Document:

Employment Agreement of Russell Olson

 Exhibit 10.4 
 

 
 INTCOMEX, INC. 
 9835
N.W. 14TH STREET 
 MIAMI, FLORIDA 33172 
 STRICTLY PERSONAL AND HIGHLY CONFIDENTIAL 
 March 9, 2005 
 Mr. Russell A. Olson 
 1325 Bent Trail Circle 
 Southlake, Texas 76092 
 Dear Russell: 
 As a result of your
conversations with our company’s senior management, we are pleased to confirm to you an offer to join Intcomex, Inc. (“Intcomex” or the “Company”) as Chief Financial Officer (referred to in this Agreement as
“CFO”). We believe that you can add significant value to our organization and would represent a substantial addition to our team. I am personally very excited about the potential of having you lead the Finance function in the future
and contributing to our growth as an organization. 
 As discussed, below are the basic components of our offer to you: 
  

	•	 	This Agreement (as defined in the Employment Terms attached hereto) shall commence as of the date hereof and expire, unless earlier terminated in accordance with this Agreement, on
December 31, 2007 (the “Term”). 

  

	•	 	Base Salary of $245,000 per annum through the Term. 

  

	•	 	A guaranteed bonus of 50% of Base Salary for the period starting on your date of employment and ending December 31, 2005, payable on a pro rata basis during the
subsequent year within 15 days of issuance of the annual audit. 

  

	•	 	An annual performance bonus of up to 50% of Base Salary for the remainder of the Term. 

  

	 	•	 	The performance bonus will be based on two criteria, one quantitative and one qualitative. The quantitative component will account for sixty percent (60%) of the performance
bonus. It will be tied to achieving the annual earnings before interest, taxes, depreciation and amortization (“EBITDA”) as set forth in the 

  

 1 

			
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 Intcomex Annual Budget, as approved by its Board of Directors for each year (the
“Budget”). The qualitative component, which shall include without limitation, performance targets for gross revenues, working capital management, and project-specific performance, will account for forty percent (40%) of the
performance bonus and be determined annually by the President and our Board of Directors. 
  

	•	 	A Long Term Incentive Bonus based purely on quantitative results achieved during the period from January 1, 2006 through December 31, 2007 (the “Long Term
Incentive Period”). We will offer a bonus targeted at 75% of your cumulative Base Salary for the Long Term Incentive Period, payable within 15 days of issuance of the annual audit, subject to the Company having met cumulative quantitative
EBITDA and working capital targets for such period, as specified in the Budget, as follows: 

  

	 	(a)	100% of target bonus for achieving or exceeding both the cumulative EBITDA target and the cumulative working capital target for the Long Term Incentive Period; or

  

	 	(b)	50% of target bonus for achieving between 80% and 100% of both the cumulative EBITDA target and the cumulative working capital target for the Long Term Incentive Period; or

  

	 	(c)	0% of target bonus for achieving less than 80% of both the cumulative EBITDA target and the cumulative working capital target for the Long Term Incentive Period.

  

	•	 	Grant of options, consistent with the Company’s program when and if implemented. 

  

	•	 	Reasonable and customary benefits. Further details of Intcomex’s benefit plans are set forth in the attached Terms of Employment. 

  

	•	 	Relocation and Temporary Housing Costs. (i) Intcomex will pay for your costs of housing in Miami for the period starting on your first day of work and ending on
June 30, 2005. Such housing will be provided in an extended stay hotel or similar facility; (ii) Intcomex will provide you with four round trip tickets from Miami to Dallas and your spouse with two round trip tickets from Dallas to Miami
during the period starting on your first day of work and ending on June 30, 2005; and (iii) Intcomex will reimburse you for relocation costs to Miami to cover moving your personal effects, and closing and buying costs related to a home
sale and purchase, up to a grossed-up (for Federal Income Tax purposes) maximum of $100,000.00. Receipts for all such expenses reasonably satisfactory to Intcomex will be presented in accordance with Intcomex’s procedures to the President and
Board of Directors for reimbursement. If prepayment is required, an appropriate invoice will be provided to the President. 

  

	•	 	Employment Terms. The attached Employment Terms form a part of this letter of agreement and are incorporated herein by reference. 

			
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 Our offer is contingent upon (a) completion of reference checks to be conducted by Egon Zehnder
International, with results being satisfactory to the Company at the Company’s sole discretion; and (b) a start date for your employment with the Company no later than March 14, 2005. 
 Russell, we hope this offer demonstrates our sincere desire for you to join the Intcomex management team. We look forward to officially welcoming you to our
organization. Please indicate your acceptance of this offer letter by signing in the appropriate section below and returning a copy to me and to our lawyer via telefax. 
 Very best regards, 
  

	
	 /s/ Michale Shalom

	 Michael Shalom

	 President

  

	
	AGREED TO AND ACCEPTED
	
	 /s/ Russell A. Olson

	Russell A. Olson
	
	Date: March 9, 2005

			
	Mr. Russell Olson	 	STRICTLY PERSONAL AND
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	 	HIGHLY CONFIDENTIAL
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 EMPLOYMENT TERMS 
 These Employment Terms (“Terms”) apply to the employment of Russell A. Olson (“CFO”) by Intcomex, Inc. (“Employer”), pursuant to the letter from Employer to CFO, dated March 8, 2005
(the “Letter”), regarding such employment to which these Terms are attached (together, the Letter and these Terms constitute the “Agreement”). 
 1. Reporting. The CFO reports to the President. 
 2. Location and Travel. CFO’s employment will be performed at Employer’s
principal address, though CFO shall be available to travel extensively in accordance with the duties he must fulfill hereunder. 
 3. Acceptance of
Employment. CFO will utilize his best efforts in Employer’s business and at all times competently, loyally, and conscientiously perform all of the duties and obligations required of him, either expressly or implicitly by the terms of the
Agreement including without limitation executing all duly adopted directives of the Board of Directors. During the period of such employment, CFO will devote his entire working time, ability, and attention to the affairs of Employer. 
 4. Fringe Benefits; Vacation. CFO shall have the right to participate in all benefits now, hereafter, and as, available to employees of Employer, including a 401K
plan, and health insurance with major medical coverage available upon the first possible day of coverage allowed by the specific medical coverage carrier. Such health insurance and major medical coverage is contingent upon the CFO’s medical
eligibility for such coverage. Consistent with company policy, Employer shall pay 80% of the premiums associated with health insurance for the employee on a monthly basis. The balance of such premiums, as well as the premiums for covering the
employee’s family, shall be paid by the CFO. Vacation shall be earned at the rate of 15 working days per year, pro-rated in any actual calendar year. However, Company acknowledges that CFO shall be absent from work without pay for three
(3) days during the week of March 21-25, 2005, and such days shall not be deducted from his annual earned vacation allotment. CFO shall also be entitled to customary paid holidays. 
 5. Expenses. Employer will reimburse CFO for all reasonable and documented out of pocket expenses incurred in the discharge of his duties hereunder. CFO will
maintain records of such expenses in such form and detail as the Board of Directors, or the President, may reasonably request and make such records available to Employer as and when requested. Employer retains the right to require pre-approval of
expenses so long as advance notice thereof is given to CFO. 
 6. Termination; Resignation; Change in Control. 
 a. For Cause. CFO’s employment hereunder may be terminated at any time for due cause. Due cause, for purposes hereof, shall mean CFO’s willful misconduct
in the discharge of his duties 

			
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 and responsibilities to Employer; CFO’s failure to carry out and execute any material directions from the
President and/or Board of Directors; any act of CFO against Employer intended to enrich him, or any other party, in derogation of his duties to Employer; any willful or purposeful act or omission (or any act or omission taken in bad faith) having
the effect of injuring the business or business relationships of Employer; CFO’s commission of a crime of moral turpitude, fraud or misrepresentation; or CFO’s breach of the Agreement. In the event of such termination, Employer shall not
be required to pay CFO any further compensation (e.g., salary, bonus or fringe benefits) except for accrued and earned salary, and the amounts already paid shall serve as consideration for the restrictive covenants set forth in Paragraphs 7 and 8 of
these Terms. After the satisfaction of any claims of Employer against CFO incidental to such due cause termination, neither party shall have further rights under the Agreement except as set forth in this Paragraph 6 and in Paragraphs 7, 8, 9, and 10
hereof. 
 b. Without Cause. CFO’s employment hereunder may be terminated at any time by Employer without cause. However, in such event, Employer
shall be obligated to pay CFO: (i) all bonuses otherwise payable, on a pro-rata basis, to the date of the termination, and (ii) 6 months of his then current Base Salary if the termination occurs during the period ending March 13,
2006; or 4 months of his then current Base Salary if the termination occurs during the period between March 14, 2006 and December 31, 2007. The sums associated with both sub-paragraphs (i) and (ii) above shall be payable within
fifteen (15) days of the effective date of termination. 
 c. Resignation. If the CFO resigns prior to end of the term, he shall receive no
compensation other than his then current Base Salary through the date of his resignation and he shall thereby forfeit his claim to all bonuses. 
 d.
Change in Control. In the event that a change in control of the Company, defined as the sale of more than 50.1% of the voting stock of the Company, results in a material adverse change in the duties and/or responsibilities of the CFO or in
his employment terms, with such change being unacceptable to the CFO, the CFO will be entitled to six (6) months of his then current Base Salary as severance pay, and, in the event he chooses to relocate back to Dallas, TX, a reimbursement for
relocation costs to cover moving his personal effects, and closing and buying costs related to a home sale and purchase, up to a grossed-up (for Federal Income Tax purposes) maximum of $100,000.00. Receipts for all such expenses reasonably
satisfactory to Intcomex will be presented in accordance with Intcomex’s procedures to the President and Board of Directors for reimbursement. If prepayment is required, an appropriate invoice will be provided to the President. 
 7. Restrictive Covenants. 
 a. While Receiving Compensation.
While CFO is receiving compensation from Employer, he shall not, without the prior written consent of the Board of Directors, directly or indirectly, own, manage, operate, finance, join, control, or participate in the ownership, management,
operation, financing, or control of, or be associated as an officer, director, employee, partner, principal, agent, trustee, representative, consultant, or otherwise with, or use or permit his name to be used in connection with, any line of business
or enterprise similar to or in competition with the business then conducted by Employer or its affiliates. 

			
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 b. Upon Resignation or Termination of Employment for Due Cause. If CFO resigns or his employment is
terminated for due cause, then for two (2) years thereafter, CFO shall not, without the prior written consent of the Board of Directors, directly or indirectly: (i) disturb business relationships with customers (which includes any present
customer or one that has been a customer at any time during the five (5) year period preceding the termination of employment) of Employer or its affiliates, nor solicit their customers for business elsewhere or refer its or their customers to
others; (ii) solicit for employment or attempt to employ, or assist any other entity in employing or soliciting for employment, either on a full time or part time or consulting basis, any employee or executive (whether salaried or otherwise,
union or non union) who within two (2) years of the time CFO ceased to perform services hereunder had been employed by Employer or its affiliates; or (iii) accept to be employed (on a full time basis, on a part time basis, on a consulting
basis, or in any other capacity) by a company that utilizes a similar business model to the Company’s and whose primary line of business is the distribution of electronics and/or information technology (“IT”) products into Latin
American and/or Caribbean markets. 
 c. Upon Termination Without Due Cause; Non-renewal. If CFO is fired without due cause, or if this Agreement
shall not be renewed at the expiration of the Term for any reason whatsoever, CFO shall not, without the prior written consent of the Board of Directors, directly or indirectly, own, manage, operate, finance, join, control, or participate in the
ownership, management, operation, financing, or control of, or be associated as an officer, director, employee, partner, principal, agent, trustee, representative, consultant, or otherwise with, or use or permit CFO’s name to be used in
connection with a company that utilizes a similar business model to the Company’s and whose primary line of business is the distribution of electronics and/or information technology (“IT”) products into Latin American and/or Caribbean
markets for a period of one (1) year following the effective date of termination, or, in the case of non-renewal, one (1) year from the expiration date of this Agreement, as the case may be. 
 8. Confidentiality Agreement. The customer list, as it may exist from time to time, trade secrets, customer or client records, processes, sources of raw
materials, sources of distribution, financial data, prices, advertising, future plans, and any other information (collectively, “Information”) which relates to Employer are valuable, special and unique assets of Employer. At no time during
or after the term of this Agreement will CFO disclose any such Information, or any part thereof, to any person, firm, corporation, association or other entity for any reason or purpose whatsoever, except as may be necessary in the performance of his
duties hereunder or as may be required by applicable laws or the determination by any duly constituted administrative agency. 
 9. Discoveries and
Inventions. CFO hereby assigns, without further consideration, to Employer all his right, title, and interest in and to any and all inventions, discoveries, developments, improvements, processes, trade secrets, techniques, designs, data, and all
other work products, whether tangible or intangible, which CFO conceives, reduces to practice, or otherwise creates either alone or jointly with others in the course of CFO’s employment. In addition, CFO shall, 

			
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 without additional compensation therefore, disclose and transfer to Employer all direct or indirect interests he
has at the date of the termination of this Agreement in inventions, trade secrets, products, processes, marketing methods, or other advantageous assets or information relating to the business of Employer during the term hereof. During the period of
employment, CFO shall use his best efforts to secure for Employer the opportunity to acquire any such assets or information of which he becomes aware or which he has the opportunity to directly or indirectly acquire relating to the business of
Employer. 
 10. Enforcement of Paragraphs 7, 8 and 9. In the event of an actual or threatened breach by CFO of any provision of Paragraphs 7, 8 and 9
above, Employer shall be entitled to seek an injunction restraining CFO from the prohibited conduct. If any court of competent jurisdiction should hold that the duration and/or scope (geographic or otherwise) of the covenants contained herein are
unreasonable, then, to the extent permitted by law, the court may prescribe a duration and/or scope that is reasonable and the parties agree to accept such determination, subject to their rights of appeal. Nothing herein shall be construed as
prohibiting Employer from pursuing any other remedies available to it for such breach or threatened breach, including the recovery of damages from CFO, nor shall this Agreement be construed as requiring Employer to proceed with an injunction, and
nothing herein shall be construed as an election of remedies by Employer. If CFO shall be in violation of any of these covenants, then the time limitation thereof shall be extended for a period of time equal to the period of time during which such
breach or threatened breach occurs. If Employer seeks injunctive relief from such breach or threatened breach in any court, and is in any manner the prevailing party whether by judgment, order or settlement, then the covenants shall be extended for
a period of time equal to the pendency of such proceedings, including appeals. The existence of any claim or cause of action by CFO against Employer, whether predicated on this Agreement or otherwise, shall not constitute a defense to the
enforcement by Employer of the foregoing restrictive covenants, but shall be litigated separately, except if such claim arises as a result of a breach by Employer of the terms of this Agreement. 
 11. No Delegation. CFO may not delegate the performance of any of his duties as CFO hereunder. Any purported delegation or assignment shall be void unless
approved in writing by the Board of Directors. 
 12. Survival; Limitation. Notwithstanding the termination of CFO’s employment hereunder for
cause or by voluntary termination of employment by CFO, the obligations of CFO under Paragraphs 7, 8, and 9, shall survive and remain in full force and effect, and Employer shall be entitled to equitable relief against the CFO pursuant to the
provisions of Paragraph 10. The liability of Employer, if any, for any wrongful termination of CFO’s employment hereunder shall not exceed the amount that would otherwise have been payable to the CFO for the term then remaining under the
Agreement or the salary continuation and other severance benefits described herein, whichever is greater. 

