Document:

Employment Agreement dated May 19, 2009 and effective as of July 1, 2009

 Exhibit 10.266 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (the “Agreement”), is
made and entered into on this 19th day of May, 2009 (the “Effective
Date”), by and between Pharmaceutical Product Development, Inc., a North Carolina corporation (the “Company”), with a mailing address for notice purposes of 929 North Front Street, Wilmington, North Carolina 28401, Attention:
Executive Chairman of the Board, and David L. Grange (“Employee”), an individual whose mailing address for notice purposes is 929 North Front Street, Wilmington, North Carolina 28401. 
 RECITALS 
 A. The Company is a
clinical research organization engaged in the business of providing drug discovery and development services to pharmaceutical, biotechnology, medical device, government and academic organizations throughout the world (the “Business”).

 B. The Company desires to employ Employee and Employee desires to be employed by the Company, all upon the terms and conditions set forth
herein. 
 NOW, THEREFORE, in consideration of the foregoing recitals, the mutual covenants of the parties hereinafter set forth and
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
 ARTICLE 1 
 EMPLOYMENT AND DUTIES 
 1.1 Employment of Employee. On the Effective Date, the Company agrees to employ Employee and Employee accepts such employment pursuant and subject to the terms and conditions of this Agreement. 
 1.2. Duties and Powers. During the Employment Period (as defined herein), Employee shall serve as Chief Executive Officer of the Company and will
have such responsibilities, duties and authority, and will render such services for and in connection with the Company and its affiliates as are customary in such position and as the Executive Chairman or the Board of Directors of the Company (the
“Board”) shall from time to time reasonably direct. Employee shall devote Employee’s full business time and attention exclusively to the Business of the Company and shall use best efforts to faithfully carry out Employee’s duties
and responsibilities hereunder. Employee shall comply with all personnel policies and procedures of the Company as the same now exist or may be hereafter implemented by the Company from time to time, including those policies contained in the
Company’s employee manual or handbook which sets forth policies and procedures generally for employees of the Company and its subsidiaries and affiliates (the “Handbook”) to the extent not inconsistent with this Agreement. 

 ARTICLE 2 
 TERM OF EMPLOYMENT 
 Unless sooner terminated as provided elsewhere in this Agreement,
Employee’s employment under this Agreement shall begin on July 1, 2009 and end at 11:59 p.m. Eastern Time on June 30, 2011 (“Initial Employment Period”). Thereafter, this Agreement shall automatically renew for successive
one-year periods, unless either the Company or Employee provides written notice to the other at least sixty (60) days prior to the termination of the Initial Employment Period or any renewal period stating said party’s desire to terminate
this Agreement. The Initial Employment Period and any extension or renewal thereof shall be referred to herein together as the “Employment Period”. Notwithstanding anything to the contrary contained herein, the Employment Period is subject
to termination pursuant to Article 4 hereof. 
 ARTICLE 3 
 COMPENSATION AND BENEFITS 
 3.1 Base Salary. The Company will pay Employee an annual base
salary at a rate of $575,000 per annum (the “Base Salary”), payable in accordance with the Company’s regular payroll policy for salaried employees. The Base Salary of Employee may be subject to increase annually during the Employment
Period by the Company. If the Employment Period is terminated pursuant to Article 4 hereof or is otherwise shorter than a full contract year, then the Base Salary for any partial year will be prorated based on the number of days elapsed in such year
during which services were actually performed by Employee. 
 3.2 Sign-On Bonus. Contemporaneously with the execution of this
Agreement, the Company will pay Employee a one-time bonus of $430,000 in cash in accordance with the terms of a separate sign-on bonus agreement to be entered into simultaneously with this Agreement. 
 3.3 Benefits. 
 a. During the
Employment Period, Employee shall be eligible to participate in and/or receive benefits under the health insurance, group term life/AD&D, short and long-term disability, retirement, paid-time off and other plans maintained from time to time by
the Company, subject in each instance to Employee meeting all eligibility and qualification requirements of such plans. During the Employment Period, Employee shall be entitled to twenty-seven (27) days of paid-time-off, subject to the
provisions of the Handbook. 
 b. In addition to the benefits provided in (a) above, except as provided below, during the Employment
Period, Employee shall be entitled to participate in (i) the employee incentive compensation plan maintained for employees of the Company, as the same may be amended from time to time (the “Incentive Compensation Plan”), and
(ii) the 1995 Equity Compensation Plan maintained by PPD, as the same has 

 
been and may be amended from time to time, or any successor plan (the “ECP”), subject in each instance to Employee meeting all eligibility and
qualification requirements of such plans. For the calendar year 2009, Employee shall not participate in or receive any compensation under the Incentive Compensation Plan. 
 3.4 Initial Stock Option Grant. The Company shall grant to Employee on the first day of the Initial Employment Period non-qualified options to purchase 200,000 shares of PPD’s common stock. Said stock
options shall be granted under the terms and conditions of the ECP and subject to Employee’s execution or acceptance of all documents, terms and conditions customarily required by PPD to effectuate the grant of stock options. In addition to the
other terms and conditions of the ECP and the Stock Option Award Agreement, said stock options shall be subject to a four-year linear vesting schedule and will be priced based on the Nasdaq closing price on the first day of the Initial Employment
Period. 
 3.5 Restricted Stock Grant. The Company shall grant to Employee on the first day of the Initial Employment Period a
restricted stock award for 50,000 shares of PPD’s common stock. Said restricted stock award shall be granted under the terms and conditions of the ECP and the Company’s standard Restricted Stock Award Agreement to be entered into by PPD
and Employee. In addition to the other terms and conditions of the ECP and the Restricted Stock Award Agreement, said restricted stock award shall be subject to a four-year linear vesting schedule. 
 3.6 Expenses. The Company will reimburse Employee, in accordance with and subject to Employee’s compliance with the Company’s policy,
for Employee’s necessary and reasonable out-of-pocket expenses incurred in the course of performance of Employee’s duties hereunder. All reimbursement of expenses to Employee hereunder shall be conditioned upon presentation of sufficient
documentation evidencing such expenses. 
 3.7 Working Facilities. Employee shall work out of the Company’s worldwide
headquarters located in Wilmington, North Carolina. The Company shall furnish Employee with such office space, equipment, technical, secretarial and clerical assistance and such other facilities, services and supplies as shall be reasonably
necessary to enable Employee to perform the duties required of Employee hereunder in an efficient and professional manner. 
 3.8 Use of
Aircraft. Employee shall be entitled to use the Company’s aircraft for personal use up to a maximum of 17,500 miles in calendar year 2009 and 35,000 miles in calendar years thereafter, or such other maximum amount as the Board may from time
to time establish pursuant to the Company’s aircraft policy. 

 ARTICLE 4 
 TERMINATION OF EMPLOYMENT 
 4.1 Basis for Termination. Notwithstanding any other provision in
this Agreement to the contrary, the Employment Period and Employee’s employment hereunder shall terminate effective on the date indicated upon the happening of any of the following events: 
 a. Upon the death of Employee, effective immediately on the date of death without any notice; 
 b. Upon a determination by the Executive Chairman of the Board, acting in good faith and not in an arbitrary or capricious manner, but made in his sole
discretion, that Employee is unable due to a physical or mental disability to perform the essential functions of his job, with or without a reasonable accommodation, which disability continues for a period of ninety (90) days during any
twelve-month period hereunder, effective upon the date said determination is communicated to Employee or such later date as specified by the Chairman of the Board of the Company; or 
 c. Upon a determination by the Executive Chairman of the Board of the Company, acting in good faith but made in his sole discretion, that Employee:
(i) has failed to substantially perform his duties under or otherwise breached any of the material terms of this Agreement; (ii) has demonstrated negligence or willful misconduct in the execution of his duties; or (iii) has been
convicted of a felony; in each case effective upon the date said determination is communicated to Employee or such later date as specified by the Executive Chairman of the Board of PPD. 
 4.2 Compensation After Termination During Employment Period. If the Company terminates Employee’s employment during the Employment Period
pursuant to Section 4.1 hereof or if either party terminates this Agreement pursuant to Article 2 hereof, then the Company shall have no further obligations hereunder or otherwise with respect to Employee’s employment from and after the
termination or expiration date, except that the Company shall pay Employee’s Base Salary accrued through the date of termination or expiration and shall provide such benefits as are required by applicable law. From and after such termination or
expiration date, the Company shall continue to have all other rights available hereunder, including without limitation all rights under Article 5 hereof, the Proprietary Agreement (as defined below), the Non-Competition Agreement (as defined below),
and at law or in equity. 
 ARTICLE 5 
 PROPRIETARY INFORMATION 
 Prior to or coincident with the commencement date of this Agreement, Employee shall execute and
deliver to the Company (i) a Proprietary Information and Inventions Agreement substantially in the form attached hereto as Annex A (the “Proprietary Agreement”) and (ii) a Non-Competition and Non-Solicitation Agreement

 
substantially in the form attached hereto as Annex B (the “Non-Competition Agreement”). 
 ARTICLE 6 
 MISCELLANEOUS 
 6.1 Withholding Taxes. All amounts payable under this Agreement, whether such payment is to be made in cash or other property, shall be subject to
applicable withholding requirements for Federal, state and local income taxes, employment and payroll taxes, and other legally required withholding taxes and contributions to the extent appropriate in the determination of the Company, and Employee
shall report all such amounts as ordinary income on Employee’s personal income returns and for all other purposes. 
 6.2
Assignment. No party hereto may assign or delegate any of its rights or obligations hereunder without the prior written consent of the other party hereto; provided, however, that the Company shall have the right to assign all or any part of
its rights and obligations under this Agreement (i) to any member, subsidiary or affiliate of the Company or any surviving entity following any merger or consolidation of any of those entities with any entity other than the Company, or
(ii) in connection with the sale of the Business by the Company. 
 6.3 Binding Effect. All covenants and agreements contained in
this Agreement by or on behalf of any of the parties hereto shall be binding upon and inure to the benefit of the respective legal representatives, heirs, successors and permitted assigns of the parties hereto. 
 6.4 Entire Agreement. This Agreement, together with the Proprietary Agreement and the Non-Competition Agreement, sets forth the entire
understanding of the parties and supersedes and preempts all prior oral or written understandings and agreements with respect to the subject matter hereof. 
 6.5 Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be
prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement. 
 6.6 Amendment; Modification. No amendment or modification of this Agreement and no waiver by any party of the breach of any covenant contained
herein shall be binding unless executed in writing by the party against whom enforcement of such amendment, modification or waiver is sought. No waiver shall be deemed a continuing waiver or a waiver in respect of any subsequent breach or default,
either of a similar or different nature, unless expressly so stated in writing. 

 6.7 Governing Law. This Agreement shall be governed by and construed and enforced in accordance
with the laws of the State of North Carolina, without giving effect to provisions thereof regarding conflict of laws. 
 6.8
Arbitration. Except for disputes, controversies or claims under Article 5, the Proprietary Agreement and the Non-competition Agreement, any dispute, controversy or claim arising out of or relating to this Agreement, including but not limited
to its existence, validity, interpretation, performance or non-performance, or breach, shall be decided by a single neutral arbitrator agreed upon by the parties hereto in Wilmington, North Carolina in binding arbitration pursuant to the commercial
arbitration rules of the American Arbitration Association then in effect. The parties to any such arbitration shall be limited to the parties to this Agreement or any successor thereof. The written decision of the arbitrator shall be final and
binding and may be entered and enforced in any court of competent jurisdiction. Each party waives any right to a jury trial in any such forum. Each party to the arbitration shall pay its fees and expenses, unless otherwise determined by the
arbitrator. 
 6.9 Notices. All notices, demands or other communications to be given or delivered hereunder or by reason of the
provisions of this Agreement shall be in writing and shall be deemed to have been properly served if (a) delivered personally, (b) delivered by a recognized overnight courier service, (c) sent by certified mail, return receipt
requested and first class postage prepaid, or (d) sent by facsimile transmission followed by a confirmation copy delivered by a recognized overnight courier service the next day. Such notices, demands and other communications shall be sent to
the address first set forth above, or to such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party. Date of service of such notice shall be (i) the date such
notice is personally delivered or sent by facsimile transmission (with issuance by the transmitting machine of a confirmation of successful transmission), (ii) the date of receipt if sent by certified mail, or (iii) the date of receipt if
sent by overnight courier. 
 6.10 Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be
deemed an original and all of which taken together shall constitute one and the same agreement. 
 6.11 Descriptive Heading;
Interpretation. The descriptive headings in this Agreement are inserted for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of this Agreement. 
 [Signature page follows] 

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

					
	 COMPANY:
	 	PHARMACEUTICAL PRODUCT DEVELOPMENT, INC.
			
