Document:

Lease, dated as of June 30, 2010

 EXHIBIT 10.2 

LEASE 

IIT 1905 RAYMOND AVENUE LLC, LANDLORD 

AIR EXPRESS INTERNATIONAL USA, INC. dba DHL GLOBAL FORWARDING, TENANT 

Dated as of June 30, 2010 
  

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 LEASE 

TABLE OF CONTENTS 
  

							
	 	 	 	  	 	  	Page
			
	 1.
	 	 BASIC LEASE TERMS
	  	1
	 1A.
	 	 SPECIAL LEASE TERMS
	  	3
	 2.
	 	 PREMISES
	  	6
	 3.
	 	 TERM
	  	6
		 	 3.1
	  	Commence	  	6
		 	 3.2
	  	Expire	  	6
	 4.
	 	 TENANT IMPROVEMENTS; EARLY POSSESSION; DELAYED DELIVERY OF POSSESSION
	  	6
		 	 4.1
	  	Tenant Improvements	  	6
		 	 4.2
	  	Early Occupancy [omitted]	  	6
		 	 4.3
	  	Landlord Delay	  	6
		 	 4.4
	  	Tenant Delay	  	6
	 5.
	 	 RENT
	  	6
		 	 5.1
	  	Rent	  	6
		 	 5.2
	  	Manner of Payment	  	7
		 	 5.3
	  	No Abatement of Rent	  	7
	 6.
	 	 PREPAID RENT AND SECURITY DEPOSIT [omitted]
	  	7
	 7.
	 	 USE OF PREMISES
	  	7
		 	 7.1
	  	Use	  	7
		 	 7.2
	  	Prohibited Uses	  	7
		 	 7.3
	  	No Nuisance	  	7
		 	 7.4
	  	Outside Storage	  	7
	 8.
	 	 ADDITIONAL RENT FOR OPERATING EXPENSES
	  	8
		 	 8.1
	  	Tenant Payment	  	8
		 	 8.2
	  	Tenant’s Share	  	8
		 	 8.3
	  	Definitions	  	8
		 	 8.4
	  	Determination of Operating Expenses	  	11
		 	 8.5
	  	Reconciliation	  	11
		 	 8.6
	  	Upon Lease Termination	  	11
		 	 8.7
	  	Tenant Review of Operating Expenses	  	11
	 9.
	 	 Common Areas
	  	12
		 	 9.1
	  	Use of Common Areas	  	12
		 	 9.2
	  	Definition of Common Areas	  	12
	 10.
	 	 Maintenance and Repair Responsibility
	  	12
		 	 10.1
	  	Landlord’s Maintenance Obligations	  	12
		 	 10.2
	  	Janitorial Service	  	13
		 	 10.3
	  	No Obligation For Alteration	  	13
		 	 10.4
	  	Landlord or Tenant Caused	  	13
	 11.
	 	 UTILITIES
	  	13
		 	 11.1
	  	Furnishing of Utilities	  	13
		 	 11.2
	  	Additional Services [omitted]	  	13
		 	 11.3
	  	After Hours [omitted]	  	14
		 	 11.4
	  	Landlord’s Restoration Obligation	  	14
		 	 11.5
	  	Telecommunications Providers	  	14
	 12.
	 	 LIMITS ON LANDLORD’S LIABILITY
	  	14
		 	 12.1
	  	Circumstances Beyond Control	  	14

  

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		 	 12.2
	  	Unreasonable Period of Failure	  	14
		 	 12.3
	  	No Consequential Damages	  	15
	 13.
	 	 ALTERATIONS AND ADDITIONS BY TENANT; LIENS AND INSOLVENCY
	  	15
		 	 13.1
	  	Alterations and Additions by Tenant	  	15
		 	 13.2
	  	Liens and Insolvency	  	15
	 14.
	 	 INSURANCE; INDEMNITY
	  	16
		 	 14.1
	  	Landlord’s Responsibility	  	16
		 	 14.2
	  	Waiver	  	16
		 	 14.3
	  	Indemnity	  	16
		 	 14.4
	  	Tenant’s Insurance	  	16
		 	 14.5
	  	Landlord’s Insurance	  	16
		 	 14.6
	  	Proceeds	  	17
		 	 14.7
	  	Waiver of Subrogation	  	17
		 	 14.8
	  	Notification of Accidents	  	17
	 15.
	 	 DESTRUCTION
	  	17
		 	 15.1
	  	Election to Restore	  	17
		 	 15.2
	  	Rent Abatement	  	18
		 	 15.3
	  	Repairs to Tenant Installations	  	18
		 	 15.4
	  	No Compensation	  	18
		 	 15.5
	  	Common Areas	  	18
		 	 15.6
	  	Damage at the End of Term	  	18
	 16.
	 	 CONDEMNATION
	  	18
		 	 16.1
	  	Termination of Lease	  	18
		 	 16.2
	  	Election of Termination	  	18
		 	 16.3
	  	Reduction of Rent	  	19
		 	 16.4
	  	Award	  	19
		 	 16.5
	  	Landlord Authority	  	19
	 17.
	 	 ASSIGNMENT AND SUBLETTING
	  	19
		 	 17.1
	  	Landlord Consent Required; Exceptions	  	19
		 	 17.2
	  	Deemed Assignment	  	19
		 	 17.3
	  	Recapture	  	20
		 	 17.4
	  	Additional Requirements; Release	  	20
		 	 17.5
	  	Assignment with Bankruptcy	  	20
		 	 17.6
	  	Sale	  	21
		 	 17.7
	  	Binding	  	21
	 18.
	 	 DEFAULT
	  	21
		 	 18.1
	  	Definition of Default	  	21
		 	 18.2
	  	Landlord Default	  	22
	 19.
	 	 REMEDIES IN DEFAULT
	  	22
		 	 19.1
	  	Landlord Remedies	  	22
		 	 19.2
	  	Tenant Payment of Costs	  	22
		 	 19.3
	  	Termination	  	22
		 	 19.4
	  	No Termination	  	22
		 	 19.5
	  	Landlord Election to Make Tenant Advances	  	23
	 20.
	 	 ACCESS
	  	23
	 21.
	 	 SURRENDER OF PREMISES; HOLD-OVER TENANCY
	  	23
		 	 21.1
	  	Surrender of Premises	  	23
		 	 21.2
	  	Removal of Personal Property	  	23
		 	 21.3
	  	Removal of Alterations and Tenant Improvements	  	24
		 	 21.4
	  	Delivery of Keys	  	24
		 	 21.5
	  	Hold-Over Tenancy	  	24
	 22.
	 	 COMPLIANCE WITH LAW
	  	24
	 23.
	 	 RULES AND REGULATIONS
	  	25

  

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	 24.
	 	 PARKING
	  	25
	 25.
	 	 CERTIFICATES
	  	25
	 26.
	 	 SUBORDINATION
	  	25
	 27.
	 	 PERSONAL PROPERTY TAXES
	  	26
	 28.
	 	 NOTICES
	  	26
	 29.
	 	 CONDITION OF PREMISES
	  	26
	 30.
	 	 HAZARDOUS SUBSTANCES
	  	26
		 	 30.1
	  	Tenant Obligations	  	26
		 	 30.2
	  	Tenant Indemnity	  	27
		 	 30.3
	  	Landlord Inspection	  	27
		 	 30.4
	  	Landlord Warranty	  	27
		 	 30.5
	  	Landlord Obligations	  	27
		 	 30.6
	  	Environmental Reports	  	27
		 	 30.7
	  	Survival	  	28
	 31.
	 	 SIGNS
	  	28
	 32.
	 	 GENERAL PROVISIONS
	  	28
		 	 32.1
	  	Attorneys’ Fees	  	28
		 	 32.2
	  	Governing Law; Venue	  	28
		 	 32.3
	  	Cumulative Remedies	  	28
		 	 32.4
	  	Exhibits; Addenda	  	28
		 	 32.5
	  	Interpretation	  	28
		 	 32.6
	  	Joint Obligation	  	28
		 	 32.7
	  	Late Charges; Interest	  	28
		 	 32.8
	  	Light, Air, and View	  	29
		 	 32.9
	  	Measurements	  	29
		 	 32.10
	  	Abandonment of Premises	  	29
		 	 32.11
	  	Prior Agreements; Amendments	  	29
		 	 32.12
	  	Recordation	  	29
		 	 32.13
	  	Liability	  	29
		 	 32.14
	  	Severability	  	30
		 	 32.15
	  	Time	  	30
		 	 32.16
	  	Waiver	  	30
		 	 32.17
	  	Force Majeure	  	30
		 	 32.18
	  	Quiet Enjoyment	  	30
	 33.
	 	 AUTHORITY OF TENANT
	  	30
		 	 33.1
	  	Tenant as Corporation	  	30
		 	 33.2
	  	Tenant as Partnership or LLC	  	30
		 	 33.3
	  	Authority; Binding	  	31
	 34.
	 	 FINANCIAL STATEMENTS
	  	31
	 35.
	 	 BROKERS
	  	31
	 36.
	 	 COUNTERPARTS
	  	31
	 37.
	 	 FURTHER ASSURANCES
	  	31
		
	 Exhibits to this Lease:
	  	
	 Exhibit A-1
	  	Site Plan Showing Premises	  	
	 Exhibit A-2
	  	Legal Description of Property	  	
	 Exhibit B
	  	Work Letter	  	
	 Exhibit C
	  	Tenant’s Insurance	  	
	 Exhibit D
	  	Parent Guaranty	  	

  

 -iii- 

 LEASE 

THIS LEASE, dated as of
                    , 2010, is made by and between IIT 1905 RAYMOND AVENUE LLC, a Delaware limited liability company (“Landlord”),
and AIR EXPRESS INTERNATIONAL USA, INC., an Ohio corporation dba DHL GLOBAL FORWARDING (“Tenant”). 
  

	1.	Basic Lease Terms. This Section sets forth certain basic terms of this Lease for reference purposes. This Section is to be read in conjunction with the other
provisions of this Lease; provided, however, to the extent of any inconsistency between this Section and the other provisions of this Lease, this Section shall control. 

Leased Premises (See § 2) 
  

			
	Building:	    	Raymond Avenue Building
		
	Address:	    	 1905 Raymond Avenue SW
 Renton,
WA 98057-9005

 Premises: Approximately 126,660 square feet of rentable area, on 2 floors 

Term (See §§ 1A.6, 1A.9, 3 and 4) 

Commencement Date: The Closing Date under the Purchase and Sale Agreement (as that term is defined in Section 38, below) 

Expiration Date: October 31, 2020 

Base Monthly Rent (See § 5) 

Commencing on the Commencement Date, Tenant shall pay Base Monthly Rent as follows: 

 

				
	 Months
	  	Monthly Rent:
	The Commencement Date - July 31, 2010	  	$	25,000
	August 1, 2010 - August 31, 2010	  	$	50,000
	September 1, 2010 - September 30, 2010	  	$	50,000
	October 1, 2010 - October 31, 2010	  	$	50,000
	November 1, 2010 - November 30, 2010	  	$	50,000
	December 1, 2010 - December 31, 2010	  	$	71,305.81
	January 1, 2011 - October 31, 2011	  	$	84,440.00
	November 1, 2011- October 31, 2012	  	$	86,128.80
	November 1, 2012- October 31, 2013	  	$	87,851.38
	November 1, 2013- October 31, 2014	  	$	89,608.40
	November 1, 2014- October 31, 2015	  	$	91,400.57
	November 1, 2015 October 31, 2016	  	$	93,228.58
	November 1, 2016- October 31, 2017	  	$	95,093.15
	November 1, 2017- October 31, 2018	  	$	96,995.02
	November 1, 2018- October 31, 2019	  	$	98,934.92
	November 1, 2019 - October 31, 2020	  	$	100,913.62

  

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 Security Deposit (See § 6) $0 

Operating Expenses (See § 8) 

Tenant’s Share 100.00% 

Initial Additional Rent $13,147.00/Mo. (estimate) 

Parking (See § 24) 189 spaces 

Permitted Use (See § 7) Office and warehouse for airfreight operations and sales, including truck staging, light maintenance and washing
of vehicles used in airfreight operations. Uses permitted 24/7. 
 Addresses for Notices (See § 28; see also § 10.1 of
Work Letter) 
 Landlord: 

IIT 1905 RAYMOND AVENUE LLC 

c/o IIT Acquisitions LLC 

518 17th Street, Suite 1700 

Denver, CO 80202 

Attn: Tom McGonagle, Chief Financial Officer 

With a copy to: 

Brownstein Hyatt Farber Schreck, LLP 

410 Seventeenth Street, Suite 2200 

Denver, CO 80202 

Attn: Noelle Riccardella, Esq. 

Tenant: 

DHL Global Forwarding 

1210 South Pine Island Road 

Plantation, Florida 33324 

Attn: Suite 200 Real Estate 

With a copy to: 

DHL Global Forwarding 

1210 South Pine Island Road 

Plantation, Florida 33324 

Attn: Suite 100 Legal 

Brokers (See § 35) 

None 
  

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	1A.	Special Lease Terms. The following additional Lease terms shall apply. To the extent of any inconsistency between this Section 1A and the other provisions
of this Lease, this Section 1A shall control. 

  

	 	1A.1	Tenant Improvements. Tenant will construct Tenant Improvements in accordance with the Work Letter attached to this Lease as Exhibit B and the Tenant
Improvements Plans developed and approved as described in the Work Letter. The cost of the Tenant Improvements will be covered by Tenant, subject to Section 7.6 of the Work Letter. As provided in detail in the Work Letter, the actual Tenant
Improvements Costs in excess of $1,330,000, up to $150,000, shall be Amortized TI Costs. The total amount of Amortized TI Costs will be amortized over the initial Term at the rate of 9% per annum and paid monthly by Tenant as Additional Rent.
Actual Tenant Improvement Costs in excess of $1,480,000 will be Tenant’s responsibility. 

 Tenant will use
commercially reasonable efforts to achieve Substantial Completion of the Tenant Improvements by December 15, 2010. 
  

	 	1A.2	Early Access. Tenant acknowledges that Hunter Douglas Real Property, Inc. (“Hunter Douglas”) has the right to occupy the Premises after the
Commencement Date of this Lease pursuant to a lease agreement between Landlord and Hunter Douglas (the “Hunter Douglas Lease”). Tenant acknowledges that its right to possession of the Premises shall be subject to the rights of Hunter
Douglas under the Hunter Douglas Lease, and that in no event shall the Hunter Douglas Lease be considered a breach of this Lease. Tenant further acknowledges that it shall commence paying Rent in accordance with the terms of this Lease,
notwithstanding Hunter Douglas’ possession of the Premises, and that Tenant shall have no right to terminate this Lease or to receive an abatement of Rent due to Hunter Douglas’ possession of the Premises. Upon Hunter Douglas’
vacation of the Premises, or upon an express agreement between Tenant and Hunter Douglas, Tenant shall have the right to enter the Property and the Premises to begin construction of the Tenant Improvements, in accordance with the Work Letter. If
Hunter Douglas has not vacated and surrendered the Premises by September 1, 2010, Landlord will promptly initiate the commercially reasonable legal proceedings to cause the eviction of Hunter Douglas from the Premises, subject to Tenant’s
reimbursement of Landlord’s actual and reasonable costs incurred in connection therewith. Any such amounts owed by Tenant shall be Additional Rent. Tenant shall pay such amounts within thirty (30) days of receipt of an invoice from
Landlord for the same. 

  

	 	1A.3	Condition of Premises. Notwithstanding Section 29, Landlord will at its sole expense cause the lighting, mechanical and other building operating systems in
the Premises to be in good working order by the Commencement Date. 

  

	 	1A.4	Acknowledgment of Hazardous Substances. Landlord hereby acknowledges that Tenant’s use of the Premises involves trucks and other vehicles, using gasoline
and other petroleum products, and approves the use of Hazardous Substances in connection with that use, as provided in, and subject to the other requirements of, Section 30. 

 

	 	1A.5	Tenant Exterior Sign. Landlord approves the installation by Tenant of an exterior sign on the Building, provided that the sign and installation thereof meet all
applicable local sign ordnances and other legal requirements, as provided in Section 31. Tenant shall install any such sign after the Commencement Date, at Tenant’s sole expense and risk. 

 

	 	1A.6	 Early Termination by Tenant. Provided there is no uncured Default by Tenant under this Lease at such time, Tenant shall have a one-time right to
terminate this Lease effective 

  

 -3- 

	 	 
at the expiration of the first 60 Months of the Term. This right may be exercised only by written notice by Tenant to Landlord and the payment by Tenant to Landlord of a cancellation fee. The
notice must be given and the fee must be paid on or before the expiration of the first 54 Months of the Term. Timely delivery of the written notice together with the fee to Landlord is a condition to Tenant’s right to terminate this Lease. The
amount of the cancellation fee shall be $1,210,000. Between the exercise of the termination right and the effective date of termination, Tenant shall continue to pay Rent as before, and all the other provisions of this Lease shall continue to apply.
Tenant’s exercise of the right to terminate shall not affect any obligation for Rent, or other obligation of Tenant under this Lease, that accrued before the exercise of the termination right. 

 

	 	1A.7	Option and Right of First Offer. [intentionally omitted] 

  

	 	1A.8	Abatement of Base Monthly Rent. [intentionally omitted] 

  

	 	1A.9	Extension Options. 

  

	 	1A.9.1	Grant of Extension Options. Tenant shall have 2 successive options to extend the Term of this Lease for an additional 3 years each (each, an “Extension
Term”). Each such option may be exercised by Tenant only by written notice of exercise to Landlord no earlier than 210 days and no later than 180 days before the expiration of the then-effective Term. 

 

	 	1A.9.2	Effect of Exercise. Upon Tenant’s exercise, all the terms and conditions of this Lease shall apply through the Extension Term, except that (a) Base
Monthly Rent at the commencement of the Extension Term shall be equal to 95% of the Fair Market Monthly Rent for the Premises in accordance with Section 1A.9.3, and (b) the Base Monthly Rent shall increase by 2.75% on the expiration of
each 12 months of the Extension Term. In no event will the Fair Market Monthly Rent be less than the Base Rent during the last month of the then expiring term. As used in this Section 1A.9, the “Fair Market Monthly Rent” shall mean
the prevailing fair market monthly rent during the Extension Term for comparable space located in Kent Valley (“Rent Comparison Area”), and shall take into account the Base Monthly Rent increase as specified above. Upon determination of
the Fair Market Monthly Rent, the parties shall execute an amendment to the Lease memorializing the Base Monthly Rent for the Extension Term. 

  

	 	1A.9.3	Determination of Rent for Extension Term. 

  

	 	(a)	Within 20 days of Tenant’s notice of exercise, Landlord shall propose a Base Monthly Rent for the Extension Term. The parties shall negotiate in good faith, but if
they do not agree upon the Base Monthly Rent by 30 days after the delivery of Landlord’s proposal, then either party may elect to cause the Base Monthly Rent to be determined by reference to the appraised Fair Market Rent. That election shall
be made by notice to the other party, including in the notice the designation of an appraiser. The other party may accept the designated appraiser or designate another appraiser within 10 days of the notice. If it does not designate another
appraiser in that period, it shall be deemed to have accepted the first appraiser. If a second appraiser is designated, the two appraisers shall promptly appoint a third appraiser. 

 

 -4- 

	 	(b)	Each appraiser shall determine the Fair Market Rent by reference to all factors deemed appropriate in his or her professional opinion, and notify the parties, within 30
days of the date of appointment of the last appraiser, of Fair Market Rent. The Base Monthly Rent for the Extension Term shall be calculated as provided in Section 1A.9.2 with the Fair Market Monthly Rent determined by the single appraiser or,
if there are three appraisers, the mean average of the two closest Fair Market Monthly Rents. 

  

	 	(c)	All appraisers under this appraisal provision shall be independent certified professional MAI appraisers with at least five years’ experience appraising
office/warehouse properties within the Rent Comparison Area. If there are three appraisers, each party shall pay for the cost of its designated appraiser and 50% of the cost of the third appraiser. If there is only one appraiser, each party shall
pay 50% of the cost of the appraiser. 

  

	 	1A.9.4	No Default. Tenant may not exercise its option to renew the Term at any time in which it is in Default under this Lease and such Default remains uncured. If
Tenant becomes in Default under this Lease after exercise of its option to extend the Term but before the commencement of the Extension Term and such Default remains uncured, Landlord may, in addition to its other remedies under this Lease, elect to
terminate the extension by notice in writing to Tenant, whereupon the Term shall expire without any extension. 

  

	 	1A.10	Expansion of Office Uses. [intentionally omitted]. 

  

	 	1A.11	Flood Insurance Without limiting Section 14.5, Landlord shall continue to carry flood loss insurance for the Building and Property, with the following
coverage, or higher coverage: flood damage policy in the amount of $2,000,000 per occurrence and $2,000,000 in the aggregate. 

  

	 	1A.12	Parking. In addition to the right to exclusive parking spaces described in Section 24, Tenant may park trucks and other vehicles used in its airfreight
operations at the loading dock areas of the Premises 24/7. 

  

	 	1A.13	Flood Risk. Landlord shall use diligent efforts from and after the date of this Lease to stay informed concerning flood risks related to the Property. Landlord
shall have no obligation to implement any mitigation measures that Landlord determines in good faith are financially or physically unfeasible or impracticable. To the extent any loss by flooding during construction of the Tenant Improvements is
beyond the reasonable control of Landlord, it shall be a Force Majeure event within the meaning of Section 32.17 of this Lease. 

  

	 	1A.14	Financial Statements. The requirement to deliver financial statements under Section 34 shall not apply to the original Tenant or to any permitted assignee
who is an affiliate of the original Tenant. 

