Document:

Exhibit 10.1

 

 

 

 

CUSTODY
AGREEMENT

 

 

 

dated as of August 13, 2014 

by and between

 

POINT
CAPITAL, INC.

(“Company”)

 

and

 

U.S.
BANK NATIONAL ASSOCIATION

(“Custodian”)

 

 

 

    	 

    	 

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	1.	DEFINITIONS	1
	 	 	 
	2.	APPOINTMENT
    OF CUSTODIAN	6
	 	 	 
	3.	DUTIES
    OF CUSTODIAN	7
	 	 	 
	4.	REPORTING	16
	 	 	 
	5.	DEPOSIT
    IN U.S. SECURITIES SYSTEMS	16
	 	 	 
	6.	SECURITIES
    HELD OUTSIDE OF THE UNITED STATES	17
	 	 	 
	7.	CERTAIN
    GENERAL TERMS	18
	 	 	 
	8.	COMPENSATION
    OF CUSTODIAN	20
	 	 	 
	9.	RESPONSIBILITY
    OF CUSTODIAN	20
	 	 	 
	10.	SECURITY
    CODES	23
	 	 	 
	11.	TAX
    LAW	24
	 	 	 
	12.	EFFECTIVE
    PERIOD, TERMINATION AND AMENDMENT	24
	 	 	 
	13.	REPRESENTATIONS
    AND WARRANTIES	25
	 	 	 
	14.	PARTIES
    IN INTEREST; NO THIRD PARTY BENEFIT	25
	 	 	 
	15.	NOTICES	26
	 	 	 
	16.	CHOICE
    OF LAW AND JURISDICTION	26
	 	 	 
	17.	ENTIRE
    AGREEMENT; COUNTERPARTS	26
	 	 	 
	18.	AMENDMENT;
    WAIVER	27
	 	 	 
	19.	SUCCESSOR
    AND ASSIGNS	27
	 	 	 
	20.	SEVERABILITY	27
	 	 	 
	21.	INSTRUMENT
    UNDER SEAL; HEADINGS	28
	 	 	 
	22.	REQUEST
    FOR INSTRUCTIONS	28
	 	 	 
	23.	OTHER
    BUSINESS	28
	 	 	 
	24.	REPRODUCTION
    OF DOCUMENTS	28
	 	 	 
	25.	MISCELLANEOUS	28
	 	 	 
	SCHEDULES	 
	 	 
	 	SCHEDULE
A – Trade Confirmation	 
	 	 	 
	 	SCHEDULE
B – Initial Authorized Persons	 

 

    	i

    	 

    

 

THIS CUSTODY AGREEMENT (this “Agreement”)
is dated as of August 13, 2014 and is by and between POINT CAPITAL, INC. (and any successor or permitted assign, the “Company”), a corporation organized under the laws of the State of Delaware, having its principal place of business at 285 Grand Avenue,
Englewood, NJ 07631, and U.S. BANK NATIONAL ASSOCIATION (or any successor or permitted assign acting as custodian hereunder, the
“Custodian”), a national banking association having a place of business at One Federal Street, Boston, MA 02110.

 

RECITALS

 

WHEREAS, the Company is registered under the
Investment Company Act of 1940, as amended (the “1940 Act”), as a closed-end management investment company,
which has elected to be treated as a business development company under the 1940 Act and is authorized to issues shares of common
stock;

 

WHEREAS, the Company desires to retain
U.S. Bank National Association to act as custodian for the Company and each Subsidiary hereafter identified to the Custodian;

 

WHEREAS, the Company desires that
the Company’s Securities and cash be held and administered by the custodian pursuant to this Agreement; and

 

NOW THEREFORE, in consideration of the mutual
covenants and agreements contained herein, the parties hereto agree as follows:

 

	1.	DEFINITIONS

 

1.1Defined Terms.
In addition to terms expressly defined elsewhere herein, the

 

following words shall have the following meanings as used
in this Agreement:

 

“Account”
or “Accounts” means the Cash Account, the Securities Account, any Subsidiary Cash Account and any Subsidiary
Securities Account, collectively.

 

“Agreement” means this Custody
Agreement (as the same may be amended from time to time in accordance with the terms hereof).

 

“Authorized Person” has the meaning
set forth in Section 7.4.

 

“Business Day” means a day on which
the Custodian or the relevant sub-custodian, including a Foreign Sub-custodian, is open for business in the market or country in
which a transaction is to take place.

 

“Cash Account” means the trust account
to be established at the Custodian to which the Custodian shall deposit and hold any cash Proceeds received by it from time to
time from or with respect to the Securities or the sale of the common stock of the Company, as applicable, which deposit account
shall be designated the “ Point Capital Cash Proceeds Account”.

 

    	1

    	 

    

 

“Company”
means Point Capital, Inc., its successors or permitted assigns.

 

“Confidential Information” means any
databases, computer programs, screen formats, screen designs, report formats, interactive design techniques, and other similar
or related information that may be furnished to the Company by the Custodian from time to time pursuant to this Agreement.

 

“Custodian” has the meaning set forth
in the first paragraph of this Agreement.

 

“Document Custodian” means the Custodian
when acting in the role of a document custodian hereunder.

 

“Eligible Investment” means any investment
that at the time of its acquisition is one or more of the following:

 

(a)United States government and
agency obligations;

 

(b)commercial paper having a
rating assigned to such commercial paper by Standard & Poor’s Rating Services or Moody’s Investor Service, Inc.
(or, if neither such organization shall rate such commercial paper at such time, by any nationally recognized rating organization
in the United States of America) equal to one of the two highest ratings assigned by such organization, it being understood that
as of the date hereof such ratings by Standard & Poor’s Rating Services are “A1+” and “A1” and
such ratings by Moody’s Investor Service, Inc. are “P1” and “P2”;

 

(c)interest bearing deposits
in United States dollars in United States or Canadian banks with an unrestricted surplus of at least U.S. $250,000,000, maturing
within one year; and

 

(d)money market funds (including
funds of the bank serving as Custodian or its affiliates) or United States government securities funds designed to maintain a fixed
share price and high liquidity.

 

“Eligible Securities Depository” has
the meaning set forth in Section (b)(1) of Rule 17f-7 under the 1940 Act.

 

“Federal
Reserve Bank Book-Entry System” means a depository and securities transfer system operated by the Federal Reserve Bank
of the United States on which are eligible to be held all United States Government direct obligation bills, notes and bonds.

 

“Foreign Intermediary” means a Foreign
Sub-custodian and Eligible Securities Depository.

 

“Foreign
Sub-custodian” means and includes (i) any branch of a “U.S. Bank,” as that term is defined in Rule 17f-5
under the 1940 Act, (ii) any “Eligible Foreign Custodian,” as that term is defined in Rule 17f-5 under the 1940 Act,
having a contract with the Custodian which the Custodian has determined will provide
reasonable care of assets of the Company based on the standards specified in Section 6.7 below. 

 

    	2

    	 

    

 

“Foreign Securities” means Securities for which
the primary market is outside the United States.

 

“Loan” means any U.S. dollar denominated commercial
loan, or participation therein, made by a bank or other financial institution that by its terms provides for payments of principal
and/or interest, including discount obligations and payment- in-kind obligations, acquired by the Company from time to time.

 

“Loan Checklist” means a list delivered
to the Document Custodian in connection with delivery of each Loan to by Custodian that identifies the items contained in the related
Loan File.

 

“Loan File” means, with respect to each Loan
delivered to the Document Custodian, each of the Required Loan Documents identified on the related Loan List.

 

“Noteless Loan” means a Loan with respect
to which (i) the related loan agreement does not require the obligor to execute and deliver an Underlying Note to evidence the
indebtedness created under such Loan and (ii) no Underlying Notes are outstanding with respect to the portion of the Loan transferred
to the issuer.

 

“Participation” means an interest
in a Loan that is acquired indirectly by way of a participation from a selling institution.

 

“Person”
means any individual, corporation, partnership, limited liability company, joint venture, association, joint stock company, trust
(including any beneficiary thereof) unincorporated organization, or any government or agency or political subdivision thereof.

 

“Proceeds”
means, collectively, (i) the net cash proceeds to the Company of the initial public offering by the Company and any
subsequent offering by the Company of any class of securities issued by the Company, (ii) all cash distributions, earnings,
dividends, fees and other cash payments paid on the Securities (or, as applicable, Subsidiary Securities) by or on behalf of
the issuer or obligor thereof, or applicable paying agent, (iii) the net cash proceeds of the sale or other disposition of
the Securities (or, as applicable, Subsidiary Securities) pursuant to the terms of this Agreement (and any Reinvestment
Earnings from investment of the foregoing, as defined in Section 3.6(b) hereof) and (iv) the net cash proceeds to the Company
of any borrowing or other financing by the Company.

 

    	3

    	 

    

 

“Proper Instructions” means instructions
(including Trade Confirmations) received by the Custodian in form acceptable to it, from the Company, or any Person duly authorized
by the Company in any of the following forms acceptable to the Custodian:

 

(a) in
writing signed by the Authorized Person (and delivered by hand, by mail, by overnight courier or by telecopier);

 

(b)by electronic mail from an
Authorized Person;

 

(c)in tested communication;

 

(d)in a communication utilizing
access codes effected between electro mechanical or electronic devices; or

 

(e)such
other means as may be agreed upon from time to time by the Custodian and the party giving such instructions, including oral instructions.

 

“Required
Loan Documents” means, for each Loan:

 

(a)other than in the case
of a Participation, an executed copy of the Assignment for such Loan, as identified on the Loan Checklist;

 

(b)with the exception of Noteless
Loans and Participations, the original executed Underlying Note endorsed by the issuer or the prior holder of record in blank or
to the Company;

 

(c)an
executed copy of the Underlying Loan Agreement (which may be included in the Underlying Note if so indicated in the Loan Checklist),
together with a copy of all amendments and modifications thereto, as identified on the Loan Checklist;

 

(d)a copy of each related security
agreement (if any) signed by the applicable Obligor(s), as identified on the Loan Checklist;

 

(e)a copy of the Loan Checklist,
and

 

(f)a copy of each related guarantee
(if any) then executed in connection with such Loan, as identified on the Loan Checklist.

 

“Securities” means, collectively,
the (i) investments, including Loans, acquired by the Company and delivered to the Custodian by the Company from time to time during
the term of, and pursuant to the terms of, this Agreement and (ii) all dividends in kind (e.g., non-cash dividends) from the investments
described in clause (i).

 

“Securities Account” means the segregated
trust account to be established at the Custodian to which the Custodian shall deposit or credit and hold the Securities (other
than Loans) received by it pursuant to this Agreement, which account shall be designated the “Point Capital Securities Custody
Account”.

 

“Securities Custodian” means the
Custodian when acting in the role of a securities custodian hereunder.

 

    	4

    	 

    

 

“Securities Depository”
means The Depository Trust Company and any other clearing agency registered with the Securities and Exchange Commission under
Section 17A of the Securities Exchange Act of 1934, as amended (the “1934 Act”), which acts as a system for
the central handling of Securities where all Securities of any particular class or series of an issuer deposited within the system
are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of the Securities.

 

“Securities System” means the Federal
Reserve Book-Entry System, a clearing agency which acts as a Securities Depository, or another book entry system for the central
handling of securities (including an Eligible Securities Depository).

 

“Street Delivery Custom” means a custom
of the United States securities market to deliver securities which are being sold to the buying broker for examination to determine
that the securities are in proper form.

 

“Street Name” means the form of registration
in which the securities are held by a broker who is delivering the securities to another broker for the purposes of sale, it being
an accepted custom in the United States securities industry that a security in Street Name is in proper form for delivery to a
buyer and that a security may be re-registered by a buyer in the ordinary course.

 

“Subsidiary Cash Account” shall have the meaning
set forth in Section 3.13(b).

 

“Subsidiary Securities” collectively,
the (i) investments, including Loans, acquired by a Subsidiary and delivered to the Custodian from time to time during the term
of, and pursuant to the terms of, this Agreement and (ii) all dividends in kind (e.g., non-cash dividends) from the investments
described in clause (i).

 

“Subsidiary Securities Account” shall have the
meaning set forth in Section 3.13(a).

 

“Subsidiary” means, collectively, any
wholly owned or majority owned or controlled subsidiary of the Company identified to the Custodian by the Company.

 

“Trade Confirmation”
means a confirmation to the Custodian from the Company of the Company’s acquisition of a Loan, and setting forth applicable
information with respect to such Loan, which confirmation may be in the form of Schedule A attached hereto and made a part
hereof, subject to such changes or additions as may be agreed to by, or in such other form as may be agreed to by, the Custodian
and the Company from time to time.

 

“UCC” shall have the meaning set forth in Section
3.3(b)(ii).

 

“Underlying Loan Agreement” means,
with respect to any Loan, the document or documents evidencing the commercial loan agreement or facility pursuant to which such
Loan is made.

 

    	5

    	 

    

 

“Underlying
Loan Documents” means, with respect to any Loan, the related Underlying Loan Agreement together with any agreements
and instruments (including any Underlying Note) executed or delivered in connection therewith.

 

“Underlying Note” means the one
or more promissory notes executed by an obligor evidence a Loan.

 

1.2Construction. In this Agreement unless
the contrary intention appears:

 

		(a)	any reference to this Agreement or another agreement or instrument refers to such agreement or instrument as the same may be
amended, modified or otherwise rewritten from time to time;

 

		(b)	a reference to a statute, ordinance, code or other law includes
                                                                                                         regulations and other instruments under it and consolidations, amendments, re-enactments or replacements of any of them;

 

		(c)	any term defined in the singular form may be used in, and shall include, the plural with the same meaning, and vice versa;

 

		(d)	a reference to a Person includes a reference to the Person’s executors, successors and permitted
assigns;

 

		(e)	an agreement, representation or warranty in favor of two or more Persons is for the benefit of
them jointly and severally;

 

		(f)	an agreement, representation or warranty on the part of two or more Persons binds them jointly and severally;

 

		(g)	a reference to the term “including” means “including, without limitation,” and

 

		(h)	a reference to any accounting term is to be interpreted in accordance with generally accepted
principles and practices in the United States, consistently applied, unless otherwise instructed by the Company.