		 	By:	 	 /s/ Fredric N. Eshelman

		 	Name:	 	 Fredric N. Eshelman

		 	Title:	 	 Chief Executive Officer

		
	 EMPLOYEE:
	 	 /s/ David L. Grange

		 	David L. Grange

 ANNEX A 
 PROPRIETARY INFORMATION 
 AND INVENTIONS AGREEMENT 
 In consideration and as a condition of my employment by Pharmaceutical Product Development, Inc., a North Carolina corporation, or any affiliate,
subsidiary, successor or assigns, as the case may be (collectively referred to herein as the “Company”), I hereby agree as follows: 
 1. “Proprietary Information” is information that was or is developed by, became or becomes known by, or was or is assigned or otherwise conveyed to the Company, and which has commercial value in the Company’s business.
Proprietary Information includes, without limitation, trade secrets, financial information, product plans, customer lists, marketing plans and strategies, systems, manuals, forecasts and other business information, improvements, inventions, business
strategies, business methods and practices, formulas, product ideas, biological material and techniques for their handling and use, chemical and/or information analysis and related products and data, computer programs and software, software designs
and documentation, source codes, algorithms, techniques, schematics, know-how and data, and any other confidential or proprietary information of the Company or its customers or clients which I have been, or may be exposed to, or have learned or may
learn of from time to time in connection with or as a result of my capacity as an employee of or consultant to the Company, including during the term of this Agreement. Proprietary Information shall not include information that is, through no
improper action or inaction by me, generally available to the public. I understand that my employment creates a relationship of confidence and trust between me and the Company with respect to Proprietary Information of the Company or its customers
which may be learned by me during the period of my employment. 
 2. In consideration of my employment by the Company and the compensation
received by me from the Company from time to time, I hereby agree as follows: 
 (a) All Proprietary Information and all patents, copyrights,
trade secret rights and other rights (including throughout, without limitation, any extensions, renewals, continuations or divisions of any of the foregoing) in connection therewith shall be the sole property of the Company. I hereby assign to the
Company any rights I may have or acquire in such Proprietary Information. At all times, both during my employment by the Company and after its termination, I will keep in confidence and trust and will not use or disclose any Proprietary Information
or anything relating to it without the written consent of the Company, except as may be necessary in the ordinary course of performing my duties to the Company. 
 (b) In the event of the termination of my employment by me or by the Company for any reason, I shall return all documents, records, apparatus, equipment and other physical property, or any reproduction of such
property, whether or not pertaining to Proprietary Information, furnished to me by the Company or produced by myself or others 

 
in connection with my employment, to the Company immediately as and when requested by the Company. 
 (c) I will promptly disclose to the Company, or any persons designated by it, all “Inventions”, which includes all improvements, inventions,
formulas, ideas, works of authorship, processes, computer programs and software, software designs and documentation, algorithms, techniques, schematics, know-how data, whether or not patentable, made or conceived or reduced to practice or developed
by me, either alone or jointly with others, during the term of my employment and for six (6) months thereafter. To the extent the Company does not have rights therein hereunder, such disclosure shall be received by the Company in confidence and
does not extend the assignment made in Section (d) below. 
 (d) I agree that all Inventions which I make, conceive, reduce to practice
or develop (in whole or in part, either alone or jointly with others) during my employment shall be the sole property of the Company to the maximum extent permitted by law, and, to the extent permitted by law, shall be “works made for
hire”. The Company shall be the sole owner of all patents, copyrights, trade secret rights, and other intellectual property or other rights in connection therewith. I hereby assign to the Company any rights I may have or acquire in such
Inventions. I agree to perform, during and after my employment, all acts deemed necessary or desirable by the Company to permit and assist it, at the Company’s expense, in obtaining and enforcing patents, copyrights, trade secret rights or
other rights on such Inventions and/or any other Inventions I have or may at any time assign to the Company in any and all countries. Such acts may include, but are not limited to, execution of documents and assistance or cooperation in legal
proceedings. With respect to any and all matters arising out of or relating to my employment or consultancy with the Company, I hereby irrevocably designate and appoint the Company and its duly authorized officers and agents, as my agents and
attorneys-in-fact to act for and in my behalf and instead of me, to execute and file any applications or related filings and do all other lawfully permitted acts to further the prosecution and issuance of patents, copyrights, trade secret rights or
other rights thereon with the same legal force and effect as if executed by me. 
 (e) I attach hereto a complete list of all Inventions or
improvements to which I claim ownership and/or that I desire to remove from the operation of this Agreement, and I covenant that such list is complete. If no such list is attached to this Agreement I represent that I have no such Inventions and
improvements at the time of signing this Agreement. I understand that any such list shall not contain information that breaches an obligation of confidentiality with a former employer. 
 (f) I represent that my performance of all the terms of this Agreement will not breach any agreement or obligation to keep in confidence proprietary
information acquired by me in confidence or in trust prior to my employment by the Company. I have not entered into, and I agree I will not enter into, any agreement either written or oral in conflict herewith or in conflict with my employment with
the Company. 

 3. The Company agrees that it will not request as part of my employment that I divulge or make use of
proprietary information of any of my former employers that has commercial value to the former employer who developed such information. 
 4.
I acknowledge that in the event of my breach or threatened breach of the terms of this Agreement, the Company shall not have an adequate remedy at law and shall, in addition to any other available rights and remedies, have the right to obtain
injunctive relief, including without limitation specific performance. 
 5. This Agreement shall be effective as of the first day of my
employment by the Company, and shall be binding upon me, my heirs, executors, assigns, and administrators, and shall inure to the benefit of the Company and any current and future affiliates, subsidiaries, successors and assigns. This Agreement
supersedes any agreement which may have been previously made or executed by me relating to this matter. This Agreement shall be governed by the laws of the State of North Carolina (exclusive of conflicts of law provisions), which shall be the venue
for resolution of any dispute related to this Agreement. This Agreement or any part thereof shall not be modified, amended, or waived except by the written consent of the Company. 
 Dated: May 19, 2009 
  

			
	 /s/ David L. Grange

	Name:	 	David L. Grange
	
	Accepted and Agreed to:
	
	Company
		
	By:	 	 /s/ Fredric N. Eshelman

	Name:	 	Fredric N. Eshelman
	Title:	 	Chief Executive Officer

 ANNEX B 
 NON-COMPETITION AND NON-SOLICITATION AGREEMENT 
 THIS AGREEMENT is made and entered into this
         day of May, 2009, by and between Pharmaceutical Product Development, Inc., a North Carolina corporation, having its principal place of business at 929 North Front Street, Wilmington, NC 28401, and
David L. Grange, an individual whose address for notice purposes is 8316 Bald Eagle Lane, Wilmington, North Carolina 28405 (herein referred to as “Employee”). 
 RECITALS 
 A. Pharmaceutical Product Development, Inc., through itself, its subsidiaries, affiliates,
successors and assigns (herein, collective referred to as “PPD”), is a clinical research organization engaged in the business of providing a wide-range of drug discovery and development services to pharmaceutical, biotechnology, medical
device, government and academic organizations throughout the world (herein the “Business”). 
 B. Employee will perform a highly
responsible role in PPD’s organization, have specialized knowledge of PPD’s trade secrets and proprietary information, and have contact with or knowledge of PPD’s clients and customers. 
 C. PPD and Employee agree that because of the information and relationships to which Employee will be exposed during the course of Employee’s
employment with PPD, it would be harmful to PPD for Employee to compete with PPD or solicit its clients, customers or employees in the manner prohibited by this Agreement and that PPD has a legitimate business interest in protecting itself from such
competition and solicitation. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual promises herein contained and other
valuable consideration detailed below, the parties agree as follows: 
 1. Restrictive Covenants. In order to protect, among other
things, PPD’s interests and investments in its trade secrets and proprietary information, its relationship with its customers, clients, employees and contractors, and its goodwill, Employee agrees to the following covenants and restrictions:

 1.1 Non-Competition Agreement. During the term of Employee’s employment with PPD and, for a period of twelve (12) months
following termination of that employment, Employee will not, directly or indirectly, participate in or engage in any business or activity which is in competition with the Business of PPD in the Territory (as defined below), whether as an individual
on his or her account or as an employee, consultant, contractor, officer, director, shareholder, partner, member, joint venturer, representative, agent or equity owner of any business entity. Notwithstanding 

 
the foregoing, Employee shall be allowed to work for a pharmaceutical, biotechnology or medical device company or entity that is not a clinical research
organization or that does not otherwise provide drug discovery or development services to third parties on a fee-for-service basis. 
 1.2
Non-Solicitation of Customers. During Employee’s employment with PPD and for a period of twelve (12) months following termination of that employment, Employee will not, directly or indirectly, (a) solicit the business of any
person, firm, corporation, partnership, limited liability company, trust or other business entity which is a customer of PPD or which was a customer of PPD at any time during Employee’s employment with PPD, (b) in any other manner persuade
or attempt to persuade any such person, firm, corporation, partnership, limited liability company, trust or other business entity to discontinue or alter its business relationship with PPD, or (c) otherwise solicit for a competitive purpose or
interfere with PPD’s relationship with any such person, firm, corporation, partnership, limited liability company, trust or other business entity. 
 1.3 Non-Solicitation of Employees. During the Employee’s employment with PPD, and for a period of twelve (12) months following termination of that employment, Employee shall not, directly or
indirectly, in any manner, (a) solicit, hire, or offer to hire any employee or contractor of PPD while that person is employed or engaged by PPD and for three (3) months after the termination of that person’s employment or engagement
with PPD, or (b) otherwise encourage or induce any such employee or contractor to discontinue his or her relationship with PPD. 
 2.
Consideration. PPD and Employee acknowledge that Employee has received good and valuable consideration for Employee’s commitment to be bound by the restrictions set forth in this Agreement, which consideration includes, but is not
limited to Employee’s initial employment with PPD and all of the compensation and other benefits therewith. 
 3. Territory. The
restrictions contained in this Agreement apply to all areas of the world in which PPD conducts or engages in the Business (herein the “Territory”). Employee acknowledges that, because PPD is engaged in the Business world-wide, the
Territory must be so broadly defined. 
 4. Remedies. Employee acknowledges and agrees that the covenants set forth in this Agreement
are reasonable and necessary for the protection of PPD’s legitimate business interests, that irreparable injury will result to PPD if Employee breaches any of the terms of this Agreement and that, in the event Employee breaches or threatens to
breach any provision of this Agreement, PPD will have no adequate remedy at law. Employee accordingly agrees that in the event Employee breaches or threatens to breach any of the covenants set forth herein, PPD shall be entitled to immediate,
temporary and permanent injunctive or other equitable relief without bond and without the necessity of showing actual money damages, subject to a hearing as soon as possible. 

 
Employee further agrees that PPD shall also be entitled to pursue, separately or concurrently, any other remedies available for such breach by Employee,
including the recovery of any damages it is able to prove. In the event Employee breaches any of the restrictions set forth herein, the time period during when the restrictions apply shall be extended for the period of the breach. 
 5. Limitations on Enforcement. Employee agrees that, if a court of competent jurisdiction determines, contrary to the Agreement of the parties,
that any portion of this Agreement is unreasonable, invalid, overbroad or unenforceable, the remainder of the Agreement shall be given full effect without regard to the invalid provisions and PPD may enforce the covenant as to any lesser area,
activity or time period which is deemed by the court to be reasonable and enforceable under applicable law. In this regard, the covenants shall be divisible as to activity, time and geographic area with each month deemed to be a separate period of
time and each state and country, or part thereof, deemed to be a separate geographic area. Employee further agrees that PPD may, at its option, seek to enforce the covenant as to any lesser area, activity or time period which PPD deems appropriate.

 6. Effect of Termination. Employee agrees that the terms of this Agreement shall be enforceable against the Employee regardless of
the basis of Employee’s termination, whether voluntary or involuntary and with or without cause. Employee further agrees that the existence of a claim by Employee against PPD, whether predicated on Employee’s termination, this Agreement or
otherwise, shall not constitute a defense to enforcement of the restrictions contained herein. Notwithstanding the foregoing, in the event PPD terminates Employee’s employment due to a reduction in force or layoff in connection with the
discontinuation or cessation of a business line, unit, function or department, PPD shall not enforce Section 1.1 of the Agreement. 
 7.
Notification. Employee authorizes PPD to notify others, including but not limited to, PPD’s customers and any future employer of Employee concerning the terms of this Agreement and Employee’s responsibility hereunder. 
 8. Jurisdiction and Venue. The parties agree that the federal or state courts sitting in Wilmington, North Carolina, shall be the exclusive
jurisdiction to enforce the covenants set forth in this Agreement and to resolve any disputes or controversies under this Agreement. Employee consents to personal jurisdiction and venue in either of said courts, and waives any claims or defenses
based on improper venue or jurisdiction. 
 9. Attorneys’ Fees and Costs. Employee agrees that, in the event Employee breaches or
threatens to breach any of the provisions of this Agreement, PPD shall be entitled to recover from Employee all expenses incurred by it in enforcing the terms of this Agreement, including, but not limited to, its reasonable attorneys’ fees and
costs. 
 10. Governing Law. This Agreement shall be construed and enforced in accordance with the laws of the State of North
Carolina. 

 11. Severability. If any of the provisions of this Agreement is held to be invalid or
unenforceable by a court of competent jurisdiction, the remaining provisions shall continue to be valid and enforceable. 
 12.
Modification. This Agreement cannot be altered, amended, or modified in any respect, except by a writing duly executed by the parties. 
 13. Waiver. PPD’s waiver of any violation of this Agreement or failure to enforce any provision of this Agreement shall not constitute a waiver of PPD’s rights with respect to other or future violations of this Agreement.
Any waiver must be in a writing signed by PPD. 
 14. Binding Effect. This Agreement shall be binding upon and inure to the benefit of
the parties, their heirs, successors and assigns. 
 15. Entire Agreement. This Agreement contains the entire agreement of the parties
with respect to the matters set forth herein and supersedes all previous negotiations and discussions, agreements and understandings regarding such matters, with the exception of Employee’s Proprietary Information and Inventions Agreement and
any employment agreement to which Employee and PPD are parties. In the event of any conflict between this Agreement and any other PPD agreements, the terms of the agreement which are most restrictive shall control. It is understood that this
Agreement does not constitute an express or implied employment contract for any definite period of time and that, absent a written agreement between PPD and Employee, Employee’s employment with PPD is “at will” meaning that either PPD
or Employee can end the employment relationship at any time, with or without cause. 
 16. Execution in Counterparts. This Agreement
may be executed in any number of counterparts, each of which shall be deemed an original and all of which taken together shall constitute one and the same instrument. 
 IN WITNESS WHEREOF, the parties have executed this Agreement, effective as of the date set forth herein. 
  

			
	PHARMACEUTICAL PRODUCT DEVELOPMENT, INC.
		
	By:	 	 /s/ Fredric N. Eshelman

	Name:	 	 Fredric N. Eshelman

	Title:	 	 Chief Executive Officer

	
	 /s/ David L. Grange

	David L. Grange, EmployeeSublease dated April 4, 2006

 Exhibit 10.19 
 SUBLEASE 
 This Sublease is made as of April 4, 2006 by and between CHARLES SCHWAB & CO., INC., a
California corporation (“Sublandlord”), and HUDSON SECURITIES, INC., a Delaware corporation (“Subtenant”). 
 RECITALS

 A. 111 PROPERTY HOLDING LIMITED LIABILITY COMPANY, as landlord (“Master Landlord”) and Sublandlord, as tenant, entered into
a written lease (the “Original Master Lease”) dated as of March 13, 2002, as amended by that certain Partial Surrender and First Amendment to Lease Agreement (the “Surrender”; the Original Master Lease and the Surrender
collectively, the “Master Lease”), covering premises described in the Master Lease (the “Master Premises”) in that certain building located at Newport Financial Center, 111 Pavonia Avenue, Jersey City, New Jersey (the
“Building”). Capitalized terms used in this Sublease but not defined herein shall have the meanings given them in the Master Lease. A true and correct copy of the Master Lease (from which certain economic terms which do not relate to
Subtenant’s obligations hereunder have been deleted) is attached hereto as Exhibit A. 
 B. Subtenant desires
to sublet from Sublandlord a portion of the Master Premises located on the fifteenth (15th) floor of the Building, consisting of approximately 26,875 rentable square feet as shown crosshatched on Exhibit B hereto (the “Sublease Premises”) and Sublandlord desires to sublease the Sublease Premises to
Subtenant on the terms, covenants and conditions contained in this Sublease. 
 C. By signing below, Subtenant represents and warrants to
Sublandlord that Kenneth Pasternak purchased 24.24% of the beneficial interests in its parent corporation, Hudson Holding Corp. (the “Guarantor”), and Subtenant has received, or will receive prior to the date hereof, approximately
$2,000,000.00 in cash or its equivalent as a result thereof. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants and promises of the parties hereinafter set forth, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Sublandlord and Subtenant agree as follows: 
  

	1.	SUBLEASE. 

 Upon and subject to the terms, covenants and
conditions hereinafter set forth, Sublandlord hereby leases to Subtenant and Subtenant hereby leases from Sublandlord the Sublease Premises. 
  