  

	 	1A.15	 Guaranty. Within 20 days after the execution of this Lease, Tenant’s parent, Deutsche Post, shall execute and deliver to Landlord an
absolute and unconditional guaranty of payment (in amount not to exceed $11,095,133.00), of any and all amounts due under this Lease, including to pay or reimburse Landlord for leasing commissions, previously abated Base Rent, and Tenant Improvement
Costs, as defined in the Work Letter (“Guaranteed Costs”), whether (i) for excess Tenant Improvement Costs under Section 

 

 -5- 

	 	 
7.1 of the Work Letter or for Tenant Changes under Section 7.3 of the Work Letter, (ii) through the amortization of such Tenant Improvement Costs into Additional Rent as described in
Section 1A.1, (iii) in connection with an early termination by Tenant, as described in Section 1A.6, (iv) in the event Tenant becomes liable for any Guaranteed Costs upon the exercise by Landlord of remedies for any Default by
Tenant, or for any other requirement to pay or reimburse Landlord for Guaranteed Costs under this Lease or the Work Letter (“Parent Guaranty”). The guaranty shall be in the form Attached as Exhibit D hereto. No assignment of this
Lease, or sublease of all or any portion of the Premises, to an affiliate of Tenant that is permitted under Section 17 shall affect the continuing effectiveness of the Parent Guaranty. If the Parent Guaranty is not delivered as required by the
expiration of 40 days after the mutual execution of this Lease, Landlord shall have the option to terminate this Lease at any time thereafter until the Parent Guaranty is provided. 

 

	2.	Premises. Landlord agrees to lease to Tenant and Tenant agrees to lease from Landlord the Premises shown on the site plan attached as Exhibit A-1 and
consisting of approximately the square feet designated in Section 1, which is 100% of the rentable area of the Building The Building is located on the real property described on Exhibit A-2 (“Property”). Tenant shall also have
the exclusive right to use the parking areas described in Section 24 and as provided in Section 24. Tenant shall also have the exclusive right to use the loading dock areas of the Building. Notwithstanding the foregoing, Landlord’s
obligation to lease the Premises to Tenant and Tenant’s obligation to lease the Premises from Landlord shall be contingent upon Landlord acquiring title to the property on or prior to the Commencement Date. 

 

	3.	Term. 

  

	 	3.1	Commence. The term of this Lease (“Term”) shall commence on the Commencement Date set forth in Section 1. 

 

	 	3.2	Expire. The Term shall expire on the Expiration Date set forth in Section 1, subject to Section 4, unless sooner terminated or extended as provided in
this Lease. 

  

	4.	Tenant Improvements; Early Possession; Delayed Delivery of Possession. 

 

	 	4.1	Tenant Improvements. Any initial improvements to or construction on the Premises to prepare the Premises for Tenant shall be carried out in accordance with the
Work Letter attached as Exhibit B and the Tenant Improvements Plans developed and approved as described in the Work Letter. As used herein, “Tenant Improvements” shall be as defined in the Work Letter. 

 

	 	4.2	Early Occupancy. [omitted—see Section 1A.2] 

  

	 	4.3	Landlord Delay. [intentionally omitted] 

  

	 	4.4	Tenant Delay. [intentionally omitted] 

  

	5.	Rent. 

  

	 	5.1	 Rent. Beginning on the Commencement Date and throughout the Term, Tenant shall pay to Landlord the Base Monthly Rent specified in Section 1
and the Additional Rent as set forth in Section 8 and elsewhere in this Lease (the Base Monthly Rent and the Additional Rent are collectively referred to as “Rent”). Rent shall be paid in advance, first on or before the Commencement
Date and thereafter on the first day of each calendar 

  

 -6- 

	 	 
month of the Term. Rent for any period during the Term that is for less than one month shall be prorated for the actual number of days in such period. For purposes of determining when any
adjustments in Base Monthly Rent set forth in Section 1 occur, the first full calendar month of the Term shall be Month 1. 

  

	 	5.2	Manner of Payment. Rent shall be paid without prior notice, demand, set off, counterclaim, deduction or defense and, except as otherwise expressly provided in
this Lease, without abatement or suspension. All Rent shall be paid to Landlord at the address for notices set forth in Section 1, in lawful money of the United States of America, or to such other person or at such other place as Landlord may
from time to time designate in writing. 

  

	6.	Prepaid Rent and Security Deposit. 

[omitted] 
  

	7.	Use of Premises. 

  

	 	7.1	Use. Tenant shall use the Premises only for the purpose set forth in Section 1. The Premises may not be used for any other purpose without Landlord’s
written consent. Tenant is responsible for determining that the purpose set forth in Section 1 is permitted as of the date hereof under the applicable laws, regulations and codes governing zoning, land use and similar matters affecting the
Building and the Property. Landlord represents and warrants that to Landlord’s actual knowledge without inquiry or investigation, Tenant’s use of the Premises as set forth in this Section 7.1 is permitted under all applicable laws
(including without limitation any zoning or general or specific plan restrictions). 

  

	 	7.2	Prohibited Uses. Tenant shall not do or permit anything to be done in or about the Premises, Building or Property or bring or keep anything therein which will in
any way increase the cost of or affect any fire or other insurance upon the Building or Property or any part thereof or any of its contents, or cause cancellation of any insurance policy covering the Building or Property or any part thereof or any
of its contents. 

  

	 	7.3	No Nuisance. Tenant shall not commit or suffer to be committed any waste, damage or nuisance in or upon the Premises, Building or Property. Tenant shall not do
or permit anything to be done in or about the Premises, Building or Property that will obstruct or interfere with the rights of adjacent owners and occupants or injure them or their property, or use or allow the Premises, or exclusive parking areas
to be used for any unlawful purpose. Tenant shall not, without the prior written consent of Landlord, which consent Landlord may withhold in its sole, reasonable discretion, use any apparatus, machinery or device in or about the Premises, Building
or Property which will cause any substantial noise or vibration. Tenant shall not place any boxes, cartons or other rubbish in the Building, or Property. Tenant shall use due care in the use of the Premises and of the Building, and Property, and
shall not neglect or misuse water fixtures, electric lights and heating and air-conditioning apparatus. 

  

	 	7.4	Outside Storage. Provided such use does not violate any applicable laws or the requirements of any insurer, Tenant shall be permitted to store materials,
equipment and vehicles outside the Premises and Building at the space shown on Exhibit A-1 at all times. Such storage shall be at Tenant’s sole risk and expense. Tenant shall keep all such storage areas in a neat, clean and safe
condition at all times. 

  

 -7- 

	8.	Additional Rent for Operating Expenses. 

  

	 	8.1	Tenant Payment. Commencing on the Commencement Date, Tenant shall pay, as Additional Rent, Tenant’s Share, as set forth in Section 1 and
Section 8.2, of all Operating Expenses. Tenant’s payment of Additional Rent shall be made in the same manner as Base Monthly Rent. Notwithstanding the foregoing, for the period beginning on the Commencement Date and ending on
December 15, 2010, Tenant shall receive a credit against Tenant’s Share of Operating Expenses equal to the amount of rent received by Landlord from Hunter Douglas pursuant to the lease governing Hunter Douglas’ rights to occupy the
Premises following the Commencement Date. 

  

	 	8.2	Tenant’s Share. Tenant’s Share shall be 100%. 

  

	 	8.3	Definitions. 

  

	 	8.3.1	 Definition of Operating Expenses. “Operating Expenses” means all expenses and charges incurred by Landlord in the operation and
maintenance of the Building and Property including without limitation the following costs by way of illustration: (i) all real property taxes, assessments and other general or special charges assessed or imposed during the Term by any public,
governmental or quasi-governmental authority against the real or personal property included in the Building or the Property, including without limitation Landlord’s personal property used in the maintenance, repair or operation of the Building
or the Property, or any other tax on the leasing of the Building or on the rents from the Building; provided (a) such taxes and/or assessments shall be prorated on a per diem basis for any portion of the Term that occurs during a partial tax
year, and (b) Tenant shall not be responsible for any (A) estate, inheritance, income or transfer taxes on Landlord, (B) the cost of any challenge to taxes unless such challenge results in a verifiable tax savings to Tenant, or
(C) any tax penalties assessed due to any action or inaction by Landlord or its employees, agents or contractors (collectively “Tax Costs”); (ii) any and all assessments Landlord must pay for the Building or Property pursuant to
the CC&Rs, any transportation or any other improvement monitoring or management plan, or any other covenant, condition or reciprocal easement agreements; (iii) electricity, gas and similar energy sources, refuse collection, water, sewer and
other utilities services for the Building and the Property to the extent not paid by directly Tenant (collectively, “Common Utilities Costs”) (iv) annual inspection fees, property management fees paid to independent or affiliated
contractors or to Landlord; provided such fees are not more than 2% of the Base Rent payable hereunder, and out of pocket legal, accounting and other professional expenses; (v) janitorial, cleaning, window washing, painting and refuse removal;
(vi) all costs of improvements or alterations to the Building and Property required by Laws coming into effect after the Commencement Date (collectively, “Required Improvement Costs”) (vii) all premiums and deductibles for
liability, property damage, casualty (including earthquake, flood, terrorism and other special coverages), automobile, garage keeper’s, rental loss compensation or other insurance that may be maintained by Landlord for the Building or Property
in accordance with the requirements, and subject to the limitations set forth in Section 14 of this Lease (“Insurance Costs”); (viii) the cost of replacement of any Building equipment or elements needed to operate the Building at
the same quality levels as prior to the replacement; (ix) air conditioning, heating, ventilating, plumbing, electrical system, elevator maintenance supplies, materials, equipment and tools; (x) the repair of the air conditioning, heating,
ventilating, plumbing, electrical systems 

  

 -8- 

	 	 
and elevators of the Building; (xi) maintenance costs, including payroll expenses, rental of personal property used in maintenance and all other upkeep of parking, including cleaning, snow
and ice removal, landscaping and lighting; (xii) costs and expenses of repairs, resurfacing, reroofing, repainting, and similar items, (xiii) costs and expenses associated with security and monitoring; (xiv) costs incurred in the
management of the Building and Property (including supplies, wages and salaries of employees used in the management, operation and maintenance thereof below the grade of Property Manager, and payroll taxes and similar governmental charges with
respect thereto); (xv) all license and permit fees; and (xvi) any other expense or charge whether or not described above that in accordance with commercially reasonable accounting and management practices is properly an expense of
maintaining, operating or repairing the Building or the Property, subject to the exclusions and limitations set forth in this Lease. Operating Expenses shall not include depreciation on the Building or equipment therein, real estate brokers’
commissions, and costs or expenses for which Landlord is reimbursed or indemnified by an insurer, condemnor, tenant or otherwise. Landlord shall not collect more than 100% of Operating Expenses and shall not recover any item of cost more than once.

 Notwithstanding the foregoing in Section 8.3.1, or anything else in this Lease to the contrary,
“Operating Expenses” shall expressly exclude the following: (1) any costs associated with Landlord’s maintenance and repair responsibilities that Landlord and Tenant have expressly agreed are Landlord’s sole responsibility
to pay for under the Lease; (2) the cost of tenant improvements made for new tenant(s) of the Building; (3) financing or refinancing costs, including interest, principal, points and fees on debts or amortization on any mortgage or
mortgages or any other debt instrument encumbering the Building; (4) salaries and fringe benefits for officers, employees (above the position of Building manager) and executives; (5) any management or administrative fee in excess of the
amount set forth above; (6) any ground lease rental or charges; (7) any (i) estate, inheritance, income or transfer taxes on Landlord, (ii) the cost of any challenge to taxes unless such challenge results in a verifiable tax
savings to Tenant, or (iii) any tax penalties assessed due to any action or inaction by Landlord or its employees, agents or contractors; (8) rentals for items (except when needed in connection with normal repairs and maintenance of
permanent systems) which if purchased, rather than rented, would constitute a capital repair, replacement, improvement or equipment under commercially reasonable accounting principles consistently applied or otherwise; (9) costs incurred by
Landlord that Landlord is or has the right to be reimbursed for by insurance proceeds or third parties, unless Landlord reasonably concludes in any such case that collection efforts would not be cost-effective; (10) marketing costs, including
without limitation, leasing commissions, attorneys’ fees and other costs and expenses incurred in connection with lease, sublease and/or assignment negotiations and transactions with Tenant or present or prospective tenants or other occupants
of the Building; (11) costs incurred by Landlord due to the violation by Landlord of the terms and conditions of any lease of space in the Building; (12) costs incurred by Landlord due to a violation of laws or recorded covenants by
Landlord or its employees, agents or contractors, or by any other tenant of the Building; (13) overhead and profit increment paid to Landlord or to subsidiaries or affiliates of Landlord for goods and/or services in or to the Building or
Project to the extent the same exceeds the costs of such goods and/or services rendered by unaffiliated third parties on a competitive basis; (14) any costs incurred in connection with upgrading the Building or Property to

  

 -9- 

 
comply with recorded covenants, the recommendations of any insurance company, or life, fire and safety codes, ordinances, statutes or other laws, including, without limitation, the ADA, all as in
existence as of the Commencement Date, including penalties or damages incurred due to such non-compliance, except to the extent Tenant has expressly agreed to incur all or a portion of such costs pursuant to the terms of this Lease; (15) costs
arising from the sole or gross negligence or willful misconduct of Landlord or its employees, or agents; (16) any and all costs arising from the presence of hazardous materials or substances (as defined by applicable laws in effect on the date
this Lease is executed) in or about the Premises, Building, or Property, not placed in such by Tenant or its employees, agents or contractors, including without limitation costs incurred in connection with any environmental investigation, clean-up,
response action, or remediation, and costs and expenses associated with the defense, administration, settlement, monitoring or management thereof; (17) costs associated with the operation of the business of the partnership or entity which
constitutes Landlord, including general corporate overhead, accounting and legal matters, the costs of selling, syndicating, financing, mortgaging or hypothecating any of Landlord’s interest in the Building or Project, any “in-house”
legal and/or accounting fees, costs of any disputes between Landlord and its employees or agents; (18) reserves of any kind; and (19) any other expenses which, in accordance with commercially reasonable accounting principles, consistently
applied, would not normally and customarily charged as common area maintenance expenses or “triple-net” expenses by landlords of comparable buildings in the Renton, Washington warehouse and industrial market area. 

 

	 	8.3.2	Definition and Treatment of Capital Improvements. The cost of any Capital Improvement included in Operating Expenses pursuant to this Lease shall be amortized
over the useful life of the Capital Improvement with interest accruing on the unamortized balance at the prime rate then in effect at the Seattle Head Office of Bank of America or its successors, or such higher rate as may have been paid by Landlord
on funds borrowed for the purpose of paying for such Capital Improvement. As used herein, the term “Capital Improvement” shall mean the addition or replacement of any component or element of the Building, including replacement of the roof
membrane, generators, parking and driving areas relating to the Building, electrical, lighting, plumbing, life-safety/sprinkler, or HVAC systems in the Premises, all to the extent treated as a capitalized cost rather than an operating expense under
accounting practices (including without limitation commercially reasonable accounting principles, consistently applied) that are customary in the Renton, Washington warehouse and industrial market area. Notwithstanding the foregoing or anything else
contained in this Lease, if Landlord elects to replace the roof membrane prior to the fifth anniversary of the Commencement Date, any amortized cost of such replacement attributable to the portion of the Term prior to the fifth anniversary of the
Commencement Date shall be the sole responsibility of Landlord. 

  

	 	8.3.3	Landlord’s Responsibility for Structural Repairs. Subject to Section 10.5, Landlord shall be responsible at its sole cost and expense for any
(a) repairs and maintenance of the roof membrane and roof drainage systems and (b) repairs or replacement of the structural portions of the Building, including the roof structure, the roofing system (excluding replacement of the roof
membrane), underground plumbing and other underground utility systems, foundation, bearing and exterior walls, and subflooring, and the cost of such repairs or replacements shall not be included in Operating Expenses. 

 

 -10- 

	 	8.3.4	Tenant Responsibility for Defects in Tenant Improvement Work. Notwithstanding Sections 8.3.2 and 8.3.1 or anything else contained in this Lease, Landlord shall
not be responsible for any failure for the construction of the Tenant Improvements to comply with the terms of the Work Letter attached hereto as Exhibit B or for any defects in construction materials or workmanship in connection with the Tenant
Improvements. 

  

	 	8.3.5	Cap on Increases. In each calendar year after the first full calendar year of the initial Term of the Lease, Controllable Operating Expenses (defined below)
shall not increase by more than 3% over those same Operating Expenses in the immediately preceding calendar year. As used herein, “Controllable Operating Expenses” shall mean all Operating Expenses except for (i) Common Utilities
Costs, (ii) Tax Costs, (iii) Required Improvement Costs, (iv) Landlord’s Insurance Costs and (v) any other costs beyond the reasonable control of Landlord (e.g. excessive snow removal); to the extent (i) - (iv) are included
in the definition of Operating Expenses. 

  

	 	8.4	Determination of Operating Expenses. Prior to each January 1 of the Term, Landlord shall furnish Tenant a written statement of the estimated monthly
Tenant’s Share of Operating Expenses for the coming calendar year. The estimated monthly Tenant’s Share of Operating Expenses for the period before the first January 1 after the Commencement Date is set forth in Section 1.
Landlord may, by written notice to Tenant, revise its estimate of Tenant’s Share of Operating Expenses from time to time. 

  

	 	8.5	Reconciliation. Within 90 days after each January 1 during the Term, or as soon thereafter as practicable, Landlord shall deliver to Tenant a written
statement setting forth the actual Operating Expenses and Tenant’s Share thereof during the preceding calendar year (or portion of such calendar year after the Commencement Date). To the extent Tenant’s Share of such actual Operating
Expenses exceeded the estimated Tenant’s Share thereof paid by Tenant, Tenant shall pay such excess as Additional Rent to Landlord within 30 days after receipt of such statement by Tenant. To the extent Tenant’s Share of such actual
Operating Expenses was less than the estimated Tenant’s Share thereof paid by Tenant, Tenant shall receive a refund. 

  

	 	8.6	Upon Lease Termination. If this Lease shall expire or otherwise terminate other than on a December 31, Landlord may in its discretion make a special
determination of Tenant’s Share of actual Operating Expenses for the partial calendar year ending on the date of such expiration or other termination, or may defer such determination until its usual reconciliation of Operating Expenses for the
Building for the entire calendar year. The excess actual Tenant’s Share for such partial calendar year shall be paid by Tenant to Landlord, or the excess estimated Tenant’s Share already paid by Tenant shall be paid by Landlord to Tenant,
as the case may be, within 15 days of such determination, which shall be reasonable. 

  

	 	8.7	 Tenant Review of Operating Expenses. Tenant shall have the right to review and audit Landlord’s calculation of Operating Expenses, as
provided in this Section 8.7. Tenant may exercise this right as to the Operating Expenses covered by reconciliation under Section 8.5 by giving notice to Landlord within 120 days after receipt of the reconciliation. The review shall be
conducted at Tenant’s expense. Landlord shall cooperate with Tenant and its representatives in the review, which shall include making 

 

 -11- 

	 	 
available, at Landlord’s office where its bills and records are kept, such information used in the Operating Expense calculation as Tenant reasonably requests. Tenant may make copies of any
such information, at Tenant’s sole expense. Tenant’s representatives may include an independent accountant or other operating expense professional, provided that such accountant’s or other professional’s compensation is not
contingent on the results of the review. Landlord shall be entitled to a complete copy of any report prepared by or for Tenant in the review, within 10 business days after Tenant receives the report. To the extent that the review demonstrates that
Tenant has overpaid Operating Expenses in the covered period, Tenant will be entitled to a credit against future Operating Expenses, except if the Lease has terminated or expired, then Landlord shall pay such amount to Tenant within 30 days, or to a
cash payment within 30 days, if future Operating Expenses will be insufficient to cover the overpayment. To the extent the review demonstrates that Tenant has underpaid Operating Expenses, Tenant shall pay Landlord the amount of the underpayment
within 30 days. If such audit discloses a overcharge in excess of 5% of the annual total, Landlord shall reimburse Tenant for the reasonable costs of the audit. Any disagreement among the parties about the results of the review that they are unable
to resolve themselves shall be submitted to an independent certified public accountant selected by mutual agreement of the parties, whose decision shall be binding. The fees of the accountant shall be borne 50% by each party, or in such other
percentages as the accountant determines is fair under the circumstances. The obligations of the parties under Section 8.7 shall survive the termination of this Lease. 

 

	9.	Intentionally Deleted. 

  

	10.	Maintenance and Repair Responsibility. 

  

	 	10.1	Landlord’s Maintenance Obligations. Subject to Sections 8.3, 10.3, 10.5 and 15, Landlord shall maintain and keep in good condition, repair and replace
throughout the Term the following elements of the Premises and the Building, in a manner and at a level of quality that is consistent with comparable buildings in the area, and except for the elements for which maintenance or repair is expressly
allocated to Tenant (“Maintenance Obligations”): (a) the exterior walls and foundation and other structural elements of the Building, (b) exterior doors and windows; (c) the slab and floor, (d) the roof structure and
roof membrane and other elements of the roof system, including gutters, downspouts and other drainage elements; (e) all utility lines and equipment serving the Property, up to the point of connection with the Premises; (f) life safety,
lighting, electrical, plumbing, security and HVAC and generator systems in the Property and Premises, except to the extent regular maintenance of the same inside the Premises is the responsibility of Tenant; (g) all parking areas and drives and
landscaping. Except as otherwise expressly provided in this Lease, all costs and expenses incurred by Landlord in performing the Maintenance Obligations shall be considered Operating Expenses. 

