Document:

EX-10.4

 Exhibit 10.4 

LEASE 

REFERENCE DATA PAGES 
 In this Lease
the following terms shall have the meanings set forth below: 
  

			
	EXECUTION DATE:	  	October 28, 2013
		
	LANDLORD:	  	Wells 60 Realty LLC
		
	LANDLORD’S INITIAL	  	
	ADDRESS FOR PAYMENT:	  	Intrum Corp., Manager
		  	Wells 60 Realty LLC
		  	60 Wells Avenue, Suite 100
		  	Newton, MA 02459
		
	TENANT:	  	Cyber-Ark Software, Inc.
		
	TENANT’S PRESENT	  	
	ADDRESS:	  	57 Wells Avenue, Suite 20A
		  	Newton, MA 02459
		
	PROPERTY:	  	The land with the on-site parking, Building and improvements now and hereafter situated thereon owned by Landlord located at and numbered as 60 Wells Avenue, Newton, Massachusetts.
		
	BUILDING:	  	The Building is the one story office building now and as from time to time located at the Property.
		
	PREMISES:	  	The portion of the first floor of the Building depicted as Suite No. 103 on Exhibit A hereto annexed.
		
	PREMISES RENTABLE	  	
	AREA:	  	Approximately 15,098 rentable square feet within the Premises.
		
	PERMITTED USE:	  	For professional office use only as permitted by local zoning.
		
	TERM COMMENCEMENT DATE:	  	The later of February 1, 2014, or five (5) days following Landlord’s written notice to Tenant that Landlord’s Work (as described on Exhibit B attached hereto) has been substantially completed as determined by
Landlord’s architect. In the event Landlord’s Work is not substantially complete by June 1, 2014, Tenant shall receive a rent abatement, beginning on the Rent Commencement Date, in an amount equal to fifty percent (50%) of the Yearly Fixed
Rent on a per diem basis, for each day after June 1, 2014 that the Landlord’s Work is not substantially complete. Further, in the event the Landlord’s Work is not substantially complete on or before August 1, 2014, Tenant shall have the
right to terminate the Lease by giving written notice to Landlord (“Termination Notice”) on or after August 1, 2014, of Tenant’s election to terminate, in which event the Lease shall terminate without recourse to the parties,
unless the Landlord’s Work has been substantially completed prior to Landlord’s receipt of the Termination Notice.
		
	RENT COMMENCEMENT DATE:	  	That date which is one hundred and fifty (150) days following the Term Commencement Date.

			
	EXPIRATION DATE:	  	That date which is eight-four (84) months following the Rent Commencement Date (plus a portion of a month, if the term commences other than on the first day of a calendar month so that the term ends on the last day of a calendar
month), the “Initial Term;” provided, however, if the Initial Term is extended as hereafter set forth, the Expiration Date shall be at 5:00 p.m. on the last day of the Extension Term then in effect.
		
	EARLY ACCESS PERIOD:	  	Tenant shall have access to the Premises thirty (30) days prior to the Term Commencement Date for the purpose of installing wiring for its voice/data equipment provided such access does not interfere with Landlord’s
completion of Landlord’s Work. Access during the Early Access Period shall otherwise be in accordance with the terms and conditions of this Lease, except that no Yearly Fixed Rent or Additional Rent shall be due or payable during the Early
Access Period.

							
				
	YEARLY FIXED RENT AND
MONTHLY PAYMENT:	  	 PERIOD
	  	YEARLY FIXED
RENT	  	MONTHLY
PAYMENT
	  	First Lease Year	  	$      352,498.56	  	$      29,374.88
	  	Second Lease Year	  	$      407,646.00	  	$      33,970.50
	  	Third Lease Year	  	$      415,194.96	  	$      34,599.58
	  	Fourth Lease Year	  	$      422,744.04	  	$      35,228.67
	  	Fifth Lease Year	  	$      430,293.00	  	$      35,857.75
	  	Sixth Lease Year	  	$      437,841.96	  	$      36,486.83
	  	Seventh Lease Year	  	$      445,391.04	  	$      37,115.92

			
		
		  	Yearly Fixed Rent shall be payable monthly in advance in equal monthly installments (“Monthly Payment”) as set forth above, on the first day of each month beginning on the Rent Commencement Date. As used in this
Lease, the term “Lease Year” shall mean the following: the First Lease Year shall commence on the Rent Commencement Date and shall end on the last day of the month that is twelve (12) months after the Rent Commencement Date; the
Second Lease Year shall commence on the day after the end of the First Lease Year and continue for a consecutive twelve month period; and each Lease Year thereafter shall be a sequential, consecutive twelve (12) month period.
		
	 EXTENSION TERM
 YEARLY FIXED RENT:
	  	  
 Yearly Fixed Rent during the Extension Term shall be at
“Market Rent” as set forth in Exhibit D entitled Extension Term Yearly Fixed Rent attached hereto.

		
	PRO RATA SHARE:	  	The percentage that the Premises Rentable Area bears to the rentable area at the Property held for rental by Landlord. The Pro Rata share shall be determined by a fraction, the numerator of which shall be the Premises Rentable
Area and the denominator of which shall be the total rentable area of the Building (the “Building Rentable Area”) which Landlord’s architect has determined to be 32,463 square feet. Accordingly, Tenant’s Pro Rata Share
shall be 46.51%.

			
		
	SECURITY DEPOSIT:	  	$29,375.00.
		
	EXTENSION TERM:	  	Provided Landlord has received written notice of Tenant’s intent to extend no later than nine (9) months prior to the end of the then current Term, Tenant may extend the Lease for two (2), successive periods of five (5)
years each (herein collectively or individually called the “Extension Term”) with the first Extension Term (“First Extension Term”) commencing immediately after the Initial Term, and the second Extension Term
(“Second Extension Term”) commencing immediately after the First Extension Term. Tenant’s right to extend shall be subject to the provisions set forth in Section 23 of this Lease.
		
	BROKERS:	  	Landmark Real Estate Advisors, LLC and Boston Realty Advisors

  

					
	EXHIBITS:	  		  	
	        Rider:	  	Included         X        	  	Not included                 
	        Exhibit A:	  	The Premises	  	
	        Exhibit A-1:	  	Tenant’s Layout Plan	  	
	        Exhibit A-2	  	Parking Plan	  	
	        Exhibit B:	  	Landlord’s Work	  	
	        Exhibit C:	  	Not Applicable	  	
	        Exhibit D:	  	Extension Term Yearly Fixed Rent
	        Guaranty:	  	Included                 	  	Not included         X        

 LEASE TEXT 

 

	1.	The Premises and Common Areas and Facilities. 

 Landlord hereby leases the Premises to
Tenant for the Term. To the extent applicable, Landlord excepts and reserves from the Premises for the benefit of Landlord and its other tenants the shaftways and other common elements serving other parts of the Building or the Property, as well as
the right to maintain, use, repair and replace pipes, ducts, wires, meters and any other equipment, machinery, apparatus and fixtures located in or at the Premises and serving other parts of the Building or the Property. Unless subsequently altered
by written notice to Tenant caused by a change in the Building Rentable Area, the Premises Rentable Area shall be as indicated on the Reference Data Pages. To the extent the Premises is benefited by interior common areas in the Building, the
Premises Rentable Area may include an allocation of Building common area. Premises Rentable Area data is included only for the purpose of determining Pro Rata Share and not Yearly Fixed Rent. Landlord reserves the right to renovate and redecorate
the Building exterior, lobby and common areas and to build upon the Property additional common areas and expand the Building provided Landlord takes reasonable action to reduce the impact thereof during construction and, upon completion, any such
action does not curtail in any material adverse manner Tenant’s ability to conduct its business at the Premises. Tenant shall be entitled to use, in common with Landlord and other tenants at the Property and their employees and patrons,
fifty-five (55) spaces within the parking areas at the Property for the transient, not overnight, parking of automobiles: and ten (10) of the foregoing spaces, in the locations as shown on Exhibit A-2, shall be designated for
Tenant’s exclusive use. Landlord reserves the right to designate and locate separate tenant, patron, visitor and handicapped parking at the Property. 
  

	2.	Term. 

 Unless sooner terminated as provided herein, the term of this Lease shall
commence on the Term Commencement Date and terminate on the Expiration Date (the “Term” and/or “Lease Term”). If an Extension Term is set forth in the Reference Data Pages, the Term shall include the Extension Term
if the Term is extended. 
  

	3.	Payment of Rent. 

 Tenant shall pay the Yearly Fixed Rent as set forth in the Reference
Data Pages by Monthly Payments in advance, without setoff, offset or deduction, commencing on the Rent Commencement Date, and thereafter continuing on the first day of each month thereafter, and shall pay Additional Rent in the manner set forth
herein. All rent and other payments shall be made to Landlord at Landlord’s Initial Address for Payment or at such other location and to such person as Landlord shall designate from time to time in writing. If the Rent Commencement Date and/or
Term Commencement Date occurs on a day other than the first day of a month, the first Monthly Payment and Additional Rent, as applicable, shall be appropriately pro-rated for that month and added as Rent for the First Lease Year. If Tenant shall
fail to pay any installment of Yearly Fixed Rent or Additional Rent within ten (10) days after the date due, Landlord shall be entitled to collect a charge equal to five (5%) percent of the amount due to cover Landlord’s
administrative expense in handling late payments; provided, that with respect to the first such late payment in any consecutive 12-month period, no late payment shall be due if Tenant makes payment within one (1) business day after notice
(which may be by telephone or e-mail) from Landlord. In addition, Tenant shall pay interest at the rate of one (1%) percent (the “Default Rate”) for each month or any fraction thereof on any Rent not paid within ten
(10) days after the date due. The sending of invoices to Tenant on one or more occasions shall not require Landlord to continue that practice for Yearly Fixed Rent or on account of regular monthly installments of Additional Rent. The term
“Rent” as used in this Lease shall include Yearly Fixed Rent, Additional Rent and all other sums and charges payable by Tenant hereunder. 

	4.	Security Deposit. 

 If a Security Deposit is required on the Reference Data Pages of this
Lease, upon signing this Lease Tenant shall pay Landlord the Security Deposit which shall be held by Landlord as security for Tenant’s performance under this Lease. The Security Deposit shall be refunded to Tenant, without interest, within
thirty (30) days after the termination of this Lease subject to Tenant’s satisfactory compliance with the conditions of this Lease and subject to deduction for payment of Tenant obligations not then fulfilled by Tenant. During the Term,
Landlord shall have the right to use all or any portion of the Security Deposit to pay or perform any obligations of Tenant which Tenant fails to pay or perform within the time periods required herein, and any amount so used by Landlord shall be
replenished by Tenant upon seven (7) days notice to Tenant. Tenant may not use the Security Deposit to pay any of Tenant’s payment obligations, and Tenant shall not have the right to mortgage, transfer, assign or encumber the Security
Deposit. 
  

	5.	Additional Rent. 

  

	 	A.	Tenant shall pay the following as Additional Rent: (i) 100% of any and all costs and expenses, whether considered Operating Costs (as herein defined) or otherwise, attributable solely to the Premises, or to
Tenant’s use, or resulting from the actions or inactions of Tenant or those acting by, through, or under Tenant (subject to limitations set forth in Section 15 hereof); (ii) the cost of utilities consumed within the Premises required
to be paid by Tenant under Section 6 of this Lease; (iii) any increase in Real Estate Taxes (as herein defined) payable with respect to the Property, based upon Tenant’s Pro Rata Share, exceeding the Property Real Estate Taxes for the
year ending June 30, 2015 (“Base Tax Year”); (iv) any increase in Operating Costs incurred by Landlord with respect to the Property and Building, based upon Tenant’s Pro Rata Share, exceeding the Operating Costs
incurred by Landlord for the calendar year ending December 31, 2014 (“Base Operating Cost Year”); and (v) costs incurred by Landlord to repair items at the Property damaged by Tenant’s use. For the purpose of
determining Operating Costs for the Base Operating Cost Year, in the event that less than ninety-five (95%) percent of the Building is occupied, costs which would be increased by additional occupancy, as reasonably determined by Landlord, shall
be extrapolated to reflect 95% occupancy. 

  

	 	B.	If, as and when requested by Landlord and with each Monthly Payment, Tenant shall make such payments in advance as Landlord shall reasonably request to be sufficient to pay as and when due, all Additional Rent required
by Section 5.A. hereof, and if Landlord does not request such advance payments Tenant shall be permitted to make estimated monthly payments on account of Additional Rent together with each Monthly Payment, with any adjustments paid or credited
as applicable following Landlord’s reconciliation of Additional Rent. Tenant shall pay Additional Rent to Landlord within ten (10) days after the date Landlord invoices Tenant for same, as adjusted for any amounts previously paid by Tenant
for the period covered by the invoice. 

