Document:

Security Agreement among the Grantors identified therein and Barclays Bank PLC

 Exhibit 10.23 
 EXECUTION COPY 
  

 
 SECURITY AGREEMENT 

dated as of 

December 3, 2010 
 among 
 THE GRANTORS IDENTIFIED HEREIN 

and 
 Barclays
Bank PLC, 
 as Administrative Agent 
  

 

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
	
	ARTICLE I
	
	Definitions
			
	 SECTION 1.01
	  	Credit Agreement	  	1
	 SECTION 1.02
	  	Other Defined Terms	  	1
	
	ARTICLE II
	
	Pledge of Securities
			
	 SECTION 2.01
	  	 Pledge
	  	4
	 SECTION 2.02
	  	 Delivery of the Pledged Equity
	  	5
	 SECTION 2.03
	  	 Representations, Warranties and Covenants
	  	6
	 SECTION 2.04
	  	 Certification of Limited Liability Company and Limited Partnership Interests
	  	7
	 SECTION 2.05
	  	 Registration in Nominee Name; Denominations
	  	8
	 SECTION 2.06
	  	 Voting Rights; Dividends and Interest
	  	8
	
	ARTICLE III
	
	Security Interests in Personal Property
			
	 SECTION 3.01
	  	 Security Interest
	  	10
	 SECTION 3.02
	  	 Representations and Warranties
	  	12
	 SECTION 3.03
	  	 Covenants
	  	13
	
	ARTICLE IV
	
	Remedies
			
	 SECTION 4.01
	  	 Remedies Upon Default
	  	16
	 SECTION 4.02
	  	 Application of Proceeds
	  	18
	 SECTION 4.03
	  	 Grant of License to Use Intellectual Property
	  	18
	
	ARTICLE V
	
	Subordination
			
	 SECTION 5.01
	  	 Subordination
	  	19
	
	ARTICLE VI
	
	Miscellaneous

  
 -i-

					
			
	 SECTION 6.01
	  	 Notices
	  	19
	 SECTION 6.02
	  	 Waivers; Amendment
	  	19
	 SECTION 6.03
	  	 Administrative Agent’s Fees and Expenses; Indemnification
	  	20
	 SECTION 6.04
	  	 Successors and Assigns
	  	20
	 SECTION 6.05
	  	 Survival of Agreement
	  	20
	 SECTION 6.06
	  	 Counterparts; Effectiveness; Several Agreement
	  	20
	 SECTION 6.07
	  	 Severability
	  	21
	 SECTION 6.08
	  	 Right of Set-Off
	  	21
	 SECTION 6.09
	  	 Governing Law; Jurisdiction; Venue; Waiver of Jury Trial; Consent to Service of Process
	  	21
	 SECTION 6.10
	  	 Headings
	  	22
	 SECTION 6.11
	  	 Security Interest Absolute
	  	22
	 SECTION 6.12
	  	 Termination or Release
	  	22
	 SECTION 6.13
	  	 Additional Grantors
	  	23
	 SECTION 6.14
	  	 Administrative Agent Appointed Attorney-in-Fact
	  	23
	 SECTION 6.15
	  	 General Authority of the Administrative Agent
	  	24
	 SECTION 6.16
	  	 Reasonable Care
	  	24
	 SECTION 6.17
	  	 Delegation; Limitation
	  	24
	 SECTION 6.18
	  	 Reinstatement
	  	24
	 SECTION 6.19
	  	 Miscellaneous
	  	24
			
	Exhibits	  		  	

					
			
	 Exhibit I
	  	 Form of Security Agreement Supplement
	  	
	 Exhibit II
	  	 Form of Perfection Certificate
	  	
	 Exhibit III
	  	 Form of Patent Security Agreement
	  	
	 Exhibit IV
	  	 Form of Trademark Security Agreement
	  	
	 Exhibit V
	  	 Form of Copyright Security Agreement
	  	
	 Exhibit VI
	  	 Form of Issuer’s Acknowledgment
	  	

  
 -ii-

 SECURITY AGREEMENT dated as of December 3, 2010, among the Grantors (as defined below)
and Barclays Bank PLC, as the administrative agent for the Secured Parties (in such capacity, the “Administrative Agent”). 
 Reference is made to the Credit Agreement (the “Credit Agreement”), dated as of November 23, 2010, among Dunkin’ Finance Corp., a Delaware corporation (the “Initial
Borrower”), and upon the effectiveness of its joinder to the Credit Agreement, Dunkin’ Brands Holdings, Inc., a Delaware corporation (“Holdings”), and, upon the Assumption, Dunkin’ Brands, Inc., a Delaware
corporation (“DBI”), each lender from time to time party thereto and Barclays Bank PLC, as Administrative Agent, Swing Line Lender and L/C Issuer. 
 On the Closing Date, the Lenders made Term Loans and on the date hereof provided Revolving Credit Commitments to the Initial Borrower under the Credit Agreement. 

Pursuant to Section 6.17 of the Credit Agreement, (i) concurrently with the re-lease of funds from the Escrow Account on the
date hereof, the Initial Borrower assigned and transferred to DBI all of its rights and obligations as the Borrower under the Credit Agreement and the other Loan Documents, and (ii) immediately following the redemption of the Existing
Securitization Notes and discharge of the Existing Securitization Indenture on the date hereof, the Grantors are required to execute and deliver this Agreement. 
 The Guarantors party hereto are affiliates of the Borrower, will derive substantial benefits from the extension of credit to the Borrower pursuant to the Credit Agreement, and are willing to execute and
deliver this Agreement as consideration for Loans previously made and Letters of Credit previously issued and to induce the Lenders to make additional Loans and the L/C Issuers to issue additional Letters of Credit. Accordingly, the parties hereto
agree as follows: 
 ARTICLE I 
 Definitions 
 SECTION 1.01 Credit Agreement. 

(a) Capitalized terms used in this Agreement and not otherwise defined herein have the meanings specified in the Credit Agreement. All
terms defined in the UCC (as defined herein) and not defined in this Agreement have the meanings specified therein; the term “instrument” shall have the meaning specified in Article 9 of the UCC. 

(b) The rules of construction specified in Article I of the Credit Agreement also apply to this Agreement. 

SECTION 1.02 Other Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 

“Account Debtor” means any Person who is or who may become obligated to any Grantor under, with respect to or on account
of an Account. 

 “Accounts” has the meaning specified in Article 9 of the UCC. 

“Administrative Agent” has the meaning assigned to such term in the recitals of the Agreement or any permitted successor
administrative agent. 
 “Agreement” means this Security Agreement. 

“Article 9 Collateral” has the meaning assigned to such term in Section 3.01(a). 

“Borrower” means Dunkin’ Brands, Inc., a Delaware corporation. 

“Collateral” means the Article 9 Collateral and the Pledged Collateral. 

“Copyright License” means any written agreement, now or hereafter in effect, granting any right to any third party under
any Copyright now or hereafter owned by any Grantor or that such Grantor otherwise has the right to license, or granting any right to any Grantor under any Copyright now or hereafter owned by any third party, and all rights of such Grantor under any
such agreement. 
 “Copyrights” means all of the following now owned or hereafter acquired by any Grantor:
(a) all copyright rights in any work subject to the copyright laws of the United States, whether as author, assignee, transferee or otherwise, and (b) all registrations and applications for registration of any such copyright in the United
States, including registrations, recordings, supplemental registrations and pending applications for registration in the USCO. 

“Credit Agreement” has the meaning assigned to such term in the preliminary statement of this Agreement. 

“General Intangibles” has the meaning specified in Article 9 of the UCC. 

“Grantor” means, without duplication, the Borrower, each Guarantor that is a party hereto and each Guarantor that is a
Restricted Subsidiary that becomes a party to this Agreement after the date hereof. 
 “Intellectual Property”
means all intellectual and similar property of every kind and nature now owned or hereafter acquired by any Grantor, including inventions, designs, Patents, Copyrights, Licenses, Trademarks, trade secrets, the intellectual property rights in
software and databases and related documentation and all additions and improvements to the foregoing. 
 “Intellectual
Property Security Agreements” means the short-form Patent Security Agreement, short-form Trademark Security Agreement, and short-form Copyright Security Agreement, each substantially in the form attached hereto as Exhibits III, IV and V,
respectively. 
 “License” means any Patent License, Trademark License, Copyright License or other Intellectual
Property license or sublicense agreement to which any Grantor is a party, together with any and all (i) renewals, extensions, supplements and continuations thereof, (ii) income, fees, royalties, damages, claims and payments now and
hereafter due and/or payable 

  
 -2-

 
thereunder or with respect thereto including damages and payments for past, present or future infringements or violations thereof, and (iii) rights to sue for past, present and future
violations thereof. 
 “Margin Stock” has the meaning specified in Regulation U of the Board of Governors of
the Federal Reserve System. 
 “Patent License” means any written agreement, now or hereafter in effect,
granting to any third party any right to make, use or sell any invention on which a Patent, now or hereafter owned by any Grantor or that any Grantor otherwise has the right to license, is in existence, or granting to any Grantor any right to make,
use or sell any invention on which a Patent, now or hereafter owned by any third party, is in existence, and all rights of any Grantor under any such agreement. 
 “Patents” means all of the following now owned or hereafter acquired by any Grantor: (a) all letters Patent of the United States in or to which any Grantor now or hereafter has any
right, title or interest therein, all registrations and recordings thereof, and all applications for letters Patent of the United States, including registrations, recordings and pending applications in the USPTO, and (b) all reissues,
continuations, divisions, continuations-in-part, renewals, improvements or extensions thereof, and the inventions disclosed or claimed therein, including the right to make, use and/or sell the inventions disclosed or claimed therein. 

“Perfection Certificate” means a certificate substantially in the form of Exhibit II, completed and supplemented with
the schedules and attachments contemplated thereby, and duly executed by a Responsible Officer of each of the Borrower and each Guarantor party to the Security Agreement on the date hereof as the same may be amended or supplemented from time to
time. 
 “Pledged Collateral” has the meaning assigned to such term in Section 2.01. 

“Pledged Debt” has the meaning assigned to such term in Section 2.01. 

“Pledged Equity” has the meaning assigned to such term in Section 2.01. 

“Pledged Securities” means the Pledged Equity and Pledged Debt. 

“Secured Obligations” means the “Obligations” (as defined in the Credit Agreement). 

“Secured Parties” means, collectively, the Administrative Agent, the Lenders, the Hedge Banks, Lenders or Affiliates of
Lenders under Cash Management Obligations of a Loan Party, the Supplemental Administrative Agent, if any, and each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to Section 9.05 or Section 9.10 of
the Credit Agreement. 
 “Security Agreement Supplement” means an instrument substantially in the form of
Exhibit I hereto. 

  
 -3-

 “Trademark License” means any written agreement, now or hereafter in
effect, granting to any third party any right to use any Trademark now or hereafter owned by any Grantor or that any Grantor otherwise has the right to license, or granting to any Grantor any right to use any Trademark now or hereafter owned by any
third party, and all rights of any Grantor under any such agreement. 
 “Trademarks” means all of the following
now owned or hereafter acquired by any Grantor in the United States: (a) all trademarks, service marks, trade names, corporate names, trade dress, logos, designs, fictitious business names other source or business identifiers, now existing or
hereafter adopted or acquired, all registrations and recordings thereof, and all registration and recording applications filed in connection therewith, including registrations and registration applications in the USPTO or any similar offices in any
State of the United States or any political subdivision thereof, and all extensions or renewals thereof, as well as any unregistered trademarks and service marks used by a Grantor and (b) all goodwill connected with the use of and symbolized
thereby. 
 “UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York;
provided that, if perfection or the effect of perfection or non-perfection or the priority of the security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York,
“UCC” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection or priority. 

“USCO” means the United States Copyright Office. 

“USPTO” means the United States Patent and Trademark Office. 

ARTICLE II 

Pledge of Securities 
 SECTION 2.01 Pledge. As security for the payment or performance, as the case may be, in full of the Secured Obligations, including the Guarantees, each of the Grantors hereby assigns and pledges to
the Administrative Agent, its successors and assigns, for the benefit of the Secured Parties, and hereby grants to the Administrative Agent, its successors and assigns, for the benefit of the Secured Parties, a security interest in all of such
Grantor’s right, title and interest in, to and under 
 (i) all Equity Interests held by it that are listed
as required to be pledged to the Administrative Agent on Schedule 5(a) to the Perfection Certificate and any other Equity Interests obtained in the future by such Grantor and the certificates representing all such Equity Interests of a wholly
owned Restricted Subsidiary (the “Pledged Equity”); provided that the Pledged Equity shall not include Excluded Assets; 
 (ii) (A) the debt securities owned by it and listed opposite the name of such Grantor on Schedule 6 to the Perfection Certificate, (B) any debt securities obtained in the future by such
Grantor and (C) the promissory notes and any other instruments 

  
 -4-

 
evidencing such debt securities, provided, that any intercompany debt shall be pledged by delivery of a global intercompany note identified in Schedule 6 to the Perfection
Certificate notwithstanding the existence of a separate note evidencing such debt (the “Pledged Debt”); provided further that the Pledged Debt shall not include any Excluded Assets; 

(iii) all other property that may be delivered to and held by the Administrative Agent pursuant to the terms of this
Section 2.01; 
 (iv) subject to Section 2.06, all payments of principal or interest, dividends, cash,
instruments and other property from time to time received, receivable or otherwise distributed in respect of, in exchange for or upon the conversion of, and all other Proceeds received in respect of, the securities referred to in clauses
(i) and (ii) above; 
 (v) subject to Section 2.06, all rights and privileges of such Grantor with
respect to the securities and other property referred to in clauses (i), (ii), (iii) and (iv) above; and 
 (vi) all Proceeds of any of the foregoing 
 (the items referred to in clauses (i) through
(vi) above being collectively referred to as the “Pledged Collateral”). 
 TO HAVE AND TO HOLD the Pledged
Collateral, together with all right, title, interest, powers, privileges and preferences pertaining or incidental thereto, unto the Administrative Agent, its successors and assigns, for the benefit of the Secured Parties, forever, subject,
however, to the terms, covenants and conditions hereinafter set forth. 
 SECTION 2.02 Delivery of the Pledged
Equity. 
 (a) Each Grantor agrees to deliver or cause to be delivered to the Administrative Agent, for the benefit of the
Secured Parties as required by Section 6.12(a)(i)(D) of the Credit Agreement, any and all (i) Pledged Equity to the extent certificated and (ii) to the extent required to be delivered pursuant to paragraph (b) of this
Section 2.02, Pledged Debt. 
 (b) (b) Each Grantor will cause any Indebtedness for borrowed money owed to such Grantor by
any Person that is evidenced by a duly executed promissory note to be pledged and delivered to the Administrative Agent, for the benefit of the Secured Parties, pursuant to the terms hereof; provided, however, that such pledge requirement shall not
apply to any promissory note with a principal amount less than $5,000,000. 
 (c) Upon delivery to the Administrative Agent,
(i) any Pledged Securities shall be accompanied by stock or security powers duly executed in blank or other instruments of transfer reasonably satisfactory to the Administrative Agent and by such other instruments and documents as the
Administrative Agent may reasonably request, including with respect to the pledge of any limited liability company interest, an Issuer’s Acknowledgment substantially in the form of Exhibit VI hereto, and (ii) all other property comprising
part of the Pledged Collateral shall be accompanied by proper instruments of assignment duly executed by the applicable 

  
 -5-

 
Grantor and by such other instruments and documents as the Administrative Agent may reasonably request. Each delivery of Pledged Securities shall be accompanied by a schedule describing the
securities, which schedule shall be deemed to supplement Schedule 5 or 6 to the Perfection Certificate, as applicable, and made a part thereof; provided that failure to supplement such schedule shall not affect the validity of
such pledge of such Pledged Equity. Each schedule so delivered shall supplement any prior schedules so delivered. 
 SECTION
2.03 Representations, Warranties and Covenants. Each Grantor represents, warrants and covenants to and with the Administrative Agent, for the benefit of the Secured Parties, that: 

(a) As of the date hereof, Schedule 5 to the Perfection Certificate includes all Equity Interests, debt securities
and promissory notes required to be pledged by such Grantor hereunder and pursuant to the Credit Agreement; 

(b) the Pledged Equity issued by the Borrower or a wholly owned Restricted Subsidiary has been duly and validly authorized
and issued by the issuers thereof and is fully paid and nonassessable; 
 (c) except for the security interests
granted hereunder, such Grantor (i) is, subject to any transfers made in compliance with the Credit Agreement, the direct owner, beneficially and of record, of the Pledged Equity indicated on Schedule 5 to the Perfection Certificate,
(ii) holds the same free and clear of all Liens, other than (A) Liens created by the Collateral Documents and (B) Liens expressly permitted pursuant to Section 7.01 of the Credit Agreement, and (iii) if reasonably requested
by the Administrative Agent, will defend its title or interest thereto or therein against any and all Liens (other than the Liens permitted pursuant to this Section 2.03(c)), however arising, of all Persons whomsoever; 

(d) except for restrictions and limitations (i) imposed or permitted by the Loan Documents or applicable Laws
generally or (ii) described in the Perfection Certificate or (iii) permitted by Section 7.09 of the Credit Agreement, the Pledged Collateral is freely transferable and assignable, and none of the Pledged Collateral is subject to any
option, right of first refusal, shareholders agreement, charter or by-law provisions or contractual restriction of any nature that might prohibit, impair, delay or otherwise affect in any manner material and adverse to the Secured Parties the pledge
of such Pledged Collateral hereunder, the sale or disposition thereof pursuant hereto or the exercise by the Administrative Agent of rights and remedies hereunder; 

(e) the execution and performance by the Grantors of this Agreement are within each Grantor’s corporate or other
powers and have been duly authorized by all necessary corporate or other organizational action; 
 (f) no consent
or approval of any Governmental Authority, any securities exchange or any other Person was or is necessary to the validity of the pledge effected hereby, except for (i) filings and registrations necessary to perfect the Liens on the Collateral
granted by the Loan Parties in favor of the Secured Parties and (ii) the approvals, 

  
 -6-

 
consents, exemptions, authorizations, actions, notices and filings which have been duly obtained, taken, given or made and are in full force and effect; 

(g) by virtue of the execution and delivery by each Grantor of this Agreement, and delivery of the Pledged Securities to
and continued possession by the Administrative Agent in the State of New York, the Administrative Agent for the benefit of the Secured Parties will have a legal, valid and perfected lien upon and security interest in such Pledged Securities as
security for the payment and performance of the Secured Obligations to the extent such perfection is governed by the UCC subject only to Liens permitted by Section 7.01 of the Credit Agreement; and 

(h) the pledge effected hereby is effective to vest in the Administrative Agent, for the benefit of the Secured Parties,
the rights of the Administrative Agent in the Pledged Collateral to the extent intended hereby. 
 Subject to the terms of this
Agreement, each Grantor hereby agrees that upon the occurrence and during the continuance of an Event of Default, it will comply with instructions of the Administrative Agent with respect to the Equity Interests in such Grantor that constitute
Pledged Equity hereunder that are not certificated without further consent by the applicable owner or holder of such Equity Interests. 
 Notwithstanding anything to the contrary in this Agreement, to the extent any provision of this Agreement or the Credit Agreement excludes any assets from the scope of the Pledged Collateral, or from any
requirement to take any action to perfect any security interest in favor of the Administrative Agent in the Pledged Collateral, the representations, warranties and covenants made by any relevant Grantor in this Agreement with respect to the
creation, perfection or priority (as applicable) of the security interest granted in favor of the Administrative Agent (including, without limitation, this Section 2.03) shall be deemed not to apply to such excluded assets. 

SECTION 2.04 Certification of Limited Liability Company and Limited Partnership Interests. No interest in any limited liability
company or limited partnership controlled by any Grantor that constitutes Pledged Equity shall be represented by a certificate unless (i) the limited liability company agreement or partnership agreement expressly provides that such interests
shall be a “security” within the meaning of Article 8 of the UCC of the applicable jurisdiction, and (ii) such certificate shall be delivered to the Administrative Agent in accordance with Section 2.02. Any limited liability
company and any limited partnership controlled by any Grantor shall either (a) not include in its operative documents any provision that any Equity Interests in such limited liability company or such limited partnership be a
“security” as defined under Article 8 of the Uniform Commercial Code or (b) certificate any Equity Interests in any such limited liability company or such limited partnership. To the extent an interest in any limited liability company
or limited partnership controlled by any Grantor and pledged under Section 2.01 is certificated or becomes certificated, (i) each such certificate shall be delivered to the Administrative Agent, pursuant to Section 2.02(a) and
(ii) such Grantor shall fulfill all other requirements under Section 2.02 applicable in respect thereof. Such Grantor hereby agrees that if any of the Pledged Collateral are at any time not evidenced by certificates of ownership, then each
applicable Grantor shall, to the extent permitted by applicable law, if necessary or desirable to perfect a 

  
 -7-

 
security interest in such Pledged Collateral, cause such pledge to be recorded on the equity holder register or the books of the issuer, execute any customary pledge forms or other documents
necessary or appropriate to complete the pledge and give the Administrative Agent the right to transfer such Pledged Collateral under the terms hereof. 
 SECTION 2.05 Registration in Nominee Name; Denominations. If an Event of Default shall have occurred and be continuing and the Administrative Agent shall give the Borrower prior notice of its
intent to exercise such rights, (a) the Administrative Agent, on behalf of the Secured Parties, shall have the right to hold the Pledged Securities in its own name as pledgee, the name of its nominee (as pledgee or as sub-agent) or the name of
the applicable Grantor, endorsed or assigned in blank or in favor of the Administrative Agent, and each Grantor will promptly give to the Administrative Agent copies of any notices or other communications received by it with respect to Pledged
Equity registered in the name of such Grantor and (b) the Administrative Agent shall have the right to exchange the certificates representing Pledged Equity for certificates of smaller or larger denominations for any purpose consistent with
this Agreement, to the extent permitted by the documentation governing such Pledged Securities. 
 SECTION 2.06 Voting
Rights; Dividends and Interest. 
 (a) Unless and until an Event of Default shall have occurred and be continuing and the
Administrative Agent shall have provided prior notice to the Borrower that the rights of the Grantor under this Section 2.06 are being suspended: 
 (i) Each Grantor shall be entitled to exercise any and all voting and/or other consensual rights and powers inuring to an owner of Pledged Securities or any part thereof and each Grantor agrees that it
shall exercise such rights for purposes consistent with the terms of this Agreement, the Credit Agreement and the other Loan Documents. 
 (ii) The Administrative Agent shall promptly (after reasonable advance notice) execute and deliver to each Grantor, or cause to be executed and delivered to such Grantor, all such proxies, powers of
attorney and other instruments as such Grantor may reasonably request for the purpose of enabling such Grantor to exercise the voting and/or consensual rights and powers it is entitled to exercise pursuant to subparagraph (i) above. 

(iii) Each Grantor shall be entitled to receive and retain any and all dividends, interest, principal and other
distributions paid on or distributed in respect of the Pledged Securities to the extent and only to the extent that such dividends, interest, principal and other distributions are permitted by, and otherwise paid or distributed in accordance with,
the terms and conditions of the Credit Agreement, the other Loan Documents and applicable Laws; provided that any noncash dividends, interest, principal or other distributions that would constitute Pledged Equity or Pledged Debt, whether
resulting from a subdivision, combination or reclassification of the outstanding Equity Interests of the issuer of any Pledged Securities or received in exchange for Pledged Securities or any part thereof, or in redemption thereof, or as a result of
any merger, consolidation, acquisition or other exchange of assets to which such issuer may be a party or otherwise, shall be and become part of the Pledged Collateral, and, if received by any Grantor, shall not be commingled by such Grantor with
any of its other funds or property but shall be held separate and 

  
 -8-

 
apart therefrom, shall be held in trust for the benefit of the Administrative Agent and the Secured Parties and shall be promptly (and in any event within 10 Business Days) delivered to the
Administrative Agent in the same form as so received (with any necessary endorsement reasonably requested by the Administrative Agent). So long as no Default or Event of Default has occurred and is continuing, the Administrative Agent shall promptly
deliver to each Grantor any Pledged Securities in its possession if requested to be delivered to the issuer thereof in connection with any exchange or redemption of such Pledged Securities permitted by the Credit Agreement in accordance with this
Section 2.06(a)(iii). 
 (b) Upon the occurrence and during the continuance of an Event of Default, after the
Administrative Agent shall have notified the Borrower of the suspension of the Grantors’ rights under paragraph (a)(iii) of this Section 2.06, then all rights of any Grantor to dividends, interest, principal or other distributions that
such Grantor is authorized to receive pursuant to paragraph (a)(iii) of this Section 2.06 shall cease, and all such rights shall thereupon become vested in the Administrative Agent, which shall have the sole and exclusive right and authority to
receive and retain such dividends, interest, principal or other distributions. All dividends, interest, principal or other distributions received by any Grantor contrary to the provisions of this Section 2.06 shall be held in trust for the
benefit of the Administrative Agent, shall be segregated from other property or funds of such Grantor and shall be promptly (and in any event within 10 days) delivered to the Administrative Agent upon demand in the same form as so received (with any
necessary endorsement reasonably requested by the Administrative Agent). Any and all money and other property paid over to or received by the Administrative Agent pursuant to the provisions of this paragraph (b) shall be retained by the
Administrative Agent in an account to be established by the Administrative Agent upon receipt of such money or other property and shall be applied in accordance with the provisions of Section 4.02. After all Events of Default have been cured or
waived, the Administrative Agent shall promptly repay to each Grantor (without interest) all dividends, interest, principal or other distributions that such Grantor would otherwise be permitted to retain pursuant to the terms of paragraph (a)(iii)
of this Section 2.06 and that remain in such account. 
 (c) Upon the occurrence and during the continuance of an Event of
Default, after the Administrative Agent shall have provided the Borrower with notice of the suspension of its rights under paragraph (a)(i) of this Section 2.06, then all rights of any Grantor to exercise the voting and consensual rights and
powers it is entitled to exercise pursuant to paragraph (a)(i) of this Section 2.06, and the obligations of the Administrative Agent under paragraph (a)(ii) of this Section 2.06 shall cease and all such rights shall thereupon become vested
in the Administrative Agent, which shall have the sole and exclusive right and authority to exercise such voting and consensual rights and powers; provided that, unless otherwise directed by the Required Lenders, the Administrative Agent
shall have the right from time to time following and during the continuance of an Event of Default to permit the Grantors to exercise such rights. After all Events of Default have been cured or waived, each Grantor shall have the exclusive right to
exercise the voting and/or consensual rights and powers that the Borrower would otherwise be entitled to exercise pursuant to the terms of paragraph (a)(i) above, and the obligations of the Administrative Agent under paragraph (a)(ii) of this
Section 2.06 shall be reinstated. 

  
 -9-

 (d) Any notice given by the Administrative Agent to the Borrower under Section 2.05 or
Section 2.06 (i) shall be given in writing, (ii) may be given with respect to one or more of the Grantors at the same or different times and (iii) may suspend the rights of the Grantors under paragraph (a)(i) or paragraph
(a)(iii) of this Section 2.06 in part without suspending all such rights (as specified by the Administrative Agent in its sole and absolute discretion) and without waiving or otherwise affecting the Administrative Agent’s rights to give
additional notices from time to time suspending other rights so long as an Event of Default has occurred and is continuing. 

ARTICLE III 
 Security Interests in Personal Property 
 SECTION 3.01 Security
Interest. 
 (a) As security for the payment or performance, as the case may be, in full of the Secured Obligations,
including the Guarantee of each Grantor, each Grantor hereby assigns and pledges to the Administrative Agent, its successors and assigns, for the benefit of the Secured Parties, and hereby grants to the Administrative Agent, its successors and
assigns, for the benefit of the Secured Parties, a security interest (the “Security Interest”) in, all right, title or interest in or to any and all of the following assets and properties now owned or at any time hereafter acquired
by such Grantor or in which such Grantor now has or at any time in the future may acquire any right, title or interest (collectively, the “Article 9 Collateral”): 

(i) all Accounts; 
 (ii) all Chattel Paper; 
 (iii) all Documents; 

(iv) all Equipment; 
 (v) all General Intangibles; 
 (vi) all Goods; 

(vii) all Instruments; 
 (viii) all Inventory; 
 (ix) all Investment Property; 

(x) all books and records pertaining to the Article 9 Collateral; 

(xi) all Fixtures; 
 (xii) all letter-of-credit rights, but only to the extent constituting a supporting obligation for other Article 9 Collateral as to which perfection of security interests in

  
 -10-

 
such Article 9 Collateral is accomplished solely by the filing of a UCC financing statement; 
 (xiii) all Intellectual Property; 
 (xiv) all Commercial Tort
Claims listed on Schedule 8 to the Perfection Certificate and on any supplement thereto received by the Administrative Agent pursuant to Section 3.03(e); and 

(xv) to the extent not otherwise included, all Proceeds and products of any and all of the foregoing and all Supporting
Obligations, collateral security and guarantees given by any Person with respect to any of the foregoing; 
 provided that,
notwithstanding anything to the contrary in this Agreement, this Agreement shall not constitute a grant of a security interest in any Excluded Asset. 
 (b) Subject to Section 3.01(e), each Grantor hereby irrevocably authorizes the Administrative Agent for the benefit of the Secured Parties at any time and from time to time to file in any relevant
jurisdiction any initial financing statements with respect to the Article 9 Collateral or any part thereof and amendments thereto that (i) indicate the Article 9 Collateral as “all assets” or “all personal property” of such
Grantor or words of similar effect as being of an equal or lesser scope or with greater detail and (ii) contain the information required by Article 9 of the Uniform Commercial Code or the analogous legislation of each applicable jurisdiction
for the filing of any financing statement or amendment, including whether such Grantor is an organization, the type of organization and, if required, any organizational identification number issued to such Grantor. Each Grantor agrees to provide
such information to the Administrative Agent promptly upon any reasonable request. 
 (c) The Security Interest is granted as
security only and shall not subject the Administrative Agent or any other Secured Party to, or in any way alter or modify, any obligation or liability of any Grantor with respect to or arising out of the Article 9 Collateral. 

(d) The Administrative Agent is authorized to file with the USPTO or the USCO (or any successor office) such documents as may be
necessary or advisable for the purpose of perfecting, confirming, continuing, enforcing or protecting the Security Interest in each item of Intellectual Property that is subject to registration or an application to register in the USPTO or USCO of
each Grantor in which a security interest has been granted, and naming any Grantor or the Grantors as debtors and the Administrative Agent as secured party and shall provide written notice to the Grantor prior to filing any such documents.

 (e) Notwithstanding anything to the contrary in the Loan Documents, none of the Grantors shall be required, nor is the
Administrative Agent authorized, (i) to perfect the Security Interests granted by this Security Agreement (including Security Interests in Investment Property and Fixtures) by any means other than by (A) filings pursuant to the Uniform
Commercial Code in the office of the secretary of state (or similar central filing office) of the relevant State(s), and filings in the applicable real estate records with respect to any fixtures relating to Material Real Property, (B) filings
in United States government offices with respect to each item 

  
 -11-

 
of Intellectual Property of a Grantor that is subject to registration or an application to register in the USPTO or USCO as expressly required by Article III, (C) delivery to the
Administrative Agent to be held in its possession of all Collateral consisting of Instruments as expressly required elsewhere herein or (D) other methods expressly provided herein, (ii) to enter into any deposit account control agreement,
securities account control agreement or any other control agreement with respect to any deposit account, securities account or any other collateral that requires perfection by “control”, (iii) to take any action (other than the
actions listed in clauses (i)(A) and (C) above) with respect to any assets located outside of the United States, (iv) to perfect in any assets subject to a certificate of title statute or (v) to deliver any Equity Interests except as
expressly provided in Section 2.01. 
 SECTION 3.02 Representations and Warranties. Each Grantor jointly and
severally represents and warrants, as to itself and the other Grantors, to the Administrative Agent and the Secured Parties that: 
 (a) Subject to Liens permitted by Section 7.01 of the Credit Agreement, each Grantor has good and valid rights in and title except as otherwise permitted by the Loan Documents to the Article 9
Collateral with respect to which it has purported to grant a Security Interest hereunder and has full power and authority to grant to the Administrative Agent the Security Interest in such Article 9 Collateral pursuant hereto and to execute, deliver
and perform its obligations in accordance with the terms of this Agreement, without the consent or approval of any other Person other than any consent or approval that has been obtained. 