	2.	TERM; POSSESSION. 

 2.1. Commencement Date. The
commencement date of this Sublease (the “Commencement Date”) shall be the date on which all of the following conditions have occurred: (a) the full execution and delivery of this Sublease or a copy thereof to Sublandlord and Subtenant
or their respective attorneys; (b) the Master Landlord consents in writing to this Sublease substantially in the form attached 

 
hereto and made a part hereof as Exhibit F (“Master Landlord Consent”) (or is deemed to have consented to this Sublease as hereinafter
provided) as described in Article 3 below; (c) Sublandlord delivers the Sublease Premises to Subtenant vacant (subject to the provisions of Section 10.5 hereof) and in broom-clean condition; and (d) item (i) of Sublandlord’s
Work (as defined in Section 9.2 below) is substantially complete (the “Commencement Date Conditions”). Possession of the Sublease Premises shall be delivered to Subtenant upon execution of this Sublease and receipt of the executed
Master Landlord’s Consent, in vacant (subject to the provisions of Section 10.5 hereof), broom-clean and “AS-IS and WITH ALL FAULTS” condition as provided in Article 9 below (subject to all of the terms and conditions set forth
in this Sublease except for Subtenant’s obligation to pay Base Rent and Additional Rent) for the sole and limited purpose of allowing Subtenant to install its fixtures, furnishings, equipment and personal property in the Sublease Premises
pursuant to Section 14 below, and not for the conduct of Subtenant’s business therein, provided Subtenant shall not interfere with Sublandlord’s Work during such access. The date on which the Sublease Premises is delivered to
Subtenant as described above is referred to herein as the “Delivery Date.” Sublandlord and Subtenant shall enter into a Commencement Date Agreement substantially in the form of Exhibit C attached hereto confirming the Commencement
Date promptly following the Commencement Date, provided that any failure of the parties to execute such written agreement shall not affect the validity of the Commencement Date as established as aforesaid. 
 2.2. Rent Commencement Date. Subtenant shall commence paying rent for the Sublease Premises on the Commencement Date. Provided
Subtenant shall not then be in default under this Sublease beyond any applicable notice and cure period, Subtenant shall be entitled an abatement of Base Rent (as hereinafter defined) for (i) the first two (2) full calendar months
occurring after the Commencement Date, and (ii) for the thirteenth (13th) through fifteenth (15th) full calendar months occurring after
the Commencement Date. 
 2.3. Term. The term of this Sublease (the “Term”) shall commence on the Commencement Date and
shall terminate on the day immediately preceding the Fixed Expiration Date of the Master Lease (the “Expiration Date”), unless sooner terminated pursuant to any provision hereof or by law. 
  

	3.	MASTER LANDLORD’S CONSENT. 

 This Sublease is not and
shall not be effective unless and until Master Landlord shall have delivered to Sublandlord the Master Landlord Consent to this Sublease in accordance with the provisions of the Master Lease. If Master Landlord fails to consent to this Sublease
within forty-five (45) days after the date of this Sublease, either party may terminate this Sublease by written notice to the other party and in such event neither party shall have any obligations to the other party under this Sublease.
Notwithstanding the foregoing, if Sublandlord determines in its sole discretion that Master Landlord’s consent has been deemed given pursuant to the provisions of Section 12.3 of the Original Master Lease and Sublandlord so notifies
Subtenant within ten (10) business days after the date Sublandlord determines such consent has been deemed to have been given, then it shall also be deemed for purposes of this Article 3 that Master Landlord has given such consent. 

 

 2 

	4.	BASE RENT. 

 4.1. During the Term,
Subtenant agrees to pay Sublandlord as annual base rent (“Base Rent”) for the Sublease Premises: (i) at an annual rate of $403,125.00 for the period commencing on the Commencement Date (subject to the provisions of Section 2.2
above) through and including the last day of the month preceding the month in which the third (3rd) anniversary of the Commencement Date occurs, in equal monthly installments of $33,593.75 each, (ii) at the annual rate of $483,750.00 for the period commencing on the first day of the month in which the
third (3rd) anniversary of the Commencement Date occurs through and including
the last day of the month preceding the month in which the fifth (5th) anniversary of the Commencement Date occurs, in equal monthly installments of $40,312.50 each, and (iii) at the annual rate of $564,375.00 for the period commencing on the first day of the month in which the fifth (5th) anniversary of the Commencement Date occurs through and including the Expiration Date,
in equal monthly installments of $47,031.25. The parties hereby stipulate that the Sublease Premises contain the rentable square feet set forth in Recital B, and such rentable square footage amount is not subject to adjustment or remeasurement by
Subtenant or Sublandlord. Accordingly, there shall be no adjustment in the Base Rent or other amounts set forth in this Sublease which are determined based upon the rentable square footage of the Sublease Premises. 
 4.2. Each monthly installment of Base Rent shall be payable in advance on the first day of each calendar month during the Term, except that the first
month’s installment shall be paid upon the execution hereof. If the Term commences or ends on a day other than the first day of a calendar month, then the rent for the month in which this Sublease commences or ends shall be prorated (and paid
at the beginning of each such month) in the proportion that the number of days this Sublease is in effect during such month bears to the total number of days in such month, and such partial month’s installment shall be paid no later than the
commencement of the subject month. In addition to the Base Rent, Subtenant agrees to pay as additional rent, commencing on the Commencement Date, the amount of all additional rent and other charges required to be paid by this Sublease. All Rent
(which shall include Base Rent, additional rent and other charges required to be paid by this Sublease) shall be paid to Sublandlord, without prior demand and without any deduction, offset, counterclaim or abatement, in lawful money of the United
States of America, at Charles Schwab & Co., Inc., 22857 Network Place, Chicago, IL 60673-1228, or to such other person or at such other place as Sublandlord may from time to time designate in writing. Subtenant’s covenant to pay rent
shall be independent of every other covenant in this Sublease. 
 4.3. If Subtenant fails to pay when due Base Rent, additional rent or any
other charges within five (5) Business Days after the same are due hereunder, the unpaid amount will bear interest from the due date until the date of actual payment at the annual rate of interest equal to the lesser of (i) twelve percent
(12%) per annum or (ii) the highest interest rate permitted by law, which shall be calculated, compounded and payable monthly (provided that in no event shall the interest rate payable by Subtenant exceed the maximum interest rate
permitted by law). If Subtenant fails to pay any installment of Base Rent, additional rent or other charges within five (5) Business Days after the same are due, or fails to make any other payment for which Subtenant is obligated under this
Sublease, then Subtenant shall pay to Sublandlord a late charge equal to five percent (5%) of the amount so payable. Subtenant acknowledges that late payments will cause Sublandlord to incur costs not contemplated by this Sublease, the exact
amount of which costs are extremely difficult and impracticable to calculate. The parties agree that the late charge described above represents a fair and reasonable estimate of the extra costs incurred by Sublandlord as a result of such late
payment. 
  

 3 

 4.4. No payment by Subtenant or receipt and acceptance by Sublandlord of a lesser amount than the Base
Rent, additional rent or other charges shall be deemed to be other than part payment of the full amount then due and payable; nor shall any endorsement or statement on any check or any letter accompanying any check, payment of Rent or other payment,
be deemed an accord and satisfaction; and Sublandlord may accept, but is not obligated to accept, such part payment without prejudice to Sublandlord’s right to recover the balance due and payable or to pursue any other remedy provided in this
Sublease or by law. If Sublandlord shall at any time or times accept Rent after it becomes due and payable, such acceptance shall not excuse a subsequent delay or constitute a waiver of Sublandlord’s rights hereunder. 
  

	5.	ADDITIONAL RENT. 

 5.1. In addition to the Base Rent,
Subtenant shall pay Subtenant’s Proportionate Share of the increases in Operating Costs for each Comparison Year over the Operating Costs for the calendar year ending December 31, 2006 (the “Base Operating Year”) and
Subtenant’s Proportionate Share (as hereinafter defined) of the increase in Taxes for each Tax Year over the Taxes payable for the calendar year ending December 31, 2006 (the “Base Tax Year”) for the Sublease Premises.
Subtenant’s Proportionate Share shall be the ratio which the rentable area of the Sublease Premises bears to the rentable area of the Master Premises, which ratio is agreed to be (i) 24.45% as of the date of this Sublease based on 26,875
rentable square feet of the Sublease Premises and 109,928 rentable square feet of the Master Premises, and (ii) 23.75% as of August 1, 2006 based on 26,875 rentable square feet of the Sublease Premises and 113,160 rentable square feet of
the Master Premises. Said sums (including any estimates of such sums) shall be paid by Subtenant to Sublandlord at the times required pursuant to the terms and conditions of the Master Lease and shall be accompanied by any invoices or other backup
documentation relating thereto in Sublandlord’s possession (which shall include any statement delivered by Master Landlord to Sublandlord pursuant to the Master Lease). 
 5.2. Commencing on the Delivery Date, Subtenant shall be responsible to pay Sublandlord, as additional rent, for electric energy
furnished to the fifteenth (15th) floor of the Building (the 15th Floor Premises”), in the amounts provided for in accordance with Article 13 of the
Original Master Lease as incorporated herein, without mark-up by Sublandlord, and based upon readings of the existing submeter(s) for or channels to the 15th Floor Premises (the “Electric Charge”) as provided in the Master Lease. However, at such time or times (the
“Adjoining Premises Occupancy Date”) as the 15th Floor Premises or any
portion thereof other than the Sublease Premises (the “Adjoining Premises”) shall be occupied for the conduct of business by a party(ies) other than Subtenant (each such party an “Adjoining Subtenant”), then Subtenant’s
Electric Charge shall be decreased as of the Adjoining Premises Occupancy Date in an amount equal to the rent inclusion amount or electric charge payable by the Adjoining Subtenant for the Adjoining Premises pursuant to the Adjoining
Subtenant’s sublease (the “Adjoining Subtenant’s Electric Charge”). Upon Subtenant’s written request at any time after the Adjoining Premises Occupancy Date (but in no event more than once every two years during the Term),
Sublandlord shall have a survey made by an electrical consultant, selected by Sublandlord, to determine the Adjoining Subtenant’s electrical demand load and use of electricity in the Adjoining Premises. Subtenant may otherwise request, from
time to time, Sublandlord to have a survey made of the 

  

 4 

 
Adjoining Subtenant’s electrical usage, and the fees of Sublandlord’s consultant making such survey(s) at Subtenant’s request shall be paid by
Subtenant. The survey so made will determine the number of kw hours and kw demand based on the electrical equipment and fixtures in the Adjoining Premises and the period of use thereof, and based thereon such consultant will determine the value of
such Adjoining Subtenant’s electric energy usage by applying the demand load and kilowatt hours to the average cost per kilowatt hour paid by Sublandlord for obtaining electricity based upon the Electric Charge. In the event the foregoing
surveys shall determine that there has been an increase in such Adjoining Subtenant’s Electric Charge, then effective as of the date of such change in the Adjoining Subtenant’s Electric Charge, the then current Electric Charge, as same may
have been previously adjusted pursuant to the terms hereof, shall be retroactively decreased by an amount equal to such increase in the Adjoining Subtenant’s Electric Charge as determined by the electric consultant with appropriate credit
allowed to Subtenant from the date of such survey determination and thereafter as part of the decreased monthly Electric Charge for electricity by reason of such survey determination. In the event the foregoing surveys shall determine that there has
been a decrease in such Adjoining Subtenant’s Electric Charge, then effective as of the date of such change in the Adjoining Subtenant’s Electric Charge, the then current Electric Charge, as same may have been previously adjusted pursuant
to the terms hereof, shall be retroactively increased by an amount equal to such decrease in the Adjoining Subtenant’s Electric Charge as determined by the electric consultant and Subtenant shall pay the increased amount therefor from the date
of such survey determination within ten (10) days after being billed therefor and thereafter as part of the increased monthly Electric Charge for electricity by reason of such survey determination. The parties agree that the electrical
consultant selected by Sublandlord shall so determine the increase or decrease in the Electric Charge hereunder. The determination thereof by such electrical consultant selected by Sublandlord shall be binding and conclusive on both parties, and the
change in the Electric Charge shall be effective as of the date such consultant’s determination thereof. Any amounts payable by Subtenant hereunder shall be additional rent. 
 5.3. Subtenant shall be responsible to pay, commencing on the Commencement Date, for (a) Subtenant’s Proportionate Share of all other sums
which Sublandlord is obligated to pay under the Master Lease (which (x) do not result from a default by Sublandlord under the Master Lease unless caused in whole or in part by the acts or omissions of Subtenant or (y) are related in whole
or in part to the Sublease Premises) and (b) any additional charges and expenses imposed by Master Landlord pursuant to the terms of the Master Lease and related specifically to Subtenant’s use and occupancy of the Sublease Premises during
the Term (e.g., after-hours HVAC, freight elevator, additional cleaning, excess utilities, etc.), for Access Charges for Special Services provided to the Sublease Premises as charged to Sublandlord under the Master Lease, except as otherwise
provided in Section 18.2 hereof, and for Subtenant’s Parking Charges (subject to the provisions of Section 10.4 hereof), said sums shall be paid to Sublandlord at the times required pursuant to the terms and conditions of the Master
Lease. Bills for such charges shall be accompanied by any invoices or other backup documentation relating thereto in Sublandlord’s possession (which shall include any statement delivered by Master Landlord to Sublandlord pursuant to the Master
Lease). 
 5.4. All sums payable pursuant to this Article shall be considered additional rent payable under this Sublease and Sublandlord
shall have all rights and remedies available hereunder for the failure to pay such additional rent. 
  

