Document:

EX-10.5

 Exhibit 10.5 

STANDARD OFFICE/LOFT LEASE FORM 

Agreement of Lease, made as of this 14th day of April, in the year 2009, by and between 55
WASHINGTON STREET LLC, a limited liability company, having a mailing address c/o Two Trees Management Co. LLC, 45 Main Street, Suite 602, Brooklyn, New York 11201, as landlord, (“Landlord”), and ETSY, INC., a Delaware
corporation qualified to do business in the State of New York, having an address of 325 Gold Street, 6th Floor, Brooklyn, New York 11201, as tenant (“Tenant”). 

Witnesseth: Landlord hereby leases to Tenant and Tenant hereby leases from Landlord certain premises known as Suite 512 on the fifth (5th) floor
of that certain building (the “Building”) known as 55 Washington Street in the Borough of Brooklyn, County of Kings and City and State of New York (which premises are herein the “demised premises” and are located in the
approximate location of said floor shown on the drawing designated Exhibit A attached hereto and hereby made a part hereof) at the rents provided herein for a term (the “Term”) of seven (7) years (unless such term shall
sooner cease, terminate or expire as hereinafter provided). The Term shall commence on August 1, 2009 (the “Commencement Date”) and end on July 31, 2016 (the “Expiration Date”), both dates inclusive. 

The parties hereto, for themselves, their heirs, distributees, executors, administrators, legal representatives, successors and assigns, hereby covenant and
agree as follows: 

 

 Use: 1. The demised premises shall be used by Tenant, subject to the terms of this Lease, solely as and
for general and executive business offices for a company that provides online marketing services, video and crafting services and for no other purposes except the online sale of “Etsy” branded merchandise and shipment of such merchandise
(provided that such shipping shall not make excessive demands on the Building’s services or facilities), the making of videos related to the Tenant’s online services and crafting services related to Tenant’s online business
(collectively the “Permitted Use”) as provided herein. Notwithstanding anything to the contrary contained in this Lease, in no event shall the demised premises be used for the distribution of any goods, services or merchandise other than
in connection with the Permitted Use (provided that such shipping shall not make excessive demands on the Building’s services or facilities), nor shall any video-making or crafting done by Tenant in the demised premises create commercially
unreasonable noise, odors and/or vibrations that can be heard, smelled or felt outside of the demised premises which will unreasonably disturb or materially interfere with the use and enjoyment of other tenant’s in the Building. Tenant shall
not suffer or permit the demised premises or the Building or any part of either to be used in any manner, nor suffer or permit anything to be done therein or anything to be brought into or kept therein, which, in the reasonable judgment of Landlord,
shall in any way: impair the character, reputation or appearance of the Building as a high quality office building, materially impair or interfere with any of the Building’s services or the proper and economic heating, cleaning, air
conditioning, ventilating or other servicing of the Building or the demised premises, materially impair or interfere with the use of any part of the Building, or cause commercially unreasonable discomfort, inconvenience or annoyance to any of the
other tenants or occupants of the Building. Tenant shall not use nor permit the use of the demised premises or the Building or any part of either in violation of the certificate of occupancy for the demised premises or the Building, if any, or any
ground or underlying lease for the Building and/or the land of which the demised premises form a part, if any.

 Notwithstanding anything to the contrary contained herein, Tenant shall not use or permit all or any part of the
demised premises to be used for any of the following: (1) overnight stays or residential use of any kind (and Tenant hereby agrees to provide Landlord following request made therefor with such documentation as Landlord requests which proves
that Tenant is not residing at or living in the demised premises, including, without limitation, paperwork filed with the Internal Revenue Service, utility bills, and/or a copy of a residential lease); (2) retail use of any kind that involves
the presence of the general public in the demised premises; (3) real estate brokerage or property management; (4) an employment, personnel or executive search agency; (5) any health care, rehabilitation, massage, clinic, counseling or
exercise facility of any kind, including, but not limited to, a medical or dental office; (6) any foreign or domestic government or any subdivision, agency, department, or instrumentality thereof, including, without limitation, any foreign,
federal, state or local governmental or quasi-governmental body, agency or department, or any other authority or entity that is affiliated therewith or controlled thereby, or any person, group or entity that enjoys diplomatic, sovereign or any other
form of immunity from civil or criminal process; (7) any political, labor, not-for-profit, religious, charitable, eleemosynary, school or educational entity, or any other similar type of organization; (8) the sale or distribution of any
goods, services or merchandise not expressly permitted by the terms of this Lease; (9) the live performance of any form of entertainment, including, but not limited to, singing and/or the playing of any musical instrument of any kind in any
manner whatsoever at any time, without regard to whether or not admission is charged for any live vocal or musical performance; (10) cooking, other than the warming of prepared foods for employee’s lunches and snacks in a small microwave
oven; (11) a messenger service; (12) banking, cash machine, check cashing and the like; (13) a recording studio; (14) sale, display or distribution of lewd or pornographic materials, alcohol, tobacco products or firearms of any
kind; (15) the manufacture of any product; (16) any activity which involves the storage, use or generation of medical waste, corrosive or toxic solids, liquids or

 

  

							
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gasses and/or any hazardous materials; (17) any occupancy or use which makes excessive demands on the Building’s services or facilities and (18) any filming or a video production
company other than as specifically permitted as part of the Permitted Use. 
 Base Rent: 2. Tenant shall pay Landlord during the Term hereof
“annual base rent” (the minimum rent due and payable under this Lease) without prior demand, offset or deduction at the rates set forth below (dates inclusive): 
  

									
	 Dates
	  	annual base rent	 	  	monthly installment	 
			
	 8/1/09 to 7/31/10
	  	$	345,873.00	  	  	$	28,822.75	  
	 8/1/10 to 7/31/11
	  	$	355,384.51	  	  	$	29,615.38	  
	 8/1/11 to 7/31/12
	  	$	365,157.58	  	  	$	30,429.80	  
	 8/1/12 to 7/31/13
	  	$	375,199.41	  	  	$	31,266.62	  
	 8/1/13 to 7/31/14
	  	$	385,517.39	  	  	$	32,126.45	  
	 8/1/14 to 7/31/15
	  	$	425,497.38	  	  	$	35,458.12	  
	 8/1/15 to 7/31/16
	  	$	437,198.56	  	  	$	36,433.21	  

 Provided Tenant is not in default (beyond any applicable cure period) under its obligation under this Lease on August 1,
2009, September 1, 2009 and October 1, 2009, Tenant shall be entitled to a rent credit in the amount of $86,468.25 which shall be applied by Landlord in three (3) equal installments of $28,822.75 against the monthly installment
of the annual base rent payable under this Lease for the months of August 2009, September 2009 and October 2009 (collectively the “free Rent and the “Free Rent Period”). Subject to Article 9 herein, in no event shall the rent
credit payable under this paragraph exceed $86,468.25. Notwithstanding the foregoing, if prior to the Expiration Date (as the same may be amended from time to time), the demised premises are surrendered by Tenant or if Landlord obtains possession of
the demised premises prior to the Expiration Date due to default(s) by Tenant under this Lease then in either case, Tenant shall immediately pay Landlord the unamortized portion of the Free Rent (which shall be amortized over the initial Term of the
Lease using a straight line method) as additional rent hereunder and such payment obligation shall expressly survive the expiration or termination of this Lease. Annual base rent shall be paid in monthly installments in advance on the first day of
each month during the Term hereof. Unless and until otherwise designated by Landlord in writing, all annual base rent and additional rent payable under this Lease shall be paid to “55 Washington Street LLC”, c/o Two Trees
Management, 45 Main Street, Suite 601, Brooklyn, New York 11201. Monthly installments of annual base rent payable for a partial month shall be prorated on a per diem basis based upon the number of days in the relevant month. All taxes, charges,
costs, expenses and sums other than annual base rent payable by Tenant hereunder are deemed additional rent. Tenant shall pay annual base rent and additional rent as provided in this Lease 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, at the office of Landlord or such other place as Landlord may designate, without any set-off or deduction whatsoever. Any delay or failure of Landlord or its agent
to prepare and deliver any bill, statement or invoice shall not constitute a waiver of the right to collect any payment that may have become due during the term of this Lease, including, without limitation, retroactive payments for any and all
amounts unbilled. If no date shall be set forth herein for the payment of additional rent, then such sum shall be due and payable within ten (10) days after the date upon which Landlord demands such payment. If additional rent is not paid when
due, Landlord shall have all the rights and remedies with respect to the collection of

 
the same and the enforcement of the Tenant’s obligation to pay the same as in this Lease provided, and such rights and remedies as are available at law, equity or otherwise, in the case of
non-payment of annual base rent. Although this Article is intended to facilitate the collection rights and remedies of Landlord under this Lease, it is not intended to alter the principle of reimbursable items by Tenant to Landlord, which
reimbursable items shall in no event be deemed “income” to Landlord under any provisions of relevant tax law, or otherwise. If any out of state check of Tenant is dishonored, all subsequent checks shall be either certified checks or a
check drawn upon a New York City Bank that is a member of the New York Clearing House Association (or its successor). 
 Security Deposit: 3. Tenant
has deposited with Landlord the sum of $320,000.00 as security for the faithful performance and observance by Tenant of the terms, provisions and conditions of this Lease. It is agreed that Landlord may use, apply or retain the whole or any
part of the security so deposited to the extent required for the payment of any amount payable hereunder as to which Tenant is in default under this Lease, 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 demised premises, whether such damages or deficiency accrued before or
after summary proceedings or re-entry by Landlord. If Landlord uses, applies or retains any part or all of said security, as permitted hereunder, Tenant shall within five (5) days following demand, deposit with Landlord such amount as is
necessary to restore the security to the amount Tenant is required to deposit with Landlord under this Article. If Tenant shall fully and faithfully comply with all of the terms, provisions, covenants and conditions of this Lease, the security
Landlord is then holding shall be returned promptly to Tenant after the date fixed as the end of the term hereof and after delivery of possession of the demised premises to Landlord. If the Building is sold or leased, Landlord shall have the right
to transfer the security to the purchaser or lessee for the benefit of Tenant and Landlord, after giving notice to Tenant and the purchaser’s assumption of this Lease, shall be deemed released by Tenant from all liability for the return of such
security and Tenant shall look solely to the new owner or lessee for the return thereof. Tenant further covenants that it will not assign or encumber, or attempt to assign or encumber, the monies deposited herein as security, and that neither
Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance. 
 Notwithstanding
the foregoing, Tenant may deliver to Landlord an unconditional letter of credit which complies with all of the provisions and conditions of this paragraph. The letter of credit must be in the sum of THREE HUNDRED TWENTY THOUSAND AND 00/100
($320,000.00) DOLLARS and shall serve as security for the faithful performance and observance by Tenant of the terms, provisions, covenants and conditions of this Lease, as amended to date and from time to time by the parties hereto. Said letter
of credit shall name Two Trees Management Co. LLC, or an entity designated by Landlord, as sole beneficiary and it shall expire on the Expiration Date; provided, however, said letter of credit may provide that it will expire prior to the Expiration
Date (but in no event prior to the one (1) year anniversary of the Commencement Date) if said letter of credit is renewed by Tenant, without amendment, and evidence of such renewal is delivered to Landlord prior to that date which is thirty
(30) days prior to the Expiration Date hereof. The form 

 

  

							
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of such letter of credit and the issuing bank shall be subject to the reasonable approval of Landlord and its counsel. The letter of credit shall provide that it may be presented for payment
either at the counters of a branch of the issuing bank located in New York City or by mail at a specified branch located in New York City of the issuing bank. Upon any default by Tenant beyond the applicable notice and cure periods provided for
herein, Two Trees Management Co. LLC shall be entitled to draw upon the letter of credit to the extent of the full amount thereof immediately upon delivery to the issuing bank of a sight draft. The letter of credit shall provide that partial
drawings shall be permitted. If, for any reason, such letter of credit shall expire without Two Trees Management Co. LLC (as agent of Landlord) having drawn thereon for any reason, including, without limitation, the inadvertent failure to do so by
Two Trees Management Co. LLC, then Tenant shall deliver to Two Trees Management Co. LLC within ten (10) days following demand made for it a replacement of such letter of credit or a cash deposit to bring the security deposit required hereunder
to the appropriate balance. Said letter of credit shall specifically provide that Landlord and Two Trees Management Co. LLC will receive not less than forty-five (45) days written notice of the election of the issuing bank to not renew the
same. Whether or not Landlord or Two Trees Management Co. LLC shall receive notice of cancellation or non-renewal of the letter of credit, Tenant shall deliver to Two Trees Management Co. LLC a replacement of such letter of credit prior to that date
which is thirty (30) days prior to the cancellation date, expiration date or non-renewal date of the letter of credit. Tenant’s failure to deliver evidence of the renewal of the letter of credit or a replacement letter of credit as
aforesaid shall, in either case, be deemed a material default under this Lease, and on five (5) days written notice to Tenant, Two Trees Management Co. LLC shall be entitled to immediately draw upon the expiring letter of credit in the entire
amount thereof. In the event Tenant defaults in respect of any of the provisions, covenants or conditions of this Lease, including, but not limited to, defaults in the payment of annual base rent or additional rent, beyond the applicable notice and
cure periods provided for in this Lease, Two Trees Management Co. LLC may, on Landlord’s behalf, from time to time draw upon the security deposit and use, apply, or retain the whole or any part thereof to the extent required for the payment of
any annual base 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, beyond the applicable notice and cure periods
provided in this Lease, in respect of any of the provisions, covenants and conditions of this Lease, including, but not limited to, reasonable counsel fees and other collection charges, or with respect to any damages or deficiency in the re-letting,
repairing or altering of the demised premises, whether such damages or deficiency accrued before or after summary proceedings or re-entry by Landlord (the amount which Two Trees Management Co. LLC may draw determined as set forth in this sentence is
hereinafter referred to as the “default amount”). 
 In the event Two Trees Management Co. LLC (as agent of Landlord) shall draw upon a letter of
credit deposited as a security deposit hereunder and the amount drawn by Two Trees Management Co. LLC shall be in excess of the default amount, the excess shall be held by as cash security pursuant to the terms of this Lease. After the expiration of
this Lease, and after delivery of possession of the entire demised premises to Landlord, and after applying or retaining any portion of the security required to cure any and all defaults by Tenant under

 
this Lease, the letter of credit and the cash security deposit, if any, then held by Landlord shall be promptly returned to Tenant. If, due to Tenant’s default hereunder, Landlord shall be
entitled to apply or retain any portion of said security, Tenant shall, within five (5) days following demand, secure for the sole benefit of Landlord, a new or additional letter of credit naming Tenant as beneficiary and complying with the
requirements set forth herein or deliver to Landlord a cash security deposit sufficient to comply with this paragraph, including the required amount. Tenant shall not assign or encumber the security deposited hereunder and neither Landlord or its
successors or assigns shall be bound by any such assignment or encumbrance. 
 In the absence of evidence satisfactory to Landlord of any assignment of the
right to receive the security, or the remaining portion thereof, Landlord may return the security to the original tenant regardless of any number of assignments of this Lease itself. In the event of a sale of the demised premises or larger premises
of which the demised premises form a part, Landlord shall have the right, at Tenant’s cost and expense, to transfer the cash security and the beneficiary rights under any letter of credit to the purchaser who shall assume Landlord’s
obligations hereunder and hold the same for the benefit of Tenant in accordance with the terms of this Lease, and Landlord and Two Trees Management Co. LLC (after giving to Tenant notice and reasonable evidence that such transfer has occurred and
that the purchaser is bound by the provisions of this Article), shall each be deemed released by Tenant from all liability for the return of such security and Tenant shall look solely to the new owner for the release or the return thereof. Tenant
shall, upon request and at Tenant’s cost and expense, deliver confirmation of said transfer of beneficiary rights and a replacement letter of credit naming the transferee as beneficiary if necessary or if requested, provided, however that the
amount actually charged Tenant by the issuing bank to issue such a replacement letter of credit shall be reimbursed to Tenant by Landlord or the purchaser. Landlord agrees to return any letter of credit it is then holding with respect to this Lease
to the issuing bank if required by the issuing bank to receive a replacement letter of credit. No holder of any mortgage upon the demised premises or the Building shall be responsible in connection with the security deposited hereunder unless such
mortgagee shall have in fact received such security or be named beneficiary thereof and acknowledged such receipt or beneficiary status in writing to Tenant. In the event of a foreclosure of the demised premises, or the Building and the return of
the letter of credit to the Tenant, then, Tenant shall at Tenant’s cost and expense, on demand of mortgagee, reissue the letter of credit in compliance with this paragraph, naming the mortgagee, or such other party as may be designated by
mortgagee, as the sole beneficiary. 
 Landlord agrees that if (i) Tenant is not then in default hereunder and has not been in default beyond
applicable notice and cure periods from the Commencement Date and their shall not have occurred an event which, with the giving of notice or passage of time, shall constitute a default by Tenant under this Lease, Tenant shall be permitted to reduce
the face amount of the letter of credit or the security deposit, as the case may be, to $290,384.62 as of December 1, 2010, (ii) Tenant is not then in default hereunder and has not been in default beyond applicable notice and cure periods
and their shall not have occurred an event which, with the giving of notice or passage of time, shall constitute a default by Tenant under this Lease, Tenant shall be permitted to further reduce the face amount of the letter of credit to $259,954.82
as of December 1, 2011 and (iii) Tenant is not then in default hereunder and has not been in default beyond any

 

  

							
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applicable notice and cure periods and their shall not have occurred an event which, with the giving of notice or passage of time, shall constitute a default by Tenant under this Lease, Tenant
shall be permitted to reduce the face amount of the letter of credit or the security deposit, as the case may be to $228,688.20 as of December 1, 2012. 

Real Estate Taxes: 4. If the “Real Estate Taxes” (hereinafter defined) in any twelve (12) month period commencing July 1st and ending the following June 30th (dates inclusive) occurring, in whole or in part, during the term hereof (any such July to June twelve
month period being herein a “Tax Year”) exceed the amount of the Real Estate Taxes, as finally determined, for the Tax Year commencing July 1, 2009 and ending on June 30, 2010 (the “Base Tax Year”), then Tenant agrees
to pay Landlord 4.367% (“Tenant’s Percentage”) of the difference between such amounts (the “Tax Escalation Payment”) within ten (10) days after demand made therefor as additional rent. Tenant’s Tax Escalation
Payment shall be prorated for any Tax Year during the Term which does not consist of twelve (12) full calendar months. Landlord shall have the right, but not the obligation, to bill Tenant in one or more installments for the amounts payable
under this Article. Tenant’s obligation to pay additional rent under this Article shall survive the termination of this Lease and Tenant shall pay all amounts payable under this Article notwithstanding the fact that an invoice is sent after the
Expiration Date or sooner termination of the Term hereof. 
 “Real Estate Taxes” shall mean, for the purposes of this Lease, all taxes,
assessments and impositions (general or special, foreseen or unforeseen, ordinary or extraordinary) levied, assessed or imposed (including, but not limited to, real property taxes and any building improvement district charges and assessments) by
federal, state or local governments and their political subdivisions upon all or part of the improvements and land of which the demised premises forms a part, including the Building, and any sidewalks, curbs, plazas, air rights and the like
appurtenant to them (the land, improvements and appurtenances collectively being the “Real Property”), but shall exclude any transfer, income, inheritance or gift taxes and any tax that does not relate to the Real Property. If, for any
reason whatsoever, a new tax, charge or assessment of any type, including, without limitation, a real estate tax, franchise, income, school, capital, or use and occupancy tax, shall be assessed, confirmed, imposed or levied against Landlord and/or
all or any part of the Real Property in addition to, or in substitution in whole or in part for, any tax which would constitute “Real Estate Taxes”, then such tax or imposition shall be deemed to be included within the term “Real
Estate Taxes”. If the Real Estate Taxes for any Tax Year during the term hereof, including the Base Tax Year, shall be adjusted, corrected or reduced, then all of the Tax Escalation Payments payable hereunder shall be recalculated using the
revised Real Estate Taxes and Landlord shall credit or refund to Tenant any excess amount paid by Tenant less Tenant’s percentage of expenses incurred in obtaining such refund or credit including attorney’s fees and Tenant shall pay
Landlord any amounts due hereunder within ten (10) days following demand. Tenant shall have no right to institute or participate in any real estate tax proceedings relating in whole or in part to the Real Property, it being understood that the
commencement, maintenance, settlement or conduct thereof shall be in the sole discretion of Landlord. Tenant shall be liable for all taxes on or against property and trade fixtures and equipment placed by Tenant in or about the demised premises, and
all taxes on Tenant’s right to occupy the demised premises. If any such taxes are levied against Landlord or Landlord’s property, and if

 Landlord pays same, or if the assessed valuation of Landlord’s property is increased by the inclusion
therein of a value placed upon such property, and if the Landlord pays the taxes based on such increased assessment, Tenant, upon demand, shall repay to Landlord the taxes so paid by Landlord or the portion of such taxes resulting from such increase
in assessment. 
 Electricity: 5. Tenant shall pay for all electric current furnished to and/or consumed in the demised premises. Electric current is
provided to the demised premises as specified in the rider attached to this Lease. Tenant agrees that at all times its use of electric current shall not exceed the capacity of the Building’s existing feeders, risers or wiring installation, and
Tenant may not use any equipment which, in Landlord’s reasonable opinion, will overload such feeders, risers or installations or interfere with the businesses of other tenants or occupants of the Building. Landlord shall not be liable or
responsible to Tenant for any loss, damages or expenses which Tenant may sustain as a result of any change in the character of electric service provided to the demised premises. Subject to Article 44 herein, Landlord represents that throughout the
term of the Lease, Landlord shall supply electricity of 400 amps, 3 phase 220 to Suite 512. 
 Utilities & Other Services: 6. Unless
expressly provided elsewhere in this Lease to the contrary, Tenant shall pay for any and all utility services furnished to and/or consumed in the demised premises at any time during the Term. As used herein, “utility services” shall
include, but not be limited to, energy charges, any internet access fees, cable company services, and local and long distance wired and wireless telephone charges for voice and/or data. Such obligation shall expressly survive the expiration or
termination of this Lease. Tenant shall indemnify, defend and hold Landlord harmless from and against any liability of Landlord for Tenant’s failure to timely pay for utility services furnished to and/or consumed in the demised premises during
the Term. Tenant shall pay for cleaning services, trash collection and air-conditioning as provided in the rider attached hereto. 
 Building
Services: 7. Landlord shall: (a) provide passenger elevator service twenty-four hours a day, seven days a week; (b) provide freight elevator service only on regular business days between the hours of 8 a.m. and 4 p.m.; (c) furnish
heat, between the calendar months of November 1st and April 15th on business days from 8 a.m. to 6 p.m. and on Saturdays from 8 a.m. to 1 p.m. and other services which Landlord has
expressly agreed to supply, if any, to the demised premises, when and as required by law; and (d) clean the public halls and public portions of the Building which are used in common by the Building’s tenants. Landlord reserves the right to
stop the aforesaid services when necessary, by reason of accident or emergency or for repairs, alterations, replacements or improvements, however, Landlord shall use commercially reasonable efforts to restore such services so as not to materially
interfere with Tenant’s business operations from the demised premises. 
 As Is: 8. Tenant acknowledges that Landlord has afforded Tenant the
opportunity for a full and complete investigation, examination and inspection of the demised premises and the Building and Tenant has examined and has made a complete inspection of the same and is familiar with the physical condition thereof and
agrees to accept the demised premises and the Building in “as is” condition except as may be expressly set forth herein to the contrary. Notwithstanding anything to the contrary herein, Landlord represents that as of the

 

  

							
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Commencement Date (or such later date as Landlord substantially completes Landlord’s Work), the demised premises will be free and clear of all occupants; all systems servicing the demised
premises including, but not limited to plumbing, electrical, and HVAC will be in working order. Landlord has not made and does not make any representation as to the physical condition or any other matter affecting or relating to the demised premises
and the Building, except as specifically set forth in this Lease and Tenant specifically acknowledges that no such representation has been made. No rights, easements or licenses are acquired by Tenant by implication or otherwise except as expressly
set forth in the provisions of this Lease. If one or more governmental licenses or permits shall be required for the proper and lawful conduct of Tenant’s business in the demised premises, Tenant shall be responsible for, and shall procure and
maintain, such license or permit. 
 Failure to Give Possession: 9. Landlord represents that as of the date hereof the demised premises are vacant
and not subject to any leases. If Landlord is unable to deliver possession of all or part of the demised premises to Tenant on the Commencement Date hereof because of construction or work in the Building or in all or part of the demised premises, or
the failure to obtain a certificate of occupancy, then Landlord shall not, in any such event, be subject to any liability for failure to give possession on said date and the validity of this Lease shall not be impaired under such circumstances, nor
shall the same be construed to extend the term of this Lease, but provided that Tenant has satisfied the Documentary Requirements set forth below on or before April 15, 2009, the Free Rent Period shall extend by one day for each day after the
Commencement Date that the demised premises have not been delivered in the condition required herein (provided Tenant is not responsible for Landlord’s inability to deliver possession of the demised premises to Tenant or complete any work)
until Landlord substantially completes Landlord’s Work and delivers to Tenant possession of all of the demised premises. However, in the event Landlord is unable to deliver possession of the demised premises in the condition required hereon on
or before December 31, 2009; provided that on or before April 15, 2009 Landlord has received from Tenant (a) three (3) originals of this Lease duly notarized and fully executed by Tenant, (b) a valid and in effect insurance
certificate satisfying all of the conditions of this Lease covering all of the demised premises, (c) a certified check made payable to Landlord in the amount of the first month’s rent; (d) either a certified check made payable to
Landlord in the amount of the security deposit or a letter of credit in the amount of the security deposit satisfying all of the conditions of this Lease; and (e) a W-9 with Tenant’s name, address and EIN signed by Tenant ((a) –
(e) being collectively referred to as the “Documentary Requirements”) , then Tenant shall have the right to terminate this Lease by giving Landlord written notice (the “termination notice”) thereof on or before
January 10, 2010 (time of the essence); provided that the demised premises are not available for Tenant to take possession in the condition required hereunder by the date Tenant gives the termination notice. If Tenant shall timely give Landlord
a termination notice, then this Lease shall be deemed terminated and be null and void and of no further force and effect, and the parties shall be mutually released of and from all rights and obligations hereunder, and the security deposit or Letter
of Credit shall be promptly returned to Tenant. If, however, a termination notice shall not be given by Tenant on or before the Termination Date or if the demised premises are available for Tenant to take possession on or before the date the
termination 

 
notice is given, then Tenant’s right to terminate this Lease under this Article shall be deemed waived and of no further force and effect. If Tenant is given possession of all or part of the
demised premises in the condition required hereunder or any other premises prior to the Commencement Date hereof, Tenant covenants and agrees that such possession and occupancy shall be deemed to be under all the terms, covenants, conditions and
provisions of this Lease, except the obligation to pay annual base rent. The provisions of this article are intended to constitute “an express provision to the contrary” within the meaning of §223-a of the New York Real Property Law.

 Alterations: 10. Tenant shall make no structural changes in or to the demised premises of any nature without Landlord’s prior written consent
(it being understood that Landlord’s Work has been approved by Landlord as of the date hereof). Landlord’s prior written consent shall not be unreasonably withheld, conditioned or delayed with respect to Tenant’s request to perform
nonstructural alterations (a “Minor Alteration”), provided Tenant complies with all of the conditions, provisions and covenants of this Lease. If Landlord obtains possession of the demised premises prior to July 31, 2016, then, upon
Landlord’s request, Tenant shall either (a) restore the demised premises to the condition the demised premises were in as of the Commencement Date (or such other date as Landlord completes Landlord’s Work) or (b) pay Landlord at
the end of the term of this Lease upon demand, the amount it will cost Landlord to restore the demised premises to the condition the demised premises were in as of the Commencement Date. Tenant’s obligation to either pay Landlord to restore the
demised premises or restore the demised premises as set for this in this article shall expressly survive the expiration and/or termination of this Lease. In the event Tenant timely exercises Tenant’s option to add the Adjacent Unit (as
hereinafter defined) to the demised premises, Landlord’s prior written consent to any nonstructural changes in connection with Tenant’s initial work on the Adjacent Unit pursuant to plans reviewed by Landlord with respect to the Adjacent
Unit (the “Adjacent Unit Plans”) shall not be unreasonably withheld, conditioned or delayed. In no event, however, shall Tenant install or permit the installation of any art in the demised premises that an artist could prevent the removal
of pursuant to a governmental or court law, code, rule, regulation or order. In no event shall Landlord be required to consent to any Tenant Changes that would adversely affect the structure of the Building, the exterior thereof, any part of the
Building outside of the demised premises or the mechanical, electrical, heating, ventilation, air-conditioning, sanitary, plumbing or other service systems and facilities of the Building. Tenant shall, at its expense, before making any alterations,
additions, installations or improvements: (a) obtain and promptly deliver to Landlord a copy of all permits, approvals and certificates required by any governmental or quasi-governmental bodies (and upon completion, certificates of final
approval thereof) and (b) submit to Landlord, for Landlord’s prior written approval, plans, drawings and specifications of all changes, alterations, additions, improvements and work (herein “Tenant Changes”) Tenant wants to
perform in the demised premises or the Building. Tenant shall make all revisions to its plans, drawings and specifications reasonably requested by Landlord and shall provide Landlord with all Landlord requested details. Except with respect to the
Landlord’s Work, Tenant shall, promptly upon demand, reimburse Landlord for all reasonable out-of-pocket fees, expenses and other charges incurred by Landlord and/or its agent in connection with the approval of the plans, drawings and
specifications (including fees paid to other parties for their opinion and comments) 

 

  

							
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 Notwithstanding anything contained in this Lease to the contrary, in the event that Tenant alleges that Landlord
was unreasonable in withholding its consent to a Minor Alteration or the Adjacent Unit Plans, Tenant shall not be entitled to damages or any other affirmative relief or remedy as a result thereof and Tenant’s sole remedy shall be to commence an
expedited arbitration proceeding before the American Arbitration Association to be determined by a single arbitrator with at least ten (10) years experience in the subject matter of the dispute and the parties will have no right to object if
the arbitrator renders a decision within fifteen (15) business days from the selection of the arbitrator; provided however, that prior to Tenant resorting to expedited arbitration, Tenant shall notify Landlord by written notice
(“Arbitration Notice”) of Tenant’s intent to pursue such arbitration and Landlord and Tenant shall use reasonable efforts to resolve the matter without an arbitrator within thirty (30) days of the date Landlord receives
Tenant’s Arbitration Notice. In the event an arbitration is commenced, the sole issue to be determined by the arbitrator shall be whether Landlord unreasonably withheld its consent to the Minor Alteration requested by Tenant and if the
arbitrator determines that Landlord was unreasonable, Tenant’s sole remedy shall be that Landlord’s consent shall be deemed granted in the case of that particular Minor Alteration request. 

Immediately following approval by Landlord, Tenant (or, at Landlord’s option, Landlord at Tenant’s expense) shall file the approved plans and
drawings with the appropriate governmental and quasi-governmental authorities having jurisdiction. If requested by Landlord, Tenant shall use an expeditor designated or approved in advance by Landlord to assist with the filings. Notwithstanding the
foregoing or anything to the contrary contained herein, no consent or approval issued by Landlord shall constitute an express or implied representation by Landlord that the Building or the demised premises (with or without any Tenant Change) will be
suitable, feasible or lawful for any general or specific use, purpose or requirement of Tenant. Tenant shall, at its sole cost and expense, in making any Tenant Change, comply with all Legal Requirements (hereinafter defined), including, without
limitation, all requirements of Local Law No. 5 of 1973 of the City of New York and The Americans With Disabilities Act of 1990, as amended to date. All materials and equipment used in connection with Tenant Changes shall be new and first
quality and no materials or equipment shall be subject to any lien, encumbrance, chattel mortgage, title retention or security agreement. If any Tenant Change is to be made to the fire safety system, Tenant shall use only a contractor (or, if
necessary, contractors) reasonably approved by Landlord and upon the completion of such work, Tenant shall deliver to Landlord a letter issued by the Building’s fire safety system vendor/service provider indicating that all fire safety system
devices located on the demised premises’ floor are functioning properly and a schedule indicating the dates for the pre-testing and final testing of the fire safety system (and which final testing must be within six (6) months of the date
the plans for the Tenant Change were filed with the New York City Department of Buildings). Tenant agrees to carry, and will cause its contractors and sub-contractors to carry, such worker compensation, general liability, personal and property
damage insurance as Landlord may require in form, amount, carriers and coverages satisfactory to Landlord (including, but not limited to, adequate Builder’s Risk coverage). Such insurance shall be in addition to and not in lieu of any other
insurance required under this Lease. Tenant shall not, at any time prior to or during the

 
term of this Lease, directly or indirectly employ, or permit the employment of, any contractor, mechanic or laborer in the demised premises, whether in connection with any Tenant Changes or
otherwise, if, in Landlord’s sole reasonable discretion, such employment will interfere or cause any conflict with other contractors, mechanics, or laborers engaged in the construction, maintenance or operation of all or part of the Building.
In the event of any interference or conflict, Tenant, upon demand of Landlord, shall cause all contractors, mechanics or laborers causing such interference or conflict to leave the Building immediately and shall replace such contractors, mechanics
and laborers with contractors, mechanics and laborers who, in Landlord’s reasonable judgment, will not interfere or conflict with the construction, maintenance or operation of all or part of the Building and, in such event, Landlord may require
that Tenant use union labor. 
 Nothing in this Lease is intended to constitute a consent by Landlord to the subjection of Landlord’s or Tenant’s
interest in the Building, the demised premises and/or the Real Property to any lien or claim by any person that performs and/or supplies any work, labor, material, service or equipment to Tenant and/or the demised premises. Landlord hereby notifies
all such persons of such intent and each such person agrees, to the extent permitted by law, that by performing any work for or supplying any materials to Tenant it accepts that Landlord has not granted such consent and that such person shall not
have a right to file any lien or claim against any interest of Landlord in the demised premises, the Building and/or the Real Property. If any mechanic’s lien is filed against the demised premises, the Building and/or the Real Property for work
claimed to have been done for, or materials furnished to, Tenant, whether or not done pursuant to this article, the same shall be discharged by Tenant within thirty (30) days thereafter, at Tenant’s expense, by payment or filing a bond as
permitted by law. 
 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 obtains possession of the demised premises prior to
July 31, 2016, then Landlord, by notice to Tenant shall have the right to elect 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 end of the term of this Lease, at Tenant’s expense. Nothing in this article shall be construed to give Landlord title to, or to prevent Tenant’s removal of, trade fixtures, moveable office furniture and equipment, but in no event
shall Tenant remove any fixtures and equipment which are part of the operation of the demised premises and/or the Building. Upon removal of Tenant’s trade fixtures, moveable office furniture and equipment from the demised premises as permitted
herein, or upon removal or 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 any such installations upon removal of same from
the demised premises or upon removal of other installations as may be required by Landlord, Tenant shall immediately, at its expense, repair and restore the demised premises to the condition existing prior to any such installations, reasonable wear
and tear excepted, and 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 which remains in the demised premises after Tenant surrenders
possession of the demised 

 

  

							
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premises to Landlord shall be deemed abandoned and may, at the election of Landlord, either be retained as Landlord’s property or removed from the demised premises by Landlord, at
Tenant’s expense. Tenant’s obligations under this Article shall expressly survive the expiration or sooner termination of this Lease. 

Repairs: 11. Subject to Landlord’s rights in Article 18 of this Lease, Landlord shall maintain and repair the exterior of and the lobby,
elevators and other public portions of the Building relating to the demised premises and those portions of the electrical system, fire safety system, sprinkler system and heating system which serve the demised premises but are in the common areas of
the Building outside of the demised premises and the plumbing starting from the point where the waste line meets any other tenants line or a main line (it being understood that Tenant shall be responsible for the repair and maintenance of the waste
line running from the demised premises to the point where the waste line meets any other tenants line or a main line) to the extent necessary so that said systems are in good working order at the point where they enter the demised premises; except
if such repairs are necessitated by Tenant’s negligence, omission or improper conduct, in which case, such maintenance shall be performed at Tenant’s cost and expense and Tenant shall reimburse Landlord for the cost thereof within ten
(10) days following demand made therefor as additional rent hereunder. Tenant shall, during the term hereof, at its expense, take good care of, maintain, clean, replace and repair the demised premises (including all bathrooms and lavatory
facilities located within the demised premises), the windows and window frames, entrance door and the fixtures and appurtenances therein, and promptly make all non-structural repairs thereto except if caused by Landlord’s negligence, omission
or improper conduct. Tenant shall make, at its expense, all non-structural repairs to the Building caused by, or resulting from, moving any of its property and/or caused by the carelessness, omission, neglect or improper conduct of Tenant,
Tenant’s servants, employees, invitees, or licensees, and whether or not arising from Tenant’s conduct or omission, when required by other provisions of this Lease. If any structural repairs are necessary to the Building as a result of
Tenant’s use or manner of use of the demised premises or as a result of moving its property or as a result of the acts, omissions, negligence or willful misconduct of Tenant, Tenant’s servants, employees, invitees, or licensees or if any
structural repairs are necessary for any reason in the demised premises, Tenant shall immediately notify Landlord of the need for such repairs and Landlord shall make such structural repairs at Tenant’s cost and expense. In no event shall
Landlord have any obligation to perform any work hereunder at overtime or premium rates. Tenant shall pay Landlord for the cost and expense of such structural repairs within ten (10) days following demand therefor as additional rent hereunder.
All maintenance, repairs and replacements to be made to the fire safety system serving the demised premises by Tenant shall be made only by contractors reasonably approved in advance by Landlord. All parties employed by Tenant to clean, maintain
and/or repair the demised premises shall be approved in advance by Landlord which approval shall not be unreasonably withheld. 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 New York State 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. Landlord shall replace, at
Tenant’s expense, any and all plate and other glass damaged or broken from any cause

 
whatsoever in and about the demised premises. If Tenant does not maintain insurance on all plate and other glass in the demised premises, Landlord may insure, and keep insured, at Tenant’s
expense, all plate and other glass in the demised premises for and in the name of Landlord and, in such event, Tenant shall pay landlord, as additional rent for the costs of the premium for said insurance within ten (10) days following demand
made therefor. All repairs made by Tenant or on behalf of Tenant shall be of quality or class equal to the original work or construction. If Tenant fails, after ten (10) days notice, to proceed with due diligence to make repairs required to be
made by Tenant, the same may be made by Landlord at the expense of Tenant, and the expenses thereof incurred by Landlord shall be collectible, as additional rent, after rendition of a bill or statement therefor. 

Tenant shall give Landlord prompt notice of any defective condition in any plumbing, heating system or electrical lines located in the demised premises and
following such notice, Landlord shall remedy the condition with due diligence at the expense of Tenant; provided, however, that if the defective condition was solely and directly caused by Landlord or Landlord’s agent, employee, contractor or
subcontractor, then Landlord shall remedy the condition at the expense of Landlord. Except as specifically provided elsewhere in this Lease, there shall be no allowance to Tenant for a diminution of rental value and no liability on the part of
Landlord by reason of inconvenience, annoyance or injury to business arising from Landlord, Tenant or others making or failing to make any repairs, alterations, additions or improvements in or to any portion of the Building or the demised premises,
or in and to the fixtures, appurtenances or equipment thereof. Except as may be expressly set forth herein to the contrary, 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. However, notwithstanding the foregoing, Landlord shall use commercially reasonable efforts to perform its repair obligations hereunder so as not to materially
interfere with Tenant’s business operations from the demised premises; provided, however, that Landlord shall not be obligated to pay overtime or premium rates. 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. 
 Landlord’s Access to Demised Premises: 12. Landlord and its agents and designees shall each
have the right to enter the demised premises, at all times in the event of an emergency and otherwise at reasonable times, to examine the same, to enter, use, exit and/or perform work in the closet outside of the demised premises accessible from the
demised premises and/or to make such repairs or alterations as Landlord may deem necessary or reasonably desirable for the Building or which Landlord shall be required to or shall have the right to make by the provisions of this Lease or any other
lease in the Building (and Landlord may for that purpose erect scaffolding and other necessary structures where reasonably required by the character of the work to be performed). Landlord and its agents and designees shall be allowed to take all
material into and upon the demised premises that may be required for the repairs or alterations above mentioned as the same is required for such purpose, without the same constituting an eviction of Tenant in whole or in part, actual or
constructive, and the rent payable hereunder shall in no wise abate while said repairs or alterations are being made by reason of loss or interruption of the business

 

  

							
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of Tenant because of the prosecution of any such work. In connection with the repairs and alterations to be performed by Landlord pursuant to this Article 12, Landlord shall use commercially
reasonable efforts to minimize the disturbance and not to materially interfere with Tenant’s business operations from the demised premises but nothing contained herein shall be deemed to require Landlord to perform the same on an overtime or
premium pay basis, unless Tenant agrees to pay the cost thereof. Tenant shall permit Landlord and Landlord’s agents and designees to use, maintain and replace pipes and conduits in and through the demised premises, and to erect new pipes and
conduits therein provided the same does not materially interfere with Tenant’s business operations from the demised premises. 
 If Tenant is not
present to open and permit an entry into the demised premises, Landlord or Landlord’s agents may enter the same whenever such entry may be necessary or permissible by master key or forcibly, and provided reasonable care is exercised to
safeguard Tenant’s property; although 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 demised 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 obligation hereunder. Tenant acknowledges and agrees that it and its employees, guests, invitees, and agents shall not, at any time, for any reason whatsoever, use, access, enter or have any rights
in or to the roof or roof top area of the Building. Tenant’s failure to abide by the terms of the foregoing sentence shall be deemed a material default of the Lease. Landlord shall also have the right to enter the demised premises upon
reasonable advance telephone notice of at least one (1) day for the purpose of exhibiting them to prospective purchasers or lessees of the Building or to prospective mortgagees or to prospective assignees of any such mortgages or to the holder
of any mortgage on the Landlord’s or ground lessors, if any, interest in the Real Property, its agents or designees. During the last six (6) months of the term, Landlord may enter the demised premises at reasonable times for the purpose of
showing the same to prospective tenants and place upon the demised premises the usual notices “To Let” and “For Sale” which Tenant shall permit to remain without molestation. 

Compliance with Laws, Building Insurance, Floor Loads: 13. The term “Legal Requirements” means all laws, statutes, ordinances, codes, orders,
rules, regulations, directives and requirements of all federal, state, county, city and borough departments, bureaus, boards, agencies, offices, commissions and other subdivisions thereof, or any official thereof, or of any other governmental public
or quasi-public authority, or of any insurance companies providing coverage for all or part of the Building, or of any utility company providing service to all or part of the Building, in any case, whether now or hereafter in force, which are
applicable to all or part of the Real Property and all requirements, obligations and conditions of all instruments of record as of the date hereof. Tenant shall, immediately following receipt of the same, deliver to Landlord a copy of any and all
notices Tenant receives of any Legal Requirement violation pertaining to Tenant, the demised premises, the Building and/or the Real Property. 
 During the
term hereof and at all times prior that Tenant is in possession of the demised premises, Tenant shall, at Tenant’s sole cost and expense, promptly comply with all present and

 
future Legal Requirements pertaining to the use or manner of use of the demised premises and/or the Building by Tenant and by its officers, employees, invitees, agents, designees, contractors and
subcontractors and/or to the business of Tenant or Tenant’s method of operation in the demised premises, including, without limitation, the rules and regulations of the Landmarks Preservation Commission or a historic preservation district, if
applicable, except that Tenant shall not be liable for the violation of any Legal Requirement by Landlord or other tenants of the Building. If Tenant has, by its manner of use of the demised premises or method of operation therein, violated any
Legal Requirements and structural repairs and/or alterations are necessary to cure such violations, then, and, in such event, Landlord may make such structural repairs and alterations and Tenant shall reimburse Landlord for the cost of such work
within ten days following demand therefor as additional rent. For the purposes hereof the cost of any alteration or improvement shall be deemed to include the cost of labor and materials and the cost to prepare and file plans for such alteration and
improvements. 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 judgment, to absorb and prevent vibration, noise and
annoyance. 
 For purposes of this Lease, “hazardous materials” means any explosives, radioactive materials, hazardous wastes, or hazardous
substances, including, without limitation, substances defined as “hazardous substances” in the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, 42 U.S.C. §§ 9601-9657; the Hazardous
Materials Transportation Act of 1975, 49 U.S.C. §§ 1801-1812; the Resource Conservation and Recovery Act of 1976, 42 U.S.C. §§ 6901-6987; or any other similar laws (collectively, “hazardous materials laws”).
Supplementing the foregoing parts of this Article, Tenant will not cause or permit the storage, use, generation, or disposition of any “hazardous materials” in, on, or about the demised premises or the Building. Further Tenant will not
permit the demised premises to be used or operated in a manner that may cause all or part of the Real Property to be contaminated by any hazardous materials. Tenant shall be solely responsible for and will defend, indemnify and hold Landlord, its
agents and employees harmless from and against all claims, costs and liabilities, including, but not limited to, attorneys’ fees and costs, arising out of or in connection with Tenant’s breach of its obligations in this Article, including,
but not limited to, the removal, cleanup, and restoration work and materials necessary to return the demised premises and any other property of whatever nature located within the Real Property to their condition existing prior to the appearance of
Tenant’s hazardous materials. Such indemnity and all obligations under this Article shall expressly survive the expiration, cancellation or termination of this Lease. Tenant will immediately advise Landlord in writing of (1) any and all
enforcement, cleanup, remedial, removal, or other governmental or regulatory actions instituted, completed, or threatened with respect to any hazardous materials affecting the demised premises or Real Property; and (2) all claims made or
threatened by any third party against Tenant, Landlord, or the demised premises relating to damage, contribution, cost recovery, compensation, loss, or injury resulting from any hazardous

 

  

							
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materials in or about the demised premises. Without Landlord’s prior written consent, Tenant will not take any remedial action or enter into any agreements or settlements in response to the
presence of any hazardous materials in, on, or about the demised premises or Real Property. Tenant’s obligations under this Article shall expressly survive the expiration or other termination of this Lease. Tenant acknowledges and agrees that
Landlord shall have no liability to Tenant for bad air, mold, or “sick building syndrome”. 
 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. 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 and other authority having jurisdiction, and then only in such manner and in 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. If by reason of failure to comply with the foregoing 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 “makeup” or rate for the Building or demised premises issued by a 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. 
 Anything in this Lease to the contrary notwithstanding, if the New York Board of Fire Underwriters or
the New York Fire Insurance Exchange or any bureau, department or official of the federal, state or city government recommend or require the installation of a sprinkler system, or require any changes, modifications or alterations, or additional
sprinkler heads or other equipment be made or supplied in an existing sprinkler system by reason of Tenant’s specific business use in the demised premises, the location of partitions, trade fixtures, or other contents of the demised premises,
or if, as a result of Tenant’s particular business or particular use or manner of use of the demised premises or the location of partitions, trade fixtures or other contents of the demised premises, any such sprinkler system installations,
modifications, alterations, additional sprinkler heads or such other equipment becomes necessary to prevent the imposition of a penalty or charge against the full allowance for a sprinkler system in the fire insurance rate set by any of the
aforesaid entities, or by any fire insurance company, then Landlord or Landlord’s agent shall, at Tenant’s expense, promptly make such sprinkler system installations, changes, modifications and alterations and supply additional sprinkler
heads or other equipment as required, whether the work involved shall be structural or non-structural in nature. In such event, Tenant shall pay to Landlord, as additional rent hereunder, for Landlord’s expenses within ten (10) days following
demand made therefor and Tenant shall pay Landlord Tenant’s proportionate share of the contract price for any sprinkler supervisory service provided to the demised premises.

 Irrespective of the place of execution or performance, this Lease shall be governed and construed in accordance
with the laws of the State of New York. Tenant hereby agrees to be subject to in personam jurisdiction in any court of appropriate subject matter jurisdiction located in the City, County and State of New York or located in Brooklyn, Kings County,
New York for any action brought by Landlord against the Tenant arising out of, or relating to this Lease. 
 Signs: 14. Tenant shall obtain
Landlord’s prior consent for all signs, advertisements, notices or other lettering that Tenant wants to exhibit, inscribe, paint or affix on any part of the outside of the demised premises, or in the common areas or the outside of the Building,
including, without limitation, on the entrance door to the demised premises and/or in the common hallway adjacent to the demised premises, or on the inside of the demised premises if the same is visible from the outside of the demised premises. No
awnings or other projections shall be attached to the Building’s outside walls. Landlord may remove any such signs, advertisements, notices, lettering, awning and projections which it did not consent to in advance and Tenant shall pay Landlord
upon demand for the expense incurred by such removal as additional rent hereunder. Landlord and Tenant hereby acknowledge and agree that Tenant plans to affix a sign to the entrance door to the demised premises or in the common hallway adjacent to
the demised premises. Landlord’s consent to such sign shall not be unreasonably withheld or delayed provided that the sign is (i) three (3) square feet or less, (ii) either affixed to the door or on the wall adjacent to the
demised premises (as the case may be) and (iii) affixed to the door or wall with an adhesive. 
 Garbage: 15. Tenant shall remove all refuse and
rubbish from the demised premises and shall deposit the same in the receptacles and in the locations designated and in the manner described by Landlord. Tenant shall, at its sole cost and expense, comply with all Legal Requirements regarding the
collection, sorting, separation and recycling of waste products, garbage, refuse and trash. Tenant shall sort and separate such waste products, garbage, refuse and trash into such categories as provided by law and as requested by Landlord. Each
separately sorted category of waste products, garbage, refuse and trash shall be placed in separate receptacles reasonably approved by Landlord. Tenant shall also comply with all Legal Requirements regarding the collection and recycling of
industrial/office equipment, including without limitation, computers, printers and monitors and Tenant shall cause any such industrial/office equipment to be removed, at Tenant’s sole cost and expense, by a contractor reasonably acceptable to
Landlord. Tenant shall remove, or cause to be removed, at its expense, by a contractor reasonably acceptable to Landlord, at Landlord’s sole discretion, such items other than daily refuse generated in the ordinary course of Tenant’s
business as landlord may expressly designate. Landlord may, at its option, refuse to collect or accept from Tenant waste products, garbage, refuse or trash (a) that is not separated and sorted as required by Legal Requirements or (b) which
consists of items which are not ordinary, typical and usual for typical office tenants in the Building or if ordinary, typical and usual, if such items are in such quantities and amounts as are not ordinary, typical and usual for typical office
tenants in the Building who occupy the same rentable square footage as Tenant, and to require Tenant to arrange for such collection at Tenant’s sole cost and expense, utilizing a contractor satisfactory to Landlord. If so required, Tenant shall
immediately thereafter arrange for such collection 

 

  

							
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at Tenant’s sole cost and expense, utilizing a contractor satisfactory to Landlord. Tenant shall pay all costs, expenses, fines, penalties, or damages that may be imposed on Landlord or
Tenant by reason of Tenant’s failure to comply with the provisions of this Article, and, at Tenant’s sole cost and expense, shall indemnify, defend and hold Landlord harmless (including reasonable legal fees and expenses) from and against
any actions, claims and suits arising from such noncompliance, utilizing counsel reasonably satisfactory to Landlord. Without limiting Landlord’s obligation to maintain the common areas of the Building, if the demised premises become infested
with vermin Tenant shall, at its expense, cause the same to be exterminated. 
 Additional Covenants: 16. Tenant covenants and agrees for itself, its
officers, employees, contractors, agents, servants, licensees, invitees, subtenants, concessionaires, and all others doing business with Tenant (hereinafter for the purposes of this Article, collectively referred to as “Tenant”) that: 

1. Tenant shall not obstruct or encumber the Building’s common areas, including, without limitation, the sidewalks, entrances, driveways, passages,
courtyards, elevators, vestibules, stairways, corridors or halls, nor use them for any purpose other than going to and from the demised premises. All deliveries shall be made in a prompt and efficient manner using elevators and passageways
designated for such type of delivery by Landlord and hand trucks equipped with rubber tires and sideguards. 
 2. Tenant shall not use the bathrooms, sinks,
toilets and plumbing fixtures for any purposes other than those for which they were designed or constructed, and no sweepings, rubbish, rags, acids, liquids, chemicals or other substances shall be poured or deposited therein. If Tenant violates the
foregoing, Tenant shall pay Landlord for all resulting repairs as additional rent hereunder and such obligation shall survive the expiration of the term of this Lease. 

3. Tenant shall not hang, shake, sweep or throw anything out of any Building window, nor sweep or throw, or permit to be swept or thrown, from the demised
premises, any dirt or other substances into any of the Building’s common areas, elevators, stairwells or halls. 
 4. Tenant shall not disturb or
interfere in any way with other Building tenants or those having business in the Building. Tenant shall not use, keep, or permit to be used or kept, any foul or noxious gas or substance in the demised premises, nor permit or suffer the demised
premises to be occupied or used in a manner offensive or objectionable to Landlord or other Building occupants by reason of noise, odors, and or vibrations. Further, Tenant shall not permit the emission from the demised premises of any objectionable
noise or odor. Tenant shall not install or use any equipment other than such equipment ordinarily found in a modern day office that could have, in Landlord’s reasonable judgment, an adverse effect on the demised premises, the Building and/or
the comfort or convenience of other tenants and occupants of the Building. Tenant shall not injure, overload, deface, commit waste, nuisance or otherwise harm the demised premises or any part thereof. 

5. No bicycles, vehicles, animals, fish or birds may be kept in or about the Building. Tenant covenants and agrees that there shall be no smoking in or on any
portion of the Building. 
 6. Freight, furniture, business equipment, merchandise and bulky matter of any description shall be delivered to and

 
removed from the demised premises only on the freight elevators 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 it deems a security risk or a violation of any of the terms of this Lease. 
 7.
Canvassing, soliciting and peddling in the Building is prohibited and Tenant shall cooperate to prevent the same. Tenant shall not have barbering or boot-blacking services provided in the demised premises. 

8. Landlord shall have the right to maintain any reasonable security system it deems necessary in the Building, including, without limitation, a system
requiring Building passes, metal detectors and identification checks. Tenant shall not have a claim against Landlord by reason of Landlord excluding from the Building any person who does not pass Landlord’s reasonable security requirements.
Landlord may prevent access to the Building at all times, except 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., provided that Tenant is provided with a means of accessing the demised premises before and
after said hours, such as, by way of example only, a key to the front door of the Building. 
 9. Landlord shall have the right to prohibit any advertising
by Tenant which in Landlord’s opinion, tends to impair the reputation of the Building or its desirability, and upon written notice from Landlord, Tenant shall refrain from and discontinue such advertising. 

Rules and Regulations: 17. Tenant and Tenant’s servants, employees, agents, visitors, and licensees shall observe faithfully, and comply strictly
with such reasonable rules and regulations as Landlord or Landlord’s agents may from time to time adopt provided that, unless such rules or regulations are imposed by any Legal Requirement(s), such rules do not materially diminish Tenant’s
rights or materially increase its obligations hereunder and are applied in a nondiscriminatory manner to all tenants in the Building that are similar in size to Tenant, use their space for a similar use as Tenant and have similar fixtures,
appliances and finishes as Tenant has in the demised premises. Notice of any rules or regulations shall be given in such manner as Landlord may elect without limiting Tenant’s right to quiet enjoyment, nothing in this Lease shall be construed
to impose upon Landlord any duty or obligation to enforce the rules and regulations 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. 
 Building Alterations: 18. Tenant acknowledges that from time to time, throughout
the term of this Lease, Landlord may perform or have performed work in and about the Building and such work may result in noise and disruption to Tenant’s business, however Landlord shall use commercially reasonable efforts to minimize any
material interference with Tenant’s business operations; provided, however, that Landlord shall not be obligated to pay overtime or premium rates. Landlord shall have the right, at any time, without the same constituting an eviction and without
incurring liability to Tenant therefor, to change (i) the arrangement, number and/or location of the Building’s entrances, hallways, passageways, doors, doorways, corridors, elevators, stairs, toilets and other public parts provided such
changes do not deny reasonable means of access to the demised premises and/or Building, (ii) the Building’s

 

  

							
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facade and exterior and/or (iii) the name, number and/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 performing or causing to be performed any work in the Building and/or making any of the aforesaid changes and/or arising from another tenant or
occupant making any repairs in the Building. If an elevator shaftway or vault is located in whole or in part within the demised premises, Tenant expressly acknowledges to Landlord that it understands that said elevator shaftway and any elevator
therein and such vault are not included within and are not a part of the demised premises. Tenant hereby acknowledges and agrees that Landlord may at any time and from time to time seal up any elevator shaftway and vault in the Building, including,
without limitation, any elevator shaftway and/or vault located within all or part of the demised premises and Landlord reserves the right to remove the elevator from said shaftway and deck over any shaftway at any time at its sole option. 

Excavation Shoring: 19. If an excavation shall be made upon land adjacent to or under the Building, or shall be authorized to be made, Tenant shall
afford to the person causing or authorized to cause such excavation, a license to enter upon the demised premises for the purpose of doing such work as said person shall deem necessary to preserve the Building’s walls 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. 
 Property
Loss, Indemnity, Tenant’s Insurance: 20. Except with respect to the negligent acts or willful misconduct of the Landlord or its agents, Landlord, its officers, agents, employees, subsidiaries and affiliated entities and corporations shall
not be liable for any loss of, theft of, damage to or destruction of any of Tenant’s goods, merchandise, fixtures, furniture or other property of whatsoever nature, caused by fire, theft, carelessness or any other cause whatsoever, including,
without limitation, the negligence of any third parties, and Tenant hereby releases and waives any right of recovery against Landlord, its officers, agents, employees, subsidiaries and affiliated entities and corporations for any such loss. Tenant
shall procure a waiver of subrogation on the part of the insurer against such parties by an endorsement to all insurance policies whereby the insurer recognizes the provisions of this Article. The foregoing waiver shall be in force only if the
insurance policies contain a clause providing that such a waiver shall not invalidate the insurance. Landlord and its agents shall not be liable for any damage caused by other tenants or persons in, upon or about said Building or caused by
operations in connection with any private, public or quasi public work. Landlord shall not have the right to permanently close or brick up any of the demised premises’ windows except where and when required by law and in such event Tenant shall
be entitled to a corresponding rent credit reflecting the diminution of rental value. 
 Tenant hereby indemnifies and saves harmless Landlord from and
against any claims and all loss, cost, liability, damage and/or expense, including, but not limited to, reasonable counsel fees, penalties and fines, incurred in connection with or arising from (i) any default by Tenant in the observance or
performance of any of the provisions, covenants or conditions of this Lease on Tenant’s part to be observed or performed, (ii) the use or occupancy or manner of use or occupancy of the demised premises by Tenant or any person claiming
through or under

 
Tenant, or (iii) any acts, omissions, or negligence of Tenant or any contractor, agent, servant, employee, visitor or licensee of Tenant, or any person claiming through or under Tenant, in
or about the demised premises. If any action or proceeding shall be brought against Landlord based upon any such claim, Tenant, upon notice from Landlord, shall cause such action or proceeding to be defended, at Tenant’s expense, by counsel
acting for Tenant’s insurance carriers in connection with such defense or by other counsel reasonably satisfactory to Landlord. This indemnity shall not require any payment by Landlord as a condition precedent to recovery. In addition, if any
person not a party to this Lease shall institute any other type of action against Tenant in which Landlord shall be made a party defendant, Tenant shall indemnify, hold Landlord harmless from and defend Landlord from all liabilities and costs by
reason thereof. If, on account of the failure of Tenant to comply with the provisions of this Article, Landlord is adjudged a co-insurer by its insurance carrier, then any loss or damage Landlord shall sustain by reason thereof shall be borne by
Tenant and shall be immediately paid by Tenant upon receipt of a bill therefor and evidence of such loss. 
 To the extent not covered by the insurance
required to be carried by Tenant hereunder and not covered by any other insurance then maintained by Tenant, Tenant, its officers, agents, employees, subsidiaries and affiliated entities and corporations shall not be liable for any destruction or
substantial damage of the Building (other than the demised premises) caused by fire or explosions and not caused by the negligence or willful misconduct of Tenant, its officers, agents, employees, subsidiaries and affiliated entities and
corporation, and Landlord hereby releases and waives any right of recovery against Tenant, its officers, agents, employees, subsidiaries and affiliated entities and corporations for any such loss. 

Commencing on the date Tenant is given possession of the demised premises and thereafter during the term of this Lease, Tenant shall provide and maintain
commercial general liability policies with broad form endorsements and water damage legal liability coverage against liability occasioned by accident or occurrence, such policies to be written by recognized and well-rated insurance companies
authorized to transact business in the State of New York, and shall have a limit of not less than $1,000,000 per occurrence for bodily or personal injury (including death), $2,000,000 for more than one occurrence and $500,000 for loss and damage to
property. Tenant shall obtain and maintain “All Risk” insurance having extended coverage for fire and other casualties for its personal property, fixtures and equipment for the full replacement value thereof and plate glass insurance
covering all plate glass in the demised premises. Notwithstanding anything to the contrary set forth herein, Tenant may “self-insure” the plate glass insurance required under this paragraph so long as Tenant has a net worth in excess of
$1,000,000.00 (and provided Landlord is reasonably satisfied that Tenant has a net worth in excess of $1,000,000.00). If at any time during the term of this Lease it appears, in Landlord’s reasonable judgment, that public liability or property
damage limits in New York City for premises similarly situated, due regard being given to the use and occupancy thereof, are higher than the foregoing limits, then Tenant shall increase the foregoing limits accordingly. Landlord, its managing agent,
leasing agent and mortgagee(s) and ground lessors, as appropriate, shall be named as additional insureds in the aforesaid general liability insurance policies. All policies shall provide that Landlord shall be given thirty (30) days’ prior
notice of cancellation of such insurance. Tenant shall deliver to 

 

  

							
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Landlord evidence of such insurance policies prior to occupying the demised premises. All premiums and charges for the aforesaid insurance shall be paid by Tenant and if Tenant shall fail to make
such payment when due, Landlord may pay it (after notice and expiration of period to cure) and the amount thereof shall be repaid to Landlord by Tenant on demand and the amount thereof may, at the option of Landlord be added to and become a part of
the additional rent payable hereunder. Tenant shall not violate or permit to be violated any condition of any of said policies and Tenant shall perform and satisfy the requirements of the companies writing such policies. 

Destruction, Fire and Other Casualty: 21. 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. If the demised premises shall be partially damaged by fire or other casualty, the damages shall be repaired by and at the
expense of Landlord and the annual base rent, until such repairs shall be made, shall abate equitably according to the part of the demised premises which is unusable by Tenant or, if by reason thereof, the demised premises are rendered untenantable,
said annual base rental shall totally abate until the demised premises are tenantable. After any such casualty, Tenant shall cooperate with Landlord by removing from the demised premises as promptly as reasonably possible, all of Tenant’s
salvageable inventory and movable equipment, furniture, and other property so that Landlord may make repairs. Notwithstanding the foregoing, if the demised premises or the Building shall be damaged to such extent that Landlord shall decide to
demolish same, or not to rebuild same, then, and in such event, Landlord may terminate this Lease upon notice to the Tenant within ninety (90) days following such event, and upon the date specified in such notice, which date shall not be less
than thirty (30) days nor more than sixty (60) days following the giving of said notice, this Lease shall terminate and Tenant shall vacate and surrender the demised premises to Landlord. Any annual base rent prepaid by Tenant beyond said
date shall be promptly refunded to Tenant. If this Lease shall not be terminated as provided above in this Article, Landlord shall, at its expense, proceed with the restoration of the demised premises; provided Landlord’s obligations hereunder
shall not exceed the scope of Landlord’s initial construction obligations under this Lease and further provided, that Landlord’s restoration obligations shall be subject to building and zoning laws then in effect. 

If Landlord shall be obligated to repair or restore the demised premises under the provisions of Article 21 and does not commence such repair or restoration
within sixty (60) days after receipt of approval to proceed by Landlord’s insurance carrier and mortgagee, or does not substantially complete such restoration or repair within two hundred ten (210) days following the date of the
casualty, then Tenant may on sixty (60) days notice terminate this Lease by giving Landlord written notice of Tenant’s election to do so any time following the expiration of the sixty (60)-day or two hundred ten (210)-day period, as
applicable and which notice must be received by Landlord prior to the date Landlord commences the repair or restoration or substantially completes the restoration of the demised premises, as the case may be, or such notice shall be deemed null and
void,. No penalty shall accrue for reasonable delay which may arise by reason of adjustment of insurance, labor troubles and causes beyond Landlord’s control. If Landlord shall so restore the demised premises, Tenant shall

 
repair, restore and redecorate the demised premises and reoccupy and reopen the demised premises, within thirty (30) days following restoration, in a manner and to the condition existing
prior to the event of damage, except to the extent that Landlord is obligated above, and Tenant shall hold in trust the proceeds of all insurance carried by Tenant on its property for the purpose of such repair and restoration. 

During the last twelve (12) months of the term (or any extension term) of this Lease, if the demised premises shall be so damaged by fire or other
casualty that 20% of more is rendered untenantable, Tenant shall send Landlord written notice of such fact which notice shall state that Tenant has the right to terminate this Lease if Landlord is unable or chooses not to restore the demised
premises within ninety (90) days of the date of Tenant’s notice and that Landlord’s reply to Tenant’s notice is required within fifteen (15) days. Within fifteen (15) days of Landlord’s receipt of such notice,
Landlord may send Tenant written notice (“Restoration Notice”) stating that, in Landlord’s reasonable determination, Landlord can restore the demised premises within ninety (90) days of the date Landlord received Tenant’s
notice. In such event Landlord shall restore the demised premises to the condition required pursuant to this Article 21; provided however, if Landlord is unable to restore the demised premises within such ninety (90) day period then Tenant may
terminate this lease by notice to Landlord given within fifteen (15) days of the date on which Landlord was required to restore the demised premises (which notice must be received by Landlord prior to the date Landlord substantially completes
the restoration of the demised premises or such notice shall be null and void), specifying a date for the expiration of this Lease which shall not be later 60 days after the giving of such notice. Upon the effective date of such termination notice,
the term of this Lease shall expire as fully and completely as if such date were the date fixed for the expiration of this Lease. If Landlord fails to timely send Tenant Landlord’s Restoration Notice, tenant may terminate this Lease by notice
to Landlord within twenty (20) days of the date of the fire or casualty specifying the date for the expiration of this Lease which shall be no later than 60 days after the giving of such notice. Any rent or additional rent owing shall be paid
up to such date and any payments of rent and additional rent made by Tenant for a period beyond such date shall promptly be refunded to Tenant. 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. Tenant’s right to an abatement of rent hereunder shall not be construed to limit or affect Landlord’s right to payment under any rental loss coverage carried by Landlord.

 Eminent Domain: 22. If the whole 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. If only a part of the demised
premises shall be condemned or taken, then, effective as of the date of vesting of title or taking possession, the rent shall be abated in an amount thereof apportioned according to the area of the demised premises so condemned or taken and
Tenant’s Percentage shall be amended to reflect the new rentable square footage of the demised premises and the new square footage of the Building. If only a part of the Building shall be so condemned or taken, then (a) Landlord may, at
its option, terminate this Lease as of the date of such 

 

  

							
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vesting of title, by notifying Tenant in writing of such termination, or (b) if such condemnation or taking shall be a permanent condemnation or taking of a substantial part of the demised
premises in Tenant’s reasonable judgment, Tenant may, at Tenant’s option, by delivery of written notice to Landlord within thirty (30) days following the date on which Tenant shall have received notice of vesting of title or taking
possession, terminate this Lease as of the date of vesting of title or taking possession, or (c) if neither Landlord nor Tenant elects to terminate this Lease, as aforesaid, this Lease shall be and remain unaffected by such condemnation or
taking, except that the rent shall be abated in an amount thereof apportioned according to the area of the demised premises so condemned or taken and Tenant’s Percentage shall be amended to reflect the new rentable square footage of the demised
premises and the new square footage of the Building and Landlord, at its expense, subject to building codes then in effect and subject to the extent of proceeds actually received by Landlord for such taking, shall proceed with reasonable diligence
to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition (which in no event shall exceed Landlord’s pre-term construction obligations and which shall not include
Tenant’s Work, if any) to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises. If this Lease is terminated by Landlord or Tenant under this Article, this Lease and the term
and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the rent payable hereunder shall be apportioned as of such date. It is expressly understood and agreed that, at
Landlord’s option exercised in Landlord’s sole discretion, the provisions of this Article shall not be applicable to any condemnation or taking for governmental occupancy for a limited period. Landlord shall be entitled to receive the
entire award in any condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant, and Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter
arising in or to any such award or any part thereof, and Tenant shall be entitled to receive no part of such award, provided, however that Tenant shall have the right to make an independent claim to the condemning authority for the value of
Tenant’s moving expenses and personal property, trade fixtures and equipment provided Tenant is entitled pursuant to the terms hereof to remove such property, trade fixtures and equipment at the end of the term and provided further that such
claim does not reduce Landlord’s award. 
 Surrender/Demolition: 
  

	23.	

 A. If pursuant to any Legal Requirement Tenant is required to surrender a portion of the demised premises to
Landlord and if the balance of the demised premises shall be tenantable following such surrender, then Landlord shall have the right to give Tenant a minimum of 30 days prior written notice to surrender to Landlord said portion of the demised
premises. If Landlord exercises its option, Tenant shall surrender the requested portion of the demised premises to Landlord and give Landlord access to the balance of the demised premises for the purpose of erecting walls and related work. From and
after the date on which Landlord commences such work in accordance with said notice, the rent shall be adjusted on a $/rsf basis and Tenant’s Percentage shall be adjusted to reflect the new rentable square footage of the demised premises.

 B. At any time after July 31, 2016, Landlord shall be entitled, on at least two hundred seventy
(270)) days’ prior written notice thereof, to terminate this Lease for the purpose of (i) demolishing the Building or (ii) renovating the entire Building for a conversion to residential use, and, in either case, this Lease shall
come to an end on the date in such notice specified with the same force and effect as if such date were the date originally specified for the expiration of the term of this Lease. However, if Tenant has exercised its option to renew the Lease
pursuant to Section 49 hereof and Tenant has exercised the Adjacent Unit Option, then, in the event Landlord terminates this Lease pursuant to this Article 23B, Landlord shall pay to Tenant as a condition to the surrender of the demised
premises as provided in this Section 23B, the unamortized costs of Tenant’s improvements to the Adjacent Unit as reasonably documented by Tenant and as amortized on a straight line basis over a term of ten years commencing on
February 1, 2011. 
 Assignments & Subleases: 24. Tenant expressly covenants that it shall not assign, mortgage or encumber this Lease,
nor sublet or 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; provided however, that Landlord’s consent shall not be unreasonably
withheld, conditioned or delayed if (i) the Tenant is Etsy, Inc. or its immediate successor, (ii) an Event of Default has not occurred, (iii) the proposed assignee or sublesee has a net worth at least equal to that of Tenant on the date
hereof or on the date of the assignment or sublease, whichever is greater, in a certification delivered to Landlord simultaneously with the assignment or sublease, as the case may be, (iv) the purpose of such assignment or sublease is not
solely the acquisition of Tenant’s interest in this Lease or to circumvent the provisions of this Section and (v) the proposed assignee or sublesee continues to use the demised premises only for the Permitted Use. Transfer of the majority
of the stock of a corporate tenant or the majority partnership interest of a partnership tenant or the majority interest of any other tenant entity shall each be deemed an assignment except as otherwise set forth herein. If Tenant desires to assign
this Lease or sublet all or a portion of the demised premises, Tenant shall first notify Landlord in writing of its intention, and such notice shall include the amount of consideration paid for the assignment and/or sublease, the rents to be paid
with respect to a sublease, the name of the proposed assignee or subtenant, together with its full address and a description of its proposed use (but nothing contained herein shall permit, nor obligate Landlord to permit to a use other than the use
permitted by Article 1 of this Lease, it being understood that any change in use shall be subject to Landlord’s consent, which Tenant agrees may, notwithstanding anything contained herein to the contrary, be unreasonably withheld). Tenant shall
include with such notification such financial information as may be available concerning the proposed assignee or subtenant, including, without limitation, current updated financial statements (which financial information shall be supplemented on
demand if required by Landlord). If this Lease be assigned, or if the demised premises or any part thereof be sublet or occupied by anybody other than Tenant, Landlord may, after default by Tenant, collect rent from the assignee, subtenant or
occupant, and apply the net amount collected to the rent herein reserved, but no such assignment, subletting, occupancy or collection shall be deemed an acceptance of the assignee, subtenant or occupant as tenant, or a waiver or release of Tenant
from the further performance by Tenant of covenants on the part of Tenant herein contained. The consent by Landlord to an assignment or subletting shall not be

 

  

							
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construed to relieve Tenant from obtaining the express consent in writing of Landlord to any further assignment or subletting. Tenant shall pay Landlord, promptly upon demand therefor, for all
reasonable costs and expenses not to exceed $2,000.00 per each request for an assignment or sublet (including, but not limited to, reasonable attorneys’ fees and disbursements) incurred by Landlord in connection with any assignment, transfer of
interest or subletting (whether or not Landlord consents thereto) as additional rent hereunder. 
 If this Lease is assigned or all or any portion of the
demised premises is sublet, the obligations of Tenant and any guarantor of this Lease or any guarantor of the obligations of Tenant under this Lease as a primary obligor shall be unaffected and shall remain in full force and effect. No assignment,
sublease or transfer of interest shall be effective unless and until the assignee, transferee or subtenant shall execute, acknowledge and deliver to Landlord a recordable agreement, in form and substance reasonably satisfactory to Landlord and
counsel for Landlord, whereby the assignee, transferee or subtenant shall assume for the benefit of Landlord the obligations and performance of this Lease and agree to be personally bound by all of the covenants, agreements, terms, provisions and
conditions hereof on the part of Tenant to be performed or observed, and whereby Tenant (and all guarantors of this Lease or of the Tenant’s obligations hereunder) covenants and agrees to remain liable as a primary obligor for the due
performance of all of the covenants, agreements, terms, provisions and conditions of this Lease on the part of Tenant to be performed or observed, including, without limitation Article 1 hereof. Notwithstanding anything contained in this Lease to
the contrary, in the event that Tenant alleges that Landlord was unreasonable in withholding its consent to the assignment of this Lease or the subletting of all or any portion of the demised premises in an instance where Landlord is expressly
required to be reasonable in granting such consent, Tenant shall not be entitled to damages or any other affirmative relief or remedy as a result thereof and Tenant’s sole remedy shall be to commence an expedited arbitration proceeding before
the American Arbitration Association to be determined by a single arbitrator with at least ten (10) years experience in the subject matter of the dispute; provided however, that prior to Tenant resorting to expedited arbitration, Tenant shall
notify Landlord by written notice (“Arbitration Notice”) of Tenant’s intent to pursue such arbitration and Landlord and Tenant shall use reasonable efforts to resolve the matter without an arbitrator within fifteen (15) days of
the date Landlord receives Tenant’s Arbitration Notice. In the event an arbitration is commenced, the sole issue to be determined by the arbitrator shall be whether Landlord unreasonably withheld its consent to the assignment or sublease
requested by Tenant and if the arbitrator determines that Landlord was unreasonable, Tenant’s sole remedy shall be that Landlord’s consent shall be deemed granted in the case of that particular request for an assignment or sublease. The
parties will have no right to object if the arbitrator renders a decision within fifteen (15) business days from the selection of the arbitrator. In the event of a leveraged buy-out or other take-over of Tenant, Landlord’s consent to an
assignment of this Lease or subletting of the demised premises to the successor entity shall not be deemed to have been unreasonably withheld if said successor entity shall not have a net worth (in the event of a corporate entity, on a market value
basis) as certified to by a certified public accountant at least equal to the net worth of Tenant upon the date of execution of this Lease. Every sublease of the demised premises, in whole or in part, shall be subject and subordinate to this Lease.

 Notwithstanding any provision in this Lease to the contrary, Tenant shall have the right, subject to the terms
and conditions hereinafter set forth in this paragraph, without the consent of Landlord, to assign its interest in this Lease or sublease the demised premises (i) to an unaffiliated third party which is a successor to Tenant as a result of a
bona fide sale of more than fifty (50%) percent of Tenant’s business for a legitimate business purpose, provided that this provision is only applicable to Etsy, Inc., or (ii) to an existing member of Tenant, or (iii) to a person
or entity which shall either (1) Control (hereinafter defined), (2) be under the Control of, or (3) be under common Control with Tenant. Any assignee or subtenant under this paragraph shall be referred to as a “Permitted
Transferee.” In addition, Tenant shall have the right, without Landlord’s consent, to sublet a portion of the demised premises not exceeding fifteen (15%) of the rentable square footage thereof, to an entity that shares a commonality
of ownership with Tenant’s members, provided that such sublesee uses the demised premises for the Permitted Use and provided that Tenant may not collect rent and/or additional rent from such subtenant in excess of the rent and additional rent
paid hereunder on a pro rata basis. The term “Control,” as used herein, shall mean the power to direct or cause the direction of the management and policies of the controlled entity through the ownership of more than fifty percent
(50%) of the voting rights in such controlled entity except the transfer to a Permitted Transferee shall not be deemed to effect control. Any assignment or sublease may only be made upon the condition that (a) any such assignee or
subtenant shall have a net worth at least equal to that of Tenant on the date hereof or on the date of the assignment or sublease, whichever is greater, in a certification delivered to Landlord simultaneously with the assignment or sublease, as the
case may be, and continue to use the demised premises only for the Permitted Use, it being understood that any change in the use is subject to Landlord’s consent which Tenant agrees, may be unreasonably withheld, (b) the purpose of such
assignment or sublease is not solely the acquisition of Tenant’s interest in this Lease or to circumvent the provisions of this Section, (c) such assignee or subtenant, as the case may be, shall execute and deliver to Landlord, promptly
following such assignment or sublease, an agreement in form reasonably satisfactory to Landlord, in which such assignee or subtenant, as the case may be, assumes, for the benefit of Landlord, all of the obligations of the tenant under this Lease as
if the assignee had signed this Lease originally as the tenant, (d) Tenant provides Landlord with written notice of such assignment or sublease, including the identity and mailing address of the assignee or subtenant, as the case may be, no
less than thirty (30) days prior to the effective date of such assignment or sublease (e) the obligations of Tenant and any guarantor of this Lease or any guarantor of the obligation of Tenant under this Lease as a primary obligor shall be
unaffected and shall remain in full force and effect, and (f) no Event of Default has occurred upon the date Tenant notifies Landlord of such assignment or sublease and on the effective date of the assignment or sublease. 

Except with respect to an assignment or sublease that does not require Landlord’s consent or in connection with a leveraged buy out, Tenant shall
promptly pay to Landlord, as additional rent hereunder, one-half of all net consideration paid for all assignments of this Lease and all rent or additional rent or sum which Tenant shall receive from or on behalf of any assignee(s) or subtenant(s)
or any occupant by, through or under Tenant, 

 

  

							
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which is in excess of the rent and additional rent payable by Tenant in accordance with the provisions of this Lease (or in the event of a subletting of less than the whole of the demised
premises, the rent and additional rent allocable to that portion of the demised premises affected by such sublease) and the cost of any brokerage commission and tenant improvements made to the demised premises in connection with such subletting or
assignment. 
 In no event shall an assignee or sublessee be any of the following: a prospective tenant (or its designee) who is discussing or has discussed
in the last five (5) months with Landlord (or Landlord’s agent) its need for space in the Building: a current tenant, subtenant or occupant of space in the Building or any other Building owned by Landlord or an entity under common control
with Landlord or a subsidiary, affiliate, parent, or successor thereof; any party not financially responsible or unable to adequately evidence financial responsibility to Landlord’s reasonable satisfaction, any party that will be engaged in a
business or use that will require services from Landlord, or place demands on facilities in the Building of a different nature or to a greater extent than Landlord was required to afford before under this Lease, that is likely to adversely affect
(or increase burdens on) any operation of Landlord or any tenant or occupant of the Building, breach this Lease or violate a restrictive covenant of Landlord, contravene any provision of a mortgage, net lease or any other agreement of
Landlord’s; any party with whom Landlord has been involved in litigation; any party that is a domestic or foreign governmental entity; and/or who may claim diplomatic immunity. 

Anything contained in this Lease to the contrary notwithstanding with respect to any subletting or assignment that requires Landlord’s consent, then
within fifteen (15) days after Landlord’s receipt of all information required by Landlord under this Article with respect to a proposed assignment or subletting, Landlord may give notice electing to terminate this Lease effective as of the
last day of the month occurring sixty (60) days after such notice of termination is given. If Landlord shall give its termination notice as provided in this paragraph, the Term shall end on the effective date of termination as if such date had
been the original Expiration Date hereof. 
 Subordination: 25. Subject to the last paragraph of this Section 25, 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 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. In confirmation of such subordination, Tenant shall from time to time execute
promptly any certificate or agreement that Landlord may request. Tenant agrees that if any holder of a superior lien succeeds to Landlord’s interest in the demised premises, Tenant will pay to such holder all rents subsequently payable under
this Lease. Further, Tenant agrees that in the event of the enforcement by the holder of a superior lien of the remedies provided for by law or by such superior lien, Tenant will, upon request of any person or party succeeding to the interest of
Landlord as a result of such enforcement (the “Successor Landlord”), automatically (at the option of such holder) become the tenant of and attorn to such successor in interest without change in the terms or provisions of this Lease. Such
successor in interest will not be bound by: any

 
payment of rent or additional rent paid more than one month in advance other than the Free Rent; any amendment or modification of this Lease made without the written consent of such successor in
interest; any claim against Landlord arising prior to the date on which such successor in interest succeeded to Landlord’s interest, other than the obligation to complete Landlord’s Work, as defined in Section 45; and any security
deposit required hereunder unless said sums have actually been received by such Successor Landlord as security for Tenant’s performance of this Lease; however, in no event shall Tenant be required to replace such security deposit or post
additional security with Successor landlord except by reason of an Event of Default under this Lease. Landlord shall make reasonable efforts to obtain a Subordination, Non-Disturbance and Attornment Agreement from the holder of any existing mortgage
within thirty (30) days after the execution and delivery of this Lease; provided that (a) Tenant shall pay when due any and all fees requested by the party who will grant such non-disturbance agreement and/or by said party’s counsel
or representatives (which amount shall in no event exceed $2,000) and (b) Tenant understands that such granting of a non-disturbance agreement is in the sole discretion of any of such parties and Landlord shall not be deemed to be in default
under this Lease in the event any such party shall refuse to grant a non-disturbance agreement to Tenant. 
 Notwithstanding anything to the contrary
contained herein, this Lease shall not be subordinate to any mortgages or ground or underlying leases entered into by Landlord at any time after the date hereof unless an agreement is executed containing a provision which provides that so long as
Tenant is not in default under this Lease beyond any applicable notice and cure period, this Lease shall be recognized and Tenant’s occupancy shall not be disturbed; provided that Tenant shall pay upon demand any and all fees requested by the
party who will grant such agreement and/or by said party’s attorneys or counsel and further provided that such agreement shall be otherwise in substance and form reasonably required by the mortgagee, ground lessor or other secured party. 

Estoppel Certificate: 26. Tenant, at any time and from time to time, upon at least ten (10) days prior notice by Landlord, shall execute,
acknowledge and deliver to Landlord, and/or to any other person, firm or corporation specified by Landlord, a statement certifying (i) that this Lease is unmodified and in full force and effect (or, if there have been modifications, that this
Lease is in full force and effect as modified and stating the modifications), (ii) the dates to which the rent and additional rent have been paid, (iii) whether or not there exists a default by Landlord or Tenant under this Lease, and, if
so, specifying each such default, and (iv) any other matters reasonably requested. 
 Bankruptcy: 27. Anything elsewhere in this Lease to the
contrary notwithstanding, this Lease may be cancelled by Landlord by sending a written notice to Tenant within a reasonable time after the happening of any one or more of the following events: (1) the commencement of a case in bankruptcy or
under the laws of any state naming Tenant or a guarantor of Tenant’s obligations under this Lease or any other party who is primarily liable for Tenant’s obligations under this Lease, as the debtor unless such Bankruptcy is discharged
within thirty (30) days from the date of filing; or (2) the making by Tenant or a guarantor of Tenant’s obligations under this Lease or any other party who is primarily liable for Tenant’s obligations under this

 

  

							
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Lease 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 demised, but shall forthwith quit and surrender the demised premises. If this Lease shall be assigned in accordance with its terms, the provisions of this Article shall be
applicable to the party then owning Tenant’s interest in this Lease. It is stipulated and agreed that if this Lease is terminated pursuant to this Article, Landlord shall, notwithstanding any other provisions of this Lease to the contrary, be
entitled to recover from Tenant, as and for liquidated damages, an amount equal to the difference between the rent reserved hereunder for the unexpired portion of the term demised and the fair and reasonable rental value of the demised premises for
the same period. In the computation of such damages the difference between any installment of rent becoming due hereunder after the date of termination and the fair and reasonable rental value of the demised premises for the period for which such
installment was payable shall be discounted to the date of termination at the rate of four percent (4%) per annum. If the demised premises or any part thereof be relet by Landlord for the unexpired term of said lease, or any part thereof,
before presentation of proof of such liquidated damages to any court, commission or tribunal, the amount of rent reserved upon such reletting shall be deemed to be the fair and reasonable rental value of the part or the whole of the demised premises
so re-let during the term of the re-letting. Nothing herein contained shall limit or prejudice the right of the Landlord to prove and/or obtain as liquidated damages by reason of such termination, an amount equal to the maximum allowed by any
statute or rule of law in effect at the time when such damages are to be proved; whether or not such amount be greater, equal to, or less than the amount of the difference referred to above. Without limiting any of the provisions hereof, if pursuant
to the U.S. Bankruptcy Code, as the same may be amended, Tenant is permitted to assign this Lease in disregard of the restrictions contained in Article 24 or any other provisions of this Lease, Tenant agrees that adequate assurance of future
performance by the assignee permitted under such code shall mean, in addition to all of the other requirements of the code, the payment to Landlord of all rent, additional rent and other amounts then due and payable under this Lease, the curing of
all defaults by Tenant under this Lease and the deposit of cash security with Landlord in an amount equal to the sum of one (1) year’s annual base rent payable hereunder at the then current rate plus an amount equal to all additional rent
payable under the provisions of this Lease for the calendar year preceding the year in which such assignment is intended to become effective, which deposit shall be held by Landlord, without interest, for the balance of the term of this Lease as
security for the full and faithful performance of all of the obligations under this Lease on the part of Tenant yet to be performed. If Tenant receives or is to receive any valuable consideration for such an assignment of this Lease, such
consideration, after deducting therefrom (A) the brokerage commissions, if any, and other expenses reasonably incurred by Tenant for such assignment including improvements made to the demised premises in connection with such assignment and
(B) any portion of such consideration reasonably designated by the assignee as paid for the purchase of Tenant’s property in the demised premises, shall be and become the sole and exclusive property of Landlord and shall be paid over to
Landlord directly by such assignee. In addition, adequate assurance shall mean that any such assignee of this Lease shall have a net worth, exclusive of good will, equal to at least fifteen (15) times the

 
aggregate of all of the annual base rent payable hereunder during the term of this Lease, plus all additional rent for the preceding calendar year as aforesaid. 

Default, Remedies of Landlord, Fees and Waiver of Redemption: 28. If (a) Tenant shall default in the observance of any of the provisions,
covenants and conditions of this Lease (other than a default for the payment of rent or additional rent); or if Tenant shall fail to occupy the demised premises and open for business within sixty (60) days of the Commencement Date; or if the
demised premises shall be abandoned, deserted or vacated during the last six (6) months of the Lease Term; or if Tenant shall sublet the demised premises or assign this Lease, except as herein provided; or if Tenant shall be in default under
any other obligations of Tenant to Landlord of any nature whatsoever, including in connection with any other lease between Tenant and any of the Landlords or between Tenant and any entity in which any partner of Landlord holds an interest; or if
this Lease be rejected under §365 of Title 11 of the U.S. Bankruptcy Code); or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the demised premises shall be taken or occupied by someone
other than Tenant; or if Tenant shall have failed, after five (5) days written notice, to redeposit with Landlord any portion of the security deposited hereunder which Landlord has applied to the payment of any rent and additional rent due and
payable hereunder; THEN, in any of the foregoing events, if such default shall continue for more than twenty (20) days after written notice of such default with respect to monetary defaults or if said default or omission complained of shall be
of a nature that the same cannot be completely cured or remedied within the twenty (20) day cure period, and if Tenant shall not have diligently commenced to cure such default within the twenty (20) day cure period, and shall not
thereafter with reasonable diligence and in good faith, proceed to remedy or cure such default; or (b) if Tenant shall default in the payment of annual base rent or any item(s) of additional rent or other monies due hereunder, or any part of
same, and any such default shall continue for more than ten (10) days after written notice of such default; or (c) if twice in any twelve (12) month period Tenant shall have defaulted under its lease obligations, monetary or
otherwise, and Landlord shall have commenced a summary proceeding to dispossess Tenant in each such instance (notwithstanding that such defaults may have been cured after the commencement of such summary proceeding, and then Tenant defaults a third
time within such twelve (12) month period; THEN, in the event of (a), (b) or (c) above, Landlord may give Tenant a written five (5) day notice of termination of this Lease and, upon the expiration of said five
(5) days, this Lease and the term thereunder shall end and expire as fully and completely as if the expiration of such five (5) day period were the day herein definitely fixed for the end and expiration of this Lease and the term hereof,
and Tenant shall immediately quit and surrender the demised premises to Landlord, but Tenant shall remain liable as hereinafter provided. If said five (5) day notice of termination shall have been given, and the term shall have expired as
aforesaid, then Landlord may, without notice, re-enter the demised premises either by force or otherwise, and dispossess Tenant and all occupants of the demised premises by summary proceedings or otherwise and remove their effects and property and
hold the demised premises as if this Lease had not been made; Tenant hereby waiving the service of notice of intention to re-enter or to institute legal proceedings to that end. A default hereunder beyond any applicable cure period shall also be
referred to as an “Event of Default”. 

 

  

							
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 In case of any default, event, re-entry, expiration, termination and/or dispossession by summary proceedings, or
otherwise, Tenant shall, nevertheless, remain and continue to be liable to Landlord in a sum equal to all annual base rent and additional rent herein reserved for the balance of the term of this Lease as the same may become due and payable pursuant
to the provisions of this Lease as if it were not terminated. Landlord may repair or alter the demised premises in such manner as to Landlord may seem necessary or advisable, and/or let or re-let the demised premises and any and all parts thereof
for the whole or any part of the remainder of the original term hereof or for a longer period, in Landlord’s name, or as the agent of Tenant, and, out of any rent so collected or received, Landlord shall, first, pay to itself, the expense and
cost of retaking, repossessing, repairing and/or altering the demised premises, and the expense of removing all persons and property therefrom, second, pay to itself, any cost or expense sustained in securing any new tenant or tenants, and third,
pay to itself, any balance remaining on account of the liability of Tenant to Landlord for the sum equal to the annual base rent and additional rent reserved herein and unpaid by Tenant for the remainder of the term herein demised. The failure of
Landlord to re-let the demised premises or any part or parts thereof shall not release or affect Tenant’s liability for damages. Any entry or re-entry by Landlord, whether had or taken under summary proceedings or otherwise, shall not absolve
or discharge Tenant from liability hereunder. Should any rent so collected by Landlord after the payment aforesaid be insufficient fully to pay to Landlord a sum equal to all annual base rent and additional rent herein reserved, the balance or
deficiency shall be paid by Tenant on the rent days herein specified; that is, upon each of such rent days Tenant shall pay to Landlord the amount of the deficiency then existing and Tenant shall be and remain liable for any such deficiency, and the
right of Landlord to recover from Tenant the amount thereof, or a sum equal to the amount of all annual base rent and additional rent herein reserved if there shall be no re-letting, shall survive the issuance of any dispossessory warrant or other
termination hereof. Tenant hereby expressly waives service of any notice of intention to re-enter subsequent to the giving of the aforesaid notices. Tenant hereby expressly waives any and all right to recover or regain possession of the demised
premises or to reinstate or to redeem this tenancy or this Lease as is permitted or provided by or under any statute, law, or decision now or hereafter in force and effect. Tenant also waives the provisions of any law now or hereafter in effect
relating to notice and delay in levy of execution in case of an eviction or dispossess of a tenant for non-payment of rent. Tenant shall reimburse Landlord, within five (5) days following written demand, for any counsel fees or collection
charges incurred or expended by Landlord by reason of Tenant’s default in the performance of any provision, covenant, or condition of this Lease and any such amounts, at the option of Landlord, may be recovered in the same action or proceeding
forming the basis of the default or in another action or proceeding. 
 If either Landlord or Tenant shall commence an action or other proceeding against
the other arising out of, or relating to, this Lease or the demised premises, then the prevailing party shall be entitled to recover from the losing party, its actual reasonable attorneys’ fees and expenses incurred in such action, proceeding.

 Notwithstanding any other remedy provided for hereunder and without the requirement of notice, except as provided in this article, if Tenant shall not
comply with any of its obligations hereunder, Landlord shall have the right, at Landlord’s sole

 
option, at any time in the event of an emergency and otherwise after three (3) days notice to Tenant, to cure such breach at Tenant’s expense. Tenant shall reimburse Landlord, within
three (3) days following demand, as additional rent, for all costs and expenses incurred by Landlord in curing such breach, together with interest computed thereon at the maximum rate permitted by law. Notwithstanding anything contained in this
Lease, if Tenant fails to pay any monetary items due hereunder on the date the same are due and payable, a late charge of four ($.04) cents for each ONE ($1.00) DOLLAR so overdue shall become immediately due and payable to the Landlord as damages in
compensation for the additional administrative, bookkeeping and collection expenses incurred by Landlord by reason of such failure to make prompt payment and the same shall be considered as additional rent hereunder payable together with the next
installment of monthly rent. In addition, all such unpaid monetary items shall bear interest at the maximum rate permitted by law from the date such monies were due and payable until the date on which Landlord shall receive payment. Notwithstanding
anything contained in this Lease, if Tenant fails to pay any monetary items due hereunder on the date the same are due and payable and a default notice is sent by Landlord, Tenant shall pay Landlord $500.00 as additional rent to compensate Landlord
for charges incurred by Landlord relating to issuing a default notice and the same shall be payable together with the next installment of monthly base rent. 

The rights and remedies whether herein or elsewhere provided in this Lease shall be cumulative and the exercise of any one right or remedy shall not preclude
the exercise of or act as a waiver of any other right or remedy of Landlord hereunder, or which may be existing at law, or in equity, by statute or otherwise. Tenant hereby expressly waives any and all rights of redemption granted by or under any
present or future laws. 
 No Waiver: 29. The failure of either party 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 and regulations, 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 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
unless such waiver be in writing signed by Landlord. 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 in this Lease provided. All checks tendered to Landlord as and for the rent of the demised premises shall be deemed payments for the account of Tenant. Landlord may apply such payment to any sums then due and
payable by Tenant to Landlord as Landlord shall determine in its sole discretion. Acceptance by Landlord of rent from anyone other than Tenant shall not be deemed to operate as an attornment to Landlord by the payor of such rent, or as a consent by
Landlord to an assignment or subletting by Tenant of the demised premises to such payor, or as a modification of the provisions of 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 said premises, and no 

 

  

							
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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 said premises
prior to the termination of this Lease, and the delivery of keys to any such agent or employee shall not operate as a termination of this Lease or a surrender of the demised premises. 

