Document:

EX-10.4

 Exhibit 10.4 
 AGREEMENT OF LEASE 
 METROPOLITAN 292 MADISON AVENUE LEASEHOLD LLC

 TO 
 FIFTYONE, INC. 
 292 Madison Avenue 

Entire rentable area of the Fifth (5th) and Seventeenth (17th) Floors 
 New York, New York 10017 

 AGREEMENT OF LEASE 

AGREEMENT OF LEASE (the “Agreement”) made as of February     , 2012 by
and between METROPOLITAN 292 MADISON AVENUE LEASEHOLD LLC, having an office c/o Herald Square Properties, 885 Third Avenue, 19th Floor, New York, New York 10022, party of the first part, hereinafter referred to as “Landlord” and
FIFTYONE, INC., a Delaware corporation, having an office at 8 West 40th Street, New York, New York 10018 party of the second part, hereinafter referred to as “Tenant”. 
 W I T N E S S E T H: 
 Landlord hereby leases to
Tenant and Tenant hereby hires from Landlord the entire rentable area of the fifth (5th) (the “Fifth Floor Premises”) and seventeenth
(17th) floors (the “Seventeenth Floor
Premises”) (the Fifth Floor Premises and the Seventeenth Floor Premises are collectively referred to as the “Premises”), as delineated by cross hatchings on the floor plan attached hereto and made a part hereof as
Exhibit “A” (herein referred to as the “Premises” or the “Demised Premises”), in the building known as 292 Madison Avenue in the Borough of Manhattan, City of New York (the
“Building”), for a term and upon the conditions more particularly described below. 
 NOW THEREFORE, in
consideration of the within covenants, the parties hereto, for themselves, their heirs, distributees, executors, administrators, legal representatives, successors and assigns, hereby covenant and agree as follows: 

1. Term; Commencement Date; Rent; Right of First Offer. 
 (a) Landlord hereby leases to Tenant and Tenant hereby hires from Landlord, the Premises for a term (the “Term”) of approximately five (5) years and three (3) months commencing
on the Commencement Date (as hereinafter defined) and expiring on the Expiration Date (as hereinafter defined), or on such earlier date as the Lease may otherwise terminate in accordance with its terms, covenants, conditions and provisions.

 (b) The term “Commencement Date” means the earlier to occur of (A) the date when Tenant, any Employee of
Tenant, or any Person holding by, through, or under Tenant, first occupies the Premises for the conduct of its business: or (B) the date when Landlord Substantially Completes the Landlord’s Work (as hereinafter defined) (other than any
work which cannot be completed on such date provided that the failure to complete such work will not substantially interfere with Tenant’s use of the Premises): provided, however, that if Landlord shall be delayed in Substantial Completion of
the landlord’s Work as a result of (1) Tenant’s request for materials, finishes or installations other than (i) Building standard materials or (ii) materials set forth in the plans and specifications comprising
Landlord’s Work, (2) any Tenant changes in plans other than as set forth herein, or (3) the performance or completion by a Person employed by or on behalf of Tenant; then the Commencement Date and the payment of Fixed Rent hereunder
shall be accelerated by the number of days of such delay; provided, further, that Landlord shall provide Tenant with ten (10) days’ notice of such date of Substantial Completion and Landlord otherwise delivers the Premises to Tenant in
accordance with the terms of this Lease. 

  
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 (c) The term “Expiration Date” shall mean the last
day of the month in which the day immediately preceding the last day of the third (3rd) month after the fifth (5th) anniversary of the Commencement Date shall occur. 
 (d) Landlord shall give
Tenant notice specifying when the Commencement Date has occurred. At Landlord’s request, Tenant shall execute a written agreement confirming the Commencement Date and the Expiration Date prior to taking occupancy of the Premises. Tenant’s
failure to agree in writing shall not invalidate or alter the Commencement Date as determined by Landlord. 
 (e) Tenant shall
pay rent (collectively, the “Fixed Rent”) for the period commencing on the Commencement Date as follows: 
 (i) Seven Hundred Fifty-Six Thousand Four Hundred Twenty-Six Dollars ($756,426.00) per annum payable in equal monthly installments in the amount of Sixty-Three Thousand Thirty-Five Dollars and Fifty Cents
($63,035.50) for the period from the Commencement Date through and including the day immediately preceding the first
(1st) anniversary of the Commencement Date;

 (ii) Seven Hundred Seventy-Three Thousand Four Hundred Forty-Five Dollars and Fifty-Nine Cents
($773,445.59) per annum payable in equal monthly installments in the amount of Sixty-Four Thousand Four Hundred Fifty-Three Dollars and Mighty Cents ($64,453.80) for the period from the first
(1st) anniversary of the Commencement Date through
and including the day immediately preceding the second
(2nd) anniversary of the Commencement Date;

 (iii) Seven Hundred Ninety Thousand Eight Hundred Forty-Eight Dollars and Eleven Cents ($790,848.11) per
annum payable in equal monthly installments in the amount of Sixty-Five Thousand Nine Hundred Four Dollars and One Cents ($65,904.01) for the period from the second (2nd) anniversary of the Commencement Date through and including the day immediately preceding the third (3rd) anniversary of the Commencement Date; 

(iv) Eight Hundred Eight Thousand Six Hundred Forty-Two Dollars and Nineteen Cents ($808,642.19) per annum payable
in equal monthly installments in the amount of Sixty-Seven Thousand Three Hundred Eighty-Six Dollars and Eighty-Five Cents ($67,386.85) for the period from the third (3rd) anniversary of the Commencement Date through and including the day immediately preceding the fourth (4th) anniversary of the Commencement Date; 

(v) Eight Hundred Twenty-Six Thousand Eight Hundred Thirty-Six Dollars and Sixty-Four Cents ($826,836.64) per annum
payable in equal monthly installments in the amount of Sixty-Eight Thousand Nine Hundred Three Dollars and Five Cents ($68,903.05) for the period from the fourth (4th) anniversary of the Commencement Date through and including the day immediately preceding the fifth (5th) anniversary of the Commencement Date; 

(vi) Eight Hundred Forty-Five Thousand Four Hundred Forty Dollars and Seven Cents ($845,440.07) per annum payable in
equal monthly installments in the amount of Seventy Thousand Four Hundred Fifty-Three Dollars and Thirty-Seven Cents ($70,453.37) for the period from the fifth (5th) anniversary of the Commencement Date through and including the expiration of the term of the Lease; 

  
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 which amounts Tenant hereby agrees to pay in lawful money of the United States which shall be legal tender
in payment of all debts and dues, public and private, at the time of payment, in advance, in equal monthly installments on the first day of each month during said term, at the office of Landlord as set forth above, or such other place as Landlord
may designate, without any set-off, counterclaim or deduction whatsoever, other than as expressly set forth in this Lease. 

(f) Notwithstanding anything contained herein to the contrary, provided Tenant shall not then be in default of its monetary and/or
material non-monetary obligations under this Lease beyond applicable grace and cure periods. Tenant shall be entitled to an abatement in the amount of Sixty-Three Thousand Thirty-Five Dollars and Fifty Cents ($63,035.50) per month for the first
three (3) months commencing on the Commencement Date (the “Abatement Period”). Tenant shall remain liable for all items of additional rent payable under this Lease during the Abatement Period, including, without limitation,
amounts payable by Tenant under Article 39 of this Lease with respect to electricity; provided, however, that additional rent pursuant to Article 37 of this Lease shall not be payable during the Abatement Period. 

(g) Tenant shall pay the rent as above and as hereinafter provided. Tenant shall pay the first monthly installment of Fixed Rent to
Landlord upon the execution hereof in the amount of Sixty-Three Thousand Thirty-Five Dollars and Fifty Cents ($63,035.50). 
 (h) Provided Tenant is not then in default of its obligations under this Lease beyond the expiration of any applicable grace and notice periods. Landlord hereby grants to Tenant a right of first offer
(the “Right of First Offer”) on the entire rentable portion of the fourth (4th) floor of the Building (the “Offer Space”). This Right of First Offer is subject to any option, right of first offer, right of first refusal or renewal provision in a written lease
in effect on the date of this Lease; provided, however, that Landlord hereby represents that, to its knowledge, no tenant has an option with respect to the Offer Space; provided, further, that in the event a tenant does have such an option. Landlord
shall substitute another floor in the Building for the Offer Space which is in the same elevator bank as the Offer Space. Landlord hereby represents that the Offer Space is leased to Young & Rubicon for a term expiring on August 31,
2015. Landlord shall provide Tenant with written notice of the availability of the Offer Space which is vacant or which is currently occupied that Landlord reasonably expects will become available for leasing and such notice to Tenant shall set
forth the terms and conditions for such rental. The rent for such additional premises shall be the then fair market rental value for such additional space as determined by Landlord. Tenant shall have a period of up to fifteen (15) days, time
being of the essence, to notify Landlord that it will lease such space on the terms and conditions set forth in the notice to Tenant; provided, however, that (i) the term of the leasing of the Offer Space shall be no earlier than thirty
(30) days and no later than two hundred seventy (270) days from the date of landlord’s notice to Tenant of the availability of the Offer Space and (ii) other than the business terms set forth in Landlord’s notice to Tenant
(or as hereinafter set forth), the leasing of the Offer Space shall be on the same terms and conditions as this Lease; and thereafter Landlord shall have no further obligation to notify Tenant of the availability of such space. Upon receipt of
Landlord’s notice to Tenant with respect to the Offer Space, Tenant shall have the right to elect (i) to accept the terms and conditions set forth in such offer from Landlord or (ii) elect to

  
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lease the Offer Space in its then “as-is” condition without any rent abatement. Landlord work obligation, and at the then escalated Fixed Rent set forth in this Lease for the then
remaining term of this Lease, including, without limitation, Tenant’s Tax Payment. In either of such events, if Tenant leases the Offer Space the Tenant’s Proportionate Share shall be increased to reflect such additional premises demised
to Tenant In the event Tenant does not notify Landlord that it elects to lease such additional space within the fifteen (15) day period set forth above, time being of the essence, then landlord shall be permitted to lease such space without
further notice to Tenant and Tenant shall be deemed to have irrevocably waived any right it may have to lease such space; provided, however, that Landlord shall provide Tenant with an additional ten (10) day period to determine whether Tenant
elects to lease such space in the event Landlord elects to lease such space on materially different terms than as set forth in Landlord’s prior notice to Tenant Time shall be of the essence as to the giving of notices under this
Section 1(h). For the purpose of this Section 1(h), the phrase “materially different terms” shall mean a ten percent (10%) or greater decrease in the overall net effective rent payable under such lease by the prospective
tenant for such additional space. It is understood and agreed that once any space is offered to Tenant and Tenant has not timely elected to lease such offered space, Landlord shall have no further obligation to offer such space to Tenant and the
Right of First Offer in this Section 1(h) shall no longer apply to such offered space, except as expressly set forth herein. 
 2.
Permitted Use. Tenant shall use and occupy the Demised Premises, subject to Article 15 below, as general and executive offices and for no other purpose whatsoever. 
 3. Tenant Alterations. 
 (a) Tenant shall make no changes in or to the
Demised Premises of any nature without Landlord’s prior written consent which consent shall not be unreasonably withheld or delayed as to changes, improvements or alterations which do not affect building structural components, or adversely
affect mechanical systems, utility services or plumbing or electrical lines (hereinafter referred to as “Non-Structural Alterations”). Prior to the commencement of any changes, improvements or alterations, Tenant shall submit to
Landlord, for Landlord’s approval, plans and specifications (to be prepared by and at the expense of Tenant) for any proposed changes, improvements or alterations, in detail reasonably satisfactory to Landlord. Landlord’s approval of any
plans and specifications shall not indicate that such plans and specifications comply with applicable laws, rules and regulations; Tenant shall have sole responsibility for ensuring such compliance. If Landlord shall give its approval to any such
changes, improvements and/or alterations as provided herein, the same shall be performed by Tenant, at Tenant’s sole cost and expense, in accordance with the approved plans and in a good and workmanlike manner. Tenant shall, before making any
alterations, additions, installations or improvements at its expense, obtain all permits, approvals and certificates required by any governmental or quasi-governmental bodies and (upon completion) certificates of final approval thereof and shall
deliver promptly duplicates of all such permits, approvals and certificates to Landlord. Tenant agrees to carry and will cause Tenant’s contractors and sub-contractors to curry such worker’s compensation, general liability, personal and
property damage insurance as Landlord may reasonably require. No amendments or additions to the approved plans and specifications shall be made without the prior written consent of Landlord, which consent shall not be unreasonably withheld or
delayed as to such Non-Structural Alterations. The standards of quality, utility and appearance of the proposed changes, improvements or alterations shall 

  
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conform to the reasonable standards specified and/or to be specified by Landlord for the Building and shall be reasonably consistent with comparable buildings, and Tenant agrees that Tenant will
conform to such standards. Tenant shall pay to Landlord Landlord’s reasonable out-of-pocket costs and expenses incurred in connection with the performance of any alterations made by or on behalf of Tenant, other than the Landlord’s Work.
Landlord hereby consents to Tenant’s request to install conduit and/or telecommunications cabling between the two different floors comprising the Premises so long as Tenant uses contractors that are reasonably acceptable to Landlord.

 (b) Tenant covenants and agrees that all changes, improvements, and alterations will be made with the least possible
disturbance to the occupants of other parts of the Building. Tenant in making such changes, improvements or alterations, shall and will, at Tenant’s own cost and expense, promptly comply with all laws, rules and regulations, whether now or
hereafter enacted (including, without limitation. Local Law 58/1987 of the City of New York, as amended, and Title III of The Americans with Disabilities Act of 1990, all regulations issued thereunder and the Accessibility Guidelines for Buildings
and Facilities issued pursuant thereto, as all of the foregoing may be amended from time, to time), of all public authorities having jurisdiction in the Building and/or the Demised Premises with reference to such changes, improvements or alterations
(including, without limitation, the Landmarks Preservation Commission of the City of New York), whether ordinary or extraordinary, structural or otherwise, foreseen or unforeseen, and will not call upon Landlord for any expenses connected therewith,
and will reimburse Landlord for any expenses incurred on account of failure by Tenant to comply with any requirement of law, rules and regulations, and of any public authority, whether involving structural changes or not. 

(c) Tenant shall promptly pay and discharge all costs and expenses of such changes, improvements or alterations, and shall not do or fail
to do any act which shall or may render the Building liable to any mechanic’s lien or other lien or charge or chattel mortgage or security interest or conditional bill of sale or title retention agreement. If any such lien or liens or other
charge or chattel mortgage or security interest or conditional bill of sale or title retention agreement is filed against the Building or against such changes, improvements or alterations, or any part thereof, Tenant will, at Tenant’s sole cost
and expense, promptly remove the same of record within thirty (30) days after the filing of any such lien, or liens or other charge or chattel mortgage or security interest or conditional bill of sale or title retention agreement and notice of
such filing to Tenant by Landlord or otherwise. If Tenant is in default of its foregoing obligations under this paragraph, Landlord may cause such lien or liens or other charge or chattel mortgage or security interest or conditional bill of sale or
title retention agreement to be removed of record by payment or bond or otherwise, as Landlord may elect, and Tenant will reimburse Landlord for all costs and expenses incidental to the removal of any such lien or liens or other charge or chattel
mortgage or security interest or conditional bill of sale or title retention agreement incurred by Landlord. Tenant covenants and agrees to indemnify and save harmless Landlord of and from all claims, counsel fees, loss, damage and expenses
whatsoever by reason of any liens, charges, chattel mortgages, security interests, conditional bills of sale, title retention agreements or payments of any kind whatsoever that may be incurred or become chargeable against Landlord, or the Building,
or said changes, improvements or alterations, or any part thereof, by reason of any work done or to be done or materials furnished or to be furnished to or upon the Demised Premises in connection with such changes, improvements or alterations.

  
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 (d) Tenant hereby covenants and agrees to indemnify and save harmless Landlord of and from
all claims, reasonable counsel fees, loss, damage and expenses whatsoever by reason of any injury or damage, howsoever caused, to any person or property occurring prior to the completion of such changes, improvements or alterations or occurring
after such completion, as a result of anything done or omitted in connection therewith or arising out of any fine, penalty or imposition or out of any other matter or thing connected with any work done or to be done or materials furnished or to be
furnished in connection with such changes, improvements or alterations performed by Tenant or at the request of Tenant. At any and all times during the period of such changes, improvements or alterations and upon reasonable prior notice to the
Tenant, which may be oral, Landlord shall be entitled to have a representative or representatives on the site to inspect such changes, improvements or alterations, and such representative or representatives shall have free and unrestricted access to
any and every part of the Demised Premises, to the extent reasonably necessary. 
 (e) Tenant agrees that it will not, either
directly or indirectly, use any contractors, labor and/or materials if the use of such contractors, labor and/or materials would or will create any difficulty with other contractors, subcontractors and/or labor then engaged by Tenant or Landlord or
others in the construction, maintenance and operation of the Building or any part thereof. Tenant and its contractors and mechanics may, prior to the commencement of the term hereof, enter upon the Demised Premises at all reasonable hours, at the
sole risk of Tenant, for the purpose of making such changes, improvements or alterations, provided that Tenant and its contractors and mechanics do not interfere with Landlord, its contractors, or with the occupants of other pans of said Building
and such entry shall not constitute occupancy for purposes of determining the Commencement Date. Such entry shall be upon all of the terms and conditions of this lease other than Landlord’s obligation to provide services and Tenant’s
obligation to pay rent Any changes, improvements or alterations shall comply with all laws and ordinances, and all rules, orders and regulations of all governmental and quasi-governmental agencies, authorities, bureaus, departments and officials,
and of all insurance bodies, at any time duly issued or in force, applicable to the Building, the Demised Premises, or any part thereof. Tenant shall, at Tenant’s sole cost and expense, provide, maintain and keep in force for the benefit of
Landlord and Landlord’s managing agent, during any period in which Tenant is making any changes, improvements or alterations in and to the Demised Premises or any part thereof, such protective liability and property damage insurance as Landlord
shall deem reasonably appropriate. 
 (f) All fixtures and all paneling, partitions, railings and like installations, installed
in the Demised Premises at any time, either by Tenant or by Landlord on Tenant’s behalf, shall, upon installation, become the property of Landlord and shall remain upon and be surrendered with the Demised Premises unless Landlord, by notice to
Tenant given no later than twenty (20) days prior to the date fixed as the expiration date of this lease, elects to relinquish Landlord’s right thereto and to have them removed by Tenant, in which event the same shall be removed from the
Demised Premises by Tenant prior to the expiration of the lease, at Tenant’s expense; provided, however, that Tenant shall not be required to remove any portion of the Landlord’s Work. Notwithstanding anything to the contrary set forth in
this Lease, upon receipt of written request from Tenant seeking Landlord’s consent to perform an alteration, Landlord shall advise Tenant as to whether or not a proposed Tenant alteration may remain upon and be surrendered with the Premises by
Tenant and not be required to be removed from the Premises at the expiration of the term of this Lease. Nothing in this Article shall be construed to give Landlord 

  
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title to or to prevent Tenant’s removal of trade fixtures, moveable office furniture and equipment, but upon removal of any such items from the premises or upon removal of other
installations as may be required by Landlord, Tenant shall immediately and at its expense, repair and restore the Demised Premises to the condition existing prior to installation, and shall repair any damage to the Demised Premises or the Building
due to such removal. All property permitted or required to be removed by Tenant at the end of the term remaining in the Demised Premises after Tenant’s removal shall be deemed abandoned and may, at the election of Landlord, either be retained
as Landlord’s property or may be removed from the premises by Landlord, at Tenant’s expense. 

(g) Tenant acknowledges that it has inspected the Premises and is fully familiar with its condition and agrees to
take same in its present “as-is” condition, broom clean, subject to the performance of the Landlord’s Work (as hereinafter defined). Landlord shall perform the Landlord’s Work in accordance with all applicable laws and deliver
the Premises to Tenant in accordance with all applicable laws. Other than the Landlord’s Work, the Landlord shall have no obligation to alter, repair or otherwise make any changes to the Premises for Tenant’s occupancy of the Premises.
Notwithstanding anything to the contrary set forth in this Lease, Landlord shall, at Landlord’s cost and expense, provide a new Building installation in the Premises utilizing Building standard materials other than as set forth in the plans and
specifications comprising Landlord’s Work and in accordance with the plans and specifications comprising Landlord’s Work, which shall be collectively referred to as the “Landlord’s Work” in accordance with the plans
and specifications attached hereto as Exhibit “C” and by this reference incorporated as if fully set forth herein. If the Commencement Date has not occurred by April 30, 2012, then the Abatement Period shall be extended one
(1) day for each day occurring after April 30, 2012 through and including the Commencement Date. Landlord shall promptly complete any punchlist items with respect to Landlord’s Work following Commencement Date. In addition to the
Landlord’s Work, Landlord shall perform the following work (herein, collectively, the “Landlord’s Additional Work”): (i) insulate the walls of the 5th floor IT room in the Premises, (ii) replace the glass 5th floor IT room door with a Building standard metal door, (iii) install 2 additional dedicated electrical circuits
30A (one in each IT room on the 5th and 17th floors), and (iv) install Tenant’s unit and supplemental
HVAC unit and system in the 5th floor IT room, in
accordance with Exhibit C-1. The construction and completion of the Landlord’s Additional Work shall not be a condition precedent for the Commencement Date to occur and if the Landlord’s Additional Work is not completed prior to the
Commencement Date, Landlord shall complete the Landlord’s Additional Work promptly thereafter. 
 (h) Notwithstanding
anything herein to the contrary, Landlord’s consent shall not be required for any Non-Structural Alterations installed subsequent to the completion of the Landlord’s Work, provided that any such Non-Structural Alteration does not exceed
Fifty Thousand ($50,000.00) Dollars in cost for labor and materials (as reasonably estimated by Landlord’s architect, engineer or contractor, but such monetary limitation shall not apply to painting and/or carpeting the Premises) and on the
following terms and conditions: (i) Tenant notifies Landlord of such alteration prior to commencing work thereon, (ii) such non-structural alteration is performed only by contractors which are on the Building’s approved contractor
list or by other contractors satisfactory to Landlord In its commercially reasonable discretion, (iii) upon completion, such alteration shall not affect any part of the Building (including but not limited to the building’s systems and the
outside appearance and structural integrity of the Building) other than the Premises, (iv) such alteration shall not adversely affect any service 

  
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required to be furnished by Landlord to Tenant or to any other tenant or occupant of the Building, (v) such alteration shall not reduce the value, cubic content or utility of the Building,
and (vi) such alteration will not result in a violation of, nor necessitate an amendment to, the certificate of occupancy issued with respect to the Premises or the Building. Prior to the commencement of any changes, improvements or alterations
which comply with the provisions of this Section 3(h), Tenant shall submit to Landlord plans and specifications (to be prepared by and at the expense of Tenant) for any proposed changes, improvements or alterations, in detail reasonably
satisfactory to Landlord; provided, however, that Tenant shall not be required to submit plans and specifications to Landlord if the proposed alteration is solely decorative or cosmetic in nature such as painting, carpeting and/or wallpapering.

 4. Maintenance and Repairs. Tenant shall, throughout the term of this lease, take good care of the Demised Premises and the fixtures
and appurtenances therein and keep the same in good repair. Tenant shall be responsible for nil damage or injury to the Demised Premises or any other part of the Building and the systems and equipment thereof, whether requiring structural or
nonstructural repairs caused by or resulting from carelessness, omission, neglect or improper conduct of Tenant, Tenant’s subtenants, agents, employees, invitees or licensees, or which arise out of any work, labor, service or equipment done for
or supplied to Tenant or any subtenant or arising out of the installation, use or operation of the property or equipment of Tenant or any subtenant. Tenant shall also repair all damage to the Building and the Premises caused by the moving of
Tenant’s fixtures furniture and equipment. Tenant shall promptly make at Tenant’s expense all repairs in and to the Premises for which Tenant is responsible using a duly licensed contractor approved by Landlord and subject to
Landlord’s rules and regulations and applicable labor laws and rules. Any other repairs in or to the Building or the facilities and systems thereof for which Tenant is responsible shall be performed by Landlord at Tenant’s expense.
Landlord shall maintain in good working order and repair the exterior and the structural portions of the Building including the structural portions of the Premises (including the exterior windows) and the public portions of the Building interior and
the Building plumbing, electrical, heating, air conditioning and ventilating systems not located within the Demised Premises (to the extent such systems presently exist) serving the Premises and the Building core areas, including any Building
systems that are located in the Premises but do not exclusively serve the Premises. Tenant agrees to give prompt notice of any defective condition in the premises for which Landlord may be responsible hereunder. There shall be no allowance to Tenant
for diminution of rental value and no liability on the part of Landlord by reason of inconvenience annoyance or injury to business arising from Landlord or others making repairs alterations additions or improvements in or to any portion of the
Building or the Premises or in and to the fixtures appurtenances or equipment thereof. It is specifically agreed that Tenant shall not be entitled to any set off or reduction of rent by reason of any failure of Landlord to comply with the covenants
of this or any other article of this Lease. Tenant agrees that Tenant’s sole remedy at law in such instance will be by way of an action for damages for breach of contract. The provisions of this Article 4 shall not apply in the case of fire or
other casualty which are dealt with in Article 9 hereof nor limit the provisions of Article 17 hereof. 
 5. Window Cleaning. Tenant will
not clean nor require, permit, suffer or allow any window in the Demised Premises to be cleaned from the outside in violation of Section 202 of the Labor Law or any other applicable law or of the Rules of the Board of Standards and Appeals or
of any other Board or body having or asserting jurisdiction. 

  
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 6. Requirements of Law, Fire Insurance, Floor Loads. 

(a) Tenant covenants and agrees that Tenant will not use or suffer or permit any person to use the Demised Premises for any unlawful
purpose and that Tenant will obtain and maintain at Tenant’s sole cost and expense all licenses and permits from any and all governmental or quasi-governmental agencies, authorities, departments, bureaus, bodies or officials having jurisdiction
of the Demised Premises which may be necessary for the conduct of Tenant’s business therein. Tenant further covenants to comply with applicable laws, resolutions, codes, requirements, decisions, statutes, ordinances, rules and regulations of
any governmental or quasi-governmental authority, department, bureau, agency, body or official having jurisdiction over the operation, occupancy, maintenance, alteration and use of the Demised Premises for the purposes set forth herein. Nothing in
this paragraph (a) shall require Tenant to make structural repairs or structural alterations unless Tenant has, by its manner of use of the Demised Premises or method of operation, therein (as opposed to the mere use thereof for office
purposes) violated any such laws, ordinances, orders, rules, regulations or requirements with respect thereto. Landlord shall comply with all laws with respect to the Building and the Premises which are not the responsibility of Tenant or any other
occupant of the Building. 
 (b) Tenant may, after securing Landlord to Landlord’s satisfaction against all damages,
interest, penalties and expenses (including, but not limited to, reasonable attorney’s fees) by cash deposit or by surety bond in an amount and in a company satisfactory to Landlord, contest and appeal any such laws, ordinances, orders, rules,
regulations or requirements provided same is done with all reasonable promptness and provided such appeal shall not subject Landlord to prosecution for a criminal offense or constitute a default under any lease or mortgage under which Landlord may
be obligated, or cause the Demised Premises or any part thereof to be forfeited, condemned or vacated. 
 (c) Tenant shall not
do or permit any act or thing to be done in or to the Demised Premises which is contrary to law or which will invalidate or be in conflict with public liability, fire or other policies of insurance at any time carried by or for the benefit of
Landlord with respect to the Demised Premises or the Building of which the Demised Premises form a part or which shall or might subject Landlord to any liability or responsibility to any person or for property damage. Tenant shall not keep anything
in the Demised Premises except as now or hereafter permitted by the Fire Department, Board of Fire Underwriters, Fire Insurance Rating Organization or other authority having jurisdiction, and then only in such manner and such quantity so as not to
increase the rate for fire insurance applicable to the Building, nor use the Demised Premises in a manner which will increase the insurance rate for the Building or any property located therein over that in effect prior to the commencement of
Tenant’s occupancy. Tenant shall pay all costs, expenses, fines, penalties or damages which may be imposed upon Landlord by reason of such failure to comply with the provisions of this Article and if by reason of such failure the fire insurance
rate shall, at the beginning of this lease or at any time thereafter, be higher than it otherwise would be, then Tenant shall reimburse Landlord, as additional rent hereunder, for that portion of all fire insurance premiums thereafter paid by
Landlord which shall have been charged because of such failure by Tenant In any action or proceeding wherein Landlord and Tenant are parties, a schedule or “make-up” of rates for the Building or Demised Premises issued by the New York Fire
Insurance Exchange, or other body making fire insurance rates applicable to said premises shall be conclusive evidence of the facts therein stated and of the several items and charges in the fire insurance rates then applicable to said premises.

  
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 (d) Tenant shall not place a load upon any floor of the Demised Premises exceeding the floor
load per square foot area which it was designed to carry and which is allowed by law. Landlord reserves the right to prescribe the weight and position of all safes, business machines and mechanical equipment. Such installations shall be placed and
maintained by Tenant at Tenant’s expense in settings sufficient in Landlord’s reasonable judgment to absorb and prevent vibration noise and annoyance. 
 7. Subordination. This lease is subject and subordinate to all ground or underlying leases and to all mortgages which may now or hereafter affect such leases or the real property of which Demised
Premises are a part and to all renewals, modifications, consolidations, replacements and extensions of any such underlying leases and mortgages. This clause shall be self-operative and no further instrument of subordination shall be required by any
ground or underlying lessor or by any mortgagee affecting any lease or the real property of which the Demised Premises are a part. In confirmation of such subordination, Tenant shall execute within ten (10) days any certificate that Landlord
may reasonably request. Landlord shall use reasonable commercial efforts to obtain a subordination, non-disturbance and attornment agreement with respect to the ground lease affecting the Building substantially in the form of the subordination,
non-disturbance and attornment agreement attached hereto as Exhibit “D” with reasonable modifications thereto as requested by Tenant. Landlord shall use reasonable commercial efforts to obtain a subordination, non-disturbance and
attornment agreement from the holder of any future mortgage recorded against the Building in such mortgagee’s standard form with reasonable modifications thereto requested by Tenant. 
 8. Property - Loss, Damage, Reimbursement. Landlord or its agents shall not be liable for any damage to property of Tenant or of others entrusted to employees of the Building, nor for loss of or
damage to any property of Tenant by theft or otherwise, nor for any injury or damage to persons or property resulting from any cause of whatsoever nature, unless caused by or due to the gross negligence of Landlord, its agents, servants or
employees. Landlord or its agents will not be liable for any such damage caused by other tenants or persons in, upon or about the Building or caused by operations in construction of any private, public or quasi public work. 

9. Destruction, Fire and Other Casualty. (a) If the Demised Premises or any part thereof shall be damaged by fire or other casualty, Tenant
shall give immediate notice thereof to Landlord and this lease shall continue in full force and effect except as hereinafter set forth. 
 (b) If the Demised Premises are partially damaged or rendered partially unusable by fire or other casualty, (i) the damages to the base building installations shall be repaired by and at the expense
of Landlord and the rent, until such repair shall be substantially completed, shall be apportioned from the day following the casualty according to the part of the Demised Premises which is usable, (ii) Tenant shall repair and restore in
accordance with Article 3 hereof, all fixtures, improvements and betterments installed, or caused to be installed by Tenant, in the Premises, including, without limitation the Landlord’s Work with reasonable dispatch after the casualty.

  
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 (c) If the Demised Premises are totally damaged or rendered wholly unusable by fire or other
casualty, then the rent shall be proportionately paid up to the time of the casualty and thenceforth shall cease until the date when the base building installations shall have been repaired and restored by Landlord, subject to Landlord’s right
to elect not to restore the same as hereinafter provided. 
 (d) If the Demised Premises are rendered wholly unusable or
(whether or not the Demised Premises are damaged in whole or in part) if the Building shall be so damaged that Landlord shall decide in Landlord’s sole and absolute discretion to demolish it or to rebuild it, then, in any of such events,
Landlord may elect to terminate this Lease by written notice to Tenant, given within ninety (90) days after such fire or casualty, specifying a date for the expiration of the Lease, which date shall not be more than sixty (60) days after
the giving of such notice, and upon the date specified in such notice the term of this Lease shall expire as fully and completely as if such date were the date set forth in this Lease for the termination of this Lease and Tenant shall forthwith
quit, surrender and vacate the Demised Premises without prejudice however, to Landlord’s rights and remedies against Tenant under the Lease provisions in effect prior to such termination, and any rent owing shall be paid up to such date and any
payments of rent made by Tenant which were on account of any period subsequent to such date shall be returned to Tenant. Unless Landlord shall serve a termination notice as provided for herein, Landlord shall make the repairs and restorations under
the conditions of paragraphs (b) and (c) of this Article, with all reasonable expedition, subject to delays due to adjustment of insurance claims, labor troubles and causes beyond Landlord’s control. After any such casualty, Tenant
shall cooperate with Landlord’s restoration by removing from the Demised Premises as promptly as reasonably possible, all of Tenant’s salvageable inventory and movable equipment, furniture and other property. Tenant’s liability for
rent shall resume five (5) days after written notice from Landlord that the Demised Premises are substantially ready for Tenant’s occupancy. 
 (e) Notwithstanding the foregoing, each party shall look first to any insurance in its favor before making any claim against the other party for recovery for loss or damage resulting from fire or other
casualty, and to the extent that such insurance is in force and collectible and to the extent permitted by law, Landlord and Tenant each hereby releases and waives all right of recovery against the other or any one claiming through or under each of
them by way of subrogation or otherwise. The foregoing release and waiver shall be in force only if both releasors’ insurance policies contain a clause providing that such a release or waiver shall not invalidate the insurance policy in
question. If, and to the extent, that such waiver can be obtained only by the payment of additional premiums, then the party benefitting from the waiver shall pay such premium within ten (10) day s after written demand or shall be deemed to
have agreed that the party obtaining insurance coverage shall be free of any further obligation under the provisions hereof with respect to waiver of subrogation. Tenant acknowledges that Landlord will not carry insurance on Tenant’s Initial
Work or any improvements thereafter installed, or caused to be installed by Tenant. Tenant’s furniture and/or furnishings or any fixtures or equipment, improvements, or appurtenances removable by Tenant and agrees that Landlord will not be
obligated to repair any damage thereto or replace the same. 
 (f) Tenant hereby waives the provisions of Section 227 of
the Real Property Law and agrees that the provisions of this Article shall govern and control in lieu thereof. 

  
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 (g) In the event of damage to the Building or the Premises, if Landlord is obligated to
repair the same under this Article 9 but if Landlord has not completed the required repairs within two hundred and forty (240) days after the date of such damage (unless Landlord has been prevented from proceeding by causes beyond
Landlord’s control, including insurance adjustments and negotiations, in which case Landlord shall be entitled to an additional period not to exceed un additional sixty (60) days) and if the damage to the Building and/or the Premises has
deprived (and then continues to deprive) Tenant of reasonable access to the Premises and/or the use and enjoyment of the Premises, Tenant may, within thirty (30) days thereafter, terminate this Lease by written notice to Landlord. In the event
of damage to the Building or the Premises, if Landlord is obligated to repair the same under this Article 9, but if Landlord’s contractor shall reasonably estimate the time period to complete such repair within sixty (60) days following
such damage and if the repairs are not reasonably estimated to be repaired within two hundred forty (240) days after the date of such damage and if the damage to the Building and/or the Premises has deprived (and then continues to deprive)
Tenant of reasonable access to the Premises and/or the use and enjoyment of the Premises, Tenant may, within thirty (30) days after receipt of such estimate, terminate this Lease by written notice to Landlord. 

10. Eminent Domain. If the whole or any part of the Demised Premises shall be acquired or condemned by Eminent Domain for any public or quasi
public use or purpose, then and in that event, the term of this Lease shall cease and terminate from the date of title vesting in such proceeding and Tenant shall have no claim for the value of any unexpired term of said Lease and assigns to
Landlord, Tenant’s entire interest in any such award. 
 11. Assignment, Subletting, Mortgage, Etc. 

(a) Other than as expressly set forth in this Lease, Tenant, for itself, its heirs, distributees, executors, administrators, legal
representatives, successors and assigns, expressly covenants that it shall not (i) assign, mortgage or encumber this Agreement or Tenant’s interest in the Demised Premises or any part thereof, nor (ii) underlet or suffer or permit the
Demised Premises or any part thereof to be used by others, without the prior written consent of Landlord in each instance. However, Landlord’s consent shall not be required and the provisions of Sections (e), (f) and (g) of this
Article 11 shall not apply to an assignment or sublease to an entity which (a) owns a majority of the shares and/or other ownership interests of Tenant, (b) the majority of which is owned by Tenant, (c) is owned by the same persons or
entities who own Tenant or (d) an assignment of this Lease to any entity into or with which Tenant is merged or consolidated or to an entity that purchases substantially all of Tenant’s assets or ownership interest so long as after such
transaction referred to in this subparagraph (d), Tenant’s net worth is not less than the greater of (x) Tenant’s net worth as of the date of this Lease or (y) Tenant’s net worth immediately prior to such transaction. The
consent by Landlord to an assignment or underletting shall not in any wise be construed to relieve Tenant from any of its obligations hereunder or from obtaining the express consent in writing of Landlord to any further assignment or underletting.

 (b) Any transfer, by operation of law or otherwise, of fifty percent (50%) or more of the issued and outstanding shares
of capital stock of Tenant (or if Tenant is a partnership or other entity fifty percent (50%) or more of the partnership interests or other ownership interests of Tenant), in a single transaction or a related series of transactions, shall he
deemed an assignment 

  
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of this Lease within the meaning of this Article 11, except for a transferor related series of transfers by reason of bequest, devise or by operation of the laws of intestacy on or as a result of
the death of a shareholder or transfers of stock through any nationally recognized stock exchange. 
 (c) No assignment or
transfer shall be effective unless and until the assignee shall execute, acknowledge and deliver to Landlord an agreement, in form and substance reasonably satisfactory to Landlord, whereby the assignee shall (i) assume the obligations and
performance of this Lease and agree to be bound by all of the covenants, agreements, terms, provisions and conditions hereof on the part of Tenant to be performed or observed on and after the effective date of any such assignment and (ii) agree
that the provisions of this Article shall, notwithstanding such assignment or transfer, be binding upon it in the future. 
 (d)
If this Lease be assigned, or if the Premises or any part thereof be underlet or occupied by anyone other than Tenant, landlord may, after default by Tenant, collect rent from the assignee, under-tenant or occupant, and apply the net amount
collected to the rent herein reserved, but no such assignment, underletting, occupancy or collection shall be deemed a waiver of this covenant, or the acceptance of the assignee, under-tenant or occupant as tenant, or a release of Tenant from the
further performance by Tenant of covenants on the part of Tenant herein contained. 
 (e) (i) If Tenant desires Landlord’s
consent to an assignment of this Lease or to the subletting of all or any part of the Premises for any part of the term of this Lease with respect thereto. Tenant shall notify Landlord of the name of the proposed assignee/sublessee, such information
as to the proposed assignee/sublessee’s business financial responsibility and standing as Landlord may reasonably require, and of the material business terms and conditions of the proposed assignment/subletting. Such notice shall be deemed an
offer to vacate and surrender, as of the Special Surrender Date (as hereinafter defined), either (1) if Tenant proposes to sublet only a part of the Premises for the balance of the term of this Lease, the space to be demised by the proposed
sublease together with such other space, if any, as may be reasonably required for public corridors, toilets and core facilities serving the space so proposed to be sublet (said space(s) being herein collectively called a “Partial
Space”) or (2) if Tenant proposes to assign this Lease or to sublet the entire Premises, the entire Premises. The term “Special Surrender Date” shall mean a date to be specified in such notice from Tenant; provided,
however, that said date shall not be earlier than forty-live (45) days after the giving of such notice and not later than the effective date of the assignment or the date for the commencement of the term of the proposed subletting Landlord may
accept such offer by a notice given to Tenant within thirty (30) days after the receipt of such notice from Tenant. 
 (ii)
If Landlord accepts such offer and such offer pertains to a Partial Space, then effective as of the Special Surrender Date (1) this Lease shall be deemed modified so that the term and estate granted by this Lease with respect to such Partial
Space (unless the same shall have expired sooner pursuant to any of the conditions of limitation or other provisions of this Lease or pursuant to law) shall expire on the Special Surrender Date with the same effect as if the Special Surrender Date
were the date specified in this Lease for the expiration of the term of this Lease with respect to such Partial Space, (2) the annual fixed Rent payable hereunder, to the extent that such Fixed Rent relates to such Partial Space shall be
proportionately abated for 

  
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each square foot of the rentable area of the Partial Space from and after the Special Surrender Date and (3) the additional rent payable pursuant to this Lease, shall be reduced from and
after the Special Surrender Date by the percentage the Partial Space constitutes of the entire Premises (including the Partial Space). 
 (iii) If Landlord accepts such offer and such offer pertains to the entire Premises, then this Lease shall be deemed modified so that the term and estate granted by this Lease (unless the same shall have
expired sooner pursuant to any of the conditions of limitation or other provisions of this Lease or pursuant to law) shall expire on the Special Surrender Date with the same effect as if the Special Surrender Date were the date specified in this
Lease for the expiration of the Term hereof and the rent payable hereunder shall be apportioned as of the Special Surrender Date. 
 (iv) Tenant shall terminate its occupancy of such Partial Space or the Premises, as the case may be, not later than the Special Surrender Date. 

