Document:

nclh_Ex4_3

		

			Exhibit 4.3

		

		
			DESCRIPTION OF SHARE CAPITAL
		

		
			 
		

		
			Norwegian Cruise Line Holdings Ltd. (“NCLH” or the “Company”)  was incorporated on February 21, 2011 as a Bermuda exempted company organized under the Companies Act 1981 of Bermuda (the “Companies Act”). We are registered with the Registrar of Companies in Bermuda under registration number 45125. Our registered office is located at Walkers Corporate (Bermuda) Limited, Park Place, 3rd Floor, 55 Par-la-Ville Road,  Hamilton HM 11, Bermuda. The rights of our shareholders are governed by Bermuda law, our memorandum of association and our amended and restated bye-laws, which we refer to as our “bye-laws.” The Companies Act differs in some material respects from laws generally applicable to U.S. corporations and their shareholders. 
		

		
			 
		

		
			The following descriptions are qualified in their entirety by reference to our memorandum of association and bye-laws.  The following summary is a description of the material terms of our share capital. The following summary also highlights material differences between Bermuda and Delaware corporate laws.
		

		
			 
		

		
			Share Capital
		

		
			 
		

		
			Our authorized share capital is $500,000 divided into 490,000,000 ordinary shares of par value $0.001 per share and 10,000,000 preference shares of par value $0.001 per share.
		

		
			 
		

		
			Pursuant to our bye-laws, subject to the requirements of the New York Stock Exchange (“NYSE”) and to any resolution of the shareholders to the contrary, our Board of Directors is authorized to issue any of our authorized but unissued ordinary shares. There are no limitations on the right of non-Bermudians or non-residents of Bermuda to hold or vote our shares.
		

		
			 
		

		
			Ordinary Shares
		

		
			 
		

		
			All of our issued and outstanding ordinary shares are fully paid.
		

		
			 
		

		
			In the event of our liquidation, dissolution or winding up, the holders of ordinary shares are entitled to share equally and ratably in our assets, if any, remaining after the payment of all of our debts and liabilities and subject to any preferential rights to payments owing to preference shareholders.
		

		
			 
		

		
			If we issue any preference shares, the rights, preferences and privileges of holders of ordinary shares will be subject to, and may be adversely affected by, the rights of the holders of our preference shares. See “—Preference Shares” below.
		

		
			 
		

		
			Voting
		

		
			 
		

		
			Holders of ordinary shares have no pre-emptive, redemption, conversion or sinking fund rights. Holders of ordinary shares are entitled to one vote per share on all matters submitted to a vote of holders of ordinary shares. Unless a different majority is required by law or by our bye-laws, resolutions to be approved by holders of ordinary shares require approval by a simple majority of votes cast at a meeting at which a quorum is present. Our bye-laws provide that no bye-law shall be rescinded, altered or amended, and no new bye-law shall be made, unless it is in accordance with the Companies Act and until it shall have been approved by a resolution of our Board of Directors and by a resolution of our shareholders holding a majority of the then-outstanding shares of the Company (or, where required, of a separate class or classes of shareholders).
		

		
			 
		

		
			Our bye-laws provide that no alteration to our memorandum of association shall be made, unless it is in accordance with the Companies Act and until it shall have been approved by a resolution of our Board of Directors and by a resolution of our shareholders holding a majority of the then- outstanding shares of the Company (or, where required, of a separate class or classes of shareholders). Holders of ordinary shares will vote together as a single class on all matters presented to the shareholders for their vote or approval, including the election of directors.
		

		
			 
		

		
			Any individual who is a shareholder of the Company and who is present at a meeting may vote in person, as may any corporate shareholder that is represented by a duly authorized representative at a meeting of shareholders. Our bye-laws also permit attendance at general meetings by proxy, provided the instrument appointing the proxy is in the form specified in the bye-laws or such other form as our Board of Directors may determine.
		

		
			 
		

		
			The Companies Act also provides that shareholders may take action by written resolution. Subject to the following, anything (except for the removal of an auditor before the expiration of the term of his or her office or director before the expiration of the term of his or her office) which may be done by resolution of the Company in general meeting or by resolution of a meeting of any class of the shareholders may, without a meeting, be done by resolution in writing signed by, or in the case of a shareholder that is a corporation whether or not a company within the meaning of the Companies Act, on behalf of, such number of shareholders who, at the date that the notice of resolution is given, represent not less than the minimum number of votes as would be required if the resolution was voted on at a meeting of shareholders at which all shareholders entitled to attend and vote were present and voting.
		

		
			 
		

		
			Dividends
		

		
			 
		

		
			Under our bye-laws, each ordinary share is entitled to dividends if, as and when dividends are declared by our Board of Directors, subject to any preferential dividend right of the holders of any preference shares.  Any determination to pay dividends in the future will be at the discretion of our Board of Directors and will depend upon our results of operations, financial condition, restrictions imposed by applicable law and our financing agreements and other factors that our Board of Directors deems relevant. Our debt agreements also impose restrictions on the ability of our subsidiaries to pay distributions to us and our ability to pay dividends to our shareholders.
		

		
			 
		

		
			We are a holding company and have no direct operations. As a result, we will depend upon distributions from our subsidiaries to pay any dividends.
		

		
			 
		

		
			Additionally, we are subject to Bermuda legal constraints that may affect our ability to pay dividends on our ordinary shares and make other payments. Under the Companies Act, we may declare or pay a dividend only if we have reasonable grounds for believing that we are, or would after 

		 

the payment be, able to pay our liabilities as they become due and if the realizable value of our assets would thereby not be less than our liabilities.
		

		
			 
		

		
			Transfer Restrictions
		

		
			 
		

		
			Under Section 883 of the Internal Revenue Code of 1986, as amended (the “Code”) and the related regulations, a foreign corporation will be exempt from U.S. federal income taxation on its U.S.-source international shipping income if, among other requirements, one or more classes of its stock representing, in the aggregate, more than 50% of the combined voting power and value of all classes of its stock are “primarily and regularly traded on one or more established securities markets” in a qualified foreign country or in the United States (and certain exceptions do not apply), to which we refer as the “Publicly Traded Test.” 
		

		
			 
		

		
			The regulations under Section 883 of the Code provide, in pertinent part, that a class of stock will not be considered to be “regularly traded” on an established securities market for any taxable year in which 50% or more of the outstanding shares of such class of stock are owned on more than half the days during the taxable year by persons who each own 5% or more of the outstanding shares of such class of stock, to which we refer as the “Five Percent Override Rule.” The “Five Percent Override Rule” will not apply if NCLH can substantiate that the number of NCLH’s ordinary shares owned for more than half of the number of days in the taxable year (1) directly or indirectly applying attribution rules, by its qualified shareholders, and (2) by its non-5% shareholders, is greater than 50% of its outstanding ordinary shares.
		

		
			 
		

		
			As of February 27, 2020, NCLH’s direct non-5% shareholders own more than 50% of its ordinary shares. Based on the foregoing, as of February 27, 2020, we believe that NCLH’s ordinary shares will be considered to be “regularly traded on an established securities market.”
		

		
			 
		

		
			Because we are relying on the substantial ownership by non-5% shareholders in order to satisfy the regularly traded test, there is the potential that if another shareholder becomes a 5% shareholder our qualification under the Publicly Traded Test could be jeopardized. If we were to fail to satisfy the Publicly Traded Test, we likely would become subject to U.S. income tax on income associated with our cruise operations in the United States.
		

		
			Therefore, as a precautionary matter, we have provided protections in our bye-laws to reduce the risk of the Five Percent Override Rule applying. In this regard, our bye-laws provide that no one person or group of related persons, may own, or be deemed to own by virtue of the attribution provisions of the Code, more than 4.9% of our ordinary shares, whether measured by vote, value or number, unless such ownership is approved by our Board of Directors. In addition, any person or group of related persons that own 3% or more (or a lower percentage if required by the U.S. Treasury Regulations under the Code) of our ordinary shares will be required to meet certain notice requirements as provided for in our bye-laws. Our bye-laws generally restrict the transfer of any of our ordinary shares if such transfer would cause us to be subject to tax on our U.S. shipping income. In general, detailed attribution rules, that treat a shareholder as owning shares that are owned by another person, are applied in determining whether a person is a 5% shareholder. For purposes of the 4.9% limit, a “transfer” will include any sale, transfer, gift, assignment, devise or other disposition, whether voluntary or involuntary, whether of record, constructively or beneficially, and whether by operation of law or otherwise.
		

		
			 
		

		
			Our bye-laws provide that our Board of Directors may waive the 4.9% limit or transfer restrictions, in any specific instance. Our Board of Directors may also terminate the limit and transfer restrictions generally at any time for any reason. If a purported transfer or other event results in the ownership of ordinary shares by any shareholder in violation of the 4.9% limit, or causes us to be subject to U.S. income tax on shipping operations, such ordinary shares in excess of the 4.9% limit, or which would cause us to be subject to U.S. shipping income tax will automatically be designated as “excess shares” to the extent necessary to ensure that the purported transfer or other event does not result in ownership of ordinary shares in violation of the 4.9% limit or cause us to become subject to U.S. income tax on shipping operations, and any proposed transfer that would result in such an event would be void. Any purported transferee or other purported holder of excess shares will be required to give us written notice of a purported transfer or other event that would result in excess shares. The purported transferee or holders of such excess shares shall have no rights in such excess shares, other than a right to the payments described below.
		

		
			 
		

		
			Excess shares will not be treasury shares but rather will continue to be issued and outstanding ordinary shares. While outstanding, excess shares will be transferred to a trust. The trustee of such trust has been appointed by us and is independent of us and the purported holder of the excess shares. The beneficiary of such trust will be one or more charitable organizations that is a qualified shareholder selected by the trustee. The trustee is entitled to vote the excess shares on behalf of the beneficiary. If, after purported transfer or other event resulting in excess shares and prior to the discovery by us of such transfer or other event, dividends or distributions are paid with respect to such excess shares, such dividends or distributions will be immediately due and payable to the trustee for payment to the charitable beneficiary. All dividends received or other income declared by the trust will be paid to the charitable beneficiary. Upon our liquidation, dissolution or winding up, the purported transferee or other purported holder will receive a payment that reflects a price per share for such excess shares generally equal to the lesser of:
		

		
			 
		

			
	
			
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			the amount per share of any distribution made upon such liquidation, dissolution or winding up, and

		
			 
		

			
	
			
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			in the case of excess shares resulting from a purported transfer, the price per share paid in the transaction that created such excess shares, or, in the case of certain other events, the market price per share for the excess shares on the date of such event, or in the case of excess shares resulting from an event other than a purported transfer, the market price for the excess shares on the date of such event.

		
			 
		

		
			At the direction of our Board of Directors, the trustee will transfer the excess shares held in trust to a person or persons, including us, whose ownership of such excess shares will not violate the 4.9% limit or otherwise cause us to become subject to U.S. shipping income tax within 180 days after the later of the transfer or other event that resulted in such excess shares or we become aware of such transfer or event. If such a transfer is made, the interest of the charitable beneficiary will terminate, the designation of such shares as excess shares will cease and the purported holder of the excess shares will receive the payment described below. The purported transferee or holder of the excess shares will receive a payment that reflects a price per share for such excess shares equal to the lesser of:
		

		
			 
		

			
	
			
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			the price per share received by the trustee, and

		
			 
		

		
			

		 

		

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			the price per share such purported transferee or holder paid in the purported transfer that resulted in the excess shares, or, if the purported transferee or holder did not give value for such excess shares, through a gift, devise or other event, a price per share equal to the market price on the date of the purported transfer or other event that resulted in the excess shares.

