Document:

Document

Exhibit 10.15

FIRST AMENDMENT TO COMMERCIAL LEASE
(Hayden Ferry Lakeside Phase III)
THIS FIRST AMENDMENT TO COMMERCIAL LEASE (the “First Amendment”), dated for reference purposes as of August 31, 2017, is entered into by and between COUSINS FUND II PHOENIX III, LLC, a Delaware limited liability company (“Landlord”), and ZIPRECRUITER, INC., a Delaware corporation (“Tenant”).
R E C I T A L S
WHEREAS, Landlord and Tenant are parties to that certain Commercial Lease dated November 8, 2016 (the “Original Lease”), whereby Landlord leased to Tenant, and Tenant leased from Landlord, certain premises consisting of approximately 27,135 rentable square feet located on the second (2nd), floor in the Building (the “Original Premises”), having an address of 40 East Rio Salado, Tempe, Arizona 85281, and located in the Project commonly known as Hayden Ferry Lakeside- Phase III; and
WHEREAS, Tenant now desires to lease additional space in the Building from Landlord and Landlord desires to lease additional space in the Building to Tenant; and
WHEREAS, Landlord and Tenant desire to enter into this First Amendment to, among other things, set forth the terms and conditions upon which Tenant will lease from Landlord all of the space located on the 8th Floor of the Building.
NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, Landlord and Tenant agree as follows:
1.    Incorporation of Recitals; Defined Terms; Effective Date.  The Recitals set forth above are deemed to be true and accurate in all respects and are hereby incorporated into this First Amendment by this reference. Capitalized terms used in this First Amendment shall have the same meanings as ascribed to them in the Lease unless otherwise expressly defined in this First Amendment. In the event of any conflict between the terms of the Lease and the terms of this First Amendment, the terms of this First Amendment shall govern and control. This First Amendment shall be effective on that date when Landlord has delivered to Tenant a fully executed copy of this First Amendment (the “Effective Date”).
2.    Expansion of Premises.  Landlord and Tenant have agreed that Tenant will expand its occupancy to include the entire 8th floor of the Building (the “Expansion Premises”), consisting of 27,135 square feet of Rentable Area. The Expansion Premises and the Original Premises (which consists of 27,135 RSF) are hereafter referred to as the “Premises” and together consist of 54,270 RSF. Within three (3) business days of Landlord’s execution of this First Amendment (the “Delivery Date”), Landlord will deliver the Expansion Premises to Tenant broom-clean and with all of the prior occupant’s furniture, fixtures and equipment left therein, subject, however, to the terms and conditions set forth in Article 2 of the Original Lease (the “Delivery Condition”). Tenant has the right to occupy the Expansion Premises as of the Delivery Date, subject to all of the terms and conditions of the Original Lease except for the obligation to 

pay Base Rent and Operating Expenses until the Expansion Premises Commencement Date (defined below), for the purpose of installing its equipment, furniture, fixtures and all related cabling.
3.    Expansion Premises Commencement Date; Term.  The Term of the Lease applicable to the Expansion Premises will commence on September 15, 2017 (the “Expansion Premises Commencement Date” or “EPCD”). Notwithstanding the Expansion Premises Commencement Date, Tenant will be permitted access to the Expansion Premises one (1) business day after the Effective Date. Such early access to the Expansion Premises shall be subject to the terms and conditions of this Lease, except that Tenant shall not be required to pay Base Rental and Tenant’s Additional Rent for any days of such early access; provided however, Tenant shall pay for the cost of any other Building services requested by Tenant. 
As of the Effective Date, any reference in this First Amendment or the Original Lease to the “Premises” shall mean and include the Original Premises and the Expansion Premises. The Term of the Lease applicable to the entire Premises expires on January 15, 2023, unless sooner terminated as otherwise provided in the Lease.
4.    Condition of Expansion Premises/Tenant’s Work.  Tenant acknowledges that Landlord is leasing the Expansion Premises to Tenant in its current “AS IS, WHERE IS” condition, without any obligation to alter, remodel, improve, repair or decorate any part of the Expansion Premises, except to the extent that the Lease requires Landlord to perform maintenance or repair obligations (or reconstruction obligations following casualty or condemnation). Neither Landlord nor any of its agents, employees or contractors has made any warranty or representation to Tenant regarding the condition of the Expansion Premises or its suitability for Tenant’s intended purposes.
Landlord acknowledges that Tenant intends to perform certain construction, data and electrical work (collectively, the “Tenant’s Work”) at the Expansion Premises, inclusive of the following:
•Add power and data for leader board TVs.
•Provide power, cable and new desks for area that was not built near kitchen.
•Run riser cables for access badge readers and internet from 2nd floor Premises.
•Pull city permit and fire inspection for “Method B” on secondary doors in elevator lobby.
•Add replacement desks for the area where they were removed; add power and wire up for data.
•Purchase and setup network switches in network rooms.
•Build reception area if Tenant decides to have one on 8th floor.
•Build walls with doors and badge readers on each side of reception area.
Tenant may need access to the 7th floor in order to complete some of Tenant’s Work, which access Landlord agrees to provide, subject to such commercially reasonable restrictions and conditions as Landlord, in its good faith opinion, deems necessary or appropriate, provided 
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such restrictions and conditions do not unreasonably delay or hinder the performance of Tenant’s Work or materially increase the costs thereof.
5.    Base Rent for the Original Premises.  Through June 30, 2022, the Base Rent for the Original Premises will remain as set forth in the Lease.  Beginning July 1, 2022, the Base Rent for the Original Premises will be as set forth in the following chart:
																					
	Lease Months		Per Sq. Ft.*		Period		Per Month*
	7/1/22 – 1/15/23		$44.50		$654,066.53		$100.625.62

* plus applicable sales and transaction privilege taxes on Rent pursuant to Section 7(a) of the Original Lease and on Parking Rental Fees pursuant to Sections 1(o) and 7(a) of the Original Lease.
6.    Base Rent for the Expansion Premises.  The Base Rent due for the Expansion Premises is as set forth in the chart below:
																					
	Lease Months		Per Sq. Ft.*		Period		Per Month*
	9/15/17 – 11/30/18		$43.00		$1,361,272.50,		$97,233.75
	12/1/18 – 11/30/19		$43.75		$1,187,156.28		$98,929.69
	12/1/19 – 11/30/20		$44.50		$1,207,507.56		$100,625.63
	12/1/20 – 11/30/21		$45.25		$1,227,858.72		$102,321.56
	12/1/21 – 1/30/22		$46.00		$1,248,210.00		$104,017.50
	12/1/22 – 1/15/23		$46.75		$1,268,561.28		$105,713.44