 5 

 5.5. If an annual statement is furnished by Master Landlord to Sublandlord which shows that there has
been an overpayment by Subtenant of Subtenant’s Proportionate Share of Operating Costs and/or Taxes, Sublandlord shall permit Subtenant to credit Subtenant’s portion of such refund or credit paid by Subtenant against the next subsequent
rent payments due under this Sublease. After the termination of this Sublease and the payment to Sublandlord of the balance, if any, of all rent due hereunder, Sublandlord shall promptly pay to Subtenant the amount of any such refund or credit not
previously applied by Subtenant. 
  

	6.	LETTER OF CREDIT. 

 6.1. Upon execution of this Sublease,
Subtenant shall deposit with Sublandlord, subject to the provisions of Section 6.6 below, a letter of credit complying with the provisions of Section 6.2 (the “Letter of Credit”) in the face amount of $225,000.00 (the “L/C
Amount”) and shall maintain such Letter of Credit as provided in Section 6.3, and, should any Letter of Credit be drawn upon, there shall have been deposited with Sublandlord from the funds of the Issuing Bank (as hereinafter defined) a
cash security deposit, all as security for the faithful performance and observance by Subtenant of all of the terms, provisions and conditions of this Sublease. Subtenant agrees that, in the event that Subtenant defaults in respect of any of the
terms, provisions and conditions of this Sublease (including the payment of any Rents due hereunder) beyond any applicable notice and cure period, Sublandlord may make a demand for payment under said Letter of Credit and use, apply, or retain the
whole or any part of the proceeds thereof, to the extent required for the payment of any rents, or any other sum as to which Subtenant is in default, or for any sum that Sublandlord may expend or may be required to expend by reason of
Subtenant’s default, in respect of any of the terms, provisions and conditions of this Sublease (including any damages or deficiency accrued before or after summary proceedings or other re-entry by Sublandlord). In the event that Sublandlord
applies or retains any portion or all of such proceeds of such Letter of Credit pursuant to the terms of this Article 6, Subtenant shall within ten (10) Business Days restore the amount so applied or retained by causing the Issuing Bank to
issue an amendment thereto, or if no Letter of Credit was then outstanding by causing a new Letter of Credit to be issued so that, at all times, the amount of the Letter of Credit which may drawn upon shall be the L/C Amount. The provisions of this
Article shall not be a limitation on Sublandlord’s rights and remedies under this Sublease or at law or in equity. In the event that Subtenant shall fully and faithfully comply with all of the terms, provisions and conditions of this Sublease,
the Letter of Credit shall be returned to Subtenant sixty (60) days after the later of the Expiration Date or delivery of possession of the entire Sublease Premises to Sublandlord in accordance with the terms of this Sublease; provided,
however, that, upon written notice to Subtenant, Sublandlord may make demand for payment under said Letter of Credit in amount a sum equal to Sublandlord’s estimate of Subtenant’s share of any unbilled amount of additional rent. Subtenant
waives the provisions of any law now in force or that become in force after the date of execution of this Sublease that provide that Sublandlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment
of rent, to repair damage caused by Subtenant, or to clean the Sublease Premises. Sublandlord and Subtenant agree that, in the event of a default by Subtenant under this Sublease (of which default Subtenant has received notice), Sublandlord may, in
addition, make demand for those sums reasonably necessary to compensate Sublandlord for any other foreseeable or unforeseeable loss or damage caused by the act or omission of Subtenant or Subtenant’s officers, agents, employees, independent
contractors, sublessees or invitees. 
  

 6 

 6.2. Subtenant shall deliver to Sublandlord and continuously maintain in full force and effect until a
date no earlier than sixty (60) days after the Expiration Date, a clean, irrevocable Letter of Credit issued by any commercial bank acceptable to Sublandlord with offices for banking purposes in the City of New York or, if it is the normal and
ordinary practice of such commercial bank, for presentation of letters of credit by a nationally recognized overnight delivery service (e.g. Federal Express) to another office of such commercial bank located within the continental United States
(hereinafter referred to as the “Issuing Bank”) which Letter of Credit shall (i) name Sublandlord as beneficiary thereof, (ii) have a term of not less than one (1) year, (iii) be in the amount of the L/C Amount, and
(iv) otherwise be in form and content reasonably satisfactory to Sublandlord. Sublandlord agrees that a Letter of Credit in the form of Exhibit E hereto shall be satisfactory. The Letter of Credit shall, in any event, provide that:

 (a) The Issuing Bank shall pay to Sublandlord an amount up to the face amount of the Letter of Credit upon presentation of
only a demand for payment in the amount to be drawn; 
 (b) The Letter of Credit shall be deemed to be automatically renewed,
without amendment, for consecutive periods of one year each and shall have a final expiry date of not earlier than sixty (60) days after the Expiration Date, unless the Issuing Bank sends written notice (hereinafter called the “Non-Renewal
Notice”) to Sublandlord both by Federal Express or similar courier acceptable to Sublandlord and by certified or registered mail, return receipt requested, not less than forty-five (45) days next preceding the then expiration date of the
Letter of Credit, that it elects not to have such Letter of Credit renewed; 
 (c) Sublandlord, after receipt of the
Non-Renewal Notice, or within forty-five (45) days prior to the expiration date of any Letter of Credit then held by Sublandlord, shall have the right, exercisable by a demand for payment draft only, to draw upon the Letter of Credit and
receive the proceeds thereof (which shall be held by Sublandlord as a cash deposit pursuant to the terms of this Article 6 pending the replacement of such Letter of Credit or applied as permitted by the terms of this Article 6); and 
 (d) Upon Sublandlord’s assignment or other transfer of the Master Lease or a leasing of the entire Master Premises, the Letter of
Credit shall be transferable by Sublandlord as provided in Section 6.4. 
 If the Letter of Credit held by Sublandlord shall for any reason not have
been so renewed within forty-five (45) days of its then expiration date, Subtenant agrees that (a) it shall, no later than thirty (30) days prior to the then expiration date, replace such expiring Letter of Credit with a Letter of
Credit as required by the terms of this Article 6 and Sublandlord agrees that, simultaneously with the delivery of such replacement Letter of Credit, it will return to the Issuing Bank the Letter of Credit being replaced, and (b) in addition to
any other right or remedy of Sublandlord under this Sublease, at any time prior to such replacement of such expiring Letter of Credit, Sublandlord may draw upon the Letter of Credit as provided in clause (c) above (and the proceeds thereof
shall be held by Sublandlord as a cash deposit pursuant to the terms of this Article 6 pending the replacement of such Letter of Credit or applied as permitted by the terms of this Article 6). 
 6.3. If Sublandlord draws upon the Letter of Credit, Sublandlord shall deposit the proceeds thereof into a bank or savings and loan association to be
selected, from time to time, by Sublandlord in its sole discretion, which account need not be separate from and may be commingled with Sublandlord’s 

  

 7 

 
funds. Sublandlord agrees to hold the said security in such an account, subject, however, to the terms of Section 6.1, with respect to the application
of such security in the event of Subtenant’s default hereunder beyond any applicable notice and cure period and subject to Subtenant’s obligation and agreement to replace the Letter of Credit so drawn upon with another Letter of Credit as
required by the terms of this Article 6, whereupon Sublandlord shall return such cash security deposit to Subtenant. Subtenant agrees that Sublandlord shall be entitled to receive and retain any interest earned on such security. 
 6.4. In the event of an assignment or other transfer of the Master Lease, or Sublandlord’s interest therein, or a leasing of the entire Master
Premises, Sublandlord shall have the right, without cost or expense to Sublandlord, to transfer the Letter of Credit or cash security, as the case may be, deposited hereunder to the assignee or lessee, and Sublandlord shall thereupon be released by
Subtenant from all liability for the return of such Letter of Credit or cash security. In such event, Subtenant agrees to look solely to the new sublandlord for the return of said Letter of Credit or cash security. It is agreed that the provisions
hereof shall apply to every transfer or assignment made of said Letter of Credit or cash security to a new sublandlord. Subtenant shall execute such documents as may be necessary to accomplish such transfer or assignment of the Letter of Credit and
shall pay any transfer or other fees of the Issuing Bank. 
 6.5. Subtenant covenants that it will not assign or encumber, or attempt to
assign or encumber, the Letter of Credit or cash deposited as security hereunder or any proceeds thereof, and that neither Sublandlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment, or
attempted encumbrance. If Sublandlord determines, in its reasonable discretion, that the financial condition of the Issuing Bank has so declined as to cause concern that the Issuing Bank may not honor a draw on its Letter of Credit, Subtenant shall
promptly obtain a replacement Letter of Credit complying with the terms hereof from another commercial bank acceptable to Sublandlord with offices for banking purposes in the City of New York or, if it is the normal and ordinary practice of such
commercial bank, for presentation of letters of credit by a nationally recognized overnight delivery service (e.g. Federal Express) to another office of such commercial bank located within the continental United States. 
 6.6. Notwithstanding anything to the contrary contained herein, the parties hereto agree that Subtenant shall be permitted to post, for a period not to
exceed thirty (30) days after the date hereof, $225,000.00 as cash security hereunder (“Cash Security Deposit”) in place of the Letter of Credit. The Cash Security Deposit shall be deposited with Sublandlord upon execution of this
Sublease by Subtenant, and Sublandlord agrees to hold the Cash Security Deposit as though the same were cash proceeds of the Letter of Credit, in accordance with the provisions hereof. Sublandlord shall release the Cash Security Deposit to Subtenant
within ten (10) business days after receipt of the Letter of Credit in the form required hereunder. 
  

	7.	INCORPORATION OF MASTER LEASE BY REFERENCE; ASSUMPTION. 

 7.1. Subtenant acknowledges that it has read the Master Lease and is fully familiar with all terms and conditions of the Master Lease. All of the terms, covenants, conditions and provisions of the Master Lease are hereby incorporated in and
made part of this Sublease, except (i) as herein otherwise expressly provided; (ii) those which by their nature are inapplicable or inappropriate to the subleasing of the Sublease Premises pursuant to this Sublease or are inconsistent with
or modified by any of the terms, 

  

 8 

 
covenants or conditions of this Sublease; (iii) for the obligations to pay rent and additional rent under the Master Lease other than as incorporated
herein; and (iv) Sections 1.1, 1.3, 2.1(A) and (H), 2.2, 2.3(A) through (C), 2.4 through 2.5, 2.7, 3.1(B)(4) and (6) (provided that any ATM installed pursuant to clause (9) shall be subject to Subtenant’s obligation to
restore such alteration in accordance with the provisions hereof), 3.2, 3.3, 3.6, 3.7(C) (second and third sentences), 4.1(C) (second sentence only), 4.4(B) (last sentence only), 4.9, 4.10(A) (third sentence only), 5.2(A), 7.2 (to the extent such
violation relates to fire and life safety violations), 7.7(A) and (B), 8.1(A)(1) (proviso in first sentence), (A)(2), (B) (last sentence), (C) and (E), 8.2(D), 8.5, 9.1(D) and (E), 9.4(H), 9.7(A), rent abatement, reduction and
apportionment provisions of Sections 10.1(B) and (C), and 11.1(B), 12.3(B), and the reference to “three (3) occupants on any floor of the Premises” in Section 12.5(A)(5) is hereby changed to “two (2) occupants in the
Sublease Premises”, Sections 12.6, 12.9, 12.11, and 12.15, Sections 15.1(A), 15.1(B), 15.2 (second sentence), 15.3, 15.4, references to the abatement of Subtenant’s Parking Charges and providing of alternative and comparable parking
facilities in Section 15.6, last sentence of Section 16.2(A), Article 18, proviso in Section 19.2, Sections 19.3, 19.4 and 19.5, 24.1(B)(7) (reference in first parenthetical to the number of coffee stations or Dwyer units to up to
four (4) per floor of the Premises is hereby changed to up to four (4) in the 15th Floor Premises), Sections 24.1(B)(8)(b) and (C), Sections 24.4(A), 24.5(B), 24.6(A) (second sentence), 24.7, 24.8(A)(3)(a), (b), (c) and (e), 24.8(B)(1) (second sentence) and (2), Section 24.8(D), references to Tenant’s
right to dispute the Adjusted Special Service Charge in 24.10(D), 24.11(C) shall be subject to Master Landlord’s consent and Sublandlord’s rights and obligations under the Master Lease, 25.2(B) and (C), Sections 26.1, 26.2 (first
sentence), 29.2, Articles 30 and 31, Section 33.1(A) (last sentence), Article 35, Sections 36.1 through 36.4, 37.6 (except the first sentence thereof) and 37.10(A), Exhibits A, B, E, F and G, Schedule A, C(III) and D of the Original Master
Lease and the Surrender shall not be deemed incorporated in or made a part hereof. 
 7.2. The term “Landlord” as used in the
Master Lease shall refer to “Sublandlord” hereunder, the term “Tenant” as used in the Master Lease shall refer to “Subtenant” hereunder, the term “Lease” as used in the Master Lease shall refer to this
Sublease and the term “Leased Premises” as used in the Master Lease shall refer to the Sublease Premises described herein; provided, however, that the obligations, waivers, releases and other agreements of Subtenant under Article 9 of the
Sublease, as incorporated herein, shall be deemed to be given in favor of both Master Landlord and Sublandlord. Notwithstanding anything to the contrary contained in this Sublease, except as otherwise expressly provided in this Sublease, Sublandlord
shall not be required to (i) provide any of the insurance, services or construction to the Sublease Premises that Master Landlord may have agreed to provide pursuant to the Master Lease (or as required by law), (ii) provide any utilities
(including electricity) to the Sublease Premises that Master Landlord may have agreed to furnish pursuant to the Master Lease (or as required by law), (iii) make any of the repairs that Master Landlord may have agreed to make pursuant to the
Master Lease (or as required by law), (iv) take any other action relating to the operation, maintenance, repair, restoration, rebuilding, alteration or servicing of the Master Premises that Master Landlord may have agreed to provide, furnish,
make, comply with, or take, or cause to be provided, furnished, made complied with or taken under the Master Lease or (v) provide Subtenant with any abatement, rebate, credit, allowance or other concession required of Master Landlord pursuant
to the Master Lease. Subtenant shall not make any claim against Sublandlord for any damage which may arise by reason of (a) the failure of Master Landlord to keep, observe or perform any of its obligations under the Master Lease or (b) the
acts or omissions of Master Landlord or its agents, contractors, employees, invitees or licensees or (c) any representation made by Master Landlord to Sublandlord in the Master Lease. Whenever Master Landlord has certain rights and authority
under the Master Lease, such rights and authority shall continue to be vested in Master Landlord and, if appropriate, Sublandlord. 
  

