Document:

EX-10.20

 Exhibit 10.20 

EXECUTION COPY 
 THE HISTORIC
SUGAR BUILDING 
 OFFICE LEASE 

URBAN-153016th STREET, LLC, 

a Delaware limited liability company 

(as Landlord) 
 and

 BEST OF 52, LLC, 

a Delaware limited liability company 

(as Tenant) 
  

 TABLE OF CONTENTS 
  

							
	 Section 1
	 	 BASIC LEASE PROVISIONS
	  	 	1	 
			
	 1.1
	 	Effective Date	  	 	1	 
	 1.2
	 	Landlord	  	 	1	 
	 1.3
	 	Tenant	  	 	1	 
	 1.4
	 	Premises	  	 	1	 
	 1.5
	 	Building	  	 	1	 
	 1.6
	 	Commencement Date	  	 	2	 
	 1.7
	 	Rent Commencement Date	  	 	2	 
	 1.8
	 	Expiration Date	  	 	2	 
	 1.9
	 	Base Rent	  	 	2	 
	 1.10
	 	Address for Rent Payments	  	 	3	 
	 1.11
	 	Tenant’s Use	  	 	3	 
	 1.12
	 	Tenant’s Pro Rata Share	  	 	3	 
	 1.13
	 	Intentionally Omitted	  	 	3	 
	 1.14
	 	Security Deposit	  	 	3	 
	 1.15
	 	Tenant Finish Allowance	  	 	3	 
	 1.16
	 	Term	  	 	3	 
	 1.17
	 	Landlord’s Address for Notices	  	 	3	 
	 1.18
	 	Tenant’s Address for Notices	  	 	4	 
	 1.19
	 	Broker	  	 	4	 
			
	 Section 2
	 	 LEASE OF THE PREMISES
	  	 	4	 
			
	 Section 3
	 	 COMMON AREAS
	  	 	5	 
			
	 Section 4
	 	 TERM
	  	 	6	 
			
	 4.1
	 	General	  	 	6	 
	 4.2
	 	Delivery Date	  	 	6	 
	 4.3
	 	Options to Extend	  	 	6	 
			
	 Section 5
	 	 CONFIRMATION OF CERTAIN DATES
	  	 	8	 
			
	 Section 6
	 	 DELIVERY DATE
	  	 	8	 
			
	 6.1
	 	Landlord’s Work	  	 	8	 
	 6.2
	 	Signage	  	 	8	 
			
	 Section 7
	 	 RENT
	  	 	8	 
			
	 7.1
	 	Base Rent	  	 	8	 
	 7.2
	 	Additional Rent	  	 	8	 
	 7.3
	 	Operating Expenses.	  	 	9	 
	 7.4
	 	No Set Off	  	 	14	 

  
 (i) 

							
			
	 Section 8
	 	 PERSONAL PROPERTY TAXES
	  	 	14	 
			
	 Section 9
	 	 INSURANCE
	  	 	14	 
			
	 9.1
	 	Landlord’s Insurance	  	 	14	 
	 9.2
	 	Tenant’s Insurance	  	 	14	 
	 9.3
	 	Forms of the Policies	  	 	15	 
	 9.4
	 	Waiver of Right of Recovery	  	 	15	 
	 9.5
	 	Adequacy of Coverage	  	 	15	 
			
	 Section 10
	 	 LANDLORD’S SERVICES
	  	 	16	 
			
	 10.1
	 	Maintenance	  	 	16	 
	 10.2
	 	Services	  	 	16	 
	 10.3
	 	Tenant Purchases	  	 	16	 
	 10.4
	 	Business Hours	  	 	17	 
	 10.5
	 	Tenant’s Costs	  	 	17	 
	 10.6
	 	Limitation on Liability	  	 	17	 
			
	 Section 11
	 	 USE OF PREMISES
	  	 	18	 
			
	 11.1
	 	General	  	 	18	 
	 11.2
	 	Compliance With Law	  	 	18	 
			
	 Section 12
	 	 QUIET ENJOYMENT
	  	 	19	 
			
	 Section 13
	 	 LETTER OF CREDIT
	  	 	19	 
			
	 Section 14
	 	 EFFECT OF SALE
	  	 	20	 
			
	 Section 15
	 	 ALTERATIONS.
	  	 	20	 
			
	 15.1
	 	Alterations	  	 	20	 
	 15.2
	 	Notice	  	 	21	 
	 15.3
	 	Freestanding Partitions	  	 	21	 
	 15.4
	 	Remodeling by Landlord	  	 	21	 
	 15.5
	 	Historic Building	  	 	22	 
			
	 Section 16
	 	 MAINTENANCE AND REPAIR OF THE PREMISES
	  	 	22	 
			
	 Section 17
	 	 MECHANICS’ LIENS
	  	 	22	 
			
	 Section 18
	 	 DAMAGE AND DESTRUCTION
	  	 	23	 
			
	 18.1
	 	Notice	  	 	23	 
	 18.2
	 	Election to Terminate Lease	  	 	23	 
	 18.3
	 	Election to Repair	  	 	23	 
	 18.4
	 	Rent Abatement	  	 	24	 

  
 ii 

							
			
	 Section 19
	 	 CONDEMNATION
	  	 	24	 
			
	 Section 20
	 	 HAZARDOUS MATERIALS
	  	 	24	 
			
	 Section 21
	 	 ENTRY BY LANDLORD
	  	 	25	 
			
	 Section 22
	 	 SUBLETTING AND ASSIGNMENT
	  	 	25	 
			
	 22.1
	 	Landlord’s Consent Required	  	 	25	 
	 22.2
	 	Permitted Transfer	  	 	26	 
	 22.3
	 	Excess Rental	  	 	26	 
	 22.4
	 	Procedure	  	 	26	 
	 22.5
	 	Tenant’s Responsibilities	  	 	27	 
	 22.6
	 	Consent Not Waiver	  	 	27	 
	 22.7
	 	Approval of Documents	  	 	27	 
	 22.8
	 	Binding Effect of Lease	  	 	27	 
	 22.9
	 	Bankruptcy	  	 	27	 
			
	 Section 23
	 	 SUBORDINATION AND ATTORNMENT
	  	 	28	 
			
	 23.1
	 	Subordination	  	 	28	 
	 23.2
	 	Mortgagee’s Right to Cure	  	 	28	 
	 23.3
	 	Subordination Documents	  	 	28	 
	 23.4
	 	Estoppel Documents	  	 	29	 
	 23.5
	 	Attornment	  	 	29	 
			
	 Section 24
	 	 INDEMNIFICATION. WAIVER AND RELEASE
	  	 	29	 
			
	 24.1
	 	Tenant’s indemnification	  	 	29	 
	 24.2
	 	Landlord’s Indemnification	  	 	30	 
	 24.3
	 	Waiver and Release	  	 	30	 
			
	 Section 25
	 	 TENANT’S DEFAULT
	  	 	31	 
			
	 25.1
	 	Tenant’s Default	  	 	31	 
	 25.2
	 	Landlord’s Remedies	  	 	32	 
	 25.3
	 	Reentry	  	 	32	 
	 25.4
	 	Certain Damages	  	 	33	 
	 25.5
	 	Continuing Liability After Termination	  	 	33	 
	 25.6
	 	Cumulative Remedies	  	 	34	 
	 25.7
	 	Bankruptcy	  	 	34	 
	 25.8
	 	Late Payment Charge	  	 	34	 
	 25.9
	 	Waiver of Jury Trial	  	 	35	 
			
	 Section 26
	 	 LANDLORD’S DEFAULT
	  	 	35	 
			
	 Section 27
	 	 SECURITY
	  	 	35	 
			
	 Section 28
	 	 END OF LEASE
	  	 	35	 
			
	 28.1
	 	Vacating Premises	  	 	35	 
	 28.2
	 	Abandoned Property	  	 	36	 
	 28.3
	 	Holding Over	  	 	36	 
	 28.4
	 	No Reinstatement	  	 	36	 

  
 iii 

							
			
	 Section 29
	 	 MISCELLANEOUS
	  	 	37	 
			
	 29.1
	 	No Business Relationship	  	 	37	 
	 29.2
	 	No Offset	  	 	37	 
	 29.3
	 	Landlord’s Liability Limited	  	 	37	 
	 29.4
	 	Consent	  	 	37	 
	 29.5
	 	No Easements for View or Light	  	 	37	 
	 29.6
	 	Intentionally Omitted	  	 	37	 
	 29.7
	 	Rules and Regulations	  	 	37	 
	 29.8
	 	Notice to Landlord	  	 	38	 
	 29.9
	 	Landlord’s Modifications	  	 	38	 
	 29.10
	 	Use of Name	  	 	38	 
	 29.11
	 	No Recordation	  	 	38	 
	 29.12
	 	Force Majeure	  	 	38	 
	 29.13
	 	Joint and Several Liability	  	 	38	 
	 29.14
	 	Landlord’s Designated Authority	  	 	38	 
	 29.15
	 	Continuation or Obligations	  	 	38	 
	 29.16
	 	No Waiver	  	 	39	 
	 29.17
	 	Notices	  	 	39	 
	 29.18
	 	No Merger	  	 	39	 
	 29.19
	 	Time of the Essence	  	 	39	 
	 29.20
	 	Construction	  	 	39	 
	 29.21
	 	Financial Condition of Tenant	  	 	40	 
	 29.22
	 	OFAC	  	 	40	 
	 29.23
	 	Captions	  	 	40	 
	 29.24
	 	Severability	  	 	40	 
	 29.25
	 	Written Amendment Required	  	 	40	 
	 29.26
	 	No Option	  	 	40	 
	 29.27
	 	Authority	  	 	41	 
	 29.28
	 	Governing Law	  	 	41	 
	 29.29
	 	No Reliance	  	 	41	 
	 29.30
	 	Entire Agreement	  	 	41	 
	 29.31
	 	Attorneys’ Fees	  	 	41	 
	 29.32
	 	,Binding Effect	  	 	41	 
	 29.33
	 	Execution	  	 	41	 
	 29.34
	 	Roof Rights	  	 	41	 
	 29.35
	 	Telecommunications	  	 	42	 
	 29.36
	 	Parking	  	 	42	 

  

			
	 EXHIBIT A
	 	 FLOOR PLATES

	 EXHIBIT B
	 	 TENANT FINISH WORK LETTER

	 EXHIBIT C
	 	 RULES AND REGULATIONS

	 EXHIBIT D
	 	 COMMENCEMENT DATE MEMORANDUM

  
 iv 

			
	 EXHIBIT E
	 	 E FORM OF SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT
AGREEMENT

	 EXHIBIT F
	 	 FORM OF ESTOPPEL CERTIFICATE

	 EXHIBIT G
	 	 PARKING LICENSE AGREEMENT

	 EXHIBIT H
	 	 LANDLORD’S WORK

	 EXHIBIT I
	 	 LETTER OF CREDIT

  

  
 v 

 THE HISTORIC SUGAR BUILDING 

OFFICE LEASE 
 This Office
Lease is made and shall be effective as of this 15 day of December, 2015, by and between URBAN-1530 16TH STREET, LLC, a Delaware limited liability company and BEST OF 52, LLC, a Delaware limited
liability company. 
 Section 1 BASIC LEASE PROVISIONS 

These terms are used in this Lease: 
 1.1 Effective
Date: December 15, 2015 
 1.2 Landlord: URBAN-1 530 16TH STREET, LLC, a Delaware limited
liability company 
 1.3 Tenant: BEST OF 52, LLC, a Delaware limited liability company 

1.4 Premises: the space in the Building (defined in Section 1.5) comprised of (a) the 2nd, 4th and 6th floors in the Historic Sugar Building
(the “Existing Premises”), and (b) the 1st, 2nd, 4th and basement floors in the Slot Building (defined in Section 1.5) and the basement of the Historic Sugar Building consisting of approximately 3,639 rentable square feet (the
“Slot Building Premises”). The Existing Premises consist of 10,825 rentable square feet on each floor and 32,475 rentable square feet in total. The area of the Slot Building Premises is 12,240 rentable square feet comprised of 2,221
rentable square feet on each of the basement, 1st and 2nd floors, 1,938 rentable square feet on the 4th floor, all in the Slot Lot Building, and 3,639 rentable square feet in the basement of the Historic Sugar Building. The Existing Premises and Slot Building Premises are depicted on the floor plates
depicted on Exhibit A. The “Premises” shall initially consist of the Existing Premises and, if and when delivered to Tenant pursuant to terms of this Lease, the Slot Building Premises. The areas of the Existing Premises are agreed
and not subject to measurement. The areas of the Slot Building Premises will be based upon the construction drawings for them. However, at its cost, Tenant may, within 90 days after delivery of the Slot Building Premises, engage an architect
approved by Landlord in its reasonable discretion to remeasure those areas according to the standards described in Section 2.1. If the remeasurement reveals a discrepancy, the amounts that vary by those areas (such as Base Rent, Tenant’s
Pro Rata Share, and Tenant Finish Allowance) will be appropriately changed and any overpayment or underpayment will be refunded or paid, as appropriate. 

1.5 Building: the land and building commonly known as the Historic Sugar Building, located at 1530 16th Street, Denver, Colorado consisting of 64,022
rentable square feet (the “Historic Sugar Building”) and, if and when the Slot Building Premises are delivered to Tenant, the to-be-built new adjoining
building consisting of approximately 10,822 rentable square feet (the “Slot Lot Building”). The area of the Historic Sugar Building is agreed and not subject to measurement. The area of the Slot Lot Building will be based upon the
construction drawings for it. However, at its cost, Tenant may, within 90 days after delivery of the Slot Lot Building, engage an architect approved by Landlord in its reasonable discretion to remeasure its area according to the standards described
in Section 2.1. If the remeasurement reveals a discrepancy, the amounts that vary by its area (such as Tenant’s Pro Rata Share) will be appropriately changed. 

  
 1 

 1.6 Commencement Date: December 15, 2015. 

1.7 Rent Commencement Date: (a) April 15, 2016 for the Existing Premises, and (b) for the Slot Building Premises, the earlier of
(i) the 120th day after Landlord delivers exclusive possession of the Slot Building Premises (A) with the work described in Exhibit H (“Landlord’s Work”)
substantially completed in accordance with the plans for the work as certified to Landlord and Tenant by Landlord’s architect with only punch-list items to be completed by Landlord which Landlord will complete promptly without unreasonable
interference to Tenant’s Work by Landlord and (B) in condition sufficient to allow Tenant to begin Tenant’s Work in accordance with Exhibit B in the Slot Building Premises, or (ii) the date on which Tenant’s Work with
respect to the Slot Building Premises is complete in substantial accordance with the plans and specifications, except for the requirement of minor completion items or corrective actions related, which may be necessary to achieve final completion of
Tenant’s Work but that will not preclude Tenant from obtaining a certificate of occupancy for Tenant’s Work or preclude occupancy of the such portion of the Premises so delivered for Tenant’s Use. The Rent Commencement Date for the
Existing Premises and the Slot Building Premises shall be extended day-for-day for delay in their respective deliveries caused solely by the act or omission of Landlord,
an event subject to Section 18 or Section 19, or Rent Commencement Delays (as described on Exhibit B) Each Rent Commencement Date is further abated by the Abated Rent Period described in Section 1.9 

1.8 Expiration Date: the last day of the 126th full calendar month after the Rent Commencement Date for the Existing Premises. 

1.9 Base Rent: 
 (a) $27.00 per rentable
square foot of the Premises beginning on the Rent Commencement Date for the Existing Premises. Base Rent will be increased on each anniversary of the Rent Commencement Date for the Existing Premises by $0.75 per rentable square foot of the Premises.
Base Rent for each part of the Premises will be the Base Rent that is in effect at the time Base Rent begins for that part (subject to the abatement in Section 1.9(b)) as it may increase on each such anniversary. 

(b) Base Rent and Additional Rent due for the first 180 days with respect to each portion of the Premises shall be abated (the “Abated
Rent Period”); however, if for any day during the Abated Rent Period Tenant is entitled to have any Base Rent or Additional Rent for that day abated (in whole or in part) pursuant to any express provisions of the Lease, including, without
limitation, under Sections 18 or 19 of this Lease, then (i) Tenant shall be entitled to apply the amount of such abatement to which it would have been entitled but for the Abated Rent Period to the next due payments of Base Rent and Additional
Rent until said amount is fully exhausted and (ii) the Expiration Date will be extended for the number of days of such abated Base Rent or Additional Rent. If an Event of Default occurs, then any Base Rent and Additional Rent abatement
(prorated on a per diem basis) applicable to any days during which such Event of Default continues shall be forfeited by Tenant until such default is cured, whereupon Tenant’s entitlement to the Base Rent and Additional Rent abatement shall
resume for the then remaining balance of any periods to which the Base Rent and Additional Rent abatement applies. If at any time during the Term an Event of Default occurs, Tenant shall owe Landlord, as an element of its damages, in addition to all
other amounts, the abated Base Rent and Additional Rent. 

  
 2 

			
	1.10 Address for Rent Payments:	  	 Urban-1530 16th Street, LLC
 c/o Urban Villages,
Inc.
 1530 16th Street, 3rd Floor

Denver, CO 80202
 Attn: Accounting

 1.11 Tenant’s Use: general, administrative and executive office uses, and for uses incidental to such
purposes, and for no other purpose. Tenant shall be permitted to operate under the tradename Inspirato. Subject to Tenant’s prior written approval (which approval may be withheld in Tenant’s sole discretion), Landlord shall have the right
to include Tenant’s name and tradename in any public relations, promotional or advertising materials or information. 
 1.12 Tenant’s Pro Rata
Share: a fraction, the numerator of which is the total rentable area of the Premises then delivered to Tenant (and not surrendered pursuant to Section 4.2.2), and the denominator of which is the total floor area of the Building. Notwithstanding
the foregoing, and solely in order to achieve a consistent, fair, and equitable allocation of Operating Expenses according to sound property management principles, (i) for the purpose of determining Tenant’s Pro Rata Share, Landlord may
exclude from the total floor area of the Building those portions leased to or used by other parties who are not required to pay a full pro rata share of Operating Expenses, and Landlord shall also deduct from Operating Expenses all amounts received
from such excluded parties, (ii) if an occupant of the Building directly pays for any items otherwise includable in Operating Expenses, then for purposes of calculating Tenant’s Pro Rata Share of such items of Operating Expenses,
the floor area of such occupant shall be excluded from the total floor area of the Building (so that, for example, if an occupant directly pays for trash removal, then Tenant’s Pro Rata Share of trash removal expenses will be calculated without
using the floor area of such occupant), and (iii) Landlord may determine separately and allocate items of Operating Expenses between different groups within the Building or retail areas of the Building in accordance with sound
accounting and management principles, in which event Tenant’s Pro Rata Share for such items of Operating Expenses shall be based on the ratio that the floor area of the Premises then delivered to Tenant bears to the floor area of the areas for
which Landlord separately determines and allocates such Operating Expenses. 
 1.13 Intentionally Omitted. 

1.14 Security Deposit. the letter of credit described in Section 13. 

1.15 Tenant Finish Allowance: $75.00 per rentable square foot of the Premises plus $25,000.00 (the “Doorway Allowance”) in consideration of
Tenant making the doorway improvements described in Section 6.1. 
 1.16 Term: a period beginning on the Commencement Date and ending on the
Expiration Date, unless sooner terminated or extended pursuant to Sections 1.9 or 4.3. 
  

			
	 1.17  Landlord’s Address for Notices:

 
 With a copy at the same time to:
	  	 Urban-1530 16th Street, LLC
 1530 16th Street,
3’d Floor
 Denver, CO 80202

Attn: Grant McCargo

  
 3 

			
	  

1.18  Tenant’s Address for Notices

 
 With a copy at the same time to:
	  	  
 Mark A. Senn, Esq.

Senn Visciano Canges P.C.
 1700 Lincoln Street, Suite 4500

Denver, CO 80203
  

BEST OF 52, LLC
 c/o Inspirato

Attn: Ellis Rosenzweig, Senior Vice President — Legal & HR

1637 Wazee Street, Suite 400
 Denver, CO 80202

 
 Heather Boelens, Esq.

Bryan Cave LLP
 1700 Lincoln Street, Suite 4100

Denver, CO 80203

 1.19 Broker: Cushman & Wakefield of Colorado, Inc., on behalf of Landlord, and CBRE, Inc., on behalf of Tenant

 Section 2 LEASE OF THE PREMISES 
 2.1
Landlord leases the Premises to Tenant and Tenant leases the Premises from Landlord in accordance with and subject to the provisions of this Lease. The Existing Premises and the Historic Sugar Building have been measured in accordance with the
standards of the Building Owner’s and Manager’s Association Method of Measurement— 1996 (ANSI/BOMA — Z65.1-1996) and the measurements will be given to Tenant. 

2.2 This Lease, as it relates to the Slot Lot Building only, is conditioned upon (i) Landlord’s receipt of all necessary governmental approvals and
permits for the construction of the shell and core of the Slot Lot Building, and (ii) Landlord’s reasonable satisfaction that the Slot Lot Building can be constructed at aggregate hard and soft costs and leasing commissions no greater than
$6,000,000.00 (the “Conditions”). The Conditions are made for Landlord’s benefit and may be waived by it. If Landlord provides Tenant written notice (accompanied by reasonable supporting documentation) on or before March 31, 2016
that the Conditions (or either of them) have not been satisfied or have not been waived by Landlord, Tenant may elect to terminate this Lease only with respect to the Slot Building Premises by providing written notice of such election to terminate
to Landlord at any time before it receives a subsequent notice from Landlord of the satisfaction or waiver of the Conditions. If Tenant terminates this Lease in accordance with this Section 2.2, or if Landlord provides written notice to Tenant
on or before March 31, 2016, that it will not proceed with the construction of the Slot Lot Building because the Conditions have not been met, (i) the parties’ obligations that expressly survive termination of this Lease with respect
to the Slot Lot Building will end, and (ii) Landlord shall pay Tenant $250,000.00 on or before May 1, 2016, not as a penalty but as the negotiated good faith effort to liquidate in advance Tenant’s losses, liabilities and expenses
occasioned by the termination of this Lease with respect to the Slot Lot Building; however this Lease shall survive with respect to the Existing Premises and the parties shall thereafter promptly enter into an amended and restated lease providing
for the same. 

  
 4 

 Section 3 COMMON AREAS 

Tenant shall have the non-exclusive right to use the areas and facilities outside the Premises and within the Building
provided and designated by Landlord from time to time for the general use and convenience of tenants of the Building and their respective employees and invitees and invitees of Landlord (the “Common Areas”), including without limitation
entrance lobby areas, corridors, stairways, elevators, sidewalks, throughways, roads and landscaped areas. Such Common Areas shall be subject to Landlord’s rights stated in this Section and in other portions of this Lease. 

Landlord shall maintain the Common Areas in good condition at all times. Landlord shall have the right to: 

(a) establish and enforce reasonable rules and regulations applicable to all tenants of the Building concerning the maintenance, management,
use and operation of the Common Areas; 
 (b) upon prior, written notice to Tenant, close any of the Common Areas to whatever extent required
in the opinion of Landlord’s counsel to prevent a dedication of any part of the Common Areas to public use or the accrual of any rights in any person or in the public to any part of the Common Areas, provided Tenant retains access to the
Premises except during periods of repair or emergency; 
 (c) close temporarily any part of the Common Areas for maintenance, renovation or
modification, provided Tenant retains access to the Premises except during periods of repair or emergency; 
 (d) make any reasonable changes
to the Common Areas, including without limitation changes in their size, use, shape or nature or the location of facilities, driveways, entrances, exits, or the decor of entrances, entrance lobbies, corridors or other areas, provided Tenant retains
access to the Premises except during periods of repair or emergency; 
 (e) temporarily permit or prohibit use of the Common Areas by any
persons (including Tenant, its agents, employees, invitees or contractors) designated from time to time, specifically or generally, by Landlord so long as such prohibition in the case of Tenant does not adversely affect Tenant’s use and
enjoyment of the Premises; and 
 (f) remove areas from designation as Common Areas, erect one or more buildings on such areas, expanding
existing structures to cover such areas, or add other areas inside or outside the Building as Common Areas. 
 Except as expressly set forth in this Lease,
no action by Landlord pursuant to this Section shall entitle Tenant to abatement of rent, constitute actual or constructive eviction of Tenant or otherwise give rise to any liability of Landlord to Tenant. 

  
 5 

 Section 4 TERM 

4.1 General. The Term shall commence at 12:00 noon on the Commencement Date and unless terminated earlier shall terminate at 12:00 midnight on
the Expiration Date. 
 4.2 Delivery Date. 
 4.2.1
Existing Premises. Landlord shall deliver exclusive possession of the Existing Premises to Tenant on the Commencement Date. If Landlord fails to deliver exclusive possession of all or any portion of the Existing Premises to Tenant on or
before December 15, 2015, Tenant shall be entitled to day-for-day abatement of Base Rent and Additional Rent due with respect to the Existing Premises (in addition
to the Base Rent and Additional Rent abatement pursuant to Section 1.9(b)) until Landlord delivers exclusive possession of the entirety of the Existing Premises to Tenant. 

4.2.2 Slot Building Premises. Promptly after its receipt of all necessary approvals and permits described in Section 2.2(i), Landlord will begin
construction of the Slot Lot Building and will diligently pursue construction to completion in accordance with Exhibit H. At Tenant’s request made no more than once every two weeks, Landlord will make itself and its general contractor
available to Tenant to discuss the progress of construction. If, despite its diligence, the Slot Lot Building and Slot Building Premises are not substantially completed (as defined in Section 1.7) within two years after Landlord’s receipt
of such approvals and permits, Tenant may, as its sole remedy, terminate this Lease as to any or all of (a) the Slot Lot Building, (b) the sixth floor of the Existing Premises, (c) the fourth floor of both of the Existing Premises and
the Slot Building Premises, or (d) the first floor and basement of the Existing Premises and the first and second floors and basement of the Slot Building Premises. Tenant must exercise its termination right if at all by written notice given
before the earlier of (A) substantial completion of Landlord’s Work, or (B) the third anniversary of Landlord’s receipt of such permits and approvals. The termination will be effective on a date selected by Tenant but no earlier
than 180 days after its notice is received by Landlord. On the date selected by Tenant for termination, (I) Tenant will surrender the portions of the Premises as to which it has elected to terminate this Lease in accordance with Section 28
as though the termination date was the Expiration Date, (II) the obligations of Landlord and Tenant that have not accrued or do not survive this Lease by its terms or Law will end and Landlord and Tenant will have no other claims against each
other, and (III) the provisions that vary by the area of the Premises (such as Base Rent and Tenant’s Pro Rata Share) will be appropriately adjusted. 

4.3 Options to Extend 
 4.3.1 So long as there is no Event
of Default either at the time of exercise of an extension option or at the time an Extension Period commences, Tenant will have the option to extend the Term for two additional periods of five years (each, an “Extension Period”) on the
same terms, covenants, and conditions of this Lease, except that the Base Rent during the Extension Period will be determined pursuant to Section 4.3.2, and Landlord will not be obligated to pay for, or contribute to, the improvement of the
Premises. Tenant will exercise its option (if at all) by giving Landlord irrevocable written notice (the “Option Notice”) at least 270 days but not more than 365 days prior to the expiration of the initial Term or the first Extension
Period, as applicable. 

  
 6 

 4.3.2 The Base Rent for each Extension Period will be determined in this way: 

4.3.2.1 Landlord and Tenant will have 60 days after Landlord receives the Option Notice within which to agree on the then-fair market rental value of the
Premises, as defined in Section 4.3.2.2. If they agree on the Base Rent and the applicable Extension Period within 60 days, they will amend this Lease by stating the Base Rent for such Extension Period. Landlord and Tenant agree to use
commercially reasonable efforts to reach agreement with respect to the then-fair market rental value of the Premises. 
 4.3.2.2 The “then-fair market
rental value of the Premises” means (A) the Base Rent for office leases made in the Building with the six months preceding the date of the Option Notice, or (B) if no such leases have been made, what a landlord under no compulsion to
lease the Premises and a tenant under no compulsion to lease the Premises would determine as rents for the applicable Extension Period, as of the commencement of such Extension Period, taking into consideration the uses permitted under this Lease,
the quality, size, design, and location of the Premises, rent abatements, construction costs and other concessions given in connection with five year renewals, the manner, if any, in which the landlord is reimbursed for operating expenses and taxes,
the rent for comparable premises in Lower Downtown Denver, and all other relevant factors. 
 4.3.2.3 If they are unable to agree on the Base Rent for the
Extension Period within 60 days, then, the Base Rent for the Extension Period will be as determined in accordance with Sections 4.3.3 and 4.3.4. 
 4.3.3
Within 15 days after the expiration of the 60 day period, Landlord and Tenant will each (i) appoint a real estate broker with at least ten years’ full-time commercial brokerage experience in the area in which the Premises are located to
determine the then-fair market rental value of the Premises, and (ii) deliver notice to the other identifying the broker selected. If either Landlord or Tenant does not appoint a broker within such 15 day period, the single broker appointed
will be the sole broker and will determine the then-fair market rental value of the Premises. If two brokers are appointed, they will meet promptly and attempt to set the then-fair market rental value of the Premises. If they are unable to agree
within 30 days after the second broker has been appointed, they will attempt to elect a third broker meeting the qualifications stated in this Section within ten days after the last day the two brokers are given to set the then-fair market rental
value of the Premises. If they are unable to agree on the third broker, either Landlord or Tenant, by giving ten days’ prior notice to the other, can apply to the then-presiding judge of the District Court for the City and County of Denver for
the selection of a third broker who meets the qualifications stated in this Section. Landlord and Tenant will each bear the cost of the broker appointed by it and 1/2 of the cost of appointing the third broker (and court costs, if any) and of paying
the third broker’s fee. The brokers must be people who have not previously acted in any capacity for either Landlord or Tenant, or their respective affiliates. 

4.3.4 Within 30 days after the selection of the third broker, a majority of the brokers will set the then-fair market rental value of the Premises. If a
majority of the brokers are unable to set the then-fair market rental value of the Premises within 30 days after selection of the third broker, the third broker will select one of the then-fair market values of the Premises proposed by the other
brokers and it will be the then-fair market rental value of the Premises. 