* plus applicable sales and transaction privilege taxes on Rent pursuant to Section 7(a) of the Original Lease and on Parking Rental Fees pursuant to Sections 1(o) and 7(a) of the Original Lease.
Provided that no Default exists at the time of the abatement provided below, Tenant’s monthly installment of Base Rent shall be abated: a] for the months of November and December, 2017 (the “Abatement Period”), in the amount of Ninety-Seven Thousand Two Hundred Thirty-Three and 75/100 Dollars ($97,233.75) per month, for a total abatement of Base Rent in the amount of One Hundred Ninety-Four Thousand Four Hundred Sixty-Seven and 50/100 Dollars ($194,467.50); and b] beginning with the month of January, 2018, until an amount equal to the amount of base rent paid to an affiliate of Landlord by Tenant for its occupancy, through September 14, 2017, of Suite 115 in the building located at 80 E. Rio Salado Parkway, Tempe, Arizona has been credited to Tenant’s account (collectively, the “Abated Rent”). The principal amount of the Abated Rent, together with interest thereon calculated at the Default Rate shall be amortized evenly over the period from September 15, 2017 through January 15, 2023. So long as no uncured Default occurs under the Lease that leads to the Landlord either repossessing the Premises or terminating the Lease, then upon Landlord’s receipt of the final monthly installment of Rent, Tenant shall have no liability to Landlord for the repayment of any portion of the Abated Rent. In the event of an uncured Default, then in addition to all of Landlord’s other 
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remedies available under the Lease, Tenant shall also become immediately liable to Landlord for the unamortized portion of the Abated Rent existing as of the date of such uncured Default, and interest shall accrue thereon at the Default Rate. Provided, however, that if Landlord elects to exercise its rights under Section 32 of the Original Lease to accelerate the entire amount of all Rent and other charges due from Tenant for the balance of the Term (in accordance with the terms of such Section), and Landlord obtains a judgment for, or is paid by Tenant, the entire amount of such accelerated sum, then such judgment for or payment of such accelerated sum shall preclude a separate recovery by Landlord under the foregoing terms of this Section of such unamortized portion of the Abated Rent and any interest thereon.
If Landlord is able to provide Tenant with the right to install signage on the top of the Building in approximately the same size as currently exists for signage for “Zenefits” and in a comparable location (“Building Top Signage”), Landlord will deliver written notice thereof to Tenant (the “Signage Notice”). Beginning on the earlier of (a) the sixty-first (61st) day after Tenant’s receipt of the Signage Notice, or (b) the date of completion of installation of Tenant’s sign, the amount of Base Rent for the Expansion Premises will, for the balance of the Term of the Lease, increase by Two and 00/100 Dollars ($2.00) per year, per rentable square foot of the Expansion Premises. For example, if the increase in Base Rent becomes due in the 15th month of the Term applicable to the Expansion Premises, then Tenant would owe $45.75/RSF/year for months 15-26, $46.50/RSF/year for months 27-38, and so on.
7.    Option to Extend.  The terms and conditions set forth in Section 57 of the Lease, Option to Extend, remains in full force and effect as to the entire Premises, inclusive of the 8th floor if its lease of the 8th floor has not been terminated as a result Landlord’s exercise of the Termination Option set forth (and defined) in Section 8 below.
8.    Landlord’s Option to Terminate.  In the event Landlord enters into a lease with Amazon.com Inc., or an affiliate thereof for the Expansion Premises, Landlord may at its option terminate this Lease as to the Expansion Premises only (the “Termination Option”) effective on a date (the “Early Termination Date”) set forth in a written notice to Tenant of Landlord’s intent to terminate this Lease as to the Expansion Premises (the “Termination Notice”), which date may be any date from (and including) March 31, 2020 through March 31, 2021, provided the Termination Notice is received by Tenant no later than nine (9) full calendar months prior to the Early Termination Date. By way of example, if Landlord desires that the Early Termination Date be March 31, 2020, then to be effective the Termination Notice must be received by Tenant prior to July 1, 2019. If Landlord fails to timely deliver a Termination Notice by June 30, 2020, Landlord will be deemed to have waived the Termination Option. If Landlord properly exercises its Termination Option, this Lease shall terminate as of the Early Termination Date as to the Expansion Premises, but shall continue in full force and effect as to the remainder of the Premises.
9.    Right of First Refusal.  In addition to the right of first refusal as set forth in Paragraph 60 of Original Lease (which right shall remain in full force and effect and shall be independent of the rights granted to Tenant under this Section 9), Tenant is hereby granted the prior right to lease the space currently available on the ground floor of the Building, containing 
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approximately 18,267 rentable square feet, (“ROFR Ground Floor Space”), in accordance with the following terms and conditions:
(i)    In the event Landlord shall receive a bona fide third party offer to lease the ROFR Ground Floor Space on terms which Landlord wishes to accept, or, in the event Landlord offers (subject to Tenant’s rights hereunder) to lease the ROFR Ground Floor Space on terms which a bona fide third party wishes to accept, then, in either such event, Landlord shall forthwith provide written notice thereof to Tenant, together with a true and correct copy of such offer. Tenant shall have the right, at Tenant’s option and within five (5) business days after receipt of such notice from Landlord, to exercise its right hereunder to lease the ROFR Ground Floor Space at the rent and upon the terms contained in such offer, in which event Landlord shall lease the ROFR Ground Floor Space to Tenant at said rent and upon said terms. Landlord covenants that it shall not accept any such offer nor lease the ROFR Ground Floor Space to any third party until it has complied with the terms hereof.
(ii)    If Tenant fails to exercise its right of first refusal hereunder within the five (5) business day notice period provided for in the preceding subparagraph (a), Landlord shall have one hundred fifty (150) days thereafter within which to lease the ROFR Ground Floor Space at the price and upon the terms of such offer without resubmitting such offer to Tenant in accordance herewith. However, Tenant’s election not to exercise its right hereunder to lease the ROFR Ground Floor Space shall not prejudice Tenant’s rights hereunder as to any further offer, and in the event the price and/or other terms of the offer are modified in any material manner (including, but not limited to, any reduction in the rent of more than four percent [4%]), then such modification shall be deemed to constitute a new offer and shall be subject to Tenant’s right of first refusal hereunder.
(iii)    The foregoing notwithstanding, (a) Tenant shall have no rights under this Section during any period it is in default under this Lease beyond applicable cure periods, and (b) Tenant’s rights in this Section shall become null and void, and Tenant’s rights with respect to all of the ROFR Ground Floor Space shall terminate, upon the first to occur of the following termination of this Lease (or Tenant’s right of possession of the Premises) by reason of Tenant’s default, or the termination of this Lease pursuant to other provisions of this Lease providing for termination (except that Landlord’s termination of this Lease as to the Expansion Premises as provided in Section 8 above shall not impact Tenant’s rights under this Section 9). Upon the occurrence of any of the foregoing events, Tenant shall be deemed to have forever waived its rights with respect to all of the ROFR Ground Floor Space, and Tenant’s rights hereunder shall thereafter automatically be deemed null and void and of no further force and effect. Notwithstanding anything to the contrary in this Section 9, Tenant acknowledges that in the event any other tenant of the Building or the Project with a prior right to lease the ROFR Ground Floor Space elects to exercise its right to lease the ROFR Ground Floor Space, Tenant’s rights set forth in this Section 9 shall be of no force or effect with respect to the ROFR Ground Floor Space. For the purposes of the foregoing sentence, a “prior right to lease” shall mean any tenant occupying its premises directly or as an assignee (but not as a subtenant, licensee, or concessionaire) under: (a) a lease that was executed prior to the Effective Date (a “Prior Lease”); or (b) a renewal or extension of a Prior Lease.
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(iv)    The rights granted to Tenant in this Section 9 are personal to the party executing this First Amendment as Tenant and to any Permitted Assignee, but may not otherwise be assigned or transferred to or exercised by any other assignee, sublessee or other transferee. If Tenant or a Permitted Assignee assigns the Lease or sublets all or substantially all of the Premises in an assignment or subletting that requires Landlord’s prior consent under Article 38 of the Lease prior to the exercise of the rights granted to Tenant in this Section 9, then the rights granted to Tenant in this Section 9 shall lapse and therefore be of no further force or effect.
10.    Parking.  In connection with Tenant’s lease of the Expansion Premises, and in addition to the Parking Spaces described in Section 1(o) of the Original Lease, as of the Expansion Premises Commencement Date Tenant hereby licenses from Landlord and Landlord hereby licenses to Tenant, One Hundred Eleven (111) unreserved (covered or uncovered) Parking Spaces and ten (10) executive reserved Parking Spaces for a total of one hundred and twenty-one (121) Parking Spaces. The executive reserved Parking Spaces are located in the parking garage that is below the Building. If available as determined by Landlord in its sole and reasonable discretion, Tenant shall have the right to license the use of additional Parking Spaces, the cost for which shall be billed to Tenant at the then prevailing rate for such Parking Space(s) on a month-to-month basis with each party having the right to terminate the month-to-month license as to such additional Parking Space(s) only on no less than thirty (30) days prior written notice to the other party.
Subject to the terms and conditions of Section 48 of the Original Lease: (i) for each executive reserved Parking Space, Tenant shall pay to Landlord One Hundred Twenty-Five and 00/100 Dollars ($125.00) per space per month, plus applicable transaction privilege taxes; and (ii) for each unreserved (covered or uncovered) Parking Space, Tenant shall pay to Landlord Seventy-Five and 00/100 Dollars ($75.00) per space per month, plus applicable transaction privilege taxes, which taxes are currently 2.3%. The monthly rental for all Parking Spaces shall be subject to periodic adjustments in accordance with Section 48 of the Original Lease. Provided that no Default under any term, condition or obligation of the Lease exists at the time of the abatement provided below that leads to the Landlord either repossessing the Premises or terminating the Lease, Tenant’s monthly rental fees for the Parking Spaces shall be abated for the Abatement Period (the “Abated Parking Rental Fees”). The principal amount of the Abated Parking Rental Fees, together with interest thereon calculated at the rate of twelve percent (12%) per annum, compounded monthly, shall be amortized evenly over the Term. So long as no uncured Default occurs under the Lease, then upon Landlord’s receipt of the final monthly installment of Rent applicable to the Expansion Premises, Tenant shall have no liability to Landlord for the repayment of any portion of the Abated Parking Rental Fees. In the event of an uncured Default, then in addition to all of Landlord’s other remedies available under the Lease, Tenant shall also become immediately liable to Landlord for the unamortized portion of the Abated Parking Rental Fees existing as of the date of such uncured Default, and interest shall accrue thereon at the Default Rate.
The reference in Section 1(o) of the Original Lease to “Reserved (covered)” Parking Spaces is hereby changed to be a reference to “executive reserved” Parking Spaces, which Spaces are to be located in the parking garage that is below the Building. Furthermore, the 
