Document:

Exhibit 10.11

 

DATED: 7th October 2016

 

(1) INTERCEPT PHARMA EUROPE LTD

 

and

 

(2) LISA BRIGHT MORRISON

 

 

 

SERVICE AGREEMENT

 

UK EMPLOYEE

 

 

 

     

     

    

 

THIS AGREEMENT is made the 7th
day of October 2016

 

BETWEEN

 

		1	INTERCEPT PHARMA EUROPE LIMITED registered in England and Wales under company number 09224395
whose registered office is at One Glass Wharf, Bristol BS2 0ZX (the “Company”); and

 

		2	LISA BRIGHT MORRISON (the “Employee”)

 

The Employee was employed as Chief Commercial
and Corporate Affairs Officer and is being offered employment as President of International as an alternative to avoid her redundancy,
which the Company acknowledges would otherwise constitute termination of the Employee’s employment by Equity Good Reason.

 

The Board and the Board of the Parent have
approved the terms of this Agreement under which the Employee is to be employed, and in particular clause 9.

 

		1	Interpretation

 

		1.1	In this Agreement the following words and expressions have the following meanings unless inconsistent
with the context:

 

	the “Board”	means the board of directors from time to time of the  Company or a Parent (as the case may be) and includes any committee of the board of directors duly appointed by it;
	 	 
	“Change in Control”	shall have the meaning set out in clause 9.7 below; 
	 	 
	the “Companies Acts” 	means the Companies Act 1985, the Companies Act 1989 and the Companies Act 2006;
	 	 
	the “Compensation Committee”	means the compensation committee of the Board from time to time;
	 	 
	the “Employment”	means the Employee’s employment under this Agreement;
	 	 
	“Employment Inventions”	means any Invention which is made wholly or partially by the Employee at any time during the course of her employment with the Company (whether or not during working hours or using Company premises or resources and whether or not recorded in material form);
	 	 
	“Employment IPRs”	means Intellectual Property Rights created by the Employee in the course of her employment with the Company (whether or not during working hours or using Company premises or resources);
	 	 
	the “ERA” 	means the Employment Rights Act 1996;

 

     

     

    

 

	“Equity Awards”	means those equity based awards that may be granted to the Employee pursuant to the Share Scheme from time to time including, but not limited to stock options granted to the Employee under the Share Scheme to purchase shares of common stock and restricted stock awards granted to the Employee pursuant to the Share Scheme.  The parties agree that the Equity Awards granted to the Employee as at the date of this Agreement are those particularised at schedule 3.
	 	 
	“Equity Cause”	
        termination
        of the Employment upon:

         

        (a)   a good
        faith finding by the Company that (i) the Employee has been engaged in material dishonesty, wilful misconduct or gross negligence;
        (ii) the Employee has breached or has threatened to breach any agreement between the Employee and the Company or any Group Company
        related to intellectual property, non-disclosure or non-solicitation of employees or customers; or (iii) the Employee being in
        material breach of this Agreement and the Employee has failed to cure such conduct or breach within 30 days after the Employee’s
        receipt of written notice from the Company of such breach; or

         

        (b)   the
        Employee’s conviction or guilty plea of any crime involving fraud, bribery, embezzlement or any other criminal offence.

	 	 
	“Equity Good Reason”	
        termination
        of the Employment by reason of:

         

        (a)   any
        action or omission by the Company or any Group Company which results in a material diminution in the Employee’s position,
        status, offices, titles, authority, responsibilities or reporting requirements (other than the change in reporting line pursuant
        to clause 2.2); or

         

        (b)   a change
        by the Company in the location at which the Employee performs her principal duties for the Company to a different location that
        is more than 50 miles from the location at which the Employee performed her principal duties for the Company immediately prior
        to the date on which such change occurs; or

         

        (c)   any
material breach by the Company of this Agreement.

 

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        In addition, notwithstanding any
        of the events set out in clauses (a) to (c) above, such occurrence shall not be deemed to constitute Equity Good Reason if, within
        30 days after the Company’s receipt of written notice from the Employee of the occurrence or existence of an event or circumstances
        enumerated in clauses (a) to (c) above, such event or circumstance has been remedied by the Company. The Employee shall not be
        deemed to have terminated her employment for Equity Good Reason unless the Employee first delivers a written notice of termination
        to the Company identifying in reasonable detail the acts or omissions constituting Equity Good Reason within 90 days after their
        occurrence and the provision of this Agreement relied upon, such acts or omissions are not remedied by the Company within 30 days
        of the receipt of such notice, and the Employee actually ends her Employment on or prior to the last day of the period set forth
        in clause 3.1.

         

        For the avoidance of doubt, the
        Company utilising its right to terminate the Employment pursuant to clause 3.2 (payment in lieu of notice), shall have no effect
        on the determination of whether the Employment has terminated for Equity Good Reason.

	 	 
	“Group Company” 	means any firm, company, corporation or other organisation which is a holding company from time to time of the Company or any subsidiary from time to time of the Company or any such holding company (for which purpose the expressions ‘holding company’ and ‘subsidiary’ shall have the meanings given to them by Section 1159 Companies Act 2006);
	 	 
	
        “Intellectual Property

        Rights”
	means patents, rights to inventions, copyright and related rights, trade marks, trade names and domain names, rights in get-up, rights in goodwill or to sue for passing off, unfair competition rights, rights in designs, rights in computer software, database rights, topography rights, rights in confidential information (including know-how and trade secrets) and any other intellectual property rights, in each case whether registered or unregistered and including all applications (or rights to apply) for, and renewals or extensions of, such rights and all similar or equivalent rights or forms of protection which subsist or will subsist now or in the future in any part of the world;
	 	 
	
        “Invention”

         
	means any invention, idea, discovery, development, improvement or innovation, whether or not patentable or capable of registration, and whether or not recorded in any medium;

 

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	"PILON Benefit"	means either (at the Company's sole discretion) (i) the continued provision of the benefits to which the Employee would have been entitled during a relevant period of notice or remaining notice (car allowance, pension contributions, private medical insurance and life assurance cover but no bonus or other benefits) or (ii) an amount in lieu of the benefits that would have been provided to the Employee during a relevant period of notice or remaining period of notice if she had remained employed during such period, comprising car allowance, Company pension contributions, private medical insurance and life assurance cover (as determined by reference to the cost to the Company of the premiums it pays to provide such benefits to the Employee) but no bonus or other benefits.  (In the case of (ii) less any benefits actually provided);
	 	 
	“Pre-Contractual Statement”	means any undertaking, promise, assurance, statement, representation or warranty (whether in writing or not) of any person relating to the Employment which is not expressly set out in this Agreement or any documents referred to in it;
	 	 
	“Parent”	means Intercept Pharmaceuticals, Inc. or any other Group Company which is the ultimate direct or indirect parent of the Company; 
	 	 
	"Settlement Agreement"	means a settlement agreement in a form acceptable to the Company and to the Employee and substantially in the form set out in Schedule 1; and 
	 	 
	"Severance Benefit"	means either (at the Company's sole discretion) (i) the continued provision of the benefits to which the Employee was entitled for a period of 12 months (comprising car allowance, Company pension contributions, private medical insurance and life assurance cover (but no bonus or other benefits)) or (ii) means an amount in lieu of 12 months of benefit provision,  comprising car allowance, Company pension contributions private medical insurance and life assurance cover (as determined by reference to the cost to the Company of the premiums it pays to provide such benefit to the Employee), but no bonus or other benefits, less the value of any benefits provided to the Employee during any period of notice or the value of any PILON Benefit paid or to be paid or provided to the Employee;

 

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	"Share Scheme"	shall have the meaning given to it in clause 9.1 below;
	 	 
	"Trial Period End Date"	means 31 December 2016.

 

		1.2	References to clauses, sub clauses and schedules are, unless otherwise stated, references to clauses
and sub clauses of and schedules to this Agreement.

 

		1.3	The headings to the clauses are for convenience only and shall not affect the construction or interpretation
of this Agreement.

 

		1.4	References to persons shall include bodies corporate, unincorporated associations and partnerships.

 

		1.5	Words and expressions defined in or for the purpose of the Companies Acts shall have the same meaning
unless the context otherwise requires.

 

		2	Appointment

 

		2.1	The Company shall employ the Employee and the Employee agrees to serve the Company as President
of International and subject to the terms and conditions in this Agreement. The status, duties, authorities, responsibilities and
reporting requirements of the President of International are set out in the job description found at Schedule 2.

 

		2.2	It has been explained to the Employee and the Employee hereby understands and agrees that she will
initially report to the Group CEO until the Trial Period End Date but that she will from such date report to the Group Chief Operating
Officer who is proposed to be appointed in due course.

 

		3	Duration

 

		3.1	The Employment shall commence on 7 October 2016 (the “Commencement Date”) and,
                                                           subject to clause 18, shall continue until:

 

		3.1.1	terminated by the Employee giving to the Company in
writing, 6 months' notice;

 

		3.1.2	terminated by the Company giving to the Employee in writing, 6 months’ notice.

 

		3.2	The Company reserves the right to terminate the Employment with immediate effect at any time after
the Commencement Date (including where the Employee has given notice to the Company) by giving notice in writing that it is doing
so and confirming that it has paid or will pay the Employee in lieu of her period of notice or any remaining period of notice (whether
given by the Company or by the Employee). The Employee shall have no entitlement to insist that the Company make such payment,
which shall be made entirely at the Company’s discretion. For the avoidance of doubt, any payment in lieu shall be in respect
of Salary only and shall not include the value of any benefit, bonus, incentive, commission, or holiday entitlement which would
have accrued to the Employee had she been employed until the expiry of her notice period.

 

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		3.3	If the Company elects to terminate the Employment by making a payment in lieu of notice, and it
subsequently discovers misconduct by the Employee which would have entitled it to terminate the contract summarily, without making
such a payment, the Company shall be entitled to:

 

		3.3.1	withhold any such payment in lieu if it has not yet been received by the Employee and the Employee
shall have no rights to recover such sum as a debt owing; or

 

		3.3.2	if such sum has been received by the Employee, at its absolute discretion, require the payment
in lieu to be repaid (in part or in full). The Company may recover any payment due under this clause 3.3.2 from the Employee as
a debt.

 

The Employee agrees
that these repayment provisions are intended to be a genuine pre-estimate of loss which may be suffered by the Company and in no
way constitutes a penalty.

 

		3.4	The parties acknowledge that the Employee is a highly skilled/highly paid employee who is key to
the business of the Company and that replacing the Employee at short notice will result in significant cost to the Company. If,
therefore, the Employee resigns voluntarily in breach of clause 3.1.1 or if required to work her notice period by the Company leaves
the Company without working the full notice period, the Company reserves the right to recover a sum equal in value to the net salary
payable for the shortfall in the period of notice. The Company reserves the right to recover such sum from the Employee as a debt,
including by deducting the sum from any final payment due to the Employee. The Employee agrees that this provision is intended
to be a genuine pre-estimate of loss which may be suffered by the Company due to the Employee leaving at short notice and in no
way constitutes a penalty.

