Document:

Exhibit

Exhibit 10.2
TRIANGLE CAPITAL CORPORATION 
EXECUTIVE DEFERRED COMPENSATION PLAN 
AS AMENDED AND RESTATED
RECITALS: 
A. Triangle Capital Corporation (the “Company”) established this Triangle Capital Corporation Executive Deferred Compensation Plan (the “Plan”) effective as of December 31, 2011.  The Plan shall be administered by the Committee (as herein defined). 
B.  The Plan is designed primarily for purposes of providing benefits for a select group of management and highly compensated employees of the Company and its Subsidiaries that adopt the Plan.  It is intended to qualify as a “top hat” plan under Sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended. 

ARTICLE I
GENERAL 

Section 1.1Purpose of the Plan.  The purpose of this Plan is to reward certain management and highly compensated employees of the Company and its Subsidiaries who have contributed to the Company’s success and are expected to continue to contribute to such success in the future.  The Plan generally provides such employees with additional deferred compensation, and may provide them with the opportunity to defer a portion of their compensation, all on the terms and conditions set forth herein. 

Section 1.2Effective Date.  The effective date of the amended and restated Plan is November 2, 2016. 

Section 1.3Gender and Number.  For purposes of interpreting the provisions of this Plan, the masculine gender shall be deemed to include the feminine, the feminine gender shall be deemed to include the masculine, and the singular shall include the plural unless otherwise clearly required by the context. 

ARTICLE II
DEFINITIONS

Section 2.1  Account.  Account means, with respect to each Participant, such Participant’s Deferral Account and Employer Contributions Account.  For the avoidance of doubt, each Account is a bookkeeping account. No actual account is established and no actual amounts are set aside with respect to an Account.

Section 2.2  Base Salary.  Base Salary means, with respect to each Plan Year, the base salary of each Participant for such year, including for this purpose salary reduction contributions pursuant to this Plan and any Employer-sponsored plan governed by Code Section 125, but excluding Bonuses, if any. 

Section 2.3  Beneficiary.  Beneficiary means the person or persons designated by a Participant as his or her beneficiary hereunder in accordance with the provisions of Article IV. 

Section 2.4  Board.  Board means the Board of Directors of the Company. 

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Section 2.5  Bonus.  Bonus means any cash bonus earned by a Participant, whether pursuant to a bonus plan or otherwise. 

Section 2.6  Change in Control.  Change in Control means the happening of any of the following: 

(a)  any person or entity, including a “group” as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, other than the Company or a wholly-owned subsidiary thereof or any employee benefit plan of the Company or any of its Subsidiaries, becomes the beneficial owner of the Company’s securities having 50% or more of the combined voting power of the then outstanding securities of the Company that may be cast for the election of directors of the Company (other than as a result of an issuance of securities initiated by the Company in the ordinary course of business); or 

(b)  as the result of, or in connection with, any cash tender or exchange offer, merger or other business combination, sale of assets or contested election, or any combination of the foregoing transactions less than a majority of the combined voting power of the then outstanding securities of the Company or any successor corporation or entity entitled to vote generally in the election of the directors of the Company or such other corporation or entity after such transaction are held in the aggregate by the holders of the Company’s securities entitled to vote generally in the election of directors of the Company immediately prior to such transaction; or 

(c)  during any period of two consecutive years, individuals who at the beginning of any such period constitute the Board cease for any reason to constitute at least a majority thereof, unless the election, or the nomination for election by the Company’s stockholders, of each director of the Company first elected during such period was approved by a vote of at least two-thirds (2/3) of the directors of the Company then still in office who were directors of the Company at the beginning of any such period. 

Section 2.7  Code.  Code means the Internal Revenue Code of 1986, as the same may from time to time be amended. 

Section 2.8  Committee.  Committee means the Compensation Committee of the Board or, if none, the Board or another committee designated by the Board to discharge the duties of the Committee hereunder. 

Section 2.9  Deferral Account.  Deferral Account means the Account maintained by each Employer for each Participant in accordance with Article III hereof. 

Section 2.10  Deferrals.  Deferrals has the meaning ascribed to it in Section 3.1(a) hereof. 

Section 2.11  Deferred Compensation Benefit.  Deferred Compensation Benefit means, with respect to each Participant as of any date, such Participant’s vested benefit as determined pursuant to Article III hereof. 

Section 2.12  Disability.  Disability means (i) a Participant’s inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or that has lasted or can be expected to last for a continuous period of not less that twelve (12) months or (ii) by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not 

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less than twelve (12) months, the Participant is receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering the Company’s employees.
 
Section 2.13  Earnings.  Earnings means the earnings credited to each Participant’s Account in accordance with Section 3.1(c) hereof. 

Section 2.14  Employer.  Employer means the Company and any Subsidiary of the Company which, with the written consent of the Company, adopts the Plan. 

Section 2.15  Employer Contributions.  Employer Contributions has the meaning ascribed to it in Section 3.1(b) hereof. 

Section 2.16  Employer Contributions Account.  Employer Contributions Account means the account established and maintained pursuant to Section 3.1(b) hereof. 

Section 2.17  Participant.  Participant means a management or highly compensated employee of an Employer designated by the Committee as eligible to participate in the Plan.  The Committee also may from time to time, in its sole discretion with or without cause, revoke a Participant’s eligibility to participate in the Plan upon ninety (90) days’ written notice.  Any such revocation shall not, however, reduce any Deferred Compensation Benefits to which the Participant may be entitled at the time of such revocation.  In addition, any such revocation shall not be effective until the first day of the Plan Year following the Plan Year in which such revocation occurs. 

Section 2.18  Payment Date(s).  Payment Date(s) means, with respect to each Participant, the commencement date(s) of the payment of such Participant’s Deferred Compensation Benefits as elected in accordance with Section 3.2(a), as the same may be modified pursuant to Section 3.3(c)(iii). 

Section 2.19  Retirement.  Retirement means a Participant’s Separation from Service for any reason on or after the date such Participant attains (a) age sixty-five (65), or (b) age fifty-five (55) and ten (10) Years of Service with the Company and its Subsidiaries. 

Section 2.20  Section 409A.  Section 409A means Section 409A of the Internal Revenue Code of 1986, as amended, and applicable guidance there under.

Section 2.21  Separation from Service.  Separation from Service shall mean a Participant’s “separation from service” as such term is defined under Section 1.409A-1(h) of the U.S. Treasury Regulations. 

Section 2.22  Specified Employee.  Specified Employee has the meaning ascribed to it in Section 1.409A-1(i)(1) of the U.S. Treasury Regulations. 

Section 2.23  Subsidiary.  Subsidiary means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company if each of the corporations (other than the last corporation in the unbroken chain) owns stock possessing more than 50% of the total combined voting power of all classes of stock in one of the other corporations in the chain. 

Section 2.24  Unforeseeable Emergency.  Unforeseeable Emergency means an event which results (or will result) in severe financial hardship to the Participant as a consequence of an illness or accident of the Participant, the Participant’s spouse, the Participant’s Beneficiary or the Participant’s 

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dependent (as determined under Section 152 of the Code, without regard to Sections 152(b)(1), (b)(2) and (d)(1)(B)) or loss of the Participant’s property due to casualty or other similar extraordinary and unforeseen circumstances beyond the control of the Participant.  Examples of what is not considered to be an Unforeseeable Emergency include the need to send a Participant’s child to college and the desire to purchase a house. 

Section 2.25  Year(s) of Service.  Year of Service means, with respect to each Participant, any Plan Year throughout which the Participant is employed by an Employer on a full-time basis, as determined by the Committee in its discretion.  In determining Years of Service hereunder, the Committee may (but need not) give service credit to any Participant who takes an authorized leave of absence from his employment. 

ARTICLE III
DEFERRED COMPENSATION BENEFITS

Section 3.1Deferred Compensation Benefits. 

(a)  Deferrals.  In the event the Committee so allows, from time to time, each Participant may file a written election with the Committee directing his Employer to reduce his Salary and/or Bonuses and to credit the amount of any such reduction (the “Deferrals”) to the Deferral Account established and maintained for such Participant pursuant to Section 3.6.  Written elections hereunder shall be made in accordance with rules established by the Committee, subject to the limitations set forth in Section 3.3, and shall include the information described in Section 3.2.  Deferrals shall be credited to each Participant’s Deferral Account as of such time or times determined by the Committee; provided, however, that Deferrals of Base Salary shall be credited to each Participant’s Deferral Account not less often than monthly, and Deferrals of Bonuses shall be credited to each Participant’s Deferral Account not later than thirty (30) days after the date on which such Bonuses otherwise would have been paid. 

(b)  Employer Contributions.  There shall be credited to the Employer Contributions Account established and maintained for each Participant pursuant to Section 3.6 an amount as determined by the Committee from time to time, which amount may, but need not, be related to any of such Participant’s Deferrals (the “Employer Contributions”). Employer Contributions shall be credited to each Participant’s Employer Contributions Account as of such time or times determined by the Committee, but Employer Contributions that are related to Deferrals shall be credited not later than the date on which the related Deferrals are credited to the Participant’s Deferral Account. 

(c)  Earnings.  From time to time, there shall be credited to the Deferral Account and the Employer Contributions Account established and maintained for each Participant pursuant to Section 3.6 Earnings with respect to Deferrals, Employer Contributions and Earnings previously credited to such Accounts in accordance herewith.  The rate of Earnings shall be determined from time to time by the Committee and may be commensurate with the rate of return (positive or negative) on securities (including Company stock) selected by the Committee; provided, however, that after the occurrence of a Change in Control, the rate of Earnings shall not be less than 6% per annum.  Until such time as the Committee determines otherwise, the rate of Earnings for any Plan Year shall equal the rate of return earned on a hypothetical investment in a fund having an identical rate of return as the S&P 500 Total Return Index.  Earnings shall be credited to each Participant’s Deferral Account and Employer Contributions Account as of such time or times determined by the Committee. 

(d)  Vesting. 