Landlord shall proceed diligently to perform its Maintenance Obligations. Tenant shall provide written notice to Landlord specifying any
Maintenance Obligation which Landlord has failed to perform. Landlord shall thereafter have thirty (30) days to perform such Maintenance Obligation, or 48 hours in the event of an emergency, (provided if such work reasonably takes longer than
thirty (30) days or 48 hours to complete, as the case may be, Landlord shall not be in default hereunder if Landlord has commenced performance within the thirty (30) day period or such 48-hour period and at all times thereafter proceeds
diligently to complete its obligations). If Landlord fails to perform the Maintenance Obligations within the time period set forth in this Section 10.1, then Tenant shall have the right (but shall not have the obligation), to undertake to
perform 
  

 -12- 

 
the Maintenance Obligation, at Landlord’s cost. For the purposes of this Section 10.1, an “emergency,” is defined as an event which threatens the safety and/or well-being of
the occupants of the Premises or is likely to materially damage Tenant’s property located within the Premises. Tenant shall keep detailed records of the costs it incurs in performing any such Maintenance Obligation, and Landlord shall reimburse
Tenant for the same within 30 days of Tenant’s request for reimbursement, which request shows the costs incurred and evidence of payment thereof in reasonable detail. To the extent Landlord fails to reimburse Tenant when and as required by this
Section 10.1, Tenant shall have the right to offset the amount of the reimbursement to which it is entitled against Base Monthly Rent, provided (a) the amount offset against Base Monthly Rent in any month shall not exceed 20% of the Base
Monthly Rent payable for such month, and (b) any offset amounts in excess of the 20% cap described in clause (a) above shall bear interest from the date such amounts would have been reimbursable to Tenant until fully paid at the per annum
rate of eight and one half percent (8.5%), which amounts, including such interest, Tenant shall have the right to offset against subsequent Base Monthly Rent payments until all such amounts, including all interest accrued thereon, have been fully
reimbursed to Tenant. 
  

	 	10.2	Janitorial Service. Janitorial service is not part of the Maintenance Obligations under this Lease. 

 

	 	10.3	Tenant’s Maintenance Obligations. In addition to its maintenance and repair obligations elsewhere in this Lease, Tenant shall keep the Premises neat and
clean and in good condition and repair, ordinary wear and tear excepted. This includes specifically without limitation (a) maintenance, repair and replacement of the loading dock doors and equipment, (b) regular maintenance of and minor
repair of utility lines within the Premises, and all related plumbing, lighting HVAC and other fixtures and other equipment within the Premises, (c) maintenance, repair and replacement of all interior windows and doors, and cleaning of parking
stalls and truck parking areas. 

  

	 	10.4	No Obligation For Alteration. Except as specifically provided elsewhere in this Lease, Landlord shall have no obligation to alter, remodel, improve, repair,
decorate, or paint the Premises or any part thereof. Tenant affirms that Landlord has made no representations to Tenant about the condition of the Premises or the Building, except as specifically herein set forth. 

 

	 	10.5	Landlord or Tenant Caused. To the extent that the need for maintenance and repairs to the Premises or Building or the Property is caused by the act, neglect,
fault, or omission of any duty by either party, its agents, servants, employees, or invitees, and is not ordinary wear and tear, such party shall pay for the costs of such maintenance and repairs. 

 

	11.	Utilities. 

  

	 	11.1	Furnishing of Utilities. Provided that Tenant is not in Default under this Lease, Landlord shall arrange to be furnished to the Premises lines for water,
electricity, telephone, gas, and sanitary sewer. Tenant shall pay before delinquency all charges for water, gas, heat, electricity, power, telephone service, sewer service charges, and other utilities or services charged or attributable to the
Premises. If any of the foregoing are billed to Landlord and are not separately billed to the Premises, the amount thereof shall be included in Operating Expenses. 

 

	 	11.2	Additional Services. [omitted]. 

  

 -13- 

	 	11.3	After Hours. [omitted] 

  

	 	11.4	Landlord’s Restoration Obligation. In the event of any failure or interruption of utilities due to damage to the utility lines and equipment serving the
Property, up to the point of connection with the Premises, that is caused by the negligent acts or omissions of Landlord or its employees or agents (“Utility Interruption”), upon receiving notice of the Utility Interruption from Tenant,
Landlord shall use commercially reasonable efforts to cause, at Landlord’s sole cost and expense, such utility service to be restored promptly (“Restoration Obligation”). In the event any such failure or interruption of utilities is
caused by the negligent acts or omissions of Tenant or its employees or agents, Tenant shall be responsible, at its sole cost and expense, for restoring such utility service. 

 

	 	11.5	Telecommunications Providers. Tenant acknowledges that any provision of telecommunications, data transmission and office automation services, equipment and
systems by a third party provider, its agents, affiliates and successors, that has a right, whether exclusive or not, to provide such services to the Premises or Building or Property (each, a “Telecommunications Provider”) is separate and
distinct from this Lease and that Landlord has no duty of performance concerning the provision of services by a Telecommunications Provider. Tenant hereby agrees to look solely to the Telecommunications Provider for any failure in the provision of
services provided by such Telecommunications Provider. Landlord will cooperate in good faith with any such effort by Tenant. 

  

	12.	Limits on Landlord’s Liability. Landlord’s liability with respect to its Maintenance Obligations and Restoration Obligations and with respect to
Utility Interruptions is subject to the following limitations: 

  

	 	12.1	Circumstances Beyond Control. Landlord shall not be liable for any failure of its Maintenance Obligations or Restoration Obligations or for any Utility
Interruption when caused by (i) strikes, lockouts or other labor disturbance or labor dispute of any character, (ii) governmental regulation, moratorium or other governmental action, (iii) inability despite the exercise of reasonable
diligence to obtain electricity, water or fuel from the providers thereof, (iv) acts of God or (v) any other cause beyond Landlord’s reasonable control. Notwithstanding the foregoing or Section 11.4, Landlord shall use
commercially reasonable efforts to fully restore or cause the utility provider to fully restore any Utility Interruption to the Premises; provided, however, that any costs incurred by Landlord in connection therewith shall be Operating Expenses
payable by Tenant in accordance with Section 8.1 and provided further than Landlord’s failure to perform this obligation shall not be considered a Landlord default under the Lease, and instead Tenant’s sole and exclusive remedy in
such event shall be to exercise the rights afforded to Tenant in Section 12.2, below. 

  

	 	12.2	 Unreasonable Period of Failure. If Landlord fails to perform any Restoration Obligation, and such failure lasts for greater than forty-eight
(48) hours after Landlord receives written notice from Tenant identifying the specific Restoration Obligation that Landlord needs to perform, and Landlord is not responding as required under Sections 11.4 and 12.1, then Tenant shall have the
right, 5 days after notice to Landlord (but only 48 hours in the event of an emergency that threatens the safety of occupants of the Premises or prevents or substantially impairs Tenant’s ability to operate in the Premises) to undertake to
perform the Restoration Obligation, at Landlord’s cost. Tenant shall keep detailed records of the costs it incurs in so doing, and Landlord shall reimburse Tenant for the same within 30 days of Tenant’s request for reimbursement, which
request shows the costs incurred and evidence of payment thereof in reasonable detail. To the extent 

 

 -14- 

	 	 
Landlord fails to reimburse Tenant when and as required by this Section 12.2, Tenant shall have the right to offset the amount of the reimbursement to which it is entitled against Base
Monthly Rent, provided (a) the amount offset against Base Monthly Rent in any month shall not exceed 20% of the Base Monthly Rent payable for such month, and (b) any offset amounts in excess of the 20% cap described in clause
(a) above shall bear interest from the date such amounts would have been reimbursable to Tenant until fully paid at the per annum rate of eight and one half percent (8.5%), which amounts, including such interest, Tenant shall have the right to
offset against subsequent Base Monthly Rent payments until all such amounts, including all interest accrued thereon, have been fully reimbursed to Tenant. 

 

	 	12.3	No Consequential Damages. Landlord shall not be liable for any injury to or interference with Tenant’s business arising from the making of any repairs,
alterations, or improvements in or to any portion of the Building, the Premises, or the Property, or to fixtures, appurtenances, and equipment therein, or from a Utility Interruption. Without limiting the generality of this Section 12.3, in no
event shall Landlord have any liability for consequential damages resulting from any Utility Interruption or any act or omission of Landlord related to its Maintenance Obligations or Restoration Obligations, even if Landlord has been advised of the
possibility of such consequential damages. 

  

	13.	Alterations and Additions by Tenant; Liens and Insolvency. 

  

	 	13.1	Alterations and Additions by Tenant. Tenant shall not make any improvements or alterations to the Premises (“Alterations”) without first obtaining the
prior written consent of Landlord which consent shall not be unreasonably withheld, conditioned or delayed. Notwithstanding the foregoing, Alterations to the interior of the Premises costing less than $25,000 per instance which do not affect the
Building systems or structure and do not penetrate the roof structure or membrane shall not require Landlord’s consent; provided Tenant gives Landlord written notice of such Alterations before commencing any work. Any Alterations by Tenant
shall be done, at Tenant’s expense, in conformity with plans and specifications approved by Landlord, by contractors approved by Landlord, (provided, that Landlord may require that such Alterations be performed by Landlord’s employees or
contractor(s) employed by Landlord) and subject to Landlord’s reasonable rules and regulations regarding such construction. All Alterations performed shall be done lien-free in a workmanlike manner and shall become the property of Landlord.
Landlord shall have the right to post and record a notice of non-responsibility of work being performed by Tenant within the Premises as permitted by law. Tenant shall give Landlord prompt written notice of the commencement of any Alterations.
Notwithstanding anything contained in the Lease to the contrary, any work performed by Tenant shall be at the election of Tenant and shall not be a requirement of Landlord hereunder. Any liens for unpaid work or materials supplied to the premises
shall be a lien on Tenant’s leasehold estate and shall not be a lien against Landlord’s fee interest in the Property. 

  

	 	13.2	Liens and Insolvency. Tenant shall keep the Premises, Building and Property free from any liens arising out of any work performed, materials ordered or
obligations incurred by Tenant. Landlord shall have the right at all reasonable times to post on the Premises any notices which it deems necessary for its protection from such liens. If such liens are filed unless such liens are removed or bonded
around to Landlord’s satisfaction within 14 days of Landlord’s notice to Tenant, Landlord may, without waiving its rights and remedies based on such breach by Tenant and without releasing Tenant from any of its obligations hereunder, cause
such liens to be released by any means it shall deem proper, including payment in satisfaction of the claim giving rise to such lien. Tenant shall pay to Landlord on demand, any reasonable sum paid by Landlord to remove such liens, together with
interest at the rate specified in Section 32.7. 

  

 -15- 

	14.	Insurance; Indemnity. 

  

	 	14.1	Landlord’s Responsibility. The exculpation, release and indemnity provisions of Sections 14.2 and 14.3 shall not apply to the extent the subject claims
thereunder were caused by Landlord’s or its employees’, agents’, or contractors’ gross negligence or willful misconduct. In no event shall Landlord be liable to Tenant for consequential damages. 

 

	 	14.2	Waiver. The waiver by either party of any agreement, condition, or provision contained in this Lease will not be deemed to be a waiver of any subsequent breach
of the same or any other agreement, condition or provision contained in this Lease, nor will any custom or practice which may grow up between the parties in the administration of the terms of this Lease be construed to waive or to lessen the right
of both parties to insist upon the performance by the other party of all such agreements, conditions or obligations in strict accordance with the terms of this Lease. 

 

	 	14.3	Indemnity. Except to the extent due to the gross negligence or willful misconduct of Landlord or its employees, agents or contractors, or Landlord’s failure
to perform its obligations hereunder, Tenant shall indemnify and defend (using legal counsel acceptable to Landlord) Landlord and hold Landlord harmless, from and against any and all loss, cost, damage, claim, judgment, liability and expense
(including reasonable attorneys’ fees) whatsoever that may arise out of or in connection with the occupation, use or improvement of the Premises, the Building or the Property by Tenant or Tenant’s employees, agents or contractors, or
Tenant’s breach of its obligations under this Lease. Except to the extent due to the gross negligence or willful misconduct of Tenant or its employees, agents or contractors, or Tenant’s failure to perform its obligations hereunder,
Landlord agrees to protect, defend, indemnify, and hold Tenant harmless from and against any and all liabilities, claims, expenses, losses and damages (including reasonable attorney fees and costs), that may at any time be asserted against Tenant by
any person as a result of the negligent acts or omissions of Landlord or its employees, agents or contractors in on or about the Premises, or Landlord’s failure to perform its Lease obligations. The provisions of this Section 14.3 shall
survive the expiration or termination of the Term. Solely for the purpose of giving effect to the foregoing indemnification obligation, Tenant hereby waives its immunity as an employer under the Washington Industrial Insurance Act, Title RCW 51.
Tenant acknowledges that this waiver was specifically negotiated. This waiver is not for the benefit of any of Tenant’s employees or third parties unrelated to Landlord. 

 

	 	14.4	Tenant’s Insurance. Tenant shall procure and maintain throughout the Term at Tenant’s expense insurance meeting the requirements of Exhibit C,
and shall otherwise comply with its obligations under Exhibit C. 

  

	 	14.5	 Landlord’s Insurance. During the Term, Landlord shall maintain Property Insurance written on a Special Form (formerly known as “all
risk”) basis covering the Building, including the initial Tenant Improvements (excluding, however, Tenant’s furniture, equipment and other personal property and Alterations), against damage by fire and standard extended coverage perils and
with vandalism and malicious mischief endorsements, and, at Landlord’s option, rental loss coverage and earthquake damage coverage, and such additional coverage as may be required by Landlord’s mortgagee or

  

 -16- 

	 	 
that may be carried by a prudent owner of a similar building in King county. Landlord shall also carry commercial general liability and commercial automobile liability insurance in such
reasonable amounts and with such reasonable deductibles as would be carried by a prudent owner of a similar building in King County. At Landlord’s option, all such insurance may be carried under any blanket or umbrella policies which Landlord
has in force for other buildings and projects. Landlord may, but shall not be obligated to, carry any other form or forms of insurance as Landlord or Landlord’s mortgagee or may reasonably determine is advisable. The premiums for the insurance
obtained by Landlord pursuant to this Section 14.5 (including reasonable deductibles for any claims not arising due to the acts or omissions of Landlord or its employees, agents, or contractors) shall be included in Operating Expenses.

  

	 	14.6	Proceeds. The proceeds of any insurance policies maintained by or for the benefit of Landlord shall belong to and be paid over to Landlord. Any interest or right
of Tenant in any such proceeds shall be subject to Landlord’s interest and right in such proceeds. 

  

	 	14.7	Waiver of Subrogation. Anything in this Lease to the contrary notwithstanding, Tenant waives its right of recovery, claims, actions, or causes of action against
Landlord for loss or damage to the Premises, Building, or Property or any personal property of Tenant, for maintenance and repair obligations of Tenant pursuant to Section 10.5, and for loss of income to the extent the same is actually covered
by the insurance policies maintained by Tenant or would have been covered if Tenant had maintained the insurance policies required of Tenant under this Lease. Anything in this Lease to the contrary notwithstanding, Landlord waives its right of
recovery, claims, actions, or causes of action against Tenant for loss or damage to the Premises, Building, or Property or any personal property of Landlord, for maintenance and repair obligations of Landlord pursuant to Section 10.5, and for
loss of income to the extent the same are actually covered by insurance policies maintained by Landlord. The effect of these waivers is not limited by the amount of insurance carried or required, or by any deductibles applicable to that insurance.
Each party shall arrange for its property damage insurance carrier to waive any right of subrogation that the carrier may have against the other party, so long as the insurance is not invalidated thereby. 

 

	 	14.8	Notification of Accidents. Tenant shall promptly notify Landlord of any casualty or accident occurring in or about the Premises. 

 

	15.	Destruction. 

  

	 	15.1	 Election to Restore. If the Premises or the Building is destroyed by fire, flood, earthquake, windstorm, the elements, casualty, accident, war,
riot, public disorder, acts authorized or unauthorized by the government or any other cause or happening or other casualty to the extent that they are untenantable in whole or in part, then Landlord shall have the right but not the obligation to
proceed with reasonable diligence to rebuild and restore the Premises or the Building or such part thereof. Landlord shall within 60 days after receipt of written notice of such destruction or injury notify Tenant whether Landlord intends to
rebuild, including Landlord’s estimate of the required length of time to rebuild. If in Landlord’s reasonable estimate more than 120 days will be required to rebuild from the date of destruction, Tenant shall have the right to terminate
this Lease by written notice to Landlord given within 30 days after Landlord’s notice. If Landlord elects to rebuild and Tenant does not exercise its right to terminate the Lease under the preceding sentence, this Lease shall continue. During
the restoration period, Landlord shall use commercially reasonable efforts to provide Tenant with any temporary accommodations or services that Tenant may require to continue operating at the

  

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Premises, including without limitation, temporary truck access and utility services, if needed. If Landlord fails to notify Tenant within such 60-day period that Landlord will rebuild, then this
Lease shall terminate as of the end of such period. 

  

	 	15.2	Rent Abatement. Rent shall be abated in its entirety during the restoration period unless Tenant is able to conduct limited operations on a portion of the
Premises, in which case Rent shall be abated proportionally in the same proportion as the rentable floor area of the Premises which Tenant is unable to use to conduct its business bears to the total rentable area of the Premises from the date of the
casualty until the restoration has been substantially completed. Notwithstanding the foregoing, if in Tenant’s reasonable opinion (taking into account its ability to process the volume of cargo needed to meet its published customer standards)
Tenant is unable to use the Premises to conduct its business during the restoration period, and Tenant does in fact cease operating at the Premises during the restoration period, then Rent shall be abated in its entirety until the restoration of the
Premises has been completed or Tenant resumes operating at the Premises, whichever occurs first. 

  

	 	15.3	Repairs to Tenant Installations. Landlord shall not be required under this Section 15 to repair, rebuild or replace any Alterations installed by Tenant
under Section 13, or any panels, decoration, office fixtures, paintings, wall coverings, floor coverings, or any other improvements to the Premises installed by Tenant. If Landlord repairs or rebuild the Premises under Section 15.1, Tenant
shall repair or rebuild such installations. The initial Tenant Improvements to be constructed by Landlord for Tenant in accordance with the Work Letter shall be included in Landlord’s repair, rebuilding or replacement work when required under
this Section 15. 

  

	 	15.4	No Compensation. Except for the abatement of Rent under Section 15.2, Tenant shall not be entitled to any compensation or damages from Landlord for loss of
use of the whole or any part of the Premises, the property of Tenant, or any inconvenience, annoyance or business interruption occasioned by any damage, casualty, repair, reconstruction or restoration covered by this Section 15.

  

	 	15.5.	Intentionally Deleted. 

  

	 	15.6	Damage at the End of the Term. If the casualty occurs during the last 180 days of the Lease Term (as it may have been extended by Tenant’s notice as
provided in this Lease) and such damage will require more than thirty (30) days to repair, either Landlord or Tenant may elect to terminate this Lease as of the date the damage occurred. Landlord shall give such election in the restoration
notice, and Tenant must give such election within thirty (30) days after receipt of the restoration notice. 

  

	16.	Condemnation. 

  

	 	16.1	Termination of Lease. If all or part of the Premises are taken under power of eminent domain, or sold under the threat of the exercise of said power, this Lease
shall terminate as to the part so taken as of the date the condemning authority takes possession. 

  

	 	16.2	Election of Termination. If more than 25% of the floor area of Premises is taken by condemnation, or the condemnation impacts any portion of the Property,
including without limitation the Premises, parking areas, and driveways, and will have a material adverse impact on Tenant’s access to or ability to operate in the Premises, Landlord or Tenant may, by written notice to the other within ten
(10) business days after receipt of written notice of such taking, terminate this Lease as to the remainder of the Premises as of the date the condemning authority takes possession. 

 

 -18- 

	 	16.3	Reduction of Rent. If Landlord or Tenant does not so terminate, this Lease shall remain in effect as to such remainder, except that the Rent shall be reduced in
the proportion that the rentable floor area taken bears to the original rentable total floor area. However, if circumstances make abatement based on floor area unreasonable, the Rent shall abate by a reasonable amount to be determined by Landlord.
In the event that neither Landlord nor Tenant elects to terminate this Lease, Landlord’s responsibility to restore the remainder of the Premises shall be limited to the amount of any condemnation award allocable to the Premises, as determined
by Landlord. 

  

	 	16.4	Award. Any award for the taking of all or part of the Premises under the power of eminent domain, including payment made under threat of the exercise of such
power, shall be the property of Landlord, whether made as compensation for diminution in value of the leasehold or for the taking of the fee or as severance damages. Tenant shall only be entitled to such compensation as may be separately awarded or
recoverable by Tenant in Tenant’s own right for the loss of or damage to improvements to the Premises installed by Tenant, for Tenant’s trade fixtures and removable personal property and for Tenant’s relocation or moving expenses.
Landlord shall not be liable to Tenant for the loss of the use of all or any part of the Premises taken by condemnation. 

  

	 	16.5	Landlord Authority. Landlord shall have the exclusive authority to grant possession and use to the condemning authority and to negotiate and settle all issues of
just compensation or, in the alternative, to conduct litigation concerning such issues; provided, however, that Landlord shall not enter into any settlement of any separate award that may be made to Tenant as described in Section 16.4 without
Tenant’s prior approval of such settlement, which approval shall not be unreasonably withheld. 

