hereto agree as
follows: 
 1. All terms not otherwise defined herein shall have the meanings assigned to them in the Lease. 

2. Landlord and Tenant acknowledge and agree that the Commencement Date of the Lease with respect to the third (3rd) and fourth (4th) floor premises originally demised by the Original Lease is December 8, 2014 and accordingly, notwithstanding the
provisions of Subsection 1E(ii) of the Lease (as amended), the Minimum Rent Abatement Period for the portions of the Premises located on the third (3rd) and fourth (4th) floors of the Building ran from January 1, 2015 through July 31, 2015. 
 3.
Landlord and Tenant further acknowledge that: (a) the Additional Premises Commencement Date (with respect to the fifth (5th) and sixth
(6th) floors), occurred on April 15, 2015; (b) the 7th Floor Commencement Date occurred on April 9, 2015; and (c) the
Expansion Premises Commencement Date (with respect to the eighth (8th) and ninth (9th) floors), occurred on October 26, 2015. 

4. The eleventh (11th) through the thirteenth (13th) paragraphs of Exhibit B of the Second Amendment are hereby deleted in their entirety, and shall be replaced with the following: 

“Subject to the provisions of this Exhibit B, Landlord shall reimburse Tenant for the
7th Floor Work Costs paid by Tenant in an amount not to exceed $819,130.00 (the “Landlord’s 7th Floor
Contribution”) (other than Soft Costs in excess of fifteen (15%) percent of the total amount of Landlord’s 7th Floor Contribution (the “7th Floor Soft Cost Contribution Cap”)). Landlord’s obligation to make any payment of Landlord’s 7th Floor Contribution
(each, a “7th Floor Disbursement”) are subject to the following: 

  

 Confidential Treatment Requested by Compass, Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 (i) Tenant may not make more than one (1) request for a 7th Floor Disbursement (each, a “7th Floor Disbursement Request”) in any calendar month and not more than three
(3) total 7th Floor Disbursement Requests. 
 (ii) Landlord shall not be required
to make any 7th Floor Disbursement: (x) at any time that there is an outstanding monetary or material non-monetary default under the terms of the Lease
for which Tenant has received notice from Landlord (provided that Landlord shall make such 7th Floor Disbursement to Tenant after Tenant cures such default); or (y) at any time prior to the
date that Tenant has paid fifty (50%) percent of the amount of the total contract cost of Landlord’s 7th Floor Work (the “Total
7th Floor Contract Cost”) in excess of the total amount of Landlord’s 7th Floor Contribution. After Tenant has paid
such amount, Landlord’s 7th Floor Disbursements shall be in the full amount of such 7th Floor Disbursement Requests (provided that such 7th Floor Disbursement Requests are complete, and provided further, that Landlord shall not be required to disburse a portion of the Landlord’s
7th Floor Contribution that would result in the total percentage of the Landlord’s 7th Floor Contribution that has been disbursed to
Tenant being greater than the total percentage of the Total 7th Floor Contract Cost (excluding Soft Costs in excess of the 7th Floor Soft Cost
Contribution Cap) paid by Tenant as of the date of such 7th Floor Disbursement Request). 

(iii) With each 7th Floor Disbursement Request, Tenant shall submit to Landlord the
following: 
 (a) A true and correct copy of the application for payment (in the form issued by the American Institute of Architects) by the
contractors performing Landlord’s 7th Floor Work, including sworn statements evidencing the cost thereof (or in the case of subcontractors and materialmen, sworn statements for the last
preceding 7th Floor Disbursement Request, other than with respect to the first 7th Floor Disbursement Request) together with copies of all
receipted bills and invoices showing payment of the such costs by Tenant; and 
 (b) Final lien waivers from all contractors or
subcontractors with respect to the portion of the 7th Floor Work Costs for which Tenant is seeking reimbursement. 

(iv) Landlord shall cooperate in good faith with Tenant in obtaining the documents listed in clauses (a) and (b) above from the
contractors performing Landlord’s 7th Floor Work. If the total cost of Landlord’s 7th Floor Work which qualifies for reimbursement
pursuant to this Exhibit B is less than Landlord’s 7th Floor Contribution, or if Tenant has not submitted a final 7th Floor
Disbursement Request by the date that is two (2) years after the date of this Fourth Amendment, Tenant shall not be entitled to any payment or credit for such excess or unused amounts. 

(v) Notwithstanding anything to the contrary contained in this Section, if at the time a
7th Floor Disbursement is required to be made Tenant is in arrears in the payment of Minimum Rent or any Additional Rent, beyond the expiration of applicable notice, grace and cure periods, then
Landlord may offset the amount of such arrearages against any 7th Floor Disbursement. 

(b) Landlord shall disburse a portion of the Landlord’s 7th Floor Contribution to
Tenant within thirty (30) days after Landlord acknowledges receipt of a complete 7th Floor Disbursement Request, including the items set forth in paragraph (iii) above. 7th Floor Disbursements from the Landlord’s 7th Floor Contribution shall not be made more frequently than monthly, and shall be in an amount
equal to the aggregate amounts theretofore paid (as certified by an executive officer of Tenant and by Tenant’s independent, licensed architect) to Tenant’s contractors, subcontractors, and materialmen with respect to the Landlord’s 7th Floor Work, which shall not have been the subject of a previous disbursement from the Landlord’s 7th Floor Contribution. If Landlord shall
fail to pay an installment of Landlord’s 7th Floor 

  
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Pursuant to 17 C.F.R. Section 200.83 
  

 
Contribution on a timely basis when required hereunder, Tenant shall provide written notice of such failure to Landlord. If Landlord shall not make the required payment to Tenant within fifteen
(15) days after such notice shall have been given to Landlord, then any dispute arising between Landlord and Tenant as to whether Landlord has failed to properly pay such installment of Landlord’s 7th Floor Contribution shall be subject to expedited arbitration pursuant to the terms of Section 17 of the Third Amendment and the determination of the arbitrators shall be binding on each of the
parties. 
 5. In consideration of the terms and conditions of this Fourth Amendment, Tenant hereby waives any claim to any extension of any
Minimum Rent Abatement Periods described in the Lease (as amended) in connection with Landlord’s delivery of the Amended CO by the Amended CO Deadline, as described in Subsection 1B(ii) of the Lease (as amended) or in connection with the
Landlord’s delivery of the Amended Additional Premises CO by the Amended Additional Premises CO Deadline, as described in Section 18 of the First Amendment. 

6. Tenant represents and warrants that Tenant has dealt with no broker in connection with this Fourth Amendment, and that insofar as Tenant
knows no broker negotiated this Fourth Amendment or is entitled to any commission in connection therewith, and the execution and delivery of this Fourth Amendment by Landlord shall be conclusive evidence that Landlord has relied upon the foregoing
representation and warranty. Landlord represents and warrants that Landlord has dealt with no broker in connection with this Fourth Amendment, and that insofar as Landlord knows no broker negotiated this Fourth Amendment or is entitled to any
commission in connection therewith, and the execution and delivery of this Fourth Amendment by Tenant shall be conclusive evidence that Tenant has relied upon the foregoing representation and warranty. This Section 6 shall survive the
expiration or earlier termination of the Lease. 
 7. Except as specifically set forth in this Fourth Amendment, the Lease and all covenants,
agreements, terms and conditions thereof remain in full force and effect, and are, in all respects, ratified and confirmed. 
 8. The
covenants, agreements, terms and conditions contained in this Fourth Amendment shall bind and inure to the benefit of the parties hereto and their respective successors and, except as may be otherwise provided in the Lease as hereby supplemented,
their respective assigns. 
 9. This Fourth Amendment may not be changed or terminated orally but only by an agreement in writing signed by
the party against which enforcement of any waiver, change, termination, modification or discharge is sought. 
 [SIGNATURE PAGE TO FOLLOW.]

  
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Pursuant to 17 C.F.R. Section 200.83 
  

 IN WITNESS WHEREOF, Landlord and Tenant have executed this Fourth Amendment of Lease as of
the date first above written. 
  

			
	90 FIFTH OWNER LLC, Landlord
		
	By:	 	 /s/ Thomas L. Lavin

		 	Name: Thomas L. Lavin
		 	Title: Vice President
	
	URBAN COMPASS, INC., Tenant
		
	By:	 	 /s/ David Snider

		 	Name: David Snider
		 	Title: COO

  
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 Confidential Treatment Requested by Compass, Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 FIFTH AMENDMENT OF LEASE 

FIFTH AMENDMENT OF LEASE (this “Fifth Amendment”) made as of this 6th
day of February, 2017, by and between 90 FIFTH OWNER LLC, having an office c/o RFR Realty LLC, 390 Park Avenue, New York, New York 10022 (“Landlord”), and URBAN COMPASS, INC., D/B/A COMPASS, having an office at 90 Fifth Avenue, New
York, New York 10011 (“Tenant”). 
 W I T N E S S E T H : 

WHEREAS, Landlord and Tenant have previously entered into a Lease, dated as of July 23, 2014 (the “Original Lease”),
which Original Lease was amended by First Amendment of Lease dated as of October 6, 2014 (the “First Amendment”), Second Amendment of Lease dated as of April 9, 2015 (the “Second Amendment”), Third
Amendment of Lease dated as of October 26, 2015 (the “Third Amendment”) and Fourth Amendment of Lease dated as of March 10, 2016 (the “Fourth Amendment”, and together with the Original Lease, the First
Amendment, the Second Amendment and the Third Amendment, the “Lease”) pursuant to which Landlord leased to Tenant and Tenant did hire from Landlord the entire 3rd, 4th, 5th, 6th, 7th, 8th and 9th floors (the “Fifth Amendment Current Premises”), as more particularly described in the Lease, in the building known as
90 Fifth Avenue, New York, New York (the “Building”), upon and subject to all of the terms, covenants and conditions as are more particularly described in the Lease; 

WHEREAS, Landlord wishes to lease to Tenant and Tenant wishes to lease from Landlord the entire 10th and 11th Floors (the “10th and 11th Floors”) of the Building, in addition to the Fifth Amendment Current Premises; and 

WHEREAS, the parties hereto desire to modify and amend the Lease in certain respects as provided herein. 

NOW, THEREFORE, in consideration of these premises and the mutual covenants hereinafter contained, the parties hereto agree as follows: 

1. Definitions. All terms not otherwise defined herein shall have the meanings assigned to them in the Lease. 

2. Additional Premises. 

(a) As of the date of this Fifth Amendment (the “10th and 11th Floor Commencement Date”), the entire tenth (10th) and eleventh (11th)
floors of the Building, substantially as shown hatched on the plan annexed hereto as Exhibit A (the “10th and 11th Floors”), shall be added to and shall be considered a part of the Premises. The Term of the Lease with respect to the entire Premises (including both the 10th and 11th Floors and the Fifth Amendment Current Premises) shall expire on May 31, 2025. The Term with respect to the Fifth Amendment Current
Premises shall not be affected by this Fifth Amendment. 
 (b) Landlord shall, at Landlord’s sole cost, substantially complete the work
described on Exhibit B attached hereto (the “Fifth Amendment Base Building Work”). Tenant shall provide Landlord and its agents, employees and contractors access to the 10th and
11th Floors at all reasonable times to complete the Fifth Amendment Base Building Work. Landlord and Tenant shall use reasonable efforts to coordinate the performance of the Fifth Amendment Base
Building Work with the performance of Tenant’s 10th and 11th Floor Initial Work in accordance with good construction practice. Tenant
acknowledges that Landlord will not be performing any work affecting the columns in the 10th and 11th

  

 Confidential Treatment Requested by Compass, Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 
Floors and that the columns will be delivered in their “as is” condition as of the 10th and 11th Floor Commencement Date. Other than the Fifth Amendment Base Building Work, Tenant shall accept the 10th and 11th Floors in their “as is” condition as of the 10th and 11th Floor Commencement Date,
it being understood that Landlord is not obligated to perform any work or to supply any materials to prepare the 10th and 11th Floors for
Tenant’s initial occupancy, except for the Fifth Amendment Base Building Work. 
 (c) Tenant shall have the right, within thirty
(30) days of the completion of the Fifth Amendment Base Building Work, TIME OF THE ESSENCE, to give Landlord notice of any latent defects in the 10th and 11th Floors that were not (or would not have been) discernible after a diligent examination of the 10th and 11th Floors, provided that such defects are not caused by any Tenant Party. Landlord shall complete or repair any such items promptly, but any such items shall not affect the 10th and 11th Floor Minimum Rent Commencement Date; provided, however, that if such items materially or adversely interfere with or delay
Tenant’s ability to perform Tenant’s 10th and 11th Floor Initial Work (as hereinafter defined), and solely a result thereof, Tenant
is not able to, and does not, perform any of Tenant’s 10th and 11th Floor Initial Work, or Tenant is actually delayed in performing the 10th and 11th Floor Initial Work, Tenant shall deliver written notice of such delay or impediment to Landlord (a “Delay Notice”). In
the event that: (x) Landlord does not complete or repair such defect within ten (10) business days of Landlord’s receipt of a Delay Notice from Tenant or (y) Tenant is unable to commence or resume the 10th and 11th Floor Initial Work within ten (10) business days after Landlord’s receipt of a Delay Notice from Tenant, Tenant shall receive
a one day extension of the 10th and 11th Floor Minimum Rent Abatement Period for each day from the expiration of such ten (10) business
day period, through the earlier of: (i) the date that Landlord completes the applicable repair or otherwise cures the impediment to Tenant’s performance of the 10th and 11th Floor Initial Work or (ii) the date that Tenant can or does commence or resume (as applicable) the performance of the 10th and 11th Floor Initial Work in any part of the 10th and 11th Floor. 

(d) The provisions of Subsection 1B of the Original Lease shall not apply to the 10th and
11th Floors. 
 (e) Landlord shall have no liability to Tenant if Landlord is unable to
deliver the 10th and 11th Floors to Tenant on any specific date for any reason whatsoever and the validity of this Fifth Amendment and the
Lease (and the letting of the 10th and 11th Floors to Tenant) shall not be impaired thereby; provided, however, that the 10th and 11th Floor Commencement Date shall not be deemed to have occurred until the 10th and 11th Floors are delivered to Tenant. This subparagraph (e) constitutes “an express provision to the contrary” within the meaning of
Section 223-a of the New York Real Property Law and any other law of like import now or hereafter in effect. Notwithstanding the foregoing or anything else to the contrary contained in this Fifth
Amendment, in the event that: (x) Landlord does not substantially complete the Primary Fifth Amendment Base Building Work by January 31, 2017 for any reason other than Unavoidable Delays or interference caused by Tenant and (y) Tenant
has obtained Permits for the 10th and 11th Floor Initial Work and is otherwise ready to commence the 10th and 11th Floor Initial Work but is unable to do so, or is actually delayed in performing the
10th and 11th Floor Initial Work, as a result of Landlord’s failure to substantially complete the Primary Fifth Amendment Base Building
Work by January 31, 2017, the 10th and 11th Floor Minimum Rent Abatement Period shall be extended by: (i) one (1) day for each day
after the date that Tenant advises Landlord in writing that Tenant has obtained Permits for the 10th and 11th Floor Initial Work but is unable
to commence the same, or is actually delayed in performing the same, due to Landlord’s failure to timely complete the Primary Fifth Amendment Base Building Work (the “Readiness Notice”) through the earliest to occur of
(x) Tenant commencing or resuming the 10th and 11th Floor Initial Work, (y) the date that Landlord substantially completes the
Primary Fifth Amendment Base Building Work and (z) February 28, 2017 and (ii) provided that Tenant has delivered a Readiness Notice to Landlord and such delay is not a result of Unavoidable Delay or interference by Tenant, two
(2) days for each day from and after March 1, 2017 that Landlord has not substantially completed the Primary Fifth Amendment Base Building Work, and Tenant has not otherwise commenced or resumed (as applicable) the

  
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10th and 11th Floor Initial Work. In the event that: (x) Landlord does not
substantially complete the Convector Cover Work by March 15, 2017 for any reason other than Unavoidable Delays or interference caused by Tenant and (y) Tenant has obtained Permits for the
10th and 11th Floor Initial Work and is otherwise ready to commence the 10th and 11th Floor Initial Work but is unable to do so, or is actually delayed in performing the 10th and
11th Floor Initial Work as a result of Landlord’s failure to substantially complete the Convector Cover Work, the 10th and 11th Floor Minimum Rent Abatement Period shall be extended by one (1) day for each day after the date that Tenant advises Landlord in writing that Tenant has obtained Permits for the 10th and 11th Floor Initial Work but is unable to commence the same, or is actually delayed in performing the same, due to Landlord’s failure to
complete the Convector Cover Work by March 15, 2017 through the earlier to occur of (x) Tenant commencing or resuming the 10th and
11th Floor Initial Work (as applicable) and (y) the date that Landlord substantially completes the Convector Cover Work. Landlord shall substantially complete the Additional Fifth Amendment
Base Building Work at its sole cost on or before February 15, 2017. 
 (f) The definition of “Premises” in Section IIIA of the
Lease Information Summary (as revised by Section 2 of the First Amendment, Section 2 of the Second Amendment, and Section 2 of the Third Amendment) is hereby deleted and replaced with the following, “The entire third (3rd), fourth (4th), fifth (5th), sixth
(6th), seventh (7th), eighth (8th), ninth
(9th), tenth (10th) and eleventh (11th) floors of the Building, as shown cross-hatched on
Exhibit 1 annexed hereto and made a part hereof.” 
 (g) The floor plans attached hereto as Exhibit A shall be deemed to be added
to the end of Exhibit 1 of the Lease. 
 (h) The references to the “Commencement Date” in the following provisions of the Lease
shall be deemed to refer to the “10th and 11th Floor Commencement Date” with respect to the 10th and 11th Floors only: Subsections 1A, 2A, 7C, 10A, 15A(iv), 26B(ii) and 26H(i), and Article 30. Except as specifically set forth herein, the term
“Commencement Date” as used in the Lease shall be deemed to refer to the commencement date of the Lease for the Existing Premises (as defined in the First Amendment), the term “Additional Premises Commencement Date” shall be
deemed to refer to the commencement date of the Lease with respect to the Additional Premises, as provided in Section 5 of the First Amendment, and the “7th Floor Commencement Date”
shall refer to the commencement date of the Lease with respect to the 7th Floor Premises, as provided in Section 5 of the Second Amendment, and the term “Expansion Premises Commencement
Date” shall be deemed to refer to the commencement date of the Lease with respect to the Expansion Premises, as provided in Section 5 of the Third Amendment. 

(i) Landlord represents to Tenant that, as of the 10th and 11th Floor Commencement Date, and on the date that Landlord completes the Fifth Amendment Base Building Work, the 10th and 11th Floors shall comply with all Legal Requirements applicable to the then-current condition of the 10th and 11th Floors. 
 3. Minimum Rent for the 10th and 11th Floors: 

(a) The Minimum Rent for the 10th and
11th Floors only shall be: 
 (i) Two Million One Hundred Twenty Three Thousand One
Hundred Eighty Four and 96/100 ($2,123,184.96) Dollars per annum ($176,932.08 per month) for the period commencing on the 10th and 11th Floor
Commencement Date through January 31, 2023; 
 (ii) Two Million Two Hundred Forty Nine Thousand Two Hundred Four and 96/100
($2,249,204.96) Dollars per annum ($187,433.75 per month) for the period commencing on February 1, 2023 through and including the Expiration Date. 

  
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 (b) Tenant shall pay the first monthly installment of Minimum Rent with respect to the 10th and 11th Floors simultaneously with Tenant’s execution of this Fifth Amendment and delivery of the same to Landlord. Such amount shall be
applied to the first (1st) installment of Minimum Rent due for the first calendar month commencing after the expiration of the 10th and 11th Floor Minimum Rent Abatement Period. 
 (c) Notwithstanding anything herein to the
contrary, provided that Tenant is not in default under the Lease (as amended) beyond the expiration of any applicable grace, notice and/or cure period, Tenant shall be entitled to a credit against one hundred percent (100%) of the Minimum Rent due
for the 10th and 11th Floors only for the period from the 10th and 11th Floor Commencement Date through February 14, 2018 (as the same may be extended pursuant to the terms of this Fifth Amendment, the
“10th and 11th Floor Minimum Rent Abatement Period”). The day immediately following the expiration
of the 10th and 11th Floor Minimum Rent Abatement Period is referred to herein as the “10th and 11th Floor Minimum Rent Commencement Date”. 

4. 10th and
11th Floor Escalations and Additional Rent 
 (a)
“Tenant’s Proportionate Share” with respect to the 10th and 11th Floors only, shall mean 19.388% 

(b) The “Base Operating Factor” with respect to the 10th and 11th Floors only, shall mean the Operating Expenses for the 2017 calendar year. 
 (c) The
“Base Tax Amount” with respect to the 10th and 11th Floors only, shall mean the fifty percent (50%) of the sum of:
(i) the Taxes due for the New York City fiscal tax year commencing July 1, 2016 and ending June 30, 2017 and (ii) the Taxes due for the New York City fiscal tax year commencing July 1, 2017 and ending June 30, 2018.

 (d) For the avoidance of doubt, except as expressly modified by this Fifth Amendment or any of the previous amendments to the Original
Lease, all items of Additional Rent described in the Original Lease, including, without limitation, the escalations described in Article 3 of the Original Lease, the condenser water charges described in Subsection 26B(iv) of the Original Lease (if
applicable to the 10th and 11th Floors), and the electric charges described in Subsection 26H(i) of the Original Lease, shall apply to the 10th and 11th Floors, as well as the Fifth Amendment Current Premises. Landlord shall provide: (i) condenser water to the 10th and 11th Floors pursuant to the terms and provisions of Subsection 26B(iv) of the Original Lease (if applicable to the 10th and 11th Floors) and (ii) electrical energy to the 10th and 11th Floors pursuant to the terms and provisions of Subsection 26H of the Original Lease; provided, however, that Tenant shall not be required to pay any items of Additional Rent pursuant to Articles 3
and 26 of the Original Lease (as amended) with respect to the 10th and 11th Floors until Landlord has substantially completed the Primary Fifth
Amendment Base Building Work. 
 5. Landlord’s Fifth Amendment Contribution. 

(a) Subject to the provisions of this Section 5, Landlord shall contribute an amount up to $2,764,280.00 (“Landlord’s Fifth
Amendment Contribution”) toward the cost of the performance of Tenant’s Alterations to prepare the 10th and 11th Floors for
Tenant’s initial occupancy (the “10th and 11th Floor Initial Work”). 

(b) Landlord’s Fifth Amendment Contribution shall be disbursed to Tenant in the manner described in Section 16 of the Third Amendment
for the disbursement of the Landlord’s Contribution (and any disputes in connection therewith shall be settled pursuant to Section 17 of the Third Amendment), except that in connection with Landlord’s Fifth Amendment Contribution,
Section 16 of the Third Amendment shall be deemed to be modified as follows: 

  
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Pursuant to 17 C.F.R. Section 200.83 
  

 (i) All references to “Landlord’s Contribution” shall be deemed to mean
“Landlord’s Fifth Amendment Contribution”. 
 (ii) All references to “Tenant’s Expansion Initial Work” shall
be deemed to mean the “10th and 11th Floor Initial Work”. 

(iii) The term “Total Contract Cost” shall mean the total contract cost of the
10th and 11th Floor Initial Work. 

(iv) The reference to the “Expansion Premises Commencement Date” in Section 16(e) shall be deemed to refer to the “10th and 11th Floor Commencement Date”. 

(c) Tenant acknowledges that $500,000.00 of Landlord’s Fifth Amendment Contribution shall be deemed to be a loan (the “Fifth
Amendment Work Loan”), which Tenant must repay to Landlord with interest at a rate of five percent (5%) per annum. Accordingly, commencing on February 15, 2018, Tenant shall pay to Landlord, on the first day of each calendar month
thereafter through May 2025, Additional Rent in the amount of $6,80253 as repayment of the Fifth Amendment Work Loan (the “Tenant’s Monthly Loan Payment”). Landlord and Tenant acknowledge that Tenant may prepay any outstanding
balance of the Fifth Amendment Work Loan commencing March 1, 2023 (and it is understood and agreed that Tenant shall not be permitted to prepay the outstanding balance of the Fifth Amendment Work Loan prior to such date). 

6. Security Deposit. 
 (a)
Subsection V.G. of the Lease Information Summary is deleted and replaced with the following, “Security Deposit: $8,846,604.00”. Within thirty (30) days of the date of this Fifth Amendment, Tenant shall deliver to Landlord an
amendment to the Letter of Credit previously delivered to Landlord in connection with the Lease, increasing the amount of the Letter of Credit by $2,041,524.00 (the “Additional Fifth Amendment Security”) from $6,805,080.00 to
$8,846,604.00 (the “Fifth Amendment LC Amendment”). Tenant’s failure to timely deliver the Fifth Amendment LC Amendment to Landlord shall be a default under the Lease. 

(b) Notwithstanding the foregoing, commencing on July 26, 2020, provided that, and so long as the Security Deposit Reduction Conditions
(as defined in the Third Amendment) are satisfied, the Security Deposit due hereunder shall be reduced from $8,846,604.00 to $6,634,953.00. Landlord shall promptly cooperate with Tenant in complying with any reasonable requirements of the Issuing
Bank in connection with the reduction of the Security Deposit provided for herein. Each year, from and after January 1, 2021, provided that Tenant has received the Security Deposit reduction described in Section 13 of the Third Amendment
(as modified hereby), Tenant shall submit to Landlord, within fifteen (15) days after Landlord’s written request therefor, which request shall be accompanied by a signed Confidentiality Agreement in the form attached to the Third Amendment
as Exhibit B, Tenant’s most recent annual and quarterly audited financial statements (or if audited financial statements are not available, Tenant’s most recent annual and quarterly internal financial statements that are certified
by a certified public accountant). If, at any time, the Security Deposit Reduction Conditions are not satisfied, Tenant shall be required, upon ten (10) business days’ written notice from Landlord, to restore the Security Deposit to
$8,845,604.00. Notwithstanding the foregoing, at any time during the Term (prior to or after January 1, 2021), regardless of whether Tenant receives the Security Deposit reduction, in connection with the sale or refinance of the Building or
Landlord’s interest therein, Tenant shall, no more than once per calendar year, within fifteen 

  
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Pursuant to 17 C.F.R. Section 200.83 
  

 
(15) days of Landlord’s written request (which shall be accompanied by a Confidentiality Agreement in the form attached to the Third Amendment as Exhibit B),
deliver to Landlord Tenant’s most recent annual and quarterly audited financial statements (or if audited financial statements are not available, Tenant’s most recent annual and quarterly internal financial statements that are certified by
a certified public accountant), which financial statements may be delivered by Landlord to any third party lender or prospective purchaser from whom Landlord delivers a Confidentiality Agreement in substantially the form attached to the Third
Amendment as Exhibit B (or such other form of Confidentiality Agreement that is reasonably acceptable to Tenant). 

7. Assignment and Subleasing. 

(a) The provisions of Subsection 12I of the Original Lease shall not apply to any sublease of the 10th and 11th Floors for the period from the 10th and 11th Floor Commencement Date through January 31, 2021 (the “10th and
11th Floor Sublease Period”). To the extent that any sublease of the 10th and/or 11th floors of the Building by Tenant is for a term exceeding the 10th and 11th Floor Sublease
Period, or is for a term occurring after the 10th and 11th Floor Sublease Period, Subsection 12I of the Lease shall apply to any part of the
sublease term after the expiration of the 10th and 11th Floor Sublease Period. 

(b) Subsection 12F(vii) of the Original Lease, as previously modified by Section 23 of the First Amendment, Section 19 of the Second
Amendment and Section 18 of the Third Amendment, is further amended to substitute the number “eighteen (18)” for the number “fourteen (14)”. In no event shall Tenant be permitted to have more than two (2) subtenants per
floor of the Premises. 
 8. Signs. 

(a) Named Tenant shall be permitted to illuminate its Exterior Plaque in a manner that is acceptable to Landlord, in Landlord’s reasonable
discretion. Tenant shall pay for the electricity used in connection with such Exterior Plaque illumination pursuant to the provisions of Subsection 26H of the Original Lease. 

