Document:

Lease

 Exhibit 10.30 
  
 LEASE 
  
 BETWEEN 
  
 CWS REALTY OF GEORGIA, INC. 
  
 an Ohio corporation 
  
 “Landlord” 
  
 and 
  
 BWAY MANUFACTURING, INC. 
  
 a Delaware corporation 
  
 “Tenant” 
  
 Dated 
  
 August 25, 2003 

 LEASE 
  
 THIS LEASE is made and entered into this 25th day of August, 2003, by and between CWS REALTY OF GEORGIA, INC., an Ohio corporation (the
“Landlord”), and BWAY MANUFACTURING, INC., a Delaware corporation (the “Tenant”). 
  
 RECITALS 
  
 WHEREAS, Landlord is the owner of certain real estate located in the City of Peachtree City, County of Fayette, State of Georgia, and has previously leased such real estate to SST Industries, Inc., an Ohio corporation; and 
  
 WHEREAS, Landlord has terminated and cancelled its lease with SST Industries,
Inc. and desires to enter into a new lease agreement with Tenant under the terms and conditions as set forth herein; 
  
 NOW, THEREFORE, in consideration of the payment of rent and mutual performance of the duties, obligations, covenants and warranties, contained in the
Lease, by the respective parties hereto, and other good and valuable consideration, the parties hereby agree for themselves, as follows: 
  
 1. Demised Premises. Landlord, for and in consideration of the covenants contained in this Lease and made on the part of Tenant, does hereby demise
and lease unto Tenant, and Tenant does hereby lease from Landlord, the parcel of land located in the City of Peachtree City, County of Fayette, State of Georgia, and being more particularly described in Exhibit A (“Real Estate”), together
with all of Landlord’s easement rights and appurtenances thereto and all buildings and improvements located on the Real Estate consisting of approximately 130,000 square feet thereon (collectively “Demised Premises”). 
  
 2. Lease Term. Tenant shall have and hold the Demised Premises for a
term of years commencing on the 25th day of August, 2003 (“Commencement Date”) and ending on the 31st day
of August, 2008 (“First Expiration Date”). The period of time from the Commencement Date to the First Expiration Date is referred to herein as the “Initial Term”. 
  
 3. Rent. Tenant’s liability for rent (“Rent”) shall commence to accrue on the Commencement Date (also
referred to herein as the “Rent Commencement Date”). Tenant shall deliver the Rent or any other monies payable to Landlord at c/o CWS Realty, Inc., 154 Commerce Boulevard, Loveland, Ohio 45140, or such other address as Landlord may later
designate in writing. If the Rent Commencement Date is other than the first day of the month, then Tenant shall pay partial Rent for such partial month pro-rated on a day-for-day basis, such sum payable on the Rent Commencement Date. 
  
 Tenant, in consideration of the covenants made by Landlord, covenants and
agrees to pay to Landlord as Rent for the Demised Premises, during the Initial Term, the sum of Four Hundred Sixty-Eight Thousand Dollars ($468,000.00) per annum payable in equal monthly installments of Thirty-Nine Thousand Dollars ($39,000.00),
payable in advance on the Rent Commencement Date and thereafter on the 1st day of every calendar month for the then current month. 

 4. Option to Renew. Provided that Tenant has complied with all the terms and conditions of this
Lease, Tenant shall have the right to extend the Lease term for two consecutive five-year terms (each a “Renewal Term”) upon the same terms and conditions provided hereunder (except for payment of Rent which shall be paid as provided
hereinafter) so long as Tenant provides Landlord with written notice of its intention to renew not sooner than one hundred eighty (180) days prior to the First Expiration Date ending August 31, 2008, or such other subsequent expiration date. 

  
 (A) Effective on the first day of any Renewal Term, the Rent
payable by Tenant to Landlord shall be increased by a percentage equal to the percentage increase which occurred in the Consumer Price Index (“CPI”) , as defined below, in the immediately preceding Initial Term or Renewal Term, as
applicable. 
  
 (B) CPI as used herein shall mean the Consumer
Price Index published by the Bureau of Labor Statistics of the United States Department of Labor, All Urban Consumers, All Items (198284=100), or an equivalent successor official index then in effect. In the event that the Bureau of Labor Statistics
changes the form or basis for computation of the CPI, a reliable governmental or other non-partisan publication of Landlord’s choice evaluating substantially the same information previously used in determining the CPI shall be used. No
adjustments or recomputations, retroactive or projective, shall be made because of any revision which may later be made in the first published figure of the CPI. In no event shall the Rent payable during any Renewal Term be less than the Rent
payable for the Initial Term. 
  
 5. Landlord’s Warranties
and Covenants. Landlord covenants and agrees, during the term of this Lease and for such further time as Landlord, or any person claiming under it, shall hold the Demised Premises or any part thereof: 
  
 (A) Possession. That the Real Estate is free and clear of all
tenancies, whether oral or written, and that Tenant shall have actual possession of the Real Estate excepting the restrictions, easements and conditions of record filed as of the Commencement Date and subject to the “Permitted Exceptions”
set forth at Exhibit C. 
  
 (B) Quiet Enjoyment. The
Landlord hereby covenants with the Tenant that upon the performance by the Tenant of the covenants set forth herein, subject to the terms and conditions of this Lease, the Tenant may quietly hold and occupy the Demised Premises for the Term of the
Lease (and any extensions thereof) without any interruption by the Landlord or any persons claiming through or under the Landlord, and the Tenant shall not be disturbed by the Landlord or any persons claiming through or under the Landlord in its
possession and use of the Demised Premises, subject to the “Permitted Exceptions” set forth at Exhibit C. 
  
 6. Tenant’s Covenants. Tenant covenants and agrees, during the term of this Lease and for such further time as Tenant, or any person claiming
under it, shall hold the Demised Premises or any part thereof: 
  
 (A) Rent. To pay the Rent or any other monies due in connection with this Lease on the days and in the manner as provided in this Lease. 
  

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 (B) Liens and Encumbrances. Not to allow the Demised Premises at any time during the term to
become subject to any lien, charge or encumbrance whatsoever, arising from labor, material, service, equipment or the like ordered or authorized by Tenant, its agents or employees, and to indemnify Landlord against all such liens, charges and
encumbrances. If, however, such a lien attaches, Tenant shall within thirty (30) days pay the lien or bond over it. The bond shall be maintained until such time as the lien is paid, satisfied or otherwise discharged with prejudice. Tenant shall have
no authority, express or implied, to create any lien, charge or encumbrance which affects the Demised Premises. 
  
 (C) Taxes. To pay, bear and discharge all current and future real estate taxes and assessments which are due and payable or become a lien upon the
Demised Premises or any improvements erected thereon by Tenant, or anyone claiming by, through, or under it, during the term of this Lease or any extension thereof. Landlord, the addressee of the tax bill, shall ensure that all real estate taxes and
assessments are promptly paid and then seek reimbursement from Tenant by mailing a copy of the paid tax receipt to Tenant. Tenant shall reimburse Landlord for the paid tax receipt amount within thirty (30) days of the mailing of said receipt. In no
event shall Tenant be made liable for interest or penalties due to Landlord’s failure to pay taxes when due. Tenant shall have the right in its own name or in the name of the Landlord to make and prosecute application(s) for abatement of taxes
or appeals for collection of assessments, and Landlord agrees to reasonably cooperate with Tenant in this regard at Tenant’s cost. 
  
 (D) Insurance and Indemnity. At its expense to insure and keep insured, from the Commencement Date through the term of this Lease and any extension
thereof, against the following risks: 
  
 (1) Casualty.
Landlord, at Tenant’s expense, shall insure and keep insured, on the Commencement Date of this Lease through the term of this Lease and any renewals thereof, the building and improvements on the Demised Premises against loss or damage by fire
and other casualties normally covered by special peril policies for Tenant’s use in an amount not less than eighty percent (80%) of their actual replacement cost value in insurance companies with a Best’s Rating no less than A- and
licensed in the state in which the Demised Premises is located. Such insurance is to be made payable in case of loss to Landlord. In the event that Landlord fails to commence to rebuild improvements, substantially similar in value to the
improvements destroyed, within sixty (60) days from the date of such casualty, then this Lease shall. terminate and the insurance proceeds shall be forever retained by Landlord. 
  
 Upon the earlier occurrence of either written notice to Tenant of Landlord’s election to terminate or Landlord’s
failure to commence to rebuild within sixty (60) days from any casualty, Tenant shall have the right to cancel the Lease. 
  
 (2) Liability. Tenant shall maintain and keep in force commercial general liability insurance against claims for bodily injury, death or property
damage occurring in, on or about the Demised Premises in an amount not less than $1,000,000.00 per occurrence with respect to bodily injury, death or property damage. In addition, Tenant shall maintain an umbrella policy of public liability
insurance in an amount of at least $3,000,000.00 per occurrence. 
  

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 Tenant shall deliver to Landlord certificates of such insurance and of any renewals showing Landlord or
any holder of a mortgage encumbering the Real Estate as additional insureds upon the Commencement Date and within ten (10) days after written request made by Landlord not more than once each year. 
  
 (3) Indemnity. Tenant further agrees to indemnify, defend and hold
Landlord harmless from any liability, loss, cost, expense or claim of any nature resulting from any injury to person or damage to property arising from or out of any act or omission of Tenant, Tenant’s agents, employees, servants, licensees or
contractors, or arising from or out of any occurrence in, upon, at or from the Demised Premises. 
  
 Landlord agrees to indemnify, defend and hold Tenant harmless from any liability, loss, cost, expense or claim of any nature resulting from any injury to
person or damage to property arising from or out of the act or omission of Landlord, its employees or agents. 
  
 (E) Repairs. To be responsible under all circumstances for any necessary repair, maintenance or replacement whatsoever on or about the Demised
Premises, except for structural repairs or repairs or replacements of the roof of any building. 
  
 (F) Utilities. To contract directly with the applicable utility and pay when due all charges for all utility services, including but not limited to
gas, electric, water sewage or stormwater, used on or consumed in connection with the Demised Premises during the term of this Lease. Landlord shall have no liability to Tenant for any interruption in any utility except to the extent due to the act
or omission of Landlord, and in such case Tenant’s sole remedy shall be an abatement of Rent until such interruption is cured. Tenant shall indemnify, defend and hold Landlord harmless from and against any claim, expense, action or liability,
including a reasonable attorney’s fee, arising from Tenant’s use of utilities and payment therefor. 
  
 (G) Compliance with Law. To comply with all governmental laws, rules and regulations applicable to the use, development or operation of the Demised
Premises. 
  
 7. Environmental Compliance. 
  
 (A) Tenant shall at all times during the term of the Lease comply with all
applicable federal, state, and local laws, regulations, administrative rulings, orders, ordinances, and the like, pertaining to the protection of the environment, including, but not limited to, those regulating the handling and disposal of waste
materials. Further, during the term of the Lease, Tenant shall not dispose on or into the Demised Premises, including but not limited to, the soils or groundwater of the Demised Premises or release to the environment at the Demised Premises any
“hazardous substance,” as defined in Section 101(14) of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, 42 U.S.C. § 9601 et seq. (“CERCLA”) or petroleum (including
crude oil or any fraction thereof) (“Hazardous Substance”). 
  
 (B) Tenant agrees to hereby fully defend, indemnify and hold harmless Landlord from any and all third party claims, orders, demands, causes of actions, proceedings, judgments, or suits, and all liabilities, losses, costs, or expenses
(including without limitation 

  

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technical consultant fees, court costs and operations of Tenant which arise in whole or in part, but only to the extent caused by the operations of Tenant,
and Tenant shall not be liable for conditions which existed in the Demised Premises prior to the Commencement Date except to the extent any act or omission of Tenant, its agents, employees, invitees, licensees or contractors, or their respective
agents, employees, invitees, licensees or contractors, has aggravated such condition, from the following circumstances occurring after the Commencement Date: 
  

(1) any “release,” as defined in Section 101(22) of CERCLA, of any Hazardous Substance placed into, on, under or from the Demised Premises;

  
 (2) any contamination of the Demised Premises’ soil or
groundwater or damage to the environment and natural resources of the Demised Premises, whether arising under CERCLA or other statutes or regulations or common law; 
  
 (3) any violation of federal, state, or local laws, regulations, administrative rulings, orders, or ordinances; 

 
 (4) any toxic, explosive, or otherwise dangerous materials or Hazardous
Substances which have been buried beneath, concealed within, or released on the Demised Premises; 
  
 (5) inclusion of the Demised Premises in the U.S. E.P.A. Comprehensive Environmental Response, Compensation and Liability Information System
(“CERCLIS”); 
  
 (6) monitoring of environmental
conditions on the Demised Premises, or other similar activities, required by federal, state, or local laws, regulations, administrative rulings, orders, ordinances, and the like pertaining to the protection of the environment, including but not
limited to, those regulating closure of the Demised Premises; or 
  
 (7) any contamination of the Demised Premises’ soil or groundwater or damage to the environment and natural resources of the Demised Premises proximately caused by any person coming on to the Demised Premises (e.g., suppliers who
release product while unloading), except trespassers; provided, however, Tenant shall not be liable pursuant to this Article 7B or otherwise for migration of Hazardous Substances from off-site sources or property onto the Demised Premises
(e.g., groundwater contamination migrating onto the Demised Premises from off-site) when such migration is not proximately caused by the operations of Tenant. 
  

(C) For the purposes of Articles 7 and 8 herein, the term “Tenant” shall include Tenant, its employees, agents, contractors or anyone acting
at the direction of or with the consent of Tenant, but does not include trespassers. 
  
 8. Avoidance of Waste. Tenant shall not cause or permit injury or waste to the Demised Premises, or cause or permit a nuisance to exist on the Demised Premises. At the expiration of the term of the Lease, or of
any extension thereof, Tenant shall quit and surrender the Demised Premises in as good a state and condition as when received by Tenant on the Commencement Date, reasonable wear and tear excepted. For the purposes of the Lease, the term
“reasonable wear and tear” shall not negate the requirement that the Demised Premises be in compliance with applicable law described in Article 7 herein for which Tenant has an obligation to indemnify Landlord. 
  

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 9. Use, Alterations and Title to Improvements. Tenant shall have the right to use and/or occupy
the Demised Premises for the manufacture of plastic containers and incidental office uses or any other lawful use upon Landlord’s prior written consent, such consent not to be unreasonably withheld. Tenant shall have the right at Tenant’s
expense to make nonstructural alterations, additions and improvements to the Demised Premises. All other alterations, additions, or improvements by Tenant shall require the prior written consent of Landlord, which Landlord shall not unreasonably
withhold or delay. All of such alterations, additions and improvements constructed by Tenant during the term of this Lease, and any extension of this Lease, shall be and remain the property of Tenant at all times during the term of this Lease and
any extension. Notwithstanding anything contained in this Article to the contrary, all improvements located on the Demised Premises on the date of the earlier termination or expiration of this Lease shall become the property of the Landlord but
Tenant shall have the right to remove trade fixtures, equipment, furnishings, signs and other identifying characteristics and such other personal property from the Demised Premises. Tenant at its expense shall promptly repair any damage done to the
Demised Premises caused by removal of these items. However, upon expiration of the Initial Term or any Renewal Term, Tenant shall be required to remove any such alterations, additions or improvements and restore the Demised Premises to the condition
existing as of the Commencement Date (including restoring any damage to the Demised Premises arising from such removal). 
  
 10. Assignment and Subletting. Tenant shall not sublease or assign this Lease or its rights under this Lease, without first obtaining
Landlord’s written consent, which Landlord shall not unreasonably withhold or delay. Tenant may assign this Lease or sublet some or all of the Demised Premises without Landlord’s consent to (i) any parent, subsidiary, or affiliate
corporation of Tenant or to (ii) the surviving corporation in connection with a merger, consolidation, or acquisition of Tenant or any of its divisions, subsidiaries or affiliates, with or by any other company. In such event, Tenant shall remain
primarily liable for the payment of all Rent required to be paid under this Lease and for the performance of all terms, covenants, and conditions undertaken by Tenant. 
  
 11. Events of Default/Remedies. 
  
 (A) Tenant Events/Remedies. If Tenant shall fail to pay any installment of Rent or other monies promptly on the day when they shall become due and
payable, and shall continue in default after a period of fifteen (15) days after written notice by Landlord, or if Tenant shall fail to promptly keep and perform any other non—monetary covenants of this Lease strictly in accordance with the
terms of this Lease and shall continue in default after a period of thirty (30) days after written notice by Landlord of default and demand for performance or such additional time as reasonably would be necessary to cure the nonmonetary default
where a cure cannot be completed within thirty (30) days (provided Tenant begins the cure within the thirty (30) days) and diligently completes the cure), or if Tenant becomes bankrupt or insolvent, or files any debtor proceedings, or files
in any court pursuant to any statute, either of the United States or of any State a petition in bankruptcy or insolvency or for reorganization, or files or has filed against it a petition for the appointment of a receiver or trustee for all or
substantially all of 

  

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the assets of Tenant and such petition is not vacated or set aside within sixty (60) days from the date of such appoint, or if Tenant makes an assignment for
the benefit of creditors, or petitions for or enters into an arrangement, or if Tenant vacates, fails to operate in or abandons the Demised Premises or any substantial part thereof or suffers the Lease to be taken upon any writ of execution and such
writ is not vacated or set aside within thirty (30) days, then in any such event Landlord shall have the right to terminate and cancel this Lease, and Landlord, without excluding other rights or remedies that it may have, shall have the immediate
right of reentry and may remove all persons and property from the Demised Premises and dispose of such property as it sees fit, provided such action is taken in compliance with applicable legal process. If Landlord should take possession of the
Demised Premises, it may either terminate this Lease or it may from time to time, without terminating this Lease, make such alterations and repairs as may be necessary in order to relet the Demised Premises, and relet the Demised Premises for such
term and at such rentals and upon such other terms and conditions as Landlord may deem advisable. No such reentry or taking possession of the Demised Premises by Landlord shall be construed as an election to terminate this Lease unless a written
notice of such intention is given by Landlord to Tenant at the time of such reentry; but, notwithstanding any such reentry and reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach.
In the event of any termination by Landlord, whether before or after reentry, Landlord may recover from the Tenant damages incurred by reason of such breach, including, but not limited to, the cost of recovering the Demised Premises, its costs and
expenses (including reasonable attorneys’ fees) incurred in connection with Tenant’s default, the cost of preparing and fixing the Demised Premises for occupancy by a new tenant or tenants, and the present value of the difference in value
between the Rent which would be payable by Tenant under this Lease for the remainder of the Lease Term and the reasonable rental value of the Demised Premises for the remainder of the Lease Term. Furthermore, with respect to nonpayment of any
installment of Rent or other monies promptly on the day when they shall become due and payable and continuing in default after a period fifteen (15) days after written notice by Landlord, Tenant shall pay as additional Rent default interest at
twelve percent (12%) annual interest rate for the period from the due date to the payment date. Notwithstanding the foregoing, Landlord agrees that not more than twice in any twelve month period if Landlord or its agent shall give Tenant written
notice of non-payment of Rent, no default shall occur, provided that Tenant pays the overdue Rent within ten days following the date of delivery of written notice. 
  
 (B) Landlord Events/Remedies. Landlord’s failure to perform or observe any of its obligations under this Lease
or to correct a breach of any warranty or representation made in this Lease within thirty (30) days after receipt of written notice from Tenant setting forth in reasonable detail the nature and extent of the failure referencing pertinent lease
provision or if more than thirty (30) days is required to cure the breach, Landlord’s failure to begin curing the breach within the thirty (30) day period and diligently prosecute the cure to completion, shall constitute a default under this
Paragraph. If Landlord commits a default, Tenant may seek such remedies, at law or in equity, with respect to said default. 
  