Landlord’s Defaults: 30. If Landlord defaults in any of its obligations under this Lease, Tenant shall give Landlord written notice of such
default and Landlord shall have thirty (30) days following receipt of such notice to cure such default or, if such default cannot reasonably be cured within a thirty (30) day period, Landlord shall commence the cure of such default within
thirty (30) days following receipt of such notice and thereafter shall proceed diligently to cure such alleged default. Tenant shall send a duplicate notice to any holder of a mortgage or other superior lien on the Building or this Lease of
which Tenant has been notified in writing, and any such holder shall have the right to cure such alleged default within the same time period. Notwithstanding anything to the contrary contained herein, in no event shall Landlord be liable to Tenant
for any consequential, indirect, special, exemplary or punitive damages. 
 Consents and Approvals: 31. Except as otherwise provided in Article 10
with respect to Minor Alterations and Article 24 with respect to certain assignments and/or subleases, if Tenant shall request Landlord’s consent or approval and Landlord shall fail or refuse to give such consent or approval, Tenant shall not
be entitled to any damages for any withholding by Landlord of its consent or approval, it being agreed that Tenant’s sole remedy shall an action for a declaratory judgment, injunction or specific performance and that such remedy shall be
available only in those cases where Landlord has expressly agreed in writing not to unreasonably withhold its consent or approval or where as a matter of law Landlord may not unreasonably withhold its consent or approval. 

Inability to Perform: 32. Except as otherwise provided herein and without limiting Landlord’s obligations to maintain and repair the Building and
demised premises as set forth herein, this Lease and the obligation of Tenant to pay rent hereunder and perform all of the other covenants and agreements hereunder on the 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, in any such case, 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 pre-emption in connection with a national emergency or by reason of any Legal Requirements or by reason of the conditions of supply and demand which have been or are
affected by war or other emergency. If there shall be a delay in the construction, repair or restoration of the demised premises or the Building or any portion thereof caused by strike, riots, acts of God, shortages of labor or materials, national
emergency, governmental restrictions, laws or regulations, the act of, or failure to act by, Tenant, or for any other cause or causes beyond Landlord’s control, at Landlord’s option such delay shall not be a violation of this Lease, and
the time periods set forth in this Lease for any such work shall at Landlord’s option be extended for a period of time equal to the period of delay.

 Waiver of Trial by Jury: 33. 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, 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 the parties as landlord and tenant, Tenant’s use of or occupancy of the demised premises, and any emergency statutory or any other statutory remedy. It is further mutually agreed
that if Landlord commences any proceeding or action for possession, including a summary proceeding for possession of the demised premises, Tenant will not interpose any counterclaim, of whatever nature or description, in any such proceeding, except
for statutory mandatory counterclaims. 
 End of Term: 34. Upon the expiration or other termination of the term of this Lease, Tenant shall quit and
surrender to Landlord the demised premises vacant, “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 deliver to
Landlord all keys required for access to the demised premises and the Building (including, without limitation, all keys provided to Tenant for access to the entrance, elevator, bathrooms and other Building common areas), disable and remove all
security systems covering the demised premises and remove all of its property from the demised premises as required and as permitted by this Lease. Tenant shall assign to Landlord all warranties that are in effect at the end of the term of this
Lease for all alterations, property and equipment which remain in the demised premises, with Landlord’s consent, after Tenant has surrendered possession thereof to Landlord. Tenant’s obligation to observe or perform this covenant shall
survive the expiration or other termination of this Lease. Tenant acknowledges that it must surrender possession of the demised premises to Landlord at the expiration or sooner termination of the term of this Lease; time being of the essence with
respect to Tenant’s obligation to do so. If, however, Tenant remains in possession of the demised premises at the expiration or earlier termination of the term hereof, Tenant, at Landlord’s option, shall be deemed to be occupying the
demised premises as a tenant from month to month, at a monthly rental equal to twice the sum of (a) the monthly installment of the annual base rent payable during the last month of the term (the “Holdover Rent”) hereof plus
(b) all additional rent due hereunder. 
 Acceptance by Landlord of rent after the expiration or earlier termination of the Term hereof shall not
constitute a consent to a month-to-month tenancy or result in a renewal. In the event of such holdover, Tenant’s occupancy of the demised premises, except as aforesaid, shall be subject to all other conditions, provisions and obligations of
this Lease, but only insofar as the same are applicable to a month to month tenancy. Such month to month tenancy shall be terminable by Landlord upon one (1) month’s notice to Tenant, and if Landlord shall give such notice, Tenant shall
quit and surrender the demised premises to Landlord as provided in this article. In the event that (a) Tenant shall remain in possession of the demised premises at the expiration or earlier termination of the Term hereof and Landlord shall not
have elected to deem Tenant to be occupying the demised premises as a tenant from month-to-month or (b) Landlord shall terminate any month-to-month tenancy of the demised premises and Tenant shall fail to quit and surrender the demised premises
to Landlord upon the termination date as provided in this article, then, in either such event, Tenant shall

 

  

							
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be liable to Landlord tor all losses, damages, claims, costs and/or expenses incurred by Landlord by reason of Tenant’s failure to deliver timely possession of the demised premises to
Landlord including, without limitation, any consequential and incidental damages so incurred by Landlord, including without limitation, all legal fees and court costs incurred by Landlord and/or expenses incurred in connection with or arising from
the inability of Landlord to lease and deliver possession of the demised premises, or any portion thereof, to any third party and/or the termination or cancellation of any lease of the demised premises, or any portion thereof to any third party;
provided that Landlord shall use reasonable efforts to mitigate any such consequential damages; it being understood that Landlord shall use its in-house broker and shall not be required to retain the services of an outside third party broker and
Landlord shall not be deemed to have failed to use reasonable efforts to mitigate damages if Landlord shall not retain the services of an outside third party broker. 

Quiet Enjoyment: 35. So long as Tenant timely pays all annual base rent and additional rent due hereunder and performs all of Tenant’s other
obligations hereunder within the time periods permitted under this Lease, Tenant shall peaceably and quietly hold and enjoy the demised premises during the term without hindrance or ejection by Landlord or any person lawfully claiming through or
under Landlord, subject, nevertheless, to the provisions of this Lease. 
 Notices: 36. Except as otherwise in this Lease provided, all notices to be
given pursuant to this Lease shall be in writing and sent by prepaid certified or registered U.S. mail, return receipt requested, or by a recognized overnight courier service which requires acknowledgment of receipt of delivery from addressee, to
the address of the parties below specified or at such other address as may be given by written notice in the manner prescribed in this paragraph or, if to Tenant, by personal delivery to the demised premises. Notice shall be deemed to be given upon
delivery to the U.S. Postal Service or recognized overnight courier service or if personal delivery, to the demised premises. Landlord’s address for notice shall be the address first set forth above for Landlord. Tenant’s address for
notices given prior to the Commencement Date shall be the address first set forth above for Tenant. Tenant’s address for notices given on or subsequent to the Commencement Date shall be the address of the demised premises. Provided Landlord has
provided notice disclosing the identity and address of any mortgagee or ground lessor, Tenant covenants and agrees to give any mortgagee and/or ground lessor of the Building and/or Real Property notice of any default of Landlord under this Lease and
the right to cure any default of Landlord within the time period set forth in this Lease. Notwithstanding the foregoing, rent bills, invoices and statements may be sent by ordinary mail or personal delivery. Landlord’s leasing and/or managing
agent and/or counsel of either party may each give statements, invoices, notices and/or other communication on behalf of Landlord or Tenant, as the case may be, and any such statements, invoices, notices and/or communications shall be deemed to have
been given by Landlord or Tenant as the case may be. 
 Captions & Counterparts: 37. 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 provision thereof. This Lease may be executed in any number of counterparts, each of which shall be an original, but which together
shall constitute one and the same instrument. 

 Definitions, Successors & Assigns: 38. The words “re-enter” and “re-entry”
as used in this Lease are not restricted to their technical legal meaning. The term “rent” includes the annual base rent, the annual rental rate whether so expressed or expressed in monthly installments, and additional rent payable
hereunder. All provisions herein contained shall bind and inure to the benefit of the respective parties hereto, their heirs, personal representatives, successors and assigns, as the case may be. In the event Landlord or any successor-lessor (owner)
of the demised premises shall convey or otherwise dispose of the demised premises and/or the Building and/or the Real Property, all liabilities and obligations of Landlord or such successor-lessor (owner), as Landlord under this Lease shall
terminate upon such conveyance or disposal and written notice thereof to Tenant. If Landlord, or any successor in interest to Landlord, shall be an individual, joint venture, executor, estate, personal representative, conservator, tenancy-in-common,
trustee, trust, limited liability company, limited liability partnership, partnership, general or limited, firm or corporation, there shall be no personal liability on the part of such individual or on the part of any members of such joint venture,
tenancy-in-common, trustee, trust, company, partnership, firm or corporation, or its shareholders, members, managers, officers or directors, or on the part of such joint venture, estate, tenancy-in-common, trustee, trust, company, partnership, firm
or corporation as to any of the provisions, covenants or conditions of this Lease. Tenant hereby acknowledges that it shall look solely to the real property interest of Landlord in the Building for the satisfaction or assertion of any claims, rights
and remedies of Tenant against Landlord, in the event of breach by Landlord of any of the provisions, covenants or conditions of this Lease. 
 Entire
Agreement: 39. This Lease contains the entire and only agreement between the parties concerning the demised premises. No prior oral or written statements or representation, if any, of any party hereto or any representative of a party hereto, not
contained in this instrument, shall have any force or effect. This Lease shall not be modified in any way, except by a writing executed by Landlord and Tenant. No oral agreement or representations shall be deemed to constitute a lease other than
this agreement. This agreement shall not be binding unless and until it shall have been executed and delivered by Landlord and Tenant. The submission of this Lease to Tenant prior to its execution by Landlord shall not be an offer to lease. Any
person executing this Lease on behalf of Tenant hereby covenants, represents and warrants to Landlord that (i) Tenant is a duly incorporated or duly qualified (if foreign) corporation and/or limited liability company, as the case may be, and is
authorized to do business in the State of New York (a copy of evidence thereof to be supplied to Landlord upon request); and (ii) each person executing this Lease on behalf of Tenant is duly authorized to execute, acknowledge and deliver this
Lease to Landlord. 
 Memorandum of Lease: 40. Tenant shall not record this Lease or any memorandum of this Lease without Landlord’s prior
written consent. The parties hereto agree that if a memorandum shall be recorded with respect to this Lease, then (i) such memorandum shall contain those provisions of this Lease as shall be mutually desired in the reasonable discretion of
counsel for the parties hereto, provided that in no event shall such memorandum contain any provisions relevant to the base rent and/or additional rent payable under this Lease, and (ii) Tenant shall, upon Landlord’s request, execute and
deliver to Landlord any and all documentation necessary to release such 

 

  

							
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memorandum from record upon the expiration or sooner termination of the term of this Lease (and Tenant’s obligation to execute and deliver such a release shall survive the expiration or
sooner termination of this Lease). 
 Federal Tax Identification Number: 41. Tenant hereby agrees that it shall provide to Landlord Tenant’s
social security number or, if Tenant is or becomes an entity, Tenant’s federal employer identification number, within three (3) days following Landlord’s request therefor. Tenant hereby represents and warrants to Landlord that
Tenant’s federal employer tax identification number is 20-4898921.

 Directory: 42. Landlord shall upon Tenant’s request, post on the Building’s directory (the
“Directory”) Tenant’s name and a maximum of eight (8) individuals’ names who are officers or employees of Tenant. If Landlord shall list any individual or entity name other than that of Tenant, such listing shall neither
grant such party any right or interest in this Lease and/or the demised premises, nor constitute Landlord’s consent to an assignment or sublease to, or occupancy by, such party. Such listing may be terminated by Landlord at any time in
Landlord’s reasonable judgment, without prior notice, and Landlord may charge Tenant a reasonable charge for any changes in listings requested by Tenant.

 

  
 See rider and
exhibits attached hereto and hereby made a part hereof. 

  

							
	Page 20				

		
					

 In Witness Whereof, Landlord and Tenant have respectively executed this Lease as of the day and
year first above written. 
  

			
	55 WASHINGTON STREET LLC
	By:		DW Associates, L.P., as managing member
		
	By:		

		 	  

			(Landlord)
	
	ETSY, INC.
		
	By:		

		 	  

			(Tenant)

 ACKNOWLEDGEMENT 
  

			
	STATE OF NEW YORK		
			SS.:
	COUNTY OF Kings		

 On the 14th day of April in the year 2009, before me, the
undersigned, a Notary Public in and for said State, personally appeared Maria Thomas, 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 he/she executed the same in his/her capacity, and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. 

 

					
	SARAH M. FEINGOLD				
	 Notary Public, State of New York

No. 02FE6153435
 Qualified in
Monroe County
 Commission Expires October 02, 2010
				

	 		 	  

				NOTARY PUBLIC
				
				

  

							
	Page 21				

		
					

 LEASE FORM INDEX 
  

											
	 Clause
	  	 Page
	 	  	 Clause
	  	 Page
	 
				
	 Additional Covenants
	  	 	6	  	  	 Garbage
	  	 	6	  
				
	 Alterations
	  	 	4	  	  	 Inability to Perform
	  	 	12	  
				
	 As Is
	  	 	3	  	  	 Landlord’s Access to Demised Premises
	  	 	5	  
				
	 Assignments & Subleases
	  	 	9	  	  	 Landlord’s Defaults
	  	 	11	  
				
	 Bankruptcy
	  	 	10	  	  	 Laws, Compliance With
	  	 	5	  
				
	 Base Rent
	  	 	1	  	  	 Memorandum of Lease
	  	 	13	  
				
	 Building Alterations
	  	 	7	  	  	 No Waiver
	  	 	11	  
				
	 Building Services
	  	 	3	  	  	 Notices
	  	 	12	  
				
	 Captions & Counterparts
	  	 	12	  	  	 Partial Surrender
	  	 	9	  
				
	 Casualty
	  	 	8	  	  	 Quiet Enjoyment
	  	 	12	  
				
	 Consents and Approvals
	  	 	12	  	  	 Real Estate Taxes
	  	 	3	  
				
	 Definitions, Successors & Assigns
	  	 	12	  	  	 Relocation
	  	 	9	  
				
	 Demolition
	  	 	9	  	  	 Repairs
	  	 	4	  
				
	 Directory
	  	 	13	  	  	 Rules and Regulations
	  	 	7	  
				
	 Electricity
	  	 	3	  	  	 Security Deposit
	  	 	2	  
				
	 Eminent Domain
	  	 	8	  	  	 Signs
	  	 	6	  
				
	 End of Term
	  	 	12	  	  	 Subordination
	  	 	10	  
				
	 Entire Agreement
	  	 	13	  	  	 Tenant Defaults
	  	 	10	  
				
	 Estoppel Certificate
	  	 	10	  	  	 Tenant’s Insurance
	  	 	7	  
				
	 Excavation Shoring
	  	 	7	  	  	 Use
	  	 	1	  
				
	 Failure to Give Possession
	  	 	3	  	  	 Utilities & Other Services
	  	 	3	  
				
	 Federal Tax Identification Number
	  	 	13	  	  	 Waiver of Trial by Jury
	  	 	12	  

  

							
	Page 22	 		 	

	 	
		 	 	 	

 RIDER ATTACHED TO AND FORMING A PART OF LEASE DATED AS OF APRIL 14, 2009 BY AND BETWEEN 55 WASHINGTON STREET
LLC (“LANDLORD”) AND ETSY, INC. (“TENANT”) FOR PREMISES KNOWN AS SUITE 512 IN THE BUILDING KNOWN AS 55 WASHINGTON STREET, BROOKLYN, NY 

In the event of any inconsistency between the provisions of this rider and the provisions of the Lease to which this rider is attached, the provisions of this
rider shall control. 
 43. Water Charges: If Tenant requires, uses or consumes water for any purpose in the demised premises other than
ordinary lavatory purposes (of which fact Landlord shall be the sole judge), Landlord may install a water meter and thereby measure Tenant’s water consumption for all purposes. Tenant shall pay Landlord for the cost of the meter and the cost of
the installation. Throughout the duration of Tenant’s occupancy, Tenant shall keep said meter and installation equipment in good working order and repair at Tenant’s own cost and expense. In the event Tenant fails to maintain the meter and
installation equipment in good working order and repair (of which fact Landlord shall be the sole judge) Landlord may cause such meter and equipment to be replaced or repaired, and collect the cost thereof from Tenant as additional rent. Tenant
agrees to pay for water consumed as shown on said meter as and when bills are rendered, and in the event Tenant defaults in the making of such payment, Landlord may pay such charges and collect the same from Tenant as additional rent. To the extent
not included in the payment of Real Estate Taxes, Tenant covenants and agrees to pay, as additional rent, Tenant’s Percentage of the sewer rent, charge or any other tax, rent or levy above such amounts charged in the Base Tax Year which now or
hereafter is assessed, imposed or a lien upon the demised premises, or the realty of which they are a part, pursuant to any law, order or regulation made or issued in connection with the use, consumption, maintenance or supply of water, the water
system or sewage or sewage connection or system. If the demised premises is supplied with water through a meter which measures the water consumption of other tenants as well as the demised premises, Tenant shall pay to Landlord, as additional rent,
on the first day of each month, that portion of the meter charges that relate to Tenant’s use. Independently of, and in addition to, any of the remedies reserved to Landlord hereinabove or elsewhere in this Lease, Landlord may sue for and
collect any monies to be paid by Tenant, or paid by Landlord, for any of the reasons or purposes hereinabove set forth. 
 44. Electric
Current: 
 A. Supplementing Article 5 hereof, electricity shall be furnished to Tenant on a “submetering”
basis. Tenant shall pay Landlord (or at Landlord’s option, Landlord’s agent) as additional rent within ten (10) days following demand made therefor for all electricity furnished to and/or consumed in the demised premises on a submetering
basis from and after the date possession of the demised premises is delivered to Tenant at charges, terms and rates, including, without limitation, fuel adjustments and taxes, equal to the SC-4 rate for Consolidated Edison plus five percent (5%) for
transmission line loss and other redistribution costs. If, in Landlord’s reasonable judgment, Tenant’s use shall require more than one (1) submeter in the demised premises, Landlord shall install additional submeter(s) in the demised
premises at Tenant’s sole cost and expense. If there is more than one submeter in the demised premises, each meter may be computed and billed separately in accordance with the rates and terms set forth herein. If any tax is imposed upon
Landlord’s receipt from the sale or resale of electrical energy or gas or telephone service to Tenant by any federal, state or municipal authority, Tenant covenants and 

  

			
	Rider page 1		

 
agrees that where permitted by law, Tenant’s pro-rata share of such taxes shall be passed on to and included in the amount charged to, and paid by Tenant to Landlord as additional rent. If
the demised premises’ submeters and/or the submeters are not functional, then for the period such meters are not functioning, the parties agree that, at Landlord’s option, Tenant’s annual actual cost for electricity shall be deemed to
be a sum equal to $2.50 times the agreed rentable square foot area of the demised premises, changed in the same percentage as any increases in the cost to Landlord for electricity for the entire Building subsequent to January 1, 2009 because of
electric rate, time of day charges, service classification or market price changes. Tenant, shall not, without Landlord’s prior written consent in each instance, connect any fixtures, appliances or equipment (other than a reasonable number of
table and floor lamps, typewriters, personal computers, copy machines and similar small office machines used in modern day offices) to the Building’s electric distribution system nor make any alteration or addition to the electrical system of
the demised premises. Should Landlord grant such consent, all additional risers or other equipment required therefor shall be provided by Landlord upon notice to Tenant, and all reasonable and out-of-pocket cost and expenses of Landlord in
connection therewith shall be paid by Tenant as additional rent upon demand by Landlord. 
 B. Landlord reserves the right to discontinue
furnishing electric current to Tenant on a submetering basis at any time upon not less than sixty (60) days’ notice to Tenant. If Landlord elects not to furnish electric current to Tenant on a submetering basis, Tenant shall arrange to
obtain electric current directly from the public utility company supplying electric current to the Building; and in that event, all risers, equipment and other facilities which may be required for Tenant to obtain electric current directly from such
public utility corporation and may already be in the Building, may be used by Tenant at no additional charge to Tenant. If Landlord exercises its right to discontinue furnishing electric current to Tenant, this Lease shall continue in full force and
effect and shall be unaffected thereby, except only that, from and after the effective date of such discontinuance, Landlord shall not be obligated to furnish electric current to Tenant on a submetering basis; however, if Tenant is unable to obtain
direct electric service by the effective date of such discontinuance, so long as Tenant continues to make reasonable efforts to obtain direct electric service, Landlord shall continue to provide electric service until Tenant has obtained direct
electric service. If Landlord has discontinued electric service and, in Landlord’s reasonable judgment, additional risers are required in order to supply electricity to the demised premises, such risers shall be installed by Landlord at
Landlord’s reasonable expense, and in any event, any such installation shall be maintained by Landlord, at its expense and shall be subject to such reasonable conditions as the utility company may require. Landlord’s election to not
furnish electric current to Tenant shall not be deemed a lessening or diminution of services within the meaning of any law, rule or regulation now or hereafter enacted, promulgated or issued. 

45. Initial Work: Notwithstanding anything to the contrary contained herein, Landlord shall, at its expense, perform, or cause to be performed,
the work set forth on Exhibit B attached hereto and hereby made a part hereof, except that Tenant acknowledges that Landlord shall not install the wooden floors or the acoustical treatment described in Exhibit B (such work is herein collectively
referred to as “Landlord’s Work”). Landlord’s Work shall be performed in accordance with Legal Requirements using Building standard materials in a workmanlike manner. Tenant shall perform all other work (“Tenant’s
Work”) necessary for it to use the demised premises as contemplated in this Lease and such work shall be performed in accordance with the Legal Requirements, at its sole expense, pursuant to plans, drawings and specifications therefor prepared
by Tenant and submitted to, and approved by Landlord and subject to the terms of this Lease, including, without limitation, Article 10 hereof. If the substantial completion of 

  

			
	Rider page 2		

 
the Landlord’s Work is delayed by reason of: (i) any act or omission of Tenant or any of its employees, agents or contractors; or (ii) any failure (not due to any act or omission
of Landlord or any of its employees, agents or contractors) caused solely by Tenant or its agents to plan or execute Tenant’s Work (as hereafter defined) with reasonable speed and diligence, or (iii) any material changes by Tenant in the
plans or specifications or any material changes or substitutions requested by Tenant; or (iv) Tenant’s failure to furnish plans, information, details and specifications Landlord requests from Tenant, or subsequent changes thereto; or
(v) Tenant’s request for materials, finishes or installations other than Landlord’s standard as identified in Exhibit B hereto; or (vi) the performance or incompletion of work by a party employed or retained by Tenant; then
Landlord’s Work shall be deemed substantially completed on the date when the same would have been substantially completed but for such delay and, in addition, Tenant shall pay to Landlord all costs and damages which Landlord may sustain by
reason of such delay. Landlord agrees that it will use commercially reasonable efforts to complete the Landlord’s Work on or before the Commencement Date, provided that Tenant has satisfied the Documentary Requirements on or before
April 15, 2009 and in such event, for each day after the Commencement Date that Landlord’s work has not been substantially completed, the Free Rent Period shall be extended by one day. If Tenant claims that some or all of Landlord’s
Work have not been completed by Landlord upon the date Landlord notifies Tenant that Landlord has substantially completed Landlord’s Work, Tenant shall, within ten (10) days of said date (or ten (10) days following the date Tenant
opens for the transaction of business, whichever date shall be sooner), submit to Landlord a written list of the Landlord’s Work that Tenant claims remains to be performed by Landlord, and Landlord shall have forty five (45) days
thereafter to complete such work. If Landlord fails to complete such work, the sole remedy of Tenant shall be to complete such work and Tenant shall have the right to set off the reasonable cost thereof from the rent due Landlord in order to
reimburse Tenant for the cost and expense of completion of the work. Upon written request of Landlord, Tenant will, within five (5) days following request, furnish to Landlord a written statement that Tenant is in occupancy of the demised
premises, that Landlord’s Work has been completed in accordance with Landlord’s obligations or in lieu thereof, a list of the work Tenant claims to be incomplete. 

46. Air Conditioning: Tenant shall, at its own cost and expense operate, maintain, clean, repair and replace the air conditioning system,
equipment and facilities (hereinafter called the “AC System”) now or hereafter located in or servicing solely the demised premises (including, but not limited to, the periodic cleaning and/or replacements of filters, replacement of fuses
and belts, the calibration of thermostats and all startup and shut down maintenance of the system, equipment and facilities) and provide a repair and maintenance contract in form reasonably satisfactory to Landlord with an air conditioning
contractor or servicing organization approved by Landlord; provided, however, that Landlord may elect at any time to enter into a contract with an air conditioning contractor or servicing organization to provide repair and maintenance to the AC
System (provided such contract or charges are commercially reasonable) in which event, Tenant shall pay Landlord for the cost of such contract as additional rent hereunder within ten (10) days following demand made therefor. At Landlord’s sole
option, such contract may include other air conditioning systems, equipment and facilities, in which event, Tenant shall pay Landlord within ten (10) days following demand therefor for the cost of such contract to the extent that it relates to the
AC System, as additional rent hereunder. If any permit or license is required for the operation of the AC System, such license or permit shall be in place as of the Commencement Date and Tenant shall, at Tenant’s expense, thereafter obtain and
maintain any such permit or license unless Landlord elects to obtain the same on Tenant’s behalf and at Tenant’s expense. Any additions or other alterations to the AC System shall require Landlord’s

  

			
	Rider page 3		

 
prior written consent pursuant to Article 10 hereof and the consent of the contractor with a contract covering maintenance of the AC System. The electricity furnished to and/or consumed by
the AC System shall be paid for by Tenant in accordance with Article 44 hereof. 
 47. Cleaning/Trash Services: Tenant shall obtain and
pay for cleaning services for the demised premises at Tenant’s sole cost and expense. Tenant shall pay Landlord $245.30 per month as additional rent hereunder on or before the first
(1st) day of each month during the Term hereof and during all additional periods Tenant is in possession of the demised premises and/or in occupancy of the demised premises for ordinary
office trash collection from a location designated by Landlord, subject to reasonable adjustment from time to time, to reflect Landlord’s standard trash collection charges based upon the relative size of the space occupied by a tenant. 

48. Adjacent Unit Option: “Adjacent Unit” means Suite 508 in the Building, which premises is in the approximate location shown on
Exhibit C attached hereto and hereby made a part hereof. Provided that Tenant is not in default beyond applicable notice and cure periods (the “Option Requirement”), then Tenant shall have the option to add the Adjacent Unit to the
demised premises for the remainder of the term of this Lease commencing on February 1, 2011, upon the same terms and conditions provided herein, except that (a) the term “Tenant’s Percentage” shall be amended to be 6.312%,
(b) the monthly additional rent charge for ordinary office trash collection pursuant to Article 47 of the Lease shall be amended so that it shall be $354.57 per month and (c) the annual base rent payable under Article 2 of the Lease shall
be amended so that commencing on February 1, 2011 and thereafter during the balance of the term of the Lease it shall be as follows (dates inclusive): 
  

			
	February 1, 2011 to July 31, 2011:		$513,767.10/year — $42,813.93/month
	August 1, 2011 to July 31,2012:		$529,180.11/year — $44,098.34/month
	August 1, 2012 to July 31, 2013:		$545,055.52/year — $45,421.29/month
	August 1, 2013 to July 31, 2014:		$561,407.18/year — $46,738.93/month
	August 1, 2014 to July 31, 2015:		$620,775.32/year — $51,731.28/month
	August 1, 2015 to July 31, 2016:		$637,846.64/year — $53,153.89/month

 If the Option Requirement is not met, then the option to add the Adjacent Unit to the demised premises shall be deemed waived.
Tenant shall give written notice to Landlord on or before September 1, 2010 to elect to add the Adjacent Unit to the demised premises, or such option shall be deemed waived. Tenant’s offer to add the Adjacent Unit to the demised
premises shall be for the premises in “as is” condition for a term corresponding to the balance of the term of this Lease except that the Adjacent Unit shall be delivered free and clear of all occupants. Additional Rent as it relates to
the Adjacent Unit with respect to the increase in Real Estate Taxes shall not be due for the period prior to July 1, 2011. If the option to add the Adjacent Unit to the demised premises shall be duly and timely exercised, the parties will, at
the request of either, execute an agreement in form for recording, evidencing such addition to the demised premises and modifying the Lease as described in (a), (b) and (c) above. 

49. Option to Renew: 
 A. Tenant
shall have the option to extend the term of this Lease for an additional term of FIVE (5) years (such five (5) year period commencing August 1, 2016 and ending on July 31, 2021 (dates inclusive) being the “Renewal Period”), upon the same
terms and conditions as provided herein except that (i) Tenant shall not have an option to add the Adjacent Unit to the demised premises and (ii) the annual base rent payable during the Renewal Period shall be as set forth in this Agreement, and
except that Tenant shall have no further extension options; provided 

  

			
	Rider page 4		

 
that the Option Requirement is met. If all of the aforesaid conditions are not met, then the option to extend the term of this Lease shall be deemed waived. Tenant shall give written notice to
Landlord on or before November 1, 2015 of its election to extend the term of this Lease, or such option shall be deemed waived. If the extension option shall be duly and timely exercised, the parties will, at the request of either,
execute an agreement in form for recording, evidencing such extension and all references in this Lease to the term hereof shall be deemed to mean the term as so extended, except where expressly otherwise provided. If the term of this Lease is duly
extended as herein provided and Tenant failed to timely exercise Tenant’s option for the Adjacent Unit (i.e., the demised premises consists of Suite 512 only), then the annual base rent payable by Tenant under the Lease shall be amended so that
during the Renewal Period it shall be as follows: 
 the greater of (i) the Fair Market Rental (hereinafter defined) for the demised
premises for the Renewal Period or (ii) $37,551.86 for the first year of the Renewal Period, $38,678.42 for the second year of the Renewal Period, $39,838.77 for the third year of the Renewal Period, $41,033.94 for the fourth year of the
Renewal Period and $42,264.95 for the last year of the Renewal Period. 
 If, however, the term of this Lease is duly extended as herein provided and Tenant
timely exercise Tenant’s option for the Adjacent Unit (i.e., the demised premises consists of Suite 512 and Suite 508), then the annual base rent payable by Tenant under the Lease shall be amended so that during the Renewal Period it shall be
as follows: 
 the greater of (i) the Fair Market Rental (hereinafter defined) for the demised premises for the Renewal Period or
(ii) $54,748.51 for the first year of the Renewal Period, $56,390.96 for the second year of the Renewal Period, $58,082.69 for the third year of the Renewal Period, $59,825.17 for the fourth year of the Renewal Period and $61,619.93 for the
last year of the Renewal Period. 
 “Fair Market Rental” means the highest annual base rent which Landlord could reasonably expect to obtain from
a third party for the demised premises as of November 1, 2015 if Landlord put the demised premises on the market for lease in its “as is” condition for a term corresponding to the applicable extension term including annual increases in
base rent of 3% per annum in the annual base rent and taking into account the fact that the Base Tax Year will not be modified during the Renewal Period. If Tenant duly elects to extend the term of this Lease and Landlord and Tenant are unable to
reach a written agreement as to the Fair Market Rental on or before January 1, 2016, such dispute shall be resolved exclusively by resort to the “Arbitration” (as defined below). If Tenant duly elects to extend the term of this Lease and
the Fair Market Rental is not determined by Arbitration or by written agreement of Landlord and Tenant on or before July 31, 2016, then the annual base rent payable under the Lease shall be (i) $450,314.48 payable in equal monthly installments of
$37,526.21 in the event Tenant failed to timely exercise its option to add the Adjacent Unit to the demised premises or (ii) 656,982.08 payable in equal monthly installments of 54,748.51 in the event Tenant timely exercised its option to add the
Adjacent Unit to the demised premises, during the period commencing on August 1, 2016 and ending on the earlier of: that date a written agreement is signed and delivered by Landlord and Tenant as to the annual base rent for the Renewal Period or
that date upon which the annual base rent is finally determined by Arbitration as set forth in the following paragraph; provided, however, that when the annual base rent for the Renewal Period is finally determined by written agreement or by
Arbitration, then the Lease shall be retroactively amended so that the annual 

  

			
	Rider page 5		

 
base rent during the Renewal Period shall be as determined in accordance with the first sentence of this paragraph and Tenant shall pay within ten (10) days following the date the annual
base rent is finally determined pursuant to the first sentence of this paragraph any amounts owed as annual base rent. 
 B. The “Arbitration”
shall operate as described in this paragraph. If by January 1, 2016 Landlord and Tenant have failed to reach a written agreement on the Fair Market Rental, then on or before January 15, 2016: Landlord shall choose (and pay the costs of) a person who
is then (and for the previous ten years has been) a licensed real estate broker engaged in leasing offices located in downtown Brooklyn and D.U.M.B.O. (and obtain the acceptance of the person chosen) to act as one of the arbitrators, Tenant shall
choose (and pay the costs of) a person who is then (and for the previous ten years has been) a licensed real estate broker engaged in leasing offices located in downtown Brooklyn and D.U.M.B.O. (and obtain the acceptance of the person chosen) to act
as one of the arbitrators, and each party shall notify the other of the name, address and telephone number of the person who has been selected by it and has agreed with it to act as an arbitrator. If either Landlord or Tenant does not obtain the
acceptance of a person satisfying the aforesaid qualifications to act as an arbitrator on its behalf and notify the other party of the contact information for such a person on or before January 15, 2016, then the other party may have the American
Arbitration Association appoint an arbitrator, at the party lacking an arbitrator’s expense. The two arbitrators shall endeavor to reach an agreement as to what the Fair Market Rental should be; and if the two arbitrators cannot agree in
writing on what the Fair Market Rental should be on or prior to February 28, 2016, they shall choose a third person (who is a licensed commercial real estate broker for at least ten years engaged in leasing office space in downtown Brooklyn and
D.U.M.B.O.) mutually acceptable to them (and obtain the acceptance of such selection from the person they have selected) to act as the third arbitrator. If the two arbitrators cannot agree as to whom the third arbitrator shall be or if they are
unable to obtain the acceptance of a third arbitrator prior to March 30, 2016, then Landlord or Tenant may have the American Arbitration Association appoint a third arbitrator. Landlord and Tenant shall split equally the costs of the third
arbitrator. The arbitrators selected by Landlord and Tenant shall each prepare their own determination of the figure (the “Proposed Determination”) that should be the Fair Market Rental and submit their respective Proposed Determinations
in writing to the third arbitrator within ten (10) days after the third arbitrator is chosen. If a determination is not submitted to the third arbitrator by Landlord or Tenant within said ten (10) days, then the Proposed Determination for such
arbitrator shall be deemed to be (i) $460,000.00 for the first year of the Renewal Period in the event Tenant failed to timely exercise Tenant’s option to add the Adjacent Unit to the demised premises or (ii) $665,000.00 for the first year of
the Renewal Period in the event Tenant timely exercised Tenant’s option to add the Adjacent Unit to the demised premises, with 3% compounded annual increases thereafter for the annual base rent and the other business terms shall be as they were
in the last year of the term of this Lease. The third arbitrator shall meet with the first two arbitrators to review and discuss the Proposed Determination submitted by each of them or deemed to have been submitted by each of them, and promptly
thereafter issue his or her own determination in writing to Landlord and Tenant. The determination of the third arbitrator shall be made on the basis of which Proposed Determination is closest to what the third arbitrator believes the Fair Market
Rental should be, and such determination of the third arbitrator must be made only by his or her selecting one of the Proposed Determinations submitted or deemed to have been submitted by the other arbitrators. The determination of the third
arbitrator (or the determination mutually agreed to by the first two arbitrators, if such written agreement is reached by them before the selection of a third arbitrator is required) shall be binding and conclusive on Landlord and Tenant subject to
the final determination reached by Arbitration or mutual agreement of the first two arbitrators not being less than that described in the last sentence of the previous paragraph of this Article. 

  

			
	Rider page 6		

 50. Broker: Tenant warrants and represents to Landlord that Tenant has not had any conversations,
correspondence or dealings with any real estate broker, agent or finder in connection with this Lease and/or concerning the renting or leasing of premises located in the Building other than Cushman & Wakefield, having an office at 51 West
52nd Street, New York, New York 10019 (“Broker”) and Tenant covenants and agrees to indemnify, defend and hold Landlord harmless on demand from and against any and all costs, expenses or
liability (including reasonable attorneys’ fees) for any compensation, commissions, fees and charges claimed by any broker, agent or finder other than Broker in connection with this Lease and/or concerning the renting or leasing of premises
located in the Building due to conversations, correspondence or dealings of Tenant with the claimant. Landlord shall pay Broker any commission which may be payable with respect to this Lease pursuant to a separate agreement. 

51. ICIP/CEP/ECSP: 
 A.
Tenant’s percentage share of the Building is: 4.367%. Landlord and Tenant acknowledge that Landlord may apply for or has already applied for a certificate of eligibility from the Department of Finance of the City of New York determining that
Landlord is eligible to apply for exemption from tax payments for the Building pursuant to the provisions of Section 11-256 through 11-267 (the “ICIP Program”) of the Administrative Code of the City of New York and the regulations
promulgated pursuant to the ICIP Program. Any such tax exemption for the Building is referred to as “Tax Exemption” and the period of such Tax Exemption is referred to as the “Tax Exemption Period”. Landlord agrees that Tenant
shall not be required to (a) pay Taxes or charges which become due because of the willful neglect or fraud by Landlord in connection with the ICIP Program or (b) otherwise relieve or indemnify Landlord from any personal liability arising under the
ICIP Program, except where imposition of such Taxes, charges or liability is occasioned by actions of Tenant in violation of this Lease. Tenant agrees (i) to report to Landlord, as often as is necessary under such regulations, the number of workers
engaged in employment in the demised premises, the nature of each worker’s employment and the residency of each worker and to provide access to the demised premises by employees and agents of the Department of Finance of the City of New York at
all reasonable times at the request of Landlord, (ii) that any work performed by Tenant or any person or entity claiming through or under Tenant shall be subject to the requirements of Executive Order No. 50 (April 25, 1980) and the Rules and
Regulations promulgated thereunder (collectively, “EO 50”) and the ICIP Program and (iii) that Tenant will comply with and cause its general contractor, construction manager, and all other subcontractors (collectively, the
“Contractors”) to comply with EO 50 and the ICIP Program. Tenant represents to the Landlord that, within the seven (7) years immediately preceding the date of this Lease, Tenant has not been adjudged by a court of competent jurisdiction to
have been guilty of (x) an act, with respect to a building, which is made a crime under the provisions of Article 150 of the Penal Law of the State of New York or any similar law of another state, or (y) any act made a crime or violation by the
provisions of Section 235 of the Real Property Law of the State of New York, nor is any charge for a violation of such laws presently pending against Tenant. Upon request of Landlord, from time to time, Tenant agrees to update said representation
when required because of the ICIP Program and regulations thereunder. Tenant further agrees to cooperate with Landlord in compliance with such ICIP Program and regulations to aid Landlord in obtaining and maintaining the Tax Exemption and, if
requested by Landlord, to post a notice in a conspicuous place in the demised premises and to publish a notice in a newspaper of general circulation in the City of New York, in such form as 

  

			
	Rider page 7		

 
shall be prescribed by the Department of Finance stating that persons having information concerning any violation by Tenant of Section 235 of the Real Property Law or any Section of Article
150 of the Penal Law or any similar law of another jurisdiction may submit such information to the Department of Finance to be considered in determining Landlord’s eligibility for benefits. Tenant acknowledges that its obligations may be
greater if Landlord fails to obtain a Tax Exemption, and agrees that Landlord shall have no liability to Tenant nor shall Tenant be entitled to any abatement or diminution of rent if Landlord fails to obtain a Tax Exemption. 

B. Landlord has applied or may hereafter apply to make the demised premises eligible for the New York City Commercial Enhancement Program
(“CEP”). If Tenant is deemed eligible for CEP, any reduction in real property taxes on the Tenant’s Percentage thereof will be passed through to the Tenant after deducting the fee payable in connection with the CEP application. Tenant
understands that the minimum required expenditure for any given space to be eligible for CEP is $2.50 per square foot or $25 per square foot, depending on the length and nature of this Lease. Tenant also understands that all abatements granted under
CEP are contingent upon Landlord’s payment of real estate taxes, water or sewer charges, and/or other lienable charges during the benefit period. Benefits will be revoked if such charges are not paid as provided in the relevant law. 

C. Tenant agrees to submit a complete Energy Cost Savings Program (“ECSP”) application to the New York City Department of Business
Services (“DBS”) as directed by Landlord or Landlord’s representative. Tenant agrees to comply with ECSP and DBS rules and regulations regarding same. This includes the submission of all appropriate documentation required for the ECSP
approval including, but not limited to, one week of payroll information current at the time of application submittal, disclosing the identity of all company principals, and the like. Landlord will cooperate with Tenant’s application process as
it may pertain to the supplying of Landlord requisite information. If Tenant has an existing lease at the time of ECSP building approval, it must submit the completed ECSP application to DBS within ninety (90) days of such approval and
notification by Landlord. 
 D. In no event shall Landlord have any liability to Tenant if Landlord fails to obtain the benefits, in whole
or in part, of any tax abatement, credit or exemption described in this Article or otherwise. 
 52. Green Clause 

 

	 	A.	Tenant, recognizing that the Landlord has made efforts and is continuing to make efforts to cause the Building to be “green” and/or environmentally friendly, and as a special inducement to Landlord to enter
into this Lease, covenants and agrees to comply with the following: 

  

	 	a.	Landlord shall initially install in connection with Landlord’s Work and thereafter Tenant shall cause all light bulbs in the demised premises to be replaced with Energy Star qualified light bulbs and agrees to
dispose of all light bulbs in accordance with Legal Requirements; 

  

	 	b.	In the event Tenant is permitted to install light fixtures, bulbs and other lighting equipment pursuant to this Lease (a) Tenant shall be required to install infrared/sensor energy saver light switches; (b) all such
lighting equipment will be Energy Star qualified and (c) all such lighting equipment shall be disposed of in accordance with Legal Requirements; 

  

			
	Rider page 8		

	 	c.	Tenant shall make reasonable efforts to turn off any lights in the demised premises when such lights are not in use; 

  

	 	d.	Tenant shall make reasonable efforts to clean the filter in the air conditioning unit(s) located in the demised premises at least four (4) times per calendar year; 

 

	 	e.	Tenant shall use and cause Tenant’s cleaning contractor, if any, to use “green” or eco-friendly, non-toxic cleaning products to clean the demised premises; 

 

	 	f.	Tenant acknowledges that smoking within the demised premises or the Building is expressly prohibited by Landlord and by Legal Requirements and hereby agrees that neither Tenant, nor its agents, contractors, employees or
invitees shall be permitted to smoke in the demised premises or the Building; and 

  

	 	g.	Tenant shall make reasonable efforts to reduce the need for air conditioning which efforts may include the use of fans in the demised premises and/or the installation of blinds on the windows of the demised premises;
provided however, that Tenant obtains Landlord’s approval for such installation, to the extent required in this Lease. 

  

	 	B.	Tenant acknowledges that any failure by Tenant to comply with the provisions of this Article 52 shall constitute a default which shall be subject to the provisions of Article 28 of this Lease.
Additionally, Tenant shall pay all costs, expenses, fines, penalties, or damages that may be imposed on Landlord or Tenant by reason of Tenant’s failure to comply with the provisions of this Article 52, and, at Tenant’s sole cost
and expense, shall indemnify, defend and hold Landlord harmless (including reasonable legal fees and expenses) from and against any actions, claims and suits arising from such noncompliance, utilizing counsel reasonably satisfactory to Landlord.

 END OF RIDER 

  

			
	Rider page 9		

 Exhibit “A” 

Diagram of the Demised Premises 

[Not to scale; all dimensions approximate; subject to actual conditions.] 

55 WASHINGTON STREET, 5TH FLOOR 
  

 

  

					
					

			

 Exhibit “B” 

Landlord’s Work 
  

 

  

					
					

			

 Exhibit “B” cont’d. 

 
 

 

  

					
					

			

 Exhibit “B” cont’d. 

 
 

 

  

					
					

			

 Exhibit “B” cont’d. 

 
 

 

  

					
					

			

 Exhibit “C” 

Diagram of the Adjacent Unit 
 [Not
to scale; all dimensions approximate; subject to actual conditions.] 
 55 WASHINGTON STREET, 5TH FLOOR 

 
 

 

  

					
					

			

 LEASE AMENDMENT 

AGREEMENT, made as of the 1st day of December, 2009, between 55 WASHINGTON
STREET, LLC, a limited liability company, having an office c/o Two Trees Management Co. LLC, 45 Main Street, Suite 602, New York, New York 11201 (hereinafter “Landlord”), and ETSY, INC., a Delaware corporation,
qualified to do business in the state of New York, having an office at 55 Washington Street, Suite 512, Brooklyn, New York 11201 (hereinafter “Tenant”). 

W I T N E S S E T H : 
 WHEREAS
Landlord and Tenant entered into that certain lease dated as of April 14, 2009 with respect to certain premises known as Suite 512 located in the building (the “Building”) known as 55 Washington Street, Brooklyn, New York (with such
lease being hereinafter referred to as the “Lease”), and 
 WHEREAS the parties now desire to modify the Lease in certain
respects, as hereinafter provided. 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained, it is agreed as follows:

 FIRST: Unless the context otherwise clearly indicates a contrary intent or unless specifically provided herein, each term used in
this Agreement which is defined in the Lease shall be deemed to have the meaning ascribed to such term in the Lease. 
 SECOND:
Effective as of December 1, 2009, Article 48 of the Lease shall be amended so that the term “Adjacent Unit” shall mean Suite 501 in the Building and all references throughout the Lease to the Adjacent Unit shall mean Suite 501 in the
Building, Further, Exhibit C attached to the Lease shall hereby be deleted and the Exhibit C attached hereto shall be substituted in lieu thereof. 

THIRD: Tenant warrants and represents to Landlord that it has not dealt with any real estate broker, agent or finder in connection with
the transactions described in this Agreement and Tenant agrees to indemnify, defend and hold Landlord harmless on demand from and against any and all costs, expenses or liability (including reasonable attorneys’ fees) for any compensation,
commissions, fees and charges claimed by any broker, agent or finder with respect to this Agreement or the negotiation of the terms thereof due to the dealings of Tenant with the claimant. 

FOURTH: This Agreement may not be changed, modified or cancelled orally, Except as hereinabove modified and amended, and as so modified
and amended, the Lease is hereby ratified and confirmed in all respects and shall be binding upon the parties hereto and their respective successors and assigns. 

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

 

							
			55 WASHINGTON STREET LLC
			By: DW Associates, L.P.
				
					By:		

		 		 		 	  

				
							(“Landlord”)
		
	 SARAH M. FEINGOLD

Notary Public, State of New York

No. 02FE6153435
 Qualified in
Monroe County
 Commission Expires October 02, 2010
		ETSY, INC.
			
			By:		

		 		 	  

			
					(“Tenant”)

			
	State of New York		
			} SS:
	County of Kings		

 On the 1st day of December in the year 2009 before me,
the undersigned, a Notary Public in and for said State, personally appeared Chad Dickerson, 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 he executed the same in his capacity, and that by his signature on the instrument, the individual or the person upon behalf of which the individual acted, executed the instrument. 

 

	
	

	  

	Notary Public

  

					
	 SARAH M. FEINGOLD

Notary Public, State of New York

No. 02FE6153435
 Qualified in
Monroe County
 Commission Expires October 02, 2010
				

  

									
					2		

		
							

 Exhibit “C” 

Diagram of the Adjacent Unit 
 [Not
to scale; all dimensions approximate; subject to actual conditions.] 
 55 WASHINGTON STREET, 5TH FLOOR 

 
 

 

  

					
					

			

 DEAL SHEET – Additional Space and extension 

 

					
	Current Premises:		55 Washington Street, Brooklyn, Suite 512 (approx. 14,718rsf) and Suite 500 (approx. 1,686rsf) - TOTAL rsf of 16,404rsf.
		
	Additional Premises:		Suite 501 (approx. 6,556rsf) for a NEW TOTAL of 22,960rsf
			
	Tenant:		Etsy, Inc.		
			
	Guarantor:		None		
		
	Rent for Suite 501:		$158,382.59/yr — $13,198.55/mo. ($24.16/rsf)
			
	New Rent:		8/15/10 – 7/31/11:		$552,167.10/yr — $46,013.93/mo.
			8/1/11 – 7/31/12:		$568,732.11,/yr — $47,344.34/mo.
			8/1/12 – 7/31/13:		$585,794.07/yr — $48,816.17/mo.
			8/1/13 – 7/31/14:		$603,367.89/yr — $50,280.66/mo.
			8/1/14 – 7/31/15:		$667,447.20/yr — $55,620.60/mo.
			8/1/15 – 7/31/16:		$687,470.62/yr — $57,289.22/mo.
		
	Rent Credit:		Tenant to receive a rent credit in the amount of $22,198.55 to be applied in two installments; one in the amount of $13,198.55 towards August 2010 and the second in the amount of $9,000.00 towards September
2010.
		
	Real Estate Taxes:		As of 8/15/10 new % is 6.813%
		
	trash charge:		As of 8/15/10 new is $382.67
		
	Heat:		included
		
	Electric:		same as current
		
	Security Deposit:		We currently have $320,000.00 that is to be reduced on 12/31/10 so we will change the amount of which the security will be reduced to; $303,601.45 on 12/1/10, $286,686.91 on 12/1/11 and $269,137.36 on 12/1/12.
		
	Landlord’s Work:		See attached exhibit B
		
	Lease:		E-mail the lease to ******** @etsy.com

 Exhibit “B” 

Landlord’s Work 
 Landlord will do
the following work once at Landlord’s expense promptly after the date hereof and shall substantially complete the same by the Commencement Date subject only to force majeure: 

1. Paint all interior walls of the demised premises with two (2) coats of Building standard white paint 

2. Supply and install separate Building standard electrical meter and Building standard: circuit breaker box, electrical outlets, voice and
data outlets and light fixtures within the demised premises. 
 3. Supply and install Building standard perimeter baseboard heating and
thermostatic valve(s). 
 4. Supply and install a Building standard ceiling mounted air-conditioning system in the demised premises and do
the ductwork and distribution. 
 The foregoing work will be performed by contractors selected by Landlord, using materials, methods and procedures standard
to the Building. Any work not expressly specified herein and any work necessary to have the demised premises comply with codes attributable to Tenant’s particular manner of use of the demised premises shall be furnished and installed at
Tenant’s cost and expense. The cost of any Tenant extras shall be payable simultaneously with the authorization by Tenant of such extra work. Any existing construction shall be accepted by Tenant in “as is” condition. 

 LEASE AMENDMENT 

AGREEMENT, made as of the 1st day of March, 2010, by and between 55 WASHINGTON
STREET LLC, a limited liability company, having an office c/o Two Trees Management Co. LLC, 45 Main Street, Suite 602, Brooklyn, New York 11201, (“Landlord”), and ETSY INC., a Delaware corporation, qualified to do
business in the State of New York, having an address of 55 Washington Street, Suite 512, Brooklyn, New York 11201 (“Tenant”). 
 W
I T N E S S E T H : 
 WHEREAS Landlord and Tenant entered into that certain lease dated as of April 14, 2009 (the “Original
Lease”) covering certain premises known as Suite 512 (“Original Premises”) more particularly described in the Original Lease and located on the fifth (5th) floor in the
building known as 55 Washington Street, Brooklyn, New York; and 
 WHEREAS by that certain lease amendment dated as of December 1, 2009
(the “First Amendment”) by and between Landlord and Tenant, Landlord modified the lease in certain respects (the Original Lease and the First Amendment are hereinafter collectively referred to as the “Lease”); and 

WHEREAS Tenant is desirous of leasing from Landlord, on a temporary basis, certain additional premises known as Suite 500 located in the
Building and whereas Landlord is desirous of leasing Suite 500 to Tenant, on a temporary basis, subject to the provisions, conditions, covenants and agreements set forth herein; and 

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

FIRST: Each term used in this Agreement shall have the meaning ascribed to such term in the Lease, except as expressly amended herein.

 SECOND: From April 1, 2010 to March 31, 2011 (the “Temporary Period”), Landlord leases to Tenant and Tenant
leases from Landlord certain premises known as Suite 500 located on the fifth (5th) floor of the Building (hereinafter referred to as the “Temporary Premises”) which premises are
located substantially in the location shown hatched on the plan attached hereto as “Exhibit A” and hereby made a part hereof. Landlord has not made and does not make any representation as to the physical condition or any other
matter affecting or relating to the Temporary Premises except as is herein specifically set forth, and Tenant specifically acknowledges that no such representation has been made. Tenant further acknowledges that Landlord has afforded Tenant the
opportunity for a full and complete investigation, examination and inspection of the Temporary Premises and Tenant agrees to accept the Temporary Premises “as is” (it being understood that the parties agree that Exhibit B attached to the
Original Lease shall not apply to the Temporary Premises). Notwithstanding anything to the contrary contained herein, Landlord shall, at its expense, perform, or cause to be performed all work necessary to (i) install two (2) window
air-conditioning units, (ii) build one (1) conference room with sheetrock walls in the location shown on Exhibit D which is attached hereto and made a part hereof, and (iii) install one (1) door in the location shown
on Exhibit D (such work is herein collectively referred to as “Landlord’s Temporary Premises Work”). 

THIRD: Prior to April 1, 2010, Tenant shall deliver to Landlord insurance satisfying the provisions of the Lease covering the
Temporary Premises. 
 FOURTH: During the Temporary Period and all additional days the Temporary Premises is in Tenant’s
possession (i) the term “demised premises” shall be deemed to refer to the Original Premises and the Temporary Premises and the plan attached to the Lease as Exhibit A is deleted therefrom and the plan attached hereto as Exhibit
A is substituted in lieu thereof; (ii) the term “Tenant’s Percentage” as defined in Article 4 and Article 51 of the Lease shall be amended to be 4.868%; and (iii) the monthly additional rent charge for ordinary office
trash collection payable pursuant to Article 47 of the Lease shall be $273.40. 
 

FIFTH: During the balance of the term of the Lease after the Temporary Period and after the Temporary Premises is no longer in
tenant’s possession (i) the term “demised premises” shall be deemed to refer to the Original Premises and the plan then attached to the Lease as Exhibit A shall be deleted therefrom and the plan attached hereto as Exhibit
E is substituted in lieu thereof; (ii) the term “Tenant’s Percentage” as defined in Article 4 and Article 51 of the Lease shall be amended to be 4.367%; and (iii) the monthly additional rent charge for ordinary office trash
collection payable pursuant to Article 47 of the Lease shall be $245.30. 

  

									
					1		

		
							

 SIXTH: As of the date hereof, the annual base rent payable under Article 2 of the Lease is
hereby amended so that commencing on April 1, 2010 and thereafter during the balance of the term of the Lease it shall be as follows (dates inclusive): 

April 1, 2010 to July 31, 2010: $384,273.00/year — $32,022.75/month 

August 1, 2010 to March 31, 2011: $393,784.51/year — $32,815.38/month 

April 1, 2011 to July 31, 2011: $355,384.51/year — $29,615.38/month 

August 1, 2011 to July 31, 2012: $365,157.58/year — $30,429.80/month 

August 1, 2012 to July 31, 2013: $375,199.41/year — $31,266.62/month 

August 1, 2013 to July 31, 2014: $385,517.39/year — $32,126.45/month 

August 1, 2014 to July 31, 2015: $425,497.38/year — $35,458.12/month 

August 1, 2015 to July 31, 2016: $437,198.56/year — $36,433.21/month 

SEVENTH: Tenant warrants and represents to Landlord that it has not dealt with any real estate broker, agent or finder in connection
with the leasing of the Temporary Premises and the other transactions described in this Agreement and Tenant agrees to indemnify, defend and hold Landlord harmless on demand from and against any and all costs, expenses or liability (including
reasonable attorneys’ fees) for any compensation, commissions, fees and charges claimed by any broker, agent or finder with respect to this Agreement, the Temporary Premises or the negotiation of the terms hereof due to the dealings of Tenant
with the claimant. 
 EIGHTH: Except as expressly modified and amended herein, and as so modified and amended, the Lease is hereby
ratified and confirmed in all respects and shall be binding upon the parties hereto and their respective successors and assigns. 
 IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. 
  

			
	55 WASHINGTON STREET LLC
	By: 		DW Associates, L.P., as managing member
		
	By:		

		 	  

			(Landlord)
	
	ETSY INC.
		
	By:		

		 	  

			(Tenant)

 
  

			
	State of New York		
			} SS:
	County of Kings		

 On the 17th day of March in the year 2010 before me, the
undersigned, a Notary Public in and for said State, personally appeared Jesse H Hertzberg, 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 (s)he executed the same in his/her capacity, and that by his/her signature on the instrument, the individual or the person upon behalf of which the individual acted, executed the instrument. 

 

					
					

		 		 	  

	 ELIZABETH J. COTTRILL

Notary Public - State of New York

No. 01CO6181901
 Qualified in
New York County
 My Commission Expires February 11, 2012
				Notary Public

  

									
					2		

		
							

 Exhibit “A” 

Diagram of the Demised Premises 

[Not to scale; all dimensions approximate; subject to actual conditions.] 

55 WASHINGTON STREET, 5TH FLOOR 
  

 
  
  
 

 

 Exhibit “D” 

Landlord’s Temporary Premises Work 

[Not to scale; all dimensions approximate; subject to actual conditions.] 

55 WASHINGTON STREET, 5TH FLOOR 
  

 
  
  
 

 

 Exhibit “E” 

Diagram of the Demised Premises 

[Not to scale; all dimensions approximate; subject to actual conditions.] 

55 WASHINGTON STREET, 5TH FLOOR 
  

 
  
  
 

 

 LEASE AMENDMENT 

AGREEMENT, made as of the 1st day of April, 2010, by and between 55 WASHINGTON
STREET LLC, a limited liability company, having an office c/o Two Trees Management Co. LLC, 45 Main Street, Suite 602, Brooklyn, New York 11201, (“Landlord”), and ETSY INC., a Delaware corporation, qualified to do
business in the State of New York, having an address of 55 Washington Street, Suite 512, Brooklyn, New York 11201 (“Tenant”). 
 W
I T N E S S E T H : 
 WHEREAS Landlord and Tenant entered into that certain lease dated as of April 14, 2009 (the “Original
Lease”) covering certain premises known as Suite 512 (“Original Premises”) more particularly described in the Original Lease and located on the fifth (5th) floor in the
building known as 55 Washington Street, Brooklyn, New York; and 
 WHEREAS by that certain lease amendment dated as of December 1, 2009
(the “First Amendment”) by and between Landlord and Tenant, Landlord modified the lease in certain respects; and 
 WHEREAS by
that certain lease amendment dated as of March 1, 2010 (the “Second Amendment”) by and between Landlord and Tenant, Tenant added certain temporary additional space to the demised premises ((the Original Lease, the First Amendment and
the Second Amendment are hereinafter collectively referred to as the “Lease”); and 
 WHEREAS Tenant is desirous of modifying the
Lease to permit Tenant’s use of a stove in the demised premises subject to the terms and conditions contained in this Agreement; 

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

FIRST: Each term used in this Agreement shall have the meaning ascribed to such term in the Lease, except as expressly amended herein.

 SECOND: The Lease shall hereby be amended by added the following Article 53 thereto: 

53. Use of Stove: Notwithstanding anything to the contrary contained herein, Tenant shall, at Tenant’s sole cost and
expense, be permitted to install an electric induction range with a convection oven (the “Stove”) within Suite 512; provided however, that (i) the Stove shall only be used by Tenant’s caterer to heat meals for Tenant’s
employees not more than ten (10) times each month, (ii) Tenant must comply with all Legal Requirements, including without limitation, any requirements of the Fire Department and/or Department of Buildings with respect to the installation
and use of the Stove, which may include, without limitation, Tenant’s installation of a fan or other ventilation system as may be necessary in order to comply with Legal Requirements, (iii) Tenant shall be solely responsible for obtaining
any licenses or permits required for the installation and/or use of the Stove and (iv) Landlord has the right, at Tenant’s sole cost and expense, to remove, or cause Tenant to remove, the Stove at any time Landlord believes such removal is
necessary for any reason. 
 THIRD: Tenant warrants and represents to Landlord that it has not dealt with any real estate broker,
agent or finder in connection with the terms described in this Agreement and Tenant agrees to indemnify, defend and hold Landlord harmless on demand from and against any and all costs, expenses or liability (including reasonable attorneys’
fees) for any compensation, commissions, fees and charges claimed by any broker, agent or finder with respect to this Agreement or the negotiation of the terms hereof due to the dealings of Tenant with the claimant. 

FOURTH: Except as expressly modified and amended herein, and as so modified and amended, the Lease is hereby ratified and confirmed in
all respects and shall be binding upon the parties hereto and their respective successors and assigns. 

  

									
					1		

		
							

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

			
	55 WASHINGTON STREET LLC
	By:		DW Associates, L.P., as managing member
		
	By:		

		 	  

			(Landlord)
	
	ETSY INC.
		
	By:		

		 	  

			(Tenant)

  

			
	State of New York		
			} SS:
	County of Kings		

 On the 7th day of April in the year 2010 before me, the
undersigned, a Notary Public in and for said State, personally appeared Jesse Hertzberg, 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 (s)he executed the same in his/her capacity, and that by his/her signature on the instrument, the individual or the person upon behalf of which the individual acted, executed the instrument. 

 

					
					

		 		 	  

	 Natalie Ungari

Attorney & Counselor at Law

State of New York

No. 02UN6193020
 Qualified in
Kings County
 Term Expires September 8, 2012
				Notary Public

  

									
					2		

		
							

 LEASE AMENDMENT 

AGREEMENT, made as of the 15th day of July, 2010, by and between 55 WASHINGTON
STREET LLC, a limited liability company, having an office c/o Two Trees Management Co. LLC, 45 Main Street, Suite 602, Brooklyn, New York 11201, (“Landlord”), and ETSY INC., a Delaware corporation, qualified to do
business in the State of New York, having an address of 55 Washington Street, Suite 512, Brooklyn, New York 11201 (“Tenant”). 
 W
I T N E S S E T H : 
 WHEREAS Landlord and Tenant entered into that certain lease dated as of April 14, 2009 (the “Original
Lease”) covering certain premises known as Suite 512 (“Original Premises”) more particularly described in the Original Lease and located on the fifth (5th) floor in the
building known as 55 Washington Street, Brooklyn, New York; and 
 WHEREAS by that certain lease amendment dated as of December 1, 2009
(the “First Amendment”) by and between Landlord and Tenant, Landlord modified the lease in certain respects; and 
 WHEREAS by
that certain lease amendment dated as of March 1, 2010 (the “Second Amendment”) by and between Landlord and Tenant, Tenant temporarily leased certain additional premises in the Building known as Suite 500 (the “Temporary
Premises”) (the Original Lease, the First Amendment and the Second Amendment are hereinafter collectively referred to as the “Lease”); and 

WHEREAS Tenant is desirous of extending the term of the Lease for the Temporary Premises and leasing from Landlord certain additional premises
known as Suite 501 located in the Building and whereas Landlord is desirous of leasing Suite 500 to Tenant, subject to the provisions, conditions, covenants and agreements set forth herein; and 

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

FIRST: Each term used in this Agreement shall have the meaning ascribed to such term in the Lease, except as expressly amended herein.

 SECOND: The term of the Lease is hereby extended, for the Temporary Premises only, upon the same terms, covenants and conditions
set forth in the Lease, except as expressly amended herein, for approximately five (5) years and four (4) months so that it shall expire on July 31, 2016, unless sooner terminated, upon the terms set forth herein. Tenant hereby
acknowledges that it has no right to extend the term of the Lease beyond July 31, 2016. 
 SECOND: From and after
September 15, 2010, Landlord leases to Tenant and Tenant leases from Landlord certain premises known as Suite 501 located on the fifth (5th) floor of the Building (hereinafter referred
to as the “Additional Premises”) which premises are located substantially in the location shown hatched on the plan attached hereto as “Exhibit A” and hereby made a part hereof. Landlord has not made and does not make any
representation as to the physical condition or any other matter affecting or relating to the Additional Premises except as is herein specifically set forth, and Tenant specifically acknowledges that no such representation has been made. Tenant
further acknowledges that Landlord has afforded Tenant the opportunity for a full and complete investigation, examination and inspection of the Additional Premises and Tenant agrees to accept the Additional Premises “as is”.
Notwithstanding anything to the contrary contained herein, Landlord shall, at its expense, perform, or cause to be performed all work necessary to complete all work as shown on Exhibit B which is attached hereto and made a part hereof
(such work is herein referred to as “Landlord’s Additional Premises Work”). 
 THIRD: Prior to September 15,
2010, Tenant shall deliver to Landlord insurance satisfying the provisions of the Lease covering the Additional Premises. 
 FOURTH:
From September 15, 2010 to July 31, 2016 (i) the term “demised premises” shall be deemed to refer to the Original Premises, the Temporary Premises and the Additional Premises and the plan attached to the Lease as Exhibit A
is deleted therefrom and the plan attached hereto as Exhibit A is substituted in lieu thereof; (ii) the term “Tenant’s Percentage” as defined in Article 4 and Article 51 of the Lease shall be amended to be 6.813%; and
(iii) the monthly additional rent charge for ordinary office trash collection payable pursuant to Article 47 of the Lease shall be $382.67. 

  

									
					1		

		
							

 FIFTH: As of the date hereof, the annual base rent payable under Article 2 of the Lease is
hereby amended so that commencing on September 15, 2010 and thereafter during the balance of the term of the Lease it shall be as follows (dates inclusive): 

September 15, 2010 to July 31, 2011: $552,167.10/year — $46,013.93/month 

August 1, 2011 to July 31, 2012: $568,732.11/year — $47,344.34/month 

August 1, 2012 to July 31, 2013: $585,794.07/year — $48,816.17/month 

August 1, 2013 to July 31, 2014: $603,367.89/year — $50,280.66/month 

August 1, 2014 to July 31, 2015: $667,447.20/year — $55,620.60/month 

August 1, 2015 to July 31, 2016: $687,470.62/year — $57,289.22/month 

SIXTH: Provided Tenant is not in default under its obligations under this Lease on September 1, 2010, October 1, 2010
and November 1, 2010, Tenant shall be entitled to a rent credit in the sum of $34,000.00 which shall be applied by Landlord in three (3) installments; two (2) installments of $12,500.00 against the monthly installments of the annual
base rent payable under this Lease with respect to September 2010 and October 2010 and one (1) installment of $9,000.00 against the annual base rent payable under this Lease with respect to November 2010. In no event shall the rent credit
payable under this paragraph exceed $34,000.00. Notwithstanding the foregoing, if, prior to the Expiration Date (as the same may be amended from time to time), the demised premises are surrendered by Tenant or if Landlord obtains possession of the
demised premises prior to the Expiration Date due to default(s) by Tenant under this Lease, then, in either case, Tenant shall immediately pay Landlord $34,000.00 as additional rent hereunder and such payment obligation shall expressly survive the
expiration or termination of this Lease. 
 SEVENTH: Article 3 of the Lease is hereby amended from and after the date hereof, so that
if (i) Tenant is not then in default hereunder and has not been in default beyond applicable notice and cure periods from the Commencement Date and their shall not have occurred an event which, with the giving of notice or passage of time,
shall constitute a default by Tenant under this Lease, Tenant shall be permitted to reduce the security deposit to $303,601.45 as of December 1, 2010, (ii) Tenant is not then in default hereunder and has not been in default beyond
applicable notice and cure periods and their shall not have occurred an event which, with the giving of notice or passage of time, shall constitute a default by Tenant under this Lease, Tenant shall be permitted to further reduce the security
deposit to $286,686.91 as of December 1, 2011 and (iii) Tenant is not then in default hereunder and has not been in default beyond any applicable notice and cure periods and their shall not have occurred an event which, with the giving of
notice or passage of time, shall constitute a default by Tenant under this Lease, Tenant shall be permitted to reduce the security deposit to $269,137.36 as of December 1, 2012. 

EIGHTH: Tenant warrants and represents to Landlord that it has not dealt with any real estate broker, agent or finder in connection
with the leasing of the Additional Premises and the other transactions described in this Agreement and Tenant agrees to indemnify, defend and hold Landlord harmless on demand from and against any and all costs, expenses or liability (including
reasonable attorneys’ fees) for any compensation, commissions, fees and charges claimed by any broker, agent or finder with respect to this Agreement, the Additional Premises or the negotiation of the terms hereof due to the dealings of Tenant
with the claimant. 
 NINTH: Except as expressly modified and amended herein, and as so modified and amended, the Lease is hereby
ratified and confirmed in all respects and shall be binding upon the parties hereto and their respective successors and assigns. 

  

									
					2		

		
							

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

			
	55 WASHINGTON STREET LLC
	By:		DW Associates, L.P., as managing member
		
	By:		

		 	  

			(Landlord)
	
	ETSY INC.
		
	By:		

		 	  

			(Tenant)

  

			
	State of New York		
			} SS:
	County of Kings		

 On the 10th day of August in the year 2010 before me, the
undersigned, a Notary Public in and for said State, personally appeared Sinohe Terrero, 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 (s)he executed the same in his/her capacity, and that by his/her signature on the instrument, the individual or the person upon behalf of which the individual acted, executed the instrument. 

 

	
	

	  

	Notary Public
	
	SARAH M. FEINGOLD
	Notary Public, State of New York
	No. 02FE6153435
	Qualified in Monroe County
	Commission Expires October 02, 2010

  

									
					3		

		
							

 Exhibit “A” 

Diagram of the Demised Premises 

[Not to scale; all dimensions approximate; subject to actual conditions.] 

55 WASHINGTON STREET, 5TH FLOOR 
  

 
  
  
 

 

 Exhibit B 

Landlord’s Work 
 Landlord will do
the following work once at Landlord’s expense promptly after the date hereof and shall substantially complete the same by the Commencement Date subject only to force majeure: 

1. Paint all interior walls and ceiling of the demised premises with two (2) coats of Building standard white paint. 

2. Supply and install separate Building standard electrical meter and Building standard: circuit breaker box, electrical outlets, voice and
data outlets and light fixtures within the demised premises. 
 3. Supply and install Building standard perimeter baseboard heating and
thermostatic valve(s). 
 4. Supply and install an A/C unit and Building standard ceiling ductwork and distribution. 

5. Supply and install a Building standard office door at the location shown on the attached Exhibit C. 

6. Remove the wall dividing Suite 512 and Suite 501 at the location shown on the attached Exhibit C. 

The foregoing work will be performed by contractors selected by Landlord, using materials, methods and procedures standard to the Building. Any work not
expressly specified herein and any work necessary to have the demised premises comply with codes attributable to Tenant’s particular manner of use of the demised premises shall be furnished an installed at Tenant’s cost and expense. The
cost of any Tenant extras shall be payable simultaneously with the authorization by Tenant of such extra work. Any existing construction shall be accepted by Tenant in “as is” condition. 

  

									
					5		

		
							

 Exhibit C 
  

 

  

									
					6		

		
							

 LEASE AMENDMENT 

AGREEMENT, made as of the 1st day of October, 2010, by and between 55 WASHINGTON
STREET LLC, a limited liability company, having an office c/o Two Trees Management Co. LLC, 45 Main Street, Suite 602, Brooklyn, New York 11201, (“Landlord”), and ETSY INC., a Delaware corporation, qualified to do
business in the State of New York, having an address of 55 Washington Street, Suite 512, Brooklyn, New York 11201 (“Tenant”). 
 W
I T N E S S E T H : 
 WHEREAS Landlord and Tenant entered into that certain lease dated as of April 14, 2009 (the “Original
Lease”) covering certain premises known as Suite 512 (“Original Premises”) more particularly described in the Original Lease and located on the fifth (5th) floor in the
building (the “Building”) known as 55 Washington Street, Brooklyn, New York; and 
 WHEREAS by that certain lease amendment dated
as of December 1, 2009 (the “First Amendment”) by and between Landlord and Tenant, Landlord modified the lease in certain respects; and 

WHEREAS by that certain lease amendment dated as of March 1, 2010 (the “Second Amendment”) by and between Landlord and Tenant,
Tenant temporarily leased certain additional premises in the Building known as Suite 500 (hereinafter referred to as “Suite 500” or the “Temporary Premises”) 

WHEREAS, by that certain lease amendment dated as of April 1, 2010 (the “Third Amendment”) by and between Landlord and Tenant,
Landlord modified the lease in certain respects; and 
 WHEREAS by that certain lease amendment dated as of July 15, 2010 (the
“Fourth Amendment”) by and between Landlord and Tenant, Tenant extended its lease of Suite 500 and leased certain additional premises in the Building known as Suite 501 (hereinafter referred to as the “Additional Premises” or
“Suite 501”) (the Original Lease, the First Amendment, the Second Amendment, the Third Amendment and the Fourth Amendment are hereinafter collectively referred to as the “Lease”); and 

WHEREAS Tenant is desirous of leasing from Landlord certain additional premises known as Suite 712 in the Building and whereas Landlord is
desirous of leasing Suite 712 to Tenant, subject to the provisions, conditions, covenants and agreements set forth herein; and 
 NOW,
THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto agree as follows: 
 FIRST: Each term used
in this Agreement shall have the meaning ascribed to such term in the Lease, except as expressly amended herein. 
 SECOND: From and
after November 1, 2010, Landlord leases to Tenant and Tenant leases from Landlord certain premises known as Suite 712 located on the seventh (7th) floor of the Building (hereinafter
referred to as “Suite 712”) which premises are located substantially in the location shown hatched on the plan attached hereto as “Exhibit A” and hereby made a part hereof. Landlord has not made and does not make any
representation as to the physical condition or any other matter affecting or relating to Suite 712 except as is herein specifically set forth, and Tenant specifically acknowledges that no such representation has been made. Tenant further
acknowledges that Landlord has afforded Tenant the opportunity for a full and complete investigation, examination and inspection of Suite 712 and Tenant agrees to accept Suite 712 “as is”. 

THIRD: Prior to November 1, 2010, Tenant shall deliver to Landlord insurance satisfying the provisions of the Lease covering Suite
712. 
 FOURTH: From November 1, 2010 to July 31, 2016 (i) the term “demised premises” shall be deemed to
refer to the Original Premises, Suite 500, Suite 501 and Suite 712 and the plan attached to the Lease as Exhibit A is deleted therefrom and the plan attached hereto as Exhibit A is substituted in lieu thereof; (ii) the term
“Tenant’s Percentage” as defined in Article 4 and Article 51 of the Lease shall be amended to be 7.706%; and (iii) the monthly additional rent charge for ordinary office trash collection payable pursuant to Article 47 of the
Lease shall be $432.80. 

  

									
					1		

		
							

 FIFTH: As of the date hereof, the annual base rent payable under Article 2 of the Lease is
hereby amended so that commencing on November 1, 2010 and thereafter during the balance of the term of the Lease it shall be as follows (dates inclusive): 

November 1, 2010 to July 31, 2011: $624,840.38/year — $52,070.03/month 

August 1, 2011 to July 31, 2012: $643,585.59/year — $53,632.13/month 

August 1, 2012 to July 31, 2013: $662,893.16/year — $55,241.10/month 

August 1, 2013 to July 31, 2014: $682,779.95/year — $56,898.33/month 

August 1, 2014 to July 31, 2015: $755,149.44/year — $62,929.12/month 

August 1, 2015 to July 31, 2016: $777,803.92/year — $64,816.99/month 

SIXTH: The Lease is hereby amended by adding the following Article 53: 

53. Adjacent Units 

A. “Adjacent Units” means all of the storage and office spaces located on the seventh
(7th) floor of the Building. “New Lease” means a new lease agreement or a modification or amendment of an existing lease, license or occupancy agreement which extends the term of
said agreement beyond all options and renewal periods provided in said agreement for one of the Adjacent Units signed and delivered by Landlord and a third party or the then current tenant; other than a ground lease for the Building. If Tenant is
not in default under this Lease and this Lease remains in effect at that time, Landlord shall not, during the term of this Lease, enter into a New Lease for one of the Adjacent Units without first offering the Adjacent Unit to Tenant under this
Article at Fair Market Value (hereinafter defined). Landlord’s offer of the Adjacent Unit shall be in writing sent by certified mail, overnight delivery service or personal delivery to Tenant at the demised premises specifying a date on which
Landlord anticipates obtaining possession of the Adjacent Unit for delivery to Tenant in “as is” condition for a term corresponding to the balance of the term of this Lease (including any extension terms, as the case may be) as part of the
demised premises leased to Tenant under this Lease. Tenant shall have ten (10) business days from its receipt of Landlord’s offer (time of the essence) to either accept it or reject it by giving written notice of its acceptance thereof to
Landlord by certified mail or by reputable overnight delivery service requiring signature from the addressee. If Tenant timely gives its notice of acceptance to Landlord within said ten (10) days (time of the essence), in the manner and under
the circumstances described above, then promptly following the determination of Fair Market Value, Landlord and Tenant shall enter into, sign and deliver to each other a modification of this Lease, in form and substance reasonably acceptable to
Landlord and Tenant, memorializing the terms of the agreement for the Adjacent Unit leased to Tenant under this Article. If Tenant does not give notice of its acceptance to Landlord within the time (of the essence), in the manner and under the
circumstances described above or if Tenant rejects such offer, Tenant shall cease to have any rights with respect to the Adjacent Unit and this paragraph shall have no further force or effect. In the event Tenant accepts Landlord’s offer of any
Adjacent Unit, Landlord has the right to elect that the Adjacent Unit also include all or a portion of any hallway area (any such area shall be referred to as the “Hallway Premises”) used to access such Adjacent Unit. If Landlord elects
such option (i) the rent for such Hallway Premises shall be determined by multiplying the rentable square footage of the Hallway Premises by the price per square foot value of the Adjacent Premises (as such price shall be determined in
accordance with this Article 53) and adding the total to the rent for the Adjacent Premises and (ii) the other additional rent charges based on the rentable square footage of the demised premises (such as, by way of example only, the trash
charge and air-conditioning charge) and Tenant’s Percentage shall be increased each to reflect the new rentable square footage of the demised premises (including the Adjacent Space and the Hallway Premises). 

B. “Fair Market Value” means the highest annual base rent which Landlord could reasonably expect to obtain from a third party for
the Adjacent Unit if Landlord put the Adjacent Unit on the market for lease in “as is” condition for a term corresponding to the balance of the term of this Lease and which may include annual compounded increases in the annual base rent
and may include increases in other business terms of this Lease. If Tenant duly accepts Landlord’s offer to lease the Adjacent Unit and if Landlord and Tenant are unable to reach a written agreement as to the Fair Market Value within thirty
(30) days after Landlord receives Tenant’s acceptance of Landlord’s offer, then such dispute shall be resolved exclusively by resort to “Adjacent Unit Arbitration” (as defined below). If Tenant duly accepts Landlord’s
offer to lease the Adjacent Unit and the Fair Market Value is not determined within thirty (30) days after Landlord receives Tenant’s acceptance of Landlord’s offer, then the annual base rent rate payable under the Lease with respect
to the Adjacent Unit shall be at the annual base rent rate and other business terms last offered by Landlord within said thirty (30) day period during the period commencing on the later of (i) the date the Adjacent Unit is vacant and
(ii) the date Tenant accepts Landlord’s offer to lease the Adjacent Unit and ending on the earlier of: that date a written agreement is signed and delivered by Landlord and Tenant as to the annual base rent and other business terms for the
Adjacent Unit or that date upon which 

  

									
					2		

		
							

 
the annual base rent and other business terms are finally determined by Adjacent Unit Arbitration as set forth in the following paragraph; provided, however, that when the annual base rent and
other business terms for the Adjacent Unit Renewal Period are finally determined by written agreement or by Arbitration, then the Lease shall be retroactively amended so that the annual base rent and other business terms for the Adjacent Unit shall
be as so finally determined and Tenant shall pay within ten (10) business days following the date the annual base rent and other business terms are finally determined any amounts owed under this Lease or receive a credit if the payments
received by Landlord exceeded the annual base rent and other business terms as finally determined. 
 C. The “Adjacent Unit
Arbitration” shall operate as described in this paragraph. If on or before that date (“Acceptance Date”) which is thirty (30) days after Landlord receives Tenant’s acceptance of Landlord’s offer to lease the Adjacent
Unit, Landlord and Tenant have failed to reach a written agreement on the Fair Market Value, then on or before that date which is fifteen (15) days after the Acceptance Date: Landlord shall choose (and pay the costs of) a person who is then
(and for the previous ten years has been) a licensed real estate broker engaged in leasing offices located in downtown Brooklyn and/or D.U.M.B.O. (and obtain the acceptance of the person chosen) to act as one of the arbitrators, Tenant shall choose
(and pay the costs of) a person who is then (and for the previous ten years has been) a licensed real estate broker engaged in leasing offices located in downtown Brooklyn and/or D.U.M.B.O. (and obtain the acceptance of the person chosen) to act as
one of the arbitrators, and each party shall notify the other of the name, address and telephone number of the person who has been selected by it and has agreed with it to act as an arbitrator. If either Landlord or Tenant does not obtain the
acceptance of a person satisfying the aforesaid qualifications to act as an arbitrator on its behalf and notify the other party of the contact information for such a person on or before that date which is fifteen (15) days after the Acceptance
Date, then said other party may have the American Arbitration Association appoint an arbitrator at the party lacking an arbitrator’s expense. The two arbitrators shall endeavor to reach an agreement as to what the Fair Market Value should be;
and if the two arbitrators cannot agree in writing as to what the Fair Market Value should be on or prior to that date which is forty-five (45) days after the Acceptance Date, they shall choose a third person (who is a licensed commercial real
estate broker for at least ten years engaged in leasing office space in downtown Brooklyn and/or D.U.M.B.O.) mutually acceptable to them (and obtain the acceptance of such person they have selected) to act as the third arbitrator. If the two
arbitrators cannot agree on whom the third arbitrator shall be or if they are unable to obtain the acceptance of a third arbitrator prior to that date which is sixty (60) days after the Acceptance Date, then Landlord or Tenant may have the
American Arbitration Association appoint a third arbitrator. Landlord and Tenant shall split equally the costs of the third arbitrator. The arbitrators representing Landlord and Tenant shall each prepare their own determination of the figure (the
“Suggested Determination”) that should be the Fair Market Value and submit their respective Suggested Determinations in writing to the third arbitrator within ten (10) days after the third arbitrator is chosen. If a determination is
not submitted to the third arbitrator within said ten (10) days, then the Suggested Determination for such arbitrator shall be deemed to be that amount which was the last proposal submitted by the party for whom such arbitrator represents. The
third arbitrator shall meet with the first two arbitrators to review and discuss the Suggested Determination submitted by each of them or deemed to have been submitted by each of them, and promptly thereafter issue his or her own determination in
writing to Landlord and Tenant. The determination of the third arbitrator shall be made on the basis of which Suggested Determination is closest to what the third arbitrator believes the Fair Market Rental should be, and such determination of the
third arbitrator must be made only by his or her selecting one of the Suggested Determinations submitted or deemed to have been submitted by the other arbitrators. The determination of the third arbitrator (or the determination mutually agreed to by
the two arbitrators, if such written agreement is reached by them before the selection of a third arbitrator is required) shall be binding and conclusive on Landlord and Tenant as to the Fair Market Value. 

SEVENTH: Tenant warrants and represents to Landlord that it has not dealt with any real estate broker, agent or finder in connection
with the leasing of Suite 712 and the other transactions described in this Agreement and Tenant agrees to indemnify, defend and hold Landlord harmless on demand from and against any and all costs, expenses or liability (including reasonable
attorneys’ fees) for any compensation, commissions, fees and charges claimed by any broker, agent or finder with respect to this Agreement, Suite 712 or the negotiation of the terms hereof due to the dealings of Tenant with the claimant. 

EIGHTH: Except as expressly modified and amended herein, and as so modified and amended, the Lease is hereby ratified and confirmed in
all respects and shall be binding upon the parties hereto and their respective successors and assigns. 

  

									
					3		

		
							

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

			
	55 WASHINGTON STREET LLC
	By:		DW Associates, L.P., as managing member
		
	By:		

		 	  

			(Landlord)
	
	ETSY INC.
		
	By:		

		 	  

			(Tenant)

  

			
	State of New York		
			} SS:
	County of Kings		

 On the 20th day of October in the year 2010 before me,
the undersigned, a Notary Public in and for said State, personally appeared Sinohe K. Terrero, 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 (s)he executed the same in his/her capacity, and that by his/her signature on the instrument, the individual or the person upon behalf of which the individual acted, executed the instrument. 

 

	
	

	  

	Notary Public
	
	ELIZABETH J. COTTRILL
	Notary Public - State of New York
	No. 01CO6181901
	Qualified in New York County
	My Commissions Expires February 11, 2012

  

									
					4		

		
							

 Exhibit “A” 

Diagram of the Demised Premises 

[Not to scale; all dimensions approximate; subject to actual conditions.] 

55 WASHINGTON STREET, 5TH FLOOR 
  

 
 55 WASHINGTON STREET, 7TH FLOOR 
  

 
  
  
 

 

 LEASE AMENDMENT 

AGREEMENT, made as of the 1st day of March, 2011, by and between 55 WASHINGTON
STREET LLC, a limited liability company, having an office c/o Two Trees Management Co. LLC, 45 Main Street, Suite 602, Brooklyn, New York 11201, (“Landlord”), and ETSY INC., a Delaware corporation, qualified to do
business in the State of New York, having an address of 55 Washington Street, Suite 512, Brooklyn, New York 11201 (“Tenant”). 
 W
I T N E S S E T H : 
 WHEREAS Landlord and Tenant entered into that certain lease dated as of April 14, 2009 (the “Original
Lease”) covering certain premises known as Suite 512 (“Original Premises”) more particularly described in the Original Lease and located on the fifth (5th) floor in the
building (the “Building”) known as 55 Washington Street, Brooklyn, New York; and 
 WHEREAS by that certain lease amendment dated
as of December 1, 2009 (the “First Amendment”) by and between Landlord and Tenant, Landlord modified the lease in certain respects; and 

WHEREAS by that certain lease amendment dated as of March 1, 2010 (the “Second Amendment”) by and between Landlord and Tenant,
Tenant temporarily leased certain additional premises in the Building known as Suite 500 (hereinafter referred to as “Suite 500” or the “Temporary Premises”) 

WHEREAS, by that certain lease amendment dated as of April 1, 2010 (the “Third Amendment”) by and between Landlord and Tenant,
Landlord modified the lease in certain respects; and 
 WHEREAS by that certain lease amendment dated as of July 15, 2010 (the
“Fourth Amendment”) by and between Landlord and Tenant, Tenant extended its lease of Suite 500 and leased certain additional premises in the Building known as Suite 501 (hereinafter referred to as the “Additional Premises” or
“Suite 501”); and 
 WHEREAS by that certain lease Amendment dated as of October 1, 2010 (the “Fifth Amendment”) by
and between Landlord and Tenant, Tenant leased certain additional premises in the Building known as Suite 712 (“Suite 712”) (the Original Lease, the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment and the
Fifth Amendment are hereinafter collectively referred to as the “Lease”); and 
 WHEREAS Tenant is desirous of leasing from
Landlord certain additional premises known as Suite 502, Suite 504, Suite 561, Suite 562, Suite 563, the men’s and women’s restrooms located across the hall from Suite 501 and additional hallway premises in the Building and whereas
Landlord is desirous of leasing Suite 502, Suite 504, Suite 561, Suite 562, Suite 563, the men’s and women’s restrooms located across the hall from Suite 501 and additional hallway premises to Tenant, subject to the provisions, conditions,
covenants and agreements set forth herein; and 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties
hereto agree as follows: 
 FIRST: Each term used in this Agreement shall have the meaning ascribed to such term in the Lease, except
as expressly amended herein. 
 SECOND: From and after July 1, 2011, Landlord leases to Tenant and Tenant leases from Landlord
certain premises known as Suite 502 (“Suite 502”), Suite 504 (“Suite 504”), Suite 561 (“Suite 561”), Suite 562 (“Suite 562”), Suite 563 (“Suite 563”), certain hallway premises (the “Hallway
Premises”) and the men’s and women’s restrooms located across the hall from Suite 501 (collectively, the “Bathrooms”) (Suite 502, Suite 504, Suite 561, Suite 562, Suite 563, the Hallway Premises and the Bathrooms are
hereinafter collectively referred to as the “Fifth Floor Additional Premises”) each located on the fifth (5th) floor of the Building which premises are located substantially in the
location shown hatched on the plan attached hereto as “Exhibit A” and hereby made a part hereof. Landlord has not made and does not make any representation as to the physical condition or any other matter affecting or relating to
the Fifth Floor Additional Premises except as is herein specifically set forth, and Tenant specifically acknowledges that no such representation has been made. Tenant further acknowledges that Landlord has afforded Tenant the opportunity for a full
and complete investigation, examination and inspection of the Fifth Floor Additional Premises and Tenant agrees to accept the Fifth Floor Additional Premises “as is”, 

  

									
					1		

		
							

 
except as otherwise set forth herein. Tenant shall perform all work (“Tenant’s Fifth Floor Additional Premises Work”) necessary for it to use the Fifth Floor Additional Premises as
contemplated in this Lease and such work shall be performed in accordance with the Legal Requirements, at its sole expense, pursuant to plans, drawings and specifications therefor prepared by Tenant and submitted to, and approved by Landlord and
subject to the terms of this Lease, including, without limitation, Article 10 thereof; it being understood that none of Tenant’s Fifth Floor Additional Premises Work shall be considered a Minor Alteration. Landlord and Tenant hereby
agree that upon the expiration or earlier termination of this Lease, Tenant shall, at its sole cost and expense, be required to restore the following portions of Tenant’s Fifth Floor Additional Premises Work: (i) Tenant shall erect a wall
so that the hallway that exists adjacent to the Original Premises as of the date hereof is restored to the condition and layout that exists as of the date hereof and (ii) Tenant shall leave the area described as “Reception Area” on
Exhibit B (attached hereto and made a part hereof) free from partitions by removing the interior walls of the following spaces as described on Exhibit B: (a) the “6-8 person conference room, (b) “coats”, (c) “4-5
person conference room”, (d) “receiving/mail”, (e) “Adam designated conf.”, (f) “Adam” (g) “2-4 person meeting room #1”, (h) “2-4 person meeting room #2”,
(i) “Phone booth #1”, (j) “Phone booth #2”, (k) “Phone booth #3”; it being understood that Tenant shall repair any damage to the demised premises or the Building due to any such removal. Tenant hereby
acknowledges that Exhibit B is only attached to this Agreement for purposes of illustrating Tenant’s restoration obligation with respect to the reception area and that Landlord has not approved the work shown in Exhibit B. Tenant further
specifically agrees that Tenant shall, at Tenant’s sole cost and expense, (y) close out any new applications in connection with any work completed in the demised premises promptly upon the completion of such work and (z) promptly
close out any existing applications in connection with any work Tenant has performed in the demised premises which remain open as of the date hereof: it being understood that Tenant shall be responsible for any costs or expenses incurred by Landlord
in connection with Tenant’s failure to close out any open permits or applications in connection therewith. 
 THIRD: Prior to
July 1, 2011, Tenant shall deliver to Landlord insurance satisfying the provisions of the Lease covering the Fifth Floor Additional Premises. 

FOURTH: From July 1, 2011 to July 31, 2016 (i) the term “demised premises” shall be deemed to refer to the
Original Premises, Suite 500, Suite 501, Suite 712 and the Fifth Floor Additional Premises and the plan attached to the Lease as Exhibit A is deleted therefrom and the plan attached hereto as Exhibit A is substituted in lieu thereof; (ii) the
term “Tenant’s Percentage” as defined in Article 4 and Article 51 of the Lease shall be amended to be 11.136%; and (iii) the monthly additional rent charge for ordinary office trash collection payable pursuant to Article 47 of
the Lease shall be $625.48. 
 FIFTH: As of the date hereof, the annual base rent payable under Article 2 of the Lease is hereby
amended so that commencing on July 1, 2011 and thereafter during the balance of the term of the Lease it shall be as follows (dates inclusive): 

July 1, 2011 to July 31, 2011: $865,515.66/year — $72,126.31/month 

August 1, 2011 to July 31, 2012: $884,260.87/year — $73,688.41/month 

August 1, 2012 to July 31, 2013: $910,788.70/year — $75,899.06/month 

August 1, 2013 to July 31, 2014: $938,112.36/year — $78,176.03/month 

August 1, 2014 to July 31, 2015: $1,041,429.75/year — $86,785.81/month 

August 1, 2015 to July 31, 2016: $1,072,672.64/year — $89,389.39/month 

Provided Tenant is not in default under its obligations under this Lease on July 1, 2011 and August 1, 2011, Tenant shall be
entitled to a rent credit in the sum of $105,056.27.00 which shall be applied by Landlord in two (2) installments against the monthly installments of the annual base rent payable under this Lease as follows: $72,126.31 applied with respect to
July, 2011 and $32,929.96 applied with respect to August, 2011. In no event shall the rent credit payable under this paragraph exceed $105,056.27. Notwithstanding the foregoing, if, prior to the Expiration Date (as the same may be amended from time
to time), the demised premises are surrendered by Tenant or if Landlord obtains possession of the demised premises prior to the Expiration Date due to default(s) by Tenant under this Lease, then, in either case, Tenant shall immediately pay Landlord
as additional rent hereunder, the unamortized portion of $105,056.27; which is to be amortized on a monthly basis over the five (5) year and one month period commencing July 1, 2011 and ending on July 31, 2016 and such payment
obligation shall expressly survive the expiration or termination of this Lease. 
 SIXTH: Notwithstanding anything to the contrary
contained in Article 4 of the Lease with respect to Tenant’s payment of business or building improvement district charges (“BID Charges”), as 

  

									
					2		

		
							

 
of the date hereof Tenant agrees to pay Landlord Tenant’s Percentage of the total amount of any BID Charges assessed on the Real Property in each year (or portion thereof) during the term of
this Lease within ten (10) days after demand is made therefor as additional rent. 
 SEVENTH: Tenant expressly acknowledges and
understands that no heating or air-conditioning shall be provided to Suite 561, Suite 562 or Suite 563 and that any installation of heating or air-conditioning equipment in Suite 561, Suite 562 or Suite 563 shall require Landlord’s prior
written consent which may be unreasonably withheld. If air-conditioning equipment is installed, Tenant shall, at its own cost and expense, operate, maintain, repair and replace said air-conditioning equipment (hereinafter called the “AC
System”). The electricity furnished to and/or consumed by any AC System shall be paid for by Tenant in accordance with Article 44 of the Lease. 