		
			 
		

		
			A purported transferee or holder of the excess shares will not be permitted to receive an amount that reflects any appreciation in the excess shares during the period that such excess shares were outstanding. Any amount received in excess of the amount permitted to be received by the purported transferee or holder of the excess shares must be turned over to the charitable beneficiary of the trust. If the foregoing restrictions are determined to be void or invalid by virtue of any legal decision, statute, rule or regulation, then the intended transferee or holder of any excess shares may be deemed, at our option, to have acted as an agent on our behalf in acquiring or holding such excess shares and to hold such excess shares on our behalf.
		

		
			 
		

		
			We have the right to purchase any excess shares held by the trust for a period of 90 days from the later of:
		

		
			 
		

			
	
			
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			the date the transfer or other event resulting in excess shares has occurred, and

			
	
			
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			the date our Board of Directors determines in good faith that a transfer or other event resulting in excess shares has occurred.

		
			The price per excess share to be paid by us will be equal to the lesser of:
		

		
			 
		

			
	
			
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			the price per share paid in the transaction that created such excess shares, or, in the case of certain other events, the market price per share for the excess shares on the date of such event, or

		
			 
		

			
	
			
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			the lowest market price for the excess shares at any time after their designation as excess shares and prior to the date we accept such offer.

		
			 
		

		
			These provisions in our bye-laws could have the effect of delaying, deferring or preventing a change in our control or other transaction in which our shareholders might receive a premium for their ordinary shares over the then-prevailing market price or which such holders might believe to be otherwise in their best interest. Our Board of Directors may determine, in its sole discretion, to terminate the 4.9% limit and the transfer restrictions of these provisions. While both the mandatory offer protection and 4.9% protection remain in place, no third party will be able to acquire control of the Company.
		

		
			 
		

		
			Listing
		

		
			 
		

		
			Our ordinary shares are listed on the NYSE under the symbol “NCLH.”
		

		
			 
		

		
			Preference Shares
		

		
			 
		

		
			Pursuant to our bye-laws, our Board of Directors by resolution may establish one or more series of preference shares having such number of shares, designations, dividend rates, relative voting rights, conversion or exchange rights, redemption rights, liquidation rights and other relative participation, optional or other special rights, qualifications, limitations or restrictions as may be fixed by our Board of Directors without any further shareholder approval. Such rights, preferences, powers and limitations as may be established could also have the effect of discouraging an attempt to obtain control of the Company. We currently have authorized 10,000,000 preference shares of par value $0.001 per share. No preference shares have been issued or outstanding as of February 27, 2020. We have no present plans to issue any preference shares.
		

		
			 
		

		
			Composition of Board of Directors; Election; Quorum
		

		
			 
		

		
			In accordance with our bye-laws, the number of directors comprising our Board of Directors will be as determined from time to time by resolution of our Board of Directors, provided, that there shall be at least seven but no more than eleven directors. Each director is to hold office until his or her successor is duly elected and qualified or until his or her earlier death, resignation or removal. At any meeting of our Board of Directors, our bye-laws will provide that a majority of the directors then in office will constitute a quorum for all purposes. Our Board of Directors is divided into three classes, each of whose members will serve for staggered three-year terms.
		

		
			 
		

		
			Transfer Agent and Registrar
		

		
			 
		

		
			The register of members is maintained at the registered office of the Company in Bermuda in accordance with Bermuda law, and a branch register is maintained in the United States by American Stock Transfer & Trust Company, LLC, who serves as branch registrar and transfer agent.
		

		
			 
		

		
			Certain Corporate Anti-Takeover Protections
		

		
			 
		

		
			Certain provisions in our bye-laws may be deemed to have an anti-takeover effect and may delay, deter or prevent a tender offer or takeover attempt that a shareholder might consider to be in its best interests, including attempts that might result in a premium being paid over the market price for the ordinary shares held by shareholders.
		

		
			 
		

		
			Preference Shares
		

		
			 
		

		
			Our Board of Directors has the authority to issue series of preference shares with such voting rights and other powers as our Board of Directors may determine, as described above.
		

		
			 
		

		
			Classified Board
		

		
			

		 

		

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			Our Board of Directors is classified into three classes. Each Director will serve a three-year term and will stand for re-election once every three years.
		

		
			 
		

		
			Removal of Directors, Vacancies
		

		
			 
		

		
			Our shareholders will be able to remove directors with or without cause at an annual or special general meeting by the affirmative vote of a majority of votes cast (and in the event of an equality of votes the resolution shall fail). Vacancies on our Board of Directors may be filled only by a majority of our Board of Directors, except with respect to any vacancies filled by shareholders at a special general meeting at which a director is removed.
		

		
			 
		

		
			Advance Notice Requirements for Shareholder Proposals and Director Nominations
		

		
			 
		

		
			Our bye-laws provide that shareholders seeking to nominate candidates for election as directors or to bring business before an annual general meeting of shareholders must provide timely notice of their proposal in writing to the corporate secretary.
		

		
			 
		

		
			Generally, to be timely, a shareholder’s notice must be received at our principal executive offices not less than 90 days or more than 120 days prior to the first anniversary date of the previous year’s annual general meeting. Our bye-laws also specify requirements as to the form and content of a shareholder’s notice. These provisions may impede shareholders’ ability to bring matters before an annual general meeting of shareholders or make nominations for directors at an annual general meeting of shareholders.
		

		
			 
		

		
			Bermuda Law
		

		
			 
		

		
			We are an exempted company organized under the laws of Bermuda. The rights of our shareholders are governed by Bermuda law, our memorandum of association and our bye-laws. The laws of Bermuda differ in some material respects from laws generally applicable to U.S. corporations and their shareholders. The following is a summary of material provisions of Bermuda law and our organizational documents not discussed above.
		

		
			 
		

		
			Variation of Rights
		

		
			 
		

		
			If at any time we have more than one class of shares, the rights attaching to any class, unless otherwise provided for by the terms of issue of the relevant class, may be varied either: (i) with the consent in writing of the holders of at least two-thirds of the issued shares of that class; or (ii) with the sanction of a resolution passed by a majority of the votes cast at a general meeting of the relevant class of shareholders at which a quorum consisting of at least two persons holding or representing one-third of the issued shares of the relevant class is present. Our bye-laws specify that the creation or issue of shares ranking equally with existing shares will not, unless expressly provided by the terms of issue of existing shares, vary the rights attached to existing shares. In addition, the creation or issue of preference shares ranking prior to ordinary shares will not be deemed to vary the rights attached to ordinary shares or, subject to the terms of any other series of preference shares, to vary the rights attached to any other series of preference shares.
		

		
			 
		

		
			Rights in Liquidation
		

		
			 
		

		
			Under Bermuda law, in the event of a liquidation or winding-up of a company, after satisfaction in full of all claims and amounts due to creditors and subject to the preferential rights accorded to any series of preference shares and subject to any specific provisions of the Company’s bye-laws, the proceeds of the liquidation or winding-up are distributed pro rata among the holders of ordinary shares.
		

		
			 
		

		
			Meetings of Shareholders
		

		
			 
		

		
			Under Bermuda law, a company is required to convene at least one general meeting of shareholders each calendar year unless the shareholders specifically resolve to dispense with the holding of annual general meetings. Bermuda law provides that a special general meeting of shareholders may be called by the board of directors of a company and must be called upon the request of shareholders holding not less than 10% of the paid-up capital of the company carrying the right to vote at general meetings. Our bye-laws require that unless otherwise provided, shareholders be given not less than ten nor more than sixty days’ advance notice of a general meeting, but the accidental omission to give notice to any person does not invalidate the proceedings at a meeting. Our bye-laws provide that our Board of Directors may convene an annual general meeting or a special general meeting. This notice requirement is subject to the ability to hold such meetings on shorter notice if such notice is agreed: (i) in the case of an annual general meeting by all of the shareholders entitled to attend and vote at such meeting; or (ii) in the case of a special general meeting by a majority in number of the shareholders entitled to attend and vote at the meeting holding not less than 95% in nominal value of the shares entitled to vote at such meeting.
		

		
			 
		

		
			Our bye-laws provide that the presence in person or by proxy of two or more shareholders entitled to attend and vote and holding shares representing more than 50% of the combined voting power constitutes a quorum at any general meeting of shareholders.
		

		
			 
		

		
			Access to Books and Records and Dissemination of Information
		

		
			 
		

		
			Members of the general public have a right to inspect the public documents of a company available at the office of the Registrar of Companies in Bermuda. These documents include the company’s certificate of incorporation, its memorandum of association, including its objects and powers, certain alterations to the memorandum of association and its register of directors and officers. The shareholders have the additional right to inspect the bye-laws of the company, minutes of general meetings and the company’s audited financial statements, which must be presented at the annual general meeting. The register of members of a company is also open to inspection by shareholders and by members of the general public without charge. The 

		 

		

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register of members is required to be open for inspection for not less than two hours in any business day (subject to the ability of a company to close the register of members for not more than thirty days a year). A company is required to maintain its share register in Bermuda but may, subject to the provisions of the Companies Act, establish a branch register outside of Bermuda. We maintain a register of members at the registered office of the Company in Hamilton, Bermuda and a branch register in the United States by American Stock Transfer & Trust Company, LLC, who serves as branch registrar and transfer agent. A company is required to keep at its registered office a register of directors and officers that is open for inspection for not less than two hours in any business day by members of the public without charge. Bermuda law does not, however, provide a general right for shareholders to inspect or obtain copies of any other corporate records.
		

		
			 
		

		
			Board Actions
		

		
			 
		

		
			The bye-laws of the Company provide that its business is to be managed and conducted by our Board of Directors. At common law, members of a board of directors owe a fiduciary duty to the company to act in good faith in their dealings with or on behalf of the company and exercise their powers and fulfill the duties of their office honestly. This duty includes the following elements: (i) a duty to act in good faith in the best interests of the company; (ii) a duty not to make a personal profit from opportunities that arise from the office of a director; (iii) a duty to avoid conflicts of interest; and (iv) a duty to exercise powers for the purpose for which such powers were intended.
		

		
			 
		

		
			The Companies Act also imposes a duty on directors and officers of a Bermuda company to: (i) act honestly and in good faith with a view to the best interests of the company; and (ii) exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.
		

		
			 
		

		
			Our bye-laws provide that to the fullest extent permitted by the Companies Act, a director shall not be liable to the Company or its shareholders for breach of fiduciary duty as a director. Our bye-laws also provide for indemnification of directors as described in “—Indemnification of Directors and Officers.”
		

		
			 
		

		
			There is no requirement in our bye-laws or Bermuda law that directors hold any of our shares. There is also no requirement in our bye-laws or Bermuda law that our directors must retire at a certain age. 
		

		
			 
		

		
			The remuneration of our directors is determined by our Board of Directors. Our directors may also be paid all travel, hotel and other expenses properly incurred by them in connection with our business or their duties as directors.
		