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(i)  Each Participant shall at all times be 100% vested in Deferrals and Earnings credited to his Deferral Account. 

(ii)  As to Employer Contributions and any Earnings on such contributions, each Participant shall become vested based upon the Participant’s Years of Service following the Plan Year to which the Employer Contribution relates.  Such vesting shall be determined in accordance with the following table:	
			
	Years of Service after Plan Year to which Employer Contributions Relate
	Percentage Vested 
in such Employer 
Contributions and
Earnings thereon

	 
	 

	1
	25
	%

	 
	 

	2
	50
	%

	 
	 

	3
	75
	%

	 
	 

	4
	100
	%

(iii)  Notwithstanding anything herein to the contrary, each Participant shall become 100% vested in amounts credited to his Employer Contributions Account upon termination of such Participant’s employment with the Employer by reason of death or Retirement or upon the occurrence of a Change in Control or Participant’s Disability; provided, however, that the Participant shall not become vested upon the occurrence of a Change in Control to the extent such vesting would cause any portion of his Deferred Compensation Benefits to constitute an “excess parachute payment” under Code Section 280G.  The Committee in its discretion shall determine whether and to what extent any Deferred Compensation Benefits constitute “excess parachute payments” hereunder. 

Section 3.2Payment of Deferred Compensation Benefits. 

(a)  Payment Dates Generally.  Each deferral election, if any, described in Section 3.1(a) shall also contain the Participant’s election regarding the Payment Date for the portion of his Deferred Compensation Benefits to which such election relates.  The Payment Date may be any date or time specified by the Participant and permitted by the Committee, subject to the following limitations: 

(i)  Except as otherwise set forth in Section 3.4, a Participant shall not be entitled to receive payment of any portion of his Deferred Compensation Benefits earlier than the first to occur of (A) sixty (60) days after the Participant’s Separation from Service; (B) the date of the Participant’s Disability; or (C) the date of the Participant’s death. 

(ii)  Payment of a Participant’s Deferred Compensation Benefits must commence on or before the later of (A) sixty (60) days after the Participant’s Separation from Service, or (B) the fifteenth (15th) day of the month next following the month in which such Participant attains age sixty-five (65). 

(iii) Payment of a Participant’s Deferred Compensation Benefits may begin on as many as, but not more than, three (3) different Payment Dates. 

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(iv) The form of payment of any Deferred Compensation Benefits (as determined under subparagraph (b) below) that begin on a particular Payment Date must be the same. 
In the absence of the Participant properly electing a Payment Date with respect to any portion of his Deferred Compensation Benefits, the applicable Payment Date shall be sixty (60) days after the Participant’s Separation from Service.
(b) Form of Payment.  Each deferral election described in Section 3.1(a) shall also contain the Participant’s election regarding the form of payment of the portion of his Account to which such election applies.  In each election form, the Participant may elect to receive payment of the portion of his Deferred Compensation Benefits to which such election relates in one (but not more than one) of the following forms: 
(i) a lump sum payment; or 
(ii) to the extent permitted by the Committee in its discretion, in equal monthly installments over a period not exceeding sixty (60) months. 
In the absence of the Participant properly electing a form of payment with respect to any portion of his Deferred Compensation Benefits, the applicable form of payment shall be a lump sum payment.  
Deferred Compensation Benefits shall be paid in cash, unless the Participant or Beneficiary consents to payment in the form of other property.  

Section 3.3Deferral Elections; Modifications. 

(a)  Deferral Elections Generally.  Each written election described in Section 3.1(a) shall be made at such time and in such manner as determined by the Committee, but in no event later than December 31 of the year prior to the beginning of the Plan Year for which it is to be effective; provided, however, that in the year in which a Participant first becomes eligible to participate in the Plan, such election may be made within thirty (30) days after the Participant becomes eligible to participate, but such election shall be effective only with respect to compensation for services performed after the date the election is made.  Except as otherwise provided in subparagraph (c) or on an election form, any elections as to Payment Dates or form of benefit made pursuant to Section 3.2 shall be irrevocable as to any Deferred Compensation Benefits that accrue while such elections are in effect. 

(b)  Certain Limitations on Deferrals.  For any Plan Year, a Participant may not defer any amount in excess of 50% of the Base Salary and 100% of the Bonuses earned by the Participant during the Plan Year.  Except as otherwise provided in subparagraph (a), a Participant may defer hereunder only Base Salary and Bonuses that are earned on or after the date the election is filed with the Committee. 

(c)  Termination or Modification of Elections.  Notwithstanding the last sentence of subparagraph (a): 

(i)  no revocation of a written election described in Section 3.1(a) shall take effect until the first day of the Plan Year following the Plan Year in which the Committee receives such revocation; 

(ii)  a written election described in Section 3.1(a) shall automatically terminate on the earliest to occur of (A) the termination of a Participant’s employment by his Employer for any reason or (B) the termination of the Plan; and 

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(iii)  if permitted by the Committee in its sole discretion, a Participant may change any Payment Date (but not the form of benefit) previously designated by the Participant pursuant to Section 3.2, provided, however, that: (A) the Participant must make an election designating the new Payment Date at least twelve (12) months prior to the Payment Date previously designated; (B) such election shall not take effect until at least twelve (12) months after the date on which it is made; (C) the new Payment Date must be at least five (5) years later in time than the Payment Date previously designated; (D) all payments that otherwise would have begun on the Payment Date previously designated must, after such change, begin on the new Payment Date; and (E) the new Payment Date designated by the Participant must otherwise comply with the requirements of Section 3.2. 

Section 3.4Special Rules Related to Distributions. 

(a)  Unforeseeable Emergency Distributions.  The Committee may at any time, upon written request of the Participant, cause to be paid to such Participant an amount equal to all or any part of such Participant’s Deferred Compensation Benefits if the Committee determines, in its absolute discretion based on such reasonable evidence that it shall require, that such a payment or payments is necessary for the purpose of alleviating the consequences of an Unforeseeable Emergency occurring with respect to the Participant.  This decision will be determined based upon the relevant facts and circumstances of each case.  Payments of amounts because of an Unforeseeable Emergency shall be permitted only to the extent reasonably necessary to satisfy the emergency need (including amounts necessary to pay any Federal, state, local or foreign income taxes or penalties reasonably anticipated to result from the distribution) and shall not be permitted to the extent such need may be relieved through reimbursement or compensation from insurance or otherwise, by liquidation of the Participant’s assets (to the extent liquidation would not itself cause severe financial hardship), or by the cessation of deferrals under the Plan. 

(b)  Small Accounts.  If a Participant’s Account is $18,000 (this amount shall be adjusted annually for cost-of-living increases consistent with Section 402(g)(4) of the Code) or less at the time of the Participant’s Separation from Service, such Participant’s Deferred Compensation Benefits shall automatically be paid to him in a single lump sum payment as soon as practicable following his Separation from Service. 

Section 3.5Withholding.  Each Employer shall withhold from a Participant’s Base Salary or Bonus such amounts as are necessary to satisfy its withholding obligations thereunder as to any Deferrals by the Participant. In addition, each Employer shall deduct from any distributions hereunder any taxes or other amounts required by law to be withheld therefrom. 

Section 3.6Participants’ Accounts.  Each Employer shall establish and maintain a Deferral Account and an Employer Contributions Account for each Participant and such sub-accounts as the Committee deems necessary or appropriate.  Each Deferral Account so established shall be credited as appropriate for Deferrals and Earnings with respect to such Deferrals and debited for any distributions from such Account.  Each Employer Contributions Account so established shall be credited as appropriate for Employer Contributions and Earnings with respect to such Employer Contributions and debited for any distributions from such Account. 

Section 3.7Delay of Payment for Specified Employees.  Notwithstanding anything to the contrary in this Plan, if the Committee determines that upon a Participant’s Separation from Service from the Company (or at such other time that the Committee determines to be relevant) the Participant is a 

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Specified Employee of the Company and that any payments to be provided to the Participant pursuant to this Plan upon the Participant’s Separation from Service are or may become subject to the additional tax under Section 409A(a)(1)(B) of the Code or any other taxes or penalties imposed under Section 409A of the Code (“Section 409A Taxes”) if provided at the time otherwise required under this Plan, then such payments shall be delayed until the date that is six months after the date of the Participant’s Separation from Service from the Company, or such shorter period that, as determined by the Committee, is sufficient to avoid the imposition of Section 409A Taxes (the “Payment Delay Period”).  Any payments delayed pursuant to this Section 3.7 shall be made in a lump sum on the first day of the seventh month following the Participant’s Separation from Service, or such earlier date that, as determined by the Committee, is sufficient to avoid the imposition of any Section 409A Taxes.

ARTICLE IV
BENEFICIARIES

Section 4.1Beneficiary Designations.  A designation of a Beneficiary hereunder may be made only by an instrument (in form acceptable to the Committee) signed by the Participant and filed with the Committee prior to the Participant’s death.  In the absence of such a designation and at any other time when there is no existing Beneficiary designated hereunder, the Beneficiary of a Participant shall be his estate.  A person designated by a Participant as his Beneficiary who dies or which ceases to exist shall not be entitled to any part of any payment thereafter to be made to the Participant’s Beneficiary unless the Participant’s designation specifically provides to the contrary.  If two or more persons designated as a Participant’s Beneficiary are in existence with respect to a single Deferred Compensation Benefit, the amount of any payment to the Beneficiary under this Plan shall be divided equally among such persons, unless the Participant’s designation specifically provided to the contrary. 

Section 4.2Change in Beneficiary.  A Participant may, at any time and from time to time, change a Beneficiary designation hereunder without the consent of any existing Beneficiary or any other person.  Any change in Beneficiary shall be made by giving written notice thereof to the Committee and any change shall be effective only if received by the Committee prior to the death of the Participant. 

Section 4.3Distributions to Beneficiaries.  The Beneficiary or Beneficiaries of a Participant shall be entitled to receive the unpaid Deferred Compensation Benefits to which the Participant was entitled at his death payable in a lump sum as soon as practicable following the date of the Participant’s death. 