(b) The Perfection Certificate has been duly prepared, completed and executed and the information set forth therein is
correct and complete in all material respects (except the information therein with respect to the exact legal name of each Grantor shall be correct and complete in all respects) as of the date hereof. Subject to Section 3.01(e), the Uniform
Commercial Code financing statements or other appropriate filings, recordings or registrations prepared by the Administrative Agent based upon the information provided to the Administrative Agent in the Perfection Certificate for filing in the
applicable filing office (or specified by notice from the Borrower to the Administrative Agent after the date hereof in the case of filings, recordings or registrations (other than filings required to be made in the USPTO and the USCO in order to
perfect the Security Interest in Article 9 Collateral consisting of Patents, Trademarks and Copyrights), in each case, as required by Section 6.12 of the Credit Agreement), are all the filings, recordings and registrations that are necessary to
establish a legal, valid and perfected security interest in favor of the Administrative Agent (for the benefit of the Secured Parties) in respect of all Article 9 Collateral in which the Security Interest may be perfected by filing, recording or
registration in the United States (or any political subdivision thereof) and its territories and possessions pursuant to the Uniform Commercial Code, and no further or subsequent filing, re-filing, recording, rerecording, registration or
re-registration is necessary in any such jurisdiction, except as provided under applicable Law with respect to the filing of continuation statements. 
 (c) Each Grantor represents and warrants that short-form Intellectual Property Security Agreements containing a description of all Article 9 Collateral consisting of

  
 -12-

 
material United States registered Patents, United States Trademarks registered in the USPTO (and Trademarks for which United States registration applications are pending in the USPTO, unless it
constitutes an Excluded Asset) and United States registered Copyrights, respectively, have been delivered to the Administrative Agent for recording by the USPTO and the USCO pursuant to 35 U.S.C. § 261, 15 U.S.C. § 1060 or 17 U.S.C. §
205 and the regulations thereunder, as applicable, (for the benefit of the Secured Parties) in respect of all Article 9 Collateral consisting of registrations and applications for Patents, Trademarks and Copyrights. To the extent a security interest
may be perfected by filing, recording or registration in USPTO or USCO under the Federal intellectual property laws, then no further or subsequent filing, re-filing, recording, rerecording, registration or re-registration is necessary (other than
(i) such filings and actions as are necessary to perfect the Security Interest with respect to any Article 9 Collateral consisting of Patents, Trademarks and Copyrights (or registration or application for registration thereof) acquired or
developed by any Grantor after the date hereof and (ii) the UCC financing and continuation statements contemplated in Section 3.02(b)). 
 (d) The Security Interest constitutes (i) a legal and valid security interest in all the Article 9 Collateral securing the payment and performance of the Secured Obligations and (ii) subject to
the filings described in Section 3.02(b), a perfected security interest in all Article 9 Collateral in which a security interest may be perfected by filing, recording or registering a financing statement or analogous document in the United
States (or any political subdivision thereof) and its territories and possessions pursuant to the Uniform Commercial Code. Subject to Section 3.01(e) of this Agreement, the Security Interest is and shall be prior to any other Lien on any of the
Article 9 Collateral, other than (i) any statutory or similar Lien that has priority as a matter of Law and (ii) any Liens expressly permitted pursuant to Section 7.01 of the Credit Agreement. 

(e) The Article 9 Collateral is owned by the Grantors free and clear of any Lien, except for Liens expressly permitted
pursuant to Section 7.01 of the Credit Agreement. None of the Grantors has filed or consented to the filing of (i) any financing statement or analogous document under the Uniform Commercial Code or any other applicable Laws covering any
Article 9 Collateral, (ii) any assignment in which any Grantor assigns any Article 9 Collateral or any security agreement or similar instrument covering any Article 9 Collateral with the USPTO or the USCO or (iii) any assignment in which
any Grantor assigns any Article 9 Collateral or any security agreement or similar instrument covering any Article 9 Collateral with any foreign governmental, municipal or other office, which financing statement or analogous document, assignment,
security agreement or similar instrument is still in effect, except, in each case, for Liens expressly permitted pursuant to Section 7.01 of the Credit Agreement and assignments permitted by the Credit Agreement. 

(f) As of the date hereof, no Grantor has any Commercial Tort Claim in excess of $3,000,000 in the aggregate, other than
the Commercial Tort Claims listed on Schedule 8 to the Perfection Certificate. 
 SECTION 3.03 Covenants.

  
 -13-

 (a) Subject to Section 3.01(e), each Grantor shall, at its own expense, upon the
reasonable request of the Administrative Agent, take any and all commercially reasonable actions necessary to defend title to the Article 9 Collateral against all Persons and to defend the Security Interest of the Administrative Agent in the Article
9 Collateral and the priority thereof against any Lien not expressly permitted pursuant to Section 7.01 of the Credit Agreement; provided that nothing in this Agreement shall prevent any Grantor from discontinuing the operation or
maintenance of any of its assets or properties if such discontinuance is (x) determined by such Grantor to be desirable in the conduct of its business and (y) permitted by the Credit Agreement. 

(b) Subject to Section 3.01(e), each Grantor agrees, at its own expense, to execute, acknowledge, deliver and cause to be duly filed
all such further instruments and documents and take all such actions as the Administrative Agent may from time to time reasonably request to better assure, preserve, protect and perfect the Security Interest and the rights and remedies created
hereby, including the payment of any fees and taxes required in connection with the execution and delivery of this Agreement, the granting of the Security Interest and the filing of any financing statements or other documents in connection herewith
or therewith. If any amount payable under or in connection with any of the Article 9 Collateral that is in excess of $5,000,000 in the aggregate shall be or become evidenced by any promissory note, other instrument or debt security, such note,
instrument or debt security shall be pledged and delivered to the Administrative Agent, for the benefit of the Secured Parties as required by Section 6.12 of the Credit Agreement, duly endorsed in a manner reasonably satisfactory to the
Administrative Agent. 
 (c) At its option, the Administrative Agent may discharge past due taxes, assessments, charges, fees,
Liens, security interests or other encumbrances at any time levied or placed on the Article 9 Collateral and not permitted pursuant to Section 7.01 of the Credit Agreement, and may pay for the maintenance and preservation of the Article 9
Collateral to the extent any Grantor fails to do so as required by the Credit Agreement or any other Loan Document and within a reasonable period of time after the Administrative Agent has requested that it do so, and each Grantor jointly and
severally agrees to reimburse the Administrative Agent within 10 Business Days after demand for any payment made or any reasonable expense incurred by the Administrative Agent pursuant to the foregoing authorization; provided, however,
the Grantors shall not be obligated to reimburse the Administrative Agent with respect to any Intellectual Property that any Grantor has failed to maintain or pursue, or otherwise allowed to lapse, terminate or be put into the public domain in
accordance with Section 3.03(d)(iv). Nothing in this paragraph shall be interpreted as excusing any Grantor from the performance of, or imposing any obligation on the Administrative Agent or any Secured Party to cure or perform, any covenants
or other promises of any Grantor with respect to taxes, assessments, charges, fees, Liens, security interests or other encumbrances and maintenance as set forth herein or in the other Loan Documents. 

(d) Intellectual Property Covenants. 
 (i) Other than to the extent not prohibited herein or in the Credit Agreement or with respect to registrations and applications no longer used or useful, except to the extent failure to act would not, as
deemed by the applicable Grantor in its reasonable business judgment, reasonably be expected to have a Material Adverse Effect, with respect to registration or 

  
 -14-

 
pending application of each item of its Intellectual Property for which such Grantor has standing to do so, each Grantor agrees to take, at its expense, all reasonable steps consistent with past
business practices, including, without limitation, in the USPTO, the USCO and any other governmental authority located in the United States, to pursue the registration and maintenance of each Patent, Trademark, or Copyright registration or
application, now or hereafter included in the Intellectual Property of such Grantor that are not Excluded Assets. 
 (ii) Other
than to the extent not prohibited herein or in the Credit Agreement, or with respect to registrations and applications no longer used or useful, or except as would not, as deemed by the applicable Grantor in its reasonable business judgment,
reasonably be expected to have a Material Adverse Effect, no Grantor shall do or permit any act or knowingly omit to do any act whereby any of its Intellectual Property, excluding Excluded Assets, may lapse, be terminated, or become invalid or
unenforceable or placed in the public domain (or in the case of a trade secret, become publicly known). 
 (iii) Other than as
excluded or as not prohibited herein or in the Credit Agreement, or with respect to Patents, Copyrights or Trademarks which are no longer used or useful in the applicable Grantor’s business operations or except where failure to do so would not,
as deemed by the applicable Grantor in its reasonable business judgment, reasonably be expected to have a Material Adverse Effect, each Grantor shall take all reasonable steps to preserve and protect each item of its Intellectual Property,
including, without limitation, maintaining the quality of any and all products or services used or provided in connection with any of the Trademarks, consistent with the quality of the products and services as of the date hereof, and taking
reasonable steps consistent with past business practices, necessary to ensure that all licensed users of any of the Trademarks abide by the applicable license’s terms with respect to standards of quality. 

(iv) Notwithstanding any other provision of this Agreement, nothing in this Agreement or any other Loan Document prevents or shall be
deemed to prevent any Grantor from disposing of, discontinuing the use or maintenance of, failing to pursue, or otherwise allowing to lapse, terminate or be put into the public domain, any of its Intellectual Property to the extent permitted by the
Credit Agreement if such Grantor determines in its reasonable business judgment that such discontinuance is desirable in the conduct of its business. 
 (v) Within the same delivery period as required for the delivery of the annual Compliance Certificate required to be delivered under Section 6.02(b) of the Credit Agreement, the Borrower shall
provide a list of any additional USPTO or USCO registrations of Intellectual Property of all Grantors not previously disclosed to the Administrative Agent including such information as is necessary for such Grantor to make appropriate filings in the
USPTO and USCO. 
 (e) Commercial Tort Claims. If the Grantors shall at any time hold or acquire a Commercial Tort Claim
in an amount reasonably estimated by such Grantor to exceed $3,000,000 individually or $10,000,000 in the aggregate for which this clause has not been satisfied and for which a complaint in a court of competent jurisdiction has been filed, such
Grantor shall within 45 days after the end of the fiscal quarter in which such complaint was filed notify the Administrative Agent thereof in a writing signed by such Grantor including a summary description of such claim and grant to the
Administrative Agent, for the benefit of the Secured 

  
 -15-

 
Parties, in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement. 
 ARTICLE IV 
 Remedies 

SECTION 4.01 Remedies Upon Default. Upon the occurrence and during the continuance of an Event of Default, it is agreed that the
Administrative Agent shall have the right to exercise any and all rights afforded to a secured party with respect to the Secured Obligations, including the Guarantees, under the Uniform Commercial Code or other applicable Law and also may
(i) require each Grantor to, and each Grantor agrees that it will at its expense and upon request of the Administrative Agent promptly, assemble all or part of the Collateral as directed by the Administrative Agent and make it available to the
Administrative Agent at a place and time to be designated by the Administrative Agent that is reasonably convenient to both parties; (ii) occupy any premises owned or, to the extent lawful and permitted, leased by any of the Grantors where the
Collateral or any part thereof is assembled or located for a reasonable period in order to effectuate its rights and remedies hereunder or under Law, without obligation to such Grantor in respect of such occupation; provided that the
Administrative Agent shall provide the applicable Grantor with notice thereof prior to such occupancy; (iii) exercise any and all rights and remedies of any of the Grantors under or in connection with the Collateral, or otherwise in respect of
the Collateral; provided that the Administrative Agent shall provide the applicable Grantor with notice thereof prior to such exercise; and (iv) subject to the mandatory requirements of applicable Law and the notice requirements
described below, sell or otherwise dispose of all or any part of the Collateral securing the Secured Obligations at a public or private sale or at any broker’s board or on any securities exchange, for cash, upon credit or for future delivery as
the Administrative Agent shall deem appropriate. The Administrative Agent shall be authorized at any such sale of securities (if it deems it advisable to do so) to restrict the prospective bidders or purchasers to Persons who will represent and
agree that they are purchasing the Collateral for their own account for investment and not with a view to the distribution or sale thereof, and upon consummation of any such sale the Administrative Agent shall have the right to assign, transfer and
deliver to the purchaser or purchasers thereof the Collateral so sold. Each such purchaser at any sale of Collateral shall hold the property sold absolutely, free from any claim or right on the part of any Grantor, and each Grantor hereby waives (to
the extent permitted by Law) all rights of redemption, stay and appraisal which such Grantor now has or may at any time in the future have under any Law now existing or hereafter enacted. 

The Administrative Agent shall give the applicable Grantors 10 days’ written notice (which each Grantor agrees is reasonable notice
within the meaning of Section 9-611 of the UCC or its equivalent in other jurisdictions) of the Administrative Agent’s intention to make any sale of Collateral. Such notice, in the case of a public sale, shall state the time and place for
such sale and, in the case of a sale at a broker’s board or on a securities exchange, shall state the board or exchange at which such sale is to be made and the day on which the Collateral, or portion thereof, will first be offered for sale at
such board or exchange. Any such public sale shall be held at such time or times within ordinary business hours and at such place or places as the Administrative Agent may fix and state in the notice (if any) of such sale. At any such sale, the

  
 -16-

 
Collateral, or portion thereof, to be sold may be sold in one lot as an entirety or in separate parcels, as the Administrative Agent may (in its sole and absolute discretion) determine. The
Administrative Agent shall not be obligated to make any sale of any Collateral if it shall determine not to do so, regardless of the fact that notice of sale of such Collateral shall have been given. The Administrative Agent may, without notice or
publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for sale, and such sale may, without further notice, be made at the time and place to which the same was
so adjourned. In case any sale of all or any part of the Collateral is made on credit or for future delivery, the Collateral so sold may be retained by the Administrative Agent until the sale price is paid by the purchaser or purchasers thereof, but
the Administrative Agent shall not incur any liability in case any such purchaser or purchasers shall fail to take up and pay for the Collateral so sold and, in case of any such failure, such Collateral may be sold again upon like notice. At any
public (or, to the extent permitted by Law, private) sale made pursuant to this Agreement, any Secured Party may bid for or purchase, free (to the extent permitted by Law) from any right of redemption, stay, valuation or appraisal on the part of any
Grantor (all said rights being also hereby waived and released to the extent permitted by Law), the Collateral or any part thereof offered for sale and may make payment on account thereof by using any claim then due and payable to such Secured Party
from any Grantor as a credit against the purchase price, and such Secured Party may, upon compliance with the terms of sale, hold, retain and dispose of such property without further accountability to any Grantor therefor. For purposes hereof, a
written agreement to purchase the Collateral or any portion thereof shall be treated as a sale thereof; the Administrative Agent shall be free to carry out such sale pursuant to such agreement and no Grantor shall be entitled to the return of the
Collateral or any portion thereof subject thereto, notwithstanding the fact that after the Administrative Agent shall have entered into such an agreement all Events of Default shall have been remedied and the Secured Obligations paid in full. As an
alternative to exercising the power of sale herein conferred upon it, the Administrative Agent may proceed by a suit or suits at Law or in equity to foreclose this Agreement and to sell the Collateral or any portion thereof pursuant to a judgment or
decree of a court or courts having competent jurisdiction or pursuant to a proceeding by a court-appointed receiver. Any sale pursuant to the provisions of this Section 4.01 shall be deemed to conform to the commercially reasonable standards as
provided in Section 9-610(b) of the UCC or its equivalent in other jurisdictions. 
 Each Grantor irrevocably makes,
constitutes and appoints the Administrative Agent (and all officers, employees or agents designated by the Administrative Agent) as such Grantor’s true and lawful agent (and attorney-in-fact) during the continuance of an Event of Default
(provided that the Administrative Agent shall provide the applicable Grantor with notice thereof prior to, to the extent reasonably practicable, or otherwise promptly after, exercising such rights), for the purpose of (i) making, settling and
adjusting claims in respect of Article 9 Collateral under policies of insurance, endorsing the name of such Grantor on any check, draft, instrument or other item of payment for the proceeds of such policies if insurance, (ii) making all
determinations and decisions with respect thereto and (iii) obtaining or maintaining the policies of insurance required by Section 6.07 of the Credit Agreement or to pay any premium in whole or in part relating thereto. All sums disbursed
by the Administrative Agent in connection with this paragraph, including reasonable attorneys’ fees, court costs, expenses and other charges 

  
 -17-

 
relating thereto, shall be payable, within 10 days of demand, by the Grantors to the Administrative Agent and shall be additional Secured Obligations secured hereby. 

SECTION 4.02 Application of Proceeds. The Administrative Agent shall apply the proceeds of any collection or sale of Collateral,
including any Collateral consisting of cash, in accordance with Section 8.03 of the Credit Agreement. 
 The Administrative
Agent shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance with this Agreement. Upon any sale of Collateral by the Administrative Agent (including pursuant to a power of sale granted by
statute or under a judicial proceeding), the receipt of the Administrative Agent or of the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be
obligated to see to the application of any part of the purchase money paid over to the Administrative Agent or such officer or be answerable in any way for the misapplication thereof. 

The Administrative Agent shall have no liability to any of the Secured Parties for actions taken in reliance on information supplied to
it as to the amounts of unpaid principal and interest and other amounts outstanding with respect to the Secured Obligations, provided that nothing in this sentence shall prevent any Grantor from contesting any amounts claimed by any Secured Party in
any information so supplied. All distributions made by the Administrative Agent pursuant to this Section 4.02 shall be (subject to any decree of any court of competent jurisdiction) final (absent manifest error), and the Administrative Agent
shall have no duty to inquire as to the application by the Administrative Agent of any amounts distributed to it. 
 SECTION
4.03 Grant of License to Use Intellectual Property. For the exclusive purpose of enabling the Administrative Agent to exercise rights and remedies under this Agreement at such time as the Administrative Agent shall be lawfully entitled to
exercise such rights and remedies at any time after and during the continuance of an Event of Default, each Grantor hereby grants to the Administrative Agent a non-exclusive, royalty-free, limited license (until the termination or cure of the Event
of Default) for cash, upon credit or for future delivery as the Administrative Agent shall deem appropriate to use, license or sublicense any of the Intellectual Property now owned or hereafter acquired by such Grantor, and wherever the same may be
located, and including in such license reasonable access to all media in which any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof; provided,
however, that all of the foregoing rights of the Administrative Agent to use such licenses, sublicenses and other rights, and (to the extent permitted by the terms of such licenses and sublicenses) all licenses and sublicenses granted
thereunder, shall expire immediately upon the termination or cure of all Events of Default and shall be exercised by the Administrative Agent solely during the continuance of an Event of Default and upon 10 Business Days’ prior written notice
to the applicable Grantor, and nothing in this Section 4.03 shall require Grantors to grant any license that is prohibited by any rule of law, statute or regulation, or is prohibited by, or constitutes a breach or default under or results in
the termination of any contract, license, agreement, instrument or other document evidencing, giving rise to or theretofore granted, to the extent permitted by the Credit Agreement, with respect to such property or otherwise unreasonably prejudices
the value thereof to the relevant Grantor; provided, further, that such licenses granted hereunder with respect to Trademarks shall be subject to restrictions, 

  
 -18-

 
including, without limitation restrictions as to goods or services associated with such Trademarks and the maintenance of quality standards with respect to the goods and services on which such
Trademarks are used, sufficient to preserve the validity and value of such Trademarks. For the avoidance of doubt, the use of such license by the Administrative Agent may be exercised, at the option of the Administrative Agent, only during the
continuation of an Event of Default. 
 ARTICLE V 
 Subordination 
 SECTION 5.01 Subordination. 

(a) Notwithstanding any provision of this Agreement to the contrary, all rights of the Grantors to indemnity, contribution or subrogation
under applicable law or otherwise shall be fully subordinated to the payment in full in cash of the Secured Obligations. No failure on the part of the Borrower or any Grantor to make the payments required under applicable law or otherwise shall in
any respect limit the obligations and liabilities of any Grantor with respect to its obligations hereunder, and each Grantor shall remain liable for the full amount of the obligations of such Grantor hereunder. 

(b) Each Grantor hereby agrees that upon the occurrence and during the continuance of an Event of Default and after notice from the
Administrative Agent, all Indebtedness owed to it by any other Grantor shall be fully subordinated to the payment in full in cash of the Secured Obligations. 
 ARTICLE VI 
 Miscellaneous 

SECTION 6.01 Notices. All communications and notices hereunder shall (except as otherwise expressly permitted herein) be in
writing and given as provided in Section 10.02 of the Credit Agreement. All communications and notices hereunder to the Borrower or any other Grantor shall be given to it in care of the Borrower as provided in Section 10.02 of the Credit
Agreement. 
 SECTION 6.02 Waivers; Amendment. 
 (a) No failure or delay by any Secured Party in exercising any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or
partial exercise of any such right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges of the Secured
Parties herein provided, and provided under each other Loan Document, are cumulative and are not exclusive of any rights, remedies, powers and privileges provided by Law. No waiver of any provision of this Agreement or consent to any departure by
any Grantor therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section 6.02, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which

  
 -19-

 
given. Without limiting the generality of the foregoing, the making of a Loan, the issuance of a Letter of Credit or the provision of services under Secured Hedge Agreements shall not be
construed as a waiver of any Default, regardless of whether any Secured Party may have had notice or knowledge of such Default at the time. 
 (b) Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Administrative Agent and the Grantor or
Grantors with respect to which such waiver, amendment or modification is to apply, subject to any consent required in accordance with Section 10.01 of the Credit Agreement. 

SECTION 6.03 Administrative Agent’s Fees and Expenses; Indemnification. 

(a) The parties hereto agree that the Administrative Agent shall be entitled to reimbursement of its reasonable out-of-pocket expenses
incurred hereunder and indemnity for its actions in connection herewith as provided in Sections 10.04 and 10.05 of the Credit Agreement. 
 (b) Any such amounts payable as provided hereunder shall be additional Secured Obligations secured hereby and by the other Collateral Documents. The provisions of this Section 6.03 shall remain
operative and in full force and effect regardless of the termination of this Agreement or any other Loan Document, the consummation of the transactions contemplated hereby, the repayment of any of the Secured Obligations, the invalidity or
unenforceability of any term or provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of the Administrative Agent or any other Secured Party. All amounts due under this Section 6.03 shall be payable
within 10 days of written demand therefor. 
 SECTION 6.04 Successors and Assigns. The provisions of this Agreement shall
be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns to the extent permitted by Section 10.07 of the Credit Agreement. 

SECTION 6.05 Survival of Agreement. All covenants, agreements, representations and warranties made by the Grantors hereunder and
in the other Loan Documents and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the Secured Parties and shall
survive the execution and delivery of the Loan Documents, the making of any Loans and issuance of any Letters of Credit and the provision of services under Secured Hedge Agreements, regardless of any investigation made by any Secured Party or on its
behalf and notwithstanding that any Secured Party may have had notice or knowledge of any Default at the time any credit is extended under the Credit Agreement, and shall continue in full force and effect as long as this Agreement has not been
terminated or released pursuant to Section 6.12 below. 
 SECTION 6.06 Counterparts; Effectiveness; Several
Agreement. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery by facsimile or other electronic communication of
an executed counterpart of a signature page to this Agreement shall be effective as delivery of an original executed counterpart of this Agreement. This 

  
 -20-

 
Agreement shall become effective as to any Grantor when a counterpart hereof executed on behalf of such Grantor shall have been delivered to the Administrative Agent and a counterpart hereof
shall have been executed on behalf of the Administrative Agent, and thereafter shall be binding upon such Grantor and the Administrative Agent and their respective permitted successors and assigns, and shall inure to the benefit of such Grantor, the
Administrative Agent and the other Secured Parties and their respective permitted successors and assigns, except that no Grantor shall have the right to assign or transfer its rights or obligations hereunder or any interest herein or in the
Collateral (and any such assignment or transfer shall be void) except as expressly contemplated by this Agreement or the Credit Agreement. This Agreement shall be construed as a separate agreement with respect to each Grantor and may be amended,
modified, supplemented, waived or released with respect to any Grantor without the approval of any other Grantor and without affecting the obligations of any other Grantor hereunder. 

SECTION 6.07 Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable, the legality,
validity and enforceability of the remaining provisions of this Agreement shall not be affected or impaired thereby. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction. 
 SECTION 6.08 Right of Set-Off. In addition to any rights and remedies of the Secured Parties provided by
Law, upon the occurrence and during the continuance of any Event of Default, each Secured Party is authorized at any time and from time to time, without prior notice to any Grantor, any such notice being waived by each Grantor to the fullest extent
permitted by applicable Law, to set-off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held by, and other Indebtedness at any time owing by, such Secured Party to or for the credit or the
account of the respective Grantors against any and all obligations owing to such Secured Party hereunder, now or hereafter existing, irrespective of whether or not such Secured Party shall have made demand under this Agreement and although such
obligations may be contingent or unmatured or denominated in a currency different from that of the applicable deposit or Indebtedness. Each Secured Party agrees promptly to notify the applicable Grantor and the Administrative Agent after any such
set-off and application made by such Secured Party; provided, that the failure to give such notice shall not affect the validity of such set-off and application. The rights of each Secured Party under this Section 6.08 are in addition to other
rights and remedies (including other rights of set-off) that such Secured Party may have at Law. 
 SECTION 6.09 Governing
Law; Jurisdiction; Venue; Waiver of Jury Trial; Consent to Service of Process. 
 (a) The terms of Sections 10.16 and
10.17 of the Credit Agreement with respect to governing law, submission of jurisdiction, venue and waiver of jury trial are incorporated herein by reference, mutatis mutandis, and the parties hereto agree to such terms. 

(b) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 6.01.
Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by Law. 

  
 -21-

 SECTION 6.10 Headings. Article and Section headings and the Table of Contents used
herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

SECTION 6.11 Security Interest Absolute. To the extent permitted by Law, all rights of the Administrative Agent hereunder, the
Security Interest, the grant of a security interest in the Pledged Collateral and all obligations of each Grantor hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of the Credit Agreement,
any other Loan Document, any agreement with respect to any of the Secured Obligations or any other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all
or any of the Secured Obligations, or any other amendment or waiver of or any consent to any departure from the Credit Agreement, any other Loan Document or any other agreement or instrument, (c) any exchange, release or non-perfection of any
Lien on other collateral, or any release or amendment or waiver of or consent under or departure from any guarantee, securing or guaranteeing all or any of the Secured Obligations or (d) any other circumstance that might otherwise constitute a
defense available to, or a discharge of, any Grantor in respect of the Secured Obligations or this Agreement. 
 SECTION 6.12
Termination or Release. 
 (a) This Agreement, the Security Interest and all other security interests granted hereby
shall terminate with respect to all Secured Obligations and any Liens arising therefrom shall be automatically released upon all of the Secured Obligations (other than (x) (i) Cash Management Obligations and (ii) Secured Obligations
under Secured Hedge Agreements not yet due and payable, and (y) contingent obligations not yet accrued and payable) having been paid in full, all Letters of Credit having been Cash Collateralized or otherwise back-stopped (including by
“grandfathering” into any future credit facilities), in each case, on terms reasonably satisfactory to the relevant L/C Issuer in its reasonable discretion, or having expired or having been terminated, and the Aggregate Commitments having
expired or having been terminated. 
 (b) A Grantor (other than the Borrower) shall automatically be released from its
obligations hereunder and the Security Interest in the Collateral of such Grantor shall be automatically released upon the consummation of any transaction permitted by the Credit Agreement as a result of which such Grantor ceases to be a Subsidiary
of the Borrower or becomes an Excluded Subsidiary; provided that the Required Lenders shall have consented to such transaction (but only if and to the extent required by the Credit Agreement) and the terms of such consent did not provide
otherwise. 
 (c) Upon any sale or transfer by any Grantor of any Collateral that is permitted under the Credit Agreement (other
than a sale or transfer to another Loan Party), or upon the effectiveness of any written consent to the release of the security interest granted hereby in any Collateral pursuant to Section 10.01 of the Credit Agreement, the security interest
in such Collateral shall be automatically released. 
 (d) In connection with any termination or release pursuant to paragraph
(a), (b) or (c) of this Section 6.12, the Administrative Agent shall execute and deliver to any Grantor, 

  
 -22-

 
at such Grantor’s expense, all documents that such Grantor shall reasonably request to evidence such termination or release and shall perform such other actions reasonably requested by such
Grantor to effect such release within a reasonable time, including delivery of certificates, securities and instruments. Any execution and delivery of documents pursuant to this Section 6.12 shall be without recourse to or warranty by the
Administrative Agent. 
 SECTION 6.13 Additional Grantors. Pursuant to Section 6.12 of the Credit Agreement, certain
additional Restricted Subsidiaries of the Borrower may be required to enter in this Agreement as Grantors. Upon execution and delivery by the Administrative Agent and a Restricted Subsidiary of a Security Agreement Supplement, such Restricted
Subsidiary shall become a Grantor hereunder with the same force and effect as if originally named as a Grantor herein. The execution and delivery of any such instrument shall not require the consent of any other Grantor hereunder. The rights and
obligations of each Grantor hereunder shall remain in full force and effect notwithstanding the addition of any new Grantor as a party to this Agreement. 
 SECTION 6.14 Administrative Agent Appointed Attorney-in-Fact. Each Grantor hereby appoints the Administrative Agent the attorney-in-fact of such Grantor for the purpose of carrying out the
provisions of this Agreement and taking any action and executing any instrument that the Administrative Agent may deem necessary or advisable to accomplish the purposes hereof at any time after and during the continuance of an Event of Default,
which appointment is irrevocable and coupled with an interest. Without limiting the generality of the foregoing, the Administrative Agent shall have the right, upon the occurrence and during the continuance of an Event of Default and notice by the
Administrative Agent to the applicable Grantor of the Administrative Agent’s intent to exercise such rights, with full power of substitution either in the Administrative Agent’s name or in the name of such Grantor (a) to receive,
endorse, assign and/or deliver any and all notes, acceptances, checks, drafts, money orders or other evidences of payment relating to the Collateral or any part thereof; (b) to demand, collect, receive payment of, give receipt for and give
discharges and releases of all or any of the Collateral; (c) to sign the name of any Grantor on any invoice or bill of lading relating to any of the Collateral; (d) to send verifications of Accounts Receivable to any Account Debtor;
(e) to commence and prosecute any and all suits, actions or proceedings at Law or in equity in any court of competent jurisdiction to collect or otherwise realize on all or any of the Collateral or to enforce any rights in respect of any
Collateral; (f) to settle, compromise, compound, adjust or defend any actions, suits or proceedings relating to all or any of the Collateral; (g) to notify, or to require any Grantor to notify, Account Debtors to make payment directly to
the Administrative Agent; and (h) to use, sell, assign, transfer, pledge, make any agreement with respect to or otherwise deal with all or any of the Collateral, and to do all other acts and things necessary to carry out the purposes of this
Agreement, as fully and completely as though the Administrative Agent were the absolute owner of the Collateral for all purposes; provided that nothing herein contained shall be construed as requiring or obligating the Administrative Agent to
make any commitment or to make any inquiry as to the nature or sufficiency of any payment received by the Administrative Agent, or to present or file any claim or notice, or to take any action with respect to the Collateral or any part thereof or
the moneys due or to become due in respect thereof or any property covered thereby. The Administrative Agent and the other Secured Parties shall be accountable only for amounts actually received as a result of the exercise of the powers granted to
them herein, and neither 

  
 -23-

 
they nor their officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence, bad faith, or willful
misconduct or that of any of their Affiliates, directors, officers, employees, counsel, agents or attorneys-in-fact, in each case, as determined by a final nonappealable judgment of a court of competent jurisdiction. 