EIGHTH: The Lease is hereby amended by deleting Paragraph Sixth of the Fifth Amendment and adding the following Article 53: 

53. Adjacent Units 

A. “Adjacent Units” means all of the storage and office spaces located on the fourth
(4th) and fifth (5th) floor of the Building. “New Lease” means a new lease agreement or a modification or amendment of an
existing lease, license or occupancy agreement which extends the term of said agreement beyond all options and renewal periods provided in said agreement for one of the Adjacent Units signed and delivered by Landlord and a third party or the then
current tenant; other than a ground lease for the Building. If Tenant is not in default under the Lease beyond any applicable notice and cure period and the Lease remains in effect at that time, Landlord shall not, during the term of this Lease,
enter into a New Lease for one of the Adjacent Units without first offering the Adjacent Unit to Tenant under this Article at Fair Market Value (hereinafter defined). Landlord’s offer of the Adjacent Unit shall be in writing sent by certified
mail, overnight delivery service or personal delivery to Tenant at the demised premises specifying an estimate of the Fair Market Value and a date on which Landlord anticipates obtaining possession of the Adjacent Unit for delivery to Tenant in
“as is” condition for a term corresponding to the balance of the term of the Lease (including any extension terms, as the case may be) as part of the demised premises leased to Tenant under the Lease. Tenant shall have fifteen
(15) business days from its receipt of Landlord’s offer (time of the essence) to either accept it or reject it by giving written notice of its acceptance thereof to Landlord by certified mail or by reputable overnight delivery service
requiring signature from the addressee. If Tenant timely gives its notice of acceptance to Landlord within said fifteen (15) days (time of the essence), in the manner and under the circumstances described above, then promptly following the
determination of Fair Market Value, Landlord and Tenant shall enter into, sign and deliver to each other a modification of the Lease, in form and substance reasonably acceptable to Landlord and Tenant, memorializing the terms of the agreement for
the Adjacent Unit leased to Tenant under this Article. If Tenant does not give notice of its acceptance to Landlord within the time (of the essence), in the manner and under the circumstances described above or if Tenant rejects such offer, Landlord
may enter into a New Lease for the Adjacent Unit within 180 days from the date Tenant rejected such offer (or failed to timely respond to such offer). If Landlord does not enter into a New Lease for the Adjacent Unit within such 180 day period, then
Landlord must reoffer the Adjacent Unit to Tenant on the terms set forth in this Article 53 prior to entering into a New Lease with a third party. In the event Tenant again rejects such offer for the Adjacent Unit (or fails to timely respond to such
offer), Tenant shall cease to have any rights with respect to the Adjacent Unit and this paragraph shall have no further force or effect. In the event Tenant accepts Landlord’s offer of any Adjacent Unit, Landlord has the right to elect that
the Adjacent Unit also include all or a portion of any hallway area (any such area shall be referred to as the “Hallway Premises”) used to access such Adjacent Unit. If Landlord elects such option (i) the rent for such Hallway
Premises shall be determined by multiplying the rentable square footage of the Hallway Premises by the price per square foot value of the Adjacent Premises (as such price shall be determined in accordance with this Article 53) and adding the total
to the rent for the Adjacent Premises, (ii) the other additional rent charges based on the rentable square footage of the demised premises (such as, by way of example only, the trash charge and air-conditioning charge) and Tenant’s
Percentage shall be increased each to reflect the new rentable square footage of the demised premises (including the Adjacent Space and the Hallway Premises) and (iii) Landlord shall be required to remove the non-structural walls in the
Adjacent Unit prior to the commencement date of the lease amendment for the Adjacent Unit(s) provided Tenant requests same upon notice delivered to Landlord at least thirty (30) days prior to the commencement date for the lease amendment. 

B. “Fair Market Value” means the highest annual base rent which Landlord could reasonably expect to obtain from a third party for
the Adjacent Unit if Landlord put the Adjacent Unit on the market for lease in “as is” condition for a term corresponding to the balance of the term of this Lease and which 

  

									
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may include annual compounded increases in the annual base rent and may include increases in other business terms of the Lease without any brokerage fee. If Tenant duly accepts Landlord’s
offer to lease the Adjacent Unit and if Landlord and Tenant are unable to reach a written agreement as to the Fair Market Value within thirty (30) days after Landlord receives Tenant’s acceptance of Landlord’s offer, then such dispute
shall be resolved exclusively by resort to “Adjacent Unit Arbitration” (as defined below). If Tenant duly accepts Landlord’s offer to lease the Adjacent Unit and the Fair Market Value is not determined within thirty (30) days
after Landlord receives Tenant’s acceptance of Landlord’s offer, then the annual base rent rate payable under the Lease with respect to the Adjacent Unit shall be at the annual base rent rate and other business terms last offered by
Landlord within said thirty (30) day period during the period commencing on the later of (i) the date the Adjacent Unit is vacant and (ii) the date Tenant accepts Landlord’s offer to lease the Adjacent Unit and ending on the
earlier of: that date a written agreement is signed and delivered by Landlord and Tenant as to the annual base rent and other business terms for the Adjacent Unit or that date upon which the annual base rent and other business terms are finally
determined by Adjacent Unit Arbitration as set forth in the following paragraph; provided, however, that when the annual base rent and other business terms for the Adjacent Unit Renewal Period are finally determined by written agreement or by
Arbitration, then the Lease shall be retroactively amended so that the annual base rent and other business terms for the Adjacent Unit shall be as so finally determined and Tenant shall pay within ten (10) business days following the date the
annual base rent and other business terms are finally determined any amounts owed under this Lease or receive a credit if the payments received by Landlord exceeded the annual base rent and other business terms as finally determined. 

C. The “Adjacent Unit Arbitration” shall operate as described in this paragraph. If on or before that date (“Acceptance
Date”) which is thirty (30) days after Landlord receives Tenant’s acceptance of Landlord’s offer to lease the Adjacent Unit, Landlord and Tenant have failed to reach a written agreement on the Fair Market Value, then on or before
that date which is fifteen (15) days after the Acceptance Date: Landlord shall choose (and pay the costs of) a person who is then (and for the previous ten years has been) a licensed real estate broker engaged in leasing offices located in
downtown Brooklyn and/or D.U.M.B.O. (and obtain the acceptance of the person chosen) to act as one of the arbitrators, Tenant shall choose (and pay the costs of) a person who is then (and for the previous ten years has been) a licensed real estate
broker engaged in leasing offices located in downtown Brooklyn and/or D.U.M.B.O. (and obtain the acceptance of the person chosen) to act as one of the arbitrators, and each party shall notify the other of the name, address and telephone number of
the person who has been selected by it and has agreed with it to act as an arbitrator. If either Landlord or Tenant does not obtain the acceptance of a person satisfying the aforesaid qualifications to act as an arbitrator on its behalf and notify
the other party of the contact information for such a person on or before that date which is fifteen (15) days after the Acceptance Date, then said other party may have the American Arbitration Association appoint an arbitrator at the party
lacking an arbitrator’s expense. The two arbitrators shall endeavor to reach an agreement as to what the Fair Market Value should be; and if the two arbitrators cannot agree in writing as to what the Fair Market Value should be on or prior to
that date which is forty-five (45) days after the Acceptance Date, they shall choose a third person (who is a licensed commercial real estate broker for at least ten years engaged in leasing office space in downtown Brooklyn and/or D.U.M.B.O.)
mutually acceptable to them (and obtain the acceptance of such person they have selected) to act as the third arbitrator. If the two arbitrators cannot agree on whom the third arbitrator shall be or if they are unable to obtain the acceptance of a
third arbitrator prior to that date which is sixty (60) days after the Acceptance Date, then Landlord or Tenant may have the American Arbitration Association appoint a third arbitrator. Landlord and Tenant shall split equally the costs of the
third arbitrator. The arbitrators representing Landlord and Tenant shall each prepare their own determination of the figure (the “Suggested Determination”) that should be the Fair Market Value and submit their respective Suggested
Determinations in writing to the third arbitrator within ten (10) days after the third arbitrator is chosen. If a determination is not submitted to the third arbitrator within said ten (10) days, then the Suggested Determination for such
arbitrator shall be deemed to be that amount which was the last proposal submitted by the party for whom such arbitrator represents. The third arbitrator shall meet with the first two arbitrators to review and discuss the Suggested Determination
submitted by each of them or deemed to have been submitted by each of them, and promptly thereafter issue his or her own determination in writing to Landlord and Tenant. The determination of the third arbitrator shall be made on the basis of which
Suggested Determination is closest to what the third arbitrator believes the Fair Market Rental should be, and such determination of the third arbitrator must be made only by his or her selecting one of the Suggested Determinations submitted or
deemed to have been submitted by the other arbitrators. The determination of the third arbitrator (or the determination mutually agreed to by the two arbitrators, if such written agreement is reached by them before the selection of a third
arbitrator is required) shall be binding and conclusive on Landlord and Tenant as to the Fair Market Value. 

  

									
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 NINTH: Tenant acknowledges that during the term hereof, Tenant shall, at its sole cost and
expense, take good care of, maintain, clean, replace and repair the Bathrooms and all fixtures located therein. Tenant shall not use the bathrooms, sinks, toilets and plumbing fixtures for any purposes other than those for which they were designed
or constructed, and no sweepings, rubbish, rags, acids, liquids, chemicals or other substances shall be poured or deposited therein, If Tenant violates the foregoing, Tenant shall pay Landlord for all resulting repairs as additional rent hereunder
and such obligation shall survive the expiration of the term of the Lease. 
 TENTH: Tenant warrants and represents to Landlord that
it has not dealt with any real estate broker, agent or finder in connection with the leasing of the Fifth Floor Additional Premises and the other transactions described in this Agreement and Tenant agrees to indemnify, defend and hold Landlord
harmless on demand from and against any and all costs, expenses or liability (including reasonable attorneys’ fees) for any compensation, commissions, fees and charges claimed by any broker, agent or finder with respect to this Agreement, the
Fifth Floor Additional Premises or the negotiation of the terms hereof due to the dealings of Tenant with the claimant. 
 ELEVENTH:
Except as expressly modified and amended herein, and as so modified and amended, the Lease is hereby ratified and confirmed in all respects and shall be binding upon the parties hereto and their respective successors and assigns. In the event the
provisions of this Agreement shall contradict or be inconsistent with the provisions of the Lease, then the provisions of this Agreement hall prevail and govern and the contradicted or inconsistent provisions of the Lease shall be deemed amended
accordingly. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. 

 

			
	55 WASHINGTON STREET LLC
	By:		DW Associates, L.P., as managing member
		
	By:		

		 	  

			(Landlord)
	
	ETSY INC.
		
	By:		

		 	  

			(Tenant)

  

			
	State of New York		
			} SS:
	County of Kings		

 On the 16 day of June in the year 2011 before me, the undersigned, a Notary Public in and for said State,
personally appeared Sinohe Terrero, 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 (s)he executed the same in his/her
capacity, and that by his/her signature on the instrument, the individual or the person upon behalf of which the individual acted, executed the instrument. 
  

	
	 

	  

	Notary Public

 
  

	
	SARAH M. FEINGOLD
	Notary Public, State of New York
	 No. 02FE6153435

Qualified in Kings County

	Commission Expires October 02, 2014

  

									
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 Exhibit “A” 

Diagram of the Demised Premises 

[Not to scale; all dimensions approximate; subject to actual conditions.] 

55 WASHINGTON STREET, 5TH FLOOR 
  

 
 
 55 WASHINGTON STREET, 7TH FLOOR

  
 

 
  
  
 

 

 

 

 SEVENTH AMENDMENT 

AGREEMENT, made as of the 1st day of December, 2011, by and between 55 WASHINGTON
STREET LLC, a limited liability company, having an office c/o Two Trees Management Co. LLC, 45 Main Street, Suite 602, Brooklyn, New York 11201, (“Landlord”), and ETSY INC., a Delaware corporation, qualified to do
business in the State of New York, having an address of 55 Washington Street, Suite 512, Brooklyn, New York 11201 (“Tenant”). 
 W
I T N E S S E T H : 
 WHEREAS Landlord and Tenant entered into that certain lease dated as of April 14, 2009 (the “Original
Lease”) covering certain premises known as Suite 512 (“Original Premises”) more particularly described in the Original Lease and located on the fifth (5th) floor in the
building (the “Building”) known as 55 Washington Street, Brooklyn, New York; and 
 WHEREAS by that certain lease amendment dated
as of December 1, 2009 (the “First Amendment”) by and between Landlord and Tenant, Landlord modified the lease in certain respects; and 

WHEREAS by that certain lease amendment dated as of March 1, 2010 (the “Second Amendment”) by and between Landlord and Tenant,
Tenant temporarily leased certain additional premises in the Building known as Suite 500 (hereinafter referred to as “Suite 500” or the “Temporary Premises”) 

WHEREAS, by that certain lease amendment dated as of April 1, 2010 (the “Third Amendment”) by and between Landlord and Tenant,
Landlord modified the lease in certain respects; and 
 WHEREAS by that certain lease amendment dated as of July 15, 2010 (the
“Fourth Amendment”) by and between Landlord and Tenant, Tenant extended its lease of Suite 500 and leased certain additional premises in the Building known as Suite 501 (hereinafter referred to as the “Additional Premises” or
“Suite 501”); and 
 WHEREAS by that certain lease Amendment dated as of October 1, 2010 (the “Fifth Amendment”) by
and between Landlord and Tenant, Tenant leased certain additional premises in the Building known as Suite 712 (“Suite 712”); and 

WHEREAS by that certain lease amendment dated as of March 1, 2011 (the “Sixth Amendment”) by and between Landlord and Tenant,
Tenant leased certain additional premises in the Building known as Suite 502, Suite 504, Suite 561, Suite 562, Suite 563, the Bathrooms and the Hallway Premises in the Building (the Original Lease, the First Amendment, the Second Amendment, the
Third Amendment, the Fourth Amendment, the Fifth Amendment and the Sixth Amendment are hereinafter collectively referred to as the “Lease”); and 

WHEREAS Tenant is desirous of leasing from Landlord certain additional premises known as Suite 415, Suite 416, Suite 417, Suite 418,
Suite 419, Suite 420, Suite 451, Suite 606 and certain hallway premises located on the fourth (4th) floor of the Building and whereas Landlord is desirous of leasing Suite 415, Suite 416,
Suite 417, Suite 418, Suite 419, Suite 420, Suite 451, Suite 606 and certain hallway premises located on the fourth (4th) floor of the Building, subject to the provisions, conditions,
covenants and agreements set forth herein; and 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties
hereto agree as follows: 
 FIRST: Each term used in this agreement (the “Seventh Amendment” or this “Agreement”)
shall have the meaning ascribed to such term in the Lease, except as expressly amended herein. 
 SECOND: From and after
April 1, 2012 (the “Seventh Amendment Commencement Date”), Landlord leases to Tenant and Tenant leases from Landlord certain premises known as Suite 415 (“Suite 415”), Suite 416 (“Suite 416”), Suite 417
(“Suite 417”), Suite 418 (“Suite 418”), Suite 419 (“Suite 419”), Suite 420 (“Suite 420”), Suite 451 (“Suite 451”), Suite 606 (“Suite 606”) and certain hallway premises located on the
fourth (4th) floor of the Building (the “4th Floor Hallway Premises”) (Suite 415, Suite 416, Suite 417, Suite 418, Suite
419, Suite 420 Suite 451, Suite 606 and the 4th Floor Hallway Premises are hereinafter collectively referred to as the “Fourth and Sixth Floor Additional Premises”) which premises are
located substantially in the location shown hatched on the plan attached hereto as “Exhibit C” and hereby made a past hereof. Landlord has not 

  

									
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made and does not make any representation as to the physical condition or any other matter affecting or relating to the Fourth and Sixth Floor Additional Premises except as is herein specifically
set forth, and Tenant specifically acknowledges that no such representation has been made; it being understood that Landlord shall give Tenant an ACP-5 form applicable to the Fourth and Sixth Floor Additional Premises. Tenant further acknowledges
that Landlord has afforded Tenant the opportunity for a full and complete investigation, examination and inspection of the Fourth and Sixth Floor Additional Premises and Tenant agrees to accept the Fourth and Sixth Floor Additional Premises “as
is”, except that Landlord shall substantially complete (hereinafter defined) such work as is necessary to (i) demolish the walls between Suites 415, Suite 416, Suite 417, Suite 418, Suite 419 and Suite 420 so that one open space is created
as shown on Exhibit D attached hereto and made a part hereof, (ii) install one (1) Building standard air-conditioning unit and all ductwork and distribution in the location shown on Exhibit D-1 attached hereto and
made a part hereof, (iii) build a mechanical room for the air-conditioning unit in the location shown on Exhibit D, (iv) build three (3) Building standard conference rooms, three (3) small rooms and one
(1) meeting room with Building standard sheetrock walls with one (1) Building standard hollow metal door to access each conference room, each small room and meeting room in the locations shown on Exhibit D; (v) install
electrical outlets in the locations shown on Exhibit D (vi) install light switches in the locations shown on Exhibit D and (vii) rough the plumbing for a kitchenette in the location shown on Exhibit D (with
such work being collectively referred to as “Landlord’s Expansion Premises Work”). Landlord and Tenant hereby pre-approve Landlord’s Expansion Premises Work shown on the Plans and Specifications attached hereto as
Exhibit D and made a part hereof and the Mechanical Plan attached hereto as Exhibit D-1 and made a part hereof. Landlord shall perform Landlord’s Expansion Premises Work in accordance with the Plans and Specifications
attached hereto as Exhibit D and the Mechanical Plans attached hereto as Exhibit D-1. 
 Landlord hereby agrees that
notwithstanding anything to the contrary contained in Article 10 of the Lease, upon Tenant’s surrender of the Fourth and Sixth Floor Additional Premises, Tenant shall not be required to restore or pay Landlord to restore any of Landlord’s
Expansion Premises Work. Tenant shall perform all other work (“Tenant’s Fourth and Sixth Floor Additional Premises Work”) necessary for it to use the Fourth and Sixth Floor Additional Premises as contemplated in this Lease, which work
shall include the installation of phone and internet wiring and outlets (“Tenant’s Communications Work”) and may include the installation of an internal staircase between the 4th
and 5th floors of the Building (the “Staircase Work”) and all such work (including the Staircase Work) shall be performed in accordance with the Legal Requirements, at Tenant’s sole
expense, pursuant to plans, drawings and specifications therefor prepared by Tenant and submitted to, and approved by Landlord and subject to the terms of this Lease, including, without limitation, Article 10 thereof; it being understood
that such portion of Tenant’s Fourth and Sixth Floor Additional Premises Work constituting structural changes to the Fourth and Sixth Floor Additional Premises shall not be considered a Minor Alteration as such term is defined in Article 10 of
the Lease, and such portion of Tenant’s Fourth and Sixth Floor Additional Premises Work constituting non-structural changes shall be considered a Minor Alteration as such term is defined in Article 10 of the Lease. Tenant specifically
acknowledges that upon the expiration or earlier termination of the term of the Lease, the Staircase Work shall be removed and the floors and portions of the demised premises adjacent to the location of such staircase shall be restored to the
condition that existed as of the date hereof. Landlord and Tenant agree that “Tenant’s Communications Work” may be performed simultaneously with Landlord’s Expansion Premises Work. Tenant shall coordinate with Landlord with
respect to Tenant’s Communications Work so that it does not unreasonably interfere with the performance of Landlord’s Expansion Premises Work. 

Notwithstanding anything to the contrary set forth in Article 10 of the Lease, Landlord agrees to waive its right to receive compensation for
Landlord’s review of Tenant’s plans and specifications in connection with Landlord’s Expansion Premises Work. For purposes of this Agreement, the phrase “substantial completion” shall mean that, with the exception of punch
list items which will not materially interfere with Tenant’s ability to conduct its business at the Fourth and Sixth Floor Additional Premises, Landlord’s Expansion Premises Work shall have been completed in accordance with
Exhibits D and D-1 and all electrical, plumbing, HVAC and mechanical systems serving or affecting the Fourth and Sixth Floor Additional Premises shall then be in working order. Upon Landlord’s request, Landlord and Tenant shall set a
mutually convenient time for Tenant and Landlord to inspect the Fourth and Sixth Floor Additional Premises and Landlord’s Expansion Premises Work, at which time Tenant shall prepare and submit to Landlord a punch list of items to be completed
(the “Punch List”). Landlord shall complete the Punch List items within thirty (30) days thereafter, except for any items which have previously been identified by Landlord and Tenant as constituting special order or long lead items.
In the event Tenant shall fail to confer with Landlord with respect to the substantial completion of the Landlord Expansion Premises Work within five (5) business days 

  

									
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of Landlord’s request to inspect the Fourth and Sixth Floor Additional Premises, Landlord’s Expansion Premises Work shall be deemed completed and satisfactory in all respects and the
Seventh Amendment Commencement Date shall be deemed to have occurred on the date determined by Landlord. In the event that Landlord’s Expansion Premises Work is not substantially completed on or before the Seventh Amendment Commencement Date
(and such failure to substantially complete such work is not due to a “Tenant Delay” (as hereinafter defined), the Seventh Amendment Commencement Date shall be deemed extended one (1) day for each day that Landlord’s Expansion
Premises Work is not substantially completed. For purposes of this Agreement, the phrase “Tenant Delay” shall mean a delay resulting from any act, neglect, failure or omission of Tenant, its agents, employees, contractors or subcontractors
(including, without limitation, any changes requested by Tenant to the pre-approved plans for Landlord’s Expansion Premises Work attached hereto as Exhibits D and D-1). 

THIRD: Prior to the Seventh Amendment Commencement Date (as such date may be extended pursuant to Paragraph Second above), Tenant shall
deliver to Landlord insurance satisfying the provisions of the Lease covering the Fourth and Sixth Floor Additional Premises. 

FOURTH: From the Seventh Amendment Commencement Date to July 31, 2016 (i) the term “demised premises” shall be
deemed to refer to the Original Premises, Suite 500, Suite 501, Suite 712, the Fifth Floor Additional Premises and the Fourth and Sixth Floor Additional Premises and the plan attached to the Lease as Exhibit A is deleted therefrom and the plan
attached hereto as Exhibit F is substituted in lieu thereof; (ii) the term “Tenant’s Percentage” as defined in Article 4 and Article 51 of the Lease shall be amended to include the Fourth and Sixth Floor Additional
Premises (4.950%) so that it shall be 16.086%; provided however that with respect to escalations for Real Estate Taxes as described in Article 4 of the Lease, Tenant’s Proportionate Share with respect to (a) the Original Premises,
Suite 500, Suite 501, Suite 712 and the Fifth Floor Additional Premises shall remain at 11.136% and (b) the Fourth and Sixth Floor Premises only shall be 4.950%; (iii) the term Base Tax Year shall mean (y) with respect to the Original
Premises, Suite 500, Suite 501, Suite 712 and the Fifth Floor Additional Premises only, the Tax Year beginning July 1, 2009 and expiring June 30, 2010 and (z) with respect to the Fourth and Sixth Floor Additional Premises, the Tax
Year beginning July 1, 2012 and expiring June 30, 2013; (iv) the monthly additional rent charge for ordinary office trash collection payable pursuant to Article 47 of the Lease shall be $903.51. 

FIFTH: Article 16, paragraph 5 of the Lease shall hereby be deleted and the following shall be substituted in lieu thereof: 

“No vehicles, animals, fish or birds may be kept in or about the Building. A maximum of twenty (20) of Tenant’s employees’
bicycles may be stored in the loading dock area of the Building in locations designated by Landlord; it being understood that any such bicycle storage shall be at Tenant’s own risk, all security, locks or hooks required for storage shall be at
Tenant’s sole cost and expense and Landlord, its officers, agents, employees, subsidiaries and affiliated entities and corporations shall not be liable to Tenant for any loss of, theft of, damage to or destruction of any such bicycles, caused
by fire, theft, carelessness or any other cause whatsoever, including, without limitation, the negligence of any such parties, and Tenant hereby releases and waives any right of recovery against Landlord, its officers, agents, employees,
subsidiaries and affiliated entities and corporations for any such loss. All other Bicycles shall only be stored and kept in locations designated by Landlord and in no event shall they be brought onto the passenger elevators or ridden in the
Building. Landlord shall apply its rules regarding Bicycles in a non-discriminatory manner to tenants in the Building who are similarly situated in their actions or under the circumstances. Tenant covenants and agrees that there shall be no smoking
in or on any portion of the Building.” 
 SIXTH: As of the date hereof, the annual base rent payable under Article 2 of the
Lease is hereby amended so that commencing on April 1, 2012 (subject to the provisions of paragraph Second above) and thereafter during the balance of the term of the Lease it shall be as follows (dates inclusive): 

April 1, 2012 to July 31, 2012: $1,276,287.87/year — $106,357.32/month 

August 1, 2012 to March 31, 2013: $1,302,815.70/year — $108,567.98/month 

April 1, 2013 to July 31, 2013: $1,312,616.38/year — $109,384.70/month 

August 1, 2013 to March 31, 2014: $1,339,940.04/year — $111661.67/month 

April 1, 2014 to July 31, 2014: $1,349.985.73/year — $112,498.81/month 

August 1, 2014 to March 31, 2015: $1,453,303.12/year — $121,108.59/month 

April 1, 2015 to July 31, 2015: $1,463,599.95/year — $121,966.66/month 

August 1, 2015 to March 31, 2016: $1,494,842.84/year — $124,570.24/month 

April 1, 2016 to July 31, 2016: $1,530,420.10/year — $127,535.01/mo 

  

									
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 Provided Tenant is not in default under its obligations under this Lease beyond applicable notice
and cure periods on the Seventh Amendment Commencement Date and the one (1) month anniversary of the Seventh Amendment Commencement Date, Tenant shall be entitled to a rent credit in the sum of $65,337.84 which shall be applied by Landlord in
two (2) installments against the monthly installments of the annual base rent payable under this Lease as follows: $32,668.92 applied for the period from the Seventh Amendment Commencement Date through the day immediately preceding the one
(1) month anniversary of the Seventh Amendment Commencement Date and $32,668.92 applied for the period from one (1) month anniversary of the Seventh Amendment Commencement Date through the day immediately preceding the two (2) month
anniversary of the Seventh Amendment Commencement Date. In no event shall the rent credit payable under this paragraph exceed $65,337.84. Notwithstanding the foregoing, if, prior to the Expiration Date (as the same may be amended from time to time),
the demised premises are surrendered by Tenant or if Landlord obtains possession of the demised premises prior to the Expiration Date due to defaults) by Tenant under this Lease, then, in either case, Tenant shall immediately pay Landlord as
additional rent hereunder, the unamortized portion of $65,337.84; which is to be amortized on a monthly basis over the period commencing on the Seventh Amendment Commencement Date and ending on July 31, 2016 and such payment obligation shall
expressly survive the expiration or termination of this Lease. 
 SEVENTH: All references to Article “53” of the Lease in
paragraph Second of the Third Amendment shall be deemed to mean Article “54”. 
 EIGHTH: The first sentence of Article 53
of the Lease is hereby deleted and the following shall be substituted in lieu thereof: 
 “Adjacent Units” means collectively all
of the storage and office spaces located on the fourth (4th), fifth (5th) sixth
(6th) and seventh (7th) floors of the Building. 

NINTH: If Landlord does not have a signed term sheet with respect to all or any portion of the office premises within thirty
(30) days of the date of full execution of this Agreement with a bona fide third party located on the ground floor of the Building as such premises is more specifically described on Exhibit E attached hereto and made a part hereof
(“Option Premises”), Tenant shall have the one-time option (the “Ground Floor Option”) to lease all or the remaining portion of the Option Premises; it being understood that if Tenant exercises the Ground Floor Option, the base
rent for the Option Premises will be at the same price per square foot Tenant is paying for the Fourth and Sixth Floor Additional Premises, Tenant’s Percentage and the additional rent charge for ordinary office trash collection payable pursuant
to Article 47 of the Lease shall increase in accordance with the increased rentable square footage leased by Tenant (it being understood that the trash charge is $0.20 per rentable square foot). In the event Tenant exercises the Ground Floor Option,
Tenant and Landlord agree to enter into a lease amendment memorializing the terms of the leasing of such additional space. Notwithstanding the foregoing, Tenant may only exercise the Ground Floor Option upon written notice to Landlord sent within
thirty (30) days after Landlord notifies Tenant that a term sheet from a bona fide third party has not been signed in accordance herewith and Tenant hereby acknowledges that if Tenant does not timely exercise the Ground Floor Option, it shall
be deemed waived and this Paragraph shall be of no further force or effect. 
 TENTH: Notwithstanding anything to the contrary set
forth in paragraph Seventh of the Fourth Amendment or Article 3 of the Lease, Landlord is currently holding $303,601.45 as the security deposit under the Lease which it shall continue to hold through the expiration of the Lease, and Tenant’s
right to reductions in the security deposit set forth in paragraph Seventh of the Fourth Amendment and Article 3 of the Lease shall be hereby void and of no further force or effect. 

ELEVENTH: Notwithstanding anything to the contrary set forth in Article 49 of the Lease, (i) the option to renew set forth therein
shall expressly include the Original Premises, Suite 500, Suite 501, Suite 712, the Fifth Floor Additional Premises and the Fourth and Sixth Floor Additional Premises (collectively, the “Renewal Premises”) and (ii) if Tenant properly
exercises the option to renew for all the Renewal Premises described above in accordance with the terms of Article 49, the annual base rent payable by Tenant under the Lease shall be as follows: 

the greater of (a) the Fair Market Rental (as defined in Article 49 the Original Lease) for the demised premises for the Renewal Period
or (b) $131,361.63/month for the first year of the Renewal Period, $135,302.48/month for the second year of the Renewal Period, $139,361.55/month for the third year of the Renewal Period, $143,542.40/month for the fourth year of the Renewal
Period and $147,848.67/month for the last year of the Renewal Period. 

  

									
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 Further, notwithstanding anything to the contrary set forth in Article 49 of the Lease, if Tenant and Landlord
are unable to reach a written agreement as to the Fair Market Rental by January 1, 2016 and the dispute is submitted to Arbitration as more particularly described in Article 49, and if Tenant elects to renew the Lease pursuant to Article 49 as
modified by this paragraph Eleventh and the Fair Market Rental is not determined by Arbitration or written agreement of Landlord and Tenant on or before July 31, 2016, then the annual base rent payable under this Lease shall be
$131,361,63/month commencing on August 1, 2016 and ending on the earlier of: (x) the date a written agreement is signed and delivered by Landlord and Tenant as to the annual base rent for the Renewal Period, or (y) the date upon which
the annual base rent is finally determined by Arbitration, provided, however, that when the annual base rent for the Renewal Period is finally determined by written agreement or Arbitration, the Lease shall retroactively be amended so that the
annual base rent during the Renewal Period shall be based on the Fair Market Rental as set forth in Article 49 of the Lease. 

TWELFTH: Tenant warrants and represents to Landlord that Tenant has not had any conversations, correspondence or dealings with any real
estate broker, agent or finder in connection with the leasing of the Fourth and Sixth Floor Additional Premises and the other transactions described in this Agreement other than CB Richard Ellis Inc. having an office at 200 Park Avenue, New York,
New York 10166 (“Broker”) and Tenant covenants and agrees to indemnify, defend and hold Landlord harmless on demand from and against any and all costs, expenses or liability (including reasonable attorneys’ fees) for any compensation,
commissions, fees and charges claimed by any broker, agent or finder other than Broker in connection with this Lease and/or concerning the renting or leasing of premises located in the Building due to conversations, correspondence or dealings of
Tenant with the claimant. Landlord shall pay Broker any commission which may be payable with respect to this Lease pursuant to a separate agreement. 

THIRTEENTH: Except as expressly modified and amended herein, and as so modified and amended, the Lease is hereby ratified and confirmed
in all respects and shall be binding upon the parties hereto and their respective successors and assigns. In the event the provisions of this Agreement shall contradict or be inconsistent with the provisions of the Lease, then the provisions of this
Agreement hall prevail and govern and the contradicted or inconsistent provisions of the Lease shall be deemed amended accordingly. 
 IN WITNESS WHEREOF,
the parties hereto have executed this Agreement as of the day and year first above written. 
  

			
	55 WASHINGTON STREET LLC
	By:		DW Associates, L.P., as managing member
		
	By:		

		 	  

			(Landlord)
	
	ETSY INC.
		
	By:		

		 	  

			 (Tenant)

  

			
	State of New York		
			} SS:
	County of Kings		

 On the 22nd day of December in the year 2011 before me,
the undersigned, a Notary Public in and for said State, personally appeared Sinohe Terrero, 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 (s)he executed the same in his/her capacity, and that by his/her signature on the instrument, the individual or the person upon behalf of which the individual acted, executed the instrument. 

 

	
	

	  

	Notary Public
	

  

					
	SARAH M. FEINGOLD				
	Notary Public, State of New York				
	No. 02FE6153435				
	Qualified in Kings County				
	Commission Expires October 02, 2014				

  

									
					5		

		
							

  
 Exhibit “C” 

Diagram of the 4th and 6th Floor Additional Premises 

[Not to scale; all dimensions approximate; subject to actual conditions.] 

55 Washington Street, 6th Floor 
  

 
 
 55 Washington Street, 4th Floor

  
 

 
  
  
 

 

 Exhibit D 

Landlord’s Expansion Premises Work 

Plans and Specifications 

  

									
					7		

		
							

 

 

 

 

 

 

 Exhibit D 

Landlord’s Expansion Premises Work 

Tenant’s Specifications 
 Landlord
shall modify the Fourth & Sixth Floor Additional Premises pursuant to Tenant’s Plans annexed hereto as Exhibit D. Landlord shall also perform the following as part of Landlord’s Expansion Premises Work using building standard
materials pursuant to Tenant’s Specifications as outlined below: 
  

					
	 PROJECT AREA
	  	 TENANT’S SPECIFICATIONS
	  	 REFERENCE

			
	HVAC	  	Install fresh air vents from HVAC ductwork in all spaces and ensure air is distributed throughout the premises. Landlord will ensure that the three (3) return ducts into the mechanical room are acoustically lined to dampen
noise.	  	Refer to Exhibit D-1 mechanical drawing.
			
	Mechanical Room	  	Mechanical room dimensions to be confirmed by Two Trees’ engineer. Layer of “quiet rock” to be installed on all mechanical room walls in addition to building standard insulation to maximize noise control. Mechanical
room return air plenum will be an acoustically lined duct.	  	Refer to A100 for Mechanical Room location.
			
	Sprinklers	  	Two Trees will handle any necessary sprinkler modifications to meet building standards.	  	
			
	Rooms	  	Install three (3) conference rooms and three (3) small rooms using building standard walls and building standard hollow metal doors with glass. Note, “Meeting Room” indicated on A100 requires a new building standard hollow
metal door with a large glass pane as well.	  	Refer to A100 for new rooms, the Door Schedule, and door locations in plan.
			
	Lighting	  	Install a building standard light switch, wiring and building standard lights in each conference room. Install building standard light switch, wiring and standard recessed lights (“high hats”) in each small room. Install
building standard lighting in Location A102 according to Exhibit D.	  	Refer to A102 for light switch locations and Open Office lighting zones.
			
	Electrical	  	Install building standard perimeter electrical outlets along new perimeter (1 quad box per bay). Install outlets on new walls at Location A100 according to Exhibit D. All existing outlets are to remain on the walls not scheduled for
demolition.	  	Refer to A100 for electrical outlet locations.
			
	Tele/Data	  	Tele/Data receptacle for reference only in Exhibit D. Tenant to provide all data for all locations.	  	Refer to A100 for Tele/Data.

  

									
		 		 		 	

	 	
		 		 	 	 	

 Exhibit D-1 

Landlord’s Expansion Premises Work 

Mechanical Plan 

  

									
					8		

		
							

 

 

 Exhibit “E” 

Diagram of the Option Premises 

[Not to scale; all dimensions approximate; subject to actual conditions.] 

55 Washington Street, Ground Floor 
  

 
 

 
  
  
 

 

 Exhibit “F” 

Diagram of the Demised Premises 

[Not to scale; all dimensions approximate; subject to actual conditions.] 

55 WASHINGTON STREET, 5TH FLOOR 
  

 
 
 55 WASHINGTON STREET, 7TH FLOOR

  
 

 
  
 

 

 Exhibit “F” Cont’d 

Diagram of the Demised Premises 

[Not to scale; all dimensions approximate; subject to actual conditions.] 

 

 55 Washington Street, 6th Floor 

 
 

 
 55 Washington Street, 4th Floor 
  

 
 

 
  

 EIGHTH AMENDMENT TO LEASE 

THIS EIGHTH AMENDMENT TO LEASE (the “Agreement”), made as of the January 1, 2013, by and between 55 WASHINGTON STREET
LLC, a limited liability company, having an office at c/o Two Trees Management Co., Inc., 45 Main Street, Suite 602, Brooklyn, New York 11201, (the “Landlord”), and ETSY INC., a Delaware corporation, qualified to do
business in the State of New York, having an office at 55 Washington Street, Suite 512, Brooklyn, New York 11201 (the “Tenant”). 

W I T N E S S E T H : 
 WHEREAS,
Landlord and Tenant entered into that certain lease dated as of April 14, 2009 (the “Lease”) covering certain premises known as Suite 512, as more particularly described in the Lease and located on the fifth (5th) floor in the building (the “Building”) known as 55 Washington Street, Brooklyn, New York; and 

WHEREAS, Landlord and Tenant entered into that certain lease amendment dated as of December 1, 2009 (the “First Amendment”),
whereby Article 48 of the Lease was amended; and 
 WHEREAS, Landlord and Tenant entered into that certain lease amendment dated as of
March 1, 2010 (the “Second Amendment”), whereby Tenant temporarily leased Suite 500; and 
 WHEREAS, Landlord and Tenant
entered into that certain lease amendment dated as of April 1, 2010 (the “Third Amendment”), whereby Article 53 was added to the Lease; and 

WHEREAS, Landlord and Tenant entered into that certain lease amendment dated as of July 15, 2010 (the “Fourth Amendment”),
whereby Tenant leased certain additional premises known as Suite 501 in the Building and extended the Term for Suite 500 through July 31, 2016; and 

WHEREAS, Landlord and Tenant entered into that certain lease amendment dated as of October 1, 2010 (the “Fifth Amendment”),
whereby an additional Article 53 was added to the Lease; and 
 WHEREAS, Landlord and Tenant entered into that certain lease amendment dated
as of March 1, 2011 (the “Sixth Amendment”), whereby Tenant leased certain additional premises in the Building known as Suite 502, Suite 504, Suite 561, Suite 562 and Suite 563, the Bathrooms and the Hallway located on the fifth (5th) floor of the Building; and 
 WHEREAS, Landlord and Tenant entered into that
certain Seventh Amendment dated as of September, 2011 (the “Seventh Amendment”), whereby Tenant leased certain additional premises in the Building known as Suite 415, Suite 416, Suite 417, Suite 418, Suite 419, suite 420, suite 451 and
Suite 606, and certain hallway premises located on the fourth (4th) floor of the Building; (the Lease, as amended by the First Amendment, Second Amendment, Third Amendment, Third Amendment,
Fourth Amendment, Fifth Amendment, Sixth Amendment and Seventh Amendment are hereinafter, collectively, referred to as the “Lease” and Suites 512, 500, 501, 712, 502, 504, 561, 562, 563, 415, 416, 417, 418, 420, 451 and 606 are,
hereinafter, collectively referred to as, the “Existing Premises”); and 
 WHEREAS, the parties now desire to further amend the
Lease to provide for the inclusion therein of certain additional premises known as Suites 424, 452, 453A, 558, 559, 560, 612, 614, 620, 622 and 710 in the Building, for the same Use set forth in the Lease, upon such terms, provisions and conditions
as are more particularly hereinafter set forth. 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto agree as
follows: 
 FIRST: Unless the context otherwise clearly indicates a contrary intent or unless specifically provided herein, each term
used in this Agreement which is defined in the Lease shall be deemed to have the meaning ascribed to such term in the Lease. 

SECOND: For a term commencing as of January 1, 2013 through and including July 31, 2016, unless sooner terminated upon terms
set forth herein or in the Lease, there shall be added to and included in the Existing Premises, Suites 612, 620, 622 and 710 (collectively, the “January 2013 

  

									
					1		

		
							

 
Added Space”) in the Building, so that the term “demised premises” as defined in the Lease shall mean collectively, the Existing Premises and the January 2013 Added Space. Tenant
acknowledges that it is currently occupying the January 2013 Added Space in the Building pursuant to a License Agreement dated May 17, 2012 and, accordingly. Tenant is accepting the January 2013 Added Space in their “AS IS/WHERE IS”
condition with no work, of any sort to be performed by the Landlord and no representation or warranty by Landlord as to the fitness of the January 2013 Added Space or any equipment servicing the same. Any and all work necessary for Tenant to operate
its business in accordance with the terms of the Lease and this Agreement shall be Tenant’s obligation to perform at Tenant’s cost and expense. 

THIRD: For a term commencing as of January 15, 2013 through and including July 31, 2016, unless sooner terminated upon terms
set forth herein or in the Lease, there shall be added to and included in the Existing Premises, Suite 614 (the “Suite 614 Added Space”) in the Building, so that the term “demised premises” as defined in the Lease shall mean
collectively the Existing Premises, the January 2013 Added Space and Suite 614 Added Space. Landlord has not made any representations as to the physical condition or any other matter affecting or relating to the Suite 614 Added Space and Tenant
specifically acknowledges that and agrees that no such representation has been made. Tenant further acknowledges that Landlord has afforded Tenant the opportunity for a full and complete investigation, examination and inspection of the Suite 614
Added Space and Tenant agrees to accept possession of the Suite 614 Added Space in their “AS IS/WHERE IS” condition with no work of any sort to be performed by the Landlord and no representation or warranty by Landlord as to the fitness of
the Suite 614 Added Space or any equipment servicing same. Any and all work necessary for Tenant to operate its business in accordance with the terms of the Lease and this Agreement shall be Tenant’s obligation to perform at Tenant’s cost
and expense. 
 For a term commencing as of March 1, 2013 through and including July 31, 2016, unless sooner terminated upon terms
set forth herein or in the Lease, there shall be added to and included in the Existing Premises. Suites 452 and 453A (collectively, the “March 2013 Added Space”) in the Building, so that the term “demised premises” as defined in
the Lease shall mean collectively the Existing Premises, the January 2013 Added Space, Suite 614 Added Space and March 2013 Added Space. Landlord has not made any representations as to the physical condition or any other matter affecting or relating
to the March 2013 Added Space and Tenant specifically acknowledges that and agrees that no such representation has been made. Tenant further acknowledges that Landlord has afforded Tenant the opportunity for a full and complete investigation,
examination and inspection of the March 2013 Added Space and Tenant agrees to accept possession of the March 2013 Added Space in their “AS IS/WHERE IS” condition with no work of any sort to be performed by the Landlord and no
representation or warranty by Landlord as to the fitness of the March 2013 Added Space or any equipment servicing same. Any and all work necessary for Tenant to operate its business in accordance with the terms of the Lease and this Agreement shall
be Tenant’s obligation to perform at Tenant’s cost and expense. Notwithstanding anything in this Agreement to the contrary, if Landlord is unable to deliver possession of any part or all of the March 2013 Added Space on March 1, 2013
because of any reason whatsoever, including, without limitation, the holding over or failure to surrender possession by any existing tenant, subtenant or occupant, construction or work in the Building or in all or part of the March 2013 Added Space,
then Landlord shall not, in any such event, be subject to any liability for failure to give possession on said date and the validity of this Agreement and the Lease shall not be impaired or affected, but the annual base rent applicable to the March
2013 Added Space payable hereunder shall be abated equitably according to the Suite or Suites which has not been delivered until Landlord delivers possession of all of the March 2013 Added Space. 

FOURTH: For a term commencing as of July 1, 2013 through and including July 31, 2016, unless sooner terminated upon terms set
forth herein or in the Lease, there shall be added to and included in the Existing Premises. Suite 424 (“July 2013 Added Space”) in the Building, so that the term “demised premises” as defined in the Lease shall mean collectively
the Existing Premises. January 2013 Added Space, Suite 614 Added Space. March 2013 Added Space and July 2013 Added Space. Landlord has not made any representations as to the physical condition or any other matter affecting or relating to the July
2013 Added Space and Tenant specifically acknowledges that and agrees that no such representation has been made. Tenant further acknowledges that Landlord has afforded Tenant the opportunity for a full and complete investigation, examination and
inspection of the July 2013 Added Space and Tenant agrees to accept possession of the July 2013 Added Space in its “AS IS/WHERE IS” condition with no work of any sort to be performed by the Landlord and no representation or warranty by
Landlord as to the fitness of the July 2013 Added Space or any equipment servicing same. Any and all work necessary for Tenant to operate its business in accordance with the terms of the Lease and this Agreement shall be Tenant’s obligation to
perform at Tenant’s cost and expense. Notwithstanding anything in this Agreement to the contrary, if Landlord is 

  

									
					2		

		
							

 
unable to deliver possession of the July 2013 Added Space on July 1, 2013 because of any reason whatsoever, including, without limitation, the holding over or failure to surrender possession
by any existing tenant, subtenant or occupant, construction or work in the Building or in all or part of the July 2013 Added Space, then Landlord shall not, in any such event, be subject to any liability for failure to give possession on said date
and the validity of this Agreement and the Lease shall not be impaired or affected, but the annual base rent for the July 2013 Added Space payable hereunder shall be abated until Landlord delivers possession of the July 2013 Added Space. 

FIFTH: For a term commencing as of August 1, 2013 through and including July 31, 2016, unless sooner terminated upon terms
set forth herein or in the Lease, there shall be added to and included in the Existing Premises. Suites 558 and 559 (“August 2013 Added Space”) in the Building, so that the term “demised premises” as defined in the Lease shall
mean collectively the Existing Premises, the January 2013 Added Space, Suite 614 Added Space, March 2013 Added Space, July 2013 Added Space and August 2013 Added Space. Landlord has not made any representations as to the physical condition or any
other matter affecting or relating to the August 2013 Added Space and Tenant specifically acknowledges that and agrees that no such representation has been made. Tenant further acknowledges that Landlord has afforded Tenant the opportunity for a
full and complete investigation, examination and inspection of the August 2013 Added Space and Tenant agrees to accept possession of the August 2013 Added Space in their “AS IS/WHERE IS” condition with no work of any sort to be performed
by the Landlord and no representation or warranty by Landlord as to the fitness of the August 2013 Added Space or any equipment servicing same. Any and all work necessary for Tenant to operate its business in accordance with the terms of the Lease
and this Agreement shall be Tenant’s obligation to perform at Tenant’s cost and expense. Notwithstanding anything in this Agreement to the contrary, if Landlord is unable to deliver possession of any or all of the August 2013 Added Suite
on August 1, 2013 because of any reason whatsoever, including, without limitation, the holding over or failure to surrender possession by any existing tenant, subtenant or occupant, construction or work in the Building or in all or part of the
August 2013 Added Suite, then Landlord shall not, in any such event, be subject to any liability for failure to give possession on said date and the validity of this Agreement and the Lease shall not be impaired or affected, but the annual base rent
applicable to the August 2013 Added Space payable hereunder shall be abated equitably according to the Suite or Suites which has not been delivered until Landlord delivers possession of all of the August 2013 Added Space. 

SIXTH: For a term commencing as of February 1, 2014 through and including July 31, 2016, unless sooner terminated upon terms
set forth herein or in the Lease, there shall be added to and included in the Existing Premises, Suite 560 (“February 2014 Added Space”) in the Building, so that the term “demised premises” as defined in the Lease shall mean
collectively the Existing Premises, January 2013 Added Space, Suite 614 Added Space, March 2013 Added Space, July 2013 Added Space, August 2013 Added Space and February 2014 Added Space. Landlord has not made any representations as to the physical
condition or any other matter affecting or relating to the February 2014 Added Space and Tenant specifically acknowledges that and agrees that no such representation has been made. Tenant further acknowledges that Landlord has afforded Tenant the
opportunity for a full and complete investigation, examination and inspection of the February 2014 Added Space and Tenant agrees to accept possession of the February 2014 Added Space in its “AS IS/WHERE IS” condition with no work of any
sort to be performed by the Landlord and no representation or warranty by Landlord as to the fitness of the February 2014 Added Space or any equipment servicing the same. Any and all work necessary for Tenant to operate its business in accordance
with the terms of the Lease and this Agreement shall be Tenant’s obligation to perform at Tenant’s cost and expense. Notwithstanding anything in this Agreement to the contrary, if Landlord is unable to deliver possession of the February
2014 Added Space on February 1, 2014 because of any reason whatsoever, including, without limitation, the holding over or failure to surrender possession by any existing tenant, subtenant or occupant, construction or work in the Building or in
all or part of the February 2014 Added Space, then Landlord shall not, in any such event, be subject to any liability for failure to give possession on said date and the validity of this Agreement and the Lease shall not be impaired or affected, but
the annual base rent for the February 2014 Added Space payable hereunder shall be abated until Landlord delivers possession of the February 2014 Added Space. 

SEVENTH: Notwithstanding anything in this Agreement to the contrary, in lieu of Landlord performing any work in the January 2013 Added
Space, Suite 614 Added Space, the March 2013 Added Space, the July 2013 Added Space, the August 2013 Added Space and the February 2014 Added Space. Tenant shall receive a rent credit (“Rent Credit”) in the aggregate amount of $17,000.00.
Such Rent Credit shall be applied against annual base rent payable under this Agreement for the month of February, 2013. Tenant shall, prior to the possession date of the January, 2013 Added Space, Suite 614 Added Space, the March 2013 Added Space,
the July 2013 Added Space, the August 2013 Added Space and the February 2014 Added Space, deliver to Landlord an insurance certificate satisfying the provisions of the Lease covering the foregoing Added Spaces. 

  

									
					3		

		
							

 EIGHTH: (A) Effective as of the date hereof through and including July 31, 2016.
Tenant shall pay Tenant’s Percentage of Real Estate Taxes for the January. 2013 Added Space, Suite 614 Added Space, March. 2013 Added Space. July 2013 Added Space. August 2013 Added Space and February 2014 Added Space. “Tenant’s
Percentage” and applicable Base Year shall be amended to include the following percentages as follows: 
  

			
	1/1/13 to 7/31/16 (Suites 612, 620, 622, 710):		1.328% (Base Year: 7/12-6/13)
	1/15/13 to 7/31/16 (Suite 614):		0.264% (Base Year: 7/12-6/13)
	3/1/13 to 7/31/16 (Suites 452, 453A):		0.625% (Base Year: 7/12-6/13)
	7/1/13 to 7/31/16 (Suite 424):		0.092% (Base Year: 7/13-6/14)
	8/1/13 to 7/31/16 (Suites 558, 559):		1.196% (Base Year: 7/13-6/14)
	2/15/14 to 7/31/16 (Suite 560):		1.267% (Base Year: 7/14-6/15)

 Notwithstanding anything in this Agreement to the contrary, Tenant shall not be required to pay Tenant’s
Percentage of Real Estate Taxes: (a) for the January 2013 Added Space during the period from January 1, 2013 through June 30, 2013; (b) for the Suite 614 Added Space during the period from January 15, 2013 through
July 31, 2013; and (c) for the March 2013 Added Space during the period from February 1, 2013 through July 31, 2013. 

(B) Tenant agrees to pay Landlord Tenant’s Percentage of the total amount of any business or building improvement district charges
(“BID Charges”) assessed on the Real Property in each year (or portion thereof) during the term of the Lease within ten (10) days after demand is made therefor as additional rent. 

NINTH: Effective as of the date hereof through July 31, 2016, the annual base rent payable under Article 2 of the Lease shall be
amended to include the following annual base rent: 
  

			
	Suites 612, 620, 622 & 710 		
	1/1/13 to 12/31/13:		$134,250.00 p/yr — $11,187.50 p/mo
	1/1/14 to 12/31/14:		$137,606.25 p/yr — $11,467.19 p/mo
	1/1/15 to 12/31/15:		$141,046.41 p/yr — $11,753.87 p/mo
	1/1/16 to 7/31/16:		$144,572.56 p/yr — $12,047.71 p/mo
		
	Suite 614		
	1/15/13 – 1/14/14:		$26,640.00 p/yr — $2,220.00 p/mo
	1/15/14 – 1/15/15:		$27,306.00 p/yr — $2,275.50 p/mo
	1/15/15 – 1/14/16:		$27,988.65 p/yr — $2,332.39 p/mo
	1/15/16 – 7/31/16:		$28,688.37 p/yr — $2,390.70 p/mo
		
	Suites 452 & 453A		
	3/1/13 – 2/28/14:		$59,838.00 p/yr — $4,986.50 p/mo
	3/1/14 – 2/28/15:		$61,333.95 p/yr — $5,111.16 p/mo
	3/1/15 – 2/29/16:		$62,867.30 p/yr — $5,238.94 p/mo
	3/1/16 – 7/31/16:		$64,438.98 p/yr — $5,369.92 p/mo
		
	Suite 424		
	7/1/13 to 6/30/14:		$4,650.00 p/yr — $387.50 p/mo
	7/1/14 to 6/30/15:		$4,766.25 p/yr — $397.19 p/mo
	7/1/15 to 6/30/16:		$4,885.41 p/yr — $407.12 p/mo
	7/1/16 to 7/31/16:		$5,007.54 p/yr — $417.30 p/mo
		
	Suites 558 & 559 		
	8/1/13 to 7/31/14:		$120,900.00 p/yr — $10,075.00 p/mo
	8/1/14 to 7/31/15:		$123,922.50 p/yr — $10,326.88 p/mo
	8/1/15 to 7/31/16:		$127,020.56 p/yr — $10,585.05 p/mo
		
	Suite 560		
	2/15/14 to 2/14/15:		$119,588.00 p/yr — $9,965.67 p/mo
	2/15/15 to 2/14/16:		$122,577.70 p/yr — $10,214.81 p/mo
	2/15/16 to 7/31/16:		$125,642.14 p/yr — $10,470.18 p/mo

  

									
					4		

		
							

 TENTH: Effective as of the date hereof through and including July 31, 2016, Tenant
shall pay the following additional amounts for monthly trash removal for ordinary trash: 
  

			
	1/1/13 to 7/31/16 (Suites 612, 620, 622, 710):		$74.58 per month
	1/15/13 to 7/31/16 (Suite 614):		$14.80 per month
	3/1/13 to 7/31/16 (Suites 452, 453A):		$20.60 per month
	7/1/13 to 7/31/16 (Suite 424):		$5.17 per month
	8/1/13 to 7/31/16 (Suites 558, 559):		$67.17 per month
	2/15/14 to 7/31/16 (Suite 560):		$71.18 per month

 ELEVENTH: Effective as of the date Tenant takes possession of the January 2013 Added Space, Suite 614
Added Space, March 2013 Added Space, August 2013 Added Space and February 2014 Added Space (collectively, the “8th Amendment Added Spaces”) and during the Term, Tenant shall, at its own
cost and expense, operate, maintain and repair the air-conditioning equipment in the foregoing 8th Amendment Added Spaces (each referred to as “AC System”; collectively referred to as
the “8th Amendment Added Spaces AC Systems”) now or hereafter located in or servicing the 8th Amendment Added Spaces. Landlord shall
replace any 8th Amendment Added Spaces AC Systems if necessary and required during the Term. The electricity consumed by the 8th Amendment
Added Spaces AC Systems shall be paid for by Tenant as set forth in the applicable provisions of the Lease. Installation of any additional air-conditioning equipment is considered an alteration and as such shall be subject to the provisions of the
Lease applicable to Alterations. If any permit or license is required for the operation of the 8th Amendment Added Spaces AC Systems. Tenant shall, at Tenant’s expense, obtain and maintain
any such permit or license unless Landlord elects to obtain the same on Tenant’s behalf and at Tenant’s expense. 

TWELFTH: Tenant shall continue to pay all items of additional rent and any escalation payments provided in the Lease for the Existing
Premises and Added Space. 
 THIRTEENTH: Article 3 of the Lease is hereby amended so that the Security Deposit required under the
Lease shall be $455,902.82. Landlord is currently holding $320,000.00 as security, accordingly, Tenant shall deposit with Landlord, concurrently with execution of this Agreement, by check made payable to 55 WASHINGTON STREET LLC, the amount
of $135,902.82, which shall be held by Landlord as part of the security required under the Lease. 
 FOURTEENTH: Tenant’s Option
to Renew, as set forth in Section 49 of the Lease, if properly exercised in accordance with the terms therein, shall be deemed to include the January 2013 Added Space, Suite 614 Added Space, March 2013 Added Space, July 2013 Added Space, August
2013 Added Space and February 2014 Added Space and Suite 500 and the annual base rent payable under the Lease for the foregoing Suites shall be as follows: 

The greater of (a) the Fair Market Rent (as defined in Article 49 of the Lease) or (b) Suites 612, 620, 622 and 710:
$12,409.14 per month for the first renewal year; $12,781.42 per month for the second renewal year; $13,164.86 per month for the third renewal year; $13,559.80 per month for the fourth renewal year; and $13,966.60 per month for the fifth renewal
year; Suites 452, 453A and 614: $7,993.43 per month for the first renewal year; $8,233.23 for the second renewal year; $8,480.23 for the third renewal year; $8,734.63 for the fourth renewal year; and $8,996.67 for the fifth renewal year;
Suite 424: $429.82 per month for the first renewal year; $442.71 per month for the second renewal year; $456.00 per month for the third renewal year; $469.68 per month for the fourth renewal year; and $483.77 per month for the fifth renewal
year; Suites 558 and 559: $10,902.60 per month for the first renewal year; $11,229.68 per month for the second renewal year; $11,566.57 per month for the third renewal year; $11,913.57 per month fir the fourth renewal year; $12,270.97 per
month for the fifth renewal year; Suite 560: $10,784.29 per month for the first renewal year; $11,107.81 per month for the second renewal year; $11,441.05 per month for the third renewal year; 411,784.28 per month for the fourth renewal
year; and $12,137.81 per month for the fifth renewal year; and Suite 500: $3,935.60 per month for the first renewal year; $4,053.67 per month for the second renewal year; $4,175.28 per month for the third renewal year; $4,300.54 per month for
the fourth renewal year; and $429.55 for the fifth renewal year. 
 FIFTEENTH: Notwithstanding anything to the contrary herein
contained. Landlord represents that as of the commencement date for the January 2013 Added Space. 614 Added Space. March 2013 Added Space. July 2013 Added space, August 2013 Added Space and February 2014 Added Space, the Building systems servicing
the foregoing Added Spaces, including, but not limited to, electrical, mechanical. AC systems and plumbing systems shall be in working order. 

  

									
					5		

		
							

 SIXTEENTH: With respect to the August 2013 Added Space and February 2014 Added Space,
Landlord will deliver the same in broom clean condition and in the Building Standard condition (i.e. painted in Building standard white and the wood floors finished) or Tenant shall be afforded a rent credit in an amount necessary to deliver the
August 2013 Added Space and February 2014 Added Space in the condition required herein. 
 SEVENTEENTH: Tenant warrants and
represents to Landlord that, other than CBRE, INC. it has not dealt with any real estate broker, agent or finder in connection with the leasing of the 8th Amendment Added Spaces and the other
transactions described in this Agreement and Tenant agrees to indemnify, defend and hold Landlord harmless on demand from and against any and all costs, expenses or liability (including reasonable attorneys’ fees) for any compensation,
commissions, fees and charges claimed by any other broker, agent or finder with respect to this Agreement or the negotiation of the terms hereof due to the dealings of Tenant with the claimant. Landlord shall pay CBRE. INC. a commission pursuant to
a separate agreement between Landlord and CBRE, INC. 
 EIGHTEENTH: Except as modified by this Agreement, the Lease and all
covenants, agreements, terms and conditions shall remain in full force and effect and are hereby in all respects ratified and confirmed and shall be binding upon the parties hereto and their respective successors and assigns. 

NINETEENTH: The persons executing this Agreement on behalf of Landlord and Tenant represent and warrant that they do so with full
authority to bind the parties hereto to the terms, conditions and provisions hereinabove set forth. 
 [Balance of Page Intentionally left blank] 

[SIGNATURE PAGE FOLLOWS] 

  

									
					6		

		
							

 IN WITNESS WHEREOF, the undersigned have executed this Agreement to be effective as of the date
and year written above. 
  

			
	55 WASHINGTON STREET, LLC
		
	By:		

		 	  

			David Walentas
	
	ETSY, INC.
		
	By:		

		 	  

	Name:		Sinohe Terrero
	Title:		VP, Finance

  

			
	State of New York		
			} SS:
	County of Kings		

 On the 4th day of March in the year 2013 before me, the
undersigned, a Notary Public in and for said State, personally appeared David Walentas, 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 he/she executed the same in his/her capacity, and that by his/her signature on the instrument, the individual or the person upon behalf of which the individual acted, executed the instrument. 

 

							
	ELIZABETH J. BUENO						

		 		 		 	  

	Notary Public, State of New York						Notary Public
	 No. 01CO6181901

Qualified in Kings County

Commission Expires February 11, 2016
						

  

			
	State of New York		
			} SS:
	County of		

 On the 26th day of February in the year 2013 before me,
the undersigned, a Notary Public in and for said State, personally appeared Sinohe Terrero personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose names is subscribed to the within instrument and
acknowledged to me that she executed the same in her capacity, and that by her signatures on the instrument, the individuals or the person upon behalf of which the individual acted, executed the instrument. 

 

							
							

		 		 		 	  

							 Notary Public

				
	 SARAH M. FEINGOLD

Notary Public, State of New York

No. 02FE6153435
 Qualified in Kings
County
 Commission Expires October 02, 2014
						

  

									
					7		

		
							

 NINTH AMENDMENT TO LEASE 

THIS NINTH AMENDMENT TO LEASE (the “Agreement”), made as of the March 21, 2013, by and between 55 WASHINGTON STREET
LLC, a limited liability company, having an office at c/o Two Trees Management Co., Inc., 45 Main Street, Suite 602, Brooklyn, New York 11201, (the “Landlord”), and ETSY INC., a Delaware corporation, qualified to do business in
the State of New York, having an office at 55 Washington Street, Suite 512, Brooklyn, New York 11201 (the “Tenant”). 
 W I T N E S
S E T H : 
 WHEREAS, Landlord and Tenant entered into that certain lease dated as of April 14, 2009 (the “Lease”) covering
certain premises known as Suite 512, as more particularly described in the Lease and located on the fifth (5th) floor in the building (the “Building”) known as 55 Washington Street,
Brooklyn, New York; and 
 WHEREAS, Landlord and Tenant entered into that certain lease amendment dated as of December 1, 2009 (the
“First Amendment”), whereby Article 48 of the Lease was amended; and 
 WHEREAS, Landlord and Tenant entered into that certain
lease amendment dated as of March 1, 2010 (the “Second Amendment”), whereby Tenant temporarily leased Suite 500; and 

WHEREAS, Landlord and Tenant entered into that certain lease amendment dated as of April 1, 2010 (the “Third Amendment”),
whereby Article 53 was added to the Lease; and 
 WHEREAS, Landlord and Tenant entered into that certain lease amendment dated as of
July 15, 2010 (the “Fourth Amendment”), whereby Tenant leased certain additional premises known as Suite 501 in the Building and extended the Term for Suite 500 through July 31, 2016; and 

WHEREAS, Landlord and Tenant entered into that certain lease amendment dated as of October 1, 2010 (the “Fifth Amendment”),
whereby an additional Article 53 was added to the Lease; and 
 WHEREAS, Landlord and Tenant entered into that certain lease amendment dated
as of March 1, 2011 (the “Sixth Amendment”), whereby Tenant leased certain additional premises in the Building known as Suite 502, Suite 504, Suite 561, Suite 562 and Suite 563, the Bathrooms and the Hallway located on the fifth (5th) floor of the Building; and 
 WHEREAS, Landlord and Tenant entered into that
certain Seventh Amendment dated as of September, 2011 (the “Seventh Amendment”), whereby Tenant leased certain additional premises in the Building known as Suite 415, Suite 416, Suite 417, Suite 418, Suite 419, suite 420, suite 451
and Suite 606, and certain hallway premises located on the fourth (4th) floor of the Building; and 

WHEREAS, Landlord and Tenant entered into that certain Eighth Amendment dated January 1, 2013 (the “Eighth Amendment”), whereby
Tenant leased certain additional premises in the Building known as Suites 424, 452, 453A, 558, 559, 560, 612, 614, 620, 622 and 710, (the Lease, as amended by the First Amendment, Second Amendment, Third Amendment, Third Amendment, Fourth Amendment,
Fifth Amendment, Sixth Amendment, Seventh Amendment and Eight Amendment are hereinafter, collectively, referred to as the “Lease” and Suites 512, 500, 501, 712, 502, 504, 561, 562, 563, 415, 416, 417, 418, 420, 451, 606, 424, 452, 453A,
558, 559, 560, 612, 614, 620, 622 and 710 are, hereinafter, collectively referred to as, the “Existing Premises”); and 
 WHEREAS,
the parties now desire to further amend the Lease to provide for the inclusion therein of certain additional premises known as Suites 604, 608, 610, 633 and 661 in the Building, for the same Use set forth in the Lease, upon such terms, provisions
and conditions as are more particularly hereinafter set forth. 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties
hereto agree as follows: 
 FIRST: Unless the context otherwise clearly indicates a contrary intent or unless specifically provided
herein, each term used in this Agreement which is defined in the Lease shall be deemed to have the meaning ascribed to such term in the Lease. 

  

									
					1		

		
							

 SECOND: For a term commencing as of April 15, 2013 through and including
July 31, 2016, unless sooner terminated upon terms set forth herein or in the Lease, there shall be added to and included in the Existing Premises, Suite 610 (“Suite 610) in the Building, so that the term “demised premises” as
defined in the Lease shall mean collectively, the Existing Premises and Suite 610. Landlord has not made any representations as to the physical condition or any other matter affecting or relating to Suite 610 and Tenant specifically acknowledges
that and agrees that no such representation has been made. Tenant further acknowledges that Landlord has afforded Tenant the opportunity for a full and complete investigation, examination and inspection of the Suite 610 and Tenant agrees to accept
possession of the Suite 610 in its “AS IS/WHERE IS” condition with no work of any sort to be performed by the Landlord and no representation or warranty by Landlord as to the fitness of the Suite 610 or any equipment servicing same. Any
and all work necessary for Tenant to operate its business in accordance with the terms of the Lease and this Agreement shall be Tenant’s obligation to perform at Tenant’s cost and expense. If Landlord is unable to deliver possession of
Suite 610 to Tenant on April 15, 2013 due to the holding-over or failure to surrender possession by any tenant, subtenant or occupant, construction or work in the Building or Suite 610, then Landlord shall not, in any such event, be subject to
any liability for failure to give possession of Suite 610 on said date and the validity of this Agreement and the Lease shall not be impaired under such circumstances, but the annual base rent and additional rent payable for Suite 610 shall abate
until Landlord delivers to Tenant possession of Suite 610. 
 THIRD: For a term commencing as of May 1, 2013 through and
including July 31, 2016, unless sooner terminated upon terms set forth herein or in the Lease, there shall be added to and included in the Existing Premises, Suite 604 (“Suite 604”) in the Building, so that the term “demised
premises” as defined in the Lease shall mean collectively the Existing Premises, Suite 610 and Suite 604. Landlord has not made any representations as to the physical condition or any other matter affecting or relating to Suite 604 and Tenant
specifically acknowledges that and agrees that no such representation has been made. Tenant further acknowledges that Landlord has afforded Tenant the opportunity for a full and complete investigation, examination and inspection of the Suite 604 and
Tenant agrees to accept possession of the Suite 604 in its “AS IS/WHERE IS” condition with no work of any sort to be performed by the Landlord and no representation or warranty by Landlord as to the fitness of the Suite 604 or any
equipment servicing same. Any and all work necessary for Tenant to operate its business in accordance with the terms of the Lease and this Agreement shall be Tenant’s obligation to perform at Tenant’s cost and expense. If Landlord is
unable to deliver possession of Suite 604 to Tenant on May 1, 2013 due to the holding-over or failure to surrender possession by any tenant, subtenant or occupant, construction or work in the Building or Suite 604, then Landlord shall not, in
any such event, be subject to any liability for failure to give possession of Suite 604 on said date and the validity of this Agreement and the Lease shall not be impaired under such circumstances, but the annual base rent and additional rent
payable for Suite 604 shall abate until Landlord delivers to Tenant possession of Suite 604. 
 FOURTH: For a term commencing as of
July 15, 2013 through and including July 31, 2016, unless sooner terminated upon terms set forth herein or in the Lease, there shall be added to and included in the Existing Premises, Suites 608 and 661 (collectively, the “July 15,
2013 Added Space”) in the Building, so that the term “demised premises” as defined in the Lease shall mean collectively the Existing Premises, Suite 610, Suite 604 and the July 15, 2013 Added Space. Landlord has not made any
representations as to the physical condition or any other matter affecting or relating to the July 15, 2013 Added Space and Tenant specifically acknowledges that and agrees that no such representation has been made. Tenant further acknowledges
that Landlord has afforded Tenant the opportunity for a full and complete investigation, examination and inspection of the July 15, 2013 Added Space and Tenant agrees to accept possession of the July 15, 2013 Added Space in their “AS
IS/WHERE IS” condition with no work of any sort to be performed by the Landlord and no representation or warranty by Landlord as to the fitness of the July 15, 2013 Added Space or any equipment servicing same. Any and all work necessary
for Tenant to operate its business in accordance with the terms of the Lease and this Agreement shall be Tenant’s obligation to perform at Tenant’s cost and expense. If Landlord is unable to deliver possession of the July 15, 2013
Added Space to Tenant on July 15, 2013 due to the holding-over or failure to surrender possession by any tenant, subtenant or occupant, construction or work in the Building or any part of the July 15, 2013 Added Space, then Landlord shall
not, in any such event, be subject to any liability for failure to give possession of all of the July 15, 2013 Added Space on said date and the validity of this Agreement and the Lease shall not be impaired under such circumstances, but the
annual base rent and additional rent payable for the July 15, 2013 Added Space shall abate equitably according to that part of the July 15, 2013 Added Space which has not been delivered until Landlord delivers to Tenant possession of all
of the July 15, 2013 Added Space. 

  

									
					2		

		
							

 FIFTH: For a term commencing as of November 1, 2013 through and including
July 31, 2016, unless sooner terminated upon terms set forth herein or in the Lease, there shall be added to and included in the Existing Premises, Suite 633 (“Suite 633”) in the Building, so that the term “demised premises”
as defined in the Lease shall mean collectively the Existing Premises, Suite 610, Suite 604, the July 15, 2013 Added Space and Suite 633. Landlord has not made any representations as to the physical condition or any other matter affecting or
relating to Suite 633 and Tenant specifically acknowledges that and agrees that no such representation has been made. Tenant further acknowledges that Landlord has afforded Tenant the opportunity for a full and complete investigation, examination
and inspection of the Suite 633 and Tenant agrees to accept possession of the Suite 633 in its “AS IS/WHERE IS” condition with no work of any sort to be performed by the Landlord and no representation or warranty by Landlord as to the
fitness of the Suite 633 or any equipment servicing same. Any and all work necessary for Tenant to operate its business in accordance with the terms of the Lease and this Agreement shall be Tenant’s obligation to perform at Tenant’s cost
and expense. If Landlord is unable to deliver possession of Suite 633 to Tenant on November 1, 2013 due to the holding-over or failure to surrender possession by any tenant, subtenant or occupant, construction or work in the Building or Suite
633, then Landlord shall not, in any such event, be subject to any liability for failure to give possession of Suite 633 on said date and the validity of this Agreement and the Lease shall not be impaired under such circumstances, but the annual
base rent and additional rent payable for Suite 465 shall abate until Landlord delivers to Tenant possession of Suite 633. 
 SIXTH:
Notwithstanding anything in this Agreement to the contrary, in lieu of Landlord performing any work in Suite 610, Suite 604, Suite 633 and the July 15, 2013 Added Space, Tenant shall receive a rent credit (“Rent Credit”) in the
aggregate amount of $2,400.00. Such Rent Credit shall be applied against annual base rent payable under this Agreement for the month of July, 2013. Tenant shall, prior to the possession date of Suite 610, Suite 604, Suite 633 and the
July 15, 2013 Added Space, deliver to Landlord an insurance certificate satisfying the provisions of the Lease covering the foregoing Added Spaces. 

SEVENTH: (A) Effective as of the date hereof through and including July 31, 2016, Tenant shall pay Tenant’s Percentage
of Real Estate Taxes for Suite 610, 604, 633 and the July 15, 2013 Added Space. “Tenant’s Percentage” and applicable Base Year shall be amended to include the following percentages: 

 

			
	4/15/13 to 7/31/16 (Suite 610):		0.264% (Base Year: 7/13-6/14)
	5/1/13 to 7/31/16 (Suite 604):		0.273% (Base Year: 7/13-6/14)
	7/15/13 to 7/31/16 (Suites 608 and 661):		0.522% (Base Year: 7/13-6/14)
	11/1/13 to 7/31/16 (Suite 633):		0.297% (Base Year: 7/13-6/14)

 (B) Tenant agrees to pay Landlord Tenant’s Percentage of the total amount of any business or building
improvement district charges (“BID Charges”) assessed on the Real Property in each year (or portion thereof) during the term of the Lease within ten (10) days after demand is made therefor as additional rent. 

EIGHTH: Effective as of the date hereof through July 31, 2016, the annual base rent payable under Article 2 of the Lease shall be
amended to include the following annual base rent: 
  

			
	Suites 610		
	4/15/13 to 4/14/14:		$29,304.00 p/yr — $2,442.00 p/mo
	4/15/14 to 4/14/15:		$30,036.60 p/yr — $2,503.05 p/mo
	4/15/15 to 4/14/16:		$30,787.52 p/yr — $2,565.63 p/mo
	4/15/16 to 7/31/16:		$31,557.21 p/yr — $2,629.77 p/mo
		
	Suite 604		
	5/1/13 – 4/30/14:		$30,327.00 p/yr — $2,527.25 p/mo
	5/1/14 – 4/30/15:		$31,085.18 p/yr — $2,590.43 p/mo
	5/1/15 – 4/30/16:		$31,862.31 p/yr — $2,655.19 p/mo
	5/1/16 – 7/31/16:		$32,658.87 p/yr — $2,721.57 p/mo
		
	Suites 608 & 661		
	7/15/13 – 7/14/14:		$43,117.00 p/yr — $3,593.13 p/mo
	7/15/14 – 7/14/15:		$44,195.44 p/yr — $3,682.95 p/mo
	7/15/15 – 7/31/16:		$45,300.33 p/yr — $3,775.03 p/mo

  

									
					3		

		
							

			
		
	Suite 633		
	11/1/13 – 10/31/14:		$15,531.00 p/yr — $1,294.25 p/mo
	11/1/14 – 10/31/15:		$15,919.28 p/yr — $1,326.61 p/mo
	11/1/15 – 7/31/16:		$16,317.26 p/yr — $1,359.77 p/mo

 NINTH: Effective as of the date hereof through and including July 31, 2016, Tenant shall pay the
following additional amounts for monthly trash removal for ordinary trash: 
  

			
	4/14/13 to 7/31/16 (Suites 610):		$14.80 per month
	5/1/13 to 7/31/16 (Suite 604):		$15.32 per month
	7/15/13 to 7/31/16 (Suites 608 & 661):		$29.33 per month
	11/1/13 to 7/31/16 (Suite 633):		$16.70 per month

 TENTH: Effective as of the date Tenant takes possession of the Suite 610, Suite 604, Suite 633 and the
July 15, 2013 Added Space (collectively, the “9th Amendment Added Spaces”) and during the Term, Tenant shall, at its own cost and expense, operate, maintain and repair the
air-conditioning equipment in the foregoing 9th Amendment Added Spaces (each referred to as “AC System”; collectively referred to as the “9th Amendment Added Spaces AC Systems”) now or hereafter located in or servicing the 9th Amendment Added Spaces. Landlord shall replace, at its
sole cost, any 9th Amendment Added Spaces AC Systems if necessary and required during the Term. The electricity consumed by the 8th Amendment
Added Spaces AC Systems shall be paid for by Tenant as set forth in the applicable provisions of the Lease. Installation of any additional air-conditioning equipment is considered an alteration and as such shall be subject to the provisions of the
Lease applicable to Alterations. If any permit or license is required for the operation of the 9th Amendment Added Spaces AC Systems, Tenant shall, at Tenant’s expense, obtain and maintain
any such permit or license unless Landlord elects to obtain the same on Tenant’s behalf and at Tenant’s expense. 

ELEVENTH: Tenant shall continue to pay all items of additional rent and any escalation payments provided in the Lease for the Existing
Premises and 9th Amendment Added Spaces. 
 TWELFTH: Article 3 of the Lease is
hereby amended so that the Security Deposit required under the Lease shall be $487,861.24. Landlord is currently holding $455,902.82 as security, accordingly, Tenant shall deposit with Landlord, concurrently with execution of this
Agreement, by check made payable to 55 WASHINGTON STREET LLC, the amount of $31,958.42, which shall be held by Landlord as part of the security required under the Lease. 

THIRTEENTH: Tenant’s Option to Renew, as set forth in Section 49 of the Lease, if properly exercised in accordance with the
terms therein, shall be deemed to include the 9th Amendment Added Spaces and the annual base rent payable during the renewal period for the 9th
Amendment Added Suites shall be as follows: 
 The greater of (a) the Fair Market Rent (as defined in Article 49 of the Lease) or
(b) Suites 610: $2,708.66 per month for the first renewal year; $2,789.92 per month for the second renewal year; $2,873.62 per month for the third renewal year; $2,959.83 per month for the fourth renewal year; and $3,048.62 per month for
the fifth renewal year; Suite 633: $1,400.56 per month for the first renewal year; $1,442.58 per month for the second renewal year; $1,485.86 per month for the third renewal year; $1,530.43 per month for the fourth renewal year; and $1,576.35
per month for the fifth renewal year; Suites 608 & 661: $3,888.28 per month for the first renewal year; $4,004.93 per month for the second renewal year; $4,125.07 per month for the third renewal year; $4,248.83 per month for the
fourth renewal year; and $4,376.29 per month for the fifth renewal year; and Suite 604: $2,803.22 per month for the first renewal year; $2,887.32 per month for the second renewal year; $2,973.94 per month for the third renewal year; $3,063.16
per month for the fourth renewal year; and $3,155.05 per month for the fifth renewal year. 
 FOURTEENTH: Notwithstanding anything to
the contrary herein contained, Landlord represents that as of the respective commencement dates for Suite 604, 610, 633 and the July 15, 2013 Added Space, the Building systems servicing the foregoing Added Spaces, including, but not limited to,
electrical, mechanical, AC systems and plumbing systems shall be in working order and, if necessary, Landlord shall deliver an ACP-5 certificate within thirty (30) days following request therefor. 

FIFTEENTH: The commencement date for the August 2013 Added Space as set forth in the Eighth Amendment to Lease is hereby amended to
November 1, 2013. 

  

									
					4		

		
							

 SIXTEENTH: Tenant warrants and represents to Landlord that, other than CBRE, INC. it has
not dealt with any real estate broker, agent or finder in connection with the leasing of the 9th Amendment Added Spaces and the other transactions described in this Agreement and Tenant agrees to
indemnify, defend and hold Landlord harmless on demand from and against any and all costs, expenses or liability (including reasonable attorneys’ fees) for any compensation, commissions, fees and charges claimed by any other broker, agent or
finder with respect to this Agreement or the negotiation of the terms hereof due to the dealings of Tenant with the claimant. Landlord shall pay CBRE, INC. a commission pursuant to a separate agreement between Landlord and CBRE, INC. 

SEVENTEENTH: Except as modified by this Agreement, the Lease and all covenants, agreements, terms and conditions shall remain in full
force and effect and are hereby in all respects ratified and confirmed and shall be binding upon the parties hereto and their respective successors and assigns. 

EIGHTEENTH: This Agreement may be executed in any number of counterparts, provided each of the parties hereto executes at least one
counterpart, each such counterpart hereof shall be deemed to be an original instrument, but all such counterparts together shall constitute but one and the same agreement. 

NINETEENTH: The persons executing this Agreement on behalf of Landlord and Tenant represent and warrant that they do so with full
authority to bind the parties hereto to the terms, conditions and provisions hereinabove set forth. 
 [Balance of Page Intentionally left blank] 

[SIGNATURE PAGE FOLLOWS] 

  

									
					5		

		
							

 IN WITNESS WHEREOF, the undersigned have executed this Agreement to be effective as of the date
and year written above. 
  

			
	55 WASHINGTON STREET, LLC
		
	By:		

		 	  

			David Walentas
	
	ETSY, INC.
		
	By:		

		 	  

	Name:		Kristina Salen
	Title:		CFO

  

			
	State of New York		
			} SS:
	County of		

 On the      day of
                     in the year 2013 before me, the undersigned, a Notary Public in and for said State, 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 he/she executed the same in his/her capacity, and that by his/her
signature on the instrument, the individual or the person upon behalf of which the individual acted, executed the instrument. 
  

	
	
	
	  

	 Notary Public

  

			
	State of New York		
			} SS:
	County of Kings		

 On the 13 day of June in the year 2013 before me, the undersigned, a Notary Public in and for said State,
personally appeared Kristina Salen personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose names is subscribed to the within instrument and acknowledged to me that she executed the same in her
capacity, and that by her signatures on the instrument, the individuals or the person upon behalf of which the individual acted, executed the instrument. 
  

	
	

	  

	Notary Public

  

							
	SARAH M. FEINGOLD						
	Notary Public, State of New York						
	No. 02FE6153435						
	Qualified in Kings County						
	Commission Expires October 02, 2014						

  

									
					6		

		
							

 Exhibit “A” 

Diagram of the Demised Premises 

[Not to scale; all dimensions approximate; subject to actual conditions.] 

55 Washington Street, 6th Floor 
  

 
  
 

 

 TENTH AMENDMENT TO LEASE 

THIS TENTH AMENDMENT TO LEASE (the “Agreement”), made as of December 9, 2013, by and between 55 WASHINGTON STREET LLC, a
limited liability company, having an office at c/o Two Trees Management Co., Inc., 45 Main Street, Suite 602, Brooklyn, New York 11201, (the “Landlord”), and ETSY INC., a Delaware corporation, qualified to do business in the State
of New York, having an office at 55 Washington Street, Suite 512, Brooklyn, New York 11201 (the “Tenant”). 
 W I T N E S S E T H :

 WHEREAS, Landlord and Tenant entered into that certain lease dated as of April 14, 2009 (the “Lease”) covering certain
premises known as Suite 512, as more particularly described in the Lease and located on the fifth (5th) floor in the building (the “Building”) known as 55 Washington Street,
Brooklyn, New York; and 
 WHEREAS, Landlord and Tenant entered into that certain lease amendment dated as of December 1, 2009 (the
“First Amendment”), whereby Article 48 of the Lease was amended; and 
 WHEREAS, Landlord and Tenant entered into that certain
lease amendment dated as of March 1, 2010 (the “Second Amendment”), whereby Tenant temporarily leased Suite 500; and 

WHEREAS, Landlord and Tenant entered into that certain lease amendment dated as of April 1, 2010 (the “Third Amendment”),
whereby Article 53 was added to the Lease; and 
 WHEREAS, Landlord and Tenant entered into that certain lease amendment dated as of
July 15, 2010 (the “Fourth Amendment”), whereby Tenant leased certain additional premises known as Suite 501 in the Building and extended the Term for Suite 500 through July 31, 2016; and 

WHEREAS, Landlord and Tenant entered into that certain lease amendment dated as of October 1, 2010 (the “Fifth Amendment”),
whereby an additional Article 53 was added to the Lease; and 
 WHEREAS, Landlord and Tenant entered into that certain lease amendment dated
as of March 1, 2011 (the “Sixth Amendment”), whereby Tenant leased certain additional premises in the Building known as Suite 502, Suite 504, Suite 561, Suite 562 and Suite 563, the Bathrooms and the Hallway located on the fifth
(5th) floor of the Building; and 
 WHEREAS, Landlord and Tenant entered into that
certain Seventh Amendment dated as of September, 2011 (the “Seventh Amendment”), whereby Tenant leased certain additional premises in the Building known as Suite 415, Suite 416, Suite 417, Suite 418, Suite 419, suite 420, suite 451 and
Suite 606, and certain hallway premises located on the fourth (4th) floor of the Building; and 

WHEREAS, Landlord and Tenant entered into that certain Eighth Amendment dated January 1, 2013 (the “Eighth Amendment”), whereby
Tenant leased certain additional premises in the Building known as Suites 424, 452, 453A, 558, 559, 560, 612, 614, 620, 622 and 710; and 

WHEREAS, Landlord and Tenant entered into that certain License Agreement dated January 1, 2013 (the “Suite 653 License
Agreement”) for Suites 653 and 740 in the Building, which license expires by its terms in December 31, 2013 and Tenant is desirous of adding Suite 653 to the Existing Premises; and 

WHEREAS, Landlord and Tenant entered into that certain Ninth Amendment dated March 21, 2013 (the “Ninth Amendment”), whereby
Tenant leased certain additional premises in the Building known as Suites 604, 608, 610, 633 and 661 in the Building (the Lease, as amended by the First Amendment, Second Amendment, Third Amendment, Third Amendment, Fourth Amendment, Fifth
Amendment, Sixth Amendment, Seventh Amendment, Eight Amendment and Ninth Amendment are hereinafter, collectively, referred to as the “Lease” and Suites 512, 500, 501, 712, 502, 504, 561, 562, 563, 415, 416, 417, 418, 420, 451, 606, 424,
452, 453A, 558, 559, 560, 612, 614, 620, 622, 710, 604, 608, 610, 633 and 661 are, hereinafter, collectively referred to as, the “Existing Premises”); and 

  

									
					1		

		
							

 WHEREAS, the parties now desire to further amend the Lease to provide for the inclusion therein
of certain additional premises known as Suites 602, 616, 632, 652, 653, 659 and 660 in the Building, as shown on the attached Exhibits as Exhibit A-1, A-2, A-3, A-4, A-5, A-6 and A-7 respectively (collectively, the “Tenth Amendment Added
Spaces”), for the same Use set forth in the Lease, upon such terms, provisions and conditions as are more particularly hereinafter set forth. 
 NOW,
THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto agree as follows: 
 FIRST: Unless the
context otherwise clearly indicates a contrary intent or unless specifically provided herein, each term used in this Agreement which is defined in the Lease shall be deemed to have the meaning ascribed to such term in the Lease. 

SECOND: For a term commencing as of the date Tenant takes possession of Suite 602 (“Suite 602 Pos. Date”) through and
including July 31, 2016, unless sooner terminated in accordance with terms set forth herein or in the Lease, there shall be added to and included in the Existing Premises, Suite 602 (“Suite 602) in the Building, so that the term
“demised premises” as defined in the Lease shall mean collectively, the Existing Premises and Suite 602. Except as otherwise expressly set forth herein, Landlord has not made any representations as to the physical condition or any other
matter affecting or relating to Suite 602 and Tenant specifically acknowledges that and agrees that no such representation has been made. Tenant further acknowledges that Landlord has afforded Tenant the opportunity for a full and complete
investigation, examination and inspection of the Suite 602 and Tenant agrees, that except as set forth in Section FOURTEENTH hereof, to accept possession of the Suite 602 in its “AS IS/WHERE IS” condition. Any and all work necessary for
Tenant to operate its business in accordance with the terms of the Lease and this Agreement shall be Tenant’s obligation to perform at Tenant’s cost and expense. 

THIRD: For a term commencing as of the date Tenant takes possession of Suite 616 (“Suite 616 Pos. Date”) through and
including July 31, 2016, unless sooner terminated in accordance with terms set forth herein or in the Lease, there shall be added to and included in the Existing Premises, Suite 616 (“Suite 616”) in the Building, so that the term
“demised premises” as defined in the Lease shall mean collectively the Existing Premises, Suite 602 and Suite 616. Except as otherwise expressly set forth herein, Landlord has not made any representations as to the physical condition or
any other matter affecting or relating to Suite 616 and Tenant specifically acknowledges that and agrees that no such representation has been made. Tenant further acknowledges that Landlord has afforded Tenant the opportunity for a full and complete
investigation, examination and inspection of the Suite 604 and Tenant agrees, that except as set forth in Section FOURTEENTH hereof, to accept possession of the Suite 604 in its “AS IS/WHERE IS” condition. Any and all work necessary for
Tenant to operate its business in accordance with the terms of the Lease and this Agreement shall be Tenant’s obligation to perform at Tenant’s cost and expense. 

FOURTH: For a term commencing as of the date Tenant takes possession of Suite 632 (“Suite 632 Pos. Date”) through and
including July 31, 2016, unless sooner terminated in accordance with terms set forth herein or in the Lease, there shall be added to and included in the Existing Premises, Suite 632 (“Suite 632”) in the Building, so that the term
“demised premises” as defined in the Lease shall mean collectively the Existing Premises, Suite 602, Suite 616 and Suite 632. Except as otherwise expressly set forth herein, Landlord has not made any representations as to the physical
condition or any other matter affecting or relating to Suite 632 and Tenant specifically acknowledges that and agrees that no such representation has been made. Tenant further acknowledges that Landlord has afforded Tenant the opportunity for a full
and complete investigation, examination and inspection of Suite 632 and Tenant agrees, that except as set forth in Section FOURTEENTH hereof, to accept possession of Suite 632 in its “AS IS/WHERE IS” condition. Any and all work necessary
for Tenant to operate its business in accordance with the terms of the Lease and this Agreement shall be Tenant’s obligation to perform at Tenant’s cost and expense. 

  

									
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 FIFTH: For a term commencing as of April 1, 2014 through and including July 31,
2016, unless sooner terminated in accordance with terms set forth herein or in the Lease, there shall be added to and included in the Existing Premises, Suite 652 (“Suite 652”) in the Building, so that the term “demised premises”
as defined in the Lease shall mean collectively the Existing Premises, Suite 602, Suite 616, Suite 632 and Suite 652. Except as otherwise expressly set forth herein, Landlord has not made any representations as to the physical condition or any other
matter affecting or relating to Suite 652 and Tenant specifically acknowledges that and agrees that no such representation has been made. Tenant further acknowledges that Landlord has afforded Tenant the opportunity for a full and complete
investigation, examination and inspection of the Suite 652 and Tenant agrees, that except as set forth in Section FOURTEENTH hereof, to accept possession of Suite 652 in its “AS IS/WHERE IS” condition. Any and all work necessary for Tenant
to operate its business in accordance with the terms of the Lease and this Agreement shall be Tenant’s obligation to perform at Tenant’s cost and expense. If Landlord is unable to deliver possession of Suite 652 to Tenant on April 1,
2014 due to the holding-over or failure to surrender possession by any tenant, subtenant or occupant, construction or work in the Building or Suite 652, then Landlord shall not, in any such event, be subject to any liability for failure to give
possession of Suite 652 on said date and the validity of this Agreement and the Lease shall not be impaired under such circumstances, but the annual base rent and additional rent payable for Suite 652 shall abate until Landlord delivers to Tenant
possession of Suite 652 in the condition required herein. 
 SIXTH: (A) For a term commencing as of February 1, 2014
through and including July 31, 2016, unless sooner terminated in accordance with terms set forth herein or in the Lease, there shall be added to and included in the Existing Premises, Suite 659 (“Suite 659”) in the Building, so that
the term “demised premises” as defined in the Lease shall mean collectively the Existing Premises, Suite 602, Suite 616, Suite 632, Suite 652 and 659. Except as otherwise expressly set forth herein, Landlord has not made any
representations as to the physical condition or any other matter affecting or relating to Suite 659 and Tenant specifically acknowledges that and agrees that no such representation has been made. Tenant further acknowledges that Landlord has
afforded Tenant the opportunity for a full and complete investigation, examination and inspection of the Suite 659 and Tenant agrees, that except as set forth in Section FOURTEENTH hereof, to accept possession of Suite 659 in its “AS IS/WHERE
IS” condition. Any and all work necessary for Tenant to operate its business in accordance with the terms of the Lease and this Agreement shall be Tenant’s obligation to perform at Tenant’s cost and expense. If Landlord is unable to
deliver possession of Suite 659 to Tenant on February 1, 2014 due to the holding-over or failure to surrender possession by any tenant, subtenant or occupant, construction or work in the Building or Suite 659, then Landlord shall not, in any
such event, be subject to any liability for failure to give possession of Suite 659 on said date and the validity of this Agreement and the Lease shall not be impaired under such circumstances, but the annual base rent and additional rent payable
for Suite 659 shall abate until Landlord delivers to Tenant possession of Suite 659 in the condition required herein. 
 (B) For a term
commencing as of January 15, 2014 through and including July 31, 2016, unless sooner terminated in accordance with terms set forth herein or in the Lease, there shall be added to and included in the Existing Premises, Suite 660
(“Suite 660”) in the Building, so that the term “demised premises” as defined in the Lease shall mean collectively the Existing Premises, Suite 602, Suite 616, Suite 632, Suite 652, Suite 659 and Suite 660. Except as otherwise
expressly set forth herein, Landlord has not made any representations as to the physical condition or any other matter affecting or relating to Suite 660 and Tenant specifically acknowledges that and agrees that no such representation has been made.
Tenant further acknowledges that Landlord has afforded Tenant the opportunity for a full and complete investigation, examination and inspection of the Suite 660 and Tenant agrees, that except as set forth in Section FOURTEENTH hereof, to accept
possession of Suite 660 in its “AS IS/WHERE IS” condition. Any and all work necessary for Tenant to operate its business in accordance with the terms of the Lease and this Agreement shall be Tenant’s obligation to perform at
Tenant’s cost and expense. If Landlord is unable to deliver possession of Suite 660 to Tenant on January 15, 2014 due to the holding-over or failure to surrender possession by any tenant, subtenant or occupant, construction or work in the
Building or Suite 660, then Landlord shall not, in any such event, be subject to any liability for failure to give possession of Suite 660 on said date and the validity of this Agreement and the Lease shall not be impaired under such circumstances,
but the annual base rent and additional rent payable for Suite 660 shall abate until Landlord delivers to Tenant possession of Suite 660 in the condition required herein. 

  

									
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 (C) For a term commencing as of January 1, 2014 through and including July 31, 2016,
unless sooner terminated in accordance with terms set forth herein or in the Lease, there shall be added to and included in the Existing Premises, Suite 653 (“Suite 653”) in the Building, so that the term “demised premises” as
defined in the Lease shall mean collectively, the Existing Premises, Suite 602, Suite 616, Suite 632, Suite 652, Suite 653, Suite 659 and Suite 660. Landlord and Tenant acknowledge and agree that Tenant is presently in possession of Suite 653
pursuant to the Suite 653 License Agreement. Accordingly, Tenant agrees to accept possession of Suite 653 in its ‘AS IS/WHERE IS” condition with no work to be performed by Landlord whatsoever. Any and all work necessary for Tenant to
operate its business in accordance with the terms of the Lease and this Agreement shall be Tenant’s obligation to perform at Tenant’s sole cost and expense. 

SEVENTH: (A) As of the respective dates set forth below, Tenant shall pay Tenant’s Percentage of Real Estate Taxes for the
Tenth Amendment Added Spaces. “Tenant’s Percentage” and applicable Base Year shall be amended to include the following percentages: 
  

			
	Suite 602 Pos. Date to 7/31/16 (Suite 602):		0.206% (Base Year: 7/14-6/15)
	Suite 616 Pos. Date to 7/31/16 (Suite 616):		0.264% (Base Year: 7/14-6/15)
	Suite 632 Pos. Date to 7/31/16 (Suite 632):		0.223% (Base Year: 7/14-6/15)
	4/1/14 to 7/31/16 (Suite 652):		0.759% (Base Year: 7/14-6/15)
	1/1/14 to 7/31/16 (Suite 653):		0.296% (Base Year: 7/12-6/13)
	2/1/14 to 7/31/16 (Suite 659):		0.264% (Base Year: 7/14-6/15)
	1/15/14 to 7/31/16 (Suite 660):		0.360% (Base Year: 7/14-6/15)

 (B) Tenant agrees to pay Landlord Tenant’s Percentage of the total amount of any business or building
improvement district charges (“BID Charges”) assessed on the Real Property in each year (or portion thereof) during the term of the Lease within ten (10) days after demand is made therefore as additional rent. 