ARTICLE V
MISCELLANEOUS

Section 5.1Liability of Employer.  Nothing in this Plan shall constitute the creation of a trust or other fiduciary relationship between an Employer and any Participant, Beneficiary or any other person. 

Section 5.2Ownership of Assets; Relationship with Company.  Notwithstanding anything herein to the contrary, Participants shall have no right, title or interest whatsoever in or to the Accounts or the Deferred Compensation Benefits. Nothing contained in the Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind or a fiduciary relationship between the Company and any Participant or any other person. To the extent that any person acquires a right to receive payments from the Company under this Plan, such right shall be no greater than the right of an unsecured general creditor of the Company. 

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Section 5.3No Guarantee of Employment.  Nothing in this Plan shall be construed as guaranteeing future employment to any Participant. Without limiting the generality of the preceding sentence, except as otherwise set forth in a written agreement, a Participant continues to be an employee of an Employer solely at the will of such Employer subject to discharge at any time, with or without cause. 

Section 5.4Payment to Guardian.  If a benefit payable hereunder is payable to a minor, to a person declared incompetent or to a person incapable of handling the disposition of his property, the Committee may direct payment of such benefit to the guardian, legal representative or person having the care and custody of such minor, incompetent or person.  The Committee may require such proof of incompetency, minority, incapacity or guardianship as it may deem appropriate prior to distribution of the benefit.  Such distribution shall completely discharge the Employers from all liability with respect to such benefit. 

Section 5.5Assignment.  No right or interest under this Plan of any Participant or Beneficiary shall be assignable or transferable in any manner or be subject to alienation, anticipation, sale, pledge, encumbrance or other legal process or in any manner be liable for or subject to the debts or liabilities of the Participant or Beneficiary. 

Section 5.6Severability.  If any provision of this Plan or the application thereof to any circumstance(s) or person(s) is held to be invalid by a court of competent jurisdiction, the remainder of the Plan and the application of such provision to other circumstances or persons shall not be affected thereby. 

Section 5.7Expenses; Liability for Benefits.  Each Employer shall be liable for the payment of the Deferred Compensation Benefits which are payable hereunder to its employees and for its pro rata portion of the expenses of administering the Plan, as determined by the Committee. 

Section 5.8Top Hat Plan.  The Plan is designed primarily for purposes of providing benefits for a select group of management and highly compensated employees of the Company and its Subsidiaries that adopt the Plan.  It is intended to qualify as a “top hat” plan under Sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended. 

ARTICLE VI
ADMINISTRATION OF PLAN

Section 6.1Administration. 

(a)  General.  The Plan shall be administered by the Committee.  The Committee shall have sole and absolute discretion to interpret where necessary all provisions of the Plan (including, without limitation, by supplying omissions from, correcting deficiencies in, or resolving inconsistencies or ambiguities in, the language of the Plan), to determine the rights and status under the Plan of Participants or other persons, to resolve questions or disputes arising under the Plan and to make any determinations with respect to the benefits payable under the Plan and the persons entitled thereto as may be necessary for the purposes of the Plan.  The Committee’s determination of the rights of any employee or former employee hereunder shall be final and binding on all persons, subject only to the appeal provisions outlined in Section 6.3 hereof. 

(b)  Compliance with Section 409A.  The Plan is intended to comply with or be exempt from (as applicable) the provisions of Section 409A, and the Committee shall interpret the Plan in a manner 

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consistent therewith.  Notwithstanding anything to the contrary, in the event the Committee determines that any amounts payable hereunder will be taxable to a Participant under Section 409A, to the extent permitted by 409A, the Company may (i) adopt such amendments to this Plan and policies and procedures, including amendments and policies with retroactive effect, that the Company determines are necessary or appropriate to preserve the intended tax treatment of the Plan and/or (ii) take such other actions as the Company determines are necessary or appropriate to comply with the requirements of Section 409A. For purposes of Section 409A, a Participant’s right to receive installment payments pursuant to the Plan shall be treated as a right to receive a series of separate payments and, accordingly, each installment payment shall be considered at all times a separate and distinct payment.

None of the Company, its affiliates or their respective managers, directors, officers, employees or advisors (A) makes any representations with respect to the application of Section 409A to the Plan, and (B)  shall be held liable for any taxes, interest, penalties or other monetary amounts owned by an Participant or other taxpayer as a result of the Plan.  
(c)  Delegation of Duties.  The Committee may delegate any of its administrative duties, including, without limitation, duties with respect to the processing, review, investigation, approval and payment of Deferred Compensation Benefits, to a named administrator or administrators. 

Section 6.2Regulations.  The Committee may promulgate any rules and regulations it deems necessary in order to carry out the purposes of the Plan or to interpret the provisions of the Plan; provided, however, that no rule, regulation or interpretation shall be contrary to the provisions of the Plan.  The rules, regulations and interpretations made by the Committee shall, subject only to the appeal provisions outlined in Section 6.3 hereof, be final and binding on all persons. 

Section 6.3Appeal Provisions.  The Committee shall determine the rights of any employee or former employee to any Deferred Compensation Benefits hereunder.  Any employee or former employee who believes that he has not received the Deferred Compensation Benefits to which he is entitled under the Plan may file a claim in writing with the Committee.  The Committee shall, no later than 90 days after the receipt of a claim (unless special circumstances require an extension of up to 90 additional days, provided that written notice of the extension of time is given to the claimant within the first 90 day period), either allow or deny the claim in writing.  If a claimant does not receive written notice of the Committee’s decision on his claim within the above-mentioned period, the claim shall be deemed to have been denied in full. 
A denial of a claim by the Committee, wholly or partially, shall be written in a manner calculated to be understood by the claimant and shall include: 
(a)  the specific reasons for the denial; 

(b)  specific reference to pertinent Plan provisions on which the denial is based; 

(c)  a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary; and 

(d)  an explanation of the claim review procedure. 
A claimant whose claim is denied (or his duly authorized representative) may within 60 days after receipt of denial of a claim file with the Committee a written request for a review of such claim.  If the claimant does not file a request for review of his claim within such 60-day period, the claimant shall be 

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deemed to have acquiesced in the original decision of the Committee on his claim.  If such an appeal is so filed within such 60-day period, the Company (or its delegate) shall conduct a full and fair review of such claim.  During such review, the claimant shall be given the opportunity to review documents that are pertinent to his claim and to submit issues and comments in writing.  

The Company shall mail or deliver to the claimant a written decision on the matter based on the facts and the pertinent provisions of the Plan within 60 days after the receipt of the request for review (unless special circumstances require an extension of up to 60 additional days, in which case written notice of such extension shall be given to the claimant prior to the commencement of such extension).  Such decision shall be written in a manner calculated to be understood by the claimant, shall state the specific reasons for the decision and the specific Plan provisions on which the decision was based and shall, to the extent permitted by law, be final and binding on all interested persons.  If the decision on review is not furnished to the claimant within the above-mentioned time period, the claim shall be deemed to have been denied on review. 

Section 6.4Revocability of Committee/Company Action.  Any action taken by the Committee with respect to the rights or benefits under the Plan of any employee or former employee shall be revocable by the Committee as to payments not yet made to such person, and acceptance of any Deferred Compensation Benefits under the Plan constitutes acceptance of and agreement to the Committee’s or the Company’s making any appropriate adjustments in future payments to such person (or to recover from such person) any excess payment or underpayment previously made to him. 

Section 6.5Amendment.  The Committee may at any time (without the consent of any Subsidiary which adopts the Plan) amend any or all of the provisions of this Plan, except that no such amendment may (a) reduce the balance of any Participant’s Account as of the date of such amendment, (b) change the time or form of distribution from a Participant’s Account or (c) change the provisions of the Plan applicable to a Participant’s Account upon a Change in Control, without the prior written consent of such Participant.  Any amendment shall be in the form of a written instrument executed by an officer of the Company pursuant to a resolution adopted by the Committee.  Subject to the foregoing provisions of this Section 6.5, such amendment shall become effective as of the date specified in such instrument or, if no such date is specified, on the date of its execution. 

Section 6.6Termination.  The Committee, in its discretion (without the consent of any Subsidiary which adopts the Plan), may terminate this Plan and pay amounts due hereunder to the full extent permitted by and in accordance with Section 409A of the Code (including, but not limited to, Section 1.409A-3(j)(4)(ix) of the U.S. Treasury Regulations), except that no such termination may (a) reduce the balance of any Participant’s Account as of the date of such termination or (b) materially change the provisions of the Plan applicable to a Participant’s Account upon a Change in Control, without the prior written consent of such Participant.  Any such termination shall be expressed in the form of a written instrument executed by an officer of the Company pursuant to a resolution adopted by the Committee.  Subject to the foregoing provisions of this Section 6.6, such termination shall become effective as of the date specified in such instrument or, if no such date is specified, on the date of its execution.  Written notice of any termination shall be given to the Participants as soon as practicable after the instrument is executed. 

[Signature Page to Follow] 
 

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Executed this 2nd day of November, 2016. 
 