(b) For so long as Named Tenant occupies at least seven (7) floors of the Building, subject to the provisions of this Section 8(b),
Named Tenant shall have the right to install a flag on the existing flagpole at the Building (the “Compass Flag”). The design, dimensions, materials, appearance and colors of the Compass Flag shall be subject to Landlord’s
approval, which shall not be unreasonably withheld, delayed or conditioned. Promptly after Tenant notifies Landlord that the Compass Flag is ready to be installed, Landlord shall remove the existing American flag from the flagpole. In the event that
any Governmental Agency requires the existing flagpole to be modified or replaced to comply with applicable Legal Requirements: (i) Tenant shall be responsible for performing any required modifications or replacements at its sole cost, in
accordance with the provisions of Article 4 of this Lease and (ii) subject to the first sentence of this Section 8(b), Named Tenant shall have the right to install a flag on such replacement flag pole (provided that the design, dimensions,
materials, appearance and colors of such replacement flag shall be approved by Landlord, which approval shall not be unreasonably withheld, conditioned or delayed). In the event that any Governmental Agency issues a violation against the Building in
connection with the Compass Flag, or otherwise requires the Compass Flag to be taken off of the flagpole, Tenant shall promptly remove the Compass Flag from the flagpole, and shall indemnify, defend and hold Landlord harmless from and against any
fines, penalties or other expenses incurred by Landlord in connection with any such violation. 
 (c) In the event that Tenant:
(i) occupies at least seven (7) floors of the Building, (ii) is required to remove the Compass Flag from the Building pursuant to the provisions of Section 8(b) above, and (iii) has satisfied its obligations set forth in
Section 8(b) above in connection the removal of the 

  
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Pursuant to 17 C.F.R. Section 200.83 
  

 
Compass Flag and any violations, fines or other expenses associated therewith, Tenant may install additional signage above the entrance to the office lobby of the Building in the location
depicted on Exhibit C attached hereto (the “Additional Doorway Signage”). The size, design, materials, color, general appearance and manner of installation of the Additional Doorway Signage shall be subject
to Landlord’s approval, which shall not be unreasonably withheld, delayed or conditioned. Named Tenant’s installation of the Additional Doorway Signage shall be subject to the provisions of Article 4 of the Lease. Tenant acknowledges that
Tenant shall not be permitted to have the Additional Doorway Signage at any time that Tenant is permitted to and/or does display the Compass Flag at the Building. 

(d) For so long as Named Tenant occupies at least seven (7) floors of the Building, Named Tenant shall have the right, at its sole cost,
to install and maintain additional signage inside of the office lobby area of the Building (the “Additional Lobby Signage”). The Additional Lobby Signage, including, without limitation, the size, location, design, materials, color,
general appearance and manner of installation thereof, shall be subject to Landlord’s approval, which shall not be unreasonably withheld, delayed or conditioned. Provided that Named Tenant continues to satisfy the applicable occupancy
requirements for the Lobby Wall Sign and the Additional Lobby Signage respectively, Named Tenant may modify such signage from time to time during the Term provided that such modifications are approved by Landlord, which approval shall not be
unreasonably withheld, delayed or conditioned. Named Tenant’s installation of the Additional Lobby Signage and any modifications to any of Named Tenant’s signage in the office lobby area of the Building, shall be subject to the provisions
of Article 4 of the Lease. 
 (e) For so long as Named Tenant occupies at least seven (7) floors of the Building, Named Tenant shall
have the right to install and maintain, at its sole cost, a blade sign on the exterior of the Building of the size and in the location depicted on Exhibit C attached hereto (the “Blade Sign”). Tenant
acknowledges that the Blade Sign shall not be longer than two (2) of the façade blocks and shall have a height to depth ratio that is 2:1. Landlord shall permit Tenant to illuminate the Blade Sign in a manner that is reasonably
acceptable to Landlord, and the design, materials, appearance and colors of the Blade Sign shall also be subject to Landlord’s approval, which shall not be unreasonably withheld, delayed or conditioned. Tenant shall pay for the electricity used
in connection with such Blade Sign illumination pursuant to the provisions of Subsection 26H of the Lease. Named Tenant shall install the Blade Sign, subject to the provisions of Article 4 of the Lease. 

(f) Tenant acknowledges that Tenant shall be responsible, at its sole cost, for: (i) maintaining all of Tenant’s interior and
exterior signs (including the Compass Flag) at the Building in good condition and repair; (ii) promptly repairing or replacing any of its signage (including the Compass Hag) that becomes damaged during the Term (subject to the provisions of
Article 4 and Subsection 31E of the Lease) (unless such damage is caused by Landlord or its agents’ or employees’ negligence or willful misconduct, subject to the provisions of Subsection 9B of the Lease); and (iii) obtaining any
permits or approvals required by any Governmental Agency in connection with Tenant’s signage. Tenant further agrees that, prior to the Expiration Date or earlier termination of the Term of the Lease, Tenant shall, at its sole cost and expense,
remove all of its signage from the interior and exterior of the Building, and repair any damage caused by such signage or the removal thereof, at Tenant’s sole cost, to Landlord’s reasonable satisfaction. The provisions of this
Section 8(f) shall survive the expiration or earlier termination of the Term. 
 9. Renewal Option. 

(a) Provided this Lease is in effect and Tenant is not in default hereunder beyond the expiration of any applicable grace, notice and/or cure
periods, either at the time of the exercise of this option or at the time of the commencement of the Renewal Term, Tenant shall have the option to renew the initial term for one (1), five (5) year renewal term (the “Renewal
Term”) upon the same terms as in this Lease 

  
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(including items of Additional Rent and escalations), except that (i) the Minimum Rent during the Renewal Term shall be determined as provided below, (ii) the Base Operating Factor for
the entire Premises (ie., the 10th and 11th Floors and the Fifth Amendment Current Premises) shall mean the Operating Expenses for the 2025
calendar year, (iii) the Base Tax Amount for the entire Premises (ie., the 10th and 11th Floors and the Fifth Amendment Current Premises)
shall mean the Taxes due for the New York City fiscal tax year commencing July 1, 2025 and ending June 30, 2026 and (iv) Tenant shall have no right to renew the Term of the Lease for any period beyond the Renewal Term. Tenant shall
exercise its option with respect to the Renewal Term, if at all, by giving written notice to Landlord on or before February 28, 2024. The failure by Tenant to duly give notice of its exercise of its right to renew the Term shall be deemed a
waiver of such right. Upon Landlord’s receipt of such notice from Tenant, this Lease, subject to the provisions of this Article, shall be automatically extended for the Renewal Term with the same force and effect as if the Renewal Term had been
originally included in the Term. The Minimum Rent during the Renewal Term shall be the fair market Minimum Rent as determined pursuant to the provisions hereof, by arbitration or by agreement of Landlord and Tenant as of the commencement of the
Renewal Term. Landlord shall not be responsible for any fees or commissions due to any broker or other agent with which Tenant has had dealings in connection with the Renewal Term unless otherwise agreed to in writing by Landlord and Tenant shall
indemnify, defend and hold Landlord harmless from and against any and all loss, cost, liability and expense arising out of any claim made by any of such brokers or agents. The renewal option set forth herein may only be exercised by the Named
Tenant. 
 (b) Provided that Tenant has exercised the option as provided in Section 9(a) above, on or before February 28, 2024,
Landlord shall send a notice (the “Landlord’s Notice”) to Tenant of Landlord’s estimate of the fair market Minimum Rent for the Premises for the Renewal Term (the “Landlord’s Estimate”). If Tenant
does not object to the Landlord’s Estimate by written notice to Landlord within thirty (30) days following Landlord’s Notice, then Tenant shall be deemed to have accepted Landlord’s Estimate and such amount shall be deemed to be
the Minimum Rent for the Renewal Term. If Tenant objects to Landlord’s Estimate within the required thirty (30) day period, Landlord and Tenant shall attempt to agree upon the Minimum Rent to be paid during the Renewal Term. In the event
that by January 31, 2025, Landlord and Tenant shall not have agreed upon the Minimum Rent for the Renewal Term, such dispute shall be submitted to arbitration in accordance with the provisions of Section 9(f) below, and the arbitrators
shall determine the Minimum Rent for the Renewal Term. 
 (c) If upon the commencement of the Renewal Term the Minimum Rent to be paid by
Tenant during such Renewal Term shall not have been determined, Tenant shall, effective as of the commencement of the Renewal Term, pay as Minimum Rent the amount estimated by Landlord as the appropriate Minimum Rent for the Premises during the
Renewal Term as set forth in Landlord’s Notice, subject to adjustment upon determination of such Minimum Rent. Upon the determination of the Minimum Rent, Tenant shall promptly pay to Landlord any underpayment of Minimum Rent by Tenant since
the beginning of the Renewal Term. In the event of any overpayment of such Minimum Rent by Tenant since the beginning of the Renewal Term, Tenant shall receive a credit against the Minimum Rent next due under this Lease in the amount of such
overpayment. 
 (d) Nothing contained herein shall affect Tenant’s obligation to pay Additional Rent under this Lease. In determining
the Minimum Rent, the Base Tax Amount and the Base Operating Factor for the Renewal Term, all relevant factors (whether favorable to Landlord or Tenant), including the amount of Additional Rent then being paid by Tenant on account of any escalations
shall be taken into account. 
 (e) Any termination, cancellation or surrender of this Lease shall terminate any right of renewal for the
Renewal Term. Neither the option granted to Tenant in this Lease to renew the Term nor the exercise of any such option by Tenant, shall prevent Landlord from exercising any option or right granted or reserved to Landlord in this Lease or that
Landlord may otherwise have to terminate this Lease. 

  
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Pursuant to 17 C.F.R. Section 200.83 
  

 
Any termination of this Lease shall serve to terminate any renewal of the Term and any right of Tenant to any such renewal, whether or not Tenant shall have exercised such option to renew. No
option granted to Tenant to renew the Term shall be deemed to give Tenant any further option to renew or extend beyond the Renewal Term. 

(f) This Section (f) shall apply only to the determination of Minimum Rent for the Renewal Term and shall not be deemed to apply to any
other determination or dispute arising out of this Lease. In determining the Minimum Rent for the Renewal Term by arbitration, the following procedures shall apply: 

(i) The party invoking the arbitration procedure shall give a notice (the “Arbitration Notice”) to the other party, stating
that the party sending the Arbitration Notice desires to meet within ten (10) days to attempt to agree on a single arbitrator to determine the matter in dispute (the “Arbitrator”). If Landlord and Tenant have not agreed on the
Arbitrator within twenty (20) days after the giving of the Arbitration Notice, then either Landlord or Tenant, on behalf of both, may apply to the local office of the American Arbitration Association or any organization which is the successor
thereof (the “AAA”) for appointment of the Arbitrator, or, if the AAA shall not then exist or shall fail, refuse or be unable to act such that the Arbitrator is not appointed by the AAA within thirty (30) days after application
therefor, then either party may apply to the appropriate court having jurisdiction over the matter (the “Court”) for the appointment of the Arbitrator and the other party shall not raise any question as to the Court’s full
power and jurisdiction to entertain the application and make the appointment. The date on which the Arbitrator is appointed, by the agreement of the parties, by appointment by the AAA or by appointment by the Court, is referred to herein as the
“Appointment Date”. If any Arbitrator appointed hereunder shall be unwilling or unable, for any reason, to serve, or to continue to serve, a replacement arbitrator shall be appointed in the same manner as the original Arbitrator.

 (ii) The arbitration shall be conducted in accordance with the then prevailing commercial arbitration rules of the AAA, modified as
follows: 
 (a) The Arbitrator shall be disinterested and impartial, shall not be affiliated with Landlord or Tenant (and shall not have
previously been employed by Landlord or Tenant) and shall be an MAI appraiser with at least ten (10) years’ experience in the determination of fair market rentals in first class office buildings located in the borough of Manhattan, City of
New York. 
 (b) Before hearing any testimony or receiving any evidence, the Arbitrator shall be sworn to hear and decide the controversy
faithfully and fairly by an officer authorized to administer an oath and a written copy thereof shall be delivered to Landlord and Tenant. 

(c) Within thirty (30) days after the Appointment Date, Landlord and Tenant shall deliver to the Arbitrator a copy of their respective
written determinations of the Minimum Rent (each, a “Determination”), together with such affidavits, appraisals, reports and other written evidence relating thereto as the submitting party deems appropriate. After the submission of
the Determination, the submitting party may not make any additions to or deletions from, or otherwise change, the Determination or the affidavits, appraisals, reports and other written evidence delivered therewith. If either party fails to so
deliver its Determination within such time period, time being of the essence with respect thereto, such party shall be deemed to have irrevocably waived its right to deliver a Determination and the Arbitrator shall accept the Determination of the
submitting party. If each party submits a Determination within the thirty (30) day period described above, the Arbitrator shall, promptly after its receipt of the second Determination, deliver a copy of each party’s Determination to the
other party. 

  
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 (d) If the matter in dispute has not been determined pursuant to subparagraph
(c) above, then not less than three (3) days nor more than fifteen (15) days after the earlier to occur of (A) the expiration of the thirty (30) day period provided for in subparagraph (c) above, or (B) the
Arbitrator’s receipt of both of the Determinations from the parties, THE ARBITRATOR SHALL BE INSTRUCTED, AND SHALL BE EMPOWERED ONLY, TO SELECT AS THE RESOLUTION TO THE DISPUTE THAT ONE OF THE DETERMINATIONS WHICH THE ARBITRATOR BELIEVES IS THE
MORE ACCURATE DETERMINATION OF SUCH AMOUNT. Without limiting the generality of the foregoing, in rendering his or her decision, the Arbitrator shall not add to, subtract from or otherwise modify the provisions of this Lease or either of the
Determinations. 
 (e) The Arbitrator shall render his or her determination as to the selection of a Determination in a signed and
acknowledged written instrument which sets forth the rationale for the conclusion reached with respect to such determination, original counterparts of which shall be sent simultaneously to Landlord and Tenant, within ten (10) days after his or
her determination of the dispute. 
 (iii) Each party shall pay its own fees and expenses relating to the arbitration. Each party shall pay
one half (1⁄2) of the fees and expenses of the AAA and of the Arbitrator. 

10. Building Security System and Communications. 

(a) Each of Landlord and Tenant agree that it will cooperate with the other to synchronize Tenant’s security system with the
Building’s security system as soon as reasonably possible. Landlord shall pay the reasonable cost of such synchronization. 
 (b)
Landlord and Tenant shall coordinate a training session during Ordinary Building Hours for the use of the Building engines system for maintenance requests. Landlord shall make the appropriate Building personnel, and Tenant shall make the appropriate
operations personnel, reasonably available for such training session. 
 11. Freight Elevator. Landlord shall permit the Tenant to use
the freight elevator for up to fifty-six (56) hours (which shall be used in minimum four (4) hour increments) during Overtime Periods, free of charge, for Tenant’s initial move-in to the 10th and 11th Floors. Additionally, Tenant shall be permitted to use the freight elevator
during Ordinary Building Hours at no charge (but subject to the provisions of Subsection 26A of the Lease) in connection with the 10th and 11th
Floor Initial Work). 
 12. Radiator Maintenance. Landlord shall perform regular radiator inspections and maintenance on a semi-annual
basis. Landlord shall deliver to Tenant a schedule for such inspections and maintenance to Tenant no less than thirty (30) days prior to the commencement of such semi-annual maintenance. 

13. Broker. Tenant represents and warrants that Tenant has dealt with no broker in connection with this Fifth Amendment, other than RFR
Realty LLC and Cushman & Wakefield, Inc. (collectively, the “Broker”), and that insofar as Tenant knows no broker other than the Broker negotiated this Fifth Amendment or is entitled to any commission in connection
therewith, and the execution and delivery of this Fifth Amendment by Landlord shall be conclusive evidence that Landlord has relied upon the foregoing representation and warranty. Landlord represents and warrants that Landlord has dealt with no
broker in connection with this Fifth Amendment other than the Broker, and that insofar as Landlord knows no broker other than the Broker negotiated this Fifth Amendment or is entitled to any commission in connection therewith, and the execution and
delivery of this Fifth Amendment by Tenant shall be conclusive evidence that Tenant has relied upon the foregoing representation and warranty. Landlord shall pay any commission due to the Broker in connection with this Fifth Amendment pursuant to a
separate written agreement. This Section 13 shall survive the expiration or earlier termination of the Lease. 

  
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 14. Fire Stairwells. Subsection 31N of the Original Lease (as previously modified by
Section 38 of the First Amendment, Section 26 of the Second Amendment and Section 21 of the Third Amendment) is deleted in its entirety and replaced with the following: 

“Tenant shall have the right to use the fire stairwells adjacent to the Fifth Amendment Current Premises and the 10th and 11th Floors (and between the Fifth Amendment Current Premises and the 10th and 11th Floors) as internal circulation stairs subject to any applicable Legal Requirements. Tenant may make code-compliant security and aesthetic Alterations within the fire stairwells with Landlord’s
prior review and approval (which approval shall not be unreasonably withheld, delayed or conditioned), and otherwise subject to the provisions of Article 4 of this Lease. Tenant may install, at its own expense, a card access system to each floor of
the Premises, in accordance with the applicable provisions of this Lease and applicable Legal Requirements.” 
 15. Roof Terrace.

 (a) Modifying the provisions of Subsection 31I of the Original Lease, Section 35 of the First Amendment and Section 25 of the
Third Amendment, Tenant shall be entitled to three (3) additional, Additional Roof Terrace Events per twelve (12) month period during the Term. In no event shall Tenant be entitled to have more than six (6) total exclusive events
(including both the Annual Roof Exclusive and the Additional Roof Terrace Events) on the Roof Terrace per Roof Season without payment of a license or other usage fee in connection therewith (provided that Tenant acknowledges that Tenant shall be
required to reimburse Landlord, as Additional Rent, for Landlord’s reasonable costs of providing necessary Building staff (security, building engineer, etc.) during Overtime Periods required in connection with Tenant’s exclusive events
(collectively, “Event Costs”)). In connection with any exclusive events on the Roof Terrace in excess of the six (6) exclusive events described above, Tenant shall be required to pay Landlord’s standard license or usage
fee in connection therewith, in addition to the Expense Costs. 
 (b) Landlord shall, at Landlord’s sole cost and expense, provide and
maintain two (2) sun shade umbrellas for the Roof Terrace, which umbrellas shall be approximately eight (8’) feet in diameter, on or before April 1, 2017, subject to delays caused by Tenant or any Tenant Party. Tenant shall have the
right to provide and maintain additional umbrellas and/or other furniture or equipment on the Roof Terrace (“Additional Roof Furnishings”), which shall be subject to Landlord’s approval, in Landlord’s sole discretion.
Tenant acknowledges that: (i) any Additional Roof Furnishings must be commercial quality and appropriately weighted for safe use on the Roof Terrace; (ii) Tenant shall be responsible for removing and storing such Additional Roof
Furnishings during periods outside of the Roof Season, at its sole cost (and in compliance with all Rules and Regulations regarding moving Tenant’s personal property in and about the Building); (iii) any Additional Roof Furnishings may be used
by any other party that is entitled to the use of the Roof Terrace; (iv) Landlord shall have no liability to Tenant in connection with any damage to or loss of the Additional Roof Furnishings; and (v) Tenant shall indemnify, defend and
hold Landlord harmless from and against any claims arising from or in connection with the Additional Roof Furnishings, or any damage to property (including the Building) or injury to persons in connection therewith. 

  
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 (c) Landlord hereby consents to Tenant’s installation of a WIFI access point on the Roof
Terrace for the use of Tenant and its employees and guests, provided that the actual installation thereof shall be subject to the provisions of Subsection 261 and Article 4 of the Lease (including, without limitation, the requirement that Tenant
obtain Landlord’s consent thereto, which consent shall not be unreasonably withheld, conditioned or delayed). 
 16.
Miscellaneous. 
 (a) Except as specifically set forth in this Fifth Amendment, the Lease and all covenants, agreements, terms and
conditions thereof remain in full force and effect, and are, in all respects, ratified and confirmed. 
 (b) The covenants, agreements, terms
and conditions contained in this Fifth Amendment shall bind and inure to the benefit of the parties hereto and their respective successors and, except as may be otherwise provided in the Lease as hereby supplemented, their respective assigns. 

(c) This Fifth Amendment may not be changed or terminated orally but only by an agreement in writing signed by the party against which
enforcement of any waiver, change, termination, modification or discharge is sought. 
 [SIGNATURE PAGE TO FOLLOW.] 

  
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 IN WITNESS WHEREOF, Landlord and Tenant have executed this Fifth Amendment of Lease as of the
date first above written. 
  

			
	90 FIFTH OWNER LLC, Landlord
		
	By:	 	 /s/ Thomas L. Lavin

		 	Name: Thomas L. Lavin
		 	Title: Vice President
	
	URBAN COMPASS, INC., Tenant
		
	By:	 	 /s/ David Snider

		 	Name: David Snider
		 	Title: Chief Financial Officer

  
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 EXHIBIT A 

FLOOR PLAN OF THE 10TH AND 11TH
FLOORS 
 THIS IS A SCHEMATIC PLAN AND IS INTENDED ONLY TO SHOW THE PROPOSED GENERAL LAYOUT OF THE 10TH
AND 11TH FLOORS. ALL MEASURES, DISTANCES AND DIMENSIONS ARE APPROXIMATE AND NOT TO SCALE. THE DEPICTIONS HEREON DO NOT CONSTITUTE A WARRANTY OR REPRESENTATION OF ANY KIND. 

(Please see attached.) 

  
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 90 Fifth Avenue Floor 10 For complete listing, visit www.rfrspace.com Not to Scale. All dimensions and conditions are approximate

  

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 90 Fifth Avenue Floor 11 For complete listing, visit www.rfrspace.com Not to Scale. All dimensions and conditions are approximate

  

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 EXHIBIT B 

FIFTH AMENDMENT BASE BUILDING WORK 
 Landlord
shall, at its expense, perform the following work and installations in the 10th and 11th Floors prior to January 31, 2017 (the
“Primary Fifth Amendment Base Building Work”): 
  

	 	•	 	 The fan coil units will be delivered in good working condition (Tenant acknowledges, however, that the convector
covers will not be installed by January 31, 2017, but will be installed by Landlord promptly after the same are received. The substantial completion of the Primary Fifth Amendment Base Building Work will not be deemed to be affected by the
installation of the convector covers. The installation of the convector covers over the fan coil units is referred to in this Fifth Amendment as the “Convector Cover Work”). 

 

	 	•	 	 Landlord shall make available a reasonable number of connection points and
tie-ins to connect the 10th and 11th Floors to the Building’s
Class-E fire system. 

  

	 	•	 	 Windows will be delivered in good working order. 

 

	 	•	 	 Drywall the perimeter and the core walls up to the ceiling. 

 

	 	•	 	 Patch the ceiling. 

  

	 	•	 	 Install a submeter or submeters to measure Tenant’s electrical consumption in the 10th and 11th Floors. 

  

	 	•	 	 Deliver to Tenant Landlord’s ACP-5 for the 10th and 11th Floors for Tenant’s records. 

  

	 	•	 	 Any Hazardous Substances existing in the 10th and 11th Floors as of the date hereof shall be removed or otherwise remediated in accordance with applicable Legal Requirements; 

 

	 	•	 	 Deliver new, ADA compliant men’s and women’s restrooms on the 10th and 11th Floors (it being understood that there will be no separate, ADA compliant restrooms on the 10th and 11th Floors). Finishes in the new restrooms shall be substantially similar to the finishes in the other restrooms in the Premises.

 Landlord shall, at its expense, perform the following work and installations in the Building prior to February 15,
2017 (the “Additional Fifth Amendment Base Building Work”): 
  

	 	•	 	 Repair elevator buttons inside of elevator cabs, as needed. 

 

	 	•	 	 Install grip tape on stairwell steps. 

 

	 	•	 	 Patch and repair all damage to the ceilings in the Premises related to radiator leaks. 

 

	 	•	 	 Repaint bathroom doors in the Premises. 

  
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 EXHIBIT C 

BLADE SIGN AND ADDITIONAL DOORWAY SIGNAGE RENDERING 

(Please see attached) 

  
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 Version 1 Blade Sign Dimensions TBD 1:2 ration (Width to Height), Max height, 2 facecode section 

  

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 SIXTH AMENDMENT OF LEASE 

SIXTH AMENDMENT OF LEASE (this “Sixth Amendment”) made as of this 8 day of July 2020, by and between 90 FIFTH OWNER LLC,
having an office c/o RFR Realty LLC, 390 Park Avenue, New York, New York 10022 (“Landlord”), and URBAN COMPASS, INC., D/B/A COMPASS, having an office at 90 Fifth Avenue, New York, New York 10011 (“Tenant”). 

W I T N E S S E T H : 

WHEREAS, Landlord and Tenant have previously entered into an Agreement of Lease, dated as of July 23, 2014 (the “Original
Lease”), which Original Lease was amended by First Amendment of Lease dated as of October 6, 2014 (the “First Amendment”), Second Amendment of Lease dated as of April 9, 2015 (the “Second
Amendment”), Third Amendment of Lease dated as of October 26, 2015 (the “Third Amendment”), Fourth Amendment of Lease dated as of March 10, 2016 (the “Fourth Amendment”) and Fifth Amendment of
Lease dated as of February 21, 2017 (the “Fifth Amendment”, and together with the Original Lease, the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment and the Fifth Amendment, the
“Lease”) pursuant to which Landlord leased to Tenant and Tenant did hire from Landlord the entire 3rd, 4th, 5th, 6th, 7th, 8th, 9th, 10th and 11th floors (as more particularly described in the Lease, the
“Premises”), in the building known as 90 Fifth Avenue, New York, New York (the “Building”), upon and subject to all of the terms, covenants and conditions as are more particularly described in the Lease; and 

WHEREAS, the parties hereto desire to modify and amend the Lease in certain respects as provided herein. 

NOW, THEREFORE, in consideration of these premises and the mutual covenants hereinafter contained, the parties hereto agree as follows: 

1. Definitions. All terms not otherwise defined herein shall have the meanings assigned to them in the Lease. 

2. Rent Deferral. 
 (a)
Subject to the provisions of this Amendment, $1,126,534.80 of the Minimum Rent due under the Lease (the “Deferred Rent”) shall be deferred (the “Rent Deferral”). The Deferred Rent shall be applied in three
(3) increments as follows: 
 (i) $372,011.04 (which amount is fifty percent [50%]) of the Minimum Rent due for the month of May 2020)
shall be applied to Tenant’s Minimum Rent due for the month of May 2020; 
 (ii) $377,261.88 (which amount is fifty percent [50%]) of
the Minimum Rent due for the month of June 2020) shall be applied to Tenant’s Minimum Rent due for the month of June 2020; and 
 (iii)
$377,261.88 (which amount is fifty percent [50%]) of the Minimum Rent due for the month of July 2020) shall be applied to Tenant’s Minimum Rent due for the month of July 2020. 

(iv) The period commencing May 1, 2020 and ending July 31, 2020 is sometimes referred to herein as the “Deferral
Period”. 

  

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 (b) The Deferred Rent shall be repaid to Landlord, as Additional Rent, in equal monthly
installments of $93,877.90 (the “Deferred Rent Repayments”), which shall be due and payable together with the monthly installments of Minimum Rent due for each month for the period starting August 1, 2020 through July 31,
2021 (the “Repayment Period”). 
 (c) The Rent Deferral is expressly conditioned upon Tenant’s paying all Minimum Rent
and Additional Rent due under the Lease (including, without limitation, the Deferred Rent Repayments), in a timely fashion. In the event that Tenant does not (i) timely pay the Minimum Rent or Additional Rent due under the Lease two (2) or
more times during the Deferral Period or during the Repayment Period, or (ii) there exists any other default (after any required notice and beyond the expiration of any applicable grace or cure period), in addition to any other remedies
available to Landlord under the Lease or at law, the Deferred Rent shall be immediately repaid to Landlord, with interest thereon from the date that the same would have been due pursuant to the Lease (without giving effect to this Sixth Amendment)
at the Interest Rate. 
 (d) In the event the Rent Deferral is terminated as set forth in Section 2(c) above, Landlord shall be entitled
to pursue all remedies available to it for non-payment of Rent (including, without limitation, the Deferred Rent) as set forth in the Lease, in this Sixth Amendment and pursuant to law. 