SECTION 6.15 General Authority of the Administrative Agent. By acceptance of the benefits of this Agreement and any other
Collateral Documents, each Secured Party (whether or not a signatory hereto) shall be deemed irrevocably (a) to consent to the appointment of the Administrative Agent as its agent hereunder and under such other Collateral Documents, (b) to
confirm that the Administrative Agent shall have the authority to act as the exclusive agent of such Secured Party for the enforcement of any provisions of this Agreement and such other Collateral Documents against any Grantor, the exercise of
remedies hereunder or thereunder and the giving or withholding of any consent or approval hereunder or thereunder relating to any Collateral or any Grantor’s obligations with respect thereto, (c) to agree that it shall not take any action
to enforce any provisions of this Agreement or any other Collateral Document against any Grantor, to exercise any remedy hereunder or thereunder or to give any consents or approvals hereunder or thereunder except as expressly provided in this
Agreement or any other Collateral Document and (d) to agree to be bound by the terms of this Agreement and any other Collateral Documents. 
 SECTION 6.16 Reasonable Care. The Administrative Agent is required to use reasonable care in the custody and preservation of any of the Collateral in its possession; provided, that the
Administrative Agent shall be deemed to have used reasonable care in the custody and preservation of any of the Collateral, if such Collateral is accorded treatment substantially similar to that which the Administrative Agent accords its own
property. 
 SECTION 6.17 Delegation; Limitation. The Administrative Agent may execute any of the powers granted under
this Agreement and perform any duty hereunder either directly or by or through agents or attorneys-in-fact, and shall not be responsible for the gross negligence or willful misconduct of any agents or attorneys-in-fact selected by it with reasonable
care and without gross negligence or willful misconduct. 
 SECTION 6.18 Reinstatement. The obligations of the Grantors
under this Security Agreement shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of the Borrower or any other Loan Party in respect of the Secured Obligations is rescinded or must be otherwise
restored by any holder of any of the Secured Obligations, whether as a result of any proceedings in bankruptcy or reorganization or otherwise. 
 SECTION 6.19 Miscellaneous. The Administrative Agent shall not be deemed to have actual, constructive, direct or indirect notice or knowledge of the occurrence of any Event of Default unless and
until the Administrative Agent shall have received a notice of Event of Default or a notice from the Grantor or the Secured Parties to the Administrative Agent in its capacity as Administrative Agent indicating that an Event of Default has occurred.

 [Signature Pages Follow.] 

  
 -24-

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

					
	DUNKIN’ BRANDS, INC., as Borrower
		
	By:	 	 /s/ Bonnie Monahan

		 	Name:	 	Bonnie Monahan
		 	Title:	 	Vice President and Treasurer

Signature Page to Security Agreement 

 
					
	DUNKIN’ BRANDS HOLDINGS, INC., as
	Grantor
		
	By:	 	 /s/ Nigel Travis

		 	Name:	 	Nigel Travis
		 	Title:	 	President and Chief Executive Officer

Signature Page to Security Agreement 

 
					
	BASKIN-ROBBINS FLAVORS LLC
	BASKIN-ROBBINS FRANCHISED SHOPS LLC
	BASKIN-ROBBINS FRANCHISING LLC
	BASKIN-ROBBINS INTERNATIONAL LLC
	BASKIN-ROBBINS LLC
	BASKIN-ROBBINS USA LLC
	BR IP HOLDER LLC
	BR JAPAN HOLDINGS LLC
	DB CANADIAN SUPPLIER INC.
	DB CANADIAN HOLDING COMPANY INC.
	DB FRANCHISING HOLDING COMPANY LLC
	DB INTERNATIONAL FRANCHISING LLC
	DB MASTER FINANCE LLC
	DB MEXICAN FRANCHISING LLC
	DB REAL ESTATE ASSETS I LLC
	DB REAL ESTATE ASSETS II LLC
	DB UK FRANCHISING LLC
	DBI STORES LLC
	DD IP HOLDER LLC
	DUNKIN’ DONUTS FRANCHISED RESTAURANTS LLC
	DUNKIN’ DONUTS FRANCHISING LLC
	DUNKIN’ DONUTS LLC
	DUNKIN’ DONUTS REALTY INVESTMENT LLC
	DUNKIN’ DONUTS USA LLC
	DUNKIN’ VENTURES LLC
	MISTER DONUT OF AMERICA LLC
	THIRD DUNKIN’ DONUTS REALTY LLC,
	as Grantors
		
	By:	 	 /s/ Bonnie Monahan

		 	Name:	 	Bonnie Monahan
		 	Title:	 	Vice President and Treasurer

Signature Page to Security Agreement 

 
					
	BARCLAYS BANK PLC,
	as Administrative Agent
		
	By:	 	 /s/ David Barton

		 	Name:	 	David Barton
		 	Title:	 	Director

 Signature Page to
Security Agreement 

 Exhibit I to the 
 Security Agreement 
 SUPPLEMENT NO.      dated as of
[            ], to the Security Agreement (the “Security Agreement”), dated as of
            , 20     , among the Grantors identified therein and Barclays Bank PLC, as Administrative Agent. 

A. Reference is made to the Credit Agreement (the “Credit Agreement”), dated as of November 23, 2010, among
Dunkin’ Finance Corp., a Delaware corporation, and immediately following the consummation of the Assumption, Dunkin’ Brands Holdings, Inc., a Delaware corporation, and Dunkin’ Brands, Inc., a Delaware corporation, each lender from
time to time party hereto and Barclays Bank PLC, as Administrative Agent, Swing Line Lender and L/C Issuer, each lender from time to time party thereto, and Citibank, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer. 

B. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement
and the Security Agreement. 
 C. The Grantors have entered into the Security Agreement in order to induce the Lenders to make
Loans and the L/C Issuers to issue Letters of Credit. Section 6.13 of the Security Agreement provides that additional Restricted Subsidiaries of the Borrower may become Grantors under the Security Agreement by execution and delivery of an
instrument in the form of this Supplement. The undersigned (the “New Grantor”) is executing this Supplement in accordance with the requirements of the Credit Agreement to become a Grantor under the Security Agreement in order to
induce the Lenders to make additional Loans and the L/C Issuers to issue additional Letters of Credit and as consideration for Loans previously made and Letters of Credit previously issued. 

Accordingly, the Administrative Agent and the New Grantor agree as follows: 

SECTION 1. In accordance with Section 6.13 of the Security Agreement, the New Grantor by its signature below becomes
a Grantor under the Security Agreement with the same force and effect as if originally named therein as a Grantor and the New Grantor hereby (a) agrees to all the terms and provisions of the Security Agreement applicable to it as a Grantor
thereunder and (b) represents and warrants that the representations and warranties made by it as a Grantor thereunder are true and correct on and as of the date hereof. In furtherance of the foregoing, the New Grantor, as security for the
payment and performance in full of the Secured Obligations, does hereby create and grant to the Administrative Agent, its successors and assigns, for the benefit of the Secured Parties, their successors and assigns, a security interest in and lien
on all of the New Grantor’s right, title and interest in and to the Collateral (as defined in the Security Agreement) of the New Grantor. Each reference to a “Grantor” in the Security Agreement shall be deemed to include the New
Grantor. The Security Agreement is hereby incorporated herein by reference. 
 SECTION 2. The New Grantor
represents and warrants to the Administrative Agent and the other Secured Parties that this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable

 
against it in accordance with its terms, except as such enforceability may be limited by Debtor Relief Laws and by general principles of equity. 

SECTION 3. This Supplement may be executed in counterparts (and by different parties hereto on different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Supplement shall become effective when the Administrative Agent shall have received a counterpart of this Supplement that bears
the signature of the New Grantor and the Administrative Agent has executed a counterpart hereof. Delivery of an executed signature page to this Supplement by facsimile transmission or other electronic communication shall be as effective as delivery
of a manually signed counterpart of this Supplement. 
 SECTION 4. The New Grantor hereby represents and warrants
that (a) set forth on Schedule I attached hereto is a true and correct schedule of the information required by the schedules of the Perfection Certificate and (b) set forth under its signature hereto is the true and correct legal name of
the New Grantor, its jurisdiction of formation and the location of its chief executive office. 
 SECTION 5.
Except as expressly supplemented hereby, the Security Agreement shall remain in full force and effect. 

SECTION 6. THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK. 
 SECTION 7. In case any one or more of the provisions contained in this Supplement should be held
invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and in the Security Agreement shall not in any way be affected or impaired thereby (it being understood that the
invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor in good-faith negotiations to replace the invalid,
illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 8. All communications and notices hereunder shall be in writing and given as provided in Section 6.01 of the
Security Agreement. 
 SECTION 9. The New Grantor agrees to reimburse the Administrative Agent for its reasonable
out-of-pocket expenses in connection with the execution and delivery of this Supplement, including the reasonable fees, other charges and disbursements of counsel for the Administrative Agent. 

[Signature pages follow.] 

  
 - 2 -

 IN WITNESS WHEREOF, the New Grantor and the Administrative Agent have duly executed this
Supplement to the Security Agreement as of the day and year first above written. 
  

			
	[NAME OF NEW GRANTOR]
		
	By:	 	  

		 	Name:
		 	Title:
	
	Legal Name:
	Jurisdiction of Formation:
	Location of Chief Executive office:

 [Signature Page — Security Agreement Supplement] 

 
			
	BARCLAYS BANK PLC,
	as Administrative Agent
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page —
Security Agreement Supplement] 

 Schedule I 
 to the Supplement No      to the 
 Security Agreement

 EQUITY INTERESTS 
  

																	
	 Issuer
	  	Number of
Certificate	 	  	Registered
Owner	 	  	Number and
Class of
Equity Interest	 	  	Percentage
of
Equity Interests	 
		  				  				  				  			

 INSTRUMENTS AND DEBT SECURITIES 

 

													
	 Issuer
	  	Principal
Amount	 	  	Date of Note	 	  	Maturity Date	 
		  				  				  			

 Exhibit II to the 
 Security Agreement 
 [FORM OF] PERFECTION CERTIFICATE 

[To be inserted] 

 Exhibit III to the 
 Security Agreement 
 Form of Patent Security Agreement 

Patent Security Agreement, dated as of
[                ], by [                ] (“Grantor”), in
favor of BARCLAYS BANK PLC, in its capacity as administrative agent for the Secured Parties (in such capacity, the “Administrative Agent”). 
 W I T N E S
S E T H: 
 WHEREAS, the Grantors are party to a Security Agreement, dated as of December 3, 2010 (as amended, amended and restated, supplemented or otherwise modified from time to time, the
“Security Agreement”), in favor of the Administrative Agent pursuant to which the Grantors are required to execute and deliver this Patent Security Agreement; 
 NOW, THEREFORE, in consideration of the premises and to induce the Administrative Agent, for the benefit of the Secured Parties, to enter into the Credit Agreement, the
Grantors hereby agree with the Administrative Agent as follows: 
 SECTION 1. Defined Terms. Unless otherwise defined
herein, terms defined in the Security Agreement and used herein have the meaning given to them in the Security Agreement. 

SECTION 2. Grant of Security Interest in Patent Collateral. Each Grantor hereby pledges and grants to the Administrative Agent for
the benefit of the Secured Parties a lien on and security interest in and to all of its right, title and interest in, to and under all the following Pledged Collateral of such Grantor: 

(a) Patents of such Grantor listed on Schedule I attached hereto; and 

(b) all Proceeds of any and all of the foregoing. 

SECTION 3. The Security Agreement. The security interest granted pursuant to this Patent Security Agreement is granted in
conjunction with the security interest granted to the Administrative Agent pursuant to the Security Agreement and Grantors hereby acknowledge and affirm that the rights and remedies of the Administrative Agent with respect to the security interest
in the Patents made and granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein. In the event that any provision of this Patent Security
Agreement is deemed to conflict with the Security Agreement, the provisions of the Security Agreement shall control unless the Administrative Agent shall otherwise determine. 
 SECTION 4. Termination. Upon all of the Secured Obligations (other than (x) (i) Cash Management Obligations and (ii) Secured Obligations under Secured Hedge Agreements not yet due
and payable, and (y) contingent obligations not yet accrued and payable) having 

 
been paid in full, all Letters of Credit having been Cash Collateralized or otherwise back-stopped (including by “grandfathering” into any future credit facilities), in each case, on
terms reasonably satisfactory to the relevant L/C Issuer in its reasonable discretion, or having expired or having been terminated, and the Aggregate Commitments having expired or having been terminated, and termination of the Security Agreement,
this Patent Security Agreement and the security interest granted hereby shall terminate with respect to all of a Grantor’s obligations and any lien arising therefrom shall be automatically released. The Administrative Agent shall, at the
expense of such Grantor, execute, acknowledge, and deliver to the Grantors within a reasonable time an instrument in writing in recordable form releasing the collateral pledge, grant, assignment, lien and security interest in the Patents under this
Patent Security Agreement. 
 SECTION 5. Counterparts. This Patent Security Agreement may be executed in any number of
counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Patent Security Agreement by signing and delivering one or more counterparts. 

[Signature pages follow.] 

  
 - 2 -

 IN WITNESS WHEREOF, each Grantor has caused
this Patent Security Agreement to be executed and delivered by its duly authorized officer as of the date first set forth above. 
  

			
	[GRANTOR]
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Patent
Security Agreement 

			
	STATE OF                           
           	 	      )
		 	      )  ss.
	COUNTY OF                           
       	 	      )

 On
this              day of November, 2010, before me, a notary public, the undersigned officer personally appeared,
                                    , known to me (or
satisfactorily proven) to be the
                                         
    of
                                         
   , that executed the within and foregoing instrument, and acknowledged said instrument to be free and voluntary deed of said entity for the uses and purposes therein mentioned, and on oath stated that he/she was authorized to
execute said instrument. 
 In witness whereof, I hereunto set my hand and official seal. 

 

			
		 	
_________________                     
                   

		 	Signature of Notary Public
		
		 	  

		 	Print or Stamp Name of Notary Public

  

			
	Notary Public in and for the State of	 	  

			
		
	residing at	 	  

			
		
	My appointment expires	 	  

 Acting in the County of:
                                     

Signature Page to Patent Security Agreement 

 
			
	 BARCLAYS BANK PLC,

as Administrative Agent

		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Patent
Security Agreement 

 SCHEDULE I 

to 

PATENT SECURITY AGREEMENT 
 U.S. PATENT REGISTRATIONS AND PATENT APPLICATIONS 
 U.S. Patent Registrations:

  

									
	 OWNER
	  	REGISTRATION
NUMBER	 	  	NAME	 
		  				  			

 U.S. Patent Applications: 
  

									
	 OWNER
	  	APPLICATION
NUMBER	 	  	NAME	 
		  				  			

 Exhibit IV to the 
 Security Agreement 
 Form of Trademark Security Agreement 

Trademark Security Agreement, dated as of
[                ], by [                ] (“Grantor”), in
favor of BARCLAYS BANK PLC, in its capacity as administrative agent for the Secured Parties (in such capacity, the “Administrative Agent”). 
 W I T N E S
S E T H: 
 WHEREAS, the Grantors are party to a Security Agreement, dated as of December 3, 2010 (as amended, amended and restated, supplemented or otherwise modified from time to time, the
“Security Agreement”), in favor of the Administrative Agent pursuant to which the Grantors are required to execute and deliver this Trademark Security Agreement; 

NOW, THEREFORE, in consideration of the premises and to induce the Administrative Agent, for the benefit of
the Secured Parties, to enter into the Credit Agreement, the Grantors hereby agree with the Administrative Agent as follows: 

SECTION 1. Defined Terms. Unless otherwise defined herein, terms defined in the Security Agreement and used herein have the
meaning given to them in the Security Agreement. 
 SECTION 2. Grant of Security Interest in Trademark Collateral. Each
Grantor hereby pledges and grants to the Administrative Agent for the benefit of the Secured Parties a lien on and security interest in and to all of its right, title and interest in, to and under all the following Pledged Collateral of such Grantor
(provided that the Trademarks shall not include any trademark application that would be deemed invalidated, cancelled or abandoned due to the security interest granted hereunder, including without limitation all United States trademark
applications that are based on an intent to use, unless and until such time that the security interest will not cause the invalidation, cancellation or abandonment of such trademark application): 

(a) Trademarks of such Grantor listed on Schedule I attached hereto; and 

(b) all Proceeds of any and all of the foregoing. 

SECTION 3. The Security Agreement. The security interest granted pursuant to this Trademark Security Agreement is granted in
conjunction with the security interest granted to the Administrative Agent pursuant to the Security Agreement and Grantors hereby acknowledge and affirm that the rights and remedies of the Administrative Agent with respect to the security interest
in the Trademarks made and granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein. In the event that any provision of this Trademark
Security Agreement is deemed to conflict with the Security Agreement, the provisions of the Security Agreement shall control unless the Administrative Agent shall otherwise determine. 

 SECTION 4. Termination. Upon all of the Secured Obligations (other than
(x) (i) Cash Management Obligations and (ii) Secured Obligations under Secured Hedge Agreements not yet due and payable, and (y) contingent obligations not yet accrued and payable) having been paid in full, all Letters of Credit
having been Cash Collateralized or otherwise back-stopped (including by “grandfathering” into any future credit facilities), in each case, on terms reasonably satisfactory to the relevant L/C Issuer in its reasonable discretion, or having
expired or having been terminated, and the Aggregate Commitments having expired or having been terminated and the termination of the Security Agreement, this Trademark Security Agreement and the security interest granted hereby shall terminate with
respect to all of a Grantor’s obligations and any lien arising therefrom shall be automatically released. The Administrative Agent at the expense of such Grantor, execute, acknowledge, and deliver to the Grantors within a reasonable time an
instrument in writing in recordable form releasing the collateral pledge, grant, assignment, lien and security interest in the Trademarks under this Trademark Security Agreement. 

SECTION 5. Counterparts. This Trademark Security Agreement may be executed in any number of counterparts, all of which shall
constitute one and the same instrument, and any party hereto may execute this Trademark Security Agreement by signing and delivering one or more counterparts. 
 [Signature pages follow.] 

  
 - 2 -

 IN WITNESS WHEREOF, each Grantor has caused
this Trademark Security Agreement to be executed and delivered by its duly authorized officer as of the date first set forth above. 
  

			
	[GRANTOR]
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Trademark
Security Agreement 

			
	STATE OF                           
           	 	      )
		 	      )  ss.
	COUNTY OF                           
       	 	      )

 On
this              day of November, 2010, before me, a notary public, the undersigned officer personally appeared,
                                    , known to me (or
satisfactorily proven) to be the
                                         
    of
                                         
   , that executed the within and foregoing instrument, and acknowledged said instrument to be free and voluntary deed of said entity for the uses and purposes therein mentioned, and on oath stated that he/she was authorized to
execute said instrument. 
 In witness whereof, I hereunto set my hand and official seal. 

 

			
		 	
_________________                     
                   

		 	Signature of Notary Public
		
		 	  

		 	Print or Stamp Name of Notary Public

  

			
	Notary Public in and for the State of	 	  

			
		
	residing at	 	  

			
		
	My appointment expires	 	  

 Acting in the County of:
                                     

Signature Page to Trademark Security Agreement 

 
			
	 BARCLAYS BANK PLC,

as Administrative Agent

		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Trademark
Security Agreement 

 Schedule I 

U.S. Trademark Registrations and Use Applications 

 

									
	U.S. Trademark	  	Owner	 	  	Registration
Number/
Serial Number	 
		  				  			

 Exhibit V to the 
 Security Agreement 
 Form of Copyright Security Agreement 

Copyright Security Agreement, dated as of
[                ], by [                ] (“Grantor”), in
favor of BARCLAYS BANK PLC, in its capacity as administrative agent for the Secured Parties (in such capacity, the “Administrative Agent”). 
 W I T N E S
S E T H: 
 WHEREAS, the Grantors are party to a Security Agreement, dated as of December 3, 2010 (as amended, amended and restated, supplemented or otherwise modified from time to time, the
“Security Agreement”), in favor of the Administrative Agent pursuant to which the Grantors are required to execute and deliver this Copyright Security Agreement; 

NOW, THEREFORE, in consideration of the premises and to induce the Administrative Agent, for the benefit of
the Secured Parties, to enter into the Credit Agreement, the Grantors hereby agree with the Administrative Agent as follows: 

SECTION 1. Defined Terms. Unless otherwise defined herein, terms defined in the Security Agreement and used herein have the
meaning given to them in the Security Agreement. 
 SECTION 2. Grant of Security Interest in Copyright Collateral. Each
Grantor hereby pledges and grants to the Administrative Agent for the benefit of the Secured Parties a lien on and security interest in and to all of its right, title and interest in, to and under all the following Pledged Collateral of such
Grantor: 
 (a) Copyrights of such Grantor listed on Schedule I attached hereto; and 

(b) all Proceeds of any and all of the foregoing. 

SECTION 3. The Security Agreement. The security interest granted pursuant to this Copyright Security Agreement is granted in
conjunction with the security interest granted to the Administrative Agent pursuant to the Security Agreement and Grantors hereby acknowledge and affirm that the rights and remedies of the Administrative Agent with respect to the security interest
in the Copyrights made and granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein. In the event that any provision of this Copyright
Security Agreement is deemed to conflict with the Security Agreement, the provisions of the Security Agreement shall control unless the Administrative Agent shall otherwise determine. 

SECTION 4. Termination. Upon all of the Secured Obligations (other than (x) (i) Cash Management Obligations and
(ii) Secured Obligations under Secured Hedge Agreements not yet due and payable, and (y) contingent obligations not yet accrued and payable) having 

 
been paid in full, all Letters of Credit having been Cash Collateralized or otherwise back-stopped (including by “grandfathering” into any future credit facilities), in each case, on
terms reasonably satisfactory to the relevant L/C Issuer in its reasonable discretion, or having expired or having been terminated, and the Aggregate Commitments having expired or having been terminated and the termination of the Security Agreement,
this Copyright Security Agreement and the security interest granted hereby shall terminate with respect to all of a Grantor’s obligations and any lien arising therefrom shall be automatically released. The Administrative Agent shall, at the
expense of such Grantor, execute, acknowledge, and deliver to the Grantors within a reasonable time an instrument in writing in recordable form releasing the collateral pledge, grant, assignment, lien and security interest in the Copyrights under
this Copyright Security Agreement. 
 SECTION 5. Counterparts. This Copyright Security Agreement may be executed in any
number of counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Copyright Security Agreement by signing and delivering one or more counterparts. 

[Signature pages follow.] 

  
 - 2 -

 IN WITNESS WHEREOF, each Grantor has caused
this Copyright Security Agreement to be executed and delivered by its duly authorized officer as of the date first set forth above. 

			
	[GRANTOR]
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Copyright
Security Agreement 

			
	STATE OF                           
           	 	      )
		 	      )  ss.
	COUNTY OF                           
       	 	      )

 On
this              day of November, 2010, before me, a notary public, the undersigned officer personally appeared,
                                    , known to me (or
satisfactorily proven) to be the
                                         
    of
                                         
   , that executed the within and foregoing instrument, and acknowledged said instrument to be free and voluntary deed of said entity for the uses and purposes therein mentioned, and on oath stated that he/she was authorized to
execute said instrument. 
 In witness whereof, I hereunto set my hand and official seal. 

			
		 	
_________________                     
                   

		 	Signature of Notary Public
		
		 	  

		 	Print or Stamp Name of Notary Public

  

			
	Notary Public in and for the State of	 	  

			
		
	residing at	 	  

			
		
	My appointment expires	 	  

 Acting in the County of:
                                     

Signature Page to Copyright Security Agreement 

 
			
	 BARCLAYS BANK PLC,

as Administrative Agent

		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Copyright
Security Agreement 

 Schedule I 

U.S. Copyright Registrations 
  

									
	U.S. Copyright Title	  	Owner	 	  	Registration
Number	 
		  				  			

 Exhibit VI to the 
 Security Agreement 
 [FORM OF] 

ISSUER’S ACKNOWLEDGMENT 
 The undersigned hereby (i) acknowledges receipt of the Security Agreement (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Security
Agreement;” capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Security Agreement), dated as of December 3, 2010, made by Dunkin’ Brands, Inc., a Delaware corporation
(“DBI”), the other Grantors party thereto, and Barclays Bank PLC, as Administrative Agent, (ii) agrees promptly to note on its books the security interests granted to the Administrative Agent and confirmed under the Security
Agreement, (iii) agrees that it will comply with instructions of the Administrative Agent with respect to Equity Interests of the undersigned without further consent by the applicable Grantor, (iv) agrees to notify the Administrative Agent
upon obtaining knowledge of any interest in favor of any person in the applicable Equity Interests that is adverse to the interest of the Administrative Agent therein and (v) waives any right or requirement at any time hereafter to receive a
copy of the Security Agreement in connection with the registration of any Equity Interests thereunder in the name of the Administrative Agent or its nominee or the exercise of voting rights by the Administrative Agent or its nominee. 

 

			
	[                            
                                         
    ]
		
	By:	 	  

		 	Name:
		 	Title:

  
 -2-Lease between LSF3 Royall Street, LLC and Dunkin' Donuts Incorporated

 Exhibit 10.25 
 LEASE 
 between 

LSF3 ROYALL STREET, LLC, 
 a Delaware Limited Liability Company 
 Landlord, 

and 
 DUNKIN’
DONUTS INCORPORATED 
 Tenant 

 TABLE OF CONTENTS 

 

							
	 Article
	  	 	  	Page	 
			
	 1.
	  	DEFINITIONS; USE AND RESTRICTIONS ON USE	  	 	1	  
			
	 2.
	  	TERM	  	 	3	  
			
	 3.
	  	RENT	  	 	5	  
			
	 4.
	  	ADDITIONAL RENT	  	 	6	  
			
	 5.
	  	OPTION TO EXPAND	  	 	11	  
			
	 6.
	  	COMPLETION OF THE PREMISES	  	 	13	  
			
	 7.
	  	REPAIR	  	 	15	  
			
	 8.
	  	LIENS	  	 	16	  
			
	 9.
	  	ASSIGNMENT AND SUBLETTING	  	 	17	  
			
	 10.
	  	INDEMNIFICATION	  	 	17	  
			
	 11.
	  	INSURANCE	  	 	18	  
			
	 12.
	  	WAIVER OF SUBROGATION	  	 	19	  
			
	 13.
	  	ELECTRICITY	  	 	19	  
			
	 14.
	  	HOLDING OVER	  	 	20	  
			
	 15.
	  	SUBORDINATION; NONDISTURBANCE; ATTORNMENT	  	 	20	  
			
	 16.
	  	LANDLORD SERVICES	  	 	21	  
			
	 17.
	  	REENTRY BY LANDLORD	  	 	22	  
			
	 18.
	  	DEFAULT BY TENANT AND LANDLORD REMEDIES	  	 	23	  
			
	 19.
	  	DEFAULT BY LANDLORD AND TENANT REMEDIES	  	 	26	  
			
	 20.
	  	TENANT’S BANKRUPTCY OR INSOLVENCY	  	 	28	  
			
	 21.
	  	QUIET ENJOYMENT	  	 	28	  
			
	 22.
	  	CASUALTY	  	 	29	  
			
	 23.
	  	EMINENT DOMAIN	  	 	30	  
			
	 24.
	  	SALE BY LANDLORD	  	 	30	  
			
	 25.
	  	ESTOPPEL CERTIFICATES	  	 	31	  
			
	 26.
	  	SURRENDER OF PREMISES	  	 	31	  
			
	 27.
	  	NOTICES	  	 	31	  
			
	 28.
	  	DEFINED TERMS AND HEADINGS	  	 	32	  
			
	 29.
	  	TENANT’S AUTHORITY	  	 	32	  
			
	 30.
	  	COMMISSIONS	  	 	32	  
			
	 31.
	  	TIME AND APPLICABLE LAW	  	 	32	  

  

  
 i 

							
			
	 32.
	  	SUCCESSORS AND ASSIGNS	  	 	32	  
			
	 33.
	  	ENTIRE AGREEMENT	  	 	33	  
			
	 34.
	  	EXAMINATION NOT OPTION	  	 	33	  
			
	 35.
	  	RECORDATION	  	 	33	  
			
	 36.
	  	LIMITATION OF LANDLORD’S LIABILITY	  	 	33	  
			
	 37.
	  	ACCESS	  	 	33	  
			
	 38.
	  	COMMUNICATIONS EQUIPMENT	  	 	33	  
			
	 39.
	  	COMPLIANCE WITH LAWS	  	 	34	  
			
	 40.
	  	CONTEST OF LEGAL REQUIREMENTS	  	 	34	  
			
	 41.
	  	SIGNAGE	  	 	35	  
			
	 42.
	  	WORK ON THE BUILDING OR LAND	  	 	35	  
			
	 43.
	  	ARBITRATION	  	 	36	  
			
	 44.
	  	FINANCIALS	  	 	37	  
			
	 45.
	  	ADDITIONAL RIGHTS AND OPTIONS	  	 	38	  
			
	 46.
	  	SECURITY DEPOSIT	  	 	38	  

  

							
	 EXHIBIT A
	  	–	 	  	  	PLAN
	 EXHIBIT A-1
	  	–	 	  	  	DESCRIPTION OF LAND
	 EXHIBIT B
	  	–	 	  	  	WORK LETTER
	 EXHIBIT C
	  	–	 	  	  	CONCEPT PLANS
	 EXHIBIT D
	  	–	 	  	  	FORM OF SNDA – MORTGAGE
	 EXHIBIT E
	  	–	 	  	  	FORM OF GROUND LEASE ESTOPPEL CERTIFICATE
	 EXHIBIT E-1
	  	–	 	  	  	FORM OF LEASEHOLD MORTGAGE
	 EXHIBIT F
	  	–	 	  	  	RIGHT OF FIRST REFUSAL
	 EXHIBIT G
	  	–	 	  	  	CANCELLATION OPTION
	 EXHIBIT H
	  	–	 	  	  	GUARANTY
	 EXHIBIT I
	  	–	 	  	  	BUILDING SHELL CONDITION
	 EXHIBIT J
	  	–	 	  	  	LIST OF WARRANTIES AND SERVICE CONTRACTS
	 EXHIBIT K
	  	–	 	  	  	SPACE REDUCTION OPTION

  
 ii 

 REFERENCE PAGES 

 

			
	BUILDING:	  	130 Royall Street, Canton, Massachusetts
		
	LANDLORD:	  	LSF3 Royall Street, LLC
		
	LANDLORD’S ADDRESS:	  	 c/o Conroy Development Corporation
 600 Technology Center Drive
 Stoughton, MA 02072

		
	LEASE REFERENCE DATE:	  	October 29, 2003
		
	TENANT:	  	Dunkin’ Donuts Incorporated
		
	 TENANT’S ADDRESS:

(a) Prior to the Commencement Date:
	  	 14 Pacella Park Drive

Randolph, MA 02368
 Attention: Adrien E.
Deberghes, Jr., Assistant
 Treasurer and Director of Corporate Real Estate

		  	With a copy to:
		
		  	 14 Pacella Park Drive

Randolph, MA 02368
 Attention: Barry J. Barth,
Director of Real
 Estate Law

		
	(b) After the Commencement Date:	  	 130 Royall Street
 Canton,
MA 02021
 Attention: Adrien E. Deberghes, Jr., Assistant
 Treasurer and Director of Corporate Real Estate

		
		  	With a copy to:
		
		  	 130 Royall Street
 Canton,
MA 02021
 Attention: Barry J. Barth, Director of Real Estate Law

  
 iii

			
	PREMISES:	  	The land and building (the “Building”) commonly known and numbered as 130 Royall Street, Canton, Massachusetts, including all improvements
located thereon and all sidewalks and driveways and parking areas, as shown on the Plan attached hereto as Exhibit “A”. The land (the “Land’) upon which the Building is located is described on
Exhibit “A-1” attached hereto. The definition of the Premises may be modified pursuant to Section 5.
		
