Document:

Exhibit 10.23

 

GALAXY LI ASSOCIATES, LLC,

 

Landlord

 

TO

 

OPEN LINK FINANCIAL, INC.,

 

Tenant

 

 

Lease

 

 

Dated as of February
20, 2004

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE 1

  	
  PREMISES;
  TERM; USE

  	
  1

  
	
   

  	
   

  	
   

  
	
  1.01

  	
  DEMISE

  	
  1

  
	
  1.02

  	
  TERM

  	
  1

  
	
  1.03

  	
  COMMENCEMENT
  DATE

  	
  1

  
	
  1.04

  	
  TENANT
  DELAY

  	
  2

  
	
  1.05

  	
  USE

  	
  2

  
	
   

  	
   

  	
   

  
	
  ARTICLE 2

  	
  RENT

  	
  2

  
	
   

  	
   

  	
   

  
	
  2.01

  	
  RENT

  	
  2

  
	
  2.02

  	
  FIXED
  RENT

  	
  2

  
	
  2.03

  	
  ADDITIONAL
  CHARGES

  	
  4

  
	
  2.04

  	
  TAX
  PAYMENTS

  	
  4

  
	
  2.05

  	
  RENT
  CREDIT

  	
  6

  
	
  2.06

  	
  TAX
  PROVISIONS

  	
  7

  
	
  2.07

  	
  ELECTRIC
  CHARGES

  	
  7

  
	
  2.08

  	
  MANNER
  OF PAYMENT

  	
  8

  
	
  2.09

  	
  SECURITY

  	
  8

  
	
   

  	
   

  	
   

  
	
  ARTICLE 3

  	
  LANDLORD
  COVENANTS

  	
  9

  
	
   

  	
   

  	
   

  
	
  3.01

  	
  LANDLORD
  SERVICES

  	
  9

  
	
   

  	
   

  	
   

  
	
  ARTICLE 4

  	
  LEASEHOLD
  IMPROVEMENTS; TENANT COVENANTS

  	
  12

  
	
   

  	
   

  	
   

  
	
  4.01

  	
  INITIAL
  IMPROVEMENTS

  	
  12

  
	
  4.02

  	
  ALTERATIONS

  	
  12

  
	
  4.03

  	
  LANDLORD’S
  AND TENANT’S PROPERTY

  	
  15

  
	
  4.04

  	
  ACCESS
  AND CHANGES TO BUILDING

  	
  17

  
	
  4.05

  	
  REPAIRS

  	
  18

  
	
  4.06

  	
  COMPLIANCE
  WITH LAWS

  	
  18

  
	
  4.07

  	
  TENANT
  ADVERTISING

  	
  18

  
	
  4.08

  	
  RIGHT
  TO PERFORM TENANT COVENANTS

  	
  18

  
	
   

  	
   

  	
   

  
	
  ARTICLE 5

  	
  ASSIGNMENT AND SUBLETTING

  	
  19

  
	
   

  	
   

  	
   

  
	
  5.01

  	
  ASSIGNMENT;
  ETC.

  	
  19

  
	
  5.02

  	
  LANDLORD’S
  RIGHT OF FIRST OFFER

  	
  20

  
	
  5.03

  	
  ASSIGNMENT
  AND SUBLETTING PROCEDURES

  	
  22

  
	
  5.04

  	
  GENERAL
  PROVISIONS 

  	
  23

  
	
  5.05

  	
  ASSIGNMENT
  AND SUBLEASE PROFITS

  	
  25

  
	
   

  	
   

  	
   

  
	
  ARTICLE 6

  	
  SUBORDINATION; DEFAULT; INDEMNITY

  	
  26

  
	
   

  	
   

  	
   

  
	
  6.01

  	
  SUBORDINATION

  	
  26

  
	
  6.02

  	
  ESTOPPEL
  CERTIFICATE

  	
  27

  
	
  6.03

  	
  DEFAULT

  	
  28

  
	
  6.04

  	
  RE-ENTRY
  BY LANDLORD

  	
  28

  
	
  6.05

  	
  DAMAGES

  	
  29

  
	
  6.06

  	
  OTHER
  REMEDIES

  	
  30

  
	
  6.07

  	
  RIGHT
  TO INJUNCTION

  	
  30

  
	
  6.08

  	
  CERTAIN
  WAIVERS

  	
  30

  
	
  6.09

  	
  NO
  WAIVER

  	
  30

  
				

 

ii

 

	
  6.10

  	
  HOLDING
  OVER

  	
  31

  
	
  6.11

  	
  ATTORNEYS’
  FEES

  	
  31

  
	
  6.12

  	
  NONLIABILITY
  AND INDEMNIFICATION

  	
  31

  
	
   

  	
   

  	
   

  
	
  ARTICLE 7

  	
  INSURANCE;
  CASUALTY; CONDEMNATION

  	
  32

  
	
   

  	
   

  	
   

  
	
  7.01

  	
  COMPLIANCE
  WITH INSURANCE STANDARDS

  	
  32

  
	
  7.02

  	
  TENANT’S
  INSURANCE

  	
  32

  
	
  7.03

  	
  SUBROGATION
  WAIVER

  	
  33

  
	
  7.04

  	
  CONDEMNATION

  	
  33

  
	
  7.05

  	
  CASUALTY

  	
  35

  
	
   

  	
   

  	
   

  
	
  ARTICLE 8

  	
  MISCELLANEOUS
  PROVISIONS

  	
  36

  
	
   

  	
   

  	
   

  
	
  8.01

  	
  NOTICE

  	
  36

  
	
  8.02

  	
  BUILDING
  RULES

  	
  37

  
	
  8.03

  	
  SEVERABILITY

  	
  37

  
	
  8.04

  	
  CERTAIN
  DEFINITIONS

  	
  37

  
	
  8.05

  	
  QUIET
  ENJOYMENT

  	
  37

  
	
  8.06

  	
  LIMITATION
  OF LANDLORD’S PERSONAL LIABILITY

  	
  37

  
	
  8.07

  	
  COUNTERCLAIMS

  	
  38

  
	
  8.08

  	
  SURVIVAL

  	
  38

  
	
  8.10

  	
  NO
  OFFER

  	
  39

  
	
  8.11

  	
  CAPTIONS;
  CONSTRUCTION

  	
  39

  
	
  8.12

  	
  AMENDMENTS

  	
  39

  
	
  8.13

  	
  BROKER

  	
  39

  
	
  8.14

  	
  MERGER

  	
  39

  
	
  8.15

  	
  SUCCESSORS

  	
  39

  
	
  8.16

  	
  APPLICABLE
  LAW

  	
  40

  
	
  8.17

  	
  NO
  DEVELOPMENT RIGHTS

  	
  40

  
	
   

  	
   

  	
   

  
	
  EXHIBITS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  A

  	
  Omitted

  	
   

  
	
  B

  	
  Floor Plan

  	
   

  
	
  C

  	
  Building Rules and Regulations

  	
   

  
	
  D

  	
  Alterations Rules and Regulations

  	
   

  
	
  E

  	
  Standard Cleaning Specifications

  	
   

  
	
  F

  	
  Landlord’s Work

  	
   

  
	
  G

  	
  Letter of Credit

  	
   

  
					

 

iii

 

INDEX OF DEFINED TERMS

 

	
  Definition

  	
   

  	
  Where Defined

  
	
   

  	
   

  	
   

  
	
  Actual
  Charge

  	
   

  	
  Section 2.07

  
	
  Additional
  Charges

  	
   

  	
  Section 2.03

  
	
  Affiliate

  	
   

  	
  Section 5.01

  
	
  Alterations

  	
   

  	
  Section 4.02

  
	
  Assignment
  Consideration

  	
   

  	
  Section 5.04

  
	
  Base
  Operating Amount

  	
   

  	
  Section 2.05

  
	
  Base
  Operating Year

  	
   

  	
  Section 2.05

  
	
  Base
  Tax Amount

  	
   

  	
  Section 2.04

  
	
  Benefit
  Period

  	
   

  	
  Section 2.04

  
	
  Broker

  	
   

  	
  Section 8.13

  
	
  Building

  	
   

  	
  Recitals

  
	
  Business
  Days

  	
   

  	
  Section 3.01

  
	
  Business
  Hours

  	
   

  	
  Section 3.01

  
	
  Casualty

  	
   

  	
  Section 7.05

  
	
  Commencement
  Date

  	
   

  	
  Section 1.03

  
	
  Control

  	
   

  	
  Section 5.01

  
	
  Curing
  Party

  	
   

  	
  Section 4.08

  
	
  Expiration
  Date

  	
   

  	
  Section 1.02

  
	
  Fixed
  Rent

  	
   

  	
  Section 2.02

  
	
  Fixtures

  	
   

  	
  Section 4.03

  
	
  ICIP

  	
   

  	
  Section 2.04

  
	
  Improvements
  and Betterments

  	
   

  	
  Section 4.03

  
	
  Indemnified
  Party

  	
   

  	
  Section 6.12

  
	
  Initial
  Tenant Work

  	
   

  	
  Section 3.03

  
	
  Interest
  Rate

  	
   

  	
  Section 4.08

  
	
  Interim
  Electric Charge

  	
   

  	
  Section 2.07

  
	
  Land

  	
   

  	
  Recitals

  
	
  Landlord

  	
   

  	
  Introduction;

  
	
  Landlord
  Services

  	
   

  	
  Section 3.01

  
	
  Landlord’s
  Rate

  	
   

  	
  Section 2.07

  
	
  Landlord’s
  Work

  	
   

  	
  Section 4.01

  
	
  Laws

  	
   

  	
  Section 4.06

  
	
  Material
  Alteration

  	
   

  	
  Section 4.02

  
	
  New
  Tenant

  	
   

  	
  Section 6.10

  
	
  Non-Disturbance
  Agreement

  	
   

  	
  Section 6.01

  
	
  Notice

  	
   

  	
  Section 8.01

  
	
  OLS

  	
   

  	
  Section 2.04

  
	
  Operating
  Year

  	
   

  	
  Section 2.05

  
	
  Other
  Sublease Considerations

  	
   

  	
  Section 5.04

  

 

i

 

	
  Premises

  	
   

  	
  Section 1.01

  
	
  Building

  	
   

  	
  Recitals

  
	
  Records

  	
   

  	
  Section 2.05

  
	
  Rent

  	
   

  	
  Section 2.01

  
	
  Rent
  Commencement Date

  	
   

  	
  Section 2.02

  
	
  Security
  Deposit

  	
   

  	
  Section 2.09

  
	
  Successor
  Landlord

  	
   

  	
  Section 6.01

  
	
  Superior
  Lease

  	
   

  	
  Section 6.01

  
	
  Superior
  Lessor

  	
   

  	
  Section 6.01

  
	
  Superior
  Mortgage

  	
   

  	
  Section 6.01

  
	
  Superior
  Mortgagee

  	
   

  	
  Section 6.01

  
	
  Tax
  Abatement

  	
   

  	
  Section 2.04

  
	
  Tax
  Payment

  	
   

  	
  Section 2.04

  
	
  Tax
  Year

  	
   

  	
  Section 2.04

  
	
  Taxes

  	
   

  	
  Section 2.04

  
	
  Tenant

  	
   

  	
  Introduction

  
	
  Tenant
  Delay

  	
   

  	
  Section 1.04

  
	
  Tenant’s
  Basic Cost

  	
   

  	
  Section 5.05

  
	
  Tenant’s
  Property

  	
   

  	
  Section 4.03

  
	
  Tenant’s
  Share

  	
   

  	
  Section 2.04

  
	
  Term

  	
   

  	
  Section 1.02

  
	
  Transfer
  Notice

  	
   

  	
  Section 5.02

  
	
  Unavoidable
  Delays

  	
   

  	
  Section 3.01

  
	
  Work
  Allowance

  	
   

  	
  Section 3.03

  

 

ii

 

LEASE, dated as of February 20, 2004, between Galaxy LI Associates, LLC
(“Landlord”), a New York limited liability company whose address is 125
Park Avenue, Suite 1500, New York, New York 10017 and Open Link Financial, Inc.
(“Tenant”), a Delaware corporation whose address is 333 Earle Ovington
Blvd., New York, New York 11553prior to the commencement of the Term, and
thereafter Tenant’s address shall be that of the Building.

 

W  I  T  N
E  S  S  E  T  H:

 

WHEREAS, Landlord is willing to lease to Tenant and Tenant is willing
to hire from Landlord, on the terms hereinafter set forth, certain space in the
office building located at EAB Plaza West, Uniondale, New York (the “Building”)
on the land upon which it is situated (the “Land”).

 

NOW, THEREFORE, Landlord and Tenant agree as follows:

 

ARTICLE 1

 

Premises; Term; Use

 

1.01        Demise.
Landlord hereby leases to Tenant and Tenant hereby hires from Landlord, subject
to the terms and conditions of this Lease, the 15th floor of
the Building (the “Premises”) substantially as shown hatched on the plan
annexed as Exhibit B. Landlord asserts that the Premises consist of
31,565 square feet of rentable space, provided that no representation is made
herein as to the accuracy of such measurement.

 

1.02        Term.
The term of
this Lease (the “Term”) shall commence on the Commencement Date and
shall end, unless sooner terminated as herein provided, on November 30, 2015 (the “Expiration
Date”).

 

1.03        Commencement
Date. (a) “Commencement Date” means
the date Landlord’s Work is Substantially Completed, or if later, June 1,
2004. After the occurrence of the Commencement Date, Landlord shall advise
Tenant thereof and Landlord and Tenant shall promptly confirm the Commencement
Date, the Rent Commencement Date and the Expiration Date by a separate
instrument; provided, that the failure to execute and deliver such
instrument shall not affect the determination of such dates in accordance with
this Article 1. Pending the resolution of any dispute as to the
Commencement Date and/or the Rent Commencement Date, Tenant shall pay Rent
based upon Landlord’s determination. The term “Substantially Completed” is
defined in Exhibit F.

 

(b)           In the event that the Premises are not
Substantially Completed by June 1, 2004, Landlord shall provide to Tenant,
as of June 1, 2004, temporary office space within the Building of at least
4,000 square feet in size. Tenant shall pay to Landlord use and occupancy for
such temporary office space at the rate of $20.00 per foot per annum, pro rated
to the actual size of the temporary office space, for as long as Tenant
occupies the temporary office space. Tenant

 

1

 

shall pay the use and occupancy charges within five days of being
billed therefore by Landlord. If the temporary office space is submetered,
Tenant shall pay the cost of electric consumption as recorded by said submeter
or submeters. If the temporary office space is not submetered, Tenant shall pay
to Landlord an electric inclusion charge of $2.50 per square foot per annum on
a monthly basis for as long as Tenant occupies the temporary office space.

 

1.04        Tenant
Delay. “Tenant Delay” means any delay which
Landlord may encounter in the performance of Landlord’s obligations under this
Lease by reason of any act or omission of any nature of Tenant, its agents or
contractors, including, without limitation, delays due to changes in or
additions to Landlord’s Work requested by Tenant, delays by Tenant in
submission of information or giving authorizations or approvals or delays due
to the postponement of any Landlord’s Work at the request of Tenant. Tenant
Delay shall cause the Commencement
Date to be the date Landlord would have Substantially Completed
Landlord’s Work, but for the Tenant Delay.

 

1.05        Use.
The Premises shall be used and occupied by Tenant (and
its permitted subtenants) solely as general and executive offices (including
such ancillary uses in connection therewith as shall be reasonably required by
Tenant in the operation of its business); provided, that in no event shall the
Premises be used for any of the following: (a) a banking, trust company,
or safe deposit business, in each case open for business to the general public,
(b) a savings bank, a savings and loan association, or a loan company, in
each case open for business to the general public, (c) the sale of
travelers’ checks and/or foreign exchange, in each case open for business to
the general public, (d) a stock brokerage office whose business involves
off-the-street retail sales to the general public, (e) a restaurant, bar
or for the sale of food or beverages, (f) photographic reproductions
and/or offset printing, (g) an employment or travel agency, (h) a
school or classroom (but Tenant’s periodic training and instructional classes
and sessions are not prohibited hereby), (i) medical or psychiatric
offices, (j) conduct of an auction, (k) gambling activities, (1) conduct
of obscene, pornographic or similar disreputable activities, (m) offices
of an agency, department or bureau of the United States Government, any state
or municipality within the United States or any foreign government, or any
political subdivision of any of them. The Premises shall not be used for any
purpose which would tend to lower the first-class character of the Building,
create unreasonable or excessive elevator or floor loads, impair or interfere
with any of the Building operations or the proper and economic heating,
ventilation, air- conditioning, cleaning or other servicing of the Building,
constitute a public or private nuisance, interfere with, annoy or disturb any
other tenant or Landlord, or impair the appearance of the Building. Without
limiting any of the foregoing provisions of this Section 1.05,
Tenant shall not, and shall not permit any subtenant or other occupant of the
Premises to, use the Premises in rendering banking services to the general
public.

 

2

 

ARTICLE 2

 

Rent

 

2.01                        Rent.
“Rent” shall consist of
Fixed Rent and Additional Charges. 

 

2.02                        Fixed
Rent. The fixed rent (“Fixed
Rent”) shall be as follows:

 

a.                                                                                                          The Fixed Rent for the period from the
Commencement Date through the day preceding the first anniversary of the
Commencement Date shall be at the rate of $978,515.00 per annum and shall be
payable by Tenant in equal monthly installments of $81,542.91 each, in advance
on the Commencement Date and on the first day of each calendar month
thereafter.

 

b.                                                                                                         The Fixed Rent for the period from the first
anniversary of the Commencement Date through the day preceding the second
anniversary of the Commencement Date shall be at the rate of $1,007,870.45 per
annum and shall be payable by Tenant in equal monthly installments of
$83,989.20 each, in advance on the first day of each calendar month.

 

c.                                                                                                          The Fixed Rent for the period from the second
anniversary of the Commencement Date through the day preceding the third
anniversary of the Commencement Date shall be at the rate of $1,038,106.56 per
annum and shall be payable by Tenant in equal monthly installments of
$86,508.88 each, in advance on the first day of each calendar month.

 

d.                                                                                                         The Fixed Rent for the period from the third
anniversary of the Commencement Date through the day preceding the fourth
anniversary of the Commencement Date shall be at the rate of $1,069,249.75 per
annum and shall be payable by Tenant in equal monthly installments of
$89,104.14 each, in advance on the first day of each calendar month.

 

e.                                                                                                          The Fixed Rent for the period from the fourth
anniversary of the Commencement Date through the day preceding the fifth
anniversary of the Commencement Date shall be at the rate of $1,101,327.24 per
annum and shall be payable by Tenant in equal monthly installments of
$91,777.27 each, in advance on the first day of each calendar month.

 

3

 

f.                                                                                                            The Fixed Rent for the period from the fifth
anniversary of the Commencement Date through the day preceding the sixth
anniversary of the Commencement Date shall be at the rate of $1,134,367.05 per
annum and shall be payable by Tenant in equal monthly installments of
$94,530.58 each, in advance on the first day of each calendar month.

 

g.                                                                                                         The Fixed Rent for the period from the sixth
anniversary of the Commencement Date through the day preceding the seventh
anniversary of the Commencement Date shall be at the rate of $1,168,398.06 per
annum and shall be payable by Tenant in equal monthly installments of
$97,366.50 each, in advance on the first day of each calendar month.

 

h.                                                                                                         The Fixed Rent for the period from the
seventh anniversary of the Commencement Date through the day preceding the
eighth anniversary of the Commencement Date shall be at the rate of
$1,203,450.00 per annum and shall be payable by Tenant in equal monthly
installments of $100,287.50 each, in advance on the first day of each calendar
month.

 

i.                                                                                                             The Fixed Rent for the period from the eighth
anniversary of the Commencement Date through the day preceding the ninth
anniversary of the Commencement Date shall be at the rate of $1,239,553.50 per
annum and shall be payable by Tenant in equal monthly installments of
$103,296.12 each, in advance on the first day of each calendar month.

 

j.                                                                                                             The Fixed Rent for the period from the ninth
anniversary of the Commencement Date through the day preceding the tenth
anniversary of the Commencement Date shall be at the rate of $1,276,740.10 per
annum and shall be payable by Tenant in equal monthly installments of
$106,395.00 each, in advance on the first day of each calendar month.

 

k.                                                                                                          The Fixed Rent for the period from the tenth
anniversary of the Commencement Date through the Expiration Date shall be at
the rate of $1,315,042.30 per annum and shall be payable by Tenant in equal monthly
installments of $109,586.85 each, in advance on the first day of each calendar
month.

 

Tenant
shall pay, upon the execution and delivery of this Lease by Tenant, $81,542.91
to be applied against the first full monthly installment of Fixed Rent; and provided
further, that if the Rent
Commencement Date is not the first day of a month, then Fixed Rent for the
month in

 

4

 

which
the Rent Commencement Date occurs shall be prorated and paid on the Rent Commencement
Date. “Rent Commencement Date” means the day that is one hundred eighty two days after the
Commencement Date.

 

2.03                        Additional
Charges. “Additional Charges” means Tax Payments, Land Rent Escalations and all other sums of money,
other than Fixed Rent, at any time payable by Tenant under this Lease, all of
which Additional Charges shall be deemed to be rent.

 

2.04                        Tax
Payments. (a) “Base
Tax Amount” means (i) for
General Taxes (excluding any amounts described in Section 2.04(b)(iii)) the calendar Year 2004; (ii) for School
Taxes, the 2004-2005 tax year and (iii) for Land Rent, the base year 

2004-2005.

 

(b)                                 “Taxes” means (i) the real estate taxes,
general taxes, school taxes, payments in lieu of taxes, vault taxes, (ii) assessments and special assessments levied,
assessed or imposed upon or with respect to the Building by any federal, state,
municipal or other government or governmental body or authority, but only with
respect to installments payable within the Term, or if such assessment is not
payable in installments, the amounts which if amortized over the useful life of
the assessment, would be payable annually during the Term, (iii) all taxes assessed or imposed with respect to the rentals payable under
this Lease other than general income and gross receipts taxes; and (iv) the
ground rent payable by Landlord under the ground lease affecting the Land (“Land
Rent”). If at any time the method of taxation shall be altered so that in lieu
of or as an addition to or as a substitute for, the whole or any part of such
real estate taxes, assessments and special assessments now imposed on real
estate, there shall be levied, assessed or imposed (x) a tax, assessment,
levy, imposition, fee or charge wholly or partially as a capital levy or
otherwise on the rents received therefrom, or (y) any other such
substitute tax, assessment, levy, imposition, fee or charge, including without
limitation, business improvement district and transportation taxes, fees and
assessments, then all such taxes, assessments, levies, impositions, fees or
charges or the part thereof so measured or based shall be included in “Taxes”. Except as permitted in this Section 2.04(b), “Taxes” shall not include any income,
franchise, corporate, personal property, leasehold taxes on other tenants, sales
capital levy, capital stock, excess profits, transfer, revenue, estate,
inheritance, gift, devolution, or succession tax or any other tax assessment,
charge or levy upon, or measure in whole or in part by rent payable to
Landlord.

 

(c)                                  “Tax
Year” means each period of 12
months, commencing on the first day of July of each such period, in which
occurs any part of the Term, or such other period of 12 months occurring during
the Term as hereafter may be adopted as the fiscal year for real estate tax
purposes of the County of Nassau.

 

(d)                                 “Tenant’s
Share” means 3.0%.

 

(e)                                  If Taxes for any Tax Year, including the Tax
Year in which the Commencement Date occurs, shall exceed the Base Tax Amount,
Tenant shall pay to Landlord (each, a “Tax Payment”) Tenant’s Share of the amount by which Taxes
for such Tax Year are

 

5

 

greater
than the Base Tax Amount. Landlord may furnish to Tenant, prior to the
commencement of each Tax Year, a statement setting forth Landlord’s reasonable
estimate of the Tax Payment for such Tax Year. Tenant shall pay to Landlord on
the first day of each month during such Tax Year, an amount equal to 1/12th of
Landlord’s estimate of the Tax Payment for such Tax Year. If Landlord shall not
furnish any such estimate for a Tax Year or if Landlord shall furnish any such
estimate for a Tax Year subsequent to the commencement thereof, then (i) until
the first day of the month following the month in which such estimate is
furnished to Tenant, Tenant shall pay to Landlord on the first day of each
month an amount equal to the monthly sum payable by Tenant to Landlord under
this Section 2.04(e) in respect of the last month of the preceding Tax Year; (ii) within
90 days after such estimate is furnished to Tenant, Landlord shall furnish
Tenant with copies of the applicable bills for Taxes, provide its final
statement of the Tax Payment due, and notify Tenant whether the installments of
the Tax Payment previously made for such Tax Year were greater or less than the
installments of the Tax Payment to be made in accordance with such estimate,
and (x) if there is a deficiency, Tenant shall pay the amount thereof
within 10 days after demand therefor, or (y) if there is an overpayment,
Landlord shall refund to Tenant the amount thereof; and (iii) on the first
day of the month following the month in which such estimate is furnished to
Tenant and monthly thereafter throughout such Tax Year, Tenant shall pay to
Landlord an amount equal to 1/12th of the Tax Payment shown on such estimate.
Landlord may, during each Tax Year, furnish to Tenant a revised statement of
Landlord’s estimate of the Tax Payment for such Tax Year, and in such case, the
Tax Payment for such Tax Year shall be adjusted and paid or refunded as the
case may be, substantially in the same manner as provided in the preceding
sentence. After the end of each Tax Year Landlord shall furnish to Tenant a
statement of Tenant’s Tax Payment for such Tax Year (and shall endeavor to do
so within 180 days after the end of each Tax Year). If such statement shall
show that the sums paid by Tenant, if any, under Section 2.04(e) exceeded the Tax Payment to be paid by Tenant for the applicable Tax
Year, Landlord shall refund to Tenant the amount of such excess; and if such
statement shall show that the sums so paid by Tenant were less than the Tax
Payment to be paid by Tenant for such Tax Year, Tenant shall pay the amount of
such deficiency within 10 days after demand therefor. If there shall be any
increase in the Taxes for any Tax Year, whether during or after such Tax Year,
or if there shall be any decrease in the Taxes for any Tax Year, the Tax
Payment for such Tax Year shall be appropriately adjusted and paid or refunded,
as the case may be, in accordance herewith. In no event, however, shall Taxes
be reduced below the Base Tax Amount.

 

(f)                                    If Landlord shall receive a refund of Taxes
for any Tax Year in which Taxes exceeded the Base Tax Amount, Landlord shall
pay to Tenant Tenant’s Share of the net refund (after deducting from such
refund Tenant’s share of the reasonable costs and expenses of obtaining the
same, including, without limitation, appraisal, accounting and legal fees,
allocable to the tax year in question, provided, that such payment to Tenant shall in no
event exceed Tenant’s Tax Payment paid for such Tax Year.

 

2.05                        Rent
Credit. Notwithstanding
anything to the contrary hereinabove set forth, provided this Lease is in full
force and effect and Tenant is not in default under this Lease, Tenant shall be
entitled to (a) a credit against the Fixed Rent for the period from the

 

6

 

Commencement
Date to the Rent Commencement Date, which credits shall be applied against the
Rent and (b) a credit against the Fixed Rent in the amount of $12,916.66
per month for the eighth, ninth, tenth, eleventh and twelfth months of the
first year of the Term and (c) a credit against the Fixed Rent in full for
the thirteenth month of the Term, the thirtieth month of the Term, the
forty-second month of the Term and the fifty-fourth month of the Term and (d) a
credit against the Fixed Rent in the amount of $6,458.33 per month for the
fourteenth through the twenty-fifth months of the Term. The foregoing rent
credits shall be null and void “ab initio” if Landlord at any time terminates
this Lease or re-enters or repossesses the Premises on account of any default
of Tenant under this Lease, and Landlord shall be entitled to recover from
Tenant, in addition to all other amounts Landlord is entitled to recover, the
aggregate amount of the rent credits herein provided for.

 

2.06                        Tax
Provisions. (a)   In any case provided in Section 2.04 in which Tenant is entitled to a refund,
Landlord may, in lieu of making such refund, credit against future installments
of Rent any amounts to which Tenant shall be entitled. Nothing in this Article 2  shall
be construed so as to result in a decrease in the Fixed Rent. If this Lease
shall expire before any such credit shall have been fully applied, then
(provided Tenant is not in default under this Lease) Landlord shall refund to
Tenant the unapplied balance of such credit within ninety (90) days of
expiration of this Lease.

 

(b)                                 Landlord’s failure to render or delay in
rendering any statement with respect to any Tax Payment or installment thereof
shall not prejudice Landlord’s right to thereafter render such a statement, nor
shall the rendering of a statement for any Tax Payment or installment thereof
prejudice Landlord’s right to thereafter render a corrected statement therefor.
Tenant’s obligation to make any payments pursuant to this Article shall
survive the expiration or sooner termination of this Lease for a-period
of twelve (12) months.

 

(c)                                  Landlord and Tenant confirm that the
computations under this Article 2 are intended to constitute a formula for reimbursing landlord for the
actual cost of any increase in Taxes over the applicable Base Tax Amount.

 

(d)                                 Each Tax Payment in respect of a Tax Year
which begins prior to the Commencement Date or ends after the expiration or
earlier termination of this Lease, and any tax refund pursuant to Section 2.04(f), shall be prorated to correspond to that
portion of such Tax Year occurring within the Term.

 

2.07                        Electric
Charges. (a)   Tenant’s
demand for, and consumption of, electricity in the Premises shall be determined
by submeter or submeters installed (or, if existing, retrofitted) by Landlord
at Landlord’s expense as part of Landlord’s Work. Tenant shall pay for such
electric consumption within 30 days after rendition of bills therefor, which
bills shall be rendered by or on behalf of Landlord separately for each meter.

 

(b)                                 The amount payable by Tenant per “KW” and “KWHR”
for separate submetered electricity consumed within the Premises, as determined
by the submeter installed at

 

7

 

Landlord’s
expense which separately measures electricity consumed at the Premises, shall
be 105% of the amount (as adjusted from time to time, “Landlord’s Rate”)
at which Landlord from time to time purchases each KW and KWHR of electricity
for the same period from the utility company (including all surcharges, taxes,
fuel adjustments, taxes passed on to consumers by the public utility, and other
sums payable in respect thereof). Landlord’s Rate shall be determined by
dividing the cost charged by said utility (averaged separately for KW and
KWHRs) during each respective billing period by the number of KWs and KWHRs
consumed by the Building as set forth on the utility company invoice for such
period. With each statement of Landlord for electric expense, Landlord shall
include a copy of the relevant utility bill.

 

2.08                        Manner
of Payment.   Tenant shall pay all Rent as the same shall
become due and payable under this Lease by check (subject to collection) drawn
on a New York Clearing House Association member bank, in each case at the times
provided herein without notice or demand and without setoff or counterclaim.
All Rent shall be paid in lawful money of the United States to Landlord at its
office or such other place as Landlord may from time to time designate. If
Tenant fails timely to pay any Rent within ten days of the date when the Rent
was due, Tenant shall pay interest thereon from the date when such Rent became
due to the date of Landlord’s receipt thereof at the lesser of (i) 1.0%
per month and (ii) the maximum rate permitted by law. Any Additional
Charges for which no due date is specified in this Lease shall be due and
payable on the 10th day after the date of invoice. All bills, invoices and
statements rendered to Tenant with respect to this Lease shall be binding and
conclusive on Tenant unless, within 30 days after receipt of same, Tenant
notifies Landlord that it is disputing same.

 

2.09                          Security. (a)  Within 75 days of the date
hereof, Tenant shall deliver to Landlord, as security for the performance of
Tenant’s obligations under this Lease, the amount of $774,657.70 in the form of
either (i) a certified or official bank check (the “Security Deposit”),
or (ii) an unconditional, irrevocable letter of credit substantially in
the form annexed hereto as Exhibit F and issued by a bank
reasonably satisfactory to Landlord (the “Letter of Credit”). The Letter
of Credit shall provide that it is assignable by Landlord without charge and
shall either (x) expire on the date which is 60 days after the expiration
or earlier termination of this Lease (the “LC Date”) or (y) be
automatically self-renewing until the LC Date. If the bank issuing the Letter
of Credit gives notice at least 30 days prior to the expiration thereof of such
bank’s intention not to renew, or if Tenant holds over in the Premises without
the consent of Landlord after the expiration or termination of this Lease,
Landlord may draw upon the Letter of Credit and hold the proceeds thereof as
security for the performance of Tenant’s obligations under this Lease. Landlord
may draw on the Security Deposit or Letter of Credit (or the proceeds thereof)
to remedy defaults by Tenant in the payment or performance of any of Tenant’s
obligations under this Lease after expiration of applicable cure and notice
periods. If Landlord shall have so drawn upon the Security Deposit or the
Letter of Credit (or the proceeds thereof), Tenant shall upon demand deposit
with Landlord a sum equal to the amount so drawn by Landlord. Provided that
Tenant is not then in default under any of the terms of this Lease, the
Security Deposit will be reduced one time, such that the Security Deposit will
be reduced to $326,171.64 on July 1, 2010 (a reduction of $448,486.06) (a “Security
Deposit Reduction”). Tenant can effect the Security

 

8

 

Deposit
Reduction by obtaining amendments to the existing Letter of Credit or by
canceling the then current Letter of Credit and causing the issuance of a new
Letter of Credit in the reduced amount, provided that there is at all times a
valid Letter of Credit in existence. No Security Deposit Reduction shall occur
if, in the twelve months preceding such Security Deposit Reduction, Tenant has
twice defaulted in paying the Fixed Rent and/or Additional Rent beyond the
expiration of applicable cure periods, which shall constitute a “Waived
Security Deposit Reduction”. The Security Deposit shall not be reduced by the
amount of the Waived Security Deposit Reduction.