3. Security Deposit. Landlord and Tenant agree that, notwithstanding the terms of Section 6(b) of the Fifth Amendment,
Tenant’s Security Deposit will not be reduced from $8,846,604.00 to $6,634,953.00 on July 26, 2020, but rather, such reduction will be postponed until the later of the date that: (i) all of the Deferred Rent Repayments have been made
by Tenant to Landlord; and (ii) all of the Security Deposit Reduction Conditions have been satisfied. For the sake of clarity, the Rent Deferral pursuant to Section 2(a) hereof shall not constitute a breach of the Security Deposit
Reduction Conditions. 
 4. Miscellaneous. 

(a) Except as modified by this Sixth Amendment, the Lease and all covenants, agreements, terms and conditions thereof shall remain in full
force and effect and are hereby in all respects ratified and confirmed. 
 (b) The covenants, agreements, terms and conditions contained in
this Amendment shall bind and inure to the benefit of the parties hereto and their respective successors and, except as may be otherwise provided in the Lease as hereby supplemented, their respective assigns. 

(c) This Sixth Amendment may not be changed or terminated orally but only by an agreement in writing signed by the party against which
enforcement of any waiver, change, termination, modification or discharge is sought. 
 (d) Tenant acknowledges that the terms and conditions
of this Sixth Amendment are to remain confidential for Landlord’s benefit, and may not be disclosed by Tenant to anyone, by any manner or means, directly or indirectly, without Landlord’s prior written consent, except to Tenant’s
employees, accountants, attorneys and other professional advisors who need to know the terms and conditions of this Sixth Amendment in order for Tenant to satisfy its obligations hereunder and who have been advised of the confidential nature hereof.
The consent by Landlord to any disclosures shall not be deemed to be a waiver on the part of Landlord of any prohibition against any future disclosure. 

  
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 (e) This Sixth Amendment may be executed in one (1) or more counterparts, each of which
counterpart shall be deemed an original and all of which together shall constitute a single instrument. Electronic signatures or handwritten signatures to this Sixth Amendment transmitted by telecopy or electronic transmission (for example, through
use of a Portable Document Format or “PDF” file) shall be valid and effective to bind the party so signing. 
 [SIGNATURE PAGE TO
FOLLOW.] 

  
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 IN WITNESS WHEREOF, Landlord and Tenant have executed this Sixth Amendment of Lease as of the
date first above written. 
  

					
	90 FIFTH OWNER LLC, Landlord
		
	By:	 	 /s/ Thomas Lavin

		 	Name:	 	Thomas Lavin
		 	Title:	 	Vice President
	
	URBAN COMPASS, INC., Tenant
		
	By:	 	 /s/ Rhoda Rahaii

		 	Name:	 	Rhoda Rahaii
		 	Title:	 	Authorized Signatory

  
 4Document

Exhibit 10.14

EXECUTION COPY

COLLABORATION AND LICENSE AGREEMENT
This Collaboration and License Agreement (the “Agreement”) is entered into as of December 31, 2020 (the “Effective Date”) by and between Inovio Pharmaceuticals, Inc., a corporation organized and existing under the laws of Delaware and having a place of business at 60 W. Germantown Pike, Suite 110, Plymouth Meeting, PA 19462 USA (“Inovio”), and Advaccine Biopharmaceuticals Suzhou Co., Ltd., a corporation having a place of business at B1-308, No. 218 Xinghu Street, Suzhou 214002, Jiangsu Province, China (“Advaccine”).  Inovio and Advaccine are sometimes referred to herein individually as a “Party” and collectively as the “Parties.”
RECITALS
Whereas, Inovio is currently conducting research and development of the Vaccine (as defined below) and the Product (as defined below); 
Whereas, Advaccine is a pharmaceutical company with experience in developing pharmaceutical products in, among other regions, the Advaccine Territory (as defined below);
Whereas, the Parties have been collaborating in co-development of Vaccine since January 2020, including conducting preclinical studies, early stage clinical trials and other development activities in connection with the Product, and desire to continue the collaboration for the Development, Manufacturing and Commercialization of the Product (with each capitalized term as respectively defined below). 
Whereas, in furtherance of such collaboration, Advaccine desires to obtain from Inovio an exclusive license subject to the limitations set forth below to  Develop, Manufacture and Commercialize the Product in the Advaccine Territory (with each capitalized term as respectively defined below), and Inovio is willing to grant such license to Advaccine, all under the terms and conditions hereof; and 
Whereas, Advaccine and Inovio are concurrently entering into that certain Non-exclusive License Agreement, dated as of the date hereof (the “Non-Exclusive License Agreement”), pursuant to which Advaccine grants Inovio a non-exclusive license to certain DNA vaccine manufacturing processes for use in the Advaccine Territory and Inovio Territory (each as defined below).
Now, Therefore, in consideration of the foregoing premises and the mutual promises, covenants and conditions contained in this Agreement, the Parties agree as follows:
Article 1.
Definitions
 1.1     “Accounting Standards” means (i) for Inovio, the U.S. generally accepted accounting principles (“GAAP”), and (ii) for Advaccine, the International Financial Reporting 
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Standards (“IFRS”) or any other accounting standards it is required to adopt under the applicable Laws, in either case consistently applied.
1.2    “Act” shall mean, as applicable, the United States Federal Food, Drug and Cosmetic Act, 21 U.S.C. §§301 et seq., and/or the Public Health Service Act, 42 U.S.C. §§262 et seq., as such may be amended from time to time.
1.3    “Advaccine Patents” means any Patents that claim Advaccine Inventions. 
1.4    “Advaccine Territory” means, collectively, mainland China, Taiwan, Hong Kong and Macau (each a “Region”). 
1.5    “Adverse Risk” means any risk of an adverse effect on the Development, procurement or maintenance of Regulatory Approval, Manufacture or Commercialization of the Products.
1.6    “Affiliate” means, with respect to a particular Party, a Person that controls, is controlled by or is under common control with such Party.  For the purposes of this definition, the word “control” (including, with correlative meaning, the terms “controlled by” or “under common control with”) means the actual power, either directly or indirectly through one or more intermediaries, to direct or cause the direction of the management and policies of such entity, whether by the ownership of fifty percent (50%) or more of the voting stock of such entity, or by contract or otherwise.  For clarity, once a Person ceases to be an Affiliate of a Party, then, without any further action, such Person shall cease to have any rights, including license and sublicense rights, under this Agreement by reason of being an Affiliate of such Party. 
1.7    “Anti-Corruption Laws” means laws, regulations, or orders prohibiting the provision of a financial or other advantage for a corrupt purpose or otherwise in connection with the improper performance of a relevant function, including without limitation, to the extent applicable, the Corruption of Foreign Public Officials Act (CFPOA), the US Foreign Corrupt Practices Act (FCPA), the UK Bribery Act 2010, and similar laws governing corruption and bribery, whether public, commercial or both, to the extent applicable. 
1.8    “Array” means device arrays used in combination with the Inovio Device.
1.9    “Biosimilar Product” means, with respect to a particular Product that has received Regulatory Approval for a particular indication in a particular Region and is being marketed and sold by Advaccine or any of its Affiliates or Sublicensees in the applicable Region, a biologic product that (a) is sold in such region by a Third Party that is not a sublicensee of Advaccine or its Affiliate, and where such Third Party did not purchase or acquire such product in a chain of distribution that included any of Advaccine or its Affiliates or sublicensees, and (b) has received Regulatory Approval (with all references in the definitions for Biosimilar Product and Regulatory Approval to the “Product” to be deemed references to such biologic product) in such Region for the same indication as the applicable Product as a “bioequivalent,” “biosimilar” or similar designation of interchangeability by the applicable Regulatory Authority in such Region pursuant to an expedited or abbreviated approval process, where (i) such Product is the reference product in such Region, and (ii) such Regulatory Approval referred to or 

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relied on the approved Marketing Authorization Application for such Product held by Advaccine or its Affiliate or Sublicensee in such Region or the data contained or incorporated by reference in such approved Marketing Authorization Application for such Product in such Region. 
1.10    “Business Day” means a day other than Saturday, Sunday or any day that banks in Suzhou, China; Plymouth Meeting, PA; or New York City, New York, are required or permitted to be closed. 
1.11    “Calendar Quarter” means each successive period of three (3) consecutive calendar months ending on March 31, June 30, September 30, or December 31.
1.12    “Change of Control” means with respect to either Party: (a) the sale of all or substantially all of such Party’s assets or business relating to this Agreement (other than to an Affiliate of such Party); (b) a merger, reorganization or consolidation involving such Party in which the voting securities of such Party outstanding immediately prior thereto cease to represent at least fifty percent (50%) of the combined voting power of the surviving entity immediately after such merger, reorganization or consolidation; or (c) a Person, or group of Persons, acting in concert acquire more than fifty percent (50%) of the voting equity securities or management control of such Party.
1.13    “Clinical Trial” means any clinical testing of a pharmaceutical or biologic product in human subjects.  
1.14    “CMC Information” means Information related to the chemistry, manufacturing and controls of the Product, as specified by the FDA, NMPA and other applicable Regulatory Authorities.
1.15    “Commercialization” means all activities undertaken before and after obtaining Regulatory Approvals relating specifically to the pre-launch, launch, promotion, detailing, medical education and medical liaison activities, marketing, pricing, reimbursement, sale, and distribution of the Products, including strategic marketing, sales force detailing, advertising, market the Product support, all customer support, the Product distribution and invoicing and sales activities; provided, however, “Commercialization” shall exclude any activities relating to the Manufacture of the Product.  “Commercialize” and “Commercializing” shall have the correlative meanings.
1.16    “Commercially Reasonable Efforts” means, with respect to either Party’s obligations under this Agreement, the carrying out of such obligations with a level of efforts and resources consistent with the commercially reasonable practices of a similarly situated company in the pharmaceutical industry for the active and diligent commercialization of a similarly situated branded pharmaceutical product as the Product at a similar stage of commercialization, taking into account efficacy, safety, patent and regulatory exclusivity, anticipated or approved labeling, present and future market potential, competitive market conditions, the profitability of the product in light of pricing and reimbursement issues, and all other relevant factors.  It is understood that in fulfilling any obligation to use Commercially Reasonable Efforts in this Agreement, a Party shall not take into account (i) any other pharmaceutical product such Party is then researching, developing, manufacturing or commercializing outside the scope of this Agreement, (ii) the payments required to be made by such Party to the other Party under this Agreement, (iii) such Party’s access to sufficient personnel, capital or resources to 

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conduct its responsibilities hereunder in accordance with the foregoing standards or (iv) political considerations.
1.17    “Common Technical Document” or “CTD” means a set of specifications for application dossier adopted by the ICH for organizing applications of pharmaceuticals for human use to regulatory authorities. 
1.18    “Competing Product” means any biological or pharmaceutical product, other than the Vaccine or the Product, that is intended for the prevention or treatment of the disease caused by SARS-CoV-2. 
1.19    “Confidential Information” of a Party means any and all Information of such Party or its Affiliates that is disclosed to the other Party or its Affiliates under this Agreement, whether in oral, written, graphic, or electronic form.  In addition, all Information disclosed by a Party or its Affiliates pursuant to the mutual non-disclosure agreement between Beijing Advaccine Biotechnology Co., Ltd. and Inovio dated January 27, 2020 (the “Confidentiality Agreement”) shall be deemed to be Confidential Information of such Party disclosed hereunder; provided, however, that any use or disclosure of any such Information that is authorized under Article 12 shall not be restricted by, or be deemed a violation of, the Confidentiality Agreement.  For clarity, Inovio Licensed Know-How shall be deemed Confidential Information of Inovio. 
1.20    “Control” means, with respect to any material, Information, Patent or other intellectual property right, possession of the right, whether directly or indirectly, and whether by ownership, license, or otherwise, to grant a license, sublicense, or other right to or under, such material, Information, Patent, or intellectual property right without violating the terms of any existing agreement or other arrangement with any Third Party; provided that, with respect to any material, Information, Patent or other intellectual property right obtained by Inovio after the Effective Date from a Third Party, Inovio shall be deemed to Control such material, Information, Patent or other intellectual property right only if it possesses the right to grant such license, sublicense, or other right thereto without being obligated to pay any royalties or other consideration therefor, unless Advaccine agrees in advance of any grant of rights thereto to pay such royalties or other consideration.  
1.21    “Cover” means, with respect to a Patent and a Product, that the Manufacture, use, offer for sale, sale or import of such Product by an unlicensed Third Party would infringe a Valid Claim in such Patent; provided, however, that in determining whether a claim of a pending Patent application would be infringed, it shall be treated as if issued in the form then currently being prosecuted.  “Covered” and “Covering” shall have the correlative meanings.
1.22    “CTA” means a Clinical Trial Application which provides comprehensive information about the investigational medicinal product(s) and planned trial, enabling Regulatory Authorities to assess the acceptability of conducting the applicable study.
1.23    “Data” means all data, including CMC Information, non-clinical data, preclinical data and clinical data, generated by or on behalf of a Party or its Affiliates or their respective Sublicensees (in the case of Advaccine) or licensees, including Inovio Partners (in the case of Inovio), pursuant to activities conducted under this Agreement.  For clarity, Data does not include any patentable Inventions. 

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1.24    “Development” means all activities conducted after the Effective Date relating to preclinical and clinical trials, toxicology testing, statistical analysis, publication and presentation of study results with respect to the Products, and the reporting, preparation and submission of regulatory applications (including any CMC Information) for obtaining, registering and maintaining Regulatory Approval of the Products; provided, however, “Development” shall exclude any activities relating to the Manufacture of the Product.  “Develop” and “Developing” shall have the correlative meanings.
1.25    “Drug Substance” means bulk drug substance that is represented for use in a drug that, when used in the Manufacturing of a drug, becomes an active pharmaceutical ingredient.   
1.26    “EMA” means the European Medicines Agency or any successor entity. 
1.27    “FDA” means the U.S. Food and Drug Administration or any successor entity. 
1.28    “Field” means all prophylactic and therapeutic use in humans.
1.29    “First Commercial Sale” means with respect to a Region, the first sale of a Product in such Region to a Third Party by or on behalf of Advaccine, its Affiliates or Sublicensees after Regulatory Approval has been obtained in such Region. 
1.30    “Fiscal Year” means Advaccine’s fiscal year that starts on January 1 and ends on December 31.  
1.31    “GCP” or “Good Clinical Practices” means the then-current standards, practices and procedures promulgated or endorsed by the FDA as set forth in the guidelines entitled “Guidance for Industry E6 Good Clinical Practice: Consolidated Guidance,” including related regulatory requirements imposed by the FDA, and comparable regulatory standards, practices and procedures promulgated by the NMPA or other Regulatory Authority applicable in the Advaccine Territory, as they may be updated from time to time, including applicable quality guidelines promulgated under the ICH.  
1.32    “GLP” or “Good Laboratory Practices” means the then-current good laboratory practice standards promulgated or endorsed by the FDA as defined in 21 C.F.R. Part 58, and comparable regulatory standards promulgated by NMPA or other Regulatory Authority applicable to the Advaccine Territory, as may be updated from time to time, including applicable quality guidelines promulgated under the ICH.
1.33    “GMP” means (a) the good manufacturing practices required by the FDA and set forth in the FDCA or FDA regulations (including without limitation 21 CFR 210 and 211), policies, guidances or guidelines, or any applicable equivalent within a regulatory jurisdiction, including, without limitation, any applicable current good manufacturing practices requirements and pharmaceutical industry standards for the manufacture and testing of investigational pharmaceutical materials in force from time-to-time in the European Union (including, without limitation, Directive 2003/94/EC laying down the principles and guidelines of good manufacturing practice), the relevant national implementations of these rules and any relevant national and European Commission and Committee on Proprietary Medicinal Products guidance and, in particular, Annex 13 of the Guide to Good Manufacturing Practice entitled “Manufacture of investigational medicinal products”, as updated and 

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amended from time-to-time, in each case in effect at any time during the term of this Agreement, for the manufacture, handling and testing of investigational pharmaceutical products; (b) the corresponding requirements of each applicable Regulatory Agency or other governmental authority, and (c) any other guidances, procedures, practices, arrangements, additions or clarifications, as the Parties may agree in writing from time-to-time.
1.34    “Government Official” means (a) any official or employee of any Governmental Authority, or any department, agency, or instrumentality thereof (including without limitation commercial entities owned or controlled, directly or indirectly, by a Governmental Authority), (b) any political party or official thereof, or any candidate for political office, or (c) any official or employee of any public international organization. 
1.35    “Governmental Authority” means any multi-national, national, federal, state, local, municipal, provincial or other governmental authority of any nature (including any governmental division, prefecture, subdivision, department, agency, bureau, branch, office, commission, council, court or other tribunal).
1.36    “ICH” means International Conference on Harmonization of Technical Requirements for Registration of Pharmaceuticals for Human Use. 
1.37    “Information” means any Data, results, technology, business or financial information or information of any type whatsoever, in any tangible or intangible form, including know-how, copyrights, trade secrets, practices, techniques, methods, processes, inventions, developments, specifications, formulae, software, algorithms, marketing reports, expertise, technology, test data (including pharmacological, biological, chemical, biochemical, clinical test data and data resulting from non-clinical studies), CMC Information, stability data and other study data and procedures.
1.38    “Initiation” means, with respect to a Clinical Trial, enrollment of the first patient in such Clinical Trial.  “Initiate” and “Initiating” shall have the correlative meanings.
1.39    “Inovio Device” means Inovio’s proprietary electroporation device CELLECTRA® 2000 and CELLECTRA® 3PSP, including any improvements and variants thereof Controlled by Inovio, and the associated Arrays, applicators and components. 
1.40    “Inovio Licensed Know-How” means any and all Information (including Data and Regulatory Materials) that (a)(i) is Controlled by Inovio or its Affiliates as of the Effective Date or (ii) becomes Controlled by Inovio or its Affiliates during the Term, and (b) is necessary for the Development, Manufacture, or Commercialization of the Vaccine and/ or the Product in the Field in the Advaccine Territory.  For clarity, Inovio Licensed Know-How shall include Inovio’s interest in any Information included in Inovio Inventions and Joint Inventions.
1.41    “Inovio Licensed Patents” means any and all Patents that (a)(i) are Controlled by Inovio or its Affiliates as of the Effective Date or (ii) become Controlled by Inovio or its Affiliates during the Term, and (b) Cover the Vaccine and/or the Product in the Field in the Advaccine Territory.  Inovio Licensed Patents include the Patents listed in Exhibit A and Inovio’s interest in any Joint Patents that may be filed during the Term.  

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1.42    “Inovio Product-Specific Licensed Patents” means any Inovio Licensed Patents specifically claiming the composition of matter of, or the method of making or using, the Vaccine and/the Product in the Field in the Advaccine Territory.  The Parties acknowledge and agree that the Patents listed in Exhibit A are Inovio Product-Specific Licensed Patents.
1.43    “Inovio Technology” means the Inovio Licensed Know-How and Inovio Licensed Patents. 
1.44    “Inovio Territory” means the world except for the Advaccine Territory. 
1.45    “Inovio US Trial” means a Phase 3 Clinical Trial or any other trials that are equivalent or similar to a Pivotal Clinical Trial, as requested by the FDA or at its own initiative, designed or intended to ascertain efficacy of the Product in a larger population, to be conducted by Inovio, itself or by its Affiliate or a Third Party in the U.S. or any other jurisdictions in the Inovio Territory. 
1.46    “Inventions” means any inventions and/or discoveries, including processes, manufacture, composition of matter, Information, methods, assays, designs, protocols, and formulas, and improvements or modifications thereof, patentable or otherwise, that are generated, developed, conceived or reduced to practice (constructively or actually) by or on behalf of a Party or its Affiliates or their respective Sublicensees (in the case of Advaccine) or licensees, including Inovio Partners (in the case of Inovio) (a) pursuant to activities conducted under this Agreement, or (b) in connection with the Development, Manufacture, and Commercialization of the Product, in each case of (a) and (b), including all rights, title and interest in and to the intellectual property rights therein and thereto; provided, however, that Inventions shall exclude Data.  
1.47    “Joint Patents” means any Patents that claim Joint Inventions.
1.48    “Laws” means all laws, statutes, rules, regulations, ordinances and other pronouncements having the effect of law of any federal, national, multinational, state, provincial, county, municipal, city or other political subdivision, domestic or foreign.
1.49    “Manufacture” and “Manufacturing” mean activities directed to manufacturing, processing, filling, finishing, packaging, labeling, quality control, quality assurance testing and release, post-marketing validation testing, inventory control and management, storing and transporting the Vaccine or the Product (as well as the Array), including oversight and management of vendors therefor.
1.50    “Manufacturing Cost” means, with respect to a particular drug product supplied by Inovio pursuant to Section 7.1: (a) if Inovio or its Affiliate Manufactures the applicable drug product, the actual manufacturing cost of such drug product (as determined in accordance with U.S. GAAP consistently applied with its other products); or (b) if a Third Party Manufactures such drug product, the actual transfer price paid by Inovio or its Affiliate to such Third Party for the Manufacture of such drug product without any additional mark-up; in each case of (a) and (b), excluding the external costs of insurance and transportation, import and export taxes and fees, and similar charges, for such drug product. 

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1.51    “Marketing Authorization Application” or “MAA” means new drug application, biologics license application, or other marketing authorization application to the appropriate Regulatory Authority for approval to market a Product, but excluding pricing approvals.  
1.52    “Net Sales” means the gross amounts billed or invoiced by Advaccine, its Affiliates and their respective Sublicensees for sales of the Products to Third Parties, less the following deductions to the extent reasonable, customary, and actually allowed and taken with respect to such sales:  
a.    trade, cash or quantity discounts not already reflected in the amount invoiced, to the extent related to the gross amount billed or invoiced; 
b.    price reductions, rebates and administrative fees (including those paid or credited to pharmacy benefit managers, governmental authorities or otherwise) (provided that, such administrative fees shall not be in excess, in the aggregate of [***] of Net Sales with respect to any given Calendar Quarter);
c.    shipping costs, including freight, insurance and other transportation charges or costs incurred in shipping of the Products to Third Parties (provided that, such shipping costs shall not be in excess of [***] of Net Sales with respect to any given Calendar Quarter);
d.    sales, use, excise, value-added or similar taxes, customs duties and other governmental fees, charges and surcharges imposed on the sale of the Products; 
e.    amounts repaid or credited by reason of rejections, defects, recalls or returns;  
f.    amounts paid or credited for wholesaler chargebacks; and
g.    any receivables that have been included in gross sales and are deemed to be uncollectible according to Accounting Standards (any such bad debt deductions shall be applied to Net Sales in the period in which such receivables are written off) (provided that, the amount of such receivables shall not be in excess of [***] of Net Sales with respect to any given Calendar Quarter).
Notwithstanding the foregoing, amounts received or invoiced by Advaccine, its Affiliates, or their respective Sublicensees for the sale of the Product among Advaccine, its Affiliates or their respective Sublicensees shall not be included in the computation of Net Sales hereunder unless the purchasing entity is the end-user.  For purposes of determining Net Sales, the Product shall be deemed to be sold when billed or invoiced.  Net Sales shall be accounted for in accordance with standard Advaccine practices for operation by Advaccine, its Affiliates or their respective Sublicensees, as practiced in the Advaccine Territory, but in any event in accordance with Accounting Standards consistently applied in the Advaccine Territory.  For clarity, a particular item may only be deducted once in the calculation of Net Sales.  Notwithstanding anything to the contrary in the foregoing, to the extent any amounts deducted pursuant to subsections (d) or (g) above are subsequently recovered by Advaccine, its Affiliates, or their respective Sublicensees during the Term, such recovered amounts shall be deemed “Net Sales” for the subsequent Calendar Quarter; provided that, if no royalties are owed by Advaccine 

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for such subsequent Calendar Quarter pursuant to Section 8.4, Advaccine shall promptly refund such recovered amounts to Inovio.
The transfer of any Product to an Affiliate, Sublicensee, or other Third Party (x) in connection with the research, development or testing of a Product (including, without limitation, the conduct of Clinical Trials), (y) for purposes of distribution as promotional samples, or (z) at nominal cost for indigent or similar public support or compassionate use programs, will not, in any case, be considered a Net Sale of a Product under this Agreement.
With respect to any transfer of any Product in the Advaccine Territory for any substantive consideration other than monetary consideration on arm’s length terms, for the purposes of calculating the Net Sales under this Agreement, such Product shall be deemed to be sold exclusively for money at the average Net Sales price charged to Third Parties for cash sales in the Advaccine Territory during the applicable reporting period (or if there were only de minimus cash sales in the Advaccine Territory, at the fair market value as determined by comparable markets).  
Advaccine, its Affiliates, and their respective Sublicensees shall sell the Product as a standalone product and will not sell the Product as a part of a bundle with other products or offer packaged arrangements to customers that include the Product, except with Inovio’s prior written consent.
In the event that a Product is sold by Advaccine, its Affiliates or their respective Sublicensees in a relevant Region as part of a Combination Product, where “Combination Product” means any unified dose (e.g., not a kit of two separate and distinct drug dosage forms that are priced and sold separately) of pharmaceutical product which is comprised of (x) a Product and (y) other therapeutically active compound(s) not licensed by Inovio to Advaccine hereunder (collectively the “Other Products”), Net Sales of such Product, for the purposes of determining royalty payments, shall be determined by the subsections below:
(i)    [***]
(ii)    [***]
1.53    “NMPA” means the National Medical Products Administration of the People’s Republic of China, formerly known as the China Food and Drug Administration, or any successor agency or authority thereto. 
1.54    “Patents” means (a) pending patent applications, issued patents, utility models and designs; (b) reissues, substitutions, confirmations, registrations, validations, re-examinations, additions, continuations, continued prosecution applications, continuations-in-part, or divisions of or to any of the foregoing; and (c) extensions, renewals or restorations of any of the foregoing by existing or future extension, renewal or restoration mechanisms, including supplementary protection certificate, patent term additions, patent term extensions or the equivalent thereof. 
1.55    “Person” means an individual, corporation, partnership, limited liability company, limited partnership, trust, business trust, association, joint stock company, joint venture, 

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pool, syndicate, sole proprietorship, unincorporated organization, Governmental Authority or any other form of entity not specifically listed herein. 
1.56    “Phase 2 Clinical Trial” means any human clinical trial of a Vaccine conducted mainly to test the effectiveness of chemical or biologic agents or other types of interventions for purposes of identifying the appropriate dose for a Phase 3 Clinical Trial for a particular indication or indications that would satisfy the requirements of 21 CFR § 312.21(b) or its non-United States equivalents. A “Phase 2/3 Clinical Trial” shall be deemed to be a Phase 2 Clinical Trial with respect to the portion of that clinical trial that is regarded as its Phase 2 component, in accordance with the applicable protocol. 
1.57    “Phase 3 Clinical Trial” means any human clinical trial of a Vaccine designed to: (i) establish that such Product is safe and efficacious for its intended use; (ii) define warnings, precautions and adverse reactions that are associated with the Product in the dosage range to be prescribed; and (iii) support regulatory approval of such Product, that would satisfy the requirements of 21 CFR § 312.21(c) or its non-United States equivalents.  A “Phase 2/3 Clinical Trial” shall be deemed to be a Phase 3 Clinical Trial with respect to the portion of that clinical trial that is regarded as its Phase 3 component, in accordance with the applicable protocol. 
1.58    “Pivotal Clinical Trial” means a pivotal study in human patients with a defined dose or a set of defined doses of the Product designed or intended to ascertain efficacy and safety of the Product for the purpose of enabling the preparation and forming the primary basis for submission of a Marketing Authorization Application for the Product to the competent Regulatory Authority in a Region of the Advaccine Territory, which may be a Phase 2 Clinical Trial or a Phase 3 Clinical Trial. 
1.59    “Product(s)” means any pharmaceutical/biological product in any form comprising the Vaccine, with or without an Inovio Device.
1.60    “Proper Conduct Practices” means, Advaccine, its Affiliates and Sublicensees, and each of their Representatives not, directly or indirectly, (a) making, offering, authorizing, providing or paying anything of value in any form, whether in money, property, services or otherwise to any Government Official, or other Person charged with similar public or quasi-public duties, or to any customer, supplier, or any other Person, or to any employee thereof, or failing to disclose fully any such payments in violation of the laws of any relevant jurisdiction to (i) obtain favorable treatment in obtaining or retaining business for it or any of its Affiliates, (ii) pay for favorable treatment for business secured, (iii) obtain special concessions or for special concessions already obtained, for or in respect of it or any of its Affiliates, in each case which would have been in violation of any applicable Laws, (iv) influence an act or decision of the recipient (including a decision not to act) in connection with the Person’s or its Affiliate’s business, (v) induce the recipient to use his or her influence to affect any government act or decision in connection with the Person’s or its Affiliate’s business or (vi) induce the recipient to violate his or her duty of loyalty to his or her organization, or as a reward for having done so; (b) engaging in any transactions, establishing or maintaining any fund or assets in which it or any of its Affiliates shall have proprietary rights that have not been recorded in the books and records of it or any of its Affiliates; (c) making any unlawful payment to any agent, employee, officer or director of any Person with which it or any of its Affiliates does business for the purpose of influencing such agent, employee, officer or director to do business with it or any of its Affiliates; (d) violating any 

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provision of applicable Anti-Corruption Laws; (e) making any payment in the nature of bribery, fraud, or any other unlawful payment under the applicable Laws of any jurisdiction where it or any of its Affiliates conducts business or is registered; or, (f) if such Person or any of its Representatives is a Government Official, improperly using his or her position as a Government Official to influence the award of business or regulatory approvals to or for the benefit of such Person, its Representatives or any of their business operations, or failing to recuse himself or herself from any participation as a Government Official in decisions relating to such Person, its Representatives or any of their business operations. 
1.61    “Regulatory Approval” means any and all approvals (including marketing authorization approvals, supplements, amendments, pre- and post-approvals, and pricing and reimbursement approvals), licenses, registrations or authorizations of any national, supra-national, regional, state or local regulatory agency, department, bureau, commission, council or other governmental entity, that are necessary for the Manufacture, distribution, marketing, importation, exportation, use or commercial sale of a Product in a given country or regulatory jurisdiction.
1.62    “Regulatory Authority” means, in a particular country or jurisdiction, any applicable Governmental Authority involved in granting Regulatory Approval in such country or jurisdiction.
1.63    “Regulatory Materials” means regulatory applications (including CTA and MAA), submissions, notifications, communications, correspondence, registrations, Regulatory Approvals and/or other filings made to, received from or otherwise conducted with a Regulatory Authority in order to Develop, Manufacture, market, sell or otherwise Commercialize the Products in a particular country or jurisdiction.
1.64    “Representatives” means, as to any Person, such Person’s Affiliates and its and their successors, controlling Persons, directors, officers and employees.
1.65    “Sublicensee” means a Third Party that has received a license or other right under the Inovio Technology in accordance with Section 2.1(c), but shall not include (i) any Third Party wholesaler or distributor engaged for the sale of the Product (even if such wholesaler or distributor is granted a right or license to sell Product) provided that such wholesaler or distributor does not make any royalty, milestone, profit share or other payment to Advaccine or its Affiliate based on such wholesaler’s or distributor’s sale of the Product; or (ii) any Third Party contract research organization or manufacturer providing services to Advaccine or its Affiliate (even if such contract research organization or manufacturer is granted a right or license to make the Vaccine or the Product). For clarity, the gross invoiced price for sale of the Product to any wholesaler, distributor, contract research organization or manufacturer described above shall be included in Net Sales.
1.66    “Third Party” means any Person other than a Party or an Affiliate of a Party.
1.67    “U.S. Dollar” means a U.S. dollar, and “US$” shall be interpreted accordingly. 
1.68    “U.S.” or “USA” means the United States of America, including all possessions and territories thereof. 