EIGHTH: As of the respective dates set forth below, the annual base rent payable under Article 2 of the Lease shall be amended to
include the following annual base rent for the Tenth Amendment Added Spaces: 
  

			
	Suite 602:		
	Suite 602 Pos. Date to 11/14/14:		$22,935.00 p/yr — $1,911.00 p/mo
	11/15/14 to 11/14/15:		$23,623.00 p/yr — $1,969.00 p/mo
	11/15/15 to 7/31/16:		$24,332.00 p/yr — $2,028.00 p/mo
		
	Suite 616:		
	Suite 616 Pos. Date to 11/14/14:		$29,304.00 p/yr — $2,442.00 p/mo
	11/15/14 to 11/14/15:		$30,183.00 p/yr — $2,515.00 p/mo
	11/15/15 to 7/31/16:		$31,089.00 p/yr — $2,591.00 p/mo
		
	Suite 632:		
	Suite 632 Pos. Date to 11/14/14:		$12,750.00 p/yr — $1,063.00 p/mo
	11/15/14 to 11/14/15:		$13,133.00 p/yr — $1,095.00 p/mo
	11/15/15 to 7/31/16:		$13,526.00 p/yr — $1,127.00 p/mo
		
	Suite 652:		
	4/1/14 to 3/31/15:		$84,414.00 p/yr — $7,035.00 p/mo
	4/1/15 to 3/31/16:		$86,946.00 p/yr — $7,246.00 p/mo
	4/1/16 to 7/31/16:		$89,555.00 p/yr — $7,463.00 p/mo
		
	Suite 653:		
	1/1/14 to 12/31/14:		$32,967.00 p/yr — $2,747.25 p/mo
	1/1/15 to 12/31/15:		$33,956.00 p/yr — $2,829.67 p/mo
	1/1/16 to 7/31/16:		$34,914.69 p/yr — $2,914.56 p/mo

  

									
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	Suite 659:		
	2/1/14 to 1/31/15:		$15,096.00 p/yr — $1,256.00 p/mo
	2/1/15 to 1/31/16:		$15,549.00 p/yr — $1,296.00 p/mo
	2/1/16 to 7/31/16:		$16,015.00 p/yr — $1,335.00 p/mo
		
	Suite 660:		
	1/15/14 to 1/14/15:		$20,621.00 p/yr — $1,178.00 p/mo
	1/15/15 to 1/14/16:		$21,240.00 p/yr — $1,770.00 p/mo
	1/15/16 to 7/31/16:		$21,877.00 p/yr — $1,823.00 p/mo

 NINTH: As of the respective dates set forth below, Tenant shall pay the following additional amounts
for monthly trash removal for ordinary trash for the Tenth Amendment Added Spaces: 
  

			
	Suite 602 Pos. Date to 7/31/16 (Suites 602):		$11.58 per month
	Suite 616 Pos. Date to 7/31/16 (Suite 616):		$14.80 per month
	Suite 632 Pos. Date to 7/31/16 (Suite 632):		$12.50 per month
	4/1/14 to 7/31/16 (Suite 652):		$42.63 per month
	1/1/14 to 7/31/16 (Suite 653:		$16.65 per month
	2/1/14 to 7/31/16 (Suite 659):		$14.80 per month
	1/15/14 to 7/31/16 (Suite 660):		$20.22 per month

 TENTH: Except with respect to Suite 653, as of the respective dates that Tenant takes possession of the
Tenth Amendment Added Spaces and during the Term, Tenant shall, at its own cost and expense, operate, maintain and repair the air-conditioning equipment in the Tenth Amendment Added Spaces (each referred to as “AC System”; collectively
referred to as the “Tenth Amendment Added Spaces AC Systems”) now or hereafter located in or servicing the Tenth Amendment Added Spaces. Landlord shall replace, at its sole cost, any Tenth Amendment Added Spaces AC Systems if necessary and
required during the Term. The electricity consumed by the Tenth Amendment Added Spaces AC Systems shall be paid for by Tenant as set forth in the applicable provisions of the Lease. Installation of any additional air-conditioning equipment is
considered an alteration and as such shall be subject to the provisions of the Lease applicable to Alterations. If any permit or license is required for the operation of the Tenth Amendment Added Spaces AC Systems, Tenant shall, at Tenant’s
expense, obtain and maintain any such permit or license unless Landlord elects to obtain the same on Tenant’s behalf and at Tenant’s expense. 

ELEVENTH: Tenant shall continue to pay all items of additional rent and any escalation payments provided in the Lease for the Existing
Premises and Tenth Amendment Added Spaces. 
 TWELFTH: Article 3 of the Lease is hereby amended so that the Security Deposit required
under the Lease shall be $537,562.24. Landlord is currently holding $487,861.24 as security, accordingly, Tenant shall deposit with Landlord, concurrently with execution of this Agreement, by check made payable to 55
WASHINGTON STREET LLC, the amount of $49,701.00, which shall be held by Landlord as part of the security required under the Lease. 

THIRTEENTH: Tenant’s Option to Renew, as set forth in Section 49 of the Lease, if properly exercised in accordance with the
terms therein, shall be deemed to include the Tenth Amendment Added Spaces and the annual base rent payable during the renewal period for the Tenth Amendment Added Spaces shall be as follows: 

The greater of (a) the Fair Market Rent (as defined in Article 49 of the Lease) or (b) Suite 602: $25,061.96 per year
for the first renewal year; $25,813.82 per year for the second renewal year; $26,558.23 per year for the third renewal year; $27,385.88 per year for the fourth renewal year; and $28,207.46 per year for the fifth renewal year; Suite 616:
$32,021.67 per year for the first renewal year; $32,982.32 per year for the second renewal year; $33,971.79 per year for the third renewal year; $34,990.94 per year for the fourth renewal year; and $36,040.67 per year for the fifth renewal year;
Suite 632: $13,931.78 per year for the first renewal year; $14,349.73 per year for the second renewal year; $14,780.23 per year for the third renewal year; $15,223.63 per year for the fourth renewal year; and $15,680.34 per year for the fifth
renewal year; Suite 652: $92,241.65 per year for the first renewal year; $95,008.90 per year for the second renewal year; 

  

									
					5		

		
							

 
$97,859.17 per year for the third renewal year; $100,794.94 per year for the fourth renewal year; and $103,818.79 per year for the fifth renewal year; Suite 653: $36,023.93 per year
for the first renewal year; $37,104.65 per year for the second renewal year; $38,217.79 for the third renewal year; $39,364.32 per year for the fourth renewal year and $40,545.25 per year for the fifth renewal year; Suite 659: $16,495.45 per
year for the first renewal year; $16,990.31 per year for the second renewal year; $17,500.02 per year for the third renewal year; $18,025.02 per year for the fourth renewal year; and $18,565.77 per year for the fifth renewal year;
Suite 660: $22,533.31 per year for the first renewal year; $23,209.31 per year for the second renewal year; $23,905.59 per year for the third renewal year; $24,622.76 per year for the fourth renewal year; and $25,361.44 per year for the
fifth renewal year. 
 FOURTEENTH: Notwithstanding anything to the contrary herein contained, Landlord represents that as of the
respective commencement dates for the Tenth Amendment Added Spaces, the Building systems servicing the Tenth Amendment Added Spaces, including, but not limited to, electrical, mechanical, AC systems and plumbing systems shall be in working order
and, if necessary, Landlord shall deliver an ACP-5 certificate within thirty (30) days following written request therefore. 

FIFTEENTH: Tenant shall have the right, without Landlord’s prior written consent, to perform the following alterations, at
Tenant’s cost and expense, in connection with its occupancy of the Tenth Amendment Added Spaces (“Tenth Amendment Alterations”): (a) demolition work to join the Tenth Amendment Added Spaces or any part thereof with contiguous
space currently leased and occupied by Tenant; (b) repair and paint interior walls and ceilings; (c) re-glaze and refinish the Tenth Amendment Added Space floors; and (d) remove window treatments, electrical wiring or fixtures and
relocate electrical outlets and conduits required in connection with the demolition work set forth herein. The Tenth Amendment Alterations shall be performed in accordance with and subject to all of the terms and conditions set forth in the Lease,
including, but not limited to, Article 10 thereof. 
 SIXTEENTH: Notwithstanding anything in this Agreement to the contrary, in lieu
of Landlord performing any work in Suite 602, 616 and 652, Tenant shall receive a rent credit (“Rent Credit”) in aggregate amount of $3,000.00. Such Rent Credit shall be applied against annual base rent payable under this Agreement for the
month of January, 2014. Except with respect to Suite 653, Landlord will deliver possession of the Tenth Amendment Added Spaces vacant and in broom clean condition, with existing cabling, wiring, carpeting and window treatments removed. 

SEVENTEENTH: Notwithstanding anything in the Lease to the contrary, provided the Lease is in full force and effect without any breach
or default thereunder on the part of Tenant beyond applicable notice and cure period, Tenant may, without Landlord’s prior written consent, grant a license to Harbor Engraving, Inc. for Suite 560 upon and subject to all of the terms,
provisions, covenants and conditions under the Lease. 
 EIGHTEENTH: Tenant warrants and represents to Landlord that, other than
CBRE, INC. it has not dealt with any real estate broker, agent or finder in connection with the leasing of the Tenth Amendment Added Spaces and the other transactions described in this Agreement and Tenant agrees to indemnify, defend and hold
Landlord harmless on demand from and against any and all costs, expenses or liability (including reasonable attorneys’ fees) for any compensation, commissions, fees and charges claimed by any other broker, agent or finder with respect to this
Agreement or the negotiation of the terms hereof due to the dealings of Tenant with the claimant. Landlord shall pay CBRE, INC. a commission pursuant to a separate agreement between Landlord and CBRE, INC. 

NINTEENTH: Except as modified by this Agreement, the Lease and all covenants, agreements, terms and conditions shall remain in full
force and effect and are hereby in all respects ratified and confirmed and shall be binding upon the parties hereto and their respective successors and assigns. 

TWENTIETH: This Agreement may be executed in any number of counterparts, provided each of the parties hereto executes at least one
counterpart, each such counterpart hereof shall be deemed to be an original instrument, but all such counterparts together shall constitute but one and the same agreement. 

  

									
					6		

		
							

 TWENTY-FIRST: The persons executing this Agreement on behalf of Landlord and Tenant
represent and warrant that they do so with full authority to bind the parties hereto to the terms, conditions and provisions hereinabove set forth. 

[Balance of Page Intentionally Left Blank] 

[SIGNATURE PAGE FOLLOWS] 

  

									
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 IN WITNESS WHEREOF, the undersigned have executed this Agreement to be effective as of the date
and year written above. 
  

			
	55 WASHINGTON STREET, LLC
		
	By:		

		 	  

			David Walentas
	
	ETSY, INC.
		
	By:		

		 	  

	Name:		Kristina Salen
	Title:		CFO

  

			
	State of New York		
			} SS:
	County of Kings		

 On the 15th day of January in the year 2014 before me,
the undersigned, a Notary Public in and for said State, personally appeared David Walentas, 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 he/she executed the same in his/her capacity, and that by his/her signature on the instrument, the individual or the person upon behalf of which the individual acted, executed the instrument. 

 

									
									

		 		 		 		 	  

									Notary Public
					
									SUSAN YUNG
									Notary Public, State of New York
									No. 02YU6282549
									Qualified in Queens County
	State of New York								My Commission Expires: 5/28/17
			} SS:						
	County of Kings								

 On the 9th day of December in the year 2013 before me,
the undersigned, a Notary Public in and for said State, personally appeared Kristina Salen personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose names is subscribed to the within instrument and
acknowledged to me that she executed the same in her capacity, and that by her signatures on the instrument, the individuals or the person upon behalf of which the individual acted, executed the instrument. 

 

	
	

	  

	Notary Public
	
	 SARAH M. FEINGOLD

Notary Public, State of New York

No. 02FE6153435
 Qualified in
Kings County
 Commission Expires October 02, 2014

  

									
					8		

		
							

 Exhibit A 

  

									
					9		

		
							

 EXHIBIT A-1 

Diagram of the Demised Premises 

[Not to scale; all dimensions approximate; subject to actual conditions.] 

55 WASHINGTON STREET, 6TH FLOOR 
  

 
  
 

 

 EXHIBIT A-2 

Diagram of the Demised Premises 

[Not to scale; all dimensions approximate; subject to actual conditions.] 

55 WASHINGTON STREET, 6TH FLOOR 
  

 
 

 
  
 

 

 EXHIBIT A-3 

Diagram of the Demised Premises 

[Not to scale; all dimensions approximate; subject to actual conditions.] 

55 WASHINGTON STREET, 6TH FLOOR 
  

 
 

 
  
 

 

 Exhibit “A-4” 

Diagram of the Demised Premises 

[Not to scale; all dimensions approximate; subject to actual conditions.] 

55 WASHINGTON STREET, 6TH FLOOR 
  

 
 

 
  
 

 

 EXHIBIT A-5 

Diagram of the Demised Premises 

[Not to scale; all dimensions approximate; subject to actual conditions.] 

55 WASHINGTON STREET, 6TH FLOOR 
  

 
  
 

 

 EXHIBIT A-6 

Diagram of the Demised Premises 

[Not to scale; all dimensions approximate; subject to actual conditions.] 

55 WASHINGTON STREET, 6TH FLOOR 
  

 
 

 
  
 

 

 EXHIBIT A-7 

Diagram of the Demised Premises 

[Not to scale; all dimensions approximate; subject to actual conditions.] 

55 WASHINGTON STREET, 6TH FLOOR 
  

 
 

 
  
 

 

 ELEVENTH AMENDMENT TO LEASE 

THIS ELEVENTH AMENDMENT TO LEASE (the “Agreement”), made as of April 7, 2014, by and between 55 WASHINGTON STREET LLC, a
limited liability company, having an office at c/o Two Trees Management Co., Inc., 45 Main Street, Suite 602, Brooklyn, New York 11201, (the “Landlord”), and ETSY INC., a Delaware corporation, qualified to do business in the State
of New York, having an office at 55 Washington Street, Suite 512, Brooklyn, New York 11201 (the “Tenant”). 
 W I T N E S S E T H :

 WHEREAS, Landlord and Tenant entered into that certain lease dated as of April 14, 2009 (the “Lease”) covering certain
premises known as Suite 512, as more particularly described in the Lease and located on the fifth (5th) floor in the building (the “Building”) known as 55 Washington Street,
Brooklyn, New York; and 
 WHEREAS, Landlord and Tenant entered into that certain lease amendment dated as of December 1, 2009 (the
“First Amendment”), whereby Article 48 of the Lease was amended; and 
 WHEREAS, Landlord and Tenant entered into that certain
lease amendment dated as of March 1, 2010 (the “Second Amendment”), whereby Tenant temporarily leased Suite 500; and 

WHEREAS, Landlord and Tenant entered into that certain lease amendment dated as of April 1, 2010 (the “Third Amendment”),
whereby Article 53 was added to the Lease; and 
 WHEREAS, Landlord and Tenant entered into that certain lease amendment dated as of
July 15, 2010 (the “Fourth Amendment”), whereby Tenant leased certain additional premises known as Suite 501 in the Building and extended the Term for Suite 500 through July 31, 2016; and 

WHEREAS, Landlord and Tenant entered into that certain lease amendment dated as of October 1, 2010 (the “Fifth Amendment”),
whereby an additional Article 53 was added to the Lease; and 
 WHEREAS, Landlord and Tenant entered into that certain lease amendment dated
as of March 1, 2011 (the “Sixth Amendment”), whereby Tenant leased certain additional premises in the Building known as Suite 502, Suite 504, Suite 561, Suite 562 and Suite 563, the Bathrooms and the Hallway located on the fifth (5th) floor of the Building; and 
 WHEREAS, Landlord and Tenant entered into that
certain Seventh Amendment dated as of September, 2011 (the “Seventh Amendment”), whereby Tenant leased certain additional premises in the Building known as Suite 415, Suite 416, Suite 417, Suite 418, Suite 419, suite 420, suite 451 and
Suite 606, and certain hallway premises located on the fourth (4th) floor of the Building; and 

WHEREAS, Landlord and Tenant entered into that certain Eighth Amendment dated January 1, 2013 (the “Eighth Amendment”), whereby
Tenant leased certain additional premises in the Building known as Suites 424, 452, 453A, 558, 559, 560, 612, 614, 620, 622 and 710; and 

  

									
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 WHEREAS, Landlord and Tenant entered into that certain License Agreement dated January 1,
2013 (the “License Agreement”) for Suites 653 and 740 in the Building, which license expires by its terms in December 31, 2013; and 

WHEREAS, Landlord and Tenant entered into that certain Ninth Amendment dated March 21, 2013 (the “Ninth Amendment”), whereby
Tenant leased certain additional premises in the Building known as Suites 604, 608, 610, 633 and 661 in the Building; 
 WHEREAS, Landlord
and Tenant entered into that certain Tenth Amendment executed by Tenant on December 9, 2013 (the “Tenth Amendment”), whereby Tenant leased certain additional premises in the Building known as Suites 602, 616, 632, 652, 653, 659 and
660 (the Lease, as amended by the First Amendment, Second Amendment, Third Amendment, Third Amendment, Fourth Amendment, Fifth Amendment, Sixth Amendment, Seventh Amendment, Eight Amendment, Ninth Amendment and Tenth Amendment are hereinafter,
collectively, referred to as the “Lease” and Suites 512, 500, 501, 712, 502, 504, 561, 562, 563, 415, 416, 417, 418, 420, 451, 606, 424, 452, 453A, 558, 559, 560, 612, 614, 620, 622, 710, 604, 608, 610, 633, 661 602, 616, 632, 652, 653,
659 and 660 are, hereinafter, collectively referred to as, the “Existing Premises”); and 
 WHEREAS, the parties now desire to
further amend the Lease to provide for the inclusion therein of certain additional premises known as Suites 453, 471, 702 and 703 in the Building, as shown on the attached Exhibits as Exhibit A-1, A-2, A-3 (collectively, the “Eleventh Amendment
Added Spaces”), for the same Use set forth in the Lease, upon such terms, provisions and conditions as are more particularly hereinafter set forth. 

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

FIRST: Unless the context otherwise clearly indicates a contrary intent or unless specifically provided herein, each term used in this
Agreement which is defined in the Lease shall be deemed to have the meaning ascribed to such term in the Lease. 
 SECOND: For a term
commencing as of the date Tenant takes possession of the Eleventh Amendment Added Spaces (“11th Amend Com Date” or “CD”) through and including July 31, 2016, unless sooner
terminated in accordance with terms set forth herein or in the Lease, there shall be added to and included in the Existing Premises, the Eleventh Amendment Added Spaces in the Building, so that the term “demised premises” as defined in the
Lease shall mean collectively, the Existing Premises and the Eleventh Amendment Added Spaces. Except as otherwise expressly set forth herein, Landlord has not made any representations as to the physical condition or any other matter affecting or
relating to the Eleventh Amendment Added Spaces and Tenant specifically acknowledges that and agrees that no such representation has been made. Tenant further acknowledges that Landlord has afforded Tenant the opportunity for a full and complete
investigation, examination and inspection of the Eleventh Amendment Added Spaces 

  

									
					2		

		
							

 
and Tenant agrees, that except as set forth in Sections ELEVENTH and TWELFTH hereof, to accept possession of the Eleventh Amendment Added Spaces in their “AS IS/WHERE IS” condition. Any
and all work necessary for Tenant to operate its business in accordance with the terms of the Lease and this Agreement shall be Tenant’s obligation to perform at Tenant’s cost and expense. 

THIRD: Notwithstanding anything in the License Agreement to the contrary, Tenant shall be permitted to operate and occupy Suite 740,
upon the same terms and conditions as set forth in the License Agreement, on a month-to-month basis until the later to occur of: (i) the date Tenant takes possession of and commences its business operation in Suites 702 and 703 or (ii) 30
days following the date of either Tenant’s or Landlord’s notice terminating such month-to-tenancy. 
 FOURTH: (A) As
of the respective dates set forth below, Tenant shall pay Tenant’s Percentage of Real Estate Taxes for the Eleventh Amendment Added Spaces. “Tenant’s Percentage” and applicable Base Year shall be amended to include the following
percentages: 
  

			
	CD to 7/31/16 (Suite 453):		1.0% (Base Year: 7/14-6/15)
	CD to 7/31/16 (Suite 471):		0.1% (Base Year: 7/14-6/15)
	CD to 7/31/16 (Suite 702):		1.0% (Base Year: 7/14-6/15)
	CD to 7/31/16 (Suite 703):		0.3% (Base Year: 7/14-6/15)

 (B) Tenant agrees to pay Landlord Tenant’s Percentage of the total amount of any business or building
improvement district charges (“BID Charges”) assessed on the Real Property in each year (or portion thereof) during the term of the Lease within ten (10) days after demand is made therefore as additional rent. 

FIFTH: As of the respective dates set forth below, the annual base rent payable under Article 2 of the Lease shall be amended to
include the following annual base rent for Suite 740 and the Eleventh Amendment Added Spaces: 
  

			
	Suite 453:
	CD to 2/28/15:		$113,900.00 p/yr — $9,491.70 p/mo
	3/1/15 to 2/28/16:		$117,317.00 p/yr — $9,776.40 p/mo
	3/1/16 to 7/31/16:		$120,836.50 p/yr — $10,069.70 p/mo
		
	Suite 471:		
	CD to 2/28/15:		$7,157.00 p/yr — $596.40 p/mo
	3/1/15 to 2/28/16:		$7,371.70 p/yr — $614.30 p/mo
	3/1/16 to 7/31/16:		$7,592.90 p/yr — $632.70 p/mo
		
	Suite 702:		
	CD to 2/28/15:		$116,620.00 p/yr — $9,718.30 p/mo
	3/1/15 to 2/28/16:		$120,118.60 p/yr — $10,009.90 p/mo
	3/1/16 to 7/31/16:		$123,722.20 p/yr — $10,310.20 p/mo

  

									
					3		

		
							

			
	Suite 703:		
	CD to 2/28/15:		$37,400.00 p/yr — $3,116.70 p/mo
	3/1/15 to 2/28/16:		$38,522.00 p/yr — $3,210.20 p/mo
	3/1/16 to 7/31/16:		$39,677.70 p/yr — $3,306.50 p/mo
	77		

 SIXTH: As of the respective dates set forth below, Tenant shall pay the following additional amounts
for monthly trash removal for ordinary trash for the Eleventh Amendment Added Spaces: 
  

			
	CD to 7/31/16 (Suites 453):		$55.80 per month
	CD to 7/31/16 (Suite 471):		$7.00 per month
	CD to 7/31/16 (Suite 702):		$57.20 per month
	CD to 7/31/16 (Suite 703):		$18.30 per month

 SEVENTH: As of the respective dates that Tenant takes possession of the Eleventh Amendment Added Spaces
and during the Term, Tenant shall, at its own cost and expense, operate, maintain and repair the air-conditioning equipment in the Eleventh Amendment Added Spaces (each referred to as “AC System”; collectively referred to as the
“Eleventh Amendment Added Spaces AC Systems”) now or hereafter located in or servicing the Eleventh Amendment Added Spaces. Landlord shall replace, at its sole cost, any Eleventh Amendment Added Spaces AC Systems if necessary and required
during the Term. The electricity consumed by the Eleventh Amendment Added Spaces AC Systems shall be paid for by Tenant as set forth in the applicable provisions of the Lease. Installation of any additional air-conditioning equipment is considered
an alteration and as such shall be subject to the provisions of the Lease applicable to Alterations. 
 EIGHTH: Tenant shall continue
to pay all items of additional rent and any escalation payments provided in the Lease for the Existing Premises and Eleventh Amendment Added Spaces. 

NINTH: Article 3 of the Lease is hereby amended so that the Security Deposit required under the Lease shall be $594,233.30.
Landlord is currently holding $537,562.24 as security. Tenant shall deposit with Landlord, concurrently with execution of this Agreement, by check made payable to 55 WASHINGTON STREET LLC, the amount of $56,671.06, which shall
be held by Landlord as part of the security required under the Lease. 
 TENTH: Tenant’s Option to Renew, as set forth in
Section 49 of the Lease, if properly exercised in accordance with the terms therein, shall be deemed to include the Eleventh Amendment Added Spaces and the annual base rent payable during the renewal period for the Eleventh Amendment Added
Spaces shall be as follows: 
 The greater of (a) the Fair Market Rent (as defined in Article 49 of the Lease) or (b) Suite 740:
$46,552.40 per year for the first renewal year; $47,949.00 per year for the second renewal year; $49,387.40 per year for the third renewal year; $50,869.10 per year for the fourth renewal year; and $52,395.10 per year for the fifth renewal year;
Suite 453: $124,461.60 per year for the first renewal year; $128,195.50 per year for the second renewal year; $132,041.30 per year for the 

  

									
					4		

		
							

 
third renewal year; $136,002.60 per year for the fourth renewal year; and $140,082.60 per year for the fifth renewal year; Suite 471: $7,820.60 per year for the first renewal year;
$8,055.30 per year for the second renewal year; $8,296.90 per year for the third renewal year; $8,545.80 per year for the fourth renewal year; and $8,802.20 per year for the fifth renewal year; Suite 702: $127,433.80 per year for the first
renewal year; $131,256.80 per year for the second renewal year; $135,194.50 per year for the third renewal year; $139,250.40 per year for the fourth renewal year; and $143,427.90 per year for the fifth renewal year;
Suite 703: $40,868.00 per year for the first renewal year; $42,094.00 per year for the second renewal year; $43,356.90 for the third renewal year; $44,657.60 per year for the fourth renewal year and $45,997.30 per
year for the fifth renewal year;. 
 ELEVENTH: Notwithstanding anything to the contrary herein contained, Landlord represents that as
of the respective commencement dates for the Eleventh Amendment Added Spaces, the Building systems servicing the Eleventh Amendment Added Spaces, including, but not limited to, electrical, mechanical, Eleventh Amendment Added Spaces AC Systems (if
any) and plumbing systems shall be in working order and, if necessary, Landlord shall deliver an ACP- 5 certificate within thirty (30) days following written request therefore. 

TWELFTH: Tenant shall have the right, without Landlord’s prior written consent, to perform the following alterations, at
Tenant’s cost and expense, in connection with its occupancy of the Eleventh Amendment Added Spaces (“Eleventh Amendment Alterations”): (a) demolition work to join the Eleventh Amendment Added Spaces or any part thereof with
contiguous space currently leased and occupied by Tenant; (b) repair and paint interior walls and ceilings; (c) re-glaze and refinish the Eleventh Amendment Added Space floors; and (d) remove window treatments, electrical wiring or
fixtures and relocate electrical outlets and conduits required in connection with the demolition work set forth herein. The Eleventh Amendment Alterations shall be performed in accordance with and subject to all of the terms and conditions set forth
in the Lease, including, but not limited to, Article 10 thereof. 
 THIRTEENTH: Notwithstanding anything in this Agreement to the
contrary, in lieu of Landlord performing any work in Suite 453, 702 and 703, Tenant shall receive a rent credit (“Rent Credit”) in aggregate amount of $3,000.00. Such Rent Credit shall be applied against annual base rent payable under this
Agreement for the month of January, 2014. Landlord will deliver possession of the Eleventh Amendment Added Spaces vacant and in broom clean condition, with any existing cabling, wiring, carpeting and window treatments removed and shall remove the
dishwasher currently in Suite 453. 
 FOURTEENTH: Tenant warrants and represents to Landlord that, other than CBRE, INC. it has not
dealt with any real estate broker, agent or finder in connection with the leasing of the Eleventh Amendment Added Spaces and the other transactions described in this Agreement and Tenant agrees to indemnify, defend and hold Landlord harmless on
demand from and against any and all costs, expenses or liability (including reasonable attorneys’ fees) for any compensation, commissions, fees and charges claimed by any other broker, agent or finder with respect to this Agreement or the
negotiation of the terms hereof due to the dealings of Tenant with the claimant. Landlord shall pay CBRE, INC. a commission pursuant to a separate agreement between Landlord and CBRE, INC. 

  

									
					5		

		
							

 FIFTHTEENTH: Except as modified by this Agreement, the Lease and all covenants,
agreements, terms and conditions shall remain in full force and effect and are hereby in all respects ratified and confirmed and shall be binding upon the parties hereto and their respective successors and assigns. 

SIXTEENTH: This Agreement may be executed in any number of counterparts, provided each of the parties hereto executes at least one
counterpart, each such counterpart hereof shall be deemed to be an original instrument, but all such counterparts together shall constitute but one and the same agreement. 

SEVENTEENTH: The persons executing this Agreement on behalf of Landlord and Tenant represent and warrant that they do so with full
authority to bind the parties hereto to the terms, conditions and provisions hereinabove set forth. 
 [Balance of Page Intentionally Left Blank] 

[SIGNATURE PAGE FOLLOWS] 

  

									
					6		

		
							

 IN WITNESS WHEREOF, the undersigned have executed this Agreement to be effective as of the date
and year written above. 
  

			
	55 WASHINGTON STREET, LLC
		
	By:		

		 	  

			David Walentas
	
	ETSY, INC.
		
	By:		

		 	  

	Name:		Kristina Salen
	Title:		CFO

  

			
	State of New York		
			} SS:
	County of		

 On the 7th day of April in the year 2014 before me, the undersigned, a Notary Public in and for said State,
personally appeared Kristina Salen, 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 he/she executed the same in his/her
capacity, and that by his/her signature on the instrument, the individual or the person upon behalf of which the individual acted, executed the instrument. 
  

					
	  
     

				

	 		 	  

				Notary Public

  

			
	State of New York		
			} SS:
	County of Kings		

 On the 11th day of April in the year 2014 before me, the
undersigned, a Notary Public in and for said State, personally appeared David Walentas personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose names is subscribed to the within instrument and
acknowledged to me that she executed the same in her capacity, and that by her signatures on the instrument, the individuals or the person upon behalf of which the individual acted, executed the instrument. 

  

									
					7		

		
							

 
	
	 

	Notary Public
	
	 SUSAN YUNG
 Notary
Public, State of New York
 No. 02YU6282549

Qualified in Queens County
 My
Commission Expires: 5/28/17

  

									
					8		

		
							

 Exhibit A 

  

									
					9		

		
							

 Exhibit “A” 

Diagram of the Demised Premises 

[Not to scale; all dimensions approximate; subject to actual conditions.] 

55 Washington Street, 4th Floor 
  

 
 

 
  
 

 

 Exhibit “A” 

Diagram of the Licensed Premises 

[Not to scale; all dimensions approximate; subject to actual conditions.] 

55 Washington Street, 4th Floor 
  

 
 

 
  
 

 

 Exhibit “A” 

Diagram of the Demised Premises 

[Not to scale; all dimensions approximate; subject to actual conditions.] 

55 Washington Street, 7th Floor 
  

 
 

 
  
 

 

 TWELFTH AMENDMENT TO LEASE 

THIS TWELFTH AMENDMENT TO LEASE (the “Agreement”), made as of the August 1, 2014, by and between 55 WASHINGTON STREET
LLC, a limited liability company, having an office at c/o Two Trees Management Co., Inc., 45 Main Street, Suite 602, Brooklyn, New York 11201, (the “Landlord”), and ETSY INC., a Delaware corporation, qualified to do business in
the State of New York, having an office at 55 Washington Street, Suite 512, Brooklyn, New York 11201 (the “Tenant”). 
 W I T N E S
S E T H : 
 WHEREAS, Landlord and Tenant entered into that certain lease dated as of April 14, 2009 (the “Lease”) covering
certain premises known as Suite 512, as more particularly described in the Lease and located on the fifth (5th) floor in the building (the “Building”) known as 55 Washington Street,
Brooklyn, New York; and 
 WHEREAS, Landlord and Tenant entered into that certain lease amendment dated as of December 1, 2009 (the
“First Amendment”), whereby Article 48 of the Lease was amended; and 
 WHEREAS, Landlord and Tenant entered into that certain
lease amendment dated as of March 1, 2010 (the “Second Amendment”), whereby Tenant temporarily leased Suite 500; and 

WHEREAS, Landlord and Tenant entered into that certain lease amendment dated as of April 1, 2010 (the “Third Amendment”),
whereby Article 53 was added to the Lease; and 
 WHEREAS, Landlord and Tenant entered into that certain lease amendment dated as of
July 15, 2010 (the “Fourth Amendment”), whereby Tenant leased certain additional premises known as Suite 501 in the Building and extended the Term for Suite 500 through July 31, 2016; and 

WHEREAS, Landlord and Tenant entered into that certain lease amendment dated as of October 1, 2010 (the “Fifth Amendment”),
whereby an additional Article 53 was added to the Lease; and 
 WHEREAS, Landlord and Tenant entered into that certain lease amendment dated
as of March 1, 2011 (the “Sixth Amendment”), whereby Tenant leased certain additional premises in the Building known as Suite 502, Suite 504, Suite 561, Suite 562 and Suite 563, the Bathrooms and the Hallway located on the fifth (5th) floor of the Building; and 
 WHEREAS, Landlord and Tenant entered into that
certain Seventh Amendment dated as of September, 2011 (the “Seventh Amendment”), whereby Tenant leased certain additional premises in the Building known as Suite 415, Suite 416, Suite 417, Suite 418, Suite 419, suite 420, suite 451 and
Suite 606, and certain hallway premises located on the fourth (4th) floor of the Building; and 

WHEREAS, Landlord and Tenant entered into that certain Eighth Amendment dated January 1, 2013 (the “Eighth Amendment”), whereby
Tenant leased certain additional premises in the Building known as Suites 424, 452, 453A, 558, 559, 560, 612, 614, 620, 622 and 710; and 

WHEREAS, Landlord and Tenant entered into that certain License Agreement dated January 1, 2013 (the “License Agreement”) for
Suites 653 and 740 in the Building, which license expired by its terms in December 31, 2013, however, Suite 740 has been extended on a month to month basis until the later to occur of; (i) the date Tenant takes possession of and commences
its business operation in Suites 702 and 703 or (ii) 30 days following the date of either Tenant’s or Landlord’s notice terminating such month-to-tenancy; and 

  

									
					1		

		
							

 WHEREAS, Landlord and Tenant entered into that certain Ninth Amendment dated March 21, 2013
(the “Ninth Amendment”), whereby Tenant leased certain additional premises in the Building known as Suites 604, 608, 610, 633 and 661 in the Building; 

WHEREAS, Landlord and Tenant entered into that certain Tenth Amendment executed by Tenant on December 9, 2013 (the “Tenth
Amendment”), whereby Tenant leased certain additional premises in the Building known as Suites 602, 616, 632, 652, 653, 659 and 660; and 

WHEREAS, Landlord and Tenant entered into that certain Eleventh Amendment dated as of April 7, 2014 (the “Eleventh Amendment”),
whereby Tenant leased certain additional premises in the Building known as Suites 453, 471, 702 and 703 (the Lease, as amended by the First Amendment, Second Amendment, Third Amendment, Third Amendment, Fourth Amendment, Fifth Amendment, Sixth
Amendment, Seventh Amendment, Eight Amendment, Ninth Amendment, Tenth Amendment and Eleventh Amendment are, hereinafter, collectively, referred to as the “Lease” and Suites 512, 500, 501, 712, 502, 504, 561, 562, 563, 415, 416, 417, 418,
420, 451, 606, 424, 452, 453A, 558, 559, 560, 612, 614, 620, 622, 710, 604, 608, 610, 633, 661 602, 616, 632, 652, 653, 659, 660, 453, 471, 702 and 703 are, hereinafter, collectively referred to as, the “Existing Premises”); and 

WHEREAS, the parties now desire to further amend the Lease to provide for the inclusion therein of certain additional premises known as Suites
400, 459A, 459B, 460 and 469 in the Building, as shown on the attached Exhibits as Exhibit A-1, A-2, A-3, A-4 and A-5 (collectively, the “Twelfth Amendment Added Spaces”), for the same Use set forth in the Lease, upon such terms,
provisions and conditions as are more particularly hereinafter set forth. 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained, the
parties hereto agree as follows: 
 FIRST: Unless the context otherwise clearly indicates a contrary intent or unless specifically
provided herein, each term used in this Agreement which is defined in the Lease shall be deemed to have the meaning ascribed to such term in the Lease. 

SECOND: For a term commencing as of the date Tenant takes possession of the Twelfth Amendment Added Spaces (“12th Amend Com Date” or “CD”) through and including July 31, 2016, unless sooner terminated in accordance with terms set forth herein or in the Lease, there shall be added to and
included in the Existing Premises, the Twelfth Amendment Added Spaces in the Building, so that the term “demised premises” as defined in the Lease shall mean collectively, the Existing Premises and the Twelfth Amendment Added Spaces.
Except as otherwise expressly set forth herein, Landlord has not made any representations as to the physical condition or any other matter affecting or relating to the Twelfth Amendment Added Spaces and Tenant specifically acknowledges that and
agrees that no such representation has been made. Tenant further acknowledges that Landlord has afforded Tenant the opportunity for a full and complete investigation, examination and inspection of the Twelfth Amendment Added Spaces and Tenant
agrees, that except as set forth in Sections NINTH and ELEVENTH hereof, to accept possession of the Twelfth Amendment Added Spaces in their “AS IS/WHERE IS” condition. Any and all work necessary for Tenant to operate its business in
accordance with the terms of the Lease and this Agreement shall be Tenant’s obligation to perform at Tenant’s cost and expense. 

  

									
					2		

		
							

 THIRD: (A) As of the respective dates set forth below, Tenant shall pay Tenant’s
Percentage of Real Estate Taxes for the Twelfth Amendment Added Spaces. “Tenant’s Percentage” and applicable Base Year shall be amended to include the following percentages: 

 

			
	9/15/14 to 7/31/16 (Suite 400):		3.03% (Base Year: 7/14-6/15)
	7/1/14 to 7/31/16 (Suite 459A):		0.23% (Base Year: 7/14-6/15)
	8/15/14 to 7/31/16 (Suite 459B):		0.23% (Base Year: 7/14-6/15)
	8/15/14 to 7/31/16 (Suite 460):		0.34% (Base Year: 7/14-6/15)
	8/15/14 to 7/31/16 (Suite 469):		0.12% (Base Year: 7/14-6/15)

 (B) Tenant agrees to pay Landlord Tenant’s Percentage of the total amount of any business or building
improvement district charges (“BID Charges”) assessed on the Real Property in each year (or portion thereof) during the term of the Lease within ten (10) days after demand is made therefore as additional rent. 

FOURTH: As of the respective dates set forth below, the annual base rent payable under Article 2 of the Lease shall be amended to
include the following annual base rent for the Twelfth Amendment Added Spaces: 
  

			
	Suite 400:		
	9/15/14 to 9/30/15:		$459,000.00 p/yr — $38,250.00 p/mo
	10/1/15 to 7/31/16:		$472,770.00 p/yr — $39,397.50 p/mo
		
	Suite 459A:		
	7/1/14 to 8/30/15:		$33,755.00 p/yr — $2,812.92 p/mo
	9/1/15 to 7/31/16:		$34,767.65 p/yr — $2,897.30 p/mo
		
	Suite 459B:		
	8/15/14 to 8/30/15:		$33,454.00 p/yr — $2,787.83 p/mo
	9/1/15 to 7/31/16:		$34,457.62 p/yr — $2,871.47 p/mo
		
	Suite 460:		
	8/15/14 to 8/30/15:		$49,751.00 p/yr — $4,145.92 p/mo
	9/1/15 to 7/31/16:		$51,243.53 p/yr — $4,270.29 p/mo
		
	Suite 469:		
	8/15/14 to 8/30/15:		$7,999.00 p/yr — $666.58 p/mo
	9/1/15 to 7/31/16:		$8,238.97 p/yr — $686.58 p/mo

 FIFTH: As of the respective dates set forth below, Tenant shall pay the following additional amounts
for monthly trash removal for ordinary trash for the Twelfth Amendment Added Spaces: 
  

			
	9/15/14 to 7/31/16 (Suites 400):		$170.00 per month
	7/1/14 to 7/31/16 (Suite 459A):		$13.08 per month
	8/15/14 to 7/31/16 (Suite 459B):		$12.97 per month
	8/15/14 to 7/31/16 (Suite 460):		$19.28 per month
	8/15/14 to 7/31/16 (Suite 469):		$7.02 per month

 SIXTH: As of the respective dates that Tenant takes possession of the Twelfth Amendment Added Spaces
and during the Term, Tenant shall, at its own cost and expense, operate, maintain and repair the air-conditioning equipment in the Twelfth Amendment Added Spaces (each referred to as “AC System”; collectively referred to as the
“Twelfth Amendment Added Spaces AC Systems”) now or hereafter located in or servicing the Twelfth Amendment Added Spaces. Landlord shall replace, at its sole 

  

									
					3		

		
							

 
cost, any Twelfth Amendment Added Spaces AC Systems if necessary and required during the Term. The electricity consumed by the Twelfth Amendment Added Spaces AC Systems shall be paid for by
Tenant as set forth in the applicable provisions of the Lease. Installation of any additional air- conditioning equipment is considered an alteration and as such shall be subject to the provisions of the Lease applicable to Alterations. 

SEVENTH: Tenant shall continue to pay all items of additional rent and any escalation payments provided in the Lease for the Existing
Premises and Twelfth Amendment Added Spaces. 
 EIGHTH: Article 3 of the Lease is hereby amended so that the Security Deposit
required under the Lease shall be $644,356.44. Landlord is currently holding $594,233.30 as security. Tenant shall deposit with Landlord, concurrently with execution of this Agreement, by check made payable to 55 WASHINGTON STREET
LLC, the amount of $50,123.14, which shall be held by Landlord as part of the security required under the Lease. 
 NINTH:
Notwithstanding anything to the contrary herein contained, Landlord represents that as of the respective commencement dates for the Twelfth Amendment Added Spaces, the Building systems servicing the Twelfth Amendment Added Spaces, including, but not
limited to, electrical, mechanical, Twelfth Amendment Added Spaces AC Systems (if any) and plumbing systems shall be in working order and, if necessary, Landlord shall deliver an ACP-5 certificate within thirty (30) days following written
request therefore. 
 TENTH: Tenant shall have the right, without Landlord’s prior written consent, to perform the following
alterations, at Tenant’s cost and expense, in connection with its occupancy of the Twelfth Amendment Added Spaces (“Twelfth Amendment Alterations”): (a) demolition work to join the Twelfth Amendment Added Spaces or any part
thereof with contiguous space currently leased and occupied by Tenant; (b) repair and paint interior walls and ceilings; (c) re-glaze and refinish the Twelfth Amendment Added Space floors; and (d) remove window treatments, electrical
wiring or fixtures and relocate electrical outlets and conduits required in connection with the demolition work set forth herein. The Twelfth Amendment Alterations shall be performed in accordance with and subject to all of the terms and conditions
set forth in the Lease, including, but not limited to, Article 10 thereof. 
 ELEVENTH: Notwithstanding anything in this Agreement to
the contrary, (A) in lieu of Landlord performing any work in Suites 459A, 459B and 460, Tenant shall receive a rent credit (“Rent Credit”) in aggregate amount of $5,000.00; (B) Landlord shall, at Landlord’s cost and expense,
deliver Suite 400 with all interior walls removed and floors finished. Such Rent Credit shall be applied against annual base rent payable under this Agreement for the month of August, 2014. Landlord will deliver possession of the Twelfth Amendment
Added Spaces vacant and in broom clean condition. 
 TWELFTH: Tenant warrants and represents to Landlord that, other than CBRE, INC.
it has not dealt with any real estate broker, agent or finder in connection with the leasing of the Twelfth Amendment Added Spaces and the other transactions described in this Agreement and Tenant agrees to indemnify, defend and hold Landlord
harmless on demand from and against any and all costs, expenses or liability (including reasonable attorneys’ fees) for any compensation, commissions, fees and charges claimed by any other broker, agent or finder with respect to this Agreement
or the negotiation of the terms hereof due to the dealings of Tenant with the claimant. Landlord shall pay CBRE, INC. a commission pursuant to a separate agreement between Landlord and CBRE, INC. 

THIRTEENTH: Tenant’s execution of this Twelfth Amendment is without prejudice to the exercise of the Option to Renew in accordance
with the terms of the Lease and shall include the Twelfth Amendment Added Spaces at a renewal rent of the greater of Fair Market Rental or 103% of the annual 

  

									
					4		

		
							

 
base rent payable for the last year of the Term for the Twelfth Amendment Added Spaces. Notwithstanding anything herein or in the Lease to the contrary, the parties acknowledge that this Option
to Renew is personal to Tenant. Accordingly, if the Lease has been assigned or all or a portion of the Twelfth Amendment Added Spaces have been sublet, then the Option to Renew as applicable to the Twelfth Amendment Added Spaces shall be deemed null
and void and neither Tenant nor any assignee or subtenant shall have the right to exercise such Option to Renew for the Twelfth Amendment Added Spaces. 

FOURTEENTH: Except as modified by this Agreement, the Lease and all covenants, agreements, terms and conditions shall remain in full
force and effect and are hereby in all respects ratified and confirmed and shall be binding upon the parties hereto and their respective successors and assigns. 

FIFTEENTH: The persons executing this Agreement on behalf of Landlord and Tenant represent and warrant that they do so with full
authority to bind the parties hereto to the terms, conditions and provisions hereinabove set forth. 
 [Balance of Page Intentionally Left Blank] 

[SIGNATURE PAGE FOLLOWS] 

  

									
					5		

		
							

 IN WITNESS WHEREOF, the undersigned have executed this Agreement to be effective as of the date
and year written above. 
  

			
	55 WASHINGTON STREET, LLC
		
	By:		

		 	  

			David Walentas
	
	ETSY, INC.
		
	By:		

		 	  

	Name:		Kristina Salen
	Title:		CFO

  

			
	State of New York		
			}SS:
	County of Kings		

 On the 6th day of August in the year 2014 before me, the
undersigned, a Notary Public in and for said State, personally appeared David Walentas, 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 he/she executed the same in his/her capacity, and that by his/her signature on the instrument, the individual or the person upon behalf of which the individual acted, executed the instrument. 

 

	
	

	  

	Notary Public
	
	 SUSAN YUNG

Notary Public, State of New York

No. 02YU6282549
 Qualified in
Queens County
 My Commission Expires: 5/28/17

  

			
	State of New York		
			}SS:
	County of Kings		

 On the 1st day of August in the year 2014 before me, the
undersigned, a Notary Public in and for said State, personally appeared Kristina Salen personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose names is subscribed to the within instrument and
acknowledged to me that she executed the same in her capacity, and that by her signatures on the instrument, the individuals or the person upon behalf of which the individual acted, executed the instrument. 

 

					
	 SARAH M. FEINGOLD

Notary Public, State of New York

No. 02FE6153435
 Qualified in
Kings County
 Commission Expires October 02, 2014
				

	 		 	  

				Notary Public
				

  

									
					6		

		
							

 Exhibit “A-1” 

Diagram of the Demised Premises 

[Not to scale; all dimensions approximate; subject to actual conditions.] 

55 Washington Street, 4th Floor 
  

 
 

 
  
 

 

 Exhibit “A-2” 

Diagram of the Demised Premises 

[Not to scale; all dimensions approximate; subject to actual conditions.] 

55 Washington Street, 4th Floor 
  

 
 

 
  
  
 

 

 Exhibit “A-3” 

Diagram of the Demised Premises 

[Not to scale; all dimensions approximate; subject to actual conditions.] 

55 Washington Street, 4th Floor 
  

 
 

 
  
 

 

 Exhibit “A-4” 

Diagram of the Demised Premises 

[Not to scale; all dimensions approximate; subject to actual conditions.] 

55 Washington Street, 4th Floor 
  

 
 

 
  
 

 

 Exhibit “A-5” 

Diagram of the Demised Premises 

[Not to scale; all dimensions approximate; subject to actual conditions.] 

55 Washington Street, 4th FloorEX-10.6

 Exhibit 10.6 

AGREEMENT OF LEASE 
 117
ADAMS OWNER LLC AND 55 PROSPECT OWNER LLC, 
 each a Delaware limited liability company, 

Landlord 
 And 

ETSY, INC., 
 a Delaware
corporation, 
 Tenant 
 For 

A portion of the ground Floor, a portion of the 2nd Floor and the entire 3rd, 4th, 5th, 6th, 7th, 8th and 9th Floors 

at 
 117 Adams Street, Brooklyn, New
York 
 and 
 The entire 6th Floor 
 at 

55 Prospect Street, Brooklyn, New York 

May 12, 2014 

 TABLE OF CONTENTS 

 

							
	 ARTICLE 1
		 BASIC LEASE PROVISIONS
		 	1	  
	 ARTICLE 2
		 PREMISES, TERM, RENT
		 	5	  
	 ARTICLE 3
		 USE AND OCCUPANCY
		 	11	  
	 ARTICLE 4
		 CONDITION OF THE PREMISES
		 	11	  
	 ARTICLE 5
		 ALTERATIONS
		 	13	  
	 ARTICLE 6
		 REPAIRS
		 	19	  
	 ARTICLE 7
		 INCREASES IN TAXES
		 	21	  
	 ARTICLE 8
		 REQUIREMENTS OF LAW
		 	27	  
	 ARTICLE 9
		 SUBORDINATION
		 	29	  
	 ARTICLE 10
		 SERVICES
		 	31	  
	 ARTICLE 11
		 INSURANCE; PROPERTY LOSS OR DAMAGE
		 	48	  
	 ARTICLE 12
		 EMINENT DOMAIN
		 	54	  
	 ARTICLE 13
		 ASSIGNMENT AND SUBLETTING
		 	56	  
	 ARTICLE 14
		 ACCESS TO PREMISES
		 	65	  
	 ARTICLE 15
		 DEFAULT
		 	66	  
	 ARTICLE 16
		 LANDLORD’S RIGHT TO CURE; FEES AND EXPENSES
		 	70	  
	 ARTICLE 17
		 NO REPRESENTATIONS BY LANDLORD; LANDLORD’S APPROVAL
		 	70	  
	 ARTICLE 18
		 END OF TERM
		 	71	  
	 ARTICLE 19
		 QUIET ENJOYMENT
		 	72	  
	 ARTICLE 20
		 NO SURRENDER; NO WAIVER
		 	72	  
	 ARTICLE 21
		 WAIVER OF TRIAL BY JURY; COUNTERCLAIM
		 	73	  
	 ARTICLE 22
		 NOTICES
		 	73	  
	 ARTICLE 23
		 RULES AND REGULATIONS
		 	74	  
	 ARTICLE 24
		 BROKER
		 	74	  
	 ARTICLE 25
		 INDEMNITY
		 	74	  
	 ARTICLE 26
		 MISCELLANEOUS
		 	76	  
	 ARTICLE 27
		 SECURITY
		 	80	  
	 ARTICLE 28
		 OFAC
		 	83	  
	 ARTICLE 29
		 ICAP
		 	84	  
	 ARTICLE 30
		 MUNICIPAL INCENTIVES
		 	86	  
	 ARTICLE 31
		 OPTIONS TO RENEW
		 	86	  

  
 i 

							
	 ARTICLE 32
		 ARBITRATION
		 	89	  
	 ARTICLE 33
		 OPTIONS TO EXPAND
		 	90	  
	 ARTICLE 34
		 INITIAL RIGHT OF FIRST OFFER FOR THE 2ND AND 3RD FLOOR SPACE AT THE PROSPECT STREET BUILDING
		 	93	  
	 ARTICLE 35
		 RIGHT OF FIRST OFFER FOR THE 2ND, 3RD, 7TH, 8TH, 9TH AND 10TH FLOORS AT THE PROSPECT STREET BUILDING
		 	94	  

 SCHEDULES AND EXHIBITS 
  

			
	Schedule “A”		Fixed Rent Schedule
	Schedule “B”		List of Approved Contractors
	Schedule “C”		HVAC Design Standards
	Schedule “D”		Copies of Current Certificates of Occupancy
	Schedule “E”		Form of Certificate of Insurance
	Schedule “F”		Schedule of Sustainability Work
	Schedule “G”		Schedule of Useable Square Footage
		
	Exhibit “A”		Floor Plans of Premises
	Exhibit “B”		Definitions
	Exhibit “C”		Landlord’s Base Building Work
	Exhibit “D”		Cleaning Specifications
	Exhibit “E-1”		Rules and Regulations
	Exhibit “E-2”		Construction Rules and Regulations
	Exhibit “F”		Subordination Non-Disturbance and Attornment Agreement
	Exhibit “G”		Form of Letter of Credit
	Exhibits “H-1,H-2 and H-3”		Signage Exhibits
	Exhibit I		Memorandum of Lease

  
 ii 

 AGREEMENT OF LEASE 

THIS AGREEMENT OF LEASE (“Lease”), is made as of the 12th day of
May, 2014, by and between 117 ADAMS OWNER LLC (“Adams Street Owner”) and 55 PROSPECT OWNER LLC (“Prospect Street Owner”), as landlord (individually, and jointly, as the case may be,
“Landlord”), each a Delaware liability company, having an office at c/o Kushner Companies, 666 Fifth Avenue, 15th Floor, New York, New York 10103 and ETSY, INC., as tenant
(“Tenant”), a Delaware corporation, having an office at 55 Washington Street Brooklyn, New York 11201. Landlord and Tenant hereby agree as follows: 

ARTICLE 1 
 BASIC LEASE
PROVISIONS 
  

			
	PREMISES:		A portion of the ground floor lobby comprising 4,104 rentable square feet (the “Lobby Area Space”); a portion of the ground floor storage area comprising 2,044 rentable square feet (the “Storage Area
Space”); a portion of the 2nd floor, comprising 15,927 rentable square feet; the entire 3rd floor, comprising 26,506 rentable square
feet; the entire 4th floor, comprising 26,496 rentable square feet; the entire 5th floor, comprising 22,044 rentable square feet; the entire 6th floor, comprising 21,515 rentable square feet; the entire 7th floor, comprising 21,401 rentable square feet; the entire 8th floor, comprising 21,498 rentable square feet, and the entire 9th floor, comprising 10,600 rentable square feet at the building
(“Building”) located at 117 Adams Street, Brooklyn New York (collectively, the “Adams Street Premises”), and the entire 6th Floor, comprising 26,500 rentable square feet
at the building located at 55 Prospect Street, Brooklyn, New York (the “Prospect Street Premises”). Landlord and Tenant hereby agree that (i) the Adams Street Premises is comprised of 172,135 rentable square feet and (ii) the
Prospect Street Premises is comprised of 26,500 rentable square feet (collectively, the “Premises”) and, (iii) the Premises in the aggregate is comprised of 198,635 rentable square feet, as more particularly shown on drawings
annexed hereto as Exhibit “A” and made a part hereof. Landlord and Tenant stipulate that the number of rentable square feet in the Premises and in the Buildings is conclusive as to the square footage in existence on the date of this
Lease and shall be binding upon them.
		
	BUILDINGS:		The buildings, fixtures, equipment and other improvements and appurtenances now located or hereafter erected, located or placed upon the land located at 117 Adams Street Brooklyn, New York (the “Adams Street
Building”) and 55 Prospect Street, Brooklyn, New York (the “Prospect Street Building”).

			
	REAL PROPERTY:		The Buildings, together with the plot of land upon which they stand.
		
	DUMBO HEIGHTS CAMPUS:		The Buildings together with the buildings located at 77 Sands Street, 81 Prospect Street, 175 Pearl Street, each in the Borough of Brooklyn, State of New York.
		
	PERMITTED USE:		General, administrative and executive offices and all other lawful use ancillary to Tenant’s business, including, but not limited to, a fitness center with locker room and showers, kitchen/cafeteria, day care center, exhibition
area, auditorium, workshop/woodshop, bicycle storage and for no other purpose.
		
	ADAMS STREET PREMISES COMMENCEMENT DATE:		The date that is the earlier of (a) the date that Tenant, or a person acting through, or on behalf of, Tenant first occupies the Adams Street Premises for the conduct of Tenant’s ordinary business, or for the performance of
Tenant’s Initial installations (as hereinafter defined) therein, and (b) last of the following to occur: (i) the Lease is fully executed by, and delivered to, both Landlord and Tenant, (ii) Landlord tenders to Tenant vacant possession of the
Premises in the Delivery Condition (as hereinafter defined) required hereunder, (iii) Landlord notifies Tenant, in writing, that Landlord has Substantially Completed (as hereinafter defined) all Landlord’s Pre-Commencement Base Building Work,
and (iv) Landlord delivers to Tenant an ACP-5 Certificate in connection with Landlord’s Pre-Commencement Base Building Work (the “Delivery Condition”), as expressly set forth on Exhibit “C” annexed hereto and
made a part hereof, (iv) the Dual Use Elevator (as hereinafter defined) shall be fully operational and suitable for Tenant’s use in connection with the performance of Tenant’s Initial Installations and thereafter the use and occupancy of
the Premises, and (v) March 1, 2015.
		
	PROSPECT STREET PREMISES COMMENCEMENT DATE:		The date that is the earlier of (a) the date that Tenant, or a person acting through, or on behalf of, Tenant first occupies the Prospect Street Premises for the conduct of Tenant’s ordinary business, or for the performance of
Tenant’s Initial installations therein, and (b) last of the following to occur: (i) the Lease is fully executed by, and delivered to, both Landlord and Tenant, (ii) Landlord tenders to Tenant vacant possession of the Premises in the Delivery
Condition (as hereinafter defined) required hereunder, (iii) Landlord notifies Tenant, in writing, that Landlord has Substantially Completed (as hereinafter defined) all Landlord’s Pre-Commencement Base Building Work, and (iv) Landlord delivers
to Tenant an ACP-5 Certificate in connection with

  
 2 

			
			Landlord’s Pre-Commencement Base Building Work (the “Delivery Condition”), as expressly set forth on Exhibit “C” annexed hereto and made a part hereof, (iv) at least one (1) elevator shall be
operational for Tenant’s use in connection with the performance of Tenant’s Initial Installations, and (v) July 1, 2015. The Adams Street Premises Commencement Date and the Prospect Street Premises Commencement Date are, from time to
time, hereinafter collectively referred to as applicable, the “Commencement Date”).
		
	ADAMS STREET PREMISES RENT COMMENCEMENT DATE:		The date that is nine (9) months immediately following the Adams Street Premises Commencement Date, subject to extension as set forth in Section 2.2 and Section 4.1.
		
	PROSPECT STREET PREMISES RENT COMMENCEMENT DATE:		The date that is nine (9) months immediately following the Prospect Street Premises Commencement Date, subject to extension as set forth in Section 2.2 and Section 4.1. The Adams Street Premises Rent Commencement Date
and the Prospect Street Premises Rent Commencement Date are, from time to time, hereinafter collectively referred to as applicable the “Rent Commencement Date”.
		
	EXPIRATION DATE:		If, the Adams Street Premises Rent Commencement Date, or the Prospect Street Premises, shall be the first day of a calendar month, then the date which is the day immediately preceding the ten (10) year anniversary of the later of
the Adams Street Premises Rent Commencement Date, or the Prospect Street Premises Rent Commencement Date shall occur; otherwise, the last day of the month in which the ten (10) year anniversary of the later to occur of the Adams Street Premises Rent
Commencement Date and the Prospect Street Premises Rent Commencement Date.
		
	TERM:		The period commencing on the Commencement Date first occurring hereunder and ending on the Expiration Date unless sooner terminated in accordance with the terms and conditions of this Lease or pursuant to law, or extended pursuant
to the terms of this Lease.
		
	INTEREST RATE:		The lesser of (i) 3% per annum above the then-current Base Rate, and (ii) the maximum rate permitted by applicable law.
		
	BASE TAXES:		With respect to the Adams Street Building, Taxes payable for the Tax Year (as hereinafter defined) commencing on July 1, 2020 and ending on June 30, 2021 (the “Adams Base Tax Year”), and with respect to the Prospect
Street Building, Taxes payable for

  
 3 

			
			the Tax Year commencing on July 1, 2016 and ending on June 30, 2017 (the “Prospect Base Tax Year”). The term “Base Tax Year” as used in this Lease shall be deemed to refer the Adams Base
Tax Year or Prospect Base Tax Year, as applicable, and the term “Base Taxes” as used in this Lease shall be deemed to refer to the Base Taxes for the Adams Street Building or the Base Taxes for the Prospect Street Building, as
applicable.
		
	AGREED AREA OF ADAMS STREET BUILDING:		183,297 rentable square feet.
		
	AGREED AREA OF PROSPECT STREET BUILDING:		254,356 rentable square feet.
		
	TENANT’S PROPORTIONATE SHARE:		93.910% with respect to the Adams Street Premises and 10.418% with respect to the Prospect Street Premises.
		
	LANDLORD’S BASE BUILDING WORK:		Landlord’s Pre-Commencement Base Building Work together with Landlord’s Post-Commencement Base Building Work, as each is set forth on Exhibit “C” annexed hereto and made a part hereof.
		
	FIXED RENT:		As set forth on Schedule “A” annexed hereto and made a part hereof.
		
	SECURITY:		Subject to adjustment, if any, as set forth in Section 27.8 hereof, Five Million Three Hundred Forty Thousand Six Hundred Sixty- One and 00/100 ($5,340,661.00) Dollars, in the form of an Irrevocable Standby Letter of Credit
complying with the requirements of Article 27 hereof.
		
	TENANT’S		Until Tenant commences business operations at the Premises:
	ADDRESS FOR		55 Washington Street, Suite 512, Brooklyn, New York 11201
	NOTICES:		Attn: Josh Wise
			With a copy to:
			Attn: Legal Department, Hissan Bajwa
			Thereafter:
			117 Adams Street, Brooklyn, New York 11201:
			Attn: Josh Wise
			With a copy to:
			Attn: Legal Department, Hissan Bajwa

  
 4 

			
		
	LANDLORD’S		117 Adams Owner, LLC and 55 Prospect Owner, LLC
	ADDRESS FOR		c/o Kushner Companies
	NOTICES:		666 Fifth Avenue, 15th Floor
			New York, New York 10103
			Attn: Leasing Department
			Attn: General Counsel
		
			With a copy to:
			RFR Holding LLC
			390 Park Avenue, 3rd Floor
			New York, New York 10022
			Attn: Mr. Michael Fuchs and Mr. Frank Mangieri
		
			With a copy to:
			INVESCO Real Estate
			1166 Avenue of the Americas
			26th floor
			New York, New York 10036
			Attn: Mr. James Gillen
		
	TENANT’S		CBRE, Inc.
	BROKER:		
		
	LANDLORD’S		Watchtower Leasing, LLC
	AGENT:		

 ARTICLE 2 

PREMISES, TERM, RENT 

Section 2.1 Lease of Premises. Subject to the terms of this Lease, Landlord leases to Tenant and Tenant leases from
Landlord the Premises as described in Article 1 for the Term. In addition, Tenant shall have a right to use, on a non-exclusive basis and in common with other tenants, the Common Areas (as hereinafter defined). 

Section 2.2 Commencement Date. The Term shall commence on the Commencement Date and (unless sooner terminated or extended as
hereinafter provided), shall end on the Expiration Date. Except as hereinafter expressly provided, if Landlord does not tender possession of the Premises to Tenant on or before any specified date, for any reason whatsoever, Landlord shall not be
liable for any damage thereby, this Lease shall not be void or voidable thereby, and the Term shall not commence until Landlord tenders possession of the Premises to Tenant in the Delivery Condition. Notwithstanding anything to the contrary
contained herein, if the Commencement Date does not occur before August 1, 2015 (the “Target Commencement Date”), then the Adams Street Rent Commencement Date and/or the Prospect Street Rent Commencement Date, as applicable
shall be extended by (i) one (1) calendar day (after the date on which it would otherwise have occurred) for each calendar day beginning on the day immediately after the Target Commencement Date 

  
 5 

 
until the earlier to occur of (x) the Commencement Date, and (y) the forty-fifth (45th) day immediately following the Target
Commencement Date, (ii) one and one-half (1 1⁄2) calendar days (after the date on which it would otherwise have occurred) for each calendar day
beginning on the forty-sixth (46th) day after the Target Commencement Date until the earlier to occur of (x) the Commencement Date, and (y) the seventy-fifth (75th) day immediately following the Target Commencement Date, and (iii) two (2) calendar days (after the date on which it would otherwise have occurred) for each calendar day beginning on
the ninety-first (91st) day after the Target Commencement Date until the Commencement Date has occurred; it being understood and agreed that the Adams Street Rent Commencement Date shall only
be extended as aforesaid if the Adams Street Premises Commencement Date does not occur by the Target Commencement Date, and the Prospect Street Rent Commencement Date shall only be extended as aforesaid if the Prospect Street Commencement Date does
not occur by the Target Commencement Date. To the extent that Landlord’s achievement of the Commencement Date is delayed by reason of Tenant Delay and/or Unavoidable Delay (as each such term is hereinafter defined), the applicable deadline
shall be extended by such Tenant Delay and/or Unavoidable Delay. The provisions of this Section 2.2 are intended to constitute “an express provision to the contrary” within the meaning of Section 223-a of the New York Real
Property Law or any successor Requirement. Promptly after the Commencement Date, Landlord shall deliver to Tenant a “Commencement Letter” setting forth the Commencement Date, the Rent Commencement Date, and the Expiration Date
provided that the failure of Tenant to execute the Commencement Letter shall not defer the Commencement Date or Rent Commencement Date or Expiration Date, otherwise affect or invalidate this Lease. If Tenant disputes the dates set forth in the
Commencement Letter, Tenant shall notify Landlord within ten (10) Business Days of its receipt of the Commencement Letter. If within ten (10) Business Days after Landlord’s receipt of Tenant’s notice, Landlord and Tenant cannot
agree on the Commencement Date, or the Rent Commencement Date or the Expiration Date, then the Commencement Date, Rent Commencement Date and the Expiration Date, as the case may be, shall be determined by “quick” arbitration, conducted by
a three (3) member panel, in accordance with the rules and regulations of the American Arbitration Association in the borough of Manhattan, City of New York. If Tenant does not dispute the dates set forth in the Commencement Letter, in writing,
within the foregoing ten (10) Business Day period, then Landlord shall provide Tenant with a second written request (a “CD Letter Second Request”), which shall set forth in bold capital letters the following statement:
“IF TENANT FAILS TO APPROVE OR DISAPPROVE THE COMMENCEMENT DATE OR RENT COMMENCEMENT DATE OR EXPIRATION DATE SET FORTH IN THE COMMENCEMENT LETTER WITHIN FIVE (5) BUSINESS DAYS AFTER RECEIPT OF THIS NOTICE, THEN TENANT SHALL BE
DEEMED TO HAVE AGREED TO SAME.” In the event that Tenant fails to approve or disapprove the Commencement Date, Rent Commencement Date or Expiration Date within five (5) Business Days after Tenant’s receipt of the CD Second Letter
Request, then such dates shall be deemed to be the Commencement Date, Rent Commencement Date, and/or the Expiration Date set forth in the Commencement Letter for all purposes of this Lease, with such determination being conclusive and binding on
Tenant without the requirement of acknowledgement written or otherwise on the part of Tenant. 

  
 6 

 Section 2.3 Payment of Rent. Tenant shall pay to Landlord, without notice or demand,
and without any set-off, counterclaim, abatement or deduction whatsoever, except as may be expressly set forth in this Lease, in lawful money of the United States by check or by wire transfer of funds, (i) Fixed Rent, as set forth on
Schedule “A”, in equal monthly installments, in advance, on the first day of each month during the Term, commencing on the Rent Commencement Date, and (ii) Additional Rent commencing on the Rent Commencement Date (subject to
the provisions of Article 7 hereof), at the times and in the manner set forth in this Lease. 
 Section 2.4 First
Month’s Rent. Tenant shall upon its execution of this Lease pay to Landlord, by check or wire transfer of funds, one month’s Fixed Rent, in the amount of $875,452.50 (“Advance Rent”). If the Rent Commencement Date is
(i) the first day of a calendar month, the Advance Rent shall be credited towards the Fixed Rent payment for the first calendar month of the Term, or (ii) not the first day of a calendar month, then on the Rent Commencement Date Tenant
shall pay Fixed Rent for the period from the Rent Commencement Date through the last day of such month, and the Advance Rent shall be credited towards Fixed Rent for the next succeeding calendar month. 

Section 2.5 Tenant’s Existing Lease Obligation Rent Credit. Tenant currently leases certain premises in the building located
at 55 Washington Street, Brooklyn, New York, the term of which may overlap to some extent with the term of this Lease. In consideration of entering into this Lease, Landlord hereby agrees that Tenant shall be entitled to an abatement of Rent (the
“Existing Lease Rent Abatement”) (which Existing Lease Rent Abatement shall be in addition to the Rent that shall be abated during the period commencing on the Commencement Date through and including the date immediately preceding
the Rent Commencement Date), in the aggregate amount of One Million Seven Hundred Forty-Eight Thousand and 00/100 ($1,748,000.00) Dollars. The amount of the Existing Lease Rent Abatement shall be applied against the next installments of Rent
becoming due immediately following the Adams Street Rent Commencement Date until fully utilized, and shall be in addition to (and shall not run concurrent with) all other abatements and credits against Rent set forth in this Lease. 

Section 2.6 (a) 5th Floor Prospect Street Premises.
(a) Tenant shall have the option (the “5th Floor Prospect Street Premises Option”), exercisable by Tenant delivering irrevocable notice to Landlord (the “5th Floor Prospect Street Notice”), no later than June 30, 2014 TIME OF THE ESSENCE, to lease the entirety of the 5th floor at the
Prospect Street Building consisting of 26,500 rentable square feet (the “5th Floor Prospect Street Premises”), for the period commencing on the date that is the later to occur of
(i) the Commencement Date and (ii) the date on which Landlord delivers to Tenant the 5th Floor Prospect Street Premises in the Delivery Condition (the “5th Floor Prospect Street
Premises Commencement Date”) through and including the Expiration Date, as the same may be extended, upon the same terms and conditions as 

  
 7 

 
contained in this Lease, as if the 5th Floor Prospect Street Premises was part of the Premises initially leased to Tenant hereunder (the
“Initial Premises”), including, without limitation, the following material lease terms: (x) the amount of the Fixed Rent payable for the 5th Floor Prospect Street Premises,
on a rentable square foot basis, shall be the same amount of Fixed Rent, on a square foot basis, payable for the Premises during the Term, as the same may be extended, (y) Landlord shall with respect to the 5th Floor Prospect Street Premises provide Tenant with (1) an abatement of Rent for the period commencing the 5th Floor Prospect Street Premises
Commencement Date through and including the date immediately preceding the nine (9) month anniversary thereof (the “5th Floor Initial Rent Abatement Period”), and (2) in
lieu of a work allowance, additional free Rent in the amount of One Million Three Hundred Fifty-Two Thousand Five Hundred and 00/100 ($1,352,500.00) Dollars (the “Additional 5th Floor Rent
Abatement”); provided that in no event shall the Additional 5th Floor Rent Abatement exceed the amount of hard and soft construction costs incurred by Tenant in connection with
Tenant’s Initial Installations. The Additional 5th Floor Rent Abatement shall be applied against the next installment(s) of Rent becoming due immediately following the expiration of the 5th Floor Initial Rent Abatement Period until fully utilized, and shall be in addition to (and shall not run concurrent with) all other abatements and credits against Rent set forth in this Lease. 

(b) If Tenant fails to timely give the 5th Floor Prospect Street Notice as provided in
Section 2.6 (a), then subject to the provisions of Section 2.6(d), Tenant shall lease the 5th Floor Prospect Street Premises, effective as of the date that is the later to occur
of (x) the date specified by in the 5th Floor Commencement Date Notice, any (y) the date on which Landlord delivers possession of the
5th Floor Prospect Street Premises to Tenant in the Delivery Condition (the latter of such dates, the “5th Floor Prospect Street
Premises Must Take Commencement Date”) through and including the Expiration Date as the same may be extended, upon the same terms and conditions contained in this Lease, as if the 5th
Floor Prospect Street Premises were part of the Initial Premises except that (i) the Fixed Rent payable for 5th Floor Prospect Street Premises shall be in an amount equal to the Fixed Rent
then payable for the Premises, on a per rentable square foot basis, on the 5th Floor Prospect Street Premises Must Take Commencement Date, (ii) in lieu of receiving a work allowance, Tenant
shall be entitled to additional free rent in the amount of the Additional 5th Floor Rent Abatement, provided that if Landlord has performed the work necessary to improve the bathrooms at the 5th Floor Prospect Street Premises, in a Building standard manner, using Building standard materials consistent with the standards adopted by the Landlord for the Buildings, prior to 5th Floor Prospect Street Must Take Commencement Date then the Additional 5th Floor Rent Abatement shall be reduced by One Hundred Twenty Thousand
and 00/100 ($120,000.00) Dollars, and/or if Landlord has installed the heating element(s), in a Building standard manner, using Building standard materials consistent with the standards adopted by the Landlord for the Buildings at the 5th Floor Prospect Street Premises prior to 5th Floor Prospect Street Must Take Commencement Date, then the Additional 5th Floor Rent Abatement shall be reduced by Forty Thousand and 00/100 ($40,000.00) Dollars and (iii) Tenant shall be entitled to an abatement of Rent for the period commencing the 5th Floor Prospect Street Premises Must Take Commencement Date through and including the date immediately preceding the date 

  
 8 

 
which is four (4) months immediately thereafter (the “5th Floor Must Take Initial Rent Abatement Period”); it being
understood and agreed that Additional Floor Rent Abatement shall be applied against the next installment(s) of Rent becoming due immediately following the expiration of the 5th Floor Must Take
Initial Rent Abatement Period. Tenant shall indicate the 5th Floor Prospect Street Must Take Commencement Date (which date shall in no event be later than January 1, 2019) in a notice to
Landlord delivered on or prior to December 31, 2017 (the “5th Floor Commencement Notice”). If Tenant fails to deliver the
5th Floor Commencement Notice to Landlord on or prior to December 31, 2017, then the 5th Floor Prospect Street Must Take Commencement Date
shall be deemed to be January 1, 2019. 
 (c) Effective on the 5th Floor Prospect
Street Premises Commencement Date or the 5th Floor Prospect Street Premises Must Take Commencement Date, as the case may be, the 5th Floor
Prospect Street Premises shall be deemed to be part of the Premises, so that effective on such applicable date, the word Premises shall be deemed to include the 5th Floor Prospect Street Premises
for all purposes of this Lease including, without limitation, for purposes of calculating (i) the Fixed Rent for the Premises, and (ii) the number of square feet then comprising the Premises, and (iii) Tenant’s Proportionate
Share, and (iv) an adjustment of the amount of Additional 5th Floor Rent Abatement. 

(d) Notwithstanding any language to the contrary contained in Section 2.6(b) and (c), if Landlord shall fail to deliver possession of the 5th Floor Prospect Street Premises to Tenant in the Delivery Condition as of the date that is six (6) months following the 5th Floor Prospect
Street Must Take Commencement Date set forth in the 5th Floor Commencement Date Notice (the “Must Take Inclusion Outside Date”), then Tenant may elect to vitiate Tenant’s
obligation to lease the 5th Floor Prospect Street Premises, by giving Landlord notice thereof (a “Vitiation Notice”) at any time following the Must Take Inclusion Outside Date but
prior to the date that Landlord delivers possession of the 5th Prospect Street Premises to Tenant in the Delivery Condition. If Tenant’s sends a Vitiation Notice in accordance with the
provisions of this Section 2.6(d), then Tenant shall have no obligation to lease the 5th Floor Prospect Street Premises and the provisions of Section 2.6(b) and (c) shall be rendered
void ab initio and of no force and effect. 
 Section 2.7 Sands Street Sidewalk Expansion. Promptly following the date of
this Lease, Landlord shall apply to the Department of Transportation of the City of New York for the purpose of expanding the width of the sidewalk on Sands Street between Adams Street and Pearl Street (the “Sands Street Sidewalk
Expansion”). Landlord shall use commercially reasonable efforts to obtain the Sands Street Sidewalk Expansion. In the event Landlord is successful in its application to obtain the Sands Street Sidewalk Expansion, Landlord shall, at no
additional cost to Tenant, to the extent legally permissible, provide Tenant, at Tenant’s sole option, with a portion, determined in Landlord’s sole discretion, of such increased sidewalk area for Tenant’s exclusive use
(“Tenant’s Sidewalk Area”). Tenant must exercise such election within thirty (30) days of Tenant’s receipt of notice from Landlord indicating that the Sands Street Sidewalk Expansion has been obtained, which notice
shall include a designation of Tenant’s 

  
 9 

 
Sidewalk Area and Landlord’s estimate of the costs to be incurred in connection with the Sands Street Sidewalk Expansion. If Tenant so elects to take the Tenant’s Sidewalk Area, then
Landlord shall deliver same to Tenant in compliance with all applicable Requirements, including free of violations, and Tenant shall be responsibility for its proportionate share of all reasonable out-of-pocket costs incurred by Landlord in
connection with the Sands Street Sidewalk Expansion. Tenant hereby acknowledges and agrees that (i) any costs and expenses associated with Tenant’s improvement, alteration and/or use of Tenant’s Sidewalk Area including, without
limitation, any permits, licenses or modification of the same, shall be at Tenant’s sole cost and expense, (ii) Tenant shall, at its cost and expense, be responsible for the maintenance and repair, if necessary of Tenant’s Sidewalk
Area, and for compliance with all applicable Requirements in connection with Tenant’s use of Tenant’s Sidewalk Area (except to the extent of Landlord’s obligation set forth above to deliver same to Tenant in compliance with
Requirements and free of violations), (iii) Landlord shall have no obligations whatsoever in connection with (i),(ii) and (iii) of this Section 2.7, and (iv) Tenant shall indemnify and save harmless Landlord and/or
Landlord’s Indemnitees (as hereinafter defined) from any and all liability, damages, cost, expenses, fees (including reasonable attorneys’ fees) which Landlord and/or Landlord’s Indemnitees may suffer in connection with Tenant’s
improvement, maintenance and/or use of Tenant’s Sidewalk Area. Notwithstanding anything to the contrary contained in this Section 2.7, in the event Landlord’s application for Sands Street Sidewalk Expansion is denied, this
Lease shall nevertheless remain in full force and effect in accordance with its terms and conditions. 
 Section 2.8 Sky
Bridges. Subject to the provisions of this Section 2.8, Tenant shall have the exclusive right to use the sky bridges that connect the 5th floor and 6th floor of the Adams Street Building to the corresponding 5th floor and 6th floor of the
Prospect Street Building (collectively, the “Sky Bridges”) as a convenience passageway between the Premises; provided and on the condition that (i) Tenant leases the applicable corresponding floor in both Buildings, and
(ii) Landlord has obtained any applicable governmental consent, license or other approval that permits the use of the Sky Bridges as contemplated hereunder (collectively, “Sky Bridge Consent”). Landlord shall use commercial
reasonable efforts to apply for and obtain the Sky Bridge Consent, including any required renewals thereof. The Sky Bridges shall not be deemed part of the Premises, and Landlord shall, at its sole cost and expense, be responsible for the repair and
maintenance thereof except to the extent any such repair or maintenance is required as a result of the negligence or willful misconduct of Tenant. With respect to the sky bridge that connects the
6th floor of the Adams Street Building to the 6th floor of the building located at 77 Sands Street (the “Sands Street
Building”), Landlord shall, at its sole cost and expense, install a rated hollow metal door at the entrance of either or both of the 6th floor of the Adams Street Building or Sands Street
Building so that access through such sky bridge between the Sands Street Building and Adams Street Building shall be closed off. 

  
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 ARTICLE 3 

USE AND OCCUPANCY 
 Tenant
shall use and occupy the Premises for the Permitted Uses and for no other purpose. Tenant shall not use or occupy or permit the use or occupancy of any part of the Premises in a manner constituting a Prohibited Use (as hereinafter defined). If
Tenant uses the Premises for a purpose constituting a Prohibited Use, violating any Requirement (as hereinafter defined), or causing the Buildings to be in violation of any Requirement, then Tenant shall promptly discontinue such use upon notice
from Landlord of such violation. Tenant, at its expense, shall procure and at all times maintain and comply with the terms and conditions of all licenses and permits required for the lawful conduct of the Permitted Uses in the Premises. Landlord
shall, at no cost or expense to Landlord, cooperate with Tenant in connection with Tenant’s obtaining of any such governmental license or permit (including any permit required in connection with Tenant’s Alterations, including
Tenant’s Initial Installations) or any application by Tenant for any amendment or modification to the Certificate of Occupancy for the Building (including the Zero Occupancy TCO), and Landlord shall reasonably promptly execute and deliver any
applications, reports or related documents as may be requested by Tenant in connection therewith, provided that Tenant shall reimburse Landlord, as Additional Rent, for the reasonable out-of-pocket costs and expenses incurred by Landlord in
connection with such cooperation within thirty (30) days after demand therefore, accompanied by reasonably satisfactory documentation of such costs and expenses. 

ARTICLE 4 
 CONDITION OF
THE PREMISES; ADDITIONAL RENT CREDIT 
 Section 4.1 Condition. Tenant has inspected the Premises and agrees
(a) to accept possession of the Premises on the Commencement Date in the Delivery Condition, and (b) except for the Free Rent Credits (as hereinafter defined) and Landlord’s Pre-Commencement Base Building Work, Landlord has no
obligation to perform any work, supply any materials, incur any expense or make any alterations or improvements to the Premises in order to prepare the same for Tenant’s initial occupancy on the Commencement Date. Except for Landlord’s
Pre-Commencement Base Building Work and Landlord’s Post-Commencement Base Building Work which shall be performed by Landlord, at Landlord’s sole cost and expense, any work to be performed by Tenant in connection with Tenant’s initial
occupancy of the Premises shall be hereinafter referred to as the “Tenant’s Initial Installations”. Promptly following Landlord’s Substantial Completion of Landlord’s Pre-Commencement Base Building Work and
Landlord’s Post-Commencement Building Work, as the case may be, Landlord and Tenant shall jointly inspect the Premises (each a “Joint Inspection”) and prepare and execute a list of Punch List Items. Subject to Landlord’s
obligation to complete any Punch List Items relating to the Pre-Commencement Base Building Work, Tenant’s occupancy of any portion of the Premises shall be conclusive evidence, as against Tenant, that Tenant has accepted possession of the
Premises, in its then 

  
 11 

 
current condition and at the time such possession was taken, the Premises was in the Delivery Condition, and the obligation to complete such Punch List Items shall not affect the occurrence of
the Commencement Date and/or the Rent Commencement Date. If Landlord’s Post-Commencement Base Building Work, or a portion of Landlord’s Post-Commencement Base Building Work, as the case may be, is not Substantially Completed by
October 1, 2015, then the Fixed Rent, or a portion of the Fixed Rent, as the case may be, calculated on the basis of the percentage of the Premises for which Landlord’s Post-Commencement Base Building Work was not Substantially Completed
by October 1, 2015, shall be abated on a per diem basis, for each calendar day beginning on October 1, 2015 until the date that Landlord’s Post-Commencement Base Building Work, or such portion of Landlord’s Post-Commencement Base
Building Work, as the case may be, is Substantially Completed in accordance with the terms and conditions of this Lease. Notwithstanding the foregoing, with respect to solely Landlord’s Post-Commencement Work obligation to furnish Tenant with a
second fully functional elevator in the Adams Street Building by May 15, 2015 (the “Second Elevator Outside Date”), the reference to “October 1, 2015” in the prior sentence shall be deemed to be the Second Elevator
Outside Date. To the extent that Substantial Completion of Landlord’s Post-Commencement Base Building Work is delayed by reason of Tenant Delay and/or Unavoidable Delay (as each such term is hereinafter defined), the applicable deadline shall
be extended by the length of such Tenant Delay and/or Unavoidable Delay. Upon Substantial Completion of Landlord’s Pre-Commencement Base Building Work and Landlord’s Post-Commencement Base Building Work, as the case may be, Landlord shall
notify Tenant that it has Substantially Completed the same. Tenant shall have ten (10) Business Days following the Joint Inspection within which to notify Landlord, in writing, that it disputes Landlord’s determination that it has
Substantially Completed Landlord’s Pre-Commencement Base Building Work or Landlord’s Post-Commencement Base Building Work, as the case may be, and whether any additional items which should be Punch List Items. If Tenant does not so notify
Landlord that it disputes said determination within the foregoing ten (10) Business Days period, it shall be deemed that Landlord’s Pre-Commencement Base Building Work or Landlord’s Post-Commencement Date Work, as the case may be, has
been Substantially Completed. Any dispute as to whether Landlord has Substantially Completed Landlord’s Pre-Commencement Base Building Work and/or Landlord’s Post-Commencement Date Base Building Work, or whether an item should be a Punch
List Item, shall be resolved in accordance with Section 11.8.  
 Section 4.2 Additional Rent Credit.
Notwithstanding anything to the contrary contained herein, in lieu of receiving a work allowance, Tenant shall be entitled to additional free rent in the amount of Ten Million Five Hundred Eighty-Two Thousand Five Hundred Eighty Five and 00/100
($10,582,585.00) Dollars (the “Additional Rent Credit”); provided that in no event shall the Additional Rent Credit exceed the amount of hard and soft construction costs incurred by Tenant in connection with Tenant’s Initial
Installations (collectively, “Tenant’s Initial Work Cost”). The Additional Rent Credit shall be applied against the next installment(s) of Rent becoming due immediately following the Rent Commencement Date until fully utilized,
and shall be in addition to (and shall not run concurrent with) all other abatements and/or credits against Rent set forth in this Lease. For the sole purpose of determining that Tenant’s Initial Work Cost

  
 12 

 
exceeds the Additional Rent Credit and/or the Additional 5th Floor Rent Abatement, Tenant shall furnish Landlord with documentation reasonably
evidencing Tenant’s Initial Work Cost. Notwithstanding anything to contrary contained herein, for so long as Tenant may be in monetary default or material non-monetary default of its obligations under this Lease, including any default under
Section 5.4 hereof (i.e., with respect to the removal of liens), Tenant shall not be entitled to apply the Additional Rent Credit or the Additional 5th Floor Rent Abatement until such
time as such default is cured and Tenant furnishes Landlord with documentation reasonably evidencing that Tenant’s Initial Installations have been substantially completed, which documentation may consist of an architect’s certification to
that effect. 
 Section 4.3 Base Building Redesign Costs. To the extent Tenant requests any re-design of any portion of the
Buildings, and Landlord and Tenant agree that such design changes will be implemented and at what cost, then Tenant shall bear the agreed to incremental costs of same which may be applied to reduce the Additional Rent Credit. 

ARTICLE 5 
 ALTERATIONS

 Section 5.1 Tenant’s Alterations. (a) Tenant shall not make any alterations, additions or other physical
changes in or about the Premises (collectively, “Alterations”), without Landlord’s prior consent, which consent shall not be unreasonably withheld, conditioned or delayed, provided such Alterations: (i) are non-structural
other than type which are routinely performed by multi-floor tenants in Class A office buildings, (ii) do not materially and adversely affect any Building Systems other than by connecting thereto and/or temporarily during the performance
of an Alteration, such as a power shut down during the performance of same, (iii) affect only the Premises, and are not visible from the street level outside of the Premises, (iii) do not effect a modification of the Temporary Certificate
of Occupancy (“TCO”), or the Certificate of Occupancy issued for the Building or the Premises (but the existing Certificate of Occupancy may be amended and updated to reflect the completion of Tenant’s Alterations that
otherwise conform to this Lease), and (iv) do not violate any Requirement, and (v) do not require the issuance of a Building Permit by the Department of Buildings of the City of New York. Notwithstanding anything to the contrary contained
herein, Landlord’s consent shall not be required for any Alteration, if such Alteration (x) satisfies subsections (i) through (iv) above and does not require any submissions to, or approval of, any Governmental
Authority(collectively, “Governmental Approval”); it being understood and agreed that any Alteration that requires Government Approval shall always require the consent of Landlord hereunder, which consent shall be granted or
withheld in accordance with the provisions of this Article 5, or (y) is of a cosmetic nature such as painting, wallpapering, hanging pictures or installing carpeting (the categories of Alterations set forth in said clauses (x) and
(y) being collectively referred to herein as “Decorative Alterations”). Tenant shall give Landlord not less than five (5) Business Days’ notice prior to performing any Decorative Alteration, which notice shall contain
a description of such Decorative Alteration. The 

  
 13 

 
performance and installation of all Decorative Alterations that are visible from the street level outside of the Premises shall be deemed an Alteration requiring Landlord’s prior approval in
accordance with last sentence of Subsection 5.1(b) below, regardless of the cost of such Decorative Alteration(s). 
 (b) Plans
and Specifications. Prior to making any Alterations, Tenant, at its reasonable expense, shall (i) submit to Landlord for its approval, detailed plans and specifications (“Plans”) of each proposed Alteration (other than
Decorative Alterations that do not require Landlord’s approval), (ii) obtain all permits, approvals and certificates required by any Governmental Authorities, and (iii) furnish to Landlord duplicate original policies or certificates
of worker’s compensation (covering all persons to be employed by Tenant, and Tenant’s contractors and subcontractors in connection with such Alteration) and commercial general liability (including property damage coverage) insurance and
Builder’s Risk coverage (as described in Article 11), naming Landlord, Landlord’s Agent, any Lessor and any Mortgagee of whom Tenant has been notified as additional insureds (provided, however, that for contractors performing work
costing less than $100,000.00 Adjusted by CPI, which does not in any manner affect the structural integrity of the Building or affect any Building Systems or the TCO or the Certificate of Occupancy of the Building and are not visible from the street
level outside the Building, Landlord shall accept such lower limits of liability insurance then being accepted by landlords of Comparable Buildings [hereinafter defined]). Landlord shall provide written approval or denial of approval of Plans for
Tenant’s Alteration(s), including Tenant’s Initial Installations, within ten (10) Business Days of Landlord’s receipt of Plans for such Alteration(s) (and any re-submission of any such Plans after Landlord has disapproved the
initial set of Plans (stating in reasonable detail the reasons for such disapproval within five (5) Business Days after receipt thereof by Landlord). If Landlord fails to either approve or disapprove (stating in reasonable detail the reasons
for such disapproval), Tenant’s Plans within said ten (10) Business Day period or five (5) Business Day period, as the case may be, Tenant shall provide Landlord with a second written request for approval (a “Second
Request”) to Landlord, which shall set forth in bold capital letters the following statement: “IF LANDLORD FAILS TO APPROVE OR DISAPPROVE (STATING IN REASONABLE DETAIL THE REASONS FOR SUCH DISAPPROVAL, WITHIN FIVE (5) BUSINESS
DAYS AFTER RECEIPT OF THIS NOTICE, THEN THE TENANT PLANS AS TO WHICH THIS SECOND REQUEST APPLIES SHALL BE DEEMED APPROVED.” In the event that Landlord fails to approve or disapprove (stating in reasonable detail the reasons for such
disapproval) the Second Request within five (5) Business Days after receipt thereof by Landlord, Tenant’s Plans and specifications as to which such Second Request applies shall be deemed approved. Notwithstanding anything to the contrary
contained herein, no failure by Tenant to furnish Landlord with a second written request as aforesaid shall constitute a default and/or breach of Tenant’s obligations hereunder. 

(c) Governmental Approvals. Tenant, at its expense, shall, as and when required, promptly obtain certificates of partial and final
approval of such Alterations required by any Governmental Authority and shall, with all reasonable promptness after completion of any Alterations, furnish Landlord with copies thereof, together with contractor’s “as-built” Plans,
marked to reflect field changes, provided 

  
 14 

 
such field changes are not substantial, for such Alterations prepared on an AutoCAD Computer Assisted Drafting and Design System to the extent prepared by the contractor (or such other system or
medium as Landlord may reasonably accept), using naming conventions issued by the American Institute of Architects in June, 1990 (or such other naming conventions as Landlord may reasonably accept) and magnetic computer media of such record drawings
and specifications translated in DWG format or another format reasonably acceptable to Landlord. Landlord shall promptly and expeditiously cooperate with Tenant, at no cost or expense to Landlord, in obtaining any permits or approvals necessary from
any Governmental Authority having jurisdiction in connection with the performance of Tenant’s Initial Installations or Alterations which cooperation shall include without limitation, promptly executing, which Landlord shall endeavor to do
within three (3) Business Days (but in no event more than five (5) Business Days) of request therefor, applications reasonably required by Tenant for such permits prior to commencement or completion of Landlord’s review of Plans;
provided, that execution of any such application by Landlord shall not constitute Landlord’s consent to the proposed Alteration in question or the Plans. 

(d) Asbestos Containing Material and other Hazardous Materials. Landlord represents to Tenant that to Landlord’s knowledge, there
shall be no ACM (as hereinafter defined) in the Premises on the Commencement Date in violation of applicable Requirements. Landlord shall, at its cost and expense, deliver to Tenant, (i) on or before the Commencement Date, a ACP-5 Certificate
which shall provide that Landlord’s Pre-Commencement Base Building Work does not constitute an “asbestos project”, and (ii) within fifteen (15) Business Days of Landlord’s receipt of Tenant’s final Plans for
Tenant’s Initial Installations, a ACP-5 Certificate for the Premises, which shall provide that Tenant’s Initial Installations do not constitute an “asbestos project”. If during the performance of Tenant’s Initial
Installations, any (i) asbestos-containing materials, or (ii) any other Hazardous Materials existing on the Commencement Date that are legally required to be remediated and/or removed from the Premises under applicable Requirements
(collectively, “ACM”) shall be discovered in, or about the Premises, or in any part of the Building or Common Areas that Tenant shall have the right to enter or use in connection with Tenant’s performance of Tenant’s
Initial Installations pursuant to the provisions of this Lease (e.g., conduits, shaft ways, mechanical areas, or the Building roof), which ACM shall be required pursuant to applicable Requirements to be removed, encapsulated, or otherwise abated,
then, Landlord shall, after receiving notice thereof from Tenant, remove, encapsulate or otherwise abate such ACM in accordance with all Requirements at Landlord’s sole cost and expense. If and to the extent any such ACM shall be discovered in,
or about the Premises that was not brought in, on or about the Premises by Tenant or a party under Tenant’s control, and if and to the extent Tenant is unable to and ceases the performance of all or a portion of Tenant’s Initial
Installations as a result of same (including due to Landlord’s remediation work), then Tenant from the date on which Tenant provides Landlord with written notice of the foregoing shall be entitled to an abatement of Fixed Rent for one
(1) day for each day of delay for the portion or portions of the Premises actually affected, until such date that the ACM has been removed, encapsulated or otherwise abated by Landlord in accordance with the terms hereof and Landlord has
notified Tenant thereof. If the Rent Commencement Date shall not have yet occurred at the time of such abatement, such abatement of Fixed Rent shall be applied to the day or days immediately succeeding the Rent Commencement Date. 