 

(b)                                 Provided Tenant is not in default under this
Lease and Tenant has surrendered the Premises to Landlord in accordance with
all of the terms and conditions of this Lease, within thirty (30) days after
the Expiration Date: (i) Landlord shall return to Tenant the Security
Deposit then held by Landlord or (ii) if Landlord shall have drawn upon
such Security Deposit to remedy defaults by Tenant in the payment or
performance of any of Tenant’s obligations under this Lease, Landlord shall
return to Tenant that portion, if any, of such Security Deposit or the proceeds
of the Letter of Credit remaining in Landlord’s possession.

 

(c)                                  As additional security for Landlord, Tenant
hereby grants to Landlord a security interest in and lien upon those items of
Tenant’s furniture, furnishings, equipment, fixtures and machinery that are
located within the Premises and which constitute part of Initial Tenant Work as
defined in Section 4.09(b), such security interest to last for the first
five years of the Term and will thereafter expire wholly without any further
acts of the parties to this Lease.

 

ARTICLE 3

 

Landlord Covenants

 

3.01                        Landlord
Services.  (a)                      From and after the date that Tenant first occupies
the Premises for the conduct of Tenant’s business, Landlord shall furnish
Tenant with the following services (collectively, “Landlord Services”):

 

(i)                                             heat, ventilation and air-conditioning to the
Premises from 8:00 a.m. on each Business Day to 6:00 p.m. on the same day
and from 9:00 a.m. to 1:00 p.m. on Saturdays for reasonably
comfortable occupancy of the Premises, subject to Tenant’s compliance with
design conditions, including occupancy and electric load criteria established
by Landlord; if Tenant shall require heat, ventilation or air conditioning
services at any other times,
Landlord shall furnish such service (A) in the case of a Business Day,
upon receiving notice (including verbal notice) from Tenant by 3:00 p.m.
of such Business Day and (B) in the case of a day other than a Business
Day, upon receiving notice (including verbal notice) from Tenant by 1:00 p.m.
of the immediately preceding Business Day, and Tenant shall pay to Landlord
upon demand Landlord’s then established charges therefor;

 

9

 

(ii)                                  reserved parking for
a total of twenty (20) cars, including ten (10) spaces in the covered parking
facility;

 

(iii)                               (A) passenger
elevator service to each floor of the Premises at all times during Business
Hours on Business Days, with at least one passenger elevator subject to call at
all other times and (B) freight elevator service to the Premises on a
first come-first served basis (i.e., no advance scheduling) during Business
Hours on Business Days, and on a reserved basis at all other times upon the
payment of Landlord’s then established charges therefor; Tenant’s use of all
elevators shall be on a non-exclusive basis;

 

(iv)                              reasonable quantities of
hot and cold water to the floor(s) on which the Premises are located for
core lavatory and cleaning purposes and to service any plumbing fixtures
installed in the Premises as part of Landlords Work (which may include one hot
water heater at a pantry location); if Tenant requires water for any other
purpose, Landlord shall furnish cold water at the Building core riser through a
capped outlet located on the floor on which the Premises is located (within the
core of the Building), and unless otherwise provided in Landlord’s work letter,
the cost of heating such water, as well as the cost of piping and supplying
such water to the Premises, shall be paid by Tenant; Landlord may install and
maintain, at Tenant’s expense, meters to measure Tenant’s consumption of cold
water and/or hot water for such other purposes in which event Tenant shall
reimburse Landlord for the quantities of cold water and hot water shown on such
meters (including Landlord’s standard reasonable charge for the production of
such hot water, if produced by Landlord), on demand;

 

(v)                                 electric energy of a
minimum of 5 watts per square foot on a submetered basis through presently
installed electric facilities for Tenant’s reasonable use of lighting and other
electrical fixtures, appliances and equipment; in no event shall Tenant’s
consumption of electricity exceed the capacity of existing feeders to the
Building or the risers or wiring serving the Premises, nor shall Tenant be
entitled to any unallocated power available in the Building unless, in Landlord’s
reasonable judgment (taking into account the then existing and future needs of
other then existing and future tenants, and other needs of the Building), the
same is available and necessary for Tenant’s use, and if Landlord shall provide
any such additional power, Tenant shall pay Landlord upon demand its then
established connection charge for each additional amp of power or portion
thereof provided to the Premises and the cost of installing additional risers,
meters, switches and related equipment necessary to provide such additional
power; Landlord will connect Landlord’s back-up generator to Tenant’s server
room at Tenant’s cost and expense, in order to provide continuous operation of
Tenant’s servers. Tenant shall pay to Landlord a fee, pursuant to a separate
agreement, for access to and use of the 

back-up generators; and

 

(vi)                              cleaning services in
accordance with Exhibit E attached hereto. Tenant shall pay to
Landlord on demand the reasonable costs incurred by Landlord for (A) extra
cleaning work in the Premises required because of (w) carelessness,
indifference, misuse or neglect on the part of Tenant, its subtenants or their
respective employees or visitors, (x) interior

 

10

 

glass
partitions or an unusual quantity of interior glass surfaces, (y) non-building
standard materials or finishes installed in the Premises (excluding materials
or finishes installed as part of Landlord’s Work) and/or (z) the use of
the Premises other than during Business Hours on Business Days, but only if
Tenant requests special cleaning services for that purpose
and (B) removal from the Premises and the Building of any refuse of Tenant
in excess of that ordinarily accumulated in business office occupancy,
including, without limitation, kitchen refuse, or at times other than Landlord’s
standard cleaning times. Notwithstanding the foregoing, Landlord shall not be
required to clean any remnants of serving or consumption of food or beverages,
soiled dishes or eating utensils or other special purposes requiring greater or
more difficult cleaning work than office areas and Tenant shall retain Landlord’s
cleaning contractor to perform such cleaning at Tenant’s expense. Landlord’s
cleaning contractor shall have access to the Premises after 6:00 p.m. and
before 8:00 a.m. and shall have the right to use, without charge therefor,
all light, power and water in the Premises reasonably required to clean the
Premises.

 

(b)                                 Landlord temporarily may stop or interrupt
any Landlord Service, electricity, or other service and may stop or interrupt
the use of any Building facilities and systems at such times as may be
necessary and for as long as may reasonably be required by reason of an
emergency or urgent situation caused by accidents, strikes, or the making of
repairs, alterations or improvements, or inability to secure a proper supply of
fuel, gas, steam, water, electricity, labor or supplies, or by reason of any
other cause beyond the reasonable control of Landlord. Landlord shall have no
liability to Tenant by reason of any temporary stoppage or interruption of
any Landlord Service, electricity or other service or the use of any Building
facilities and systems for any reason, except for Landlord’s negligence.
Landlord shall use reasonable diligence to make such repairs as may be required
to machinery or equipment within the Building to provide restoration of any Landlord
Service and, where the cessation or interruption of such Landlord Service has
occurred due to circumstances or conditions beyond the Building boundaries, to
cause the same to be restored by diligent application or request to the
provider.

 

(c)                                  Without limiting any of Landlord’s other
rights and remedies, if Tenant shall be in monetary default beyond any
applicable grace period, Landlord shall not be obligated to furnish to the
Premises any service outside of Business Hours on Business Days, and Landlord
shall have no liability to Tenant by reason of any failure to provide, or
discontinuance of, any such service.

 

(d)                                 “Business Hours” means 8:00 a.m.
to 6:00 p.m. “Business Days” means all days except Saturday,
Sundays, New Year’s Day, President’s Day, Memorial Day, Independence Day, Labor
Day, Thanksgiving, Martin Luther King Day, Columbus Day, Veterans Day, and
Christmas.

 

(e)                                  At the request of Tenant, Landlord shall list
in the Building’s directory the name of Tenant and any trade name under which
Tenant has the right to operate and that of any

 

11

 

subtenant or any assignee occupying the Premises pursuant to this
Lease. Tenant shall have a company listing and up to 20 individual listings in
the Building’s electronic, lobby area directory.

 

(f)                               Landlord shall have no
liability whatsoever to Tenant (and Tenant expressly releases Landlord from any
obligation or liability) because Landlord is unable to fulfill or is delayed in
fulfilling, any of its obligations under this Section 3.01 caused by events outside Landlord’s
control, by reason of Unavoidable Delays. “Unavoidable
Delays” shall mean strikes or other labor troubles not caused by an
unfair labor practice of Landlord or its agents, accidents, governmental
preemption in connection with a national emergency, Laws, Tenant Delay,
conditions of supply and demand which have been or are affected by war, other
emergency, fire or other casualty, acts of God or any other similar or
dissimilar cause beyond Landlord’s reasonable control.

 

(g)                       The provisions of this Section 3.01 are made and
entered into for the sole protection and benefit of Landlord and Tenant and
their respective permitted successors and assigns. No third party beneficiary
rights are created by the provisions of this Section 3.01 and no other persons or entities shall
have any rights of action under this Section 3.01.

 

(h)                            Provided that the same does
not materially decrease Tenant’s rights or materially increase Tenant’s
obligations, Tenant shall enter into such modifications of the Lease as
Landlord may from time to time reasonably request in connection with any
requirement of the New York State Public Service Commission, or any successor
thereto, or any requirement of law pertaining to the supplying of electrical
service or the charges therefor under any provision of the Lease. If because of
any such requirement, any provision of this Section 3.01 cannot be given full effect, whether with
respect to any past period or any future period, the parties shall enter into
such modifications of the Lease setting forth substitute provisions, consistent
with such requirements, which, to the maximum extent possible, achieve the
intended purposes of the provisions of this Section 3.01 which cannot be given full effect.

 

ARTICLE 4

 

Leasehold Improvements; Tenant Covenants

 

4.01                   Initial
Improvements. On the Commencement Date, Tenant shall accept the
Premises in its “as is” and “where is” condition on such date, subject to
proper and Substantial Completion of Landlord Work, it being understood by
Tenant that Landlord will not perform any work in the demised premises, except
for those items of work set forth on Exhibit F as Landlord’s Work. All
initial improvements other than Landlord’s Work shall be deemed Initial Tenant
Work and shall constitute Alterations and shall be performed by Tenant at
Tenant’s expense in accordance with Section 4.02
and any applicable provisions of Exhibit D.

 

12

 

4.02        Alterations.   (a)    Tenant shall make
no improvements, changes or alterations in or to the Premises (“Alterations”)
without Landlord’s prior approval, which approval shall not be unreasonably
withheld or delayed. Landlord’s approval shall not be required for any
Alteration that is not a Material Alteration, provided that Tenant furnishes
Landlord ten day notice of such non-Material Alteration. “Material
Alteration” means an Alteration that (i) is not limited to the
interior of the Premises or which affects the exterior (including the
appearance) of the Building, (ii) is structural or affects the strength of
the Building, (iii) affects the usage or the proper functioning of any of
the Building systems, (iv) has a cost greater than $50,000.00, (v) requires
the consent of any Superior Mortgagee or Superior Lessor or (vi) requires
a change to the Building’s certificate of occupancy.

 

(b)           Tenant, in connection with any Alteration,
shall comply with the Alteration Rules and Regulations set forth as Exhibit D
attached hereto. Tenant shall not proceed with any Material Alteration unless
and until Landlord approves Tenant’s plans and specifications therefor, which
approval shall not be unreasonably withheld or delayed. Any review or approval
by Landlord of plans and specifications with respect to any Alteration is
solely for Landlord’s benefit, and without any representation or warranty to
Tenant with respect to the adequacy, correctness or efficiency thereof, its
compliance with Laws or otherwise.

 

(c)           Tenant shall pay to Landlord upon demand
Landlord’s reasonable actual out-of-pocket costs and expenses (including,
without limitation, the fees of any architect or engineer employed by Landlord
or any Superior Lessor or Superior Mortgagee for such purpose) for reviewing
plans and specifications and inspecting Alterations.

 

(d)           Before proceeding with any Alteration that
will cost more than $50,000 (exclusive of the costs of decorating work and
items constituting Tenant’s Property), as estimated by a reputable independent
contractor designated by Landlord, Tenant shall furnish to Landlord one of the
following: (i) a cash deposit, (ii) a performance bond and a labor
and materials payment bond (issued by a corporate surety licensed to do
business in New York reasonably satisfactory to Landlord) or (iii) an
irrevocable, unconditional, negotiable letter of credit, issued by a bank and
in a form satisfactory to Landlord; each to be equal to 100% of the cost of the
Alteration, estimated as set forth above. Any such letter of credit shall be
for the estimated period of completion. If more than one year, the letter of
credit shall be renewed by Tenant each and every year until the Alteration in
question is completed and notice of renewal shall be delivered to Landlord not
less- than 30 days prior to the expiration of the then current letter of
credit, failing which Landlord may present the then current letter of credit
for payment. Upon (A) the completion of the Alteration in accordance with
the terms of this Section 4.02 and (B) the submission to
Landlord of (x) proof evidencing the payment in full for said Alteration, (y) written
unconditional lien waivers of mechanics’ liens and other liens on the Building
from all contractors performing said Alteration and (z) all submissions
required pursuant to Exhibit D 
attached hereto, the security deposited with Landlord (or the balance of
the proceeds thereof, if Landlord has drawn on the same) shall be returned to
Tenant. Upon Tenant’s failure properly to perform, complete and fully pay for
any Alteration, as determined by Landlord, Landlord may,

 

13

 

upon
notice to Tenant, draw on the security deposited under this Section 4.02(d) to the extent Landlord deems reasonably
necessary in connection with said Alteration, the restoration and/or protection
of the Premises or the Building and the payment of any costs, damages or
expenses resulting therefrom.

 

(e)           Tenant shall obtain (and furnish copies to
Landlord of) all necessary governmental permits and certificates for the
commencement and prosecution of Alterations and for final approval thereof upon
completion, and shall cause Alterations to be performed in compliance
therewith, and in compliance with all Laws and with the plans and specifications
reasonably approved by Landlord. Alterations shall be diligently performed in a
good and workmanlike manner, using new materials and equipment at least equal
in quality and class to the then standards for the Building reasonably
established by Landlord. Alterations shall be performed by architects,
engineers and contractors first approved by Landlord (which approval shall not
be unreasonably withheld, conditioned or delayed); provided that any
Alterations in or to the systems of the Building shall be performed only by the
contractor(s) designated by Landlord (Landlord shall, from time to time
upon Tenant’s request made prior to Tenant’s commencement of each such
Alteration, designate at least 3 contractors for each Building system except
for the Class E system for which Landlord shall only designate one
contractor). The performance of any Alteration shall not be done in a manner
which would violate Landlord’s union contracts affecting the Building, or
create any work stoppage, picketing, labor disruption, disharmony or dispute or
any material interference with the business of Landlord or any tenant or occupant of the Building. Tenant shall immediately stop
the performance of any Alteration if Landlord notifies Tenant that continuing
such Alteration would violate Landlord’s union contracts affecting the
Building, or create any work stoppage, picketing, labor disruption, disharmony
or dispute or any interference with the business of Landlord or any tenant or occupant of the Building, and Tenant shall not resume the
performance of such Alteration until such time as such Alteration may be
performed in a manner which shall not violate such union contracts or create
such work stoppage, picketing, labor disruption, disharmony or dispute or
interference.

 

(f)            Throughout the performance of Alterations,
Tenant shall carry worker’s compensation insurance in statutory limits, “all
risk” Builders Risk coverage and general liability insurance, with completed
operation endorsement, for any occurrence in or about the Building, under which
Landlord and its agent and any Superior Lessor and Superior Mortgagee whose
name and address have been furnished to Tenant shall be named as parties
insured, in such limits as Landlord may reasonably require, with insurers
reasonably satisfactory to Landlord. Tenant shall furnish Landlord with
evidence that such insurance is in effect at or before the commencement of
Alterations and, on request, at reasonable intervals thereafter during the
continuance of Alterations.

 

(g)           Should any mechanics’ or other liens be filed
against any portion of the Building by reason of the acts or omissions of, or
because of a claim against, Tenant or anyone claiming under or through Tenant,
Tenant shall cause the same to be canceled or discharged of

 

14

 

record
by bond or otherwise within 20 days after notice from Landlord. If Tenant shall
fail to cancel or discharge said lien or liens within said 20 day period,
Landlord may cancel or discharge the same and, upon Landlord’s demand, Tenant
shall reimburse Landlord for all costs incurred in canceling or discharging
such liens, together with interest thereon at the Interest Rate from the date
incurred by Landlord to the date of payment by Tenant, such reimbursement to be
made within 20 days after receipt by Tenant of a written statement from
Landlord as to the amount of such costs. Tenant shall indemnify and hold
Landlord harmless from and against all costs (including, without limitation,
attorneys’ fees and disbursements and costs of suit), losses, liabilities or
causes of action arising out of or relating to any Alteration, including,
without limitation, any mechanics’ or other liens asserted in connection with
such Alteration.

 

(h)           Tenant shall deliver to Landlord; within 30
days after the completion of an Alteration, “as-built” drawings thereof. During
the Term, Tenant shall keep records of Alterations costing in excess of $25,000
including plans and specifications, copies of contracts, invoices, evidence of
payment and all other records customarily maintained in the real estate
business relating to Alterations and the cost thereof and shall, within 30 days
after demand by Landlord, furnish to Landlord copies of such records.

 

(i)            All Alterations to and Fixtures installed by
Tenant in the Premises shall be fully paid for by Tenant in cash and shall not
be subject to conditional bills of sale, chattel mortgages, or other title
retention agreements.

 

4.03        Landlord’s and Tenant’s
Property.  (a) All
fixtures, equipment, improvements and appurtenances attached to or built into
the Premises, whether or not at the expense of Tenant (collectively, “Fixtures”), shall be and remain a part of the Premises
and shall not be removed by Tenant. All Fixtures constituting Improvements and
Betterments shall be the property of Tenant during the Term and, upon
expiration or earlier termination of this Lease, shall become the property of
Landlord. All Fixtures other than Improvements and Betterments shall, upon
installation, be the property of Landlord. “Improvements and
Betterments” means (i) all
Fixtures (including trade fixtures), if any, installed at the expense of
Tenant, whether installed by Tenant or by Landlord (i.e., excluding any
Fixtures paid for by Landlord directly or by way of an allowance) and (ii) all
carpeting in the Premises.

 

(b)           All movable partitions, business and trade
fixtures, machinery and equipment, and all furniture, furnishings and other
articles of movable personal property owned by Tenant and located in the Premises
(collectively, “Tenant’s Property”) shall be and shall remain the property of Tenant and may be removed by
Tenant at any time during the Term; provided, that if any Tenant’s Property is removed,
Tenant shall repair any damage to the Premises or to the Building resulting
from the installation and/or removal thereof. Notwithstanding the foregoing,
any equipment or other property identified in this Lease or in any leasehold
improvement agreement as having been paid for with any allowance or credit
granted by Landlord to Tenant shall not be considered Tenant’s Property and
shall be and remain a part of

 

15

 

the
Premises, shall, upon the expiration or earlier termination of this Lease, be
the property of Landlord and shall not be removed by Tenant.

 

(c)           At or before the Expiration Date, or within
15 days after any earlier termination of this Lease, Tenant, at Tenant’s
expense, shall remove Tenant’s Property from the Premises (except such items
thereof as Landlord shall have expressly permitted to remain, which shall
become the property of Landlord), and Tenant shall repair any damage to the
Premises or the Building resulting from any installation and/or removal of Tenant’s Property. Any items of
Tenant’s Property which remain in the Premises after the Expiration Date, or
more than 15 days after an earlier termination of this Lease (and written
notice from Landlord), may, at the option of Landlord, be deemed to have been
abandoned, and may be retained by Landlord as Landlord’s property or disposed
of by Landlord, without accountability, in such manner as Landlord shall
determine, at Tenant’s expense.

 

(d)           Landlord, by notice given to Tenant at any
time prior to the Expiration Date or not later than 30 days after any earlier
termination of this Lease, may require Tenant, notwithstanding Section 4.03(a),
to remove all or any Fixtures which were not installed as part of Landlord’s
Work and which do not constitute a standard office installation, such as, by
way of example only, kitchens, vaults, safes, raised flooring and stairwells.
If Landlord shall give such notice, then Tenant, at Tenant’s expense, prior to
the Expiration Date, or, in the case of an earlier termination of this Lease,
within 15 days after the giving of such notice by Landlord, shall remove the
same from the Premises, shall repair and restore the Premises to the condition
existing prior to installation thereof and shall repair any damage to the
Premises or to the Building due to such removal.

 

16

 

4.04        Access and Changes to
Building.  (a)    Landlord reserves
the right, at any time, to make changes in or to the Building as Landlord may
deem necessary or desirable, and Landlord shall have no liability to Tenant
therefor, provided any such change does not deprive Tenant of access to the
Premises and does not affect the first-class nature of the Building. Landlord
may install and maintain pipes, fans, ducts, wires and conduits within or
through the walls, floors or ceilings of the Premises. In exercising its rights
under this Section 4.04, Landlord shall use reasonable efforts to
minimize any interference with Tenant’s use of the Premises for the ordinary
conduct of Tenant’s business. Tenant shall not have any easement or other right
in or to the use of any door or any passage or any concourse or any plaza
connecting the Building with any other building or to any public conveniences,
and the use of such doors, passages, concourses, plazas and conveniences may, without
notice to Tenant, be regulated or discontinued at any time by Landlord.

 

(b)           Except for the
space within the inside surfaces of all walls, hung ceilings, floors, windows
and doors bounding the Premises, all of the Building, including, without
limitation, exterior Building walls, core corridor walls and doors and any core
corridor entrance, any terraces or roofs adjacent to the Premises, and any
space in or adjacent to the Premises used for shafts, stacks, pipes, conduits,
fan rooms, ducts, electric or other utilities, sinks or other Building
facilities, and the use thereof, as well as access thereto through the
Premises, are reserved to Landlord and are not part of the Premises. Landlord
reserves the right to name the Building and to change the name or address of the Building at any time and from time to time, provided,
however, that Landlord shall give Tenant 120 days written notice prior to
making such change.

 

(c)           Landlord shall have no liability to Tenant
if at any time any windows of the Premises are either temporarily darkened or
obstructed by reason of any repairs, improvements, maintenance and/or cleaning
in or about the Building (or permanently darkened or obstructed if required by
Law) or covered by any translucent material for the purpose of energy
conservation, or if any part of the Building, other than the Premises, is
temporarily or permanently closed or inoperable, provided Tenant’s access to
the Premises is not materially impaired thereby.

 

(d)           Landlord and persons authorized by Landlord
shall have the right, upon prior notice to Tenant during regular business hours
(except in an emergency), to enter the Premises (together with any necessary
materials and/or equipment), to inspect or perform such work as Landlord may
reasonably deem necessary or to exhibit the Premises to prospective purchasers
or lenders or, during the last six months of the Term, to prospective tenants,
or for purposes as may be necessary or desirable, including completing repairs
or maintenance for which Landlord is responsible. Landlord shall have no
liability to Tenant by reason of any such entry, except for property damage
caused by Landlord’s negligence. Landlord shall not be required to make any
improvements or repairs of any kind or character to the Premises during the
Term.

 

17

 

4.05        Repairs. Tenant shall keep the Premises (including,
without limitation, all Fixtures) in good condition and, upon expiration or
earlier termination of the Term, shall surrender the same to Landlord in the
same condition as when first occupied, reasonable wear and tear excepted.
Tenant’s obligation shall include, without limitation, the obligation to repair
all damage caused by Tenant, its agents, employees, invitees and licensees to
the equipment and other installations in the Premises or anywhere in the
Building. Tenant shall maintain and repair the air
conditioning equipment that exclusively serves the Premises, if any. Any maintenance, repair or replacement to the
windows (including, without limitation, any solar film attached thereto), the
Building systems, the Building’s structural components or any areas outside the
Premises-and which is Tenant’s
obligation to perform shall be performed by Landlord, all at Tenant’s
expense. During the first year of the Term, Landlord
also shall be responsible to repair any latent defects within the Premises and
any defects in materials or workmanship in items constituting Landlord’s Work.
Tenant shall not commit or allow to be committed any waste or damage to any
portion of the Premises or the Building. Except as otherwise provided herein,
Landlord shall repair and maintain the Building’s structural components, roof
and building systems.

 

4.06        Compliance with Laws.
 (a)    Tenant shall comply
with all laws, ordinances, rules, orders and regulations (present, future,
ordinary, extraordinary, foreseen or unforeseen) of any governmental, public or
quasi-public authority and of the New York Board of Underwriters, the
New York Fire Insurance Rating Organization and any other entity performing
similar functions, at any time duly in force (collectively “Laws”),
attributable to any work, installation, occupancy, use or manner of use by
Tenant of the Premises or any part thereof Nothing contained in this Section 4.06 shall require Tenant to make any structural
changes unless the same are necessitated by reason of Tenant’s performance of
any Alterations, Tenant’s manner of use of the Premises or the use by Tenant of
the Premises for purposes other than normal and customary ordinary office
purposes. Tenant shall procure and maintain all licenses and permits required
for its business.

 

4.07        Tenant Advertising. Tenant shall not use, and shall cause each
of its Affiliates not to use, the name or likeness of the Building or the
Building in any advertising (by whatever medium) without Landlord’s consent
(not to be unreasonably withheld, conditioned or delayed).

 

4.08        Right to Perform Tenant
Covenants. If Tenant fails to
perform any of its obligations under this Lease, Landlord, any Superior Lessor
or any Superior Mortgagee (each, a “Curing Party”) may perform the same at the expense of
Tenant (a) immediately and without notice in the case of emergency or in
case such failure interferes with the use of space by any other tenant in the
Building or with the efficient operation of the Building or may result in a
violation of any Law or in a cancellation of any insurance policy maintained by
Landlord and (b) in any other case if such failure continues beyond any
applicable grace period. If a Curing Party performs any of Tenant’s obligations
under this Lease, Tenant shall pay to Landlord (as Additional Charges) the
reasonable costs thereof, together with interest (if the principal amount

 

18

 

is
unpaid after twenty (20) days) at the Interest Rate from the date incurred by
the Curing Party until paid by Tenant, within 20 days after receipt by Tenant
of a statement as to the amounts of such costs. If the Curing Party effects
such cure by bonding any lien which Tenant is required to bond or otherwise
discharge, Tenant shall obtain and substitute a bond for the Curing Party’s
bond and shall reimburse the Curing Party for the cost of the Curing Party’s
bond. “Interest Rate” means the lesser of (i) the base rate from time to time announced
by Citibank, N.A. (or, if Citibank, N.A. shall not exist or shall cease to
announce such rate, such other bank in New York, New York, as shall be
designated by Landlord in a notice to Tenant) to be in effect at its principal
office in New York, New York plus 3% and (ii) the maximum rate permitted
by law.

 

4.09        Landlord’s
Contribution. (a) Landlord
shall reimburse Tenant for the cost of Initial Tenant Work in an amount (the “Work
Allowance”) equal to $500,000.00, upon
the following terms and conditions:

 

(A)          The Work Allowance shall be payable to Tenant
in installments as Initial Tenant Work progresses, but in no event more
frequently than monthly;

 

(B)           Prior to the payment of any installment,
Tenant shall deliver to Landlord a request for disbursement which shall be
accompanied by (x) paid invoices for the Initial Tenant Work performed or
incurred since the last disbursement of the Work Allowance, (y) a
certificate signed by an officer of Tenant certifying that the Initial Tenant
Work and services represented by the aforesaid invoices have been
satisfactorily completed, if the Initial Tenant Work involves Alterations, in
accordance with the plans and specifications therefor approved by Landlord, and
(z) lien waivers by architects, contractors, subcontractors and all
materialmen for all such work and services. Landlord shall be permitted to
retain from each disbursement an amount equal to 5% of the amount requested to
be disbursed by Tenant. The aggregate amount of the retainages shall be paid by
Landlord to Tenant upon the completion of all Initial Tenant Work and upon
receipt from Tenant of (1) a certificate signed by an officer of Tenant
certifying that all Initial Tenant Work has been satisfactorily completed, to
the extent it involves Alterations, in accordance with the plans and
specifications therefor approved by Landlord, (2) all Building Department
sign-offs and inspection certificates and any permits, if any, required to be
issued by the Building Department or any other governmental entities having
jurisdiction thereover, and (3) a general release from all contractors and
subcontractors performing Initial Tenant Work releasing Landlord and Tenant
from all liability for any Initial Tenant Work; and

 

(C)           Tenant is not then in default under this
Lease.

 

(b)           “Initial
Tenant Work” means (i) the
installation of fixtures, improvements and appurtenances attached to or built
into the Premises, including movable partitions, business and trade fixtures,
cabling, machinery, equipment, furniture, furnishings and other articles of
personal property; (ii) Tenant’s moving expenses, fees of attorneys,
architects and other professionals relating to this Lease and the Initial
Tenant Work.

 

19

 

(c)           The right to receive reimbursement for the
cost of Initial Tenant Work as set forth in this Section 4.09 shall be for the exclusive benefit of
Tenant, it being the express intent of the parties hereto that in no event
shall such right be conferred upon or for the benefit of any third party,
including, without limitation, any contractor, subcontractor, materialman,
laborer, architect, engineer, attorney or any other person, firm or entity.

 

(d)           If, upon completion of Initial Tenant Work,
there is a remaining balance in the Work Allowance (the “Surplus”), Landlord
shall credit the Surplus in twelve equal installments against the Rent for the
twelve months following the completion of the Initial Tenant Work. However, if
the Surplus is less than $2,500.00, it shall be credited solely against the
next succeeding month after completion of Initial Tenant Work. In the event
that the Surplus is credited against a month or months in which another rent
concession or abatement is in effect and the Tenant’s rent obligation is less
than the amount of the Surplus credit, then the Surplus credit shall be applied
towards the balance of the rent due, if any, and the balance of the Surplus
credit shall be carried forward.

 

(e)           Tenant shall reimburse Landlord for the Work
Allowance by paying to Landlord the sum of $9,435.62 per month (the “Reimbursement”)
for a period of sixty months, commencing with the first month after Tenant
receives an installment of the Work Allowance from Landlord and continuing
thereafter for the next fifty-nine months. The Reimbursement shall be due on
the same terms as Rent and shall be deemed an item of Additional Rent for the
purposed of this Lease.

 

ARTICLE 5

 

Assignment and Subletting

 

5.01        Assignment; Etc.  (a)    Subject
to the further provisions of this Article 5, neither this Lease nor the term and estate
hereby granted, nor any part hereof or thereof, shall be assigned, mortgaged,
pledged, encumbered or otherwise transferred voluntarily, involuntarily, by
operation of law or otherwise, and neither the Premises, nor any part thereof,
shall be subleased, be licensed, be used or occupied by any person or entity
other than Tenant or be encumbered in any manner by reason of any act or
omission on the part of Tenant, and no rents or other sums receivable by Tenant
under any sublease of all or any part of the Premises shall be assigned or
otherwise encumbered, without the prior consent of Landlord. Except as provided in 5.01(c), the dissolution or direct or indirect transfer of
control of Tenant (however accomplished including, by way of example, the
addition of new partners or members or withdrawal of existing partners or
members, or transfers of interests in distributions of profits or losses of
Tenant, issuance of additional stock, redemption of stock, stock voting
agreement, or change in classes of stock) shall be deemed an assignment of this
Lease regardless of whether the transfer is made by one or more transactions,
or whether one or more persons or entities hold the controlling interest prior
to the transfer or afterwards. An agreement under which another person or
entity becomes responsible for all or a portion of Tenant’s obligations under
this Lease shall be

 

20

 

deemed an assignment of this Lease. No assignment or other transfer of
this Lease and the term and estate hereby granted, and no subletting of all or
any portion of the Premises shall relieve Tenant of its liability under this
Lease or of the obligation to obtain Landlord’s prior consent to any further
assignment, other transfer or subletting. Any attempt to assign this Lease or
sublet all or any portion of the Premises in violation of this Article 5
shall be null and void.

 

(b)           Intentionally Omitted.

