Document:

EX-10.15

 Exhibit 10.15 

SEPARATION AGREEMENT 
 Separation Agreement
(“Agreement”), by and between C. Edward Chaplin who resides at 613 Round Hill Road Greenwich, CT 06831 (the “Executive”) and MBIA Services Corporation (the “Employer”) on behalf
of any of its past or present parent entities, subsidiaries, divisions, affiliates and related business entities, assets, employee benefit plans or funds, successors and assigns, and any of its or their past or present directors, officers,
fiduciaries, agents, trustees, administrators, employees and assigns (collectively the “MBIA Entities and Persons”). 
 1.
Separation from Employment. The Executive agrees that from and after March 11, 2016, he will step down from his position as Co-President, Chief Financial Officer and Chief Administrative Officer of MBIA Inc.
(“MBIA”) and will resign from all of his other positions with MBIA and/or its affiliates (including the Employer) (collectively, the “MBIA Entities”), except that, unless terminated by the Executive or
the Employer earlier, the Executive will remain employed as an employee of the Employer and retain the title of Executive Vice President of MBIA until January 1, 2017, which (unless terminated by the Executive or the Employer earlier) shall be
the last day of the Executive’s employment (the last day of employment being referred to herein as the “Separation Date”). From and after March 11, 2016 through the Separation Date, the Executive will make himself
available to the Employer as may be reasonably necessary to provide transition and other reasonable services as the Employer may request. 
 2.
Consideration for this Agreement. Subject to the Executive’s compliance with the terms and conditions of this Agreement, the Executive shall be entitled to the payments and benefits described in the Severance Terms attached as Exhibit
A to this Agreement (the “Severance Terms”). The Executive’s right to receive the payments and benefits set forth in Section 3 of the Severance Terms (the “Severance Benefits”) is
conditioned upon the Executive’s executing and not revoking a release of claims in favor of the MBIA Entities and Persons, a form of which is attached as Exhibit B to this Agreement, after the Separation Date but not later than 28 days
after the Separation Date. The Executive acknowledges that the Severance Benefits: (i) in his view, exceed any payment, benefit, or other thing of value to which he might otherwise be entitled under any policy, plan, or procedure of the MBIA
Entities or pursuant to any prior agreement or contract (oral, written or otherwise) between any MBIA Entity and the Executive; and (ii) shall be in full discharge of any and all liabilities and obligations of the MBIA Entities to the
Executive, monetarily or with respect to employee benefits (except for vested benefits under any MBIA employee benefit pension plan) or otherwise, any and all obligations arising under any alleged written or oral employment agreement, policy, plan
or procedure of the MBIA Entities and/or any alleged understanding or arrangement between the Executive and any MBIA Entity. 
 3. Restrictions on
Post-Employment Activities. Payment of the Severance Benefits is conditional on the Executive’s compliance with the restrictions of this paragraph during the Executives employment and for a period of twenty-four (24) months following
the Separation Date (the “Restriction Period”). During the Restriction Period, the Executive shall not engage in any of the activities described below: 

a. Except with the prior written consent of the Employer’s CEO, directly or indirectly, own any interest in, operate, join, control or participate
as a partner, director, principal, officer, or agent of, enter into the employment of, act as a consultant to, or perform any services for any monoline financial guarantee company, whether currently in existence or formed after the date hereof,
which currently includes Assured Guaranty, BAM, AMBAC, FGIC, CIFG, Syncora or any of their affiliates or successors or with any other company that is established for the purposes of providing financial guaranty or similar credit enhancement
products, that would compete with MBIA. Notwithstanding anything herein to the contrary, the foregoing shall not prevent me from acquiring as an investment securities representing not more than two percent (2%) of the outstanding voting
securities of any publicly held corporation. 

 b. Directly or indirectly (i) hire, solicit, or help another person or entity to hire or solicit any
employee of any MBIA Entity or any person who has been an employee of any MBIA Entity within a one year period prior to the first date on which the Executive attempts to hire, solicit or help another person or entity to hire or solicit such person
or (ii) induce or encourage any employee of any MBIA Entity to leave such MBIA Entity’s employ. 
 4. Confidential Information. The
Executive agrees that he will not use for his own benefit or disclose to third parties any Confidential Information, as defined herein, relating to any MBIA Entity and its businesses, including any Confidential Information of customers of any MBIA
Entity, obtained by him during his employment and not otherwise public knowledge or known within the applicable industry (other than by acts by the Executive in violation of this Agreement). For purposes of this Agreement, “Confidential
Information” shall include, without limitation, information not otherwise known in the applicable industry and/or not previously disclosed to the public by any MBIA Entity or its management with respect to the operations, facilities and
methods, strategies, trade secrets and other intellectual property, systems, procedures, technical know-how, methods of investment, processes, customers, clients, investors, markets, marketing methods, manuals, confidential reports, fee information,
finances, financial or listing information (including, without limitation, the revenues, costs or profits associated with any activities or products of the MBIA Entities, business plans, prospects, budgetary objectives, opportunities or other
information of or relating to the MBIA Entities). “Confidential Information” shall not include information which is known within the applicable industry or is or becomes generally available to the public other than as a result of
disclosure by the Executive in violation of this paragraph. Nothing in this Agreement, including but not limited to any confidentiality, non-disclosure, non-disparagement, or cooperation provisions, waives or limits the Executive’s right to
report possible violations of law or regulation to any governmental agency or federal or state regulatory authority or self-regulatory organization, making other disclosures that are protected under any law or regulation, or to cooperate with any
investigation or proceeding by a governmental agency, federal or state regulatory authority, or self-regulatory organization. 
 5.
Non-Disparagement. 
 a. The Executive agrees that he will not publicly disparage or encourage or induce others to publicly disparage the MBIA
Entities and Persons. For the purposes of this Agreement, the term “disparage” includes, without limitation, comments or statements to the press and/or media, the MBIA Entities and Persons or any individual or entity with whom any
MBIA Entity has a business relationship which would adversely affect in any manner (i) the conduct of the business of the MBIA Entities (including, without limitation, any business plans or prospects) and/or (ii) the business reputation of
the MBIA Entities and Persons. 
 b. The Executive agrees that he will direct all requests for employment references or verification to the
Managing Director, Human Resources of the Employer (currently Liz Blasius, located at 1 Manhattanville Rd., Suite 301, Purchase, NY 10577), and to no other person at the MBIA Entities. The Managing Director, Human Resources of the Employer
shall respond to any such request in accordance with Employer policy providing only neutral employment information, and will make no statements that disparage the Executive. 

6. Cooperation. 
 a. The Executive agrees that,
subject to his reasonable scheduling needs, he will reasonably cooperate, including participation in telephonic or in-person meetings or interviews reasonably requested from time to time, with the MBIA Entities and their counsel in connection with
any investigation, administrative proceeding or litigation relating to any matter that occurred during his employment in which he was involved or of which he has knowledge. MBIA will reimburse the Executive for reasonable out-of-pocket expenses
incurred and relating to his compliance with requests from the MBIA Entities made in accordance with or in furtherance of this paragraph. 