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 7.3. If, as a result of the provisions of Sections 10.1(B) and (C), 11.1(B), 15.6, 25.2(B) or any other
similar provision of the Master Lease applicable to the Sublease Premises, Sublandlord shall actually receive under the Master Lease an abatement of Rent as to the Sublease Premises (for a period during the Term hereof), then Subtenant shall be
entitled to receive from Sublandlord a proportionate share of such abatement calculated as follows: for each rentable square foot to which the abatement applies and for which Subtenant is obligated to pay Rent under this Sublease, Subtenant shall
receive its proportionate share of such abatement based on the ratio of the per square foot Rent payable by Subtenant under this Sublease to the per square foot Rent payable by Sublandlord under the Master Lease for the Sublease Premises, but in no
event in excess of the abatement actually received by Sublandlord for the Sublease Premises. 
 7.4. If any provisions of this Sublease
expressly conflict with any portion of the Master Lease as incorporated herein, the terms of this Sublease shall govern. Subtenant shall assume and perform for the benefit of Sublandlord and Master Landlord all of Tenant’s obligations under the
Master Lease provisions as incorporated herein to the extent that the provisions are applicable to the Sublease Premises. 
 7.5. Subtenant
shall be entitled to receive all of the work, services, repairs, repainting, restoration, the provision of utilities, elevator or HVAC services, and the performance of any other obligations required of Master Landlord under the Master Lease with
respect to the Sublease Premises or the common areas of the Building (except to the extent any such obligations were not incorporated by reference above); provided, however, Sublandlord’s sole obligation with respect thereto shall be to request
the same, as requested in writing by Subtenant and at Subtenant’s sole cost and expense. If Master Landlord shall default in any of its obligations to Sublandlord with respect to the Sublease Premises, Sublandlord will use reasonable commercial
efforts to cause Master Landlord to perform and observe such obligations (except that Sublandlord shall not be obligated to commence any legal, arbitration or audit proceedings against Master Landlord, or utilize any self-help rights, or make any
payment of money or other consideration other than as expressly required of Sublandlord under the Master Lease), but Sublandlord shall have no liability for failure to obtain the observance or performance of such obligations by Master Landlord or by
reason of any default of Master Landlord under the Master Lease or any failure of Master Landlord to act or grant any consent or approval under the Master Lease, or from any misfeasance or non-feasance of Master Landlord, nor shall the obligations
of Subtenant hereunder be excused or abated in any manner by reason thereof, except as expressly provided in this Sublease. If Sublandlord elects to commence legal, arbitration or audit or other proceedings against the Master Landlord to enforce, or
otherwise enforces, Sublandlord’s rights under the Master Lease which are applicable to Subtenant and the Sublease Premises as well as to the Sublandlord as to the remainder of the Master Premises, Subtenant shall be responsible for reimbursing
Sublandlord for the reasonable, out-of-pocket costs of such proceedings, including, without limitation, reasonable attorneys’ fees incurred by Sublandlord at the following rates: (a) one hundred (100%) percent thereof if such pertain
only to the Sublease Premises; (b) Subtenant’s Proportionate Share if such pertain to the entire Master Premises; or (c) a proportionate percentage if such pertain to the Sublease Premises or any part thereof and to a portion of the
Master Premises other than the Sublease Premises, such reimbursement to be made by Subtenant to Sublandlord within thirty (30) days after invoice therefor. 
  

 10 

 7.6. Subtenant shall cooperate with Sublandlord as may be required to obtain from Master Landlord any
such work, services, repairs, repainting, restoration, the provision of utilities, elevator or HVAC services, or the performance of any of Master Landlord’s other obligations under the Master Lease, provided that in day-to-day issues, Subtenant
shall contact Master Landlord first to obtain the desired service or item and shall only contact Sublandlord if Master Landlord fails to perform. This Sublease shall at all times during the Term remain subject and subordinate to the Master Lease
(and to all matters to which the Master Lease is subject and subordinate) and to all modifications and amendments to the Master Lease. Sublandlord agrees with Subtenant that so long as Subtenant is not in default hereunder beyond any applicable
notice and/or cure period, Sublandlord shall not enter into any modification or amendment to the Master Lease which will (i) prevent or materially adversely affect the use by Subtenant of the Sublease Premises in accordance with the terms of
the Sublease, (ii) increase the obligations of Subtenant hereunder, except to a de minimis extent, (iii) decrease its rights under the Sublease, except to a de minimis extent, (iv) decrease the size of the Sublease Premises, except as
otherwise permitted in the Master Lease, or (iv) accelerate the Expiration Date of the Master Lease as to the Sublease Premises, unless Master Landlord shall accept an attornment by Subtenant to Master Landlord upon substantially the same (or
more favorable to Subtenant) terms as provided in this Sublease (or if such attornment shall not be accepted with Subtenant being in default hereunder). 
  

	8.	MASTER LEASE. 

 8.1. At any time and on reasonable prior
notice to Subtenant, Sublandlord can elect to require Subtenant to perform Subtenant’s obligations under this Sublease directly to Master Landlord, in which event Subtenant shall send to Sublandlord from time to time copies of all notices and
other communications that Subtenant shall send to and receive from Master Landlord. Subtenant shall not do or permit to be done anything which would constitute a violation or breach of any of the terms, conditions or provisions of the Master Lease
or which would cause the Master Lease to be terminated or forfeited by virtue of any rights of termination or forfeiture reserved by or vested in Master Landlord. If the Master Lease terminates, this Sublease shall terminate and the parties shall be
relieved from all liabilities and obligations under this Sublease; except that if this Sublease terminates (i) as a result of a default of one of the parties under this Sublease, the defaulting party shall be liable to the non-defaulting party
for all damage suffered by the non-defaulting party as a result of the termination, or (ii) as a result of a voluntary surrender of the Master Lease by Sublandlord to Master Landlord (which shall not be deemed to include a right of termination
by reason of casualty or condemnation), Sublandlord shall be liable to Subtenant for all damage suffered by Subtenant as a result of the termination, unless Master Landlord shall accept an attornment by Subtenant to Master Landlord pursuant to the
then executory provisions of this Sublease, subject to the provisions of Section 12.5(A)(II) of the Original Master Lease; provided, however, that in no event shall either party be liable for consequential or punitive damages. Notwithstanding
the foregoing, in the event of a termination, re-entry or dispossess of Sublandlord by Master Landlord under the Master Lease, Master Landlord may, at its option, take over all of the right, title and interest of Sublandlord hereunder and Subtenant,
at Master Landlord’s option, shall attorn to Master Landlord pursuant to the then executory provisions of this Sublease, except as otherwise set forth in Section 12.5(A)(11) of the Original Master Lease. 
  

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 8.2. Sublandlord represents that Sublandlord (i) has not given written notice to Master Landlord in
accordance with the Master Lease of any default by Master Landlord under the Master Lease, (ii) has not received any written notice from Master Landlord of any default by Sublandlord, as tenant under the Master Lease, which has not been cured;
(iii) is the tenant under the Master Lease and has not assigned the Master Lease or any interest therein; (iv) has not subleased the Sublease Premises or any portion thereof to any person or entity other than Subtenant; and (v) the
Master Lease is in full force and effect. 
 8.3. Nothing contained in this Sublease shall require Subtenant to incur any liability or to
perform any obligation with respect to the Premises other than the Sublease Premises, except to the extent arising out of or resulting from the act or omission of Subtenant or Subtenant’s officers, agents, employees, independent contractors,
sublessees or invitees. 
  

	9.	ACCEPTANCE OF SUBLEASE PREMISES “AS IS”. 

 9.1.
Except for Sublandlord’s Work and as otherwise expressly set forth in this Sublease, the Sublease Premises shall be delivered to Subtenant in “AS IS and WITH ALL FAULTS” condition and without any representations and warranties with
respect thereto by Sublandlord, its agents, officers, directors, employees, consultants or attorneys. Subtenant acknowledges and agrees that Sublandlord and its agents, officers, directors, employees, consultants and attorneys have made no
representations, warranties or promises of any nature whatsoever with respect to the Building, the Project, the Sublease Premises or any improvements located therein. The taking of possession of any portion of the Sublease Premises by Subtenant
shall be conclusive evidence that Subtenant accepts the same “AS IS and WITH ALL FAULTS”, except for the completion of Sublandlord’s Work, and that the Sublease Premises and the Building are suited for the use intended by Subtenant
and are in good and satisfactory condition at the time such possession was taken. Subtenant represents and warrants to Sublandlord that (a) its sole intended use of the Sublease Premises is for general office and trading floor uses in
accordance with the Master Lease, and (b) prior to executing this Sublease it has made such investigations as it deems appropriate with respect to the suitability of the Sublease Premises for its intended use and has determined that the
Sublease Premises are suitable for such intended use. Except for Sublandlord’s Work, Sublandlord shall have no obligation whatsoever to construct any improvements for Subtenant or to repair or refurbish the Sublease Premises. All alterations to
the Sublease Premises, other than Sublandlord’s Work, shall be at Subtenant’s sole cost and expense. 
 9.2.
Sublandlord shall, upon receipt of the Master Landlord Consent and (if Sublandlord elects) upon receipt of Master Landlord’s consent to Sublandlord’s Work, (i) construct a demising wall separating the Sublease Premises from the
balance of the 15th Floor Premises as shown on Exhibit B, and (ii) paint
in a Building standard color the north side of the common corridor on the 15th Floor
Premises (“Sublandlord’s Work”). It is understood that item (ii) of Sublandlord’s Work may be performed while Subtenant is performing its work in the Sublease Premises and that no rent relief will be afforded Subtenant in
connection therewith, provided, however, Sublandlord shall use commercially reasonable efforts to minimize interference with the conduct of such work by Subtenant. Subtenant acknowledges that item (ii) of Sublandlord’s Work shall be
performed during regular business hours, and need not be completed prior to the Commencement Date, provided Sublandlord shall substantially complete such work within thirty (30) days after the Commencement Date. Sublandlord shall provide
Subtenant with any certificates of occupancy required in connection with Sublandlord’s Work. 
  

 12 

 9.3. Subtenant shall, throughout the Term, maintain in full force and effect an air conditioning service
repair and full service maintenance contract in form and substance reasonable acceptable to Sublandlord with Sublandlord’s designated air conditioning contractor or servicing company covering the supplemental HVAC system in the Sublease
Premises and providing for scheduled maintenance shown on Exhibit G attached hereto and made a part hereof. 
 9.4. Subtenant hereby
grants Sublandlord, its subtenants, successors and assigns an irrevocable license during the Term for twenty-four (24) hour, seven (7) day per week access to telecom and/or electrical closets located in the Sublease Premises which service
portions of the Master Premises other than the Sublease Premises, in order that Sublandlord may install, operate, maintain, repair and remove its equipment, as well as cabling and electrical lines, therein. Sublandlord shall, except in an emergency,
give Subtenant reasonable prior notice (which may be oral or written) concerning any such access by Sublandlord, its agents, employees, contractors and/or subcontractors and, at Subtenant’s option (except in the event of an emergency),
Sublandlord shall be accompanied by a representative of Subtenant (which Subtenant shall make available to Sublandlord). Sublandlord shall use commercially reasonable efforts not to interfere with Subtenant’s use and occupancy of the Sublease
Premises in connection with such access. 
  

	10.	USE; SIGNAGE; SUBLANDLORD’S TRADE NAMES; PARKING; FF&E. 

 10.1. Use. Subtenant agrees that the Sublease Premises shall be used by Subtenant (and its permitted assignees and subtenants) solely for general office and trading floor uses in accordance with the provisions of the Master Lease and
for no other use, business or purpose whatsoever. 
 10.2. Signage. Subject to Sublandlord’s rights and obligations under the
Master Lease, Subtenant shall have the right, at its sole cost and expense, to install Building standard signage on the entry doors to the Sublease Premises, which signage shall be subject to approval by Master Landlord. 
 10.3. Sublandlord’s Trade Names. Subtenant agrees that it shall not, without Sublandlord’s prior written consent which consent may be
withheld in Sublandlord’s sole and absolute discretion, use the names, characters, artwork, designs, trade names, copyrighted materials, trademarks or services marks of Sublandlord, its parent, affiliated or subsidiary companies, employees,
directors, shareholders, assigns, successors or licensees (a) in any advertising, publicity or promotion or (b) in any manner other than expressly in accordance with this Sublease. 
 10.4. Parking. Subtenant shall have the use of one (1) parking space for each 1,000 rentable square feet of the Sublease
Premises (“Subtenant’s Parking Spaces”) in the Parking Garage and Access Cards in connection therewith for which Subtenant shall pay a charge at the monthly rate equal to $220.00 for each of Subtenant’s Parking Spaces and Access
Cards (whether or not such Subtenant’s Parking Spaces or Access Cards are actually utilized by Subtenant) (the “Subtenant’s Parking Charge”), which Subtenant’s Parking Charge shall be paid in advance to Sublandlord as
additional rent. On the first (1st) anniversary of the Commencement Date and
thereafter on each anniversary of the Commencement Date, Subtenant’s Parking Charge shall be increased to the lesser of (i) the then posted monthly rate charged to Sublandlord under Section 15.1 of the Original Master Lease, and
(ii) one hundred ten (110%) percent of the Subtenant’s Parking Charge payable by Subtenant hereunder for the 

  