  
 7 

 Section 5 CONFIRMATION OF CERTAIN DATES 

5.1 Within five days after its receipt of Landlord’s written request, Tenant shall give Landlord a “Commencement Date Memorandum” substantially
in the form of Exhibit D. 
 5.2 The failure of Tenant to execute a Commencement Date Memorandum shall not affect any obligation of Tenant or the
Commencement Date, the Rent Commencement Date, or the Expiration Date. If Tenant fails to execute and deliver such acknowledgments in the form proposed by Landlord, Landlord and any prospective purchaser or encumbrancers may conclusively presume and
rely upon the statements set forth in the Commencement Date Memorandum. 
 Section 6 DELIVERY CONDITION 

6.1 Landlord’s Work. Landlord shall deliver (a) the Existing Premises to Tenant in their “as is” condition, and
(b) the Slot Building Premises to Tenant with all of Landlord’s Work having been substantially completed and Tenant will accept the Premises in such condition. Tenant’s commencement of Tenant’s Work in the Slot Building Premises
shall be conclusive evidence that the Slot Building Premises were then in the condition agreed upon between Landlord and Tenant. In consideration of the Doorway Allowance, Tenant, at its sole cost and expense, shall make improvements to the 2nd
floor Historic Sugar Building doorway to be as nearly as possible consistent with the quality and function of the existing 4th and 6th floor doorways. The improvements will be made as part of Tenant’s Work in the Existing Premises in accordance
with plans and with material approved by Landlord in its reasonable discretion. 
 6.2 Signage. At its cost Landlord will provide Tenant with Building
standard directory identity in the main lobby of the Building and at the entrance to the Premises. Any other signage shall be at the sole cost and expense of Tenant and subject to the prior written approval of Landlord, which approval shall not be
unreasonably withheld, conditioned or delayed. Landlord agrees to work in good faith with Tenant and with all governmental authorities to obtain any required approvals for exterior signage for Tenant on the Slot Lot Building, which exterior signage
rights shall be an exclusive right of Tenant during the Term of the Lease and any Extension Period. The exterior signage will be consistent with the character of the Slot Lot Building. 

Section 7 RENT 
 7.1 Base Rent. Base
Rent for each part of the Premises shall be payable in monthly installments in advance commencing on the Rent Commencement Date for that part and continuing thereafter on the first day of each month during the Term. Base Rent for any partial month
of the Term shall be prorated based on the actual number of days in such month, and shall be paid on or before the first day of the next month unless the partial month is the last month of the Term, in which event the prorated Base Rent will be paid
in advance on the first day of the partial month. 
 7.2 Additional Rent. In addition to the Base Rent, upon each Rent Commencement Date, but subject
to each Abated Rent Period and continuing thereafter throughout the Term, Tenant shall pay to Landlord as additional rent (“Additional Rent”) those sums denoted below as “Additional Rent”, in the amounts and at the times stated
below, including but not limited to Tenant’s Pro Rata Share of Operating Expenses as set forth in Section 7.3. 

  
 8 

 7.3 Operating Expenses. 

(a) Commencing on the Rent Commencement Date for the Existing Premises, Tenant agrees to pay to Landlord as Additional Rent, Tenant’s Pro
Rata Share of Operating Expenses for each year, for any calendar year, or portion of a calendar year if the Term includes such portion. The Operating Expenses that vary with occupancy and that are attributable to any part of the Term in which less
than 95% of the area of the Building is occupied by tenants will be adjusted by Landlord to the amount that Landlord reasonably believes they would have been if 95% of the area of the Building had been occupied. 

 

	 	(b)	 In this Section 7.3(b): 

 

	 	(i)	 “Actual Increase” means the amount by which Tenant’s Part increases from one year to the next.

  

	 	(ii)	 “Allowable Increase” for any year means the sum of (A) the Controllable Operating Expenses in
the prior year multiplied by the sum of (i) 5% plus (ii) the CPI Adjustment, plus (B) the Carryforward. 

  

	 	(iii)	 “Carryforward” means the amount (if any) by which the Allowable Increase exceeds the Actual Increase
in each year. The Carryforward will be reduced by any portion of it that is used in the determination of the Allowable Increase. 

  

	 	(iv)	 “CPI” means the Consumer Price Index for All Urban Consumers
(CPI-U) for Denver-Boulder-Greeley, CO (1982-84 = 100), as published by the Bureau of Labor Statistics of the United States Department of Labor. If a substantial change
is made in the CPI, or its publication is discontinued or changed in such a way as to prevent calculations pursuant to this Section, then the CPI will be adjusted to the figure that would have been used had the manner of computing the CPI in effect
at the date of this Lease not been altered. If the CPI (or a successor or substitute index) is not available, a reliable governmental or other nonpartisan publication evaluating the information used in determining the CPI will be used. No
adjustments will be made due to any revision that may be made in the CPI for any month. 

  

	 	(v)	 “CPI Adjustment” means the percentage increase (if any) in the CPI published nearest before one CPI
Adjustment Date from the CPI published nearest before the next CPI Adjustment Date. 

  

	 	(vi)	 “CPI Adjustment Date” means the Commencement Date and each anniversary of the Commencement Date.

  

	 	(vii)	 “Controllable Operating Expenses” means all Operating Expenses other than real estate taxes and
assessments, insurance, utilities, security, services subject to labor union contracts, capital expenditures that are allowed to be included in Operating Expenses, and the deductible on Landlord’s property insurance policy in the event of a
matter subject to Section 18. 

  
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	 	(viii)	 “Tenant’s Part” means the cost of Controllable Operating Expenses per square foot of the
Premises. 

 Tenant’s Part will not increase by more than the Allowable Increase from one year to the next. All years
are calendar years and annualized in the case of partial calendar years. 
 7.3.1 Operating Expenses Inclusions. “Operating Expenses” means
without limitation all reasonable costs incurred by Landlord in managing, operating, cleaning, equipping, protecting, lighting, heating, air-conditioning, repairing, replacing and maintaining all parts of the
Building (regardless of whether such area is deemed to be a Common Area), including without limitation costs of electricity, natural gas, water, sewer, materials, supplies, janitorial and window cleaning services, rubbish removal, snow removal,
landscaping, resurfacing, security, equipment (including elevator) inspection, repairs, maintenance, insurance premiums, including endorsements, and amounts paid for liability or casualty loss pursuant to commercially reasonable insurance deductible
amounts (but Tenant shall have no interest in any insurance proceeds), reasonable employee wages and fringe benefit costs, a reasonable reserve for repair and replacement of personal property and equipment used in the management, operation and
maintenance of the Building, administrative fees, all general and special real estate and ad valorem taxes and general and special assessments now or in the future levied by any governmental or quasi-governmental authority against the Building or
personal property used in connection with the same, any tax or excise on rents, any tax or charge for governmental services (such as street maintenance and fire protection), fair rental value of rentable square footage on the Building used for
management or operation of the Building by a third party or employees of Landlord, management, legal, accounting, engineering, inspection or consulting fees, and costs, including without limitation reasonable financing costs (amortized over the
useful life in accordance with generally accepted accounting principles) of improvements to or structural modifications or repairs of any part of the Building to effect labor or utility cost savings (not to exceed such actual savings) or required
after the Rent Commencement Date by any new, modified, or amended Laws enacted after the Effective Date, and any other reasonable cost considered an operating, maintenance or management expense of the Building pursuant to property management
principles consistently applied, plus an administrative fee equal to 15% of all other Operating Expenses. Landlord shall be responsible for the operation, management, and maintenance of the Common Areas, the manner of maintenance and the
expenditures to be in the sole discretion of Landlord, but to be generally in keeping with similar buildings within Lower Downtown Denver. 
 7.3.2
Operating Expenses Exclusions. Operating Expenses shall not include: 
 7.3.2.1 mortgage principal or interest; 

7.3.2.2 ground lease payments; 
 7.3.2.3 loan prepayment
penalties, premiums, fees or charges; 
 7.3.2.4 attorneys’ fees and disbursements, recording costs, mortgage recording taxes, title insurance premiums,
title closer’s gratuity and other similar costs, incurred in connection with any mortgage financing or refinancing or execution, modification or extension of any ground lease; 

  
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 7.3.2.5 attorneys’ fees and disbursements, brokerage commissions, transfer taxes, recording costs and
taxes, title insurance premiums, title closer’s fees and gratuities and other similar costs incurred in connection with the sale or transfer of an interest in Landlord or the Building; 

7.3.2.6 leasing commissions and other marketing and leasing costs; 

7.3.2.7 costs of advertising space for lease in the Building; 

7.3.2.8 legal fees incurred for negotiating leases or collecting rents; 

7.3.2.9 fees, costs and expenses incurred by Landlord in connection with or relating to claims against or disputes with tenants of the Building including,
without limitation, legal fees and disbursements; 
 7.3.2.10 any costs actually reimbursed under the warranty of any general contractor, subcontractor,
manufacturer, materialman, vendor, or supplier and realized by Landlord; 
 7.3.2.11 costs actually reimbursed by insurers or by governmental authorities in
eminent domain proceedings and realized by Landlord; 
 7.3.2.12 costs for which Landlord is entitled to reimbursement therefor from any source, it being
understood that any rent payments or other payments by tenants in the nature of additional rent shall not be deemed sources of reimbursement to Landlord for such costs; 

7.3.2.13 the cost of excess or out of hours services payable by tenants under lease provisions to the effect of Section 10.3; 

7.3.2.14 costs payable by tenants under lease provisions to the effect of Section 10.5; 

7.3.2.15 the costs of special services, tenant improvements and concessions, repairs, maintenance items or utilities separately chargeable to, or specifically
provided for, individual tenants of the Building, including, without limitation, the cost of preparing any space in the Building for occupancy by any tenant or for altering, renovating, repainting, decorating, planning and designing spaces for any
tenant in the Building in connection with the renewal of its Lease or costs of preparing or renovating any vacant space for lease in the Building (including permit, license and inspection fees); 

7.3.2.16 costs incurred by Landlord for the original construction and development of the Building and, except as expressly provided for in this Lease, for the
completion of any work relating to a zoning condition or requirement of any governmental agency in connection with the original approval of the construction and development of the Building; 

7.3.2.17 any and all capital expenditures except as expressly permitted in this Lease; 

7.3.2.18 any depreciation and amortization of capital expenditures (except as expressly provided in this Lease); 

  
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 7.3.2.19 the purchase price or rental of sculptures, paintings, and other works of art (but not the
reasonable costs of maintaining the same); 
 7.3.2.20 general corporate overhead and administrative expenses of Landlord or its managing agent that are not
directly related to the operation, management, or maintenance of the Building; 
 7.3.2.21 taxes based on net income; 

7.3.2.22 any form of personal or business income tax payable by Landlord or its constituents in connection with the ownership, operation, or sale of the
Building; 
 7.3.2.23 salaries and all other compensation (including fringe benefits and other direct and indirect personnel costs) of partners, officers and
executives above the grade of asset manager or building manager of Landlord or the managing agent; 
 7.3.2.24 that portion of any costs or expenses that are
paid to any entity affiliated with Landlord which amount to a kickback or commercially unreasonable charge in view of the services actually performed; 

7.3.2.25 costs incurred as a result of Landlord’s breach of its obligations under this Lease; 

7.3.2.26 costs (including costs, such as, but not limited to, attorneys’ fees and disbursements, associated with any court judgment or arbitration award
obtained against Landlord) directly resulting from the willful misconduct of Landlord; 
 7.3.2.27 charitable or political contributions; 

7.3.2.28 equipment rental charges, unless such rental charges are for equipment used for maintenance or operation of the Building; 

7.3.2.29 compensation paid to clerks, attendants or other persons in commercial concessions operated by Landlord or by the operator thereof (i.e., newsstands,
food and beverage sellers); and 
 7.3.2.30 sums paid by Landlord for any indemnity, damages, fines, late charges, penalties or interest for any late payment
or to correct violations of building codes or other applicable laws, Laws or ordinances applicable to the Building, except for expenditures for repairs, maintenance and replacement or other items that would otherwise reasonably constitute Operating
Expenses. 
 Operating Expenses shall not include costs incurred by Landlord in providing services used exclusively by retail tenants of the Building. Any
Operating Expenses incurred by both retail and office tenants of the Building shall be fairly and equitably allocated by Landlord. 
 7.3.3 Payment of
Operating Expenses. In addition to Base Rent, Tenant shall pay to Landlord as Additional Rent, on the first day of each month during each calendar year of the Term, an amount equal to 1/12th
of the amount estimated by Landlord to be Tenant’s Pro Rata Share of Operating Expenses for the calendar year. Upon Tenant’s written request, Landlord shall provide Tenant with an itemization of Landlord’s Operating Expense estimate.
Such estimate and such payments are subject to revision in accordance with this Section 7.3. During April of each calendar 

  
 12 

 
year or as soon after April as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amount of Tenant’s Pro Rata Share of Operating Expenses for the
ensuing calendar year. On or before the first day of each month during the ensuing calendar year, Tenant shall pay to Landlord 1112th of such estimated amount; however, if such notice is not given
in April, Tenant shall continue to pay on the basis of the prior year’s estimate, if any, until the first day of the month after the month in which such notice is given, and on such date Tenant shall commence to pay Tenant’s Pro Rata Share
of Operating Expenses based on the new estimate and shall also pay to Landlord the difference between the new estimate and the amount payable to Landlord for the prior year’s estimate. If such difference is a negative amount, Landlord shall
credit such amount to amounts due, or if none, to become due from Tenant. If at any time or times it appears to Landlord that the amount payable as Tenant’s Pro Rata Share of Operating Expenses for the current calendar year will vary from
Landlord’s estimate by more than 2%, Landlord may, by written notice to Tenant but no more than once in a calendar year, revise Landlord’s estimate for such year, and subsequent payments by Tenant for such year shall be based upon
Landlord’s revised estimate. 
 7.3.4 Reconciliation. On or before April 30th of each
calendar year, or as soon after such date as practicable, Landlord shall deliver to Tenant a statement of the amount paid by Tenant as Tenant’s Pro Rata Share of Operating Expenses under Section 7.3.3, for the immediately preceding
calendar year (the “Reconciliation Statement”) compared to actual Tenant’s Pro Rata Share of Operating Expenses incurred during such year. Such Reconciliation Statement will be certified by Landlord and shall be final and binding on
Landlord and Tenant, except as set forth in Section 7.3.6. If such Reconciliation Statement shows an amount owing by Tenant that is less than the estimated payments previously made by Tenant for such calendar year, the excess shall be held by
Landlord and credited against subsequent amounts due, or if none, to become due from Tenant; however, if the Term has ended and there was no Event of Default, Landlord shall refund the excess to Tenant within 60 days after the delivery of such
Reconciliation Statement. If such Reconciliation Statement shows an amount owing by Tenant that is more than the estimated payments previously made by Tenant for such calendar year, Tenant shall pay the deficiency to Landlord within 30 days after
the delivery of such Reconciliation Statement. This Section will survive this Lease. 
 7.3.5 [RESERVED]. 

7.3.6 Audit. So long as no Event of Default exists, and subject to the provisions in this Section, Tenant may review Landlord’s records of
Operating Expenses in Denver, Colorado during Landlord’s normal business hours. Tenant shall, within 180 days of Landlord’s delivery of a Reconciliation Statement, provide written notice to Landlord of Tenant’s request for an audit of
Operating Expenses. Landlord shall then provide Tenant with applicable supporting data for such Reconciliation Statement. Tenant acknowledges and agrees that any information reviewed under this Section constitutes confidential information and Tenant
covenants not to disclose any such information whatsoever without the express, written consent of Landlord, except that Tenant may share such information with accountants, attorneys and other professionals bound by agreement or professional ethics
to maintain the confidentiality of such information. Further, Tenant shall have the right, after written notice to Landlord, to disclose the fact of an audit and such minimum amount of detail necessary in a judicial action, required securities
disclosure or governmental action. If the audit establishes that the Reconciliation Statement overstated the sums alleged to be due from Tenant by more than 5% of the sums actually due, then Landlord shall pay Tenant’s

  
 13 

 
reasonable costs of the audit promptly upon receipt of supporting documentation and shall provide an amended Reconciliation Statement. If the sum due from Tenant on such amended Reconciliation
Statement is less than zero, then Landlord shall credit all such overpayments by Tenant toward other sums due, or to become due under this Lease except at expiration, such overcharges shall be paid to Tenant within 30 days. If the audit establishes
that the Reconciliation Statement did not overstate Tenant’s amounts due by more than 5%, then Tenant shall pay Landlord’s reasonable costs of such audit and forward any such amounts due promptly upon receipt of supporting documentation.
The audit rights of Tenant may only be exercised once for each Reconciliation Statement. If Tenant fails to meet all of the above conditions as a prerequisite to the exercise of such right, the right of Tenant to audit pursuant to this Section shall
be deemed waived. This Section shall survive the expiration or earlier termination of the Lease. 
 7.4 No Set Off. All Base Rent and Additional Rent
shall be payable by Tenant to Landlord without notice, demand, set off, abatement or deduction of any kind (except as otherwise provided in this Lease) at the address set forth in Section 1.10 or such other place as Landlord may
designate to Tenant in writing from time to time. Except as otherwise provided in this Lease, in no event shall the sum of Base Rent and Additional Rent payable for any calendar year be less than the Base Rent stated in Section 7.1. 

Section 8 PERSONAL PROPERTY TAXES 
 All
personal property located in the Premises or belonging to Tenant and located elsewhere (collectively, “Tenant’s Property”) shall be assessed and billed separately from Landlord’s real and personal property, and Tenant shall pay
before delinquency all taxes and assessments levied on Tenant’s Property. If any of Tenant’s Property shall be assessed with Landlord’s property, Landlord may pay the taxes levied on the basis of such assessment (whether valid or
not), and Tenant shall pay Landlord as Additional Rent such taxes attributable to Tenant’s Property within 30 days after receipt of an invoice and reasonable supporting documentation from Landlord. 

Section 9 INSURANCE 
 9.1
Landlord’s Insurance. Landlord shall maintain during the Term: special form property insurance covering full replacement value of the shell and core of the Building, basic leasehold improvements in the Building (exclusive
of Tenant’s Work) and the Building’s equipment and Common Area furnishings; commercial general liability insurance for the Building, including all Common Area; and may maintain such other insurance, in such amounts from such companies and
on such terms and conditions as Landlord deems reasonably appropriate from time to time. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s Work, any personal property, furnishings or removable fittings, fixtures
or equipment, or improvements installed with or without Landlord’s express consent, in, on or about the Premises, and Landlord shall have no liability for any damage to or loss of any such property or improvements. 

9.2 Tenant’s Insurance. Upon the Commencement Date, and at all times thereafter until the Expiration Date, Tenant shall carry and
maintain at Tenant’s expense the following insurance, in the amounts specified below or such other amounts as owners of properties comparable to the Building may from time to time reasonably request, with insurance companies and on standard
industry forms satisfactory to Landlord: 
 (a) special form property insurance on all of Tenant’s Work and Tenant’s property in
the Premises including without limitation all furniture, fixtures and personal property; 

  
 14 

 (b) commercial general liability insurance including protection against bodily injury,
personal injury and property damage with a combined single occurrence limit of not less than $2,000,000; all such insurance shall include standard contractual liability coverage for the performance by Tenant of the indemnity agreements set forth in
Section 24, as well as those set forth in Section 9.4; and 
 (c) worker’s compensation insurance insuring against and
satisfying Tenant’s obligations and liabilities under the worker’s compensation laws of Colorado. 
 9.3 Forms of the Policies. All policies
of liability insurance which Tenant is obligated to maintain according to this Lease (other than worker’s compensation insurance) (a) shall be written on an occurrence basis; and (b) shall name Landlord and such other persons or firms
as Landlord specifies in writing to Tenant from time to time as additional insureds. Tenant will provide evidence of insurance and endorsement for additional insureds in the form of certificates of insurance, which shall provide that such policies
may not be terminated or materially amended except after 30 days’ prior written notice to Landlord. All such policies shall be written as primary policies, not contributing with and not supplemental to the coverage that Landlord may carry.
Liability insurance required to be maintained by Tenant by Section 9.2 may be subject to a deductible of up to $10,000. If Tenant should fail to comply with the foregoing requirements relating to insurance, upon 5 business days’ notice and
cure, Landlord may obtain such reasonable insurance and Tenant shall pay to Landlord within 10 days after demand as Additional Rent hereunder the premium cost thereof plus interest at the maximum contractual rate (but in no event to exceed 12% per
annum) from the date of payment by Landlord until repaid by Tenant. 
 9.4 Waiver of Right of Recovery. Landlord and Tenant each hereby waives and
releases its rights of recovery against the other for: (a) any loss or damage to its property capable of being insured against by special form insurance coverage whether carried or not; and (b) all loss, cost, damage or expense arising out
of or due to any interruption of business and all increased or additional costs of business and other costs or expenses whether similar or dissimilar, regardless of the cause, which are capable of being insured against under business interruption
insurance whether or not carried. Each party shall apply to its insurers to obtain such waivers and obtain any special endorsements, if required by its insurer, to evidence compliance with this provision at its own cost. 

9.5 Adequacy of Coverage. Landlord, its agents and employees make no representation that the limits of liability and other insurance coverage specified
to be carried by Tenant pursuant to this Section 9 are adequate to protect Tenant. If Tenant believes that any such insurance coverage is inadequate, Tenant shall obtain, at Tenant’s sole expense, such additional insurance coverage as
Tenant deems adequate. 

  
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 Section 10 LANDLORD’S SERVICES 

10.1 Maintenance. Subject to Section 18, Landlord shall maintain in good order, repair and condition consistent with other comparable Class A
historic buildings in the Lower Downtown Denver area, the exterior and structural parts of the Building, the roof and exterior widows of the Building, the Building standard mechanical, electrical, fire/life safety, HVAC, and plumbing systems and
equipment, the Common Areas, and landscaped areas, paved areas and sidewalks at or serving the Building. Landlord shall repair any such damage caused by the negligence of Tenant and charge Tenant its cost to do so plus 15% of such cost. Tenant will
pay the charge within 15 days after its receipt of a statement for it. If the Premises need repairs required to be made by Landlord, Tenant shall give prompt written notice to Landlord. Except for failure to respond to an emergency in a timely
manner, Landlord shall not be responsible in any way for failure to make any such repairs until 30 days shall have elapsed after receipt by Landlord of such written notice without Landlord’s commencement of repairs and diligent pursuit of their
completion; however, if Landlord has commenced any such repair within a reasonable time after Landlord’s receipt of any such notice and is diligently pursuing such repair, then the time for completion for such repair shall be reasonably
extended. Despite any other provision of this Lease, if repairs that Landlord is obligated to make to the Premises are necessary in order to avoid or minimize personal injury or property damage in an emergency, Tenant will give telephonic notice to
Landlord and, if Landlord does not immediately begin the repairs, Tenant may make the repairs and Landlord will reimburse the out-of-pocket cost incurred by Tenant plus
15% of that cost within 30 days after its receipt of a substantiated invoice. 
 10.2 Services. Landlord shall furnish the Premises with the following
services, all in a manner commensurate with other comparable Class A historic buildings in the Lower Downtown Denver area: (a) electricity for lighting and the operation of low-wattage (500 watts or
less) 110 volt single phase office machines not requiring self-contained HVAC units or other special ventilation or air conditioning (such as desktop computers, desktop calculators and typewriters), however, Landlord shall not be obligated to
furnish more power to the Premises than is proportionally allocated to the Premises under the Building design; (b) heat and air conditioning reasonably required for the comfortable occupation of the Premises during Business Hours, but not to
maintain comfort if Tenant exceeds a density of one person per 150 usable square feet in the Premises, if the Premises are extraordinarily heated or cooled by Tenant’s equipment or non-Building standard
lights, or in the event of Tenant’s failure to comply with reasonable Building rules and Laws, including but not limited to rules and Laws concerning window coverings; (c) access and elevator service at all times, subject only to
emergencies; (d) lighting replacement, but only for Building standard lights used during Business Hours; (e) restroom supplies; (f) window washing as often as may in Landlord’s judgment be reasonably required; (g) daily
cleaning service on weekdays, excluding Holidays and weekends, in the manner that such services are customarily furnished in comparable Class A historic buildings in the Lower Downtown Denver area; (h) routine maintenance and repair in the
Common Areas and maintenance and repair the Building’s structural components and the building systems as provided in this Lease; (i) extermination services as reasonably required; (j) access control system (including security card
readers in the Building elevators) to control after-hours access into the Building and the Premises; and (k) sewer and wastewater services. Landlord will not provide any services to any patio constructed at the Premises. 

10.3 Tenant Purchases. Tenant shall have the right to purchase for use during or outside of Business Hours the services described in Section 10.2,
in excess of the amounts which Landlord has agreed to furnish, as long as (i) Tenant gives Landlord at least eight Business Hours’ prior notice of its desire to do so; (ii) the excess services are reasonably available to Landlord and
to the Premises; and (iii) Tenant pays as Additional Rent, at the time the next payment of Base Rent is due, the amount for provision of such excess or out-of-hours
service from time to time charged by Landlord, which shall not exceed Landlord’s good faith calculation of its actual cost without mark-up. 

  
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 10.4 Business Hours. The term “Business Hours” means 7:00 a.m. to 6:00 p.m. on Monday
through Friday, except Holidays. The term “Holidays” means New Year’s Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, Christmas Day and such other national holidays as may be established by the United States
government. 
 10.5 Tenant’s Costs. Whenever equipment or lighting, other than Building standard lighting, used in the Premises by
Tenant affects the temperature otherwise normally maintained by the design of the Building air conditioning system, Landlord shall have the right, after 10 days’ notice to Tenant (in which Tenant may change its equipment or lighting in order to
eliminate the effect on the Building air conditioning system), to install supplementary air conditioning facilities in the Premises or otherwise modify the ventilating and air conditioning system serving the Premises, and the cost of such facilities
and modifications plus 15% of such cost shall be paid to Landlord by Tenant as Additional Rent within 15 days after receipt of a written invoice. If Tenant installs lighting or equipment using power in excess of that furnished by Landlord pursuant
to Section 10.2 as determined by Landlord in its reasonable judgment, Tenant shall pay as Additional Rent the cost of such excess power and the cost of installing any additional risers, meters or other facilities that may be necessary to
furnish or measure such excess power to the Premises plus 15% of such cost. Landlord’s costs incurred on account of Tenant’s violation of the Rules and Regulations plus 15% of such cost shall be paid to Landlord by Tenant as Additional
Rent upon demand. 
 10.6 Limitation on Liability 

10.6.1 Services. Except at expressly set forth in this Lease, Landlord shall not be liable to Tenant or any other person or entity for direct or
consequential damage or otherwise for any failure to supply, or for diminution of supply of any service Landlord has agreed to provide or supply under this Section or elsewhere in this Lease during any period when Landlord uses reasonable diligence
to supply such service. Landlord reserves the right temporarily to discontinue or diminish such services or any of them at such times as may be necessary by reason of accident; repairs, alterations or improvements; strikes, lockouts or other labor
disputes; conditions of supply and demand which make any product unavailable; Landlord’s compliance with any mandatory governmental energy conservation, or environmental protection program, or any voluntary governmental energy conservation or
security program at the request of or with the consent or acquiescence of Tenant; or any happening beyond the reasonable control of Landlord. 
 10.6.2
Access. Landlord shall not be liable to Tenant or any other person or entity for direct or consequential damages or otherwise resulting from the admission to or exclusion from the Building or the Premises of any person. In the event of public
disorder or other circumstances rendering such action advisable in Landlord’s sole judgment, Landlord shall have the right to prevent access to the Building temporarily, the Premises, or any other portion of the Building during the continuance
of the same by such means as Landlord, in its reasonable judgment, may deem appropriate, including without limitation locking doors and closing Common Areas. 

  
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 10.6.3 Construction Activities. Except as provided in Section 24.2, Landlord shall not be liable
to Tenant or any other person or entity for direct or consequential damages or otherwise resulting from construction activities conducted in or about the Building, whether adjacent to Tenant or elsewhere in the Building, by Landlord, by other
tenants or by other parties conducted in accordance with Landlord’s rules and Laws. Landlord shall enforce such rules and Laws in an equitable manner, as determined in Landlord’s reasonable discretion, and notwithstanding any
interpretation of the foregoing. 
 10.6.4 Effect. Notwithstanding anything to the contrary set forth in this Lease, no failure or diminution of
supply or services; permission, restriction or denial of reasonable access; or construction activities described in this Section shall in any way be construed as an actual or constructive eviction of Tenant, permit an abatement of Rent, operate to
release Tenant from any of Tenant’s obligations under this Lease, or be deemed a breach of Tenant’s quiet enjoyment and possession of the Premises. Despite any contrary provision set forth in this Lease, if services are interrupted or
there is no reasonable access to the Premises for five consecutive business days as a result of the act or omission of Landlord and part or all of the Premises are not tenantable as a result, Base Rent will abate from the fifth day until the
resumption of such service or access, as the case may be, in the proportion that the Premises are rendered untenantable. Furthermore, if the interruption or absence, as the case may be, continues for 30 consecutive business days as a result of the
act or omission of Landlord and the Premises are not tenantable as a result, then Tenant will have the right in lieu of any other rights or remedies it may have to terminate this Lease before the resumption of such service or access at any time
after such 30 day period by written notice given to Landlord. 
 Section 11 USE OF PREMISES 

11.1 General. The Premises shall be used for Tenant’s Use. Tenant shall not: do or permit to be done in or about the Premises, or bring to, keep or
permit to be brought or kept in the Premises or the Building, anything which is prohibited by or which will in any way violate any law, statute, ordinance or governmental rule or regulation or which will cause an increase in the rates (unless such
increase is paid by Tenant) or cancellation of any insurance policy covering the Building or the Premises; do or permit to be done in or about the Premises or elsewhere on the Building anything which will in any way obstruct or materially interfere
with the rights of other tenants of the Building, or injure them; use or allow the Premises to be used for any unlawful purpose; cause, maintain or permit any nuisance in, on or about the Premises; or commit or permit to be committed any waste in,
on or about the Premises. Furthermore, Tenant shall have no right to install or operate any equipment producing radio frequencies, electrical or electromagnetic output or other signals, noise, or emissions within or from the Building, without the
prior written consent of Landlord. To the extent permitted by Law, Landlord reserves the right to restrict and control the use of such equipment. 
 11.2
Compliance With Law. Tenant, at its expense, will comply with all applicable governmental laws, orders and laws, with any direction of any public officer or officers according to law, and with any order of a court of competent jurisdiction
now in effect or which may hereafter come into effect whether or not they reflect a change in policy during the Term from that now existing to the extent applicable to or arising from the operation of Tenant’s business and use of the Premises
(the “Laws”); however, notwithstanding anything to the contrary in this Lease, 

  
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Tenant shall not be obligated to construct, install and make any improvements of any kind or nature which may be required from time to time by such applicable governmental laws, orders and Laws
as a result of the use or occupancy of the Premises, except for those improvements to the Premises required due to Tenant’s specific use of the Premises (as opposed to use by tenants in general). Landlord shall promptly comply with all
applicable governmental laws, orders and Laws (including, without limitation, the ADA) with any direction of any public officer or officers according to Law, and with any order of a court of competent jurisdiction, now in effect or which may
hereafter come into effect whether or not they reflect a change in policy during the Term from that now existing or any part hereof, relating in any manner to the Building or the occupation of the Premises in general (as opposed to the specific use
of the Premises by Tenant). Moreover, except for claims pursuant to Section 12, Tenant shall have no claim against Landlord by reason of any alterations Landlord is required to make in the Premises or the Building pursuant to the Laws or any
charges imposed upon Tenant, Tenant’s customers or other invitees pursuant to the Laws. 
 Section 12 QUIET
ENJOYMENT. 
 Landlord agrees to provide quiet enjoyment and possession of the Premises during the Term of this Lease as long as an Event of Default
has not occurred and is continuing under the Lease. 
 Section 13 LETTER OF CREDIT. 