	
	
	TRIANGLE CAPITAL CORPORATION

	 

	By: /s/ E. Ashton Poole

	 

	Its: President & CEO

 

12Exhibit

First Amendment to Office Lease

This First Amendment to Office Lease (the "Amendment") is made and entered into as of September 26, 2016 ("Amendment Date"), by and between 150 SPEAR STREET, LLC, a Delaware limited liability company ("Landlord"), and CASTLIGHT HEALTH, INC., a Delaware corporation ("Tenant"), with reference to the following facts.
Recitals
A.    Landlord and Tenant have entered into that certain Office Lease dated as of May 7, 2015 (the "Lease"), for the leasing of certain premises consisting of approximately 36,333 rentable square feet located at 150 Spear Street, Suites 200, 400, 500 and 575, San Francisco, California (the "Original Premises") as such Original Premises are more fully described in the Lease.
B.    Landlord and Tenant now wish to amend the Lease to provide for, among other things, (i) the extension of the Term of the Lease, (ii) the reduction in the size of the Original Premises by approximately 7,313 rentable square feet (the "Reduction Premises"), which Reduction Premises are commonly known as Suites 500 and 575 shown on Exhibit A attached hereto and incorporated herein by this reference, and (iii) the addition to the Original Premises of approximately 15,560 rentable square feet of space located in Suite 1400 (the "Additional Premises"), all upon and subject to each of the terms, conditions, and provisions set forth herein.
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Landlord and Tenant agree as follows:
1.    Recitals: Landlord and Tenant agree that the above recitals are true and correct and are hereby incorporated herein as though set forth in full.
2.    Term: The Term of the Lease, which is currently scheduled to expire on June 30, 2021 (the “Lease Expiration Date”), is hereby extended until June 30, 2022 (the “Revised Expiration Date”), unless sooner terminated in accordance with the terms of the Lease. The twelve (12)-month period from and after the Lease Expiration Date through the Revised Expiration Date shall hereinafter be referred to as the “Extended Term”.
3.    Termination of Reduction Premises: Landlord and Tenant hereby acknowledge and agree that the Lease with respect to the Reduction Premises shall terminate and be of no further force and effect as of 12:00 a.m. on the date that this Amendment is mutually executed and delivered (the "RP Termination Date"). Effective as of the RP Termination Date, the definition of the "Original Premises" shall be modified so that the Reduction Premises shall no longer be included within such definition and from and after the RP Termination Date, the Original Premises shall consist of approximately 29,020 square feet of rentable area, but subject to expansion as provided in Section 5 below. Notwithstanding such termination of the Lease with respect to the Reduction Premises or surrender of the Reduction Premises pursuant to Section 4 below, any and all obligations of Landlord and Tenant under the Lease, as amended hereby, with respect to the Reduction Premises which are to survive any termination or surrender thereof shall continue to survive such termination and surrender.
4.    Surrender of the Reduction Premises: Landlord acknowledges that on the RP Termination Date, Tenant vacated and surrendered to Landlord exclusive possession of the Reduction Premises in its "AS-IS" condition.
5.    Premises:
5.1    Commencing on the earlier to occur of (i) the date Tenant commences operation of its business from any portion of the Additional Premises, or (ii) July 16, 2017 (the “AP Commencement Date”), there shall be added to the Original Premises the Additional Premises, which Additional Premises are depicted on the site plan attached hereto and made a part hereof as Exhibit A-1.

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5.2    For purposes of the Lease, from and after the AP Commencement Date, the "Premises" as defined in the Lease shall mean and refer to the aggregate of the Original Premises (less the Reduction Premises) and the Additional Premises consisting of a combined total of approximately 44,580 rentable square feet located at 150 Spear Street, Suites 200, 400 and 1400, San Francisco, California. Accordingly, from and after the AP Commencement Date, all references in this Amendment and in the Lease to the term "Premises" shall mean and refer to the Original Premises (less the Reduction Premises) and the Additional Premises. Landlord and Tenant hereby agree that for purposes of the Lease, from and after the AP Commencement Date, the rentable square footage area of the Premises shall be conclusively deemed to be 44,580 rentable square feet. In addition to the foregoing, it is the parties express intention that the balance of the Lease Term for the Original Premises (less the Reduction Premises) and the Additional Premises be coterminous with the Revised Expiration Date of the Extended Term as specified in Section 2 above and that the option to extend the term described in Section 2.2 of the Lease shall be applicable to both the Original Premises (less the Reduction Premises) and the Additional Premises. Tenant shall have the right to install identification signage anywhere in the Additional Premises, including in the elevator lobby of the Additional Premises, subject to the terms and conditions of the Lease.
5.3    Subject to Section 5.4 below, Landlord shall permit Tenant to access and enter the Additional Premises on June 1, 2017 (the "Early Entry Date"), for purposes of installing the Tenant Improvements (as defined in Exhibit B attached hereto). Such entry and use of the Additional Premises by Tenant shall be at Tenant's sole risk and shall also be subject to all of the provisions of the Lease including, but not limited to, the requirement to obtain the insurance required pursuant to the Lease and to deliver insurance certificates as required herein. Notwithstanding the immediately preceding sentence, Tenant shall not be required to pay Rent (including any utilities costs incurred) for the Additional Premises prior to the AP Commencement Date. In addition to the foregoing, Landlord shall have the right to impose such additional reasonable conditions on Tenant's early entry as Landlord shall deem reasonably appropriate.
5.4    Tenant hereby acknowledges that the Additional Premises are presently being occupied by SendMe, Inc. and OneLogin (the "Existing Tenants"). Landlord's delivery to Tenant of possession of the Additional Premises by the Early Entry Date is contingent upon the Existing Tenants vacating the Additional Premises and surrendering possession thereof to Landlord by May 31, 2017. Tenant acknowledges and agrees that if Landlord cannot deliver to Tenant possession of the Additional Premises on the Early Entry Date, except as expressly provided in Section 5.5 below, Landlord shall neither be subject to any liability nor shall the validity of the Lease or this Amendment be affected.
5.5    Notwithstanding anything to the contrary set forth in this Section 5, if for any reason Landlord fails to deliver possession of the Additional Premises by the Early Entry Date, the AP Commencement Date shall be extended by one (1) day for each day between the Early Entry Date and the date that possession of the Additional Premises is actually delivered to Tenant.
6.    Base Rent: Effective as of the RP Termination Date, Section 4 of the Summary is modified to provide that the monthly Base Rent for the Phase II Premises payable by Tenant to Landlord, in accordance with the provisions of Article 3 of the Lease shall be deleted, subject to Tenant’s continued rent payment obligations set forth in Section 12 below. Effective as of the AP Commencement Date, Section 4 of the Summary is modified to provide that, in addition to the monthly Base Rent payable by Tenant to Landlord for the Phase I Premises, Tenant shall pay to Landlord monthly Base Rent for the Additional Premises in accordance with Section 3 of the Lease as follows:

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	Period
	Annual Base Rent per  
Rentable Square Foot
	Monthly Installment of  
Base Rent for Additional  
Premises

	7/16/17 – 7/15/18
	

	$70.00
	

	$90,766.67*
	

	7/16/18 – 7/15/19
	

	$72.10
	

	

	$93,489.67
	

	7/16/19 – 7/15/20
	

	$74.26
	

	

	$96,290.47
	

	7/16/20 – 7/15/21
	

	$76.49
	

	

	$99,182.03
	

	7/16/21 – 6/30/22
	

	$78.78
	

	

	$102,151.40
	

*Tenant shall not be obligated to pay monthly Base Rent solely with respect to the Additional Premises for the first two (2) full months (e.g., 30 or 31 days, as applicable) following the AP Commencement Date so long as Tenant is not in default under the Lease after the expiration of applicable notice and grace periods, as more particularly described in the immediately following sentence. If, at any time, Tenant is in default of any term, condition or provision of the Lease beyond applicable notice and grace periods that results in the Landlord exercising any of its remedies pursuant to Article 19 of the Lease, then as part of the recovery set forth in Article 19, Landlord shall be entitled to the recovery of the unamortized balance of the abated monthly Base Rent for the Additional Premises (such amount to be amortized on a straight line basis over the remaining Lease Term with respect to the Additional Premises, and the unamortized balance thereof to be determined based upon the unexpired portion of the Lease Term with respect to the Additional Premises as of the date of Tenant's default. For the period commencing on July 1, 2021 and ending on the Revised Expiration Date (i.e., June 30, 2022), the monthly Base Rent with respect to the Phase I Premises shall be $161,713.95 per month.
7.    Condition of the Original Premises: Tenant acknowledges and agrees that its possession of the Original Premises after the Amendment Date is a continuation of Tenant’s possession of the Original Premises pursuant to the Lease. Tenant is familiar with the condition of the Original Premises, and agrees that except as set forth in this Section 7, Landlord shall not be obligated to provide or pay for any improvement, remodeling or refurbishment work or services related to the improvement, remodeling or refurbishment of the Original Premises, and Tenant shall accept the Original Premises in its "AS-IS" condition. The foregoing shall not, however, limit Landlord’s ongoing maintenance, repair, restoration and service obligations to the extent set forth in the Lease. In addition to the foregoing, Landlord hereby agrees that the unused portion of the Suite 200/400 Allowance (in the amount of $251,683) may be used towards Tenant Improvements in the Original Premises and/or Additional Premises and, notwithstanding the terms of Section 2.1 of Exhibit B to the Lease, shall be available for Tenant's use until December 31, 2017. Any unused portion of the Suite 200/400 Allowance not disbursed to Tenant by December 31, 2017 shall be forfeited by Tenant and all such amounts shall revert back and become Landlord's sole property.
8.    Condition of the Additional Premises: Subject to the provisions of Section 5 above, on the Early Entry Date, Landlord shall deliver to Tenant possession of the Additional Premises in broom clean condition, free of all personal property and debris, and with the Base Building and the existing Building systems and equipment in good working condition and otherwise in its "AS IS" condition as of the date of this Amendment, and Landlord shall not be obligated to provide or pay for any improvement, remodeling or refurbishment work or services related to the improvement, remodeling or refurbishment of the Additional Premises except as otherwise expressly set forth herein or in Exhibit B hereto, and except that nothing herein shall limit Landlord's maintenance, repair, restoration and service obligations set forth in the Lease. The Tenant Improvements (defined in Exhibit B) shall be installed in accordance with the terms, conditions, criteria and provisions set forth in Exhibit B attached to this Amendment, and not pursuant to Exhibit B attached to the Lease which shall not be applicable to the Additional Premises. Tenant expressly acknowledges and agrees that neither Landlord nor any of Landlord's agents, representatives or employees has made any representations as to the suitability, fitness or condition of the Additional Premises for the conduct of Tenant's business or for any other purpose, including without limitation, any storage incidental thereto, or for any other purpose. Any exception to the foregoing provisions must be made by express written agreement signed by both parties. Tenant acknowledges that no representations or warranties of any kind, express or implied, respecting the condition of the Additional Premises, Building or Project or have been made by Landlord or any agent of Landlord to Tenant, except as expressly set forth herein or in the Lease. Notwithstanding anything to the contrary set forth in the Lease or herein, upon the expiration or earlier termination of the Lease, Tenant shall have no obligation to 