  

	 	C.	 “Operating Costs” shall mean Landlord’s annual costs incurred to maintain, operate, insure, manage, and repair the Property,
including (a) on-site personnel costs incurred in the operation of the Property; (b) utility costs for Property common areas, including water and sewer, fuel and other energy for heating and cooling the Building, and electricity for common
areas; (c) costs of insurance carried by Landlord relating to the Property, including, without limitation, fire, casualty, liability and other insurance coverages as Landlord reasonably determines to obtain; (d) costs of cleaning, repair,
replacement and other work relating to the maintenance, repair and improvements to the Building, the Property, and common facilities serving the Building and the Property, (to the extent required by this Lease to be paid by Landlord and not
otherwise reimbursed by Tenant); (e) costs to maintain and repair the parking areas at the Property; (f) cost of snow plowing, snow removal, sanding and landscaping; (g) costs to operate the Building fitness facility and other amenity
areas (including without limitation equipment leases and/or finance charges), and (h) costs of all service contracts, management fees (calculated at market rates) and other customary maintenance and operating expenses applicable to the Property
incurred by Landlord. With respect to Operating Costs, Landlord agrees as follows: all included 

	 	
expenses shall be at Landlord’s direct cost, without markup; to the extent Landlord’s personnel costs are included, they shall be pro-rated for that portion of time actually committed
to the Property and its operation; management fees shall be compensation for supervisory services calculated at generally accepted commercial rates; capital costs for structural repairs, to repave the parking lot and/or to replace worn out or
obsolete major equipment or facilities (collectively “Capital Repairs”), as distinguished from customary maintenance and repairs, shall be amortized over their respective useful life as reasonably determined by Landlord, such that
the annual cost thereof does not exceed a total of $40,000.00; capital improvements (as distinguished from Capital Repairs) shall not be included; costs recovered in full from one or more tenants other than Tenant shall not be included; costs to
demise and renovate interior space for tenants shall not be included; the cost of work and repairs covered by insurance proceeds paid under Landlord’s insurance then in force shall not be included; costs which solely benefit leased areas of the
Property shall not be included unless the same or similar benefit is provided to the Premises; and costs to enforce Landlord’s rights and remedies against other tenants shall not be included. Furthermore, “Operating Costs” shall not
include: expenses for any item or service which Tenant pays directly to a third party or separately pays to Landlord; leasing commissions; principal, interest and other expenses upon loans to Landlord or secured by a mortgage covering the Building
or Property or a portion thereof; rent under any ground lease; salaries of executive officers of Landlord; depreciation claimed by Landlord for tax purposes; reserves; costs incurred due to the negligence or willful misconduct of the Landlord, its
agents and employees; penalties, fines and other costs incurred due to violation by the Landlord of any lease or any laws and any interest or penalties attributable to late payment by Landlord of any of the Operating Costs; and costs and expenses of
investigating, monitoring and remediating hazardous materials on, under or about the Building or Property. 

  

	 	D.	“Real Estate Taxes” or “Taxes” shall mean all taxes, assessments, betterments, water or sewer entrance fees and charges, and all other charges, including charges for the use of
municipal services if billed separately from other taxes, levied, assessed or imposed at any time by any governmental authority upon or against the land, the Building, and/or other improvements then comprising the Property. This definition of Real
Estate Taxes is based upon the present system of real estate taxation in the Commonwealth of Massachusetts; if taxes upon rentals or any other basis shall be substituted, in whole or in part, for the present ad valorem real estate taxes, the term
Real Estate Taxes shall be deemed changed to the extent to which there is such a substitution for the present ad valorem real estate taxes. Notwithstanding the foregoing, “Taxes” shall exclude (a) federal, state or local income,
franchise, estate, conveyance or transfer taxes, and (b) interest and penalties assessed by reason of Landlord’s failure to pay such Taxes when due. Landlord agrees, that if any special taxes or assessment shall be levied against the
Building, to elect to pay such assessment over the longest period of time permitted by law. The term “fiscal year” shall mean July 1st through June 30th next following, or such other tax period as may be established by law for the payment of Real Estate Taxes. 

  

	 	E.	 Following the end of each calendar year during the Term, Landlord shall deliver to Tenant a statement (“Operating Statement”) of the
amount of the Operating Costs for such calendar year and Tenant’s Pro-Rata Share thereof, pro-rated with respect to any partial calendar year included in the Term. Tenant shall pay Landlord within ten (10) days after the date Landlord
invoices Tenant therefor, Additional Rent due from Tenant under subsection 5.A. above, less any amounts previously paid by Tenant for that period. Any overpayment by Tenant shall be applied to Additional Rent next payable or, after this Lease
terminates, shall be reimbursed to Tenant. Tenant shall have the right to audit Landlord’s books and records relating to any Operating Statement with respect to the period covered by such Operating Statement by delivering a notice of its
intention to perform such audit to Landlord within sixty (60) days after Tenant’s receipt of the Operating Statement. Tenant shall then have a period of one hundred twenty (120) days after delivery of that notice (the “Audit
Period”) within which to perform the audit, and at Landlord’s request, Tenant shall provide a copy of such audit to Landlord. If, as a result of such audit, Tenant believes that it is entitled to receive a refund of any Operating Costs
paid by Tenant with respect to that year, Tenant shall deliver to Landlord, no later than ten (10) days after receipt of 

	 	
the audit (but not later than the expiration of the Audit Period), a notice thereof, together with a copy of such audit and a statement of the grounds for, and the amount of, such proposed
refund. If the audit indicates that Tenant has overpaid Tenant’s Pro Rata Share of Operating Costs, then Tenant shall be entitled to receive a refund from Landlord in the amount of such overpayment within thirty (30) days after
Landlord’s receipt of such notice, or if Landlord fails to timely pay such refund, and the Lease has not then expired, Tenant shall be entitled to credit the amount of such overpayment against Additional Rent next becoming due under this Lease.
If the audit indicates that Tenant has underpaid the amount of Tenant’s Pro Rata Share of the Operating Costs for such period, then Tenant shall pay the amount of such underpayment to Landlord within thirty (30) days after receipt of such
audit. The cost of any such audit shall be paid by Tenant, except that, if it is established that the Pro Rata Share of Operating Costs paid by Tenant for the applicable year was overstated by more than five (5%) percent, the reasonable
out-of-pocket cost of such audit paid to a third party other than an employee of Tenant, up to a maximum of Three Thousand ($3,000.00) Dollars, shall be paid or reimbursed to Tenant by Landlord. Any audit shall be performed by either
(a) Tenant’s regular employees or (b) a reputable certified public accountant whose compensation is not, directly or indirectly, contingent in whole or in part on the results of the audit. If Landlord determines that an Operating
Statement previously furnished by Landlord was in error, Landlord may furnish a corrective or supplemental Operating Statement to Tenant within one (1) year after the original Operating Statement was furnished, and if such corrective or
supplemental Operating Statement results in increased Additional Rent, the Audit Period for the year covered by such report shall be extended for six (6) months after Landlord furnishes the corrective or supplemental Operating Statement.

  

	6.	Electricity/Utilities. 

 Beginning on the Term Commencement Date, Tenant shall pay for
electricity consumed within the Premises for interior lighting, electric outlets and other customary office electric consumption (“Customary Office Usage”), which usage shall be separately metered. In addition, if Tenant installs
additional computer servers or other specialized equipment and systems (“Special Systems”), including, without limitation, any Specialty HVAC (as defined in Section 10 hereof) serving any separately designated rooms or areas
(such as computer/LAN rooms) where Specialty Systems are situated (“Specialty Areas”) which would increase Tenant’s electric or other utility consumption in any material respect, then electric and other utility consumption for
such Special Systems or Specialty Areas shall be at additional cost to Tenant (either directly, if separately submetered, or based on an equitable allocation, if not separately metered). Tenant shall also be responsible for the cost of after-hours
HVAC and other utility usage charges, without any cost markup from Landlord, and which usage shall be separately submetered by Landlord or otherwise proportionately charged by Landlord. Tenant shall pay all such charges for electricity and other
utilities within ten (10) days after being invoiced therefor by Landlord. Landlord shall have no obligation to provide utilities other than as presently supplied and via facilities supplied either by the municipality in which the Property is
located or by local electric service, as may in the ordinary course be modified or replaced by third party providers. In the event Tenant requires additional electric service or other utilities, the installation and maintenance thereof shall be
Tenant’s sole obligation, which installation shall be subject to the written consent of Landlord, which consent shall not be unreasonably withheld or delayed, provided all such work shall be performed in accordance with the provisions of
Section 11 hereof. Tenant agrees that in no event shall Landlord be liable for any interruption or delay in providing utilities, facilities, or equipment or other services except if caused by Landlord’s gross negligence or willful
misconduct. 
  

	7.	Use of Leased Premises. 

 Tenant shall use the Premises only for the Permitted Use and
for no other purpose or use. Tenant acknowledges that Landlord’s reasonable control of uses under leases and tenancies at the Property is important to maintain the professional quality and attraction of the Property to existing, future and
potential tenants. 

	8.	Compliance with Laws. 

 Tenant agrees that no trade or occupation shall be conducted at
the Premises or use made thereof which may be unlawful, improper, noisy or offensive to other tenants and their patrons, or contrary to municipal by-law or ordinance, or may unduly tax the capacity of the
Building structure or systems. Tenant shall comply with all state, federal and municipal laws, including, without limitation, all building, zoning, health, fire and safety ordinances, by-laws, codes, rules and regulations applicable to the Premises
and the operation of Tenant’s business at the Premises (collectively “Applicable Laws”); provided that Tenant shall not be obligated to make any changes to the Building (other than to the Premises), and shall not be responsible
for any structural changes to the Premises, unless, in either case, such changes to the Building or Premises are required on account of any change of use of the Premises or Tenant’s Work to the Premises (in all events any such change in use
and/or Tenant’s Work remaining subject to Landlord’s approval pursuant to the terms set forth in this Lease). Tenant shall, at Tenant’s sole cost and expense, obtain and maintain in full force and effect during the Term, all licenses,
permits and other authorizations required under Applicable Laws to enable Tenant to operate at the Premises for the Permitted Use, except that Landlord shall be responsible for obtaining the Certificate of Occupancy for the Premises, subject,
however, to any delay in obtaining the Certificate of Occupancy caused by Tenant’s delay in completing any work to be performed by Tenant and/or installing any of Tenant’s furniture, fixtures and equipment. 

 

	9.	Insurance. 

 Tenant shall not permit any use of the Premises which will make voidable any
insurance on the Building, the Property or on the contents of the Building, or which shall be contrary to any law or regulation from time to time established by the New England Fire Insurance Rating Association, or any similar body succeeding to its
powers. Tenant shall on demand reimburse Landlord for any and all additional insurance costs caused by the Permitted Use or any other Tenant’s use of the Premises. 
  

	10.	Maintenance. 

  

	 	A.	Tenant’s Obligations. Except to the extent required to be performed by Landlord pursuant to Section 10.B. below, Tenant shall be responsible at its cost to keep clean and maintain in good condition, the
Premises interior and to maintain, repair and replace, as necessary, all Special Systems and other systems, fixtures and equipment installed by Tenant and/or serving only the Premises, reasonable wear and damage by insured casualty only excepted,
and whenever necessary, to replace Premises glass damaged by Tenant or damaged on account of Tenant’s use. Tenant’s maintenance of the Premises shall include, without limitation, replacement of light bulbs, paint and carpeting within the
Premises, and maintenance, repair and replacement of lighting and other electrical fixtures, kitchen and other plumbing fixtures, if any, within the Premises, Premises doors, locks and windows, and any and all facilities and utilities installed by
Tenant and/or serving only the Premises, such as telephone and computer systems, cables and wires and all lines, wires, pipes and ductwork serving Tenant’s Special Systems and/or Special HVAC. Notwithstanding anything set forth herein, in the
event Tenant requires any additional or upgraded heating, ventilation and air conditioning (“HVAC”) system, Tenant shall be responsible for installation thereof in accordance with Section 11, and shall be responsible to
maintain in good operating condition, and to repair and replace as necessary any such additional or upgraded HVAC systems, including any such systems serving any Specialty Areas and/or Tenant’s local area network, computer systems and other
Special Systems, and any other Tenant fixtures or equipment at the Premises which require heating, ventilation or air conditioning exceeding that required for customary office use (“Specialty HVAC”). 

Except for Premises Punch-List Items, as described in Exhibit B, which are to be completed after the Term Commencement Date, Tenant
acknowledges by taking occupancy of the Premises that on the Term Commencement Date the Premises are then in good order and the glass whole. Tenant shall not permit the Premises to be overloaded, damaged, stripped, or defaced, nor suffer any waste.
Tenant shall not erect any sign on the Building or otherwise at the Property (including 

 
interior signage visible from outside the Premises), except in accordance with Section 25 hereof. Tenant shall use and conduct Tenant’s business at the Premises in such a manner as to
assure that no water, noise, fumes, odor or any other condition escapes or is emitted from the Premises that is reasonably asserted to be objectionable by Landlord or other tenants, or which materially interferes with or in any material manner
causes damage or nuisance to or upon the Property or any abutting tenant space or common area. The cost to repair damage caused by Tenant, Tenant’s employees, contractors, patrons, guests or invitees and others acting by, through or under
Tenant (“Tenant Parties”) to the Premises or to other tenant property, the Building and the Property shall be borne by Tenant (subject to limitations set forth in Section 15 hereof). Tenant shall be responsible for emptying,
transporting, disposing of, treating, or otherwise dealing with any hazardous, controlled or regulated materials or waste stored or used by Tenant or its guests, employees, invitees, contractors, or agents at the Premises, all of which shall be
performed in strict compliance with Applicable Laws. 
  