On the Effective Date, Tenant shall deliver to Landlord a letter of credit in the amount of $1,360,000 (the “Initial Amount”) and in substantially
the form of Exhibit I that can be presented for payment in Denver, Colorado and that is to be held as additional security for Tenant’ s faithful performance of this Lease. If Tenant does not terminate this Lease as to the Slot Lot
Building pursuant to Section 2.2, Tenant will increase the amount of the letter of credit by $640,000 (the “Additional Amount”) to $2,000,000 within ten days after receipt of Landlord’s written request. Landlord shall not be
obligated to apply the letter of credit to Base Rent or Additional Rent in arrears or damages for Tenant’s failure to perform the covenants, conditions, and agreements of this Lease; however, Landlord may so apply the letter of credit, at its
option. Landlord’s right to bring a proceeding to recover or otherwise to obtain possession of the Premises before or after Landlord’s termination of this Lease for nonpayment of Base Rent or Additional Rent or for any other reason shall
not in any event be affected by reason of the fact that Landlord holds the letter of credit. If Landlord repossesses the Premises because of an Event of Default, Landlord may apply the letter of credit to all damages and may retain the letter of
credit to apply to such damages as may be suffered or shall accrue by reason of Tenant’s default. If any bankruptcy or debtor proceedings shall be instituted by or against Tenant, or its successors or assigns, the letter of credit shall be
deemed to be applied first to the payment of any Base Rent or Additional Rent due Landlord for all periods prior to the institution of such proceedings, and the balance, if any, of the letter of credit may be retained by Landlord for disposition
pursuant to the bankruptcy or debtor proceedings. If Landlord draws on the letter of credit in whole or in part, Tenant shall, within 15 days after demand by Landlord, deliver a replacement letter of credit to restore it to the full amount. So long
as no Event of Default has occurred and is continuing on the last day of the 30th calendar month after the Rent Commencement Date for the Slot Building Premises, Landlord agrees to permit the
Additional Amount to be reduced by $80,000. Thereafter, provided no Event of Default has occurred, Landlord agrees to permit the Additional Amount to be further reduced by $80,000 

  
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on each anniversary of the initial reduction; however, the Additional Amount shall never be reduced below $128,000. So long as no Event of Default has occurred and is continuing on the last day
of the 30th calendar month after the Rent Commencement Date for the Existing Premises, Landlord agrees to permit the Initial Amount to be reduced by $170,000. Thereafter, provided no Event of
Default has occurred, Landlord agrees to permit the Initial Amount to be further reduced by $170,000 on each anniversary of the initial reduction; however, the Initial Amount shall never be reduced below $272,000. 

Section 14 EFFECT OF SALE 
 A sale, conveyance
or assignment of the Building shall operate to release Landlord from liability from and after the effective date of such sale, conveyance or assignment upon all of the covenants, terms and conditions of this Lease, express or implied, except those
liabilities which arose prior to such effective date, provided assignee assumes the Lease in writing. After such effective date, Tenant shall look solely to Landlord’s successor in interest in and to this Lease. This Lease shall not be affected
by any such sale, conveyance or assignment; Tenant shall attorn to Landlord’s successor in interest to this Lease; and Landlord shall use commercially reasonable efforts to obtain from Landlord’s successor a specific assumption of
Landlord’s interest in this Lease. 
 Section 15 ALTERATIONS. 

15.1 Alterations(a) . (a) Tenant shall not make or allow to be made any alterations, additions or improvements to or of any part of the Premises or the
Building or attach any fixtures, or equipment to the Premises other than typical office furnishings without first obtaining Landlord’s written consent which shall not be unreasonably withheld, conditioned or delayed; however, Tenant will not
make any alterations, additions, or improvements that cover existing unpainted “historical” surfaces such as wood or brick without Landlord’s prior written approval which may be conditioned upon Tenant’s agreement to restore the
surfaces at the end of the Term to their condition upon Landlord’s delivery. 
 (b) Tenant may make cosmetic alterations (such as
painting or the installation of carpeting) that do not affect the structure or systems of the Building (the “Cosmetic Alterations”), and Landlord’s consent will not be required; however, Tenant will give Landlord at least ten
days’ prior written notice of the beginning of Cosmetic Alterations and will coordinate its use of the Common Areas with Landlord so as to minimize interference with the Building’s other tenants or visitors. Tenant will not make any
Cosmetic Alterations that cover existing unpainted “historical” surfaces such as wood or brick without Landlord’s prior written approval which may be conditioned upon Tenant’s agreement to restore the surfaces at the end of the
Term to their condition upon Landlord’s delivery. 
 (c) All alterations, additions, improvements and attachments (other than Cosmetic
Alterations) shall be performed by contractors approved by Landlord in writing at least ten days before the work is to begin (i) in a good and workmanlike manner according to Landlord’s standard rules and regulations for contractors;
(ii) in compliance with plans approved by Landlord, not to be unreasonably withheld, conditioned or delayed, and, if required by Landlord, prepared by a licensed architect; and (iii) in compliance with all Regulations. Subject to
Tenant’s rights in Section 15.3, all alterations, additions, fixtures and improvements attached to or otherwise forming 

  
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part of the Premises shall immediately become Landlord’s property and at the end of the Term will remain on the Premises without compensation to Tenant, unless, at the time Tenant seeks
Landlord’s consent to their installation, Landlord requires their removal at the end of the Term, in which event Tenant shall remove the same and restore the Premises to the condition existing without such alterations, additions, fixtures or
improvements at Tenant’s expense. Alterations, additions and improvements shall be performed in a manner which shall not unreasonably interfere with, delay, or impose any additional expense upon Landlord in the maintenance, operation, or
insurance of the Building or upon other tenants’ use of their premises. Tenant shall ensure that every contractor performing work in, on or about the Premises (I) shall carry and maintain, at contractor’s or Tenant’s expense,
contractor’s liability insurance in respect of the work being performed and materials involved, commercial general liability insurance and worker’s compensation insurance in such amounts, with such companies, on such policy forms and with
such named insureds and other endorsements as may be specified by Landlord from time to time in its reasonable discretion, (II) shall deliver to Landlord evidence of such insurance coverage reasonably satisfactory to Landlord prior to entering
upon the Building, and (III) upon completion of the work, shall provide unconditional lien releases from all contractors, suppliers and others entitled to claim a lien against the Premises or Building. The provisions of this
Section 15.1(c) shall not apply to Tenant’s Work. 
 15.2 Notice. At least 15 days prior to the commencement of any work of any kind
whatsoever, including but not limited to any alterations, additions, improvements or installations in or to the Premises by or for Tenant, Tenant shall give Landlord written notice of the proposed work and the names and addresses of the persons
supplying labor and materials for the proposed work. Landlord and any mortgagee of the Building shall have the right to post notices of non-responsibility or similar notices on the Premises in order to protect
the Building against mechanic’s liens. 
 15.3 Freestanding Partitions. Tenant shall have the right to install and relocate freestanding
workstation partitions in the Premises without Landlord’s prior written consent, if no building or other governmental permit is required for their installation or relocation; however, if a permit is required, Landlord shall not unreasonably
withhold its consent to such relocation or installation. Tenant acknowledges that any installation or relocation of such partitions may affect the heating, cooling, power and lighting required by the Premises and any increased cost or additional
charges attributable to such changes shall be payable by Tenant to Landlord as Additional Rent. The freestanding workstation partitions for which Tenant pays shall be part of Tenant’s trade fixtures for all purposes under this Lease. 

15.4 Remodeling by Landlord. In the event that Landlord elects to remodel, expand or add additions to all or any portion of the Common Area or the
Building, Tenant will reasonably cooperate with such remodeling (including the temporary removal of Tenant’s signs, if any, to facilitate such remodeling). In the event of a material remodeling of the Common Area made available to Tenant by
Landlord, Landlord shall provide Tenant with written notice, prior to any such remodeling. Landlord will use commercially reasonable efforts to minimize interference with Tenant’s operations at the Premises, and access must remain available at
all times except during emergencies. 

  
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 15.5 Historic Building. Tenant acknowledges that the Building has qualified and been placed upon
local and national registers of historical places and that renovation of the Building may qualify the Landlord for Historic Preservation Investment Tax Credits under the Internal Revenue Code. Tenant shall take no action or fail to take any action,
including but not limited to completing Tenant’s Work, if applicable, as described in Exhibit B or making alterations to the Premises after the Commencement Date, regardless of whether Landlord has granted approval of such action or failure to
act, which might make the Building or any portion of it ineligible for Historic Preservation Investment Tax Credits under the Internal Revenue Code, or violate provisions or guidelines of the local or national register of historical places. In
addition to any other remedies that Landlord may have under this Lease, in an Event of Default, Landlord shall be entitled to immediate entry into the Premises without notice as if in an emergency under Section 21, in order to remediate
Tenant’s action or failure to act, and any reasonable expenses associated with such remediation shall be paid by Tenant to Landlord as Additional Rent within 15 days after delivery to Tenant of a statement for such expenses. 

Section 16 MAINTENANCE AND REPAIR OF THE PREMISES 

Tenant agrees to keep the interior of the Premises in as good order, condition and repair and in as orderly a state as they were on the date the Premises, or
portion thereof, were delivered to it, normal wear and tear, Landlord’s repair and maintenance obligations, and loss by fire or other casualty or ordinary wear excepted. Subject to Landlord’s obligation to make repairs in the event of
certain casualties, as stated in Section 18, and subject to Landlord’s general maintenance and repair obligations under this Lease, Landlord shall have no obligation for the repair or replacement of any interior portion of the Premises
which is damaged or wears out during the Term regardless of the cause, including but not limited to: carpeting; draperies; window coverings; wall coverings; painting; appliances; or any of Tenant’s property or improvements in the Premises.
Subject to the provisions of Section 9.4, all damage or injury to the Premises or the Building or to the fixtures, appurtenances, or equipment thereof either which is caused by Tenant, its agents, employees or invitees, or dogs allowed in the
Premises, or for which Landlord has not been and will not be reimbursed by insurance may (provided Landlord carried insurance required by this Lease), at Landlord’s option, be repaired, restored or replaced by Landlord at the expense of Tenant
and such expense (including a reasonable percentage, not to exceed 15% of such expense for Landlord’s overhead) shall be paid by Tenant to Landlord as Additional Rent within 30 days after delivery to Tenant of a statement (with reasonable
backup information) for such expense. 
 Section 17 MECHANICS’ LIENS 

Tenant shall pay or cause to be paid all costs and charges for work done by Tenant or caused to be done by Tenant in or to the Premises, and for all materials
furnished for or in connection with such work. Tenant shall indemnify Landlord against and hold Landlord, the Premises and the Building free, clear, and harmless from and against all mechanics’ liens and claims of liens and all other
liabilities, liens, claims and demands on account of such work or materials by or on behalf of Tenant. If any such lien at any time is filed of record against the Premises or any part of the Building, Tenant shall cause such lien to be removed of
record within 15 days after written notice of the filing of such lien, except that if Tenant desires to contest such lien without filing a bond and removing the lien of record in accordance with statute, it shall furnish Landlord for delivery to the
court in which the claimant seeks to enforce its lien, within such 15 day period, security sufficient to cause the lien to be released of record. If a final judgment establishing the validity or existence of a lien for any amount is entered, Tenant
shall pay and satisfy the same at once. If 

  
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Tenant fails to remove of record any such mechanics’ lien and has not given Landlord security as described above, Landlord may, at its option, pay such charge and related costs and interest
in respect of such lien, and the amount so paid, together with reasonable attorneys’ fees incurred by Landlord in connection with such lien, shall be due from Tenant to Landlord as Additional Rent within 30 days after written notice. Nothing
contained in this Lease shall be deemed the consent or agreement of Landlord to subject Landlord’s interest in the Building to liability under any mechanics’ or other lien law. If Tenant receives notice or otherwise becomes aware that a
lien has been or is about to be filed against the Premises or the Building or any action affecting title to the Building has been or is about to be commenced on account of work done by or for or materials furnished to or for Tenant, it shall
promptly give Landlord written notice of the same. 
 Section 18 DAMAGE AND DESTRUCTION 

18.1 Notice. If the Premises or the Building are damaged by fire or other insured casualty (“Casualty”), Tenant shall give prompt written
notice to Landlord of any damage caused to the Premises by such Casualty. 
 18.2 Election to Terminate Lease. If the Premises shall be damaged or
destroyed by fire or other casualty insurable under special form property insurance and neither party elects to terminate this Lease as hereafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild
and repair the Premises. If (a) the Building shall be damaged by a Casualty not covered by Landlord’s insurance (provided Landlord carries the insurance required by this Lease), or (b) 25% of the area of the Building or the Premises shall
be destroyed or rendered untenantable or there is no reasonable access to the Premises, or (c) the holder of a mortgage, deed of trust or other lien on the Premises at the time of the Casualty elects, pursuant to such mortgage, deed of trust or
other lien, to require the use of all or part of Landlord’s insurance proceeds in satisfaction of all or part of the indebtedness secured by the mortgage, deed of trust or other lien, then Landlord may elect either to terminate this Lease or to
rebuild and repair the Premises. Landlord shall give written notice to Tenant of such election within 60 days after the occurrence of such Casualty. If Landlord elects to rebuild (x) its notice will include Landlord’s good faith estimate
of the time needed to do so, and (y) if the circumstance described in Section 18.2(a) or (c) occurs, Landlord will give Tenant evidence confirming that Landlord has the financial resources needed to rebuild, and (z) it shall do
so with reasonable diligence. If the estimated time needed to rebuild exceeds 180 days, or the circumstance in Section 18.2(b) occurs, or Landlord does not provide evidence of the financial resources, Tenant may terminate this Lease by notice
to Landlord given within 15 days after Tenant’s receipt of the estimate. In the event that repair and rebuilding of any such damage or destruction is not substantially completed for any reason within the longer of 180 days after repair begins
or the estimated period given to Tenant, then Tenant shall have the option to terminate this Lease effective immediately by providing written notice to Landlord on or before the 195th day after
the repair begins. 
 18.3 Election to Repair. Landlord’s obligation to rebuild and repair under this Section shall in any event be limited to
restoring the Premises to substantially the condition in which the same existed on the date the Premises, or any portion thereof, were delivered to Tenant, exclusive of any alterations, additions, improvements, fixtures and equipment installed by
Tenant, including Tenant’s Work. Tenant agrees that promptly after completion of such work by Landlord, Tenant will proceed with reasonable diligence and at Tenant’s sole cost and expense to restore, repair and replace all alterations,
additions, improvements, fixtures, signs and equipment installed by Tenant and all items of Tenant’s Work. 

  
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 18.4 Rent Abatement. During the period from the occurrence of the Casualty until Landlord’s
repairs are completed, the Base Rent shall be abated in equitable proportion to such effect on Tenant’s use of the Premises for its business for so long as such effect continues or this Lease terminates. 

Section 19 CONDEMNATION 
 If all or
substantially all of the Premises or any portion of the Building which shall render the Premises substantially unusable is taken by exercise of the power of condemnation or eminent domain, or conveyed by Landlord in lieu of such exercise, this Lease
shall terminate on the day before (the “Condemnation Termination Date”) the earlier of the date upon which the condemning authority takes possession of the Premises or such portion of the Building, or the date on which title to the same is
vested in the condemning authority. If more than 25% of the rentable area of the Premises is so taken, Tenant shall have the right to terminate this Lease by written notice to Landlord given within 20 days after the Condemnation Termination Date. If
more than 25% of the Building, but not the Premises, is so taken, Landlord may terminate this Lease by written notice to Tenant given within 20 days after the Condemnation Termination Date. If this Lease is not terminated under this Section, any
such taking shall be deemed to be a Casualty to be treated under the provisions of Section 18. In the event of any such taking, the entire award shall be paid to Landlord, and Tenant shall have no right or claim to any part of such award,
including awards for the taking of Common Areas; and hereby assigns all such awards to Landlord; however, Tenant shall have the right to assert a claim against the condemning authority in a separate action, so long as Landlord’s award is not
reduced by such claim, for (a) Tenant’s moving expenses; (b) leasehold improvements paid for by Tenant; and (c) Tenant’s leasehold estate. Tenant hereby expressly waives all claims against Landlord relating to a partial or
total taking of Tenant’s leasehold estate by such condemning authority and all expenses and losses related thereto. 
 Section 20 HAZARDOUS
MATERIALS 
 Tenant shall comply with all statutes, ordinances, rules, orders, Laws and requirements of the federal, state, county and municipal
governments, and all departments thereof, relevant to the presence, storage, use, maintenance and removal of toxic, hazardous or contaminated substances (collectively, “Hazardous Material”) or wastes in, on, or about the Premises, to the
extent delivered to Tenant, its agents, employees, or contractors at the Building or brought to the Building by Tenant or its agents, employees or contractors, which presence, storage, use, maintenance or removal is caused or permitted by Tenant, it
being expressly understood that without Landlord’s prior written consent, in Landlord’s sole discretion, Landlord in no way consents to, approves of, or acquiesces in such presence, storage, use, maintenance or removal of any Hazardous
Material in, on, or about the Premises and the Building; however, Tenant may store and use typical quantities of customary office cleaning products in the Premises. Throughout the Term, as well as in the performance of Tenant’s Work, Tenant
shall take all steps necessary to remove and dispose of all Hazardous Material or wastes that are delivered to Tenant, its agents, employees, or contractors at the Building or brought to the Building by Tenant or its agents, employees or contractors
in a safe, lawful, and appropriate manner. Tenant agrees to indemnify and forever hold 

  
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harmless Landlord, its agents, successors, and assigns, and Landlord’s mortgagee(s), as their interests may appear, from all claims, losses, damages, expenses and costs, including, but not
limited to, attorney’s fees and cleanup costs, incurred by reason of Tenant’s use, storage, maintenance or removal of Hazardous Material or wastes in, on, or about the Premises, or any part of the Building. 

Section 21 ENTRY BY LANDLORD. 

Landlord and its agents, employees and contractors may enter the Premises at any time in response to a bona fide emergency or at reasonable hours with at least
48 hours’ prior notice to (a) inspect the Premises, (b) exhibit the Premises to prospective purchasers or lenders, (c) determine whether Tenant is complying with all its obligations under this Lease, (d) supply cleaning
service and any other service to be provided by Landlord to Tenant according to this Lease, (e) post notices of nonresponsibility or similar notices, (f) exhibit the Premises to prospective tenants during the last 6 months of the Term, or
(g) make repairs required of Landlord under the terms of this Lease or repairs to any adjoining space or utility services or make repairs, alterations or improvements to any other portion of the Building; however all such work shall be done as
promptly as reasonably possible and so as to cause as little interference to Tenant as reasonably possible. Landlord shall at all times have and retain a key with which to unlock all of the doors in, on or about the Premises, excluding Tenant’s
vaults, safes and similar areas designated in writing by Tenant in advance. Landlord shall have the right to use any and all reasonable means which Landlord may deem necessary to open doors in and to the Premises in an emergency in order to obtain
entry to the Premises. Except as otherwise expressly set forth in this Lease, any entry to the Premises obtained by Landlord by any means permitted under this Section and performance of the actions for which such entry is permitted shall not under
any circumstances be construed or deemed to be a forcible or unlawful entry into or a detainer of the Premises or an eviction, actual or constructive, of Tenant from the Premises or any portion of the Premises, and Tenant shall not be entitled to
damages or an abatement of Base Rent, Additional Rent or other charges which this Lease requires Tenant to pay. Tenant waives any claim against Landlord and its agents, employees and contractors for damages for any injury or inconvenience to or
interference with Tenant’s business and any loss of occupancy or quiet enjoyment of the Premises occasioned by any such entry or actions, and any other loss or damage whatsoever occasioned by such entry in response to an emergency, except to
the extent caused by the negligence or willful misconduct of Landlord. 
 Section 22 SUBLETTING AND ASSIGNMENT 

22.1 Landlord’s Consent Required. Tenant shall neither sublet the Premises in whole or in part nor assign, sublet, mortgage, pledge,
or encumber its interest in this Lease nor grant any license, concession, or other right of occupancy of any portion of the Premises without the prior written consent of Landlord. Landlord agrees that it will not unreasonably deny, delay or
condition its consent; however, in determining whether or not to grant its consent, Landlord shall be entitled to take into consideration factors such as the reputation and the net worth or shareholder equity of the proposed transferee. Consent by
Landlord to one or more assignments or sublettings shall not operate as a waiver of Landlord’s rights as to any subsequent assignments or sublettings. 

  
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 22.2 Permitted Transfer. The consent of Landlord shall not be required for, and no recapture or
termination right or profit sharing shall be triggered by, any sublease or assignment to any entity who assumes and agrees to perform Tenant’s obligations under this Lease and whose net worth or shareholder equity both before and after the
Transfer is equal to or greater than the greater of Tenant’s net worth or shareholder equity reflected in its financial statements identified in Section 29.21 (i) into or with which Tenant or Tenant’s parent company is merged or
consolidated, (ii) which acquires ownership interests in Tenant or Tenant’s parent company by way of sale, transfer or issuance of stock or other ownership interests, (iii) which acquires all or substantially all of Tenant’s or
Tenant’s parent company’s assets by purchase, merger or other means, or (iv) controlled by, controlling or under common control with Tenant (in each case, a “Permitted Transfer”). Changes of ownership or control (direct or
indirect) in Tenant (including through the sale of substantially all of its assets or through merger) shall not require the consent of Landlord hereunder or otherwise. Without limiting the generality of the foregoing, any changes of ownership
(direct or indirect) in Tenant occurring through the “over the counter market” or nationally (domestic or foreign) recognized stock exchanges shall not require the consent of Landlord hereunder or otherwise. 

22.3 Excess Rental. If Tenant receives from any person or entity any sum or sums as compensation or otherwise, whether periodic payment or lump sum, in
connection with the assignment of an interest in this Lease or the subletting of all or any part of the Premises, whether as Base Rent, Additional Rent, assignment or subletting fee or incentive or otherwise (excluding Tenant’s costs of any
such transaction, including concessions for improvements, brokers fees and other transactional costs, which will be amortized over the balance of the Term or sublease on a straight-line basis and deducted from payments made to Tenant before
determining the amount due to Landlord), which sums in the aggregate are in excess of the Base Rent and Additional Rent payable under this Lease and Tenant’s documented reasonable subleasing or assignment costs satisfactorily proven to
Landlord, Tenant shall pay to Landlord 50% of such excess amounts within 15 days after receipt. Furthermore, in any event of assignment or subletting, it is understood and agreed that 50% of rentals paid to Tenant by an assignee or a sublessee shall
be received by Tenant in trust for Landlord, to be promptly forwarded to Landlord without offset or reduction of any kind; and upon election by Landlord, such rentals shall be paid directly to Landlord to be applied as a credit and offset to
Tenant’s rental obligation. 
 22.4 Procedure 

22.4.1 Tenant’s Notice. If Tenant desires to assign its interest in this Lease or sublet all or any part of the Premises to any
party, Tenant shall notify Landlord in writing (“Tenant’s Notice”) specifying the proposed sublessee or assignee, the portion of the Premises affected and the terms and conditions of the proposed transaction and (except in the case of
a Permitted Transfer), all in such detail as reasonably will enable Landlord to form the judgments contemplated in Section 22.1 and to determine the excess rental, if any, under Section 22.3. 

22.4.2 Landlord’s Decision Period. Landlord shall have the right, within 30 days after receipt of Tenant’s Notice to (1) except in the
event of a sublease of less than 25% of the area of the Premises for fewer than three years (including renewal or extension rights), sublet the applicable portion of the Premises or assign Tenant’s interest in this Lease on behalf of Tenant on
substantially the same or better terms and conditions, but Landlord shall have no responsibility for subtenant’s or assignee’s performance of its obligations under the sublease or assignment; (2) except in the event of a sublease of
less than 25% of the area of the Premises for fewer than three years (including 

  
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renewal or extension rights), terminate this Lease as of any date within 90 days after its receipt of Tenant’s Notice, but if Landlord notifies Tenant of its election to so terminate, Tenant
shall have 10 days after receipt of such notice in which to withdraw the Tenant’s Notice in which case such Tenant’s Notice shall be deemed not to have been given; or (3) consent or deny such sublease or assignment. Failure of
Landlord to act in accordance with this Section 22.4.2 within such 30 day period shall be deemed Landlord’s denial of the sublease or assignment given on the last day of such period. If Tenant does not complete the sublease or assignment
transaction on the terms and conditions described in Tenant’s Notice within 30 days after Landlord’s consent, such Tenant Notice and Landlord’s consent shall be deemed void, and a new action under this Section 22 shall be
effected prior to any assignment or subletting. 
 22.4.3 No Partial Transfer. Any assignment otherwise permitted under this Section shall not be as
to less than all of Tenant’s interest in this Lease without Landlord’s prior written consent which may be withheld at Landlord’s sole discretion. 

22.5 Tenant’s Responsibilities. Tenant shall not be relieved in whole or in any part from any of its responsibilities or obligations
to Landlord under this Lease by reason of any subletting or assignment by or on behalf of Tenant and shall continue to be the primary obligor under this Lease in respect of all of the Premises, even if future assignments and sublettings occur
subsequent to the assignment or subletting by Tenant, and regardless of whether or not Landlord’s approval has been obtained for such future assignments or sublettings. 

22.6 Consent Not Waiver. Landlord’s consent to any subletting or assignment under this Section shall not waive Landlord’s right to full
compliance with this in respect of any other proposed subletting or assignment. 
 22.7 Approval of Documents. All documents used by Tenant in
effecting or evidencing any subletting or assignment shall be prescribed by Landlord and if not prescribed by Landlord, subject to Landlord’s prior written approval not to be unreasonably withheld, conditioned or delayed. Tenant shall pay the
reasonable fees of Landlord’s counsel for reviewing such documents but no more than 5% of the Base Rent due on account of the Existing Premises in the month of the Transfer in the case of an assignment. 

22.8 Binding Effect of Lease. Any subtenant or assignee of any part of this Lease or the Premises shall be bound by and comply fully with all provisions
of this Lease, including without limitation, the provisions of this Section in respect to any further assignment or subletting, and the documents referred to in Section 22.7 shall specify such obligation. 

22.9 Bankruptcy. If a trustee in bankruptcy is entitled to assume control over Tenant’s rights under this Lease and assigns such rights to any
third party, the Base Rent to be paid under this Lease by such party shall be increased to the then current Base Rent, if greater than the Base Rent then being paid for the Premises, which Landlord would charge for comparable space in the Building
as of the date of such third party’s occupancy of the Premises. 

  
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 Section 23 SUBORDINATION AND ATTORNMENT 

23.1 Subordination. This Lease, at Landlord’s option, shall be subordinate to the lien (but not the terms and conditions) of any ground lease,
mortgage or deed of trust existing now or after the date of this Lease placed upon all or any part of the Building (a “Superior Right”), including any amendment, modification, restatement, consolidation, replacement or extension of any
such document, and to all advances made under any mortgage or deed of trust; provided, however, notwithstanding anything to the contrary set forth in this Lease, in no event shall Tenant be subordinate to the lien of a Superior Right nor shall
Tenant be obligated to attorn to any holder thereof, unless and until such holder shall have agreed in writing, and shall be bound thereby, that Tenant will not be disturbed in the use or enjoyment of the Premises so long as it is not in default
hereunder beyond any applicable notice and cure periods, and that this Lease shall remain in full force and effect, notwithstanding any default or foreclosure under any such mortgage or deed of trust. No documentation other than Landlord’s
written election and this Lease shall be required to evidence such subordination. Tenant agrees that any mortgagee shall have the right at any time to subordinate its mortgage, deed of trust or other lien to this Lease; however, notwithstanding that
this Lease may be superior to a mortgage, deed of trust or other lien, the mortgagee shall not be liable for prepaid rentals, security deposits and claims accruing during Landlord’s ownership unless received by such mortgagee; further provided
that the provisions of a mortgage, deed of trust or other lien relative to the rights of the mortgagee with respect to proceeds arising from an eminent domain taking, including a voluntary conveyance by Landlord, and provisions relative to proceeds
arising from insurance payable by reasons of damage to or destruction of the Premises shall be prior and superior to any contrary provisions contained in this instrument with respect to the payment or usage thereof. Landlord is hereby irrevocably
vested with full power and authority to subordinate this Lease to any mortgage, deed of trust or other lien hereafter placed upon the Premises or the Building, or the Building as a whole. Landlord shall deliver to Tenant, simultaneously with
execution of this Lease, a Subordination, Attornment, and Non-Disturbance Agreement executed by Landlord and any holder of a Superior Right in substantially the form attached as Exhibit E. Landlord
represents and warrants that, as of the Effective Date, no ground lease or other underlying superior leases, mortgage or deed of trust or similar liens or security interests, affect the Building or the real estate of which the Building forms a part,
except for the deed of trust identified in the Subordination, Attornment, and Non-Disturbance Agreement executed of even date herewith. 

23.2 Mortgagee’s Right to Cure. At any time when the holder of an outstanding mortgage, deed of trust or other lien covering
Landlord’s interest in the Premises has given Tenant written notice of its interest in this Lease, Tenant may not exercise any remedies for default by Landlord hereunder unless and until the holder of the indebtedness secured by such mortgage,
deed of trust or other lien shall have received written notice of such default and a reasonable time, not to exceed 30 days, shall thereafter have elapsed without the default having been cured. 

23.3 Subordination Documents. In confirmation of such subordinate or superior position of this Lease, as the case may be, Tenant agrees to execute and
deliver such documents as may be required by Landlord or its mortgagee to evidence the subordination of Tenant’s interest in this Lease and in the Premises to the interest created by any of the documents described in Section 23.1 or to
evidence that this Lease is prior to the lien of any mortgage or deed of trust, as the case may be, so long as such documents are substantially in the form of the Subordination, Attornment, and Non-Disturbance
Agreement attached as Exhibit E or such other commercially reasonable form as any successor to Landlord or its lender may request. 

  
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 23.4 Estoppel Documents. Tenant agrees that it will from time to time within twenty (20) days
after request by Landlord execute and deliver to Landlord a written statement addressed to Landlord or to a party designated by Landlord containing the information set forth in the form of Estoppel Certificate attached as Exhibit F or such
other commercially reasonable form as any successor to Landlord or its lender may request. 
 23.5 Attornment. Tenant agrees to attorn to all
successor owners of the Building, whether or not such ownership is acquired as a result of a sale, through foreclosure of a deed of trust or mortgage, or otherwise, and to execute and deliver such certificates, within twenty (20) days after
request by Landlord, as may be requested from time to time by Landlord in the form attached hereto as Exhibit F or such other commercially reasonable form as any successor to Landlord or its lender may request. Tenant’s failure to
execute and deliver such a certificate within 10 days after Landlord’s second written request to do so shall make it conclusively binding upon Tenant that as of such tenth day: (i) this Lease is in full force and effect, without
modification except as may be represented by Landlord; (ii) there are no uncured defaults in Landlord’s performance; and (iii) not more than 1 month’s Rent has been paid in advance. 