 

(c)           Notwithstanding Section 5.01(a),
without the consent of Landlord, Tenant may assign this Lease or sublet all or
any part of the Premises to an Affiliate of Tenant; provided, that (i) Landlord
shall have received a notice of such assignment or sublease from Tenant; and (ii) in
the case of any such assignment, (A) the assignment is for a valid
business purpose and not to avoid any obligations under this Lease, and (B) the
assignee assumes by written instrument satisfactory to Landlord all of Tenant’s
obligations under this Lease. “Affiliate” means, as to any designated
person or entity, any other person or entity which controls, is controlled by,
or is under common control with, such designated person or entity. “Control”
(and with correlative meaning, “controlled by” and “under common control with”)
means ownership or voting control, directly or indirectly, of 50% or more of
the voting stock, partnership interests or other beneficial ownership interests
of the entity in question. The following transactions also shall not be
considered an assignment of this Lease that is prohibited under the terms of Section 5.01(a):
(i) the merger of Tenant in which Tenant is the surviving entity, or if
Tenant is not the entity surviving the merger, the survivor has a combined net
worth at least equal to that of Tenant as of the dated hereof, (ii) the
sale of all or substantially all of Tenant’s assets to an entity that has a net
worth at least equal to that of Tenant as of the date hereof or (iii) a
public offering of Tenant’s securities.

 

5.02        Landlord’s Right of
First Offer.  (a)    If
Tenant desires to assign this Lease or sublet all or part of the Premises
(other than in accordance with Sections 5.01(c), Tenant shall give to
Landlord notice (“Tenant’s Offer Notice”) thereof, specifying (i) in
the case of a proposed subletting, the location of the space to be sublet and
the term of the subletting of such space, (ii) (A) in the case of a proposed
assignment, Tenant’s good faith offer of the consideration Tenant desires to
receive or pay for such assignment or (B) in the case of a proposed
subletting, Tenant’s good faith offer of the fixed annual rent which Tenant
desires to receive for such proposed subletting (assuming that a subtenant will
pay for Taxes, Operating Expenses and electricity in the same manner, and
utilizing the same base year or base amount, as Tenant pays for such amounts
under this Lease) and (iii) the proposed assignment or sublease
commencement date.

 

(b)           Tenant’s Offer Notice shall be deemed an
offer from Tenant to Landlord whereby Landlord (or Landlord’s designee) may, at
Landlord’s option, (i) sublease such space from Tenant (if the proposed
transaction is a sublease of all or part of the Premises), (ii) have this
Lease assigned to it or terminate this Lease (if the proposed transaction is an
assignment or a sublease of all or substantially all of the Premises or a
sublease of a portion of the Premises

 

21

 

which, when aggregated with other subleases then in effect, covers all
or substantially all of the Premises), or (iii) terminate this Lease with
respect to the space covered by the proposed sublease (if the proposed
transaction is a sublease of part of the Premises). Said option may be
exercised by Landlord by notice to Tenant within 30 days after a Tenant’s Offer
Notice, together with all information required pursuant to Section 5.02(a),
has been given by Tenant to Landlord.

 

(c)           If Landlord exercises its option under Section 5.02(b)(ii) to
terminate this Lease, then this Lease shall terminate on the proposed
assignment or sublease commencement date specified in the applicable Tenant’s
Offer Notice and all Rent shall be paid and apportioned to such date.

 

(d)           If Landlord exercises its option under Section 5.02(b)(ii) to
have this Lease assigned to it (or its designee), then Tenant shall assign this
Lease to Landlord (or Landlord’s designee) by an assignment in form and
substance reasonably satisfactory to Landlord, effective on the date that is
the proposed assignment or sublease commencement date specified in the
applicable Tenant’s Offer Notice. Tenant shall not be entitled to consideration
or payment from Landlord (or Landlord’s designee) in connection with any such
assignment. If the Tenant’s Offer Notice provides that Tenant will pay any
consideration or grant any concessions in connection with the proposed
assignment or sublease, then Tenant shall pay such consideration and/or grant
any such concessions to Landlord (or Landlord’s designee) on the date Tenant
assigns this Lease to Landlord (or Landlord’s designee).

 

(e)           If Landlord exercises its option under Section 5.02(b)(iii) to
terminate this Lease with respect to the space covered by a proposed sublease,
then (i) this Lease shall terminate with respect to such part of the
Premises on the effective date of the proposed sublease; (ii) from and after
such date the Rent shall be adjusted, based upon the proportion that the
rentable area of the Premises remaining bears to the total rentable area of the
Premises and (iii) Tenant shall pay to
Landlord, upon demand, the costs incurred by Landlord in demising separately
such part of the Premises and in complying with any Laws relating to such
demise.

 

(f)            If Landlord exercises its option under Section 5.02(b)(i) to
sublet the space Tenant desires to sublet, such sublease to Landlord or its
designee (as subtenant) shall be in form and substance reasonably satisfactory
to Landlord at the lower of (i) the rental rate per rentable square foot
of Fixed Rent and Additional Charges then payable pursuant to this Lease or (ii) the
rental set forth in the applicable Tenant’s Offer Notice with respect to such
sublet space, and shall be for the term set forth in the applicable Tenant’s
Offer Notice, and:

 

(A)          shall be subject to all of the terms and conditions
of this Lease except such as are irrelevant or inapplicable, and except as
otherwise expressly set forth to the contrary in this Section 5.02(f);

 

(B)           shall be upon the same terms and conditions
as those contained in the applicable Tenant’s Offer Notice and otherwise on the
terms and conditions of this Lease,

 

22

 

except such as are irrelevant or inapplicable and except as otherwise
expressly set forth to the contrary in this Section 5.02(f);

 

(C)           shall permit the sublessee, without Tenant’s
consent, freely to assign such sublease or any interest therein or to sublet
all or any part of the space covered by such sublease and to make any and all
alterations and improvements in the space covered by such sublease;

 

(D)          shall provide that any assignee or further
subtenant of Landlord or its designee may, at the election of Landlord, make
alterations, decorations and installations in such space or any part thereof,
any or all of which may be removed, in whole or in part, by such assignee or
subtenant, at its option, prior to or upon the expiration or other termination
of such sublease, provided that such assignee or subtenant, at its expense,
shall repair any damage caused by such removal and shall otherwise comply with
the provisions of Article 4 and Exhibit D; and

 

(E)           shall provide that (1) the parties to
such sublease expressly negate any intention that any estate created under such
sublease be merged with any other estate held by either of said parties, (2) any
assignment or subletting by Landlord or its designee (as the subtenant) shall
be for only the purposes permitted under Section 1.05, and (3) Landlord,
at Tenant’s expense, may make such alterations as may be required or deemed
necessary by Landlord to demise separately the subleased space and to comply
with any Laws relating to such demise.

 

(g)           In the case of a proposed sublease, Tenant
shall not sublet any space to a third party at a rental which is more than 15%
less (on a per rentable square foot basis) than the rental (on a per rentable
square foot basis) specified in Tenant’s Offer Notice with respect to such
space, without complying once again with all of the provisions of this Section 5.02
and reoffering such space to Landlord at such lower rental. In the case of a
proposed assignment, Tenant shall not assign this Lease to a third party where
Tenant pays a consideration or grants a concession to such third party for such
assignment that is more than 15% greater than the consideration offered to be
paid or concession offered to be granted to Landlord in Tenant’s Offer Notice
without complying once again with all of the provisions of this Section 5.02
and reoffering to assign this Lease to Landlord and pay such consideration or
grant such concession to Landlord.

 

5.03        Assignment and
Subletting Procedures.  (a)    If
Tenant delivers to Landlord a Tenant’s Offer Notice with respect to any
proposed assignment of this Lease or subletting of all or part of the Premises
and Landlord does not timely exercise any of its options under Section 5.02,
and Tenant thereafter desires to assign this Lease or sublet the space
specified in Tenant’s Offer Notice, Tenant shall notify Landlord (a “Transfer
Notice”) of such desire, which notice shall be accompanied by (i) a
copy of the proposed assignment or sublease and all related agreements, the
effective date of which shall be at least 30 days after the giving of the
Transfer Notice, (ii) a statement setting forth in reasonable detail the
identity of the proposed

 

23

 

assignee or subtenant, the nature of its business and its proposed use
of the Premises, (iii) current financial information with respect to the
proposed assignee or subtenant, including without limitation, its most recent
financial statements and (iv) such other information as Landlord may
reasonably request and Landlord’s consent to the proposed assignment or
sublease shall not be unreasonably withheld, conditioned or delayed, provided
that:

 

(i)            Such Transfer Notice shall be delivered to
Landlord within four months after the
delivery to Landlord of The
applicable Tenant’s Offer Notice.

 

(ii)           The proposed assignee or subtenant will use
the Premises in a manner that (A) is in keeping with the then standards of
the Building, (B) is limited to the use expressly permitted under this
Lease, and (C) will not violate any negative covenant as to use contained
in any other Lease of space in the Building.

 

(iii)          The proposed assignee or subtenant is a
reputable person or entity of good character and with net worth at least equal
to that of Tenant as of the date hereof or otherwise with sufficient financial
worth considering the responsibility involved.

 

(iv)          Neither the proposed
assignee or sublessee, nor any Affiliate of such assignee or sublessee, is then
an occupant of any part of the Building, provided, however, that this
restriction shall not apply if Landlord does not have, at the time the Transfer
Notice is delivered to Landlord or within four months of the date that the
Transfer Notice is delivered to Landlord, any space or spaces (which could be
combined or reconfigured) which would reasonably satisfy the space requirements
of the proposed assignee or sublessee.

 

(v)            The proposed
assignee or sublessee is not a person with whom Landlord is then negotiating or has within the prior 3 months
negotiated to lease space in the Building, provided, however, that this restriction shall not
apply if Landlord does not have, at the time the Transfer Notice is delivered
to Landlord or within four months of the date that the Transfer Notice is
delivered to Landlord, any space or spaces (which could be combined or
reconfigured) which would reasonably satisfy the space requirements of the
proposed assignee or sublessee.

 

(vi)          The form of the proposed
sublease shall be reasonably satisfactory to Landlord and shall comply with the
applicable provisions of this Article 5.

 

(vii)         There shall not be more
than a total of five subtenants of the Premises.

 

(viii)        intentionally omitted;

 

(ix)          Tenant shall reimburse Landlord on demand for
any reasonable and customary costs not to exceed $5,000 incurred by Landlord in
connection with said assignment

 

24

 

or sublease, including, without limitation, the costs of making
investigations as to the acceptability of the proposed assignee or subtenant,
and legal costs incurred in connection with the granting of any requested
consent.

 

(b)           If Landlord consents to a proposed
assignment or sublease and Tenant fails to execute and deliver the assignment
or sublease to which Landlord consented within 75 days after the giving of such
consent, then Tenant shall again comply with this Article 5 before
assigning this Lease or subletting all or part of the Premises.

 

5.04        General Provisions.  (a)    If this Lease
is assigned, whether or not in violation of this Lease, Landlord may collect
rent from the assignee. If the Premises or any part thereof are sublet or
occupied by anybody other than Tenant, whether or not in violation of this
Lease, Landlord may, after default by Tenant, and expiration of Tenant’s time
to cure such default, collect rent from the subtenant or occupant. In either
event, Landlord may apply the net amount collected against Rent, but no such
assignment, subletting, occupancy or collection shall be deemed a waiver of any
of the provisions of Section 5.01(a), or the acceptance of the
assignee, subtenant or occupant as tenant, or a release of Tenant from the
performance of Tenant’s obligations under this Lease.

 

(b)           No assignment or transfer shall be effective
until the assignee delivers to Landlord (i) evidence that the assignee, as
Tenant hereunder, has complied with the requirements of Sections 7.02
and 7.03, and (ii) an agreement in form and substance reasonably
satisfactory to Landlord whereby the assignee assumes Tenant’s obligations
under this Lease.

 

(c)           Notwithstanding any assignment or transfer,
whether or not in violation of this Lease, and notwithstanding the acceptance
of any Rent by Landlord from an assignee, transferee, or any other party,
except as provided below, the original named Tenant and each successor Tenant
shall remain fully liable for the payment of the Rent and the performance of
all of Tenant’s other obligations under this Lease. The joint and several
liability of Tenant and any immediate or remote successor in interest of Tenant
shall not be discharged, released or impaired in any respect by any agreement
made by Landlord extending the time to perform, or otherwise modifying, any of
the obligations of Tenant under this Lease, or by any waiver or failure of
Landlord to enforce any of the obligations of Tenant under this Lease.
Notwithstanding the foregoing, if Landlord exercises its option to sublease
pursuant to Sections 5.02(b)(i) and 5.02(f), or to take an assignment
pursuant to Sections 5.02(b)(ii) and 5.02(d), then Tenant shall not have
any further rights or obligations with respect to such space, including
specifically, but without limitation, the obligation to repair, maintain or
restore such space at the expiration of this Lease.

 

(d)           Each subletting by Tenant shall be subject
to the following:

 

(i)           No subletting shall be for a term (including
any renewal or extension options contained in the sublease) ending later than
one day prior to the Expiration Date.

 

25

 

(ii)          No sublease shall be valid, and no subtenant
shall take possession of the Premises or any part thereof, until there has been
delivered to Landlord, both (A) an executed counterpart of such sublease,
and (B) a certificate of insurance evidencing that (x) Landlord is an
additional insured under the insurance policies required to be maintained by
occupants of the Premises pursuant to Section 7.02, and (y) there is in full force
and effect, the insurance otherwise required by Section 7.02.

 

(iii)         Each sublease shall provide that it is subject
and subordinate to this Lease, and that in the event of termination, reentry or
dispossess by Landlord under this Lease Landlord may, at its option, take over
all of the right, title and interest of Tenant, as sublessor, under such
sublease, and such subtenant shall, at Landlord’s option, attorn to Landlord
pursuant to the then executory provisions of such sublease, except that
Landlord shall not be liable for, subject to or bound by any item of the type
that a Successor Landlord is not so liable for, subject to or bound by in the
case of an attornment by Tenant to a Successor Landlord under Section 6.01(a).

 

(e)           Each sublease shall provide that the
subtenant may not assign its rights thereunder or further sublet the space
demised under the sublease, in whole or in part, without Landlord’s consent,
which approval shall not be unreasonably withheld or delayed and without
complying with all of the terms and conditions of this Article 5, including, without limitation, Section 5.04, which for purposes of this Section 5.04(e) shall be deemed to be
appropriately modified to take into account that the transaction in question is
an assignment of the sublease or a further subletting of the space demised
under the sublease, as the case may be.

 

(f)            Tenant shall not advertise in publications
of general circulation the availability of the Premises or any portion thereof
as sublet space or by way of an assignment of this Lease, without first
obtaining Landlord’s consent, which consent shall not be unreasonably withheld
or delayed provided that Tenant shall in no event advertise in publications of
general circulation the rental rate or any description of such rent.

 

5.05        Assignment and Sublease
Profits.  (a)    If
the aggregate of the amounts payable as fixed rent and as additional rent on
account of Taxes, Operating Expenses and electricity by a subtenant under a
sublease of any part of the Premises and the amount of any Other Sublease
Consideration payable to Tenant by such subtenant, whether received in a
lump-sum payment or otherwise shall be in excess of Tenant’s Basic Cost
therefor at that time then, promptly after the collection thereof, Tenant shall
pay to Landlord in monthly installments as and when collected, as Additional
Charges, 50% of such excess. Tenant shall deliver to Landlord within 60 days
after the end of each calendar year and within 60 days after the expiration or
earlier termination of this Lease a statement specifying each sublease in
effect during such calendar year or partial calendar year, the rentable area
demised thereby, the term thereof and a computation in reasonable detail
showing the calculation of the amounts paid and payable by the subtenant to
Tenant, and by Tenant to Landlord, with respect to such sublease for the period
covered by such statement. “Tenant’s
Basic Cost” for sublet space at any time means the sum of

 

26

 

(i) the
portion of the Fixed Rent, Tax Payments and Operating Payments which is attributable
to the sublet space, plus (ii) the amount payable by Tenant on account of
electricity in respect of the sublet space, plus (iii) the amount of any
costs reasonably incurred by Tenant in making changes in the layout and finish
of the sublet space for the subtenant amortized on a straight-line basis over
the term of the sublease, plus (iv) the cost of Tenant’s fixtures, leasehold improvements, equipment,
furniture or other personal property, plus (v) the amount of any
reasonable brokerage commissions and reasonable legal fees paid by Tenant in
connection with the sublease, plus (vi) any fees or charges of Landlord
in connection with the sublease, excluding the profits provided for in this
paragraph. “Other Sublease Considerations” means all sums paid for the
furnishing of guaranteed services by Tenant and the sale or rental of Tenant’s fixtures, leasehold improvements,
equipment, furniture or other personal property (except that if such leasehold improvements,
equipment, furniture, furnishings or other personal property are sold for
Tenant’s actual cost or less, then the proceeds of sale of such items shall not
be included as “Other Sublease Consideration”). The provisions of this section
shall not apply to any transaction with an Affiliate as provided for in Section 5.01(c) herein.

 

(b)           Upon any assignment of this Lease, Tenant
shall pay to Landlord 50% of the Assignment Consideration received by Tenant
for such assignment, after deducting therefrom customary and reasonable closing
expenses. “Assignment Consideration” means an amount equal to all sums
and other considerations paid to Tenant by the assignee for or by reason of
such assignment (including, without limitation, sums paid for the furnishing of
services by Tenant and the sale or rental of Tenant’s fixtures, leasehold
improvements, equipment, furniture, furnishings or other personal property,
except that if such leasehold improvements, equipment, furniture, furnishings
or other personal property are sold for Tenant’s actual cost or less, then the
proceeds of sale of such items shall not be included as “Assignment
Consideration”).

 

ARTICLE 6

 

Subordination; Default; Indemnity

 

6.01        Subordination. (a) This Lease is subject and
subordinate to each mortgage (a “Superior Mortgage”) and each underlying
lease (a “Superior Lease”) which may now or hereafter affect all or any
portion of the Building or any interest therein. The lessor under a Superior
Lease is called a “Superior Lessor” and the mortgagee under a Superior
Mortgage is called a “Superior Mortgagee”. Tenant shall execute,
acknowledge and deliver any instrument reasonably requested by Landlord, a
Superior Lessor or Superior Mortgagee to evidence such subordination, but no
such instrument shall be necessary to make such subordination effective. Tenant
shall execute any amendment of this Lease requested by a Superior Mortgagee or
a Superior Lessor, provided such amendment shall not result in a material
increase in Tenant’s obligations under this Lease or a material reduction in
the benefits available to Tenant. In the event of the enforcement by a Superior
Mortgagee of the remedies provided for by law or by such Superior Mortgage, or
in the event of the termination or expiration of a Superior Lease, Tenant, upon
request of such Superior Mortgagee, Superior Lessor or any person succeeding to
the

 

27

 

interest of such mortgagee or lessor (each, a “Successor Landlord”),
shall automatically become the tenant of such Successor Landlord without change
in the terms or provisions of this Lease (it being understood that Tenant
shall, if requested, enter into a new lease on terms identical to those in this
Lease); provided, that any Successor Landlord shall not be (i) liable
for any act, omission or default of any prior landlord (including, without
limitation, Landlord); (ii) liable for the return of any moneys paid to or
on deposit with any prior landlord (including, without limitation, Landlord),
except for any security deposit specified in this Lease, or if greater, to the
extent such moneys or deposits are delivered to such Successor Landlord; (iii) subject
to any offset, claims or defense that Tenant might have against any prior
landlord (including, without limitation, Landlord); (iv) bound by any Rent
which Tenant might have paid for more than the current month to any prior
landlord (including, without limitation, Landlord) unless actually received by
such Successor Landlord; (v) bound by any covenant to perform or complete
any construction in connection with the Building or the Premises or to pay any
sums to Tenant in connection therewith; or (vi) bound by any waiver or
forbearance under, or any amendment, modification, abridgment, cancellation or
surrender of, this Lease made without the consent of such Successor Landlord.
Upon request by such Successor Landlord, Tenant shall execute and deliver an
instrument or instruments, reasonably requested by such Successor Landlord,
confirming the attornment provided for herein, but no such instrument shall be
necessary to make such attornment effective.

 

(b)           Tenant shall give each Superior Mortgagee
and each Superior Lessor a copy of any notice of default served upon Landlord,
provided that Tenant has been notified of the address of such mortgagee or
lessor. If Landlord fails to cure any default as to which Tenant is obligated
to give notice pursuant to the preceding sentence within the time provided for
in this Lease, then each such mortgagee or lessor shall have an additional 30
days after receipt of such notice within which to cure such default or if such
default cannot be cured within that time, then such additional time as may be
necessary if, within such 30 days, any such mortgagee or lessor has commenced
and is diligently pursuing the remedies necessary to cure such default
(including, without limitation, commencement of foreclosure proceedings or
eviction proceedings, if necessary to effect such cure), in which event this
Lease shall not be terminated and Tenant shall not exercise any other rights or
remedies under this Lease or otherwise while such remedies are being so
diligently pursued. Nothing herein shall be deemed to imply that Tenant has any
right to terminate this Lease or any other right or remedy, except as may be
otherwise expressly provided for in this Lease.

 

(c)           Landlord shall request for Tenant from each
existing and any future Superior Lessor and Superior Mortgagee a
non-disturbance and attornment agreement in such Superior Lessor’s and Superior
Mortgagee’s standard form (a “Non-Disturbance Agreement”). If Landlord
is unable in good faith to obtain such a Non-Disturbance Agreement, Landlord
shall have no liability to Tenant, it being intended that Landlord’s sole
obligation shall be to request that the holder of each Superior Mortgage enter
into such Non-Disturbance Agreement and, in no event shall Landlord be required
to expend any sums, other than its own legal expense, in its effort to obtain
such Non-Disturbance Agreement. In no event shall Landlord be required to

 

28

 

commence
any litigation in order to obtain a Non-Disturbance Agreement, nor shall
Landlord be required to take any step which may, in Landlord’s reasonable
judgment, have an adverse effect on its relationship with the holder of such
Superior Mortgage. If any Superior Mortgagee shall impose any fee
as a condition of entering into such Non-Disturbance Agreement, Landlord may
withdraw its request therefor unless, within 30 days after Landlord’s advice to
Tenant as to such fee and the amount thereof, Tenant shall deliver to Landlord
the full amount of such fee. If Tenant fails to deliver to Landlord the full
amount of such fee within such period, Landlord may withdraw its request for
such Non-Disturbance Agreement, in which event Landlord shall have no further
obligation to obtain such Non-Disturbance Agreement.

 

6.02        Estoppel Certificate. Each party shall, at any time and from time
to time, within 10 days after request by the other party, execute and deliver
to the requesting party (or to such person or entity as the requesting party
may designate) a statement certifying that this Lease is unmodified and in full
force and effect (or if there have been modifications, that the same is in full
force and effect as modified and stating the modifications), certifying the
Commencement Date, Expiration Date and the dates to which the Fixed Rent and
Additional Charges have been paid and stating whether or not, to the best
knowledge of such party, the other party is in default in performance of any of
its obligations under this Lease, and, if so, specifying each such default of
which such party has knowledge, it being intended that any such statement shall
be deemed a representation and warranty to be relied upon by the party to whom
such statement is addressed. Tenant also shall include or confirm in any such
statement such other information concerning this Lease as Landlord may
reasonably request.

 

6.03        Default. This Lease and the term and estate hereby
granted are subject to the limitation that:

 

(a)           if Tenant defaults in the payment of any
Rent, and such default continues for ten days after Landlord gives to Tenant a
notice specifying such default, or

 

(b)           if Tenant defaults in the keeping, observance
or performance of any covenant or agreement (other than a default of the
character referred to in Sections
6.03(a), (c), (d),
(e) or (f) or (g)), and if such default continues
and is not cured within 30 days after Landlord gives to Tenant a notice
specifying the same, or, in the case of a default which for causes beyond
Tenant’s reasonable control cannot with due diligence be cured within such
period of 30 days, if Tenant shall not immediately-upon the receipt of such
notice, (i) advise Landlord of Tenant’s intention duly to institute all
steps necessary to cure such default and (ii) institute and thereafter
diligently prosecute to completion all steps necessary to cure the same, or

 

(c)           if this Lease or the estate hereby granted
passes to any person or entity other than Tenant, except as expressly permitted
by Article 5, or

 

(d)           if Tenant shall abandon the Premises (and the
fact that any of Tenant’s Property remains in the Premises shall not be
evidence that Tenant has not abandoned the Premises), or

 

29

 

(e)           if Tenant or any Affiliate of Tenant defaults
under any other lease with Landlord or any Affiliate of Landlord, which default
shall continue beyond any applicable grace period provided under such other
lease, or

 

(f)            if a default of the kind set forth in Section 6.03(a) or (b) shall occur and have been cured, and if a
similar default shall occur more than two times within the next 365 days,
whether or not such similar defaults are cured within the applicable grace
period, [or

 

(g)           if Tenant fails to deliver to Landlord any
Security Deposit or Letter of Credit within the time period required under Section 2.09,
then, in any of such cases, in addition to any other remedies available to
Landlord at law or in equity, Landlord shall be entitled to give to Tenant a
notice of intention to end the Term at the expiration of 5 days from the date
of the giving of such notice, and, in the event such notice is given, this
Lease and the term and estate hereby granted shall terminate upon the
expiration of such 5 days with the same effect as if the last of such 5 days
were the Expiration Date, but Tenant shall remain liable for damages as
provided herein or pursuant to law.

 

6.04        Re-entry by Landlord. If this Lease shall terminate as in Section 6.03  provided, Landlord or Landlord’s agents and
servants may immediately or at any time thereafter seek re-possession of the
Premises, or any part thereof, either by summary dispossess proceedings or by
any suitable action or proceeding at law, without being liable to indictment,
prosecution or damages therefor, and may repossess the same, and may remove any
persons therefrom, to the end that Landlord may have, hold and enjoy the
Premises. The words “re-enter” and “re-entering” as used in this Lease are not
restricted to their technical legal meanings. Upon such termination or
re-entry, Tenant shall pay to Landlord any Rent then due and owing (in addition
to any damages payable under Section 6.05).

 

6.05        Damages. If this Lease is terminated under Section 6.03,
or if Landlord re-enters the Premises under Section 6.04, Tenant shall pay to Landlord as damages, at
the election of Landlord, either:

 

(a)           a sum which, at the time of such termination,
represents the then value of the excess, if any, of (1) the aggregate of
the Rent which, had this Lease not terminated, would have been payable
hereunder by Tenant for the period commencing on the day following the date of
such termination or re-entry to and including the Expiration Date over (2) the
aggregate fair rental value of the Premises for the same period (for the
purposes of this clause (a) the amount of Additional Charges which would have been payable by
Tenant under Sections 2.04 and 2.05 shall, for each calendar
year ending after such termination or re-entry, be deemed to be an amount equal
to the amount of such Additional Charges payable by Tenant for the calendar
year immediately preceding the calendar year in which such termination or
re-entry shall occur), or

 

(b)           sums equal to the Rent that would have been
payable by Tenant through and including the Expiration Date had this Lease not
terminated or had Landlord not re-entered the Premises, payable upon the due
dates therefor specified in this Lease; provided, that if

 

30

 

Landlord
shall relet all or any part of the Premises for all or any part of the period
commencing on the day following the date of such termination or re-entry to and
including the Expiration Date, Landlord shall credit Tenant with the net rents
received by Landlord from such reletting, such net rents to be determined by
first deducting from the gross rents as and when received by Landlord from such
reletting the expenses incurred or paid by Landlord in terminating this Lease
and of re-entering the Premises and of securing possession thereof, as well as
the expenses of reletting, including, without limitation, altering and
preparing the Premises for new tenants, brokers’ commissions, and all other
expenses properly chargeable against the Premises and the rental therefrom in
connection with such reletting, it being understood that any such reletting may
be for a period equal to or shorter or longer than said period; provided, further, that (i) in
no event shall Tenant be entitled to receive any excess of such net rents over
the sums payable by Tenant to Landlord under this Lease, (ii) in no event
shall Tenant be entitled, in any suit for the collection of damages pursuant to
this Section 6.05(b),
to a credit in respect of any net rents from a reletting except to the extent
that such net rents are actually received by Landlord Prior to the commencement
of such suit, (iii) if the Premises or any part thereof should be relet in
combination with other space, then proper apportionment on a square foot
rentable area basis shall be made of the rent received from such reletting and
of the expenses of reletting, and (iv) Landlord shall have no obligation
to so relet the Premises and Tenant hereby waives any right Tenant may have, at
law or in equity, to require Landlord to so relet the Premises.

 

Suit
or suits for the recovery of any damages payable hereunder by Tenant, or any
installments thereof, may be brought by Landlord from time to time at its
election, and nothing contained herein shall require Landlord to postpone suit
until the date when the Term would have expired but for such termination or
re-entry.

 

6.06        Other Remedies. Nothing contained in this Lease shall be
construed as limiting or precluding the recovery by Landlord against Tenant of
any sums or damages to which, in addition to the damages particularly provided
above, Landlord may lawfully be entitled by reason of any default hereunder on
the part of Tenant. Anything in this Lease to the contrary notwithstanding,
during the continuation of any monetary default in the payment of Fixed Rent or
Additional Rent by Tenant, Tenant shall not be entitled to exercise any rights
or options, or to receive any funds or proceeds being held, under or pursuant
to this Lease.

 

6.07        Right to Injunction. In the event of a breach by Tenant of any of
its obligations under this Lease, Landlord shall also have the right of
injunction. The specified remedies to which Landlord may resort hereunder are
cumulative and are not intended to be exclusive of any other remedies or means
of redress to which Landlord may lawfully be entitled, and Landlord may invoke
any remedy allowed at law or in equity as if specific remedies were not herein
provided for.

 

6.08        Certain Waivers. Tenant waives and surrenders all right and
privilege that Tenant might have under or by reason of any present or future
law to redeem the Premises or to have a continuance of this Lease after Tenant
is dispossessed or ejected therefrom by process

 

31

 

of law or under the terms of this Lease or after any termination of
this Lease. Tenant also waives the provisions of any law relating to notice
and/or delay in levy of execution in case of any eviction or dispossession for
nonpayment of rent, and the provisions of any successor or other law of like import.
Landlord and Tenant each waive trial by jury in any action in connection with
this Lease.

 

6.09        No Waiver.
Failure by either party to declare any default immediately upon its occurrence
or delay in taking any action in connection with such default shall not waive
such default but such party shall have the right to declare any such default at
any time thereafter. Any amounts paid by Tenant to Landlord may be applied by
Landlord, in Landlord’s discretion, to any items then owing by Tenant to
Landlord under this Lease. Receipt by Landlord of a partial payment shall not
be deemed to be an accord and satisfaction (notwithstanding any endorsement or
statement on any check or any letter accompanying any check or payment) nor
shall such receipt constitute a waiver by Landlord of Tenant’s obligation to
make full payment. No act or thing done by Landlord or its agents shall be
deemed an acceptance of a surrender of the Premises, and no agreement to accept
such surrender shall be valid unless in writing and signed by Landlord and by
each Superior Lessor and Superior Mortgagee whose lease or mortgage provides
that any such surrender may not be accepted without its consent.

 

6.10        Holding Over.
If Tenant holds over without the consent of Landlord after expiration or
termination of this Lease, Tenant shall pay as holdover rental for each month
of the holdover tenancy an amount equal to 125%, for the first month, 150% for
the second, and for each month thereafter 200% of the greater of (i) the
fair market rental value of the Premises for such month (as reasonably
determined by Landlord) or (ii) the Rent which Tenant was obligated to pay
for the month immediately preceding the end of the Term. No holding over by
Tenant after the Term shall operate to extend the Term. Notwithstanding the
foregoing, the acceptance of any rent paid by Tenant pursuant to this Section 6.10
shall not preclude Landlord from commencing and prosecuting a holdover or
summary eviction proceeding.

 

6.11        Attorneys’ Fees. If Landlord
prevails in any action or proceeding brought for the
enforcement of this Lease or any part thereof, or the collection of any Rent
due or to become due hereunder, or recovery of the possession of the Premises,
or in the event any litigation involving bankruptcy, insolvency or other
similar proceeding involving Tenant, Tenant shall,
upon demand, reimburse Landlord’s expenses, including reasonable attorneys’
fees and disbursements and court costs.

 

32

 

6.12        Nonliability and Indemnification.
(a)    Neither Landlord, any Superior Lessor or any
Superior Mortgagee, nor any partner, director, officer, shareholder, principal,
agent, servant or employee of Landlord, any Superior Lessor or any Superior
Mortgagee (whether disclosed or undisclosed), shall be liable to Tenant for (i) any
loss, injury or damage to Tenant or to any other person, or to its or their
property, irrespective of the cause of such injury, damage or loss, nor shall
the aforesaid parties be liable for any loss of or damage to property of Tenant
or of others entrusted to employees of Landlord; provided,
that, except to the extent of the release of liability and waiver of
subrogation provided in Section 7.03
hereof, the foregoing shall not be deemed to relieve Landlord of any liability
to the extent resulting from the negligence of Landlord, its agents, servants
or employees in the operation or maintenance of the Premises or the Building, (ii) any
loss, injury or damage described in clause
(i) above caused
by other tenants or persons in, upon or about the Building, or caused by
operations in construction of any private, public or quasi-public work, or (iii) even
if negligent, consequential damages arising out of any loss of use of the
Premises or any equipment, facilities or other Tenant’s Property therein or
otherwise.