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1.69    “Vaccine” means INO-4800, which includes the DNA plasmid identified as pGX9501, encoding the Spike protein of SARS-CoV-2. 
1.70    “Valid Claim” means a claim (including a process, use, or composition of matter claim) of (a) an issued and unexpired patent that has not (i) irretrievably lapsed or been revoked, dedicated to the public or disclaimed or (ii) been held invalid, unenforceable or not patentable by a court, governmental agency, national or regional patent office or other appropriate body that has competent jurisdiction, which holding, finding or decision is final and unappealable or unappealed within the time allowed for appeal, or (b) a pending patent application that has been prosecuted in good faith pending for no more than seven (7) years since its priority date and has not been abandoned or finally disallowed without the possibility of appeal. 
1.71    “Year” means any period of twelve (12) consecutive months.

1.72    Additional Definitions: The following table identifies the location of definitions set forth in various Sections of the Agreement:  
						
	Defined Terms	Section
	Accused Party	9.5

	Advaccine	Preamble
	Advaccine Housemarks	9.6(b)

	Advaccine Indemnitees	11.1

	Advaccine Inventions	9.1(d)(ii)

	Advaccine Product Mark	9.6(a)

	Advaccine Sublicense Agreement	2.1(c)

	Agreement	Preamble
	Alliance Manager	3.1

	Bankruptcy Laws	15.13

	Claims	11.1

	Clinical Manufacturing Technology Transfer Agreement	7.1(c)

	Clinical Supply Agreement	7.1(a)

	Combination Product	1.52

	Commercialization Plan	6.2(a)

	Confidentiality Agreement	1.19

	Development Plan	4.3

	Divestiture	2.5

	Effective Date	Preamble
	Enforcing Party	9.4(c)

	Executive Officer	14.1

	First Supplemental Development Plan	4.3

	GAAP	1.1

	IFRS	1.1

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	Indemnified Party	11.3

	Indemnifying Party	11.3

	Infringement	9.4(a)

	Infringement Action	9.5

	Initial Development Plan	4.3

	Inovio	Preamble
	Inovio Device Commercial Supply Agreement	7.2(a)

	Inovio Indemnitees	11.2

	Inovio Inventions	9.1(d)(i)

	Inovio Partner	2.2

	Insolvency Event	13.5

	Insolvent Party	15.13

	Joint Inventions	9.1(d)(iii)

	Joint Steering Committee	3.2(a)

	Losses	11.1

	Non-Exclusive License Agreement	Recitals
	Non-Insolvent Party	15.13

	Other Products	1.52

	Party	Preamble
	PDF	15.12

	Pharmacovigilance Agreement	5.8

	Product Materials	4.7

	Region	1.4

	Remedial Action	5.9

	Royalty Term	8.4(b)

	SEC	12.3(c)

	Securities Regulators	12.2(c)

	SIAC	14.2

	SIAC Rules	14.2

	Step-In Rights	9.2(d)

	Tax Withholding	8.9(b)

	Term	13.1

	VAT	8.9(c)

	Working Group	3.5

Article 2.
License

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2.1    License to Advaccine.
(a)    License Grant.  Subject to the terms and conditions of this Agreement, Inovio hereby grants Advaccine an exclusive (even as to Inovio except as provided in Section 2.1(b) below) license, with the right to sublicense (solely as provided in Section 2.1(c)), under the Inovio Technology, to Develop, Manufacture and have Manufactured (solely in accordance with Section 7.2), distribute, market, promote, sell, have sold, offer for sale, import, label, package and otherwise Commercialize the Products in the Field in the Advaccine Territory.  For clarity, no rights shall be granted to Advaccine under this Section 2.1(a), with respect to the Development, Manufacture or Commercialization of any product containing or using for administration an Inovio Device without the Vaccine.  For further clarity and unless otherwise agreed in Section 2.1(d), no rights shall be granted to Advaccine under this Section 2.1(a) with respect to the Manufacture of the Inovio Device other than the right to Manufacture the Arrays in the Advaccine Territory.  As consideration for the foregoing license and access to and transfers of know-how under this Agreement, Advaccine will make certain payments to Inovio as set out in, and subject to the terms and conditions of, Article 8. 
(b)    Inovio Retained Rights.  Notwithstanding the exclusive rights granted to Advaccine in Section 2.1(a), Inovio and its Affiliates shall retain the following:  
i. the right to practice the Inovio Technology within the scope of the license granted to Advaccine under Section 2.1(a) in order to perform, or have performed by a Third Party contractor, Inovio’s obligations under this Agreement; 
ii. the right to Manufacture or have Manufactured the Products anywhere in the world for sale and use in the Inovio Territory, provided that Inovio shall obtain prior written consent, not to be unreasonably withheld, from Advaccine before Manufacturing or having Manufactured the Products in the Advaccine Territory using any rights granted to Inovio under the Non-Exclusive License Agreement for sale and use in the Inovio Territory; and 
iii. the right to practice and license the Inovio Technology outside the scope of the license granted to Advaccine under Section 2.1(a).
(c)    Sublicense Rights.  Advaccine shall not have the right to grant sublicenses of the license granted in Section 2.1(a) without Inovio’s express prior written consent, except that Advaccine may grant such sublicense without Inovio’s consent to its Affiliates.  Upon receiving approval from Inovio for the grant of a sublicense to a Third Party, Advaccine shall, within thirty (30) days after granting any such sublicense, notify Inovio of the grant of such sublicense and provide Inovio with a true and complete copy of the sublicense agreement (which may have financial information and other confidential information redacted, provided that such redacted information is not reasonably necessary for Inovio to assess compliance of the sublicense agreement with this Section 2.1(c)) (each, a “Advaccine Sublicense Agreement”).  Each Advaccine Sublicense Agreement shall be consistent with the terms and conditions of this Agreement, and Advaccine shall be solely responsible for all of its Sublicensees’ activities and any and all failures by its Sublicensees to comply with the applicable terms of this Agreement.  Without limiting the foregoing, each Advaccine Sublicense Agreement shall include the following additional terms and conditions: 

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i.the Sublicensee shall be bound by non-use and non-disclosure obligations no less stringent than those set forth in this Agreement;
ii. the Sublicensee shall not have any right to grant further sublicenses to the Inovio Technology (excluding sublicenses to Third Party contractors, including distributors and wholesalers);
iii. the Sublicensee shall not have any right to prosecute or maintain or enforce any Inovio Licensed Patents; and
iv. the Sublicensee shall assign or license to Advaccine all Data and Inventions generated by such Sublicensee, and shall grant Advaccine all of the rights necessary for Advaccine to fulfill its obligations under Sections 9.1(a) and 9.1(d).
(d)    Additional License. Inovio hereby agrees to expand the license granted to Advaccine under Section 2.1 for Advaccine, by itself or through any ofits Affiliates or a Third Party, to conduct the Phase 3 Clinical Trial in the Inovio Territory at Advaccine’s own cost and expense for the purpose of obtaining the Regulatory Approval of the Product in the Advaccine Territory,  in the event of (i) unless a Phase 3 Clinical Trial in the Inovio Territory has already been completed, a Change of Control of Inovio, where the acquirer of Inovio, by itself or through any of its Affiliates or a Third Party, is developing, manufacturing or commercializing any Competing Product for the Advaccine Territory; (ii) an official request by any Regulatory Authority in the Advaccine Territory; (iii) the occurrence of such circumstances as described in Section 4.2; or (iv) otherwise upon mutual agreement of the Parties; provided, however, that Inovio shall have the right to review and approve the protocols and design of such Phase 3 Clinical Trial.  Inovio hereby agrees to expand the license granted to Advaccine under Section 2.1 for Advaccine to have the Inovio Device Manufactured in the U.S. or any other mutually agreed upon country by a Third Party contract manufacturer for use with the Product in the Advaccine Territory in the event of the occurrence of an Insolvency Event of Inovio.
2.1    Inovio Partner.  Inovio has the right, in its sole discretion, to enter into one or more agreements with Third Parties and grant such Third Parties the right to Develop, Manufacture and/or Commercialize the Products in one or more countries in the Inovio Territory (each such Third Party, a “Inovio Partner”); provided that (a) Inovio shall remain solely responsible for any Inovio Partner’s activities, and (b) the grant of such rights to such Inovio Partner shall not affect Inovio’s obligations under the Agreement.  So long as such Inovio Partner(s) is not actively developing or commercializing any Competing Product in the Advaccine Territory, (i) Inovio shall have the right (but not the obligation) to fulfill any of its obligations under this Agreement through Inovio Partner(s), including Inovio’s obligations under Article 3, and (ii) Inovio shall have the right to disclose to Inovio Partner(s) all Information solely regarding the Products, including all Regulatory Materials relating thereto, disclosed by Advaccine to Inovio under this Agreement, for use by Inovio Partner(s) in their Development, Manufacture and Commercialization of the Product in the Inovio Territory; provided, however, that (A) all such Information disclosed to Inovio Partner(s) by Inovio shall be deemed the Confidential Information of Advaccine, and (B) any Inovio Partner(s) that receive such information shall be obligated to abide by restrictions on disclosure and use substantially similar to the provisions set forth in Section 12.1 and Inovio shall remain responsible for the Inovio Partner(s)’ performance of such obligations and compliance with such restrictions. 

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2.3    Negative Covenant.  Advaccine covenants that, except as explicitly set forth in this Agreement, it will not, and will not permit any of its Affiliates or Sublicensees to, use or practice any Inovio Technology outside the scope of the license granted to it under Section 2.1(a). 
2.4    No Implied Licenses.  Except as explicitly set forth in this Agreement, neither Party shall be deemed by estoppel or implication to have granted the other Party any license or other right to any intellectual property of such Party.
2.5    Exclusivity.  
(a)    Exclusivity Covenant.  During the Term, Advaccine hereby covenants not to, itself or through any Affiliate or Third Party, Develop, Manufacture or Commercialize any Competing Product in the Field in the Advaccine Territory.  For clarity, the foregoing restrictions shall not apply to (i) internal research and internal non good laboratory practices preclinical work by either Party; and (ii) any Development, Manufacture and Commercialization of any Combination Product by Advaccine in the Advaccine Territory upon mutual agreement of the Parties.
(b)    Advaccine Change of Control.  In the event that, in connection with an Advaccine Change of Control, Advaccine or any of its Affiliates obtains or holds the rights to a Competing Product that would cause Advaccine to be in breach of Section 2.5(a), then upon written notice to Inovio within thirty (30) days after such rights are first obtained, Advaccine shall elect one of the following: (A) to terminate this Agreement pursuant to Section 13.2, in which case such notice will serve as notice of termination under Section 13.2; or (B) to (or have its Affiliate) sell, exclusively license or transfer rights to the Competing Product to a Third Party without Advaccine or any of its Affiliates receiving a continuing share of profit, royalty payments, or other economic interest in the success of such Competing Product in the Advaccine Territory (a “Divestiture”), in which case Advaccine or any of its Affiliates shall, or shall cause the applicable entity to, complete the Divestiture of such Competing Product within twelve (12) months from the date of such Advaccine Change of Control, in which case the conduct of activities with respect to such Competing Product by Advaccine or any of its Affiliates during such 12-month period shall not be deemed a breach of Advaccine’s exclusivity obligations under Section 2.5, provided that such activities with respect to such Competing Product during such 12-month period are conducted independently of the activities conducted under this Agreement and no Inovio Technology or Advaccine Inventions is used in the conduct of such activities.
2.6    Transfer of Inovio Licensed Know-How.  Inovio shall provide Advaccine with complete and accurate copies of the Inovio Licensed Know-How directly applicable to the Vaccine, the Product and the Arrays to the extent expressly provided for in Exhibit B and in accordance with the timeline specified therein.  The JSC shall establish a reasonable process and schedule for the transfer of additional Inovio Licensed Know-How related to the Vaccine, the Product and the Array as required for the filing of an MAA in the Advaccine Territory and any other necessary Inovio Licensed Know-How that subsequently comes into existence and becomes Controlled by Inovio or its Affiliates during the Term.  Inovio shall reasonably cooperate with Advaccine in providing Advaccine only with copies of such Inovio Licensed Know-How directly applicable to the Vaccine, the Product and the Array (but not the Inovio Device) in accordance with the process and schedule agreed upon through the JSC.  

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Article 3.
Governance
3.1    Alliance Managers.  Within thirty (30) days after the Effective Date, each Party shall appoint and notify the other Party of the identity of a representative having the appropriate qualifications, including a general understanding of pharmaceutical development, manufacturing, and commercialization issues, to act as its alliance manager under this Agreement (the “Alliance Manager”).  The Alliance Managers shall serve as the primary contact points between the Parties for the purpose of providing each Party with information on the progress and results of Advaccine’s Development, Manufacturing, and Commercialization of the Products.  The Alliance Managers shall also be primarily responsible for facilitating the flow of information and otherwise promoting communication, coordination and collaboration between the Parties with respect to the Products.  Each Party may replace its Alliance Manager at any time upon written notice to the other Party.
3.2    Joint Steering Committees.  
(a)    Formation; Purpose.  Within thirty (30) days after the Effective Date, the Parties shall establish a joint steering committee (the “Joint Steering Committee” or “JSC”) for the overall coordination and oversight of the Parties’ activities under this Agreement.  The role of the JSC shall be:
i. to review, discuss and coordinate the overall strategy for the Development, Manufacturing, and Commercialization of the Products and the Modified Products in the Field in the Advaccine Territory, including related regulatory activities; 
ii. to review, discuss and approve the Initial Development Plan and any proposed amendments or revisions to the Development Plan, including the First Supplemental Development Plan and those with respect to clinical Development activities set forth in Section 4.4(b); 
iii. to review and discuss (but not approve) the Commercialization Plan and any proposed amendments or revisions to such plan, and review and discuss (but not approve) the Commercialization of the Products in the Field in the Advaccine Territory (including any pricing strategy with respect to the Products); 
iv. to coordinate the Commercialization of the Products in the Advaccine Territory and Inovio Territory to ensure consistent global marketing of the Products in the Field; and
v. to perform such other functions as appropriate to further the purposes of this Agreement, as expressly set forth in this Agreement or as determined by the Parties in writing.
(b)    Members. The JSC shall be comprised of an equal number of representatives from each Party.  Each Party’s representatives shall be an officer or employee of such Party or its Affiliate having sufficient seniority within the applicable Party to make decisions arising within the 

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scope of the JSC’s responsibilities.  In addition, at least one of Advaccine’s JSC representatives must be someone whose job responsibilities within Advaccine include active involvement in the development and implementation of Advaccine’s Development (including regulatory) strategy with respect to the Products in the Field in the Advaccine Territory (at all times that Advaccine or its Affiliate or sublicensee is conducting such Development) or Advaccine’s Commercialization strategy with respect to the Products in the Field in the Advaccine Territory (at all times that Advaccine or its Affiliate or sublicensee is conducting such Commercialization), and each of Advaccine’s JSC representatives must have up-to-date knowledge of Advaccine’s ongoing and planned Development (including regulatory) and Commercialization activities with respect to the Products in the Field in the Advaccine Territory (at all times that Advaccine is conducting such activities).  Each Party shall initially appoint two (2) representatives to the JSC.  The JSC may change its size from time to time by unanimous consent of its representatives, and each Party may replace its representatives at any time upon written notice to the other Party.  Each Party shall appoint one (1) of its representatives on the JSC to act as the co-chairperson.  The role of the co-chairpersons shall be to convene and preside at the JSC meetings and to ensure the circulation of meeting agendas at least five (5) Business Days in advance of JSC meetings and the preparation of meeting minutes and any pre-read materials in accordance with Section 3.2(c), but the co-chairpersons shall have no additional powers or rights beyond those held by other JSC representatives.  Employees or consultants of either Party that are not representatives of the Parties on the JSC may attend meetings of the JSC, provided that such attendees shall not vote or otherwise participate in the decision-making process of the JSC and are subject to obligations of confidentiality substantially similar to the provisions set forth in Section 12.1.
(c)    Meetings.  The JSC shall meet at least once per Calendar Quarter during the Term, unless the Parties mutually agree in writing to a different frequency for such meetings.  Either Party may also call a special JSC meeting (by videoconference or teleconference) by at least ten (10) Business Days prior written notice to the other Party in the event such Party reasonably believes that a significant matter must be addressed prior to the next regularly scheduled meeting, and such Party shall provide the JSC no later than ten (10) Business Days prior to the special meeting with materials reasonably adequate to enable an informed decision.  The JSC may meet in person, by videoconference or by teleconference.  All JSC meetings shall be conducted in English, and all communications, reports and records by and between the Parties under this Agreement shall be in English.  The co-chairpersons shall alternate responsibility for preparing reasonably detailed written minutes of the JSC meetings that reflect, without limitation, all material decisions made at such meetings.  The co-chairpersons (or their designees) shall send draft meeting minutes to each representative of the JSC for review and approval within ten (10) Business Days after the JSC meeting.  Such minutes shall be deemed approved unless one or more JSC representatives object to the accuracy of such minutes within ten (10) Business Days of receipt.
(d)    Decision Making.  The JSC shall strive to seek consensus in its actions and decision making process and all decisions by the JSC shall be made by consensus, with each Party having collectively one (1) vote in all decisions.  If after reasonable discussion and good faith consideration of each Party’s view on a particular matter before the JSC, the representatives of the Parties cannot reach an agreement as to such matter (to the extent that such matter requires the agreement of the Parties hereunder) within ten (10) Business Days after such matter was brought to the JSC for resolution or after such matter has been referred to the JSC, then, Advaccine’s Executive Officer 

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shall have the final decision making authority with respect to such matter within the JSC’s authority; provided, however, that Inovio’s Executive Officer shall have the right in their sole discretion to veto any decision by Advaccine reasonably likely to result in Adverse Risk on the Inovio Technology, or the safety or efficacy of the Product, or the Development or Commercialization of the Product in the Inovio Territory, including any global Clinical Trial of Product or Regulatory Approval of any Product in the Inovio Territory, and provided, further, that (i) any decision to Develop, Manufacture or Commercialize the Product as a Combination Product in the Advaccine Territory will require the mutual agreement of the Parties, and (ii) Advaccine shall not have the right, by virtue of its decision-making authority, to cause Inovio to violate the terms of any agreement with a Third Party, or cause Inovio to violate any applicable Laws, ethical requirement, or intellectual property right of any Third Party, and Advaccine’s exercise of its decision-making authority shall be subject to the limitations set forth in Section 3.3; provided, that Inovio shall provide Advaccine with an explanation as to why any such decision of Advaccine would cause Inovio to violate the terms of any agreement with a Third Party, or cause Inovio to violate any applicable Laws, ethical requirement, or intellectual property right of any Third Party. 
For clarity, the JSC shall be a forum for discussing, but shall not have any decision-making authority with respect to, Inovio’s Development of the Product in the Inovio Territory, and Inovio shall have full control and authority over the Development, Commercialization of the Product in the Inovio Territory.
3.3    Limitation of JSC Authority.  The JSC shall only have the powers expressly assigned to it in this Article 3 and elsewhere in this Agreement and shall not have the authority to: (a) modify or amend the terms and conditions of this Agreement; (b) waive or determine either Party’s compliance with the terms and conditions of under this Agreement; or (c) decide any issue in a manner that would conflict with the express terms and conditions of this Agreement.  
3.4    Discontinuation of the JSC.  The activities to be performed by the JSC shall solely relate to governance under this Agreement, and are not intended to be or involve the delivery of services.  The JSC shall continue to exist until the first to occur of: (a) the Parties mutually agree to disband the JSC; or (b) Inovio provides written notice to Advaccine of its intention to disband and no longer participate in the JSC.  Thereafter, the JSC shall have no further obligations under this Agreement and each Party shall designate a contact person for the exchange of information relevant to activities that would have been performed by the JSC under this Agreement and decisions of the JSC shall be decisions as between the Parties, subject to the other terms and conditions of this Agreement.
3.5    Working Groups.  From time to time, the JSC may establish and delegate duties of the JSC to sub-committees or directed teams (each, a “Working Group”) on an “as-needed” basis to oversee particular projects or activities; provided that in any case neither Party shall be required by the Working Group to assume any responsibility, financial or otherwise, beyond those agreed to in writing by such Party, in particular pursuant to each Party’s respective obligations under this Agreement.  Each such Working Group shall be constituted and shall operate as the JSC determines.  Working Groups may be established on an ad hoc basis for purposes of a specific project or on such other basis as the JSC may determine.  Each Working Group and its activities shall be subject to the oversight, review and approval of, and shall report to, the JSC.  In no event shall the authority of the Working Group exceed that of the JSC.  All decisions of a Working Group shall be by 

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consensus.  Any disagreement between the members of a Working Group shall be referred to the JSC for resolution.
Article 4.
DEVELOPMENT
4.1    Overview; Diligence of Advaccine.  Subject to the terms and conditions of this Agreement (including the diligence obligations set forth below), Advaccine shall be solely responsible for the Development of the Products in the Field in the Advaccine Territory, at its own cost and expense (except as otherwise expressly set forth herein), including (except as set forth in Section 4.7) all non-clinical and clinical studies and collection of CMC Information, as necessary to obtain the Regulatory Approval for the Products in any Region in the Advaccine Territory.  Advaccine shall maintain adequate funding and use Commercially Reasonable Efforts to Develop and obtain the Regulatory Approval for the Products in the Field in each Region in the Advaccine Territory.  Without limiting the generality of the foregoing, Advaccine shall use Commercially Reasonable Efforts to conduct its Development activities under and in accordance with the Development Plan, as well as Manufacturing activities related to such Development, as set forth in the Initial Development Plan. 
4.2    Diligence of Inovio. Inovio shall use Commercially Reasonable Efforts to Develop and obtain the Regulatory Approval for the Products in the Field in the United States, and shall provide all reasonable assistance and cooperation to assist and support Advaccine, at Advaccine’s sole cost and expense, as specified in this Agreement, the Development Plan or as reasonably requested by Advaccine from time to time, in obtaining the Regulatory Approval for the Products (as well as the Inovio Device and the Array for use in connection with the Products) in the Advaccine Territory.  Except for circumstances provided in Section 2.1 (d) (i), (ii) and (iv), in the event that, within twelve (12) months from the Effective Date, the Inovio US Trial is not Initiated or Inovio decides not to conduct or is not required to conduct the Inovio US Trial, Inovio shall inform Advaccine thereof in writing.  In such an event, Advaccine may elect to conduct a Phase 3 Clinical Trial in the Inovio Territory at its own cost and expense for the purpose of obtaining Regulatory Approval of the Product in the Advaccine Territory, subject to Section 2.1(d); provided, however, that Inovio shall have the right to review and approve the protocols and design of such Phase 3 Clinical Trial.   
4.3    Development Plan. Without limiting the generality of the other provisions in this Article 4, within thirty (30) days after the Effective Date, Advaccine (in conjunction with assistance from Inovio) will prepare and submit to the JSC an initial, summary plan and budget for research and Development of the Vaccine and the Products in the Field in the Advaccine Territory (the “Initial Development Plan”), which Initial Development Plan shall be mutually agreed upon by the Parties.  Within ninety (90) days after the Effective Date, Advaccine (in conjunction with assistance from Inovio) will prepare and submit to the JSC a detailed plan containing the strategy, activities, study designs, timeline, study material needs (including Inovio Devices and the Vaccine) and budget for research and Development of the Vaccine and the Products in the Field in the Advaccine Territory (the “First Supplemental Development Plan,” and together with the Initial Development Plan and any subsequent updates pursuant to this Section 4.3, the “Development Plan”).  The First Supplemental Development Plan shall include among other things, all material non-clinical and clinical studies, CMC Information collection activities and regulatory activities with respect to the Vaccine and the Products to be 