			
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 13. Notice. Any notice or communication under this employment agreement shall be in writing and shall be
sent by certified or registered mail, addressed to the respective parties as follows: 
  

			
	If to the Employer:	  	Intcomex, Inc.
		  	Attention: Anthony Shalom
		  	Chief Executive Officer
		  	9835 N.W. 14th Street
		  	Miami, Florida 33172
		  	Via Telefax (305) 477-7565
		
	If to the Employee:	  	Russell A. Olson
		  	1325 Bent Trail Circle
		  	Southlake, Texas 76092
		  	Via Telefax (817) 251-8280

 Any such notice or other communication shall be deemed given when personally delivered or sent via facsimile
transmission (in either case with proof of delivery or transmission, if by fax, retained). Addresses may be changed at any time on 10 days’ prior notice given as above provided. 
 14. Entire Agreement; Binding Effect. This Agreement supersedes any prior agreement between the parties and is the entire agreement between the parties with respect to the relationship between CFO and Employer,
the services to be provided by CFO to Employer, and all compensation or other emoluments owed to CFO by Employer for or with respect to such services and may be changed or supplemented only by a written agreement signed by CFO and Employer. This
Agreement shall be binding upon and inure to the benefit of CFO, Employer and its successors, and the purchasers of all or substantially all of Employer’s assets, business, and goodwill. 
 15. Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, except that New York
conflicts of law principles shall not apply. New York courts shall have the sole jurisdiction over any disputes among the parties. Venue for any legal action shall be the New York Circuit Court in New York County, New York. 
 16. Severability; Waiver. In case any term contained in this Agreement shall be held invalid or unenforceable, same shall be deemed, and it is hereby agreed that
same are meant to be, several, and such holding shall not defeat or impair the remaining provisions hereof. A waiver by Employer of any breach by or of CFO of this Agreement or of any duties imposed upon Employee by law, shall not be construed as a
waiver by Employer of its right to terminate this Agreement for any subsequent or continuing breach of this Agreement or of any of CFO’s duties, obligations or agreements herein contained or imposed by law. 
 17. Construction. Notwithstanding the fact that this Agreement has been drafted or prepared by one of the parties, all parties confirm that both they and/or their
respective counsel have reviewed, negotiated and adopted this Agreement as the joint agreement and understanding of the parties. Accordingly, this Agreement is to be construed as a whole and any presumption that ambiguities are to be resolved
against the primary drafter shall not apply.Commercial/Industrial Building Lease

 Exhibit 10.5 
 COMMERCIAL/INDUSTRIAL BUILDING LEASE 
 BETWEEN 
 INTERNATIONAL PLACE ASSOCIATES IV, LTD. 
 a Florida limited partnership, 
 as Landlord 
 and 
 Software Brokers of America, Inc. 
 a Florida
corporation, 
 as Tenant 
 DATE OF
LEASE: 
 February 25, 2000 
 Premises: 
 9835 N.W. 14th Street 
 Suites 101 & 102 
 Miami, Florida 

 SUMMARY OF CERTAIN LEASE PROVISIONS 
 The Lease Summary set forth below (the “Lease Summary”) forms an integral part of this Lease, and all terms and other provisions of the Lease
Summary have the respective meanings or amounts as stated and are hereby incorporated by reference into the Lease, except and to the extent more specifically set forth in the text of the Lease and its Exhibits, Schedules and Supplements. 

 

			
	A.     Date of Lease Execution:	  	February 25, 2000
		
	B.     “Landlord”:	  	International Place Associates IV, Ltd., a Florida limited partnership
		
	C.     “Landlord’s Address”:	  	 International Corporate Park
 10165 N.W. 19th Street
 Miami, Florida
33172

		
	D.     “Tenant”:	  	Software Brokers of America, Inc., a Florida corporation
		
	E.     Tenant’s Trade Name(s):	  	Intcomex
		
	F.      “Tenant’s Address”:	  	 9835 N.W. 14th
Street, Suite 101&102,
 Miami, Florida 33172

		
	G.     “Building”:	  	Building 19, as shown on Exhibit “A”
		
	H.     Area of Improvements (Section 1.1):	  	Approximately 103,670 square feet
		
	I.       Tenant’s Proportionate Share:	  	70%
		
	J.      “Intended” Use of Premises (Article 3):	  	Warehouse/Distribution with Ancillary Office and, with the prior written consent of Landlord, which shall not be unreasonably withheld, (as set forth in Section 19.6) any other uses permitted by
applicable law or under the Declaration.
		
	K.     Term of Lease (Section 1.3):	  	60 and  1/2 months commencing on March 15, 2000 and ending
March 31, 2005. Rent Commencement Date is June 15, 2000
		
	L.     “Base Rent” (Section 2.1):	  	

  

													
	 Rental Period Price PSF
 (estimate)
	  	 Monthly Base
 Rent
 (excluding Additional
 Rent, CAM or
 increased operating
 costs and sales tax)
	  	 Current Sales
 Tax
	  	 Total Estimated
 Monthly Rent
 (excluding Additional Rent,
 CAM or increased operating costs

	                 Year
1
 March 15, 2000 - June 14, 2000
 June 15, 2000 - March 31, 2001
	  	$
$	0
6.28	  	$
$	0
54,253.33	  	$
$	0
3,526.46	  	$
$	0
57,779.79
					
	                 Year
2
 April 1, 2001 - March 31, 2002
	  	$	6.00	  	$	51,835.00	  	$	3,369.27	  	 	55,204.27
					
	                 Year
3
 April 1, 2002 - March 31, 2003
	  	$	6.21	  	$	53,649.22	  	$	3,487.20	  	$	57,136.42
					
	                 Year
4
 April 1, 2003 - March 31, 2004
	  	$	6.75	  	$	58,314.37	  	$	3,790.43	  	$	62,104.80
					
	                 Year
5
 April 1, 2004 - March 31, 2005
	  	$	6.96	  	$	60,128.60	  	$	3,908.36	  	$	64,036.96

  

			
	 M.    Security Deposit (Section 2.8):
	  	 $65,000
 (due upon execution of
Lease)

			
	 N.     Cost Pass-Throughs (Section 2.3):
	  	Operating Costs
		
	 O.     “Base Year”:
	  	For purposes of this Lease, Base Year means the year 2000.
		
	 P.      Comprehensive General Liability Insurance (Article 5)
	  	

$
2,000,000.00                        
		
	 Q.     Broker(s) (Section 19.14):
	  	Easton & Associates, Inc.
		
	 R.     “Guarantor(s)”:
	  	N/A
		
	 S.      “Guarantor’s Address”:
	  	N/A
		
	 T       Option to Renew; Addendum 1, if applicable:
	  	

One-time renewal of five (5) years.
		
	 U      Parking:
	  	Exclusive right to 130 parking spaces surrounding Building.
		
	 V      Option To Terminate:
	  	Tenant shall have a one (1) time option to terminate this Lease by providing Landlord with written notice no later than ninety (90) days prior to the expiration of the third Lease Year of this
Lease. 

 LEASE 
 THIS LEASE (this “Lease,” which term shall include all amendments, modifications and assignments hereof) is dated as of the 25 day of February, 2000 the “Effective Date”), by and between
INTERNATIONAL PLACE ASSOCIATES IV, LTD., a Florida limited partnership (“Landlord”), and SOFTWARE BROKERS OF AMERICA, INC., a Florida corporation (“Tenant”). 
 ARTICLE 1 
 GRANT AND TERM 
 1.1 Landlord hereby leases to Tenant and Tenant hereby leases from Landlord, the “Premises” (subsequently defined) which Premises are shown as
summarized on the site plan attached hereto and made a part hereof as Exhibit A attached hereto, together with: (i) the exclusive use of 132 parking spaces adjacent to the Building, as set forth on Exhibit B attached hereto, and
(ii) the non-exclusive right to the use, in common with the owner or tenants(s) and other users of Building 18, the truck court located between Building 18 and Building 19 and all of the Common Areas (as herein defined). The Premises shall
consist of approximately 103,670 square feet (which measurement Landlord represents is accurate), located in Building 19 in Phase III of International Corporate Park, a development located in Miami-Dade County, Florida (as described in Exhibit B),
as such development may be added to or reduced from time-to-time (the “Development”). The Development may include common parking areas, streets sidewalks, driveways, storm drainage facilities, landscaped areas, and retention ponds (the
“Common Areas”). References to the approximate square feet of the Premises as set forth above and otherwise in this Lease, have been computed by measuring from each of the outermost finished surfaces of the exterior walls of the Building
enclosing the Premises to the midpoint of any interior demising walls, without deduction or reduction for (i) vestibules, columns, projections or vertical penetrations from the floor necessary to the Building; or (ii) any indentions to the
exterior building walls for entrances, doors, windows, decorative features or otherwise; or (iii) those portions of the Building containing mechanical, plumbing or electrical systems serving the Building. 
 1.2 The Premises are already constructed. Landlord shall have no construction or similar obligations with respect to the Premises, except only for the
following (“Landlord’s Work”): 
 (i) Construct a demising wall separating the Premises from the remainder of the Building;

 (ii) Split the electric service; and 
 (iii) Split the phone service. 
 Landlord shall complete Landlord’s Work within the earlier of (1) one hundred eighty (180) days
following the Commencement Date, or (ii) possession of the remainder of the Building by any other third party tenant. 
 1.3 The term
hereof (the “Term”) shall commence on the Commencement Date and shall terminate on the Expiration Date. The first “Lease Year” shall begin on the Commencement Date and shall extend through the 31st day of March, 2001.
Thereafter, each “Lease Year” shall commence on the day following the expiration of the preceding Lease Year and shall end at the expiration of twelve (12) calendar months thereafter. 
 1.4 No later than ninety (90) days prior to the expiration of the third Lease Year, Tenant shall have the right to terminate this Lease for any
reason, effective as of the last day of the third Lease Year (the “Early Termination Date”). In the event Tenant does not timely deliver such written notice, then the foregoing option to terminate shall be deemed waived and shall be of no
further force or effect. Upon such termination, and after Landlord’s return of the Security Deposit to Tenant in accordance with the term of this Lease, Landlord and Tenant shall each be relieved of all further obligations under this Lease
arising after the Early Termination Date except those which specifically survive termination. 
 1.5 Tenant acknowledges and agrees that it
has previously inspected the Premises and, Tenant is accepting the Premises in “as is” condition. Tenant 

 further acknowledges and agrees that the taking of possession of the Premises by the Tenant shall be conclusive evidence
against Tenant that the Premises were in good and satisfactory condition when the possession was taken and Landlord shall have no obligations to Tenant with respect to any repair or maintenance to the Premises, except as expressly set forth in this
Lease. 
 ARTICLE 2 
 RENT 
 2.1 Tenant shall pay to Landlord all sums due hereunder from time to time from the Commencement Date without prior
demand, together with all applicable Florida sales tax thereon; however, unless otherwise provided in this Lease, payments other than Tenant’s regular monthly payments of Base Rent and “Increased Operating Costs” (subsequently
defined), shall be payable by Tenant to Landlord within five (5) days following demand, except as otherwise provided in this Lease. All other charges other than Base Rent that are required to be paid by Tenant to Landlord under this Lease shall
constitute Additional Rent. Base Rent and Additional Rent (Base Rent and Additional Rent are collectively referred to as “Rent”), for any “Lease Year” consisting of more or less than twelve (12) months shall be prorated on a
per diem basis, based upon a period of 365 days. Rent payable for any partial month shall be prorated on a per diem basis, based upon the actual number of days in the month. Tenant agrees that its covenant to pay Rent and all other sums under this
Lease is an independent covenant and that all such amounts are payable without counterclaim, set-off, deduction, abatement, or reduction whatsoever, except as may be expressly provided for in this Lease. 
 2.2 Subject to any escalation which may be provided for in this Lease, Tenant shall pay Base Rent for the Term in the initial amount specified in the
Lease Summary, which, except for the first installment (which shall be for the last 15 days of June, 2000 and which shall be payable on or before the Rent Commencement Date), shall be payable throughout the Term in equal monthly installments in
advance on the first day of each calendar month of each year of the Term, such monthly installments to be in the amounts (subject to escalation) specified in the Lease Summary. The obligation of Tenant to pay Rent shall commence on the Rent
Commencement Date. The Base Rent described above shall be adjusted at the beginning of the second and each succeeding Lease Year during the Term of this Lease as provided in the Lease Summary. 
 2.3 In addition to the Base Rent specified in this Lease, Tenant shall pay to Landlord as Additional Rent for the Premises Tenant’s Proportionate
Share of the amount by which the annual “Operating Costs” (as subsequently defined) exceed the Operating Costs incurred during the Base Year. Such excess is referred to as the “Increased Operating Costs.” Tenant’s obligation
to pay its proportionate share of Increased Operating Costs shall commence as of the first day immediately subsequent to the last day of the Base Year. The amount of Increased Operating Costs payable to Landlord by Tenant may be reasonably estimated
by Landlord for such period(s) as Landlord may determine from time to time (not to exceed twelve (12) months), and Tenant shall pay to Landlord the amounts so estimated in equal installments, in advance, on the first day of each month during
such period. Within sixty (60) days after the end of the period for which estimated payments have been made, Landlord shall furnish to Tenant a statement, showing the actual amount payable by Tenant based upon actual costs. If such actual
Increased Operating Expenses for such calendar year shall exceed Tenant’s payment so made, Tenant shall pay to Landlord the deficiency within fifteen (15) days after receipt of said statement. If Tenant’s payments shall exceed such
actual Increased Operating Expenses, as shown on such statement, such excess shall be applied against payments next becoming due under this Lease, or, if the Lease has expired, shall be promptly refunded to Tenant. Tenant will have the right to
review Landlord’s books and records relating to Operating Costs, and to cause an audit of such books and records to be made by an independent certified public accountant. Landlord agrees to cooperate with such accounting in completing such
audit expeditiously and shall make its books and records available 
  