 

1.3Headings. Headings are inserted
for convenience and do not affect the interpretation of this Agreement.

  

	2.	APPOINTMENT OF CUSTODIAN

 

2.1Appointment and Acceptance. The Company
hereby appoints the Custodian as custodian of all Securities and cash owned by the Company and the Subsidiaries (as applicable)
at any time during the period of this Agreement, on the terms and conditions set forth in this Agreement (which shall include
any addendum hereto which is hereby incorporated herein and made a part of this Agreement), and the Custodian hereby accepts such
appointment and agrees to perform the services and duties set forth in this Agreement with respect to it subject to and in accordance
with the provisions hereof.

  

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2.2Instructions.
The Company agrees that it shall from time to time provide, or cause to be provided, to the Custodian all necessary instructions
and information, and shall respond promptly to all inquiries and requests of the Custodian, as may reasonably be necessary to
enable the Custodian to perform its duties hereunder.

 

2.3Company Responsible For Directions.
The Company is solely responsible for directing the Custodian with respect to deposits to,
withdrawals from and transfers to or from the Account. Without limiting the generality of the foregoing, the Custodian has no
responsibility for compliance with any restrictions, covenants, limitations or obligations to which the Company may be subject
or for which it may have obligations to third-parties in respect of the Account, and the Custodian shall have no liability for
the application of any funds made at the direction of the Company. The Company shall be solely responsible for properly instructing
all applicable payors to make all appropriate payments to the Custodian for deposit to the Account, and for properly instructing
the Custodian with respect to the allocation or application of all such deposits.

 

	3.	DUTIES OF CUSTODIAN

 

3.1Segregation. All Securities and non-cash
property held by the Custodian, as applicable, for the account of the Company (other than Securities maintained in a Securities
Depository or Securities System) shall be physically segregated from other Securities and non-cash property in the possession
of the Custodian (including the Securities and non-cash property of the other series of the Company, if applicable) and shall
be identified as subject to this Agreement.

 

3.2Securities Custody Account. The Custodian
shall open and maintain in its trust department a segregated trust account in the name of the
Company, subject only to order of the Custodian, in which the Custodian shall enter and carry, subject to Section 3.3 (b), all
Securities (other than Loans), cash and other assets of the Company which are delivered to it in accordance with this Agreement.
For avoidance of doubt, the Custodian shall not be required to credit or deposit Loans in the Securities Account but shall instead
maintain a register (in book-entry form or in such other form as it shall deem necessary or desirable) of such Loans, containing
such information as the Company and the Custodian may reasonably agree; provided that, with respect to such Loans, all Required
Loan Documents shall be held in safekeeping by the Document Custodian, individually segregated from the securities and investments
of any other person and marked so as to clearly identify them as the property of the Company in a manner consistent with Rule
17f-1 under the 1940 Act and as set forth in this Agreement.

 

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3.3Delivery of Securities to Custodian.

 

	 	(a)	The Company shall deliver, or cause to be delivered, to the Custodian all of the Company’s
Securities, cash and other investment assets, including (a) all payments of income, payments of principal and capital distributions
received by the Company with respect to such Securities, cash or other assets owned by the
Company at any time during the period of this Agreement, and (b) all cash received by the Company for the issuance, at any time
during such period, of securities or in connection with a borrowing by the Company. With respect to Loans, Required Loan Documents
and other underlying loan documents shall be delivered to the Custodian in its role as, and at the address identified for, the
Document Custodian. With respect to assets other than Loans, such assets shall be delivered to the Custodian in its role as, and
(where relevant) at the address identified for, the Securities Custodian. Except to the extent otherwise expressly provided herein,
delivery of Securities to the Custodian shall be in Street Name or other good delivery form. The Custodian shall not be responsible
for such Securities, cash or other assets until actually delivered to, and received by it.

 

	 	(b)	(i) In
    connection with its acquisition of a Loan or other delivery of a Security constituting a Loan, the Company shall deliver
    or cause to be delivered to the Custodian (in its roles as, and at the address identified for, the Custodian and Document
    Custodian) a properly completed Trade Confirmation containing such information in respect of such Loan as the Custodian may
    reasonably require in order to enable the Custodian to perform its duties hereunder in respect of such Loan on which the Custodian
    may conclusively rely without further inquiry or investigation, in such form and format as the Custodian reasonably may require,
    and shall deliver to the Document Custodian (in its role as, and at the address identified for, the Document Custodian) the
    Required Loan Documents, including the Loan Checklist.

 

(ii)Notwithstanding anything herein to the contrary,
delivery of Securities acquired by the Company (or, if applicable, Subsidiary thereof)
which constitute Noteless Loans or Participations or which are otherwise not evidenced by a “security” or “instrument”
as defined in Section 8-102 and Section 9-102(a)(47) of the UCC, respectively, shall be made by delivery to the Document Custodian
of (i) in the case of a Noteless Loan, a copy of the loan register with respect to such Noteless Loan evidencing registration
of such Loan on the books and records of the applicable obligor or bank agent to the name of the Company or, if applicable, a
Subsidiary (or, in either case, its nominee) or a copy (which may be a facsimile copy) of an assignment agreement in favor of
the Company (or the applicable Subsidiary) as assignee, and (ii) in the case of a Participation, a copy of the related participation
agreement. Any duty on the part of the Custodian with respect to the custody of such Loans shall be limited to the exercise of
reasonable care by the Custodian in the physical custody of any such documents delivered to it, and any related instrument, security,
credit agreement, assignment agreement and/or other agreements or documents, if any (collectively, “Financing Documents”),
that may be delivered to it. Nothing herein shall require the Custodian to credit to the Securities Account or to treat as
a financial asset (within the meaning of Section 8-102(a)(9) of the UCC) any such Loan or other asset in the nature of a general
intangible (as defined in Section 9-102(a)(42) of the UCC) or to “maintain” a sufficient
quantity thereof.

 

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(iii)The
Custodian may assume the genuineness of any such Financing Document it may receive and the genuineness and due authority of any
signatures appearing thereon, and shall be entitled to assume that each such Financing Document it may receive is what it purports
to be. If an original “security” or “instrument” as defined in Section 8-102 and Section 9-102(a)(47) of
the UCC, respectively, is or shall be or become available with respect to any Loan to be held by the Custodian under this Agreement,
it shall be the sole responsibility of the Company to make or cause delivery thereof to the Document Custodian, and the Custodian
shall not be under any obligation at any time to determine whether any such original security or instrument has been or is required
to be issued or made available in respect of any Loan or to compel or cause delivery thereof to the Custodian.

 

(iv)Contemporaneously
with the acquisition of any Loan, the Company shall (i) cause the Required Loan Documents evidencing such Loan to be delivered
to the Document Custodian; (ii) if requested by the Custodian, provide to the Custodian an amortization schedule of principal payments
and a schedule of the interest payable date(s) identifying the amount and due dates of all scheduled principal and interest payments
for such Loan and (iii) a properly completed Trade Confirmation containing such information in respect of such Loan as the Custodian
may reasonably require in order to enable the Custodian to perform its duties hereunder in respect of such Loan on which the Custodian
may conclusively rely without further inquiry or investigation, in such form and format as the Custodian reasonably may require;
(iv) take all actions necessary for the Company to acquire good title to such Loan; and (v) take all actions as may be necessary
(including appropriate payment notices and instructions to bank agents or other applicable paying agents) to cause (A) all payments
in respect of the Loan to be made to the Custodian and (B) all notices, solicitations and other communications in respect of such
Loan to be directed to the Company. The Custodian shall have no liability for any delay or failure on the part of the Company to
provide necessary information to the Custodian, or for any inaccuracy therein or incompleteness thereof, or for any delay or failure
on the part of the Company to give such effective payment instruction to bank agents and other paying agents, in respect of the
Loans. With respect to each such Loan, the Custodian shall be entitled to rely on any information and notices it may receive from
time to time from the related bank agent, obligor or similar party with respect to the related Loan Asset, and shall be entitled
to update its records (as it may deem necessary or appropriate), or from the Company, on the basis of such information or notices
received, without any obligation on its part independently to verify, investigate or recalculate such information.

 

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3.4Release
of Securities.

 

	 	(a)	The Custodian shall release and ship for delivery, or direct its agents
or sub-custodian to release and ship for delivery, as the case may be, Securities or Required Loan Documents of the Company held
by the Custodian, its agents or its sub-custodian from time to time upon receipt of Proper Instructions (which shall, among other
things, specify the Securities or Required Loan Documents to be released, with such delivery and other information as may be necessary
to enable the Custodian to perform), which may be standing instructions (in form acceptable to the Custodian) in the following
cases:

 

	 	(i)	upon sale of such Securities by or on behalf of the Company and, unless otherwise directed by Proper Instructions:

 

	 	(A)	in accordance with the customary or established practices and procedures in the jurisdiction or market where the transactions occur, including delivery to the purchaser thereof or to a dealer therefor (or an agent of such purchaser or dealer) against expectation of receiving later payment; or

 

	 	(B)	in the case of a sale effected through a Securities System, in accordance with the rules governing the operations of the securities System;

 

	 	(ii)	upon
    the receipt of payment in connection with any repurchase agreement related to such securities;
	 	 	 
	 	(iii)	to a depositary agent in connection with tender or other similar offers for securities;
	 	 	 
	 	(iv)	to the issuer thereof or its agent when such securities are called, redeemed, retired or otherwise become payable (unless otherwise directed by Proper Instructions, the cash or other consideration is to be delivered to the Custodian, its agents or its sub-custodian);
	 	 	 
	 	(v)	to an issuer thereof, or its agent, for transfer into the name of the Custodian or of any nominee of the Custodian or into the name of any of its agents or sub-custodian or their nominees or for exchange for a different number of bonds, certificates or other evidence representing the same aggregate face amount or number of units;    
	 	 	 
	 	(vi)	to brokers clearing banks or other clearing agents for examination in accordance with the  
	 	 	 
	 	(vii)	for exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the securities of the issuer of such securities, or pursuant to any deposit agreement (unless otherwise directed by Proper Instructions, the new securities and cash, if any, are to be delivered to the Custodian, its agents or its sub-custodian);

 

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		(viii)	in
the case of warrants, rights or similar securities, the surrender thereof in the exercise of such warrants, rights or similar
securities or the surrender of interim receipts or temporary securities for definitive securities (unless otherwise directed by
Proper Instructions, the new securities and cash, if any, are to be delivered to the Custodian, its agents or its sub-custodian);
and/or

 

		(ix)	for any other purpose, but only upon receipt of Proper Instructions and an officer’s certificate signed by an officer
of the Company (which officer shall not have been the Authorized Person providing the Proper Instructions) stating (i) the specified
securities to be delivered, (ii) the purpose for such delivery, (iii) that such purpose is a proper corporate purpose and (iv)
naming the person or persons to whom delivery of such securities shall be made and attaching a certified copy of a resolution of
the board of directors of the Company or an authorized committee thereof approving the delivery of such Proper Instructions.

 

3.5Registration of
Securities. Securities held by the Custodian, its agents or its sub-custodian
(other than bearer securities, securities held in a Securities System or Securities that are Noteless Loans or
Participations) shall be registered in the name of the Company or its nominee; or, at the option of the Custodian, in the
name of the Custodian or in the name of any nominee of the Custodian, or in the name of its agents or its sub-custodian or
their nominees; or if directed by the Company by Proper Instruction, may be maintained in Street Name. The Custodian, its
agents and its sub-custodian shall not be obligated to accept Securities on behalf of the Company under the terms of this
Agreement unless such Securities are in Street Name or other good deliverable form.

 

3.6Bank Accounts, and Management of Cash

 

		(a)	Proceeds from the Securities received by the Custodian from time to time shall be credited to the Cash Account. All amounts
credited to the Cash Account shall be subject to clearance and receipt of final payment by the Custodian.

 

		(b)	Amounts
                                         held in the Cash Account from time to time may be invested in Eligible Investments pursuant
                                         to specific written Proper Instructions (which may be standing instructions)
                                         received by the Custodian from an Authorized Person acting on behalf of the Company.
                                         Such investments shall be subject to availability and the Custodian’s then applicable
                                         transaction charges (which shall be at the Company’s expense). The Custodian shall
                                         have no liability for any loss incurred on any such investment. Absent receipt of such
                                         written instruction from the Company, the Custodian shall have no obligation to invest
                                         (or otherwise pay interest on) amounts on deposit in the Cash Account. In no instance
                                         will the Custodian have any obligation to provide investment advice to the Company. Any
                                         earnings from such investment of amounts held in the Cash Account from time to
                                         time (collectively, “Reinvestment
                                         Earnings”) shall be redeposited in the Cash Account (and may be reinvested at the
                                         written direction of the Company).

 

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		(c)	In the event that the Company shall at any time request a withdrawal of amounts from the Cash Account, the Custodian shall
be entitled to liquidate, and shall have no liability for any loss incurred as a result of the liquidation of, any investment of
the funds credited to such account as needed to provide necessary liquidity. Investment instructions may be in the form of standing
instructions (in the form of Proper Instructions acceptable to Custodian).

 

		(d)	The Company acknowledges that cash deposited or invested
with any bank (including the bank acting as Custodian) may make a margin or generate banking income for which such bank shall not
be required to account to the Company.

 

		(e)	The Custodian shall be authorized to open such additional accounts as may be necessary or convenient
for administration of its duties hereunder.