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second paragraph of Section 1(o) of the Original Lease, beginning with the phrase “Tenant shall notify Landlord in writing...”, is no longer applicable and therefore, to avoid confusion, is acknowledged by the parties to have been deleted from the Original Lease. As a result of the foregoing, as of the Expansion Premises Commencement Date Tenant will be licensing from Landlord and Landlord will be licensing to Tenant, Two Hundred Twenty-Two (222) unreserved (covered or uncovered) Parking Spaces and twenty (20) executive reserved Parking Spaces.
11.    Furniture, Fixtures and Equipment.  Landlord hereby sells, assigns, conveys and transfers to Tenant any and all of its right, title and interest in and to the furniture, fixtures, inventory, personal property, materials, supplies, apparatus, machines, tools, appliances, and equipment of the prior occupant of the expansion Premises that is located therein as of the Effective Date, plus the delivery to the Expansion Premises by the Expansion Premises Commencement Date of eighteen (18) pedestals/cubes/chairs previously located therein (the “FF&E”). Landlord warrants and represents that it is the lawful owner of the FF&E and that the FF&E is free from all liens, security interests and encumbrances. Landlord represents it has the legal right to sell the FF&E and that it will warrant and defend that right on behalf of Tenant and against the claims and demands of any and all person or entities. The conveyance contained herein is absolute. Tenant shall have all of the rights of Landlord in and to the FF&E. As a result of its ownership of the FF&E, from and after the Effective Date it is Tenant’s responsibility to insure the FF&E and to pay any personal property taxes due thereon.
12.    Base Year.  For purposes of computing Tenant’s obligation to pay Common Area Expenses and Taxes applicable to the Expansion Premises, the Base Year applicable to the Expansion Premises is the calendar year 2018. Tenant’s obligation to pay Common Area Expenses and Taxes applicable to the Expansion Premises will be in accordance with the terms of the Original Lease.
13.    Building Top Signage. if Tenant has received the Signage Notice, and as long as Tenant or a Permitted Assignee has not caused an uncured Event of Default to occur under the Lease and is occupying at least two (2) full floors of the Building (provided that if Landlord exercises its right to terminate this Lease as to the Expansion Premises as provided in Section 8 above, Tenant shall retain its right to the Building Top Signage), Tenant shall have the right to install the Building Top Signage. The Building Top Signage may include Tenant’s name and logo (as the same may be changed from time to time), including, without limitation, the name “ZipRecruiter” or any reasonable variation thereof. All costs of the Building Top Signage, including permitting, design, installation, repairs, maintenance and removal upon the expiration or earlier termination of the Lease, shall be at Tenant’s sole cost and expense, but (other than the increase in Base Rent detailed in Section 6 above of this First Amendment), Tenant shall not be required to pay a rental charge or fee for the placement thereof. Tenant shall obtain Landlord’s prior written consent to its proposed Building Top Signage, with such consent not to be unreasonably withheld, conditioned or delayed. The Building Top Signage must comply with all applicable governmental laws, rules and regulations. Notwithstanding any language hereinabove to the contrary, Tenant will no longer have the right to install Building Top Signage (and will remove its Building Top Signage if it was previously installed): a] if installation of the Building Top Signage is not complete within one hundred eighty (180) days after Tenant’s receipt of the 
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Signage Notice; or, b] once installed, should Tenant’s Building Top Signage not be in place for any period of sixty (60) or more consecutive days during the Term of the Lease (as the same may be extended from time to time). Should Tenant at any time during the Term of the Lease occupy less than two (2) full floors of the Building, unless Tenant is occupying less than two (2) full floors of the Building as a result of Landlord’s exercise of its Termination Option under Section 8 above, Tenant’s right to Building Top Signage will be voidable in Landlord’s sole and absolute discretion. In connection with the foregoing, Tenant agrees (at its sole cost and expense) to remove its Building Top Signage and repair any damage to the Building fascia within sixty (60) days of its receipt of written notice from Landlord that Tenant no longer has the right to Building Top Signage. Furthermore, if Tenant or a Permitted Assignee assigns the Lease or sublets all or substantially all of the Premises in an assignment or subletting that requires Landlord’s prior consent under Article 38 of the Lease, then the rights granted to Tenant in this Section 13 shall lapse and therefore be of no further force or effect, with Tenant agreeing (at its sole cost and expense) to remove its Building Top Signage and repair any damage to the Building fascia within sixty (60) days of its receipt of written notice from Landlord to do so.
14.    Letter of Credit.  Within five (5) business days following the mutual execution of this First Amendment, Tenant shall provide to Landlord, at Tenant’s sole cost and expense and in addition to the irrevocable standby letter of credit that it provided Landlord in accordance with Section 8 of the Original Lease, a second irrevocable standby letter of credit in the amount of Eight Hundred Ninety Thousand Three Hundred Sixty-Seven Thousand and 12/100 Dollars ($890,367.12) (including replacements thereof permitted hereunder, the “Expansion Letter of Credit”). The Expansion Letter of Credit and any cash proceeds thereof shall be held as security for the faithful performance by Tenant of all of the provisions of the Lease to be performed or observed by Tenant (the cash proceeds of the Expansion Letter of Credit, and any other funds held by Landlord in accordance with the terms of Section 8 of the Original Lease, are part of what is referred to in the Lease as the Security Deposit. The Expansion Letter of Credit is subject to all of the same terms and conditions of the Lease as are applicable to the original Letter of Credit, with the exception that reductions in the amount of the Expansion Letter of Credit are not governed by the first paragraph of subsection 8(e), Reduction of Letter of Credit Amount, of the Original Lease but, instead, are governed by the following (with the second paragraph of said subsection 8(e), Reduction of Letter of Credit Amount, of the Original Lease governing both the original Letter of Credit and the Expansion Letter of Credit:
“Notwithstanding anything to the contrary contained in the Section 8, if, as of any anniversary of the Expansion Premises Commencement Date, the Reduction Conditions (defined below) apply, then the face amount of the Letter of Credit shall be reduced (w) on April 1, 2018, to Seven Hundred Twelve Thousand Two Hundred Ninety-Three and 70/100 Dollars ($712,293.70), (x) on April 1, 2019, to Five Hundred Thirty-Four Thousand Two Hundred Twenty and 28/100 Dollars ($534,220.28), (y) on April 1, 2020, to Three Hundred Fifty-Six Thousand One Hundred Forty-Six and 86/100 Dollars ($356,146.86), and (z) on April 1, 2021 to One Hundred Seventy-Eight Thousand Seventy-Three and 44/100 Dollars ($178,073.44). Any such reduction shall be effected either, at Tenant’s option (i) by an amendment to the then-existing Letter of Credit reducing the face amount of the then-existing Letter of Credit (which amendment 
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Landlord agrees to promptly execute and deliver to the issuing bank) or (ii) by Tenant’s delivery of a replacement Letter of Credit to Landlord in the applicable reduced face amount, in which event Landlord agrees to promptly return the Letter of Credit then being held by Landlord to Tenant and to execute such documentation as the issuing bank may reasonably require to effect the termination of such Letter of Credit.”
15.    Brokers.  In connection with this First Amendment, Landlord’s broker is Cousins Realty Services, LLC (Matthew Mooney) and Tenant’s broker is Cresa (Mike Gordon). Landlord and Tenant represent that they have only dealt with the brokers referenced in the foregoing sentence in connection with this First Amendment, whose commission shall be paid by Landlord pursuant to a separate written agreement. TENANT AND LANDLORD SHALL EACH INDEMNIFY THE OTHER AGAINST ALL COSTS, EXPENSES, ATTORNEYS’ FEES, LIENS AND OTHER LIABILITY FOR COMMISSIONS OR OTHER COMPENSATION CLAIMED BY ANY BROKER OR AGENT CLAIMING THE SAME BY, THROUGH OR UNDER THE INDEMNIFYING PARTY, OTHER THAN THE BROKER(S) SPECIFICALLY IDENTIFIED ABOVE.
16.    Existing Claims.  Landlord and Tenant each acknowledge that there are no existing monetary claims or causes of action against the other arising out of the Lease, either currently or which would exist with the giving of notice or with the passage of time, nor are there any existing defenses which either party has against the enforcement of the Lease by the other.
17.    Notice Addresses for Landlord.  Section 29 of the Lease is hereby amended to reflect that any notices to Landlord shall be addressed and given to Landlord at all of the following addresses:
Cousins Fund II Phoenix III, LLC
60 East Rio Salado Parkway, Suite 502
Tempe, Arizona 85281
Attn: Senior Property Manager
Cousins Realty Services, LLC
3344 Peachtree Road NE, Suite 1800
Atlanta, Georgia 30326
Attn: Corporate Secretary
CorporateSecretary@cousinsproperties.com 
18.    Incorporation of Prior Agreements; Modification.  This First Amendment contains the entire understanding of the parties hereto with respect to the subject matter hereof, and no prior or other written or oral agreement or undertaking pertaining to any such matter shall be effective for any purpose. This First Amendment may not be amended or modified, nor may any right or obligation hereunder be waived orally, and no such amendment or modification shall be effective for any purpose unless it is in writing and signed by the party against whom enforcement thereof is sought.
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19.    Interpretation.  This First Amendment shall be construed reasonably to carry out its intent without presumption against or in favor of either party. The parties acknowledge that both parties have caused this First Amendment to be reviewed by legal counsel of their choice. No negotiations concerning or modifications made to prior drafts of this First Amendment shall be construed in any manner to limit, reduce or impair the rights, remedies or obligations of the parties under this First Amendment or to restrict or expand the meaning of any provisions of this First Amendment. If any provision hereof shall be declared invalid by any court or in any administrative proceedings, then the provisions of this First Amendment shall be construed in such manner so as to preserve the validity hereof and the substance of the transactions herein contemplated to the extent possible. The Section headings are provided for purposes of convenience of reference only and are not intended to limit, define the scope of or aid in interpretation of any of the provisions hereof.
20.    Full Force and Effect; Counterparts.  The Lease shall remain in full force and effect in accordance with its original terms and provisions, except as expressly modified by the terms of this First Amendment. This First Amendment shall be governed by Arizona law and shall be binding on the parties hereto and their respective successors and assigns. This First Amendment may be executed by the parties hereto in one or more counterparts. All counterparts shall be valid and binding on the party or parties executing them and all counterparts shall constitute one and the same document for all purposes. If this First Amendment is executed by Landlord or Tenant and delivered to the other party in pdf, facsimile or similar electronic format, the same shall be binding on the party delivering the executed First Amendment with the same force and effect as the delivery of a printed copy of this First Amendment with an original ink signature. At any time upon Landlord’s or Tenant’s written request, the other party shall provide the requesting party with a printed copy of this First Amendment with an original ink signature of such other party. Each signatory to this First Amendment represents and warrants to the other party that this First Amendment has been duly authorized, executed and delivered by or on behalf of the party for which it is signing.
BALANCE OF THIS PAGE INTENTIONALLY LEFT BLANK
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IN WITNESS WHEREOF, the parties have executed this First Amendment to Commercial Lease to be effective as of the date described in Section 1 above.  
LANDLORD:
COUSINS FUND II PHOENIX III, LLC, 
a Delaware limited liability company
						