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 during normal business hours at its office. The cost of such audit will be borne by Tenant unless such audit reveals that
the amount charged by Landlord for Operating Costs exceeds the total amount of actual Operating Costs by more than five percent (5%). For purposes of this Lease, Operating Costs means all “Taxes,” “Common Area Maintenance
Charges,” “Insurance Premiums” (as such terms are subsequently defined), and all other assessments payable by the owner(s) of the Building attributable to the Premises as its proportionate share under that certain Declaration of
Protective Covenants and Restrictions for International Corporate Park dated June 28, 1995 and recorded in Official Records Book 16836, Page 1248, of the Public Records of Dade County, Florida and any supplements, amendments, replacements or
additions thereto (collectively, the “Declaration”). 
 2.4 Rent shall be paid to or upon the order of Landlord at Landlord’s
Address or as otherwise designated in writing by Landlord. Landlord may change its address by notice to Tenant of such change pursuant to Section 19.2 hereof. No payment by Tenant or receipt by Landlord of an amount less than the
Rent due hereunder shall be deemed to be other than on account of the earliest stipulated Rent due hereunder. Nor shall any endorsement or statement on any check or any letter accompanying any check be deemed to be an accord and satisfaction.

 2.5 Any Base Rent or Additional Rent payable by Tenant to Landlord under this Lease which is not paid within ten (10) days after due,
will be subject to (i) a late payment charge, as Additional Rent, of three (3%) percent of the delinquent amount, in each instance, to cover Landlord’s additional administrative costs and (ii) if any payment shall remain overdue
for more than fifteen (15) days, interest on all such unpaid sums (other than the late charge), at a per annum rate equal to the lesser of the highest rate permitted by law or fifteen percent (15%)]. The rate of interest determined pursuant to
the preceding sentence is sometimes hereinafter referred to as the “Maximum Interest Rate.” Such late charges and interest will be due and payable upon demand, and will accrue from the date that such Base Rent, Additional Rent, late
charges or other sums are payable under the provisions of this Lease until actually paid by Tenant. Such late charges and interest shall not be considered the granting of a grace period. 
 2.6 Tenant shall also pay all applicable Florida sales tax levied on Rent, as well as any taxes attributable to the personal property and trade fixtures
owned by Tenant. 
 2.7 Landlord acknowledges receipt of a security deposit in the amount specified on the Lease Summary to be held by
Landlord, without any liability for interest thereon, as security for the performance by Tenant of all its obligations under this Lease. Landlord shall be entitled to commingle the security deposit with Landlord’s other funds. If Tenant
defaults in any of its obligations under this Lease, which default remains uncured beyond any applicable cure period. Landlord may at its option, but without prejudice to any other rights which Landlord may have, apply all or part of the security
deposit to compensate Landlord for any loss, damage, or expense sustained by Landlord as a result of such default (including sales taxes). If all or any part of the security deposit is so applied, Tenant shall restore the security deposit to its
original amount on demand of Landlord. Subject to the provisions of this Section 2.7, within ten (10) days following termination of this Lease, if Tenant is not then in default, the security deposit will be returned by Landlord to
Tenant. 
 2.8 To secure the payment of all Rent and other sums of money due and to become due hereunder and the faithful performance of this
Lease by Tenant, Tenant hereby gives to Landlord an express first and prior contract and landlord’s lien and security interest on all property now or hereafter acquired (including fixtures and equipment) by Landlord (and not by any customer of
Landlord) which may be placed in the Premises and also upon all proceeds of any insurance which may accrue to Tenant by reason of destruction of or damage to any such property, specifically excluding, however, all items of inventory and merchandise
located in the Premises from time to time. Such property shall not 
  

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 be removed therefrom without the written consent of Landlord until all arrearages in rental and other sums of money then
due to Landlord hereunder shall first have been paid. All exemption laws are hereby waived in favor of said lien and security interest. This lien and security interest is given in addition to Landlord’s statutory lien and shall be cumulative
thereto. Landlord shall, in addition to all of its rights hereunder, also have all of the rights and remedies of a secured party under the Uniform Commercial Code as adopted in the State of Florida. To the extent permitted by law, this Lease shall
constitute a security agreement under Article 9 of the Florida Uniform Commercial Code. Notwithstanding the foregoing, Landlord agrees to subordinate its lien to a bona fide lender providing acquisition financing or lease financing for Tenant’s
furniture, fixtures, and equipment, so that Landlord will have a second lien on such furniture, fixtures and equipment. Such subordination shall be automatic, but Landlord shall, upon Tenant’s written request, execute such documents as may be
reasonably required by any such lender to confirm or evidence such subordination. 
 ARTICLE 3 
 USE 
 Tenant intends to use the
Premises solely as a warehouse/distribution facility with ancillary office use; and for any other uses then permitted by applicable law or under the Declaration, with the prior written consent of Landlord, which consent shall not be unreasonably
withheld (the “Intended Use”) as set forth in Section 19.6 below. Tenant’s use of the Premises shall comply with all zoning and building requirements. Tenant shall not use or permit the Premises to be used for any unlawful
purpose. Tenant’s use of the Premises shall at all times be consistent with uses typical of a first-class commercial/industrial park, as such standards exist from time to time, in the area of Miami-Dade County, Florida and in strict compliance
with the Declaration, and the Design and Development Standards described therein. 
 ARTICLE 4 
 TAXES, COMMON AREA 
 MAINTENANCE
CHARGES AND 
 INSURANCE 
 4.1 “Taxes” means real estate taxes, personal property and any other ad valorem taxes, (but not including income or franchise taxes or any other taxes imposed upon or measured by Landlord’s income or profits, except as
provided herein), which may now or hereafter be levied, assessed or imposed against, or with respect or attributable to, the Building or against the owner(s) of the Building as to the Building, the land upon which the Building is located or any
portion thereof or interest therein, and the Common Areas. “Taxes” shall include any reasonable amounts, charges, or legal fees incurred to contest or dispute Taxes, provided that Tenant shall have approved such contest or dispute in
advance, which approval shall not be unreasonably withheld. All references to Taxes assessed, levied, confirmed or imposed during a particular year or Taxes “for” a particular year shall be deemed to refer to Taxes levied, assessed or
otherwise imposed during such year without regard to when such Taxes are payable. All of the dates and time periods set forth in this Section 1.3 shall be extended by a period of time equal to any delay in obtaining a Temporary or Permanent
Certificate of Occupancy or delivery of the Premises caused by: (a) Tenant; or (b) any act of God, labor dispute, materials shortage, or other circumstance beyond Landlord’s control. 
 4.2 “Common Area Maintenance Charges” means the total of all items of all reasonable and customary costs and expenses incurred by Landlord for
operating, securing, insuring, complying with applicable law, repairing, cleaning, preserving, landscaping, lighting, replacing and maintaining the Building, and Common Areas, payment of reasonable management fees with respect to the Building, and
utilities for the Building which are not separately metered; provided, however, that Tenant shall be responsible for only thirty five percent (35%) of such costs and expenses with respect to the truck court. Common Area Maintenance Charges
shall not include the following: 
 4.2.1 Costs of space planning, tenant improvements, marketing 
  

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 expenses, real estate broker commissions, and other costs, disbursements and expenses for leasing, renovating, or
improving space for other tenants or occupants (and not Tenant) in the Building; 
 4.2.2 Legal fees arising out of collection and
enforcement disputes and negotiations and lease negotiations with tenants of the Building or park; 
 4.2.3 Items and services that Landlord
provides selectively to one or more tenants or occupants of the Building or park, other than Tenant and which Landlord is not obligated to provide Tenant; 
 4.2.4 Expenses for maintenance, repair, replacement or other work required to be performed by Landlord pursuant to Section 7.1 (except Section 7.1 (ii)); 
 4.2.5 Expenses for maintenance, repair, replacement or other work related to defects, whether patent or latent, in the Landlord’s Work (as defined
in Exhibit “C”); 
 4.2.6 Expenses for maintenance, repair or replacement or other work covered under warranties or guarantees made
or held by Landlord; 
 4.2.7 Fees, costs or expenses paid to an any entity controlled by, controlling, or under common control with,
Landlord, to the extent that the amount paid exceeds the prevailing market rate for such services; 
 4.2.8 Capital costs, including capital
improvements, capital repairs, capital equipment and capital tools, as determined in accordance with generally accepted accounting principles, consistently applied, except to the extent that such capital expenditure results in annual savings of
Common Area Maintenance Charges equal to or greater than the cost of such item attributed to such year; 
 4.2.9 Costs of upgrade or
otherwise of a capital nature incurred in connection with compliance with changes to handicap, life, fire and safety codes (but excluding the ordinary maintenance necessary for current compliance with such codes unrelated to changes therein or
upgrades required thereby); or 
 4.2.10 Costs arising from the negligence or intentional acts of Landlord, its agents, employees,
contractors or invitees. 
 4.2.11 Any assessment under the Declaration included within Operating Costs. 
 4.2.12 Any maintenance charges for Common Area maintained by the Association, except as indirectly paid by virtue of assessments under the Declaration.

 Furthermore, if any Common Area Maintenance Charge is incurred for any replacement or repair, the useful life of which will extend beyond
the Term, the amount reimbursable by Tenant as a Common Area Maintenance Charge will be limited to the amount of such expense multiplied by a fraction, the numerator of which is the number of days remaining in the Term, after completion of the
applicable replacement or repair, and the denominator of which is the number of days of the useful life of the portion of the Premises replaced or repaired, as determined in accordance with generally accepted accounting principles, consistently
applied. 
 4.3 “Insurance Premiums” means the cost of insurance premiums which Landlord is obligated to obtain under this Lease.

 ARTICLE 5 
 INSURANCE

 5.1 Tenant shall procure and maintain policies of insurance, at its own cost and expense, insuring: 
 5.1.1 Tenant shall secure the following commercial general liability insurance coverage naming Landlord, and Landlord’s mortgagee and/or the lessor
under any present or future ground lease of the Premises and the land thereunder (such mortgagee or lessor being hereinafter collectively referred to as the “Mortgagee”), if required, as additional insureds. Such insurance shall be
primary/non-contributing 
  

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 and not apply as excess to any other insurance secured by or available to Landlord or any Mortgagee. 
 5.1.1.1 Commercial General Liability of: (i) $1,000,000 per occurrence; (ii) $2,000,000 General Aggregate—Per Location Basis;
(iii) $1,000,000 Products and Completed Operations; (iv) $1,000,000 Personal Injury; (v) $1,000,000 Contractual Liability; (vi) $50,000 Real Property Legal Liability; and (vii) $5,000 Medical Payments. 
 5.1.1.2 Commercial Automobile Insurance of $1,000,000 Combined Single Limit Per Occurrence for bodily injury or property damages covering all owned,
non-owned or hired vehicles used in connection with Tenant’s occupancy and use of the Premises, naming Landlord as additional insured. 
 5.1.1.3 Commercial Umbrella/Excess Liability of $1,000,000 with a combined single limit in excess of the amounts set forth in Section 5.1.1.1 and Section 5.1.1.2. 
 5.1.2 Intentionally deleted 
 5.1.3 Tenant
from and against all workmen’s compensation claims; and 
 5.1.4 All personal property, inventory and equipment of Tenant or the
personal property, inventory or equipment of others, on a replacement cost basis, kept, stored or maintained on the Premises against loss or damage by fire, windstorm or other casualties. 
 5.1.5 Such other matters as Landlord may reasonably require from time to time. All insurance required to be provided shall include an additional insured
lessor endorsement as commonly used in the State of Florida. 
 5.2 All policies referred to above shall: (i) be taken out with insurers
licensed to do business in Florida and reasonably acceptable to Landlord; (ii) be in a form reasonably satisfactory to Landlord; (iii) be non-contributing with, and shall apply only as primary and not as excess to any other insurance
available to Landlord or any Mortgagee; and (iv) contain an undertaking by the insurers to notify Landlord not less than thirty (30) days prior to any material change, or cancellation. Accord Standard Certificates of Insurance shall be
delivered to the Landlord, and Mortgagee if required, promptly upon request or, if required by a Mortgagee, copies of such insurance policies certified by an authorized officer of Tenant’s insurer as being complete and current, shall be
delivered to the Landlord promptly upon request. If (a) Tenant fails to take out or to keep in force any insurance referred to in this Article 5, or should any such insurance not be approved by either Landlord or any Mortgagee, and
(b) Tenant does not commence and continue to diligently cure such default within two (2) business days after written notice by Landlord to Tenant specifying the nature of such default, then Landlord shall have the right, without assuming
any obligation in connection therewith, to effect such insurance at the sole cost of Tenant and all outlays by Landlord shall be paid by Tenant to Landlord without prejudice to any other rights or remedies of Landlord under this Lease. Tenant shall
not keep or use on the Premises any article which may be prohibited by any fire or casualty insurance policy in force from time to time covering the Premises or the Improvements. Tenant may effect the insurance required of Tenant hereunder through
blanket or umbrella coverage provided that; (i) such policies shall expressly name Landlord as additional named insured, and (ii) such policy shall provide that a loss or claim at a different location shall not reduce the coverage
available to Tenant and/or the Landlord at the Premises. 
 5.3 Except as otherwise provided herein, whenever (a) any loss, cost, damage
or expense resulting from fire, explosion or any other casualty or occurrence is incurred by either of the parties hereto, or anyone claiming by, through, or under it in connection with the Premises, and (b) such party then is covered in whole
or in part by insurance with respect to such loss, cost, damage or expense or is required under this Lease to be so insured, then the party so insured (or so required to be insured) hereby waives any claims against and releases the 
  