(v) In the event of such expiration of the term of this Lease with respect to a Partial Space, any changes, improvements and alterations
of any remaining portion of the Premises after the Special Surrender Date (including, but not limited to, the erection of a boundary wall to separate such portion from such Partial Space) made necessary or desirable by reason of such expiration
shall be made by Landlord at Tenant’s sole cost and expense. 
 (f) If Landlord does not accept an offer made by Tenant in
a notice given to the Landlord pursuant to paragraph (e) of this Article, Landlord will not unreasonably withhold or delay its consent to the proposed assignment or subletting referred to in said notice on the terms and conditions set forth in
the notice; provided, however, that Landlord shall not in any event be obligated to consent to any such proposed assignment or subletting unless: 
 (i) There shall be not more than two (2) subtenants in the Fifth Floor Premises and there shall not be more than one (1) subtenant in the Seventeenth Floor Premises at any one time during the
term hereof (excluding any occupants permitted without Landlord’s consent as provided in this Article 11); 
 (ii) The
financial condition and character of, and the nature of the business conducted by, the proposed assignee or subtenant must be satisfactory to Landlord in Landlord’s reasonable discretion; 

(iii) Any proposed instrument of assignment or sublease must be submitted to Landlord before the commencement date thereof, accompanied
by the financial statements of the proposed assignee or subtenant if such financial statements were not previously delivered to Landlord; 
 (iv) The sublease must provide that the same is subject to all of the terms and conditions of this Lease and the sublease must provide that in the event of termination of this Lease for any reason
whatsoever or of the surrender of this Lease whether voluntary, involuntary or by operation of law, prior to the expiration date of such sublease, including extensions and renewals granted thereunder, the proposed subtenant agrees to make full and
complete attornment to Landlord for the balance of the term of the sublease in accordance with the terms 

  
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of the sublease, at the option of Landlord at any time during the proposed subtenant’s occupancy of a portion of the Premises, which attornment shall be evidenced by an agreement in form and
substance reasonably satisfactory to Landlord, which the proposed subtenant agrees to execute and deliver at any time within five (5) days after request of Landlord, its successors and assigns, and the proposed subtenant waives the provisions
of any law now or hereafter in effect which may give the proposed subtenant any right of election to terminate the sublease or to surrender possession of the Premises in the event any proceeding is brought by Landlord under this Lease to terminate
this Lease; 
 (v) The assignee or subtenant must be subject to service of process in New York State and must carry on a trade
or business consistent with the first class nature of the Building (excluding, without limitation, an employment and/or travel agency, a messenger service, a photographic and/or reproduction service, a retail operation at the Premises, the sale of
foodstuffs or edibles, a mailing address or telephone answering service, a governmental or quasi-governmental agency, authority, bureau or department, and/or such other businesses, professions or activities as to which Landlord has in writing
granted another tenant in said Building a restrictive covenant prohibiting such uses in the Building); 
 (vi) No assignment or
subletting shall relieve Tenant of its obligations or liabilities hereunder, or shall be deemed a consent to a further assignment or subletting; 
 (vii) Tenant shall not be in default under any of the terms and conditions of this Lease at the time of any notice or request for consent under the terms of this Article and at the effective date of the
assignment or the commencement date of such subletting; 
 (viii) Tenant shall pay as additional rent Landlord’s reasonable
attorneys’ fees in connection with Landlord’s consent to such assignment or subletting; 
 (ix) The assignee or
subtenant shall not be a then existing tenant or occupant of the Building; 
 (x) Any subletting shall not be advertised at a
rental rate less than currently being charged by Landlord for comparable space in the Building and for a comparable term, at the time of such subletting; and 
 (xi) The space proposed to be sublet shall be required to be commercially regular in shape and configuration with appropriate means of ingress and egress suitable for normal renting purposes, and in the
event that Landlord exercises its option to recover the space proposed to be sublet pursuant to paragraph A hereof, Landlord shall erect such demising walls and partitions, and perform such other work as may be necessary to separate the space
proposed to be sublet, at Tenant’s sole cost and expense. 
 Landlord’s consent, if any, shall be evidenced by the
delivery of, and shall be subject to the terms and conditions of, a consent to assignment or sublease duly executed by Landlord, Tenant and the assignee or subtenant on Landlord’s customary form, as prepared by Landlord, which form shall be
reasonably consistent with similar landlord consents for comparable transactions and shall be reasonably acceptable to Landlord, Tenant and such assignee or sublessee. 

  
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 (g) If Landlord shall give its consent to any sublease and/or any assignment of this Lease,
Tenant shall, in consideration therefor, pay to Landlord, as additional rent, fifty percent (50%) of any and all rents, additional charges or other consideration payable under the sublease to Tenant by the subtenant or the assignee, as the case
may be, regardless of how such consideration is designated by Tenant and/or the subtenant (including, but not limited to, sums paid for the sale or rental of Tenant’s fixture, leasehold improvements, equipment, furniture or other personal
property in excess of the book value of such items on the books and records of Tenant), which is in excess of: (a) the rent and additional rent accruing hereunder during the term of the sublease in respect of the subleased space (at the rate
per square foot payable by Tenant hereunder) pursuant to the terms hereof and (c) the “Permitted Expenses” (as hereinafter defined). For the purposes of this Lease, the term the “Permitted Expenses” shall be
defined as: (i) commercially reasonable brokerage commissions incurred by Tenant in connection with such assignment or sublease; (ii) reasonable advertising costs incurred by Tenant in connection with such assignment or sublease;
(iii) reasonable out-of-pocket costs incurred by Tenant in preparing the Premises for such subtenant (but not including any attorneys’ fees), including any work allowance granted by Tenant to such assignee/sublessee; and
(iv) reasonable architects’ and engineering fees incurred by Tenant in connection with such assignment or sublease. The sums payable under this paragraph (g) shall be paid to Landlord as and when paid by the subtenant to Tenant.

 (h) The listing of any name other than that of Tenant, whether on the doors of the Premises or the Building directory, or
otherwise, shall not operate to vest any right or interest in this Lease or in the Premises, nor shall it be deemed to be the consent of Landlord to any assignment or transfer of this Lease or to any sublease of the Premises or to the use or
occupancy thereof by any other party. 
 (i) Tenant may, without the consent of Landlord, subject to all of the provisions of
this Lease, permit portions of the Premises to be used or occupied under so-called “desk sharing” arrangements by any entity with whom Tenant, has a business relationship other than as occupants of the Premises (each such desk or office
space user, a “Desk Space User”); provided, that (i) any such use or occupancy of desk or office space shall be without the installation of demising walls separating such desk or office space (except as required by Law), any
separate entrance or any signage identifying such Desk Space User, (ii) at any time during the Term, the aggregate of the rentable square footage then used by Desk Space Users shall not exceed more than ten percent (10%) of the rentable
area of the Premises, (iii) each Desk Space User shall use the Premises in accordance with all of the provisions of this Lease, and only for the use expressly permitted pursuant to this Lease, (iv) in no event shall the use of any portion
of the Premises by a Desk Space User create or be deemed to create any right, title or interest of such Desk Space User in any portion of the Premises or this Lease, (v) such “desk sharing” arrangement shall terminate automatically
upon the termination of this Lease, (vi) Tenant shall receive no rent or other payment or consideration for the use or occupancy of any space in the Premises by any Desk Space User in excess of an allocable share of the Fixed Rent reserved
hereunder (other than for reasonable charges for office, clerical, secretarial, messenger and similar services), and (vii) such desk sharing arrangement is for a valid business purpose and not to circumvent the provisions of this Article 11.
Prior to any such Desk Space User occupying any portion of the Premises, Tenant shall notify Landlord in writing of any Desk Space User in the Premises, which notice shall include (1) the identity of the Desk Space User, along with a
description of the 

  
 16 

 
nature of the activities to be conducted in the Premises by such Desk Space User, (2) a statement by Tenant that Tenant is in compliance with the provisions of this Section 11(i) with
respect to such Desk Space User, (3) if the Desk Space User has been assigned a specific portion of the Premises to use, a floor plan showing the area of the Premises to be occupied by such Desk Space User (which floor plan shall set forth the
amount of rentable square feet of the Premises to be used or occupied by such Desk Space User), and (4) a copy of the agreement, if any, relating to the use or occupancy of such portion of the Premises by such Desk Space User. 

12. Electric Current. Rates and conditions in respect to submetering or rent inclusion, as the case may be, are set forth in Article 39 below.
Tenant covenants and agrees that at all times its use of electric current shall not exceed the capacity of existing feeders to the Building or the risers or wiring installation and Tenant may not use any electrical equipment which, in
Landlord’s opinion, reasonably exercised, will overload such installations or interfere with the use thereof by other tenants of the Building The change at any lime of the character of electric service shall in no wise make Landlord liable or
responsible to Tenant for any loss, damages or expenses which Tenant may sustain, unless caused by the gross negligence and/or willful misconduct of Landlord. Please see Article 39 for additional provisions regarding electricity. 

13. Access to Premises. Landlord or Landlord’s agents shall have the right (but shall not be obligated) to enter the Premises in any
emergency at any time, and, at other reasonable times upon reasonable prior notice, which may be oral, to examine the same and to make such repairs, replacements and improvements as Landlord may deem necessary and reasonably desirable to the
Premises or to any other portion of the Building or which Landlord may elect to perform and such access by Landlord shall not reduce the usable area of the Premises (other than to a de minimis amount) and shall not have a material adverse
impact on Tenant’s access to the Premises. Landlord shall use its reasonable commercial efforts in order to minimize any interference with Tenant’s business operations during any access to the Premises, but this shall not be construed so
as to require Landlord to perform any work on an overtime or other premium pay basis. Tenant shall permit Landlord to use and maintain and replace pipes and conduits in and through the Premises and to erect new pipes and conduits therein provided
they are concealed within the walls, floor or ceiling. Landlord may during the progress of any work in the Premises take all necessary materials and equipment into the Premises without the same constituting an eviction nor shall the Tenant be
entitled to any abatement of rent while such work is in progress nor to any damages by reason of loss or interruption of business or otherwise. All parts (except surfaces facing the interior of the Premises) of all walls, windows and doors bounding
the Premises (including exterior Building walls, exterior core corridor walls, exterior doors and entrances), all balconies, terraces and roofs adjacent to the Premises, all space in or adjacent to the Premises used for shafts, stacks, stairways,
chutes, pipes, conduits, ducts, fan rooms, heating, air cooling, plumbing and other mechanical facilities, service closets and other Building facilities are not part of the Premises, and Landlord shall have the use thereof, as well as access thereto
through the Premises for the purposes of operation, maintenance, alteration and repair. Throughout the term hereof Landlord shall have the right to enter the Premises at reasonable hours for the purpose of showing the same to prospective purchasers
or mortgagees of the Building and during the last six months of the Term for the purpose of showing the same to prospective tenants. If Tenant is not present to open and permit an entry into the Premises during an emergency, Landlord or
Landlord’s agents may enter the same whenever such entry may be necessary by master key or forcibly and provided reasonable care is exercised to safeguard 

  
 17 

 
Tenant’s property, such entry shall not render Landlord or its agents liable therefor, nor in any event shall the obligations of Tenant hereunder be affected. If during the last month of the
Term Tenant shall have removed all or substantially all of Tenant’s property therefrom, Landlord may immediately enter, alter, renovate or redecorate the Premises without limitation or abatement of rent, or incurring liability to Tenant for any
compensation and such act shall have no effect on this Lease or Tenant’s obligations hereunder. Tenant shall have access to the Premises seven (7) days a week, twenty-four (24) hours per day, subject only to landlord’s security
rules and regulations. 
 14. Vault, Vault Space, Area. No vaults, vault space or area, whether or not enclosed or covered, not within
the property line of the Building is leased hereunder, anything contained in or indicated on any sketch, blue print or plan, or anything contained elsewhere in this Lease to the contrary notwithstanding. Landlord makes no representation as to the
location of the property line of the Building. All vaults and vault space and all such areas not within the property line of the Building, which Tenant may be permitted to use and/or occupy, is to be used and/or occupied under a revocable license,
and if any such license be revoked, or if the amount of such space or area be diminished or required by any federal, state or municipal authority or public utility, Landlord shall not be subject to any liability nor shall Tenant be entitled to any
compensation or diminution or abatement of rent, nor shall such revocation, diminution or requisition be deemed constructive or actual eviction. Any tax, fee or charge of municipal authorities for such vault or area shall be paid by Tenant.

 15. Occupancy. Tenant will not at any time use or occupy the Premises in violation of the certificate of occupancy issued for the
Building of which the Premises are a part, a copy of which has been delivered to Tenant and Tenant hereby confirms its receipt of the certificate of occupancy. Tenant has inspected the Premises and accepts them as is, subject to the provisions
hereof with respect to Landlord’s Work, if any. In any event, Tenant agrees to accept the same subject to violations, whether or not of record, so long as such violations do not materially adversely affect Tenant’s use of the Premises,
Landlord shall promptly cure any such violations. Tenant shall use and occupy the Premises for general and executive offices and showroom and for no other purpose whatsoever. 
 16. Bankruptcy. 
 (a) Anything elsewhere in this Lease to the contrary
notwithstanding, this Lease may be canceled by Landlord by the sending of a written notice to Tenant within a reasonable time after the happening of any one or more of the following events: (i) the commencement of a case in bankruptcy or under
the laws of any state naming Tenant as the debtor which is not dismissed within one hundred twenty (120) days; or (ii) the making by Tenant of an assignment or any other arrangement for the benefit of creditors under any state statute.
Neither Tenant nor any person claiming through or under Tenant, or by reason of any statute or order of court, shall thereafter be entitled to possession of the Premises but shall forthwith quit and surrender the Premises. If this Lease shall be
assigned in accordance with its terms, the provisions of this Article shall be applicable only to the party then owning Tenant’s interest in this Lease. 

  
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 (b) It is stipulated and agreed that in the event of the termination of this Lease pursuant
to paragraph (a) of this Article, Tenant shall pay to Landlord as liquidated damages the amount determined pursuant to paragraph (d) of Article 18 of this Lease. 
 17. Default. 
 (a) If Tenant defaults in fulfilling any of the covenants of
this Lease; or if Tenant defaults in making any payment required under this Lease for more than five (5) business days after written notice from Landlord; or if Tenant defaults in complying with any non-monetary term and condition set forth in
this Lease for more than twenty (20) days after written notice from Landlord (provided, that in the event of any default with respect to Tenant’s failure to comply with the insurance provisions of this Lease such period shall be reduced to
three (3) business days); or if the Premises become abandoned; or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the Premises shall be taken or occupied by someone other than Tenant; or
if this Lease be rejected under §235 of Title II of the U.S. Code (the bankruptcy code); then if any one or more of such events upon Landlord serving a written five (5) days notice upon Tenant specifying the nature of said default and upon
the expiration of said five (5) days, if Tenant shall have failed to comply with or remedy such default, or if the said default or omission complained of shall be of a nature that the same cannot be completely cured or remedied within said five
(5) day period, and if Tenant shall not have diligently commenced during such default within such five (5) day period, and shall not thereafter with reasonable diligence and in good faith proceed to remedy or cure such default, then
Landlord may serve a written three (3) days’ notice of cancellation of this Lease upon Tenant and upon the expiration of said three (3) days this Lease and the term hereunder shall end and expire as fully and completely as if the
expiration of such three (3) day period were the day herein definitely fixed for the end and expiration of this Lease and the term thereof and Tenant shall then quit and surrender the Premises to Landlord, but Tenant shall remain liable as
hereinafter provided. 
 (b) If the notice provided for in paragraph (a) of this Article shall have been given, and the
term shall expire as aforesaid; or if Tenant shall default in the payment of the Fixed Rent reserved herein or any item of additional rent herein mentioned or any part of either or in making any other payment herein require; then and in any of such
events Landlord may re-enter the Premises either by force or otherwise to the extent permitted by applicable laws, and dispossess Tenant by summary proceedings or otherwise, and the legal representative of Tenant or other occupant of Premises, and
remove their effects and hold the Premises as if this Lease had not been made, and Tenant hereby waives the service of notice of intention to re-enter or to institute legal proceedings to that end. The words “re-enter”,
“re-entry” and “re-entering” as used in this Lease are not restricted to their technical legal meanings. 
 18. Remedies
of Landlord and Waiver of Redemption. In case of any default by Tenant re-entry, cancellation, expiration and/or dispossess by summary proceedings or otherwise, then: 
 (a) the Fixed Rent and the additional rent shall become due thereupon and be paid up to the time of such re-entry, dispossess and/or expiration; 

  
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 (b) Landlord may re-let the Premises or any part or parts thereof, either in the name of
Landlord or otherwise, for a term or terms, which may at Landlord’s option be less than or exceed the period which would otherwise have constituted the balance of the term of this Lease and may grant concessions (such as a work allowance or
free rent period) or charge a higher or lower rental than that in this Lease; and/or 
 (c) Tenant or the legal representatives
of Tenant shall also pay to Landlord, as liquidated damages for the failure of Tenant to observe and perform said Tenant’s covenants herein contained, unless Landlord elects to accelerate the rents under paragraph (d) of this article, any
deficiency between the rent hereby reserved and/or covenanted to be paid and the net amount, if any, of the rents collected on account of the Lease or leases of the Demised Premises for each month of the period which would otherwise have constituted
the balance of the term of this Lease. The failure of Landlord to re-let the Premises or any part or parts thereof shall not release or affect Tenant’s liability for damages. In computing such liquidated damages there shall be added to the said
deficiency such expenses as Landlord may incur in connection with re-letting, such as legal expenses, attorneys’ fees, brokerage, advertising and for keeping the Demised Premises in good order or for preparing the same for re-letting. Any such
liquidated damages shall be paid in monthly installments by Tenant on the rent day specified in this Lease and any suit brought to collect the amount of the deficiency for any month shall not prejudice in any way the rights of Landlord to collect
the deficiency for any subsequent month by a similar proceeding. Landlord in putting the Demised Premises in good order or preparing the same for re-rental may, at Landlord’s option, make such alterations, repairs, replacements, and/or
decorations in the Demised Premises as Landlord, in Landlord’s sole judgment, considers advisable and necessary for the purpose of re-letting the Demised Premises, and the making of such alterations, repairs, replacements and/or decorations
shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord shall in no event be liable in any way whatsoever for failure to re-let the Demised Premises, or in the event that the Demised Premises are re-let,
for failure to collect the rent thereof under such re-letting, and in no event shall Tenant be entitled to receive any excess, if any, of such net rents collected over the sums payable by Tenant to Landlord hereunder. Suit or suits for the recovery
of any damages payable by Tenant, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing in this Lease shall be deemed to require Landlord to postpone suit until the date when the term of this Lease
would have expired but for such Default Termination (as defined below). If the Demised Premises or any part thereof should be relet in combination with other space, then proper apportionment on a square foot basis shall be made of the rent received
from such reletting and of the expenses of reletting. Landlord shall be under no obligation in reletting the Demised Premises to give priority to the leasing thereof over other vacant space in the Building of which the Demised Premises are a part.

 (d) Landlord, in its sole discretion, in lieu of the damages described in paragraph (c) of this article may elect to
require Tenant to pay to Landlord as liquidated damages, and Tenant hereby covenants to pay to Landlord, a sum which represents the then present value (such computation to be made by using a discount rate equal to the then prime rate (i.e., the base
lending rate) of Citibank N.A.) of the excess, if any, of (1) the aggregate of the rent reserved herein and the additional rent under Article 37 which, had this Lease not so terminated, would have been payable under this Lease by Tenant for the
period from the date of such termination, expiration, re-entry and/or dispossess by summary proceedings or otherwise (any such event a 

  
 20 

 
“Default Termination”) to the date originally specified as the expiration date of this Lease (as the same may have been extended by the exercise by Tenant of any renewal or
extension right contained in this Lease or by agreement with Landlord), over (2) the aggregate fair rental value of the Premises for the same period. If the Premises or any part thereof be relet by Landlord before presentation of proof of such
damages to any court, commission or tribunal, the amount of rent reserved upon such reletting shall, prima facie, be the fair rental value for the Premises, or part thereof, so relet during the term of the reletting. 

(e) Upon a Default Termination, Landlord shall be entitled to retain all monies, if any, paid by Tenant to Landlord whether as advance
rent, security deposit (and interest thereon, if any) or otherwise, but such monies shall be credited by Landlord against any rent or additional rent due from Tenant subject to Tenant’s right to an accounting as to all such monies, at the time
of such termination or re-entry, or at Landlord’s option, against any damages payable by Tenant under this article or pursuant to law. In addition to any other remedies Landlord may have under this Lease, and without reducing or adversely
affecting any of Landlord’s rights and remedies under this article, if any rent additional rent or damages payable hereunder by Tenant to Landlord are not paid within ten (10) days after notice, the same shall bear interest at the rate set
forth in Article 45 hereof from the due date thereof until paid, and the amount of such interest shall be additional rent hereunder. For the purpose of computing under paragraphs (c) and (d) of this article the amount of additional rent
which would have been payable by Tenant under Article 37 for each Lease Year after a Default Termination, additional rent within any such Lease Year shall be deemed to be an amount equal to the amount of additional rent payable by Tenant for the
Lease Year immediately preceding the Lease Year in which such Default Termination occurs (or if the Default Termination occurs prior to the end of the first Lease Year then Landlord’s reasonable estimate of what additional rent would have been
had the Lease commenced one year earlier), increased each year by the percentage increase in additional rent for the immediately preceding Lease Year over the additional rent for the twelve-month period prior thereto (or, if the lease term did not
occur throughout such prior years, Landlord’s reasonable estimate of what such increase would have been had the term occurred during such years). 
 (f) Nothing in this Lease shall be construed as limiting or precluding the recovery by landlord against Tenant of any sums or damages to which, in addition to the damages specified above. Landlord may law
fully be entitled by reason of any default under this Lease on the part of Tenant. In the event of a breach or threatened breach by Tenant of any of the covenants or provisions hereof, Landlord shall have the right of injunction and the right to
invoke any remedy allowed al law or in equity as if re-entry, summary proceedings and other remedies were not provided for herein. Mention in this Lease of any particular remedy shall not preclude Landlord from any other remedy in law or in equity.
Tenant hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Tenant being evicted or dispossessed for any cause, or in the event of Landlord obtaining possession of the Demised
Premises, by reason of the violation by Tenant of any of the covenants and conditions of this Lease or otherwise. 
 19. Default, Fees and
Expenses. If Tenant shall default in the observance or performance of any term or covenant on Tenant’s part to be observed or performed under or by virtue of any of the terms or provisions in any article of this Lease, then, unless
otherwise provided elsewhere in this Lease, Landlord may after reasonable prior notice (except that no notice shall be required in 

  
 21 

 
event of an emergency) perform the obligation of Tenant thereunder. If Landlord, in connection with the foregoing or in connection with any default by Tenant in the covenant to pay rent
hereunder, makes any expenditures or incurs any obligations for the payment of money, including but not limited to reasonable attorney’s fees, in instituting, prosecuting or defending any action or proceeding, then Tenant will reimburse
Landlord for such sums so paid or obligations incurred with interest and costs. The foregoing expenses incurred by reason of Tenant’s default shall be deemed to be additional rent hereunder and shall be paid by Tenant to Landlord within five
(5) days of rendition of any bill or statement to Tenant therefor. If Tenant’s Lease term shall have expired at the time of making of such expenditures or incurring of such obligations, such sums shall be recoverable by Landlord as
damages. 
 20. Building Alterations and Management. Landlord shall have the right at any time, without the same constituting an eviction
and without incurring liability to Tenant therefor, to change the arrangement and or location of public entrances, passageways, doors, doorways, corridors, elevators, stairs, toilets or other public parts of the Building and to change the name,
number or designation by which the Building may be known. There shall be no allowance to Tenant for diminution of rental value and no liability on the part of Landlord by reason of inconvenience, annoyance or injury to business arising from Landlord
or other tenants making any repairs in the Building or any such alterations, additions and improvements. Furthermore, Tenant shall not have any claim against Landlord by reason or Landlord’s imposition of such controls of the manner of access
to the Building by Tenant’s social or business visitors as the Landlord may deem reasonably necessary for the security of the Building and its occupants. 
 21. No Representations by Landlord. Neither Landlord nor Landlord’s agents have made any representations or promises with respect to the physical condition of the Building, the land upon which
it is erected or the Premises, the rents, leases, expenses of operation or any other matter or thing affecting or related to the Premises except as herein expressly set forth and no rights, easements or licenses are acquired by Tenant by implication
or otherwise except as expressly set forth in the provisions of this Lease. Subject to the performance of the Landlord’s Work, Tenant has inspected the Building and the Premises and is thoroughly acquainted with their condition and agrees to
take the same “as is” and acknowledges that the taking of possession of the Premises by Tenant shall be conclusive evidence that the Premises and the Building of which the same form a part were in good and satisfactory condition at the
time such possession was so taken, other than latent defects and any punchlist items with respect to Landlord’s Work. All understandings and agreements heretofore made between the parties hereto are merged in this Agreement which alone fully
and completely expresses the agreement between Landlord and Tenant and any executory agreement hereafter made shall be ineffective to change, modify, discharge or effect an abandonment of it in whole or in part, unless such executory agreement is in
writing and signed by the party against whom enforcement of the change modification discharge or abandonment is sought. 
 22. End of
Term. Upon the expiration or other termination of the term of this Lease, Tenant shall quit and surrender to Landlord the Premises, broom clean, in good order and condition, ordinary wear and damages which Tenant is not required to repair as
provided elsewhere in this Lease excepted, and Tenant shall remove all its property, including, without limitation, at Landlord’s option, cabling, wiring and related equipment installed in the Premises and/or the Building on behalf of Tenant
which connects the Fifth Floor Premises to the Seventeenth Floor 

  
 22 

 
Premises (but Tenant shall be permitted to leave any such cabling and wiring within each of the Fifth Floor Premises and the Seventeenth Floor Premises), Tenant’s obligation to observe or
perform this covenant shall survive the expiration or other termination of this Lease. 
 23. Quiet Enjoyment. Landlord covenants and
agrees with Tenant that Tenant may peaceably and quietly enjoy the Premises hereby demised, subject, nevertheless, to the terms and conditions of this Lease including, but not limited to, Article 17 and Article 18 hereof and to the ground leases,
underlying leases and mortgages herein mentioned. 
 24. Failure to Give Possession. If Landlord is unable to give possession of the
Premises on the date of the commencement of the term hereof because of the holding-over or retention of possession of any tenant, undertenant or occupants or for any other reason, Landlord shall not be subject to any liability for failure to give
possession on said date and the validity of the Lease shall not be impaired under such circumstances, nor shall the same be construed in any wise to extend the term of this Lease, but the Commencement Date shall be postponed and the rent payable
hereunder shall be abated (provided Tenant is not responsible for Landlord’s inability to obtain possession) until after Landlord shall have given Tenant written notice that the Premises are available for Tenant’s occupancy, if permission
is given to Tenant to enter into the possession of the Premises or to occupy premises other than the Premises prior to the date specified at the commencement of the term of this Lease, Tenant covenants and agrees that such occupancy shall be deemed
to be under all the terms, covenants, conditions and provisions of this Lease, except as to the covenant to pay rent. The provisions of this article are intended to constitute “an express provision to the contrary” within the meaning of
Section 223-a of the New York Real Property Law. 
 25. No Waiver. The failure of Landlord to seek redress for violation of, or to
insist upon the strict performance of any covenant or condition of this Lease or of any of the Rules or Regulations, herein set forth or hereafter adopted by Landlord, shall not prevent a subsequent act which would have originally constituted a
violation from having all the force and effect of an original violation. The receipt by Landlord or payment by Tenant of rent with knowledge of the breach of any covenant of this Lease shall not be deemed a waiver of such breach and no provision of
this Lease shall be deemed to have been waived by Landlord or Tenant unless such waiver be in writing signed by Landlord or Tenant, as the case may be. No payment by Tenant or receipt by landlord of a lesser amount than the monthly rent herein
stipulated shall be deemed to be other than on account of the earliest stipulated rent, nor shall any endorsement or statement of any check or any letter accompanying any check or payment as rent be deemed an accord and satisfaction, and Landlord
may accept such check or payment without prejudice to Landlord’s right to recover the balance of such rent or pursue any other remedy set forth in this Lease. No act or thing done by Landlord or Landlord’s agents during the term hereby
demised shall be deemed an acceptance of a surrender of the Premises, and no agreement to accept such surrender shall be valid unless in writing signed by Landlord. No employee of Landlord or Landlord’s agent shall have any power to accept the
keys of the Premises prior to the termination of the Lease and the delivery of keys to any such agent or employee shall not operate as a termination of the Lease or a surrender of the Premises. 

26. Waiver of Trial by Jury. It is mutually agreed by and between Landlord and Tenant that the respective parties hereto shall and they hereby do
waive trial by jury in any action, 

  
 23 

 
proceeding or counterclaim brought by either of the parties hereto against the other (except for personal injury or property damage) on any matters whatsoever arising out of or in any way
connected with this Lease, the relationship of Landlord and Tenant, Tenant’s use of or occupancy of said Premises, and any emergency statutory or any other statutory remedy. It is further mutually agreed that in the event Landlord commences any
summary proceeding for possession of the Premises. Tenant will not interpose any counterclaim of whatever nature or description in any such proceeding including a counterclaim under Article 4, except for mandatory/compulsory counterclaims which, if
not interposed, would be waived. 
 27. Inability to Perform. This Lease and the obligation of Tenant to pay rent hereunder and perform
all of the other covenants and agreements hereunder on part of Tenant to be performed shall in no wise be affected, impaired or excused because Landlord is unable to fulfill any of its obligations under this Lease or to supply or is delayed in
supplying any service expressly or impliedly to be supplied or is unable to make, or is delayed in making any repair, additions, alterations or decorations or is unable to supply or is delayed in supplying any equipment or fixtures if landlord is
prevented or delayed from so doing by reason of strike or labor troubles or any cause whatsoever beyond Landlord’s reasonable control, including, but not limited to, government preemption in connection with a National Emergency or by reason of
any rule, order or regulation of any department or subdivision thereof of any government agency or by reason of the conditions of supply and demand which have been or are affected by war or other emergency. 

28. Notices. Except as expressly provided to the contrary in this lease, all notices under this lease shall be in writing and shall be made either
by (i) hand delivery with written receipt thereof or (ii) by registered or certified mail, return receipt requested, postage prepaid, or nationally recognized overnight courier service, as follows: 

 

			
	To Tenant:	    	After the Commencement Date, to the Premises, attention Mr. Ed Neumann.
		
		    	Before the Commencement Date to:
		
		    	 8 West
40th Street

New York, New York 10018
 Attention: Mr. Ed
Neumann

		
	To landlord:	    	c/o Herald Square Properties
		    	 885 Third Avenue, 19th Floor
 New
York, New York 10022

		    	Attention: Mr. Gerry Nocera

 Either party may change these persons or addresses by giving notice as provided above. Tenant shall also
give required notices to Landlord’s mortgagee after receiving notice from Landlord of the mortgagee’s name and address. All notices shall be deemed given when either delivered to the recipient, if delivery by hand or overnight delivery is
made, or two (2) business days after the notice is by registered or certified mail is made. 

  
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 29. Services Provided by Landlord. 

(a) Landlord shall provide, (i) necessary passenger elevator facilities on business days from 8:00 a.m. to 6:00 p.m. and on
Saturdays from 8:00 a.m. to 1:00 p.m. and have one elevator subject to call at all other times and a freight elevator on business days from 8:00 a.m. to 6:00 p.m. on a non-exclusive first come first served basis; ( ii) heat to the Premises when and
as required by law, on business days from 8:00 a.m. to 6:00 p.m. and (iii) hot and cold water for ordinary lavatory and office pantry purposes, but if Tenant uses or consumes water for any other purposes or in unusual quantities (of which fact
Landlord shall be the sole judge), Landlord may install a water meter at Tenant’s expense which Tenant shall thereafter maintain at Tenant’s expense in good working order and repair to register such water consumption and Tenant shall pay
for water consumed as shown on said meter as additional rent as and when bills are rendered. Tenant acknowledges and agrees that, as of the date hereof, the minimum charge for additional services (including, without limitation, freight elevator and
air conditioning) is four (4) hours for non business hours and on Saturdays, Sundays and legal holidays and Landlord shall not provide heat on the weekend. Provided Tenant shall keep the Premises in order, Landlord, at Landlord’s expense,
shall cause the Premises to be cleaned, exclusive of any portions of the Premises used for the storage, preparation, service or consumption of food or beverage or otherwise requiring cleaning services in excess of those generally furnished to
professional office areas. Tenant, at Tenant’s expense, shall cause all portions of the Premises used for the storage, preparation, service or consumption of food or beverages to be cleaned daily in a manner reasonably satisfactory to Landlord,
and to be exterminated against infestation by vermin, rodents or roaches regularly and, in addition, whenever there shall be evidence of any infestation. Tenant shall not permit any person to enter the Premises or the Building for the purpose of
providing cleaning or extermination services, other than persons first approved by Landlord. Tenant hereby acknowledges that any cleaning contractor used for the Premises must be a union contractor. Any additional cleaning of the Premises done by
Tenant shall be performed in a manner reasonably satisfactory to Landlord. Landlord and its cleaning contractor and their employees shall have access to the Premises at all times, other than Building Hours (i.e., 8:00 a.m. to 5:00 p.m.). Landlord
and its cleaning contractor and their employees shall have the use of Tenant’s light, power and water in the Premises, without charge therefor, as may be reasonably required for the purpose of cleaning the Premises. Tenant shall pay to Landlord
the cost of removal of any of Tenant’s refuse and rubbish from the Premises and the Building to the extent that the same exceeds the refuse and rubbish normally accumulated in the daily routine of ordinary business office occupancy. Bills for
the same shall be rendered by Landlord to Tenant at such time as Landlord may elect and shall be due and payable within five (5) days of rendition as additional rent. 
 (b) Landlord shall provide Tenant with up to fifteen (15) hours, on an after hour basis, of free exclusive use of the freight elevator during its initial move into the Premises. Tenant shall be
required to schedule such freight elevator use with Landlord. 
 (c) Landlord reserves the right to stop, interrupt, curtail or
suspend the services furnished by Landlord to Tenant under this Lease when necessary by reason of accident, emergency, mechanical breakdown, or when required by any law, order or regulation of any federal, state, county or municipal authority, or
for any other cause beyond the reasonable control of Landlord. Landlord shall use due diligence to complete all required repairs or other 

  
 25 

 
necessary work as quickly as reasonably possible so that Tenant’s inconvenience resulting therefrom may be for as short a period of time as circumstances will permit, except that nothing
shall be construed so as to require Landlord to employ overtime help. No diminution or abatement of rent or additional rent or other compensation or claim of constructive eviction shall or will be claimed by Tenant as a result thereof, nor shall
this Lease or any of the obligations of Tenant be affected or reduced by reason of such stoppage, interruption, curtailment or suspension. 

30. Captions. The Captions are inserted only as a matter of convenience and for reference and in no way define, limit or describe the scope of
this Lease nor the intent of any provisions (hereof. 
 31. Definitions. The term “office, or “offices”, wherever used in
this Lease, shall not be construed to mean premises used as a store or stores, for the sale at any lime, of goods, wares or merchandise, of any kind, or as a restaurant, shop, booth, bootblack or other stand, barber shop, or for other similar
purposes or for manufacturing. The term “Landlord” or “Landlord” means a landlord or lessor, and as used in this Lease means only the Landlord, or the mortgagee in possession, for the time being of the land and Building (or the
Landlord of a lease of the Building or of the land and Building) of which the Premises form a part, so that in the event of any sale or sales of said land and Building or of said lease, or in the event of a lease of said Building, or of the land and
Building, the said Landlord shall be and hereby is entirely freed and relieved of all covenants and obligations of Landlord hereunder, and it shall be deemed and construed without further agreement between the parties or their successors in
interest, or between the parties and the purchaser, at any such sale, or the said lessee of the Building, or of the land and Building, that the purchaser or the lessee of the Building has assumed and agreed to carry out any and all covenants and
obligations of Landlord hereunder The term “business days” or “Business Days” as used in this Lease shall exclude Saturdays (except such portion thereof as is covered by specific hours in Article 29 hereof), Sundays and all days
observed by the State or Federal Government as legal holidays and those designated as holidays by the applicable Building service union employees service contract or by the applicable operating engineers contract with respect to heating, ventilating
and air-conditioning services. 
 32. Adjacent Excavation - Shoring. If an excavation shall be made upon land adjacent to the Premises,
or shall be authorized to be made. Tenant shall afford to the person causing or authorized to cause such excavation license to enter upon the Premises for the purpose of doing such work as said person shall deem necessary to preserve the wall or the
Building of which Premises form a part from injury or damage and to support the same by proper foundations without any claim for damages or indemnity against Landlord, or diminution or abatement of rent. 

33. Rules and Regulations. Tenant and Tenant’s servants, employees, agents, visitors and licensees shall observe faithfully and comply
strictly with the Rules and Regulations annexed hereto as Exhibit “B” and by this reference made a part hereof, and such other and further reasonable Rules and Regulations as Landlord or Landlord’s agent may from time to time adopt
Notice of any additional rules or regulations shall be given in such manner as Landlord may elect. In case Tenant disputes the reasonableness of any additional Rule or Regulation hereafter made or adopted by Landlord or Landlord’s agents, the
parties hereto agree to submit the 

  
 26 

 
question of the reasonableness of such Rule or Regulation for decision to the New York office of the American Arbitration Association, whose determination shall be final and conclusive upon the
parties hereto. The right to dispute the reasonableness of any additional Rule or Regulation upon Tenant’s part shall be deemed waived unless the same shall be asserted by service of a notice in writing upon Landlord within thirty
(30) days after the giving of notice thereof. Nothing in this Lease contained shall be construed to impose upon Landlord any duty or obligation to enforce the Rules and Regulation or terms, covenants or conditions in any other Lease, as against
any other tenant and Landlord shall not be liable to Tenant for violation of the same by any other tenant, its servants, employees, agents, visitors or licensees. Notwithstanding anything to the contrary contained herein, Landlord agrees to enforce
such Rules and Regulations on a uniform basis and in a non-discriminatory manner. In the event of a conflict between the provisions of this Lease and the rules and regulations, the provisions of this Lease shall prevail. 

34. Security Deposit. 

(a) Tenant shall deposit with Landlord upon the execution and delivery of this Lease a cash security deposit or a letter of credit in the
amount of Two Hundred Fifty-Two Thousand One Hundred Forty-Two Dollars ($252,142.00) (the “Security Deposit”) as security for the faithful performance and observance by Tenant of the terms, provisions and conditions of this Lease.
It is agreed that in the event Tenant defaults in respect of any of the terms provisions and conditions of this Lease, including but not limited to, the payment of rent and additional rent, Landlord may use, apply or retain the whole or any part of
the Security Deposit to the extent required for the payment of any rent and additional rent or any other sum as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant’s default in
respect of any of the terms, covenants and conditions of this Lease, including but not limited to, any damages or deficiency in the re-letting of the Premises, whether such damages or deficiency accrued before or after summary proceedings or other
re-entry by Landlord. If, as a result of any application by Landlord of all or any part of the Security Deposit, the amount of cash so on deposit with Landlord shall be less than that required pursuant to this paragraph (a), Tenant shall forthwith
deposit with Landlord cash in an amount equal to the deficiency. 
 (b) If Landlord draws upon the Security Deposit then any
cash received from the letter of credit shall be placed in an interest-bearing account, and all interest except for one percent (1%) per annum of the principal amount of the Security Deposit, but in no event more than the interest earned (which
shall be retained and applied by Landlord as an administration charge in connection with the maintenance of the security account) shall be paid to Tenant annually upon receipt of written request from Tenant therefor. 