  
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 Section 5.2 Manner and Quality of Alterations. All Alterations shall be performed
(a) in a good and workmanlike manner and free from defects, (b) substantially in accordance with the Plans, and in the case of Major Construction Work (as hereinafter defined) by contractors approved by Landlord, which approval shall not
be unreasonably withheld, conditioned or delayed (c) in compliance with all Requirements, the terms of this Lease and the Building standard construction procedures and regulations set forth on Exhibit E-2 annexed hereto, and any
future modifications thereto prescribed by Landlord, provided the same do not increase Tenant’s obligations or reduce Tenant’s rights hereunder, in each case, other than to a de minimis extent, and provided, further, that any conflict
between such procedures and regulations and the terms and conditions of this Lease, shall be resolved in favor of the terms and conditions of this Lease, and (d) at Tenant’s expense (subject to Tenant’s right, with respect to the
Initial Installations, to receive the Free Rent Credits). All materials and equipment shall be of first quality and at least equal to the applicable standards for the Building then established by Landlord, and no such materials or equipment (other
than Tenant’s Property) shall be subject to any lien or other encumbrance. Attached to this Lease as Schedule “B” is a list of contractors that are hereby approved by Landlord (as same may be modified from time to time by
Landlord “Landlord’s Contractor List”). Tenant shall be required to use Landlord’s designated contractor(s) to perform all work in connection with the (i) elevators, (ii) Class E system, (iii) tie-in by
Tenant to Landlord’s emergency generator, (iv) Submeters, (v) and Landlord’s expediter (Charles Rizzo & Associates, Inc.) and (vi) BMS; provided that such contractor(s) shall charge such rates as are substantially
similar and customary for other contractors performing such work in Comparable Buildings. If Tenant engages any contractor set forth on Landlord’s Contractor List, Tenant shall not be required to obtain Landlord’s consent to such
contractor, provided Tenant shall be required to obtain Landlord’s confirmation (which confirmation may be oral) that such contractor remains on Landlord’s Contractor List. If Tenant desires to use a contractor who is not named on
Landlord’s Contractor List, Landlord shall not unreasonably withhold its approval of any reputable contractor proposed by Tenant (except for those contractors performing work with respect to Building Systems including, without limitation the
Class E System), provided such contractor shall provide Landlord with appropriate positive references and proof of financial responsibility reasonably satisfactory to Landlord. Landlord shall, within ten (10) Business Days after receiving any
request from Tenant for such approval, together with such references and proof, respond to such request, and if Landlord fails to respond to such request within such ten (10) Business Day period, such request for approval shall be deemed
approved by Landlord. 
 Section 5.3 Removal of Tenant’s Property. Tenant’s Property shall remain the property of
Tenant and Tenant may remove the same at any time on or before the Expiration Date, as the same may be extended. On or prior to the Expiration Date, as the same may be extended, Tenant shall, at Tenant’s cost and expense, remove all of
Tenant’s Property, and subject to the last sentence of this Section 5.3 and the provisions of Section 5.10, any Specialty Alterations; it being understood and agreed 

  
 16 

 
that Tenant shall have no obligation to remove any cabling or wires. Tenant shall repair and restore, in a good and workmanlike manner, any damage to the Building (or material damage that would
materially increase the cost of the next tenant build-out) or the Building caused by Tenant’s removal of any Specialty Alterations or Tenant’s Property, and upon default thereof, Tenant shall reimburse Landlord for Landlord’s
reasonable out-of-pocket cost of repairing or restoring such damage or Landlord’s demolition, as the case may be. Any Specialty Alterations or Tenant’s Property not so removed shall be deemed abandoned and Landlord may retain or remove and
dispose of same, and repair and restore any damage caused thereby, at Tenant’s reasonable out-of-pocket cost and without accountability or liability to Tenant. Landlord, at the time of Landlord’s approval of Tenant’s Plans for any
Tenant’s Alterations (including the Initial Installations), shall identify which Specialty Alterations, Tenant be required to remove at the end of the Term. 

Section 5.4 Mechanic’s Liens. Tenant, at its expense, shall discharge any lien or charge recorded or filed against the Real
Property in connection with any work done or claimed to have been done by or on behalf of, or materials furnished or claimed to have been furnished to, Tenant, within thirty (30) days after Tenant’s receipt of notice thereof by payment,
filing the bond required by law or otherwise in accordance with law. 
 Section 5.5 Labor Relations. Tenant shall not employ, or
permit the employment of, any contractor, mechanic or laborer, or permit any materials to be delivered to or used in the Building, if, in Landlord’s sole judgment, such employment, delivery or use will interfere or cause any conflict with other
contractors, mechanics or laborers engaged in the construction, maintenance or operation of the Building by Landlord, Tenant or others. If such interference or conflict occurs, upon Landlord’s request, Tenant shall cause all contractors,
mechanics or laborers causing such interference or conflict to leave the Building immediately. Landlord confirms that no Building staff or employees are presently unionized, and notwithstanding anything to the contrary contained herein, Tenant shall
be permitted to use non-union labor in the performance of Alterations, including Tenant’s Initial Installations. 
 Section 5.6
Tenant’s Costs. Except as expressly set forth herein, Tenant shall pay to Landlord, within thirty (30) days of demand, all reasonable third party out-of-pocket costs actually incurred by Landlord in connection with:
(a) Landlord’s review of Plans for such Alterations (including review of requests for approval thereof), and (b) to the extent requested by Tenant in writing, the provision of Building personnel during the performance of any
Alterations to operate elevators or otherwise facilitate the performance of such Alteration. 
 Section 5.7 Tenant’s Equipment.
Tenant shall provide notice to Landlord prior to moving any heavy machinery, heavy equipment, freight, bulky matter or fixtures (collectively, “Equipment”) into or out of the Building. If such Equipment requires special
handling, Tenant agrees (a) to employ only persons holding all necessary licenses to perform such work, (b) that all work to be performed in connection therewith shall comply with all applicable Requirements and (c) with respect only
to the Prospect Street Building, such work shall be done only during hours reasonably designated by Landlord. 

  
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 Section 5.8 Legal Compliance. The approval of Plans, or consent by Landlord to the
making of any Alterations, does not constitute Landlord’s representation that such Plans or Alterations comply with any Requirements. Landlord shall not be liable to Tenant or any other party in connection with Landlord’s approval of any
Plans, or Landlord’s consent to Tenant’s performing any Alterations, subject to Landlord’s obligations with respect to ACM as provided in Section 5.1(d). If any Alterations made by or on behalf of Tenant, require Landlord
to make any alterations or improvements to any part of the Buildings in order to comply with any Requirements, Tenant shall pay all reasonable actual costs and expenses incurred by Landlord in connection with such Alterations or improvements. 

Section 5.9 Floor Load. Tenant shall not place a load upon any floor of the Premises that shall exceed the pounds per square foot
“live load”, for such floor. Landlord hereby represents that as of the date hereof: (i) (w) each floor (except the 8th floor) at the Adams Street Building is rated for 100 lbs.
per square foot of live load, and (x) the 8th floor at the Adams Street Building is rated for 100 lbs. per square foot of live load, and (y) the 8th floor roof at the Adams Street Building is rated for 100 lbs. per square foot of live load, and (z) the fifth floor roof at the Adams Street Premises is rated for 100 lbs. per square foot of
live load, and (ii) the 6th floor at the Prospect Street Building is rated for 100 lbs. per square foot of live load. 

Section 5.10 Internal Staircase(s). Tenant shall, at its cost and expense, have the right to install, one (1) or more
internal staircase(s) (the “Internal Staircase[s]”) between contiguous floors of the Premises. The installation of the Internal Staircase(s) shall be subject to, and conditioned upon, (i) Landlord’s prior review and
written approval of the location of the Internal Staircase(s) and the structural impact of the Internal Staircase(s) on the Building, which approval shall not be unreasonably withheld, and (ii) compliance with the terms and conditions of
Article 5. Notwithstanding anything to the contrary contained in this Lease, including Section 5.3, if Tenant elects to construct and install one or more Internal Staircases subject to the terms of this Section 5.10, then, in lieu
of completing a restoration of any such Specialty Alteration as of the Expiration Date as required pursuant Section 5.3, Tenant shall have the right to provide Landlord with a letter of credit (the “Restoration L/C”) in an
amount equal to one hundred twenty-five percent (125%) of the then market costs for the removal of the stairs, replacement of the slab, and restoration of the floors and ceiling as reasonably determined by Landlord (“Staircase
Restoration Work”). The Restoration L/C shall be substantially in the form annexed to this Lease as Exhibit F. Landlord may apply the proceeds of the Restoration L/C against any and all costs incurred by Landlord in connection with
the performance of any Staircase Restoration Work. The unused portion of the Restoration L/C, if any, shall be returned to Tenant promptly following the earlier to occur of (x) completion and payment in full for the Staircase Restoration Work
covering all such internal stairways; (y) the date on which Landlord leases all of the space containing such internal stairways to tenant(s) who desire to retain same as part of their demised premises; provided, that, if Landlord leases only a
portion of the space 

  
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containing such internal stairways to tenant(s) who desire to retain same as part of their demised premises, the Restoration L/C shall be equitably reduced to an amount necessary to cover the
cost of Staircase Restoration Work that would then be required as reasonably determined by Landlord; provided, that, Tenant provide a replacement letter of credit in such reduced amount (upon which would enter into a simultaneous exchange of the
Restoration L/C with the replacement letter of credit), and (z) twelve (12) months following the Expiration Date. The provisions of this Section 5.10 shall survive the Expiration Date or earlier expiration of the Term. 

ARTICLE 6 
 REPAIRS

 Section 6.1 Landlord’s Repair and Maintenance. Landlord shall operate, maintain and replace, if necessary, except
for such repairs to the Buildings as are expressly made the obligation of Tenant as provided in Section 6.2 hereof, make all necessary repairs (both structural and nonstructural) to (i) the Building Systems, and (ii) the public
portions of the Buildings, including the adjacent sidewalks (other than Tenant’s Sidewalk Area) and (iii) the structural elements of the Buildings, both exterior and interior, including the roofs, foundations and curtain walls thereof, in
a manner consistent with a Class A standard. 
 Section 6.2 Tenant’s Repair and Maintenance. Tenant shall, at its
expense and in compliance with Article 5, maintain and promptly make all nonstructural repairs to the Premises and the fixtures, equipment and appurtenances therein (including all electrical, plumbing, heating, ventilation and air
conditioning, sprinklers and life safety systems in and serving the Premises from the point of connection to the Building Systems) within the Premises (collectively, “Tenant Fixtures”) as and when needed to preserve the Premises in
good working order and condition, except for (x) reasonable wear and tear and damage as a result of a casualty in the Premises for which Tenant is not responsible or (y) such repairs as are required as the result of the negligence or
willful misconduct of Landlord, Landlord’s Agent, or their respective employees or contractors. All damage to the Buildings or to any portion thereof, or to any Tenant Fixtures requiring structural or nonstructural repair caused by or directly
resulting from any negligence or willful misconduct of a Tenant Party, shall be repaired at Tenant’s reasonable expense by (i) Tenant, if the required repairs are nonstructural in nature and do not affect any Building System, or
(ii) Landlord, if the required repairs are structural in nature, involve replacement of exterior window glass or affect any Building System. All Tenant repairs shall be of good quality utilizing new construction materials in conformity with
Building standards as reasonably adopted by the Landlord for the Buildings. In the event Tenant shall fail to make a repair or perform a maintenance obligation(s) on its part to be performed under this Section 6.2, after ten
(10) days of written notice thereof (subject to Unavoidable Delay), Landlord may make such repair or perform such maintenance obligation(s), at Tenant’s expense (immediately, and without advance notice, in the case of emergency). All
actual out of pocket reasonable costs 

  
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and expenses incurred by Landlord in connection with the making of such repair or performance of such maintenance obligation by, or on behalf of Landlord, and all actual out of pocket reasonable
costs and expenses, including reasonable counsel fees and disbursements, incurred by Landlord, as a result of such failure by Tenant under this Lease, in any action or proceeding brought by Landlord in which Landlord is the prevailing party (as
determined by a court of competent jurisdiction), shall be paid by Tenant to Landlord on demand, with interest thereon at the Interest Rate from the date incurred by Landlord. 

Section 6.3 Restorative Work. Landlord reserves the right to make all changes, alterations, additions, improvements, repairs or
replacements to the Buildings (excluding the Premises except as expressly permitted under Section 14.1(a)) and Building Systems, including changing the arrangement or location of or passageways, doors and doorways, corridors, elevators, stairs,
toilets or other Common Areas (collectively, “Restorative Work”), as Landlord deems necessary or desirable; provided that (a) the level of any Building service shall not decrease in any material respect from the level required
of Landlord in this Lease as a result thereof (other than temporary changes in the level of such services during the performance of any such Restorative Work, provided such temporary changes do not unreasonably interfere with Tenant’s ordinary
conduct of business), (b) such Restorative Work shall not deprive Tenant of access to any portion of the Premises (other than a de minimis portion) (and provided any such continued access does not unreasonably interfere with Tenant’s
ordinary course of business), (c) interfere with Tenant’s ordinary use and occupancy of the Premises during the performance of such Restorative Work, and Section 14.3 shall apply to any blackening or covering of the windows of
the Premises, and (d) Landlord shall not change the arrangement or location of the entrances to the Adams Street Building other than on a temporary basis as may be reasonably required in connection with the performance of any Restorative Work.
Except as expressly set forth in Section 10.11(b), there shall be no abatement of Rent or allowance to Tenant for a diminution of rental value, no actual or constructive eviction of Tenant, in whole or in part, no relief from any of
Tenant’s other obligations under this Lease, and no liability on the part of Landlord by reason of inconvenience, annoyance or injury to business arising from Landlord, Tenant or others performing, or failing to perform, any Restorative Work.
Landlord may take all materials into the Premises required for the performance of any such Restorative Work; provided that Landlord shall not store such materials in the Premises unless reasonably necessary and only for a reasonable period of time
not to exceed the performance of the subject Restorative Work. Except in case of emergency, Landlord shall provide Tenant with reasonable written notice prior to commencing any Restorative Work, which would affect the Premises and shall use
reasonable efforts to minimize interference (and duration of interference) with Tenant’s use and occupancy of the Premises during the performance of such Restorative Work. 

  
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 ARTICLE 7 

INCREASES IN TAXES 

Section 7.1 Definitions. For the purposes of this Article 7, the following terms shall have the meanings set forth below:

 (a) “Assessed Valuation” shall mean the amount for which the Real Property is assessed pursuant to the applicable
provisions of the City Charter and the Administrative Code of New York, or any successor Requirements, for the purpose of imposition of Taxes. 

(b) Intentionally Omitted. 

(c) “Base Taxes” are defined in Article 1.  

(d) “Comparison Year” shall mean (i) with respect to the Adams Street Building, each Tax Year commencing on or after
July 1, 2021, and (ii) with respect to the Prospect Street Building, each Tax Year commencing on or after July 1, 2017. 

(e) Intentionally Omitted. 

(f) “Statement” shall mean a statement containing a comparison of (i) the Base Taxes and the Taxes for any Comparison
Year. 
 (g) “Tax Year” shall mean the twelve month period from July 1 through June 30 (or such other period as
hereinafter may be duly adopted by the City of New York as its fiscal year for real estate tax purpose). 
 (h) “Taxes”
shall mean (i) all real estate taxes, assessments (including any ICAP benefits and any assessments made as a result of the Building being within a business improvement), and other governmental levies, impositions or charges, whether general,
special, ordinary, extraordinary, foreseen or unforeseen, which may be assessed, levied or imposed upon all or any part of the Real Property, and (ii) all expenses (including reasonable attorneys’ fees and disbursements and experts’
and other witnesses’ fees) incurred in contesting any of the foregoing or the Assessed Valuation of the Building (such expenses shall be included in Base Taxes if incurred during the Base Tax Year but only to the extent such expenses are also
incurred in a Comparison Year and included in Taxes for such Comparison Year). Taxes shall not include (x) interest or penalties incurred by Landlord as a result of Landlord’s late payment of Taxes, or (y) net income, franchise,
transfer, gift, inheritance, estate, succession, corporation taxes, documentary stamp taxes, transfer gains tax, tax increment financing or recording fees imposed upon Landlord. If Landlord elects to pay any assessment in annual installments, then
(i) such assessment shall be deemed to have been so divided and to be payable in the maximum number of installments permitted by law, and (ii) there shall be deemed included in Taxes for each Comparison Year the installments of such
assessment becoming payable during such Comparison Year. If at any time the methods of taxation prevailing on the Commencement Date 

  
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shall be altered so that in lieu of or as an addition to the whole or any part of Taxes, there shall be assessed, levied or imposed (1) a tax, assessment, levy, imposition or charge based on
the income or rents received from the Building whether or not wholly or partially as a capital levy or otherwise, (2) a tax, assessment, levy, imposition or charge measured by or based in whole or in part upon all or any part of the Building
and imposed upon Landlord, (3) a license fee measured by the rents, or (4) any other tax, assessment, levy, imposition, charge or license fee however described or imposed, then to the extent the same shall be similarly treated as Taxes by
owners of Comparable Buildings all such alternative or additional taxes, assessments, levies, impositions, charges or license fees or the part thereof so measured or based shall be deemed to be Taxes. Notwithstanding anything to the contrary
contained herein, if, by Requirements or in accordance with the provisions of the last sentence of Section 7.2, any such tax assessment may be paid in installments, then, for the purposes hereof (a) such tax assessment shall be
deemed to have been payable in the maximum number of installments permitted by Requirements and (b) there shall be included in Taxes, for each Comparison Year in which such installments may be paid, the installments of such tax assessment so
becoming payable during such Comparison Year. 
 Section 7.2 Tenant’s Tax Payment. (a) If the Taxes payable for any
Tax Year after the Base Tax Year exceed the Base Taxes, Tenant shall pay to Landlord, Tenant’s Proportionate Share of such excess (“Tenant’s Tax Payment”). For each Comparison Year in which any such Tax Year commences,
Landlord shall furnish to Tenant a statement setting forth Landlord’s reasonable estimate of Tenant’s Tax Payment for such Tax Year (the “Tax Estimate”). Tenant shall pay to Landlord on the 1st day of each month during such Comparison Year an amount equal to 1/12th of the Tax Estimate for such Tax Year (“Monthly Tax Escrow
Payments”). If Landlord furnishes a Tax Estimate for a Comparison Year subsequent to the commencement thereof, then (i) until the 1st day of the month following the month in which
the Tax Estimate is furnished to Tenant (subject to the prior notice requirements set forth below), Tenant shall pay to Landlord on the 1st day of each month an amount equal to the monthly sum
payable by Tenant to Landlord under this Section 7.2(a) for the last month of the preceding Comparison Year; (ii) promptly after the Tax Estimate is furnished to Tenant or together therewith, Landlord shall give notice to Tenant
stating whether the installments of the Tax Estimate previously made for such Comparison Year were greater or less than the installments of the Tax Estimate to be made for such Comparison Year in accordance with the Tax Estimate, and (x) if
there shall be a deficiency, Tenant shall pay the amount thereof within twenty (20) Business Days after demand, or (y) if there shall have been an overpayment, Landlord shall credit the amount thereof against subsequent payments of Rent
next coming due hereunder (or if there shall be no subsequent payments of Rent next coming due, Landlord shall pay to Tenant the amount of such overpayment within twenty (20) Business Days); and (iii) on the 1st day of the month following the month in which the Tax Estimate is furnished to Tenant (provided Tenant has a least twenty (20) Business Days’ notice), and on the 1st day of each month thereafter throughout the remainder of such Comparison Year, Tenant shall pay to Landlord an amount equal to 1/12th of the Tax
Estimate. Landlord may, during each Comparison Year, furnish to Tenant a revised Tax Estimate for such Comparison Year, and in such case, Tenant’s Tax Payment for such Comparison Year 

  
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shall be adjusted and any deficiencies paid or overpayments credited, as the case may be, substantially in the same manner as provided in the preceding sentence. After the end of each Comparison
Year, Landlord shall furnish to Tenant a Statement of Taxes applicable to Tenant’s Tax Payment payable for such Comparison Year and (A) if such Statement shall show that the sums so paid by Tenant were less than Tenant’s Tax Payment
due for such Comparison Year, Tenant shall pay to Landlord the amount of such deficiency within twenty (20) Business Days after delivery of the Statement to Tenant, or (B) if such Statement shall show that the sums so paid by Tenant were
more than such Tenant’s Tax Payment, Landlord shall credit such overpayment against subsequent payments of Rent next coming due, if any (or if there shall be no subsequent payments of Rent next coming due, Landlord shall pay to Tenant the
amount of such overpayment within twenty (20) Business Days). If there shall be any increase in the Taxes for any Tax Year, whether during or after such Tax Year, or if there shall be any decrease in the Taxes for any Tax Year, Tenant’s
Tax Payment for such Comparison Year shall be appropriately adjusted and any deficiencies paid or overpayments credited (or repaid), as the case may be, substantially in the same manner as provided in the preceding sentence. Notwithstanding anything
to the contrary contained herein, Tenant shall have no obligation to make Monthly Tax Escrow Payments unless Landlord is required to deposit monthly escrow payments of Taxes with its lender, and if Landlord’s lender does not so require such
monthly escrow, Tenant shall pay Tenant’s Tax Payment no later than thirty (30) days prior to the date on which the Taxes (or the installment thereof) for such Comparative Year shall become due and payable to the applicable taxing
authority, provided, however that in no event shall Tenant be obligated to pay any Tenant’s Tax Payment prior to the date that is thirty (30) days after the date that Tenant has received a Statement of the Taxes payable during the
Comparative Year, together with a copy of the tax bills for the Comparative Year in question. In addition to Tenant’s Tax Payment, for each Tax Year during the Term commencing with Tax Year beginning July 1, 2017, Tenant shall pay to
Landlord, with respect to the Adams Street Premises only, an amount equal to the Fixed Tax Escalations. The Fixed Taxed Escalations shall be payable in the same manner and times (other than the date on which such payments commence) as Tenant’s
Tax Payment (i.e., 30 days prior to the date on which such Taxes for such Comparative Year shall become due and payable to the applicable taxing authority, or monthly if such amounts are required to be escrowed by Landlord’s lender as set forth
above). 
 (b) Only Landlord may institute proceedings to reduce the Assessed Valuation of the Building and the filing of any such
proceeding by Tenant without Landlord’s consent shall constitute an Event of Default. If the Base Taxes are reduced, the Additional Rent previously paid or payable on account of Tenant’s Tax Payment hereunder for all Comparison Years shall
be recomputed on the basis of such reduction, and Tenant shall pay to Landlord, within ten (10) Business Days after demand therefore, any deficiency between the amount of such Additional Rent previously computed and paid by Tenant to Landlord,
and the amount due as a result of such recomputation. If the Base Taxes are increased, then Landlord shall either pay to Tenant, or at Landlord’s election, credit against subsequent payments of Rent due, if any (or if there shall be no
subsequent payments of Rent next coming due, Landlord shall pay to Tenant the amount of such overpayment within twenty [20] Business Days), 

  
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the amount by which such Additional Rent previously paid on account of Tenant’s Tax Payment exceeds the amount actually due as a result of such recomputation. If Landlord receives a refund
of Taxes for any Comparison Year, Landlord shall, at its election, either pay to Tenant, or credit against subsequent payments of Rent due hereunder (or if there shall be no subsequent payments of Rent next coming due, Landlord shall pay to Tenant
the amount of such overpayment within twenty [20] Business Days), an amount equal to Tenant’s Proportionate Share of the refund, net of any reasonable, actual, out of pocket expenses incurred by Landlord in achieving such refund (without
duplication to the extent such expenses were included in Taxes), which amount shall not exceed Tenant’s Tax Payment paid for such Comparison Year. The benefit of any exemption or abatement relating to all or any part of the Building shall
accrue to the benefit of Landlord provided, however, that Taxes for the Base Tax Year and all Comparison Years shall be computed by taking into account any such exemption or abatement. 

(c) Landlord shall, with respect to each Comparison Year, initiate and pursue in good faith an application and proceeding seeking a reduction
in Taxes or the assessed valuation of the Real Property for the Adams Street Building (a “Certiorari Application”) to the extent that (i) doing so would be reasonable and customary for landlords of Comparable Buildings for the
Comparison Year in question (without taking into account any considerations with respect to any other properties owned by Landlord or any affiliate of Landlord in the City of New York), and (ii) so long as the Adams Street Premises consist of
not less than seventy-five percent (75%) of the rentable square area of the Adams Street Building (the “Minimum Leasing Requirement”), if Landlord does not intend to pursue a Certiorari
Application, Landlord obtains and provides to Tenant with respect to such Comparison Year a letter from a recognized certiorari attorney or consultant that, in such person’s opinion, it would not be advisable or productive to bring any such
application or proceeding; provided, however, that if Landlord shall elect not to initiate and pursue a Certiorari Application for any Comparison Year, not later than thirty (30) days prior to the last day on which Landlord would be entitled to
initiate a Certiorari Application, Landlord shall use commercially reasonable efforts to give notice of such election (a “Certiorari Waiver Notice”) to Tenant, which notice shall contain a statement in bold type and capital letters
stating “THIS IS A CERTIORARI WAIVER NOTICE.” If Landlord fails within such thirty (30) day period to give to Tenant either (i) a Certiorari Waiver Notice or (ii) a notice indicating that Landlord will initiate and
pursue a Certiorari Application, Landlord shall be deemed to have given to Tenant a Certiorari Waiver Notice. For so long as Tenant satisfied the Minimum Leasing Requirement, Tenant shall have the right within fifteen (15) days (time being of
the essence) after the giving (or deemed giving) of such Certiorari Waiver Notice to give a notice to Landlord directing Landlord to initiate and pursue a Certiorari Application (a “Certiorari Direction Notice”). In the event that
Tenant shall give a Certiorari Direction Notice to Landlord in accordance with the provisions of the preceding sentence, Landlord shall initiate a Certiorari Application prior to the last day on which it is entitled to initiate same and shall pursue
same in good faith. In connection with any Certiorari Application relating to any Comparison Year occurring during the term of this Lease that Tenant satisfies the Minimum Leasing Requirement, Tenant shall have the right to retain, at Tenant’s
sole cost and expense, its own 

  
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certiorari counsel (hereinafter called “Tenant’s Certiorari Counsel”), who shall have the right to consult with the counsel retained by Landlord in connection with such
Certiorari Application (“Landlord’s Certiorari Counsel”) with respect to such Certiorari Application and any proceedings in connection therewith, provided that Tenant’s Certiorari Counsel shall have first executed and
delivered to Landlord a confidentiality agreement in form reasonably acceptable to Landlord wherein Tenant’s Certiorari Counsel shall agree to maintain in strict confidence and not to reveal to any third parties (other than Tenant, except as
hereinafter set forth) any confidential information concerning the Adams Street Building or its operations that has not otherwise been made public, except as may be required by applicable Requirements or by a court of competent jurisdiction or in
connection with any action or proceeding before a court of competent jurisdiction. In addition, Tenant’s Certiorari Counsel shall not reveal any such confidential information to Tenant, except to the extent necessary in the reasonable judgment
of Tenant’s Certiorari Counsel to enable Tenant to decide whether and how to exercise any rights of Tenant set forth in this Section 7.2(c). Tenant shall be subject to maintain the confidentiality of any and all such information on
terms identical to those by which Tenant’s Certiorari Counsel is bound and, in addition, Tenant hereby expressly acknowledges and agrees that it shall not have the right to use such information for any other purpose whatsoever (including,
without limitation, in connection with any fair market rental determination under this Lease, except to the extent that all or a portion of such information has been made known to Tenant by other sources (e.g., public filings or the brokerage
community). Subject to the provisions of the preceding two sentences, Landlord shall cause Landlord’s Certiorari Counsel to meet with Tenant’s Certiorari Counsel, to keep Tenant’s Certiorari Counsel advised as to the status of the
Certiorari Application(s) in question and the strategies employed or to be employed by Landlord and Landlord’s Certiorari Counsel in connection therewith, and Landlord and Landlord’s Certiorari Counsel shall consider any recommendations of
Tenant’s Certiorari Counsel with respect to such Certiorari Application(s). Tenant’s Certiorari Counsel shall have the right to attend meetings, including participation in meetings, between Landlord and/or Landlord’s Certiorari
Counsel and the New York City Department of Finance Assessor’s Office and/or New York City Tax Commission and/or the New York City Law Department with respect to any such Certiorari Applications. Notwithstanding anything to the contrary set
forth in this Section 7.2(c), Landlord shall have the right to settle any and all certiorari proceedings with respect to the Real Property, provided that Landlord shall act in a commercially reasonable manner and as if this Real Property
were Landlord’s only property, and Tenant, for itself and its immediate and remote subtenants and successors in interest hereunder, hereby waives, to the extent permitted by law, any right Tenant may now or in the future have to protest or
contest any Taxes or to bring any application or proceeding seeking a reduction in Taxes or assessed valuation or otherwise challenging the determination of such settlement. 

(d) Tenant shall be responsible for any applicable occupancy or rent tax now in effect or hereafter enacted and, if such tax is payable by
Landlord, Tenant shall promptly pay such amounts to Landlord, upon Landlord’s demand. 

  
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 (e) Tenant shall be obligated to make Tenant’s Tax Payment regardless of whether Tenant may
be exempt from the payment of any taxes as the result of any reduction, abatement, or exemption from Taxes granted or agreed to by any Governmental Authority, or by reason of Tenant’s diplomatic or other tax exempt status. 

Section 7.3 Survival of Obligations. Except as expressly set forth in Section 7.4, the obligations of Landlord and Tenant set
forth in this Article 7 shall survive the Expiration Date or earlier termination of this Lease for a period of one (1) year after the date that Taxes for such Comparison Year are finally determined. 

Section 7.4 Non-Waiver; Disputes. Landlord’s failure to render any Statement on a timely basis with respect to any Comparison
Year shall not prejudice Landlord’s right to thereafter render a Statement with respect to such Comparison Year or any subsequent Comparison Year, nor shall the rendering of a Statement prejudice Landlord’s right to thereafter render a
corrected Statement for that Comparison Year, provided, however, in no event shall Tenant have any liability hereunder with respect to any Statement or corrected Statement not delivered to Tenant within two (2) years after the later of
(a) the last day of such Comparison Year and (b) the date that the Taxes for such Comparison Year are finally determined (including if Taxes for a Comparison Year are then being contested by Landlord in accordance with Section 7.2
(b) or (c), in which event the foregoing two (2) year period shall be extended base on the date that a final determination is rendered by the Department of Taxation and Finance of the City of New York for the Comparison Year
contested. 
 Section 7.5 Proration. It is understood and agreed that Tenant’s obligation to make (i) Tenant’s
Tax Payments with respect to the Adams Street Premises commences on July 1, 2021, and (ii) Tenant’s Tax Payments with respect to the Prospect Street Premises and Fixed Tax Escalation Payments with respect to the Adams Street Premises,
both commence on July 1, 2017. If, as contemplated, the Rent Commencement Date occurs prior to July 1, 2017, no proration of Additional Rent under this Article 7 shall be required. If the Expiration Date occurs on a date other than
June 30, any Additional Rent under this Article 7 for the Comparison Year in which such Expiration Date occurs shall be apportioned on the basis of the number of days in the year from July 1 to the Expiration Date. Upon the
expiration or earlier termination of this Lease, any Additional Rent under this Article 7 shall be adjusted or paid within 30 days after submission of the Statement for the last Comparison Year. 

Section 7.6 No Reduction in Rent. In no event shall any decrease in Taxes in any Comparison Year below the Base Taxes, result in a
reduction in the Fixed Rent or any other component of Additional Rent payable hereunder. 

  
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 ARTICLE 8 

REQUIREMENTS OF LAW 

Section 8.1 Compliance with Requirements. 

(a) Tenant’s Compliance. Tenant, at its cost and expense, shall comply with all Requirements applicable to the Premises that are
triggered as a result of Tenant’s specific manner of use or occupancy thereof including, without limitation, obtaining any modifications to the Zero Occupancy TCO required for Tenant’s occupancy (i.e., as opposed to laws of general
applicability to the leasable space in the Building, the compliance of which shall be Landlord’s responsibility, at Landlord’s cost and expense); provided, however, that Tenant shall not be obligated to comply with any Requirements
requiring any structural alterations to the Building unless the application of such Requirements arises from (i) the specific manner and nature of Tenant’s use or occupancy of the Premises, as distinct from general office use,
(ii) Alterations made by Tenant, or (iii) a breach by Tenant of any of the provisions of this Lease. Subject to the provisions of Article 12, any repairs or alterations required to be made by Tenant for compliance with applicable
Requirements to the extent required by this Section 8.1(a) shall be made at Tenant’s expense (1) by Tenant in compliance with Article 5 if such repairs or alterations are nonstructural and do not affect any
Building System and to the extent such repairs or alterations do not affect areas outside the Premises, or (2) by Landlord if such repairs or alterations are structural or affect any Building System or to the extent such repairs or alterations
affect areas outside the Premises, provided, however, the foregoing provisions of this Section 8.1(a) shall not be construed to require Tenant to perform structural Alterations, unless the same are required due to clauses (i), (ii), or
(iii) of the immediately preceding sentence. If Tenant obtains knowledge of any failure to comply with any Requirements applicable to the Premises, Tenant shall give Landlord prompt notice thereof. Subject to the provisions of Article
25, Tenant hereby agrees to indemnify Landlord for any actual costs, loss, injury, expense or fees (including reasonable attorneys’ fees) incurred by reason of such non-compliance 11 If Tenant’s occupancy of the Premises, based on
Tenant’s pro-rata share of any partial floor of a Building that it occupies violates the density requirements set forth in the existing TCO or Certificate of Occupancy for such Building for any full floor or the portion of such floor that it
occupies, then Tenant shall either (i) modify the Building’s TCO or Certificate of Occupancy, as the case may be, to permit such occupancy, or (ii) take all action necessary to put the Premises in compliance with such density
requirements (i.e., if the TCO or Certificate of Occupancy permits 100 persons on a floor and Tenant occupies one-half of such floor, then Tenant shall not be permitted to have more than 50 people occupy such floor). Attached to this Lease as
Schedule “D” is a copy of the current Certificates of Occupancy for the Buildings. 
 (b) Hazardous Materials.
Tenant shall not cause (or permit by persons under Tenant’s reasonable control to cause): (i) any Hazardous Materials to be brought into the Building, (ii) the storage or use of Hazardous Materials in or about the Building or the
Premises (subject to the second sentence of this Section 8.1[b]), any manner other than in full compliance with any Requirements, or (iii) the escape, disposal or release of any Hazardous Materials within or in the vicinity of the
Building. Nothing herein shall be deemed to prevent Tenant’s use and storage of any Hazardous Materials customarily used in the ordinary course of Permitted Use, provided such use is in accordance with all Requirements. Tenant shall be
responsible, at its expense, for all matters directly or indirectly based on, or arising or resulting from the presence of Hazardous Materials in the Building which is caused or permitted by a Tenant Party.

  
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Tenant shall provide to Landlord copies of all communications received by Tenant with respect to any Requirements relating to Hazardous Materials, and/or any claims made in connection therewith.
Landlord or its agents may perform non-invasive environmental inspections of the Premises at any time upon not less than three (3) Business Days’ notice to Tenant (except in the case of an emergency, in which case the inspection may be
performed without advance notice to Tenant); provided, that any such access by Landlord and/or its agents shall be subject to all the terms and conditions of this Lease, including using commercially reasonable efforts to minimize any interference
with the conduct of Tenant’s business in the Premises. 
 (c) Landlord’s Compliance. Subject to the performance of
Tenant’s Action Items, Landlord represents that on the Commencement Date the Premises and the Buildings shall be in compliance with all Requirements (as hereinafter defined), having jurisdiction thereof where applicable. Landlord, at its cost
and expense, shall comply with (or cause to be complied with) all Requirements applicable to the Buildings which are not the obligation of Tenant, to the extent that non-compliance (i) would impair Tenant’s use and occupancy of the
Premises for the Permitted Uses (as opposed to Tenant’s particular manner of use of the Premises), or (ii) would threaten the health and safety of Tenant and its employees, in either case other than to a de minimis extent, or
(iii) would impair Tenant’s ability to perform any Alteration including, without limitation, Tenant’s Initial Installations). 

(d) Landlord’s Insurance. Tenant shall not cause or permit any action or condition that would (i) invalidate or conflict with
Landlord’s insurance policies provided the same shall be commercially reasonable, (ii) violate applicable rules, regulations and guidelines of the Fire Department, Fire Insurance Rating Organization or any other authority having
jurisdiction over the Building, (iii) cause an increase in the premiums of fire insurance for the Building over that payable with respect to Comparable Buildings (unless Tenant pays such increase), or (iv) result in Landlord’s
insurance companies’ refusing to insure the Building or any property therein in amounts and against risks as reasonably determined by Landlord (any of the foregoing, an “Adverse Insurance Condition”). Landlord hereby
acknowledges and agrees that the mere use and occupancy of the Premises by Tenant for the Permitted Use shall not, in and of itself, constitute an Adverse Insurance Condition. If fire insurance premiums for the Building increase as a result of
Tenant’s failure to comply with the provisions of this Section 8.1, and Landlord shall provide reasonable proof thereof, Tenant shall promptly cure such failure and shall reimburse Landlord for the increased fire insurance premiums
paid by Landlord as a result of such failure by Tenant. 
 (e) Certain Violations. If the existence of any violations of Requirements
noted of record against the Buildings (other than any such violations created by any Tenant Party or which will be cured by Tenant by the performance of the Initial Installations, at no additional cost to Tenant other than a de minimis amount),
shall delay (or prevent) Tenant from obtaining any governmental permits, consents, approvals or other documentation required by Tenant (each “Adverse Violation”) for (A) the performance of any Initial Installation and/or any
subsequent Alterations or (B) the lawful occupancy of any portion of the Premises upon completion of any Initial 

  
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Installations therein, then, (i) upon the giving of notice by Tenant to Landlord of such prevention or delay and of the applicable violations, Landlord shall promptly commence and thereafter
diligently prosecute to completion the cure and removal of record of such violations and, in the case of the Initial Installations, the Rent Commencement Date shall be extended for the period of such prevention or delay. Landlord hereby represents
that as of the date hereof, Landlord has not received any notice from any governmental agency of any violation of Requirements relating to the Premises or the Building that would constitute an Adverse Violation. Without limiting the generality of
the foregoing, Landlord acknowledges and agrees that Requirements shall include all local and governmental regulations, codes, rules or laws of any governmental authority having or asserting jurisdiction over, and to the extent applicable to, the
Building and the Premises including, but not limited to The Americans With Disabilities Act, Local Law 26 of the City of New York and NFPA 101 (Code for Safety to Life) and the Federal Occupational Safety and Health Act of 1970 (as amended). 

Section 8.2 Tenant Fire and Life Safety; Sprinkler. If pursuant to New York City code requirements any modifications and/or
alterations be made or any additional equipment be supplied in connection with the sprinkler system or fire alarm and life-safety system serving the Buildings by reason of Tenant’s business, or any Alterations performed by Tenant, or the
location of the partitions in the Premises, or Tenant’s Property, or other contents of the Premises, Landlord (to the extent outside of the Premises) or Tenant (to the extent within the Premises) shall make such modifications and/or
Alterations, and supply such additional equipment, in either case at Tenant’s cost and expense. 
 Section 8.3 Landlord Fire
and Life Safety; Sprinkler. Landlord shall maintain, repair and replace, if necessary, at Landlord’s sole cost and expense, the Building Systems situated outside of the Premises, including the main sprinkler valves and risers, base building
fire alarm systems and devices. In addition, Landlord shall also provide sufficient points of connection and fire alarm infrastructure capable of unlimited expansion with the addition of data gathering panels (DGP) provided by Tenant as required to
satisfy Tenant’s fire alarm requirements within the Premises, in compliance with all applicable New York City code Requirements. Any modification to the base Building infrastructure shall be at Landlord’s sole cost and expense, unless such
modification is necessitated by reason of Tenant’s Alteration(s) (other than Tenant’s Initial Installations), negligence or willful misconduct. In connection with Tenant’s performance of any Alterations (including the Initial
Installations), Tenant shall not be required, but shall be permitted, to perform daily drain-downs of the sprinkler system, at Tenant’s cost and expense in accordance with all applicable Requirements. 

ARTICLE 9 

SUBORDINATION 

Section 9.1 Subordination and Attornment. (a) This Lease shall be subject and subordinate to all Mortgages and Superior
Leases; provided, that Tenant’s agreement to subordinate this Lease to any particular Superior Lease or Mortgage is 

  
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conditioned upon the applicable Mortgagee or Lessor executing and delivering to Tenant an agreement to the effect that, inter alia, if there shall be a foreclosure of its Mortgage or termination
of a Superior Lease, such Mortgagee or Lessor will not make Tenant a party defendant to such foreclosure, evict Tenant, disturb Tenant’s possession under this Lease, or terminate or disturb Tenant’s leasehold estate or rights or privileges
hereunder provided no event of default beyond the expiration of any applicable notice and cure period hereunder has occurred and is continuing hereunder, and such agreement shall contain substantive provisions that are no less favorable to Tenant
than the substantive provisions contained in form of agreement annexed hereto as Exhibit F (any such agreement, or any agreement of similar import, from a Mortgagee or Lessor, being hereinafter called a “SNDA”). Tenant’s
receipt of a SNDA with substantive provisions that are no less favorable to Tenant than the substantive provisions contained in form of agreement annexed hereto as Exhibit “G” and made a part hereof is a condition precedent to
Tenant’s subordination of its rights under, and interests in, this Lease, and Tenant’s obligation to subordinate its rights under, and interests in, this Lease at any time during the Term is excused until the foregoing condition is
satisfied in each respective instance. Any Superior Lease to which this Lease is subordinate will not vitiate the rights of Tenant hereunder or impose additional obligations other than to a de minimis extent regarding administrative type obligations
of and upon Tenant. 
 (b) If a Lessor or Mortgagee or any other person or entity shall succeed to the rights of Landlord under this Lease,
whether through possession or foreclosure action or the delivery of a deed, then subject to the terms of the applicable SNDA, Tenant shall attorn to and recognize such successor landlord as Landlord under this Lease. 

Section 9.2 Mortgage or Superior Lease Defaults. Any Mortgagee may elect that this Lease shall have priority over the Mortgage
and, upon notification to Tenant by such Mortgagee; this Lease shall be deemed to have priority over such Mortgage, regardless of the date of this Lease. In connection with any financing of the Real Property, Tenant shall consent to any reasonable
modifications of this Lease requested by any lending institution, provided such modifications do not (x) increase the Rent, or (y) increase the other obligations, or adversely affect the rights, of Tenant under this Lease or diminish
Landlord’s obligations, or increase Landlord’s rights, under this lease, except to a de minimis extent. Upon notice to Tenant from any Mortgagee or Lessor that Landlord’s right to collect Rent has been revoked, Tenant shall be
authorized to pay Rent to such Mortgagee or Lessor, as the case may be, and any such payments shall be in satisfaction of the obligation hereunder to pay the same to Landlord. Tenant shall have no obligation to verify the accuracy of any such notice
from any Mortgagee or Lessor. 
 Section 9.3 Tenant’s Termination Right. As long as any Superior Lease or Mortgage exists,
then subject to the terms of the applicable SNDA, Tenant shall not seek to terminate this Lease by reason of any breach, act, or omission of Landlord’s obligations hereunder until (a) Tenant shall have given notice of such act or omission
to all Lessors and/or Mortgagees of whom Tenant has been given notice together with their respective addresses, and (b) a reasonable period of time (which shall not be more 

  
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than sixty (60) days following the date by which Landlord shall have been required to cure such default under this Lease) shall have elapsed following the giving of notice of such default
and the expiration of any applicable notice or grace periods (unless such act or omission is not capable of being remedied within a reasonable period of time), during which period such Lessors and/or Mortgagees shall have the right, but not the
obligation, to remedy such act or omission and thereafter diligently proceed to so remedy such act or omission. If any Lessor or Mortgagee elects to remedy such act or omission of Landlord by giving notice thereof to Tenant within ten (10) days
of Tenant’s notice, then Tenant shall not seek to terminate this Lease so long as such Lessor or Mortgagee is proceeding with reasonable diligence to affect such remedy. 

Section 9.4 Provisions. The provisions of this Article 9 shall (a) inure to the benefit of any Lessor or Mortgagee and
any successor thereto, and (b) notwithstanding that, as a matter of law, this Lease may terminate upon the termination of any such Superior Lease or foreclosure of such Mortgage. 

Section 9.5 Current Lender. Landlord represents to Tenant that, as of the date of this Lease (a) there are no Superior Leases
and (b) the only Mortgage is a Mortgage held by Natixis Real Estate Capital LLC (“Current Lender”). Landlord shall, within ninety (90) days from date of this Lease (the “SNDA Outside Date”), deliver to
Tenant, a Subordination, Non-disturbance and Attornment Agreement from the Current Lender, for the benefit of Tenant, in substantially the form annexed hereto as Exhibit “G” and made a part hereof (the “Natixis
SNDA”). Notwithstanding anything to the contrary contained herein, if Landlord shall fail to deliver the Natixis SNDA to Tenant by the SNDA Outside Date, then Tenant shall have the right to terminate this Lease by delivering notice of such
election to Landlord at any time prior to the Natixis SNDA being furnished to Tenant, in which case, this Lease shall terminate as of the date set forth in such notice and Landlord shall immediately return to Tenant the Advance Rent and Letter of
Credit. 
 ARTICLE 10 

SERVICES 

Section 10.1 Electricity. (a) Landlord shall furnish and make available to the Premises, at the electrical closets located on
each floor of the Premises as more particularly set forth on Exhibit “A” annexed hereto, electricity service to the Premises for the operation of Tenant’s electrical systems and equipment in the Premises, at a capacity of not
less than a load of six (6) watts per usable foot of the Premises on a demand load basis (excluding all base Building HVAC) (the “Basic Capacity”). The useable square footage of the Premises is set forth on Schedule
“G” annexed hereto. Landlord shall on, or before, the Commencement Date, at its cost and expense, install (i) a “real-time” metering and monitoring system in the Adams Street Premises and in the Prospect Street Premises,
which monitoring system shall permit Tenant to obtain current information with respect to its consumption and monthly information and billing on the cost of electricity furnished to the Premises. Landlord shall provide a minimum of one Submeter (as
hereinafter defined) per electric closet at the main disconnect in each 

  
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closet. Tenant, at Tenant’s option and at Tenant’s sole cost, may direct Landlord to also install Submeters on individual components of Tenant’s electrical equipment, including the
monitoring of consumption and demand of lighting, equipment power and supplemental air conditioning equipment. The monitoring system and its associated software will permit Tenant to review metering measurements remotely through Tenant’s data
connection. Subject to Landlord’s reasonable approval, Tenant shall, at its cost and expense, have the right to redistribute the electrical capacity being furnished to the Premises amongst the floors of the Premises. Notwithstanding anything to
the contrary contained herein, Landlord shall, at Tenant direction, contract directly with one or more utility providers of Tenant’s choosing to furnish sustainable sources of utilities for the Adams Street Building, and Tenant shall be
responsible to pay the incremental out-of-pocket cost incurred by Landlord in connection with obtaining any such service as set forth on documentation provided by Landlord reasonably evidencing same. 

(b) Submetering. Landlord shall, at its sole cost and expense, prior to the Commencement Date furnish, install and connect submeters
(“Submeters”) at the Adams Street Premises, and at the Prospect Street Premises, in order to (i) measure and record and provide printouts of the measurement of the demand and consumption of electric current serving the Premises
during each month (or other billing period reasonably determined by Landlord) occurring during the Term of this Lease, and (ii) ascertain Tenant’s consumption of electricity in kilowatt hours (herein called “KWH”),
by time of day, if applicable, and demand in kilowatts (herein called “KW”) for each month (or other billing period reasonably determined by Landlord). Notwithstanding anything to the contrary contained herein, in no event
shall any Building Systems (other than any air-conditioning units and domestic water heaters that exclusively service the Premises) be on Tenant’s Submeters; it being understood and agreed that other than has otherwise heretofore expressly set
forth, Landlord shall, at its sole cost and expense, pay all electrical charges relating to the use of Building Systems. Tenant shall, at its cost and expense, maintain the Submeters throughout the Term. Where more than one Submeter measures the
service of Tenant in a particular Building, such meters shall be connected by Landlord to a so-called “totalizer” or “coincidental demand meter” for that Building furnished and installed by Landlord at Landlord’s expense so
that Tenant’s aggregate demand for the Adams Street Premises, and the Prospect Street Premises, as the case may be, shall be measured and billed to Tenant with the same effect as if Tenant’s aggregate demand for the entire Adam Street
Premises and the Prospect Street Premises, as the case may be, were measured by a single meter. The costs incurred in connection with the installation and connection of the Submeters to such totalizer or coincidental demand meter shall be borne by
Landlord. Tenant shall effective the Commencement Date, pay to Landlord, but no more frequently than monthly, an amount determined for each billing period by applying the KWH and KW shown on the Submeters to the rates pursuant to which Landlord
purchases electric current for the Building from the utility and alternate provider, if applicable, during the particular billing period, including therein any taxes, fuel adjustment charges, surcharges, demand charges, energy charges, time-of-day
charges, rate adjustment charges and other impositions of any nature payable by Landlord (billed, in each case, on the same basis upon which Landlord shall be billed) (herein called “Landlord’s

  
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Rate”). If consumption or demand is billed at different rates depending on different subdivisions or categories of the rate schedule, then Tenant’s KWH consumption and KW demand
shall be billed at Landlord’s Rate per KW or KWH (as the case may be) for such subdivision or category (e.g., KWH consumption is currently billed at different rates on the utility provider’s transmission and distribution invoices depending
on the time of day of consumption and accordingly Tenant’s KWHs shall be applied separately to the rates applicable to the period in which each KWH of Tenant’s consumption was consumed). Tenant shall pay all actual reasonable out of pocket
costs incurred by Landlord to read such Submeters and to calculate the amounts billed to Tenant hereunder, which costs shall be commercially reasonable. If any tax is imposed upon Landlord’s receipts from the sale or resale of electricity to
Tenant, Tenant shall pay such tax if and to the extent permitted by law as if Tenant were the ultimate consumer of such electricity; it being understood and agreed that Landlord shall register as a “reseller” of electricity. Bills for such
amounts shall be rendered to Tenant at such times as Landlord may elect, but not more frequently than monthly and at least thirty (30) days prior to the due date thereof. Landlord shall not terminate electricity service to the Premises until
replacement metering is in place and operational.  
 (c) Direct Metering. Tenant may elect to obtain and pay for
Tenant’s entire separate supply of electric current by direct application to and arrangement with the public utility company servicing the Buildings (“Direct Electric Service”). Tenant acknowledges and agrees that in the event
Tenant elects to obtain Direct Electric Service to either the Adams Street Premises and/or the Prospect Street Premises prior to the Adams Street Premises Commencement Date, Prospect Street Premises Commencement Date, or the Adams Street Premises
Rent Commencement Date or the Prospect Street Rent Commencement Date, as the case may be, that such election to obtain Direct Electric Service shall not affect the occurrence of any of the foregoing dates. Landlord will permit its electric feeders,
risers and wiring serving the general lighting and power within the Buildings to be used by Tenant to the extent available and safely capable of being used for such purpose. Landlord shall (at no cost or expense) cooperate with Tenant in connection
with Tenant’s obtaining direct electric service, and shall reasonably promptly execute and deliver any applications, reports or related documents as may be requested by Tenant in connection therewith, provided that Tenant shall reimburse
Landlord, as Additional Rent, for the reasonable out-of-pocket costs and expenses incurred by Landlord in connection with such cooperation within thirty (30) days after demand therefor, accompanied by reasonably satisfactory documentation of
such costs and expenses. 
 (i) Any additional risers, feeders, electrical meters or other equipment or service proper or necessary to
supply Tenant’s electrical requirements in connection with obtaining Direct Electric Service, upon written request of Tenant, will be installed by Landlord, at the sole cost and expense of Tenant, if in Landlord’s reasonable judgment, the
same will not cause permanent damage or injury to the Buildings or the Premises, or cause or create a dangerous or hazardous condition or entail excessive or unreasonable alterations, repairs or expense. 

  
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 (ii) In no event shall Tenant use or install any fixtures, equipment or machines the use of which
in conjunction with other fixtures, equipment and machines in the Premises would result in consumption of electricity in excess of the Basic Capacity, and upon notice from Landlord that Tenant is exceeding the Basic Capacity, Tenant shall disconnect
such of its installations as are necessary so that Tenant will no longer be exceeding the Basic Capacity (as such Basic Capacity may be redistributed pursuant to the last sentence of this Section 10.1(a)). 

(iii) Tenant covenants and agrees that at all times its use of electric current shall never exceed the Basic Capacity (as same may be
redistributed pursuant to the last sentence of Section 10.1(a)). 
 (iv) Landlord shall not be liable or responsible in any way
to Tenant for any loss, damage or expense which Tenant may sustain or incur if either the quantity or character of electric energy is changed by the utility provider or is no longer available or suitable for Tenant’s requirements except to the
extent caused by the negligence or willful misconduct of Landlord and/or Landlord’s Parties. Tenant shall furnish, install and replace, as required and at its own cost and expense, all lighting fixtures, tubes, lamps, bulbs, ballasts and
outlets required in the Premises. All such fixtures, tubes, lamps, bulbs, ballasts and outlets so installed shall become Landlord’s property upon the expiration or sooner termination of this Lease. Tenant shall at all times comply with the
rules and regulations of the utility company supplying electricity to the Building. 
 (d) Tenant shall at all times comply with the rules
and regulations of the utility company supplying electricity to the Buildings. Tenant shall not use any electrical equipment which, in Landlord’s reasonable judgment, would exceed the Basic Capacity. If Landlord determines that Tenant’s
electrical requirements exceed the Basic Capacity (as such Basic Capacity may be redistributed pursuant to the last sentence of Section 10.1(a)) which necessitates the installation of any additional risers, feeders or other electrical
distribution equipment (collectively, “Electrical Equipment”), or if Tenant provides Landlord with evidence reasonably satisfactory to Landlord of Tenant’s need for electricity in excess of the Basic Capacity and requests that
additional Electrical Equipment be installed, Landlord shall, at Tenant’s cost and expense, install such additional Electrical Equipment, provided that Landlord (subject to the next sentence), in its sole reasonable judgment, determines that
(i) such installation is practicable, (ii) such additional Electrical Equipment is permissible under applicable Requirements, and (iii) the installation of such Electrical Equipment will not cause permanent damage to the Buildings or
the Premises, cause or create a hazardous condition, entail excessive or unreasonable alterations, interfere with or limit electrical usage by other tenants or occupants of the Buildings or exceed the limits of the switchgear or other facilities
serving the Buildings, or require power in excess of that available from the utility serving the Buildings. Notwithstanding anything to the contrary in the previous sentence, Landlord confirms to Tenant that the Buildings are capable, at a
commercially reasonable cost, of providing power to the Premises of not less than Basic Capacity and at least substantially consistent with the power required for the Permitted Uses conducted in Comparable Buildings; and so long as Tenant’s
power requirements do not exceed such standard, the conditions described in clauses “i,” “ii,” 

  
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and “iii” of the previous sentence shall be deemed satisfied. Landlord shall make available additional power for Tenant’s use. Landlord shall reasonably determine as asbestos free
conduit path for Tenant to access such additional power, and Tenant shall pay Landlord, as Additional Rent, all costs shall be determined in accordance with the formula set forth in Section 10.1(b) above for such additional power. Tenant
shall provide Landlord with reasonable access, upon reasonable prior notice (except in the case of an emergency in which case no notice shall be required) to any elevator machine rooms located within the Premises. Landlord shall use all reasonable
efforts not to unreasonably interfere with the conduct of Tenant’s ordinary business at the Premises with respect to such access. 

(e) Any rebates paid to or discounts or other benefits received by Landlord or Landlord’s Affiliates from Consolidated Edison (or any
other utility or governmental entity providing such rebates or discounts) as the result of energy-saving fixtures and equipment installed in the Premises by Tenant or as a result of the furnishing electricity to Tenant or otherwise related to
Tenant’s occupancy shall be paid to Tenant by Landlord promptly after receipt by Landlord thereof. Landlord shall cooperate with Tenant in connection with applying to Consolidated Edison (or any other utility or governmental entity providing
such rebates or discounts) for such rebates or discounts, but Landlord shall incur no cost or expense in connection with such cooperation unless Tenant agrees to reimburse Landlord for such monies. 

Section 10.2 Elevators. Subject to the provisions of this Section 10.2, Landlord shall provide, (i) with respect
to the Adams Street Building, the exclusive use (subject however to the use thereof by Landlord, including for purposes of completing its finish work; provided that Tenant shall have priority use thereof during the period that Landlord and Tenant
are performing construction activities) of a minimum of four (4) passenger elevators (inclusive of the Dual Use Elevator) servicing the Adam Street Premises, twenty-four (24) hours per day, three hundred sixty-five (365) days per
year, and (ii) with respect to the Prospect Street Building, the non-exclusive use of a minimum of three (3) passenger elevators servicing the Prospect Street Premises twenty-four (24) hours per day, three hundred sixty-five
(365) days; provided, that, subject to emergency and/or required maintenance, Landlord may take one or more passenger elevators out of service to the extent necessary during any such emergency or a reasonable period of time required to perform
such maintenance (but not more than one elevator may be taken out of service during any one time for the purpose of regularly scheduled repairs and maintenance). Landlord shall, at no charge, provide at least one freight elevator serving the
Premises available upon Tenant’s prior request, on a non-exclusive “first come, first serve” basis with other tenants of the Building, on all Business Days from 8:00 a.m. to 10:00 p.m. Monday through Friday and from 9:00 a.m. to 5:00
p.m. on Saturdays (collectively, “Business Hours”); it being understood and agreed for the avoidance of doubt, that notwithstanding anything to the contrary contained in Section 10.5 or elsewhere in this Lease, Tenant,
at no charge, shall have the use of the dual use passenger and freight elevator #4 (“Dual Use Elevator”) being installed in the Adams Street Building to replace the current existing freight elevator as part of Landlord’s
Pre-Commencement Base Building Work, twenty-four (24) hours per day, three hundred sixty-five (365) days per year subject to emergency and required 

  
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shutdowns for repairs and maintenance as set forth above (i.e., there shall be no overtime charge for freight in the Adams Street Building). Tenant may use the Dual Use Elevator for passenger or
freight purposes, including transporting pets; it being understood and agreed that Tenant shall be permitted to bring pets, including dogs, into the Adams Street Building and Adams Street Premises. Landlord shall furnish Tenant with ten
(10) Business Days advance notice of any regularly scheduled maintenance of the elevators. 
 Section 10.3 Heating, Ventilation
and Air Conditioning. Heating, Ventilation and Air Conditioning. Landlord shall furnish to the Premises heating, ventilation and air-conditioning (“HVAC”) in accordance with the Design Standards set forth on
Schedule “C” annexed hereto and made a part hereof, during Business Hours (except for Observed Holidays [as hereinafter defined]). Landlord shall have access, at reasonable times and upon reasonable prior notice (except in the case
of an emergency, in which case notice shall not be required) to all air-cooling, fan, ventilating and machine rooms and electrical closets and all other mechanical installations of Landlord in or in proximity to the Premises (collectively,
“Mechanical Installations”), and Tenant shall not construct partitions or other obstructions (which partitions or obstructions are not subject to Landlord’s prior approval in accordance with the provision of Article 5),
which may interfere other than to a de minimis extent with Landlord’s access thereto or the moving of Landlord’s equipment to and from the Mechanical Installations. No Tenant Party shall at any time enter the Mechanical Installations or
tamper with, adjust, or otherwise affect such Mechanical Installations. Landlord shall not be responsible if the HVAC System fails to provide cooled or heated air, as the case may be, to the Premises in accordance with the Design Standards by reason
of (i) any equipment installed by, for or on behalf of Tenant, which has an electrical load in excess of the average electrical load and human occupancy factors for the HVAC System as designed, or (ii) any improper rearrangement of
partitioning or other Alterations made or performed by, for or on behalf of Tenant, or (iii) Tenant failing to keep all of the operable windows in the Premises closed whenever the HVAC System is in operation or as and when required by any
Requirement. Tenant shall cooperate with Landlord and shall abide by all rules and regulations which Landlord may reasonably prescribe for the proper functioning and protection of the HVAC System. Notwithstanding anything to the contrary contained
herein, Tenant shall have the right to control Tenant’s VAV boxes and finned tube radiators. 
 Section 10.4 Overtime HVAC.
There shall be no charge to Tenant for the furnishing of HVAC to the Premises during Business Hours. If Tenant desires any such services during times other than Business Hours (“Overtime Periods”), then Tenant shall deliver notice
to the Building office (which may be oral or sent by email to the attention of Landlord’s Building representative, Robert Israel, whose phone and email address (which may be changed by Landlord on prior written notice to Tenant) are
respectively: (718) 663-2221, risrael@rfr.com) requesting such services (i) at least six (6) hours prior to the time that Tenant desires such service to be provided if such service is desired on Monday through Friday, and
(ii) at least twelve (12) hours in advance of the time that Tenant desires such service to be provided if such service is desired on weekends and/or Observed Holidays; provided, however, that Landlord shall

  
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use reasonable efforts to arrange such service on such shorter notice as Tenant shall provide. The current rate for HVAC during Overtime Periods at the Buildings is $200.00 per hour. HVAC charges
during Overtime Periods shall only be subject to increases based on the actual percentage increase in Landlord’s actual cost for such service, as reasonably demonstrated by Landlord. If more than one tenant within the same HVAC zone as Tenant
requests Overtime Period HVAC service for the same period(s) of time, then the cost of such service shall be equitably apportioned among all such tenants (including Tenant). 

Section 10.5 Overtime Freight Elevators and Heating. There shall be no charge to Tenant for the furnishing of any freight elevator
service or heating service to the Premises other than during Overtime Periods. If Tenant desires any such services during Overtime Periods, Tenant shall deliver notice (which may be oral or by email to the attention of Landlord’s Building
representative, Robert Israel, whose phone and email address (which may be changed by Landlord on prior written notice to Tenant) are (718) 663-2221, risrael@rfr.com) to the Dumbo Heights Campus office requesting such services
(i) at least six (6) hours prior to the time that Tenant desires such service to be provided if such service is desired on Monday through Friday, and (ii) at least twelve (12) hours in advance of the time that Tenant desires such
service to be provided if such service is desired on weekends and/or Observed Holidays; provided, however, that Landlord shall use reasonable efforts to arrange such service on such shorter notice as Tenant shall provide. Except as expressly set
forth in Section 10.2, if Landlord furnishes freight elevator or heating service during Overtime Periods, Tenant shall pay to Landlord the cost thereof at the rates hereinafter set forth. The current rate for freight elevator service and
heating service during Overtime Periods at the Buildings is $125.00 per hour, and $200.00 per hour, respectively, Overtime freight elevator charges and costs for any other services during Overtime Periods shall only be subject to increases based on
the actual percentage increase in Landlord’s actual cost for such service, as reasonably demonstrated by Landlord. Notwithstanding the foregoing to the contrary, provided Tenant shall not then be in default beyond notice and any applicable
grace period of any of the terms and conditions of this Lease on its part to be performed, Tenant shall, at no additional charge, be entitled to use the Prospect Street Building’s freight elevators during Overtime Periods comprising one hundred
(100) hours in the aggregate (“Overtime Use”); (provided, however that Tenant’s Overtime Use of the Prospect Street Building’s freight elevator shall be subject to, and conditioned upon, Landlord not incurring any
cost or expense in connection with such Overtime Use) in connection with the performance of Tenant’s Initial Installations and move-in to the Premises. 

Section 10.6 Cleaning. Landlord shall, at its cost and expense, cause the Common Areas of the Premises to be cleaned five
(5) days per week, substantially in accordance with the standards set forth in Exhibit “D”, using materials and methods which are consistent with “environmentally friendly” criteria. Tenant shall, at its cost and
expense, be responsible to supply cleaning services to the Premises including, without limitation, such portions of the Premises used for (i) the storage, preparation, service or consumption of food or beverages, (ii) for an exhibition
area, (iii) mailroom, storage, or a shipping room, or substantially similar purposes, (iv) private bathrooms, showers or exercise facilities. Tenant’s cleaning contractor shall be subject to Landlord’s prior approval, which
approval shall not be unreasonably withheld, conditioned or delayed. 

  
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 Section 10.7 Water. Landlord shall provide hot and cold water in the core lavatories
on each floor of the Premises. Landlord shall provide reasonable quantities of cold water service to the existing wet columns located in the Premises. In the event Tenant desires that hot water be provided to portions of the Premises in addition to
the core lavatories, then Tenant, at its cost and expense, shall install a hot water heater, in accordance with the provisions of Article 5, to provide such additional hot water. In the event Tenant consumes water at the Premises in excess of
typical lavatory and pantry use, Landlord, shall, at Tenant’s cost and expense, install a water meter(s) in the Premises to measure Tenant’s consumption of such excess water at the Premises. Landlord shall bill Tenant, on a monthly basis,
for Tenant’s actual use of Tenant’s consumption of water in excess of typical lavatory and pantry use. If Tenant requires water in connection with any purpose that is not typical office use, other than those set forth above, Tenant shall
pay for the cost, if any, of bringing such additional water to the Premises and Landlord shall, at Tenant’s reasonable cost and expense, install a meter to measure the Tenant’s consumption of such excess water. Tenant shall be responsible
for all reasonable costs associated with the maintenance, repair and replacement, if any, of the hot water heater and meter(s) as provided above. 

Section 10.8 Refuse Removal. Landlord shall, at its cost and expense, in conformity with its sustainability efforts at the
Buildings, provide refuse carting removal services at the Buildings for the carting of ordinary office refuse and rubbish, incidental to the Permitted Use (excluding any refuse from Tenant’s Food Service Facilities). Tenant shall pay to
Landlord, Landlord’s reasonable charge, either (i) in connection with the carting of any refuse from Tenant’s Food Service Facilities, or (ii) to the extent that the refuse generated by Tenant exceeds the refuse customarily
generated by general office tenants. Tenant shall dispose of all refuse in areas specifically and reasonably designated by Landlord only, and shall not dispose of any refuse in the Common Areas, and if Tenant does so, Tenant shall be liable for
Landlord’s reasonable charge for the removal of such refuse. 
 Section 10.9 Condenser Water. Tenant shall, at its cost and
expense, be permitted to install independent supplemental water-cooled air conditioning units (“Tenant’s Supplemental Units”) in Tenant’s equipment rooms, subject to the provisions of Article 5 including, without
limitation, the requirement to obtain Landlord’s prior approval thereto, which approval shall not be unreasonably withheld. Landlord shall provide ten (10) tons of condenser water for each full floor then comprising the Premises to a
condenser water riser for connection for supplemental cooling at each of the Adams Street Premises and the Prospect Street Premises in connection with Tenant’s Supplemental Units (24 hours per day, 7 days per week, and 365 days per year).
Tenant shall pay Landlord an annual charge for such condenser water throughout the term of this Lease, which charge is $450.00 per ton (which charge shall not be imposed for any “standby” or redundant” air conditioning units), payable
annually in advance in a lump sum initially for the remainder of the first calendar year of this Lease at the same time that Tenant makes its first payment of Fixed Rent hereunder 

  
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and thereafter for each calendar year at the same time that Tenant makes its first payment of Fixed Rent in such calendar year, and shall be payable whether or not Tenant utilizes such amount of
condenser water. Notwithstanding the foregoing to the contrary, Tenant shall have the right to reduce or increase the number of tons of condenser water which it desires by providing Landlord with notice of its desire to either reduce or increase the
amount condenser water to be provided to the Premises, in no event shall Tenant give such notice to Landlord later than the date that is the later of (i) eighteen (18) months immediately following the date of this Lease, or (ii) the
expiration of the first cooling season that Tenant is in occupancy of the Premises for the conduct of its business. In the event Tenant desires to increase the number of tons of condenser water to be provided to the Premises, such increase shall be
subject to the availability of such additional condenser water at the Building, provided, however, in no event shall the aggregate amount of condenser to be provided to the Premises (the initial amount of ten 10 tons for each full floor comprising
the Premises (which ten (10) tons per floor can be distributed and redistributed among the floors of the Premises within a given Building as desired by Tenant to satisfy its occupancy requirements) together with any additional amount of
condenser water) exceed Tenant’s Proportionate Share of the rentable square footage comprising the respective Building. After that deadline, Landlord shall nevertheless reasonably endeavor to accommodate any such request by Tenant, subject
however to capacity constraints and reasonable reservations for the remainder of the Building. There shall be no charge for tapping into the Buildings’ water condenser system, and Landlord shall provide a valved and capped outlet on each floor
of the Premises. 
 Section 10.10 Telecommunications. Landlord shall provide dark fiber connection within each of the Buildings
through a single provider (“Landlord’s Fiber Provider”). Landlord’s Fiber Provider shall (i) manage all telecommunications connectivity for the Buildings, (ii) contract directly with Tenant in order to provide
connectivity through any provider or end user that Tenant desires. Landlord to date has not entered into any agreement(s) with any telecom providers for the Buildings. Landlord represents and covenants that Landlord’s Fiber Provider shall have
a completed and operational redundant network architecture in place at the Buildings that is consistent with all of Landlord’s Fiber Provider collateral (i.e., “lit fiber”) no later than August 1, 2015. Landlord shall enter into
right of way agreement with television service provider allowing Tenant to procure television distribution services. Additionally, Landlord shall provide space to accommodate two (2) Tenant-provided 4” conduit interconnections between the
Adams Street Premises and Prospect Street Premises for Tenant exclusive use in a location and manner reasonably acceptable to Landlord. Landlord hereby acknowledges and represents that any such agreements shall conform to the telecommunication
standards adopted by the Landlord for the Buildings to accommodate high tech tenants, and that the same shall be on Landlord’s standard form of such agreement. Notwithstanding anything to the contrary contained herein, subject to Unavoidable
Delays if either (1) Landlord’s Fiber Provider fails to furnish service to one or more of the Buildings for more than twenty-four (24) consecutive hours and/or (2) Landlord’s Fiber Provider fails on a chronic basis to
satisfy service level requirements provided for in the Landlord’s Fiber Provider’s service level agreement (SLA) with the Buildings, then in any such case, Tenant shall have the right to designate

  
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and engage a telecommunications service provider of Tenant’s choosing, and Landlord shall grant access to the Buildings to any such telecommunications service provider designated by Tenant
(or any sub lessee of Tenant) for purposes of providing telecommunications services to Tenant (or such sub lessee of Tenant) independent of Landlord’s Fiber Provider (i.e., Tenant will not have to use Landlord’s Fiber Provider’s
infrastructure). Landlord confirms that the Buildings have sufficient available riser space to accommodate additional telecommunications providers for the Premises, and Landlord will make a reasonable amount of such space available to Tenant and its
telecommunications providers without charge for purposes of such installations. 
 Section 10.11 Service Interruptions.
(a) Subject to the provisions of Section 10.11(b) below, Landlord reserves the right to suspend any service when necessary, by reason of Unavoidable Delays, accidents or emergencies, or for Restorative Work which, in
Landlord’s commercially reasonable judgment, are necessary or appropriate until such Unavoidable Delay, accident or emergency shall cease or such Restorative Work is completed and Landlord shall not be liable for any interruption, curtailment
or failure to supply services. Landlord shall use reasonable efforts to minimize interference with Tenant’s use and occupancy of the Premises as a result of any such interruption, curtailment or failure of or defect in such service, or change
in the supply, character and/or quantity of electrical service, and to restore any such services, remedy such situation and minimize any interference with Tenant’s business. Subject to the provisions of Section 10.11(b) below, the
exercise of any such right or the occurrence of any such failure by Landlord shall not constitute an actual or constructive eviction, in whole or in part, entitle Tenant to any compensation, abatement or diminution of Rent, relieve Tenant from any
of its obligations under this Lease, or impose any liability upon Landlord or any Indemnitees by reason of inconvenience to Tenant, or interruption of Tenant’s business, or otherwise. Landlord shall provide Tenant with 30 days advance written
notice of any scheduled electric shutdowns, or if unscheduled, such advance notice as is practicable under the circumstances. 
 (b) Except
as expressly set forth herein, Landlord shall not be liable in any way to Tenant for any failure, defect or interruption of, or change in the supply, character and/or quantity of electric service furnished to the Premises (including pursuant to
Section 10.15) for any reason, nor shall there be any allowance to Tenant for a diminution of rental value, nor shall the same constitute an actual or constructive eviction of Tenant, in whole or in part, or relieve Tenant from any of
its Lease obligations, and no liability shall arise on the part of Landlord by reason of inconvenience, annoyance or injury to business whether electricity or gas is provided by public or private utility or by any electricity generation system owned
and operated by Landlord. Notwithstanding anything to the contrary contained in this Lease with the exception of Articles 11 and 12 relating to casualty and condemnation, respectively, if without the fault or neglect of Tenant or any
person claiming through or under Tenant, all or any portion of the Premises is rendered Untenantable for a period of five (5) consecutive Business Days after Tenant shall have notified Landlord of such Untenantability (which notice, for
purposes of this Section 10.11(b), may be verbal, provided that Tenant confirms such verbal notice by a notice given in accordance with Article 22 within twenty-four (24) hours after the giving of such verbal notice), by
reason 

  
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of any stoppage or interruption of any Essential Service required to be provided by Landlord under this Lease or the failure by Landlord to perform any of Landlord’s obligations hereunder,
but excluding by reason of a casualty or other Unavoidable Delay or Tenant Delay and Tenant is not in occupancy of the portion of the Premises so affected, then for the period commencing on the day Tenant notifies Landlord that such portion of the
Premises became so Untenantable until such portion of the Premises is no longer Untenantable, Fixed Rent and Additional Rent shall be appropriately abated, on a per rentable square foot basis, with respect only to such portion of the Premises that
is Untenantable. “Untenantable” means that Tenant (or any other permitted user) shall be unable to use the Premises or the applicable portion thereof for the conduct of its business in the manner in which such business is ordinarily
conducted, and shall not be using or in occupancy of the Premises or the applicable portion thereof. If Tenant shall be entitled to such reduction of Fixed Rent and Additional Rent as aforesaid and such reduction shall accrue before the Rent
Commencement Date shall occur, then commencing with the Rent Commencement Date, Tenant shall be entitled to a credit against the Fixed Rent and Additional Rent becoming due in an amount equal to the amount of such reduction. “Essential
Service” shall mean (a) HVAC service, (b) electrical service, (c) elevator service, (d) water and sewer, and (e) legal compliance to the extent Tenant is prevented from operating its business in the Premises but
only if such legal compliance is the obligation of Landlord hereunder. 
 Section 10.12 Building Security / Lobby Desk. Landlord
shall, at its cost and expense, provide reasonable protection and security services and security personnel, seven (7) days per week, twenty-four (24) hours per day, at the Buildings, comparable to that which the owners of Comparable
Buildings (as hereinafter defined) would provide. Landlord shall, at Landlord’s cost and expense, as part of Landlord’s Post-Commencement Base Building Work, provide certain Building security systems and equipment as set forth on
Schedule “C” at each of the Buildings. Tenant may, at its cost and expense, subject to, and conditioned upon any Permitted Tenant then satisfying the Minimum Lobby Desk Leasing Requirement with respect to a particular Building, at
its election maintain a lobby/reception desk in the lobby of the applicable Building(s). Any such lobby/reception desk may, at Tenant’s election, be manned by contractors or employees of Tenant, at Tenant’s expense, subject to
Landlord’s approval, which approval shall not be unreasonably withheld, conditioned or delayed. Tenant may, at its cost and expense, design and install its own security and protection systems with respect to the Premises which are compatible
with the Building security system so as to enable Tenant to utilize a single security/access cards, subject to (i) first obtaining Landlord’s reasonable prior approval for such systems and (ii) complying with the provisions of
Article 5 in connection therewith. Without limiting the foregoing, (1) with respect to the Adams Street Building, Landlord shall permit, at Tenant’s sole cost and expense, the installation of dedicated access control card readers in
the lobby turnstiles that interface with Tenant’s access control system (i.e., a second set of card readers), (2) Landlord shall furnish Tenant with the ability to view (but not control the operation or positioning of) in a remote location
[in the Premises] on a real time basis the feed from the video surveillance cameras located in the lobby of the Building and elevator cabs (3) Tenant shall have the ability to control elevator cab access utilizing Landlord provided card readers
located in the elevator cabs, and (4) the Building’s 

  
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exterior swinging doors shall be equipped, at a minimum, with (x) door position switches, (y) fail secure electrified locking hardware (electronically unlocked) with mechanical key
override and integral request to exit functioning, and (z) prepare door for card reader (wall or mullion install TBD by Landlord’s architect). Landlord shall have no obligation with respect to the installation, maintenance, repair or
replacement, if necessary, of Tenant’s security and protection systems. For purposes hereof, the term “Minimum Lobby Desk Lease Requirement” shall mean (i) with respect to the Adams Street Premises, the leasing by a
Permitted Tenant of not less than five (5) full floors in the Adams Street Building, and (ii) with respect to the Prospect Street Premises, the leasing by a Permitted Tenant of not less than five (5) full floors in the Prospect Street
Building. During the performance of Tenant’s Initial Installations, Tenant shall have sole responsibility for providing construction security at the Adams Street Building. 

Section 10.13 Signage. (a) Provided a Permitted Tenant then occupies, and thereafter continues to occupy, not less than five
(5) full floors at the Adams Street Building (the “Adams Street Minimum Occupancy Threshold”), then Tenant shall have the exclusive right to install an identification sign on the exterior or the roof of Adams Street Building,
including flag and/or blade signage (“Tenant’s Exterior Sign[s]”), if available, and allowable by New York City zoning regulations and building codes, as well as in separate locations within the lobby of the Adam Street
Building and at the elevator banks of the Adam Street Building, subject to obtaining Landlord prior written approval as to the size, color, materials and method of installation of Tenant’s Exterior Sign(s), which approval shall not be
unreasonably withheld, conditioned or delayed. Tenant’s Exterior Signs shall neither be subordinate in location nor smaller in size to any other tenant in the Buildings; it being understood and agreed that the foregoing is not intended to
vitiate Tenant’s right to exclusivity (with the exception of retail storefront signage) to exterior signage at the Adams Street Building). Landlord hereby approves the locations for Tenant’s Exterior Signs set forth on Exhibits H-1, H-2
and H-3 hereof. Provided that Tenant then occupies, and thereafter continues to occupy not less than fifty (50%) of the rentable office square footage of the Prospect Street Building (the “Prospect Street Minimum Occupancy
Threshold”), Tenant shall have the non-exclusive right to install Tenant’s Exterior Sign(s) on the exterior or the roof of Prospect Street Building (“Tenant’s Roof Sign[s]”), if available, and allowable by New
York City zoning regulations and building codes, as well as Tenant’s Interior Signs (as hereinafter defined) in separate locations within the lobby of the Prospect Street Building and at the elevator banks of the Prospect Street Building,
subject to obtaining Landlord approval as to the size, color, materials and method of installation of such Tenant’s Exterior Sign(s), which approval shall not be unreasonably withheld. Landlord’s consent shall not be required for the
installation of any Tenant identification signs located on floors of the Premises that are entirely leased to Tenant, including the elevator lobbies thereof as long as such signage is not visible from the outside of the Buildings
(“Tenant’s Interior Signs”). Tenant’s Exterior Signs and Tenant’s Interior Signs are, from time to time collectively referred to as “Tenant’s Signs”. Tenant hereby acknowledges and agrees that
Landlord shall have no liability in connection with Tenant’s Signs and shall have no obligation whatsoever in connection with the maintenance, repair or replacement, if necessary of the same, which shall be the sole obligation of Tenant.
Notwithstanding the foregoing to the contrary, Landlord shall 

  
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maintain, repair and remove at the end of the Term, as the same may be extended, or upon the early termination of this Lease, Tenant’s Roof Sign(s) and Tenant shall pay to Landlord, the
commercially reasonable costs incurred by Landlord in connection therewith as Additional Rent, within twenty (20) days from the date of Landlord’s delivery to Tenant of a commercially reasonable bill therefore. Except as provided in the
immediately previous sentence, unless otherwise directed by Landlord, in writing, Tenant shall, at its cost and expense, on, or before, the Expiration Date, as the same may be extended, or early termination of this Lease, remove all Tenant Signs and
repair any damage to the Buildings and/or the Premises caused by such removal. Landlord is not aware of any current restrictions imposed by the Landmark’s Commission which would affect Tenant’s installation of any Tenant Exterior Signs.
Landlord shall cooperate with Tenant (at no cost or expense to Landlord) in connection with Tenant’s proposed landscaping plan for the development of the “hill” (which is currently owned by the City of New York) located directly
across from the Adams Street Building. 
 (b) Notwithstanding anything to the contrary contained herein but subject to the penultimate
sentence of this Section 10.13(b), (i) for so long a Permitted Tenant satisfies the Adams Street Minimum Occupancy Threshold, Landlord shall not permit any signage (including a flag) of any Top Tier Tenant’s Competitors on the
exterior of the Adams Street Building, (ii) for so long a Permitted Tenant occupies not less than seventy-five (75%) of the rentable office square footage of the Adams Street Building, Landlord shall not permit any signage (including a
flag) of any Second Tier Tenant’s Competitors on the exterior of the Adams Street Building, (iii) for so long as a Permitted Tenant satisfies the Prospect Street Minimum Occupancy Threshold, Landlord shall not permit the signage (including
a flag) of any Tenant Competitor on the exterior of the Prospect Street Building, and (iv) for so long a Permitted Tenant occupies not less than seventy-five (75%) of the rentable office square footage of the Prospect Street Building,
Landlord shall not permit any signage (including a flag) of any Second Tier Tenant’s Competitors on the exterior of the Prospect Street Building. Notwithstanding the forgoing, in no event shall Landlord shall permit any signage (including a
flag) of any Top Tier Tenant’s Competitors on the exterior of the Adams Street Building and/or the Prospect Street Building during the first four (4) years of the Term. In no event shall the restrictions set forth in this
Section 10.13(b) prohibit Landlord from entering into a lease for space in the Buildings with any Tenant Competitor. 

Section 10.14 Fire Staircases. Tenant shall have the right to have its employees and guests use the fire staircases (the
“Fire Staircase[s]), which connect contiguous full floors of the Premises, as a convenience staircase(s), subject to the Rules and Regulations and provided Tenant shall obtain and keep in full force the insurance set forth in
Section 11.1(a) (i) - (vi) with respect to the Fire Staircase(s). In the event Tenant elects to use the fire staircases as provided above, Tenant, at its cost and expense, shall comply with all Requirements for such use. Tenant
shall, at its cost and expense, install an internal security system with respect to Tenant’s use of the fire staircases, which security system shall be installed in accordance with the provision of Article 5 including, without
limitation, obtaining Landlord’s prior written approval thereto, which approval shall not be unreasonably withheld, conditioned or delayed and provided 

  
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such security system shall be tied into the Building’s security system and Class E system. Tenant hereby agrees, at its cost and expense, prior to installing any such fire staircase security
system, to obtain (with Landlord’s reasonable cooperation to the extent necessary, but at no cost or expense to Landlord) any and all necessary approvals and permits from all applicable Governmental Authorities. To the extent required, Tenant
shall apply to the Department of Buildings of the City of New York for its approval of Tenant’s fire staircase security system and shall obtain any necessary permits therefrom for such work. In the event Tenant shall not cure any violation of a
Requirement related to Tenant’s use of the Fire Staircase(s) as convenience stairs within the prescribed time for such cure as provided in this Section 10.14, Landlord may, if Tenant has not after receiving notice of such violation
cured the same within the time permitted under applicable Requirements, cure such violation and Tenant hereby agrees to pay all penalties, costs, expenses and fees (including reasonable attorneys’ fees) incurred by Landlord in connection
therewith. Tenant shall maintain and repair, if necessary, the Decorative Alterations, the fire doors leading to and from fire staircases utilized by Tenant, and the security system installed by Tenant as hereinabove provided and shall keep the
portion of the fire staircases utilized by Tenant clean and in an orderly fashion and shall paint the same once per year. Notwithstanding the terms of Section 5.1, Tenant shall not make any Decorative Alterations in the fire staircases,
including, but not limited to, painting and installing upgraded lighting in compliance with Requirements, without Landlord’s consent, not be unreasonably withheld, conditioned or delayed. 

Section 10.15 Shaft Space. Landlord shall, at no additional rent or other charge to Tenant, provide Tenant with (i) an
unobstructed, hazardous materials free, secure pathway from the “Meet me Room” in each of the Buildings to the Tenant’s shaft space (“Shaft Space”), in each of the Adams Street Premises and the Prospect Street
Premises, and (ii) a pro-rata share of available Shaft Space within the Buildings, from the Premises to the roof of the Buildings for Tenant’s telecommunications equipment. Landlord shall make available for Tenant’s use two
(2) separate five (5) inch sleeves from the Meet me Rooms to each floor of the Premises. Landlord hereby represents that (i) there shall be two (2) separate points of entry into each Building throughout the Term, as the same may
be extended, and (ii) the amount of Tenant’s Shaft Space shall be proportionately increased if Tenant shall elect to increase the size of the Premises in accordance with any rights or options granted to Tenant under this Lease. At
Tenant’s request, Landlord shall take all reasonable steps to allow a service provider selected by Tenant to provide service to the Buildings for Tenant, subject to the Buildings’ standard review and approval process, which approval shall
not be unreasonably withheld, conditioned or delayed. In the event Tenant desires to install any risers, conduit or telecommunications equipment, Tenant shall install the same in accordance with the provisions of Article 5 including, without
limitation, obtaining Landlord’s written approval of Tenant’s plans and specifications showing the installations to be made by Tenant therein, which approval shall not be unreasonably withheld, conditioned or delayed. Landlord shall permit
Tenant, throughout the Term, as the same may be extended to have a right of access through the Common Areas and other tenant spaces in the Building as may be reasonably necessary, to install, service, maintain and repair cables, conduits, risers,
piping, and other installations running through the Buildings for which 

  
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Tenant is permitted or required to install, service, maintain and repair, provided, to the extent required under the terms and conditions of such other tenant’s lease, Landlord shall use
commercially reasonable efforts to obtain such other tenant’s permission for such access, and Tenant shall (a) provide Landlord and the tenant whose space is affected with reasonable prior written notice of the need for such access,
(b) schedule such access so as not to unreasonably interfere with the such tenant’s business or inconvenience other tenants or occupants of the Buildings and (c) repair any damage to the Buildings the Common Areas or the accessed
space arising out of such access. Tenant may require shaft space for exhaust of a “woodworking” shop, at Tenant’s cost and expense]. Landlord reserves the right, as Landlord deems necessary or desirable, to access Tenant’s Shaft
Space in connection changes, alterations, additions, improvements, repairs or replacements to the Building and Building Systems. 

Section 10.16 Kitchen and Cafeteria. Tenant shall, at its cost and expense, have the right to construct a full cafeteria as well
as an executive dining area or more casual seating areas for employee use only in either the Adams Street Premises or the Prospect Street Premises (the “Food Service Facilities”), in accordance with, and subject to, the provisions
of Article 5. In addition, if the installation of the Food Services Facilities requires (i) the reinforcement of certain portions of the flooring of the Premises, as determined in the sole discretion of Landlord’s structural
engineer for the Buildings, then Tenant first shall submit to Landlord detail plans and specifications for the performance of such flooring reinforcement work, which plans and specifications shall be subject to, and conditioned upon, Landlord’s
and Landlord’s structural engineer’s prior written approval, exercised in their sole discretion, or (ii) the issuance of a Public Assembly Permit or modification of the TCO or Certificate of Occupancy for the Adams Street Building or
the Prospect Street Building, as the case may be, Tenant shall, at its cost and expense, obtain and maintain the same in accordance with applicable requirements. In connection with the installation of the Food Services Facilities, the kitchen
exhaust, make up air, additional electrical capacity, domestic water, sanitary natural gas riser and other associated utilities shall be constructed by Tenant either as part of Tenant’s Initial Installations or as a subsequent Tenant
Alteration. Landlord shall cooperate with Tenant (at no additional cost or expense to Landlord) in connection with Tenant’s installation of Food Service Facilities and/or obtaining any required governmental approvals and/or permits, including
any modification to the TCO or Certificate of Occupancy or the issuance of a public assembly permit. 
 Section 10.17 Louvers.
Tenant shall, at its cost and expense, have the right to install a commercially reasonable number of louvers for Tenant’s general exhaust and outside air intake requirements (the “Louvers”) at the Premises, at locations
approved by Landlord, which approval shall not be unreasonably withheld, conditioned or delayed. Any Louvers to be installed at the Premises, shall be installed in accordance with terms and conditions of Article 5. Landlord shall furnish
outside air or fresh air to the Premises via the base Building Systems. 
 Section 10.18 Building Services/Access. Tenant shall
have access to the Premises seven (7) days per week, twenty-four (24) hours per day, subject to 

  
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Unavoidable Delay (as hereinafter defined) and police emergency. Landlord shall throughout the Term, as the same may be extended, maintain the Buildings in a manner consistent with the standard
of Comparable Buildings, and shall provide all of the services expressly set forth in this Lease (i.e., heating and air conditioning, elevator service, security, repairs and maintenance, Building directory and cleaning of the Common Areas) in the
manner and to the extent required hereunder. 
 Section 10.19 Emergency Power. Tenant shall be permitted to install a diesel
powered backup generator (“Tenant’s Back-up Generator”) at the Premises subject to, and conditioned upon, (i) prior written approval of the size and type of Tenant’s Back-up Generator, which approval shall not be
unreasonably withheld, and (ii) the installation of Tenant’s Back-up Generator in compliance with Article 5. Landlord shall, at no additional cost or expense to Tenant, provide space, which space shall be determined in
Landlord’s sole discretion, on the roof of the Adams Street Building and/or the roof of the Prospect Street Building for installation of Tenant’s back-up Generator. Landlord shall, at Tenant’s cost and expense, make emergency
power available to the Premises for Tenant’s reasonable emergency power requirements to support Tenant reasonable life safety requirements and shall allow Tenant to tap into the Building’s life safety generator to support Tenant’s
reasonable emergency lighting requirements. In connection with the forgoing, Landlord shall permit Tenant to connect into the Buildings’ risers via the electrical closets on each floor of the Premises and Landlord shall furnish 35 KW demand of
emergency power spread evenly between the building’s emergency lighting. Tenant shall, at its cost and expense, pay for all riser, connections and tap in costs in order to connect to the Building’s life safety generator and Tenant’s
Back-up Generator. 
 Section 10.20 Loading Docks. Tenant shall have priority use of the loading dock at the Adams Street
Building. With respect to the loading dock servicing the Prospect Street Building, Tenant use thereof shall be shared with other occupants of the Prospect Street Building on a first-come, first-serve basis. 

Section 10.21 Roof Deck. Provided that a Permitted Tenant shall then be leasing (A) either or both of the 8th and/or 9th floors of the Adams Street Building, Tenant, at no additional cost or expense, shall have the exclusive use of the 8th floor roof deck (the “8th Floor Roof Deck”) at the Adams Street Building and/or (B) the 5th floor of the Adams Street Building, Tenant, at no additional cost or expense, shall have the exclusive use of the 5th floor terraces and deck
(the “5th Floor Roof Deck”; the 5th Floor Roof Deck and 8th Floor Roof
Deck may hereinafter be individually or collectively referred to as the “Roof Deck”) at the Adams Street Building. Landlord shall, at no additional cost and expense, cooperate with Tenant in the design and selection of materials for
Tenant’s build-out of the Roof Deck, which build-out shall be at Tenant’s sole cost and expense. Landlord hereby represents that, (i) the floor load of the Roof Deck is 100 pounds live load, and (ii) currently there is no
elevator service to the Roof Deck, and (iii) a new base building air-handler shall be installed on the 8th Floor Roof Deck, in a location substantially similar to the location set forth on
Landlord’s current plans for such installation, as indicated on the plan annexed hereto as Schedule 3. Tenant hereby acknowledges and agrees that (x) Tenant shall incorporate the Roof

  
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Deck in all of Tenant’s applicable insurance policies required under this Lease, and (y) Tenant shall, at its cost and expense, ensure that use of the Roof Deck is at all times during
the Term, in compliance with all Requirements then having jurisdiction thereof including, without limitation, the TCO or Certificate of Occupancy for the Adams Street Building; provided, that, Landlord shall deliver the Roof Deck to Tenant in
compliance with all applicable Requirements, including the installation of a railing or the raising of the parapet wall which prior to the performance thereof. Landlord shall consult with Tenant thereon; it being understood and agreed that Landlord
shall not be obligated to bring the Roof Deck into compliance with any Requirement applicable to Tenant’s particular use thereof, and (z) in the event Tenant desires to perform any Alterations (“Roof Deck Alterations”) on,
or to, the Roof Deck, such Roof Deck Alterations shall be at Tenant’s sole cost and expense, and shall be subject to, and conditioned upon, (1) prior to commencing any Roof Deck Alterations, Tenant shall provide temporary waterproofing of
the Roof Deck in order to maintain a watertight condition during the performance of any Roof Deck Alterations, and (2) the performance of all Roof Deck Alterations in compliance with the terms and conditions of Article 5, including,
without limitation, obtaining Landlord’s prior written consent thereto, which consent shall not be unreasonably withheld, conditioned or delayed and (3) the performance of all Roof Deck Alterations by Landlord’s approved roofing
contractor only. If, in connection with, or as a result of, the Roof Deck Alterations, a new roof is required to be installed at the 8th Floor Roof Deck, Tenant shall, pay to Landlord, an amount
equal to the cost of providing and installing such new roof, which new roof shall have a commercially reasonable warranty, as Additional Rent hereunder, within thirty (30) days from the date of Tenant’s receipt of Landlord’s bill
therefore, and (vii) Tenant shall, at its cost and expense, maintain, repair and replace, if necessary, all Roof Deck Alterations, and (viii) Landlord shall, at its cost and expense, maintain, repair and replace, if necessary, the Roof
Deck except for any Roof Deck Alterations and any maintenance, repairs and replacements required as a result of the Roof Deck Alterations which shall be Tenant’s responsibility and (ix) Landlord shall have no obligation or liability
whatsoever in connection with the Roof Deck Alterations including, without limitation, the installation, maintenance, repair or removal of the same, and/or Tenant’s use of the Roof Deck, (x) Landlord shall have no obligation or liability
whatsoever in connection with the installation, use, operation, maintenance, repair, or replacement, if any, of Tenant’s Elevator (as hereinafter defined), except if the same is necessitated as a result of Landlord’s gross negligence or
willful misconduct, and (xi) Tenant shall, at Tenant’s cost and expense, as part of Tenant’s Initial Installations and in accordance with the terms and conditions of Article 5 including, without limitation obtaining
Landlord’s consent thereto, which consent shall not be unreasonably withheld, have the right to install a hydraulic elevator (“Tenant’s Elevator”) at the Adams Street Building which shall access the 8th Floor Roof Deck. 