  

	17.	Assignment and Subletting. 

  

	 	17.1	Landlord Consent Required; Exception. Tenant shall not assign this Lease, or sublet the Premises or any part thereof, either by operation of law or otherwise, or
permit any other party to occupy all or any part of the Premises, without first obtaining the written consent of Landlord. Landlord’s consent shall not be unreasonably withheld, conditioned or delayed. Tenant shall propose such assignment or
sublease by written notice to Landlord, and such notice shall specify an effective date which shall be the first day of a calendar month and shall be not less than 60 days after the date of such notice. This Lease shall not be assignable by
operation of law. Tenant shall further provide to Landlord other information concerning any proposed assignee or sublessee as is reasonably requested by Landlord. 

Notwithstanding the foregoing paragraph, Tenant shall have the right, without Landlord’s consent (but with contemporaneous or prior
notice), to assign this Lease or sublet all or any part of the Premises to an affiliated entity or a successor by merger or consolidation, provided only that the transferee or sublessee in writing adopts and agrees to be bound by all the provisions
of this Lease. For this purpose, “affiliated” means controlled by, controlling or under common control with Tenant. 
  

	 	17.2	 Deemed Assignment. If Tenant is a corporation, any transfer of this Lease from Tenant by merger, consolidation, or liquidation, or any change in
the ownership of or power to vote 50% or more of the outstanding voting stock of Tenant shall constitute an assignment under this Lease. If Tenant is a partnership or limited liability company, any

  

 -19- 

	 	 
change in the identity or majority ownership of partners or members in Tenant serving as general partner or manager or owning 50% or more of the outstanding economic interests in such entity
shall constitute an assignment under this Lease. 

  

	 	17.3	Recapture. In the alternative to consenting, where Landlord’s consent is required, to a proposed assignment or sublease, Landlord shall have the right to
recapture the Premises, or applicable portion thereof (the “Recapture Right”). The option shall be exercised by Landlord giving Tenant written notice within sixty (60) days following Landlord’s receipt of Tenant’s written
notice as required above; provided that Landlord shall deliver written notice to Tenant at least 10 days prior to its exercise of its Recapture Right of its intent thereof, and Tenant shall have the opportunity to rescind its proposed subletting or
assignment with written notice to Landlord within 10 days after Landlord’s notice, after which Landlord shall have no Recapture Right or termination right with respect to such proposed subletting or assignment. If this lease shall be terminated
with respect to the entire Premises, the Lease Term shall end on the date stated in Tenant’s notice as the effective date of the sublease or assignment as if that date had been originally fixed in this lease for the expiration of the Lease
Term. If Landlord recaptures only a portion of the Premises, the Base Rent during the unexpired Lease Term shall abate, proportionately, based on the Base Rent due as of the date immediately prior to such recapture. Notwithstanding anything to the
contrary contained in this Section 17.3, Landlord shall have no right to terminate this lease by virtue of any proposed subletting or assignment to an entity controlling, controlled by, or under common control with Tenant.

  

	 	17.4	Additional Requirement; Release. Landlord may charge Tenant a reasonable sum (not to exceed $750.00 if Tenant complies with the requirements of this
Section 17) to reimburse Landlord for legal and administrative costs incurred in connection with evaluating, approving and/or disapproving any proposed assignment or sublease that requires Landlord’s consent. If Landlord elects to gives
its consent to the proposed assignment or sublease, the assigning or subletting Tenant, and any previous assigning or subletting Tenants, shall remain liable to Landlord for the full and faithful performance of all of Tenant’s obligations under
this Lease. Notwithstanding the foregoing, in the case of an assignment, Tenant shall be entitled to be released from all liability and obligations under this Lease accruing after the effective date of the assignment, if (i) the assignee in
writing adopts and agrees to be bound by all the provisions of this Lease as Tenant, and (ii) Landlord has been furnished with evidence of the assignee’s creditworthiness and, has approved the same, acting in a commercially reasonable
manner. For purposes of this Section 17.4, Landlord will not be acting in a commercially unreasonable manner if Landlord disapproves a proposed assignee that is less creditworthy than Tenant and Deutsche Post; provided, however, that if
Landlord determines that such assignee is less creditworthy than Tenant and Deutsche Post, Landlord shall, prior to disapproving such assignee, provide such assignee with a period of 30 days to provide alternative credit support sufficient to
address the credit concerns of Landlord. If such alternative credit support is provided, Landlord shall not disapprove such assignee, provided such assignee complies with the requirements of clause (i) above. 

 

	 	17.5	Assignment with Bankruptcy. If this Lease is assigned pursuant to the provisions of the Revised Bankruptcy Act, 11 U.S.C. Section 101 et seq., any and all
consideration paid or payable in connection with such assignment shall be Landlord’s exclusive property and paid or delivered to Landlord, and shall not constitute the property of Tenant or Tenant’s estate in bankruptcy. Any person or
entity to whom the Lease is assigned pursuant to the Revised Bankruptcy Act shall be deemed automatically to have assumed all of Tenant’s obligations under this Lease. 

 

 -20- 

	 	17.6	Sale. In the event of any sale of the Building or Property, or any assignment of this Lease by Landlord, Landlord shall be relieved of all liability under this
Lease arising out of any act, occurrence, or omission occurring after sale or assignment; and the purchaser or assignee at such sale or assignment or any subsequent sale or assignment of Lease, the Property, or Building, shall be deemed without any
further agreement to have assumed all of the obligations of the Landlord under this Lease accruing after the date of such sale or assignment. Without limiting the generality of the foregoing, Tenant agrees that, upon an assignment of this Lease by
Landlord, Tenant will deliver to the assignee an instrument ratifying this Lease and acknowledging such assignee as the Landlord hereunder. 

  

	 	17.7	Binding. Subject to the provisions of this Section 17, this Lease shall be binding upon and inure to the benefit of the parties, their heirs, successors and
assigns. 

  

	18.	Default. 

  

	 	18.1	Definition of Default. The occurrence of any one or more of the following events shall constitute a material default and breach of the Lease by Tenant
(“Default”): 

  

	 	18.1.1	Except as stated under Section 32.10 of this Lease, vacation or abandonment of the Premises for more than 60 days, unless (i) Tenant reimburses Landlord for
any increase in the cost of Landlord’s liability or property insurance coverage on the Building, (ii) Tenant cooperates reasonably with any effort by Landlord to re-let the Premises or affected portion thereof, and (iii) in the event
of any re-letting, at Landlord’s request, Tenant executes such commercially reasonable documents as may be necessary to terminate the Lease as to the Premises or affected portion thereof to enable Landlord to recapture the same;

  

	 	18.1.2	failure by Tenant to make any payment of Rent or other payment required, as and when due, where such failure shall continue after ten (10) days’ written
notice from Landlord; provided that Tenant shall only be entitled to that notice and opportunity to cure 2 times in any calendar year during the Term and 5 times during the entire Term; thereafter Tenant’s failure under this Section 18.1.2
shall be an immediate Default; 

  

	 	18.1.3	failure by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease, other than the making of any payment (or a covenant for which by
the terms of this Lease a failure to perform is an automatic default without notice), where such failure shall continue after 30 days’ written notice from Landlord; provided, however, if the nature of that failure and obligation are such that
more than 30 days are reasonably required for performance, Tenant shall not be in default if Tenant commences performance within 30 days after Landlord’s notice and thereafter completes such performance diligently and within a reasonable time;
or 

  

	 	18.1.4	(i) the making by Tenant of any general assignment or general arrangement for the benefit of creditors; (ii) the filing by or against Tenant of a petition in
bankruptcy, including reorganization or arrangement, unless, in the case of a petition filed against Tenant, the same is dismissed within 30 days; (iii) the appointment of a trustee or receiver to take possession of substantially all of
Tenant’s assets located at the Premises or of Tenant’s interest in this Lease; (iv) the seizure by any department of any government or any officer thereof of the business or property of Tenant; and (v) adjudication that Tenant is
bankrupt. 

  

 -21- 

	 	18.2	Landlord Default. Landlord shall not be in default hereunder unless Landlord fails to perform any of its obligations hereunder within thirty (30) days after
written notice from Tenant specifying such failure (unless such performance will, due to the nature of the obligation, require a period of time in excess of thirty (30) days, then after such period of time as is reasonably necessary). All
obligations of Landlord hereunder shall be construed as covenants, not conditions; and Tenant may not terminate this Lease for breach of Landlord’s obligations hereunder. Tenant hereby waives the benefit of any laws granting it the right to
terminate this Lease or withhold Rent on account of any Landlord default, subject to Tenant’s rights as set forth in Sections 10.1 and 12.2, above. Additionally, Tenant hereby waives any statutory lien provided by any applicable law. All
obligations of Landlord under this Lease will be binding upon Landlord only during the period of its ownership of the Premises and not thereafter. The term “Landlord” as used in this Lease shall mean only the owner, for the time being of
the Premises, and in the event of the transfer by such owner of its interest in the Premises, such owner shall thereupon be released and discharged from all obligations of Landlord thereafter accruing, but such obligations shall be binding during
the Lease Term upon each new owner for the duration of such owner’s ownership. The liability of Landlord (and its partners, shareholders or members) to Tenant (or any person or entity claiming by, through or under Tenant) for any default by
Landlord under the terms of this Lease or any matter relating to or arising out of the occupancy or use of the Premises and/or other areas of the Building or Project shall be limited solely to Tenant’s actual direct, but not consequential,
damages therefor and shall be recoverable only from Landlord’s equity interest in the Building, and Landlord (and its partners, shareholders, members, directors, employees or agents) shall not be personally liable for any deficiency nor shall
any recourse be had to any other property or assets of Landlord. 

  

	19.	Remedies in Default. 

  

	 	19.1	Landlord Remedies. In the event of any Default by Tenant, Landlord may, at any time without waiving or limiting any other right or remedy, do any one or more of
the following: (i) re-enter and take possession of the Premises without terminating this Lease, or (ii) terminate this Lease, and (iii) pursue any remedy allowed by law or equity. 

 

	 	19.2	Tenant Payment of Costs. Whether Landlord has elected to terminate this Lease or not, Tenant shall pay Landlord the cost of recovering possession of the
Premises, the expenses of reletting, and any other costs or damages arising out of Tenant’s Default, including without limitation the costs of removing persons and property from the Premises, the costs of preparing or altering the Premises for
reletting, broker’s commissions, and attorneys’ fees. 

  

	 	19.3	Termination. In the event Landlord elects to terminate this Lease, Landlord shall be additionally entitled to recover from Tenant: (i) the award by a court
having jurisdiction thereof of the amount by which the unpaid Rent and other charges and adjustments called for herein for the balance of the Term after the time of such award exceeds the amount of such loss for the same period that Tenant proves
could be reasonably avoided and (ii) that portion of any leasing commission and Tenant Improvements costs paid by Landlord applicable to the unexpired term of the Lease. 

 

	 	19.4	 No Termination. No re-entry or taking possession of the Premises by Landlord pursuant to this Section 19, or acceptance of Tenant’s
keys to or surrender of the Premises shall be construed as an election to terminate this Lease unless a written notice of such intention is given to Tenant. Notwithstanding any reentry or termination, the liability of Tenant for the Rent shall
continue for the balance of the Term, and Tenant shall make 

  

 -22- 

	 	 
good to Landlord any deficiency arising from reletting the Premises at a lesser rent than the Rent provided for in this Lease. Tenant shall pay such deficiency each month as the amount thereof is
ascertained by Landlord. 

  

	 	19.5	Landlord Election to Make Tenant Advances. If Tenant shall fail to pay any sum of money owed to any party other than Landlord, for which Tenant is liable under
this Lease, or if Tenant shall fail to perform any other act on its part to be performed hereunder, and such failure continues for a period of ten business days after notice thereof by Landlord, Landlord may, without waiving or releasing Tenant from
its obligations or waiving or releasing any rights that Landlord may have, make any such payment or perform any other act to be made or performed by Tenant. All sums so paid by Landlord and all necessary incidental costs, together with interest
thereon at the rate established in Section 32.7, from the date of such payment by Landlord, shall be deemed Additional Rent and shall be paid to Landlord on demand. 

 

	20.	Access. Tenant shall permit Landlord to enter the Premises at all reasonable times upon not less than 24 hours prior notice (which may be verbal), for the
purpose of inspecting, altering, and repairing the Premises and the Building and ascertaining compliance with the provisions of this Lease by Tenant. The existence or exercise of such right of access shall not be construed as imposing any obligation
on Landlord to inspect, discover or correct or repair any condition in the Premises or the Building. Landlord may also show the Premises to prospective purchasers or tenants at reasonable times, on not less than 24 hours advance telephonic notice.
Landlord shall not unreasonably interfere with Tenant’s business operations in exercising such right. All such entries of Landlord shall be without abatement of Rent unless such entry, or any alterations or additions made by Landlord adversely
interfere with Tenant’s use of the Premises for greater than forty-eight (48) hours. In such instance, to the extent, if any, that Tenant is unable to reasonably conduct its business in the Premises (in Tenant’s sole reasonable
discretion) during such interference, the Rent due hereunder shall be abated until such interference stops. The foregoing right to abatement of Rent shall not apply if such entry, or any alterations or additions by Landlord are occurring at the
request of Tenant, or as the result of the acts or omissions of Tenant or its employees, agents or invitees. 

  

	21.	Surrender of Premises; Hold-Over Tenancy. 

  

	 	21.1	Surrender of Premises. Upon the expiration or sooner termination of this Lease, Tenant shall surrender the Premises and all the additions and alterations
thereto, and leave the Premises and all other areas of the Property made available for Tenant’s exclusive use, broom clean and in good order and condition and repair, excluding ordinary wear and tear, and casualty and subject to Landlord’s
unperformed obligations under this Lease. 

  

	 	21.2	 Removal of Personal Property. Prior to expiration or other termination of this Lease, except as otherwise specified herein or expressly
permitted by Landlord in writing, Tenant shall remove, at its sole cost and expense all personal property of Tenant on or about the Premises, including without limitation all Tenant’s furnishings, fixtures, furniture, fittings, and equipment.
Tenant shall repair or reimburse Landlord for the cost of repairing any damage to the Premises resulting from the removal of such property of Tenant. All property of Tenant remaining on the Premises after reentry or the expiration or sooner
termination of this Lease shall conclusively be deemed abandoned and may be removed by Landlord. The cost of removal of such property shall be reimbursed by Tenant to Landlord upon demand, including but not limited to court costs, reasonable
attorneys’ fees and storage and disposal charges relating to such property. Landlord may store such property of Tenant in any place selected by Landlord, including but not limited to a public warehouse, at the expense and risk of the owner
thereof, with the 

  

 -23- 

	 	 
right to sell such stored property without notice to Tenant. The proceeds of such sale shall be applied first to the cost of such sale, second to the payment of the cost of removal and storage,
if any, and third to the payment of any other amounts that may then be due from Tenant to Landlord under this Lease, and any balance shall be paid to Tenant. 

 

	 	21.3	Removal of Alterations and Tenant Improvements. Prior to expiration or other termination of this Lease, except as otherwise specified herein or expressly
permitted by Landlord in writing, Tenant shall remove, at its sole cost and expense, (i) all Alterations performed by Tenant as described in Section 13, but only to the extent that Landlord gave Tenant written notice of such removal
requirement (A) at the time of approval of such Alterations, or (B) for those Alterations not requiring consent, within ten (10) business days after Landlord has notice thereof, and (ii) all cabling, wiring and other related
equipment installed by Tenant or a third party specifically for Tenant’s use during the Term of this Lease (“Tenant Wiring”). Tenant shall repair all damage to the Premises or Building occurring as a result of such removal. In the
event Tenant fails to remove any Alterations or Tenant Wiring, as required hereunder, or repair any damage occurring during such removal, Landlord shall be entitled to remove any such Alterations or Tenant Wiring or make such repairs, at
Tenant’s expense. Landlord shall own any and all Alterations, Tenant Improvements and Tenant Wiring remaining in the Premises following expiration or other termination of the Lease. 

 

	 	21.4	Delivery of Keys. Upon expiration or termination of this Lease, Tenant shall surrender all keys and access cards to the Premises and/or Building to Landlord at
the place then fixed for payment of Rent and shall inform Landlord of all combination locks, safes, and vaults, if any, in the Premises. 

  

	 	21.5	Hold-Over Tenancy. If without execution of a new Lease or written extension Tenant shall hold over after the expiration or termination of the Term, with
Landlord’s written consent, Tenant shall be deemed to be occupying the Premises as a Tenant from month to month, which tenancy may be terminated as provided by law, unless the parties agree otherwise at the time of Landlord’s consent. If
Tenant shall hold over after expiration or termination of the Term without Landlord’s written consent, Tenant shall be deemed to be occupying the Premises as a tenant from month to month. The Base Monthly Rent payable shall be 125% of the Base
Monthly Rent payable in the last month prior to expiration or termination of the Term, and Tenant shall continue to pay Additional Rent. During any such tenancy, Tenant shall continue to be bound by all of the terms, covenants, and conditions of
this Lease, insofar as applicable. 

  

	22.	Compliance with Law. Except as otherwise stated in this Lease, Tenant shall not use the Premises or Property or permit anything to be done in or about the
Premises or Property which will in any way conflict with any applicable law, statute, ordinance, or governmental rule or regulation, now or hereafter in force (“Laws”), including without limitation laws governing the use, transportation,
discharge and disposal of hazardous substances. Tenant shall at its sole cost and expense promptly comply with all Laws, including without limitation the Americans with Disabilities Act, and with the requirements of any board of fire insurance
underwriters or other similar bodies now or hereafter constituted, relating to, or affecting the particular use or occupancy of the Premises by Tenant. The judgment of any court of competent jurisdiction, or the admission of Tenant in any action,
whether Landlord be a party thereto or not, that Tenant has violated any Laws, shall be conclusive of the fact as between Landlord and Tenant. 

Landlord shall correct any violation of this warranty at its sole cost and expense (not to be included in Operating Expenses or otherwise
charged to Tenant as Additional Rent). Landlord 
  

 -24- 

 
represents and warrants that it will comply with all Laws (including the ADA except when Tenant is required to do so as provided in the last sentence of this Section 22). Any costs
associated with compliance (including without limitation, any capital improvements that may be required) will be Landlord’s sole responsibility unless such costs are subject to reimbursement as Operating Expenses pursuant to Section 8.3
above. Notwithstanding the foregoing, Tenant shall not be required to make any improvements, modifications or additions to the Premises, Building or Property in order to cause such to comply with any applicable Laws, unless such improvements,
modifications or additions are required due to (i) improvements made to the Premises by the Tenant during the Term, including the Tenant Improvements (ii) the specific and unique use of the Premises by Tenant as opposed to uses by tenants
in general. 
  

	23.	Rules and Regulations. Tenant shall faithfully observe and comply with the rules and regulations that Landlord shall from time to time promulgate and any other
restrictive covenants and easements which affect the use and operation of the Premises, Building, or Property, now or hereafter in force; provided Tenant has received prior written notice of, and a full and complete copy of, all such documents. All
such rules and regulations shall be non-discriminatory and reasonable and shall be uniformly and consistently enforced against all tenants in the Building. Additions and modifications to rules and regulations shall be binding on Tenant upon delivery
of a copy of them to Tenant. Landlord shall not be responsible to Tenant for the nonperformance of any rules or regulations by any other tenants or occupants of the Building. 

 

	24.	Parking. Free of charge, Tenant shall have the right, for its employees, invitees and other visitors to use, on an exclusive basis, all of the parking areas
located on the Property subject to the reasonable rules and regulations of Landlord. Tenant shall not violate any governmentally imposed parking restrictions applicable to the Property. 

 

	25.	Certificates. Each party to this Lease will, from time to time as requested by the other party, on not less than 20 days prior written notice, execute,
acknowledge, and deliver to the other party a commercially reasonable and accurate statement in writing certifying that 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 stating the modifications). That statement will certify the dates to which Rent and any other charges have been paid. That statement will also state whether, to the knowledge of the person signing the certificate, the other
party to the Lease is in default beyond any applicable grace period provided in this Lease in the performance of any of its obligations under this Lease. If the other party is in default beyond any applicable grace period, the statement will specify
each default of which the signer then has knowledge. It is intended that this statement may be relied on by others with whom the party requesting that certificate may be dealing. The failure by Landlord or Tenant to deliver a statement when and as
required by this Section 25 shall constitute a Default by that party under this Lease without further notice unless such failure is due to a bona fide good faith dispute as to the reasonableness of the form and/or the factual statements
contained therein. Any provisions in such a document that are not mere statements of fact, but instead require agreements of the sort typically found in SNDA agreements, then such document shall be considered an SNDA and be subject to
Section 26. 