 

3.7Foreign
Exchange

 

		(a)	Upon the receipt of Proper Instructions, the Custodian, its agents or its sub-custodian may (but shall not be obligated to)
enter into all types of contracts for foreign exchange on behalf of the Company, upon terms acceptable to the Custodian and the
Company (in each case at the Company’s expense), including transactions entered into with the Custodian, its sub-custodian
or any affiliates of the Custodian or the sub-custodian. The Custodian shall have no liability for any losses incurred in or resulting
from the rates obtained in such foreign exchange transactions; and absent specific and acceptable Proper Instructions, the Custodian
shall not be deemed to have any duty to carry out any foreign exchange on behalf of the Company. The Custodian shall be entitled
at all times to comply with any legal or regulatory requirements applicable to currency or foreign exchange transactions.

 

		(b)	The Company acknowledges that the Custodian, any sub-custodian or any affiliates of the Custodian
or any sub-custodian, involved in any such foreign exchange transactions may make a margin or generate banking income from foreign
exchange transactions entered into pursuant to this section for which they shall not be required to account to the Company.

 

3.8Collection of Income. The
Custodian, its agents or its sub-custodian shall use reasonable efforts to collect on a timely basis all income and other
payments with respect to the Securities held hereunder to which the Company shall be entitled, to the extent consistent with
usual custom in the securities custodian business in the United States. Such efforts shall include collection of interest
income, dividends and other payments with respect to registered domestic securities if on the record date with respect to the
date of payment by the issuer the Security is registered in the name of the Custodian or its
nominee (or in the name of its agent or sub-custodian, or their nominee); and interest income, dividends and other payments
with respect to bearer domestic securities if, on the date of payment by the issuer such securities are held by the Custodian
or its sub-custodian or agent; provided, however, that in the case of Securities held in Street Name, the Custodian shall use
commercially reasonable efforts only to timely collect income. In no event shall the Custodian’s agreement herein to
collect income be construed to obligate the Custodian to commence, undertake or prosecute any legal proceedings.

 

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3.9Payment
of Moneys.

 

	 	(a)	Upon receipt of Proper Instructions, which may be standing instructions, the Custodian shall pay out from the Cash Account (or
remit to its agents or its sub-custodian, and direct them to pay out) moneys of the Company on deposit therein in the following
cases:

 

	 	(i)	upon the purchase of Securities for the Company pursuant to such Proper Instruction; and such purchase may, unless and except to the extent otherwise directed by Proper Instructions, be carried out by the Custodian:

 

	 	(A)	in accordance with the customary or established practices and procedures in the jurisdiction or market where the transactions occur, including delivering money to the seller thereof or to a dealer therefor (or any agent for such seller or dealer) against expectation of receiving later delivery of such securities; or

 

	 	(B)	in the case of a purchase effected through a Securities System, in accordance with the rules governing the operation of such Securities System;

 

	 	(ii)	for the purchase or sale of foreign exchange or foreign exchange agreements for the accounts of the Company, including transactions executed with or through the Custodian, its agents or its sub-custodian, as contemplated by Section 3.8 above; and

 

	 	(iii)	for any other purpose directed by the Company, but only upon receipt of Proper Instructions specifying the amount of such payment, and naming the Person or Persons to whom such payment is to be made.

 

	 	(b)	At any time or times, the Custodian shall be entitled to pay (i) itself from the Cash Account, whether or not in receipt of express direction or instruction from the Company, any amounts due and payable to it pursuant to Section 8 hereof, and (ii) as otherwise permitted by Section 7.5, 9.4 or Section 12.5 below, provided, however, that in each case all such payments shall be accounted for to the Company and the Custodian shall promptly inform the Company thereafter.

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3.10 Proxies. The
Custodian will, with respect to the Securities held hereunder, use reasonable efforts to cause to be promptly executed by the
registered holder of such Securities proxies received by the Custodian from its agents or its sub-custodian or from issuers of
the Securities being held for the Company, without indication of the manner in which such proxies are to be voted, and upon receipt
of Proper Instructions shall promptly deliver such proxies, proxy soliciting materials and notices relating to such Securities.
In the absence of such Proper Instructions, or in the event that such Proper Instructions are not received in a timely fashion,
the Custodian shall be under no duty to act with regard to such proxies.

 

3.11 Communications Relating to Securities. The
Custodian shall transmit promptly to the Company all written information (including pendency of calls and maturities of Securities
and expirations of rights in connection therewith) received by the Custodian, from its agents or its sub-custodian or from issuers
of the Securities being held for the Company. The Custodian shall have no obligation or duty to exercise any right or power, or
otherwise to preserve rights, in or under any Securities unless and except to the extent it has received timely Proper Instruction
from the Company in accordance with the next sentence. The Custodian will not be liable for any untimely exercise of any right
or power in connection with Securities at any time held by the Custodian, its agents or sub-custodian unless:

 

		(i)	the Custodian has received Proper Instructions with regard to the exercise of any such right
or power; and

 

		(ii)	the Custodian, or its agents or sub-custodian are in actual possession of such Securities,

 

in each case, at least three (3) Business Days prior
to the date on which such right or power is to be exercised. It will be the responsibility of the Company to notify the Custodian
of the Person to whom such communications must be forwarded under this Section.

 

3.12 Records. The
Custodian shall create and maintain complete and accurate records relating to its activities under this Agreement
with respect to the Securities, cash or other property held for the Company under this Agreement, with particular attention
to Section 31 of the 1940 Act, and Rules 31a-1 and 32a-2 thereunder. To the extent that the Custodian, in its sole opinion,
is able to do so, the Custodian shall provide assistance to the Company (at the Company’s reasonable request made from
time to time) by providing sub-certifications regarding certain of its services performed hereunder to the Company in
connection with the Company’s certification requirements pursuant to the Sarbanes-Oxley Act of 2002, as amended. All
such records shall be the property of the Company and shall at all times during the regular business hours of the Custodian
be open for inspection by duly authorized officers, employees or agents of the Company and employees and agents of the
Securities and Exchange Commission, upon reasonable request and prior notice and at the Company’s expense. The
Custodian shall, at the Company’s request, supply the Company with a tabulation of securities owned by the Company
and held by the Custodian and shall, when requested to do so by the Company and for such compensation as shall be agreed upon
between the Company and the Custodian, include, to the extent applicable, the certificate numbers in such tabulations, to the
extent such information is available to the Custodian.

 

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3.13 Custody of
Subsidiary Securities.

 

		(a)	With respect to each Subsidiary identified to the Custodian by the Company, there shall be established at the Custodian a segregated
trust account to which the Custodian shall deposit and hold any Subsidiary Securities (other than Loans) received by it (and any
Proceeds received by it in the form of dividends in kind) pursuant to this Agreement, which account shall be designated the “[INSERT
NAME OF SUBSIDIARY] Securities Account” (the “Subsidiary Securities Account”).

 

		(b)	With respect to each Subsidiary identified to the Custodian by the Company, there shall be established at the Custodian a segregated
trust account to which the Custodian shall deposit and hold any cash Proceeds received by it from time to time from or with respect
to Subsidiary Securities, which account shall be designated the “[INSERT NAME OF SUBSIDIARY] Cash Proceeds Account”
(the “Subsidiary Cash Account”).

 

		(c)	To the maximum extent possible, the provisions of this Agreement regarding Securities of the Company, the Securities Account
and the Cash Account shall be applicable to any Subsidiary Securities, Subsidiary Securities Account and Subsidiary Cash Account,
respectively. The parties hereto agree that the Company shall notify the Custodian in writing as to the establishment of any Subsidiary
as to which the Custodian is to serve as custodian pursuant to the terms of this Agreement; and identify in writing any accounts
the Custodian shall be required to establish for such Subsidiary as herein provided.

 

3.14 Responsibility for Property Held by
Sub-custodians. The Custodian’s responsibility with respect to the selection or appointment of a sub-custodian shall
be limited to a duty to exercise reasonable care in the selection or retention of such sub-custodian in light of prevailing settlement
and securities handling practices, procedures and controls in the relevant market. With respect to any costs, expenses, damages,
liabilities, or claims (including attorneys’ and accountants’ fees) incurred as a result of the acts or the failure
to act by any sub-custodian, the Custodian shall take reasonable action to recover such costs, expenses, damages, liabilities,
or claims from such sub-custodian; provided that the Custodian’s sole liability in that regard shall be limited to amounts
actually received by it from such sub-custodian (exclusive of related costs and expenses incurred by the Custodian).

 

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	4.	REPORTING

 

	 	(a)	The Custodian shall render to the Company a monthly report of (i) all deposits to and withdrawals from the Cash Account during
the month, and the outstanding balance (as of the last day of the preceding
monthly report and as of the last day of the subject month), including all fees and expenses of the Custodian, and (ii) an itemized
statement of the Securities held pursuant to this Agreement as of the end of each month, as well as a list of all Securities transactions
that remain unsettled at that time, and (iii) such other matters as the parties may agree from time to time.

 

		(b)	For each Business Day, the Custodian shall render to the Company a daily report of (i) all deposits
to and withdrawals from the Cash Account for such Business Day and the outstanding balance as of the end of such Business Day,
and (ii) a report of settled trades of Securities for such Business Day.

 

		(c)	The Custodian shall have no duty or obligation to undertake any market valuation of the Securities under any circumstance.

 

		(d)	The Custodian shall provide the Company with such reports as are reasonably available to it and as the Company may reasonably
request from time to time, on the internal accounting controls and procedures for safeguarding securities, which are employed by
the Custodian or Foreign Sub-custodian appointed pursuant to Section 6.1.

 

	5.	DEPOSIT IN U.S. SECURITIES SYSTEMS

 

The Custodian may deposit and/or maintain Securities
in a Securities System within the United States in accordance with applicable Federal Reserve Board and Securities and Exchange
Commission rules and regulations, including Rule 17f-4 under the 1940 Act, and subject to the following provisions:

 

		(a)	The Custodian may keep domestic Securities in a U.S. Securities System provided that such Securities are represented in an
account of the Custodian in the U.S. Securities System which shall not include any assets of the Custodian other than assets held
by it as a fiduciary, custodian or otherwise for customers;

 

		(b)	The records of the Custodian with respect to Securities which are maintained in a U.S. Securities
System shall identify by book-entry those Securities belonging to the Company;

 

		(c)	If requested by the Company, the Custodian shall provide to the Company copies of all notices
received from the U.S. Securities System of transfers of Securities for the account of the Company; and

 

		(d)	Anything to the contrary in this Agreement notwithstanding, the Custodian shall not be liable
to the Company for any direct loss, damage, cost, expense, liability or claim to the Company resulting from use of any Securities
System (other than to the extent resulting from the gross negligence, misfeasance or misconduct of the Custodian itself, or from
failure of the Custodian to enforce effectively such rights as it may have against the U.S. Securities System.)

 

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	6.	SECURITIES HELD OUTSIDE OF THE UNITED STATES

 

6.1Appointment
of Foreign Sub-custodian. The Company hereby authorizes and instructs the Custodian
in its sole discretion to employ one or more Foreign Sub-custodian to act as Eligible Securities Depositories or as
sub-custodian to hold the Securities and other assets of the Company maintained outside the United States. If, after the
initial approval of Foreign Sub-custodian by the board of directors of the Company in connection with this Agreement, the
Custodian wishes to appoint other Foreign Sub-custodian to hold property of the Company subject to this Agreement, it will so
notify the Company and provide it with information reasonably necessary to determine any such new Foreign
Sub-custodian’s eligibility under Rule 17f-5 under the 1940 Act, including a copy of the proposed agreement with such
Foreign Sub-custodian. The Company shall at the meeting of its board of directors next following receipt of such notice and
information give a written approval or disapproval of the proposed action.

 

6.2Assets
to be Held. The Custodian shall limit the Securities and other assets maintained in the custody of the Foreign
Sub-custodian to: (a) Foreign Securities and (b) cash and cash equivalents in such amounts as the Company (through Proper
Instructions) may determine to be reasonably necessary to effect the Company’s transactions in such investments.

 

6.3Omnibus
Accounts. The Custodian may hold Foreign Securities and related Proceeds with one or
more Foreign Sub-custodian or Eligible Securities Depositories in each case in a single account with such Sub-custodian or
Securities Depository that is identified as belonging to the Custodian for the benefit of its customers, provided
however, that the records of the Custodian with respect to Securities and related Proceeds which are property of the
Company maintained in such account(s) shall identify by book-entry those Securities and other property as belonging to the
Company

 

6.4Reports
Concerning Foreign Sub-custodian. The Custodian will supply to the Company, upon request from time to time, statements in
respect of the Securities held by Foreign Sub-custodian or Eligible Securities Depositories, including an identification of
the Foreign Sub-custodian and Depositories having physical possession of the Foreign Securities.

 

6.5Transactions
in Foreign Custody Account. Notwithstanding any provision of this Agreement to the contrary, settlement and payment for
Securities received by a Foreign Intermediary for the account of the Company may be effected in accordance with the customary
established securities trading or securities processing practices and procedures in the jurisdiction or market in which the
transaction occurs, including delivering securities to the purchaser thereof or to a dealer therefor (or an agent for such
purchaser or dealer) against a receipt with the expectation of receiving later payment for such securities from such
purchaser or dealer.

 

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6.6Foreign
Sub-custodian. Each contract or agreement pursuant to which the Custodian employs
a Foreign Sub-custodian shall include provisions that provide: (i) for indemnification
or insurance arrangements (or any combination of the foregoing) such that the Company will be adequately protected against
the risk of loss of assets held in accordance with such contract; (ii) that the Company’s assets will not be subject to
any right, charge, security interest, lien or claim of any kind in favor of the Sub-custodian or its creditors except a claim
of payment for their safe custody or administration, in the case of cash deposits, liens or rights in favor of creditors of
the Sub-custodian arising under bankruptcy, insolvency, or similar laws; (iii) that beneficial ownership for the
Company’s assets will be freely transferable without the payment of money or value other than for safe custody or
administration; (iv) that adequate records will be maintained identifying the assets as belonging to the Company or as being
held by a third party for the benefit of the Company; (v) that the Company’s independent public accountants will be
given access to those records or confirmation of the contents of those records; and (vi) that the Company will receive
periodic reports with respect to the safekeeping of the Company’s assets, including notification of any transfer to or
from a Company’s account or a third party account containing assets held for the benefit of the Company. Such contract
may contain, in lieu of any or all of the provisions specified above, such other provisions that the Custodian determines
will provide, in their entirety, the same or a greater level of care and protection for Company assets as the specified
provisions, in their entirety.