  
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 ARTICLE 11 

INSURANCE; PROPERTY LOSS OR DAMAGE 

Section 11.1 Tenant’s Insurance. (a) Tenant, at its expense, shall obtain and keep in full force and effect during the
Term: 
 (i) a policy of commercial general liability insurance on an occurrence basis against claims for personal injury, bodily injury,
death and/or property damage occurring in or about the Buildings, under which Tenant is named as the insured and Landlord, Landlord’s Agent and any Lessors and any Mortgagees whose names have been furnished to Tenant are named as additional
insureds (the “Insured Parties”). Such insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of the Insured Parties. The minimum limits of liability applying exclusively
to the Premises shall be a combined single limit with respect to each occurrence in an amount of not less than $10,000,000.00; provided, however, that Landlord shall retain the right to require Tenant to increase such coverage from time to time (but
no more often than every four (4) years) to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords for similar office space in Comparable Buildings and provided further that the
requirement with respect to limits may be satisfied by a combination of primary and umbrella policies. The self -insured retention for such policy shall not exceed $75,000; 

(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of
“Special Form Causes of Loss” or “All Risk” property insurance policies with extended coverage, insuring Tenant’s Property and all Alterations and improvements to the Premises (including the Initial Installations) to the
extent such Alterations and improvements exceed the cost of the improvements typically performed in connection with the initial occupancy of tenants in the Buildings (“Building Standard Installations”), for the full insurable value
thereof or replacement cost thereof, having a deductible amount, if any, not in excess of $100,000; 
 (iii) during the performance of any
Alteration, until completion thereof, Builder’s Risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of
Landlord and Tenant (and their respective contractors and subcontractors) in all work incorporated in the Building and all materials and equipment in or about the Premises; 

(iv) Workers’ Compensation Insurance, as required by law; 

(v) such other insurance in such amounts as Landlord or the Mortgagee then holding a Mortgage on the Building may reasonably require from
time to time; provided such other insurance in such amounts is then being customarily required by landlords for similar office space in Comparable Buildings and provided further that the requirement with respect to limits may be satisfied by a
combination of primary and umbrella policies; and 
 (vi) Business Interruption Insurance coverage for a period of at least twelve
(12) months. 

  
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 (b) All insurance required to be carried by Tenant shall be (i) non-cancellable and/or no
material change in coverage shall be made thereto unless the Tenant receives thirty (30) days’ (ten [10] days in the case of cancellation for non-payment of premiums) prior notice of the same, by certified mail, return receipt requested,
and upon Tenant’s receipt of same, Tenant shall furnish notice thereof to Landlord, and (ii) effected under valid and enforceable policies issued by reputable insurers qualified to do business in the State of New York and rated in
Best’s Insurance Guide, or any successor thereto as having a “Best’s Rating” of “A-” or better and a “Financial Size Category” of at least “VII” or better or, if such ratings are not then in effect,
the equivalent thereof or such other financial rating as Landlord may at any time reasonably consider appropriate. 
 (c) On or prior to the
Commencement Date, Tenant shall deliver to Landlord appropriate policies or certificates of insurance (“Certificate[s] of Insurance, including evidence of waivers of subrogation required to be carried pursuant to this Article 11 and that
the Insured Parties are named as additional insureds (the “Policies”). Evidence of each renewal or replacement of the Policies shall be delivered by Tenant to Landlord at least one (1) day prior to the expiration of the
Policies. In lieu of the Policies, Tenant may deliver to Landlord a certification from Tenant’s insurance company (on the form currently designated “Accord 27” (Evidence of Property Insurance) and “Accord 25-S” (Certificate
of Liability Insurance), or the equivalent, provided that the Certificate of Insurance indicates as to Tenant’s commercial general liability policy that the Insured Parties are named as additional insureds, which certification shall be binding
on Tenant’s insurance company. A copy of the form of the Certificate of Insurance acceptable to Landlord is annexed hereto as Schedule “E’ and made a part hereof, 

(d) Landlord shall (i) keep the Buildings insured against damage and destruction by fire, vandalism, and other perils under “all
risk” property insurance, which coverage shall be no less than the full replacement cost thereof, and (ii) maintain a policy of commercial general liability insurance for claims for personal injury, death and/or property damage occurring
in or about the Buildings; both as to (i) and (ii) above, consistent with the insurance requirements of any Mortgage then affecting the Building, and if there is no Mortgage, then consistent with coverage maintained by prudent owners of
Comparable Buildings. 
 (e) Tenant shall have the right to satisfy its obligations under Section 11.1(a) by means of any
so-called blanket policy or policies of insurance covering the Premises and other premises of Tenant or its Affiliates; provided that each such policy shall in all respects comply with Section 11.1(a) and shall specify that the portion
of the total coverage of such policy that is allocated to the Premises is in the amounts required pursuant to Section 11.1(a) and shall provide that the amount of coverage afforded thereunder with respect to the Premises shall not be
reduced below the limits required hereunder by claims thereunder against such other premises. 
 Section 11.2 Waiver of
Subrogation. Landlord and Tenant shall each procure an appropriate clause in or endorsement to any property insurance covering the 

  
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Building or the Premises, as the case may be, and personal property, fixtures and equipment located therein, wherein the insurer waives subrogation or consents to a waiver of right of recovery,
and Landlord and Tenant agree not to make any claim against, or seek to recover from, the other for any loss or damage to its property or the property of others resulting from fire or other hazards. For purposes of this waiver, any deductible with
respect to a party’s insurance shall be deemed covered by and recoverable by such party under valid and collectable policies of insurance. Tenant acknowledges that Landlord shall not carry insurance on, and shall not be responsible for,
(i) damage to any Above Building Standard Installations, (ii) Tenant’s Property, and (iii) any loss suffered by Tenant due to interruption of Tenant’s business. 

Section 11.3 Restoration. (a) If any of the Buildings or the Premises are damaged by fire or other casualty, the damage shall
be repaired by Landlord with reasonable dispatch and continuity, at Landlord’s expense, to substantially the condition of the Buildings and Premises prior to the damage (“Landlord’s Restoration Obligation”), but Landlord
shall have no obligation to repair or restore (i) Tenant’s Property, or (ii) except as provided in Section 11.3(b), any Alterations or improvements to the Premises to the extent such Alterations or improvements are in
excess of Landlord’s Base Building Work, if any (“Above Building Standard Installations”). So long as no Tenant Event of Default then exists and is continuing in the payment or performance of its obligations under this
Section 11.3, and provided Tenant timely delivers to Landlord either Tenant’s Restoration Payment (as hereinafter defined) or the Restoration Security (as hereinafter defined) or Tenant expressly waives any obligation of Landlord to
repair or restore any of Tenant’s Above Building Standard Installations, then until the restoration of the Premises is Substantially Completed or would have been Substantially Completed but for any Tenant Delay, Fixed Rent, Tenant’s Tax
Payment shall be reduced in the proportion by that area of the part of the Premises which is not usable (or accessible), and is not used by Tenant bears to the total area of the Premises, and Fixed Rent shall be reduced on a floor by floor basis in
the same manner. If more than fifty (50%) of the rentable square footage of the Premises shall be inaccessible, the Premises shall be deemed to be wholly unusable. This Article 11 constitutes an express agreement governing any case of
damage or destruction of the Premises or the Building by fire or other casualty, and Section 227 of the Real Property Law of the State of New York, which provides for such contingency in the absence of an express agreement, and any other law of
like nature and purpose now or hereafter in force, shall have no application in any such case. 
 (b) Subject to Tenant’s right to
elect to release Landlord from such obligation pursuant to the next succeeding sentence of this Section 11.3 (b), as a condition precedent to Landlord’s obligation to repair or restore any of Tenant’s Above Building Standard
Installations, Tenant shall (i) pay to Landlord upon demand a sum (“Tenant’s Restoration Payment”) equal to the amount, if any, by which (A) the then market cost, as estimated by a reputable independent contractor
designated by Landlord, of repairing and restoring all Alterations and Initial Installations in the Premises to their condition prior to the damage, exceeds (B) the then market cost of restoring the Premises with Building Standard
Installations, or (ii) furnish to Landlord security (the “Restoration Security”) in form and amount reasonably acceptable to 

  
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Landlord to secure Tenant’s obligation to pay all costs in excess of restoring the Premises with Building Standard Installations. If Tenant shall not deliver to Landlord either
(1) Tenant’s Restoration Payment or the Restoration Security, as applicable, or (2) a waiver by Tenant, in form reasonably satisfactory to Landlord, of all of Landlord’s obligations to repair or restore any of the Above Building
Standard Installations, in either case within fifteen (15) days after Landlord’s demand therefore, Landlord shall have no obligation to restore any Above Building Standard Installations and Tenant’s abatement of Fixed Rent,
Tenant’s Tax Payment and Tenant’s Operating Payment shall cease when the restoration of the Premises (other than any Above Building Standard Installations) is Substantially Complete, and Landlord has notified Tenant thereof. 

Section 11.4 Landlord’s Termination Right. Notwithstanding anything to the contrary contained in Section 11.3, if
(i) the Adams Street Building shall be seventy-five (75%) percent or more damaged or destroyed by fire or other casualty such that the completion of Landlord’s Restoration Obligation requires more than eighteen (18) months to
complete, (or) (ii) the Adams Street Building shall be so damaged or destroyed by fire or other casualty that Landlord’s Restoration Obligation requires the expenditure of more than forty (40%) percent of the full insurable value of
the Adams Street Building immediately prior to the casualty (in the case of (i), (ii) or (iii), as estimated by a reputable contractor, registered architect or licensed professional engineer designated by Landlord subject to Tenant’s
approval, which approval Tenant shall not unreasonably withhold, condition or delay (herein called “Landlord’s Expert”), then in either of such events, Landlord may, not later than sixty (60) days following the date
of the damage, terminate this Lease by notice to Tenant. If this Lease is so terminated, (v) the Term shall expire upon the 30th day after such notice is given, (w) Tenant shall vacate
the Premises, (x) Tenant’s liability for Rent shall cease as of the date of the damage, (y) any prepaid Rent for any period after the date of the damage shall be refunded by Landlord to Tenant, and (z) if the lease is so
terminated, Landlord shall return to Tenant the Letter of Credit together with a letter addressed to the Issuing Bank acknowledging that Landlord has no further right to draw thereon. Notwithstanding anything to the contrary contained in
Section 11.3, if the Prospect Street Building shall be so damaged that, in Landlord’s reasonable opinion, substantial alteration, demolition, or reconstruction of the Prospect Street Building shall be required (whether or not the
Premises are so damaged or rendered untenantable), then Landlord may, not later than sixty (60) days following the date of the damage, terminate this Lease with respect to the Prospect Street Premises only by notice to Tenant, provided that if
the Prospect Street Premises are not damaged, Landlord may not terminate this Lease respecting the Prospect Street Premises unless Landlord similarly terminates the leases of other tenants in the Prospect Street Building aggregating at least seventy-five (75%) percent of the portion of the Building occupied immediately prior to such damage (excluding any rentable area leased by Landlord or its Affiliates). If this Lease as it relates to the
Prospect Street Premises is so terminated, (v) the Term shall expire upon the 30th day after such notice is given, (w) Tenant shall vacate the Prospect Street Premises, and surrender the
same to Landlord, (x) Tenant’s liability for Rent with respect to the Prospect Street Premises shall cease as of the date of the damage, (y) any prepaid Rent for the Prospect Street Premises for any period after the date of the damage
shall be refunded by Landlord to Tenant, and (z) there shall be a proportionate reduction in the Letter of Credit. 

  
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 Section 11.5 Tenant’s Termination Right. If the Premises or a portion thereof
shall be rendered untenantable due to damage or destruction to the Building, and if Landlord elects or shall be obligated to restore the Premises, Landlord shall, within sixty (60) days following the date of the damage, cause Landlord’s
Expert to give notice (the “Restoration Notice”) to Tenant of the date by which such contractor or architect estimates the restoration of the Premises (excluding any Above Building Standard Installations) shall be Substantially
Completed. If thirty-three percent (33%) or more of the rentable area of the Premises shall be damaged by casualty and such date, as set forth in the Restoration Notice, is more than twelve (12) months from the date of such damage, then
Tenant shall have the right to terminate this Lease by giving notice (the “Termination Notice”) to Landlord not later than thirty (30) days following delivery of the Restoration Notice to Tenant. If Tenant delivers a
Termination Notice, this Lease shall be deemed to have terminated as of the date of the giving of the Termination Notice, in the manner set forth in the second sentence of Section 11.4. Notwithstanding anything to the contrary contained
in this Section 11.5, if thirty-three percent (33%) or more of the rentable area of the Premises shall be damaged by casualty and the Restoration Notice set forth in Section 11.5 provides (a) for an estimated date
of completion that is less than twelve (12) months from the date of the casualty and the restoration of the Premises is not Substantially Completed within twelve (12) months from the date of the casualty (as such time period may be
extended for Unavoidable Delay not to exceed 60 days), or (b) for an estimated date of completion that is more than twelve (12) from the date of the casualty and Tenant did not deliver a Termination Notice with respect thereto, but the
restoration of the Premises is not Substantially Completed within forty-five (45) days following the estimated date of completion in such Restoration Notice, then, in either of such events, Tenant shall have a right, upon sixty (60) days
prior written notice to Landlord to give a Termination Notice as a result thereof and, unless Landlord Substantially Completes such restoration within the foregoing sixty (60) day period, the Lease shall be terminated in the manner provided in
the second sentence of Section 11.4. For purposes of this Section 11.5 and Section 11.6, the Premises shall be deemed “untenantable” if Tenant shall be precluded from accessing or using such affected
portion of the Premises as Tenant reasonably determines, in good faith, is required for the conduct of Tenant’s ordinary business (provided however, that if Landlord believes in good faith, that Tenant’s determination that the Premises are
“entirely untenantable” is then unreasonable, such dispute shall be resolved in accordance with arbitration as set forth in Section 11.8 below). In the event that a portion of any floor of the Premises is rendered untenantable
and in Tenant’s good faith judgment Tenant cannot use the tenantable portion of such floor for the conduct of Tenant’s ordinary business and Tenant ceases the operation of its business within the entire floor, such entire floor shall be
deemed to be untenantable. 
 Section 11.6 Final Twenty-Four Months. Notwithstanding anything in this Article 11 to the
contrary, if any damage during the final twenty-four (24) months of the Term, as the same may be extended, renders the Premises all or partially wholly untenantable, and the restoration of the Premises is not Substantially Completed or

  
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capable of being Substantially Completed within six (6) months from the date of the casualty, either Landlord or Tenant may terminate this Lease by notice to the other party within thirty
(30) days after the occurrence of such damage and this Lease shall expire on the thirtieth (30th) day following the date of such notice. 

Section 11.7 Landlord’s Liability. Any Building employee to whom any property shall be entrusted by or on behalf of Tenant
shall be deemed to be acting as Tenant’s agent with respect to such property and neither Landlord nor its agents shall be liable for any damage to such property, or for the loss of or damage to any such property of Tenant by theft or otherwise.
None of the Insured Parties shall be liable for any injury or damage to persons or property or interruption of Tenant’s business in each case resulting from fire or other casualty, any damage caused by other tenants or persons in the Building
or by construction of any private, public or quasi-public work, or any latent defect in the Premises or in the Building (except that Landlord shall be required to repair the same to the extent provided in Article 6). Unless otherwise set
forth herein, no penalty shall accrue for delays which may arise by reason of adjustment of fire insurance proceeds on the part of Landlord or Tenant, or for any Unavoidable Delays arising from any repair or restoration of any portion of the
Building, provided that Landlord shall use reasonable efforts to minimize interference with Tenant’s use and occupancy of the Premises during the performance of any such repair or restoration. 

Section 11.8 Expedited Arbitration. In the event of any dispute under this Lease with respect to (a) any circumstance under
Articles 2, 5, 11 or 13 where Landlord agreed not to unreasonably withhold, condition and/or delay its consent, and Tenant claims that Landlord has in fact unreasonably withheld, conditioned or delayed consent, (b) Tenant’s
determination that Tenant cannot reasonably conduct its ordinary course of business solely in that portion of the Premises that is “untenantable” pursuant to Section 11.5 or Section 11.6, (c) the determination of
Tenant’s Restoration Payment pursuant to Section 11.3(b), (d) whether Landlord has Substantially Completed Landlord’s Base Building Work or any restoration of the Premises, (e) whether any particular items of
Landlord’s Base Building Work are Punch List Items, then either party shall have the right to submit such dispute to arbitration in the City of New York under the Expedited Procedures provisions of the Commercial Arbitration Rules of the
American Arbitration Association pursuant to a submission effected within ten (10) Business Days after notice of the existence of the dispute. The arbitrators conducting such arbitration shall be bound by the provisions of this Lease and shall
not have the power to add to, subtract from, or otherwise modify such provisions. Each arbitrator shall be a qualified, disinterested and impartial person who shall have had at least ten (10) years of commercial office real estate experience in
the County of New York and is then employed in a calling connected with the matter of the dispute. Each party hereunder shall pay its own costs, fees and expenses in connection with any arbitration or other action or proceeding brought under this
Section 11.8, and the expenses and fees of the arbitrators selected shall be shared equally by Landlord and Tenant. Notwithstanding anything contrary contained in this Lease, Landlord and Tenant agree that (i) the arbitrators may
not award or recommend any damages to be paid by either party and (ii) in no event shall either party be liable for, nor shall either party be entitled to recover, any damages in any such arbitration. Judgment upon any award rendered

  
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in any arbitration held pursuant to this Section shall be final and binding upon Landlord and Tenant, whether or not a judgment shall be entered in any court, and each of Landlord and Tenant
hereby consents to the entry of such judgment by any court of competent jurisdiction. 
 Section 11.9 Tenant Insurance Proceeds.
In the event Tenant terminates this Lease by reason of casualty as provided in this Article 11, Tenant shall, as a condition to the effectiveness of such termination, first assign to Landlord a portion of Tenant’s insurance proceeds
sufficient to restore the damaged portion of the Premises to a “vanilla box” condition. 
 ARTICLE 12 

EMINENT DOMAIN 

Section 12.1 Taking. 

(a) Total Taking. If all or substantially all of the Adams Street Building or the Premises shall be acquired or condemned for any
public or quasi-public purpose (a “Taking”), this Lease shall terminate and the Term shall end as of the date of the vesting of title and Rent shall be prorated and adjusted as of such date. 

(b) Partial Taking. Upon a Taking of only a part of a Building or the Premises then, except as hereinafter provided in this Article
12, this Lease shall continue in full force and effect, provided that from and after the date of the vesting of title, Fixed Rent and Tenant’s Proportionate Share, Tenant’s Tax Payment and Tenant’s Operating Payment shall be
modified to reflect the reduction of the Premises and/or the Building as a result of such Taking. 
 (c) Landlord’s Termination
Right. Whether or not the Premises are affected, Landlord may, by notice to Tenant, within sixty (60) days following the date upon which Landlord receives notice of the Taking of all or a substantial portion of the Prospect Street Building
or the Prospect Street Premises, terminate this Lease as it relates to the Prospect Street Premises only, provided that Landlord elects to terminate leases (including this Lease) affecting at least seventy-five percent (75%) percent of the
office rentable area of the Prospect Street Building (excluding any rentable area leased by Tenant, Landlord or their respective Affiliates), in which case from and after the date of the vesting of title, Fixed Rent, Tenant’s Proportionate
Share and Tenant’s Tax Payment shall be modified to reflect the termination of the Lease with respect to the Prospect Street Premises as a result of such Taking. If the part of the Real Property taken contains fifty percent (50%) or more
of the total area of the Adams Street Building, then Landlord may terminate this Lease by giving notice thereof to Tenant within sixty (60) days following the date on which Landlord receives notice of such Taking. 

(d) Tenant’s Termination Right. If the part of the Real Property so taken contains more than twenty (20%) percent of the
total area of the Premises (or less 

  
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than 20% of the total area of the Premises, if in Tenant’s reasonable opinion the remaining portion of the Premises shall not be reasonably sufficient for Tenant to continue the feasible
operation of its business in the manner same was conducted prior to the Taking) or if, by reason of such Taking, Tenant no longer has reasonable means of access to all of the Premises, then Tenant may terminate this Lease by notice to Landlord given
within sixty (60) days following the date upon which Tenant is given notice of such Taking. If Tenant so notifies Landlord, this Lease shall end and expire upon the sixtieth (60th) day
following the giving of such notice. If a part of the Premises shall be so taken and this Lease is not terminated in accordance with this Section 12.1 Landlord, without being required to spend more than it collects as an award, shall
restore that part of the Premises not so taken to a self-contained rental unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such Taking, excluding Tenant’s
Property and Above Building Standard Installations, provided, however, if Landlord is unable to perform the restoration required hereunder because the same would cost more than the award, Tenant shall have the right to terminate this Lease by notice
to Landlord given within sixty (30) days following the date upon which Tenant is notified of such circumstance. 
 (e) Apportionment
of Rent. Upon any termination of this Lease pursuant to the provisions of this Article 12, Rent, as the same may have been reduced pursuant to Section 12.1(b) shall be apportioned as of, and shall be paid or refunded up to and
including, the date of such termination. 
 Section 12.2 Awards. Upon any Taking, Landlord shall receive the entire award for
any such Taking, and Tenant shall have no claim against Landlord or the condemning authority for the value of any unexpired portion of the Term or Tenant’s Alterations; and Tenant hereby assigns to Landlord all of its right in and to such
award. Nothing contained in this Article 12 shall be deemed to prevent Tenant from making a separate claim in any condemnation proceedings for the then value of any Tenant’s Property or Above Building Standard Installations included in
such Taking and for any moving expenses, provided any such award is in addition to, and does not result in a reduction of, the award made to Landlord. 

Section 12.3 Temporary Taking. If all or any part of the Premises is taken temporarily during the Term for any public or quasi-public use or purpose, Tenant shall give prompt notice to Landlord and the Term shall not be reduced or affected in any way and Tenant shall continue to pay all Rent payable by Tenant without reduction or
abatement and to perform all of its other obligations under this Lease, except to the extent prevented from doing so by the condemning authority, and Tenant shall be entitled to receive any award or payment from the condemning authority for such
use. 

  
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 ARTICLE 13 

ASSIGNMENT AND SUBLETTING 

Section 13.1 Consent Requirements. 

(a) No Transfers. Except as expressly set forth herein, Tenant shall not assign, mortgage, pledge, encumber, or otherwise transfer this
Lease, whether by operation of law or otherwise, and shall not sublet, or permit, or suffer the Premises or any part thereof to be used or occupied by others (whether for desk space, mailing privileges or otherwise), without Landlord’s prior
consent in each instance. Any assignment, sublease, mortgage, pledge, encumbrance or transfer in contravention of the provisions of this Article 13 shall be void and shall constitute an Event of Default. 

(b) Collection of Rent. If, without Landlord’s consent (unless Landlord’s consent is not required hereunder), this Lease is
assigned, or any part of the Premises is sublet or occupied by anyone other than Tenant (by operation of law or otherwise), Landlord may collect rent from the assignee, subtenant or occupant, and apply the net amount collected to the Rent herein
reserved. No such collection shall be deemed a waiver of the provisions of this Article 13, an acceptance of the assignee, subtenant or occupant as tenant, or a release of Tenant from the performance of Tenant’s covenants hereunder, and
in all cases Tenant shall remain fully liable for its obligations under this Lease. 
 (c) Further Assignment/Subletting.
Landlord’s consent to any assignment or subletting shall not relieve Tenant from the obligation to obtain Landlord’s consent to any further assignment or subletting, if such consent is required hereunder. In no event shall any permitted
subtenant assign or encumber its sublease or further sublet any portion of its sublet space, or otherwise suffer or permit any portion of the sublet space to be used or occupied by others, except with the consent of Landlord which shall be granted
or withheld using the same standards set forth in Section 13.4. 
 Section 13.2 Tenant’s Notice. If Tenant
desires to assign this Lease or sublet all or any portion of the Premises (other than as may be permitted under Section 13.8), Tenant shall give notice thereof to Landlord, which shall be accompanied by (i) a statement reasonably
detailing the identity of the proposed assignee or subtenant (“Transferee”), the nature of its business and its proposed use of the Premises, and a description of the portion of the Premises to be sublet (in the case of a sublease),
(ii) current financial information with respect to the Transferee, including its most recent financial statement, (iii) with respect to an assignment of this Lease or sublet of all or a portion of the Premises, a bona-fide term sheet
describing all of the material terms and conditions of the proposed assignment or sublease, and (iv) with respect to a sublet of all or a part of the Premises, a description of the portion of the Premises to be sublet, and a bona-fide term
sheet describing all of the material terms and conditions of the proposed sublease (collectively, a “Transferee Notice”). A Transferee Notice shall be deemed an irrevocable offer from Tenant to Landlord, whereby Landlord, in its
sole discretion may (each, a “Recapture Option”) either: (x) sublease, or Landlord’s designee may sublease such space (the “Leaseback Space”) from Tenant upon the terms and conditions hereinafter set forth
(if the proposed transaction is a sublease of all or part of the Premises), (y) terminate this Lease if the proposed transaction is an assignment or a sublease (whether by one sublease or a series of related or unrelated subleases) of all of
substantially all of the Premises for substantially the then remainder of the Term (i.e., term of sublease would expire with one (1) year or less remaining in 

  
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the Term, which will include the Renewal Term to the extent Tenant has exercised its option with respect thereto or exercises its option with respect thereto contemporaneously with entering into
a sublease), or (z) terminate this Lease with respect to the Leaseback Space (if the proposed transaction is a sublease of part of the Premises for substantially the then remainder of the Term as previously described). If Landlord exercises its
option to terminate this Lease in the case where Tenant desires either to assign this Lease or sublet (whether by one sublease or a series of related or unrelated subleases) all or substantially all of the Premises for substantially the then
remainder of the Term, then, this Lease shall end and expire on the date that such assignment or sublet was to be effective or commence, as the case may be, and the Rent shall be paid and apportioned to such date, and Landlord shall be free to lease
the Premises (or any part thereof) to any third party including, without limitation, Tenant’s prospective assignee or subtenant. If Landlord exercises its option to terminate this Lease in part in any case where Tenant desires to sublet a
portion of the Premises for substantially the remainder of the Term, then, (a) this Lease shall end and expire with respect to such Leaseback Space on the date that the proposed sublease was to commence; and (b) from and after such date
the Rent shall be adjusted, based upon the proportion that the rentable area of the Premises remaining bears to the total rentable area of the Premises; and (c) Tenant shall pay to Landlord, upon demand, the costs incurred by Landlord in
physically separating such portion of the Premises from the balance of the Premises and in complying with any laws and requirements of any public authorities relating to such separation. Any such Recapture Options may only be exercised by Landlord
by notice to Tenant at any time within thirty (30) days after such notice has been given by Tenant to Landlord; and during such thirty (30) day period Tenant shall not assign this Lease nor sublet such space to any person. If Landlord does
not exercise its Recapture Option as set forth above, then Landlord shall be deemed to have waived its right of recapture under this Section 13.2 with respect thereto, and provided the proposed assignment or sublease complies with the
conditions set forth in Section 13.4 below, Landlord’s consent to the proposed assignment or subletting shall not be unreasonably withheld, conditioned or delayed in accordance with said Section 13.4.  

Section 13.3 If Landlord exercises its option to sublet the Leaseback Space, such sublease to Landlord or its designee (as
subtenant) shall be at the rentals set forth in the Transferee Notice, and shall be for the same term as that of the proposed subletting, and such sublease shall provide that: 

(a) it shall be expressly subject to all of the covenants, agreements, terms, provisions and conditions of this Lease except such as are
irrelevant or inapplicable, and except as otherwise expressly set forth to the contrary in this Section; 
 (b) it shall be upon the same
terms and conditions as those contained in the Transferee Notice, except such as are irrelevant or inapplicable and except as otherwise expressly set forth to the contrary in this Section; 

(c) it shall give the sublessee the unqualified and unrestricted right, without Tenant’s permission, to assign such sublease or any
interest therein and/or to 

  
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sublet the Leaseback Space or any part or parts of the Leaseback Space and to make any and all changes, alterations, and improvements in the space covered by such sublease at no cost or liability
to Tenant and if the proposed sublease will result in all or substantially all of the Premises being sublet for substantially the remainder of the Term as previously described, grant Landlord or its designee the option to extend the term of such
sublease for the balance of the term of this Lease less one (1) day, in which case Tenant shall have no obligation to remove and/or restore any Specialty Alterations; 

(d) any assignee or further subtenant, of Landlord or its designee, may, at the election of Landlord, be permitted to make alterations,
decorations and installations in the Leaseback Space or any part thereof and shall also provide in substance that any such alterations, decorations and installations in the Leaseback Space therein made by any assignee or subtenant of Landlord or its
designee may be removed, in whole or in part, by such assignee or subtenant, at its option, prior to or upon the expiration or other termination of such sublease provided that such assignee or subtenant, at its expense, shall repair any damage and
injury to that portion of the Leaseback Space so sublet caused by such removal; 
 (e) (i) the parties to such sublease expressly
negate any intention that any estate created under such sublease be merged with any other estate held by either of said parties, (ii) any assignment or subletting by Landlord or its designee (as the subtenant) may be for any purpose or purposes
that Landlord, in Landlord’s uncontrolled discretion, shall deem suitable or appropriate, (iii) Tenant, at Tenant’s cost and expense, shall and will at all times provide and permit reasonably appropriate means of ingress to and egress
from the Leaseback Space so sublet by Tenant to Landlord or its designee, (iv) Landlord, at Tenant’s expense, may make such alterations as may be required or deemed necessary by Landlord to physically separate the Leaseback Space from the
balance of the Premises and to comply with any laws and requirements of public authorities relating to such separation, (v) that at the expiration of the term of such sublease, Tenant will accept the Leaseback Space in its then existing
condition, subject to the obligations of the sublessee to make such repairs thereto as may be necessary to preserve the Leaseback Space in good order and condition (and, if applicable, remove alterations made thereto by Landlord or its sublessee and
restore the Leaseback Area to its previous condition if, and to the extent, the subtenant would have the obligation to remove alterations made by or on behalf of the subtenant at the end of the sublease term and restore the Leaseback Area to its
previous condition). If Landlord exercises its option to sublet the Leaseback Space, Landlord shall indemnify and save Tenant harmless from all obligations under this Lease as to the Leaseback Space only during the period of time it is so sublet;

 (f) performance by Landlord, or its designee, under a sublease of the Leaseback Space shall be deemed performance by Tenant of any
similar obligation under this Lease and any default under any such sublease shall not give rise to a default under a similar obligation contained in this Lease, nor shall Tenant be liable for any default under this Lease or deemed to be in default
hereunder if such default is occasioned by or arises from any act or omission of the tenant under such sublease or is occasioned by or arises from any act or omission of any occupant holding under or pursuant to any such sublease; and 

  
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 (g) Notwithstanding anything to contrary contained herein, Tenant shall have no obligation, at
the expiration or earlier termination of the term of this Lease, to remove and/or restore any alteration, installation or improvement made in the Leaseback Space by Landlord or made by or on behalf of any such assignee or further subtenant of
Landlord or its designee except to the extent same was expressly set forth as the obligation of Tenant in the Transferee Notice. 

Section 13.4 Conditions to Assignment/Subletting. (a) If Landlord does not exercise Landlord’s option provided under
Section 13.2, and provided no Event of Default then exists and is continuing, Landlord’s consent to the proposed assignment or subletting shall not be unreasonably withheld, conditioned or delayed and shall be granted or denied
within the thirty (30) day period referred to in Section 13.2, provided that if Landlord fails to respond to a Transferee Notice, within the thirty (30) day period referred to in Section 13.2, Tenant shall then send
to Landlord a second Transferee Notice, and if Landlord fails to respond to such second Transferee Notice within five (5) Business Days from the date of Landlord’s receipt of such second Transferee Notice, the proposed assignment or
sublease shall be deemed to be approved if all of the following conditions are satisfied: 
 (i) in Landlord’s reasonable judgment,
the Transferee is engaged in a business or activity, and the Premises will be used in a manner, which (1) is in keeping with the then standards of the Building, and (2) does not violate any restrictions set forth in this Lease; 

(ii) the Transferee is reputable with sufficient financial means (and Landlord, in evaluating such financial means, shall take into account,
in addition to all other relevant factors, the security deposit posted hereunder) to perform all of its obligations under this Lease; 

(iii) if Landlord has comparable space available in the Dumbo Heights Campus that is then available (or will become available within six
(6) months of the delivery of the initial Transferee Notice) for a comparable term, neither the Transferee nor any Affiliate of the Transferee is then an occupant of the Dumbo Heights Campus. For purposes of this clause (iii) and clause
(iv) below, the term “comparable space” shall mean space of similar size (no variance of more than 5%) and condition; 

(iv) If Landlord has comparable space available in the Dumbo Heights Campus that is then available for a comparable term, the Transferee is
not a person or entity (or an Affiliate of a person or entity) with whom Landlord is then or has been within the prior six (6) months actively negotiating in connection with the rental of comparable space in the Building; 

  
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 (v) there shall be not more than two (2) subtenants on any single floor of the Premises at
any one time (if a portion of the Premises shall consist of multiple floors); 
 (vi) Tenant shall, reimburse Landlord for all reasonable
third party out-of-pocket expenses incurred by Landlord in connection with such assignment or sublease, including any investigations as to the acceptability of the Transferee and all legal costs reasonably incurred in connection with the granting of
any requested consent; 
 (vii) Tenant shall not list the Premises to be sublet or assigned with a broker, agent or other entity at a
rental rate less than the Fixed Rent at which Landlord is then offering to lease other comparable space in the Building (Landlord shall respond promptly to any request by Tenant for such rental rate); provided, however, that the foregoing shall not
prevent Tenant from subleasing any portion of the Premises at a rental rate lower or higher than Landlord is offering to lease comparable space in the Building; and 

(viii) the Transferee shall not be entitled, directly or indirectly, to diplomatic or sovereign immunity, regardless of whether the
Transferee agrees to waive such diplomatic or sovereign immunity, and shall be subject to the service of process in, and the jurisdiction of the courts of, the City and State of New York; 

(b) With respect to each and every subletting and/or assignment approved by Landlord under the provisions of this Lease: 

(i) the form of the proposed assignment or sublease shall be reasonably satisfactory to Landlord; 

(ii) no sublease shall be for a term ending later than one day prior to the Expiration Date (as same may be extended pursuant to the terms
hereof); 
 (iii) if an Event of Default occurs and is continuing prior to the effective date of such assignment or subletting, then
Landlord’s consent thereto, if previously granted, shall be revoked upon notice to Tenant unless and until such Event of Default shall be cured by Tenant; and 

(iv) Except for Landlord’s subletting pursuant to Section 13.3, each sublease shall be subject and subordinate to this Lease
and to the matters to which this Lease is or shall be subordinate; and upon the termination of this Lease prior to the Expiration Date, Tenant and each subtenant shall be deemed to have agreed that Tenant has hereby assigned to Landlord, and
Landlord may, at its option, accept such assignment of, all right, title and interest of Tenant as sublandlord under such sublease, together with all modifications, extensions and renewals thereof then in effect and such subtenant shall, at
Landlord’s option, attorn to Landlord pursuant to the then executory provisions of such sublease, except that Landlord shall not (unless otherwise set forth in an SNDA be (A) liable for any previous act or omission of Tenant under such
sublease (except with respect to any act or omission which continues after such attornment), (B)

  
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subject to any counterclaim, offset or defense not expressly provided in such sublease, which theretofore accrued to such subtenant against Tenant, (C) bound by any previous modification of
such sublease not consented to by Landlord or by any prepayment of more than one month’s rent (unless actually received by Landlord), (D) bound to return such subtenant’s security deposit, if any, except to the extent Landlord shall
receive actual possession of such deposit and such subtenant shall be entitled to the return of all or any portion of such deposit under the terms of its sublease, or (E) obligated to make any payment to or on behalf of such subtenant, or to
perform any work in the subleased space or the Building, or in any way to prepare the subleased space for occupancy, beyond Landlord’s obligations under this Lease. The provisions of this Section 13.4(b)(iv) shall be self-operative,
and no further instrument shall be required to give effect to this provision, provided that the subtenant shall execute and deliver to Landlord any instruments Landlord may reasonably request to evidence and confirm such subordination and
attornment. 
 Section 13.5 Binding on Tenant; Indemnification of Landlord. Notwithstanding any assignment or subletting or any
acceptance of rent by Landlord from any Transferee, Tenant shall remain fully liable for the payment of all Rent due and for the performance of all the covenants, terms and conditions contained in this Lease on Tenant’s part to be observed and
performed, and any default under any term, covenant or condition of this Lease by any Transferee or anyone claiming under or through any Transferee shall be deemed to be a default under this Lease by Tenant. Tenant shall indemnify, defend, protect
and hold harmless Landlord from and against any and all Losses resulting from (i) any claims that may be made against Landlord by the Transferee or anyone claiming under or through any Transferee where Landlord withheld its consent to the
proposed transaction, or (ii) any claims that may be made against Landlord by any brokers or other persons or entities claiming a commission or similar compensation in connection with the proposed assignment or sublease, irrespective of whether
Landlord shall give or decline to give its consent to any proposed assignment or sublease, or if Landlord shall exercise its option to terminate under this Article 13. 

Section 13.6 Tenant’s Failure to Complete. If Landlord consents to a proposed assignment or sublease and such assignment or
sublease fails to become effective within one hundred fifty (150) days after giving of such consent, then Tenant shall again comply with all of the provisions and conditions of Sections 13.2, 13.3 and 13.4 before assigning this
Lease or subletting all or part of the Premises. 
 Section 13.7 Profits. (a) If Tenant enters into any assignment or
sublease permitted hereunder or consented to by Landlord (but not any transaction described in Section 13.8), Tenant shall, within sixty (60) days of Landlord’s consent to such assignment or sublease, deliver to Landlord a list
which sets forth the amount of: (i) the commercially reasonable industry standard third-party brokerage fees paid by Tenant in such transaction, (ii) any free rent to be provided under such sublease, (iii) any tenant improvement work
allowance or any construction costs paid or to be paid in connection with such transaction and, in the case of any sublease, any actual costs incurred by Tenant in separately demising the sublet space, and (iv) any other costs and expenses

  
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reasonably incurred by Tenant in connection with such assignment or sublease that are so-called zero period costs other than commissions which may be deducted when paid), including advertising
costs (collectively, “Transaction Costs”), together with a list of all of Tenant’s Property to be transferred to such Transferee. Tenant shall deliver to Landlord reasonable evidence of the payment of any Transaction Costs
within sixty (60) days after the same are paid (and if Tenant shall fail to do so, no such fees or costs for which Tenant shall have failed to provide evidence of payment shall qualify as Transaction Costs). In consideration of such assignment
or subletting, Tenant shall pay to Landlord: 
 (b) In the case of an assignment, on the effective date of the assignment, fifty
(50%) percent of all sums and other consideration paid to Tenant by the Transferee for or by reason of such assignment of Tenant’s leasehold interest herein (including key money, bonus money and any sums paid for services rendered by
Tenant to the Transferee in excess of the fair market value for such services and sums paid for the sale or rental of Tenant’s Property, less the then fair market or rental value thereof) after first deducting the Transaction Costs; or 

(c) In the case of a sublease, fifty (50%) percent of any consideration payable under the sublease to Tenant by the Transferee which
exceeds on a per square foot basis the Fixed Rent and Additional Rent accruing during the term of the sublease in respect of the sublet space (including sums paid for the sale or rental of Tenant’s Property, less the then fair market value or
rental value thereof) after first deducting the Transaction Costs, which Transactional Costs shall be deducted when paid. The sums payable under this clause shall be paid by Tenant to Landlord monthly as and when paid by the subtenant to Tenant but
only after deducting all Transaction Costs, and profit, if any, has been realized. 
 Section 13.8 Transfers.
(a) Affiliates. If Tenant is a legal entity, the transfer (by one or more transfers), directly or indirectly, by operation of law or otherwise, of a majority of the stock or other beneficial ownership interest in Tenant or, of all or
substantially all of the assets of Tenant (collectively “Ownership Interests”) shall be deemed a voluntary assignment of this Lease provided, however, that the provisions of Section 13.2 shall not apply to, and Landlord’s
consent shall not be required with respect to the transfer of Ownership Interests in Tenant if and so long as the stock of Tenant is publicly traded on a nationally recognized stock exchange, including the issuance of new Ownership Interests either
by way of an initial or other “public offering”. For purposes of this Article, the term “transfers” shall be deemed to include (x) the establishment of a new fund, or otherwise, which results in a majority of the Ownership
Interests in Tenant being held by a person or entity which does not hold a majority of the Ownership Interests in Tenant on the date hereof, (y) except as provided below, the sale of all or substantially all of Tenant’s assets, and
(z) except as provided below, the merger or consolidation or conversion of Tenant into or with another business entity. Notwithstanding anything to the contrary contained in this Article 13, Landlord’s consent shall not be required and the
provisions of Section 13.2 shall not apply to transactions with a business entity into or with which Tenant is merged or consolidated or converted or to which all or substantially all of Tenant’s assets or a majority of the
Ownership 

  
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Interests of Tenant are transferred (any of the foregoing, a “Successor Entity”), and shall also not apply to a transfer or issuance of Ownership Interests of Tenant so long as
(i) such transfer or other transaction was made for a legitimate independent business purpose and not for the principal purpose of transferring this Lease and, in the case of a merger or consolidation only, (ii) the Successor Entity has a
tangible net worth computed in accordance with generally accepted accounting principles consistently applied that is at least equal to twenty (20) times the amount of Fixed Rent then payable hereunder (the “Successor Net Worth
Threshold”) or if the Successor Entity’s tangible net worth is less than the Successor Net Worth Threshold, then same shall be deemed to be satisfied if the security deposit is increased by an amount equal to one (1) month of the
then Fixed Rent payable hereunder multiplied by the difference between (x) 20, and (y) the actual tangible net worth of the Successor Entity expressed as a multiple of then then annual Fixed Rent payable hereunder (e.g., if the Successor
Entity tangible net worth was equal to 18 times the then annual Fixed Rent, then the security deposit would be increased by 2 months of the then monthly Fixed Rent), and (iii) proof satisfactory to Landlord of such net worth is delivered to
Landlord at least five (5) Business Days prior to the effective date of any such transaction (or promptly upon Landlord’s request), (iv) any such transfer shall be subject and subordinate to all of the terms and provisions of this
Lease, and (v) Tenant (except in the event of a merger where Tenant is not the surviving entity or a sale of all or substantially all of Tenant’s assets) shall remain fully liable for all obligations to be performed by Tenant under this
Lease. Tenant may also, upon prior notice to Landlord, but without the provisions of Sections 13.2 or Section 13.4 being applicable, permit any Affiliate of Tenant to accept an assignment of this Lease or sublet all or part of the
Premises, provided such sublease may continue for so long as such entity remains an Affiliate of Tenant. Any such sublease shall not be deemed to relieve, release, impair or discharge any of Tenant’s obligations hereunder. Notwithstanding the
foregoing, Tenant shall have no right to assign this Lease or sublease all or any portion of the Premises pursuant to this Section 13.8 if Tenant is in default of any of the terms and conditions of this Lease on its part to be performed
hereunder, either at the time (x) it delivers a Transferee Notice, or (y) the effective date of the proposed assignment or sublease. 

(b) Applicability. The limitations and rights set forth in this Section 13.8 shall apply to Transferee(s) of this Lease, and any
transfer by any such entity in violation of this Section 13.8 shall be a transfer in violation of Section 13.1. 

(c) Modifications. Any modification, amendment or extension of a sublease shall be deemed a sublease for the purposes of
Section 13.1 hereof. 
 Section 13.9 Assumption of Obligations. No assignment of this Lease shall be effective
unless and until the Transferee executes, acknowledges and delivers to Landlord an agreement in form and substance reasonably satisfactory to Landlord whereby the assignee (a) assumes Tenant’s obligations under this Lease and
(b) agrees that, notwithstanding such assignment or transfer, the provisions of Section 13.1 hereof shall be binding upon it in respect of all future assignments and transfers. 

  
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 Section 13.10 Tenant’s Liability. The joint and several liability of Tenant and
any successors-in-interest of Tenant and the due performance of Tenant’s obligations under this Lease shall not be discharged, released or impaired by any agreement or stipulation made by Landlord, or any grantee or assignee of Landlord,
extending the time, or modifying any of the terms and provisions of this Lease, or by any waiver or failure of Landlord, or any grantee or assignee of Landlord, to enforce any of the terms and provisions of this Lease, provided, however, the
predecessor tenant shall not be liable with respect to any agreement or stipulation which shall increase the obligations of Tenant under this Lease. 

Section 13.11 Initial Sublease. Notwithstanding anything to the contrary contained herein, Tenant shall have the right to enter
into an initial sublease of up to one (1) full floor of the Premises in one (but not both) of the Buildings, subject to all the terms and conditions of this Article 13 other than the Recapture Options set forth in Sections 13.2 and
13.3 and sharing of Profits set forth in Section 13.7. 
 Section 13.12 Lease Disaffirmance or Rejection. If at
any time after an assignment by Tenant named herein, this Lease is not affirmed or is rejected in any bankruptcy proceeding or any similar proceeding, or upon a termination of this Lease due to any such proceeding, Tenant named herein, upon request
of Landlord given after such disaffirmance, rejection or termination (and actual notice thereof to Landlord in the event of a disaffirmance or rejection or in the event of termination other than by act of Landlord), shall (a) pay to Landlord
all Rent and other charges due and owing by the assignee to Landlord under this Lease to and including the date of such disaffirmance, rejection or termination, and (b) as “tenant,” enter into a new lease of the Premises with Landlord
for a term commencing on the effective date of such disaffirmance, rejection or termination and ending on the Expiration Date, at the same Rent and upon the then executory terms, covenants and conditions contained in this Lease, except that
(i) the rights of Tenant named herein under the new lease shall be subject to the possessory rights of the assignee under this Lease and the possessory rights of any persons or entities claiming through or under such assignee or by virtue of
any statute or of any order of any court, (ii) such new lease shall require all defaults existing under this Lease to be cured by Tenant named herein with due diligence, and (iii) such new lease shall require Tenant named herein to pay all
Rent which, had this Lease not been so disaffirmed, rejected or terminated, would have become due under the provisions of this Lease after the date of such disaffirmance, rejection or termination with respect to any period prior thereto. If Tenant
named herein defaults in its obligations to enter into such new lease for a period of ten (10) days after Landlord’s request, then, in addition to all other rights and remedies by reason of default, either at law or in equity, Landlord
shall have the same rights and remedies against Tenant named herein as if it had entered into such new lease and such new lease had thereafter been terminated as of the commencement date thereof by reason of Tenant’s default thereunder. 

Section 13.13 Desk Sharing. Notwithstanding anything to the contrary set forth herein, Tenant, upon at least ten (10) days
prior notice to Landlord, may, without Landlord’s consent, permit certain consultants, strategic partners, clients, advisors, other professionals, or other third parties (collectively, “Desk Sharing

  
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Entities”) to occupy desk space comprising not more than a total of fifteen (15%) percent of the rentable square footage then comprising the Premises, in the aggregate, for
purposes incidental to the Permitted Uses under this Lease, provided, (i) such Desk Sharing Entities have and continue to have an ongoing professional or business relationship with Tenant, (ii) shall not have any rights hereunder (other
than to occupy such space in the Premises subject to and in accordance with this Section 13.13), (iii) shall such occupancy create a landlord/tenant relationship or any privity with the Landlord, (iv) each occupancy shall be
expressly subject to all of the obligations of Tenant under this Lease other than the obligation to pay rent, (v) such Desk Sharing Entities are expressly prohibited from assigning, subletting, pledging or otherwise transferring its rights in
the Premises; and (vi) Tenant shall receive no rent, payment or other consideration in connection with such occupancy in respect of such space other than rent payments (in no event greater per rentable square foot than the Fixed Rent and
Additional Rent payable hereunder per rentable square foot). The rights of Tenant under this Section 13.13 shall not in any manner relieve Tenant of its obligations arising under this Lease. 

ARTICLE 14 
 ACCESS TO
PREMISES 
 Section 14.1 Landlord’s Access. (a) Landlord, Landlord’s agents and utility service providers
servicing the Building may erect, use and maintain concealed ducts, pipes and concealed conduits in and through the Premises provided such use does not cause the usable area of the Premises to be reduced other than to a de minimis extent. Landlord
shall promptly repair any damage to the Premises caused by any work performed pursuant to this Article 14. The foregoing is not intended to vitiate the provisions of Section 6.3 or Section 10.11(c).  

(b) Landlord, any Lessor or Mortgagee and any other party designated by Landlord and their respective agents shall have the right to enter the
Premises at all reasonable times, upon reasonable notice (which notice may be oral) except in the case of emergency in which case any limitation on the number of entries and/or advance notice shall not be required, to examine the Premises, to show
the Premises to prospective purchasers, Mortgagees, Lessors or during the last eighteen (18) months of the Term, tenants and their respective agents and representatives or others and to perform Restorative Work to the Premises or the Building.

 (c) All parts (except surfaces facing the interior of the Premises) of all walls, windows and doors bounding the Premises, all balconies,
terraces and roofs adjacent to the Premises, all space in or adjacent to the Premises used for shafts, stacks, stairways, mail chutes, conduits and other mechanical facilities, Building Systems, Building facilities and Common Areas are not part of
the Premises, and Landlord shall have the use thereof and access thereto through the Premises for the purposes of Building operation, maintenance, alteration and repair. 

  
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 (d) Subject to emergency and police conditions and the provisions of Section 10.11(a) and
Section 26.16 hereof, Tenant (and Tenant’s assignees, sub lessees, invitees, licensees, and employees) shall, during the term of this Lease, have access to the Premises twenty-four (24) hours per day seven (7) days per week.

 (e) Except in the case of an emergency, Landlord shall endeavor to comply with Tenant’s reasonable security measures when entering
the Premises. 
 Section 14.2 Building Name. Landlord has the right at any time to change the name, number or designation by
which the Building is commonly known. Notwithstanding anything to the contrary contained herein, (i) for so long a Permitted Tenant satisfies the Adams Street Minimum Occupancy Threshold, Landlord shall not name the Adams Street Building nor
the Dumbo Heights Campus after a Tenant Competitor, and (ii) for so long as a Permitted Tenant satisfies the Prospect Street Minimum Occupancy Threshold, Landlord shall not name the Prospect Street Building nor the Dumbo Heights Campus after a
Tenant Competitor. 
 Section 14.3 Light and Air. If at any time any windows of the Premises are temporarily darkened or covered
over by reason of any Restorative Work or for any other reason, Landlord shall diligently complete such work or otherwise act diligently to remove the temporary darkening or covering over of such windows. If there is otherwise a diminution of light,
air or view by another structure which may hereafter be erected (whether or not by Landlord), Landlord shall not be liable for any damages and Tenant shall not be entitled to any compensation or abatement of any Rent, nor shall the same release
Tenant from its obligations hereunder or constitute an actual or constructive eviction. 
 ARTICLE 15 

DEFAULT 

Section 15.1 Tenant’s Defaults. Each of the following events shall be an “Event of Default” hereunder: 

(a) Tenant fails to pay when due any installment of Rent and such default shall continue for five (5) days after notice of such default
is given to Tenant; or 
 (b) Tenant fails to observe or perform any other term, covenant or condition of this Lease and such failure
continues for more than thirty (30) days (ten [10] days for any failure by Tenant to use and occupy the Premises for a use that is not a Permitted Use) after notice by Landlord to Tenant of such default, or if such default (other than any
failure by Tenant to use and occupy the Premises for a use that is not a Permitted Use) is of a nature that it cannot be completely remedied within thirty (30) days, failure by Tenant to commence to remedy such failure within said thirty
(30) days, and thereafter diligently prosecute to completion all steps necessary to remedy such default; or 

  
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 (c) if Landlord applies or retains any part of the security held by it hereunder, and Tenant
fails within five (5) days after notice by Landlord to Tenant to (i) deposit with Landlord the amount so applied or retained by Landlord, or (ii) provide Landlord with (x) a replacement Letter of Credit (as hereinafter defined),
in the full amount required hereunder, or (y) a modification of the Letter of Credit which reinstates the amount so applied or retained; or 

(d) Tenant files a voluntary petition in bankruptcy or insolvency, or is adjudicated a bankrupt or insolvent, or files any petition or answer
seeking any reorganization, liquidation, dissolution or similar relief under any present or future federal bankruptcy act or any other present or future applicable federal, state or other statute or law, or makes an assignment for the benefit of
creditors or seeks or consents to or acquiesces in the appointment of any trustee, receiver, liquidator or other similar official for Tenant or for all or any part of Tenant’s property; or 

(e) a court of competent jurisdiction shall enter an order, judgment or decree adjudicating Tenant bankrupt, or appointing a trustee, receiver
or liquidator of Tenant, or of the whole or any substantial part of its property, without the consent of Tenant, or approving a petition filed against Tenant seeking reorganization or arrangement of Tenant under the bankruptcy laws of the United
States, as now in effect or hereafter amended, or any state thereof, and such order, judgment or decree shall not be vacated or set aside or stayed within ninety (90) days from the date of entry thereof. Upon the occurrence and during the
continuance of any one or more of such Events of Default, Landlord may, at its sole option, give to Tenant three (3) days’ notice of cancellation of this Lease (or of Tenant’s possession of the Premises), in which event this Lease and
the Term (or Tenant’s possession of the Premises) shall terminate (whether or not the Term shall have commenced) with the same force and effect as if the date set forth in the notice were the Expiration Date stated herein; and Tenant shall then
quit and surrender the Premises to Landlord, but Tenant shall remain liable for damages as provided in this Article 15. 

Section 15.2 Landlord’s Remedies. 

(a) Possession/Reletting. If any Event of Default occurs and this Lease and the Term, or Tenant’s right to possession of the
Premises, terminate as provided in Section 15.1: 
 (i) Surrender of Possession. Tenant shall quit and surrender the
Premises to Landlord, and Landlord and its agents may immediately, or at any time after such termination, re-enter the Premises or any part thereof, without notice, either by summary proceedings, or by any other applicable action or proceeding, or
by force (to the extent permitted by law) or otherwise in accordance with applicable legal proceedings (without being liable to indictment, prosecution or damages therefore), and may repossess the Premises and dispossess Tenant and any other persons
or entities from the Premises and remove any and all of their property and effects from the Premises. 

  
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 (ii) Landlord’s Reletting. Landlord, at Landlord’s option, may relet all or any
part of the Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for any term ending before, on or after the Expiration Date, at such rental and upon such other conditions (which may include concessions
and free rent periods) as Landlord, in its sole discretion, may determine. Landlord shall have no obligation to accept any tenant offered by Tenant and shall not be liable for failure to relet or, in the event of any such reletting, for failure to
collect any rent due upon any such reletting; and no such failure shall relieve Tenant of, or otherwise affect, any liability under this Lease. Landlord, at Landlord’s option, may make such alterations, decorations and other physical changes in
and to the Premises as Landlord, in its sole discretion, considers advisable or necessary in connection with such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any such liability.

 (b) Tenant’s Waiver. Tenant, on its own behalf and on behalf of all persons or entities claiming through or under Tenant,
including all creditors, hereby waives all rights which Tenant and all such persons or entities might otherwise have under any Requirement (i) to the service of any notice of intention to re-enter or to institute legal proceedings, (ii) to
redeem, or to re-enter or repossess the Premises, or (iii) to restore the operation of this Lease, after (A) Tenant shall have been dispossessed by judgment or by warrant of any court or judge, (B) any re-entry by Landlord, or
(C) any expiration or early termination of the term of this Lease, whether such dispossess, re-entry, expiration or termination shall be by operation of law or pursuant to the provisions of this Lease. The words “re-enter,”
“re-entry” and “reentered” as used in this Lease shall not be deemed to be restricted to their technical legal meanings. 

(c) Tenant’s Breach. Upon the breach or threatened breach by Tenant, or any persons or entities claiming through or under Tenant,
of any term, covenant or condition of this Lease, Landlord shall have the right to enjoin such breach and to invoke any other remedy allowed by law or in equity as if re-entry, summary proceedings and other special remedies were not provided in this
Lease for such breach. The rights to invoke the remedies set forth above are cumulative and shall not preclude Landlord from invoking any other remedy allowed at law or in equity. 

Section 15.3 Landlord’s Damages. 

(a) Amount of Damages. If this Lease and the Term, or Tenant’s right to possession of the Premises, terminate as provided in
Section 15.1, then: 
 (i) Tenant shall pay to Landlord all items of Rent when due and payable under this Lease by Tenant to
Landlord; 
 (ii) Landlord may retain all monies, if any, paid by Tenant to Landlord, whether as prepaid Rent, a security deposit or
otherwise, which monies, to the extent not otherwise applied to amounts due and owing to Landlord, shall be credited by Landlord against any damages payable by Tenant to Landlord; 

  
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 (iii) Tenant shall pay to Landlord, in monthly installments, on the days specified in this Lease
for payment of installments of Fixed Rent, any Deficiency (as hereinafter defined); it being understood that Landlord shall be entitled to recover the Deficiency from Tenant each month as the same shall arise, and no suit to collect the amount of
the Deficiency for any month, shall prejudice Landlord’s right to collect the Deficiency for any subsequent month by a similar proceeding; and 

(iv) whether or not Landlord shall have collected any monthly Deficiency, Tenant shall pay to Landlord, on demand, in lieu of any further
Deficiency and as liquidated and agreed final damages, a sum equal to the amount by which the Rent for the period which otherwise would have constituted the unexpired portion of the Term (assuming the Additional Rent during such period to be the
same as was payable for the year immediately preceding such termination or re-entry, increased in each succeeding year by four (4%)percent (on a compounded basis)) exceeds the then fair and reasonable rental value of the Premises, for the same
period (with both amounts being discounted to present value at a rate of interest equal to two (2%) percent below the then Base Rate) less the aggregate amount of Deficiencies theretofore collected by Landlord pursuant to the provisions of
Section 15.3(a)(iii) for the same period. If, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, shall have been relet by Landlord to an unaffiliated party for
the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed prima facie, to be the fair and reasonable rental value for the part or the
whole of the Premises so relet during the term of the reletting. 
 (b) Reletting. If the Premises or any part thereof, shall be
relet together with other space in the Buildings, the rents collected or reserved under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this Section 15.3. Tenant shall not be
entitled to any rents collected or payable under any reletting, whether or not such rents exceeds the Fixed Rent reserved in this Lease. Nothing contained in Article 15 shall be deemed to limit or preclude the recovery by Landlord from Tenant
of the maximum amount allowed to be obtained as damages by any Requirement, or of any sums or damages to which Landlord may be entitled in addition to the damages set forth in this Section 15.3, except that, in no event, shall either
Landlord or Tenant be liable to other or anyone claiming through or under other for consequential or punitive damages. 

Section 15.4 Interest. If any payment of Rent is not paid when due, interest shall accrue on such payment, from the date such
payment was due until paid at the Interest Rate. Such interest and late charges are separate and cumulative and are in addition to and shall not diminish or represent a substitute for any of Landlord’s rights or remedies under any other
provision of this Lease. 
 Section 15.5 Other Rights of Landlord. If Tenant fails to pay any Additional Rent when due,
Landlord, in addition to any other right or remedy, shall have the same rights and remedies as in the case of a default by Tenant in the payment of Fixed Rent. If Tenant is in arrears in the payment of Rent, Tenant waives Tenant’s right, if
any, to 

  
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designate the items against which any payments made by Tenant are to be credited, and Landlord may apply any payments made by Tenant to any items Landlord sees fit, regardless of any request by
Tenant. 
 ARTICLE 16 

LANDLORD’S RIGHT TO CURE; FEES AND EXPENSES 

If an Event of Default occurs and is continuing, Landlord, without waiving such default, may perform the obligations giving rise thereto at
Tenant’s expense (a) immediately, and without advance notice, in the case of emergency or if the default (i) materially interferes with the use by any other tenant of the Building, (ii) materially interferes with the efficient
operation of the Building, (iii) results in a violation of any Requirement, or (iv) results or will result in a cancellation of any insurance policy maintained by Landlord or (b) in any other case if such default continues after ten
(10) Business Days from the date Landlord gives notice of Landlord’s intention to perform the defaulted obligation (provided Tenant is not the diligently prosecuting the cure of the same). All actual out of pocket costs and expenses
incurred by Landlord in connection with any such performance by it and all actual out of pocket costs and expenses, including reasonable counsel fees and disbursements, incurred by Landlord as a result of any default by Tenant under this Lease or in
any action or proceeding (including any unlawful detainer proceeding) brought by Landlord or in which Landlord is a party to enforce any obligation of Tenant under this Lease and/or right of Landlord in or to the Premises, shall be paid by Tenant to
Landlord within ten (10) Business Days of Tenant’s receipt of a reasonably substantiated invoice therefore, with interest thereon at the Interest Rate from the date incurred by Landlord. Except as expressly provided to the contrary in this
Lease, all costs and expenses which, pursuant to this Lease are incurred by Landlord and payable to Landlord by Tenant, and all charges, amounts and sums payable to Landlord by Tenant for any property, material, labor, utility or other services
which, pursuant to this Lease or at the request and for the account of Tenant, are provided, furnished or rendered by Landlord, shall become due and payable by Tenant to Landlord within ten (10) Business Days after receipt of Landlord’s
invoice for such amount. 
 ARTICLE 17 

NO REPRESENTATIONS BY LANDLORD; LANDLORD’S APPROVAL 

Section 17.1 No Representations. Except as expressly set forth herein, Landlord and Landlord’s agents have made no
warranties, representations, statements or promises with respect to the Buildings, the Real Property or the Premises and no rights including, without limitation, any development rights, easements or licenses are acquired by Tenant by implication or
otherwise. Tenant is entering into this Lease after full investigation and is not relying upon any statement or representation made by Landlord not embodied in this Lease. 

  
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 Section 17.2 No Money Damages. Wherever in this Lease Landlord’s consent or
approval is required, if Landlord refuses to grant such consent or approval, whether or not Landlord expressly agreed that such consent or approval would not be unreasonably withheld, Tenant shall not make or exercise, and Tenant hereby waives, any
claim for money damages (including any claim by way of set-off, counterclaim or defense) and/or any right to terminate this Lease based upon Tenant’s claim or assertion that Landlord unreasonably withheld or delayed its consent or approval.
Tenant’s sole remedy shall be to bring an action or proceeding (or arbitration pursuant to Section 11.8) to enforce such provision, by specific performance, injunction or declaratory judgment. In no event shall Landlord be liable
for, and Tenant, on behalf of itself and all other Tenant Parties, hereby waives any claim for, any indirect, consequential or punitive damages, including loss of profits or business opportunity, arising under or in connection with this Lease. 

Section 17.3 Reasonable Efforts. Except as expressly set forth in this Lease, “reasonable efforts” by Landlord shall not
include an obligation to employ contractors or labor at overtime or other premium pay rates or to incur any other overtime costs or additional expenses of any extraordinary nature unless (i) Tenant requests same reasonably in advance in a
notice to Landlord and reimburses Landlord for the actual, incremental, reasonable, out-of-pocket costs in connection therewith, as Additional Rent, within thirty (30) days after delivery of an invoice therefore, (ii) failure to perform
such work on an overtime basis would have material adverse effect on Tenant’s ability to conduct its business in all or a portion of the Premises. 

ARTICLE 18 
 END OF TERM

 Section 18.1 Expiration. Upon the expiration or other termination of this Lease, Tenant shall quit and surrender the
Premises to Landlord vacant, broom clean and in good order and condition, ordinary wear and tear and damage from casualty excepted, and Tenant shall remove all of Tenant’s Property (other than any wiring or cabling between the basement of the
Building and the Premises between the floors or under the floors of the Premises or above any hung ceilings designated by Landlord for use by Tenant or a future tenant of the Building) and any Specialty Alterations as may be required pursuant to
Section 5.3. 
 Section 18.2 Holdover Rent. Landlord and Tenant recognize that Landlord’s damages resulting
from Tenant’s failure to timely surrender possession of the entire Premises may be substantial, may exceed the amount of the Rent payable hereunder, and will be impossible to accurately measure. Accordingly, if possession of the entire Premises
is not surrendered to Landlord on the Expiration Date or sooner termination of this Lease, in addition to any other rights or remedies Landlord may have hereunder or at law, Tenant shall pay to Landlord for each month (or any portion thereof) during
which Tenant holds over in the Premises after the Expiration Date or sooner termination of this Lease, a sum equal to the Applicable Percentage times the Rent payable under this Lease for the last full calendar month of the Term. To the extent the
duration of 

  
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Tenant’s holdover exceeds thirty (30) days, then Tenant shall be liable for any and all actual damages incurred by Landlord by reason of Tenant’s holdover at the Premises,
including, without limitation, (x) Landlord’s loss of the benefit of the bargain by reason of its inability to enter into a new lease with a new tenant for the Premises due to Tenant’s holdover at the Premises, and (y) any and
all damages including, without limitation, consequential and/or special damages which Landlord may suffer by reason of Tenant’s holdover at the Premises. No holding-over by Tenant, nor the payment to Landlord of the amounts specified above,
shall operate to extend the Term hereof. No holding-over by Tenant, nor the payment to Landlord of the amounts specified above, shall operate to extend the Term hereof. Nothing herein contained shall be deemed to permit Tenant to retain possession
of the Premises after the Expiration Date or sooner termination of this Lease, and no acceptance by Landlord of payments from Tenant after the Expiration Date or sooner termination of this Lease shall be deemed to be other than on account of the
amount to be paid by Tenant in accordance with the provisions of this Section 18.2. “Applicable Percentage” means (i) 150% for the first thirty (30) days of such holdover, and (ii) 200% thereafter. 

Section 18.3 Waiver of Stay. Tenant expressly waives, for itself and for any person or entity claiming through or under Tenant,
any rights which Tenant or any such person or entity may have under the provisions of Section 2201 of the New York Civil Practice Law and Rules and of any successor Requirement of like import then in force, in connection with any holdover
summary proceedings which Landlord may institute to enforce the foregoing provisions of this Article 18. 
 ARTICLE 19 

QUIET ENJOYMENT 
 Provided
this Lease is in full force and effect, Tenant may peaceably and quietly use and enjoy the Premises without hindrance by Landlord or any person lawfully claiming through or under Landlord, subject to the terms and conditions of this Lease and to all
Superior Leases and Mortgages. 
 ARTICLE 20 

NO SURRENDER; NO WAIVER 

Section 20.1 No Surrender or Release. No act or thing done by Landlord or Landlord’s agents or employees during the Term
shall be deemed an acceptance of a surrender of the Premises, and no provision of this Lease shall be deemed to have been waived by Landlord, unless such waiver is in writing and is signed by Landlord. 

Section 20.2 No Waiver. The failure of either party to seek redress for violation of, or to insist upon the strict performance of,
any covenant or condition of this Lease, or any of the Rules and Regulations, shall not be construed as a waiver or relinquishment for the future performance of such obligations of this Lease or the Rules and Regulations, or of the right to exercise
such election but the same shall continue and 

  
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remain in full force and effect with respect to any subsequent breach, act or omission. The receipt by Landlord of any Rent payable pursuant to this Lease or any other sums with knowledge of the
breach of any covenant of this Lease on the part of Tenant shall not be deemed a waiver of such breach. The payment by Tenant of any Rent payable pursuant to this Lease or any other sums with knowledge of the breach of any covenant of this Lease on
the part of Landlord shall not be deemed a waiver of such breach. 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 a payment on account of the earliest stipulated
Rent, or as Landlord may elect to apply such payment, nor shall any endorsement or statement on 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 provided in this Lease. 

ARTICLE 21 
 WAIVER OF
TRIAL BY JURY; COUNTERCLAIM 
 Section 21.1 Jury Trial Waiver. LANDLORD AND TENANT HEREBY WAIVE TRIAL BY JURY IN ANY
ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER PARTY AGAINST THE OTHER ON ANY MATTERS IN ANY WAY ARISING OUT OF OR CONNECTED WITH THIS LEASE, THE RELATIONSHIP OF LANDLORD AND TENANT, TENANT’S USE OR OCCUPANCY OF THE PREMISES, OR THE
ENFORCEMENT OF ANY REMEDY WITH RESPECT TO THIS LEASE ANY STATUTE, EMERGENCY OR OTHERWISE. 
 Section 21.2 Waiver of
Counterclaim. If Landlord commences any summary proceeding against Tenant, Tenant will not interpose any counterclaim of any nature or description in any such proceeding (unless failure to interpose such counterclaim would preclude Tenant from
asserting in a separate action the claim which is the subject of such counterclaim), and will not seek to consolidate such proceeding with any other action which may have been or will be brought in any other court by Tenant. 

ARTICLE 22 
 NOTICES

 Except as otherwise expressly provided in this Lease, all consents, notices, demands, requests, approvals or other communications
given under this Lease shall be in writing and shall be deemed sufficiently given or rendered if delivered by hand either to the Premises or to Tenant’s address as set forth in Article 1 (provided a signed receipt is obtained) or if sent
by registered or certified mail (return receipt requested) or by a nationally recognized overnight delivery service making receipted deliveries, addressed to Landlord and Tenant as set forth in Article 1, and to any Mortgagee or Lessor who
shall require copies of notices and whose address is provided in advance to Tenant in writing, or to such other address(es) as Landlord, Tenant or any Mortgagee or Lessor may designate as its new address(es) for such purpose by notice 

  
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given to the other in accordance with the provisions of this Article 22. Any such approval, consent, notice, demand, request or other communication shall be deemed to have been given on
the date of receipted delivery, refusal to accept delivery or when delivery is first attempted but cannot be made due to a change of address for which no notice is given. 

ARTICLE 23 
 RULES AND
REGULATIONS 
 All Tenant Parties shall observe and comply with the Rules and Regulations as set forth on Schedule “E”
annexed hereto and made a part hereof, which Rules and regulations may be supplemented or amended, from time to time. Landlord reserves the right, from time to time, to adopt additional Rules and Regulations and to amend the Rules and Regulations
then in effect; provided, however, that such additional Rules and Regulations shall not adversely affect Tenant’s rights or obligations hereunder, other than to a de minimis extent, and provided, further that in the event of any conflict
between such additional Rules and Regulations and the terms of this Lease, the terms of this Lease shall prevail. Nothing contained in this Lease shall impose upon Landlord any obligation to enforce the Rules and Regulations or terms, covenants or
conditions in any other lease against any other tenant at the Buildings, and Landlord shall not be liable to Tenant for violation of the same by any other tenant, its employees, agents, visitors or licensees, provided that Landlord shall enforce any
of the Rules and Regulations against Tenant in a non-discriminatory fashion. 
 ARTICLE 24 

BROKER 
 Landlord has
retained Landlord’s Agent as leasing agent in connection with this Lease and Landlord will be solely responsible for any fee that may be payable to Landlord’s Agent. Landlord agrees to pay a commission (“Tenant’s Broker’s
Commission”) to Tenant’s Broker pursuant to a separate agreement (the “Brokerage Agreement”). Each of Landlord and Tenant represents and warrants to the other that neither it nor its agents have dealt with any broker
in connection with this Lease other than Landlord’s Agent and Tenant’s Broker. Landlord and Tenant each hereby agree to indemnify, defend, protect and hold the other harmless from and against any and all Losses which the other may incur by
reason of the above representation made by the indemnifying party being false. 
 ARTICLE 25 

INDEMNITY 

Section 25.1 Tenant’s Indemnity. Tenant shall not do or permit to be done any act or thing upon the Premises or the Building
which may subject Landlord to any liability or responsibility to a third party for injury, damages to persons or property or to 

  
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any liability by reason of any violation of any Requirement, and shall use all commercially reasonable efforts to exercise such control over the Premises as to fully protect Landlord against any
such liability. Subject to the mutual waivers set forth in Section 11.2, Tenant shall indemnify, defend, protect and hold harmless Landlord and each of the Indemnitees from and against any and all Losses, resulting from any third party
claims (i) against the Indemnitees arising from any negligence or willful misconduct of any Tenant Parties or, (ii) against the Indemnitees arising from any accident, injury or damage whatsoever caused to any person or to the property of
any person and occurring in or about the Premises, except to the extent attributable to the negligence or willful misconduct of Landlord, or its employees, agents, contractors, licensees or invitees (collectively, “Landlord
Parties”), or (iii) against the Indemnitees resulting from any breach, violation or nonperformance of any covenant, condition or agreement of this Lease on the part of Tenant to be fulfilled, kept, observed or performed. Nothing in
this Section shall be interpreted to make Tenant liable for any occurrence that is covered by any property insurance policy that this Lease requires Tenant or Landlord to obtain. Landlord shall give notice to Tenant of all claims against Landlord
for which Tenant has an indemnification obligation; (a) Tenant shall have the right to assume the entire control of the defense thereof and Landlord shall cooperate therewith (b) not settle any such claims without the consent of Tenant;
and (c) Landlord shall be defended by counsel designated by Tenant’s insurance carrier or reasonably chosen by Tenant. The provisions set forth in this Section 25.1 shall not be deemed to impose any indemnification obligations
or liabilities for any Losses other than those directly related to the Premises or this Lease and, in no event, shall Tenant be liable to Landlord or anyone claiming through or under Landlord for consequential or punitive damages. 

Section 25.2 Landlord’s Indemnity. Subject to the mutual waivers set forth in Section 11.2, Landlord shall
indemnify, defend and hold harmless Tenant and Tenant Parties from and against all Losses incurred by Tenant arising from and to the extent attributable to the negligence or willful misconduct of, or breach of this Lease by, Landlord or any Landlord
Parties and, in no event, shall Landlord be liable to Tenant or anyone claiming through or under Tenant for consequential or punitive damages. 

Section 25.3 Defense and Settlement. If any claim, action or proceeding is made or brought against any Indemnitee, for which the
provisions of Section 25.1 or 25.2 apply, then upon demand by an Indemnitee, Landlord or Tenant, as the case may be, at its sole cost and expense, shall resist or defend such claim, action or proceeding in the Indemnitee’s
name (if necessary), by attorneys approved by the Indemnitee, which approval shall not be unreasonably withheld, conditioned or delayed (attorneys for Tenant’s or Landlord’s insurer, as the case may be, shall be deemed approved for
purposes of this Section 25.3). Notwithstanding the foregoing, an Indemnitee may retain, at its own expense, its own attorneys to participate or assist in defending any claim, action or proceeding involving potential liability in excess
of the amount available under Tenant’s liability insurance carried under Section 11.1 for such claim. If Landlord or Tenant, as the case may be, fails to diligently defend or if there is a legal conflict or other conflict of
interest, then Landlord or Tenant, as the case may be, may retain separate counsel at the other party’s expense. Notwithstanding anything herein 

  
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contained to the contrary, Landlord or Tenant, as the case may be, may direct the Indemnitee to settle any claim, suit or other proceeding provided that (a) such settlement shall involve no
obligation on the part of the Indemnitee, (b) any payments to be made pursuant to such settlement shall be paid in full exclusively by the indemnitor at the time such settlement is reached, (c) such settlement shall not require the
Indemnitee to admit any liability, and (d) the Indemnitee shall have received an unconditional release from the other parties to such claim, suit or other proceeding. 

ARTICLE 26 

MISCELLANEOUS 

Section 26.1 Delivery. This Lease shall not constitute an offer and shall not bind the parties hereto in any manner whatsoever
until (a) Tenant has duly executed and delivered duplicate counterparts to Landlord, and (b) Landlord has executed and delivered one fully executed counterpart to Tenant. This Lease may be executed in any number of counterparts, each of
which shall be deemed an original and all of which together shall constitute one and the same instrument. 
 Section 26.2 Transfer
of Real Property. Landlord’s obligations under this Lease shall not be binding upon the Landlord named herein after the sale, conveyance, assignment or transfer (collectively, a “Transfer”) by such Landlord (or upon any
subsequent landlord after the Transfer by such subsequent landlord) of its interest in the Buildings, and in the event of any such Transfer, Landlord (and any such subsequent landlord) shall be entirely freed and relieved of all covenants and
obligations of Landlord hereunder arising from and after the date of Transfer, but only from and after the date that the transferee of Landlord’s interest (or that of such subsequent landlord) in the Buildings, shall have assumed in writing, in
a document delivered to Tenant, all obligations under this Lease arising from and after the date of Transfer, and responsibility for any security deposit or letter of credit posted by Tenant under this Lease. 

Section 26.3 Limitation on Liability. The liability of Landlord for Landlord’s obligations under this Lease shall be limited
to Landlord’s interest in the Buildings and Tenant shall not look to any other property or assets of Landlord or the property or assets of any direct or indirect partner, member, manager, shareholder, director, officer, principal, employee or
agent of Landlord (collectively, the “Parties”) in seeking either to enforce Landlord’s obligations under this Lease or to satisfy a judgment for Landlord’s failure to perform such obligations; and none of the Parties
shall be personally liable for the performance of Landlord’s obligations under this Lease. 
 Section 26.4 Entire Document.
This Lease (including any Exhibits referred to herein and all supplementary agreements provided for herein) contains the entire agreement between the parties and all prior negotiations and agreements are merged into this Lease. All of the Exhibits
attached hereto are incorporated in and made a part of this Lease, provided that in the event of any inconsistency between the terms and provisions of this Lease and the terms and provisions of the Exhibits hereto, the terms and provisions of this
Lease shall control. 

  
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 Section 26.5 Governing Law. This Lease shall be governed in all respects by the laws
of the State of New York. 
 Section 26.6 Unenforceability. If any provision of this Lease, or its application to any person or
entity or circumstance, shall ever be held to be invalid or unenforceable, then in each such event the remainder of this Lease or the application of such provision to any other person or entity or any other circumstance (other than those as to which
it shall be invalid or unenforceable) shall not be thereby affected, and each provision hereof shall remain valid and enforceable to the fullest extent permitted by law. 

Section 26.7 Lease Disputes. (a) Except as otherwise expressly provided that any dispute hereunder may be submitted for
resolution by either party to arbitration, the parties agree that all disputes arising, directly or indirectly, out of or relating to this Lease, and all actions to enforce this Lease, shall be dealt with and adjudicated in the state courts of the
State of New York or the federal courts for the Southern District of New York and for that purpose hereby expressly and irrevocably submits itself to the jurisdiction of such courts. Tenant agrees that so far as is permitted under applicable law,
this consent to personal jurisdiction shall be self-operative and no further instrument or action, other than service of process in one of the manners specified in this Lease, or as otherwise permitted by law, shall be necessary in order to confer
jurisdiction upon it in any such court. 
 (b) To the extent that Tenant has or hereafter may acquire any immunity from jurisdiction of any
court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, Tenant irrevocably waives such immunity in respect of
its obligations under this Lease. 
 Section 26.8 Landlord’s Agent. Unless Landlord delivers notice to Tenant to the
contrary, Landlord’s Agent is authorized to act as Landlord’s agent in connection with the performance of this Lease, and Tenant shall be entitled to rely upon correspondence received from Landlord’s Agent. Tenant acknowledges that
Landlord’s Agent is acting solely as agent for Landlord in connection with the foregoing; and neither Landlord’s Agent nor any of its direct or indirect partners, members, managers, officers, shareholders, directors, employees, principals,
agents or representatives shall have any liability to Tenant in connection with the performance of this Lease, and Tenant waives any and all claims against any and all of such parties arising out of, or in any way connected with, this Lease, or the
Buildings. 
 Section 26.9 Estoppel. (a) Within fifteen (15) days following request from Landlord, any Mortgagee or
any Lessor, Tenant shall deliver to Landlord a statement executed and acknowledged by Tenant, in form reasonably satisfactory to Landlord, (a) stating the Commencement Date, the Rent Commencement Date and the Expiration

  
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 Date, and that this Lease is then in full force and effect and has not been modified (or if modified, setting
forth all modifications), (b) setting forth the date to which the Fixed Rent and any Additional Rent have been paid, together with the amount of monthly Fixed Rent and Additional, Rent then payable, (c) stating whether or not, to
Tenant’s knowledge, Landlord is in default under this Lease, and, if Landlord is in default, setting forth the specific nature of all such defaults, (d) stating the amount of the security, if any, under this Lease, (e) stating whether
there are any subleases or assignments affecting the Premises, (f) stating the address of Tenant to which all notices and communications under the Lease shall be sent, and (g) responding to any other matters reasonably requested by
Landlord, such Mortgagee or such Lessor, and customary to such statement. Tenant acknowledges that any statement delivered pursuant to this Section 26.10 (a) may be relied upon by any purchaser or owner of the Building, or all or
any portion of Landlord’s interest in the Building, or by any Mortgagee, or assignee thereof or by any Lessor, or assignee thereof. 

(b) Within fifteen (15) days following request from Tenant, Landlord shall, not more than two (2) times in any consecutive twelve
(12) month period, deliver to Tenant a statement executed and acknowledged by Landlord, in form reasonably satisfactory to Tenant, (a) stating the Commencement Date, the Rent Commencement Date to this Section 26.10(b) may be
relied upon by any prospective or actual, sublessee of any portion of the Premises or any assignee of this Lease, or permitted transferee or Successor Entity. and the Expiration Date, and that this Lease is then in full force and effect and has not
been modified (or if modified, setting forth all modifications), (b) setting forth the date to which the Fixed Rent and any Additional Rent have been paid, together with the amount of monthly Fixed Rent and Additional Rent then payable,
(c) stating whether or not, to Landlord’s knowledge, Tenant is in default under this Lease, and, if Tenant is in default, setting forth the specific nature of all such defaults, (d) stating the amount of the security, if any, under
this Lease, and (e) responding to any other matters reasonably requested by Tenant, and customary to such statement. Landlord acknowledges that any statement delivered pursuant 

Section 26.10 Certain Interpretational Rules. For purposes of this Lease, whenever the words “include”,
“includes”, or “including” are used, they shall be deemed to be followed by the words “without limitation” and, whenever the circumstances or the context requires, the singular shall be construed as the plural, the
masculine shall be construed as the feminine and/or the neuter and vice versa. This Lease shall be interpreted and enforced without the aid of any canon, custom or rule of law requiring or suggesting construction against the party drafting or
causing the drafting of the provision in question. The captions in this Lease are inserted only as a matter of convenience and for reference and in no way define, limit or describe the scope of this Lease or the intent of any provision hereof. 

Section 26.11 Parties Bound. The terms, covenants, conditions and agreements contained in this Lease shall bind and inure to the
benefit of Landlord and Tenant and, except as otherwise provided in this Lease, to their respective legal representatives, successors, and assigns. 

  
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 Section 26.12 Counterparts. This Lease may be executed in one or more counterparts,
each of which shall be deemed an original, but all of which when taken together will constitute one and the same instrument. The signature page of any counterpart of this Lease may be detached therefrom without impairing the legal effect of the
signature(s) thereon provided such signature page is attached to any other counterpart of this Lease identical thereto except having an additional signature page executed by the other party to this Lease attached thereto. Any counterpart of this
Lease may be delivered via facsimile, email or other electronic transmission, and shall be legally binding upon the parties hereto to the same extent as originals. 

Section 26.13 Survival. All obligations and liabilities of Landlord or Tenant to the other which accrued before the expiration or
other termination of this Lease, and all such obligations and liabilities which by their nature or under the circumstances can only be, or by the provisions of this Lease may be, performed after such expiration or other termination, shall survive
the expiration or other termination of this Lease. Without limiting the generality of the foregoing, the rights and obligations of the parties with respect to any indemnity under this Lease, and with respect to any Rent and any other amounts payable
under this Lease, shall survive the expiration or other termination of this Lease subject to the express limitation set forth in Section 7.4. 

Section 26.14 Adjacent Excavation; Shoring. If construction shall be performed upon land adjacent to the Real Property, Tenant
shall, upon reasonable prior notice, afford to the person or entity causing or authorized to cause such construction license to enter upon the Premises for the purpose of doing such work as such person or entity shall deem reasonably necessary to
preserve the wall of the Building from injury or damage and to support the same. In connection with such license, Tenant shall have no right to claim any damages or indemnity against Landlord, or diminution or abatement of Rent, provided that Tenant
shall continue to have access to the Premises and is capable of conducting its operations therein. 
 Section 26.15 No Development
Rights. Tenant acknowledges that it has no rights to any development rights, air rights or comparable rights appurtenant to the Real Property and Tenant consents, without further consideration, to any utilization of such rights by Landlord.
Tenant shall promptly execute and deliver any instruments which may be requested by Landlord, including instruments merging zoning lots, evidencing such acknowledgment and consent. The provisions of this Section 26.15 shall be construed
as an express waiver by Tenant of any interest Tenant may have as a “party in interest” (as such term is defined in Section 12-10 of Zoning Lot of the Zoning Resolution of the City of New York) in the Real Property. 

Section 26.16 Prevailing Party. Notwithstanding anything to the contrary contained in this Lease, if either Landlord or Tenant
institutes a suit against the other for violation of or to enforce any covenant, term or condition of this Lease, the prevailing party (as determined by a court of competent jurisdiction after final judgment) shall be entitled to reimbursement of
all of its costs and expenses from the non-prevailing party, including, without limitation, reasonable attorneys’ fees. 

  
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 Section 26.17 Memorandum of Lease. Tenant shall not record this Lease, but may record
a memorandum hereof in the form annexed hereto as Exhibit I. 
 Section 26.18 Sustainability Measures/LEED Certification.
Landlord shall, at its sole cost and expense, use commercially reasonable efforts to obtain LEED certification for the Buildings. Irrespective of whether or not Landlord obtains LEED certification or any LEED rating, Landlord shall, at its cost and
expense, perform the work set forth on Schedule “F” attached hereto. Furthermore, Landlord and Tenant shall cooperate with each other in efforts to obtain the points set forth on Schedule “F” annexed to so as to
achieve a higher LEEDS rating for the Buildings. 
 ARTICLE 27 

SECURITY 

Section 27.1 Tenant shall, upon Tenant’s execution of this Lease, deliver to Landlord a clean, irrevocable and unconditional
letter of credit (the “Letter of Credit”), in the amount stated in Article 1, as a security deposit for the performance by Tenant of the provisions of this Lease. It is expressly understood and agreed that the aforesaid
security deposit is not an advance rental deposit and may not be applied to the last month’s minimum rent, nor is the security deposit a measure of Landlord’s damages in the event of Tenant’s default. Notwithstanding the foregoing,
upon Tenant’s execution of this Lease, in lieu of the Letter of Credit, Tenant may deposit cash security with Landlord in an equivalent amount on a temporary basis until such time as Tenant has obtained the Letter of Credit. Tenant shall use
commercially reasonable efforts to obtain the Letter of Credit as expeditiously as possible following the execution of this Lease, and contemporaneous with the delivery of same to Landlord, Landlord shall return the cash security to Tenant. 

Section 27.2 The Letter of Credit shall: 

(i) be in the form attached hereto as Exhibit “G” and made a part hereof. 

(ii) be addressed to Landlord. 

(iii) be issued in a form and substance acceptable to Landlord by a federally insured financial institution which is acceptable to Landlord in
Landlord’s sole discretion, with minimum assets of Ten Billion Dollars ($10,000,000,000.00) (the “Minimum Assets”), with either a location in New York City where such letter of credit can be presented, or otherwise specifically
provide that the letter of credit can be presented by facsimile. Landlord hereby approves Silicon Valley Bank as an issuing bank for the Letter of Credit. 

(iv) be freely transferable without fee to Landlord or approval of the issuer, and Tenant shall: (x) cooperate with Landlord in obtaining
an amendment or replacement of the Letter of Credit to reflect any such change in beneficiary under the Letter of Credit; and (y) pay the cost thereof to the extent the issuer charges for such change in beneficiary. 

  
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 (v) be for a term of one (1) year, subject to automatic one (1) year extensions so that
the Letter of Credit is in effect until a date which is at least sixty (60) days after the scheduled Expiration Date, as same may be extended. Tenant shall, on or before the date which is thirty (30) days prior to the expiration of such
Letter of Credit, deliver to Landlord a new Letter of Credit satisfying the foregoing requirements in lieu of the Letter of Credit then being held by Landlord. If the issuer of such existing or new Letter of Credit provides notice of its election to
not renew such Letter of Credit for any additional period, Tenant shall be required to deliver a new Letter of Credit on or before the date which is thirty (30) days prior to the expiration of the term of the Letter of Credit then being held by
Landlord. If neither a new Letter of Credit nor a renewal of the Letter of Credit is timely delivered to Landlord, then Landlord may (without prejudicing any other right or remedy available to Landlord) draw down the entire Letter of Credit and,
until Tenant delivers to Landlord the new Letter of Credit as required by this Lease hold the drawn cash as a Security Deposit pursuant to this Lease. 

(vi) be replaced by a new Letter of Credit if the issuing financial institution: (A) has assets which fall below the Minimum Assets;
(B) enters into any form of regulatory or governmental proceeding, including, without limitation, any receivership instituted or commenced by the Federal Deposit Insurance Corporation (the “FDIC”); (C) is otherwise declared
insolvent, is downgraded by the FDIC, or closes for any reason; (D) intentionally omitted; or (E) in any manner communicates (including, without limitation, communications sent by or on behalf of the FDIC) its unwillingness to honor the
terms of the Letter of Credit. If Tenant fails to deliver to Landlord the replacement Letter of Credit within ten (10) Business Days following Landlord’s written demand for same, Landlord shall be entitled to draw down the entire Letter of
Credit and, until Tenant delivers to Landlord the replacement Letter of Credit as required by this Lease, hold the drawn cash as a Security Deposit pursuant to this Lease. 

(vii) Following a draw by Landlord under the Letter of Credit, at Landlord’s election: (A) be replaced by Tenant within fifteen
(15) Business Days after written notice from Landlord by a new Letter of Credit in the Minimum Amount, in which event the Letter of Credit then held by Landlord shall be terminated; or (B) be augmented by Tenant within ten
(10) Business Days after written notice from Landlord by an additional Letter of Credit in the amount of a partial draw (the “Additional Letter of Credit”) subject to the requirements set forth above, in which event the Letter
of Credit then held by Landlord and Additional Letter of Credit shall both be held by Landlord. If Tenant is not able to furnish either of the foregoing within said ten (10) or fifteen (15) Business Day period, as the case may be, then
Tenant may deposit a cash security in an equivalent amount pending obtaining such new Letter of Credit or Additional Letter of Credit, which Tenant shall continuously and diligently pursue. 

Section 27.3 In the event Tenant defaults beyond the expiration of applicable notice and cure period in respect of any of the
terms, provisions and conditions of this Lease, including, but not limited to, the payment of Fixed Rent or Additional Rent, 

  
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Landlord may apply or retain the whole or any part of the Security Deposit so deposited to the extent required for the payment of any Fixed Rent and Additional Rent or any other sum as to which
Tenant is in default or for any sum which Landlord may expend by reason of Tenant’s default hereunder. If Landlord applies or retains any part of the Security Deposit so deposited, Tenant, within five (5) Business Days of demand, shall
deposit with Landlord the amount (i.e., which may be in cash pending obtaining a Letter or Credit or Additional Letter of Credit that Tenant shall continuously and diligently pursue) so applied or retained so that Landlord shall have the full
Security Deposit on hand at all times during the Lease Term. In addition to the foregoing, in the event of a termination of this Lease based upon the default of Tenant, or a rejection of this Lease pursuant to the provisions of the Federal
Bankruptcy Code, Landlord shall have the right to retain the Security Deposit to cover the full amount of damages and other amounts due from Tenant to Landlord under this Lease. Any amounts so retained by Landlord shall, at Landlord’s election,
be applied first to any unpaid rent and other charges that were due prior to the filing of the petition for protection under the Federal Bankruptcy Code. Tenant hereby covenants and agrees not to oppose, contest or otherwise interfere with any
attempt by Landlord to draw down from said Letter of Credit (and/or Additional Letter of Credit) including, without limitation, by commencing an action seeking to enjoin or restrain Landlord from making such draw. 

Section 27.4 In the event of a sale of the Building, Landlord shall have the right to transfer the Security Deposit to the vendee
or lessee and, Landlord shall thereupon be released by Tenant from all liability for the return of such Security Deposit; and Tenant agrees to look to the new Landlord solely for the return of said Security Deposit, and it is agreed that the
provisions hereof shall apply to every transfer or assignment made of the Security Deposit to a new Landlord. Tenant further covenants that it will not assign or encumber or attempt to assign or encumber the Security Deposit and that neither
Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance. 

Section 27.5 Tenant covenants that it will not assign or encumber, or attempt to assign or encumber, the Letter of Credit
deposited hereunder as security, and that neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment, or attempted encumbrance. 

Section 27.6 The use of security, as provided in this Article, shall not be deemed or construed as a waiver of Tenant’s
default or as a waiver of any other rights and remedies to which Landlord may be entitled under the provisions of this Lease by reason of such default, it being intended that Landlord’s rights to use the whole or any part of the security shall
be in addition to but not in limitation of any such other rights and remedies; and Landlord may exercise any of such other rights and remedies independent of or in conjunction with its rights under this Article. 

Section 27.7 Within sixty (60) days after the Expiration Date and the vacation of the Premises by Tenant and delivery of the
Premises to Landlord in substantially the condition required hereunder, the Letter of Credit or such part thereof that has not been applied to cure any defaults, shall be returned to Tenant. 

  
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 Section 27.8 Tenant shall furnish to Landlord as soon as practicable after the end of
Tenant’s fiscal year ending December 31, 2015, and in any event within one hundred and fifty (150) days thereafter, financial statements of Tenant, for such year, setting forth in such reasonable detail so that Landlord can readily
confirm whether or not the Financial Test has been satisfied for the such fiscal year. If Tenant fails to satisfy the Financial Test for the fiscal year ending December 31, 2015, then the amount of security required to be maintained by Tenant
hereunder shall be increased by an amount equal to Two Million Six Hundred Seventy Thousand Three Hundred Thirty and 00/100 ($2,670,330.00) Dollars (the “Increased Security Amount”) so that total security deposit hereunder shall
total $8,010,991.00, and Tenant shall furnish Landlord with a replacement Letter of Credit (or an amendment to the existing Letter of Credit) within ten (10) Business Days following the date that it is determined that the Financial Test was not
so satisfied. If at any time following an increase in the Letter of Credit required hereunder resulting from Tenant’s failure to satisfy the Financial Test, Tenant thereafter satisfies the Financial Test, then within ten (10) days
following the date on which Tenant furnishes Landlord with Tenant’s financial statements evidencing that the Financial Test has been satisfied, the security required hereunder shall be reduced to the amount originally required hereunder (i.e.,
$5,340,661.00) for the remainder of the Term. 
 ARTICLE 28 

OFAC 
 Neither a
Sanctioned Person (as hereinafter defined) nor Sanctioned Entity (as hereinafter defined) will benefit directly or indirectly through this Lease. Landlord and Tenant each hereby respectively covenant and warrant that: 

(i) it is not directly or indirectly controlled by a Sanctioned Entity or a Sanctioned Person. 

(ii) it, nor any of its subsidiaries (a) is a Sanctioned Person, (b) has more than an insubstantial portion of its assets located
in Sanctioned Entities, or (iii) derives more than an insubstantial portion of its operating income from investments in, or transactions with, Sanctioned Persons or Sanctioned Entities. OFAC means The Office of Foreign Assets Control of the
U.S. Department of the Treasury (“OFAC”). “Sanctioned Entity” means: (a) an agency of the government of; (b) an organization directly or indirectly controlled by; or (c) a person resident in a country that
is subject to a country sanctions program administered and enforced by OFAC described or referenced at OFAC’s website http://www.ustreas.gov/offices/enforcement/ofac/ or as otherwise published from time to time. “Sanctioned Person”
means a person named on the list of Specially Designated Nationals maintained by OFAC available at or through OFAC’s web site http://www.ustreas.gov/offices/enforcement/ofac/ or as otherwise published from time to time. 