  
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 b. The Executive agrees that, in the event he is subpoenaed or otherwise required by any person or entity
(including, but not limited to, any government agency) to give testimony (in a deposition, court proceeding or otherwise) which in any way relates to his employment with any MBIA Entity, he will give prompt notice of such request to the Managing
Director, Human Resources of the Employer (currently Liz Blasius, located at 1 Manhattanville Rd., Suite 301, Purchase, NY 10577), and will make no disclosure until the MBIA Entities have had a reasonable opportunity to contest the right of the
requesting person or entity to such disclosure. The Executive understands that nothing contained in this Agreement is intended to prohibit or restrict the Executive from providing truthful information concerning his employment with any MBIA Entity
or the MBIA Entities’ business, to any governmental, regulatory or self-regulatory agency or in response to any inquiry or investigation conducted by any such governmental or regulatory or self-regulatory authority, or in any legal action in
which he is subpoenaed pursuant to properly issued legal process. 
 7. Return of Company Property. The Executive agrees that, upon his
termination of employment, he shall promptly return to the Employer all Employer property and all copies thereof in his possession or control. 
 8.
Injunctive Relief and Other Remedies with Respect to Promises Made. The Executive agrees that if he breaches any of the terms of paragraphs (including subparagraphs) 3 through 7, it shall constitute a material breach of this Agreement as to
which the MBIA Entities and Persons may seek all available relief under law, including, but not limited to, recoupment of the amounts paid to the Executive pursuant to the Severance Terms. The Executive also agrees that his obligations with respect
to the restrictive covenants contained in paragraph 3 herein relate to special, unique and extraordinary matters and a violation of any of the terms of such covenants and obligations will cause the MBIA Entities and Persons irreparable injury for
which adequate remedies are not available at law. Therefore, the MBIA Entities and Persons shall be entitled to an injunction, restraining order or such other equitable relief (without the requirement to post bond) restraining the Executive from
committing any violation of the covenants and obligations contained herein. These remedies are cumulative and are in addition to any other rights and remedies the MBIA Entities may have at law or in equity. In the event the Executive breaches any
provision of this Agreement in any material respect, in addition to any remedy at law or in equity, the Executive shall not be entitled to receive any Severance Benefits. 

9. Non-Admission. This Agreement is not intended, and shall not be construed, as an admission that any of the MBIA Entities and Persons has or
have violated any federal, state or local law (statutory or decisional), ordinance or regulation, breached any contract or committed any wrong whatsoever against me. 

10. Severability; Reformation. If any provision of this Agreement is held by a court of competent jurisdiction to be illegal, void, or
unenforceable, such provision shall be of no force and effect, and such provision shall have no effect upon, and shall not impair the enforceability of, any other provision of this Agreement. If a court should determine that any provision of this
Agreement is overbroad or unreasonable, such provision shall be given effect to the maximum extent possible by narrowing or enforcing in part that aspect of the provision found to be overbroad or unreasonable. In addition, upon any finding by a
court or agency of competent jurisdiction that any provision of this Agreement is illegal, void, or unenforceable, the Executive agrees, unless otherwise prohibited by law, to execute a release, waiver and/or covenant that is/are legal and
enforceable; provided that the expiration of the Restriction Period set forth in paragraph 3 shall not be extended. 
 11. Agreement as
Evidence. The Executive agrees that this Agreement may only be used as evidence in a subsequent proceeding in which one of the parties alleges a breach of and/or indemnification under this Agreement. 

12. Governing Law. This Agreement shall be construed and enforced in accordance with the laws of the State of New York without regard to the
principles of conflict of law. 
 13. Binding Effect. This Agreement is binding upon, and shall inure to the benefit of, the parties and their
respective heirs, executors, administrators, successors and assigns. 
 14. Entire Agreement. The Executive understands that this Agreement and
the documents referred to herein, constitute the complete understanding between the MBIA Entities and the Executive, and supersedes any and all agreements, understandings, and discussions, whether written or oral between the Executive and the MBIA
Entities. No other promises or agreements shall be binding unless in writing and signed by both MBIA or the Employer and the Executive. 

  
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 15. No Waiver by Breach or Default. Waiver by any party hereto of any breach or default by the other
party of any of the terms of this Agreement shall not operate as a waiver of any other breach or default, whether similar to or different from the breach or default waived. No waiver of any provision of this Agreement shall be implied from any
course of dealing between the parties hereto or from any failure by either party hereto to assert any rights hereunder on any occasion or series of occasions. 

16. Headings and Captions. The headings and captions in this Agreement are provided for reference and convenience only. They shall not be
considered part of the Agreement and shall not be employed in the construction of the Agreement. 
  

			
	Signature:	 	/s/ C. Edward Chaplin
		 	C. Edward Chaplin

 Dated: January 22, 2016 
 MBIA Services
Corporation 
  

			
	By:	 	/s/ Elizabeth Blasius
	Name:	 	  Elizabeth Blasius
	Title: Managing Director

 Date: January 22, 2016 

  
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 Exhibit A to 

Separation Agreement 
 Confidential 

Severance Terms 
 For C. Edward Chaplin

 This document sets forth the severance benefits that C. Edward Chaplin (“you”) will be eligible to receive as described below. The severance benefits
being offered to you as described below are subject to the terms set forth in the Separation Agreement of which this Exhibit is a part (the “Agreement”), including without limitation, your executing and not revoking a release
as provided in Section 2 of the Agreement. 
 Section 1: Compensation for 2015 Performance Year 

 

	 	•	 	2015 Performance Bonus and Long term Incentive (“LTI”) grant: You will receive your 2015 performance bonus and LTI grant based on your and MBIA’s performance for 2015 as determined and approved by
MBIA’s board of directors consistent with and at the same time as the other members of the senior management team. Your 2015 LTI grant will be in the form of restricted stock that will be subject to transfer restrictions consistent with those
of LTI grants made to other members of senior management. In addition, the vesting of the restricted stock grant will be subject to your continued compliance with a non-compete covenant through the date of the vesting of the stock.

 Section 2: Compensation and Benefits For Services Performed During 2016 

 

	 	•	 	2016 Salary and Benefits: During your continued employment, you will continue to receive your base salary at the current level and to participate in the same benefit plans available to all employees of the
Employer as long as you continue to be an employee of Employer. 

 Section 3: Severance Benefits 

 

	 	•	 	2016 Performance Bonus and LTI Grant: Unless your employment is terminated for “cause”, you will be entitled to receive a cash performance bonus for 2016 at the target bonus amount of $750,000 for the
year. In addition, unless your employment is terminated for “cause”, in lieu of the long term incentive restricted stock award for 2016, you will receive a cash payment in an amount equal to the target LTI amount of $750,000. Such amounts
will be paid to you at the same time as they are paid to other members of the senior management team regardless of whether you are employed by MBIA when they are paid. Further, on April 2, 2018, the Company will pay you $75,000 in lieu of the
contribution it would have made to your non-qualified deferred compensation retirement account in respect of the 2016 bonus that will be paid in 2017. 