	 	B.	Landlord’s Obligations. Except for repairs caused by Tenant’s misuse (including for this purpose misuse by any Tenant Parties) and except for repairs, maintenance and replacement otherwise required by
this Lease to be paid and/or performed by Tenant, Landlord agrees to (i) maintain the structure and roof of the Building together with common areas and facilities and systems serving the Property, including Property HVAC Systems and common
plumbing and electrical systems to the entry point to Tenant’s Premises in reasonably good and serviceable condition, more specifically in the same condition as it is at the Term Commencement Date or as it may be put during the Term, reasonable
wear and tear, damage by fire and other casualty excepted; (ii) provide heating and cooling to the Premises to maintain it generally to a reasonable temperature that is customarily provided in similar multi-tenant office buildings in the
suburban Boston area in which the Property is located during the hours of 8:00 a.m. – 6:00 p.m. on Monday through Friday and 8:00 a.m. – 12:00 p.m. on Saturdays of each week (holidays excluded); (iii) clean the Premises interior by
vacuuming carpets, dusting hard surface floors, and emptying normal office refuse from wastebaskets and cleaning common restrooms and restocking common restroom supplies on Monday through Friday of each week (holidays excluded) during the Term;
(iv) keep driveways, walkways and parking areas free of snow, ice and other debris and maintain landscaped areas; (v) furnish hot and cold water to Tenant’s sink(s) in the Premises and sanitary sewer service to the common restrooms in
the Building; (vi) maintain, repair and replace, as necessary, all electric lines and pipes, ductwork and plumbing lines within the walls, ceiling and floors of the Building to the point of attachment to Tenant’s electric fixtures and
plumbing fixtures (including faucets, sinks, and plumbed appliances, as applicable), except that Tenant shall be responsible for such electric and plumbing lines, pipes and ductwork serving any Special Systems and/or Specialty HVAC; and
(vii) subject to Section 6 hereof, furnish electric current to overhead lighting and convenience outlets in the Premises. As used herein, the term “Property HVAC Systems” shall mean the HVAC systems servicing the Building,
including the Premises, but excluding the Specialty HVAC, if any, and excluding HVAC systems required to be maintained by other tenants at the Property. Landlord shall be given reasonable additional time to perform its agreements under this Lease to
the extent third parties contracted for in good faith delay or fail to perform. In no event shall Landlord be required to spend in connection with its repair of insured casualty losses or restoration of eminent domain takings more than the amount of
insurance proceeds or taking awards actually received. Landlord shall not be required to restore or replace any alterations which Tenant is, by the terms of this Lease, either entitled to, or may be required to remove upon expiration or early
termination of this Lease, and in no event shall Landlord be required to restore or replace any of Tenant’s fixtures or personal property. Landlord shall not be liable for any inconvenience or annoyance to Tenant for injury to the business of
Tenant resulting in any way from a taking, fire damage or casualty or occasioned by the repair thereof. 

	11.	Alterations - Additions. 

 Tenant shall not make
any structural alterations or additions to the Premises, but may make non-structural alterations provided plans therefor prepared and stamped by a licensed architect and/or applicable engineer shall be
submitted to Landlord and Landlord consents thereto in writing, which consent for alterations shall not be unreasonably withheld or delayed provided it does not affect the mechanical systems of the Building, or any other tenant space , or the
exterior (including windows) of the Building, and does not detract from the continuing utility and structural integrity of the Building or the Property. Landlord’s consent shall not be required for alterations of a purely cosmetic nature (e.g.
painting, carpeting, etc.) so long as Tenant provides not less than ten (10) business days notice to Landlord and otherwise complies with the provisions of this Section 11. All permitted alterations shall be at Tenant’s sole expense,
shall comply with all applicable Codes and Ordinances and be first class using new and appropriate materials. Tenant shall not permit any mechanic’s or similar lien to be placed upon the Premises or the Property for labor or materials furnished
to Tenant or claiming to have been furnished to Tenant in connection with work of any character performed or claimed to have been performed at the direction of Tenant, and Tenant shall cause any such lien to be released of record within seven
(7) days without cost to Landlord. All fixtures, alterations and improvements made by Tenant to or at the Premises shall become the property of Landlord at the termination of Tenant’s occupancy or, if requested by Landlord, shall be
removed by Tenant at Tenant’s cost and the Premises restored at the end of Tenant’s occupancy. Tenant shall indemnify Landlord and hold it harmless for all loss, cost, damage and expense, including without limitation, attorneys’ fees
incurred by Landlord resulting from or relating to Tenant’s alterations and additions. 
  

	12.	Assignment - Subleasing. 

  

	 	A.	 Tenant shall not assign, sublet or otherwise license the whole or any part or use of the Premises nor otherwise permit the use or occupancy of all or
any of the Premises by other than the Tenant signing this Lease without Landlord’s prior written consent, which consent shall be determined consistent with the Permitted Use and based upon Landlord’s determination of the business plan,
adequacy of financial condition and clear business history of the proposed assignee, sublessee, licensee or user. In the event of a proposed assignment, financial statements, supporting data and credit references of the proposed assignee and its
majority principals requested by Landlord shall be delivered to Landlord, and Landlord will not unreasonably withhold, condition or delay its consent provided, however, Landlord may withhold its consent for reasonable cause or if the proposed
assignee’s creditworthiness, financial condition or business history is not reasonably satisfactory to Landlord, or if the proposed assignment, subletting or licensing is otherwise not in compliance with the terms of this Section 12.
Notwithstanding such consent, Tenant shall remain liable to Landlord for the payment of all rent and for the full performance of all agreements, covenants and conditions of this Lease required of Tenant. Transfer of more than 49% of the ownership or
control of Tenant’s business shall constitute an assignment. No assignment or subleasing shall be permitted unless the Yearly Fixed Rent to be paid by the proposed assignee or sublessee is at least equal to the Yearly Fixed Rent payable by
Tenant to Landlord hereunder, except that Tenant may allow a customary then market rental concession not exceeding three (3) months. Notwithstanding the foregoing, at Tenant’s request, so long as Landlord does not then have available
comparable size space (within fifteen percent (15%) more or less of the space proposed to be sublet) in the Building, the proposed sublet Yearly Fixed Rent will be not less than Twenty-Four ($24,00) Dollars per square foot (provided Tenant may
allow a customary then market rental concession, not exceeding three (3) months if the sublease is for a period less than four (4) years, and not exceeding six (6) months if the sublease is for a period in excess of four
(4) years). In the event of an assignment or subleasing, fifty (50%) percent of the excess of the rent and other compensation collectible by Tenant over the sum of (i) the Yearly Fixed Rent and Additional Rent due from Tenant under
this Lease, and (ii) the reasonable expenses of Tenant in connection with said assignment or subleasing (including brokerage fees, legal fees, improvement costs and/or allowances and review fees/expenses payable to Landlord) amortized over the
term of the assignment or sublease, shall be remitted to Landlord as Additional Rent as and when first received by Tenant; and, to the extent a sublease is for less than all the Premises,

	 	
then the foregoing determination shall be based on a proportional square foot calculation by Landlord. Tenant shall not solicit any other tenant or occupant in the Building or their affiliates
(“Building Occupant”) for the letting of all or any portion of the Premises as a sublessee, assignee or otherwise, provided, however, in the event a Building Occupant approaches Tenant for the purpose of subletting all or any
portion of the Premises (the “Sublease Space”), Tenant shall immediately notify Landlord of the Building Occupant’s interest (“Sublet Interest Notice”) to enable Landlord to itself negotiate with the Building
Occupant to enter into a lease for the Sublease Space directly with Landlord on terms and conditions acceptable to Landlord in its sole discretion. In the event Landlord intends to negotiate or is able to enter into a direct leasing arrangement with
the Building Occupant with respect to the Sublease Space, Landlord shall so notify Tenant within sixty (60) days after Landlord’s receipt of the Sublet Interest Notice from Tenant, and in such event, within thirty (30) days after
Landlord’s written request therefor, Landlord and Tenant will enter into an early termination agreement with respect to the Sublease Space on terms mutually acceptable to Landlord and Tenant, and Tenant shall vacate the Sublease Space and leave
it in the condition required for surrender under the terms of the Lease, unless otherwise agreed by Landlord. In the event Landlord has not notified Tenant that Landlord has or intends to enter into a direct leasing arrangement for the Sublease
Space with the Building Occupant within sixty (60) days after receipt of the Sublet Interest Notice from the Tenant, or if Landlord notifies Tenant that it has elected not to negotiate directly with the Building Occupant with respect to the
Sublease Space, then Tenant shall have the right to enter into a sublease agreement directly with the Building Occupant for the Sublease Space, provided Tenant otherwise complies with the terms of this Section 12. No request for transfer,
assignment or sublease will be considered unless written assurances reasonably satisfactory to Landlord are received to assure Landlord that it will be reimbursed its reasonable third party costs incurred in connection with the processing of
Tenant’s request, including reasonable legal fees, whether or not consent is ultimately forthcoming. 

  

	 	B.	Landlord shall consent to an assignment or sublease to an Affiliate (as herein defined) of the Tenant named herein within seven (7) days after satisfaction of the following conditions precedent: (i) Tenant is
not in default under this Lease, nor would be in default but for the giving of notice or the passage of time or both; (ii) Tenant and the Affiliate comply with the other provisions of this Section 12; (iii) Tenant has provided
Landlord with thirty (30) days’ advance written notice (“Affiliate Assignee Notice”) of such proposed assignment or sublease together with Tenant’s certification and documentation that the assignment or sublease is in
fact to an Affiliate and complies with the provisions of this subsection 12.B.; and (iv) in the event of an assignment, each of Tenant and the Affiliate (if they remain separate entities, otherwise the surviving company in the event of a
merger) shall have a clear credit history and a net worth at least comparable to Tenant as of the date of this Lease (“Financial Condition Requirement”). An “Affiliate” shall mean an entity into or with which Tenant
is merged or consolidated; or to which substantially all of Tenant’s assets are transferred; or which controls or is controlled by Tenant or is under common control with Tenant. Notwithstanding the foregoing, a so-called “spin-off” or
other series of assignments or subleasing to entities which individually would be Affiliates, but which taken together are intended to circumvent the intent of this subsection 12.B., shall not be permitted. 

 

	13.	Subordination and Estoppel. 

  

	 	A.	 This Lease shall be automatically subject and subordinate to any and all mortgages, ground leases and other instruments in the nature of a mortgage or
ground lease now or at any time hereafter a lien on the Property without requiring any writing by Tenant. Tenant shall, when requested, promptly (but not later than ten (10) days after request) execute and deliver such written instruments as
may be requested by Landlord to confirm the subordination of this Lease to mortgages, ground leases or other instruments in the nature thereof. Should Tenant fail to execute, acknowledge and deliver such instruments within ten (10) days after
Landlord’s written request, Tenant hereby appoints Landlord and its successors and assigns, as Tenant’s irrevocable attorney-in-fact to execute, acknowledge and deliver any such instrument for and on

	 	
behalf of Tenant. With respect to mortgages and other instruments in the nature thereof executed after the Term Commencement Date, the foregoing subordination is expressly conditioned upon Tenant
reserving the right to continued occupancy of the Premises in accordance with the terms of this Lease for so long as Tenant is not in Default hereunder notwithstanding any mortgage foreclosure or termination of ground lease. Landlord shall request a
non-disturbance agreement from Landlord’s current mortgagee and/or ground lessor. 

  

	 	B.	Tenant agrees that Tenant will recognize as its landlord under this Lease and shall attorn to any person succeeding to the interest of Landlord upon any foreclosure of any mortgage upon the Property or upon the
execution of any deed in lieu of such foreclosure in respect of such mortgage, on the condition that such successor in interest does not disturb any of the rights of the Tenant under this Lease, so long as Tenant is not in Default hereunder.

  

	 	C.	Within ten (10) days after request by Landlord, Tenant will promptly complete and sign an estoppel certificate in form requested by Landlord to confirm the status of this Lease. Failure of Tenant to timely sign and
complete the required estoppel shall, at Landlord’s election, be a Default under this Lease and, in all events, Landlord shall then be authorized to sign the estoppel certificate as Tenant’s agent and the information therein shall be
binding upon Tenant provided it is signed by Landlord in good faith. 

  

	14.	Landlord’s Access. 

 Landlord and its agents may, at reasonable times, enter the
Premises to (i) view the Premises and remove placards and signs materially visible from outside the Premises not approved by Landlord, (ii) make repairs and alterations as Landlord reasonably determines, and (iii) show the Premises to
its lender(s) and insurers and at any time within nine (9) months before the expiration of the Term to show the Premises to tenant prospects. Tenant shall give Landlord keys or other lock access to the Premises to be used only for emergency
purposes. Tenant shall not add to, or change any Premises locks without obtaining Landlord’s prior written consent and giving Landlord keys thereto. Landlord’s access to the Premises for the purposes referenced above and for routine
maintenance shall minimize interference with Tenant’s business, and when possible be upon reasonable prior notice to Tenant, and if notice is not able to be given in advance, notice shall promptly be given to Tenant after Landlord’s entry
in an emergency. 
  

	15.	Indemnification and Liability. 

 Tenant shall save Landlord harmless and indemnified from
any nuisance made or suffered on or from the Premises unless such loss is caused by the negligence of Landlord. Landlord shall not be liable to Tenant, Tenant’s employees, patrons or guests, or any other parties for damage to Tenant’s
equipment, fixtures, inventory or other assets or goodwill or for any other consequence resulting or caused by Landlord’s failure to perform any of its obligations under this Lease unless such failure is caused by Landlord’s negligent acts
or omission. In no event shall Landlord be liable for any indirect or consequential damages. Landlord’s responsibility and liability with respect to services to be performed under this Lease by Landlord shall be limited to costs of repair and
labor to effect repair and/or performance. Performance by Landlord under this Lease shall be excused or delayed by causes beyond Landlord’s reasonable control which shall include, without limitation (a) Acts of God, (b) action or
inaction by Tenant or its employees, patrons, contractors, guests, licensees or others for whom Tenant may be responsible, (c) failure of parties with whom Landlord has contracted, (d) inability to obtain supplies, materials or labor,
(e) interruption of utilities services, and (f) similar conditions. 
 Landlord and Tenant release each other from any claims and
demands of whatever nature for damage, loss or injury to the Property or to the other’s property in, on or about the Premises and the Property that are caused by or result from risks or perils insured against under any property insurance
policies required by the Lease to be maintained insuring Landlord at the time of any such damage, loss or injury. If required by the terms of their respective insurance policy(ies), Landlord and Tenant

 
shall cause their insurers to waive any right of recovery by way of subrogation against either Landlord or Tenant in connection with any property damage covered by any such policies.
Notwithstanding the foregoing, Tenant is responsible for the cost of repair and reconstruction of all damage and casualty losses caused by Tenant or Tenant Parties within the Premises, provided, however, in the event of damage or casualty caused by
Tenant or Tenant Parties affecting the Building outside the Tenant’s Premises, Tenant’s liability shall be limited to the limits of Tenant’s liability insurance coverage (not less than Six Million ($6,000,000.00) Dollars), plus any
deductible paid by Landlord. 
  