  
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 ARTICLE 29 

ICAP 

Section 29.1 (i) Landlord shall, at Landlord’s sole cost and expense, prepare and submit its application for the
granting of the New York State Tax Law and the Administrative Code of the City of New York, the Industrial and Commercial Abatement Program (“ICAP”) tax benefits, at the earliest possible date that any such application may be
submitted pursuant to the ICAP. Landlord has prior to the date hereof submitted its preliminary application for the ICAP to the appropriate governmental authority. Landlord shall apply for and use all commercially reasonable efforts to pursue the
maximum tax abatement benefits available pursuant to the ICAP program over the longest period of time that is possible. In connection with the application process, Landlord shall, at Landlord’s sole cost and expense, hire or engage any and all
experts or consultants reasonably needed to allow for the full and proper completion and submission of the ICAP application. 
 (ii) To the
extent required by Landlord (with the parties hereby acknowledging that most if not all of the abatement attributable to the ICAP abatement program for the Building will be derived from the Work), Tenant shall, at no out-of-pocket expense to Tenant,
cooperate with Landlord in good faith in connection with the preparation of the application for the ICAP Abatement, including supplying all available information related to Tenant to prepare the application or other forms required to be filed in
order to obtain the benefit of the ICAP Abatement, and to execute and deliver all documents, instruments, applications or both forms which may be reasonably necessary in connection therewith. 

(iii) Once the ICAP application has been submitted by Landlord, Landlord shall use all commercially reasonable efforts to pursue such
application process and upon Tenant’s request shall keep Tenant reasonably informed throughout the process and shall promptly provide Tenant with copies of any mailings, notices or decisions received with respect to such process. 

(iv) Once the ICAP Abatement shall have been obtained, and thereafter during the Term, Landlord and Tenant shall, in a diligent and timely
manner, comply with all of their respective requirements with respect to maintaining and preserving the ICAP Abatement including Tenant furnishing Landlord with all required information necessary for Landlord to duly and timely file all necessary
reports, statements and schedules required to maintain the ICAP Abatement in full force and effect. Nothing contained in this Article 29 shall obligate Tenant to take any action or file any report, statement or schedule with respect to the
Work. Additionally, nothing contained in this Article 29 shall obligate Tenant to take any action or incur any expense beyond what is required of Tenant under and pursuant to the ICAP program so as to allow Landlord to provide required access
to the Premises and submit required data and information known only to Tenant in order for Landlord to preserve and maintain the ICAP benefits. 

(v) Throughout the term of the ICAP abatement neither Landlord nor Tenant shall knowingly engage in any act or conduct which will jeopardize
or void the abatement. 

  
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 Notwithstanding anything to the contrary contained in this Article 29, in the event that
Landlord and Tenant are, despite diligent and good faith efforts, unable to obtain the ICAP Abatement as provided herein on the initial attempt, this Lease shall nevertheless remain in full force and effect and the Landlord and Tenant shall continue
to diligently and in good faith pursue the ICAP Abatement. 
 Section 29.2 (a) It is further understood and agreed that (in
order to enable Landlord to comply with certain requirements of the ICAP Abatement): 
 Tenant (and/or its contractors and subcontractors)
agrees to report to Landlord the nature of its business, the number of workers permanently engaged in employment in the Premises, the nature of each worker’s employment (i.e., job classification or job title) and the New York City residency of
each worker (and the names and addresses of such residents if required by New York City for verification) and Tenant will require that a clause similar to this be contained in any sublease, passing to the benefit of Tenant and of Landlord, if any
sublease of all or a portion of the Premises is made; 
 Tenant (and/or its contractors and subcontractors) shall cooperate with Landlord,
and Tenant (and/or its contractors and subcontractors) will supply such information and comply with such reporting requirements as Landlord advises Tenant are reasonably necessary to comply with the ICAP Abatement to the extent relating to the
Premises, including, but not limited to: (a) such information concerning subleases (including a rent roll with respect thereto); and (b) the filing of employment reports and other such forms with the Division of Labor Services. The parties
will assist each other in connection with maintaining eligibility under the ICAP Abatement. 
 Tenant agrees to provide reasonable access to
the Premises by employees and agents of the Department of Finance of the City of New York, the Division of Labor Services or any such other agency, at all reasonable times; and 

Tenant shall not be required to pay taxes or charges which become due or otherwise relieve or indemnify Landlord from any personal liability
arising under the Administrative Code of the City of New York, in either case because of the willful neglect or fraud by Landlord in connection with the obligations of Landlord with respect to the ICAP Abatement program, except where imposition of
such taxes, charges or liability is occasioned by actions of Tenant in violation of this Lease or failure to meet its obligations with respect to the ICAP Abatement program. 

This Lease is subject to the provisions of (i) Local Law 67 and the Rules and Regulations promulgated thereunder, which requires
compliance with the Minority and Women Owned Business Enterprise Program by including at least three (3) NYC Certified Minority and/or Women Owned Businesses in each of their trade categories, 

  
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and document all outreach and responses via the submission of the ICAP MWBE Compliance Report, and (ii) the provisions of Executive Order Nos. 50 (1980) and 100 (1986) and the
Rules and Regulations promulgated thereunder, as the same may, from time to time, be amended. To the extent required, all Alterations (including, but not limited to, Tenant’s Initial Installations) must be done in strict compliance with ICAP
and the filing of employment reports and other such forms with the Division of Labor Services. The parties will assist each other in connection with maintaining eligibility under ICAP. 

ARTICLE 30 
 MUNICIPAL
INCENTIVES 
 Landlord shall, at no cost or expense, cooperate with Tenant in obtaining any municipal incentives in connection with this
Lease and the Premises that for which Tenant may qualify (collective “Benefits”) including the execution and filing of any documentation that may be required for the receipt of such Benefits and/or for any such Benefits to be paid
by Landlord to Tenant, as hereinafter provided; provided that such Benefits shall have no adverse impact upon Landlord, the Premises, the Buildings and/or the Dumbo Heights Campus. Landlord further agrees that Tenant shall be entitled to one hundred
percent (100%) of such Benefits that Landlord or the Premises shall receive, if any, solely as a result of Tenant’s use of the Premises or any Alterations performed by, or on behalf of Tenant (except for Landlord’s Base Building Work
for which Landlord shall receive such Benefits), whether during the Term or prior thereto. Such cooperation by Landlord shall include, without limitation, the execution of any necessary or appropriate modification to this Lease, if and to the extent
any such approval shall be required and shall not adversely affect any of the rights or benefits of Landlord or increase the obligations or liabilities of Landlord under this Lease (except to a de minimis administrative extent, Landlord hereby
agreeing that the obligation to provide notices to the City or State of New York or to any such agency, utility or provider shall in and of itself constitute a de minimis obligation). Tenant agrees that to the extent that Landlord shall incur any
reasonable out-of-pocket expense in connection with such cooperation (including, without limitation, reasonable legal and other professional fees and all reasonable costs incurred in obtaining State and City tax rulings regarding any such Benefits
transaction), Tenant shall reimburse Landlord for such expense as Additional Rent hereunder. Notwithstanding anything to the contrary contained in this Article 30, in the event that Tenant is unable to obtain any Benefits, this Lease shall
not be affected thereby and nevertheless remain in full force and effect. 
 ARTICLE 31 

OPTIONS TO RENEW 

Section 31.1 So long as Tenant is not then in monetary or material non-monetary default of any of the terms and conditions of this
Lease on its part to be performed after notice and the expiration of any applicable cure period both at the commencement of a Renewal Term (as hereinafter defined) and at the time Tenant 

  
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exercises its option for such Renewal Term, then any Permitted Tenant, at its option (a “Renewal Option”), shall have the right to extend the Expiration Date of this Lease as
follows: (i) with respect to the Adams Street Premises only, (x) if a Permitted Tenant elects to renew the Term with respect to the Adams Street Premises only, for not less than five (5) contiguous full floors at the Adams Street
Premises (of which not less than three (3) full floors are occupied by Permitted Tenant), provided such contiguous floors either begin with the 2nd floor or the 9th floor only, both at commencement of the Renewal Term(s) and at the time Tenant exercises such Renewal Option(s), Tenant shall then have the right to renew the Term with respect to the Adams Street
Premises only, for two (2) additional consecutive periods of five (5) years each, (y) if a Permitted Tenant elects to renew the Term for less than five (5) contiguous full floors, but more than two (2) contiguous full floors
at the Adams Street Premises (of which not less than two (2) full floors are occupied by Permitted Tenant), provided such contiguous full floors either begin with the 2nd floor or the 9th floor only, both at commencement of the Renewal Term and at the time Tenant exercises such Renewal Option, Tenant shall then have the right to renew the Term with respect to the Adams Street
Premises only, for one (1) additional period of five (5) years, and (z) if Tenant desires to renew the Term with respect to the Adams Street Premises only, and the Permitted Tenant is in occupancy of two (2) or less full floors
at the Adams Street Premises, both at the time that Tenant desires to exercise such Renewal Option and on the intended commencement of the Renewal Term, Tenant shall not then have a Renewal Option under this Section 31.1 with respect to
the Adams Street Premises only, and (ii) with respect to the Prospect Street Premises only, provided Tenant shall have exercised a Renewal Option to renew the term of this Lease for at least the Initial Adams Street Premises, then Tenant shall
have the right to renew the Term with respect to the Prospect Street Premises only, for two (2) additional consecutive periods of five (5) years each, (the additional leasing periods set forth in i[x] and [y] and (ii) each, a
“Renewal Term”), commencing on: (i) the date immediate following the Expiration Date or the expiration date of a Renewal Term, as the case may be, through and including the date that is the five (5) year anniversary
thereof, provided that, with respect to each of (i) and (ii), Tenant gives Landlord notice (a “Renewal Notice”) of its exercise of such option not less than eighteen (18) months prior to the Expiration Date or the
expiration date of a Renewal Term, as the case may be, with TIME OF THE ESSENCE, which Renewal Notice shall be irrevocable; provided, that such period within which Tenant may exercise the Renewal Option shall be tolled during the duration of any
cure period available to Tenant to remedy a monetary or material non-monetary default, if any, after notice. If Landlord does not receive Tenant’s Renewal Notice prior to such date(s), then Tenant shall have no further rights under this
Article 31, and this Article 31 shall be of no further force or effect. 
 Section 31.2 Each Renewal Term shall be
upon all of the same terms, covenants and conditions as are contained in this Lease, except as follows: 
 (i) Tenant shall have no further
right to extend or renew the term of this Lease except as expressly provided in this Article 31. 

  
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 (ii) The Fixed Rent for a Renewal Term shall be an amount equal to the Fair Market Rental Value
of the Premises for which Tenant desires to renew the Term, as of the date of the Renewal Notice. For purposes herein “Fair Market Rental Value for the upcoming Renewal Term for the Premises” shall mean the fair market rental value
of the applicable Renewal Term for the applicable space based on comparable space for a comparable term in Comparable Buildings as of the date of the Renewal Notice, and shall take into account all relevant factors. 

Section 31.3 Within fifteen (15) days immediately following the delivery of a Renewal Notice by Tenant, Landlord shall
deliver to Tenant Landlord’s proposed Fair Market Rental Value for the upcoming Renewal Term for the Premises (“Landlord’s Response Notice”), which Landlord’s Response Notice shall include the computation of the Fair
Market Rental Value for the upcoming Renewal Term for the Premises (“Landlord’s Proposal”), determined as of the date of Landlord’s Response Notice, determined either on a Net Rental Basis or Gross Rental Basis (as each
such term is hereinafter defined), in Landlord’s sole discretion. For purposes of this Lease, (i) Gross Rental Basis shall mean the Fair Market Rental Value for the upcoming Renewal Term for the Premises, on a rentable square foot basis,
in an amount equal to (i) the amount of the Fixed Rent and Additional Rent, payable by Tenant during the applicable Renewal Term, plus (ii) the amount of any free rent that Tenant is entitled to during the applicable Renewal Term, plus
(iii) the amount of any tenant improvement allowance, which Tenant is entitled to during the applicable Renewal Term; on a per rentable per square foot basis (collectively, “Leasing Incentives”), and Net Rental Basis shall mean
the Gross Rental Basis for the applicable Renewal Term, on a rentable square foot basis, less an amount equal to the Leasing Incentives amortized over the Renewal Term, on a rentable square foot basis, for the applicable Renewal Term. 

Section 31.4 Within fifteen (15) days immediately following the date that Landlord delivers to Tenant Landlord’s
Response Notice, TIME BEING OF THE ESSENCE, Tenant shall advise Landlord by written notice (“Tenant’s Response Notice”), if Tenant accepts Landlord’s proposed Fair Market Rental Value for the upcoming Renewal Term for the
Premises set forth in Landlord’s Response Notice, or rejects Landlord’s proposed Fair Market Rental Value for the Upcoming Renewal Term for the Premises; in which case Tenant’s Response Notice shall include Tenant’s proposed Fair
Market Rental Value for the upcoming Renewal Term for the Premises (“Tenant’s Proposal”), calculated as of the date of the Renewal Notice for the upcoming Renewal Term for the Premises, on the same basis as set forth in
Landlord’s Response Notice (i.e., on a Net Rental Basis or on a Gross Rental Basis). Should Tenant fail to timely deliver Tenant’s Response Notice to Landlord as provided above, Tenant shall be deemed to not have accepted the terms
contained in Landlord’s Response Notice. In the event Landlord’s Proposal and Tenant’s Proposal differ, and the parties fail to agree on the Fair Market Rental Value for the upcoming Renewal Term for the Premises, as of the date of
the Renewal Notice, within the two hundred seventy (270) days immediately preceding the Expiration Date or the expiration date of the applicable Renewal Term, as the case may be (the “Renewal Term Negotiation Period”), then in
such event, the Fair Market Rental Value for the upcoming Renewal Term for the Premises shall be determined by either Landlord or Tenant submitting such dispute to arbitration, which arbitration shall be conducted in the manner provided in
Article 32, and the results of such arbitration shall be conclusive and binding on the parties. 

  
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 Section 31.5 If, for any reason the Fair Market Rental Value for a Renewal Term for
the Premises shall not be determined prior to the commencement of such Renewal Term, Tenant, in the meantime, shall pay the monthly installments of Fixed Rent at the then rate payable in the last month of the term immediately preceding the
commencement of such Renewal Term. If, the Fair Market Rental Value for a Renewal Term for the Premises as determined by arbitration shall be greater or less than such amount, then within twenty (20) Business Days immediately following the date
of the arbitrators decision, the difference between the monthly installments for Fixed Rent actually paid and the monthly installments for Fixed Rent which should have been paid from the commencement of such Renewal Term shall be equitably adjusted
and paid by Tenant to Landlord (or credited by Landlord towards Tenant’s future monthly installments of Fixed Rent), and thereafter Tenant shall pay the monthly installments of Fixed Rent at the new rate. 

Section 31.6 Following the determination of Fair Market Rental Value for a Renewal Term for the Premises, Landlord and Tenant
shall each execute an agreement amending this Lease to reflect the foregoing, but the provisions of this Article 31 shall be effective with respect to the applicable Renewal Term effective from the commencement of such Renewal Term, whether
or not such an amendment is executed. 
 Section 31.7 The provisions of this Article 31 shall apply only to and may only
be exercised by a Permitted Tenant. 
 ARTICLE 32 

ARBITRATION 

Section 32.1 If Landlord and Tenant shall dispute (i) the Fair Market Rental Value for a Renewal Term for the Premises
pursuant to Article 31, then Landlord or Tenant shall submit such dispute together with their respective Proposal for resolution to a panel of three (3) arbitrators appointed in accordance the American Arbitration Association Real Estate
Valuation Arbitration Proceeding Rules (the “AAA”), or (ii) if Landlord and Tenant shall dispute the Fair Market Rental Value of the 4th Floor Option Space pursuant to
Article 33, then Landlord or Tenant shall submit such dispute together with their respective Proposal for resolution to the AAA, or (iii) if Landlord and Tenant shall dispute the ROFO Space Rental Value for the ROFO Space pursuant to
Article 35, then, Landlord or Tenant shall submit such dispute together with their respective Proposal for resolution to the AAA. The arbitrators shall be qualified, disinterested and impartial, and shall have not less than then
(10) years of experience in the Borough of Brooklyn, New York related to the leasing of commercial office space in Comparable Buildings, and the fees of the arbitrator shall be shared equally by Landlord and Tenant. Within fifteen
(15) days immediately following the appointment of the 

  
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arbitrators, Landlord and Tenant shall attend a hearing before the arbitrators at which hearing each party shall simultaneously submit such party’s previously delivered (or deemed delivered)
Proposals. The arbitrators shall, within thirty (30) days immediately following such hearing and submission of evidence with respect to (1) the Fair Market Rental Value of a Renewal Term for the Premises, render their decision by selecting
either: (a) the Fair Market Rental Value for the upcoming Renewal Term for the Premises set forth in the Proposal submitted by Landlord, or (b) the Fair Market Rental Value for the upcoming Renewal Term for the Premises set forth in the
Proposal submitted by Tenant; which, in the judgment of the arbitrators, most nearly reflects the Fair Market Rental Value of the Premises for such Renewal Term for the Premises, and (2) the Fair Market Rental Value of the 4th Floor Option Space, render their decision by selecting either: (c) the Fair Market Rental Value of the 4th Floor Option Space set forth in
the proposal submitted by Landlord, or (d) or the Fair Market Rental Value of the 4th Floor Option Space set forth in the proposal submitted by Tenant; which, in the judgment of the
arbitrators, most nearly reflects the Fair Market Rental Value of the 4th Floor Option Space, and (3) the ROFO Space Rental Value, render their decision by selecting either: (e) the ROFO
Space Rental Value set forth in the proposal submitted by Landlord, or (f) the ROFO Space Rental Value set forth in the proposal submitted by Tenant; which, in the judgment of the arbitrators, most nearly reflects the ROFO Space Rental Value.
The arbitrators shall have no power or authority to select any Fair Market Rental Value for a Renewal Term for the Premises, or any Fair Market Rental Value of the 4th Floor Option Space, or any
ROFO Space Rental Value, as the case may be, other than the Fair Market Rental Value for a Renewal Term for the Premises as set forth in the Proposal submitted by Landlord or Tenant Proposal, or any Fair Market Rental Value of the 4th Floor Option Space other than the Fair Market Rental Value of the 4th Floor Option Space as set forth in the Proposal submitted by Landlord or
Tenant, or any ROFO Space Rental Value other than as set forth in the Proposal submitted by Landlord or Tenant, and the decision of the arbitrator shall be conclusive and binding on the parties. The term “Proposal” shall mean,
Landlord’s or Tenant’s, as the case may be, determination of Fair Market Value, Fair Market Value of the 4th Floor Option Space and/or ROFO Space Rental Value (collectively, “FMV
Determinations”), as the case may be, that is submitted to arbitration in accordance with this Section 32.1; it being understood and agreed that neither Landlord nor Tenant shall be bound by, nor shall any reference be made to,
any prior submission to each other respecting the FMV Determinations. For example, and without limitation, with respect to the Fair Market Rental Value for a Renewal Term, Landlord’s Proposal as set forth in Section 31.3, and
Tenant’s Proposal set forth in Section 31.4, shall be disregarded. 
 ARTICLE 33 

OPTIONS TO EXPAND 

Section 33.1 So long as Tenant is not then in monetary or material non-monetary default of any of the terms and conditions of this
Lease on its part to be performed after notice and the expiration of any applicable cure period, is then in occupancy of at least five (5) full floors of the Premises, both on the 4th Floor
Option Space Inclusion Date (as hereinafter defined) and on the date on which Landlord is to 

  
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deliver 4th Floor Option Notice (as hereinafter defined), Permitted Tenant, shall have a one (1) time option to lease: (i) the
entire 4th floor at the Prospect Street Building (the “4th Floor Option Space”), at any time between March 1, 2020 and
March 1, 2022 (the “Delivery Window”) for a lease term which shall be coterminous with the Premises (the “4th Floor Expansion Option”). Landlord shall
provide Tenant with twelve (12) months prior notice of the 4th Floor Expansion Space Inclusion Date (the “4th Floor Option
Notice”), which 4th Floor Option Notice shall state: (i) The rentable square feet comprising the 4th Floor Option Space,
(ii) Landlord’s reasonable estimation of the date that the 4th Floor Option Space will be available for Tenant’s occupancy (the “4th Floor Option Space Occupancy Date”), which date shall be within the Delivery Window, and (iii) Landlord’s reasonable determination of the fair market value rent for the 4th Floor Option Space prevailing as of the date of 4th Floor Option Notice (“Landlord’s 4th Floor Option Space Proposal”),
which fair market value shall take into account the provisions of Section 33.2 (a) and (e) below (the “Fair Market Rental Value of the 4th Floor Option
Space”). Tenant shall have thirty (30) days immediately following the date that Landlord delivers to Tenant the 4th Floor Option Notice, to exercise the 4th Floor Expansion Option for the 4th Floor Option Space, TIME BEING OF THE ESSENCE, by giving notice thereof to Landlord (“Tenant’s 4th Floor Option Space Acceptance Notice”), which notice shall include Tenant’s proposed determination of the minimum amount of the Fair Market Rental Value of the 4th Floor Option Space, as of the date of the 4th Floor Option Notice (“Tenant’s
4th Floor Option Space Proposal”). In the event Landlord and Tenant cannot agree upon the Fair Market Rental Value of the 4th Floor
Option Space, determined as of the date of the 4th Floor Option Notice, within two hundred seventy (270) days immediately preceding the
4th Floor Option Space Inclusion Date (the “4th Floor Option Space Negotiation Period”), then in such event, the Fair Market
Rental Value of the 4th Floor Option Space shall be determined by either Landlord or Tenant submitting such dispute together with both Landlord’s
4th Floor Option Space Proposal and Tenant’s 4th Floor Option Space Proposal to arbitration, which arbitration shall be conducted in the
manner provided in Article 32, and the results of such arbitration shall be conclusive and binding on the parties. If for any reason such Fair Market Rental Value of the 4th Floor Option
Space shall not be determined prior to the 4th Floor Option Space Inclusion Date (as hereinafter defined), from and after the 4th Floor Option
Space Inclusion Date Tenant shall pay the monthly installments of Fixed Rent for the 4th Floor Option Space at the rate per square foot then payable by Tenant for the Premises hereunder. If the
Fair Market Rental Value of the 4th Floor Option Space shall be greater or less than the amount paid by Tenant for the 4th Floor Option Space
following the Option Space Inclusion Date, then within twenty (20) Business Days after the arbitrator’s decision, the difference between the monthly installments for Fixed Rent which was paid as compared to what should have been paid based
on the arbitrator’s decision from the 4th Floor Option Space Inclusion Date shall be equitably adjusted and paid by Tenant to Landlord (or credited by Landlord towards Tenant’s future
monthly installments of Fixed Rent and Additional Rent) and thereafter Tenant shall pay the monthly installments of the new Fixed Rent. 

Section 33.2 Tenant shall take possession of the 4th Option Space and
Landlord shall deliver possession thereof to Tenant on the later of the 4th Floor Option Space 

  
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Occupancy Date and the actual date on which Landlord shall have delivered such 4th Floor Option Space to Tenant vacant and in broom clean
condition (the “4th Floor Option Space Inclusion Date”). Promptly after the 4th Floor Option Space Inclusion Date, Landlord
shall deliver to Tenant a Commencement Letter with respect to the 4th Floor Option Space, setting forth the 4th Floor Option Space Inclusion
Date and the Expiration Date. From and after the 4th Floor Option Space Inclusion Date such 4th Floor Option Space shall automatically be
deemed added to and made part of the Prospect Street Premises upon all of the terms, covenants and conditions as are contained in this Lease (except those which by their terms are no longer applicable), except as follows: 

(a) Tenant agrees to accept possession of the 4th Floor Option Space in its then “As
Is,” vacant and broom clean condition, and Landlord shall not be required to do any work therein to prepare the same for Tenant’s occupancy on, or prior to, the 4th Floor Option Space
Inclusion Date, or to provide any Landlord Contribution in connection therewith. For purposes of clarification, Landlord and Tenant hereby agree that determination of the Fair Market Rental Value of the
4th Floor Option Space shall not take into account any tenant improvement allowance for such space, nor any offset right in connection any tenant improvement allowance for such space. 

(b) Intentionally Omitted. 

(c) In the Basic Lease Provisions (Article 1), with respect to the Option Space only, the term “Tenant’s Proportionate
Share” for Taxes shall be the percentage that the rentable square feet of the 4th Floor Option Space bears to the agreed upon area of the Prospect Street Building. 

(d) Tenant shall have right to proportionately increase the amount of condenser water delivered to the Prospect Street Premises, in accordance
with the provisions of Section 10.9, based on the amount of rentable square feet in the 4th Floor Option Space to then rentable square footage of the Prospect Street Building. 

(e) Tenant shall not be entitled to any Landlord Contribution or improvement allowances or rent concessions. 

Section 33.3 If Landlord is unable to give Tenant possession of the 4th Floor
Option Space on the 4th Floor Option Space Occupancy Date because of the holding-over of a tenant in such premises, Landlord shall not be subject to any liability for failure to give possession on
the 4th Floor Option Space Occupancy Date, but the 4th Floor Option Space Inclusion Date shall not be deemed to have occurred for any purpose
whatsoever until the date that Landlord shall actually deliver possession of the 4th Floor Option Space to Tenant in accordance with this Lease. In any event, Landlord shall promptly commence and
diligently prosecute holdover proceedings or such other legal proceedings as may be required in order to obtain prompt possession of the 4th floor Option Space as promptly thereafter as may be
practical. Notwithstanding anything to the contrary contained herein, if Landlord is unable to give possession of the 4th Floor Option Space to Tenant by the date that is eight (8) months
after the 4th Floor Option 

  
 92 

 
Space Occupancy Date, then Tenant shall have the right to elect, by notice delivered to Landlord at any time prior to the date Landlord delivers possession of the 4th Floor Option Space to Tenant, to rescind Tenant’s 4th Floor Option Space Acceptance Notice, in which event such notice shall be rendered
void ab initio and Tenant shall have no obligation to lease the 4th Floor Option Space pursuant to this Article 33.  

Section 33.4 The provisions of this Article 33 shall apply only to and may only be exercised by a Permitted Tenant. 

ARTICLE 34 
 INITIAL
RIGHT OF FIRST OFFER FOR THE 2ND AND 3RD FLOOR SPACE AT THE PROSPECT STREET BUILDING 

So long as Tenant is not then in monetary or material non-monetary default of any of the terms and conditions of this Lease on its part to be
performed after notice and the expiration of any applicable cure period both on the date of the 2nd/3rd Floor Availability Notice and on the 2nd/3rd Floor Occupancy Date (as each such term is hereinafter defined), if at any time during the Term, as the same may be extended, Landlord
receives an offer from an independent third party to lease a portion of the 2nd floor, or a portion of the 3rd floor, or the entire 2nd floor, or the entire 3rd floor, or the entire 2nd and the entire 3rd floor as single unit at the Prospect Street Building (the “2nd/ 3rd Floor
Space”) prior to the initial leasing thereof, Landlord shall, within ten (10) Business Days from the date of its receipt of such offer, give notice (the “2nd/3rd Floor Availability Space Notice”) to Tenant that the 2nd/3rd Floor Space is
available for lease by Tenant (the “Initial 2nd/3rd Floor Space Right of First Offer”). The 2nd/3rd Floor Availability Space Notice shall state (i) the number of rentable square feet comprising the 2nd/3rd Floor Space, which rentable square footage shall be calculated in the same manner that the rentable square footage of the Premises was
calculated as of the date hereof, and (ii) the date that Landlord anticipates that the 2nd/3rd Floor Space shall be available for
Tenant’s occupancy (the “2nd/3rd Floor Occupancy Date”), which 2nd/3rd Floor Occupancy Date shall not be less than thirty (30) days immediately following the date that the 2nd/3rd Floor Availability Space Notice was delivered to Tenant, and (iii) Landlord’s reasonable determination of the Fair Market Value Rent (as hereinafter defined) for the 2nd/3rd Floor Space, determined as of the date of the 2nd/3rd Floor Availability Space Notice, either on a Net Rental Basis or a Gross Rental Basis, in Landlord’s sole discretion. Tenant shall then have a one (1) time right (subject to the provisions
of Article 35) to lease only the entire 2nd/3rd Floor Space which is the subject to the
2nd/3rd Floor Availability Space Notice, by giving Landlord notice of its election to do so (the “2nd/3rd Floor Exercise Notice”), within ten (10) Business Days from the date that Landlord delivers to Tenant the 2nd/3rd Floor Availability Notice, with TIME OF THE ESSENCE; provided, that such 10-Business Day period shall be tolled during the duration of any
cure period available to Tenant to remedy a monetary or material non-monetary default, if any, after notice Tenant’s 2nd/3rd Floor
Exercise Notice shall state that Tenant desires to lease the 2nd/3rd Floor Space in accordance with the terms and conditions set forth in the 2nd/3rd Floor Availability Notice including, without limitation, the Fair Market Value Rent for the
2nd Floor/3rd Floor Space set forth therein. In the event 

  
 93 

 
Landlord does not receive the 2nd/ 3rd Floor Exercise Notice within the foregoing ten
(10) Business Day period, then Landlord may lease the 2nd/3rd Floor Space that was the subject of the 2nd/3rd Floor Availability Notice to any other party upon such terms and conditions as Landlord may desire in its sole discretion; it being
understood and agreed that notwithstanding anything to the contrary contained herein, and by way of example, if the subject of the 2nd/3rd
Floor Availability Notice consisted of only the 2nd floor, that Tenant’s option under this Article 34 would continue to apply to the 3rd
floor. Notwithstanding anything to the contrary contained in this Article 34, no 2nd/3rd Floor Exercise Notice shall be effective and
binding on Landlord if there are less than eighteen (18) months then remaining in the Term, as the same may be extended. Provided, however, if there are less than thirty-six (36) months, but more than eighteen (18) months, then
remaining in the Term, as the same may be extended, then simultaneously with Tenant’s giving the 2nd/3rd Floor Exercise Notice, Tenant
must simultaneously exercise the Renewal Option set forth in Section 31.1 (i)(x), (either, for the first five (5) year Renewal Term, or for the second five (5) year Renewal Term set forth in said subsection, if Tenant had
previously exercised its option in said Section for the first five (5) year Renewal Term) for Tenant’s 2nd/3rd Floor Exercise Notice
to be valid. 
 ARTICLE 35 

RIGHT OF FIRST OFFER FOR THE 2ND,
3RD, 7TH, 8TH, 9TH AND 10TH FLOORS AT THE PROSPECT STREET BUILDING 
 Section 35.1 (a) So long
as Tenant is not then in monetary or material non-monetary default of any of the terms and conditions of this Lease on its part to be performed after notice and the expiration of any applicable cure period, is then in occupancy of at least five
(5) full floors of the Premises, both at on the date of the ROFO Space Availability Notice and on the ROFO Occupancy Date (as each such term is hereinafter defined), if at any time during the Term, as the same may be extended, Landlord
anticipates that all or any portion of any of the 2nd, 3rd, 7th, 8th, 9th, or 10th floors at the Prospect Street Building, either as a single unit, or in full
floor increments only (the “ROFO Space”), will become vacant and available for leasing, after the initial leasing thereof, but subject to the provisions of Subsection 35.1(b) below, Landlord shall then give Tenant notice (the
“ROFO Space Availability Notice”), that such ROFO Space is available for lease by Tenant, and Tenant shall have an ongoing right to lease the ROFO Space (the “Right of First Offer”), provided that any ROFO Space
that Tenant desires to lease pursuant to the Right of First Offer set forth in this Article 35 shall be in full floor increments only. Any ROFO Space Availability Notice shall state (i) the number of rentable square feet comprising the
ROFO Space, which rentable square footage shall be calculated in the same manner that the rentable square footage of the Premises was calculated as of the date hereof, and (ii) the date that Landlord anticipates that the ROFO Space shall be
available for Tenant’s occupancy (the “ROFO Space Occupancy Date”), which ROFO Space Occupancy Date shall not be less than sixty (60) days nor more than one-hundred eighty (180) days immediately following the date
that the ROFO Space Availability Notice was delivered to Tenant, and (iii) Landlord’s reasonable determination of the ROFO Space Rental Value (as hereinafter 

  
 94 

 
defined) (“Landlord’s ROFO Space Proposal”) determined as of the date of the ROFO Space Availability Notice, either on a Net Rental Basis or a Gross Rental basis, in
Landlord’s sole discretion (the “ROFO Space Rental Value”). Tenant shall then have an going right to lease the ROFO Space, by giving Landlord notice (the “ROFO Exercise Notice”) of its election to do so, within
twenty (20) Business Days immediately following the date that Landlord delivers to Tenant’s the ROFO Space Availability Notice, with TIME OF THE ESSENCE, which notice shall include Tenant’s proposed determination of the ROFO Space
Rental Value if different than Landlord’s ROFO Space Proposal (“Tenant’s ROFO Space Proposal”). If Landlord does not receive the Tenant’s ROFO Space Exercise Notice within the foregoing twenty (20) Business Day
period, then Tenant shall be deemed to have waived its rights to lease such ROFO Space in such instance, and Landlord may thereafter lease the ROFO Space to any other party upon such terms and conditions as Landlord may deem desirable, its sole
discretion accordance with, and subject to, the terms and conditions contained in this Article 35, including Landlord’s obligation to re-offer said ROFO Space to Tenant when same may after the leasing of same to a third party become
available for leasing; it being understood and agreed that Tenant Right of First Offer is ongoing. In the event Landlord and Tenant cannot agree upon the ROFO Space Rental Value, determined as of the date of the ROFO Space Availability Notice,
within forty-five (45) days immediately following the date of the ROFO Space Availability Notice (the “ROFO Space Negotiation Period”), then the Fair Market Rental Value of the ROFO Space shall be determined by submission by
either Landlord or Tenant, at any time following the expiration of the ROFO Space Negotiation Period, of both Landlord’s ROFO Space Proposal and Tenant’s ROFO Space Proposal to arbitration, which arbitration shall be conducted in the
manner provided in Article 32, and the results of such arbitration shall be conclusive and binding on the parties. If for any reason such Fair Market Rental Value of the ROFO Space shall not be determined prior to the ROFO Space Inclusion
Date (as hereinafter defined), from and after the ROFO Space Inclusion Date Tenant shall pay the monthly installments of Fixed Rent for the ROFO Space at the rate per square foot then payable by Tenant for the Premises hereunder. If the Fair Market
Rental Value of the ROFO Space shall be greater or less than the amount paid by Tenant for the ROFO Space following the ROFO Space Inclusion Date, then within twenty (20) Business Days after the arbitrator’s decision, the difference
between the monthly installments for Fixed Rent which was paid as compared to what should have been paid based on the arbitrator’s decision from the ROFO Space Inclusion Date shall be equitably adjusted and paid by Tenant to Landlord (or
credited by Landlord towards Tenant’s future monthly installments of Fixed Rent and Additional Rent) and thereafter Tenant shall pay the monthly installments of the new Fixed Rent. 

(b) Tenant’s rights under this Article 35 shall only be subject to the rights of any existing tenant(s) whose premises is then
part of the ROFO Space to renew or extend the term of its lease (whether pursuant to an option set forth in such lease or otherwise). 

Section 35.2 (a) Tenant shall take possession of the ROFO Space, and Landlord shall deliver possession thereof to Tenant on
the later of the ROFO Space Occupancy Date and the actual date on which Landlord shall have delivered such 

  
 95 

 
space to Tenant vacant (the “Effective Date”), and from and after the Effective Date the ROFO Space shall automatically be deemed added to and made part of the Premises upon all
of the terms, covenants and conditions as are contained in this Lease (except those which by their terms are no longer applicable), except as follows: Tenant agrees to accept possession of the ROFO Space in its then “As Is” condition and
Landlord shall not be required to do any work therein to prepare the same for Tenant’s occupancy. 
 (b) The amount of the Fixed Rent
provided in the Basic Lease Terms shall be increased by the amount equal to the ROFO Space Rental Value. If for any reason the ROFO Space Rental Value shall not be determined prior to the Occupancy Date, Tenant, in the meantime, shall pay the
monthly installments of Fixed Rent at the rate per square foot payable for Fixed Rent and said Additional Rent set forth in the ROFO Space Availability Notice. If the ROFO Space Rental Value shall be greater or less than the amount paid by Tenant
for such space following the ROFO Space Occupancy Date, then within twenty (20) Business Days after the determination of the ROFO Space Rental Value, the difference between the monthly installments for Fixed Rent and Additional Rent which
should have been paid from the ROFO Space Occupancy Date shall be equitably adjusted and paid by Tenant to Landlord (or credited by Landlord towards Tenant’s future monthly installments of Fixed Rent and Additional Rent) and thereafter Tenant
shall pay the monthly installments of the new Fixed Rent. 
 (c) In the Basic Lease Terms, with respect to the ROFO Space only, the term
(i) “Tenant’s Proportionate Share” for Taxes shall be the percentage that the number of the rentable square feet comprising the ROFO Space bears to the rentable square feet of comprising the Prospect Street Premises, and
(ii) the “agreed area” of the Premises shall mean the number of rentable square feet comprising the ROFO Space. 

Section 35.3 If Landlord is unable to give possession to Tenant of the ROFO Space on the ROFO Space Occupancy Date because of the
holding-over of the tenant thereof, Landlord shall not be subject to any liability for failure to give possession on the ROFO Space Occupancy Date, but the ROFO Space Occupancy Date shall not be deemed to have occurred for any purpose whatsoever
until the date that Landlord shall actually deliver possession of the ROFO Space to Tenant. In any event, Landlord shall promptly commence and diligently prosecute holdover proceedings or such other legal proceedings as may be required in order to
obtain prompt possession of the ROFO Space as promptly thereafter as may be practical. Notwithstanding anything to the contrary contained herein, if Landlord is unable to give possession of the ROFO Space to Tenant by the date that is nine
(9) months after the ROFO Space Occupancy Date, then Tenant shall have the right to elect, by notice delivered to Landlord at any time prior to the date Landlord delivers possession of the ROFO Space to Tenant, to rescind ROFO Exercise Notice,
in which event such notice shall be rendered void ab initio and Tenant shall have no obligation to lease the ROFO Space pursuant to this Article 35, unless Tenant exercises a subsequent ROFO Exercise Notice with respect to such ROFO
Space. 
 Section 35.4 Promptly after the ROFO Space Occupancy Date with respect to the ROFO Space, Landlord and Tenant shall
execute an amendment of this Lease to 

  
 96 

 
confirm (a) the Fixed Rent for such space, (b) Tenant’s Proportionate Share for Taxes for such space, (c) the Effective Date for the commencement of the term for such space,
(d) the rentable square footage of such space, and (e) such other matters as either party may reasonably request, provided, however, that the failure of either party to execute such a writing shall not vitiate the determination of any of
the foregoing matters in accordance with the provisions of this Article 35. 
 Section 35.5 Notwithstanding anything to
the contrary contained in this Article 35, no Exercise Notice shall be effective and binding on Landlord if there are less than eighteen (18) months then remaining in the Term, as the same may be extended. Provided, however, if there are
less than thirty-six (36) months but more than eighteen (18) months then remaining in the Term, as the same may be extended, then simultaneously with Tenant’s giving the Exercise Notice, Tenant must simultaneously exercise the Renewal
Option set forth in Section 31.1 (i)(x), (either, for the first five [5] year Renewal Term, or for the second five (5) year Renewal Term set forth in said subsection, if Tenant had previously exercised the Renewal for the first five
[5] year Renewal Term) for Tenant’s ROFO Space Exercise Notice to be valid. 
 Section 35.6 The provisions of this
Article 35 shall apply only to and may only be exercised by a Permitted Tenant. 
 ARTICLE 36 

TENANT’S SELF HELP RIGHTS 

Section 36.1 To the extent not caused by Tenant or any of Tenant’s employees, agents, contractors or other third parties
under Tenant’s control, if Landlord shall fail to maintain or make a material repair which is the obligation of Landlord under Section 6.1 above, and the same has or is reasonably and imminently expected to result in a material
disruption to Tenant’s use and occupancy of the Premises and/or material damage to a material amount of Tenant’s Personal Property and/or injury to persons (any of the foregoing, a “Big Problem”), Tenant shall have
the right to deliver written notice thereof to Landlord (the “Initial Repair Notice”); it is being understood and agreed that the reference herein to the term “imminent” shall mean not likely to occur until shortly
after the end of the cure period granted to Landlord below. The Initial Repair Notice must specifically describe Landlord’s failure to so operate, maintain, repair or keep the Building in first-class condition as required in
Section 6.1 above, and the Big Problem that has resulted or is imminent to occur and the action that is reasonably required of Landlord to satisfy the requirements of this Lease with respect to such failure. If, within seven
(7) days (or in the case of an emergency, two (2) Business Days) immediately following Landlord’s receipt of the Initial Repair Notice, Landlord fails to cure or commence to cure the items specified in the Initial Repair Notice (and
diligently pursue such cure thereafter), Tenant may deliver to Landlord a second such notice (“Reminder Repair Notice”). The Reminder Repair Notice must include a copy of the Initial Repair Notice and specify that Tenant will
have the rights granted under this Article 36 if Landlord fails to cure or commence to cure the specified items within five (5) days of Landlord’s receipt of the Reminder Repair Notice. If Landlord fails to make

  
 97 

 
or commence to make (and diligently pursue to completion) the reasonably required repair or necessary action to remedy such condition within five (5) days immediately following the date that
Landlord receives the Reminder Repair Notice (or in the case of an emergency, within two (2) Business Days following the date that Landlord receives the Initial Repair Notice), then Tenant may, subject to the terms of this Article
36, proceed to take the reasonably required action to remedy such condition with respect to the Premises only (solely on its own behalf and not as the agent of Landlord). Tenant may not take any actions under the terms of this Article
36 which alters or modifies the Buildings’ structure, Buildings’ Systems, Common Areas or exterior of the Buildings. Landlord shall reimburse Tenant for Tenant’s actual reasonable out-of-pocket costs and expenses in taking actions
under this Article 36 within thirty (30) days immediately following the date that Landlord receives an invoice from Tenant setting forth a reasonably particularized breakdown of such costs and expenses together with reasonable
evidence of payment of the same. If Landlord fails to pay such monies to Tenant within the foregoing thirty (30) day period, Tenant shall be entitled offset such amounts against the next installment(s) of Rent due and payable under this Lease
and Tenant. Notwithstanding the foregoing to the contrary and prior to any such offset by Tenant, Landlord and Tenant shall be required to first have one meeting and discuss, in good faith, Landlord’s failure to timely pay such monies to
Tenant, and if Landlord shall dispute (in its sole but good faith discretion) that it owes Tenant such monies, Tenant shall not be entitled to deduct such monies from the next monthly installment(s) Rent due and payable under this Lease unless and
until such dispute is resolved (pursuant to arbitration in accordance with Article 32) in Tenant’s favor (and in such event such offset, if any, shall be in the amount so determined pursuant to such resolution). Tenant agrees to
indemnify, defend and hold Landlord and Landlord’s Indemnitees harmless against any loss, liability or damage resulting from Tenant’s exercise of the self-help rights provided to Tenant in this Article 36.  

(b) Notwithstanding anything to the contrary contained herein, the provisions of this Article 36 shall only apply from and after an
Ownership Transfer. The term “Ownership Transfer” shall mean any sale that would result in the Kushner Companies or RFR Realty or any of their respective affiliates (each, a “Principal Entity”) ceasing to own,
directly or indirectly, collectively or individually, at least a 50% interest in either (i) Landlord or (i) the Adams Street Building. 

SIGNATURES APPEAR ON IMMEDIATELY FOLLOWING PAGE 

  
 98 

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

													
	LANDLORD:				TENANT:
			
	 117 ADAMS OWNER LLC,
 a
Delaware limited liability company
				 ETSY, INC.,
 a Delaware
corporation

					
	By:						By:		 

		 	  
	 		 		 	  

			Name:								Name:		Kristina Salen
			Title:								Title:		Chief Financial Officer
			
	 55 PROSPECT OWNER LLC,
 A
Delaware limited liability company
				
					
	By:		  
						
			Name:										
			Title:										

 IN WITNESS WHEREOF, the parties hereto have duly executed this Memorandum of Lease as of the
     day of May, 2014. 
  

											
	LANDLORD:				TENANT:
			
	117 ADAMS OWNER LLC, a Delaware limited liability company				ETSY, INC., a Delaware corporation
					
	By:		

				By:		

		 	  
	 		 		 	  

	Name:		Sally Kittles				Name:		Kristina Salen
	Title:		Vice President				Title:		Chief Financial Officer
			
	55 PROSPECT OWNER LLC, a Delaware limited liability company				
					
	By:		

						
		 	  
	 		 		 	
	Name:		Sally Kittles						
	Title:		Vice President						

 SCHEDULE “A” 

FIXED RENT SCHEDULE* 
 Adam Street
Premises (other than the Lobby Area Space and Storage Area Space) 
  

									
	 Period
	  	Per Annum	 	  	Per Month	 
	 Year 1**
	  	$	8,963,298.00	  	  	$	746,941.50	  
	 Year 2
	  	$	9,030,522.74	  	  	$	752,543.56	  
	 Year 3
	  	$	9,098,251.66	  	  	$	758,187.64	  
	 Year 4
	  	$	9,166,488.54	  	  	$	763,874.05	  
	 Year 5
	  	$	9,235,237.21	  	  	$	769,603.10	  
	 Year 6
	  	$	10,134,436.49	  	  	$	844,536.37	  
	 Year 7
	  	$	10,210,444.76	  	  	$	850,870.40	  
	 Year 8
	  	$	10,287,023.10	  	  	$	857,251.92	  
	 Year 9
	  	$	10,364,175.77	  	  	$	863,681.31	  
	 Year 10
	  	$	10,441,907.09	  	  	$	870,158.92	  

 Storage Area Space 
  

									
	 Period
	  	Per Annum	 	  	Per Month	 
	 Year 1**
	  	$	65,408.00	  	  	$	5,450.67	  
	 Year 2
	  	$	65,408.00	  	  	$	5,450.67	  
	 Year 3
	  	$	65,408.00	  	  	$	5,450.67	  
	 Year 4
	  	$	65,408.00	  	  	$	5,450.67	  
	 Year 5
	  	$	65,408.00	  	  	$	5,450.67	  
	 Year 6
	  	$	65,408.00	  	  	$	5,450.67	  
	 Year 7
	  	$	65,408.00	  	  	$	5,450.67	  
	 Year 8
	  	$	65,408.00	  	  	$	5,450.67	  
	 Year 9
	  	$	65,408.00	  	  	$	5,450.67	  
	 Year 10
	  	$	65,408.00	  	  	$	5,450.67	  

 Lobby Area Space 
  

									
	 Period
	  	Per Annum	 	  	Per Month	 
	 Year 1**
	  	$	221,616.00	  	  	$	18,468.00	  
	 Year 2
	  	$	223,278.12	  	  	$	18,606.51	  
	 Year 3
	  	$	224,952.71	  	  	$	18,746.06	  
	 Year 4
	  	$	226,639.85	  	  	$	18,886.65	  
	 Year 5
	  	$	228,339.65	  	  	$	19,028.30	  
	 Year 6
	  	$	250,572.20	  	  	$	20,881.02	  
	 Year 7
	  	$	252,451.49	  	  	$	21,037.62	  
	 Year 8
	  	$	254,344.88	  	  	$	21,195.41	  
	 Year 9
	  	$	256,252.46	  	  	$	21,354.37	  
	 Year 10
	  	$	258,174.36	  	  	$	21,514.53	  

 Prospect Street Premises 
  

									
	 Period
	  	Per Annum	 	  	Per Month	 
	 Year 1***
	  	$	1,431,000.00	  	  	$	119,250.00	  
	 Year 2
	  	$	1,441,732.50	  	  	$	120,144.38	  
	 Year 3
	  	$	1,452,545.49	  	  	$	121,045.46	  
	 Year 4
	  	$	1,463,439.58	  	  	$	121,953.30	  
	 Year 5
	  	$	1,474,415.38	  	  	$	122,867.95	  
	 Year 6
	  	$	1,617,973.50	  	  	$	134,831.12	  
	 Year 7
	  	$	1,630,108.30	  	  	$	135,842.36	  
	 Year 8
	  	$	1,642,334.11	  	  	$	136,861.18	  
	 Year 9
	  	$	1,654,651.62	  	  	$	137,887.63	  
	 Year 10
	  	$	1,667,061.50	  	  	$	138,921.79	  

  

	*	For purposes of clarification, (i) in lieu of Tenant’s payment of operating expenses or CAM hereunder, the foregoing amounts of annual Fixed Rent (other than with respect to the Storage Area Space)
incorporates an increase in the annual Fixed Rent by an amount equal to 0.75% of the amount of annual Fixed Rent payable during the preceding lease year, beginning on the 1st anniversary of the
Rent Commencement Date and on each successive anniversary thereof, on a compounded basis, and (ii) in the event the Adams Owner, LLC fails to enter into initial leases for at least 50% of the retail premises (the “117 Adams Retail Space
Requirement”), in the aggregate, at the Adams Street Premises with tenant(s) that shall provide amenities (i.e., food) to Tenant on, or before, the Rent Commencement Date (subject to Unavoidable Delay or Tenant Delay), the annual Fixed Rent set
forth above shall be reduce by an amount equal to 20% of the applicable annual Fixed Rent that would otherwise be payable, for the period commencing on the Rent Commencement Date until the date that the 117 Retail Space Requirement is satisfied.

	**	Commencing on the Adams Street Premises Rent Commencement Date. 

	***	Commencing on the Prospect Street Premises Rent Commencement Date. 

 SCHEDULE “B” 

List of Approved Contractors 

			
			 Dumbo Heights
 Brooklyn, NY

 BUILDING SUBCONTRACTOR LIST 
  

			
	GENERAL CONTRACTORS		
	 	 
	Archstone Builders		
		
	*** 		***
	***		***
			***
		
			
	Artisan Construction		 
	***		***
	***		***
	***		***
			***
		
			
	Benchmark Builders		 
	***		***
	***		***
			***
		
			
	JRM CM		 
	***		***
	***		***
			***
			***
		
			
	L&K Partners, Inc.		 
	***		***
	***		***
	***		***
			***
		
			
	02050 DEMOLITION		 
		
	All State Demolition		Steve Srnic
	***		***
	***		***
			***
			***
		
			
	All Star Demolition		Michael Giordanella
	***		***
	***		***
			***
			***
		
			
	Black Bull Builders LLC		Vasko Zadrima
	***		***
	***		***
			***
			***
		
			
	J M Industries, Inc.		Jim Fauci
	***		***
	***		***
			***
			***
		
			
	Liberty Contracting		Monir
	***		***
	***		***
			***
			***
			***
		
			

  
 1 of 36 

			
	NY Industry Demolition		Jack Valenti
	***		***
	***		***
			***
			***
		
			
	On Site Demo		Ganesh Suryavanshi
	***		***
	***		***
			***
			***
		
			
	Riteway		Tushar or Talal
	***		***
	***		***
			***
			***
			 ***

			 ***

		
			
	Silver		Willie
			***
			***
			***
			***
		
			
	Skyline Dismantling		Kevin Fotiadis
	***		***
	***		***
			***
			***
		
			
	Statewide Contracting Group		Mike Revello
	Corp		***
	***		 ***

	***		 ***

			 ***

		
			
	Titan Demolition M/WBE		Carlo Casalino / Genny Rodriguez
			***
	***		***
	 ***
		***
			***
			***
		
			
	Tri-State Dismantling Corp		James Gildea
	***		***
	***		***
			***
			***
		
			
	Waldorf Carting		George Martin
	***		***
	***		***
			***
			***
			***
		
			
	World Class Demolition		Dennis Halpern
			***
			***
			***
			***
		
			
	03000 CONCRETE		 
	 	 
	AM Marca Inc		Mike Mastroianni
	***		***
	***		***
			***
			***

  
 2 of 36 

			
	Apex Construction		John Otto
	***		***
	***		***
			***
			***
			***
			***
		
			
	Ashnu International		Nayan Parikh
	***		***
	***		***
			***
			***
		
			
	Bell Masons		Kevin
			***
			***
			***
		
			
	Bybrook		Noel
			***
			***
			***
		
			
	Casino Development		Robert DiSanza
	***		***
	***		***
			***
			***
		
			
	Cobra Concrete		John Krpan
	***		***
	***		***
			***
			 ***

			***
		
			
	Colgate Restoration		Steve Marku
	***		***
	***		***
			***
			***
		
			
	Concrete Industries One		Selman Yalcin
	***		***
	***		***
			***
			***
		
			
	Euro-Build		Hector Virata
	***		***
	***		***
	 ***
		***
			 ***

			***
		
			
	Grandline Construction		Naim Agolli
	***		***
	***		***
			***
			***
		
			
	Malatesta Paladino		Carmine Malatesta
	***		***
	***		***
			***
			***
		
			
	 		Manual Pereira
	Manny P. Concrete Company		***
	***		***
	***		***
			***

  
 3 of 36 

			
	Medway		Selman Yalcin
	***		***
	***		***
	***		***
			***
		
			
	Melva Construction Corp		Peter
	***		***
	***		***
	***		***
			***
		
			
	Melvin Construction		Peter/Jeremy
	***		***
	***		***
			***
			***
			***
		
			
	Profile Builders (Non-Union) /		Gary Birdie
	Tangent (Union)		***
	***		***
	***		***
	***		***
		
			
	 		Gerry Hughes
	Shelbourne Construction Corp		***
	/ South Ferry Development		***
	***		***
	***		***
	***		***
		
			
	Solid Development Group		Eamon Loughran
	***		***
	***		***
			***
			***
		
			
	04000 MASONRY		 
	 	 
	AM Marca Inc		Mike Mastroianni
	***		***
	***		***
			***
			***
		
			
	Apex Construction		John Otto
	***		***
	***		***
			***
			***
			***
			***
		
			
	Ashnu International		Nayan Parikh
	***		***
	***		***
			***
			***
		
			
	Bell Masons		Kevin
			***
			***
			***
		
			
	Bybrook		Noel
			***
			***
			***

  
 4 of 36 

			
	Concrete Industries One		Selman Yalcin
	***		***
	***		***
			***
			***
		
			
	Euro-Build		Hector Virata
	***		***
	***		***
	***		***
			***
			***
		
			
	Gibraltar Contracting		Martin Guzman
	***		***
	***		***
			***
		
			
	Grandline Construction		Naim Agolli
	***		***
	***		***
			***
			***
		
			
	Hayden (Non Union) / 		Craig Alper / Mark Dari
	Hudson Valley (Union)		***
	***		***
	***		***
			***
			***
		
			
	Malatesta Paladino		Carmine Malatesta
	***		***
	***		***
			***
			***
		
			
	Melva Construction Corp		Peter
	***		***
	***		***
			***
			***
		
			
	Melvin Construction		Peter / Jeremy
	***		***
	***		***
			***
			***
			***
		
			
	Profile Builders (Non-Union) /		Gary Birdie
	Tangent (Union)		***
	***		***
	***		***
	***		***
		
			
	Riggs Construction		Michael Deriggs
	***		***
	***		***
			***
			***
		
			
	Solid Development Group		Eamon Loughran
	***		***
	***		***
			***
			***
		
			
	USG		Zina Estrina
	***		***
	***		***
			***
			***

  
 5 of 36 

			
	05120 STRUCTURAL STEEL		 
	 	 
	A&E Metal Products		Dony DiDonato
	***		***
	***		***
			***
			***
	
	
	AGL Industries		Frank LoFaso
	***		***
	***		***
			***
			***
	
	
	Burgess Steel		Stephanie
	***		***
	***		***
			***
			***
	
	
	Canal Steel		Bob Saltar
	***		***
	***		***
			***
			***
	
	
	Caribie Corporation		Linda J. Bautista
	***		***
	***		***
			***
			***
	
	
	H&L Ironworks		Liam
			***
			***
			***
			***
	
	
	Ironworks by YSL		Marat Lempert
	***		***
	***		***
			***
			***
			***
		
			
	JCR Steel Services		Howard
			***
			***
			***
			***
	
	
	Koenig Iron Works		Raj (ext. ***)
	***		***
	***		***
			***
			***
	
	
	Maspeth Welding		Jeff Anschlowar
	***		***
	***		***
			***
			***
			***
	
	
	Pecker Ironworks		Elliot Pecker
	***		***
	***		***
			***
			***
	
	

  
 6 of 36 

			
	SL Industries		Sharon Craddock
	***		***
	***		***
			***
			***
		
			
	Summit Steel		Estimating
	***		***
	***		***
	***		***
			***
		
			
	United Structural Works		Cormach O’Muirithe
	***		***
	***		***
	 ***
		***
			***
			***
		
			
	Winnick Steel Inc		David
	***		***
	***		***
			***
			***
			***
		
			
	05700 ARCHITECTURAL METAL & GLASS
	 	 
	AM Architectural Metal Glass		Jer Harmon / Owend
	Inc.		***
	***		***
	***		***
			***
		
			
	The Orchard Group NY		Chris Otterbine
	***		***
	***		***
			***
			***
			***
		
			
	Superior Metal & Glass		George
			***
			***
			***
			***
		
			
	06200 MILLWORK		 
	 	 
	Cobra Contracting		Grant Kassap
	***		***
	***		***
			***
			***
			***
		
			
	De Jil Systems		Bruce Smith
	***		***
	***		***
	***		***
			***
		
			
	Finnryan Millwork LLC		Sandra / Gino
	***		***
	***		***
			***
			***
		
			

  
 7 of 36 

			
	Four Daughters		Tom Jakubiek - Ext **
	***		***
	***		***
			***
			***
		
			
	Highland Organization		Douglas
			***
			***
			***
			***
		
			
	Mitchell’s Restoration		Mervyn Mitchell
	Millwork		***
	***		***
	***		***
			***
		
			
	Modworxx		Joshua Barnett
	***		***
	***		***
	***		***
			***
		
			
	Mortensen Woodwork		Peter Mielach
	***		***
	***		***
	***		***
			***
		
			
	Napoleon Contracting (MMK		Alan resnick / Mike Koljenovic
	Millwork)		***
	***		***
	***		***
			***
			***
		
			
	Omega Construction		Davie Finnegan
			***
			***
			***
			***
		
			
	Patella		Bob McMullen
	***		***
	***		***
			***
			***
		
			
	Premier Woodcraft, Ltd.		Bob Ebner - Ext ***/***
	***		***
	***		***
			***
			***
		
			
	Roche Construction		Pat Roche
			***
			***
			***
			***
		
			
	Unique Woodworking Inc.		Rupert Gordon
	***		***
	***		***
			***
			***
		
			
	07500 ROOFING / WATERPROOFING
	 	 
	Concord Restoration Inc		Dominic Fusco
	***		***
	***		***
	***		***
			***
			***
		
			

  
 8 of 36 

			
	D-Star Waterproofing		Anthony
	***		***
	***		***
			***
			***
		
			
	Duraford Construction		Nimer Dewan
	***		***
	***		***
			***
			***
		
			
	 		Amanda
	Eagle One Roofing Contractors		***
	***		***
	***		***
			***
			***
		
			
	Gibraltar Contracting		Martin Guzman
	***		***
	***		***
			***
		
			
	Gotham Waterproofing &		Kyle E. Stewart
	Restoration		***
	***		***
	***		***
			***
			***
			***
		
			
	Hayden (Non Union) / Hudson		Craig Alper/Mark Dari
	Valley (Union)		***
	***		***
	***		***
			***
			***
		
			
	J&C Restoration		Juan Costa
	***		***
	***		***
			***
			***
		
			
	KNS Building Restoration		Anthony Ballato
	***		***
	***		***
			***
			***
			***
		
			
	National Roofing Corp.		Sam Nirenberg
	***		***
	***		***
			***
			***
		
			
	Osman Ltd.		Allen
	***		***
	***		***
			***
			***
		
			
	Plescia Roofing		Allan
	***		***
	***		***
			***
			***

  
 9 of 36 

			
	Seaview Construction Inc.		Estimating
	***		***
	***		***
			***
			***
		
			
	USG		Zina Estrina
	***		***
	***		***
			***
			***
		
			
	07800 FIREPROOFING
		
			
	Melvin Construction		Peter/ Jeremy
	***		***
	***		***
			***
			***
			***
		
			
	P.A.L Environmental		Arick Domozick
	***		***
	***		***
			***
			***
		
			
	Profile Builders (Non-Union) /		Gary Birdie
	Tangent (Union)		***
	***		***
	***		***
	***		***
		
			
	Solid Development Group		Eamon Loughran
	***		***
	***		***
			***
			***
		
			
	Zeus Construction Services		Frank Mihas / Steve
	***		***
	***		***
			***
			***
			***
		
			
	07840 FIRESTOPPING
		
			
	Firestop Solutions		Kamil
	***		***
	***		***
			***
			***
		
			
	Horizon Contracting		Mark Nunn
	(Firestopping Division)		***
	***		***
	***		***
			***
		
			
	JLE, Inc.		Estimating
	***		***
	***		***
	***		***
		
			
	Premier Firestopping		John Morosco
	***		***
	***		***
			***
			***

  
 10 of 36 

			
	Tri-State Fireproofing Inc.		Joseph Jacob
	***		***
	***		***
	***		***
			***
		
			
	03100 HOLLOW METAL DOORS & FRAMES
		
			
	DCI Metro		Alvin Duncan
	***		***
	***		***
	***		***
			***
			***
		
			
	Director Door Industries Ltd		Cheryl Fass
	***		***
	***		***
			***
			***
		
			
	Door Stop LLC		Ronnie Napoli
	***		***
	***		***
			***
			***
			***
		
			
	Liberty Doorworks		Pam / Paul
	***		***
			***
	***		***
			
			***
		
			
	M & D Door & Hardware		Rivky Kramer / Mendel Mandel
	***		***
	***		***
	***		***
	***		***
			***
		
			
	Secure Door & Hardware		Yana / Alex
	***		***
	***		***
			***
			***
		
			
	Weinstein & Holtsman		Juan Murillo or Pat Ho
	***		***
	***		***
			***
			***
			***
		
			
	08330 COILING DOORS & GRILLES
		
			
	AGP (Overhead Door)		Paul De Graaf
	***		***
	***		***
			***
			***
		
			
	Atlantic Rolling Steel Door		Estimating
	***		***
	***		***
			***
			***
		
			
	City-Gates		Vincent Greco
	***		***
	***		***
			***
			***

  
 11 of 36 

			
	Global Overhead Doors		A Tome
	***		***
	***		***
			***
			***
		
			
	Lombardi Door		James Hurley
	***		***
	***		***
			***
			***
		
			
	Metro Door, Inc.		Salvatore Agostino or Jef Chevalier
	***		***
	***		***
	***		***
			***
			***
		
			
	Overhead Door Inc.		Jai
	***		***
	***		***
			***
			***
		
			
	08500 WINDOWS		 
		
			
	Certified Glass Corp		Estimating
	***		***
	***		***
			***
			***
		
			
	City View Alterations		Robert Reyes
	***		***
	***		***
			***
			***
		
			
	Crystal Windows Doors		Sales
			***
	***		***
	***		***
			***
		
			
	Kilroy		Rich Green / Orlando Ojeda
	***		***
	***		***
			***
			***
			***
		
			
	Malmek Glass Contractor		Michael Simmons
	***		***
	***		***
			***
			***
		
			
	Midtown Glass, Inc.		Steve
	***		***
	***		***
			***
			***
		
			
	Skyline Window		Ken Kraus
	***		***
	***		***
			***
			***

  
 12 of 36 

			
	Stealth Architectural Group		Sandra / George Mejia
	***		***
	***		***
			***
			***
			***
		
			
	08700 HARDWARE
		
			
	DCI Metro		Alvin Duncan
	***		***
	***		***
	***		***
			***
			***
		
			
	Director Door Industries Ltd		Cheryl Fass
	***		***
	***		***
			***
			***
		
			
	Door Stop LLC		Ronnie Napoli
	***		***
	***		***
			***
			***
		
			
	Liberty Doorworks		Pam / Paul
	***		***
			***
	***		***
			***
			***
		
			
	M & D Door & Hardware		Rivky Kramer / Mendel Mandel
	***		***
	***		***
	***		***
	***		***
			***
		
			
	Secure Door & Hardware		Yana / Alex
	***		***
	***		***
			***
			***
		
			
	Weinstein & Holtsman		Juan Murillo or Pat Ho
	***		***
	***		***
			***
			***
			***
		
			
	08800 GLASS / GLAZING
		
			
	AAA Metal & Glass Inc.		Evan Feather
	***		***
	***		***
			***
			***
			***
		
			
	All County		Estimating
	***		***
	***		***
			***
		
			

  
 13 of 36 

			
	Apex Glass (Non Union) of		Dragan Milo
	Infinity		***
	***		***
	***		***
			***
		
			
	Bobby’s Glass Co.		Robert Bovain
	***		***
			***
	***		***
			***
		
			
	Certified Glass Corp		Estimating
	***		***
	***		***
			***
			***
		
			
	Checker Glass Corp		Nick
	***		 ***

	***		***
			***
			***
		
			
	 		Joe / Davis
	Diversified Glass & Storefronts		***
	***		***
	***		***
			***
			***
			***
		
			
	Doorline Glass & Metal		Camilo Zambrano
	***		***
	***		***
			***
			***
		
			
	Doortec Architectural Metal & Glass LLC		Mike
		***
	***		***
	***		***
			***
			***
		
			
	Empire Architectural Metal & Glass		Chris / Shoaib / Gary / Alex
		***
	***		***
	***		***
			***
			***
		
			
	Forma Glass		Xenia Morales
	***		***
	***		***
			***
			***
		
			
	Franklin Glass		Estimating
	***		***
	***		***
			***
		
			
	Globe Gates		Liz Ferreira
	***		***
	***		***
			***
			***
		
			
	Imperial Iron Works		Jamie Osorio
	***		***
	***		***
			***
			***

  
 14 of 36 

			
	Malmek Glass Contractor		Michael Simmons
	***		***
	***		***
			***
			***
		
			
	08870 GLAZING FILM		 
		
			
	CGY, INC.		Edward Gunia
	***		***
	***		***
			***
			***
		
			
	CHB Industries		Dan Venet
	***		***
	***		***
	***		***
			***
		
			
	Metrosolar		Dale
	***		***
	***		***
			***
			***
		
			
	09250 DRYWALL & CARPENTRY
		
			
	Advanced Drywall Systems		James
	***		***
	***		***
			***
			***
		
			
	Amick Construction		Alan McIntyre
	***		***
	***		***
			***
			***
		
			
	 		Dan
	Atlantic Drywall (Top Notch)		***
	***		***
	***		***
			***
		
			
	Attri Enterprises		Shri Attri
	***		***
	***		***
			***
			***
		
			
	Castle		 
			***
			***
			***
			***
		
			
	CIP Construction Group		Cadil Rodriquez
	***		***
	***		***
			***
			***
		
			
	Capital Interiors		Benny Corso
	***		***
	***		***
			***
			***

  
 15 of 36 

			
	Chelsea Development		Noel
	***		***
	***		***
			***
			***
		
			
	CNP CARPENTRY		Eamon Timoney
	***		***
	***		***
			***
			***
		
			
	Complete Contracting Inc.		Dave
	***		***
	***		***
			***
			***
		
			
	Drywall Concepts		John Tasso
	***		***
			***
	***		***
			***
		
			
	 		Kenneth Stubbolo
	Dynamic Construction Services		***
	***		***
	***		***
	***		***
			***
		
			
	Folor		John Dowling
			***
			 ***

			 ***

		
			
	Gotham Drywall		John Fitzpatrick
	***		***
	***		***
	***		***
			***
		
			
	Gridco		Mick Williams
			***
			***
			***
		
			
	Hi-Lume Corporation		Bill Miller
	***		***
			***
	***		***
			***
		
			
	Montec Interiors		Hetal
	***		***
	***		***
			***
			***
		
			
	Nevco Contracting		Brien Brady / Sean Tierny
	***		***
	***		***
			***
			***
			***
		
			
	Pat O’Connor & Sons		Pat O’Connor
			***
			***
			***
			***

  
 16 of 36 

			
	Premier Builders, LLC		James Murphy / Nick
	***		***
	***		***
			***
			***
			***
		
			
	RL Construction		Colin Barton
	***		***
	***		***
			***
			***
		
			
	Signature Building Corp.		Ark Zeldin
	***		***
	***		***
	***		***
		
			
	Solid Development Group		Eamon Loughran
	***		***
	***		***
			***
			***
		
			
	 		Vincent Cascone
	Vincent Cascone Contracting /		***
	Amazing Drywall		***
	***		***
	***		***
		
			
	Washington Construction		Donston Edwards
	***		***
	***		***
			***
			***
		
			
	Woodview Inteiors, Inc.		Maurice O’Connor
	***		***
	***		***
			***
			***
		
			
	09300 CERAMIC AND MARBLE
		
			
	Academic Stone Setters		John Palomba
	(Restoration Specialty)		***
	***		***
	***		***
			***
		
			
	Alpstone / Urban		Haktan
			***
			***
			***
			***
		
			
	Amadeus Tile		Christina
	***		***
	***		***
			***
			***
		
			
	Austro Tile & Stone LLC		William Tamay
	***		***
	***		***
	***		***
			***
		
			
	Baybrent Tile		Bill Scharf
	***		***
	***		***
			***
			***
			***

  
 17 of 36 

			
	Cathedral Marble & Stone		Sharon Amari
	***		***
	***		***
			***
			***
		
			
	Emerald Tile & Marble		Aiden Corr
			***
	***		***
	***		***
	***		***
			***
		
			
	Interior Design Flooring		Ben Cohen / Matt
	***		***
	***		***
			***
			***
			***
		
			
	Monumental Marble		John Bartolone
	***		***
	***		***
			***
			***
		
			
	Pro Design Inc.		Ron Truglio
	***		***
	***		***
			***
			***
		
			
	ST-ONE		Bob
			***
			***
			***
			***
		
			
	Quarry Tile Marble & Granite, Inc.		Adrienne Zeller
		***
	***		***
	***		***
			***
			***
		
			
	09540 LATHE & ACOUSTICS		 
		
			
	Amick Construction		Alan McIntyre
	***		***
	***		***
			***
			***
		
			
	Attri Enterprises		Shri Attri
	***		***
	***		***
			***
			***
		
			
	CIP Construction Group		Cadil Rodriquez
	***		***
	***		***
			***
			***
		
			
	Capital Interiors		Benny Corso
	***		***
	***		***
			***
			***

  
 18 of 36 

			
	Chelsea Development		Noel
	***		***
	***		***
			***
			***
		
			
	CNP Carpentry		Eamon Timoney
	***		***
	***		***
			***
			***
		
			
	Complete Contracting Inc.		Dave
	***		***
	***		***
			***
			***
		
			
	 		Kenneth Stubbolo
	Dynamic Construction Services		***
	***		***
	***		***
	***		***
			***
		
			
	Gotham Drywall		John Fitzpatrick
	***		***
	***		***
	***		***
			***
		
			
	Hi-Lume Corporation		Bill Miller
	***		***
			***
	***		***
			***
		
			
	Montec Interiors		Hetal
	***		***
	***		***
			***
			***
		
			
	Nevco Contracting		Brien Brady / Sean Tierny
	***		***
	***		***
			***
			***
			***
		
			
	Premier Builders, LLC		James Murphy / Nick
	***		***
	***		***
			***
			***
			***
		
			
	RL Construction		Colin Barton
	***		***
	***		***
			***
			***
		
			
	Signature Building Corp.		Ark Zeldin
	***		***
	***		***
	***		***

  
 19 of 36 

			
	Solid Development Group		Eamon Loughran
	***		***
	***		***
			***
			***
		
			
	 		Vincent Cascone
	Vincent Cascone Contracting /		***
	Amazing Drywall		***
	 ***
		***
	***		***
		
			
	Washington Construction		Donston Edwards
	 ***
		***
	***		***
			***
			***
		
			
	09670 FLUID-APPLIED FLOORING
		
			
	Advanced Epoxy Flooring		Danny Harmer
	 ***
		***
	***		***
			***
			***
		
			
	Asbestolith		Mike Huntington
	 ***
		***
	***		***
			***
			 ***

			***
		
			
	Liquid Elements		Caitlin Smith / Sally Reis
	 ***
		***
	***		 ***

			***
		
			
	09680 FLOORING & BASE
	 
	
	BC Exchange		Jon
	 ***
		***
	 ***
		***
	 ***
		***
			***
			***
			***
		
			
	Capitol Wood Floors		Brian J Sakosits
			***
			***
			***
			***
		
			
	Carpet Resources, LTD.		Victor Maldonado
			***
			***
			***
			***
		
			
	CIP Construction Group		Cadil Rodriquez
	***		 ***

	***		*** 
			 *** 

			 ***

		
			
	 		Frank Alesandro
	Commercial Flooring Specialists		***
	***		***
	***		***
			***

  
 20 of 36 

			
	Corporate Floors		Peter O’Henlon
	***		***
	***		***
			***
			***
		
			
	Country Carpet & Rug		Thomas Huber - Ext ****
	***		***
	***		***
			***
			***
		
			
	D 9 Inc		Tom Dinger
	***		***
	***		***
			***
			***
		
			
	Eastside Floors		Brian
			***
			***
			***
			***
		
			
	Genesis Flooring		Robert Faulkner
	***		***
	***		***
			***
			***
		
			
	GP Land & Carpet		Joel Abejar
			***
			***
			***
		
			
	Interior Design Flooring		Ben Cohen / Matt
	***		***
	***		***
			***
			***
			***
		
			
	J G T Contracting		Naftali Perez
	***		***
	***		***
			***
			***
		
			
	JH Floors		Jemes Feraca
	***		***
	***		***
			***
			***
		
			
	KBF Interior Designs		Kirk Kerry
			***
			***
			***
		
			
	Lane Floor Covering		Umberto Aponte
	***		***
	***		***
	***		***
			***
		
			
	McEvoy Interiors Inc.		Paul
			***
			***
			***
			***

  
 21 of 36 

			
	O’Connor Carpet		Estimating / Keith O’Connor
	***		***
	***		***
			***
			***
		
			
	Pisos Flooring		Robledo E. Aybar
	***		***
	***		***
			***
			***
		
			
	 		John Teresi
	Shehardi Commercial Flooring		***
	***		***
	***		***
			***
		
			
	Spina Floor Covering, Inc		Estimating
	***		***
	***		***
	***		***
			***
		
			
	Tipp Floor Covering, Inc.		Karen Bennett
	***		***
	***		***
			***
			***
		
			
	Vak of Brooklyn		Owen Olivier
	***		***
	***		***
			***
			***
		
			
	09900 PAINTING & WALL COVERING
		
			
	711 NY Painting & Decorating Co.		Djozer / George / Yadira
	***		***
	***		***
			***
			***
			***
			***
		
			
	Alpine Painting		Roy Katzman
	***		***
	***		***
			***
			***
			***
		
			
	CIP Construction Group		Cadil Rodriquez
	***		***
	***		***
			***
			***
		
			
	 		Mark Taras
	Changing Times Interiors, Inc		***
	***		***
	***		***
	***		***
		
			
	Choice of Color Inc.		Valmond Marlow
	***		***
	***		***
			***
			***

  
 22 of 36 

			
	Con-Tec		John Constantino
			***
			***
			***
			***
		
			
	Fine Painting		Greg Singh
	***		***
	***		***
			***
			***
		
			
	Fresh Painting		Dino Prodromakis
	***		***
	***		***
	***		***
			***
			***
		
			
	Heleco Painting		Peter Silverstein
	***		***
	***		***
			***
			***
		
			
	JM Corporate Painter		Maureen Murphy / Arini
	***		***
			***
	***		***
			***
		
			
	NY Paint		Michael Steinmetz
	***		***
	***		***
			***
			***
		
			
	On Point Finishing		Michael Ozzimo
	***		***
	***		***
			***
			***
		
			
	PFI Painting Corp.		Peter F. Ianne
	***		***
	***		***
	***		***
			***
			***
		
			
	Plateau Painting		James Straface
	***		***
	***		***
			***
		
			
	PNC Painting		Carlos
			***
			 *** 

			 *** 

			 ***

		
			
	Prestige Decorating		Sam Goldstein
	***		***
	***		***
			***
			***
		
			
	RS Painting		Reginald Sweeney
	***		***
	***		***
			***
			***

  
 23 of 36 

			
	 RA Painting LLC
		Egor Aranin / David Alcaras
	 ***
		***
	***		***
			***
			***
		
			
	Signature Painting (Allied 		John Spanoudakis
	Contracting II Corp)		***
	***		***
	***		***
			***
			***
		
			
	The Daniel Mathews Group		 
			***
			***
			***
			***
		
			
	10155 TOILET COMPARTMENTS
	 
	
	ABL		Barbara (Ext ***) / Chrissy (Ext ***)
	***		***
	***		***
			***
			***
			***
		
			
	 Aliss (White Boards & Tack
		Scott Stoler
	Boards)		***
	***		***
	***		***
			***
		
			
	Danbar Supply LLC		Danielle Marshall
	***		***
	***		***
			***
			***
		
			
	 		Yogesh Vyas
	Division Ten Specialties (DTS)		***
	***		***
	***		***
	***		***
		
			
	 		Bob Hart
	Knickerbocker Partition Corp		***
	***		***
	***		***
			***
		
			
	Metpar		Estimating
	***		***
	***		***
			***
			***
		
			
	National Bath Works		Jeffrey Majewski
	 *** 
		***
	***		***
			***
			***
		
			
	10400 SIGNAGE
	 
	
	Going Sign Co. Inc		Kevin Going
	***		***
	***		***
			***
			***

  
 24 of 36 

			
	L M Signs		Paul Lorenzo
	***		***
	***		***
			***
			***
		
			
	New Style Signs, Ltd		Ilan Aboody
	***		***
	***		***
	***		***
			***
		
			
	Sign Engineers Inc		J.R.
	***		***
	***		***
			***
			***
		
			
	Signs Unlimited Inc.		Alana Kaufman
	***		***
	***		***
			***
			***
		
			
	10520 FIRE EXTINGUISHERS, CABINETS & ACCESSORIES
		
			
	ABL		Barbara (Ext *** ) / Chrissy (Ext *** )
	***		***
	***		***
			***
			***
			***
		
			
	Aliss (White Boards & Tack		Scott Stoler
	Boards)		***
	***		***
	***		***
			***
		
			
	CR Specialties Ltd		Stan Rothenberg
	***		***
	***		***
			***
			***
		
			
	Danbar Supply LLC		Danielle Marshall
	***		***
	***		***
			***
			***
		
			
	Division 10 Specs.		Jim
	***		***
	***		***
	***		***
			***
		
			
	 		Yogesh Vyas
	Division Ten Specialties (DTS)		***
	***		***
	***		***
	***		***
		
			
	11000 EQUIPMENT
		
			
	H.O. Penn (Caterpillar		Bob Muir
	Emergency Generators)		***
	***		***
	***		***
			***

  
 25 of 36 

			
	11160 LOADING DOCK EQUIPMENT
		
			
	Loading Dock Inc.		Steve Petro
	***		***
	***		***
			***
			***
		
			
	 		Mr. U. Dutton
	New Jersey Door Works Inc.		***
	***		***
	***		***
		
			
	The Jennings Company		M Jennings Jr.
	***		***
	***		***
			***
			***
		
			
	Viccaro Equipment Corp		Estimating
	***		***
	***		***
			***
		
			
	14200 ELEVATORS
		
			
	Nouveau Elevator		Don Speranza
	***		***
	***		***
			***
			***
		
			
	Thyssen Krupp Elevators Co.,		John Zangakis
	Inc.		***
	***		***
	***		***
			***
		
			
	15400 PLUMBING
		
			
	Anesis		
			***
			***
			***
		
			
	A Plus Installation		Steve / Dave
	***		***
	***		***
			***
			***
			***
			***
		
			
	AM Warshaw		Michael Warshaw
	***		***
	***		***
			***
		
			
	C. James Plumbing Heating		Gloria/James
	***		***
	***		***
			***
			***
		
			
	Casino Mechanical Corp		Tracey
	***		***
	***		***
			***
			***

  
 26 of 36 

			
	Centrifugal Associates Group 		Stephen Yager
	 LLC
		***
	***		***
	 *** 
		***
			***
		
			
	Concept		Cathal
			***
			***
			***
			***
		
			
	Crest Mechanical		Nate Breglio/Paul Breglio
	***		***
	***		***
			***
			***
		
			
	Danton Plumbing		Douglas Matson
	***		***
	***		***
			***
			***
		
			
	Domestic Plumbing Corp		Emidio Buono
			***
			***
			***
			***
		
			
	Donato Plumbing		Sarah
	***		***
			***
			***
			***
			***
		
			
	Evergreen Mechanical		Maribel Ramirez
	***		 ***

	***		***
			***
			***
		
			
	 		Estimating
	Independent Mechanical Inc. 		***
	***		***
	***		***
			***
		
			
	 		Leonard Richards
	L. Richards Plumbing Heating		***
	***		***
			***
	***		***
		
			
	Lifetime Plumbing		Estimating
	 (formerly Solas Services)
		***
	***		***
	***		***
			***
		
			
	Miller Plumbing & Heating		Jeff Miller
	***		***
	***		***
			***
			***
		
			
	Peak Mechanical		George Leoutsakos/Amit
	***		***
			***
			***
			***
			***

  
 27 of 36 

			
	Pinnacle Plumbing		Alan Isaacs
	***		***
	***		***
			***
		
			
	Reliable Plumbing		Leon Vinokur
	***		***
	***		***
			***
			***
		
			
	 		Robert Parchment
	Robert Parchment Plumbing		***
	***		***
	***		***
			***
		
			
	 		Beata Jimenez, ext. ****
	Varsity Plumbing Heating, Inc.		***
	***		***
			***
			***
		
			
	Tristate Plumbing Services		Marc Breslaw or Anthony Pena
	***		***
	***		***
			***
			***
			***
		
			
	15500 SPRINKLERS		 
		
			
	A Plus Installation		Steve/Dave
	***		***
	***		***
			***
			***
			***
			***
		
			
	Academy Fire Protection		Bud Walker
	***		***
	***		***
			***
			***
		
			
	 		Howard Pasto
	Acme Sprinkler (Non Union)		***
	***		***
	***		***
			***
		
			
	Active Fire Sprinkler		Barry
	***		***
	***		***
	***		***
			***
		
			
	All State Sprinkler		Melonie Claudio
	***		***
	***		***
			***
			***
		
			
	Anesis		 
			***
			***
			***
		
			
	ARCO Fire Protection		George Allen
	***		***
	***		***
			***
			***

  
 28 of 36 

			
	C. James Plumbing Heating		Gloria/James
	***		***
	***		***
			***
			***
		
			
	Casino Mechanical Corp		Tracey
	***		***
	***		***
			***
			***
		
			
	Concept		Cathal
			***
			***
			***
			***
		
			
	D & S Sprinkler Systems		Wazi
			***
			***
			***
			***
		
			
	 		Estimating
	Independent Mechanical Inc.		***
	***		***
	***		***
			***
		
			
	Lifetime Plumbing (Formerly		Estimating
	Solas Services)		***
	***		***
	***		***
			***
		
			
	Metro Fire Protection		Angela Stiglianese
	***		***
	***		***
			***
			***
		
			
	Reliable Plumbing		Leon Vinokur
	***		***
	***		***
			***
			***
		
			
	TJ Piping Heating Sprinkler		Terrence Jackman
	***		***
	***		***
			***
			***
		
			
	T.McGowan Fire Protection,		Torin McGowan
	Inc,		***
	***		 ***

	***		 ***

			 ***

		
			
	Tristate Plumbing Services		Marc Breslaw or Anthony Pena
	***		***
	***		***
			***
			***
			***

  
 29 of 36 

			
	Zone Mechanical, LLC		Helena levas
	***		***
	***		***
			***
			***
		
			
	15700 HVAC		 
			
		
	Admore Air Conditioning		Vijay Birsdar
	***		***
	***		***
			***
			***
		
			
	Alliance Mechanical Group		Peter Unrath
	(AMG)		***
	***		***
	***		***
			***
		
			
	BP Mechanical		Anthony Marino
	***		***
	***		***
			***
			***
			***
			***
		
			
	C. James Plumbing Heatin		Gloria James
	***		***
	***		***
			***
			***
		
			
	Capital Cooling Systems		Michael Chen
	***		***
	***		***
	***		***
			***
			***
		
			
	Centrifugal Associates, Inc.		Stepehn J. Yager
	***		***
	***		***
	***		***
			***
		
			
	Command HVAC		Regl Ballanca
	***		***
	***		***
			***
			***
		
			
	Dan Yant Inc		Daniel Nyante
	***		***
	***		***
			***
			***
		
			
	Eagle AC and Heating Inc		Andis Harasanl
	***		***
	***		***
			***
			***
		
			
	EAS Mechanical		Ed Sotomayor
	***		***
	***		***
			***
			***

  
 30 of 36 

			
	Emcor		 
			***
			***
			***
		
			
	Gotham Air		Ben
	***		***
	***		***
			***
			***
		
			
	Henick Lane		Jesse
	***		***
	***		***
			***
			***
		
			
	Iconic Mechanical		Christian Bezmalinovic
	***		***
	***		***
			***
			***
		
			
	Irving Hasse		Frank Cooney
			***
			***
			***
			
	King Freeze		Betty
	***		***
	***		***
	***		***
			***
			***
		
			
	L&M		 
			***
			***
			***
			***
		
			
	Main Mechanical		Neil
	***		***
	***		***
			***
		
			
	Midre Contracting Corp		Marco Mendez/Ronny Leon
	***		***
	***		***
			***
			***
			***
		
			
	MS Mechanical		Estimating
	***		***
	***		***
			***
			***
		
			
	NU Way		Conor
			***
			***
			***
			***
		
			
	Peak Mechanical		George Leoutsakos/Amit
	***		***
			***
			***
			***
			***
		
			

  
 31 of 36 

			
	React Industries		Christina/donna
	***		***
	***		***
			***
			***
			***
		
			
	Unified Air		Joe Porto/Roman Baytalsky
	***		***
	***		***
			***
			***
			***
		
			
	16000 ELECTRICAL		 
	 	  	 
	2G Electrical		Pat Gallagher
			***
			***
			***
			***
		
			
	All State		Chris Hand
			***
			***
			***
		
			
	Blake Electric		Steven Kling
	***		***
	***		***
			***
			***
			***
		
			
	Cogen Electrical Services		David and Roman
	***		***
	***		***
			***
			***
			***
		
			
	D&D Electrical (Non Union of 		Michelle Cornar
	Crana Electric)		***
	***		***
	***		***
			***
		
			
	GT Electrical		Aziz
			***
			***
			***
			***
		
			
	Horsepower Electric		Steve Penkower
		
	***		***
	***		***
			***
			***
		
			
	 		Chez Degennaro
	Innovative Electrical Services		***
	***		***
	***		***
			***
			***
			***
		
			
	Integrated Electronic		Anthony Bartolomeo
	Solutions		***
	***		***
	***		***
	***		***

  
 32 of 36 

			
	JCF Electric		Bernadette Jeronimo
	***		***
	***		***
			***
			***
		
			
	MC Electric		Shay
			***
			***
			***
			***
		
			
	NY Electric		George Alatzelis
			***
			***
			***
		
			
	Patriot Electric		Michael Tek
	***		***
	***		***
			***
			***
			***
		
			
	PEC Electric		Bob Peterson
	***		***
	***		***
			***
			***
		
			
	Pinnacle Electric		Michelle Molina
	***		***
	***		***
			***
			***
		
			
	Static Electric Corp		Devon Chambers
	***		***
	***		***
			***
		
			
	Sure Power Electric		Edmond Atrachij
	***		***
	***		***
			***
			***
		
			
	Team Electric		Roberto Logozio
	***		***
	***		***
			***
			***
			***
			***
		
			
	Total Electric Construction		Michael Lipari
	***		***
	***		***
			***
			***
		
			
	16500 ELECTRIC FIXTURES		 
	 	  	 
		
	Benfield Electric Supply		Barry Kestcmtaerg - Ext ****
	***		***
	***		***
			***
			***
		
			
	Chelsea Lighting		Bobby Wasserman
	***		***
	***		***
	***		***
			***
			***

  
 33 of 36 

			
	Gotham Lighting		Estimating
	***		***
	***		***
			***
			***
		
			
	Image Lighting		Matt McCarthy
	***		***
	***		***
	***		***
			***
		
			
	New York Light Source Corp		Jamie
	***		***
	***		***
	***		***
			***
		
			
	Sure Power Electric		Edmond Atrachij
	***		***
	***		***
			***
			***
		
			
	Weltmann Lighting - MBE		Sinan Cinar / Brendan Woods
	***		***
	***		***
	***		***
			***
		
			
	16601 SECURITY		 
	 	 
			Joseph Liguori
	Access Control Technologies		***
	***		***
	***		***
			***
		
			
	Diebald Security		Philip DiMarco
	***		***
	***		***
			***
			***
		
			
	Security by Design /		Rob DiMarco
	Wireworks		***
	***		***
	***		***
			***
			***
		
			
	16550 FIRE ALARMS		 
	 	 
		  	
	AFEC		Joe Rollo
	***		***
	***		***
			***
			***
			***
		
			
	Casey Systems		Susan Fibel
	***		***
	***		***
			***
		
			
	Cross Fire & Security Co, Inc		Gerard Kerrigan / Joe Scala
	***		***
	***		***
			***
			***

  
 34 of 36 

			
	Edwards Systems		Michael Taino
	***		***
	***		***
	***		***
			***
		
			
	Firecom Inc.		Haram Chelliah
	***		***
	***		***
			***
			***
			***
		
			
	Simplex Grinnell		Anthony Porpora
	***		***
	***		***
			***
			***
			***
		
			
	16700 TELE / DATA CABLING
	 	 
	Agility Cable		Frank Modica / Vince Connolly
	***		***
	***		***
			***
			***
			***
		
			
	BBH Solutions Inc.		Raymand Mackalonis - Ext ***
	***		***
	***		***
			***
			***
		
			
	Blake Electric		Steven Kline
	***		***
	***		***
			***
			***
			***
		
			
	Cableworx		Brian
			***
			***
			***
			***
		
			
	D&D Electrical (Non Union of		Michelle Comar
	Crana Electric)		***
	***		***
	***		***
			***
		
			
	Security by Design /		Rob DiMarco
	Wireworks		***
	***		***
	***		***
			***
			***
		
			
	USIS: U.S. Information		Beth Gerofsky
	Systems		***
	***		***
	***		***
			***
		
			
	Wireframe Solutions		Wes Terry
	***		***
	***		***
	***		***
			***

  
 35 of 36 

			
	16900 CONTROLS		 
		
	ABM Systems, Inc.		Alkesh Amin
	(Automated Bldg. Mgmt.		***
	Controls)		***
	***		***
	***		***
		
			
	Admore Air Conditioning		Vihay Birador
	***		***
	***		***
			***
			***
		
			
	Automatic Logic		Chris Beck
	***		***
	***		***
			***
			***
		
			
	Richmar Controls		Rick Ekberg
	***		***
	***		***
			***
			***
		
			
	Schneider Electric		Ron Posner
	***		***
	***		***
			***
			***
		
			
	T M Bier		Estimating Dept
	***		***
	***		***
			***
			***
		
			
	T S B A		S. Mannarino
	***		***
	***		***
			***
			***
		
			
	Unified Air		Joe Porto / Roman Baytalsky
	***		***
	***		***
			***
			***
			***

  
 36 of 36 

 SCHEDULE “C” 

HVAC DESIGN STANDARDS 

Landlord shall provide interior space temperatures of 70 degrees F +/- 2 degrees that will be maintained during the heating seasons throughout
the Premises without utilizing no interior heat load, one (1) person per 150 rentable square feet and outside dry bulb temperature of 13.0 degrees. Landlord shall provide base building air conditioning capable of maintaining space temperatures
74 degrees F +/- 2 degrees and 50% relative humidity with an interior heat load of 5.0 watts/rsf, no interior shading, one (1) person per 150 rentable square feet, and outside mean coincident temperatures of 90 degrees F dry bulb, 73 degrees F
wet bulb. Minimum 78 degree F wb on the cooling tower.* 
 Landlord shall provide a minimum ventilation of 75 CFM of toilet exhaust per
fixture within the bathrooms. 
  

	*	The foregoing HVAC Design Standards are subject to, and conditioned upon, Tenant’s compliance with provisions of Section 10.3 of this Lease. 

 SCHEDULE “D” 

Copies of Current Certificate of Occupancy 

 

 
 B Form 54 (Rev. [Illegible] 
THE CITY OF NEW YORK

DEPARTMENT OF BUILDINGS 
CERTIFICATE OF OCCUPANCY Amended 
BOROUGH BROOKLYN DATE: JUN 29 1984 NO. 222611 
This certificate [Illegible] C.O. No. 209340
ZONING DISTRICT [Illegible] 
THIS CERTIFIES that the new-altered-existing-building-premises located at Block 76 Lot 1 117/125 [Illegible] Street 
CONFORMS SUBSTANTIALLY TO THE APPROVED PLANS AND SPECIFICATIONS AND TO THE REQUIREMENTS OF ALL APPLICABLE LAWS, RULES, AND REGULATIONS FOR THE USES AND OCCUPANCIES SPECIFIED HEREIN

PERMISSIBLE USE AND OCCUPANCY 
[Illegible] [Illegible] [Illegible] [Illegible]
[Illegible] [Illegible] [Illegible] DESCRIPTION OF USE 
First On Ground 7 17 [Illegible] Storage, [Illegible] Room, Engine Room, Garage, Trucking, Laundry

Second 250 30 17 [Illegible] Factory, Office, [Illegible], Paint Room, (Spray Booth), [Illegible] 
Third 300 30 17 [Illegible] Factory, Storage, [Illegible] 
Fourth 250 61 17 [Illegible]
Storage, Factory, Printing, Ink Room 
Fifth 250 24 17 [Illegible] Printing and Publishing, Storage, Ink Room 
Sixth 250 50 17 [Illegible] Factory, Printing, Office [Illegible] 150 2 17 [Illegible] Storage

Seventh 200 60 17 [Illegible] Printing and Publishing, Storage 
Eighth 200 88
17 [Illegible] Printing and Publishing, Offices, Storage Ninth 120 42 17 [Illegible] Printing and Publishing, Offices, Storage 
[Illegible] Standards will be
complied with for an [Illegible]. 
TOTAL: Printing [Illegible] Publishing Plant Use [Illegible] 17 
[Illegible] 
[Illegible] Certificate of Occupancy for parts of 4, 5, 6, 7, 8th and 9th floors.