 

		3.5	The Company does not have a formal retirement age for employees.

 

		3.6	For the purpose of the ERA the Employee’s period of continuous employment began on 24 November
2014.

 

		3.7	The Employee represents and warrants that, in entering into and performing her duties under this
Agreement:

 

		3.7.1	she is not subject to any restriction that might hinder or prevent her from performing any of her
duties in full;

 

		3.7.2	she will not be in breach of any other contract of employment or any other obligation to any third
party; and

 

		3.7.3	this Employment is and shall remain she sole and exclusive employment.

 

		3.8	The Employee further warrants that she has no criminal convictions and has never been disqualified
from being a company director.

 

		3.9	In the event that, on or before the Trial Period End Date, the Employee gives notice to terminate
her employment in accordance with clause 3.1.1:

 

		3.9.1	The Company shall decide in its absolute discretion whether to require the Employee to work such
notice or put her on garden leave under clause 19 until the Trial Period End Date. After the Trial Period End Date, the Company
may decide in its absolute discretion to terminate her employment prior to the expiry of such notice and make a payment in lieu
of the remaining period of notice under clause 3.2. If the Company decides to terminate the Employee's employment after the Trial
Period End Date but prior to the expiry of such notice, the payment in lieu shall comprise the payment in respect of Salary (as
provided under clause 3.2) and the applicable PILON Benefit;

 

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		3.9.2	subject to the Employee (or her estate or legal representative, if applicable) executing a Settlement
Agreement within 60 days from the termination of the Employment and so long as no event giving rise to Equity Cause is found on
or prior to the date on which the Employee’s employment is terminated, such termination by the Employee shall be deemed to
constitute termination by the Employee for Equity Good Reason for the purposes of clause 9.4 and clause 18.3, which shall apply
in respect of such termination (subject to the terms of such clauses), provided that any payment to be made under clause 18.3 shall
instead be comprised of a payment equal to: (a) the relevant amount of the Salary (as provided under clause 18.3 and, for the avoidance
of doubt, less any Salary payment made by way of payment in lieu of notice and/or less any Salary paid in respect of any period
during which the Employee was on garden leave (whether notice is given by the Employee or the Company)); plus (b) the applicable
Severance Benefit;

 

		3.9.3	subject to the Employee (or her estate or legal representative, if applicable) executing a Settlement
Agreement within 60 days from the termination of the Employment, the Employee shall remain eligible for a discretionary bonus payment
for the 2016 bonus year under the Company's discretionary bonus scheme referred to in clause 6.7 (subject to the terms of such
scheme) provided that if the Employee is placed on garden leave or her employment terminates prior to the Trial Period End Date,
any such bonus shall be reduced pro rata in proportion to the period of the bonus year during which the employee remained employed
by the Company and during which she was not on garden leave. If the Employee's employment terminates after the Trial Period End
Date, she shall also remain eligible for a discretionary bonus payment under the Company's discretionary bonus scheme for 2017
(if any), subject to the terms of such scheme and provided that any bonus payment will be reduced pro rata in proportion to the
period of the 2017 bonus year during which the Employee remained employed by the Company. The discretionary bonus amount for 2017
will be determined based on the Employee's bonus target applicable at the time of notice. The discretionary bonus amount for 2016
will be determined based on the Employee having achieved 100% on target.

 

		3.10	In the event that, on or before the Trial Period End Date, the Company gives notice to terminate
the Employee's employment in accordance with clause 3.1.2 without Equity Cause and without the Employee having previously given
notice to terminate her employment:

 

		3.10.1	the Company shall put the Employee on garden leave under clause 19 until at least the Trial Period
End Date. Until the Trial Period End Date she shall remain eligible to be vested (subject to the rules of the relevant scheme)
any performance award RSA’s she may be granted on or about the date of signature of this agreement as though she had not
been placed on garden leave under clause 19. If, after the Trial Period End Date the Company decides to terminate the Employee’s
employment prior to the expiry of such notice and make a payment in lieu of the remaining period of notice under clause 3.2 the
payment in lieu shall comprise the payment in respect of Salary (as provided under clause 3.2) and the applicable PILON Benefit;

 

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		3.10.2	subject to the Employee (or her estate or legal representative, if applicable) executing a Settlement
Agreement within 60 days from the termination of the Employment, such termination by the Company shall be deemed to constitute
termination by the Company without Equity Cause for the purposes of clause 9.4 and clause 18.3, which shall apply in respect of
such termination (subject to the terms of such clauses), provided that any payment to be made under clause 18.3 shall instead be
comprised of a payment equal to: (a) the relevant amount of Salary (as provided under clause 18.3 and, for the avoidance of doubt,
less any payment made by way of payment in lieu of notice and/or less any Salary paid in respect of any period during which the
Employee was on garden leave after the Trial Period End Date (whether notice is given by the Employee or the Company)); plus (b)
the applicable Severance Benefit reduced pro-rata by the value of any benefits received by the Employee during any period when
she was on garden leave after the Trial Period End Date;

 

		3.10.3	subject to the Employee (or her estate or legal representative, if applicable) executing a Settlement
Agreement within 60 days from the termination of the Employment, the Employee shall remain eligible for a discretionary bonus payment
for the 2016 bonus year under the Company's discretionary bonus scheme referred to in clause 6.7 (subject to the rules of the scheme).
If the Employee's employment terminates after the Trial Period End Date, she shall remain eligible for a discretionary bonus payment
under the Company's discretionary bonus scheme for 2017 (if any), subject to the terms of such scheme and provided that any bonus
payment will be reduced pro rata in proportion to the period of the 2017 bonus year during which the Employee remained employed
by the Company. The discretionary bonus amount for 2017 will be determined based on the Employee's bonus target applicable at the
time of notice. The discretionary bonus amount for 2016 will be determined based on the Employee having achieved 100% on target.

 

		4	Scope of the Employment

 

		4.1	The Employee shall:

 

		4.1.1	devote the whole of her working time, attention, ability and skills to her duties;

 

		4.1.2	faithfully and diligently perform such duties and exercise such powers consistent with her position
as may from time to time be reasonably assigned to or vested in her by the Board of the Company or the Parent;

 

		4.1.3	obey all reasonable and lawful directions of the Board of the Company or the Parent;

 

		4.1.4	comply with all the Company’s articles of association, rules, regulations, policies and procedures
from time to time in force;

 

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		4.1.5	comply with the general duties of directors set out in sections 171-177 of the Companies Act 2006,
as well as any other applicable common law or statutory duties owed by directors to their company;

 

		4.1.6	exercise her duties in compliance with the requirements of the Bribery Act 2010 and use all reasonable
endeavours to assist the Company in preventing bribery from being conducted on its behalf in contravention of that Act;

 

		4.1.7	at all times act in the best interests of the Company and the Group Companies and use her best
endeavours to promote and protect the interests of the Company, the Group Companies and their employees; and

 

		4.1.8	keep the Board of the Company and the Parent at all times promptly and fully informed (in writing
if so requested) of her conduct of the business of the Company and any Group Company and provide such explanations in connection
with such conduct as the Board may from time to time require.

 

		4.2	Subject to clause 4.4 the Company reserves the right on reasonable notice to reasonably assign
the Employee duties of a different nature for any period the Company considers necessary to meet the needs of the business either
in addition to or instead of those referred to in clauses 2.1 and 4.1 above, it being understood that the Company will consult
with the Employee before imposing any such change and that the Employee will not be assigned duties which she cannot reasonably
perform or which are inconsistent with her position, seniority and status.

 

		4.3	During any period of notice of termination (whether given by the Company or the Employee) but subject
to the terms of this Agreement, the Company shall be at liberty to assign the Employee such other duties as the Company shall determine
in its absolute discretion (it being understood that she will not be assigned duties which she cannot reasonably perform) and may
appoint another person to carry out the Employee’s former duties as required by the needs of the business.

 

		4.4	The Employee shall not, without the prior consent of the Board of the Company or in compliance
with policies previously approved by the Board:-

 

		4.4.1	on behalf of the Company or any Group Company, incur any capital expenditure in excess of such
sum as may be authorised from time to time;

 

		4.4.2	on behalf of the Company or any Group Company, enter into any commitment, contract or arrangement
otherwise than in the normal course of business or outside the scope of her normal duties, or of an unusual, onerous or long term
nature or engage or dismiss any person.

 

		4.5	The Employee shall if and so long as the Company requires without further remuneration:

 

		4.5.1	carry out her duties as instructed by the Company on behalf of any Group Company; and

 

		4.5.2	act (subject to Employee’s prior agreement) as a director or officer of any Group Company.

 

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		4.6	The Employee confirms that she has disclosed to the Company all circumstances in respect of which
there is, or there might be, a conflict or possible conflict of interest between the Company or any Group Company and the Employee
and she agrees to disclose fully to the Company any such circumstances that might arise during the Employment. For the avoidance
of doubt, this includes but is not limited to, disclosing to the Company any activity by a third party or the Employee herself
which might reasonably be expected to harm the Company or a Group Company or its business or to destabilise its workforce.

 

		4.7	If the Employee becomes aware of any wrongdoing or other conduct which might reasonably be regarded
as not in the best interests of the Company or any Group Company by any Group Company employees (including her own wrongdoing or
conduct) she shall promptly report this to the Head of Legal Affairs or if this is not appropriate in the circumstances to the
Chief Executive Officer.

 

		5	Hours and Place of Work

 

		5.1	The Employee shall be required to work such hours as are necessary for the proper performance of
her duties.

 

		5.2	The Employee agrees that in her capacity as President of International she may choose or determine
the duration of her working time and that the working time limits set out in Part II of the Working Time Regulations 1998 do not
apply to the Employment.

 

		5.3	The Employee’s principal place of work will be in the Company’s offices at 2 Pancras
Square, London N1C 4AG or any such place in England as the Company shall from time to time direct. The Employee will be given reasonable
notice of any change in her place of work.

 

		5.4	The Employee may be required to travel throughout the United Kingdom and overseas in the performance
of her duties and this may, on occasions, necessitate the Employee working outside the UK for an aggregate period of more than
one month in any calendar year. At the date of this Agreement it is not envisaged that the Employee shall be required to work outside
of the UK for more than one month at any one time. During any such period the Employee will be paid her normal salary and benefits
in sterling in the normal way unless otherwise agreed. The Company shall bear all liability for any further tax or similar statutory
deductions, penalties, costs and interest the Employee is required to pay, in any jurisdiction, as a result of any overseas travel
undertaken in the course of her duties, save that this shall not extend to any statutory deductions, penalties, costs and interest
incurred solely as a result of the Employee’s negligent failure.

 

		6	Remuneration

 

		6.1	The Company shall pay to the Employee a basic salary at the rate of £300,000 per annum (“Salary”),
payable by equal monthly instalments in arrears, normally on the last working day of each calendar month (the “Salary
Instalments”) by credit transfer to a bank account nominated by the Employee.