		
			 
		

		
			Provided a director discloses a direct or indirect interest in any contract or arrangement with us as required by Bermuda law, such director is entitled to vote in respect of any such contract or arrangement in which he or she is interested unless he or she is disqualified from voting by the chairman of the relevant board meeting. A director (including the spouse or children of the director or any company of which such director, spouse or children own or control more than 20% of the capital or loan debt) cannot borrow from us (except loans made to directors who are bona fide employees or former employees pursuant to an employees’ share scheme), unless shareholders holding 90% of the total voting rights have consented to the loan.
		

		
			 
		

		
			Transfer of Shares
		

		
			 
		

		
			Our Board of Directors may in its absolute discretion and without assigning any reason refuse to register the transfer of a share if it is not fully paid. Our Board of Directors may also refuse to recognize an instrument of transfer of a share unless it is accompanied by the relevant share certificate and such other evidence of the transferor’s right to make the transfer as our Board of Directors shall reasonably require. Subject to these restrictions, and the 4.9% limit and related transfer restrictions described in “—Ordinary Shares—Transfer Restrictions,” a holder of ordinary shares may transfer the title to all or any of his ordinary shares by completing a form of transfer in the form set out in our bye-laws (or as near thereto as circumstances admit) or in such other ordinary form as our Board of Directors may accept. The instrument of transfer must be signed by the transferor and transferee, although in the case of a fully paid share our Board of Directors may accept the instrument signed only by the transferor. In this case, where the ordinary shares are listed, transfer of shares will be effected through the duly appointed transfer agent and the registrar of the Company.
		

		
			 
		

		
			Indemnification of Directors and Officers
		

		
			 
		

		
			Section 98 of the Companies Act provides generally that a Bermuda company may indemnify its directors, officers and auditors against any liability which by virtue of any rule of law would otherwise be imposed on them in respect of any negligence, default, breach of duty or breach of trust, except in cases where such liability arises from fraud or dishonesty of which such director, officer or auditor may be guilty in relation to the company. Section 98 further provides that a Bermuda company may indemnify its directors, officers and auditors against any liability incurred by them in defending any proceedings, whether civil or criminal, in which judgment is awarded in their favor or in which they are acquitted or granted relief by the Supreme Court of Bermuda pursuant to Section 281 of the Companies Act.
		

		
			 
		

		
			We have adopted provisions in our bye-laws that, subject to certain exemptions and conditions, require us to indemnify to the full extent permitted by the Companies Act in the event each person who is involved in legal proceedings by reason of the fact that person is or was a director, officer or resident representative of the Company, or is or was serving at the request of the Company as a director, officer, resident representative, employee or agent of another company or of a partnership, joint venture, trust or other enterprise, including service with respect to an employee benefit plan against all expense, liability and loss (including attorneys’ fees, judgments, fines, amounts paid or to be paid in settlement, and excise taxes or penalties arising under the Employee Retirement Income Security Act of 1974) incurred and suffered by the person in connection therewith. We are also required under our bye-laws to advance to such persons expenses incurred in defending a proceeding to which indemnification might apply, provided if the Companies Act requires, the recipient provides an undertaking agreeing to repay all such advanced amounts if it is ultimately determined that he is not entitled to be indemnified. In addition, the bye-laws specifically provide that the indemnification rights granted thereunder are non-exclusive.
		

		
			 
		

		
			

		 

		

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			In addition, we have entered into separate contractual indemnification arrangements with our directors. These arrangements provide for indemnification and the advancement of expenses to these directors in circumstances and subject to limitations substantially similar to those described above. Section 98A of the Companies Act and our bye-laws permit us to purchase and maintain insurance for the benefit of any officer or director in respect of any loss or liability attaching to him in respect of any negligence, default, breach of duty or breach of trust, whether or not we may otherwise indemnify such officer or director.
		

		
			 
		

		
			Amendment of Memorandum of Association and Bye-Laws
		

		
			 
		

		
			Bermuda law provides that the memorandum of association of a company may be amended by a resolution passed at a general meeting of shareholders of which due notice has been given. Bermuda law requires that the bye-laws may be rescinded, altered or amended only if approved by a resolution of our shareholders and directors. Our bye-laws provide for amendment of our memorandum of association and bye-laws as described above in “—Ordinary Shares—Voting.” 
		

		
			 
		

		
			Under Bermuda law, the holders of an aggregate of not less than 20% in par value of a company’s issued share capital or any class thereof have the right to apply to the Supreme Court of Bermuda for an annulment of any amendment of the memorandum of association adopted by shareholders at any general meeting, other than an amendment which alters or reduces a company’s share capital as provided in the Companies Act. Where such an application is made, the amendment becomes effective only to the extent that it is confirmed by the Bermuda court. An application for an annulment of an amendment of the memorandum of association must be made within 21 days after the date on which the resolution altering the company’s memorandum of association is passed and may be made on behalf of the persons entitled to make the application by one or more of their number as they may appoint in writing for the purpose. No application may be made by shareholders voting in favor of the amendment.
		

		
			 
		

		
			Amalgamations, Mergers and Appraisal Rights
		

		
			 
		

		
			A Bermuda exempted company may amalgamate or merge with another Bermuda exempted company or a company incorporated outside Bermuda in accordance with the provisions of the Companies Act.
		

		
			 
		

		
			Under Bermuda law, in the event of an amalgamation or merger of a Bermuda company with another company, a shareholder of the Bermuda company who did not vote in favor of the amalgamation or merger and who is not satisfied that fair value has been offered for his or her shares in the Bermuda company may within one month of notice of the shareholders meeting, apply to the Supreme Court of Bermuda to appraise the fair value of his or her shares. Under Bermuda law, the amalgamation or merger of the Company with another company or corporation (other than certain affiliated companies) requires an amalgamation agreement or merger agreement to first be approved and then recommended by our Board of Directors and by resolution of our shareholders.
		

		
			 
		

		
			Shareholder Suits
		

		
			 
		

		
			Class actions and derivative actions are generally not available to shareholders under Bermuda law. The Bermuda courts, however, would ordinarily be expected to permit a shareholder to commence an action in the name of a company to remedy a wrong done to the company where the act complained of is alleged to be beyond the corporate power of the company or is illegal or would result in violation of the company’s memorandum of association or bye-laws. Furthermore, consideration would be given by a Bermuda court to acts that are alleged to constitute a fraud against the minority shareholders or, for instance, where an act requires the approval of a greater percentage of the company’s shareholders than that which actually approved it.
		

		
			 
		

		
			When the affairs of a company are being conducted in a manner which is oppressive or prejudicial to the interests of some part of the shareholders, one or more shareholders may apply to the Supreme Court of Bermuda which may make such order as it sees fit, including an order regulating the conduct of the company’s affairs in the future or ordering the purchase of the shares of any shareholder, by other shareholders or by the company.
		

		
			 
		

		
			Discontinuance
		

		
			 
		

		
			Under Bermuda law, an exempted company may be discontinued and be continued in a jurisdiction outside Bermuda as if it had been incorporated under the laws of that other jurisdiction. Our bye-laws provide that our Board of Directors may exercise all our power to discontinue to another jurisdiction without the need of any shareholder approval.
		

		
			 
		

		
			Takeovers/Compulsory Acquisition of Shares Held by Minority Holders
		

		
			 
		

		
			An acquiring party is generally able to acquire compulsorily the ordinary shares of minority holders in the following ways:
		

		
			 
		

			
	
			
				 ·
			

			
	
			
			If the acquiring party is a company it may compulsorily acquire all the shares of the target company by acquiring, pursuant to a tender offer, 90% of the shares or class of shares not already owned by, or by a nominee for, the acquiring party (the offeror), or any of its subsidiaries. If an offeror has, within four months after the making of an offer for all the shares or class of shares not owned by, or by a nominee for, the offeror, or any of its subsidiaries, obtained the approval of the holders of 90% or more of all the shares to which the offer relates, the offeror may, at any time within two months beginning with the date on which the approval was obtained, require, by notice, any nontendering shareholder to transfer its shares on the same terms as the original offer. In those circumstances, nontendering shareholders will be compelled to sell their shares unless the Supreme Court of Bermuda (on application made within a one-month period from the date of the offeror’s notice of its intention to acquire such shares) orders otherwise.

			
	
			
				 ·
			

			
	
			
			By a procedure under the Companies Act known as a “scheme of arrangement”. A scheme of arrangement could be effected by obtaining the agreement of the Company and of holders of ordinary shares, representing in the aggregate a majority in number and at least 75% in value of 

		 

		

			6

		

		

			 

		

	the ordinary shareholders present and voting at a court ordered meeting held to consider the scheme of arrangement. The scheme of arrangement must then be sanctioned by the Bermuda Supreme Court. If a scheme of arrangement receives all necessary agreements and sanctions, upon the filing of the court order with the Registrar of Companies in Bermuda, all holders of ordinary shares could be compelled to sell their shares under the terms of the scheme of arrangement.

		
			 
		

			
	
			
				 ·
			

			
	
			
			Where one or more parties holds not less than 95% of the shares or a class of shares of a company such holder(s) may, pursuant to a notice given to the remaining shareholders or class of shareholders, acquire the shares of such remaining shareholders or class of shareholders. When this notice is given, the acquiring party is entitled and bound to acquire the shares of the remaining shareholders on the terms set out in the notice, unless a remaining shareholder, within one month of receiving such notice, applies to the Supreme Court of Bermuda for an appraisal of the value of their shares. This provision only applies where the acquiring party offers the same terms to all holders of shares whose shares are being acquired.

		
			 
		

		
			Material Bermuda Tax Considerations
		

		
			 
		

		
			At the present time, there is no Bermuda income or profits tax, withholding tax, capital gains tax, capital transfer tax, estate duty or inheritance tax payable by our shareholders in respect of our shares. We have obtained an assurance from the Minister of Finance of Bermuda under the Exempted Undertakings Tax Protection Act 1966 that, in the event that any legislation is enacted in Bermuda imposing any tax computed on profits or income, or computed on any capital asset, gain or appreciation or any tax in the nature of estate duty or inheritance tax, such tax shall not, until March 31, 2035, be applicable to us or to any of our operations or to our shares, debentures or other obligations except insofar as such tax applies to persons ordinarily resident in Bermuda or to any taxes payable by us in respect of real property owned or leased by us in Bermuda. We pay annual Bermuda government fees.
		

		
			 
		

		
			Delaware Law
		

		
			 
		

		
			The terms of share capital of corporations incorporated in the United States, including Delaware, differ from corporations incorporated in Bermuda. The following discussion highlights material differences of the rights of a shareholder of a Delaware corporation compared with the rights of our shareholders under Bermuda law, as outlined above.
		

		
			 
		

		
			Under Delaware law, a corporation may indemnify its director or officer (other than in action by or in the right of the companies) against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred in defense of an action, suit or proceeding by reason of such position if such director or officer (i) acted in good faith and in a manner he reasonably believed to be in, or not opposed to, the best interests of the corporation and (ii) with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful.
		