 No remedy herein or otherwise conferred upon or reserved to Landlord or Tenant shall be considered exclusive of any other remedy, but the same shall be
distinct, separate and cumulative and shall be in addition to every other remedy given under this Lease, or now or hereafter existing at law or in equity or by statute; and every power and remedy given by this 

  

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Lease to Landlord or Tenant may be exercised from time to time as often as occasion may arise, or as may be deemed expedient. No delay or omission of
Landlord or Tenant to exercise any right or power arising from any default on the part of the other shall impair any such right or power, or shall be construed to be a waiver of any such default or an acquiescence thereto. In particular, the receipt
by Landlord of Rent with knowledge of the breach of any covenant of this Lease shall not be deemed a waiver of such breach and no provision of this Lease shall be deemed to have been waived by Landlord unless such waiver is in writing and signed by
Landlord. 
  
 12. Holding Over. If Tenant continues to
occupy the Demised Premises after the last day of the Initial Term, or after the last day of any Renewal Term, and Landlord elects to accept Rent thereafter, a tenancy from month to month only shall be created, and not for any longer period,
provided that Rent shall equal one hundred fifty percent (150%) of the Rent paid in the immediately preceding Initial Term or Renewal Term. 
  
 13. Condemnation. Notwithstanding anything contained in this Lease to the contrary, if the whole or any part of the Demised Premises is taken or
condemned by any competent authority for any public use or purpose during the term or any extension of this Lease, Landlord reserves unto itself the right to claim and prosecute its claim in all appropriate courts and agencies for an award or
damages for such taking based upon its sole interest and ownership of buildings, alterations and improvements on the Demised Premises without Tenant participating in the award. 
  
 If (a) access to the Demised Premises or (b) more than 25% of the Demised Premises, shall be taken or condemned so as to
render the remaining portion unsuitable for the continued use or occupancy of Tenant, then Tenant may within a period thirty (30) days after the date when possession of the Demised Premises shall be required by the condemning authority, elect to
terminate this Lease. In the event that Tenant shall fail to exercise this option to terminate this Lease, then this Lease shall continue in full force and effect with respect to the portion of the Demised Premises not so taken and such remaining
portion shall be deemed to be the Demised Premises for the balance of the term of the Lease. Tenant will, with all due diligence and at its own cost and expense, repair and restore the Demised Premises or what may remain of it to its former
condition, provided that such taking or condemnation does not occur within the last nine (9) months of the Term of the Lease or any renewal term thereof. There shall be no abatement in the payment of Rent for the period prior to Tenant’s
election to terminate and vacating the Premises. 
  
 14. Trade
Fixtures, Machinery and Equipment. Landlord agrees that all trade fixtures, machinery, equipment, furniture or other personal property of whatever kind and nature kept or installed in the Demised Premises by Tenant shall not become the property
of Landlord or a part of the Demised Premises and may be removed by Tenant at any time during the term of this Lease. 
  
 15. Recording. Tenant and Landlord each agree not to record a memorandum of this Lease unless both parties consent thereto. 
  

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 16. Subordination. This Lease is subject and subordinate to any mortgage now or hereafter placed
on the Real Estate; provided, however, that at the option of any mortgagee, this Lease or portions of this Lease can be made superior to such mortgage; and provided further that unless the entire Lease is made superior to such mortgage, the holder
of the mortgage shall agree in writing that the rights of Tenant under this Lease shall not be divested or in any way affected by a foreclosure or other default proceeding under the mortgage, or obligations secured thereby, so long as Tenant is not
in default under the terms of this Lease beyond the period of any applicable cure period; and Tenant agrees that this Lease shall remain in full force and effect notwithstanding any such default proceeding under the mortgage, or obligations secured
thereby. Landlord shall use its best efforts to deliver the Non-Disturbance Agreement to the Tenant from any existing mortgagees on the Commencement Date. Tenant further agrees that it will attorn to the mortgagee, or beneficiary under such
mortgage, to their successors or assigns and to any purchaser or its assignee at a foreclosure sale. Tenant will, upon request by Landlord, execute and deliver to Landlord, or to any other person designated by Landlord, a Subordination,
Non-Disturbance and Attornment Agreement in accordance with this Article. 
  
 17. Miscellaneous Provisions. 
  
 (A) Invalidity. If any term or provision of this Lease or the application to any person or circumstance shall, to any extent, be invalid or unenforceable, the remainder of this Lease, or the application of such term or provision to
persons whose circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby. 
  
 (B) Successors, Etc. The terms, conditions and covenants of this Lease shall be binding upon and shall inure to the benefit of each of the parties,
their heirs, personal representatives, successors or assigns, and shall run with the land. 
  
 (C) Writing. No waivers, alterations or modifications of this Lease or any agreements in connection with this Lease shall be valid unless in writing duly executed by both Landlord and Tenant. 
  
 (D) Construction. The captions appearing in this Lease are inserted
only as a matter of convenience and in no way define, limit, construe or describe the scope or intent of such paragraphs of this Lease or in any way affect this Lease. Any gender used shall be deemed to refer to any other gender more grammatically
applicable to the party to whom such use of gender relates. The use of singular shall be deemed to include the plural and, conversely, the plural shall be deemed to include the singular. 
  
 (E) Notice. If, at any time after the execution of this Lease, it shall become necessary or convenient for one of the
parties to serve any notice, demand or communication upon the other party, such notice, demand or communication shall be in writing, signed by the party serving the same, sent by registered or certified United States mail, return receipt requested,
postage prepaid and (a) if intended for Landlord, shall be addressed to: 
  
 154 Commerce Boulevard 
 Loveland, Ohio 45140 
 c/o CWS Realty, Inc. 
  

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 Attn: C. Winfield Scott 
  
 and (b) if intended for Tenant, shall be addressed to: 
  
 BWAY Manufacturing, Inc. 
 8607 Roberts Drive 
 Suite 250 
 Atlanta, Georgia 30350 
  
 or to such other address as either party may
have furnished to the other in writing as a place for the service of notice. Any notice so mailed shall be deemed to have been given 72 hours after it is deposited in the United States mail. 
  
 18. Authority to Sign. The submission of this document for examination
and negotiation does not constitute an offer to lease or a reservation of or option for the Demised Premises, and this document will become effective and binding only upon execution and delivery by Landlord and an authorized officer of Tenant. All
negotiations, Considerations, representations and understandings between the parties are incorporated in this document and may be modified or altered only by agreement in writing between the parties, and no act or omission of any employee or agent
of the parties or any broker, if any, shall alter, change or modify any of the provisions of this Lease. 
  
 19. Addenda and Exhibits. This Lease includes the following Addenda and/or Exhibits, which shall take precedence over conflicting provisions (if
any) of this Lease, and are made an integral part of this Lease and fully incorporated by reference: 
  
 Exhibit A: Legal Description       
 Exhibit B:
Intentionally Omitted 
 Exhibit C: Permitted Exceptions 
  
 - Remainder of page intentionally left blank. – 
  
 - Signatures contained on following page - 
  

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 LANDLORD and TENANT by their execution below, indicate their consent to the terms of this Lease.

  

	Landlord
	
	 CWS REALTY OF GEORGIA, INC, an Ohio
 corporation

		
	 By:
	 	 /s/ C. Winfield Scott

	 Name:
	 	 C. Winfield Scott

	 Its:
	 	 President

	
	Tenant
	
	 BWAY MANUFACTURING, INC., a Delaware
 corporation

		
	 By:
	 	 /s/ Kevin C. Kern

	 Name:
	 	 Kevin C. Kern

	 Title:
	 	 Vice President

  
 ACKNOWLEDGEMENTS 
  

	STATE OF Ohio	 	)
	 	 	) SS:
	COUNTY OF Hamilton	 	)

  
 20. The foregoing
instrument was acknowledged before me this 20th day of August, 2003 by C. Winfield Scott, President of CWS REALTY OF GEORGIA, INC, an Ohio corporation, on behalf of said corporation. 
  

	 /s/ John E. Christopher

	 NOTARY PUBLIC

  

	STATE OF Georgia	 	)
	 	 	) SS:
	COUNTY OF Fulton	 	)

  
 21. The foregoing
instrument was acknowledged before me this 20th day of August, 2003 by Kevin C. Kern, Vice President of BWAY MANUFACTURING, INC, a Delaware corporation, on behalf of said corporation. 
  

	 /s/ Michael N. Chandler

	 NOTARY PUBLIC

  

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 EXHIBIT A 
  

Description of Premises 
  
 ALL THAT TRACT or parcel of land lying and being in Land Lots 42, 43, 46 and 47 of the 6th Land District of Fayette County, Georgia and being more particularly described as follows: 
  
 BEGIN at a 3/4” steel rod set at the point of intersection formed by the northerly right-of-way of Gardner Park (80 foot r/w) and the
easterly right-of-way of Georgia State Route 74 (100 foot r/w); 
  
 Thence north
53 degrees 19 minutes 52 seconds west a distance of 551.78 feet to a point on a curve; 
  
 Thence along a curve to the right having a radius of 2,710.84 feet, a delta of 15 degrees 52 minutes 49 seconds, an arc length 751.35 feet and a chord which bears north 47 degrees 17 minutes 51 seconds west having a chord distance of 748.94
feet to a 3/4” steel rod set; 
  
 Thence north 62 degrees 23 minutes 01
second east a distance of 15.32 feet to a 1/2” rebar in concrete; 
  
 Thence
north 62 degrees 23 minutes 01 second east a distance of 849.68 feet to a 3/4” steel rod set; 
  
 Thence south 27 degrees 36 minutes 59 seconds east a distance of 219.83 feet to a 3/4” steel rod set; 
  
 Thence south 53 degrees 07 minutes 16 seconds east a distance of 726.01 feet to a 3/4” steel rod set; 
  
 Thence south 36 degrees 52 minutes 49 seconds west a distance of 760.00 feet to the True Point of Beginning, and containing 871,634 square
feet or 20.01 acre(s) of land more or less. 

 EXHIBIT B 
  

Intentionally Omitted 

 EXHIBIT C 
  

Permitted Exceptions 
  

	1.	All taxes for the years subsequent to 2003 and any additional taxes due as a result of a reassessment or a rebilling of the subject property. 

  

	2.	Restrictive Covenants contained in Limited Warranty Deed from Peachtree City Holdings, L.L.C., a Georgia limited liability company, to CWS Realty of Georgia, Inc., an Ohio
corporation, dated March 15, 2000, filed for record March 16, 2000 at 8:01 a.m., recorded in Deed Book 1481, Page 390, Records of Fayette County, Georgia. 

  

	3.	Easement from Peachtree City Holdings, L.L.C. to Georgia Power Company dated October 23, 1996, filed for record November 5, 1996 at 12:59 p.m., recorded in Deed Book 1104, Page 122,
aforesaid Records. 

  

	4.	Easement Agreement by and between Peachtree City Holdings, L.L.C., a Georgia limited liability company, and Gardner Denver Machinery, Inc., a Delaware corporation, dated December
22, 1997, filed for record December 23, 1997 at 2:09 p.m., recorded in Deed Book 1206, Page 653, aforesaid Records.Commerical Lease between West Washington Associates LLC and Sonc Foundry Inc.

 LEASE AGREEMENT 
  

BETWEEN 
  
 WEST WASHINGTON ASSOCIATES LLC 
  
 AND 
  
 SONIC FOUNDRY 

 TABLE OF CONTENTS 
  

	 BASIC LEASE PROVISIONS
	  	1
		
	 DEFINITIONS
	  	2
		
	 PREMISES AND TERM
	  	4
		
	 CONSTRUCTION AND INSTALLATIONS
	  	5
		
	 RENT AND OTHER CHARGES
	  	6
		
	 SECURITY DEPOSIT
	  	9
		
	 SERVICES BY LANDLORD
	  	10
		
	 INSTALLATION, REPAIRS AND MAINTENANCE OF LEASED PREMISES
	  	11
		
	 CONDUCT OF BUSINESS
	  	12
		
	 INSURANCE AND INDEMNITY
	  	13
		
	 DESTRUCTION OF LEASED PREMISES OR BUILDINGS
	  	15
		
	 ASSIGNMENT OR SUBLETTING
	  	16
		
	 DEFAULTS
	  	17
		
	 SURRENDER OF PREMISES
	  	19
		
	 QUIET ENJOYMENT
	  	20
		
	 SALE OR MORTGAGING OF THE BUILDING
	  	20
		
	 EMINENT DOMAIN
	  	20
		
	 WAIVER AND ACCORD AND SATISFACTION
	  	21
		
	 MISCELLANEOUS
	  	21
		
	 ATTACHMENTS
	  	25

 LEASE AGREEMENT 
  
 THIS LEASE, made and entered into at Madison, Wisconsin as of this      day of
            , 2003, is by and between West Washington Associates LLC, a Wisconsin limited liability company (“Landlord”), and Sonic Foundry, Inc., a Maryland corporation
(“Tenant”). 
  
 ARTICLE 0. BASIC LEASE PROVISIONS: 
  
 The following descriptions and amounts are qualified by their usage elsewhere in this Lease,
including without limitation those Sections referred to in parentheses following such descriptions. 
  

	 SECTION 0.01 NAME/ADDRESS OF BUILDING:
 (Article II, Section 2.1)
	 	 Network222
 222 West Washington Avenue
 Madison, WI 53703

		
	 SECTION 0.02 SUITE NUMBER (if applicable):
 (Article II, Section 2.1)
	 	 Suite 775

		
	 SECTION 0.03 APPROXIMATE AREA:
 (Article II, Section 2.1)
	 	 Usable Area: 6,625 square feet usable

		
	 SECTION 0.04 (a) COMMENCEMENT DATE:
 (Article II, Section 2.2)
	 	 October 1, 2003

		
	 SECTION 0.04 (b) TERM OF LEASE:
 (Article II, Section 2.2)
	 	Five (5) Lease Years, subject to two (2), three (3) year options to extend pursuant to Section 18.18.
		
	 SECTION 0.05 BASE RENT:
 (Article IV, Section 4.1)
	 	 $ 10,489.58 per month
 $ 125,875.00 per year

		
	 SECTION 0.06 MINIMUM ANNUAL ESCALATION:
 (Article IV, Section 4.2)
	 	 Three (3%) Percent

		
	 SECTION 0.07 LANDLORD’S SHARE OF OPERATING COSTS:
 (Article IV, Section 4.3)
	 	Tenant shall pay Tenant’s Pro Rata Share of increases in Operating Costs over Landlord’s Share in the Base Year, as set forth in Section 4.3 herein.
		
	 SECTION 0.08 SECURITY DEPOSIT:
 (Article V, Section 5.1)
	 	 None

		
	 SECTION 0.09 BUSINESS USE:
 (Article VIII, Section 8.1)
	 	Offices for conducting commercial business; and for no other purpose without the prior written consent of Landlord, not to be unreasonably withheld, conditioned or
delayed.
		
	 SECTION 0.10 NOTICE ADDRESSES:
	 	 LANDLORD: West Washington Associates LLC
 c/o
The Fiore Companies, Inc.
 150 East Gilman Street
 Madison,
Wisconsin 53703
  
 TENANT: Sonic Foundry, Inc.
 222 West Washington Avenue
 Suite 775
 Madison, WI 53703

  

 1 

 ARTICLE I. DEFINITIONS 
  

In addition to the definitions and terms set forth elsewhere throughout the Lease, the following terms will have the respective meanings set forth below: 

 
 (a) Intentionally Ommitted. 
  
 (b) Base Year. The term “Base Year” means calendar year 2004. 
  
 (c) Intentionally Omitted. 
  
 (d) Building. The term “Building” will collectively refer to the office building described in Section 0.01 and associated Building Facilities, the real property
on which it is situated (the legal description of which is attached hereto as Exhibit “A-1”), and any landscaping, parking facilities or structures appurtenant thereto. 
  
 (e) Building Facilities. The term “Building Facilities” means and includes all equipment, machinery, facilities and other personal
property located in the Building and/or used or utilized wholly or partially in or in connection with the operation and/or maintenance of the Building, or any part thereof, whether or not located in the Building. 
  
 (f) Common Areas. The “Common Areas” consist of the entrance foyer and lobbies,
corridors, elevator foyers, restrooms, mechanical rooms, telephone closets, janitor closets and other similar facilities provided for the common use and/or benefit of tenants generally and/or the public, and other areas appurtenant to or servicing
the Building, including without limitation public entrance doors, stairways, passages, stairs, restrooms, and, if the Premises include less than an entire floor of the Building, the common lobbies, hallways, and toilets, and other common facilities
of such floor, elevators, shipping and receiving areas, parking areas, sidewalks, plazas and landscaped areas located within, adjacent to, or near and associated with the Building. 
  
 (g) Commencement Date. The term “Commencement Date” means (a) the date specified in Section 0.04(a) provided that Premises are
“ready for occupancy” as hereinafter defined; or (b) the date on which Tenant takes possession of the Premises, whichever occurs first, as adjusted under Section 3.2. 
  
 (h) Environmental Laws. The term “Environmental Laws” means any federal, state, and local law, statute, ordinance, regulation,
rule, guideline, judicial decision, judicial or administrative order or decree, permit, license, approval, authorization, or similar requirement of any federal, state or local governmental agency or other governmental authority, pertaining to the
protection of human health, safety, or the environment. 
  
 (i) Escalation Date.
The term “Escalation Date” means the first day of the second Lease Year and on the first day of each Lease Year thereafter. 
  
 (j) Expiration Date. The term “Expiration Date” means the last day of the last consecutive full Lease Year. 
  
 (k) Intentionally Omitted. 
  
 (l) Fringe Benefits. The term “fringe benefits” includes, without limitation, the employer’s contribution of F.I.C.A.,
unemployment compensation and other employment taxes; pension and/or profit sharing or similar plan contributions; sick, vacation and holiday pay; training costs; paid leave; worker’s compensation, group life and accident and health insurance
premiums; disability and other similar benefits; all paid or payable by the employer with respect to its employees. 
  
 (m) Hazardous Material(s). The term “Hazardous Material(s)” means any chemical, substance, material, object, condition or waste, or combination thereof, which
(i) is defined as a hazardous substance, hazardous material, hazardous waste, pollutant, toxic material, or contaminant under any Environmental Law; (ii) is a petroleum hydrocarbon, including crude oil or any fraction thereof; (iii) may be hazardous
to human health or safety or the environment due to its harmful or potentially harmful properties or effects, including toxicity, corrosivity, flammability, explosivity, infectiousness, radioactivity, carcinogenicity, or reproductive toxicity; or
(iv) is regulated pursuant to any Environmental Law. 
  
 (n) Intentionally
Omitted. 
  
 (o) Lease Year. The term “Lease Year” means a period of 12
consecutive full calendar months. The first Lease Year will begin on the Commencement Date if said date will occur on the first day of a month; if not, the first Lease Year will commence upon the first day of the month next following the
Commencement Date of the term hereof. Each succeeding Lease Year will commence upon the anniversary of the first Lease Year. 
  

 2 

 (p) Management Company Fees. The term “Management Company Fees” means the reasonable and customary fees for
management services provided by an independent management company, or reasonable fees for such services charged by Landlord or affiliated management companies (which fees shall not exceed the fees that would have been charged in an arms-length
transaction. 
  