  

	26.	 Subordination. Tenant agrees that this Lease shall be subordinate to the lien of any mortgage, deeds of trust, or ground leases now or hereafter
placed against the Property or Building (an “Encumbrance”), and to all renewals and modifications, supplements, consolidations, and extensions thereof, provided that so long as Tenant attorns to any party acquiring title to the Property as
a result of the foreclosure, termination or transfer in lieu thereof of any such Encumbrance, then neither Tenant’s right to quiet enjoyment under this Lease, nor the right of Tenant to continue to occupy the Premises in accordance with the
terms of this Lease will be interfered with by the holder of any such Encumbrance. Notwithstanding the foregoing, Landlord 

 

 -25- 

	 	 
reserves the right, however, to subordinate or cause to be subordinated any such mortgage, deed of trust or ground lease to this Lease. Upon a foreclosure or conveyance in lieu of foreclosure
under such mortgage or deed of trust, or a termination of such ground lease, and a demand by Landlord’s successor, Tenant shall attorn to and recognize such successor as Landlord under this Lease. Tenant shall execute and deliver within 10
business days following Landlord’s request any commercially reasonable instruments evidencing, effectuating or confirming such subordination or attornment; provided, however that Tenant shall be entitled to condition its delivery of such
instruments on receipt from the lender or ground lessor nondisturbance agreement which is intended to protect Tenant’s right to possession under this Lease for so long as Tenant complies with the terms and conditions of this Lease. Without
limiting the foregoing, Tenant shall in no event be required to execute any such agreement that (i) requires it send copies of all notices (as opposed to only default notices) sent to Landlord in accordance with the Lease also to a mortgagee,
(ii) restricts Tenant’s self help remedies set forth in this Lease, (iii) allows a mortgagee to elect to terminate the Lease in the event of casualty instead of restoring the Premises if required by the Lease, (iv) extends the
time Landlord (or such mortgagee) is allowed to cure Landlord’s defaults under the Lease by more than 30 days before Tenant may avail itself of any remedies available at law or under this Lease due to such default, except to the extent the
extension is due to a delay by Tenant in providing notice to the mortgagee, or (v) otherwise materially increases Tenant’s obligations or decreases its rights under the Lease. All subordination, non-disturbance and attornment instruments
and agreements under this Section 26 shall be substantially in such standard form and substance as the lender or ground lessor at that time typically uses with comparable tenants provided that such form is commercially reasonable, reasonably
acceptable to Tenant, and otherwise meets the requirements of this paragraph. 

  

	27.	Personal Property Taxes. Tenant shall pay prior to delinquency all personal property taxes payable with respect to all property of Tenant located on the Premises
or the Building and promptly upon request of Landlord shall provide satisfactory evidence of such payment. “Personal property taxes” under this Section 27 shall include all property taxes assessed against the property of Tenant,
whether assessed as real or personal property. 

  

	28.	Notices. All notices under this Lease shall be in writing. Notices shall be effective (i) when deposited with a nationally recognized overnight delivery
service such as DHL Express, (ii) when mailed by certified mail, return receipt requested, (iii) when personally delivered. Either party may change its address and fax number for notices by notice to the other from time to time.

  

	29.	Condition of Premises. Except as provided in the Work Letter for the Tenant Improvements, or as expressly set forth in this Lease, by taking possession of
the Premises, Tenant accepts the Premises as being in good, sanitary order, condition and repair, and further accepts all aspects of the Premises, Building, and Property in their present condition, AS IS, including latent defects, without any
representations or warranties, express or implied, from Landlord other than those expressly set forth in the Lease. 

  

	30.	Hazardous Substances. 

  

	 	30.1	 Tenant Obligations. Tenant shall not, without first obtaining Landlord’s prior written approval, which approval shall not be unreasonably
withheld, delayed or conditioned, generate, release, store, deposit, transport, or dispose of (collectively “Release”) any hazardous substances, sewage, petroleum products, hazardous materials, toxic substances or any pollutants or
substances, defined as hazardous or toxic in applicable federal, state and local laws and regulations (“Hazardous Substances”) in, on or about the Premises or the Property. In the event, and only in the event, Landlord approves such
Release of Hazardous Substances on the Premises, such Release shall occur safely 

  

 -26- 

	 	 
and in compliance with all applicable federal, state, and local laws and regulations and at Tenant’s sole risk and expense. Tenant may bring upon and ship through the Premises limited
quantities of Hazardous Substances in the ordinary course of its business permitted under Section 1 of this Lease, provided the handling of such is at all times in compliance with all applicable laws and the CC&Rs.

  

	 	30.2	Tenant Indemnity. Tenant shall indemnify and defend (with counsel approved by Landlord) Landlord, and hold Landlord harmless, from and against any and all
claims, liabilities, losses, damages, cleanup costs, and expenses (including reasonable attorneys’ fees) arising out of or in any way relating to the Release by Tenant or any of its agents, representatives, employees or invitees, or the
presence of any Hazardous Substances in, on or about the Premises occurring as a result of or in connection with Tenant’s use or occupancy of the Premises at any time after the Commencement Date. 

 

	 	30.3	Landlord Inspection. Landlord shall have the right from time to time to enter the Premises, Building and Property and inspect the same for the presence of
Hazardous Substances and compliance with the provisions of this Section 30 and inspect the Premises, Building and Property. Landlord may cause tests to be performed for Hazardous Substances on the Premises from time to time. Tenant shall bear
the cost of the first such test in any calendar year and any other such test that occurs upon a reasonable suspicion by Landlord that there may be Hazardous Substances in the Premises in violation of Tenant’s obligations under this Lease.

  

	 	30.4	Landlord’s Warranty. The Landlord, to its actual knowledge with no duty of inquiry, represents to the Tenant that, except as may be disclosed in any
hazardous substances studies or reports furnished by Landlord to Tenant before the Commencement Date, as provided in Section 30.6, no toxic, explosive or other dangerous materials or Hazardous Substances have been concealed within, buried
beneath, released on or from, or removed from and stored off-site of the property upon which the Building and Premises are constructed. 

  

	 	30.5	Landlord’s Obligations. Landlord agrees to indemnify, release, hold harmless and defend Tenant from any and all claims, damages, fines, judgments,
penalties, costs, liabilities, or losses (including, without limitation, any and all sums paid for settlement of claims, attorneys’ fees, consultant and expert fees) arising during or after the Term from or in connection with the presence or
suspected presence of Hazardous Substances or environmental damage in or on the Premises as a result of any action of Landlord, its employees, agents, contractors or subcontractors, except to the extent the Hazardous Substances are present as a
result of the negligence, willful misconduct, or other acts of Tenant, Tenant’s agents, employees, contractors, or invitees or otherwise covered by Tenant’s indemnity under Section 30.2. Without limitation of the foregoing this
indemnification shall include any and all costs incurred due to any investigation of the site or any cleanup, removal, or restoration mandated by a federal, state, or local agency or political subdivision. 

 

	 	30.6	 Environmental Reports. Landlord shall provide to Tenant, prior to the Commencement Date and thereafter upon receipt of written request, copies
of the most recent environmental reports (such as a Phase I) that Landlord has for the Premises, Building, and Project. Tenant shall reimburse Landlord for Landlord’s reasonable out of pocket costs for photocopying and delivering such report
within thirty (30) days after receipt of detailed written demand therefor, such demand to include copies of all relevant receipts and invoices. Landlord also hereby agrees that Tenant may, at its sole cost and expense, conduct a Phase I or
similar environmental report on the Premises, Building and 

  

 -27- 

	 	 
Project provided (i) Tenant gives Landlord prior written notice of such proposed report, and such report is subject to Landlord’s prior written approval, not to be unreasonably
withheld, (ii) Tenant shall not engage in any boring or other invasive testing without preparing and furnishing to Landlord a reasonably detailed written plan for such testing, and Landlord approves such plan, such approval at Landlord’s
sole and absolute discretion, (iii) such testing shall be at the sole expense and risk of Tenant and shall be conducted lien-free, and Tenant repairs any damages caused by such investigation, if any, and (iv) Tenant and its contractors
shall not unreasonably disturb any other occupants of the Building, and shall use diligent efforts in keeping with industry standards to avoid such disturbance. 

 

	 	30.7	Survival. The provisions of Sections 30.2 and 30.5 shall survive the expiration or termination of this Lease with respect to any occurrences during the Term.

  

	31.	Signs. Tenant shall not place upon or install in windows or other openings or exterior sides of doors or walls of the Premises any symbols, drapes, or other
materials without the written consent of Landlord, which consent shall not be unreasonably withheld, delayed or conditioned. Tenant shall observe and comply with the requirements of all Laws applicable to signage. 

 

	32.	General Provisions. 

  

	 	32.1	Attorneys’ Fees. In the event of any litigation, arbitration or other proceeding (including proceedings in bankruptcy and probate and on appeal) brought to
enforce or interpret or otherwise resolve a dispute arising under this Lease, the substantially prevailing party therein shall be entitled to the award of its reasonable attorneys’ fees incurred therein and in preparation therefor.

  

	 	32.2	Governing Law; Venue. This Lease shall be governed by and construed in accordance with the internal laws of the State of Washington (without reference to choice
of law principles) and venue for all disputes shall be in King County, Washington. TO THE MAXIMUM EXTENT PERMITTED BY LAW, TENANT (ON BEHALF OF ITSELF AND ITS RESPECTIVE SUCCESSORS, ASSIGNS AND SUBTENANTS) AND LANDLORD EACH WAIVE ANY RIGHT TO TRIAL
BY JURY IN ANY LITIGATION OR TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE ARISING OUT OF OR WITH RESPECT TO THIS LEASE OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS RELATED
HERETO. 

  

	 	32.3	Cumulative Remedies. No remedy or election under this Lease shall be deemed exclusive but shall, wherever possible, be cumulative with all other remedies at law
or in equity. 

  

	 	32.4	Exhibits; Addenda. Exhibits and Addenda, if any, attached to this Lease are a part of and incorporated into this Lease. 

 

	 	32.5	Interpretation. This Lease has been submitted to the scrutiny of all parties hereto and their counsel, if desired, and shall be given a fair and reasonable
interpretation in accordance with the words hereof, without consideration or weight being given to its having been drafted by any party hereto or its counsel. 

 

	 	32.6	Joint Obligation. If there is more than one Tenant under this Lease, the obligations hereunder imposed upon Tenants shall be joint and several.

  

	 	32.7	 Late Charges; Interest. Late payment by Tenant to Landlord of Rent or other sums due under this Lease will cause Landlord to incur
administrative and operating costs not 

  

 -28- 

	 	 
contemplated by this Lease, the exact amount of which would be difficult and impractical to ascertain. Such costs include without limitation processing and accounting charges and late charges
which may be imposed on Landlord by the terms of any mortgage or trust deed covering the Premises. Accordingly, Tenant shall pay to Landlord as Additional Rent a late charge equal to 2% of such overdue payment as liquidated damages for the
administrative and operating costs incurred by Landlord in connection with such late payment. Such late charge does not compensate Landlord for the time value of money, and, in addition to any applicable late charge, any Rent or other sums due
Landlord under this Lease to Landlord, if overdue, shall bear interest from the date due until fully paid at the per annum rate of eight and one half percent (8.5%), which interest shall constitute Additional Rent under this Lease. The existence or
payment of late charges and interest under this Section shall not cure or limit Landlord’s remedies for any Default by Tenant under this Lease. A $100 charge will be paid by Tenant to Landlord for each returned check.

  

	 	32.8	Light, Air, and View. Landlord does not guarantee the continued present status of light, air, or view in, to or from the Premises. 

 

	 	32.9	Measurements. All measurements of the Premises stated in this Lease, even if approximations shall be based on BOCA guidelines and shall govern and control over
any actual measurement of the Premises and may reflect the inclusion of a load factor for the Building. The Rent provided in this Lease and Tenant’s Share shall not be modified or changed by reason of any measurement or re-measurement of the
Premises that may occur after the date of this Lease, and is agreed by Landlord and Tenant to constitute the negotiated rent for the Premises. The foregoing shall not be deemed to modify any obligation of Landlord to construct the Premises in
accordance with the Work Letter. 

  

	 	32.10	Abandonment of Premises. Tenant may vacate all or a portion of the Premises during any portion of the term of the Lease without it causing a default, provided it
at all times continues to pay Rent and carry the insurance required under the Lease, and otherwise performs its Lease obligations. 

  

	 	32.11	Prior Agreements; Amendments. This Lease is the full, final and complete expression of the agreements of the parties with respect to any matter covered or
mentioned in this Lease, and no prior agreements or understandings, promises or representations, oral or otherwise, pertaining to any such matters shall be effective for any purpose. No provision of this Lease may be amended or added to except by an
agreement in writing signed by the parties or their respective successors in interest. This Lease shall not be effective or binding on any party until fully executed by both parties hereto. Tenant’s execution of this Lease shall constitute its
irrevocable offer to lease the Premises in accordance with the terms hereof so long as a copy of Landlord’s counterpart to this Lease is provided to Tenant within 3 business days following submission of Tenant’s signature pages to this
Lease into escrow. 

  

	 	32.12	Recordation. Tenant shall not record this Lease or a short form memorandum of this Lease without the prior written consent of Landlord. 

 

	 	32.13	Liability. Tenant agrees to look only to the equity of Landlord in the Building and Property and not to Landlord personally with respect to any obligations or
payments due or which may become due from Landlord hereunder, and no other property or assets of Landlord or any members, partners, officers, directors of Landlord shall be personally liable in connection with this Lease. As used in this Lease,
Landlord’s agents, representatives, contractors, licensees, invitees and guests shall not be deemed to include other tenants in the Building or the officers, employees, agents, representatives, contractors, licensees, invitees, guests,
customers or clients of such other tenants. 

  

 -29- 

	 	32.14	Severability. That any provision of this Lease is invalid, void, or illegal shall in no way affect, impair, or invalidate any other provision of this Lease and
such other provision shall remain in full force and effect. 

  

	 	32.15	Time. Time is of the essence of this Lease and each of its provisions. 

 

	 	32.16	Waiver. No provision of this Lease shall be deemed to have been waived by either party unless such waiver is in writing signed by the waiving party or their duly
authorized representatives. The waiver by either party of any provision of this Lease shall not be deemed to be a waiver of such provision or any other provision, in any subsequent instance. The acceptance of Rent by Landlord shall not be deemed to
be a waiver of any preceding Default or breach by Tenant under this Lease, whether known or unknown to Landlord, other than the failure of the Tenant to pay the particular Rent so accepted. 

 

	 	32.17	Force Majeure. If either party shall be prevented or delayed from punctually performing any obligation or satisfying any condition under this Lease or the Work
Letter, other than the payment of Rent or other sums due hereunder, by any strike, lockout, labor dispute, inability to obtain labor or materials or reasonable substitutes therefor, acts of God, governmental restriction, regulation or control, enemy
or hostile governmental action, civil commotion, insurrection, sabotage, fire or other casualty, or any other condition beyond the reasonable control of such party (“Force Majeure”), then the time to perform such obligation or satisfy such
condition shall be extended by the delay caused by such event; provided this Section 32.17 shall not apply to the time periods in Section 15.1 of this Lease. If either party shall, as a result of any such event, be unable to exercise any
right or option within any time limit provided therefor in this Lease, such time limit shall be deemed extended for a period equal to the duration of the delay caused by such event. 

 

	 	32.18	Quiet Enjoyment. Provided Tenant observes its obligations under this Lease, its quiet enjoyment of the Premises throughout the Term shall not be disturbed.
Landlord shall not enter into any covenants or other agreements, nor alter or make any changes, modifications, alterations or improvements to the Premises, Building or Project that materially interfere with Tenant’s use of the Premises (in
Tenant’s sole reasonable opinion), except as is contemplated by Section 15 or the other provisions of this Lease. 

  

	33.	Authority of Tenant and Landlord. 

  

	 	33.1	Tenant as Corporation. If Tenant is a corporation, each individual executing this Lease on behalf of Tenant represents and warrants that (s)he is duly authorized
by all necessary action of the directors of Tenant to execute and deliver this Lease on behalf of Tenant, and that this Lease is binding upon Tenant in accordance with its terms. 

 

	 	33.2	Tenant as Partnership or LLC. If Tenant is a partnership or limited liability company, each individual executing this Lease on behalf of Tenant represents and
warrants that (s)he is duly authorized in accordance with Tenant’s partnership agreement or limited liability company agreement by all necessary action of the partners or members or managers of Tenant to execute and deliver this Lease on behalf
of Tenant, and, and that this Lease is binding upon Tenant in accordance with its terms. Tenant represents and warrants that the written information concerning the corporate structure of Tenant and its affiliates that Tenant provided to Landlord
before the mutual execution of this Lease is true and accurate in all material respects. 

  

 -30- 

	 	33.3	Authority; Binding. Each individual executing this Lease on behalf of the Landlord represents and warrants that he or she is duly authorized to execute and
deliver this Lease on behalf of Landlord in accordance with the governing documents of Landlord, and that upon full execution and delivery this Lease is binding upon Landlord in accordance with its terms. 

 

	34.	Financial Statements. Landlord, on behalf of itself and any successor, ground lessor, lender or mortgagee of Landlord, hereby recognizes and agrees that Tenant
does not prepare or have financial statements of any kind, and notwithstanding anything in the Lease or any mortgage or other agreement to the contrary, Landlord, on behalf of itself and any entity claiming through it, hereby agrees to look solely
to the public financial statements of Tenant’s parent, Deutsche Post. However, from and after any assignment of this Lease permitted under Section 17, other than an assignment to a party that is affiliated with Tenant, Tenant shall furnish
to Landlord from time to time, within 30 days of request, Tenant’s annual financial statements for Tenant’s immediately prior fiscal year and quarter, which financial statements shall include at a minimum a balance sheet, income statement
and statement of cash flows, or the equivalent. Such statements shall be in the form furnished to Tenant’s principal lender and/or to Tenant’s shareholders or other owners, and the annual statement shall have been audited, or reviewed or
compiled by an independent certified public accountant. Unless the statements are audited statements, Tenant shall accompany such statements with a certificate of its chief financial officer that the statements fairly present the financial condition
and results of operations of Tenant as of and for the period ending on the date of such statements. Landlord shall not request financial statements under this Section more than once each calendar year. 

 

	35.	Brokers. Each party represents and warrants to the other that, except for the broker(s) identified in Section 1, it has not had dealings with any real
estate broker, other agent or salesperson with respect to this Lease that would cause the other party to have any liability for any commissions or other compensation to such broker, agent or salesperson, and that no such broker, agent or salesperson
has asserted any claim or right to any such commission or other compensation. Such representing party shall defend and indemnify the other party and hold the other party harmless from and against any and all loss, cost, liability, damage and expense
(including reasonable attorneys’ fees) whatsoever that may arise out of the breach of such representation and warranty. 

  

	36.	Counterparts. This Lease may be executed in any number of counterparts and each counterpart shall be deemed to be an original document. All executed counterparts
together shall constitute one and the same document, and any counterpart signature pages may be detached and assembled to form a single original document. 

  

	37.	Further Assurances. Except as expressly set forth otherwise herein, each party to this Lease will at its own cost and expense execute and deliver such further
documents and instruments and will take such other actions as may be reasonably required or appropriate to evidence or carry out the intent and purposes of this Lease. 

 

	38.	Purchase Agreement. Landlord and Tenant hereby recognize and agree that they are parties to a certain Agreement for Assignment and Assumption of Purchase and
Sale Agreement dated on or about June 21, 2010 (the “Assignment Agreement”) with respect to Landlord’s assumption of that certain Purchase and Sale Agreement (the “Purchase Agreement”) by and between Hunter Douglas, as
Seller, and Copeland Commercial, LLC (“Copeland”), as Purchaser, as assigned from Copeland to Tenant, which Purchase Agreement governs the purchase and sale of the Property (including the Building/Premises). Landlord and Tenant agree that
nothing in this Lease is intended to negate any indemnities or releases contained in Assignment Agreement. 

  

 -31- 

 Remainder of page intentionally left blank. 

Signatures on following page. 
  

 -32- 

 This Lease shall be effective as of the date first set forth above. 

 

			
	LANDLORD:
	
	 IIT 1905 RAYMOND AVENUE LLC,

a Delaware limited liability company

		
	By:	 	IIT Real Estate Holdco LLC,
		 	a Delaware limited liability company,
		 	Its Sole Member
		
	By:	 	Industrial Income Operating Partnership LP,
		 	a Delaware limited partnership,
		 	Its Sole Member
		
	By:	 	Industrial Income Trust Inc.,
		 	a Maryland corporation,
		 	Its General Partner

  

			
	By:	 	 /s/ THOMAS G. McGONAGLE

	Name:	 	 Thomas G. McGonagle

	Title:	 	 Chief Financial Officer and Treasurer

 

 -33- 

			
	 TENANT:
  

AIR EXPRESS INTERNATIONAL USA, INC., an Ohio corporation dba DHL GLOBAL FORWARDING

		
	By:	 	 /s/ HANS TOGGWELLER

	Name:	 	 Hans Toggweller

	Title:	 	 Chief Executive Officer

 

 -34- 

			
	STATE OF COLORADO	  	)
		  	)ss.
	COUNTY OF DENVER	  	)

 On this
         day of                     , 2010, before me, the undersigned, a Notary Public in and
for the State of Colorado, personally appeared
                                         
                                       , to me
known to be the
                                        
of Industrial Income Trust Inc., a Maryland corporation, as general partner of Industrial Income Operating Partnership LP, a Delaware limited partnership, as sole member of IIT Real Estate Holdco LLC, a Delaware limited liability company, as sole
member of IIT 1905 RAYMOND AVENUE LLC, a Delaware limited liability company, that executed the foregoing instrument, and acknowledged the said instrument to be the free and voluntary act and deed of said limited liability company, for the uses and
purposes therein mentioned, and on oath stated that he/she was authorized to execute the said instrument on behalf of said limited liability company. 

WITNESS MY HAND AND OFFICIAL SEAL hereto affixed the day and year first above written. 

 

			
	  

	Name	 	  

			
	NOTARY PUBLIC in and for the State of Colorado,

					
	residing at	 	  
	 	.

					
	My commission expires	 	  
	 	.

  

 -35- 

			
	STATE OF                           
              	  	)
		  	)ss.
	COUNTY OF
                            	  	)

 On this
         day of                             , 2010,
before me, the undersigned, a Notary Public in and for the State of                     , personally appeared
                                         
                                       , to me
known to be the
                                        
of                     , the
                     that executed the foregoing instrument, and acknowledged the said instrument to be the free and voluntary act and deed of
said                     , for the uses and purposes therein mentioned, and on oath stated that he/she was authorized to execute the said
instrument on behalf of said                     . 