(c) If at the expiration of the term of this Lease Tenant shall not be in default in the payment of any rent or additional rent or in the
keeping of any of the other terms, provisions, covenants and conditions of this Lease, the security shall be returned to Tenant within thirty (30) days after the later of the date fixed as the end of the Lease term and the date of delivery to
Landlord of entire possession of the Premises in the required condition. 

  
 27 

 (d) (i) If Tenant elects to deliver a letter of credit to Landlord as and for the Security
Deposit, the letter of credit shall be a clean, irrevocable, evergreen letter of credit in the amount equal to the Security Deposit in form and substance acceptable to Landlord in landlord’s sole and absolute discretion, in favor of Landlord,
payable in New York, New York, and issued by a bank which is under the supervision of the Superintendent of Banks of the State of New York or by a national bank which is a member of, or subscriber to, the New York clearing house; provided, however,
that Landlord shall accept the letter of credit issued by Silicon Valley Bank so long as it may be presented in New York or if outside of New York by facsimile or by nationally recognized overnight courier. Notwithstanding anything to the contrary
in this Lease, the form of the letter attached hereto as Exhibit “E” is hereby approved by Landlord. The letter of credit (as the same may be renewed from time to time as hereinafter provided) shall be maintained for the entire term of
this Lease plus a period of thirty (30) days thereafter. The letter of credit shall be irrevocable, shall be in effect for an initial period of not less than one (1) year, and shall provide that the same shall be automatically renewed for
successive one (1) year periods ending not earlier than thirty (30) days after the expiration of the term of this Lease, without any action whatsoever on the part of Landlord. The issuing bank shall have the right to elect not to renew
such letter of credit only on written notice to Landlord given not less than thirty (30) days prior to the then current expiration date thereof. However, the privilege of the issuing bank to elect not to renew said letter of credit shall not
diminish the obligation of Tenant to maintain such irrevocable letter of credit with Landlord through the date which is not earlier than thirty (30) days after the expiration of the term hereof. 

(ii) The form of the letter of credit shall be acceptable to Landlord in its sole and absolute discretion and each letter of credit shall
provide, among other things, that; 
 (1) Landlord, or its then managing agent, shall have the right to draw down an amount up
to the extent of the face amount of the letter of credit upon presentation to the issuing bank of Landlord’s (or its then managing agent’s) certified statement that Landlord is entitled to draw such amount under the provisions of this
Lease (it being understood that if Landlord or its managing agent be a corporation, partnership or other entity, then such statement shall be signed by an officer, if a corporation, a general partner, if a partnership, or any authorized party, if
another entity); and 
 (2) the letter of credit will be honored by the issuing bank upon the delivery of the aforesaid
statement without inquiry as to the accuracy thereof and regardless of whether Tenant disputes the contents of such statement. 

(iii) Tenant specifically acknowledges and agrees that Landlord’s acceptance of a letter of credit as herein provided is solely an
accommodation to Tenant and, if at any time during the term hereof such letter of credit is to be withdrawn, canceled or modified in any manner (other than with respect to a change of address or other purely ministerial manner), or if Tenant shall
default in, or fail to keep, observe or perform any of the terms, covenants, conditions, provisions or agreements hereunder, beyond notice (if required) and the expiration of any applicable grace period, then, in any such events, Landlord may draw
the full amount of such letter of credit and retain the proceeds thereof as a cash Security Deposit in accordance with the provisions of this Article. Landlord shall deliver to Tenant a copy of any statement submitted by Landlord to the issuer of
the letter of credit in connection with a drawing thereunder after such statement is submitted by the issuer of the letter of credit. 

  
 28 

 (iv) In the event of a transfer of Landlord’s interest in the Building, Landlord shall
have the right, upon written notice to Tenant, which notice shall include the identity of the transferee, to transfer and deliver the letter of credit to the transferee and thereupon Landlord shall, without any further agreement between the parties,
be automatically released by Tenant from all liability therefor thereafter arising, and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the said letter of credit to a new landlord. Tenant covenants and
agrees to pay the issuing bank’s transfer fee, if any, in connection with any such transfer. Tenant covenants and agrees that it will not assign or encumber said letter of credit, or any part thereof, and that neither Landlord nor its
successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance. 
 (v)
If the letter of credit expires earlier than thirty (30) days after the expiration of the term of this Lease or if the issuing bank notifies Landlord that it will not renew the then current letter of credit, Landlord will accept a replacement
thereof (such renewal to be in effect not later than thirty (30) days prior to the expiration of the then expiring letter of credit) upon the terms and conditions required by this Article. If the letter of credit is not timely renewed or
replaced, Landlord may present the existing letter of credit to the issuing bank prior to its expiration. The entire sum evidenced thereby shall be paid to landlord and thereafter held as cash security in accordance with the provisions of this
Article. If Tenant fails to maintain the letter of credit in the amount and on the terms and conditions set forth in this Article, and Landlord does not present same prior to expiration of the letter of credit. Tenant, not later than the date of
expiration of such letter of credit, must deposit with Landlord cash in the amount of security then required to be on deposit with Landlord under this Article as cash security to be held and applied by Landlord as provided in this Article.

 (vi) If, as a result of any presentation and subsequent application of the proceeds of all or any part of the letter of
credit, the amount available to be drawn thereon shall be less than the amount of security then required to be on deposit with Landlord under this Article, Tenant shall forthwith provide Landlord with additional cash or letters) of credit in an
amount equal to such deficiency. 
 (e) Notwithstanding anything to the contrary contained herein, Tenant may, from time to
time, and at any time during the term hereof, upon written notice to Landlord, substitute cash security for any then-existing letter of credit, or substitute a letter of credit for cash security, provided such substituted Security Deposit is in the
amount of security then required to be on deposit under this Lease. 
 35. Estoppel Certificate. Tenant, at any time, and from time to
time, within twenty (20) days’ of written request by Landlord, shall execute, acknowledge and deliver to Landlord, and/or to any other person specified by Landlord, a statement certifying that this Lease is unmodified and in full force and
effect (or, if there have been modifications, that the same is in full force and effect as modified and stating the modifications), stating the dates to which the rent and additional rent have been paid, stating whether or not there exists any
default by Landlord under this Lease, and, if so, specifying each such default, and certifying as to such other matters as 

  
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Landlord may reasonably request. Breach of the foregoing will constitute Tenant’s acknowledgment which may be relied on by any person holding or proposing to acquire an interest in the
Building or this Lease, that this Lease is unmodified and in full force and effect and will constitute, as to any such person, a waiver of any defaults on Landlord’s part which may exist prior to the date of such notice. Landlord, at any time,
and from time to time but not more than once during any twelve (12) month period, within twenty (20) days’ of written request by Tenant, shall execute, acknowledge and deliver to Tenant, a statement certifying that this Lease is
unmodified and in full force and effect (or, if there have been modifications, that the same is in full force and effect as modified and stating the modifications), stating the dates to which the rent and additional rent have been paid, stating
whether or not there exists any default by Tenant under this Lease, and, if so, specifying each such default. The foregoing shall not limit any other rights and remedies available to Landlord or Tenant for breach of this Article. 

36. Successors and Assigns. The covenants, conditions and agreements contained in this Lease shall 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, their permitted assigns. 
 37. Real Estate Tax Escalations. 
 (a) For each fiscal year (or portion
thereof) of the City of New York during the term of this Lease, Tenant covenants and agrees to pay as additional rent (“Tenant’s Tax Payment”), without set-off, counterclaim or deduction, 8.53% (herein, the
“Tenant’s Proportionate Share”) of the excess of Real Estate Taxes (as hereinafter defined), for such year over and above the amount of Real Estate Taxes payable by Landlord for the period commencing January I, 2012 and ending
December 31, 2012 (the “Base Tax Year”). If, by virtue of any application or proceeding brought by or on behalf of Landlord, (here shall be a reduction of the assessed valuation of the land and/or Building containing the
Premises for any fiscal year which affects the Real Estate Taxes, or part thereof, for which additional rent has been paid by Tenant pursuant to this Article, such additional rent payment shall be recomputed on the basis of any such reduction and
Landlord will credit against the next accruing installments of additional rent due under this Article 37 after receipt by Landlord of a tax refund, any sums paid by Tenant in excess of the recomputed amounts, less a sum equal to Tenant’s
Proportionate Share of all costs, expenses and fees, including, but not limited to, attorneys’ fees, incurred by Landlord in connection with such application or proceeding. 

(b) For the purposes of this Lease, the term “Real Estate Taxes” shall mean the total of all real property taxes and
special or other assessments and/or vault charges levied, assessed or imposed at any lime by any governmental authority or against the Building (including, without limitation, business improvement district taxes and any replacement and/or
substitution with respect to same), and also any tax or assessment levied, assessed or imposed at any time by any governmental authority in connection with the receipt of income or rents from said Building to the extent that same shall be in lieu of
all or a portion of any of the aforesaid taxes or assessments, or additions or increases thereof, upon or against the Building and any business improvement district charges, taxes and/or assessments. If, due to a future change in the method of
taxation or in the taxing authority, a franchise, income, transit, profit or other tax or governmental imposition, however designated, shall be levied against Landlord in substitution in 

  
 30 

 
whole or in part for the Real Estate Taxes, or in lieu of, additions to, or increases of said Real Estate Taxes, then such franchise, income, transit, profit or other tax or governmental
imposition shall be deemed to be included within the definition of “Real Estate Taxes” for the purposes hereof. As to special assessments which are payable over a period of time extending beyond the term of this Lease, only a pro rata
portion thereof, covering the portion of the terms of this Lease unexpired at the time of the imposition of such assessment, shall be included in “Real Estate Taxes”. If, by law, any assessment may be paid in installments, then, for the
purposes hereof (a) such assessment shall be deemed to have been payable in the maximum number of installments permitted by law and (b) there shall be included in Real Estate Taxes, for each year in which such installments may be paid, the
installments of such assessments so becoming payable during such year, together with interest payable during such year. 
 (c)
Any amount payable under this Article shall be billed by Landlord to Tenant as additional rent and shall be due and payable within twenty (20) days after Landlord renders a bill therefor to Tenant, but in no event more than thirty
(30) days prior to the date payable by Landlord to the taxing authority. Bills for any items included in Real Estate Taxes shall be sufficient evidence of the amount of Real Estate Taxes and for the purposes of the calculation of the amount of
additional rent to be paid by Tenant pursuant to this Article. Any additional rent payable pursuant to this Article for any partial fiscal or calendar year, as the case may be, at the commencement or at the expiration of the term hereof, shall be
adjusted in proportion to the number of days in such partial fiscal or calendar year during which this Lease is in effect. The obligation of Tenant with respect to the payment of any additional rent pursuant to this Article applicable to the last
fiscal or calendar year and/or partial fiscal or calendar year of the term of this Lease shall survive the expiration of the term of this Lease. The failure of Landlord to render bills for Real Estate Taxes under the provisions of this Article shall
not prejudice the right to Landlord to thereafter render said bill or bills for such fiscal or calendar year or any subsequent fiscal or calendar years, provided Landlord renders a bill for a particular period to Tenant within three (3) years
following the period which is the subject of the bill. 
 (d) Intentionally omitted. 

(e) If the Real Estate Taxes for any period change, whether during or after such tax year, Landlord may give Tenant a revised statement
for such year, and Tenant’s Tax Payment for such year shall be adjusted and paid by Tenant to Landlord, or credited by landlord to Tenant, as the case may be. If the Real Estate Taxes subsequently shall be adjusted, corrected or reduced whether
as the result of protest, by means of agreement or as the result of legal proceedings, the Real Estate Taxes for the purpose of computing any additional rent payable pursuant to this Article shall be the Real Estate Taxes as so adjusted, corrected
or reduced. Until the Real Estate Taxes are so adjusted, corrected or reduced, if ever, Tenant shall pay additional rent hereunder based upon the unadjusted, uncorrected or unreduced Real Estate Taxes and upon such adjustment correction or reduction
occurring, any additional rent payable by Tenant prior to the date of such occurrence shall be recomputed and Tenant shall pay to Landlord any additional rent found due by such recomputation within fifteen (15) days after being billed therefor
(which bill shall set forth in reasonable detail the pertinent data causing and comprising such recomputation). 

  
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 (f) If at any time, Real Estate Taxes are required to be paid in annual, monthly, quarterly,
or other installments, or on any date or dates other than as presently required, whether to any government entity or in escrow under to any mortgagee, then, at Landlord’s option, Tenant’s Tax Payment shall be correspondingly rescheduled so
that Tenant’s Tax Payment is due at least thirty (30) days before such payments are due. Tenant shall receive no discount or credit as the result of any prepayment of taxes. 
 38. Reserved 
 39. Electric Current. 

(a) Electric current shall be supplied to Tenant at the Premises in accordance with, and subject to, the provisions of this Article.

 (b) Submetering Basis. Except as otherwise provided in this Article, electric current shall be supplied by Landlord during
the term of this Lease pursuant to the provisions of this paragraph (b), Landlord has installed, at Landlord’s expense, a submeter (the “Submeter”) to measure the Tenant’s consumption and demand of electricity. Landlord
shall pay for the cost and expense of the maintenance and repair of the Submeter, unless such maintenance and/or repair was necessitated as a result of an act of Tenant. The amounts on the Submeter shall be binding and conclusive on Tenant absent
manifest error. Tenant covenants and agrees to purchase electricity from Landlord or Landlord’s designated agent, at the charges, taxes, terms and rates payable by Landlord’s, from time to time, in connection with the supply of electric
current to the Building of which the Premises are a part, plus an amount equal to five percent (5%) of such charges to cover Landlord’s costs and expenses incurred in administering the provisions of this Article. The amount payable by
Tenant shall increase in the same proportion as any increases after the date hereof in the charges, taxes, terms or rates payable by Landlord in connection with the supply of electric current to the Building. When more than one meter measures the
electrical service to the Premises the service rendered through each meter shall be totalized and billed as one meter in accordance with the charges taxes terms and rates stated herein, bills shall be rendered at such times as Landlord may elect
(but not more frequently than monthly) and, commencing on the earlier of (i) Tenant’s occupancy of all or any portion of the Premises or (ii) the commencement of the term of this Lease, the amounts as computed from meter readings
shall be deemed to be, and be paid as, additional rent without set-off or deduction. Tenant shall pay for all electrical energy used by the air-conditioning and ventilating equipment serving the Premises in accordance with this Article 39. Landlord
shall provide six (6) watts per rentable square foot of electricity to the Premises exclusive of electricity required to operate the base Building heating, ventilating and air conditioning system. 

(c) Direct Meter Basis. Landlord may elect at any time to discontinue supplying electric current to Tenant at the Premises in the manner
referred to in paragraph (b) of this Article if Landlord is then terminating the supply of electric current to two-thirds (2/3) of the occupants of the Building. If Landlord discontinues supplying electric current to the Premises, this
Lease shall continue in full force and effect and shall be unaffected thereby, except only that, (i) from and after the effective date of the commencement of direct usage by Tenant from such public utility corporation Landlord shall not be
obligated to furnish electric current to Tenant and (ii) Landlord will not discontinue the furnishing of such electric current to Tenant until such time 

  
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as Tenant has obtained such electric current directly from the public utility corporation servicing the Building of which the Premises are a part, provided that Tenant shall have made, with due
diligence, application to such public utility corporation, unless Landlord is required to do so by any applicable law, rule or regulation or by the public utility corporation. If Landlord so discontinues supplying electric current to Tenant on a
“submetering” basis, Tenant shall arrange to obtain electric current directly from the public utility corporation supplying electric current to the Building, and pay all charges therefor directly to such public utility corporation. In such
event, all meters, additional risers, equipment and other facilities which may be required for Tenant to obtain electric current directly from such public utility corporation shall be installed by Landlord at Landlord’s expense. Tenant shall be
permitted to use, at no additional cost to Tenant, any existing risers, equipment, and other facilities which previously supplied electric current to the Demised Premises, to the extent that the same are safe and suitable. Any such installation
shall be maintained by Landlord, at its sole cost and expense, and shall be subject to such conditions as Landlord may reasonably require and/or the public utility corporation may require. If Landlord shall not furnish electric current to Tenant,
Landlord shall not be liable to Tenant therefor as long as Landlord has complied with the provisions of this Article, and the same shall not be deemed to be a lessening or diminution of services within the meaning of any law, rule or regulation now
or hereafter enacted, promulgated or issued. 
 (d) At Tenant’s option, Landlord shall furnish and install all replacement
lighting tubes, lamps, bulbs and ballasts required in the Premises, and Tenant shall pay to Landlord or its designated contractor upon demand the then established charges therefor of Landlord or its designated contractor, as the case may be.

 (e) If any tax is imposed upon Landlord’s receipts from the sale or resale of electrical energy (whether by rent
inclusion or submetering) to Tenant by any federal, state or municipal authority, Tenant covenants and agrees that, where permitted by law. Tenant’s pro rata share of such taxes shall be passed on, and included in the bill of, and paid by,
Tenant to Landlord. All sums due and payable to Landlord under this Article 39 shall be payable as additional rent. If all or part of the amounts payable by Tenant under this Article 39 for electrical energy (whether by rent inclusion or
submetering) becomes uncollectible or reduced or refundable by virtue of any law, order or regulation, the parties agree that, at Landlord’s option, in lieu of electrical rent inclusion, and in consideration of Tenant’s use of the
Building’s electrical distribution system and receipt of redistributed electricity and payment by Landlord of the consultant’s fees and other distribution expenses, the fixed annual rent payable under this Lease shall be increased by an
amount equal to the Electricity Additional Rent, such sum being increased in the same percentage as any increases that would have resulted as a result of adjustments under this Article 39. 

(f) Landlord has advised Tenant that Consolidated Edison (the “Electric Service Provider”) is currently the utility
company selected by Landlord to provide electricity service for the Building. Notwithstanding the foregoing, if permitted by law, Landlord shall have the right at any time and from time to time during the term of this Lease to either contract for
service from a different company or companies providing electricity service (each such company shall hereinafter be referred to as an “Alternate Service Provider”) or continue to contract for service from the Electric Service
Provider. Tenant shall at no cost to Tenant, cooperate with Landlord, the Electric Service Provider, and any Alternate Service Provider at all times and, as reasonably 

  
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necessary, shall allow Landlord, Electric Service Provider, and any Alternate Service Provider reasonable access to the electric lines, feeders, risers, wiring, and any other machinery within the
Premises. Landlord shall in no way be liable or responsible for any loss, damage or expense that Tenant may sustain or incur by reason of any change, failure, interference, disruption, or defect in the supply or character of the electric energy
furnished to the Premises, or if the quantity or character of the electric energy supplied by the Electric Service Provider or any Alternate Service Provider is no longer available or suitable for Tenant’s requirements, and no such change,
failure, defect, unavailability, or unsuitability shall constitute an actual or constructive eviction, in whole or in part, or entitle Tenant to any abatement or diminution of rent, or relieve Tenant from any of its obligations under the Lease,
unless caused by the gross negligence and/or willful misconduct of Landlord. 
 (g) Landlord shall not be liable to Tenant for
any reduction in service, failure, or defect in the supply or character of electric current furnished to the Premises where such reduction in service, failure, or defect is required by Laws or results from any requirement, act or omission of the
public utility supplying electricity to the Building, unless due to the gross negligence or willful misconduct of Landlord. 

(h) In the event that pursuant to any of the provisions of this Article, any initial determinations, statements or estimates are made by
or on behalf of Landlord (whether such initial determinations, statements or estimates are subject to dispute or not pursuant to the provisions of this Article), Tenant shall pay to Landlord the amount(s) set forth on such initial determinations,
statements or estimates, as the case may be, until subsequent determinations, statements or estimates are rendered, at which time the parties shall make adjustment for any deficiency owed by Tenant, or any overage paid by Tenant. 

(i) Tenant’s use of electric energy in the Premises shall not at any time, in the reasonable judgment of Landlord, (i) exceed
the capacity of any of the electrical conductors and equipment in or otherwise serving the Premises or (ii) cause or result in any impairment or interference with Building systems, annoyance or inconvenience to other tenants or the overloading
of the risers or feeders serving the Building. In order to prevent the occurrence of any of the events described in the preceding sentence and to avert possible adverse effect upon the Building’s electric service, Tenant shall not, without
Landlord’s prior consent in each instance (which shall not be unreasonably withheld), connect any fixtures, appliances or equipment (other than customary office equipment and appliances) to the Building’s electric distribution system or
make any alteration or addition to the electric system of the Premises existing on the Commencement Date. Should Landlord grant such consent, all additional risers or other equipment required therefor shall be provided by Landlord and the cost
thereof shall be paid by Tenant to Landlord on demand. 
 40. Cleaning. If Tenant undertakes any waxing, polishing or cleaning work in
the Premises, Tenant covenants and agrees to use for such work only the contractor then providing cleaning services on behalf of Landlord in the Premises, provided that the prices charged by Landlord’s contractors) are comparable to the prices
charged by other reputable contractors performing similar services for other Manhattan office buildings for the same work. Tenant covenants and agrees that it shall not employ any other cleaning or maintenance contractor nor any individual firm or
organization for such purpose without Landlord’s prior written consent. Landlord shall clean the Premises in a Building standard manner at Landlord’s expense. 

  
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 41. Indemnity. Tenant covenants and agrees to indemnify and save harmless Landlord and any fee
Landlord and any mortgagee and any lessor under any ground or underlying lease, and their respective contractors, officers, agents, employees, licensees and invitees (collectively, the “Indemnified Parties”), from and against any
and all liability (statutory or otherwise), claims, suits, demands, damages, judgments, costs, interest and expenses, including, but not limited to, counsel fees and disbursements incurred in the defense of any action or proceeding whether incurred
in a third party action or in an action brought by the indemnifying party (collectively, “Liabilities”), to which the Indemnified Parties may be subject or which they may suffer by reason of, or by reason of any claim for, any
injury to, or death of, any person or persons (including, without limitation, any of the Indemnified Parties) or damage to property (including any loss of use thereof) (i) arising from or in connection with the occupancy or use of or from any
work, installation or thing whatsoever done in, at or about the Premises during the term of this Lease caused by Tenant (or prior to and/or subsequent thereto, if Tenant is then in possession of, or otherwise exercises any control over, the Premises
or any part thereof), (ii) arising from any condition of the Premises caused in whole or in part by Tenant, or any of Tenant’s officers, directors, agents, contractors, employees, subtenants, licensees or invitees, (iii) resulting
from any default by Tenant in the performance of Tenant’s obligations under this Lease, or (iv) resulting from any negligent acts or omissions of Tenant or any of Tenant’s officers, directors, agents, contractors, employees,
subtenants, licensees or invitees, provided that Tenant shall not be responsible for Liabilities resulting directly from the negligence or willful misconduct of the Indemnified Parties. Landlord agrees not to unreasonably withhold or delay its
consent to attorneys proposed by Tenant to provide the defense of the Indemnified Panics with respect to any of the Liabilities. 
 42.
Installations. Tenant acknowledges and agrees that Landlord shall have no obligation, liability or responsibility of any nature regarding the suitability, performance or otherwise, of any tenant finish installations at any time made in the
Premises by or for Tenant or existing in the Demised Premises on the commencement date of the term of this Lease other than defects with respect to the Landlord’s Work which shall be Landlord’s obligation to repair, and Tenant agrees to
maintain and/or replace, if necessary, all of the same. As used in this Article the term “installations” shall include, without limitation, carpeting and/or other floor covering materials. Landlord shall make available to tenant any
warranty received by Landlord from contractors and subcontractors with respect to the Landlord’s Work. 
 43. Limited Recourse.
Tenant agrees that, notwithstanding any contrary provisions of this Lease, Tenant shall look only to the Landlord’s estate and property in the Building of which the Premises are a part for the satisfaction of Tenant’s remedies for the
collection of a judgment (or other judicial process) requiring the payment of money by Landlord hereunder, and no other property or assets of the Landlord or any partner, member, officer, director or shareholder thereof, disclosed or undisclosed,
shall be subject to levy, execution or other enforcement procedure for the satisfaction of Tenant’s remedies under or with respect to this Lease, the relationship of Landlord and Tenant hereunder or Tenant’s use or occupancy of the
Premises. 

  
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 44. Additional Rent. All sums whatsoever not included within rent or additional rent and payable by
Tenant under this Lease shall constitute additional rent and shall be payable without set-off or deduction, whether or not so specified elsewhere in this Lease, other than as expressly set forth in this Lease. 

45. Late Payment. 
 (a)
In the event that any payment to be made by Tenant hereunder shall become overdue for a period in excess of five (5) days, a “late charge” equal to four percent (4%) of the overdue payment may be charged by Landlord and shall be
payable by Tenant as additional rent on the first day of the month following Landlord’s demand therefor. 
 (b) Time shall
be deemed of the essence with respect to the payment of rent and additional rent by Tenant under this Lease. In addition to the late charge set forth in Section 45(a), all sums in arrears under this Lease for a period in excess of twenty
(20) days will bear interest at an annual rate of interest equal to the lesser of (i) twelve percent (12%) per annum, or (ii) the then maximum annual rate of interest chargeable to Tenant under New York State law, from their
respective due dates until received by Landlord. The foregoing provisions of this Article 45 shall in no way limit any claim for damages or any other rights and remedies available to Landlord for any breach or default by Tenant. 

(c) If Tenant is in arrears in the payment of rent or additional rent, Tenant waives Tenant’s right, if any, to designate the items
against which any payments made by Tenant are to be credited and Tenant agrees that Landlord may apply any payments made by Tenant to any item Landlord sees fit irrespective of and notwithstanding any designation or request by Tenant as to the item
against which any such payments shall be credited. 
 46. Payment on Account. No payment by Tenant or receipt by Landlord of a lesser
amount than any amount of rent or additional rent due shall be deemed to be other than on account of the amount due and no endorsement or statement on any check or payment shall be deemed an accord and satisfaction. Landlord may accept such check or
payment without prejudice to Landlord’s right to recover the balance of such amount due or pursue any other remedies available to Landlord. 
 47. Survival. Any obligation of Landlord or Tenant which by its nature or under the circumstances can only be, or by the provisions of this Lease may be, performed after the expiration or earlier
termination of this Lease, and any liability for a payment which shall have accrued to or with respect to any period ending at the time of such expiration or termination, unless expressly otherwise provided in this Lease, shall survive the
expiration or earlier termination of this Lease. 
 48. Broker. Each party represents and warrants to the other party that the only agent
or broker with whom each party has dealt in connection with the negotiation and execution of this Lease is Cassidy Turley New York, Inc. and Newmark Knight Frank, Inc. in its capacity as the leasing agent for the Building (collectively, the
“Broker”). Landlord agrees to pay Broker a brokerage commission pursuant to separate written agreements. Each party covenants and agrees to pay, indemnify and hold the other party harmless from and against any and all claims

  
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for commissions and other compensation made by any other agent(s) and/or brokers) together with all costs and expenses incurred by the other party in defending such claims (including, without
limitation, reasonable attorneys’ fees) as a result of the breach of any of the aforesaid representations, warranties or covenants by any such party. The terms and provisions of this Article 48 shall survive the expiration or earlier
termination of this Lease. 
 49. Air Conditioning. Landlord shall provide base Building air conditioning to the
Premises during the following hours: 8:00 a.m. through 6:00 p.m. Monday through Friday on normal business days. Landlord hereby covenants and agrees that air conditioning facilities servicing the Premises shall be in working order on the
Commencement Date Tenant shall be permitted to use such air conditioning facilities during the term of this Lease. Landlord agrees to maintain such air conditioning facilities at its expense during the term of this Lease. Tenant shall use such air
conditioning system in accordance with the reasonable rules and regulations of Landlord and the instructions of the manufacturer. Title to the air conditioning facilities shall be and remain with Landlord at all times. Landlord throughout the term
of this Lease shall have free and unrestricted access at reasonable times and upon reasonable advance notice (except in the event of an emergency or if Landlord is required to comply with any law or if Landlord may be subject to civil or criminal
penalty or fine), which notice may be telephonic, to any and all air conditioning facilities in the Premises. Tenant may use the Building air-conditioning at times other than normal business hours on business days at a cost of One Hundred
Seventy-Five Dollars ($175.00) per hour, which amount may be raised by Landlord to the extent Landlord’s costs increase and if Landlord raises such rates for the tenants at the Building, but Landlord shall not raise such rate prior to the first
(1st) anniversary of the Commencement Date. Tenant at
Tenant’s sole cost and expense, shall be permitted to install and operate a condenser water supplemental heating, ventilating and air-conditioning system (“HVAC”) during the term of this Lease. Landlord shall provide Tenant
with up to two (2) tons of condenser water to the Premises for Tenant’s supplemental heating, ventilation and air-conditioning system on a twenty-four (24) hour, seven (7) days per week basis. Tenant shall pay Landlord an amount
equal to Three Hundred Fifty Dollars ($350.00) per ton per annum for condenser water, which amount may be raised by Landlord during the term of this Lease to reflect actual increases in Landlord’s cost. In addition, if Tenant installs such
supplemental HVAC system, Tenant shall be responsible to pay and/or reimburse Landlord for all out-of-pocket costs and expenses incurred by Landlord in connection with the installation and operation of the supplemental HVAC system. Landlord hereby
agrees that Tenant shall not be required to pay a “tap-in” fee for the condenser water for the supplemental HVAC system. 
 50.
Reserved. 
 51. Consents. If in this Lease it is provided that Landlord’s consent or approval as to any matter will not be
unreasonably withheld, and it is established by a court or body having final jurisdiction thereover that Landlord has been unreasonable, the only effect of such finding shall be that Landlord shall be deemed to have given its consent or approval,
but Landlord shall not be liable to Tenant in any respect for monetary damages by reason of withholding its consent or approval or under any other circumstances whatsoever. 
 52. Rent Laws. (a) If at any time prior to, during or subsequent to the term of this Lease, the annual rental rate, additional rent and/or any other amounts payable by Tenant to Landlord

  
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pursuant to this Lease thereinafter collectively referred to as “Rents”) shall be or become uncollectible, reduced or required to be refunded, or shall be limited, prohibited or
in any way restricted for any period of time, by virtue of any Federal, state, municipal, public, governmental or quasi-governmental law, decision, statute, ordinance, order, rule, requirement, regulation or direction of any public officer or body
(hereinafter individually and collectively referred to as “Rent Restriction”) or if any such Rent Restriction shall in any way adversely affect the terms and conditions of this Lease as originally contemplated and intended by and
between Landlord and Tenant, then in any of such events, Tenant hereby covenants and agrees to enter into promptly such agreement(s) and take such other steps (without additional expense to Tenant) as Landlord may request and as may be legally
permissible to allow Landlord to collect the maximum Rents which from time to time during the continuance of any Rent Restriction may be legally permissible, but not in excess of the amounts provided under this Lease. Upon the termination or repeal
of any Rent Restriction or following any order, decision, or ruling that substantially restrains or prohibits the enforcement of any Rent Restriction: (i) the Rents shall become and thereafter be payable in accordance with the amounts
originally contained herein for the period following such termination, repeal, restraint or prohibition, all calculated as though there had been no intervening Rent Restriction; and (ii) Tenant shall immediately pay to Landlord, as additional
rent, to the maximum extent legally permissible, an amount equal to (x) the Rents which would have been payable pursuant to this Lease but for the Rent Restriction, less (y) the Rents paid by Tenant during the period the Rent Restriction
was in effect. 
 (b) Supplementing the provisions of paragraph (a) of this Article 52 but not in limitation thereof, if
prior to or during the term hereof, any Rent Restriction is adopted, enacted or becomes effective, which grants Tenant any rights and/or privileges beyond the date originally scheduled for the expiration of this Lease or the sooner termination of
the term hereof, Tenant hereby expressly waives any-such rights and/or privileges. 
 (c) The aforesaid provisions of this
Article shall be in addition to and not to the exclusion of any other remedies or payments that may be available to Landlord or to which Landlord is entitled under this Lease, at law, or in equity, including, but not limited to, damages for holding
over. 
 53. Fees. If Tenant or (with Tenant’s authorization) any subtenant requests Landlord’s consent or approval to
alterations, assignment, subletting or any other matter or thing requiring Landlord’s consent or approval under this Lease, including, without limitation Tenant’s Plans (as hereinafter defined) and if in connection with such request
Landlord seeks the advice of its independent, third party attorney s, architects and/or engineers, then Landlord, as a condition precedent to granting its consent or approval, may require (in addition to any other requirements of Landlord in
connection with such request) that Tenant pay the reasonable out-of-pocket fees of Landlord’s attorneys, architects and/or engineers in connection with the consideration of such request and/or the preparation of any documents pertaining
thereto. 
 54. Sales Taxes. If any sales taxes are or shall be imposed upon Landlord in connection with the services to be provided by
Landlord to Tenant in accordance with the terms of this Lease, Tenant covenants and agrees that, where permitted by law, Tenant shall pay to Landlord, upon demand. Tenant’s pro rata share of such taxes or charges, as additional rent, without
set-off or deduction. 

  
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 55. Agent. Landlord represents to Tenant, and Tenant acknowledges and agrees that, in addition to
Landlord, Landlord’s managing agent, and Landlord’s attorneys have been granted express authority to duly and effectively render all notices that may be required to be given to Tenant by Landlord in accordance with the terms, covenants,
provisions, agreements and conditions of this Lease. Tenant further agrees to waive any and all claims it may have against Landlord, its attorneys and/or agents with respect to the authority or ability each of the foregoing to render such notices
for and on behalf of Landlord. Landlord may, from time to time, change the designation of such attorneys and/or agents upon prior written notice to Tenant. 
 56. Surrender; Holdover. 
 (a) No employee of Landlord or Landlord’s
agent shall have any power to accept the keys of the Premises prior to the termination of the Lease. The delivery of key s to an employee of Landlord or Landlord’s agent shall not operate as a termination of the Lease or a surrender of the
Premises. 
 (b) If the Premises are not surrendered upon the expiration or sooner termination of this
Lease, then from and after the tenth (10th) day after
the Expiration Date, Tenant hereby indemnifies Landlord against liability resulting front delay by Tenant in so surrendering the Premises, including any claims made by any succeeding tenant or prospective tenant founded upon such delay. If Tenant
remains in possession of the Premises after the expiration or sooner termination of this Lease without the execution of a new lease, Tenant, at the option of Landlord, shall be deemed to be occupying the Premises as a tenant from month-to-month and
such tenancy shall not be deemed to extend or renew the term of this Lease, and Tenant shall pay to Landlord for use and occupancy of the Premises an amount equal to one and one-half (1 1/2) times the monthly installment of the annual rental rate and additional rent which was payable by Tenant to Landlord during the last month of the term hereof for the first thirty (30) days of
such holdover and thereafter, the greater of (i) two (2) times the monthly installment of the annual rental rate and additional rent which was payable by Tenant to Landlord during the last month of the term hereof, or (ii) the then
fair market rental value of the Premises as determined by Landlord, for each month or any part thereof, subject to all of the other terms of this Lease insofar as the same are applicable to a month-to-month tenancy . Neither the billing nor the
collection of rent for use and occupancy during such holdover in the above amount shall be deemed a waiver of any right of Landlord to collect damages for Tenant’s failure to vacate the Premises on or before the expiration or sooner termination
of this Lease. Tenant’s obligations under this Article 56 shall survive the expiration or sooner termination of this Lease. 

57. Insurance. (a) Tenant covenants and agrees, at its sole cost and expense, to obtain and, at all times during the term of this Lease, keep
in force in responsible insurance companies which (i) are licensed to do business in the State of New York; (ii) have a policyholders’ rating of not less than “A” in the most current edition of Best’s Insurance Reports;
and (iii) shall be in form and substance as Landlord shall reasonably approve, the following insurance policies with respect to the Premises: (i) comprehensive general liability insurance, including a cross liability endorsement, with a
limit in an amount not less than FIVE MILLION DOLLARS ($5,000,000.00) combined single limit for bodily injury and property damage liability in any one occurrence; (ii) fire and extended coverage insurance on an “all-risk” basis, on
the contents of the Premises, including, but not limited to, all personal property, inventory, equipment, 

  
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furnishings, furniture and the trade fixtures installed therein by Tenant, with a limit in an amount not less than the full “replacement cost” thereof; (iii) “betterments and
improvements” insurance on any and all changes, improvements, alterations, betterments and installations made or paid for by Tenant in or to the Premises, including, without limitation, Tenant’s Initial Work, with a limit in an amount not
less than the full “replacement cost” thereof; (iv) Workers’ Compensation and Employer’s Liability insurance in accordance with all applicable Laws; and (v) such other insurance and in such amounts as may from time to
time be reasonably required by Landlord in conformity with the requirements of other owners of comparable buildings in the immediate vicinity of the Building of which the Premises are a part, or the holder or holders of any mortgages to which this
Lease is or shall be subordinate. Such insurance shall cover all risk of direct physical loss or damage, including but not limited to, water leakage, overflow and sewer and drain build-up and shall contain a provision that no act or omission of
Tenant shall affect or limit the obligation of the insurance company to pay the amount of any loss sustained. Nothing in this Article 57 shall prevent Tenant from taking out insurance of the kind and in the amounts provided for under this Article 57
under a blanket and/or umbrella insurance policy or policies covering other properties as well as the Premises; provided, however, that any such policy or policies of blanket insurance (i) shall specify therein, or Tenant shall furnish Landlord
with a written statement from the insurers under such policy or policies specifying, the amount of the total insurance allocated to the Premises, which amounts shall not be less than the amounts required by this Article 57, (ii) shall be in
such amounts as shall be sufficient to prevent Tenant from becoming a co-insurer within the terms of the applicable policy or policies, and (iii) shall, as to the Premises, otherwise comply with the terms and conditions of this Article 57.

 (b) The insurance policies: (i) shall be in the names of Landlord and Tenant (as their respective interests may appear)
and shall name in the liability policy provided in paragraph (a) above, Landlord, Landlord’s managing agent, and any fee owners, mortgagees, or lessors under any ground or underlying leases, and such others as Landlord shall designate from
time to time, as additional insureds; (ii) shall expressly provide that the insurance provided by Tenant to Landlord thereunder shall be primary’ and noncontributing with any other insurance available to Landlord; and (iii) will
include a contractual indemnity endorsement as a part of the liability policy hereinabove provided in accordance with the provisions of Article 41 hereof. 
 (c) Tenant will furnish Landlord with certificates of insurance so carried by Tenant Any such policies of insurance shall not be cancelable or terminable, or change the limits hereinabove provided or
otherwise affect the coverages hereinabove provided, without thirty (30) days’ prior written notice to Landlord. Said policies shall be for periods of not less than one (1) year and Tenant shall deliver to Landlord such certificates
with evidence of the payment of premiums thereon, and shall procure renewals thereof from time to time at least thirty (30) days before the expiration thereof 
 (d) Tenant shall not violate or permit to be violated any of the conditions or provisions of any such policies, and Tenant shall so perform and satisfy’ the requirements of the companies writing such
policies so that, at all times, companies of good standing, satisfactory to Landlord or any mortgagees designated by Landlord, shall be willing to write and/or continue such insurance. 

  
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 (e) Tenant and Landlord shall cooperate in connection with the collection of any insurance
monies that may be due in the event of loss, and Tenant shall execute and deliver to Landlord such proofs of loss and other instruments which may be required for the purpose of obtaining the recovery of any such insurance monies. 