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 other party from any liability said other party may have on account of such loss, cost, damage or expense to the extent
of any amount recovered by reason of such insurance (or which could have been recovered had such insurance been carried as so required). The parties agree to furnish to each insurance company which has issued or will issue policies of casualty
insurance on the Improvements, written notice of said waivers and to have the insurance policies properly endorsed, if necessary, to acknowledge such subrogation waivers. 
 5.4 The Landlord shall throughout the Term carry (i) insurance on the Building (including all tenant improvements therein approved by Landlord) and the machinery and equipment contained therein or servicing the
Building and owned by the Landlord, on a fully replacement cost basis (excluding any property with respect to which the Tenant and other tenants are obliged to insure pursuant to section 5.1 or similar section of their respective leases);
(ii) public liability and property damage insurance with respect to the Landlord’s operations in the Building; and (iii) such other forms of insurance as the Landlord’s mortgagee reasonably requires. 
 ARTICLE 6 
 UTILITIES 

Tenant will pay, when due, all separately metered or billed charges of every nature, kind or description for utilities consumed by Tenant at the
Premises, including all charges for water, sewerage, heat, gas, light, garbage, electricity, telephone, steam, power or other public or private utility services. In the event that any utilities are not separately metered or billed, Tenant agrees to
pay Tenant’s Proportionate Share of all utilities for the Building as part of Common Area Maintenance Charges. 
 ARTICLE 7

 MAINTENANCE AND ALTERATIONS 
 7.1 Landlord agrees to maintain and keep the following in good repair as a prudent owner: (i) at Landlord’s sole cost and expense, the structure of the building, including, without limitation exterior walls, slab and roof of the
building and base building, mechanical electrical systems and HVAC systems (to the extent Tenant maintains an HVAC maintenance agreement as provided below); and (ii) the entrances, sidewalks, corridors, parking areas and other Common Areas
solely servicing the Building. The costs of any and all repairs and maintenance of such items set forth in (ii) above shall be Common Area Maintenance Charges. Notwithstanding the foregoing provisions of this Section 7.1 or Article
5, if any part of the Building is destroyed, damaged, suffers a casualty, or requires repair as the result of any act or omission of Tenant, its agents, invitees, licensees, contractors, or employees, Landlord shall be entitled to repair or replace
same and the reasonable cost of any such repairs or replacements shall be paid to Landlord by Tenant upon demand by Landlord. If, in any emergency, it shall become necessary to make promptly any repairs or replacements required to be made by Tenant,
Landlord may upon prior notice to Tenant re-enter the Premises and proceed forthwith to have the repairs or replacements made and pay the costs thereof. In connection with the foregoing, Landlord shall use reasonable efforts to minimize interference
with Tenant’s use and operation of the Premises. Upon demand, Tenant shall reimburse Landlord for the reasonable cost of making the repairs. Tenant shall otherwise, at its sole cost, repair and maintain the Premises, all to a standard
consistent with a first class commercial/industrial building, with the exception only of those repairs which are the obligation of Landlord pursuant to this Lease. Without limiting the generality of the foregoing, Tenant is specifically required to
maintain and make repairs to (i) windows, plate glass, doors, and any fixtures or appurtenances composed of glass; (ii) Tenant’s sign; and Tenant shall obtain at its expense a preventive maintenance HVAC service contract, which
service contract shall be entered into between Tenant and one of Landlord’s approved HVAC contractors, provided the cost and fees of such contractor do not exceed competitive rates for such services. Such service contract shall include, without
limitation, preventive HVAC maintenance no less than quarterly; and (iii) the Premises or the Building when repairs to the same are necessitated by any act or omission of Tenant, or the failure of 
  

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 Tenant to perform its obligations under this Lease. At the expiration or earlier termination of the Term, Tenant shall
surrender the Premises to Landlord in as good condition and repair as Tenant is required to maintain the Premises throughout the Term subject to ordinary wear and tear and any damage on account of any casualty. Tenant shall also furnish, maintain,
and replace all electric light bulbs, tubes, and tube casings located within or serving the Premises and Tenant’s signage, all at Tenant’s sole cost and expense. 
 7.2 Tenant will not make any alterations, additions, or improvements to the Premises without the prior written consent of Landlord and, if required by
the terms of any mortgage on the Premises, without the prior written consent of the Mortgagee; provided, however, that Tenant may make non-structural alterations not exceeding $25,000 in the aggregate in any Lease Year, without the prior written
consent of Landlord. Tenant shall obtain all required building permits and other necessary governmental approvals. Landlord reserves the right to withhold its consent in its reasonable discretion with respect to any alterations, additions or
improvements which are structural in nature. In any event, both the contractors used and the plans and specifications for the alterations, additions, or improvements shall be subject to Landlord’s prior approval, which approval shall not be
unreasonably withheld or delayed or conditioned upon payment or consideration (except such payment or consideration as is required to be paid or made to Landlord under this Lease. All alterations, additions, or improvements made by either of the
parties hereto on the Premises will be property of Landlord and will remain on and be surrendered with the Premises at the termination of this Lease, except that Landlord may require alterations or improvements made by either party be removed and
the Premises restored by Tenant at Tenant’s sole cost and expense to the condition thereof as the commencement of this Lease. 
 7.2.1
All fixtures and equipment paid for by Landlord and all fixtures and equipment which may be paid for and placed on the Premises by Tenant from time to time but which are so incorporated and affixed to the Premises that their removal would involve
material damage or structural change to the Premises or which fixtures have become essential to the operation of the Premises and its systems, will be and remain the property of Landlord. Landlord reserves the right at any time, however, to require
Tenant to remove such fixtures and equipment except any property or improvement installed in connection with Landlord’s Work, at Tenant’s sole cost and expense, and to restore the Premises as required by Articles 7 and 19 hereof.

 7.2.2 All furnishings, equipment, and fixtures other than those specified in this Article, which are paid for and placed on the Premises
by Tenant from time to time (other than those which are replacements for fixtures originally paid for by Landlord) will remain the property of Tenant, but their removal will be at Tenant’s expense and such removal will be in compliance with
Articles 7 and 17 hereof. 
 ARTICLE 8 
 COMPLIANCE WITH LAWS AND 
 ORDINANCES 
 8.1 Except with respect to matters arising prior to the Commencement Date, and except as to matters which are expressly stated to be Landlord’s
responsibility hereunder, Tenant shall, at its sole cost and expense throughout the Term, comply or remove or cure any violation of, any and all present and future laws, ordinances, orders, rules, regulations and requirements of all federal, state,
municipal and other governmental bodies having jurisdiction over the Premises, including, without limitation, the Americans with Disabilities Act as such laws, ordinances, etc. exist as of the Effective Date and as the same may hereinafter be
amended or supplemented, but only to the extent such violation or non-compliance is related to Tenant’s specific use of the Premises. Landlord covenants that at the Commencement Date, the Premises shall comply with all laws, ordinances, orders,
rules, regulations and requirements (as then applied or interpreted) of all federal, state, municipal and other governmental bodies, including, without limitation, the South Florida Building Code, the Americans with Disabilities Act, and all
Environmental Laws. 
  

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 8.2 After prior written notice to Landlord, Tenant, at its sole cost and expense, shall have the right to
contest the validity or application of any law or ordinance referred to in this Article 8 in the name of Tenant, or if required by law, in Landlord’s name (but at Tenant’s sole cost), or both, by appropriate legal proceedings
diligently conducted, but only if, by the terms of any such law or ordinance, compliance therewith pending the prosecution of any such proceeding may legally be delayed incurring of any lien, surcharge or liability of any kind against the Premises,
or any portion thereof, and without subjecting Landlord or Tenant to any liability, civil or criminal, for failure to so comply therewith until the final determination of such proceeding; provided, however, if any lien, charge or civil liability
would be incurred by reason of any such delay, Tenant nevertheless, may contest as aforesaid and delay as aforesaid, provided that such delay would not subject Tenant or Landlord to criminal liability and Tenant (a) prosecutes the contest with
due diligence and in good faith; (b) agrees to indemnify, defend and hold harmless Landlord and the Premises from any charge, liability or expense whatsoever and (c) provides Landlord or such governmental body as may require the same, with
adequate security in the form of a bond or otherwise to adequately protect Landlord and Landlord’s interest in the Premises. If necessary or proper to permit Tenant to so contest the validity or application of any such law or ordinance,
Landlord shall execute and deliver any appropriate papers or other documents; provided, however, Landlord shall not be required to execute any document or consent to any proceeding which would result in the imposition of any cost, charge, expense or
penalty on Landlord or the Premises (with adequate security therefore), unless Tenant otherwise insures or indemnifies Landlord or the Premises (with adequate security therefor) against such cost, charge, expense or penalty. 
 ARTICLE 9 
 MECHANIC’S LIENS

 The parties hereto expressly acknowledge and agree that the interest of Landlord in the Premises shall not be subject to liens for
improvements made by Tenant, and Tenant shall so notify all contractors making any such improvements of such provision in this Lease. A notice of this provision shall be recorded by Landlord in the Dade County, Florida Clerk’s office. Tenant
shall not suffer or permit any mechanic’s lien or other lien to be filed against the Premises, or any portion thereof, by reason of work, labor, skill, services, equipment or materials supplied or claimed to have been supplied to the Premises
at the request of Tenant, or of anyone holding the Premises, or any portion thereof, by, through or under Tenant. If any such mechanic’s lien or other lien at the time shall be filed against the Premises or any portion thereof, Tenant, within
thirty (30) days after the date Tenant first becomes aware of the filing of the same, shall cause said lien, at Tenant’s election, either to be discharged of record or to be bonded over in a manner which is reasonably acceptable to
Landlord. If Tenant shall fail to discharge such mechanic’s lien or liens or other lien or to bond over the same within such period, then Landlord may, but shall not be obligated to, discharge the same by paying to the claimant the amount
claimed to be due or by procuring the discharge of such lien as to the Premises by deposit of a cash sum or a bond or other security, or in such other manner as is now or may in the future be provided by present or future law for the discharge of
such lien as a lien against the Premises. Any amount paid by Landlord, or the value of any deposit so made by Landlord, together with all costs, fees and expenses in connection therewith (including reasonable attorneys’ fees), together with
interest thereon at the Maximum Interest Rate, shall be repaid by Tenant to Landlord within thirty (30) days after demand therefor. Tenant shall indemnify, defend and hold harmless Landlord and the Premises from all losses, costs, damages,
expenses, liabilities, suits, penalties, claims, demands and obligations, including, without limitation, reasonable attorneys’ fees, resulting from the assertion, filing, foreclosure or other legal proceedings with respect to any such
mechanic’s lien or other lien. 
  

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 ARTICLE 10 
 DEFAULTS OF TENANT 
 10.1 The occurrence of any one or more of the following events shall constitute
an “Event of Default”: 
 10.1.1 If default shall be made in the due and punctual payment of any Rent or in the payment of any other
amount to be paid by Tenant to Landlord, when and as the same shall become due and payable, and such default shall continue for a period of (i) in the case of Base Rent, ten (10) days after the date on which such Base Rent is due and
payable, or (ii) in the case of any other Rent or charge, ten (10) days after the date on which Tenant receives written notice from Landlord of Tenant’s failure to pay same when due and payable. 
 10.1.2 If default shall be made by Tenant in keeping, observing or performing any of the terms contained in this Lease, other than as referred to in
Section 10.1.1, and such default shall continue for a period of thirty (30) days after written notice thereof given by Landlord to Tenant, or such longer period, as is reasonable to cure said default, with due diligence and in good faith.

 10.1.3 The filing of a petition by Tenant for adjudication as a bankrupt or insolvent, or for its reorganization or for the appointment of
a receiver or trustee of Tenant’s property; the filing of a petition against Tenant for adjudication as a bankrupt or insolvent, or for its reorganization or for the appointment of a receiver or trustee of Tenant’s property and the failure
to discharge or dismiss such proceedings within one hundred twenty (120) days from its filing; an assignment by Tenant for the benefit of creditors; or the taking possession of the Premises or any other property of Tenant by any governmental
office or agency pursuant to statutory authority for the dissolution or liquidation of Tenant. 
 10.2 If an Event of Default occurs,
Landlord shall have the rights and remedies hereinafter set forth, which shall be distinct, separate and cumulative. 
 10.2.1 Landlord may
terminate this Lease by giving Tenant written notice of its election to do so, in which event the Term shall end and all right, title and interest of Tenant hereunder shall expire on the date stated in such notice, in which event, Tenant will remain
liable for all Rent and other charges due hereunder through the date of such termination and all damages resulting from Tenant’s default. 
 10.2.2 Landlord may terminate Tenant’s right to possess the Premises without terminating this Lease by giving written notice to Tenant that Tenant’s right of possession shall end on the date stated in such notice, whereupon
Tenant’s right to possess the Premises or any part thereof shall cease on the date stated in such notice and Landlord may enter the Premises to take possession thereof and to remove Tenant’s property therefrom and to dispose of the same as
Landlord sees fit. Such entry and repossession may be effectuated by summary dispossession proceedings or otherwise as permitted by law. 
 10.2.3 Landlord may enforce the provisions of this Lease and may enforce and protect the rights of Landlord hereunder by a suit or suits in equity or at law for the specific performance of any covenant or agreement contained herein, and for
the enforcement of any other appropriate legal or equitable remedy, including, without limitation, injunctive relief, and for recovery of all monies due or to become due from Tenant under any provision of this Lease. 
 10.2.4 Landlord may remedy or attempt to remedy any default of Tenant under this Lease for the account of Tenant and may enter upon the Premises for such
purposes. No notice of Landlord’s intention to perform such covenants need be given Tenant unless expressly required by this Lease. Landlord shall not be liable to the Tenant for any loss or damage caused by acts of Landlord in remedying or
attempting to remedy such default and Tenant shall pay to Landlord all reasonable expenses incurred by Landlord in connection with remedying or attempting to remedy such default. Any 
  