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remove any alterations or improvements existing in the Additional Premises as of the date possession thereof is delivered by Landlord to Tenant.
9.    Letter of Credit: Within ten (10) days after the mutual execution and delivery of this Amendment, Tenant shall deliver to Landlord either (at Tenant’s option): (a) an amendment to the existing Letter of Credit issued by Union Bank in the amount of $1,000,000.000 which is currently being held by Landlord under the lease (the “Existing Letter of Credit”), increasing the amount thereof by an additional $144,322.50 (which Existing Letter of Credit, as so amended, referred to herein as the “Amended Letter of Credit”), or (b) a replacement letter of credit in the amount of $1,144,322.50 issued by Silicon Valley Bank in the form attached as Exhibit 1 to Rider 2 of the Lease or such other form provided by Silicon Valley Bank and acceptable to Landlord (the “Replacement Letter of Credit”), which Replacement Letter of Credit shall thereupon replace in all respects the Existing Letter of Credit. The Amended Letter of Credit or the Replacement Letter of Credit, as applicable, shall be subject to, and the use and application thereof and potential reduction thereof governed by, Rider 2 to the Lease. In conjunction with the foregoing, (a) Section 9 of the Summary is hereby amended by deleting the number "$1,000,000.00" and inserting in lieu thereof the number "$1,144,322.50", and (b) Rider 2 of the Lease is hereby modified to provide that the Letter of Credit shall be required to remain in full force and effect until the date which is ninety (90) days after the Revised Expiration Date.
10.    Tenant's Share: Effective as of the RP Termination Date, the Lease shall be modified to provide that Tenant's Share (as defined in Section 6 of the Summary) shall be 10.95%. Effective as of the AP Commencement Date, the Lease shall be modified to provide that Tenant's Share shall be 16.82% with respect to the entire Premises (10.95% as to the Original Premises and 5.87% as to the Additional Premises).
11.    Base Year: Effective as of the AP Commencement Date, the Base Year (as set forth in Section 5 of the Summary) shall be the calendar year 2017 with respect to the Additional Premises and remain the calendar year 2015 with respect to the Original Premises.
12.    Continued Payment of Reduction Premises Base Rent. As consideration for Landlord's agreement to permit Tenant to terminate the Lease with respect to the Reduction Premises and, despite the fact that the Reduction Premises will not be a part of the Premises from and after the RP Termination Date, Tenant covenants and agrees to continue to pay Landlord monthly Base Rent with respect to the Suite 500 portion of the Reduction Premises, in an amount equal to Twenty Four Thousand Five Hundred Thirty-Seven and 33/100 Dollars ($24,537.33) per month. Tenant's requirement to continue payments of monthly Base Rent for the Suite 500 portion of the Reduction Premises as set forth herein shall commence on the RP Termination Date and expire on the earlier to occur of July 15, 2017 or the date that Landlord executes a new lease for the Suite 500 portion of the Reduction Premises. Landlord shall provide written notice to Tenant of the execution of any new lease for the Suite 500 portion of the Reduction Premises which occurs prior to July 15, 2017 promptly after such execution.
13.    Termination of Credits and Allowances. Tenant hereby agrees that, effective as of the Amendment Date, any and all or credits and/or improvement allowances which may be owed by Landlord or may become due and owing in the future by Landlord pursuant to the Lease with respect to the Reduction Premises including, without limitation, the Suite 500/575 Allowance (as defined in Section 2.1 of Exhibit B of the Lease) shall be of no further force or effect and Landlord shall have no obligation or liability therefor.
14.    Representations of Tenant: Tenant hereby represents and warrants to Landlord the following as of the date of this Amendment: (i) Tenant has not heretofore sublet the Reduction Premises nor assigned, transferred or conveyed all or any portion of its rights, title or interest in the Lease; (ii) no other person, firm or entity has any right, title or interest in Tenant’s interest in the Lease; (iii) Tenant has the full right, legal power and actual authority to enter into this Amendment and to terminate its lease of the Reduction Premises without the consent of any person, firm or entity; (iv) this Amendment is legal, valid and binding upon Tenant, enforceable in accordance with its terms; (v) Tenant has not done any of the following: (a) made a general assignment for the benefit of creditors; (b) filed any voluntary petition in bankruptcy or suffered the filing of an involuntary petition by its creditors; (c) suffered the appointment of a receiver to take possession of all, or substantially, all of its assets; (d) suffered the attachment or other judicial seizure of all, or substantially all, of its assets; (e) admitted in writing to its inability to pay its debts as they become due; or (f) made an offer of settlement, extension 

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or composition to its creditors generally. In addition to the foregoing, Tenant is not contemplating taking any of the aforementioned actions during the period of time commencing on the date of this Amendment and ending on the date which is ninety-one (91) days thereafter; and (vi) to Tenant's knowledge, (1) there no uncured defaults on the part of Landlord under the Lease and (2) Tenant has no claim, cause of action, offset, set-off, deduction, counterclaim or other similar right against Landlord. Tenant further represents and warrants to Landlord that as of the date hereof there are no mechanic's liens or other liens encumbering all or any portion of the Reduction Premises arising out of any work performed, materials furnished or obligations incurred by or on behalf of Tenant. The representations and warranties set forth in this Section 14 shall survive the termination of Tenant's lease of the Reduction Premises and Tenant shall be liable to Landlord for any material inaccuracy or breach thereof.
15.    Insurance: Tenant shall deliver to Landlord, by the Early Entry Date, a certificate of insurance evidencing that the Additional Premises are included within and covered by Tenant's insurance policies required to be carried by Tenant pursuant to the Lease. Such insurance, to the extent it remains in effect and in compliance with the Lease, shall satisfy any requirements of Landlord regarding insurance Tenant is required to carry with respect to the Additional Premises during the Lease Term.
16.    Brokers: Tenant and Landlord each warrants that it has had no dealings with any real estate broker or agent in connection with the negotiation of this Amendment, except Savills Studley, representing Tenant, and Colliers International, representing Landlord (collectively, the "Brokers"), whose commission shall be paid by Landlord (and not Tenant) pursuant to a separate written agreement. If either party has dealt with any person, real estate broker or agent with respect to this Amendment other than the Brokers, such party shall be solely responsible for the payment of any fee due to said person or firm, and such party shall indemnify, defend and hold the other party free and harmless against any claims, judgments, damages, costs, expenses, and liabilities with respect thereto, including reasonable attorneys' fees and costs.
17.    Effect of Amendment: Except as modified herein, the terms and conditions of the Lease shall remain unmodified and continue in full force and effect. In the event of any conflict between the terms and conditions of the Lease and this Amendment, the terms and conditions of this Amendment shall prevail.
18.    Definitions: Unless otherwise defined in this Amendment, all terms not defined in this Amendment shall have the meanings assigned to such terms in the Lease.
19.    Authority: Subject to the assignment and subletting provisions of the Lease, this Amendment shall be binding upon and inure to the benefit of the parties hereto, their respective heirs, legal representatives, successors and assigns. Each party hereto and the persons signing below warrant that the person signing below on such party's behalf is authorized to do so and to bind such party to the terms of this Amendment.
20.    Incorporation: The terms and provisions of the Lease are hereby incorporated in this Amendment.
21.    California Accessibility Disclosure: For purposes of Section 1938 of the California Civil Code, Landlord hereby discloses to Tenant, and Tenant hereby acknowledges, that neither the Original Premises nor the Additional Premises have undergone inspection by a Certified Access Specialist (CASp).
22.    Governing Law: This Amendment is governed by federal law, including without limitation the Electronic Signatures in Global and National Commerce Act (15 U.S.C. §§ 7001 et seq.) and, to the extent that state law applies, the laws of the State of California without regard to its conflicts of law rules.
23.    Counterparts; Electronic Signatures: This Amendment may be executed in counterparts, including both counterparts that are executed on paper and counterparts that are in the form of electronic records and are executed electronically. An electronic signature means any electronic sound, symbol or process attached to or logically associated with a record and executed and adopted by a party with the intent to sign such record, including facsimile or e-mail electronic signatures. All executed counterparts shall constitute one agreement, and each counterpart shall be deemed an original. The parties hereby acknowledge and agree that electronic records and electronic signatures, as well as facsimile signatures, may be used in connection with the execution of this Amendment and electronic signatures, facsimile signatures or signatures 

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transmitted by electronic mail in so-called pdf format shall be legal and binding and shall have the same full force and effect as if an a paper original of this Amendment had been delivered had been signed using a handwritten signature. Landlord and Tenant (i) agree that an electronic signature, whether digital or encrypted, of a party to this Amendment is intended to authenticate this writing and to have the same force and effect as a manual signature, (ii) intend to be bound by the signatures (whether original, faxed or electronic) on any document sent or delivered by facsimile or, electronic mail, or other electronic means, (iii) are aware that the other party will rely on such signatures, and (iv) hereby waive any defenses to the enforcement of the terms of this Amendment based on the foregoing forms of signature. If this Amendment has been executed by electronic signature, all parties executing this document are expressly consenting under the Electronic Signatures in Global and National Commerce Act ("E-SIGN"), and Uniform Electronic Transactions Act ("UETA"), that a signature by fax, email or other electronic means shall constitute an Electronic Signature to an Electronic Record under both E-SIGN and UETA with respect to this specific transaction.
24.    No Primary Lease or Mortgage: Landlord represents and warrants to Tenant that there is no Primary Lease or Mortgage encumbering the Property or the Premises as of October 1, 2016.
///signatures on next page///