 

6.7Custodian’s Responsibility for Foreign
Sub-custodian.

 

		(a)	With respect to its responsibilities under this Section 6, the Custodian agrees to exercise reasonable care, prudence and diligence
such as a person having responsibility for the safekeeping of property of the Company. The Custodian further agrees that the Foreign
Securities will be subject to reasonable care, based on the standards applicable to Custodian in the relevant market, if maintained
with each Foreign Sub-custodian, after considering all factors relevant to the safekeeping of such assets, including: (i) the Foreign
Sub-custodian’s practices, procedures, and internal controls, for certificated securities (if applicable), the method of
keeping custodial records, and the security and data protection practices; (ii) whether the Foreign Sub-custodian has the requisite
financial strength to provide reasonable care for Company assets; (iii) the Foreign Sub-custodian’s general reputation and
standing and, in the case of Eligible Securities Depository, the Eligible Securities Depository’s operating history and number
of participants; and (iv) whether the Company will have jurisdiction over and be able to enforce judgments against the Foreign
Sub-custodian, such as by virtue of the existence of any offices of the Foreign Sub-custodian in the United States or the Sub-custodian’s
consent to service of process in the United States.

 

		(b)	At the end of each calendar quarter, the Custodian shall provide written reports notifying
the board of directors of the Company as to of the placement of the Foreign Securities and cash of the Company with a particular
Foreign Sub-custodian and of any material changes in the Company’s arrangements. The Custodian shall promptly take such steps
as may be required to withdraw assets of the Company from any
Foreign Sub-custodian that has ceased to meet the requirements of Rule 17f-5 under the 1940 Act.

 

		(c)	The Custodian shall establish a system to monitor the appropriateness of maintaining the
Company’s assets with a particular Foreign Sub-custodian and the contract governing the Company’s arrangements with
such Foreign Sub-custodian.

 

		(d)	The Custodian’s responsibility with respect to the selection or appointment of Foreign Sub-custodian shall be limited
to a duty to exercise reasonable care in the selection or retention of such Foreign Intermediaries in light of prevailing settlement
and securities handling practices, procedures and controls in the relevant market. With respect to any costs, expenses, damages,
liabilities, or claims (including attorneys’ and accountants’ fees) incurred as a result of the acts or the failure
to act by any Foreign Sub-custodian, the Custodian shall take reasonable action to recover such costs, expenses, damages, liabilities,
or claims from such Foreign Sub-custodian, provided that the Custodian’s sole liability in that regard shall be limited
to amounts actually received by it from such Foreign Intermediaries (exclusive of related costs and expenses incurred by the Custodian).
The Custodian shall have no responsibility for any act or omission (or the insolvency of) any Securities System (including an Eligible
Securities Depository). In the event the Company incurs a loss due to the negligence, willful misconduct, or insolvency of a Securities
System (including an Eligible Securities Depository), the Custodian shall make reasonable endeavors, in its discretion, to seek
recovery from the Eligible Securities Depository.

 

	7.	CERTAIN GENERAL TERMS

 

7.1No Duty to
Examine Underlying Instruments. Nothing herein shall obligate the Custodian to review or examine the terms of any
underlying instrument, certificate, credit agreement, indenture, loan agreement, promissory note, or other financing document
evidencing or governing any Security to determine the validity, sufficiency, marketability or enforceability of any Security
(and shall have no responsibility for the genuineness or completeness thereof), or otherwise.

 

7.2Resolution of
Discrepancies. In the event of any discrepancy between the information set forth in any report provided by the Custodian
to the Company and any information contained in the books or records of the Company, the Company shall promptly notify the
Custodian thereof and the parties shall cooperate to diligently resolve the discrepancy.

 

7.3Improper
Instructions. Notwithstanding anything herein to the contrary, the Custodian shall not be obligated to take any action
(or forebear from taking any action), which it reasonably determines (at its sole option) to be contrary to the terms of this
Agreement or applicable law. In no instance shall the Custodian be obligated to provide services on any day that is not a
Business Day.

 

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7.4Proper
Instructions

 

		(a)	The Company will give a notice to the Custodian, in form acceptable to the Custodian, specifying the names and specimen signatures
of persons authorized to give Proper Instructions (collectively, “Authorized Persons” and each is an “Authorized
Person”) which notice shall be signed by an Authorized Person previously certified to the Custodian. The Custodian shall
be entitled to rely upon the identity and authority of such persons until it receives written notice from an Authorized Person
of the Company to the contrary. The initial Authorized Persons are set forth on Schedule B attached hereto and made a part
hereof (as such Schedule B may be modified from time to time by written notice from the Company to the Custodian); and the
Company hereby represents and warrants that the true and accurate specimen signatures of such initial Authorized Persons are set
forth on the “funds transfer authorization” documentation that has been provided separately to the Custodian by the
Company.

 

		(b)	The Custodian shall have no responsibility or liability to the Company (or any other person or
entity), and shall be indemnified and held harmless by the Company, in the event that a subsequent written confirmation of an oral
instruction fails to conform to the oral instructions received by the Custodian. The Custodian shall not have an obligation to
act in accordance with purported instructions to the extent that they conflict with applicable law or regulations, local market
practice or the Custodian’s operating policies and practices. The Custodian shall not be liable for any loss resulting from
a delay while it obtains clarification of any Proper Instructions.

 

7.5Actions Permitted Without Express Authority.
The Custodian may, at its discretion, without express authority from the Company:

 

		(a)	make payments to itself as described in or pursuant to Section
3.9(b), or to make payments to itself or others for minor expenses of handling securities or other similar items relating to its
duties under this agreement, provided that all such payments shall be in accordance with the letter agreement referred to in Section
8.1 below and all such payments shall be accounted for to the Company;

 

		(b)	surrender Securities in temporary form for Securities in definitive form;

 

		(c)	endorse for collection cheques, drafts and other negotiable instruments; and

 

		(d)	in general attend to all nondiscretionary details in connection with the sale, exchange, substitution,
purchase, transfer and other dealings with the securities and property of the Company.

 

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7.6Evidence
of Authority. The Custodian shall be protected in acting upon any instructions, notice, request, consent, certificate
instrument or paper reasonably believed by it to be genuine and to have been properly executed or otherwise given by or on behalf
of the Company by an Authorized Person. The Custodian may receive and accept a certificate signed by any Authorized Person
as conclusive evidence of:

 

		(a)	the authority of any person to act in accordance with such certificate; or

 

		(b)	any determination or of any action by the Company as described in such certificate,

 

and such certificate
may be considered as in full force and effect until receipt by the Custodian of written notice to the contrary from an Authorized
Person of the Company.

 

7.7Receipt
of Communications. Any communication received by the Custodian on a day which is not a Business Day or after 3:30 p.m.,
Eastern time (or such other time as is agreed by the Company and the Custodian from time to time), on a Business Day will be
deemed to have been received on the next Business Day (but in the case of communications so received after 3:30 p.m., Eastern
time, on a Business Day the Custodian will use its best efforts to process such communications as soon as possible after
receipt).

 

	8.	COMPENSATION OF CUSTODIAN

 

8.1Fees. The
Custodian shall be entitled to compensation for its services in accordance with the terms of that certain fee letter dated
August 7, 2014, between the Company and the Custodian.

 

8.2Expenses.
The Company agrees to pay or reimburse to the Custodian upon its request from time to time all costs, disbursements,
advances, and expenses (including reasonable fees and expenses of legal counsel) incurred, and any disbursements and advances
made (including any account overdraft resulting from any settlement or assumed settlement, provisional credit, chargeback,
returned deposit item, reclaimed payment or claw-back, or the like), in connection with the preparation or execution of this
Agreement, or in connection with the transactions contemplated hereby or the administration of this Agreement or performance
by the Custodian of its duties and services under this Agreement, from time to time (including costs and expenses of any
action deemed necessary by the Custodian to collect any amounts owing to it under this Agreement).

 

	9.	RESPONSIBILITY OF CUSTODIAN

 

9.1General
Duties. The Custodian shall have no duties, obligations or responsibilities under this Agreement or with respect to the
Securities or Proceeds except for such duties as are expressly and specifically set forth in this Agreement, and the duties
and obligations of the Custodian shall be determined solely by the express provisions of this Agreement. No implied duties,
obligations or responsibilities shall be read into this Agreement against, or on the part of, the Custodian.

 

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9.2
Instructions

 

		(a)	The
Custodian shall be entitled to refrain from taking any action unless it has such instruction (in the form of Proper Instructions)
from the Company as it reasonably deems necessary, and shall be entitled to require, upon notice to the Company, that Proper Instructions
to it be in writing. The Custodian shall have no liability for any action (or forbearance from action) taken pursuant to the Proper
Instruction of the Company.

 

		(b)	Whenever the Custodian is entitled or required to receive
or obtain any communications or information pursuant to or as contemplated by this Agreement, it shall be entitled to receive the same in
writing, in form, content and medium reasonably acceptable to it and otherwise in accordance with any applicable terms of this
Agreement; and whenever any report or other information is required to be produced or distributed by the Custodian it shall be
in form, content and medium reasonably acceptable to it and the Company, and otherwise in accordance with any applicable terms
of this Agreement.

 

9.3General Standards of Care.
Notwithstanding any terms herein contained to the contrary, the acceptance by the Custodian of its appointment hereunder is
expressly subject to the following terms, which shall govern and apply to each of the terms and provisions of this Agreement
(whether or not so stated therein):

 

		(a)	The Custodian may rely on and shall be protected in acting or refraining from acting upon any written notice, instruction,
statement, certificate, request, waiver, consent, opinion, report, receipt or other paper or document furnished to it (including
any of the foregoing provided to it by telecopier or electronic means), not only as to its due execution and validity, but also
as to the truth and accuracy of any information therein contained, which it in good faith believes to be genuine and signed or
presented by the proper person (which in the case of any instruction from or on behalf of the Company shall be an Authorized Person);
and the Custodian shall be entitled to presume the genuineness and due authority of any signature appearing thereon. The Custodian
shall not be bound to make any independent investigation into the facts or matters stated in any such notice, instruction, statement,
certificate, request, waiver, consent, opinion, report, receipt or other paper or document, provided, however, that if the form
thereof is specifically prescribed by the terms of this Agreement, the Custodian shall examine the same to determine whether it
substantially conforms on its face to such requirements hereof.

 

		(b)	Neither the Custodian nor any of its directors, officers or employees shall be liable to anyone for any error of judgment,
or for any act done or step taken or omitted to be taken by it (or any of its directors, officers of employees), or for any mistake
of fact or law, or for anything which it may do or refrain from doing in connection herewith, unless such action constitutes gross
negligence, willful misconduct or bad faith on its part and in breach of the terms of this Agreement. The Custodian shall not be
liable for any action taken by it in good faith and reasonably believed by it to be within powers conferred upon it, or taken by
it pursuant
to any direction or instruction by which it is governed hereunder, or omitted to be taken by it by reason of the lack of direction
or instruction required hereby for such action. Except as otherwise expressly provided herein, the Custodian shall not be under
any obligation at any time to ascertain whether the Company is in compliance with the 1940 Act, the regulations thereunder, or
the Company’s investment objectives and policies then in effect.

 

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		(c)	In no event shall the Custodian be liable for any indirect, special or consequential damages
(including lost profits) whether or not it has been advised of the likelihood of such damages.

 

		(d)	The Custodian may consult with, and obtain advice from, legal counsel selected in good faith with respect to any question as
to any of the provisions hereof or its duties hereunder, or any matter relating hereto, and the written opinion or advice of such
counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by the Custodian
in good faith in accordance with the opinion and directions of such counsel; the reasonable cost of such services shall be reimbursed
pursuant to Section 8.2 above.

 

		(e)	The Custodian shall not be deemed to have notice of any fact, claim or demand with respect hereto
unless actually known by an officer working in its Corporate Trust Services group and charged with responsibility for administering
this Agreement or unless (and then only to the extent received) in writing by the Custodian at the applicable address(es) as set
forth in Section 15 and specifically referencing this Agreement.

 

		(f)	No provision of this Agreement shall require the Custodian to expend or risk its own funds, or
to take any action (or forbear from action) hereunder which might in its judgment involve any expense or any financial or other
liability unless it shall be furnished with acceptable indemnification. Nothing herein shall obligate the Custodian to commence,
prosecute or defend legal proceedings in any instance, whether on behalf of the Company or on its own behalf or otherwise, with
respect to any matter arising hereunder, or relating to this Agreement or the services contemplated hereby.

 

		(g)	The permissive right of the Custodian to take any action hereunder shall not be construed as
duty.

 

		(h)	The Custodian may act or exercise its duties or powers hereunder through agents or attorneys, and the Custodian shall not be
liable or responsible for the actions or omissions of any such agent or attorney appointed and maintained with reasonable due care.

 

		(i)	All indemnifications contained in this Agreement in favor of the Custodian shall survive the termination
of this Agreement.

 

    	22

    	 

    

 

9.4Indemnification;
Custodian’s Lien.