	By:	/s/ Matthew Mooney
		Matthew Mooney
		Senior Vice President & Managing Director

TENANT:
ZIPRECRUITER, INC., 
a Delaware corporation
									
	By:	/s/ David Feldman
	Print Name:	David Feldman
	Its:	Chief Business Officer

[Signature Page to First Amendment to Commercial Lease]Document

Exhibit 10.18

Sublease Agreement
Made and entered into on 31 of January, 2018
Between:

SwitchUp Ltd., Co. No. 515676583 
of 10 Hasharon Street, Tel Aviv
c/o its authorized signatory: Mr. Tom Kadosh, Identity No. intentionally omitted and Mr. Yoni Porat Identity No. intentionally omitted __________________ (hereinafter, the “Landlord”) ________________of the first part; And:
ZIPRECRUITER ISRAEL Ltd. Co. No. 515247740
At Shenhav and co., Advocates & Notary, of 4 Ha’nechoshet St., Ramat Ha’hayal, Tel Aviv
c/o its authorized signatory: Mr. David Feldman, intentionally omitted.
of, up to delivery of possession in the Tenancy and, thereafter, at the Tenancy, as defined hereunder.
(hereinafter, the “Tenant”) _________________________ of the second part;
Whereas:         the Landlord is leasing out the Tenancy on an area of around 1207 sq.m. on land known as part of Bloc 7101 Parcel 19 (previously part of Parcel 1 Bloc 7101 and part of Parcel 32 Block 7459) in the town of Tel-Aviv-Jaffa, whose address is 18th floor of 32 Ha’arbah, Hagag Towers (hereinafter, the “Land” and the “Head Tenancy” respectively), in accordance with an unprotected tenancy agreement that was entered into on, between it and the owner of the Tenancy (hereinafter, the “Owner”, the “Head Tenancy Agreement”) attached hereto as Annex A; and
Whereas:         under the Head Tenancy Agreement between the Landlord and the Owner, the Landlord is permitted to lease out the Head Tenancy on a fixed-term, unprotected sub-tenancy, to a tenant, all in accordance with the terms of this Tenancy Agreement and subject to the conditions of the Head Tenancy Agreement; and
Whereas:        the Tenant wishes to lease the Tenancy from the Landlord, on an unprotected sub-tenancy (as set forth in Section 2.1 below), after the Landlord’s Renovate the Tenancy so it will come to a fully furnished and designed office space (in a standard at least as presented to the Tenant at 10 Ha’sharon street Tel-Aviv) and including the equipment and furniture detailed in the attached list marked as Annex “D” to this Agreement (hereinafter, jointly, the “Tenancy”), for office purposes only, after having checked the building in which the Tenancy is located and the Tenancy and after having been provided with all the information required, to its full satisfaction, to enter into this contractual arrangement, all subject to and in accordance with, all the provisions of this Agreement; and
Whereas:        The Landlord agrees to lease the Tenancy to the Tenant on an unprotected sub-tenancy, all subject to and in accordance with all provisions of this Agreement and of the Head Tenancy Agreement; and
Whereas:         the parties wish to define, settle and set forth in writing, the framework of their rights and obligations regarding the leasing of this Tenancy, all as set out hereunder in this Agreement;
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Now therefore, it is declared, agreed and stipulated between the parties, as follows:
1.    General
1.1    The preamble and annexes to this Agreement constitute an integral part hereof.
1.2    Section headings in the Agreement are for the purpose of orientation only and are not part of the Agreement and will not be used for its interpretation.
1.3    Annexes:
-    Annex “A” –Head Tenancy Agreement blackened in parts
-    Annex “B” – Blueprint of the Tenancy
-    Annex “B1” - Basic Specification Plan    -
-    Annex “C” –Insurance Annex- Deleted.
-    Annex “D” – List of equipment, furniture and chattels that are the Landlord’s property and are being provided for the Tenant’s use at the Tenancy in the context of this Agreement as an integral part of the Tenancy.
-    Annex “E” – The management agreement and/or articles (if there are any relating to the building in which the Tenancy is located).
-    Annex “F” – Text of the bank guarantee.
-    Annex “G” – Special directives for using the Tenancy’s system and/or working with heat (if there are any such directives regarding the building in which the Tenancy is located).
-    Annex “H” – intentionally omitted.
2.    Nature of this Agreement and non-applicability of the Tenancy Protection laws
2.1    It is agreed between the parties that the provisions of the Tenant Protection Law (Consolidated Version) 5732-1972, will not apply in any form, and that this Law and/or the amendments thereto and regulations enacted or to be enacted by virtue thereof, do not and will not apply to the lease under this Agreement or to the Tenant and/or the Tenancy and/or this Agreement.
2.2    The Landlord hereby undertakes to lease to the Tenant and the Tenant hereby leases from the Landlord, the Tenancy as set forth in the terms of this Sublease Agreement. It is agreed by the parties that this Agreement will be subject to the provisions of the Head Tenancy Agreement, mutatis mutandis, while the Landlord will have all rights vis a vis the Tenant as are imparted to the Owner under the Head Tenancy Agreement. It is agreed that Sections 7, 8, 9, 19 of the Head Tenancy Agreement will not apply to Tenant, and Section 10, shall apply, mutatis mutandis, on renovation work during the rental period (not the Adjustment Works, (as defined in the Head Tenancy Agreement) performed by the Landlord). Section 15 (insurance) of the Head Tenancy Agreement will apply to Tenant except for the obligations with respect to renovation works insurance regarding the Renovations to be performed by the Landlord in accordance with Section 3.4 below.
2.3    For the avoidance of doubt, it is clarified that any act and/or omission by the Tenant that contravenes the provisions of the Head Tenancy Agreement and/or that causes the Landlord to be in breach of the Head Tenancy Agreement will be deemed, essentially, as a breach of this Agreement, except for Sections 7, 8, 9, and 19 of the Head Tenancy 
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Agreement, and except for the obligations set forth in Sections 10 and 15 of the Head Tenancy Agreement with respect to Renovations (as described in Section 3.4) and Adjustment Works performed by the Landlord in the Tenancy before the Tenant occupies the Tenancy, and insurance associated therewith, such provisions inapplicable to the Tenant.
2.4    The Tenant indemnification and liability obligations toward the Landlord shall be as set forth in Section 14 of the Head Tenancy Agreement, which shall apply towards the Landlord under this Agreement, mutatis mutandis, including an act and/or omission that contravenes the non-blackened provisions of the Head Tenancy Agreement and/or that causes the Landlord to be in breach of the Head Tenancy Agreement.
3.    The Tenant’s declarations
3.1    The Tenant declares that it has read the relevant parts of the Head Tenancy Agreement, which is attached as Annex “A” to this Agreement, has understood all the terms and directives in Annex “A” and agrees unreservedly to everything stated therein and to do everything relating to this Agreement with everything entailed therein, and without derogating from the generality of the aforesaid, understands all the provisions that apply to the lease that is the subject of this Agreement, and all subject to that stated herein, except for the blackened parts, and subject to the provisions of sections 2.2 and 2.3 of this agreement (“the Exclusions”).
3.2    The Tenant specifically declares and undertakes towards the Landlord that it will comply with all the Landlord’s obligations in the Head Tenancy Agreement and the Management Agreement and that by signing this Agreement it takes upon itself all of the Landlord’s obligations under the Head Tenancy Agreement and the Management Agreement “BACK TO BACK,” to the extent that they apply to the Tenancy and/or have not been specifically changed in the context of this Agreement, other than with regard to the question of monetary payments in the Head Tenancy Agreement only, as will be set forth hereunder in this Agreement all subject to the exclusion of the Tenant obligation under the Head Tenancy agreement as detailed in sections 2.2 and 2.3 of this agreement. The Tenant hereby undertakes towards the Landlord, to refrain from any act or omission that contravenes the provisions of the Head Tenancy Agreement and/or that causes the Landlord to be in breach of the Head Tenancy Agreement.
3.3    The Tenant declares that it has checked the Tenancy, the plan, the urban building plan and the physical and planning status with the planning authority and with any other entity prior to signing this Agreement and has found it suitable for its needs and requirements and it has not, nor will it have, any demands and/or claims and/or actions against the Landlord and/or any third party, in any matter relating to the Tenancy and his making use thereof and declare all as stated in section 4.1 and 4.2 of the Head Tenancy Agreement.
The Tenant declares that the Tenancy is being leased thereto in its condition, after the completion of the Landlord’s renovation of the Tenancy in accordance with the specifications listed in Annex “B1” and Annex “D” to this Agreement, accomplishment of which shall be evidenced by a delivery protocol to be approved by the Tenant from time to time in accordance with the renovation completion schedule, so it will qualify as a fully furnished and designed office space, in a standard comparable at a minimum to the 
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property presented to Tenant at 10th Ha’sharon street Tel-Aviv (the “Renovations”). Subject to Landlord’s fulfillment of the aforesaid, the Tenant hereby waives any claim of defect, flaw and/or unsuitability (except for hidden defects), including any claim in connection with the design of the Tenancy and/or the execution of additional adaptations to the Tenancy for its needs and/or any other claim. In the event of a dispute with respect to the delivery protocol, the Parties shall act in good faith to resolve such dispute, including without limitation, approaching a professional and impartial third party who shall compare the Tenancy condition after the Renovations with the original specifications according to Annex “B1” and Annex “D”, and determine whether the obligations have been accomplished by the Landlord (the “Renovation Completion Approval Mechanism”).
3.4    The Tenant declares that it is aware that in the event that a new urban building plan is approved and/or an urban building plan that is in force upon the signing of this Agreement is amended, following which construction rights are added for the Land, the additions, whether or not added in the Building, are not part of the Tenancy or the Tenant’s rights in the Tenancy, and they and/or the use thereof and/or their lease will not derogate from the Tenant’s obligation to fulfill all of its obligations in accordance with this Agreement. In this context, the Tenant undertakes not to intervene in, object to, or interfere with the planning of the Land and/or Building in any manner. The Tenant also undertakes to refrain from making any claim vis-a-vis the Landlord and/or a party on its behalf and/or any third party in connection with the same, except for a breach of the Head Tenancy Agreement, for a reason dependent on the Landlord only and/or its behalf.
3.5    The Tenant declares that it is knowledgeable about the business that it intends to conduct in the Tenancy, and undertakes to obtain all of the licenses and/or permits and/or approvals required for the operation and/or management of its business in the Tenancy, from any municipal and/or local and/or governmental and/or other authority. The Tenant declares that the Landlord is not responsible for obtaining any such license and/or permit and/or approval, except for any necessary permits for the construction and renovations to be made prior to the Transfer of Possession Date (as defined below) which the Landlord shall provide the Tenant with, including all inspection requirements. The Tenant declares that it is aware that in the event that the Tenant is unable to receive a permit for the operation of its business as stated above, the same will not constitute grounds against the Landlord, and the Tenant will not have any claim and/or demand against the Landlord for the same. Without derogating from the generality of the aforesaid, the Tenant hereby declares and confirms that it is not aware of any impediment to obtaining any permit and/or license that is required for the operation of its business in the Tenancy. Without derogating from the aforesaid, the Landlord will cooperate with the Tenant and sign any document customarily required for the aforesaid, provided that the same does not impose a financial and/or other obligation on it and/or a party on its behalf which they had not undertaken in accordance with the provisions of the Head Tenancy Agreement and/or this Agreement.
3.6    The Tenant undertakes to comply with and fulfill all of the laws, bylaws, regulations, and the like, of any competent authority, that will apply to the Tenant’s use of the Tenancy and the business operated thereby in the Tenancy.
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3.7    In any case in which any claim is filed against the Landlord and/or a party on its behalf in connection with the Tenant’s use of the Tenancy that is not compliant with the law and/or deviates from the provisions of the law and/or the license, the Tenant will compensate and indemnify the Landlord and/or a party on its behalf for any expenses and/or damage and/or loss incurred thereby as a result of the same, immediately upon its first request.
3.8    The Tenant declares and confirms that there is no legal and/or other impediment to its engagement in this Agreement under its terms, and that all of the resolutions in connection with its engagement in this Agreement have been duly passed by its competent organs.
3.9    The Tenant undertakes to ensure that its business in the Tenancy will be conducted only in the interior part of the Tenancy, and that during the entire term of the lease, it will not store and/or keep materials and/or equipment outside of the area of the Tenancy.
3.10    The Tenant undertakes to keep the equipment, furniture and property listed in Annex D, which are located in the Tenancy, in good and working condition subject to reasonable wear and tear, during the entire term of the lease and to return them to the Landlord in good and working condition subject to reasonable wear and tear at the end of the term of the lease, after repairing any damage caused to them, subject to reasonable wear and tear. The Landlord shall provide the Tenant with proper documentation, including, without limitation, warranties (if any exist) and maintenance contracts (if any exist), in connection with the equipment, furniture and property listed in Annex D.
3.11    The Tenant undertakes not to install any signs and/or stickers and/or other means of advertisement on the exterior and/or interior walls of the Tenancy without the license required under law, and subject to the prior written consent of the Landlord regarding the form, placement, and manner of installation of the sign and subject to the terms of the Head Tenancy Agreement regarding signs. The Landlord may refuse to provide consent at its sole reasonable discretion. For the avoidance of any doubt, the Tenant will bear the costs of licensing, installation, maintenance, and removal of any signage that is permitted to be installed in the Tenancy as stated. Upon the conclusion of the term of the lease, the Tenant will remove the signs installed thereby, if installed, in accordance with the provisions of this Agreement, at its expense.