 (q) Operating Costs. The term “Operating Costs” means
all reasonable and customary costs, expenses and disbursements of every kind and nature paid or incurred by the Landlord, or otherwise on behalf of the Landlord, in connection with the ownership, operation, management, maintenance, replacement and
repair of the Building, all of which will be determined by Landlord on an accrual basis and in accordance with generally accepted accounting principles, consistently applied year to year. Operating Costs will include, without limiting the generality
of the foregoing, the following: 
  

	 	1.	Compensation (including fringe benefits) of all persons who perform duties in connection with the Building (including, without limitation, independent contractors, leased employees
and/or temporary employees); 

  

	 	2.	All materials, supplies, tools and equipment used in connection with the Building; 

  

	 	3.	Electricity, fuel and other sources of power, heating and cooling; water and sewer charges; refuse collection; telephone; and similar utilities services (excluding any such cost
billed to specific tenants and excluding such costs incurred by Tenant through direct metering of the Premises); 

  

	 	4.	Maintenance and service agreements for the Building and the equipment therein, including, but not limited to, security services or alarm services, if any, window cleaning,
janitorial service, HVAC maintenance, and elevator maintenance; and all such other expenses and costs necessary or desirable to be incurred for the operation, cleaning and maintenance of the Building; 

  

	 	5.	Personal property taxes; Depreciation of equipment used in operating, cleaning and maintaining the Common Areas and/or rent paid for leasing such equipment;

  

	 	6.	Insurance maintained by Landlord in connection with the Building; 

  

	 	7.	Legal, accounting, inspection, consulting and other professional services pertaining to the Building; 

  

	 	8.	Amortization of capital costs or expenditures incurred for any repair or replacement to the Building (including any capital expenditure reasonably necessary for the operation and
maintenance of the Building, made for the purpose of saving labor or otherwise reducing applicable Operating Costs, or required by law or any governmental authority), together with interest thereon at the rate of ten percent (10%) per annum, based
upon the reasonable life of said expenditures determined by Landlord in accordance with generally accepted accounting principles. For purposes of determining the Operating Costs of the Building, no single expenditure of Five Thousand Dollars
($5,000) or less will be considered capital in nature; 

  

	 	9.	Management Company Fees; 

  

	 	10.	All costs relating to the management office, and all other administrative expenses related to the Building; 

  

	 	11.	All costs to Landlord of providing the services described in Sections 6.1 or 7.1; 

  

	 	12.	Real Estate Taxes; and 

  

	 	13.	Any other expense or charge which in accordance with generally accepted accounting and management principles consistently applied from year to year would be considered an expense of
leasing, owning, maintaining or repairing the Building. 

  
 Notwithstanding the foregoing, Operating Costs will not include (i) the costs of special services rendered to tenants (including Tenant) for which a special or separate charge is made, (ii) any cost of preparation or alteration of space for
other tenants in the Building, (iii) leasing costs such as advertising, promotion and marketing of space availability, legal fees associated with lease negotiations, leasing commissions, or inducements (including tenant improvement allowance, free
rent, moving allowance, and lease buy-outs) granted for the purpose of securing new leases or renewals of existing leases, (iv) depreciation (except amortization of capital expenditures which are allocated over the useful life of said expenditures
as described in this Section), (v) any cost of capital improvements that enlarge or expand the existing Building (except any such expenditures required by law or by any governmental or quasi-governmental authority having jurisdiction over the
Building), 
  

 3 

 (vi) repairs paid by proceeds of insurance (except the deductible and that portion not covered by
insurance), (vii) ground rental payments, (viii) interest payments, (ix) debt service payments made to a mortgagee, (x) financing or refinancing costs, (xi) management and administrative costs associated exclusively with the ownership structure,
(xii) legal fees pertaining to lease disputes, or (xiii) any amounts payable by Landlord by way of indemnification or which constitute a fine, interest or penalty, (xiv) repairs necessitated by the negligence of the Landlord or required to cure
violations of laws in effect as of the Commencement Date, (xv) any cost representing an amount paid for services or materials to a person, firm or entity related to Landlord if such amount exceeds the amount that would have been paid at market rates
to a third party, (xvi) compensation paid to members, officers or executives of Landlord other than the fairly allocable compensation paid to an officer of an entity related to Landlord with respect to such officer’s ordinary and necessary
building management services provided to the Property. 
  
 (r) Real Estate Taxes.
The term “Real Estate Taxes” will include any and all real estate taxes and assessments, ad valorem charges, special benefit assessments or charges, and all other governmental or public charges or impositions of every kind and nature
whatsoever, both general and special, extraordinary as well as ordinary, foreseen and unforeseen, which may be levied, assessed or imposed upon the land, building and/or improvements located upon the tax parcel or parcels of which the Building and
the Premises are a part, during any year or partial year during the term of this Lease, or on the rents received from the Building in the nature of a capital levy, and all expenses and fees, including attorneys’ fees, incurred by Landlord in
contesting, appealing and/or negotiating with public authorities as to any of the above. 
  
 (s) Rentable Area. The term “Rentable Area” means the rentable square footage area determined by multiplying Usable Area by 1.15 or the rentable square footage area determined in accordance with the American
National Standard Method for Measuring Floor Area in Office Buildings, ANSI Z65.1-1996, published by the Building Owners and Managers Association International (hereinafter, “BOMA”) whichever is less. 
  
 (t) Repair. The term “repair” will include replacement or renewal when necessary,
and all such “repairs” will be made by a qualified contractor and will be equal in quality and class to the original work. 
  
 (u) Tenant’s Pro Rata Share. “Tenant’s Pro Rata Share” shall mean four and zero tenths (4.0%) percent, which number represents a fraction (expressed
as a percentage), the numerator of which is the Usable Area of the Premises and the denominator of which is the Usable Area of the Building, which numbers are herein stipulated by both parties for all purposes under this Lease. Any change in
Tenant’s occupancy, whether by amendment or through the exercise of any options to expand shall change the pro rata share percentage and will be deemed in effect on the first day of the succeeding month following such change in occupancy.

  
 (v) Usable Area. The term “Usable Area” means the usable square
footage area determined in accordance with BOMA. 
  
 ARTICLE II. PREMISES AND
TERM 
  
 SECTION 2.1 PREMISES. The Landlord does hereby lease to Tenant, and
Tenant hereby takes from Landlord, that certain part of the Building, hereinafter designated as the “Premises”, which are more particularly described in Sections 0.02 and 0.03, and located substantially as shown in Exhibit A, reserving
however to Landlord the exclusive use of the exterior walls. Tenant shall have the right, exercisable within ninety (90) days after Landlord gives Tenant written notice of the final measurements of the Premises, to remeasure the Premises according
to BOMA within such ninety (90) day period. In the event that subsequent remeasurement of the Premises by Tenant, within the time period specified above, indicates that the square footage measurement prepared by Landlord produces a square footage
number in excess of or lower than the square footage number which resulted from Tenant’s remeasurement, any payments due to Landlord from Tenant based upon the amount of square feet contained in the Premises shall be proportionately and
prospectively reduced or increased, as appropriate, to reflect the actual number of square feet as properly remeasured. 
  
 SECTION 2.2 TERM. The term of this Lease and Tenant’s obligation to pay rent hereunder will commence upon the Commencement Date. The term of this Lease will be for
the number of Lease Years set forth in Section 0.04(b). The term hereof will expire at 12:00 o’clock midnight, local time on the Expiration Date. Upon Landlord’s request, the parties agree to execute an Addendum to certify the Commencement
Date and Expiration Date hereof, but this Lease will not be affected in any manner if either party fails or refuses to execute such Addendum. 
  

 4 

 SECTION 2.3 COMMON AREAS. Landlord also grants Tenant the right under this Lease to use, in common with Landlord and
other tenants, occupants and visitors to the Building, and all others to whom Landlord may grant rights thereto, the Common Areas, provided however that all such use by Tenant will be subject to such reasonable Rules and Regulations as Landlord may
from time to time adopt and that Tenant may not use the Common Areas for advertising or promotional purposes. Landlord reserves the right to increase, reduce or change the size, height, layout, or location of the Building and its Common Areas (as
long as Tenant’s use of and access to the Premises and parking are not materially impaired). No easement, license or other right to light, air, or view is created by this Lease. The Premises do not include, and Tenant is given no right to use,
control or occupy, the exterior surfaces of the Building, the roof of the Building or the airspace or plenum between the finished hung ceilings (or finished floors) in the Premises and the unfinished slab of the ceiling above (or the unfinished
floor below). All space in or adjacent to the Premises used for shafts, stacks, pipes, conduits, fan rooms, ducts, utility lines, sinks, and other Building facilities, and access thereto through the Premises, is reserved to Landlord, provided such
access does not unreasonably interfere with Tenant’s use of and access to the Premises and parking. 
  
 SECTION 2.4 ACCESSES TO PREMISES. Landlord and its authorized representatives will have the right to enter the Premises at reasonable hours and, except in cases of emergency, upon reasonable advance notice to Tenant
(which notice, notwithstanding any other provision of this Lease, may be given orally) to make inspections, to exhibit the Premises to prospective tenants, purchasers, or others, or to make alterations or repairs to the Building or the Premises for
which it is responsible or which it is entitled to make hereunder. Notwithstanding anything to the contrary contained herein, unless Landlord obtains prior approval from Tenant, Landlord hereby agrees not to show the Premises to any prospective
tenants earlier than one hundred twenty (120) days prior to the Expiration Date, as extended. In the event of emergency or in order to comply with any laws, orders, ordinances or requirements of any governmental unit or authority (regarding which
compliance is the responsibility of Landlord), Landlord and its authorized representatives will have the right of entry at any time and may perform any acts related to safety, protection, preservation or improvement of the Building or the Premises
or required by such governmental unit or authority. The proper exercise by Landlord of any of its rights under this provision will not be deemed an eviction or disturbance of Tenant’s use and possession of the Premises and Tenant will not be
entitled to an abatement or reduction in rental by reason of any such action. 
  
 ARTICLE III. CONSTRUCTION AND INSTALLATIONS 
  
 SECTION 3.1
LANDLORD’S WORK. Landlord shall, at its own cost and expense, perform the work and make the installations to the Premises that are set forth as Landlord’s Work in Exhibit B. Tenant acknowledges that neither Landlord nor any agent, employee
or representative of Landlord has made any representation or warranty with respect to the suitability of the Building or Premises for the conduct of Tenant’s business or any other purpose. Landlord will have the right, at its election, at any
time and from time to time, to make such alterations or changes in portions of the Building outside the Premises as it may deem necessary or desirable so long as such alterations or changes do not unreasonably interfere with the use and occupancy by
Tenant of the Premises and parking or Tenant’s access to the Premises or parking. 
  
 SECTION 3.2 READY FOR OCCUPANCY. The Premises will be deemed to be “ready for occupancy” under the terms of this Lease if Landlord’s construction or remodeling of the Premises as required by Section 3.1 is complete except for
punchlist items that do not interfere with Tenant’s use or enjoyment of the Premises (“Substantial Completion” or “Substantially Complete”). In the event a dispute occurs as to whether or not Landlord’s construction or
remodeling of the Premises is Substantially Complete, the certification of Landlord’s architect or engineer that Landlord’s construction of the Premises is Substantially Complete in accordance with the requirements herein and in Exhibit B
will be deemed final and conclusive. The taking of possession by Tenant of the Premises for the conduct of Tenant’s normal business operations will be deemed conclusive that Tenant accepted delivery of the Premises as Substantially Complete,
subject to the punchlist items described above (which Landlord shall complete within a reasonable time not to exceed thirty (30) days after the Commencement Date). If Tenant has taken possession of the Premises as Substantially Complete, Landlord
agrees that it will diligently carry forward its construction of the Premises to final completion in accordance with its obligations as required by Section 3.1 and 3.2. The term “Tenant Delay” shall mean any actual delay of Landlord in
completing Landlord’s Work specified in Exhibit B as a result of a) Tenant’s failure 
  

 5 

 to timely approve the Final Plans (such timeframes set forth in Exhibit B); or b) any Change Order; or c) the performance
and/or completion of any Tenant Work by a person, firm or corporation employed by Tenant. In the event a Tenant Delay, the Commencement Date of this Lease and the payment of rent thereunder will be accelerated by the number of days of such Tenant
Delay. Notwithstanding anything in the Lease to the contrary, if the Commencement Date has not occurred (other than by reason of Tenant Delay) on or before sixty (60) days after the date of this Lease, then Landlord shall incur the following
financial penalties which shall be credited to Tenant’s Base Rent as it becomes due and payable: a) $250.00 per day for days 61 through 75; b) $500 per day for days 76 through 90; and $1,000 per day for every day beyond the 90th day of this Lease. If the Commencment Date has not occurred on or before the 90th day after the date of this Lease (other than by reason of Tenant Delay), Tenant shall have the right, at its option, to terminate this Lease by sending
written notice of such election to Landlord. Every day of Tenant Delay shall extend the above time frames on a day-for-day basis. An election by Tenant to terminate this Lease as provided for in this Section shall not limit Tenant’s right to
payment by Landlord of the financial penalties set forth above. 
  
 SECTION 3.3
ALTERATIONS AND INSTALLATIONS BY TENANT. Tenant shall have the right, at its own cost and expense, to perform the Tenant’s Work described on Exhibit B for Tenant’s initial occupancy in the Premises. The improvements installed in the
Premises (including Landlord’s Work and the Tenant’s Work) in connection with the initial occupancy of Tenant shall be called the “Tenant Improvements.” After construction of Tenant Improvements, Tenant will make no improvements,
alterations, or additions of any kind, whether structural or non-structural (the “Alterations”) in or to the Premises or the Building without first obtaining Landlord’s prior written approval of Tenant’s contractor, the plans,
and the specifications therefor such approval not to be unreasonably withheld, conditioned, or delayed. Tenant shall acquire all necessary permits to construct the Alterations from appropriate governmental agencies, furnishing a copy thereof to
Landlord prior to commencement of such construction. Tenant shall comply with all conditions of any such required permit and with all specifications in the plans in commercially reasonable manner. Tenant will not commence any such work without first
delivering to Landlord certificates of insurance, evidencing that Tenant has obtained a policy or policies of commercial general liability and property damage insurance, naming Landlord as an additional insured, in limits and with companies
reasonably approved by Landlord pursuant to Section 9.1. Landlord’s approval of the plans, specifications and working drawings for Tenant’s improvements, alterations, or additions will create no responsibility or liability on the part of
Landlord for their completeness, design sufficiency, or compliance with all laws, rules and regulations of governmental agencies or authorities. All Tenant’s Work and Alterations shall be done in a good and workmanlike manner, any fixtures
installed by Tenant shall be of good quality and installed in a workmanlike manner. 
  
 SECTION 3.4 DEVELOPMENT PLAN. It is understood that Exhibit A indicates, in general, the site plan for the Building of which the Premises are a part; and a floor plan of the floor(s) on which the Premises is located; that Landlord, in
building and operating the improvements may make such other departures from and changes in said plan as Landlord, in its sole discretion, may from time to time find proper, provided such changes do not unreasonably interfere with Tenant’s right
to use or occupy the Premises and parking or access to the Premises or parking. Landlord may, in its sole discretion, change the location of other tenants and the nature, layout or size of any occupancy of any space unit other than Premises at any
time, construct additional buildings or improvements and make additions or alterations thereto, and change or vary the parking, walkways, driveways and common areas or layout thereof without the same being deemed an eviction or disturbance of Tenant
and without any abatement of rent, provided such improvements and changes do not unreasonably interfere with Tenant’s right to use or occupy the Premises and parking or access to the Premises or parking. 
  
 ARTICLE IV. RENT AND OTHER CHARGES 
  
 SECTION 4.1 BASE RENT. Tenant will, during the entire term of this Lease, pay to Landlord
the annual Base Rent set forth in Section 0.05 (as such amount may be adjusted from time to time as provided in Section 4.2), in equal monthly installments payable on the Commencement Date and in advance on the first day of each calendar month
thereafter during the term of this Lease, without any offset or deduction whatsoever or any prior demand. All payments of rent will be made to Landlord at its office or at such other place as it may designate in writing. If the Commencement Date is
not on the first day of a month, the Base Rent for the fractional month containing the Commencement Date will be prorated on a per diem basis with respect to the fractional month, and paid to Landlord on the first day of the next month.
Notwithstanding this, Base Rent shall be abated through December 31, 2003. 
  

 6 

 SECTION 4.2 ADJUSTMENT TO BASE RENT. Base Rent will be increased effective on the Escalation Date by the addition thereto
of an amount which is the product obtained by multiplying the Minimum Annual Escalation percentage set forth in Section 0.06 by the Base Rent in effect immediately prior to the Escalation Date. 
  
 SECTION 4.3 ADDITIONAL RENTS. In addition to Base Rent, Tenant will pay as “Additional
Rent” the sums or amounts set forth hereinafter or as become due and payable elsewhere in this Lease. 
  
 (a) Landlord agrees to expend as its share of Operating Costs during any calendar year an amount equal to the actual Operating Costs of the Building incurred during the Base Year (“Landlord’s Share”).
Prior to the commencement of each calendar year or as soon thereafter as possible, Landlord will provide a written estimate of the Operating Costs expected to be incurred during the calendar year in excess of Landlord’s Share for the same
period and showing Tenant’s Pro Rata Share of such amount (“estimated Tenant’s Share of Operating Costs Increases”). Commencing on the first anniversary of the Commencement Date Tenant will pay to Landlord, during the remaining
Term of this Lease, the estimated Tenant’s Share of Operating Costs Increases, in equal monthly installments payable in advance on the first day of each calendar month, without any offset or deduction whatsoever or any prior demand unless
otherwise provided in this Lease. 
  
 (b) If Landlord will not have furnished
estimated Operating Costs at the times contemplated herein, then until such estimated Operating Costs are provided, Tenant will continue to pay an amount equal to the monthly sum payable under this Section in respect of the last month of the
preceding calendar year. In such event, promptly after estimated Operating Costs are furnished to Tenant, or together therewith, Landlord will give notice stating whether the aggregate amount of the installments of estimated Tenant’s Share of
Operating Costs Increases previously made for such calendar year is more or less than the aggregate amount of the installments of estimated Tenant’s Share of Operating Costs Increases to be made for the then-current calendar year in accordance
with such estimated Operating Costs, and (i) if there is a deficiency, within thirty (30) days after receipt of such notice Tenant will pay the amount of such deficiency, or (ii) if there has been an overpayment, Landlord will credit Tenant in the
amount thereof toward subsequent payments of Base Rent or Additional Rent (or, upon termination of the Lease, Landlord will reimburse Tenant such overpayment in cash and within sixty (60) days thereof with Landlord’s obligations under this
Section surviving expiration or any earlier termination of this Lease); and (iii) on the first day of the next following month, and monthly thereafter throughout the remainder of such calendar year, Tenant will pay an amount equal to one-twelfth
(1/12) of estimated Tenant’s Share of Operating Costs Increases, shown on such estimated Operating Costs. Landlord may at any time or from time to time revise the estimated Operating Costs and, in such case, the estimated Tenant’s Share of
Operating Costs Increases for the remainder of the calendar year will be based upon such revised estimate of Operating Costs and adjusted, paid, and/or credited, as applicable, substantially in the same manner as provided above. 
  
 (c) Within one hundred twenty (120) days after the end of each calendar year, or at such
later time as Landlord will be able to determine the actual amounts of Operating Costs, Landlord will furnish to Tenant a written statement (“Landlord’s Statement”) showing the actual Operating Costs for the calendar year,
Landlord’s Share of Operating Costs during the Base Year, and Tenant’s Pro Rata Share of Operating Costs during such calendar year in excess of Landlord’s Share (“actual Tenant’s Share of Operating Costs Increases). If
Landlord’s Statement shows that the estimated Tenant’s Share of Operating Costs Increases exceeded the actual Tenant’s Share for such calendar year, then Landlord will credit Tenant in the amount of such excess against subsequent
payments of Base Rent and Additional Rent. If Landlord’s Statement will show that the estimated Tenant’s Share of Operating Costs increases were less than actual Tenant’s Share of Operating Costs Increases for such period, Tenant will
pay the amount of such deficiency within thirty (30) days after the delivery to Tenant of such Landlord’s Statement. Landlord’s failure to render a Landlord’s Statement with respect to any period will not eliminate or reduce
Tenant’s obligation to pay actual Tenant’s Share of Operating Costs Increases for such period and will not prejudice Landlord’s right to render a Landlord’s Statement with respect to any subsequent period. The obligations of
Tenant under the provisions of this paragraph with respect to any increase in Additional Rent will survive the expiration or any sooner termination of the this Lease. 
  
 (d) In respect of any Lease Year or partial Lease Year (including the Base Year) in which the Building is not occupied to the extent of
ninety-five percent (95%) of the Rentable Area thereof, the Operating Costs in respect of such period will for the purposes of this Section, be increased to be equal to the amount which would have been incurred had the Building been occupied to the
extent of ninety-five percent (95%) of the Rentable Area thereof. 
  