		
			 
		

		
			Delaware law provides that a majority of the shares entitled to vote, present in person or represented by proxy, constitutes a quorum at a meeting of shareholders. In matters other than the election of directors, with the exception of special voting requirements related to extraordinary transactions, the affirmative vote of a majority of shares present in person or represented by proxy at the meeting and entitled to vote is required for shareholder action, and the affirmative vote of a plurality of shares is required for the election of directors. With certain exceptions, a merger, consolidation or sale of all or substantially all the assets of a corporation must be approved by the board of directors and a majority of the outstanding shares entitled to vote thereon. Under Delaware law, a shareholder of a corporation participating in certain major corporate transactions may, under certain circumstances, be entitled to appraisal rights pursuant to which such shareholder may receive cash in the amount of the fair value of the shares held by such shareholder (as determined by a court) in lieu of the consideration such shareholder would otherwise receive in the transaction.
		

		
			 
		

		
			Under Delaware law, subject to any restrictions contained in the company’s certificate of incorporation, a company may pay dividends out of surplus or, if there is no surplus, out of net profits for the fiscal year in which the dividend is declared and for the preceding fiscal year. Delaware law also provides that dividends may not be paid out of net profits if, after the payment of the dividend, capital is less than the capital represented by the outstanding shares of all classes having a preference upon the distribution of assets.
		

		
			 
		

		
			Under Delaware law, the business and affairs of a corporation are managed by or under the direction of its board of directors. In exercising their powers, directors are charged with a fiduciary duty of care to protect the interests of the corporation and a fiduciary duty of loyalty to act in the best interests of its shareholders.
		

		
			 
		

		
			Delaware law permits any shareholder to inspect or obtain copies of a corporation’s shareholder list and its other books and records for any purpose reasonably related to such person’s interest as a shareholder.
		

		
			 
		

		
			Class actions and derivative actions generally are available to shareholders under Delaware law for, among other things, breach of fiduciary duty, corporate waste and actions not taken in accordance with applicable law, and the court generally has discretion in such actions to permit the winning party to recover attorneys’ fees.
		

		 

		

			7nclh_Ex10_13

		

			Exhibit 10.13

		

		

			 

		

		

			[*]: THE IDENTIFIED INFORMATION HAS BEEN OMITTED FROM THE AGREEMENT BECAUSE IT IS BOTH (i) NOT MATERIAL AND (ii) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

		

		

			 

		

		
			SIXTEENTH AMENDMENT TO LEASE AGREEMENT
		

		
			(Norwegian Cruise Line – The Landing at MIA)
		

		
			 
		

		
			THIS SIXTEENTH AMENDMENT TO LEASE (“Amendment”) is dated effective and for identification purposes as of November 15, 2019 (“Effective Date”), which shall be the date the last of Landlord and Tenant to sign and deliver a fully executed copy to the other party, and is made by and between W­CROCKER LAM OFFICE  OWNER VIII, L.L.C., a Delaware limited liability company authorized to transact business in Florida (the “Landlord”), and NCL (BAHAMAS) LTD., a Bermuda company authorized to transact business in Florida (the “Tenant”), who, for good and valuable consideration, the receipt and sufficiency of which are acknowledged, agree as follows:
		

			
	
			
				 1.
			Background.

			
	
			
				 1.1.
			Hines REIT Airport Corporate Center LLC (“Original Landlord”) and Tenant entered into that certain Airport Corporate Center Office Lease Agreement dated December 1, 2006 (as amended, the “Lease”) for certain Leased Premises located in The Landing at MIA (f/k/a Airport Corporate Center), 7665 Corporate Center Drive and 7650 Corporate Center Drive, Miami, Florida.

			
	
			
				 1.2.
			Original Landlord and Tenant entered into that certain First Amendment to Airport Corporate Center Office Lease dated November 27, 2006.

			
	
			
				 1.3.
			Original Landlord and Tenant entered into that certain Second Amendment to Airport Corporate Center Office Lease dated March 22, 2007, which, among other things, expanded the Leased Premises to include additional space.

			
	
			
				 1.4.
			Original Landlord and Tenant entered into that certain Third Amendment to Airport Corporate Center Office Lease dated July 31, 2007, which, among other things, expanded the Leased Premises to include Permanent Storage Space.

			
	
			
				 1.5.
			Original Landlord and Tenant entered into that certain Fourth Amendment to Airport Corporate Center Office Lease dated December 10, 2007, which, among other things, expanded the Leased Premises to include additional space.

			
	
			
				 1.6.
			Original Landlord and Tenant entered into that certain Fifth Amendment to Airport Corporate Center Office Lease dated February 2, 2010.

			
	
			
				 1.7.
			Original Landlord and Tenant entered into that certain Sixth Amendment to Airport Corporate Center Office Lease dated April 1, 2012, which, among other things, terminated a portion of the Leased Premises and extended the Lease Term with respect to the Retained Premises.

			
	
			
				 1.8.
			Original Landlord and Tenant entered into that certain Seventh Amendment to Airport Corporate Center Office Lease dated June 29, 2012, which, among other things, expanded the Leased Premises to include New Warehouse Premises.

			
	
			
				 1.9.
			SPUS7 Miami ACC, LP (“Second Landlord”) and Tenant entered into that certain Eighth Amendment to Lease dated January 28, 2015, which, among other things, extended the Lease Term for the Original Office Premises only and expanded the Leased Premises to include additional space.

			
	
			
				 1.10.
			Second Landlord and Tenant entered into that certain Ninth Amendment to Lease dated June 30, 2015, which, among other things, expanded the Leased Premises to include additional space.

			
	
			
				 1.11.
			Second Landlord and Tenant entered into that certain Tenth Amendment to Lease dated March 31, 2016, which, among other things, expanded the Leased Premises to include additional space.

		
			

		 

		

			1

		

		

			
	
			
				 1.12.
			Second Landlord and Tenant entered into that certain Eleventh Amendment to Lease dated February 8, 2017.

			
	
			
				 1.13.
			Second Landlord and Tenant entered into that certain Twelfth Amendment to Lease dated August 24, 2017.

			
	
			
				 1.14.
			Second Landlord and Tenant entered into that certain Thirteenth Amendment to Lease dated November 30, 2017, which, among other things, expanded the Leased Premises to include additional space.

			
	
			
				 1.15.
			Second Landlord and Tenant entered into that certain Fourteenth Amendment to Lease dated January 16, 2018.

			
	
			
				 1.16.
			Second Landlord and Tenant entered into that certain Fifteenth Amendment to Lease dated March 1, 2018, which, among other things, expanded the Leased Premises to include additional space.

			
	
			
				 1.17.
			Landlord is the successor in title and interest to the Second Landlord and is the owner and holder of the Second Landlord’s interest under the Lease. 

			
	
			
				 1.18.
			The parties have now agreed to further expand the Leased Premises, extend the Lease Term, and amend the Lease on the terms and conditions contained in this Amendment. 

			
	
			
				 2.
			Definitions.    Capitalized terms used but not defined in this Amendment shall have the same definitions given to them in the Lease, unless the context clearly indicates a contrary intent.  If there is any conflict or inconsistency between the terms of this Amendment and the Lease, the terms of this Amendment shall control. 

		
			 
		

			
	
			
				 3.
			Landlord’s Notice Address.  W­CROCKER LAM OFFICE OWNER VIII, L.L.C., c/o CPPM LMIA LLC, [*].   

			
	
			
				 4.
			Landlord’s Address for Payments.  

		
			If by wire:
		

		
			 
		

		
			[*]
		

		
			 
		

		
			If by U.S. Mail First Class:
		

		
			 
		

		
			[*]
		

		
			 
		

		
			If by courier delivery:
		

		
			 
		

		
			[*]
		

		
			 
		

			
	
			
				 5.
			Current Premises.   Prior to this Amendment, the Premises consisted of the leased premises more particularly described on EXHIBIT “A” and shown on EXHIBIT “A-1” attached hereto and incorporated herein (the “Current Premises”).  The total rentable square feet of the Current Premises is 335,855 square feet.

			
	
			
				 6.
			Expansion of Premises.  

			
	
			
				 6.1.
			General.    Upon the Expansion Space Commencement Date (as defined below), the Current Premises shall be expanded to include 38,189 rentable square feet on the fourth floor of Building 8 (the “Building 8 Expansion Space”), and 2,053 rentable square feet known as Bay D in Building 3 (the “Building 3 Expansion Space”), all of which space is depicted in the sketch attached to this Amendment as EXHIBIT “B” (collectively, the “Expansion Space” or “Expansion Spaces”), as well as all of the space previously demised under the Lease.  The total rentable square feet of the Expansion Space is conclusively deemed for all purposes under this Amendment and the Lease to be 40,242 square feet.  The rentable square feet of the Premises, including the Expansion Space, is conclusively deemed for all purposes under this Amendment and the Lease to be 376,097 

		 

		

			2

		

	square feet.  This square footage figure includes an add-on factor for Common Areas in the Buildings and has been agreed upon by the parties as final and correct and is not subject to challenge or dispute by either party.  From and after the Expansion Space Commencement Date, whenever the term Premises is used in the Lease or this Amendment it shall include the previously demised Premises and the Expansion Space.

			
	
			
				 6.2.
			Expansion Space Commencement Date.  The “Expansion Space Commencement Date” or “ESCD”) for each of the Expansion Spaces shall mean 30 days following the earlier to occur of (a) the date when Tenant takes possession of the respective Expansion Space or any portion of the respective Expansion Space for the conduct of its business, (b) the date of substantial completion of the Tenant Improvements (as defined below) to each of the Expansion Spaces, or (c) the date which is six months after Landlord’s delivery of the respective Expansion Space to Tenant subject to delays to the construction of the Tenant Improvements caused by Force Majeure (the “Outside Date”).  As used herein, “substantial completion” shall mean the date on which a Certificate of Occupancy or its equivalent, including a Temporary or Conditional Certificate of Occupancy, is issued by the appropriate local governmental entity for the Tenant Improvements, or, if no Certificate of Occupancy will be issued for the Tenant Improvements, the date on which the Tenant Improvements have been substantially completed so that Tenant may use the respective Expansion Space for its intended purpose, notwithstanding that minor punchlist items or insubstantial details concerning construction, decoration, or mechanical adjustment remain to be performed.  Promptly after the Expansion Space Commencement Date, for each respective Expansion Space, Landlord and Tenant shall execute an instrument hereinafter defined as the “Memorandum of Expansion Space Commencement Date” in the form attached hereto as EXHIBIT “C” and such instrument when executed is hereby made a part of this Amendment and incorporated herein by reference.  Tenant’s use of the respective Expansion Space for the purposes of installing fixtures, furniture, and equipment, and cabling and wiring shall not be considered possession of the respective Expansion Space, but shall be subject to all of the terms of the Lease except the payment of Rent.