3.12    Landlord will take efforts to facilitate Tenant’s obtaining of Owner’s approval to install signage on the building – e.g., on the top or side of the building or on a “monument” in front of the building. Notwithstanding the foregoing, it is agreed that Tenant will be listed in the building directories, subject to consent from the Owner and the management company.
3.13    The Tenant undertakes to comply with the instructions of the Landlord and/or management company as stated in the Head Tenancy Agreement and the Management Agreement attached hereto as Annex E.
3.14    A breach by the Tenant of one or more of the provisions of this section or its subsections will constitute a fundamental breach of this Agreement, except sections 3.7 and 3.11 that will be considered as a regular breach.
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4.    Purpose of the Tenancy
4.1    The Tenant is leasing the Tenancy for all office use only, all subject to the provisions of the plan applicable to the Land and/or the Tenancy and as stated at the Head Tenancy Agreement (hereinafter: the “Purpose of the Sublease”).
4.2    The Tenant hereby undertakes not to use or permit use of the Tenancy or any part thereof and/or item located therein, for any other purpose.
4.3    Without derogating from the generality of the aforesaid, the Tenant acknowledges that it is aware that the operation of the Tenancy in a manner that alters or deviates from the Purpose of the Sublease, other than constituting a fundamental breach of this Agreement, may result in a breach of the Main Tenancy Agreement between the Landlord and the Owners of the Building and/or a breach of other tenancy agreements of other tenants in the Building. Therefore, the Landlord may, without prejudice to its right to any other remedy or relief, in any case of use of the Tenancy in deviation from the Purpose of the Sublease, use any reasonable means that it sees fit against the same activity.
4.4    A breach by the Tenant of one or more of the provisions of this section or its subsections will constitute a fundamental breach of this Agreement.
5.    Transfer of Possession
5.1    The Landlord will transfer to the Tenant the legal possession of the Tenancy on the 1st of May, 2018 (hereinabove and hereinafter: the “Transfer of Possession Date”), in its condition as is on that date according to Annexes B, B1 and D, subject to the receipt of confirmation of occupancy (“Tofes 4”) at Tenancy and subject to suitability for a reasonable use of the Tenant, according to the Purpose of the Sublease and the specifications of Annexes B, B1 and D, including without limitation, the completion of substantially all of the construction works, with fixed toilet rooms, minimum functional electricity including the air-conditioning, computer stations ready for use for at least 50 employees of the Tenant, and full internet infrastructure.
5.2    In the event that the Transfer of Possession Date is delayed after the 1st of May, 2018, the Landlord will pay to the Tenant an amount equal to NIS 6,233 for each day of delay after the 1st of May, 2018.
5.3    As of the signing date of this Agreement and until the Transfer of Possession Date, the tenant shall have reasonable visitation rights subject to a prior coordination with the Landlord. The Tenant undertakes not to interfere with the execution of the work.
5.4    The Landlord shall ensure that as of the 15th of June, 2018, the Tenancy is fully complete and ready in accordance with all the specifications set forth in Annexes B, B1 and D, subject to constraints that are not dependent on the Landlord and/or not under his control. It is hereby acknowledged that the Landlord assumes full responsibly over any acts and/or omissions of any of its suppliers, vendors or subcontractors (“Landlord Partners”) in connection with this Section 5.4, and shall not claim that any failure of the Landlord Partners to comply with the same, is or was not dependent on the Landlord or in his control (“the Limitations”).
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5.5    In the event that the completion of the Renovation works, as set forth in Section 3.4, is delayed after the 15th of June, 2018 (subject to the Limitations), the Landlord will pay to the Tenant an amount equal to NIS 2,500 for each day of delay after the 15th of June, 2018. In order to avoid all doubt, if the Transfer of Possession Date has not yet occurred, the Landlord shall pay to Tenant only the fee of NIS 6,233 for each day of delay until the Transfer of Possession Date, in accordance with Section 5.2 above (In other words, in the case that the Transfer of possession occurred, the Landlord will pay a reduced fine of 2,500 NIS).
5.6    Without derogating of all other remedies according to the law, in the event that aforesaid in Section 5.4 has not occurred by October 1st, 2018 and there will be a material gaps between (i) the Tenancy condition after the Renovations, and (ii) the original specifications according to Annex “B1” and Annex “D” (according to the determination of the third party to be nominated by the parties according to section 3.4 above), the Tenant shall have the right in its sole discretion to terminate this Agreement with a written notice, and claim for restitution for any payments the Tenant made pursuant to this Agreement with respect to periods in which the Tenant had not occupied the Tenancy, all subject to a determination pursuant to the Renovation Completion Approval Mechanism detailed in Section 3.4 above, in case of dispute. For the avoidance of any doubt, in case that according to the third party’s determination according to section 3.4 above, there will be no material gaps, without derogating of all other remedies available to the Tenant, the Tenant shall have no right to terminate the Agreement according to this section 5.6.
5.7    A breach of one or more of the provisions of this section or its subsections will constitute a fundamental breach of this Agreement.
6.    Term of the Sublease 
6.1    It is hereby agreed that the Tenant hereby leases the Tenancy from the Landlord, as of the Transfer of Possession Date and for a period of forty-eight (48) months thereafter until the 30th of April, 2022 (hereinafter: the “Term of the Lease”).
6.2    Notwithstanding the provisions of this section, it is hereby agreed by the parties that the Tenant will be given the option(s) to extend twice the Term of the Sublease in the Tenancy by an additional term of 24 months each time (subject to the remaining term of the lease under the Head Tenancy Agreement), which will commence on 1st of May, 2022, and on the 1st of May, 2024, as the case might be, and end on 30th of April, 2014 or 30th of April, 2026, respectively (hereinafter: the “Additional Sublease Term(s)”), all subject to the terms set forth below:
6.2.1    The Landlord will continue to lease the Tenancy as stated in the Head Tenancy Agreement.
6.2.2    The Tenant has fulfilled all of its obligations in this Agreement, in full and on time.
6.2.3    The Tenant will notify the Landlord in an unconditional and unqualified, irrevocable written notice that will be provided to and received by the Landlord 120 days or more before the end of the Term of the Sublease of the Tenant’s 
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desire to extend the Term of the Sublease. If no notice is received up to 120 days before, the tenant will be deemed to have requested to terminate the contract during the original Term of the Sublease period.
6.2.4    The Tenant has provided the Landlord with certification of the extension of the insurance policy, by and as a condition for the commencement of the Additional Term, in accordance with the specifications given by the Landlord’s insurance counsel (but, in order to avoid all doubt, intended to be substantially equivalent to the insurance requirements of the Head Tenancy agreement or the Management company Agreement), as well as certification of the validity of the bank guarantee in the form attached as Annex F.
6.2.5    All of the provisions of this Agreement, except as expressly changed, will apply during the Additional Term, if applicable, mutatis mutandis.
6.3    The duration of the Term of the Sublease is one of the main principles of this Agreement. The Tenant may not shorten the Term of the Sublease and/or vacate the Tenancy before the end of the Term of the Sublease. The aforesaid will not derogate from the rights of the Landlord under this Agreement and/or under law to instruct the Tenant to vacate the Tenancy at the end of the Term of the Sublease and/or the date on which the Head Tenancy Agreement expires. If, notwithstanding the aforesaid, the Tenant vacates the Tenancy without the Landlord’s consent before the end of the Term of the Sublease, or terminates its use of the Tenancy, the Tenant will be required to bear all of the payments applicable thereto under this Agreement, all up to the end of the Term of the Sublease.
6.4    Notwithstanding the foregoing, upon provision of a minimum of 120 days’ written irrevocable notice, Tenant may unilaterally terminate this agreement sooner than the end of the Term of the Sublease but only after October 1st, 2021 and upon paying compensation to the Landlord equal to 561,000 NIS + VAT fee (“Termination Fee”). The Landlord and the Tenant shall make best commercial efforts to lease the Tenancy to a proper substitute tenant (with sufficient economic means, and other reasonable terms that will be determined at the exclusive discretion of the Landlord) as soon as possible. In a case that such substitute tenant was found, signed a proper contract, started paying and entered the Tenancy, before the end of the 120 notice days, the Termination Fee will be reduced to the difference between the rent under this agreement and the rent paid by the substitute tenant.
6.5    Notwithstanding the provisions of Section 6.1 above, it is hereby expressly agreed that in any case in which the term of the lease with regard to the Head Tenancy expires, as defined in the Head Tenancy Agreement, and/or in any case in which the Head Tenancy Agreement is terminated for a reason other than breach by the Landlord of its obligations toward the Owner (for a reason depends only on Landlords or its behalf), or in any case in which the Head Tenancy Agreement is terminated under circumstances under which it may be terminated, the Term of the Lease under this Agreement will be concluded, and this Agreement will be terminated with prior notice identical to the notice given to the Landlord by the Owners. In such a case, the Tenant will vacate the Tenancy and return possession thereof to the Landlord, when free of any person and item belonging to the Tenant, when clean and fit for use, subject to normal wear and tear, in accordance with the provisions of this Agreement. In such a case, the Tenant will not have any claim and/
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or demand and/or complaint against the Landlord and/or a party on its behalf and/or anyone in their stead with regard to the termination of the lease and/or lease that is the subject of this Agreement, as the case may be except for claims arising out of a breach of the Head Tenancy agreement by the Landlord (except for a breach resulting from a breach by the Tenant of this Agreement).
6.6    All the above without derogating from the Parties rights under this Agreement and/or the law.
6.7    The Tenant expressly and irrevocably declares and agrees that in any case in which the Owner is entitled to demand and/or file suit under law and/or the provisions of the Head Tenancy Agreement to vacate the Landlord, the Landlord will be entitled to demand and/or file suit for the immediate evacuation of the Tenant from the area of the Tenancy. The Tenant undertakes to comply with any such demand in a manner that will not cause a breach of any kind of the Head Tenancy Agreement and/or any part thereof.
6.8    A breach of any of the provisions of this section and its subsections will constitute a fundamental breach of this Agreement.
7.    Rent
The Tenant undertakes to pay the Landlord, during the entire Term of the Sublease and/or Additional Lease Term, if exercised, monthly rent for the Tenancy, as set forth below:
7.1    During the Term of the Sublease: 
The Tenant undertakes to pay the Landlord, during the entire Term of the Sublease, monthly rent for the Tenancy, in the amount of NIS 187,000 (One Hundred and Eighty-Seven Thousand New Israeli Shekels) with the addition of lawful VAT.
7.2    During the Additional Lease Term:
7.2.1    In respect of each month of lease during the Additional Lease Term, the Tenant will pay the Landlord rent as paid during the last month of the Term of the Sublease that is ending, under the provisions of this Agreement, with the addition of 4%.
The rent during the Term of the Sublease and the rent during the Additional Lease Term will be hereinafter jointly: the “Rent.”
7.3    The Rent will be linked to the increase in the Consumer Price Index, as follows:
If it becomes clear that the effective index has increased compared to the base index known on the date of signing this Agreement, the Rent will increase accordingly, at the rate at which the effective index increased compared to the base index.
For the avoidance of doubt, it is hereby clarified and agreed by the parties that in the event that the effective index decreased compared to the base index, the Rent will not change.
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7.4    The Rent will be paid on a quarterly basis on the first day of every quarter, by the provision of checks or Direct Debit or wire transfer made payable the Landlord.
7.5    The Rent will be paid as follows:
7.5.1    Upon signing this agreement (prior to Transfer of Possession Date), Tenant will pay three (3) months’ Rent to Landlord for the period of the first 3-month rent (“First payment”).
7.5.2    On the 1st of March, 2018, (also prior to Transfer of Possession Date) Tenant will pay another three (3) months’ Rent to Landlord for the period of the 4th month rent through the 6th month rent. (“Second payment”). The Second payment is subject to completion of the following work: the division of an internal space in plaster walls, the laying of electric channels and the preparation of an infrastructure for electrical outlets. In case of non- completion of the above, the Second payment will be postponed accordingly.
7.5.3    Such six (6) months of rent payments shall be applied against rent due during the initial six (6) months of the lease, such that no additional rent payment shall be due by Tenant until the beginning of the 7th month of the lease. Beginning on the 7th month and thereafter, and for each subsequent quarter of the Term of the lease, Tenant shall pay rent to Landlord according to Section 7.4.
7.6    In the event that the parties mutually decide to replace the checks with a standing order, an appropriate standing order will be provided.
7.7    In the event that a payment is made by check, the linkage differentials will be paid by the Tenant to the Landlord every six months during the Term of the Sublease and the Additional Lease Term, if exercised, no later than the 20th day of the month for the previous six-month period.