	16.	Tenant and Landlord Insurance. 

 Tenant acknowledges that Tenant shall bear the sole risk
of loss to its own leasehold improvements (whether existing within the Premises prior to the Lease Execution Date or added to the Premises by Landlord or Tenant), equipment, inventory, and other personal property within the Premises, and Landlord
shall have no responsibility for loss or damage thereto. Tenant shall maintain with respect to the Premises and the Property (i) casualty insurance covering all of Tenant’s leasehold improvements, equipment, inventory and other personal
property of Tenant; and (ii) commercial general liability insurance naming Landlord as additional insured in the amount of not less than $1,000,000.00 per occurrence and $2,000,000.00 general aggregate for bodily injury and property damage
liability written with a Best’s A-1 rating or better. Tenant shall deposit with Landlord certificates for such insurance at or prior to the Term Commencement Date, and thereafter not later than thirty (30) days prior to the expiration of
any such policies. All such insurance certificates shall confirm that such coverage will not be canceled without at least twenty (20) days prior written notice to Landlord. If Tenant fails to deliver evidence of the required insurance coverages
continuing during the term of this Lease, Landlord may at its election, obtain coverage on behalf of Tenant and Tenant shall promptly reimburse Landlord therefor. To the extent Tenant’s use of the Premises is such that Landlord may reasonably
incur greater risk of liability, Landlord may require an increase to Tenant’s liability coverage. 
 Throughout the Term, as part of
Operating Costs, Landlord shall maintain, with responsible companies qualified to do business in the Commonwealth of Massachusetts, insurance on the Building covering the same against fire and other casualty under an “all-risk” policy, at
its full replacement cost. 
  

	17.	Fire Casualty-Eminent Domain. 

 In the event a substantial portion of the Building is
damaged by fire or other casualty or is taken by eminent domain, Landlord may at any time thereafter elect to terminate this Lease. When such fire, casualty or taking renders the Premises substantially unsuitable for its intended use, a just and
proportionate abatement of rent shall be thereupon made until the Premises are restored to a condition substantially suitable for their intended use (but without obligation to restore any Tenant installed furniture, fixtures or equipment), and
Tenant may elect to terminate this Lease if (a) Landlord fails to give written notice within forty-five (45) days of its intention to restore the Premises, substantially to their prior condition, or (b) at Tenant’s request,
Landlord fails to provide reasonable assurance that the Premises is reasonably capable of being restored within nine (9) months after such fire, casualty or taking; or (c) Landlord fails to restore the Premises to a condition substantially
suitable for their intended use by Tenant within nine (9) months after such fire, casualty or taking. 
 Landlord reserves, and Tenant
grants to Landlord, all rights Tenant may have for damages or injury to the Premises for any taking by eminent domain except for damage to Tenant’s fixtures, property, or equipment and compensation for Tenant’s relocation costs obtained by
separate award to Tenant. 

	18.	Default. 

 Each of the following shall be a “Default” or an
“Event of Default” by Tenant under this Lease: 
  

	 	(a)	(i) Failure of Tenant to pay when due any installment of Yearly Fixed Rent, Additional Rent or any other sum payable by Tenant under this Lease within ten (10) days after the date due, provided, however, not more
than twice (2x) during any consecutive twelve (12) month period, Tenant shall have the right to cure such failure within ten (10) days after written notice to Tenant; or (ii) failure of Tenant to comply with the insurance
requirements of this Lease as set forth in Section 16 hereof; or (iii) failure of Tenant to timely comply with the requirements of this Lease to deliver subordination and non-disturbance agreements and estoppel certificates within the time
periods required by Section 13 hereof; or 

  

	 	(b)	Failure of Tenant to observe or perform any of Tenant’s covenants, agreements, or obligations required by this Lease (other than as set forth in Section 18(a) above) unless that failure is corrected or fully
cured by Tenant within fifteen (15) days after written notice provided, however, if such failure cannot reasonably be cured within such 15 day period, Tenant shall have such additional time (not to exceed sixty (60) days in the aggregate)
as may be reasonably necessary to cure such failure, provided that Tenant commences the cure within such 15 day period and thereafter prosecutes and completes the cure with due diligence and dispatch provided, however, the foregoing sixty
(60) day period may be extended for an additional thirty (30) days, if necessary, provided Tenant gives written notice to Landlord specifying the actions Tenant is taking to cure such default, there has been and in Landlord’s
reasonable judgment there is not likely to be, any additional loss or liability to Landlord on account of such delay, and such default is diligently thereafter pursued to completion. Notwithstanding the foregoing, there will be no notice or grace
period with respect to defaults which are committed by Tenant in bad faith or with malicious intent, except that if such default is committed by other than an officer, director, or management staff of Tenant, Tenant shall have a period of
twenty-four (24) hours after notice to cure the default, except that if the default cannot reasonably be cured within such twenty-four (24) hour period, Tenant shall have such additional time as may reasonably be required, not to exceed
ten (10) days, so long as Tenant has commenced the cure within such twenty-four (24) hour period, and thereafter prosecutes and completes the cure with diligence and dispatch; and with respect to other non-payment defaults, if the same
default occurs more than once in any 12 month period, the cure period will be limited to 15 days; or 

  

	 	(c)	If Tenant or any guarantor of Tenant’s agreements hereunder shall file a petition under any bankruptcy, insolvency or similar law; or if any such petition shall be filed against Tenant or any guarantor and is not
dismissed within thirty (30) days after filing; or if Tenant or any guarantor is declared bankrupt or insolvent according to law; or if any assignment shall be made of any of Tenant’s or any guarantor’s assets for the benefit of
creditors. 

 Upon the occurrence of an Event of Default by Tenant, Landlord shall have the right, but not the obligation, to
then immediately re-enter and take complete possession of the Premises and declare the Term ended and remove Tenant’s effects, and exercise any other rights and remedies available to Landlord at law or in
equity, in all cases without prejudice to any other remedies Landlord may thereafter assert to enforce its rights hereunder. Tenant shall indemnify Landlord against all loss of rent and other costs or liabilities which Landlord may incur by reason
of such termination during the period which, but for that termination, would have been the remainder of the Term. If Tenant shall Default, Landlord, without being under any obligation to do so and without thereby waiving the Default, may pay such
sums or take such actions as would be reasonably required to remedy that Default for the account and at the expense of Tenant, however, that remedy shall not be construed as a cure by Tenant. If Landlord makes any expenditure or incurs any
obligation for the payment of money in connection with this Lease including but not limited to, reasonable attorney’s fees in instituting, prosecuting or defending any action or proceeding applicable to Tenant’s use of the Premises or
applicable to any Tenant obligation under this Lease, such sums paid or obligations incurred together with interest thereon at the Default Rate, shall be paid to Landlord by Tenant as 

 
Additional Rent within ten (10) days after demand therefor. Tenant shall pay all Landlord’s costs, including reasonable attorney’s fees, in enforcing, defending, collecting and/or
interpreting Landlord’s rights hereunder, within ten (10) days after demand therefor. 
 In addition to the foregoing, in the event
of a Default by Tenant resulting in Landlord’s termination of this Lease, the following shall apply: upon Default and termination of the Lease, Tenant shall pay Landlord the following sums: (i) within seven (7) days after being
invoiced therefor, the total of all amounts then due from Tenant under this Lease, and (ii) within twenty-one (21) days after Tenant’s receipt of an invoice therefore (“Termination Invoice”), the total of Yearly Fixed
Rent and Landlord’s estimate of Additional Rent and other charges which may become due under this Lease through the end of the period which, but for the termination, would have been the remainder of the Term, plus interest through the date of
payment of these amounts and costs of collection, present valued using an eight (8%) percent annual discount factor for sums paid in advance (sums described in clauses (i) and (ii) above are sometimes herein collectively called
“Termination Rent”). At Tenant’s option, by written notice to Landlord, Tenant will have the right to pay the Termination Rent in installments of twenty-four (24) months (or the remainder of the Term if less than
twenty-four (24) months) each, in advance, commencing ten (10) days after receipt of the Termination Invoice and on each second anniversary thereafter, provided that if any installment of Termination Rent is not paid when due, then the
entire balance of the Termination Rent shall be immediately due and payable, with interest at the rate of twelve percent (12%) per annum until paid in full. In the event Tenant elects to pay the Termination Rent in installments, then the amount
thereof shall be calculated without using the present value adjustment. Provided Tenant timely otherwise pays and performs its obligations under this Lease including, without limitation, payment of the Termination Rent, the rent Landlord collects
for the Premises from a replacement tenant for the balance of the period which, but for the termination would have been the remainder of the Term, after deducting all leasing costs, brokerage commissions and improvement costs incurred by Landlord
for the replacement lease, shall be remitted to Tenant if, as and when received by Landlord, up to but not exceeding, the amount paid by Tenant as Termination Rent. Landlord at Landlord’s option may make such alterations, repairs, replacements
and decorations at the Premises as Landlord in Landlord’s sole judgment considers advisable and necessary for the purpose of re-letting the Premises, and the making of such alterations or decorations shall not operate or be construed to release
Tenant from liability hereunder. Landlord shall in no event be liable in any way for the failure or refusal to re-let the Premises or any parts thereof, nor shall such failure or refusal of Landlord to re-let the Premises release or affect
Tenant’s liability for damages provided, however, Landlord agrees to use good faith, commercially reasonable efforts to re-let the Premises on terms and conditions acceptable to Landlord in its sole discretion. Further, if the Premises are
re-let, Landlord shall in no event be liable in any way for the failure to collect the rents due under such re-letting, provided that Landlord acts in good faith. This Section shall survive the expiration or earlier termination of this Lease. 

In addition to all other rights and remedies of Landlord, upon the occurrence of an Event of Default by Tenant, Landlord shall have the right,
but not the obligation, to perform such Tenant obligations as would be necessary to remedy any Default including the right to enter upon the Premises to do so. Landlord shall, as a courtesy only, notify Tenant of its intention to perform such
obligation, and in the event of a failure by Tenant to perform an obligation required of Tenant by this Lease but which Landlord determines constitutes an emergency threatening imminent injury to persons or damage to property, Landlord shall have
the right, but not the obligation, to enter upon the Premises after giving Tenant such notice, if any, as Landlord is reasonably able to provide, or if prior notice is not reasonably able to be provided, to give notice promptly after such entry.
Notwithstanding the foregoing, such performance by Landlord shall not be deemed to cure Tenant’s Default, and Tenant shall reimburse Landlord for all costs, including reasonable attorney fees, incurred by Landlord in connection therewith, with
interest at the Default Rate on all amounts not paid within seven (7) days after demand. 

	19.	Notices. 

 Notices from Landlord to Tenant under this Lease shall be deemed duly served
if left at the Premises. Notices hereunder shall also be deemed duly given from and after such time as (i) they are deposited with the U.S. Mail for delivery via certified mail, return receipt requested, postage prepaid, (ii) deposited for
overnight delivery with a national courier with delivery tracking service such as FedEx, or (iii) by in-hand delivery to Tenant or Landlord at his/their/its Initial Address on the Reference Data Pages hereof, or at such replacement address as
may from time to time be given in writing. A courtesy copy of any default notices sent to Tenant shall also be sent to Foley Hoag LLP, 155 Seaport Boulevard, Boston, MA 02210, Attn: Gil Arie, Esq. 

 

	20.	Surrender. 

 At the expiration or other termination of this Lease, Tenant shall
(i) remove all Tenant’s goods and effects, but including only those fixtures, furnishings and articles of personal property which are not any part of the heating, ventilation, air conditioning, electric or plumbing systems not approved in
advance for removal by Landlord from the Premises and repair all damage caused by such removal, (ii) at Landlord’s election under Section 11 above remove Landlord-designated articles and fixtures added to the Premises by Tenant, and
(iii) restore the Premises to its condition at the Term Commencement Date, or such better condition as the Premises may have thereafter been placed, reasonable wear and damage by insured casualty loss only excepted. Notwithstanding the
foregoing, Tenant shall not be required to make any structural changes to the Building to accomplish the foregoing unless the same has been made by Tenant with Landlord’s consent. Title to all fixtures and additions required by this Lease to
remain at the Premises at the end of the Term shall vest in Landlord free from any claim by Tenant or any party claiming through Tenant. At termination of this Lease, Tenant shall deliver to Landlord full possession of the Premises, and all keys and
locks thereto, in the condition required above. In the event of Tenant’s failure to remove any of Tenant’s property from the Premises, same shall be considered to have been abandoned by Tenant (and its subtenants), and Landlord is hereby
authorized, without liability to Tenant for loss or damage thereto, and at the sole risk and expense of Tenant, to (a) remove and store any of that property at Tenant’s expense, or (b) retain Tenant’s property under
Landlord’s control, or (c) without further accounting to Tenant, sell at public or private sale, without notice, any or all of Tenant’s property not so removed and to apply the net proceeds of such sale to the payment of any sum due
from Tenant hereunder, or (d) to otherwise remove, discard or destroy such property, without liability or accounting to Tenant or its subtenants. 
  