Section 24 INDEMNIFICATION. WAIVER AND RELEASE 

24.1 Tenant’s indemnification. Tenant shall neither hold nor attempt to hold Landlord or its employees or agents liable for, and
Tenant shall indemnify and hold harmless Landlord and its employees and agents from and against any and all demands, claims, causes of action, fines, penalties, actual damages (but specifically excluding consequential damages), liabilities,
judgments and expenses, including without limitation reasonable attorneys’ fees, incurred in connection with or arising from: 
 (a) The
use or occupancy or manner of use or occupancy of the Premises by Tenant, any person claiming under Tenant, and any dog allowed in the Premises; 

(b) Any activity, work or thing done, permitted or suffered by Tenant in or about the Premises or the Building; 

(c) Any negligent act or omission (provided there was a duty to act) of Tenant or any person claiming under Tenant or any contractor, agent,
employee, invitee or visitor of Tenant or of any such person (collectively “Tenant’s Persons”); 
 (d) Any breach, violation
or nonperformance by Tenant or any of Tenant’s Persons of any term, covenant or provision of this Lease or any law, ordinance or governmental requirement of any kind; and 

(e) Any injury or damage to the person, property or business of Tenant or any of Tenant’s Persons or any other person entering upon the
Premises or the Building under the express or implied invitation of Tenant; except for any injury or damage to persons or property which is proximately caused by the willful misconduct or grossly negligent act or omission of Landlord or any of its
employees. 

  
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 If any action or proceeding is brought against Landlord or any of its employees by reason of any such claim
for which Tenant has indemnified Landlord, Tenant, upon notice from Landlord, shall defend the same at Tenant’s expense with counsel reasonably satisfactory to Landlord. 

24.2 Landlord’s Indemnification. Landlord shall neither hold nor attempt to hold Tenant or its employees or agents liable for, and
Landlord shall indemnify and hold harmless Tenant and its employees and agents from and against any and all demands, claims, causes of action, fines, penalties, actual damages (but specifically excluding consequential damages), liabilities,
judgments and expenses, including without limitation reasonable attorneys’ fees, incurred in connection with or arising from: 
 (a) Any
negligent act or omission (provided there was a duty to act) of Landlord or any person claiming under Landlord or any contractor, agent, employee, invitee or visitor of Landlord or of any such person (collectively “Landlord’s
Persons”); 
 (b) Any breach, violation or nonperformance by Landlord or any of Landlord’s Persons of any term, covenant or
provision of this Lease or any law, ordinance or governmental requirement of any kind; and 
 (c) Any injury or damage to the person,
property or business of Landlord or any of Landlord’s Persons or any other person entering upon the Premises or the Building under the express or implied invitation of Landlord; except for any injury or damage to persons or property which is
proximately caused by the willful misconduct or grossly negligent act or omission of Tenant or any of its employees. 
 If any action or proceeding is
brought against Tenant or any of its employees by reason of any such claim for which Landlord has indemnified Tenant, Landlord, upon notice from Tenant, shall defend the same at Landlord’s expense with counsel reasonably satisfactory to Tenant.

 Notwithstanding any provision of this Lease to the contrary, Landlord and Tenant agree that, with respect to each indemnity contained in
this Lease, the indemnifying party shall not be required to indemnify the indemnified party for (a) such portion of any claim, cost, damage, expense, fee, liability, loss or suit which is attributable to the acts or omissions (including acts of
negligence) of the indemnified party or its respective agents or employees, as applicable, or (b) the portion (if any) of any claim, cost, damage, expense, fee, liability, loss or suit for which the indemnified party is reimbursed by its
insurance carrier(s) (or would have been reimbursed by its insurance carrier if the indemnified party had maintained the insurance required by this Lease) or any third party. 

24.3 Waiver and Release. Subject to the provisions of Section 9.4, Tenant, as a material part of the consideration to Landlord for this Lease,
waives and releases all claims against Landlord and its employees with respect to all matters for which Landlord has expressly disclaimed liability pursuant to the provisions of this Lease. Except for any tangible personal property damage or bodily
injury outside the Premises which is caused by the willful misconduct or negligent act or omission of Landlord or its employees, but subject to Section 9.4, Tenant covenants and agrees that Landlord and its employees shall not at any time or to
any extent whatsoever be liable, responsible or in any way accountable for any loss, injury, death or damage, including 

  
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consequential damages, to persons, property or Tenant’s business occasioned by theft; act of God or public enemy; injunction; riot; strike or other labor disturbance; insurrection; war;
court order; requisition; order of governmental body or authority; fire; explosion; falling objects; steam; water; rain; snow; ice; hail; wind; leak or flow of water or other liquid, including fluid from the elevator system, rain or snow from or
into part of the Building or from the roof, street, subsurface or from any other place; dampness; breakage, leakage, obstruction or other defects of the pipes, sprinklers, wires, appliances, plumbing, air conditioning or lighting fixtures of the
Building; construction, repair or alteration in or taking of the Building or the Premises any acts or omissions of any other tenant, occupant or visitor of the Building; or from any cause beyond Landlord’s reasonable control. 

Section 25 TENANT’S DEFAULT 

25.1 Tenant’s Default. “Event of Default” means: 

25.1.1 Tenant fails in the due and punctual payment of Base Rent, Additional Rent or any other amount due under this Lease; however, not more than twice in any
calendar year, Tenant may cure an Event of Default under this Section on or before the 5th business day after receipt of written notice of such default from Landlord. Except as so provided,
if any amount owing under this Lease is not paid when due, an Event of Default shall have occurred and no notice or cure period shall be provided; 
 25.1.2
Except as provided in Section 22, this Lease or the estate of Tenant under this Lease is transferred to or passes to or devolves upon any other person or entity, or Tenant purports to assign any of its interest in this Lease or to sublet all or
any part of the Premises; 
 25.1.3 Any interest in this Lease or any part of the Premises is taken upon execution or by other process of law directed
against Tenant or is taken upon or subject to any attachment at the instance of any creditor of or claimant against Tenant and such attachment is not discharged or disposed of within 15 days after its levy or any lien is placed upon the Building as
a result of the action or inaction of Tenant (except that a lien subject to Section 17 will not be an Event of Default so long as Tenant performs its obligations in that Section); 

25.1.4 [RESERVED]; 
 25.1.5 The filing of any petition or the
commencement of any case or proceeding by or against Tenant as debtor under any provision or chapter of the Bankruptcy Code, or any other federal or state law relating to insolvency, bankruptcy or reorganization or the adjudication in any court that
Tenant is insolvent or bankrupt or the entry of an order for relief under the Bankruptcy Code, unless such petition and all proceedings initiated by such petition are dismissed within 60 days after the date of such filing; the filing of an answer by
Tenant admitting the material allegations of any such petition; or the appointment of or taking possession by a custodian, trustee or receiver for all or any assets of Tenant, unless such appointment is vacated or dismissed within 60 days after the
date of such appointment; 
 25.1.6 The insolvency of Tenant or the execution by Tenant of an assignment for the benefit of creditors or the convening by
Tenant of a meeting of substantially all or any class of its creditors for purposes of effecting a moratorium upon or extension or composition of its debts; 

  
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 25.1.7 The admission in writing by Tenant, or any officer or director of Tenant, if Tenant is a corporation,
manager, general partner, or other managing or executive officer if Tenant is some other form of entity, that such Tenant is unable to pay its debts as they become due; 

25.1.8 Tenant fails to perform or comply with any of the other material agreements, terms, covenants or conditions which this Lease requires Tenant to perform
or comply with, and such nonperformance or noncompliance continues for 30 days after written notice of such nonperformance by Landlord to Tenant or, if such performance or compliance cannot reasonably be accomplished within such 30 day period,
Tenant does not in good faith commence such performance or compliance within such 30 day period and diligently proceed to compliance or performance. 
 25.2
Landlord’s Remedies. If any Event of Default occurs then Landlord shall have the right at its election: 
 25.2.1 to give Tenant
written notice of Landlord’s intention to terminate this Lease on the earliest date permitted by law or on any later date specified in such notice, in which case Tenant’s right to possession of the Premises shall cease and this Lease shall
terminate, except as to Tenant’s liability, as if the date of termination fixed in such notice were the end of the Term; or 
 25.2.2 without further
demand or notice, to reenter and take possession of the Premises or any part of the Premises, repossess the same, expel Tenant and those claiming through or under Tenant, and remove the effects of both or either, using such force for such purposes
as may be necessary, without being liable for prosecution, without being deemed guilty of any manner of trespass, and without prejudice to any remedies for arrears of Base Rent, Additional Rent or any other amounts payable under this Lease or as a
result of any preceding breach of any agreements, covenants or conditions in this Lease; or 
 25.2.3 without further demand or notice, to cure any Event of
Default and to charge Tenant for the actual, reasonable cost of effecting such cure, including without limitation reasonable attorneys’ fees and interest on the amount so advanced at the rate stated in Section 25.8, but Landlord shall have
no obligation to cure any such Event of Default. 
 25.3 Reentry. If Landlord elects to reenter as provided in Section 25.2.2 or takes possession
pursuant to legal proceedings or pursuant to any notice provided by law, Landlord may, from time to time, without terminating this Lease, relet the Premises or any part of the Premises in Landlord’s or Tenant’s name, but for the account of
Tenant, for such term or terms, which may be greater or less than the then balance of the Term, and on such conditions and upon such other terms, which may include concessions of free rent, and alteration and repair of the Premises, as Landlord, in
its reasonable discretion, may determine, and Landlord may collect and receive the rent. Landlord shall in no way be responsible or liable for any failure to relet the Premises or any part of the Premises, or for any failure to collect any rent due
upon such reletting. No such reentry or taking possession of the Premises by Landlord may be construed as an election by Landlord to terminate this Lease unless a written notice of such intention is given to Tenant. No notice from Landlord under
this Section or under a forcible or unlawful entry and detainer statute or similar law shall constitute an election by Landlord to terminate this Lease unless such notice specifically so states. Landlord reserves the right following any such reentry
or reletting to exercise its right to terminate this Lease by giving Tenant such written notice, in which event this Lease shall terminate as specified in such notice. 

  
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 25.4 Certain Damages. If Landlord elects to take possession as provided in Section 25.2.2
hereinabove, Tenant shall pay to Landlord an amount equal to: (a) Base Rent, Additional Rent and other sums as provided in this Lease which would be payable under this Lease if such repossession had not occurred, less (b) the net proceeds
(“Reletting Net Proceeds”), if any, of any reletting of the Premises after deducting all of Landlord’s reasonable expenses in connection with such reletting, including without limitation all repossession costs, brokerage commissions,
reasonable attorneys’ fees, expenses of employees, alteration and repair costs and other expenses of preparation of the Premises for such reletting. If, in connection with any reletting, the new lease term extends beyond the existing Term, or
the premises covered by such new lease include other premises not part of the Premises, a fair apportionment of the rent received from such reletting and the expenses incurred in connection with such reletting as provided in this Section shall be
made in determining the Reletting Net Proceeds, and any rent concessions shall be equally apportioned over the term of the new lease. Tenant shall pay such rent and other sums to Landlord monthly on the day on which the Base Rent would have been
payable under this Lease if possession had not been retaken, and Landlord shall be entitled to receive such rent and other sums from Tenant on each such day. 

25.5 Continuing Liability After Termination. If this Lease is terminated pursuant to the provisions of Section 25.2.1, Tenant shall remain liable
to Landlord for damages in an amount equal to Base Rent, Additional Rent and other amounts which would have been owing by Tenant for the balance of the Term had this Lease not been terminated, less the Reletting Net Proceeds, if any. Landlord shall
be entitled to collect such damages from Tenant monthly on the day on which Base Rent and other amounts would have been payable under this Lease if the Lease had not been terminated. Alternatively, at the option of Landlord, in the event this Lease
is so terminated, Landlord shall be entitled to recover against Tenant as damages for loss of bargain, and not as a penalty the following amounts: 

(a) the worth at the time of the award of the unpaid Base Rent and Additional Rent that had been earned at the time of termination; 

(b) the worth at the time of the award of the amount by which the unpaid Base Rent and Additional Rent that would have been earned after
termination until the time of the award exceeds the amount of the Base Rent and Additional Rent loss that Tenant proves could reasonably have been avoided; and 

(c) the worth at the time of the award of the amount by which the unpaid Base Rent and Additional Rent for the balance of the Term after the
award exceeds the amount of Base Rent and Additional Rent loss that Tenant proves could reasonably be avoided. 
 The “worth at the time of the
award” of the amount referred to in clauses (A) and (B) is computed by allowing annual interest at the prime rate as published by the Wall Street Journal, or any successor thereto selected by Landlord (the “Prime Rate”) plus 2%.
The “worth at the time of the award” of the amount referred to in clause (C) shall be computed by discounting such amount to present worth at a discount rate equal to the percentage point above the discount rate then in effect at the
Federal Reserve Bank nearest to the location of the Building. 

  
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 Notwithstanding anything to the contrary set forth in this Lease, Landlord shall have the obligation to
mitigate its damages in connection with any Event of Default. 
 25.6 Cumulative Remedies. Suit or suits for recovery of the amounts and damages
stated in Sections 25.4 and 25.5 may be brought by Landlord from time to time at Landlord’s election, and nothing in this Lease shall be deemed to require Landlord to await the date upon which the term would have expired had there occurred no
Event of Default. 
 Each right and remedy provided for in this Lease is cumulative and is in addition to every other right or remedy provided for in this
Lease or now or in the future existing at law or in equity, and the exercise or beginning of the exercise by either party of any one or more of such rights or remedies shall not preclude the simultaneous or later exercise by such party of any or all
other such rights or remedies. 
 25.7 Bankruptcy. Nothing contained in this Section shall limit or prejudice the right of Landlord to prove and
obtain as liquidated damages in any bankruptcy, insolvency, receivership, reorganization or dissolution proceeding an amount equal to the maximum allowed by any statute or rule of law governing such a proceeding and in effect at the time when such
damages are to be proved, whether or not such amount be greater than, equal to or less than the amounts recoverable, either as damages or rent, referred to in any of the preceding subsections of this Section. Landlord and Tenant understand that
contrary to certain provisions of this Lease, a trustee or debtor in possession under the Bankruptcy Code may have certain rights to assume or assign this Lease. Landlord and Tenant further understand that in any event Landlord is entitled under the
Bankruptcy Code to Adequate Assurance of future performance of the terms and provisions of this Lease. For purposes of any such assumption or assignment, the term “Adequate Assurance” shall include at least the following: 

25.7.1 In order to assure Landlord that the proposed assignee will have the resources with which to pay the rent and other sums required by this Lease, any
proposed assignee must have demonstrated to Landlord’s reasonable satisfaction, a sufficient net worth, as defined in accordance with generally accepted accounting principles to perform Tenant’s obligations under this Lease after the
assignment. 
 25.7.2 Any proposed assignee of this Lease and the principal owners of such assignee, must assume and agree to be personally bound by the
terms, provisions and covenants of this Lease. 
 25.8 Late Payment Charge. Any rents or other amounts owing under this Lease which are not paid
within 5 business days after the date they are due shall bear interest from the due date at the rate of 4 percentage points over the Prime Rate or the highest rate permitted by applicable usury law, whichever is lower, until paid. Further, Landlord
and Tenant agree that in respect of each such late payment, Landlord will incur additional administrative expenses, the amount of which will be difficult if not impossible to determine. Accordingly, Tenant shall pay to Landlord in addition to
interest, a one-time late charge for each such late payment in the amount of 5% of such payment. Landlord agrees to waive the late charge for one delinquent payment in any 12 month period. 

  
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 25.9 Waiver of Jury Trial. Each party hereby waives, to the extent allowed by law, any and all rights
to a trial by jury in suit or suits brought to enforce any provision of this Lease or arising out of or concerning the provisions of this Lease. 

Section 26 LANDLORD’S DEFAULT 
 In the event of
any alleged default on the part of Landlord, Tenant shall give written notice to Landlord and shall afford Landlord 30 days to cure any such default or if the nature of the default is such that it cannot be cured within 30 days, such longer period
as may be reasonably necessary so long as Landlord begins the cure within such 30-day period and diligently pursues it to completion. Notice to Landlord or any such alleged default shall be ineffective unless
a copy of such notice is simultaneously delivered to each holder of a mortgage or deed of trust affecting all or any portion of the Building (“Mortgagee”), but only if the name and address has been provided to Tenant in writing prior to
the giving of Tenant’s notice under this Section. Tenant agrees to give all Mortgagees, in the manner provided in Section 29.17, at the address referred to herein, a copy of any notice of default given to Landlord, but only if the name and
address has been provided to Tenant in writing prior to the giving of Tenant’s notice under this Section. Tenant further agrees that if Landlord shall have failed to cure such default or failed to have commenced to diligently cure such default
within the time provided for in this Lease, then the Mortgagees shall have an additional 30 days within which to cure such default. If a material default or breach by Landlord of a material provision of this Lease is not cured within the time
periods provided for in this Section, Tenant may terminate this Lease by written notice to Landlord within 15 days after the expiration of the last applicable cure period. 

In no event will any party be responsible for any consequential damages incurred by the other party as a result of any default, including without limitation
lost profits or interruption of business. 
 Section 27 SECURITY 

Landlord shall not be obligated to provide police or security services or equipment of any kind to the Building. In the event that any such services or
equipment are provided, Landlord shall not be responsible for any failure, inadequacy, or other consequences of the same. 

Section 28 END OF LEASE. 

28.1 Vacating Premises. Upon the expiration or other termination of the Term of this Lease, Tenant shall promptly quit and surrender to Landlord the
Premises broom clean, in the condition required by this Lease, ordinary wear and tear, Landlord’s maintenance and repair obligations and loss by fire or other casualty excepted, and Tenant shall remove all of its movable furniture, trade
fixtures and other personal property; however, “ordinary wear and tear” does not include any damage to the Premises (including without limitation their floors, carpeting or walls) caused by dogs that are allowed in the Premises and, at its
cost, Tenant will repair, restore, or replace such damaged parts of the Premises. Tenant shall pay to Landlord within 30 days after demand (accompanied by copies of documentation reasonably substantiating the amounts claimed) the cost of repairing
all damage to the Premises or Building caused by removal of any trade fixtures, 

  
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equipment, furniture or personal property of Tenant or improvements. In the event Tenant fails to vacate the Premises on a timely basis as required, Tenant shall be responsible to Landlord for
all loss of or liability to any successor tenant of the Premises and direct (but not consequential) costs incurred by Landlord as a result of such failure, including without limitation any amounts required to be paid to third parties who were to
have occupied the Premises plus 15% of such cost. Tenant will not be obligated to remove any or all of Tenant’s Work (other than wiring or cabling which Tenant will remove) upon the expiration or other termination of the Term of this Lease.

 28.2 Abandoned Property. All movable furniture, trade fixtures and other personal property of Tenant not removed from the Premises upon its
vacation or abandonment or within 10 days after the expiration or termination of the Term of this Lease for any cause whatsoever shall conclusively be deemed to have been abandoned and may be appropriated, sold, stored, destroyed or otherwise
disposed of by Landlord without notice to Tenant or any other person and without obligation to account for such property, and Tenant shall pay Landlord within 30 days after demand (accompanied by copies of documentation reasonably substantiating the
amounts claimed) all expenses incurred in connection with the disposition of such property, plus 15% of such expenses. 
 28.3 Holding Over. Tenant
shall have no right to remain in possession of any part of the Premises after the end of the Term of this Lease. If, after the end of the Term, Tenant shall remain in possession of the Premises and continue to pay rent as provided in this Section,
and Landlord shall accept such rent without any express written agreement as to such holding over, then such holding over shall be deemed a tenancy from month-to-month,
subject to all the terms and conditions of this Lease on the part of Tenant to be observed and performed and at a monthly rent equal to 150% of the monthly installments of Base Rent (plus Additional Rent) paid by Tenant immediately prior to such
expiration. All such rent shall be payable in advance on the same day of each calendar month as the Base Rent was payable. Such month-to-month tenancy may be terminated
by either party upon 10 days’ notice prior to the end of any such monthly period. Landlord shall not be obligated to accept any rental tendered by Tenant after the end of the Term nor shall Tenant be relieved of its liability under
Section 28.1 without the express written agreement of Landlord. Despite any other provision of this Section, unless Landlord gives Tenant written notice at least 90 days before the end of the Term that timely surrender of the Premises is
necessary, Tenant will not be obligated to pay any consequential damages in addition to amounts due in this Section if it holds over for fewer than 90 days. 

28.4 No Reinstatement. No payment of money by Tenant to Landlord after the termination or expiration of the Term of this Lease or after giving of any
notice by Landlord to Tenant shall reinstate, continue or extend the Term of this Lease or affect any notice, other than a demand for payment of money, given to Tenant prior to the payment of such money. After the service of notice or the
commencement of a suit or final judgment granting Landlord possession of the Premises, Landlord may receive and collect any rent or other sums of money due under this Lease or otherwise exercise Landlord’s rights and remedies under this Lease,
and the payment of such sums of money, whether as rent or otherwise, shall not waive, suspend, revoke or nullify such notice or in any manner affect any pending suit or any judgment obtained. 

  
 36 

 Section 29 MISCELLANEOUS 

29.1 No Business Relationship. Nothing in this Lease shall be deemed or construed by the parties hereto, nor by any third party, as creating the
relationship of principal and agent or of partnership or of joint venture between the parties hereto, it being understood and agreed that neither the method of computation of rent, nor any other provision contained herein, nor any acts of the
parties hereto, shall be deemed to create any relationship between the parties hereto other than the relationship of landlord and tenant. 
 29.2 No
Offset. Tenant shall not for any reason withhold or reduce Tenant’s required payments of Rent and other charges provided in this Lease, it being agreed that the obligations of Landlord under this Lease are independent of Tenant’s
obligations except as may be otherwise expressly provided. The immediately preceding sentence shall not be deemed to deny Tenant the ability of pursuing all rights granted it under this Lease or at law. 

29.3 Landlord’s Liability Limited. The liability of Landlord to Tenant for any default by Landlord under the terms of this Lease
shall be limited to the interest of Landlord in the Building (including, without limitation, rents, income and profits derived therefrom); and Landlord’s officers, directors, shareholders, employees, and agents shall not be personally liable
for any deficiency. This Section shall not be deemed to limit or deny any remedies which Tenant may have in the event of default by Landlord, which do not involve the personal liability of Landlord. 

29.4 Consent. In all circumstances under this Lease where the prior consent of one party (the “Consenting Party”), whether it be Landlord or
Tenant, is required before the other party (the “Requesting Party”) is authorized to take any particular type of action, unless otherwise expressly set forth in this Lease, such consent shall not be withheld in a wholly unreasonable and
arbitrary manner; however, the Requesting Party agrees that its exclusive remedy if it believes that consent has been withheld improperly, including, but not limited to, consent required from Landlord pursuant to Section 22, shall be required
to institute litigation either for a declaratory judgment or for a mandatory injunction requiring that such consent be given, with the Requesting Party hereby waiving any claim for damages, attorney’s fees or any other remedy unless the
Consenting Party refuses to comply with a court order or judgment requiring it to grant its consent. 
 29.5 No Easements for View or Light. Tenant
covenants and agrees that no diminution of light, air or view by any structure that may be erected, whether or not by Landlord, after the date of this Lease shall entitle Tenant to any reduction of rent or other charges under this Lease, result in
any liability of Landlord to Tenant, or in any way affect this Lease or Tenant’s obligations under it. 
 29.6 Intentionally Omitted. 

29.7 Rules and Regulations. The rules and regulations attached to this Lease as Exhibit C are made a part of this Lease. Landlord may amend,
modify, delete or add new and additional rules and regulations of the use and care of the Premises and the Building, without materially diminishing Tenant’s use of the Premises or materially altering Tenant’s obligations under this Lease.
Tenant agrees that Tenant, Tenant’s employees and agents and any others permitted by Tenant to occupy or enter the Premises shall at all times abide by such rules and regulations as have been given to Tenant in writing. In the event of a
conflict between the rules and regulations and this Lease, this Lease shall control. Landlord agrees to promulgate or enforce the rules and regulations against tenants of the Building uniformly. 

  
 37 

 29.8 Notice to Landlord. Tenant shall notify Landlord or its representative promptly of any accidents
or defects in, on or about the Premises or the Building of which Tenant becomes aware, including without limitation defects in pipes, electrical wiring, elevators and HVAC equipment, and of any matter or condition which may cause injury or damage to
the Premises or the Building or to any person or property in, on or about any part of the Building. 
 29.9 Landlord’s
Modifications. Landlord shall have the right at any time to change the name of the Building, to increase the size of the Building by adding additional real property, to construct other buildings or improvements, or to change the character of or
to make alterations or additions to the Building. Landlord’s exercise of its rights under this Section shall not materially interfere with Tenant’s use of the Premises allocated to Tenant hereunder. 

29.10 Use of Name. Tenant shall not use the name of the Building for any purpose other than as part of its business address. 

29.11 No Recordation. Except as may be required by applicable law, Tenant shall not record this Lease or any memorandum or short form thereof. 

29.12 Force Majeure. Landlord shall have no liability to Tenant, nor shall Tenant have any right to terminate this Lease or abate Base or Additional
Rent, or assert a claim for partial or total actual or constructive eviction because of Landlord’s failure to perform any of its obligations under this Lease if the failure is due to reasons beyond Landlord’s reasonable control, including
without limitation strikes or other labor difficulties; inability to obtain necessary governmental permits and approvals, including building permits or certificates of occupancy; unavailability or scarcity of materials; war, riot; civil
insurrection; acts of terrorism; accidents; acts of God; or governmental preemption in connection with a national emergency. Tenant shall have no liability to Landlord because of Tenant’s failure to perform any of its obligations under this
Lease if the failure is due to reasons beyond Tenant’s reasonable control, including without limitation strikes or other labor difficulties; inability to obtain necessary governmental permits and approvals, including building permits or
certificates of occupancy; unavailability or scarcity of materials; war, riot; civil insurrection; acts of terrorism; accidents; acts of God; or governmental preemption in connection with a national emergency. However, Tenant’s obligation to
pay Rent or other charges due under this Lease shall not be excused by any force majeure. 
 29.13 Joint and Several Liability. If either party is
composed of more than one signatory to this Lease, each signatory shall be jointly and severally liable with each other signatory for payment and performance according to this Lease. 

29.14 Landlord’s Designated Authority. Landlord may act in any manner provided for in this Lease by or through any one or more
persons or entities it may designate from time to time by written notice to Tenant. 
 29.15 Continuation or Obligations. This Lease shall continue in
effect after termination or expiration of the Term to the extent of any provisions which require observance or performance by Landlord or Tenant subsequent to such termination or expiration, i.e., the obligations of the parties shall survive the
Expiration Date, and no liability of Landlord or Tenant which arose prior to such termination or expiration shall be extinguished by the same. 

  
 38 

 29.16 No Waiver. The waiver by Landlord or Tenant or failure by Landlord or Tenant to insist upon the
strict performance of any agreement, condition or provision contained in this Lease shall not be deemed to be a waiver of any subsequent breach of the same or any other agreement, condition or provision contained in this Lease, nor shall any custom
or practice which may arise between the parties in the administration of the terms of this Lease be construed to waive or to lessen the right of Landlord or Tenant to insist upon performance by Tenant or Landlord in strict accordance with the terms
of this Lease. The subsequent acceptance of Base Rent or Additional Rent by Landlord shall not be deemed to be a waiver of any preceding breach by Tenant of any agreement, condition or provision of this Lease, other than the failure of Tenant to pay
the particular Rent so accepted, regardless of Landlord’s knowledge of such preceding breach at the time of acceptance of such Rent. 
 29.17
Notices. Except in the case of any action in unlawful detainer, where delivery shall be governed by applicable statute, all notices, demands or other communication in connection with this Lease shall be in writing and shall be deemed properly
given and received (i) upon delivery, if delivered in person to Tenant’s Address for Notices in Section 1.18 with receipt acknowledged by the recipient thereof; (ii) one business day after having been deposited for overnight
delivery with any reputable overnight courier service, (iii) three business days after having been deposited in any post office or mail depository regularly maintained by the U.S. Postal Service and sent by registered or certified mail, postage
prepaid, return receipt requested, or (iv) by electronic mail or telecopy, in which event it will be deemed received upon the sender’s receipt of evidence of successful transmission of the entire notice during normal business hours. Either
Landlord or Tenant may add a reasonable number of additional addresses. Until notice in accordance with the foregoing, all notices, demands or other communications shall be sent to the addresses in Section 1. Notwithstanding the foregoing,
Tenant shall provide Landlord with onsite contact for contacting Tenant at the Premises, and Landlord may make telephonic or electronic contact with such on-site person with regard to matters involving the day-to-day operations of the Building and enforcement of the rules and regulations referenced in Section 29.7 and such notice shall be valid under this Lease. 

This Section shall not prohibit notice being given as provided in Rule 4 of the Colorado Rules of Civil Procedure as amended from time to time and such notice
shall be valid under this Lease. 
 29.18 No Merger. The termination or mutual cancellation of this Lease shall not work a merger, and shall at the
option of Landlord be exercised by notice to Tenant and all subtenants known to Landlord, prior to the 10th day after such termination or cancellation operate as an assignment to Landlord of any
or all such subleases or subtenancies. 
 29.19 Time of the Essence. Time is of the essence of each and every provision of this Lease. 

29.20 Construction. Landlord and Tenant acknowledge that each of them and their counsel have had an opportunity to review and discuss a draft of this
Lease and that this Lease shall not be construed against Landlord merely because Landlord has prepared it. 

  
 39 

 29.21 Financial Condition of Tenant. Tenant represents and warrants that as of the date of
Tenant’s execution and delivery of this Lease (i) the Consolidated Financial Statements and Independent Auditors’ Report dated December 31, 2014 and 2013, the Operational Balance Sheet for the Month Ended December 31, 2014,
the Financial Statements as of December 31, 2014 and the Operational Balance Sheet for the Month Ended May 31, 2015, all of which have been furnished to Landlord pertaining to Tenant or any competent person or entity of Tenant fairly
represents and accurately states in all material respects the subject person or entity’s financial condition as at the date or period referenced therein in accordance with generally accepted accounting principles consistently applied, and
(ii) there has not been a material adverse change in its financial condition following the time covered in such reports, and (iii) neither Tenant nor any key employee of Tenant is a party to any suit, proceedings, legal investigation or
other similar action (nor, to the best of Tenant’s knowledge, is any threatened) which if determined adversely to Tenant or the employee would materially adversely affect Tenant’s financial condition or Tenant’s business. 