 

		(a)	The
Company shall and does hereby indemnify and hold harmless each of the Custodian, and any Foreign Sub-custodian appointed pursuant
to Section 6.1 above, for and from any and all costs and expenses (including reasonable attorney’s fees and expenses), and
any and all losses, damages, claims and liabilities, that may arise, be brought against or incurred by the Custodian, and any
advances or disbursements made by the Custodian (including in respect of any Account overdraft, returned deposit item, chargeback,
provisional credit, settlement or assumed settlement, reclaimed payment, claw-back or the like), as a result of, relating to,
or arising out of this Agreement, or the administration or performance of the Custodian’s duties hereunder, or the relationship
between the Company (including, for the avoidance of doubt, any Subsidiary) and the Custodian created hereby, other than such
liabilities, losses, damages, claims, costs and expenses as are directly caused by the Custodian’s own actions constituting
gross negligence or willful misconduct.

 

		(b)	The Custodian shall have and is hereby granted a continuing lien upon and security interest in, and right of set-off against,
the Account, and any funds (and investments in which such funds may be invested) held therein or credited thereto from time to
time, whether now held or hereafter required, and all proceeds thereof, to secure the payment of any amounts that may be owing
to the Custodian under or pursuant to the terms of this Agreement, whether now existing or hereafter arising.

 

9.5Force Majeure.
Without prejudice to the generality of the foregoing, the Custodian shall be without liability to the Company for any damage
or loss resulting from or caused by events or circumstances beyond the Custodian’s reasonable control including
nationalization, expropriation, currency restrictions, the interruption, disruption or suspension of the normal procedures
and practices of any securities market, power, mechanical, communications or other technological failures or interruptions,
computer viruses or the like, fires, floods, earthquakes or other natural disasters, civil and military disturbance, acts of
war or terrorism, riots, revolution, acts of God, work stoppages, strikes, national disasters of any kind, or other similar
events or acts; errors by the Company (including any Authorized Person) in its instructions to the Custodian; or changes in
applicable law, regulation or orders.

 

	10.	SECURITY CODES

 

If the Custodian issues to the Company, security codes,
passwords or test keys in order that it may verify that certain transmissions of information, including Proper Instructions, have
been originated by the Company, the Company shall take all commercially reasonable steps to safeguard any security codes, passwords,
test keys or other security devices which the Custodian shall make available.

 

    	23

    	 

    

 

	11.	TAX LAW

 

11.1 Domestic Tax Law. The Custodian shall have
no responsibility or liability for any obligations now or hereafter imposed on the Company or the Custodian as custodian of the
Securities or the Proceeds, by the tax law of the United States or any state or political subdivision thereof. The Custodian shall
be kept indemnified by and be without liability to the Company for such obligations including taxes, (but excluding any income
taxes assessable in respect of compensation paid to the Custodian pursuant to this agreement) withholding, certification and reporting
requirements, claims for exemption or refund, additions for late payment interest, penalties and other expenses (including legal
expenses) that may be assessed against the Company, or the Custodian as custodian of the Securities or Proceeds.

 

11.2 Foreign Tax Law. It shall be the responsibility
of the Company to notify the Custodian of the obligations imposed on the Company, or the Custodian as custodian of any foreign
Securities or related Proceeds by the tax law of foreign (e.g., non-U.S.) jurisdictions, including responsibility for withholding
and other taxes, assessments or other government charges, certifications and government reporting. The sole responsibility of the
Custodian with regard to such tax law shall be to use reasonable efforts to cooperate with the Company with respect to any claims
for exemption or refund under the tax law of the jurisdictions for which the Company has provided such information.

 

	12.	EFFECTIVE PERIOD, TERMINATION AND AMENDMENT

 

12.1 Effective Date. This Agreement shall
become effective as of its due execution and delivery by each of the parties. This Agreement shall continue in full force and effect
until terminated as hereinafter provided. This Agreement may only be amended by mutual written agreement of the parties hereto.
This Agreement may be terminated by the Custodian or the Company pursuant to Section 12.2.

 

12.2 Termination. This Agreement shall terminate
upon the earliest of (a) occurrence of the effective date of termination specified in any written notice of termination given by
either party to the other not later than ninety (90) days prior to the effective date of termination specified therein, (b) such
other date of termination as may be mutually agreed upon by the parties in writing.

 

12.3 Resignation.
The Custodian may at any time resign under this Agreement by giving not less than ninety (90) days advance written notice thereof
to the Company.

 

12.4 Successor.
Prior to the effective date of termination of this Agreement, or the effective date of the resignation of the Custodian, as the
case may be, the Company shall give Proper Instruction to the Custodian designating a successor Custodian, if applicable.

 

    	24

    	 

    

 

12.5 Payment
of Fees, etc. Upon termination of this Agreement or resignation of the Custodian, the Company shall pay to the Custodian
such compensation, and shall likewise reimburse the
Custodian for its costs, expenses and disbursements, as may be due as of the date of such termination or resignation (or
removal, as the case may be). All indemnifications in favor of the Custodian under this Agreement shall survive the
termination of this Agreement, or any resignation or removal of the Custodian.

 

12.6 Final Report. In the event of any resignation
or removal of the Custodian, the Custodian shall provide to the Company a complete final report or data file transfer of any Confidential
Information as of the date of such resignation or removal.

 

	13.	REPRESENTATIONS AND WARRANTIES

 

13.1 Representations of the Company. The
Company represents and warrants to the Custodian that:

 

		(a)	it has the power and authority to enter into and perform its obligations under this Agreement,
and it has duly authorized and executed this Agreement so as to constitute its valid and binding obligation; and

 

		(b)	in giving any instructions which purport to be “Proper
Instructions” under this Agreement, the Company will act in accordance with the provisions of its certificate of incorporation
and bylaws and any applicable laws and regulations.

 

13.2 Representations of the Custodian. The
Custodian hereby represents and warrants to the Company that:

 

		(a)	it is qualified to act as a custodian pursuant to Section 26(a)(1) of the 1940 Act;

 

		(b)	it has the power and authority to enter into and perform its obligations under this Agreement;

 

		(c)	it has duly authorized and executed this Agreement so as to constitute its valid and binding
obligations; and

 

		(d)	that it maintains business continuity policies and standards that include data file backup and
recovery procedures that comply with all applicable regulatory requirements.

 

	14.	PARTIES IN INTEREST; NO THIRD PARTY BENEFIT

 

This Agreement is not intended for, and shall not be construed
to be intended for, the benefit of any third parties and may not be relied upon or enforced by any third parties (other than successors
and permitted assigns pursuant to Section 19).

 

    	25

    	 

    

 

	15.	NOTICES

 

Any
Proper Instructions shall be given to the following address (or such other address as either party may designate by written
notice to the other party), and otherwise any notices, approvals and other
communications hereunder shall be sufficient if made in writing and given to the parties at the following address (or such
other address as either of them may subsequently designate by notice to the other), given by (i) certified or registered
mail, postage prepaid, (ii) recognized courier or delivery service, or (iii) confirmed telecopier or telex, with a duplicate
sent on the same day by first class mail, postage prepaid:

 

(a)if to the Company or any Subsidiary, to

 

Point
Capital, Inc.

285 Grand Avenue

Englewood, NJ 07631

Attention: Richard Brand

Fax: (201) 408-5125

 

(b)if to the Custodian (other than in its role as
Document Custodian), to

 

U.S. Bank National Association

Corporate
Trust Services

One Federal Street, 3rd Floor

Boston, MA 02110

Ref: Point Capital, Inc.

Attention: Malia Baynes

Fax:
(312) 332-8033

 

(c)if to the Custodian solely in its role as Document
Custodian, to

 

U.S. Bank National Association

1719 Otis Way

Mail Code: Ex –
SC – FLOR

Florence, South Carolina 29501

Attention: Steven Garrett 

Ref: Point Capital, Inc. 

Fax: (843) 673-0162 

Confirmation No.:
(843) 676-8901

 

	16.	CHOICE OF LAW AND JURISDICTION

 

This Agreement shall be construed, and the provisions
thereof interpreted under and in accordance with and governed by the laws of The Commonwealth of Massachusetts for all purposes
(without regard to its choice of law provisions); except to the extent such laws are inconsistent with federal securities laws,
including the 1940 Act.

 

	17.	ENTIRE AGREEMENT; COUNTERPARTS

 

17.1 Complete
Agreement. This Agreement constitutes the complete and exclusive agreement of the parties with regard to the matters
addressed herein and supersedes and terminates as of the date hereof, all prior agreements,
agreements or understandings, oral or written between the parties to this Agreement relating to such matters.

 

    	26

    	 

    

 

17.2 Counterparts.
This Agreement may be executed in any number of counterparts and all counterparts taken together shall constitute one and the
same instrument.

 

17.3 Facsimile Signatures. The exchange of copies
of this Agreement and of signature pages by facsimile transmission shall constitute effective execution and delivery of this Agreement
as to the parties and may be used in lieu of the original Agreement for all purposes. Signatures of the parties transmitted by
facsimile shall be deemed to be their original signatures for all purposes.

 

	18.	AMENDMENT; WAIVER

 

18.1 Amendment. This Agreement may not be
amended except by an express written instrument duly executed by each of the Company and the Custodian.

 

18.2 Waiver. In no instance shall any delay
or failure to act be deemed to be or effective as a waiver of any right, power or term hereunder, unless and except to the extent
such waiver is set forth in an expressly written instrument signed by the party against whom it is to be charged.

 

	19.	SUCCESSOR AND ASSIGNS

 

19.1 Successors Bound. The covenants and agreements
set forth herein shall be binding upon and inure to the benefit of each of the parties and their respective successors and permitted
assigns. Neither party shall be permitted to assign their rights under this Agreement without the written consent of the other
party; provided, however, that the foregoing shall not limit the ability of the Custodian to delegate certain duties or services
to or perform them through agents or attorneys appointed with due care as expressly provided in this Agreement.

 

19.2 Merger and Consolidation. Any corporation
or association into which the Custodian may be merged or converted or with which it may be consolidated, or any corporation or
association resulting from any merger, conversion or consolidation to which the Custodian shall be a party, or any corporation
or association to which the Custodian transfers all or substantially all of its corporate trust business, shall be the successor
of the Custodian hereunder, and shall succeed to all of the rights, powers and duties of the Custodian hereunder, without the execution
or filing of any paper or any further act on the part of any of the parties hereto.

 

	20.	SEVERABILITY

 

The terms of this Agreement are hereby declared
to be severable, such that if any term hereof is determined to be invalid or unenforceable, such determination shall not affect
the remaining terms.

 

    	27

    	 

    

 

	21.	INSTRUMENT UNDER SEAL; HEADINGS

 

This Agreement is intended to take effect as, and shall
be deemed to be, an instrument under seal.

 

	22.	REQUEST FOR INSTRUCTIONS

 

If, in performing its duties under this Agreement, the
Custodian is required to decide between alternative courses of action, the Custodian may (but shall not be obliged to) request
written instructions from the Company as to the course of action desired by it. If the Custodian does not receive such instructions
within two (2) days after it has requested them, the Custodian may, but shall be under no duty to, take or refrain from taking
any such courses of action. The Custodian shall act in accordance with instructions received from the Company in response to such
request after such two-day period except to the extent it has already taken, or committed itself to take, action inconsistent with
such instructions.

 

	23.	OTHER BUSINESS

 

Nothing herein shall prevent the Custodian or any of its
affiliates from engaging in other business, or from entering into any other transaction or financial or other relationship with,
or receiving fees from or from rendering services of any kind to the Company or any other Person. Nothing contained in this Agreement
shall constitute the Company and/or the Custodian (and/or any other Person) as members of any partnership, joint venture, association,
syndicate, unincorporated business or similar assignment as a result of or by virtue of the engagement or relationship established
by this Agreement.

 

	24.	REPRODUCTION OF DOCUMENTS

 

This Agreement and all schedules, exhibits, attachments
and amendment hereto may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic or other
similar process. The parties hereto each agree that any such reproduction shall be admissible in evidence as the original itself
in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction
was made by a party in the regular course of business, and that any enlargement, facsimile or further production shall likewise
be admissible in evidence.

 

	25.	MISCELLANEOUS

 

The Company acknowledges receipt of the following notice:

 

“ IMPORTANT
INFORMATION ABOUT PROCEDURES FOR OPENING A

NEW ACCOUNT.

 

To help the government
fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain,
verify and record information that identifies each person who opens an account. For a non-individual person such as a
business entity, a charity, a trust or other legal entity the Custodian will ask for documentation to verify its formation
and existence as a legal entity. The Custodian may also ask to see financial statements, licenses, identification and
authorization documents from individuals claiming authority to represent the entity or other relevant
documentation."

 

[PAGE
INTENTIONALLY ENDS HERE. SIGNATURES APPEAR ON NEXT PAGE.]

 

    	28

    	 

    

 

IN WITNESS WHEREOF, each
of the parties has caused this Agreement to be executed and delivered by a duly authorized officer, intending the same to take
effect as of the date written above.

 

	Witness  	 	POINT CAPITAL, INC.
	 	 	 	 	 
	/s/ Eric Weisblum  	 	By:	 
	Name:	Eric Weisblum	 	 	Name:	Richard Brand
	Title:	Pres	 	 	Title:	CEO & Chairman
	 	 	 	 	 	 
	Witness	 	U.S. BANK NATIONAL ASSOCIATION
	 	 	 	 	 	 
	 	 	By:	 
	Name:	 	 	 	Name:	 
	Title:	 	 	 	Title:	 

 

    	29

    	 

    

 

IN
WITNESS WHEREOF, each of the parties has caused this Agreement to be executed and delivered by a duly authorized officer, intending
the same to take effect as of the date written above.

 

	Witness	 	POINT CAPITAL, INC.
	 	 	 
	 	 	
	Name:	 	 		Name: 
	Title:	 	 		Title: 
	 	 	 	 	 
	Witness	 	U.S. BANK NATIONAL ASSOCIATION
	 	 	 
	/s/ Malia Baynes	 	By:	/s/ Adam Jacobs
	Name:	Malia Baynes	 	 	Name: Adam Jacobs
	Title:	Assistant Vice President	 	 	Title: Vice President

 

    	30

    	 

    

 

SCHEDULE
A

 

(Trade Confirmation)

 

[See
Attached.]