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 expenses incurred by Landlord shall constitute Additional Rent and shall hereunder accrue interest from the date of
payment by Landlord until repaired by Tenant at the Maximum Interest Rate. 
 10.3 If Landlord exercises either of the remedies provided for
in Sections 10.2.1 and 10.2.2, Tenant shall surrender possession of and vacate the Premises and immediately deliver possession thereof to Landlord, in broom-clean condition, and Landlord may re-enter and take complete and peaceful possession of the
Premises. 
 10.4 If Landlord terminates Tenant’s right to possess the Premises without terminating this Lease, such termination of
possession shall not release Tenant, in whole or in part, from Tenant’s obligation to pay the Rent hereunder for the full Term. In such event, Landlord shall be entitled to recover as damages all Rent and other sums due and payable to Landlord
on the date of termination plus (1) an amount equal to the Rent and other sums provided herein to be paid by Tenant for the residue for the Term hereof and (2) the cost of performing any other covenants to be performed by Tenant.
Alternatively, Landlord shall have the right, from time to time, to recover from Tenant, and Tenant shall remain liable for, all Rent and any other sums due and payable to Landlord during the period from the date of such notice of termination of
possession to the stated end of the Term. In any such case, Landlord shall be required to use good faith, commercially reasonable efforts to re-let the Premises or any part thereof for the account of Tenant for such time (which may be for a term
extending beyond the Term) and upon such terms as Landlord, shall reasonably determine and Landlord will not be responsible for failure to relet the Premises or, in the event of reletting, for failure to collect the rent therefor. Landlord may let
or relet other premises prior to reletting the Premises hereunder. Also, in any such case, Landlord may make repairs, alterations and additions in or to the Premises to the extent reasonably necessary, and Tenant within thirty (30) days after
written demand, shall pay the reasonable cost thereof, together with Landlord’s reasonable expenses of re-letting, such additional expenses to be construed under this Lease as Additional Rent. If Landlord elects to accelerate Rent as provided
in this subsection, Tenant shall be entitled to a credit against the accelerated Rent in the amount of the then present value (calculated using a discount rate equal to the yield then obtainable from the United States Treasury Note with a maturity
date closest to the date of expiration of the Lease Term as published in the Wall Street Journal) of the fair market rental value of the Premises for the period from the date of the default through the expiration of the Lease Term (excluding
any then unexercised renewal options), which fair market rental value shall take into account (i) the reasonably anticipatable time period necessary to relet the Premises, (ii) the reasonably anticipatable reletting expenses, including
real estate brokerage commissions, legal fees, renovation/reconfiguration costs, and tenant improvement costs, and (iii) all other relevant considerations. Landlord shall collect the rents from any such re-letting and apply the same first to
the payment of its unreimbursed expenses of re-entry, repair and alteration and its unreimbursed expenses of re-letting and second to the payment of Rent herein provided to be paid by Tenant, and any excess or residue, until the expiration of the
Term, shall operate only as an offsetting credit against the amount of Rent due and owing which thereafter becomes due and payable hereunder. No such reentry, repossession, repairs, alterations, additions or reletting shall be construed as an
eviction or ouster of Tenant or as an election on Landlord’s part to terminate this Lease, unless a written notice of such intention is given to Tenant, nor shall same operate to release Tenant, in whole or in part, from any of Tenant’s
obligations hereunder, and Landlord, at any time and from time to time, may sue and seek a judgment for any deficiencies from time to time remaining after the application of the proceeds of any such re-letting. 
 10.5 All property removed from the Premises by Landlord pursuant to any provisions of this Lease or by law shall be handled, removed or stored by
Landlord at the cost and expense of Tenant. Tenant shall pay Landlord for all expenses reasonably incurred by Landlord in such removal and for storage charges for such property so long 
  

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 as the same shall be in Landlord’s possession or under Landlord’s control. All such property not removed from
the Premises or retaken from storage by Tenant within thirty (30) days after written notice from Landlord, at Landlord’s option, shall be deemed conclusively to have been conveyed by Tenant to Landlord as by bill of sale, without further
payment or credit by Landlord to Tenant. 
 10.6 If Landlord terminates Tenant’s right to possess the Premises without terminating this
Lease, Tenant shall continue to have such right, if any, as Tenant may have to assign this Lease or sublet the Premises (but only in whole), pursuant to the terms of this Lease, as if Tenant were not in default under this Lease. Tenant’s right
to so assign or sublet shall terminate in the event Landlord notifies Tenant that Landlord has sublet the Premises, unless such assignment or sublet terminates prior to the termination of the Term or any validly exercised extension of the Term, in
which event Tenant’s right to assign or sublet shall recommence upon termination of Landlord’s assignment or sublet during the Term or any validly exercised extension of the Term. 
 ARTICLE 11 
 DESTRUCTION AND RESTORATION 
 11.1 Subject to the provisions of Paragraph 11.3: 
 11.1.1 If at any time during the Term hereof the Premises or the Building is destroyed or damaged and such damage is “substantial” (as herein defined), and such damage was caused by a casualty insured against under the provisions
of this Lease, this Lease shall continue in full force and effect and, provided and only to the extent that Landlord actually receives insurance proceeds therefor (“Insurance Proceeds”), Landlord shall commence the repair of such damage
within ninety (90) days following the later of (a) Landlord’s receipt of notice from Tenant of the occurrence of such loss or (b) Landlord’s receipt of insurance proceeds. 
 11.1.2 If at any time during the Term hereof the Premises is damaged and such damage is not “substantial” (as hereinafter defined), Landlord
shall commence the repair of such damage (unless caused by Tenant or its invitees, employees, contractors, agents or other persons under Tenant’s control) and if such non-substantial damage is caused by a casualty insured against under the
provisions of this Lease, Landlord shall commence such repair as soon as is reasonably possible after (and only to the extent of) Landlord’s receipt of insurance proceeds, and this Lease shall continue in full force and effect. 
 11.1.3 Subject to the provisions of Sections 11.2 and 11.3, if at any time during the Term hereof the Premises or the Building is destroyed or damaged
and if such damage is “substantial” (as hereinafter defined), and if such damage was caused by a casualty not required to be insured against under the provisions of this Lease, then Landlord at its option shall either (i) commence the
repair of such damage at Landlord’s expense, in which event this Lease shall continue in full force and effect, or (ii) cancel and terminate this Lease as of the date of the occurrence of such damage, by giving Tenant written notice of its
election to do so within sixty (60) days after the date of occurrence of such damage. 
 11.2 If the Premises or the Building is
destroyed or damaged during the last two (2) years of the Term of this Lease and the estimated cost of repair exceeds twenty-five percent (25%) of the replacement cost of the Premises prior to such destruction or damage, either party may,
at its option, cancel and terminate this Lease as of the date of occurrence of such damage by giving written notice to the other of its election to do so (“Cancellation Notice”) within thirty (30) days after the date of occurrence of
such damage. If neither party shall elect to terminate this Lease, the repair of such damage shall be governed by Section 13.1 or Section 13.2, as the case may be. 
 11.3 With respect to destruction, damage, restoration and repair: 
 11.3.1 If the Premises is destroyed or damaged and Landlord repairs or restores it pursuant to the provisions of this Article, Tenant shall continue the 
  

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 operation of its business in the Premises to the extent reasonably practicable from the standpoint of prudent business
management, and the Rent payable hereunder for the period during which such damage, repair, or restoration continues shall be abated in proportion to the degree of which Tenant’s use of the Premises is impaired. Tenant shall have no claim
against Landlord for any damage suffered by Tenant by reason of such damage, destruction, repair, or restoration. 
 11.3.2 If Landlord shall
be obligated to repair or restore the Premises under the provisions of this Article and if Landlord shall not commence such repair or restoration within ninety (90) days after such obligation shall accrue, and thereafter diligently pursue same
in a reasonable manner to completion, and complete same within 180 days after the work was commenced or should have been commenced, whichever is earlier, Tenant may at its option cancel and terminate this Lease, as its sole and exclusive remedy
against Landlord, as of the date of occurrence of such damage by giving Landlord written notice of its election to do so at any time prior to the commencement of such repair or restoration or after commencement, at such time as Landlord has
commenced such repair or restoration but Landlord has failed to diligently pursue same and complete same as described above. Tenant shall also have the right to terminate this Lease after the occurrence of any “substantial” damage or
destruction if a licensed and reputable Florida architect or general contractor provides a written opinion that the damage or destruction cannot be reasonably expected to be repaired within 210 days after the occurrence of such damage or
destruction. 
 11.4 In the event of any reconstruction of the Premises under this Article, said reconstruction shall be in substantial
conformity with the condition of the Premises which Landlord was required to deliver at the Commencement Date and Landlord’s obligation to reconstruct the Premises shall be only to the extent of such condition. Tenant, at its sole cost and
expense, shall be responsible for the repair and restoration of all items constructed on or brought upon the Premises by Tenant and the replacement of its stock in trade, trade fixtures, furniture, furnishings, and equipment and merchandise hereof
promptly upon delivery to it of possession of the Premises and shall diligently prosecute such installation to completion. 
 11.5 Upon any
termination of this Lease under any of the provisions of this Article, the parties shall be released thereby without further obligations to the other party coincident with the surrender of possession of the Premises to Landlord except for items
which have theretofore accrued and be then unpaid. 
 11.6 For the purpose of this Article, 
 11.6.1 “substantial” damage to the Premises shall be deemed to be damage, the estimated cost of repair of which exceeds (10%) percent of
the replacement cost of the Building or the Premises, as the case may be; and 
 11.6.2 the determination in good faith by Landlord, provided
same is based upon a construction bid from a reputable licensed general contractor, of the estimated cost of repair of any damage and/or of the estimated replacement cost of any Improvements shall be conclusive for the purpose of this Article.

 ARTICLE 12 
 CONDEMNATION 
 12.1 If, during the Term, the entire Premises or the Building, or such portion thereof as Landlord, in its
reasonable discretion, determines would render the Premises or the Building unusable, shall be taken as the result of the exercise of the power of eminent domain or conveyed under threat thereof (hereinafter referred to as the
“Proceedings”), this Lease and all right, title and interest of Tenant hereunder shall terminate on the earlier of taking of possession by the condemning authority or the date of vesting of title pursuant to such Proceedings. The entire
condemnation award for the Premises shall be payable to Landlord without any deduction for the value of Tenant’s leasehold estate; provided, however, that Tenant shall be entitled to 
  

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 such award as may be allowed for such trade fixtures and other personal property of Tenant as Tenant has a right to
remove at the expiration of this Lease as provided hereunder, as well as any relocation expenses and business damages to which Tenant is entitled under applicable law. 
 12.2 If during the Term, less than the entire Premises or the Building shall be taken, but such taking, in Landlord’s reasonable judgment, shall not render the Premises or the Building unusable, this Lease, upon
the earlier of taking of possession by the condemning authority or vesting of title in the Proceedings, shall terminate as to the parts so taken. Landlord and Tenant shall each be entitled to awards for damages as set forth in Section 12.1. If
this Lease is not terminated following such a condemnation or taking, Landlord, as soon as reasonably practicable after such condemnation or taking and the termination and payment of Landlord’s award on account thereof, shall expend as much as
may be necessary of the net amount which is awarded to Landlord and released by Mortgagee, if any, in restoring, to the extent originally constructed by Landlord (consistent, however, with zoning laws and building codes then in existence), so much
of the Premises as was originally constructed by Landlord to an architectural unit as nearly like its condition prior to such taking as shall be practicable. Should the net amount so awarded to Landlord be insufficient, in the reasonable estimate of
Landlord, to cover the cost of restoring the Premises and the Building, Landlord may, but shall have no obligation to, supply the amount of such insufficiency and restore the Premises to such an architectural unit, with all reasonable diligence, or
either party may terminate this Lease by giving notice to the other within a reasonable time after Landlord has determined the estimated net amount which may be awarded to Landlord and the estimated cost of such restoration. If the net amount so
awarded is insufficient to restore the Premises and the Building and should Landlord elect not to pay the insufficiency, Landlord shall, prior to electing to terminate this Lease, notify Tenant, in writing, of the amount of such deficiency and
Tenant shall have fifteen (15) days after receiving Landlord’s notice within which to advise Landlord, in writing, whether or not Tenant elects to pay such insufficiency and, if so, to simultaneously deliver to Landlord a check in payment
of the amount of the insufficiency. If Tenant does not timely elect and pay to Landlord the amount of such insufficiency, this Lease shall terminate immediately. 
 12.3 In the event of any termination of this Lease, or any part thereof, as a result of any such Proceedings, Tenant shall pay to Landlord all Rent and all other charges payable hereunder with respect to that portion
of the Premises so taken, apportioned to the date of such termination. 
 12.4 If Landlord does not elect to terminate this Lease in the
event of a partial taking of the Premises or the Building, the Rent payable hereunder during the period from and after the earlier of the taking of possession by the condemning authority and the date of vesting of title in such Proceedings through
to the expiration or termination of this Lease (as the Term may be extended) shall abate and be diminished in proportion to the reduction in rentable area of the Premises by reason of the condemnation or taking. 
 ARTICLE 13 
 ASSIGNMENT AND
SUBLETTING 
 13.1 Tenant, shall not, any time during the Term, without Landlord’s advance written consent, which consent will not
be unreasonably withheld, delayed or conditioned upon payment or consideration (except such payment or consideration as is required to be paid or made hereunder): (a) assign or transfer this Lease or any interest under it; or (b) sublet
the Premises or any part thereof. If Landlord does consent to such assignment or subletting the same shall not relieve Tenant from liability for performance of any covenant or obligation hereunder. The word “assignment” as used herein
shall include a mortgage or other encumbrance of this Lease or of the Premises or any part thereof. Notwithstanding the foregoing, Landlord’s consent shall not be required in the event Tenant desires to assign this Lease or sublet all or any
portion of the Premises to any subsidiary of Tenant, or any direct or 
  