29.22 OFAC. Landlord and Tenant, respectively, represent to each other that neither it nor its affiliates, respective partners, members, shareholders,
or other equity owners, and none of its employees, officers, directors, representatives or agents, is a person or entity with whom U.S. persons or entities are restricted from doing business with under Laws of the Office of Foreign Assets Control
(“OFAC”) of the United Stated Department of Treasury (including those named on OFAC’s Specially Designated and Blocked Persons List) or under any statute, executive order (including the September 24, 2001, Executive Order
Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action. 
 29.23
Captions. The captions of the various Sections of this Lease are for convenience only and shall not be considered in the construction of the contents of any such Sections or subsections. 

29.24 Severability. If any provision of this Lease proves to be illegal, invalid or unenforceable, the remainder of this Lease shall not be affected by
such finding, and in lieu of such provision, a provision will be added as a part of this Lease as similar in terms to such illegal, invalid or unenforceable provision as may be possible and be legal, valid and enforceable. 

29.25 Written Amendment Required. No amendment, alteration or modification of or addition to this Lease shall be valid or binding unless expressed in
writing and signed by Landlord and Tenant. If, as a result of a request made by a third party, either Landlord or Tenant requests an amendment, waiver, alteration or modification of this Lease from the other, the requester shall reimburse the other
party’s costs (including attorneys’ fees) incurred in reviewing, drafting and negotiating the same. 
 29.26 No Option.
Submission of this instrument for examination or signature by either party does not constitute a reservation of or an option for lease, and it is not effective as a lease or otherwise until executed and delivered by both Landlord and Tenant. 

  
 40 

 29.27 Authority. Tenant and the party executing this Lease on behalf of Tenant represent and warrant
to Landlord that such party is authorized to do so by requisite action of the board of directors, by the members or partners, as the case may be. Landlord and the party executing this Lease on behalf of Landlord represent and warrant to Tenant that
such party is authorized to do so by requisite action of the board of directors, by the members or partners, as the case may be. Landlord represents and warrants that Landlord is the sole owner of fee simple title to the Building, subject only to
existing easements, dedications, plats, liens, security interests, covenants, restrictions, declarations or other encumbrances of record, if any, and any leases, licenses and other written agreements with existing tenants and occupants, which may
affect the Building or any portion thereof. 
 29.28 Governing Law. This Lease shall be governed by and construed pursuant to the laws of the State of
Colorado. 
 29.29 No Reliance. TENANT HEREBY ACKNOWLEDGES THAT IT IS NOT RELYING UPON ANY BROCHURE, RENDERING, INFORMATION, REPRESENTATION OR PROMISE
OF LANDLORD, OR OF THE AGENT OR COOPERATING AGENT, IF ANY, EXCEPT AS MAY BE EXPRESSLY SET FORTH IN THIS LEASE. 
 29.30 Entire Agreement. This Lease
and the Exhibits contain the entire agreement between Landlord and Tenant. No promises or representations, except as contained in this Lease, have been made to Tenant by any person respecting the condition of the Premises, or the manner of operating
the Building, or otherwise. 
 29.31 Attorneys’ Fees. If Landlord and Tenant litigate any provision of this Lease or the entry into
this Lease, or the subject matter of this Lease, the unsuccessful litigant will pay to the successful litigant all costs and expenses, including reasonable attorneys’ fees and court costs, incurred by the successful litigant at trial and on any
appeal. If, without fault, either Landlord or Tenant is made a party to any litigation instituted by or against the other, the other will indemnify the faultless one against all loss, liability, and expense, including reasonable attorneys’ fees
and court costs, incurred by it in connection with such litigation. 
 29.32 ,Binding Effect. The covenants, conditions and agreements contained in
this Lease will bind and inure to the benefit of Landlord and Tenant and their respective heirs, distributees, executors, administrators, successors and, except as otherwise provided in this Lease, permitted assigns. 

29.33 Execution. This Lease may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Lease and all of
which, when taken together, will be deemed to constitute one and the same agreement. The exchange of copies of this Lease and of signature pages by email or other electronic means shall constitute effective execution and delivery of this Lease as to
the parties and may be used in lieu of the original Lease for all purposes. Signatures of the parties transmitted by email or other electronic means shall be deemed to be their original signatures for all purposes. 

29.34 Roof Rights. Landlord agrees to accommodate a request by Tenant to install communications antennae and satellite equipment on the roof of the
Historic Sugar Building solely for Tenant’s use in connection with its business conducted in the Premises and not for sale or use by third parties. Such accommodation by Landlord shall not involve that portion of the roof that is exclusively
for the use of any third party tenant of the Historic Sugar Building and shall be 

  
 41 

 
further subject to all applicable laws, Laws and ordinances, the rights of other tenants of the Historic Sugar Building to install such equipment, and the obligation of Landlord to maintain the
general appearance of the Historic Sugar Building. Tenant shall not be obligated to pay any additional rent for any such antennae or satellite equipment, but the cost of the installation and maintenance of any such antennae or satellite equipment
shall be borne solely by Tenant. Landlord shall have the right to reasonably approve the equipment (and location thereof) and the means and manner of installation (and, in connection therewith, to insure that the same do not void any applicable roof
warranties) and to require removal of the equipment and restoration of the applicable area of the roof at the end of the Term of the Lease. 
 29.35
Telecommunications. Tenant shall have the right to access and use the riser space of the Building for its telecommunications requirements, at no cost to Tenant during the Term and subject to Landlord’s reasonable requirements including
without limitation removal at the end of the Term. 
 29.36 Parking. Subject to availability, and upon Tenant’s request, Landlord will use
reasonable efforts to make available to Tenant during the Term of this Lease and any Extension Period, up to six unassigned garage parking permits to park automobiles (on an
in-and-out basis) in the garage of the Sugarcube Building (the “Parking Permits”) at market rates then in-effect.
Tenant’s Parking Permits to park automobiles in the garage shall be upon the terms and conditions set forth on Exhibit G. Tenant acknowledges that Landlord cannot guarantee the availability of the six Parking Permits and Landlord’s
failure to deliver the same shall not constitute a default under this Lease. 
 Landlord and Tenant have executed and delivered this Lease
as of the Effective Date. 
  

			
	 LANDLORD
  

URBAN-1530 16TH STREET, LLC,

a Delaware limited liability company
  

By: Graham West, LLC, its Manager
  

By: Graham Management, Inc., its Manager
	  	 TENANT
  

BEST OF 52, LLC,
 a Delaware limited liability company

 
 By: Inspirato LLC

 
 Its sole member

		
	 By: /s/ Stina A. Kayser
 Name: Stina A.
Kayser
 Title: Secretary
	  	 By: /s/ Brent Handler
 Name: Brent Handler

Title: CEO

  
 42 

 FIRST AMENDMENT TO OFFICE LEASE 

THIS FIRST AMENDMENT TO OFFICE LEASE is made August ______, 2016 between URBAN-1530 16th
STREET, LLC, a Delaware limited liability company (“Landlord”) and BEST OF 52, LLC, a Delaware limited liability company (“Tenant”). 

Landlord and Tenant entered into an Office Lease dated December ______, 2015 (the “Lease”). Landlord and Tenant wish to amend the
Lease in certain ways. Accordingly, they agree: 
 1. Defined Terms; Recitals. Terms used but not defined in this First Amendment have
their meanings in the Lease. The recitals are incorporated into this First Amendment as though set forth in full in it. 
 2. Amendment of
Article 1(D) of Exhibit B. Article I(D) of Exhibit B is amended by deleting the existing paragraph in its entirety and replacing it with the following: 

“D. If Tenant discovers Hazardous Materials in the Existing Premises and remediation is recommended or required due to the
existence of such Hazardous Materials, Landlord will reimburse Tenant’s substantiated costs to do so in excess of $4.00 per rentable square foot of the Existing Premises (the “Remediation Allowance”) within 30 days after its receipt
of an invoice from Tenant. For purposes of clarification, Landlord acknowledges that the costs of the abatement project completed in the sixth floor ceiling of the Existing Premises may be included in the Remediation Allowance.” 

3. Miscellaneous. This First Amendment constitutes the entire understanding and agreement of Landlord and Tenant with respect to the
matters covered by it and supersedes all prior agreements and understandings, written or oral, between Landlord and Tenant with respect to such matters. This First Amendment may not be modified or amended, nor may any term or provision be waived or
discharged, except in writing signed by the party or parties against whom such amendment, modification, waiver, or discharge is sought to be enforced. The waiver by any party of any breach by another party of any provision of this First Amendment
will not constitute or operate as a waiver of any other breach of such provision or of any other provision by such party, nor will any failure to enforce any provision operate as a waiver of such provision or any other provision. This First
Amendment will be construed in accordance with, and be governed by, the laws of the State of Colorado. In the event of litigation arising out of this First Amendment, the prevailing party will be entitled to an award of reasonable attorneys’
fees and costs incurred in such litigation. This First Amendment may be executed in counterparts, in which case all such counterparts will constitute one and the same agreement; however, this First Amendment will not become binding upon any party
unless and until executed (whether or not in counterpart) by all the parties. Telecopy or facsimile signatures by the parties will be regarded as valid and binding signatures of the parties. This First Amendment will benefit and be binding upon the
parties to it and their respective heirs, representatives, successors and assigns. 
 Landlord and Tenant have executed this First Amendment
to Office Lease as of its date. 

  
 1 

 
			
	LANDLORD:
	URBAN-1530 16th STREET, LLC, a Delaware limited liability company
		
	By:	 	Graham West, LLC, its Manager
		
	By:	 	Graham Management, Inc., its Manager
		
	By:	 	/s/ Stina A. Kayser
	Name:	 	Stina A. Kayser
	Title:	 	Secretary
	
	TENANT:
	BEST OF 52, LLC, a Delaware limited liability company
		
	By:	 	/s/ David S. Kallery
	Name:	 	David S. Kallery
	Title:	 	 President

  
 2 

 SECOND AMENDMENT TO OFFICE LEASE 

THIS SECOND AMENDMENT TO OFFICE LEASE is made as of January 23, 2019 between URBAN-1530 16TH STREET, LLC, a Delaware limited liability company (“Landlord”), and BEST OF 52, LLC, a Delaware limited liability company, doing business as Inspirato (“Tenant”). 

Landlord and Tenant entered into an Office Lease dated December 15, 2015, and a First Amendment to Office Lease dated August , 2016
(collectively, the “Lease”). Sections 1.15 and 6.1 of the Lease refer to a “Doorway Allowance” of $25,000.00 in consideration of Tenant improving the second floor doorway of the Historic Sugar Building. Landlord and Tenant have
agreed to allocate that responsibility to Landlord and not to have the Doorway Allowance paid to Tenant. In addition, in the course of its improvement of the Existing Premises, Tenant incurred costs and delays in connection with compliance with Laws
(including without limitation building codes) related to the fourth floor of the Existing Premises after Tenant removed the plaster ceiling in it. In consideration of these costs, Landlord and Tenant agree that Landlord will provide Tenant with an
additional tenant finish allowance in the amount of $37,470.00. Accordingly, they agree: 
 1. Defined Terms; Recitals. Terms used but
not defined in this Second Amendment have their meanings in the Lease. The recitals are incorporated into this Second Amendment as though set forth in full in it. 

2. Amendment of Sections 1.15 and 6.1. 
  

	 	(a)	 As of the date hereof, Section 1.15 of the Lease is amended to read: 

1.15 Tenant Finish Allowance: $75.00 per rentable square foot of the Premises plus $37,470.00 in consideration of costs related to the
fourth floor of the Existing Premises, in accordance with the requirement of Supporting Documentation as defined in Article IV of Exhibit B to the Lease. 
  

	 	(b)	 As of the date hereof, Section 6.1 of the Lease is amended to read: 

6.1 Landlord’s Work. Landlord shall deliver (a) the Existing Premises to Tenant in their “as is” condition, and
(b) the Slot Building Premises to Tenant with all of Landlord’s Work having been substantially completed and Tenant will accept the Premises in such condition. Tenant’s commencement of Tenant’s Work in the Slot Building Premises
shall be conclusive evidence that the Slot Building Premises were then in the condition agreed upon between Landlord and Tenant. 
 3.
Modification of Certain Entryways. Promptly after its execution of this Second Amendment, Landlord at its cost (and no such cost shall be charged to Tenant or the Tenant Finish Allowance) will make improvements to the entry doorways to the
Existing Premises (including, without limitation, installing fire-rated doors) on the second, fourth, and sixth floors of the Historic Sugar Building (the “Doorway Work”) substantially in accordance with the Historic Sugar Tenant Entries
plans, dated November 16, 2018, prepared by Shears Adkins Rockmore, as they may be changed with the prior approval of Tenant (which approval shall not be unreasonably 

 
withheld) in order to obtain necessary permits for the Doorway Work from all applicable governmental authorities (the “Construction Drawings”). The most current version of the
Construction Drawings has been made available to Tenant, and Landlord will promptly provide any revisions of the Construction Drawings to Tenant. The Doorway Work will be done in compliance with Laws (including without limitation all applicable
building codes) and in accordance with applicable professional standards of skill and care and in a good and workmanlike manner, promptly and with all due diligence, and using commercially reasonable efforts to minimize disruption to Tenant and
Tenant’s business operations in the Existing Premises (including, without limitation, protection and isolation of the Existing Premises). If Landlord desires to perform the Doorway Work during Business Hours, Landlord shall ensure that Tenant
maintains ingress to and egress from the Existing Premises in accordance with applicable Laws. Landlord shall use commercially reasonable efforts to complete the Doorway Work on or before March 31, 2019. 

4. Confirmation. Landlord and Tenant confirm the Lease as amended by this Second Amendment. Tenant acknowledges that, as of the date of
this Amendment, Tenant has not delivered a notice of default to Landlord under the Lease. In consideration of the $37,470 tenant finish allowance granted to Tenant in this Second Amendment, Tenant waives and releases any known claims (such
“known claims” being only such claims based on facts existing as of the date hereof and based on the current actual knowledge of Mark Sheldon without inquiry or investigation) against Landlord arising solely from any failure of the ceiling
on the fourth floor (including the pre-existing plaster ceiling to the deck of the fifth floor) of the Existing Premises to be in compliance with Laws. In no event shall the foregoing waiver and release be
deemed to constitute a waiver of any claims by Tenant relating to any other compliance with Laws issues in the Premises. 
 5. Letter of
Credit. For the avoidance of doubt, so long as no (a) Event of Default then exists, and (b) no circumstance then exists that would be an Event of Default after the giving of notice or the passage of time, or both (of which Landlord has
given Tenant notice or promptly does give Tenant notice) the Letter of Credit as it may have been reduced or applied according to the Lease (or proceeds thereof, without interest) shall be returned to Tenant within thirty (30) days after the
expiration or sooner termination of the Lease, as amended. This obligation shall survive the expiration or sooner termination of the Lease. 

6. Miscellaneous. This Second Amendment constitutes the entire understanding and agreement of Landlord and Tenant with respect to the
matters covered by it and supersedes all prior agreements and understandings, written or oral, between Landlord and Tenant with respect to such matters. This Second Amendment may not be modified or amended, nor may any term or provision be waived or
discharged, except in writing signed by the party or parties against whom such amendment, modification, waiver, or discharge is sought to be enforced. The waiver by any party of any breach by another party of any provision of this Second Amendment
will not constitute or operate as a waiver of any other breach of such provision or of any other provision by such party, nor will any failure to enforce any provision operate as a waiver of such provision or any other provision. This Second
Amendment will be construed in accordance with, and be governed by, the laws of the State of Colorado. In the event of litigation arising out of this Second Amendment, the prevailing party will be entitled to an award of reasonable attorney’s
fees and costs incurred in such litigation. This second Amendment may be executed in 

  
 2 

 
counterparts, in which case all such counterparts will constitute one and the same agreement; however, this Second Amendment will not become binding upon any party unless and until executed
(whether or not in counterpart) by all the parties. Telecopy or facsimile signatures by the parties will be regarded as valid and binding signatures of the parties. This Second Amendment will benefit and be binding upon the parties to it and their
respective heirs, representatives, successors and assigns. 
 Landlord and Tenant have executed this Second Amendment to Office Lease as of
its date. 
  

			
	 LANDLORD
  

URBAN-1530 16TH STREET, LLC,

a Delaware limited liability company
  

By: Graham West, LLC, its Manager
  

By: Graham Management, Inc., its Manager
	  	 TENANT
  

BEST OF 52, LLC,
 a Delaware limited liability company

 
 By: Inspirato LLC, its sole Member

		
	 By: /s/ Stina A. Kayser
 Name: Stina A.
Kayser
 Title: Secretary
	  	 By: /s/ David S. Kallery
 Name: David S.
Kallery
 Title: President

  
 3 

 THIRD AMENDMENT TO OFFICE LEASE 

THIS THIRD AMENDMENT TO OFFICE LEASE (this “Third Amendment”) is made October 1, 2019, (the “Effective Date”) between URBAN-1530 16th STREET, LLC, a Delaware limited liability company (“Landlord”) and BEST OF 52, LLC, a Delaware limited liability company (“Tenant”). 

Landlord and Tenant entered into an Office Lease dated December 15, 2015, as amended by that certain First Amendment to Office Lease dated in August of
2016 and that certain Second Amendment to Office Lease dated January 23, 2019 (collectively, the “Lease”). Landlord and Tenant wish to amend the Lease in certain ways. Accordingly, they agree as follows: 

1. Defined Terms; Recitals. Terms used but not defined in this Third Amendment have their meanings in the Lease. The recitals are
incorporated into this Third Amendment as though set forth in full in it. 
 2. Section 1.7, Rent Commencement Date, is amended by
deleting the existing paragraph in its entirety and replacing it with the following: 
 “(a) April 15, 2016 for the
Existing Premises, and (b) June 26, 2019 for the Slot Building Premises.” 
 3. Section 1.8. Expiration Date, is
amended by deleting the existing paragraph in its entirety and replacing it with the following: 
 “October 31,
2026” 
 4. Section 1.18, Tenant’s Address for Notices, is amended by deleting the existing paragraph in its entirety and
replacing it with the following: 
  

	
	 BEST OF 52, LLC
 c/o: Inspirato
LLC

	 Attn: Legal Department
 1544 Wazee
Street

	Denver, CO 80202

 5. Section 13, Letter of Credit, is amended by deleting the existing paragraph in its entirety and
replacing it with the following: 
 “On the Effective Date.of the Third Amendment, Tenant shall deliver to Landlord a letter of credit in the amount of
$1,830,000 (“Letter of Credit Amount”) and in substantially the form of Exhibit I that can be presented for payment in Denver, Colorado, or through facsimile, and that is to be held as additional security for Tenant’ s faithful
performance of this Lease. Landlord shall not be obligated to apply the letter of credit to Base Rent or Additional Rent in arrears or damages for Tenant’s failure to perform the covenants, conditions, and agreements of this Lease; however,
Landlord may so apply the letter of credit, at its option. Landlord’s right to bring a proceeding to recover or otherwise to obtain possession of the Premises before or after Landlord’s termination of this Lease for nonpayment of Base Rent
or Additional Rent or for any other reason shall not in 

 
any event be affected by reason of the fact that Landlord holds the letter of credit. If Landlord repossesses the Premises because of an Event of Default, Landlord may apply the letter of credit
to all damages and may retain the letter of credit to apply to such damages as may be suffered or shall accrue by reason of Tenant’s default. If any bankruptcy or debtor proceedings shall be instituted by or against Tenant, or its successors or
assigns, the letter of credit shall be deemed to be applied first to the payment of any Base Rent or Additional Rent due Landlord for all periods prior to the institution of such proceedings, and the balance, if any, of the letter of credit may be
retained by Landlord for disposition pursuant to the bankruptcy or debtor proceedings. If Landlord draws on the letter of credit in whole or in part, Tenant shall, within 15 days after demand by Landlord, deliver a replacement letter of credit to
restore it to the full amount. So long as no Event of Default has occurred and is continuing on October 31, 2019, Landlord agrees to permit the Letter of Credit Amount to be reduced by $170,000.00. Thereafter, provided no Event of Default has
occurred and is continuing, Landlord agrees to permit the Letter of Credit Amount to be further reduced by $250,000.00 on each anniversary of the initial reduction; however, the Letter of Credit Amount shall never be reduced below $400,000.00. For
the avoidance of doubt, provided no Event of Default has occurred and is continuing on the respective reduction date set forth below, the Letter of Credit Amount shall be reduced pursuant to the following schedule: 

On December 31, 2019, by $170,000.00, to a new total amount of $1,660,000.00 

On December 31, 2020, by $250,000.00, to a new total amount of $1,410,000.00 

On December 31, 2021, by $250,000.00, to a new total amount of $1,160,000.00 

On December 31, 2022, by $250,000.00, to a new total amount of $910,000.00 

On December 31, 2023, by $250,000.00, to a new total amount of $660,000.00 

On December 31, 2024, by $250,000.00, to a new total amount of $410,000.00 

On December 31, 2025, by $10,000.00, to a new total amount of $400,000.00 

6. Exhibit 1 to Lease. Exhibit I attached to the Lease is hereby deleted in its entirety and replaced with Exhibit I attached to this
Third Amendment. 
 7. Reimbursement Requirement. As consideration for the terms of this Third Amendment, Tenant agrees to pay
$3600.00 in legal fees and expenses incurred by Landlord in connection with this Third Amendment (the “Amendment Expense”). Tenant will pay to Landlord the Amendment Expense within thirty (30) days after Tenant’s receipt of a
written invoice from Landlord. 
 8. Miscellaneous. This Third Amendment constitutes the entire understanding and agreement of
Landlord and Tenant with respect to the matters covered by it and supersedes all prior agreements and understandings, written or oral, between Landlord and Tenant with respect to such matters. This Third Amendment may not be modified or amended, nor
may any term or provision be waived or discharged, except in writing signed by the party or parties against whom such amendment, modification, waiver, or discharge is sought to be enforced. The waiver by any party of any breach by another party of
any provision of this Third Amendment will not constitute or operate as a waiver of any other breach of such provision or of any other provision by such party, nor will any failure to enforce any provision operate as a waiver of such provision or
any other provision. This Third Amendment will be construed in accordance with, and be governed by, the laws of the State of Colorado. In the event of litigation arising out of this Third Amendment, the prevailing party will be entitled to an award
of reasonable attorneys’ fees and 

 
costs incurred in such litigation. This Third Amendment may be executed in counterparts, in which case all such counterparts will constitute one and the same agreement; however, this Third
Amendment will not become binding upon any party unless and until executed (whether or not in counterpart) by all the parties. Telecopy or facsimile signatures by the parties will be regarded as valid and binding signatures of the parties. This
Third Amendment will benefit and be binding upon the parties to it and their respective heirs, representatives, successors and assigns. 

Landlord and Tenant have executed this Third Amendment to Office Lease as of the Effective Date 

 

			
	 LANDLORD
  

URBAN-1530 16TH STREET, LLC,

a Delaware limited liability company
  

By: Graham West, LLC, its Manager
  

By: Graham Management, Inc., its Manager
	  	 TENANT
  

BEST OF 52, LLC, a
 Delaware limited liability company

 
 By: Inspirato LLC, its sole Member

		
	 By: /s/ Stina A. Kayser
 Name: Stina A.
Kayser
 Title: Secretary
	  	 By: /s/ Kasey K. Johnson
 Name: Kasey K.
Johnson
 Title: Vice President LegalEX-10.25

 Exhibit 10.25 

LOAN AND SECURITY AGREEMENT 
 This LOAN
AND SECURITY AGREEMENT (this “Agreement”) is entered into as of October 15, 2020, by and between East West Bank (“Bank”) and INSPIRATO, LLC (“Borrower”). 

RECITALS 
 Borrower wishes to obtain
credit from time to time from Bank, and Bank desires to extend credit to Borrower. This Agreement sets forth the terms on which Bank will advance credit to Borrower, and Borrower will repay the amounts owing to Bank. 

AGREEMENT 
 The parties agree as follows:

 1. DEFINITIONS AND CONSTRUCTION. 

1.1 Definitions. As used in this Agreement, all capitalized terms shall have the definitions set forth in this Section 1.1. Any
term used in the Code and not defined herein shall have the meaning given to the term in the Code. 
 “Accounts” means all presently existing and
hereafter arising accounts, contract rights, payment intangibles and all other forms of obligations owing to Borrower arising out of the sale or lease of goods (including, without limitation, the licensing of software and other technology) or the
rendering of services by Borrower and any and all credit insurance, guaranties, and other security therefor, as well as all merchandise returned to or reclaimed by Borrower in respect thereof and Borrower’s Books relating to any of the
foregoing. 
 “Adjusted EBITDA” means earnings before interest, taxes depreciation and amortization, plus
(i) non-cash compensation charges or expenses, plus (ii) all other non-cash charges and expenses; provided, however, that the aggregate total of
such other non-cash charges and expenses added back pursuant to this clause (ii) shall not exceed One Million Dollars ($1,000,000.00) in any fiscal year of Borrower, plus any addbacks as Bank may
determine in its sole discretion following the completion of satisfactory diligence. 
 “Advance” or “Advances” means a cash advance or
cash advances under the Revolving Line. 
 “Affiliate” means, with respect to any Person, any Person that owns or controls directly or indirectly
such Person, any Person that controls or is controlled by or is under common control with such Person, and each of such Person’s senior executive officers, directors, and partners. 

“Average Monthly Recurring Revenue” means, for any date of determination, an amount equal to the aggregate amount of Monthly Recurring Revenue from
Eligible Recurring Revenue Contracts of the Borrower and its Subsidiaries on a consolidated basis for the trailing three (3) month period, determined as of the last day of the most recently completed month divided by three (3). 

“Bank Expenses” means all reasonable and documented costs or expenses (including reasonable and documented attorneys’ fees and expenses,
whether generated in-house or by outside counsel) incurred in connection with the preparation, negotiation, administration, and enforcement of the Loan Documents; reasonable Collateral audit fees; and
Bank’s reasonable and documented attorneys’ fees and expenses (whether generated in-house or by outside counsel) incurred in amending, enforcing or defending the Loan Documents (including fees and
expenses of appeal), incurred before, during and after an Insolvency Proceeding, whether or not suit is brought. 
 “Borrower Operating Agreement”
means the Amended and Restated Limited Liability Company Agreement of Borrower, as amended, restated, supplemented or otherwise modified from time to time; provided that Section 3.4 shall not be amended in any manner that is adverse to the
interests of Bank. 

  
 1 

 “Borrower State” means Delaware, the state under whose laws Borrower is organized. 

“Borrower’s Books” means all of Borrower’s books and records including: ledgers; records concerning Borrower’s assets or liabilities,
the Collateral, business operations or financial condition; and all computer programs, or tape files, and the equipment, containing such information. 

“Borrowing Base” means an amount equal to four hundred percent (400%) of (i) Borrower’s Average Monthly Recurring Revenue from Eligible
Recurring Revenue Contracts, as determined by Bank with reference to the most recent Borrowing Base Certificate delivered by Borrower less (ii) Subscriber Churn Revenue; provided however, that the Borrowing Base may be revised from time
to time by Bank following each Collateral audit or as Bank deems necessary in Bank’s reasonable judgment, in each case, upon no less than thirty (30) days’ prior written notice to Borrower. 

“Business Day” means any day that is not a Saturday, Sunday, or other day on which commercial banks in Los Angeles, California are authorized or
required to close. 
 “Cash” means unrestricted (other than restrictions in favor of Bank) cash and cash equivalents. 

“Change in Control” shall mean a transaction in which any “person” or “group” (within the meaning of Section 13(d) and
14(d)(2) of the Securities Exchange Act of 1934) becomes the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934), directly or indirectly, of a sufficient
number of shares of all classes of stock then outstanding of Borrower ordinarily entitled to vote in the election of directors, empowering such “person” or “group” to elect a majority of the Board of Managers of Borrower, who did
not have such power before such transaction. 
 “Chief Executive Office State” means Colorado, where Borrower’s chief executive office is
located. 
 “Closing Date” means the date of this Agreement. 

“Code” means the California Uniform Commercial Code as amended or supplemented from time to time. 

“Collateral” means the property described on Exhibit B attached hereto and all Negotiable Collateral and Intellectual Property Collateral to the
extent not described on Exhibit B, except to the extent (i) any such property is nonassignable by its terms (or the terms of any contract or agreement governing such property), without the consent of the licensor thereof or another party (but
only to the extent such prohibition on transfer is enforceable under applicable law, including, without limitation, Sections 9406 and 9408 of the Code), (ii) any such property consists of Excluded Accounts, solely to the extent that the granting of
a security interest in any such Excluded Accounts would result in a breach of, or default under, any contract or agreement governing such Excluded Account or result in a right of termination in favor of any third party with respect thereto, (iii)the
granting of a security interest therein is contrary to applicable law, provided that upon the cessation of any such restriction or prohibition, such property shall automatically become part of the Collateral, or (iv) any such property
constitutes the capital stock of a Foreign Subsidiary, in excess of sixty five percent (65%) of the voting power of all classes of capital stock of such Foreign Subsidiary entitled to vote; provided that in no case shall the definition of
“Collateral” exclude any Accounts, proceeds of the disposition of any property, or general intangibles consisting of rights to payment. 

“Collateral State” means the state or states or other countries, territories or jurisdictions where the Collateral is located, which are California,
Maryland, Michigan, Montana, Nevada, Wyoming, Texas, Arizona, Florida, South Carolina, Utah, Hawaii, Massachusetts, Colorado, Delaware, Puerto Rico, Mexico, Turk & Caicos, Italy, France, Dominican Republic, British Virgin Islands, Barbados,
Bahamas, U.S. Virgin Islands, Cayman Islands, Costa Rica, Tortola, Jamaica, and Canada. 
 “Collocation Property” means the Borrower’s
servers, racks, and related equipment stored at the collocation facility located at 900 South Broadway, Denver, CO 80209, provided that such Collocation Property does not at any time exceed a book value of Two Hundred Fifty Thousand Dollars
($250,000.00). 

  
 2 

 “Contingent Obligation” means, as applied to any Person, any direct or indirect liability,
contingent or otherwise, of that Person with respect to (i) any indebtedness, lease, dividend, letter of credit or other obligation of another, including, without limitation, any such obligation directly or indirectly guaranteed, endorsed, co-made or discounted or sold with recourse by that Person, or in respect of which that Person is otherwise directly or indirectly liable; (ii) any obligations with respect to undrawn letters of credit,
corporate credit cards or merchant services issued for the account of that Person; and (iii) all obligations arising under any interest rate, currency or commodity swap agreement, interest rate cap agreement, interest rate collar agreement, or
other agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency exchange rates or commodity prices; provided, however, that the term “Contingent Obligation” shall not include endorsements for
collection or deposit in the ordinary course of business. The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determined amount of the primary obligation in respect of which such Contingent Obligation is
made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by such Person in good faith; provided, however, that such amount shall not in any event exceed the maximum amount of the
obligations under the guarantee or other support arrangement. 
 “Contracts” means subscription contracts, membership contracts, maintenance
contracts, and maintenance renewal contracts of Borrower. 
 “Copyrights” means any and all copyright rights, copyright applications, copyright
registrations and like protections in each work or authorship and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret, now or hereafter existing, created, acquired or held. 