 

(b)           Tenant shall indemnify and hold harmless
Landlord, all Superior Lessors and all Superior Mortgagees and each of their
respective partners, directors, officers, shareholders, principals, agents and
employees (each, an “Indemnified
Party”), from and against any and all claims arising from or in
connection with (i) Tenant’s conduct or management of the Premises or of
any business therein, or any work or thing done or any condition created by
Tenant or at Tenant’s direction or with Tenant’s authorization, in or about the
Premises, (ii) any act, omission or negligence of Tenant or any person
claiming through or under Tenant or any of their respective partners,
directors, officers, agents, employees or contractors, (iii) any accident, injury or damage occurring in, at or upon
the Premises, (iv) any
default by Tenant in the performance of Tenant’s obligations under this Lease
and (y) any brokerage commission or similar compensation claimed to be
due by reason of any proposed subletting or assignment by Tenant (irrespective
of the exercise by Landlord of any of the options in Section 5.02(b));
together with all reasonable costs, expenses and liabilities incurred in
connection with each such claim or action or proceeding brought thereon,
including, without limitation, all attorneys’ fees and disbursements; provided,
that the foregoing indemnity shall not apply to the extent such claim results
from the negligence (other than negligence to which the release of liability and
waiver of subrogation provided in Section 7.03
applies) or willful misconduct of the Indemnified Party. If any action or
proceeding is brought against any Indemnified Party by reason of any such
claim, Tenant, upon notice from such Indemnified Party shall resist and defend
such action or proceeding (by counsel reasonably satisfactory to such
Indemnified Party).

 

33

 

ARTICLE 7

 

Insurance; Casualty; Condemnation

 

7.01        Compliance with
Insurance Standards.  (a)    Tenant
shall not violate, or permit the violation of, any condition imposed by any
insurance policy then issued in respect of the Building and shall not do, or
permit anything to be done, or keep or permit anything to be kept in the
Premises, which would subject Landlord, any Superior Lessor or any Superior
Mortgagee to any liability or responsibility for personal injury or death or
property damage, or which would increase any insurance rate in respect of the
Building over the rate which would otherwise then be in effect or which would
result in insurance companies of good standing refusing to insure the Building
in amounts reasonably satisfactory to Landlord, or which would result in the
cancellation of, or the assertion of any defense by the insurer in whole or in
part to claims under, any policy of insurance in respect of the Building.

 

(b)           If, by reason of any failure of Tenant to
comply with the use clause of this Lease, the premiums on Landlord’s insurance
on the Building shall be higher than they otherwise would be, Tenant shall
reimburse Landlord, on demand, for that part of such premiums attributable to
such failure on the part of Tenant. A schedule or “make up” of rates for the
Building or the Premises, as the case may be, issued by the New York Fire
Insurance Rating Organization or other similar body making rates for insurance
for the Building or the Premises, as the case may be, shall be evidence of the
facts therein stated and of the several items and charges in the insurance rate
then applicable to the Building or the Premises, as the case may be.

 

7.02        Tenant’s Insurance.
Tenant shall maintain at all times during the Term (a) “all risk” property
insurance covering all present and future Tenant’s Property and Tenant’s
Improvements and Betterments to a limit of not less than the fair market value
thereof, and (b) commercial general liability insurance, including a
contractual liability endorsement, and personal injury liability coverage, in
respect of the Premises and the conduct or operation of business therein, with
Landlord and its managing agent, if any, and each Superior Lessor and Superior
Mortgagee whose name and address shall have been furnished to Tenant, as
additional insureds, with limits of not less than $5,000,000 combined single limit
for bodily injury and property damage liability in any one occurrence and (c) boiler
and machinery, if there is a boiler, supplemental air conditioning unit or
pressure object or similar equipment in the Premises, with Landlord and its
managing agent, if any, and each Superior Lessor and Superior Mortgagee whose
name and address shall have been furnished to Tenant, as additional insureds,
with limits of not less than $5,000,000 and (d) when Alterations are in
process, the insurance specified in Section 4.02(f) hereof.
The limits of such insurance shall not limit the liability of Tenant. Tenant
shall deliver to Landlord and any additional insureds, prior to the
Commencement Date, such fully paid-for policies or certificates of insurance,
in form reasonably satisfactory to Landlord issued by the insurance company or
its authorized agent. Tenant shall procure and pay for renewals of such
insurance from time to time before the expiration thereof, and Tenant shall
deliver to Landlord and any additional insureds such renewal policy or a
certificate thereof at

 

34

 

least
30 days before the expiration of any existing policy. All such policies shall
be issued by companies of recognized responsibility licensed to do business in
New York State and rated by Best’s Insurance Reports or any successor
publication of comparable standing as B/VIII or better or the then equivalent
of such rating, and all such policies shall contain a provision whereby the
same cannot be cancelled or allowed to lapse unless Landlord and any additional
insureds are given at least 30 days prior written notice of such cancellation
or lapse. The proceeds of policies providing property insurance of Tenant’s
Property and Improvements and Betterments shall be payable to Tenant, and
coverage under such policies of liability insurance to Landlord, Tenant and
each Superior Lessor and Superior Mortgagee as their interests may appear.
Tenant shall cooperate with Landlord in connection with the collection of any
insurance moneys that may be due in the event of loss and Tenant shall execute
and deliver to Landlord such proofs of loss and other instruments which may be
required to recover any such insurance moneys.

 

7.03        Subrogation Waiver. To the extent that it is obtainable from
their existing insurers without material increase in premium, Landlord and
Tenant shall each include in each of its insurance policies (insuring the
Building in case of Landlord, and insuring Tenant’s Property and Improvements
and Betterments in the case of Tenant, against loss, damage or destruction by
fire or other casualty) a waiver of the insurer’s right of subrogation against
the other party during the Term or, if such waiver should be unobtainable or
unenforceable, (a) an express agreement that such policy shall not be
invalidated if the assured waives the right of recovery against any party
responsible for a casualty covered by the policy before the casualty or (b) any
other form of permission for the release of the other party. Each party hereby
releases the other party with respect to any claim (including a claim for
negligence) which it might otherwise have against the other party for loss,
damage or destruction with respect to its property occurring during the Term to
the extent to which it is, or is required to be, insured under a policy or
policies containing a waiver of subrogation or permission to release liability.
Nothing contained in this Section 7.03 shall be deemed to relieve either party of
any duty imposed elsewhere in this Lease to repair, restore or rebuild or to
nullify any abatement of rents provided for elsewhere in this Lease.

 

7.04        Condemnation. (a)   If there shall be a
total taking of the Building in condemnation proceedings or by any right of
eminent domain, this Lease and the term and estate hereby granted shall
terminate as of the date of taking of possession by the condemning authority
and all Rent shall be prorated and paid as of such termination date. If there
shall be a taking of any material (in Landlord’s reasonable judgment) portion
of the Land or the Building (whether or not the Premises are affected by such
taking), then Landlord may terminate this Lease and the term and estate granted
hereby by giving notice to Tenant within 60 days after the date of taking of
possession by the condemning authority. If there shall be a taking of the
Premises of such scope (but in no event less than 20% thereof) that the untaken
part of the Premises would in Tenant’s reasonable judgment be uneconomic to
operate, then Tenant may terminate this Lease and the term and estate granted
hereby by giving notice to Landlord within 60 days after the date of taking of
possession by the condemning authority. If either Landlord or Tenant shall give
a termination notice as aforesaid, then this Lease and the term and estate
granted hereby shall

 

35

 

terminate
as of the date of such notice and all Rent shall be prorated and paid as of
such termination date. In the event of a taking of the Premises which does not
result in the termination of this Lease (i) the term and estate hereby
granted with respect to the taken part of the Premises shall terminate as of
the date of taking of possession by the condemning authority and all Rent shall
be appropriately abated for the period from such date to the Expiration Date
and (ii) Landlord shall with reasonable diligence restore the remaining
portion of the Premises (exclusive of Tenant’s Property) as nearly as
practicable to its condition prior to such taking.

 

(b)           In the event of any taking of all or a part
of the Building, Landlord shall be entitled to receive the entire award in the
condemnation proceeding, including, without limitation, any award made for the
value of the estate vested by this Lease in Tenant or any value attributable to
the unexpired portion of the Term, and Tenant hereby assigns to Landlord any
and all right, title and interest of Tenant now or hereafter arising in or to
any such award or any part thereof, and Tenant shall be entitled to receive no
part of such award; provided, that nothing shall preclude Tenant from intervening in any such
condemnation proceeding to claim or receive from the condemning authority any
compensation to which Tenant may otherwise lawfully be entitled in such case in
respect of Tenant’s Property or moving expenses and trade fixtures, provided
the same do not include any value of the estate vested by this Lease in Tenant
or of the unexpired portion of the Term and do not reduce the amount available
to Landlord or materially delay the payment thereof.

 

(c)           If all or any part of the Premises shall be
taken for a limited period, Tenant shall be entitled, except as hereinafter set
forth, to that portion of the award for such taking which represents
compensation for the use and occupancy of the Premises, for the taking of
Tenant’s Property and for moving expenses and trade fixtures, and Landlord
shall be entitled to that portion which represents reimbursement for the cost
of restoration of the Premises. This Lease shall remain unaffected by such
taking and Tenant shall continue responsible for all of its obligations under
this Lease to the extent such obligations are not affected by such taking and
shall continue to pay in full all Rent when due. If the period of temporary use
or occupancy shall extend beyond the Expiration Date, that part of the award
which represents compensation for the use and occupancy of the Premises shall
be apportioned between Landlord and Tenant as of the Expiration Date. Any award
for temporary use and occupancy for a period beyond the date to which the Rent
has been paid shall be paid to, held and applied by Landlord as a trust fund
for payment of the Rent thereafter becoming due.

 

(d)           In the event of any taking which does not
result in termination of this Lease, (i) Landlord, whether or not any
award shall be sufficient therefor, shall proceed with reasonable diligence to
repair the remaining parts of the Building and the Premises (other than those
parts of the Premises which constitute Tenant’s Property) to substantially
their former condition to the extent that the same may be feasible (subject to
reasonable changes which Landlord deems desirable) and so as to constitute a
complete and rentable Building and Premises and (ii) Tenant, whether or
not any award shall be sufficient therefor, shall proceed with reasonable
diligence to repair the remaining parts of the Premises which constitute Tenant’s

 

36

 

Property, to substantially their former condition to the extent that
the same may be feasible, subject to reasonable changes which shall be deemed
Alterations.

 

7.05        Casualty.  (a)    If the Building or
the Premises shall be partially or totally damaged or destroyed by fire or
other casualty (each, a “Casualty”) and if this Lease is not terminated
as provided below, then (i) Landlord shall repair and restore the Building
and the Premises (excluding Tenant’s Improvements and Betterments and Tenant’s
Property) with reasonable dispatch (but Landlord shall not be required to
perform the same on an overtime or premium pay basis, unless compensated for
same under Landlord’s policies of casualty insurance) after notice to Landlord
of the Casualty and the collection of the insurance proceeds attributable to
such Casualty and (ii) Tenant shall repair and restore in accordance with Section 4.02
all Tenant’s Improvements and Betterments and Tenant’s Property with reasonable
dispatch after the Casualty.

 

(b)           If all or part of the Premises shall be
rendered untenantable by reason of a Casualty, the Fixed Rent and the
Additional Charges under Sections 2.04 and 2.05 shall be abated
in the proportion that the untenantable area of the Premises bears to the total
area of the Premises, for the period from the date of the Casualty to the
earlier of (i) the date the Premises is made tenantable (provided,
that if the Premises would have been tenantable at an earlier date but for
Tenant having failed diligently to prosecute repairs or restoration, then the
Premises shall be deemed to have been made tenantable on such earlier date and
the abatement shall cease) or (ii) the date Tenant or any subtenant
reoccupies a portion of the Premises for the ordinary conduct of business (in
which case the Fixed Rent and the Additional Charges allocable to such
reoccupied portion shall be payable by Tenant from the date of such occupancy).
Landlord’s determination of the date the Premises is tenantable shall be
controlling unless Tenant disputes same by notice to Landlord within 20 days
after such determination by Landlord, and pending resolution of such dispute,
Tenant shall pay Rent in accordance with Landlord’s determination.
Notwithstanding the foregoing, if by reason of any act or omission by Tenant,
any subtenant or any of their respective partners, directors, officers,
servants, employees, agents or contractors, Landlord, any Superior Lessor or
any Superior Mortgagee shall be unable to collect all of the insurance proceeds
(including, without limitation, rent insurance proceeds) applicable to the
Casualty, then, without prejudice to any other remedies which may be available
against Tenant, there shall be no abatement of Rent. Nothing contained in this Section 7.05
shall relieve Tenant from any liability that may exist as a result of any Casualty.

 

(c)           If by reason of a Casualty (i) the
Building shall be totally damaged or destroyed, (ii) the Building shall be
so damaged or destroyed (whether or not the Premises are damaged or destroyed)
that Landlord’s repair or restoration shall require more than 210 days or the
expenditure of more than 40% percent of the full insurable value of the
Building (which, for purposes of this Section 7.05(c), shall mean
replacement cost less the cost of footings, foundations and other structures
below the street and first floors of the Building) immediately prior to the
Casualty or (iii) more than 50% of the Premises shall be damaged or
destroyed (as estimated in any such case by a reputable contractor, architect
or engineer designated by

 

37

 

Landlord),
then in any such case Landlord or Tenant may terminate this Lease by notice
given to the other within 90 days after the Casualty.

 

(d)           Landlord shall not carry any insurance on
Tenant’s Property or on Tenant’s Improvements and Betterments and shall not be
obligated to repair or replace Tenant’s Property or Tenant’s Improvements and
Betterments. Tenant shall look solely to its insurance for recovery of any
damage to or loss of Tenant’s Property or Tenant’s Improvements and
Betterments. Tenant shall notify Landlord promptly of any Casualty in the
Premises.

 

(e)           This Section 7.05 shall be deemed an express agreement
governing any damage or destruction of the Premises by fire or other casualty,
and Section 227 of the New York Real Property Law providing for such a
contingency in the absence of an express agreement, and any other law of like
import now or hereafter in force, shall have no application.

 

ARTICLE 8

 

Miscellaneous Provisions

 

8.01        Notice. All notices, demands, consents, approvals,
advices, waivers or other communications which may or are required to be given
by either party to the other under this Lease (each, “Notice”) shall be in writing and shall be delivered
by (a) personal delivery, (b) the United States mail, certified or
registered, postage prepaid, return receipt requested, or (c) a nationally
recognized overnight courier, in each case addressed to the party to be
notified at the address for such party specified in the first paragraph of this
Lease (in the case of each Notice to Landlord to the attention of Harry R.
Dreizen, Esq. and with a copy of each notice to Landlord to C & K
Properties, Pier 40, West Street and Houston Street, #100, New York, New York
10014 Attention: Ben Korman and Meir Cohen) or to such other place as the party
to be notified may from time to time designate by at least 5 days notice to the
notifying party. Notices from Landlord to Tenant shall be given to the
attention of Kevin Hesselbirg with a copy to William Cornachio, Esq., Rivkin
Radler LLP, EAB Plaza, Uniondale, NY 11556 and may be given by Landlord’s
managing agent, if any, or by Landlord’s attorney. Each Notice shall be deemed
to have been given on the date such Notice is actually received as evidenced by
a written receipt therefore or the regularly kept business records of the
overnight courier, and in the event of failure to deliver by reason of changed
address of which no Notice was given or refusal to accept delivery, as of the
date of such failure.

 

8.02        Building Rules. Tenant shall comply with, and Tenant shall
cause its licensees, employees, contractors, agents and invitees to comply
with, the rules of the Building set forth in Exhibit C, as the same may be reasonably modified or
supplemented by Landlord from time to time for the safety, care and cleanliness
of the Premises and the Building and for preservation of good order therein.
Landlord shall enforce the rules of the Building against Tenant or any
other tenant of the Building and each other party in a manner which is not
arbitrary and which is non-discriminatory, and Landlord shall have no liability
to Tenant by reason of the

 

38

 

violation by any tenant or other party of the rules of the
Building. If any rule of the Building shall conflict with any provision of
this Lease, such provision of this Lease shall govern.

 

8.03        Severability.
If any term or provision of this Lease, or the application thereof to any
person or circumstances shall to any extent be invalid or unenforceable, the
remainder of this Lease, or the application of such provision to persons or
circumstances other than those as to which it is invalid or unenforceable,
shall not be affected, and each provision of this Lease shall be valid and
shall be enforceable to the extent permitted by law.

 

8.04        Certain Definitions.  (a)    “Landlord”
means only the owner, at the time in question, of the Building or that portion
of the Building of which the Premises are a part, or of a lease of the Building
or that portion of the Building of which the Premises are a part, so that in
the event of any transfer or transfers of title to the Building or of Landlord’s
interest in a lease of the Building or such portion of the Building, the
transferor shall be and hereby is relieved and freed of all obligations of
Landlord under this Lease accruing after such transfer, and it shall be deemed,
without further agreement, that such transferee has assumed all obligations of
Landlord during the period it is the holder of Landlord’s interest under this
Lease.

 

(b)           “Landlord shall have no liability to Tenant”
or words of similar import mean that Tenant is not entitled to terminate this
Lease, or to claim actual or constructive eviction, partial, or total, or to
receive any abatement or diminution of Rent, or to be relieved in any manner or
any of its other obligations under this Lease, or to be compensated for loss or
injury suffered or to enforce any other right or kind of liability whatsoever
against Landlord under or with respect to this Lease or with respect to Tenant’s
use or occupancy of the Premises.

 

8.05        Quiet Enjoyment.
Tenant shall and may peaceably and quietly have, hold and enjoy the Premises,
subject to the other terms of this Lease and to Superior Leases and Superior
Mortgages, provided that Tenant pays the Fixed Rent and Additional Charges to
be paid by Tenant and performs all of Tenant’s covenants and agreements
contained in this Lease.

 

8.06        Limitation of Landlord’s
Personal Liability. Tenant shall look solely to Landlord’s interest in
the Building for the recovery of any judgment against Landlord, and no other
property or assets of Landlord or Landlord’s partners, officers, directors,
shareholders or principals, direct or indirect, disclosed or undisclosed, shall
be subject to levy, execution or other enforcement procedure for the
satisfaction of Tenant’s remedies under or with respect to this Lease.

 

8.07        Counterclaims.
If Landlord commences any summary proceeding or action for nonpayment of Rent
or to recover possession of the Premises, Tenant shall not interpose any
counterclaim of any nature or description in any such proceeding or action,
unless Tenant’s failure to interpose such counterclaim in such proceeding or
action would result in the waiver of Tenant’s right to bring such claim in a
separate proceeding under applicable law.

 

39

 

8.08        Survival. All
obligations and liabilities of Landlord or Tenant to the other which accrued
before the expiration or other termination of this Lease and all such
obligations and liabilities which by their nature or under the circumstances
can only be, or by the provisions of this Lease may be, performed after such
expiration or other termination, shall survive the expiration or other
termination of this Lease. Tenant’s obligations with respect to Additional Rent
shall survive the expiration of other termination of this Lease, provided that
such obligation shall not extend beyond any Additional Rent billed after
eighteen months following the expiration or other termination of the Lease.
Without limiting the generality of the foregoing, the rights and obligations of
the parties with respect to any indemnity under this Lease, and with respect to
Tax Payments, Operating Payments and any other amounts payable under this
Lease, shall survive the expiration or other termination of this Lease.

 

8.09        Certain Remedies.
If Tenant requests Landlord’s consent and Landlord fails or refuses to give
such consent, Tenant shall not be entitled to any damages for any withholding
by Landlord of its consent, it being intended that Tenant’s sole remedy shall
be an action for specific performance or injunction, and that such remedy shall
be available only in those cases where this Lease provides that Landlord shall
not unreasonably withhold its consent. No dispute relating to this Lease or the
relationship of Landlord and Tenant under this Lease shall be resolved by
arbitration unless this Lease expressly provides for such dispute to be
resolved by arbitration.

 

8.10        No Offer. The
submission by Landlord of this Lease in draft form shall be solely for Tenant’s
consideration and not for acceptance and execution and the submission by Tenant
of this Lease in draft form or with proposed revisions shall be solely for
Landlord’s consideration. Such submission shall have no binding force or effect
and shall confer no rights nor impose any obligations, including brokerage
obligations, on either party unless and until both Landlord and Tenant shall
have executed a lease and duplicate originals thereof shall have been delivered
to the respective parties.

 

8.11        Captions; Construction.
The table of contents, captions, headings and titles in this Lease are solely
for convenience of reference and shall not affect its interpretation. This
Lease shall be construed without regard to any presumption or other rule requiring
construction against the party causing this Lease to be drafted. Each covenant,
agreement, obligation or other provision of this Lease on Tenant’s part to be
performed, shall be deemed and construed as a separate and independent covenant
of Tenant, not dependent on any other provision of this Lease.

 

8.12        Amendments.
This Lease may not be altered, changed or amended, except by an instrument in
writing signed by the party to be charged.

 

8.13        Broker. Each
party represents to the other that such party has dealt with no broker other
than Cushman & Wakefield of Long Island (representing Landlord) and
Navigator Consulting Group (representing Tenant) (collectively, the “Brokers”) in connection with
this Lease or the Building, and each party shall indemnify and hold the other
harmless from

 

40

 

and against all loss, cost, liability and expense (including, without
limitation, reasonable attorneys’ fees and disbursements) arising out of any
claim for a commission or other compensation by any broker, other than the
Brokers, who alleges that it has dealt with the indemnifying party in
connection with this Lease or the Building. Landlord shall enter into a
separate agreement with Brokers which provides that, if this Lease is executed
and delivered by both Landlord and Tenant, Landlord shall pay to both Brokers a
commission to be agreed upon between Landlord and Brokers, subject to,
and in accordance with, the terms and conditions of such agreement.

 

8.14        Merger. Tenant
acknowledges that Landlord has not made and is not making, and Tenant, in
executing and delivering this Lease, is not relying upon, any warranties,
representations, promises or statements, except to the extent that the same are
expressly set forth in this Lease. This Lease embodies the entire understanding
between the parties with respect to the subject matter hereof, and all prior
agreements, understanding and statements, oral or written, with respect thereto
are merged in this Lease.

 

8.15        Successors. This Lease shall be
binding upon and inure to the benefit of Landlord, its successors and assigns,
and shall be binding upon and inure to the benefit of Tenant, its successors,
and to the extent that an assignment may be approved by Landlord, Tenant’s
assigns.

 

8.16        Applicable Law. This Lease shall be
governed by, and construed in accordance with, the laws of the State of New
York, without giving effect to any principles of conflicts of laws.

 

8.17        No Development Rights. Tenant
acknowledges that it has no rights to any development rights, air rights or
comparable rights appurtenant to the Building, and consents, without further
consideration, to any utilization of such rights by Landlord. Tenant shall
promptly execute and deliver any instruments which may be requested by
Landlord, including instruments merging zoning lots, evidencing such
acknowledgment and consent.

 

8.18        [Intentionally Omitted.]

 

8.19        Roof Rights.

 

(a)           Subject to the
requirements of this Section 8.19,  Tenant may install, maintain and operate, at
Tenant’s sole cost and expense, one communications dish (not to exceed 3.5 feet in diameter) and related
equipment and support structures (collectively, the “Communications
Equipment”) on the roof of the Building in an area as Landlord may
designate (provided such area is suitable for Tenant’s intended transmission
and reception requirements) and run a cable therefrom into the Premises through
conduit space provided by Landlord in such locations as Landlord may designate.
Tenant acknowledges that (i) Tenant’s use of the roof of the Building is a
non-exclusive use and Landlord may permit any person or entity to use any other
portion of the roof of the Building for any use; (ii) the installation of
the Communications

 

41

 

Equipment shall be deemed to be a Material Alteration; (iii) if
Landlord’s structural engineer recommends that there be structural
reinforcement of the roof of the Building in connection with the installation
of the Communications Equipment, Tenant shall, prior to any installation of the
Communications Equipment, perform the same at Tenant’s sole cost and expense in
accordance with plans and specifications approved by Landlord; (iv) without
limiting the other conditions set forth in this Section 8.19, such
installation (including, without limitation, any structural reinforcements
performed in connection therewith) shall be performed in compliance with all of
the provisions of Section 4.02 and the other provisions of this
Lease applicable to Alterations; (v) Tenant, at Tenant’s expense, shall
comply with all Laws and procure and maintain all necessary permits and
approvals required therefor (Tenant hereby acknowledging that Landlord is
making no representations as to the permissibility of any Communications
Equipment on the roof of the Building by any governmental authority having
jurisdiction thereof); (vi) Tenant shall promptly repair any damage
(whether structural or non-structural) caused to the roof or any other portion
of the Building or its fixtures, equipment and appurtenances by reason of the
installation, maintenance or operation of the Communications Equipment (or, at
Landlord’s election, Landlord shall perform such repairs and Tenant shall
reimburse Landlord for the reasonable costs thereof within 10 days after rendition
of a bill therefor); (vii) the installation, operation and maintenance of
the Communications Equipment shall not interfere with the operation and
maintenance of any installations existing on the date Tenant installs the
Communications Equipment; (viii) if Tenant’s installation, operation or
maintenance of the Communications Equipment shall interfere with Landlord’s
rights (including, without limitation, Landlord’s right to use the remainder of
the roof of the Building for any purposes) or other present or future tenants
in the Building, Tenant shall cooperate with Landlord or such other tenants in
eliminating such interference; provided that in cases where the interference
affects installations existing on the date Tenant installs the Communications Equipment
the cost of remedying such interference shall be borne by Tenant; and (ix) Tenant
shall pay any additional or increased insurance premiums incurred by Landlord,
and shall obtain and pay for any additional insurance coverage for the benefit
of Landlord in such amount and of such type as Landlord may reasonably require
in connection with the Communications Equipment.

 

(b)           If the installation,
maintenance or operation of the Communications Equipment shall revoke, negate
or in any manner impair or limit any roof warranty or guaranty for the
Building, then Tenant shall reimburse Landlord for any loss or damage sustained
or costs or expenses incurred by Landlord as a result thereof. Tenant shall
remove the Communications Equipment upon the expiration or earlier termination
of the Term and repair any damage to the roof of the Building caused by the
installation or removal of the Communications Equipment, all at Tenant’s
expense (or, at Landlord’s election, Landlord shall perform such repairs and
Tenant shall reimburse Landlord for the reasonable costs thereof within 10 days
after rendition of a bill therefor). Landlord shall have no liability to repair
or maintain the Communications Equipment, nor shall Landlord be liable for any
damage to the Communications Equipment, except to the extent such damage is
caused by the negligence or willful misconduct of Landlord.

 

42

 

(c)           For the purpose of
installing, operating or maintaining the Communications Equipment, Tenant shall
have access to the roof of the Building at reasonable times upon reasonable
notice to Landlord, and Landlord shall have the right to require, as a
condition to such access, that Tenant (or Tenant’s employee, contractor or
other representative) at all times be accompanied by a representative of
Landlord who Landlord shall make available upon reasonable notice, and Tenant
agrees to pay Landlord’s out-of-pocket expenses incurred in making such
representative available.

 

(d)           Landlord shall have the
right to relocate the Communications Equipment, at Landlord’s sole cost and
expense (or at Tenant’s sole cost and expense if the relocation shall be
required due to the application of any Laws or if due to the request of
Tenant), to any other location on the roof of the Building, such right to be
exercisable by Landlord giving Tenant 10 days prior notice thereof (except in
the case of emergency in which case Landlord shall give such notice as is
reasonably practicable). Tenant shall pay any amounts due to Landlord in
connection with the relocation of the Communications Equipment within 10 days
after rendition of a bill therefor. Tenant shall not have the right to object
to any new location of the Communications Equipment unless such new location
shall adversely affect Tenant’s use of the Communications Equipment or its
transmission or reception performance.

 

(e)           If the Communications
Equipment shall not be connected to Tenant’s submeters measuring Tenant’s use
of electricity in the Premises, Tenant shall pay all electricity costs in
connection with the use of the Communications Equipment based on Tenant’s
consumption (KWs on-peak, KWs off-peak, KWHRs on-peak and KWHRs off-peak) of
electricity as reasonably estimated by Landlord based on the meter measuring
the consumption of electricity by the Communications Equipment and other
portions of the Building, and Tenant shall pay Landlord’s Rate as applied to
such consumption (the “Actual Charge”).
The Actual Charge shall be adjusted by Landlord from time to time if there is a
change in Landlord’s Rate, and may be adjusted by Landlord from time to time
if, in Landlord’s reasonable judgment, Tenant is not paying for the entire cost
of Tenant’s demand for, and consumption of, electricity in connection with the
Communications Equipment. If applicable, any adjustment to the Actual Charge
shall be retroactive to the date of the relevant change in Tenant’s consumption
or in Landlord’s Rate.

 

(f)            The rights granted in
this Section 8.19
are given in connection with, and as part of the rights created hereunder, this
Lease, and are not separately transferable or assignable other than in
connection with an assignment of this Lease or a subletting of the Premises as
permitted by this Lease. Tenant shall not resell in any form the use of the
Communications Equipment, including, without limitation, the granting of any
licensing or other rights.

 

8.20        Meeting Area. Landlord will provide
to Tenant, at no charge to Tenant and no more frequently than once per quarter
during the Term, a separated, semi-private area of

 

43

 

not less than 3,000 square feet, in the cafeteria serving the Building
in order for Tenant to conduct employee meetings.

 

44

 

ARTICLE 9

 

Renewal Right

 

9.01.       Renewal Right.

 

(a)           Provided that on the date Tenant exercises the Renewal Option and at
the commencement of the Renewal Term (i) this Lease shall not have been
terminated, (ii) Tenant shall not be in default under this Lease and (iii) Tenant
and/or a permitted subtenant or assignee shall occupy the entire Premises,
Tenant shall have the option (the “Renewal Option”) to extend the term of this Lease for an
additional five (5) year period (the “Renewal Term”), to commence at the expiration of the initial
Term.

 

(b)           The Renewal Option shall be exercised with respect to the entire
Premises only and shall be exercisable by Tenant giving notice to Landlord (the
“Renewal Notice”) at
least twelve months before the last day of the initial Term. Time is
of the essence with respect to the giving of the Renewal Notice.

 

9.02.       Renewal Rent and Other
Terms.

 

(a)           The Renewal Term shall be upon all of the terms and conditions set
forth in this Lease, except that (i) the Fixed Rent shall be as determined
pursuant to the further provisions of this Section 9.02; (ii) Tenant shall accept the Premises
in its “as is” condition at the commencement of the Renewal Term, and Landlord
shall not be required to perform Landlord’s Work or any other work, pay the
Work Allowance or any other amount or render any services to make the Premises
ready for Tenant’s use and occupancy or provide any abatement of Fixed Rent or
Additional Charges, in each case with respect to the Renewal Term; (iii) Tenant
shall have no option to renew this Lease beyond the expiration of the Renewal
Term; and (iv) the Base Tax Amount shall be the Taxes for Town General
Taxes for the 2014 Tax Year and School Taxes for the 2014-15 Tax Year ending
immediately before the commencement of the Renewal Term.

 

(b)           The annual Fixed Rent for the Premises for the Renewal Term shall be the greater of (i) the Fair Market Rent or (ii) an
amount (the “Annual Rent”)
equal to the aggregate of (A) the Fixed Rent payable by Tenant for the 12
month period ending on the last day of the initial Term, and (B) the Tax Payment payable with respect to the Tax Year ending immediately
before the commencement of the Renewal Term (the greater of Fair Market Rent
and Annual Rent is called the “Rental Value”). “Fair Market Rent” means the fixed annual rent that a willing
lessee would pay and a willing lessor would accept for the Premises during the
Renewal Term, taking into account all relevant factors.

 

45

 

(c)           If Tenant timely exercises the Renewal Option, Landlord shall notify Tenant
(the “Rent Notice”) at least 90 days before the last day of the initial
Term of Landlord’s determination of the Fair Market Rent (“Landlord’s
Determination”).  If Landlord’s Determination
exceeds the Annual Rent, then Tenant shall notify Landlord (“Tenant’s Notice”),
within 20 days after Tenant’s receipt of the Rent Notice, whether Tenant
accepts or disputes Landlord’s Determination, and if Tenant disputes Landlord’s
Determination, Tenant’s Notice shall set forth Tenant’s determination of the
Fair Market Rent (which shall not be less than the Annual Rent). If Tenant
fails to give Tenant’s Notice within such 20 day period, Tenant shall be deemed
to have accepted Landlord’s Determination.