  

	 	•	 	Severance: Unless your employment is terminated for “cause”, you will be eligible to receive a severance payment in an amount of $1,500,000 (the “Severance Payment”). In
consideration for the Severance Payment, you hereby agree that the grant of 300,000 shares of performance based restricted stock pursuant to Section 3(c) of the Cash Retention Award and Restricted Stock Agreement dated December 21, 2012 is
hereby forfeited in its entirety. The Severance Payment (less applicable taxes and withholdings) will be paid to you as practicable following your last day of employment, but not later than March 15, 2017. 

 

	 	•	 	KEEPA Plan: Effective immediately, you will no longer be covered under the Key Employee Protection Plan and your agreement thereunder with MBIA is terminated. 

 

	 	•	 	Expenses: MBIA will pay or reimburse you for your reasonable out of pocket expenses for legal, tax and consulting advice incurred in connection with the Agreement as well as pay your ELC dues for 2016 and 2017.

  

	 	•	 	Pre-65 Retiree Medical / Dental Benefits: If you are enrolled in MBIA’s medical and/or dental plan, you may elect to continue your current coverage at your own expense starting on the earlier of
(i) January 1, 2017 or (i) the last day of your employment if you resign voluntarily or if you are terminated for cause until September 30, 2022, at which time your coverage will cease. 

  
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 If you die before receiving any of the payments and benefits set forth herein, they shall accrue to your estate. 

As used herein, “cause” means (i) your willful failure to perform substantially your duties as an employee (other than as a result of incapacity due to
physical or mental illness); (ii) an intentional act of fraud, embezzlement, theft or any other material violation of law that occurs during or in the course of your employment; (iii) your engaging in serious misconduct that is injurious
to the company or its affiliates in any way, including, but not limited to, by way of damage to its/their respective reputations or standings, (iv) your being charged with, convicted of, or entering a plea of nolo contendere to, a crime that
constitutes a felony or which involves moral turpitude; (v) your intentional disclosure or misuse of confidential information; (vi) intentional engagement in any competitive activity which would constitute a breach of your duty of loyalty
to the company or its affiliates; or (vi) intentional material breach of any of the company’s or its affiliates’ policies or intentional misuse or material damage to their property. 

Section 4 Accrued Benefits 
 In addition, you will be eligible to
receive the following benefits to which you are entitled regardless of whether you sign the Agreement. 
  

	 	•	 	Pension / 401k: You may contact Fidelity Investments directly at (800) 421-3844 or on-line at 401k.com regarding your retirement account balances, distribution options and income tax implications.

  

	 	•	 	MBIA Inc. Deferred Compensation Plan: Any vested retirement assets must be distributed following your separation date in the form of lump sum or in installment payments as previously elected. As a “specified
employee”, any distribution is subject to a six month waiting period from the Separation Date in accordance with IRC 409A. Any payments to you will be made in accordance with the plan. 

 

	 	•	 	Vacation: You will receive payment for any accrued and unused vacation days as of your last day of employment. 

  
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 Exhibit B to 

Separation Agreement 
 General Release

 By and in consideration of the Severance Benefits to be provided by MBIA Services Corporation (the “Company”) pursuant to the
Separation Agreement (the “Agreement”), dated
                             , 2016, between the Company and C. Edward Chaplin (the
“Executive”), whereby the Executive terminates his employment with the Company effective
                             , 201    , the Executive hereby
agrees that: 
 1. General Release of Claims. 

a. The Executive for himself and for his heirs, executors, administrators, and assigns (hereinafter referred to collectively as
“Releasors”), forever releases and discharges the Company on behalf of any of its past or present parent entities, subsidiaries, divisions, affiliates and related business entities, assets, employee benefit plans or funds,
successors and assigns, and any of its or their past or present directors, officers, fiduciaries, agents, trustees, administrators, employees and assigns (collectively the “MBIA Entities and Persons”), from any and all
claims, demands, causes of action, fees and liabilities of any kind whatsoever, whether known or unknown, which the Executive ever had, now has, or may have against the MBIA Entities and Persons by reason of any actual or alleged act, omission,
transaction, practice, conduct, statement, occurrence, or other matter arising out of the Executive’s employment, and/ or retirement from employment, up to and including the date on which the Executive signs this General Release. 

b. Without limiting the generality of the foregoing, this General Release is intended to and shall release the MBIA Entities and Persons from any and all
claims, whether known or unknown, which Releasors ever had, now have, or may have against the MBIA Entities and Persons arising out of the Executive’s employment, and/or termination of that employment, including but not limited to any claim
under: (i) the Age Discrimination in Employment Act; (ii) Title VII of the Civil Rights Act; (iii) the American with Disabilities Act; (iv) the New York State Human Rights Law; (v) the New
York City Administrative Code; (vi) any claim under any other federal, state or local law (statutory or decisional), regulation or ordinance relating to and/or prohibiting employment discrimination, harassment and/or retaliation;
(vii) any claim under the Employee Retirement Income Security Act (excluding claims for accrued, vested benefits under any employee benefit pension plan of the Company in accordance with the terms and conditions of such plan and
applicable law); (viii) any claim under the Family and Medical Leave Act; (ix) any other claim (whether based on federal, state, or local law, statutory or decisional) relating to or arising out of the Executive’s
employment, the terms and conditions of such employment, the separation of such employment, including but not limited to breach of contract (express or implied), wrongful discharge, detrimental reliance, defamation, emotional distress or
compensatory or punitive damages; and (x) any claim for attorneys’ fees, costs, disbursements and/or the like. Nothing in this General Release shall be a waiver of claims that may (1) arise after the date on which the
Executive signs this General Release, (2) are preserved by the Agreement, or (3) relate to the Executive’s rights as a shareholder of MBIA. 

c. Nothing in the provisions above shall be construed to prevent the Executive from filing a charge with, or participating in any investigation conducted
by, a governmental agency. Nevertheless, the Executive acknowledges and agrees that by virtue of the foregoing, he has waived any relief available to him (including without limitation, monetary damages, equitable relief and reinstatement) under any
of the claims and/or causes of action waived above. Therefore the Executive agrees that he will not accept any award or settlement from any source or proceeding (including but not limited to any proceeding brought by any other person or by any
government agency) with respect to any claim or right waived in this General Release. 
 2. Governing Law. This General Release shall be
construed and enforced in accordance with, and governed by, the laws of the State of New York, without reference to principles of conflict of laws. 

  
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 3. Acknowledgments. The Executive acknowledges that: (a) he has been advised by the Company in
writing to consult with an attorney of his choosing in connection with this General Release; (b) he has carefully read this General Release in its entirety; (c) he has had the opportunity to consider fully for at least forty-five
(45) days the terms of this General Release; (d) he fully understands the significance of all of the terms and conditions of this General Release and he has discussed it with independent legal counsel, or has had a reasonable opportunity
to do so; (e) he has had answered to his satisfaction any questions he has asked with regard to the meaning and significance of any of the provisions of this General Release; and (f) he is signing this General Release voluntarily and of
his own free will and assent to all the terms and conditions contained herein with the intent to be bound hereby. 
 4. Acceptance. The
Executive hereby accepts this General Release by fully executing it and returning it to the Managing Director, Human Resources of the Company (currently Liz Blasius, located at 1 Manhattanville Rd., Suite 301, Purchase, NY 10577), no sooner than the
Separation Date (as defined in the Agreement), and no later than 21 days following the Separation Date. After executing this General Release, the Executive shall have seven (7) days (the “Revocation Period”) to revoke
this General Release by indicating his desire to do so in writing addressed and delivered to the Managing Director, Human Resources of the Company (currently Liz Blasius, located at 1 Manhattanville Rd., Suite 301, Purchase, NY 10577), no later than
the close of business on the seventh (7th) day following the date the Executive executes this General Release. In the event the Executive does not accept this General Release as set forth
above, or in the event he revokes this General Release during the Revocation Period, the obligation of the Company to provide the Severance Benefits which are conditioned on his signing and not revoking this General Release shall be deemed
automatically null and void. 