(f) In the event of Tenant’s failure to comply with the provisions of this Article 57, Landlord may cause the same to be done for
Tenant’s account and the cost thereof shall be deemed payable to Landlord by Tenant upon the rendering of bills for the same, as additional rent. Supplementing the foregoing, but not in limitation thereof, Landlord may recover from Tenant, and
Tenant agrees to pay, any and all damages which Landlord may sustain by reason of Tenant’s failure to obtain and keep in force any insurance which Tenant is required to obtain and keep in force under this Lease, and the damages of landlord
shall not be limited to the amount of the premiums thereon. 
 (g) Tenant understands and agrees that Landlord will not be
obligated to carry insurance of any kind on any personal property in the Premises (regardless as to whether such property shall be owned by Tenant and including, but not limited to, Tenant’s goods, supplies, furnishings, furniture, fixtures,
equipment, improvements, betterments, installations or appurtenances). Tenant hereby waives any and all right of recovery which it might otherwise have against Landlord, any fee Landlord or mortgagee and their respective officers, directors, agents,
contractors, servants and employees, for loss or damage to such property or any part thereof, to the same extent that Tenant’s insurers’ right of subrogation would be waived if insurance coverage with waiver of subrogation provisions were
being maintained by Tenant upon all of such property. Landlord hereby waives any and all right of recovery which it might otherwise have against Tenant, its officers, directors, servants and employees, for loss or damage to Landlord’s property
or any part thereof, to the same extent that Landlord’s insurers’ right of subrogation would be waived if insurance coverage with waiver of subrogation provisions were being maintained by Landlord upon all of such property. The provisions
of this Article shall also apply to each permitted assignee, if any, and each permitted subtenant if any, at any time occupying the Premises or any part thereof. 
 (h) During the term of this Lease, Landlord agrees to maintain general liability, casualty and fire insurance with extended coverage covering the Building in such form and in such amounts as Landlord in
its sole judgment exercised in good faith shall deem acceptable and sufficient 
 58. Signs. Tenant shall not place, erect or maintain
any sign, sticker, poster, notice, advertising material, display, or any item of any kind or nature on the inside or outside of the windows or exterior of the Premises without the prior written approval of Landlord. Tenant shall be permitted to
install identifying lettering, sign or logo on the outside of the door of the Premises but only within such area as Landlord shall reasonably designate, and subject to the prior written approval of Landlord, which shall not be unreasonably withheld
or delayed, with respect to number, type, size, shape, materials, color and design of such signs and subject, also, to compliance with all applicable legal requirements or regulations. Upon the expiration or sooner termination of this Lease, Tenant
at its own expense shall remove such sign or signs and restore the exterior of the Premises to its original condition, reasonable wear and tear excepted. Such obligation of Tenant shall survive the expiration or sooner termination of this Lease.

  
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 59. Operating Covenants. Tenant, recognizing that the Building has been developed and is being
maintained as a location for a reputable and first-class type of business occupancy, covenants that at all times Tenant’s use of the Premises will be consistent with the character and dignity of the Building. 

60. Directory Listings. Tenant shall be permitted to have, at no cost to Tenant, it’s pro rata share of listings on the directory in the
lobby of the Building; it being understood and agreed by Tenant that Tenant will be charged, at Landlord’s customary rates therefor, for any additional listings which Landlord may allow and/or changes to same after the commencement of the term
of this Lease, such charges to be paid to Landlord, as additional rent, without set-off or deduction. Subject to the foregoing, Tenant shall be permitted to list the name of Tenant and the names of persons or entities affiliated with Tenant and any
permitted subtenants and Desk Space User, it being specifically understood and agreed by Tenant that no listing other than the name of Tenant shall be deemed to grant such party any right or interest in this Lease, and the same shall not be deemed
or construed as a consent by Landlord to a subletting or assignment or unauthorized occupancy of the Demised Premises by such other party, except as otherwise provided herein. 
 61. Hazardous Materials. During the term of this Lease, Tenant shall keep the Premises free of contamination from any toxic or hazardous materials, substances and waste used or stored by Tenant and
shall not introduce any toxic or hazardous materials or substances to be present in the Premises except for those contained in cleaning supplies and office supplies commonly used in office buildings in the New York area in amounts reasonably
necessary in connection with cleaning of the Premises and the conduct of Tenant’s business therein. In the event Tenant discovers any hazardous materials with respect to any work performed by Tenant pursuant to the terms of this Lease, then and
in such event, Landlord shall abate and/or remove such hazardous materials from the Premises in accordance with applicable laws. Each party shall indemnify and hold harmless the other party from and against any and all claims, losses, expenses and
liabilities (including, without limitation, reasonable attorneys’ fees and expenses) that such party may incur arising out of or as a result of the other panics breach of or failure to comply with the provisions of this Article. This indemnity
shall survive the expiration or termination of this Lease. 
 62. Not Binding. The submission of this Lease to Tenant shall not be
construed as an offer or a binding agreement, nor shall the Tenant have any rights with respect thereto, unless and until landlord shall execute a copy of this Lease and unconditionally deliver same to Tenant. 

63. Building Name. Landlord shall have the full right at any time to name and change the name of the Building and to change the designated address
of the Building. The Building may be named after any person, firm, or otherwise, whether or not such name is, or resembles the name of a tenant of the Building. Landlord reserves the right, to be exercised in Landlord’s sole discretion, to
install and maintain a sign or signs on the exterior or interior of the Building. 
 64. Interference. Notwithstanding anything to the
contrary contained in this Lease, Landlord shall use reasonable efforts to minimize interference with Tenant’s business in connection with any repair, replacement, improvement and or work which Landlord is obligated to perform or desires to
perform, in and to the Premises or the Building, or in connection with any inspection or showing thereof, or entry therein, by Landlord, pursuant to the terms, 

  
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covenants, conditions, provisions and agreements of this Lease; it being understood and agreed by Tenant, however, that the foregoing shall not require Landlord in any way to expend sums on an
overtime basis, nor shall the foregoing entitle Tenant to any diminution, reduction or abatement of rent or additional rent or other compensation whatsoever. 
 65. Interpretation. Notwithstanding anything to the contrary contained in this Lease: 
 (a) In each instance in this Lease in which Tenant is obligated to pay or reimburse Landlord for attorneys fees, costs, disbursements or expenses, it shall be deemed that Tenant shall only be obligated to
pay or reimburse Landlord for Landlord’s reasonable counsel or attorneys’ fees, costs, disbursements or expenses. 

(b) In each instance in this Lease in which the words “Tenant’s default”, “default of Tenant”, or words of
similar import appear, it shall be deemed that the words “beyond the expiration of any applicable grace and notice periods” be added thereafter. 
 (c) New York State law governs the validity, performance and enforcement of this Lease, without giving effect to principles of conflicts of laws. The invalidity or unenforceability of any provisions of
this Lease is not to affect or impair any other provision. 
 (d) Where Tenant consists of more than one party, the obligations
of each such party hereunder shall be joint and several. 
 (e) The words “include” or “including” shall be
construed as incorporating “BUT NOT LIMITED TO” or “WITHOUT LIMITATION.” 
 (f) The phrase “at
Tenant’s expense” means at the sole and exclusive expense of Tenant, who shall be responsible for all costs involved in, or associated with, the applicable matter. The phrase “at Landlord’s expense” means at the sole and
exclusive expense of Landlord, who shall be responsible for all costs involved in, or associated with, the applicable matter. 

(g) The phrase “in Landlord’s judgment” means in Landlord’s sole and exclusive discretion and judgment 

(h) Wherever this Lease imposes any obligation upon Tenant or Landlord, or provides that Tenant or Landlord shall be responsible for any
action or matter, the Lease shall be construed to mean that Tenant or Landlord, as the case may be, shall perform or undertake the matter at Tenant’s expense or at Landlord’s expense, unless expressly specified otherwise. 

(i) “Substantially Complete” or “Substantial Completion” means that the work in question is complete, except for
(a) minor or insubstantial details of construction, decoration, or mechanical adjustment which will not unreasonably interfere with Tenant from operating its business in the Premises; and/or (b) portions of the work which cannot be
completed until after completion of any work which is the responsibility of Tenant. 

  
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 66. Construction of the Premises. 

(a) Tenant acknowledges that it has inspected the Premises and is fully familiar with its condition and agrees to take same in its
present “as-is” condition, subject only to the performance of the landlord’s Work and any other condition required for the delivery of the Premises to Tenant. The Landlord shall have no obligation to alter, repair or otherwise make
any changes to the Premises for Tenant’s occupancy of the Premises, other than the performance of the Landlord’s Work. 
 (b) Tenant shall permit no mechanic’s, materialman’s or any other lien to be placed or filed against the Building with respect to any work performed by or on behalf of Tenant in the Premises.
Failure to discharge or bond any such lien, within thirty (30) days’ after written notice from Landlord shall be deemed a material default under this Lease. 
 (c) Notwithstanding anything to the contrary in this Lease, Landlord shall not be required to consent to the performance of any work or installations by Tenant which would: (i) require changes to
structural components of the Building or the exterior design of the Building; (ii) adversely affect the Building’s Systems or installations outside the Premises; (iii) not comply with all applicable Legal Requirements of any
Government Entity having jurisdiction over the construction of the Building and/or the Premises; and/or (iv) be incompatible with plans previously filed for the Building with the Department of Buildings of the City of New York or with the
occupancy of the Building as a first-class office building. 
 (d) Landlord hereby approves Tenant using Improcom Inc., Atlantic
Metro Communications and/or Rainbow Broadband for installation of computer and/or telecommunication equipment and/or the provision of internet access and/or telecommunication services. 

(e) Notwithstanding anything to the contrary contained in the Lease, Tenant shall be obligated to comply with the requirements of any
handicapped laws applicable to the Premises, including without limitation, the so-called Americans with Disabilities Act of 1990 and the regulations promulgated thereunder, provided, however, that Landlord shall be responsible to comply with such
laws with respect to the Landlord’s Work and the Premises shall comply with such laws on the Commencement Date. Tenant at its sole cost and expense shall be obligated to install and connect the fire safety systems servicing the Premises with
the Building’s Class E system located at the Premises with respect to any work performed by Tenant in the Premises; provided, however, that Landlord shall be responsible for such work with respect to the performance and completion of the
Landlord’s Work. If required by applicable laws, Landlord shall install a sprinkler system in the Premises at Landlord’s cost and shall use its reasonable commercial efforts to minimize any interference with Tenant’s business
operations during any such work, and such work shall be performed by Landlord at times other than normal business hours. 
 67.
Arbitration. (a) For disputes subject to arbitration under this Article that are not resolved by the panics within ten (10) days after either party gives notice to the other of its desire to arbitrate the dispute the dispute shall be
settled by Expedited Arbitration Proceeding. The term “Expedited Arbitration Proceeding” shall mean a binding arbitration proceeding conducted 

  
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in The City of New York under the Commercial Arbitration Rules of the American Arbitration Association (or its successor) and administered pursuant to the Expedited Procedures provisions thereof;
provided, however, that with respect to any such arbitration, (i) the list of arbitrators shall be returned within ten (10) business days from the date of mailing; (ii) the parties shall notify the American Arbitration Association (or
its successor) by telephone, within five (5) business days, of any objections to the arbitrator appointed; (iii) the notification of the hearing shall be not less than ten (10) business days in advance of the hearing; (iv) the
hearing shall be held within seven (7) business days after the appointment of the arbitrator; (v) the arbitrator shall have no right to award damages or vary, modify or waive any provision of this Lease; (vi) the decision of the
arbitrator shall be final and binding on the parties; and (vii) the arbitrator shall not have been employed by either party (or their respective Affiliates) during the period of seven (7) years prior to the date of the Expedited
Arbitration Proceeding. The arbitrator shall determine the extent to which each party is successful in such Expedited Arbitration Proceeding in addition to rendering a decision on the dispute submitted. If the arbitrator determines that one
(1) party is entirely unsuccessful, then such party shall pay all of the fees of such arbitrator. If the arbitrator determines that both parties are partially successful, then each party shall be responsible for such arbitrator’s fees only
to the extent such party is unsuccessful (e.g., if Landlord is eighty (80%) percent successful and Tenant is twenty (20%) percent successful, then Landlord shall be responsible for twenty (20%) percent of such arbitrator’s fees
and Tenant shall be responsible for eighty (80%) percent of such arbitrator’s fees). The arbitration shall take place in Manhattan, New York. Any arbiter shall have at least ten (10) years’ experience in commercial leasing. If
the parties shall not appoint an arbiter within twenty (20) days either party may apply to the AAA for appointment of the arbiter. 
 (b) The decisions of the arbiter shall be final and binding and may not be appealed to the courts of any jurisdiction except upon claim of fraud or corruption. Both parties shall continue performing their
lease obligations pending the award in the arbitration proceeding. Judgment upon the arbitration award may be entered in any court having jurisdiction. The arbiter shall have no power to change or add to any lease provisions. The arbiter shall award
the prevailing party reasonable expenses and costs including reasonable attorneys’ fees (to be conclusively determined by the arbiter). 
 (c) The following disputes are subject to arbitration: 
 (i) any disputes that the
parties agree in writing to submit to arbitration; and 
 (ii) whether Landlord’s withholding of consent is unreasonable or
has been unduly delayed. 
 68. Attorneys’ Fees. In any litigation between the parties regarding this Lease, the losing party shall
pay the prevailing party all reasonable expenses and court costs including, without limitation, reasonable attorneys’ fees incurred by the prevailing party. 
 69. Intentionally Omitted. 

  
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 70. Lender’s Rights. (a) Tenant agrees that if Landlord has notified Tenant in writing of
the name and address of any person(s) or entities who holds a mortgage on the Building and the land thereunder (collectively, the “Mortgagee’’), the following rights and benefits shall inure to the benefit of each such
Mortgagee until satisfaction of its mortgage or expiration of this Lease: 
 (i) if (x) Landlord defaults in the
performance of any of its obligations under this Lease and fails to cure the default and (y) as a consequence Tenant would be entitled to terminate this Lease, Tenant shall not terminate this Lease without first giving notice and an opportunity
to cure (as described in paragraph (b) below) to the Mortgagee; and 
 (ii) Tenant shall send to the Mortgagee(s) copies of
any default notices sent to Landlord. 
 (b) If Landlord’s default (t) can be cured by the payment of money, the
Mortgagee shall have thirty (30) days in the aggregate to cure the default; (ii) cannot be cured by the payment of money but is curable within thirty (30) days, the Mortgagee shall have thirty (30) days in the aggregate to cure
the default; and (iii) cannot be cured by the payment of money and cannot be cured within thirty (30) days, the Mortgagee shall have such period of time as is necessary to cure the default provided that (x) the Mortgagee shall notify
Tenant of its intention to cure the default, (y ) the Mortgagee commences action to cure the default within twenty (20) days and (z) the Mortgagee thereafter proceeds diligently at all times to cure the default. 

[The remainder of this page is intentionally left blank.] 

  
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 (c) If any Mortgagee succeeds to Landlord’s interest in the Building, Tenant shall
attorn to such Mortgagee but such Mortgagee (i) shall not be liable for any act or omission of Landlord under this Lease occurring prior to the conveyance of title to the Mortgagee (except to the extent such act or omission is a Landlord
obligation subsequent to conveyance of title to the Building to the Mortgagee), (ii) shall not be subject to any offset, defense or counterclaim accruing prior to such conveyance, except as expressly set forth in this Lease, (iii) shall
not be bound by any payment prior to such conveyance of rent for more than one month in advance (except prepayments in the nature of security for the performance by Tenant of its obligations hereunder which security is actually transferred to the
Mortgagee), (iv) shall not be bound by any covenant to perform (including, without limitation, any covenant to complete) any renovation or construction in the Premises or to pay any sums to Tenant in connection therewith, in either case arising
or accruing prior to the date of such sale or conveyance of Landlord’s interest, and (v) shall be liable for the performance of the other obligations of Landlord under this Lease only during the period such Mortgagee shall hold such
interest in the Building. 
 IN WITNESS WHEREOF, Landlord and Tenant have respectively signed this Lease as of the day and year
first above written. 
  

					
	Landlord:	 	
		
		 	METROPOLITAN 292 MADISON AVENUE LEASEHOLD LLC
			
		 	By:	 	 /s/ William F. Payne

		 	Name:	 	William F. Payne
		 	Title:	 	VP
	
	Tenant:
		
		 	FIFTYONE, INC.
			
		 	By:	 	 /s/ Edwin Neumann

		 	Name:	 	Edwin Neumann
		 	Title:	 	CFO

  
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 STATE OF NEW YORK       ) 

COUNTY OF NEW YORK ) ss.: 
 On
the      day of              in the year 2012 before me, the undersigned, personally appeared             ,
personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that ho executed the same in his capacity, and that by his their signature on
the instrument, the individual or the person upon behalf of which the individual acted, executed the instrument. 
  

	
	  

	Notary Public

  
 48 

 EXHIBIT “A” 

Floor Plan 
 

 
  

 EXHIBIT “A” 

Floor Plan 
 

 
  

  
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 EXHIBIT “B” 

Rules and Regulations 
 1. The sidewalks, entrances, driveways, passages, courts, elevators, vestibules, stairways, corridors or halls shall not be obstructed or encumbered by any Tenant or used for any purpose other than for
ingress or egress from the Premises and for delivery of merchandise and equipment in a prompt and efficient manner using elevators and passageways designated for such delivery by Landlord. There shall not be used in any space, or in the public hall
of the Building, either by an Tenant or by jobbers or others in the delivery or receipt of merchandise, any hand trucks, except those equipped with rubber tires and sideguards. If the Premises are situated on the ground floor of the Building, Tenant
thereof shall further, at Tenant’s expense, keep the sidewalk and curb in front of the Premises clean and free from ice, snow, debris and rubbish. 
 2. The water and wash closets and plumbing fixtures shall not be used for any purposes other than those for which they were designed or constructed and no sweepings, rubbish, rags, acids or other
substances shall be deposited therein, and the expense of any breakage, stoppage, or damage resulting from the violation of this rule shall be borne by the Tenant who, or whose clerks, agents, employees or visitors, shall have caused it. 

3. No carpet, rug or other article shall be hung or shaken out of any window of the Building; and no Tenant shall sweep or throw or
permit to be swept or thrown from the Premises any dirt or other substances into any of the corridors or halls, elevators, or out of the doors or windows or stairways of the Building and Tenant shall not use, keep or permit to be used or kept any
foul or noxious gas or substance in the Premises, or permit or suffer the Premises to be occupied or used in a manner offensive or objectionable to Landlord or other occupants of the Building by reason of noise, odors, and/or vibrations, or
interfere in any way with other tenants or those having business therein, nor shall any animals or birds be kept in or about the Building. Smoking or carrying lighted cigars or cigarettes in the elevators of the Building is prohibited. 

4. No awnings or other projections shall be attached to the outside walls of the Building without the prior written consent of Landlord,
which may be withheld by Landlord in its sole and absolute discretion. 
 5. No sign, advertisement, notice or other lettering
shall be exhibited, inscribed, painted or affixed by any Tenant on any part of the outside of the Premises or the Building or on the inside of the Premises if the same is visible from the outside of the Premises without the prior written consent of
Landlord, except that the name of Tenant may appear on the entrance door of the Premises. In the event of the violation of the foregoing by any Tenant, Landlord may remove same without any liability, and may charge the expense incurred by such
removal to Tenant or tenants violating this rule. Interior signs on doors and directory tablet shall be inscribed, painted or affixed for each Tenant by Landlord at the expense of such Tenant, and shall be of a size, color and style reasonably
acceptable to Landlord. 
 6. No Tenant shall mark, paint, or in any way deface any part of the Premises or the Building. No
boring, cutting or stringing of wires shall be permitted, except with the prior 

  
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written consent of Landlord and as Landlord may direct. No Tenant shall lay linoleum, or other similar floor covering, so that the same shall come in direct contact with the floor of the
Premises, and, if linoleum or other similar floor covering is desired to be used an interlining of builder’s deadening felt shall he first affixed to the floor, by a paste or other material, soluble in water, the use of cement or other similar
adhesive material being expressly prohibited. 
 7. No additional locks or bolts of any kind shall be placed upon any of the
doors or windows by any Tenant, nor shall any changes be made in existing locks or mechanism thereof. Each Tenant must, upon the termination of its tenancy, restore to Landlord all keys of stores, offices and toilet rooms, either furnished to, or
otherwise procured by, such Tenant, and in the event of the loss of any keys, so furnished, such Tenant shall pay to Landlord the cost thereof. 
 8. Freight, furniture, business equipment, merchandise and bulky matter of any description shall be delivered to and removed from the Premises only on the freight elevators and through the service
entrances and corridors, and only during hours and in a manner approved by Landlord. Landlord reserves the right to inspect all freight to be brought into the Building and to exclude from the Building all freight which violates any of these Rules
and Regulations of the Lease or which these Rules and Regulations are a part. 
 9. Canvassing, soliciting and peddling in the
Building is prohibited and each Tenant shall cooperate to prevent the same. 
 10. Landlord reserves the right to exclude from
the Building between the hours of 6 P.M. and 8 A.M. and at all hours on Sundays, and legal holidays all persons who do not present a pass to the Building signed by Landlord. Landlord will furnish passes to persons for whom, any Tenant requests
same in writing. Each Tenant shall be responsible for all persons for whom it requests such pass and shall be liable to Landlord for all acts of such persons. 
 11. Landlord shall have the right to prohibit any advertising by any Tenant which in Landlord’s reasonable opinion, tends to impair the reputation of the Building or its desirability as a Building
for offices, and upon written notice from Landlord, Tenant shall refrain from or discontinue such advertising. 
 12. Tenant
shall not bring or permit to be brought or kept in or on the Premises, any inflammable combustible or explosive fluid, material, chemical or substance, or cause or permit any odors of cooking or other processes, or any unusual or other objectionable
odors to permeate in or emanate from the Premises. 
 13. If the Building contains central air conditioning and ventilation,
Tenant agrees to keep all windows closed at all times and to abide by all rules and regulations issued by the Landlord with respect to such services. If Tenant requires air conditions or ventilation after the usual hours, Tenant shall give notice in
writing to the Building superintendent prior to 3:00 P.M. in the case of services required on week days, and, prior to 3:00 P.M. on the day prior in the case of afterhours service required on weekends or on holidays. 

14. Tenant shall not move any safe, heavy machinery, heavy equipment, bulky matter, or fixtures into or out of the Building except
through the freight elevator. If such safe, machinery, equipment, bulky matter or fixtures requires special handling, all work in connection 

  
 52 

 
therewith shall comply with the Administrative Code of the City of New York and all other laws and regulations applicable thereto and shall be done during such hours as Landlord may designate.

 15. The rights of tenants in the entrances, corridors, elevators and escalators of the Building are limited to ingress and
egress for tenants and their employees, licensees and invitees, and no tenant shall use, or permit the use of, the entrances, corridors, escalators or elevators for any other purpose. No tenant shall invite to its Premises, or permit the visit of,
persons in such numbers or under such conditions as to interfere with the use and enjoyment of any of the plazas, entrances, corridors, escalators, elevators, and other facilities of the Building by other tenants. Fire exits and stairways are for
emergency use only, and they shall not be used for any other purposes by tenants, their employees, licensees or invitees. No tenant shall encumber or obstruct or permit the encumbrance or obstruction of any of the sidewalks, plazas, entrances,
corridors, escalators, elevators, fire exits or stairways of the Building. Landlord reserves the right to control and operate the public portions of the Building and the public facilities, as well as facilities furnished for the common use of
tenants, in such manner as it deems best for the benefit of tenants generally. No tenant’s employees shall loiter around the hallways, stairways, elevators, front roof or any other part of the Building used in common by the occupants thereof.

 16. There shall not be used in any space, or in the public hails of the Building either by tenant or by jobbers or others in
the delivery or receipt of merchandise or mail any hand trucks except those equipped with rubber tires and side guards. All deliveries to tenants except mail shall be distributed to tenants only during the hours from 8:00 a.m. to 12:00 noon and 2:00
p.m. to 4:00 p.m. on business days, excluding labor strikes. 
 17. All entrance doors in each Premises shall be left locked
when the Premises are not in use. Entrance doors shall not be left open at any time. All windows in each Premises shall be kept closed at all times and all blinds or drapes therein above the ground floor shall be lowered or closed when and as
reasonably required because of the position of the sun during the operation of the Building air conditioning system. 
 18. No
noise including the playing of any musical instruments radio or television which in the judgment of Landlord might disturb other tenants in the Building shall be made or permitted by any tenant and no cooking shall be done in the Premises except as
expressly approved by Landlord. Nothing shall be done or permitted in any Premises and nothing shall be brought into or kept in any Premises which would impair or interfere with any of the Building services or the proper and economic heating,
cleaning or other servicing of the Building or the Premises, or the use or enjoyment by any other tenant of any other premises, nor shall there be installed by any tenant any ventilating air conditioning, electrical or other equipment of any kind,
which in the judgment of Landlord, might cause any such impairment or interference. 
 19. No tenant shall manufacture any
commodity in its Premises. No tenant shall permit any cooking or food odors emanating its Premises to seep into other portions of the Building. 
 20. No acids vapors or other materials shall be discharged or permitted to be discharged into the waste lines vents or flues of the Building which may damage them. 

  
 53 

 21. No tenant shall engage or pay any employees in the Building except those actually
working for tenant in the Building, or advertise for laborers giving an address at the Building. 
 22. The requirements of
tenants will be attended to only upon application at the office of the Building. Employees of Landlord shall not perform any work or do anything outside of the regular duties unless under special written instructions from the Landlord. 

23. Each tenant shall, at its expense, provide artificial light in its Premises for Landlord’s agents, contractors and employees
while performing janitorial or other cleaning services and making repairs or alterations in the Premises. 
 24. Each tenant, at
its sole expense, shall cause its Premises to be exterminated from time to time as reasonably necessary to the reasonable satisfaction of Landlord and shall employ such exterminators therefor as shall be reasonably approved by Landlord. 

25. No tenant shall have right of access to the roof of the Premises or of the Building and shall not install, repair or replace any
aerial, fan, air conditioner or other device on the roof of Premises or the Building without the prior written consent of Landlord. Any aerial, fan, air conditioner or other device or device installed without such written consent shall be subject to
removal at tenant’s expense without notice at any time. 
 26. No Tenant shall leave water running in any bathroom kitchen
or elsewhere in the Building or its Premises and each Tenant shall be responsible for any damage caused by the failure to shut off any water faucet, tap, etc., whether to the Building or to other occupants of the Building, and their furniture and
fixtures. 
 27. In the event Tenant must dispose of crates, boxes, etc., which will not fit into office wastepaper baskets, it
will be the responsibility of Tenant to dispose of same or at Landlord’s option, Landlord may dispose of said waste and charge Tenant for such services. In no event shall Tenant leave any refuse in the public hallways, stairways or other areas
of the Building for disposal unless Landlord has designated certain areas of the Building for the short term collections of refuse prior to its prompt disposal. 
 28. Bicycles and other vehicles shall not be permitted in the offices, halls, corridors, lobbies and elevators of the Building, nor shall any obstruction of sidewalks or entrances of the Building by such
be permitted. 
 29. No animals, birds or pets of any kind (with the exception of seeing eye dogs) shall be allowed in
Tenant’s Premises or the Building. 
 30. If Tenant desires radio signal, communication, alarm or other utility or service
connection installed or changed, such work shall be done at the expense of Tenant, with the prior written approval and under the direction of Landlord. No wiring shall be installed in any part of the Building without Landlord’s approval and
direction. Landlord reserves the right to disconnect any radio, signal or alarm system when, in Landlord’s opinion, such installation or apparatus interferes with the proper operation of the Building or systems within the Building. 

  
 54 

 31. Tenant shall cooperate fully with the life safety plans of the Building as established
and administered by Landlord. This includes participation by Tenant and employees of Tenant in exit drills, fire inspections, life safety orientations and other programs relating to safety that may be promulgated by or on behalf of Landlord.

 32. Tenant recognizes Landlord’s interest in being free from labor difficulties, strikes, picketing, or handbilling on
or near Premises or the Building in which Landlord has a possessory or reversionary interest. Should such difficulties, strikes, picketing, or handbilling be engaged in by Tenant’s employees or the employees of Tenant’s contractors,
subcontractors, or agents, or be caused by the actions or presence of Tenant’s employees, contractors, subcontractors, agents, or their employees, Tenant will take all reasonable steps to restore harmony. Furthermore, Tenant will be liable for
all damages to Landlord occurring as a result of such difficulties, strikes, picketing or handbilling. 

  
 55 

 EXHIBIT “C 
 Landlord’s Work 
 See the attached plans and specifications. 

 

 
  

  
 57 

 

 
  

  
 58 

 

 
  

  
 59 

 

 
  

  
 60 

 

 
  

  
 61 

 

 
  

  
 62 

 

 
  

  
 63 

 

 
  

  
 64 

 EXHIBIT “C-l” 

LANDLORD’S ADDITIONAL WORK 
  

	1.	Supplemental Air Conditioning Work - Total Cost $27,009.00 

 Furnish and install (1) 2 ton water cooled vertical AC unit on floor in corner of IT room. 
 Furnish and install condenser water supply and return piping from riser. 
 Furnish
and install condensate pump and drain piping to nearest open drain. 
 Furnish and install supply ductwork off top of AC unit
with supply register. 
 Furnish and install thermal insulation on new piping. 

Furnish and install thermostat, leak detector and low voltage wiring. 

Perform start up and test. 
 Perform controlled inspection and signoffs. 
  

	2.	2 additional dedicated electrical circuits 30A (one in each IT Room) - Total Cost $2,400.00 

 

	3.	 Insulation in
5th floor IT room - $1,500.00

  

	4.	 Metal door in lieu of glass door in 5th floor IT room - No Charge 

  
 65 

 EXHIBIT “D” 

 

	
	THIS INSTRUMENT PREPARED BY AND AFTER RECORDING RETURN TO:
	
	  

	  

	  

 SUBORDINATION, NON-DISTURBANCE AND 

ATTORNMENT AGREEMENT 
 THIS SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT (this “Agreement”), dated this      day of
            , 20    , between
                                         
                                       , a
                                        
(“Subtenant”),
                                         
                                       , a
                                        
(“Tenant”) and
                                         
                                       , a
                                        
(“Lessor”), its successors and assigns, having its principal place of business at
                                         
                                         
                                      . 

R E C I T A L S: 

II. Subtenant is a lessee under that certain [Lease] executed between Subtenant and Tenant, dated
            ,          (the [Lease] and all amendments thereto are hereinafter referred to as the “Sublease”), covering the property
described in Exhibit A attached hereto and made a part hereof (the “Sublease Property”). 
 III. Tenant is the
lessee under that certain Ground Lease executed between Lessor and Tenant, dated                      , 2007 (as amended, the “Ground
Lease”) covering the property legally described in Exhibit B attached hereto and made a part hereof (“the Ground Lease Property”). 
 IV. Under the Ground Lease, Subtenant or Tenant may request Lessor to enter into this Subordination, Non-Disturbance and Attornment Agreement to set forth Lessor’s obligations to Subtenant.

 V. Terms not otherwise defined herein shall have the meaning as set forth in the Ground Lease. 

NOW, THEREFORE, in consideration of the covenants contained herein and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties agree as follows: 
  

	 	A.	 Subtenant, so long as it is not in default under the terms of the Sublease beyond the expiration of any applicable notice and/or cure period, shall and
may peaceably hold and enjoy the Sublease Property, without any interruption or disturbance from Lessor or persons clausing by, through or under 

  
 66 

	 	
Lessor (other than Tenant, Leasehold Mortgagee and persons claiming by, through and under either of them), and Lessor shall not terminate such Sublease, subject, however, to the terms of such
Sublease. This covenant shall be construed as naming with the land to and against subsequent owners and successors in interest, and is not, nor shall it operate or be construed as, a personal covenant of Lessor, except to the extent of Lessor’s
interest in the Sublease Property and only so long as such interest shall continue, and thereafter this covenant shall be binding upon such subsequent owners and successors in interest of Lessor’s interest in the Sublease Property, to the
extent of their respective interests, as and when they shall acquire the same, and only so long as they shall retain such interest. 

  

	 	B.	The Sublease and all terms thereof shall be subject and subordinate to the Ground Lease, and to all amendments, modifications, replacements and extensions thereof.

  

	 	C.	Upon expiration or earlier termination of the Ground Lease (the “Attornment Date”) and provided that Subtenant is (i) not then in default beyond the
expiration of any applicable notice and/or cure period under this Agreement and (ii) not then in default under the Sublease by reason of (a) a default in the payment of [base rent], or (b) the filing by Subtenant or any Affiliate of
Subtenant of a petition in bankruptcy or (c) any other default beyond the expiration of any applicable notice and cure period, the following shall apply. 

 

	 	1.	The Sublease shall continue in full force and effect, and Lessor recognizes the Sublease and Subtenant’s rights thereunder and Lessor and Subtenant shall establish
direct privity of estate and contract as between Lessor, as lessor, and Subtenant, as lessee, under the Sublease with the same force and effect as though the Sublease were originally made by Lessor in favor of Subtenant, except as expressly provided
herein. 

  

	 	2.	If requested by Lessor or any subsequent owner, Subtenant shall execute a new lease with Lessor, in substitution of the Sublease, for a term equal to the remaining term
of the Sublease and otherwise containing the same provisions and covenants of the Sublease. 

  

	 	3.	Lessor shall assume the obligations of Tenant under the Sublease arising after the Attornment Dale, provided, however, Lessor shall not be 

 

	 	a.	liable in any way to Subtenant for any act of omission, neglect or default on the part of Tenant, 

 

	 	b.	responsible for any monies owing by or on deposit with Tenant to the credit of Subtenant, whether in the nature of security or otherwise, unless and to the extent such
monies are delivered to Lessor, 

  
 67 

	 	c.	subject to any counterclaim or set-off which theretofore accrued to Subtenant against Tenant, 

 

	 	d.	bound by any previous prepayment of subrents which were not approved in writing by Lessor or its predecessors in interest, unless and to the extent such monies are
delivered to Lessor, 

  

	 	e.	liable for any security deposit Subtenant might have paid to Tenant or any prior landlord, except to the extent Lessor has actually received said security deposit,

  

	 	f.	liable to Subtenant beyond Lessor’s interest in the Sublease Property, 

 

	 	g.	responsible for the performance of any work to be done by the Tenant under the Sublease to render the Sublease Premises ready for initial occupancy by Subtenant or for
the payment of any improvement allowance, refurbishment allowance, or other allowance or tenant concession or commission of any land prior to Subtenant’s first year of possession of the Sublease Premises to be paid by Tenant under the Sublease,

  

	 	h.	required to remove any person occupying the Sublease Property or any part thereof, except if such person claims by, through or under Lessor (other than Tenant and
persons claiming by, through or under Tenant), or 

  

	 	i.	responsible for the failure to deliver possession of any space by reason of the possession of or entitlement to such space by another unless such other person’s
rights derive directly from Lessor (and not Tenant). 

  

	 	4.	Subtenant shall attorn to Lessor as lessor under the Sublease. 

  

	 	D.	All rent payments shall be paid as provided under the Sublease until Subtenant has been otherwise notified by Lessor or its successor or assign. Subtenant agrees that,
upon receipt of a notice from Lessor or its successor or assign that there has been an Event of Default (as defined in the Ground Lease) by Tenant under the Ground Lease that is then continuing, Subtenant shall make all subsequent rent payments
directly to Lessor (or its successor or assign), or at the direction of Lessor (or its successor or assign). Any of the foregoing in this paragraph D, notwithstanding, all prepayments of more than six (6) month’s rent and any and all
termination, contraction, term reduction or similar fees paid by Subtenant, or at Subtenant’s direction, shall be payable directly to Lessor, to be applied as provided in the Ground Lease. Any election by Subtenant for which rent prepayments of
more than six (6) months rent, or termination, contraction, term reduction or similar fees were received by Tenant and not remitted or paid directly to Landlord, shall be voidable at the election of Lessor. 

  
 68 

	 	E.	Subtenant shall deliver to Lessor a copy of all notices Subtenant delivers to or receives from Tenant concerning either default, the exercise of any option, a rent
credit in excess of one month’s rent or                     . Prior to terminating the Sublease due to a default by Tenant thereunder,
Subtenant agrees to notify Lessor of such default and give Lessor the opportunity to cure such default within the later of (i) thirty (30) days after the expiration of any notice and cure period or (ii) thirty (30) days of
Lessor’s receipt of such notice (or, if such default cannot reasonably be cured within such thirty (30) day period. Lessor shall have such longer time as may be necessary to cure the default; provided that Lessor commences the cure within
such period and diligently pursues the cure thereafter). Lessor shall not be obligated to cure any such default arising prior to the Attornment Date. 

  

	 	F.	Upon request from Lessor from time to time, Subtenant shall deliver estoppel certificates to Lessor as provided in the Sublease, and from and after the Attornment Date
Lessor in its capacity as landlord under the Sublease, shall deliver estoppel certificates to Subtenant to the extent provided in the Sublease. 

  

	 	G.	This Agreement shall be binding upon and inure to the benefit of the respective heirs, personal representatives, successors and assigns of the parties hereto.

  

	 	H.	This Agreement can be modified only in writing duly executed by all parties. 

 

	 	I.	Any notices, communications and waivers under this Agreement shall be in writing and shall be (i) delivered in person, (ii) mailed, postage prepaid, either by
registered or certified mail, return receipt requested, or (iii) by overnight express carrier, addressed in each case as follows: 

  

					
	To Lessor:	  	  
	  	
		  	  
	  	
		  	  
	  	
			
	To Tenant:	  	  
	  	
		  	  
	  	
		  	  
	  	
			
	To Subtenant:	  	  
	  	
		  	  
	  	
		  	  
	  	

 or to any other address as to any of the parties hereto, as such party shall designate in a written notice
to the other party hereto. All notices sent pursuant to the terms of this Paragraph shall be deemed received (i) if personally delivered, then on the date of delivery, (ii) if sent by overnight, express carrier, then on the next business
day immediately following the day sent, or (iii) if sent by registered or certified mail, then on the earlier of the third business day following the day sent or when actually received. 

  
 69 

	 	J.	If any action or proceeding is instituted by Lessor to enforce the terms hereof, the prevailing party in such action or proceeding shall be entitled to reasonable
attorneys’ fees, costs and expenses of the prevailing party. 

  

	 	K.	This agreement shall terminate upon the termination of the Sublease. 

  

	 	L.	The Sublease shall not be amended or modified or any provision thereof waived, in writing or otherwise, without the prior written consent of lessor, and no such
amendment, modification or waiver shall be effective or binding on Lessor without such consent 

  

	 	M.	The undersigned representative of Subtenant certifies that he/she has full power, authority and right to execute and deliver this Agreement on behalf of Subtenant and
to bind Subtenant to the provisions hereof. 

  

	 	N.	The undersigned representative of Tenant certifies that he/she has full power, authority and right to execute and deliver this Agreement on behalf of Tenant and to bind
Tenant to the provisions hereof. 

  

	 	O.	This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original but all of which when taken together shall constitute one
agreement This Agreement shall inure to the benefit of Lessor, its successors and assigns and shall be binding upon Lessee and its successors and assigns. 

  
 70 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day and year first
above written. 
  

			
	SUBTENANT:
	
	  

		
	By:	 	  

	Name:	 	  

	Its:	 	  

	
	TENANT:
	
	  

		
	By:	 	  

	Name:	 	  

	Its:	 	  

	
	LESSOR:
	
	  

		
	By:	 	  

	Name:	 	  

	Its:	 	  

  
 71 

					
	STATE OF	 	)	 	
		 	)	 	SS.
	COUNTY OF	 	)	 	

 I,
                                , a Notary Public in and for said County, in the State
aforesaid, DO HEREBY CERTIFY, that                             , the
                     of
                                        , a
                    , who is personally known to me to be the same person whose name is subscribed to the foregoing instrument, appeared before me
this day in person and acknowledged that he/she signed and delivered the said instrument as his/her own free and voluntary act and as the free and voluntary act of said
                    , for the uses and purposes therein set forth. 
 Given under my Land and notarial seal this      day of             , 20    . 

 

							
		 		 	  

		 		 	Notary Public
	[SEAL]	 		 		 	
		 		 	My commission expires:	 	  

  
 72 

					
	STATE OF	 	)	 	
		 	)	 	SS.
	COUNTY OF	 	)	 	

 I,
                                , a Notary Public in and for said County, in the State
aforesaid, DO HEREBY CERTIFY, that                             , the
                     of
                                        , a
                    , who is personally known to me to be the same person whose name is subscribed to the foregoing instrument, appeared before me
this day in person and acknowledged that he/she signed and delivered the said instrument as his/her own free and voluntary act and as the free and voluntary act of said
                    , for the uses and purposes therein set forth. 
 Given under my Land and notarial seal this      day of             , 20    . 

 

							
		 		 	  

		 		 	Notary Public
	[SEAL]	 		 		 	
		 		 	My commission expires:	 	  

  
 73 

					
	STATE OF	 	)	 	
		 	)	 	SS.
	COUNTY OF	 	)	 	

 I,
                                , a Notary Public in and for said County, in the State
aforesaid, DO HEREBY CERTIFY, that                             , the
                     of
                                        , a
                    , who is personally known to me to be the same person whose name is subscribed to the foregoing instrument, appeared before me
this day in person and acknowledged that he/she signed and delivered the said instrument as his/her own free and voluntary act and as the free and voluntary act of said
                    , for the uses and purposes therein set forth. 
 Given under my Land and notarial seal this      day of             , 20    . 