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conducted by or on behalf of Advaccine or its Affiliates or their respective Sublicensees in the Advaccine Territory.  From time to time during the Term (but at least once per Fiscal Year), Advaccine shall prepare amendments and updates, as appropriate, to the then-current Development Plan, and shall submit such amendments and updates to the JSC in accordance with Section 4.4. For further clarity, if there are no amendments or updates to the then-current Development Plan that are applicable in a Fiscal Year, Advaccine’s sole responsibility under this Section 4.3 during such Fiscal Year shall be to inform Inovio that the then-current Development Plan is up to date.  Advaccine shall be solely responsible for all decisions regarding the day-to-day conduct of Development within the Advaccine Territory. 
4.4    Other Development Activities.  
(a)    Pre-Clinical Development.  Upon prior written consent from Inovio, Advaccine may conduct pre-clinical studies to generate and obtain Data that is reasonably useful for the Development of any Product in the Field in the Advaccine Territory, provided that Advaccine shall promptly amend the Development Plan to include such pre-clinical studies and submit such amendment to the JSC for review. 
(b)    Clinical Development.  If Advaccine wishes to conduct any Clinical Trials for the Development of any Product in the Field other than as set forth in the First Supplemental Development Plan in the Advaccine Territory, Advaccine may propose an amendment to the Development Plan to include such Clinical Trials and submit such amendment to the JSC for review and approval.  If and upon receipt of such proposal, the JSC shall promptly (but in any event within thirty (30) days) review and decide on whether to approve such proposal.  Upon the JSC’s approval of such amendment, such Clinical Trials shall be included in the amended Development Plan and Advaccine may conduct such Clinical Trials at its own cost.  Advaccine shall ensure that any Clinical Trials conducted in the Advaccine Territory, whether by itself or through a subcontractor pursuant to Section 4.9, are conducted only at medical facilities that are qualified and registered with the NMPA or any other applicable Regulatory Authority. For clarity, Advaccine shall not conduct any Clinical Trials of any Product outside of the Field.
(c)    Cooperation.  As agreed to between the Parties, Inovio may provide such technical assistance and cooperation to Advaccine as Advaccine may reasonably request, at Advaccine’s sole cost and expense, as necessary or reasonably useful for Advaccine to Develop or Commercialize the Products in the Field in the Advaccine Territory.  
4.5    Development Records.  Advaccine shall maintain complete, current and accurate records of all activities (and all Data and other Information resulting from such activities) conducted with respect to Products by Advaccine, its Affiliates and their respective Sublicensees in the Advaccine Territory.  Such records shall fully and properly reflect all work done and results achieved in the performance of the Development activities in good scientific manner appropriate for regulatory and patent purposes.  Advaccine shall document all non-clinical studies and Clinical Trials for the Products in formal written study records according to applicable Laws, including applicable national and international guidelines such as ICH, GCP and GLP, and shall, at Inovio’s reasonable request, provide Inovio English translations thereof (to the extent prepared and originated in a language other than English) at Inovio’s sole cost and expense.  Subject to provisions in Section 4.8, Inovio shall have the right to review and copy such records at reasonable times and to obtain access to the original to the 

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extent necessary or useful for regulatory or patent purposes and for legal proceedings in accordance with this Agreement.   
4.6    Development Reports.  Advaccine shall keep Inovio reasonably informed as to the progress and results of Advaccine’s, its Affiliates’ and their respective Sublicensees’ Development activities (including prompt reporting of available clinical Data).  Without limiting the foregoing, at each regularly scheduled JSC meeting, Advaccine shall provide Inovio with a reasonably detailed written report summarizing its Development activities performed since the last JSC meeting and the results thereof, as reasonably sufficient to enable Inovio to determine Advaccine’s compliance with its diligence obligations under Section 4.1; provided that, even if the JSC does not hold a meeting in one or more Calendar Quarters, Advaccine shall provide such written report to Inovio at least once every Calendar Quarter.  At such JSC meeting, the Parties shall discuss the status, progress and results of Advaccine’s, its Affiliates’ and their respective Sublicensees’ Development activities.  Advaccine shall promptly respond to Inovio’s reasonable questions or requests for additional information relating to such Development activities.  In addition, within thirty (30) days after the end of each Fiscal Year, Advaccine shall provide Inovio with a detailed written annual report regarding the progress of its Development activities and any results therefrom.
4.7    Data Exchange.  In addition to Inovio’s obligation with respect to the transfer of Inovio Licensed Know-How set forth under Section 2.6 and each Party’s adverse event and safety Data reporting obligations pursuant to Section 5.8, but subject to the remainder of this Section 4.7 and Section 4.8, each Party shall, at its sole cost and expense, promptly provide the other Party with copies of any Data and Regulatory Materials related to the Vaccine or the Products generated by or on behalf of such Party or its Affiliates or Sublicensees in the performance of Development activities hereunder that would be reasonably necessary for the Development, Manufacture and Commercialization of the Vaccine or the Products in the Field in the other Party’s respective territory (the “Product Materials”).  The JSC may establish reasonable policies to effectuate the exchange of additional Product Materials between the Parties.  Advaccine shall have the right to use the data provided by Inovio hereunder for the purpose of obtaining and maintaining Regulatory Approval for and Commercializing the Product in the Field in the Advaccine Territory.  Inovio shall have the right to use the data provided by Advaccine hereunder for the purpose of obtaining and maintaining Regulatory Approval for and Commercializing the Product in the Inovio Territory.  
4.8    Clinical Trial Data.  The Parties acknowledge and agree that certain government approval or filing may be required in the Advaccine Territory before certain Data generated from the Clinical Trials in the Advaccine Territory may be provided to or otherwise made available to Inovio or its designee.  The Parties agree to use their Commercially Reasonable Efforts to collaborate with each other and with Third Parties in obtaining such approval or filing in the most efficient manner as permitted by the applicable Laws.  
4.9    Subcontractors. Advaccine, upon prior express written consent from Inovio, shall have the right to engage subcontractors to conduct any activities necessary for Development or Manufacturing (subject to the terms of Article 7) of the Products, including but not limited to non-clinical studies, Clinical Trials, CMC activities, and regulatory services for the Products, under this Agreement, provided that such subcontractors (a) are bound by written obligations of confidentiality, 

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non-use and compliance with applicable Laws, including Proper Conduct Practices, consistent with this Agreement and have agreed in writing to assign to Advaccine all Data, Information, inventions or other intellectual property generated by such subcontractor in the course of performing such subcontracted work, (b) are capable of producing Data (including non-clinical Data, clinical Data and CMC Information, as applicable) acceptable to the NMPA, the FDA and the EMA (and other applicable Regulatory Authorities in the Advaccine Territory, the United States or the European Union) and (c) as applicable, with respect to matters covered by Article 7, meet the specifications and requirements thereunder. Advaccine shall remain responsible for any obligations that have been delegated or subcontracted to any subcontractor, and shall be responsible for the performance of its subcontractors.  
Article 5.
Regulatory Matters
5.1    Regulatory Responsibilities. 
(a)    Subject to the terms and conditions of this Agreement, Advaccine will be responsible, at its sole cost and expense, for the conduct of all regulatory activities required to obtain and maintain Regulatory Approval of the Products (including the Inovio Device and the Arrays for use in connection with the Products) in the Field in the Advaccine Territory, including the preparation and submission of all Regulatory Materials and all communications and interactions with Regulatory Authorities, as necessary to obtain Regulatory Approval for the Products in any Region in the Field in the Advaccine Territory.  Advaccine shall be responsible for filing each CTA in the Field in the Advaccine Territory for each Product.  Advaccine shall be responsible for filing each MAA in the Field in the Advaccine Territory for each Product in Advaccine’s name.  The Development Plan shall include the regulatory strategy for obtaining Regulatory Approval of the Products in the Field in the Advaccine Territory.  Advaccine shall use Commercially Reasonable Efforts to carry out its regulatory obligations for the Products pursuant to such strategy. 
(b)    Inovio shall provide all reasonable assistance and cooperation to Advaccine as Advaccine may reasonably request, at Advaccine’s sole cost and expense, during the Term of this Agreement, with respect to the satisfaction of its obligations under Section 5.1(a), including (i) in connection with the preparation of Regulatory Materials, (ii) (A) making available competent personnel to attend regulatory meetings or join such meetings by teleconference and (B) providing documentation within Inovio’s possession and control, in each case as requested by Regulatory Authorities at Advaccine’s cost, and (iii) providing Advaccine with additional Product Materials in the Inovio Territory as requested by Regulatory Authorities in the Advaccine Territory within a reasonable timeframe commensurate with the volume of Advaccine’s reasonable request.  In the event that Inovio believes that such requests are not reasonable or are otherwise burdensome to Inovio, then such matter shall be promptly submitted to the JSC for review and discussion. 
5.2    Regulatory Information Sharing.  Advaccine shall (a) provide Inovio with the original documents (in the electronic format in which it has been prepared by Advaccine) of draft package inserts, CTA and CTD, and, at Inovio’s request, together with English translations (to the extent originated by Advaccine in Chinese), for Inovio’s review and comment, in connection with obtaining or maintaining any MAA approval for the Products in the Field in the Advaccine Territory, prior to the submission of such documents to the Regulatory Authority in the Advaccine Territory; and (b) shall 

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keep Inovio informed of any material verbal or written communication or question relating to the Products received by Advaccine from the Regulatory Authority in the Advaccine Territory.  Except as required by applicable Law, (i) Advaccine, its Affiliates and Sublicensees shall not submit any Regulatory Materials to, or communicate with, any Regulatory Authority in the Inovio Territory regarding any Products.  If such submission or communication is required by applicable Law, Advaccine shall, if legally permitted, promptly notify Inovio in writing of such requirement and the content of such submission or communication; (ii) except to the extent in connection with the exercise of its retained rights under Section 2.1(b), Inovio, its Affiliate and Sublicensees shall not submit any Regulatory Materials to, or communicate with, any Regulatory Authority in the Advaccine Territory regarding any Products.  If such submission or communication is required by applicable Law, Inovio shall, if legally permitted, promptly notify Advaccine in writing of such requirements and the content of such submission or communication. 
5.3    Meetings with Regulatory Authorities.  Advaccine shall lead all interactions with Regulatory Authorities in the Advaccine Territory with respect to the Products for use in the Field.  Advaccine shall keep Inovio reasonably informed of any material regulatory developments related to the Products in the Field in the Advaccine Territory.  At each regularly scheduled JSC meeting, Advaccine shall provide Inovio with a list and schedule of any in-person meeting or teleconference with the applicable Regulatory Authorities (or related advisory committees) in the Advaccine Territory planned for the next Calendar Quarter that relates to any Product in the Field.  In addition, Advaccine shall notify Inovio as soon as reasonably possible (but in no event later than two (2) Business Days if possible) after Advaccine becomes aware of any additional such meetings or teleconferences that become scheduled for such Calendar Quarter.  Inovio shall provide all assistance and documentation reasonably requested by Advaccine to prepare for any such meeting or teleconference, including making available competent personnel to attend any such meeting or teleconference at Advaccine’s reasonable request (subject to reimbursement by Advaccine of Inovio’s costs and expenses with respect thereto).  To the extent permitted by applicable Laws and by the Regulatory Authorities (as reasonably determined by Advaccine), Inovio shall have the right to participate (whether directly or through a representative) in all such meetings and teleconferences, at Inovio’s cost.  
5.4    Regulatory Costs.  Unless otherwise provided in this Agreement, Advaccine shall be responsible for the costs and expenses incurred in connection with the preparation and filing of any and all Regulatory Materials and the maintenance of any and all Regulatory Approvals (including MAA approvals) for the Products in the Field in the Advaccine Territory.  
5.5    Right of Reference to Regulatory Materials.  Each Party hereby grants to the other Party the right of reference to all Regulatory Materials pertaining to the Products submitted by or on behalf of such Party, subject to provisions in Section 4.8.  The receiving Party may use such right of reference solely for the purpose of seeking, obtaining and maintaining Regulatory Approval of the Products in its respective territory.  Each Party shall support the other Party, as reasonably requested by such other Party and at such other Party’s expense, in obtaining Regulatory Approvals in such other Party’s territory, including providing necessary documents or other materials required by applicable Laws to obtain Regulatory Approval in such territory, all in accordance with the terms and conditions of this Agreement.  

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5.6    No Harmful Actions.  If either Party believes that the other Party is taking or intends to take any action with respect to any Product that could reasonably be expected to have an Adverse Risk, whether in the Inovio Territory or in the Advaccine Territory, such Party may bring the matter to the attention of the JSC and the Parties shall discuss in good faith to promptly resolve such concern.  Without limiting the foregoing, unless the Parties otherwise agree: (a) (i) Advaccine shall not communicate with any Regulatory Authority having jurisdiction outside the Advaccine Territory, unless so ordered by such Regulatory Authority, in which case Advaccine shall immediately notify Inovio of such order; and (ii) Advaccine shall not submit any Regulatory Materials or seek Regulatory Approvals for the Vaccine or the Product in the Inovio Territory; and (b) (i) except to the extent in connection with the exercise of its retained rights under Section 2.1(b), Inovio shall not communicate with any Regulatory Authority having jurisdiction outside the Inovio Territory, unless so ordered by such Regulatory Authority, in which case Inovio shall immediately notify Advaccine of such order; (ii) except to the extent in connection with the exercise of its retained rights under Section 2.1(b), Inovio shall not submit any Regulatory Materials or seek Regulatory Approvals for the Vaccine or the Product in the Advaccine Territory.  
5.7    Notification of Threatened Action.  Each Party shall immediately notify the other Party (including by providing notice to the other Party’s Alliance Manager) of any information it receives regarding any threatened or pending action, inspection or communication by or from any Third Party, including without limitation a Regulatory Authority, which may affect the Development, Manufacture, Commercialization or regulatory status of any Product.  Upon receipt of such information, the Parties shall consult with each other in an effort to arrive at a mutually acceptable procedure for taking appropriate action.  
5.8    Adverse Event Reporting and Safety Data Exchange.  No later than ninety (90) days before the Initiation of a Clinical Trial with respect to the Development of any Product in the Advaccine Territory, the Parties shall define and finalize the actions that the Parties shall employ with respect to such Product to protect patients and promote their well-being in a written pharmacovigilance agreement (the “Pharmacovigilance Agreement”) for the Development of the Product globally.  Further, no later than one hundred and eighty (180) days before the anticipated launch date of any Product in the Advaccine Territory, the Parties shall enter into a separate Pharmacovigilance Agreement for the Commercialization of the Product.  Each of the Pharmacovigilance Agreements shall include mutually acceptable guidelines and procedures for the receipt, investigation, recording, communication, and exchange (as between the Parties) of adverse event reports, pregnancy reports, and any other information concerning the safety of the Product, and other routine pharmacovigilance reporting requirements.  Such guidelines and procedures shall be in accordance with, and enable the Parties to fulfill, local and national regulatory reporting obligations under applicable Laws.  Furthermore, such agreed procedure shall be consistent with relevant ICH guidelines, except where said guidelines may conflict with existing local regulatory reporting safety reporting requirement, in which case local reporting requirement shall prevail.  The Pharmacovigilance Agreement shall provide for an adverse event database for the Products in the Field in the Advaccine Territory to be maintained by Advaccine at Advaccine’s expense, and a global safety database for the Products to be maintained by Inovio at Inovio’s expense.  As between the Parties, Advaccine shall be responsible for preparing all adverse event reports and responses to safety issues and requests of Regulatory Authorities relating to the Products in the Field in the Advaccine Territory, and Advaccine shall be responsible for filing such 

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reports and responses with Regulatory Authorities in the Advaccine Territory.  As between the Parties, Advaccine shall also be responsible for reporting any quality complaints, adverse events and safety data related to the Products in the Field in the Advaccine Territory to Inovio for inclusion in the global safety database.  Each Party hereby agrees to comply with its respective obligations under such Pharmacovigilance Agreement and to cause its Affiliates and permitted Sublicensees to comply with such obligations.
5.9    Remedial Actions.  Each Party will notify the other Party immediately, and promptly confirm such notice in writing, if it obtains information indicating that any Product may be subject to any recall, corrective action or other regulatory action taken by virtue of applicable Laws (a “Remedial Action”).  The Parties will assist each other in gathering and evaluating such information as is necessary to determine the necessity of conducting a Remedial Action.  Advaccine shall, and shall ensure that its Affiliates and Sublicensees will, maintain adequate records to permit the Parties to trace the packaging, labeling, distribution, sale and use (to the extent possible) of the Product in the Advaccine Territory.  Advaccine shall have sole discretion with respect to any matters relating to any Remedial Action in the Advaccine Territory, including the decision to commence such Remedial Action and the control over such Remedial Action in its territory, at its cost and expense.
Article 6.
Commercialization 
6.1    Overview; Diligence.  Subject to the terms and conditions of this Agreement (including the diligence obligations set forth below), Advaccine shall have the sole right and responsibility for and have operational control over all aspects of the Commercialization of the Products in the Field in the Advaccine Territory, including:  (a) developing and executing a commercial launch and pre-launch plan, (b) negotiating with applicable Governmental Authorities regarding the price and reimbursement status of the Products; (c) marketing, advertising and promotion; (d) booking sales and distribution and performance of related services; (e) handling all aspects of order processing, invoicing and collection, inventory and receivables; (f) providing customer support, including handling medical queries, and performing other related functions; and (g) conforming its practices and procedures to applicable Laws relating to the marketing, detailing and promotion of the Products in the Field in the Advaccine Territory.  Advaccine shall bear all of the costs and expenses incurred in connection with such Commercialization activities.  Advaccine shall use Commercially Reasonable Efforts to Commercialize the Products in the Advaccine Territory and to actively market and sell the Products in the Advaccine Territory and to expand annual Net Sales of the Products in the Advaccine Territory.  Without limiting the generality of the foregoing, Advaccine shall use Commercially Reasonable Efforts to conduct its Commercialization activities under and in accordance with the Commercialization Plan.
6.2    Commercialization Plan.  
(a)    General.  Advaccine shall Commercialize the Products in the Field in the Advaccine Territory pursuant to a commercialization plan (the “Commercialization Plan”).  The Commercialization Plan shall include (i) a detailed description of all key strategic decisions (including messaging, branding, marketing, advertising, sales force positioning, number of representatives and details, pricing strategy, etc.), implementation tactics and pre-launch and post-launch activities; (ii) a reasonably detailed description and timeline of Advaccine’s, its Affiliates’ and their respective 

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Sublicensees’ Commercialization activities for the Products in the Advaccine Territory for the next Fiscal Year, including medical marketing activities, sales forecasts and projections, pricing, reimbursement, market research, sales training, distribution channels, customer service and sales force matters related to the launch and sale of the Products in the Advaccine Territory, and (iii) a strategic plan for Commercialization of the Products in the Advaccine Territory for the following two (2) Fiscal Years.  In the event that Advaccine’s Commercialization Plan requires the use of Inovio internal resources to conduct additional activities, the extent of such need shall be clearly specified in the Commercialization Plan and will require the prior written approval of Inovio.
(b)    Initial Plan and Amendments.  Within a reasonable time (but no less than six (6) months) prior to the anticipated Regulatory Approval of each Product in the Advaccine Territory, Advaccine shall prepare and present to the JSC an initial Commercialization Plan for review and discussion (but not approval) by the JSC.  From time to time (but at least on an annual basis) during the Term, Advaccine shall prepare updates and amendments, as appropriate, to the then-current Commercialization Plan (including to take into account changed circumstances that are material to the Commercialization of Product, including changes in the marketplace, relative success of the Product, and other relevant factors influencing such plan and activities), and shall submit all updates and amendments to the Commercialization Plan to the JSC for review and discussion (but not approval).  Notwithstanding anything to the contrary contained in this Agreement, the Commercialization Plan, and any updates and amendments thereto, shall not require the approval of the JSC or Inovio.
6.3    Data Exchange.  Advaccine shall keep Inovio reasonably informed of Advaccine’s, its Affiliates’ and their respective Sublicensees’ Commercialization activities with respect to the Products in the Field in the Advaccine Territory.  Inovio shall provide to Advaccine, upon Advaccine’s request, and no more than once every six (6) months, at Inovio’s cost, copies of any materials prepared by or on behalf of Inovio that are necessary or reasonably useful in connection with Advaccine’s Commercialization of the Products in the Field in the Advaccine Territory (including relevant training materials, global brand and global market research, in each case, with respect to the Products), and, to the extent elected by Advaccine, Advaccine shall have the right to use such materials in connection with the Commercialization of the Products in the Field in the Advaccine Territory in accordance with the Agreement.
6.4    No Diversion.  Each Party hereby covenants and agrees that it shall not, and shall ensure that its Affiliates and Sublicensees (in the case of Advaccine) or licensees, including Inovio Partners (in the case of Inovio) will not, directly or indirectly, promote, market, distribute, import, sell or have sold the Products, including via internet or mail order, in the other Party’s territory.  With respect to any country in the other Party’s territory, a Party shall not, and shall ensure that its Affiliates and their respective Sublicensees (in the case of Advaccine) or licensees, including Inovio Partners (in the case of Inovio) will not: (a) establish or maintain any branch, warehouse or distribution facility for the Products in such countries, (b) knowingly engage in any advertising or promotional activities relating to the  Products that are directed primarily to customers or other purchaser or users of the  Products located in such countries, (c) actively solicit orders for the  Products from any prospective purchaser located in such countries, or (d) knowingly sell or distribute the Products to any person in such Party’s territory who intends to sell or has in the past sold the Products in such countries.  If either Party receives any order for any Product from a prospective purchaser reasonably believed to be located in a country in the 

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other Party’s territory, such Party shall immediately refer that order to the other Party and such Party shall not accept any such orders.  Each Party shall not deliver or tender (or cause to be delivered or tendered) the Products into a country in the other Party’s territory.  Each Party shall not, and shall ensure that its Affiliates and their respective Sublicensees (in the case of Advaccine) or licensees, including Inovio Partners (in the case of Inovio) will not, knowingly restrict or impede in any manner the other Party’s exercise of its retained exclusive rights in the other Party’s territory. For the avoidance of doubt, nothing in this Section 6.4 shall limit Inovio’s retained rights under Section 2.1(b).
6.5    Field Restrictions.  Advaccine hereby covenants that it shall not, and shall cause its Affiliates and Sublicensees not to, promote or encourage the use of the Products in the Advaccine Territory for any use outside the Field.  
Article 7.
MANUFACTURE AND SUPPLY
7.1    Clinical Supply. 
(a)    Clinical Inovio Device.  During the Term, Inovio will supply Advaccine’s clinical requirements of the applicable Inovio Device for clinical use in the Advaccine Territory, at Inovio’s fully burdened manufacturing cost plus an agreed-to profit margin to support preclinical development and clinical studies in the Field in the Advaccine Territory.  Upon Advaccine’s reasonable request, the Parties agree to negotiate in good faith the terms and conditions of a supply of Inovio Device manufactured by or on behalf of Inovio under a separate agreement (the “Clinical Supply Agreement”).  The Clinical Supply Agreement shall contain commercially reasonable terms as may be agreed upon in good faith by the Parties.  Notwithstanding the foregoing, Advaccine shall have the right to Manufacture in the Advaccine Territory any Arrays used with the Inovio Device for use in the Field in the Advaccine Territory.
(b)    Vaccine Supply.  During the Term, Inovio will supply Advaccine’s clinical requirements of the Vaccine for clinical use in the Advaccine Territory, at Inovio’s fully burdened manufacturing cost plus an agreed-to profit margin to support preclinical development and clinical studies in the Field in the Advaccine Territory.  Upon Advaccine’s reasonable request, the Parties agree to negotiate in good faith the terms and conditions of a supply of the Vaccine manufactured by or on behalf of Inovio under a separate agreement.

(c)    Vaccine Manufacturing Technology Transfer.  Advaccine shall have the right to appoint additional or alternative suppliers (or conduct its own Manufacturing) of the applicable Vaccine for clinical use in the Advaccine Territory.  Additionally, Inovio may elect to transfer Manufacturing responsibility for the Vaccine to Advaccine.  Upon either Party’s request, the Parties shall enter into a manufacturing technology transfer agreement (“Clinical Manufacturing Technology Transfer Agreement”) as more fully detailed below.  Under such Clinical Manufacturing Technology Transfer Agreement, Inovio shall transfer to Advaccine (or its designee) such documents and information, and provide such technical assistance and support, necessary or reasonably useful for Advaccine to Manufacture or have Manufactured the Vaccine or the Products, to the extent Controlled by Inovio as of such date; provided that (i) Advaccine shall notify Inovio of any such Third Party 

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contractor and shall not engage with such Third Party contractor if Inovio believes in good faith that such Third Party contractor is not capable of manufacturing the applicable Vaccine with sufficient quality to satisfy GMP requirements, and (ii) any such Third Party contractor shall (A) be bound by written obligations of confidentiality, non-use and compliance with applicable Laws (including Proper Conduct Practices, GMP and any regulations required by the NMPA, the FDA and the EMA), consistent with this Agreement and have agreed in writing to assign to Advaccine all Data, Information, inventions or other intellectual property generated by such subcontractor in the course of performing such subcontracted work, and (B) upon reasonable prior written notice given by Inovio to Advaccine, shall permit Inovio or its representatives to audit, during such subcontractor’s normal business hours and without additional charge, the performance of Manufacturing activities hereunder, the facilities used and relevant processes, systems, books, documents and records, in order to determine Advaccine’s compliance with this Agreement. Advaccine shall pay Inovio’s reasonable external costs (including FTEs) incurred in connection with providing such information or assistance pursuant to this Section 7.1(c).   
7.2    Commercial Supply. 
(a)    Commercial Inovio Device. During the Term, Inovio will supply Advaccine’s commercial requirements of the applicable Inovio Device for commercial use in the Field in the Advaccine Territory, at Inovio’s fully burdened manufacturing cost plus an agreed-to profit margin.  Upon Advaccine’s reasonable request, the Parties agree to negotiate in good faith the terms and conditions of a supply of Inovio Device manufactured by or on behalf of Inovio under a separate agreement (the “Inovio Device Commercial Supply Agreement”).  The Inovio Device Commercial Supply Agreement shall contain commercially reasonable terms as may be agreed upon in good faith by the Parties.  Notwithstanding the foregoing, Advaccine shall have the right to Manufacture Arrays used with the Inovio Device for use in the Field in the Advaccine Territory.  Notwithstanding the foregoing, in the event that Inovio is unable to supply sufficient quantity of the Inovio Device pursuant to the Inovio Device Commercial Supply Agreement to meet at least eighty-five percent (85%) of Advaccine forecasted requirements of the Products in the Advaccine Territory for a period of six (6) consecutive months, then Inovio shall establish a second source supplier for the Inovio Device in order to Manufacture the Inovio Device for use in the Advaccine Territory for use with the Products. 
(b)    Manufacture and Supply.  Advaccine assumes responsibility for the manufacture and supply of the Vaccine itself or through a contract manufacturer, for commercial use in the Field in the Advaccine Territory.  Advaccine assumes responsibility for the manufacture and supply of any Arrays itself or through a contract manufacturer for use in the Field in the Advaccine Territory.
(c)    Manufacturing Technology Transfer. In the event that neither Party has already initiated a technology transfer in accordance with Section 7.1(c), then, upon either Party’s request, the Parties shall enter into a manufacturing technology transfer agreement for the applicable Vaccine in the manner set forth in Section 7.1(c).  Advaccine shall pay Inovio’s reasonable external costs incurred in connection with providing such information or assistance pursuant to this Section 7.2(c).  
7.3    Distribution.  Advaccine will be solely responsible for the distribution of the Products in the Field in the Advaccine Territory.

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7.4    Brand Security and Anti-Counterfeiting.  The Parties will establish contacts for communication regarding brand security issues, and each Party shall reasonably cooperate with the other Party with respect thereto.  Practices around these incidents will comply with Inovio’s then-current standards, where such standards define product security features, warehouse/cargo protection requirements, and response and communication process for such incidents. 
Article 8.
Compensation
8.1    Upfront Payment.  Within thirty (30) calendar days after the Effective Date, Advaccine shall pay to Inovio a one-time, non-refundable, non-creditable upfront payment of three million U.S. Dollars (US$3,000,000). 
8.2    Development Milestone Payments.  Advaccine shall pay to Inovio the one-time, non-refundable, non-creditable payments set forth in the table below. Advaccine shall notify Inovio in writing within ten (10) days of achievement by a Product of a regulatory milestone event (except for milestone No. 3, which Inovio shall notify Advaccine upon achievement) and Advaccine shall pay to Inovio the required milestone payment within thirty (30) Business Days of the achievement by a Product of the applicable milestone event.  
									