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 (e) Tenant will have the right to inspect Landlord’s accounting records relative to Operating Costs of the Building
at Landlord’s accounting office in Madison, Wisconsin during normal business hours at any time within two (2) years following receipt of Landlord’s Statement for the Base Year and within one (1) year with respect to any other calendar
year. Unless Tenant takes written exception to any item within such time periods, such Landlord’s Statement will be considered as final and accepted by Tenant. If Tenant makes a timely written exception to Landlord (a “Notice
Dispute”) and if Landlord and Tenant do not agree on the proper amount for actual Tenant’s Share of Operating Costs Increases within thirty (30) days of such Notice of Dispute, the matter shall be submitted to an independent certified
public accountant selected by Landlord, with reasonable approval by Tenant, whose determination shall be final. If Landlord shall have overstated Tenant’s Share of Operating Costs by more than five (5) percent, Landlord shall pay all costs of
such examination. If Landlord shall not have overstated Tenant’s Share of Operating Expenses by more than five percent (5%), Tenant shall pay all costs of such examination. 
  
 (f) In the event that an increase in Real Estate Taxes is caused by Tenant’s improvements made to the Premises, Tenant will pay when
due all the increase attributable to such improvements. If the improvements, the taxes for which are to be paid separately by Tenant, are not separately assessed, Landlord will equitably determine Tenant’s portion of that tax from the
respective valuations assigned in the assessor’s worksheets or such other information (which may include the cost of construction) as may be reasonably available. Notwithstanding anything to the contrary contained herein, Tenant shall have the
right, in the name of the Landlord and with the Landlord’s full cooperation, but without any cost to Landlord, to bring suit in any court of competent jurisdiction to recover the amount of any such Real Estate Taxes paid under protest on the
basis of this paragraph, and any amount so recovered shall belong to Tenant; provided, however, that wherever circumstances permit, Landlord shall not pay any such Real Estate Taxes until Tenant has had a reasonable opportunity to investigate and
contest such Real Estate Taxes, or post a bond in lieu of payment. Notwithstanding this, Landlord shall not be required to take any action that may result in the delinquency of Real Estate Taxes due and payable or to take any action that may result
in a lien being placed on the Building. 
  
 SECTION 4.4 UTILITIES. Landlord shall
provide utility services, including electricity and heating, ventilation and air conditioning (“HVAC”) to the Premises in the manner set forth in Section 6.1. A submeter mearsuing the amount of electricity consumed by Tenant shall be
installed and Tenant will pay Landlord (or the Electric Service Provider if directed by Landlord) for such electricity consumed. If Landlord shall bill Tenant, said payment will be calculated using the rate Tenant would pay the utility company
furnishing such service if a direct meter served the Premises. Tenant will operate or draw from the heating, ventilating and air conditioning system or systems that serve the Premises and other premises in a manner not to unduly drain HVAC in
violation of Section 6.1. 
  
 Landlord has advised Tenant that presently Madison
Gas & Electric (“Electric Service Provider”) is the utility company selected by Landlord to provide electricity service for the Building. Notwithstanding the foregoing, Landlord will have the right at any time and from time to time
during the Lease Term to either contract for service from a different company or companies providing electricity service (each such company will hereinafter be referred to as an “Alternate Service Provider”) or continue to contract for
service from the Electric Service Provider. Tenant will cooperate with Landlord, the Electric Service Provider, and any Alternate Service Provider at all times and, as reasonably necessary, will allow Landlord, Electric Service Provider, and any
Alternate Service Provider reasonable access to the Building’s electric lines, feeders, risers, wiring, and any other machinery within the Premises. 
  
 Landlord shall in no way be liable or responsible for any loss, damage, or expense that Tenant may sustain or incur by reason of any change, failure, interference,
disruption, or defect in the supply or character of the electric energy furnished to the Premises, or if the quantity or character of the electric energy supplied by the Electric Service Provider or any Alternate Energy Provider is no longer
available or suitable for Tenant’s requirements, and no such change, failure, defect, unavailability, or unsuitability shall constitute an actual or constructive eviction, in whole or in part, or entitle Tenant to any abatement or diminution of
rent, or relieve Tenant from any of its obligations under this Lease. Notwistanding the foregoing, in the event of any such failure which (i) renders the Premises untenantable, (ii) is within Landlord’s control to remedy and (iii) continues
uninterrupted for a period of five (5) business days, the Base Rent shall abate for the number of 
  

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 days such failure continues beyond such five (5) business day period. In addition, if such failure continues for thirty
(30) consecutive days, Tenant shall have the right at its option to terminate this Lease by sending Landlord written notice of such election prior to the failure having been corrected. 
  
 SECTION 4.5 PARKING AND STORAGE. Tenant will pay to Landlord, during the entire term of this Lease, in monthly installments payable in
advance on the first day of each calendar month, without any offset or deduction whatsoever or any prior demand, except as otherwise provided herein, the amounts set forth in any Parking Addendum and/or any Storage Space Addendum incorporated in
this Lease. Unless Tenant executes a Parking Addendum or Storage Space Addendum, Tenant will have no right to use any underground parking facilities or storage facilities of the Building, respectively. 
  
 SECTION 4.6 INTEREST ON PAST DUE OBLIGATIONS. Except as may expressly be provided in this
Lease to the contrary, any amount due to Landlord not paid when due will bear interest at the rate of five percent (5%) per annum greater than the prime rate as published in the Wall Street Journal as the same may fluctuate from and after the date
on which the payment was first due through the date on which the payment is paid in full, provided, however, that the payment of such interest will in no event exceed the highest rate allowed under applicable law. Payment of such interest will not
excuse or cure any default by Tenant under this Lease. The exercise of this right by Landlord will not be construed to be a waiver of any default by Tenant or of any other right which Landlord may exercise under this Lease. 
  
 SECTION 4.7 LATE CHARGES. Tenant hereby acknowledges that late payment of rent and other sums
due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges, and late charges that
may be imposed on Landlord by the terms of any mortgage covering the Premises. Accordingly, if any installment of Base Rent, Additional Rent or any other sum due from Tenant is not received by Landlord or Landlord’s designee within five (5)
days after said amount is due, then Tenant will immediately pay to Landlord a late charge equal to ten percent (10%) of such overdue amount or the sum of One Hundred Dollars ($100.00), whichever is greater provided, however, such late charge will
only be applied upon the second occurrence during the Term of the Lease (as extended). The parties hereby agree that such late charge represents a fair and reasonable estimate of the cost Landlord will incur by reason of late payment by Tenant, and
is in addition to Interest on Past Due Obligations. Acceptance of such late charge by Landlord will in no event constitute a waiver of Tenant’s default with respect to such overdue amount, or prevent Landlord from exercising any of the other
rights and remedies granted under this Lease. 
  
 ARTICLE V. SECURITY DEPOSIT

  
 SECTION 5.1 AMOUNT OF DEPOSIT. Tenant will deposit with Landlord upon
execution hereof the sum set forth in Section 0.08. Said deposit will be held by Landlord, with right of comminglement and use, and without liability for interest or duty to render accounting, as security for the faithful performance by Tenant of
all terms, covenants and conditions of this Lease by Tenant to be kept and performed during the term hereof. 
  
 SECTION 5.2 USE AND RETURN OF DEPOSIT. If Tenant fails to keep and perform any of the terms, covenants and conditions of this Lease beyond any applicable cure period, then Landlord at its option may apply said
deposit, or so much thereof as may be necessary to compensate Landlord for loss or damage sustained or suffered by Landlord due to such breach on the part of Tenant. Should the entire deposit, or any portion thereof, be so applied by Landlord, then
Tenant will, upon Landlord’s demand, forthwith remit to Landlord a sufficient sum to restore said security to the original sum deposited, and Tenant’s failure to do so within ten (10) days after receipt of such demand will constitute a
breach of this Lease. Should Tenant comply with all of said terms, covenants and conditions and promptly pay all of the rents herein provided for as they fall due, and all other sums payable by Tenant hereunder, said deposit will be returned in full
to Tenant at the end of the term of this Lease. 
  
 SECTION 5.3 TRANSFER OF
DEPOSIT. Landlord may transfer the security deposit to any purchaser of Landlord’s interest in the Premises, and thereupon Landlord will be discharged from any further liability with respect to said deposit. 
  

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 ARTICLE VI. SERVICES BY LANDLORD 
  
 SECTION 6.1 BASIC SERVICES. Provided Tenant is not in default of its obligations under this Lease beyond any applicable cure period,
Landlord agrees to furnish for the Premises the following services, consistent with the standards of a modern first-class office building, and subject to the reimbursement provisions of Section 4.3: 
  
 (a) Heating, ventilation and air conditioning (as required by the season),
at such temperatures and in such amounts as provided to similarly situated modern first class office buildings in Madison, Wisconsin and as may be reasonably required for comfortable use and occupancy under normal business operations. Whenever heat
generating machines or equipment are used by Tenant in the Premises which affect the temperature otherwise maintained by the air conditioning system, as determined by Landlord, Landlord reserves the right to install supplementary air conditioning
units in the Premises, and the costs therefor, including the cost of installation, operation and maintenance thereof, will be paid by Tenant to Landlord upon thirty (30) days after written demand therefor. Tenant’s Premises shall contain an
after hours HVAC override switch as part of Landlord’s Work that will enable Tenant to heat and cool its Premises after standard business hours. (b) Electric current in reasonably sufficient amounts for normal business use, including operation
of building standard lighting and general office machines of a type that are typically used in modern, first class offices, such as personal computers, facsimile machines, copiers, scanners, telephone system equipment, and the like as measured at
the time of execution of this Lease (“Building Standard for Electric”). Landlord will not be liable or responsible to Tenant for any loss or damage or expense which Tenant may sustain or incur if either the quantity or character of the
electric service changes for causes outside of Landlord’s control. 
  
 (c) Janitorial cleaning service and refuse removal will be furnished after normal business hours on Monday through Friday (exclusive of legal holidays). The level of janitor service will not include carpet shampooing,
drapery cleaning, or cleaning, maintenance, or supplies for food facilities, special equipment areas, or locker rooms located within the Premises. If Tenant requests such services to be provided to the Premises on Saturdays, Sundays, legal holidays,
or times other than as specified, or if Tenant requires a level of services in excess of those to be provided by Landlord in accordance with this Section 6.1, Tenant will pay Landlord as Additional Rent the cost of those additional services based
upon actual costs incurred by Landlord in providing such services. 
  
 (d) Window washing of all exterior windows at intervals determined solely by Landlord. 
  
 (e) Men’s and women’s restrooms situated on the floor on which the Premises are located together with hot and cold or tempered water for use in
said restrooms. 
  
 (f) Cold and hot water for any restroom or
lunchroom facilities installed in the Premises by Tenant. 
  
 (g)
One refrigerated drinking fountain on the floor on which the Premises are located. 
  
 (h) Passenger elevator service in common with others. 
  
 (i) An elevator equipped for freight usage subject to scheduling by Landlord (provided, however, Landlord will allow use of the such elevator during Tenant’s move-in and move-out at times reasonably requested by
Tenant). 
  
 (j) A clean, street-level lobby, entrance way,
elevator lobby, public corridor, and other public portions of the Building for use in common with others. 
  
 (k) Building directory located in close proximity to the primary entrance of the Building listing Tenant’s name and suite number and
Building-standard signage at the entry to Tenant’s Premises at no extra charge to Tenant. 
  
 (l) Relamping and maintaining building standard fluorescent lighting fixtures installed in the Premises. 
  
 Unless otherwise provided above, all services shall be furnished between the hours of 7:00
a.m. and 6:00 p.m. on weekdays and from 9:00 a.m. to 1:00 p.m. on Saturdays, with the exception of legal holidays. 
  
 SECTION 6.2 INTERRUPTIONS OF SERVICES. If any services to be provided are suspended, interrupted, or varied by strikes, accidents, repairs, maintenance, alterations,
orders from any governmental authority, or any cause beyond Landlord’s control, Landlord will not be liable for any damages, direct, indirect, or consequential, or for damages for personal discomfort, illness, or inconvenience of Tenant, its
employees, agents, or invitees, or for loss, damage or theft of Tenant’s improvements, equipment or property, unless caused by the deliberate act or negligence of Landlord, its agents, or employees. Except as set forth herein, suspension or
interruption will not result in any abatement of rent, be deemed an eviction, or relieve Tenant 
  

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 of performance of Tenant’s obligations under this Lease. Notwithstanding the foregoing, in the event of any such
suspensionor interruption wich (i) renders the Premises untenantable, (ii) is within Landlord’s control to remedy and (iii) continues uninterrupted for a period of five (5) business days, the Base Rent shall abate for the number of days such
failure continues beyond such five (5) business day period. In addition, if such suspension or interruption continues for thirty (30) consecutive days, Tenant shall have the right at its option to terminate this Lease by sending Landlord written
notice of such election prior to the susupension or interruption having been corrected. 
  
 ARTICLE VII. INSTALLATION, REPAIRS AND MAINTENANCE OF LEASED PREMISES 
  
 SECTION 7.1 MAINTENANCE BY LANDLORD. Landlord will keep and maintain in good condition and repair the structural components of the Building and the Building systems, including the roof, foundation, electrical, plumbing, HVAC, mechanical,
and fire and life safety systems in the Building (with respect to utilities, up to the point of entry to the Premises), exterior windows and Common Areas, and all costs incurred by Landlord in making any such repairs or maintenance will be, to the
extent permitted under the definition of Operating Costs under this Lease, reimbursable to Landlord as Operating Costs of the Building. Notwithstanding the foregoing, the cost of performing any such maintenance and repairs as may be required by
reason of the acts of Tenant, its employees, agents, invitees, licensees and contractors, will be paid by Tenant, at its sole expense. When used in this paragraph, the term “repairs” will include replacements or renewals when necessary,
and all such “repairs”, whether made by Landlord or Tenant, will be made by a qualified contractor and will be equal in quality and class to the original work. Landlord will have no obligation to perform any act that is the obligation of
Tenant or any other tenant in the Building. Other than as specifically provided in this Section, Landlord will not be obligated to make any repairs or improvements of any kind, in, upon, about or to the Premises or the Building. Tenant will, upon
the discovery of any defect in or injury to the Building, or any need of repairs thereto, promptly report the same to Landlord in writing specifying such defect, injury or need of repair 
  
 Landlord reserves the exclusive right from time to time to install, use, maintain, repair, replace and relocate pipes, ducts, conduits,
cables, wires, vents and appurtenant fixtures, to and through the Premises and to alter or relocate any other facility in the Building as Landlord deems reasonably necessary or appropriate for the proper operation and maintenance of the Building
(including the servicing of other tenants in the Building), and reserves the right at all times to transmit water, heat, air-conditioning, electronic signals and electric current through such pipes, ducts, conduits, cables, plumbing, vents and
wires, provided the same does not unreasonably interfere with Tenant’s use or occupancy of and access to the Premises or parking. 
  
 SECTION 7.2 MAINTENANCE BY TENANT. Subject to Landlord’s maintenance and repair obligations set forth in Section 7.1, Tenant, at Tenant’s expense, will keep and
maintain in good order, condition and repair the improvements to the Premises and every part thereof, including, without limiting the generality of the foregoing, lighting facilities and equipment within the Premises, any intra-Building telephone
and network cabling installed to exclusively serve the Premises, whether or not fully contained within the Premises, fixtures, interior walls and interior surfaces of exterior walls, ceilings, windows, doors, plate and window glass (except the
exterior), moldings, floor covering, water coolers, whether installed or owned by Landlord or Tenant. Tenant will repair all damage or injury to the Building or to fixtures, appurtenances, and equipment of the Building caused by Tenant’s
installation or removal of its property or resulting from any acts or conduct of Tenant, its employees, contractors, agents, licensees, or invitees. In the event that Tenant fails to keep and maintain the Premises in good order, condition and repair
while this Lease is in effect, and Tenant fails to make necessary maintenance and repairs as soon as commercially reasonable after notice by Landlord, then Landlord may, if the same remains uncured within thirty (30) days after written notice to
Tenant, restore the Premises to such good order and condition and make such repairs without liability to Tenant for any loss or damage that may accrue to Tenant’s property or business by reason thereof, and Tenant will pay Landlord upon demand
as Additional Rent the cost of restoring the Premises to such order and condition (and included in such cost will be an eight (8%) percent for overhead and administration fee). Notwithstanding anything contained herein to the contrary, in the event
any necessary maintenance and repair cannot be completed within thirty (30) days following Landlord’s notice to Tenant, but Tenant undertakes such maintenance and repair within such thirty (30) day period and diligently pursues same to
completion, Landlord shall not have the right to restore or repair the Premises as provided herein. 
  
 SECTION 7.3 ENVIRONMENTAL PROTECTION. Tenant covenants, represents, and warrants that Tenant’s use of the Premises do not and will not involve the use, storage, generation, or disposal of Hazardous 
  

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 Materials (as defined herein), and that Tenant shall not cause or permit any Hazardous Materials to be brought, used,
stored, generated, or disposed on or about the Premises or Building by Tenant, its agents, employees, subtenants, assigns, contractors, subcontractors, or invitees, except ordinary janitorial and office products customarily used by tenants in
connection with executive office use which products are used and stored at the Premises in the proper manner, in the usual and customary quantities, and in compliance with all laws including, without limitation, Environmental Laws. Tenant shall
immediately provide Landlord with written notice (i) of any actual or suspected breach hereunder; (ii) of the presence or release of any Hazardous Materials on or about the Premises or the Building; or (iii) of its receipt of any notice from any
governmental agency or third party pertaining to Hazardous Materials which may affect the Premises or the Building. The parties acknowledge that this Section will survive the termination or expiration of this Lease. If Landlord receives notice of
any alleged violation of any Environmental Law having been committed or about to be committed by Tenant, Landlord may, at its option immediately exercise any or all remedies available under this Lease or at law or in equity all without giving Tenant
any notice or an opportunity to cure the default (notwithstanding any notice and cure provision or other Lease provisions to the contrary). 
  
 ARTICLE VIII. CONDUCT OF BUSINESS 
  
 SECTION 8.1 BUSINESS USE. Tenant will use the Premises solely, exclusively and for no other purpose than that defined in Section 0.09, provided that the foregoing will
not be construed as a representation or guarantee by Landlord that such business may lawfully be conducted on the Premises. Tenant will not permit, or suffer the use of, the Premises for any other business or purpose without Landlord’s prior
written consent, which Landlord shall not unreasonably withhold, condition or delay. Tenant will not permit business to be operated in or from the Premises by any concessionaire or licensee. 
  
 Tenant will not do anything nor permit anything to be done, in or about the Premises, or
keep, use, offer or sell in or from the Premises any article, which will cause the cancellation of any insurance policy or increase the rate of fire or liability insurance on the Premises or the Building, or conflict with the laws related to fire,
or with the regulations of the fire department, or with any insurance policy on the Building or any part thereof, or conflict with any laws, statutes, ordinances, rules or regulations of the United States, Wisconsin, or the municipality in which the
property is located. In case the rate of insurance on said Building will be increased beyond the present rate by reason of the nature of the business of Tenant or any subtenant, then Tenant agrees to reimburse Landlord for the amount of such excess
insurance premiums thereby caused, at the time when such premiums will be due and payable, and such payments will be due and collected by Landlord as Additional Rent. 
  
 SECTION 8.2 RULES AND REGULATIONS. Tenant will faithfully observe and comply with the reasonable, non-discriminatory rules and regulations
that Landlord will from time to time promulgate in accordance with this Section, including without limitation any rules and regulations attached to this Lease, which are incorporated herein by reference. Tenant’s failure to keep and observe
such rules and regulations will constitute a breach of the terms of this Lease in the same manner as if such rules and regulations were contained herein as covenants. Landlord reserves the right from time to time to reasonably amend, rescind, and
adopt reasonable and non-discriminatory additional rules and regulations as in its reasonable judgment is necessary for the safety, protection, care and cleanliness of the Building, the operation thereof, the preservation of good order therein, and
the protection and comfort of its tenants, their agents, employees and invitees, which rules when made and notice thereof given will be binding upon Tenant in like manner as if originally herein prescribed. Landlord will not be responsible to Tenant
for the nonperformance of any of said rules and regulations by any other tenants or occupants. 
  