WITNESS MY HAND AND OFFICIAL SEAL hereto affixed the day and year first above written. 

 

					
	  

	Name	 	
 

					
	NOTARY PUBLIC in and for the State of	 	  
	 	,    

					
	residing at	 	  
	 	.

					
	My commission expires	 	  
	 	.

  

 -36- 

 EXHIBIT A-1 

TO 
 LEASE

 

 

  

 -1- 

 EXHIBIT A-2 

TO 
 LEASE 

 LEGAL DESCRIPTION OF PROPERTY 

THAT PORTION OF GOVERNMENT LOT 13, SECTION 24, TOWNSHIP 23 NORTH, RANGE 4 EAST, WILLAMETTE MERIDIAN, IN KING COUNTY, WASHINGTON, MORE PARTICULARLY
DESCRIBED AS FOLLOWS: 
 COMMENCING AT THE SOUTHEAST CORNER OF SAID SECTION 24; 

THENCE NORTH 87°18’57” WEST ALONG THE SOUTH LINE THEREOF 44.27 FEET TO THE WESTERLY MARGIN OF A 40.00 FOOT WIDE RIGHT OF WAY FOR
SPRINGBROOK CREEK AS DESCRIBED UNDER KING COUNTY RECORDING NUMBER 9412231106 AND THE TRUE POINT OF BEGINNING; 
 THENCE NORTH
37°00’42” WEST ALONG SAID WESTERLY MARGIN 4.90 FEET; 
 THENCE NORTH 55°28’15” WEST 77.73 FEET; 

THENCE NORTH 52°24’00” WEST 186.51 FEET; 

THENCE NORTH 54°03’57” WEST 286.58 FEET; 

THENCE NORTH 35°11’09” WEST 148.78 FEET; 

THENCE NORTH 23°44’21” WEST 85.39 FEET TO A CURVE CONCAVE TO THE EAST HAVING A RADIUS OF 75.78 FEET; 

THENCE NORTHERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 59°07’34” AN ARC DISTANCE OF 78.20 FEET; 

THENCE NORTH 50°08’30” EAST 114.42 FEET; 

THENCE NORTH 51°45’16” EAST 72.30 FEET; 

THENCE NORTH 59°39’11” EAST 96.54 FEET TO A CURVE CONCAVE TO THE NORTHWEST HAVING A RADIUS OF 114.57 FEET; 

THENCE NORTHEASTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 45°50’57” AN ARC DISTANCE OF 91.68 FEET; 

THENCE NORTH 13°48’14” EAST 114.90 FEET TO A CURVE CONCAVE TO THE WEST HAVING A RADIUS OF 294.26 FEET; 

THENCE NORTHERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 36°45’26” AN ARC DISTANCE OF 188.78 FEET; 

THENCE NORTH 23°47’30” WEST 102.20 FEET; 

THENCE NORTH 28°32’10” WEST 64.18 FEET; 
  

 -1- 

 THENCE NORTH 20°51’33” WEST 61.80 FEET TO A POINT ON THE NORTH LINE OF SAID GOVERNMENT LOT 13
AS SAID LINE IS SHOWN ON A RECORD OF SURVEY BY R.F. HILLPOINTER AS RECORDED UNDER KING COUNTY RECORDING NUMBER 8910069012, SAID POINT BEARS NORTH 87°26’45” WEST 422.35 FEET FROM THE NORTHEAST CORNER OF LOT 13; 

THENCE NORTH 87°26’45” WEST ALONG SAID NORTH LINE 412.93 FEET; 

THENCE SOUTH 02°46’03” WEST 1327.46 FEET TO A POINT ON THE SOUTH LINE OF SAID SECTION 24 WHICH BEARS NORTH 87°18’57” WEST
FROM THE TRUE POINT OF BEGINNING; THENCE SOUTH 87°18’57” EAST ALONG SAID SOUTH LINE 836.83 FEET TO THE TRUE POINT OF BEGINNING; 

(ALSO KNOWN AS LOT 1 OF CITY OF RENTON LOT LINE ADJUSTMENT NUMBER LUA-95-064-LLA, RECORDED UNDER RECORDING NUMBER 9508039005). 

 

 -2- 

 EXHIBIT B 

TO
 LEASE

 WORK LETTER 
  

			
	Landlord:	  	IIT 1905 RAYMOND AVENUE LLC
	Tenant:	  	AIR EXPRESS INTERNATIONAL USA, INC. dba DHL GLOBAL FORWARDING
	Space:	  	126,660 SF 1905 Raymond Avenue Building
	Lease Date:	  	                    , 2010

 

	1.	WORK SCHEDULE [omitted] 

  

	2.	LANDLORD’S SHELL WORK [omitted] 

  

	3.	TENANT IMPROVEMENTS; TENANT IMPROVEMENT PLANS 

  

	 	3.1	In this Work Letter, “Tenant Improvements” shall include all work to be done by Tenant and its contractors in the Premises pursuant to the Tenant Improvements
Plans described in and developed in accordance with this Section 3, as approved by Landlord and as may be modified by Tenant pursuant to Section 4. Landlord and Tenant have reviewed and approved a space plan for the Tenant Improvements and
a list of items of the Tenant Improvements and certain specifications contained in that so-called Progress Bid Set prepared by Craft Architects, dated June 7, 2010 and issued June 9, 2010 (together, as the same may be modified in
accordance with the terms hereof, the “Space Plan”). Based upon the approved Space Plan, Tenant shall prepare the Tenant Improvements permit plans (i.e., the plans used for submittal to the appropriate governmental bodies for all necessary
permits and approvals) and the Tenant Improvements construction documents, (i.e., final working drawings and specifications for the Tenant Improvements), all such documents collectively referred to herein as the “Construction Documents”.
The Construction Documents, once prepared, shall then be subject to Landlord’s and Tenant’s review and approval, in accordance with Section 3.1.2 below. Landlord and Tenant shall each use commercially reasonable efforts to work
together to reach agreement on the Tenant Improvements Plans (defined below) in a timely manner. 

  

	 	3.1.1	Tenant shall provide to Landlord for its review and approval the Construction Documents. 

 

	 	3.1.2	 Landlord’s approval of the Construction Drawings shall not be withheld, provided that (a) they comply with all Laws, (b) the
improvements depicted thereon do not adversely affect (in the reasonable discretion of Landlord), the Building’s structure or systems, the exterior appearance of the Building, or the appearance of the Building’s common areas, and
(c) they are sufficiently detailed to allow construction of the Tenant Improvements in a good and workmanlike manner. Landlord’s approval of the Construction Documents shall not be a representation or warranty by Landlord that such
documents are adequate for any use or comply with any Law, but shall merely be the consent of Landlord thereto. The 

 

 -1- 

	 	 
Construction Documents, once fully approved, shall then constitute the “Tenant Improvements Plans.” After the Construction Documents have been approved, Tenant shall cause the Work to
be performed in accordance therewith. Landlord shall issue its approval or deliver a detailed denial thereof within five (5) business days after Landlord’s receipt thereof or the same shall be deemed approved. 

 

	 	3.2	After preparation of the Tenant Improvements permit plans, the Tenant Improvements permit plans shall be submitted to the appropriate governmental body for plan
checking and issuance of necessary permits and approvals. Tenant shall cause to be made any changes in the Tenant Improvements permit plans, Tenant Improvements construction documents and Tenant Improvements Plans necessary to obtain such permits
and approvals. 

  

	4.	TENANT REQUESTED CHANGES TO TENANT IMPROVEMENTS PLANS 

  

	 	4.1	After determination of the Tenant Improvements Plans, Tenant may, at Tenant’s election, make revisions, modifications, changes and amendments to the Tenant
Improvements Plans without Landlord’s consent and approval, provided such revisions, modifications, changes and amendments do not (A) materially affect access to the Building, the scope or quality of construction or the quality of the
materials or workmanship used, or adversely affect the mechanical, plumbing or electrical systems in the Building, or (B) modify the Tenant Improvements Costs (defined below) by more than $50,000 per occurrence and/or more than $100,000 in the
aggregate (a “Minor Change Order”). Any revision, modification, change or amendment to the Tenant Improvements Plans that is not a Minor Change Order will be submitted to Landlord for its review and approval prior to implementation.
Landlord shall not unreasonably withhold its approval, and shall use commercially reasonable efforts to respond within one (1) business day of Tenant’s submission to Landlord of such proposed change order, and shall in any event respond
within two (2) business days of Tenant’s submission to Landlord of such proposed change order or the same shall be deemed approved. 

  

	5.	[intentionally omitted] 

  

	6.	CONSTRUCTION OF TENANT IMPROVEMENTS 

  

	 	6.1	Tenant shall manage construction of the Tenant Improvements, in accordance with the provisions of this Work Letter and the Tenant Improvements Plans developed and
approved in accordance with this Work Letter. Tenant shall use reasonable efforts to cause Substantial Completion (as defined in Section 9.1) to occur on or before December 15, 2010. The cost of constructing the Tenant Improvements shall
be paid as provided in Section 7. 

  

	 	6.2	The construction work shall be performed only by licensed contractors and subcontractors. The construction work shall be performed in a good and workmanlike manner, in
accordance with all applicable laws, codes, regulations and ordinances and any recorded documents applicable to the Property, free of all defects, and shall conform strictly to the Tenant Improvements Plans. 

 

	 	6.3	 Tenant shall enter into a construction contract approved by Landlord (which approval shall not be unreasonably withheld, conditioned or delayed) with a
general contractor selected by Tenant from an approved list of general contractors previously provided to Landlord by Tenant. The construction contract shall include, among other things, (a) a one-year warranty for all defective work, which
warranty shall run to Landlord to the 

  

 -2- 

	 	 
extent Landlord has responsibility for repair or replacement of such work pursuant to this Lease; (b) a requirement that Tenant’s contractor maintain general commercial liability
insurance of not less than a combined single limit of $5,000,000, naming Landlord, Tenant, and each of their respective affiliates as additional insureds; (c) a requirement that the contractor perform the work in substantial accordance with the
Space Plan and the Tenant Improvements Plans and in a good and workmanlike manner; and (d) a requirement that the contractor is responsible for daily cleanup work and final clean up (including removal of debris). 

 

	 	6.4	During the period of construction of the Tenant Improvements, Tenant shall provide Landlord with monthly updates, and bi-weekly updates only during the final month of
construction, regarding the status of the construction and, at Landlord’s option, shall meet with Landlord to discuss such status. Matters requiring Landlord’s approval shall be addressed on a case-by-case basis. In addition, Landlord or
its agent may inspect the Tenant Improvements at any time, upon reasonable prior notice to Tenant, before Substantial Completion so long as Landlord or its agent do not cause any material interference in the progress of such work.

  

	 	6.5	Landlord shall have no responsibility for any failure for the construction of the Tenant Improvements to comply with the terms of this Work Letter or for any defects in
construction materials or workmanship in connection with the Tenant Improvements. Tenant agrees that in the event construction of the Tenant Improvements fails to comply with the terms of this Work Letter or results in defective construction
materials or workmanship, Tenant’s only remedy shall be to pursue Tenant’s contractors, subcontractors and/or material suppliers. 

  

	7.	PAYMENT OF COST OF THE TENANT IMPROVEMENTS 

  

	 	7.1	Tenant Improvement Costs. Subject to Section 7.6 of this Exhibit B, Tenant shall be responsible for all costs, expenses and fees associated with the
following (“Tenant Improvement Costs”): 

  

	 	7.1.1	Preparation of the space plan and the final working drawings and specifications, including mechanical, electrical, plumbing and structural drawings and all other
aspects of the Tenant Improvements Plans. 

  

	 	7.1.2	Plan check, permit, license fees and insurance premiums relating to construction of the Tenant Improvements. 

 

	 	7.1.3	Construction of the Tenant Improvements, including without limitation the following: 

7.1.3.1 Installation within the Premises of all permanent walls, doors, floor coverings, ceilings, wall coverings and painting, millwork
and similar items. 
 7.1.3.2 All electrical wiring, lighting fixtures, outlets and switches and other electrical work to be
installed within the Premises. 
 7.1.3.3 Furnishing and installation of all duct work, terminal boxes, diffusers and
accessories required for the completion or modification of the heating, ventilation and air conditioning systems within the Premises, including the cost of meter and key control for after-hour heating, ventilation and air conditioning. 

 

 -3- 

 7.1.3.4 Any additional Tenant requirements including but not limited to odor control,
special heating, ventilation and air conditioning, noise or vibration control or other special systems. 
 7.1.3.5 All fire and
life safety control systems such as fire walls, sprinklers and fire alarms, including piping, wiring and accessories installed within the Premises. 

7.1.3.6 All plumbing, fixtures, pipes and accessories to be installed within the Premises. 

7.1.3.7 Testing and inspection costs. 

7.1.3.8 Contractor’s fees, including but not limited to any fees based on general conditions. 

7.1.3.9 All applicable Washington State sales taxes. 
  

	 	7.2	[intentionally omitted] 

  

	 	7.3	[intentionally omitted] 

  

	 	7.4	[intentionally omitted] 

  

	 	7.5	[intentionally omitted] 

  

	 	7.6	Landlord shall fund the first $150,000 of the Tenant Improvements Costs in excess of $1,330,000, which $150,000 shall constitute “Amortized TI Costs”. The
amount of Amortized TI Costs shall be amortized over the initial Term of the Lease at the rate of 9% per annum. Tenant shall pay the monthly amount of Amortized TI Costs as Additional Rent. In addition, Tenant shall pay all other Tenant
Improvement Costs in excess of $1,480,000. 

  

	 	7.7	[intentionally omitted] 

  

	8.	DELAY IN SUBSTANTIAL COMPLETION 

  

	 	8.1	[intentionally omitted] 

  

	 	8.2	[intentionally omitted] 

  

	 	8.3	[intentionally omitted] 

  

	 	8.4	Target Date. Following completion and approval of the Tenant Improvements Plans, but subject to Section 1A.2 of the Lease, Tenant shall promptly perform the
work described in this Work Letter and the Tenant Improvements Plans. Tenant will use its diligent efforts to substantially complete the Tenant Improvements by December 15, 2010; however, Tenant does not guaranty such date.

  

	9.	SUBSTANTIAL COMPLETION 

  

	 	9.1	 “Substantial Completion” and words of similar import as used herein, shall mean that the Tenant Improvements have been completed to such a
degree that Tenant can legally occupy and use the Premises, as evidenced by issuance of a certificate of occupancy, a 

 

 -4- 

	 	 
building permit sign off, or whatever other action the city or county with primary jurisdiction over the Building customarily takes to signify that the Premises may be occupied and used
(“Occupancy Sign Off”). Notwithstanding the foregoing sentence, if the city or county with primary jurisdiction over the Building will not issue its Occupancy Sign Off until Tenant has installed its furniture, fixtures or equipment in the
Premises, then “Substantial Completion” shall mean that the Tenant Improvements have been completed to such a degree that (a) Tenant has been granted possession of the Premises and can legally install its fixtures, furniture and
equipment in the Premises, and (b) Tenant’s installation of its furniture, fixtures and equipment is the only remaining item that needs to be accomplished for the city or county to be in a position to issue its Occupancy Sign Off. The
Tenant Improvements shall be deemed substantially complete notwithstanding the fact that minor details of construction, mechanical adjustments or decorations which do not materially interfere with Tenant’s use and enjoyment of the Premises
remain to be performed (items normally referred to as “punch list” items) and notwithstanding the fact that the city or county with primary jurisdiction over the Building may require installation of Tenant’s fixtures, furniture and/or
equipment before issuing a certificate of occupancy, a building permit sign off or whatever other action the city or county with primary jurisdiction over the Building customarily takes to signify that the Premises may be occupied and used. Tenant
shall proceed expeditiously and with due diligence to complete the punch list items. 

  

	 	9.2	[intentionally omitted] 

  

	 	9.3	Promptly after Substantial Completion of the Tenant Improvements, Tenant shall execute and deliver to Landlord an estoppel letter, substantially in the form attached as
Exhibit 2 to this Work Letter, confirming (a) the Commencement Date and the expiration date of the initial Term, (b) that Tenant has accepted the Premises, and (c) that Tenant has substantially performed all of its obligations
with respect to the Tenant Improvements; however, the failure of the parties to execute such letter shall not defer the Commencement Date or otherwise invalidate this Lease. 

 

	10.	TENANT REPRESENTATIVE 

  

	 	10.1	Tenant appoints Linda Anderson as “Tenant Representative” to act for Tenant in all matters in connection with this Work Letter. Notwithstanding any notice
provisions to the contrary in the Lease, all inquiries, requests, instructions, authorizations, notices and other communications to Tenant relating to this Work Letter or the Tenant Improvements may be made by Landlord to Tenant Representative
(including by email) at: 

 DHL Global Business Services 

Corporate Real Estate Americas 

1210 South Pine Island Road 

Plantation, FL 33324 

Attn: Linda Anderson 

954-626-.2349 (office) 

Email: linda.anderson@dhl.com 

Tenant Representative shall have the authority on behalf of Tenant to issue all approvals, make all decisions and take such other actions
as are required or contemplated of Tenant under this Work Letter, and any such approvals, decisions or other actions of Tenant Representative shall be binding upon Tenant. Provided Tenant Representative has been given at least one business
day’s advance written notice of any meeting, Tenant 
  

 -5- 

 
Representative shall participate in such meeting, either in person or by telephone. Tenant may change the identity or number of Tenant Representatives by notice in writing to Landlord.

  

	11.	IMPROVEMENTS TO BE CONSTRUCTED BY TENANT OR ITS CONTRACTORS [omitted] 

 

	12.	SIGNAGE DURING CONSTRUCTION 

  

	 	12.1	[intentionally omitted] 

  

	13.	WARRANTIES 

  

	 	13.1	[intentionally omitted] 

  

 -6- 

 EXHIBIT 1 

TO 
 WORK LETTER
 
 FORM OF TENANT ESTOPPEL 

                    ,
20     
  

			
	  
	 	
	  
	 	
	  
	 	
	  
	 	

 Re: Lease (the “Lease”) dated
            , 2010, between IIT 1905 RAYMOND AVENUE LLC, a Delaware limited liability company, and its successors and assigns (“Landlord”), and AIR EXPRESS INTERNATIONAL
USA, INC., an Ohio Corporation dba DHL GLOBAL FORWARDING (“Tenant”). Capitalized terms used herein but not defined shall be given the meanings assigned to them in the Lease. 

Ladies and Gentlemen: 
 Landlord and Tenant
agree as follows: 
  

	 	1.	Condition of Premises. Tenant has accepted possession of the Premises pursuant to the Lease. Any improvements required by the terms of the Lease to be made by
Tenant have been completed in accordance with the terms of the Lease in all respects, and Landlord has fulfilled all of its duties under the Lease with respect to such initial tenant improvements. Furthermore, Tenant certifies that the Premises are
suitable for the Permitted Use. 

  

	 	2.	Commencement Date. The Commencement Date of the Lease is             , 2010.

  

	 	3.	Expiration Date. The Term is scheduled to expire on October 31, 2020. 

 

	 	4.	Ratification. Tenant hereby ratifies and confirms its obligations under the Lease, and represents and warrants to Landlord that it currently has no defenses
thereto. Additionally, Tenant further confirms and ratifies that, as of the date hereof, (a) the Lease is and remains in good standing and in full force and effect, and (b) Tenant has no claims, counterclaims, set-offs or defenses against
Landlord arising out of the Lease or in any way relating thereto or arising out of any other transaction between Landlord and Tenant. Landlord confirms and ratifies that, as of the date hereof, Base Monthly Rent is not more than 30 days past due
and, to Landlord’s knowledge, no Tenant defaults exist. 

  

	 	5.	Binding Effect; Governing Law. Except as modified hereby, the Lease shall remain in full effect and this letter shall be binding upon Landlord and Tenant and
their respective successors and assigns. If any inconsistency exists or arises between the terms of this letter and the terms of the Lease, the terms of this letter shall prevail. This letter shall be governed by the laws of the state in which the
Premises are located. 

  

 -7- 

 Please indicate your agreement to the above matters by signing this letter in the space indicated below and
returning an executed original to us. 
 Sincerely, 
  

			
	 LANDLORD:

	
	 IIT 1905 RAYMOND AVENUE LLC,

a Delaware limited liability company

		
	 By:
	 	IIT Real Estate Holdco LLC,
		 	a Delaware limited liability company,
		 	Its Sole Member
		
	 By:
	 	Industrial Income Operating Partnership LP,
		 	a Delaware limited partnership,
		 	Its Sole Member
		
	 By:
	 	Industrial Income Trust Inc.,
		 	a Maryland corporation,
		 	Its General Partner
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

Agreed and accepted: 
 TENANT:

 AIR EXPRESS INTERNATIONAL USA, INC. an 

Ohio corporation dba DHL GLOBAL 
 FORWARDING

  

			
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

 -8- 

 EXHIBIT C 

TO

LEASE

TENANT’S INSURANCE 

1. Types of Insurance. On or before the earlier of the Commencement Date or the date Tenant commences or causes to be commenced
any operations or work of any type in or on the Premises pursuant to this Lease, and continuing during the entire Term, Tenant shall obtain and keep in full force and effect, the following insurance: 

1.1 Property Insurance written on Special Form (formerly known as All Risk) basis including fire and extended coverage, sprinkler
leakage (including earthquake sprinkler leakage), vandalism, malicious mischief plus earthquake and flood coverage upon property of every description and kind owned by Tenant and located in the Premises, Building or Property, or for which Tenant is
legally liable or installed by or on behalf of Tenant including, without limitation, furniture, equipment and any other personal property, and any Alterations (but excluding the initial Tenant Improvements), in an amount not less than the full
replacement cost thereof. In the event that there shall be a dispute as to the amount which comprises full replacement cost, the decision of Landlord or the mortgagees of Landlord shall be presumptively determinative.  