 

		6.2	Upon giving not less than one month's notice, the Company reserves the right to change the intervals
of the Salary Instalments as required by the needs of the Company to fortnightly instalments in arrears, normally on the 15th
and last working day of each calendar month. The Company reserves the right to revert the Salary Instalments back to monthly instalments
by providing the Employee with not less than one month's notice.

 

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		6.3	By signing this Agreement the Employee acknowledges and agrees to her Salary Instalments
being changed in accordance with clause 6.2 as and when required by the needs of the Company.

 

		6.4	The Company will review the Employee’s salary annually. The Company shall not be obliged
to make any increase.

 

		6.5	The salary specified in clause 6.1 shall be inclusive of any fees to which the Employee may be
entitled as a director of the Company or any Group Company.

 

		6.6	The Company shall pay the Employee a car allowance of £14,160 per year, payable in equal
monthly instalments in arrears, less deductions for tax and National Insurance.

 

		6.7	The Employee shall be eligible to participate in the Company’s discretionary bonus scheme
with a potential discretionary bonus of up to 50% of the Employee’s annual base salary each financial year of the Company
strictly subject to the rules of such scheme as the Board or the Compensation Committee of the Company and/or any Parent from time
to time may determine from time to time in force. Details of the bonus scheme will be communicated at the appropriate time. The
Company reserves the right to discontinue the scheme or alter the terms of any bonus scheme provided at any time in line with what
it considers to be business requirements. The bonus scheme is discretionary and there is no contractual entitlement to continue
the scheme. Award of a bonus in one year shall not entitle the Employee to a bonus in subsequent years.

 

		6.8	To the extent that the Parent is required pursuant to Section 954 of the Dodd-Frank Wall Street
Reform and Consumer Protection Act to develop and implement a policy (the “Policy”) providing for the recovery from
the Employee of any payment of incentive-based compensation paid to the Employee that was based upon erroneous data contained in
an accounting statement, this Agreement shall be deemed amended and the Policy incorporated herein by reference as of the date
that the Parent takes all necessary corporate action to adopt the Policy, without requiring any further action of the Parent or
the Employee, provided that any such Policy shall only be binding on the Employee if the same Policy applies to the other executive
officers of the Group Companies as designated by the Parent Board from time to time.

 

		7	Pension and other Benefits

 

		7.1	The Company will comply with its employer pension duties under Part 1 of the Pensions Act 2008
from the date that it is legally required to do so. As a result, the Employee will be automatically enrolled into either a qualifying
pension scheme or the National Employment Savings Trust (“NEST”), whichever the Company decides. If the Employee
does not decide to opt-out of auto-enrolment, the Employee will be required to make pension contributions at the level set out
in the relevant legislation and the Employee agrees to the Company deducting such contributions from their salary each month. Further
information about pension choices will be provided at the appropriate time.

 

		7.2	At the date of this Agreement it is not envisaged that the qualifying pension scheme will be a
contracted out scheme for the purpose of the Pensions Schemes Act 1993 or that there will be a contracting out certificate in place
in respect of the Employment.

 

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		7.3	The Employee shall be eligible to participate in the benefits schemes, which the Company (or its
Parent from time to time) may maintain for the benefit of its senior employees from time to time in the UK (the “Schemes”)
subject to the rules of the Schemes and the terms of any related policy of insurance from time to time in force. The Employee understands
and agrees that she may not be eligible to participate in all non-UK entity benefit schemes due to the rules of such schemes and
the terms of any related policy of insurance from time to time in force and that for those non-UK entity benefit schemes that she
is eligible to participate in, she may only be able to participate in them to the extent that they can be properly, legally and
reasonably be applied, administered and exercised in the UK. Further details of the Schemes and the benefits currently available
to the Employee can be obtained from the Global Human Resources department of the Group Companies. This is for information only
and should not be regarded as any guarantee of benefits, which may be paid under the Schemes in place from time to time.

 

		7.4	The Company reserves the right, at its absolute discretion, to change the Schemes providers, to
amend the terms of the Schemes (including but not limited to the level of benefits), to terminate the Schemes without replacement,
to substitute other schemes for the Schemes and to remove the Employee from membership of the Schemes.

 

		7.5	The Company shall be under no obligation to make any payment under the Schemes to the Employee
unless and until it has received the relevant payment from the relevant Scheme provider(s). If any of the Schemes providers refuse
for any reason (whether based on their own interpretation of the terms of the insurance policy or otherwise) to provide any benefits
to the Employee, the Company shall not be liable to provide replacement benefits itself or any compensation in lieu and shall be
under no obligation to pursue a claim for unpaid benefits on behalf of the Employee against the Schemes providers.

 

		7.6	The Company reserves the right to terminate the Employee’s employment, where it has good
cause to do so (including but not limited to where the Employee is incapacitated, redundant or has committed misconduct), notwithstanding
that the Employee is receiving benefits under the Schemes and that such termination may result in those benefits being discontinued.
The Employee agrees that she shall have no claim against the Company for damages in respect of the loss of benefits under the Schemes
in such circumstances.

 

		7.7	In the event that the Employee is absent by reason of ill-health she will continue to co-operate
with and act in good faith towards the Company including but not limited to staying in regular contact with the Company and providing
it with such information about their health, prognosis and progress as the Company may require.

 

		7.8	In accordance with the Schemes rules from time to time participation in the Schemes may be subject
to the condition that the Employee has notified the Company on or before the commencement of the Employment of any pre-existing
medical conditions that she may have.

 

		8	Expenses and travel

 

		8.1	The Company shall reimburse the Employee in respect of all expenses reasonably incurred by her
in the proper performance of her duties, subject to the Employee providing such receipts or other evidence that the Company may
require. Subject to the Employee providing such receipts or other evidence that the Company may require, the Company shall also
reimburse the Employee’s reasonable expenses of meals and lodging while staying in London from time to time and reasonable
expenses for travelling to Heathrow or other major UK airports in the proper performance of her duties.

 

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		8.2	The Employee shall submit each expenses claim within 60 days of the later of:

 

		8.2.1	incurring the expense; or

 

		8.2.2	receipt of the invoice for such expense.

 

		8.3	The Company shall use its reasonable endeavours to reimburse expenses claims within 30 days of
receiving an accurate and properly completed expenses claim accompanied by such receipts or other evidence that the Company may
require.

 

		8.4	The Employee shall at all times comply with the Company’s Travel Policy and Expenses Policy
from time to time in force. Copies are available from the Group Companies’ intranet site or upon request from the Global
Human Resources department of the Group Companies.

 

		8.5	The Company shall pay the Employee's reasonable travel costs incurred in the proper performance
of her duties in relation to her daily commute from her current home address as set out in this Agreement to the Company's offices
located as anticipated in accordance with clause 5.3 to a maximum of £1,080 per month excluding any associated taxes and
statutory deductions arising thereon (the "Commuting Cap"). The Employee will submit her expenses claim for such
expenses with such receipts or other evidence that the Company may require in accordance with clause and in compliance Company’s
Travel Policy and Expenses Policy from time to time in force. Strictly subject to the Commuting Cap, on an annual basis, the Company
shall also provide a gross up in respect of the income tax payable on (i) reimbursement payments made to Employee for commuting
expenses set forth in this clause and (ii) any gross up amounts resulting therefrom.

 

		9	SHARE OPTIONS

 

		9.1	Subject always to the rules of the Intercept Pharmaceuticals, Inc. 2012 Equity Incentive Plan,
as amended, or any other equity incentive plan that may then be in effect (collectively, the “Equity Awards”)
and any legal or regulatory restrictions from time to time in force, the Employee was granted the Options. The Employee may further,
at the sole discretion of the Board or the Compensation Committee of the Parent, from time to time be granted additional options
or other equity-based awards over shares of the common stock of the Parent.

 

		9.2	If the Employee has been, prior to the date of this Agreement, or is at any time following the
date of this Agreement, granted options or other equity-based awards pursuant to the Share Scheme or any other stock option or
share incentive scheme of the Parent, those options or rights shall be subject to the rules of that scheme as in force from time
to time which rules shall not form part of the Employee’s service contract.

 

Effect of Termination
of Share or Stock Options and other equity compensation

 

		9.3	In the event of Employee’s termination by the Company for Equity Cause or by the Employee
without Equity Good Reason all unvested stock options and other equity-based awards granted to the Employee before and after the
date of this Agreement (including the Equity Awards) shall be immediately forfeited upon the effective date of such termination
of employment or as otherwise provided in the award agreement; provided, and subject to clause 9.8, that the Employee shall have
until the earlier of expiration date of the option or 90 days from the date of termination of the Employee to exercise all vested
options unless the stock plan pursuant to which the option is granted requires earlier termination in connection with a liquidation
or sale of the Parent or the Company.

 

    	 	14	 

     

    

 

		9.4	In the event of the Employee’s termination by the Employee for Equity Good Reason or by the
Company without Equity Cause and provided that the Employee (or her legal representative, if applicable) executes a Settlement
Agreement within a period of 60 days from the termination of Employment, that number of the Employee's time-based unvested stock
options and other time-based equity awards granted to the Employee before or after the date of this Agreement (including the Options)
that would otherwise have vested from the effective date of the Employee’s termination up to and including the first anniversary
of such date shall vest as of the date that the Settlement Agreement is executed by the Employee (or her estate or legal representative,
if applicable) and the Employee (or her estate or legal representative, if applicable) shall have until the earlier of the expiration
date of the option or one (1) year from the date of termination of the Employee’s employment to exercise all vested options
unless the stock plan pursuant to which the option is granted requires earlier termination in connection with a liquidation or
sale of the Parent or the Company.

 

		9.5	In the event the Employee’s employment with the Company is terminated by the Employee for
Equity Good Reason or by the Company without Equity Cause, in any such case, in anticipation of and/or within twelve (12) months
following a Change in Control, in lieu of the acceleration provided for pursuant to clause 9.4 above, provided that the Employee
(or her legal representative, if applicable) executes a Settlement Agreement within a period of 60 days from the termination of
Employment, and subject to clause 9.8, to the extent vesting and acceleration will not result in violation of any applicable law,
and subject to clause 9.8, all of the Employee’s time-based unvested stock options and other time-based equity-based awards
granted to the Employee before or after the date of this Agreement (including the Equity Awards) then in effect shall vest as of
the date of the Settlement Agreement and the Employee shall have until the earlier of the expiration date of the option or one
(1) year from the date of termination of the Employee’s employment to exercise all vested options unless the stock plan pursuant
to which the option is granted requires earlier termination in connection with a liquidation or sale of the Parent or the Company.

 

		9.6	In the event the Employee’s employment with the Company is terminated by reason of Incapacity
pursuant to clause 18.2, all unvested stock and stock options granted to the Employee before and after the date of this Agreement
shall be immediately forfeited upon the effective date of such termination of employment or as otherwise provided in the award
agreement; provided that, and subject to clause 9.8 the Employee shall have until the earlier of the expiration date of the option
or one (1) year from the date of termination of Employee’s employment to exercise all vested options unless the stock plan
pursuant to which the option is granted requires earlier termination in connection with a liquidation or sale of the Parent or
the Company.