 

(d)           If Tenant timely disputes Landlord’s Determination and Landlord and Tenant
fail to agree as to the Fair Market Rent within 20 days after the giving of
Tenant’s Notice, then the Fair Market Rent shall be determined as follows: Such
dispute shall be resolved by arbitration conducted in accordance with the Real
Estate Valuation Arbitration Rules (Expedited Procedures) of the AAA,
except that the provisions of this Section 9.02(d) shall
supersede any conflicting or inconsistent provisions of said rules. The party
requesting arbitration shall do so by giving notice to that effect to the other
party, specifying in said notice the nature of the dispute, and that said
dispute shall be determined in the County of Nassau, New York, by a panel of 3
arbitrators in accordance with this Section 9.02(d). Landlord and
Tenant shall each appoint their own arbitrator within 7 days after the giving
of notice by either party. If either Landlord or Tenant shall fail timely to
appoint an arbitrator, the appointed arbitrator shall select the second
arbitrator, who shall be impartial, within 7 days after such party’s failure to
appoint. Such two arbitrators shall have 7 days to appoint a third arbitrator
who shall be impartial. If such arbitrators fail to do so, then either Landlord
or Tenant may request the AAA to appoint an arbitrator who shall be impartial
within 14 days of such request and both parties shall be bound by any
appointment so made within such 14-day period. If no such third arbitrator
shall have been appointed within such 14 days, either Landlord or Tenant may
apply to any court having jurisdiction to make such appointment. The third
arbitrator only shall subscribe and swear to an oath fairly and impartially to
determine such dispute. Within 14 days after the third arbitrator has been
appointed, each arbitrator shall render its determination of the Fair Market
Rent in writing and shall submit same to each of the other arbitrators, and to
Landlord and Tenant. If at least two of the three arbitrators shall concur in
their determination of the Fair Market Rent, their determination shall be final
and binding upon the parties. If the arbitrators fail to concur, then the Fair
Market Rent shall be equal to 50% of the sum of the two determinations by the
arbitrators closest in amount, and such amount shall be final and binding upon
the parties. The fees and expenses of any arbitration pursuant to this Section 9.02(d) shall
be borne by the parties equally, but each party shall bear the expense of its
own arbitrator, attorneys and experts and the additional expenses of presenting
its own proof. The arbitrators shall not have the power to add to, modify or
change any of the provisions of this Lease. Each arbitrator shall have at least
10 years’ experience in leasing and valuation of properties which are similar
in character to the Building. After a determination has been made of the Fair
Market Rent, the parties shall execute and deliver an instrument setting forth
the Fair Market Rent, but the failure to so execute and deliver any such instrument
shall not effect the determination of Fair Market Rent.

 

46

 

(e)           If Tenant disputes Landlord’s Determination and if the final
determination of Fair Market Rent shall not be made on or before the first day
of the Renewal Term, then, pending such final determination, Tenant shall pay,
as Fixed Rent for the Renewal Term, an amount equal to Rent in effect during
the last 12 months of the Term multiplied by103.0%, plus the Tax Payment. If,
based upon the final determination of the Fair Market Rent, the Fixed Rent
payments made by Tenant for such portion of the Renewal Term were (i) less
than the Rental payable for the Renewal Term, Tenant shall
pay to Landlord the amount of such deficiency within 10 days after demand
therefor or (ii) greater than the Rental
Value payable for the
Renewal Term, Landlord shall credit the amount of such excess against future
installments of Fixed Rent and/or Additional Charges payable by Tenant.

 

47

 

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

 

 

	
  Landlord:

  	
  GALAXY LI ASSOCIATES LLC

  

 

By: GALAXY LI

 

	
   

  	
  MEMBER LLC

  
	
   

  	
  Its Managing Member

  

 

 

	
   

  	
  By:

  	
   

  	
  /s/ MEUSHAR LLC

  
	
   

  	
  Its Managing Member

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Joseph Moinian

  
	
   

  	
              Joseph
  Moinian

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Managing Member

  

 

 

	
  Tenant:

  	
  OPEN LINK FINANCIAL, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kevin Hesselbirg

  
	
   

  	
     Name:  Kevin Hesselbirg

  
	
   

  	
     Title:     CFO

  
	
   

  	
   

  
	
  Tenant’s Federal Tax I.D. No.:

  	
  11-3125557

  

 

48

 

EXHIBIT A

 

 

Omitted

 

1

 

EXHIBIT B

 

FLOOR PLAN

 

This
floor plan is annexed to and made a part of this Lease solely to indicate the
Premises by outlining and diagonal marking. All areas, conditions, dimensions
and locations are approximate.

 

1

 

EXHIBIT C

RULES AND REGULATIONS

 

1.             The rights of each tenant in the
entrances, corridors, elevators and escalators servicing the Building are
limited to ingress and egress from such tenant’s premises for the tenant and
its employees, licensees and invitees, and no tenant shall use, or permit the
use of, the entrances, corridors, escalators or elevators for any other
purpose. No tenant shall invite to the tenant’s premises, or permit the visit
of, persons in such numbers or under such conditions as to interfere with the
use and enjoyment of any of the plazas, entrances, corridors, escalators,
elevators and other facilities of the Building by any other tenants. Fire exits
and stairways are for emergency use only, and they shall not be used for any
other purpose by the tenants, their employees, licensees or invitees. No tenant
shall encumber or obstruct, or permit the encumbrance or obstruction of, any of
the sidewalks, plazas, entrances, corridors, escalators, elevators, fire exits
or stairways of the Building. Landlord reserves the right to control and
operate the public portions of the Building and the public facilities, as well
as facilities furnished for the common use of the tenants, in such manner as it
in its reasonable judgment deems best for the benefit of the tenants generally.

 

2.             Landlord may refuse admission to the
Building outside of Business Hours on Business Days to any person not known to
the watchman in charge or not having a pass issued by Landlord or the tenant
whose premises are to be entered or not otherwise properly identified, and
Landlord may require all persons admitted to or leaving the Building outside of
Business Hours on Business Days to provide appropriate identification. Tenant
shall be responsible for all persons for whom it issues any such pass and shall
be liable to Landlord for all acts or omissions of such persons. Any person
whose presence in the Building at any time shall, in the judgment of Landlord,
be prejudicial to the safety, character or reputation of the Building or of its
tenants may be ejected therefrom. During any invasion, riot, public excitement
or other commotion, Landlord may prevent all access to the Building by closing
the doors or otherwise for the safety of the tenants and protection of property
in the Building.

 

3.             Only Landlord or persons reasonably
approved by Landlord shall be permitted to furnish to the Premises ice,
drinking water, food, beverage, linen, towel, barbering, bootblacking, floor
polishing, cleaning or other similar services.

 

4.             No awnings or other projections shall be
attached to the outside walls of the Building. No curtains, blinds, shades or
screens which are different from the standards adopted by Landlord for the
Building shall be attached to or hung in, or used in connection with, any
exterior window or door of the premises of any tenant, without the prior
written consent of Landlord. Such curtains, blinds, shades or screens must be
of a quality, type, design and color, and attached in the manner approved by
Landlord, which approval shall not be unreasonably withheld or delayed.

 

1

 

5.             No lettering, sign, advertisement, notice
or object shall be displayed in or on the exterior windows or doors, or on the
outside of any tenant’s premises, or at any point inside any tenant’s premises
where the same might be visible outside of such premises, without the prior
written consent of Landlord. In the event of the violation of the foregoing by
any tenant, Landlord may remove the same without any liability, and may charge
the expense incurred in such removal to the tenant violating this rule.
Interior signs, elevator cab designations and lettering on doors and the
Building directory shall, if and when approved by Landlord, be inscribed,
painted or affixed for each tenant by Landlord at the expense of such tenant,
and shall be of a size, color and style reasonably acceptable to Landlord.

 

6.             The sashes, sash doors, skylights, windows
and doors that reflect or admit light and air into the halls, passageways or
other public places in the Building shall not be covered or obstructed by any
tenant, nor shall any bottles, parcels or other articles be placed on the
window sills or on the peripheral air conditioning enclosures, if any.

 

7.             No showcases or other articles shall be
put in front of or affixed to any part of the exterior of the Building, nor
placed in the halls, corridors or vestibules.

 

8.             No bicycles, vehicles, animals, fish or
birds of any kind shall be brought into or kept in or about the premises of any
tenant or the Building.

 

9.             No noise, including, without limitation,
music or the playing of musical instruments, recordings, radios or television,
which, in the reasonable judgment of Landlord, disturbs other tenants in the
Building, shall be made or permitted by any tenant. Nothing shall be done or
permitted in the premises of any tenant which would impair or interfere with
the use or enjoyment by any other tenant of any space in the Building.

 

10.           No tenant, nor any tenant’s contractors,
employees, agents, visitors or licensees, shall at any time bring into or keep
upon the premises or the Building any inflammable, combustible, explosive, or
otherwise hazardous or dangerous fluid, chemical, substance or material.

 

11.           Additional locks or bolts of any kind which
shall not be operable by the Grand Master Key for the Building shall not be
placed upon any of the doors or windows by any tenant, nor shall any changes be
made in locks or the mechanism thereof which shall make such locks inoperable
by said Grand Master Key. Additional keys for a tenant’s premises and toilet
rooms shall be procured only from Landlord who may make a reasonable charge
therefor. Each tenant shall, upon the termination of its tenancy, turn over to
Landlord all keys of stores, offices and toilet rooms, either furnished to, or
otherwise procured by, such tenant, and in the event of the loss of any keys
furnished by Landlord, such tenant shall pay to Landlord the cost thereof.

 

12.           All removals, or the carrying in or out of
any safes, freight, furniture, packages, boxes, crates or any other object or
matter of any description must take place during such hours and in such
elevators, and in such manner as Landlord or its agent may reasonably determine
from time to time. The persons employed to move safes and other heavy objects
shall

 

2

 

be reasonably acceptable to Landlord and, if so required by law, shall
hold a Master Rigger’s license. Arrangements will be made by Landlord with any
tenant for moving large quantities of furniture and equipment into or out of
the Building. All labor and engineering costs incurred by Landlord in
connection with any moving specified in this rule, including a reasonable
charge for overhead shall be paid by tenant to Landlord, on demand.

 

13.           Landlord reserves the right to inspect all
objects and matter to be brought into the Building and to exclude from the
Building all objects and matter which violate any of these Rules and
Regulations or the lease of which this Exhibit is a part. Landlord may
require any person leaving the Building with any package or other object or
matter to submit a pass, listing such package or object or matter, from the
tenant from whose premises the package or object or matter is being removed,
but the establishment and enlargement of such requirement shall not impose any
responsibility on Landlord for the protection of any tenant against the removal
of property from the premises of such tenant. Landlord shall in no way be
liable to any tenant for damages or loss arising from the admission, exclusion
or ejection of any person to or from the premises or the Building under the
provisions of this Rule or of Rule 2 hereof.

 

14.           No tenant shall occupy or permit any portion
of its premises to be occupied as an office for a public stenographer or public
typist, or for the possession, storage, manufacture, or sale of liquor,
narcotics, dope, tobacco in any form, or as a barber, beauty or manicure shop,
or as a school. No tenant shall use, or permit its premises or any part thereof
to be used, for manufacturing, or the sale at retail or auction of merchandise,
goods or property of any kind.

 

15.           Landlord shall have the right to prohibit
any advertising or identifying sign by any tenant which, in Landlord’s
reasonable judgment, tends to impair the reputation of the Building or its
desirability as a building for others, and upon written notice from Landlord,
such tenant shall refrain from and discontinue such advertising or identifying
sign.

 

16.           Landlord shall have the right to prescribe
the weight and position of safes and other objects of excessive weight, and no
safe or other object whose weight exceeds the lawful load for the area upon
which it would stand shall be brought into or kept upon any tenant’s premises.
If, in the reasonable judgment of Landlord, it is necessary to distribute the
concentrated weight of any heavy object, the work involved in such distribution
shall be done at the expense of the tenant and in such manner as Landlord shall
determine.

 

17.           No machinery or mechanical equipment other
than ordinary portable business machines may be installed or operated in any
tenant’s premises without Landlord’s prior written consent which consent shall
not be unreasonably withheld or delayed, and in no case (even where the same
are of a type so excepted or as so consented to by Landlord) shall any machines
or mechanical equipment be so placed or operated as to disturb other tenants;
but machines and mechanical equipment which may be permitted to be installed
and used in a tenant’s premises shall be so equipped, installed and maintained
by such tenant as to prevent any disturbing noise, vibration or electrical or
other interference from being transmitted from such premises to any other area
of the Building.

 

3

 

18.           Landlord, its contractors, and their
respective employees shall have the right to use, without charge therefor, all
light, power and water in the premises of any tenant while cleaning or making
repairs or alterations in the premises of such tenant.

 

19.           No premises of any tenant shall be used for
lodging of sleeping or for any immoral or illegal purpose.

 

20.           The requirements of tenants will be attended
to only upon application at the office of the Building. Employees of Landlord
shall not perform any work or do anything outside of their regular duties,
unless under special instructions from Landlord.

 

21.           Canvassing, soliciting and peddling in the
Building are prohibited and each tenant shall cooperate to prevent the same.

 

22.           Tenant shall not cause or permit any unusual
or objectionable fumes, vapors or odors to emanate from the Premises which
would annoy other tenants or create a public or private nuisance. No cooking
shall be done in the Premises except snack food, microwave cooking. Tenant may
have vending machines in the Premises to dispense snack foods and soft drinks
provided such machines are furnished by the Building’s approved vendor.

 

23.           Nothing shall be done or permitted in any tenant’s
premises, and nothing shall be brought into or kept in any tenant’s premises,
which would impair or interfere with any of the Building’s services or the
proper and economic heating, ventilating, air conditioning, cleaning or other
servicing of the Building or the premises, or the use or enjoyment by any other
tenant of any other premises, nor shall there be installed by any tenant any
ventilating, air conditioning, electrical or other equipment of any kind which,
in the reasonable judgment of Landlord, might cause any such impairment or
interference.

 

24.           No acids, vapors or other materials shall be
discharged or permitted to be discharged into the waste lines, vents or flues
of the Building which may damage them. The water and wash closets and other
plumbing fixtures in or serving any tenant’s premises shall not be used for any
purpose other than the purposes of which they were designed or constructed, and
no sweepings, rubbish, rags, acids or other foreign substances shall be
deposited therein. All damages resulting from any misuse of the fixtures shall
be borne by the tenant who, or whose servants, employees, agents, visitors or
licensees shall have, caused the same. Any cuspidors or containers or
receptacles used as such in the premises of any tenant, or for garbage or
similar refuse, shall be emptied, cared for and cleaned by and at the expense
of such tenant.

 

25.           All entrance doors in each tenant’s premises
shall be left locked and all windows shall be left closed by the tenant when
the tenant’s premises are not in use. Entrance doors shall not be left open at
any time. Each tenant, before closing and leaving its premises at any time,
shall turn out all lights.

 

26.           Hand trucks not equipped with rubber tires
and side guards shall not be used within the Building.

 

4

 

27.           All windows in each tenant’s premises shall
be kept closed, and all blinds therein above the ground floor shall be lowered
as reasonably required because of the position of the sun, during the operation
of the Building air-conditioning system to cool or ventilate the tenant’s
premises. If Landlord shall elect to install any energy saving film on the
windows of the Premises or to install energy saving windows in place of the
present windows, tenant shall cooperate with the reasonable requirements of
Landlord in connection with such installation and thereafter the maintenance
and replacement of the film and/or windows and permit Landlord to have access
to the tenant’s premises at reasonable times during Business Hours to perform
such work.

 

28.           If the Premises be or become infested with
vermin as a result of the use or any misuse or neglect of the Premises by
Tenant, its agents, employees, visitors or licensees, Tenant shall at Tenant’s
expense cause the same to be exterminated from time to time to the reasonable
satisfaction of Landlord and shall employ such exterminators and such
exterminating company or companies as shall be designated by Landlord, or if
none is so designated as reasonably approved by Landlord.

 

29.           To the extent there is a conflict between
the provisions contained in the Lease or this Exhibit C annexed
thereto, the provisions of the Lease shall govern and control.

 

5

 

EXHIBIT D

 

ALTERATIONS RULES AND REGULATIONS

 

A.            General

 

1.                                       Tenant
will make no alterations, decorations, installations, repairs, additions, improvements
or replacements (which are hereinafter called “Alterations” and which
are the Alterations referred to in the Lease) in, to or about the Premises
without the Landlord’s prior written consent, which shall not be unreasonably
withheld or delayed, and then only by contractors or mechanics reasonably
approved by Landlord.

 

2.                                       Tenant
shall, prior to the commencement of any work, submit for Landlord’s written
approval, which shall not be unreasonably withheld or delayed, a complete plan
of the premises, or of the floor on which the Alterations are to occur.
Drawings are to be complete with full details and specifications for all of the
Alterations.

 

3.                                       The
proposed Alterations must comply with the Administrative Code of the Town of
Hempstead and the rules and regulations of the Department of Buildings of
the Town of Hempstead and any other agencies having jurisdiction.

 

4.                                       Tenant
shall be solely responsible for compliance with Local Law 58 and The Americans
with Disabilities Act (ADA) within Tenant’s space.

 

5.                                       No
work shall be permitted to commence without the Landlord being furnished with a
valid permit from the Department of Buildings and/or other agencies having
jurisdiction.

 

6.                                       All
demolition, removals or other categories of work that may inconvenience other
tenants or disturb Building operations, shall be restricted to hours after 6 PM
and before 8 AM on weekdays or on weekends or as otherwise directed by the
Landlord. Tenant shall provide the Building Manager with at least 24 hours
notice prior to proceeding with such work.

 

7.                                       All
inquiries, submissions, approvals and all other matters shall be processed through
the Building Manager.

 

8.                                       If
Tenant’s contractor is negligent in any of its responsibilities, Tenant shall
be charged for the corrective work done by Building porters and other
personnel.

 

9.                                       A
properly executed air balancing report signed by a professional engineer shall be
submitted to the Landlord upon the completion of all HVAC work.

 

1

 

10.                                 Upon
completion of the Alterations, Tenant shall submit to the Landlord a final
inspection sign-off on Form TR-1 where applicable and/or other documents
indicating total compliance and final approval by the Department of Buildings
of the Building Notice or Alteration.

 

11.                                 Tenant
shall submit to Landlord a final “as built” set of drawings showing all items
of the Alterations in full detail.

 

12.                                 Additional
and differing provisions in the Lease, if any, will be applicable and will take
precedence.

 

B.            Prior to
Commencement of Work

 

1.                                       Tenant
shall submit to the Building Manager a request to perform the work. The request
shall include the following enclosures:

 

(i)                                     A
list of Tenant’s contractors and/or subcontractors for Landlord’s approval.

 

(ii)                                  Two
complete sets of plans and specifications properly stamped by a registered
architect or professional engineer.

 

(iii)                               Properly
executed forms of the Department of Buildings including: Alteration Application
(Type 1, Type 2 or Type 3 as appropriate); Statement of Responsibility (Form TR-1),
as applicable, including structural or HVAC system work; plumbing specification
sheet (Form PW-1B) if any plumbing work is to be performed.

 

(iv)                              Two
executed copies of the Insurance Requirements agreement in the form attached to
these Rules and Regulations from Tenant’s contractor and contractor’s
subcontractors.

 

(v)                                 Contractor’s
and subcontractor’s insurance certificates including a “hold harmless” in
accordance with the Insurance Requirements agreement.

 

2.                                       Landlord
will return the following to Tenant:

 

(i)                                     Plans
approved or returned with comments (such approval or comments shall not constitute
a waiver of Department of Buildings approval or approval of other
jurisdictional agencies).

 

(ii)                                  Signed
application forms referred to in B1(iii), providing proper submissions have
been made.

 

(iii)                               Two
fully executed copies of the Insurance Requirements agreement.

 

2

 

(iv)                              Covering
transmittal letter.

 

3.                                       Tenant
shall obtain Department of Buildings approval of plans and a permit from the
Department of Buildings. Tenant shall be responsible for keeping current all
permits. Tenant shall submit copies of all approved plans and permits to
Landlord and shall post the original permit on the Premises prior to the
commencement of any work. All work, if performed by a contractor or
subcontractor, shall be subject to reasonable supervision and inspection by
Landlord’s representative. Such supervision and inspection shall be at Tenant’s
sole expense and Tenant shall pay Landlord’s reasonable charges for such
supervision and inspection.

 

C.            Requirements and Procedures

 

1.                                       All
structural and floor loading requirements shall be subject to the prior
reasonable approval of Landlord’s structural engineer at Tenant’s expense.

 

2.                                       All
mechanical (HVAC, plumbing and sprinkler) and electrical requirements shall be
subject to the reasonable approval of Landlord’s mechanical and electrical
engineers. When necessary, Landlord will require engineering and shop drawings,
which drawings must be approved by Landlord before work is started. Drawings
are to be prepared by Tenant and all approvals shall be obtained by Tenant.

 

3.                                       All
demolition shall be supervised by Landlord’s representative at Tenant’s
expense.

 

4.                                       Elevator
service for construction work shall be charged to Tenant at standard Building
rates. Prior arrangements for elevator use shall be made with Building Manager
by Tenant. No material or equipment shall be carried under or on top of
elevators. If an operating engineer, and/or elevator operator, is required by
any union regulations, such engineer, and/or elevator operator, shall be paid
for by Tenant.

 

5.                                       If
shutdown of risers and mains for electrical, HVAC, sprinkler and plumbing work
is required, such work shall be subject to Landlord’s reasonable approval and
shall be performed under Landlord’s supervision at Tenant’s expense. 

 

6.                                       Tenant’s
contractor shall:

 

(i)                                     have
a Superintendent or Foreman on the Premises at all times;

 

(ii)                                  police
the job at all times, continually keeping the Premises orderly;

 

(iii)                               maintain
cleanliness and protection of all areas, including elevators and lobbies;

 

3

 

(iv)                              protect the front and top of all peripheral HVAC units and
thoroughly clean them at the completion of work;

 

(v)                                 block off supply and return grills, diffusers and ducts to
keep dust from entering into the Building air conditioning systems; and

 

(iv)                              avoid the disturbance of other tenants.

 

7.                                       Special Precautions for Occupied Tenant Space
and Common Areas of the Building: In performing the Alterations, the Tenant’s
contractor shall take all reasonable precautions to protect occupants, staff
and visitors to the Building; spaces outside of the work areas and existing
Building construction to remain. In particular, the Tenant’s contractor shall
guard against fire, asbestos contamination and water leaks into adjacent
spaces. Electrical and mechanical services to areas of the Building outside the
work area shall be protected and maintained. The Tenant’s contractor shall
schedule and perform the work to minimize noise disturbance to tenants.
Existing Building structure, exterior wall construction, core construction and
components of electrical, mechanical and vertical transportation systems to
remain shall be protected. Damages to any part of the existing Building to
remain shall be promptly corrected at the Tenant’s sole expense. The Landlord
may elect to contract separately to correct such damages and charge the Tenant
for any costs incurred therefor (including a fee of 10% of the costs of the
corrective work for management of such work). The Tenant understands that the
Building is operating and occupied by certain tenants 24 hours a day, seven
days a week. The Tenant shall cause its contractor therefor to promptly comply
with the Landlord’s directives on behalf of its tenants or as regards protection
of or damage to the Building to remain. Such direction by the Landlord may be
written or verbal and shall not be deemed to relieve the Tenant’s contractor
from any of its responsibilities (including, without limitation, determining
means and methods of performing the Alterations and maintenance of safety). The
Tenant shall cause its contractor shall stop work immediately upon written
direction from the Landlord.

 

8.                                       Labor Harmony: Tenant understands that
Landlord may perform significant base Building renovation and construction work
at the same time that Tenant performs its Alterations. Tenant and its
contractor shall be responsible for maintaining labor harmony on site as it
effects continuity of Landlord’s work. Tenant shall cause its contractor to
promptly take such action as may be required to settle any labor disputes that
may arise during performance of the Alterations. Should the Tenant’s contractor
fail to take expeditious action in this regard, the Tenant shall be responsible
to the Landlord for any delays to Landlord’s work arising out of such disputes.

 

9.                                       Freight Dock Area: The Landlord will provide
Tenant’s contractor with shared use of the Building loading dock. The
contractor’s use of this area shall be

 

4

 

limited
to delivery of materials and removal of debris and waste from the Building. No
parking shall be permitted in such space. No other vehicles shall be stored or
parked within the Building. The Tenant shall cause its contractor to cooperate
with the Landlord in the maintenance of the loading dock area.

 

10.                                 Utilities: Utility costs for electricity,
water and heat used by the Tenant’s contractor for the Alterations shall be
borne by the Tenant.

 

11.                                 Storage of Materials and Equipment: Storage
space for materials and equipment required for the Alterations shall be within
Tenant’s space. No storage of debris or waste shall be permitted.

 

12.                                 Toilets: Tenant’s contractor’s and
subcontractors’ personnel shall only use toilet facilities within Tenant’s
space.

 

13.                                 Conduct of Workers and Subcontractors: All
Tenant’s contractor’s and subcontractors’ personnel shall be issued Building
identification tags which must be worn at all times on site. Except for entry
and exit purposes, personnel will not be allowed in the Building lobby and in
other areas of the property as the Owner may determine. Personnel and material
access shall be restricted to Landlord designated locations and routes.
Personnel violating the Landlord’s directions on access to, use of and conduct
on the property shall be removed from the Building by the Tenant at the
Landlord’s direction.

 

14.                                 Signs: No signs, except those required by law
or by governmental authorities having jurisdiction, shall be posted in or on
the Building by any contractor, subcontractor, vendor or worker. Tenant shall
enforce Landlord’s regulations in this regard.

 

15.                                 Landlord Approval of Tenant’s Contractors:
All Tenant’s contractors and subcontractors shall be subject to the approval of
the Landlord, which shall not be unreasonably withheld or delayed. Prior to
commencing work or entering into any contract for any part of the Alteration,
the Tenant shall submit to the Owner a list of all of its proposed contractors
and subcontractors for the Alteration. The Tenant shall secure the Owner’s
approval of any proposed contractor or subcontractors for the Alteration. The
Tenant shall secure the Owner’s approval of any proposed contractor or
subcontractor which has not been prequalified and approved by the Landlord for
work in the Building. The Tenant shall submit, in a timely manner, such
information as the Landlord may reasonably require to evaluate the
qualifications of any non-prequalified proposed contractor or subcontractor.

 

5

 

D.            Contractors
Agreement; Insurance Requirements

 

[To
be retyped on Letterhead of Tenant’s General Contractor, addressed to Landlord]

 

Tenant:  

 

Premises:

 

The
undersigned contractor or subcontractor (hereinafter called “Contractor”) has
been hired by the Tenant or occupant (hereinafter called “Tenant”) of the
Building named above or by Tenant’s contractor to perform certain work
(hereinafter called “Work”) for Tenant in the Tenant’s Premises in the
Building. Contractor and Tenant have requested the undersigned Landlord
(hereinafter called “Landlord”) to grant Contractor access to the Building and
its facilities in connection with the performance of the Work and Landlord
agrees to grant such access to Contractor upon and subject to the following
terms and conditions:

 

1)                                      Contractor agrees to indemnify and save
harmless the Landlord, any Superior Lessor and any Superior Mortgagee and their
respective officers, employees, agents, affiliates, subsidiaries, and partners,
and each of them, from and with respect to any claims, demands, suits,
liabilities, losses and expenses, including reasonable attorneys’ fees, arising
out of or in connection with the Work (and/or imposed by law upon any or all of
them) because of personal injuries, including death at any time resulting
therefrom, and loss of or damage to property, including consequential damages,
whether such injuries to persons or property are claimed to be due to
negligence of the Contractor, Tenant, Landlord or any other party entitled to
be indemnified as aforesaid except to the extent specifically prohibited by law
(and any such prohibition shall not void this Agreement but shall be applied
only to the minimum extent required by law).

 

2)                                      Contractor shall provide and maintain at its
own expense, until completion of Work, the following insurance:

 

a)                                      Workers’ Compensation and Employers’
Liability Insurance covering each and every workman employed in, about or upon
the Work, as provided for in each and every statute applicable to Workers’
Compensation and Employers’ Liability Insurance.

 

b)                                     Commercial General Liability Insurance
Including Coverage for Completed Operations, Broad Form Property Damage “XCU”
exclusion if any deleted, and Contractual Liability (to specifically include
coverage for the indemnification clause of this Agreement) for not less than
the following limits:

 

6

 

	
  Combined Single Limit

  	
   

  	
   

  
	
  Bodily Injury and

  	
   

  	
   

  
	
  Property Damage Liability:

  	
   

  	
  3,000,000 (written on a per occurrence basis)

  

 

c)                                      Commercial
Automobile Liability Insurance (covering all owned, non- owned and/or hired
motor vehicles to be used in connection with the Work) for not less than the
following limits:

 

	
  Bodily Injury:

  	
   

  	
  $3,000,000 per person

  
	
   

  	
   

  	
  $3,000,000 per occurrence

  
	
  Property Damage:

  	
   

  	
  $3,000,000 per occurrence

  

 

Contractor shall furnish a certificate from its insurance carrier or
carriers to the Building office before commencing the Work, showing that it has
complied with the above requirements regarding insurance and providing that the
insurer will give Landlord 10 days prior written notice of the cancellation of
any of the foregoing policies.

 

3)                                      Contractor
shall require all of its subcontractors engaged in the Work to provide the
following insurance:

 

a)                                      Commercial
General Liability Insurance Including Protective and Contractual Liability
Coverage with limits of liability at least equal to the above stated limits.

 

b)                                     Commercial
Automobile Liability Insurance (covering all owners, non- owned and/or hired
motor vehicles to be used in connection with the Work) for not less than the
following limits:

 

	
  Bodily Injury:

  	
   

  	
  $3,000,000 per person

  
	
   

  	
   

  	
  $3,000,000 per occurrence

  
	
  Property Damage:

  	
   

  	
  $3,000,000 per occurrence

  

 

Upon the request of Landlord, Contractor shall require all of its
subcontractors engaged in the Work to execute an Insurance Requirements
agreement in the same form as this Agreement. 

 

Agreed to and executed this
              
day of                  
, 19           .

 

	
  Landlord:

  	
   

  	
  Contractor:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

7

 

Standard Requirements

 

Drywall Construction

 

1.                                       All
drywall partitions are to be constructed of 2 1/2” steel studs, 24” on center,
and a minimum of 5/8” thick fire code gypsum wallboard each side, properly
taped and spackled.

 

2.                                       All
steel studs shall extend from slab to slab. No drywall is to be fastened to any
ductwork or directly to any ceiling tile.

 

3.                                       All
walls butting mullions shall have a proper channel to receive the gypsum
boards.

 

Electrical

 

1.                                       Home
runs shall be indicated on plans. Rigid conduit (E.M.T.) shall be used on all
home runs emanating from Distribution Panel to within 15 feet of first device.
BX Cable shall be allowed for branch circuiting. BX Cable in no event shall run
at distances greater that 25 feet for each branch, 3/4” minimum size.

 

2.                                       Light
fixtures shall be Building-standard or as previously approved by Landlord.

 

3.                                       All
conduit shall be supported by standoffs, not wired to ceiling supports. All
conduit shall be concealed.

 

4.                                       All
electrical boxes shall meet code requirements.

 

5.                                       All
unused conduit and wiring shall be removed.

 

6.                                       All
wiring shall meet the requirements of the Department of Water Supply, Gas and
Electricity and of Underwriter’s Laboratory. No wire molding shall be
permitted.

 

7.                                       Special
power shall be taken from main distribution board and not from existing
Building panels.

 

8.                                       Plans
with requirements shall be submitted to Landlord to determine riser capacity.

 

9.                                       Tenant
shall pay for all electrical design and layout costs for related work.

 

10.                                 Building
Mechanic or Engineer shall supervise all riser shutdowns.

 

8

 

Telephone

 

1.                                       All
telephone wire shall be concealed in conduit, thin wall tubing or plenum rated
cable.

 

2.                                       Telephone
wire will be permitted to be run loose in periphery enclosures only.

 

3.                                       No telephone
wire shall be run exposed on baseboards or walls. 

 

Doors

 

All wood doors shall have a fire rated label. All hollow metal doors
shall be properly fire rated if they are located in rated partitions.

 

Hardware

 

1.                                       All
hardware shall be Building standard or as previously approved by Landlord.

 

2.                                       All
locks shall be keyed and mastered to Building setup. Two individual keys must
be supplied to the Building Manager.

 

Equipment

 

1.                                       No
equipment is to be suspended from the reinforcing rods in arch.

 

2.                                       Equipment
shall be suspended with fish plated through slab or steel beams depending on
load.

 

3.                                       All
floor loading and steel work shall be subject to the prior approval of the
Building structural engineer. All approvals shall be obtained by the Tenant at
Tenant’s expense. Tenant shall also be responsible for the costs of all
controlled inspection by any professional engineers in connection with this
work.

 

Woodwork

 

All work shall be fireproofed in accordance with Town of Hempstead
Building Code retirements.

 

Public Areas

 

All public areas shall meet Department of Building’s requirements of
other agencies having jurisdiction.

 

9

 

Air Conditioning

 

1                                          Tenant
shall be responsible for alterations to existing air conditioning ductwork or systems
and for insuring that such work is properly integrated into the existing
Building systems with no adverse effects on the Building systems. Landlord
shall not be responsible for the proper HVAC design within the area of any
Tenant Alteration.

 

2.                                       The
system shall be balanced at the completion of the job.

 

3.                                       Tenant
shall furnish design balancing figures to Building office.

 

4.                                       All
air conditioning components shall match existing or shall receive prior
approval from Landlord.