  
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	Dated:	 	 

  

			
		
	Signature:	 	 
		 	    C. Edward Chaplin

 STATE OF
                        ) 

                            
                ) SS.: 
 COUNTY OF
                   ) 
 On this
         day of                      201    , before me personally
came                                      to be known and
known to me to be the person described and who executed the foregoing General Release, and he duly acknowledged to me that he executed the same. 

                           
          Notary Public 

  
 9Exhibit

Exhibit 10.27

MODIFICATION OF LEASE
THIS MODIFICATION OF LEASE (this “Modification of Lease”) made as of the 8th day of  September  , 2015 (the “Effective Date”) between ONE STATE STREET, LLC, a New York limited liability company, having an office at One State Street Plaza, New York, New York 10004 (“Landlord”), and AMBAC ASSURANCE CORPORATION, a corporation established under the laws of the State of Wisconsin, having an office at One State Street Plaza, New York, New York 10004 (“Tenant”).
WHEREAS, Landlord and Tenant entered into that certain Lease dated as of March 1, 2011 (the “Original Lease”), covering the entire rentable area of the fifteenth (15th) floor (the “15th Floor Premises”), sixteenth (16th) floor (the “16th Floor Premises”), seventeenth (17th) floor (the “17th Floor Premises”) and eighteenth (18th) floor (the “18th Floor Premises”, and together with the 15th Floor Premises, 16th Floor Premises and the 17th Floor Premises, collectively, the “Premises”) in the building known as and located at One State Street Plaza, New York, New York (the “Building”) (the Original Lease and this Modification of Lease shall collectively be referred to as the “Lease”); 
WHEREAS, pursuant to Article 37 of the Original Lease, Tenant extended the term of the Lease with respect to the 15th Floor Premises, 16th Floor Premises and 17th Floor Premises (collectively, the “Lower Floors Premises”) so that the term for the Lower Floors Premises expires on September 30, 2019;
WHEREAS, simultaneously herewith, Tenant is amending its Extension Notice to Landlord under Article 37 of the Original Lease to include the 18th Floor Premises within the scope of the extension to that the term for the Lower Floors Premises and the 18th Floor Premises under the Original Lease expires on September 30, 2019; and
WHEREAS, notwithstanding any of the terms of the Original Lease, Landlord and Tenant now desire to: (a) extend the term of the Lease with respect to the 18th Floor Premises pursuant to this Modification of Lease; and (b) modify the Original Lease in certain other respects as hereinafter provided, as set forth below.
NOW, THEREFORE, in consideration of the mutual covenants herein contained, and other good and valuable consideration the receipt and sufficiency of which are hereby conclusively acknowledged, Landlord and Tenant hereby agree as follows:
1.        Lower Floors Premises and 18th Floor Premises. Pursuant to the rights granted under Article 37 of the Original Lease, the term of the Lease with respect to the Lower Floors Premises and the 18th Floor Premises currently expires on September 30, 2019 (the “2019  Expiration Date”) unless sooner terminated in any manner provided for in the Lease or pursuant to law subject to the covenants and agreements contained in the Lease. Notwithstanding anything in the Original Lease to the contrary, the “Term” or “term of Lease”, or any variations thereof, shall, solely with respect to the Lower Floors Premises, refer to the term of the Lease for the Lower Floors Premises expiring on the 2019 Expiration Date. All references to the term “Expiration Date” in the Original Lease shall, solely with respect to the Lower Floors Premises, be deemed to refer to the “2019 Expiration Date”.
2.18th Floor Premises Renewal. Effective as of the Effective Date, the term of the Lease solely with respect to the 18th Floor Premises shall be extended for an additional period of ten (10) years and 3 (three) months (the “18th Floor Extension Term”), commencing on October 1, 2019 (the “Extension Term Commencement Date”) and expiring on December 31, 2029 (the “18th Floor Extension Term Expiration Date”), unless sooner terminated in any manner provided for in the Lease or pursuant to law subject to the covenants and agreements contained in the Lease. Notwithstanding anything in the Original Lease to the contrary, the “Term” or “term of Lease”, or any variations thereof, shall, solely with respect to the 18th Floor Premises, refer to the term of the Lease, as extended through the last day of the 18th Floor Extension Term. All references to the term “Expiration Date” in the Original Lease shall, solely with respect to the 18th Floor Premises, be deemed to refer to the “18th Floor Extension Term Expiration Date”.
3.Condition of the Premises. Tenant is currently in possession of the entire Premises and agrees to continue possession of same in its “as is” condition. Tenant acknowledges and agrees that Landlord shall have no obligation to perform any work, construct any tenant improvements or make any alterations or additions in, to, or in connection with the Premises for Tenant's continued occupancy and except as otherwise specifically provided in Sections 5 and 8 of this Modification of Lease, Landlord shall have no obligation to provide any tenant improvement allowance, rent abatement, credit, set-off or other concession to Tenant in connection with the Premises.
4.Modifications. Effective from and after January 1, 2016 the Original Lease shall be modified, as follows:
(a)    The Fixed Rent due solely with respect to the 18th Floor Premises shall be as follows:

1

(i)For the period commencing on January 1, 2016 through and including September 30, 2019, One Million Three Hundred Seventy One Thousand One Hundred Sixty Three and 00/100 ($1,371,163.00) Dollars per annum ($114,263.58 per month);
(ii)For the period commencing on October 1, 2019 through and including September 30, 2024, One Million Four Hundred Thirty Five Thousand Eight Hundred Forty and 50/100 Dollars ($1,435,840.50) per annum ($119,653.38 per month); and
(iii)For the period commencing on October 1, 2024 through and including December 31, 2029, One Million Five Hundred Sixty Five Thousand One Hundred Ninety Five and 50/100 ($1,565,195.50) Dollars per annum ($130,432.96 per month).
(b)The Fixed Rent due solely with respect to the Lower Floors Premises shall be Four Million One Hundred Thirteen Thousand Four Hundred Eighty Nine and 00/100 ($4,113,489.00) Dollars per annum ($342,790.75 per month) for the period commencing on January 1, 2016 through and including September 30, 2019.
(c)Clarifying the first sentence of the second paragraph of Section 1.04(a) of the Original Lease, (i) the reference to “Section 6 of the Settlement Agreement” is deleted and replaced and superseded as follows “the terms of that certain Lease Reducing Junior Surplus Note, including, without limitation, clause (iv) on page 3, issued by the Segregated Account of Ambac Assurance Corporation (the “Issuer”) dated as of December 17, 2013 in the original principal amount of $13,056,298.00 (the “Lease Reducing Note”)”; and (ii) the following provision is added: “The Principal amount of the Lease Reducing Note shall be automatically reduced to the extent that Extension Term Rent Payments (as defined in the Lease Reducing Note) are actually paid by Tenant in respect of the period beginning January 1, 2016 and ending on the 2019 Expiration Date (as defined in that certain Modification of Lease) in accordance with and to the extent available under the Lease Reducing Note, including, without limitation, clause (i) on page 3.”
(d)The term “Base Wage Rate” (as set forth in Section 3.01(b) of the Original Lease) shall mean the Wage Rate in effect on December 31, 2016. For avoidance of doubt, Tenant shall not be obligated to pay any Operating Payments with respect to the period of time commencing on January 1, 2016 and ending on December 31, 2016.
(e)The term “Basic Tax” (as set forth in Section 3.02(c) of the Original Lease) shall mean the average of the Taxes for the July 1, 2015 to June 30, 2016 fiscal year and the Taxes for the July 1, 2016 to June 30, 2017 fiscal year. For avoidance of doubt, Tenant shall not be obligated to pay any Tax Payment with respect to the period of time commencing on January 1, 2016 and ending on December 31, 2016.
(f)Each reference to “July 1, 2011 to June 30, 2012” in the second paragraph of Section 3.08 of the Original Lease shall be deemed deleted and replaced with “July 1, 2016 to June 30, 2017”.
(g)Section 15.04(c) of the Original Lease shall be deemed deleted and replaced with the following:
“Landlord agrees to make available 136.5 tons of condenser water (“Condenser Water Tonnage”) for use by Tenant until September 30, 2019. Said condenser water shall be available on a 24-hour, 365 days per year basis, for Tenant’s supplemental air-conditioning units in the Premises at a cost to Tenant of $1,000.00 per ton per annum, regardless whether Tenant actually uses all of the tonnage of water being reserved for Tenant’s use. Notwithstanding anything to the contrary contained herein, from and after October 1, 2019, the Condenser Water Tonnage shall be reduced as follows based on the floor or floors that are surrendered and not leased (in accordance with Section 6 of that certain Modification of Lease):
	
		
	Floors Surrendered
	Applicable Reduction in Condenser Water

	 
	Tonnage

	15th Floor
	Reduced by 73.5

	16th Floor
	Reduced by 21.0

	17th Floor
	Reduced by 21.5

The parties acknowledge and agree that the Condenser Water Tonnage available for the 18th Floor Premises is currently 20.5 tons, unless Tenant does not timely elect to exercise the 2019 Extension Option with respect to the 17th Floor Premises, in which case the Condenser Water Tonnage available for the 18th Floor Premises shall be increased to a total of 25 tons (and such tonnage shall be the only remaining tonnage available to the 18th Floor Premises).”

2

(h)    Articles 28, 37 and 38 and Exhibit C of the Original Lease shall each be deemed deleted.
5.    18th Floor Premises Contribution.
(a)In consideration of Tenant building out, performing all of the work necessary for its continued occupancy of, and for Tenant completing all of such work in, the 18th Floor Premises (the “18th Floor Work”), Landlord agrees that if Tenant is not in default under the Lease beyond any applicable notice and grace periods (provided that upon the cure of any such default, Landlord shall be obligated hereunder), Landlord shall, in accordance with and subject to the terms of this Section 5, cause to be reimbursed to Tenant an amount equal to One Million Two Hundred Ninety Three Thousand Five Hundred Fifty and 00/100 Dollars ($1,293,550.00), representing “Landlord’s 18th Floor Contribution” to such work, it being understood and agreed that Landlord’s 18th Floor Contribution shall not exceed the sum of One Million Two Hundred Ninety Three Thousand Five Hundred Fifty and 00/100 Dollars ($1,293,550.00), and that all costs and expenses in excess of said sum shall be borne solely by Tenant. Landlord’s 18th Floor Contribution will be made available to Tenant as a reimbursement beginning October 1, 2019. In no event shall Landlord’s 18th Floor Contribution be payable to Tenant until the later to occur of: (x) all of the provisions of paragraph (c) of this Section 5 are fully satisfied; or (y) October 1, 2019.
(b)At any and all times during the progress of the 18th Floor Work, upon 24 hours’ notice to Tenant, representatives of Landlord shall have the right of access to the 18th Floor Premises and inspection thereof and shall have the right to withhold all or any portion of the Landlord’s 18th Floor Contribution as shall equal the cost of correcting any portions of such work which shall not have been performed: (i) in compliance with laws; and (ii) in substantial compliance with the final approved plans and specifications, as reasonably demonstrated by Landlord. Landlord shall use reasonable efforts to minimize interference with Tenant’s use and occupancy of the 18th Floor Premises during any such access, but Landlord shall not be required to employ labor at overtime rates.
(c)    Provided Tenant is not then in default under this Lease beyond any applicable notice and grace periods (provided that upon the cure of any such default, Landlord shall be obligated hereunder), Landlord’s 18th Floor Contribution shall be disbursed by Landlord in progress payments to Tenant in accordance herewith upon Tenant’s delivery of (i) a detailed itemization of the leasehold improvements installed by Tenant in the 18th Floor Premises; (ii) the written certification of Tenant’s architect (dated no more than thirty (30) days prior to such request) stating (1) that the amounts requisitioned are proper in all material respects, (2) what percentage of the 18th Floor Work has been completed, (3) that the work and materials represented thereby have been installed substantially in accordance with the approved plans, (4) that no part of such expenditure is being made the basis, in any previous or then pending prior request, for the receipt of Landlord’s 18th Floor Contribution or has been made out of the proceeds of Landlord’s 18th Floor Contribution received by Tenant, and (5) that the sum then requested does not exceed the value of the services and materials described in the certificate; a written approval by Tenant or its architect of its general contractor’s request for payment; itemized marked and receipted paid bills for labor and materials constituting portions of the 18th Floor Work submitted by the contractors, suppliers or consultants of the services or materials rendered; (v) waivers of liens evidencing the payment for any prior work performed and materials supplied for which Tenant previously applied for and received payment, executed and acknowledged by the contractors, suppliers and consultants which are entitled by statute to file mechanics liens; and (vi) copies of all permits and sign offs, as built plans, architectural and engineering plans (in both hard and electronic such as Auto CAD forms) with respect to all of the 18th Floor Work. Notwithstanding the foregoing, Landlord shall not withhold any portion of Landlord’s 18th Floor Contribution if Tenant is unable to provide such documentation due solely to the actions or inaction of Landlord or those holding by or through Landlord.
(d)    Such progress payment by Landlord to Tenant will be for ninety percent (90%) of the approved requisitioned amount, made once each month within thirty (30) business days after Tenant’s requisition package has been received by Landlord. In the event any mechanic’s lien shall have been filed relating to any work that has been performed by or for Tenant, an additional amount thereof may be withheld from payment until such lien has been removed by bond or otherwise.
(e)    Upon the completion of all of the 18th Floor Work, Tenant shall provide to Landlord (i) the certificate of Tenant’s architect stating that the work has been completed substantially in accordance with Tenant’s plans, (ii) an affidavit from Tenant’s general contractor that all sub-contractors, laborers, material suppliers for the 18th Floor Work have been paid in full and that all liens therefor that have been filed have been bonded, discharged of record or waived, (iii) certificates and approvals required to be obtained by Tenant or Tenant’s architect with respect to the work, that may be required by any governmental authority, have been obtained and copies given to Landlord, (iv) releases of lien with respect to the payment being requested from the general contractor and any contractors or sub-contractors hired by Tenant to supervise or perform any work within the 18th Floor Premises, (v) “as built” plans and specifications for the alterations constituting the 18th Floor Work, (vi) all Department of Buildings sign-offs and inspection certificates (or, in lieu of inspection certificates, to the extent permitted by the Building Department, certification by the Tenant’s architect pursuant to permitted “self-certification procedures”), and any permits required to be issued by the Department of Buildings or any other governmental entities having jurisdiction thereover, (vii) Letter of Completion from the Department of Buildings, (viii) Letter of Approval from the FDNY and (ix) such other documentation pertaining to the 18th Floor Work as Landlord may reasonably require, provided that such other documentation is reasonable and customary under the circumstances. At such time as Tenant shall have provided to Landlord all of the items referenced in clauses (i) through (ix), and provided Tenant is not then in default under this Lease beyond any applicable notice and grace periods (provided that upon the cure of any such default, 