 SECTION 8.3 ALTERNATIVE TELEPHONE OR TELECOMMUNICATIONS PROVIDER. In the event that Tenant wishes to utilize the services of a telephone or telecommunications provider whose equipment is not servicing the Building as
of the date of Tenant’s execution of this Lease (“Provider”), no such Provider shall be permitted to install its lines or other equipment within the Building without first securing the prior written consent of Landlord, which consent
shall not be unreasonably withheld. Unless all of the following conditions are satisfied to Landlord’s reasonable satisfaction in a written agreement between Provider and Landlord or by any other means acceptable to Landlord in its reasonable
judgment, it shall be reasonable for Landlord to refuse to give its consent unless: 
  
 (a) Landlord shall incur no expense whatsoever with respect to any aspect of Provider’s provision of its services, including without limitation, the costs of installation, materials, and service; 
  

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 (b) Prior to the commencement of any work in or about the Building by the Provider, the Provider shall
agree to abide by such rules and regulations, job site rules, and such other requirements as reasonably determined by Landlord to be necessary to protect the interest of the Building, the tenants in the Building, and the Landlord, including without
limitation, providing security in such form and amount as determined by Landlord; 
  
 (c) Landlord reasonably determines that there is sufficient space in the Building for the placement of all of the Provider’s equipment and materials; 
  
 (d) Provider agrees to compensate Landlord the reasonable amount determined by Landlord for space used in the Building for
the storage and maintenance of the Provider’s equipment and for all costs that may be incurred by Landlord in arranging for access by the Provider’s personnel, security for Provider’s equipment, and any other such costs as Landlord
may expect to incur. 
  
 The provisions of this clause may be enforced solely by
the Tenant and Landlord, and are not for the benefit of any other party, specifically, without limitation, no telephone or telecommunications provider shall be deemed a third party beneficiary of the Lease. 
  
 SECTION 8.4 GOVERNMENTAL REGULATIONS. Under no circumstances, except as caused by
Landlord’s negligence or willful misconduct, will Landlord be liable to Tenant for damages or otherwise resulting from any delay or total failure by Tenant in obtaining required governmental approvals and occupancy permits as may be required
for Tenant’s business use. Any delay hereunder will neither void nor terminate this Lease. Tenant will, at its sole cost, observe and comply with all ordinances or laws, rules, orders, regulations and requirements of federal, state, county and
municipal authorities, or any other applicable governmental authority, now in force or which may hereafter be in force, which impose any duty upon Landlord or Tenant with respect to the use, occupancy or alteration of the Premises. 
  
 SECTION 8.5 LIENS AND OBLIGATIONS. Tenant will not create or permit others to create any lien
or obligation against Landlord by reason of making repairs or installing material, fixtures or equipment, and further agrees to hold Landlord harmless from all claims and demands by any third party in any manner connected with repairs or
installations undertaken by Tenant. 
  
 SECTION 8.6 WASTE OR NUISANCE. Tenant will
not commit or suffer to be committed any waste upon the Premises or any nuisance or other act or thing which may unreasonably disturb the quiet enjoyment of any other tenant in the Building in which the Premises are located. Landlord is not
responsible to Tenant for the waste, nuisance, or disturbances caused by other tenants of Building. 
  
 ARTICLE IX. INSURANCE AND INDEMNITY [NOTE: SUBJECT TO REVIEW BY RISK MANAGEMENT.] 
  
 SECTION 9.1 INSURANCE BY TENANT. Tenant will, at its cost and expense, obtain and maintain at all times during the Lease Term, commercial general liability insurance with
a combined personal injury and property damage limit of not less than One Million Dollars ($1,000,000) for each occurrence and not less than Two Million Dollars ($2,000,000) in the aggregate for this location, insuring against all liability of
Tenant and its representatives arising out of and in connection with Tenant’s use, maintenance or occupancy of the Premises and all areas appurtenant thereto. Landlord, and other parties designated by Landlord and having an interest in the
Building, will be named as additional insured. Tenant will increase its insurance coverage as may be required from time to time if, in the reasonable opinion of Landlord or Landlord’s mortgagee, the amount of public liability coverage at that
time is not adequate. The limits of such insurance will not, however, limit the liability of Tenant hereunder. Tenant will furnish Landlord a certificate evidencing such insurance, prepared on the ACORD 27 form or other form reasonably acceptable to
Landlord. Such policies of insurance will contain provisions or endorsements preventing their cancellation, discontinuance or alteration without at least thirty (30) days’ prior written notice to Landlord. The insurance secured by Tenant will
insure performance by Tenant of the indemnity provisions of this Lease to the extent of claims for bodily injury and property damage, will be considered primary and not in excess of coverage Landlord may carry, and will afford coverage after the
termination of this Lease for all claims based on acts, omissions, injury or damage which occurred or arose in whole or in part during the term of this Lease. The insurance secured by Tenant will apply on a primary basis to Landlord, even if
Landlord has other liability coverage. Tenant will at its expense obtain and maintain all-risks property and casualty insurance coverage, written at replacement cost value and with replacement cost endorsement, covering all Tenant’s personal
property in the Premises and all improvements, alterations or additions made to the Premises by Tenant, but exclucing improvements 
  

 13 

 constructed by Landlord as part of Landlord’s Work, which improvements shall be insured under Landlord’s
all-risk insurance policy. All insurance required under this section will be issued by insurance companies licensed to do business in the jurisdiction where the Building is located. Such companies will have a policyholder rating of at least
“A” and be assigned a financial size category of at least “Class X” as rated in the most recent edition of “Best’s Key Rating Guide.” If Tenant fails to comply with the aforesaid requirements, Landlord may obtain
such insurance and keep the same in force and effect and Tenant will pay Landlord the cost thereof, on demand, as Additional Rent. 
  
 SECTION 9.2 INSURANCE BY LANDLORD. Landlord will maintain insurance in connection with the Building, which may be a blanket policy covering other properties the cost of
which may be fairly allocated to this Building, against such perils and in such amounts as Landlord may from time to time determine to be advisable or which any mortgagee or creditor of Landlord requires Landlord to carry, which shall include
without limitation all-risk casualty coverage with replacement cost endorsement covering the Building and the improvements in the Premises installed as part of Landlord’s Work, commercial general liability, umbrella liability, boiler and
machinery coverage, and rent loss insurance. The named insured on all policies of insurance will be Landlord and, if required, any mortgagee or creditor of Landlord. The cost of all insurance maintained by Landlord will be a part of the Operating
Costs for the Building. It is understood that the insurance carried by Landlord does not cover the risk of loss or damage to Tenant’s personal property, equipment, improvements, fixtures or loss of income. 
  
 SECTION 9.3 EXEMPTION OF LANDLORD FROM LIABILITY. Tenant hereby agrees that Landlord will not
be liable for any damage or loss suffered by the business of Tenant, or any damage to, or loss of, property in the Premises belonging to Tenant, its employees, agents, visitors, invitees or other persons in or about the Premises, nor will Landlord
be liable for injury to the person of Tenant, or its employees, agents, visitors, invitees or other persons in or about the Premises, from any cause whatsoever, including, without limitation loss, damage or injury caused by or resulting from fire,
steam, electricity, gas, water or rain, or from the breakage, leakage, obstruction or other defects of pipes, sprinklers, wires, appliances, plumbing, air conditioning or lighting fixtures, or from any other cause whatsoever, whether the said damage
or injury results from conditions arising upon the Premises or Building, or from other sources or places, and regardless of whether the cause of such injury or the means of repairing the same is inaccessible to Landlord or Tenant. Landlord will not
be liable for any injury or damage (including lost profits) caused by other tenants or persons in the Premises, occupants of adjacent property to the Building, or the public, or caused by operations in construction of any private, public or
quasi-public work. All property of Tenant kept or stored on the Premises will be so kept or stored at the risk of Tenant only and Tenant will hold Landlord harmless from any claims arising out of damage to the same, including subrogation claims by
Tenant’s insurance carrier. Tenant, as a material part of the consideration to Landlord, hereby assumes all risk of damage to property or injury to persons, in, upon or about the Premises arising from any cause, and Tenant hereby waives all
claims in respect thereof against Landlord. However, notwithstanding the foregoing, Landlord will not be exempt from liability resulting from its own willful misconduct or negligence. 
  
 SECTION 9.4 COVENANT TO HOLD HARMLESS. Tenant agrees to indemnify, defend and hold harmless Landlord against and from any and all claims
except and to the extent arising from the negligence or willful misconduct of Landlord, arising from (i) the use or occupancy of the Premises by Tenant, (ii) any activity, work, or thing done, or permitted or suffered by Tenant in or about the
Premises or elsewhere in the Building, (iii) any breach or default on the part of Tenant in the performance of any covenant or agreement to be performed under the terms of this Lease, or (iv) from any act of negligence of Tenant, its agents,
contractors, servants, employees, subtenants, concessionaires or licensees. If any action or proceeding is brought against Landlord by reason of any such claim, Tenant, upon notice from Landlord, covenants to defend such action or proceeding by
counsel reasonably satisfactory to Landlord. 
  
 Landlord agrees to indemnify,
defend and hold harmless Tenant against and from any and all claims, except and to the extent arising from the negligence or willful misconduct of Tenant, arising from (i) the use or occupancy of the Common Areas by Landlord, (ii) any activity,
work, or thing done, or permitted or suffered by Landlord in or about the Common Areas or elsewhere in the Building, (iii) any breach or default on the part of Landlord in the performance of any covenant or agreement to be performed under the terms
of this Lease, or (iv) from any act of negligence of Landlord, its agents, contractors, servants, employees, subtenants, concessionaires or licensees. If any action or proceeding is brought against Tenant by reason of any such claim, Landlord, upon
notice from Tenant, covenants to defend such action or proceeding by counsel reasonably satisfactory to Tenant. 
  

 14 

 SECTION 9.5 WAIVER OF RECOVERY. Landlord and Tenant do each hereby relieve and release the other and waive their entire
claim of recovery for loss or damage to the Premises or Building, or loss of the use thereof, arising out of or incident to any occurrence or act to be insured against by either party under the terms of this Lease, whether or not such insurance has
actually been secured, and whether loss or damage is due to the negligence of either Landlord or Tenant, their officers, agents, licensees, employees, guests, invitees, visitors, or otherwise. Tenant and Landlord will give notice to their respective
insurance carriers that the foregoing mutual waiver of recovery is contained in this Lease and will obtain policies of insurance which will include a waiver by the insurer of all right of subrogation against Landlord or Tenant in connection with any
loss or damage thereby insured against. 
  
 ARTICLE X. DESTRUCTION OF LEASED
PREMISES OR BUILDINGS 
  
 SECTION 10.1 TOTAL OR PARTIAL INSURED DESTRUCTION.
If the Premises are damaged by fire or other insured casualty to the extent they are rendered untenantable in part, Landlord will at its own expense to the extent of available insurance proceeds cause such damage to be repaired (including
reconstruction of Landlord’s Work, but not including Tenant Work and Alterations). Landlord will use commercially reasonable efforts to effect such repairs promptly and in such manner as not to unreasonably interfere with Tenant’s
occupancy. Within sixty (60) days of such damage, Landlord shall notify Tenant of the estimated time to repair the damage. If such time is two hundred seventy (270) days or less, this Lease shall remain in full force and effect. If such time period
is greater than two hundred seventy (270) days, Tenant may, at its option within ten (10) days of receipt of such notice, terminate this lease by delivery of notice of such termination to Landlord. Notwithstanding this, if the actual time to repair
the Premises continues beyond three hundred sixty (360) days after such damage or other insured casualty Tenant shall have the right to terminate this Lease upon written notice to Landlord of its election to so terminate. If such damage occurs
during the last year of the term of this Lease, Landlord or Tenant will have the right to terminate this Lease upon delivery of written notice of termination to the other party within ninety (90) days after the date such damage occurred. If the
Premises are rendered wholly untenantable by reason of such damage, either Landlord or Tenant may terminate this Lease as of the date of such damage by delivery of written notice of such party’s election to terminate to the other party within
ninety (90) days after the date such damage occurred, provided, however, if neither party has terminated this Lease, Landlord will proceed with reasonable diligence to restore the Premises as set forth above. If the Building is destroyed or damaged
by fire or other casualty to the extent of one-fourth (1/4) or more of the Rentable Area, notwithstanding that the Premises may be unaffected by such fire or other casualty, and Landlord determines not to rebuild or repair said damage, then so long
as Landlord terminates substantially all other tenancies in the Building, this Lease may be terminated by Landlord upon ninety (90) days’ written notice and thereupon this Lease will end and Tenant will surrender possession and rent will be
adjusted as of the date of such termination. 
  
 SECTION 10.2 UNINSURED CASUALTY.
In the event the Premises are damaged to any extent by any casualty, act, or occurrence not covered by Landlord’s insurance, Landlord may repair the damage, in which event this Lease will continue, or Landlord may elect not to repair the damage
and to terminate this Lease upon delivery of written notice to Tenant within ninety (90) days after the date such damage occurred. 
  
 SECTION 10.3 DAMAGE TO TENANT’S IMPROVEMENTS. If Landlord is obligated to or elects to repair or restore as provided herein, Landlord will be obligated to make
repairs or restoration only of those portions of the Building and Premises that were originally provided at Landlord’s expense (including Landlord’s Work but not including Tenant Improvements and Alterations). The repair and restoration of
items in the Premises not provided at Landlord’s expense will be the obligation of Tenant. 
  
 SECTION 10.4 PARTIAL ABATEMENT OF RENT. Tenant agrees that during any period of reconstruction or repair of the Premises, Tenant will continue the operation of Tenant’s business within the Premises to the extent
practicable. If all or any portion of the Premises are untenantable because of damage or destruction by fire or other causes not resulting from fault or negligence of Tenant, its agents, employees, contractors, or invitees, and Landlord is required
or elects to repair such damage, Tenant’s Base Rent will be abated to the extent the Premises are untenantable, from the date of the occurrence until repairs by Landlord are completed or until Tenant again uses the untenantable portion for the
conduct of its normal business operations, whichever occurs first. However, there will be no abatement of other sums to be paid by Tenant as required by the provisions of this Lease. 
  

 15 

 SECTION 10.5 REQUIREMENTS OF MORTGAGEE. If Landlord’s mortgagee, ground landlord or other creditors should require
that insurance proceeds payable upon damage to or destruction of the Building or Premises by fire or other casualty, be used to retire or apply on the debt secured by its mortgage, ground lease or security agreement, Landlord will, in such event,
have no obligation to repair or rebuild such damage. In such event, this Lease will terminate, at Landlord’s election, upon delivery of written notice of termination to Tenant. 
  
 SECTION 10.6 EXPRESS AGREEMENT. This Lease will be considered an express agreement governing any case of damage to or destruction of the
Building or the Premises by fire or other casualty. Any law presently in effect or subsequently enacted that purports to govern the rights of Landlord and Tenant will have no application. 
  
 ARTICLE XI. ASSIGNMENT OR SUBLETTING 
  
 SECTION 11.1 ASSIGNMENT OR SUBLETTING. Tenant will not assign, mortgage, pledge, sell, or in any manner transfer this Lease or any estate or interest hereunder, and will
not sublet the Premises or any part or parts thereof, without express written consent of Landlord, which will not be unreasonably withheld, conditioned or delayed. This Lease, and Tenant’s interest therein, will not be assignable by operation
of law. Landlord’s right to assign this Lease is and will remain absolute and unqualified. 
  
 Landlord will not be deemed unreasonable in the exercise of its discretion for withholding its consent to any proposed transfer under this section if (i) the occupancy resulting from such transfer will not be
consistent with the general character of the business carried on by the tenants of the Building or violates any rights or options held by any other tenant of the Building; or (ii) the proposed occupant pursuant to the transfer does not have the
financial strength and stability to perform its rental obligations or Landlord is unable to obtain guarantees from one or more affiliates of the proposed occupant in order to secure such financial obligations; or (iii) any proposed sublease does not
incorporate this Lease in its entirety so as to be subject to this Lease’s terms, or any such sublease does not require the sublease to attorn to Landlord at Landlord’s option in the event of a default by Tenant under this Lease; or (iv)
if Tenant does not execute an agreement with Landlord requiring Tenant to pay to Landlord, as Additional Rent, fifty percent (50%) of all moneys or other consideration received by Tenant from its transferee (whether paid to Tenant as consideration
for Tenant’s transfer of property or other assets to the transferee or as consideration for the transferee’s occupancy of the Premises) in excess of the amounts owed by Tenant to Landlord under this Lease, which Additional Rent will be
paid to Landlord as and when received by Tenant. 
  
 Notwithstanding anything
contained herein to the contrary, Tenant may assign this Lease or sublet the Premises or any portion thereof, without Landlord’s consent, to any parent, subsidiary or affiliate corporation which controls, is controlled by or is under common
control with Tenant, or to any corporation resulting from a merger or consolidation with Tenant, or to any person or entity which acquires all or substantially all of the assets of Tenant’s business as a going concern. 
  
 In the event of a permitted assignment by Tenant, Tenant will remain liable for the faithful
performance of all the terms and conditions in this Lease in the event that the assignee will default in the performance of the terms and conditions, or in the payment of the rent required thereby. 
  
 SECTION 11.2 CORPORATE OWNERSHIP. If Tenant is a corporation and if at any time during the
term of this Lease any part or all of the corporate shares of said corporation are transferred by sale, assignment, operation of law or other disposition (except transfers by gift, bequest or inheritance) so that the result of such transfer would be
the loss of effective voting control of said corporation by the person or persons owning a majority of said corporate shares at the date of this Lease, Tenant will notify Landlord in writing of such changes and Landlord may terminate this Lease at
any time after such change in control by giving Tenant 90 days’ written prior notice of such termination. This Section, however, will not apply if on the date this Lease is executed Tenant is a corporation, the outstanding common stock of which
is listed on a recognized security exchange, or if at least 80% of Tenant’s stock is owned by another corporation, the common stock of which is so listed. 
  

 16 

 ARTICLE XII. DEFAULTS 
  
 SECTION 12.1 DEFAULTS. The occurrence of any one or more of the following events will constitute an Event of Default under this Lease by Tenant: 
  
 (a) Failure by Tenant to make any payment of rent or any other payment
required to be made by Tenant hereunder, as and when due, where such failure will continue for a period of ten (10) days after written notice by Landlord. 
  
 (b) Failure of Tenant to comply with any provision of this Lease other than payment of rent, with such failure continuing for thirty (30) days after
written notice by Landlord specifying the nature of non-compliance by Tenant with reasonable particularity provided. However, if the nature of Tenant’s default is such that more than thirty (30) days are reasonably required for its cure, Tenant
will not be in default if Tenant promptly commences or has commenced such cure and thereafter diligently proceeds to cure such default within a period of time which, under all prevailing circumstances, will be reasonable. Furthermore, no notice of
default shall be required in the case of a violation by Tenant of Sections 15.1 or 15.3. 
  
 (c) (i) Insolvency of Tenant or the execution by Tenant of an assignment for the benefit of creditors; or (ii) Filing by or against Tenant of a petition to have Tenant adjudged bankrupt, or a petition for
reorganization or arrangement under any law relating to bankruptcy (unless in the case of a petition filed against Tenant, the same is dismissed within ninety (90) days); or (iii) Appointment of a trustee or receiver to take possession of
substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where possession is not restored to Tenant within sixty (60) days; or (iv) Attachment, execution or other judicial seizure of substantially
all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not discharged within sixty (60) days. 
  
 If, however, during any 365 day period Tenant commits two (2) monetary or three (3) identical non-monetary defaults of wich Landlord has notified Tenant, where such
notice is required, Landlord may, at its option, immediately exercise any or all remedies available under this Lease or at law or in equity, all without giving Tenant any notice or an opportunity to cure the last (i.e. the third or subsequent)
default (notwithstanding any notice and cure provision or other Lease provisions to the contrary). 
  