 

		9.7	As used herein, “Change in Control” shall occur or be deemed to occur if any
of the following events occur:

 

		9.7.1	any sale, lease, exchange or other transfer (in one transaction or a series of transactions) of
all or substantially all of the assets of the Parent and the Group Companies to a third person (with “person” as defined
in clause 9.7.3); or

 

    	 	15	 

     

    

 

		9.7.2	any consolidation or merger of the Parent or the Company where the shareholders of the Parent or
the Company, as the case may be, immediately prior to the consolidation or merger, would not, immediately after the consolidation
or merger, beneficially own, directly or indirectly, shares representing in the aggregate more than fifty percent (50%) of the
combined voting power of all the outstanding securities of the corporation issuing cash or securities in the consolidation or merger
(or of its ultimate parent corporation, if any); or

 

		9.7.3	a third person, including a “person” as defined in Section 13(d)(3) of the Securities
Exchange Act of 1934 (a US Statute), as amended (the “Exchange Act”) (but other than (a) the Parent or another
Group Company, (b) any employee benefit plan of the Parent or a Group Company, or (c) investors purchasing equity securities of
the Parent pursuant to a financing or a series of financings approved by the board of directors of the Parent) becomes the beneficial
owner (as defined in Rule 13d-3 under the Exchange Act) directly or indirectly, of Controlling Securities (as defined below). “Controlling
Securities” shall mean securities representing 25% or more of the total number of votes that may be cast for the election
of the directors of the Parent or the Company, as the case may be.

 

		9.7.4	Notwithstanding anything to the contrary herein, a Change in Control in respect of the Company
shall not be deemed to have occurred under clause 9.7.2 or 9.7.3 if, immediately after the consummation of such transaction or
series of transactions, (a) Employee is employed by the Parent, the Company or another Group Company on similar terms as this Agreement
and (b) such transaction or series of transactions do not constitute a Change in Control in respect of Parent.

 

		9.8	In the event that the Employee or the Company give notice to terminate the Employment and the Company
puts the Employee on garden leave pursuant to clause 19 below, for the purposes of clauses 9.3, 9.4, 9.5 and 9.6 above, the Employee's
employment shall be deemed to have been terminated with effect from the date on which the Employee is put on garden leave (as determined
by the Company) and references to the effective date of termination of the Employee's employment or the termination of employment
in such clauses shall be deemed to be the date on which the Employee is placed on garden leave (as determined by the Company).
For the avoidance of doubt, this sub-clause shall only apply for the purposes of clauses 9.3 to 9.6 inclusive and for all other
purposes the Employee's employment and the terms and conditions relating to it under this Agreement shall continue in effect until
the expiry of the notice given by the Employee or the Company.

 

		10	Holiday

 

		10.1	The Employee shall be entitled to receive her normal remuneration for all bank and public holidays
normally observed in England and a further 30 working days holiday in each holiday year, being the period from 1 January to 31
December. The Employee may only take her holiday at such times as are agreed with the person to whom she reports and in accordance
with the Company’s Vacation Policy from time to time in force.

 

		10.2	In the holiday years in which the Employment commences or terminates, the Employee’s entitlement
to holiday shall accrue on a pro-rata basis for each complete month of service during the relevant year.

 

    	 	16	 

     

    

 

		10.3	If, on the termination of the Employment, the Employee has exceeded her accrued holiday entitlement,
the excess may be deducted from any sums due to her. If the Employee has any unused holiday entitlement, the Board may either require
the Employee to take such unused holiday during any notice period or accept payment in lieu. Any payment in lieu shall only be
made in respect of holiday accrued in accordance with clause 10.2 above during the Employee’s final holiday year.

 

		10.4	Holiday entitlement for one holiday year may not be taken in subsequent holiday years unless otherwise
agreed by the Board. Failure to take holiday entitlement in the appropriate holiday year will lead to forfeiture of any accrued
holiday not taken, without any right to payment in lieu.

 

		11	Incapacity

 

		11.1	Subject to the Employee’s compliance with the Company’s rules from time to time in
force regarding sickness notification and doctor’s certificates, details of which can be obtained from the Group Companies’
intranet site or upon request from the Global Human Resources department of the Group Companies and subject to the Company’s
right to terminate the Employment for any reason including without limitation incapacity, if the Employee is at any time absent
on medical grounds the Company shall pay to the Employee her normal basic salary for a maximum of 13 weeks for any one period of
absence or absence in aggregate in any rolling period of 12 months (“Company Sick Pay”).

 

		11.2	The Company reserves the right to reasonably require the Employee to undergo a medical examination
by a doctor or consultant nominated by it, at anytime including at any stage of absence at the Company’s expense, and the
Employee agrees that she will undergo any requisite tests and examinations and will fully co-operate with the relevant medical
practitioner and shall authorise him or her to disclose to and discuss with the Company the results of any examination and any
matters which arise from it.

 

		11.3	Payment of Company Sick Pay to the Employee pursuant to clause 11.1 shall be inclusive of any Statutory
Sick Pay and any Social Security Sickness Benefit or other benefits to which the Employee may be entitled, whether or not claimed.

 

		11.4	If the Employee’s absence shall be caused by the actionable negligence of a third party in
respect of which damages are recoverable, then all sums paid by the Company shall constitute loans to the Employee, who shall:

 

		11.4.1	immediately notify the Company of all the relevant circumstances and of any claim, compromise,
settlement or judgement made or awarded;

 

		11.4.2	if the Board of the Company so requires, refund to the Company such sum as the Board may determine,
not exceeding the lesser of:

 

		a)	the amount of damages recovered by her under such compromise, settlement or judgement; and

 

		b)	the sums advanced to her in respect of the period of incapacity.

 

		11.5	Any actual or prospective entitlement to Company Sick Pay or private medical insurance or long
term disability benefits shall not limit or prevent the Company from exercising its right to terminate the Employment in accordance
with clauses 3.2 or 18 or otherwise and the Company shall not be liable for any loss arising from such termination.

 

    	 	17	 

     

    

 

		11.6	If the Employee is prevented by incapacity from properly performing her duties under this Agreement
for a consecutive period of 20 working days the Board may appoint another person or persons to perform those duties until such
time as the Employee is able to resume fully the performance of her duties.

 

		12	Deductions

 

For the purposes of the ERA, the
Employee hereby authorises the Company to deduct from her remuneration any sums due from her to the Company or any Group Company
including, without limitation, any overpayments of salary, employee’s pension contributions, overpayments of holiday pay
whether in respect of holiday taken in excess of that accrued during the holiday year or otherwise, loans or advances made to her
by the Company, any fines incurred by the Employee and paid by the Company, the cost of repairing any damage or loss to the Company’s
property caused by her and all losses suffered by the Company as a result of any negligence or breach of duty by the Employee.

 

		13	Restrictions On Other Activities by the Employee

 

		13.1	During the Employment the Employee shall not directly or indirectly be employed, engaged, concerned
or interested in any other company, business or undertaking without the prior written consent of the Board of the Parent or be
involved in any activity which the Board of the Parent reasonably considers may be, or become, harmful to the interests of the
Company or any Group Company or which might reasonably be considered to interfere with the performance of the Employee’s
duties under this Agreement provided that this clause 13.1 shall not prohibit the Employee:

 

		13.1.1	subject to the prior written consent of the Board of the Parent, serving as an officer or member
of the board of directors or advisory boards of non competing organisations from time to time;

 

		13.1.2	serving as an officer or member of a charitable, educational or civic organisations;

 

		13.1.3	engaging in charitable activities and community affairs; or

 

		13.1.4	managing her personal investments or affairs including holding (directly or through nominees) of
investments listed on any recognised stock exchange as long as not more than 5 per cent of the issued shares or other securities
of any class of any one company shall be so held;

 

subject always
to such activities not being or becoming, harmful to the interests of the Company or any Group Company or reasonably being considered
to interfere with the performance of the Employee’s duties and responsibilities under this Agreement.

 

		13.2	Subject to any regulations issued by the Company, the Employee shall not be entitled to receive
or obtain directly or indirectly any discount, rebate or commission in respect of any sale or purchase of goods effected or other
business transacted (whether or not by her by or on behalf of the Company) and if she (or any firm or company in which she is interested)
shall obtain any such discount, rebate or commission, she shall account to the Company for the amount received by her (or a due
proportion of the amount received by such company or firm having regard to the extent of her interest in it). For the avoidance
of doubt, nothing in this clause shall prevent the Employee from obtaining any discount, rebate or commission solely as a
result of transactions legitimately entered into in her personal capacity.  

 

    	 	18	 

     

    

 

		14	Confidentiality

 

		14.1	The Employee shall neither during the Employment (except in the proper performance of her duties)
nor at any time (without limit) after the termination of the Employment:

 

		14.1.1	divulge or communicate to any person, company, business entity or other organisation;

 

		14.1.2	use for her own purposes for any purposes other than those of the Company or any Group Company;
or

 

		14.1.3	through any failure to exercise due care and diligence, permit or cause any unauthorised disclosure
of

 

any Confidential Information provided
that these restrictions shall cease to apply to any information, which shall become available to the public generally otherwise
than through an unauthorised disclosure by the Employee or any other person.

 

		14.2	For the purposes of this Agreement “Confidential Information” shall mean, in
relation to the Company or any Group Company:

 

		14.2.1	trade secrets;

 

		14.2.2	information relating to research activities, inventions, discoveries, secret processes, designs,
know how, technical specifications and processes, formulae, intellectual property rights, computer software, product lines and
any other technical information relating to the creation, production or supply of any past, present or future product or service;

 

		14.2.3	any inventions or improvements which the Employee may make or discover during the Employment;

 

		14.2.4	any information relating to the business or prospective business;

 

		14.2.5	details of suppliers, their services and their terms of business;

 

		14.2.6	details of customers and their requirements, the prices charged to them and their terms of business;

 

		14.2.7	pitching material, marketing plans and sales forecasts of any past, present or future products
or services;

 

		14.2.8	information relating to the business, corporate plans, management systems, accounts, finances and
other financial information, results and forecasts (save to the extent that these are included in published audited accounts);

 

    	 	19	 

     

    

 

		14.2.9	proposals relating to the acquisition or disposal of a company or business or any part thereof;

 

		14.2.10	proposals for expansion or contraction of activities, or any other proposals relating to the future;

 

		14.2.11	details of employees and officers and of the remuneration and other benefits paid to them;

 

		14.2.12	information given in confidence by clients, customers suppliers or any other person;

 

		14.2.13	any other information which the Employee is notified is confidential; and

 

		14.2.14	any other information which the Company (or relevant Group Company) could reasonably be expected
to regard as confidential, whether or not such information is reduced to a tangible form or marked in writing as “confidential”,
including but not limited to, information which is commercially sensitive,

 

which comes into the Employee’s
possession by virtue of the Employment and which is not in the public domain and all information, which has been or may be derived
or obtained from any such information.