 

5.                                       Landlord
will not permit any additional outside louvers unless the need therefor is
firmly established. The location of such louvers shall be subject to Landlord’s
approval. Detailed sketches of all louvers shall be submitted for Landlord’s
approval.

 

6.                                       No
outside louver or ductwork is to be installed in such a manner as to interfere
with the cleaning of windows or replacement of glass.

 

7.                                       All
periphery shutoff valves shall be accessible at all times.

 

8.                                       All
unused ductwork shall be removed.

 

9.                                       All
unused equipment, such as air handling units and air conditioning units shall
be removed.

 

10.                                 All
exhaust fan systems shall be discharged to the atmosphere, not in ceilings or
existing Building return air systems.

 

Plumbing

 

1.                                       No
water risers shall be shutdown during Building office hours.

 

2.                                       All
plumbing shall conform to code requirements.

 

3.                                       All
fixtures shall be Building standard or as previously approved by Landlord.

 

4.                                       No
exposed plumbing is permitted.

 

5.                                       All
unused fixtures and piping shall be removed and all unused piping shall be
capped at its respective riser.

 

6.                                       No plastic pipe
will be permitted. 

 

10

 

7.                                       All
unused fixtures shall be returned to Landlord.

 

8.                                       A
Building engineer shall supervise all riser shutdowns.

 

9.                                       All
hot water lines shall be properly insulated, and where necessary, Landlord may
require that cold water lines be insulated.

 

Sprinklers

 

1.                                       All
sprinklers are to be done to code requirements.

 

2.                                       All
hydraulic calculations are to be provided for Landlord’s engineer’s review.

 

3.                                       Victaulic
fitting will not be allowed.

 

4.                                       Pipe
to be screwed or welded. All connections to be screwed or welded. Victaulic
fitting or other mechanical connections will not be permitted.

 

5.                                       Any
changes to the present standpipe or water reserve tank systems will be at
Tenant’s expense.

 

General

 

1.                                       Victaulic
fittings are not a Building standard.

 

Venetian Blinds and Curtains

 

1.                                       All
venetian blinds shall be Building standard or as previously approved by
Landlord.

 

2.                                       No
curtain rods are to be installed in venetian blind pockets.

 

3.                                       Curtain
rods shall not be supported by any part of the acoustical tile. Rods shall be
supported by headers attached to the ceiling’s mechanical supports of black
iron.

 

4.                                       If
curtains are to be installed by any Tenant, such curtains shall be flameproof
and shall not interfere with the proper functioning of the peripheral HVAC
system.

 

Ceilings

 

1.                                       All
ceilings shall meet all requirements of Nassau County Department of Buildings
and/or Town of Hempstead Department of Buildings.

 

2.                                       All
acoustic tile ceiling shall match the existing tile ceiling to the extent
possible.

 

3.                                       All ceilings are
to be supported independently and not from ductwork. 

 

11

 

EXHIBIT E

 

STANDARD CLEANING SPECIFICATIONS

 

All cleaning services provided below will be performed nightly 5 nights
per week. No Saturday, Sunday or Holiday services. (Holidays are those days
stated in the applicable Building Service Union agreements other than employee
birthdays.)

 

SUPERVISION

 

A competent supervisor will be assigned to the Building both day and
night. The nighttime supervisor is required to verify that the work has been
completed in all tenant areas, that all venetian blinds have been lowered and
set in a uniform appearance, that all lights have been turned off, windows
closed, doors locked and offices left in a neat and orderly appearance for the
next day’s business.

 

CLEANING
CREW

 

The cleaning contractor’s employees have been instructed to work behind
locked doors, and will only open a door for members of their cleaning crew who
have been assigned to remove rubbish or other like material from tenant’s
premises during the nighttime cleaning operation.

 

PORTER &
MATRON SERVICES

 

A daytime porter and matron will be assigned to the Building to
replenish toilet tissue, sanitary napkins, and to maintain the lavatories in an
orderly condition throughout the day.

 

FLOORING

 

All stone, ceramic tile, marble terrazzo, wood and other untreated
flooring to be swept nightly; washing or waxing of such flooring shall be done
at tenant’s expense.

 

All linoleum, rubber, asphalt tile and other similar type of flooring
that may be waxed or treated to be swept nightly; waxing or washing of such
flooring other than public corridor belonging to the Building will be done at
tenant’s expense.

 

All carpeting and rugs will be carpet swept or vacuum cleaned nightly.

 

Shampooing or spot cleaning of carpets or rugs will be done at tenant’s
expense. 

 

1

 

OFFICE
CLEANING

 

Dust and wipe clean all furniture, files, fixtures, window sills and
convector enclosure tops nightly; wash said sills and tops when necessary.
Horizontal surfaces of window frames to be dusted nightly.

 

Empty and clean all normal waste receptacles nightly and deliver the
wastepaper material to locations designated by Landlord.

 

Removal of food remnants, soiled dishes, cutlery or cookware or kitchen
type rubbish or refuse shall be done at Tenant’s expense.

 

Empty and clean all ashtrays and screen clean all cigarette urns
nightly.

 

Dust all waste receptacles as necessary, washing of waste receptacles
and the providing of plastic liners shall be done at tenant’s expense.

 

Wash clean all water fountains and coolers nightly, remove all
fingerprints and smudges nightly.

 

Dust all chair rails, trims and baseboards within reach as necessary.

 

Dust all doors and ventilating louvers within reach nightly.

 

Dust and wipe clean all telephones nightly.

 

Clean all unpainted metal and remove finger marks nightly, treat as
necessary.

 

Check all private stairwells throughout the premises and keep in clean
condition.

 

Vertical surfaces, such as walls, partitions, doors and bucks of all
public corridors and lobbies to be dusted, spot cleaned, treated and polished
as often as necessary, but, in the case of public and service elevator
corridors on floors above the ground floor not more than once a month.

 

Washing or polishing of vertical surfaces, such as walls, partitions,
elevator hatch doors, entrance doors and bucks including service elevator
lobbies for full floor tenant occupancy shall be done at tenant’s expense.

 

LAVATORIES

 

Sweep and wash lavatory floors nightly, using proper approved
disinfectants. Machine scrub lavatory floors with proper disinfectants once
every two weeks or more frequently when directed by Landlord.

 

Wash and polish all mirrors, powder shelves, bright work fixtures and
enameled surfaces in lavatories, including flushometer piping and toilet seat
hinges nightly.

 

2

 

Scour, wash and disinfect all basins, bowls and urinals throughout
lavatory nightly using an odorless disinfectant. Wash both sides of all toilet
seats nightly.

 

Dust and clean, washing where necessary, all partitions, tile walls,
dispensers and receptacles in lavatories nightly.

 

Wash waste cans and receptacles in lavatories when necessary but at
least once a week.

 

Empty paper towel receptacles and sanitary disposal receptacles nightly
and remove waste and other material to locations designated by Landlord.

 

Fill all toilet tissue holders nightly (tissue to be furnished by
Landlord).

 

Wash and polish all wall tiles and stall surfaces of lavatories once
every two weeks or more frequently when directed by Landlord.

 

Soap and paper towel products for tenant’s use will be furnished and
installed by the tenant at his expense using Landlord’s contractor as required.

 

HIGH DUSTING

 

Do all high dusting quarterly, which includes the following:

 

Dust all pictures, frames, charts, graphs and similar wall hangings not
reached in nightly cleaning.

 

Dust all vertical surfaces, such as walls, partitions, doors and bucks
and other surfaces not reached in nightly cleaning except as otherwise herein
provided.

 

Dust all pipes, ventilating and air conditioning louvers, ducts, high
moldings and other high areas not reached in nightly cleaning.

 

Dust all exterior surfaces of lighting fixtures including glass and
plastic enclosures.

 

Washing and relamping of all fixtures will be done by Landlord’s
contractor at tenant’s expense.

 

Dust and inspect all venetian blinds. Washing, restringing, retaping
and minor repair or replacement will be done at tenant’s expense. If tenant
fails to maintain blinds, Landlord may, at its sole option, repair blinds at
tenant’s expense.

 

3

 

GLASS CLEANING

 

All interior glass (other than windows), partition glass and glass
doors will be cleaned at tenant’s expense.

 

Mail chute glass and floor directory glass will be cleaned once every
five weeks.

 

All exterior windows on office floors will be cleaned, as necessary,
approximately once every three months, weather permitting.

 

All interior glass windows on office floors will be cleaned, as
necessary, approximately once every three months.

 

EXTERMINATING SERVICE

 

Exterminating service shall be rendered once a month throughout the
public areas, equipment areas and vacant tenant areas in the Building.

 

Exterminating service required within an occupied tenant’s premises
shall be done at tenant’s expense by Landlord’s contractor who will provide a
licensed operator.

 

4

 

EXHIBIT F

 

LANDLORD’S WORK

 

Subject to the other terms and provisions hereof, Landlord agrees, at
its sole cost and expense and without charge to Tenant, to do the following
work, one time, in the Premises, all of which work shall be of quality,
installation, design, capacity, finish and color of the building standard
adopted by Landlord for the Building hereinafter called “Building Standard”:

 

1.     to be determined

 

Notwithstanding anything contained herein to the contrary, Landlord’s
Work shall be deemed “substantially completed” at such time as the Premises may
be used for Tenant’s business notwithstanding the fact that, among other things
(i) any work to be done by Tenant is not completed, (ii) decorating
and touching up of painting are not completed or (iii) minor or
insubstantial details of construction or mechanical adjustment remain to be
performed which can be performed without interfering with Tenant’s Initial
Alterations or Tenant’s use and occupancy of the Premises. Unless otherwise
expressed in writing to the Landlord, taking of possession of the Premises by
Tenant shall be conclusive evidence as against Tenant that, at the time such
possession was so taken, the Premises were in good and satisfactory condition
and that Landlord’s Work was fully and satisfactorily completed except for
minor or insubstantial details of construction or mechanical adjustment which
Landlord agrees to complete with reasonable diligence after Tenant’s taking of
possession.

 

1

 

 

 

OFFICE STANDARD WORK LETTER

EAB PLAZA

 

LANDLORD’S WORK

 

Landlord agrees at its sole expense and
without charge to Tenant to do the following work in accordance with the Space
Plan February 12, 2004, all of which, unless otherwise indicated, shall be
of material, manufacture, design and capacity and finish selected by Landlord
as standard of the building (the “Building
Standard Installation”).

 

I.              PARTITIONING

 

a.             Interior Offices: Furnish and install
Building Standard drywall partitions where designated on Tenant’s Plans,
consisting of 2-1/2” steel studs and 5/8” sheetrock from floor to underside of
hung ceiling. All drywall partitions shall be taped, spackled and smooth, ready
for paint. The Landlord will provide partitions as per attached plan. Landlord
to provide glass vision panels in each exterior office measuring 2’ wide, 2’
off of the floor. Landlord to provide glass wall in one (1) conference
room per plan.

 

b.             Demising walls between Tenant spaces:
Walls shall have a single layer of 5/8” firecore “C” sheetrock on each side
over 2-1/2” steel studs with batt insulation. These walls shall go to the
underside of slab. All partitions to terminate at window mullions or exterior
columns without offsets.

 

c.             Walls between public corridors and Tenant
spaces: Walls shall have two layers of 5/8” firecore “C” sheetrock on each side
over 2-1/2” steel studs with batt insulation, walls shall go to underside of
slab.

 

II.            DOORS,
BUCKS AND HARDWARE

 

a.             Entrance Doors: Furnish and install two,
double-entry and one building standard 3’0 x 8’4 x 1-3/4” thick entrance door
as per plan. Doors shall be ninety (90) minutes fire rated, solid core oak
veneer and with 16-gauge hollow metal bucks. Landlord will install glass
herculite doors to Tenant’s main entrance.

 

b.             Interior Doors: Furnish and install
Building Standard 3’0 x 8’4 x 1-3/4’ solid core paint grade woods doors with
16-gauge hollow metal bucks. Landlord will provide per attached plan.

 

c.             Hardware: Each interior door shall be
provided with 2 pair of hinges, a passage set and a wall bumper. All entrance
doors shall have two (2) pairs of ball bearing hinges, a lock set (keyed
to the Building Master Key), a door closer and a wall bumper. All doors shall
be undercut for carpet. Landlord to provide ten (10) lock sets on interior

 

B - 1

 

doors to be determined by Tenant. Each additional lock set that is
installed shall be invoiced to Tenant at the price of $150.00.

 

Lock and Passage sets shall be Corben $430 5651 x 2-3/8” back set or
equivalent; hinges shall be Stanley 4-1/2” x 4-1/2” x 626 or equivalent. Wall
bumpers – Ives 407B26D; silencers – CD64; closer – Corben #120 SNB – entry door
only, shall be as stated or equivalent.

 

III.           CEILINGS

 

Furnish and install Building Standard mechanically suspended exposed
grid acoustical ceiling throughout with 2’ x 2” x 5/8” ceiling tiles at
finished ceiling height of approximately 8’-6’ from finished floor; the
material to be Donn Fin Line grid system and Armstrong Minatone 704A or equal.
In addition, reception area to have gypsum-board ceiling.

 

IV.           RAISED
FLOOR

 

Furnish and install Building Standard access floor throughout with
approximately 4” height from slab to the top of the access floor. Access floor
system shall consist of base steel removable panels supported by adjustable
steel pedestal assemblies.

 

V.            FLOOR
COVERING

 

Carpeting – 26 oz., broadloom throughout with exception of the training
rooms, all executive offices and conference rooms are to have 28 oz. broadloom.
Landlord to provide 20 oz. carpet tile throughout in place of broadloom as per
Tenant’s request. Landlord to provide upgraded carpet (ie. up to a 30 oz
weight) and boarder in Tenant’s reception area and elevator lobby.

 

VI.           PAINTING
AND WALL COVERING

 

Provide initial painting of all sheetrock walls as provided herein to
consist of one (1) prime and two (2) finish coats in Building
Standard flat, water base paint (in Building Standard colors selected by
Tenant). Exposed metal without factory, finish shall be painted two (2) coats
semi-gloss enamel finish. Entrance doors shall be polyurethaned or varnished.
Interior doors shall be painted. Dark colors and additional colors per room
shall be charged at Tenant’s expense. At no additional charge, Tenant to receive
wall coverings in four (4) Executive Offices (President & CFO’s
office), training room, conference rooms, elevator lobbies, main corridor
leading to bathrooms and fire stairwells and reception area.

 

VII.          ELECTRIC

 

Landlord shall provide facilities sufficient to supply five (5) watts
per square foot of Useable Area of combined lighting and equipment connected
load. Two(2) watts per square foot of Useable Area is to be devoted to
lighting. Three (3) watts per square foot of Useable Area is

 

B - 2

 

to be devoted to receptacle power. Landlord to provide all whips for
landscape furniture. Connection to furniture is Tenant’s responsibility.

 

VIII.        LIGHTING
FIXTURES

 

Furnish and install Building Standard fluorescent lighting fixtures, 2’
x 2’ recessed type. Fixtures and initial lamps shall be provided at one (1) per
every fifty (50) square feet of Useable Area, unless plan specifies otherwise.
Landlord will provide pendant light fixtures per attached plan.

 

IX.           TELEPHONE
AND ELECTRICAL OUTLETS

 

Furnish and install combination telephone and Building Standard 120
Volt, 15 Amp duplex floor receptacles and power wiring only. Landlord shall
supply one (1) outlet for every 150 square feet of Useable Area. Landlord
shall provide one (1) 120 Volt circuit per 1,000 square feet of Useable
Area. Landlord to provide seven (7) thirty (30) amp circuits and thirteen
(13) 20 amp circuits in Tenant’s server room only. Ten (10) dedicated
circuits to be provided for server room, one (1) dedicated circuit for
Tenant’s phone system and one (1) dedicated circuit for Tenant’s security
system. All telephone and data wiring are Tenant’s responsibility.

 

X.            SWITCHES

 

Ceiling lighting fixtures shall be central switches in open areas and
switches individually in private office and all rooms (ie. conference rooms,
lounge, training rooms, reception area etc.). In the open area (ie. where the
modular furniture is located), the Landlord will supply up to one (1) switch
per 600 square feet of Useable Area.

 

XI.           HVAC

 

Furnish and install a complete heating, ventilating and
air-conditioning. The interior space will be conditioned by low-pressure
variable air volume and distributed through the ceiling duct system. The
building perimeter space will be conditioned with perimeter fan coil units
whose position is fixed according to the Landlord’s Building Standard. The
foregoing design shall be based on an occupancy of not more than one (1) person
per 100 square feet of Useable Area and an electrical load of not more than
five (5) watts per square foot of Useable area, in accordance with the
lease agreement, and in accordance with ASHRAE standards. The heating system
shall be designed to be operative and maintain a minimum of 70 degrees FDB when
the outdoor temperature is 0 degrees FDB and the prevailing wind velocity does
not exceed 15 mph. The cooling system shall be operative and maintain a maximum
of 78 degrees FDB and 55% relative humidity when the outdoor temperature is 95
degrees FDB and 75 degrees when the prevailing wind velocity not exceeding 13
mph. Landlord will provide diffusers and returns commensurate with the space
plan. In addition, Landlord will provide, two (2) five (5) ton
supplemental units in Tenant’s server room.

 

B - 3

 

XII.         SPRINKLER
INSTALLATION

 

Landlord shall provide sprinkler heads connected to the building
sprinkler system commensurate with the space plan. Any change to the space plan
requiring relocation of such provided sprinkler heads established by the
Landlord or supply and installation of additional heads shall be at the Tenant’s
own expense.

 

XIII.        PLUMBING

 

Landlord will provide for one (1) lounge area with plumbing and
associated cabinetry and two (2) coffee bar stations with counter tops,
with cold water line only, per attached plan.

 

XIV.        SUBMISSION
OF PLANS 

 

If Landlord shall be delayed in Substantial Completion of Landlord’s
Work as a result of:

 

(i)            Tenant’s request for
materials, finishes or installations other than Landlord’s standard; or

 

(ii)           Tenant’s changes in
said plans; or

 

(iii)          the performance of work
by a person, firm or corporation employed by Tenant and delays in the
completion of said work by said person, firm or corporation; or

 

(iv)          Tenant’s delays in
submitting any other plans or specifications, in approving plans or
specifications or estimates, or in supplying information; or

 

(v)           by reason of any
additional or non-standard work requested by Tenant pursuant to the provisions
of Paragraph XV hereof; or

 

(vi)          by reason of any similar
acts omissions by Tenant,

 

then the Commencement Date shall be the date that Landlord would have
Substantially Completed Landlord’s Work, but for Tenant’s delay.

 

B - 4

 

XV.         SUBSTITUTION

 

No credits shall be given to tenant for substitution of Building items
requested by Tenant. Any such substitutions shall be approved by Landlord and
subject to the same terms and conditions described in Paragraph XV hereof.

 

XVI.        TENANT
EXTRAS

 

If any changes in the Building systems and/or basic plans are caused by
Tenant’s Plans, or if Landlord performs any work for Tenant in addition to that
required to be performed by Landlord, according to the Space Plan annexed
hereto as Exhibit B-1, the same shall be performed at Tenant’s expense
(hereinafter collectively called “Tenant’s
Extra’s”). All work
to be performed shall be done in accordance with Federal State and Local
requirements. Further, no work will be done which will in any way conflict with
the standards or requirements of the base building and its system. Landlord may
at is sole discretion reject and/or request modification of any work or planned
work. Tenant’s Extra’s shall not commence unless Landlord has submitted to
Tenant written estimates for the cost of such work and the estimated time delay
in Substantial Completion and Tenant has approved such estimated in writing and
authorized Landlord to commence the work. If Tenant shall fail to disapprove in
writing any such estimate within five (5) business days, the same shall be
deemed approved in all respects by Tenant and Landlord shall be authorized to
proceed thereon. Tenant agrees to pay Landlord, promptly upon being billed
therefore, the cost of the work, and ten (10%) percent of the cost of said
Tenant work as Landlord’s overhead and fee.

 

XVII.       MINOR
CHANGES

 

If Tenant elects to make minor changes in Tenant’s Plans or any changes
in its color selections which in Landlord’s sole judgment, exercised in good
faith, will delay or hamper rendering the Demised Premises substantially ready
for occupancy and such changes are made after construction of the Demised
Premises has commenced, then Tenant agrees that Landlord may, at its sole
option, make such minor changes during normal business hours after the
Commencement Date. For purposed of the preceding sentence, Landlord shall be
deemed to have rendered the Demised Premises substantially ready for occupancy
within the meaning of Section 4.04 of this Lease notwithstanding the
non-completion of the minor changes referred to in this Paragraph XVII.

 

B - 5

 

EXHIBIT G

 

FORM OF LETTER OF CREDIT

 

[LETTERHEAD OF ISSUER OF LETTER OF CREDIT]

 

                     
, 19             

 

[LANDLORD’S ADDRESS FOR NOTICES]

 

REF: IRREVOCABLE LETTER OF CREDIT NO.

 

GENTLEMEN:

 

WE HEREBY OPEN OUR UNCONDITIONAL IRREVOCABLE
CLEAN LETTER OF CREDIT NO.
                       
IN YOUR FAVOR AVAILABLE BY DRAFT AT SIGHT FOR AN AMOUNT NOT TO EXCEED IN THE
AGGREGATE                                          
US DOLLARS ($                              ),
EFFECTIVE IMMEDIATELY.

 

WE WILL HONOR AND PAY AGAINST A SIGHT DRAFT IN THE FORM OF EXHIBT
A, WHEN PRESENTED WITH BENEFICIARY’S CERTIFICATE IN THE FORM OF EXHIBIT B.

 

THIS LETTER OF CREDIT IS ISSUED, PRESENTABLE AND PAYABLE AT OUR OFFICE
AT                         
, NEW YORK CITY, NY OR SUCH OTHER OFFICE IN NEW YORK CITY, NY AS WE MAY DESIGNATE
BY WRITTEN NOTICE TO YOU, AND EXPIRES WITH OUR CLOSE OF BUSINESS ON                                           , 19
              ,
PROVIDED THAT THIS LETTER OF CREDIT SHALL BE DEEMED TO BE AUTOMATICALLY
EXTENDED FOR A PERIOD OF ONE YEAR FROM THE PRESENT OR ANY FUTURE EXPIRATION
DATE UNLESS WE SHALL NOTIFY YOU BY WRITTEN NOTICE MAILED BY CERTIFIED MAIL
RETURN RECEIPT REQUESTED AT LEAST 30 DAYS PRIOR TO ANY EXPIRATION DATE THAT WE
ELECT NOT TO RENEW THIS LETTER OF CREDIT FOR SUCH ADDITIONAL PERIOD. THIS
LETTER OF CREDIT CANNOT BE MODIFIED OR REVOKED WITHOUT YOUR CONSENT. THIS
LETTER OF CREDIT IS PAYABLE IN MULTIPLE DRAFTS AND SHALL BE ASSIGNABLE BY YOU
WITHOUT ADDITIONAL CHARGE.

 

WE HEREBY DO UNDERTAKE TO PROMPTLY HONOR YOUR SIGHT DRAFT OR DRAFTS
DRAWN ON US, INDICATING OUR LETTER OF CREDIT NO.                  
FOR THE AMOUNT AVAILABLE TO BE DRAWN ON THIS LETTER OF CREDIT UPON PRESENTATION
OF YOUR SIGHT DRAFT IN THE FORM OF EXHIBIT A ATTACHED HERETO DRAWN ON US
AT OUR OFFICES SPECIFIED ABOVE DURING OUR USUAL

 

1

 

BUSINESS HOURS ON OR BEFORE THE EXPIRATION DATE HEREOF (AS IT MAY BE
EXTENDED AS PROVIDED ABOVE).

 

EXCEPT AS EXPRESSLY STATED HEREIN, THIS UNDERTAKING IS NOT SUBJECT TO
ANY AGREEMENTS, REQUIREMENTS OR QUALIFICATION. OUR OBLIGATION UNDER THIS LETTER
OF CREDIT IS OUR INDIVIDUAL OBLIGATION AND IS IN NO WAY CONTINGENT UPON
REIMBURSEMENT WITH RESPECT THERETO, OR UPON OUR ABILITY TO PERFECT ANY LIEN,
SECURITY INTEREST OR ANY OTHER REIMBURSEMENT.

 

THIS LETTER OF CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND
PRACTICE FOR DOCUMENTARY CREDITS - 1993 REVISION, INTERNATIONAL CHAMBER OF
COMMERCE PUBLICATION NO. 500. PUBLICATION NO. 500 SHALL BE DEEMED TO BE A
CONTRACT MADE UNDER, AND AS TO MATTERS NOT GOVERNED BY THE UCP, SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
AND APPLICABLE U.S. LAW.

 

2

 

EXHIBIT A

 

TO LETTER OF CREDIT

 

FOR VALUE RECEIVED

 

PAY AT SIGHT BY WIRE TRANSFER IN IMMEDIATELY
AVAILABLE FUNDS TO
                       
THE SUM OF
U.S.                             
DOLLARS ($
                             )
DRAWN UNDER IRREVOCABLE LETTER OF CREDIT NO.
                     
DATED
                          ,
19            ISSUED BY
                                   .

 

TO:  [ISSUER OF LETTER OF CREDIT]

 

NEW YORK, NEW YORK

 

1

 

EXHIBIT B

 

TO
LETTER OF CREDIT

 

CERTIFICATE

 

The
undersigned certifies to [name of Bank] that Beneficiary is entitled under the
lease agreement dated February
                    ,
2004 (the “Lease”) between Open Link Financial, Inc. (“Tenant”) and Galaxy
LI Associates, LLC to draw funds under this Letter of Credit in the amount of
USD
                  
(which shall not be in excess of $
                        )
as a result of a default of Tenant under the Lease.

 

Dated:
                      ,
20       

 

 

	
   

  	
  GALAXY
  LI ASSOCIATES LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  GALAXY
  LI MEMBER LLC

  
	
   

  	
   

  	
  It’s
  Managing Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MEUSHAR
  LLC

  
	
   

  	
   

  	
   

  	
  It’s
  Managing Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  
	
   

  	
   

  	
  Joseph
  Moinian

  
	
   

  	
   

  	
  Managing
  Member

  
					

 

 

FIRST AMENDMENT OF LEASE

 

AGREEMENT made as December 20, 2004, by and
between Galaxy LI Associates LLC (hereinafter referred to as “Landlord”),
having an address at 399 Park Avenue, New York, New York 10022, and Open Link
Financial, Inc., a Delaware corporation (hereinafter referred to as “Tenant”),
having an address at EAB Plaza, 15th Floor, West Tower, New York,
New York 10019.

 

WITNESSETH:

 

WHEREAS, Landlord and Tenant entered into a lease
agreement dated as of February 20, 2004 (as amended, the “Lease”) whereby
the Landlord demised and Tenant leased those premises on the Fifteenth Floor
(the “Premises”) in the building known as EAB Plaza, West Tower, New York
(hereinafter referred to as the “Building”) and

 

WHEREAS,
Landlord and Tenant are desirous of amending said Lease in this amendment (the “Amendment”)
to provide for certain modifications of the lease concerning the Landlord’s
Contribution as set forth in the Lease,

 

NOW,
THEREFORE, in consideration of the sum of one dollar ($1.00) and other  good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, it is agreed as follows:

 

1.   The Lease is hereby amended by deleting
Paragraphs 2.09(c) and 4.09 from the Lease, in their entirety. Tenant
shall on receipt of a counterpart of this Amendment executed by Landlord,
return to Landlord all sums received by Tenant from Landlord under Paragraph
4.09. The parties agree that as of the date hereof, such sums total $199,938.51.
The deletion of Paragraphs 2.09(c) and 4.09 shall be effective as of the
date that Tenant returns the sums referred to above.

 

2.   Landlord hereby waives any and all right to
charge to or collect from Tenant the $53,103.13 in Tenant improvement extras
which Landlord previously billed to Tenant in connection with the construction
in the Premises. Landlord acknowledges and agrees that Tenant has no obligation
to Landlord on account of any Tenant improvement, Work Allowance, Initial Tenant Work, Landlord’s Work or any Alterations or other work Landlord performed at
the Premises, and for itself and any of its agents, representatives,
contractors, subcontractors and others engaged by or through Landlord who
supplied labor or material at the Premises, and releases Tenant from any claim
involving the same. The foregoing excludes any claims of third parties who may
have been engaged by Tenant to perform work at the Premises by or through
direct contract with Tenant.

 

1

 

3.   All capitalized terms used herein that are not defined shall have the
meanings given to them in the Lease.

 

4.   Except as herein modified, all other terms
and conditions of the Lease remain in full force and effect. This Amendment is
incorporated into and made a part of the Lease.

 

5.   The terms and conditions of the Lease, as
amended, shall inure to and bind the Landlord and Tenant and their respective
successors, transferees, and, except as otherwise provided in the Lease, their
assigns.

 

IN
WITNESS WHEREOF, Landlord and Tenant have respectively signed and sealed this
Amendment to the Lease as of the day and year first written.

 

	
  GALAXY
  LI ASSOCIATES LLC:

  	
  OPEN
  LINK FINANCIAL, INC.:

  
	
   

  	
   

  
	
  By:

  	
  

  	
   

  	
  By:

  	
           

  
					

 

2

 

SECOND AMENDMENT OF LEASE

 

This
SECOND AMENDMENT OF LEASE (this “Agreement”), made as of the 29 day of August,
2006, by and between RECKSON PLAZA LLC, a Delaware limited liability company having
an office at 225 Broadhollow Road, Suite 212W, Melville, New York 11747 (hereinafter
called “Landlord”) and OPEN LINK FINANCIAL, INC., a Delaware corporation having
an office at 1502 Reckson Plaza, Fifteenth Floor, Uniondale, New York 11556
(hereinafter called “Tenant”).

 

RECITALS

 

WHEREAS,
Galaxy LI Associates, LLC
(“Galaxy”), the predecessor-in-interest to Landlord, and Tenant entered into an
Agreement of Lease, made as of February 20, 2004 (the “Original Lease”),
for the lease of for the lease of 31,565 rentable square feet of space on the
fifteenth (15th) floor (the “Original Premises”) of the West Tower
of the building located at Reckson Plaza (formerly EAB Plaza), Uniondale, New
York (the “Building”);

 

WHEREAS,
Galaxy, the predecessor-in-interest to Landlord, and Tenant entered into a
First Amendment of Lease, made as of December 20, 2004 (the “First
Amendment” and, together with the Original Lease, sometimes hereinafter
collectively referred to as the “Lease”), pursuant to which the parties
memorialized certain agreed-upon modifications to the Original Lease, as more
specifically set forth in the First Amendment; and 

 

WHEREAS,
Landlord and Tenant desire to amend and modify the Lease so as to, among other
things, (i) reflect the fact that Tenant shall lease from Landlord
additional space in the West Tower of the Building; such additional space (the “Expansion
Premises”) being the premises shown on the block plan annexed hereto as Exhibit “1” and made a part hereof, consisting of 4,619
rentable square feet and located on the fourth (4th) floor of the
West Tower of the Building, and (ii) extend

 

 

the
Term of the Lease; all subject to and in accordance with the terms and
conditions of this Agreement.

 

NOW, THEREFORE, in consideration of the mutual
promises contained herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as
follows:

 

ARTICLE I

 

Definitions

 

1.1           The recitals are specifically incorporated into the body of this
Agreement and shall be binding upon the parties hereto.

 

1.2           Unless expressly set forth to the contrary and except as modified by
this Second Amendment to Lease, all defined terms shall have the meanings as
ascribed to them in the Lease.

 

ARTICLE II

 

Lease Modifications

 

The
Lease is deemed modified and amended as follows:

 

2.1           Demise. Effective as of the Expansion Premises Commencement Date (as such
term is defined in Section 2.2(A), below), Section 1.01 of the
Original Lease is hereby modified and amended as follows:

 

(A)          Landlord shall lease to Tenant, and Tenant shall hire and let from
Landlord, the Expansion Premises, subject to all of the terms of the Lease, as
modified by this Agreement;

 

(B)           Except as otherwise referenced in this Agreement, all references to the
term “Premises” in the Lease shall mean the Original Premises together with the
Expansion Premises; and

 

2

 

(C)           The parties hereby stipulate and agree that such combined Demised
Premises shall be deemed to consist of 36,184 rentable square feet, in the
aggregate.