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 indirect subsidiary of Tenant’s parent corporation or any other entity controlled by, controlling or under common
control with, Tenant (an “Affiliate”) or should Tenant or its parent corporation merge with another entity or sell all or a substantial portion of Tenant’s assets (including Tenant’s interest in the Lease) to a third party (the
“Successor”), provided the Successor’s net worth (determined in accordance with generally accepted accounting principles) is at least equal to or better than that of Tenant at the time of such assignment or sublet. Landlord shall have
fifteen (15) days from date of Landlord’s receipt of Tenant’s written request for consent to assign or sublet and receipt by Landlord of all information reasonably requested by Landlord, within which to respond, in writing, to such
Tenant’s request. In determining whether or not to grant or withhold its consent, Landlord may consider, without limitation, the following factors: (a) the assignee’s or sublessee’s use of the Premises; (b) the
assignee’s or sublessee’s financial status and creditworthiness (as compared to the Tenant at the Commencement Date); (c) the compatibility of the assignee and/or sublessee and its use with or upon other owners, tenants and buildings,
or proposed owners, tenants or buildings; (d) the use of hazardous or toxic materials; (e) any increased costs or risks which may be suffered by Landlord or any of the other tenants in the Building; (f) parking requirements;
(g) the effect of such assignee or sublessee upon Landlord’s sales and leasing operations within the Development; and (h) any need to alter the Premises. Notwithstanding Tenant’s continuing liability hereunder, the financial
ability of any proposed assignee or sublessee and of the required sureties shall be deemed to be material in Landlord’s consideration of any proposed assignment or sublet hereunder. Any attempted assignment, transfer, or subletting without such
consent shall, at the option of Landlord, constitute grounds for termination of this Lease or an Event of Default under Article 10 of this Lease. Landlord shall have the right to require Tenant to furnish Landlord with any information
reasonably requested by Landlord relating to proposed assignee’s or sublessee’s financial condition, the proposed assignee’s or sublessee’s business history and background, including that of the principals, and the financial
condition of any required sureties. If it shall be determined by a court having proper jurisdiction that Landlord’s consent has been unreasonably withheld, Landlord shall in no event be liable for any consequential damages by reason thereof.
Notwithstanding any provision in this Lease to the contrary, if an Event of Default has occurred which is continuing, Landlord may withhold its consent to any assignment or subletting in its sole and absolute discretion. 
 13.2 If Tenant shall assign this Lease, the assignee expressly shall assume in writing all of the obligations of Tenant hereunder accruing after the date
of the assignment and the assigning Tenant shall not be relieved of any obligations under this Lease, except only if Landlord so agrees, in Landlord’s sole discretion. 
 13.3 Tenant shall be required to furnish to Landlord, within no more than ten (10) days from the date of such occurrence, copies of all documents
evidencing any such assignment and assumption or sublease. Each subletting or assignment to which Landlord has consented shall be by an instrument in writing in form reasonably satisfactory to Landlord, and shall be executed by the sublessor or
assignor and by the sublessee or assignee in each instance, as the case may be, and each sublessee or assignee shall agree in writing for the benefit of Landlord herein to assume, to be bound by, and to perform the terms, covenants, and conditions
of this Lease to be done, kept, and performed by Tenant. 
 13.4 [Intentionally omitted.] 
 13.5 Tenant shall be responsible to pay to Landlord reasonable attorneys’ and reasonable accountants’ fees and costs incurred by Landlord
relating to assignment of this Lease or subletting of the Premises, (not to exceed $1,000 in the aggregate) said payment being due from Tenant to Landlord simultaneously with the granting of Landlord’s consent. 
 13.6 If Tenant shall either assign this Lease or sublease (singularly or in the aggregate) a portion or all of the Premises 
  

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 and the rent or any other compensation paid or called for to be paid in such sublease, exceeds the Rent or pro rata
portion of the Rent, as the case may be, for the Premises or portion thereof, Tenant shall pay Landlord fifty percent (50%) of such excess (after deduction of Tenant’s reasonable direct out of pocket expenses associated with such
assignment or subleasing, including, without limitation, reasonable attorneys’ fees and free rent periods, subtenant improvements (amortized over the term of the sub-tenant’s or assignee’s lease), and costs and brokerage fees incurred
in connection with such assignment) when received by Tenant. 
 13.7 In the event an order for relief is entered in favor of Lessee under the
provisions of the Bankruptcy Reform Act of 1978, as amended, 11 U.S.C. ‘101 et seq. (hereinafter referred to as the “Bankruptcy Code”), this Lease may not be assigned by Tenant or any Trustee of Tenant unless this Lease is
first assumed in accordance with the provisions of Section 365 of the Bankruptcy Code. At the time of such assumption, Tenant or Tenant’s Trustee shall cure all defaults under this Lease, which, with respect to the curing of rent
arrearages, shall require full payment thereof, in cash or cash equivalent, on or before the assumption, and Tenant or Tenant’s Trustee shall provide adequate assurance of future performance by the assignee under this Lease, including, without
limitation, the deposit with Lessor of a security deposit in an amount equivalent to the monthly rental due for the next succeeding three (3) months after the assumption. In the event this Lease is assigned to any person or entity pursuant to
the provisions of the Bankruptcy Code, any and all monies or other consideration payable or otherwise to be delivered in connection with such assignment shall be and remain the exclusive property of Lessor and shall not constitute property of Tenant
or of the estate of Tenant within the meaning of the Bankruptcy Code. Any and all monies or other consideration constituting Tenant’s property under the preceding sentence not paid or delivered to Lessor shall be held in trust for the benefit
of Landlord and be promptly paid or delivered to Landlord. Any person or entity to which this Lease is assigned pursuant to the provisions of the Bankruptcy Code shall be deemed without further act or deed to have assumed all of the obligations
arising under this Lease and any amendments and/or rules and regulations relating thereto, on and after the date of such assignment. 
 ARTICLE 14 
 SUBORDINATION, NON-DISTURBANCE, NOTICE TO MORTGAGEE AND ATTORNMENT 
 14.1 This Lease is and shall be subject and subordinate to the lien of any mortgage, deed of trust, security instrument or other document of like nature,
hereinafter referred to as “Mortgage”, which is or at any time may be placed upon the Premises, or any portion thereof or any interest therein, and to all present and future ground or underlying leases of the Land, and to any replacements,
renewals, amendments, modifications, extensions or refinancing of any of the foregoing, and to each and every advance made under any Mortgage (unless the Mortgagee requires in writing that this Lease be superior thereto); provided that the Mortgagee
agrees in writing that so long as no Event of Default is continuing, neither Tenant’s right to quiet enjoyment under this Lease, nor the right of Tenant to continue to occupy the Premises and all portions thereof, and to conduct its business
thereon in accordance with the covenants, conditions, provisions, terms and agreements of this Lease, shall be interfered with or disturbed by Landlord or anyone claiming by, through or under Landlord, including Mortgagee. Landlord shall obtain a
Subordination, Non-Disturbance and Attornment Agreement reasonably acceptable to Tenant for any Mortgagee, existing on the date of this Lease, prior to the Commencement Date. Tenant agrees at any time hereafter, and from time to time within thirty
(30) days after demand of Landlord, to execute and deliver to Landlord any instruments, releases or other documents that reasonably may be required to effect or confirm the subordination or superiority of this Lease to the lien of any such
Mortgage or to any such ground or underlying lease. The lien of any Mortgage shall not cover Tenant’s trade fixtures, inventory or other personal property located in or on the Premises. 
  

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 14.2 If any Mortgagee shall succeed to the rights of Landlord under this Lease or to ownership of the
Premises, whether through foreclosure or the delivery of a deed in lieu thereof, then upon the written request of such Mortgagee, and provided that such Mortgagee agrees in writing to assume and be bound by all of Landlord’s obligations
hereunder, Tenant shall attorn to and recognize such Mortgagee as Tenant’s landlord under this Lease, and shall execute and deliver any instrument that such Mortgagee may reasonably request to evidence such attornment. Subject to the terms of
Section 19.7 hereof, in the event of any other transfer of Landlord’s interest hereunder, upon the written request of the transferee and Landlord, and provided such transferee agrees in writing to assume and be bound by all of
Landlord’s obligations hereunder, Tenant shall attorn to and recognize such transferee as Tenant’s landlord under this Lease and shall execute and deliver any instrument that such transferee and Landlord reasonably may request to evidence
such attornment. 
 14.3 In the event of any act or omission by Landlord which would give Tenant the right to terminate this Lease or to
claim a partial or total eviction, Tenant shall not exercise any such right until (i) it has notified Mortgagee in writing if the name and address of Mortgagee shall previously have been furnished by written notice to Lessee, of such act or
omission, and (ii) a reasonable (not to exceed 60 days) period for remedying such act or omission shall have elapsed following the giving of such notice, provided such holder, with reasonable diligence, shall have commenced and continued to
remedy such act or omission or to cause the same to be remedied. During the period between the giving of such notice and the remedying of such act or omission, the Base Rent, and any Additional Rent due hereunder shall be abated and apportioned to
the extent that any part of the Premises shall be untenantable. 
 14.4 Within ten (10) days after written request by Landlord, Tenant
shall deliver in a form supplied by Landlord, an estoppel certificate to Landlord as to the status of this Lease, including whether this Lease is unmodified and in full force and effect (or, if there have been modifications, that this Lease is in
full force and effect as modified and identifying the modification agreements); the amount of Base Rent and Additional Rent then being paid and the dates to which same have been paid; whether or not there is any existing or alleged default by either
party with respect to which a notice of default has been served, or any facts exist which, with the passing of time or giving of notice, would constitute a default, and if there is any such default or facts, specifying the nature and extent thereof;
and any other matters pertaining to this Lease as to which Landlord shall request such certificate. Landlord, and any prospective purchaser, lender, or ground lessor shall have the right to rely on such certificate. Within ten (10) days after
written request from Tenant, Landlord shall deliver to Tenant an estoppel certificate containing the information specified above. 
 ARTICLE 15 
 SIGNS 
 15.1 Tenant may not erect any signs on the exterior or interior of the Improvements or on the landscaped area adjacent thereto or on the interior of the Premises, which signs are visible from the exterior of the
Premises, unless such signs (i) do not cause any irreparable structural damage or other damage to the Improvements; (ii) do not violate applicable governmental laws, ordinances, rules or regulations; (iii) do not violate any
covenants, conditions or restrictions affecting the Premises and (iv) are in complete compliance with Landlord’s sign criteria, attached hereto as Exhibit D. Any signs on the exterior of the Premises or on the interior of the Premises,
which signs are visible from the exterior of the Premises, shall require Landlord’s prior written consent, which consent will not be unreasonably withheld, delayed or conditioned upon payment or consideration (except such payment or
consideration as is required to be paid or made under this Lease). Specifications for the initial signs to be affixed to the Premises shall be submitted by Tenant to Landlord, for Landlord’s approval, so as to be included within the Working
Plans (as defined in the Workletter), which sign specifications, when 
  

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 approved, shall then become a part of the Working Plans. The cost for such approved signs shall be borne by Tenant, but
maybe included in the Tenant Improvement Allowance. 
 ARTICLE 16 
 LANDLORD’S ACCESS 
 16.1 Tenant agrees to permit Landlord and its
authorized representatives, at Landlord’s sole cost and expense, to enter upon the Premises at all reasonable times during ordinary business hours, upon not less than twenty-four (24) hours’ prior notice (except in the event of an
emergency in which event no prior notice will be required), for the purpose of inspecting the same and making any necessary repairs or replacements which are the obligation of Landlord. Landlord may, during the progress of any work required
hereunder, keep and store upon the Premises all reasonably necessary materials, tools and equipment. 
 16.2 Landlord is hereby also given
the right at all reasonable times during ordinary business hours, upon not less than 24 hours’ prior notice, to enter upon the Premises and to exhibit the same for the purpose of mortgaging or selling or leasing the same the final six
(6) months of the Term, leasing the same. 
 16.3 In exercising its rights hereunder, Landlord shall use such efforts as are reasonable
under the circumstances to refrain from any acts which may interfere with use or occupancy of the Premises or access thereto by Tenant and Tenant’s employees, agents, invitees, guests and contractors. Without limiting the generality of the
foregoing, Landlord acknowledges that it is necessary for Tenant to control access to the Premises in order to avoid unauthorized persons from viewing Tenant’s trade secrets, proprietary products, technology and/or processes. Accordingly, while
within the Premises, Landlord and its representatives, at Tenant’s option, and to the extent reasonable under the circumstances, shall be accompanied by a representative of Tenant and shall comply with reasonable directions of such
representative relative to safety and to the protection of Tenant’s trade secrets and other proprietary information. 
 ARTICLE 17

 SURRENDER AND HOLDING-OVER 
 17.1 Upon termination of this Lease, whether by forfeiture, lapse of time or otherwise, or upon termination of Tenant’s right to possession of the Premises, Tenant will at once surrender and deliver up the Premises, together with all
improvements thereon, to Landlord, in good condition and repair, reasonable wear and tear and damage by casualty and condemnation excepted. Said improvements shall include all plumbing, lighting, electrical, heating, cooling and ventilating fixtures
and equipment, and all alterations. 
 17.2 Upon termination of this Lease, Tenant shall remove Tenant’s personal property, trade
fixtures and equipment (to the extent the same do not constitute an integral part of the Premises); provided, however, that Tenant shall repair any injury or damage to the Premises which may result from such removal and shall restore the Premises to
the same condition as existed prior to the installation thereof. If Tenant does not remove Tenant’s personal property, trade fixtures and equipment from the Premises prior to the expiration or earlier termination of the Term, Landlord, upon ten
(10) days’ written notice to Tenant, at its option, may remove the same (and repair any damage occasioned thereby) and dispose thereof or deliver the same to any other place of business of Tenant or warehouse the same, and Tenant shall pay
the reasonable cost of such removal, repair, delivery and warehousing to Landlord within thirty (30) days after demand therefor. 
 17.3
Tenant shall have no right to occupy the Premises or any portion thereof after the expiration of this Lease or after the termination of this Lease or of Tenant’s right to possession pursuant to Article 10 hereof. In the event Tenant or any
party claiming by, through or under Tenant holds over, Landlord may exercise any and all remedies available to it at law or in equity to recover possession of the Premises, and for damages. Notwithstanding anything contained herein to the contrary,
in the event 
  