	21.	Brokerage. 

 If a Broker is listed and identified in the Reference Data Page(s) of this
Lease, Tenant represents that Tenant was not shown the Premises nor has Tenant entered this Lease on account of the efforts of any party who may claim a commission or payment therefor other than the Broker, and if any party other than the Broker
claims the right to be paid a commission or other payment on account of that party having introduced Tenant to the Premises, Tenant shall promptly pay same. Landlord shall be responsible for the commission payable to the Broker listed in the
Reference Data Page of this Lease. 
  

	22.	Landlord Improvements-Condition of Premises. 

 Tenant acknowledges that it is leasing the
Premises in its “AS-IS” condition, and if applicable, as improved only by and with the improvements listed on Exhibit B hereto annexed. Any additions or improvements required to the Premises on account of Tenant’s
particular business or operating requirements shall be provided, paid for and maintained by Tenant. 

	23.	Extension. 

 If one or more Extension Terms is/are included on the Reference Data Pages
of this Lease, Tenant (the original Tenant signatory hereto only for its own use) shall have the right to extend the Term to include such Extension Term(s) by giving written notice to Landlord of its intent to extend on or before that date which is
nine (9) months prior to the end of the then current Term (the “Extension Notice Date”). Yearly Fixed Rent for the applicable Extension Term shall be the Extension Term Yearly Fixed Rent for each twelve (12) month period
of the Extension Term with monthly payments equal to one-twelfth of the Extension Term Yearly Fixed Rent. Tenant shall also pay Additional Rent during the Extension Term as required for the Initial Term.
During any Extension Term, all other terms and conditions of this Lease shall remain in full force and effect except that the Yearly Fixed Rent shall be determined as set forth on Exhibit D hereof and there shall be no further right to extend
after the final Extension Term. Tenant’s right to extend the Term of this Lease is expressly conditioned upon Tenant having then maintained its payment and performance obligations under this Lease current and without any Event of Default
through the Term as then in effect, and except for transfers to an Affiliate as defined in Section 12.B. hereof, the Lease not having been assigned, nor more than forty (40%) percent of the Premises sublet or otherwise licensed for use and
occupancy. Failure of Tenant to give written notice on or before the Extension Notice Date shall be deemed a waiver of Tenant’s right to extend the Term for the Extension Term. 

 

	24.	Landlord Liability and Default. 

 The obligations of the Landlord hereunder shall be
binding upon Landlord and each succeeding owner of the Property hereunder only during the period of such ownership, and Landlord and each succeeding owner shall have no liability whatsoever except for its obligations during each such respective
period. Landlord shall not be liable to Tenant or any other party for so long as Landlord acts in good faith and diligently commences and seeks to obtain performance of the requirements of Landlord under this Lease. Landlord’s liability under
this Lease shall be limited to specific performance of the asserted breach, and in no event shall Landlord be liable for consequential, punitive or indirect damages. Further, recourse against Landlord under or on account of this Lease shall be
limited to the Landlord’s interest in the Property; in no event may Tenant or any other party seek or obtain recourse to or from the assets of any manager, member, trustee, beneficiary or partner of Landlord or any employee, trustee,
beneficiary, partner, officer, director, shareholder, manager or member of Landlord, or any of its members, managers, trustees, beneficiaries, managing agents or any of their respective successors and assigns. 

Landlord shall not be deemed in default under this Lease nor shall Tenant have any cause of action against Landlord under this Lease unless and
until Landlord receives written notice from Tenant detailing the asserted Landlord breach, and that breach continues without cure for fifteen (15) days or such additional time as is required to effect cure provided Landlord has then commenced
and thereafter reasonably diligently pursues cure. Notwithstanding anything to the contrary contained in this Lease, Tenant’s obligations under this Lease are independent and shall not be conditioned upon performance by Landlord. 

 

	25.	Signage. 

 Tenant shall be listed on the Building’s exterior marquee and on all
interior Building directories. Landlord shall provide a suite placard (consistent with Landlord’s signage program at the Property) identifying Tenant’s Premises. In addition, at the option of Tenant, Tenant shall at its sole cost and
expense be permitted to install an exterior company nameplate on the Building at a location on the exterior of the Building determined by Landlord and acceptable to Tenant, the design (backlit being acceptable), sizing (18” tall letters being
acceptable) and construction of which to be approved in advance by Landlord. Tenant’s exterior company nameplate shall: (i) comply with all applicable codes and ordinances; (ii) be maintenance in first-class condition by Tenant at its
sole cost and expense; and (iii) at the end of the Lease Term be removed by Tenant at its sole cost and expense with any damaged caused thereby restored. Landlord makes no representation as to whether or not the City of Newton will allow Tenant
to install the foregoing signage. 

	26.	Quiet Enjoyment. 

 Subject to Tenant timely performing and fulfilling its agreements and
obligations under this Lease including, but not limited to, the timely payment of Yearly Fixed Rent and Additional Rent, Tenant shall be entitled to lawfully, peaceably and quietly have, hold, occupy and enjoy use of the Premises subject to the
terms of this Lease, without hindrance or ejection by Landlord or any persons lawfully claiming through or under Landlord. 
  

	27.	Tenant Holdover. 

 If, (i) Tenant’s occupancy of the Premises continues beyond
the Expiration Date or the earlier termination of this Lease (a “Holdover Period”), or (ii) Tenant fails to surrender the Premises to Landlord and fails to remove and restore as required by this Lease at the end of the Term or
earlier termination of this Lease, then the time taken for Landlord to take possession and effect such surrender and restoration shall be deemed a holdover by Tenant for the Holdover Period on the following terms: Tenant shall be then deemed a
month-to-month, tenant-at-will and otherwise on the same terms and conditions and including the same Tenant’s payment and performance obligations as applicable immediately prior thereto; Tenant’s payment obligations for a Holdover Period
shall include, without limitation, Yearly Fixed Rent and Additional Rent payable monthly in advance, Tenant shall be responsible for the same surrender provisions as applicable at the end of the Term, and Tenant shall be obligated to pay such
increases in monthly Fixed Rent as Landlord gives Tenant at least seven (7) days prior written notice. Notwithstanding the foregoing, if Landlord has not agreed in writing in advance to a Holdover Period, Tenant’s continued possession
shall be as an unauthorized licensee at 150% of the last prior Fixed Rent for the first sixty (60) days and 200% thereafter. The foregoing shall not be construed to obligate Landlord to make available any holdover rights to Tenant initially or
thereafter on a continuing basis subsequent to the Expiration Date or earlier termination of this Lease. 
  

	28.	Recognition for Tenant. 

 If Tenant or Tenant’s lender requests any agreement,
recognition or acknowledgment of the status or priority of their rights as a lender to Tenant with respect to interests in Tenant’s assets or property or any other document which in the reasonable opinion of Landlord requires review by
Landlord’s counsel, Tenant shall pay Landlord’s reasonable counsel fees. Landlord shall have no obligation to enter any such agreement which expands its risks or obligations beyond the giving of notice to one additional party of an Event
of Default and Landlord’s actions to terminate on account thereof. 
  

	29.	Environmental Hazards. 

 Tenant agrees to conduct its business from the Premises in
compliance with the laws, ordinances and regulations and such as to assure and provide for the proper and safe purchase, storage, use and disposal of materials which may be classified as being “hazardous”. Tenant shall hold Landlord
harmless and indemnified from and against any and all claims, demands, liability, damages, judgments, costs and expenses arising on account of any failure by Tenant to comply with the provisions of this Lease governing the purchase, use, storage and
disposition of “hazardous” materials, materials which may become “hazardous” and any equipment utilizing “hazardous” materials or substances. With respect to materials handling and storage at the Premises which may have
an environmental impact upon the Property or its occupants or invitees, Tenant agrees to implement such procedures and policies as Landlord reasonably requests for safety purposes. In no event shall Tenant deposit regulated or “hazardous”
materials in any Property trash receptacle, and Tenant shall be responsible to separately arrange and pay for its own safekeeping and disposal of all such materials requiring separate disposition. 

	30.	Additional Right of Landlord Cure. 

 In an Event of Default by Tenant, Landlord shall
have the right, but not the obligation, to perform such Event of Default including the right to enter upon the Premises to do so. Landlord shall, as a courtesy only, notify Tenant of its intention to perform such obligation, and in the Event of a
Default by Tenant to perform an obligation required of Tenant by this Lease but which Landlord determines constitutes an emergency threatening imminent injury to persons or damage to property, Landlord shall have the right, but not the obligation,
to perform such obligation of Tenant, including the right to enter upon the Premises to do so, after giving Tenant such notice, if any, as Landlord is reasonably able to provide. 

 

	31.	Waivers, Consents and Amendments. 

 Landlord shall not be deemed to have: waived,
obligated itself to defer, consented to or granted any postponement to or for Tenant’s performance of its obligations under this Lease, unless and until an agreement in writing for such waiver, deferral, consent or postponement has been signed
by Landlord. Further, no postponement or delay by Landlord in pursuing collection and/or enforcement of Tenant’s obligations under this Lease shall either excuse Tenant’s subsequent and/or continuing responsibility therefor, whether with
respect to prior, then current or future such obligations. No modification or amendment to this Lease shall be valid or binding unless and until in writing and signed by the party against whom enforcement therefor may be sought. 

 

	32.	Other Provisions. 

  

	 	A.	If in the conduct of Tenant’s business from the Premises Landlord reasonably determines that Tenant’s refuse exceeds normal office use, Tenant shall pay that excess cost as Additional Rent. 

 

	 	B.	Intentionally omitted. 

  

	 	C.	Tenant shall abide by all rules and regulations adopted by Landlord from time to time provided they are uniformly applicable to all tenants similarly situated at the Property. 

 

	 	D.	No other agreements or representations have been made by either party except as expressly contained in this Lease. 

  

	 	E.	All Exhibits and any Riders hereto must be signed or initialed by Landlord and Tenant. 

  

	 	F.	Recording of this Lease or a copy of this Lease shall be a Default; however, if the Term of the Lease including any Extension Term is seven (7) years or longer, Landlord agrees, at Tenant’s request, to enter a
Notice of Lease in form acceptable to Landlord for recording at Tenant’s cost. 

  

	 	G.	The covenants and agreements of Landlord and Tenant shall be binding upon and inure to the benefit of each of them and their respective heirs, administrators, successors and assigns, subject to Landlord’s consent
to any such assignment by Tenant. No covenant, agreement or liability of any one party as Landlord, shall be binding upon another owner of the Property except for defaults occurring or incurred during such owner’s period of ownership of the
Property. 

  

	 	H.	For all purposes, Tenant and all Guarantors of Tenant’s performance under this Lease hereby agree and consent that jurisdiction for any litigation with respect to this Lease and/or enforcement or compliance by or
against any of the parties shall be exclusively commenced and processed within the State Courts of the Commonwealth of Massachusetts. For all purposes, rules applicable to addresses for service of process for Landlord, Tenant and/or Guarantors shall
be as required under the Notice provisions of this Lease set forth in (Section 19) above. 

  

	 	I.	If Tenant is more than one person or party, Tenant’s obligations shall be joint and several for each. Unless repugnant to the context, the term, “Landlord” and “Tenant” mean the
person or persons, natural or corporate, named above as the Landlord and Tenant respectively, together with their respective heirs, executors, administrators, successors and assigns, subject to Landlord’s consent to any Tenant assignment.

	 	J.	The headings herein contained are for convenience and shall not be construed a part of this Lease. The sections and definitions on the Reference Data Pages are an integral and substantive part of this Lease.

  

	 	K.	This Lease shall be construed under and be governed by with the laws of the Commonwealth of Massachusetts. 

  

	 	L.	Tenant represents and warrants that Tenant is a corporation duly organized, validly existing, and in good standing under the laws of the Commonwealth of Massachusetts, and the person executing this Lease on behalf of
Tenant has full right, power and authority to execute and deliver this Lease, and upon such execution and delivery, this Lease shall be binding upon Tenant. Simultaneously with the execution hereof, Tenant shall deliver to Landlord a certificate
issued by the Secretary of State of the Commonwealth of Massachusetts evidencing that Tenant is legally existing and in good standing under the laws of the Commonwealth of Massachusetts, and, unless this Lease is executed by Tenant’s President
and Treasurer, together with a Secretary’s Certificate or Board of Directors vote evidencing Tenant’s authority to enter into this Lease and the identity of Tenant’s officer’s authorized to execute this Lease. 

 

	 	M.	If any provision of this Lease shall to any extent be invalid, the remainder of this Lease shall not be affected. The enumeration of specific examples of a general provision shall not be construed as a limitation of the
general provision. 

  

	 	N.	This Lease is executed as a sealed instrument and in multiple counterparts, all copies of which are identical, and any one of which is to be deemed to be complete in itself and may be introduced in evidence or used for
any purpose without the production of any other copy. Time is of the essence of the obligations of the parties to be performed within a specific time frame in this Lease. 

 

	 	O.	No payment by the Tenant or acceptance by the Landlord of a lesser amount than shall be due the Landlord from the Tenant shall be deemed to be anything but payment on account, and the acceptance by the Landlord of a
check for a lesser amount with an endorsement or statement thereon, or upon a letter accompanying said check, that said lesser amount is payment in full shall not be deemed an accord and satisfaction, and the Landlord may accept said check without
prejudice to recover the balance due or pursue any other remedy. 