 

2.2           Term.

 

(A)          Section 1.02 of the Original Lease is hereby modified and amended
so as to provide that the “Term” of the Lease, as it relates to the Expansion
Premises only, shall commence on November 1, 2006 (the
“Expansion Premises Commencement Date”). Notwithstanding the foregoing, if the
Expansion Work (hereinafter defined) has not been substantially completed by November 1,
2006, then the Expansion Premises Commencement Date shall be postponed until
the date on which the Expansion Work has been substantially completed. The term
“substantially completed”, as used in this Agreement, shall have the same
meaning ascribed thereto under Exhibit F of the Original Lease, except
that either the term “Expansion Work” or the term “Extension Work”, as
appropriate given the context of its use, shall be substituted for the term “Landlord’s
Work” wherever it appears therein. If Landlord shall actually be delayed in
such substantial completion as a result of Tenant Delay (as such term is defined
under Section 2.2(D) of this Agreement), then the Expansion Premises
Commencement Date shall be accelerated by a number of days equal to the number
of days of Tenant Delay so accrued (provided, however, that Landlord shall not
be obligated to deliver the Expansion Premises to Tenant and Tenant shall not
have the right to occupy the Expansion Premises until the Expansion Work has
been substantially completed). Moreover, in the event of an accumulation of
Tenant Delay in excess of one hundred (100) days in the aggregate, the
Expansion Premises Commencement Date shall automatically be deemed to be November 1,
2006, without regard to the date on which the Expansion Work has been
substantially completed. Landlord will advise Tenant in writing as to the date
of substantial completion of the

 

3

 

Expansion
Work. Tenant waives any right to rescind this Agreement or the Lease under Section 223-a
of the New York Real Property Law or any successor statute of similar import
then in force and further waives the right to recover any damages which may
result from Landlord’s failure to deliver possession of the Expansion Premises
on any scheduled Expansion Premises Commencement Date.

 

(B)           The Term of the Lease, as it relates to the Expansion Premises, shall expire
on November 30, 2016 (the “Extended Expiration Date”).

 

(C)           Section 1.02 of the Original Lease is further modified and amended
so as to extend the Term of the Lease, as it relates to the Original Premises,
to the Extended Expiration Date. Accordingly, all references to the term “Expiration
Date” under the Lease shall hereafter mean and refer to November 30, 2016.

 

(D)          The term “Tenant Delay”, as used throughout this Agreement, shall be
deemed to mean where Landlord is actually delayed in the completion of a
construction project required under this Agreement as a result of any one or
more of the following: (i) Tenant’s failure to make election as to any
extra work orders or change orders proposed by Tenant within five (5) business
days following Landlord providing Tenant with pricing therefor, (ii) Tenant’s
request made after the date of this Agreement for materials, finishes or
installations other than Landlord’s standard, (iii) Tenant’s changes in
any previously approved plans, specifications or drawings, (iv) the
performance or completion of any work, labor or services by a party employed by
Tenant, (v) Tenant’s interference with the performance of the subject
construction project, (vi) Tenant’s failure to approve final construction
documents within five (5) business days after such submission thereof to
Tenant for approval, or (vii) solely with respect to the Extension Work
(as such term is defined under

 

4

 

Section 2.8(C) of
this Agreement), Tenant’s failure to move and relocate Tenant’s personnel and
personal property in and about the Original Premises in order to accommodate
Landlord’s performance of the Extension Work.

 

2.3           Fixed Rent.

 

(A)          From the date of this Agreement to and including November 30, 2015
(i.e., the original Expiration Date under the Lease), the Fixed Rent, for the
Original Premises only, shall continue to be payable in accordance
with the original terms and conditions of Section 2.02 of the Original
Lease. During the period from December 1, 2015 through and including the
Extended Expiration Date (as established pursuant to this Agreement), the Fixed
Rent, for the Original Premises only,
shall be payable in equal monthly installments of $112,874.46.

 

(B)           During the period from the Expansion Premises Commencement Date through
and including the Extended Expiration Date (as established pursuant to this
Agreement), Tenant shall also be obligated to pay Fixed Rent on account of the
Expansion Premises (“Expansion Rent”); such Expansion Rent to be payable by
Tenant in accordance with the following schedule:

 

During
the first Expansion Lease Year (defined below), the Expansion Rent shall be
$157,046.04, payable in equal monthly installments of $13,087.17.

 

During
the second Expansion Lease Year, the Expansion Rent shall be $161,699.64,
payable in equal monthly installments of $13,474.97.

 

During
the third Expansion Lease Year, the Expansion Rent shall be $166,504.56,
payable in equal monthly installments of $13,875.38.

 

During
the fourth Expansion Lease Year, the Expansion Rent shall be $171,465.60,
payable in equal monthly installments of $14,288.80.

 

During
the fifth Expansion Lease Year, the Expansion Rent shall be $176,587.80,
payable in equal monthly installments of $14,715.65.

 

5

 

During
the sixth Expansion Lease Year, the Expansion Rent shall be $181,876.56,
payable in equal monthly installments of $15,156.38.

 

During
the seventh Expansion Lease Year, the Expansion Rent shall be $187,337.28, payable
in equal monthly installments of $15,611.44.

 

During
the eighth Expansion Lease Year, the Expansion Rent shall be $192,975.36,
payable in equal monthly installments of $16,081.28.

 

During
the ninth Expansion Lease Year, the Expansion Rent shall be $198,796.68,
payable in equal monthly installments of $16,566.39.

 

During
the period from the first day of the tenth Expansion Lease Year through and
including the Extended Expiration Date, the Expansion Rent shall be payable in
equal monthly installments of $17,067.27.

 

The
term “Expansion Lease Year” shall mean a period of twelve (12) consecutive
months, except that the tenth Expansion Lease Year shall end on the Extended
Expiration Date (without regard to its length). The first Expansion Lease Year
shall commence on the Expansion Premises Commencement Date; provided, however,
that, notwithstanding the first sentence of this subparagraph, if the Expansion
Premises Commencement Date is not the first day of a month, then the first
Expansion Lease Year shall also include the additional period from the
Expansion Premises Commencement Date to the end of the then current month. Each
succeeding Expansion Lease Year shall end on the anniversary date of the last
day of the preceding Expansion Lease Year, except that the tenth Expansion
Lease Year shall end on the Extended Expiration Date. For example, if the
Expansion Premises Commencement Date is November 1, 2006, then the first
Expansion Lease Year would begin on November 1, 2006 and end on October 31,
2007, and each succeeding Expansion Lease Year would begin on November 1st
and end on October 31st, except that the tenth Expansion Lease Year would
end on November 30, 2016. If, however, the Expansion Premises Commencement
Date is November 2, 2006, then the first Expansion Lease Year would begin
on November 2, 2006 and end on November 30, 2007, the second
Expansion Lease Year would begin on December 1, 2007 and end on November 30,
2008, and each succeeding Expansion Lease Year would begin on December 1st
and end on November 30th (and the tenth Expansion Lease Year would end on November 30,
2016).

 

Should
the Expansion Premises Rent Commencement Date be a date other than the first
day of a calendar month, Tenant shall pay a pro rata portion of the Expansion
Rent on a per diem basis (at the rate of $430.26 per day), on account of said
partial month. The Expansion Rent payable for said partial month shall be in
addition to the Expansion Rent payable for the first Expansion Lease Year
pursuant to the schedule set forth above.

 

6

 

For
all other purposes of the Lease, Expansion Rent shall be treated as Rent, and
Landlord shall have the same rights and remedies with respect to the
non-payment or delinquent payment of Expansion Rent as does Landlord with
respect to the non-payment or delinquent payment of Rent.

 

Notwithstanding
anything to the contrary contained herein, provided Tenant is not then in
default under the Lease (beyond any applicable notice and grace period provided
in the Lease for the cure thereof), Tenant shall be entitled to an Expansion
Rent credit in the amount of $11,932.42, to be applied in a single installment
against the monthly installment of Expansion Rent otherwise due and payable
with respect to the first full calendar month of the first Expansion Lease Year.

 

2.4           Tax Payments.

 

(A)          Section 2.04 of the Original Lease, as it relates to the Original
Premises only, shall remain unaffected by this Agreement.

 

(B)           Effective as of the Expansion Premises Commencement Date, Section 2.04
of the Original Lease, as it relates to the Expansion Premises only,
shall be modified and amended as follows:

 

(i)            the term “Base Tax Amount”, as set forth in Section 2.04(a) of
the Original Lease, shall be modified and amended by (i) deleting
therefrom the reference to calendar year 2004 and replacing same with a
corresponding reference to calendar year 2006, and (ii) deleting therefrom
each reference to 2004-2005 and replacing same with a corresponding reference
to 2006-2007; and

 

(ii)           the term “Tenant’s Share”, as set forth in Section 2.04(d), shall
mean 0.44%.

 

2.5           Rent Credit. The parties hereby acknowledge and agree that the Fixed Rent credits referenced
in Section 2.05 of the Original Lease shall apply only with respect to the
Fixed Rent payable for the Original Premises. Except as otherwise expressly set
forth in the last subparagraph

 

7

 

of
Section 2.3(B) of this Agreement, Tenant shall not be entitled to any
credit against the Expansion Rent.

 

2.6           Electric Charges.

 

(A)          Section 2.07 of the Original Lease, as it relates to the Original
Premises only,
shall remain unaffected by this Agreement.

 

(B)           The parties acknowledge and agree that the original terms and
conditions set forth in Section 2.07 of the Original Lease shall be inapplicable
with respect to the Expansion Premises, except in the event Tenant elects to
install or have installed in the Expansion Premises one or more supplemental
air conditioning units (in which event Tenant’s demand for, and consumption of,
electricity with respect to use of such supplemental air conditioning unit(s) shall
be determined by a submeter(s) installed in or about the Expansion Premises at
the sole cost and expense of Tenant, and Tenant shall pay for such consumption
in accordance with terms and conditions commensurate to those originally set
forth in Section 2.07 of the Original Lease).

 

(C)           Except as aforesaid, the terms and conditions of Section 2.07 of
the Original Lease, as they relate to the Expansion Premises only, shall be deemed to have been deleted and replaced with the following:

 

“Except
as otherwise set forth in Exhibit H, Tenant shall not be responsible for any
additional rent payments for Normal Electric Service (as such term is defined
in Exhibit H)
with respect to the Expansion Premises. In the event Tenant consumes Excess
Electric Service (as such term is defined in Exhibit H) with respect to the Expansion Premises, then
Tenant shall pay additional rent charges on account thereof in accordance with Exhibit H.” 

 

2.7           Landlord Services.
Effective as of the Expansion Premises Commencement Date, the text of Section 3.01(a)(ii) of
the Original Lease shall be deleted in its entirety and replaced with the
following: “reserved parking for a total of twenty-three (23) cars, including
eleven (11) spaces

 

8

 

in
the covered parking facility;”. The parties acknowledge and agree that the one (1) additional
covered parking space being allocated to Tenant pursuant to this Agreement may
not be located adjacent to the ten (10) existing covered parking spaces
allocated to Tenant in connection with the Original Lease.

 

2.8           Condition of Premises.

 

(A)          Tenant hereby acknowledges and agrees that Landlord has completed all
items of work previously required to be completed by Landlord under the Lease.
In addition, Tenant hereby further acknowledges and agrees that, subject to
completion of Landlord’s work defined as the “Extension Work” in Section 2.8(C) of
this Agreement, Tenant will be accepting the Original Premises in its “as is”
condition. Other than the Extension Work, Landlord will not be required to
perform any work or make any installations in or to the Original Premises in
order to prepare same for Tenant’s continued occupancy thereof. Finally, Tenant
hereby further acknowledges and agrees that, subject to completion of Landlord’s
work defined as the “Expansion Work” in Section 2.8(B) of this
Agreement, Tenant will be accepting the Expansion Premises in its “as is”
condition. Other than the Expansion Work, Landlord shall not be required to
perform any work or make any installations in or to the Expansion Premises in
order to prepare same for occupancy by Tenant.

 

(B)           Landlord, at Landlord’s sole cost and expense (except as otherwise
noted on the Expansion Work CDs [hereinafter defined] and except with respect
to change orders or extra work orders hereafter approved by Tenant), shall
perform certain work and make certain installations in and to the Expansion
Premises in order to prepare same for occupancy by Tenant (such work and
installations are herein referred to as the “Expansion Work”); such Expansion
Work to be performed in accordance with the Expansion Work CDs. The term “Expansion
Work CDs”, as used herein,

 

9

 

shall
mean that certain set of construction drawings described on Schedule
B to this Agreement, which
heretofore have been reviewed and approved by Landlord and Tenant.
Notwithstanding anything to the contrary contained herein, the Expansion Work shall
not include the purchase, transport or installation of Tenant’s furniture,
office equipment or communication and data lines, equipment and accessories,
which shall be installed by Tenant, at Tenant’s sole cost and expense, in
accordance with plans and specifications developed by Tenant and approved by
Landlord. Any charges payable by Tenant to Landlord with respect to the
Expansion Work shall be payable as additional rent, and shall be paid in full
within ten (10) business days following demand therefor by Landlord.

 

(C)           Landlord, at Landlord’s sole cost and expense (except as otherwise
noted on the Extension Work CDs [hereinafter defined] and except with respect
to change orders or extra work orders approved by Tenant), shall perform
certain work and make certain installations in and to the Original Premises in
order to prepare same for continued occupancy by Tenant (such work and
installations are herein referred to as the “Extension Work”); such Extension
Work to be performed in accordance with the Extension Work CDs. The term “Extension
Work CDs”, as used herein, shall mean that certain set of construction drawings
described on Schedule C
to this Agreement, which heretofore have been reviewed and approved by Landlord
and Tenant. Notwithstanding anything to the contrary contained herein, the
Extension Work shall not include the purchase, transport or installation of
Tenant’s furniture, office equipment or communication and data lines, equipment
and accessories, which shall be installed by Tenant, at Tenant’s sole cost and
expense, in accordance with plans and specifications developed by Tenant and
approved by Landlord. Any charges payable by Tenant to Landlord with respect to
the Extension Work shall be payable as additional rent, and shall

 

10

 

be
paid in full within ten (10) business days following demand therefor by
Landlord. The parties acknowledge and agree that the timing of substantial
completion of the Extension Work shall have no bearing on the timing of the
Expansion Premises Commencement Date. Indeed, Tenant hereby acknowledges that
Landlord may be performing the Extension Work during Business Hours while
Tenant is occupying the Original Premises. Tenant hereby acknowledges and
agrees that Landlord shall not be obligated to incur any overtime labor costs
or expenses in connection with the performance of the Extension Work and that
Landlord shall not be liable for any inconvenience to Tenant or for
interference with Tenant’s business or use of the Original Premises during the
performance of the Extension Work; provided, however, that Landlord shall take those measures
described on Schedule A to this Agreement (collectively, the “Mitigation
Measures”) in order to mitigate the adverse effect that the Extension Work may
have on Tenant’s business and operations conducted at the Original Premises and
the health and safety of Tenant’s employees and invitees. Tenant and its
employees, invitees, agents and contractors shall use the Original Premises
during the performance of the Extension Work at their own risk. Provided
Landlord employs the Mitigation Measures, and none of Landlord’s employees,
agents, contractors or other workers are grossly negligent and provided none of
them engage in intentional misconduct, and Landlord shall not be responsible
for injury or damage to property occasioned by the performance of the Extension
Work. Tenant shall be solely responsible for moving and relocating Tenant’s
personnel and personal property in and about the Original Premises in order to
accommodate Landlord’s performance of the Extension Work.

 

(D)          If the Extension Work has not been substantially completed by the date
that is eight (8) weeks following the date of substantial completion of
the Expansion Work and such

 

11

 

delay
is not attributable to force majeure or Tenant Delay, then Tenant may deliver
to Landlord written notice (the “Self Help Notice”) of its intent to exercise
its Self Help Remedy (as defined below). If Landlord still has not “substantially
completed” the Extension Work by the date which is two (2) weeks following
receipt of the Self Help Notice, then Tenant may deliver to Landlord written
demand to cease performance of the Extension Work, together with Tenant’s
written election to undertake the Self Help Remedy. The “Self Help Remedy”
shall be the empowerment of Tenant to engage its own licensed, insured and
reputable subcontractors for the purpose of completing Extension Work, under
the direction of Tenant. However, Tenant acknowledges and agrees that, with
respect to any aspect(s) of the Extension Work which would affect, touch
or concern the Building systems, Tenant shall only engage a subcontractor(s) approved
by Landlord for the performance of the subject work, such approval not to be
unreasonably withheld, conditioned or delayed. If Tenant exercises the Self
Help Remedy, then, upon substantial completion of the Extension Work, Tenant
may deliver to Landlord written invoices and other evidence of the actual and
reasonable costs incurred by Tenant in exercising its Self Help Remedy, and
Landlord shall reimburse Tenant for the entire amount of such actual and
reasonable costs, less the costs associated with Extension Work items, if any,
which were to have been paid for by Tenant, as noted on the Extension Work CDs
or as set forth in change orders or extra work orders approved by Tenant.

 

2.9           Renewal Option. The parties
acknowledge and agree that the Renewal Option set forth in Article 9 of
the Original Lease shall apply, at Tenant’s election, either with respect to
the entire Premises or only with respect to the Original Premises. Tenant shall
not have the right to renew or extend the Term of the Lease solely as it
relates to the Expansion Premises. Unless the Renewal Notice delivered on
behalf of Tenant clearly indicates the intention of Tenant to renew or

 

12

 

extend
the Term of the Lease solely as it relates to the Original Premises, Tenant
shall be deemed (upon delivery of a Renewal Notice) to have elected to renew or
extend the Term of the Lease as it relates to the entire Premises.

 

2.10         Exhibit H. Effective as of the
Expansion Premises Commencement Date, Exhibit H annexed to this
Agreement is hereby incorporated into the Lease as an Exhibit H thereto with respect to the Expansion Premises only.

 

ARTICLE III

 

Broker

 

3.1           Each of Landlord and Tenant represents that this Agreement was not
brought about by any broker and that all negotiations with respect to this
Agreement were conducted exclusively between Landlord and Tenant. Each of
Landlord and Tenant agrees that if any claim is made for commissions by any
broker claiming to act on behalf of a party in connection with this Agreement,
then the party on whose behalf such broker claims to have acted will hold the
other party free and harmless from any and all liabilities and expenses in
connection therewith, including reasonable attorney fees.

 

ARTICLE IV

 

Ratification

 

4.1           Tenant represents and warrants that the Lease is presently in full
force and effect, that, to Tenant’s knowledge, no event of default has occurred
on the part of Landlord and that Tenant has no defense or right of offset in
connection with Landlord’s performance under the Lease to this date.

 

4.2           The parties hereby ratify and confirm all of the terms, covenants and
conditions of the Lease, except to the extent that those terms, covenants,
conditions and provisions are amended,

 

13

 

modified
or varied by this Agreement. In the event of a conflict between the provisions
of the Lease and the provisions of this Agreement, the provisions of this
Agreement shall control.

 

4.3           The covenants, agreements, terms and
conditions contained in this Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns.

 

14

 

IN
WITNESS WHEREOF, the parties have executed this Second Amendment to Lease as of
the day and year first above written.

 

	
   

  	
  RECKSON
  PLAZA LLC

  
	
   

  	
  By:

  	
  Reckson
  Operating Partnership, L.P., its

  
	
   

  	
   

  	
  managing
  member

  
	
   

  	
  By:

  	
  Reckson
  Associates Realty Corp., its general

  
	
   

  	
   

  	
  partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Kenneth W. Bauer

  
	
   

  	
  Name:

  	
  KENNETH W. BAUER

  
	
   

  	
  Title:

  	
  SENIOR VICE PRESIDENT AND CO-DIRECTOR

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  OPEN
  LINK FINANCIAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Kevin J. Hesselbirg

  
	
   

  	
  Name:

  	
  KEVIN J. HESSELBIRG

  
	
   

  	
  Title:

  	
      COO

  
									

 

15

 

SCHEDULE A

 

Mitigation Measures

 

Landlord
shall cause its contractors to put up plastic sheets in order to shield the
balance of the Original Premises (the “Non-Work Area”) from dust and debris
emanating from that portion of the Original Premises in which the Extension
Work is being performed (the “Work Area”).

 

Landlord
shall not store any tools or construction materials in the Non-Work Area.

 

Landlord
shall ensure that the workers performing the Extension Work Area use the
Non-Work Area solely for the purpose of ingress to and egress from the Work
Area.

 

Landlord
shall perform all demolition aspects of the Original Premises on weekends or,
if on a weekday, then between the hours of 5:00 A.M. and 9:00 A.M.

 

If
demanded by Tenant, Landlord shall perform other aspects of the Extension Work
outside of Business Hours, provided that, in such event, Tenant shall be
obligated to reimburse Landlord for the incremental cost increases associated
with such overtime work.

 

16

 

SCHEDULE B

 

Description of Expansion Work CDs

 

All
three (3) of the drawings constituting the Expansion Work CDs were
prepared by Landlord’s architectural department under Project Name “Open Link
Financial - 4th Floor” and were signed as “Approved For Lease
Exhibit” on behalf of Tenant on August 21, 2006. These three (3) drawings
are more specifically identified as follows:

 

	
  Drawing Title

  	
   

  	
  Drawing
  No.

  	
   

  	
  Last
  Revision Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title
  Sheet

  	
   

  	
  A-1

  	
   

  	
  August 17,
  2006

  
	
  Demolition &
  Construction Plans 

  	
   

  	
  A-2

  	
   

  	
  August 17,
  2006

  
	
  Ceiling,
  Power & Finish Plans

  	
   

  	
  A-3

  	
   

  	
  August 17,
  2006

  

 

17

 

SCHEDULE
B

 

Description of Extension Work CDs

 

All
three (3) of the drawings constituting the Extension Work CDs were
prepared by Landlord’s architectural department under Project Name “Open Link
Financial -15th Floor” and were signed as “Approved For Lease
Exhibit” on behalf of Tenant on August 21, 2006. These three (3) drawings
are more specifically identified as follows:

 

	
  Drawing Title

  	
   

  	
  Drawing
  No.

  	
   

  	
  Last
  Revision Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title
  Sheet

  	
   

  	
  A-1

  	
   

  	
  August 17,
  2006

  
	
  Demolition &
  Construction Plans 

  	
   

  	
  A-2

  	
   

  	
  August 17,
  2006

  
	
  Ceiling,
  Power & Finish Plans

  	
   

  	
  A-3

  	
   

  	
  August 17,
  2006

  

 

18

 

EXHIBIT “H”

 

Electric Service Charges for the Expansion Premises

 

This
Exhibit shall govern the charges payable by Tenant for electric services
to the Expansion Premises.

 

1.             Normal Electric Service. Normal
Electric Service is electric energy consumed in connection with the use of
overhead lighting in the Expansion Premises and the use of electrical outlets
for the operation of customary office equipment in the Expansion Premises,
provided that the power demands therefrom do not exceed four (4) watts per
square foot of Expansion Premises space (“Tenant’s Allowable Use”). Of this
amount, two watts are allocated to Landlord supplied overhead lighting and two
watts are allocated for Tenant’s usual office equipment. Normal Electric
Service does not include electric energy consumed in connection with the use of
any supplemental heating, ventilating or air conditioning units in the
Expansion Premises.

 

2.             Excess Electric Service. Excess
Electric Service is energy demanded, regardless of hours, with power demands
for electricity in excess of Tenant’s Allowable Use.

 

3.             Charges for Normal Electric
Service. The charge for Normal Electric Service is payable at the rate of $3.00
per annum per rentable square foot of the Expansion Premises and is subject to
escalation as hereinafter provided. The initial charge for Normal Electric
Service is included in the calculation of Expansion Rent under Section 2.3(B) of
the Agreement to which this Exhibit is annexed. Any escalation shall be
payable as additional rent.

 

4.             Charges for Excess Electric
Service. The monthly charges for Excess Electric Service, if applicable, shall
be payable as additional rent (in addition to any charges for Normal Electric
Service) in advance, in monthly installments, and shall be in an amount derived
as follows: The excess power demands for electricity above Tenant’s Allowable
Use shall be charged to Tenant at the rate of $0.75 per rentable square foot
per annum, for each excess watt (or part thereof, computed and adjusted to the
nearest 100th).

 

5.             Escalation of Charges for Normal
Electric Service and Excess Electric Service. The charges referred to in this Exhibit are
based upon the average of the current monthly rates promulgated by the
applicable utility company for providing utility service to the Building during
the twelve (12) month period immediately prior to the date hereof (“Initial
Average Monthly Rates”). The current monthly rates referred to in the prior
sentence and elsewhere in this paragraph shall include all rates,
classifications, surcharges, fuel and adjustment costs, and other component
parts of the utility company’s bills for providing such utilities to the
Building. The charges set forth in this Exhibit shall be increased pro
rata to reflect the percentage increase in the current monthly rates charged
from time to time by such utility company over the Initial Average Monthly
Rates. Landlord shall have the right to bill Tenant and Tenant agrees to pay
such increase in utility company charges

 

19

 

monthly,
as additional rent. Tenant shall not be or become entitled to a reduction in
rent, additional rent or to other reimbursement in the event it uses less
energy than is contemplated by this Exhibit. If the charges set forth in this Exhibit are
actually increased pro rata to reflect a percentage increase in the current
monthly rates charged by the utility company over the Initial Average Monthly
Rates and thereafter the monthly rates charged by the utility company are
reduced below the level on the basis of which such increase was calculated,
then the charges set forth in this Exhibit shall be reduced pro rata to
reflect such subsequent decrease in utility company rates; provided,
however, that in no event
shall the charge for Normal Electric Service be reduced below $3.00 per annum
per rentable square foot.

 

6.             Landlord’s energy management system
(if any) will be conclusive evidence of the computation of Normal Electric
Service and Excess Electric Service. However, Landlord hereby reserves to
itself the right, from time to time, to use a reputable electric engineering
company (the “Engineer”) to make a survey of Tenant’s energy usage requirements
to determine whether the Tenant’s Allowable Use has been exceeded and, if so,
to what extent. If these surveys indicate at the time that the cost to Landlord
by reason thereof, computed on an annual basis at rates which would be charged
by a public utility company servicing the Building for such purposes, is in
excess of the initial cost similarly computed, then the additional rent
provided for in this Exhibit shall be increased as provided for herein,
commencing with the first day of the month immediately following the
computation of such survey and the submission of a copy thereof to Tenant.

 

20

 

EXHIBIT “1”

 

Block Plan for the Expansion Premises

 

21Exhibit 10.24

 

Restricted Stock Agreement

under the Open Link Financial, Inc.

2006 Stock Option and Grant Plan

 

Name of Grantee:                                                                                (the
“Grantee”)

 

No. of Shares:                                       Shares
of                                 Common
Stock

 

Grant Date:                                                                                      (the
“Grant Date”)

 

Per Share Purchase Price:  $.001 (the “Per Share
Purchase Price”)

 

Pursuant to the Open Link Financial, Inc.
2006 Stock Option and Grant Plan (the “Plan”), Open Link Financial, Inc.,
a Delaware corporation (together with its successors, the “Company”), hereby
grants, sells and issues to the individual named above, who is an officer,
employee or other key person (including consultants and prospective employees)
of the Company or any of its Subsidiaries, the Shares (as defined below) at the
Per Share Purchase Price, subject to the terms and conditions set forth herein and
in the Plan. The Grantee agrees to the provisions set forth herein and on Exhibit A
hereto and acknowledges that each such provision is a material condition of the
Company’s agreement to issue and sell the Shares to him or her. The Company
hereby acknowledges receipt of $                 in
full payment for the Shares and agrees to the provisions set forth on Exhibit A
hereto. All references to share prices and amounts herein shall be equitably
adjusted to reflect stock splits, stock dividends, recapitalizations, mergers,
reorganizations and similar changes affecting the capital stock of the Company,
and any shares of capital stock of the Company received on or in respect of
Shares in connection with any such event (including any shares of capital stock
or any right, option or warrant to receive the same or any security convertible
into or exchangeable for any such shares or received upon conversion of any
such shares) shall be subject to this Agreement on the same basis and extent at
the relevant time as the Shares in respect of which they were issued, and shall
be deemed Shares as if and to the same extent they were issued at the date
hereof.

 

1.             Definitions.
For the purposes of this Agreement, the following terms shall have the
following respective meanings. All capitalized terms used herein and not
otherwise defined shall have the respective meanings set forth in the Plan.

 

An “Affiliate” of any Person means a Person that directly or
indirectly, through one or more intermediaries, controls, is controlled by or
is under common control with the first mentioned Person. A Person shall be
deemed to control another Person if such first Person possesses directly or
indirectly the power to direct, or cause the direction of, the management and
policies of the second Person, whether through the ownership of voting
securities, by contract or otherwise.

 

 

“Agreement” shall mean this Restricted Stock Agreement,
including Exhibit A hereto.

 

“Bankruptcy”
shall mean (i) the filing of a voluntary petition under any bankruptcy or
insolvency law, or a petition for the appointment of a receiver or the making
of an assignment for the benefit of creditors, with respect to the Grantee or
any Permitted Transferee, as the case may be, or (ii) the Grantee or any
Permitted Transferee, as the case may be, being subjected involuntarily to such
a petition or assignment or to an attachment or other legal or equitable
interest with respect to the Grantee’s or the Permitted Transferee’s assets,
which involuntary petition or assignment or attachment is not discharged within
60 days after its date, and (iii) the Grantee or any Permitted Transferee,
as the case may be, being subject to a transfer of Shares by operation of law,
except by reason of death.

 

“Cause”
means a dismissal as a result of (i) the commission of any act by the
Grantee constituting financial dishonesty against the Company or its
Subsidiaries (which act would be chargeable as a crime under applicable law); (ii) the
Grantee’s engaging in any other act of dishonesty, fraud, intentional
misrepresentation, moral turpitude, illegality or harassment which, as
determined in good faith by the Board, would: (A) materially adversely
affect the business or the reputation of the Company or any of its Subsidiaries
with their respective current or prospective customers, suppliers, lenders
and/or other third parties with whom such entity does or might do business; or (B) expose
the Company or any of its Subsidiaries to a risk of civil or criminal legal
damages, liabilities or penalties; (iii) the repeated willful failure by
the Grantee to follow the directives of the chief executive officer of the
Company or any of its Subsidiaries, the Board, or the board of directors of any
of the Company’s Subsidiaries or (iv) any material misconduct, material
violation of the Company’s written policies, or willful and deliberate non-performance
of duty by the Grantee in connection with the business affairs of the Company
or its Subsidiaries. [In the event a grantee is a party to an employment
agreement with the Company, its Subsidiaries or any successor entity that
contains a different definition of “cause,” the definition set forth in such other
agreement shall be applicable to such grantee for purposes of this Agreement
and not this definition.]

 

“Good Reason”
means the occurrence of any of the following events: (i) a substantial
adverse change in the nature or scope of the Grantee’s responsibilities,
authorities, powers, functions or duties; (ii) a reduction in the Grantee’s
annual base salary except for across-the-board salary reductions similarly
affecting all or substantially all management employees; (iii) the
relocation of the offices at which the Grantee is principally employed to a
location more than 50 miles from such offices or (iv) a breach by the
Company of its obligations under Exhibit A attached hereto,
provided that the Grantee first delivers to the Company ten (10) days
written notice of breach and provided further that the Company fails to cure
any such breach indicated in such notice (to the extent such cure is reasonably
possible) within a reasonable time period. [In the event a grantee is a
party to an employment agreement with the Company, its Subsidiaries or any
successor entity that contains a different definition of “good reason,” the
definition set forth in such other agreement shall be applicable to such
grantee for purposes of this Agreement and not this definition.]

 

“Initial Public Offering” shall mean the consummation of the
first fully underwritten, firm commitment public offering pursuant to an
effective registration statement under the Act, other than on Forms S-4 or S-8
or their then equivalents, covering the offer and

 

2

 

sale by the Company of its
equity securities, or such other event as a result of or following which the
Company’s common stock shall be publicly held.

 

“Permitted
Transferees” shall mean any of the following to whom the Grantee may
transfer Shares hereunder: the Grantee’s spouse, children (natural or adopted),
stepchildren or a trust for their sole benefit of which the Grantee is the
settlor; provided, however, that any such trust does not require
or permit distribution of any Shares during the term of this Agreement unless
subject to its terms. Upon the death of the Grantee (or a Permitted Transferee
to whom shares have been transferred hereunder), the term Permitted Transferees
shall also include such deceased Grantee’s (or such deceased Permitted
Transferee’s) estate, executions, administrations, personal representations,
heirs, legatees and distributees, as the case may be.

 

“Person” shall mean any individual, corporation, partnership
(limited or general), limited liability company, limited liability partnership,
association, trust, joint venture, unincorporated organization or any similar
entity.

 

“Restricted Shares” shall initially mean all of the Shares being
purchased by the Grantee on the date hereof, provided, that on each of
the dates listed below, the respective number of Shares indicated below shall become
Vested Shares.

 

	
   

  	
   

  	
  Percentage of Shares

  	
   

  
	
  Vesting Date

  	
   

  	
  Becoming Vested

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  [                     ,
  2007]

  	
   

  	
  20

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  At the end
  of each quarterly period commencing [                     ,
  2007]

  	
   

  	
  5

  	
  %

  

 

Notwithstanding the foregoing, Restricted Shares shall also become
Vested Shares in accordance with Section 3(d) and (e).