 

		14.3	The Employee acknowledges that all notes, memoranda, records, lists of customers and suppliers
and employees, correspondence, documents, computer and other discs and tapes, data listings, databases, codes, designs and drawings
and any other documents and material whatsoever (whether made or created by the Employee or otherwise) relating to the business
of the Company and any Group Company (and any copies of the same) or which is created or stored on the Company’s equipment
and systems:

 

		14.3.1	shall be and remain the property of the Company or the relevant Group Company; and

 

		14.3.2	shall be handed over by the Employee to the Company or the relevant Group Company on demand and
in any event on the termination of the Employment and the Employee shall certify that all such property has been so handed over
and that no copies or extracts have been retained.

 

		14.4	For the avoidance of doubt, social media accounts, any on-line content and contacts operated or
created by the Employee during the Employment for work related (including networking) purposes shall be regarded as the property
of the Company and the Employee agrees not to use such social media after the termination of the Employment.

 

		14.5	This clause 14 shall only bind the Employee to the extent allowed by law and nothing in this clause
shall prevent the Employee from making a statutory disclosure.

 

    	 	20	 

     

    

 

		15	Data Protection

 

The Employee consents to the Company
and/or the Group Companies holding and processing, both electronically and manually, the data it collects in relation to the Employee
in the course of the Employment (including, without limitation the Employee’s employment application, references, bank details,
appraisals, holiday and sickness records, salary reviews, remuneration details, employment benefits and other records which may
include sensitive personal data relating to her health) for the purposes of the Company’s and/or the Group Companies’
administration and management of their employees and their businesses, the evaluation of assets and liabilities before any acquisition,
merger or re-organisation of the Company and/or the Group Companies’ business, to fulfil any obligation of the Company and/or
the Group Companies to transfer records to any successor employer and for compliance with applicable procedures, laws and regulations.
Such processing may involve the transfer, storage and processing by the Company and/or the Group Companies of such data outside
the European Economic Area, to which the Employee consents.

 

		16	Inventions and Intellectual Property Rights

 

		16.1	The Employee acknowledges that all Employment IPRs, Employment Inventions and all materials embodying
them shall automatically belong to the Company or relevant Group Company to the fullest extent permitted by law. To the extent
that they do not vest in the Company or relevant Group Company automatically, the Employee holds them on trust for the Company
or relevant Group Company.

 

		16.2	The Employee acknowledges that, because of the nature of her duties, which includes research and
development, including creating and developing Employment Inventions and Employment IPRs, and the particular responsibilities arising
from the nature of her duties, she has, and shall have at all times while she is employed by the Company, a special obligation
to further the interests of the Company and the Group Companies.

 

		16.3	To the extent that legal title in any Employment IPRs or Employment Inventions does not vest in
the Company or relevant Group Company by virtue of clause 16.1, the Employee agrees, immediately upon creation of such rights and
inventions, to offer to the Company or relevant Group Company in writing a right of first refusal to acquire them on arm’s
length terms to be agreed between the parties. If the parties cannot agree on such terms within 30 days of the Company or relevant
Group Company receiving the offer, the Company shall refer the dispute to an arbitrator who shall be nominated by CEDR. The arbitrator's
decisions shall be final and binding on the parties, and the costs of arbitration shall be borne equally by the parties. The Employee
agrees that the provisions of this clause 16.3 shall apply to all Employment IPRs and Employment Inventions offered to the Company
under this clause 16.3 until such time as the Company has agreed in writing that the Employee may offer them for sale to a third
party.

 

		16.4	The Employee agrees:

 

		16.4.1	to give the Company full written details of all Inventions which relate to or are capable of being
used in the business of the Company and/or any Group Company promptly on their creation;

 

		16.4.2	at the Company's request and in any event on the termination of her employment to give to the Company
all originals and copies of correspondence, documents, papers and records on all media which record or relate to any of the Employment
IPRs;

 

		16.4.3	not to attempt to register any Employment IPR nor patent any Employment Invention unless requested
to do so by the Company; and

 

    	 	21	 

     

    

 

		16.4.4	to keep confidential each Employment Invention unless the Company has consented in writing to its
disclosure by the Employee.

 

		16.5	The Employee waives all her present and future moral rights which arise under the Copyright Designs
and Patents Act 1988, and all similar rights in other jurisdictions relating to any copyright which forms part of the Employment
IPRs, and agrees not to support, maintain nor permit any claim for infringement of moral rights in such copyright works.

 

		16.6	The Employee acknowledges that, except as provided by law, no further remuneration or compensation
other than that provided for in this Agreement is or may become due to the Employee in respect of her compliance with this clause
16.6. This is without prejudice to the Employee’s rights under the Patents Act 1977.

 

		16.7	The Employee undertakes to use her best endeavours to execute all documents and do all acts both
during and after her employment by the Company as may, in the opinion of the Board of the Parent or the Company, be necessary or
desirable to vest the Employment IPRs in the Company or relevant Group Company, to register them in the name of the Company or
relevant Group Company and to protect and maintain the Employment IPRs and the Employment Inventions. Such documents may, at the
Company's request, include waivers of all and any statutory moral rights relating to any copyright works which form part of the
Employment IPRs. The Company agrees to reimburse the Employee's reasonable expenses of complying with this clause 16.7.

 

		16.8	The Employee agrees to give all necessary assistance to the Company or relevant Group Company to
enable it to enforce its Intellectual Property Rights against third parties, to defend claims for infringement of third party Intellectual
Property Rights and to apply for registration of Intellectual Property Rights, where appropriate throughout the world, and for
the full term of those rights.

 

		16.9	The Employee hereby irrevocably appoints the Company to be her attorney to execute and do any such
instrument or thing and generally to use her name for the purpose of giving the Company or its nominee the benefit of this clause
16. The Employee acknowledges in favour of a third party that a certificate in writing signed by any Director or the Secretary
of the Company that any instrument or act falls within the authority conferred by this clause 16.9 shall be conclusive evidence
that such is the case.

 

		17	Statements

 

		17.1	The Employee shall not make, publish (in any format) or otherwise communicate any derogatory statements,
whether in writing or otherwise, at any time either during her Employment or at any time after its termination in relation to the
Company, any Group Company or any of their officers or other personnel.

 

		17.2	The Company will use its reasonable endeavours to ensure that it does not allow or encourage its
employees, officers and directors to make publish (in any format) or otherwise communicate any derogatory statements, whether in
writing or otherwise, at any time during the Employment or at any time after its termination in relation to the Employee.

 

		17.3	For the avoidance of doubt all statements to the press or other media communications in connection
with the Company and/or any Group Company are dealt with by the Investor Relations Committee. The Employee shall not make any statements
to the press or other media in connection with the Company and/or any Group Company at any time either during or after the Employment
without the prior consent of the Chief Executive Officer of the Parent and/or the Investor Relations Committee.

 

    	 	22	 

     

    

 

		18	Termination of Employment and severance

 

		18.1	The Company may terminate the Employment immediately by notice in writing if the Employee shall
have:

 

		18.1.1	committed any serious breach of her obligations under this Agreement; or

 

		18.1.2	committed any repeated or continued breach of her obligations under this Agreement after having
received a written warning from the Company relating to the same; or

 

		18.1.3	been guilty of conduct tending to bring her or the Company or any Group Company into disrepute;
or

 

		18.1.4	become bankrupt or had an interim order made against her under the Insolvency Act 1986 or compounded
with her creditors generally; or

 

		18.1.5	been disqualified from being a director by reason of any order made under the Companies Directors
Disqualification Act 1986 or any other enactment; or

 

		18.1.6	been convicted of an offence under any statutory enactment or regulation (other than a motoring
offence for which no custodial sentence is given); or

 

		18.1.7	failed to comply with the United Kingdom’s Bribery Act 2010 or any other similar legislation,
regulations or rules in any relevant jurisdiction related to, giving payments, gifts or entertainment to obtain a business advantage
unlawfully, or adopted to implement the OECD Convention on Combating Bribery of Foreign Officials in International Transactions;
or

 

		18.1.8	during the Employment, committed any gross breach of clauses 13, 14, 16 and/or 17.

 

Any delay by the Company in exercising
such right of termination shall not constitute a waiver thereof.

 

		18.2	In the event the Employee is incapacitated or prevented by illness or injury or accident or any
other circumstances beyond her control (“Incapacity”) from discharging her duties for a total of 16 consecutive
weeks, or 24 weeks in aggregate in any 12 consecutive calendar months, the Company may by notice in writing at any time during
the period of Incapacity terminate the Employee’s Employment by giving such notice as is required by section 86 of the Employment
Rights Act 1996.

 

    	 	23	 

     

    

 

		18.3	In the event of the termination of the Employee's employment by the Company without Equity Cause
or by the Employee for Equity Good Reason, provided that the Employee (or her legal representative if applicable) executes a Settlement
Agreement prior to the 60th day following the termination of the Employee's employment, the Company shall provide the
Employee with a payment equal to: (a) 12 months of the Salary and either (at the Company's sole discretion) shall (i) continue
to provide the benefits to which the Employee was entitled for a continued 12 month period (comprising car allowance, pension contributions,
private medical insurance and life assurance cover but not bonus or other benefits) or (ii) make a payment of the value of the
benefits the Employee is entitled to receive over a 12 month period (including car allowance, pension contributions, private medical
insurance and life assurance cover) at the time of the termination of employment; (b) less any payment made by way of payment in
lieu of notice (including PILON Benefit); and/or (c) less any Salary paid and/or benefits provided in respect of any period during
which the Employee was on garden leave (whether notice is given by the Employee or the Company). Such payment shall be paid in
equal monthly instalments according to the Company’s payroll commencing on the first payroll date the Settlement Agreement
is executed by the Employee (or her legal representative if applicable), save that in the event of such termination in anticipation
of or within 12 months following a Change in Control, such payment shall be made in one lump sum payment within 30 days following
the date the Settlement Agreement is executed by the Employee (or her legal representative if applicable). For the avoidance of
doubt, (A) clause 9.4 and clause 9.5 are unaffected by this clause 18.3 and the acceleration provisions set out therein will apply
in circumstances where the Employee has exercised her rights under this clause and (B) if clause 3.9 or 3.10 is applicable, clause
18.3 shall not be applicable except to the extent referenced specifically in clause 3.9 or 3.10.

 

		19	GARDEN LEAVE

 

During any period of notice of termination
(whether given by the Company or the Employee), the Company shall be under no obligation to assign any duties to the Employee and
shall be entitled to exclude her from its premises and those of any Group Company, and require the Employee not to contact any
customers, suppliers or employees provided that this shall not affect the Employee’s entitlement to receive her normal salary
and contractual benefits. During any such period of exclusion the Employee will continue to be bound by all the provisions of this
Agreement and shall at all times conduct herself with good faith towards the Company. In the event the Company exercises its right
to place the Employee on garden leave for some or all of the notice period, the Company shall not, from the date it exercises such
right, require the Employee to perform any duties or to be available during her normal working hours. Further the Company expressly
permits the Employee to utilise her time looking for and attending interviews or meetings regarding any new employment or engagement
which would start after her employment with the Company terminates subject always to this being in compliance with clause 5, 13,
14 and 21 of this Agreement.