  

	 	P.	Tenant and Landlord hereby waive, to the fullest extent permitted by law, any present or future right to trial by jury in any action or proceeding relating directly or indirectly to or arising out of this Lease or in
any manner relating to the Premises, the Building or the Property. This waiver of right to trial by jury is given knowingly and voluntarily by Landlord and Tenant. 

 

	 	Q.	Tenant represents and warrants that it is not listed, nor is it owned or controlled by, or acting for or on behalf of any person or entity, on the list of Specially Designated Nationals and Blocked Persons maintained by
the Office of Foreign Assets Control of the United States Department of the Treasury, or any other list of persons or entities with whom Landlord is restricted from doing business (“OFAC List”). Notwithstanding anything to the
contrary herein contained, Tenant shall not permit the Premises or any portion thereof to be used, occupied or operated by or for the benefit of any person or entity that is on the OFAC List. Tenant shall provide documentary and other evidence of
Tenant’s identity and ownership as may be reasonably requested by Landlord at any time to enable Landlord to verify Tenant’s identity or to comply with any applicable legal requirement. 

	 	R.	The obligations of Tenant under this Lease are not intended to be and shall not be personally binding on, nor shall any resort be had to the personal assets of, any of its directors, officers, partners, beneficiaries,
members, stockholders, employees, or agents. Except for damages incurred by Landlord as a result of Tenant’s holdover after the expiration of the Term, in no case shall Tenant be liable to Landlord hereunder for any form of special, indirect or
consequential damages. 

 [END OF TEXT – SIGNATURE PAGE FOLLOWS] 

 This Lease, including the attached Exhibit(s) and Rider, is signed as of the Execution Date as an
instrument under seal. 
  

									
	LANDLORD:	 		 	TENANT:
			
	WELLS 60 REALTY LLC	 		 	CYBER-ARK SOFTWARE, INC.
	By:	 	Intrum Corp., Manager	 		 		 	
					
	By:	 	 /s/ Randy A. Goldberg
	 		 	By:	 	 /s/ Ehud Mokady

		 	Randy A. Goldberg, President	 		 		 	Ehud Mokady, President
		 		 		 		 	duly authorized
					
		 		 		 	By:	 	 /s/ Suzy Peled-Spigelman

		 		 		 		 	Suzy Peled-Spigelman, Director of
		 		 		 		 	Finance, duly authorized

 LEASE RIDER 

The following provisions are added to and incorporated within this Lease. To the extent of any inconsistency between this Rider and the other Lease
provisions, the terms of this Rider shall prevail. 
  

	33.	Expansion Right of First Offer. In the event either Suite 102 including approximately 6,546 rentable square feet located immediately adjacent to the Premises in the Building or Suite 100A including approximately
3,002 rentable square feet located across from the Premises in the Building (“Qualified Expansion Space”) becomes available during the Initial Term, and Landlord intends to market the Qualified Expansion Space to third parties,
Landlord shall so notify Tenant (“Market Notice”) which Market Notice shall include the general terms and conditions, including the proposed Yearly Fixed Rent under which Landlord intends to market the Qualified Expansion Space.
Tenant shall then have a one (1) time right of first offer to lease the Qualified Expansion Space upon the same terms and conditions set forth in the Market Notice, except that the Yearly Fixed Rent payable by Tenant for the Qualified Expansion
Space shall be ninety-five percent (95%) of the Yearly Fixed Rent that Landlord intends to market to third parties. Tenant may exercise its right to lease the Qualified Expansion Space by giving written notice of its intention to do so
(“Lease Notice”) within seven (7) business days after Tenant’s receipt of the Market Notice. If Tenant does not deliver the Lease Notice to Landlord within seven (7) business days after receipt of the Market Notice,
or if for any reason other than Landlord’s delay or failure to negotiate in good faith, Tenant does not enter into an amendment to this Lease incorporating the Qualified Expansion Space into the Premises on the terms set forth in the Market
Notice within ten (10) days after Tenant’s receipt of a draft amendment from Landlord, then Tenant’s right to lease the Qualified Expansion Space described in the Market Notice shall be deemed waived in its entirety, and Landlord
shall thereafter be permitted to rent the Qualified Expansion Space free from this Expansion Right of First Offer (“ROFO”) and without any further obligation to Tenant. Notwithstanding the foregoing, Landlord will re-offer the
space, one-time only, to Tenant under the foregoing conditions if, within 60 days after the delivery of the original Market Notice to Tenant, Landlord intends to lease the Qualified Expansion Space at a rent which is less than or equal to 75% of the
proposed Yearly Fixed Rent included in the Market Notice. Notwithstanding anything to the contrary contained herein, this ROFO: (a) shall apply only during the Initial Term; (b) with respect to Suite 102, shall apply only on or after that
date which is twenty-four (24) months after the Term Commencement Date; and (c) with respect to Suite 100A, shall not apply with respect to any extension, renewal or modification of the currently existing lease of that space.

  

	34.	MAAB. Access to the Building and entry to the Premises are presently compliant with the access requirements of the Massachusetts Architectural Access Board. 

 

	35.	Condition Precedent. Landlord has advised Tenant that although the tenant previously occupying the Premises (“Prior Tenant”) has vacated the Premises, the lease with the Prior Tenant
(“Prior Lease”) has not yet been terminated. Promptly after the execution of this Lease, Landlord agrees to use good faith efforts to enter into an agreement with the Prior Tenant for the termination of the Prior Lease on terms and
conditions acceptable to Landlord in its sole discretion (the “Prior Tenant Termination Agreement”). Notwithstanding anything set forth herein, it shall be a condition precedent to the commencement of the Term that Landlord and the
Prior Tenant have entered into a Prior Tenant Termination Agreement. Landlord and Tenant shall each have the right to terminate this Lease in the event that Landlord and Prior Tenant have not entered into a Prior Tenant Termination Agreement on or
before that date which is thirty (30) days after the Execution Date hereof or such later date as Landlord and Tenant may agree (the “Condition Precedent Termination Date”); provided, however, Landlord shall have the right to
extend the Condition Precedent Termination Date for an additional fifteen (15) days if Landlord is in the process of negotiating the Prior Tenant Termination Agreement and Landlord, in good faith, believes that such additional time is required
to complete such negotiation. If Landlord has not entered into the Prior Tenant Termination Agreement on or before the Condition Precedent Termination Date and Landlord elects to terminate the Lease pursuant to this Section 35, and if Landlord
thereafter does enter into the Prior Tenant Termination Agreement within thirty (30) days after such termination of this Lease, then Landlord shall so notify Tenant and Tenant shall have the right to reinstate this Lease by notice to Landlord
within five (5) business days after Tenant receives Landlord’s notice that Landlord has entered into a Prior Tenant Termination Agreement. 

 EXHIBIT A 

THE PREMISES 
  

 
 Not to scale. Layout is approximate. 

 EXHIBIT A-1 

TENANT’S LAYOUT PLAN 
  

 
 Not to scale. Layout is approximate. 

Furniture is not included. 

 EXHIBIT A-2 

PARKING PLAN 

 EXHIBIT B 

LANDLORD’S WORK 
 The Premises
shall be delivered to Tenant in its present “AS-IS” condition, but with Landlord’s Work (as herein defined) completed by Landlord at its sole cost and expense, provided, however, any changes or upgrades requested by Tenant shall be at
Tenant’s sole cost and expense. Landlord’s Work shall include the work shown on Tenant’s Layout Plan attached hereto as Exhibit A-1, which shall be constructed in accordance with the following specifications
(“Specifications”): 
  

	 	1.	Demolition. Demolish and remove all existing non-structural office partitions within the Premises to accommodate Tenant’s Layout Plan; 

 

	 	2.	Walls. Construct new walls in accordance with the configuration shown on Tenant’s Layout Plan. All new walls shall (i) be constructed to 6” above the finished ceiling; (ii) be framed with
metal studs; (iii) be finished with one layer of 5/8” gypsum wall board on each side, and (iv) include batt R-11 insulation. New walls shall be taped, sanded and ready to receive finishes; 

 

	 	3.	Floors. Furnish and install carpet throughout the Premises (a maximum allowance of $25 per square yard including installation is included), color to be selected by Tenant from Landlord’s selection list.
Install 4” vinyl wall base along base of walls where same meets finished flooring, color to be selected by Tenant from Landlord’s selection list. Notwithstanding the foregoing, any break areas, kitchen, copy/print and fax room(s), or file
room(s) to later be delineated on Tenant’s Layout Plan shall include VCT tile flooring ($2.50 per square foot allowed), color to be selected by Tenant from Landlord’s selection list; 

 

	 	4.	Ceiling. Existing ceiling to remain, new drop ceiling (to match existing drop ceiling) to be added as required based upon the re-configuration required by Tenant’s Layout Plan (on account of the required
demolition and construction of new interior walls); 

  

	 	5.	HVAC. Landlord shall re-work the existing duct work/diffusers duct work and/or add additional duct work/diffusers as required and determined by Landlord and its HVAC subcontractor in their sole discretion (if
applicable) to satisfy Landlord’s heating and cooling obligations (applicable to customary office usage only) as set forth in the Lease based upon Tenant’s Layout Plan. Extraordinary HVAC requirements over customary office requirements
including without limitation for any LAN/computer rooms is not included; 

  

	 	6.	Electric. Existing with new duplex wall receptacles and light switching in the new walls to be constructed pursuant to paragraph 2. above per code. Provide six (6) power whips for Tenant provided cubicles,
the location of same to be delineated on Tenant’s Layout Plan (Tenant shall be responsible for the termination of the whips and connection of power/electricity to its cubicles including the necessary electrical fittings), 3 amps per cube,
maximum 90 cubes is allowed. New offices/enclosed areas to include a minimum of three (3) duplex receptacles (Board room six (6) duplex receptacles). Each of Conference room and Board room to include Building standard floor box with duplex
receptacle, location of same to be delineated on Tenant’s Layout Plan. All voice/data wiring and fixtures shall be the responsibility of Tenant at its sole cost and expense; 

 

	 	7.	Lighting. Landlord shall re-use the existing lighting fixtures (by relocating or keeping existing fixtures in place), and add additional Building standard lighting fixtures, all as shown on Tenant’s Layout
Plan; 

  

	 	8.	Sprinkler. Reconfigure in-ceiling sprinkler heads to accommodate Tenant’s Layout Plan as required by code; 

  

	 	9.	Paint. Paint all walls and trim within the Premises, (trim - one color, semi-gloss, walls with a maximum of four (4) colors, eggshell unless otherwise specified), colors to be selected by Tenant from
Landlord’s selection list. Apply 5’ tall band of IdeaPaint or whiteboard application on one (1) wall within each of the Conference rooms and Training room, locations to be delineated on Tenant’s Layout Plan; 

	 	10.	Doors. Landlord shall re-use existing doors, sidelights and hardware (relocate or to remain in existing locations), and add additional like doors and hardware based upon Tenant’s Layout Plan (newly created
offices or other enclosed areas shall include Building standard sidelights); 

  

	 	11.	Countertops/Cabinetry. An allowance of $3,500.00 is provided for cabinetry and closet shelving within the Premises, the design and location of which to be later agreed upon. Install water supply line and power
for Tenant provided dishwasher within the Lunch room, location TBD; 

  

	 	12.	LAN Computer Room. Landlord shall re-use the existing 3.5 ton split cooling system for Tenant’s LAN room (system to be in good operating condition on the Term Commencement Date), additional cooling
requirements for Tenant’s LAN room shall be the responsibility of Tenant; and 

  

	 	13.	Specialties. Existing blinds to remain and shall be in good and operable condition. Install three (3) Building standard skylights, the final design, sizing and specifications therefor to be included on
Tenant’s Layout Plan. Install Building standard butt-glazed glass wall measuring approximately 9’ x 7’2” with low profile metal channel at floor and soffit head all as shown on Tenant’s Layout Plan. 

All electric fixtures (lighting, switches and receptacles), HVAC system(s) and blinds within and/or servicing the Premises shall be in good operating
condition on the Term Commencement Date. 
 Notwithstanding anything set forth herein to the contrary, to the extent of any inconsistency between the
Tenant’s Layout Plan and the Specifications, Tenant’s Layout Plan shall prevail, provided, however, Landlord’s Work shall not include any work shown on Tenant’s Layout Plan as “alternate” or “add alternate”
(or words of similar import) unless and until Tenant has delivered a written change order for such work and has paid the cost thereof in advance (within three (3) business days after invoice by Landlord), which cost shall include a six and
one-half percent (6.5%) supervision fee to Landlord. In the event clarifications are required with respect to Tenant’s Layout Plan or the Specifications, Landlord’s architect shall be the determining party. 