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immediately preceding twelve (12) month period. The designation of Subtenant’s Parking Spaces shall be allocated by Sublandlord from
Sublandlord’s Parking Spaces available to Sublandlord under the Master Lease, as Sublandlord shall determine in its sole discretion. Subtenant’s rights as to and its use of the Parking Garage are subject to the terms and conditions of the
Master Lease, and Subtenant shall comply therewith. 
 10.5. Furniture. Fixtures and Equipment. 
 (a) Subtenant shall have the right to use, during the Term, the furniture and fixtures existing in the Sublease Premises on the
Commencement Date and substantially as shown on Exhibit B and the existing equipment itemized on Exhibit D attached hereto and made a part hereof (collectively, the “FF&E”), without payment of an additional charge or fee.
Subtenant shall be solely responsible for obtaining all maintenance contracts, relevant support agreements, rights, licenses, permissions and software necessary and/or appropriate for the use and/or operation of the FF&E by Subtenant. The
FF&E shall be left in the Sublease Premises on the Commencement Date in its “as is” “where is” condition, except as otherwise expressly set forth herein. Upon the expiration or earlier termination of this Sublease, Subtenant
shall remove the FF&E from the Sublease Premises, which FF&E shall thereafter be the property of Subtenant for ail purposes, and Sublandlord shall deliver to Subtenant a bill of sale (“FF&E Bill of Sale”) listing the FF&E
in the form attached hereto as Exhibit H promptly thereafter, which FF&E Bill of Sale shall be countersigned by Subtenant and returned to Sublandlord within ten (10) business days after Subtenant’s receipt thereof. In the event
Subtenant fails to countersign and return the FF&E Bill of Sale within such 10-business day period, Subtenant (i) shall conclusively be deemed to have accepted the FF&E Bill of Sale, and (ii) hereby irrevocably appoints Sublandlord
as Subtenant’s attorney-in-fact (such power of attorney being coupled with an interest) to execute and deliver the FF&E Bill of Sale for and in the name of Subtenant. Notwithstanding the foregoing, in the event Subtenant shall be in default
under this Sublease, Subtenant shall, at Sublandlord’s option, leave such FF&E in the Sublease Premises at the end of the Term in the same condition as on the date hereof, reasonable wear and tear and damage by casualty excepted. Subtenant
shall be pay, and shall indemnify Sublandlord for the payment of, all sales and/or use tax arising from the sale, use and/or transfer of the FF&E hereunder. 
 (b) Notwithstanding the foregoing, the computer hard drives delivered by Sublandlord to Subtenant as FF&E (the “Hard
Drives”) shall be delivered to Subtenant on the Commencement Date in working order. Subtenant shall have thirty three (33) business days to notify Sublandlord, in writing, of any Hard Drives that were not so delivered, failing which it
shall be automatically deemed that such Hard Drives were delivered to Subtenant in working order. Replacement of any Hard Drive(s) not in working order as specified in Subtenant’s notice shall be Subtenant’s sole and exclusive remedy with
respect thereto. Sublandlord shall not be responsible for replacement of any Hard Drives which are not in working order as a result of the act or omission of anyone other than Sublandlord, its employees, contractors and agents. Sublandlord agrees to
reimburse Subtenant up to a maximum amount of (i) $255.00 per Hard Drive for the cost incurred by Subtenant in purchasing licenses for the Microsoft Office software program to be installed by Subtenant thereon, and (ii) $250.00 per Hard
Drive for the cost incurred by Subtenant in purchasing licenses for Microsoft Windows XP software program to be installed by Subtenant thereon. Sublandlord shall disburse, within thirty (30) days of receipt of Subtenant’s itemized request,
such amount to the extent set forth in Subtenant’s requisition, provided, however, that Sublandlord will not be obligated to make any advance if, and for so long as, Subtenant is in default under this Sublease beyond any applicable notice and
cure. 
  

 14 

 (c) Intentionally Omitted. 
 (d) SUBLANDLORD MAKES NO, AND EXPRESSLY DISCLAIMS ALL, REPRESENTATIONS OR WARRANTIES, WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN,
REGARDING ANY OF THE FF&E OR THE CONDITION THEREOF, INCLUDING IMPLIED WARRANTIES OF FITNESS FOR ANY PARTICULAR PURPOSE OR MERCHANTABILITY OR ANY OTHER WARRANTIES WHATSOEVER, EXCEPT AS OTHERWISE EXPRESSLY SET FORTH HEREIN. SUBTENANT ACKNOWLEDGES
THAT NEITHER SUBLANDLORD NOR ANY OF ITS AGENTS HAVE MADE, AND SPECIFICALLY NEGATE AND DISCLAIM, ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS OR IMPLIED, ORAL OR
WRITTEN, OF, AS TO, CONCERNING, OR WITH RESPECT TO, (i) THE VALUE, NATURE, QUALITY OR CONDITION OF THE FF&E, (ii) THE SUITABILITY OF ANY OF THE FF&E FOR ANY AND ALL ACTIVITIES AND USES WHICH MAY BE CONDUCTED BY SUBTENANT,
(iii) THE MERCHANTABILITY, MARKETABILITY, PROFITABILITY, TITLE, QUIET ENJOYMENT, NON-INFRINGEMENT OF ANY THIRD PARTY INTELLECTUAL PROPERTY RIGHTS OR FITNESS FOR A PARTICULAR PURPOSE THEREOF, EVEN IF SUBLANDLORD HAS BEEN MADE AWARE OF SUCH
PURPOSE, (iv) THE ABILITY OR RIGHT OF SUBTENANT TO USE ANY OF THE FF&E AND/OR RELATED SOFTWARE, INCLUDING, WITHOUT LIMITATION, ANY THIRD PARTY SOFTWARE, OR (v) ANY OTHER MATTER WITH RESPECT TO ANY OF THE FF&E OR ANY COMPONENT
THEREOF, INCLUDING ANY SOFTWARE THEREON. SUBLANDLORD DOES NOT WARRANT AND SPECIFICALLY DISCLAIMS ANY REPRESENTATIONS THAT ANY SOFTWARE PRODUCT’S FUNCTIONS WILL MEET SUBTENANT’S REQUIREMENTS OR THAT THE OPERATION OF ANY SUCH SOFTWARE WILL
BE UNINTERRUPTED, VIRUS FREE OR ERROR FREE, OR THAT DEFECTS IN SUCH SOFTWARE WILL BE CORRECTED. SUBTENANT SHALL RELY SOLELY ON ITS OWN INVESTIGATION OF THE FF&E AND NOT ON ANY INFORMATION PROVIDED OR TO BE PROVIDED BY SUBLANDLORD OR ITS AGENTS,
EXCEPT AS EXPRESSLY PROVIDED HEREIN. SUBLANDLORD SHALL NOT BE LIABLE OR BOUND IN ANY MANNER BY ANY VERBAL OR WRITTEN STATEMENTS, REPRESENTATIONS OR INFORMATION PERTAINING TO THE FF&E OR THE OPERATION THEREOF, FURNISHED BY ANY PERSON OR ENTITY
PURPORTING TO ACT ON BEHALF OF SUBLANDLORD. 
  

	11.	COMPLIANCE WITH LAWS AND REGULATIONS; PROHIBITED ACTIONS. 

 11.1. Subtenant, at its sole cost and expense, shall promptly comply with all local, state or federal laws, statutes, ordinances and governmental rules, regulations or requirements now in force or which may hereinafter be in force in
accordance with the provisions of Article 7 of the Original Master Lease, including, without limitation, the Americans with Disabilities Act, 42 U.S.C. § 12 101 et seq. and any governmental regulations relating thereto, including,
without limitation any required alterations for purposes of “public accommodations” under such statute, and similar federal, state and local laws and regulations (collectively, the “ADA”). Subtenant shall not use or permit the
Sublease Premises to be used in any manner nor do any act which would increase the existing rate of insurance on the Building or Master Premises or cause the cancellation of any insurance policy covering the Building or the Master Premises, nor
shall Subtenant permit to be kept, used or sold, in or about the Sublease Premises or the Building, any article which may be prohibited by the standard form of fire insurance policy. Subtenant shall not during the Term (i) commit or allow to be
committed any waste upon the Sublease Premises, or 

  

 15 

 
any public or private nuisance in or around the Building or the Sublease Premises, (ii) allow any sale by auction upon the Sublease Premises,
(iii) place any loads upon the floor, walls, or ceiling of the Sublease Premises which endangers the Building, (iv) use any apparatus, machinery or device in or about the Sublease Premises which will cause any substantial noise or
vibration or in any manner damage the Building, (v) place any harmful liquids in the drainage system of the Building or in the soils surrounding the Building, or (vi) disturb or unreasonably interfere with other tenants of the Building. If
any of Subtenant’s office machines or equipment disturbs the quiet enjoyment of any other tenant in the Building, then Subtenant shall provide adequate insulation, or take such other action as may be necessary to eliminate the disturbance, all
at Subtenant’s sole cost and expense. 
 11.2. Subtenant shall not generate, use, manufacture, keep, store, refine, release, discharge
or dispose of any substance or material that is described as a toxic or hazardous substance, waste or material or a pollutant or contaminant by any federal, state or local law, ordinance, rule or regulation now or hereafter in force, as amended from
time to time, in any way relating to or regulating human health or safety or industrial hygiene or environmental conditions or pollution or contamination (including the Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42
U.S.C. §§ 9601, et seq., the Solid Waster Disposal Act, 42 U.S.C. §§ 6901, et seq., the Toxic Substances Control Act, 15 U.S.C. §§ 2601, et seq., the Clean Water Act, and 33 U.S.C. §§
1251, et seq., the Hazardous Substance Account Act, the Hazardous Waste Control Act, and the Porter-cologne Water Quality Control Act, all as amended) including, without limitation, PCBs, oil and petroleum products, asbestos and asbestos-containing
materials and radioactive materials (collectively, “Hazardous Substances”), on, under or near the Sublease Premises or the Building, except that Subtenant may use Hazardous Substances on the Sublease Premises that are incidental to general
office use (such as photocopier toner) provided such use is in compliance with laws and prudent business practices. Subtenant shall not cause or permit any waste material or refuse to be dumped upon or remain upon any part of the Building outside
the Sublease Premises, nor shall Subtenant cause or allow any materials, supplies, equipment, finished products or semi-finished products or articles of any nature to be stored upon or remain upon the Building outside the Sublease Premises.
Subtenant agrees to indemnify Master Landlord and Sublandlord against and hold Master Landlord and Sublandlord harmless from any and all loss, cost, liability, claim, damage, and expense including, without limitation, reasonable attorneys’ fees
and disbursements, incurred in connection with or arising from the generation, use, manufacture, storage, disposal or release of any Hazardous Substances by Subtenant or any person claiming through or under Subtenant or any contractor, agent,
employee, visitor, assign or licensee of Subtenant, on or about the Building throughout the Term. Sublandlord agrees to indemnify Subtenant against and hold Subtenant harmless from any and all loss, cost, liability, claim, damage, and expense
including, without limitation, reasonable attorneys’ fees and disbursements, incurred in connection with or arising from the generation, use, manufacture, storage, disposal or release of any Hazardous Substances by Sublandlord or any
contractor, agent, employee, visitor, assign or licensee of Sublandlord, on or about the Building throughout the Term, except to the extent arising out of or resulting from the act or omission of Subtenant or any contractor, agent, employee,
visitor, assign, sublessee or licensee of Subtenant. Sublandlord has not received written notice that the Sublease Premises is in violation of any Environmental Law or other Legal Requirement. 
  

 16 

	12.	SUB-SUBLETTING; ASSIGNING. 

 12.1. Subject to
Subtenant’s obtaining the consent of Master Landlord and Sublandlord, which consent shall not be unreasonably withheld, conditioned or delayed on the part of Sublandlord, Subtenant shall have the right to assign this Sublease or to sub-sublease
the Sublease Premises in accordance with and subject to the provisions of Article 12 of the Original Master Lease (including the provisions of Section 12.5(A)(11) thereof), as incorporated herein, and this Article 12. Without limiting the
reasons upon which Sublandlord could reasonably withhold its consent, Sublandlord may reasonably withhold its consent if it does not approve (i) the proposed use of the Sublease Premises, if such use is not permitted by this Sublease,
(ii) the proposed physical subdivision of the Sublease Premises or the construction of a multi-tenant corridor, or (iii) the creditworthiness or business reputation of the assignee or sub-subtenant. Such assignment or sub-sublease shall be
subject to all of the terms and conditions of the Master Lease and this Sublease, and Subtenant shall remain primarily liable under this Sublease notwithstanding any sub-sublease. In connection with any assignment or subletting, Sublandlord shall
have the right to review and approve the current financial statements of Subtenant and any proposed assignee or sub-subtenant. Fifty (50%) percent of any profit realized by Subtenant as a result of such assignment or sub-subleasing (after first
deducting Subtenant’s reasonable costs associated therewith, including only brokerage fees and commissions, reasonable attorneys’ fees and the cost of remodeling or otherwise improving or altering the Sublease Premises for said sublessee)
shall be paid to Sublandlord after appropriate sharing, if any, with the Master Landlord. 
 12.2. Subject to Sublandlord’s rights and
obligations under the Master Lease, Sublandlord consent shall not be required for transactions with a corporation or business entity described in clauses (i) through (iv) of Section 12.9(A) of Master Lease (“Permitted
Transferee”), provided the conditions set forth in such Section shall be applicable to all such Permitted Transferees, provided, however, for purposes of this Sublease, the net worth test in clause (b) of Section 12.9(A)(1) of the
Master Lease as to Permitted Transferees shall be the greater of (i) the net worth of the Subtenant named herein as of the date of this Sublease and (ii) the net worth of Subtenant immediately prior to such transaction. 
  

	13.	DEFAULTS AND REMEDIES. 

 13.1. Upon any default by
Subtenant under this Sublease or under the Master Lease or any default by Guarantor under the Guaranty (as hereinafter defined), Sublandlord shall have all rights and remedies available at law or in equity, including, without limitation, all of the
rights and remedies described in the Master Lease, including, without limitation, Article 17 of the Original Master Lease. It is understood and agreed that a default by Subtenant under any of the service contracts required to be maintained by
Subtenant pursuant to Section 9.3 above shall be deemed a default by Subtenant under this Sublease. Without limiting the generality of the foregoing, Sublandlord shall have the rights and remedies provided by law, including but not limited to
the right to terminate Subtenant’s right to possession of the Sublease Premises and to recover the worth at the time of award of the amount by which the unpaid annual Base Rent, additional rent and other charges for the balance of the Term
after the time of award exceed the amount of rental loss for the same period that Subtenant proves could be reasonably avoided; and the rights and remedies provided by law that allows Sublandlord to continue this Sublease in effect and to enforce
all of its rights and remedies under this Sublease, including, without limitation, the right to recover annual Base Rent, additional rent and other charges as they become due. 
  