			
	
			
				 7.
			Base Rent.  Effective as of the Expansion Space Commencement Date, the Base Rent for the Expansion Space only shall be:

		
			Building 8 Expansion Space:  
		

			
					
						Period

					
					
						Rate P/S/F Per Annum

					
					
						Monthly Base Rent

					
					
						Period Base Rent

				
	
					
						ESCD – 9/30/20

					
					
						[*]

					
					
						[*]

					
					
						[*]

				
	
					
						10/1/20 – 9/30/21

					
					
						[*]

					
					
						[*]

					
					
						[*]

				
	
					
						10/1/21 – 9/30/22

					
					
						[*]

					
					
						[*]

					
					
						[*]

				
	
					
						10/1/22 – 9/30/23

					
					
						[*]

					
					
						[*]

					
					
						[*]

				
	
					
						10/1/23 – 9/30/24

					
					
						[*]

					
					
						[*]

					
					
						[*]

				
	
					
						10/1/24 – 9/30/25

					
					
						[*]

					
					
						[*]

					
					
						[*]

				
	
					
						10/1/25 – 9/30/26

					
					
						[*]

					
					
						[*]

					
					
						[*]

				
	
					
						10/1/26 – 9/30/27

					
					
						[*]

					
					
						[*]

					
					
						[*]

				
	
					
						10/1/27 – 1/31/28

					
					
						[*]

					
					
						[*]

					
					
						[*]

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			Building 3 Expansion Space:  
		

		
			 
		

			
					
						Period

					
					
						Rate P/S/F Per Annum

					
					
						Monthly Base Rent

					
					
						Period Base Rent

				
	
					
						ESCD – Month 12

					
					
						[*]

					
					
						[*]

					
					
						[*]

				
	
					
						Months 13 – 24

					
					
						[*]

					
					
						[*]

					
					
						[*]

				
	
					
						Months 25 – 36

					
					
						[*]

					
					
						[*]

					
					
						[*]

				
	
					
						Months 37 – 48

					
					
						[*]

					
					
						[*]

					
					
						[*]

				
	
					
						Months 49 – 60

					
					
						[*]

					
					
						[*]

					
					
						[*]

				
	
					
						Months 61 – 72

					
					
						[*]

					
					
						[*]

					
					
						[*]

				
	
					
						Months 73 – 84

					
					
						[*]

					
					
						[*]

					
					
						[*]

				
	
					
						Months 85 – 96

					
					
						[*]

					
					
						[*]

					
					
						[*]

				
	
					
						Month 97 – 1/31/28

					
					
						[*]

					
					
						[*]

					
					
						[*]

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			Base Rent amounts shown above do not include applicable sales tax.
		

		
			

		 

		

			3

		

		

		
			*Provided that Tenant is not in monetary default of the Lease beyond any applicable grace period at any time during the rent credit period, Tenant shall have a Rent credit in the amount of the Base Rental and the additional rent for Tenant’s Proportionate Share of Operating Expenses owed for each of the Expansion Spaces only for the first three full calendar months following the Expansion Space Commencement Date for the respective Expansion Space, which credit shall be applied to the installments of Base Rent and the additional rent for Tenant’s Proportionate Share of Operating Expenses due for those months; and a Rent credit in the amount of 50% of the Base Rental and the additional rent for Tenant’s Proportionate Share of Operating Expenses owed for each of the Expansion Spaces only for the fourth through 12th full calendar months following the Expansion Space Commencement Date for the respective Expansion Space, which credit shall be applied to the installments of Base Rent and the additional rent for Tenant’s Proportionate Share of Operating Expenses due for those months.  If the Expansion Space Commencement Date for a respective Expansion Space occurs on a day other than the first day of the month, the prorated Rent for the first partial month in which the Expansion Space Commencement Date occurs shall be due on the Expansion Space Commencement Date for the respective Expansion Space.
		

			
	
			
				 8.
			Lease Term/Existing Warehouse Premises.  

			
	
			
				 8.1.
			The Lease Term with respect to Bay C in Building 3 is extended for an additional 60 calendar months commencing February 1, 2023 and expiring January 31, 2028.  The rentable square feet of Bay C is 7,067.

			
	
			
				 8.2.
			The Lease Term with respect to Bay F in Building 3 is extended for an additional 40 calendar months commencing October 1, 2024 and expiring January 31, 2028.  The rentable square feet of Bay F is 8,563.

			
	
			
				 9.
			Base Rent/Existing Warehouse Premises.  

			
	
			
				 9.1.
			The Base Rent during the extended Lease Term for Bay C in Building 3 shall align with the Base Rent rates for the Building 3 Expansion Space as follows:

			
					
						Period

					
					
						Rate P/S/F Per Annum

					
					
						Monthly Base Rent

					
					
						Period Base Rent

				
	
					
						2/1/23 – Month 48

					
					
						[*]

					
					
						[*]

					
					
						[*]

				
	
					
						Months 49 – 60

					
					
						[*]

					
					
						[*]

					
					
						[*]

				
	
					
						Months 61 – 72

					
					
						[*]

					
					
						[*]

					
					
						[*]

				
	
					
						Months 73 – 84

					
					
						[*]

					
					
						[*]

					
					
						[*]

				
	
					
						Months 85 – 96

					
					
						[*]

					
					
						[*]

					
					
						[*]

				
	
					
						Month 97 – 1/31/28

					
					
						[*]

					
					
						[*]

					
					
						[*]

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			*Varies based on number of months in the period.  “Month 48” and each month thereafter shall align with the actual Month 48 date as determined under the Building 3 Expansion Space rent table in Section 7 above.
		

			
	
			
				 9.2.
			The Base Rent during the extended Lease Term for Bay F in Building 3 shall align with the Base Rent rates for the Building 3 Expansion Space as follows:

			
					
						Period

					
					
						Rate P/S/F Per Annum

					
					
						Monthly Base Rent

					
					
						Period Base Rent

				
	
					
						10/1/24 – Month 60

					
					
						[*]

					
					
						[*]

					
					
						[*]

				
	
					
						Months 61 – 72

					
					
						[*]

					
					
						[*]

					
					
						[*]

				
	
					
						Months 73 – 84

					
					
						[*]

					
					
						[*]

					
					
						[*]

				
	
					
						Months 85 – 96

					
					
						[*]

					
					
						[*]

					
					
						[*]

				
	
					
						Month 97 – 1/31/28

					
					
						[*]

					
					
						[*]

					
					
						[*]

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			Base Rent amounts shown above do not include applicable sales tax.
		

		
			**Varies based on number of months in the period.  “Month 60” and each month thereafter shall align with the actual Month 60 date as determined under the Building 3 Expansion Space rent table in Section 7 above
		

			
	
			
				 10.
			Condition of Premises and Tenant Improvements.  

		
			

		 

		

			4

		

		

			
	
			
				 10.1.
			General.  Landlord has made no representation or promise as to the condition of the Premises including the Expansion Space.  Landlord shall not perform any alterations, additions, or improvements in order to make the Premises including the Expansion Space suitable and ready for occupancy and use by Tenant.  Tenant accepts the Premises including the Expansion Space in its present “as is,” “where is,” and “with all faults” condition, and without any warranty, express or implied, or representation as to fitness or suitability.  Notwithstanding anything herein to the contrary, if, in order for Tenant to receive a building permit for Tenant Improvements or a certificate of occupancy or completion for the Premises, any portion of the existing building systems located outside of and serving any portion of the Premises or any portion of existing common areas at the Project are required by applicable governmental authority, to be made compliant with the currently applicable building code or fire code or applicable requirements of the Americans with Disabilities Act (“ADA”) (collectively, the “Current Code”), then Landlord agrees that Landlord shall, at its sole cost and expense, perform all necessary work to make those portions of the existing building systems and/or existing common areas compliant with the Current Code; however, Tenant acknowledges and agrees that Landlord is only responsible for the building systems up to the point of common connection where the applicable portion of the Premises are located and as long as such work is not required for any special use by Tenant (i.e., any use which is not typical office or warehouse usage).

			
	
			
				 10.2.
			Tenant Improvements and Plans.  Tenant shall perform all work necessary or desirable for Tenant’s occupancy of the Expansion Space and continued occupancy of the Current Premises (the “Tenant Improvements”).  Tenant shall furnish to Landlord, for Landlord’s written approval, a permit set (final construction drawings) of plans and specifications for the Tenant Improvements (the “Plans”).  The Plans shall include the following:  fully dimensioned architectural plans; electric/telephone outlet diagram; reflective ceiling plan with light switches; mechanical plan; furniture plan; electric power circuitry diagram; plumbing plans; all special equipment and fixture specifications; and fire sprinkler design drawings.  The Plans will be prepared by a licensed architect and the electrical and mechanical plans will be prepared by a licensed professional engineer.  The Plans shall be produced on CAD.  The architect and engineer selected by Tenant will be subject to Landlord’s approval, which shall not be unreasonably withheld, conditioned, or delayed.  Notwithstanding the foregoing to the contrary, Landlord acknowledges and agrees that it will approve the following architects and professional engineers:  [*]. The Plans shall comply with all applicable laws, ordinances, directives, rules, regulations, and other requirements imposed by any and all governmental authorities having or asserting jurisdiction over the Premises.  Landlord shall review the Plans and either approve or disapprove them, within seven (7) business days after Landlord’s receipt of the Plans (and any delay beyond such seven (7) day period shall be deemed approval by Landlord).  In the event of disapproval of the Plans, Landlord shall provide in writing a detailed description indicating why the Plans were disapproved, and Tenant shall make any necessary modifications and resubmit the Plans to Landlord in final form within ten (10) days following receipt of Landlord’s disapproval of them.  If Landlord notifies Tenant that the resubmitted Plans are not in accordance with the changes required for Landlord’s approval, Tenant shall submit revised Plans to Landlord.  Landlord shall then respond to Tenant’s request for approval of its revised Plan within five (5) business days thereafter.  If there are any further comments or revisions to the revised Plans, Landlord and Tenant shall proceed in the manner as outlined above, except that each party shall provide responses or approvals within five (5) business days.  Landlord and Tenant shall continue this process in good faith until the revised Plans are finally approved.  Any changes to the Plans required by any local governmental field inspector shall be approved by Landlord.  To expedite the review and approval process Landlord shall cooperate with Tenant by discussing or reviewing preliminary plans and specifications, at Tenant’s request, prior to completion of the permit set. The approval by Landlord of the Plans and any approval by Landlord of any similar plans and specifications for any other alterations or the supervision by Landlord of any work performed on behalf of Tenant shall not: (a) imply Landlord’s approval of the plans and specifications as to quality of design or fitness of any material or device used; (b) imply that the plans and specifications are in compliance with any codes or other requirements of governmental authority (it being agreed that compliance with these requirements is solely Tenant’s responsibility); (c) impose any liability on Landlord to Tenant or any third party; or (d) serve as a waiver or forfeiture of any right of Landlord.  

			
	
			
				 10.3.
			Contractor.  The Tenant Improvements shall be constructed by a general contractor selected and paid by Tenant and approved by Landlord, which approval shall not be unreasonably withheld, conditioned, or delayed. Notwithstanding the foregoing to the contrary, Landlord acknowledges and agrees that it will approve the following general contractors:  [*]. A copy of the contractor's license(s) to do business in the jurisdiction(s) in which the Premises are located, the fully executed contract between Tenant and the general contractor, the general contractor’s work schedule, and all building or other governmental permits required for the Tenant Improvements shall be delivered to Landlord before commencement of the Tenant Improvements.  Tenant shall cause the Tenant Improvements to be completed promptly and with due diligence, and in accordance with the Plans in a good and workmanlike manner using new materials in accordance with Building standards.  All work shall be done in compliance with all other applicable provisions of the Lease and with all applicable laws, ordinances, directives, rules, regulations, and other requirements of any governmental authorities having or asserting jurisdiction over the Premises, including the making of any alterations or improvements to the Premises or the Project  which are required to comply 

		 

		

			5

		

	with the ADA and the payment by Tenant of any impact fees, sales taxes, or assessments arising from or relating to the Tenant Improvements or occupancy.  All Tenant Improvements shall utilize no less than Landlord’s Building standard grade materials unless otherwise approved by Landlord.  Before the commencement of any work by Tenant, Tenant shall furnish to Landlord certificates evidencing the existence of builder’s risk, commercial general and auto liability, and workers' compensation insurance complying with Landlord’s requirements for contractors.  Any damage to any part of the Project that occurs as a result of the Tenant Improvements shall be promptly repaired by Tenant.