	PERMITTED USE:	  	Office, kitchen and laboratory purposes and all activities normally incidental thereto or related to the conduct of Tenant’s business, including vending machines and food
service for employees and guests and for all other lawful purposes normally associated with a first class office and/or research and development building.
		
	COMMENCEMENT DATE:	  	The date established under Section 1.1.1
		
	RENT COMMENCEMENT DATE:	  	The date established under Section 1.1.6
		
	DELIVERY DATE:	  	The date established under Section 2.2
		
	TERM OF LEASE:	  	Ten (10) years and six (6) months (126 months) plus any fraction of a month in which the Commencement Date shall occur if the Commencement Date shall not occur on the first day
of the month (unless sooner terminated pursuant to the Lease).
		
	TERMINATION DATE:	  	The date (at 5:00 p.m.) which is one hundred twenty-six (126) months, plus any fraction of a month at the commencement of the Term, from the Commencement Date
		
	OPTIONS TO EXTEND:	  	Two (2) options to extend the Term for five (5) years, as set forth in Section 2.3

					
			
	ANNUAL RENT (Article 3):	  	Annual Rent	  	Monthly Installments
			
	 From the Delivery Date through the date
 immediately preceding the Rent
 Commencement Date
	  	-0-	  	-0-

  
 iv 

					
	From the Rent Commencement Date through the date immediately preceding the third (3rd) anniversary of the Rent Commencement Date	  	$3,932,500.00	  	$328,125.00
			
	From the third (3rd) anniversary of the Rent Commencement Date through the date immediately preceding the sixth (6th) anniversary of the Rent Commencement Date	  	$4,112,500.00	  	$342,708.33
			
	From the sixth (6th) anniversary of the Rent Commencement Date through the Termination Date	  	$4,325,000.00	  	$364,583.33

			
		
	 TENANT’S PROPORTIONATE SHARE:
	  	100%
		
	 BUILDING RENTABLE AREA:
	  	175,000 rentable square feet
		
	 TENANT IMPROVEMENT ALLOWANCE:
	  	$7,010,000
		
	 LANDLORD’S CONSTRUCTION REPRESENTATIVE:
	  	William Conroy
		
	 TENANT’S CONSTRUCTION REPRESENTATIVE:
	  	Jason Macedo
		
	 REAL ESTATE BROKERS DUE COMMISSION:
	  	
		
	 Representing Tenant:
	  	Newmark Southern Region, LLC 3353 Peachtree Road, NE, Suite 1120 Atlanta, Georgia 30326
		
	 Representing Landlord:
	  	Cushman & Wakefield
		
	 Security Deposit
	  	$10,000.00

 The Reference Page information is incorporated
into and made a part of the Lease. In the event of any conflict between any Reference Page information and the Lease, the Lease shall control. This Lease includes Exhibits “A” through “K”, all of which are made a
part of this Lease. 

  
 v 

									
	LANDLORD:	 		 	TENANT:
			
	 LSF3 ROYALL STREET, LLC
 ROYALL STREET, LLC
	 		 	DUNKIN’ DONUTS INCORPORATED
					
	By:	 	/s/ Terence W. Conroy	 		 	By:	 	/s/ Jennie Wilson
	Title:	 	MANAGER	 		 	Title:	 	JENNIE WILSON
		 		 		 		 	 CHIEF FINANCIAL
 OFFICER AND
TREASURER

					
	Dated:	 	                             
           , 2003	 		 	Dated:	 	                             
           , 2003

  
 vi 

 LEASE 
 By this Lease Landlord leases to Tenant and Tenant leases from Landlord the Premises described on the Reference Page, together with all of Landlord’s interest in and to the appurtenances to the Land
and in all streets, alleys and other public ways adjacent thereto. In addition to the foregoing, Landlord assigns to Tenant during the Term of this Lease (i) all development rights with respect to the Land and any such rights held by Landlord
with respect to any property adjacent to the Land and (ii) all warranties and all assignable service and maintenance contracts (identified on Exhibit “J” hereto), relating to the improvements on the Land for which Tenant shall
have maintenance and/or repair obligations hereunder. The Reference Page, including all terms defined thereon, is incorporated as part of this Lease. 
 1. DEFINITIONS; USE AND RESTRICTIONS ON USE. 
 1.1.
Definitions. The following capitalized terms are defined as follows: 
 1.1.1. “Commencement
Date” shall mean the earlier to occur of (i) the date on which Tenant commences operating its business from the Premises and (ii) September 1, 2004 (subject to any extension for Landlord Delays). 

1.1.2. “Default Rate” shall mean the lesser of (i) the Prime Rate plus three percent
(3%) per annum or (ii) the greatest per annum rate of interest permitted from time to time under applicable law. 
 1.1.3. “Ground Lease” shall mean that certain Ground Lease dated September 28, 2000 by and between Boston Mutual Life Insurance Company (“Ground
Lessor”) and Royall Street LLC, as assigned to Landlord by that certain Assignment of Tenant’s Interest in Ground Lease dated December 8, 2000 by and between Royall Street LLC, as assignor, and LSF3 Royall Street, LLC, as
assignee, recorded on January 10, 2001 as Instrument N. 2763. 
 1.1.4. “Landlord
Delay” shall mean any of the following: 
 (i) any delay suffered by Tenant in the design or
construction of the Tenant Work resulting solely from the fact that the Building as constructed does not comply with any Legal Requirements in effect as of the date of this Lease, provided (1) Tenant notifies Landlord of the same and permits
Landlord a cure period of two (2) business days, during which time Landlord does not cure such problem, and (2) Tenant is in fact delayed in completing the construction of the Tenant Work by reason of such delay. 

(ii) any delay suffered by Tenant in the completion of the design of the Tenant Work, the procurement of required
governmental permits or approvals for construction or completion of the Tenant Work, including without limitation, the certificate of occupancy (or its equivalent), or occupancy of the Premises, the commencement or completion of the Tenant Work
directly resulting from any act, failure, default or omission of Landlord (wrongful, negligent or otherwise), including without limitation, (1) delay in giving authorization or approvals by Landlord beyond any time periods set forth herein and
(2) delay directly 

  
 1 

 
attributable to the interference of Landlord, its agents or contactors in the completion of the Tenant Work, provided (I) Tenant notifies Landlord of the same and permits Landlord a cure
period of two (2) business days, during which time Landlord does not cure such act, failure, default or omission of Landlord and, (II) Tenant is in fact delayed in completing the construction of the Tenant Work by reason of such delay.

 (iii) any delay suffered by Tenant in obtaining any governmental permits or approvals required for
construction of the Tenant Work or in prosecuting construction of the Tenant Work by reason of (1) fire, earthquake, lightening, storm, flood, explosion, Act of God, riot, war or similar event or (2) moratorium or extraordinary
governmental order or action; provided, however, that any delays encountered under this paragraph shall only be Landlord Delays if (I) Tenant shall notify Landlord of the same within five (5) days of the occurrence thereof, and (II) the
delays suffered would also have been suffered had Landlord been responsible for prosecution of the Tenant Work hereunder (with the understanding that Landlord would have promptly commenced the Tenant Work as soon as possible following execution of
the Lease). 
 (iv) any delay suffered by Tenant in the completion of the Tenant Work as a result of
Landlord’s Work (as hereinafter defined) not being complete and the Building not being in Building Shell Condition on or before the Delivery Date. 
 1.1.5. “Prime Rate” shall mean the per annum interest rate publicly announced by Fleet Bank Financial Corp. or any successor thereof from time to time (whether or not charged in
each instance) as its prime or base rate in Boston, Massachusetts. 
 1.1.6. “Rent Commencement
Date” shall mean the date which is six (6) months from the Commencement Date. 
 1.1.7.
“Building Shell Condition” shall mean the condition of the Building as specified in Exhibit “I”, attached hereto and incorporated herein by this reference. 

1.1.8. “Treasuries” shall mean the ten-year U.S. Treasury note most recently issued prior to the
Determination Date. 
 1.2. Use. The Premises are to be used solely for the Permitted Use stated on the Reference Page.
Tenant shall not do or permit anything to be done in or about the Premises in violation of any law. Tenant shall not do or permit anything to be done on or about the Premises or bring into or keep anything in the Premises which will in any way
increase the rate of, invalidate or prevent the procuring of any insurance protecting against loss or damage to the Building or any of its contents by fire or other casualty or against liability for damage to property or injury to persons in or
about the Building or any part thereof. 
 1.3. Restrictions on Use. Tenant shall not, and shall not direct, suffer or
permit any of its agents, contractors, employees, licensees or invitees to at any time handle, use, manufacture, store or dispose of in or about the Premises or the Building any (collectively “Hazardous Materials”)
flammables, explosives, radioactive materials, hazardous wastes or materials, toxic wastes or materials, or other similar substances, petroleum products or derivatives or any substance subject to regulation by or under any federal, state and local
laws and ordinances 

  
 2 

 
relating to the protection of the environment or the keeping, use or disposition of environmentally hazardous materials, substances, or wastes, presently in effect or hereafter adopted, all
amendments to any of them, and all rules and regulations issued pursuant to any of such laws or ordinances (collectively “Environmental Laws”), nor shall Tenant suffer or permit any Hazardous Materials to be used in any
manner not fully in compliance with all Environmental Laws, in the Premises or the Building and appurtenant land or allow the environment to become contaminated with any Hazardous Materials in violation of Environmental Laws. Notwithstanding the
foregoing, Tenant may handle, store, use or dispose of products containing small quantities of Hazardous Materials (such as aerosol cans containing insecticides, toner for copiers, paints, paint remover and the like) to the extent customary and
necessary for the use of the Premises for general office purposes and may use Hazardous Materials in connection with the Permitted Use; provided that Tenant shall always handle, store, use, and dispose of any such Hazardous Materials in a safe and
lawful manner and never allow such Hazardous Materials to contaminate the Premises, Building and appurtenant land or the environment in violation of Environmental Laws. Tenant shall protect, defend, indemnify and hold each and all of the Landlord
Entities (as defined in Article 28) harmless from and against any and all loss, claims, liability or costs (including court costs and reasonable attorney’s fees actually incurred) incurred by reason of any failure of Tenant to keep, observe, or
perform any provision of this Section 1.3. 
 1.4. Landlord represents and warrants: 

1.4.1. that as of the Reference Date, neither the Land nor the Building contain asbestos or asbestos containing materials
or any other Hazardous Materials in violation of Environmental Laws; 
 1.4.2. that the Land is zoned Limited
Industrial which use permits the use of the Property for general office and research and development uses; and 

1.4.3. that on or before the Delivery Date (defined in Section 2.2 below), the Building Shell Condition will be in
the condition specified on Exhibit “I” and delivered to Tenant in such condition. 
 1.4.4.
Landlord agrees to indemnify and hold harmless Tenant from and against any claims, liabilities, costs, fines, damages and expenses (including reasonable attorneys’ fees and costs actually incurred) arising from the inaccuracy of the foregoing
representations. 
 2. TERM. 
 2.1. This Lease shall govern the relationship between Landlord and Tenant with respect to the Premises from the Reference Date through the last day of the Term. The Term of this Lease shall begin on the
Commencement Date and shall continue to and include the date (the “Original Expiration Date”) which is next preceding the date which is ten (10) years after the Rent Commencement Date unless sooner terminated as
hereinafter provided (such term, taking into account any such sooner termination or any extension pursuant to Section 2.3 below, is herein referred to as the “Term”). 

  
 3 

 2.2. It is the intent of this Lease that Tenant shall be given continuous access to the
Premises for the purposes of space planning, design and construction of the Tenant Work and installation of Tenant’s Property commencing within ten (10) days following the Reference Date; provided, however, that for the ninety
(90) day period from and after the Reference Date (the “Delivery Date”) Landlord shall complete any and all improvements to the Premises as may be necessary to put the Building in Building Shell Condition
(“Landlord’s Work”). Tenant and Tenant’s contractor, subcontractors, suppliers, architect, designer and engineer shall have full access to the Premises commencing on the date ten (10) days after the Reference
Date, but during the period prior to the Delivery Date, Tenant shall work with Landlord to adopt a schedule in conformance with the schedule for Landlord’s Work and conduct its work in such a manner so as to not unreasonably interfere with or
delay the completion of Landlord’s Work. 
 2.3. Options to Extend. Tenant shall have two (2) options (each a
“Renewal Option”) to extend the Term, with respect to all or any portion of the Premises described below, for successive periods of five (5) years each following the end of the initial Term (each a “Renewal
Period” and collectively the “Renewal Periods”), so long as this Lease is then in effect and no Event of Default by Tenant relating to any monetary obligation of this Lease exists at the time of the exercise of
the applicable Renewal Option. In the event that Tenant desires to exercise its option to renew the Term for a Renewal Period, Tenant shall so notify Landlord in writing on or before the twelfth (12th) month prior to the last day of the Term.
Tenant shall specify in such notice to Landlord the portions of the Premises which Tenant desires to lease for the applicable Renewal Period which shall eliminate from the Premises only that Eliminated Area described below (the “Renewal
Space”). If Tenant fails to designate the portion of the Premises which Tenant desires to lease, Tenant shall be deemed to have elected to lease the entire Premises. Upon the giving of such notice, this Lease and the Term hereof shall
automatically be extended for five (5) years without the necessity for the execution of any other instrument in confirmation thereof except for a document memorializing the Annual Rent established as set forth in Section 3.3 below for the
then extended Term. Notwithstanding the foregoing, Tenant’s Renewal Options will not lapse because of Tenant’s failure to exercise any Renewal Option unless Landlord gives Tenant notice that Tenant has failed to exercise such Renewal
Option prior to the period provided above, and Tenant shall have failed to exercise such option within ten (10) days following Tenant’s receipt of such notice. Except for the reduced square footage (if applicable), the rent payable during
the applicable Renewal Period, which shall be determined in the manner provided in Section 3.3 below, and the fact that there shall be no further option to extend beyond the second Renewal Period or with respect to any Eliminated Area (as
defined below), each extension shall be upon all the same terms, conditions and provisions as contained in this Lease. In the event Tenant exercises either Renewal Option as to a portion, and not all, of the then current Premises, (i) the
Renewal Space must contain at least one hundred thirty thousand (130,000) square feet of rentable area; (ii) the space eliminated from the Premises pursuant to this Section (the “Eliminated Area”) must, to the
extent reasonably possible, be internally contiguous; (iii) each portion of the Eliminated Area must contain at least 10,000 contiguous square feet of rentable area and be marketable as office or research and development space on commercially
reasonable terms and in accordance with all Legal Requirements; and (iii) the Eliminated Area must have access to legally appropriate restrooms, elevator lobby and fire stairs on the applicable floor of the Building and shall have an
approximately proportionate share of the exterior window walls on the applicable floor of the Building when compared with the Renewal Space. The cost of partitioning the Renewal Space from the Eliminated Area shall be

  
 4 

 
paid by Landlord. Once the Eliminated Area has been separated from the Premises, Tenant shall no longer have an option to extend the Term with respect to the Eliminated Area. 

3. RENT. 
 3.1.
Commencing on the Rent Commencement Date, Tenant agrees to pay to Landlord the Annual Rent in effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Term.
The Monthly Installment of Rent in effect at any time shall be one-twelfth of the Annual Rent in effect at such time. Rent for any period during the Term which is less than a full month shall be a prorated portion of the Monthly Installment of Rent
based upon a thirty (30) day month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand except as specifically set forth herein, at the Landlord’s address, as set forth on the Reference Page, or to
such other person or at such other place as Landlord may from time to time designate in writing. 
 3.2. Tenant recognizes that
late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and economically impractical to ascertain. Tenant therefore agrees that if
rent or any other sum is not paid within ten (10) days of the date when due and payable pursuant to this Lease, a late charge shall be imposed in an amount equal to the lesser of (i) four percent (4%) of the unpaid rent or other
payment or (ii) the amount of the late charge paid by Landlord for such month pursuant to the Ground Lease and the then current Mortgage resulting from Tenant’s late payment. The amount of the late charge to be paid by Tenant shall be
reassessed and added to Tenant’s obligation for each successive monthly period until paid. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay rent or other payments on or before the date on which they are
due, nor do the terms of this Section 3.2 in any way affect Landlord’s remedies pursuant to Article 18 in the event said rent or other payment is unpaid after the date due. 

3.3. If Tenant shall extend the Term by exercising a Renewal Option pursuant to Section 2.3 above, the Annual Rent during the
applicable Renewal Period shall be the greater of (i) ninety-five percent (95%) of Market Rent (as defined below) and (ii) the Annual Rent in effect during the last year of the then existing Term. 

“Market Rent” shall be computed for the applicable Renewal Period at the then effective current rentals being
charged to new tenants for buildings of comparable type and quality to that of the Building, taking into account and giving effect to, in determining comparability, without limitation, such considerations as size, location of premises, lease term,
and real estate tax and operating expenses, but Market Rent shall not take into account any “specialized” improvements to the Premises paid for by Tenant beyond the Allowance (as defined in Exhibit “B”). 

Landlord shall initially, no later than ninety (90) days prior to the commencement of the applicable Renewal Period, designate the
Market Rent (“Landlord’s Designation”) for five year option period and shall furnish comparable data in support of such designation. If Tenant disagrees with Landlord’s Designation of the Market Rent, then Tenant
shall have the right, by written notice given within thirty (30) days after Tenant’s receipt of Landlord’s Designation (“Tenant’s Arbitration Notice”), to submit the determination of Market Rent to
arbitration as set 

  
 5 

 
forth in Section 43 below. If for any reason the dispute between the parties as to Market Rent has not been resolved before the commencement of Tenant’s obligation to pay Annual Rent
based upon such Market Rent, then Tenant shall pay rent under the Lease in respect of the Premises based upon the current Annual Rent until either the agreement of the parties as to the Market Rent or the decision of the appraisers, as the case may
be, at which time Tenant shall pay any underpayment of Annual Rent to Landlord or receive a credit against Annual Rent next becoming due for any overpayment of Annual Rent. 
 4. ADDITIONAL RENT. 
 4.1. For the purpose of this Article 4, the
following terms are defined as follows: 
 4.1.1. Lease Year shall mean each calendar year falling
partly or wholly within the Term. 
 4.1.2. Operating Expenses shall mean all costs of operation,
maintenance, repair and management of the Building, as determined in accordance with generally accepted accounting principles, including the following costs by way of illustration, but not limitation: water and sewer charges; insurance charges of or
relating to all insurance policies and endorsements usual and customary and reasonably deemed by Landlord to be necessary or desirable and relating to the protection, preservation, or operation of the Building or any part thereof; utility costs,
including, but not limited to, the cost of heat, steam, gas, and waste disposal (but not the wiring of electricity to the Premises or to any other tenant space); the cost of janitorial services; the cost of security and alarm services (including any
central station signaling system); window cleaning costs; labor costs; costs and expenses of managing the Building, not to exceed a management fee of three (3%) percent of the total Annual Rent of the Building; heating, ventilation and air
conditioning maintenance costs; material costs; equipment costs including the cost of maintenance, repair and service agreements and rental and leasing costs; purchase costs of equipment other than capital items and items needing to be replaced due
to defect in construction; current rental and leasing costs of items which would be amortizable capital items if purchased; tool costs; licenses, permits and inspection fees; wages and salaries; employee benefits and payroll taxes; accounting and
legal fees; any sales, use or service taxes incurred in connection therewith. Operating Expenses shall not include depreciation or amortization of the Building or equipment in the Building except as provided herein, loan principal payments, leasing
commissions, interest expenses on long-term borrowings, advertising costs or management salaries for executive personnel, all costs and expenses incurred in connection with leasing space in the Building, including, but not limited to, advertising
and promotional expenses and real estate brokerage commissions; legal fees incurred in leasing or in disputes with tenants; cost of construction allowances or tenant improvements provided to other tenants; interest or principal payments on any
mortgage or deed of trust or any ground lease payments or any other financing costs or fees; any cost or expenditure for which Landlord is entitled to be reimbursed; costs of any work or services furnished to any other tenant but which Landlord does
not make available to Tenant to the same extent and in the same manner or is available to Tenant only for an additional direct charge; costs recoverable by Landlord under its insurance policies; management fees in excess of three percent
(3%) of the total Annual Rent of the Building; except as expressly included above, any costs of Landlord’s general overhead; 

  
 6 

 
amounts paid to parties affiliated with Landlord or the management company for the Building in excess of the fair market value of the services or materials provided; or costs resulting from
defects in the design or construction of the Building. Landlord shall be entitled to amortize and include as an allocable portion of (i) the cost of capital improvement items which are reasonably calculated to reduce operating expenses (but
only to the extent of any such reduction in the applicable Lease Year); (ii) fire sprinklers and suppression systems and other life safety systems required by changes in the law after the Commencement Date; and (iii) other capital expenses
which are required under any governmental laws, regulations or ordinances first promulgated after the Commencement Date. All such costs shall be amortized over the reasonable life of such improvements in accordance with such reasonable life and
amortization schedules as shall be reasonably determined by Landlord in accordance with generally accepted accounting principles, with interest on the unamortized amount at the Prime Rate. 

4.1.3. Taxes shall mean real estate taxes and any other taxes, charges and assessments which are
levied with respect to the Land and Building, or with respect to any improvements, fixtures and equipment or other property of Landlord, real or personal, located in the Building and used in connection with the operation of the Building and said
Land, any payments to any ground lessor in reimbursement of tax payments made by such lessor; and all reasonable fees, expenses and costs incurred by Landlord in investigating, protesting, contesting or in any way seeking to reduce or avoid increase
in any assessments, levies or the tax rate pertaining to any Taxes to be paid by Landlord in any Lease Year. If Landlord secures an abatement or refund of any Taxes, there shall be credited against the amount of any taxes owed by Tenant hereunder,
or reimbursed to Tenant if the Term of this Lease has expired or been earlier terminated, its proportionate share of the amount of such abatement or refund (i.e., the net amount remaining after paying all reasonable costs and expenses of securing
the abatement or refund, including reasonable attorneys’ fees). Taxes shall also include any substitute or additional tax on real estate or the profits therefrom, whether or not now customary or within the contemplation of the parties to this
Lease: (a) upon, allocable to, or measured by or on the gross or net rent payable under this Lease, including without limitation any gross income tax or excise tax levied by the State, any political subdivision thereof or the Federal Government
with respect to the receipt of such rent; (b) upon or with respect to the possession, leasing, operation, management, maintenance, alteration, repair, use or occupancy of the Premises or any portion thereof, including any sales, use or service
tax imposed as a result thereof; (c) upon or measured by the Tenant’s gross receipts or payroll or the value of Tenant’s equipment, furniture, fixtures and other personal property of Tenant or leasehold improvements, alterations or
additions located in the Premises; or (d) upon this transaction or any document to which Tenant is a party creating or transferring any interest of Tenant in this Lease or the Premises. Notwithstanding the foregoing, Tenant agrees to pay,
before delinquency, any and all taxes levied or assessed against Tenant and which become payable during the term hereof upon Tenant’s equipment, furniture, fixtures and other personal property of Tenant located in the Premises. Taxes shall not
include any corporate franchise, or estate, inheritance, succession, transfer, gift, profit or net income tax or capital levy, or tax imposed upon any transfer by Landlord of its interest in this Lease or the Building. Tenant may, and in the name of
either or both of Landlord or Tenant, initiate and prosecute an abatement or refund of any Taxes payable with respect to any tax year beginning on or after January 1, 2006 and Landlord agrees to cooperate with Tenant in any such proceedings.

  
 7 

 4.2. Tenant shall pay as additional rent for each Lease Year Tenant’s Proportionate
Share of Operating Expenses and Taxes incurred for such Lease Year in excess of those incurred during calendar year 2005 (the “Base Year”). No payment for Tenant’s Proportionate Share of Operating Expenses and Taxes
shall be payable for any period prior to January 1, 2006. Landlord acknowledges that Tenant is pursuing certain state and local tax credits and exemptions in connection with the relocation of its corporate headquarters to the Premises,
including, without limitation, an exemption of the value of improvements to be made to the Premises from applicable real estate taxes. Landlord agrees to provide Tenant with such assistance and cooperation as Tenant may reasonably request in
connection with applying for and obtaining state and local tax credits and exemptions under available programs. Landlord also agrees that the benefit of any exemption of the value of the initial Landlord’s or Tenant’s Work and any other
tax credits or exemptions obtained by Tenant shall inure to the benefit of Tenant, but shall not reduce Annual Rent. 
 4.3. The
annual determination of Operating Expenses shall be made by Landlord within one hundred twenty (120) days after the end of each Lease Year and, if certified by a regionally or nationally recognized firm of public accountants selected by
Landlord, shall be binding upon Landlord and Tenant (subject to Tenant’s rights pursuant to Section 4.7 below). Landlord shall provide Tenant within such one hundred twenty (120) day period, an annual itemized statement of all
components included in Operating Expenses. Tenant may review the books and records supporting such determination in the office of Landlord, or Landlord’s agent, during normal business hours, upon giving Landlord five (5) days advance
written notice within ninety (90) days after receipt of such determination, arid in no event more often than once in any one year period. 
 4.4. Prior to the actual determination thereof for a Lease Year, Landlord may from time to time (but in no event more often than once in any one year period) estimate Tenant’s liability for Operating
Expenses and/or Taxes under Section 4.2. Landlord will give Tenant written notification of the amount of such estimate and Tenant agrees that it will pay, by increase of its Monthly Installments of Rent due in such Lease Year, additional rent
in the amount of such estimate. Any such increased rate of Monthly Installments of Rent pursuant to this Section 4.4 shall remain in effect until written notification to Tenant of the actual Operating Expenses pursuant to Section 4.3
above. 
 4.5. When the above mentioned actual determination of Tenant’s liability for Operating Expenses and/or Taxes is
made for any Lease Year and when Tenant is so notified in writing, then: 
 4.5.1. If the total additional rent
Tenant actually paid pursuant to Section 4.4 on account of Operating Expenses and/or Taxes for the Lease Year is less than Tenant’s liability for Operating Expenses and/or Taxes, then Tenant shall pay such deficiency to Landlord as
additional rent in one lump sum within thirty (30) days of receipt of Landlord’s bill therefor; and 

4.5.2. If the total additional rent Tenant actually paid pursuant to Section 4.4 on account of Operating Expenses
and/or Taxes for the Lease Year is more than Tenant’s liability for Operating Expenses and/or Taxes, then Landlord shall credit the difference against the then 

  
 8 

 
next due payments to be made by Tenant for Annual Rent and under this Article 4, or reimburse the difference to Tenant if the term of the Lease has expired or been earlier terminated. 

4.6. If the Rent Commencement Date is other than January 1 or if the Termination Date is other than December 31, Tenant’s
liability for Operating Expenses and Taxes for the Lease Year in which said Date occurs shall be prorated based upon a three hundred sixty-five (365) day year. 
 4.7. Notwithstanding any other provision of this Lease to the contrary, Tenant shall have the right to audit the Operating Expenses, Taxes and any and all other costs, charges or expenses (collectively,
the “charges”) for which Tenant is required to reimburse Landlord pursuant to this Lease, and Landlord agrees to cooperate with any such audit. Landlord shall maintain complete books and records in accordance with generally
accepted accounting principles for the same period as required for income tax reporting purposes. Such audit(s) shall only take place within one (1) year after such charges are due in accordance with the terms hereof. If it shall be determined
as a result of such audit(s) that Tenant has overpaid any of such charges, Landlord shall promptly refund to Tenant the amount of such overpayment. If the amount of Tenant’s overpayment exceeds five percent (5%) of said charges, Landlord
shall promptly pay the cost of said audit(s) upon Tenant’s submission of an invoice for same. 
 4.8. Notwithstanding any
provision of this Lease to the contrary, during any period after the Base Year in which Tenant is the sole tenant of the Premises, Tenant shall have the right, at Tenant’s option, to elect to take responsibility for the performance of any or
all of the services to be performed by Landlord hereunder, in which case: 
 4.8.1. The term “Operating
Expenses” shall be modified to exclude the reference to the services for which Tenant has elected to take responsibility and the cost of such services shall not be included in the calculation of Operating Expenses either for purposes of
calculating Operating Expenses for the then current Lease Year or for purposes of calculating Operating Expenses for the Base Year; 
 4.8.2. Annual Rental shall be reduced by the amount attributable to the cost of such excluded service for the Base Year; and 

4.8.3. In the event that Tenant elects to take responsibility for all services and utilities to the Premises, Landlord
shall not be required to furnish any services or utilities to the Premises and Tenant shall assume responsibility for the supply of and payment of such services and utilities, in which event the term “Operating Expenses” shall mean only
insurance premiums for insurance for the Premises required to be maintained by Landlord pursuant to Section 11.2 hereof. 

4.9. The following matters shall be taken into account when determining Operating Expenses and Taxes: 

(i) notwithstanding anything herein to the contrary contained herein, Landlord may not include in Operating Expenses for
any calendar year subsequent to the Base Year (a) insurance expenses if such expenses were not included in the Base Year, or are for insurance coverage other than the coverage that Landlord is required to maintain under the terms

  
 9 

 
of this Lease, or any mortgage applicable to the Land or the Building or because Landlord elected to self-insure; or (b) any category of expenses which was not included in Operating Expenses
for the Base Year and which expenses were incurred in the Base Year and could have been included in Operating Expenses for the Base Year; or (c) any expenses properly attributable to an increase in the level, quality or frequency of service
over the level, quality or frequency of such service provided during the Base Year. 
 (ii) Landlord and Tenant
acknowledge that those components of Operating Expenses for the Base Year solely relating to the Building being newly constructed (the “New Construction Components”) may need to be adjusted to reflect operational costs of the
Building becoming stabilized after the Base Year. In addition, Landlord and Tenant acknowledge that during the Base Year expenses for snow removal and sanding may be more or less than expenses for a normal year. In determining Base Year Operating
Expenses for the Premises, Landlord and Tenant agree to negotiate in good faith regarding any equitable adjustments of the New Construction Components and of weather related items for the Base Year that are aberrational. 

(iii) notwithstanding any provision herein to the contrary, the amount of Taxes which are included within the Taxes for
the Base Year shall be adjusted to equal the final Taxes for the Project once the Project is fully assessed. Until such Taxes are final, Landlord shall reasonably estimate such Taxes. 

(iv) Operating Expenses for the Base Year shall specifically include all costs which Landlord would have incurred but for
the existence of warranties on any portion of the Project, including, without limitation, any equipment or machinery used therein. 
 (v) In the event that Tenant exercises its Space Reduction Option, as specified in Exhibit “K” attached hereto, it is the intent of this Lease that, notwithstanding Article 13 below,
Tenant shall remain liable only for electric service and other Operating Expenses to the Reduced Premises (as defined in Exhibit “K”), and that, as of the Reduction Date, the Operating Expenses for the Base Year shall be increased
by an amount equal to the costs of power, lights, other electrical charges for the “common areas” of the Premises during calendar year 2005 (and the parties shall endeavor to record such amount following the end of calendar year 2005 so as
to document the addition to Base Year Operating Expenses in the event the Space Reduction Option is exercised by Tenant). The parties acknowledge and agree that the parties shall make such equitable adjustments to the Operating Expenses for the Base
Year as may be appropriate to reflect that the Building has been converted to a multi-tenanted property. As used herein, the term “common areas” is intended to mean and refer to the parking areas, sidewalks and other areas on the exterior
of the Building, the lobby areas, elevators, and other areas which, if such option is exercised, shall be used in common with other tenants of the Building. 
 4.10. The property manager for the Premises initially shall be Conroy Development Corporation and shall at all times be a reputable company of recognized standing whose principal management personnel
(a) are of recognized experience and capability and (b) are engaged in the commercial property management business and (c) subject to the reasonable approval of Tenant. The Premises shall at all times be managed in accordance with
First Class 

  
 10 

 
Building Standards (as defined in Article 16 below), and Landlord agrees that if at any time Tenant believes the Premises is not being maintained or managed in accordance with such standards,
Tenant shall provide Landlord with written notice thereof specifying in reasonable detail the areas in which such management and/or maintenance has been deficient and failed to such standard. Within thirty (30) days thereafter, Landlord shall
notify Tenant in writing that either (i) Landlord agrees with Tenant’s determination, in which case Landlord shall together with such notice include a detailed plan for the remedy of such failure including a timetable for resolution, or
(ii) Landlord’s disputes Tenant’s determination and the specific rationale for such dispute. In the event that Tenant is not reasonably satisfied with Landlord’s response, Tenant may require Landlord to replace the then current
property manager with a property manager reasonably acceptable to Tenant. 
 5. OPTION TO EXPAND. 