 17 

 13.2. Any holdover by Subtenant of any portion of the Sublease Premises beyond the scheduled expiration
date shall result in the payment of rent with respect to the Sublease Premises equal to the holdover rent and any other sums payable by Sublandlord pursuant to Section 1.2 of the Original Master Lease or otherwise. Notwithstanding anything
contained in Section 4.6 of the Original Master Lease to the contrary, Subtenant shall be required, at Sublandlord’s option, to remove at the end of the Term any telephone, communications and data cabling installed in the Sublease Premises
by or at the request of Subtenant. If the Sublease Premises are not vacated and surrendered in the condition required hereunder on the Expiration Date, in addition to any other right or remedy Sublandlord may have hereunder or at law or in equity,
Subtenant shall and hereby agrees to indemnify and hold Sublandlord harmless from and against any and all claims, losses, expenses or damages, including, without limitation, attorneys’ fees and disbursements, arising out of or resulting from
any delay by Subtenant in so surrendering the Sublease Premises, or any portion thereof, including, without limitation, any claims made by any succeeding tenant or prospective tenant founded upon such delay and the loss of the benefit of the bargain
should such successive lease be terminated by reason of such holding over and any amounts payable by Sublandlord to Master Landlord pursuant to the Master Lease in respect of the Master Premises. Notwithstanding the foregoing, Subtenant shall have
no right to holdover any portion of the Sublease Premises without the consent of Sublandlord. 
 13.3. In the event of a non-monetary default
by Subtenant under the Sublease, Subtenant shall have the same notice and cure rights provided for in the Master Lease as Sublandlord would have for a similar default under the Master Lease, except that Subtenant’s time to cure shall not exceed
seventy-five percent (75%) of the corresponding time under the Master Lease. 
 13.4. Sublandlord shall promptly notify Subtenant in
writing of any default by either Sublandlord or Master Landlord under the terms and conditions of the Master Lease that affects Subtenant’s rights under this Sublease. 
  

	14.	ALTERATIONS. 

 14.1. Subtenant shall not make any
alterations, additions or improvements (collectively, “Alterations”) in or to the Sublease Premises or make changes to locks on doors or add, disturb or in any way change any plumbing or wiring without obtaining the prior written consent
of Sublandlord and Master Landlord. Any Alterations must be done in full compliance with the provisions of Article 4 of the Original Master Lease, as incorporated herein, and all other applicable provisions of the Master Lease; provided, however,
that in all instances concerning Sublandlord’s approval of Subtenant’s Alterations, the time period in which Sublandlord shall have to grant or withhold its consent to such Alterations shall equal one hundred thirty percent (130%) of
the corresponding time period under the Master Lease (i.e., if Master Landlord has ten (10) business days to approve an Alteration, Sublandlord shall have thirteen (13) business days in which to approve the same Alteration). All
Alterations shall be made at Subtenant’s sole cost and expense and by contractors or mechanics approved by Sublandlord and Master Landlord, shall be made at such times and in such manner as Sublandlord may from time to time designate, and shall
become the property of Sublandlord without its obligation to pay for such Alterations. All work with respect to any Alterations shall be performed in a good and workmanlike 

  

 18 

 
manner, shall be of a quality equal to or exceeding the then existing construction standards for the Building and shall be constructed in compliance with all
plans approved by Sublandlord and Master Landlord. Alterations shall be diligently prosecuted to completion to the end that the Sublease Premises shall be at all times a complete unit except during the period necessarily required for such work. All
Alterations shall be made strictly in accordance with all laws, regulations and ordinances relating thereto, including all building codes and regulations and the ADA. Subtenant, at its sole cost and expense, shall obtain any and all permits and
consents of applicable governmental authorities (collectively “Permits”) in connection with all Alterations. Subtenant shall be liable to Sublandlord and Master Landlord for the reasonable costs of any improvements to the Building (whether
or not on the Sublease Premises) which may be required as a consequence of Subtenant’s Alterations. Before commencing any alterations, additions or improvements costing in excess of Twenty Five Thousand Dollars ($25,000), Subtenant, at
Subtenant’s cost, shall obtain and deliver to Sublandlord a performance bond and a labor and materials payment bond for the benefit of Sublandlord, issued by a corporate surety licensed to do business in New Jersey and reasonably acceptable to
Sublandlord, each in the amount of one hundred twenty-five percent (125%) of the cost of the work in a form satisfactory to Sublandlord. No work or interior improvements installed in the Sublease Premises may be removed unless the same are
promptly replaced with work or interior improvements of the same or better quality. Sublandlord hereby reserves the right to require any contractor, subcontractor or materialman working in or providing materials to the Sublease Premises to provide
lien waivers and liability insurance covering the Alterations to the Sublease Premises. Subtenant shall give Master Landlord and Sublandlord ten (10) days written notice prior to the commencement of any Alterations and shall allow Master
Landlord and Sublandlord to enter the Sublease Premises and post appropriate notices to avoid liability to contractors or material suppliers for payment for any Alterations. All Alterations shall remain in and be surrendered with the Sublease
Premises as a part thereof at the termination of this Sublease, without disturbance, molestation or injury, provided that each of Master Landlord and/or Sublandlord may require any Alterations to be removed upon termination of this Sublease in their
sole and absolute discretion. In such event, all expenses to remove said Alterations and to restore the Sublease Premises to normal building standards shall be paid by Subtenant. 
 14.2. Notwithstanding anything contained herein or in the Master Lease to the contrary, subject to Sublandlord’s rights and obligations under the
Master Lease, Subtenant shall have the one time right to make, without Sublandlord consent, Cosmetic Changes and/or Non-Structural Alterations in the Sublease Premises, provided that the estimated cost thereof shall not exceed $25,000.00 in the
aggregate. In connection therewith, Subtenant shall comply with the requirements of Sections 4.1(C) and 4.9 of the Master Lease. 
 14.3.
Subtenant shall have no obligation to remove any Alterations made by Sublandlord prior to the Commencement Date (including, without limitation, Sublandlord’s Work) as required by the Master Lease (the “Pre-Existing Alterations”). In
the event Master Landlord notifies Sublandlord that any Pre-Existing Alterations for which Sublandlord is responsible to remove must be removed and the Sublease Premises restored, Sublandlord shall, as soon as reasonably practicable thereafter,
notify Subtenant thereof and of the date on which Sublandlord requires access to the Sublease Premises to so remove and restore (the “Access Date”), which Access Date shall be no earlier than thirty (30) days prior to the Expiration
Date, Sublandlord shall have the right to terminate this Sublease as of the Access Date, in which case the Access Date shall be deemed the Expiration Date of this Sublease for all purposes. In the event Subtenant fails to provide Sublandlord with
access to the Sublease Premises for such purpose. 

  

 19 

 
Subtenant shall be liable to Sublandlord for any claims, losses, expenses or damages Sublandlord may incur as a result thereof, including, without
limitation, all claims, losses, expenses or damages set forth in Section 13.2 hereof. 
  

	15.	INDEMNIFICATION. 

 15.1. Subtenant shall indemnify, defend
and hold Sublandlord and Master Landlord harmless from all claims, damages, losses, liabilities, costs and expenses, including, without limitation, any sums for which Sublandlord may be liable to Master Landlord under any indemnity or hold harmless
in the Master Lease (“Master Lease Indemnity”) and reasonable attorneys’ fees and costs, arising from: (a) Subtenant’s use of the Sublease Premises or the conduct of its business or any activity, work, or thing done,
permitted or suffered by Subtenant in or about the Sublease Premises, (b) any breach or default in the performance of any obligation to be performed by Subtenant under the terms of this Sublease (or any consents thereto), (c) any act,
neglect, fault or omission of Subtenant or of its directors, officers, agents, employees, licensees, invitees, vendors, contractors or consultants, (d) any default by Subtenant under any associated support, licensing or other agreement with
respect to the FF&E and/or related software, (e) the acquisition, use, misuse, modification, operation, maintenance and/or disposition of, or violation of law with respect to, the FF&E and/or related software by Subtenant or of its
directors, officers, agents, employees, licensees, invitees, vendors, contractors or consultants, (f) any act or omission relating to the FF&E and/or related software by Subtenant or of its directors, officers, agents, employees, licensees,
invitees, vendors, contractors or consultants and (g) the violation, infringement or misappropriation of any third party’s intellectual property rights (including, without limitation, trade secret, trademark, patent or copyright) with
respect to the FF&E and/or related software by Subtenant or of its directors, officers, agents, employees, licensees, invitees, vendors, contractors or consultants; provided that, except for a Master Lease Indemnity and/or an indemnity under
clauses (d) through (g) above, in no event shall Subtenant be liable for consequential or punitive damages, and provided, further, in no event shall Subtenant be liable for the gross negligence or willful misconduct of Sublandlord, its
agents, contractors or employees. In case any action or proceeding shall be brought against Sublandlord by reason of any such claim, Subtenant upon notice from Sublandlord shall defend the same at Subtenant’s expense by counsel approved in
writing by Sublandlord. To the fullest extent permitted by law, Subtenant, as a material part of the consideration to Sublandlord, hereby assumes all risk of and waives all claims against Sublandlord with respect to damage to property or injury to
persons in, upon or about the Sublease Premises from any cause whatsoever except that which is caused by the failure of Sublandlord to observe any of the terms and conditions of this Sublease where such failure has persisted for an unreasonable
period of time after written notice to Sublandlord of such failure, provided that in no event shall Sublandlord be liable for consequential or punitive damages. 
 15.2. Sublandlord shall indemnify, defend and hold Subtenant harmless from all claims, damages, losses, liabilities, costs and expenses, including, without limitation, reasonable attorneys’ fees and costs,
arising from (i) any breach or default in the performance of any obligation to be performed by Sublandlord under the terms of this Sublease (or any consents thereto), or a breach or default by Sublandlord of the Master Lease, except for
breaches or defaults arising out of a breach or default by Subtenant of this Sublease, or the acts or omissions of Subtenant, its agents, contractors, employees invitees or licensees, and (ii) any gross negligence or willful misconduct
Sublandlord, its employees, agents, contractors or invitees, provided that in no event shall Sublandlord be liable for consequential or punitive damages. 
  

 20 

	16.	DAMAGE TO SUBTENANT’S PROPERTY. 

 Notwithstanding
anything to the contrary in this Sublease, Master Landlord and Sublandlord and its directors, officers and agents shall not be liable for (a) any damage to any property entrusted to employees of the Building or its property managers,
(b) loss or damage to any property by theft or otherwise, (c) any injury or damage to persons or property resulting from fire, explosion, falling plaster, steam, gas, electricity, water or rain which may leak from any part of the Building
or from the pipes, appliances or plumbing work therein or from the roof, street or sub-surface or from any other place or resulting from dampness or any other cause whatsoever, or (d) any damage or loss to the business or occupation of
Subtenant arising from the acts or neglect of other tenants or occupants of, or invitees to, the Building, except to the extent caused by the gross negligence or willful misconduct of Sublandlord or its agents. Subtenant shall give prompt notice to
Sublandlord and Master Landlord in case of fire or accident in the Sublease Premises or in the Building or of defects therein or in the fixtures or equipment. 
  

	17.	SUBTENANT’S INSURANCE. 

 17.1. Subtenant, at its sole
cost and expense, shall maintain or cause to be maintained from and after the Delivery Date and throughout the Term, the commercial general liability and umbrella liability insurance (including premises operation, bodily injury, automobile
operation, personal injury, death, products, and completed operations, broad form contractual liability and broad form property damages), a policy or policies of All Risk or Special Form fire and casualty insurance (including sprinkler leakage and
water damage coverage) insuring the full replacement cost of all existing improvements in the Sublease Premises on the Delivery Date, all Alterations and all moveable furniture, fixtures, equipment, trade fixtures and other personal property,
including, without limitation, the FF&E, in the Sublease Premises, and worker’s compensation and employer’s liability insurance, all in the amounts and otherwise satisfying the requirements of Section 9.4 of the Original Master
Lease. Sublandlord and Master Landlord shall be named as additional insureds on Subtenant’s liability policies and as loss payees under Subtenant’s fire and casualty policies. Prior to the time such insurance is first required to be
carried by Subtenant and thereafter at least thirty (30) days prior to the expiration of any such policy, Subtenant shall deliver to Sublandlord certificates evidencing all required insurance. 
 17.2. Subtenant hereby waives on behalf of itself and on behalf of its insurers any and all rights of recovery against Sublandlord, Master Landlord and
the officers, employees, agents and representatives of Sublandlord or Master Landlord on account of loss or damage occasioned to Subtenant or its property or the properties of others under its control caused by fire or any of the extended coverage
risks described hereunder to the extent that such loss or damage is insured under any insurance policy in force at the time of such loss or damage or required to be carried hereunder. If necessary for its effectiveness, Subtenant shall give notice
to its insurance carrier of the foregoing waiver of subrogation. Sublandlord hereby waives on behalf of itself and on behalf of its insurers any and all rights of recovery against Subtenant and its officers, employees, agents and representatives on
account of damage to the Sublandlord or its property or the properties of others under its control caused by fire or any of the extended coverage risks described herein to the extent that such loss or damage is insured under any insurance policy in
force at the time of such loss or damage or required to be carried hereunder. 
  

 21 

	18.	SERVICES. 

 18.1. Except to the extent expressly provided
in this Sublease, Sublandlord shall not be liable for, and Subtenant shall not be entitled to any abatement of rent by reason of (a) the failure to furnish or delay in furnishing any of the services when such failure is caused by accident,
breakage, repairs, strikes, lockouts or other labor disturbances or labor disputes of any character, or by any other cause, similar or dissimilar, beyond the reasonable control of Sublandlord or Master Landlord or by the making of any repairs or
improvements to the Sublease Premises or to the Building or to the Project, or (b) the limitation, curtailment, rationing or restrictions on use of water, electricity, gas or any other utility servicing the Sublease Premises or the Building by
any utility or governmental agency. Subtenant shall not connect any electrical equipment to the Building’s electrical distribution system which may overload the electrical capacity of the Building or the Sublease Premises. At any time that
Subtenant’s use of electricity exceeds a reasonable amount of electricity, as reasonably determined by Sublandlord or Master Landlord, Sublandlord shall have the right at any time to install, at Subtenant’s sole cost and expense, an
electric current meter in the Sublease Premises or to conduct an electric current usage survey in order to measure the amount of electric current consumed on the Sublease Premises. 
 18.2. Subject to Master Landlord’s consent and Sublandlord’s rights and obligations under the Master Lease, Subtenant shall
utilize the UPS, EPS and Cooled Water allocated to the Sublease Premises pursuant to Section 24.8(A)(3)(d) of the Master Lease and in accordance therewith. Subtenant shall pay, as additional rent, Subtenant’s Portion (as hereinafter
defined) of any Access Charges imposed by Master Landlord for Special Services provided to the Sublease Premises. For purposes hereof, Subtenant’s Portion, as to UPS and EPS, shall mean (i) from the Commencement Date through and including
the last day of the month preceding the month in which the third (3rd) anniversary of the Commencement Date occurs, fifty (50%) percent; (ii) from the first day of the month in which the third (3rd) anniversary of the Commencement Date occurs through and including the last day of the month preceding the month in which the
sixth (6th) anniversary of the Commencement Date occurs, sixty
(60%) percent; and (iii) from the first day of the month in which the sixth (6th) anniversary of the Commencement Date occurs through and including the Expiration Date, seventy (70%) percent. For purposes hereof, Subtenant’s Portion, as to Cooled Water, shall mean one hundred (100%) percent.
Sublandlord shall not be liable or responsible to Subtenant in any way for any loss, damage or expense which Subtenant may sustain or incur as a result of any failure or defect in any of the Special Services furnished to Subtenant pursuant to this
Section. 
  