Landlord shall substantially complete Landlord’s Work prior to the Term Commencement Date. All Landlord’s Work shall be subject to delays on account
of delays in permitting, adverse weather conditions, delays caused by Tenant and reasonable construction delays. Landlord’s Work shall be performed materially in accordance with the specifications set forth in this Exhibit B, subject to such
changes or modifications as may be reasonably required to comply with Applicable Laws and/or to accommodate building systems and mechanics, to expedite completion of Landlord’s Work, to accommodate unavailability of materials and supplies, and
to obtain necessary building permits, provided such changes and modifications do not adversely affect, in any material respect, the utility, quality, or appearance of Landlord’s Work. Tenant shall provide Landlord with its finish selections
(flooring and paint) within five (5) days after Landlord’s request therefor. 
 For purposes of this Lease, Landlord’s Work shall be deemed
“substantially complete” when (i) Landlord delivers to Tenant a certificate from Landlord’s architect (“Architect’s Certificate”) confirming that Landlord’s Work has been completed in accordance with
the requirements of this Lease, except for items of work and adjustment of equipment and fixtures which can be completed after Tenant has taken occupancy of the Premises without causing material interference with Tenant’s business operations
and use and enjoyment of the Premises (“Premises Punch-List Items”), as specified in the architect’s certificate; and (ii) all permits and other authorizations, to the extent required by the Town of Needham to enable
Tenant to take occupancy in accordance with applicable laws and regulations, have been issued, provided, however, in the event Landlord is delayed in obtaining the Certificate of Occupancy on account of Tenant’s delay in completion of any work
to be performed by Tenant or installation of Tenant’s furniture, fixtures or equipment, then substantial completion shall be deemed to have occurred upon issuance of the Architect’s Certificate. Landlord agrees to complete the Premises
Punch-List Items within thirty (30) days, subject to delays on account of unavailability of materials, supplies or equipment or other causes beyond Landlord’s reasonable control. 

 EXHIBIT C 

Not Applicable 

  
 29 

 EXHIBIT D 

EXTENSION TERM YEARLY FIXED RENT 

Extension Term Yearly Fixed Rent shall be at Fair Market Rent for the Premises in their then condition without requiring any Landlord improvements shall be
calculated and determined as follows: 
  

	 	A.	Upon Landlord’s receipt of notice from Tenant that Tenant wishes to extend received by Landlord no later than nine (9) months prior to the expiration of the Initial Term or the Lease Term as extended, Landlord
shall, within thirty (30) days of such notice by the Tenant, notify the Tenant of the proposed Extension Term Yearly Fixed Rent based upon Landlord’s estimate of Fair Market Rent. Under no condition shall the Extension Term Yearly Fixed
Rent be less than the Yearly Fixed Rent being paid just prior to the Extension Term for which Yearly Fixed Rent is then being determined hereunder. 

  

	 	B.	Within fifteen (15) days after receipt of Landlord’s notice of Extension Term Yearly Fixed Rent, Tenant will notify Landlord either of its acceptance or rejection of Landlord’s noticed Extension Term
Yearly Fixed Rent; and if rejected, shall include Tenant’s proposal of Fair Market Rent on account of Yearly Fixed Rent during the forthcoming Extension Term. Landlord’s failure to timely receive Tenant’s written notice shall be
deemed acceptance of Landlord’s noticed Fair Market Rent. If Tenant has timely rejected Landlord’s estimate of Fair Market Rent, Landlord and Tenant shall in good faith attempt to resolve their differences as to Fair Market Rent as
aforesaid, within the next ten (10) days. 

  

	 	C.	If Landlord and Tenant are unable to resolve their differences within the period set forth in the preceding sub-paragraph B., each of Landlord and Tenant shall appoint a representative to negotiate Extension Term Yearly
Fixed Rent within the range of Fair Market Rent last proposed by Landlord and Tenant; said representatives shall be paid by the party which engaged them and shall be qualified commercial leasing agents from major rental firms experienced in renting
similar commercial retail/office properties in general vicinity of the Building. The parties’ representatives shall in good faith seek to resolve a market rate of Yearly Fixed Rent for the Extension Term within the next ensuing twenty-one
(21) day period. If the representatives are unable to agree upon Yearly Fixed Rent within that time period but the difference between them is no greater than 10% then Yearly Fixed Rent shall be the average of the two representatives written
determinations. If the representatives are unable to agree upon Yearly Fixed Rent and their difference exceeds 10%, they shall select a third party, having similar qualifications, paid for one-half by each of Landlord and Tenant, and thereafter,
within fifteen (15) days, the determination of a majority of the representatives shall prevail and issue a written report thereof. 

  

	 	D.	If, for any reason whatsoever, Tenant fails to properly notify Landlord of its desire to extend the Lease, any and all Tenant rights or options to extend shall expire and Tenant shall have no further right to extend its
tenancy beyond the Expiration Date. In this event Landlord shall be free to rent the Premises to whomever it chooses, on any terms it chooses, free and clear of this option. 

  
 30EX-10.5

 Exhibit 10.5 

CYBER-ARK SOFTWARE LTD. 

2001 STOCK OPTION PLAN 

1. Purpose. 
 The purpose
of this plan (the “Plan”) is to secure for CYBER-ARK SOFTWARE LTD. (the “Company”) and its shareholders the benefits arising from ownership of Ordinary Shares, par value NIS 0.01 (“Ordinary Shares” or
“Shares”) of the Company by employees, officers and directors of, and consultants or advisors to, the Company, its parent and or subsidiary corporations who are expected to contribute to the Company’s future growth and success. Except
where the context otherwise requires, the term “Company” shall include the parent and all present and future subsidiaries of the Company as defined in Sections 424(e) and 424(f) of the Internal Revenue Code of 1986, as amended or replaced
from time to time (the “Code”). Those provisions of the Plan which make express reference to Section 422 shall apply only to Incentive Stock Options (as that term is defined in the Plan). 

2. Type of Options and Administration. 

(a) Types of Options. Options granted pursuant to the Plan shall be authorized by action of the Board of Directors of the Company (or a
Committee designated by the Board of Directors, as provided below) and may be either incentive stock options (“ISOs”) meeting the requirements of Section 422 of the Code or non-statutory options which are not intended to meet the
requirements of Section 422 of the Code (“NQOs”). ISOs and NQOs are collectively referred to herein as “Options”. 

(b) Administration. The Plan shall be administered by a Stock Option Committee (the “Committee”) appointed by the
Board of Directors of the Company. The Committee shall consist of no fewer than two members who may also be members of the Board of Directors of the Company. Subject to the terms and conditions of the Plan, all applicable laws and relevant
commitments of the Company, the Committee shall have full and maximum authority in its discretion, from time to time, and at any time, to grant, or recommend to the Board of Directors of the Company, as applicable, the employees to whom Options
shall be granted, to determine or recommend the number of Shares to be covered by each Option, the time at which each Option shall be granted, the terms and conditions of Option Agreements, and, except as hereinafter provided, the purchase price of
each Option, the term during which each Option may be exercised, and to authorize the Share allotment pursuant to the exercise of each Option. 

The Board of Directors of the Company may at any time appoint or remove members of the Committee and may fill vacancies, however caused, in
the Committee. The Committee shall select one of its members as its Chairman, and shall hold its meetings at such time and place as it shall deem advisable. All actions of the Committee shall be taken by a majority of its members and can be taken by
written consent in lieu of a meeting. The Committee shall make such rules and regulations for the conduct of its business as it shall deem advisable. 

 (c) The interpretation, construction or determination of any provisions of the Plan by the
Committee or the Board of Directors of the Company shall be final and conclusive. No member of the Board of Directors or the Committee shall be liable for any action or determination made in good faith with respect to the Plan. 

3. Eligibility. 
 Options
may be granted to persons who are, at the time of grant, employees, officers or directors of, or consultants or advisors to, the Company, its parent, or any subsidiary; provided, that the class of employees to whom ISOs may be granted shall
be limited to all employees of the Company, its parent, or any subsidiary. A person who has been granted an Option may, if he or she is otherwise eligible, be granted additional Options if the Board of Directors shall so determine. 

4. Shares Subject to Plan. 

Subject to adjustment as provided in Section 15 below, the maximum number of Ordinary Shares of the Company which may be issued and sold
under the Plan is 73,600 Shares. If an Option granted under the Plan shall expire or terminate for any reason without having been exercised in full, the unpurchased Shares subject to such Option shall again be available for subsequent Option grants
under the Plan. 
 5. Forms of Option Agreements. 

Agreements shall be in writing, duly executed and delivered by or on behalf of the Company and the employee, and shall contain such terms and
conditions as the Committee deems advisable. In case of any conflict between the terms and conditions of any Option Agreement and those of the Plan, the terms and conditions of the Plan shall take precedence and prevail. Such Option Agreements may
differ among recipients. 
 6. Purchase Price. 

(a) General. The purchase price per Ordinary Share deliverable upon the exercise of an Option shall be determined by the Board of
Directors, provided, however, that in the case of an ISO, the exercise price shall not be less than 100% of the fair market value of such Share, as determined by the Board of Directors, at the time of grant of such Option, or less than 110%
of such fair market value in the case of Options described in Section 11(b). 
 (b) Payment of Purchase Price. Options granted
under the Plan may provide for the payment of the exercise price by delivery of cash or a check to the order of the Company in an amount equal to the exercise price of such Option, or, to the extent provided in the applicable Option Agreement, by
any other means (including, without limitation, by delivery of a promissory note of the optionee payable on such terms as are specified by the Board of Directors or the Committee) which the Board of Directors or the Committee determines are
consistent with the purpose of the Plan and with applicable laws and regulations or (ii) at the discretion of the Board of Directors or the Committee, in accordance with a cashless exercise program established with a securities brokerage firm,
and approved by the Board of Directors or the Committee, or (iii) by any combination of such methods of payment. 

  
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 (c) Exercise of Options . An optionee electing to exercise an Option shall give written
notice to the Company to that effect. Such notice will identify the number and part of the Option to be exercised, will be signed by optionee along with full payment for the Option as specified in Section 6 (b) above. 

7. Option Period. 
 Each
Option and all rights thereunder shall expire on such date as shall be set forth in the applicable Option Agreement, except that, in the case of an ISO, such date shall not be later than ten years after the date on which the Option is granted and,
in all cases, Options shall be subject to earlier termination as provided in the Plan. 
 8. Exercise of Options. 

Each Option granted under the Plan shall be exercisable either in full or in installments at such time or times and during such period as
shall be set forth in the Option Agreement evidencing such Option, subject to the provisions of the Plan. 
 9. Nontransferability of
Options. 
 Except as the Board of Directors or the Committee may otherwise determine or provide in an Option Agreement, Options shall
not be assignable or transferable by the person to whom they are granted, either voluntarily or by operation of law, except by will or the laws of descent and distribution, and, during the life of the optionee, shall be exercisable only by the
optionee; provided, however, that NQOs may be transferred pursuant to a qualified domestic relations order (as defined in Code Section 414(p)). 

10. Effect of Termination of Employment or Other Relationship. 

Subject to the provisions of the Plan, the Option Agreement shall specify the extent to which the Option may be exercised following
(i) the termination of the optionee’s employment or other relationship with the Company or its parent or any subsidiary, or (ii) the death or disability of the optionee. Such periods shall be set forth in the Option A evidencing such
Option. Employment shall not be deemed to be terminated because an optionee is transferred from one of the Company, its parent, or any subsidiary to another one of the Company, its parent, or any subsidiary. 

11. Incentive Stock Options. 

Options granted under the Plan which are intended to be ISOs shall be subject to the following additional terms and conditions: 

(a) Express Designation. All ISOs granted under the Plan shall, at the time of grant, be specifically designated as such in the Option
Agreement covering such ISOs. 

  
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 (b) 10% Shareholder. If any employee to whom an ISO is to be granted under the Plan is, at
the time of the grant of such Option, the owner of stock possessing more than 10% of the total combined voting power of all classes of stock of the Company (after taking into account the attribution of stock ownership rules of Section 424(d) of
the Code), then the following special provisions shall be applicable to the ISO granted to such individual: 
 (i) the purchase price per
Ordinary Share subject to such ISO shall not be less than 110% of the fair market value of one Ordinary Share at the time of grant; and 

(ii) the Option exercise period shall not exceed five years from the date of grant. 

(c) Dollar Limitation. For so long as the Code shall so provide, Options granted to any employee under the Plan (and any other
incentive stock option plans of the Company) which are intended to constitute ISOs shall not constitute ISOs to the extent that such Options, in the aggregate, become exercisable for the first time in any one calendar year for Ordinary Shares with
an aggregate fair market value (determined as of the respective date or dates of grant) of more than $100,000. 
 (d) Termination of
Employment, Death or Disability. No ISO may be exercised unless, at the time of such exercise, the optionee is, and has been continuously since the date of grant of his or her Option, employed by the Company, its parent, or any subsidiary,
except that: 
 (i) an ISO may be exercised within the period of three months after the date the optionee ceases to be an employee of the
Company, its parent, or any subsidiary (or within such lesser period as may be specified in the applicable Option Agreement); provided, that the Option Agreement with respect to such Option may designate a longer exercise period and that the
exercise after such three-month period shall be treated as the exercise of a NQO under the Plan; 
 (ii) if the optionee dies while in the
employ of the Company, its parent, or any subsidiary, or within three months after the optionee ceases to be such an employee, the ISO may be exercised by the person to whom it is transferred by will or the laws of descent and distribution within
the period of one year after the date of death (or within such lesser period as may be specified in the applicable Option Agreement); and 

(iii) if the optionee becomes disabled (within the meaning of Section 22(e)(3) of the Code or any successor provision thereto) while in
the employ of the Company, its parent, or any subsidiary, the ISO may be exercised within the period of one year after the date the optionee ceases to be such an employee because of such disability (or within such lesser period as may be specified
in the applicable Option Agreement). 
 For all purposes of the Plan and any Option granted hereunder, “employment” shall include
employment by the Company, its parent, or any subsidiary. Employment shall not be deemed to be terminated because an optionee is transferred from one of the Company, its parent, or any subsidiary to another one of the Company, its parent, or any
subsidiary. Notwithstanding the foregoing provisions, no ISO may be exercised after its expiration date. 

  
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 12. Additional Provisions. 