	No.
	Milestone Event
	Milestone Payment
	1	Enrollment of first subject in first Phase 2 Clinical Trial or Pivotal Clinical Trial for  the Product in the Advaccine Territory	[***]
	2	Enrollment of first subject in first Phase 3 Clinical Trial or Pivotal Clinical Trial for the Product in the Advaccine Territory	[***]
	3	Marketing Authorization for a Product in the Field in the U.S. by the FDA	[***]
	4	Marketing Authorization for a Product in the Field by the NMPA	[***]
	5	First Commercial Sale of a Product in the Advaccine Territory	[***]

If any development milestone event set forth above is achieved before any prior development milestone event, then such prior development milestone event(s) shall then also be due and payable together with the achieved development milestone event. For the avoidance of doubt, two or more development milestones may be achieved concurrently. 
8.3    Commercial Milestone Payments.  Advaccine shall pay to Inovio the additional one-time, non-refundable, non-creditable payments set forth in the table below within forty-five (45) Business Days after the Calendar Quarter in which the aggregate Net Sales of the Products sold in the Advaccine Territory in a Calendar Year of the corresponding threshold value indicated below is first achieved.  For clarity, each of the following milestone payments shall be payable only once regardless of the number of times such milestone is achieved.

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	Commercial Milestone Event	Milestone Payment
	The aggregate Net Sales of the Products in the Advaccine Territory in a given Calendar Year first reaches [***]	[***]
	The aggregate Net Sales of the Products in the Advaccine Territory in a given Calendar Year first reaches [***]	[***]
	The aggregate Net Sales of the Products in the Advaccine Territory in a given Calendar Year first reaches [***]	[***]
	The aggregate Net Sales of the Products in the Advaccine Territory in a given Calendar Year first reaches [***]	[***]

8.4    Royalties on Net Sales.
(a)    Royalty Rates.  Subject to the terms and conditions of this Section 8.4, Advaccine shall pay to Inovio non-creditable, non-refundable royalties equal to [***] Net Sales of all Products in the Advaccine Territory on a Product-by- Product and Region-by-Region basis during the applicable Royalty Term.
(b)    Royalty Term.  Royalties payable under Section 8.4(a) shall be paid by Advaccine (on a Product-by-Product and Region-by-Region basis) from the period beginning on the date of the First Commercial Sale of each Product in a Region in the Advaccine Territory and continuing until the later of: (i) ten (10) years from the date of First Commercial Sale of such Product in such Region, and (ii) expiration of the last Valid Claim of an Inovio Licensed Patent Covering such Product in such Region (the “Royalty Term”).  For clarity, if a Valid Claim of an Inovio Licensed Patent Covers the Manufacture of such Product in such Region, then regardless of whether such Product is actually Manufactured in such Region, such Product shall be deemed to be Covered by a Valid Claim of an Inovio Licensed Patent in such Region.
(c)    Royalty Reduction.  
i.Biosimilar Entry.  If a Product is generating Net Sales in a Region during the applicable Royalty Term at a time when a Biosimilar Product with respect to such Product is being sold in such Region, and such Biosimilar Product(s) obtain (x) a market share of at least [***] in such Region on a volume basis, then, subject to Section 8.4(c)(iv), the royalty rates applicable to Net Sales of such Product in such Region shall be reduced to [***] of the royalty rate set forth in Section 8.4(a), or (y) a market share of at least [***] in such Region on a volume basis, then, subject to Section 8.4(c)(iv), the royalty rates applicable to Net Sales of such Product in such Region shall be reduced to [***] of the royalty rate set forth in Section 8.4(a), but in each case of (x) and (y) only for so long as the Biosimilar Product with respect to such Product is being sold in such Region with such market share.  
ii.    Third Party Royalty Credit.  If Advaccine determines (based on advice of outside Patent counsel) that it is necessary to obtain a license to any Patent owned by a Third Party that contains claims that cover the Vaccine in a Region in the Advaccine Territory (i.e., but for such license, the making, having made, using, selling, offering for sale, or importing of the Vaccine, as 

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contained in or comprising a Product, would infringe such Patent owned by such Third Party in such Region) and Advaccine obtains such a license, then, subject to Section 8.4(c)(iv), Advaccine shall have the right to deduct, from the royalty payment that would otherwise be payable to Inovio pursuant to Section 8.4(a) with respect to Net Sales of such Product in such Region in a particular Calendar Quarter, an amount equal to [***] of the payments by Advaccine to such Third Party pursuant to such license on account of the sale of such Product in such Region during such Calendar Quarter; provided that (i) in no event will the royalty payment that would otherwise be payable to Inovio pursuant to this Section 8.4 with respect to Net Sales of such Product in such Region in such particular Calendar Quarter (without regard to any other reductions) be reduced by more than [***] in any given Calendar Quarter as a result of any deduction under this Section 8.4(c)(ii) and (ii) Advaccine will be entitled to carry forward to subsequent Calendar Quarters any amounts with respect to which Advaccine would have been entitled to take a deduction pursuant to this Section 8.4(c)(ii) but is unable to take such deduction pursuant to the foregoing sub-clause (i).  
iii. No Valid Claim.  For each Product and for any period during the Royalty Term in which the sale of such Product in a given country is neither: (i) Covered by any Valid Claim of an Inovio Licensed Patent or Joint Patent nor (ii) protected by any data exclusivity right applicable to such Product in such country, then the Royalty rate applicable to Net Sales of such Product in such country during such period shall be equal to [***] of the applicable Royalty rate set forth in this Section 8.4.
iv. Notwithstanding the foregoing, in no event shall the operation of Section 8.4(c)(i), Section 8.4(c)(ii) or Section 8.4(c)(iii)), individually or in combination, reduce the royalties paid to Inovio with respect to the Net Sales of any Product in any Region in the Advaccine Territory in any Calendar Quarter to less than [***] of the amount that would otherwise have been payable to Inovio pursuant to Section 8.4(a) with respect to such Net Sales.
8.5    Royalty Payments; Reports.  Royalties under Section 8.4 shall be calculated and reported for each Calendar Quarter during the Royalty Term and shall be paid within thirty (30) Business Day after the end of the applicable Calendar Quarter, commencing with the Calendar Quarter in which the First Commercial Sale of a Product occurs.  Each payment of royalties shall be accompanied by a report of Net Sales of the Products by Advaccine, its Affiliates and their respective Sublicensees in sufficient detail to permit confirmation of the accuracy of the royalty payment made, including: (a) the amount of gross sales and Net Sales of the Products in the Advaccine Territory on a Product-by-Product and Region-by-Region basis, (b) an itemized calculation showing the deductions from gross sales (by major category as set forth in the definition of Net Sales) to determine Net Sales, and (c) a calculation of the amount of royalties due to Inovio in U.S. Dollars, including the application of any exchange rate used. 
8.6    Payment Method; Foreign Exchange; Blocked Payments.  All payments owed by Advaccine under this Agreement shall be made by wire transfer in immediately available funds to a bank and account designated in writing by Inovio.  For clarity, all payments by Advaccine to Inovio pursuant to Sections 8.1, 8.2, 8.3 and 8.4 shall be in U.S. Dollars.  The rate of exchange to be used in computing the amount of currency equivalent in U.S. Dollars of any amounts payable in U.S. Dollars by Advaccine to Inovio under this Agreement shall be determined and calculated (i) with respect to the 

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Chinese Yuan, using the middle rate published by the Bank of China for exchange of US dollars with the Chinese Yuan on the date of transfer of the payment, and (ii) with respect to any other currency, the average rate of exchange based on OANDA rates for the Calendar Quarter in which the applicable payment is due.  In the event that, by reason of applicable Laws in the Advaccine Territory, it becomes impossible or illegal for Advaccine or its Affiliate to transfer, or have transferred on its behalf, payments to Inovio, Advaccine shall promptly notify Inovio of the conditions preventing such transfer and such payments shall be deposited in local currency in the relevant country to the credit of Inovio in a recognized banking institution designated by Inovio. 
8.7    Interest on Late Payments.  If Inovio does not receive payment of any sum due to it on or before the due date, interest shall thereafter accrue on the sum due to Inovio until the date of payment at the per annum rate of [***] over the then-current prime rate reported in The Wall Street Journal or the maximum rate allowable by applicable Laws, whichever is lower, with such interest compounded quarterly. 
8.8    Records; Audits.  
(a)    Advaccine shall, and shall cause its Affiliates and their respective Sublicensees to, maintain in accordance with Accounting Standards, reasonably complete and accurate records in sufficient detail to permit Inovio to confirm the accuracy of the calculation of royalty payments and the achievement of the milestone events.  All payments and other relevant amounts under this Agreement shall be accounted for in accordance with Accounting Standards.  Upon reasonable prior written notice, in any event no less than thirty (30) days prior written notice, such records shall be available for examination during regular business hours and in a manner that does not interfere with Advaccine’s business activities for a period of three (3) years from the end of the Fiscal Year to which they pertain, and not more often than once each Fiscal Year, by an independent certified public accountant selected by Inovio and reasonably acceptable to Advaccine, for the sole purpose of verifying the accuracy of the financial reports furnished by Advaccine pursuant to this Agreement and any payments with respect thereto.  Any such auditor shall not disclose Advaccine’s Confidential Information, except to the extent such disclosure is necessary to verify the accuracy of the financial reports furnished by Advaccine or the amount of payments due under this Agreement.  Any amounts shown to be owed but unpaid shall be paid within thirty (30) days from the accountant’s report, plus interest (as set forth in Section 8.7) from the original due date.  Inovio shall bear the full cost of such audit unless such audit discloses an underpayment by Advaccine of more than [***] of the amount due for the audited period, in which case Advaccine shall bear the full cost of such audit.  
(b)    Inovio shall, and shall ensure that its Affiliates and its and their respective employees, agents and contractors, maintain complete and accurate records with respect to Inovio’s pharmacovigilance-related obligations set forth in Section 5.8.  Upon reasonable prior notice, such records shall be available for examination during regular business hours for a period of three (3) years from the end of the Fiscal Year to which they pertain, and not more often than once each Fiscal Year, by Advaccine or its designee that is reasonably acceptable to Inovio, for the sole purpose of ensuring compliance with NMPA and other Regulatory Authority regulations.  Any such records shall be deemed Confidential Information of Inovio.  
8.9    Taxes. 

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(a)    Taxes on Income.  Except as set forth in this Section 8.9, each Party shall be solely responsible for the payment of all taxes imposed on its share of income arising directly or indirectly from the efforts of the Parties under this Agreement. 
(b)    Withholding Taxes.  Subject to Section 8.9(d), if Advaccine is required by applicable Laws to make any tax deduction, tax withholding or similar payment (other than value-added tax, any goods and services tax, harmonized sales tax and any similar provincial sales tax) from any amount paid or payable by Advaccine to Inovio (a “Tax Withholding”) under this Agreement, then in the case of any payments to be made by Advaccine to Inovio under this Agreement (including pursuant to Sections 8.1, 8.2, 8.3, and 8.4), Advaccine will (A) deduct and withhold the amount of such Tax Withholding for the account of Inovio to the extent required by applicable Laws (such amounts payable to Inovio shall be reduced by the amount of Tax Withholding deducted and withheld) and (B) pay any such Tax Withholding (including any additional Tax Withholding required with respect to Advaccine’s additional payments under this Section 8.9) directly to the proper Governmental Authority. 
(c)    VAT.  All payments due to Inovio from Advaccine pursuant to this Agreement shall be paid exclusive of, and without reduction for, any value-added tax (including, for greater certainty, any goods and services tax, harmonized sales tax and any similar taxes) (“VAT”) (which, if applicable, shall be payable by Advaccine). Advaccine shall be responsible for the payment of all VAT applicable to the payments made by Advaccine to Inovio under this Agreement in the Advaccine Territory and shall file all applicable VAT tax returns or seek any exemption or reduction of such VAT pursuant to any applicable Laws.  Inovio shall cooperate, to the extent reasonably required, with the filing of any such VAT tax returns or any application of reduction or exemption of such VAT with the proper Government Authority in the Advaccine Territory. Advaccine shall indemnify Inovio for any VAT imposed on Inovio in the Advaccine Territory with respect to the payments made to it by Advaccine under this Agreement and if Inovio directly pays any such VAT, Advaccine shall promptly reimburse Inovio for such VAT including all reasonable related costs.  If Inovio determines that it is required to report any such tax, Advaccine shall promptly provide Inovio with applicable receipts and other documentation necessary or appropriate for such report.  For clarity, this Section 8.9(c) is not intended to limit Advaccine’s right to deduct VAT in determining Net Sales. 
(d)    Tax Cooperation.  Without limiting Section 8.9(b) and 8.9(c), the Parties agree to cooperate with one another and use reasonable efforts to reduce or eliminate Tax Withholding or similar obligations in respect of payments made by Advaccine to Inovio under this Agreement (including pursuant to Sections 8.1, 8.2, 8.3 and 8.4).  To the extent Advaccine is required to make any Tax Withholdings for any payment to Inovio, Advaccine shall pay the amounts of such taxes to the proper Governmental Authority in a timely manner and promptly transmit to Inovio an official tax certificate or other evidence of such withholding sufficient to enable Inovio to claim such payment of taxes from any applicable Government Authority.  Inovio shall provide Advaccine any tax forms or other similar documentation that may be reasonably necessary in order for Advaccine not to make any Tax Withholdings or to make Tax Withholdings at a reduced rate under an applicable bilateral income tax treaty, and shall update such forms and documentation from time to time as necessary to reflect changes in facts.  Each Party shall provide the other with reasonable assistance to enable the recovery, as permitted by applicable Laws, of Tax Withholdings, VAT or similar obligations resulting from payments made under this Agreement, such recovery to be for the benefit of the Party bearing such 

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withholding tax or VAT.  Specifically, in the event that any tax has been withheld upon a payment made under this Agreement or has otherwise been remitted to a Governmental Authority, if requested by either Party, and if, and for so long as, the Parties acting in good faith mutually agree that there is a reasonable prospect of successfully obtaining a refund of such tax, then the other Party shall, at the requesting Party’s sole cost and expense, seek a refund of such tax from the proper Governmental Authority. In the event that any taxes withheld or reimbursed by Advaccine under Section 8.9(a) are subsequently refunded to Advaccine by the appropriate Governmental Authority, Advaccine shall pay over the amount of such refund, less any cash Taxes attributable to the receipt thereof and any reasonable expenses incurred by Advaccine in obtaining such refund. Advaccine agrees to reasonably cooperate with Inovio and its Affiliates in the pursuit of such tax refund (including, if required by applicable Laws or by the applicable Governmental Authority, permitting Inovio to seek such tax refund in Advaccine’s name and participating in any application or appeal that requires that Advaccine be the party applying for such tax refund, solely with Advaccine’s prior written consent); provided that, Inovio agrees to assume responsibility for direct payment of lawyers’ and other advisors’ fees and any other costs associated with seeking such refund.  Notwithstanding anything contained in the Agreement to the contrary, in the event that Inovio is unable to utilize any portion of a Tax Withholding as tax credit to effectively lower its income tax for the applicable tax year during which the applicable payment is received, Advaccine shall reimburse Inovio for any such portion thereof within forty-five (45) days after receipt of an invoice from Inovio (and shall gross-up Inovio for any Tax Withholding on such payment). 
Article 9.
Intellectual Property Matters
9.1    Ownership; License Grants.
(a)    Data Generated by Inovio.  Inovio shall solely own all Data generated by Inovio.  For clarity, all Data solely directed to the Vaccine and the Array Controlled by Inovio are included in the Inovio Licensed Know-How and licensed to Advaccine under Section 2.1(a). 
(b)    Data Generated by Advaccine. Advaccine shall solely own all Data generated by Advaccine in the Development of the Vaccine and the Products in the Field in the Advaccine Territory.  Advaccine hereby grants to Inovio (i) an irrevocable, perpetual, royalty-free, fully paid-up, exclusive license, with the right to grant sublicenses, to use such Data generated and owned by Advaccine for the purpose of seeking and maintaining any Regulatory Approval for the Vaccine or the Product in the Inovio Territory, and (ii) upon expiration or termination of the Agreement (other than termination of the Agreement by Advaccine pursuant to Sections 13.4 or 13.5), an irrevocable, perpetual, royalty-free, fully paid-up, non-exclusive license, with the right to grant sublicenses, to use such Data generated and owned by Advaccine for the Development, Manufacture and Commercialization of the Vaccine or the Product in the Field in the Advaccine Territory.  
(c)    Product Materials.  Subject to the terms and conditions of this Agreement, each Party hereby grants to the other Party a fully-paid up, royalty-free exclusive license, with the right to grant sublicenses under multiple tiers, to use Product Materials generated and owned by such Party, solely to the extent reasonably necessary for the Development, Manufacture (with respect to Advaccine, solely to the extent applicable under Section 7.2) and Commercialization of the Vaccine and the Product in the Field in the other Party’s respective territory during the Term of this Agreement. 

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(d)    Inventions.  Inventorship of any Invention will be determined in accordance with the standards of inventorship and conception under U.S. patent laws.  
i.Inovio Inventions.  Any Invention generated, developed, conceived or reduced to practice (constructively or actually) solely by or on behalf of Inovio, its Affiliates and their respective licensees (including Inovio Partners), including their employees, agents and contractors (“Inovio Inventions”) shall be solely and exclusively owned by Inovio. For clarity, any and all Inovio Inventions that are Controlled by Inovio and reasonably necessary for the Development, Manufacture and Commercialization of the Vaccine and the Product in the Field in the Advaccine Territory shall be included in the Inovio Technology licensed to Advaccine under Section 2.1(a), including any Patent rights therein. 

ii.    Advaccine Inventions.  Any Inventions generated, developed, conceived or reduced to practice (constructively or actually) solely by or on behalf of Advaccine, its Affiliates and their respective Sublicensees, including their employees, agents and contractors (“Advaccine Inventions”) shall be solely and exclusively owned by Advaccine.  Advaccine shall disclose in writing to Inovio all Advaccine Inventions promptly following the generation, development, conception or reduction to practice thereof.  Advaccine hereby grants Inovio (A) an irrevocable, perpetual, royalty-free, fully paid-up, exclusive license, with the right to grant sublicenses, under the Advaccine Inventions in the Inovio Territory, and (B) upon expiration or termination of this Agreement (other than termination of this Agreement by Advaccine pursuant to Sections 13.4 or 13.5) an irrevocable, perpetual, royalty-free, fully paid-up, non-exclusive license, with the right to grant sublicenses, under the Advaccine Inventions in the Advaccine Territory, in each case of (A) and (B), solely for the Development, Manufacture and Commercialization of the Vaccine or the Products in the Field.   
  
iii.    Joint Inventions.  Any Invention generated, developed, conceived or reduced to practice (constructively or actually) jointly by or on behalf of Advaccine and Inovio, their Affiliates and respective Sublicensees, including their employees, agents and contractors (“Joint Inventions”) shall be jointly owned by the Parties, and, subject to the licenses set forth in this Agreement, each Party may freely exploit such Joint Inventions without any duty to account to the other Party.  Each Party shall disclose in writing to the other Party all Joint Inventions promptly following the generation, development, conception or reduction to practice thereof.  Advaccine hereby grants Inovio an irrevocable, perpetual, royalty-free, fully paid-up, exclusive license, with the right to grant sublicenses, under its rights in such Joint Inventions (i) in the Inovio Territory, and (ii) upon termination of the Agreement (other than termination of the Agreement by Advaccine pursuant to Sections 13.4 or 13.5), in the Advaccine Territory, in each case of (i) and (ii), solely for the Development, Manufacture and Commercialization of the Vaccine or the Product in the Field.  Inovio hereby grants Advaccine an irrevocable, perpetual, royalty-free, fully paid-up, exclusive license, with the right to grant sublicenses, under its rights in such Joint Inventions in the Advaccine Territory solely for the Development, Manufacture and Commercialization of the Vaccine or the Product in the Field. 
(e)    Affiliates, Sublicensees and Subcontractors.  Each Party  shall ensure that each of its Affiliates, Sublicensees and subcontractors under this Agreement has a contractual obligation to disclose to it all Data, Product Materials and Inventions generated, invented, discovered, developed, 

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made or otherwise created by them or their employees, agents or independent contractors, and to provide sufficient rights with respect thereto, so that each Party  can comply with its obligations to the other Party under this Section 9.1.
9.2    Patent Prosecution.  
(a)    Definition.  For the purpose of this Article 9, “prosecution” of Patents shall include, without limitation, all communication and other interaction with any patent office or patent authority having jurisdiction over a Patent application throughout the world in connection with any pre-grant proceedings and post-grant proceeding, including opposition proceedings. 
(b)    Inovio Licensed Patents; Joint Patents.  Except as set forth in Section 9.2(d), as between the Parties, Inovio shall have the sole right to prepare, file, prosecute and maintain or abandon the Inovio Licensed Patents on a worldwide basis.  Except as set forth in Section 9.2(d), as between the Parties, Inovio shall have the sole right to prepare, file, prosecute and maintain or abandon the Joint Patents on a worldwide basis.  Inovio shall provide Advaccine with a copy of the draft prepared for the filing of a Joint Patent, before the filing of such Joint Patent and will consider in good faith comments thereto provided by Advaccine in connection with the filing thereof.  Inovio shall, at the request of Advaccine, provide Advaccine with regular updates on the prosecution of the Inovio Product-Specific Licensed Patents and Joint Patents in the Field in the Advaccine Territory.  For clarity, Advaccine shall not have any rights pursuant to this Agreement with respect to any Inovio Licensed Patents in the Inovio Territory (including any Step-In Rights relating thereto).
(c)    Advaccine Patents.  Except as set forth in Section 9.2(d), as between the Parties, Advaccine shall have the sole right to prepare, file, prosecute and maintain or abandon the Advaccine Patents.  Advaccine shall provide Inovio with a copy of the draft prepared for the filing of a Advaccine Patent, before the filing of such Advaccine Patent and will consider in good faith comments thereto provided by Inovio in connection with the filing thereof.  Advaccine shall provide Inovio with regular updates on the prosecution of the Advaccine Patents in the Field in the Advaccine Territory.  
(d)    Step-In Rights.  Either Party may cease prosecution and/or maintenance of any Patent that such Party is responsible for prosecuting and maintain pursuant to this Section 9.2 on a country-by-country basis by providing the other Party written notice reasonably in advance of such due date.  If the responsible Party elects to cease prosecution or maintenance of the relevant Patent in a country, the other Party, shall have the right, but not the obligation, at its sole discretion and cost, to continue prosecution or maintenance of such Patent and in such country (“Step-In Rights”), provided that Advaccine may only exercise its Step-In Rights with respect to Joint Patents and Inovio Product-Specific Licensed Patents in the Advaccine Territory.  If the other Party elects to continue prosecution or maintenance or elects to file additional applications following the responsible Party’s election to cease prosecution or maintenance pursuant to this Section 9.2(d), the responsible Party shall transfer the applicable patent files to such other Party or its designee and execute such documents and perform such acts at the responsible Party’s expense as may be reasonably necessary to allow the other Party to initiate or continue such filing, prosecution or maintenance at the other Party’s sole expense.  
(e)    Cooperation.  Each Party shall provide the other Party with all reasonable assistance and cooperation in the patent prosecution efforts set forth in this Section 9.2, including 

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providing any necessary powers of attorney and executing any other required documents or instruments for such prosecution.  
9.3    Patent Term Extensions in the Advaccine Territory.  The JSC will discuss and recommend for which, if any, of the Patents within the Inovio Licensed Patents, Advaccine Patents and Joint Patents in the Advaccine Territory the Parties should seek patent term extensions.   If after reasonable discussion and good faith consideration of each Party’s view on a particular matter before the JSC, the representatives of the Parties cannot reach an agreement as which Patents such extensions should be sought for, (a) Inovio, in the case of Inovio Licensed Patents and Joint Patents, and (b) Advaccine, in the case of Advaccine Patents, shall have the final decision-making authority with respect to applying for any such patent term extension in the Advaccine Territory, and will act with reasonable promptness in light of the development stage of the Products to apply for any such patent term extension, where it so elects; provided, however, that if only one such Patent can obtain a patent term extension, the Parties will consult in good faith to determine which such Patent should be the subject of efforts to obtain a patent term extension, and further provided that, if an Inovio Licensed Patent is the only Patent that is eligible for a patent term extension with respect to a Product in the Advaccine Territory, then (i) Advaccine shall have the right, but not the obligation, to request Inovio to apply for such patent term extension at Advaccine’s sole discretion and cost, and (ii) upon Inovio’s receipt of such request, Inovio shall use Commercially Reasonable Efforts to apply for such patent term extension.  Each Party will cooperate fully with the other Party in making such filings or actions, for example and without limitation, making available all required regulatory Data and Information and executing any required authorizations to apply for such patent term extension.  All expenses incurred in connection with activities of each Party with respect to the Patent(s) for which such Party seeks patent term extensions pursuant to this Section 9.3 shall be borne by such Party. 
9.4    Patent Enforcement. 
(a)    Notification; Information Sharing.  If either Party becomes aware of any existing or threatened infringement of any Inovio Licensed Patent, Advaccine Patent or Joint Patent (“Infringement”), it shall promptly notify the other Party in writing to that effect and the Parties will consult with each other regarding any actions to be taken with respect to such Infringement.  Each Party shall share with the other Party all Information available to it regarding such alleged Infringement, pursuant to a mutually agreeable “common interest agreement” executed by the Parties under which the Parties agree to their shared, mutual interest in the outcome of any suit or other action to enforce the Inovio Licensed Patents, Advaccine Patent and Joint Patent against such Infringement.
(b)    Enforcement Rights.  
i. Inovio Product-Specific Licensed Patents; Joint Patents. 
(1)    Inovio shall have the first right, but not the obligation, to bring an appropriate suit or other action against any Person engaged in the Infringement of any Inovio Product-Specific Licensed Patent or Joint Patent in the Advaccine Territory, at Inovio’s cost and expense.  If Inovio elects to commence a suit or other action to enforce the applicable Inovio Product-Specific Licensed Patent or Joint Patent against such Infringement in the Advaccine Territory, then Advaccine shall have the right to join such enforcement action upon written notice to Inovio, and the 

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Parties shall share the cost and expense of such enforcement action equally.  If Inovio notifies Advaccine in writing that it does not intend to commence a suit or other action to enforce the applicable Inovio Product-Specific Licensed Patent or Joint Patent against such Infringement or to take other action to secure the abatement of such Infringement, or fails to take any such action after a period of forty-five (45) Business Days following either Party’s receipt of the notice of Infringement pursuant to Section 9.4(a), then, to the extent that such Infringement is resulting from a Third Party’s use or sale of a product that competes with a Product in the Field in the Advaccine Territory, Advaccine shall have the right, but not the obligation, to commence such a suit or take such action, at Advaccine’s sole cost and expense; provided that, in the event the Person engaged in the Infringement of any Inovio Product-Specific Licensed Patent or Joint Patent in the Advaccine Territory is also engaged in such Infringement in the Inovio Territory, and Inovio has commenced a suit to secure the abatement of such Infringement in the Inovio Territory, then Inovio shall promptly notify Advaccine thereof and Advaccine shall not have the right to commence such suit or action without the prior written consent of Inovio, not to be unreasonably withheld. In such case, Inovio shall take appropriate actions in order to enable Advaccine to commence a suit or take the actions set forth in the preceding sentence.  
(2)    Neither Party shall settle any such suit or action under Section 9.4(b)(i)(1) in any manner that would negatively impact the Inovio Product-Specific Licensed Patents or Joint Patents or that would limit or restrict the ability of Advaccine to sell the Products in the Advaccine Territory, without the prior written consent of the other Party.  For clarity, Advaccine shall not have the right to commence any such suit or action against any existing or threatened infringement of the Inovio Product-Specific Licensed Patents or Joint Patents outside the Advaccine Territory.
ii. Advaccine Patents.  Advaccine shall have the first right, but not the obligation, to bring an appropriate suit or other action against any Person engaged in the Infringement of any Advaccine Patent, at Advaccine’s cost and expense.  If Advaccine elects to commence a suit to enforce the applicable Advaccine Patent against such Infringement, where such Infringement relates to the Commercialization in the Advaccine Territory of unauthorized products containing the Vaccine, then Inovio shall have the right to join such enforcement action upon notice to Advaccine, and in this case the Parties shall share the cost and expense of such enforcement action equally.  If Advaccine notifies Inovio that it does not intend to commence a suit to enforce the applicable Advaccine Patent against such Infringement or to take other action to secure the abatement of such Infringement, or fails to take any such action after a period of ninety (90) days, then Inovio shall have the right, but not the obligation, to commence such a suit or take such action, at Inovio’s cost and expense.  In such case, Advaccine shall take appropriate actions in order to enable Inovio to commence a suit or take the actions set forth in the preceding sentence.  
(c)    Collaboration.  Each Party shall provide to the Party bringing a claim, suit or action under Section 9.4(b) (the “Enforcing Party”) with reasonable assistance in such enforcement, including joining such action as a party plaintiff if required by applicable Laws to pursue such action.  The Enforcing Party shall keep the other Party regularly informed of the status and progress of such enforcement efforts, and shall reasonably consider the other Party’s comments on any such efforts.  The non-enforcing Party shall be entitled to separate representation in such matter by counsel of its own choice and at its own expense, but such Party shall at all times cooperate fully with the Enforcing Party. 