3

Landlord shall be obligated hereunder), Landlord shall release to Tenant the portion of Landlord’s 18th Floor Contribution withheld pursuant to the preceding Section 5(d). Notwithstanding the foregoing, Landlord shall not withhold any portion of Landlord’s 18th Floor Contribution if Tenant is unable to provide such documentation due solely to the actions or inaction of Landlord or those holding by or through Landlord.
(f)Notwithstanding anything to the contrary herein contained, in the event that any sales taxes are due in connection with the performance of any of the 18th Floor Work and/or in connection with Tenant receiving all or any portion of Landlord’s 18th Floor Contribution, all such sales taxes shall be at Tenant’s sole cost and expense.
(g)Notwithstanding anything to the contrary herein contained, provided Tenant is not in default under the Lease (provided that upon the cure of any such default, Landlord shall be obligated hereunder), in the event Tenant: (i) completes the 18th Floor Work, but does not utilize all or any portion of the Landlord’s 18th Floor Contribution or elects not to pursue any 18th Floor Work; and (ii) delivers written notice thereof to Landlord, Landlord shall have the option to either: (x) permit Tenant to use such unused portion as a credit against future Fixed Rent payments due in respect of the 18th Floor Premises on and after October 1, 2019; or
(y)pay Tenant an amount equal to such unused portion, which payment shall in no event be made prior to October 1, 2019. Notwithstanding the foregoing, Landlord and Tenant each acknowledge and agree that the 18th Floor Work shall not be deemed to be complete until Tenant has delivered all of the items required to be delivered pursuant to Section 5(e) of this Modification of Lease.
6.    Extension Option.
(a)    Subject to the provisions of this Section, Tenant shall have the right to extend the term of the Lease (the “2019 Extension Option”) solely with respect to: (x) the 17th Floor Premises; or (y) both the 17th Floor Premises and the 16th Floor Premises (it being understood that Tenant shall not have such option solely with respect to the 16th Floor Premises), for one (1) additional term of ten (10) years and three (3) months (the "2019 Extension Term") commencing on October 1, 2019 (the “Commencement Date of the 2019 Extension Term”) and expiring on December 31, 2029, provided that:
(i)    Tenant shall give Landlord an irrevocable written notice (hereinafter called the "Extension Notice") of its election to extend the term of this Lease no later than April 30, 2018 (TIME BEING OF THE ESSENCE), which notice shall state whether Tenant is exercising its right to extend the term of the Lease with respect to: (x) the 17th Floor Premises; or both the 17th Floor Premises and the 16th Floor Premises.
(ii)Tenant is not in monetary or material non-monetary default under this Lease beyond any applicable notice and grace periods as of the time of the giving of the Extension Notice and the Commencement Date of the 2019 Extension Term; and
(iii)The original named Tenant (or an assignee of the original named Tenant made in accordance with Section 7.02 of the Original Lease) is in occupancy of substantially all of the Demised Premises.
(b)    In the event Tenant timely exercises its right to extend the term of this Lease solely with respect to the 17th Floor Premises pursuant to this Section 6, the Fixed Rent payable by Tenant to Landlord during the 2019 Extension Term solely with respect to the 17th Floor Premises shall be a sum equal to:
(i)For the period commencing on October 1, 2019 through and including September 30, 2024, One Million Four Hundred Thirty Five Thousand Eight Hundred Forty and 50/100 Dollars ($1,435,840.50) per annum ($119,653.38 per month); and
(ii)For the period commencing on October 1, 2024 through and including December 31, 2029, One Million Five Hundred Sixty Five Thousand One Hundred Ninety Five and 50/100 ($1,565,195.50) Dollars per annum ($130,432.96 per month).
(c)    In the event Tenant timely exercises its right to extend the term of this Lease with respect to both the 17th Floor Premises and the 16th Floor Premises pursuant to this Section 6, the Fixed Rent payable by Tenant to Landlord during the 2019 Extension Term solely with respect to the 17th Floor Premises and the 16th Floor Premises shall be a sum equal to:
(i)For the period commencing on October 1, 2019 through and including September 30, 2024, Two Million Eight Hundred Seventy One Thousand Six Hundred Eighty One and 00/100 ($2,871,681.00) Dollars per annum ($239,306.75 per month); and