5.1. Expansion of Premises. In the event that there remains at least nine (9) years (including any Short Term Extension or
Renewal Period, if exercised) in the Term, Tenant shall have the option (the “Expansion Option”) to require Landlord to construct an addition (the “Expansion Space”) to the Building, which addition
shall include no more than 75,000 square feet of rentable area, or such lesser maximum amount for which Landlord is able to obtain a building permit and approvals under then existing zoning, environmental and building laws, and shall be constructed
pursuant to the terms of this Section. Any Expansion Space added to the Building pursuant to this Section shall be subject to the terms and provisions of this Lease, except that the Annual Rent payable for such space shall be determined as set forth
in Section 5.2 below. The Expansion Option may be exercised by Tenant’s notifying Landlord in writing of such exercise (the date of such notice is hereinafter referred to as the “Expansion Exercise Date”), which
Expansion Notice shall specify whether Tenant desires to have the Expansion Space contain two floors (50,000 square feet of rentable area) or three floors (75,000 square feet of rentable area) and shall be accompanied by conceptual and preliminary
design plans showing the general layout and uses for the Expansion Space and general specifications. Subject to Tenant Delays (defined below), Landlord shall complete the Expansion Space and deliver the Expansion Space to Tenant for occupancy, no
more than two (2) years from the Expansion Exercise Date. 
 “Tenant Delay” shall mean the total
actual delay in completion of Landlord’s Work attributable to any of those items described in Section 1.1.3, except caused by Tenant where designated therein as caused by Landlord, and/or suffered by Landlord. 

Landlord and Tenant hereby acknowledge and agree that unless otherwise agreed upon by the parties hereto, the Expansion Space shall be
designed and constructed substantially in such location and with such design as set forth on Exhibit “C”, attached hereto and incorporated herein by this reference (the “Concept Plans”). Upon receipt of
Tenant’s notice of its election to expand the Premises, Landlord and Tenant shall meet to discuss the expansion project, a preliminary time schedule for permitting and construction, and the development of an estimate of the Total Project Cost
for the Expansion Space. As used herein, the term “Total Project Cost” shall mean and include all reasonable costs of constructing the Expansion Space (excluding the fair market value of any part of the Land but including any
additional ground rental resulting 

  
 11 

 
from such increase pursuant to the Ground Lease), including, without limitation, site work and landscaping, as well as soft costs such as architectural, engineering, brokerage commissions, if
any, legal and consulting fees and a three percent (3%) development fee and interest on borrowed money during construction and prior to commencement of Tenant’s payment of rent on the Expansion Space. “Total Project
Cost” shall include and Landlord shall make available to Tenant a tenant improvement allowance of $40 per square foot of rentable area contained in the Expansion Space prorated to reflect any term less than ten (10) full years.
Subject to any Tenant Delay, Landlord shall prepare and furnish to Tenant within sixty (60) days after the Expansion Exercise Date complete architectural drawings and specifications (hereinafter called the “Expansion
Plans”). The Expansion Plans shall be prepared by a licensed architect retained by Landlord, which architect shall be subject to the reasonable approval of Tenant. Tenant agrees to review the Expansion Plans and in each case to approve
same or state what changes, if any, Tenant requires therein within thirty (30) days after receipt thereof. If Tenant requires any changes, Landlord shall cause the Expansion Plans to be revised in accordance with any reasonable requirements of
Tenant and to resubmit same to Tenant for Tenant’s review within fifteen (15) days after receipt of Tenant’s changes. In addition, Tenant may review said Expansion Plans and request changes therein during the course of preparation
thereof by said architect and Landlord shall cause said architect to revise the Expansion Plans accordingly. The revisions and resubmissions shall continue until Tenant shall have approved the Expansion Plans (said approved Expansion Plans being
hereinafter called the “Approved Plans”). Tenant’s approval of the Expansion Plans shall not constitute an opinion or agreement by Tenant that the Tenant’s Building or other improvements are structurally sufficient
or that the Approved Plans are in compliance with Legal Requirements (it being agreed that such compliance is solely Landlord’s responsibility). Landlord shall provide Tenant with two (2) sets of the Approved Plans and Landlord and Tenant
shall execute counterparts thereof. The Approved Plans shall be final and shall not be changed by Landlord without the prior consent of Tenant but Tenant shall have the right to make changes therein. Landlord agrees to use diligent (commercially
reasonable) efforts to obtain all necessary permits for development and construction of the Expansion Space, or so much thereof as the law and local rules and regulations shall allow, although the parties acknowledge that the laws and development
environment at the time of the permitting for the Expansion Space may be more restrictive than at present. 
 5.2. Following
completion of the Approved Plans and prior to the commencement of construction of the Expansion Space, Landlord shall provide Tenant with a breakdown of his estimated total project costs to construct the Expansion Space in accordance with the
Approved Plans and shall allow Tenant to review its construction bids (the “Estimated Total Project Cost”). Tenant shall then have a period of fourteen (14) business days to review the Estimated Total Project Cost and to
notify Landlord within such time period that it revokes its election to expand the Premises, in which case the Tenant’s option to expand the Premises shall have no further force or effect and Tenant shall reimburse Landlord for the reasonable
third party costs of preparation of plans and seeking permits and approvals for the Expansion Space including the fees and expenses of its architect to prepare the Approved Plans and legal and consulting fees for permitting. If Tenant shall fail to
so notify Landlord within such fourteen (14) business day period, then Tenant shall be deemed to have revoked its election to expand the Premises. In the event that Tenant approves the Estimated Total Project Cost, Landlord shall complete the
Expansion Space and deliver the Expansion Space to Tenant for occupancy no more than two (2) years following the Expansion Exercise Date. Landlord covenants and agrees that upon Tenant’s

  
 12 

 
approval of the Estimated Total Project Cost, Landlord shall, in accordance with the Approved Plans, promptly commence and with due diligence proceed to construct the Expansion Space. Annual Rent
for the Expansion Space shall commence upon the first to occur of (i) Tenant’s occupancy of the Expansion Space for the conduct of business and (ii) thirty (30) days following the Date of Substantial Completion (as hereinafter
defined) (the “Determination Date”) and shall be determined by amortizing in equal monthly installments over a twenty-five (25) year period the lesser of (i) Total Project Cost and (ii) the Estimated Total
Project Cost at an interest rate equal to Treasuries plus 400 basis points (such rate not to exceed 12% nor be less than 8%). 

5.3. In the event of any dispute regarding the determination of Annual Rent, Annual Rent (i) shall be the same as the square foot
Annual Rent for the original Premises until such determination shall be completed, (ii) shall be determined pursuant to arbitration in accordance with Article 43 below, and (iii) shall be adjusted as soon as the rent for the Expansion
Space shall finally be determined, retroactive to the Expansion Space Rent Commencement Date. For purposes hereof, the term “Date of Substantial Completion” shall mean and refer to that date when the Expansion Space shall
have been completed substantially in accordance with the Approved Plans, as amended in accordance with the provisions hereof, including the substantial completion of any parking areas, sidewalks, exits, entrances, access roads, lighting and
retaining walls, to the extent that the Expansion Space may be occupied by Tenant, it being understood by both Landlord and Tenant that minor punchlist items shall not be considered an obstruction to the initial occupancy and use of the Expansion
Space by Tenant. In no event, however, shall the Expansion Space be deemed to be substantially complete until Landlord has furnished Tenant with a (temporary) certificate of occupancy from the appropriate governmental authorities required to allow
Tenant initially to occupy and use the Expansion Space. During the course of construction of the Expansion Space, Tenant may enter the Expansion Space for purposes of inspecting the work, taking measurements, making plans, installing trade fixtures,
wiring and cabling, and doing such other work as may be appropriate or desirable, so long as the same shall not materially interfere with Landlord’s construction of the Expansion Space, without being deemed thereby to have taken possession or
obligated itself to pay rental. 
 5.4. Short Term Extension Option. In the event that Tenant desires to exercise the
Expansion Option but there remains less than nine (9) years in the Term and Tenant then has at least one unexercised five (5) year option to extend the Term, Tenant shall have, and Landlord hereby grants to Tenant, the right and option to
unilaterally extend the Term of this Lease for any period up to four (4) years following the expiration of the Term (the term of this short term extension option herein called the “Short Term Extension Term”) on the
terms and conditions set forth in this Section. To exercise this option, Tenant must give Landlord written notice of its exercise at the time Tenant exercises the Expansion Option. Tenant’s notice must include the date to which Tenant elects to
extend the expiration date of the Term. If the Term of this Lease is extended under this Section, all terms and conditions of this Lease shall remain in full force and effect except that the Monthly Installment of Rent payable during the Short Term
Extension with respect to the original Premises shall be Market Rent determined in accordance with Section 3.3 above. 
 6.
COMPLETION OF THE PREMISES. 

  
 13 

 6.1. Tenant’s Work. Tenant shall cause to be performed the work required of
Tenant by Exhibit “B” (“Tenant Work”). All Tenant Work shall be done in a good and workmanlike manner employing good materials and in compliance with all applicable laws, rules, regulations and codes,
including, without limitation, all building and zoning laws. Tenant shall not make any material changes in the Tenant Work without the prior written approval of Landlord, but Tenant shall have the right to substitute materials of equal or higher
quality if materials specified on Exhibit “B” are not available in time for a timely completion of the Tenant Work. 
 6.2. Tenant Improvement Allowance. Landlord shall provide Tenant with the Allowance specified on the Reference Page in accordance with the provisions of Exhibit “B”. Tenant shall
he responsible for costs to the extent that the cost of such Tenant Work shall exceed the Tenant Improvement Allowance. Any amount of Tenant Improvement Allowance not spent on the Tenant Work shall be made available to Tenant for architectural
design services, engineering costs, moving costs, telephone and computer equipment costs, and if not used for any of the foregoing shall be provided to Tenant in the form of rent abatement. If the cost of the Tenant Work shall exceed the Tenant
Improvement Allowance, Tenant may, by written notice to Landlord within ten (10) days of the Rent Commencement Date, elect to add such additional costs (up to but not exceeding the sum of $2,625,000; the total of such additional costs added to
the Annual Rent is hereinafter called “Additional Costs”) to the Annual Rent due during the initial Term of the Lease by adjusting the Annual Rent, and the Annual Rent shall immediately be adjusted by adding an amount to the
Annual Rent for each such lease year equal to the cost of amortizing the Additional Costs over such initial Term with imputed interest at the rate of 9.75% per year. For example, if the Additional Costs are $1 million, Monthly Rent during the
initial Term shall he increased by $12,607.46. Landlord’s obligation to fund the Allowance shall be secured by the Guaranty (the “Guaranty”) in the form of Exhibit “H” from Lone Star Opportunity Fund.
Tenant agrees that, if in Tenant’s reasonable determination, Landlord has provided Tenant with another mechanism to adequately secure Landlord’s obligation to fund the Allowance, Tenant shall, to such extent, release or reduce the
Guaranty. 
 6.3. Construction Representatives. Each party authorizes the other to rely, in connection with plans and
construction, upon approval and other actions on the party’s behalf by any Construction Representative of the party named in the Reference Page or any person hereafter designated in substitution or addition by written notice to the party
relying. Tenant’s Construction Representative shall be afforded full and complete access to the Premises and Landlord’s Work during the construction of such work, and Landlord shall allow Tenant’s Construction Representative to attend
meetings relating thereto. Landlord’s Construction Representative shall be afforded full and complete access to the Premises and Tenant’s Work during the construction of such work, and Tenant shall allow Landlord’s Construction
Representative to attend meetings relating thereto. 
 6.4. Alterations by Tenant. Tenant may, from time to time, at its
own cost and expense, make such alterations, restorations, replacements or installations (hereinafter referred to as “Alterations”) in, or to the Premises as Tenant deems necessary or desirable. Notwithstanding the foregoing,
Tenant shall not make any structural Alteration, the cost of which shall be in excess of Fifty Thousand and No/100 Dollars ($50,000.00) without first submitting plans and specifications for such Alteration to Landlord for Landlord’s approval.
Landlord may only withhold its approval if the work described in such plans and specifications diminishes the 

  
 14 

 
structural integrity of the Building or if the value of the improvements in place after such Alteration by Tenant would be less than the value of the improvements in place prior to such
Alteration. If Landlord does not either approve or state its reasonable objections to said plans and specifications (or any revisions thereof) within ten (10) business days after receipt thereof, then said plans and specifications (or
revisions) shall be deemed approved by Landlord. All such Alterations shall remain the property of Tenant and in case of damage or destruction thereto by fire or other causes, Tenant shall have the right to recover the value thereof as its own loss
from any insurance company with which it has insured the same, or to claim an award in the event of condemnation, notwithstanding that any of such things might be considered part of the Premises. Tenant may, at its option and expense, and at any
time and from time to time, remove any such Alterations from the Premises provided that such removal is accomplished without material damage to the Premises or Tenant promptly repairs any such damage. 

6.5. Compliance with Laws. All alterations, additions or improvements proposed by Tenant shall be constructed in accordance with
all government laws, ordinances, rules and regulations and Tenant shall, prior to construction, provide the additional insurance required under Article 11 in such case, and also all such assurances to Landlord, including but not limited to, waivers
of lien and surety company performance bonds (but only in the event the cost of the work exceeds $300,000) as Landlord shall reasonably require to assure payment of the costs thereof and to protect Landlord and the Building and appurtenant land
against any loss from any mechanic’s, materialmen’s or other liens. Tenant shall pay in addition to any sums due pursuant to Article 4, any increase in real estate taxes attributable to any such alteration, addition or improvement for so
long, during the Term, as such increase is ascertainable; at Landlord’s election said sums shall be paid in the same way as sums due under Article 4. 
 6.6. Tenant’s Property. All alterations, additions, and improvements in, on, or to the Premises made or installed by Tenant, other than the Tenant’s Work paid for by the Tenant
Improvement Allowance, including carpeting, shall be and remain the property of Tenant during the Term but, excepting furniture, equipment, machinery, furnishings, movable partitions and other trade fixtures and personal property
(“Tenant’s Property”), shall become a part of the realty and belong to Landlord without compensation to Tenant upon the expiration or sooner termination of the Term, at which time title shall pass to Landlord under this
Lease as by a bill of sale. Upon election by Landlord with respect to any Non-Standard Alteration (as hereinafter defined) and provided Landlord informs Tenant of such election at the time Tenant requests approval of any alterations, Tenant shall,
at Tenant’s sole cost and expense, forthwith and with all due diligence remove any such Non-Standard Alteration which are designated by Landlord to be removed prior to such alterations being made, and Tenant shall forthwith and with all due
diligence, at its sole cost and expense, repair and restore any damage caused to the Premises by such removal. As used herein, the term “Non-Standard Alteration” shall mean and refer to any Alteration which is not normal and
customary for general business or office use, such as raised flooring, fountains, swimming pools, etc. 
 7. REPAIR. 

7.1. Landlord’s Obligations. Landlord shall promptly repair, replace and maintain the exterior and structural portions of the
Premises, including without limitation, the roof, the roof covering, walls, foundation, exterior paint, exterior glass, floors (other than carpeting) and 

  
 15 

 
Building Systems including without limitation, plumbing, electrical, HVAC, utility and sewer lines and sprinkler systems. The Premises shall be delivered to Tenant by Landlord within ten
(10) days after the Reference Date in the substantially same condition as the Premises exist today, but Landlord shall have the obligation to complete Landlord’s Work on or before the Delivery Date. Except for such repair obligations as
may be required with respect to the foregoing and repair and warranty obligations with respect to Landlord’s Work, by taking possession of the Premises, Tenant accepts them as being in good order, condition and repair and in the condition in
which Landlord is obligated to deliver them except for such items for which Tenant shall have given written notice to Landlord within sixty (60) days after the Rent Commencement Date, except that with respect to the HVAC system, seasonal items,
items under warranty and latent defects, Tenant shall have up to one (1) year to notify Landlord of the same. It is hereby understood and agreed that no representations respecting the condition of the Premises or the Building have been made by
Landlord to Tenant, except as specifically set forth in this Lease. Notwithstanding the foregoing, Landlord shall not be responsible for repairs associated with defects in the Tenant Work performed pursuant to Exhibit “B” attached
hereto and Landlord shall not be liable for any failure to make any repairs or to perform any maintenance unless such failure shall persist for an unreasonable time after written notice of the need of such repairs or maintenance is given to Landlord
by Tenant. 
 7.2. Tenant’s Obligations. Except for such obligations imposed upon Landlord by the provisions hereof,
Tenant, as part of its obligations hereunder shall keep the Premises in a clean and sanitary condition. Upon termination of this Lease in any way Tenant will yield up the Premises to Landlord in good condition and repair, reasonable wear and tear,
loss by fire or other casualty and repairs that are the responsibility of Landlord excepted. 
 7.3. No Abatement. Except
as provided herein, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business arising due to the fault of Landlord, from the making of any repairs, alterations or
improvements in or to any portion of the Building or the Premises or to fixtures, appurtenances and equipment in the Building. Except to the extent, if any, prohibited by law or as otherwise provided herein, Tenant waives the right to make repairs
at Landlord’s expense under any law, statute or ordinance now or hereafter in effect. 
 8. LIENS. 

Tenant shall keep the Premises, the Building and Tenant’s leasehold interest in the Premises free from any liens arising out of any
services, work or materials performed, furnished, or contracted for by Tenant, or obligations incurred by Tenant. In the event that Tenant shall not, within thirty (30) days following the imposition of any such lien, either cause the same to be
released of record or provide Landlord with insurance against the same issued by a major title insurance company or such other protection against the same as Landlord shall reasonably accept, Landlord shall have the right to cause the same to be
released by such means as it shall deem proper, including payment of the claim giving rise to such lien. All such sums paid by Landlord and all reasonable expenses incurred by it in connection therewith shall be considered additional rent and shall
be payable to it by Tenant within twenty (20) days of demand. 

  
 16 

 9. ASSIGNMENT AND SUBLETTING. 

9.1. Tenant shall have the right to assign or pledge this Lease or to sublet the whole or any part of the Premises whether voluntarily or
by operation of law, or permit the use or occupancy of the Premises by anyone other than Tenant. In the event Tenant desires to sublet, or permit such occupancy of, the Premises, or any portion thereof, or assign this Lease, Tenant shall give
written notice thereof to Landlord at least thirty (30) days prior to the proposed commencement date of such subletting or assignment, which notice shall set forth the name of the proposed subtenant or assignee and the relevant terms of any
sublease or assignment. 
 9.2. Notwithstanding any assignment or subletting, permitted or otherwise, Tenant shall at all times
remain directly, primarily and fully responsible and liable for the payment of the rent specified in this Lease and for compliance with all of its other obligations under the terms, provisions and covenants of this Lease. Upon the occurrence of an
Event of Default, if the Premises or any part of them are then assigned or sublet, Landlord, in addition to any other remedies provided in this Lease or provided by law, may, at its option, collect directly from such assignee or subtenant all rents
due and becoming due to Tenant under such assignment or sublease and apply such rent against any sums due to Landlord from Tenant under this Lease, and no such collection shall be construed to constitute a novation or release of Tenant from the
further performance of Tenant’s obligations under this Lease, 
 9.3. In the event that Tenant sells, sublets, assigns or
transfers this Lease to any Non-Affiliate (as hereinafter defined), Tenant shall pay to Landlord as additional rent an amount equal to fifty percent (50%) of any Increased Rent (as defined below) when and as such Increased Rent is received by
Tenant. As used in this Section, “Increased Rent” shall mean the excess of (i) all rent and other consideration which Tenant receives by reason of any sale, sublease, assignment or other transfer of this Lease, over (ii) the rent
otherwise payable by Tenant under this Lease at such time after deducting all of Tenant’s reasonable costs directly related to such sublease or assignment and the marketing thereof including, without limitation, brokerage commissions,
reasonable legal fees, TI Work or allowances, free rent, and other such concessions, costs and expenses. For purposes of the foregoing, any consideration received by Tenant in form other than cash shall be valued at its fair market value as
determined by Landlord in good faith. 
 9.4. Notwithstanding the foregoing provisions of this Section 9, Tenant may,
without Landlord’s consent, assign this Lease or sublet any portion or all of the Premises to any corporation, partnership, trust, association or other business organization directly or indirectly controlling or controlled by Tenant or to any
successor by merger, consolidation or acquisition of all or substantially all of the assets of Tenant (collectively, an “Affiliate” and any entity which is not an Affiliate is herein referred to as a
“Non-Affiliate”) or any Affiliate of Tenant. 
 10. INDEMNIFICATION. 

Landlord hereby waives any and all right of recovery which it might otherwise have against Tenant, its agents and employees, for loss or
damage occurring to the Premises, including 

  
 17 

 
the Building, to the extent that the loss or damage is covered by Landlord’s insurance, notwithstanding that such loss or damage may result from the negligence or fault of Tenant, its agents
or employees. Tenant hereby waives any and all right of recovery which it might otherwise have against Landlord, its agents and employees, for loss or damage to Tenant’s furniture, furnishings, fixtures and other property removable by Tenant
under the provisions hereof, to the extent that the loss or damage is covered by Tenant’s insurance, notwithstanding that such loss or damage may result from the negligence or fault of Landlord, its servants, agents or employees. If either
party shall become partially or wholly a self-insurer by inclusion of a deductible provision in its insurance policy or policies or by not maintaining insurance in an amount sufficient to prevent such party from becoming a co-insurer under the usual
co-insurance clause or by not maintaining insurance in such amounts required under the provisions of this Lease, then it shall be deemed for the purpose of the foregoing waivers that any loss or damage suffered by such party was covered by said
party’s insurance to the extent that it would have been so covered had said party maintained standard all-risk fire and extended coverage insurance in an amount sufficient to prevent such party from becoming a co-insurer under the usual
co-insurance clause pursuant to a policy or policies containing no deductible provision. 
 11. INSURANCE. 

11.1. Tenant’s Insurance. Tenant shall keep in force throughout the Term: (a) commercial general liability insurance
applicable to the Premises with a limit of not less than $1,000,000.00 per occurrence and not less than $2,000,000.00 in the annual aggregate, or such larger amount as Landlord may prudently require from time to time, covering bodily injury and
property damage liability and S1,000,000 products/completed operations aggregate; (b) Business Auto Liability covering owned, non-owned and hired vehicles with a limit of not less than $1,000,000 per accident; (c) insurance protecting
against liability under Worker’s Compensation Laws with limits at least as required by statute; (d) Employer’s Liability with limits of $500,000 each accident, $500,000 disease policy limit, $500,000 disease—each employee; and
(e) causes of loss-special form (formerly “all risk”) property insurance, protecting Tenant against loss of or damage to Tenant’s Property and other business personal property situated in or about the Premises to the full
replacement value of the property so insured; provided, however, that Tenant may elect to self-insure with respect to the insurance required with respect to Section 11.1(e). 

11.2. Landlord’s Insurance. Landlord shall keep in force throughout the Term: (a) causes of loss-special form (formerly
“all risk”) property insurance covering the Premises (inclusive of Landlord’s Work, the Tenant Work and any other improvements installed in the Premises) in amounts at least equal to the full replacement cost thereof and rental value
insurance for at least one year, (ii) commercial general liability insurance with a limit of not less than $1,000,000 per occurrence and not less than $2,000,000 in the annual aggregate or such larger amount as prudent landlords in the Boston
metropolitan area carry in similar circumstances; (iii) Employer’s Liability with limits of $500,000 each accident, $500,000 disease policy limit, $500,000 disease each employee, boiler insurance, including power vessels and pipes, if
there be any such vessels or pipes in the Premises, in an amount of not less than $5,000,000; and (iv) insurance protecting against liability under Worker’s Compensation Laws with limits at least as required by statute. Notwithstanding the
foregoing, in the event that the replacement cost of the Tenant Work or any other improvements installed in the Premises by 

  
 18 

 
Tenant exceed the sum of $7,000,000, the cost of any additional coverage for coverage on such improvements shall be at the expense of Tenant. 

11.3. Each of the aforesaid policies shall (a) name the Landlord and Tenant (and Ground Lessor where appropriate) as their interests
may appear; (b) be issued by an insurance company with a minimum Best’s rating of “A: VII” during the Term; and (c) provide that said insurance shall not be canceled unless thirty (30) days prior written notice (ten
days for non-payment of premium) shall have been given to the other party; and said policy or policies, duplicate originals or certificates thereof shall be delivered to the other party upon the Rent Commencement Date and at least thirty
(30) days prior to each renewal of said insurance. Any insurance required hereunder may be provided under such blanket policies as are then customary for comparable buildings, provided that the coverage allocated to the Premises is not less
than the coverage contemplated by this Lease as separately stated in this Section. Additionally, coverage for liability in excess of the amounts required above up to a $5,000,000 aggregate shall be provided under a blanket excess insurance policy
provided that a primary policy providing coverage for liability of at least $1,000,000 remains in effect. 
 11.4. Whenever
either party shall undertake any alterations, additions or improvements in, to or about the Premises (“Work”), the aforesaid insurance protection must extend to and include injuries to persons and damage to property arising
in connection with such Work, without limitation including liability under any applicable structural work act; and the policies of or certificates evidencing such insurance must be delivered to the other party prior to the commencement of any such
Work. The aforesaid coverage may be maintained by the general contractor performing the work. 
 12. WAIVER OF SUBROGATION.

 Tenant and Landlord hereby mutually waive any and all rights of recovery, claim, action or cause of action against each
other, their respective agents, officers and employees, for any loss or damage that may occur to the Premises and to all property, whether real, personal or mixed, located on the Premises or in the Building, by reason of fire, the elements or any
other cause normally insured against under the terms of standard all-risk fire and extended coverage insurance policies of the type prescribed from time to time for use in respect of the Building, regardless of the cause or origin, including
negligence of the parties hereto, their respective agents and employees. Each party shall obtain any special endorsements required by their insurer to evidence compliance with the aforementioned waiver and shall provide the other with reasonable
evidence of its insurance carrier’s consent to such waiver of subrogation. 
 13. ELECTRICITY. 

Tenant shall pay for all electric service to the Premises, together with any taxes, penalties, and surcharges or the like pertaining
thereto and any maintenance charges for utilities. Tenant shall furnish all electric light bulbs, tubes and ballasts, battery packs for emergency lighting and fire extinguishers. Landlord covenants and agrees to exercise all reasonable efforts not
to interfere with the conduct of Tenant’s business in the Premises and to exercise due 

  
 19 

 
diligence in repairing, replacing or restoring any interruption in service or utilities; provided, however, Landlord shall not be responsible for any interruption in Tenant’s electric
service unless caused by Landlord’s negligence or intentional misconduct. 
 14. HOLDING OVER. 

Tenant shall pay Landlord for each day Tenant retains possession of the Premises or part of them after termination of this Lease by lapse
of time or otherwise at the rate (“Holdover Rate”) which shall be, for the first thirty (30) days of any such holdover, 125% of the amount of the Annual Rent for the last period prior to the date of such termination plus
100% of all additional rent under Article 4, and for any period thereafter, 150% of the amount of the Annual Rent for the last period prior to the date of such termination plus 100% of all additional rent under Article 4, in either case prorated on
a daily basis, and a tenancy at sufferance at the Holdover Rate shall be deemed to have been created. In any event, no provision of this Article 14 shall be deemed to waive Landlord’s right of reentry or any other right under this Lease or at
law. 
 15. SUBORDINATION; NONDISTURBANCE; ATTORNMENT. 
 15.1. Subordination. Landlord may, from time to time, grant deeds of trust, mortgages or other security interests covering its estate in the Premises (herein, collectively, a
“Mortgage”). Subject to the provisions of the following Section, Tenant agrees that this Lease shall be subject and subordinate at all times to each Mortgage; provided, however, that if the lessor, mortgagee, trustee, or
holder of any such mortgage or deed of trust elects to have Tenant’s interest in this Lease be superior to any such instrument, then, by notice to Tenant, this Lease shall be deemed superior, whether this Lease was executed before or after said
instrument. 
 15.2. Ground Lease. Tenant acknowledges that this Lease is subject and subordinate to the Ground Lease,
provided, however, that within thirty (30) days after the execution hereof, Landlord shall deliver to Tenant a Ground Lease Estoppel Certificate (the “Ground Lease Estoppel”) from Ground Lessor substantially in the form
of Exhibit “E” attached hereto and incorporated herein by this reference and simultaneously with the execution hereof Landlord shall deliver to Tenant a Leasehold Mortgage in the form of Exhibit E-1 attached hereto (the
“Qualifying Leasehold Mortgage”) executed by Landlord which shall entitle Tenant to all of the rights (including, without limitation, notice and cure rights) of the holder of a Qualifying Leasehold Mortgage under
Section 4.02 of the Ground Lease. In the event that Landlord fails to deliver the Ground Lease Estoppel within thirty (30) days after the Reference Date, Tenant may terminate this Lease upon written notice to Landlord within thirty
(30) days thereafter. Upon execution of such Qualifying Leasehold Mortgage, Landlord shall cause such instrument to be recorded in the Norfolk County Registry of Deeds. 
 15.3. Nondisturbance. Within thirty (30) days after execution hereof, Landlord shall deliver to Tenant a Subordination, Nondisturbance and Attornment Agreement in a form reasonably
satisfactory to Tenant (the “SNDA”) executed by Landlord and Existing Mortgagee. 

  
 20 

 
The subordination of this Lease to any subsequent Mortgage is conditioned upon the holder thereof expressly agreeing in such SNDA that (i) Tenant will not be named or joined in any
proceeding to enforce the Mortgage unless such shall be required by law in order to perfect the proceeding; (ii) enforcement of any Mortgage shall not terminate or modify this Lease or any provision of this Lease or disturb Tenant in the
possession and use of the Premises (except in the case where Tenant is in default beyond the period, if any, provided in this Lease to remedy such default), or where mortgagee or its successor will provide Tenant with a new lease on the same terms
and conditions as are contained herein, (iii) provided that Landlord or Tenant does not terminate this Lease as a result of a casualty or the exercise of eminent domain, proceeds and awards shall first be applied to the repair, alteration and
restoration of the Premises, as provided in this Lease, before being applied to the debt secured by the Mortgage; and (iv) any party succeeding to the interest of Landlord as a result of the enforcement of any Mortgage shall be bound to Tenant,
under all the terms, covenants and conditions of this Lease for the balance of the Term, including any extended Term, with the same force and effect as if such party were the original Landlord under this Lease. In the event that Landlord fails to
deliver such SNDA to Tenant within such thirty (30) day period, Tenant shall have the right to terminate this Lease by written notice to Landlord. 
 15.4. Attornment. Subject to the provisions of the preceding Section, Tenant agrees to recognize and attorn to any party succeeding to the interest of Landlord as a result of the enforcement of any
Mortgage or any termination of the Ground Lease, and to be bound to such party under all the terms, covenants and conditions of this Lease, for the balance of the Term, including extended Terms, with the same force and effect as if such party were
the original Landlord under this Lease. 
 15.5. Confirming Agreement. Upon the request of Landlord and at no expense to
Tenant, Tenant agrees to execute and deliver a subordination, attornment and nondisturbance agreement incorporating the provisions of this Section and otherwise in form reasonably acceptable to Tenant. 