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IN WITNESS WHEREOF, the parties have executed this Amendment as of the date and year first above written. "Landlord"
150 SPEAR STREET, LLC,
a Delaware limited liability company
By:    Principal Real Estate Investors, LLC,
a Delaware limited liability company
By: /s/ Michael Benson
Name: Michael Benson    
Its:   Asst. Managing Director
By: /s/ Jeffrey D. Uittenbogaard
Name: Jeffrey D. Uittenbogaard    
Its:   Investment Director
"Tenant"
CASTLIGHT HEALTH, INC., a Delaware corporation
By: /s/ Jennifer W. Chaloemtiarana    
Name: Jennifer W. Chaloemtiarana    
Its:  General Counsel
By: /s/ John Doyle    
Name: John Doyle    
Its:   President & COO

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EXHIBIT A
SITE PLAN OF REDUCTION PREMISES

Exhibit A, Page 1
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EXHIBIT A-1
SITE PLAN OF ADDITIONAL PREMISES

Exhibit A-1, Page 1
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EXHIBIT B
150 SPEAR STREET, SAN FRANCISCO, CALIFORNIA  
TENANT WORK LETTER
This Work Letter ("Work Letter") shall set forth the terms and conditions relating to the construction of improvements for the Additional Premises. All references in this Work Letter to the "Lease" shall mean the relevant portions of the Lease, as defined in the Amendment to which this Work Letter is attached as Exhibit B.
SECTION 1 
AS-IS CONDITION
Landlord has previously constructed, and, subject to Landlord's obligation under Section 1.1.1 of the Lease, Tenant hereby accepts the base, shell and core (i) of the Additional Premises and (ii) of the floor(s) of the Building on which the Additional Premises are located (collectively, the "Base, Shell and Core"), in its current "AS-IS" condition existing as of the date of the Amendment and AP Commencement Date. Except for the Tenant Improvement Allowance set forth below and Landlord’s agreement regarding the Suite 200/400 Allowance set forth in Section 7 of the Amendment, Landlord shall not be obligated to make or pay for any alterations or improvements to the Additional Premises, the Building or the Complex. Upon execution of the Amendment, Landlord shall provide Tenant (or its Architect, as defined below) with Landlord’s most recently prepared wet stamped path of travel drawings for the Building. Notwithstanding anything to the contrary contained herein, in the event that, during construction of the initial Tenant Improvements pursuant to this Exhibit B, Hazardous Materials are discovered in the Additional Premises or the Common Areas of the Building that require remediation and/or abatement, then Landlord shall be responsible, at Landlord's sole cost, for any such remediation/abatement to the extent required by applicable governmental agencies. In the event that any Hazardous Material remediation by Landlord as required pursuant to the immediately preceding sentence causes an actual delay in Tenant's completion of construction of the Tenant Improvements, then Tenant shall receive a credit against Base Rent for the Additional Premises next coming due an amount equal to one (1) day of Base Rent at the rate payable at the commencement of the Lease Term for the Additional Premises for each day that Tenant is actually delayed in occupying the Additional Premises solely as a result of Landlord's Hazardous Materials remediation/abatement work. In addition to the foregoing, in the event that the Tenant Improvements trigger the need for code compliance work (including ADA and Title 24 or other Applicable Laws) at the Building, but outside of the Additional Premises, including in the Common Areas, including the path of travel to the Additional Premises, or any restrooms on Tenant's floors, then Landlord shall perform such code compliance work at Landlord's sole cost and expense in accordance with Applicable Laws. In the event that Landlord's failure to complete any of the foregoing code compliance work causes the City of San Francisco ("City") to not allow Tenant to occupy the Additional Premises, then Tenant shall receive a credit against Base Rent for the Additional Premises next coming due in an amount equal to one (1) day of Base Rent for the Additional Premises at the rate payable as of the AP Commencement Date for each day that Tenant is actually prevented from occupying the Additional Premises by the City solely as a result of Landlord's failure to complete any of the foregoing code compliance work.
SECTION 2
TENANT IMPROVEMENTS
2.1    Tenant Improvement Allowance. Tenant shall be entitled to a one-time tenant improvement allowance
in the amount of up to, but not exceeding $15.00 per rentable square foot of the Additional Premises (i.e., up to $233,400.00, based on 15,560 rentable square feet in the Additional Premises (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be used for the costs relating to the design, permitting and construction of Tenant's improvements which are permanently affixed to the Additional Premises (the "Tenant Improvements"); provided, however, that Landlord shall have no obligation to disburse all or any portion of the Tenant Improvement Allowance to Tenant unless Tenant makes a request for disbursement pursuant to the terms and conditions of Section 2.2  below prior to the date which is one (1) year after the AP Commencement Date. In no event shall Landlord be obligated to make disbursements pursuant to this Work Letter in a total amount which exceeds the Tenant Improvement Allowance. Tenant shall not be entitled to receive any cash payment or credit against Rent or otherwise for any unused portion of the Tenant Improvement Allowance which is not used to pay for the Tenant Improvement Allowance Items (as such term is defined below).

Exhibit B, Page 1
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2.2    Disbursement of the Tenant Improvement Allowance.
2.2.1 Tenant Improvement Allowance Items. Except as otherwise set forth in this Work Letter, the Tenant Improvement Allowance shall be disbursed by Landlord only for the following items and costs (collectively, the "Tenant Improvement Allowance Items"):
2.2.1.1 payment of the fees of the "Architect" and the "Engineers", as those terms are defined in Section 3.1 of this Work Letter;
2.2.1.2 the payment of plan check, permit and license fees relating to construction of the
Tenant Improvements;
2.2.1.3 the cost of construction of the Tenant Improvements, including, without limitation, contractors' fees and general conditions, testing and inspection costs, costs of trash removal, parking and hoists;
2.2.1.4 the cost of any changes in the Base, Shell and Core work when such changes are required by the Construction Drawings, such cost to include all direct architectural and/or engineering fees and expenses incurred in connection therewith;
2.2.1.5 the cost of any changes to the Construction Drawings or Tenant Improvements required by Applicable Laws;
2.2.1.6 sales and use taxes and Title 24 fees;
2.2.1.7 the "Coordination Fee", as that term is defined in Section 4.2.2.2 of this Work Letter; and
2.2.1.8 all other costs to be expended by Landlord in connection with the construction of the Tenant Improvements if requested by Tenant or required by Applicable Laws or otherwise incurred by Landlord hereunder, except to the extent Landlord is required pursuant to the terms hereof to incur such costs on its own behalf.
2.2.2 Disbursement of Tenant Improvement Allowance. Subject to Section 2.1 above, during the construction of the Tenant Improvements, Landlord shall make disbursements of the Tenant Improvement Allowance for Tenant Improvement Allowance Items for the benefit of Tenant and shall authorize the release of monies for the benefit of Tenant as follows:
2.2.2.1 Disbursements.    From time to time during the construction of the Tenant
Improvements (but no more frequently than monthly), Tenant shall deliver to Landlord: (i) a request for payment of the "Contractor", as that term is defined in Section 4.1 below, approved by Tenant, showing the schedule, by trade, of percentage of completion of the Tenant Improvements in the Additional Premises, detailing the portion of the work completed and the portion not completed, and demonstrating that the relationship between the cost of the work completed and the cost of the work to be completed complies with the terms of the "Construction Budget", as that term is defined in Section 4.2.1 below; (ii) invoices from all of "Tenant's Agents", as that term is defined in Section 4.1.2 below, for labor rendered and materials delivered to the Additional Premises; (iii) executed mechanic's lien releases from Contractor and all subcontractors which shall comply with the appropriate provisions, as reasonably determined by Landlord, of California Civil Code Sections 8132-8138; and (iv) each of the general disbursement items referenced in Section 2.2.2.3 below, and all other information reasonably requested by Landlord with respect to such disbursement. Tenant's request for payment shall be deemed Tenant's acceptance and approval of the work furnished and/or the materials supplied as set forth in Tenant's payment request. Within thirty (30) days following Landlord's receipt of a completed disbursement request submission, Landlord shall deliver a check to Tenant in payment of the lesser of (A) the amounts so requested by Tenant, as set forth in this Section 2.2.2.1, above, less a ten percent (10%) retention (the aggregate amount of such retentions to be known as the "Final Retention") and (B) the balance of any remaining available portion of the Tenant Improvement Allowance (not including the Final Retention), provided that Landlord does not dispute any request for payment based on non-compliance of any work with the "Approved Working Drawings", as that term is defined in Section 3.4 below, or due to any substandard work. Landlord's payment of such amounts shall not be deemed Landlord's approval or acceptance of the work furnished or materials supplied as set forth in Tenant's payment request.

Exhibit B, Page 2
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2.2.2.2 Final Retention. Subject to the provisions of this Work Letter, a check for the Final Retention payable to Tenant shall be delivered by Landlord to Tenant within thirty (30) days following the completion of construction of the Additional Premises, provided that (i) Tenant delivers to Landlord properly executed and fully unconditional mechanics lien releases in compliance with both California Civil Code Section 8134 and either Section 8136 or Section 8138, and (ii) Landlord has determined that no substandard work exists which adversely affects the mechanical, electrical, plumbing, heating, ventilating and air conditioning, life-safety or other systems of the Building, the curtain wall of the Building, the structure or exterior appearance of the Building, or any other tenant's use of such other tenant's leased premises in the Building, (iii) Tenant has delivered to Landlord a certificate of occupancy or permit cards signed off by the City with respect to the Additional Premises; (iv) Tenant has delivered to the Office of the Building as-built plans and City-permitted plans for the Tenant Improvements; (v) Tenant has delivered to the Office of the Building operation manuals and warranties for equipment included within the Tenant Improvements, if applicable, and (vi) Tenant has delivered to Landlord each of the general disbursement items referenced in Section 2.2.2.3 below.
2.2.2.3 General Disbursement Requirements. In addition to the disbursement requirements referenced above, Tenant acknowledges and agrees that the following items are required as a condition to any disbursement of the Tenant Improvement Allowance:
		
	•
	Copy of contract with Tenant's General Contractor

		
	•
	Copy of General Contractor's certificate of insurance, including Additional Insured endorsement naming Landlord as an Additional Insured