			
	
			
				 10.4.
			Compliance.  Tenant shall also ensure compliance with the following requirements concerning construction of the Tenant Improvements:

			
	
			
				 10.4.1.
			Tenant and all construction personnel shall abide by Landlord’s job site rules, requirements, and regulations and fully cooperate with Landlord’s construction representatives in coordinating all construction activities in the Project, including rules and regulations concerning working hours and parking, and, if applicable, use of the construction elevator.  A copy of the landlord construction contractor rules and regulations as of the Effective Date are attached as EXHIBIT “D”.  Notwithstanding anything in EXHIBIT “D” to the contrary, for purposes of this Amendment, Landlord acknowledges and agrees that the rates set forth in paragraph 25 of EXHIBIT “D” shall not apply to Tenant. 

			
	
			
				 10.4.2.
			All transportation of construction materials shall be on the padded construction elevator only, if any.

			
	
			
				 10.4.3.
			Tenant shall deliver to Landlord all forms of approval provided by the appropriate local governmental authorities to certify that the Tenant Improvements have been completed and the Premises are ready for occupancy, including original building permit and a final, unconditional Certificate of Occupancy or its equivalent, including a Certificate of Completion or Certificate of Final Inspection.

			
	
			
				 10.4.4.
			At all times during construction, Tenant shall allow Landlord access to the Premises for inspection purposes.  Upon completion of the Tenant Improvements, Tenant’s general contractor shall review the Premises with Landlord and Tenant and obtain Landlord’s and Tenant’s acceptance of the Tenant Improvements and provide a punch-list of items which need correction (if any).

			
	
			
				 10.4.5.
			Tenant shall be responsible for cleaning up any refuse or other materials left behind by construction personnel at the end of each work day.  If required by Landlord, workers shall provide their own temporary toilet facilities, trash facilities, water coolers, and construction materials dumpsters and shall locate them along with any construction trailers or field offices in areas reasonably designated by Landlord.

			
	
			
				 10.4.6.
			Any work that may disturb tenants of the Building (including welding, cutting torch, drilling or cutting of the concrete floor slab or temporary interruption of any utility service), shall only occur before or after normal business hours and as otherwise specified by Landlord.  No painting or spraying of chemicals, varnishes, lacquers, finishes, or paint will be allowed during normal business hours if odors or fumes will affect other nearby tenants of the Project.  Such activities shall only occur during days and times specifically preapproved by Landlord.  All workers must stay in their designated work areas, and the use of radios, loud music, alcoholic beverages, narcotics, or smoking of any kind, whether electronic or otherwise, is prohibited on the Project.

			
	
			
				 10.4.7.
			Reasonable quantities of water and electricity for lighting, portable power tools, and other common uses, including reasonably available parking and dumpster storage, as well as use of the construction elevator will be furnished by the Landlord to the contractor at no additional cost.  The contractor shall make all utility connections, furnish any necessary extensions, and promptly and professionally remove such connections and extensions on completion of work.

			
	
			
				 10.4.8.
			Any work that will involve the draining of a sprinkler line or otherwise affect the Building’s fire sprinkler system must be approved by Landlord in advance.  In all instances where this is done, the system shall not be left inoperable overnight or over a prolonged period.

			
	
			
				 10.4.9.
			All equipment installed shall be compatible with the base building fire alarm system and the contractor shall perform work related to any connection to the base building fire alarm system only after proper notification to 

		 

		

			6

		

	Landlord and on an after-hours basis.  Any disruption to the existing fire alarm system or damage as a result of contractor’s work will be the sole responsibility of Tenant.

			
	
			
				 10.4.10.
			All additional electrical circuits added to existing electrical panels or any new circuits added to new electrical panels will be appropriately labeled as to the area or equipment serviced by the circuit in question.  Any electrical panel covers removed to facilitate installation or connection shall be reattached.

			
	
			
				 10.4.11.
			Tenant shall deliver copies to Landlord of all Notices to Owner received in connection with the Tenant Improvements within five (5) business days of receipt of such notices.

			
	
			
				 10.4.12.
			Should a Notice of Commencement be filed in the public records for leasehold work by or on behalf of Tenant, the legal description therein shall specifically be limited to Tenant’s interest in the Premises, and Tenant shall be responsible for having a corresponding Notice of Termination timely recorded in the County in which the Expansion Space is located upon the completion of such work.

			
	
			
				 10.4.13.
			Upon completion of the Tenant Improvements, Tenant shall also deliver to Landlord two complete copies of each of the following:

			
	
			
				 (a)
			“as-built” construction documents in PDF file format on CDs;

			
	
			
				 (b)
			general contractor’s one-year warranty and subcontractor warrantees, as well as factory warrantees on equipment installed;

			
	
			
				 (c)
			operating and maintenance manuals for all equipment installed;

			
	
			
				 (d)
			fire sprinkler system permit set of drawings (if required by governmental authorities);

			
	
			
				 (e)
			HVAC test and balance reports;

			
	
			
				 (f)
			subcontractor listing with contact and phone numbers included;

			
	
			
				 (g)
			final payment application from general contractor;

			
	
			
				 (h)
			final releases of lien from Tenant’s general contractor and all lienors giving notice to owner as defined in the Florida Construction Lien Law (in form required by Florida Statutes) and a final contractor’s affidavit from the general contractor in accordance with the Florida Construction Lien Law, indicating all “lienors” have been paid in full; and

			
	
			
				 (i)
			documentation from the applicable governmental agency evidencing that all final inspections have been completed and all building and other governmental permits have been closed and evidence that any Notice of Commencement filed in connection with the Tenant Improvements has been duly terminated in accordance with the requirements of Florida Construction Lien Law.

		
			Tenant shall pay to Landlord an amount equal to [*]% of the cost of the work, as a supervisory fee, which Landlord may deduct from the Tenant Improvement Allowance.
		

			
	
			
				 10.5.
			Tenant Improvement Allowance.  

			
	
			
				 10.5.1.
			If and for as long as Tenant is not in default under the Lease beyond any applicable grace period, Tenant shall be entitled to a tenant improvement allowance in the amount of $[*] allocated as follows:  $[*] ($[*]/sf) for the Building 8 Expansion Space, and $[*] ($[*]/sf) for the Building 3 Expansion Space (the “Tenant Improvement Allowance” or “Allowance”).  Tenant shall have the right to apply the Tenant Improvement Allowance towards Tenant Improvements within its Premises whereby the Tenant Improvement Allowance is not required to be disbursed or allocated towards only the Expansion Spaces. The Tenant Improvement Allowance shall be paid to Tenant in reimbursement for the total out of pocket costs paid by Tenant for the design professional fees and the “hard costs” of construction of the Tenant Improvements to the Premises, 

		 

		

			7

		

	including architectural and engineering fees, specialty consultants including acoustical and lighting specialists, permitting and expeditor fees, construction of interior improvements including millwork, built-in furniture, furniture systems, data cabling and wiring, telecommunications systems, relocation expenses, security, studio equipment, project management fees, and other similar expenses in fitting out the Expansion Space.  If the total amount paid by Tenant for the Tenant Improvements is less than the Tenant Improvement Allowance, Tenant may receive a credit for the unused portion of the Allowance up to $[*] ($[*]/sf) applied towards the next payment(s) of Base Rental and Tenant’s Percentage Share of Operating Expenses due, until such sum is exhausted.  

			
	
			
				 10.5.2.
			The Allowance shall be disbursed on a percentage of completion basis (i.e., the ratio of the amount to be disbursed, together with all prior disbursements, so the total Allowance will not exceed the ratio of the Tenant Improvements completed on the date of disbursement to the total Tenant Improvements).  By way of example, if the Tenant Improvement Allowance is $[*], the total Tenant Improvements cost is $[*], and on the date of Tenant’s first draw request 25% of the Tenant Improvements have been completed (i.e., contractor’s invoice is equal to $[*]), then Landlord shall be obligated to pay an amount equal to 25% of the Allowance, or $[*]. By way of a second example, if the Tenant Improvement Allowance is $[*], the total Tenant Improvements cost is $[*], and on the date of Tenant’s first draw request 25% of the Tenant Improvements have been completed (i.e., contractor’s invoice is equal to $[*]), then Landlord shall be obligated to pay an amount equal to 100% of the Allowance equal to $[*].  If the request for disbursement of the Allowance pertains to furniture and equipment, relocation expenses, or other related items, then Tenant shall be entitled to have the Allowance disbursed with respect to such items without regard to the percentage-of-completion formula specified herein.  Tenant may apply for disbursements of the Allowance not more frequently than monthly.  Except as otherwise provided by written notice from Tenant to Landlord, each request shall constitute Tenant’s affirmation that as of the date of the request this Lease is in full force and effect and Landlord is not in default under this Lease.  

			
	
			
				 10.5.3.
			The Tenant Improvement costs shall be deducted by Landlord from the Tenant Improvement Allowance and reimbursed to Tenant within 30 days following receipt of Tenant’s payment request consisting of the following: (a) AIA G702/703 form (or other form acceptable to Landlord); (b) a written certification signed by Tenant stating the work then performed or materials provided with respect to the Tenant Improvements and the amount requested for the current disbursement along with true copies of invoices paid by Tenant for the Tenant Improvements and evidence of payment such as cancelled checks, wiring confirmations, etc.; and (c) a contractor’s affidavit from Tenant’s general contractor in accordance with the Florida Construction Lien Law, final or partial releases of lien, as applicable, from Tenant’s general contractor and all lienors giving notice to owner as defined in the Florida Construction Lien Law and vendors associated with the disbursement request.  Landlord will approve or disapprove such documentation, or portions thereof, within seven (7) business days of Landlord’s receipt thereof.  If Landlord disapproves, any of such documentation, Landlord shall notify Tenant in writing of the reason therefor.  Thereafter, to the extent that such documentation is approved or resubmitted by Tenant and then approved by Landlord, payment shall be made with thirty (30) days following receipt of the additionally requested information.  The final disbursement shall be paid to Tenant within 30 days after all of the following events have occurred: (a) the Tenant Improvements have been substantially completed; (b) Tenant has delivered to Landlord final releases of lien from Tenant’s general contractor and all lienors giving notice to owner as defined in the Florida Construction Lien Law and a final contractor’s affidavit from the general contractor in accordance with the Florida Construction Lien Law, and all other receipts and supporting information concerning payment for the work that Landlord may reasonably request; and (c) Tenant has moved into the Premises and opened for business in the Premises.