OPEN SPACE USES 
(SPECIFY [Illegible] SPACES LOADING [Illegible], OTHER USES,
NONE) 
NO CHANGES OF USE OR OCCUPANCY SHALL BE MADE UNLESS 
A NEW AMENDED
CERTIFICATE OF OCCUPANCY IS OBTAINED 
THIS CERTIFICATE OF OCCUPANCY IS ISSUED SUBJECT TO FURTHER LIMITATIONS, CONDITIONS AND SPECIFICATIONS NOTED ON THE REVERSE
SIDE [Illegible] 
BOROUGH SUPERINTENDENT COMMISSIONER 
ORIGINAL [Illegible]
COPY 
[Illegible] 

 

 
 B Form [Illegible] 
222611 
THAT THE ZONING LOT ON WHICH THE PREMISES IS LOCATED IS BOUNDED AS FOLLOWS: 
BEGINNING at a
point on the South side of Prospect Street 
distant [Illegible] [Illegible] from the corner formed by the interaction of 
and 
running [Illegible] Prospect Street feet; thence Adams Street feet; 
thence Easterly 206.0 feet; thence Southerly 100.0 feet; 
thence Westerly 206. feet thence
Northerly 100.0 feet 
thence feet thence feet 
to the point or place of
beginning. 
[Illegible] or ALT. No. Alt. 1533/74 DATE OF COMPLETION CONSTRUCTION CLASSIFICATION 
BUILDING OCCUPANCY GROUP CLASSIFICATION [Illegible] HEIGHT 9 STORIES. 113.33 FEET 1-Fireproof

THE FOLLOWING FIRE DETECTION AND EXTINGUISHING SYSTEMS ARE REQUIRED AND WERE INSTALLED INCOMPLIANCE WITH APPLICABLE LAWS. 
YES NO 
YES NO 
STANDPIPE SYSTEM 
AUTOMATIC SPRINKLER SYSTEM 
VARD HYDRANT SYSTEM 
STANDPIPE FIRE TELEPHONE AND SIGNALLING SYSTEM 
SMOKE DETECTOR 
FIRE ALARM AND SIGNAL SYSTEM 
STORM DRAINAGE DISCHARGES INTO: 
A) STORM SEWER 
B) COMBINED SEWER 
C) PRIVATE SEWAGE DISPOSAL SYSTEM 
SANITARY DRAINAGE DISCHARGES INTO: 
A) SANITARY SEWER 
B) COMBINED SEWER 
C) PRIVATE SEWAGE DISPOSAL SYSTEM 
LIMITATIONS OR RESTRICTIONS: 
BOARD OF [Illegible] AND APPEALS CAL. NO. 
CITY PLANNING COMMISSION CAL. NO. 
OTHERS: 

					
	 

  
		Certificate of Occupancy		Page 1 of 3
		CO Number:		301598135F        

  

 This certifies that the premises described herein conforms substantially to the approved plans and
specifications and to the requirements of all applicable laws, rules and regulations for the uses and occupancies specified. No change of use or occupancy shall be made unless a new Certificate of Occupancy is issued. This document or a copy
shall be available for inspection at the building at all reasonable times. 
  

																	
	A.		  Borough:		    Brooklyn				    Block Number:		    00063		    Certificate Type:		    Final
								
			  Address:		    55 PROSPECT STREET				    Lot Number(s):		    1		    Effective Date:		    03/16/2012
				
			  Building Identification Number (BIN): 		3000161		
					
							    Building Type:		Altered

  

													
			For zoning lot metes & bounds, please see BISWeb.
						
	B.		Construction classification:		1-B				(1968 Code)		
						
			Building Occupancy Group classification:		D-1				(1968 Code)		
						
			Multiple Dwelling Law Classification:		None						
							
			No. of stories:     10		Height in feet:		129				No. of dwelling units:		0            
		
	C.		 Fire Protection Equipment:
  

Standpipe system, Fire alarm system

		
	D.		 Type and number of open spaces:
  

Loading berths (6)

		
	E.		 This Certificate is issued with the following legal limitations:

 
 None

		
			Borough Comments:     None

  

					
	Acting

				

	Borough Commissioner				Commissioner

  
 DOCUMENT CONTINUES
ON NEXT PAGE 

					
	 

  
	  	Certificate of Occupancy	  	Page 2 of 3
	  	 CO Number:
	  	 301598135F        

 

 Permissible Use and Occupancy 

All Building Code occupancy group designations are 1968 designations, except RES, COM, or PUB which are 1938 Building Code occupancy group
designations. 
  

																	
	 Floor
From To
	  	Maximum
persons
permitted	 	  	Live load
lbs per
sq. ft.	  	Building
Code
occupancy
group	  	Dwelling or
Rooming
Units	  	Zoning
use group	 	  	 Description of use

	CEL	  	 	70	  	  	OG	  	B-2
 D-2
 E
	  		  	 	16	  	  	STORAGE, MECHANICAL ROOMS, SWITCHGEAR ROOM, BOILER ROOM, OFFICE.
	CEL	  	 	3	  	  	OG	  	 B-1 
  
	  		  	 	16	  	  	FUEL TANK STORAGE
	001	  	 	235	  	  	250	  	B-2
 D-2
 F-1B
	  		  	 	16	  	  	6 LOADING BERTHS, STORAGE, MECHANICAL & MEETING HALL
	002	  	 	90	  	  	250	  	B-2
 D-2
 E
	  		  	 	16	  	  	STORAGE, MAINTENANCE AREA, OFFICE
	003	  	 	82	  	  	250	  	 B-2 
  
	  		  	 	16	  	  	STORAGE
	004	  	 	38	  	  	250	  	B-2
 D-2
  
	  		  	 	16	  	  	STORAGE, MECHANICAL ROOMS
	004	  	 	132	  	  	250	  	 F-3 
  
	  		  	 	16	  	  	EXTERCISE ROOMS
	005	  	 	77	  	  	250	  	B-2
 D-2
  
	  		  	 	16	  	  	STORAGE & MECHANICAL EQUIPMENT ROOMS
	006	  	 	89	  	  	250	  	B-1
 D-2
 E
	  		  	 	16	  	  	LINEN AREA, LAUNDRY, & OFFICES
	007	  	 	85	  	  	250	  	B-2
 D-2
 E
	  		  	 	16	  	  	STORAGE, DRY CLEANING, OFFICES
	008	  	 	19	  	  	250	  	 E 
  
	  		  	 	16	  	  	OFFICES
	008	  	 	70	  	  	250	  	A
 B-2
 D-2
	  		  	 	16	  	  	CHEMICAL STORAGE, STAGING AREA, GENERAL WORK AREA
	009	  	 	10	  	  	250	  	 E 
  
	  		  	 	16	  	  	OFFICES

  

					
	Acting

	 		  	

	Borough Commissioner	 		  	Commissioner

  
 DOCUMENT CONTINUES
ON NEXT PAGE 

					
	 

  
	  	Certificate of Occupancy	  	Page 3 of 3
	  	CO Number:	  	301598135F        

  

 Permissible Use and Occupancy 

All Building Code occupancy group designations are 1968 designations, except RES, COM, or PUB which are 1938 Building Code occupancy group
designations. 
  

																	
	 Floor
From To
	  	Maximum
persons
permitted	 	  	Live load
lbs per
sq. ft.	  	Building
Code
occupancy
group	  	Dwelling or
Rooming
Units	  	Zoning
use group	 	  	 Description of use

	009	  	 	78	  	  	250	  	A
 B-2
 D-2
	  		  	 	16	  	  	COMPRESSED GAS STORAGE, STAGING AREA, METAL SHOP
	010	  	 	90	  	  	250	  	B-2
 D-2
 E
	  		  	 	16	  	  	STAGING AREA, STORAGE, MACHINE SHOP, ELECTRICAL ROOM, & OFFICES
	 RO
 F
	  	 	15	  	  	40	  	B-2
 D-2
  
	  		  	 	16	  	  	MECHANICAL ROOMS & STORAGE

 END OF SECTION 
  

					
	Acting

	 		  	

	Borough Commissioner	 		  	Commissioner

					
		 	END OF DOCUMENT	  	301593135/000     3/16/2012 8:18 11 AM

  

 SCHEDULE “E” 

FORM OF CERTIFICATE OF INSURANCE 

See Immediately Following Page 

 

 
 ACORD CERTIFICATE OF LIABILITY INSURANCE DATE (MM/DD/YYYY) 
THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR
ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED

REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER. 
IMPORTANT: If the
certificate holder is an ADDITIONAL INSURED, the policy(ies) must be endorsed. If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement on this certificate does not confer
rights to the certificate holder in lieu of such endorsement(s). 
PRODUCER

PRODUCER NAME PRODUCER ADDRESS CONTACT NAME PHONE [ILLEGIBLE], No. Ext.: E-MAIL ADDRESS INSURES AFFORDING COVERAGE NAIC# INSURER A : CARRIER A INSURE VENDOR NAME
VENDOR ADDRESS INSURER B : INSURER C : INSURED D : INSURED E INSURER F: COVERAGES CERTIFICATE NUMBER: REVISION NUMBER: 
THIS IS TO CERTIFY THAT THE POLICIES Of
INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED, NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY
PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. ILLEGIBLE] TYPE OF INSURANCE 
[ILLEGIBLE] POLICY NUMBER 
POLICY EFF 
(MM/DD/YYYY) 
POLICY EXP (MM/DD/YYYY) 
LIMITS A 
GENERAL LIABILITY 
Y Y 
POLICY # 
EFF DATE 
EXP DATE 
EACH OCCURRENCE 
$2,000,000 
COMMERCIAL GENERAL LIABILITY 
DAMAGE TO RENTED PREMISES (Ex occurrence) $ 
CLAIMS-MADEOCCUR 
MED EXP (Any one person) $ 
PERSONAL & ADV INJURY 
$2,000,000 $ 
GENERAL AGGREGATE 
$2,000,000 
GEN’L AGGREGATE LIMIT APPLIES PER: POLICY PROJECT LOC 
PRODUCTS-COMP/CP AGG 
$2,000,000 $ A 
AUTOMOBILE LIABILITY 
H Y Y Y 
POLICY# 
EFF DATE 
EXP DATE 
$1,000,000 
X X X ANY AUTO 
BODILY INJURY (Per person) $ 
ALL OWNED AUTOS 
HIRED AUTOS x 
SCHEDULED 
AUTOS 
NON-OWNED AUTOS 
BODILY INJURY (Per accident) 
$ $ $ A X 
UMBRELLA LIAB EXCESS LIAB 
OCCUR CLAIMS-MADE 
L Y 
POLICY # 
EFF DATE 
EXP DATE 
EACH OCCURRENCE 
$10,000,000 
AGGREGATE $ 
DED RETENTIONS $ A 
WORKERS COMPENSATION 
AND EMPLOYERS LIABILITY 
ANY PROPRIETOR/PARTNER/EXECUTIVE 
OFFICE/MEMBER EXCLUDED? 
(Mandatory in [ILLEGIBLE]) 
If you describe under DESCRIPTION OF OPERATIONS BELOW N / A Y

POLICY# 
EFF DATE 
EXP DATE 
X WC STATUTORY LIMITS OTHER 
EL EACH ACCIDENT 
$500,000 
EL DISEASE-EA EMPLOYEE 
$500,000 
EL DISEASE-POLICY LIMIT 
$500,000 A 
PROFESSIONAL LIABILITY (ERRORS & OMISSIONS) 
POLICY# 
EFF DATE 
CERTIFICATE HOLDER 
CANCELLATION 
INVESCO REAL ESTATE A DIVISION OF INVESCO ADVISERS, INC 13156 NOEL RD., SUITE 500
DALLAS TX 75240 
SHOULD ANY Of THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF. NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY
PROVISIONS. 
AUTHORIZED REPRESENTATIVE 
EXP DATE 
$2,000,000 
DESCRIPTION OF OPERATIONS / LOCATIONS / VEHICLES (Attach ACORD 1st, Additional
Remarks Schedule, if more space is required) 
RE: PROJECT / LOCATION: WATCHTOWER, 175 PEARL ST., 117 ADAMS ST., 81 & 55 PROSPECT ST., 77 SANDS ST.
BROOKLYN, NY 11201. 
INCLUDED AS CERTIFICATE HOLDER: Aby Rosen, Michael Fuchs, Jared Kushner, 117 Adams Owner, LLC, 77 Sands Owner. LLC, 55 Prospect Owner, LLC, 81
Prospect Owner, LLC, 175 Pearl Owner, LLC, Dumbo WT Sub, LLC, Dumbo WT Venture LLC, IMRF Watchtower Manager. LLC. IMRF Watchtower Member, LLC, Dumbo Promote LLC, Watchtower Property Manager, LLC. Watchtower Construction Manager, LLC, Watchtower
Leasing, LLC, RFR/K DUMBO LLC. RF DUMBO HOLDING LLC. KC DUMBO HOLDING LLC; Natixis Real Estate Capital LLC 
© 1988-2010 ACORD CORPORATION. All rights reserved.
ACORD 25 (2010/05)
The ACORD name and logo are registered marks of ACORD 

 SCHEDULE “F” 

SUSTAINABILITY WORK 
 See
Attached 

 

 
  
  

			
	To:		Robert Israel
		
	From:		John An, CodeGreen
		
	Date:		4 April 2014
		
	RE:		117 ADAMS STREET, BROOKLYN, NY
		
			2013-126_MEMO: ETSY FITOUT REQUIREMENTS TO ACHIEVE ADDITIONAL BASE BUILDING LEED
CREDITS

  
  

In the major renovation of the existing building at 117 Adams Street, RFR is pursuing LEED 2009 Core and Shell certification. During a meeting on 3/28/2014
between RFR, Gensler, Etsy, VVA, and CodeGreen Solutions, the participants identified opportunities in which a collaborative approach to incorporating Etsy’s fitout intent and design into the base building tenant fitout requirements could help
to augment the base buildings LEED Core and Shell certification efforts. In total, a collaborative effort could enable the base building to achieve 11-12 additional LEED points. Below is an explanation of the specific credits that could be achieved
through a collaborative approach, and an explanation of what would be required of RFR and/or Etsy. The following pages shows the project’s LEED scorecard, identifying the in a column labeled “Etsy” these points. 

Sustainable Sites 
 SSc4.2 Alternative Transportation
– Bicycle Storage and Changing Rooms 
 RFR to dedicate a specified number of bicycle storage spaces (5% of peak occupancy) for Etsy’s use.
Etsy to provide water efficient (1.5 GPM or lower) showering facilities to serve 0.5% of the FTE occupants. Etsy to provide tenant fitout scope of work / requirement that RFR will incorporate into the base building’s tenant fitout requirements.

 SSc7.2 Heat Island Effect – Roof 
 Etsy to
refinish 75% or more of the roof area with material/paint that has an Solar Reflectance Index of 78 or higher. 
 OR 

Etsy to install vegetation for 50% or more of the roof area. 

Water Efficiency 
 WEc3 Water Use Reduction 

Etsy to install highly water-efficient plumbing fixtures (0.125 GPM urinals, 1.28 GPF or lower WC’s, 1.5 GPM or lower showerheads, 0.5 GPM lavatory
faucets with 12 second timer, and 1 GPM or lower pantry faucets.) Etsy to provide tenant fitout scope of work / requirement that RFR will incorporate into the base building’s tenant fitout requirements. 

Energy & Atmosphere 
 EAc1 Optimize Energy
Performance* 
 Etsy to adopt policy of limiting installed lighting power density (LPD) that is 30-40% below the allowable values in ASHRAE 90.1-2007.
Etsy to install daylight controls for all lighting within 15-20 feet of windows and under skylights (if applicable). Etsy to install occupancy controls for over 75% of the connected lighting load. Etsy to provide tenant fitout scope of work /
requirement that RFR will incorporate into the base building’s tenant fitout requirements. 
  

	*	While these measures will help to improve the building’s energy performance, it is possible that these measures may not reduce energy consumption enough to achieve 1 additional point. 

  

					
	 NEW YORK | CHICAGO |
WASHINGTON, DC
 SAN FRANCISCO | LOS ANGELES
		

		 WWW.CODEGREENSOLUTIONS.COM

1.800.921.4262

		

 

 
  
  

 Materials & Resources 

MRc4 Recycled Content 
 Etsy to specify building materials
throughout their fitout project that have high recycled content. 
 Etsy to provide tenant fitout scope of work / requirement that RFR will incorporate into
the base building’s tenant fitout requirements. 
 MRc5 Regional Materials 

Etsy to specify building materials throughout their fitout project that are extracted and manufactured within 500 miles of the project site. 

Etsy to provide tenant fitout scope of work / requirement that RFR will incorporate into the base building’s tenant fitout requirements. 

Indoor Environmental Quality 
 IEQc5 Indoor Chemical
and Pollutant Source Control 
 RFR to confirm that mechanical system is capable of accommodating MERV 13 air filters for all return and outside air
intakes. RFR to Incorporate IEQc5 requirements into tenant fitout requirements. 
 Etsy to incorporate either permanent walk-off grill or walk-off matts
with maintenance contract at all building entrances. Matts must be a minimum 10’ in the direction of travel. Etsy to design fitout ventilation system for hazardous gas and chemical use areas (janitors closests, high-volume copy rooms, etc.) to
have an exhaust rate of 0,5 CFM/sf, self-closing doors, and deck-to-deck partitions or hard-lid ceilings. 
 IEQc8.2 Daylight and Views — Views

 Etsy to design a fully open-office workspace fitout, with partitions that are no higher than 42” tall. Etsy to provide view diagram and LEED
documentation demonstrating that the fitout achieves views for 90% or more of the occupied space. 

  

					
	 NEW YORK | CHICAGO |
WASHINGTON, DC 
 SAN FRANCISCO | LOS ANGELES
		

		 WWW.CODEGREENSOLUTIONS.COM

1.800.921.4262

 

 
 CODEGREEN 
Sustainability and Energy Management

LEED 2009 for Core and Shell Development DUMBO Heights—BLDG 1 Preliminary LEED Checklist 
OVERALL POINT TOTAL 
Rev: 31-Mar-14 
Yes [ILLEGIBLE] ? No 
47 12 7 56 Certified: 40-49 points Silver: 50-59 points Gold: 60-79
points Platinum: 80+ points 101 
Yes 
[ILLEGIBLE] 
? 
No 
15

3 
0 
13 
Sustainable sites 
28 Points 
Y 
Prereq 1 
Construction Activity Pollution Prevention 
0 
1

Credit 1 
Site Selection 
1 
5

Credit 2 
Development Density and Community Connectivity 
5 
1

Credit 3 
Brownfield Redevelopment 
1 
6

Credit 4.1 
Alternative Transportation—Public Transportation Access

6 
2 
2 
Credit 4.2 
Alternative Transportation-Bicycle Storage and Changing Rooms 
2 
3 
Credit 4.3 
Alternative Transportation—Low-Emitting and Fuel-Efficient Vehicles 
3 
2 
Credit 4.4 
Alternative Transportation—Parking Capacity 
2 
1 
Credit 5.1 
Site Development—Protect or Restore Habitat 
1 
1 
Credit 5.2 
Site Development—Maximize Open Space 
1 
1 
Credit 6.1 
Stormwater Design—Quantity Control 
1 
1 
Credit 6.2 
Stormwater Design—Quality Control 
1 
1 
Credit 7.1 
Heat Island Effect—Non-roof 
1 
1 
1

Credit 7.2 
Heat Island Effect—Roof 
1 
1

Credit 8 
Light Pollution Reduction 
1 
1

Credit 9 
Tenant Design and Construction Guidelines 
1 
Yes

[ILLEGIBLE] 
? 
No 
0 
4

0 
10 
WATER EFFICIENCY 
10 Points 
Y 
Prereq 1

Water Use Reduction—20% Reduction 
4 
Credit 1 
Water Efficient Landscaping 
4 
X

Reduce by 50% 
2 
X 
No Potable Water Use or Irrigation 
4 
2

Credit 2 
Innovative Wastewater Technologies 
2 
4 
4

Credit 3 
Water Use Reduction 
4 
X

Reduce by 30% 
2 
X 
Reduce by 35% 
3 
X

Reduce by 40% 
4 
LEED 2009 for Core and Shell Development Project Checklist 1 of 3 

 

 
 Yes [ILLEGIBLE] ? No 
13 
1 
0 
24

ENERGY & ATMOSPHERE 
37 Points 
Y 
Prereq 1

Fundamental Commissioning of Building Energy Systems 
Prereq 2 
Minimum Energy Performance 
Y 
Prereq 3 
Fundamental Refrigerant Management 
3 
1 
18

Credit 1 
Optimize Energy Performance 
21 
X

Improve by 12% for New Buildings or 8% for Existing Building Renovations 
3

X 
Improve by 14% for New Buildings or 10% for Existing Building Renovations

4 
X 
Improve by 16% for New Buildings or 12% for Existing Building Renovations 
5 
X 
Improve by 18% for New Buildings or 14% for Existing Building Renovations 
6 
X

Improve by 20% for New Buildings or 16% for Existing Building Renovations 
7

X 
Improve by 22% for New Buildings or 18% for Existing Building Renovations

8 
X 
Improve by 24% for New Buildings or 20% for Existing Building Renovations 
9 
X 
Improve by 26% for New Buildings or 22% for Existing Building Renovations 
10 
X

Improve by 28% for New Buildings or 24% for Existing Building Renovations 
11

X 
Improve by 30% for New Buildings or 26% for Existing Building Renovations

12 
X 
Improve by 32% for New Buildings or 28% for Existing Building Renovations 
13 
X 
Improve by 34% for New Buildings or 30% for Existing Building Renovations 
14 
X

Improve by 36% for New Buildings or 32% for Existing Building Renovations 
15

X 
Improve by 38% for New Buildings or 34% for Existing Building Renovations

16 
X 
Improve by 40% for New Buildings or 36% for Existing Building Renovations 
17 
X 
Improve by 42% for New Buildings or 38% for Existing Building Renovations 
18 
X

Improve by 44% for New Buildings or 40% for Existing Building Renovations 
19

X 
Improve by 46% for New Buildings or 42% for Existing Building Renovations

20 
X 
Improve by 48%+ for New Buildings or 44%+ for Existing Building Renovations 
21 
4 
Credit 2

On-Site Renewable Energy 
4 
2 
Credit 3

Enhanced Commissioning 
2 
2 
Credit 4

Enhanced Refrigerant Management 
2 
3 
Credit 5.1 
Measurement and Verification—Base Building 
3 
3 
Credit 5.2 
Measurement and Verification—Tenant Submetering 
3 
2 
Credit 6

Green Power 
2 
Yes 
[ILLEGIBLE] 
? 
No 
7

2 
5 
1 
MATERIALS & RESOURCES 
13 points 
Y 
Prereq 1 
Storage and Collection of Recyclables 
5 
Credit 1

Building Reuse—Maintain Existing Walls, Floors, and Roof 
5 
X 
Reuse 25% 
1 
X

Reuse 33% 
2 
X 
Reuse 42% 
3 
X

Reuse 50% 
4 
X 
Reuse 75% 
5 
2

Credit 2 
Construction Waste Management 
2 
X 
50%
Recycled or Salvaged 
1 
X 
75% Recycled or Salvaged 
2 
1 
Credit 3

Materials Reuse 
1 
1 
2

Credit 4 
Recycled Content 
2 
X 
10%
of Content 
1 
X 
20% of Content 
2 
1 
2

Credit 5 
Regional Materials 
2 
x 
10%
of Materials 
1 
X 
20% of Materials 
2 
1 
Credit 6

Certified Wood 
1 
LEED 2009 for Core and Shell Development Project Checklist 2 of 3 

 

 
 7 2 0 5 INDOOR ENVIRONMENTAL QUALITY 12 Points 
Y
Prereq 1 Minimum Indoor Air Quality Performance 
Y Prereq 2 Environmental Tobacco Smoke (ETS) Control 
1 Credit 1 Outdoor Air Delivery Monitoring 1 
1 Credit 2 Increased Ventilation 1 
1 Credit 3 Construction Indoor Air Quality Management Plan—During Construction 1 
1 Credit
4.1 Low-Emitting Materials—Adhesives and Sealants 1 
1 Credit 4.2 Low-Emitting Materials—Paints and Coatings 1 
1 Credit 4.3 Low-Emitting Materials—Flooring Systems 1 
1 Credit 4.4 Low-Emitting
Materials—Composite Wood and Agrifiber Products 1 
1 1 Credit 5 Indoor Chemical and Pollutant Source Control 1 
1 Credit 6 Controllability of Systems—Thermal Comfort 1 
1 Credit 7 Thermal
Comfort—Design 1 
1 Credit 8.1 Daylight and Views—Daylight 1 
1 1
Credit 8.2 Daylight and Views—Views 1 
Yes [ILLEGIBLE] ? No 
4 0 2 0
INNOVATION AND DESIGN PROCESS 6 Points 
1 Credit 1.1 Innovation in Design: Exceed SSc4.1 1 
1 Credit 1.2 Innovation in Design: Exceed SSc2 1 
1 Credit 1.3 Innovation in Design: Exceed
EAc6 (70% Green Power Purchase) 1 
1 Credit 1.4 Innovation in Design: Cooling Tower Chemical Management Program 1 
1 Credit 1.5 Innovation in Design: Green Cleaning Policy and Program 1 
1 Credit 2 LEED
Accredited Professional 1 
Yes [ILLEGIBLE] ? No 
1 0 0 3 REGIONAL PRIORITY 4
Points 
1 Credit 1.1 Regional Priority: MRc1 - 75% Reuse 1 
1 Credit 1.2
Regional Priority: SSc6.1 1 
1 Credit 1.3 Regional Priority: SSc5.1 1 
1 Credit
1.4 Regional Priority: WEc2 1 
47 12 7 56 Certified: 40-49 points Silver: 50-59 points Gold: 60-79 points Platinum: 80+ points 110 
LEED 2009 for Core and Shell Development Project Checklist 3 of 3 

 SCHEDULE “G” 

USEABLE SQUARE FOOTAGE 
  

									
	 117 Adams Street
	 
	 Floor
	  	Rentable Square Feet	 	  	Useable Square Feet	 
	 Entire 9th
	  	 	10,600	  	  	 	7,738	  
	 Entire 8th
	  	 	21,498	  	  	 	15,693	  
	 Entire 7th
	  	 	21,401	  	  	 	15,623	  
	 Entire 6th
	  	 	21,515	  	  	 	15,706	  
	 Entire 5th
	  	 	22,044	  	  	 	16,092	  
	 Entire 4th
	  	 	26,496	  	  	 	19,342	  
	 Entire 3rd
	  	 	26,506	  	  	 	19,349	  
	 Partial 2nd
	  	 	15,927	  	  	 	11,623	  
	 Ground
	  	 	6,148	  	  	 	4,488	  
		  	  
	  
	 	  	  
	  
	 
	 Total SF
		 	172,135	  		 	125,654	  
		  	  
	  
	 	  	  
	  
	 

  

									
	 55 Prospect Street
	 
	 Floor
	  	Rentable Square Feet	 	  	Useable Square Feet	 
	 Entire 6th
	  	 	26,500	  	  	 	19,345	  
		  	  
	  
	 	  	  
	  
	 
	 Total SF
		 	26,500	  		 	19,345	  
		  	  
	  
	 	  	  
	  
	 

 EXHIBIT “A” 

FLOOR PLANS OF THE PREMISES 

The floor plans that follow are intended solely to identify the general location of the Premises, and should not be used for any other
purpose. All areas, dimensions and locations are approximate, and any physical conditions indicated may not exist as shown. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 EXHIBIT “B” 

DEFINITIONS 
 Additional
Rent: Except as otherwise expressly provided in this Lease, all sums other than Fixed Rent due and payable by Tenant to Landlord under this Lease, which shall be paid to Landlord within five (5) days immediately following delivery of an
invoice therefore. 
 Affiliate: Any person or entity which controls, or is under common control with, or which is controlled by, the
person or entity in question. For the purposes hereof, “control” shall be deemed to mean ownership of not less than 50% of all of the beneficial interests of such entity and the ability to direct the management thereof. 

Base Rate: The annual rate of interest publicly announced from time to time by Citibank, N.A., or its successor, in New York, New York
as its “base rate” (or such other term as may be used by Citibank, N.A., from time to time, for the rate presently referred to as its “base rate”). 

Building Systems: The mechanical, electrical, plumbing, sanitary, sprinkler (including vertical standpipes), heating, ventilation air
conditioning, security, life-safety, elevator and other service systems or facilities of the Building up to the point of connection of localized distribution to the Premises (excluding, however, supplemental HVAC systems of tenants, sprinklers and
the horizontal distribution systems within and servicing the Premises and by which mechanical, electrical, plumbing, sanitary, heating, ventilating and air conditioning, security, life-safety and other service systems are distributed from the base
Building risers, feeders, panel boards, etc. for provision of such services to the Premises). 
 Business Days: All days, excluding
Saturdays, Sundays and Observed Holidays. 
 Code: The Internal Revenue Code of 1986, as amended, and the regulations promulgated
thereunder, as amended. 
 Common Areas: The lobby and sidewalk areas and other similar areas of general access and the areas on
individual multi-tenant floors in the Building devoted to corridors, elevator lobbies, restrooms, and other similar facilities serving the Premises. 

Comparable Buildings: Class A office buildings in midtown-south Manhattan that are of comparable age and quality to the Building.

 Deficiency: The difference between (a) the Fixed Rent and Additional Rent for the period which otherwise would have
constituted the unexpired portion of the Term, and (b) the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of the Lease for any part of such period (after first deducting from such rents all
expenses reasonably incurred by Landlord in connection with the termination of this Lease, Landlord’s re-entry upon the Premises and such reletting, including repossession costs, brokerage commissions, attorneys’ fees and disbursements,
and alteration costs). 

 Financial Test: shall mean, as of the applicable date of determination, that Tenant has
(i) achieved annual earnings before income taxes, depreciation and amortization (EBITDA) in an amount not less than Twenty-Three Million and 00/100 ($23,000,000.00) Dollars, and (ii) Unrestricted Cash and Cash Equivalents in amount not
less than Fifty-Five Million and 00/100 ($55,000,000.00) Dollars. 
 Fixed Tax Escalations: shall mean: (i) for the Tax Year
ending June 30, 2018, One Hundred Three Thousand Two Hundred Eighty-One and 00/100 ($103,281.00) Dollars, (ii) for the Tax Year ending June 30, 2019, Two Hundred Six Thousand Five Hundred Sixty-Two and 00/100 ($206,562.00) Dollars,
(iii) for the Tax Year ending June 30, 2020, Three Hundred Nine Thousand Eight Hundred Forty Three and 00/100 ($309,843.00) Dollars, (iv) for the Tax Year ending June 30, 2021, Four Hundred Thirteen Thousand One Hundred
Twenty-Four and 00/100 ($413,124.00) Dollars, (v) for the Tax Year ending June 30, 2022, Four Hundred Thirteen Thousand One Hundred Twenty-Four and 00/100 ($413,124.00) Dollars, (vi) for the Tax Year ending June 30, 2023, Four
Hundred Thirteen Thousand One Hundred Twenty-Four and 00/100 ($413,124.00) Dollars, (vii) for the Tax Year ending June 30, 2024, Four Hundred Thirteen Thousand One Hundred Twenty-Four and 00/100 ($413,124.00) Dollars, (viii) for the
Tax Year ending June 30, 2025, Four Hundred Thirteen Thousand One Hundred Twenty-Four and 00/100 ($413,124.00) Dollars, and (ix) for the Tax Year ending June 30, 2026, Four Hundred Thirteen Thousand One Hundred Twenty-Four and 00/100
($413,124.00) Dollars, such amounts being subject to proration pursuant to Section 7.5 hereof. 
 Free Rent Credits:
shall mean collectively, the Additional Rent Credit and the Additional 5th Floor Rent Abatement. 
 Governmental Authority: The
United States of America, the City of New York, County of New York, or State of New York, or any political subdivision, agency, department, commission, board, bureau or instrumentality of any of the foregoing, now existing or hereafter created,
having jurisdiction over the Building. 
 Hazardous Materials: Any substances, materials or wastes currently or in the future deemed
or defined in any Requirement as “hazardous substances,” “toxic substances,” “contaminants,” “pollutants” or words of similar import. 

HVAC System: The Building System designed to provide heating, ventilation and air conditioning. 

Indemnitees: Landlord, Landlord’s Agent, each Mortgagee and Lessor, and each of their respective direct and indirect partners,
officers, shareholders, directors, members, managers, trustees, beneficiaries, employees, principals, contractors, servants, agents, and representatives. 

Lessor: A lessor under a Superior Lease. 

 Losses: Any and all actual losses, liabilities, damages, claims, judgments, fines, suits,
demands, costs, interest and expenses of any kind or nature (including reasonable attorneys’ fees and disbursements) incurred in connection with any claim, proceeding or judgment and the defense thereof, and including all reasonable and actual
costs of repairing any damage to the Premises or the Building or the appurtenances of any of the foregoing to which a particular indemnity and hold harmless agreement applies. 

Major Construction Work: Any Alterations which either adversely affect the structure of the Buildings or the Building Systems, and in
all cases any Alterations affecting the Building’s Class E system. 
 Mortgage(s): Any mortgage, trust indenture or other
financing document which may now or hereafter affect the Premises, the Building or any Superior Lease and the leasehold interest created thereby, and all renewals, extensions, supplements, amendments, modifications, consolidations and replacements
thereof or thereto, substitutions therefore, and advances made thereunder. 
 Mortgagee(s): Any mortgagee, trustee or other holder of
a Mortgage. 
 Observed Holidays: New Year’s Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

 “Permitted Tenant” shall mean the original named Tenant, and/or any Affiliate of Tenant or any Successor Entity. 

Prohibited Use: Any use or occupancy of the Premises (except the Permitted Use) that in Landlord’s reasonable judgment would:
(a) cause damage to the Building or any equipment, facilities or other systems therein; (b) impair the appearance of the exterior Building or the Common Areas; (c) unreasonably interfere with the efficient and economical maintenance,
operation and repair of the Premises or the Building or the equipment, facilities or systems thereof; (d) materially and adversely affect any service provided to, and/or the use and occupancy by, any tenant or occupants of the Building;
(e) violate the Certificate of Occupancy issued for the Premises or the Building; (f) intentionally omitted or (g) result in protests or civil disorder or commotions at, or other disruptions of the normal business activities in, the
Building excluding any of the foregoing resulting from union activities; it being understood and agreed that Tenant is expressly permitted to use union labor. Prohibited Use also includes the use of any part of the Premises for:
(i) intentionally omitted; (ii) the preparation, consumption, storage, manufacture or sale of liquor, tobacco or drugs; (iii) the business of photocopying, multilith or offset printing (except photocopying in connection with
Tenant’s own business); (iv) intentionally omitted; (v) lodging or sleeping; (vi) the operation of a savings and loan association or off-the-street retail facilities of any financial, lending, securities brokerage or investment
activity; (vii) a payroll office (except payroll for Tenant’s own personnel); (viii) a barber, beauty or manicure shop; (ix) an employment agency or similar enterprise; (x) offices of any Governmental Authority, any foreign
government, the United Nations, or any agency or 

 
department of the foregoing (unless any sovereign or diplomatic immunity has been waived in a manner satisfactory to Landlord in Landlord’s sole and absolute discretion); (xi) the
manufacture, retail sale, storage of merchandise or auction of merchandise, goods or property of any kind to the general public which could reasonably be expected to create a volume of pedestrian traffic substantially in excess of that normally
encountered in the Premises; provided, that, the foregoing shall not be deemed to prohibit Tenant from conducting craft fairs and other related activities from time to time at the Premises in connection with its business; (xii) the rendering of
medical, dental or other therapeutic or diagnostic services; or (xiii) any illegal purposes or any activity constituting a nuisance. 

Rent: Fixed Rent and Additional Rent. 

Requirements: All present and future laws, rules, orders, ordinances, regulations, statutes, requirements, codes and executive orders,
extraordinary and ordinary of (i) all Governmental Authorities, including, without limitation, (A) the Americans With Disabilities Act, 42 U.S.C. §12101 (et seq.) (“ADA”), New York City Local Law 58 of 1987, and
(B) any law of like import, and all rules, regulations and government orders with respect thereto, and any of the foregoing relating to Hazardous Materials, environmental matters, public health and safety matters, and landmarks preservation,
and (ii) any applicable fire rating bureau or other body exercising similar functions, affecting the Building or the maintenance, use or occupation thereof, or any street, avenue or sidewalk comprising a part of or in front thereof or any vault
in or under the same. “Requirements” shall also include the terms and conditions of any Certificate of Occupancy issued for the Premises or the Building, and any other covenants, conditions or restrictions affecting the Building as of the
date hereof. 
 Rules and Regulations: The rules and regulations annexed to and made a part of this Lease as Exhibit E-1, as
they may be modified from time to time by prior written notice from Landlord to Tenant. The terms contained in the body of this Lease shall supersede any inconsistent provisions of Exhibit E-1.  

Specialty Alterations: Alterations which are not standard office installations such as kitchens, executive bathrooms, raised computer
floors, supplemental HVAC equipment, safe deposit boxes, vaults, libraries or file rooms requiring reinforcement of floors, internal staircases, slab penetrations (as opposed to core drills or poke-throughs), conveyors, dumbwaiters, and other
Alterations of a similar character, provided that nothing shall be deemed a Specialty Alteration unless its removal would materially increase the cost of demolition of the Premises (so as to exceed the cost of typical demolition of ordinary and
typical standard office installations). Notwithstanding anything to the contrary contained herein, Landlord’s Base Building Work shall not be deemed to be Specialty Alterations. 

Substantial Completion: As to any construction performed by any party, “Substantial Completion” or
“Substantially Completed” means that such work has been completed, in accordance with (a) the provisions of this Lease applicable thereto, (b) the plans and specifications for such work, and (c) all applicable
Requirements, 

 
except for minor details of construction, decoration and mechanical adjustments, if any, the non-completion of which does not materially interfere with Tenant’s use of the Premises,
including the performance of Tenant’s Initial Installations, or which in accordance with good construction practice should be completed after the completion of other work in the Premises or the Building (“Punch List Items”).
Landlord shall complete any Punch List Items promptly (but in no event more than thirty (30) days) following the date upon which the Pre-Commencement Base Building Work or Post-Commencement Base Building Work, as applicable, is Substantially
Complete. 
 Superior Lease(s): Any ground or underlying lease of the Building or any part thereof heretofore or hereafter made by
Landlord and all renewals, extensions, supplements, amendments, modifications, consolidations, and replacements thereof. 
 Tenant
Competitor: The term Tenant Competitor shall mean either a Top Tier Tenant Competitor or Second Tier Tenant Competitor. “Top Tier Tenant Competitor” shall mean (i) Facebook and (ii) Amazon, and “Second Tier
Tenant Competitor” shall mean (i) eBay, (ii) Square, (iii) Google and (iv) Twitter (collectively, the “List of Tenant Competitors”) together with any affiliates of such entities a significant portion of
whose business, to Landlord’s knowledge acting in good faith, is a Competing Business (each a “Competing Affiliate”), it being agreed, without limitation, that Landlord shall be deemed to have such knowledge if the entity in
question bears the same or substantially similar name as one of the entities on the List of Tenant Competitors (e.g., if eBay had an affiliate named eBay Asia, same would constitute a Competing Affiliate), but the mere fact that such entity might
bear a name similar or substantially similar as the name of an entity on the List of Tenant Competitors shall not in and of itself be deemed to mean that such entity is a Qualified Affiliate (i.e., involved in a Competing Business). Tenant, from
time to time (but not more than two (2) times at any time prior to the date that there are three (3) years or less remaining in the initial Term, and one (1) time each per each Renewal Term), shall have the right to update the List of
Tenant Competitors to remove entities therefrom and add entities thereto, provided that (i) there shall at no point in time be more than six (6) entities listed on the List of Tenant Competitors, and (ii) Tenant shall only have the
right to add to the List of Tenant Competitors entities who, in Tenant’s sole but reasonable judgment is in competition with Tenant, including any entity that from a cultural standpoint is not in mission alignment with Tenant (a
“Competing Business”). 
 Tenant Delay: Any delay which directly results from any act or omission (where Tenant has
a duty to act unless Tenant is prevented from doing so as a result of Unavoidable Delay) of any Tenant Party (but not Landlord or any Affiliate of Landlord), including delays due to changes in or additions to, or interference with any work to be
done by Landlord, or delays by Tenant in submission of information approving working drawings or estimates or giving authorizations or approvals. No Tenant Delay shall be deemed to have occurred unless Landlord has provided written notice to Tenant
(a “Tenant Delay Notice”) specifying in reasonable detail the action or inaction that Landlord contends constitutes a Tenant Delay and the delay in question is not remedied within five (5) days after Tenant’s receipt of
the Tenant Delay Notice. If Landlord provides a Tenant Delay Notice and the delay in question is not remedied within five (5) days 

 
after Tenant’s receipt of the Tenant Delay Notice, then a Tenant Delay as set forth in such notice, shall be deemed to have occurred (subject to Tenant’s right to dispute by submitting
the matter to arbitration in accordance with Section 11.8) on the date of Tenant’s receipt of such Tenant Delay Notice. 

Tenant Party: Tenant and any subtenants and occupants of the Premises and their respective agents, contractors, subcontractors,
employees, invitees or licensees. 
 Tenant’s Property: Tenant’s movable fixtures and movable partitions, telephone and
other movable equipment, computer systems, trade fixtures, furniture, furnishings, and other items of personal property which are removable without material damage to the Buildings. 

Unavoidable Delays: Either party’s inability to fulfill or delay in fulfilling any of its obligations under this Lease expressly
or impliedly to be performed by such party or such party’s inability to make or delay in making any repairs, additions, Alterations, improvements or decorations or such party’s inability to supply or delay in supplying any equipment or
fixtures, if such party’s inability or delay is due to or arises by reason of strikes, labor troubles or by accident, or by any cause whatsoever beyond such party’s reasonable control, including governmental preemption in connection with a
national emergency, or shortages, or unavailability of labor, fuel, steam, water, electricity or materials, or delays caused by the other party or other tenants, mechanical breakdown, acts of God, enemy action, civil commotion, fire or other
casualty. 
 Unrestricted Cash and Cash Equivalents: shall mean, the following assets of Tenant, in each case, not subject to any
lien, security interest or restriction: (i) cash, (ii) securities issued or directly or fully guaranteed or insured by the United States of America or any agency or instrumentality thereof (provided that the full faith and credit of the
United States of America is pledged in support thereof) having maturities of not more than six (6) months from the date of acquisition, (iii) shares of money market funds invested in securities described in clause (ii) above, and
(iv) dollar denominated timed deposits or certificates of deposit of any domestic Unites States commercial bank whose long term debt is rated A by Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc. or
A2 by Moody’s Investor Service, Inc. 
 Zero Occupancy TCO: shall mean a so-called “zero occupancy” temporary
certificate of occupancy to be obtained by Landlord for the Premises as part of Landlord’s Pre-Commencement Base Building Work. 

 EXHIBIT “C” 

LANDLORD’S BASE BUILDING WORK 
  

	A.	Landlord shall, at its sole cost and expense, perform the following work (“Pre-Commencement Base Building Work”) in, or about, the Premises, in a manner and using materials consistent with the standards
adopted for such work at the Buildings in compliance with all applicable Requirements: 

  

	•	 	Obtain a Zero Occupancy TCO for the Premises. 

  

	•	 	*Deliver of the main HVAC supply and return ductwork through perimeter wall of MER only, complete with smoke and fire dampers at the core of each floor of the Premises, including wiring to fire alarm and BMS system, as
required by code. 

  

	•	 	Provide electrical capacity of six (6) watts demand load per usable square foot, exclusive of base building systems. Landlord shall provide dedicated buss plug disconnect switches within the electrical closets on
each floor of the Premises for Tenant extension. 

  

	•	 	Loading Dock access only but with pathway to elevators. 

  

	•	 	Provide Code compliant fire alarm and life safety system, with the necessary components (speaker/strobes, manual pulls, smoke detectors, water flows and tamper switches) installed in core common area. Landlord shall
provide a life safety infrastructure including panels and power sources with adequate capacity within the base building fire alarm system to provide for Tenant’s reasonable fire life safety requirements on the floor(s) comprising the Premises
on the Commencement Date including all devices required by code in order for Tenant to commence Tenant’s Initial Installations. 

  

	•	 	Each floor to be fully demolished (existing room, duct work, dropped ceilings, etc.) and all core and perimeter walls shall be patched and ready to accept Tenant finishes; provided, that the following items shall not be
demolished and left intact: (A) The following eight (8) sliding building doors and hardware: (i) 117 Adams, 5th Floor, (3) Doors – (1) Bridge & (2) Spray/Chem Room, 6th Floor, (2) Doors –
(2) Bridge (ii) 55 Prospect, 5th Floor, (1) Doors– Bridge, 6th Floor: (2) Doors – Bridge, and (B) 117 Adams Water Tower deconstruction & material salvage. The water tower shall be disassembled in a manner
in which it can be re-assembled, and Tenant, at its election, may store the “treated” wood therefrom in the Premises; provided, that in no event shall Landlord be responsible to any damage to the wood resulting from the storage of same
within the Premises. 

  

	•	 	Exterior Building enclosure shall be water tight. 

  

	•	 	 Installation of complete sprinkler infrastructure, including combination standpipe/sprinkler risers, pumps, valve connections suitable for general
office occupancy. Landlord shall demolish all existing sprinkler piping downstream of each floor control loop on each floor of the Premises and provide a temporary 

	 	 
construction sprinkler loop on each floor of the Premises which is fully operational and code compliant. The temporary loop shall be connected to the fire alarm system and the water flow and
tamper switches are in place and operational; it being understood and agreed that Tenant shall have no obligation to drain down the temporary loop during the performance of Tenant’s Initial Installations and shall not incur any fire watch
costs. 

  

	•	 	Provide condenser water supply and return valved and capped outlets on each floor of the Premises for supplemental cooling A/C units to be installed by Tenant. 

 

	•	 	All mechanical Building systems shall be brought to the Premises and fully operational and tied to BMS System. 

  

	•	 	Provide fireproofing and enclosure of any exposed structural steel and all penetrations shall be fire-stopped. 

  

	•	 	All floors of the Premises shall be repaired or flash patched to accommodate Tenant’s floor covering. Landlord shall also perform in-fill work to match existing slab condition where the slab is currently open due
to prior tenant’s laundry operation. 

  

	•	 	Provide one (1) janitorial closet per floor of the Premises. 

  

	•	 	Provide plumbing connections (i.e., sanitary, vent, domestic cold water) at single location on each floor of the Premises. 

  

	•	 	Repair windows of the Premises as necessary so that that they are in good working order and weather tight on the Commencement Date. Any film currently on windows of the Premises shall be removed by Landlord at
Tenant’s request. 

  

	•	 	Repair and fireproof per code all columns within the Premises, as necessary, and ready the same to accept Tenant finishes. 

  

	•	 	Deliver the Premises to Tenant on the Commencement Date in broom clean condition, legally demised and ACP-5. 

  

	•	 	Provide cold water plumbing connections at a single location on each floor of the Premises. 

  

	•	 	Provide hot water piping riser system (supply and return piping) located at a frequency of not less than every three (3) column bays of the Premises to allow for the installation of finned tube radiation for
perimeter heating of the Premises. Landlord shall provide new fully functional hot water generation equipment, pumps, expansion tanks, controls and riser system. 

	•	 	Landlord to abate/remediate flammable liquid storage on the 5th floor at the Adams Street Building, if necessary, and shall in any case take down the non-load bearing
walls of the room that contain or contained such materials. 

  

	•	 	Install all base building equipment on 9th floor of the Adams Street Building including ductwork through Premises. 

 

	•	 	Provide unobstructed, hazardous materials-free secure shaft space as set forth in Section 10.15 of the Lease. 

  

	•	 	Delivery of the main lobby at the Adams Street Building in the condition hereinafter described. 

  

	•	 	Temporary Certificate of Occupancy suitable for Tenant occupancy and use. Any necessary changes required by Tenant to the Certificate of Occupancy shall be at Tenant’s cost. 

 

	•	 	Delivery of Premises with no outstanding construction liens and/or outstanding construction liens and/or outstanding violations with the Department of Building or the Fire Marshall that would delay Tenant’s
construction (or permitting). 

  

	•	 	Landlord shall deliver riser infrastructure for bathrooms at designated locations on the floors of 117 Adams and 55 Prospect. Locations to be substantially in accordance with Landlord’s plans. Landlord’s team
shall work in good faith with Tenant’s architect to consider Tenant’s preferred location for the core to accommodate both a single tenant per floor and multi-tenant floor. Tenant to build bathrooms with the allowance provided by Landlord.
Landlord, at its sole cost, shall provide vertical piping riser infrastructure at all bathroom locations including but not limited to cold water riser, hot water riser, vent riser and waste riser. This piping shall be connected to the appropriate
base building equipment, main building waste system, etc. as part of Landlord work. 

  

	•	 	At Commencement Date, the office portion of 117 Adams Street will be exclusively occupied by Tenant. Landlord, at Tenant’s request and sole cost, shall construct a mutually agreeable alternate tenant entrance.
Location to be discussed. 

  

	*	Noise levels shall not exceed NC-40 at a distance of 15’ from building equipment MER’s. 

  

	•	 	Substantially Complete Code compliance work for the roof deck at the Adams Street Premises. 

  

	•	 	 Complete modernization of Dual Use Elevator #4 in the Adams Street Building and one of the freight elevators in the Prospect Street Building,
including new elevator cab designs, and deliver such elevators fully functional and in compliance with code. With respect to the Dual Use Elevator #4 in the Adams Street Building, Landlord shall convert same to a 2:1 roping, 5000# @ 350 FPM

	 	 
passenger car, and install 2 speed 4’ 6” W X 7’ 0” H entrances and the same cab design as the rest of the passenger elevators (the “Extra Elevator Work”).
Notwithstanding anything to the contrary contained herein, Tenant shall pay the incremental out-of-pocket cost incurred by Landlord in connection with the Extra Elevator Work; provided, that in no event shall Tenant’s reimbursement obligation
exceed $35,000. 

  

	•	 	Install communications systems. 

 Adams Street Lobby and Ground Floor Delivery
Condition: 
 Lobby: 
  

	 	•	 	HVAC supply and return ductwork to penetrate lobby envelope with all code required Fire alarm devices 

  

	 	•	 	Hot water heater piping to be available for tenant connection within lobby envelope – valved and capped. 

  

	 	•	 	Fire alarm connection point for tenant services in lobby envelope 

  

	 	•	 	Fire command station installed as required per code 

  

	 	•	 	All other code required emergency shut off devices 

  

	 	•	 	Available electrical power and lighting connection for temp power and lighting / if TCO is to be obtained by LL lighting to be installed as per TCO requirements 

 

	 	•	 	Completed storefront assembly installed and watertight. 

  

	 	•	 	All fire stopping and fireproofing completed as required by LL’s work 

  

	 	•	 	Concrete slabs broom swept, level and smooth and ready to accept tenant finishes 

 Section A: 

 

	 	•	 	Provide electrical capacity of six (6) watts demand load per usable square foot exclusive of base building systems 

  

	 	•	 	Provide code compliant fire alarm and life safety system, with the necessary components installed in core common area. Landlord shall provide a life safety infrastructure including panels and power sources with adequate
capacity within the base building fire alarm systems to provide for Tenant’s reasonable fire life safety requirements 

  

	 	•	 	Floor to be fully demolished and in broom clean condition, level and smooth, legally demised and ACP-5 

  

	 	•	 	Provide fireproofing and enclosure of any exposed structural steel and all penetrations shall be fire-stopped 

  

	 	•	 	Provide plumbing connections at single location 

  

	 	•	 	Repair and fireproof per code all columns within the Premises, as necessary, and ready the same to accept Tenant finishes 

  

	 	•	 	Unobstructed, hazardous materials free secure shaft space 

  

	 	•	 	Delivery of Premises with no outstanding construction liens and/or outstanding violations with the Department of Building or the Fire Marshall that would delay Tenant’s construction (or permitting)

  

	 	•	 	Provide new Building Management/Energy Systems (Post Commencement) 

  

	 	•	 	Delivery the Premises without any mechanic liens resulting from Landlord’s Base Building Work (Post Commencement) 

	B.	Landlord shall, at its cost and expense, perform the following work on, or before, the Rent Commencement Date (“Post-Commencement Base Building Work”) in, or about, the Premises, in a manner and using
materials consistent with the standards adopted for such work at the Buildings: 

  

	•	 	Provide new retail storefronts. 

  

	•	 	Provide new Building management/energy systems. 

  

	•	 	Substantially Complete construction of loading docks. 

  

	•	 	Install standard Building security systems and equipment, including turnstiles in locations to be identified by Tenant in the Adams Street Building. 

 

	•	 	Complete modernized vertical transportation including new elevator cab designs for the remainder of the elevators in the Buildings, to be Substantially Completed thirty (30) days following the Commencement Date
except as otherwise provided in Section 4.1 as it relates to the second elevator in the Adams Street Building being made available to Tenant no later than the Second Elevator Outside Date. 

Provide bicycle storage facility(ies) at a location to be determined by Landlord at the Dumbo Heights Campus. 

Deliver the Premises without any mechanic’s liens resulting from Landlord’s Base Building Work. 

Provide access to alternate entrance to the Adams Street Building, at Tenant’s cost and expense. 

 EXHIBIT “D” 

CLEANING SPECIFICATIONS 

To Be Determined 
  

	•	 	The lobby at 55 Prospect Street will be cleaned in a commercially reasonable manner, Monday – Friday, except for Observed Holidays 

 

	•	 	Exterior of the windows to be cleaned 2x per year 

  

	•	 	Landlord will clean the common corridor on the ground floor at 117 Adams Street leading from the lobby to the building staff bathrooms/locker room in a commercially reasonable manner, 2x per week, except for
Observed Holidays. 

  

	•	 	Loading docks, including recycle bins will be cleaned in a commercially reasonable manner 

 EXHIBIT “E-1” 

RULES AND REGULATIONS 
  

	(1)	All tenants are required to present their Building Identification Card to Security upon entering the Prospect Street premises at all times. Firms with multiple locations must present management with a listing of company
employees. These firms will then present their company identification card, sign-in and receive temporary Identification badge. 

  

	(2)	Except as expressly set forth in the Lease, the sidewalks, entrance, passages, courts, elevators, vestibules, stairways, corridors and halls shall not be obstructed or encumbered by Tenant or used for any purpose other
than access to the Premises and for delivery of supplies and equipment in prompt and efficient manner, using elevators and passageways designated for such delivery by Landlord. 

 

	(3)	No awnings, air condition units, fans or other projections shall be attached to the outside walls of the Building. 

  

	(4)	No curtains, blinds, shades or screens, other than those conforming to Building standards as established by Landlord from time to time, shall be attached to our hung in, or used in connection with, any windows or door
of the Premises. All electrical fixtures hung in offices of spaces along the perimeter of the Premises must be of a quality, type, design and bulb color approved by Landlord. 

 

	(5)	Except as otherwise expressly set forth in the Lease, no sign, advertisement, notice or other lettering shall be exhibited, inscribed, painted or affixed by Tenant on any part of the outside of the Premises or Building
or on the inside of the Premises if the same can be seen from the outside of the Premises without in each case the prior written consent of Landlord. 

  

	(6)	The exterior windows and doors that reflect or admit light and air into the Premises or the halls, passageways or other public places in the Building shall not be covered or obstructed by Tenant. 

 

	(7)	No showcases or other articles shall be put in front of or affixed to any part of the exterior of the Building, nor placed in the halls, corridors or vestibules, nor shall any article obstruct any air conditioning
supply or exhaust without the prior written consent of Landlord. 

  

	(8)	The water and janitors closets and other plumbing fixtures shall not be sued for any purposes other than those for which they were designed, and no sweepings, rubbish, rags, acids or other substances shall be deposited
therein. All damages resulting from any misuses of the fixtures shall be borne by Tenant. 

	(9)	Tenant shall not make, or permit to be made, any unseemly or disturbing notices or disturb or interfere with occupants of the Building or neighboring buildings or those having business with them. 

 

	(10)	Tenant, or any of Tenant’s employees, agents, visitors or licensees, shall not at any time bring or keep upon the Premises any inflammable, combustible, or explosive fluid, chemical or substance except such as are
incidental to usual office occupancy. 

  

	(11)	No additional locks or bolts of any kind shall be placed upon any of the doors or windows by Tenant, nor shall any changes be made in existing locks or the mechanism thereof, unless Tenant promptly provides Landlord
with the key or combination thereto. Tenant shall, upon the termination of its tenancy, return to Landlord all keys for locks in the Premises and for all toilet rooms, and in the event of the loss of any keys furnished at Landlord’s expense,
Tenant shall pay to Landlord the cost thereof. 

  

	(12)	No vehicles (except bicycles which are permitted) shall be brought into or kept by Tenant in or about the Premises or the Building. 

  

	(13)	All removals or the carrying in or out of any safes, freight, furniture or bulky matter of any description at 55 Prospect Street, must take place in the manner and during the hours, which Landlord or its agent
reasonably may determine from time to time any by movers approved in advance by Landlord or its agent. Landlord reserves the right to inspect all safes, freight or other bulky articles to be brought into the Building and to exclude from the Building
all safes, freight or other bulky articles which violate any of these Rules and Regulations of the Lease of which these Rules and Regulations are apart. 

  

	(14)	Tenant shall not occupy or permit any portion of the Premises to be occupied for the possession, storage, manufacture or sale of liquor or narcotics. 

 

	(15)	Tenant shall not purchase water, ice, towels or other like services, or accept barbering or shoe shining services in the Prospect Street Premises, at hours and under regulations other than as reasonably fixed by
Landlord. 

  

	(16)	Landlord shall have the right to prohibit any advertising by Tenant which references the Building, in Landlord’s reasonably 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 or discontinue such advertising. 

  

	(17)	Landlord reserves the right to exclude from the Prospect Street Building at all times other than Operating Hours all persons who do not present a pass to the Prospect Street Building signed or approved by Landlord.
Tenant shall be responsible for all persons for whom a pass is issued at the request of Tenant and shall be liable to Landlord for all acts of such persons. 

	(18)	Tenant shall, at its expense, provide electricity and light for the employees of Landlord doing janitor service or other cleaning, or making repairs or alterations in the Premises 

 

	(19)	The requirements of Tenant will be attended to only upon written application at the Office of the Building. Building employees shall not perform any work or do anything outside of their regular duties, unless under
special instructions from the office of Landlord. 

  

	(20)	Canvassing, soliciting and peddling in the Building is prohibited and Tenant shall cooperate to prevent the same. 

  

	(21)	There shall not be used in the Building, either by Tenant or by jobbers or others, any hand trucks except those equipped with rubber tires and side guards. Carts and had trucks of any kind are prohibited in all
passenger elevators. All damages resulting from any misuse of the elevators shall be borne by Tenant. 

  

	(22)	Except as otherwise expressly set forth in the Lease, Tenant shall not do any cooking, conduct any restaurant, luncheonette or cafeteria for the sale or service of food or beverages to its employees or to others, or
cause or permit any odors of cooking or other processes or any unusual or objectionable odors to emanate from the Premises. The foregoing is not intended to preclude one or more pantries or lunchrooms in the Premises. 

 

	(23)	Tenant shall keep the entrance door to the Premises enclosed at all times. 

  

	(24)	Tenant shall comply with Landlord’s rules as promulgated form time to time regarding separation of various types of trash. The amount of any fines incurred by Landlord by reason of Tenant’s failure to comply
shall be paid by Tenant to Landlord upon demand as Additional Rent. 

  

	(25)	Smoking within the building is prohibited 

  

	(26)	There shall be no storage of any kind allowed in the freight elevator lobby at any time. Storage of any kind is prohibited by law and is subject to monetary penalties. 

 

	(27)	Roller blades are prohibited in the building and plaza areas. 

 In the case of any conflict between the Rules
and Regulations set forth in this Exhibit and the terms and conditions set forth in the main body of the Lease, the provisions of the main body of the Lease shall govern. 

 EXHIBIT “E-2” 

CONSTRUCTION RULES AND REGULATIONS 

BUILDING RULES AND BUILDING 

STANDARDS FOR ALTERATIONS 

To the extent of a conflict between these rules and the express provisions of the Lease, the provisions of the Lease shall govern. 

 

	 	1.	All construction materials shall be delivered to the job in proper containers and stored in Tenant’s work area. Waste, excess building materials, tools and equipment shall not be stored or allowed to accumulate in
corridors or stairwells. Contractors responsible for such conditions will be removed from the Building 

  

	 	2.	All fire exits shall be kept clear and accessible at all times. 

  

	 	3.	Fire extinguishers must be on the job at all times. A.B.C. type, all-purpose extinguisher (minimum 10 lbs.) shall be used. 

  

	 	4.	Other than initial alterations, all welding, tie-ins, shut-downs, shall be performed after 6:00 PM or on weekends; provided, that the aforementioned time restriction shall not apply to the Adams Street Building. Welding
shall be performed by persons having a valid New York certificate of fitness for welding on his person. During all welding operations, there must be a person, in the capacity of a fire-watcher, having a fire extinguisher and protective blankets.

  

	 	5.	Workers will be assigned one toilet area, which the general contractor will be responsible for cleaning. 

  

	 	6.	All fireproofing on steel must be repaired if damaged or missing. Contact Landlord, through the Manager’s office, for inspection and approval before installing ceilings. All openings made in ceilings, columns,
walls, floor, etc. must be properly sealed (fire stopped). 

  

	 	7.	All entrance locks shall be compatible with Building master keying system. 

  

	 	8.	Other than initial alterations, all work in the Prospect Street Building that inconveniences or disturbs other tenants must be scheduled before 8:00 AM or after 6:00 PM (before 7:00 AM and after 8:00 PM for heavy duty
construction). The Building Manager reserves the right to stop any work being performed in the Prospect Street Building during normal working hours that causes a material disturbance. 

	 	9.	Other than initial alterations, with respect to the Prospect Street Building all deliveries of construction materials and related supplies, as well as rubbish removal, shall occur before 8:00 AM or after 6:00 PM (before
7:00 AM and after 8:00 PM for heavy duty construction). This MUST be scheduled in writing one (1) week in advance with the name of the appropriate sub-contractor filed with the Building Office. 

 

	 	10.	All after work hours MUST have an after-hours permit posted at all times. 

  

	 	11.	For retail tenants – all exterior areas, sidewalk, etc. must be kept clean at all times. 

TENANT’S RESPONSIBILITIES 
  

	 	1.	Tenant must contact the Building Management office before the start of any construction work. 

  

	 	2.	Prior to the start of any work, Tenant must submit six (6) sets of architectural, electrical, structural, mechanical, and sprinkler drawings, along with building notice application or alteration application for
approval by Building Management. 

  

	 	3.	The purpose of reviewing the plans by Landlord is to verify whether the design is in conformance with applicable codes, Building standards, and Building systems, and therefore, no responsibility is accepted for the
accuracy of the drawings. However, any apparent design deficiencies will be noted. This review is not for system performance as it may relate to Tenant requirements, even if comments may relate to Tenant areas. Approval of plans by Landlord does not
imply, nor should it be deemed to imply any opinion or judgment as to the fitness of the drawings for their intended purpose, nor does such approval express opinion as to the adequacy, sufficiency, or quality of the plans. 

TENANT & CONTRACTOR JOINT RESPONSIBILITIES 
  

	 	1.	Certificates of insurance for all trades in conformance with Lease provisions. 

  

	 	2.	A copy of the New York City Department of Buildings work permit shall be delivered to Landlord prior to the delivery of equipment and material to the premises. The work permit shall be displayed on the site during the
entire alteration. 

  

	 	3.	For the Prospect Street Building only, a work schedule indicating the use of freight elevators for deliveries and rubbish removal (information is needed one week in advance of work commencement). 

 

	 	4.	A complete set of Contractors “As-Built” drawings must be submitted within 30 days of job completion. 

 DELIVERY OF EQUIPMENT AND FURNITURE 

 

	 	1.	Before commencement of work on any alterations, a meeting will be held having representatives of Tenant, Building Management, Architect, Design Engineers, General Contractor, Sub-Contractor, and Moving Contractors in
attendance. This meeting shall set up a program for the progress of construction, the delivery of building material, the removal of debris, and the delivery of equipment and furniture at the conclusion of the alterations. 

 

	 	2.	Unless otherwise provided in the Lease, the delivery of all furniture and equipment shall be the sole responsibility of Tenant. 

  

	 	3.	Unless otherwise authorized, furniture and equipment shall be delivered by means of the freight elevator only. 

  

	 	4.	Items of furniture and equipment, exceeding the capacity of the elevator, shall be delivered in one of the following methods: 

  

	 	a.	Transporting items on top of the elevator cab subject to feasibility determined by the size and weight. 

  

	 	b.	Transporting equipment by means of a sling suspended under the elevator cab. This must be done only by a mover having a valid New York City Rigger’s License. An elevator mechanic, employed by the elevator
maintenance company shall be present at all times during the move. 

  

	 	c.	Moving equipment through the elevator shaft by means of hoisting equipment mounted in the shaft. 

  

	 	•	 	This must be performed at a time permitted by the city agencies having appropriate jurisdiction from which all required permits shall be obtained. All work shall be performed by a rigger having a valid license.
Contractor to provide certificates of insurance indicating worker’s compensation coverage in statutory amounts and personal injury and property damage coverage in the amount of twenty five million dollars. 

	 	d.	Lifting equipment from the sidewalk through a window opening of the proper floor. 

  

	 	•	 	This must be performed at a time permitted by the city agencies having appropriate jurisdiction from which all required permits shall be obtained. All work shall be performed by a rigger having a valid license.
Contractor to provide certificates of insurance indicating worker’s compensation coverage in statutory amounts and personal injury and property damage coverage in the amount of twenty five million dollars. 

 

	 	5.	In the event that the furniture or equipment must be transported using one of the methods described in paragraph 4 above, contractor shall maintain, at its sole expense, insurance as follows: 

 

	 	a.	Bodily injury and property damage, in the amount of ten million dollars per occurrence, except as noted in paragraph 4(d) above. 

  

	 	b.	Commercial general liability insurance including products / completed operations coverage and contractual liability coverage shall (1) be underwritten by insurance carrier with an A.M. Best rating of A-/VII or
better, (2) name owner, RFR Realty, LLC. as additional insured for the full policy limit, and (3) provide for a waiver of subrogation as respects any additional insured. 

 

	 	c.	Automobile liability insurance with a combined single limit of at least $5,000,000.00 per occurrence for bodily injury and property damage. Such insurance shall be: (1) be underwritten by insurance carrier with an
A.M. Best rating of A-/VIII or better, (2) name owner, RFR Realty, LLC. as additional insured for the full policy limit, and (3) apply to any automobile. 

 

	 	d.	Contractor shall provide RFR Realty, LLC. with a certificate of insurance evidencing the insurance required above, not less than one week before the scheduled delivery. The certificate of insurance shall show the total
limit liability of all policies. 

 ARRANGEMENTS FOR THE DELIVERY OF FURNITURE AND EQUIPMENT SHALL BE COMPLETED A MINIMUM OF
TWO (2) WEEKS BEFORE THE DELIVERY DATE. 
  

	 	6.	At all times during the use of the elevator as described in paragraph 4 above, the building’s elevator contractor shall be present at Tenant’s sole cost and expense. At the conclusion of the use of the
elevator as described in paragraph 4 above, the building’s elevator contractor shall inspect the elevator and at Tenant’s sole cost and expense shall make and adjustments or repairs that may be required as a result of such use.

 SPECIFICATIONS FOR TENANT-INSTALLED HVAC 

To be compatible with the Building Management System (“BMS”), any alterations performed by Tenant with respect to the HVAC System shall be designed
and installed as follows: 
  

	 	1.	The air distribution system shall be designed for variable air volume duct distribution. 

  

	 	2.	VAV boxes shall be of the electronic DDC type of a manufacturer approved by Landlord, which approval shall not be unreasonably withheld. 

 

	 	3.	VAV box room temperature sensors shall be TBD with LCD Display, local set point adjustment, override to occupied mode compatibility and LED indication of current temperature and current status. 

 

	 	4.	A manual medium pressure volume damper shall be installed by Landlord, at Landlord’s expense, in the interior supply air duct main serving the premises. 

 

	 	5.	All duct work and duct accessories upstream of VAV boxes shall be medium pressure air duct construction. 

Notwithstanding anything to the contrary contained herein, any conflict between the construction rules and regulations set forth in this Exhibit E-2 with the
terms and conditions set forth in the main body of the Lease, shall be governed by the provisions contained in the main body of the Lease. 

 EXHIBIT “F” 

FORM OF SNDA 

SUBORDINATION, ATTORNMENT AND NON-DISTURBANCE AGREEMENT 

THIS SUBORDINATION, ATTORNMENT AND NON-DISTURBANCE AGREEMENT (“Agreement”) is entered into as of
            ,         (the “Effective Date”) by and between NATIXIS REAL ESTATE CAPITAL LLC, a Delaware limited
liability company (the “Mortgagee”) and
                                        , a
                                        
(hereinafter, collectively the “Tenant”), with reference to the following facts: 
 1.
                                        , a
                                        , whose
address is
                                        (the
“Landlord”) owns fee simple title or a leasehold interest in the real property described in Exhibit “A” attached hereto (the “Property”). 

2. Mortgagee intends to make a loan to Landlord in the estimated principal amount of
                                        Dollars
($        ) (the “Loan”). 
 3. To secure the Loan, Landlord will
encumber the Property by entering into a mortgage or deed of trust to secured the Loan. 
 4. Pursuant to the Lease effective
            , 200    (the “Lease”), Landlord demised to Tenant the following property (the “Leased Premises”):
                                        . 

5. Tenant and Mortgagee desire to agree upon the relative priorities of their interests in the Property and their rights and obligations if
certain events occur. 
 NOW, THEREFORE, for good and sufficient consideration, Tenant and Mortgagee agree: 

1. Definitions. The following terms shall have the following meanings for purposes of this Agreement. 

(a) Foreclosure Event. A “Foreclosure Event” means: (i) foreclosure under the Mortgage; (ii) any
other exercise by Mortgagee of rights and remedies (whether under the Mortgage or under applicable law, including bankruptcy law) as holder of the Loan and/or the Mortgage, as a result of which a Successor Landlord becomes owner of the Property; or
(iii) delivery by Landlord to Mortgagee (or its designee or nominee) of a deed or other conveyance of Landlord’s interest in the Property in lieu of any of the foregoing. 

(b) Former Landlord. A “Former Landlord” means Landlord and any other party that was landlord under the Lease
at any time before the occurrence of any attornment under this Agreement. 

 (c) Offset Right. An “Offset Right” means any right or alleged
right of Tenant to any offset, defense (other than one arising from actual payment and performance, which payment and performance would bind a Successor Landlord pursuant to this Agreement), claim, counterclaim, reduction, deduction, or abatement
against Tenant’s payment of Rent or performance of Tenant’s other obligations under the Lease, arising (whether under the Lease or under applicable law) from Landlord’s breach or default under the Lease; provided that in no event
shall the term Offset Right mean any abatement against Rent that is expressly set forth in the Lease, including, without limitation, the abatement in Rent through the Rent Commencement Date (and any extension of the Rent Commencement Date pursuant
to Section 2.2), the Additional Rent Credit, the Additional 5th Floor Rent Abatement, and the 5th Floor Must Take Initial Rent Abatement
Period. 
 (d) Rent. The “Rent” means any fixed rent, base rent or additional rent under the Lease. 

(e) Successor Landlord. A “Successor Landlord” means any party that becomes owner of the Property as the result
of a Foreclosure Event. 
 (f) Other Capitalized Terms. If the initial letter of any other term used in this Agreement is
capitalized and no separate definition is contained in this Agreement, then such term shall have the same respective definition as set forth in the Lease. 

2. Subordination. The Lease shall be, and shall at all times remain, subject and subordinate to the Mortgage, the lien imposed by the Mortgage,
and all advances made under the Mortgage. 
 3. Nondisturbance, Recognition and Attornment. 

(a) No Exercise of Mortgage Remedies Against Tenant. So long as the Tenant is not in default under the Lease after notice and
beyond any applicable grace or cure periods (an “Event of Default”), Mortgagee shall not name or join Tenant as a defendant in any exercise of Mortgagee’s rights and remedies arising upon a default under the Mortgage
unless applicable law requires Tenant to be made a party thereto as a condition to proceeding against Landlord or prosecuting such rights and remedies. In the latter case, Mortgagee may join Tenant as a defendant in such action only for such purpose
and not to terminate the Lease or otherwise adversely affect Tenant’s rights under the Lease or this Agreement in such action. 
 (b)
Nondisturbance and Attornment. If an Event of Default by Tenant is not then continuing, then, when Successor Landlord takes title to the Property (the “Succession Date”): (i) Successor Landlord shall not terminate
or disturb Tenant’s possession of the Leased Premises under the Lease, except in accordance with the terms of the Lease and this Agreement; (ii) Successor Landlord shall be bound to Tenant under all the terms and conditions of the Lease
(except as provided in this Agreement); (iii) Tenant shall recognize and attorn to Successor Landlord as Tenant’s direct landlord under the Lease as affected by this Agreement; and (iv) the Lease shall continue in full force and
effect as a direct lease, in accordance with its terms (except as provided in this Agreement), between Successor Landlord and Tenant. Tenant acknowledges notice of the Mortgage and assignment of rents, leases and profits from the Landlord to the
Mortgagee. Tenant agrees to continue making payments of rents and other amounts owed by 

 
Tenant under the Lease to the Landlord and to otherwise recognize the rights of Landlord under the Lease until notified otherwise in writing by the Mortgagee (as provided in the Mortgage), and
after receipt of such notice the Tenant agrees thereafter to make all such payments to the Mortgagee, without any further inquiry on the part of the Tenant, and Landlord consents to the foregoing. In such event, Landlord hereby expressly authorizes
Tenant to make such payments to Mortgagee and further agrees that any sums paid to Mortgagee shall be in satisfaction of Tenant’s obligations under the Lease. 

(c) Further Documentation. The provisions of this Article 3 shall be effective and self-operative without any need for
Successor Landlord or Tenant to execute any further documents. Tenant and Successor Landlord shall, however, confirm the provisions of this Article 3 in writing upon request by either of them within ten (10) days of such request. 

4. Protection of Successor Landlord. Notwithstanding anything to the contrary in the Lease or the Mortgage, Successor Landlord shall not be
liable for or bound by any of the following matters: 
 (a) Claims Against Former Landlord. Any Offset Right that Tenant may
have against any Former Landlord relating to any event or occurrence before the Succession Date, including any claim for damages of any kind whatsoever as the result of any breach by Former Landlord that occurred before the Succession Date;
provided, that the foregoing shall not limit either (i) Tenant’s right to exercise against Successor Landlord any Offset Right otherwise available to Tenant because of events occurring after the Succession Date, or (ii) Successor
Landlord’s obligation to correct any conditions that existed as of the date of Succession Date and violate Successor Landlord’s obligations as landlord under the Lease.), or (iii) any such Offset Right that accrues in accordance with
the terms of the Lease. 
 (b) Prepayments. Any payment of Rent that Tenant may have made to Former Landlord more than thirty
(30) days before the date such Rent was first due and payable under the Lease with respect to any period after the Succession Date other than, and only to the extent that, either (i) the Lease expressly required such a prepayment, or
(ii) such payment was actually delivered to Successor Landlord. 
 (c) Payment; Security Deposit. Any obligation:
(i) to pay Tenant any sum(s) that any Former Landlord owed to Tenant unless such sums, if any, shall have been delivered to Mortgagee by way of an assumption of escrow accounts or otherwise; (ii) with respect to any security deposited with
Former Landlord, unless such security was actually delivered to Mortgagee. 
 (d) Modification, Amendment or Waiver. Any
modification or amendment of the Lease, or any waiver of the terms of the Lease, made without Mortgagee’s written consent. 
 (e)
Surrender, Etc. Any consensual or negotiated surrender, cancellation, or termination of the Lease, in whole or in part, agreed upon between Landlord and Tenant, unless effected unilaterally by Tenant pursuant to the express terms of
the Lease. 
 5. Exculpation of Successor Landlord. Notwithstanding anything to the contrary in this Agreement or the Lease, upon any
attornment pursuant to this Agreement, the Lease shall be 

 
deemed to have been automatically amended to provide that Successor Landlord’s obligations and liability under the Lease shall never extend beyond Successor Landlord’s (or its
successors’ or assigns’) interest, if any, in the Leased Premises from time to time, including insurance and condemnation proceeds, security deposits, escrows, Successor Landlord’s interest in the Lease, and the proceeds from any
sale, lease or other disposition of the Property (or any portion thereof) by Successor Landlord (collectively, the “Successor Landlord’s Interest”). Tenant shall look exclusively to Successor Landlord’s Interest (or
that of its successors and assigns) for payment or discharge of any obligations of Successor Landlord under the Lease as affected by this Agreement. If Tenant obtains any money judgment against Successor Landlord with respect to the Lease or the
relationship between Successor Landlord and Tenant, then Tenant shall look solely to Successor Landlord’s Interest (or that of its successors and assigns) to collect such judgment. Tenant shall not collect or attempt to collect any such
judgment out of any other assets of Successor Landlord. 
 6. Notice to Mortgagee and Right to Cure. Tenant shall notify Mortgagee of any
default by Landlord under the Lease that would entitled Tenant to terminate the Lease or exercise an Offset Right, and agrees that, notwithstanding any provisions of the Lease to the contrary, no notice of cancellation thereof or Offset Right shall
be effective unless Mortgagee shall have received notice of default giving rise to such cancellation or Offset Right and (i) in the case of any such default that can be cured by the payment of money, until thirty (30) days shall have
elapsed following the giving of such notice or (ii) in the case of any other such default, until a reasonable period for remedying such default shall have elapsed following the giving of such notice and following the time when Mortgagee shall
have become entitled under the Mortgage to remedy the same, including such time as may be necessary to acquire possession of the Property if possession is necessary to effect such cure, provided that Mortgagee undertakes to Tenant by written notice
to Tenant within thirty (30) days after receipt of the default notice to exercise reasonable efforts to cure or cause to be cured by a receiver such breach or default within the period permitted by this paragraph, and with reasonable diligence,
Mortgagee shall (a) pursue such remedies as are available to it under the Mortgage so as to be able to remedy the default, and (b) thereafter shall have commenced and continued to remedy such default or cause the same to be remedied.
Notwithstanding the foregoing, Mortgagee shall have no obligation to cure any such default. 
 7. Miscellaneous. 

(a) Notices. Any notice or request given or demand made under this Agreement by one party to the other shall be in writing, and
may be given or be served by hand delivered personal service, or by depositing the same with a reliable overnight courier service or by deposit in the United States mail, postpaid, registered or certified mail, and addressed to the party to be
notified, with return receipt requested or by telefax transmission, with the original machine- generated transmit confirmation report as evidence of transmission. Notice deposited in the mail in the manner hereinabove described shall be effective
from and after the expiration of three (3) days after it is so deposited; however, delivery by overnight courier service shall be deemed effective on the next succeeding business day after it is so deposited and notice by personal service or
telefax transmission shall be deemed effective when delivered to its addressee or within two (2) hours after its transmission unless given after 3:00 p.m. on a business day, in which case it shall be deemed effective at 9:00 a.m. on the next
business day. For purposes of notice, the addresses and telefax number of the parties shall, until changed as herein provided, be as follows: 
  

			
	If to the Mortgagee, at:		Natixis Real Estate Capital LLC
			1251 Avenue of the Americas
			New York, New York 10020
			Attn: Real Estate Administration
			Telecopy No.: (212) 891-6101

			
		
	If to the Tenant, at:		Until Tenant commences business operations at the
			Leased Premises:
		
			Etsy, Inc.
			55 Washington Street, Suite 512
			Brooklyn, New York 11201
			Attn: Josh Wise
		
			With a copy to:
		
			Etsy, Inc.
			55 Washington Street, Suite 512
			Brooklyn, New York 11201
			Attn: Legal Department, Hissan Bajwa
		
			Thereafter:
		
			Etsy, Inc.
			117 Adams Street
			Brooklyn, New York 11201
			Attn: Josh Wise
		
			With a copy to:
		
	:		Etsy, Inc.
			117 Adams Street
			Brooklyn, New York 11201
			Attn: Legal Department, Hissan Bajwa

 (b) Successors and Assigns. This Agreement shall bind and benefit the parties hereto, their
successors and assigns, any Successor Landlord, and its successors and assigns. If Mortgagee assigns the Mortgage, then upon delivery to Tenant of written notice thereof accompanied by the assignee’s written assumption of all obligations under
this Agreement, all liability of the assignor shall terminate. 

 (c) Entire Agreement. This Agreement constitutes the entire agreement between
Mortgagee and Tenant regarding the subordination of the Lease to the Mortgage and the rights and obligations of Tenant and Mortgagee as to the subject matter of this Agreement. 

(d) Interaction with Lease and with Mortgage. If this Agreement conflicts with the Lease, then this Agreement shall govern as
between the parties and any Successor Landlord, including upon any attornment pursuant to this Agreement. This Agreement supersedes, and constitutes full compliance with, any provisions in the Lease that provide for subordination of the Lease to, or
for delivery of nondisturbance agreements by the holder of, the Mortgage. 
 (e) Mortgagee’s Rights and Obligations.
Except as expressly provided for in this Agreement, Mortgagee shall have no obligations to Tenant with respect to the Lease. 
 (f)
Interpretation; Governing Law. The interpretation, validity and enforcement of this Agreement shall be governed by and construed under the internal laws of the State in which the Leased Premises are located, excluding such State’s
principles of conflict of laws. 
 (g) Amendments. This Agreement may be amended, discharged or terminated, or any of its
provisions waived, only by a written instrument executed by the party to be charged. 
 (h) Due Authorization. Tenant
represents to Mortgagee that it has full authority to enter into this Agreement, which has been duly authorized by all necessary actions. Mortgagee represents to Tenant that it has full authority to enter into this Agreement, which has been duly
authorized by all necessary actions. 
 (i) Execution. This Agreement may be executed in any number of counterparts, each of
which shall be deemed an original and all of which together shall constitute one and the same instrument. 
 [THIS SPACE INTENTIONALLY LEFT
BLANK] 

 IN WITNESS WHEREOF, the Mortgagee and Tenant have caused this Agreement to be executed as of the
date first above written. 
  

									
	ATTEST:				MORTGAGEE:
			
					 NATIXIS REAL ESTATE CAPITAL LLC,
 a
Delaware limited liability company

				
	  
				By:		  

	Name:						Name:		  

	Title:						Title:		  

				
	  
				By:		  

	Name:						Name:		  

	Title:						Title:		  

			
					TENANT:
			
					  

					a		  

				
	  
				By:		  

	Name:						Name:		  

	Title:						Title:		  

 LANDLORD’S CONSENT 

Landlord consents and agrees to the foregoing Agreement, including without limitation the provisions of the last two sentences of
Section 3(b) hereof, which was entered into at Landlord’s request. The foregoing Agreement shall not alter, waive or diminish any of Landlord’s obligations under the Mortgage or the Lease. The above Agreement discharges any
obligations of Mortgagee under the Mortgage and related loan documents to enter into a nondisturbance agreement with Tenant. Landlord shall be deemed a party to the Agreement for the purpose of Landlord’s agreement set forth in
Section 3(b) hereof. 
  

									
							LANDLORD:
					
							By:		  

									Name:
									Title:
					
	Dated:		  
						

 MORTGAGEE’S ACKNOWLEDGMENT 

 

					
	STATE OF                     		:		
			: SS		
	COUNTY OF                     		:		

 On this, the      day of
            ,         , before me a Notary Public in and for the State of
                                        , the
undersigned officer, personally appeared
                                        , who
acknowledged himself/herself to be a
                                         of
                    , a                     , and
that he/she, being authorized to do so, executed the foregoing instrument for the purposes therein contained by signing the name of the
                     by himself/herself as such officer. 

I certify that I am not an officer or director of the above-named bank, banking institution or trust company. [Strike if
inapplicable] 
 In witness whereof, I hereunto set my hand and official seal. 

 

			
	  
		[SEAL]
	Notary Public		

 My Commission Expires:             ,
20     
  

					
	STATE OF                     		:		
			: SS		
	COUNTY OF                     		:		

 On this, the      day of
            ,         , before me a Notary Public in and for the State of
                                        , the
undersigned officer, personally appeared
                                        , who
acknowledged himself/herself to be a
                                         of
                    , a                     , and
that he/she, being authorized to do so, executed the foregoing instrument for the purposes therein contained by signing the name of the
                     by himself/herself as such officer. 

I certify that I am not an officer or director of the above-named bank, banking institution or trust company. [Strike if
inapplicable] 
 In witness whereof, I hereunto set my hand and official seal. 

 

			
	  
		[SEAL]
	Notary Public		

 My Commission Expires:             ,
20     

 TENANT’S ACKNOWLEDGMENT 

 

					
	STATE OF                     		:		
			: SS		
	COUNTY OF                     		:		

 On this, the             day of
            ,         , before me a Notary Public in and for the State of
                                        , the
undersigned officer, personally appeared
                                        , who
acknowledged that he/she is the
                                        of
                                        , a
                                        , and
that he/she as such officer, being authorized to do so, executed the foregoing instrument for the purposes therein contained by signing the name of the corporation by himself/herself as such officer. 

In witness whereof, I hereunto set my hand and official seal. 

 

			
	  
		[SEAL]
	Notary Public		

 My Commission Expires: 

            , 20     

 LIST OF EXHIBITS 

If any exhibit is not attached hereto at the time of execution of this Agreement, it may thereafter be attached by written agreement of the
parties, evidenced by initialing said exhibit. 
 Exhibit “A” - Legal Description of the Land 

 EXHIBIT “G” 

FORM OF LETTER OF CREDIT 

L/C DRAFT LANGUAGE 
 IRREVOCABLE STANDBY
LETTER OF CREDIT NO. SVBSF             
 DATE: 03/24/2014 

BENEFICIARY: 
 (INSERT FULL NAME AND ADDRESS) 

APPLICANT: 
 ETSY INC 

55 WASHINGTON STREET 
 SUITE 512 

BROOKLYN NY 11201 
 AMOUNT: US$000,000.00 (XXXXXXXXXXXXXXXXXXXX
NO/100 U.S. DOLLARS) 
 EXPIRATION DATE: 
 LOCATION: AT OUR
COUNTERS IN 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 OF THIS LETTER OF CREDIT AND ALL AMENDMENT(S), IF ANY. 

  

	2.	SIGHT DRAFTS DRAWN ON US. 

  

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

 

	 	(A)	“AN EVENT OF DEFAULT (AS DEFINED IN THE LEASE) HAS OCCURRED BY             . AS TENANT UNDER THAT CERTAIN LEASE AGREEMENT BETWEEN TENANT, AND
            AS LANDLORD. FURTHERMORE THIS IS TO CERTIFY THAT: (I) LANDLORD HAS GIVEN WRITTEN NOTICE TO TENANT TO CURE THE DEFAULT PURSUANT TO THE TERMS OF THE LEASE DATED
            ; (II) SUCH DEFAULT HAS NOT BEEN CURED UP TO THIS DATE OF DRAWING UNDER THIS LETTER OF CREDIT; AND (III) LANDLORD IS AUTHORIZED TO DRAW DOWN ON . THE LETTER OF CREDIT.

 AND 
  

	 	(B)	THIS IS TO CERTIFY THAT LANDLORD WILL HOLD THE FUNDS DRAWN UNDER THIS LETTER OF CREDIT AS SECURITY DEPOSIT FOR TENANT OR APPLY SAID FUNDS TO TENANT’S OBLIGATION UNDER THE LEASE.” 

PARTIAL DRAWS ARE ALLOWED. THIS ORIGINAL 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. 
 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/OVERNIGHT COURIER SERVICE AT THE ABOVE ADDRESS THAT THIS LETTER OF CREDIT WILL NOT BE EXTENDED BEYOND THE CURRENT EXPIRATION DATE. IN NO EVENT SHALL THIS LETTER OF CREDIT BE AUTOMATICALLY EXTENDED BEYOND
                    . 
 THIS LETTER OF CREDIT MAY ONLY
BE TRANSFERRED IN ITS ENTIRETY BY THE ISSUING BANK, 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, UPON OUR RECEIPT OF THE ATTACHED “EXHIBIT B” DULY COMPLETED AND EXECUTED BY THE BENEFICIARY AND ACCOMPANIED BY THE ORIGINAL LETTER OF CREDIT AND ALL AMENDMENT(S), IF ANY, TOGETHER WITH THE PAYMENT OF OUR TRANSFER
FEE  1⁄4 OF 1% OF THE TRANSFER AMOUNT (MINIMUM USD250.00). THE CORRECTNESS OF THE SIGNATURE AND TITLE OF THE PERSON SIGNING THE TRANSFER FORM MUST BE VERIFIED
BY YOUR BANK. 
 DRAFT(S) AND DOCUMENTS MUST INDICATE THE NUMBER AND DATE OF THIS LETTER OF CREDIT. 

ALL DEMANDS FOR PAYMENT SHALL BE MADE BY PRESENTATION OF THE ORIGINAL APPROPRIATE DOCUMENTS DURING REGULAR BUSINESS HOURS, ON A BUSINESS DAY AT OUR OFFICE
(THE “BANK’S OFFICE”) AT: SILICON VALLEY BANK, 3003 TASMAN DRIVE, MAIL SORT HF210, SANTA CLARA, CALIFORNIA 95054, ATTENTION: GLOBAL FINANCIAL SERVICES - STANDBY LETTER OF CREDIT DEPARTMENT OR BY FACSIMILE TRANSMISSION AT:
(408) 496-2418 OR (408) 969-6510 AND SIMULTANEOUSLY UNDER TELEPHONE ADVICE TO: (408) 654-6274, OR (408-654-7716 OR (408-654-3035, ATTENTION: STANDBY LETTER OF CREDIT NEGOTIATION DEPARTMENT WITH ORIGINALS OF DRAW DOCUMENTS 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. 

WE HEREBY AGREE WITH THE DRAWERS, ENDORSERS AND BONA FIDE HOLDERS THAT THE DRAFTS DRAWN UNDER AND IN 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. 
 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. 

 EXHIBIT “A” 
  

							
	DATE:                         				REF. NO.                 

 AT SIGHT OF THIS DRAFT 

PAY TO THE ORDER OF
                     US$         US DOLLARS
                                        
                                        
DRAWN UNDER SILICON VALLEY BANK, SANTA CLARA, CALIFORNIA, STANDBY LETTER OF
CREDIT NUMBER NO. SVBSF                      DATED
            , 20    -“ 

 

							
	TO:		SILICON VALLEY BANK				
			3003 TASMAN DRIVE				  

			SANTA CLARA, CA 95054				(INSERT NAME OF BENEFICIARY)
				
							  

							Authorized Signature

 GUIDELINES TO PREPARE THE SIGHT DRAFT OR BILL OF EXCHANGE: 

 

	1.	DATE: INSERT ISSUANCE DATE OF DRAFT. 

  

	2.	REF. NO.: INSERT YOUR REFERENCE NUMBER, IF ANY. 

  

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

 

	4.	US$: INSERT AMOUNT OF DRAWING IN NUMERALS. 

  

	5.	US DOLLARS: INSERT AMOUNT OF DRAWING IN WORDS. 

  

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

  

	7.	DATED: INSERT THE ISSUANCE DATE OF THE STANDBY L/C. 

  

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

  

	9.	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 AND ASK FOR: 408-654-6274 OR 408-654-7716 OR 408-654-7127 OR 408-654-3035. 

 EXHIBIT “B” 

 

									
	DATE:								

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

 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,
	
	  

	(BENEFICIARY’S NAME)
	
	  

	(SIGNATURE OF BENEFICIARY)
	
	  

	(NAME AND TITLE)

 

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

	
	  

	(Name of Bank)
	
	  

	(Address of Bank)
	
	  

	(City, State, ZIP Code)
	
	  

	(Authorized Name and Title)
	
	  

 
 

 EXHIBITS “H-1, H-2 and H-3” 

LOCATION OF EXTERIOR SIGNAGE 

SEE ATTACHED 

 

 

 

 

 

 

 EXHIBIT “I” 

FORM OF MEMORANDUM OF LEASE 

MEMORANDUM OF LEASE 
  

			
	NAME AND ADDRESS OF LANDLORD:		117 Adams Owner LLC and
			55 Prospect Owner LLC
			c/o Kushner Companies
			666 Fifth Avenue, 15th Floor
			New York, New York 10103
		
	NAME AND ADDRESS OF TENANT:		Etsy, Inc.
			55 Washington Street
			Brooklyn, New York 11201
		
	DATE OF EXECUTION OF LEASE:		As of May     , 2014

 DESCRIPTION OF LEASED PREMISES: 

The Lease Premises consist of (i) a portion of the ground floor, a portion of the 2nd
floor and the entire rentable area of the 3rd, 4th, 5th, 6th, 7th, 8th, and 9th floors of the
building located at 117 Adams Street, Brooklyn New York (the “Adams Street Building”), and (ii) the entire rentable area of the 6th floor of the building located at 55 Prospect
Street, Brooklyn, New York (the “Prospect Street Building”). The Adams Street Building and the Prospect Street Building are both located in the City of New York, County of Brooklyn and State of New York, respectively on those parcels of
land that are more particularly described on Exhibit A-1 and Exhibit A-2 annexed hereto and made a part hereof. 
 TERM OF LEASE: 

The term of the Lease commences on the date that certain conditions as set forth in Article 1 of the Lease are satisfied, and the initial term
thereof is scheduled to expire on the date that is the last day of the month in which the ten (10) year anniversary of the later to occur of the Adams Street Rent Commencement Date and the Prospect Street Rent Commencement Date (as such terms
are defined in the Lease). 
 RENEWAL OPTIONS: 

Subject to the provisions of Article 31 of the Lease, the Lease contains two (2), five (5) year extension options or one (1) five
(5) year extension option. The extension option(s) are more particularly described in Article 31 of the Lease. 

 OPTIONS TO EXPAND: 

The Lease contains Tenant options to add additional space to the Leased Premises. The expansion options are more particularly described in
Article 33 of the Lease. 
 RIGHTS OF FIRST OFFER: 

The Lease contains Tenant rights of first offer to add additional space to the Leased Premises. These rights of first offer are more
particularly described in Article 34 and Article 35 of the Lease. 
 TERM OF LEASE GOVERN: 

The rights, obligations and remedies of Landlord and Tenant, respectively, with reference to each other and the Leased Premises shall be fixed,
determined and governed solely by the terms of the Lease, this being a Memorandum of Lease executed by the parties hereto solely for the purpose of providing an instrument for recording pursuant to Section 291-c of the Real Property Law, in
lieu of recording the Lease. 
 SIGNATURES APPEAR ON IMMEDIATELY FOLLOWING PAGE 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Memorandum of Lease as of the
     day of May, 2014. 
  

									
	LANDLORD:				TENANT:
			
	117 ADAMS OWNER, LLC				ETSY, INC.
					
							By:		  

	By:		  
				Name:		
							Title:		
					
	By:		  
						
	Name:								
	Title:								
				
	55 PROSPECT OWNER LLC						
					
	By:		  
						
					
	By:		  
						
	Name:								
	Title:								

			
	State of New York		
			} SS:
	County of                     		

 On the      day of May in the year 2014 before me, the undersigned, a Notary Public in and for said State,
personally appeared                     , personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose
name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument, the individual(s) or the person upon behalf of
which the individual(s) acted, executed the instrument. 
  

	
	  

	Notary Public

  

			
	State of New York		
			} SS:
	County of                     		

 On the      day of May in the year 2014 before me, the undersigned, a Notary Public in and for said State,
personally appeared                     , personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose
name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument, the individual(s) or the person upon behalf of
which the individual(s) acted, executed the instrument. 
  

	
	  

	Notary Public

  

			
	State of New York		
			} SS:
	County of		

 On the      day of May in the year 2014 before me, the undersigned, a Notary Public in and for said State,
personally appeared                     , personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose
name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument, the individual(s) or the person upon behalf of
which the individual(s) acted, executed the instrument. 
  

	
	  

	Notary Public

 MEMORANDUM OF LEASE 

117 Adams Owner LLC 
 And 

55 Prospect Owner LLC, 

collectively, Landlord 
 Etsy,
Inc., 
 Tenant 

County:  Kings 

Section:             

Block:  63 and 76 
 Lot:
    1             
 RECORD AND RETURN TO: 

Paul Hastings LLP 
 75 East 55th Street 
 New York, New York 10022 

Attn: David M. Brooks, Esq.

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