 

							
		 		 	  

		 		 	Notary Public
	[SEAL]	 		 		 	
		 		 	My commission expires:	 	  

  
 74 

 EXHIBIT A 
 DESCRIPTION OF SUBLEASE PROPERTY 
 Suite
                     in the building located at 292 Madison Avenue, New York, New on the land described in Exhibit B hereto. 

  
 Exhibit A

 EXHIBIT B 
 DESCRIPTION OF GROUND LEASE PROPERTY 

 EXHIBIT “E” 

FORM OF LETTER OF CREDIT 
 STANDBY L/C DRAFT LANGUAGE 
 IRREVOCABLE STANDBY LETTER OF CREDIT NO. SVBSF
         
 DATE:             , 2012

 BENEFICIARY: 
 METROPOLITAN 292
MADISON AVENUE LEASEHOLD LLC 
 C/O HERALD SQUARE PROPERTIES 
 885 THIRD AVENUE 19th FLOOR 
 NEW YORK, NY 10022 
 APPLICANT: 
 FIFTYONE, INC., 

8 WEST
40th STREET, 5th FLOOR 
 NEW YORK, NY 10018 
 AMOUNT: US$252.142.00 (U.S. DOLLARS TWO HUNDRED FIFTY TWO THOUSAND ONE
HUNDRED FORTY TWO EXACTLY ) 
 EXPIRATION DATE: MARCH 1, 2013 
 LOCATION: SANTA CLARA, CALIFORNIA 
 DEAR SIR/MADAM: 

WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. SVBSF
                     IN YOUR FAVOR AVAILABLE BY YOUR DRAFTS DRAWN ON US AT SIGHT IN THE FORM OF EXHIBIT “A” ATTACHED AND ACCOMPANIED
BY THE FOLLOWING DOCUMENTS 
  

	1.	THE ORIGINAL OR FACSIMILE OF THIS LETTER OF CREDIT AND ALL AMENDMENTS), IF ANY. 

 

	2.	A DATED CERTIFICATION FROM THE BENEFICIARY SIGNED BY AN AUTHORIZED OFFICER, FOLLOWED BY HIS/HER DESIGNATED TITLE, STATING THE FOLLOWING: 

(A) “A DEFAULT HAS OCCURRED BY FIFTYONE, INC. AS TENANT UNDER THAT CERTAIN LEASE AGREEMENT BETWEEN TENANT, AND BENEFICIARY AS LANDLORD. FURTHERMORE
THIS IS TO CERTIFY THAT LANDLORD IS AUTHORIZED TO DRAW DOWN ON THE LETTER OF CREDIT.” 
 -OR- 

(B) “BENEFICIARY HAS RECEIVED A NOTICE FROM SILICON VALLEY BANK THAT LETTER OF CREDIT NUMBER SVBSF
             WILL NOT BE EXTENDED AND APPLICANT HAS FAILED TO PROVIDE A NEW LETTER OF CREDIT SATISFACTORY TO BENEFICIARY WITHIN 60 DAYS PRIOR TO THE CURRENT EXPIRY DATE.”

 YOU ARE HEREBY IRREVOCABLY AUTHORIZED TO DRAW UPON THIS LETTER OF CREDIT ON THE UNDERSIGNED IN ACCORDANCE WITH THE TERMS AND CONDITIONS SET
FORTH HEREIN. 
 OUR OBLIGATIONS HEREUNDER SHALL BE ABSOLUTE AND UNCONDITIONAL AND SHALL NOT BE SUBJECT TO ANY DEFENSE BY REASON OF THE ACTUAL
OR ALLEGED INVALIDITY, ILLEGALITY OR UNENFORCEABILITY OF ANY LEASE OR OTHER DOCUMENT BETWEEN THE ACCOUNT PARTY AND THE BENEFICIARY 

  

					
	L/C DRAFT LANGUAGE APPROVED FOR ISSUANCE BY:	 	  
	 	
		 	(Authorized Signature)	 	

					
	DATE:	 	  
	 	

  
 PAGE 1 OF 3

 IRREVOCABLE STANDBY LETTER OF CREDIT NO. SVBSF
             
 DATE:
            , 2012 
  

 
PARTIAL DRAWS ARE ALLOWED. THIS LETTER OF CREDIT OR THE FACSIMILE OF THIS LETTER OF CREDIT MUST ACCOMPANY ANY DRAWINGS HEREUNDER FOR ENDORSEMENT OF THE DRAWING AMOUNT AND WILL BE RETURNED TO THE
BENEFICIARY UNLESS IT IS FULLY UTILIZED. 
 DRAFT(S) AND DOCUMENTS MUST INDICATE THE NUMBER AND DATE OF THIS LETTER OF CREDIT. 

THIS LETTER OF CREDIT SHALL BE AUTOMATICALLY EXTENDED FOR AN ADDITIONAL PERIOD OF ONE YEAR, WITHOUT AMENDMENT. FROM THE PRESENT OR EACH FUTURE EXPIRATION
DATE UNLESS AT LEAST 60 DAYS PRIOR TO THE THEN CURRENT EXPIRATION DATE WE SEND YOU A NOTICE BY REGISTERED MAIL OR OVERNIGHT COURIER SERVICE AT THE ABOVE ADDRESS THAT THIS LETTER OF CREDIT WELL NOT BE EXTENDED BEYOND THE CURRENT EXPIRATION DATE. IN
NO EVENT SHALL THIS LETTER OF CREDIT BE AUTOMATICALLY EXTENDED BEYOND JUNE 1, 2018 WHICH SHALL BE THE FINAL EXPIRATION DATE OF THIS LETTER OF CREDIT. UPON RECEIPT OF SUCH NOTICE, YOU MAY DRAW HEREUNDER BY MEANS OF YOUR SIGHT DRAFT ON US ACCOMPANIED
BY THE ORIGINAL OF THIS LETTER OF CREDIT. 
 THIS LETTER OF CREDIT IS TRANSFERABLE BY THE ISSUING BANK ONE OR MORE TIMES BUT IN EACH INSTANCE TO
A SINGLE BENEFICIARY AND ONLY IN ITS ENTIRETY UP TO THE THEN AVAILABLE AMOUNT IN FAVOR OF ANY NOMINATED TRANSFEREE ASSUMING SUCH TRANSFER TO SUCH TRANSFEREE WOULD BE IN COMPLIANCE WITH THEN APPLICABLE LAW AND REGULATIONS, INCLUDING BUT NOT LIMITED
TO THE REGULATIONS OF THE U.S. DEPARTMENT OF TREASURY AND U.S. DEPARTMENT OF COMMERCE. AT THE TIME OF TRANSFER, THE ORIGINAL LETTER OF CREDIT AND ORIGINAL AMENDMENT(S), IF ANY, MUST BE SURRENDERED TO US TOGETHER WITH OUR LETTER OF TRANSFER
DOCUMENTATION (EN THE FORM OF EXHIBIT “B” ATTACHED HERETO). OUR TRANSFER FEE OF W OF 1% OF THE TRANSFER AMOUNT (MINIMUM J250.00) IS FOR THE ACCOUNT OF THE APPLICANT. ANY TRANSFER OF THIS LETTER OF CREDIT MAY NOT CHANGE THE PLACE OF
EXPIRATION OF THE LETTER OF CREDIT FROM OUR ABOVE-SPECIFIED OFFICE. EACH TRANSFER SHALL BE EVIDENCED BY OUR ENDORSEMENT ON THE REVERSE OF THE ORIGINAL LETTER OF CREDIT AND WE SHALL FORWARD THE ORIGINAL LETTER OF CREDIT TO THE TRANSFEREE. 

ALL DEMANDS FOR PAYMENT SHALL BE MADE BY PRESENTATION OF THE ORIGINAL APPROPRIATE DOCUMENTS ON A BUSINESS DAY AT OUR OFFICE (THE “BANK’S
OFFICE”) AT: SILICON VALLEY BANK, 3003 TASMAN DRIVE, SANTA CLARA, CA 95054, ATTENTION: STANDBY LETTER OF CREDIT NEGOTIATION SECTION OR BY FACSIMILE TRANSMISSION AT: (408) 654-6211; AND SIMULTANEOUSLY UNDER TELEPHONE ADVICE TO:
(408) 654-6274 OR (408) 654-7716, ATTENTION: STANDBY LETTER OF CREDIT NEGOTIATION SECTION WITH ORIGINALS TO FOLLOW BY OVERNIGHT COURIER SERVICE; PROVIDED, HOWEVER, THE BANK WILL DETERMINE HONOR OR DISHONOR ON THE BASIS OF PRESENTATION BY
FACSIMILE ALONE, AND WILL NOT EXAMINE THE ORIGINALS. 
 IF DEMAND FOR PAYMENT IS PRESENTED TO US BY 10:00 A.M. CALIFORNIA TIME ON A BUSINESS DAY
AND CONFORMS TO THE TERMS AND CONDITIONS OF THIS LETTER OF CREDIT. PAYMENT SHALL BE MADE BY BANK TO YOU OF THE AMOUNT SPECIFIED. IN IMMEDIATELY AVAILABLE FUNDS NO LATER THAN 2:00PM, CALIFORNIA TIME ON THE SECOND FOLLOWING BUSINESS DAY. IF DEMAND FOR
PAYMENT IS PRESENTED TO US AFTER THE TIME SPECIFIED ABOVE AND CONFORMS TO THE TERMS AND CONDITIONS OF THIS LETTER OF CREDIT, PAYMENT SHALL BE MADE TO YOU, OF THE AMOUNT OF SPECIFIED, IN IMMEDIATELY AVAILABLE FUNDS NO LATER THAN 2:00 PM ON THE THIRD
FOLLOWING BUSINESS DAY. 

  

					
	L/C DRAFT LANGUAGE APPROVED FOR ISSUANCE BY:	 	  
	 	
		 	(Authorized Signature)	 	

					
	DATE:	 	  
	 	

  
 PAGE 2 OF 3

 IRREVOCABLE STANDBY LETTER OF CREDIT NO. SVBSF
             
 DATE:
            , 2012 
  

 IF A DEMAND FOR PAYMENT MADE BY YOU HEREUNDER DOES NOT, IN ANY INSTANCE SUBSTANTIALLY CONFORM TO THE
TERMS AND CONDITIONS OF THIS LETTER OF CREDIT, WE SHALL GIVE YOU PROMPT NOTICE THEREOF STATING THE SPECIFIC REASONS THEREFOR AND THAT WE ARE HOLDING ANY DOCUMENTS AT YOUR DISPOSAL OR ARE RETURNING THEM TO YOU. UPON BEING NOTIFIED THAT THE PROPOSED
NEGOTIATION WAS NOT EFFECTED IN ACCORDANCE WITH THIS LETTER OF CREDIT YOU MAY CORRECT ANY SUCH NON-CONFORMING DEMAND FOR PAYMENT BY PRESENTING A CONFORMING DEMAND FOR PAYMENT TO US UNDER THE TERMS AND CONDITIONS OF THIS LETTER OF CREDIT ON OR BEFORE
TIE EXPIRATION OF THIS LETTER OF CREDIT. 
 WE HEREBY AGREE WITH THE DRAWERS, ENDORSERS AND BONAFIDE HOLDERS THAT THE DRAFTS DRAWN UNDER AND DM
ACCORDANCE WITH THE TERMS AND CONDITIONS OF THIS LETTER OF CREDIT SHALL BE DULY HONORED UPON PRESENTATION TO THE DRAWEE, IF NEGOTIATED ON OR BEFORE THE EXPIRATION DATE OF THIS CREDIT 
 ALL COMMUNICATIONS WITH RESPECT TO THIS LETTER OF CREDIT SHALL BE IN WRITING, ADDRESSED TO US ON A BUSINESS DAY AT OUR OFFICE (THE “BANK’S OFFICE”) AT: SILICON VALLEY BANK, 3003
TASMAN DRIVE, SANTA CLARA, CA 950S4, ATTENTION: STANDBY LETTER OF CREDIT NEGOTIATION SECTION BY OVERNIGHT COURIER SERVICE OR BY FACSIMILE TRANSMISSION AT: (408) 654-6211 OR (408) 496-2418, REFERENCING THIS LETTER OF CREDIT NO. SVBSF
        , ALL NOTICES TO THE BENEFICIARY SHALL BE SENT FIRST CLASS CERTIFIED MAIL POSTAGE PREPAID, RETURN RECEIPT REQUESTED OR BY RECOGNIZED OVERNIGHT COURIER SERVICES WITH RECEIPTED DELIVERY TO THE ADDRESS
SET FORTH ABOVE 
 IF ANY INSTRUCTIONS ACCOMPANYING A DRAWING UNDER THIS LETTER OF CREDIT REQUEST THAT PAYMENT IS TO BE MADE BY TRANSFER TO YOUR
ACCOUNT WITH ANOTHER BANK. WE WILL ONLY EFFECT SUCH PAYMENT BY FED WIRE TO A U.S. REGULATED BANK, AND WE AND/OR SUCH OTHER BANK MAY RELY ON AN ACCOUNT NUMBER SPECIFIED IN SUCH INSTRUCTIONS EVEN IF THE NUMBER IDENTIFIES A PERSON OR ENTITY DIFFERENT
FROM THE INTENDED PAYEE. 
 THIS LETTER OF CREDIT IS SUBJECT TO THE INTERNATIONAL STANDBY PRACTICES ISP98, INTERNATIONAL CHAMBER OF COMMERCE,
PUBLICATION NO. 590 (“ISP98”), AND AS TO MATTERS NOT ADDRESSED BY THE ISP98, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA AND APPLICABLE U.S. FEDERAL LAW. 

 

					
	SILICON VALLEY BANK	 		 	
	 [BANK USE]
	 		 	 [BANK USE]

	AUTHORIZED SIGNATURE	 		 	AUTHORIZED SIGNATURE

  

					
	L/C DRAFT LANGUAGE APPROVED FOR ISSUANCE BY:	 	  
	 	
		 	(Authorized Signature)	 	

					
	DATE:	 	  
	 	

  
 PAGE 3 OF 3

 EXHIBIT “A” 

 

	
	DATE:                    
	  
 AT SIGHT OF THIS DRAFT

	  
 PAY TO THE ORDER OF
                                        
US$        

  

			
	USDOLLARS	  	  

	  

 

	
	 DRAWN UNDER SILICON VALLEY BANK, SANTA CLARA, CALIFORNIA, STANDBY
 LETTER OF CREDIT NUMBER NO.                      DATED
                    

 

							
	TO:	 	SILICON VALLEY BANK	 		 	
		 	3003 TASMAN DRIVE	 		 	  

		 	SANTA CLARA, CA 95054	 		 	(BENEFICIARY’S NAME)
				
		 		 		 	  

		 		 		 	Authorized Signature

 GUIDELINES TO PREPARE THE DRAFT 

 

	1.	DATE: ISSUANCE DATE OF DRAFT 

  

	2.	PAY TO THE ORDER OF: NAME OF BENEFICIARY AS INDICATED IN THE L/C (MAKE SURE BENEFICIARY ENDORSES IT ON THE REVERSE SIDE). 

 

	3.	US$: AMOUNT OF DRAWING IN FIGURES. 

  

	4.	USDOLLARS: AMOUNT OF DRAWING IN WORDS. 

  

	5.	LETTER OF CREDIT NUMBER: SILICON VALLEY BANK’S STANDBY L/C NUMBER THAT PERTAINS TO THE DRAWING. 

 

	6.	DATED ISSUANCE DATE OF THE STANDBY L/C. 

  

	7.	BENEFICIARY’S NAME: NAME OF BENEFICIARY AS INDICATED IN THE L/C 

  

	8.	AUTHORIZED SIGNATURE: SIGNED BY AN AUTHORIZED SIGNER OF BENEFICIARY 

 IF YOU NEED FURTHER ASSISTANCE IN COMPLETING THIS DRAFT, PLEASE CALL OUR L/C PAYMENT SECTION AT 408-654-6274 OR 408-654-7716 OR 408-654-5545 OR 408-654-7127 OR 408-654-3035. 

  

					
	L/C DRAFT LANGUAGE APPROVED FOR ISSUANCE BY:	 	  
	 	
		 	(Authorized Signature)	 	

					
	DATE:	 	  
	 	

 EXHIBIT “B 
 DATE: 
  

											
	TO:	 	SILICON VALLEY BANK	 		 		 	
		 	3003 TASMAN DRIVE	 		 	RE:	 	IRREVOCABLE STANDBY LETTER OF CREDIT
		 	SANTA CLARA, CA 95054	 		 		 	NO
                                        ISSUED
BY
		 	ATTN:	 	INTERNATIONAL DIVISION	 		 		 	SILICON VALLEY BANK, SANTA CLARA
		 		 	STANDBY LETTERS OF CREDIT	 		 		 	L/C AMOUNT:

 GENTLEMEN: 

FOR VALUE RECEIVED, THE UNDERSIGNED BENEFICIARY HEREBY IRREVOCABLY TRANSFERS TO: 
 (NAME OF TRANSFEREE) 
 (ADDRESS) 
 ALL RIGHTS OF THE UNDERSIGNED BENEFICIARY TO DRAW UNDER THE ABOVE LETTER OF CREDIT UP TO ITS AVAILABLE AMOUNT AS SHOWN ABOVE AS OF THE DATE OF THIS TRANSFER 

BY THIS TRANSFER ALL RIGHTS OF THE UNDERSIGNED BENEFICIARY IN SUCH LETTER OF CREDIT ARE TRANSFERRED TO THE TRANSFEREE TRANSFEREE SHALL HAVE THE SOLE
RIGHTS AS BENEFICIARY THEREOF, INCLUDING SOLE RIGHTS RELATING TO ANY AMENDMENTS, WHETHER INCREASES OR EXTENSIONS OR OTHER AMENDMENTS, AND WHETHER NOW EXISTING OR HEREAFTER MADE, ALL AMENDMENTS ARE TO BE ADVISED DIRECT TO THE TRANSFEREE WITHOUT
NECESSITY OF ANY CONSENT OF OR NOTICE TO THE UNDERSIGNED BENEFICIARY. 
 THE ORIGINAL OF SUCH LETTER OF CREDIT IS RETURNED HEREWITH, AND WE ASK
YOU TO ENDORSE THE TRANSFER ON THE REVERSE THEREOF, AND FORWARD IT DIRECTLY TO THE TRANSFEREE WITH YOUR CUSTOMARY NOTICE OF TRANSFER. 
  

					
	SINCERELY,	 		 	SIGNATURE AUTHENTICATED
	  
	 		 	  
 The name(s), title(s), and signature(s) conform to
that/those on file with us for the company and the signatures) is/are authorized to execute this instrument.
  
 We further confirm that the company has been identified
 applying (be appropriate due diligence and
enhanced due diligence as required by BSA and all its subsequent amendments.
  

	(BENEFICIARY’S NAME)	 		 
	 	 		 
	(SIGNATURE OF BENEFICIARY)	 		 
	  
	 		 	  

	(NAME AND TITLE)	 		 	(Name of Bank )
		 		 	  

		 		 	(Address of Bank)
		 		 	  

		 		 	(City, State, ZIP Code)
		 		 	  

		 		 	(Authorized Name and Title)
		 		 	  

		 		 	(Authorized Signature)
		 		 	  

		 		 	(Telephone number)

  

					
	L/C DRAFT LANGUAGE APPROVED FOR ISSUANCE BY:	 	  
	 	
		 	(Authorized Signature)	 	

					
	DATE:	 	  
	 	

 FIRST AMENDMENT TO LEASE 

THIS FIRST AMENDMENT TO LEASE (the “Agreement”, dated as of March 20, 2013 by and between 292
MADISON AVENUE LEASEHOLD LLC, having an office c/o Herald Square Properties, 885 Third Avenue, 19th Floor, New York, New York 10022 (“Landlord”, and FITTYONE, INC., a Delaware corporation with an office at 292 Madison Avenue, New York, New York 10017 (‘Tenant”).

 W I T N E S S E T H: 

WHEREAS, Metropolitan 292 Madison Avenue Leasehold LLC, the predecessor-in-interest to Landlord and Tenant entered
into that certain Agreement of Lease dated as of February     , 2012 (which the parties agree is deemed to be dated February 1, 2012) (the “Lease”) for certain premises consisting of the entire rentable
portion of the fifth (5th) floor (the “Fifth
Floor Premises”) and the entire rentable portion of the seventeenth (17th) floor premises (the “Seventeenth Floor Premises”, the Fifth Floor Premises and the Seventeenth Floor Premises are hereinafter collectively referred to as the “Existing
Premises”) of the building located at 292 Madison Avenue, located in the City, County and State of New York (the “Building”), as more particularly described therein; 

WHEREAS, Landlord and Tenant desire to modify, amend and supplement the Lease by (i) adding to the Existing
Premises demised under the Lease certain additional space consisting of the entire rentable portion of the fourth
(4th) floor of the Building (the “Additional
Premises”), all as more particularly collectively identified as the “Additional Premises” on Schedule “A” attached hereto and (ii) excluding from the Existing Premises and the Lease the Seventeenth Floor
Premises from and after the Seventeenth Floor Premises Surrender Date (as hereinafter defined); 
 WHEREAS, from and after the
Seventeenth Floor Premises Surrender Date, the Existing Premises together with the Additional Premises and with the Seventeenth Floor Premises excluded therefrom, are hereinafter collectively referred to as the “Premises”: and

 WHEREAS, Landlord and Tenant desire to extend the term of the Lease and to modify, amend and supplement the Lease in other
respects as hereinafter provided. 
 NOW, THEREFORE, in consideration of the sum of Ten Dollars ($10.00) paid by Tenant to
Landlord and for other good and valuable consideration, the mutual receipt and legal sufficiency of which are hereby acknowledged, the parties hereby agree to modify, amend and supplement the Lease as follows: 

1. Definitions. Words and phrases used in this Agreement but not otherwise defined herein shall have the meanings ascribed thereto
in the Lease. 
 2. Demise of Additional Premises. 

(a) Landlord hereby leases to Tenant and Tenant hereby hires from Landlord the Additional Premises for the term commencing on the
Additional Premises Commencement Date (as hereinafter defined) and ending on the Expiration Date (as hereinafter defined). 

 
Commencing as of the Additional Premises Commencement Date, the premises demised under the Lease shall be comprised of the Existing Premises and the Additional Premises. Tenant shall use and
occupy the Additional Premises subject to and in accordance with the terms, covenants and conditions of the Lease, as amended hereby. 
 (b) The term “Additional Premises Commencement Date” means the earlier to occur of (A) the date when Tenant, any Employee of Tenant, or any Person holding by, through, or under Tenant,
first occupies the Additional Premises for the conduct of its business; or (B) the date when Landlord Substantially Completes the Landlord’s Work (as hereinafter defined) (other than any minor work which cannot be completed on such date
provided that the failure to complete such work will not substantially interfere with Tenant’s use of the Additional Premises for the conduct of its business); provided, however, that if Landlord shall be delayed in Substantial Completion of
the Landlord’s Work as a result of (1) Tenant’s failure to agree to plans and specifications before the date required under this Lease, if any, (2) Tenant’s request for materials, finishes or installations other than
Building standard materials and such work as set forth on Exhibit “B” attached hereto and by this reference incorporated herein as if fully set forth herein, (3) any Tenant changes in plans after the date of this Agreement, or
(4) the performance or completion of work by a Person employed by or on behalf of Tenant; then the Additional Premises Commencement Date and the payment of Fixed Rent (as hereinafter defined) hereunder shall be accelerated by the number of days
of such delay that actually result in a delay of the Additional Premises Commencement Date. The Landlord shall provide the Tenant with fifteen (15) days prior oral notice as to when Landlord reasonably anticipates that the Additional Premises
will be delivered to the Tenant and Landlord otherwise delivers the Additional Premises to Tenant in accordance with the terms of this Agreement. Landlord shall promptly complete any punchlist items with respect to Landlord’s Work after the
Additional Premises Commencement Date. 
 (c) The term “Expiration Date” shall mean the
last day of the third (3rd) calendar month after the
month in which the day immediately preceding the seventh
(7th) anniversary of the Additional Premises
Commencement Date shall occur. 
 (d) In the event the Landlord’s Work is not Substantially Complete on or before that date
which is six (6) months after the date of this Agreement or Landlord has not provided Tenant with at least fifteen (15) days notice as required hereunder as to the anticipated date of substantial completion of Landlord’s Work, or
Landlord has not tendered delivery of possession of the Additional Premises in the condition required under this Agreement, subject to force majeure events beyond the reasonable control of Landlord, then and in such event, (i) the
Abatement Period shall be extended one day for each day (such extension to be based upon actual days elapsed) after that date which is six (6) months after the date of this Agreement until such date as the Landlord’s Work is substantially
complete or such later date that is fifteen (15) days after notice of substantial completion of Landlord’s Work has been provided to Tenant, and Landlord has tendered delivery of possession of the Additional Premises, as applicable and
(ii) the reference to “June 1, 2017” in Section 5(b)(v) of this Agreement shall be extended one day for each day after the date which is six (6) months after the date of this Agreement until such date as the Landlord’s
Work is substantially complete. 

  
 2 

 (e) At Landlord or Tenant’s request, Landlord and Tenant shall execute a written
agreement confirming the Additional Premises Commencement Date and the Expiration Date. Tenant’s failure to agree in writing shall not invalidate the Additional Premises Commencement Date as reasonably determined by Owner. 

3. Extension of Term. Landlord and Tenant hereby agree to extend the term of the Lease with respect to the Existing Premises
(excluding the Seventeenth Floor Premises) so that the term of the Lease for the Existing Premises (excluding the Seventeenth Floor Premises) is co-terminus with the term of the Lease for the Additional Premises. Accordingly, the term of the Lease
for the Existing Premises (excluding the Seventeenth Floor Premises) is hereby extended through the Expiration Date. 
 4.
Surrender of Seventeenth Floor Premises. 
 (a) Tenant shall vacate and surrender the Seventeenth Floor Premises to
Landlord on or before that date which is not later than thirty (30) days after Landlord Substantially Completes the Landlord’s Work for the Additional Premises and has orally notified Tenant as required hereunder as to the anticipated date
of Substantial Completion of Landlord’s Work and delivered possession of the Additional Premises to Tenant in the condition required in this Agreement (the “Seventeenth Floor Premises Surrender Date”), time being of the essence
as to such date, in the condition required by the Lease, with all of Tenant’s furniture and personal property removed therefrom and the term of the Lease with respect to the Seventeenth Floor Premises only shall cease and expire on such date
that Tenant has vacated and surrendered the Seventeenth Floor Premises to Landlord. Landlord shall advise Tenant as to the projected Additional Premises Commencement Date not less than fifteen (15) days prior to the Additional Premises
Commencement Date. As of the Seventeenth Floor Premises Surrender Date, the Seventeenth Floor Premises shall be deemed excluded from the Existing Premises and the term the “Premises” as that term is used in the Lease and in this
Amendment shall not include the Seventeenth Floor Premises. Notwithstanding anything to the contrary set forth in the Lease, Tenant shall not be required to remove any cabling, wiring or communications equipment installed connecting the Seventeenth
Floor Premises with the Fifth Floor Premises. 
 (b) If Tenant shall fail to remove its personal property (which shall not
include the removal of the “white boards”) from the Seventeenth Floor Premises prior to the Seventeenth Floor Premises Surrender Date, subject to force majeure acts beyond Tenant’s reasonable control, then Landlord, without
being guilty of any trespass and without being held liable at law or in equity for such removal, may at its option remove and store Tenant’s personal property at the reasonable out-of-pocket cost and expense actually incurred by Landlord to
third parties of Tenant and Tenant hereby releases Landlord of and from any and all liability by reason thereof. In the event Tenant does not vacate and surrender the Seventeenth Floor Premises on or before the Seventeenth Floor Premises Surrender
Date, then Tenant shall be responsible to pay Landlord the amounts set forth in the Lease for Tenant’s failure to vacate the Premises at the expiration of the term of the Lease as applicable to the rent payable with respect to the Seventeenth
Floor Premises in addition to all amounts set forth in this Agreement with respect to the Premises as set forth in Section 5 of this Amendment. Amounts payable by Tenant as a result of Tenant’s failure to vacate and surrender the
Seventeenth Floor Premises on or before the Seventeenth Floor Premises Surrender Date shall be prorated for any period less than a full calendar month based upon actual days elapsed. 

  
 3 

 (c) Tenant shall be permitted to after hours use of the freight elevators in the Building
for up to fifteen (15) hours at no charge for its relocation from the Seventeenth Floor Premises to the Additional Premises. 
 5. Fixed Rent. 
 (a) From and after the date of this Agreement through and
including the day immediately preceding the Additional Premises Commencement Date, Tenant shall continue to pay all amounts as set forth in the Lease with respect to the Existing Premises. 

(b) From and after the Additional Premises Commencement Date Tenant shall pay fixed rent (herein, the “Fixed Rent”) for
the Additional Premises in the following amounts: 
 (i) Five Hundred Thousand Eighty-Five Dollars
($500,085.00) per annum payable in equal monthly installments in the amount of Forty-One Thousand Six Hundred Seventy-Three Dollars and Seventy-Five Cents ($41,673.75) for the period from the Additional Premises Commencement Date through and
including the day immediately preceding the first
(1st) anniversary of the Additional Premises
Commencement Date; 
 (ii) Five Hundred Eleven Thousand Three Hundred Thirty-Six Dollars and Ninety-One
Cents ($511,336.91) per annum payable in equal monthly installments in the amount of Forty-Two Thousand Six Hundred Eleven Dollars and Forty-One Cents ($42,611.41) for the period from the first (1st) anniversary of the Additional Premises Commencement Date
through and including the day immediately preceding the second (2nd) anniversary of the Additional Premises Commencement Date; 
 (iii) Five Hundred Twenty-Two Thousand Eight Hundred Forty-One Dollars and Ninety-Nine Cents ($522,841.99) per annum payable in equal monthly installments in the amount of Forty-Three Thousand Five
Hundred Seventy Dollars and Seventeen Cents ($43,570.17) for the period from the second (2nd) anniversary of the Additional Premises Commencement Date through and including the day immediately preceding the third (3rd) anniversary of the Additional Premises Commencement Date; 

(iv) Five Hundred Thirty-Four Thousand Six Hundred Five Dollars and Ninety-Four Cents ($534,605.94) per annum
payable in equal monthly installments in the amount of Forty-Four Thousand Five Hundred Fifty Dollars and Fifty Cents ($44,550.50) for the period from the third (3rd) anniversary of the Additional Premises Commencement Date through and including May 31, 2017; 

(v) Six Hundred Two Thousand One Hundred Ninety-Nine Dollars and Fifty-Seven Cents ($602,199.57) per annum payable in equal monthly
installments in the amount of Fifty Thousand One Hundred Eighty-Three Dollars and Thirty-One Cents ($50,183.31) for the period from June 1, 2017 through and including May 31, 2018; 

  
 4 

 (vi) Six Hundred Fifteen Thousand Seven Hundred Forty-Nine Dollars and Six Cents
($615,749.06) per annum payable in equal monthly installments in the amount of Fifty-One Thousand Three Hundred Twelve Dollars and Forty-Two Cents ($51,312.42) for the period from June 1, 2018 through and including May 31, 2019;

 (vii) Six Hundred Twenty-Nine Thousand Six Hundred Three Dollars and Forty-One Cents ($629,603.41) per annum payable in
equal monthly installments in the amount of Fifty-Two Thousand Four Hundred Sixty-Six Dollars and Ninety-Five Cents ($52,466.95) for the period from June 1, 2019 through and including May 31, 2020; 

(viii) Six Hundred Forty-Three Thousand Seven Hundred Sixty-Nine Dollars and Forty-Nine Cents ($643,769.49) per annum payable in equal
monthly installments in the amount of Fifty-Three Thousand Six Hundred Forty-Seven Dollars and Forty-Five Cents ($53,647.45) for the period from June 1, 2020 through and including the expiration of the term of the Lease. 

(ix) Notwithstanding anything contained herein to the contrary, provided Tenant shall not be in monetary default which remains uncured
beyond applicable grace and cure periods, of its obligations under this Lease, Tenant shall be entitled to an abatement in the amount of Forty-One Thousand Six Hundred Seventy-Three Dollars and Seventy-Five Cents ($41,673.75) per month for a period
of three (3) months (the “Abatement Period”) commencing on the Additional Premises Commencement Date. Tenant shall remain liable for all items of additional rent payable under this Lease during the Abatement Period, including,
without limitation, amounts payable by Tenant under Article 39 of this Lease with respect to electricity; provided, however, that amounts payable pursuant to Article 37 of the Lease shall not be payable with respect to the Additional Premises during
the Abatement Period. 
 (c) From and after the Seventeenth Floor Surrender Date through and including July 31, 2017,
Tenant shall pay fixed rent (herein, the “Fixed Rent”) for the Existing Premises in the following amounts: 

(i) Four Hundred Seventy-Seven Thousand Two Hundred Forty-Seven Dollars and Seventy-Eight Cents ($477,247.78) per annum payable in equal
monthly installments in the amount of Thirty-Nine Thousand Seven Hundred Seventy Dollars and Sixty-Five Cents ($39,770.65) for the period from the Seventeenth Floor Surrender Date through and including April 30, 2014; 

(ii) Four Hundred Eighty-Seven Thousand Nine Hundred Eighty-Five Dollars and Eighty-Six Cents ($487,985.86) per annum payable in equal
monthly installments in the amount of Forty Thousand Six Hundred Sixty-Five Dollars and Forty-Nine Cents ($40,665.49) for the period from May 1, 2014 through and including April 30, 2015; 

(iii) Four Hundred Ninety-Eight Thousand Nine Hundred Sixty-Five Dollars and Fifty-Four Cents ($498,965.54) per annum payable in equal
monthly installments in the amount of Forty-One Thousand Five Hundred Eighty Dollars and Forty-Six Cents ($41,580.46) for the period from May 1, 2015 through and including April 30, 2016; 

  
 5 

 (iv) Five Hundred Ten Thousand One Hundred Ninety-Two Dollars and Twenty-Six Cents
($510,192.26) per annum payable in equal monthly installments in the amount of Forty-Two Thousand Five Hundred Sixteen Dollars and Two Cents ($42,516.02) for the period from May 1, 2016 through and including April 30, 2017; and 

(v) Five Hundred Twenty-One Thousand Six Hundred Seventy-One Dollars and Fifty-Nine Cents ($521,671.59) per annum payable in equal
monthly installments in the amount of Forty-Three Thousand Four Hundred Seventy-Two Dollars and Sixty-Three Cents ($43,472.63) for the period from May 1, 2017 through and including July 31, 2017. 

(d) From and after August 1, 2017, Tenant shall pay fixed rent (herein, the “Fixed Rent”) for the Existing Premises
in the following amounts: 
 (i) Six Hundred Two Thousand One Hundred Ninety-Nine Dollars and Fifty-Seven Cents ($602,199.57)
per annum payable in equal monthly installments in the amount of Fifty Thousand One Hundred Eighty-Three Dollars and Thirty-One Cents ($50,183.31) for the period from August 1, 2017 through and including May 31, 2018; 

(ii) Six Hundred Fifteen Thousand Seven Hundred Forty-Nine Dollars and Six Cents ($615,749.06) per annum payable in equal monthly
installments in the amount of Fifty-One Thousand Three Hundred Twelve Dollars and Forty-Two Cents ($51,312.42) for the period from June 1, 2018 through and including May 31, 2019; 

(iii) Six Hundred Twenty-Nine Thousand Six Hundred Three Dollars and Forty-One Cents ($629,603.41) per annum payable in equal monthly
installments in the amount of Fifty-Two Thousand Four Hundred Sixty-Six Dollars and Ninety-Five Cents ($52,466.95) for the period from June 1, 2019 through and including May 31, 2020; 

(iv) Six Hundred Forty-Three Thousand Seven Hundred Sixty-Nine Dollars and Forty-Nine Cents ($643,769.49) per annum payable in equal
monthly installments in the amount of Fifty-Three Thousand Six Hundred Forty-Seven Dollars and Forty-Five Cents ($53,647.45) for the period from June 1, 2020 through and including the expiration of the term of the Lease. 

6. Electricity. Throughout the term of the Lease as extended by the terms of this Agreement, Landlord shall furnish electricity to
the Additional Premises in accordance with and subject to the provisions of Article 39 of the Lease. Landlord hereby advises Tenant that there is a submeter installed to measure the electrical consumption in the Additional Premises. 

7. Escalation Additional Rent. 
 (a) (i) For the period commencing on the date of this Agreement through and including the day Tenant actually surrenders and vacates the Seventeenth Floor Premises in accordance with the terms of this
Agreement, the Tenant shall continue to pay all items of escalation additional rent in accordance with the Lease (including, without limitation, Article 37 of the Lease) with respect to the Existing Premises. 

  
 6 

 (ii) For the period commencing on the date actually surrenders and vacates the Seventeenth
Floor Premises in accordance with the terms of this Agreement, the Tenant shall continue to pay all items of escalation additional rent in accordance with the Lease (including, without limitation, Article 37 of the Lease) with respect to the
Existing Premises, except that the term “Tenant’s Proportionate Share” shall mean 5.53%. 
 (iii) For the
period commencing on August 1, 2017, the Tenant shall continue to pay all items of escalation additional rent in accordance with the Lease (including, without limitation, Article 37 of the Lease) with respect to the Existing Premises, except
that the term “Base Tax Year” shall mean the Real Estate Taxes payable for the period commencing on January 1, 2013 and ending on December 31, 2013. 
 (b) From and after the Additional Premises Commencement Date and with respect to the Additional Premises only and throughout the balance of the term of the Lease, the provisions of Article 37 of the Lease
shall apply to the Additional Premises, with the following modifications: 
 (i) The term “Base Year” as
defined in Article 37 of the Lease shall mean the period commencing on January 1, 2013 and ending on December 31, 2013, and 
 (ii) The term “Tenant’s Proportionate Share” as defined in Section 37(a) of the Lease shall mean 5.53%. 
 (c) Tenant hereby agrees to pay Tenant’s Tax Payment with respect to the Existing Premises and the Additional Premises in accordance with the terms and conditions of the Lease as modified by the
terms of this Agreement. 
 8. Condition of Premises; Landlord’s Work. 

(a) Tenant is currently in possession of the Existing Premises and acknowledges that it is fully familiar with the condition of the
Existing Premises and accepts it in its current “as-is” condition. Landlord shall have no obligation whatsoever to alter, renovate, improve, decorate or otherwise prepare the Existing Premises for Tenant’s continued occupancy. Tenant
hereby confirms that to Tenant’s knowledge, Landlord has completed all of its obligations under the Lease through and including the date of this Agreement, with respect to the Landlord’s Work and the Landlord’s Additional Work, as
both terms are set forth in Section 3(g) of the Lease. 
 (b) Tenant has inspected the Additional Premises and agrees to
accept it in its current “as-is” condition, broom clean, subject to the performance of the Landlord’s Work. Landlord shall have no obligation whatsoever to alter, renovate, improve, decorate or otherwise prepare the Additional
Premises for Tenant’s occupancy other than the performance of the Landlord’s Work. 
 (c) (i) For the purposes of this
Agreement, the term “Landlord’s Work” shall mean that Landlord, at Landlord’s cost and expense, shall provide a new Building installation in the Additional Premises as set forth on Exhibit “B” attached hereto and
by this reference made a part hereof. Landlord shall be responsible for all costs and expenses relating to 

  
 7 

 
Landlord’s Work, including, without limitation, the cost of materials and construction thereof and of the preparation of the architectural plans and specifications for the Additional
Premises, including, without limitation, construction working drawings, all permit and filing fees in connection with such work Landlord shall perform Landlord’s Work and Landlord’s Additional Work (as hereinafter defined) in accordance
with all applicable laws and deliver the Additional Premises in accordance with all applicable laws. As part of Landlord’s Work, (A) the pantry in the Additional Premises shall have hot water and (B) the glass used as part of the
Landlord’s Work shall be tempered. 
 (ii) In addition to the Landlord’s Work, Tenant has requested that Landlord
perform certain additional work (herein, the “Landlord’s Additional Work”), which work (i) shall be performed at the sole cost and expense of Tenant and (ii) shall not be a condition precedent to the occurrence of the
Additional Premises Commencement Date. Attached hereto as Exhibit “C” is a schedule of certain additional work which Tenant may elect to have performed by Landlord. Landlord shall obtain bids for the Landlord’s Additional Work and
shall advise Tenant of such amounts. Tenant shall have a period of seven (7) days to accept or reject such work. If Tenant does not notify Landlord in writing within seven (7) days after receipt of notice from Landlord, then Landlord shall
have no obligation to perform any portion of Landlord’s Additional Work. Tenant shall be permitted to review the bids with respect to the Landlord’s Additional Work, but Landlord is hereby authorized to select the contractor and/or
subcontractor for the Landlord’s Additional Work. 
 (d) References to Landlord’s Work and the Commencement Date in
Article 66 of the Lease shall apply to the Landlord’s Work with respect to the Additional Premises and as so applied the Commencement Date set forth therein shall mean the Additional Premises Commencement Date. 