		
	•
	General Contractor's Schedule of Values, showing total contract value

2.2.2.4 Other Terms. Landlord shall only be obligated to make disbursements from the Tenant Improvement Allowance to the extent costs are incurred by Tenant for Tenant Improvement Allowance Items.
2.2.3 Specifications for Building Standard Components. Landlord has established specifications (the "Specifications") for the Building standard components to be used in the construction of the Tenant Improvements in the Additional Premises which Specifications are attached hereto as Schedule 1. The quality of Tenant Improvements shall be equal to or of greater quality than the Specifications. Landlord may make reasonable changes to the Specifications from time to time and shall provide the same in writing to Tenant.
SECTION 3
CONSTRUCTION DRAWINGS

3.1    Selection of Architect/Construction Drawings. Tenant shall retain the architect/space planner (the "Architect") approved by Landlord, which approval shall not be unreasonably withheld, to prepare the Construction Drawings. Landlord hereby approves Gensler as an acceptable Architect. Tenant shall retain the engineering consultants designated by Landlord (the "Engineers") to prepare all plans and engineering working drawings relating to the structural, mechanical, electrical, plumbing, HVAC, life safety, and sprinkler work in the Additional Premises. The plans and drawings to be prepared by Architect and the Engineers hereunder shall be known collectively as the "Construction Drawings". All Construction Drawings shall comply with the drawing format and specifications reasonably determined by Landlord, and shall be subject to Landlord's approval, which approval shall not be unreasonably withheld or conditioned, and shall be granted or denied within five (5) business days after the submission of the Construction Drawings to Landlord for approval. Any disapproval by Landlord shall specify in reasonable detail the reason for such disapproval. Following any disapproval by Landlord as provided herein, Tenant shall revise the applicable Construction Drawings in response to Landlord’s disapproval, following which Landlord shall again grant or deny its consent within three (3) business days. The foregoing process shall be repeated until final Construction Drawings are approved. Tenant and Architect shall verify, in the field, the dimensions and conditions as shown on the relevant portions of the base building plans, and Tenant and Architect shall be solely responsible for the same, and Landlord shall have no responsibility in connection therewith. Landlord's review of the Construction Drawings as set forth in this Section 3, shall be for its sole purpose and shall not imply Landlord's review of the same, or obligate landlord to review the same, for quality, design, Code compliance or other like matters. Accordingly, notwithstanding that any Construction Drawings are reviewed by Landlord or its space planner, architect, engineers and consultants, and notwithstanding any advice or assistance which may be rendered to Tenant by Landlord 

Exhibit B, Page 3
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or Landlord's space planner, architect, engineers, and consultants, Landlord shall have no liability whatsoever in connection therewith and shall not be responsible for any omissions or errors contained in the Construction Drawings.
3.2    Final Space Plan. Tenant shall supply Landlord with four (4) copies signed by Tenant of its final space
plan for the Additional Premises before any architectural working drawings or engineering drawings have been commenced. The final space plan (the "Final Space Plan") shall include a layout and designation of all offices, rooms and other partitioning and their intended use. Landlord may request clarification or more specific drawings for special use items not included in the Final Space Plan. Landlord shall advise Tenant within five (5) business days after Landlord's receipt of the Final Space Plan for the Additional Premises if the same is unsatisfactory or incomplete in any respect. If Tenant is so advised, Tenant shall promptly (i) cause the Final Space Plan to be revised to correct any deficiencies or other matters Landlord may reasonably require, and (ii) deliver such revised Final Space Plan to Landlord. The foregoing process shall be repeated until the Final Space Plan is approved.
3.3    Final Working Drawings. After the Final Space Plan has been approved by Landlord and Tenant,
Tenant shall promptly cause the Architect and the Engineers to complete the architectural and engineering drawings for the Additional Premises, and cause the Architect to compile a fully coordinated set of architectural, structural, mechanical, electrical and plumbing working drawings in a form which is complete to allow subcontractors to bid on the work and to obtain all applicable permits for the Tenant Improvements (collectively, the "Final Working Drawings"), and shall submit the same to Landlord for Landlord's approval. Tenant shall supply Landlord with four (4) copies signed by Tenant of such Final Working Drawings. Landlord shall advise Tenant within five (5) business days after Landlord's receipt of the Final Working Drawings for the Additional Premises if, in Landlord's reasonable determination, the same is unsatisfactory or incomplete in any respect. If Tenant is so advised, Tenant shall promptly (i) revise the Final Working Drawings in accordance with such review and any reasonable disapproval of Landlord in connection therewith, and (ii) deliver such revised Final Working Drawings to Landlord. The foregoing process shall be repeated until the Final Working Drawings are approved.
3.4    Approved Working Drawings. The Final Working Drawings shall be approved by Landlord (the
"Approved Working Drawings") prior to the commencement of construction of the Additional Premises by Tenant. After approval by Landlord of the Final Working Drawings, Tenant shall promptly submit the same to the appropriate governmental authorities for all applicable building permits. Tenant hereby agrees that neither Landlord nor Landlord's consultants shall be responsible for obtaining any building permit for the Tenant Improvements or certificate of occupancy for the Additional Premises and that obtaining the same shall be Tenant's responsibility; provided, however, that Landlord shall cooperate with Tenant in executing permit applications and performing other ministerial acts reasonably necessary to enable Tenant to obtain any such permit or certificate of occupancy. No changes, modifications or alterations in the Approved Working Drawings may be made without the prior written consent of Landlord, which consent shall not be unreasonably withheld or conditioned and shall be granted or reasonably denied within five (5) business days following request.
3.5    Non Standard Tenant Improvements. "Non Standard Tenant Improvements" shall mean (a) any part of
the Tenant Improvements which do not constitute Building standard tenant improvements, including, but not limited to, plumbing and millwork; and (b) a configuration of the Tenant Improvements which is not usual and customary for normal occupancy. Provided Landlord notifies Tenant of such requirement at the time Landlord approves the Working Drawings, Tenant shall be required to remove such Non Standard Tenant Improvements designated by Landlord for removal at the expiration or earlier termination of the Lease and repair any damage caused thereby.
SECTION 4
CONSTRUCTION OF THE TENANT IMPROVEMENTS
4.1    Tenant's Selection of Contractor and Tenant's Agents.
4.1.1 The Contractor. Tenant shall select and retain a general contractor (“Contractor”) to construct the Tenant Improvements. Such Contractor shall be subject to Landlord’s approval, which approval shall not be unreasonably withheld or conditioned and shall be given or reasonably denied within three (3) business days following Tenant’s request for approval. Landlord hereby approves Principal Builders as an acceptable Contractor. Tenant shall deliver to Landlord notice of its selection of the Contractor (if other than Principal Builders) upon such selection.

Exhibit B, Page 4
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4.1.2 Tenant's Agents. All subcontractors, laborers, materialmen, and suppliers used by Tenant in connection with the Tenant Improvements and the Contractor shall be known collectively as "Tenant's Agents". All subcontractors shall be approved in writing by Landlord, which approval shall not be unreasonably withheld or conditioned and shall be given or reasonably denied within three (3) business days following Tenant's request for approval; provided that, in any event, Tenant must contract with Landlord's base building subcontractors for any mechanical, electrical, plumbing, life safety, structural, heating, ventilation, and air-conditioning work in the Additional Premises. If requested by Landlord, Tenant's Agents shall all be union labor in compliance with the master labor agreements existing between trade unions and the local chapter of the Associated General Contractors of America.
4.2    Construction of Tenant Improvements by Tenant's Agents.
4.2.1 Construction Contract; Cost Budget. Tenant shall submit to Landlord a copy of the construction contract and general conditions with Contractor (the "Contract") for Landlord’s records. Prior to the commencement of the construction of the Tenant Improvements, Tenant shall provide Landlord with a written detailed cost breakdown (the "Final Costs Statement"), by trade, of the final costs to be incurred, or which have been incurred, as set forth more particularly in Section 2.2.1.1 through 2.2.1.8 above, in connection with the design and construction of the Tenant Improvements to be performed by or at the direction of Tenant or the Contractor (which costs form a basis for the amount of the Contract, if any (the "Final Costs"). To the extent the Final Costs exceed the Tenant Improvement Allowance (less any portion thereof already disbursed by Landlord, or in the process of being disbursed by Landlord, on or before the commencement of construction of the Tenant Improvements), Tenant shall make payments for such additional costs (the "Over-Allowance Amount") out of its own funds, but Tenant shall provide Landlord with the documents described in Sections 2.2.2.1 (i), (ii), (iii) and (iv) above prior to Tenant paying such costs.
4.2.2 Tenant's Agents.
4.2.2.1 Landlord's General Conditions for Tenant's Agents and Tenant Improvement Work. Tenant's and Tenant's Agents' construction of the Tenant Improvements shall comply with the following: (i) the Tenant Improvements shall be constructed in strict accordance with the Approved Working Drawings; (ii) Tenant and Tenant's Agents shall not, in any way, interfere with, obstruct, or delay, the work of Landlord's base building contractor and subcontractors with respect to any work in the Building; (iii) Tenant's Agents shall submit schedules of all work relating to the Tenant's Improvements to Contractor and Contractor shall, within five (5) business days of receipt thereof, inform Tenant's Agents of any changes which are necessary thereto, and Tenant's Agents shall adhere to such corrected schedule; and (iv) Tenant shall abide by all uniform rules made by Landlord's Building contractor or Landlord's Building manager and provided to Tenant with respect to the use of freight, loading dock and service elevators, storage of materials, coordination of work with the contractors of other tenants, and any other matter in connection with this Work Letter, including, without limitation, the construction of the Tenant Improvements.
4.2.2.2 Coordination Fee. Tenant shall pay a logistical coordination fee (the "Coordination Fee") to Landlord in an amount equal to one hundred fifty dollars ($150.00) per hour for time actually expended and documented by Landlord in connection with the design and construction of the Tenant Improvements, which Coordination Fee shall be for services relating to the coordination of the construction of the Tenant Improvements and for the review of Tenant's plans and drawings as referenced in Section 3 above, which amount shall be charged against the Tenant Improvement Allowance.
4.2.2.3 Indemnity. Tenant's indemnity of Landlord as set forth in the Lease shall also apply with respect to any and all costs, losses, damages, injuries and liabilities related in any way to any act or omission of Tenant or Tenant's Agents, or anyone directly or indirectly employed by any of them, or in connection with Tenant's nonpayment of any amount arising out of the Tenant Improvements and/or Tenant's disapproval of all or any portion of any request for payment. Such indemnity by Tenant, as set forth in the Lease, shall also apply with respect to any and all costs, losses, damages, injuries and liabilities related in any way to Landlord's performance of any ministerial acts reasonably necessary (i) to permit Tenant to complete the Tenant Improvements, and (ii) to enable Tenant to obtain any building permit or certificate of occupancy for the Additional Premises.
4.2.2.4 Insurance Requirements.
4.2.2.4.1 General Coverages.    All of Tenant's Agents shall carry worker's
compensation insurance covering all of their respective employees, and shall also carry public liability insurance, including property damage, all with limits, in form and with companies as are required to be carried by Tenant as set forth in the Lease.