 

“Sale Event”
shall mean, regardless of form thereof the consummation, in any one transaction
or series of related transactions, of (i) the dissolution or liquidation
of the Company, (ii) the sale of all or substantially all of the assets of
the Company on a consolidated basis to an unrelated person or entity, (iii) a
merger, reorganization or consolidation involving the Company as a result of
which the holders of the Company’s outstanding voting power immediately prior
to such transaction do not own a majority of the outstanding voting power of
the successor entity immediately upon completion of such transaction, (iv) the
sale of all or a majority of the outstanding capital stock of the Company to an
unrelated person or entity or (v) any other transaction in which the
owners of the Company’s outstanding voting power immediately prior to such
transaction do not own at least a majority of the outstanding voting power of
the successor entity immediately upon completion of the transaction; provided,
however, that the consummation of a public offering of securities of the
Company or its Subsidiaries shall in no event be deemed a Sale Event.

 

3

 

“Service Relationship”
shall mean any relationship as an employee, part-time employee, director,
consultant or other key person of the Company or any Subsidiary such that, for
example, a Service Relationship shall be deemed to continue without interruption
in the event the Grantee status changes from full-time employee to part-time
employee or consultant.

 

“Shares”
shall mean the shares of Stock (as defined below) being purchased by the
Grantee on the date hereof pursuant to this Agreement and any additional shares
of Stock or other securities received in respect of the Shares, as a dividend
on, or otherwise on account of, the Shares.

 

“Stock”
shall mean the Company’s Common Stock, par value $.001 per share, together with
any shares into which Stock may be converted or exchanged, as provided above
and herein.

 

“Termination
Event” shall mean the termination of the Grantee’s Service Relationship
with the Company and its subsidiaries for any reason whatsoever, regardless of
the circumstances thereof, and including without limitation upon death,
disability, retirement or discharge or resignation for any reason, whether
voluntary or involuntary. For purposes hereof, the Committee’s determination of
the reason for termination of the Grantee’s Service Relationship shall be
conclusive and binding on the Grantee and the Grantee’s representatives or
legatees.

 

“Vested Shares” shall mean all Shares which are not Restricted
Shares.

 

2.             Purchase and Sale of Shares;
Investment Representations.

 

(a)             Purchase and
Sale. On the date hereof, the Company hereby sells to the Grantee, and the
Grantee hereby purchases from the Company, the number of Shares set forth above
for the Per Share Purchase Price.

 

(b)             Investment
Representations. In connection with the purchase and sale of the Shares
contemplated by Section 2(a) above, the Grantee hereby represents and
warrants to the Company as follows:

 

(i)            The Grantee is
purchasing the Shares for the Grantee’s own account for investment only, and
not for resale or with a view to the distribution thereof.

 

(ii)           The Grantee has had
such an opportunity as he or she has deemed adequate to obtain from the Company
such information as is necessary to permit him or her to evaluate the merits
and risks of the Grantee’s investment in the Company and has consulted with the
Grantee’s own advisers with respect to the Grantee’s investment in the Company.

 

(iii)          The Grantee has
sufficient experience in business, financial and investment matters to be able
to evaluate the risks involved in the purchase of the Shares and to make an
informed investment decision with respect to such purchase.

 

(iv)          The Grantee can
afford a complete loss of the value of the Shares and is able to bear the
economic risk of holding such Shares for an indefinite period.

 

4

 

(v)           The
Grantee understands that the Shares are not registered under the Act or any
applicable state securities or “blue sky” laws and may not be sold or otherwise
transferred or disposed of in the absence of an effective registration
statement under the Act and under any applicable state securities or “blue sky”
laws (or exemptions from the registration requirements thereof). The Grantee
further acknowledges that certificates representing the Shares will bear restrictive
legends reflecting the foregoing.

 

3.                     Repurchase
Right.

 

(a)               Repurchase.
Upon the occurrence of a Termination Event or the Bankruptcy of the Grantee,
the Company or its assigns shall have the right and option to repurchase all or
any portion of the Shares held by the Grantee or any Permitted Transferee as of
the date of such Termination Event or Bankruptcy. In addition, upon the
Bankruptcy of any of the Grantee’s Permitted Transferees, the Company or its
assigns shall have the right and option (together with the right and option
contemplated by the preceding sentence of this Section 3(a), the “Repurchase
Right”) to repurchase all or any portion of the Shares held by such Permitted
Transferee as of the date of such Bankruptcy. The purchase and sale arrangements
contemplated by the preceding sentences of this Section 3(a).

 

(b)              Repurchase
Price. The per share purchase price of the Shares subject to the Repurchase
(the “Repurchase Price”) shall be, subject to adjustment as provided above (i) in
the case of Shares which are Vested Shares as of the date event giving rise to
the of the Repurchase, the Fair Market Value of such Vested Shares as of the
date the Committee elects to exercise its Repurchase Right and (ii) in the
case of Restricted Shares outstanding as of such date, the Per Share Purchase
Price.

 

(c)               Closing
Procedure. The Company or its assigns shall effect the Repurchase (if so
elected) by delivering or mailing to the Grantee (and/or, if applicable, any
Permitted Transferees) written notice within six (6) months after the
Termination Event or Bankruptcy, specifying a date within such six-month period
in which the Repurchase shall be effected. Upon such notification, the Grantee
and any Permitted Transferees shall promptly surrender to the Company any
certificates representing the Shares being purchased, together with a duly
executed stock power for the transfer of such Shares to the Company or the
Company’s assignee or assignees. Upon the Company’s or its assignee’s receipt
of the certificates from the Grantee or any Permitted Transferees (or at such
later date as is determined necessary by the Committee to avoid breach by the
Company of any agreement to which it is a party), the Company or its assignee
or assignees shall deliver to him, her or them a check for the Repurchase Price
of the Shares being purchased, provided, however, that the Company may pay the
Repurchase Price for such shares by offsetting and canceling any indebtedness
then owed by the Grantee to the Company. At such time, the Grantee and/or any
holder of the Shares shall deliver to the Company the certificate or
certificates representing the Shares so repurchased, duly endorsed for
transfer, free and clear of any liens or encumbrances. The Repurchase Right
specified herein shall survive and remain in effect as to Restricted Shares
following and notwithstanding any public offering by or merger or other
transaction involving the Company and certificates representing such Restricted
Shares shall bear legends to such effect, subject to Section 10(b) below.

 

5

 

(d)              Sale of the Company. Upon and subject to the occurrence
of a Sale Event, the vesting of each tranche of Shares listed above in Section 1
under the definition of Restricted Shares shall accelerate by one year. Subject
to the foregoing, if:

 

(i)            the
Sale Event involves an exchange of stock of the Company solely for stock of the
acquiror, whether by merger, consolidation or otherwise, regardless of the form
thereof (or if the Stock remains outstanding after such Sale Event), all stock
received in exchange for Restricted Shares in such exchange by the Grantee or
any Permitted Transferee (or any Restricted Shares remaining outstanding, as
applicable) shall be (or remain, as applicable) outstanding subject to the
provisions of this Agreement; provided  however,
in the event of a Termination Event after such Sale Event which is by the
Company without Cause or by the Grantee for Good Reason, the Restricted Shares
then held by the Grantee or any Permitted Transferees shall thereupon be deemed
fully vested.

 

(ii)           if the Sale Event
involves a sale of the Company’s stock or assets solely for consideration other
than stock of the acquiror, and the Grantee agrees in writing to the
restrictions set forth in the following sentence, all Restricted Shares held by
the Grantee or any Permitted Transferee shall be deemed fully vested as of the
consummation of the Sale Event. The proceeds resulting from such Sale Event
attributable to the Restricted Shares vested under the preceding sentence (the “Acceleration Proceeds”) shall
be paid or delivered to the Grantee as follows: (A) if there shall not
occur a Termination Event prior to the next date on which all or any portion of
the Restricted Shares would have vested pursuant to the terms of this Agreement
without regard to the provisions of this Section 3(d)(ii) (such date
and each such date thereafter, a “Vesting
Date”), that portion of the Acceleration Proceeds that is
attributable to Restricted Shares that would have vested on such Vesting Date
shall be paid or delivered to the Grantee on such Vesting Date, (B) if
there shall occur a Termination Event after such Sale Event which is by the
Company without Cause or by the Grantee for Good Reason, any remaining portion
of the Acceleration Proceeds shall be paid or delivered to the Grantee within
ten (10) days of such Termination Event and (C) if there shall occur
a Termination Event by the Company for Cause, by the Grantee without Good
Reason or by reason of death or disability (as defined in Section 422(c) of
the Code), no additional Acceleration Proceeds shall paid or delivered the
Grantee after the date of such Termination Event. If the Grantee does not agree
in writing to the restrictions in the preceding sentence, the Sale Event shall
have the same effect as a Termination Event with respect to the Restricted
Shares then held by the Grantee.

 

(iii)          if
the Sale Event involves partly (A) cash or consideration other than stock
and (B) stock consideration, the provisions of subparagraphs (i) and (ii) above
shall be applied on a pro rata basis in proportion to the consideration offered
in the Sale Event.

 

The Company shall have the right, exercisable in its discretion in
connection with any Sale Event or otherwise, to accelerate vesting.

 

6

 

(e)           Death
or Disability. If a Termination Event occurs prior to a Sale Event by
reason of the Grantee’s death or disability (as defined in Section 422(c) of
the Code), the vesting of each tranche of Shares listed above in Section 1
under the definition of Restricted Shares shall accelerate by one year.

 

4.             Restrictions on
Transfer of Shares. None of the Shares now owned or hereafter acquired
shall be sold, assigned, transferred, pledged, hypothecated, given away or in
any other manner disposed of or encumbered, whether voluntarily or by operation
of law, unless such transfer is in compliance with all applicable securities
laws (including, without limitation, the Act), and such disposition is in
accordance with the terms and conditions of this Section 4. In connection
with any transfer of Shares, the Company may require the transferor to provide
at the Grantee’s own expense an opinion of counsel to the transferor,
satisfactory to the Company, that such transfer is in compliance with all
foreign, federal and state securities laws (including, without limitation, the
Act). Any attempted disposition of Shares not in accordance with the terms and
conditions of this Section 4 shall be null and void, and the Company shall
not reflect on its records any change in record ownership of any Shares as a
result of any such disposition, shall otherwise refuse to recognize any such
disposition and shall not in any way give effect to any such disposition of any
Shares. Subject to the foregoing general provisions, Shares may be transferred
pursuant to the following specific terms and conditions:

 

(a)               Transfers
to Permitted Transferees. The Grantee (but not any transferee thereof) may
sell, assign, transfer or give away any or all of the Shares to Permitted
Transferees; provided, however, that such Permitted

Transferee(s) shall, as a condition to any such transfer, agree to be
subject to the provisions of this Agreement (including, without limitation, the
provisions of Sections 3, 4, 5 and 10(a)) and shall have delivered a written
acknowledgment to that effect to the Company.

 

(b)              Transfers
Upon Death. Upon the death of the Grantee, all Shares shall remain subject
to Sections 3, 4, 5 and 10(a), as applicable, and the Grantee’s estate,
executors, administrators, personal representatives, heirs, legatees and
distributees shall be obligated to convey such Shares to the Company or its
assigns under the terms contemplated hereby.

 

(c)               Other
Transfers; Notice; Right of First Refusal. In the event that the Grantee
(or any Permitted Transferee holding Shares subject to this Section 4(c))
desires to sell or otherwise transfer all or any part of the Vested Shares (but
in no event Restricted Shares, which shall not be sold or transferred except as
contemplated by Sections 3(a), 4(a) or 4(b)), the Grantee (or Permitted
Transferee) first shall give written notice to the Company of the Grantee’s (or
Permitted Transferee’s) intention to make such transfer. Such notice shall state
the number of Vested Shares which the Grantee (or Permitted Transferee)
proposes to sell (the “Offered Shares”), the price and the terms at which the
proposed sale is to be made and the name and address of the proposed
transferee. At any time within 30 days after the receipt of such notice by the
Company, the Company or its assigns may elect to purchase all or any portion of
the Offered Shares at the price and on the terms offered by the proposed
transferee and specified in the notice. The Company or its assigns shall
exercise this right by mailing or delivering written notice to the Grantee (or
Permitted Transferee) within the foregoing 30-day period. If the

 

7

 

Company or its assigns elect to
exercise its purchase rights under this Section 4(c), the closing for such
purchase shall, in any event, take place within 45 days after the receipt by
the Company of the initial notice from the Grantee (or Permitted Transferee).
In the event that the Company or its assigns do not elect to exercise such
purchase right, or in the event that the Company or its assigns do not pay the
full purchase price within such 45-day period, the Grantee (or Permitted
Transferee) may, within 60 days thereafter, sell the Offered Shares to the
proposed transferee and at the same price and on the same terms as specified in
the Grantee’s (or Permitted Transferee’s) notice. Any Shares purchased by such
proposed transferee shall be deemed held by a Permitted Transferee and
accordingly shall remain subject to the terms of this Agreement, including
without limitation, the provisions of Section 3, 4, 5 and     10(a) to
the same extent as if the Grantee continued to hold them. Any shares not sold
to the proposed transferee shall remain subject to this Agreement shall no
longer be subject to the terms of this Agreement. Any Shares not sold to the
proposed transferee shall remain subject to this Agreement. Notwithstanding the
foregoing, the restrictions on Vested Shares under this Section 4(c) shall
terminate in accordance with Section 10(b).

 

5.             Drag Along Right.
In the event the holders of a majority of the Company’s equity securities then
outstanding (the “Majority Shareholders”) determine to sell or otherwise
dispose of all or substantially all of the assets of the Company or all or
fifty percent (50%) or more of the capital stock of the Company in each case in
a transaction constituting a change in control of the Company, to any
non-Affiliate(s) of the Company or any of the Majority Shareholders, or to
cause the Company to merge with or into or consolidate with any non-Affiliate(s) of
the Company or any of the Majority Shareholders (in each case, the “Buyer”) in
a bona fide negotiated transaction (a “Sale”), the Grantee, including any of
his or her successors as contemplated herein, shall be obligated to and shall
upon the written request of a Majority Shareholders: (a) sell, transfer
and deliver, or cause to be sold, transferred and delivered, to the Buyer, his
or her Shares on substantially the same terms applicable to the Majority
Shareholders (with appropriate adjustments to reflect the conversion of
convertible securities, the redemption of redeemable securities and the
exercise of exercisable securities as well as the relative preferences and priorities
of preferred stock); and (b) execute and deliver such instruments of
conveyance and transfer and take such other action, including voting such
Shares in favor of any Sale proposed by the Majority Shareholders and executing
any purchase agreements, merger agreements, indemnity agreements, escrow
agreements or related documents, as the Majority Shareholders or the Buyer may
reasonably require in order to carry out the terms and provisions of this Section 5.

 

6.             Legend.
Any certificate(s) representing the Shares shall carry substantially the
following legend:

 

“The transferability of this certificate and the shares of stock
represented hereby are subject to the restrictions, terms and conditions
(including repurchase and restrictions against transfers) contained in a
certain Restricted Stock Agreement dated                      ,           between
the Open Link Financial, Inc. (the “Company”) and the holder of this
certificate (a copy of which is available at the offices of the Company for
examination).”

 

8

 

“The shares represented by this certificate have not
been registered under the Securities Act of 1933 or the securities laws of any
state. The shares may not be sold or transferred in the absence of such
registration or an exemption from registration.”

 

7.             Escrow
Arrangement. 

 

(a)             Escrow. In order to carry
out the provisions of Sections 3, 4 and 5 of this Agreement more effectively,
the Company shall hold the Shares in escrow together with separate stock powers
executed by the Grantee in blank for transfer, and any Permitted Transferee
shall, as an additional condition to any transfer of Shares, execute a like
stock power as to such Shares. The Company shall not dispose of the Shares
except as otherwise provided in this Agreement. In the event of any repurchase
by the Company (or any of its assigns), the Company is hereby authorized by the
Grantee and any Permitted Transferee, as the Grantee's and each such Permitted
Transferee's attorney-in-fact, to date and complete the stock powers necessary
for the transfer of the Shares being purchased and to transfer such Shares in
accordance with the terms hereof. At such time as any Shares are no longer
subject to the Company's Repurchase Right and right of first refusal, the
Company shall, at the written request of the Grantee, deliver to the Grantee
(or the relevant Permitted Transferee) a certificate representing such Shares
with the balance of the Shares (if any) to be held in escrow pursuant to this
Section 7.

 

(b)             Remedy. Without limitation
of any other provision of this Agreement or other rights, in the event that the
Grantee, any Permitted Transferees or any other person or entity is required to
sell the Grantee's Shares pursuant to the provisions of Section 3, 4 and 5 of
this Agreement and in the further event that he or she refuses or for any
reason fails to deliver to the designated purchaser of such Shares the
certificate or certificates evidencing such Shares together with a related
stock power, such designated purchaser may deposit the applicable purchase price
for such Shares with a bank designated by the Company, or with the Company's
independent public accounting firm, as agent or trustee, or in escrow, for the
Grantee, any Permitted Transferees or other person or entity, to be held by
such bank or accounting firm for the benefit of and for delivery to him, her,
them or it, and/or, in its discretion, pay such purchase price by offsetting
any indebtedness then owed by the Grantee as provided above. Upon any such
deposit and/or offset by the designated purchaser of such amount and upon
notice to the person or entity who was required to sell the Shares to be sold
pursuant to the provisions of Section 3, 4 and 5, such Shares shall at such
time be deemed to have been sold, assigned, transferred and conveyed to such
purchaser, the holder thereof shall have no further rights thereto (other than
the right to withdraw the payment thereof held in escrow, if applicable), and
the Company shall record such transfer in its stock transfer book or in any
appropriate manner. 

 

8.             Withholding Taxes. The Grantee acknowledges and
agrees that the Company or any of its Subsidiaries have the right to deduct
from payments of any kind otherwise due to the Grantee, or from the Shares held
pursuant to Section 7 hereof, the minimum federal, state or local taxes of any
kind required by law to be withheld with respect to the purchase of the Shares
by the Grantee. In furtherance of the
foregoing the Grantee agrees to elect, in accordance with Section 83(b) of the
Internal Revenue Code of 1986, as amended, to recognize  

 

9

 

ordinary income in the year of acquisition of the Shares, and
to pay to the Company all withholding taxes shown as due on his or her Section 83(b) election
form, or otherwise ultimately determined to be due with respect to such
election, based on the excess, if any, of the Fair Market Value of such Shares
as of the date of the purchase of such Shares by the Grantee over the purchase
price for such Shares. The Grantee acknowledges that the Company has advised
the Grantee to obtain tax advice from his own personal tax advisor on the tax
consequences of the purchase of the Shares. The Grantee agrees that the filing
of a Section 83(b) election is the Grantee’s responsibility.

 

9.             Assignment.
At the discretion of the Board, the Company shall have the right to assign its
Repurchase Right or its right of first refusal to any Person or Persons, in
whole or in part in any particular instance, upon the same terms and conditions
applicable to the exercise thereof by the Company, and such assignee or
assignees of the Company shall then take and hold any Shares so acquired
subject to such terms as may be specified by the Company in connection with any
such assignment.

 

10.           Miscellaneous Provisions.

 

(a)               Lockup provision. The Grantee and each
Permitted Transferee shall agree, if requested by the Company and any
underwriter engaged by the Company, not to sell or otherwise transfer or
dispose of any securities of the Company (including, without limitation,
pursuant to Rule 144 under the Act) held by him or her for (a) one
hundred eighty (180) days following the effective date of the relevant
registration statement filed under the Act in connection with the Company’s
Initial Public Offering, or (b) ninety (90) days following the effective
date of the relevant registration statement in connection with any other public
offering of Stock, as the Company and such underwriter shall specify reasonably
and in good faith. Notwithstanding the foregoing, if: (x) during the last
17 days of the foregoing 180-day period or 90-day period, as applicable, the
Company issues an earnings release or material news or a material event
relating to the Company occurs; or (y) prior to the expiration of the
180-day period or 90-day period, as applicable, the Company announces that it
will release earnings results during the 16-day period beginning on the last
day of the period, then the restrictions described above shall continue to
apply until the expiration of an 18-day period beginning on the issuance of the
earnings release or the occurrence of the material news or material event. The
Grantee agrees, if requested by the underwriter engaged by the Company, to
execute a separate letter reflecting the agreement set forth in this Section 10(a).

 

(b)              Termination. The Company’s Repurchase Right as
to Vested Shares under Section 3, the restrictions on transfer of Vested
Shares under Section 4(c) and the Grantee’s Drag Along obligations
under Section 5 shall terminate upon the closing of the Company’s Initial
Public Offering or upon consummation of any Sale Event as a result of which
shares of the Company (or successor entity) of the same class as the Shares are
registered under Section 12 of the Exchange Act of 1934 and publicly
traded on NASDAQ/NMS or any national security exchange; provided, however, that
all other provisions shall remain in effect following the same until all of the
Shares have become Vested Shares.

 

10

 

(c)             Record Owner; Dividends. The Grantee and any
Permitted Transferees, during the duration of this Agreement, shall be
considered the record owners of and shall be entitled to vote the Shares if and
to the extent the Shares are entitled to voting rights. The Grantee and any
Permitted Transferees shall be entitled to receive all dividends and any other
distributions declared on the Shares; provided, however, that the Company is
under no duty to declare any such dividends or to make any such distribution.

 

(d)             Equitable Relief. The parties hereto agree and
declare that legal remedies are inadequate to enforce the provisions of this
Agreement and that equitable relief, including specific performance and
injunctive relief, may be used to enforce the provisions of this Agreement.

 

(e)             Change and Modifications. This Agreement may not
be orally changed, modified or terminated, nor shall any oral waiver of any of
its terms be effective. This Agreement may be changed, modified or terminated
only by an agreement in writing signed by the Company and the Grantee.

 

(f)              Governing Law. This Agreement shall be governed
by and construed in accordance with the laws of Delaware without regard to
conflict of law principles.

 

(g)             Headings. The headings are intended only for
convenience in finding the subject matter and do not constitute part of the
text of this Agreement and shall not be considered in the interpretation of
this Agreement.

 

(h)             Saving Clause. If any provision(s) of this
Agreement shall be determined to be illegal or unenforceable, such
determination shall in no manner affect the legality or enforceability of any
other provision hereof. The Grantee agrees that if a court of competent
jurisdiction determines that any restriction, or portion thereof, set forth in Section 3
of Exhibit A hereto is overly restrictive and unenforceable, the
court may reduce or modify such restrictions to those which it deems reasonable
and enforceable under the circumstances, and as so reduced or modified, the
parties hereto agree that the restrictions of Section 3 of Exhibit A
hereto shall remain in full force and effect. Employee further agrees that if a
court of competent jurisdiction determines that any provision of Section 3
of Exhibit A hereto is unenforceable, the remaining provisions of Section 3
of Exhibit A hereto and the remainder of this Agreement shall not
be affected thereby, and shall remain in full force and effect.

 

(i)              Notices. All notices, requests, consents and
other communications shall be in writing and be deemed given when delivered
personally, by telex or facsimile transmission or when received if mailed by
first class registered or certified mail, postage prepaid. Notices to the
Company or the Grantee shall be addressed as set forth underneath their
signatures below, or to such other address or addresses as may have been
furnished by such party in writing to the other. Notices to any holder of the
Shares other than the Grantee shall be addressed to the address furnished by
such holder to the Company.

 

(j)              Benefit and Binding Effect. This Agreement shall
be binding upon and shall inure to the benefit of the parties hereto, their
respective successors, assigns, and

 

11

 

legal representatives. Without limitation of the foregoing, upon any
stock-for-stock merger in which the Company is not the surviving entity, shares
of the Company’s successor issued in respect of the Shares shall remain subject
to vesting and, if such successor is a private company, subject to the
Repurchase Right in Section 3, the right of first refusal under Section 4(c),
the drag-along under Section 5 and the lockup provision under Section 10(a).
The Company has the right to assign this Agreement, and such assignee shall
become entitled to all the rights of the Company hereunder to the extent of
such assignment.

 

(k)             Dispute
Resolution. Except as provided below, any dispute arising out
of or relating to this Agreement or the breach, termination or validity hereof
shall be finally settled by binding arbitration conducted expeditiously in
accordance with the J.A.M.S./Endispute Comprehensive Arbitration Rules and
Procedures (the “J.A.M.S. Rules”). The arbitration shall be governed by the
United States Arbitration Act, 9 U.S.C. §§1-16, and judgment upon the award rendered
by the arbitrators may be entered by any court having jurisdiction thereof. The
place of arbitration shall be New York, New York.

 

The parties covenant and agree that the arbitration
shall commence within 60 days of the date on which a written demand for
arbitration is filed by any party hereto. In connection with the arbitration
proceeding, the arbitrator shall have the power to order the production of
documents by each party and any third-party witnesses. In addition, each party
may take up to three depositions as of right, and the arbitrator may in his or
her discretion allow additional depositions upon good cause shown by the moving
party. However, the arbitrator shall not have the power to order the answering
of interrogatories or the response to requests for admission. In connection
with any arbitration, each party shall provide to the other, no later than
seven (7) business days before the date of the arbitration, the identity
of all persons that may testify at the arbitration and a copy of all documents
that may be introduced at the arbitration or considered or used by a party’s
witness or expert. The arbitrator’s decision and award shall be made and
delivered within six (6) months of the selection of the arbitrator. The
arbitrator’s decision shall set forth a reasoned basis for any award of damages
or finding of liability. The arbitrator shall not have power to award damages
in excess of actual compensatory damages and shall not multiply actual damages
or award punitive damages or any other damages that are specifically excluded
under this Agreement, and each party hereby irrevocably waives any claim to
such damages.

 

The parties covenant and agree that they will
participate in the arbitration in good faith. This Section 10(k) applies
equally to requests for temporary, preliminary or permanent injunctive relief,
except that in the case of temporary or preliminary injunctive relief any party
may proceed in court without prior arbitration for the limited purpose of
avoiding immediate and irreparable harm.

 

Each of the parties hereto (i) hereby
irrevocably submits to the jurisdiction of any United States District Court of
competent jurisdiction for the purpose of enforcing the award or decision in
any such proceeding, (ii) hereby waives, and agrees not to assert, by way
of motion, as a defense, or otherwise, in any such suit, action or proceeding,
any claim that it is not subject personally to the jurisdiction of the
above-named courts, that its property is exempt or immune from attachment or
execution

 

12

 

(except
as protected by applicable law), that the suit, action or proceeding is brought
in an inconvenient forum, that the venue of the suit, action or proceeding is
improper or that this Agreement or the subject matter hereof may not be
enforced in or by such court, and hereby waives and agrees not to seek any
review by any court of any other jurisdiction which may be called upon to grant
an enforcement of the judgment of any such court. Each of the parties hereto
hereby consents to service of process by registered mail at the address to
which notices are to be given. Each of the parties hereto agrees that its, his
or her submission to jurisdiction and its, his or her consent to service of
process by mail is made for the express benefit of the other parties hereto.
Final judgment against any party hereto in any such action, suit or proceeding
may be enforced in other jurisdictions by suit, action or proceeding on the
judgment, or in any other manner provided by or pursuant to the laws of such
other jurisdiction.

 

(l)              Counterparts. For the convenience of the
parties and to facilitate execution, this Agreement may be executed in two or
more counterparts, each of which shall be deemed an original, but all of which
shall constitute one and the same document.

 

[SIGNATURE PAGE FOLLOWS]

 

13

 

IN
WITNESS WHEREOF, the Company and the Grantee have executed this Restricted
Stock Agreement as of the date first above written.

 

	
   

  	
  COMPANY

  
	
   

  	
   

  
	
   

  	
  OPEN
  LINK FINANCIAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  GRANTEE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:
  

  
	
   

  	
   

  
	
   

  	
  Address:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  

 

SPOUSE’S
CONSENT

 

I
acknowledge that I have read the foregoing Restricted Stock Agreement and
understand the contents thereof.

 

	
   

  	
   

  

 

 

Exhibit A

 

Grantee:

 

1.             Base Salary:
During the Grantee’s employment with the Company or any of its Subsidiaries,
the Company shall pay the Grantee an annual salary of no less than
$              (the
“Base Salary”), payable in accordance with the Company’s usual payroll payment
practice.

 

2.             Termination
Benefits: If the Grantee’s employment with the Company is terminated
without Cause, the Company will pay the Grantee the following termination
benefits (“Termination Benefits”) upon the execution and delivery by the
Grantee to the Company of a general release of any and all claims (other than
those arising under this Exhibit A) in a customary form reasonably
satisfactory to the Company:

 

(a)             if such
termination occurs on or prior to the first anniversary of the date hereof (the
“Anniversary Date”):

 

(i)   continuation of Grantee’s Base Salary for the longer of (A) the
period from the date of termination through and including the Anniversary Date
and (B) the six (6) month period following the date of termination;
and

 

(ii)  payment of an aggregate amount equal to the product of (x) 75%
of the aggregate amount of the bonus paid to the Grantee in respect of the 2005
fiscal year times (y) a fraction the numerator of which is the number of
days remaining until the Anniversary Date and the denominator of which is 365
(the payment referred to in this clause (ii) to be paid in equal
installments along with Base Salary paid pursuant to clause (i) during the
Termination Benefits Period);

 

(b)             if such termination occurs after the Anniversary Date,
continuation of Grantee’s Base Salary for a period of six (6) months
following the date of termination;

 

(c)             payment of any bonus under any bonus plan established by
the Board with respect to the fiscal year in which such termination occurs that
otherwise would have been paid had the Grantee’s employment not so terminated,
pro-rated to reflect the number of days between the beginning of the relevant
fiscal year and the date of such termination; and

 

(d)             continuation of group health plan benefits during the
period the Grantee is entitled to a continuation of his Base Salary pursuant to
Sections 2(a) or 2(b) hereof (the “Termination Benefits Period”),
to the extent authorized by and consistent with 29 U.S.C. § 1161 et seq. (commonly
known as “COBRA”), with the cost of the regular premium for such benefits
shared in the same relative proportion by the Company and the Grantee as in
effect on the date of termination.

 

 

All payments under Sections 2(a)-(c) shall be subject to withholding
under applicable law and shall be made in periodic installments in accordance
with the Company’s usual practice as in effect from time to time.

 

3.             Non-Competition and
Non-Solicitation. In consideration of the Grantee’s employment with
the Company, the Termination Benefits contained in Section 2, the grant of
restricted stock of the Company pursuant to the terms of the Restricted Stock
Agreement to which this Exhibit A is attached, and the benefits derived by
the Grantee as a result of the transactions contemplated by the Contribution
and Exchange Agreement by and among the Grantee, OLF Acquisition Corp. and the
other parties thereto dated as of February 1, 2006 and all related
agreements,

 

(a)             the Grantee hereby agrees that during
the period commencing on the date hereof and ending on the date that is one
year following the date of the termination of the Grantee’s employment with the
Company for any reason regardless of the circumstances thereof, the Grantee
will not, without the express written consent of the Company, directly or
indirectly, anywhere in the United States or in any foreign country in which
the Company has conducted business, is conducting business or is presently
contemplating conducting business, engage in any activity which is, or
participate or invest in, or provide or facilitate the provision of financing
to, or assist (whether as owner, part-owner, shareholder, member, partner,
director, officer, trustee, executive, agent or consultant, or in any other
capacity), any business, organization or person other than the Company (or any
subsidiary or affiliate of the Company), including any such business,
organization or person involving, or which is, a family member of the Grantee,
whose business, activities, products or services are competitive with any of
the business, activities, products or services conducted or offered or proposed
to be conducted or offered by the Company or its subsidiaries or affiliates
during any period in which the Grantee is employed by the Company or any of its
subsidiaries or affiliates. Without implied limitation, the foregoing covenant
shall be deemed to prohibit (a) hiring or engaging or attempting to hire
or engage for or on behalf of the Grantee or any such competitor any employee
of the Company or any of its direct and/or indirect subsidiaries and
affiliates, or any former employee of the Company and any of its direct and/or
indirect subsidiaries and affiliates who was employed during the six (6) month
period immediately preceding the date of such attempt to hire or engage, (b) encouraging
for or on behalf of the Grantee or any such competitor any such employee to
terminate his or her relationship or employment with the Company or any of its
direct or indirect subsidiaries and affiliates, (c) recruiting or
soliciting for or on behalf of the Grantee or any such competitor any customer
of the Company or any of its direct or indirect subsidiaries and affiliates, or
any former customer of the Company or any of its direct or indirect
subsidiaries and affiliates who was a customer during the six (6) month
period immediately preceding the date of such solicitation and (d) diverting
to any person any customer or business opportunity of the Company or any of any
of its direct or indirect subsidiaries and affiliates. Notwithstanding anything
herein to the contrary, the Grantee may make passive investments in any
enterprise the shares of which are publicly traded if such investment
constitutes less than five percent (5%) of the equity of such enterprise.

 

 

(b)             If the Grantee violates any of the restrictions
contained in this Section, the restrictive period will be extended for the
period of time from the commencement of any violation until the time when the
Grantee cures the violation to the Grantee’s reasonable satisfaction.

 

(c)             The Grantee agrees, while employed by the Company, to
offer or otherwise make known or available to it, as directed by the Board of
the Company and without additional compensation or consideration, any business
prospects, contracts or other business opportunities that the Grantee may
discover, find, develop or otherwise have available to the Grantee in the
Company’s general industry and further agrees that any such prospects, contacts
or other business opportunities shall be the property of the Company.

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