 

    	 

    	 

    

 

Trade
Ticket - Subscription

 

Trade
Number:

 

Transaction
Type:

 

Trade
Date

Settle
Date 

CUSIP 

Issuer
Description 

Investment
ID 

Investment
Description 

Maturity
Date 

Coupon
Rate 

Moody's
Industry 

Moody's
Rating 

S&P
Industry 

S&P
Rating 

Capital
Structure Rank 

Custodian 

Custodian
Account 

Account
Number 

Broker 

DTC#
/ EuroClear 

Sale
Reason 

Security
Country 

Quantity 

Price 

Total
Commission 

SEC
Fee 

Trade
Expenses 

Principal
Amount 

Accrued
Interest 

Settlement
Amount 

Security
Currency 

Trade
Remarks

 

Additional
Comment 

Entered By

Trader                                                                             

 

Authorized Signatory                                                   

 

    	Page 1 of 1

    	 

    

 

SCHEDULE
B

 

Any
of the following persons (each acting singly) shall be an Authorized Person (as this list may subsequently be modified by the
Company from time to time by written notice to the Custodian):

 

	 	Name:	 
	 	 	 
	 	Richard Brand	 
	 	 	 
	 	Eric Weisblum	 
	 	 	 
	 	Vadim MatsExhibit 10.5

 

SECOND AMENDMENT

 

THIS
SECOND AMENDMENT (this "Amendment") is made and entered into as of October 14,
2014, by and between EOP-700 NORTH BRAND, L.L.C., a Delaware
limited liability company ("Landlord"), and APOLLO MEDICAL HOLDINGS, INC., a Delaware corporation ("Tenant").

 

RECITALS

 

		A.	Landlord and Tenant are parties to that certain lease dated December 16, 2011 (the "Original
Lease"), as previously amended by Commencement Letter dated February 6, 2012 and First Amendment dated November 8, 2012
(the "First Amendment")(as amended, the "Lease"). Pursuant to the Lease, Landlord has leased
to Tenant space currently containing approximately 3,111 rentable square feet (the "Existing Premises") described
as Suite No. 220 on the second (2nd) floor of the building commonly known as 700 North Brand located at 700 North Brand
Boulevard, Glendale, California (the "Building").

 

		B.	The Lease will expire by its terms on January 14, 2017 (the "Extended Expiration
Date"), and the parties wish to extend the term of the Lease on the following terms and conditions.

 

		C.	The parties wish to relocate the Premises (defined in the Lease) from the Existing Premises to
the space containing approximately 16,484 rentable square feet described as Suite Nos. 1400, 1425 and 1450 on the 14th floor
of the Building and shown on  Exhibit A attached hereto (the "Substitution Space"), on the following
terms and conditions.

 

NOW, THEREFORE,
in consideration of the above recitals which by this reference are incorporated herein, the mutual covenants and conditions
contained herein and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant
agree as follows:

 

		1.	Extension. The term of the
Lease is hereby extended through the last day of the 72nd full calendar month following the Substitution Rent Commencement Date
(defined in Section 2.l.A. below) (the "Second Extended Expiration Date"). The portion of the term of the Lease
begi1ming January 15, 2017 (the "Second Extension Date") and ending on the Second Extended Expiration Date shall
be referred to herein as the "Second Extended Term".

 

		2.	Substitution.

 

		2.1.	Substitution Term. From and after the Substitution Effective Date (defined in Section
2.l.A below), the Premises shall be the Substitution Space, subject to the terms hereof (the "Substitution").
The term of the Lease for the Substitution Space (the "Substitution Term") shall commence on the Substitution
Effective Date and, unless sooner terminated in accordance with the Lease, end on the Extended Expiration Date. From and after
the Substitution Effective Date, the Substitution Space shall be subject to all the terms and conditions of the Lease except as
provided herein. Except as may be expressly provided herein, (a) Tenant shall not be entitled to receive, with respect to the Substitution
Space, any allowance, free rent or other financial concession granted with respect to the Existing Premises, and (b) no representation
or warranty made by Landlord with respect to the Existing Premises shall apply to the Substitution Space. Notwithstanding anything
herein to the contrary, Landlord and Tenant acknowledge that Landlord shall have primary possession of the Substitution Space for
the purpose of performing the Tenant Improvement Work during the period beginning on the Substitution Effective Date and ending
on the Substitution Rent Commencement Date (the "Construction Period"). Tenant shall have no obligation to pay
Base Rent or Additional Rent for the Substitution Space during the Construction Period. In addition, Landlord shall indemnify,
defend, protect, and hold Tenant harmless from any obligation, loss, claim, action, liability, penalty, damage, cost or expense
(including reasonable attorneys' and consultants' fees and expenses) that is imposed or asserted by any third party and arises
from (a) any negligence or willful misconduct of Landlord or any Landlord Parties (defined in Section 10.1 of the Original Lease)
in the Substitution Space during the Construction Period, or (b) the performance of Tenant Improvement Work by Landlord in the
Substitution Space.

 

    	 

    	 

    

  

		A.	Substitution Effective Date; Substitution Rent Commencement Date. As used herein, "Substitution
Effective Date" means December 15, 2014. As used herein, the "Substitution Rent Commencement Date" the
earlier to occur of (i) the date on which Tenant first conducts business in the Substitution Space, or (ii) the date on which the
Tenant Improvement Work (defined in Exhibit B attached hereto) is Substantially Complete (defined in  Exhibit
B attached hereto), which is anticipated to be February 1, 2015 (the "Target Substitution Rent Commencement Date").
The adjustment of the Substitution Rent Commencement Date and, accordingly, the postponement of Tenant's obligation to pay
rent for the Substitution Space shall be Tenant's sole remedy if the Tenant Improvement Work is not Substantially Complete on the
Substitution Rent Commencement Date. Without limiting the foregoing, during the period prior to the Substitution Rent Commencement
Date, Tenant shall continue to pay rent for the Existing Premises in accordance with the terms of the Lease.

 

		B.	Confirmation Letter. At any time after the Substitution Rent Commencement Date, Landlord may deliver
to Tenant a notice substantially in the form of Exhibit C attached hereto, as a confirmation of the information set
forth therein. Tenant shall execute and return (or, by written notice to Landlord, reasonably object to) such notice within five
(5) days after receiving it.

 

		2.2.	Existing Premises. Subject to the terms hereof, effective as of the Existing Premises Expiration
Date (defined below), the term of the Lease shall expire with respect to the Existing Premises with the same force and effect as
if such term were, by the provisions of the Lease, fixed to expire with respect to the Existing Premises on the Existing Premises
Expiration Date. As used herein, "Existing Premises Expiration Date" means the day prior to the Substitution Rent
Commencement Date. Without limiting the foregoing:

 

		A.	Tenant shall surrender the Existing Premises
to Landlord in accordance with the ten11s of the Lease on or before the Existing Premises Expiration Date.

 

		B.	Tenant shall remain liable for all Rent and other amounts payable under the Lease with respect
to the Existing Premises for the period up to and including the Existing Premises Expiration Date, even though billings for such
amounts may occur after the Existing Premises Expiration Date.

 

		C.	Tenant's restoration obligations with respect to the Existing Premises shall be as set forth in
the Lease.

 

		D.	If Tenant fails to surrender any portion of the Existing Premises on or before the Existing Premises
Expiration Date, Tenant's tenancy with respect to the Existing Premises shall be subject to Section 16 of the Original Lease.

 

		E.	Any other rights or obligations of Landlord or Tenant under the Lease relating to the Existing
Premises that, in the absence of the Substitution, would have survived the expiration date of the Lease shall survive the Existing
Premises Expiration Date.

 

    	 

    	 

    

 

 

		3.	Base Rent. With respect to the Substitution Space during the Substitution Term, the schedule of

Base Rent shall be as follows:

 

	Period During
 Substitution  Term	 	Annual Rate Per Square
 Foot (rounded to the
 nearest 100the  of a dollar)	 	 	Monthly Base Rent	 
	Substitution  Effective Date through the day prior to the Substitution Rent Commencement Date	 	$	0	 	 	$	0	 
	Substitution  Rent Commencement Date through last day of the 12th full calendar month following the Substitution Rent Commencement Date	 	$	27.60	 	 	$	37,913.20	 
	13th through 24th full calendar months following the Substitution Rent Commencement Date	 	$	28.43	 	 	$	39,053.34	 
	25th through 36th full calendar months following the Substitution Rent Commencement Date	 	$	29.28	 	 	$	40,220.96	 
	37th through 48th full calendar months following the Substitution Rent Commencement Date	 	$	30.16	 	 	$	41,429.79	 
	49th through 60th full calendar months following the Substitution Rent Commencement Date	 	$	31.06	 	 	$	42,666.09	 
	61 sty full calendar month of Substitution  Term following the Substitution Rent Commencement Date through the last day of Substitution  Term	 	$	32.00	 	 	$	43,957.33	 

 

All such Base Rent shall be
payable by Tenant in accordance with the terms of the Lease.

 

BASE RENT ABATEMENT. Notwithstanding
anything in this Section of the Amendment to the contrary, so long as Tenant is not in Default (as defined in Section 19
of the Original Lease) under the Lease, Tenant shall be entitled to an abatement of Base Rent in the amount of: (a) $18,956.60
per month applicable to 11 consecutive full calendar months of the Substitution Term beginning with the second (2"d) full
calendar month of the Substitution Term following the Substitution Rent Commencement Date, and (b) $19,526.67 applicable
to the 13th full calendar month of the Substitution Term following the Substitution Rent Commencement Date. The total amount of
Base Rent abated in accordance with the foregoing shall equal $228,049.27 (the "Abated Base Rent"). If
Tenant Defaults at any time during the Substitution Term and fails to cure such Default within any applicable cure period under
the Lease, all Abated Base Rent shall immediately become due and payable. The payment by Tenant of the Abated Base Rent in the
event of a Default shall not limit or affect any of Landlord's other rights, pursuant to this Amendment, the Lease or at law or
in equity. Only Base Rent shall be abated pursuant to this Section, and all Additional Rent (as defined in Section 3 of
the Original Lease) and other costs and charges specified in this Amendment and/or the Lease shall remain as due and payable pursuant
to the provisions of this Amendment and/or the Lease.

 

    	 

    	 

    

 

Notwithstanding the foregoing,
upon written notice to Tenant from time to time (a "Purchase Notice"), Landlord shall have the right to purchase, by
check or wire transfer of available funds, all or any part (in whole-month increments only) of the Abated Base Rent that had not
previously been applied as a credit against Base Rent. Landlord's Purchase Notice shall set forth the month(s) of abatement that
Landlord elects to purchase and the total Abated Base Rent that Landlord elects to purchase (the "Purchase Amount").
The Purchase Amount to be paid by Landlord shall be paid simultaneously with the giving of such notice. Upon payment of the Purchase
Amount by Landlord to Tenant, the Abated Base Rent shall be reduced by an amount equal to the Purchase Amount. Upon request by
Landlord, Landlord and Tenant shall enter into an amendment to the Lease to reflect the Purchase Amount paid by Landlord and the
corresponding reduction of the Abated Base Rent.

 

		4.	Additional Security Deposit. Upon Tenant's execution hereof, Tenant shall pay Landlord the
sum of $102,340.50, which shall be added to and become part of the Security Deposit, if any, held by Landlord pursuant to Section
21 of the Original Lease. Accordingly, simultaneously with the execution hereof, the Security Deposit is hereby increased from
$29,531.49 to $131,871.99.

 

		5.	Tenant's Share. With respect to the Substitution Space during the Substitution Term following the Substitution Rent
Commencement Date, Tenant's Share shall be 7.7571%.

 

		6.	Expenses and Taxes. With respect to the Substitution Space during the Substitution Term
following the Substitution Rent Commencement Date, Tenant shall pay for Tenant's Share of Expenses and Taxes in accordance with
the terms of the Lease; provided, however, that, with respect to the Substitution Space during the Substitution Term following
the Substitution Rent Commencement Date, the Base Year for Expenses and Taxes shall be calendar year 2015.

 

		7.	Improvements to Substitution Space.

 

		7.I.	Condition and Configuration of Substitution Space. Tenant
acknowledges that it has inspected the Substitution Space and agrees to accept it in its existing condition and configuration,
without any representation by Landlord regarding its condition or configuration and without any obligation on the part of Landlord
to perform or pay for any alteration or improvement, except as may be otherwise expressly provided in this Amendment.

 

		7.2.	Responsibility for Improvements to Substitution Space. Landlord shall perform improvements to the
Substitution Space in accordance with Exhibit B attached hereto.

 

		8.	Representations. Tenant represents and warrants that, as of the date hereof and the Existing
Premises Expiration Date: (a) Tenant is the rightful owner of all of the Tenant's interest in the Lease; (b) Tenant has not made
any disposition, assignment, sublease, or conveyance of the Lease or Tenant's interest therein; (c) Tenant has no knowledge of
any fact or circumstance which would give rise to any claim, demand, obligation, liability, action or cause of action arising out
of or in com1ection with Tenant's occupa11cy of the Existing Premises; (d) no other person or entity has an interest in the Lease,
collateral or otherwise; and (e) there are no outstanding contracts for the supply of labor or material and no work has been done
or is being done in, to or about the Existing Premises which has not been fully paid for and for which appropriate waivers of mechanic's
liens have not been obtained.

 

		9.	Other Pertinent Provisions. Landlord and Tenant agree that, effective as of the date of
this Amendment (unless different effective date(s) is/are specifically referenced in this Section), the Lease shall be amended
in the following additional respects:

 

		9.1.	California Public Resources Code § 25402.10. If Tenant (or any party claiming by, through
or under Tenant) pays directly to the provider for any energy consumed at the Property, Tenant, promptly upon request, shall deliver
to Landlord (or, at Landlord's option, execute and deliver to Landlord an instrument enabling Landlord to obtain from such provider)
any data about such consumption that Landlord, in its reasonable judgment, is required to disclose to a prospective buyer, tenant
or mortgage lender under California Public Resources Code § 25402.10 or any similar law.