Exhibit B, Page 5
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4.2.2.4.2 Special Coverages. Tenant shall cause the Contractor to carry "Builder's All Risk" insurance in an amount approved by Landlord covering the construction of the Tenant Improvements, and such other insurance as Landlord may reasonably require, it being understood and agreed that the Tenant Improvements shall be insured by Tenant pursuant to the Lease immediately upon completion thereof. Such insurance shall be in amounts and shall include such extended coverage endorsements as may be reasonably required by Landlord, and in form and with companies as are required to be carried by Tenant as set forth in the Lease.
4.2.2.4.3 General Terms. Certificates for all insurance carried pursuant to this Section 4.2.2.4 shall be delivered to Landlord before the commencement of construction of the Tenant Improvements and before the Contractor's equipment is moved onto the site. In the event that the Tenant Improvements are damaged by any cause during the course of the construction thereof, Tenant shall immediately repair the same at Tenant's sole cost and expense. All policies carried under this Section 4.2.2.4 shall insure Landlord and Tenant, as their interests may appear, as well as Contractor and Tenant's Agents, and shall name as additional insureds Landlord's property manager, Landlord's asset manager, and all mortgagees and ground lessors of the Building. All insurance, except Workers' Compensation, maintained by Tenant's Agents shall preclude subrogation claims by the insurer against anyone insured thereunder. Such insurance shall provide that it is primary insurance as respects the owner and that any other insurance maintained by owner is excess and noncontributing with the insurance required hereunder. The requirements for the foregoing insurance shall not derogate from the provisions for indemnification of Landlord by Tenant under Section 4.2.2.3 of this Work Letter.
4.2.3 Governmental Compliance. The Tenant Improvements shall comply in all respects with the following: (i) Applicable Laws, as each may apply according to the rulings of the controlling public official, agent or other person; (ii) applicable standards of the American Insurance Association (formerly, the National Board of Fire Underwriters) and the National Electrical Code; and (iii) building material manufacturer's specifications.
4.2.4 Inspection by Landlord. Landlord shall have the right to inspect the Tenant Improvements at all times, provided however, that Landlord's failure to inspect the Tenant Improvements shall in no event constitute a waiver of any of Landlord's rights hereunder nor shall Landlord's inspection of the Tenant Improvements constitute Landlord's approval of the same. Should Landlord reasonably disapprove any portion of the Tenant Improvements, Landlord shall notify Tenant in writing of such disapproval and shall specify the items disapproved. Any defects or deviations in, and/or reasonable disapproval by Landlord of, the Tenant Improvements shall be rectified by Tenant at no expense to Landlord, provided however, that in the event Landlord determines that a defect or deviation exists and such defect or deviation might adversely affect the mechanical, electrical, plumbing, heating, ventilating and air conditioning or life-safety systems of the Building, the structure or exterior appearance of the Building or any other tenant's use of such other tenant's leased premises, Landlord may, following notice to Tenant, take such action as Landlord deems necessary, at Tenant's expense and without incurring any liability on Landlord's part, to correct any such defect or deviation, including, without limitation, causing the cessation of performance of the construction of the Tenant Improvements until such time as the defect or deviation is corrected to Landlord's reasonable satisfaction.
4.2.5 Meetings. Commencing upon the execution of the Lease, Tenant shall hold weekly meetings at a reasonable time, with the Architect and the Contractor regarding the progress of the preparation of Construction Drawings and the construction of the Tenant Improvements, which meetings shall be held at a location mutually agreed upon by the parties, and Landlord and/or its agents shall receive prior notice of, and shall have the right to attend, all such meetings, and, upon Landlord's request, certain of Tenant's Agents shall attend such meetings. In addition, minutes shall be taken at all such meetings, a copy of which minutes shall be promptly delivered to Landlord. One such meeting each month shall include the review of Contractor's current request for payment.
4.3    Notice of Completion; Copy of "As Built" Plans. Within ten (10) days after completion of construction
of the Tenant Improvements, Tenant shall cause a Notice of Completion to be recorded in the office of the Recorder of the County in which the Building is located in accordance with Section 8182 of the Civil Code of the State of California or any successor statute, and shall furnish a copy thereof to Landlord upon such recordation. If Tenant fails to do so, Landlord may execute and file the same on behalf of Tenant as Tenant's agent for such purpose, at Tenant's sole cost and expense. At the conclusion of construction, (i) Tenant shall cause the Architect and Contractor (A) to update the Approved Working Drawings as necessary to reflect all changes made to the Approved Working Drawings during the course of construction, (B) to certify to the best of their knowledge that the "record-set" of as-built drawings are true and correct, which certification shall survive the expiration or termination of the Lease, (C) to deliver to Landlord two (2) sets of sepias of such as-built drawings within ninety (90) days following issuance of a certificate of occupancy for the Additional Premises, and (D) to deliver to Landlord a computer disk 

Exhibit B, Page 6
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containing the Approved Working Drawings in AutoCAD format, and (ii) Tenant shall deliver to Landlord a copy of all warranties, guaranties, and operating manuals and information relating to the improvements, equipment, and systems in the Additional Premises.
4.4    Coordination by Tenant's Agents with Landlord. Upon Tenant's delivery of the Contract to Landlord
under Section 4.2.1 of this Work Letter, Tenant shall furnish Landlord with a schedule setting forth the projected date of the completion of the Tenant Improvements and showing the critical time deadlines for each phase, item or trade relating to the construction of the Tenant Improvements.
SECTION 5
MISCELLANEOUS
5.1    Tenant's Representative. Tenant has designated Jeff Logan of Savills Studley, Inc. as its sole
representative with respect to the matters set forth in this Work Letter, who, until further notice to Landlord, shall have full authority and responsibility to act on behalf of the Tenant as required in this Work Letter.
5.2    Landlord's Representative. Landlord has designated Jim Osburn as its sole representative with respect
to the matters set forth in this Work Letter, who, until further notice to Tenant, shall have full authority and responsibility to act on behalf of the Landlord as required in this Work Letter.
5.3    Time of the Essence in This Work Letter. Unless otherwise indicated, all references herein to a
"number of days" shall mean and refer to calendar days. If any item requiring approval is timely disapproved by Landlord, the procedure for preparation of the document and approval thereof shall be repeated until the document is approved by Landlord.
5.4    Tenant's Lease Default. Notwithstanding any provision to the contrary contained in the Lease, if an
event of default by Tenant of this Work Letter (which, for purposes hereof, shall include, without limitation, the delivery by Tenant to Landlord of any oral or written notice that Tenant does not intend to occupy the Additional Premises, and/or any other anticipatory breach of the Lease) or the Lease has occurred at any time on or before the substantial completion of the Additional Premises, then (i) in addition to all other rights and remedies granted to Landlord pursuant to the Lease, at law and/or in equity, Landlord shall have the right to withhold payment of all or any portion of the Tenant Improvement Allowance and/or Landlord may cause Contractor to cease the construction of the Additional Premises (in which case, Tenant shall be responsible for any delay in the substantial completion of the Additional Premises caused by such work stoppage), and (ii) all other obligations of Landlord under the terms of this Work Letter shall be forgiven until such time as such default is cured pursuant to the terms of the Lease (in which case, Tenant shall be responsible for any delay in the substantial completion of the Additional Premises caused by such inaction by Landlord). In addition, if the Lease is terminated prior to the AP Commencement Date for any reason due to a default by Tenant as described in Article 24 of the Lease or under this Work Letter (including, without limitation, any anticipatory breach described above in this Section 5.4), then (A) Tenant shall be liable to Landlord for all damages available to Landlord pursuant to the Lease and otherwise available to Landlord at law and/or in equity by reason of a default by Tenant under the Lease or this Work Letter (including, without limitation, the remedies available to Landlord pursuant to California Civil Code Section 1951.2), and (B) Tenant shall pay to Landlord, as Additional Rent under the Lease, within five (5) days of receipt of a statement therefor, any and all costs (if any) incurred by Landlord (including any portion of the Tenant Improvement Allowance disbursed by Landlord) and not reimbursed or otherwise paid by Tenant through the date of such termination in connection with the Tenant Improvements to the extent planned, installed and/or constructed as of such date of termination, including, but not limited to, any costs related to the removal of all or any portion of the Tenant Improvements and restoration costs related thereto.  
5.5    Miscellaneous Charges. Neither Tenant nor Tenant's Agents shall be charged for Building services, such as freight elevator usage, or utilities, in connection with construction of the Tenant Improvements.
5.6    Deemed Approval. Notwithstanding anything to the contrary contained in this Work Letter, in the event
that Landlord fails to timely respond to any matter in this Work Letter requiring Landlord's consent or approval, Tenant shall deliver a second written request to Landlord and if Landlord fails to respond to such second written request within two (2) business days after receipt, then Tenant's request shall be deemed approved.

Exhibit B, Page 7
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SCHEDULE 1 
BUILDING SPECIFICATIONS
	
				
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Exhibit B, Page 8
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