4

(ii)For the period commencing on October 1, 2024 through and including December 31, 2029, Three Million One Hundred Thirty Thousand Three Hundred Ninety One and 00/100 ($3,130,391.00) Dollars per annum ($260,865.92 per month).
(d)    Except as provided in Paragraphs (b) and (c) of this Section 6 and Section 7 of this Modification of Lease, Tenant's occupancy of the 17th Floor Premises and 16th Floor Premises (as the case may be) during the 2019 Extension Term shall be on the same terms and conditions as are in effect immediately prior to the expiration of the immediately preceding term of this Lease, provided, however, Tenant shall accept the 17th Floor Premises and 16th Floor Premises (as the case may be) in its then as is condition, and except as otherwise specifically provided in Section 8 of this Modification of Lease, Landlord shall have no obligation to perform any work in or to the Demised Premises or provide Tenant with any monetary allowance and Tenant shall have no further right to extend the term of this Lease pursuant to this Article.
(e)    If Tenant does not timely send an Extension Notice pursuant to the provisions of this Section 6 (TIME BEING OF THE ESSENCE), this Section 6 shall have no force or effect and shall be deemed deleted from this Modification of Lease.
(f)    If the Lease is renewed with respect to the 17th Floor Premises and 16th  Floor Premises (as the case may be) in accordance with the provisions of this Section 6, then Landlord or Tenant can request the other party hereto to execute an instrument setting forth the exercise of Tenant's right to extend the terms of the Lease and the last day of the 2019 Extension Term; provided however in no event shall the failure to execute any such instrument by Tenant have any effect on the validity of the renewal of the Lease pursuant to this Section 6.
(g)    If Tenant exercises its right to extend the term of the Lease with respect to the 17th Floor Premises and 16th Floor Premises (as the case may be) for the 2019 Extension Term pursuant to this Section, the phrases "the term of this Lease" or "the term hereof" as used in the Lease, shall be construed to include, with respect to the 17th Floor Premises and 16th Floor Premises (as the case may be), when applicable, the 2019 Extension Term.
(h)    Notwithstanding anything to the contrary herein contained, in no event shall Tenant be permitted the right to extend the term of the Lease with respect to the 15th Floor Premises pursuant to this Section 6; it being understood that the expiration of the Lease with respect to the 15th Floor Premises shall be September 30, 2019, unless sooner terminated pursuant to the terms of the Lease.
7.    Additional Modifications.  Effective from and after October 1, 2019, the Original Lease shall be further modified, as follows:
(a)    In the event Tenant did not timely exercise the 2019 Extension Term with respect to both the 16th Floor Premises and the 17th Floor Premises (i.e., as of October 1, 2019, the only remaining portion of the Premises is the 18th Floor Premises):
(i)        The first paragraph of Section 3.01(c) of the Original Lease shall be deemed deleted and replaced with the following:
“For purposes of this Article 3 the number of square feet of rentable area contained in the Premises is hereby fixed (by mutual agreement) at 25,871 square feet.”
(ii)The reference to “103,484” in the second paragraph of Section 3.01(c) of the Original Lease shall be deemed deleted and replaced with “25,871”.
(iii)The term “Tenant’s Proportionate Share” (as set forth in Section 3.02(c) of the Original Lease) shall mean 3.4058%.
(b)    In the event Tenant timely exercised the 2019 Extension Term solely with respect to the 17th Floor Premises:
(i)The first paragraph of Section 3.01(c) of the Original Lease shall be deemed deleted and replaced with the following:
“For purposes of this Article 3 the number of square feet of rentable area contained in the Premises is hereby fixed (by mutual agreement) at 51,742 square feet and the number of square feet of rentable area contained on each individual floor comprising the Premises is hereby fixed (by mutual agreement) at 25,871 square feet.”

5

(ii)The reference to “103,484” in the second paragraph of Section 3.01(c) of the Original Lease shall be deemed deleted and replaced with “51,742”.
(iii)The term “Tenant’s Proportionate Share” (as set forth in Section 3.02(c) of the Original Lease) shall mean 6.8116%.
(c)    In the event Tenant timely exercised the 2019 Extension Term with respect to the 17th Floor Premises and the 16th Floor Premises:
(i)The first paragraph of Section 3.01(c) of the Original Lease shall be deemed deleted and replaced with the following:
“For purposes of this Article 3 the number of square feet of rentable area contained in the Premises is hereby fixed (by mutual agreement) at 77,613 square feet and the number of square feet of rentable area contained on each individual floor comprising the Premises is hereby fixed (by mutual agreement) at 25,871 square feet.”
(ii)The reference to “103,484” in the second paragraph of Section 3.01(c) of the Original Lease shall be deemed deleted and replaced with “77,613”.
(iii)The term “Tenant’s Proportionate Share” (as set forth in Section 3.02(c) of the Original Lease) shall mean 10.2174%.
(d)    Article 36 of the Original Lease shall be deemed deleted.
8.    Additional Contribution.
(a)    In the event Tenant timely exercises its right to renew term of the Lease for the 17th Floor Premises or the 17th Floor Premises and the 16th Floor Premises (such renewed portion of the Premises shall hereinafter sometimes be referred to as the “Renewed Premises”) pursuant to Section 6 of this Modification of Lease, then in consideration of Tenant building out, performing all of the work necessary for its continued occupancy of, and for Tenant completing all of such work in, the Renewed Premises (the “Renewed Premises Work”), Landlord agrees that if Tenant is not in default under the Lease beyond any applicable notice and grace periods (provided that upon the cure of any such default, Landlord shall be obligated hereunder), Landlord shall, in accordance with and subject to the terms of this Section 8, cause to be reimbursed to Tenant an amount equal to Six Hundred Forty Six Thousand Seven Hundred Seventy Five and 00/100 Dollars ($646,775.00), representing “Landlord’s Renewed Premises  Contribution” to such work, it being understood and agreed that Landlord’s Renewed Premises Contribution shall not exceed the sum of Six Hundred Forty Six Thousand Seven Hundred Seventy Five and 00/100 Dollars ($646,775.00), and that all costs and expenses in excess of said sum shall be borne solely by Tenant; provided that in the event the Renewed Premises consist of the 17th Floor Premises and the 16th Floor Premises, Landlord’s Renewed Premises Contribution shall be increased by $258,710.00 so that the total Landlord’s Renewed Premises Contribution shall be equal to Nine Hundred Five Thousand Four Hundred Eighty Five and 00/100 Dollars ($905,485.00). Landlord’s Renewed Premises Contribution will be made available to Tenant as a reimbursement beginning October 1, 2019. In no event shall Landlord’s Renewed Premises Contribution be payable to Tenant until the later to occur of: (x) all of the provisions of paragraph (c) of this Section 8 are fully satisfied; or (y) October 1, 2019.
(b)At any and all times during the progress of the Renewed Premises Work, upon 24 hours’ notice to Tenant, representatives of Landlord shall have the right of access to the Renewed Premises and inspection thereof and shall have the right to withhold all or any portion of the Landlord’s Renewed Premises Contribution as shall equal the cost of correcting any portions of such work which shall not have been performed: (i) in compliance with laws; and (ii) in substantial compliance with the final approved plans and specifications, as reasonably demonstrated by Landlord. Landlord shall use reasonable efforts to minimize interference with Tenant’s use and occupancy of the Renewed Premises during any such access, but Landlord shall not be required to employ labor at overtime rates.
(c)Provided Tenant is not then in default under this Lease beyond any applicable notice and grace periods (provided that upon the cure of any such default, Landlord shall be obligated hereunder), Landlord’s Renewed Premises Contribution shall be disbursed by Landlord in progress payments to Tenant in accordance herewith upon Tenant’s delivery of (i) a detailed itemization of the leasehold improvements installed by Tenant in the Renewed Premises; (ii) the written certification of Tenant’s architect (dated no more than thirty (30) days prior to such request) stating (1) that the amounts requisitioned are proper in all material respects, (2) what percentage of the Renewed Premises Work has been completed, (3) that the work and materials represented thereby have been installed substantially in accordance with the approved plans, (4) that no part of such expenditure is being made the basis, in any previous or then pending prior request, for the receipt of Landlord’s Renewed Premises Contribution or has been made out of the proceeds of Landlord’s Renewed Premises Contribution received by Tenant, and (5) that the sum then requested does not exceed the value of the services and materials described in the certificate; (iii) a written 