7.8    The Tenant will pay the Landlord Value Added Tax for the same, in addition to payment of the Rent, at the legal rate on the date of each actual payment.
7.9    In the event that a change occurs to the Value Added Tax rate and any difference is required to be paid as a result of the same, the Tenant will pay the Landlord this difference on the earlier of the following dates: within Ten days from receipt of the Landlord’s request for payment, or the date set forth by law for the same payment.
7.10    For the avoidance of doubt, it is clarified that only full and final payment of each check or transfer will be deemed to be payment.
7.11    A breach of any of the provisions of this section and its subsections will constitute a fundamental breach of this Agreement.
8.    Additional payments
8.1    The Tenant undertakes that as of the Transfer of Possession Date, the Tenant will bear payment of the municipal and governmental taxes and charges applicable to a lessor of premises/tenant, including fees, municipal property tax (Arnona), signage taxes, 
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municipal taxes, charges, and other payments imposed on a lessor/holder/tenant of an asset, and its use of the infrastructures, electricity, and water, during the Term of the Sublease and the Additional Lease Term, if exercised, directly and on the lawful date on which the same must be paid to the various authorities for the lease of the Tenancy. For the avoidance of any doubt, it is hereby clarified that the Tenant will bear any charge applicable to the Tenancy, even if the same does not apply to a holder/tenant of an asset, which arises from its business and/or the Purpose of the Lease of the Tenancy. Any taxes and charges (היטלים) that are by their nature imposed on an owner of asset will apply to the Landlord.
8.2    The Tenant undertakes to transfer the municipal property tax bill to its name before the commencement of the Term of the Sublease. In the event that the municipal property tax bill cannot be transferred to the name of the Tenant; the Tenant will pay the Landlord its proportionate share of the municipal property tax payments within seven (7) days before the payment due date by the Landlord.
8.3    The Tenant undertakes to present the Landlord of the Tenancy, from time to time, at the request of the Landlord of the Tenancy, with copies of all of the receipts and/or certifications attesting to the Tenant’s payment of the amounts that it is required to pay under this Agreement. The Landlord undertakes to provide the Tenant with receipts and copies of payments that were paid thereby for the Head Tenancy at the Tenant’s request, provided that the same payments also include the Tenant’s payments as stated in Section 8.2 above.
8.4    In the event that the Landlord makes any payment which, under this Agreement, is required to be paid by the Tenant, after informing the Tenant of its intention to do so in writing 14 days in advance, and the Tenant does not make the aforesaid payment on its own, the Tenant will be required to reimburse the Landlord for any amount paid thereby in addition to lawful Value Added Tax, immediately upon the first written request of the Landlord, as established invoice, together with index linkage differentials, lawful Value Added Tax, and arrears interest at the rate determined in Section 9 below, as of the date on which the Tenant was required to make the payment on its own, and until their actual payment by the Landlord.
8.5    Without derogating from the generality of the aforesaid, as soon as practicable after the Transfer of Possession Date, the Tenant will transfer the utility bills to its name, including electricity, gas, water, communications etc., at Tenant’s expense, and Tenant shall be liable towards any such utility suppliers to pay all bills and expenses when due. The Tenant will present to the Landlord, upon demand, receipts for payments of the above bills. It is Tenant’s sole liability to hold any necessary approvals or permissions to connect any utilities as mentioned above as well as to keep Landlord indemnified against any and all expenses, caused by non-obtaining of any of such approvals and/or permissions by Tenant. If any demand for payment is issued on behalf of the Landlord, the Tenant undertakes to make the aforesaid payments to the Landlord within seven days from the receipt of a written request.
8.6    In the event that the Tenant decides to install communications and/or gas and/or a telephone lines in the Tenancy, the Tenant will be required to receive the Landlord’s and Owner’s prior written consent, not to be unreasonably withheld. The Tenant will bear any 
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cost and expense in connection with the same, including in respect of the installation, ongoing payments, etc.
8.7    The Tenant will bear all of the expenses, of any type or kind, involved in the use of the Tenancy, including, without derogating from the generality of the aforesaid, for management fees and/or housing committee fees (בית ועד מיסי ) that are applicable to the Tenancy in the Building in which the Tenancy is located (including additional payments and/or deposits and/or collateral required by virtue of the Management Agreement), interior cleaning of the Tenancy, ongoing maintenance of the Tenancy, which are applicable thereto under the provisions of the Head Tenancy Agreement and the Management Agreement (if any), and this Agreement. For the avoidance of doubt, the Tenant will bear all of the aforesaid as of the actual Transfer of Possession Date, regardless of the actual use made of the Tenancy. Management fees will be according to the customary fees paid to the management Company of the Hagag Tower (as of the signature date NIS 15/sqm/mo + VAT). Notwithstanding the forgoing, the parties agree that any fees associated with the Adjustment Works/Renovations (including without limitation, removal of renovation waste, and cleaning in connection with the renovation) will apply to the Landlord.
8.8    Any other new tax on property that will be imposed after the signing of this Agreement, and that will apply to the Tenancy, will be paid in the following manner: if it is applied to the owners pursuant to the provisions of the law based on which the same tax is applied, the tax will apply to and be paid by the Landlord. However, if under the provisions of the same law, the same is applied to holders, the tax will apply to and be paid by the Tenant.
8.9    The Tenant undertakes to transfer the electricity and water and municipal property tax (Arnona), accounts into its name prior to starting the Lease Period.
8.10    A breach of any of the provisions of this section and its subsections will constitute a fundamental breach of this Agreement.
9.    Arrears interest
9.1    Any amount that is owed by the Tenant to the Landlord under this Agreement and that is not paid on time will also bear, in addition to the linkage differentials, arrears interest at the maximum rate permitted under law, and if no such limitation exists – at the overdraft interest rate of Bank Ha’poalim le-Israel Ltd. (hereinafter: “Arrears Interest”), as of the payment date set forth in this Agreement regarding the amount in arrears and until actual payment of the same amount.
9.2    Arrears in the payment of Rent as stated above for a period exceeding ten business days will be deemed to be a fundamental breach of this Agreement by the Tenant, without derogating from the Landlord’s right to Arrears Interest, as set forth above.
9.3    None of the above will be interpreted as granting the Tenant any right to delay any payment of Rent under this Agreement.
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10.    Changes in the Tenancy
10.1    The Tenant may not make any change or addition to the Tenancy without the Landlord’s prior written consent, which will only be provided at the sole and reasonable discretion of the Landlord, (e.g., construction and design considerations of the Landlord, subject to Planning feasibility, and owner consent if needed, etc.). It is hereby agreed that minor changes in the Tenancy shall not be considered prohibited changes under this section.
10.2    In the event that the Landlord gives consent to make the changes and/or additions in the Tenancy as stated, the Tenant will be responsible for obtaining, at its expense and responsibility, any permit and/or license required for the performance of the additions and/or changes as stated, including insurance, and will bear any tax and/or charge and/or permit or consent fees required for the execution of the additions and/or changes as stated. It is agreed by the parties that the Landlord shall be entitled (but not obligated) to perform these changes or additions to the Tenancy and the Tenant will pay the Landlord cost + 20%, if the Tenant is able to find a lower quote for such agreed changes and/or additions or the Landlord does not wish to conduct such changes and/or additions, the Tenant shall be allowed to perform such agreed changes and/or additions through another licensed contractor on his behalf, provided however, that such changes and/or additions shall be subject to a plan approved by the Landlord (such approval shall not be unreasonably withheld or delayed).
10.3    In the event that a change and/or addition was made to the Tenancy that did not exist on the Transfer of Possession Date, without obtaining a license, the Tenant will be solely responsible for any expense and/or damage and/or loss, of any type or kind, caused to the Landlord and/or any party on its behalf and/or the Tenancy and/or Land and/or any third party, following the aforesaid, including legal expenses and/or financial charges that the Landlord and/or a party on its behalf is charged or fined by a court. Any amount that is paid as stated by the Landlord and/or a party on its behalf will be reimbursed by the Tenant to the paying party within seven days from the date of its written request to do so.
11.    Maintenance of the Tenancy
In addition to the Tenant’s obligations to comply with all of the provisions of the Head Tenancy Agreement (except as specifically excluded in this Agreement), including regarding maintenance of the Tenancy, the Tenant hereby undertakes and declares that:
11.1    It will use the Tenancy in a proper and reasonable manner, and will strive to protect the Tenancy and systems of the Tenancy (including the air-conditioning system installed in the Tenancy) and any equipment and property, and keep them in working order during the entire Term of the Lease and/or Additional Lease Term, and repair, on its own and at its expense, any defect, damage, or harm to the Tenancy and its systems caused thereby and/or by a party on the Tenants behalf, including its employees, guests, and visitors (welcome or not), except for such defects caused by normal wear and tear or inherent defects (i.e., including, for example, furniture wear and tear and electrical products under guarantee) which shall be fixed by the Landlord all subject to the parties consent at Annex “G.” The Tenant further undertakes to return possession of the Tenancy to the Landlord at the end of the Term of the Sublease and/or Additional Lease Term, or after termination of the Agreement or its termination by the Landlord, when the Tenancy is 
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free from any person and item belonging to the Tenant, and in good and working condition, as provided to the Tenant, when clean and fit for use, and to perform at its expense any repair that is required for the fulfillment of its obligations as stated, except for any defects, caused by normal wear and tear or inherent defects which shall be fixed by the Landlord, by no later than the date on which the Landlord is entitled to the return the Tenancy as stated.
The Tenant will maintain the Tenancy on its own and at its expense – including any insurance and maintenance of all of the systems installed in the Tenancy, including any operation, removal of trash, cleaning, security, all of the electricity consumption costs, maintenance of the air conditioning system, water, and the like. The Tenant undertakes to return the Tenancy at the end of the Term of the Sublease when all of its systems are in working order and operational, in the condition as received.
11.2    The Tenant undertakes not to perform any changes and/or additions in the Tenancy that relate to structural / construction changes and/or that pertain, directly or indirectly, to the various systems and/or infrastructures installed in the Tenancy, without the Landlord’s prior written consent, subject to receipt of a lawful license and permit, if such a license/permit is required.
11.3    Without derogating from the Tenant’s rights under this section, the Tenant will be required, immediately upon receipt of the Landlord’s request for the same, to clear, at its expense, any additions or changes made by the Tenant without the Landlord’s consent as stated above, and the Landlord will have the right to do so at the Tenant’s expense, if the Tenant fails to do so.
11.4    To ensure, that no illegal use is made of, and/or no illegal action occurs in, the Tenancy and/or adjacent thereto and/or which the Landlord believes to be incautious, improper, unfair, disruptive, disturbing, harmful to the value of the Tenancy and/or the facilities and other services in the environs of the Tenancy, and/or that directly or indirectly impact the risks that are the subject of the various insurance policies and/or rates of premiums of the aforesaid insurance policies, in connection with the Tenancy and all of its fixtures, services and/or contents.
12.    Liability and insurance
12.1    The Tenant will be liable for any loss or damage of any kind that is caused to the Tenant and/or Landlord and/or Owners and/or any third party following the use of the Tenancy by the Tenant and/or a party on its behalf and/or due to an action of the Tenant in the Tenancy and/or following any action and/or omission of the Tenant and/or its employees and/or any parties acting on its behalf and/or employed thereby and/or by a party on its behalf (but excluding the act of the management company of the building), without derogating from any provision under law regarding liability.
12.2    The Tenant will be liable for the working and proper operation of the fixtures of the Tenancy with regard to their direct use, excluding any fixtures of the Tenancy that were constructed or installed by or on behalf of the Landlord subject to the parties consent at Annex “G.” The Tenant undertakes to indemnify the Landlord and/or a party on its behalf, immediately upon its first request, for any charge and/or expense (including 
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defense costs and/or attorney fees) that is imposed on any of them following a demand and/or claim arising from damage and/or an action and/or omission for which the Tenant is liable as stated. The Landlord will notify the Tenant of the existence of a demand and/or claim as stated immediately upon receipt thereof, and will allow the Tenant to defend itself against the same.
12.3    The Tenant undertakes to ensure that it will hold insurance policies that are valid for the entire Term of the Sublease and/or Additional Lease Term, if any, as follows: employer liability insurance in connection with its activity in the Tenancy, and third-party liability insurance in connection with its activity in the Tenancy with appropriate and suitable limitations. For the avoidance of doubt, the issuance of the insurance policies as stated in this section will not reduce and/or derogate from the Tenant’s liability under this Agreement. Tenant will transfer certifications regarding the valid insurance policies to the Landlord on the Transfer of Possession Date. The wording of the certifications of insurance policies will be subject to Landlord’s reasonable approval.