9. Security Deposit. The Security Deposit delivered by Tenant pursuant to the Lease shall also secure Tenant’s obligations as
set forth in this Agreement regarding the Existing Premises and the Additional Premises. 
 10. Lease Modifications. From
and after the date of this Agreement: 
 (a) The provisions of Section 1(h) of the Lease regarding the
Right of First Offer is hereby modified and amended so that the “Offer Space” shall be the entire rentable portion of the eighth (8th) floor of the Building. 
 (b) Section 11(f)(i) of the Lease is hereby modified to provide as follows: “There shall not be more than two (2) subtenants in the Fifth Floor Premises and there shall not be more than two
(2) subtenants in the Additional Premises at an one time during the term hereof (excluding any occupants permitted without Landlord’s consent as provided in this Article 11).” 

(c) Subject to applicable laws, Tenant shall be permitted to use the fire stairs for access only between the floors
comprising the Premises. Tenant hereby agrees that it and its employees, invitees and agents shall not assemble or loiter in the fire stairs. Landlord shall paint the stairwell between the fourth (4th) and fifth (5th) floors of the Building at Landlord’s cost and expense
prior to the Additional Premises Commencement Date. 

  
 8 

 (d) Notwithstanding anything to the contrary set forth in the Lease, (i) Tenant shall
not be required to remove the following items from the Fifth Floor Premises at the expiration or sooner termination of the Lease: supplemental air conditioning system, whiteboards, insulation in the IT room and the IT room door replacement and
(ii) Tenant shall not be required to remove any improvement set forth on Exhibit “B” or Exhibit “C” from the Additional Premises at the expiration or sooner termination of the Lease 

(e) Landlord shall cause any hazardous materials in the Additional Premises to be remediated and/or abated so that the Additional
Premises complies with all applicable laws. 
 11. Broker. Tenant represents and warrants that it has not dealt with any
broker in connection with this Agreement other than Cassidy Turley Commercial Real Estate Services and Newmark Knight Frank, Inc. (collectively, the “Broker”). Landlord and Tenant do hereby indemnify and agree to hold the other
party harmless from and against any and all liability, loss, claim, damage, cost or expense (including, without limitation, reasonable attorneys’ fees and disbursements) arising out of or in connection with claims for commission made by any
other broker, finder or like agent who claims to be entitled to a commission or to have dealt with such party in connection with the execution and delivery of this Agreement (other than the Broker). Landlord represents and warrants to Tenant that
Landlord has not dealt with any broker in connection with this Agreement (other than the Broker). Landlord shall pay the Broker any commission payable in connection with this Agreement pursuant to separate agreement. This provision shall survive the
expiration or sooner termination of the Lease. 
 12. Continuing Obligation. As of the date of this Agreement, Tenant has
no claim for any set-off or abatement of Fixed Rent or additional rent under the Lease. Tenant hereby agrees and acknowledges that Tenant shall continue to be responsible for all Fixed Rent, Additional Rent, costs, fees, charges and expenses
incurred by Tenant pursuant to the Lease as amended by this Agreement for the Existing Premises for all periods prior to the Additional Premises Commencement Date and such obligations and liabilities shall survive the execution of this Agreement and
the Additional Premises Commencement Date. 
 13. OFAC Certification. Tenant hereby certifies that: (i) it is not
acting, directly or indirectly, for or on behalf of any person, group, entity, or nation named by any Executive Order or the United States Treasury Department as a terrorist, a Specially Designated National and Blocked Person, or other banned or
blocked person, entity, nation, or transaction pursuant to any law, order, rule, or regulation that is enforced or administered by the Office of Foreign Assets Control; and (ii) it is not engaged in this transaction, directly or indirectly on
behalf of, or instigating or facilitating this transaction, directly or indirectly on behalf of, any such person, group, entity, or nation. 
 14. Full Force and Effect. Except as expressly modified, amended and supplemented by this Agreement, all of the terms, covenants and conditions of the Lease shall remain in full force and effect.

 15. No Modifications. This Agreement may not be changed orally but only by written agreement signed by both parties.

  
 9 

 16. Captions. The captions and headings are inserted only as a matter of convenience
and for reference and in no way define, limit or describe the scope of this Agreement nor the intent of any provision thereof. 

17. Submission of Offer. The submission of this Agreement to Tenant shall not be construed as an offer or a binding agreement, nor
shall the Tenant have any rights with respect thereto, unless and until Landlord shall execute a copy of this Agreement and deliver same to Tenant. 
 18. Counterparts: Electronic Signatures. This Agreement may be executed via facsimile or by portable document format (“pdf”) and in any number of counterparts, each of which shall
be deemed an original, but all of which, when taken together shall constitute one and the same instrument. Any signature page to any counterpart may be detached from such counterpart without impairing the legal affect of the signatures thereon and
thereafter attached to another counterpart identical thereto except having attached it to additional signature pages. 
 [The
remainder of this page is intentionally left blank.] 

  
 10 

 19. Subordination, Non-Disturbance and Attornment Agreement. Landlord shall use
reasonable commercial efforts to obtain a subordination non-disturbance and attornment agreement covering the Lease, as amended by this Agreement with respect to the ground lease affecting the Building substantially in the form of the subordination,
non-disturbance and attornment agreement attached as Exhibit D to the Lease. 
 IN WITNESS WHEREOF, this Agreement has been duly
executed by the parties hereto as of the day and year first written above. 
  

			
	Landlord:
	
	292 MADISON AVENUE LEASEHOLD LLC
		
	By:	 	 /s/ William F. Payne

	Name:	 	William F. Payne
	Title:	 	VP
		
	Tenant:	 	
	
	FIFTYONE, INC.
		
	By:	 	 /s/ Edwin Neumann

	Name:	 	Edwin Neumann
	Title:	 	CFO

  
 11 

 Schedule “A” 
 Additional Premises 
  
 

 

 Exhibit “B” 
 Landlord’s Work 
 HERALD SQUARE PROPERTIES 

292 MADISON 

SCOPE OF WORK BY LANDLORD 
  

	1.	Partitions 

  

	 	1.1.	Typical interior partitions to be 2-1/2” studs, 5/8” gypsum board, taped, spackled and painted. Gypsum board to 6” above finished ceiling.

  

	 	1.2.	Sound insulated partitions, slab to slab, for conference room and corner office. 

 

	2.	Doors and Hardware 

  

	 	2.1.	Office doors: see Office Front section. 

  

	 	2.2.	Conference room doors: see Office Front section. 

  

	 	2.3.	Main entry door to be double 3-0 x 9-0 building standard glass doors with stub ups to accommodate tenant installed security system. 

 

	 	2.4.	All hardware to be cylindrical lever handle, Satin chrome finish (626). 

  

	 	2.5.	Passage latch set for interior doors and office lock set for all perimeter/interior offices. 

 

	 	2.6.	Storeroom lockset for IT and storage/storage closet door. 

  

	 	2.7.	All doors to get top and bottom mortise hinges with surface mounted doorstop or dome stop. 

 

	 	2.8.	Closet 7 utility room doors to be 3-0 x 8-0 hollow metal door and frame. 

  

	3.	Ceilings 

  

	 	3.1.	Conference rooms to get exposed ceiling with centered suspended Armstrong 4x4 acoustical ceiling system. 

 

	 	3.2.	All the rest of the space except the pantry and copy room to be exposed slab and exposed beams, skim coated or laminated, all slab mounted pipes, sprinkler lines etc.
exposed and painted. 

  

	 	3.3.	Ceiling to be installed as per code, equally spaced/ centered in each office and/or open spaces. 

 

	 	3.4.	Pantry and ancillary areas to be 2’x2’ Armstrong Ultima tegular series suspended acoustical tile. 

 

	4.	Electrical 

  

	 	4.1.	All lighting designs shall comply with New York State Energy Code. 

  

	 	4.2.	All Emergency and exit lights to be provided with NYC approved battery ballast. 

 

	 	4.3.	All lighting in private offices to be pendant hung Axis CU-VL-8-T5HO-1-W-120-ERS-1CA-C. 

 

	 	4.4.	All lighting in conference rooms to be building standard fully recessed linear fluorescent light fixture as manufactured by Axis Lighting BMR-F-FL-4-T8-1 or pendant
hung Axis CU-VL-8-T5HO-1-W-120-ERS-1CA-C. 

  

	 	4.5.	All office lighting to be controlled by building standard “Lutron” occupancy sensor with manual override. 

 HERALD SQUARE PROPERTIES 

392 MADISON 

SCOPE OF WORK BY LANDLORD 
  

	 	4.6.	Open area lighting to be controlled by building standard “Lutron” ceiling mounted occupancy sensor with manual override. 

 

	 	4.7.	All service area to be controlled by building standard “Lutron” ceiling mounted occupancy sensor with manual override. 

 

	 	4.8.	One (1) quad, one (1) tel/data stub-up and one (1) duplex per perimeter/interior office. 

 

	 	4.9.	One (1) quad and one (1) tel/data stub-up per Workstation, when at wall or junction box (“pig-tail”) when ganged together. Electrification of
workstations by tenant. 

  

	 	4.10.	One (1) quad dedicated one (1) quad dedicated outlet and one (1) tel/data stub-up in IT closet/room. 

 

	 	4.11.	One (1) duplex dedicated one (1) duplex and two (2) tel/data stub-ups in Copy room. 

 

	 	4.12.	One (1) duplex per appliance and two (2) convenience GFCI electrical outlet above countertop in Pantry. 

 

	 	4.13.	Provide cleaning convenience receptacles where required. 

  

	 	4.14.	Tel / Data outlet with 3/4” diameter conduit stub-up with drag wire, to be provided. 

 

	5.	Flooring & Base 

  

	 	5.1.	All gypsum board partitions to receive continuous 4” high Johnsonite millwork reveal rubber base. 

 

	 	5.2.	Pantry, storage rooms, open areas, copy and IT rooms will be existing concrete to remain; Concrete floors to be shot blasted and polished. 

 

	 	5.3.	Conference room and private offices building standard broadloom carpet style in tenant selected color. Carpet to be direct glue down installation.

  

	6.	Wall Finishes 

  

	 	6.1.	All walls & columns to have two coats of Benjamin Moore 2125-50 paint over primer. 

 

	 	6.2.	All hollow metals to be tenant specified Benjamin Moore latex semi-gloss finish over primer. 

 

	 	6.3.	All radiators to be painted in tenant specified semi-gloss finish in color noted above. 

 

	 	6.4.	Elevator Lobby to be Carnegie Strie wallcovering #6423-101. 

  

	7.	Architectural Woodwork 

  

	 	7.1.	Chrome hang rod and birch veneer hat shelf at coat closet. 

  

	 	7.2.	Plastic laminate counter base and overhead cabinets in copy room. 

  

	 	7.3.	Plastic laminate upper and base cabinet at pantry. 

  

	 	7.4.	Caserstone solid surface countertop with full height backsplash in pantry and 4” backsplash at copy areas. 

 HERALD SQUARE PROPERTIES 

392 MADISON 

SCOPE OF WORK BY LANDLORD 
  

	8.	HVAC 

  

	 	8.1.	Base Building A/C units with standard low pressure duct distribution system. 

 

	 	8.2.	A/C control - building standard 

  

	 	8.3.	Air balancing by building approved balancing contractor. 

  

	9.	Fire Alarm/Sprinkler 

  

	 	9.1.	Exit light as/required by code. 

  

	 	9.2.	Strobe/speaker combination devices as required by code. 

  

	 	9.3.	Pull stations, fire warden station, elevator called button to be at ADA required height as required by code. 

 

	 	9.4.	Sprinkler coverage as required by code. 

  

	10.	Plumbing 

  

	 	10.1.	Pantry stainless steel under mount sink with building standard faucet. 

  

	11.	Office Fronts 

  

	 	11.1.	Office front to be Dorma Pure Enclose system with low profile anodized metal frame finish with butt joints. Doors to be 1/2” x 3’-0” x 9’0”
tempered, glass doors on top and bottom offset pivots and patches fit lock sets. 

  

	 	11.2.	Glass to be 1 /2” clear glass. 

  

	 	11.3.	Doors to be %” full height Dorma pivot glass door with manufacturer supplied hardware with Schlage keyway 

 

	12.	Miscellaneous 

  

	 	12.1.	New building standard radiator enclosures. 

  

	 	12.2.	Window treatments to be Phifer Sheerweave 2390 solar shade with 10% openness. 

 

	 	12.3.	Pantry appliances to be: Subzero full height building standard refrigerator, Miele under counter dishwasher and Miele built-in microwave. 

 

	 	12.4.	Stairwell doors to have egress hardware and closer as required by code. 

  

	13.	Bathrooms 

  

	 	13.1.	Existing bathrooms to be Upgraded as per building standard design. 

  
 

 

 Exhibit “C” 
 Landlord’s Additional Work 
 HERALD SQUARE PROPERTIES

 392 MADISON 
 SCOPE OF WORK BY LANDLORD 
  

	14.	Alternatives above building standard scope 

  

	14.1.	Electrical Items: 

  

	 	•	 	 Provide electrical feed to all work station clusters and to the table tops in the conference rooms (3x). Include core drills or trenching as required.

  

	 	•	 	 All conference rooms should have data available on 3 - 4 walls of the room (where there is sheet rock) located next to power outlets.

  

	 	•	 	 Large(er) Conference rooms (1x6 seat & Executive Conference Room) Requires cables to be run to under the conference room table, via conduit
under the floor or through a channel in the slab. The conduit size should be 1.5”. The cables will terminate in the table. Location TBD once furniture is chosen. 

 

	 	•	 	 5 x data, 1 x power - Cables to run from behind wall mounted TV to conference room table 

 

	 	•	 	 5 x data, 1 x power - Data and power location behind TV on wall location TBD 

 

	 	•	 	 Small 4 seat conference rooms (these rooms will not have a TV) Require cables to be run to under the conference room table. The cables will terminate
in the table. Location TBD once furniture is chosen. 

 4 x data, 1 x power 

 

	14.2.	Fire Alarm: 

  

	 	•	 	 All FA devices to be white. 

  

	14.3.	Convector Covets: 

  

	 	•	 	 New building standard radiator enclosures to be factory painted prior to installation. 

 

	14.4.	Server Room: 

  

	 	•	 	 Server Room will require the floor to drilled and a 2” conduit placed between the floors connecting the existing server room on the 5th floor.

  

	 	•	 	 220V circuits will need to be provided at the top of the racks, from the ceiling, final location TBD. 

 

	 	•	 	 Server room requires plywood sheet mounted on wall TBD. 

 

	 	•	 	 Server room should have data locations on all four walls. 

 

	14.5	Projector: 

  

	 	•	 	 Hang a projector on the main floor from the ceiling facing a screen to be hung on the ceiling in front of the Executive Conference Room.

  

	 	•	 	 Requires power at the mounting location on the ceiling 

 

	 	•	 	 1 data location at the mounting location on the ceiling 

 

	 	•	 	 3 data cables run from the ceiling location to the front of the nearest column to the projector 

 

	 	•	 	 Power location next to the data on front of the nearest column to the projector 

	14.6	Supplemental HVAC 

  

	 	•	 	 Installation of (2) 3.5 ton supplemental HVAC units and all infrastructure required for new installationsEX-10.5

 Exhibit 10.5 
 AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT 
 THIS AMENDED AND
RESTATED LOAN AND SECURITY AGREEMENT (this “Agreement”) dated as of April 18, 2013 (the “Effective Date”) between SILICON VALLEY BANK, a California corporation with a loan production office located
at 505 Fifth Avenue, 11th Floor, New York, New York 10017 (“Bank”), and BORDERFREE, INC., f/k/a FIFTYONE, INC., a Delaware corporation (“Borrower”), provides the terms on which Bank shall lend to Borrower and
Borrower shall repay Bank. This Agreement amends and restates in its entirety that certain Loan and Security Agreement dated as of September 17, 2009, between Borrower and Bank, as amended by that certain First Loan Modification Agreement dated
as of October 27, 2009, between Borrower and Bank, as amended by that certain Second Loan Modification Agreement dated as of January 21, 2010, between Borrower and Bank, as amended by that certain Third Loan Modification Agreement dated as
of October 19, 2010, between Borrower and Bank, as amended by that certain Fourth Loan Modification Agreement dated as of December 8, 2010, between Borrower and Bank, as amended by that certain Fifth Loan Modification Agreement dated as of
May 25, 2011, between Borrower and Bank, as amended by that certain Sixth Loan Modification Agreement dated as of March 29, 2012, between Borrower and Bank, as amended by that certain Seventh Loan Modification Agreement dated as of
June 28, 2012, between Borrower and Bank, as amended by that certain Eighth Loan Modification Agreement dated as of July 30, 2012, between Borrower and Bank, as amended by that certain Ninth Loan Modification Agreement dated as of
November 23, 2012, between Borrower and Bank, and as further amended by that certain Tenth Loan Modification Agreement dated as of March 28, 2013, between Borrower and Bank (the “Prior Agreement”). The parties agree that
the Prior Agreement is hereby superseded and replaced in its entirety by this Agreement, and the parties hereto further agree as follows: 
  

	 	1.	ACCOUNTING AND OTHER TERMS 

 Accounting terms not defined in this Agreement shall be construed following GAAP. Calculations and determinations must be made following GAAP. Notwithstanding the foregoing, all financial covenant
calculations shall be computed with respect to Borrower only, and not on a consolidated basis. Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in Section 13. All other terms contained in this
Agreement, unless otherwise indicated, shall have the meaning provided by the Code to the extent such terms are defined therein. 
  

	 	2.	LOAN AND TERMS OF PAYMENT 

 2.1 Promise to Pay. Borrower hereby unconditionally promises to pay Bank the outstanding principal amount of all Credit Extensions and accrued and unpaid interest thereon as and when due in
accordance with this Agreement. 
 2.1.1 Revolving Advances. 

(a) Availability. Subject to the terms and conditions of this Agreement, Bank shall make Advances not exceeding the Availability
Amount. Amounts borrowed under the Revolving Line may be repaid and, prior to the Revolving Line Maturity Date, reborrowed, subject to the applicable terms and conditions precedent. 

 (b) Termination; Repayment. The Revolving Line terminates on the Revolving Line
Maturity Date, when the principal amount of all Advances, the unpaid interest thereon, and all other Obligations relating to the Revolving Line shall be immediately due and payable. 

2.2 Overadvances. If, at any time, the outstanding principal amount of any Advances exceeds the lesser of either (a) the
Revolving Line or (b) the aggregate of (i) the Borrowing Base, plus (ii) the Non-Formula Amount, Borrower shall immediately pay to Bank in cash the amount of such excess (such excess, the “Overadvance”). Without
limiting Borrower’s obligation to repay Bank any Overadvance, Borrower agrees to pay Bank interest on the outstanding amount of any Overadvance, on demand, at the Default Rate. 

2.3 Payment of Interest on the Credit Extensions. 
 (a) Interest Rate. Subject to Section 2.3(b), the principal amount of any and all Advances outstanding under (A) the Revolving Line and (B) the Non-Formula Amount, shall in each case
accrue interest at a floating per annum rate equal to one percent (1.0%) above the Prime Rate, which interest shall be payable monthly in accordance with Section 2.3(d) below in arrears. 

(b) Default Rate. Immediately upon the occurrence and during the continuance of an Event of Default, Obligations shall bear
interest at a rate per annum which is four percent (4.0%) above the rate that is otherwise applicable thereto (the “Default Rate”). Fees and expenses which are required to be paid by Borrow pursuant to the Loan Documents
(including, without limitation, Bank Expenses) but are not paid when due shall bear interest until paid at a rate equal to the highest rate applicable to the Obligations. Payment or acceptance of the increased interest rate provided in this
Section 2.3(b) is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of Bank. 

(c) Adjustment to Interest Rate. Changes to the interest rate of any Credit Extension based on changes to the Prime Rate shall be
effective on the effective date of any change to the Prime Rate and to the extent of any such change. 
 (d) Payment;
Interest Computation. Interest is payable monthly on the first calendar day of each month and shall be computed on the basis of a 360-day year for the actual number of days elapsed. In computing interest, (i) all payments received after
2:00 p.m. Eastern time on any day shall be deemed received at the opening of business on the next Business Day, and (ii) the date of the making of any Credit Extension shall be included and the date of payment shall be excluded; provided,
however, that if any Credit Extension is repaid on the same day on which it is made, such day shall be included in computing interest on such Credit Extension. 

  
 - 2 -

 2.4 Fees. Borrower shall pay to Bank: 

(a) Commitment Fee. A fully earned, non-refundable commitment fee of Sixty Thousand Dollars ($60,000.00), on the Effective
Date; 
 (b) Bank Expenses. All Bank Expenses incurred and invoiced to Borrower and/or Guarantor through and after the
Effective Date, when due (or, if no stated due date, upon demand by Bank); and 
 (c) Fees Fully Earned. Unless otherwise
provided in this Agreement or in a separate writing by Bank, Borrower shall not be entitled to any credit, rebate, or repayment of any fees earned by Bank pursuant to this Agreement notwithstanding any termination of this Agreement or the suspension
or termination of Bank’s obligation to make loans and advances hereunder. Bank may deduct amounts owing by Borrower under the clauses of this Section 2.4 pursuant to the terms of Section 2.5(c). Bank shall provide Borrower written
notice of deductions made from the Designated Deposit Account pursuant to the terms of the clauses of this Section 2.4. 

2.5 Payments; Application of Payments; Debit of Accounts. 

(a) All payments to be made by Borrower under any Loan Document shall be made in immediately available funds in Dollars, without setoff
or counterclaim, before 2:00 p.m. Eastern time on the date when due. Payments of principal and/or interest received after 2:00 p.m. Eastern time are considered received at the opening of business on the next Business Day. When a payment is due on a
day that is not a Business Day, the payment shall be due the next Business Day, and additional fees or interest, as applicable, shall continue to accrue until paid. 
 (b) Bank has the exclusive right to determine the order and manner in which all payments with respect to the Obligations may be applied. Borrower shall have no right to specify the order or the accounts
to which Bank shall allocate or apply any payments required to be made by Borrower to Bank or otherwise received by Bank under this Agreement when any such allocation or application is not specified elsewhere in this Agreement. 

(c) Bank may debit the Designated Deposit Account, for principal and interest payments or any other amounts Borrower owes Bank when due.
These debits shall not constitute a set-off. 
  

	 	3.	CONDITIONS OF LOANS 

3.1 Conditions Precedent to Initial Credit Extension. Bank’s obligation to make the initial Credit Extension is subject to the
condition precedent that Bank shall have received, in form and substance satisfactory to Bank, such documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate, including, without limitation: 

(a) duly executed original signatures to the Loan Documents dated prior to or as of the Effective Date; 

(b) duly executed original signatures to the Control Agreement(s); 

  
 - 3 -

 (c) the Operating Documents and long-form good standing certificates of Borrower certified
by the Secretary of State (or equivalent agency) of Borrower’s jurisdiction of organization or formation and each jurisdiction in which Borrower is qualified to conduct business, each as of a date no earlier than thirty (30) days prior to
the Effective Date; 
 (d) duly executed original signatures to the completed Borrowing Resolutions for Borrower; 

(e) certified copies, dated as of a recent date, of financing statement searches, as Bank may request, accompanied by written evidence
(including any UCC termination statements) that the Liens indicated in any such financing statements either constitute Permitted Liens or have been or, in connection with the initial Credit Extension, will be terminated or released; 

(f) the Perfection Certificates of Borrower and Guarantor, together with the duly executed original signatures thereto; 

(g) a landlord’s consent in favor of Bank for each of Borrower’s leased locations by the respective landlord thereof, together
with the duly executed original signatures thereto; 
 (h) a bailee’s waiver in favor of Bank for each location where
Borrower maintains property with a third party, by each such third party, together with the duly executed original signatures thereto; 
 (i) the duly executed original signatures to the Ratification of Guaranty, together with the duly executed original signatures to the completed Borrowing Resolutions for Guarantor; 

(j) the duly executed original signature to the Amendment to Fixed Charge Debenture; 

(k) evidence satisfactory to Bank that the insurance policies and endorsements required by Section 6.5 hereof are in full force and
effect, together with appropriate evidence showing lender loss payable and/or additional insured clauses or endorsements in favor of Bank; and 
 (l) payment of the fees and Bank Expenses then due as specified in Section 2.4 hereof. 
 3.2 Conditions Precedent to all Credit Extensions. Bank’s obligations to make each Credit Extension, including the initial Credit Extension, is subject to the following conditions precedent:

 (a) except as otherwise provided in Section 3.4, timely receipt of an executed Payment/Advance Form; 

  
 - 4 -

 (b) the representations and warranties in this Agreement shall be true, accurate, and
complete in all material respects on the date of the Payment/Advance Form and on the Funding Date of each Credit Extension; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already
are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date, and
no Event of Default shall have occurred and be continuing or result from the Credit Extension. Each Credit Extension is Borrower’s representation and warranty on that date that the representations and warranties in this Agreement are true,
accurate, and complete in all material respects as of the date thereof; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the
text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date; and 

(c) Bank determines to its reasonable satisfaction that there has not been any material impairment in the general affairs, results of
operation, financial condition or the prospect of repayment of the Obligations when due, or any material adverse deviation by Borrower from the most recent business plan of Borrower presented to and accepted by Bank. 

3.3 Covenant to Deliver. Borrower agrees to deliver to Bank each item required to be delivered to Bank under this Agreement as a
condition precedent to any Credit Extension. Borrower expressly agrees that a Credit Extension made prior to the receipt by Bank of any such item shall not constitute a waiver by Bank of Borrower’s obligation to deliver such item, and the
making of any Credit Extension in the absence of a required item shall be in Bank’s sole discretion. 
 3.4 Procedures
for Borrowing. Subject to the prior satisfaction of all other applicable conditions to the making of a Credit Extension set forth in this Agreement, to obtain a Credit Extension, Borrower shall notify Bank (which notice shall be irrevocable) by
electronic mail, facsimile, or telephone by 2:00 p.m. Eastern time on the proposed Funding Date of the Credit Extension. Together with any such electronic or facsimile notification, Borrower shall deliver to Bank by electronic mail or facsimile a
completed Payment/Advance Form executed by a Responsible Officer or his or her designee. Bank may rely on any telephone notice given by a person whom Bank reasonably believes is a Responsible Officer or designee. Bank shall credit the Credit
Extensions to the Designated Deposit Account. Bank may make Credit Extensions under this Agreement based on instructions from a Responsible Officer or his or her designee or without instructions if the Credit Extensions are necessary to meet
Obligations which have become due. 
  

	 	4.	CREATION OF SECURITY INTEREST 

 4.1 Grant of Security Interest. Borrower hereby grants Bank, to secure the payment and performance in full of all of the Obligations, a continuing security interest in, and pledges to Bank, the
Collateral, wherever located, whether now owned or hereafter acquired or arising, and all proceeds and products thereof. 

  
 - 5 -

 Borrower acknowledges that it previously has entered, and/or may in the future enter, into
Bank Services Agreements with Bank. Regardless of the terms of any Bank Services Agreement, Borrower agrees that any amounts Borrower owes Bank thereunder shall be deemed to be Obligations hereunder and that it is the intent of Borrower and Bank to
have all such Obligations secured by the first priority perfected security interest in the Collateral granted herein (subject only to Permitted Liens that are permitted pursuant to the terms of this Agreement to have superior priority to Bank’s
Lien in this Agreement). 
 If this Agreement is terminated, Bank’s Lien in the Collateral shall continue until the
Obligations (other than inchoate indemnity obligations) are repaid in full in cash. Upon payment in full in cash of the Obligations (ether than inchoate indemnity obligations) and at such time as Bank’s obligation to make Credit Extensions has
terminated, Bank shall, at the sole cost and expense of Borrower, release its Liens in the Collateral and all rights therein shall revert to Borrower. In the event (x) all Obligations (other than inchoate indemnity obligations), except for Bank
Services, are satisfied in full, and (y) this Agreement is terminated, Bank shall terminate the security interest granted herein upon Borrower providing cash collateral acceptable to Bank in its good faith business judgment for Bank Services,
if any. In the event such Bank Services consist of outstanding Letters of Credit, Borrower shall provide to Bank cash collateral in an amount equal to (x) if such Letters of Credit are denominated in Dollars, then at least one hundred five
percent (105.0%); and (y) if such Letters of Credit are denominated in a Foreign Currency, then at least one hundred ten percent (110.0%), of the Dollar Equivalent of the face amount of all such Letters of Credit plus all interest,
fees, and costs due or to become due in connection therewith (as estimated by Bank in its business judgment), to secure all of the Obligations relating to such Letters of Credit. 

4.2 Priority of Security Interest. Borrower represents, warrants, and covenants that the security interest granted herein is and
shall at all times continue to be a first priority perfected security interest in the Collateral (subject only to Permitted Liens that are permitted pursuant to the terms of this Agreement to have superior priority to Bank’s Lien under this
Agreement). If Borrower shall acquire a commercial tort claim, Borrower shall promptly notify Bank in a writing signed by Borrower of the general details thereof and grant to Bank in such writing a security interest therein and in the proceeds
thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to Bank. 

4.3 Authorization to File Financing Statements. Borrower hereby authorizes Bank to file financing statements, without notice to
Borrower, with all appropriate jurisdictions to perfect or protect Bank’s interest or rights hereunder, including a notice that any disposition of the Collateral, by either Borrower or any other Person, shall be deemed to violate the rights of
Bank under the Code. Such financing statements may indicate the Collateral as “all assets of the Debtor” or words of similar effect, or as being of an equal or lesser scope, or with greater detail, all in Bank’s discretion.

  
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	 	5.	REPRESENTATIONS AND WARRANTIES: 

 Borrower represents and warrants as follows: 
 5.1 Due Organization,
Authorization; Power and Authority. Borrower is duly existing and in good standing as a Registered Organization in its jurisdiction of formation and is qualified and licensed to do business and is in good standing in any jurisdiction in which
the conduct of its business or its ownership of property requires that it be qualified except where the failure to do so could not reasonably be expected to have a material adverse effect on Borrower’s business. In connection with this
Agreement, Borrower has delivered to completed certificates each signed by Borrower and Guarantor, respectively, entitled “Perfection Certificate”. Borrower represents and warrants to Bank that (a) Borrower’s exact legal name is
that indicated on the Perfection Certificate and on the signature page hereof; (b) Borrower is an organization of the type and is organized in the jurisdiction set forth in the Perfection Certificate; (c) the Perfection Certificate
accurately sets forth Borrower’s organizational identification number or accurately states that Borrower has none; (d) the Perfection Certificate accurately sets forth Borrower’s place of business, or, if more than one, its chief
executive office as well as Borrower’s mailing address (if different than its chief executive office); (e) Borrower (and each of its predecessors) has not, in the past five (5) years, changed its jurisdiction of formation,
organizational structure or type, or any organizational number assigned by its jurisdiction; and (f) all other information set forth on the Perfection Certificate pertaining to Borrower and each of its Subsidiaries is accurate and complete (it
being understood and agreed that Borrower may from time to time update certain information in the Perfection Certificate after the Effective Date to the extent permitted by one or more specific provisions in this Agreement). If Borrower is not now a
Registered Organization but later becomes one, Borrower shall promptly notify Bank of such occurrence and provide Bank with Borrower’s organizational identification number. 

The execution, delivery and performance by Borrower of the Loan Documents to which it is a party have been duly authorized, and do not
(i) conflict with any of Borrower’s organizational documents, (ii) contravene, conflict with, constitute a default under or violate any material Requirement of Law, (iii) contravene, conflict or violate any applicable order,
writ, judgment, injunction, decree, determination or award of any Governmental Authority by which Borrower or any of its Subsidiaries or any of their property or assets may be bound or affected, (iv) require any action by, filing, registration,
or qualification with, or Governmental Approval from, any Governmental Authority (except such Governmental Approvals which have already been obtained and are in full force and effect), or (v) conflict with, contravene, constitute a default or
breach under, or result in or permit the termination or acceleration of, any material agreement by which Borrower is bound. Borrower is not in default under any agreement to which it is a party or by which it is bound in which the default could
reasonably be expected to have a material adverse effect on Borrower’s business. 
 5.2 Collateral. Borrower has
good title to, rights in, and the power to transfer each item of the Collateral upon which it purports to grant a Lien hereunder, free and clear of any and all Liens except Permitted Liens. Borrower has no Collateral Accounts at or with any bank or
financial institution other than Bank or Bank’s Affiliates except for the Collateral Accounts described in the Perfection Certificate delivered to Bank in connection herewith and which Borrower has taken such actions as are necessary to give
Bank a perfected security interest therein, pursuant to the term of Section 6.6(b). The Accounts are bona fide, existing obligations of the Account Debtors. 

  
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 The Collateral is not in the possession of any third party bailee (such as a warehouse)
except as otherwise provided in the Perfection Certificate. Other than mobile Equipment in the possession of Borrower’s employees or agents, none of the components of the Collateral shall be maintained at locations other than as provided in the
Perfection Certificate or as permitted pursuant to Section 7.2. 
 All Inventory is in all material respects of good and
marketable quality, free from material defects. 
 Borrower is the sole owner of the Intellectual Property which it owns or
purports to own except for (a) nonexclusive licenses granted to its customers in the ordinary course of business, (b) over-the-counter software that is commercially available to the public, and (c) material Intellectual Property
licensed to Borrower and noted on the Perfection Certificate. Each Patent which it owns or purports to own and which is material to Borrower’s business is valid and enforceable, and no part of the Intellectual Property which Borrower owns or
purports to own and which is material to Borrower’s business has been judged invalid or unenforceable, in whole or in part. To Borrower’s knowledge, no claim has been made that any part of the Intellectual Property violates the rights of
any third party except to the extent such claim would not reasonably be expected to have a material adverse effect on Borrower’s business. 
 Except as noted on the Perfection Certificate, Borrower is not a party to, nor is it bound by, any Restricted License. 
 5.3 Accounts Receivable. 
 (a) For any Eligible Account in any
Borrowing Base Certificate, all statements made and all unpaid balances appearing in all invoices, instruments and other documents evidencing such Eligible Accounts are and shall be true and correct and all such invoices, instruments and other
documents, and all of Borrower’s Books are genuine and in all respects what they purport to bit Whether or not an Event of Default has occurred and is continuing, Bank may notify any Account Debtor owing Borrower money of Bank’s security
interest in such funds and verify the amount of such Eligible Account. 
 (b) All sales and other transactions underlying or
giving rise to each Eligible Account shall comply in all material respects with all applicable laws and governmental rules and regulations. Borrower has no knowledge of any actual or imminent Insolvency Proceeding of any Account Debtor whose
accounts are Eligible Accounts in any Borrowing Base Certificate. To the best of Borrower’s knowledge, all signatures and endorsements on all documents, instruments, and agreements relating to all Eligible Accounts are genuine, and all such
documents, instruments and agreements are legally enforceable in accordance with their terms. 
 5.4 Litigation. There
are no actions or proceedings pending or, to the knowledge of any Responsible Officer, threatened in writing by or against Borrower or any of its Subsidiaries involving more than, individually or in the aggregate, Two Hundred Thousand
Dollars ($200,000.00). 
 5.5 Financial Statements; Financial Condition. All consolidated financial statements for
Borrower and its Subsidiaries delivered to Bank fairly present in all material 

  
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respects Borrower’s consolidated financial condition and Borrower’s consolidated results of operations as of the date thereof. There has not been any material deterioration in
Borrower’s consolidated financial condition since the date of the most recent financial statements submitted to Bank. 

5.6 Solvency. The fair salable value of Borrower’s consolidated assets (including goodwill minus disposition costs) exceeds
the fair value of Borrower’s liabilities; Borrower is not left with unreasonably small capital after the transactions in this Agreement; and Borrower is able to pay its debts (including trade debts) as they mature. 

5.7 Regulatory Compliance. Borrower is not an “investment company” or a company “controlled” by an
“investment company” under the Investment Company Act of 1940, as amended. Borrower is not engaged as one of its important activities in extending credit for margin stock (under Regulations X, T and U of the Federal Reserve Board of
Governors). Borrower (a) has complied in all material respects with all Requirements of Law, and (b) has not violated any Requirements of Law the violation of which could reasonably be expected to have a material adverse effect on its
business. None of Borrower’s or any of its Subsidiaries’ properties or assets has been used by Borrower or any Subsidiary or, to Borrower’s knowledge, by previous Persons, in disposing, producing, storing, treating, or transporting
any hazardous substance other than legally. Borrower and each of its Subsidiaries have obtained all consents, approvals and authorizations of, made all declarations or filings with, and given all notices to, all Government Authorities that are
necessary to continue their respective businesses as currently conducted. 
 5.8 Subsidiaries; Investments. Borrower does
not own any stock, partnership, or other ownership interest or other equity securities except for Permitted Investments. 

5.9 Tax Returns and Payments; Pension Contributions. Borrower has timely filed all required tax returns and reports, and Borrower
has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower except (a) to the extent such taxes are being contested in good faith by appropriate proceedings promptly instituted and
diligently conducted, so long as such reserve or other appropriate provision, if any, as shall be required in conformity with GAAP shall have been made therefor, or (b) if such taxes, assessments, deposits and contributions do not, individually
or in the aggregate, exceed Ten Thousand Dollars ($10,000.00). 
 To the extent Borrower defers payment of any contested
taxes, Borrower shall (i) notify Bank in writing of the commencement of, and any material development in, the proceedings, and (ii) post bonds or take any other steps required to prevent the governmental authority levying such contested
taxes from obtaining a Lien upon any of the Collateral that is other than a “Permitted Lien.” Borrower is unaware of any claims or adjustments proposed for any of Borrower’s prior tax years which could result in additional taxes
becoming due and payable by Borrower. Borrower has paid all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms, and Borrower has not withdrawn from participation in, and has
not permitted partial or complete termination of, or permitted the occurrence of any other event with respect to, any such plan which could reasonably be expected to result in any liability of Borrower, including any liability to the Pension Benefit
Guaranty Corporation or its successors or any other governmental agency. 

  
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 5.10 Use of Proceeds. Borrower shall use the proceeds of the Credit Extensions as
working capital and to fund its general business requirements and not for personal, family, household or agricultural purposes. 

5.11 Full Disclosure. No written representation, warranty or other statement of Borrower in any certificate or written statement
given to Bank in connection with the Loan Documents, as of the date such representation, warranty, or other statement was made, taken together with all such written certificates and written statements given to Bank, contains any untrue statement of
a material fact or omits to state a material fact necessary to make the statements contained in the certificates or statements, in light of the circumstances in which they were made, 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 viewed as facts and that actual results during the period or periods covered by such projections and forecasts may differ from the projected or forecasted
results). 
 5.12 Definition of “Knowledge.” For purposes of the Loan Documents, whenever a representation or
warranty is made to Borrower’s knowledge or awareness, to the “best of” Borrower’s knowledge, or with a similar qualification, knowledge or awareness means the actual knowledge, after reasonable investigation, of any Responsible
Officer. 
  

	 	6.	AFFIRMATIVE COVENANTS 

 Borrower shall do all of the following: 
 6.1 Government Compliance.

 (a) Except as described in the Perfection Certificate or permitted by Section 7.3, maintain its and all its
Subsidiaries’ legal existence and good standing in their respective jurisdictions of formation and maintain qualification in each jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on
Borrower’s business or operations. Borrower shall comply, and have each Subsidiary comply, in all material respects, with all laws, ordinances and regulations to which it is subject. 

(b) Obtain all of the Governmental Approvals necessary for the performance by Borrower of its obligations under the Loan Documents to
which it is a party and the grant of a security interest to Bank in all of its property. Borrower shall promptly provide copies of any such obtained Governmental Approvals to Bank. 