 SECTION 12.2 LANDLORD’S REMEDIES. Upon the occurrence of any Event of Default, Landlord will have the option to do any one or more of the following without any notice or demand: 
  
 (a) Landlord may terminate this Lease, in which event Tenant will
immediately surrender the Premises to Landlord. If Tenant will fail to do so, Landlord may without notice and prejudice to any other remedy available, enter and take possession of the Premises and remove Tenant or anyone occupying the Premises and
its effects without being liable to prosecution or any claim for damages. Tenant will indemnify Landlord for all loss and damage suffered by Landlord because of such termination whether through inability to relet the Premises or otherwise, including
without limitation any loss of rent for the remainder of the Term of this Lease. If Landlord elects to terminate this Lease, Tenant’s liability to Landlord for damages will survive such termination. 
  
 (b) Landlord may declare the entire amount of all rent past due as well as
that which would have become due and payable during the remainder of the Term of this Lease, discounted to present value and reduced by an amount equal to the fair market value of the Lease through the end of the Term, also discounted to present
value, to be due and payable immediately. In this event, Tenant will pay the same to Landlord immediately. Such payment will constitute payment of past due rent and payment in advance of the rent stipulated for the remainder of the Term of this
Lease. Acceptance by Landlord of the payment of such rent will not constitute a waiver of any then existing default occurring thereafter. 
  
 (c) Landlord may enter upon and take possession of the Premises as agent of Tenant without terminating this Lease and without being liable to prosecution
or any claim for damages. Landlord may relet the Premises and in that connection may make any suitable alterations or refurbish the Premises, or both, or change the character or use of the Premises. Landlord will not be required to relet for any use
or purpose other than that specified in this Lease or which Landlord may reasonably consider injurious to the Premises, or to any Tenant that Landlord may consider objectionable, in Landlord’s reasonable discretion. Landlord may relet all or
any portion of the Premises alone or in conjunction with other portions of the Building for a term longer or shorter than the term of this Lease at a rental rate greater or less than the 

  

 17 

 
then current rental rate provided in this Lease and upon such other terms (including the granting of concessions) as Landlord solely determines to be
acceptable. If Landlord elects to reenter and relet all or any portion of the Premises, Landlord will be entitled to recover as damages immediately, without waiting until the due date of any future rent, or until the date fixed for Expiration Date
of this Lease, the total of all rent owed and unpaid as of the date of the Event of Default. The Landlord can also recover the costs of reentry and reletting including without limitation the cost of any cleanup, refurbishing, removal of
Tenant’s property and fixtures, expenses from Tenant’s failure to quit the Premises and to leave them in the required condition, any remodeling costs, reasonable attorneys’ fees, court costs, brokers’ commissions, advertising
costs, and the difference between the rent and all of Tenant’s other obligations under this Lease and the actual rent received by Landlord from the Premises for the period commencing with the date of the Event of Default and continuing through
the date designated as the Expiration Date of this Lease. No such reentry or taking possession of the Premises will be construed as an election on Landlord’s part to terminate this Lease unless a written notice of such intention is given to
Tenant. Landlord, however, will have no duty to relet the Premises and Landlord’s failure to do so will not release Tenant’s liability for rent or damages. If Landlord elects to enter and relet the Premises, Landlord may at any time
thereafter elect to terminate this Lease for Tenant’s Event of Default. If Landlord takes possession of the Premises, Landlord will have the right to rent any other available space in the Building before reletting or attempting to relet the
Premises. 
  
 (d) Landlord may bring suit for the collection of
all sums or amounts with respect to which Tenant may be in an Event of Default and/or all damages attributable to any Event of Default by Tenant, or any action seeking injunctive relief to specifically enforce the covenants of Tenant in this Lease,
or any other suit or proceeding for any other relief available to Landlord at law or in equity. Landlord may sue periodically to recover damages during the period corresponding to the remainder of the term of this Lease, and no action for damages
will bar a later action for damages subsequently accruing. 
  
 (e) Landlord may do whatever Tenant is obligated to do by provisions of this Lease and may enter the Premises without being liable to prosecution or claim for damages in order to accomplish this purpose. Tenant will reimburse Landlord
immediately upon demand for any expenses that Landlord may incur in complying with the terms of this Lease on behalf of Tenant. Landlord will not be liable for any damages to Tenant from such action, whether caused by negligence of Landlord or
otherwise. 
  
 A termination of this Lease by Landlord or the recovery of
possession of the Premises by Landlord, or any voluntary or other surrender of this Lease by Tenant or a mutual cancellation thereof, will not work a merger and will, at the option of Landlord, terminate all or any existing franchises, concessions,
licenses, permits, subleases, subtenancies, departmental operating arrangements or the like between Tenant and any third party with respect to the Premises, or may, at the option of Landlord, operate as an assignment to Landlord of Tenant’s
interest in the same. 
  
 If Tenant will fail to remove any effects which it is
entitled to remove from the Premises upon the termination of this Lease, or upon a re-entry by Landlord for any cause whatsoever, or upon Tenant’s ceasing to possess the Premises for any reason, Landlord at its option may remove the same and
store or dispose of such effects without liability for loss or damage thereto, and Tenant agrees to pay to Landlord on demand any and all expenses incurred in such removal, including court costs, reasonable attorneys’ fees, storage and
insurance charges on such effects for any length of time the same will be in Landlord’s possession; or Landlord at its option, without notice, may sell such effects, or any of them, at private or public sale and without legal process, for such
price or consideration as Landlord may obtain, and apply the proceeds of such sale upon any amounts due under this Lease from Tenant to Landlord, and upon the expenses incidental to the removing, cleaning the Premises, selling said effects, and any
other expense, rendering the surplus, if any to Tenant; provided, however, in the event the proceeds of such sale or sales are insufficient to reimburse Landlord, Tenant will pay such deficiency upon demand. Tenant acknowledges and agrees that any
such disposition of Tenant’s property in the above-described manner by Landlord will be deemed to be commercially reasonable and that no bailment will be created by Landlord’s exercise of any of its rights under this subparagraph.

  
 Tenant, for itself and any and all persons claiming through or under Tenant
including its creditors, upon the termination of this Lease or expiration of the Lease term, or in the event of entry of judgment for the recovery of the possession of the Premises in any action or proceeding, or if Landlord will re-enter the
Premises by process of law or otherwise, hereby waives any right of redemption provided or permitted by any statute, law or decision now or hereafter in force. Tenant does hereby waive, surrender, and give up all rights or privileges 

  

 18 

 
which it or they may or might have under and by reason of any present or future law or decision to redeem the Premises or for a continuation of this Lease
after having been dispossessed or ejected therefrom by process of law or otherwise. 
  
 SECTION 12.3 BANKRUPTCY OF TENANT. Nothing contained in this Lease will limit or prejudice the right of Landlord to prove and obtain in proceedings for the termination of this Lease by reason of bankruptcy or insolvency, an amount equal to
the maximum allowed by any statute or rule of law in effect at the time when and governing the proceedings in which such damages are to be provided, whether or not such amount be greater, equal to or less than the amount of the damages recoverable
under the provisions of this Article. 
  
 SECTION 12.4 WAIVER OF JURY TRIAL AND
COUNTERCLAIMS. Landlord and Tenant hereby waive the right to a trial by jury in any action or proceeding between and among them or their successors on any matters whatsoever arising out of this Lease, the relationship of Landlord and Tenant,
Tenant’s use or occupancy of the Premises, and/or any claim of injury or damage. Tenant hereby waives the right to interpose a counterclaim in any proceeding instituted by Landlord against Tenant to terminate this Lease (except compulsory
counterclaims which must be raised by Tenant or lost), to obtain possession of the Premises, or to recover rent. This will not, however, be construed as a waiver of Tenant’s right to assert such claims in any separate action or actions brought
by Tenant. 
  
 SECTION 12.5 RIGHTS CUMULATIVE. All rights and remedies of Landlord
herein enumerated will be cumulative and none will exclude any other right or remedy allowed by law, and said rights and remedies may be exercised and enforced concurrently and whenever and as often as occasion therefor arises. Suit or suits for the
recovery of damages may be brought by Landlord, from time to time, at Landlord’s election, and nothing herein will be deemed to require Landlord to await the date whereon this Lease or the term hereof would have expired had there been no Event
of Default. 
  
 SECTION 12.6 LANDLORD DEFAULTS/TENANT REMEDIES. Landlord will not
be in default in the performance of any obligation required to be performed by Landlord under this Lease unless Landlord fails to perform such obligation within thirty (30) days after the receipt of written notice from Tenant specifying in detail
Landlord’s failure to perform; provided however, that if the nature of Landlord’s obligation is such that more than thirty (30) days are required for performance, then Landlord will not be deemed in default if it commences such performance
within such thirty (30) day period and thereafter diligently pursues the same to completion. Upon any default by Landlord, Tenant may exercise any of its rights provided at law or in equity. 
  
 ARTICLE XIII. SURRENDER OF PREMISES 
  
 SECTION 13.1 SURRENDER. On the last day of the Term of this Lease or upon the earlier
termination thereof for any reason, Tenant will peaceably and quietly surrender the Premises in good order, condition, and repair, broom-clean, reasonable wear and tear and casualty excepted, and will surrender all keys to the Premises to Landlord
at the place then fixed for the payment of rent and will inform Landlord of all combinations on locks, safes and vaults, if any, in the Premises. All improvements, alterations, or additions, whether temporary or permanent, made in or upon the
Premises, either by Landlord or Tenant, will be deemed a part of the Building and the property of Landlord and will remain upon and be surrendered with the Premises at the expiration or earlier termination of this Lease without compensation to
Tenant. However, Landlord may, at its option, require that Tenant remove any or all improvements, alterations, or additions (excluding Landlord’s Work, which shall remain in the Premises) at the expiration of the term or such other time at
which Tenant ceases to possess the Premises, and restore the Premises to their prior condition; provided, however, that Tenant shall only be required to remove such alterations, improvements or additions if, at the time of Landlord’s consent to
such alterations, improvements or additions, Landlord advised Tenant in writing that the same must be so removed. Tenant shall remove all furniture, movable trade fixtures, and equipment installed by Tenant at termination of this Lease. All such
removals will be accomplished in a workmanlike manner so as not to damage the Premises or the Building, including the structure or structural qualities of the Building or the plumbing, electrical lines, or other utilities. Any such furniture,
movable trade fixtures, and equipment not promptly removed by Tenant shall, at Landlord’s option be deemed conclusively to have been abandoned by Tenant and may be appropriated, sold, destroyed, or otherwise disposed of by Landlord without
notice to Tenant or obligation to compensate Tenant or to account therefor. Tenant will pay Landlord, on demand, all reasonable and actual costs incurred by Landlord in connection with such abandonment. The foregoing provisions will survive
expiration or termination of this Lease. 
  

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 ARTICLE XIV. QUIET ENJOYMENT 
  
 SECTION 14.1 LANDLORD’S COVENANT. Landlord represents and covenants that Tenant, provided Tenant is not in an Event of Default, shall
and may peaceably and quietly occupy the Premises during the Term of this Lease, including any properly exercised renewal or extension thereof. In addition, Landlord agrees to make reasonable efforts to protect Tenant from interference or
disturbance by other tenants or third persons. However, Landlord shall not be liable for any such interference or disturbance nor shall Tenant be released from any of the obligations of this Lease because of such interference or disturbance.
Notwithstanding the foregoing, Tenant acknowledges that maintenance and repairs on or about Premises, or construction and renovation work on the Building, may cause inconvenience to tenants or their customers, delays in delivery of services, lack of
access to certain areas, limits on available parking and similar consequences. Except as otherwise provided in this Lease, Tenant waives and relinquishes all claims hereafter arising against Landlord with respect to such work, and agrees that no
actions taken in connection with such work will permit Tenant to terminate this Lease or relieve Tenant of its obligations hereunder, including, without limitation, the obligation to pay all rent due hereunder. 
  
 ARTICLE XV. SALE OR MORTGAGING OF THE BUILDING 
  
 SECTION 15.1 SUBORDINATION. Tenant’s rights hereunder are hereby declared to be
subordinate to the lien of any mortgage or other security interest resulting from any method of financing or refinancing, now or hereafter placed upon the Premises or the land or buildings of which the Premises are a part and to all advances made or
hereafter to be made upon the security thereof; provided that every such mortgage or security interest will contain a provision that the mortgagee or holder of the mortgage or security interest will recognize the validity of this Lease in the event
of a foreclosure of Landlord’s interest so long as Tenant is not in an Event of Default under the terms of this Lease. Landlord represents that there are no mortgages, deeds of trust or ground leases encumbering the Building on the date hereof
other than in favor of U.S. Bank, N.A. (the “Existing Lender”) and Twentieth Century Markets, Inc. (the “Ground Lessor”). Landlord shall endeavor to obtain and deliver to Tenant a non-disturbance agreement substantially in the
same form attached hereto as Exhibit F from the Existing Lender and Ground Lessor. If Landlord has not delivered to Tenant such an agreement within forty-five (45) days after the date of this Lease, Tenant shall have the right, at its option, to
terminate this Lease by sending written notice of such election prior to the time Landlord delivers the agreement to Tenant. Landlord shall also endeavor to obtain and deliver to Tenant a non-disturbance agreement substantially in the same form
attached hereto as Exhibit F from any future lender or ground lessor. 
  
 SECTION
15.2 LIABILITY OF LANDLORD; SALE OF PROPERTY. Under this Lease, the liability of Landlord is limited to Landlord’s interest in the Building and land upon which it is situated and any judgment against Landlord will be enforceable solely against
Landlord’s interest in said Building and land. In the event Landlord transfers its interest in the Building, Landlord shall thereby be released from any further obligation hereunder and Tenant agrees to look solely to the successor in interest
of the Landlord for the performance of such obligations. 
  
 SECTION 15.3 ESTOPPEL
CERTIFICATE. Within ten (10) days after receipt of written request by Landlord, Tenant agrees to deliver in recordable form a certificate to any proposed mortgagee or purchaser or encumbrancer, or to Landlord, in a form reasonably acceptable to such
party certifying (if such be the case) that this Lease is in full force and effect and that there are no defenses or offsets thereto, or stating those claimed by Tenant. Tenant’s failure to deliver such statement within such time will be
conclusive upon Tenant (i) that this Lease is in full force and effect, without modification except as may be represented by Landlord, (ii) that there are no uncured defaults in Landlord’s performance, and (iii) that not more than one (1)
month’s rent has been paid in advance. 
  
 ARTICLE XVI. EMINENT DOMAIN

  
 SECTION 16.1 TOTAL TAKING OF LEASED PREMISES. If a condemning authority
takes all of the Premises or a portion sufficient to render the Premises reasonably unsuitable for the use Tenant was then making of the Premises, in Tenant’s reasonable discretion, this Lease will terminate as of the date the title vests in
the condemning authority. 
  
 SECTION 16.2 PARTIAL TAKING OF LEASED PREMISES. If a
portion of the Premises is condemned and the balance of the Premises not taken is suitable for the use Tenant is then making of the Premises, in Tenant’s reasonable discretion, this Lease will terminate as to the portion taken, as of the date
title vests in 

  

 20 

 
the condemning authority, and continue as to the remainder. Landlord, at its sole cost and expense, will proceed as soon as reasonably possible to make such
repairs and alterations to the Premises as are necessary to restore the remaining Premises to a condition as comparable as reasonably practical to that existing at the time of the condemnation. After the date on which title vests in the condemning
authority or an earlier date upon which alterations or repairs are commenced by Landlord to restore the balance of the Premises in anticipation of the taking, the rent will be reduced in proportion to the reduction in area of the Premises as a
result of the partial taking. 
  
 SECTION 16.3 TAKING OF BUILDING. If a condemning
authority takes a portion of the Building other than the Premises, which is so substantial as to render in Landlord’s reasonable opinion the remainder uneconomic to maintain, Landlord may terminate this Lease by notifying Tenant of such
termination within ninety (90) days following the date title vests in the condemning authority, if Landlord also terminates the leases of the other tenants of the Building which are leasing comparably sized space on comparable lease terms.

  
 SECTION 16.4 SALE IN LIEU OF CONDEMNATION. Sale of all or a part of the
Premises or Building to a purchaser with the power of eminent domain in the face of a threat, or the probability of the exercise of the power, will be treated as a taking by condemnation. 
  
 SECTION 16.5 AWARD. Landlord will be entitled to all compensation paid as a result of such taking or condemnation without participation by
Tenant. Tenant may pursue a claim against and will be entitled to the portion of any award specifically designated by the condemning authority for any personal property of Tenant, loss of business and cost of relocation, provided such claim or award
does not diminish or adversely affect the compensation to be paid to Landlord. 
  
 ARTICLE XVII. WAIVER AND ACCORD AND SATISFACTION 
  
 SECTION 17.1
WAIVER. The waiver by Landlord or Tenant of any term, covenant, agreement, or condition contained in this Lease will not be deemed to be a waiver of any subsequent breach of the same or of any other term, covenant, agreement, condition, or provision
of this Lease. Nor will any custom or practice which may develop between the parties in the administration of this Lease be construed to waive or lessen the right of Landlord or Tenant to insist upon the performance by the other in strict accordance
with all of the terms, covenants, agreements, conditions, and provisions of this Lease. The subsequent acceptance by Landlord of any payment owed by Tenant under this Lease, or the payment of rent by Tenant, will not be deemed to be a waiver of any
preceding breach by Tenant of any term, covenant, agreement, condition, or provision of this Lease, other than the failure of Tenant to make the specific payment so accepted by Landlord, regardless of Landlord’s or Tenant’s knowledge of
such preceding breach at the time of the making or acceptance of such payment. 
  
 SECTION 17.2 ACCORD AND SATISFACTION. No payment by Tenant or receipt by Landlord of a lesser amount than any rent herein stipulated will be deemed other than payment on account of the earliest stipulated rent, nor will any endorsement or
statement on any check or any letter accompanying any check or payment as rent be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord’s right to recover the balance of such rent or
pursue any remedy which would otherwise be available. Accord and satisfaction, if any, will be accomplished by a separate document executed by both parties. 
  
 ARTICLE XVIII. MISCELLANEOUS 
  
 SECTION 18.1 FORCE MAJEURE. If either Landlord or Tenant will be delayed or hindered in or prevented from the performance of any act required hereunder by reason of any
strike, lockout, labor trouble, inability to procure materials, failure of power, restrictive governmental laws or regulation, riot, insurrection, picketing, sit-in, war or other reason of a like nature not attributable to the negligence or fault of
the other party delayed in performing work or doing any act required under the terms of this Lease, then the performance of such work or act will be excused for the period of the unavoidable delay and the period for the performance of any such work
or act will be extended for an equivalent period. However, this provision will not operate to excuse Tenant from the timely payment of rent or other payments required by the terms of this Lease. 
  
 SECTION 18.2 RELATIONSHIP BETWEEN LANDLORD AND TENANT. Nothing contained in this Lease will
create any relationship between the parties hereto other than that of Landlord and Tenant, and Landlord will not in any way or for any purpose, become a partner of Tenant in the conduct of its business or otherwise, or a member of a joint venture or
enterprise with Tenant. 
  

 21 

 SECTION 18.3 BROKER’S COMMISSION. Tenant represents and warrants to Landlord that it has not engaged any broker,
finder, other person, or entity who would be entitled to any commission or fee with respect to the negotiation, execution, or delivery of this Lease other than Gelbach, LLC and will indemnify and hold harmless Landlord against any loss, cost,
liability, or expense incurred by Landlord as a result of any claim asserted by such other broker, finder, other person, or entity on the basis of any arrangements or agreements made or alleged to have been made by or on behalf of Tenant. Landlord
represents and warrants to Tenant that it has not engaged any broker, finder, person, or entity who would be entitled to any commission or fee with respect to the negotiation, execution, or delivery of this Lease, other than the Fiore Companies,
Inc. (Landlord’s leasing agent) with whom Landlord has listed the Building for lease, and will indemnify and hold harmless Tenant against any loss, cost, liability, or expense incurred by Tenant as a result of any claim asserted by such broker,
finder, other person, or entity on the basis of any arrangements or agreements made or alleged to have been made by or on behalf of Landlord. Landlord shall be solely responsible for any commission or fee owed to the Fiore Companies, Inc. Landlord
shall also be responsible for paying Gelbach, LLC a commission for the initial term of this Lease transaction according to the terms and provisions of Gelbach, LLC’s written recognition, acknowledged by the Fiore Companies and dated July
    , 2003, of its right to share the commission payable by Landlord under its listing agreement with the Fiore Companies, Inc. 
  