15.6. Existing Mortgage. Landlord represents and warrants to Tenant that there is no Mortgage presently affecting the Premises
which is superior or senior to this Lease which could result in the termination of this Lease if enforced other than that certain mortgage (the “Existing Mortgage”) by and between Landlord and Boston Federal Savings Bank (the
“Existing Mortgagee”). 
 16. LANDLORD SERVICES. 

Subject to Section 4.8, Landlord shall furnish the following services to Tenant during the Term of this Lease at levels and in types
customary for first-class corporate headquarter office and research and development buildings in the Boston, Massachusetts market area and as more particularly provided below (collectively “First Class Building Standards”):

 16.1. Hot and cold domestic water for lavatory, toilet and research and development purposes, with water service at supply
points as determined in accordance with Exhibit “B”; 

  
 21 

 16.2. Natural gas for heating and cooking purposes for normal office use including cafeteria
and related kitchen, with supply points as determined in accordance with Exhibit “B”, plus Five (5) million btu per year for research and development purposes (any excess over such Five (5) million btu per year to be paid
by the Tenant; 
 16.3. Janitor service to the Building and the Premises five (5) days a week (exclusive of holidays) and
waste disposal services; 
 16.4. Window washing at frequencies customary for a first class project, but no less frequently than
twice each calendar year; 
 16.5. Elevator service by each of the existing elevators for ingress and egress to each floor of
the Building; 
 16.6. Electric lighting (including bulb replacement) for all common areas of the Building; 

16.7. Air conditioning, heating and ventilation (“HVAC”) as are required for the comfortable use and occupancy of
a typical office building with a typical research and development component; provided that it shall be Tenant’s responsibility to ensure that the HVAC is distributed throughout the Premises in a manner that provides consistent temperatures and
ventilation throughout the Premises; 
 16.8. Landscaping services; 

16.9. Maintenance of all sidewalks, driveways, access ways and parking areas, including removal of ice and snow; and 

16.10. Sufficient electrical capacity to operate lighting, computers, printers, telephone systems, kitchen equipment and such other
machines and equipment typical of tenants in a comparable corporate headquarters office/research and development building. 
 Landlord shall
provide all services referenced in this Section 16 in a quality, quantity and efficient manner at least comparable to other first-class corporate headquarter office/research and development buildings in the Boston, Massachusetts market area.

 17. REENTRY BY LANDLORD. 
 17.1. Landlord reserves and shall at all times during normal business hours have the right to re-enter the Premises to inspect the same, to show said Premises to prospective purchasers, mortgagees or,
during the last year of the Term, to tenants, and to alter, improve or repair any portion of the Building, and may for that purpose erect, use and maintain scaffolding, pipes, conduits and other necessary structures and open any wall, ceiling or
floor in and through the Building and Premises where reasonably required by the character of the work to be performed, provided entrance to the Premises shall not be blocked thereby, and further provided that Landlord shall use best efforts such
that the business of Tenant shall not be interfered with unreasonably. 

  
 22 

 17.2. If, at any time, there shall be other tenants in the Building, Landlord shall have the
right at any time to change the arrangement and/or locations of entrances, or passageways, doors and doorways, and corridors, windows, elevators, stairs, toilets or other public parts of the Building provided the same does not unreasonably interfere
with Tenant’s use of the Premises or inconvenience Tenant. Subject to Section 12 above, in the event that Landlord damages any portion of the Premises, including any wall or wall covering, ceiling, or floor or floor covering within the
Premises, Landlord shall repair or replace the damaged portion to match the original as nearly as commercially reasonable. 

17.3. Landlord shall have the right to use any and all means which Landlord may deem proper to open said doors in an emergency to obtain
entry to any portion of the Premises, provided, however, Landlord shall always make good faith reasonable attempts to have a Tenant representative present. As to any portion to which access cannot be had by means of a key or keys, Landlord is
authorized to gain access by such means as Landlord shall elect and the cost of repairing any damage occurring in doing so shall be borne by Tenant and paid to Landlord as additional rent upon demand. 

18. DEFAULT BY TENANT AND LANDLORD REMEDIES. 
 18.1. Default by Tenant. Except as otherwise provided in Article 20, the following events shall be deemed to be “Events of Default” under this Lease: 

18.1.1. Tenant shall fail to pay when due any sum of money becoming due to be paid to Landlord under this Lease, whether
such sum be any installment of the rent reserved by this Lease, any other amount treated as additional rent under this Lease, or any other payment or reimbursement to Landlord required by this Lease, whether or not treated as additional rent under
this Lease, and such failure shall continue for a period of seven (7) days after written notice that such payment was not made when due, but if within any twenty-four (24) month period commencing with the date of the first notice, Landlord
shall give two (2) such notices, then thereafter for the remainder of such twenty-four (24) month period, the failure to pay within seven (7) days after due any additional sum of money becoming due to be paid to Landlord under this
Lease shall be an Event of Default without notice. 
 18.1.2. Tenant shall fail to comply with any term,
provision or covenant of this Lease which is not provided for in another Section of this Article and shall not cure such failure within thirty (30) days (forthwith, if the failure involves a hazardous condition) after written notice of such
failure to Tenant; provided, however, that if such cure cannot be reasonably performed within such 30-day period, Tenant shall have a reasonable period of time to complete such cure so long as Tenant commences the cure within such 30-day period and
thereafter diligently pursues such cure to completion. As used herein, the term “hazardous condition” shall mean and refer to a condition of the Premises which causes immediate threat of serious bodily injury or substantial property
damage. 
 18.1.3. Tenant shall file a petition in bankruptcy or a petition to take advantage of any insolvency
statute, make an assignment for the benefit of creditors, make a transfer in fraud 

  
 23 

 
of creditors, apply for or consent to the appointment of a receiver of itself or of the whole or any substantial part of its property, or file a petition or answer seeking reorganization or
arrangement under the federal bankruptcy laws, as now in effect or hereafter amended, or any other applicable law or statute of the United States or any state thereof. 

18.1.4. A court of competent jurisdiction shall enter an order, judgment or decree adjudicating Tenant bankrupt, or
appointing a receiver of Tenant, or of the whole or any substantial part of its property, without the consent of Tenant, or approving a petition filed against Tenant seeking reorganization or arrangement of Tenant under the bankruptcy laws of the
United States, as now in effect or hereafter amended, or any state thereof, and such order, judgment or decree shall not be vacated or set aside or stayed within sixty (60) days from the date of entry thereof. 

18.2. Landlord’s Remedies. 
 18.2.1. Except as otherwise provided in Article 20, upon the occurrence of any of the Events of Default described or referred to in Article 18.1, Landlord shall have the option to pursue any one or more
of the following remedies without any notice or demand whatsoever, concurrently or consecutively and not alternatively: 
 18.2.2. Landlord may, at its election, terminate this Lease or terminate Tenant’s right to possession only, without terminating the Lease. 

18.2.3. Upon any termination of this Lease, whether by lapse of time or otherwise, or upon any termination of
Tenant’s right to possession without termination of the Lease, Tenant shall surrender possession and vacate the Premises immediately, and deliver possession thereof to Landlord, and Tenant hereby grants to Landlord full and free license to
enter into and upon the Premises in such event and to repossess Landlord of the Premises as of Landlord’s former estate and to expel or remove Tenant and any others who may be occupying or be within the Premises and to remove Tenant’s
signs and other evidence of tenancy and all other property of Tenant therefrom without being deemed in any manner guilty of trespass, eviction or forcible entry or detainer, and without incurring any liability far any damage resulting therefrom,
Tenant waiving any right to claim damages for such re-entry and expulsion, and without relinquishing Landlord’s right to rent or any other right given to Landlord under this Lease or by operation of law. 

18.2.4. Upon any termination of this Lease, whether by lapse of time or otherwise, Landlord shall be entitled to recover
as damages, all rent, including any amounts treated as additional rent under this Lease, and other sums due and payable by Tenant on the date of termination, plus as liquidated damages and not as a penalty, an amount equal to the sum of: (a) an
amount equal to the then present value of the rent reserved in this Lease (discounted at 9.5%) for the residue of the stated Term of this Lease including any amounts treated as additional rent under this Lease and all other sums provided in this
Lease to be paid by Tenant, minus the fair rental value of the Premises for such residue; (b) the value of the time and expense necessary to obtain a replacement tenant or tenants but without any duplication for any other items of recovery
under this Article 18, and the estimated expenses described in Section 18.2.5 relating to recovery of the Premises, preparation for reletting and for reletting itself; and (c) the cost of performing any other covenants which would have
otherwise been performed by Tenant. 

  
 24 

 18.2.5. Upon any termination of Tenant’s right to possession only
without termination of the Lease: 
 (i) Neither such termination of Tenant’s right to possession nor
Landlord’s taking and holding possession thereof as provided in Section 18.2.3 shall terminate the Lease or release Tenant, in whole or in part, from any obligation, including Tenant’s obligation to pay the rent, including any amounts
treated as additional rent, under this Lease for the full Term, and if Landlord so elects Tenant shall pay damages as set forth in Section 18.2.3 forthwith to Landlord. 

(ii) Landlord shall use good faith efforts to relet the Premises or any part thereof for such rent and upon such terms as
Landlord, in its sole but reasonable discretion, shall determine (including the right to relet the Premises for a greater or lesser term than that remaining under this Lease, the right to relet the Premises as a part of a larger area, and the right
to change the character or use made of the Premises). In connection with or in preparation for any reletting, Landlord may, but shall not be required to, make repairs, alterations and additions in or to the Premises and redecorate the same to the
extent Landlord deems necessary or desirable, and Tenant shall, upon demand, pay the cost thereof, together with Landlord’s expenses of reletting, including, without limitation, any commission incurred by Landlord (provided, however, that with
respect to any lease which extends beyond the originally scheduled expiration date hereof, such costs and expenses shall be prorated and Tenant shall be responsible only for a reasonable allocation of such costs and expenses to the original Term
hereof). Landlord shall not be required to observe any instruction given by Tenant about any reletting or accept any tenant offered by Tenant unless such offered tenant has a creditworthiness reasonably acceptable to Landlord and leases the entire
Premises upon terms and conditions including a rate of rent (after giving effect to all expenditures by Landlord for tenant improvements, broker’s commissions and other leasing costs) all no less favorable to Landlord than as called for in this
Lease, nor shall Landlord be required to make or permit any assignment or sublease for more than the current term or which Landlord would not be required to permit under the provisions of Article 9. 

(iii) Until such time as Landlord shall elect to terminate the Lease and shall thereupon be entitled to recover the
amounts specified in such case in Section 18.2.4, Tenant shall pay to Landlord upon demand the full amount of all rent, including any amounts treated as additional rent under this Lease and other sums reserved in this Lease for the remaining
Term, together with the costs of repairs, alterations, additions, redecorating and Landlord’s expenses of reletting and the collection of the rent accruing therefrom (including attorney’s fees and broker’s commissions), as the same
shall then be due or become due from time to time, less only such consideration as Landlord may have received from any reletting of the Premises., and Tenant agrees that Landlord may file suits from time to time to recover any sums falling due under
this Article as they become due. Any proceeds of reletting by Landlord in excess of the amount then owed by Tenant to Landlord from time to time shall be credited against Tenant’s future obligations under this Lease but shall not otherwise be
refunded to Tenant or inure to Tenant’s benefit. 
 18.3. Landlord may, at Landlord’s option, enter into and upon the
Premises during normal business hours if Landlord determines in its reasonable discretion that Tenant is not 

  
 25 

 
acting within a commercially reasonable time to maintain, repair or replace anything for which Tenant is responsible under this Lease and correct the same, without being deemed in any manner
guilty of trespass, eviction or forcible entry and detainer and without incurring any liability for any damage or interruption of Tenant’s business resulting therefrom except in the event of Landlord’s negligence or intentional misconduct.

 18.4. If, on account of any breach or default by Tenant or Landlord under the terms and conditions of this Lease, it shall
become necessary or appropriate for either party to employ with an attorney to enforce or defend any of it’s rights or remedies arising under this Lease, the losing party agrees to pay all of the prevailing party’s reasonable
attorney’s fees so incurred. Tenant and Landlord expressly waive any right to trial by jury. 
 18.5. Pursuit of any of the
foregoing remedies shall not preclude pursuit of any of the other remedies provided in this Lease or any other remedies provided by law (all such remedies being cumulative), nor shall pursuit of any remedy provided in this Lease constitute a
forfeiture or waiver of any rent due to Landlord under this Lease or of any damages accruing to Landlord by reason of the violation of any of the terms, provisions and covenants contained in this Lease. 

18.6. No act or thing done by Landlord or its agents during the Term shall be deemed a termination of this Lease or an acceptance of the
surrender of the Premises, and no agreement to terminate this Lease or accept a surrender of said Premises shall be valid, unless in writing signed by Landlord. No waiver by Landlord of any violation or breach of any of the terms, provisions and
covenants contained in this Lease shall be deemed or construed to constitute a waiver of any other violation or breach of any of the terms, provisions and covenants contained in this Lease. Landlord’s acceptance of the payment of rental or
other payments after the occurrence of an Event of Default shall not be construed as a waiver of such Default, unless Landlord so notifies Tenant in writing. Forbearance by Landlord in enforcing one or more of the remedies provided in this Lease
upon an Event of Default shall not be deemed or construed to constitute a waiver of such Default or of Landlord’s right to enforce any such remedies with respect to such Default or any subsequent Default. 

18.7. Any and all property which may be removed from the Premises by Landlord pursuant to the authority of this Lease or of law, to which
Tenant is or may be entitled, may be handled, removed and/or stored, as the case may be, by or at the direction of Landlord but at the risk, cost and expense of Tenant, and Landlord shall in no event be responsible for the value, preservation or
safekeeping thereof. Tenant shall pay to Landlord, upon demand, any and all expenses incurred in such removal and all storage charges against such property so long as the same shall be in Landlord’s possession or under Landlord’s control.
Any such property of Tenant not retaken by Tenant from storage within thirty (30) days after removal from the Premises and notice to Tenant shall, at Landlord’s option, be deemed conveyed by Tenant to Landlord under this Lease as by a bill
of sale without further payment or credit by Landlord to Tenant 
 19. DEFAULT BY LANDLORD AND TENANT REMEDIES. 

  
 26 

 19.1. Default by Landlord. If (i) Landlord shall fail to pay any sum of money to
be paid by Landlord hereunder, and shall not cure such failure within ten (10) days after Tenant gives Landlord written notice thereof; or (ii) Landlord shall violate or breach, or shall fail fully and completely to observe, keep, satisfy,
perform and comply with, any agreement, term, covenant, condition, requirement, restriction or provision of this Lease (other than the payment of any sum of money to be paid by Landlord hereunder), and shall not cure such failure within thirty
(30) days after Tenant gives Landlord written notice thereof (but forthwith if the failure involves a hazardous condition), or if such failure shall be incapable of cure within thirty (30) days, Landlord shall not commence to cure such
failure within such thirty (30) day period, and continuously prosecute the performance of the same to completion with due diligence, then Landlord shall be in default under this Lease. 

19.2. Tenant’s Remedies. If Landlord is in default under this Lease, Tenant may pursue any one or more of the following
remedies, separately or concurrently or in any combination, without any notice (except as specifically provided herein) or demand whatsoever and without prejudice to any other remedy which it may have, (i) bring an action (either through
judicial action or through Arbitration as set forth in Section 43) against Landlord to recover from Landlord all damages suffered, incurred or sustained by Tenant (including, without limitation, court costs and reasonable attorneys’ fees
actually incurred) as a result of, by reason of or in connection with such default, and/or to obtain specific performance of Landlord’s obligations under this Lease, (ii) after reasonable notice take whatever action Landlord is obligated
to do under the terms of this Lease in which event Landlord shall reimburse Tenant on demand for any expenses, including without limitation, reasonable attorneys’ fees actually incurred, which Tenant may incur in taking such action. In the
event that Tenant obtains the entry of a judgment against Landlord either following Arbitration pursuant to Section 43 or judicial action, and in such event Landlord fails to pay such judgment within thirty (30) days following the date of
entry of such judgment together with interest thereon from the date of the judgment at the Default Rate: (i) Tenant may within a period of 30 days thereafter terminate this Lease by giving Landlord written notice of such termination, in which
event this Lease shall be terminated at the time designated by Tenant in its notice of termination to Landlord; or (ii) Tenant may set off against and deduct from the Annual Rent, Additional Rent or other amounts due under this Lease the amount
of any damages suffered, incurred or sustained by Tenant as a result of, by reason of or in connection with such default. Tenant agrees that if it shall commence any action against Landlord described in this Section 19.2, it shall
simultaneously provide a copy of its complaint in such action to any mortgagee holding a mortgage on the Premises of whom Tenant shall have received notice of such mortgage. 
 19.3. Tenant’s Default Under Ground Lease. Landlord covenants with Tenant that it will pay all rent due and perform all of its obligations under the Ground Lease. In addition to its rights set
forth in this Section 19 above, in the event of any default by Landlord in the payment of rent or otherwise under the Ground Lease for which Tenant shall receive notice as required under the Ground Lease, either as the holder of a Qualifying
Mortgage or otherwise, Tenant shall have the right to make payment of Rent or other amounts due under the Ground Lease to the Ground Lessor or take such other action as shall be required to cure such default, and Tenant shall then have the right,
immediately after notice of such payment or action to Landlord and without the need for any judicial action or arbitration, to offset any such payments or the cost of any such other action necessary to cure such default. 

  
 27 

 20. TENANT’S BANKRUPTCY OR INSOLVENCY. 

20.1. If at any time and for so long as Tenant shall be subjected to the provisions of the United States Bankruptcy Code or other law of
the United States or any state thereof for the protection of debtors as in effect at such time (each a “Debtor’s Law”): 
 20.1.1. Tenant, Tenant as debtor-in-possession, and any trustee or receiver of Tenant’s assets (each a “Tenant’s Representative”) shall have no greater right to assume or
assign this Lease or any interest in this Lease, or to sublease any of the Premises than accorded to Tenant in Article 9, except to the extent Landlord shall be required to permit such assumption, assignment or sublease by the provisions of such
Debtor’s Law. Without limitation of the generality of the foregoing, any right of any Tenant’s Representative to assume or assign this Lease or to sublease any of the Premises shall be subject to the conditions that: 

(i) Such Debtor’s Law shall provide to Tenant’s Representative a right of assumption of this Lease which
Tenant’s Representative shall have timely exercised and Tenant’s Representative shall have fully cured any default of Tenant under this Lease. 
 (ii) Tenant’s Representative or the proposed assignee, as the case shall be, shall have deposited with Landlord as security for the timely payment of rent an amount equal to the larger of:
(a) three months’ rent and other monetary charges accruing under this Lease; and (b) any sum specified in Article 5; and shall have provided Landlord with adequate other assurance of the future performance of the obligations of the
Tenant under this Lease. Without limitation, such assurances shall include, at least, in the case of assumption of this Lease, demonstration to the satisfaction of the Landlord that Tenant’s Representative has and will continue to have
sufficient unencumbered assets after the payment of all secured obligations and administrative expenses to assure Landlord that Tenant’s Representative will have sufficient funds to fulfill the obligations of Tenant under this Lease; and, in
the case of assignment, submission of current financial statements of the proposed assignee, audited by an independent certified public accountant reasonably acceptable to Landlord and showing a net worth and working capital in amounts determined by
Landlord to be sufficient to assure the future performance by such assignee of all of the Tenant’s obligations under this Lease. 
 (iii) The assumption or any contemplated assignment of this Lease or subleasing any part of the Premises, as shall be the case, will not breach any provision in any other lease, mortgage, financing
agreement or other agreement by which Landlord is bound. 
 (iv) Landlord shall have, or would have had absent
the Debtor’s Law, no right under Article 9 to refuse consent to the proposed assignment or sublease by reason of the identity or nature of the proposed assignee or sublessee or the proposed use of the Premises concerned. 

21. QUIET ENJOYMENT. Landlord represents and warrants that it has full right and authority to enter into this Lease and that Tenant, while
paying the rental and performing its other covenants and agreements contained in this Lease, shall peaceably and quietly have, hold 

  
 28 

 
and enjoy the Premises for the Term without hindrance or molestation subject to the terms and provisions of this Lease. 
 22. CASUALTY. 
 22.1. In the event the Premises are damaged by fire
or other cause and in Landlord’s reasonable estimation such damage can be materially restored within 180 days, Landlord shall forthwith repair the same to the condition existing prior to such casualty and this Lease shall remain in full force
and effect, except that Tenant shall be entitled to a proportionate abatement in rent from the date of such damage. Such abatement of rent shall be made pro rata in accordance with the extent to which the damage arid the making of such repairs shall
interfere with the use and occupancy by Tenant of the Premises from time to time. Within thirty (30) days from the date of such damage, Landlord shall notify Tenant, in writing, of Landlord’s reasonable estimation of the length of time
within which material restoration can be made. For purposes of this Lease, the Premises shall be deemed “materially restored” if they are restored to such condition as would not prevent or materially interfere with Tenant’s use of the
Premises for the purpose for which it was being used immediately before such damage. 
 22.2. If such repairs cannot, in
Landlord’s reasonable estimation, be made within 180 days, Landlord and Tenant shall each have the option of giving the other, at any time within sixty (60) days after such damage, notice terminating this Lease as of the date of such
damage. In the event of the giving of such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate as of the date of such damage as if such date had been originally fixed in. this Lease for the expiration of
the Term. In the event that neither Landlord nor Tenant exercises its option to terminate this Lease, then Landlord shall promptly repair or restore such damage, this Lease continuing in full force and effect, and the rent hereunder shall be
proportionately abated as provided in Section 22.1. 
 22.3. Except with respect to items insured by or required to be
insured by Landlord pursuant to Section 11 of this Lease, Landlord shall not be required to repair or replace any damage or loss by or from fire or other cause to any of Tenant’s Property. Any insurance which may be carried by Landlord or
Tenant against loss or damage to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control. 
 22.4. In the event that Landlord should fail to complete such repairs and material restoration within sixty (60) days after the date estimated by Landlord therefor as extended by this
Section 22.4, Tenant may at its option and as its sole remedy terminate this Lease by delivering written notice to Landlord, within fifteen (15) days after the expiration of said period of time, whereupon the Lease shall end on the date of
such notice or such later date fixed in such notice as if the date of such notice was the date originally fixed in this Lease for the expiration of the Term. 
 22.5. Notwithstanding anything to the contrary contained in this Article, if material damage to the Premises shall occur during the last twenty-four months of the Term, either party may terminate this
Lease by written notice to the other within thirty (30) days after the date of such damage (unless within such 30-days after Landlord shall terminate this Lease by such 

  
 29 

 
notice Tenant shall exercise any option it may have to extend this Lease, in which event Landlord’s notice of termination shall be of no further force or effect), whereupon this Lease shall
end on the date of such damage as if the date of such damage were the date originally fixed in this Lease for the expiration of the Term. As used in this Section 22.5, the term “material damage” shall mean and refer to
damage to twenty percent (20%) or more of the Premises such that Tenant cannot reasonably conduct business in such portion of the Premises. 
 22.6. In the event of any damage or destruction to the Building or Premises by any peril covered by the provisions of this Article 22, it shall be Tenant’s responsibility to properly secure the
Premises and upon notice from Landlord to remove as soon as reasonably practicable, at its sole cost and expense, such portion of all of the property belonging to Tenant or its licensees from such portion or all of the Building or Premises as
Landlord shall request. 
 23. EMINENT DOMAIN. If all or any substantial part of the Premises, or any means of access, shall be taken or
appropriated by any public or quasi-public authority under the power of eminent domain, or conveyance in lieu of such appropriation, either party to this Lease shall have the right, at its option, of giving the other, at any time within thirty
(30) days after such taking, notice terminating this Lease. If neither party to this Lease shall so elect to terminate this Lease, the rental thereafter to be paid shall be adjusted on a fair and equitable basis under the circumstances. In
addition to the rights of Landlord above, if any substantial part of the Building shall be taken or appropriated by any public or quasi-public authority under the power of eminent domain or conveyance in lieu thereof, and regardless of whether the
Premises or any part thereof are so taken or appropriated, Landlord shall have the right, at its sole option, to terminate this Lease provided, however, that such termination shall be without prejudice to the rights of Landlord and Tenant to recover
an award and to apportion such award in accordance with the terms of this Lease. Tenant, at its election and if permitted by the condemning authority, may make a separate claim with the condemning authority for (i) any moving expenses incurred
by Tenant as a result of such condemnation; (ii) the unamortized costs incurred and paid by Tenant in connection with any Alteration or improvement made by Tenant to the Premises (other than those paid for with the Tenant Improvement Allowance
or Additional Costs); and (iii) the value of Tenant’s property taken. If Tenant shall not be permitted to make a separate claim in such proceeding, Landlord shall prosecute all claims in such proceeding on behalf of both Landlord and
Tenant in which event Tenant may, if it so elects and at its expense, join with Landlord in such proceeding, retain counsel, attend hearings, present arguments and generally participate in the conduct of the proceedings and all compensation awarded
for any taking, whether for the whole or any portion of the Premises shall be apportioned between Landlord and Tenant as set out in this Section. In the event of a taking which does not result in the termination of this Lease, Landlord shall, at its
expense diligently and with reasonable dispatch, repair, alter and restore the remaining part of the Premises to their former condition to the extent feasible to constitute a complete and tenantable Building and Premises. 

24. SALE BY LANDLORD. In event of a sale or conveyance by Landlord of the Premises, provided that the Landlord is not in breach of any of its
obligations on the date of such sale or conveyance, the same shall operate to release Landlord from any future liability upon any of the covenants or conditions, expressed or implied, contained in this Lease in favor of Tenant,

  
 30 

 
and in such event Tenant agrees to look solely to the responsibility of the successor in interest of Landlord in and to this Lease with respect to such future liability. Except as set forth in
this Article 24, this Lease shall not be affected by any such sale and Tenant agrees to attorn to the purchaser or assignee provided such purchaser or assignee recognizes Tenant’s rights under this Lease. If any security has been given by
Tenant to secure the faithful performance of any of the covenants of this Lease, Landlord may transfer or deliver said security, as such, to Landlord’s successor in interest and thereupon Landlord shall be discharged from any further liability
with regard to said security. 
 25. ESTOPPEL CERTIFICATES. Within ten (10) days following any written request which Landlord may
make from time to time, Tenant shall execute and deliver to Landlord or mortgagee or prospective mortgagee a sworn statement certifying: (a) the date of commencement of this Lease; (b) the fact that this Lease is unmodified and in full
force and effect (or, if there have been modifications to this Lease, that this Lease is in full force and effect, as modified, and stating the date and nature of such modifications); (c) the date to which the rent and other sums payable under
this Lease have been paid; (d) Tenant has no knowledge of any current defaults under this Lease by either Landlord or Tenant except as specified in Tenant’s statement; and (e) such other matters as may be reasonably requested by
Landlord. Landlord and Tenant intend that any statement delivered pursuant to this Article 25 may be relied upon by any mortgagee, beneficiary or purchaser. Landlord agrees to provide a similar statement to Tenant within ten (10) days following
any written request by Tenant. 
 26. SURRENDER OF PREMISES. 
 26.1. At the end of the Term or any renewal of the Term or other sooner termination of this Lease, Tenant will peaceably deliver up to Landlord possession of the Premises in good condition and repair,
reasonable wear and tear, loss by fire or other casualty and repairs that are the responsibility of Landlord excepted. Tenant shall remove all of Tenant’s Property from the Premises at the expiration or termination of the Term and shall repair
any damage to the Premises caused by the removal of such. 
 26.2. All obligations of Tenant under this Lease not fully
performed as of the expiration or earlier termination of the Term shall survive the expiration or earlier termination of the Term. Any otherwise unused Security Deposit shall be credited against the amount payable by Tenant under this Lease.

 27. NOTICES. Any notice or document required or permitted to be delivered under this Lease shall be addressed to the intended
recipient, shall be transmitted personally, by fully prepaid registered or certified United States Mail return receipt requested, or by reputable independent contract delivery service furnishing a written record of attempted or actual delivery, and
shall be deemed to be delivered when tendered for delivery to the addressee at its address set forth on the Reference Page, or at such other address as it has then last specified by written notice delivered in accordance with this Article 27, or if
to Tenant at either its aforesaid address 

  
 31 

 
or its last known registered office or home of a general partner or individual owner, whether or not actually accepted or received by the addressee. 

28. DEFINED TERMS AND HEADINGS. The Article headings shown in this Lease are for convenience of reference and shall in no way define, increase,
limit or describe the scope or intent of any provision of this Lease. Any indemnification or insurance of Landlord shall apply to and inure to the benefit of all the following “Landlord Entities”, being Landlord and its managers, officers
and employees. Any option granted to Landlord shall also include or be exercisable by Landlord’s trustee, beneficiary, agents and employees, as the case may be. In any case where this Lease is signed by more than one person, the obligations
under this Lease shall be joint and several. The terms “Tenant” and “Landlord” or any pronoun used in place thereof shall indicate and include the masculine or feminine, the singular or plural number, individuals, firms or
corporations, and each of their respective successors, executors, administrators and permitted assigns, according to the context hereof. 
 29.
TENANT’S AUTHORITY. If Tenant or Landlord signs as a corporation each of the persons executing this Lease on behalf of such party represents and warrants that such party has been and is qualified to do business in the state in which the
Building is located, that the corporation has full right and authority to enter into this Lease, and that all persons signing on behalf of the corporation were authorized to do so by appropriate corporate actions. If Tenant or Landlord signs as a
partnership, limited liability company, trust or other legal entity, each of the persons executing this Lease on behalf of Tenant represents and warrants that such party has complied with all applicable laws, rules and governmental regulations
relative to its right to do business in the state and that such entity on behalf of such party was authorized to do so by any and all appropriate partnership, company, trust or other actions. Tenant and Landlord agree to furnish to the other
promptly upon request a corporate resolution, proof of due authorization by partners, or other appropriate documentation evidencing its due authorization to enter into this Lease. 
 30. COMMISSIONS. Each of the parties represents and warrants to the other that it has not dealt with any broker or finder in connection with this Lease, except as described on the Reference Page,
and each party agrees to indemnify and hold harmless the other party against any claims, loss, damages or expenses or liability for any commission or fees which may be claimed by any broker, finder or other similar party by reason of any actions of
the indemnifying party. 
 31. TIME AND APPLICABLE LAW. Time is of the essence of this Lease and all of its provisions. This Lease shall
in all respects be governed by the laws of the state in which the Building is located. 
 32. SUCCESSORS AND ASSIGNS. Subject to the
provisions of Article 9, the 

  
 32 

 
terms, covenants and conditions contained in this Lease shall be binding upon and inure to the benefit of the heirs, successors, executors, administrators and assigns of the parties to this
Lease. 
 33. ENTIRE AGREEMENT. This Lease, together with its exhibits, contains all agreements of the parties to this
Lease and supersedes any previous negotiations. There have been no representations made by the Landlord or understandings made between the parties other than those set forth in this Lease and its exhibits. This Lease may not be modified except by a
written instrument duly executed by the parties to this Lease. 
 34. EXAMINATION NOT OPTION. Submission of this Lease
shall not be deemed to be a reservation of the Premises. Landlord shall not be bound by this Lease until it has received a copy of this Lease duly executed by Tenant and has delivered to Tenant a copy of this Lease duly executed by Landlord.

 35. RECORDATION. Tenant shall not record or register this Lease, but Landlord agrees to enter into a notice of lease
suitable for recording which Tenant may register or record and shall pay all charges incident to such recording or registration. 