 

		9.2.	California Civil Code Section 1938. Pursuant to California Civil Code § 1938, Landlord hereby
states that the Existing Premises and the Substitution Space have not undergone inspection by a Certified Access Specialist (CASp)
(defined in California Civil Code § 55.52).

 

    	 

    	 

    

  

		.3.	Temporary Space.

 

		A.	During the period beginning on the later
of the full and final execution of this Amendment by Landlord and Tenant, delivery of the additional Security Deposit and delivery
of all initial certificates of insurance required by this Lease (which certificates of insurance shall specifically cover both
the Temporary Space during the Temporary Space Term, as hereinafter defined, and the Premises), and ending on the Substitution
Rent Commencement Date (such period being referred to herein as the "Temporary Space Term"), Landlord shall allow
Tenant to use approximately 2,397 rentable square feet of space known as Suite No. 240 located on the second (2nd)
floor of the Building as shown on  Exhibit A-1 of
this Amendment (the "Temporary Space") for the Permitted Use. During the Temporary Space Term, the Temporary Space
shall be deemed the "Premises" for purposes of Section 10 (Indemnification; Insurance) of the Original Lease.
Such Temporary Space shall be accepted by Tenant in its "as-is" condition and configuration, it being agreed that Landlord
shall be under no obligation to perform any work in the Temporary Space or to incur any costs in connection with Tenant's move
in, move out or occupancy of the Temporary Space. Tenant acknowledges that it shall be entitled to use and occupy the Temporary
Space at its sole cost, expense and risk. Tenant shall not construct any improvements or make any alterations of any type to the
Temporary Space without the prior written consent of Landlord. All costs in connection with making the Temporary Space ready for
occupancy by Tenant shall be the sole responsibility of Tenant.

 

		B.	The Temporary Space shall be subject to all the terms and conditions of the Lease except as expressly
modified herein and except that (i) Tenant shall not be entitled to receive any allowances, abatement or other financial concession
in connection with the Temporary Space which was granted with respect to the Premises unless such concessions are expressly provided
for herein with respect to the Temporary Space, (ii) the Temporary Space shall not be subject to any renewal or expansion rights
of Tenant under the Lease, (iii) Tenant shall not be required to pay Base Rent for the Temporary Space during the Temporary Space
Term, and (iv) Tenant shall not be required to pay Tenant's Share of Expenses and Taxes for the Temporary Space during the Temporary
Space Term.

 

		C.	Upon termination of the Temporary Space Term, Tenant shall vacate the Temporary Space and deliver
the same to Landlord in the same condition that the Temporary Space was delivered to Tenant, ordinary wear and tear excepted. At
the expiration or earlier termination of the Temporary Space Term, Tenant shall remove all debris, all items of Tenant's personalty,
and any trade fixtures of Tenant from the Temporary Space. Tenant shall be fully liable for all damage Tenant or Tenant's agents,
employees, contractors, or subcontractors cause to the Temporary Space.

 

		D.	Tenant shall have no right to hold over or otherwise occupy the Temporary Space at any time following
the expiration or earlier termination of the Temporary Space Term, and in the event of such holdover, Landlord shall immediately
be entitled to institute dispossessory proceedings to recover possession of the Temporary Space, without first providing notice
thereof to Tenant. In the event of holding over by Tenant after expiration or termination of the Temporary Space Term without the
written authorization of Landlord, Tenant shall pay, for such holding over, $9,588.00 for each month or partial month of
holdover, plus all consequential damages that Landlord incurs as a result of the Tenant's hold over. During any such holdover,
Tenant's occupancy of the Temporary Space shall be deemed that of a tenant at sufferance, and in no event, either during the Temporary
Space Term or during any holdover by Tenant, shall Tenant be determined to be a tenant-at-will under applicable law. While Tenant
is occupying the Temporary Space, Landlord or Landlord's authorized agents shall be entitled to enter the Temporary Space, upon
reasonable notice, to display the Temporary Space to prospective tenants

 

    	 

    	 

    

  

		9.4.	Parking. During the Substitution Term, Tenant shall have the right, but not the obligation,
to rent from Landlord up to 58 unreserved parking passes, at the rate of $60.00 per unreserved parking pass, per
month, plus applicable taxes during the Substitution Tenn. Such rate shall not be subject to increase during the Substitution Term.
Prior to the Substitution Rent Commencement Date, Tenant shall notify Landlord in writing of the number of unreserved parking passes
which Tenant initially elects to use during the Substitution Term, but in no event more than the maximum number of unreserved parking
passes set forth herein. Thereafter, Tenant may increase or decrease the number of unreserved parking passes to be used by Tenant
pursuant to this Section 9.4 upon a minimum of 30 days prior written notice to Landlord, provided that in no event may Tenant elect
to use more than the maximum number of unreserved parking passes set forth herein.

 

Subject
to availability, Tenant shall also have the right to lease additional unreserved parking passes on a month-to-month basis (the
"Month-to-Month Passes"). The term for only the Month-to-Month Passes shall automatically renew for consecutive
periods of one (1) month
each until terminated by either party by written notice of termination delivered to the other party. Any such termination shall
be effective as of the last day of the first full month following the date written notice of termination is delivered to the other
party by the terminating party. Tenant shall pay Landlord, as Additional Rent in accordance with Section 3 of the Original
Lease, the then current rate for unreserved parking in the Parking Facility (as defined in Section 24 of the Original Lease)
for such Month-to-Month Passes, as such rate may be adjusted from time to time.

 

		9.5.	No Options. The parties hereto acknowledge and agree that during the Substitution Term Tenant
shall have no rights to extend the term of the Lease, or expand, terminate or contract the Premises. The parties agree that any
rights existing in the Lease to extend the term of the Lease, or expand, terminate or contract the Premises shall be deleted in
their entirety and are of no further force ru1d effect.

 

		10.	Miscellaneous.

 

		10.1.	This Amendment and the attached exhibits, which are hereby
incorporated into and made a part of this Amendment, set forth the entire agreement between the parties with respect to the matters
set forth herein. There have been no additional oral or written representations or agreements. Tenant shall not be entitled, in
connection with entering into this Amendment, to any free rent, allowance, alteration, improvement or similar economic incentive
to which Tenant may have been entitled in connection with entering into the Lease, except as may be otherwise expressly provided
in this Amendment.

 

		10.2.	Except
as herein modified or amended, the provisions, conditions and terms of the Lease shall remain unchanged and in full force and
effect.

 

		10.3.	In
the case of any inconsistency between the provisions of the Lease and this Amendment, the provisions of this Amendment shall govern
and control.

 

		10.4.	Submission
of this Amendment by Landlord is not an offer to enter into this Amendment but rather is a solicitation for such an offer by Tenant.
Landlord shall not be bound by this Amendment until Landlord has executed and delivered it to Tenant.

 

		10.5.	Capitalized
terms used but not defined in this Amendment shall have the meanings given in the Lease.

 

		10.6.	Tenant
shall indemnify and hold Landlord, its trustees, members, principals, beneficiaries, partners, officers, directors, employees,
mortgagee(s) and agents, and the respective principals and members of any such agents harmless from all claims of any brokers
claiming to have represented Tenant in connection with this Amendment. Landlord shall indemnify and hold Tenant, its trustees,
members, principals, beneficiaries, partners, officers, directors, employees, and agents, and the respective principals and members
of any such agents harmless from all claims of any brokers claiming to have represented Landlord in connection with this Amendment.
Tenant acknowledges that any assistance rendered by any agent or employee of any affiliate of Landlord in connection with this
Amendment has been made as an accommodation to Tenant solely in furtherance of consummating the transaction on behalf of Landlord,
and not as agent for Tenant.

 

    	 

    	 

    

 

 

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

 

	 	LANDLORD:
	 	 
	 	EOP-700 NORTH BRAND, L.L.C., a Delaware limited liability company
	 	 	 
	 	By:	Frank Campbell
	 	 	Name:	Frank Campbell
	 	 	Title:	Market Managing Dir.
	 	 
	 	TENANT:
	 	 
	 	APOLLO MEDICAL HOLDINGS, INC., a Delaware corporation
	 	 	 	 
	 	By:	/s/ Warren Hossenian
	 	 	 
	 	Name:  	Warren Hossenian
	 	 	 
	 	Title:	CEO

 

    	 

    	 

    

  

EXHIBIT A

 

OUTLINE AND LOCATION OF SUBSTITUTION

SPACE

 

 

    	 

    	 

    

  

EXHIBIT A-1

 

OUTLINE AND LOCATION OF TEMPORARY SPACE

 

2ND FLOOR • SUITE 240 • 2,397 RSF

 

 

    	 

    	 

    

  

EXHIBIT B

 

WORK LETTER

 

As used in this Exhibit
B (this "Work Letter"), the following terms shall have the following meanings: "Agreement" means
the Amendment of which this Work Letter is a pa1i. "Premises" means the Substitution Space. "Tenant Improvements"
means all improvements to be constructed in the Premises pursuant to this Work Letter. "Tenant Improvement Work"
means the construction of the Tenant Improvements, together with any related work (including demolition) that is necessary
to construct the Tenant Improvements.

 

		1	ALLOWANCE.

 

1.1
      Allowance. Tenant shall be entitled to a one-time tenant improvement allowance
(the "Allowance") in the amount of $659,360.00 (i.e., $40.00 per rentable square foot of the
Premises) to be applied toward the (i) Allowance Items (defined in Section 1.2 below) and to the extent that the
Allowance exceeds the Construction Pricing Proposal, (ii) a credit against Base Rent coming due under the Lease from and
after the last day of the 13th full calendar month of the Substitution Term following the Substitution Rent Commencement
Date, and/or (iii) the cost of purchasing and installing cabling, furniture, fixtures, and equipment to be used in the
Premises by Tenant; provided that the total portion of the Allowance that is applied toward the items described in (ii) and
(iii) shall not exceed, in the aggregate,$329,680.00 (i.e., $20.00 per rentable square foot of the Premises). Tenant,
by written notice to Landlord (the "Allowance Notice") shall advise Landlord of the manner in which Tenant
desires to apply any unused Allowance. Any portion of the Allowance that is applied as a credit against Base Rent shall be
applied against 50% of the installment of Base Rent for the 14th full calendar month of the Substitution Term following the
Substitution Rent Commencement Date, and, if necessary, 50% of the installment of Base Rent for consecutive calendar months
thereafter. Any portion of the Allowance that is applied toward the cost of purchasing and installing cabling, furniture,
fixtures, and/or equipment to be used in the Premises shall be disbursed to Tenant within 30 days after the later to occur
of: (x) receipt of paid invoices from Tenant with respect to Tenant's actual costs of purchasing and installing the cabling,
furniture, fixtures, and/or equipment to be used in the Premises as described above, and (y) the Substitution Rent
Commencement Date; provided that Tenant shall also be required to provide Landlord the unconditional waivers of
mechanics lien with respect to any items that relate to work of a type for which a mechanics lien could be potentially be
filed. Tenant shall be responsible for all costs associated with the Tenant Improvement Work, including the costs of the
Allowance Items, to the extent such costs exceed the lesser of (a) the Allowance, or (b) the aggregate amount that Landlord
is required to disburse for such purpose pursuant to this Work Letter. Notwithstanding any contrary provision of this
Agreement, if Tenant fails to use the entire Allowance by the last day of the 24 full calendar
month of the Substitution Term, the unused amount shalt reve1i to Landlord and Tenant shall have no further rights with
respect thereto; provided, however, that any portion of the Allowance that Tenant previously elected to apply as a credit
against Base Rent shall not be forfeited and such Base Rent credits shall continue for as long as necessary to assure that
Tenant has received the full benefit of such credit against Base Rent.

 

    	 

    	 

    

 

 

		1.2	Disbursement of Allowance.

 

1.2.1       Allowance
Items. Except as otherwise provided in this Work Letter, the Allowance shall be disbursed by Landlord only for the following
items (the "Allowance Items"): (a) the fees of the Architect (defined in Section 2.1 below) and the Engineers
(defined in Section 2.1 below), and any fees reasonably incurred by Landlord for review of the Plans (defined in Section
2.1 below) (which fees, notwithstanding any contrary provision of this Agreement, shall not exceed $0.12 per rentable square foot
of the Premises) by Landlord's third party consultants; (b) plan-check, permit and license fees relating to performance of the
Tenant Improvement Work; (c) the cost of performing the Tenant Improvement Work, including after hours charges, testing and inspection
costs, freight elevator usage, hoisting and trash removal costs, and contractors' fees and general conditions; (d) the cost of
any change to the base, shell or core of the Premises or Building required by the Plans (including if such change is due to the
fact that such work is prepared on an unoccupied basis), including all direct architectural and/or engineering fees and expenses
incurred in connection therewith; (e) the cost of any change to the Plans or Tenant Improvement Work required by Law; (f) the Coordination
Fee (defined in Section 3.2.2 below); (g) sales and use taxes; and (h) all other costs expended by Landlord in connection with
the performance of the Tenant Improvement Work.

 

		2	PLANS AND PRICING.

 

2.1       Selection
of Architect. Landlord shall retain the architect/space planner (the "Architect") and the engineering
consultants (the "Engineers") of Landlord's choice to prepare all architectural plans for the Premises and all
engineering working drawings relating to the structural, mechanical, electrical, plumbing, HVAC, life-safety, and sprinkler work
in the Premises. The plans and drawings to be prepared by the Architect and the Engineers shall be referred to in this Work Letter
as the "Plans." Tenant shall be responsible for ensuring that all elements of the design of the Plans are suitable
for Tenant's use of the Premises, and neither the preparation of the Plans by the Architect or the Engineers nor Landlord's approval
of the Plans shall relieve Tenant from such responsibility.