 

		20	directorship

 

		20.1	On the termination of the Employment (however arising) or on either the Company or the Employee
having served notice of such termination, the Employee shall should she hold any such offices:

 

		20.1.1	at the request of the Company or any Group Company resign from all directorships and offices held
by her in the Company or any Group Company and shall transfer without payment to the Company or as the Company may direct any nominee
shares provided by it, provided however that such resignation shall be without prejudice to any claims which the Employee may have
against the Company or any Group Company arising out of the termination of the Employment; and

 

    	 	24	 

     

    

 

		20.1.2	immediately deliver to the Company or any Group Company as directed all materials within the scope
of clause 14.3 and all credit cards, motor cars, car keys and other property of or relating to the business of the Company or of
any Group Company which may be in her possession or under her power or control,

 

and if the Employee should fail
to do so the Company is hereby irrevocably authorised to appoint another person to sign any documents and/or do any other things
necessary on her behalf in order to give effect to the Employee’s undertaking in this clause 20.1.

 

		20.2	The appointment of the Employee as a director of the Company or any Group Company is not a term
of this Agreement and the Company or any Group Company reserves the right to remove the Employee from any such directorship at
any time and for any reason. Where the Company or any Group Company exercises this right, this shall not amount to a breach of
this Agreement and shall not give rise to a claim for damages or compensation.

 

		21	Post Termination obligations of the Employee

 

		21.1	For the purposes of this clause 21 the following definitions apply:

 

		21.1.1	“Restricted Business” means the businesses of the Company and Group Companies
at the Termination Date with which the Employee was involved to a material extent during the twelve months immediately preceding
the Termination Date;

 

		21.1.2	“Restricted Customer” means any person, firm, company or other organisation
who, at any time during the twelve months immediately preceding the Termination Date was a customer of or in the habit of dealing
with the Company or any Group Company and with whom, during that period, the Employee had material dealings in the course of her
employment or for whom the Employee was responsible on behalf of the Company or any Group Company;

 

		21.1.3	“Prospective Customer” means any person, firm, company or other organisation
with whom the Company or any Group Company had negotiations or discussions regarding a possible business relationship and/or had
submitted a tender, taken part in a pitch or made a presentation to, or with which it was otherwise negotiating for the supply
of goods and services during the six months immediately preceding the Termination Date and with whom, during that period, the Employee
had material dealings in the course of her Employment or for whom the Employee was responsible for developing the relationship
on behalf of the Company or any Group Company;

 

		21.1.4	“Restricted Employee” means any person who, at the Termination Date, was an
employee, officer or consultant of the Company or Group Company who could materially damage the interests of the Company or any
Group Company if she becomes employed in any competing business and with whom the Employee worked closely or was responsible for
in the twelve months immediately preceding the Termination Date;

 

    	 	25	 

     

    

 

		21.1.5	“Restricted Supplier” means any person, firm, company or other organisation
who, in the twelve months immediately preceding the Termination Date supplied goods and/or services to the Company or any Group
Company including but not limited to any individual who provided services to the Company or any Group Company by way of a consultancy
agreement (but excluding utilities or goods and services supplied for administrative purposes) and with whom, during that period,
the Employee dealt to a material extent;

 

		21.1.6	“Restricted Territory” means the United Kingdom and any other country in the
world where the Company or any Group Company had business interests or dealings on the Termination Date;

 

		21.1.7	“Restriction Date” means the earlier of the Termination Date and the start of
any period of Garden Leave in accordance with clause 19;

 

		21.1.8	“Termination Date” means the date of termination of the Employment (howsoever
caused).

 

		21.2	The Employee acknowledges that by reason of the Employment she will have access to trade secrets,
confidential information, business connections and the workforce of the Company and the Group Companies and that in order to protect
their legitimate business interests it is reasonable for her to enter into these post termination restrictive covenants and, having
had the opportunity to seek independent legal advice the Employee agrees that the restrictions contained in this clause 21 (each
of which constitutes an entirely separate, severable and independent restriction) are reasonable.

 

		21.3	Reference in this clause 21.3 to the “Company” shall apply as though there were included
reference to any relevant Group Company for whom or on whose behalf the Employee works during the course of the Employment. The
Employee covenants with the Company for itself and as trustee and agent for each Group Company that she will not without the prior
written consent of the Company:

 

		21.3.1	for six months after the Restriction Date solicit or endeavour to entice away from the Company
the business or custom of a Restricted Customer with a view to providing goods or services in competition with any Restricted Business;

 

		21.3.2	for six months after the Restriction Date solicit or endeavour to entice away from the Company
the business or custom of a Prospective Customer with a view to providing goods or services in competition with any Restricted
Business;

 

		21.3.3	for six months after the Restriction Date provide goods or services to, or otherwise have any business
dealings with, any Restricted Customer in the course of any business concern which is in competition with any Restricted Business;

 

		21.3.4	for six months after the Restriction Date provide goods or services to, or otherwise have any business
dealings with, any Prospective Customer in the course of any business concern which is in competition with any Restricted Business;

 

		21.3.5	for six months after the Restriction Date induce, solicit or otherwise endeavour to entice away
from the Company any Restricted Employee;

 

    	 	26	 

     

    

 

		21.3.6	for six months after the Restriction Date employ or engage or facilitate the employment or engagement
of any Restricted Employee;

 

		21.3.7	for six months after the Restriction Date interfere or endeavour to interfere with the supply of
goods and/or services by any Restricted Supplier to the Company or any Group Company; and

 

		21.3.8	for six months after the Restriction Date be engaged or concerned in any capacity in any business
concern which is competition in the Restricted Territory with the Restricted Business.

 

		21.4	For the avoidance of doubt, nothing in this clause 21 shall prevent the Employee from:

 

		21.4.1	holding as an investment by way of shares or other securities not more that 5% of the total issued
share capital of any company listed on a recognised stock exchange; or

 

		21.4.2	being engaged or concerned in any business concern where the Employee’s work or duties relate
solely to geographical areas where the business concern is not in competition with the Restricted Business; or

 

		21.4.3	being engaged or concerned in any business concern where the Employee’s work or duties relate
solely to services or activities of a kind with which the Employee was not concerned to a material extent in twelve months before
the Termination Date.

 

		21.5	The obligations undertaken by the Employee pursuant to this clause 21 extend to her acting not
only on her own account but also on behalf of any other firm, company or other person and shall apply whether she acts directly
or indirectly.

 

		21.6	The Employee hereby undertakes with the Company that she will not at any time after the termination
of the Employment in the course of carrying on any trade or business, claim, represent or otherwise indicate any present association
with the Company or any Group Company or for the purpose of carrying on or retaining any business or custom, claim, represent or
otherwise indicate any past association with the Company or any Group Company to its detriment.

 

		21.7	While the restrictions in this clause 21 (on which the Employee has had the opportunity to take
independent advice, as the Employee hereby acknowledges) are considered by the parties to be reasonable in all the circumstances,
it is agreed that if any such restrictions, by themselves, or taken together, shall be found to go beyond what is reasonable in
all the circumstances for the protection of the legitimate interests of the Company or any Group Company but would be considered
reasonable if part or parts of the wording of such restrictions were deleted, the relevant restriction or restrictions shall apply
with such deletion(s) as may be necessary to make it or them valid and effective.

 

		21.8	If the Employee accepts alternative employment or engagement with any third party during the period
of any of the restrictions in this clause 21 she will provide the third party with full details of these restrictions.

 

    	 	27	 

     

    

 

		21.9	If the Employee’s employment is transferred by reason of the Transfer of Undertakings (Protection
of Employment) Regulations 2006 she will, if requested, enter into an agreement with the new employer that contains provisions
no more onerous nor wider in scope than those provided by the Company under this clause 21.

 

		21.10	If the Employee's contract of employment is expected to transfer to a new entity by virtue of the
Transfer of Undertakings (Protection of Employment) Regulations 2006 but the Employee objects or otherwise resigns before any such
transfer takes place, the Employee acknowledges that the Company may assign the benefit of these restrictive covenants to the relevant
successor entity. Consequently, the Employee agrees that she will continue to observe the restrictions set out in this clause 21
for the benefit of any successor and will not regard herself as released from her obligations under this clause in the event
of such assignment. The Employee agrees to co-operate with, and use her best endeavours to assist the Company and any successor
in such circumstances including but not limited to providing such information, executing such documents and giving such assurances
and undertakings as they may reasonably request.

 

		22	WHISTLEBLOWING

 

		22.1	The Employee must at all times comply with the Company’s or Parent's Code of Business Conduct
from time to time in force. A copy is available from the Parent’s public website and on the intranet site of the Group Companies.

 

		22.2	If the Employee wishes to make a disclosure under Sections 43A-L of the ERA she should do so without
delay by contacting the Parent’s audit committee chairperson in writing, expressly stating that she wishes to make a qualifying
disclosure. A ‘qualifying disclosure’ is defined for these purposes as a disclosure of information which, in the reasonable
belief of the Employee, is made in the public interest and tends to show one or more of the following: a criminal offence, a risk
to health and safety, a failure to comply with a legal obligation, a miscarriage of justice, environmental damage or concealment
of any of these.

 

		23	LEGAL COSTS

 

		23.1	The Company shall pay to the Employee's solicitors following receipt of an invoice addressed to
the Employee but marked as payable by the Company the sum of up to £5,000 (inclusive of VAT) in respect of the Employee's
legal expenses incurred only in connection with the taking of advice in relation to her rights and obligations under this Agreement.

 

		24	AMALGAMATION AND RECONSTRUCTION

 

		24.1	If the Company is wound up for the purposes of reconstruction or amalgamation the Employee shall
not as a result or by reason of any termination of the Employment or the redefinition of her duties within the Company or any Group
Company arising or resulting from any reorganisation of the Group have any claim against the Company for damages for termination
of the Employment or otherwise so long as she shall be offered employment with any concern or undertaking resulting from such reconstruction
reorganisation or amalgamation on terms and conditions no less favourable to the Employee than the terms contained in this Agreement.

 

		24.2	If the Employee shall at any time have been offered but shall have unreasonably refused or failed
to agree to the transfer of this Agreement on no less favourable terms by way of novation to a company which has acquired or agreed
to acquire the whole or substantially the whole of the undertaking and assets or not less than 50 per cent of the equity share
capital of the Parent the Company may terminate the Employment by such notice as is required by s.86 of the ERA within one month
of such offer being refused by the Employee.

 

    	 	28	 

     

    

 

		25	Disciplinary and Grievance Procedures and suspension

 

		25.1	The Company aims to follow applicable best practice in relation to any disciplinary matter or dismissal
involving the Employee. However, such practice is not a contractual entitlement of the Employee and the Company reserve
the right not to do so.

 

		25.2	If the Employee wishes to obtain redress of any grievance relating to the Employment or is dissatisfied
with any reprimand, suspension or other disciplinary step taken by the Company, she shall apply in writing to the head of the Group
Companies’ Global Human Resources department or the head of the Group Companies’ Legal Department setting out the nature
and details of any such grievance or dissatisfaction.