			
	
			
				 10.5.4.
			Tenant shall pay the entire amount of the Tenant Improvement costs which is in excess of the Allowance. Tenant’s right to application of the Tenant Improvement Allowance shall expire on the date that is 24 months after Landlord’s delivery of vacant possession of the applicable Expansion Space to Tenant.  Tenant’s right to request a credit against Rent and any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance, and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord.  If Landlord has received written notice of any claims of lien, at Landlord’s option, the Tenant Improvement Allowance or any portion of it may be paid by Landlord directly to the general contractor performing the Tenant Improvements or to any lienor giving notice as defined in the Florida Construction Lien Law.  If Tenant is in default under the Lease beyond the expiration of any applicable notice and cure periods, or if Landlord has received written notice of any claims of lien relating to any portion of the Tenant Improvement work or materials in connection therewith (other than claims which will be paid in full from such disbursement), or if there is an unbonded lien outstanding against the Project, the Expansion Space, or Tenant’s interest therein, by reason of work done, or materials supplied or specifically fabricated, to or for Tenant or the Premises, Landlord may, in addition to all its other available rights and remedies, withhold payment of any unpaid portion of the Tenant Improvement Allowance.  The Tenant Improvement Allowance provisions shall not apply to any additional space added to the Premises at any 

		 

		

			8

		

	time after the Effective Date, whether by any options under the Lease or otherwise, or to any portion of the Premises or any additions to the Premises in the event of a renewal or extension of the Lease Term, whether under any options under the Lease or otherwise, unless expressly so provided in this Amendment or an amendment to the Lease.  The rights granted to Tenant under this paragraph to the Allowance are personal to the original named Tenant in this Amendment and any Affiliate or Successor, and may not be assigned or exercised by anyone or for the benefit of anyone (including, any subtenant) other than such Tenant and any Affiliate or Successor and only while such Tenant or an Affiliate or Successor is in possession of the entire Premises.  In addition to the Tenant Improvement Allowance, Landlord shall pay or reimburse Tenant for the cost of an initial test-fit plan not to exceed $[*] ($[*]/sf). 

			
	
			
				 11.
			Parking.  As of Landlord’s delivery of vacant possession of the Expansion Space to Tenant, and so long as Tenant does not exercise its rights to terminate an applicable Expansion Space as contained in Section 12 of this Amendment, and at no additional cost to Tenant, Tenant shall be entitled to 188 additional parking spaces, of which spaces 2 shall be reserved spaces, and the location of the parking spaces is set forth on EXHIBIT “E” to this Amendment. Landlord will engage in commercially reasonable efforts to manage the availability of the parking spaces to which Tenant is entitled under this Amendment.  Attached hereto as EXHIBIT “F” is a diagram of parking spaces available to the Current Premises.  Attached hereto as EXHIBIT “G” is a Schedule of fees being charged for the parking spaces for the Current Premises.

			
	
			
				 12.
			Amendment Termination Contingency.  

			
	
			
				 12.1.
			Building 8 Expansion Space.  The Building 8 Expansion Space is currently occupied by an existing tenant (the “Existing Tenant”).  Landlord has obtained a fully executed agreement with the Existing Tenant to surrender the Building 8 Expansion Space on December 31, 2019.  In the event of any holdover by the Existing Tenant, Landlord shall use all reasonable diligence in pursuing legal proceedings to obtain possession of the Building 8 Expansion Space affected by the holdover, at its sole cost and expense, in order to dispossess the Existing Tenant which holds over or is in unlawful possession of the Building 8 Expansion Space beyond December 31, 2019.  If the Existing Tenant has not vacated the Building 8 Expansion Space by January 15, 2020 (the “Building 8 Surrender Date”), then Tenant shall receive, as its sole and exclusive remedy for such failure to deliver, [*] day free Base Rent for the Building 8 Expansion Space (“Rent Credit”) for each twenty-four hour period beyond the Building 8 Surrender Date, to the day the Building 8 Expansion Space is delivered to Tenant in the condition required under this Lease.  In the event the Landlord fails to tender exclusive possession of the Building 8 Expansion Space to Tenant for any reason beyond March 1, 2020 (the “Outside Building 8 Delivery Date”), Tenant shall have the right to terminate the Building 8 Expansion Space by written notice to the Landlord.  If Tenant terminates the Building 8 Expansion Space, Landlord shall reimburse Tenant for its actual and reasonable architectural and engineering fees incurred with respect to the terminated Building 8 Expansion Space (not to exceed $[*]/sf) within 30 days after receipt of an invoice.  Except as expressly set forth in this section, Landlord shall not be liable to Tenant for any costs, damages, or expenses whatsoever resulting from the Existing Tenant's failure to vacate the Building 8 Expansion Space by the Building 8 Surrender Date or any time thereafter.  In the event Tenant terminates the Building 8 Expansion Space under this section, Tenant’s parking rights, the Tenant Improvement Allowance, and any other rights of Tenant under the this Amendment determined on a square foot basis shall be proportionally adjusted to reflect the termination of such Building 8 Expansion Space.  In the event that Tenant chooses not to terminate the Building 8 Expansion Space in accordance with this section, Tenant shall continue to accrue additional Rent Credit at the rate set forth above until delivery of the Building 8 Expansion Space to Tenant (in any event, not to exceed a period of 30 days in total).

			
	
			
				 12.2.
			Building 3 Expansion Space.  The Building 3 Expansion Space is currently occupied by an existing licensee (the “Existing Licensee”).  Landlord has delivered a termination notice requiring the Existing Licensee to surrender the Building 3 Expansion Space on or before November 30, 2019.  In the event of any holdover by the Existing Licensee, Landlord shall use all reasonable diligence in pursuing legal proceedings to obtain possession of the Building 3 Expansion Space affected by the holdover, at its sole cost and expense, in order to dispossess the Existing Licensee which holds over or is in unlawful possession of the Building 3 Expansion Space beyond November 30, 2019.  If the Existing Licensee has not vacated the Building 3 Expansion Space by December 15, 2019 (the “Building 3 Surrender Date”), then Tenant shall receive, as its sole and exclusive remedy for such failure to deliver, [*] free Base Rent for the Building 3 Expansion Space (“Rent Credit”) for each twenty-four hour period beyond the Building 3 Surrender Date, to the day the Building 3 Expansion Space is delivered to Tenant in the condition required under this Lease.  In the event the Landlord fails to tender exclusive possession of the Building 3 Expansion Space to Tenant for any reason beyond March 1, 2020 (the “Outside Building 3 Delivery Date”), Tenant shall have the right to terminate the Building 3 Expansion Space by written notice to the Landlord.  If Tenant terminates the Building 3 Expansion Space, Landlord shall reimburse Tenant for its actual and reasonable architectural and engineering fees incurred with respect to the terminated Building 3 Expansion Space (not to exceed $[*]/sf) within 30 days after receipt of an invoice.  Except as expressly 

		 

		

			9

		

	set forth in this section, Landlord shall not be liable to Tenant for any costs, damages, or expenses whatsoever resulting from the Existing Licensee’s failure to vacate the Building 3 Expansion Space by the Building 3 Surrender Date or any time thereafter.  In the event Tenant terminates the Building 3 Expansion Space under this section, Tenant’s parking rights, the Tenant Improvement Allowance, and any other rights of Tenant under the this Amendment determined on a square foot basis shall be proportionally adjusted to reflect the termination of such Building 3 Expansion Space.  In the event that Tenant chooses not to terminate the Building 3 Expansion Space in accordance with this section, Tenant shall continue to accrue additional Rent Credit at the rate set forth above until delivery of the Building 3 Expansion Space to Tenant (in any event, not to exceed a period of [*] days in total).

			
	
			
				 13.
			Ratification.  Except as modified by this Amendment, the Lease shall remain otherwise unmodified and in full force and effect and the parties ratify and confirm the terms of the Lease as modified by this Amendment.  The Lease, as amended, contains the entire agreement between Landlord and Tenant as to the Premises, and there are no other agreements, oral or written, between Landlord and Tenant relating to the Premises.  Each of Tenant and Landlord hereby certifies:  (a) that it has no offsets, defenses, or claims as to Landlord’s or Tenant’s obligations under the Lease; (b) that there are no defaults existing under the Lease on the part of either Landlord or Tenant; and (c) except as otherwise set forth in this Amendment as to the Expansion Space, there is no existing basis for Tenant to terminate the Lease.  All future references to the Lease shall mean the Lease as modified by any and all prior amendments and by this Amendment.

			
	
			
				 14.
			Broker.  Landlord and Tenant each represent and warrant that they have neither consulted nor negotiated with any broker or finder regarding the Premises, except [*] (“Landlord’s Broker”) and [*] (“Tenant’s Broker”).  Landlord shall pay Landlord’s Broker and Tenant’s Broker pursuant to separate written agreements, provided that neither the foregoing nor anything else in the Lease is intended to grant such Brokers any rights under the Lease or make them third party beneficiaries of this Amendment.  Tenant shall indemnify, defend, and hold Landlord harmless from and against any claims for commissions from any real estate broker other than Landlord’s Broker and Tenant’s Broker with whom it has dealt in connection with this Amendment.  Landlord shall indemnify, defend, and hold Tenant harmless from and against payment of any leasing commission due Landlord’s Broker and Tenant’s Broker in connection with this Amendment and any claims for commissions from any real estate broker other than Landlord’s Broker and Tenant’s Broker with whom Landlord has dealt in connection with this Amendment.  The terms of this section shall survive the expiration or earlier termination of the Lease.  

			
	
			
				 15.
			Corporate Seal.  The scroll seal set forth immediately below the signature of the individual executing this Amendment on Tenant’s behalf has been adopted by the corporation as its seal for the purpose of execution of this Amendment and the scroll seal has been affixed to this Amendment as the seal of the corporation and not as the personal or private seal of the officer executing this Amendment on behalf of the corporation. 

			
	
			
				 16.
			Security Deposit.  Section 2.5 of the Lease is hereby amended to permit Tenant to replace the existing Letter of Credit with an unconditional, irrevocable bond in the amount of $[*] (the “Lease Bond”).   The form of acceptable Lease Bond is attached hereto as EXHIBIT “I”.

			
	
			
				 16.1.
			Lease Bond Issuer. The Lease Bond shall be issued by an issuer acceptable to Landlord (rated at least “А- VII” in the then most current issue of Best’s Insurance Reports, or its equivalent).

			
	
			
				 16.2.
			Term of Lease Bond. The Lease Bond shall have an expiration date not sooner than one year following the cancellation date of the Letter of Credit, as security for the full and faithful performance of every provision of the Lease to be performed by Tenant. Tenant shall use its best efforts to renew or replace the Lease Bond annually prior to the expiration date of the then applicable Lease Bond, for additional periods of not less than one year, provided however, in the last year of the Lease Term or any renewal, the date of the Lease Bond shall coincide with the expiration date of the Lease.

			
	
			
				 16.3.
			Tenant Responsible for All Costs. All costs of obtaining, maintaining, replacing, renewing, and/or restoring the Lease Bond in accordance with this section shall be borne by Tenant.

			
	
			
				 16.4.
			Draws Under the Lease Bond.

			
	
			
				 16.4.1.
			The Lease Bond may be drawn upon in part or in full, periodically, or at one time, upon presentation of only the Lease Bond and a written statement from an authorized representative of Landlord stating that the Tenant is in default of the Lease and the amount to be drawn.

		
			

		 

		

			10

		

		

			
	
			
				 16.4.2.
			If Landlord shall at any time draw upon the Lease Bond in accordance with this section, Tenant shall restore all amounts drawn by Landlord within 10 days of such draw.