 

2.2       Initial
Programming Information. Tenant shall deliver to Landlord, in writing, all information necessary in the judgment of Landlord,
the Architect and the Engineers for the preparation of a conceptual space plan for the Premises (a "Space Plan"),
including layout and designation of all offices, rooms and other partitioning, their intended use, and equipment to be contained
therein, the number and sizes of workstations, number and size of kitchen, copy, reception and storage areas (collectively, the
"Initial Programming Information"). The Initial Programming Information shall be consistent with Landlord's requirements
for avoiding aesthetic, engineering or other conflicts with the design and function of the balance of the Building (collectively,
the "Landlord Requirements") and shall otherwise be subject to Landlord's reasonable approval. Landlord shall
provide Tenant with notice approving or reasonably disapproving the Initial Programming Information within 5 business days after
the later of Landlord's receipt thereof or the mutual execution and delivery of this Agreement. If Landlord disapproves the Initial
Programming Information, Landlord's notice of disapproval shall describe with reasonable specificity the basis for such disapproval
and the changes that would be necessary to resolve Landlord's objections. If Landlord disapproves the Initial Programming Information,
Tenant shall modify the Initial Programming Information and resubmit it
for Landlord's review and approval. Such procedure shall be repeated
as necessary until Landlord has approved the Initial Programming Information.

 

2.3      Space
Plan. After approving the Initial Programming Information, Landlord shall cause the Architect to prepare and deliver to
Tenant a Space Plan that conforms to the Initial Programming Information. Such preparation and delivery shall occur within I
0 business days after the later of Landlord's approval of the Initial Programming Information or the mutual execution and
delivery of this Agreement. Tenant shall approve or disapprove the Space Plan by notice to Landlord. If Tenant disapproves
the Space Plan, Tenant's notice of disapproval shall specify any revisions Tenant desires in the Space Plan. After receiving
such notice of disapproval, Landlord shall cause the Architect to revise the Space Plan, taking into account the reasons for
Tenant's disapproval (provided, however, that Landlord shall not be required to cause the Architect to make any revision to
the Space Plan that is inconsistent with the Landlord Requirements or that Landlord otherwise reasonably disapproves), and
resubmit the Space Plan to Tenant for its approval. Such revision and resubmission shall occur within 5 business days after
the later of Landlord's receipt of Tenant's notice of disapproval or the mutual execution and delivery of this Agreement if
such revision is not material, and within such longer period of time as may be reasonably necessary if such revision is
material. Such procedure shall be repeated as necessary until Tenant has approved the Space Plan.

 

    	 

    	 

    

  

2.4         Additional
Programming Information. After approving the Space Plan, Tenant shall deliver to Landlord, in writing, all information
that, together with the Space Plan, is necessary in the judgment of Landlord, the Architect and the Engineers to complete the architectural,
engineering and final architectural working drawings for the Premises in a form that is sufficient to enable subcontractors to
bid on the work and to obtain all applicable permits for the Tenant Improvement Work (the "Construction Drawings"),
including electrical requirements, telephone requirements, special HVAC requirements, plumbing requirements, and all interior
and special finishes (collectively, the "Additional Programming Information"). The Additional Programming Information
shall be consistent with the Landlord Requirements and shall otherwise be subject to Landlord's reasonable approval. Landlord shall
provide Tenant with notice approving or reasonably disapproving the Additional Programming Information within5 business days after
the later of Landlord's receipt thereof or the mutual execution and delivery of this Agreement. If Landlord disapproves the Additional
Programming Information, Landlord's notice of disapproval shall describe with reasonable specificity the basis for such disapproval
and the changes that would be necessary to resolve Landlord's objections. If Landlord disapproves the Additional Programming Information,
Tenant shall modify the Additional Programming Information and resubmit it for Landlord’s review and approval. Such procedure
shall be repeated as necessary until Landlord has approved the Additional Programming Information. If requested by Tenant, Landlord,
in its sole and absolute discretion, may assist Tenant, or cause the Architect and/or the Engineers to assist Tenant, in preparing
all or a portion of the Additional Programming Information; provided, however, that, whether or not the Additional Programming
Information is prepared with such assistance, Tenant shall be solely responsible for the timely preparation and delivery of the
Additional Programming Information and for all elements thereof and, subject to Section 1 above, all costs relating thereto.

 

2.5         Construction
Drawings. After approving the Additional Programming Information, Landlord shall cause the Architect and the
Engineers to prepare and deliver to Tenant Construction Drawings that conform to the approved Space Plan and the approved
Additional Programming Information. Such preparation and delivery shall occur within 10 business days after the later of
Landlord's approval of the Additional Programming Information or the mutual execution and delivery of this Agreement. Tenant
shall approve or disapprove the Construction Drawings by notice to Landlord. If Tenant disapproves the Construction Drawings,
Tenant's notice of disapproval shall specify any revisions Tenant desires in the Construction Drawings. After receiving such
notice of disapproval, Landlord shall cause the Architect and/or the Engineers to revise the Construction Drawings, taking
into account the reasons for Tenant's disapproval (provided, however, that Landlord shall not be required to cause the
Architect or the Engineers to make any revision to the Construction Drawings that is inconsistent with the Landlord
Requirements or that Landlord otherwise reasonably disapproves), and resubmit the Construction Drawings to Tenant for its
approval. Such revision and resubmission shall occur within 5 business days after the later of Landlord's receipt of Tenant's
notice of disapproval or the mutual execution and delivery of this Agreement if such revision is not material, and within
such longer period of time as may be reasonably necessary if such revision is material. Such procedure shall be repeated as
necessary until Tenant has approved the Construction Drawings; provided that if Tenant requests more than two (2) sets of
revisions to the Construction Drawings, any delays in connection with the third (3rd) and subsequent revisions shall be
deemed to be a Tenant Delay. The Construction Drawings approved by Landlord and Tenant are referred to in this Work Letter as
the "Approved Construction Drawings".

 

2.6      Construction
Pricing. Within a reasonable time after the Approved Construction Drawings are approved by Landlord and Tenant, Landlord shall
provide Tenant with Landlord's reasonable estimate (the "Construction Pricing Proposal") of the cost of all Allowance
Items to be incurred by Tenant in connection with the performance of the Tenant Improvement Work pursuant to the Approved Construction
Drawings. Tenant shall provide Landlord with notice approving or disapproving the Construction Pricing Proposal. If Tenant disapproves
the Construction Pricing Proposal, Tenant's notice of disapproval shall be accompanied by proposed revisions to the Approved Construction
Drawings that Tenant requests in order to resolve its objections to the Construction Pricing Proposal, and Landlord shall respond
as required under Section 2.7 below. Such procedure shall be repeated as necessary until the Construction Pricing Proposal
is approved by Tenant. Upon Tenant's approval of the Construction Pricing Proposal, Landlord may purchase the items set forth in
the Construction Pricing Proposal and commence construction relating to such items.

 

2.7       Revisions
to Approved Construction Drawings. If Tenant requests any revision to the Approved Construction Drawings, Landlord shall
provide Tenant with notice approving or reasonably disapproving such revision, and, if Landlord approves such revision, Landlord
shall have such revision made and delivered to Tenant, together with notice of any resulting change in the most recent Construction
Pricing Proposal, if any, within 5 business days after Landlord's receipt of such request if such revision is not material, and
within such longer period of time as may be reasonably necessary if such revision is material, whereupon Tenant, within one (1)
business day, shall notify Landlord whether it desires to proceed with such revision. If Landlord has commenced performance of
the Tenant Improvement Work, then, in the absence of such authorization, Landlord shall have the option to continue such performance
disregarding such revision. Landlord shall not revise the Approved Construction Drawings without Tenant's consent, which shall
not be unreasonably withheld, conditioned or delayed.

 

    	 

    	 

    

  

2.8      Time
Deadlines. Tenant shall use its best effo1is to cooperate with Landlord and its architect, engineers and other consultants
to complete all phases of the Plans, approve the Construction Pricing Proposal and obtain the permits for the Tenant Improvement
Work as soon as possible after the execution of this Agreement, and Tenant shall meet with Landlord, in accordance with a schedule
determined by Landlord, to discuss the parties' progress. Without limiting the foregoing, Tenant shall approve the Construction
Pricing Proposal pursuant to Section 2.6 above on or before Tenant's Approval Deadline (defined below). As used in this Work Letter,
"Tenant's Approval Deadline" means October 24, 2014 provided, however, that Tenant's Approval Deadline shall be
extended by one day for each day, if any, by which Tenant's approval of the Construction Pricing Proposal pursuant to Section 2.6
above is delayed by any failure of Landlord to perform its obligations under this Section 2.

 

		3	CONSTRUCTION.

 

3.1      Contractor.
A contractor designated by Landlord (the "Contractor") shall perform the Tenant Improvement Work. In addition,
Landlord may select and/or approve of any subcontractors, mechanics and material men used in connection with the performance of
the Tenant Improvement Work.

 

3.2      Construction.

 

3.2.1      Over-Allowance
Amount. If the Construction Pricing Proposal exceeds the Allowance, then, concurrently with its delivery to Landlord of approval
of the Construction Pricing Proposal, Tenant shall deliver to Landlord cash in the amount of such excess (the "Over-Allowance
Amount"). Any Over-Allowance Amount shall be disbursed by Landlord before the Allowance and pursuant to the same procedure
as the Allowance. After the Construction Pricing Proposal is approved by Tenant, if any revision is made to the Approved Construction
Drawings or the Tenant Improvement Work that increases the Construction Pricing Proposal, or if the Construction Pricing Proposal
is otherwise increased to reflect the actual cost of all Allowance Items to be incurred by Tenant in connection with the performance
of the Tenant Improvement Work pursuant to the Approved Construction Drawings, then Tenant shall deliver any resulting Over-Allowance
Amount (or any resulting increase in the Over- Allowance Amount) to Landlord immediately upon Landlord's request.

 

3.2.2      Landlord's
Retention of Contractor. Landlord shall independently retain the Contractor to perform the Tenant Improvement Work in accordance
with the Approved Construction Drawings. Tenant shall pay a construction supervision and management fee (the "Landlord
Supervision Fee") to Landlord in an amount equal to 3% of the aggregate amount of all Allowance Items other than the Landlord
Supervision Fee.

 

3.2.3      Contractor's
Warranties. Tenant waives all claims against Landlord relating to any defects in the Tenant Improvements; provided, however,
that Landlord shall obtain a commercially reasonable one-year warranty from Contractor with respect to the performance of the Tenant
Improvement Work (the "Warranty"). If, within the period covered by the Warranty, Tenant provides notice to Landlord
of any defect in the Tenant Improvements, then Landlord shall, at Landlord's expense, use reasonable efforts to enforce such Warranty
directly against the Contractor for Tenant's benefit.

 

		4	COMPLETION.

 

4.1      Substantial
Completion. For purposes of determining the Substitution Rent Commencement Date, and subject to Section 4.2 below,
the Tenant Improvement Work shall be deemed to be "Substantially Complete" upon the completion of the Tenant Improvement
Work pursuant to the Approved Construction Drawings (as reasonably determined by Landlord), with the exception of any details of
construction, mechanical adjustment or any other similar matter the non-completion of which does not materially interfere with
Tenant's use of the Premises.

 

4.2      Tenant
Delay. If the Substantial Completion of the Tenant Improvement Work is delayed (a "Tenant Delay") as a
result of (a) any failure of Tenant to approve the Construction Pricing Proposal pursuant to Section 2.6 above on or before
Tenant's Approval Deadline; (b) Tenant's failure to timely approve any matter requiring Tenant's approval; (c) any breach by Tenant
of this Work Letter or the Lease; (d) any request by Tenant for a revision to the Approved Construction Drawings (except to the
extent such delay results from any failure of Landlord to perform its obligations under Section 2.7 above); (e) Tenant's
requirement for materials, components, finishes or improvements that are not available in a commercially reasonable time given
the anticipated date of Substantial Completion of the Tenant Improvement Work as set forth in this Agreement; or (f) any other
act or omission of Tenant or any of its agents, employees or representatives, then, notwithstanding any contrary provision of this
Agreement, and regardless of when the Tenant Improvement Work is actually Substantially Completed, the Tenant Improvement Work
shall be deemed to be Substantially Completed on the date on which the Tenant Improvement Work would have been Substantially Completed
if no such Tenant Delay had occurred. Notwithstanding the foregoing, Landlord shall not be required to tender possession of the
Premises to Tenant before the Tenant Improvement Work has been Substantially Completed, as determined without giving effect to
the preceding sentence.

 

    	 

    	 

    

 

 

5     MISCELLANEOUS.
Notwithstanding any contrary provision of this Agreement, if Tenant defaults under this Agreement before the Tenant Improvement
Work is completed, then (a) Landlord's obligations under this Work Letter shall be excused, and Landlord may cause the Contractor
to cease performance of the Tenant Improvement Work, until such default is cured, and (b) Tenant shall be responsible for any resulting
delay in the completion of the Tenant Improvement Work. This Work Letter shall not apply to any space other than the Premises.

 

6      LANDLORD’S
INITIAL CONSTRUCTION. Landlord, at its sole cost and expense, shall remove the existing internal staircase connecting the
Substitution Space to the 12th floor of the Building and restore the concrete slab floor, to a slab finish (collectively, the "Initial
Landlord Work"). Without limitation, Tenant, at its cost, shall be responsible for any improvements or finishes to
be installed over such concrete slab floor. Notwithstanding any contrary provision of this Agreement, the Initial Landlord
Work shall be performed at Landlord's expense and shall not be deemed Tenant Improvements, Tenant Improvement Work or an
Allowance Item. Landlord shall use commercially reasonable efforts to cause the Initial Landlord Work to be performed in a
manner that efficiently coordinated with the performance of the Tenant Improvement Work; provided, however, that Landlord
shall not be required to delay performance of, or pay overtime rates for, the Initial Landlord Work.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}]]