(a) Additional Option Provisions. The Board of Directors or the Committee may, in its sole discretion, include additional provisions in
Option Agreements covering Options granted under the Plan, including without limitation restrictions on transfer, repurchase rights, commitments to pay cash bonuses, to make, arrange for or guaranty loans or to transfer other property to optionees
upon exercise of Options, or such other provisions as shall be determined by the Board of Directors or the Committee; provided that such additional provisions shall not be inconsistent with any other term or condition of the Plan and such
additional provisions shall not cause any ISO granted under the Plan to fail to qualify as an ISO within the meaning of Section 422 of the Code. 

(b) Extension. The Board of Directors or the Committee may, in its sole discretion, extend the dates during which all, or any
particular, Option or Options granted under the Plan may be exercised; provided, however, that no such extension shall be permitted if it would cause a particular Option or Options to fail to comply with Section 422 of the Code. 

(c) Notwithstanding anything to the contrary in the Articles of Association of the Company, none of the optionees shall have a right of first
refusal in relation with any sale of the exercised Shares. Until such time as the Company shall effectuate an initial public offering of the Company’s Shares under the U.S., Israeli or other jursidiction’s securities laws (the
“IPO”) or an Acquisition Event (as defined in Section 16(a) of the Plan), the sale of exercised Shares by the optionee shall be subject to a right of first refusal, as set forth in the Articles of Association of the Company and/or in
the Option Agreement. 
 13. General Restrictions. 

(a) Investment Representations. The Company may require any person to whom an Option is granted, as a condition of exercising such
Option, to give written assurances in substance and form satisfactory to the Company to the effect that such person is acquiring the Ordinary Shares subject to the Option for his or her own account for investment and not with any present intention
of selling or otherwise distributing the same, and to such other effects as the Company deems necessary or appropriate in order to comply with federal and applicable state securities laws, or with covenants or representations made by the Company in
connection with any public offering of its Ordinary Shares. 
 (b) Compliance With Securities Laws. Each Option shall be subject to
the requirement that if, at any time, counsel to the Company shall determine that the listing, registration or qualification of the Shares subject to such Option upon any securities exchange or under any state or federal law, or the consent or
approval of any governmental or regulatory body, or that the disclosure of non-public information or the satisfaction of any other condition is necessary as a condition of, or in connection with, the issuance or purchase of Shares thereunder, such
Option may not be exercised, in whole or in part, unless such listing, registration, qualification, consent or approval, or satisfaction of such condition shall have been effected or 

  
 5 

 
obtained on conditions acceptable to the Board of Directors. Nothing herein shall be deemed to require the Company to apply for or to obtain such listing, registration or qualification, or to
satisfy such condition. 
 14. Rights as a Shareholder. 

(a) The holder of an Option shall have no rights as a shareholder with respect to any Shares covered by the Option (including, without
limitation, any rights to receive dividends or non-cash distributions with respect to such Shares) until the date of issue of a stock certificate to him or her for such Shares. In addition, the Option Agreements may provide certain limitations with
respect of voting and/or transferring the Ordinary Shares issued as a result of exercising the Option. No adjustment shall be made for dividends or other rights for which the record date is prior to the date such stock certificate is issued. 

(b) The Option Agreement may provide certain limitations with respect of voting and/or transferring the Shares exercised pursuant to the
Options, as determined by the Board of Directors or the Committee from time to time at its exclusive discretion. 
 15. Adjustment
Provisions for Recapitalizations and Related Transactions. 
 (a) General. If, through or as a result of any merger,
consolidation, sale of all or substantially all of the assets of the Company, reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split or other similar transaction, (i) the number of outstanding
Ordinary Shares are increased, decreased or exchanged for a different number or kind of shares or other securities of the Company, or (ii) additional shares or new or different shares or other securities of the Company or other non-cash assets
are distributed with respect to such Ordinary Shares or other securities, an appropriate and proportionate adjustment shall be made in (x) the maximum number and kind of shares reserved for issuance under the Plan, (y) the number and kind
of shares or other securities subject to any then outstanding Options under the Plan, and (z) the exercise price for each share subject to any then outstanding Options under the Plan, without changing the aggregate purchase price as to which
such Options remain exercisable. If this Section 15 applies and Section 16 also applies to any event, then Section 16 shall be applicable to such event and this Section 15 shall not be applicable. 

(b) Board Authority to Make Adjustments. Any adjustments under this Section 15 will be made by the Board of Directors, whose
determination as to what adjustments, if any, will be made and the extent thereof will be final, binding and conclusive. No fractional shares will be issued under the Plan on account of any such adjustments. 

(c) Adjustments to ISOs. Any adjustments made pursuant to Section 15(a) or Section 16(a) with respect to ISOs shall be made only
after the Board of Directors or the Committee, after consulting with counsel for the Company, determines whether such adjustments would constitute a “modification” of such ISOs (as that term is defined in Section 424(h) of the Code)
or would cause any adverse tax consequences for the holders of such ISOs. If the Board of Directors or the Committee determines that such adjustments made with respect to ISOs would constitute a modification of such ISOs, it may refrain from making
such adjustments, unless the 

  
 6 

 
holder of an ISO specifically requests in writing that such adjustment be made and such writing indicates that the holder has full knowledge of the consequences of such “modification”
on his or her income tax treatment with respect to the ISO. 
 16. Merger, Consolidation, Asset Sale, Liquidation, etc. 

(a) General. Upon the occurrence of an Acquisition Event (as defined below) the Board of Directors of the Company shall take any one or
more of the following actions with respect of the then outstanding Options: (i) provide that such Options shall be assumed, or equivalent Options shall be substituted, by the acquiring or succeeding corporation (or an affiliate thereof),
provided that any such Options substituted for ISOs shall meet the requirements of Section 424(a) of the Code, (ii) upon written notice to the optionees, provide that all the then unexercised Options will become exercisable in full
as of a specified time (the “Acceleration Time”) prior to the Acquisition Event and will terminate immediately prior to the consummation of such Acquisition Event, except to the extent exercised by the optionees between the Acceleration
Time and the consummation of such Acquisition Event, (iii) in the event of a merger under the terms of which holders of outstanding Ordinary Shares of the Company will receive upon consummation thereof a cash payment for each share surrendered
in the merger (the “Merger Price”), make or provide for a cash payment to the optionees equal to the difference between (A) the Merger Price times the number of shares of Ordinary Shares subject to such outstanding Options (whether or
not then exercisable at prices not in excess of the Merger Price) and (B) the aggregate exercise price of all such outstanding Options in exchange for the termination of such Options, or (iv) upon written notice to the optionees, provide
that all the then vested and unvested outstanding Options will terminate immediately prior to the consummation of such Acquisition Event, and to the extent the vested Options shall have not been exercised prior to the Acquisition Event, all such
Options shall become null and void at the consummation of such Acquisition Event. 
 Notwithstanding the above, the Company, by the Board of
Directors or the Committee, may provide in the Option Agreement itself the action/s to be taken with respect to the outstanding Options at the time of an Acquisition Event from the actions listed above. In such a case, the Board of Directors shall
not be entitled to take a different action at the Acquisition Event with respect of such Options without the consent of the optionee. 
 An
“Acquisition Event” shall mean: (a) any merger or consolidation which results in the voting securities of the Company outstanding immediately prior thereto representing immediately thereafter (either by remaining outstanding or by
being converted into voting securities of the surviving or acquiring entity) less than 50% of the combined voting power of the voting securities of the Company or such surviving or acquiring entity outstanding immediately after such merger or
consolidation, (b) any sale of all or substantially all of the assets of the Company, or (c) the complete liquidation of the Company. 

(b) Substitute Options. The Company may grant Options under the Plan in substitution for Options held by employees of another
corporation who become employees of the Company, or a subsidiary of the Company, as the result of a merger or consolidation of the employing corporation with the Company or a subsidiary of the Company, or as a result of the

  
 7 

 
acquisition by the Company, or one of its subsidiaries, of property or stock of the employing corporation. The Company may direct that substitute Options be granted on such terms and conditions
as the Board of Directors considers appropriate in the circumstances. 
 17. No Special Employment Rights. 

Nothing contained in the Plan or in any Option shall confer upon any optionee any right with respect to the continuation of his or her
employment by the Company, its parent, or any subsidiary or interfere in any way with the right of the Company at any time to terminate such employment or to increase or decrease the compensation of the optionee. 

18. Other Employee Benefits. 

The amount of any compensation deemed to be received by an employee as a result of the exercise of an Option or the sale of Shares received
upon such exercise pursuant to the Plan will not constitute compensation with respect to which any other employee benefits of such employee are determined, including, without limitation, benefits under any bonus, pension, profit-sharing, life
insurance or salary continuation plan, except as otherwise specifically determined by the Board of Directors. 
 19. Amendment of the
Plan. 
 (a) The Board of Directors may at any time, and from time to time, amend, alter, suspend or terminate the Plan in any respect,
except that if at any time the approval of the shareholders of the Company is required under Section 422 of the Code or any successor provision with respect to ISOs, the Board of Directors may not effect such modification or amendment without
such approval. 
 (b) The termination or any modification or amendment of the Plan shall not, without the consent of an optionee, affect his
or her rights under an Option previously granted to him or her. With the consent of the optionee affected, the Board of Directors or the Committee may amend outstanding Option Agreements in a manner not inconsistent with the Plan. The Board of
Directors or the Committee shall have the right to amend or modify the terms and provisions of the Plan and of any outstanding ISOs granted under the Plan to the extent necessary to qualify any or all such Options for such favorable federal income
tax treatment (including deferral of taxation upon exercise) as may be afforded ISOs under Section 422 of the Code. 
 20.
Withholding. 
 The Company shall have the right to deduct from payments of any kind otherwise due to the optionee the minimum
statutory amount of any federal, state or local taxes of any kind required by law to be withheld with respect to any Shares issued upon exercise of Options under the Plan. Subject to the prior approval of the Company, which may be withheld by the
Company in its sole discretion, the optionee may elect to satisfy such obligations, in whole or in part, by causing the Company to withhold Ordinary Shares otherwise issuable pursuant to the exercise of an Option. The Shares so delivered or withheld
shall have a fair market value equal to such 

  
 8 

 
withholding obligation. The fair market value of the Shares used to satisfy such withholding obligation shall be determined by the Board of Directors of the Company as of the date that the amount
of tax to be withheld is to be determined. 
 21. Effective Date and Duration of the Plan. 

(a) Effective Date. The Plan shall become effective as of the date marked below, but no ISO granted under the Plan shall become
exercisable unless and until the Plan shall have been approved by the Company’s shareholders. If such shareholder approval is not obtained within twelve months after the effective date of the Plan, no Options previously granted under the Plan
shall be deemed to be ISOs and no ISOs shall be granted thereafter. Amendments to the Plan not requiring shareholder approval shall become effective when adopted by the Board of Directors or the Committee, as the case may be; amendments requiring
shareholder approval (as provided also in Section 19) shall become effective when adopted by the Board of Directors, but no ISO granted after the date of such amendment shall become exercisable (to the extent that such amendment to the Plan was
required to enable the Company to grant such ISO to a particular optionee) unless and until such amendment shall have been approved by the Company’s shareholders. If such shareholder approval is not obtained within twelve months of the
Board’s adoption of such amendment, any ISOs granted on or after the date of such amendment shall terminate to the extent that such amendment to the Plan was required to enable the Company to grant such Option to a particular optionee. Subject
to this limitation, Options may be granted under the Plan at any time after the effective date and before the date fixed for termination of the Plan. 

(b) Termination. Unless sooner terminated in accordance with Section 16, the Plan shall terminate ten (10) years after its
adoption by the Board of Directors, and no Option shall be granted pursuant to the Plan after that date. Options outstanding on such date shall continue to have force and effect in accordance with the provisions of the instruments evidencing such
Options. 
 22. Conversion of Incentive Stock Option into Non Qualified Stock Options; Termination of Incentive Stock Option. 

The Board of Directors or the Committee, at the written request of any optionee, may in its discretion take such actions as may be necessary
to convert such optionee’s ISOs (or any portions thereof) that have not been exercised on the date of conversion into NQSOs at any time prior to the expiration of such ISOs, regardless of whether the optionee is an employee of the Company or a
Subsidiary at the time of such conversion. Such actions may include, but not be limited to, extending the exercise period or reducing the exercise price of the appropriate installments of such Options. At the time of such conversion, the Board of
Directors or the Committee (with the consent of the optionee) may impose such conditions on the exercise of the resulting NQOs as the Board of Directors or the Committee in its discretion may determine, provided that such conditions shall not be
inconsistent with the Plan. Nothing in the Plan shall be deemed to give any optionee the right to have such optionee’s ISOs converted into NQOs, and no such conversion shall occur until and unless the Board of Directors or the Committee takes
appropriate action. The Board of Directors or the Committee, with the consent of the optionee, may also terminate any portion of any ISO that has not been exercised at the time of such conversion. 

  
 9 

 23. Notice to Company of Disqualifying Disposition. 

Each Employee who receives an ISO must agree to notify the Company in writing immediately after the Employee makes a Disqualifying Disposition
of any Shares acquired pursuant to the exercise of an ISO. A Disqualifying Disposition is any disposition (including any sale) of such Shares before the later of (a) two years after the date the Employee was granted the ISO, or (b) one
year after the date the Employee acquired Shares by exercising the ISO. If the Employee has died before such stock is sold, these holding period requirements do not apply and no Disqualifying Disposition can occur thereafter. 

24. Provision for Foreign Participants. 

The Board of Directors or the Committee may, without amending the Plan, modify awards or Options granted to participants who are foreign
nationals or employed outside the United States to recognize differences in laws, rules, regulations or customs of such foreign jurisdictions with respect to tax, securities, currency, employee benefit or other matters. 

  
 10

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