12.4    It is agreed by the parties that the provisions of Articles 14 and 15 of the Head Tenancy Agreement shall apply to this agreement as an integral part. In order to avoid all doubt, liability associated with the Renovations and Adjustment Works performed by the Landlord in the Tenancy shall be borne by the Landlord, and Landlord shall secure appropriate insurance. The Tenant undertakes to obtain all the insurance stated in Articles 14 and 15 of the Head Tenancy Agreement and to provide appropriate insurance certificates. The Tenant declares to take full responsibility for all of the foregoing toward the Owner, the management company and all third parties at its own risk and expense (and not that of the Landlord), except in connection with the Renovations and Adjustment Works as described above).
13.    Vacating the Tenancy 
13.1    At the end of the Term of the Lease or the Additional Lease Term, if any, or the conclusion or termination in any case set that is forth in this Agreement, the Tenant will vacate the Tenancy and return it to the Landlord when empty of any person and item that does not belong to the Landlord, in a condition that is fit for use, as received upon the commencement of the Term of the Lease, excluding reasonable wear and tear following ordinary and regular use. The Tenant undertakes to repair any damage caused to the Tenancy and equipment and property therein before the vacating date as stated.
13.2    In the event that the Tenant does not vacate the Tenancy on the date set forth in this Agreement, the Tenant will pay the Landlord liquidated damages, in addition to and without derogating from any other remedy to which the Landlord is entitled under the provisions of any law and/or contract (hereinafter: the “Damages”) for each day of delay, in the amount of NIS 6,233 in addition to Value Added Tax for each day of delay as stated.
13.3    The termination of this Agreement in accordance with the provisions of this Agreement and/or its termination for any reason by any party will not derogate from the obligations of the Tenant under the terms of this section above.
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14.    Breaches and remedies
14.1    The occurrence of any of the following will be deemed to be a fundamental breach of the Agreement:
14.1.1    If the Tenant does not pay the Lease Fees within ten days from the date set forth in this Agreement for the payment thereof, after having received a warning of ten days from the Landlord for payment of the same, and has failed to make the payment.
14.1.2    If the Tenant does not make another payment applicable thereto under this Agreement, even after warning of 14 days from the Landlord for payment thereof, and has failed to make the payment.
14.1.3    A breach by any party hereto of its obligations under Sections 2, 3, 4, 5, 6, 7, 8, 9, 11, 12, 13, 14, 15 and 16 or any other fundamental breach mention in this agreement.
14.1.4    If a party breaches or does not fulfill any of its other obligations under this Agreement and does not remedy the breach within 14 days from the date on which it was given written warning to do so.
14.2    Upon the occurrence of one of the cases listed in this section above, the Landlord may, but is not required to, notify the Tenant of the termination of its lease right, in which case the Tenant will be required to vacate the Tenancy upon receipt of the aforesaid notice.
14.3    In the event of a fundamental breach of the Head Tenancy Agreement, by the Landlord only (for a reason dependent only on the Landlord or his behalf and in no way connected with a breach of the Tenant under this agreement), and which was not amended as required, it is hereby agreed that in such a case, the Tenant will be entitled to fulfill the Landlord’s obligations directly to the Owner (according to section 21.7 in the Head Tenancy agreement), and under such circumstances, the Head Tenancy Agreement and this Agreement will remain in force without the parties having any claims and/or demands against each other; provided that the Tenant shall pay the Rent only according to this Agreement, such that the Owner shall receive the rent according to the Head Tenancy Agreement and the balance will be paid to the Landlord.
14.4    It is hereby agreed that any lien, encumbrance or any other legal restriction on usability, that is imposed on the Tenant or the Landlord with respect to the Tenancy, the fixtures, equipment or furniture, that is not removed within 45 days by the encumbered party, shall constitute a fundamental breach of this agreement, and shall entitle the non-breaching party all rights and remedies available to it under this Agreement, including without limitation, termination of this Agreement. The aforesaid shall apply to any bankruptcy, insolvency, liquidation, dissolution or winding up mutatis mutandis.
15.    Security
15.1    As security for the fulfillment of all of its obligations under this Sublease Agreement, the Tenant will provide the Landlord, within 14 days as of the Signature Date, with all of the securities set forth below:
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Bank Guarantees
15.1.1    An autonomous bank guarantee in the form specified in Annex F (hereinafter: the “Bank Guarantee”).
15.1.2    Without derogating from the contents of Annex F as stated, the Bank Guarantee will be subject to all of the following provisions:
The Bank Guarantee will be autonomous, unconditional, transferable, drawn up in favor of the Landlord as a beneficiary, exercisable in installments, and shall remain valid or constantly extended by the Tenant own expense and responsibility for the entire term of the Agreement, up to 60 days following the conclusion of the Term of the Sublease. The Bank Guarantee will be in the amount of 1,122,000 in addition to Value Added Tax. During the last year of the Sublease, the Bank Guarantee will be reduce and will be in the amount of 748,000 in addition to Value Added Tax. The guarantee amount as stated will be linked to the index as of the base index and until the index known on the actual payment date. It is clarified that the Lessee will bear any fee and/or expense and/or payment for the Bank Guarantee at its sole expense.
15.1.3    In the event that the validity of the Agreement is extended for the Additional Lease Term, the Tenant will provide the Landlord with the Bank Guarantee for the Additional Lease Term in the same form and under the same terms as the Bank Guarantee that was provided in connection with the Term of the Sublease. The rate of the guarantee during the Additional Lease Term will be updated such that it will amount to the higher of four (4) months of rent in addition to Value Added Tax, in the rate in force on the Additional Lease Term.
15.1.4    In the event that the Tenant materially breaches any of the provisions of the Agreement, including, but not only, in a case in which the Landlord is owed any payment from the Tenant that was not paid on time (including and without derogating from the generality of the aforesaid, amounts for undertakings to indemnify the Landlord and/or Owners), the Landlord may, subject to providing prior written notice ten (10) days in advance, redeem the Bank Guarantee for payment, in whole or in part (as it chooses), without derogating from any remedy and/or relief and/or right granted to the Landlord under the Agreement and/or under any law.
15.1.5    It is clarified that in a case in which the Landlord uses the Bank Guarantee as stated above, the Tenant will be required to provide the Landlord with a new Bank Guarantee under the same terms and in the same amount (linked to the index), within 15 days from the date on which the Landlord redeemed the Bank Guarantee for payment as stated.
15.2    The Tenant will be entitled, at its discretion, to replace the Bank Guarantees and provide the Landlord, within 14 days as of the Signature Date with cash deposits and the following provisions will apply thereto:
15.2.1    The Tenant will deposit with the Landlord a cash deposit equal in value to 6 (six) months lease – plus VAT. Said payment will be deposited with and held on 
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deposit by the Landlord, in order to guarantee the Tenant’s undertakings and will replace the Bank Guarantees.
15.2.2    For the avoidance of doubt, it is clarified that nothing above stated will derogate from the Tenant’s obligation to settle its obligations in full, in accordance with all the provisions of this Agreement.
15.2.3    If the Tenant breaches any of this Agreement’s provisions, including but not limited to an event in which any late payment whatsoever reaches the Landlord from the Tenant (including and without derogating from the generality of the aforesaid, amounts in respect of undertakings to indemnify the Landlord and/or the Owner), the Landlord will be entitled, subject to giving 7 days prior written notice, to be repaid out of the deposit which it holds, in whole or in part (and at its discretion) and to do so without detracting from any relief and/or remedy and/or right granted to the Landlord under the Agreement and/or under any law.
15.2.4    It is clarified that in the event where the Landlord exercises the cash deposit as stated above, the Tenant will be required to lodge a new deposit on the same terms and in the same amount, and to do so within 15 days from the date on which the Landlord was repaid from that deposit.
15.2.5    The provisions of section 15.1.3 above will apply respectively, mutatis mutandis, to the cash deposit.
15.2.6    For the avoidance of doubt, it is clarified that at the end of the Lease Period, only the principal of the deposit (in its nominal amount) will be refunded and the Landlord does not undertake to invest the amount of the deposit in any investment whatsoever. And so, the deposit to be returned will not be subject to interest differentials and/or linkage and/or returns of any kind.
15.2.7    It is agreed that the Tenant will be entitled, at its discretion and at any time Subject to prior notice and written consent of the Landlord, to replace the cash deposits with Bank Guarantees in the form specified in Annex F and section 5.1.1- 5.1.5 will apply.
16.    Non-transfer of rights
16.1    The Tenant may not lease and/or transfer and/or assign and/or pledge or encumber in any manner, to any third party, any of its rights under this Agreement without the prior written consent of the Landlord.
16.2    Notwithstanding the above, it is hereby agreed that the Tenant will be entitled to sublease only part of the Tenancy (up to 70% of the Tenancy), subject to the following cumulative conditions:
16.2.1    The Tenant gave a written notice to the Landlord at a reasonable time in advance.
16.2.2    The Landlord gave his consent to the sublease identity (the sublease identity does not have a criminal record etc.), such consent shall not to be unreasonably withheld or delayed.
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16.2.3    The sublessee will sign a commitment in which he undertakes to comply with all the terms of this Agreement, with the required changes.
16.2.4    There will be no change in the terms of this agreement and without derogating from the aforesaid, there will be no change in the purpose of the Sublease as defined in this agreement.
16.2.5    It is clarified that there will be no legal relationship between the sublessee and the Landlord (also the sublessee will not be able to make any claim to Landlord) and any transfer made contrary to all the above will not be valid.
16.3    After completion of the Renovations and Adjustment Works, the Landlord is entitled to transfer its rights and/or obligations under this agreement to any other party and/or entity whatsoever and/or to encumber them without the consent of the Tenant, provided that the Tenant’s rights under this agreement shall not be prejudiced in any way. Regardless of the completion of the Renovations and Adjustment Works, the Tenant will sign a financing Bank appendix in a form attached to this agreement as Annex “H”, or any other form required by the bank. It is hereby clarified that the bank account to which the Tenant undertakes to transfer the Rent according to Annex “H”, will be a bank account which belongs to the Landlord.
16.4    Notwithstanding anything to the contrary in this Section 16, Tenant may assign this Agreement or sublet the Tenancy, or any part thereof, to any entity controlling Tenant, controlled by Tenant or under common control with Tenant, or the surviving entity following a merger, consolidation or other reorganization of Tenant, or to an entity acquiring all or substantially all of the stock or assets of Tenant, without the prior written consent of Landlord; provided, however, that the Landlord’s rights under this Agreement shall not be prejudiced in any way.
17.    General, addresses, and notices 
17.1    The Tenant may not make use of any offset right vis-a-vis the Landlord.
17.2    No change and/or waiver and/or deviation from the provisions of this Agreement will have any force unless made in writing and signed by the parties to the Agreement.
17.3    The consent on behalf of any of the parties to a deviation from the terms of this Agreement in a given case will not constitute a precedent and will not serve as an inference for any other case. In the event that a party does not use a right granted thereto under this Agreement in a certain case, the same will not be considered a waiver of the same right in the same case and/or another similar case or one that is not similar, and no waiver of any right of the same party will be inferred from the same. A waiver made in one matter will not be used as in inference for another matter.
17.4    This Agreement will not create a partnership and/or agency relationship between the parties and will not grant rights to any third party that is not mentioned in the Agreement, and this Agreement will not derogate from or harm any right or obligation of any third party.
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17.5    For the avoidance of doubt, it is clarified that the rights granted to the Tenant under this Agreement, if granted thereto, are granted to the Tenant solely with respect to the Tenancy, and the Tenant does not and will not have any right in connection with existing or additional construction rights and/or existing or additional construction areas that are approved and built by the Landlord or any third party and/or in connection with the use of any of them in the Building, whether they currently exist or will exist in the future, which is not within the Tenancy, including roofs, passageways, and the like. The Tenant provides its consent in advance to any action and/or use as stated and may not oppose any of them in any manner. It is further clarified for the avoidance of doubt that the Tenant may, at any time, register a cautionary note on behalf of its rights under this Agreement.
17.6    The addresses of the parties for the purpose of this Agreement are as set forth in the preamble.
17.7    Any notice sent by one party to another in accordance with the Agreement will be sent by registered mail or delivered by hand and will be deemed to have been delivered within three days of the date of being sent or the date of delivery thereof by hand.