“Credit Extension” means each Advance or any other extension of credit by Bank to or for the benefit of Borrower hereunder. 

“Eligible Recurring Revenue Contracts” means Contracts billed and collected within the United States yielding Monthly Recurring Revenue, provided
that standards of eligibility may be fixed and revised from time to time by Bank in Bank’s reasonable judgment and upon notification thereof to Borrower in accordance with the provisions hereof. Unless otherwise agreed to by Bank, Eligible
Recurring Revenue Contracts shall not include the following: 
  

	(a)	 Contracts for which more than twenty-five percent (25%) of the average monthly value of such Contract is not
paid within ninety (90) days of invoice date; and 

  

	(b)	 Contracts with respect to which the customer is subject to any Insolvency Proceeding, or becomes insolvent or
goes out of business. 

 “Environmental Laws” means all laws, rules, regulations, orders and the like issued by any federal
state, local foreign or other governmental or quasi-governmental authority or any agency pertaining to the environment or to any hazardous materials or wastes, toxic substances, flammable, explosive or radioactive materials, asbestos or other
similar materials. 
 “Equipment” means all present and future machinery, equipment, tenant improvements, furniture, fixtures, vehicles, tools,
parts and attachments in which Borrower has any interest. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and
the regulations thereunder. 
 “Event of Default” has the meaning assigned in Article 8. 

“Existing Indebtedness” is the Indebtedness (other than contingent reimbursement and indemnification obligations for which no claim has been
asserted) of Borrower to PacWest in the aggregate principal outstanding amount as of the Closing Date of approximately Seven Million Five Thousand Seven Hundred and Eighty Two Dollars and Sixty-Four Cents
($7,005,782.64) pursuant to that certain Loan and Security Agreement, dated November 16, 2017, entered into by and between PacWest and Borrower, as amended, restated, supplemented or otherwise modified from time to time. 

  
 3 

 “Foreign Subsidiary” means any Subsidiary (a) which is a “controlled foreign
corporation” (as defined in Section 957 of the IRC), (b) all or substantially all of whose assets consist of equity securities of (or debt obligations owed or treated as owed by) (y) one or more “controlled foreign
corporations” (as defined in Section 957 of the IRC) or (z) Subsidiaries described in this clause (b), or (c) that is a direct or indirect Subsidiary of (y) a Subsidiary of a type described in clause (b) or (z) a
“controlled foreign corporation” (as defined in Section 957 of the IRC). 
 “GAAP” means generally accepted accounting principles,
consistently applied, as in effect from time to time. 
 “Guaranty Documents” has the meaning assigned in Section 8.11. 

“Guarantor” is any Person executing Guaranty Documents. 

“Indebtedness” means (a) all indebtedness for borrowed money or the deferred purchase price of property or services, including without
limitation reimbursement and other obligations with respect to surety bonds and letters of credit, (b) all obligations evidenced by notes, bonds, debentures or similar instruments, (c) all capital lease obligations, and (d) all
Contingent Obligations, in respect of obligations described in clauses (a) through (c) of this definition. 
 “Insolvency Proceeding” means
any proceeding commenced by or against any Person or entity under any provision of the United States Bankruptcy Code, as amended, or under any other bankruptcy or insolvency law, including assignments for the benefit of creditors, formal or informal
moratoria, compositions, extension generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief. 
 “Inspirato
Italy” means Picco Grigio S.r.L., a wholly-owned Subsidiary of Borrower organized under the laws of Italy. 
 “Inspirato Mexico” means
Inspirato Mexico S. de R.L. de C.V., a wholly-owned Subsidiary of Borrower organized under the laws of Mexico. 
 “Intellectual Property
Collateral” means all of Borrower’s right, title, and interest in and to the following: 
  

	(a)	 Copyrights, Trademarks and Patents; 

 

	(b)	 Any and all trade secrets, and any and all intellectual property rights in computer software and computer
software products now or hereafter existing, created, acquired or held; 

  

	(c)	 Any and all design rights which may be available to Borrower now or hereafter existing, created, acquired or
held; 

  

	(d)	 Any and all claims for damages by way of past, present and future infringement of any of the rights included
above, with the right, but not the obligation, to sue for and collect such damages for said use or infringement of the intellectual property rights identified above; 

 

	(e)	 All licenses or other rights to use any of the Copyrights, Patents or Trademarks, and all license fees and
royalties arising from such use to the extent permitted by such license or rights; 

  

	(f)	 All amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents; and

  

	(g)	 All proceeds and products of the foregoing, including without limitation all payments under insurance or any
indemnity or warranty payable in respect of any of the foregoing. 

 “Inventory” means all present and future inventory in which
Borrower has any interest. 
 “Investment” means any beneficial ownership of (including stock, partnership or limited liability company interest
or other securities) any other Person, or any loan, advance or capital contribution to any other Person. 

  
 4 

 “IRC” means the Internal Revenue Code of 1986, as amended, and the regulations thereunder. 

“Lien” means any mortgage, lien, deed of trust, charge, pledge, security interest or other encumbrance. 

“Loan Documents” means, collectively, this Agreement, any note or notes executed by Borrower, and any other document, instrument or agreement
entered into in connection with this Agreement, all as amended or extended from time to time. 
 “Material Adverse Effect” means (a) a
material impairment in the perfection or priority of Bank’s Lien in the Collateral or in the value of such Collateral; (b) a material adverse change in the business, operations, or financial condition of Borrower; or (c) a material
impairment of the prospect of repayment of any portion of the Obligations. 
 “Membership Lease Property” means any furniture, fixtures, operating
supplies and equipment maintained by Borrower at any vacation or other premises available to Borrower’s and its Subsidiaries’ customers pursuant to membership agreements by such customers with Borrower or Borrower’s Subsidiaries. 

“Monthly Recurring Revenue” means, with respect to any measurement period, monthly recurring revenue recognized in accordance with GAAP during such
period from Contracts. 
 “Negotiable Collateral” means all of Borrower’s present and future letters of credit of which it is a beneficiary,
drafts, instruments (including promissory notes), securities, documents of title, and chattel paper, and Borrower’s Books relating to any of the foregoing. 

“Obligations” means all debt, principal, interest, the Unused Fee, Bank Expenses and other amounts owed to Bank by Borrower pursuant to this
Agreement or any other agreement, whether absolute or contingent, due or to become due, now existing or hereafter arising, including any interest that accrues after the commencement of an Insolvency Proceeding and including any debt, liability, or
obligation owing from Borrower to others that Bank may have obtained by assignment or otherwise. 
 “PacWest” means Pacific Western Bank. 

“PacWest Letter of Credit” means a letter of credit in the amount of One Million Seven Hundred Sixty Eight Thousand Seven Hundred Fifty Six Dollars
and Sixty-Seven Cents ($1,768,756.67) issued to Borrower from PacWest pursuant to that certain Irrevocable Standby Letter of Credit, dated October 29, 2019, entered into by and between PacWest and Borrower. 

“Patents” means all patents, patent applications and like protections including without limitation improvements, divisions, continuations, renewals,
reissues, extensions and continuations-in-part of the same. 

“Periodic Payments” means all installments or similar recurring payments that Borrower may now or hereafter become obligated to pay to Bank pursuant
to the terms and provisions of any instrument, or agreement now or hereafter in existence between Borrower and Bank. 
 “Permitted Acquisition”
means any purchase or other acquisition by Borrower or its Subsidiaries (including the creation and capitalization of any Subsidiary in connection with such purchase or other acquisition) of (x) the capital stock of a Person that, upon the
consummation thereof, will become a Subsidiary (including as a result of a merger or consolidation) or (y) all or substantially all the assets of, or assets constituting one or more business units of, any Person (an “Acquisition”);
provided, that, with respect to each such Acquisition, (i) no Event of Default has occurred, is continuing or would exist immediately after giving effect to such Acquisition, (ii) the aggregate cash consideration paid in connection with
Acquisitions does not exceed One Million Dollars ($1,000,000); provided, however, that such consideration paid shall not exceed Two Hundred Fifty Thousand Dollars ($250,000.00) in Cash, in any fiscal year of Borrower, (iii) such Acquisition
does not result in a Change in Control, and (iv) in the case of any Acquisition involving Borrower, Borrower is the surviving legal entity. 

  
 5 

 “Permitted Indebtedness” means: 

 

	(a)	 Indebtedness of Borrower or any Subsidiary in favor of Bank arising under this Agreement or any other Loan
Document; 

  

	(b)	 Indebtedness existing on the Closing Date and disclosed in the Schedule; 

 

	(c)	 Indebtedness not to exceed One Million Dollars ($1,000,000.00) in the aggregate in any fiscal year of Borrower
secured by a lien described in clause (c) of the defined term “Permitted Liens,” provided such Indebtedness does not exceed the lesser of the cost or fair market value of the equipment financed with such Indebtedness;

  

	(d)	 Subordinated Debt; 

  

	(e)	 Indebtedness to trade creditors incurred in the ordinary course of business; 

 

	(f)	 Intercompany Indebtedness to the extent constituting a Permitted Investment; 

 

	(g)	 Indebtedness incurred as a result of endorsing negotiable instruments received in the ordinary course of
business; 

  

	(h)	 Indebtedness in respect of performance bonds, bid bonds, letters of credit, surety bonds, appeal bonds, and
similar obligations; 

  

	(i)	 Indebtedness incurred in connection with Third Party Merchant Services incurred in the ordinary course of
business; 

  

	(j)	 Indebtedness incurred on corporate credit cards in the ordinary course of business in an aggregate amount not
to exceed Three Million Dollars ($3,000,000) at any time outstanding; 

  

	(k)	 To the extent constituting Indebtedness, Indebtedness incurred in connection with the financing of insurance
premiums; 

  

	(l)	 Indebtedness consisting of any Contingent Obligations with respect to Indebtedness of Borrower or any
Subsidiary of Borrower that otherwise constitutes Permitted Indebtedness; 

  

	(m)	 Other unsecured Indebtedness not to exceed Five Hundred Thousand Dollars ($500,000.00) at any time outstanding;

  

	(n)	 Extensions, refinancings and renewals of any items of Permitted Indebtedness, provided that the principal
amount is not increased (except by the amount of any fees, premiums or other amounts incurred in connection with such extension, refinancing or renewal) or the terms modified to impose more burdensome terms upon Borrower or its Subsidiary, as the
case may be; and 

  

	(o)	 Unsecured Indebtedness authorized by the U.S. Small Business Administration including under the Paycheck
Protection Program, with principal amount not to exceed Nine Million Four Hundred and Seven Thousand Dollars ($9,407,000.00) in the aggregate. 

“Permitted Investment” means: 
  

	(a)	 Investments (i) existing on the Closing Date disclosed in the Schedule and (ii) in Subsidiaries in
existence as of the Closing Date; 

  
 6 

	(b)	 (i) Marketable direct obligations issued or unconditionally guaranteed by the United States of America or any
agency or any State thereof maturing within one (1) year from the date of acquisition thereof, (ii) commercial paper maturing no more than one (1) year from the date of creation thereof and currently having rating of at least A-2 or P-2 from either Standard & Poor’s Corporation or Moody’s Investors Service, (iii) Bank’s certificates of deposit maturing no more than one
(1) year from the date of investment therein, (iv) Bank’s money market accounts; (v) Investments in deposit or checking accounts held with Bank or otherwise permitted by, and subject to the terms and conditions of,
Section 6.6 and (vi) Investments consistent with any investment policy adopted by Borrower’s board of managers; 

  

	(c)	 Investments consisting of the endorsement of negotiable instruments for deposit or collection or similar
transactions in the ordinary course of business; 

  

	(d)	 Investments accepted in connection with Permitted Transfers; 

 

	(e)	 Investments (i) by Borrower in or to any Guarantor, (ii) by Subsidiaries in or to other Subsidiaries
or Borrower, and (iii) by Borrower in or to Subsidiaries that are not Guarantors in an amount not to exceed Three Million Dollars ($3,000,000.00) in the aggregate in any fiscal year of Borrower; 

 

	(f)	 Investments not to exceed Two Hundred Fifty Thousand Dollars ($250,000.00) in the aggregate in any fiscal year
consisting of (i) travel advances and employee relocation loans and other employee loans and advances in the ordinary course of business, and (ii) loans to employees, officers or directors relating to the purchase of equity securities of
Borrower or its Subsidiaries pursuant to employee stock purchase plan agreements approved by Borrower’s Board of Managers; 

  

	(g)	 Investments (including debt obligations) received in connection with the bankruptcy or reorganization of
customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of Borrower’s business; 

 

	(h)	 Subject to Section 7.12, Investment by Borrower or its Subsidiaries in Inspirato Mexico and Inspirato
Italy so long as no Event of Default has occurred and is continuing or would result immediately after giving effect to any such Investment; 

  

	(i)	 Investments consisting of interest rate, currency, or commodity swap agreements, interest rate cap or collar
agreements or arrangements, in each case, entered into in the ordinary course of business and designed to protect against fluctuations in interest rates, currency exchange rates or commodity prices, but in no case for speculation purposes;

  

	(j)	 (i) Permitted Acquisitions and (ii) transactions expressly permitted by Section 7.3;

  

	(k)	 Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers
and suppliers who are not Affiliates, in the ordinary course of business, provided that this subparagraph (i) shall not apply to Investments of Borrower in any Subsidiary; 

 

	(l)	 Joint ventures or strategic alliances in the ordinary course of Borrower’s business consisting of the non-exclusive licensing of technology, the development of technology or the providing of technical support, provided that any cash Investments by Borrower do not exceed Two Hundred Fifty Thousand Dollars
($250,000.00) in the aggregate in any fiscal year; and 

  

	(m)	 Other Investments in an aggregate amount not to exceed Five Hundred Thousand Dollars ($500,000.00) in any
fiscal year of Borrower. 

  
 7 

 “Permitted Liens” means the following: 

 

	(a)	 Any Liens (a) existing on the Closing Date and disclosed in the Schedule (excluding Liens to be satisfied
with the proceeds of the Advances), or (b) arising under this Agreement or the other Loan Documents or any other agreement in favor of Bank; 

  

	(b)	 Liens for taxes, fees, assessments or other governmental charges or levies, either not delinquent or being
contested in good faith by appropriate proceedings and for which Borrower maintains adequate reserves, provided the same have no priority over any of Bank’s security interests; 

 

	(c)	 Liens not to exceed One Million Dollars ($1,000,000.00) in the aggregate (i) upon or in any Equipment
acquired or held by Borrower or any of its Subsidiaries to secure the purchase price of such Equipment or indebtedness incurred solely for the purpose of financing the acquisition or lease of such Equipment, or (ii) existing on such Equipment
at the time of its acquisition, provided that the Lien is confined solely to the property so acquired and improvements thereon or accessions or additions thereto, and the proceeds of such Equipment; 

 

	(d)	 Liens incurred in connection with the extension, renewal or refinancing of the indebtedness secured by Liens of
the type described in clauses (a) through (c) above, provided that any extension, renewal or replacement Lien shall be limited to the property encumbered by the existing Lien (together with an improvements thereon or accessions or additions
thereto) and the principal amount of the indebtedness being extended, renewed or refinanced does not increase (except by the amount of any fees, premium or other charges incurred in connection with such extension, renewal or refinancing);

  

	(e)	 Liens on the Collateral securing Subordinated Debt; 

 

	(f)	 Subject to Section 6.6, Liens in favor of financial institutions arising in connection with
Borrower’s or its Subsidiaries’ deposit accounts and/or securities accounts held at such institutions, provided that Bank has a perfected security interest in such accounts to the extent required by Section 6.6; 

 

	(g)	 Liens of carriers, landlords, banks (including customary rights of set off), warehousemen, mechanics,
suppliers, or other possessory Liens that are imposed by law arising in the ordinary course of business, so long as the underlying obligations are not delinquent or remain payable without penalty or are being contested in good faith by appropriate
proceedings which have the effect of staying or preventing the forfeiture or sale of the property subject to any such Lien; 

  

	(h)	 Liens securing payment of workers’ compensation, employment insurance,
old-age pensions, social security, and other like obligations incurred in the ordinary course of business (other than Liens imposed by ERISA); 

 

	(i)	 Deposits to secure (i) the performance of bids, tenders, trade contracts, leases, government contracts,
statutory obligations, customs and other obligations of a similar nature, in each case, incurred in the ordinary course of business and (ii) obligations described in clauses (h), (i), (j), and (l) of the definition of “Permitted
Indebtedness”; 

  

	(j)	 Liens in favor of customs and revenue authorities arising as a matter of law to secure payments of customs
duties in connection with the importation of goods; 

  

	(k)	 Easements, rights or way, restrictions, encroachments, and other minor defects or irregularities of title, in
each case, that do not interfere in any material respect with the ordinary conduct of Borrower’s or its Subsidiaries’ businesses; 

  

	(l)	 Leases, subleases, non-exclusive licenses or sublicenses of property
(other than Intellectual Property) granted in the ordinary course of Borrower’s business (or, if referring to another Person, in the ordinary course of such Person’s business); 

 

	(m)	 Non-exclusive licenses of Intellectual Property granted in the ordinary
course of business; 

  

	(n)	 Liens arising from judgments, decrees or attachments in circumstances not constituting an Event of Default
under Sections 8.5 (attachment) or 8.9 (judgments); and 

  
 8 

	(o)	 Liens in favor of other financial institutions arising in connection with Borrower’s or its
Subsidiaries’ deposit accounts and/or securities accounts held at such institutions to secure standard fees for deposit services charged by, but not financing made available by such institutions, provided that Bank has a perfected security
interest in the amounts held in such deposit accounts to the extent required by Section 6.6. 

 “Permitted Transfer” means
a Transfer: 
  

	(a)	 Of Inventory or Membership Lease Property in the ordinary course of business; 

 

	(b)	 Consisting of non-exclusive licenses and similar arrangements for the
use of the property of Borrower or its Subsidiaries in the ordinary course of business; 

  

	(c)	 Of worn-out or obsolete Equipment; 

 

	(d)	 Consisting of grants of security interests and other Liens that constitute Permitted Liens;

  

	(e)	 of assets otherwise permitted by Section 7, including Permitted Investments and distributions permitted
pursuant to Section 7.6; 

  

	(f)	 (i) by Borrower to any Guarantor, (ii) by any Subsidiary that is not a Guarantor to another Subsidiary
that is not a Guarantor, or (iii) from a Subsidiary to Borrower or any Guarantor; 

  

	(g)	 Consisting of the sale of real property by any Subsidiary of Borrower; provided that any such sale of real
property is made in exchange for cash in an amount that is not less than the fair market value of such real property; or; 

  

	(h)	 Of other assets of Borrower or its Subsidiaries that do not in the aggregate exceed Two Hundred Thousand
Dollars ($200,000.00) during any fiscal year. 

 “Person” means any individual, sole proprietorship, partnership, limited
liability company, joint venture, trust, unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or governmental agency. 

“Prime Rate” means the greater of three and one quarter percent (3.25%) per year, or the variable rate of interest, per annum, most recently
announced by Bank, as its “prime rate,” whether or not such announced rate is the lowest rate available from Bank. 
 “Prohibited
Territory” means any person or country listed by the Office of Foreign Assets Control of the United States Department of Treasury as to which transactions between a United States Person and that territory are prohibited. 

“Projections” has the meaning assigned in Section 6.2. 

“Responsible Officer” means each of the Chief Executive Officer, the Chief Operating Officer, the Chief Financial Officer and the Controller of
Borrower. 
 “Revolving Line” means a Credit Extension of up to Fourteen Million Dollars ($14,000,000.00). 

“Revolving Maturity Date” means October 15, 2023. 

“Schedule” means the schedule of exceptions attached hereto and approved by Bank, if any. 

“Shares” means (i) sixty-five percent (65%) of the issued and outstanding capital stock, membership units or other securities owned or held of
record by Borrower in any Foreign Subsidiary of Borrower, and (ii) one hundred percent (100%) of the issued and outstanding capital stock, membership units or other securities owned or held of record by Borrower in any Subsidiary of Borrower
which is not a Foreign Subsidiary. 

  
 9 

 “SOS Reports” means the official reports from the Secretaries of State, the Chief Executive Office
State and the Borrower State and other applicable federal, state or local government offices identifying all current security interests filed in the Collateral and Liens of record as of the date of such report. 

“Subordinated Debt” means any debt incurred by Borrower that is subordinated in writing to the debt owing by Borrower to Bank on terms reasonably
acceptable to Bank (and identified as being such by Borrower and Bank). 
 “Subscriber Churn Rate” means, for any fiscal month of Borrower, a
ratio expressed as a percentage equal to the remainder of (i) the aggregate amount of Monthly Recurring Revenue of the Borrower and its Subsidiaries on a consolidated basis for the trailing three (3) month period, determined as of the last
day of the most recently completed month, that is attributable to Eligible Recurring Revenue Contracts that have been cancelled or, if eligible for renewal, not renewed, in each case, during such three (3) month period, divided by
(ii) the aggregate amount of Monthly Recurring Revenue from Eligible Recurring Revenue Contracts of the Borrower and its Subsidiaries on a consolidated basis for the trailing three (3) month period, determined as of the last day of the
most recently completed month. 
 “Subscriber Churn Revenue” means for any date of determination, the aggregate amount of Monthly Recurring
Revenue of the Borrower and its Subsidiaries on a consolidated basis for the trailing three (3) month period, determined as of the last day of the most recently completed month, that is attributable to Eligible Recurring Revenue Contracts that
have been cancelled or, if eligible for renewal, not renewed, in each case, during such three (3) month period, divided by three (3). 

“Subsidiary” means any corporation, partnership or limited liability company or joint venture in which (i) any general partnership interest or
(ii) more than fifty percent (50%) of the stock, limited liability company interest or joint venture of which by the terms thereof ordinary voting power to elect the Board of Directors, managers or trustees of the entity, at the time as of
which any determination is being made, is owned by Borrower, either directly or through an Affiliate. 
 “Tax Distributions” means any
distributions required to be declared or paid pursuant to Section 3.4 (or any successor provision) of the Borrower Operating Agreement. 
 “Third
Party Merchant Services” means merchant services provided to Borrower or its Subsidiaries by American Express, Merchant e-Solutions, Inc., Worldpay, Inc., UMS Banking and/or any other third party credit
card processing or merchant services provider. 
 “Trademarks” means any trademark and servicemark rights, whether registered or not, applications
to register and registrations of the same and like protections, and the entire goodwill of the business of Borrower connected with and symbolized by such trademarks. 

1.2 Accounting Terms. Any accounting term not specifically defined in Section 1.1 shall be construed in accordance with GAAP and
all calculations shall be made in accordance with GAAP (except for (i) non-compliance with FAS 123R in monthly reporting and (ii) with respect to unaudited financial statements, for the absence of
footnotes and subject to year-end audit adjustments); provided, however, that if at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan
Document, and either Borrower or Bank shall so request, Borrower and Bank shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP; provided, further, that, until so
amended, (x) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (y) Borrower shall provide Bank financial statements and other documents required under this Agreement or as
reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP; and provided further that (x) any obligations of a Person that are or
would have been treated as operating leases for purposes of GAAP prior to the issuance by the Financial Accounting Standards Board on February 25, 2016 of an Accounting Standards Update 

  
 10 

 
(the “ASU”) shall continue to be accounted for as operating leases for purposes of all financial definitions, calculations and covenants for purpose of this Agreement (other than for
purposes of the delivery of financial statements prepared in accordance with GAAP) whether or not such operating lease obligations were in effect on such date notwithstanding the fact that such obligations are required in accordance with the ASU (on
a prospective or retroactive basis or otherwise) to be treated as capitalized lease obligations in accordance with GAAP. The term “financial statements” shall include the accompanying notes and schedules. 

2. LOAN AND TERMS OF PAYMENT. 

2.1 Credit Extensions. 

(a) Promise to Pay. Borrower promises to pay to Bank, in lawful money of the United States of America, the aggregate unpaid principal
amount of all Credit Extensions made by Bank to Borrower, together with interest on the unpaid principal amount of such Credit Extensions at rates in accordance with the terms hereof. 

(b) Advances Under Revolving Line. 

(i) Amount. Subject to and upon the terms and conditions of this Agreement Borrower may request Advances in an aggregate outstanding
amount not to exceed the lesser of (A) the Revolving Line or (B) the Borrowing Base. Amounts borrowed pursuant to this Section 2.1(b) may be repaid and reborrowed at any time without penalty or premium prior to the Revolving Maturity
Date, at which time all Advances under this Section 2.1(b) shall be immediately due and payable. 
 (ii) Form of Request.
Whenever Borrower desires an Advance, Borrower will notify Bank by facsimile transmission or telephone no later than 12:00 p.m. Pacific time on the Business Day that the Advance is to be made. Each such notification shall be promptly confirmed by a
Payment/Advance Form in substantially the form of Exhibit C. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in
Bank’s discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any facsimile or telephonic notice given by a person who Bank reasonably believes to be a Responsible
Officer or a designee thereof, and Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(b) to Borrower’s
deposit account. 
 2.2 Overadvances. If the aggregate amount of the outstanding Advances exceeds the lesser of the Revolving Line or
the Borrowing Base at any time, Borrower shall immediately pay to Bank, in cash, the amount of such excess. 
 2.3 Interest Rates,
Payments, and Calculations. 
 (a) Interest Rates. 

(i) Advances. Except as set forth in Section 2.3(b), the Advances shall bear interest, on the outstanding daily balance thereof,
at a rate equal to one percent (1.00%) above the Prime Rate 
 (b) Late Fee; Default Rate. If any payment is not made within ten
(10) days after the date such payment is due, Borrower shall pay Bank a late fee equal to the lesser of (i) five percent (5.00%) of the amount of such unpaid amount or (ii) the maximum amount permitted to be charged under applicable
law, but not less than Five Dollars ($5.00). All Obligations shall bear interest, from and after the occurrence and during the continuance of an Event of Default, at a rate equal to five (5) percentage points above the interest rate applicable
immediately prior to the occurrence of the Event of Default. 

  
 11 

 (c) Payments. Interest hereunder shall be due and payable on the first calendar day
of each quarter during the term hereof. Bank shall, at its option, charge such interest, all Bank Expenses, and all Periodic Payments against any of Borrower’s deposit accounts or against the Revolving Line, in which case those amounts shall
thereafter accrue interest at the rate then applicable hereunder. Borrower authorizes Bank, at its sole option, to (i) debit any of Borrower’s accounts with Bank or (ii) make demand upon Borrower for payment of all Bank Expenses. Any
interest not paid when due shall be compounded by becoming a part of the Obligations, and such interest shall thereafter accrue interest at the rate then applicable hereunder. All payments shall be free and clear of any taxes, withholdings, duties,
impositions or other charges, to the end that Bank will receive the entire amount of any Obligations payable hereunder, regardless of source of payment. 

(d) Application of Payments. Unless otherwise agreed or required by applicable law, payments will be applied first to any accrued
unpaid interest as shown on the most recent statement or bill provided to Borrower (if no statement or bill has been provided for any reason, it shall be applied to the unpaid interest accrued since the last payment); then to principal; then to any
late charges; and then to any unpaid collection costs. Borrower will pay Bank at Bank’s address shown above or at such other place as Bank may designate in writing. 

(e) Computation. In the event the Prime Rate is changed from time to time hereafter, the applicable rate of interest hereunder shall
be increased or decreased, effective as of the day the Prime Rate is changed, by an amount equal to such change in the Prime Rate. All interest chargeable under the Loan Documents shall be computed on the basis of a three hundred sixty
(360) day year for the actual number of days elapsed. 
 2.4 Crediting Payments. So long as no Event of Default exists, Bank
shall credit a wire transfer of funds, check or other item of payment to such deposit account or Obligation as Borrower specifies. After the occurrence and during the continuance of an Event of Default, Bank shall have the right, in its sole
discretion, to immediately apply any wire transfer of funds, check, or other item of payment Bank may receive to conditionally reduce the Obligations, but such applications of funds shall not be considered a payment on account unless such payment is
of immediately available federal funds or unless and until such check or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any wire transfer or payment received by Bank after
12:00 p.m. Pacific time shall be deemed to have been received by Bank as of the opening of business on the immediately following Business Day. Whenever any payment to Bank under the Loan Documents would otherwise be due (except by reason of
acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for the period of such extension. 

2.5 Fees. Borrower shall pay to Bank the following: 

(a) Facility Fee. On the Closing Date, a fee equal to One Hundred Forty Thousand Dollars ($140,000.00), which shall be nonrefundable
and which may be netted out of loan proceeds on the Closing Date or debited from any of Borrower’s accounts; 
 (b) Unused Fee.
A fee, payable quarterly to Bank in arrears, in an amount equal to two-tenths of one percent (0.20%) per annum of the difference between the Revolving Line and the average outstanding principal balance of the
Obligations during the applicable quarter, which fee shall be payable within five (5) days of the last day of each such quarter and shall be nonrefundable, which may be debited from any of Borrower’s accounts; 

(c) Bank Expenses. On the Closing Date, all Bank Expenses incurred through the Closing Date, and, after the Closing Date, all Bank
Expenses, as and when they become due; and 
 (d) Good Faith Deposit. Borrower has paid to Bank a good faith deposit of Twenty
Thousand Dollars ($20,000) (the “Good Faith Deposit”) to initiate Bank’s due diligence review process. Any portion of the Good Faith Deposit not utilized to pay Bank Expenses on the Closing Date shall be returned to Borrower; provided
that Borrower shall be required to satisfy in full the Bank Expenses notwithstanding the amount of the Good Faith Deposit. 

  
 12 

 2.6 Term. This Agreement shall become effective on the Closing Date and, subject to
Section 12.8, shall continue in full force and effect for so long as any Obligations (other than inchoate indemnity obligations) remain outstanding or Bank has any obligation to make Credit Extensions under this Agreement. Notwithstanding the
foregoing, Bank shall have the right to terminate its obligation to make Credit Extensions under this Agreement immediately and without notice upon the occurrence and during the continuance of an Event of Default. 