6.2 Financial Statements, Reports, Certificates. Provide Bank with the following: 

(a) Borrowing Base Reports. Within thirty (30) days after the last day of each month, aged listings of accounts receivable
and accounts payable (by invoice date) (the “Borrowing Base Reports”); 
 (b) Borrowing Base
Certificate. Within thirty (30) days after the last day of each month and together with the Borrowing Base Reports, a duly completed Borrowing Base Certificate signed by a Responsible Officer; 

  
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 (c) Monthly Financial Statements. As soon as available, but no later than
thirty (30) days after the last day of each month, a company prepared consolidated balance sheet and income statement covering Borrower’s consolidated operations for such month certified by a Responsible Officer and in a form acceptable to
Bank (the “Monthly Financial Statements”); 
 (d) Monthly Compliance Certificate. Within
thirty (30) days after the last day of each month and together with the Monthly Financial Statements, a duly completed Compliance Certificate signed by a Responsible Officer, certifying that as of the end of such month, Borrower was in full
compliance with all of the terms and conditions of this Agreement, and setting forth calculations showing compliance with the financial covenants set forth in this Agreement and such other information as Bank may reasonably request; 

(e) Annual Audited Financial Statements. As soon as available, but no later than one hundred eighty (180) days after the last
day of Borrower’s fiscal year, audited consolidated financial statements prepared under GAAP, consistently applied, together with an unqualified opinion on the financial statements from PricewaterhouseCoopers LLP or another independent
certified public accounting firm reasonably acceptable to Bank; 
 (f) Other Statements. Within five (5) days of
delivery, copies of all statements, reports and notices made available to Borrower’s security holders or to any holders of Subordinated Debt; 
 (g) SEC Filings. In the event that Borrower becomes subject to the reporting requirements under the Exchange Act within five (5) days of filing, copies of all periodic and other reports, proxy
statements and other materials filed by Borrower with the SEC, any Governmental Authority succeeding to any or all of the functions of the SEC or with any national securities exchange, or distributed to its shareholders, as the case may be.
Documents required to be delivered pursuant to the terms hereof (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on
the date on which Borrower posts such documents, or provides a link thereto, on Borrower’s website on the Internet at Borrower’s website address; provided, however, Borrower shall promptly notify Bank in writing (which may be by electronic
mail) of the posting of any such documents; 
 (h) Legal Action Notice. A prompt report of any legal actions pending or
threatened in writing against Borrower or any of its Subsidiaries that could result in damages or costs to Borrower or any of its Subsidiaries of, individually or in the aggregate, Two Hundred Thousand Dollars ($200,000.00) or more; 

(i) Projections. At least annually, and no later than ten (10) days after Board-approval, and contemporaneously with any
updates thereto, Board-approved projections; and 
 (j) Other Financial Information. Other financial information
reasonably requested by Bank. 
 6.3 Inventory; Returns. Keep all Inventory in good and marketable condition, free from
material defects. Returns and allowances between Borrower and its Account Debtors shall follow Borrower’s customary practices as they exist at the Effective Date. Borrower must promptly notify Bank of all returns, recoveries, disputes and
claims that involve more than One Hundred Fifty Thousand Dollars ($150,000.00). 

  
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 6.4 Taxes; Pensions. Timely file, and require each of its Subsidiaries to timely
file, all required tax returns and reports and timely pay, and require each of its Subsidiaries to timely pay, all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower and each of its Subsidiaries, except
for deferred payment of any taxes contested pursuant to the terms of Section 5.9 hereof, and shall deliver to Bank, on demand, appropriate certificates attesting to such payments, and pay all amounts necessary to fund all present pension,
profit sharing and deferred compensation plans in accordance with their terms. 
 6.5 Insurance. 

(a) Keep its business and the Collateral insured for risks and in amounts standard for companies in Borrower’s industry and location
and as Bank may reasonably request. Insurance policies shall be in a form, with financially sound and reputable insurance companies that are not Affiliates of Borrower, and in amounts that are satisfactory to Bank. All property policies shall have a
lender’s loss payable endorsement showing Bank as lender loss payee. All liability policies shall show, or have endorsements showing, Bank as an additional insured. Bank shall be named as lender loss payee and/or additional insured with respect
to any such insurance providing coverage in respect of any Collateral. 
 (b) Ensure that proceeds payable under any property
policy are, at Bank’s option, payable to Bank 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 the proceeds of any
casualty policy up to Two Hundred Thousand Dollars ($200,000.00) in the aggregate for all losses under all casualty policies in any one year, toward the replacement or repair of destroyed or damaged property; provided that any such replaced or
repaired property (i) shall be of equal or like value as the replaced or repaired Collateral and (ii) shall be deemed Collateral in which Bank has been granted a first priority security interest, and (b) after the occurrence and
during the continuance of an Event of Default, all proceeds payable under such casualty policy shall, at the option of Bank, be payable to Bank on account of the Obligations. 
 (c) At Bank’s request,’ Borrower shall deliver certified copies of insurance policies and evidence of all premium payments. Each provider of any such insurance required under this
Section 6.5 shall agree, by endorsement upon the policy or policies issued by it or by independent instruments furnished to Bank, that it will give Bank thirty (30) days prior written notice before any such policy or policies shall be
materially altered or canceled. If Borrower fails to obtain insurance as required under this Section 6.5 or to pay any amount or furnish any required proof of payment to third persons and Bank, Bank may make all or part of such payment or
obtain such insurance policies required in this Section 6.5, and take any action under the policies Bank deems prudent. 

  
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 6.6 Operating Accounts. 

(a) Maintain its primary and its Subsidiaries’ and its parent’s primary U.S. operating and other deposit accounts and
securities accounts with Bank and Bank’s Affiliates, and maintain with Bank and Bank’s Affiliates all of Borrower’s and its Subsidiaries’ and its parent’s cash in excess of the amount used for Borrower’s current
operations. Notwithstanding the foregoing, Borrower may maintain an account with Bank Leumi (Israel) which may contain no more than Two Million Dollars ($2,000,000.00) in the aggregate at any time. 

(b) Provide Bank five (5) days prior written notice before establishing any Collateral Account at or with any U.S. bank or financial
institution other than Bank or Bank’s Affiliates. For each Collateral Account that Borrower at any time maintains, Borrower shall cause the applicable bank or financial institution (other than Bank) at or with which any U.S. Collateral Account
is maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to such Collateral Account to perfect Bank’s Lien in such Collateral Account in accordance with the terms hereunder which Control Agreement
may not be terminated without the prior written consent of Bank. The provisions of the previous sentence shall not apply to deposit accounts exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the
benefit of Borrower’s employees and identified to Bank by Borrower as such. 
 6.7 Financial Covenants. Maintain at
all times, subject to periodic reporting as of the last day of each month, unless otherwise noted: 
 (a) Adjusted Quick
Ratio. Commencing with the month ending January 31, 2013, and as of the last day of each month thereafter, an Adjusted Quick Ratio of at least 1.20 to 1.00. 
 (b) Net Income. To be reported as of the last day of each quarter, Net Income of at least (i) ($3,750,000.00) for the quarter ending March 31, 2013, (ii) ($3,000,000.00) for the
quarter ending June 30, 2013, (iii) ($650,000.00) for the quarter ending September 30, 2013, and (iv) $4,250,000.00 for the quarter ending December 31, 2013, and (v) for each quarter thereafter, the Net Income covenant
levels will be mutually agreed upon by Borrower and Bank based upon Borrower’s 2014 Board-approved projections and budget. The failure of Borrower and Bank to mutually agree in writing, on or before February 15, 2014, to any covenant
levels for the period after December 31, 2013, shall result in an immediate Event of Default for which there shall be no grace or cure period. 
 6.8 Protection and Registration of Intellectual Property Rights. 

(a) (i) Protect, defend and maintain the validity and enforceability of its Intellectual Property; (ii) promptly advise Bank in
writing of material infringements or any other event that could reasonably be expected to materially and adversely affect the value of its Intellectual Property; and (iii) not allow any Intellectual Property material to Borrower’s business
to be abandoned, forfeited or dedicated to the public without Bank’s written consent. 
 (b) To the extent not already
disclosed in writing to Bank, if Borrower (i) obtains any Patent, registered Trademark, registered Copyright, registered mask work, or any 

  
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pending application for any of the foregoing, whether as owner, licensee or otherwise, or (ii) applies for any Patent or the registration of any Trademark, then Borrower shall immediately
provide written notice thereof to Bank and shall execute such intellectual property security agreements and other documents and take such other actions as Bank may request in its good faith business judgment to perfect and maintain a first priority
perfected security interest in favor of Bank in such property. If Borrower decides to register any Copyrights or mask works in the United States Copyright Office, Borrower shall: (x) provide Bank with at least fifteen (15) days prior
written notice of Borrower’s intent to register such Copyrights or mask works together with a copy of the application it intends to file with the United States Copyright Office (excluding exhibits thereto); (y) execute an intellectual
property security agreement and such other documents and take such other actions as Bank may request in its good faith business judgment to perfect and maintain a first priority perfected security interest in favor of Bank in the Copyrights or mask
works intended to be registered with the United States Copyright Office; and (z) record such intellectual property security agreement with the United States Copyright Office contemporaneously with filing the Copyright or mask work
application(s) with the United States Copyright Office. Borrower shall promptly provide to Bank copies of all applications that it files for Patents or for the registration of Trademarks, Copyrights or mask works, together with evidence of the
recording of the intellectual property security agreement required for Bank to perfect and maintain a first priority perfected security interest in such property. 
 (c) Provide written notice to Bank within ten (10) days of entering or becoming bound by any Restricted License (other than over-the-counter software that is commercially available to the public).
Borrower shall take such steps as Bank requests to obtain the consent of, or waiver by, any person whose consent or waiver is necessary for (i) any Restricted License to be deemed “Collateral” and for Bank to have a security interest
in it that might otherwise be restricted or prohibited by law or by the terms of any such Restricted License, whether now existing or entered into in the future, and (ii) 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. 
 6.9 Litigation Cooperation. From the date hereof and continuing through the termination of this Agreement, make available to Bank, without expense to Bank, Borrower and its officers, employees and
agents and Borrower’s books and records, to the extent that Bank may reasonably deem them necessary to prosecute or defend any third-party suit or proceeding instituted by or against Bank with respect to any Collateral or relating to Borrower.

 6.10 Access to Collateral; Books and Records. Allow Bank, or its agents, at reasonable times, on one (1) Business
Day’s notice (provided no notice is required if an Event of Default has occurred and is continuing), to inspect the Collateral and audit and copy Borrower’s Books. Such inspections or audits shall be conducted no more often than once every
twelve (12) months unless an Event of Default has occurred and is continuing in which case such inspections and audits shall occur as often as Bank shall determine is necessary. The foregoing inspections and audits shall be at Borrower’s
expense. 
 6.11 Further Assurances. Execute any further instruments and take further action as Bank reasonably requests
to perfect or continue Bank’s Lien in the Collateral or to effect the purposes of this Agreement. Deliver to Bank, within five (5) days after the same are sent or 

  
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received, copies of all correspondence, reports, documents and other filings with any Governmental Authority regarding compliance with or maintenance of Governmental Approvals or Requirements of
Law or that could reasonably be expected to have a material adverse effect on any of the Governmental Approvals or otherwise on the operations of Borrower and its Subsidiaries. 

 

	 	7.	NEGATIVE COVENANTS 

Borrower shall not do any of the following without Bank’s prior written consent: 

7.1 Dispositions. Convey, sell, lease, transfer, assign, or otherwise dispose of (collectively, “Transfer”), or
permit any of its Subsidiaries to Transfer, all or any part of its business or property, except for Transfers (a) of Inventory in the ordinary course of business; (b) of worn-out or obsolete Equipment that is, in the reasonable judgment of
Borrower, no longer economically practicable to maintain or useful in the ordinary course of business of Borrower; (c) consisting of Permitted Liens and Permitted Investments; (d) consisting of the sale or issuance of any stock of Borrower
permitted under Section 7.2 of this Agreement; (e) consisting of Borrower’s use or transfer of money or Cash Equivalents in the ordinary course of its business for the payment of ordinary course business expenses in a manner that is
not prohibited by the terms of this Agreement or the other Loan Documents; and (f) of non-exclusive licenses for the use of the property of Borrower or its Subsidiaries in the ordinary course of business. 

7.2 Changes in Business, Management, Ownership, or Business Locations. (a) Engage in or permit any of its Subsidiaries to
engage in any business other than the businesses currently engaged in by Borrower and such Subsidiary, as applicable, or reasonably related thereto; (b) liquidate or dissolve; or (c) (i) if any Key Person ceases to hold such office
with Borrower and replacements satisfactory to Bank are not made within thirty (30) days after such Key Person’s departure from Borrower; or (ii) enter into any transaction or series of related transactions in which the stockholders
of Borrower who were not stockholders immediately prior to the first such transaction own more than forty percent (40%) of the voting stock of Borrower immediately after giving effect to such transaction or related series of such transactions
(other than by the sale of Borrower’s equity securities in a public offering or to venture capital or other institutional or strategic investors so long as Borrower identifies to Bank the investors at least seven (7) Business Days prior to
the closing of the transaction and provides to Bank a description of the material terms of the transaction). 
 Borrower shall
not, without at least thirty (30) days prior written notice to Bank: (1) add any new offices or business locations, including warehouses (unless each such new offices or business location contains less than Twenty-Five Thousand Dollars
($25,000.00) in Borrower’s assets or property) or deliver any portion of the Collateral valued, individually or in the aggregate, in excess of Ten Thousand Dollars ($10,000.00) to a bailee at a location other than to a bailee and at a
location already disclosed in the Perfection Certificate, (2) change its jurisdiction of organization, (3) change its organizational structure or type, (4) change its legal name, or (5) change any organizational number (if any)
assigned by its jurisdiction of organization. If Borrower intends to deliver any portion of the Collateral valued, individually or in the aggregate, in excess of Twenty-Five Thousand Dollars ($25,000.00) to a bailee, and Bank and such bailee
are not already parties to a bailee agreement governing both the Collateral and 

  
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the location to which Borrower intends to deliver the Collateral, then Borrower will first receive the written consent of Bank, and such bailee shall execute and deliver a bailee agreement in
form and substance satisfactory to Bank in its reasonable discretion. 
 7.3 Mergers or Acquisitions. Merge or
consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person (including, without
limitation, by the formation of any Subsidiary). A Subsidiary may merge or consolidate into another Subsidiary or into Borrower. 
 7.4 Indebtedness. Create, incur, assume, or be liable for any Indebtedness, or permit any Subsidiary to do so, other than Permitted Indebtedness. 

7.5 Encumbrance. Create, incur, allow, or suffer any Lien on any of the Collateral, or assign or convey any right to receive
income, including the sale of any Accounts, or permit any of its Subsidiaries to do so, except for Permitted Liens, permit any Collateral not to be subject to the first priority security interest granted herein, or enter into any agreement,
document, instrument or other arrangement (except with or in favor of Bank) with any Person which directly or indirectly prohibits or has the effect of prohibiting Borrower or any Subsidiary from assigning, mortgaging, pledging, granting a security
interest in or upon, or encumbering any of Borrower’s or any Subsidiary’s Intellectual Property, except as is otherwise permitted in Section 7.1 hereof and the definition of “Permitted Liens” herein. 

7.6 Maintenance of Collateral Accounts. Maintain any Collateral Account except pursuant to the terms of Section 6.6(b) hereof

 7.7 Distributions; Investments. (a) Pay any dividends or make any distribution or payment or redeem, retire or
purchase any capital stock, provided that (i) Borrower may convert any of its convertible securities into other securities pursuant to the terms of such convertible securities or otherwise in exchange thereof, (ii) Borrower may pay
dividends solely in common stock, and (iii) Borrower may repurchase the stock of former employees or consultants pursuant to stock repurchase agreements so long as an Event of Default does not exist at the time of such repurchase and would not
exist after giving effect to such repurchase, provided such repurchase does not exceed in the aggregate of Two Hundred Thousand Dollars ($200,000.00) per fiscal year; or (b) directly or indirectly make any Investment (including, without
limitation, by the formation of any Subsidiary) other than Permitted Investments, or permit any of its Subsidiaries to do so. 

7.8 Transactions with Affiliates. Directly or indirectly enter into or permit to exist any material transaction with any Affiliate
of Borrower, except for 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. 
 7.9 Subordinated Debt. (a) Make or permit any payment on any Subordinated Debt, except under the terms of
the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject, or (b) amend any provision in any document relating to the Subordinated Debt which would increase the amount thereof, provide for earlier
or greater principal, interest, or other payments thereon, or adversely affect the subordination thereof to Obligations owed to Bank. 

  
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 7.10 Compliance. Become an “investment company” or a company controlled by
an “investment company”, under the Investment Company Act of 1940, as amended, or undertake as one of its important activities extending credit to purchase or carry margin stock (as defined in Regulation U of the Board of Governors of the
Federal Reserve System), or use the proceeds of any Credit Extension for that purpose; fail to (a) meet the minimum funding requirements of ERISA, (b) prevent a Reportable Event or Prohibited Transaction, as defined in ERISA, from
occurring, or (c) comply with the Federal Fair Labor Standards Act, the failure of any of the conditions described in clauses (a) through (c) which could reasonably be expected to have a material adverse effect on Borrower’s
business; or violate any other law or regulation, if the violation could reasonably be expected to have a material adverse effect on Borrower’s business, or permit any of its Subsidiaries to do so; withdraw or permit any Subsidiary to withdraw
from participation in, permit partial or complete termination of, or permit the occurrence of any other event with respect to, any present pension, profit sharing and deferred compensation plan which could reasonably be expected to result in any
liability of Borrower, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental agency. 
  

	 	8.	EVENTS OF DEFAULT 

Any one of the following shall constitute an event of default (an “Event of Default”) under this Agreement: 

8.1 Payment Default. Borrower fails to (a) make any payment of principal or interest on any Credit Extension when due, or
(b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day cure period shall not apply to payments due on the Revolving Line Maturity Date). During the cure
period, the failure to make or pay any payment specified under clause (b) hereunder is not an Event of Default (but no Credit Extension will be made during the cure period); 

8.2 Covenant Default. 
 (a) Borrower fails or neglects to perform any obligation in Sections 6.2, 6.4, 6.5, 6.6, 6.7, or 6.8(c), or violates any covenant in Section 7; or 

(b) Borrower fails or neglects to perform, keep, or observe any other term, provision, condition, covenant or agreement contained in this
Agreement or any Loan Documents, and as to any default (other than those specified in this Section 8) under such other term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days
after the occurrence 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 period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the
default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Cure periods provided under this section shall not apply, among other things, to financial covenants or any other covenants set forth
in clause (a) above; 

  
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 8.3 Material Adverse Change. A Material Adverse Change occurs; 

8.4 Attachment; Levy; Restraint on Business. 
 (a) (i) The service of process seeking to attach, by trustee or similar process, any funds of Borrower or of any entity under the control of Borrower (including a Subsidiary), or (ii) a notice
of lien or levy is filed against any of Borrower’s assets by any Governmental Authority, and the same under subclauses (i) and (ii) hereof are not, within ten (10) days after the occurrence thereof, discharged or stayed (whether
through the posting of a bond or otherwise); provided, however, no Credit Extensions shall be made during any ten (10) day cure period; or 
 (b) (i) any material portion of Borrower’s assets is attached, seized, levied on, or comes into possession of a trustee or receiver, or (ii) any court order enjoins, restrains, or prevents
Borrower from conducting all or any material part of its business; 
 8.5 Insolvency. (a) Borrower is unable to pay
its debts (including trade debts) as they become due or otherwise becomes insolvent; (b) Borrower begins an Insolvency Proceeding; or (c) an Insolvency Proceeding is begun against Borrower and is not dismissed or stayed within
forty-five (45) days (but no Credit Extensions shall be made while any of the conditions described in clause (a) exist and/or until any Insolvency Proceeding is dismissed); 

8.6 Other Agreements. There is, under any agreement to which Borrower or any Guarantor is a party with a third party or parties,
(a) any default resulting in a right by such third party or parties, whether or net exercised, to accelerate the maturity of any Indebtedness in an amount individually or in the aggregate in excess of Two Hundred Thousand
Dollars ($200,000.00); or (b) any breach or default by Borrower or Guarantor, the result of which could have a material adverse effect on Borrower’s or any Guarantor’s business; 

8.7 Judgments; Penalties. One or more fines, penalties or final judgments, orders or decrees for the payment of money in an
amount, individually or in the aggregate, of at least Two Hundred Thousand Dollars ($200,000.00) (not covered by independent third-party insurance as to which liability has been accepted by such insurance carrier) shall be rendered against
Borrower by any Governmental Authority, and the same are not, within ten (10) days after the entry, assessment or issuance thereof, discharged, satisfied, or paid, or after 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 satisfaction, payment, discharge, stay, or bonding of such fine, penalty, judgment, order or decree); 

8.8 Misrepresentations. Borrower or any Person acting for Borrower makes any representation, warranty, or other statement now or
later in this Agreement, any Loan Document or in any writing delivered to Bank or to induce Bank to enter this Agreement or any Loan Document, and such representation, warranty, or other statement is incorrect in any material respect when made;

  
 - 18 -

 8.9 Subordinated Debt. Any document, instrument, or agreement evidencing any
Subordinated Debt shall for any reason be revoked or invalidated or otherwise cease to be in full force and effect, any Person shall be in breach thereof or contest in any manner the validity or enforceability thereof or deny that it has any further
liability or obligation thereunder, or the Obligations shall for any reason be subordinated or shall not have the priority contemplated by this Agreement; 
 8.10 Guaranty. (a) Any guaranty of any Obligations terminates or ceases for any reason (other than termination, discharge or release by Bank) to be in full force and effect; (b) any
Guarantor does not perform any obligation or covenant under any guaranty of the Obligations; (c) any circumstance described in Sections 8.3, 8.4, 8.5, 8.7, or 8.8 occurs with respect to any Guarantor, (d) the liquidation, winding up,
or termination of existence of any Guarantor; or (e) (i) a material impairment in the perfection or priority of Bank’s Lien in the collateral provided by Guarantor or in the value of such collateral or (ii) a material adverse
change in the general affairs, results of operation, condition (financial or otherwise) or the prospect of repayment of the Obligations when due occurs with respect to any Guarantor; or 

8.11 Governmental Approvals. Any Governmental Approval shall have been (a) revoked, rescinded, suspended, modified in an
adverse manner or not renewed in the ordinary course for a full term or (b) subject to any decision by a Governmental Authority that designates a hearing with respect to any applications for renewal of any of such Governmental Approval or that
could result in the Governmental Authority taking any of the actions described in clause (a) above, and such decision or such revocation, rescission, suspension, modification or nonrenewal causes, or could reasonably be expected to cause, a
Material Adverse Change. 
  

	 	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, without notice or demand, do any or all of the following, to the extent not prohibited by
applicable law: 
 (a) declare all Obligations immediately due and payable (but if an Event of Default described in
Section 8.5 occurs all Obligations are immediately due and payable without any action by Bank); 
 (b) stop advancing money
or extending credit for Borrower’s benefit under this Agreement or under any other agreement between Borrower and Bank; 

(c) demand that Borrower (i) deposit cash with Bank in an amount equal to at least (A) one hundred five percent (105.0%)
of the Dollar Equivalent of the aggregate face amount of all Letters of Credit denominated in Dollars remaining undrawn, and (B) one hundred ten percent (110.0%) of the Dollar Equivalent of the aggregate face amount of all Letters of
Credit denominated in a Foreign Currency remaining undrawn, (plus, in each case, all interest, fees, and costs due or to become due in connection therewith (as estimated by Bank in its good faith business judgment)), to secure all of the Obligations
relating to such Letters of Credit, as collateral security for the repayment of any future drawings under such Letters of Credit, and Borrower shall forthwith deposit and pay such amounts, and (ii) pay in advance all letter of credit fees
scheduled to be paid or payable over the remaining term of any Letters of Credit; 

  
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 (d) terminate any FX Contracts; 

(e) verify the amount of, demand payment of and performance under, and collect any Accounts and General Intangibles, settle or adjust
disputes and claims directly with Account Debtors for amounts on terms and in any order that Bank considers advisable, and notify any Person owing Borrower money of Bank’s security interest in such funds; 

(f) make any payments and do any acts it considers necessary or reasonable to protect the Collateral and/or its security interest in the
Collateral. Borrower shall assemble the Collateral if Bank requests and make it available as Bank designates at any location that is reasonably convenient to Bank and Borrower. Bank may enter premises where the Collateral is located, take and
maintain possession of any part of the Collateral, and pay, purchase, contest, or compromise any Lien which appears to be prior or superior to its security interest and pay all expenses incurred. Borrower grants Bank a license to enter and occupy
any of its premises, without charge by Borrower, to exercise any of Bank’s rights or remedies; 
 (g) apply to the
Obligations then due any (i) balances and deposits of Borrower it holds, or (ii) any amount held by Bank owing to or for the credit or the account of Borrower; 
 (h) ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell the Collateral. Bank is hereby granted a non-exclusive, royalty-free license or other right to
use, without charge, Borrower’s labels, Patents, Copyrights, mask works, rights of use of any name, trade secrets, trade names, Trademarks, and advertising matter, or any similar property 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, Borrower’s rights under all licenses and all franchise agreements inure to Bank’s benefit;

 (i) place a “hold” on any account maintained with Bank and/or deliver a notice of exclusive control, any
entitlement order, or other directions or instructions pursuant to any Control Agreement or similar agreements providing control of any Collateral; 
 (j) demand and receive possession of Borrower’s Books; and 
 (k) exercise all
rights and remedies available to Bank under the Loan Documents or at law or equity, including all remedies provided under the Code (including disposal of the Collateral pursuant to the terms thereof). 

9.2 Power of Attorney. Borrower hereby irrevocably appoints Bank as its lawful attorney-in-fact, exercisable upon the occurrence
and during the continuance of an Event of Default, to: (a) endorse Borrower’s name on any checks or other forms of payment or security; (b) sign Borrower’s name on any invoice or bill of lading for any Account or drafts against
Account Debtors; (c) settle and adjust disputes and claims about the Accounts directly with Account Debtors, for amounts and on terms Bank determines reasonable; (d) make, settle, and

  
 - 20 -

 
adjust all claims under Borrower’s insurance policies; (e) pay, contest or settle any Lien, charge, encumbrance, security interest, and adverse claim in or to the Collateral, or any
judgment based thereon, or otherwise take any action to terminate or discharge the same; and (f) transfer the Collateral into the name of Bank or a third party as the Code permits. Borrower hereby appoints Bank as its lawful attorney-in-fact to
sign Borrower’s name on any documents necessary to perfect or continue the perfection of Bank’s security interest in the Collateral regardless of whether an Event of Default has occurred until all Obligations (other than inchoate indemnity
obligations) have been satisfied in full and Bank is under no further obligation to make Credit Extensions hereunder. Bank’s foregoing appointment as Borrower’s attorney in fact, and all of Bank’s rights and powers, coupled with an
interest, are irrevocable until all Obligations have been fully repaid and performed and Bank’s obligation to provide Credit Extensions terminates. 
 9.3 Protective Payments. If Borrower fails to obtain the insurance called for by Section 6.5 or fails to pay any premium thereon or fails to pay any other amount which Borrower is obligated to
pay under this Agreement or any other Loan Document or which may be required to preserve the Collateral, Bank may obtain such insurance or make such payment, and all amounts so paid by Bank are Bank Expenses and immediately due and payable, bearing
interest at the then highest rate applicable to the Obligations, and secured by the Collateral. Bank will make reasonable efforts to provide Borrower with notice of Bank obtaining such insurance at the time it is obtained or within a reasonable time
thereafter. No payments by Bank are deemed an agreement to make similar payments in the future or Bank’s waiver of any Event of Default. 
 9.4 Application of Payments and Proceeds Upon Default. If an Event of Default has occurred and is continuing, Bank shall have the right to apply in any order any funds in its possession, whether
from Borrower account balances, payments, proceeds realized as the result of any collection of Accounts or other disposition of the Collateral, or otherwise, to the Obligations. Bank shall pay any surplus to Borrower by credit to the Designated
Deposit Account or to other Persons legally entitled thereto; Borrower shall remain liable to Bank for any deficiency. If Bank, directly or indirectly, enters into a deferred payment or other credit transaction with any purchaser at any sale of
Collateral pursuant to Section 9.1, Bank shall have the option, exercisable at any time, of either reducing the Obligations by the principal amount of the purchase price or deferring the reduction of the Obligations until the actual receipt by
Bank of cash therefor. 
 9.5 Bank’s Liability for Collateral. So long as Bank complies with applicable law and
reasonable banking practices regarding the safekeeping of the Collateral in the possession or under the control of Bank, Bank shall not be liable or responsible for: (a) the safekeeping of the Collateral; (b) any loss or damage to the
Collateral; (c) any diminution in the value of the Collateral; or (d) any act or default of any carrier, warehouseman, bailee, or other Person. Borrower bears all risk of loss, damage or destruction of the Collateral. 

9.6 No Waiver; Remedies Cumulative. Bank’s failure, at any time or times, to require strict performance by Borrower of any
provision of this Agreement or any other Loan Document shall not waive, affect, or diminish any right of Bank thereafter to demand strict performance and compliance herewith or therewith. No waiver hereunder shall be effective unless signed by the
party granting the waiver and then is only effective for the specific instance and purpose for which it is given. Bank’s rights and remedies under this Agreement and the 

  
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other Loan Documents are cumulative. Bank has all rights and remedies provided under the Code, by law, or in equity. Bank’s exercise of one right or remedy is not an election and shall not
preclude Bank from exercising any other remedy under this Agreement or other remedy available at law or in equity, and Bank’s waiver of any Event of Default is not a continuing waiver. Bank’s delay in exercising any remedy is not a waiver,
election, or acquiescence. 
 9.7 Demand Waiver. Borrower waives demand, notice of default or dishonor, notice of payment
and nonpayment, notice of any default, nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees held by Bank on which Borrower is liable. 

 

	 	10.	NOTICES 

 All
notices, consents, requests, approvals, demands, or other communication by any party to this Agreement or any other Loan Document must be in writing and shall be deemed to have been validly served, given, or delivered: (a) upon the earlier of
actual receipt and three (3) Business Days after deposit in the U.S. mail, first class, registered or certified mail return receipt requested, with proper postage prepaid; (b) upon transmission, when sent by electronic mail or facsimile
transmission; (c) one (1) Business Day after deposit with a reputable overnight courier with all charges prepaid; or (d) when delivered, if hand-delivered by messenger, all of which shall be addressed to the party to be notified and
sent to the address, facsimile number, or email address indicated below. Bank or Borrower may change its mailing or electronic mail address or facsimile number by giving the other party written notice thereof in accordance with the terms of this
Section 10. 
  

					
	If to Borrower:	  	Borderfree, Inc., f/k/a FiftyOne, Inc.
		  	292 Madison Avenue, 5th Floor
		  	New York, New York 10017
		  	Attn:	  	Michael DeSimone
		  	Fax:	  	(212) 244-3691
		  	Email:	  	michael.desimone@e4x.com
		
	with a copy to:	  	Goodwin Procter LLP
		  	53 State Street
		  	Boston, Massachusetts 02109
		  	Attn:	  	Mark D. Smith, Esquire
		  	Fax:	  	(617) 523-1231
		  	Email:	  	marksmith@goodwinprocter.com
		
	If to Bank:	  	Silicon Valley Bank
		  	505 Fifth Avenue, 11th Floor
		  	New York, New York 10017
		  	Attn:	  	Ms. Bonnie Ryan
		  	Fax:	  	(212) 688-5994
		  	Email:	  	bryan@svb.com

  
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	with a copy to:	  	Riemer & Braunstein LLP
		  	Three Center Plaza
		  	Boston, Massachusetts 02108
		  	Attn:	  	David A. Ephraim, Esquire
		  	Fax:	  	(617) 692-3455
		  	Email:	  	DEphraim@riemerlaw.com

  

	 	11.	CHOICE OF LAW, VENUE, AND JURY TRIAL WAIVER 

 New York 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 New York, New York;
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. 
 TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, 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. 
 This Section 11 shall
survive the termination of this Agreement. 
  

	 	12.	GENERAL PROVISIONS 

12.1 Termination Prior to Revolving Line Maturity Date; Survival. All covenants, representations and warranties made in this
Agreement continue in full force until this Agreement has terminated pursuant to its terms and all Obligations have been satisfied. So long as Borrower has satisfied the Obligations (other than inchoate indemnity obligations, and any other
obligations which, by their terms, are to survive the terminations of this Agreement, and any Obligations under Bank Services Agreements that are cash collateralized in accordance with Section 4.1 of this Agreement), this Agreement may be
terminated prior to the Revolving Line Maturity Date by Borrower, effective three (3) Business Days after written notice of termination 

  
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is given to Bank. Those obligations that are expressly specified in this Agreement as surviving this Agreement’s termination shall continue to survive notwithstanding this Agreement’s
termination. 
 12.2 Successors and Assigns. This Agreement binds and is for the benefit of the successors and permitted
assigns of each party. Borrower may not assign this Agreement or any rights or obligations under it without Bank’s prior written consent (which may be granted or withheld in Bank’s discretion). Bank has the right, without the consent of or
notice to Borrower, to sell, transfer, assign, negotiate, or grant participation in all or any part of, or any interest in, Bank’s obligations, rights, and benefits under this Agreement and the other Loan Documents. 

12.3 Indemnification. Borrower agrees to indemnify, defend and hold Bank and its directors, officers, employees, agents,
attorneys, or any other Person affiliated with or representing Bank (each, an “Indemnified Person”) harmless against: (i) all obligations, demands, claims, and liabilities (collectively, “Claims”) claimed or
asserted by any other party in connection with the transactions contemplated by the Loan Documents; and (ii) all losses or expenses (including Bank Expenses) in any way suffered, incurred, or paid by such Indemnified Person as a result of,
following from, consequential to, or arising from transactions between Bank and Borrower (including reasonable attorneys’ fees and expenses), except for Claims and/or losses directly caused by such Indemnified Person’s gross negligence or
willful misconduct. 
 This Section 12.3 shall survive until all statutes of limitation with respect to the Claims, losses,
and expenses for which indemnity is given shall have run. 
 12.4 Time of Essence. Time is of the essence for the
performance of all Obligations in this Agreement. 
 12.5 Severability of Provisions. Each provision of this Agreement is
severable from every other provision in determining the enforceability of any provision. 
 12.6 Correction of Loan
Documents. Bank may correct patent errors and fill in any blanks in the Loan Documents consistent with the agreement of the parties. 
 12.7 Amendments in Writing; Waiver; Integration. No purported amendment or modification of any Loan Document, or waiver, discharge or termination of any obligation under any Loan Document, shall be
enforceable or admissible unless, and only to the extent, expressly set forth in a writing signed by the party against which enforcement or admission is sought. Without limiting the generality of the foregoing, no oral promise or statement, nor any
action, inaction, delay, failure to require performance or course of conduct shall operate as, or evidence, an amendment, supplement or waiver or have any other effect on any Loan Document. Any waiver granted shall be limited to the specific
circumstance expressly described in it, and shall not apply to any subsequent or other circumstance, whether similar or dissimilar, or give rise to, or evidence, any obligation or commitment to grant any further waiver. The Loan Documents represent
the entire agreement about this subject matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of the Loan Documents
merge into the Loan Documents. 

  
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 12.8 Counterparts. This Agreement may be executed in any number of counterparts and
by different parties on separate counterparts, each of which, when executed and delivered, is an original, and all taken together, constitute one Agreement. 
 12.9 Confidentiality. In handling any confidential information, Bank shall exercise the same degree of care that it exercises for its own proprietary information, but disclosure of information may
be made: (a) to Bank’s Subsidiaries or Affiliates (such Subsidiaries and Affiliates, together with Bank, collectively, “Bank Entities”); (b) to prospective transferees or purchasers of any interest in the Credit
Extensions (provided, however, Bank shall use its best efforts to obtain any prospective transferee’s or purchaser’s agreement to the terms of this provision); (c) as required by law, regulation, subpoena, or other order; (d) to
Bank’s regulators or as otherwise required in connection with Bank’s examination or audit; (e) as Bank considers appropriate in exercising remedies under the Loan Documents; and (f) to third-party service providers of Bank so
long as such service providers have executed a confidentiality agreement with Bank with terms no less restrictive than those contained herein. Confidential information does not include information that is either: (i) in the public domain or in
Bank’s possession when disclosed to Bank, or becomes part of the public domain (other than as a result of its disclosure by Bank in violation of this Agreement) after disclosure to Bank; or (ii) disclosed to Bank by a third party, if Bank
does not know that the third party is prohibited from disclosing the information. 
 Bank Entities may use anonymous forms of
confidential information for aggregate datasets, for analyses or reporting, and for any other uses not expressly prohibited in writing by Borrower. The provisions of the immediately preceding sentence shall survive termination of this Agreement.

 12.10 Right of Set Off. Borrower hereby grants to Bank, a lien, security interest and right of set off as security for
all Obligations to Bank, whether now existing or hereafter arising upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of Bank or any entity under the control of Bank
(including a Bank subsidiary) or in transit to any of them. At any time after the occurrence and during the continuance of an Event of Default, without demand or notice, Bank may set off the same or any part thereof and apply the same to any
Obligation of Borrower then due regardless of the adequacy of any other collateral securing the Obligations. ANY AND ALL RIGHTS TO REQUIRE BANK TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS,
PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF BORROWER ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. 
 12.11 Electronic Execution of Documents. The words “execution,” “signed,” “signature” and words of like import in any Loan Document shall be deemed to include
electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity and enforceability as a manually executed signature or the use of a

  
 - 25 -

 
paper-based recordkeeping systems, as the case may be, to the extent and as provided for in any applicable law, including, without limitation, any state law based on the Uniform Electronic
Transactions Act. 
 12.12 Captions. The headings used in this Agreement are for convenience only and shall not affect
the interpretation of this Agreement. 
 12.13 Construction of Agreement. The parties mutually acknowledge that they and
their attorneys have participated in the preparation and negotiation of this Agreement. In cases of uncertainty this Agreement shall be construed without regard to which of the parties caused the uncertainty to exist. 

12.14 Relationship. The relationship of the parties to this Agreement is determined solely by the provisions of this Agreement.
The parties do not intend to create any agency, partnership, joint venture, trust, fiduciary or other relationship with duties or incidents different from those of parties to an arm’s-length contract. 

12.15 Third Parties. Nothing in this Agreement, whether express or implied, is intended to: (a) confer any benefits, rights
or remedies under or by reason of this Agreement on any persons other than the express parties to it and their respective permitted successors and assigns; (b) relieve or discharge the obligation or liability of any person not an express party
to this Agreement; or (c) give any person not an express party to this Agreement any right of subrogation or action against any party to this Agreement. 
 12.16 Ratification of Intellectual Property Security Agreement. Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and conditions of the IP Agreement, and acknowledges,
confirms and agrees that “Loan Agreement” as defined therein includes this Agreement. The IP Agreement contains an accurate and complete listing of all Intellectual Property Collateral as defined in said IP Agreement, shall remain in full
force and effect, and secures the Obligations. Guarantor hereby ratifies, confirms and reaffirms, all and singular, the terms and conditions of the Israeli Subsidiary IP Agreement, and acknowledges, confirms and agrees that “Loan
Agreement” as defined therein includes this Agreement. The Israeli Subsidiary IP Agreement contains an accurate and complete listing of all Intellectual Property Collateral as defined in said Israeli Subsidiary IP Agreement, shall remain in
full force and effect, and secures the Obligations. 
  

	 	13.	DEFINITIONS 

13.1 Definitions. As used in the Loan Documents, the word “shall” is mandatory, the word “may” is permissive,
the word “or” is not exclusive, the words “includes” and “including” are not limiting, the singular includes the plural, and numbers denoting amounts that are set off in brackets are negative. As used in this Agreement,
the following capitalized terms have the following meanings: 
 “Account” is any “account” as defined
in the Code with such additions to such term as may hereafter be made, and includes, without limitation, all accounts receivable and other sums owing to Borrower. 

  
 - 26 -

 “Account Debtor” is any “account debtor” as defined in the Code
with such additions to such term as may hereafter be made. 
 “Advance” or “Advances” means a
revolving credit loan (or revolving credit loans) under the Revolving Line. 
 “Adjusted Quick Ratio” is the
ratio of (a) Quick Assets to (b) Current Liabilities minus the current portion of Deferred Revenue. 

“Affiliate” is, with respect to any Person, each other Person that owns or controls directly or indirectly the Person,
any Person that controls or is controlled by or is under common control with the Person, and each of that Person’s senior executive officers, directors, partners and, for any Person that is a limited liability company, that Person’s
managers and members. 
 “Agreement” is defined in the preamble hereof. 