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In witness whereof, the parties have affixed their signatures:
									
	/s/ Tom Kadosh		/s/ David Feldman
	SwitchUp Ltd.		Ziprecruiter Israel Ltd.
			
	By: Tom Kadosh		By: David Feldman
			
	Title:		Title: Director

Attorney Certification
I, the undersigned, Adv. Guy Libzon, of 4 Ha’nechoshet Street Ramat Ha’hayal, Tel Aviv, hereby certify that Mr. David Feldman (American Passport No. 488040256), is authorized to sign this Agreement on behalf of the Tenant such that his signature binds the Tenant for the purposes of this Agreement.
In witness whereof, I affix my signature:

			
	/s/ Guy Libzon, Adv.
	Adv. Guy Libzon

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Annex A – Head Tenancy Agreement – Attached

22

Annex B - Plan – Attached

23

Annex C - Insurance Appendix of Head Tenancy Agreement – Deleted.

24

Annex D - List of Equipment - Attached

25

Annex E – Management Agreement and/or Articles of the Head Tenancy Agreement (if any)

26

Annex F – Wording of the Bank Guarantee
Bank 
Branch 
To

__________Ltd.

To Whom It May Concern,

Re:    Bank Guarantee No. _________
1.    At the request of ____________ (hereinafter: the “Applicant”), we hereby guarantee to you, with an absolute and unconditional guarantee under any terms, payment of any amount up to an amount of NIS _________(_____________ New Israeli Shekels) (hereinafter: the “Guarantee Amount”) that you will demand from the Applicant.
The Guarantee Amount will be linked to the Consumer Price Index, under the following linkage terms:
a.    Price Index - will mean the Consumer Price Index published each month by the Central Bureau of Statistics.
b.    If it becomes clear upon payment of the Guarantee Amount and/or part thereof that the Price Index known on the aforesaid payment date (hereinafter: the “New Index”) is higher than the Price Index for the month of ___________that is published on ________________ (hereinafter: the “Original Index”), the Guarantee amount will increase by the ratio between the New Index and the Original Index.
The Guarantee Amount, in addition to the linkage differentials to the Price Index as stated, will be referred to as the Increased Guarantee Amount.
2.    Upon your first written request, we will pay you, no later than seven days from the date on which we receive your demand at our address as set forth below, any amount set forth in the demand, provided that it does not exceed the Increased Guarantee Amount, without requiring you to prove your demand and without you being required to demand the payment from the Applicant first.
3.    You may exercise this Guarantee at once or in parts, at your sole discretion, provided that we will not pay for the Guarantee, in any case, a total amount that exceeds the Guarantee Amount in addition to linkage differentials.
4.    This Guarantee will remain in force until the day of (inclusive) only, and will be null and void after the aforesaid date.
5.    This Guarantee may not be transferred and/or assigned.
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Annex G – Directives for Using the Tenancy and its Systems – Attached

28

Annex H – intentionally omitted 
29

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