 SECTION 18.4 ENTIRE AGREEMENT. This Lease and the exhibits and attachments, if any, set forth all covenants, promises, agreements, conditions and understandings between
Landlord and Tenant concerning the Premises and replace and supersede all previous agreements (written or oral), if any, and there are no covenants, promises, agreements, conditions, or understandings, either oral or written, between them other than
those herein set forth. Except as herein otherwise provided, no subsequent alteration, amendment, change or addition to or of this Lease will be binding upon Landlord and Tenant, unless the same is reduced to writing and signed by the parties.

  
 SECTION 18.5 PARTIAL INVALIDITY. The provisions of this Lease will be deemed
separable, and if any term or provision of this Lease or the application thereof to any person or circumstances will to any extent be invalid or unenforceable, the remainder of this Lease, or the application of such term or provision to persons or
circumstances other than those as to which it is invalid or unenforceable, will not be affected thereby, and each term, covenant or condition of this Lease will be valid and be enforced to the fullest extent permitted by law. 
  
 SECTION 18.6 ENFORCEMENT OF PROVISIONS. All costs and expenses, including attorneys’
fees in a reasonable amount incurred by Landlord or Tenant in any suit, trial or appeal thereof commenced to enforce the obligations of either under this Lease, will be paid by the losing party to the prevailing party upon demand. 
  
 SECTION 18.7 CAPTIONS AND SECTION NUMBERS. The captions, section numbers, article numbers and
index appearing in this Lease are inserted only as a matter of convenience and in no way define or limit the scope or intent of such sections or articles or this Lease, nor in any way affect this Lease. 
  
 SECTION 18.8 NO OPTION. Submission of this Lease for examination does not constitute a
reservation of or an option for the Premises, and this Lease will become effective as a Lease only upon execution and delivery thereof by Landlord and Tenant. 
  

SECTION 18.9 RECORDING. Tenant will not record this Lease without the written consent of Landlord. However, upon request by either party hereto the parties will join
in the execution of a memorandum or so-called “short form” of this Lease for the purpose of recordation. Such memorandum or short form Lease will describe the parties, the Premises and the terms of this Lease and will incorporate this
Lease by reference. 
  
 SECTION 18.10 SUCCESSORS AND ASSIGNS. This Lease will be
binding upon and inure to the benefit of the parties hereto, their heirs, personal representatives, successors and assigns, except as otherwise herein specifically provided. 
  
 SECTION 18.11 NOTICES. All notices and demands under this Lease shall be in writing and delivered in person, or sent by pre-paid United
States registered or certified mail, return receipt requested or sent by a nationally recognized overnight carrier, at the addresses designated in Section 0.10, or such addresses as hereafter may be designated by either party in writing. Notices
that are mailed shall be deemed given on the date of mailing. 
  

 22 

 SECTION 18.12 TENANT DEFINED. The word “Tenant” when used herein will be taken to mean either the singular or
the plural and will refer to male or female, to corporations or partnerships, as the case may be, or as grammatical construction will require. 
  
 SECTION 18.13 AUTHORITY. If Tenant signs this Lease as a corporation or partnership, each of the persons executing this Lease on behalf of Tenant represents and warrants
that Tenant is duly formed and in good standing, and that each and every person signing on behalf of Tenant has full corporate or partnership power and authority, as the case may be, to enter into this Lease and has taken all corporate or
partnership action, as the case may be, necessary to carry out the transaction contemplated herein, so that when executed, this Lease constitutes a valid and binding obligation enforceable in accordance with its terms. Upon Landlord’s request,
Tenant will provide evidence satisfactory to Landlord confirming these representations. 
  
 SECTION 18.14 DETERMINATIONS BY LANDLORD. Whenever in this Lease Landlord is to make any determination or decision, Landlord will make its determination or decision in the exercise of its sole discretion and judgment; however, any such
determination or decision will not bind Landlord if it has not been confirmed in writing. 
  
 SECTION 18.15 TIME OF THE ESSENCE. Time is of the essence in the performance by either party of its obligations hereunder. 
  
 SECTION 18.16 MERGER. The voluntary or other surrender of this Lease by Tenant, or a mutual cancellation thereof, will not work a merger, and will, at the option of
Landlord, terminate all or any existing sub-tenancies or may, at the option of Landlord, operate as an assignment to Landlord of any or all of such sub-tenancies. 
  
 SECTION 18.17 GOVERNING LAW / INTERPRETATION. This Lease will be governed by and construed in accordance with the laws of the state in which
the Building is located. Landlord and Tenant understand, agree, and acknowledge that this Lease has been freely negotiated by both parties; and that, in any controversy, dispute, or contest over the meaning, interpretation, validity, or
enforceability of this Lease or any of its terms or conditions, there will be no inference, presumption, or conclusion drawn whatsoever against either party by virtue of that party having drafted this Lease or any portion thereof. 
  
 SECTION 18.18 OPTIONS TO EXTEND. So long as this Lease is in full force and effect, Tenant
will have the right, to be exercised as hereinafter provided, to extend the term of this Lease for two (2) successive periods of three (3) years each on the following terms and conditions: 
  
 Except with respect to Base Rent each extended term will be on the same
terms, covenants, and conditions as provided in this Lease, except that there will be no privilege to extend the term of this Lease for any period of time beyond the expiration of the second extended term; 
  
 Base Rent for the initial extended term shall be determined according to
Section 4.2. 
  
 Base Rent for the second extended term shall be
ninety-five percent (95%) of the Prevailing Market Rent (as determined herein) for substantially similar space in Downtown Madison, Wisconsin taking into account concessions (i.e. tenant improvement allowances for renewals, free rent, pass throughs,
etc.) then being offered in the marketplace. The Adjustment To Minimum Rent as set forth in Article IV, Section 4.2 shall continue to operate throughout each extended term; 
  
 With respect to the second extended term, this Lease will have previously been extended for the first extended term;

  
 Tenant will exercise its right to an extension in the
following manner: 
  

	 	(a)	At least one hundred eighty (180) days prior to the expiration of the initial term and at least one hundred eighty (180) days prior to the expiration of any extended term, Tenant
will give notice to Landlord in writing of its election to exercise the right to extend the term of this Lease or subsequent extended term, as the case may be. 

  

	 	(b)	On the giving of such notice, this Lease, subject to the terms of this provision, will be deemed to be extended and the term thereof extended for a period of three (3) years from
the date of 

  

 23 

	 	  	expiration of the initial term, or from the date of expiration of the extended term during which such notice is given, as the case may be, without the execution of any further lease
or instrument except for a Lease Amendment setting forth the new Base Rent during the renewal period, determined in accordance with the provisions below. 

  

	 	(c)	For the second extended term, if applicable, within ten (10) business days of receipt of Tenant’s election, Landlord shall send to Tenant a written notice specifying the
Prevailing Market Rent as determined by Landlord in accordance with this Section 18.18. Within thirty (30) days after receipt of such notice from Landlord, Tenant shall send Landlord a written notice of Tenant’s acceptance or challenge of
Landlord’s determination of such rate, provided, however, that in the event that Tenant fails to respond within such thirty (30) day period, Tenant shall be deemed to have accepted Landlord’s determination of the Prevailing Market Rent. In
the event that Tenant challenges Landlord’s determination of the Prevailing Market Rent and Landlord and Tenant are not able to agree on such rate within thirty (30) days (the “Negotiation Period”) after Tenant notifies Landlord of
Tenant’s initial rejection of Landlord’s determination of such Prevailing Market Rent, then Landlord and Tenant shall each, within fifteen (15) days after the expiration of the Negotiation Period, select an appraiser, each of whom shall be
a licensed real estate broker or a MAI-certified real estate appraiser with at least five (5) years’ experience in the metropolitan Madison office market who shall determine the Prevailing Market Rent in accordance with this Section 18.18. The
appraisers shall be instructed to complete the appraisal procedure and to submit their written determinations to Landlord and Tenant within thirty (30) days after their meeting. In the event that the determination of the Prevailing Market Rent
submitted by Landlord’s appraiser is equal to or less than one hundred ten percent (110%) of the determination of the Prevailing Market Rent submitted by Tenant’s appraiser, the Prevailing Market Rent shall be the average of such
determinations. If the determination of the Prevailing Market Rent submitted by Landlord’s appraiser is greater than one hundred ten percent (110%) of the determination of the Prevailing Market Rent submitted by Tenant’s appraiser, the
appraisers shall, within ten (10) days, appoint a third appraiser with similar qualifications to make such determination of the Prevailing Market Rent. The third appraiser shall be instructed to complete the appraisal procedure and to submit a
written determination of the Prevailing Market Rent to Landlord and Tenant within thirty (30) days after such appraiser’s appointment. The determination which is neither the highest nor the lowest of the three determinations shall be binding
upon Landlord and Tenant as the Prevailing Market Rent. Landlord and Tenant shall each bear the costs of their respective appraisers. The expenses of the third appraiser shall be borne one-half (1/2) by Landlord and one-half (1/2) by Tenant.

  
 SECTION 18.19 EXPANSION RIGHT. So long as there are at least
four (4) years remaining on the Term of this Lease (as extended), Tenant shall have a right of first offer (“Right of First Offer”) to lease adjacent space (“Offer Space”) to the Premises subject to the following conditions at
the time Tenant exercises the Right of First Offer: a) the Lease must be in full force and effect, b) Tenant shall not be in default under the Lease beyond any applicable cure periods; nor shall Tenant be in default under the Lease at the
Commencement Date for the Offer Space (defined below) beyond any applicable cure periods, and c) Tenant’s then current financial condition meets the financial criteria reasonably acceptable to Landlord. 
  
 Subject to the other terms of this Section, after any part of the Offer Space has or will
“become available” for leasing by the Landlord (defined below), Landlord shall not, during the Term of this Lease or any renewal or extension thereof, lease to another tenant that available portion of the Offer Space (“Available Offer
Space”) without first offering Tenant the right to lease such Available Offer Space, such space to be offered at the same Base Rent and Additional Rent as Tenant’s then existing space with Landlord providing a tenant improvement allowance
of $30 per usable square feet to improve the Offer Space in a manner substantially similar to Tenant’s original Premises office space. Space shall deemed to “become available” when the lease for any current tenant of all or a portion
of the Offer Space expires or is otherwise terminated. Notwithstanding this, Offer Space shall not be deemed to “become available” if the space is i) assigned or subleased by the current tenant of the space, or ii) re-let by the current
tenant of the space by renewal, extension, or renegotiation. 
  
 Consistent with
this, Landlord shall not lease any such Available Offer Space to another tenant unless and until Landlord has first offered the Available Offer Space to Tenant in wiriting (the “First Offer Leasing Notice”) and Tenant either rejects such
offer or a period of thirty (30) days has elapsed from the date that 
  

 24 

 Tenant has received the First Offer Leasing Notice without Tenant having notified Landlord in writing of its acceptance
of such First Offer Leasing Notice and supplied Landlord with current financial statements that satisfy Landlord of Tenant’s current financial condition meets the financial criterial reasonably acceptable to Landlord. 
  
 If Tenant timely delivers to Landlord, in accordance with the conditions of this Section,
written notice of tenants exercise of the Right of First Offer for all of the Available Offer Space (along with Tenant’s financial statements) and Landlord determines that Tenant meets all of the conditions provided in this Section, then the
Available Offer Space shall be deemed added to the Premises and subject to ther terms and conditions in the Lease, with the exception of those Lease modifications set forth in subsection (a) below. 
  

	 	(a)	If Tenant leases the Available Offer Space pursuant to the terms of this Section, all the obligations, terms, and conditions under the Lease shall also apply to the Available Offer
Space except that: 

  

	 	a.	The Commencment Date for the Lease for the Available Offer Space (“the Commencment Date for the Available Offer Space”) shall be the day the Available Offer Space is
delivered to the Tenant broom clean, free of tenants or other occupants in its then “as is” condition; 

  

	 	b.	As of the Commencement Date for the Available Offer Space, Tenant’s Pro Rata Share shall be increased to an amount computed to reflect the addition of such Available Offer
Space; and 

  

	 	c.	As of the Commencement Date for the Available Offer Space, the Base Rent shall be increased to reflect the additional space which shall be offered at the same rent per Usable Area
as Tenant’s original space (as adjusted by Section 4.2). 

  
 If
Tenant declines or fails to duly and timely exercise its Right of First Offer or fails to meet all of the conditions provided in this Section, Landlord shall thereafter be free to lease the Available Offer Space in portions or in its entirety to any
third-party tenant at any time without regard to the restrictions in this Section and on whatever terms and conditions Landlord may decide in its sole discretion. 
  
 Within thirty (30) days after the Commencment Date for the Available Offer Space, Landlord and Tenant shall confirm the following in a
written amendment to the Lease: 
  

	 	a.	The Commencement Date for the Available Offer Space; 

  

	 	b.	The location and size of the Available Offer Space that was leased by Tenant with an exhibit annexed showing that space crosshatched; 

  

	 	c.	The new Base Rent to be paid by Tenant; and 

  

	 	d.	Tenant’s increased Tenant’s Pro Rata Share. 

  
 This Right of First Offer is personal to the Tenant and shall become null and void upon the occurrence of an assignment of the Lease or a sublet of all or a part of the
Premises (except as to assignments and sublets to any parent, subsidiary or affiliate corporation which controls, is controlled by or is under common control with Tenant, or to any corporation resulting from a merger or consolidation with Tenant, or
to any person or entity which acquires all or substantially all of the assets of Tenant’s business as a going concern). 
  
 ARTICLE XIX. ATTACHMENTS 
  
 SECTION 19.1 ATTACHMENTS. The following are attached hereto and made a part hereof with the same force and effect as if set forth in full herein: 
  
 Exhibit “A” Premises/Legal Description. 
  
 Exhibit “B” Landlord’s and Tenant’s Construction
Obligations/Initial Plans and Design Specifications. 
  
 Exhibit
“C” Rules and Regulations. 
  
 Exhibit “D”
Parking Addendum. 
  
 Exhibit “E” Janitorial
Specifications 
  
 Exhibit “F” Subordination,
Non-Disturbance and Attornment Agreement 
  

 25 

 IN WITNESS WHEREOF, the parties have hereunto set their hands and seals as of the day, month, and year first above
written. 
  

	 TENANT: SONIC FOUNDRY, INC.

	
	 By:

	 Name:

	
	 Its:

	
	 By:

	 Name:

	
	 Its:

  

	 LANDLORD: WEST WASHINGTON ASSOCIATES LLC

	
	 By: THE FIORE COMPANIES, INC., Management Agent

	
	 By:

	         William J. Kunkler, Executive Vice President

	
	 By:

	         Lee R. Ferderer, Corporate Counsel

  
  

 26 

 EXHIBIT “A” 

 EXHIBIT “A-1” 
  
 LEGAL DESCRIPTION 
  
 Lots Four (4), Five (5), Six (6), Seven (7), Eight (8) and Nine (9), Block Sixty-Six (66), in the City of Madison, Dane County, Wisconsin. 

 EXHIBIT “B” 
  
 LANDLORD’S AND TENANT’S CONSTRUCTION OBLIGATIONS 
  
 I. CONSTRUCTION PROCEDURES 
  
 Landlord shall construct, at Landlord’s cost and expense, the improvements for the
Premises set forth in this Exhibit B (the “Landlord’s Work”) in accordance with the following provisions. Attached hereto as Exhibit B-1 are the initial plans, which have been agreed by Landlord and Tenant (the “Initial
Plans”). Within ten (10) days after execution and delivery of this Lease, Landlord shall cause its architect to prepare complete architectural and engineering drawings and specifications (the “Drawings”), based upon the Initial Plans
and to deliver the Drawings to Tenant for its review and approval. Within three (3) business days after receipt of the Drawings, Tenant shall approve or disapprove (setting forth the reasons for such disapproval) such Drawings, based upon general
compliance with the Initial Plans. In the event of disapproval, Landlord shall cause its architect to incorporate Tenant’s requested changes and resubmit to Tenant for its approval. This process shall continue until both parties have agreed to
the Drawings. As finally approved, the Drawings shall be called the “Final Plans.” Tenant’s approval of the Final Plans shall not constitute or imply a representation or warranty of any kind, including whether such Final Plans comply
with laws, rules, regulations, ordinances, or permits. 
  
 Landlord, at its sole
cost and expense, will cause the Final Plans to be filed with the appropriate governmental agencies in such form (buildings notice, alteration or other form) as may be required. If Tenant will desire any additional work after the Final Plans have
been approved (such request to be called a “Change Order”), Tenant will cause similar plans and specifications for such work to be drawn at Tenant’s sole expense, either by arranging therefor with Landlord’s architect and/ or
engineer, or by consultants of its own selection. All such plans and specifications for Change Orders will be submitted to Landlord for Landlord’s review and approval. Landlord reserves the right to give directives to Tenant’s architect or
engineer, at Tenant’s expense, for the purpose of insuring that such Change Orders conform to the Building requirements. Landlord covenants it will not unreasonably withhold or delay such review. 
  
 Change Orders shall be performed by Landlord; any costs associated with Change Orders shall
be borne by Tenant. Prior to commencing any such Change Order work, Landlord will submit to Tenant written estimates of the cost of any such Change Order work above the costs indicated for the Final Plans. If Tenant will fail to approve or
disapprove any such estimate within one (1) week from the date of submission thereof by Landlord, then Landlord shall not be required to perform the Change Order request. 
  
 Landlord will permit Tenant and it agents reasonable access to the Premises during normal working hours prior to the date specified for the
commencement of Tenant’s occupancy under this Lease, in order that Tenant may perform through its own contractors such cabling and installation of furniture (“Tenant’s Work”) as Tenant may desire at the time that Landlord’s
contractors are working in the Premises. All contractors engaged by Tenant as permitted by Landlord will be bondable, licensed contractors, possessing good labor relations, capable of performing quality workmanship and working in harmony with
Landlord’s general contractor and other contractors on the job. Such license is further conditioned upon Workers’ Compensation and public liability insurance and property damage insurance, all in amounts and with companies and on
forms reasonably satisfactory to Landlord, being provided and at all times maintained by Tenant’s contractors engaged in the performance of the Tenant’s Work, and certificates of such insurance being furnished to Landlord, prior to
proceeding with the Tenant’s Work. If at any time such entry will cause disharmony or interference with Landlord’s mechanics or contractors, this license may be withdrawn by Landlord upon forty-eight (48) hours written notice to Tenant.
Such entry will be deemed to be subject to all of the terms, covenants, provisions and conditions of this Lease except as to the covenant to pay rent. Landlord will not be liable in any way for any injury, loss or damage which may occur to Tenant,
its employees, contractors, agents, workmen and mechanics, or any one or more of them, or to any of Tenant’s decorations or installations so made prior to commencement of the term of the Lease, the same being solely at Tenant’s risk and
Tenant hereby agrees to indemnify and hold Landlord harmless form any and all claims therefor or arising therefrom, except and to the extent caused by the negligence or willful misconduct of Landlord or Landlord’s employees, contractors,
agents, or representatives. 
  
 Landlord shall perform the Landlord’s Work in
a good and workmanlike manner in accordance with all laws, including the ADA. Landlord will cause the repair or replacement of any defects in material or workmanship, 

 if any, in the improvements installed by Landlord, if Landlord receives written notification of such defect from Tenant
within the period of one (1) year after Substantial Completion. Tenant’s sole and exclusive remedy against Landlord will be for the repair. Landlord will not be responsible for any defect of any nature in the improvements installed by Landlord
of which Landlord is not so notified within such one (1) year period. LANDLORD MAKES NO WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, IN IMPROVEMENTS EXCEPT
THE WARRANTIES EXPRESSLY SET FORTH HEREIN. TENANT’S SOLE REMEDY FOR THE BREACH OF ANY APPLICABLE WARRANTY WILL BE THE REMEDY SET FORTH HEREIN. Tenant agrees that no other remedy, including without limitation incidental or consequential damages
for lost profits, injury to person or property, or any other incidental or consequential loss will be available to Tenant. 
  