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 Tenant or any party claiming by, through or under Tenant holds over after the expiration of the Term, Landlord may elect,
in lieu of, or in addition to, any other remedy provided by law or herein, that the same shall constitute a month-to-month tenancy upon the same terms as in this Lease at a rate of Rent equal to one hundred twenty five (125%) of the monthly
Rent for the month in which the Term expires. 
 ARTICLE 18 
 HAZARDOUS AND TOXIC MATERIALS 
 18.1 As used herein: 
 18.1.1 “Claim” shall mean and include any demand, cause of action, proceeding or suit (i) for damages, liabilities, costs, losses,
injuries to person or property, damages to natural resources, fines, penalties, interest, or contribution; (ii) for the costs of site investigations, feasibility studies, information requests, health or risk assessments or Response (as such
term is herein defined) actions; or (iii) for enforcing this Article 18. 
 18.1.2 “Environmental Law” shall mean and
include all federal, state and local statutes, ordinances, regulations and rules relating to environmental quality, health, safety, contamination and clean-up, including, without limitation, the Clean Air Act, 42 U.S.C. Section 7401 et
seq.; the Clean Water Act, 33 U.S.C. Section 1251 et seq., and the Water Quality Act of 1987; the Federal Insecticide, Fungicide, and Rodenticide Act (“FIFRA”), 7 U.S.W. Section 136 et seq.; the
Marine Protection, Research, and Sanctuaries Act, 33 U.S.C. Section 1401 et seq.; the National Environmental Policy Act, 42 U.S.C. Section 4321 et seq.; the Noise Control Act, 42 U.S.C. Section 4901
et seq.; the Occupational Safety and Health Act, 29 U.S.C. Section 651 et seq.; the Resource Conservation and Recovery Act (“RCRA”), 42 U.S.C. Section 6901 et seq., as amended by the
Hazardous and Solid Waste Amendments of 1984; the Safe Drinking Water Act, 42 U.S.C. Section 300f et seq.; the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”), 42 U.S.C. Section 9601
et seq., as amended by the Superfund Amendments and Reauthorization Act; the Emergency Planning and Community Right-to-Know Act; the Radon Gas and Indoor Air Quality Research Act; the Toxic Substances Control Act (“TSCA”), 15
U.S.C. Section 2601 et seq.; the Atomic Energy Act, 42 U.S.C. Section 2011 et seq., and the Nuclear Waste Policy Act of 1982, 42 U.S.C. Section 10101 et seq.; and any state lien and superlien
and environmental clean-up statutes, with implementing regulations and guidelines. Environmental Laws shall also include all state, regional, county, municipal and other local laws, regulations and ordinances insofar as they are equivalent or
similar to the federal laws recited above or purport to regulate Hazardous Materials. 
 18.1.3 “Hazardous Materials” shall
mean and include the following, including mixtures thereof: any hazardous substance, pollutant, contaminant, waste, by-product or constituent regulated under CERCLA or RCRA; oil and petroleum products and natural gas, natural gas liquids, liquefied
natural gas and synthetic gas usable for fuel; pesticides regulated under FIFRA; asbestos and asbestos-containing materials, PCBs and other substances regulated under TSCA; source material, special nuclear material, byproduct material and any other
radioactive wastes, however produced, regulated under the Atomic Energy Act or the Nuclear Waste Policy Act; and chemicals subject to the OSHA Hazard Communication Standard, 29 C.F.R. 1910.1200 et seq., and any other hazardous or toxic
substance, material or water which is or becomes regulated by any local, state or federal government or special district. 
 18.1.4
“Manage” or “Management” means to generate, manufacture, process, treat, store, use, re-use, refine, recycle, reclaim, blend or burn for energy recovery, incinerate, accumulate speculatively, transport, transfer,
dispose of or abandon Hazardous Materials into the environment, as “environment” is defined in CERCLA. 
 18.1.5
“Release” or “Released” shall mean any actual or threatened spilling, leaking, pumping, 
  

 21 

 emitting, emptying, discharging, injecting, escaping, leaching, dumping, or disposing of Hazardous Materials into the
environment, as “environment” is defined in CERCLA. 
 18.1.6 “Response” or “Respond” shall mean
action taken in compliance with Environmental Laws to correct, remove, remediate, clean up, prevent, mitigate, monitor, evaluate, investigate, assess or abate the Release of a Hazardous Material. 
 18.2 During the Term, Tenant, at its sole cost and expense, shall (a) comply with all the Environmental Laws relating to its use of the Premises,
and permits issued thereunder; (b) conduct any Management of Hazardous Materials by Tenant on the Premises in compliance with Environmental Laws; (c) not cause or allow the Release of any Hazardous Materials on, to or from the Premises,
except in compliance with Environmental Laws and permits issued thereunder; (d) arrange for the lawful transportation and off-site disposal of all Hazardous Materials that it generates; and (e) secure, maintain, and comply with all permits
required by Environmental Laws in connection with Tenant’s use of the Premises. Tenant shall also provide Landlord with a copy of any Hazardous Materials inventory statement required by any applicable regulations or Environmental Laws, and any
reports required by any and all regulatory agencies. 
 18.3 Tenant shall give written notice to Landlord at least seven (7) days in
advance of any production, generation, handling, storage, treatment, transportation, disposal, release, or removal of hazardous waste or hazardous substances from or on the Premises, except in connection with routine cleaning and maintenance. Tenant
warrants and represents that it will not use or employ Landlord’s and/or the Building property, facilities, equipment, or services to handle, transport, store, treat, or dispose of any hazardous waste or hazardous substance, whether or not it
was generated or produced on the Premises; and Tenant further warrants and represents that any activity on or relating to the Premises shall be conducted in full compliance with all applicable Environmental Laws. In addition, Landlord reserves the
right to cause the Premises to be periodically inspected (but not more than one (1) time per calendar quarter) by a reputable environmental consulting firm at Landlord’s sole expense. 
 18.4 Tenant shall provide Landlord with the results of environmental studies, reports and tests, with transportation and disposal contracts for Hazardous
Materials, with any permits issued under Environmental Laws and with any other relevant or applicable documents pertaining to the condition of the Premises or demonstrating that Tenant complies with this Article 18 and all Environmental Laws
relating to the Premises. Landlord agrees that any documents or information furnished by Tenant to Landlord under this Article 18 shall be confidential and shall not be disclosed to any third party (with the exception of Mortgagees, prospective
purchasers, or Landlord’s attorneys, underwriters, consultants, contractors, and investors), unless required by law, without the prior consent of Tenant, which consent will not be unreasonably withheld. 
 18.5 If Tenant’s Management of Hazardous Materials at the Premises or Tenant’s use of the Premises (a) results in a Release which is not
in compliance with Environmental Laws or permits issued thereunder; (b) gives rise to liability or a Claim or requires a Response under common law or any Environmental Law or permit issued thereunder; ( c ) causes a significant public health
effect; or (d) creates a nuisance, Tenant, in any and all such occurrences and at its sole cost and expense, shall: (i) immediately notify Landlord verbally and in writing of any Release, which notice shall identify the Hazardous Materials
involved and the emergency procedures taken or to be taken; and, (ii) promptly take all applicable action in Response in compliance with all applicable Environmental Laws; provided that Landlord’s approval of the remediation plan to be
undertaken by Tenant shall first be obtained. 
 18.6 Any increase in the premium for any insurance carried by Landlord on the Building which
arises from Tenant’s use and/or storage of Hazardous Materials shall 
  

 22 

 be fully paid by Tenant within ten (10) days after Tenant’s receipt of a statement from Landlord. Tenant shall
procure and maintain at its sole cost and expense, such additional insurance as may be necessary to comply with any requirement of any federal, state or local governmental agency or special district. 
 18.7 If the Tenant shall breach any of the warranties, representations, agreements or covenants in this Article 18 or if the presence of Hazardous
Materials on the Premises caused or permitted by Tenant results in contamination of the Premises, the Building or any adjacent real properties, then Tenant shall indemnify, defend and hold Landlord, its partners, officers, managing agents and
mortgagees, their heirs, successors and assigns, harmless from any and all claims, judgments, damages, penalties, fines, costs, liabilities and losses (including without limitation, diminution in value of the Premises, the Building or the
Development, damages for the loss or restriction on the use of rentable or usable space or any amenity of the Premises or the Building, damages arising from any adverse impact on marketing of space in the Building or the Development, sums paid in
settlement of claims, actual attorneys’ fees and costs, whether suit is brought or not, consultant’s fees and expert fees) which arise during or after the term of the Lease as a result of such contamination. This indemnification includes,
without limitation, costs incurred in connection with any investigation of site conditions, including regular inspections, or any clean-up, remedial, removal or restoration work required or recommended by any federal, state or local governmental
agency or political subdivision because of the presence of Hazardous Materials. The indemnity, defense and hold harmless obligations of Tenant set forth in this Section 18 shall survive the expiration or earlier termination of this Lease.

 18.8 Landlord warrants that at the time of the Lease commencement, the Premises shall be materially free of the presence of contamination
from Hazardous Materials, except to the extent caused by Tenant or for which Tenant is liable or responsible under this Lease. Landlord shall indemnify, defend and hold Tenant harmless from any and all claims, judgments, damages, penalties, costs,
liabilities and loss arising from any contamination which precedes the Commencement Date, arising directly from any contamination caused by any act or omission of Landlord, except as may be set forth in this Lease. 
 ARTICLE 19 
 MISCELLANEOUS PROVISIONS

 19.1 To the fullest extent allowed by law, Tenant, at all times, shall indemnify, defend and hold Landlord, its officers, directors,
employees and agents, harmless from and against any and all claims by or on behalf of any person or persons, firm or firms, corporation or corporations, arising from the conduct or management of or from any work or things whatsoever done in or
about, the Premises (except to the extent arising out of Landlord’s negligence or other wrongful conduct), and further will indemnify, defend and hold Landlord, its officers, directors, employees, and agents, harmless against and from any and
all claims arising during the Term and based upon any breach or default on the part of Tenant in the performance of any covenant or agreement on the part of Tenant to be performed pursuant to the terms of this Lease, or arising from any act or
neglect of Tenant, its agents, servants, employees, licensees, or contractors, or arising, from any accident, injury or damage whatsoever caused to any person, firm or corporation occurring during the Term in or about the Premises, and from and
against all costs, attorneys’ fees, expenses and liabilities incurred in or with respect to any such claim or action or proceeding brought thereon. To the fullest extent allowed by law, Landlord, at all times, shall indemnify, defend and hold
Tenant, its officers, directors, employees, and agents, harmless from and against any and all claims by or on behalf of any person or persons, firm or firms, corporation or corporations, arising from the conduct or management of, or from any work or
things whatsoever done in or about, the Premises to the extent arising out of Landlord’s negligence or other wrongful conduct, and further will indemnify, defend and hold Tenant, its officers, directors, employees, and agents harmless against
and from any 
  

 23 

 and all claims arising during the Term and based upon any breach or default on the part of Landlord in the performance of
any covenant or agreement on the part of Landlord to be performed pursuant to the terms of this Lease, or arising from any act or neglect of Landlord, its agents, servants, employees, licensees or contractors, whenever and wherever occurring or
arising from any accident, injury or damage whatsoever caused to any person, firm or corporation occurring prior to or after the Term in or about the Premises, and from and against all costs, attorneys’ fees, expenses and liabilities incurred
in connection with any such claim or action or a proceeding brought thereon. 
 19.2 All notices, demands and requests which may not be or
are required to be given, demanded or requested by either party to the other shall be in writing. All notices, demands and requests by Landlord to Tenant shall be sent by United States registered or certified mail, postage prepaid, or by commercial
overnight delivery service or other personal delivery service (with evidence or receipt), addressed as follows: 
 9835 N.W. 14th Street, Suite
101 & 102 
 Miami, Florida 33132 
 Attn: Isaac Shalom 
 with a copy to Tenant at the Premises or at such other place as Tenant may from time to time designate by written
notice to Landlord. All notices, demands and requests by Tenant to Landlord shall be sent by United States registered or certified mail, postage prepaid, or by commercial overnight delivery service or other personal delivery service (with evidence
of receipt), addressed to Landlord as follows: 
 International Place Associates IV, Ltd. 
 c/o Easton Management Inc. 
 10165 N.W.
19th Street 
 Miami, Fl 33172 
 or at such other place as Landlord from time to time may designate by written notice to Tenant. Notices, demands and requests
which shall be served upon Landlord by Tenant, or upon Tenant by Landlord, by mail in the manner aforesaid, shall be deemed served or given on the second business day after mailing; and notices served by overnight delivery service shall be deemed
served or given on the second (2nd) business day after delivery to such service, and notices served by personal delivery shall be deemed served or given upon delivery or attempted delivery. 
 19.3 Landlord covenants and agrees that Tenant, upon paying the Rent, and upon observing and keeping the covenants, agreements and conditions of this
Lease on its part to be kept, observed and performed, shall lawfully and quietly hold, occupy and enjoy the Premises (subject to the provisions of this Lease) during the Term (as it may be extended from time to time as expressly provided herein)
without hindrance or molestation by Landlord or by any person or persons claiming under Landlord. 
 19.4 Tenant and Landlord, each without
charge at any time and from time to time, within twenty (20) days after written request by the other party, shall certify by written instrument, duly executed, acknowledged and delivered to any Mortgagee, assignee of a Mortgagee, proposed
Mortgagee, or to any purchaser or proposed purchaser or transferee of Landlord, Tenant, or the Premises or any interest therein: 
 19.4.1
that this Lease is unmodified and in full force and effect (or, if there have been modifications, that the same is in full force and effect, as modified, and identifying the modifications); 
 19.4.2 the amount of Base Rent and Additional Rent then being paid and the dates to which the Rent has been paid in advance; 
 19.4.3 whether or not there is any existing or alleged any breaches or defaults committed by the Landlord, or otherwise existing under this Lease, and
specifying in detail such breach or default, if any, or any set-offs or defenses against the enforcement of any covenant, condition, provision, term or agreement of this Lease, as the case may be, to be performed or 
  

 24 

 complied with (and, if so, specifying the same and the steps being taken to remedy the same); 
 19.4.4 whether or not Tenant has made any advancements to or on behalf of Landlord for which it has the right to deduct from, or offset against, future
Rent payments; 
 19.4.5 Tenant has accepted the Premises and is in full and complete possession thereof; 
 19.4.6 the Commencement Date and the Termination Date; and 
 19.4.7 such other statements or certificates as Landlord or any Mortgagee may reasonably request. 
 19.5
Upon not less than thirty (30) days’ prior written request, by either party, the parties hereto agree to execute and deliver to each other a memorandum of lease, in recordable form, setting forth the following: 
 19.5.1 the date of this Lease; 
 19.5.2 the
parties to this Lease; 
 19.5.3 the Term of this Lease; 
 19.5.4 the extension options set forth in Addendum 1; 
 19.5.5 the legal description of the Premises; and