3. CONDITIONS OF LOANS. 

3.1 Conditions Precedent to Initial Credit Extension. The obligation of Bank to make the initial Credit Extension is subject to the
condition precedent that Bank shall have received, in form and substance satisfactory to Bank, the following: 
 (a) this Agreement; 

(b) an officer’s certificate of Borrower with respect to incumbency and resolutions authorizing the execution and delivery of this
Agreement; 
 (c) a UCC National Form Financing Statement with respect to Borrower; 

(d) an intellectual property security agreement from Borrower; 

(e) agreement to furnish insurance; 

(f) payment of the fees and Bank Expenses then due specified in Section 2.5; 

(g) current SOS Reports indicating that except for Permitted Liens, there are no other security interests or Liens of record in the
Collateral; 
 (h) an audit of the Collateral, the results of which shall be satisfactory to Bank; 

(i) current financial statements, including audited statements for Borrower’s most recently ended fiscal year, together with an
unqualified opinion, company prepared consolidated balance sheets and income statements for the most recently ended month in accordance with Section 6.2, and such other updated financial information as Bank may reasonably request; 

(j) current Compliance Certificate in accordance with Section 6.2; 

(k) a Perfection Certificate; 

(l) Subject to Section 6.6, securities and/or deposit account control agreements with respect to any accounts permitted hereunder to be
maintained outside Bank; 
 (m) an Automatic Debit Authorization; 

(n) a payoff letter from PacWest in respect of the Existing Indebtedness; 

(o) evidence that (i) the Liens securing the Existing Indebtedness will be terminated and (ii) the documents and/or filings
evidencing the perfection of such Liens, including without limitation any financing statements and/or control agreements, have or will concurrently with the initial Credit Extension, be terminated; and 

(p) such other documents or certificates, and completion of such other matters, as Bank may reasonably deem necessary or appropriate. 

  
 13 

 3.2 Conditions Precedent to all Credit Extensions. The obligation of Bank to make
each Credit Extension, including the initial Credit Extension, is further subject to the following conditions: 
 (a) timely receipt by
Bank of the Payment/Advance Form as provided in Section 2.1; and 
 (b) the representations and warranties contained in Article 5
shall be true and correct in all material respects on and as of the date of such Payment/Advance Form and on the effective date of each Credit Extension as though made at and as of each such date, and no Event of Default shall have occurred and be
continuing, or would exist after giving effect to such Credit Extension (provided, however, that those representations and warranties expressly referring to another date shall be true, correct and complete in all material respects as
of such date). The making of each Credit Extension shall be deemed to be a representation and warranty by Borrower on the date of such Credit Extension as to the accuracy of the facts referred to in this Section 3.2. 

4. CREATION OF SECURITY INTEREST. 

4.1 Grant of Security Interest. Borrower grants and pledges to Bank a continuing security interest in the Collateral to secure prompt
repayment of any and all Obligations and to secure prompt performance by Borrower of each of its covenants and duties under the Loan Documents. Except for Permitted Liens and as set forth in the Schedule, such security interest constitutes a valid,
first priority security interest in the presently existing Collateral, and will constitute a valid, first priority security interest in later-acquired Collateral, to the extent such security interest may be perfected by the filing of financing
statements under the Code and other perfection actions taken by Bank or Borrower pursuant to this Agreement. Notwithstanding any termination of this Agreement, Bank’s Lien on the Collateral shall remain in effect for so long as any Obligations
(other than inchoate indemnity obligations) are outstanding. 
 4.2 Perfection of Security Interest. Borrower authorizes Bank to
file at any time financing statements, continuation statements, and amendments thereto that (i) either specifically describe the Collateral or describe the Collateral as all assets of Borrower of the kind pledged hereunder, and
(ii) contain any other information required by the Code for the sufficiency of filing office acceptance of any financing statement, continuation statement, or amendment, including whether Borrower is an organization, the type of organization
and any organizational identification number issued to Borrower, if applicable. Any such financing statements may be filed by Bank at any time in any jurisdiction whether or not Revised Article 9 of the Code is then in effect in that jurisdiction.
Borrower shall from time to time endorse and deliver to Bank, at the request of Bank, all Negotiable Collateral and other documents that Bank may reasonably request, in form satisfactory to Bank, to perfect and continue perfection of Bank’s
security interests in the Collateral and in order to fully consummate all of the transactions contemplated under the Loan Documents. Borrower shall have possession of the Collateral, except where expressly otherwise provided in this Agreement or
where Bank chooses to perfect its security interest by possession in addition to the filing of a financing statement. Except with respect to Membership Lease Property, Collocation Property, personal property in transit in the ordinary course of
business and movable items of personal property, where Collateral having a value in excess of Two Hundred Fifty Thousand Dollars ($250,000.00) is in possession of a third party bailee, Borrower shall take such steps as Bank reasonably requests for
Bank to (i) obtain an acknowledgment, in form and substance satisfactory to Bank, of the bailee that the bailee holds such Collateral for the benefit of Bank, and (ii) subject to Section 6.6, obtain “control” of any
Collateral consisting of investment property, deposit accounts, letter-of-credit rights or electronic chattel paper (as such items and the term “control” are
defined in Revised Article 9 of the Code) by causing the securities intermediary or depositary institution or issuing bank to execute a control agreement in form and substance satisfactory to Bank. Borrower will not create any chattel paper without
placing a legend on the chattel paper acceptable to Bank indicating that Bank has a security interest in the chattel paper. Borrower from time to time may deposit with Bank specific cash collateral to secure specific Obligations; Borrower authorizes
Bank to hold such specific balances in pledge and to decline to honor any drafts thereon or any request by Borrower or any other Person to pay or otherwise transfer any part of such balances for so long as the specific Obligations (other than
inchoate indemnity obligations) are outstanding. 
 4.3 Right to Inspect. Bank (through any of its officers, employees, or agents)
shall have the right, upon reasonable prior notice, from time to time during Borrower’s usual business hours but no more than once a year (unless an Event of Default has occurred and is continuing), to inspect Borrower’s Books and to make
copies thereof and to check, test, and appraise the Collateral in order to verify Borrower’s financial condition or the amount, condition of, or any other matter relating to, the Collateral. 

  
 14 

 4.4 Pledge of Collateral. Borrower hereby pledges, collaterally assigns and grants to
Bank a security interest in all the Shares, together with all proceeds and substitutions thereof, all cash, stock and other moneys and property paid thereon, all rights to subscribe for securities declared or granted in connection therewith, and all
other cash and noncash proceeds of the foregoing, as security for the performance of the Obligations. On the Closing Date, the certificate or certificates for the Shares, if any, will be delivered to Bank, accompanied by an instrument of assignment
duly executed in blank by Borrower. To the extent required by the terms and conditions governing the Shares, Borrower shall cause the books of each entity whose Shares are part of the Collateral and any transfer agent to reflect the pledge of the
Shares. Upon the occurrence and during the continuance of an Event of Default hereunder, Bank may effect the transfer of any securities included in the Collateral (including but not limited to the Shares) into the name of Bank and cause new
certificates representing such securities to be issued in the name of Bank or its transferee. Borrower will execute and deliver such documents, and take or cause to be taken such actions, as Bank may reasonably request to perfect or continue the
perfection of Bank’s security interest in the Shares. Unless an Event of Default shall have occurred and be continuing, Borrower shall be entitled to exercise any voting rights with respect to the Shares and to give consents, waivers and
ratifications in respect thereof, provided that no vote shall be cast or consent, waiver or ratification given or action taken which would be inconsistent with any of the terms of this Agreement or which would constitute or create any violation of
any of such terms. All such rights to vote and give consents, waivers and ratifications shall terminate upon the occurrence and during the continuance of an Event of Default. 

5. REPRESENTATIONS AND WARRANTIES. 

Borrower represents and warrants as follows: 

5.1 Due Organization and Qualification. Borrower and each Subsidiary is an entity duly existing under the laws of the jurisdiction in
which it is organized and qualified and licensed to do business in any state in which the conduct of its business or its ownership of property requires that it be so qualified, except where the failure to do so could not reasonably be expected to
cause a Material Adverse Effect. 
 5.2 Due Authorization; No Conflict. The execution, delivery, and performance of the Loan
Documents are within Borrower’s powers, have been duly authorized, and are not in conflict with nor constitute a breach of any provision contained in Borrower’s Certificate of Formation or Borrower Operating Agreement, nor will they
constitute an event of default under any material agreement by which Borrower is bound. Borrower is not in default under any agreement by which it is bound, except to the extent such default would not reasonably be expected to cause a Material
Adverse Effect. 
 5.3 Collateral. Borrower has rights in or the power to transfer the Collateral, and its title to the Collateral is
free and clear of Liens, adverse claims, and restrictions on transfer or pledge except for Permitted Liens. Other than (i) Membership Lease Property, (ii) movable items of personal property such as laptop computers, (iii) any
Collateral in transit, and (iv) Collocation Property, any Collateral having a book value in excess of Two Hundred Fifty Thousand Dollars ($250,000.00) is located solely in the Collateral States or such other locations as permitted by
Section 7.10. The Eligible Recurring Revenue Contracts are bona fide existing contracts. Borrower has not received notice of an actual or imminent Insolvency Proceeding commenced by or against any customer of Borrower whose Contracts are
included in any Borrowing Base Certificate as Eligible Recurring Revenue Contract. Borrower has not received notice of actual or imminent Insolvency Proceeding of any account debtor whose accounts are included in any Borrowing Base Certificate as an
Eligible Recurring Revenue Contracts. All Inventory is in all material respects of good and merchantable quality, free from all material defects, except for Inventory for which adequate reserves have been made. Except as set forth in the Schedule,
or as otherwise permitted by Section 6.6, none of the Collateral is maintained or invested with a Person other than Bank or Bank’s Affiliates. 

5.4 Intellectual Property Collateral. Borrower is the sole owner of the Intellectual Property Collateral owned by it, except for non-exclusive licenses granted by Borrower to its customers in the ordinary course of business and intercompany licenses. To the best of Borrower’s knowledge, each of the Copyrights, Trademarks and Patents is
valid and enforceable, and no part of the Intellectual Property Collateral has been judged invalid or unenforceable, in whole or in part, and no claim has been made to Borrower in writing that any part of the Intellectual Property Collateral
violates the rights of any third party except to the extent such invalidity, unenforceability, or claim could not reasonably be expected to cause a Material Adverse Effect. 

  
 15 

 5.5 Name; Location of Chief Executive Office. Except as disclosed in the Schedule or
as Borrower may have notified Bank pursuant to Section 7.2, Borrower has not done business within the last five years under any name other than that specified on the signature page hereof, and its exact legal name is as set forth in the first
paragraph of this Agreement. The chief executive office of Borrower is located in the Chief Executive Office State at the address indicated in Section 10 hereof or such other location as Borrower has notified Bank pursuant to Section 7.2.

 5.6 Actions, Suits, Litigation, or Proceedings. Except as set forth in the Schedule, there are no actions, suits, litigation or
proceedings, at law or in equity, pending by or against Borrower or any Subsidiary before any court, administrative agency, or arbitrator which could reasonably be expected to have a Material Adverse Effect. 

5.7 No Material Adverse Change in Financial Statements. All consolidated financial statements related to Borrower and its Subsidiaries
that are delivered by Borrower to Bank fairly present in all material respects Borrower’s consolidated financial condition as of the date thereof and Borrower’s consolidated results of operations for the period then ended. There has not
been a material adverse change in the consolidated financial condition of Borrower since the date of the most recent of such financial statements submitted to Bank. 

5.8 Solvency, Payment of Debts. Borrower is able to pay its debts (including trade debts) as they mature; the fair saleable value of
Borrower’s assets (including goodwill minus disposition costs) exceeds the fair value of its liabilities; and Borrower is not left with unreasonably small capital after the transactions contemplated by this Agreement. 

5.9 Compliance with Laws and Regulations. Borrower and each Subsidiary have met the minimum funding requirements of ERISA with respect
to any employee benefit plans subject to ERISA. No event has occurred resulting from Borrower’s failure to comply with ERISA that is reasonably likely to result in Borrower’s incurring any liability that could reasonably be expected to
have a Material Adverse Effect. Borrower is not required to register as an “investment company” and is not “controlled” by any company required to register as an “investment company” within the meaning of the Investment
Company Act of 1940. Borrower is not engaged principally, or as one of the important activities, in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulations T and U of the Board of
Governors of the Federal Reserve System). Borrower has complied in all material respects with all the provisions of the Federal Fair Labor Standards Act. Borrower is in compliance with all environmental laws, regulations and ordinances except where
the failure to comply is not reasonably likely to have a Material Adverse Effect. Borrower has not violated any statutes, laws, ordinances or rules applicable to it, the violation of which could reasonably be expected to have a Material Adverse
Effect. Neither Borrower nor any of its Subsidiaries is in violation in any material respect of any applicable requirement of law relating to terrorism or money laundering, including Executive Order No. 13224, effective September 24, 2001,
The Currency and Foreign Transactions Reporting Act (also known as the “Bank Secrecy Act,” 31 U.S.C. §§ 5311 5330), the Trading With the Enemy Act (50 U.S.C. §§1-44, as amended),
the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107 56, signed into law October 26, 2001, the Criminal Justice (Money Laundering and Terrorist Financing)
Act 2010 as amended and the Criminal Justice (Terrorist Offences) Act 2005. Borrower and each Subsidiary have filed or caused to be filed all tax returns required to be filed, and have paid, or have made adequate provision for the payment of, all
taxes reflected therein except those being contested in good faith with adequate reserves under GAAP or where the failure to file such returns or pay such taxes could not reasonably be expected to have a Material Adverse Effect. 

5.10 Subsidiaries. Borrower does not own any stock, partnership interest or other equity securities of any Person, except for Permitted
Investments. 
 5.11 Government Consents. Borrower and each Subsidiary have obtained all consents, approvals and authorizations of,
made all declarations or filings with, and given all notices to, all governmental authorities that are necessary for the continued operation of Borrower’s business as currently conducted, except where the failure to do so would not reasonably
be expected to cause a Material Adverse Effect. 

  
 16 

 5.12 Inbound Licenses. Except as disclosed on the Schedule or as notified to Bank
pursuant to Section 6.9, Borrower is not a party to, nor is bound by, any inbound license that validly prohibits or otherwise restricts Borrower from granting a security interest in Borrower’s interest in such license other than this (i) over-the-counter software that is commercially available to the public, (ii) license agreements entered into in the ordinary course of Borrower’s business,
including, without limitation, software provided by Salesforce.com, Inc., in each case, to the extent that any breach or termination thereof would not reasonably be expected to cause a Material Adverse Effect, and (iii) customary non-assignment provisions to the extent that any such provisions are ineffective under the Code. 
 5.13
Shares. Borrower has full power and authority to create a first lien on the Shares and no disability or contractual obligation exists that would prohibit Borrower from pledging the Shares pursuant to this Agreement. To Borrower’s
knowledge, there are no subscriptions, warrants, rights of first refusal or other restrictions on transfer relative to, or options exercisable with respect to the Shares. The Shares have been and will be duly authorized and validly issued, and are
fully paid and non-assessable. To Borrower’s knowledge, the Shares are not the subject of any present or threatened suit, action, arbitration, administrative or other proceeding, and Borrower knows of no
reasonable grounds for the institution of any such proceedings. 
 5.14 Full Disclosure. No representation, warranty or other
statement made by Borrower in any certificate or written statement furnished to Bank taken together with all such certificates and written statements furnished to Bank contains any untrue statement of a material fact or omits to state a material
fact necessary in order to make the statements contained in such certificates or statements not misleading, it being recognized by Bank that the projections and forecasts provided by Borrower in good faith and based upon reasonable assumptions are
not to be viewed as facts and that actual results during the period or periods covered by any such projections and forecasts may differ from the projected or forecasted results. 

6. AFFIRMATIVE COVENANTS. 

Borrower covenants that, until payment in full of all outstanding Obligations (other than inchoate indemnity obligations), and for so long as
Bank may have any commitment to make a Credit Extension hereunder, Borrower shall do all of the following: 
 6.1 Good Standing and
Government Compliance. Borrower shall maintain its and each of its material Subsidiaries’ organizational existence and good standing (i) in the case of Borrower, in the Borrower State and (ii) in the case of any Subsidiary, in the
state or other jurisdiction in which Subsidiary is incorporated or formed, and shall maintain qualification and good standing in each other jurisdiction in which the failure to so qualify could reasonably be expected to have a Material Adverse
Effect, and shall furnish to Bank the organizational identification number issued to Borrower by the authorities of the jurisdiction in which Borrower is organized, if applicable. Borrower shall meet, and shall cause each Subsidiary to meet, the
minimum funding requirements of ERISA with respect to any employee benefit plans of such Borrower or such Subsidiary subject to ERISA. Borrower shall comply in all material respects with all applicable Environmental Laws, and maintain all material
permits, licenses and approvals required thereunder where the failure to do so could reasonably be expected to have a Material Adverse Effect. Borrower shall comply, and shall cause each Subsidiary to comply, with all statutes, laws, ordinances and
government rules and regulations to which it is subject, and shall maintain, and shall cause each of its Subsidiaries to maintain, in force all licenses, approvals and agreements, in each case, the loss of which or failure to comply with which would
reasonably be expected to have a Material Adverse Effect. 
 6.2 Financial Statements, Reports, Certificates. Borrower shall deliver
to Bank: (i) as soon as available, but in any event within thirty (30) days after the end of each calendar month, a company prepared consolidated balance sheet and income statement covering Borrower’s and its Subsidiaries’
consolidated operations during such period, in a form reasonably acceptable to Bank and certified by a Responsible Officer; (ii) as soon as available, but in any event within one hundred eighty (180) days after the end of Borrower’s
fiscal year, audited consolidated financial statements of Borrower and its Subsidiaries prepared in accordance with GAAP, consistently applied, together with an opinion which is unqualified (including, except with respect to the audited consolidated

  
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financial statements for the 2019 fiscal year, no going concern comment or qualification) or otherwise consented to in writing by Bank on such financial statements of an independent certified
public accounting firm reasonably acceptable to Bank; (iii) if applicable, copies of all statements, reports and notices sent or made available generally by Borrower to its security holders or to any holders of Subordinated Debt in their
capacity as such and all reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission; (iv) promptly upon receipt of notice thereof, a report of
any legal actions pending or threatened against Borrower or any Subsidiary that could result in damages or costs to Borrower or any Subsidiary of Two Hundred Fifty Thousand Dollars ($250,000.00) or more; (v) promptly upon receipt, each
management letter delivered to Borrower by Borrower’s independent certified public accounting firm regarding Borrower’s management control systems; (vi) as soon as available, but in any event not later than December 31 of each
fiscal year, Borrower’s board submitted management preliminary outlook, and, as soon as available, but in any event not later than March 31 of each fiscal year, Borrower’s financial and business projections and budget, by month, for
such fiscal year, with evidence of approval thereof by Borrower’s board of managers (as amended or revised from time to time by the Borrower’s board of managers, the “Projections”); (vii) such budgets, sales projections,
operating plans or other financial information generally prepared by Borrower in the ordinary course of business as Bank may reasonably request from time to time; and (viii) within thirty (30) days after each fiscal year end, a report
signed by Borrower, in form reasonably acceptable to Bank, listing any applications or registrations that Borrower has made or filed in respect of any Patents, Copyrights or Trademarks and the status of any outstanding applications or registrations,
as well as any material change in Borrower’s Intellectual Property Collateral, including but not limited to any subsequent ownership right of Borrower in or to any Trademark, Patent or Copyright not specified in Exhibits A, B, and C of any
Intellectual Property Security Agreement delivered to Bank by Borrower in connection with this Agreement. 
 (a) Within thirty
(30) days after the last day of each month, Borrower shall deliver to Bank a Borrowing Base Certificate signed by a Responsible Officer in substantially the form of Exhibit D hereto, together with (i) aged listings by invoice date of
accounts receivable and accounts payable; (ii) a deferred revenue report and (iii) a Monthly Recurring Revenue and Subscriber Churn Rate report. 

(b) Within thirty (30) days after the last day of each month, Borrower shall deliver to Bank with the monthly financial statements
(i) a Compliance Certificate certified as of the last day of the applicable month and signed by a Responsible Officer in substantially the form of Exhibit E hereto and (ii) the Inspirato Monthly Recurring Revenue analysis. 

(c) Immediately upon becoming aware of the occurrence or existence of an Event of Default hereunder, a written statement of a Responsible
Officer setting forth details of the Event of Default, and the action which Borrower has taken or proposes to take with respect thereto. 

(d) Bank shall have a right from time to time hereafter to audit Borrower’s Accounts and appraise Collateral at Borrower’s expense,
provided that such audits will be conducted no more often than every twelve (12) months unless an Event of Default has occurred and is continuing. 

Borrower may deliver to Bank on an electronic basis any certificates, reports or information required pursuant to this Section 6.2, and
Bank shall be entitled to rely on the information contained in the electronic files, provided that Bank in good faith believes that the files were delivered by a Responsible Officer. If Borrower delivers this information electronically, it shall
also deliver to Bank by U.S. Mail, reputable overnight courier service, hand delivery, facsimile or .pdf file within five (5) Business Days of submission of the unsigned electronic copy the certification of monthly financial statements, the
intellectual property report, the Borrowing Base Certificate and the Compliance Certificate, each bearing the physical signature of the Responsible Officer. 

6.3 Inventory; Returns. Borrower shall keep all Inventory in good and merchantable condition, free from all material defects except for
Inventory for which adequate reserves have been made. Returns and allowances, if any, as between Borrower and its account debtors shall be on the same basis and in accordance with the usual customary practices of Borrower, as they exist on the
Closing Date. Borrower shall promptly notify Bank of all returns and recoveries and of all disputes and claims that could reasonably be expected to result in damages or costs of more than Two Hundred Fifty Thousand Dollars ($250,000.00). 

  
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 6.4 Taxes. Borrower shall make, and cause each Subsidiary to make, due and timely
payment or deposit of all material federal, state, and local taxes, assessments, or contributions required of it by law, including, but not limited to, those laws concerning income taxes, F.I.C.A., F.U.T.A. and state disability, and will execute and
deliver to Bank, on demand, proof satisfactory to Bank indicating that Borrower or a Subsidiary has made such payments or deposits and any appropriate certificates attesting to the payment or deposit thereof; provided that Borrower or a Subsidiary
need not make any payment if the amount or validity of such payment is contested in good faith by appropriate proceedings and is reserved against (to the extent required by GAAP) by Borrower. 

6.5 Insurance. 
 (a)
Borrower, at its expense, shall keep the Collateral insured against loss or damage by fire, theft, explosion, sprinklers, and all other hazards and risks, and in such amounts, as ordinarily insured against by other owners in similar businesses
conducted in the locations where Borrower’s business is conducted on the date hereof. Borrower shall also maintain liability and other insurance in amounts and of a type that are customary to businesses similar to Borrower’s. 

(b) All such policies of insurance shall be in such form, with such companies, and in such amounts as reasonably satisfactory to Bank. All
policies of property insurance shall contain a lender’s loss payable endorsement, in a form satisfactory to Bank, showing Bank as an additional loss payee, and all liability insurance policies shall show Bank as an additional insured and
specify that the insurer must give at least twenty (20) days notice to Bank before canceling its policy for any reason. Upon Bank’s request, Borrower shall deliver to Bank certified copies of the policies of insurance and evidence of all
premium payments. All proceeds payable under any such policy shall, at Bank’s option, be payable to Bank to be applied on account of the Obligations. Notwithstanding the foregoing, (a) so long as no Event of Default has occurred and is
continuing, Borrower shall have the option of applying proceeds with respect to any Collateral of any casualty policy of Borrower in an amount up to Two Hundred Fifty Thousand Dollars ($250,000.00) toward the replacement or repair of destroyed or
damaged property, or the purchase of property that is otherwise useful to Borrower’s business; provided that (i) any replacement property shall be of equal or like value as the replaced Collateral; (ii) any replaced or repaired
property shall be deemed Collateral in which Bank has been granted a first in priority, perfected security interest; and (iii) such property shall be repaired or replaced within ninety (90) days of the event giving rise to the casualty;
and (b) after the occurrence and during the continuance of an Event of Default, all proceeds with respect to Collateral payable under such casualty policy shall, at the option of Bank, be payable to Bank on account of the Obligations. 

6.6 Accounts. From and after the date that is twenty four (24) months from the Closing Date (such period, the “Transition
Period”), Borrower shall maintain its primary operating, depository, and investment accounts with Bank except for (i) withholding, tax, escrow, fiduciary and trust accounts and any other accounts containing segregated funds or accounts
held or received on behalf of third parties and deposit accounts exclusively used for payroll, payroll taxes, and other employee wage and benefit payments to or for the benefit of Borrower’s employees or (ii) segregated cash collateral
accounts containing solely cash collateral subject to a Lien permitted hereunder ((i) and (ii), collectively, “Excluded Accounts”); provided that, (i) on the Closing Date, Borrower and its Subsidiaries shall have an aggregate amount
of not less than Twenty Eight Million Dollars ($28,000,000.00) of Borrower’s and such Subsidiaries’ account balances with Bank; (ii) no less frequently than once every two weeks during the Transition Period, Borrower shall sweep to
its accounts with Bank all amounts in any account (other than Excluded Accounts) permitted hereunder to be maintained by Borrower outside of Bank; provided, however, that Borrower may maintain up to (a) Six Million Dollars
($6,000,000.00) in its account at CitiBank ending 2953 (the “Citi Account”) and (b) One Hundred Fifty Thousand Dollars ($150,000.00) in its account at Wells Fargo Bank ending 3993 (the “Wells Account”) and Borrower shall
only be required to sweep amounts in the Citi Account and Wells Account to the extent such amounts exceed Six Million Dollars ($6,000,000.00) and One Hundred Fifty Thousand Dollars ($150,000.00), respectively; provided, further, that Borrower
may maintain cash in its cash collateral account at PacWest in an amount equal to One Million Seven Hundred Sixty Eight Thousand Seven Hundred Fifty Six Dollars and Sixty-Seven Cents ($1,768,756.67) or less for so long as the PacWest Letter of
Credit remains outstanding; (iii) commencing forty-five (45) days following the Closing Date, any domestic accounts of Inspirato LLC (other than Excluded Accounts and the Wells Account) permitted hereunder to be maintained outside Bank
shall be subject to control agreements in form and content reasonably acceptable to Bank. In the event that the accounts maintained by Borrower’s Subsidiaries outside of Bank (other than (i) withholding, tax, escrow, fiduciary

  
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and trust accounts and any other accounts containing segregated funds or accounts held or received on behalf of third parties and deposit accounts exclusively used for payroll, payroll taxes, and
other employee wage and benefit payments to or for the benefit of employees of Borrower’s Subsidiaries or (ii) segregated cash collateral accounts containing solely cash collateral subject to a Lien permitted hereunder) contain, in the
aggregate, (i) solely with respect to domestic accounts, more than Five Hundred Thousand Dollars ($500,000.00) (the “Subsidiary Domestic Account Threshold”) and (ii) solely with respect to foreign accounts, more than Three
Million Dollars ($3,000,000.00) (the “Subsidiary Foreign Account Threshold”), at any time, Borrower shall promptly (and in any event within three (3) Business Days) cause its Subsidiaries to sweep to its accounts with Bank an amount
sufficient to ensure that the Subsidiary Domestic Account Threshold and/or the Subsidiary Foreign Account Threshold, as applicable, is no longer exceeded. 

6.7 Financial Covenants. Borrower shall at all times maintain the following financial ratios and covenants: 

(a) Minimum Cash. A balance of Cash at Bank of not less than Seven Million Dollars ($7,000,000.00). 

(b) Subscriber Churn Rate. For any fiscal month of Borrower, a Subscriber Churn Rate of not greater than ten percent (10.0%). 

(c) Trailing Twelve (12) Month Performance to Plan. Commencing with the fiscal quarter ended December 31,
2020, Borrower shall maintain trailing twelve (12) month Revenues and Adjusted EBITDA of at least eighty percent (80%) of Borrower’s projected twelve (12) month Revenues and Adjusted EBITDA, in each case determined in accordance with
the Projections. 
 6.8 Registration of Intellectual Property Rights. 

(a) Borrower shall register or cause to be registered (to the extent not already registered) with the United States Patent and Trademark
Office or the United States Copyright Office, as the case may be, those registrable intellectual property rights now owned or hereafter developed or acquired by Borrower, to the extent that Borrower, in its reasonable business judgment, deems it
appropriate to so protect such intellectual property rights. 
 (b) Borrower shall promptly give Bank written notice of any applications or
registrations of intellectual property rights filed with the United States Patent and Trademark Office, including the date of such filing and the registration or application numbers, if any, in each case, in accordance with Section 6.2(viii).

 (c) Borrower shall (i) give Bank not less than ten (10) days prior written notice of the filing of any applications or
registrations with the United States Copyright Office, including the title of such intellectual property rights to be registered, as such title will appear on such applications or registrations, and the date such applications or registrations will
be filed; (ii) prior to the filing of any such applications or registrations, execute such documents as Bank may reasonably request for Bank to maintain its perfection in such intellectual property rights to be registered by Borrower;
(iii) upon the request of Bank, either deliver to Bank or file such documents simultaneously with the filing of any such applications or registrations; (iv) upon filing any such applications or registrations, promptly provide Bank with a
copy of such applications or registrations together with any exhibits, evidence of the filing of any documents requested by Bank to be filed for Bank to maintain the perfection and priority of its security interest in such intellectual property
rights, and the date of such filing. 
 (d) Borrower shall execute and deliver such additional instruments and documents from time to time
as Bank shall reasonably request to perfect and maintain the perfection and priority of Bank’s security interest in the Intellectual Property Collateral. 

  
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 (e) Borrower shall use commercially reasonably efforts to (i) protect, defend and
maintain the validity and enforceability of the Trademarks, Patents, Copyrights, and trade secrets, (ii) detect infringements of the Trademarks, Patents and Copyrights and promptly advise Bank in writing of material infringements detected and
(iii) not allow any material Trademarks, Patents or Copyrights to be abandoned, forfeited or dedicated to the public without the written consent of Bank, which shall not be unreasonably withheld; provided, however, that the foregoing
requirements shall not apply to any Trademarks, Patents, Copyrights, or trade secrets to the extent that Borrower has determined in good faith that the benefit of any of the foregoing actions would be outweighed by the cost and expense of taking
such action. 
 (f) Bank may audit Borrower’s Intellectual Property Collateral to confirm compliance with this Section 6.8,
provided such audit may not occur more often than once per year, unless an Event of Default has occurred and is continuing. Bank shall have the right, but not the obligation, to take, at Borrower’s sole expense, any actions that Borrower is
required under this Section 6.8 to take but which Borrower fails to take, after fifteen (15) days’ notice to Borrower. Borrower shall reimburse and indemnify Bank for all reasonable costs and reasonable expenses incurred in the
reasonable exercise of its rights under this Section 6.8. 
 6.9 Consent of Inbound Licensors. Upon entering into or becoming
bound by any inbound license agreement (other than over-the-counter software that is commercially available to the public and license agreements entered into in the
ordinary course of Borrower’s business, including, without limitation, software provided by Salesforce.com, Inc.), the failure, breach, or termination of which could reasonably be expected to cause a Material Adverse Effect, Borrower shall:
(i) provide written notice to Bank of the material terms of such license or agreement with a description of its likely impact on Borrower’s business or financial condition within thirty (30) days of entry into such license; and
(ii) in good faith take such actions as Bank may reasonably request to obtain the consent of, or waiver by, any person whose consent or waiver is necessary for (A) Borrower’s interest in such licenses or contract rights to be deemed
Collateral and for Bank to have a security interest in it that might otherwise be restricted by the terms of the applicable license or agreement, whether now existing or entered into in the future, and (B) Bank to have the ability in the event
of a liquidation of any Collateral to dispose of such Collateral in accordance with Bank’s rights and remedies under this Agreement and the other Loan Documents, provided, however, that the failure to obtain any such consent or
waiver shall not constitute a default under this Agreement. 
 6.10 Creation/Acquisition of Subsidiaries. In the event Borrower or
any Subsidiary creates or acquires any Subsidiary, Borrower and such Subsidiary shall promptly notify Bank of the creation or acquisition of such new Subsidiary and take all such action as may be reasonably required by Bank to grant a continuing
pledge and security interest in the Shares of each Subsidiary that is a direct, wholly-owned Subsidiary of Borrower. 
 6.11 Further
Assurances. At any time and from time to time Borrower shall execute and deliver such further instruments and take such further action as may reasonably be requested by Bank to effect the purposes of this Agreement. 