			
	
			
				 16.4.3.
			Tenant agrees that the Lease Bond may be presented by Landlord for payment: (A) upon the occurrence of a default by Tenant under the Lease, and/or (B) in the event Tenant has not, within 30 days prior to the expiration of the then term of the Lease Bond, delivered to Landlord a renewed or replacement Lease Bond complying with all of the requirements of the Lease.

			
	
			
				 16.4.4.
			Landlord shall draw only such amount as Landlord is entitled to retain pursuant to this section.

			
	
			
				 16.4.5.
			In no event shall the proceeds of any Lease Bond be deemed to be a prepayment of Rent nor shall it be considered as a measure of liquidated damages.  

			
	
			
				 16.4.6.
			If it is determined following any drawing by Landlord upon the Lease Bond that such drawing was not permitted or exceeded the amount permitted to be drawn pursuant to this section, then Landlord shall promptly repay to Tenant the unpermitted amount of such drawing without interest.

			
	
			
				 16.4.7.
			The proceeds of the Lease Bond paid to Landlord upon presentment thereof shall be a part of the Security Deposit for use in the manner set forth in Section 16.7.

			
	
			
				 16.5.
			Successors and Assigns. The Lease Bond shall inure to the benefit of Landlord and its successors and assigns.

			
	
			
				 16.6.
			Cooperation by Tenant. Tenant agrees to cooperate with Landlord to promptly execute and deliver to Landlord any and all modifications, amendments, and replacements of the Lease Bond, as Landlord may reasonably request to carry out the terms and conditions of this section.  Upon request of Landlord or any purchaser or mortgagee of the Building, Tenant shall, at its expense, cooperate with Landlord in obtaining an amendment to or replacement of any Lease Bond that Landlord is then holding so that the amended or new Lease Bond reflects the name of the new owner of the Building or mortgagee, as the case may be.

			
	
			
				 16.7.
			Cash Security Deposit.  As of the Effective Date, there is no cash Security Deposit.  However, if the Lease Bond is drawn and proceeds are being held as a Security Deposit or if a cash Security Deposit is otherwise delivered to Landlord, the Security Deposit shall be held by Landlord as security for Tenant’s full and faithful performance of the Lease including the payment of Rent.  Landlord may apply the Security Deposit to the extent required to cure any default by Tenant.  If Landlord so applies the Security Deposit (or Lease Bond, as applicable), Tenant shall deliver to Landlord the amount necessary to replenish the Security Deposit (or Lease Bond, as applicable) to its original sum of $[*] within 10 days after notice from Landlord.  The Security Deposit shall not be deemed an advance payment of Rent or a measure of damages for any default by Tenant, nor shall it be a defense to any action that Landlord may bring against Tenant.  The Security Deposit may be commingled with other funds of Landlord and Landlord shall have no liability for payment of any interest on the Security Deposit.  Tenant grants Landlord a security interest in the Security Deposit. 

			
	
			
				 17.
			Amendment to Section 3.1 of Lease.  Section 3. 1 of the Lease (“Services”) is hereby amended to add a new subsection (j) immediately after subsection (i):

		
			“(j)  Security services provided twenty-four hours per day, seven days per week, in material conformance with the security specifications attached hereto as EXHIBIT “H”, the cost of which shall be part of Operating Expenses for the Project.  Notwithstanding the foregoing and except for Landlord’s or Landlord’s agent(s) gross negligence or willful misconduct, (a) Landlord shall not be deemed to assume any responsibility or liability whatsoever by the furnishing of such security services; and (b) Landlord shall not be liable to Tenant or to any other person for personal injuries, loss of life, or loss of or damage to property or business caused or alleged to have been caused by any supplying, failure to supply, or misfeasance, nonfeasance, or malfeasance of any security services, including negligence by Landlord or its management agent in respect to the hiring or supervision of such security guard or security services or systems, whether 

		 

		

			11

		

Landlord employs an independent contractor to supply such security guard and security services or systems or does so by use of Landlord’s own employees or Landlord’s management agent’s own employees.” 
		

			
	
			
				 18.
			Amendment to Article VII of Lease.  Article VII of the Lease is hereby amended by adding the following new Section 7.10:

		
			“7.10.    Landlord Default.  If Landlord shall fail to comply with its repair and maintenance obligations with respect to the Premises (a “Self-Help Item”), and such failure materially interferes with Tenant’s ability to use the Premises, then Tenant may give Landlord a written notice (a “Self-Help Notice”) of Tenant’s intention to perform Landlord’s obligations with respect to such Self-Help Item on Landlord’s behalf, which notice shall contain a statement in bold type and capital letters stating “THIS IS A SELF-HELP NOTICE” as a condition to the effectiveness thereof.  If, within five (5) calendar days after receipt of a Self-Help Notice, Landlord fails to respond to the Self-Help Notice or commence the performance of the applicable repair and maintenance obligation, then Tenant may, at its option, but shall not be obligated to, remedy such default.  All actual and reasonable sums expended or obligations incurred by Tenant in connection therewith shall be paid by Landlord to Tenant upon demand, and if Landlord fails to reimburse Tenant within 30 days after receipt of an invoice, Tenant may, in addition to any other right or remedy that Tenant may have, deduct such amount from subsequent installments of Rent and/or other amounts which from time to time become due to Landlord until such amount is fully recovered by Tenant.  All work performed by Tenant under this section must be performed at a commercially reasonable cost.  If any proposed actions by Tenant will affect the electrical, plumbing, HVAC, mechanical, or other systems of the Building, or the roof or structural integrity of the Building, Tenant shall use only those contractors used by Landlord in the Building to work on the Building’s systems or structure, unless those contractors are unwilling or unable to perform the work, in which event Tenant may utilize the services of another qualified, licensed, and insured contractor subject to Landlord’s prior approval.  On an annual basis, at Tenant’s request, Landlord shall provide Tenant with a list of its approved contractors for the Building.  In exercising any rights under this section, Tenant shall use commercially reasonable efforts to minimize interference with the rights of other tenants to use their respective premises in the Building.  Any dispute as to Tenant’s exercise of any rights under this section shall be settled by arbitration administered by the American Arbitration Association under its Commercial Arbitration Rules, with the following exceptions.  The arbitration shall be held in Miami, Florida.  There shall be a single arbitrator selected by the American Arbitration Association.  The arbitrator shall be independent of the parties and have at least ten years’ experience in the supervision of the operation and management of major office buildings in the area in which the Building is located.  The scope of the arbitrator's inquiry and determination shall be limited to whether Landlord is in compliance with its obligations under this Lease in accordance with the express provisions of this Lease and the arbitrator shall not apply principles of good faith and fair dealing, unconscionability, or any other equitable principles in reaching his decision.  The arbitrator will have no authority to award punitive or other damages not measured by the prevailing party’s actual damages including the award of reasonable attorneys’ fees and costs to the prevailing party.  The arbitrator must set forth in any award findings of fact and conclusions of law supporting the decision.  Judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction.
		

			
	
			
				 19.
			Miscellaneous Provisions.  Submission of this Amendment by Landlord is not an offer to enter into this Amendment but rather a solicitation for such an offer by Tenant.  Landlord shall not be bound by this Amendment until Landlord has executed it and delivered it to Tenant.  This Amendment constitutes the final agreement between the parties.  It is the complete and exclusive expression of the parties’ agreement on the matters contained in this Amendment.  All prior and contemporaneous negotiations and agreements between the parties on the matters contained in this Amendment are expressly merged into and superseded by this Amendment.  The provisions of this Amendment may not be explained, supplemented, or qualified through evidence of trade usage or a prior course of dealings.  The parties may amend this Amendment only by a written agreement of the parties that identifies itself as an amendment to this Amendment or the Lease.  The parties may execute this Amendment in multiple counterparts, each of which constitutes an original, and all of which, collectively, constitute only one agreement.  Landlord and Tenant intend that faxed or PDF format signatures constitute original signatures binding on the parties.  This Amendment is effective upon delivery of one executed counterpart from each party to the other party.  In proving this Amendment, a party must produce or account only for the executed counterpart of the party to be charged.  Whenever placed before one or more items, the words “include,” “includes,” and “including” shall mean considered as part of a larger group, and not limited to the item(s) recited.  The word “or” is used in the inclusive sense of “and/or”; the word “any” means “any and all”; and the words “will” and “shall” are intended to express mandatory actions and may be used interchangeably with no difference of meaning or intent for purposes of this Amendment. Each party has reviewed this Amendment and all of its terms with legal counsel, or had an opportunity to review this Amendment with legal counsel, and is not relying on any representations made to him by any other person concerning the effect of this Amendment.  This Amendment shall be interpreted without regard to any 

		 

		

			12

		

	presumption or rule requiring construction against the party causing this Amendment to be drafted.  No inference shall be drawn from the modification or deletion of versions of the provisions of this Amendment contained in any drafts exchanged between the parties before execution of the final version of this Amendment that would be inconsistent in any way with the construction or interpretation that would be appropriate if the prior drafts had never existed.

			
	
			
				 20.
			No Reliance.  Each party agrees it has not relied upon any statement, representation, warranty, or agreement of the other party except for those expressly contained in this Amendment.

		
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IN WITNESS WHEREOF, Landlord and Tenant have duly executed this Amendment as of the Effective Date.
		

			
					
						 

					
						____________

					
						 

					
						 

					
						_______________

					
						int name of Witness 1

					
						 

					
						 _______________

					
						 

					
						_________________

					
						 

					
						 

					
					
						 

					
						 

					
						 

					
						 

					
						/s/Brian T. Kelly_____________________

					
						Brian T. Kelly_____________________

					
						Vice President______________________

					
						 

					
						 

					
						11-15-19___________________

					
						 

					
						 

				
	
					
						WITNESSES:

					
						 

					
						/s/Elaine Borowski____________

					
						Signature of Witness 1

					
						 

					
						Elaine Borowski _______________

					
						Print name of Witness 1

					
						 

					
						/s/Trenae Bryant _______________

					
						Signature of Witness 2

					
						Trenae Bryant _________________

					
						Print name of Witness 2

					
					
						LANDLORD:

					
						 

					
						W­CROCKER LAM OFFICE OWNER VIII, L.L.C., a Delaware limited liability company

					
						 

					
						 

					
						By: _/s/Brian T. Kelly_____________________

					
						Name:  Brian T. Kelly_____________________

					
						Title:  Vice President______________________

					
						 

					
						 

					
						Date Executed:  11-15-19___________________

					
						 

				
	
					
						 

					
						 

					
						 

					
						 

					
						/s/Fiona Applebaum____________________

					
						Signature of Witness 1

					
						 

					
						Fiona Applebaum______________________

					
						Print name of Witness 1

					
						 

					
						/s/Lincoln M. Vidal____________________

					
						Signature of Witness 2

					
						 

					
						Lincoln M. Vidal______________________

					
						Print name of Witness 2

					
						 

					
					
						 

					
						 

					
						TENANT:

					
						 

					
						NCL (BAHAMAS) LTD., a Bermuda company

					
						 

					
						 

					
						By: _/s/Frank J. Del Rio____________________

					
						Name:  Frank J. Del Rio____________________

					
						Title:  Chairman___________________________

					
						 

					
						 

					
						Date Executed:  11/8/19_____________________

					
						 

					
						[COMPANY SEAL]

					
						 

					
						 

				

		
			 
		

		 

		

			14

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00305-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00305-of-00352.parquet"}]]