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(d)    Expenses and Recoveries.  The Enforcing Party shall be solely responsible for any expenses it incurs as a result of such enforcement action, except that the Parties shall share equally the cost and expense of the enforcement action when Inovio is the Enforcing Party and Advaccine elects to join the enforcement action.  If the Enforcing Party recovers monetary damages in such claim, suit or action brought under Section 9.4(b), such recovery shall be allocated first to the reimbursement of any documented expenses incurred by the Parties in such enforcement action, and any remaining amounts shall be shared by the Parties as follows: 
i.if (A) Inovio is the Enforcing Party under Section 9.4(b)(i)(1) and Advaccine elects to join the enforcement action and share the cost and expenses related thereto, or (B) Advaccine is the Enforcing Party under Section 9.4(b)(ii) and Inovio elects to join the enforcement action and share the cost and expenses related thereto: [***] of the remaining amounts shall be retained by Inovio, and [***] of the remaining amounts shall be paid to Advaccine; 
ii.    if Inovio is the Enforcing Party (A) under Section 9.4(b)(i)(1) and Advaccine does not elect to join the enforcement action and share the cost and expenses related thereto, or (B) under Section 9.4(b)(ii): [***] of the remaining amounts shall be retained by Inovio, and [***] of the remaining amounts shall be paid to Advaccine; 
iii.    if Advaccine is the Enforcing Party (A) under Section 9.4(b)(ii) and Inovio does not elect to join the enforcement action and share the cost and expenses related thereto, or (B) under Section 9.4(b)(i)(1): [***] of the remaining amounts shall be retained by Advaccine, and [***] of the remaining amounts shall be paid to Inovio. 
(e)    Sections 9.4(c) and 9.4(d) shall survive the termination of this Agreement solely with respect to any pending enforcement action initiated during the Term under this Section 9.4.  
9.5    Third Party Infringement Claims.  If the Manufacture, use or sale of the Products in the Field in the Advaccine Territory pursuant to this Agreement results in a claim, suit or proceeding alleging patent infringement against Inovio or Advaccine (or their respective Affiliates, licensees or Sublicensees) (collectively, “Infringement Actions”), such Party shall promptly notify the other Party hereto in writing.  Subject to Article 11, the Party for which the Infringement Action is brought against (the “Accused Party”) shall have the right to direct and control the defense of such Infringement Action, at its own expense with counsel of its choice; provided, however, that the other Party may participate in the defense and/or settlement thereof, at its own expense with counsel of its choice.  In any event, the Accused Party agrees to keep the other Party reasonably informed of all material developments in connection with any such Infringement Action for which the Accused Party exercises its right to direct and control the defense.  The Accused Party agrees not to settle such Infringement Action, or make any admissions or assert any position in such Infringement Action, in a manner that would adversely affect the rights or interests of the other Party, without the prior written consent of the other Party, which shall not be unreasonably withheld or delayed.  Subject to Article 11, if the Accused Party does not exercise its right to direct and control the defense of an Infringement Action that is brought against the other Party, then the other Party shall have such right and it shall agree to keep  the Accused Party reasonably informed of all material developments in connection with such Infringement Action and it shall not settle such Infringement Action, or make any admissions or assert 

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any position in such Infringement Action, in a manner that would materially adversely affect the rights or interests of the Accused Party, without the prior written consent of the Accused Party, which shall not be unreasonably withheld or delayed. 
9.6    Trademarks. 
(a)    Subject to Section 9.6(c) below, Advaccine shall Commercialize the Products in the Field in the Advaccine Territory under any trademark owned or Controlled by Advaccine (the “Advaccine Product Mark”); provided that, prior to finalizing any Advaccine Product Mark, Advaccine shall provide Inovio with such proposed trademark and related trade dress and shall reasonably consider in good faith Inovio’s comments with respect thereto.  Advaccine shall, and shall cause its Affiliates and Sublicensees to, use the Advaccine Product Mark solely in connection with the Development, Manufacturing, and Commercialization of the Products in the Field in the Advaccine Territory.  Advaccine shall own all rights in the Advaccine Product Mark, and all goodwill in the Advaccine Product Mark shall accrue to Advaccine.  Advaccine shall register and maintain, at Advaccine’s cost and expense, the Advaccine Product Marks in the Advaccine Territory.    
(b)    Subject to Section 9.6(c) below, Advaccine shall have the right to brand the Products in the Field in the Advaccine Territory with those trademarks of Advaccine that are associated with Advaccine’s name or identity (“Advaccine Housemarks”).  Advaccine shall own all rights in the Advaccine Housemarks, and all goodwill in the Advaccine Housemarks shall accrue to Advaccine.
(c)    In connection with Advaccine’s use of any Advaccine Product Mark or Advaccine Housemark, subject to Section 9.6(d), Advaccine shall not, and shall cause its Affiliates and their respective Sublicensees to not make any use of trademarks that are confusingly similar to any trademarks or housemarks of Inovio or its Affiliates (including the corporate name of Inovio or any of its Affiliates), without the prior written consent of Inovio. 
(d)    Notwithstanding anything to the contrary, to the extent required by applicable Laws, (i) Advaccine may include Inovio’s name and corporate logo on the Product label, packaging, promotional/marketing materials to indicate that the Product is in-licensed from Inovio, and shall display Inovio’s name and corporate logo with equal prominence and comparable size, resolution, print quality, and location, as instructed by Inovio from time to time, as Advaccine’s name and corporate logo is displayed, and (ii) Inovio hereby grants to Advaccine a non-exclusive, fully paid-up, royalty free, sublicensable license to use Inovio’s name and corporate logo solely for the Commercialization of the Product in the Field in the Advaccine Territory, to the extent consistent with the foregoing.
Article 10.
Representations And Warranties; covenants
10.1    Mutual Representations and Warranties.  Each Party hereby represents and warrants to the other Party, as follows:
(a)    Corporate Existence.  As of the Effective Date, it is a company or corporation duly organized, validly existing, and in good standing under the Laws of the jurisdiction in which it is incorporated;

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(b)    Corporate Power, Authority and Binding Agreement.  As of the Effective Date, (i) it has the corporate power and authority and the legal right to enter into this Agreement and perform its obligations hereunder; (ii) it has taken all necessary corporate action on its part required to authorize the execution and delivery of this Agreement and the performance of its obligations hereunder; and (iii) this Agreement has been duly executed and delivered on behalf of such Party, and constitutes a legal, valid, and binding obligation of such Party that is enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and similar Laws affecting creditors’ rights and remedies generally;
(c)    No Conflict.  The execution and delivery of this Agreement, the performance of such Party’s obligations in the conduct of the Development Plan and the license to be granted pursuant to this Agreement (i) do not and will not conflict with or violate any requirement of applicable Laws existing as of the Effective Date; (ii) do not and will not conflict with or violate the certificate of incorporation or by-laws (or other constating documents) of such Party; and (iii) do not and will not conflict with, violate, breach or constitute a material default under any contractual obligations of such Party or any of its Affiliates existing as of the Effective Date;
(d)    No Violation.  Neither such Party nor any of its Affiliates is under any obligation to any Person, contractual or otherwise, that is in violation of the terms of this Agreement or that would impede the fulfillment of such Party’s obligations hereunder; 
(e)    No Debarment.  Neither such Party nor any of its Affiliates is debarred or disqualified under the Act or comparable applicable Laws outside the U.S.; and
(f)    No Consents.  No authorization, consent, approval of a Third Party, nor to such Party’s knowledge, any license, permit, exemption of or filing or registration with or notification to any court or Governmental Authority is or will be necessary for the (i) valid execution and delivery of this Agreement by such Party; or (ii) the consummation by such Party of the transactions contemplated hereby.
10.2    Additional Representations and Warranties of Inovio.  Inovio represents and warrants to Advaccine, as of the Effective Date, as follows: 
(a)    License.  Inovio (i) has the right to grant the license that it grants in Section 2.1(a); and (ii) has not granted, and will not grant during the Term,  any right to any Third Party that would conflict with the License that it grants in Section 2.1(a) or rights granted to Advaccine hereunder;
(b)    Notice of Infringement or Misappropriation.  It has not received any written notice from any Third Party asserting or alleging that (i) any research, development, manufacture, or commercialization of a Product by Inovio prior to the Effective Date infringed or misappropriated the intellectual property rights of such Third Party, or (ii) the Development, Manufacture, or Commercialization of the Vaccine and the Products in the Advaccine Territory would infringe or misappropriate the intellectual property rights of such Third Party; to Inovio’s actual knowledge, except as otherwise disclosed to Advaccine prior to the Effective Date, the Development, Manufacture or Commercialization of the Vaccine and theProducts does not infringe or misappropriate any intellectual property rights of any Third Party; 

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(c)    Non-Infringement of Rights by Third Parties.  To Inovio’s actual knowledge, no Third Party is infringing or has infringed the Inovio Product-Specific Licensed Patents as of the Effective Date;
(d)    Non-Assertion by Third Parties.  To Inovio’s actual knowledge, no Third Party has asserted in writing that the issued patents within the Inovio Licensed Patents set forth in Exhibit A are invalid or unenforceable;
(e)    No Proceeding.  There is no pending, and to Inovio’s actual knowledge, no threatened, adverse action, suit or proceeding against Inovio involving any Inovio Technology or the safety (including any product liability claim) of a Product; 
(f)    Prosecution of Inovio Licensed Patents.  Except with respect to any Inovio Product-Specific Licensed Patents for which Inovio has ceased prosecution and/or maintenance and granted Advaccine Step-In Rights therewith pursuant to Section 9.2(d), all maintenance fees, annuity payments, and similar payments relating to the Inovio Product-Specific Licensed Patents in the Advaccine Territory have been made, and during the Term will be made, in a timely manner.  To Inovio’s actual knowledge, prior to the Effective Date, Inovio has not taken action or failed to undertake an action, in connection with filing, prosecuting and maintaining the Inovio Product-Specific Licensed Patents set forth in Exhibit A in the Advaccine Territory in violation of any applicable Laws;
(g)    Compliance with Laws.  To Inovio’s actual knowledge, Inovio has complied with all applicable Laws in connection with the prosecution of the Inovio Product-Specific Licensed Patents, including the duty of candor owed to any patent office pursuant to such Laws;
(h)    Inovio Licensed Patents.  Inovio does not have actual knowledge of any Information which leads it to believe that any issued patents included in the Inovio Licensed Patents set forth in Exhibit A are invalid or unenforceable; and
(i)    No Conflicts.  Inovio has not entered, and shall not enter, into any agreement with any Third Party that is in conflict with the rights granted to Advaccine under this Agreement, and has not taken and shall not take any action that would in any way prevent it from granting the rights granted to Advaccine under this Agreement, or that would otherwise materially conflict with or adversely affect Advaccine’s rights under this Agreement. 
10.3    Additional Representations and Warranties of Advaccine.  Advaccine represents and warrants to Inovio that, to Advaccine’s knowledge as of the Effective Date Advaccine does not Control any Patent that is necessary to make, use, import, offer for sale or sell the Products in the Field.
10.4    Compliance with Laws.  
(a)    Each Party shall, and shall ensure that its Affiliates and their respective Sublicensees will, comply in all respects with Proper Conduct Practices, and all applicable Laws (including all applicable Laws regarding data privacy) in the Development, Manufacturing, and Commercialization of the Products and performance of its obligations under this Agreement, including 

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the ICH, GCP, GLP and any Regulatory Authority and Governmental Authority health care programs having jurisdiction in such Party’s respective territory, each as may be amended from time to time.   
(b)    Each Party shall immediately notify the other Party if it has any information or suspicion that there may be a violation of any applicable Laws (including Anti-Corruption Laws) in connection with its performance under this Agreement or the Development or Commercialization of any Product hereunder.  In the event that either Party has violated or been suspected of violating any of its obligations, representations, warranties or covenants in Section 10.4(a), such Party will take reasonable actions to remedy such breach and to prevent further such breaches from occurring.  
(c)    Notwithstanding the foregoing, each Party will have the right, upon reasonable prior written notice and during the other Party’s regular business hours, to audit the other Party’s books and records in the event that a suspected violation of any Anti-Corruption Law needs to be investigated (in such Party’s reasonable, good-faith discretion).  Such audit shall be conducted by such Party’s audit team comprised of qualified auditors who have received anticorruption training.  For clarity, a credible finding, after a reasonable investigation, of any breach of Section 10.4(a) or 10.4(b) with respect to any Anti-Corruption Law, shall be deemed a material breach of this Agreement and allow the non-breaching Party to terminate this Agreement in accordance with Section 13.4.
10.5    Additional Covenants.  In addition to any covenants made by Advaccine elsewhere in this Agreement:
(a)    Advaccine hereby covenants to Inovio that neither Advaccine nor any of its Affiliates or Sublicensees, will employ or use the services of any Person who is debarred or disqualified under the Act, or comparable applicable Laws outside the U.S., in connection with activities relating to any Product; and in the event that Advaccine becomes aware of the debarment or disqualification or threatened debarment or disqualification of any Person providing services to Advaccine or any of its Affiliates with respect to any activities relating to any Product, Advaccine will immediately notify Inovio in writing and Advaccine will cease, or cause its Affiliate to cease (as applicable), employing, contracting with, or retaining any such Person to perform any services relating to any Product; and
(b)    Each Party hereby covenants to the other Party that neither such Party nor any of its Affiliates, nor any of their respective employees shall use any confidential information obtained from any Third Party (including any prior employer) to which such Party or any of its Affiliates, or any of their respective employees has a duty to keep in confidence such information, directly or indirectly, whether obtained prior to the Effective Date or during the Term, in connection with activities performed under this Agreement, unless consented to in writing by such Third party, and such Party shall be solely responsible and liable for, and shall indemnify the other Party pursuant to Article 11 in connection with, any breach of this covenant by such Party, any of its Affiliates, or their respective employees.  
10.6    No Other Representations or Warranties.  EXCEPT AS EXPRESSLY STATED IN THIS AGREEMENT, NO REPRESENTATIONS OR WARRANTIES WHATSOEVER, WHETHER EXPRESS OR IMPLIED, INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OR NON-MISAPPROPRIATION OF THIRD PARTY INTELLECTUAL PROPERTY RIGHTS, ARE MADE OR GIVEN BY OR ON BEHALF OF A PARTY OR ITS AFFILIATES, AND ALL 

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REPRESENTATIONS AND WARRANTIES, WHETHER ARISING BY OPERATION OF LAW OR OTHERWISE, ARE HEREBY EXPRESSLY EXCLUDED.  FOR CLARITY AND WITHOUT LIMITING THE FOREGOING, INOVIO MAKES NO REPRESENTATION OR WARRANTY CONCERNING THE PRODUCTS OR INOVIO TECHNOLOGY EXCEPT AS EXPRESSLY SET FORTH IN THIS ARTICLE 10. 
Article 11.
Indemnification
11.1    Indemnification by Inovio.  Inovio shall defend, indemnify, and hold Advaccine and its Affiliates and their respective officers, directors, employees, and agents (the “Advaccine Indemnitees”) harmless from and against any and all losses, damages, liabilities, actually incurred expenses and costs, including reasonable legal expense and attorneys’ fees (“Losses”) to which any Advaccine Indemnitee may become subject as a result of any claim, demand, action or other proceeding by any Third Party (collectively, “Claims”) arising out of, based on, or resulting from (a) the Development, Manufacture, or Commercialization of the Products in the Field in the Advaccine Territory by or on behalf of Inovio or its Affiliates prior to the Effective Date, (b) the Development, Manufacture, or Commercialization of the Products in the Inovio Territory, (c) the breach of any of Inovio’s obligations under this Agreement, including Inovio’s representations, warranties or covenants set forth herein, (d) the conduct of any pharmacovigilance-related activities set forth in Section 5.8 by or on behalf of Inovio (except to the extent that such Claim arises from Advaccine’s provision of false, misleading, inaccurate or incomplete information to Inovio under Section 5.8 or Advaccine’s breach of its obligations under the Pharmacovigilance Agreement) or (e) the willful misconduct or negligent acts of any Inovio Indemnitee.  The foregoing indemnity obligation shall not apply to the extent that (i) the Advaccine Indemnitees fail to comply with the indemnification procedures set forth in Section 11.3 and Inovio’s defense of the relevant Claim is materially prejudiced by such failure, or (ii) any Claim arises from, is based on, or results from any activity or occurrence for which Advaccine is obligated to indemnify the Inovio Indemnitees under Section 11.2.
11.2    Indemnification by Advaccine.  Advaccine shall defend, indemnify, and hold Inovio and its Affiliates and their respective officers, directors, employees, and agents (the “Inovio Indemnitees”) harmless from and against any and all Losses to which any Inovio Indemnitee may become subject as a result of any Claims arising out of, based on, or resulting from (a) the Development, Manufacture, or Commercialization of the Products by or on behalf of Advaccine or its Affiliates or Sublicensees on or after the Effective Date (except to the extent that any such activities are conducted by or on behalf of Inovio or its Affiliates) (including any Infringement Actions), (b) the breach of any of Advaccine’s obligations under this Agreement, including Advaccine’s representations, warranties, or covenants set forth herein, or (c) the willful misconduct or negligent acts of any Advaccine Indemnitee.  The foregoing indemnity obligation shall not apply to the extent that (i) the Inovio Indemnitees fail to comply with the indemnification procedures set forth in Section 11.3 and Advaccine’s defense of the relevant Claim is materially prejudiced by such failure, or (ii) any Claim arises from, is based on, or results from any activity or occurrence for which Inovio is obligated to indemnify the Advaccine Indemnitees under Section 11.1.

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11.3    Indemnification Procedures.  The Party claiming indemnity under this Article 11 (the “Indemnified Party”) shall give written notice to the Party from whom indemnity is being sought (the “Indemnifying Party”) promptly after learning of such Claim and shall offer control of the defense of such Claim to the Indemnifying Party.  The Indemnified Party shall provide the Indemnifying Party with reasonable assistance, at the Indemnifying Party’s expense, in connection with the defense of the Claim for which indemnity is being sought.  The Indemnified Party may participate in and monitor such defense with counsel of its own choosing at its sole expense; provided, however, the Indemnifying Party shall have the right to assume and conduct the defense of the Claim with counsel of its choice.  The Indemnifying Party shall not settle any Claim without the prior written consent of the Indemnified Party, not to be unreasonably withheld, unless the settlement involves only the payment of money.  So long as the Indemnifying Party is actively defending the Claim in good faith, the Indemnified Party shall not settle or compromise any such Claim without the prior written consent of the Indemnifying Party.  If the Indemnifying Party does not assume and conduct the defense of the Claim as provided above, (a) the Indemnified Party may defend against, consent to the entry of any judgment, or enter into any settlement with respect to such Claim in any manner the Indemnified Party may deem reasonably appropriate (and the Indemnified Party need not consult with, or obtain any consent from, the Indemnifying Party in connection therewith), and (b) the Indemnifying Party shall remain responsible to indemnify the Indemnified Party as provided in this Article 11.  Notwithstanding anything contained in this Section 11.3, the provisions of Section 9.5 shall govern the defense of any Infringement Actions.  Additionally, in the event that Inovio has elected to defend any such Infringement Action, then Advaccine shall not be obligated to indemnify Inovio for any Claims related to such Infringement Action; rather, the Parties shall share equal responsibility for any Losses resulting therefrom. 
11.4    Limitation of Liability.  NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY FOR ANY SPECIAL, CONSEQUENTIAL, INCIDENTAL, PUNITIVE, OR INDIRECT DAMAGES ARISING FROM OR RELATING TO ANY BREACH OF THIS AGREEMENT, REGARDLESS OF ANY NOTICE OF THE POSSIBILITY OF SUCH DAMAGES.  NOTWITHSTANDING THE FOREGOING, NOTHING IN THIS SECTION 11.4 IS INTENDED TO OR SHALL LIMIT OR RESTRICT THE INDEMNIFICATION RIGHTS OR OBLIGATIONS OF ANY PARTY UNDER SECTION 11.1 OR 11.2, OR DAMAGES AVAILABLE FOR A PARTY’S BREACH OF ITS EXCLUSIVITY OBLIGATIONS IN SECTION 2.5 OR ITS CONFIDENTIALITY OBLIGATIONS IN ARTICLE 12.  
11.5    Insurance.  Each Party shall procure and maintain insurance, including product liability insurance, adequate to cover its obligations hereunder and consistent with normal business practices of prudent companies similarly situated.  It is understood that such insurance shall not be construed to create a limit of either Party’s liability with respect to its indemnification obligations under this Article 11.  Each Party shall provide the other Party with written evidence of such insurance upon request.  Each Party shall provide the other Party with written notice at least thirty (30) days prior to the cancellation, nonrenewal or material change in such insurance.
Article 12.
Confidentiality

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12.1    Confidentiality.  Each Party agrees that, during the Term and for a period of ten (10) years thereafter, it shall keep confidential and shall not publish or otherwise disclose and shall not use for any purpose other than as provided for in this Agreement (which includes the exercise of any rights or the performance of any obligations hereunder or thereunder) any Confidential Information of the other Party, except to the extent expressly agreed in writing by the Parties.  The foregoing confidentiality and non-use obligations shall not apply to any portion of the other Party’s Confidential Information that the receiving Party can demonstrate by competent written proof:  
(a)    was already known to the receiving Party or its Affiliate, other than under an obligation of confidentiality, at the time of disclosure by the other Party;
(b)    was generally available to the public or otherwise part of the public domain at the time of its disclosure to the receiving Party;
(c)    became generally available to the public or otherwise part of the public domain after its disclosure and other than through any act or omission of the receiving Party or its Affiliate in breach of this Agreement;
(d)    was disclosed to the receiving Party or its Affiliate without any confidentiality obligations by a Third Party who, to the Party’s knowledge, had a legal right to make such disclosure and who did not obtain such information directly or indirectly from the other Party; or
(e)    was independently discovered or developed by the receiving Party or its Affiliate without use of or reference to the other Party’s Confidential Information, as evidenced by a contemporaneous writing.
12.2    Authorized Disclosure.  Notwithstanding the obligations set forth in Section 12.1, a Party may disclose the other Party’s Confidential Information and the terms of this Agreement to the extent:
(a)    such disclosure is reasonably necessary (i) for the filing or prosecuting of Patent rights as contemplated herein; (ii) to comply with the requirements of Regulatory Authorities with respect to obtaining and maintaining Regulatory Approval of the Product; or (iii) for the prosecuting or defending litigation as contemplated herein;
(b)    such disclosure is reasonably necessary to its or its Affiliate’s employees, agents, consultants, contractors, licensees or Sublicensees, (including Inovio Partners) on a need-to-know basis for the sole purpose of performing its obligations or exercising its rights hereunder; provided that in each case, the disclosees are bound by written obligations of confidentiality consistent with those contained in this Agreement; or
(c)    such disclosure is (i) reasonably necessary to comply with applicable Laws, including regulations or rules promulgated by applicable securities commissions (or other securities regulatory authorities), security exchanges (the “Securities Regulators”, including without limitation to, the Securities and Futures Commission of Hong Kong, The Stock Exchange of Hong Kong Limited, the China Securities Regulatory Commission, the Shanghai Stock Exchange or the U.S. Securities and 

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Exchange Commission), court order, administrative subpoena or order; or (ii) at the request of applicable Securities Regulators, or reasonably anticipated by one Party that such disclosure will be required by applicable Laws or applicable Securities Regulators;  and
(d)    solely with respect to the terms of this Agreement and excluding disclosure of any other Confidential Information, such disclosure is reasonably necessary to any bona fide potential or actual investor, acquiror, merger partner, or other financial or commercial partner for the sole purpose of evaluating or carrying out an actual or potential investment, acquisition or other business relationship; provided that in connection with such disclosure, such Party shall inform each disclosee of the confidential nature of such Confidential Information and require each disclosee to treat such Confidential Information as confidential.
Notwithstanding the foregoing, in the event a Party is required to make a disclosure of the other Party’s Confidential Information pursuant to Section 12.2(a), 12.2(c) or 12.2(d), such Party shall promptly notify the other Party of such required disclosure, to the extent that it is legally authorized or permitted to so, and shall use reasonable efforts to obtain, or to assist the other Party in obtaining, a protective order preventing or limiting the required disclosure.  
12.3    Publicity; Terms of Agreement.
(a)    The Parties agree that the existence or terms of this Agreement are the Confidential Information of both Parties, subject to the special authorized disclosure provisions set forth in this Section 12.3.  
(b)    If either Party desires to make a public disclosure concerning the existence or terms of this Agreement, such Party shall give the proposed text of such disclosure to the other Party reasonably in advance (but in any case no less than three (3) Business Days prior to the disclosure) for its prior review and approval (except as otherwise provided herein), which approval shall not be unreasonably withheld or delayed.  A Party commenting on such a proposed disclosure shall provide its comments, if any, within three (3) Business Days after receiving the proposed disclosure for review (or such shorter period of time as necessitated by regulatory requirements).  In addition, where required by applicable Laws, including regulations promulgated by applicable security exchanges, either Party shall have the right to make a press release or other public disclosure regarding the achievement of each milestone under this Agreement as it is achieved, the achievements of Regulatory Approval in the Advaccine Territory as they occur, or the occurrence of other events that affect either Party’s rights or obligations under this Agreement, including the results of any Clinical Trial of the Products, whether in the Advaccine Territory or the Inovio Territory; provided that such Party shall provide the proposed text of such disclosure to the other Party at least one (1) Business Day in advance, and the other Party shall provide its comments thereto within such one (1) Business Day.  In relation to the other Party’s review of such an announcement, such other Party may make specific, reasonable comments on such proposed press release within the prescribed time for commentary.  Neither Party shall be required to seek the permission of the other Party to repeat any information regarding the terms of this Agreement that has already been publicly disclosed by such Party, or by the other Party, in accordance with this Section 12.3.  