 

		25.3	The Company reserves the right to suspend the Employee on full pay, for so long as it reasonably
thinks fit, in order to:

 

		25.3.1	investigate any allegations made against the Employee (whether in the context of the internal disciplinary
process or otherwise);

 

		25.3.2	satisfy itself as to the Employee's fitness for work; and

 

		25.3.3	where it reasonably considers that it may be beneficial to temporarily remove the Employee.

 

		26	Notices

 

		26.1	Any notice or other document to be given under this Agreement shall be in writing and may be given
personally to the Employee or to the Company’s Legal Department (as the case may be) or may be sent by first class post or
by facsimile transmission to, in the case of the Parent, its registered office for the time being (marked for the attention of
the Legal Department) and in the case of the Employee either to her address shown on the face of this Agreement or to her last
known place of residence.

 

		26.2	Any such notice shall (unless contrary is proved) be deemed served when in the ordinary course
of the means of transmission it would first be received by the addressee in normal business hours. In proving such service it shall
be sufficient to prove, where appropriate, that the notice was addressed properly and posted or that the facsimile transmission
was dispatched.

 

		27	communications

 

Telephone calls made and received
by the Employee using the Company’s and/or the Group Companies’ equipment and use of the Company’s and/or the
Group Companies’ email system to send or receive personal correspondence may be recorded on their communication systems.
Any recordings made shall at all times remain the property of the Company and/or the Group Companies and, if necessary, will be
used as evidence in the case of disputes with employees or clients.

 

    	 	29	 

     

    

 

		28	ENTIRE AGREEMENT anD Former Service Agreement(s)

 

		28.1	This Agreement together with any documents referred to in it constitutes the entire agreement and
understanding between the parties and the Employee agrees that she has not been induced to enter into the Employment by and has
not relied upon any Pre-Contractual Statement.

 

		28.2	This Agreement together with any documents referred to in it shall be in substitution for any previous
letters of appointment, agreements or arrangements, (whether written, oral or implied), relating to the employment of the Employee,
which shall be deemed to have been terminated by mutual consent. The Employee acknowledges that as at the date of this Agreement
she has no outstanding claim of any kind against the Company and/ or any Group Company.

 

		28.3	The parties do not intend the terms of this Agreement to be varied by implication due to any custom,
practice, usage or course of dealings. No variation of this Agreement shall be effective unless agreed in writing by both parties.

 

		28.4	There are no collective agreements affecting the Employee’s employment.

 

		29	governing law and jurisdiction

 

This Agreement shall be governed
by and interpreted in accordance with English law and the parties irrevocably agree to the exclusive jurisdiction of the English
Courts.

 

		30	REGULATORY
                                         CHANGES

 

The Employee understands that the
terms set out in this Agreement are subject always to any legal or regulatory requirements which may be introduced after the date
of this Agreement, in particular in relation to restrictions on remuneration for directors and senior Employees. In the event that
the Company is required to comply with such new obligations it may, at its absolute discretion, vary the relevant terms of this
Agreement to the extent that it considers necessary to ensure compliance and the Employee agrees that they will have no claim for
damages or compensation as a result.

 

		31	third party rights

 

Save for any Group Companies the
Employee and the Company do not intend that any term of this Agreement should be enforceable, by virtue of the Contracts (Right
of Third Parties) Act 1999 by any third party.

 

		32	General

 

		32.1	This Agreement constitutes the written statement of the terms of Employment of the Employee provided
in compliance with part 1 of the ERA.

 

		32.2	The expiration or termination of this Agreement, however arising, shall not operate to affect such
of the provisions of this Agreement as are expressed to operate or have effect after that time and shall be without prejudice to
any accrued rights or remedies of the parties.

 

    	 	30	 

     

    

 

		32.3	This Agreement may be executed in any number of counterparts, each of which, when executed and
delivered, shall be an original and such counterparts or duplicates together shall constitute one and the same instrument.

 

		32.4	The various provisions and sub-provisions of this Agreement are severable and if any provision
or any identifiable part of any provision is held to be unenforceable by any court of competent jurisdiction then such unenforceability
shall not affect the enforceability of the remaining provisions or identifiable parts of them.

 

Remainder of Page Intentionally
Left Blank; Signature Page Follows

 

    	 	31	 

     

    

 

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

 

	 	THE COMPANY:
	 	 
	 	INTERCEPT PHARMA EUROPE LTD
	 	 	 
	 	By:	/s/ Philip John Ashton
	 	 	Name: Philip John Ashton
	 	 	Title: VP, Head of Human Resources, EUCA
	 	 	 
	 	EMPLOYEE:
	 	 	 
	 	By:	/s/ Lisa Bright Morrison
	 	Name: Lisa Bright Morrison
	 	 
	 	Address for Notice Purposes:

 

     

     

    

 

SCHEDULE 1 - FORM OF SETTLEMENT AGREEMENT

 

     

     

    

 

WITHOUT PREJUDICE

SUBJECT TO CONTRACT

 

SETTLEMENT AGREEMENT

 

	Intercept Pharma Europe Limited	(1)
	 	 
	and	(2)
	 	 
	Lisa Bright Morrison	 

 

	
        Ref: MS13/AM06

        Burges Salmon LLP

        www.burges-salmon.com

        Tel: +44 (0)117 307 6076

        Fax: +44 (0)117 902 4400
	

 

     

     

    

 

CONTENTS

 

	Clause	Heading	Page
	 	 	 
	1	DEFINITIONS AND Interpretation	2
	 	 	 
	2	TERMINATION OF EMPLOYMENT	4
	 	 	 
	3	Payments	5
	 	 	 
	4	Reference	6
	 	 	 
	5	Continuing Obligations	6
	 	 	 
	6	Company Property	7
	 	 	 
	7	assistance with proceedings	8
	 	 	 
	8	Settlement	9
	 	 	 
	9	Legal Advice	12
	 	 	 
	10	Legal Costs	12
	 	 	 
	11	WarrantIES	12
	 	 	 
	12	entire agreement	13
	 	 	 
	13	Counterparts	14
	 	 	 
	14	Severability	14
	 	 	 
	15	governing law and jurisdiction	14
	 	 	 
	16	variation	14
	 	 	 
	17	Third Party Rights	14
	 	 	 
	SCHEDULE 1 - Reference	15
	 	 
	SCHEDULE 2 - Certificate	16
	 	 
	SCHEDULE 3	17

 

    	 	1	 

     

    

 

	THIS AGREEMENT is made on 	20l

 

BETWEEN

 

		(1)	Intercept Pharma Europe Ltd registered in England and Wales under company number 09224395 whose
registered office is at One Glass Wharf, Bristol BS2 0ZX (the "Company")';

 

and

 

		(2)	Lisa Bright Morrison (the "Employee").

 

BACKGROUND

 

		(A)	The Employee is employed as President of International by the Company.

 

		(B)	The Employee believes that she has or may have various claims against the Company or the Group
arising out of the termination of her employment.

 

		(C)	The parties have agreed the terms of settlement of such claims, which are set out in this Agreement.
The parties intend this Agreement to be an effective waiver of such claims, and to satisfy the conditions relating to settlement
agreements in the Relevant Legislation.

 

		(D)	The Company is entering into this Agreement for itself and for all Group Companies and is authorised
in that capacity.

 

IT IS AGREED as follows:

 

		1	DEFINITIONS AND Interpretation

 

		1.1	In this Agreement the following words shall have the following meanings:

 

"Group" means
the Company, the ultimate Holding Company of the Company and any Subsidiary of the Company or the ultimate Holding Company of the
Company from time to time; and "Group Company" shall be construed accordingly;

 

"Holding Company"
means a holding company (as defined by section 1159 of the Companies Act 2006) or a parent undertaking (as defined by section 1162
of the Companies Act 2006);

 

"Relevant Legislation"
means:

 

		(a)	the Employment Rights Act 1996, including without limitation its provisions relating to unfair
dismissal, the right to a statement of employment particulars under Part I, unlawful deduction from wages or unlawful receipt of
payments from the Employee under Part II, guarantee payments under Part III, protected disclosures under Part IVA, unlawful detriment
under Part V, breach of the right to time off work under Part VI, remuneration or alternative work on suspension under Part VII,
a redundancy payment under Part XI and Chapters II and V, and any other rights under the Employment Rights Act 1996; and

 

    	 	2	 

     

    

 

		(b)	the Sex Discrimination Act 1975, the Race Relations Act 1976, the Disability Discrimination Act
1995, the Employment Equality (Sexual Orientation) Regulations 2003, the Employment Equality (Religion or Belief) Regulations 2003,
the Employment Equality (Age) Regulations 2006, the Equality Act 2010, including without limitation provisions relating to direct
or indirect discrimination, disability-related discrimination, discrimination arising from disability, a failure to make reasonable
adjustments, victimisation or harassment; and

 

		(c)	the Equal Pay Act 1970, the Trade Union and Labour Relations (Consolidation) Act 1992, the Protection
from Harassment Act 1997, the Data Protection Act 1998, the Working Time Regulations 1998, the National Minimum Wage Act 1998,
the Human Rights Act 1998, the Employment Relations Act 1999, the Transnational Information and Consultation of Employees Regulations
1999, the Part-Time Workers (Prevention of Less Favourable Treatment) Regulations 2000, the Fixed Term Employees (Prevention of
Less Favourable Treatment) Regulations 2002, the Information and Consultation of Employees Regulations 2004, the Transfer of Undertakings
(Protection of Employment) Regulations 2006 and the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous
Amendment) Regulations 2006, Companies (Cross-Border Mergers) Regulations 2007, the Pensions Act 2008, Employment Relations Act
1999 (Blacklists) Regulations 2010 and Agency Workers Regulations 2010.

 

"Service Agreement"
means the service agreement between the Employee and the Company dated l (as amended
from time to time);

 

"Subsidiary" means
a subsidiary (as defined by section 1159 of the Companies Act 2006) or a subsidiary undertaking (as defined by section 1162 of
the Companies Act 2006).

 

		1.2	In this Agreement, unless the context otherwise requires:

 

		(a)	clause headings are inserted for convenience only and shall not affect the interpretation of this
Agreement;

 

		(b)	references to a clause or schedule is to a clause of or schedule to this Agreement;

 

    	 	3	 

     

    

 

		(c)	any reference to this Agreement or to any other document shall include any permitted variation,
amendment or supplement to this Agreement or such document;

 

		(d)	the schedules form part of this Agreement and shall have effect as if set out in full in the body
of this Agreement. Any reference to this Agreement includes the schedules;

 

		(e)	a reference to a statute or statutory provision is a reference to it as amended, modified, consolidated
or re-enacted from time to time;

 

		(f)	unless the context otherwise requires, words in the singular shall include the plural and in the
plural shall include the singular;

 

		(g)	unless the context otherwise requires, a reference to one gender shall include a reference to the
other gender;

 

		(h)	a reference to any party shall include that party's successors and permitted assigns;

 

		(i)	"includes" or "including" means includes or including without limitation;

 

		(j)	reference to an individual holding a position in the Company or a Group Company means the holder
of that position from time to time.