6.12 Post-Closing Covenant. Borrower will use commercially reasonable efforts to obtain a Lessor’s Acknowledgment and
Subordination with respect to Borrower’s leased headquarters location on or prior to the date that is sixty (60) days following the Closing Date and, subject to Section 6.6, shall cause any securities intermediary or depositary
institution or issuing bank to execute a control agreement in form and substance satisfactory to Bank on or prior to the date that is forty-five (45) days following the Closing Date. 

7. NEGATIVE COVENANTS. 

Borrower covenants and agrees that, so long as any credit hereunder shall be available and until the outstanding Obligations (other than
inchoate indemnity obligations) are paid in full or for so long as Bank may have any commitment to make any Credit Extensions, Borrower will not do any of the following without Bank’s prior written consent, which shall not be unreasonably
withheld: 
 7.1 Dispositions. (i) Convey, sell, lease, license, transfer or otherwise dispose of (collectively, to
“Transfer”), or permit any of its Subsidiaries to Transfer, all or any part of its business or property, or (ii) except to the extent permitted by Section 6.6 of the Agreement, move cash balances on deposit with Bank to accounts
opened at another financial institution, in each case, other than Permitted Transfers. 

  
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 7.2 Change in Name, Location, Executive Office, or Executive Management; Change in
Business; Change in Fiscal Year; Change in Control. Change its name or the Borrower State or relocate its chief executive office without fifteen (15) days prior written notification to Bank; replace its chief executive officer or chief
financial officer without fifteen (15) days written notification to Bank after the occurrence thereof; engage in any business, or permit any of its Subsidiaries to engage in any business, other than or reasonably related or incidental to the
businesses currently engaged in by Borrower and its Subsidiaries; change its fiscal year end; consummate a Change in Control. 
 7.3
Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with or into any other business organization (other than mergers or consolidations of a Subsidiary into another Subsidiary or into
Borrower), or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, or enter into any agreement to do any of the same, except, in each case, in connection with Permitted
Acquisitions. 
 7.4 Indebtedness. Create, incur, assume, guarantee or be or remain liable with respect to any Indebtedness, or
permit any Subsidiary so to do, other than Permitted Indebtedness, or prepay any Indebtedness for borrowed money or take any actions which impose on Borrower an obligation to prepay any Indebtedness for borrowed money, except Indebtedness to Bank,
capital lease obligations, corporate credit card obligations or other short-term working capital arrangements, in each case, incurred in the ordinary course of business. 

7.5 Encumbrances. (i) Create, incur, assume or allow any Lien with respect to any of its property, or assign or otherwise convey
any right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries so to do, except for Permitted Liens and Permitted Transfers, or (ii) covenant to any other Person that Borrower in the future will refrain from
creating, incurring, assuming or allowing any Lien with respect to any of Borrower’s property in favor of Bank, except (a) as is expressly permitted in Section 7.1 hereof (to the extent constituting Liens), (b) covenants with such
restrictions in merger or acquisition agreements, provided that such covenants do not prohibit Borrower from granting a security interest in Borrower’s property in favor of Bank and provided further that the counter-parties to such covenants
are not permitted to receive a security interest in Borrower’s property, (c) any such prohibitions imposed in respect of property that is subject to a Permitted Lien of the type described in clauses (c) or (i) of the definition
thereof, (d) customary provisions in leases, subleases, licenses, sublicenses and other contracts restricting the assignment, subletting, or encumbrance thereof, (e) restrictions in any indenture relating to the assets or business of any
Person acquired pursuant to a Permitted Acquisition. 
 7.6 Distributions. Pay any dividends or make any other distribution or
payment on account of or in redemption, retirement or purchase of any capital stock, except that Borrower may (i) repurchase the stock of former employees pursuant to stock repurchase agreements as long as an Event of Default does not exist
prior to such repurchase or would not exist after giving effect to such repurchase; (ii) make Tax Distributions; (iii) make payments in compliance with any reimbursement obligations of Borrower provided under the Borrower Operating
Agreement; (iv) repurchase the membership interests of former employees, officers, consultants or directors pursuant to repurchase or other similar agreements, in an aggregate amount not to exceed One Hundred Fifty Thousand Dollars
($150,000.00) in any fiscal year of Borrower; (iv) distribute membership interests upon the exercise of options or warrants and make payments of cash in lieu of fractional membership interests in connection therewith; (v) issue membership
interests upon the conversion of convertible securities, pursuant to the terms of such convertible securities or otherwise in exchange thereof and make payments of cash in lieu of fractional membership interests in connection therewith;
(vi) make distributions or dividends consisting solely of Borrower’s membership interests; (vii) repurchase membership interests of Borrower solely with the proceeds received from a substantially concurrent issuance of membership
interests or financing transaction; provided that such repurchase does not result in a Change in Control; and (viii) make other payments, distributions, redemptions, retirements or purchases in an aggregate amount not to exceed Three Hundred
Seventy Five Thousand Dollars ($375,000.00) in any fiscal year of Borrower. 
 7.7 Investments. (i) Directly or indirectly
acquire or own, or make any Investment in or to any Person, or permit any of its Subsidiaries to do so, in each case, other than Permitted Investments, (ii) maintain or invest any of its property with a Person other than Bank or Bank’s
Affiliates or permit any Subsidiary to do so except in accordance with Section 6.6, or (iii) suffer or permit any Subsidiary to be a party to, or be bound by, an 

  
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agreement that restricts such Subsidiary from paying dividends or otherwise distributing property to Borrower, other than (a) customary provisions in leases, subleases, licenses, sublicenses
and other contracts. including customary net worth provisions or similar financial maintenance provisions contained therein and (b) restrictions in any indenture, agreement, document, instrument or other arrangement relating to the assets or
business of any Person acquired pursuant to a Permitted Acquisition. Further, Borrower shall not enter into any license or agreement with any Prohibited Territory or with any Person organized under or doing business in a Prohibited Territory. 

7.8 Transactions with Affiliates. Directly or indirectly enter into or permit to exist any material transaction with any Affiliate of
Borrower except for (i) transactions that are in the ordinary course of Borrower’s business, upon fair and reasonable terms that are no less favorable to Borrower than would be obtained in an arm’s length transaction with a non-affiliated Person, (ii) transactions between or among Borrower and its Subsidiaries which are not prohibited by this Agreement or any other Loan Document, (iii) equity and bridge financings with
Borrower’s investors, so long as such transactions are not otherwise prohibited by this Agreement, and (iv) transactions expressly permitted by Section 7.6. 

7.9 Subordinated Debt. Make any payment in respect of any Subordinated Debt, or permit any of its Subsidiaries to make any such
payment, except in compliance with the terms of such Subordinated Debt and the terms of the subordination agreement relating to such Subordinated Debt, or amend any provision of any document evidencing such Subordinated Debt, except in compliance
with the terms of the subordination agreement relating to such Subordinated Debt, or amend any provision affecting Bank’s rights contained in any documentation relating to the Subordinated Debt without Bank’s prior written consent. 

7.10 Inventory and Equipment. Store any Inventory or the Equipment (other than Membership Lease Property, Collocation Property,
personal property in transit in the ordinary course of business and movable items of personal property) with a value in excess of Three Hundred Seventy Five Thousand Dollars ($375,000.00) (per location) with a bailee, warehouseman, or similar third
party unless the third party has been notified of Bank’s security interest and Bank (a) has received an acknowledgment from the third party that it is holding or will hold the Inventory or Equipment for Bank’s benefit or (b) is
in possession of the warehouse receipt, where negotiable, covering such Inventory or Equipment. Except for Membership Lease Property, Collocation Property, Inventory or Equipment in transit in the ordinary course of business, movable items of
personal property, Inventory sold in the ordinary course of business and except for such other locations as Bank may approve in writing, Borrower shall keep the Inventory and Equipment only at the location set forth in Section 10, locations
listed on the Perfection Certificate, and such other locations of which Borrower gives Bank prior written notice and takes such steps as are required pursuant to Section 4.2. 

7.11 No Investment Company; Margin Regulation. Become required to register as an “investment company,” or become controlled
by any Person required to register as an “investment company”, within the meaning of the Investment Company Act of 1940, or become principally engaged in, or undertake as one of its important activities, the business of extending credit
for the purpose of purchasing or carrying margin stock, or use the proceeds of any Credit Extension for such purpose. 
 7.12 Inspirato
Mexico and Inspirato Italy Assets. Permit the aggregate value of assets held by (i) Inspirato Mexico to exceed Five Million Dollars ($5,000,000.00) at any time or (ii) Inspirato Italy to exceed Three Million Dollars ($3,000,000.00) at
any time. 
 8. EVENTS OF DEFAULT. 

Any one or more of the following events shall constitute an Event of Default by Borrower under this Agreement: 

8.1 Payment Default. If Borrower fails to pay any of the Obligations when due; 

  
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 8.2 Covenant Default. 

(a) If Borrower fails to perform any obligation under Sections 6.2 (financial covenant), 6.4 (taxes), 6.5 (insurance), 6.6 (primary
accounts), 6.7 (financial covenants), 6.11 (further assurances), or 6.12 (post-closing covenant) or violates any of the covenants contained in Article 7 of this Agreement; or 

(b) If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement,
in any of the Loan Documents, or in any other present or future agreement between Borrower and Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten
(10) days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent
attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) days)
to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of Default but no Credit Extensions
will be made; 
 8.3 Material Adverse Change. If there occurs any circumstance or circumstances that could reasonably be expected to
have a Material Adverse Effect. 
 8.4 Defective Perfection. If Bank shall receive at any time following the Closing Date an SOS
Report indicating that except for Permitted Liens, Bank’s security interest in the Collateral is not prior to all other security interests or Liens of record reflected in the report; 

8.5 Attachment. If any material portion of Borrower’s assets is attached, seized, subjected to a writ or distress warrant, or is
levied upon, or comes into the possession of any trustee, receiver or person acting in a similar capacity and such attachment, seizure, writ or distress warrant or levy has not been removed, discharged or rescinded within ten (10) days, or if
Borrower is enjoined, restrained, or in any way prevented by court order from continuing to conduct all or any material part of its business affairs, or if a judgment or other claim becomes a lien or encumbrance upon any material portion of
Borrower’s assets, or if a notice of lien, levy, or assessment is filed of record with respect to any of Borrower’s assets by the United States Government, or any department, agency, or instrumentality thereof, or by any state, county,
municipal, or governmental agency, and the same is not paid within ten (10) days after Borrower receives notice thereof, provided that none of the foregoing shall constitute an Event of Default where such action or event is stayed or an
adequate bond has been posted pending a good faith contest by Borrower (provided that no Credit Extensions will be made during such cure period); 

8.6 Insolvency. If Borrower becomes insolvent, or if an Insolvency Proceeding is commenced by Borrower, or if an Insolvency Proceeding
is commenced against Borrower and is not dismissed or stayed within thirty (30) days (provided that no Credit Extensions will be made prior to the dismissal of such Insolvency Proceeding); 

8.7 Other Agreements. If there is a default or other failure to perform in any agreement to which Borrower is a party with a third
party or parties resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness in an amount in excess of Two Hundred Fifty Thousand Dollars ($250,000.00) or that would reasonably be
expected to have a Material Adverse Effect; 
 8.8 Subordinated Debt. If Borrower makes any payment on account of Subordinated Debt,
except to the extent the payment is allowed under any subordination agreement entered into with Bank; 
 8.9 Judgments. If one or
more final judgments, orders, or decrees for the payment of money in an amount, individually or in the aggregate, of at least Five Hundred Thousand Dollars ($500,000.00) (not covered by independent third-party insurance as to which liability has
been accepted by such insurance carrier) shall be rendered against Borrower or any Subsidiary and the same are not, within ten (10) days after the entry thereof, discharged or execution thereof stayed or bonded pending appeal, or such judgments
are not discharged prior to the expiration of any such stay (provided that no Credit Extensions will be made prior to the discharge, stay, or bonding of such judgment, order, or decree). 

  
 24 

 8.10 Misrepresentations. If any material misrepresentation or material misstatement
exists now or hereafter in any warranty or representation set forth herein or in any certificate delivered to Bank by any Responsible Officer pursuant to this Agreement or to induce Bank to enter into this Agreement or any other Loan Document. 

8.11 Guaranty. If any guaranty of all or a portion of the Obligations (a “Guaranty) ceases for any reason (other than Bank’s
termination thereof) to be in full force and effect, or any Guarantor fails to perform any obligation under any Guaranty or a security agreement securing any Guaranty (collectively, the “Guaranty Documents”), or any event of default occurs
under any Guaranty Document or any Guarantor revokes or purports to revoke a Guaranty, or any material misrepresentation or material misstatement exists now or hereafter in any warranty or representation set forth in any Guaranty Document or in any
certificate delivered to Bank in connection with any Guaranty Document, or if any of the circumstances described in Sections 8.3 through 8.9 occur with respect to any Guarantor. 

9. BANK’S RIGHTS AND REMEDIES. 

9.1 Rights and Remedies. Upon the occurrence and during the continuance of an Event of Default, Bank may, at its election, without
notice of its election and without demand, do any one or more of the following, all of which are authorized by Borrower: 
 (a) Declare all
Obligations, whether evidenced by this Agreement, by any of the other Loan Documents, or otherwise, immediately due and payable (provided that upon the occurrence of an Event of Default described in Section 8.6 (insolvency), all Obligations
shall become immediately due and payable without any action by Bank); 
 (b) [reserved]; 

(c) Cease advancing money or extending credit to or for the benefit of Borrower under this Agreement or under any other agreement between
Borrower and Bank; 
 (d) Settle or adjust disputes and claims directly with account debtors for amounts, upon terms and in whatever order
that Bank reasonably considers advisable; 
 (e) Make such payments and do such acts as Bank considers necessary or reasonable to protect
its security interest in the Collateral. Borrower agrees to assemble the Collateral if Bank so requires, and to make the Collateral available to Bank as Bank may designate. Borrower authorizes Bank to enter the premises where the Collateral is
located, to take and maintain possession of the Collateral, or any part of it, and to pay, purchase, contest, or compromise any encumbrance, charge, or lien which in Bank’s determination appears to be prior or superior to its security interest
and to pay all expenses incurred in connection therewith. With respect to any of Borrower’s owned premises, Borrower hereby grants Bank a license to enter into possession of such premises and to occupy the same, without charge, in order to
exercise any of Bank’s rights or remedies provided herein, at law, in equity, or otherwise; 
 (f) Set off and apply to the
Obligations any and all (i) balances and deposits of Borrower held by Bank, and (ii) indebtedness at any time owing to or for the credit or the account of Borrower held by Bank; 

(g) Ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell (in the manner provided for
herein) the Collateral. Bank is hereby granted a license or other right, solely pursuant to the provisions of this Section 9.1, to use, without charge, Borrower’s labels, patents, copyrights, rights of use of any name, trade secrets, trade
names, trademarks, service marks, and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral and, in connection with Bank’s
exercise of its rights under this Section 9.1, Borrower’s rights under all licenses and all franchise agreements shall inure to Bank’s benefit; 

  
 25 

 (h) Sell the Collateral at either a public or private sale, or both, by way of one or more
contracts or transactions, for cash or on terms, in such manner and at such places (including Borrower’s premises) as Bank determines is commercially reasonable, and apply any proceeds to the Obligations in whatever manner or order Bank deems
appropriate. Bank may sell the Collateral without giving any warranties as to the Collateral. Bank may specifically disclaim any warranties of title or the like. This procedure will not be considered adversely to affect the commercial reasonableness
of any sale of the Collateral. If Bank sells any of the Collateral upon credit, Borrower will be credited only with payments actually made by the purchaser, received by Bank, and applied to the indebtedness of the purchaser. If the purchaser fails
to pay for the Collateral, Bank may resell the Collateral and Borrower shall be credited with the proceeds of the sale; 
 (i) Bank may
credit bid and purchase at any public sale; 
 (j) Apply for the appointment of a receiver, trustee, liquidator or conservator of the
Collateral, without notice and without regard to the adequacy of the security for the Obligations and without regard to the solvency of Borrower, any Guarantor or any other Person liable for any of the Obligations; and 

(k) Any deficiency that exists after disposition of the Collateral as provided above will be paid immediately by Borrower. 

Bank may comply with any applicable state or federal law requirements in connection with a disposition of the Collateral and compliance will not be considered
adversely to affect the commercial reasonableness of any sale of the Collateral. 
 9.2 Power of Attorney. Effective only upon the
occurrence and during the continuance of an Event of Default, Borrower hereby irrevocably appoints Bank (and any of Bank’s designated officers, or employees) as Borrower’s true and lawful attorney to: (a) send requests for
verification of Accounts or notify account debtors of Bank’s security interest in the Accounts; (b) endorse Borrower’s name on any checks or other forms of payment or security that may come into Bank’s possession; (c) sign
Borrower’s name on any invoice or bill of lading relating to any Account, drafts against account debtors, schedules and assignments of Accounts, verifications of Accounts, and notices to account debtors; (d) dispose of any Collateral;
(e) make, settle, and adjust all claims under and decisions with respect to Borrower’s policies of insurance; (f) settle and adjust disputes and claims respecting the accounts directly with account debtors, for amounts and upon terms
which Bank determines to be reasonable; (g) enter into a short-form intellectual property security agreement consistent with the terms of this Agreement for recording purposes only or modify, in its sole discretion, any intellectual property
security agreement entered into between Borrower and Bank without first obtaining Borrower’s approval of or signature to such modification by amending Exhibits A, B, and C, thereof, as appropriate, to include reference to any right, title or
interest in any Copyrights, Patents or Trademarks acquired by Borrower after the execution hereof or to delete any reference to any right, title or interest in any Copyrights, Patents or Trademarks in which Borrower no longer has or claims to have
any right, title or interest; and (h) file, in its sole discretion, one or more financing or continuation statements and amendments thereto, relative to any of the Collateral without the signature of Borrower where permitted by law; provided
Bank may exercise such power of attorney to sign the name of Borrower on any of the documents described in clauses (g) and (h) above, regardless of whether an Event of Default has occurred. The appointment of Bank as Borrower’s
attorney in fact, and each and every one of Bank’s rights and powers, being coupled with an interest, is irrevocable until all of the Obligations have been fully repaid and performed and Bank’s obligation to provide advances hereunder is
terminated. 
 9.3 Accounts Collection. At any time after the occurrence and during the continuation of an Event of Default, Bank may
notify any Person owing funds to Borrower of Bank’s security interest in such funds and verify the amount of such Account. Borrower shall collect all amounts owing to Borrower for Bank, receive in trust all payments as Bank’s trustee, and
immediately deliver such payments to Bank in their original form as received from the account debtor, with proper endorsements for deposit. 

  
 26 

 9.4 Bank Expenses. If Borrower fails to pay any amounts or furnish any required proof
of payment due to third persons or entities, as required under the terms of this Agreement, then Bank may do any or all of the following after reasonable notice to Borrower: (a) make payment of the same or any part thereof; (b) set up such
reserves under the Revolving Line as Bank deems necessary to protect Bank from the exposure created by such failure; or (c) obtain and maintain insurance policies of the type discussed in Section 6.5 of this Agreement, and take any action
with respect to such policies as Bank deems prudent. Any amounts so paid or deposited by Bank shall constitute Bank Expenses, shall be immediately due and payable, and shall bear interest at the then applicable rate hereinabove provided, and shall
be secured by the Collateral. Any payments made by Bank shall not constitute an agreement by Bank to make similar payments in the future or a waiver by Bank of any Event of Default under this Agreement. 

9.5 Bank’s Liability for Collateral. Bank has no obligation to clean up or otherwise prepare the Collateral for sale. All risk of
loss, damage or destruction of the Collateral shall be borne by Borrower. 
 9.6 No Obligation to Pursue Others. Bank has no
obligation to attempt to satisfy the Obligations by collecting them from any other person liable for them and Bank may release, modify or waive any collateral provided by any other Person to secure any of the Obligations, all without affecting
Bank’s rights against Borrower. Borrower waives any right it may have to require Bank to pursue any other Person for any of the Obligations. 

9.7 Remedies Cumulative. Bank’s rights and remedies under this Agreement, the Loan Documents, and all other agreements shall be
cumulative. Bank shall have all other rights and remedies not inconsistent herewith as provided under the Code, by law, or in equity. No exercise by Bank of one right or remedy shall be deemed an election, and no waiver by Bank of any Event of
Default on Borrower’s part shall be deemed a continuing waiver. No delay by Bank shall constitute a waiver, election, or acquiescence by it. No waiver by Bank shall be effective unless made in a written document signed on behalf of Bank and
then shall be effective only in the specific instance and for the specific purpose for which it was given. Borrower expressly agrees that this Section 9.7 may not be waived or modified by Bank by course of performance, conduct, estoppel or
otherwise. 
 9.8 Demand; Protest. Except as otherwise provided in this Agreement, Borrower waives demand, protest, notice of
protest, notice of default or dishonor, notice of payment and nonpayment and any other notices relating to the Obligations. 
 10.
NOTICES. 
 Unless otherwise provided in this Agreement, all notices or demands by any party relating to this Agreement or any other agreement
entered into in connection herewith shall be in writing and (except for financial statements and other informational documents which may be sent by first-class mail, postage prepaid) shall be personally delivered or sent by a recognized overnight
delivery service, certified mail, postage prepaid, return receipt requested, or by telefacsimile to Borrower or to Bank, as the case may be, at its addresses set forth below: 

If to Borrower:                Inspirato, LLC 

                        
                1544 Wazee Street 

                        
                Denver, CO 80202 

                        
                Attn: Legal 

                        
                e: legal@inspirato.com 
 If to Bank:
                     East West Bank 

                        
                2350 Mission College Blvd., Suite 988 

                        
                Santa Clara, CA 95054 

                        
                Attn: Bill Allen, Managing Director 

                        
                e: Bill.Allen@eastwestbank.com 
 The parties
hereto may change the address at which they are to receive notices hereunder, by notice in writing in the foregoing manner given to the other. 

  
 27 

 11. CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER; JUDICIAL REFERENCE. 

California law governs the Loan Documents without regard to principles of conflicts of law. Borrower and Bank each submit to the exclusive
jurisdiction of the State and Federal courts in Los Angeles County, California; provided, however, that nothing in this Agreement shall be deemed to operate to preclude Bank from bringing suit or taking other legal action in any other jurisdiction
to realize on the Collateral or any other security for the Obligations, or to enforce a judgment or other court order in favor of Bank. Borrower expressly submits and consents in advance to such jurisdiction in any action or suit commenced in any
such court, and Borrower hereby waives any objection that it may have based upon lack of personal jurisdiction, improper venue, or forum non conveniens and hereby consents to the granting of such legal or equitable relief as is deemed appropriate by
such court. Borrower hereby waives personal service of the summons, complaints, and other process issued in such action or suit and agrees that service of such summons, complaints, and other process may be made by registered or certified mail
addressed to Borrower at the address set forth in, or subsequently provided by Borrower in accordance with, Section 10 of this Agreement and that service so made shall be deemed completed upon the earlier to occur of Borrower’s actual
receipt thereof or three (3) days after deposit in the U.S. mails, proper postage prepaid. 
 BORROWER AND BANK EACH WAIVE THEIR
RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL
INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS AGREEMENT. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL. 
 WITHOUT INTENDING IN
ANY WAY TO LIMIT THE PARTIES’ AGREEMENT TO WAIVE THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY, if the above waiver of the right to a trial by jury is not enforceable, the parties hereto agree that any and all disputes or controversies of any
nature between them arising at any time shall be decided by a reference to a private judge, who shall be a retired state or federal court judge, mutually selected by the parties or, if they cannot agree, then any party may seek to have a private
judge appointed in accordance with California Code of Civil Procedure §§ 638 and 640 (or pursuant to comparable provisions of federal law if the dispute falls within the exclusive jurisdiction of the federal courts). The reference
proceedings shall be conducted pursuant to and in accordance with the provisions of California Code of Civil Procedure §§ 638 through 645.1, inclusive. The private judge shall have the power, among others, to grant provisional relief,
including without limitation, entering temporary restraining orders, issuing preliminary and permanent injunctions and appointing receivers. All such proceedings shall be closed to the public and confidential and all records relating thereto shall
be permanently sealed. If during the course of any dispute, a party desires to seek provisional relief, but a judge has not been appointed at that point pursuant to the judicial reference procedures, then such party may apply to the Court for such
relief. The proceeding before the private judge shall be conducted in the same manner as it would be before a court under the rules of evidence applicable to judicial proceedings. The parties shall be entitled to discovery which shall be conducted
in the same manner as it would be before a court under the rules of discovery applicable to judicial proceedings. The private judge shall oversee discovery and may enforce all discovery rules and orders applicable to judicial proceedings in the same
manner as a trial court judge. The parties agree that the selected or appointed private judge shall have the power to decide all issues in the action or proceeding, whether of fact or of law, and shall report a statement of decision thereon pursuant
to California Code of Civil Procedure § 644(a). Nothing in this paragraph shall limit the right of any party at any time to exercise self-help remedies, foreclose against collateral, or obtain provisional remedies. The private judge shall also
determine all issues relating to the applicability, interpretation, and enforceability of this paragraph. 
 The parties agree that time is
of the essence in conducting the referenced proceedings. The parties shall promptly and diligently cooperate with one another and the referee, and shall perform such acts as may be necessary to obtain prompt and expeditious resolution of the dispute
or controversy in accordance with the terms hereof. The costs shall be borne equally by the parties. 

  
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 12. GENERAL PROVISIONS. 

12.1 Successors and Assigns. This Agreement shall bind and inure to the benefit of the respective successors and permitted assigns of
each of the parties and shall bind all persons who become bound as a debtor to this Agreement; provided, however, that neither this Agreement nor any rights hereunder may be assigned by Borrower without Bank’s prior written consent, which
consent may be granted or withheld in Bank’s sole discretion. Bank shall have the right without the consent of or notice to Borrower to sell, transfer, negotiate, or grant participation in all or any part of, or any interest in, Bank’s
obligations, rights and benefits hereunder. 
 12.2 Indemnification. Borrower shall defend, indemnify and hold harmless Bank and its
officers, employees, and agents against: (a) all obligations, demands, claims, and liabilities claimed or asserted by any other party in connection with the transactions contemplated by this Agreement and/or the Loan Documents; and (b) all
losses or Bank Expenses in any way suffered, incurred, or paid by Bank, its officers, employees and agents as a result of or in any way arising out of, following, or consequential to transactions between Bank and Borrower whether under this
Agreement, or any other Loan Documents (including without limitation reasonable attorneys fees and expenses), except for losses caused by Bank’s gross negligence or willful misconduct. 

12.3 Time of Essence. Time is of the essence for the performance of all obligations set forth in this Agreement. 

12.4 Severability of Provisions. Each provision of this Agreement shall be severable from every other provision of this Agreement for
the purpose of determining the legal enforceability of any specific provision. 
 12.5 Correction of Loan Documents. Bank may correct
patent errors and fill in any blanks in this Agreement and the other Loan Documents consistent with the agreement of the parties. 
 12.6
Amendments in Writing, Integration. All amendments to or terminations of this Agreement or the other Loan Documents must be in writing signed by the parties. All prior agreements, understandings, representations, warranties, and negotiations
between the parties hereto with respect to the subject matter of this Agreement and the other Loan Documents, if any, are merged into this Agreement and the Loan Documents. 

12.7 Counterparts. This Agreement and the other Loan Documents may be executed in any number of counterparts and by different parties
on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, with respect to any Loan Document, when taken together, shall constitute but one and the same agreement. In the event that any
signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf’ format data file, such signature shall create a valid and binding obligation of the party executing the applicable
Loan Document (or on whose behalf such signature is executed), with the same force and effect as if such facsimile or “.pdf’ signature page were an original hereof. 

12.8 Survival. All covenants, representations and warranties made in this Agreement shall continue in full force and effect so long as
any Obligations (other than inchoate indemnity obligations) remain outstanding or Bank has any obligation to make any Credit Extension to Borrower. The obligations of Borrower to indemnify Bank with respect to the expenses, damages, losses, costs
and liabilities described in Section 12.2 shall survive until all applicable statute of limitations periods with respect to actions that may be brought against Bank have run. 

12.9 Confidentiality. In handling any confidential information, Bank and all employees and agents of Bank shall exercise the same
degree of care that Bank exercises with respect to its own proprietary information of the same types to maintain the confidentiality of any non-public information thereby received or received pursuant to this
Agreement except that disclosure of such information may be made (i) to the subsidiaries or Affiliates of Bank in connection with their present or prospective business relations with Borrower so long as such subsidiaries or Affiliates agree to
be bound by confidentiality provisions equivalent to those provided herein, (ii) to prospective transferees or purchasers of any interest in the Loans provided that such prospective transferee or purchase has agreed to be bound by the
provisions of this Section 12.9, (iii) as required by law, regulations, rule or order, subpoena, judicial order or similar order, (iv) as may be required in connection with the examination, audit or similar investigation of Bank,
(v) to Bank’s accountants, auditors and regulators, and (vi) as Bank may determine in connection with the enforcement of any remedies hereunder. Confidential information hereunder shall not include information that either: (a) is
in the public domain or in the knowledge or possession of Bank on a non-confidential basis when disclosed to Bank, or becomes part of the public domain after disclosure to Bank through no fault of Bank; or
(b) is disclosed to Bank by a third party, provided Bank does not have actual knowledge that such third party is prohibited from disclosing such information. 

[Balance of Page Intentionally Left Blank] 

  
 29 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the
date first above written. 
  

			
	INSPIRATO, LLC
		
	By:	 	/s/ Brent Handler
	Name: Brent Handler
	Title: CEO

  

			
	EAST WEST BANK
		
	By:	 	/s/ Bill Allen
	Name: Bill Allen
	Title: Managing Director

 [Signature Page to Loan and Security Agreement] 

  
 30

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