36. LIMITATION OF LANDLORD’S LIABILITY. Redress for any claim against Landlord under this Lease shall be limited to and
enforceable only against and to the extent of Landlord’s interest in the Premises, including any rents, insurance proceeds, sale or transfer proceeds, condemnation awards or other similar interests. The obligations of Landlord under this Lease
are not intended to and shall not be personally binding on, nor shall any resort be had to the private properties of, any of its trustees or board of directors and officers, as the case may be, its investment manager, the general partners thereof,
or any beneficiaries, stockholders, employees, or agents of Landlord or the investment manager. 
 37. ACCESS. Access to
the Premises shall be available to Tenant 24 hours per day, 7 days per week, 365 days per year. 
 38. COMMUNICATIONS
EQUIPMENT. Tenant shall have the right, at the Tenant’s sole cost and expense (but without charge by Landlord), to install, maintain and remove on the roof of the Building in a location or locations approved by Landlord (which
approval shall not be unreasonably withheld, delayed or conditioned) satellite dishes or other similar devices, such as antenna, for the purpose of receiving and sending radio, television, computer, telephone or other communication signals (and
including the installation of all necessary cables, wires and transformers). Any such satellite dishes or other similar devices and the cables, wires and transformers related thereto are referred to “Communications
Equipment.” In such event, the Tenant shall advise the Landlord at least ten (10) business days in advance of the planned installation of such Communications Equipment and shall comply with all applicable laws, rules and
regulations and any reasonable request of Landlord with respect to the 

  
 33 

 
installation thereof. Tenant shall be responsible for any damage to the Building or Land caused by installing or maintaining the Communications Equipment. At the expiration or earlier termination
of the Lease, Tenant, at its expense, shall remove the Communications Equipment. The reasonable cost of any work required to restore the roof or any other part of the Building or Land from any damage occasioned by the installation, maintenance or
removal of the Communications Equipment shall be borne by Tenant. The installation, maintenance and removal of the Communications Equipment shall be subject to the obligations imposed upon the Tenant in the Lease with respect to the Tenant’s
use and occupancy of the Premises; provided, however, that there shall be no additional consideration due from Tenant with respect to the rights granted to Tenant pursuant to this Section. 
 39. COMPLIANCE WITH LAWS. 
 39.1. Tenant’s Compliance with
Laws. Tenant, at its expense, shall comply with any valid and applicable laws, rules, orders, ordinances, regulations and other requirements, present or future, including without limitation all present and future fire and safety laws,
regulations and codes (collectively, “Legal Requirements”), affecting Tenant’s particular use of the Premises and the Tenant Work (as defined in Exhibit B), that are promulgated by any governmental authority or
agency having jurisdiction, to the extent Tenant shall be legally required to do so. Nothing herein contained, however, shall be deemed to impose any obligation upon Tenant to make any structural changes or repairs to the Premises (or any changes or
repairs of any nature to the Building) unless necessitated by reason of a particular use by Tenant of the Premises. 
 39.2.
Landlord’s Compliance with Laws. Landlord shall be responsible for complying with all Legal Requirements affecting the Premises (to the extent that Tenant is not required to comply therewith as above provided) or relating to the Land or
relating to the performance by Landlord of any duties or obligations to be performed by it hereunder. If Landlord receives a notice of violation (other than as a result of the acts or omissions of Tenant or its agents, employees, or contractors) of
any Legal Requirement with respect to the Premises or any part thereof (except with respect to compliance with the Americans with Disabilities Act and the Massachusetts Architectural Access Board regulations), then the work required to bring the
applicable item into compliance will be performed by Landlord, at its expense (and shall not be passed-through as additional rent). Landlord agrees to indemnify and hold harmless Tenant from and against any claims, liabilities, costs, fines, damages
and expenses (including reasonable attorneys’ fees and costs actually incurred at all tribunal levels) arising from Landlord’s failure to comply with the foregoing requirements and representations. 

40. CONTEST OF LEGAL REQUIREMENTS. Either party, at its expense and by appropriate proceedings diligently prosecuted, may contest the
validity or applicability to such party of any Legal Requirement, and may postpone its compliance therewith until such contest shall be decided, provided that such postponement does not subject the other party or the Premises to loss or damage or
require that the Premises be vacated. 

  
 34 

 41. SIGNAGE. Tenant shall have the exclusive right to install such signs on the Land and
attach such signs to the Building as Tenant may deem appropriate to identify the Building as Tenant’s headquarters, provided the same are in compliance with law, are purchased and installed at the sole cost and expense of Tenant (except as may
be provided in Exhibit “B”) and are removed from the Premises at the expiration or earlier termination of the Term, the location, size, material and design of such signs to be determined by Tenant in its sole discretion. Tenant
shall maintain and keep such signage in good repair during the Term of this Lease. 
 42. WORK ON THE BUILDING OR LAND.

 42.1. Standards for Performance. Whenever in this Lease Landlord or Tenant is permitted or required to maintain
and repair, or make additions, alterations, substitutions or replacements, or reconstruct or restore the Premises, such party shall cause such work (the “Work”) to be done and completed in a good, substantial and workmanlike
manner, free from faults and defects, and in compliance with all Legal Requirements, and shall utilize only new first-class materials and supplies. The party performing such work shall be solely responsible for construction means, methods,
techniques, sequences and procedures, and for coordinating all activities related to the Work, and the other party shall have no duty or obligation to inspect the Work, but shall have the right to do so. 

42.2. Completion of Work. Whenever Landlord or Tenant is required to perform any Work upon the Premises, such party shall promptly
commence the Work and, once the Work is commenced, diligently and continually pursue the Work the complete the Work within a reasonable time. The party performing such Work shall supervise and direct the Work utilizing its best efforts and
reasonable care, and shall assign such qualified personnel to the Work as may be necessary to cause the Work to be completed in an expeditious fashion. 
 42.3. Payment of Costs and Expenses. The party performing such Work shall (i) provide and pay for all labor, materials, goods, supplies, equipment, appliances, tools, construction equipment
and machinery and other facilities and services necessary for the proper execution and completion of the Work; (ii) promptly pay when due all costs and expenses incurred in connection with the Work; (iii) pay all sales, consumer, use and
similar taxes required by law in connection with the Work; (iv) secure and pay for all permits, fees and licenses necessary for the performance of the Work; and (v) at all times maintain the Premises free and clear from any and all liens,
claims, security interests and encumbrances arising from or in connection with the Work, including, without limitation, liens for materials delivered, supplied or furnished, or for services or labor performed or rendered. All materials, supplies,
goods, appliances and equipment incorporated in the Work shall be free from any liens, security interests or title retention agreements, other than the lien or security interest (if any) of the holder of any mortgage, deed of trust or other security
instrument laced upon the Premises by Landlord. However, nothing contained in this Section is intended to restrict or affect any right the party performing such Work may otherwise have under this Lease for reimbursement of any costs or expenses
incurred in connection with such Work. 

  
 35 

 42.4. Indemnification. The party performing such Work shall (i) be responsible
for the acts and omissions of all of its employees and all other persons performing any of the Work; (ii) be responsible for initiating, maintaining and supervising all necessary safety precautions and programs in connection with the Work;
(iii) take all reasonable precautions for the safety of, and provide all reasonable protection to prevent damage, injury or loss to, the Work, all persons performing the Work, all other persons who may be involved or affected by the Work, all
materials and equipment to be incorporated in the Work and all other property in the Building or on the Land; (iv) purchase and maintain in full force and effect, or cause its contractors and subcontractors to purchase and maintain in full
force and effect, such insurance (if any) in addition to that otherwise required of such party under this Lease as may be necessary to protect such party from claims under worker’s compensation acts and other employee benefit acts, from claims
for damages because of bodily injury, including death, and from claims for damage to property which arise out of performance of the Work. Such additional insurance policies, if any, shall meet the requirements set forth elsewhere herein with respect
to the insurance policies otherwise required to be obtained and maintained by such party under this Lease. The party performing such Work shall pay and shall indemnify and save the other party and its officers, employees and agents harmless from all
liabilities, damages, losses, costs, expenses, causes of action, suits, claims, demands and judgments of any nature arising out of, by reason of or in connection with the Work. 
 43. ARBITRATION. 
 43.1. All disputes, actions or proceedings
brought by either Landlord or Tenant in connection with (i) a contractual claim under the terms of this Lease (including without limitation claims concerning alleged defaults or breaches and remedies with respect thereto and interpretation of
the provisions hereof) and (ii) a specific dispute designated as an arbitrable matter in this Lease shall be determined by Arbitration. All other disputes, actions or proceedings, including without limitation (1) any request for emergency
injunctive or equitable relief (including temporary restraining orders) or (2) claims concerning fraud or tort, or (3) any dispute regarding the Landlord’s or Tenant’s right to terminate the Lease, shall be brought in the
appropriate judicial forum, unless otherwise agreed to by the parties hereto in their sole discretion. To the extent the provisions of this Section 43 vary from or are inconsistent with the rules of the American Arbitration Association or any
other arbitration tribunal, the provisions of this Section 43 shall govern. All arbitrations shall occur at a location in Boston, Massachusetts, chosen by the arbitrators and except to the extent that a different procedure is set forth in this
Section 43, shall be conducted pursuant to the rules of the American Arbitration Association (or the successor organization, or if no such organization exists, then from an organization composed of persons of similar professional
qualifications). The party desiring such arbitration shall give notice to that effect to the other party and simultaneously therewith also shall give notice to the director of the Boston, Massachusetts regional office of the American Arbitration
Association (or the successor organization, or if no such organization exists, then from an organization composed of persons of similar professional qualifications), requesting that such organization to select, as soon as possible but in any event
within the next 30 days, three arbitrators with, if reasonably possible, recognized expertise in the subject matter of the arbitration. The arbitrators shall be selected in accordance with this a applicable rules of the American Arbitration
Association. At the request of either party, the arbitrators shall authorize 

  
 36 

 
the service of subpoenas for the production of documents or attendance of witnesses. Within 30 days after their appointment, the arbitrators so chosen shall hold a hearing at which each party may
submit evidence, be heard, and cross-examine witnesses, with each party having at least 10 days advance notice of the hearing. The hearing shall be conducted such that each of Landlord and Tenant shall have reasonably adequate time to present oral
evidence or argument, but either party may present whatever written evidence it deems appropriate prior to the hearing (with copies of any such written evidence being sent to the other party). In the event of the failure, refusal or inability of any
arbitrator to act, a new arbitrator shall be made available in the same manner as hereinbefore provided. The decision of the arbitrators so chosen shall be given within a period of 30 days after said hearing and shall include the arbitrator’s
conclusions of law and findings of fact. The decision in which any two arbitrators so appointed and acting hereunder concur shall in all cases be binding and conclusive upon the parties and shall be the basis for a judgment entered in any court of
competent jurisdiction. The fees and expenses of arbitration under this Section shall be borne equally by Landlord and Tenant. Landlord and Tenant may at any time by mutual agreement discontinue arbitration proceedings and themselves agree upon any
such matter submitted to arbitration. 
 Notwithstanding the foregoing, if the purpose of the arbitration is to determine the
Market Rent, then the following provisions shall apply: 
 (i) Each arbitrator shall be a member of the American
Institute of Real Estate Appraisers (or the successor organization, or if no such organization exists, then from an organization composed of persons of similar professional qualifications), with the designation of M.A.I. and with not less than 10
years experience appraising commercial properties in downtown Boston, Massachusetts. 
 (ii) Within 30 days after
the conclusion of the hearing, the arbitrators shall again meet and simultaneously disclose in writing their respective determinations of the Market Rent. If the determinations of at least two of the arbitrators shall be identical in amount, said
amount shall be the Market Rent. If the determinations of at least two of the arbitrators shall not be identical in amount, then the Market Rent shall be the average of the two closest determinations of the Market Rent. Any such determination of the
Market Rent shall be binding and conclusive upon Landlord and Tenant. 
 (iii) If the decision of the arbitrators
under this Section shall be held by a court of competent jurisdiction to be unenforceable for any reason (Landlord and Tenant hereby affirmatively stating it is their intent and agreement that the decision of the arbitrators will be legally
enforceable as to them), then the matters submitted to arbitration shall be subject to litigation exclusively in the courts of the Commonwealth of Massachusetts, Landlord and Tenant each hereby expressly waiving its right to a trial by jury in any
such court proceeding. To the extent that a court proceeding calls for a determination of the Market Rental Rate for the Premises, Landlord and Tenant hereby expressly agree that such determination shall be based on the factors set forth in
Section 3.3 of the Lease. 
 44. FINANCIALS. Upon Landlord’s request (but not more than once per calendar year), Tenant
shall provide Landlord with copies of its most recent audited year-end financial statements, 

  
 37 

 
prepared by its independent accounting firm and, upon request by Landlord (but not more than once per calendar year), shall provide Landlord with its most recent interim unaudited financial
statements, if any, certified as true and accurate, subject to normal year end adjustments, by Tenant’s chief financial officer. Landlord covenants to keep such statements confidential except that such statements may be distributed to
Landlord’s partners and lenders to the extent that such parties agree to keep such statements confidential. 
 45. ADDITIONAL
RIGHTS AND OPTIONS. Landlord hereby grants to Tenant the Right of First Refusal, the Cancellation Option and the Space Reduction Option as specified in Exhibits “F”, “G” and “K”,
respectively. 
 46. SECURITY DEPOSIT. Tenant shall deposit the Security Deposit with Landlord upon the execution of this Lease.
The Security Deposit shall be held by Landlord as security for the faithful performance by Tenant of all the terms, covenants and conditions of this Lease to be kept and performed by Tenant and not as an advance rental deposit or as a measure of
Landlord’s damage in case of Tenant’s default. If an Event of Default by Tenant occurs with respect to any provision of this Lease, Landlord may utilize the Security Deposit for the payment of any rent or any other sum in default, or for
the payment of any reasonable amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, or to compensate Landlord for any other reasonable loss or damage which Landlord may suffer by reason of Tenant’s
default, except to such extent, if any, as shall be required by law. Landlord shall not be required to keep the Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on the Security Deposit. If Tenant shall
fully and faithfully perform every provision of this Lease to be performed by it, the Security Deposit or any balance thereof shall be returned to Tenant at such time after termination of this Lease when Landlord shall have determined that all of
Tenant’s obligations under this Lease have been fulfilled but no later than ninety (90) days after the Termination Date. 

  
 38 

 WITNESS the execution hereof under seal effective as of the 29th day of October, 2003.

  

									
	 LSF3 ROYALL STREET, LLC
 a Delaware limited liability company
	 		 	 TENANT:

DUNKIN’ DONUTS INCORPORATED

					
	By:   	 	 LSF3 Royall Street Manager, LLC

a Delaware limited liability company,
 its
co-manager
	 		 		 	
		 		 		 	By:	 	/s/ Jennie Wilson
		 		 		 		 	Its duly authorized Chief Financial Officer and Treasurer

  

			
	By:	 	/s/ Louis Paletta
	Name:	 	Louis Paletta
	Title:	 	Vice President

  

			
	By:	 	 Royall Street, LLC
 a Delaware
limited liability company,
 its co-manager

		
	By:	 	/s/ Terence W. Conroy
	Name:	 	Terence W. Conroy
	Title:	 	Sole Manager

  
 39 

 EXHIBIT “A” 

attached to and made a part of Lease bearing the 
 Lease Reference Date of October 29, 2003 between 
 LFS3 ROYALL
STREET LLC, as Landlord and 
 DUNKIN’ DONUTS INCORPORATED, as Tenant 

PREMISES 
 Plan entitled
“Plan of Land, Royall Street, Canton, Massachusetts” dated August 25, 1999, by RE. Cameron & Associates, Inc., Land Surveyors, Civil Engineers. 

 EXHIBIT “A-1” 

attached to and made a part of Lease bearing the 
 Lease Reference Date of October 29, 2003 between 
 LFS3 ROYALL
STREET LLC, as Landlord and 
 DUNKIN’ DONUTS INCORPORATED, as Tenant 

LAND 
 That certain land
in Canton, Norfolk County, Massachusetts shown as “Parcel B Area = 486,576 S.F. + 11.2 Acres” on a plan entitled “Plan of Land Royall Street Canton, Massachusetts” dated August 25, 1999, drawn by R.E. Cameron &
Associates, Inc. and recorded with the Norfolk County Registry of Deeds on March 31, 2000, as Plan 150 of 2000 in Plan Book 473. 

 EXHIBIT “B” 

attached to and made a part of Lease bearing the 
 Lease Reference Date of October 29, 2003 between 
 LFS3 ROYALL
STREET LLC, as Landlord and 
 DUNKIN’ DONUTS INCORPORATED, as Tenant 

WORK LETTER 
 1.
Tenant’s Work. 
 (a) Except with respect to Landlord’s Work and as provided below or in the Lease, Tenant shall be
responsible for the construction and installation of any improvements to the Premises, as may be required or desired by Tenant, from time to time, for the use and occupancy of the Premises. Tenant shall cause the Tenant Work to be performed and
completed (i) in accordance with all applicable governmental laws, rules, and regulations, (ii) with first class materials in a good and workmanlike manner, and (iii) in compliance with plans and specifications approved by Landlord,
such approval not to be unreasonably withheld or delayed. 
 (b) Tenant may use a contractor (the “Outside
Contractor”) other than Landlord or Landlord’s contractor to construct and install Tenant’s leasehold improvements. If Tenant so elects to use the Outside Contractor, then Tenant shall obtain the prior written consent of
Landlord (which consent will not be unreasonably withheld, conditioned or delayed) as to the qualifications of the Outside Contractor to be used by Tenant. Tenant shall choose for its engineering design work (mechanical, electrical or plumbing only)
an engineer reasonably approved by Landlord, such approval not to be unreasonably withheld, delayed or conditioned. Landlord acknowledges that the following engineers are acceptable to Landlord: (i) ____________or (ii) _______________.

 It shall be Tenant’s responsibility to ensure that the Outside Contractor shall (i) comply with such reasonable rules and
regulations as may be promulgated from time to time by Landlord; (ii) maintain such bonds in full force and effect as may be reasonably requested by Landlord or as required by applicable law; and (iii) maintain such insurance in full force
and effect as may be reasonably required by Landlord. Landlord retains the right to make periodic inspections to assure conformity of the work of the Outside Contractor with the plans and specifications approved by Landlord. 

(c) Tenant shall submit to Landlord, for Landlord’s approval, development plans (the “Development Plan”) for
Tenant’s proposed improvements for the Premises which shall consist of single line drawings. Landlord agrees that it will not unreasonably withhold or delay its approval of the Development Plan and shall give its response to the Development
Plan within fifteen (15) days of the date of the submission thereof to Landlord, either (i) granting such consent, (ii) withholding such consent, stating the reasons for withholding such consent, or (iii) granting such consent,
conditioned upon or subject to certain terms and conditions as set out in the consent, all within fifteen (15) days of the date of such submission. Tenant shall respond to 

 
any denial of consent by Landlord with any and all appropriate changes to the material or information previously submitted within fifteen (15) days of the date Tenant receives such denial of
consent. In the event Landlord fails to respond to Tenant’s request for approval within said 15-day period, Landlord shall be deemed to have approved the Development Plans in their entirety. 

(d) Following approval of the Development Plan, Tenant, at its expense, shall cause to be prepared for Landlord’s approval, not to
be unreasonably withheld or delayed, construction drawings (the “Construction Drawings”) showing in appropriate detail the Tenant Work. Such Construction Drawings shall be based upon and shall substantially conform to the
Development Plan as consented to by Landlord. 
 (e) Tenant shall submit to Landlord, for Landlord’s approval (which shall
not be unreasonably withheld, conditioned or delayed), Tenant’s Construction Drawings for at least one (1) floor at a time. Such Construction Drawings shall be based upon, and shall substantially conform to, the Development Plan as
approved by Landlord. 
 (f) Tenant shall submit to Landlord any changes or additions as they occur to the Development Plan or
the Construction Drawings desired by Tenant (other than immaterial field changes), which changes or additions shall be subject to Landlord’s approval, not to be unreasonably withheld or delayed. Landlord shall give its response to any such
changes or additions to the Development Plan or Construction Drawings within fifteen (15) days after the date of the submission thereof to Landlord, either (i) granting such consent, (ii) withholding such consent, stating the reasons
for withholding such consent, or (iii) granting such consent, conditioned upon or subject to certain terms and conditions as set out in the consent, all within fifteen (15) days of the date of such submission. Tenant shall respond to any
denial of consent by Landlord with any and all appropriate changes to the material or information previously submitted within fifteen (15) days of the date Tenant receives such denial of consent. In the event Landlord fails to respond to
Tenant’s request for approval within said 15-day period, Landlord shall be deemed to have approved such changes or additions to the Development Plan or Construction Drawings in their entirety. Upon such approval or Landlord’s failure to
respond within such 15-day period, Tenant shall promptly cause such plans to be revised to incorporate such changes or additions. 
 (g) Upon approval of the Construction Drawings by Landlord, Tenant shall proceed with the Tenant Work. Tenant shall cause Tenant’s Work to be performed promptly and in a safe manner. The Tenant Work
shall be performed by the Outside Contractor selected by Tenant and approved by Landlord in accordance with a construction schedule approved by both parties and meeting the requirements of this Work Letter. 

(h) Subject to the terms and conditions of this Work Letter, Tenant shall have full control and direction over the mode and manner of the
performance of the Tenant Work. In the performance of the Tenant Work, Landlord and Tenant shall work in harmony with each other and cooperate with each other (i) in facilitating mutual access to the Building and Premises, and (ii) in
coordinating the timing of the stages of the Tenant Work so as to facilitate the completion thereof on a timely basis. 

 (i) During the performance of any of the Tenant Work, Landlord shall provide adequate
protection for Tenant’s materials, supplies tools, fixtures, equipment and other property when stored or in place in the Premises from the actions and activities of Landlord. 

(j) Landlord shall provide Tenant with access for Tenant’s vehicles, unloading facilities and storage space in the Premises for
Tenant’s materials, supplies, tools, fixtures, equipment and other property used in connection with Tenant’s Work and for the receipt and storage by Tenant of Tenant’s furniture and equipment and fixtures prior to completion of the
Premises. Landlord shall permit no storage of other materials, supplies, or other property in the Premises. 
 (k) In the event
of an unresolved dispute between Landlord and Tenant concerning the approvals required by the terms of this Section 4, such dispute shall be submitted to arbitration pursuant to the procedure set forth in Section 43 of the Lease.

 (l) Landlord shall not have any responsibility for any loss by theft, vandalism or similar cause of any of Tenant’s
materials, equipment or work in place or stored at the Building. Tenant, at Tenant’s expense, shall have the right, but not the obligation, to institute and maintain such security measures as it may deem necessary and desirable. Landlord and
Tenant shall cooperate and coordinate with each other concerning any security measures undertaken by either party in order that such measures shall not unreasonably hinder or interfere with the other party’s security measures or the work to be
performed by either party hereunder. 
 (m) Tenant shall be responsible for cleaning and rubbish removal for the Tenant Work.
Tenant shall have the right to install or maintain a dumpster or other suitable container in the truck dock area, or in some other location approved by Landlord and Tenant, for use solely by Tenant in connection with the removal of Tenant’s
rubbish. 
 (n) Landlord shall provide Tenant with adequate vehicular and pedestrian access to the Building and the Premises
during the performance of the Tenant Work. Landlord and Tenant shall cooperate reasonably regarding mutual access to the Building during construction. 
 2. Inspections and Scheduling. Landlord shall have the right, from time to time, to inspect the Tenant Work as it progresses. Tenant shall be available to Landlord from time to time upon reasonable prior
notice when necessary or desirable for the purposes of reviewing the Tenant Work. Tenant shall keep Landlord informed as to all material governmental inspections of the Tenant Work and permit Landlord to be present thereat. Tenant shall promptly
inform Landlord of any significant delays encountered in the completion of the Tenant Work and shall deliver to Landlord all revisions of the construction schedules therefor. 
 3. Compliance with Laws. Tenant, at its expense, shall (a) obtain all approvals, permits and other consents required to commence, perform and complete the Tenant Work, (b) cause the Tenant Work
to comply with all applicable laws, and (c) maintain for inspection by Landlord copies of all receipts for tax payments, and all approvals, permits, inspection reports and other governmental consents obtained by Tenant relating to the Tenant
Work. Tenant shall provide Landlord with final lien waivers upon completion of the Tenant Work. Each party shall keep the Building free and clear from liens arising from their respective work. 

 4. Tenant’s Allowances and Credits. (a) Tenant’s construction allowance for work performed in
conjunction with or as a part of the completion of the Tenant Work shall be $7,010,000.00 (the “Allowance”). The Allowance shall be paid to Tenant as follows: 

(i) Tenant shall cause the Tenant Work to be performed with due diligence until completion and shall provide for a
customary retainage to be paid after completion of the Tenant Work. After Tenant receives and approves a progress bill from Tenant’s architect or Tenant’s contractor (with approval indicated by Tenant’s architect), Tenant will submit
such approved progress bill to Landlord; provided however, that such progress bill shall not be submitted more frequently than one (1) time per month. Such submissions shall be made on AIA form G703, or in such other form as approved by
Landlord and shall be accompanied by (A) a partial lien waiver from Tenant’s Outside Contractor in form and substance satisfactory to Landlord in its reasonable discretion and (B) a copy of such affidavits and lien waivers as
Tenant’s Outside Contractor may have received from subcontractors and materialmen with respect to the work for which payment is being requested. Landlord shall pay Tenant or Tenant’s contractor (as directed by Tenant) on the basis of such
submissions within thirty (30) days of the date of such submission. Landlord agrees that if Tenant has submitted proper and complete documentation and if the Allowance is not paid within such thirty (30) day period, a late charge shall be
imposed in an amount equal to two percent (2%) of the unpaid Allowance and shall accrue interest at the Default Rate. Any portion of the Allowance not disbursed for the Tenant Work shall be disbursed in accordance with the Lease upon the
completion of the Tenant Work (except for minor punch list items) as evidenced by the certificate of Tenant’s architect. 
 (ii) Notwithstanding anything to the contrary contained in this Lease, in the event that Landlord fails to pay the Allowance in accordance with the terms and conditions of this Lease, Tenant may set off
and deduct from the Annual Rent, Additional Rent or other amounts due under this Lease the amount of the Allowance which Landlord has failed to pay, plus interest thereon at the Default Rate. 
 5. Lease Controls. The provisions of this Work Letter are intended to supplement the Lease and are specifically subject to the provisions thereof. In the event of any conflict between the provisions of
the Lease and the provisions of this Work Letter, the provisions of the Lease shall control. 

 EXHIBIT “C” 

attached to and made a part of Lease bearing the 
 Lease Reference Date of October, 2003 between 
 LFS3 ROYALL STREET LLC,
as Landlord and 
 DUNKIN’ DONUTS INCORPORATED, as Tenant 

CONCEPT PLANS 
 1. Plan
entitled “Office Building, 130 Royall Street, Canton, MA” - Exhibit C, Site Plan Expansion 
 2. Plan entitled “Sketch
Perspective”, 130 Royall Street, Canton, MA” by Cubellis Saivetz Associates dated 4 October 2003 
 3. Plan entitled “Sketch
Perspective (color), 130 Roya11 Street, Canton, MA”, dated 14 October 2003 

 EXHIBIT “D” 

attached to and made a part of Lease bearing the 
 Lease Reference Date of October 29, 2003 between 
 LFS3 ROYALL
STREET LLC, as Landlord and 
 DUNKIN’ DONUTS INCORPORATED, as Tenant 

FORM OF NONDISTURBANCE AGREEMENT — MORTGAGE 
 [LANDLORD TO PROVIDE FORM WITHIN 30 DAYS] 

 EXHIBIT “E” 

attached to and made a part of Lease bearing the 
 Lease Reference Date of October 29, 2003 between 
 LFS3 ROYALL
STREET LLC, as Landlord and 
 DUNKIN DONUTS INCORPORATED, as Tenant 

FORM OF— GROUND LEASE ESTOPPEL CERTIFICATE 
 GROUND LEASE ESTOPPEL CERTIFICATE 
 THIS GROUND LEASE ESTOPPEL CERTIFICATE (this
“Certificate”) is executed as of the ____ day of October, 2003 by BOSTON MUTUAL LIFE INSURANCE COMPANY, a Massachusetts insurance corporation (“Ground Lessor”),; 

WITNESSETH: That; 
 WHEREAS, Ground Lessor is the owner of certain real property lying and being in Canton, Norfolk County, Massachusetts, such real property being more particularly described on Exhibit “A”
attached hereto and incorporated herein by this reference (the “Land”); 
 WHEREAS, Ground Lessor has
leased the Land to Royall Street LLC pursuant to that certain Ground Lease (the “Ground Lease”) dated September 28, 2000, notice of which has been recorded with Norfolk County Registry of Deeds in Book 14435, Page 285,
as assigned by Royall Street LLC to LSF3 Royall Street, LLC (“Ground Lessee”) pursuant to that certain Assignment of Tenant’s Interest in Ground Lease effective December 8, 2000, and recorded with Norfolk County
Registry of Deeds in Book 14647, Page 226; 
 WHEREAS, Ground Lessee has constructed certain buildings and other improvements on
the Land (all buildings and other improvements now or hereafter constructed on the Land, herein called the “Improvements”); 
 WHEREAS, Ground Lessee desires to lease the Land and all Improvements situated thereon to Dunkin’ Donuts Incorporated pursuant to a certain Lease to be executed between Ground Lessee and Tenant, and
Dunkin’ Donuts Incorporated has requested this Certificate; 
 NOW, THEREFORE, in consideration of the above, Ground Lessor
hereby certifies to Tenant and agrees as follows: 
 1. The Ground Lease sets forth the entire agreement and understanding between Ground Lessor
and Ground Lessee regarding the Land and any Improvements, is in full force and effect, and has not in any way been amended, modified or supplemented except as described in the above recitals. 

 2. Neither Ground Lessor nor, to Ground Lessor’s knowledge, Ground Lessee is in default of any term,
covenant or condition of the Ground Lease, and there exist no other grounds for cancellation or termination of the Ground Lease, nor any state of facts which, with the giving of notice or the passage of time, or both, would constitute a default
under the Ground Lease or any such other grounds for cancellation or termination of the Ground Lease. 
 3. All rents and other sums due and
payable pursuant to the Ground Lease have been paid through ___________, 2003. 
 IN WITNESS WHEREOF, this Certificate has been
executed under seal of the Ground Lessor as of the date first above written. 
  

			
	BOSTON MUTUAL LIFE INSURANCE COMPANY,
		
	By:	 	 
		
	Title:	 	 
		
	Date:	 	October ____, 2003

 EXHIBIT “E-l” 

attached to and made a part of Lease bearing the 
 Lease Reference Date of October 29, 2003 between 
 LFS3 ROYALL
STREET LLC, as Landlord and 
 DUNKIN’ DONUTS INCORPORATED, as Tenant 

FORM OF QUALIFYING LEASEHOLD MORTGAGE 
 LEASEHOLD MORTGAGE 
 LSF3 ROYALL STREET, LLC, a Delaware limited
liability company having a principal place of business at 600 Technology Center Drive, Stoughton, Massachusetts 02072 (hereinafter referred to as the “Mortgagor”), for valuable consideration received, as an inducement to
DUNKIN’ DONUTS INCORPORATED, a Delaware corporation having a current address of 14 Pacella Drive, Randolph, Massachusetts 02368 (hereinafter referred to as the “Mortgagee”), to enter into a certain Lease Agreement
of even date between Mortgagor and Mortgagee ( the “Lease”), and to secure the obligation of Mortgagor to Mortgagee to repay the security deposit referred to in Section 46 of the Lease (the “Security
Deposit”) ( the “Obligation”), hereby grants to Mortgagee, with MORTGAGE COVENANTS, the following: 

The leasehold estate described in a certain Ground Lease between Boston Mutual Life Insurance Company (“Ground Lessor”) and
Royall Street LLC, dated September 28, 2000, notice of which is recorded with Norfolk County Registry of Deeds in Book 14435, Page 285, as assigned to Mortgagor by Assignment of Tenant’s Interest in Ground Lease, effective December 8,
2000, recorded with said Deeds in Book 14647, Page 226 (the “Ground Lease”), including without limitation all buildings, structures, improvements and appurtenances and all of the estate and rights of Mortgagor of, in and to
the Premises described in Exhibit A which are the subject of the Ground Lease, and all and each of the tenements, hereditaments and appurtenances of the Mortgagor belonging or in any way appertaining to the Premises and the rents, issues and
profits thereof. 
 Section 1. Representations and Warranties. The Mortgagor hereby represents, covenants and
warrants: 
 1.1 Validity; Etc., No Defaults. The Ground Lease is a valid and subsisting lease of the
property therein described and purported to be demised thereby for the term therein set forth and is in full force and effect in accordance with the terms thereof and has not been modified except for the described assignment, and there are no
existing defaults (or existing matters which, with the giving of notice or the passage of time or both, would result in a default) 

 
by the Lessor or by the Mortgagor, as Lessee thereunder, and the Mortgagor is the owner and holder of the Lease and of the leasehold estate created thereby. 