 19.5.6 such other matters reasonably requested by Landlord or Tenant to be stated therein. 
 19.6 Tenant shall not use the Premises for any other use or purpose other than the “Intended Use” without the prior written consent of
Landlord, which consent will not be unreasonably withheld or delayed or conditioned upon payment or any consideration (except payments or consideration to be paid under this Lease). In determining whether to permit any proposed New Use, the Landlord
may consider, without limitation: (a) the effect or possible effect upon other tenants and owners in the development; (b) the use of hazardous, toxic or dangerous materials; ( c) parking requirements; (d) damage or alterations, or
potential damage or alterations to the Premises; or (e) the effect or potential effect upon future sales or leases within the Development. If any covenant, condition, provision, term or agreement of this Lease shall, to any extent, by held
invalid or unenforceable, the remaining covenants, conditions, provisions, terms and agreements of this Lease shall not be affected thereby, but each covenant, condition, provision, term or agreement of this Lease shall be valid and in force to the
fullest extent permitted by law. This Lease shall be construed and be enforceable in accordance with the laws of the State of Florida. 
 19.7 The covenants and agreements herein contained shall bind and inure to the benefit of Landlord and its successors and assigns, and Tenant and its successors and assigns. 
 19.8 The caption of each article of this Lease is for convenience and reference only and in no way defines, limits or describes the scope or intent of
such article or of this Lease. 
 19.9 This Lease does not create the relationship of principal and agent, or of partnership, joint venture,
or of any association or relationship between Landlord and Tenant, the sole relationship between Landlord and Tenant being that of landlord and tenant. 
 19.10 All preliminary and contemporaneous negotiations are merged into and incorporated in this Lease. This Lease contains the entire agreement between the parties and shall not be modified or amended in any manner
except by an instrument in writing executed by the parties hereto. 
 19.11 There shall be no merger of this Lease or the leasehold estate
created by this Lease with any other estate or interest in the Premises by reason of the fact that the same person, firm, corporation or other entity may acquire, hold or own directly or indirectly, (a) this Lease or the leasehold interest
created by this or any interest 
  

 25 

 therein, and (b) any other estate or interest in the Premises or any portion thereof. No such merger shall occur
unless and until all persons, firms, corporations or other entities having an interest (including a security interest) in (1) this Lease or the leasehold estate created hereby, and (2) any such other estate or interest in the Premises or
any portion thereof, shall join in a written instrument expressly effecting such merger and shall duly record the same. 
 19.12 All
obligations, monetary or otherwise, accruing prior to expiration of the Term (as it may be extended from time to time) shall survive the expiration or other termination of this Lease. 
 19.13 Time is of the essence of this Lease, and all provisions relating thereto shall be strictly construed. 
 19.14 Each party represents and warrants to the other that the only broker, finder or other agent each has used in connection with this agreement and the
transaction contemplated hereby is and has been Easton & Associates, Inc. and The DiGiacomo Group, Inc. (singularly and collectively, the “Broker”). Each party agrees to indemnify the other party for any claim for brokerage
commission or finder’s fee asserted by a person, firm or corporation other than the Broker claiming to have been engaged by the indemnifying party. Landlord agrees to pay the Broker a brokerage commission upon execution of this agreement in
accordance with its agreement with the Broker. 
 19.15 To the extent either party indemnifies and agrees to defend the other under the terms
of this Lease, the indemnifying party shall have the right to select counsel to undertake such defense, which counsel shall be reasonably acceptable to the indemnified party. 
 19.16 [Intentionally Deleted] 
 19.17 This
Lease may be executed in counterparts, each of which when taken together shall constitute one instrument. 
 19.18 This Lease represents the
product of the joint negotiation, preparation and agreement of and between the parties hereto and is not to be construed against one party or the other as the principal drafter. 
 ARTICLE 20 
 LANDLORD’S REPRESENTATIONS AND WARRANTIES 
 In addition to the other representations and warranties made herein, Landlord hereby represents and warrants to Tenant that as of the date hereof the
following representations and warranties are true, correct and complete and that the same will be true, correct and complete on and as of the Commencement Date: 
 20.1 Landlord is the owner of the Premises in fee simple; and 
 20.2 Landlord has full power, right and
authority to enter into this Lease and to perform each and all of the terms, provisions, covenants, agreements, matters and things herein provided to be performed by Landlord, and to execute and deliver all documents provided hereunder to be
executed and delivered by Landlord; and this Lease does not, nor does or will the performance by Landlord of its obligations hereunder, contravene any provision of law or any covenant, indenture or agreement binding upon Landlord, upon the Premises
or upon the Land. 
 20.3 Landlord has exclusive possession of the Premises and no other party has any right or claim to possession of the
Premises. 
 ARTICLE 21 
 RADON GAS 
 Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient
quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing may be
obtained from your county public health unit. 
  

 26 

 ARTICLE 22 
 EXCULPATION 
 Except as expressly stated to the contrary in this Lease, no enforceable default on the
part of the Landlord shall be deemed to have occurred unless Lessee shall have given Lessor notice of such default in which Lessee shall specify the default, and Lessor shall have failed to have remedied such default within thirty (30) days of
the date thereof or such earlier period as is reasonable in the event of an emergency; provided, however if such default is of a nature the it cannot reasonably be cured within said period, then no enforceable default will be deemed to have occurred
so long as Lessor is diligently pursuing the cure thereof. Except as expressly stated to the contrary in this Lease, or where Tenant’s remedies are expressly stated, Tenant’s sole remedies shall be to seek damages or specific performance
and Landlord shall in no event be liable for consequential damages. Tenant agrees that it shall look solely to the estate and property of Landlord in the Development for the collection of any judgment (or any other judicial process) requiring the
payment of money by Landlord in the event of any default or breach by Landlord with respect to any of the terms, covenants, and conditions of this Lease to be observed and performed by Landlord and no other property or estates of Landlord or the
entities comprising Landlord shall be subject to levy, execution, or other enforcement procedures for the satisfaction of Tenant’s remedies. 
 ARTICLE 23 
 TRANSFER OF LANDLORD’S INTEREST 
 In the event of any transfer or transfers of Landlord’s interest in the Premises, provided the transferee assumes in writing Landlord’s
obligations and liabilities under this Lease accruing from and after the date of such transfer, the transferor shall be automatically relieved of any and all obligations and liabilities on the part of Landlord accruing from and after the date of
such transfer. All of the provisions of this Lease shall bind and inure to the benefit of the parties hereto, and their respective heirs, legal representatives, successors, and assigns. 
 ARTICLE 24 
 WAIVER 
 The waiver by Landlord of any breach of any term, covenant, or condition herein contained shall not be deemed to be a waiver of such term, covenant, or
condition or any subsequent breach of the same or any other term, covenant, or condition herein contained. The subsequent acceptance of Rent hereunder by Landlord shall not be deemed to be a waiver of any preceding breach by Tenant of any term,
covenant, or condition of this Lease, other than the failure of Tenant to pay the particular Rent so accepted, regardless of Landlord’s knowledge of such preceding breach at the time of acceptance of such Rent. No covenant, term, or condition
of this Lease shall be deemed to have been waived by Landlord, unless such waiver be in writing by Landlord. 
 ARTICLE 25 

ATTORNEYS’ FEES AND COSTS 
 If,
as a result of any breach or default in the performance of any of the provisions of this Lease, either party hereto uses the services of an attorney in order to secure compliance with such provisions or recover damages therefor, and litigation
results, then in such event, the prevailing party in such litigation shall be entitled to recover from the nonprevailing party herein reasonable court costs and attorneys’ fees for both trial and appellate proceedings. 
 ARTICLE 26 
 RENT PROVISION

 Notwithstanding anything that may be contained in this Lease to the contrary, no provision in this Lease shall be interpreted so as to
have the effect of providing for payment of Rent, or any increment thereof, based in whole or in part on the income, net revenues, net income, or profits derived by Tenant from the Premises, but may, if applicable, be construed to provide for Rent,
gross receipts or sales or otherwise included in the term “rents from real property” as such term is defined in Section 856(d) of the Internal Revenue Code. Further, no 
  

 27 

 assignment of this Lease, or sublet under this Lease, will be approved if the effect thereof shall result in payment to
Landlord of rental based in whole or in part on the income, net revenues, net income, or profits derived by Tenant, Tenant’s assignee or Tenant’s sublessee from the Premises, but may, if applicable, result in payment to Landlord of rental
based in part on a fixed percentage of gross receipts or sales or otherwise included in the term “rents from real property” as such term is defined in Section 856(d) of the Internal Revenue Code. All documents relating to any
permitted assignment or sublet shall refer to this restriction. 
  

 28 

 IN WITNESS WHEREOF, each of the parties has caused this Lease to be duly executed as of the day and year
first above written. 
  

							
	WITNESSES AS TO LANDLORD:	  	LANDLORD:
		
		  	INTERNATIONAL PLACE ASSOCIATES IV,
	/s/ Witnesses	  	LTD., a Florida limited partnership
			
		  	By:	  	INTERNATIONAL PLACE DEVELOPMENT II, LTD., a Florida limited partnership (sole general partner)
			
		  	By:	  	INTERNATIONAL DEVELOPMENT
		  		  	II, INC., a Florida corporation (sole general partner)
				
		  		  	By:	  	 /s/ Authorized Representative

		
	WITNESSES AS TO TENANT:	  	TENANT:
		
		  	Software Brokers of America, Inc.
		  	a Florida corporation
				
	/s/ Witnesses	  		  		  	
		  	 /s/ Anthony Shalom

		  	By:	  	Anthony Shalom
		  	Its:	  	President

  

 29 

 EXHIBIT A 
 LEGAL DESCRIPTION 
 TRACT I OF INTERNATIONAL CORPORATE PARK SECTION 5, PLAT BOOK 153, PAGE 99
OF THE PUBLIC RECORDS OF DADE COUNTY FLORIDA. 
  

 B-1 

 EXHIBIT B 
 SITE PLAN 
  

 B-2 

 ADDENDUM 1 
 Subject to the provisions of this Addendum, Landlord hereby grants Tenant the option to extend the Term on the same terms, conditions and provisions as contained in this Lease, except as otherwise expressly provided
herein, for one (1) consecutive periods of five (5) years (the “Extension Period,” If exercised in accordance herewith, the Extension Period shall commence on the first (1st) day after the Expiration Date. 
 Said option to extend each shall be exercisable in the following manner: 
 i. Not less than one hundred twenty (120) days prior to the Expiration Date, Tenant by written notice to Landlord (“Extension Notice”) may exercise Tenant’s option to extend for the Extension
Period. If an option to extend the Term, as the same may have been previously extended, is not extended in the aforesaid manner, the Term and Tenant’s rights hereunder and its rights to occupy and possess the Premises shall expire on the
Expiration Date. 
 ii. If Tenant delivers an Extension Notice as aforesaid, the Term shall be extended on the same terms, conditions and
provisions as contained herein except that: (i) there shall be no further extensions, and (ii) Tenant shall have no right to early termination as provided in Section 1.4. Base Rent and Additional Rent during an Extension Period
shall be computed in accordance with the provisions of Article 2 hereof. (i.e., increases of 3% per year for each Lease Year). Base Rent shall be as follows: 
  

													
	 Rental Period Price PSF
 (estimate)
	  	 Monthly Base
 Rent
 (excluding Additional
 Rent, CAM or
 increased operating
 costs and sales tax)
	  	 Current Sales
 Tax
	  	 Total Estimated
 Monthly Rent
 (excluding Additional Rent,
 CAM or increased operating costs

	                 Year
1
 April 1, 2005 – March 31, 2006
	  	$	7.17	  	$	61,942.82	  	$	4,026.28	  	$	65,969.10
	                 Year
2
 April 1, 2006 - March 31, 2007
	  	$	7.38	  	$	63,757.05	  	$	4,144.20	  	$	67,901.25
	                 Year
3
 April 1, 2006 - March 31, 2007
	  	$	7.61	  	$	65,744.06	  	$	4,273.36	  	$	70,017.42
	                 Year
4
 April 1, 2007 - March 31, 2008
	  	$	7.83	  	$	67,644.67	  	$	4,396.90	  	$	72,041.57
	                 Year
5
 April 1, 2008 - March 31, 2009
	  	$	8.07	  	$	69,718.07	  	$	4,531.67	  	$	74,249.74

 iii. At Landlord’s election, no option to extend as set forth in this Addendum 1 may be
exercised by Tenant if Tenant is then in default under this Lease or an Event of Default has occurred and is continuing under the Lease. 
 Tenant shall be deemed to have accepted the Premises in an “as-is” condition as of the date of the commencement of the Extension Period, it being understood and agreed that Landlord shall have no additional obligations to renovate
or remodel the Premises or any portion of the Building as a result of Tenant’s renewal of the Lease. 
 Tenant’s option to renew
shall not be transferrable by Tenant, except in connection with an assignment of the Lease, all with the prior written consent of Landlord, which consent shall not be unreasonably withheld. 

							
	WITNESSES AS TO LANDLORD:	 	LANDLORD:
		
		 	INTERNATIONAL PLACE ASSOCIATES IV, LTD.,
	/s/ Witnesses	 	a Florida limited partnership
			
		 	By:	 	 INTERNATIONAL PLACE DEVELOPMENT II, LTD.,
 a
Florida limited partnership (sole general partner)

			
		 	By:	 	INTERNATIONAL DEVELOPMENT II, INC.,
		 		 	a Florida corporation (sole general partner)
				
		 		 	By:	 	 /s/ Authorized Representative

		
	WITNESSES AS TO TENANT:	 	TENANT:
		
		 	Software Brokers of America, Inc.
		 	a Florida corporation
				
	/s/ Witnesses	 		 		 	
		
		 	 /s/ Anthony Shalom

			
		 	By:	 	Anthony Shalom
		
		 	Its: President

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