6

approval by Tenant or its architect of its general contractor’s request for payment; (iv) itemized marked paid bills for labor and materials constituting portions of the Renewed Premises Work submitted by the contractors, suppliers or consultants of the services or materials rendered; (v) waivers of liens evidencing the payment for any prior work performed and materials supplied for which Tenant previously applied for and received payment, executed and acknowledged by the contractors, suppliers and consultants which are entitled by statute to file mechanics liens; and (vi) copies of all permits and sign offs, as built plans, architectural and engineering plans (in both hard and electronic such as Auto CAD forms) with respect to all of the Renewal Premises Work. Notwithstanding the foregoing, Landlord shall not withhold any portion of Landlord’s Renewed Premises Contribution if Tenant is unable to provide such documentation due solely to the actions or inaction of Landlord or those holding by or through Landlord.
(d)Such progress payment by Landlord to Tenant will be for ninety percent (90%) of the approved requisitioned amount, made once each month within thirty (30) business days after Tenant’s requisition package has been received by Landlord. In the event any mechanic’s lien shall have been filed relating to any work that has been performed by or for Tenant, an additional amount thereof may be withheld from payment until such lien has been removed by bond or otherwise.
(e)Upon the completion of all of the Renewed Premises Work, Tenant shall provide to Landlord (i) the certificate of Tenant’s architect stating that the work has been completed substantially in accordance with Tenant’s plans, (ii) an affidavit from Tenant’s general contractor that all sub-contractors, laborers, material suppliers for the Renewed Premises Work have been paid in full and that all liens therefor that have been filed have been bonded, discharged of record or waived, (iii) certificates and approvals required to be obtained by Tenant or Tenant’s architect with respect to the work, that may be required by any governmental authority, have been obtained and copies given to Landlord, (iv) releases of lien with respect to the payment being requested from the general contractor and any contractors or sub-contractors hired by Tenant to supervise or perform any work within the Renewed Premises, (v) “as built” plans and specifications for the alterations constituting the Renewal Premises Work, (vi) all Department of Buildings sign-offs and inspection certificates (or, in lieu of inspection certificates, to the extent permitted by the Building Department, certification by the Tenant’s architect pursuant to permitted “self-certification procedures”), and any permits required to be issued by the Department of Buildings or any other governmental entities having jurisdiction thereover, (vii) Letter of Completion from the Department of Buildings, (viii) Letter of Approval from the FDNY and (ix) such other documentation pertaining to the Renewed Premises Work as Landlord may reasonably require, provided that such other documentation is reasonable and customary under the circumstances. At such time as Tenant shall have provided to Landlord all of the items referenced in clauses (i) through (ix), and provided Tenant is not then in default under this Lease beyond any applicable notice and grace periods (provided that upon the cure of any such default, Landlord shall be obligated hereunder), Landlord shall release to Tenant the portion of Landlord’s Renewed Premises Contribution withheld pursuant to the preceding Section 8(d). Notwithstanding the foregoing, Landlord shall not withhold any portion of Landlord’s Renewed Premises Contribution if Tenant is unable to provide such documentation due solely to the actions or inaction of Landlord or those holding by or through Landlord.
(f)Notwithstanding anything to the contrary herein contained, in the event that any sales taxes are due in connection with the performance of any of the Renewed Premises Work and/or in connection with Tenant receiving all or any portion of Landlord’s Renewed Premises Contribution, all such sales taxes shall be at Tenant’s sole cost and expense.
(g)Notwithstanding anything to the contrary herein contained, provided Tenant is not in default under the Lease (provided that upon the cure of any such default, Landlord shall be obligated hereunder), in the event Tenant: (i) completes the Renewed Premises Work, but does not utilize all or any portion of the Landlord’s Renewed Premises Contribution or elects not to pursue any Renewal Premises Work; and (ii) delivers written notice thereof to Landlord, Landlord shall have the option to either: (x) permit Tenant to use such unused portion as a credit against future Fixed Rent payments due in respect of the Renewed Premises on and after October 1, 2019; or (y) pay Tenant an amount equal to such unused portion, which payment shall in no event be made prior to October 1, 2019. Notwithstanding the foregoing, Landlord and Tenant each acknowledge and agree that the Renewed Premises Work shall not be deemed to be complete until Tenant has delivered all of the items required to be delivered pursuant to Section 8(e) of this Modification of Lease.
9.Notices. As of the date hereof, notices under Article 29 of the Original Lease shall be sent to Tenant at the following address:
AMBAC Assurance Corporation 
One State Street Plaza 
New York, NY 10004 
Attn: Chief Executive Officer
with a copy to:
AMBAC Assurance Corporation 
One State Street Plaza 
New York, NY 10004 
Attn: General Counsel

7

10.Defined Terms. All capitalized terms and other terms not otherwise defined herein shall have the meanings ascribed to them in the Lease.
11.Broker. Tenant covenants, warrants and represents that no broker except Newmark Grubb Knight Frank (herein called the “Broker”) was instrumental in bringing about or consummating this Modification of Lease and that Tenant has not dealt with any broker except the Broker concerning the leasing of the Premises. Tenant agrees to indemnify and hold harmless Landlord against and from any claims made by any other person other than the Broker for any brokerage commissions and all costs, expenses and liabilities in connection therewith, including, without limitation, reasonable attorneys’ fees and expenses, who shall claim to have dealt with Tenant in connection with this Modification of Lease. Landlord covenants, warrants and represents that no broker except the Broker was instrumental in bringing about or consummating this Modification of Lease and that Landlord has not dealt with any broker purporting to represent Tenant except the Broker. Landlord agrees to indemnify and hold harmless Tenant against and from any claims made by any person, including (to the extent of its failure to perform its obligations pursuant to the next to last sentence of this paragraph) the Broker, for any brokerage commissions and all costs, expenses and liabilities in connection therewith, including without limitation, reasonable attorneys’ fees and expenses, if the representation set forth in the previous sentence is false. Landlord shall be solely responsible for the payment of any commission or other compensation due the Broker in accordance with a separate agreement. This Section 11 shall survive the expiration or earlier termination of the term of the Lease.
12.Incorporation. The preamble and recitals contained in the “WHEREAS” clauses of this Modification of Lease are hereby incorporated into this Modification of Lease.
13.Ratification. Except as expressly modified or amended by this Modification of Lease, all of the terms, covenants and conditions of the Lease are hereby ratified and confirmed and, except insofar as reference to the contrary is made in any such instrument, all references to the “Lease” in any future correspondence or notice shall be deemed to refer to the Original Lease as modified by this Modification of Lease.
14.Modification of Lease shall control. To the extent there are any inconsistencies between the Original Lease and this Modification of Lease, the terms of this Modification of Lease shall control.
15.Miscellaneous. This Modification of Lease may be executed in counterparts or counterpart signature pages, all of which when taken together shall constitute one agreement. No third party shall be deemed a third party beneficiary to this Modification of Lease.
IN WITNESS WHEREOF, Landlord and Tenant have duly executed this Modification of Lease as of the date first above written.
	
			
	 
	LANDLORD:

	 
	 

	 
	ONE STATE STREET LLC

	 
	 
	 

	 
	By:
	/s/ Eli Levitin

	 
	Name:
	Eli Levitin, Managing Director

	 
	Title:
	Authorized Signatory

	 
	 
	 

	 
	TENANT:

	 
	 

	 
	AMBAC ASSURANCE CORPORATION

	 
	 
	 

	 
	By:
	/s/ David Trick

	 
	Name:
	David Trick

	 
	Title:
	President & CEO

8

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