1.2 Commercial general liability insurance coverage, on an occurrence basis, including personal injury, bodily injury (including wrongful
death), broad form property damage, operations hazard, owner’s protective coverage, contractual liability (including Tenant’s indemnification obligations under this Lease, including Section 14.3 hereof), liquor liability (if Tenant
serves alcohol on the Premises), products and completed operations liability, with a general aggregate liability of not less than $3,000,000. The limits of liability of such commercial general liability insurance shall be increased every 3 years of
the Term of this Lease to an amount reasonably required by Landlord. 
 1.3 Commercial Automobile Liability covering all
owned, hired and non-owned automobiles with a limit of liability of not less than $2,000,000 per accident. 
 1.4
Worker’s compensation, in statutory amounts and employers liability with limits of $1,000,000 per person and accident, covering all persons employed in connection with any work done in, on or about the Premises for which claims for death,
bodily injury or illness could be asserted against Landlord, Tenant or the Premises. 
 1.5 Umbrella liability insurance
on an occurrence basis, with minimum limits of not less than $3,000,000 per occurrence and annual aggregate limit, in excess of and following the form of the underlying insurance described in Sections 1.2, 1.3, and 1.4 above, which is at least as
broad as each and every area of the underlying policies. Such umbrella liability insurance shall include pay on behalf of wording, concurrency of effective dates with primary policies, blanket contractual liability, and application of primary policy
aggregates, and shall provide that if the underlying aggregate is exhausted, the excess coverage will drop down as primary insurance, subject to customary commercially reasonable deductible amounts imposed on umbrella policies. The amounts of
insurance required in Sections 1.2 and 1.3 above may be satisfied by purchasing coverage for the limits specified or by any combination of underlying and umbrella limits, so long as the total amount of insurance is not less than the limits specified
in each of such sections when added to the limit specified in this Section 1.5. 
 2. Requirements. Each policy
required to be obtained by Tenant hereunder shall: (a) be issued by insurers that are approved by Landlord and/or Landlord’s mortgagees and are authorized to do business in Washington state and rated not less than A III in the most recent
version of Best’s Key Rating Guide; (b) be in form reasonably satisfactory from time to time to Landlord; (c) name Tenant as named 

 

 -1- 

 
insured thereunder and shall name Landlord and, at Landlord’s request, such other persons or entities of which Tenant has been informed in writing, as additional insureds thereunder, all as
their respective interests may appear (excluding worker’s compensation and employer liability); (d) specifically provide that the insurance afforded by such policy for the benefit of Landlord and any other additional insureds shall be
primary, and any insurance carried by Landlord or any other additional insureds shall be excess and non-contributing; (e) contain an endorsement that the insurer waives its right to subrogation as described in Section 14.7 of the
Lease; (f) require the insurer to notify Landlord and any other additional insureds in writing not less than 30 days prior to any material adverse change, reduction in coverage, cancellation or other termination thereof. Tenant agrees to
deliver to Landlord, as soon as practicable after the placing of the required insurance, but in no event later than the date Tenant is required to obtain such insurance as set forth in Section 1 above, certificates from the insurers evidencing
the existence of such insurance and Tenant’s compliance with the foregoing provisions of this Section 2. The certificates shall be on ACORD Form 27 for property insurance, and ACORD Form 27 modified for liability insurance, or their
equivalent. In the alternative to those certificates, copies of the policies may be furnished. Tenant shall cause replacement certificates to be delivered to Landlord not less than 10 days prior to the expiration of any such policy or policies. If
any such initial or replacement certificates are not furnished within the times specified herein, Tenant shall be deemed to be in material default under this Lease without the benefit of any additional notice or cure period provided in this Lease,
and Landlord shall have the right, but not the obligation, to procure such policies and certificates at Tenant’s expense. 

3. Effect on Insurance. Tenant shall not do or permit to be done anything which will (a) violate or invalidate any insurance
policy maintained by Landlord or Tenant hereunder, or (b) increase the costs of any insurance policy maintained by Landlord with respect to the Building or the Property. If Tenant’s occupancy or conduct of its business in or on the
Premises results in any increase in premiums for any insurance carried by Landlord with respect to the Building or the Project, as demonstrated by Landlord, Tenant shall pay such increase as Additional Rent within 30 days after being billed therefor
by Landlord plus verification documents. If any insurance coverage carried by Landlord with respect to the Building or the Property shall be cancelled or reduced (or cancellation or reduction thereof shall be threatened) by reason of the use or
occupancy of the Premises by Tenant or by anyone permitted by Tenant to be upon the Premises, and if Tenant fails to remedy such condition within 5 business days after notice thereof, Tenant shall be deemed to be in default under this Lease, without
the benefit of any additional notice or cure period specified in this Lease, and Landlord shall have all remedies provided in this Lease, or at law or in equity, including without limitation, the right (but not the obligation) to enter upon the
Premises and attempt to remedy such condition at Tenant’s cost. 
  

 -2- 

 EXHIBIT D 

Parent Guaranty 
 To

 IIT 1905 RAYMOND AVENUE LLC, and its successors and assigns 

c/o Industrial Income Trust 
 518 17th Street,
Suite 1700 
 Denver, CO 80202 
 Attn:
Tom McGonagle, Chief Financial Officer 
 (“Landlord”) 

Corporate Guarantee 
 We,

 Deutsche Post AG 

Headquarters 

53250 Bonn 

Germany, 
 hold a 100%
interest indirectly in 
 AIR EXPRESS INTERNATIONAL USA, INC., an Ohio corporation dba DHL GLOBAL FORWARDING 

(“Tenant”) 

DHL Global Forwarding 

1210 South Pine Island Road 

Plantation, Florida 33324 

Attn: Suite 200 Real Estate 

and accept liability for any debts resulting from that certain lease agreement dated
                , 2010 and entered into by and between Tenant and Landlord for approximately 126,660 square feet of warehouse and office space located at 1905
Raymond Avenue SW, Renton, WA (the “Lease”). The term of the Lease will commence on the Commencement Date and expire on October 31, 2020. Capitalized terms used herein and not otherwise defined herein shall have the meaning ascribed
to them in the Lease concluded between Landlord and Tenant. 
  

 -1- 

 We herewith irrevocably and unconditionally guarantee to pay to you on your first demand, all amounts due
under the above mentioned Lease up to $11,095,133.00 (the “Aggregate Maximum Guaranteed Amount”). 
 Any demand under this guarantee
must be notified in writing to: 
 Deutsche Post AG 

Headquarters 

Attn: Head of Corporate Finanace 

53250 Bonn 

Germany 
 and accompanied by
Landlord’s written confirmation that Tenant has failed to pay the amount which is subject to such demand under the Lease, together with written notice(s) to Tenant required under the Lease. 

On each anniversary of the signature date of this guarantee the Aggregate Maximum Guaranteed Amount shall be reduced by: 

Year 1 - $1,013,280.00 
 Year 2 - $1,033,545.60

 Year 3 - $1,054,216.51 
 Year 4 -
$1,075,300.84 
 Year 5 - $1,096,806.86 

Year 6 - $1,118,743.00 
 Year 7 - $1,141,117.86

 Year 8 - $1,163,940.21 
 Year 9 -
$1,187,219.02 
 Year 10 - $1,210,963.40 

This corporate guarantee is valid until the earlier of: 
  

	a.	The date on which the Guaranteed Obligations are paid or satisfied in full; or 

 

	b.	90 days after the date on which the Lease expires or is terminated; or 

  

	c.	January 31, 2021. 

 whereupon the
Guarantor’s obligations and liabilities under this Guarantee shall terminate absolutely, whether or not this Guarantee has been returned to the Guarantor by the Beneficiary, save in respect of any demands made upon the Guarantor under this
Guarantee prior to such date and remaining unsatisfied. 
  

 -2- 

 Guarantor may not transfer or assign any of its respective rights or obligations under this Guarantee
without the prior written consent of the Beneficiary. Beneficiary may transfer or assign this Guarantee to any entity that purchases the property set forth and becomes new landlord under the Lease without the Guarantor’s consent. 

Beneficiary may, without notice to Guarantor, modify or otherwise change or alter the terms and conditions of the Lease. 

In the event Tenant fails during the term of this Lease to pay any rent, additional rent or other payments when due, Guarantor, upon demand of
Beneficiary, shall make such payments as if they constituted the direct and primary obligations of Guarantor; and such obligations of Guarantor shall be due with attorneys’ fees and all costs of litigation and without relief from valuation or
appraisement laws. 
 The rights and obligations created by this Guarantee shall inure to the benefit of and be binding upon the successors,
assigns and legal representatives of Guarantor and Beneficiary. 
 This Guarantee shall be governed by and construed in accordance with the laws
of the State of New York. In the event of any dispute with regard to this Guaranty, the parties agree that the jurisdiction and venue shall lie in the courts of New York County in the State of New York. 

 

			
	 Bonn, dated
                                        .

	
	 DEUTSCHE POST AG

		
	 By:
	 	  

		 	authorized person
		
	 By:
	 	  

		 	authorized person

  

 -3-Executive Employment Agreement

 Exhibit 10.1 

EXECUTIVE EMPLOYMENT AGREEMENT 

This Executive Employment Agreement (this “Agreement”) is effective as of August 10, 2010 (the “Effective Date”)
and is between Argo Group International Holdings, Ltd. a Bermuda company (the “Company”) and Mark E. Watson, III (the “Employee”). 

RECITALS: 

WHEREAS, the Company desires to continue to employ the Employee as the President and Chief Executive Officer of the Company. 

WHEREAS, the Employee desires to accept such continued employment as the President and Chief Executive Officer of the Company.

 NOW, THEREFORE, in consideration of the promises and mutual agreements herein set forth, the parties hereby agree as follows:

  

	1.	Term of Employment. The period of employment of the Employee by the Company under this Agreement (the “Employment Period”) shall be deemed to have commenced
on the Effective Date, and shall terminate on March 15, 2014. The Employment Period may be sooner terminated in accordance with Section 6 of this Agreement. 

 

	2.	Duties. During his employment by the Company, the Employee shall perform such duties as shall from time to time be delegated or assigned to him by the Company. The
Employee agrees to serve the Company in the position of President and Chief Executive Officer and to perform diligently and to the best of his abilities the duties and services pertaining to such office. The Employee’s employment shall also be
subject to the policies maintained and established by the Company, if any, as the same may be amended from time to time. Unless otherwise agreed by the Company and the Employee, the Employee’s principal place of business with the Company shall
be in Bermuda. The Employee acknowledges and agrees that the Employee owes a fiduciary duty of loyalty, fidelity and allegiance to act at all times in the best interests of the Company and to do no act that would injure the business, interests, or
reputation of the Company or any of its Affiliates. In keeping with these duties, the Employee shall make full disclosure to the Board of Directors of all business opportunities pertaining to the business of the Company or its Affiliates and should
not appropriate for the Employee’s own benefit business opportunities that fall within the scope of the businesses conducted by the Company and its Affiliates. 

 

	3.	Compensation. 

  

	 	(a)	Base Salary. The Company shall pay to the Employee an initial base salary of $1,000,000 per annum (the “Base Salary”), less all applicable legal deductions
and/or withholding. The Base Salary shall be payable in accordance with the Company’s policies in effect from time to time, but in any event no less frequently than monthly. The Base Salary shall be reviewed annually by the Human Resources
Committee of the Board of Directors (the “Committee”) for possible increase (but not decrease); the Board of Directors may, in its sole discretion, choose to increase the Base Salary during the Employment Period. If the Base Salary is
increased by the Company, such Base Salary then constitutes the Base Salary for all purposes of this Agreement. 

	 	(b)	Incentive Bonus. In addition to the Base Salary, during the Employment Period, the Employee may, in the sole discretion of the Board of Directors, be awarded an
incentive bonus based upon the achievement of specific Company objectives as determined by the Company and the Employee and set forth in a separate written bonus plan (the “Bonus Plan”). 

 

	 	(c)	Equity Compensation. The Employee shall be entitled to participate in the equity compensation plans established from time to time by the Company on a basis no less
favorable than any other senior officers of the Company. 

  

	 	(d)	As additional compensation for the Employee, the Company shall provide or maintain the medical and health insurance benefits on the same terms and conditions as are
made available to all employees of the Company generally. 

  

	4.	Vacation. The Employee shall be entitled to a reasonable vacation(s) during each year of his employment under this Agreement. 

 

	5.	Reimbursement For Expenses; Working Space. The Company shall reimburse the Employee within 30 days of the submission of appropriate documentation, and in no event later
than the last day of the calendar year following the year in which an expense was incurred, for all reasonable and necessary travel expenses and other disbursements incurred by him for or on behalf of the Company in the course and scope of his
employment under this Agreement. Any reimbursement or in-kind benefits to be provided by the Company in one calendar year shall not affect the amount of reimbursements or in-kind benefits in any other calendar year and reimbursements or in-kind
benefits may not be exchanged or liquidated for another benefit or payment. The Company shall furnish the Employee with offices, supplies, equipment and such other facilities and services as are suitable for performance of the Employee’s duties
hereunder at the Company’s offices in Bermuda or provide an allowance sufficient to allow the Employee to obtain same. 

  

	6.	Termination of Agreement. 

  

	 	(a)	Death. This Agreement shall automatically terminate upon the death of the Employee. 

 

	 	(b)	Disability. If, as a result of the Employee’s incapacity due to physical or mental illness, the Employee shall have been substantially unable, either with or
without reasonable accommodation, to perform his duties hereunder for an entire period of six (6) consecutive months, and within thirty (30) days after written Notice of Termination is given after such six (6) month period, the
Employee shall not have returned to the substantial performance of his duties on a full-time basis, the Company shall have the right to terminate the Employee’s employment hereunder for “Disability,” and such termination in and of
itself shall not be, nor shall it be deemed to be, a breach of this Agreement. Any dispute between the Employee and the Company regarding whether the Employee has a Disability shall be determined in writing by a qualified independent physician
mutually acceptable to the Employee and the Company. If the Employee and the Company cannot agree as to a qualified independent physician, each shall appoint a physician and those two physicians shall select a third who shall make such determination
in writing. The determination of Disability made in writing to the Company and the Employee shall be final and conclusive for all purposes of the Agreement. The Employee acknowledges and agrees that a request by the Company for such a determination
shall not be considered as evidence that the Company regarded the Employee as having a Disability. 

	 	(c)	Termination By Company For Cause. The Company may terminate this Agreement upon written notice to the Employee at any time for “Cause” in accordance with the
procedures provided below. 

  

	 	(d)	For purposes of this Agreement, “Cause” shall mean: 

  

	 	(i)	the material breach of any provision of this Agreement by the Employee which has not been cured within five business (5) days after the Company provides notice of
the breach to the Employee; provided, however, if the act or omission that is the subject of such notice is substantially similar to an act or omission with respect to which the Employee has previously received notice and an opportunity to cure,
then no additional notice is required and this Agreement may be terminated immediately upon the Company’s election and written notice to the Employee; 

 

	 	(ii)	the entry of a plea of guilty or judgment entered after trial finding the Employee guilty of a crime punishable by imprisonment in excess of one year involving moral
turpitude (meaning a crime that includes the commission of an act of gross dishonesty or bad morals); 

  

	 	(iii)	willfully engaging by the Employee in conduct that the Employee knows or reasonably should know is materially detrimental to the reputation, character or standing or
otherwise injurious to the Company or any of its shareholders, direct or indirect subsidiaries and Affiliates, monetarily or otherwise; 

  

	 	(iv)	without limiting the generality of Section 6(c), the breach of any of the provisions of Sections 8 or 9; or 

 

	 	(v)	a ruling in any state or federal court or by an arbitration panel that the Employee has breached the provisions of a non-compete or non-disclosure agreement, or any
similar agreement or understanding which would in any way limit, as determined by the Board of Directors of the Company, the Employee’s ability to perform under this Agreement now or in the future. 

 

	 	(e)	Termination By Company Without Cause. The Company may terminate this Agreement at any time, and for any reason, by providing at least thirty (30) days written
notice to the Employee. 

  

	 	(f)	Termination By Employee With Good Reason. The Employee may terminate his employment with good reason anytime after the Employee has actual knowledge of the occurrence,
without the written consent of the Employee, of one of the following events (each event being referred to herein as “Good Reason”): 

  

	 	(i)	(A) any change in the duties or responsibilities (including reporting responsibilities) of the Employee that is inconsistent in any adverse respect with the
Employee’s position(s), duties, responsibilities or status with the Company immediately prior to such change (including any diminution of such duties or responsibilities) or (B) an adverse change in the Employee’s titles or offices
(including, membership on the Board of Directors) with the Company; 

	 	(ii)	a reduction in the Employee’s Base Salary or bonus opportunity; 

  

	 	(iii)	the relocation of the Company’s principal executive offices from Bermuda; 

 

	 	(iv)	the failure of the Company to continue in effect any material employee benefit plan, compensation plan, welfare benefit plan or fringe benefit plan in which the
Employee is participating immediately prior to the date of this Agreement or the taking of any action by the Company which would adversely affect the Employee’s participation in or reduce the Employee’s benefits under any such plan, unless
the Employee is permitted to participate in other plans providing the Employee with substantially equivalent benefits; 

  

	 	(v)	any refusal by the Company to continue to permit the Employee to engage in activities not directly related to the business of the Company which the Employee was
permitted to engage in prior to the date of this Agreement; 

  

	 	(vi)	the Company’s failure to provide in all material respects the indemnification set forth in the Company’s Articles of Incorporation, By-Laws, or any other
written agreement between the Employee and Company; 

  

	 	(vii)	a Change in Control of the Company; 

  

	 	(viii)	the failure of the Company to obtain the assumption agreement from any successor giving rise to a Change of Control as contemplated in Section 11(a);

  

	 	(ix)	any other breach of a material provision of this Agreement by the Company. 

For purposes of clauses (iv) through (vi) and (ix) above, an isolated, insubstantial and inadvertent action taken in good
faith and which is remedied by the Company within ten (10) days after receipt of notice thereof given by the Employee shall not constitute Good Reason. The Employee’s right to terminate employment with Good Reason shall not be affected by
the Employee’s incapacity due to mental or physical illness and the Employee’s continued employment shall not constitute consent to, or a waiver of rights with respect to, any event or condition constituting cause. 

 

	 	(g)	For purposes of this Agreement, “Termination Date” shall mean the date on which the Employee’s employment hereunder terminates. 

 

	7.	Effect of Termination. Upon the termination of this Agreement, no rights of the Employee which shall have accrued prior to the Termination Date, including any Base
Salary accrued through the Termination Date and the right to receive any bonus that has been allocated or awarded to the Employee for a calendar year or other measuring period under the Bonus Plan that ends prior to the Termination Date but has not
yet been paid (“Accrued Compensation and Benefits”), shall be affected in any way. 

	 	(a)	Upon Death or Disability of Employee. 

During the Employment Period, if the Employee’s employment is terminated due to his death or Disability, the Employee’s estate
or the Employee, as applicable, shall be entitled to receive (i) the Accrued Compensation and Benefits and (ii) any bonus Fully Earned (as herein defined); provided, however, the Employee’s estate or the Employee, as applicable, shall
not be entitled to any other benefits (except as provided by law or separate agreement). For purposes of this Agreement, “Fully-Earned” shall mean that, for purposes of determining whether the Employee shall be entitled to an annual bonus
which would otherwise have been payable, the Employee shall be treated as if the Employee had been employed through the last date of the regular period for determining whether or not a bonus is payable in the standard manner that all such employees
are evaluated even though the Employee is no longer employed by the Company, and the Employee’s eligibility for an annual incentive bonus, if any, shall be determined accordingly and shall be paid at the normal time that such bonuses are paid
to other employees participating in the Bonus Plan, but the date of such payment shall occur no later than March 15 following the year in which the performance period ends. Further, from the period beginning on the Termination Date through the
eighteenth (18) month anniversary thereof, the Employee or, in the event of the Employee’s death, the Employee’s eligible dependents (including a surviving spouse), shall be entitled to continued participation in all health and
medical plans or programs in which the Employee or such eligible dependents, as applicable, were participating on the Termination Date and, subject to Section 5, the Company agrees to continue paying the same portion of the premiums for such
coverage as the Company paid for the Employee or eligible dependents immediately prior to the Termination Date. 
  

	 	(b)	By Company Without Cause; By Employee with Good Reason. 