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(c)    The Parties acknowledge that either or both Parties or their Affiliates may be obligated to file under applicable Laws a copy of this Agreement with Governmental Authorities, including, without limitation, the U.S. Securities and Exchange Commission (the “SEC”).  Each Party and its Affiliates shall be entitled to make such a required filing, provided that it requests confidential treatment of the commercial terms and sensitive technical terms hereof to the extent such confidential treatment is reasonably available.  In the event of any such filing, each Party will provide the other Party with a copy of this Agreement marked to show provisions for which such Party or its Affiliate intends to seek confidential treatment and shall reasonably consider and incorporate the other Party’s timely comments thereon to the extent consistent with the legal requirements, with respect to the filing Party or Affiliate, governing disclosure of material agreements and material information that must be publicly filed.
12.4    Technical Publication.  Neither Party may publish peer reviewed manuscripts, or give other forms of public disclosure such as abstracts and presentations, of results of studies carried out under this Agreement or otherwise pertaining to the Development of the Vaccine or the Products in the Advaccine Territory, without the opportunity for prior review and comment by the other Party in accordance with this Section 12.4, except to the extent required by applicable Laws.  A Party seeking publication shall provide the other Party the opportunity to review and comment on any such proposed publication at least five (5) calendar days for abstracts ten (10) calendar days for manuscripts prior to its intended submission for publication.  The other Party shall provide the Party seeking publication with its comments in writing, if any, within three (3) calendar days for abstracts and seven (7) calendar days for manuscripts after receipt of such proposed publication.  The Party seeking publication shall consider in good faith any comments thereto provided by the other Party and shall comply with the other Party’s request to remove any and all of such other Party’s Confidential Information from the proposed publication. Further, if Inovio reasonably determines and notifies Advaccine that a proposed publication is reasonably likely to result in Adverse Risk in the Inovio Territory, Advaccine shall not submit such publication unless and until the Parties agree to a proposal to mitigate such Adverse Risk. In addition, the Party seeking publication shall delay the submission for a period up to thirty (30) calendar days in the event that the other Party can demonstrate reasonable need for such delay for the preparation and filing of a patent application.  If the other Party fails to provide its comments to the Party seeking publication within the specified time frame, such other Party shall be deemed to not have any comments, and the Party seeking publication shall be free to publish in accordance with this Section 12.4.  The Party seeking publication shall provide the other Party a copy of the manuscript at the time of the submission.  Each Party agrees to acknowledge the contributions of the other Party and its employees in all publications in accordance with scientific practices.
12.5    Equitable Relief.  Each Party acknowledges that its breach of this Article 12 will cause irreparable harm to the other Party, which cannot be reasonably or adequately compensated in damages in an action at law.  By reasons thereof, each Party agrees that the other Party shall be entitled, in addition to any other remedies it may have under this Agreement or otherwise, to preliminary and permanent injunctive and other equitable relief to prevent or curtail any actual or threatened breach of the obligations relating to Confidential Information set forth in this Article 12 by the other Party.  
Article 13.

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Term And Termination
13.1    Term.  The term of this Agreement (the “Term”) shall commence upon the Effective Date and, unless earlier terminated pursuant to this Article 13, shall remain in effect until the expiration of the Royalty Term on a Region-by-Region basis.  Upon the expiration (but not early termination) of this Agreement, on a Region-by-Region basis, the licenses granted hereunder by Inovio to Advaccine shall become fully paid-up and royalty free; provided that such licenses shall thereafter be granted on a non-exclusive basis.  
13.2    Termination by Advaccine.  Advaccine may terminate this Agreement in its entirety for convenience upon (i) nine (9) months prior written notice to Inovio (if such notice is provided before the First Commercial Sale in any Region) or (ii) eighteen (18) months prior written notice to Inovio (if such notice is provided following the First Commercial Sale in any Region); provided, however, that in each case under (i) and (ii) Inovio may, in its discretion, upon prior written notice to Advaccine accelerate the effectiveness of such termination to the extent permitted by Law in the Advaccine Territory.
13.3    Termination by Inovio.  
(a)    Inovio may terminate this Agreement upon written notice to Advaccine, if Advaccine ceases all Development (including all regulatory activities) or all Commercialization of the Products (including through Sublicensees and contractors) in the Advaccine Territory for a period of nine (9) or more consecutive months, unless Development or Commercialization of the Products was prevented throughout such period by a force majeure for which Advaccine provided notice pursuant to Section 15.2 prior to or at the start of such period and that persisted throughout such period despite Advaccine’s Commercially Reasonable Efforts to remove or mitigate it. Such termination shall go into effect on the date specified in the applicable termination notice. For clarity, a delay by Regulatory Authorities and/or a decision by Regulatory Authorities to suspend a Clinical Trial (e.g., a “regulatory hold”) shall not give Inovio the right to terminate this Agreement under this Section 13.3(a), so long as Advaccine continues to use Commercially Reasonable Efforts to remove such regulatory hold.
(b)    Inovio may terminate this Agreement in its entirety upon thirty (30) days’ prior written notice to Advaccine, if Advaccine or its Affiliates or their respective Sublicensees (directly or indirectly, individually or in association with any other Person) challenges the validity, enforceability or scope of any Inovio Licensed Patent, unless during such thirty (30)-day period the subject challenge is permanently dismissed or withdrawn and is not thereafter reinstituted or continued; provided that in the event a Sublicensee of Advaccine initiates such challenge, Inovio may not terminate this Agreement if (i) Advaccine successfully causes such Sublicensee to abort such challenge within such thirty (30)-day period, or (ii) Advaccine (A) provides Inovio a written notice of its intent to terminate its sublicense with such Sublicensee within such thirty (30)-day period, and (B) successfully terminates such sublicense within such thirty (30)-day period. 
(c)    Inovio may terminate this Agreement in its entirety upon thirty (30) days’ prior written notice to Advaccine, if the Ringpu License Agreement (as defined in the Non-exclusive License Agreement) is not executed in a form reasonably satisfactory to Inovio within thirty (30) days after the Effective Date. 

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13.4    Termination for Breach.  Each Party shall have the right to terminate this Agreement in its entirety immediately upon written notice to the other Party if the other Party materially breaches its obligations under this Agreement and, after receiving written notice identifying such material breach in reasonable detail, fails to cure such material breach within ninety (90) (or thirty (30) days in case of failure to make a payment due under this Agreement for reasons other than that set forth in Section 8.6) days from the date of such notice; provided that, if either Party disputes (a) whether such material breach has occurred, or (b) whether the defaulting Party has cured such material breach, the Parties agree to resolve the dispute as expeditiously as possible under Article 14.  It is understood and acknowledged that during the pendency of such a dispute, all of the terms and conditions of this Agreement shall remain in effect and the Parties shall continue to perform all of their respective obligations hereunder. 
13.5    Termination Due to Bankruptcy.  Either Party may terminate this Agreement if, at any time, the other Party files in any court or agency pursuant to any statute or regulation of any state, country or jurisdiction, a petition in bankruptcy or insolvency or for reorganization or for an arrangement or for the appointment of a receiver or trustee of that Party or of its assets, or if the other Party proposes a written agreement of composition or extension of its debts, or if the other Party is served with an involuntary petition against it, filed in any insolvency proceeding, and such petition is not dismissed within sixty (60) days after the filing thereof, or if the other Party proposes or becomes a Party to any dissolution or liquidation, or if the other Party makes an assignment for the benefit of its creditors (each, an “Insolvency Event”). 
13.6    Effect of Termination.  Upon any termination of this Agreement, the following shall apply (in addition to any other rights and obligations under this Agreement with respect to such termination):
(a)    Licenses.  All licenses and other rights granted by Inovio to Advaccine under this Agreement shall terminate.  Inovio shall have a reversion of all rights previously licensed to Advaccine hereunder for which the relevant licenses have terminated on a fully paid-up and royalty-free basis, itself or with or through an Affiliate or Third Party, to Develop and Commercialize the Products in the Field in the Advaccine Territory at Inovio’s discretion. 
(b)    Wind-Down.  Advaccine will (i) responsibly wind-down, in accordance with accepted pharmaceutical industry norms and ethical practices, any on-going Clinical Trials for which it has responsibility hereunder in which patient dosing has commenced or, (ii) unless if this Agreement is terminated by Advaccine pursuant to Sections 13.4 or 13.5, at Inovio’s reasonable request, (A) transfer to Inovio of its designee such Clinical Trial to the extent permitted under applicable Laws and accepted pharmaceutical industry norms and ethical practices, or (B) if reasonably practicable and not adverse to patient safety, complete such Clinical Trials and Inovio shall reimburse Advaccine its reasonable, out-of-pocket costs associated therewith.  For clarity, except as provided for above, Advaccine may transfer to Inovio or its designee or wind-down any ongoing Clinical Trials prior to the date of termination in accordance with accepted pharmaceutical industry norms and ethical practices and Advaccine will be responsible for any costs associated with such transfer or wind-down.  Notwithstanding the foregoing, if this Agreement is terminated by Advaccine pursuant to Sections 13.4 or 13.5, then Inovio will be responsible for any costs associated with such wind-down.

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(c)    Regulatory Materials; Data.   Except if this Agreement is terminated by Advaccine pursuant to Sections 13.4 or 13.5, Advaccine shall (i) provide and assign to Inovio or its designee all Regulatory Materials, including Regulatory Approvals, for the Products to the extent possible under applicable Laws in the Advaccine Territory, (ii) promptly provide to Inovio all Data (to the extent not already provided to Inovio), including pharmacovigilance data, generated by or on behalf of Advaccine, and (iii) promptly return or destroy, at Inovio’s election, all Confidential Information of Inovio.  
(d)    Trademarks.  Except if this Agreement is terminated by Advaccine pursuant to Sections 13.4 or 13.5, upon Inovio’s written request, Advaccine shall grant to Inovio, effective as of the date of such request, an exclusive, transferable, fully paid-up, royalty free, sublicensable license to use Advaccine Product Marks in connection with the Commercialization of the Products in the Advaccine Territory (and excluding, for clarity, any Advaccine Housemarks). 
(e)    Transition Assistance.  Upon Inovio’s reasonable request, (i) Advaccine shall provide such assistance as may be reasonably necessary or useful for Inovio to continue the Development and Commercialization of the Products in the Advaccine Territory, to the extent Advaccine or its Affiliate is then performing or having performed such activities, including upon the reasonable request of Inovio, assigning (to the extent Advaccine has rights to assign) or using Commercially Reasonable Efforts to amend as appropriate any agreements or arrangements Advaccine or its Affiliate have with any Third Party for the Development, distribution, sale or otherwise Commercialization of the Products; and (ii) Advaccine shall provide Inovio with copies of any promotional and marketing materials generated by or on behalf of Advaccine with respect to the Products prior to the effective date of termination. If this Agreement is terminated by Advaccine pursuant to Sections 13.4 or 13.5, Inovio shall bear all costs arising out of any of the transition assistance activities set forth in clause (i) or (ii) performed by Advaccine. If this Agreement is terminated by Advaccine pursuant to Section 13.2 or by Inovio pursuant to Sections 13.3, 13.4, or 13.5, Advaccine shall bear all costs arising out of any of the transition assistance activities set forth in clause (i) or (ii) performed by Advaccine. 
(f)    Inventory.  In the event that this Agreement is terminated in its entirety, Inovio shall have the right, but not the obligation, to purchase any and all of the inventory of the Products held by Advaccine or its Affiliates as of the date of termination, at a price equal to the transfer price paid by Advaccine to Inovio for such inventory.  Notwithstanding the foregoing, if this Agreement is terminated by Advaccine pursuant to Sections 13.4 or 13.5, upon Advaccine’s request, at its sole discretion, Inovio shall re-purchase any and/or all of its inventory of the Products, at a price equal to the transfer price paid by Advaccine to Inovio (if supplied by Inovio) or Advaccine’s manufacturing cost (if manufactured by Advaccine or its subcontractor) therefor.  Advaccine shall also have the right to continue to be permitted to sell such inventory for up to at least twelve (12) months after the effective date of termination of this Agreement. 
13.7    Survival.  Any expiration or termination of this Agreement shall not affect rights or obligations of the Parties under this Agreement that have accrued prior to the date of expiration or termination (including with respect to any payments that have accrued prior to the effective date of expiration or termination of this Agreement).  Notwithstanding anything to the contrary, the following 

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provisions shall survive any expiration or termination of this Agreement: Sections 2.4, 4.5, 8.5 through 8.9 (inclusive), 9.1(a), 9.1(b), 9.1(d), 10.6, 13.6, 13.7 and 13.8 and Articles 1, 11, 12, 14 and 15.  
13.8    Termination Not Sole Remedy.  Termination is not the sole remedy under this Agreement and, whether or not termination is effected and notwithstanding anything contained in this Agreement to the contrary, all other remedies shall remain available except as agreed to otherwise herein.  
Article 14.
Dispute Resolution
14.1    Disputes; Internal Resolution.  The Parties recognize that disputes as to certain matters may from time to time arise that relate to either Party’s rights and/or obligations hereunder.  It is the objective of the Parties to establish procedures to facilitate the resolution of disputes arising under this Agreement in an expedient manner by mutual cooperation.  To accomplish this objective, the Parties agree that, except as otherwise provided in Section 3.2(d), if a dispute arises under or relates to this Agreement, including, without limitation, any alleged breach under this Agreement or any issue relating to the interpretation or application of this Agreement, and the Parties are unable to resolve such dispute within thirty (30) days after such dispute is first identified by either Party in writing to the other, the Parties shall refer such dispute to a senior executive of each of Inovio (or one of its Affiliates) and Advaccine (the “Executive Officers”) for attempted resolution by good faith negotiations within thirty (30) days after notice referring to the dispute is received.  If the dispute is not resolved within such thirty (30) days, then the dispute shall be resolved by arbitration in accordance with Section 14.2 and thereafter neither Party shall have any further obligation under this Section 14.1.  Notwithstanding the foregoing, and without waiting for the expiration of any such thirty (30)-day periods, each Party shall each have the right to apply to any court of competent jurisdiction for appropriate interim or provisional relief, as necessary to protect the rights or property of such Party. 
14.2    Arbitration. All disputes arising out of or in connection with this Agreement, including any questions regarding its formation, existence, validity or termination, or the scope or applicability of this agreement to arbitrate, shall be referred to and finally resolved by arbitration administered by the Singapore International Arbitration Centre (“SIAC”) under the Arbitration Rules of the Singapore International Arbitration Centre (“SIAC Rules”) for the time being in force and as may be amended by the rest of this clause. 
(a)    The seat, or legal place, of arbitration shall be the Republic of Singapore.  There shall be three (3) arbitrators, with two (2) arbitrators to be respectively nominated by each Party and the third (presiding) arbitrator to be appointed by SIAC.  The language of the arbitration shall be English.  
(b)    Any decision or arbitral award of SIAC shall be final and binding on each Party.  If any Party fails to implement the final arbitral award, the other Party may file an application for the enforcement of the arbitral award to a court with competent jurisdiction.  The costs of arbitration shall be borne by the losing Party or as otherwise determined by the arbitral tribunal.  

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(c)    In the course of arbitration, the Parties shall make Commercially Reasonable Efforts to continue to implement the Agreement except for those matters subject to arbitration.  
(d)    Each Party retains the right to apply to any court of competent jurisdiction for interim and/or conservatory measures, including pre-arbitral attachments or preliminary injunctions, and any such request shall not be deemed incompatible with, or a waiver of, this agreement to arbitrate.
(e)    The existence and content of the arbitral proceedings and any rulings or awards shall be kept confidential by the Parties and members of the arbitral tribunal except (i) to the extent that disclosure may be required of a Party to fulfill a legal duty, protect or pursue a legal right, or enforce or challenge an award in bona fide legal proceedings before a state court or other judicial authority, (ii) with the consent of all Parties, (iii) where needed for the preparation or presentation of a claim or defense in this arbitration, (iv) where such information is already in the public domain other than as a result of a breach of this clause, or (v) by order of the arbitral tribunal upon application of a Party.
(f)    For avoidance of doubt, nothing contained in this Section 14.2 shall operate as a restriction on a Party's rights to terminate this Agreement pursuant to Article 13. 
14.3    Governing Law.  This Agreement shall be governed by and construed under, and all disputes arising under or in connection with this Agreement shall be resolved in accordance with, the laws of the State of New York, U.S., without regard to the conflicts of law provisions thereof.  The United Nations Convention on International Contracts on the Sale of Goods does not apply to this Agreement and is expressly and entirely excluded.
Article 15.
Miscellaneous
15.1    Entire Agreement; Amendment.  This Agreement, including the Exhibits hereto, sets forth the complete, final and exclusive agreement and all the covenants, promises, agreements, warranties, representations, conditions and understandings between the Parties hereto with respect to the subject matter hereof and supersedes, as of the Effective Date, all prior and contemporaneous agreements and understandings between the Parties with respect to the subject matter hereof (other than the Non-Exclusive License Agreement, and that certain Research Service Contract dated December 30, 2020); provided, however, that, Advaccine shall pay to Inovio all amounts invoiced under the Research Service Contract dated December 30, 2020 within thirty (30) days after the Effective Date.  The foregoing shall not be interpreted as a waiver of any remedies available to either Party as a result of any breach, prior to the Effective Date, by the other Party of its obligations under the Confidentiality Agreement.  There are no covenants, promises, agreements, warranties, representations, conditions or understandings, either oral or written, between the Parties other than as are set forth in this Agreement.  No subsequent alteration, amendment, change or addition to this Agreement shall be binding upon the Parties unless reduced to writing and signed by an authorized officer of each Party.
15.2    Force Majeure.  Both Parties shall be excused from the performance of their obligations under this Agreement to the extent that such performance is prevented by force majeure and the nonperforming Party promptly provides notice of the prevention to the other Party.  Such excuse 

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shall be continued only for so long as (a) the condition constituting force majeure continues and (b) the nonperforming Party takes all reasonable efforts to remove the condition.  For purposes of this Agreement, force majeure shall include conditions beyond the reasonable control of the applicable Party, which may include an act of God, war, civil commotion, terrorist act, labor strike or lock-out, epidemic, pandemic, failure or default of public utilities or common carriers, destruction of production facilities or materials by fire, earthquake, storm or like catastrophe, action or inaction of any Governmental Authority, and failure of plant or machinery.  Notwithstanding the foregoing, a Party shall not be excused from making payments owed hereunder because of a force majeure affecting such Party.  If a force majeure persists for more than ninety (90) days, then the Parties will discuss in good faith the modification of the Parties’ obligations under this Agreement in order to mitigate the delays caused by such force majeure.
15.3    Notices.  Any notice required or permitted to be given under this Agreement shall be in writing, shall specifically refer to this Agreement, and shall be addressed to the appropriate Party at the address specified below or such other address as may be specified by such Party in writing in accordance with this Section 15.3, and shall be deemed to have been given for all purposes (a) when received, if hand-delivered or sent by a reputable courier service, (b) five (5) Business Days after mailing, if mailed by first class certified or registered airmail, postage prepaid, return receipt requested, or (c) if sent by electronic mail, upon electronic confirmation of receipt.
If to Inovio:      Inovio Pharmaceuticals, Inc. 
600 W. Germantown Pike, Suite 110
Plymouth Meeting, PA 19462
Attn: Joseph Kim, President and CEO
Email : joseph.kim@inovio.com

    with copies to (which shall not constitute notice): 

    Inovio Pharmaceuticals, Inc. 
600 W. Germantown Pike, Suite 110
Plymouth Meeting, PA 19462
Attn: Tom Mancini, Vice President, Intellectual Property
Email : Thomas.Mancini@inovio.com

and

Cooley LLP
500 Boylston Street
Boston, MA 02116-3737
USA
    Attn: Geoffrey Spolyar
Email : gspolyar@cooley.com

If to Advaccine:               Advaccine Biopharmaceuticals Suzhou Co., Ltd.
                    18 Qingqiu Road

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                     Suzhou, China
Attn:  Alliance Manager
Email : partner@advaccine.com

with copies to (which shall not constitute notice):

Mengyu LU
Partner 
Sidley Austin LLP 
39/F, Two International Finance Center 
Central, Hong Kong 
Email: Mengyu.lu@Sidley.com
 

15.4    No Strict Construction; Headings.  This Agreement has been prepared jointly by the Parties and shall not be strictly construed against either Party.  Ambiguities, if any, in this Agreement shall not be construed against any Party, irrespective of which Party may be deemed to have authored the ambiguous provision.  The headings of each Article and Section in this Agreement have been inserted for convenience of reference only and are not intended to limit or expand on the meaning of the language contained in the particular Article or Section.  Except where the context otherwise requires, the use of any gender shall be applicable to all genders, and the word “or” is used in the inclusive sense (and/or).  The term “including” as used herein means including, without limiting the generality of any description preceding such term.
15.5    Assignment; Change of Control.  
(a)    Except as provided in Section 15.5(b), this Agreement may not be assigned or otherwise transferred, nor may any right or obligation hereunder be assigned or transferred, by either Party without the prior written consent of the other Party.  Any attempted assignment not in accordance with the foregoing shall be null and void and of no legal effect.  Any permitted assignee shall assume all assigned obligations of its assignor under this Agreement.  The terms and conditions of this Agreement shall be binding upon, and shall inure to the benefit of, the Parties and their respected successors and permitted assigns.  
(b)    Notwithstanding the foregoing, Inovio may, without the consent of Advaccine, (i) assign this Agreement and its rights and obligations hereunder in whole or in part to an Affiliate of Inovio, or in whole to its successor-in-interest in connection with the sale of all or substantially all of its stock or its assets to which this Agreement relates, or in connection with a merger, acquisition or similar transaction; (ii) sell or otherwise assign to any Third Party Inovio’s right to receive any payment (or portion thereof) from Advaccine under this Agreement, and/or (iii) grant a security interest in its rights, title and interest in, to and under this Agreement.  If Inovio sells or assigns to any Third Party a right to receive a portion or all of its payments under this Agreement, such Third Party shall also have the right to receive the information received by Inovio pursuant to this Agreement and to conduct audits in accordance with Section 8.8 and Advaccine shall, at Inovio’s request, cooperate to 

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facilitate the provision of any such information and the payment of any such amounts directly to such Third Party.  
(c)    Notwithstanding the foregoing, Advaccine may without consent of Inovio, assign this Agreement or delegate its rights and obligations hereunder in whole or in part to an Affiliate of Advaccine (provided that in such case, Advaccine shall inform Inovio of such assignment or delegation and remain responsible for the performance of its Affiliate under this Agreement), or in whole to its successor-in-interest in connection with the sale of all or substantially all of its stock or its assets to which this Agreement relates, or in connection with a merger, acquisition or similar transaction.  
15.6    Performance by Affiliates.  Each Party may discharge any obligations and exercise any right hereunder through any of its Affiliates.  Each Party hereby guarantees the performance by its Affiliates of such Party’s obligations under this Agreement, and shall cause its Affiliates to comply with the provisions of this Agreement in connection with such performance.  Any breach by a Party’s Affiliate of any of such Party’s obligations under this Agreement shall be deemed a breach by such Party, and the other Party may proceed directly against such Party without any obligation to first proceed against such Party’s Affiliate.
15.7    Further Actions.  Each Party agrees to execute, acknowledge and deliver such further instruments, and to do all such other acts, as may be necessary or appropriate in order to carry out the purposes and intent of this Agreement.
15.8    Severability.  If any one or more of the provisions of this Agreement is held to be invalid or unenforceable by an arbitral tribunal constituted in accordance with Section 14.2, the provision shall be considered severed from this Agreement and shall not serve to invalidate any remaining provisions hereof.  The Parties shall make a good faith effort to replace any invalid or unenforceable provision with a valid and enforceable one such that the objectives contemplated by the Parties when entering this Agreement may be realized.
15.9    No Waiver.  Any delay in enforcing a Party’s rights under this Agreement or any waiver as to a particular default or other matter shall not constitute a waiver of such Party’s rights to the future enforcement of its rights under this Agreement, except with respect to an express written and signed waiver relating to a particular matter for a particular period of time.
15.10    Independent Contractors.  Each Party shall act solely as an independent contractor, and nothing in this Agreement shall be construed to give either Party the power or authority to act for, bind, or commit the other Party in any way.  Nothing herein shall be construed to create the relationship of partners, principal and agent, or joint-venture partners between the Parties.
15.11    English Language.  This Agreement was prepared in the English language, which language shall govern the interpretation of, and any dispute regarding, the terms of this Agreement.
15.12    Counterparts.  This Agreement may be executed in one (1) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. This Agreement may be executed via electronic signature or via the exchange 

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of signed portable document format (“PDF”) versions of this Agreement.  Such electronic signatures, and signatures on PDF versions of this Agreement, will be considered the legally binding equivalent of wet-ink, original, hand-written signatures.
15.13    Rights in Bankruptcy.  All rights and licenses granted under or pursuant to this Agreement are, and shall otherwise be deemed to be, for purposes of Section 365(n) of Title 11 of the U.S. Code and other similar laws in any jurisdiction outside the U.S. (collectively, the “Bankruptcy Laws”), licenses of rights to “intellectual property” as defined under the Bankruptcy Laws.  Upon the occurrence of any Insolvency Event with respect to a Party (the “Insolvent Party”), the Insolvent Party agrees that the other Party (the “Non-Insolvent Party”), as licensee of such rights under this Agreement, shall retain and may fully exercise all of its rights and elections under the Bankruptcy Laws.  Each Party shall, during the Term, create and maintain current copies or, if not amenable to copying, detailed descriptions or other appropriate embodiments, to the extent feasible, of all such intellectual property.  Each Party agrees and acknowledges that “embodiments” of intellectual property within the meaning of Section 365(n) include, without limitation, laboratory notebooks, cell lines, product samples and inventory, research studies and data, Regulatory Approvals and Regulatory Materials, in each case to the extent related to the Products.  If (i) a case is commenced during the Term by or against a Party under the Bankruptcy Laws, (ii) this Agreement is rejected as provided for under the Bankruptcy Laws, and (iii) the Non-Insolvent Party elects to retain its rights hereunder as provided for under the Bankruptcy Laws, then the Insolvent Party (in any capacity, including debtor-in-possession) and its successors and assigns (including a Title 11 trustee), shall (x) provide to the Non-Insolvent Party immediately upon the Non-Insolvent Party’s written request copies of all such intellectual property (including embodiments thereof) held by the Insolvent Party and such successors and assigns, or otherwise available to them, and (y) not interfere with the Non-Insolvent Party’s rights under this Agreement, or any related agreements between the Parties, to such intellectual property (including such embodiments), including any right to obtain such intellectual property (or such embodiments) from another entity, to the extent provided in the Bankruptcy Laws.  Whenever the Insolvent Party or any of its successors or assigns provides to the Non-Insolvent Party any of the intellectual property licensed hereunder (or any embodiment thereof) pursuant to this Section 15.13, the Non-Insolvent Party shall have the right to perform the Insolvent Party’s obligations hereunder with respect to such intellectual property, but neither such provision nor such performance by the Non-Insolvent Party shall release the Insolvent Party from liability resulting from rejection of the license or the failure to perform such obligations.  All rights, powers and remedies of the Non-Insolvent Party as provided herein are in addition to and not in substitution for any and all other rights, powers and remedies now or hereafter existing at law or in equity (including the Bankruptcy Laws) in the event of the commencement of a case by or against a Party under the Bankruptcy Laws.  In particular, it is the intention and understanding of the Parties  that the rights granted to the Parties under this Section 15.13 are essential to the Parties’ respective businesses and the Parties acknowledge that damages are not an adequate remedy.  The Parties agree that they intend the following rights to extend to the maximum extent permitted by applicable Laws, and to be enforceable under Section 365(n) of Title 11 of the U.S. Code: (A) the right of access to any intellectual property (including embodiments thereof) of the Insolvent Party, or any Third Party with whom the Insolvent Party contracts to perform an obligation of the Insolvent Party under this Agreement, and, in the case of the Third Party, which is necessary for the Development, Manufacture and Commercialization of Products; and (B) the right to contract directly with any Third 

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Party to complete the contracted work upon failure of the Insolvent Party to comply with its applicable obligations.
{Signature Page Follows}

In Witness Whereof, the Parties have executed this Collaboration and License Agreement in duplicate originals by their duly authorized officers as of the Effective Date.

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	Inovio Pharmaceuticals, Inc.

By: /s/ J. Joseph Kim    
Name: J. Joseph Kim, PhD
Title: President & CEO
	Advaccine Biopharmaceuticals Suzhou Co., Ltd.

By: /s/ Jane Yu    
Name:  Jane Yu
Title:  President

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List of Exhibits

Exhibit A:    Inovio Licensed Patents
Exhibit B:    Inovio Licensed Know-How 

Exhibit A

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Inovio Licensed Patents

[***]

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Exhibit B
Inovio Licensed Know-How

To be mutually agreed upon within thirty (30) days after the Effective Date.  Exhibit B shall only include a requirement to provide Licensed Know-How not previously provided to Advaccine.

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