“Authorized Signer” is any individual listed in Borrower’s Borrowing Resolution who is authorized to execute the
Loan Documents, including any Credit Extension request, on behalf of Borrower. 
 “Availability Amount” is
(a) the lesser of (i) the Revolving Line or (ii) the aggregate amount of (y) the amount available under the Borrowing Base, plus (z) the Non-Formula Amount, minus (b) the outstanding principal balance of any Advances.

 “Bank” is defined in the preamble hereof. 

“Bank Entities” is defined in Section 12.9. 

“Bank Expenses” are all documented audit fees and expenses, costs, and expenses (including reasonable documented
attorneys’ fees and expenses) for preparing, amending, negotiating, administering, defending and enforcing the Loan Documents (including, without limitation, those incurred in connection with appeals or Insolvency Proceedings) or otherwise
incurred with respect to Borrower or any Guarantor. 
 “Bank Services” are any products, credit services,
and/or financial accommodations previously, now, or hereafter provided to Borrower or any of its Subsidiaries by Bank or any Bank Affiliate, including, without limitation, any letters of credit, cash management services (including, without
limitation, merchant services, direct deposit of payroll, business credit cards, and check cashing services), interest rate swap arrangements, and foreign exchange services as any such products or services may be identified in Bank’s various
agreements related thereto (each, a “Bank Services Agreement”). 
 “Bank Services Agreement”
is defined in the definition of Bank Services. 
 “Board” means Borrower’s board of directors. 

“Borrower” is defined in the preamble hereof. 

  
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 “Borrower’s Books” are all Borrower’s books and records including
ledgers, federal and state tax returns, records regarding Borrower’s assets or liabilities, the Collateral, business operations or financial condition, and all computer programs or storage or any equipment containing such information.

 “Borrowing Base” is (a) eighty percent (80%) of Eligible Accounts, as determined by Bank from
Borrower’s most recent Borrowing Base Certificate, plus (b) provided that at all times Borrower maintains unrestricted cash with Bank in an aggregate amount in excess of the amount of all Obligations, seventy-five percent (75%) of
Borrower’s Credit Card Receivables; provided, however, that Bank has the right to decrease the foregoing percentages in its good faith business judgment to mitigate the impact of events, conditions, contingencies, or risks which may adversely
affect the Collateral or its value. 
 “Borrowing Base Certificate” is that certain certificate in the form
attached hereto as Exhibit B. 
 “Borrowing Base Report” is defined in Section 6.2(a).

 “Borrowing Resolutions” are, with respect to any Person, those resolutions adopted by such Person’s
board of directors (and, if required under the terms of such Person’s Operating Documents, stockholders) and delivered by such Person to Bank approving the Loan Documents to which such Person is a party and the transactions contemplated
thereby, together with a certificate executed by its secretary on behalf of such Person certifying (a) such Person has the authority to execute, deliver, and perform its obligations under each of the Loan Documents to which it is a party,
(b) that set forth as a part of or attached as an exhibit to such certificate is a true, correct, and complete copy of the resolutions then in full force and effect authorizing and ratifying the execution, delivery, and performance by such
Person of the Loan Documents to which it is a party, (c) the name(s) of the Person(s) authorized to execute the Loan Documents, including any Credit Extension request, on behalf of such Person, together with a sample of the true signature(s) of
such Person(s), and (d) that Bank may conclusively rely on such certificate unless and until such Person shall have delivered to Bank a further certificate canceling or amending such prior certificate. 

“Business Day” is any day that is not a Saturday, Sunday or a day on which Bank is closed, and if any determination of a
“Business Day” shall relate to an FX Contract, the term “Business Day” shall mean a day on which dealings are carried on in the country of settlement of the Foreign Currency. 

“Cash Equivalents” means (a) marketable direct obligations issued or unconditionally guaranteed by the United
States or any agency or any State thereof having maturities of not more than one (1) year from the date of acquisition; (b) commercial paper maturing no more than one (1) year after its creation and having the highest rating from
either Standard & Poor’s Ratings Group or Moody’s Investors Service, Inc.; and (c) Bank’s certificates of deposit issued maturing no more than one (1) year after issue. 

“Claims” is defined in Section 12.3. 

  
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 “Code” is the Uniform Commercial Code, as the same may, from time to time,
be enacted and in effect in the State of New York; provided, that, to the extent that the Code is used to define any term herein or in any Loan Document and such term is defined differently in different Articles or Divisions of the Code, the
definition of such term contained in Article or Division 9 shall govern; provided further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, or priority of, or remedies with respect to,
Bank’s Lien on any Collateral is governed by the Uniform Commercial Code in effect in a jurisdiction other than the State of New York, the term “Code” shall mean the Uniform Commercial Code as enacted and in effect in such
other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority, or remedies and for purposes of definitions relating to such provisions. 

“Collateral” is any and all properties, rights and assets of Borrower described on Exhibit A. 

“Collateral Account” is any Deposit Account, Securities Account, or Commodity Account. 

“Commodity Account” is any “commodity account” as defined in the Code with such additions to such term as may
hereafter be made. 
 “Compliance Certificate” is that certain certificate in the form attached hereto as
Exhibit C. 
 “Contingent Obligation” is, for any Person, any direct or indirect liability,
contingent or not, of that Person for (a) any indebtedness, lease, dividend, letter of credit or other obligation of another such as an obligation, in each case, directly or indirectly guaranteed, endorsed, co-made, discounted or sold with
recourse by that Person, or for which that Person is directly or indirectly liable; (b) any obligations for undrawn letters of credit for the account of that Person; and (c) all obligations from any interest rate, currency or commodity
swap agreement, interest rate cap or collar agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency exchange rates or commodity prices; but “Contingent Obligation” does
not include endorsements in the ordinary course of business. The amount of a Contingent Obligation is the stated or determined amount of the primary obligation for which the Contingent Obligation is made or, if not determinable, the maximum
reasonably anticipated liability for it determined by the Person in good faith; but the amount may not exceed the maximum of the obligations under any guarantee or other support arrangement. 

“Control Agreement” is any control agreement entered into among the depository institution at which Borrower maintains a
Deposit Account or the securities intermediary or commodity intermediary at which Borrower maintains a Securities Account or a Commodity Account, Borrower, and Bank pursuant to which Bank obtains control (within the meaning of the Code) over such
Deposit Account, Securities Account, or Commodity Account. 
 “Copyrights” are any and all copyright rights,
copyright applications, copyright registrations and like protections in each work of authorship and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret. 

  
 - 29 -

 “Credit Card Receivables” means all receivables of Borrower outstanding for
less than thirty (30) days that consist of credit card payments from customers, less all offsets, reserves, and other deductions determined by Bank in Bank’s sole and absolute discretion. 

“Credit Extension” is any Advance, Overadvance, or any other extension of credit by Bank for Borrower’s benefit.

 “Current Liabilities” are all Obligations and liabilities of Borrower to Bank, plus, without duplication,
the aggregate amount of Borrower’s Total Liabilities that mature within one (1) year, including all obligations of Borrower to Bank pursuant to any Bank Services Agreement, excluding in each case the current portion of Borrower’s
liabilities with respect to the Warrant. 
 “Debenture” means, collectively, those certain debentures of a
floating charge and a fixed charge, each entered into on July 30, 2012, by and between Bank and Israeli Subsidiary to secure certain assets of Israeli Subsidiary with respect to the Obligations hereunder and the obligations of Israeli
Subsidiary arising under the Loan Documents, each as amended, modified, restated, replaced or supplemented from time to time. 

“Default Rate” is defined in Section 2.3(b). 

“Deferred Revenue” is all amounts received or invoiced in advance of performance under contracts and not yet recognized
as revenue. 
 “Deposit Account” is any “deposit account” as defined in the Code with such additions
to such term as may hereafter be made. 
 “Designated Deposit Account” is the multicurrency account denominated
in Dollars, account number             , maintained by Borrower with Bank. 
 “Dollars,” “dollars” or use of the sign “$” means only lawful money of the United States and not any other currency, regardless of whether that currency
uses the “$” sign to denote its currency or may be readily converted into lawful money of the United States. 

“Dollar Equivalent” is, at any time, (a) with respect to any amount denominated in Dollars, such amount, and
(b) with respect to any amount denominated in a Foreign Currency, the equivalent amount therefor in Dollars as determined by Bank at such time on the basis of the then-prevailing rate of exchange in San Francisco, California, for sales of the
Foreign Currency for transfer to the country issuing such Foreign Currency. 
 “Effective Date” is defined in
the preamble hereof. 
 “Eligible Accounts” means Accounts which arise in the ordinary course of
Borrower’s business that meet all Borrower’s representations and warranties in Section 5.3. Bank reserves the right at any time after the Effective Date to adjust any of the criteria set forth below and to establish new criteria in
its good faith business judgment. Unless Bank otherwise agrees in writing, Eligible Accounts shall not include: 
 (a) Accounts
for which the Account Debtor is Borrower’s Affiliate, officer, employee, or agent; 

  
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 (b) Accounts that the Account Debtor has not paid within ninety (90) days of invoice
date regardless of invoice payment period terms; 
 (c) Accounts with credit balances over ninety (90) days from invoice
date; 
 (d) Accounts owing from an Account Debtor if fifty percent (50%) or more of the Accounts owing from such Account
Debtor have not been paid within ninety (90) days of invoice date; 
 (e) Accounts owing from an Account Debtor which does
not have its principal place of business in the United States; 
 (f) Accounts billed from and/or payable to Borrower outside of
the United States (sometimes called foreign invoiced accounts); 
 (g) Accounts owing from an Account Debtor to the extent that
Borrower is indebted or obligated in any manner to the Account Debtor (as creditor, lessor, supplier or otherwise - sometimes called “contra” accounts, accounts payable, customer deposits or credit accounts); 

(h) Accounts owing from an Account Debtor which is a United States government entity or any department, agency, or instrumentality
thereof unless Borrower has assigned its payment rights to Bank and the assignment has been acknowledged under the Federal Assignment of Claims Act of 1940, as amended; 
 (i) Accounts for demonstration or promotional equipment, or in which goods are consigned, or sold on a “sale guaranteed”, “sale or return”, “sale on approval”, or other terms
if Account Debtor’s payment may be conditional; 
 (j) Accounts owing from an Account Debtor where goods or services have
not yet been rendered to the Account Debtor (sometimes called memo billings or pre-billings); 
 (k) Accounts subject to
contractual arrangements between Borrower and an Account Debtor where payments shall be scheduled or due according to completion or fulfillment requirements where the Account Debtor has a right of offset for damages suffered as a result of
Borrower’s failure to perform in accordance with the contract (sometimes called contracts accounts receivable, progress billings, milestone billings, or fulfillment contracts); 

(l) Accounts owing from an Account Debtor the amount of which may be subject withholding based on the Account Debtor’s satisfaction
of Borrower’s complete performance (but only to the extent of the amount withheld; sometimes called retainage billings); 

(m) Accounts subject to trust provisions, subrogation rights of a bonding company, or a statutory trust; 

  
 - 31 -

 (n) Accounts owing from an Account Debtor that has been invoiced for goods that have not
been shipped to the Account Debtor unless Bank, Borrower, and the Account Debtor have entered into an agreement acceptable to Bank wherein the Account Debtor acknowledges that (i) it has title to and has ownership of the goods wherever located,
(ii) a bona fide sale of the goods has occurred, and (iii) it owes payment for such goods in accordance with invoices from Borrower (sometimes called “bill and hold” accounts); 

(o) Accounts for which the Account Debtor has not been invoiced; 

(p) Accounts that represent non-trade receivables or that are derived by means other than in the ordinary course of Borrower’s
business; 
 (q) Accounts for which Borrower has permitted Account Debtor’s payment to extend beyond 90 days; 

(r) Accounts arising from chargebacks, debit memos or other payment deductions taken by an Account Debtor; 

(s) Accounts arising from product returns and/or exchanges (sometimes called “warranty” or “RMA” accounts);

 (t) Accounts in which the Account Debtor disputes liability or makes any claim (but only up to the disputed or claimed
amount), or if the Account Debtor is subject to an Insolvency Proceeding, or becomes insolvent, or goes out of business; 
 (u)
Accounts owing from an Account Debtor with respect to which Borrower has received Deferred Revenue (but only to the extent of such Deferred Revenue); 
 (v) Accounts owing from an Account Debtor, whose total obligations to Borrower exceed twenty-five percent (25%) of all Accounts, for the amounts that exceed that percentage, unless Bank approves in
writing; and 
 (w) Accounts for which Bank in its good faith business judgment determines collection to be doubtful, including,
without limitation, accounts represented by “refreshed” or “recycled” invoices. 

“Equipment” is all “equipment” as defined in the Code with such additions to such term as may hereafter be
made, and includes without limitation all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing. 
 “ERISA” is the Employee Retirement Income Security Act of 1974, and its regulations. 
 “Event of Default” is defined in Section 8. 

“Exchange Act” is the Securities Exchange Act of 1934, as amended. 

“Foreign Currency” means lawful money of a country other than the United States. 

  
 - 32 -

 “Funding Date” is any date on which a Credit Extension is made to or for
the account of Borrower which shall be a Business Day. 
 “FX Contract” is any foreign exchange contract by and
between Borrower and Bank under which Borrower commits to purchase from or sell to Bank a specific amount of Foreign Currency on a specified date. 
 “GAAP” is generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other Person as may be approved by a significant segment of the accounting profession, which are applicable to the
circumstances as of the date of determination. 
 “General Intangibles” is all “general intangibles”
as defined in the Code in effect on the date hereof with such additions to such term as may hereafter be made, and includes without limitation, all Intellectual Property, claims, income and other tax refunds, security and other deposits, payment
intangibles, contract rights, options to purchase or sell real or personal property, rights in all litigation presently or hereafter pending (whether in contract, tort or otherwise), insurance policies (including without limitation key man, property
damage, and business interruption insurance), payments of insurance and rights to payment of any kind. 
 “Governmental
Approval” is any consent, authorization, approval, order, license, franchise, permit, certificate, accreditation, registration, filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority.

 “Governmental Authority” is any nation or government, any state or other political subdivision thereof, any
agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, any securities exchange and any
self-regulatory organization. 
 “Guarantor” is any present or future guarantor of the Obligations, including,
without limitation, Israeli Subsidiary. 
 “Guaranty” is that certain Unconditional Guaranty dated as of
July 30, 2012, executed by Israeli Subsidiary in favor of Bank. 
 “Indebtedness” is (a) indebtedness
for borrowed money or the deferred price of property or services, such as reimbursement and other obligations for surety bonds and letters of credit, (b) obligations evidenced by notes, bonds, debentures or similar instruments, (c) capital
lease obligations, and (d) Contingent Obligations. 
 “Indemnified Person” is defined in
Section 12.3. 
 “Insolvency Proceeding” is any proceeding by or against any Person under the United
States Bankruptcy Code, or any other bankruptcy or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief.

  
 - 33 -

 “Intellectual Property” means, with respect to any Person, all of such
Person’s right, title, and interest in and to the following: 
 (a) its Copyrights, Trademarks and Patents; 

(b) any and all trade secrets and trade secret rights, including, without limitation, any rights to unpatented inventions, know-how,
operating manuals; 
 (c) any and all source code; 
 (d) any and all design rights which may be available to such Person; 
 (e) any and
all claims for damages by way of past, present and future infringement of any of the foregoing, 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; and 
 (f) all amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents. 

“Inventory” is all “inventory” as defined in the Code in effect on the date hereof with such additions to such
term as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products, including without limitation such inventory as is temporarily out
of Borrower’s custody or possession or in transit and including any returned goods and any documents of title representing any of the above. 
 “Investment” is any beneficial ownership interest in any Person (including stock, partnership interest or other securities), and any loan, advance or capital contribution to any Person.

 “IP Agreement” is that certain Intellectual Property Security Agreement executed and delivered by Borrower
to Bank dated as of September 17, 2009, as amended. 
 “Israeli Subsidiary” is FiftyOne Research and
Development, Ltd. 
 “Israeli Subsidiary IP Agreement” is that certain Amended and Restated Intellectual
Property Security Agreement executed and delivered by Israeli Subsidiary to Bank dated as of July 30, 2012, as amended. 

“Key Person” is Borrower’s Chief Executive Officer (who is, as of the Effective Date, Michael DeSimone).

 “Letter of Credit” is a standby or commercial letter of credit issued by Bank upon request of Borrower based
upon an application, guarantee, indemnity, or similar agreement. 

  
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 “Lien” is a claim, mortgage, deed of trust, levy, charge, pledge, security
interest or other encumbrance of any kind, whether voluntarily incurred or arising by operation of law or otherwise against any property. 
 “Loan Documents” are, collectively, this Agreement and any schedules, exhibits, certificates, notices, and any other documents related to this Agreement, the Warrant, the Perfection
Certificate, the IP Agreement, the Israeli Subsidiary IP Agreement, any Bank Services Agreement, any subordination agreement, any note, or notes or guaranties executed by Borrower or any Guarantor including the Debenture and the Guaranty, and any
other present or future agreement by Borrower and/or any Guarantor with or for the benefit of Bank in connection with this Agreement or Bank Services, all as amended, restated, or otherwise modified. 

“Material Adverse Change” is (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 condition (financial or otherwise) of Borrower; (c) a material impairment of the prospect of repayment of any portion of the
Obligations when due; or (d) Bank determines, based upon information available to it and in its reasonable judgment, that there is a substantial likelihood that Borrower shall fail to comply with one or more of the financial covenants in
Section 6 during the next succeeding financial reporting period. 
 “Monthly Financial Statements” is
defined in Section 6.2(c). 
 “Net Income” means, as calculated for Borrower for any period as at any date
of determination, the net profit (or loss), after provision for taxes and tax-related distributions permitted hereunder, but excluding non-cash expenses relating to (a) employee stock compensation agreements or (b) the Warrant, of Borrower
for such period taken as a single accounting period. 
 “Non-Formula Amount” is an Advance or Advances under
the Revolving Line, made: (i) on or after November 15, 2013, but on or prior to January 15, 2014, of up to Six Million Dollars ($6,000,000.00), provided that Borrower provides Bank with evidence acceptable to Bank in Bank’s
sole and absolute discretion that Borrower is and shall be in compliance with the financial covenants set forth in Section 6.7 both prior to and after the date on which such Advance request is made, and (ii) after January 15, 2014, of
up to Zero Dollars ($0.00). 
 “Obligations” are Borrower’s obligations to pay when due any debts,
principal, interest, fees, Bank Expenses, and other amounts Borrower owes Bank now or later, whether under this Agreement, the other Loan Documents (other than the Warrant), or otherwise, including, without limitation, any interest accruing after
Insolvency Proceedings begin and debts, liabilities, or obligations of Borrower assigned to Bank, and to perform Borrower’s duties under the Loan Documents (other than the Warrant). 

“Operating Documents” are, for any Person, such Person’s formation documents, as certified by the Secretary of
State (or equivalent agency) of such Person’s jurisdiction of organization on a date that is no earlier than thirty (30) days prior to the Effective Date, and, (a) if such Person is a corporation, its bylaws in current form,
(b) if such Person is a limited liability company, its limited liability company agreement (or similar agreement), and (c) if such Person is a partnership, its partnership agreement (or similar agreement), each of the foregoing with all
current amendments or modifications thereto. 

  
 - 35 -

 “Overadvance” is defined in Section 2.2. 

“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. 
 “Payment/Advance
Form” is that certain form attached hereto as Exhibit D. 
 “Perfection Certificate” is
defined in Section 5.1. 
 “Permitted Indebtedness” is: 

(a) Borrower’s Indebtedness to Bank under this Agreement and the other Loan Documents; 

(b) Indebtedness existing on the Effective Date and shown on the Perfection Certificate; 

(c) Subordinated Debt, 
 (d) unsecured Indebtedness to trade creditors incurred in the ordinary course of business; 
 (e) Indebtedness incurred as a result of endorsing negotiable instruments received in the ordinary course of business; 
 (f) Indebtedness secured by Liens permitted under clauses (a) and (c) of the definition of “Permitted Liens” hereunder; and 

(g) extensions, refinancings, modifications, amendments and restatements of any items of Permitted Indebtedness (a) through
(f) above, provided that the principal amount thereof is not increased or the terms thereof are not modified to impose more burdensome terms upon Borrower or its Subsidiary, as the case may be. 

“Permitted Investments” are: 
 (a) Investments (including, without limitation, Subsidiaries) existing on the Effective Date and shown on the Perfection Certificate; 

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

(d) Investments consisting of deposit accounts in which Bank has a first priority perfected security interest; 

  
 - 36 -

 (e) Investments accepted in connection with Transfers permitted by Section 7.1;

 (f) Investments 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 plans or agreements approved by
Borrower’s Board; 
 (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 business,. 

(h) 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 paragraph (h) shall not apply to Investments of Borrower in any Subsidiary; and 
 (i) Investments (i) by Borrower in Israeli Subsidiary, and (ii) by Borrower in FiftyOne Canada, Inc. and FiftyOne China, Co., Ltd., in an aggregate amount not exceeding Two Million Five Hundred
Thousand Dollars ($2,500,000.00) per year. 
 “Permitted Liens” are: 

(a) Liens existing on the Effective Date and shown on the Perfection Certificate or arising under this Agreement and the other Loan
Documents; 
 (b) Liens for taxes, fees, assessments or other government charges or levies, either (i) not due and payable
or (ii) being contested in good faith and for which Borrower maintains adequate reserves on its Books, provided that no notice of any such Lien has been filed or recorded under the Internal Revenue Code of 1986, as amended, and the Treasury
Regulations adopted thereunder; 
 (c) purchase money Liens (i) on Equipment acquired or held by Borrower incurred for
financing the acquisition of the Equipment securing no more than One Hundred Thousand Dollars ($100,000.00) in the aggregate amount outstanding, or (ii) existing on Equipment when acquired, if the Lien is confined to the property and
improvements and the proceeds of the Equipment; 
 (d) Liens of carriers, warehousemen, suppliers, or other Persons that are
possessory in nature arising in the ordinary course of business so long as such Liens attach only to Inventory, securing liabilities in the aggregate amount not to exceed Fifty Thousand Dollars ($50,000.00) and which are not delinquent or
remain payable without penalty or which are being contested in good faith and by appropriate proceedings which proceedings have the effect of preventing the forfeiture or sale of the property subject thereto; 

  
 - 37 -

 (e) Liens to secure 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); 
 (f) Liens incurred in the extension, renewal or refinancing of the indebtedness secured by Liens described in (a) through (e), but any extension, renewal or replacement Lien must be limited to
the property encumbered by the existing Lien and the principal amount of the indebtedness may not increase; 
 (g) leases or
subleases of real 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), and leases, subleases, non-exclusive licenses or sublicenses of
personal 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), if the leases, subleases, licenses and
sublicenses do not prohibit granting Bank a security interest therein; 
 (h) non-exclusive license of Intellectual Property
granted to third parties in the ordinary course of business; 
 (i) Liens arising from attachments or judgments, orders, or
decrees in circumstances not constituting an Event of Default under Sections 8.4 and 8.7; and 
 (j) Liens in favor of
other financial institutions arising in connection with Borrower’s deposit and/or securities accounts held at such institutions, provided that Bank has a first priority perfected security interest in the amounts held in such deposit and/or
securities accounts; and 
 (k) Liens on Israeli Subsidiary’s account no. 03830090 in favor of Bank Leumi, securing
bank guarantees issued by Bank Leumi with reimbursement obligations not to exceed an aggregate amount of Nine Hundred Thousand Shekels (NIS 900,000) at any time. 
 “Person” is any individual, sole proprietorship, partnership, limited liability company, joint venture, company, trust, unincorporated organization, association, corporation, institution,
public benefit corporation, firm, joint stock company, estate, entity or government agency. 
 “Prime Rate” is
the greater of (a) four percent (4.0%), and (b) is Bank’s most recently announced “prime rate,” even if it is not the lowest rate of interest charged by Bank in connection with extensions of credit to debtors.

 “Quick Assets” is, on any date, Borrower’s (a) unrestricted cash, plus (b) net billed
accounts receivable, determined according to GAAP, plus (c) funds held on deposit at American Express. 

“Registered Organization” is any “registered organization” as defined in the Code with such additions to such
term as may hereafter be made. 
 “Regulatory Change” means, with respect to Bank, any change on or after the
date of this Agreement in United States federal, state, or foreign laws or regulations, including 

  
 - 38 -

 
Regulation D, or the adoption or making on or after such date of any interpretations, directives, or requests applying to a class of lenders including Bank, of or under any United States
federal or state, or any foreign laws or regulations (whether or not having the force of law) by any court or governmental or monetary authority charged with the interpretation or administration thereof. 

“Requirement of Law” is as to any Person, the organizational or governing documents of such Person, and any law
(statutory or common), treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its
property is subject. 
 “Responsible Officer” is any of the Chief Executive Officer, President, Chief Financial
Officer and Controller of Borrower. 
 “Restricted License” is any material license or other agreement with
respect to which Borrower is the licensee (a) that prohibits or otherwise restricts Borrower from granting a security interest in Borrower’s interest in such license or agreement or any other property, or (b) for which a default under
or termination of could interfere with the Bank’s right to sell any Collateral. 
 “Revolving Line” is an
aggregate principal amount equal to Twelve Million Dollars ($12,000,000.00), plus the Non-Formula Amount. 

“Revolving Line Maturity Date” is April 26, 2014. 

“SEC” shall mean the Securities and Exchange Commission, any successor thereto, and any analogous Governmental
Authority. 
 “Securities Account” is any “securities account” as defined in the Code with such
additions to such term as may hereafter be made. 
 “Subordinated Debt” is indebtedness incurred by Borrower
subordinated to all of Borrower’s now or hereafter indebtedness to Bank (pursuant to a subordination, intercreditor, or other similar agreement in form and substance satisfactory to Bank entered into between Bank and the other creditor), on
terms acceptable to Bank. 
 “Subsidiary” is, as to any Person, a corporation, partnership, limited liability
company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of
the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person.
Unless the context otherwise requires, each reference to a Subsidiary herein shall be a reference to a Subsidiary of Borrower or Guarantor. 
 “Total Liabilities” is on any day, obligations that should, under GAAP, be classified as liabilities on Borrower’s consolidated balance sheet, including all Indebtedness and current
portion of Subordinated Debt permitted by Bank to be paid by Borrower, but excluding all other Subordinated Debt. 

  
 - 39 -

 “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. 

“Warrant” is (i) that certain Warrant to Purchase Stock dated as of September 17, 2009 executed by Borrower in
favor of Bank, and (ii) that certain Warrant to Purchase Stock dated as of March 29, 2012 executed by Borrower in favor of Bank. 
 [Signature page follows.] 

  
 - 40 -

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as
of the Effective Date. 
  

			
	BORROWER:
	
	BORDERFREE, INC., f/k/a FIFTYONE, INC.
		
	By:	 	 /s/ Michael DeSimone

	Name:	 	Michael DeSimone
	Title:	 	CEO
	
	BANK:
	
	SILICON VALLEY BANK
		
	By:	 	 /s/ Melissa Stepanis

	Name:	 	 Melissa Stepanis

	Title:	 	 Managing Director

  
 Signature
Page to Loan and Security Agreement 

 EXHIBIT A – COLLATERAL DESCRIPTION 

The Collateral consists of all of Borrower’s right, title and interest in and to the following personal property: 

All goods, Accounts (including health-care receivables), Equipment, Inventory, contract rights or rights to payment of money, leases,
license agreements, franchise agreements, General Intangibles, commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts, all certificates of deposit,
fixtures, letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, and all other investment property, supporting obligations, and financial assets, whether now owned or hereafter acquired, wherever
located; and 
 all Borrower’s Books relating to the foregoing, and any and all claims, rights and interests in any of the
above and all substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the foregoing. 

  
 1 

 EXHIBIT B – BORROWING BASE CERTIFICATE 

Borrower: BORDERFREE, INC., f/k/a FIFTYONE, INC 

Lender: SILICON VALLEY BANK 
 Commitment Amount:
$12,000,000.00 
  

							
	 ACCOUNTS RECEIVABLE
	   

	 1
	  	 Accounts Receivable (invoiced) Book Value as of
	  	$	            	  
	 2
	  	 Additions (Please explain on next page)
	  	$	            	  
	 3
	  	 Less: Intercompany / Employee / Non-Trade Accounts
	  	$	            	  
	 4
	  	 NET TRADE ACCOUNTS RECEIVABLE
	  	$	            	  
	
	 ACCOUNTS RECEIVABLE DEDUCTIONS (without duplication)
	   

	 5
	  	 90 Days Past Invoice Date
	  	$	            	  
	 6
	  	 Credit Balances over 90 Days
	  	$	            	  
	 7
	  	 Balance of 50% over 90 Day Accounts (Cross-Age or Current Affected)
	  	$	            	  
	 8
	  	 Foreign Account Debtor Accounts
	  	$	            	  
	 9
	  	 Foreign Invoiced and/or Collected Accounts
	  	$	            	  
	 10
	  	 Contra / Customer Deposit Accounts
	  	$	            	  
	 11
	  	 U.S. Government Accounts
	  	$	            	  
	 12
	  	 Promotion or Demo Accounts; Guaranteed Sale or Consignment Sale Accounts
	  	$	            	  
	 13
	  	 Accounts with Memo or Pre-Billings
	  	$	            	  
	 14
	  	 Contract Accounts; Accounts with Progress / Milestone Billings
	  	$	            	  
	 15
	  	 Accounts for Retainage Billings
	  	$	            	  
	 16
	  	 Trust / Bonded Accounts
	  	$	            	  
	 17
	  	 Bill and Hold Accounts
	  	$	            	  
	 18
	  	 Unbilled Accounts
	  	$	            	  
	 19
	  	 Non-Trade Accounts (If not already deducted above.)
	  	$	            	  
	 20
	  	 Accounts with Extended Term Invoices (Net 90+)
	  	$	            	  
	 21
	  	 Chargebacks Accounts / Debit Memos
	  	$	            	  
	 22
	  	 Product Returns / Exchanges
	  	$	            	  
	 23
	  	 Disputed Accounts; Insolvent Account Debtor Accounts
	  	$	            	  
	 24
	  	 Deferred Revenue, if applicable / Other (Please explain on next page)
	  	$	            	  
	 25
	  	 Concentration Limits
	  	$	            	  
	 26
	  	 TOTAL ACCOUNTS RECEIVABLE DEDUCTIONS
	  	$	            	  
			
	 27
	  	 Eligible Accounts (#4 minus #26)
	  	$	            	  
	 28
	  	 ELIGIBLE AMOUNT OF ACCOUNTS (80% of #27)
	  	$	            	  
			
	 29
	  	 75% OF Borrower’s Credit Card Receivables (if eligible under the Loan Agreement)
	  	$	            	  
			
	 30
	  	 Non-Formula Amount
	  	$	6,000,000.00	  
	
	 BALANCES
	   

	 31
	  	 Maximum Loan Amount
	  	$	2,000.000.00	  
	 32
	  	 Total Funds Available (Lesser of #31 or (#28 plus #29 and #30))
	  	$	            	  
	 33
	  	 Present balance owing on Line of Credit
	  	$	            	  
	 34
	  	 RESERVE POSITION (#32 minus #33)
	  	$	            	  

 [Continued on following page.] 

  
 1 

 Explanatory comments from previous page: 

 
  
  

 
  

 
 The undersigned represents and warrants that
this is true, complete and correct, and that the information in this Borrowing Base Certificate complies with the representations and warranties in the Loan and Security Agreement between the undersigned and Silicon Valley Bank. 

 

 

			
	COMMENTS:
	
	BORDERFREE, INC., f/k/a FIFTYONE, INC.
		  	
	By:	  	  

		  	Authorized Signer

			
	Date:	  	  

 

					
	BANK USE ONLY	 	
	Received by:	 	  
	 	

					
		 	AUTHORIZED SIGNER	 	
	Date:	 	  
	 	

					
	Verified:	 	  
	 	
		 	AUTHORIZED SIGNER	 	

					
	Date:	 	  
	 	

					
	Compliance Status:	  	Yes                    No	 	

 
 

  
 2 

 EXHIBIT E 

COMPLIANCE CERTIFICATE 
  

					
	TO:	 	SILICON VALLEY BANK	  	Date:                    
	FROM:	 	BORDERFREE, INC., f/k/a FIFTYONE, INC.	  	

 The undersigned authorized officer of BORDERFREE, INC., f/k/a FIFTYONE, INC. (“Borrower”)
certifies that under the terms and conditions of the Loan and Security Agreement between Borrower and Bank (the “Agreement”): 
 (1) Borrower is in complete compliance for the period ending                      with all
required covenants except as noted below; (2) there are no Events of Default; (3) all representations and warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that
such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring
to a specific date shall be true, accurate and complete in all material respects as of such date; (4) Borrower, and each of its Subsidiaries, has timely filed all required tax returns and reports, and Borrower has timely paid all foreign,
federal, state and local taxes, assessments, deposits and contributions owed by Borrower except as otherwise permitted pursuant to the terms of Section 5.9 of the Agreement; and (5) no Liens have been levied or claims made against Borrower
or any of its Subsidiaries relating to unpaid employee payroll or benefits of which Borrower has not previously provided written notification to Bank. 
 Attached are the required documents supporting the certification. The undersigned certifies that these are prepared in accordance with GAAP consistently applied from one period to the next except as
explained in an accompanying letter or footnotes. The undersigned acknowledges that no borrowings may be requested at any time or date of determination that Borrower is not in compliance with any of the terms of the Agreement, and that compliance is
determined not just at the date this certificate is delivered. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement. 
 Please indicate compliance status by circling Yes/No under “Complies” column. 
  

					
	 Reporting Covenants
	  	 Required
	 	 Complies

	Monthly financial statements with Compliance Certificate	  	Monthly within 30 days	 	Yes No
			
	Annual financial statement (CPA Audited)	  	FYE within 180 days	 	Yes No
			
	10-Q, 10-K and 8-K	  	Within 5 days after filing with SEC	 	Yes No
			
	Borrowing Base Certificate and A/R & A/P Agings	  	Monthly within 30 days	 	Yes No
			
	Board-approved Projections	  	Annually, within 10 days of approval and contemporaneously thereto	 	Yes No

  
 1 

	
	  

	The following Intellectual Property was registered (or a registration application submitted) after the Effective Date (if registrations, state “None”)
	  

	  

 The following financial covenant analyses and information set forth in Schedule 1 attached hereto
are true and accurate as of the date of this Certificate. 
 Other Matters 

 

					
	Have there been any amendments of or other changes to the capitalization table of Borrower and to the Operating Documents of Borrower or any of its Subsidiaries? If yes, provide
copies of any such amendments or changes with this Compliance Certificate.	  	Yes	  	No

 The following are the exceptions with respect to the certification above: (If no exceptions exist, state
“No exceptions to note.”) 
  
  

 
  

 

			
	BORDERFREE, INC., f/k/a FIFTYONE, INC.
	     
	By:	 	  

			
	Name:	 	  

			
	Date:	 	  

 

			
	BANK USE ONLY
	Received by:	 	  

		 	AUTHORIZED SIGNER

			
	Date:	 	  

			
	Verified:	 	  

		 	AUTHORIZED SIGNER

			
	Date:	 	  

			
	Compliance Status:	 	Yes                    No

 
 

  
 2 

 Schedule 1 to Compliance Certificate 

Financial Covenants of Borrower 
 In the event of a conflict between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern. 
 Dated:                      

 

	I.	Adjusted Quick Ratio (Section 6.7(a)) 

  

			
	Required:	  	1.20:1.00
		
	Actual:	  	       :1.00

  

							
	 A.
	  	Aggregate value of the unrestricted cash of Borrower	  	$	            	  
	 B.
	  	Aggregate value of the net billed accounts receivable of Borrower	  	$	            	  
	 C.
	  	Aggregate value of funds of Borrower held on deposit at American Express	  	$	            	  
	 D.
	  	Quick Assets (the sum of lines A through C)	  	$	            	  
	 E.
	  	Aggregate value of Obligations to Bank (excluding the current portion of Borrower’s liabilities with respect to the Warrant)	  	$	            	  
	 F.
	  	Aggregate value of liabilities that should, under GAAP, be classified as liabilities on Borrower’s consolidated balance sheet, including all Indebtedness and current portion
of Subordinated Debt permitted by Bank to be paid by Borrower, but excluding all other Subordinated Debt, and not otherwise reflected in line E above, that mature within one (1) year, including all obligations of Borrower to Bank pursuant to
any Bank Services Agreement (excluding the current portion of Borrower’s liabilities with respect to the Warrant)	  	$	            	  
	 G.
	  	Current Liabilities (the sum of lines E and F)	  	$	            	  
	 H.
	  	Aggregate value of all amounts received or invoiced by Borrower in advance of performance under contracts and not yet recognized as revenue	  	$	            	  
	 I.
	  	Line G minus line H	  	$	            	  
	 J.
	  	Adjusted Quick Ratio (line D divided by line I)	  	 	             	  

 Is line J equal to or greater than 1.20:1:00? 

 

			
	         No, not in compliance	 	         Yes, in compliance

  
 1 

	II.	Net Income (Section 6.7(b)) 

  

			
	Required:	  	(i) ($3,750,000.00) for the quarter ending March 31, 2013, (ii) ($3,000,000.00) for the quarter ending June 30, 2013, (iii) ($650,000.00) for the quarter
ending September 30, 2013, and (iv) $4,250,000.00 for the quarter ending December 31, 2013, and (v) for each quarter thereafter, the Net Income covenant levels will be mutually agreed upon by Borrower and Bank based upon
Borrower’s 2014 Board-approved projections and budget. The failure of Borrower and Bank to mutually agree in writing, on or before February 15, 2014, to any covenant levels for the period after December 31, 2013, shall result in an
immediate Event of Default for which there shall be no grace or cure period.
		
	Actual:	  	$        

 

			
	         No, not in compliance	  	         Yes, in compliance

  
 2 

 EXHIBIT D – LOAN PAYMENT/ADVANCE REQUEST FORM 

DEADLINE FOR SAME DAY PROCESSING IS 2:00 P.M.
EASTERN TIME 
  

			
	Fax To:	 	Date:                  

  

									
	LOAN PAYMENT:	 	BORDERFREE, INC., f/k/a FIFTYONE,
INC.                                  
	 				 
	From Account #	 	  
	 	         	 	To Account #	 	  

	 	 	(Deposit Account #)	 		 		 	(Loan Account #)
	Principal $	 	  
	 		 	and/or Interest $	 	  

	Authorized Signature:	 	  
	 		 	Phone Number:	 	  

	Print Name/Title:	 	  
	 		 		 	 
	 	 	 	 	 	 	 	 	 

  

									
	LOAN
ADVANCE:
	 Complete
Outgoing Wire Request section below if all or a portion of the funds from this loan advance are for an outgoing wire.
  

	From Account #	 	  
	 	         	 	To Account #	 	  

	 	 	(Deposit Account #)	 		 		 	(Loan Account #)
	Amount of Advance $	 	  
	 		 		 	 
	 All
Borrower’s representations and warranties in the Loan and Security Agreement are true, correct and complete in all material respects on the date of the request for an advance; provided, however, that such materiality qualifier shall not be
applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true,
accurate and complete in all material respects as of such date:
  

	Authorized Signature:	 	  
	 		 	Phone Number:	 	  

	Print Name/Title:	 	  
	 		 		 	 
	 	 	 	 	 	 	 	 	 

  

									
	OUTGOING WIRE
REQUEST:
	Complete only if all or a portion of funds from the loan
advance above is to be wired.
	 Deadline for same
day processing is 2:00 p.m. Eastern Time
  

	Beneficiary Name:	 	  
	 	         	 	Amount of Wire: $	 	  

	Beneficiary Bank:	 	  
	 		 	Account Number:	 	  

	City and State:	 	  
	 		 		 	 

									
	Beneficiary Bank Transit (ABA) #:	 	  
	 	         	 	Beneficiary Bank Code (Swift, Sort, Chip, etc.):	 	  

	 	 		 		 	  (For International Wire Only)	 	 

									
	Intermediary Bank:	 	  
	 	         	 	Transit (ABA) #:	 	
 

									
	For Further Credit to:	 	  

	Special Instruction:	 	  

	  

By signing below, I (we) acknowledge and agree that my (our) funds transfer request shall be processed in accordance with and subject to the terms and
conditions set forth in the agreements(s) covering funds transfer service(s), which agreements(s) were previously received and executed by me (us).

 

									
	Authorized Signature:	 	  
	 	         	 	2nd Signature (if required):	 	  

	Print Name/Title:	 	  
	 		 	Print Name/Title:	 	  

	 Telephone #:

 
	 	  
	 	 	 	Telephone #:	 	
 

  
 1

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