If this Agreement is terminated under Section 6(e) or (f) and such termination constitutes a “separation from service”
within the meaning of Section 409A of the US Internal Revenue Code of 1986, as amended from time to time (the “Code”), and any related regulations or other effective guidance promulgated thereunder (collectively, “Section
409A”): 
  

	 	(i)	The Employee shall be entitled to receive the Accrued Compensation and Benefits, and 

 

	 	(ii)	The Employee shall be entitled to receive any bonus Fully Earned, and 

  

	 	(iii)	All unvested stock options and restricted stock grants previously awarded to the Employee by the Company or Argonaut Group, Inc. (“Argonaut”) shall remain in
full force and effect as if no termination had occurred, and 

	 	(iv)	 The Company shall pay the Employee an aggregate amount equal to 2.99 times his Base Salary, which shall, except as otherwise provided in
Section 7(e), be payable in a single lump sum payment on the first day of the month coincident with or immediately after the sixtieth
(60th) day following the Termination Date, and

  

	 	(v)	The Employee shall be entitled to continued participation in all health and medical plans or programs in which the Employee was participating on the Termination Date
and, subject to Section 5, the Company agrees to continue paying the same portion of the Employee’s premiums for such coverage as the Company paid for the Employee immediately prior to the Termination Date, until the earlier of (A) 18
months following the Termination Date and (B) the date the Employee obtains reasonably equivalent coverage and benefits under the plans and programs of a subsequent employer. Thereafter, if the Employee is eligible and wishes to continue the
Employee’s continuation coverage, the Employee may continue such coverage, provided, however, the Employee shall be solely responsible for payment of the entire premium for such coverage, and 

 

	 	(vi)	It shall be a condition precedent of payment to the Employee of such payment and continued benefits pursuant to this Section 7(b) that the Employee execute a full
and complete release of the Company, each of its subsidiaries, Affiliates and their respective past, present and future partners, officers, directors, employees, consultants, attorneys, agents and shareholders, in form and substance reasonably
acceptable to the Company, of any claims the Employee may have against any of them, to the extent such claims arise from the Employee’s employment hereunder, and any revocation period with respect to such release have expired, prior to the
sixtieth (60) day following the Termination Date, and 

  

	 	(vii)	The Employee shall no longer be bound by the prohibitions contained in Section 9(c) hereof prohibiting the Employee from engaging or having any interests in,
directly or indirectly, a competitive business; provided, however, the Employee shall remain bound by the further prohibitions contained in Section 9(d), and 

 

	 	(viii)	Except as provided for in this Section 7(b), the Employee shall not have any rights which have not previously accrued upon termination of this Agreement.

  

	 	(c)	By Company With Cause. 

 In the
event the Company terminates the Employee’s employment for Cause, the Employee shall be entitled to receive any Accrued Compensation and Benefits, and he shall not be entitled to any other benefits (except as required by law). 

	 	(d)	Excise Taxes. 

 Notwithstanding
any other provision of this Agreement, if any portion of the payments and benefits provided under Section 7 of this Agreement, either alone or together with other payments and benefits which the Employee receives or is then entitled to receive
from the Company, or any successor (in the aggregate, “Total Payments”), would be subject to the excise tax imposed by section 4999 of the Code, or any interest or penalties with respect to such excise tax (such excise tax, together with
any interest or penalties thereon, is herein referred to as the “Excise Tax”), then, except as otherwise provided in the next sentence, such Total Payments shall be reduced to the extent the Independent Tax Counsel shall determine is
necessary (but not below zero) so that no portion thereof shall be subject to the Excise Tax. If Independent Tax Counsel determines that the Employee would receive in the aggregate greater payments and benefits on an after tax basis if the Total
Payments were not reduced pursuant to this Section 7(d), then no such reduction shall be made. For purposes of determining the after tax benefit to the Employee, the Employee’s estimated actual blended marginal rate of federal, state and
local income taxation in the calendar year in which the Termination Date occurs shall be utilized. Such marginal rate shall be determined by taking into account (A) the estimated actual net effect on the marginal rate attributable to the
deduction of state and local income taxes, (B) the phase out, if any, of itemized deductions, (C) the estimated actual net tax rate attributable to employment taxes, and (D) any other tax provision that in the judgment of the
Independent Tax Counsel will actually affect the Employee’s estimated actual blended marginal tax rate. The determination of which payments or benefits shall be reduced to avoid the Excise Tax shall be made by the Independent Tax Counsel,
provided that the Independent Tax Counsel shall reduce or eliminate, as the case may be, payments or benefits in the order that it determines will produce the required deduction in Total Payments with the least reduction in the after-tax economic
value to the Employee of such payments. If the after-tax economic value of any payments is equivalent, such payments shall be reduced in the inverse order of when the payments would have been made to the Employee until the reduction specified herein
is achieved. The Independent Tax Counsel shall provide its determination, together with detailed supporting calculations and documentation to the Company and the Employee within ten (10) days of the Termination Date. The determination of the
Independent Tax Counsel under this Section 7(d) shall be final and binding on all parties hereto. For purposes of this Section 7(d), “Independent Tax Counsel” shall mean a lawyer, a certified public accountant with a nationally
recognized accounting firm, or a compensation consultant with a nationally recognized actuarial and benefits consulting firm with expertise in the area of executive compensation tax law, who shall be selected by the Company and shall be acceptable
to the Employee (the Employee’s acceptance not to be unreasonably withheld), and whose fees and disbursements shall be paid by the Company. 
  

	 	(e)	Six-Month Delay Under Section 409A. 

Notwithstanding any provision in this Agreement to the contrary, if the Employee is a “specified employee” (as determined under
the Company’s policy for identifying specified employees) on the date of his “separation from service” (within the meaning of Section 409A) and if any portion of the payments or benefits to be received by the Employee upon his
separation from service would be considered a “deferral of compensation” within the meaning of Section 409A, then all such payments and benefits (other than payments qualifying as a short-term deferral under Treasury Regulation
§1.409A-1(b)(4), or treated as not providing for a deferral of compensation under the separation pay provisions of Treasury Regulation §1.409A-1(b)(9)(iii) or § 1.409A-1(b)(9)(v)) that would otherwise be payable during the six-month
period immediately following the Employee’s separation from service shall instead be paid or made available on the earlier of (i) the first business day after the date that is six months following the Employee’s separation from
service or (ii) the date of the Employee’s death. For purposes of this Agreement, each payment under this Agreement shall be considered a “separate payment” and not as part of a series of payments for purposes of
Section 409A. 

	8.	Confidential Information. 

  

	 	(a)	The Company shall disclose to the Employee, or place the Employee in a position to have access to or develop, trade secrets or confidential information of Company or
its Affiliates; and/or shall entrust the Employee with business opportunities of Company or its Affiliates; and/or shall place the Employee in a position to develop business good will on behalf of Company or its Affiliates. 

 

	 	(b)	The Employee acknowledges that in his employment hereunder he occupies a position of trust and confidence and agrees that he will treat as confidential and will not,
without prior written authorization from the Company, directly or indirectly, disclose or make known to any person or use for his own benefit or gain, the methods, process or manner of accomplishing the business undertaken by the Company or its
Affiliates, or any non-public information, plans, formulas, products, trade secrets, marketing or merchandising strategies, or confidential material or information and instructions, technical or otherwise, issued or published for the sole use of the
Company, or information which is disclosed to the Employee or in any acquired by him during the Employment Period, or any information concerning the present or future business, processes, or methods of operation of the Company or its Affiliates, or
concerning improvement, inventions or know how relating to the same or any part thereof, it being the intent of the Company, with which intent the Employee hereby agrees, to restrict him from disseminating or using for his own benefit any
information belonging directly or indirectly to the Company which is unpublished and not readily available to the general public. 

  

	 	(c)	The confidentiality obligations set forth in (a) and (b) of this Section 8 shall apply during the Employee’s employment with the Company and for a
period of three years following the Termination Date. 

  

	 	(d)	All information, ideas, concepts, improvements, discoveries, and inventions, whether patentable or not, that are conceived, made, developed or acquired by the Employee,
individually or in conjunction with others, during the Employee’s employment with Company (whether during business hours or otherwise and whether on the premises of the Company or one of its Affiliate or otherwise) that relate to the business,
products or services of the Company or any of its Affiliates shall be disclosed to the Board of Directors and are and shall be the sole and exclusive property of the Company or such Affiliate. Moreover, all documents, drawings, memoranda, notes,
records, files, correspondence, manuals, models, specifications, computer programs, e-mail, voice mail, electronic data bases, maps and all other writings and materials of any type embodying any such information, ideas, concepts, improvements,
discoveries and inventions are and shall be the sole and exclusive property of the Company. Upon termination of the Employee’s employment by the Company, for any reason, the Employee promptly shall deliver the same, and all copies thereof, to
the Company. 

	 	(e)	If, during the Employee’s employment by the Company, the Employee creates any work of authorship fixed in any tangible medium of expression that is the subject
matter of copyright (such as video tapes, written presentations, or acquisitions, computer programs, e-mail, voice mail, electronic data bases, drawings, maps, architectural renditions, models, manuals, brochures or the like) relating to the
Company’s business, products or services, whether such work is created solely by the Employee or jointly with others (whether during business hours or otherwise and whether on the Company’s premises or otherwise), the Company shall be
deemed the author of such work if the work is prepared by the Employee in the scope of the Employee’s employment. 

  

	9.	Restrictive Covenants 

  

	 	(a)	For the purposes of this Section, the following words have the following meanings: 

 

	 	(i)	“Company Services” means any services (including but not limited to technical and product support, technical advice, underwriting and customer services)
supplied by the Company or its Affiliates in the specialty property and/or casualty insurance business. 

  

	 	(ii)	“Confidential Information” has the meaning ascribed thereto in Section 8. 

 

	 	(iii)	“Customer” means any person or firm or company or other organization whatsoever to whom or which the Company supplied Company Services during the Restricted
Period and with whom or which, during the Restricted Period: 

  

	 	(1)	the Employee had material personal dealings pursuant to his employment; or 

 

	 	(2)	any employee who was under the direct or indirect supervision of the Employee had material personal dealings pursuant to their employment. 

 

	 	(iv)	“Prospective Customer” means any person or firm or company or other organization whatsoever with whom or which the Company or its Affiliates shall have had
negotiations or material discussions regarding the possible distribution, sale or supply of Company Services during the Restricted Period and with whom or which during such period: 

 

	 	(1)	the Employee shall have had material personal dealings pursuant to his employment; or 

 

	 	(2)	any employee who was under the direct or indirect supervision of the Employee shall have had material personal dealings pursuant to their employment; or

	 	(3)	the Employee was directly responsible in a client management capacity on behalf of the Company. 

 

	 	(v)	“Restricted Area” means: 

  

	 	(1)	Bermuda; or 

  

	 	(2)	any geographic area in which the Company or Affiliates provided Restricted Services and for which the Employee was responsible in the 12 months preceding the date of
the Employee’s termination of employment by the Company. 

  

	 	(vi)	“Restricted Employee” means any person who on the date of the Employee’s termination of employment by the Company was at the level of director, manager,
underwriter or salesperson with whom the Employee had material contact or dealings in the course of his Employment during the Restricted Period. 

  

	 	(vii)	“Restricted Period” means the period of 12 months following the last day of the Employee’s employment with the Company. 

 

	 	(viii)	“Restricted Services” means Company Services or any services of the same or of a similar kind. 

 

	 	(b)	The Employee recognizes that, while performing his duties for the Company, he will have access to and come into contact with trade secrets and confidential information
belonging to the Company and its Affiliates and will obtain personal knowledge of and influence over its or their customers and/or employees. The Employee therefore agrees that the restrictions set out in this Section are reasonable and necessary to
protect the legitimate business interests of the Company and its Affiliates both during and after the termination of his employment. 

  

	 	(c)	The Employee hereby undertakes with the Company that he will not during his employment with the Company and for the period of twelve months after he ceases to be
employed by the Company whether by himself through his employees or agents or otherwise howsoever and whether on his own behalf or on behalf of any other person, firm, company or other organization, directly or indirectly: 

 

	 	(i)	in competition with the Company or its Affiliates within the Restricted Area, be employed or engaged or otherwise interested in the business of researching into,
developing, underwriting, distributing, selling, supplying or otherwise dealing with Restricted Services; or 

  

	 	(ii)	in competition with the Company or its Affiliates, accept orders or facilitate the acceptance of any orders or have any business dealings for Restricted Services from
any Customer or Prospective Customer; or 

  

	 	(iii)	employ or otherwise engage in the business of or be personally involved to a material extent in employing or otherwise engaging in the business of researching into,
developing, distributing, selling, supplying or otherwise dealing with Restricted Services, any person who was during the Restricted Period employed or otherwise engaged by the Company and who by reason of such employment or engagement is reasonably
likely to be in possession of any trade secrets or Confidential Information relating to the business of the Company. 

	 	(d)	The Employee hereby undertakes with the Company that he shall not during his employment with the Company and for the period of 12 months after he ceases to be employed
by the Company without the prior written consent of the Company whether by himself through his employees or agents or otherwise howsoever and whether on his own behalf or on behalf of any other person, firm, company or other organization directly or
indirectly: 

  

	 	(i)	in competition with the Company, solicit business from or endeavour to entice away or canvass any Customer or Prospective Customer if such solicitation or canvassing is
in respect of Restricted Services; 

  

	 	(ii)	solicit or induce or endeavour to solicit or induce any Restricted Employee to cease working for or providing services to the Company, or hire, directly or indirectly,
any Restricted Employee, in either case, whether or not any such person would thereby commit a breach of contract. 

  

	 	(e)	The benefit of Sections 9(c) and 9(d) shall be held on trust by the Company for each of its Affiliates and the Company reserves the right to assign the benefit of such
provisions to any of its Affiliates, in addition such provisions also apply as though there were substituted for references to “the Company” references to each of its Affiliates in relation to which the Employee has in the course of his
duties for the Company or by reason of rendering services to or holding office in such Affiliate: 

  

	 	(i)	acquired knowledge of its trade secrets or Confidential Information; or 

  

	 	(ii)	had material personal dealings with its Customers or Prospective Customers; or 

 

	 	(iii)	supervised directly or indirectly employees having material personal dealings with its Customers or Prospective Customers but so that references in Section 9 to
“the Company” shall for this purpose be deemed to be replaced by references to the relevant Affiliate. The obligations undertaken by the Employee pursuant to this Section 9(e) shall, with respect to each Affiliate of the Company,
constitute a separate and distinct covenant and the invalidity or unenforceability of any such covenant shall not affect the validity or enforceability of the covenants in favor of any other Affiliate or the Company. 

 

	 	(f)	While the restrictions in this Section 9 (on which the Employee has had the opportunity to take independent advice, as the Employee hereby acknowledges) are
considered by the parties to be reasonable in all the circumstances, it is agreed that if any such restrictions, by themselves, or taken together, shall be adjudged to go beyond what is reasonable in all the circumstances for the protection of the
legitimate interests of the Company or its Affiliates but would be adjudged reasonable if part or parts of the wording thereof were deleted, the relevant restriction or restrictions shall apply with such deletion(s) as may be necessary to make it or
them valid and effective. 

	10.	Remedies for Breach. In addition to the rights and remedies provided in Section 6, and without waiving the same if the Employee breaches, or threatens to breach,
any of the provisions of Sections 8 or 9, the Company shall have the following rights and remedies, in addition to any others, each of which shall be independent of the other and severally enforceable: 

 

	 	(a)	The right and remedy to have such provisions specifically enforced by any court having equity jurisdiction. The Employee specifically acknowledges and agrees that any
breach or threatened breach of the provisions of Sections 8 or 9 hereof will cause irreparable injury to the Company and that money damages will not provide an adequate remedy to the Company. Such injunction shall be available without the posting of
any bond or other security. If the Employee is determined to have breached any provision of Sections 8 or 9 the court or arbitrators shall extend the effect of the non-competition provisions for an amount of time equal to the time the Employee was
in breach thereof. 

  

	 	(b)	The right to require the Employee to account for and pay over to the Company all compensation, profits, monies, accruals, increments or other benefits (hereinafter
collectively the “Benefits”) derived or received by the Employee as a result of any transactions constituting a breach of any of the provisions of Sections 8 or 9. 

 

	 	(c)	Upon discovery by the Company of a breach or threatened breach of Sections 8 or 9, the right to immediately suspend payments to the Employee under Section 3 or
7(b) pending a resolution of the dispute. 

  

	 	(d)	The right to terminate the Employee’s employment pursuant to Section 6. 

 

	11.	Change Of Control. 

  

	 	(a)	For purposes of this Agreement, a “Change of Control” shall be deemed to occur if: 

 

	 	(i)	Any Person, other than (1) the Company or any of its subsidiaries, (2) a trustee or other fiduciary holding securities under an employee benefit plan of the
Company or any of its Affiliates, (3) an underwriter temporarily holding securities pursuant to an offering of such securities, or (4) a corporation owned, directly or indirectly, by the shareholders of the Company in substantially the
same proportions as their ownership of stock of the Company, is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such person any securities acquired directly
from the Company or its Affiliates) representing 50% or more of the combined voting power of the Company’s then outstanding securities, or 50% or more of the then outstanding common stock of the Company, excluding any Person who becomes such a
Beneficial Owner in connection with a merger or consolidation of the Company described in (ii) below. 

	 	(ii)	There is consummated a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with any other corporation, except if: (A) the
merger or consolidation would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any
parent thereof) at least fifty percent (50%) of the combined voting power of the voting securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation; or (B) the merger
or consolidation is effected to implement a recapitalization of the Company (or similar transaction) in which no Person is or becomes the beneficial owner, directly or indirectly, of securities of the Company (not including in the securities
beneficially owned by such Person any securities acquired directly from the Company or its Affiliates other than in connection with the acquisition by the Company or its Affiliates of a business) representing 50% or more of the combined voting power
of the Company’s then outstanding securities; 

  

	 	(iii)	The shareholders of the Company approve a plan of complete liquidation or dissolution of the Company or an agreement for the sale or disposition by the Company of all
or substantially all the Company’s assets, other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, at least 50% of the combined voting power of the voting securities of which are
owned by the stockholders of the Company in substantially the same proportions as their ownership of the Company immediately prior to such sale. 

  

	 	(iv)	During any one year period, individuals who at the beginning of the period constitute the Board of Directors of the Company cease for any reason to constitute a
majority of the Board of Directors. 

  

	 	(b)	For purposes of this Section 11: 

  

	 	(i)	The term “Person” shall have the meaning given in Section 3(a)(9) of the 1934 Act as modified and used in Sections 13(d) and 14(d) of the 1934 Act.

  

	 	(ii)	The term “Beneficial Owner” shall have the meaning provided in Rule 13d-3 under the 1934 Act. 

 

	 	(iii)	The term “Affiliate” means, with respect to any individual or a corporation, partnership, trust, incorporated or unincorporated association, joint venture,
limited liability company, joint stock company, government (or an agency or political subdivision thereof) or other entity of any kind (each a “person”), any other person that directly or indirectly controls or is controlled by or under
common control with such person. For the purposes of this definition, “control” when used with respect to any person, means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of
such person, whether through the ownership of voting securities, by contract or otherwise; and the terms of “affiliated”, “controlling” and “controlled” have meanings correlated to the foregoing.

	12.	Successors and Assigns. This Agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this
Agreement or any rights or obligations hereunder, provided, however, that the provisions hereof shall enure to the benefit of, and be binding upon, each successor of the Company, whether by merger, consolidation, acquisition or otherwise, unless
otherwise agreed to by the Employee and the Company. 

  

	13.	Notices. Any notice required or permitted to be given to the Employee pursuant to this Agreement shall be sufficiently given if sent to the Employee by registered or
certified mail addressed to the Employee at 110 Pitts Bay Road, Pembroke HM 08 Bermuda, or at such other address as he shall designate by notice to the Company, and any notice required or permitted to be given to the Company pursuant to this
Agreement shall be sufficiently given if sent to the Company by registered or certified mail addressed to it at 110 Pitts Bay Road, Pembroke HM 08 Bermuda, or at such other address as it shall designate by notice to the Employee.

  

	14.	Invalid Provisions. The invalidity or unenforceability of a particular provision of this Agreement shall not affect the enforceability of any other provisions hereof
and this Agreement shall be construed in all respects as if such invalid or unenforceable provision were omitted. 

  

	15.	Amendments To The Agreement. This Agreement may only be amended in writing by an agreement executed by both parties hereto. 

 

	16.	Entire Agreement. This Agreement supersedes any and all prior agreements, oral or written, and negotiations between said parties regarding the subject matter contained
herein. The parties further agree that this Agreement shall supersede and replace in its entirety the Executive Employment Agreement, dated August 17, 2007 between the Employee and the Company. 

 

	17.	Applicable Law and Venue. This Agreement is entered into under, and shall be governed for all purposes, by the laws of the State of Texas; with venue of any lawsuit
between the parties in Bexar County, Texas. 

  

	18.	No Waiver. No failure by either party hereto at any time to give notice of any breach by the other party of, or to require compliance with, any condition or provision
of this Agreement shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 

  

	19.	Severability. If a Court of competent jurisdiction determines that any provision of this Agreement is invalid or unenforceable, then the invalidity or unenforceability
of that provision shall not affect the validity or unenforceability of any other provision of this Agreement, and all other provisions shall remain in full force and effect. 

 

	20.	Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together will constitute one
in the same agreement. 

  

	21.	Withholding of Taxes and Other Employee Deductions. The Company may withhold from any benefits and payments made pursuant to this Agreement all federal, state, city and
other taxes as may be required pursuant to any law or governmental regulation or ruling and any and all other normal employee deductions made with respect to the Company’s employees generally. 

	22.	Section 409A and Section 457A of the Code. To the extent applicable, it is intended that the compensation arrangements under this Agreement be in full
compliance with Section 409A and Section 457A of the Code. This Agreement shall be construed in a manner to give effect to such intention. 

  

	23.	Clawback. Notwithstanding any provision in this Agreement to the contrary, any portion of the payments and benefits provided under this Agreement, as well as any other
payments and benefits which the Employee receives pursuant to a Company plan or other arrangement, shall be subject to a clawback to the extent necessary to comply with the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection
Act or any Securities and Exchange Commission rule. 

 [signatures on following page] 

 In witness whereof, the parties hereto have executed this Agreement as of the day and year
above written. 
  

			
	 ARGO GROUP INTERNATIONAL

HOLDINGS, LTD.

		
	By:	 	 /s/ John R. Power, Jr.

		 	John R. Power, Jr., Chairman
		 	Human Resources Committee,
		 	Board of Directors of
		 	Argo Group International Holdings, Ltd.
	
	EMPLOYEE
	
	 /s/ Mark E. Watson III

	Mark E. Watson III

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