 II. TENANTS CONTRIBUTION TO LANDLORD’S WORK 
  

	 	A.	Landlord, as part of Landlord’s Work, shall acquire and install Landlord’s standard proximity card readers in quantities and locations specified by Tenant, acquire and
install anti-static vct tile as specified by Tenant in the areas labeled “data closet” and “manufact.” on the Initial Plans and attached hereto, and provided a 75kva service and feeder to Tenant’s Premises. Tenant agrees to
reimburse Landlord in the amount of $12,100.00 for these items of Landlord’s Work (“Tenant’s Contribution Towards Landlord’s Work”). Tenant’s Contribution Toward’s Landlord’s Work shall be due and payable upon
Substantial Completion of the Premises as defined in Section 3.2. 

  
 III. TENANT’S WORK 
  

	 	A.	Tenant will do and perform at its expense all Tenant’s Work. Without limiting the foregoing, Tenant’s Work shall include data wiring, acquisition and installation of
Liebert-type specialized air conditioning and power back-up and power conditioning equipment, acquisition and installation of any specialized fire suppression systems (i.e. FM 200), acquisition and installation of all workstations including final
electrical connections thereto and any specialized electrical work required in the manufacturing and data areas shown on the Initial Plans. In addition, all office furniture and equipment shown on the Initial Plans are for illustration purposes
only. Before doing any Tenant’s Work, Tenant must receive prior written permission from Landlord. No work performed by Tenant is in lieu of current rent or an advance rental payment 

  
 Tenant’s construction will comply in all respects with applicable federal, state,
county, and local statutes, ordinances, regulations, laws, and codes. Tenant will be responsible for all necessary permits and approvals required to pursue Tenant’s Work. Tenant’s Work will not hinder or interfere with the conducting of
business by other tenants. Tenant’s contractor or subcontractors will not at any time damage, injure, interfere with or delay any other construction within the Building. 

 EXHIBIT “B-1” 
 INITIAL PLANS & DESIGN SPECIFICATIONS 

 EXHIBIT “C” 
 RULES AND REGULATIONS 
  
 1. Access may be
had by Tenant to the Common Areas and to the Premises at any time between the hours of 7:00 a.m. and 6:00 p.m., Monday through Friday, legal holidays excepted. At other times access to the Building may be refused unless the person seeking admission
has an access card. Tenant shall be responsible for all persons for whom Tenant requests passes or access cards and shall be liable to Landlord for all acts of such persons. Landlord shall in no case be liable for damages for the admission or
exclusion of any person from the Building. Subject to Landlord’s security system, Tenant shall have access to the Building garage and Premises 24 hours/day, 7 days/week. 
  
 2. Upon the Commencement Date, Landlord will furnish, at Landlord’s cost, Tenant’s then current employees with keys and/or access
cards to the main Building entry doors and to Tenant’s Premises. Thereafter, Landlord will make a reasonable charge for any additional keys and/or access cards. Tenant will not have such keys duplicated. Tenant will not alter any lock, install
a new or additional lock or any bolt on any door of its Premises without prior written consent of Landlord. Upon Termination of this Lease, Tenant will deliver to Landlord all keys and/or access cards to doors in the Building and Premises.

  
 3. Sidewalks, doorways, vestibules, halls, stairways and similar areas will
not be unreasonably obstructed by Tenant or used for any purpose other than ingress or egress to and from the Premises and for going from one to another part of the Building. Except as otherwise provided in the Lease, Tenant will not enter the
mechanical rooms, air conditioning rooms, electrical closets, janitorial closets, or similar areas outside of the Premises or go upon the roof of the Building without the prior written consent of Landlord. 
  
 4. Landlord will provide and install, at Landlord’s cost, all letters or numerals on
entrance doors to the Premises; all such letters and numerals will be in the building standard graphics, and no others will be used or permitted on the exterior of, or which may be visible from outside the Premises. Said graphics/signs may be
updated or changed from time to time at Landlord’s discretion. 
  
 5.
Landlord in conspicuous places in the Building will place directories. No other directories will be permitted unless previously consented to by Landlord in writing. Landlord reserves the right to restrict the amount of directory space utilized by
Tenant. Directory strips displaying the names and location of Tenant’s company, officers or employees must be ordered through Landlord at Landlord’s sole cost. The cost of resigning after Tenant’s initial occupancy shall be borne by
Tenant. 
  
 6. No signs, advertisements or notices will be painted or affixed on
or to any windows or doors, or other part of the Building, or that are visible from the exterior of the Building, except of such color, size and style and in such places as will be first approved in writing by Landlord. 
  
 7. Landlord will have the power to prescribe the weight and position of iron safes,
bookshelves, or other heavy equipment, which will in all cases, to distribute weight, stand on plank strips at least two inches thick. All damage done to the Building by taking in or putting out any property of a Tenant, or done by Tenant’s
property while in the Building, will be repaired at the expense of Tenant. 
  
 8.
Tenant will notify the Building manager when safes, furniture or other heavy equipment are to be taken in or out of the Building, and the moving will be done under the supervision of the Building Manager, after written permit from Landlord. Persons
employed to move such property must be approved by Landlord. 
  
 9. No furniture,
packages, or bulky material of any kind will be received in the Building or carried up or down stairs or in the elevators, except in the manner and at the times specified by Landlord. Tenant will not use in the delivery, receipt, or other movement
of supplies and personal property, any hand trucks or carts other than those equipped with rubber tires and side guards. 
  
 10. Corridor doors, when not in use, will be kept closed. 
  
 11. Except as otherwise provided in the Lease, Tenant will not conduct mechanical or manufacturing operations, cook or prepare food (except microwave cooking for the
benefit of Tenant’s employees), or place or use any inflammable, combustible, explosive or hazardous fluid, chemical, device, substance or material in or about the Building without prior written consent of Landlord. Tenant will comply with all
rules, orders, regulations, and requirements of the applicable Fire Rating Bureau, or other similar body. 

 12. Electric space heaters will not be used without Landlord’s prior written permission. 
  
 13. No flashing lights or search lights, loud speakers, television sets, phonographs, radios
or other devices will be used in a manner so as to be heard or seen outside of the Premises without the prior written consent of Landlord. 
  
 14. Tenant will not make or permit any improper noise, cause disturbances, or create odors in the Building, or otherwise unreasonably interfere in any way with other
tenants, or persons having business with them. 
  
 15. Tenant will cooperate with
Landlord’s employees in keeping Premises neat and clean. 
  
 16. Nothing will
be swept or thrown into the corridors, halls, elevators shafts or stairways. No birds or animals will be brought into or kept in or about the Building, other than animals assisting disabled persons. 
  
 17. No machinery other than standard office machines such as typewriters, calculators,
copying machines, personal computers, and similar machines will be operated on Premises without the prior written consent of Landlord. 
  
 18. Tenant will not place anything, including but not limited to furniture, fixtures, equipment, merchandise displays, decorations, advertisements and signs, in any of
the Common Areas of the Building or the sidewalks adjacent thereto, without prior written approval of Landlord. 
  
 19. Tenant will not in or on any part of the Common Areas: a) vend or solicit orders for sale or distribution of any merchandise, service periodical, book, pamphlet or
other material; b) distribute any circular, handbill, placard, or other material; c) solicit membership in any organization or group or contribution for any purpose; d) create a nuisance or hazard; e) discard refuse, except in designated
receptacles; or f) damage any sign, lighting fixture, landscaping material, other improvements, property of customers, or property of others within the Building. 
  
 20. The plumbing facilities will not be used for any other purpose than that for which they are constructed, and no foreign substance of any
kind will be thrown therein, and the expense of any breakage, stoppage, or damage resulting from a violation of this provision will be borne by Tenant who will, or whose employees, agents or invitees will have caused it. 
  
 21. Bicycles or other vehicles will not be permitted in the offices, halls, or corridors of
the Building, nor will any obstruction of sidewalks or entrances of the Building by such be permitted. 
  
 22. Without limitation upon any of the provisions of this Lease, Tenant will refer all contractor representatives, installation technicians, janitorial workers and other mechanics, artisans, and laborers rendering any
service in connection with the repair, maintenance, or improvement of the Building to Landlord for Landlord’s supervision, approval, and control before performance of any such service. This will apply to all work performed in the Building,
including without limitation, installation of telephones, computers, electrical, and electronic devices of any kind and attachments and installations of any nature affecting floors, walls, woodwork, trim, windows, ceilings, equipment, or any other
portion of the Building. Plans and specifications for such work, prepared at Tenant’s sole expense, will be submitted to Landlord and will be subject to Landlord’s prior written approval in each instance before the commencement of work.

  
 No blinds, shades, curtains, draperies or similar items visible from the
exterior of the Building (other than Landlord’s Building Standard mini-blinds) shall be installed without Landlord’s prior written consent. 

 EXHIBIT “D” 
 PARKING ADDENDUM 
  
 So long as this Lease
remains in effect and Tenant is not in an Event of Default hereunder, Tenant will have a non-exclusive license to use up to 12 parking spaces located in the Building in consideration for Tenant’s payment of $115.00 per month which will be due
and payable as Additional Rent at the same time as are Tenant’s monthly installments of Base Rent. This non-exclusive license will commence on the date on which Tenant’s rental obligation under the Lease commences, and will terminate upon
the Lease Expiration Date (as extended). The monthly payment hereunder will be increased on each Escalation Date by three percent (3%). 
  
 Upon not less than 30 days notice, Landlord may alter the number of parking spaces which Tenant will have the right to use, provided that the number of spaces provided to
Tenant will not be diminished below that number of the parking spaces set forth above and the monthly payment hereunder will not be increased. Landlord reserves the right to specifically assign and reassign from time to time any or all of said
parking spaces among the tenants of the Building in any manner in which Landlord determines in its sole discretion and Tenant will, upon not less than 10 days notice from Landlord, furnish Landlord with the state automobile license number assigned
to its automobile or automobiles and the automobiles of all of its employees and representatives employed or working in the Premises and Tenant agrees to comply with such other request as Landlord may make in Landlord’s enforcement of any
parking control program. Notwithstanding the existence of any such control, Landlord will not be responsible to Tenant, its employees, agents, representatives, customers or invitees for any violation of any parking control program implemented by
Landlord. 
  
 Landlord will maintain up to thirty (30) visitor parking stalls in
the Building charging market rates for such hourly visitor parking. Tenant shall be responsible for validating its own visitors’ use of the metered parking according to the policies and procuedures set forth by Landlord and applied consistently
to all tenants of the Building and shall be responsible for reimbursing Landlord for such costs as Additional Rent hererunder. 
  
 The provisions of this Exhibit supplement and are specifically subject to all provisions of the Lease. 

 EXHIBIT “E” 
  
 MINIMUM JANITORIAL SPECIFICATIONS 
  
 OFFICE & WORK AREAS 
  
 Monday-Friday 
  
 Vacuum carpets 
  
 Dust mop hard
surface floors 
  
 Empty wastebaskets, clean and install liners
as needed 
  
 Clean and polish water fountains 
  
 Dust and spot clean conference room tables 
  
 Lock all doors to secure building and set alarm (if used) 
  
 Weekly 
  
 Spot wash hallway walls 
  
 Dust desktops, tabletops, credenzas, file cabinets and other Office
furniture (desks will be dusted only if cleared) 
  
 Dust
windowsills, baseboards, ledges and moldings 
  
 Monthly 
  
 High level dusting 
  
 Spot wash interior walls 
  
 Vacuum air conditioning vents 
  
 Edge vacuum carpet borders and difficult to vacuum areas 
  
 Clean sidelight windows 
  
 Semi-Annual 
  
 Scrub and wax hard surface floors (if required) 
  
 Wash exterior windows 
  
 As Needed 
  
 Remove all recyclables in compliance with applicable law 

 LAVORATORIES 
  
 Monday-Friday 
  
 Empty waste receptacles 
  
 Clean and polish mirrors and fixtures 
  
 Service and refill all dispensers (soap, tissues, towels) 
  
 Clean and disinfect urinals, commodes and basins 
  
 Wet mop floors with disinfectant 
  
 Monthly 
  
 Clean all partitions and ceramic tile walls 
  
 Scrub and wax hard surface floors (if required) 
  
 ENTRYWAYS & HALLWAYS 
  
 Monday-Friday 
  
 Clean all door glass 
  
 Spot wash walls, as needed 
  
 Remove all trash 
  
 Clean and polish any water fountains 
  
 Vacuum all carpet 
  
 Remove stains in carpet 

 EXHIBIT F 
  

NON-DISTURBANCE AND ATTORNMENT AGREEMENT 
  
 THIS NON-DISTURBANCE AGREEMENT (“Agreement”), made as of the      day of
            , 2003, by and among Twentieth Century Markets, Inc. (“Ground Lessor”), U.S. Bank, N.A. (“Mortgagee”) and
                     (“Tenant”). 
  
 WITNESSETH: 
  
 WHEREAS, by a Lease (“Lease”) dated
                    ,             , West Washington Associates LLC
(“Landlord”) has leased to Tenant the property described on Exhibit “A” (the “Premises”); 
  
 WHEREAS, the Premises are encumbered by a Mortgage in favor of Mortgagee (“Mortgage”); 
  
 WHEREAS, the Premises are subject to a Ground Lease of which Ground
Lessor is the Lessor (“Ground Lease”); 
  
 WHEREAS, pursuant to Lease, the Lease and Tenant’s interest therein is subordinate to the Mortgage and the Ground Lease; and 
  
 WHEREAS, Section 15.51 of the Lease requires that Landlord deliver this Agreement. 
  
 NOW, THEREFORE, for a good and valuable consideration the sufficiency and receipt of which is hereby acknowledged and
in consideration of the Lease and the covenants contained therein, the parties agree as follows: 
  

	1.	Tenant enters into this Agreement with the understanding and upon the condition that, notwithstanding the Subordination of Tenant’s Lease to the Mortgage and the Ground Lease,
for so long as Tenant shall duly and punctually perform and observe all of its covenants, terms and obligations under the terms of the Lease and shall not be in default thereunder, after expiration of any applicable period within which to cure such
default: (a) Mortgagee and Ground Lessor shall recognize the validity of the Lease and all of Tenant’s rights thereunder; and (b) notwithstanding any default by Landlord under the Mortgage or the Ground Lease, foreclosure of the Mortgage or
Ground Lease by Mortgagee or Ground Lessor, or their succession to title by deed in lieu of foreclosure, Mortgagee or Ground Lessor (or their successors by grant, assignment, mortgage foreclosure or otherwise) shall not alter, disturb or interfere
with Tenant’s possession and use of the Premises during the remainder of the term of the Lease or any extension thereof. 

  

	2.	If Mortgagee or Ground Lessor shall become the owner of the Premises, or if the Premises shall be sold by reason of foreclosure, exercise of power of sale or other proceeding to
enforce the Mortgage or the Ground Lease, or if the Premises shall be transferred by deed in lieu of foreclosure, prior to the termination of the Lease then: (a) the Lease shall continue as a direct Lease between Tenant and the then Owners of the
Premises (including Mortgagee or Ground Lessor) or the Grantee under any deed as a result of foreclosure or in lieu of foreclosure) upon, and subject to all of the terms, covenants and conditions of the Lease, for the balance of the term of the
Lease; and (b) Tenant shall attorn to Mortgagee, Ground Lessor or such other owner as its Landlord to the same extent and with the same 

	  	force and effect as though the Lease were directly from the Mortgagee or Ground Lessor (or other such owner) to Tenant; provided, however, that Mortgagee or Ground Lessor shall not:
(i) be liable for any act or omission of any prior Landlord (including Landlord under the Lease); (ii) be subject to any offsets or defenses which Tenant might have against any prior landlord (including Landlord); (iii) be bound by any rent or
additional rent which Tenant might have paid in advance to any prior landlord (including Landlord) for a period of excess of one month or by any security deposit, cleaning deposit or other prepaid charge which Tenant might have paid in advance to
any prior landlord (including Landlord); (iv) be bound by any amendment, modification or termination of Lease made without Mortgagee’s or Ground Lessor’s written consent; or (v) be liable for any refusal or failure to perform or complete
Landlord’s work or otherwise to prepare the Premises for occupancy in accordance with the provisions of the Lease. 

  

	3.	Mortgagee or Ground Lessor shall not include Tenant in a foreclosure proceeding involving Premises, except as required by law and to the extent Mortgagee or Ground Lessor does not
thereby disturb Tenant’s rights to the Premises as set forth in the Lease. 

  

	4.	This Agreement shall also bind and benefit the heirs, legal representatives, successors and assigns with the respective parties hereto, and all covenants, conditions and agreements
herein contained shall be construed as running with the land. 

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

	 [TENANT]

	
	 By:                                      
                                        
                 

		
	 STATE OF
                            
	 	     )

		
	 	 	     )ss.

		
	 COUNTY OF
                       
	 	     )

  
 Personally came
before me this      day of             , 2003, the above named
                     to me known to be the
                     of
                     who executed the foregoing instrument by virtue of the authority vested in him as
                    , and acknowledged that he executed the same as the voluntary act and authorized deed of the corporation. 
  

	 	 	                                       
                                        
            

		
	 	 	 Notary Public, residing in
                     County

		
	 	 	 My Commission:
                        

 FIRST AMENDMENT TO LEASE 
  
 THIS AGREEMENT made and entered into this 1st day of October 2003, by and between West Washington Associates, LLC, a
Wisconsin limited liability company (“Landlord”), and Sonic Foundry, Inc. (“Tenant”). 
  
 WHEREAS, in a lease agreement between the above parties (“Lease”), Tenant leased from Landlord the premises known as Suite 775 of
Network222, 222 West Washington Avenue, Madison, WI 53703 (“Premises”), for a term commencing October 1, 2003, upon the covenants and conditions contained therein. 
  
 WHEREAS, Landlord and Tenant now desire to amend the Lease on the terms herein stated. 
  
 THEREFORE, in consideration of the mutual covenants and conditions
contained herein, the parties hereby agree as follows: 
  

	1.	Section 0.03 shall be amended to include Suite 140 as depicted in Exhibit A attached hereto and comprised of 754 square feet rentable. The Commencement Date for Suite 140 shall be
the Commencement Date as set forth in the Lease. 

  

	2.	Suite 140 shall be added to the Lease on a month-to-month basis. Landlord or Tenant may terminate the Lease with respect to Suite 140 with thirty (30) days advance written notice to
the other party. 

  

	3.	Landlord and Tenant acknowledge that Tenant shall use Suite 140 for its general office storage requirements and for no other purpose. 

  

	4.	The Base Rent for Suite 140 shall be $754.00 per month and shall be subject to Minimal Annual Escalation as set forth in Section 0.06 (Article IV, Section 4.2) of the Lease.

  
 Tenant has occupied and/or inspected the
Premises and knows the condition thereof, and acknowledges that no warranties, expressed or implied, are made with respect thereto. Tenant acknowledges that neither Landlord nor its agents have made any representations as to the condition of the
Premises or as to the state of repair thereof. 
  
 All other
conditions of the Lease remain unchanged. 
  
 This Agreement shall
also be binding upon and inure to the benefit of the successors and assigns of the respective parties thereto. 
  
 IN WITNESS WHEREOF, the parties hereto have set their hands and seals on the date and year above written. 
  
 WEST WASHINGTON ASSOCIATES, LLC, LANDLORD 
  

		
	By:	 	/s/    WILLIAM J. KUNKLER
	 	

	 	 	William J. Kunkler, Executive Vice President
		
	By:	 	/s/    L. R. FERCERER
	 	

	 	 	Lee R. Fercerer, Corporate Counsel
	
	 SONIC FOUNDRY, INC.

		
	By:	 	/s/    JUSTIN JAECK
	 	

	 	 	Justin Jaeck, Director of Operations

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