	19.	TIME. 

 Time is of the essence of this Sublease.

  

	20.	RIGHT TO PERFORM. 

 If Subtenant shall fail to pay any sum
of money required to be paid by it hereunder, or shall fail to perform any other act on its part to be performed hereunder, and such failure shall continue for three (3) days after notice thereof by Sublandlord, Sublandlord may, but shall not
be obligated so to do, and without waiving or releasing Subtenant from any obligations of Subtenant, make any such payment or perform any such other act on Subtenant’s part to be made or performed as provided in this Sublease. Subtenant shall
reimburse Sublandlord for all costs incurred in connection with such payment or performance immediately upon demand. 
  

 22 

	21.	NON-WAIVER. 

 Neither the acceptance of rent nor any other
act or omission of Sublandlord at any time or times after the happening of any event authorizing the cancellation or forfeiture of this Sublease shall operate as a waiver of any past or future violation, breach or failure to keep or perform any
covenant, agreement, term or condition hereof, or deprive Sublandlord of its right to cancel or forfeit this Sublease, upon the notice required by law, at any time that cause for cancellation or forfeiture may exist, or be construed so as to at any
future time prevent Sublandlord from promptly exercising any other option, right or remedy that it may have under any term or provision of this Sublease. 
  

	22.	NOTICES. 

 All notices under this Sublease shall be in
writing as follows: 
  

			
	If to Sublandlord:	  	 CHARLES SCHWAB & CO, INC.
 101 Montgomery
St.
 San Francisco, CA 94104
 Attn.: Senior Vice President,
Corporate Real Estate and Facilities

		
	with a copy to:	  	 CHARLES SCHWAB & CO, INC.
 P.O. Box
881566
 San Francisco, CA 94188-1566
 Attn.: Corporate Real
Estate Lease Administration

		
	If to Master Landlord:	  	 To the Notice Addresses and Addressees set forth
 In
Section 26.1 of the Original Master Lease

		
	If to Subtenant:	  	 HUDSON SECURITIES, INC.
 111 Pavonia Avenue

Jersey City, New Jersey 07310
 Attention:
                                         
       

 or such addresses as may hereafter be designated by either party in writing. Any such notices shall be either sent
by certified mail, return receipt requested, in which case notice shall be deemed delivered three (3) business days after timely deposit, postage prepaid in the U.S. Mail; sent by a nationally recognized overnight courier, in which case notice
shall be deemed delivered when actually delivered; or personally delivered, in which case notice shall be deemed delivered upon receipt. 
  

	23.	SURRENDER OF SUBLEASE PREMISES. 

 The voluntary or other
surrender of this Sublease by Subtenant, or a mutual cancellation hereof, shall not work a merger, and shall, at the option of Sublandlord, operate as an assignment to it of any subleases or subtenancies. 
  

 23 

	24.	RENEWAL. 

 Provided Hudson Securities, Inc. is the
Subtenant hereunder, Sublandlord agrees that, in the event Master Landlord and Subtenant enter into a direct lease for all or any portion of the premises then subleased to Subtenant under this Sublease (the “Renewal Premises”) for a term
commencing on the day after the Expiration Date of this Sublease and Subtenant is not then in default beyond any applicable notice and cure period and this Sublease is in full force and effect, Sublandlord hereby waives its right to renew the Master
Lease as to such Renewal Premises. 
  

	25.	RIGHT OF FIRST REFUSAL. 

 25.1. Provided (i) this
Sublease shall not have been terminated, and (ii) Subtenant shall not then be in default under this Sublease beyond any applicable notice and cure period, Sublandlord hereby grants Subtenant a one-time right (“First Right”) to
sublease all or a portion of the space contiguous to the Sublease Premises as shown uncrosshatched on Exhibit B attached hereto and made a part hereof (the “First Right Space”), in accordance with and subject to the provisions of
this Article 25. 
 25.2. If, at any time during the period from the Commencement Date to and including day immediately
preceding the first (1st) anniversary of the Commencement Date, Sublandlord has
received a bona fide written proposal to sublease from a third party setting forth substantial terms of a sublease for the First Right Space or any portion thereof which Sublandlord is willing to accept, then, prior to subleasing the First Right
Space or any portion thereof to such third party, Sublandlord shall give Subtenant written notice of the basic economic terms including but not limited to the Base Rent, sublease term, space dimensions and any tenant improvement allowance
(collectively, the “Economic Terms”) upon which Sublandlord is willing to sublease such First Right Space to Subtenant or to such party. Within five (5) days after receipt of Sublandlord’s notice, TIME BEING OF THE ESSENCE,
Subtenant shall give Sublandlord written notice (an “Acceptance Notice”) pursuant to which Subtenant shall elect to (i) sublease all, but not less than all, of the space specified in Sublandlord’s notice (the “Designated
Space”) upon such Economic Terms and the same non-Economic Terms as set forth in this Sublease; or (ii) refuse to sublease the Designated Space, in which event Sublandlord may sublease the Designated Space upon Economic Terms which are not
materially more favorable to such party than those Economic Terms proposed in Sublandlord’s notice. In the event that Subtenant does not so respond in writing to Sublandlord’s notice within said period, Subtenant shall be deemed to have
elected clause (ii) above. 
 25.3. If Subtenant timely delivers an Acceptance Notice to sublease the Designated Space, then Sublandlord
shall promptly prepare and deliver to Subtenant an amendment to this Sublease consistent with the foregoing, and Subtenant shall execute and return same to Sublandlord within ten (10) days from Subtenant’s receipt thereof. Subtenant’s
failure to timely return the amendment shall entitle Sublandlord to specifically enforce Subtenant’s commitment to sublease the Designated Space, to sublease such space to a third party on such terms and conditions as Sublandlord shall
determine, and/or to pursue any other available legal remedy. 
  

 24 

 25.4. If Subtenant fails to timely deliver an Acceptance Notice with respect to any Designated Space, or
if the provisions of this Article shall operate to make the First Right null and void, then (i) the First Right with respect to such Designated Space shall be null and void and of no further force and effect and Sublandlord shall have no
further obligation to offer such Designated Space to Subtenant pursuant to this Article 25, (ii) Sublandlord may, at is option in its sole discretion, enter into one or more such subleases of such Designated Space with third parties on economic
terms not less than 90% of the Economic Terms set forth in Sublandlord’s notice, and (iii) Subtenant shall, upon demand by Sublandlord, execute an instrument confirming Subtenant’s waiver, or the voiding and extinguishing, of the
First Right with respect to such Designated Space, but the failure by Subtenant to execute any such instrument shall not affect the provisions hereof. 
 25.5. None of Subtenant’s options and rights set forth in this Article 25 maybe severed from this Sublease or separately sold, assigned or transferred. The termination, cancellation or surrender of this Sublease
shall terminate any right hereunder not yet exercised as to the portion of the Sublease Premises affected by such termination, cancellation or surrender. 
 25.6. Subtenant and Sublandlord each represents and warrants to the other that, with respect to the subleasing of the Designated Space, it has not dealt with any brokers or finders for which a fee or commission may be
payable other than the Brokers, and Subtenant and Sublandlord each does hereby indemnify the other and agrees to hold it harmless from and against any liability, loss, cost and/or expense, including, without limitation, reasonable attorneys’
fees and disbursements, arising out of any inaccuracy or alleged inaccuracy in the foregoing representation by such party. Sublandlord agrees to pay any commission which may be payable to Sublandlord’s Broker with respect to Subtenant’s
exercise of the First Right pursuant to a separate written agreement between Sublandlord and Sublandlord’s Broker, and Sublandlord’s Broker shall be solely responsible for paying any commissions claimed by Subtenant’s Broker as the
cooperating broker. 
  

	26.	GENERAL PROVISIONS. 

 26.1. Entire Agreement. This
Sublease and Exhibits A – H attached hereto contains all of the agreements of the parties, and there are no verbal or other agreements which modify or affect this Sublease. This Sublease and Exhibits A – H
attached hereto supersedes any and all prior agreements made or executed by or on behalf of the parties hereto regarding the Sublease Premises. 
 26.2. Terms and Headings. The words “Sublandlord” and “Subtenant” include the plural as well as the singular, and words used in any gender include all genders. The titles to sections of this Sublease are not a
part of this Sublease and shall have no effect upon the construction or interpretation of any part hereof. 
 26.3. Successors and
Assigns. All of the covenants, agreements, terms and conditions contained in this Sublease shall inure to and be binding upon Sublandlord and Subtenant and their respective successors and assigns. 
 26.4. Brokers. Subtenant represents and warrants to Sublandlord that, except with respect to CB Richard Ellis, Inc. (“Subtenant’s
Broker”), Subtenant has not engaged any broker, finder or other person who would be entitled to any commission or fees in respect of the negotiation, execution or delivery of this Sublease and Subtenant shall indemnify, defend and hold harmless
Sublandlord against any loss, cost, liability or expense incurred by Sublandlord as a result of any claim asserted by any such 

  

 25 

 
broker, finder or other person on the basis of any arrangements or agreements made or asserted to have been made by or on behalf of Subtenant, Sublandlord
represents and warrants to Subtenant that, except with respect to Handler Real Estate Services and Cushman & Wakefield of New Jersey, Inc. (“Sublandlord’s Broker”), Sublandlord has not engaged any broker, finder or other
person who would be entitled to any commission or fees in respect of the negotiation, execution or delivery of this Sublease and Sublandlord shall indemnify, defend and hold harmless Subtenant against any loss, cost, liability or expense incurred by
Subtenant as a result of any claim asserted by any such broker, finder or other person on the basis of any arrangements or agreements made or alleged to have been made by or on behalf of Sublandlord. If and solely if this Sublease transaction is
consummated and Subtenant takes possession of the Sublease Premises, Sublandlord shall pay the real estate brokerage commission claimed by Sublandlord’s Broker with respect to this Sublease transaction pursuant to a separate written agreement
between Sublandlord and Sublandlord’s Broker, and Sublandlord’s Broker shall be solely responsible for paying any commissions claimed by Subtenant’s Broker as the cooperating broker. 
 26.5. Liability of Sublandlord. Sublandlord’s obligations and liability to Subtenant under this Sublease shall be limited solely to the value
of Sublandlord’s leasehold interest in the Sublease Premises, and neither Sublandlord, nor any officer, director, employee or shareholder of Sublandlord, or any parent, subsidiary or affiliate of Sublandlord shall have or incur any personal
liability whatsoever with respect to this Sublease. 
 26.6. Severability. Any provision of this Sublease which shall prove to be
invalid, void or illegal shall in no way affect, impair or invalidate any other provision hereof, and the remaining provisions hereof shall nevertheless remain in full force and effect. 
 26.7. Examination of Sublease. Submission of this instrument for examination or signature by Subtenant does not constitute a reservation of or
option to sublease, and it is not effective as a sublease or otherwise unless and until the Commencement Date Conditions have been met. 
 26.8. Recording. Neither Sublandlord nor Subtenant shall record this Sublease nor any memorandum hereof without the written consent of the other and any attempt by Subtenant to do the same shall constitute an immediate and uncurable
default by Subtenant under this Sublease. 
 26.9. Survival of Obligations. All provisions of this Sublease which require the payment
of money or the delivery of property after the termination of this Sublease or require Subtenant to indemnify, defend or hold Sublandlord harmless or require Sublandlord to indemnify, defend or hold Subtenant harmless shall survive the expiration or
earlier termination of this Sublease. 
 26.10. Amendments to Sublease. The financial terms of this Sublease (including, without
limitation, the length of the term, rental and space) may not be modified, amended or altered without the prior written consent of Master Landlord, which consent shall be granted or withheld in Master Landlord’s reasonable judgment in
accordance with the Master Lease, as if such modification, amendment or alteration was a sublease thereunder. 
 26.11. OFAC.
Subtenant represents that each of Subtenant and its principals, officers, directors and shareholders is not identified on the list of specially designated nationals and blocked persons subject to financial sanctions that is maintained by the U.S.
Treasury Department, Office of Foreign 

  

 26 

 
Assets Control and any other similar list maintained by the Office of Foreign Assets Control pursuant to any authorizing United States law, regulation or
Executive Order of the President of the United States, nor is Subtenant or its principals, officers, directors and shareholders subject to trade embargo or economic sanctions pursuant to any authorizing United States law, regulation or Executive
Order of the President of the United States. 
 26.12. Attorneys’ Fees. Any reference in this Sublease, whether expressly or by
incorporation, to attorney’s fees of Sublandlord, shall be deemed to include (without duplication of services) Sublandlord’s in-house counsel whose fees shall be reasonable and determined at market rates for outside counsel. 
 26.13. Guaranty. This Sublease shall not be effective, nor shall Subtenant have any rights with respect thereto or the Sublease Premises, unless
and until the Guarantor shall execute and deliver to Sublandlord a guaranty of sublease (the “Guaranty”) in form and substance acceptable to Sublandlord. 
 26.14. Appendices and Riders. The following appendices and riders are attached hereto and by this reference made a part of this Sublease: 
  

			
	EXHIBIT A	  	Master Lease
	EXHIBIT B	  	Floor Plan of Sublease Premises
	EXHIBIT C	  	Confirmation of Commencement Date
	EXHIBIT D	  	Equipment Inventory
	EXHIBIT E	  	Form of Letter of Credit
	EXHIBIT F	  	Form of Master Landlord Consent
	EXHIBIT G	  	Schedule of Preventative Maintenance
	EXHIBIT H	  	Form of FF&E Bill of Sale

 [signatures on following page] 
  

 27 

 IN WITNESS WHEREOF, the parties hereto have executed this Sublease as of the date first above written.

  

									
	SUBLANDLORD:	 		 	CHARLES SCHWAB & CO., INC.
		 		 	a California corporation
					
		 		 		 	By:	 	/s/ Chris Dodds
		 		 		 	Name:	 	Chris Dodds
		 		 		 	Its:	 	EVP - CFO
			
	SUBTENANT:	 		 	HUDSON SECURITIES, INC.,
		 		 	a Delaware corporation
					
		 		 		 	By:	 	

		 		 		 	Name:	 	[Illegible]
		 		 		 	Its:	 	CEO/CHAIRMAN

  

 28

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