1.2 No Subleases. That there are no subleases of the Premises or of space in any building presently erected or to
be erected upon the Premises which are demised under the Lease. 
 Section 2. Covenants of Mortgagor. The Mortgagor
further covenants with the Mortgagee as follows: 
 2.1 Payment and Performance of Obligation. The
Mortgagor will pay and perform the Obligation in accordance with the terms of the Lease, and if default shall be made in the payment of the Obligation upon termination of the Lease, if and to the extent that any such payment shall then be due
Mortgagee, as Lessee, the Mortgagee, after 30 days notice to Mortgagor, within which Mortgagor shall have the right to cure any such default, shall have the power to sell the Mortgagor’s leasehold interest in the Premises according to law.

 2.2 Additional Covenants. Mortgagor: 

(a) will diligently perform and observe all of the terms, covenants and conditions of the Ground Lease required to be performed and
observed by the Mortgagor as such Lessee, unless such performance observance shall have been waived or not required by the Ground Lessor, to the end that all things shall be done which are necessary to keep unimpaired the Mortgagor’s rights as
Lessee under the Ground Lease; 
 (b) will promptly notify the Mortgagee in writing of any default by the Ground Lessor in the
performance or observance of any of the terms, covenants or conditions on the part of Ground Lessor to be performed or observed, or of the occurrence of any event, regardless of lapse of time, of the character specified in subsection (a) of
this Section; 
 (c) will promptly (i) advise the Mortgagee in writing of the giving of any notice by the Ground Lessor to
the Mortgagor, as Lessee, of any default by the Mortgagor, as such Lessee, in the performance or observance of any of the terms, covenants or conditions of the Ground Lease on the part of the Mortgagor, as Lessee thereunder, to be performed or
observed, and (ii) deliver to the Mortgagee a true copy of each such notice; 
 (d) will, promptly after the execution and
delivery of this Mortgage or of any instrument or agreement supplemental thereto, notify the Lessor in writing of the execution and delivery thereof and deliver to the Ground Lessor a copy of each such instrument or agreement; 

(e) will promptly notify the Mortgagee in writing in the event of the initiation of any litigation or arbitration proceeding under and
pursuant to the provisions of the Ground Lease; and 
 (f) will, within thirty (30) days after written demand by the
Mortgagee, seek to obtain from the Lessor and furnish to the Mortgagee an estoppel certificate of the Ground Lessor in the form provided for in the Ground Lease. 

 Section 3. Mortgagee’s Statutory Rights. This Mortgage is upon the
condition that the Mortgagor shall pay the Obligation, and if the Mortgagor shall fail to pay the Obligation, the holder hereof shall have the STATUTORY POWER OF SALE. 
 Section 4. Notices. All notices, demands and requests given or required to be given by either party hereto to the other party shall be in writing. Each such notice, demand or request shall be
addressed as follows: 
 (g) if to the Mortgagor, at LSF3 Royall Street, LLC, c/o Conroy Development Corporation 600 Technology
Center Drive, Stoughton, MA 02072; or 
 (h) if to the Mortgagee, (i) at 130 Royall Street, Canton, MA 02021, Attention:
Adrien E. Deberghes, Jr., Assistant Treasurer and Director of Corporate Real Estate and (ii) at 130 Royall Street, Canton, MA 02021, Attention: Barry J. Barth, Director of Real Estate Law; or 

(i) to such other address as the Mortgagor or the Mortgagee shall designate in a written notice to the other. 

Any such notice, demand or request shall be deemed to have been duly given or made and to have become effective (i) if to the
Mortgagee, when received by the Mortgagee, and (ii) if to the Mortgagor (A) if delivered by hand to Mortgagor in person, at the time of receipt thereof, (B) if sent by registered or certified mail, postage prepaid, return receipt
requested, on the earlier of the third Business Day after the mailing thereof or the day of receipt, if a Business Day, or if not a Business Day, the next succeeding Business Day, and (C) if sent a nationally recognized overnight courier
service, one day after delivery to the courier service. 
 Section 5. Subordination. Without the necessity of any
additional document being executed by Mortgagee for the purpose of effecting a subordination, this Mortgage shall be, and hereby is, subject and subordinate at all times to the Ground Lease and to the lien (s) of any mortgage(s) now or
hereafter placed on, against or affecting the Ground Lease or the Premises or Mortgagor’s interest therein. Notwithstanding the foregoing, Mortgagee covenants and agrees to execute and deliver upon demand such further instruments evidencing
such subordination as may be required by Mortgagor or any mortgagee, in such form as Mortgagor or any such mortgagee may reasonably require. 
 Section 6. Captions. The marginal notes or captions herein are inserted only as a matter of convenience and for reference and are not and shall not be deemed to be any part of this Mortgage.

 Section 7. Severabilitv and Savings Clauses. If any provision of this Mortgage is held to be invalid or
unenforceable by a court of competent jurisdiction the other provisions of this Mortgage shall remain in full force and effect and shall be liberally construed in favor or the Mortgagee in order to effect the provisions of this Mortgage. 

 Executed as a sealed instrument this ___ day of October, 2003. 

 

			
	MORTGAGOR:
	
	LSF3 ROYALL STREET, LLC
		
	By:	 	 
	Its duly authorized Manager

 COMMONWEALTH OF MASSACHUSETTS 

 

			
	 Norfolk, ss
	  	October ___, 2003

 Then
personally appeared before me ____________ known to me to be the Manager of LSF3 Royall Street, LLC, and acknowledged the foregoing to be his free act and deed and the free act and deed of said company. 

 

			
	
	 
	Notary Public
		 	My commission expires: __________

 Exhibit A 
 LFS3 ROYALL STREET LLC, as Mortgagor 
 And 

DUNKIN DONUTS INCORPORATED, as Mortgagee 
 LAND 
 That certain land in Canton, Norfolk County, Massachusetts shown as “Parcel B
Area = 486,576 S.F. + 11.2 Acres” on a plan entitled “Plan of Land Royall Street Canton, Massachusetts” dated August 25, 1999, drawn by R.E. Cameron & Associates, Inc. and recorded with the Norfolk County Registry of
Deeds on March 31, 2000, as Plan 150 of 2000 in Plan Book 473. 

 EXHIBIT “F’ 

attached to and made a part of Lease bearing the 
 Lease Reference Date of October 29, 2003 between 
 LFS3 ROYALL
STREET LLC, as Landlord and 
 DUNKIN’ DONUTS INCORPORATED, as Tenant 

RIGHT OF FIRST REFUSAL 

Tenant shall have, and Landlord hereby grants to Tenant during the Term, the exclusive and irrevocable right and option (the “Right of First
Refusal”) to purchase the Premises, on the following terms and conditions: 
 1. In the event that Landlord, Landlord’s
successors, assigns or any subsequent owner or holder of any interest in the Premises during the term of the Right of First Refusal (herein collectively called an “Owner”) is about to or is required to enter into any sale,
assignment or other transfer or disposition, including, but not limited to, the sale of a controlling interest in any entity that is an Owner, of all or any part of or any interest in the Premises and/or any rights and interests appurtenant thereto
(herein called a “Transfer”) to any person or entity, or if an Owner proposes to offer to any person or entity, to make such a Transfer, or if an Owner becomes aware that any person or entity is seeking an involuntary
Transfer or any involuntary Transfer is contemplated as a result of the commencement of any foreclosure or condemnation proceedings or by devise or inheritance after the condemnation proceedings or by devise or inheritance after the death of an
Owner or by any other means (any such proposal received by or proposed to be made by an Owner and any such involuntary Transfer being hereinafter collectively called an “Offer”), Owner shall promptly furnish to Tenant a true
copy of such Offer. 
 2. Tenant shall have fifteen (15) days after receipt of the true copy of such Offer in which to give Owner written
notice of Tenant’s election to acquire the Premises and/or rights and interests appurtenant thereto, or such part thereof or such interest therein as is contemplated by such Offer (the Premises and/or rights and interests or part thereof
covered by such Offer is herein called the “Offered Property”), on the same terms and conditions contained in such Offer. 
 3. If the Offer includes property other than the Premises, or if the consideration to be paid under the Offer for the Offered Property is in whole or in part other than cash (the term
“cash” to include indebtedness to be created or assumed as part of the transaction and secured by mortgages or deeds of trust covering the Offered Property), then Owner in the notice shall state the bona fide cash fair market
value at which Tenant shall be entitled to accept a Transfer of only the Offered Property; provided, however, other than Tenant’s right to accept a Transfer of only the Offered Property, and Tenant’s right to pay said cash fair market
value therefor, the Transfer to Tenant shall be on the terms of the Offer. 

 3.1 In the event a dispute arises over an Owner’s statement of the cash fair market
value, Tenant may obtain an appraisal of the Offered Property, and thereafter purchase the Offered Property for that price. 

3.2 In the event Tenant shall elect to acquire the Offered Property by exercising its Right of First Refusal, the closing thereon shall
be held forty-five (45) days after Tenant’s receipt of the copy of the Offer from Owner or such longer period as is provided for in the Offer. 
 3.3 In the event that Tenant shall not exercise its Right of First Refusal, Owner shall be free to consummate the proposed Transfer on terms no more favorable to the Purchaser than those described in the
Offer, and only to the Transferee indicated in such Offer or an Affiliate of the person or entity making such offer, but not otherwise, and Owner shall furnish to Tenant copies of all closing and other pertinent documents relating to the Transfer.
If the transaction contemplated by the Offer is not consummated in accordance with such Offer (including any extension of the closing by not more than 120 days), and in any event within one hundred fifty (150) days of the date of the Offer,
then the Right of First Refusal shall be restored and Tenant shall not have waived the Right of First Refusal with respect to any future sale of the Premises and Landlord shall not thereafter sell the Premises or any interest therein to any person
or entity without again complying with the requirements of this Section. 
 3.4 Any attempted Transfer not in conformity with
the provisions of this Section shall be null and void as against Tenant, and Tenant also shall have all other remedies available to Tenant at law or in equity, including, without limitation, injunctive relief against such Transfer. 

3.5 The Right of First Refusal shall not apply to (i) the granting of bona fide mortgages, deeds of trust, assignments of leases to
secure construction or permanent financing, (ii) the exercise of the mortgagee’s assignee or assignee’s rights thereunder, or (ii) utility and drainage easements; provided, however, that any Transfer of the type specified in
clauses (i), (ii) and (iii), inclusive, of this Section shall not terminate, discharge, waive, impair or affect the Right of First Refusal with respect to any subsequent proposed Transfer to which the Right of First Refusal applies. 

3.6 If an Owner and the proposed transferee believe that the proposed Transfer is exempt from the Right of First Refusal because the
proposed Transfer constitutes a Transfer of the type identified in Section 3.6 above, Owner and the proposed transferee may deliver to Tenant all documentation pertaining to the proposed Transfer, and Tenant shall have fifteen (15) days
after its receipt thereof within which to review said documentation to determine whether Tenant agrees that the proposed Transfer is exempt from the Right of First Refusal because the proposed Transfer constitutes a Transfer of the type identified
in Section 3.6 above. If Tenant so agrees, Owner, Tenant and the proposed Transferee shall execute in recordable form a document, in form and substance acceptable to all parties, in which Owner, the proposed transferee and Tenant acknowledge
that the proposed Transfer is exempt from the Right of First Refusal and that the Right of First Refusal continues in full force and effect after said Transfer. After execution thereof, Landlord may record such document. 

3.7 The failure of Tenant to exercise its Right of First Refusal with respect to any Transfer shall convert this Right of First Refusal
to a Right of First Offer once the Property is 

 
transferred to a third party, but if Landlord fails to sell and transfer the Property to a third party this Right of First Refusal shall remain in full force and effect. The Right of First Offer
shall be on the following terms and conditions: 
 (a) In the event that an Owner desires to obtain an Offer, Owner shall first
provide to Tenant in writing the terms upon which Owner would be willing to effect a Transfer of the Premises to Tenant (the “ROFO Offer”). 
 (b) Tenant shall have fifteen (15) days after receipt of the true copy of such ROFO Offer in which to give Owner written notice of Tenant’s election to acquire the Premises and/or rights and
interests appurtenant thereto, or such part thereof or such interest therein as is contemplated by such ROFO Offer (the Premises and/or rights and interests or part thereof covered by such Offer is herein called the “ROFO
Property”), on the same terms and conditions contained in such ROFO Offer. 
 (c) In the event Tenant shall elect
to acquire the ROFO Property by exercising its Right of First Offer, the closing thereon shall be held forty-five (45) days after Tenant’s receipt of the copy of the ROFO Offer from Owner or such longer period as is provided for in the
ROFO Offer. 
 (d) In the event that Tenant shall not exercise its Right of First Offer, Owner shall be free to consummate the
proposed Transfer on terms no more favorable to a purchaser than those described in the ROFO Offer, and Owner shall furnish to Tenant copies of all closing and other pertinent documents relating to the Transfer. If the transaction contemplated by
the ROFO Offer is not consummated in accordance with such ROFO Offer (including any extension of the closing by not more than 120 days), and in any event within one (1) year of the date of the ROFO Offer, then the Right of First Offer shall be
restored and Tenant shall not have waived the Right of First Offer with respect to any future sale of the Premises and Landlord shall not thereafter sell the Premises or any interest therein to any person or entity without again complying with the
requirements of this Section. 
 (e) Any attempted Transfer not in conformity with the provisions of this Section shall be null
and void as against Tenant, and Tenant also shall have all other remedies available to Tenant at law or in equity, including, without limitation, injunctive relief against such Transfer. 

(f) The Right of First Offer shall not apply to (i) the granting of bona fide mortgages, deeds of trust, assignments of leases to
secure construction or permanent financing, (ii) the exercise of the mortgagee’s assignee or assignee’s rights thereunder, or (ii) utility and drainage easements; provided, however, that any Transfer of the type specified in
clauses (i), (ii) and (iii), inclusive, of this Section shall not terminate, discharge, waive, impair or affect the Right of First Offer with respect to any subsequent proposed Transfer to which the Right of First Offer applies. 

(g) If an Owner and the proposed transferee believe that the proposed Transfer is exempt from the Right of First Offer because the
proposed Transfer constitutes a Transfer of the type identified in subparagraph f. above, Owner and the proposed transferee may deliver to Tenant all documentation pertaining to the proposed Transfer, and Tenant shall have fifteen (15) days
after its receipt thereof within which to review said documentation to determine whether 

 
Tenant agrees that the proposed Transfer is exempt from the Right of First Offer because the proposed Transfer constitutes a Transfer of the type identified in subparagraph f. above. If Tenant so
agrees, Owner, Tenant and the proposed transferee shall execute in recordable form a document, in form and substance acceptable to all parties, in which Owner, the proposed transferee and Tenant acknowledge that the proposed Transfer is exempt from
the Right of First Offer and that the Right of First Offer continues in full force and effect after said Transfer. After execution thereof, Landlord may record such document. 

 EXHIBIT “G” 

attached to and made a part of Lease bearing the 
 Lease Reference Date of October 29, 2003 between 
 LFS3 ROYALL
STREET LLC, as Landlord and 
 DUNKIN’ DONUTS INCORPORATED, as Tenant 

CANCELLATION OPTION 
 Subject to the last sentence of this Exhibit G, Tenant shall have the right and option at any time after the expiration of the seventh (7th) lease year, to terminate and cancel this Lease.
Tenant shall exercise such option to terminate this Lease, if at all, by (i) providing Landlord with written notice of Tenant’s election to terminate at least twelve (12) months prior to the effective date of such termination which
notice to be effective must specify the effective date of such termination (the “Termination Date”). In the event that Tenant exercises the termination option, Tenant shall pay to Landlord the Termination Payment (as
hereinafter defined) on or before the Termination Date. 
 As used herein, the term “Termination Payment” shall mean and
refer to the sum of the following: (i) the unamortized amount of the following costs paid by Landlord pursuant to this Lease for the Tenant Improvement Allowance, customary leasing commissions, any Landlord’s Work in excess of $525,000,
and costs associated with the free rent period which the parties acknowledge and agree is $967,000, plus Ground Lease Rent and Operating Expenses during the free rent period (the above costs shall be amortized over the original term of the Lease
utilizing a 9.5% amortization rate); and (ii) the following Monthly Installments of Rent which would otherwise have been payable with respect to the Premises based upon the year in which the Termination Date shall occur: 

 

			
	 Termination During
	  	 Penalty

	 Year 8
	  	9 Months of Rent
	 Year 9
	  	7 Months of Rent
	 Year 10
	  	5 Months of Rent

 After the giving of the notice of
termination, this Lease shall terminate on the Termination Date as fully and completely as if such date were the original expiration date of this Lease, Tenant shall surrender such space to Landlord in the condition required by Section 26 of
this Lease and Tenant shall remain liable for all obligations and undertakings of Tenant under this Lease through the Termination Date, including without limitation the Termination Payment, as though such Termination Date were the original
expiration date of this Term of this Lease. 
 Notwithstanding the foregoing, if and after (i) Tenant shall exercise its Space Reduction
Option set forth on Exhibit K, or (ii) Tenant shall exercise its Expansion Option contained in Section 5 

 
of this Lease, Tenant’s right to terminate and cancel this Lease pursuant to this Cancellation Option shall terminate and be of no further force or effect. 

 EXHIBIT “H” 

attached to and made a part of Lease bearing the 
 Lease Reference Date of October 29, 2003 between 
 LSF3 ROYALL
STREET LLC, as Landlord and 
 DUNKIN’ DONUTS INCORPORATED, as Tenant 

FORM OF GUARANTY 
 FOR AND IN CONSIDERATION OF the sum of Ten and No/100 Dollars ($10.00) and other good and valuable consideration paid or delivered to the undersigned (“Guarantors”), the receipt
and sufficiency whereof are hereby acknowledged by Guarantors, and for the purpose of seeking to induce DUNKIN’ DONUTS INCORPORATED, a Delaware corporation (“Tenant”) to execute, enter into and deliver that certain Lease
(the “Lease”) by and between LSF3 Royall Street LLC, as Landlord, and Dunkin’ Donuts Incorporated, as Tenant, for certain premises located at 130 Royall Street, Canton, Massachusetts, which Lease will be to the direct
interest and advantage of Guarantors, Guarantors do hereby unconditionally guarantee to Tenant and its successors, successors-in-title and assigns, the full and prompt payment of the Tenant Improvement Allowance payable by Landlord to Tenant when
due under the Lease and every installment thereof, with no less force and effect than if the Guarantors were named as the Landlord in said Lease. Guarantors do hereby agree that if any such payment under the Lease is not made by Landlord in
accordance with its terms, Guarantors will immediately make such payments. Guarantors further agree to pay Tenant all expenses (including reasonable attorneys’ fees) paid or incurred by Tenant in endeavoring to collect the Tenant Improvement
Allowance provided in the Lease, to enforce the obligations of Landlord guaranteed hereby, or any portion thereof, or to enforce this Guaranty. 
 The provisions of this Guaranty shall extend and be applicable to all renewals, amendments, extensions, consolidations and modifications of the Lease, and any and all references herein to the Lease shall
be deemed to include any such renewals, extensions, amendments, consolidations or modifications thereof. 
 This is a guaranty
of payment and not of collection. The liability of Guarantors under this Guaranty shall be contingent only upon Tenant making demand upon Landlord, with a copy to Grantor, and Landlord failing to make payment to Tenant within thirty (30) days
of such notice. This Guaranty shall be absolute, continuing and unlimited, and the Tenant shall not be required to take any proceedings against the Landlord before Tenant has the right to demand payment by the undersigned upon default by Landlord.
This Guaranty and the liability of the undersigned hereunder shall in no way be impaired or affected by any sale or conveyance of the Premises or any part thereof or any assignment of the Lease, or by any forbearance or delay in enforcing the
provisions of the Lease. 

 No action or proceeding brought or instituted under this Guaranty against the undersigned,
and no recovery had in pursuance thereof shall be any bar or defense to any further action or proceeding which may be brought under this Guaranty by reason of any further default or defaults of Landlord. 

Notwithstanding anything contained herein to the contrary, the obligations of the Guarantors hereunder are several and not joint. The
liability of Lone Star Fund III (U.S.), L.P. shall be limited to sixty percent (60%) of the total liability hereunder for any unpaid installment(s) of the Tenant Improvement Allowance and the liability of Lone Star Fund III (Bermuda), L.P.
shall be limited to forty percent (40%) of the total liability hereunder for any unpaid installment(s) of the Tenant Improvement Allowance. 
 IN WITNESS WHEREOF, each of the undersigned has executed this Guaranty under seal as of the ____ day of ___________, 2003. 
  

					
	GUARANTORS:
	
	LONE STAR FUND III (U.S.), L.P.
		
	By:	 	 Lone Star Partners III, L.P.
 Its general partner

	By:	 	 Lone Star Management Co. III, Ltd.
 Its general Partner

		
	By:	 	 
		 	Name:	 	 
		 	Title:	 	 
	
	LONE STAR FUND III (Bermuda), L.P.
	By:	 	 Lone Star Partners III, L.P.
 Its general partner

	By:	 	 Lone Star Management Co. III, Ltd.
 Its general Partner

		
	By:	 	 
		 	Name:	 	 
		 	Title:	 	 

 EXHIBIT “I” 

attached to and made a part of Lease bearing the 
 Lease Reference Date of October 29, 2003 between 
 LFS3 ROYALL
STREET LLC, as Landlord and 
 DUNKIN’ DONUTS INCORPORATED, as Tenant 

BUILDING SHELL CONDITION 
 Base Building vs. Tenant Fit Up 
 DRYWALL/ ACOUSTICAL 

 

									
	 Scope Item
	  	Applies to Base
Building	 	  	Applies to Tenant
Allowance	 
	 1.      Drywall at exterior wall
	  	 	X	  	  			
			
	 2.      Drywall column wrap at exterior wall
	  	 	X	  	  			
			
	 3.      Drywall surrounding core, core internal partitions spackled and taped with appropriate fire
dampers
	  	 	X	  	  			
			
	 4.      Upper level elevator lobby, wall, and ceiling finishes (drywall only, upper level lobby
finishes by tenant)
	  	 	X	  	  			
			
	 5.      Drywall wrap at freestanding columns
	  	 	X	  	  			
			
	 6.      Ceiling grid furnished and installed
	  				  	 	X	  
			
	 7.      Ceiling tile furnished and installed
	  				  	 	X	  
			
	 8.      Tenant corridor drywall with appropriate fire dampers
	  				  	 	X	  

 130 ROYALL STREET 

Office Building 
 CANTON, MASSACHUSETTS 
 Base Building vs. Tenant Fit Up 

ELECTRICAL 
  

									
	 Scope Item
	  	Applies to Base
Building	 	  	Applies to Tenant
Allowance	 
	 9.      Lighting master grid around core, 10 junction boxes w/3 circuits per each floor (Not
Required)
	  				  			
			
	 10.    Power panel board (2) 400 Amp service to each floor with one (1) 480/277 panel and
(1) 208/120 panel
	  	 	X	  	  			
			
	 11.    Lighting, 3 tube T-8, 2’ x 4’ parabolic fixtures, 1 fixture / 100 sf or
equal
	  				  	 	X	  
			
	 12.    Lighting control system (public areas)
	  	 	X	  	  			
			
	 13.    Base building security system (by owner): (System installed with card key access at exterior
doors)
	  	 	X	  	  			
			
	 14.    Telephone connection at building. Distribution sleeves raceways and painted  3/4” backboards.
	  	 	X	  	  			
			
	 15.    Telephone outlets, conduits or cable trays required in tenant space
	  				  	 	X	  
			
	 16.    Data service entry/ riser
	  	 	X	  	  			
			
	 17.    Data service connection and distribution
	  				  	 	X	  
			
	 18.    Lightning protection (Not required by code NIC)
	  				  			
			
	 19.    Emergency generator (For emergency use only) (Not required by code NIC)
	  				  	 	X	  
			
	 20.    Tenant Lighting Grid and Power Grid
	  				  	 	X	  
			
	 21.    Fire Vestibule and Life Safety System for Base Building, including fire dampers per code
(complete)
	  	 	X	  	  			

 130 ROYALL STREET 

Office Building 
 CANTON, MASSACHUSETTS 
 Base Building vs. Tenant Fit Up 

FINISHES 
  

									
	 Scope Item
	  	Applies to Base
Building	 	  	Applies to Tenant
Allowance	 
	 22.    Restroom tile, wall finishes, fixtures, counters, and partitions
	  	 	X	  	  			
			
	 23.    Main elevator lobby and building entry lobby floor, wall, and ceiling finishes
	  	 	X	  	  			
			
	 24.    Typical upper elevator floor, wall and ceiling finishes
	  				  	 	X	  
			
	 25.    Typical tenant corridor at upper floors
	  				  	 	X	  
			
	 26.    Window blinds
	  				  	 	X	  
			
	 27.    Telephone and Equipment Room - 2 per floor
	  	 	X	  	  			

 130 ROYALL STREET 

Office Building 
 CANTON, MASSACHUSETTS 
 Base Building vs. Tenant Fit Up 

HVAC/PLUMBING 
  

									
	 Scope Item
	  	Applies to Base
Building	 	  	Applies to Tenant
Allowance	 
	 28.    Main ductwork shall be installed and sized to meet required air flow determined by the design
engineer.
	  	 	X	  	  			
			
	 29.    Modification to main ductwork and standard exterior zones
	  				  	 	X	  
			
	 30.    Modification to main ductwork and standard interior zones
	  				  	 	X	  
			
	 31.    Low pressure ductwork and air distribution at interior zones
	  				  	 	X	  
			
	 32.    Base building energy management system (Carrier RTUs wired for Comfort Network and remote monitoring
)
	  	 	X	  	  			
			
	 33.    Two wet columns for tenant water/sewer connection
	  	 	X	  	  			
			
	 34.    Tenant plumbing fixtures and connection to wet columns
	  				  	 	X	  
			
	 35.    Sprinkler system with heads turned up at typical spacing for light hazard occupancy in Tenant
space
	  	 	X	  	  			
			
	 36.    Complete common area bathrooms on each floor
	  	 	X	  	  			

 EXHIBIT “J” 

attached to and made a part of Lease bearing the 
 Lease Reference Date of October 29, 2003 between 
 LFS3 ROYALL
STREET LLC, as Landlord and 
 DUNKIN’ DONUTS INCORPORATED, as Tenant 

LIST OF WARRANTIES AND SERVICE CONTRACTS 
  

									
	Warranties:	  		  			
				
	 Building:
	  	J. Calnan Contracting	  	1 year	  	 	12-15-01	  
				
	 Roofing:
	  	Firestone Building Products	  	10 years	  	 	11-19-01	  
				
	 HVAC:
	  	 Carrier: Roof Top Units
 Carrier: Compressors
	  	1 year
5 years	  	 
  
	5-15-01
 5-15-01
	  
   

				
	 Elevator:
	  	Otis Elevator	  	1 year	  	 	11-4-03	  
			
	Service Contracts:	  		  			
				
	 HVAC
	  	 LC Anderson, Inc.
 30
day cancel
	  	5 year	  	 	11-16-01	  
				
	 Fire Alarm
	  	American Service Company
Renewable/ 30 day cancel	  	1 year	  	 	11-15-01	  
				
	 Elevator
	  	Otis Elevator
Renewable/30 day cancel	  	1 year	  	 	11-4-01	  
				
	 Landscape
	  	D. Foley Landscape Inc.
Annual	  	1 year	  	 	3-12-03	  
				
	 Snow Plow
	  	Podgurski Excavating
Annual	  	1 year	  	 	12-16-02	  

 EXHIBIT “K” 

attached to and made a part of Lease bearing the 
 Lease Reference Date of October 29, 2003 between 
 LFS3 ROYALL
STREET LLC, as Landlord and 
 DUNKIN’ DONUTS INCORPORATED, as Tenant 

SPACE REDUCTION OPTION 
 Tenant shall have a one-time right and option, at any time after the expiration of the seventh (7th) lease year, to reduce the size of the Premises by up to twenty percent of the square footage
contained in the Premises immediately prior to the exercise of such option. Tenant shall exercise such one-time option to reduce the size of the Premises, if at all, by (i) providing Landlord with written notice of Tenant’s election to
reduce the size of the Premises at least twelve (12) months prior to the effective date of such reduction which notice to be effective must (i) specify the effective date of such reduction (the “Reduction Date”) and
(ii) specify the portion of the Premises to be eliminated from the Premises (the remaining Premises herein called the “Reduced Premises”). In addition to the foregoing, in the event that Tenant shall exercise the space
reduction option, Tenant shall pay to Landlord the Reduction Payment on or before the Reduction Date. 
 As used herein, the term
“Reduction Payment” shall mean and refer to the sum of the following, allocated in proportion to the relative square footage of the Reduced Premises: (i) the unamortized amount of the following costs paid by Landlord
pursuant to this Lease, which are allocable to the portion of the Premises being eliminated on basis of square footage, for the Tenant Improvement Allowance: customary leasing commissions, any Landlord’s Work in excess of $525,000, and costs
associated with the free rent period which the parties acknowledge and agree is $967,000 plus Ground Lease Rent and Operating Expenses for the free rent period (the above costs shall be amortized over the original term of the Lease utilizing a 9.5%
amortization rate); and (ii) the following Monthly Installments of Rent which would otherwise have been payable with respect to the Reduced Premises based upon the year in which the Termination Date shall occur: 

 

					
	 Termination During
	  	Penalty	 
	 Year 8
	  	 	9 Months of Rent	  
	 Year 9
	  	 	7 Months of Rent	  
	 Year 10
	  	 	5 Months of Rent	  

 Upon the giving of the reduction
notice, this Lease shall terminate with respect to the portion of the Premises eliminated therefrom as a result of such reduction on the Reduction Date as fully and completely as if such date were the original expiration date with respect to such
space, Tenant shall surrender such space to Landlord in the condition required by Section 26 of this 

 
Lease, and Tenant shall remain liable for all obligations and undertakings of Tenant under this Lease with respect to the Reduced Premises through the Reduction Date, including without limitation
the Reduction Payment, as though such Reduction Date were the original expiration date of this Term of this Lease with respect to such space. In addition to the foregoing, the following provisions shall be applicable in the event that Tenant
exercises such reduction option: 
  

	 	(i)	The Reduced Premises must contain at least one hundred thirty thousand (130,000) square feet of rentable area; 

 

	 	(ii)	The space eliminated from the Premises pursuant to this Section (the “Cancelled Area”) must, to the extent reasonably possible, be internally
contiguous; 

  

	 	(iii)	Each portion of the Cancelled Area must contain at least 10,000 contiguous square feet of rentable area and be marketable as office or research and development space on
commercially reasonable terms and in accordance with all legal requirements; and 

  

	 	(iv)	The Cancelled Area must have access to legally appropriate restrooms, elevator lobby and fire stairs on the applicable floor of the Building and shall have an
approximately proportionate share of the exterior window walls on the applicable floor of the Building when compared to the Reduced Premises. The cost of partitioning the Reduced Premises from the Cancelled Area shall be borne by Landlord.

 Notwithstanding the foregoing or any other promises of this Lease, upon Tenant’s exercise of its Expansion Option set
forth in Section 5.1 of the Lease, this Space Reduction Option shall terminate and be of no further force or effect.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00188-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00188-of-00352.parquet"}]]