 

		2	TERMINATION OF EMPLOYMENT

 

		2.1	The Employee's employment with the Company will terminate on [insert date] (the "Termination
Date"). In the period between the date of this Agreement and the Termination Date the parties will comply with their respective
obligations under the terms of the Service Agreement. The Employee shall resign all and any offices she holds for the Company or
any Group Company on the date of this Agreement.

 

		2.2	The Employer agrees that the termination of the Employee’s employment is for [Equity Good
Reason] or [without Equity cause] as defined by clause 1.1 of the Service Agreement and that the provisions of clause 9.4 of the
Service Agreement shall apply.

 

		2.3	On the date of this Agreement, the Company will issue a press release in the terms of the draft
found at part 1 of Schedule 3 and an internal announcement in the terms of the draft found at part 2 of Schedule 3. It will deal
with any resulting enquiries in a manner consistent with these. The Employee shall not make any public comment or issue a press
release about the termination of her employment or office or the events giving rise to the same which is inconsistent with these
announcements.

 

    	 	4	 

     

    

 

		3	Payments

 

		3.1	Subject to and conditional upon the Employee complying
with the terms of this Agreement and the warranties given by the Employee in this Agreement being true and accurate, and without
admission of liability, the Company shall pay the Employee within 30 days of the date of this Agreement or the Termination Date
(whichever is the later) the [sum of/following sums:]

 

		(a)	[£[insert relevant sum if payment in lieu of notice or balance of payment in lieu
of notice is to be made] by way of payment in lieu of notice which will be subject to deductions for income tax and/or national
insurance contributions;]

 

		(b)	£[insert sum equivalent to 12 months' basic salary and the value of any benefits which
the Employee is entitled to, as at the date the agreement is entered into less any payment in lieu of notice or notice pay/benefits
paid or to be paid] by way of payment of the severance payment to be made to the Employee pursuant to clause 18.3 of the Service
Agreement (the "Severance Payment") subject to deductions for income tax and/or national insurance contributions.

 

		3.2	The Company may by written notice to the Employee prior
to the date of this Agreement opt to continue to provide any employment benefit (excluding for the avoidance of doubt salary)
for a period of 12 months from the Termination Date, in which case the value of any such benefit and, in the case of private medical
insurance or life assurance cover, the amount of the premium applicable to the Employee) shall be excluded from any payment at
clause 3.1(b).

 

		3.3	The Company will deduct from the Severance Payment any outstanding sums which are owed by the Employee
to the Company.

 

		3.4	Any rights that the Employee may have under the Share Scheme (as defined in clause 9.1 in the Service
Agreement) shall be governed by the rules of the relevant scheme, award agreement and clause 9 in the Service Agreement. Nothing
in this Agreement shall compromise, effect or extinguish the rights the Employee has or may have under the Share Scheme or any
rights, rights of action or claims the Employee has or may have in connection with her capacity as a shareholder of Intercept Pharmaceuticals,
Inc (whether now or in the future).

 

		3.5	The Company shall, subject to the rules of the applicable schemes, pay to the Employee the sum
of [£ ] (less tax and NI) [pro-rata] in respect of her discretionary bonus for the 2016 bonus year and a [pro-rata] sum of
[£ ] (less tax and NI) in respect of her discretionary bonus for the 2017 bonus year. [The amounts to be inserted will depend
on the Termination Date and the exercise of the Company’s discretion in the relevant year.]

 

    	 	5	 

     

    

 

		3.6	The Company confirms that it shall pay the Employee within 30 days after the date of this Agreement
or the Termination Date whichever is the later her accrued salary (to the extent it has not already been paid) and payment in lieu
of any accrued holiday as at the Termination Date (as reasonably determined by the Company) subject to deductions for income tax
and national insurance contributions. The Company further agrees to reimburse the Employee for any outstanding expenses, properly
incurred in the course of employment in accordance with its usual expenses procedure prior to the Termination Date, provided that
the Employee submits a final expenses claim (with such evidence of such expenses as the Company may reasonably require) within
14 days of the later of Termination Date or the date of this Agreement.

 

		3.7	The Employee confirms that, save as expressly provided in this Agreement, the Company has paid
her all contractual payments and that it has provided her with all contractual benefits accrued and owing to her as at the Termination
Date. [To be deleted if the Employee is to remain employed after the date this is signed as the Employee cannot provide this
confirmation]

 

		4	Reference

 

		4.1	In response to a written request made to [insert position], currently [name], from
a prospective employer, the Company shall provide a written reference for the Employee in the terms set out in Schedule 1
and any oral reference provided by the Company's HR team or by the directors or officers of the Company or any Group Company will
be in no less favourable terms. If, following the Termination Date, the Company obtains information concerning the Employee which
would have affected its decision to provide such a reference, it shall inform the Employee and may decline to give a reference.

 

		5	Continuing Obligations

 

		5.1	The Employee undertakes not to make, publish or otherwise communicate, whether directly or indirectly,
any disparaging or derogatory statement(s), whether in writing or otherwise, concerning the Company or any of its Group Companies
or any of its or their officers or employees or former officers or employees.

 

		5.2	The Company will use all reasonable endeavours to procure that its directors and the directors
of any Group Company and its or their HR teams shall not make, publish or otherwise communicate any disparaging or derogatory statement(s),
whether directly or indirectly and whether in writing or otherwise, concerning the Employee. The Company shall not and shall procure
any Group Company shall not, as an organisation make, publish or otherwise communicate any derogatory or defamatory statement(s)
about the Employee nor will it or they authorise its or their officers or employees to make sure statements.

 

    	 	6	 

     

    

 

		5.3	Subject to clause 2.3 above, the Company and the Employee agree that the Employee will keep, and
the Company will use all reasonable endeavours to procure that its directors and the directors of any Group Company and its or
their HR teams will keep, the circumstances surrounding the termination of the Employee's employment and the fact and contents
of this Agreement strictly confidential and not to disclose, communicate or otherwise make public the same to anyone (save to their
professional advisers or otherwise as may be required by law or the relevant tax, regulatory or listing authorities and, in the
case of the Employee, to her spouse/civil partner/partner and, in the case of the Company, to a Group Company or its or their auditors
and/or as may be required for the administration of this Agreement). The Employee agrees to use all reasonable endeavours to procure
that her spouse/civil partner/partner keeps the fact and contents of this Agreement strictly confidential. In the event that the
Employee's spouse/civil partner/partner and/or professional advisers engage in conduct that would breach this clause, such conduct
shall constitute a breach of this clause just as if the Employee had engaged in such conduct.

 

		5.4	The Employee acknowledges that the obligations contained in clauses 14 (confidentiality), 16 (intellectual
property) and 21 (post termination restrictive covenants) of the Service Agreement, or the equivalent clauses in any subsequent
contract of employment, will continue to apply after the Termination Date.

 

		5.5	The Company agrees to continue to maintain, or procure any Group Company continues to maintain,
directors and officers liability insurance (“D&O Cover”), which the Company confirms covers the Employee
in her capacity as a director and officer of any Group Company, on the terms subsisting as at the date of this Agreement, for a
period of up to 6 years from the date of the Employee’s resignation as a director.

 

		6	Company Property

 

		6.1	The Employee warrants that, except for any item of property which she is expressly permitted to
retain under this Agreement, all property and information belonging to the Company or any Group Company which is in her possession
or under her control will be returned to the Company in good working order by the Termination Date and the Employee warrants that
she has not taken or retained, and will not take or retain, any copies, extracts or notes of any documents, files or correspondence.

 

    	 	7	 

     

    

 

		6.2	The Employee confirms that on or before the Termination Date she will inform the Company of all
passwords used by her in relation to any computers belonging to the Company or any Group Company. The Employee further confirms
that, having complied with clause 6.1, on or before the Termination Date any information relating to the business of the Company
and/or any Group Company (and all matter derived from such information) that is or was stored on any computer, laptop, tablet,
smartphone, USB device, MP3 player, floppy disk, zip drive or other storage media or otherwise in any electronic form outside of
the premises of the Company and which is or was in the Employee's possession, custody or control will be irretrievably deleted
and the Employee shall produce such evidence of having done so as the Company may require and/or shall allow the Company to inspect
any such computer, laptop, tablet, smartphone or other device.

 

		6.3	The Company agrees that in the event that there are any claims or allegations made against the
Employee in relation to her acts or omissions as a director or officer of any Group Company it shall provide the Employee with
reasonable access on reasonable notice to such documents, records, correspondence, files and other information (whether originals,
copies or extracts and howsoever stored) belonging to the relevant Group Company as may be reasonably required to address such
claims or allegations.

 

		7	assistance with proceedings

 

		7.1	The Employee agrees to make herself available to provide assistance to and co-operate with the
Company or any Group Company (or any other interested party) as reasonably required by the Company and/or Group Company in relation
to any legal proceedings, claims, complaints, investigations or enquiries (whether internal or external) concerning events or matters
in which the Employee was involved or of which the Employee has knowledge including (but not limited to):

 

		(a)	co-operating with the Company, any Group Company or any other interested party (including any solicitors
acting for the Company or any Group Company and any regulatory authority); and

 

		(b)	providing information, agreeing to be interviewed, providing witness statements and/or attending
as a witness on behalf of the Company or any Group Company at any hearing in relation to such proceedings or claims.

 

		7.2	The assistance and co-operation shall be provided at such times and on such days as may be agreed
between the parties acting reasonably towards each other and taking into account prior commitments of each party.

 

		7.3	The Company will reimburse the Employee for any reasonable loss, including loss of earnings, and
reasonable out of pocket expenses incurred by her in providing such assistance, subject to the Employee providing to the Company
reasonable evidence of such loss or expenditure.

 

    	 	8	 

     

    

 

		8	Settlement

 

		8.1	Subject to clause 8.2 below, the arrangements set out in this Agreement are offered by the Company
without admission of liability and are in full and final settlement of all or any claims, complaints or rights of action that the
Employee has or may have against the Company or any Group Company (or any of its or their officers, employees or agents or former
officers, employees or agents) arising directly or indirectly out of or in connection with the Employee's employment with the Company
and its termination and whether arising under common law, contract, tort, statute or otherwise and whether arising in the United
Kingdom, the United States of America or in any other country in the world and including (but not limited to) the claims identified
at clause 8.3 and/or any claim under the Relevant Legislation or any claim under any directive or other legislation which is applicable
or enforceable in the United Kingdom by virtue of the United Kingdom's membership of the European Union or any other claim in respect
of which a conciliation officer is authorised to act.

 

		8.2	The Company confirms that clause 8.1 does not include any claims to enforce this Agreement and/or
any claims for latent personal injury (other than any claims for personal injury arising out of or in connection with any discrimination
claim the Employee may have) and/or any claims for accrued pension rights which the Employee is not, and could not reasonably be,
aware of as at the date of this Agreement and/or any claims excluded under clause 3.4 above. The Employee warrants that she is
not aware of any facts or circumstances which may give rise to a claim for personal injury and/or accrued pension rights at the
date of this Agreement.

 

		8.3	The particular claims, complaints or rights of action that the Employee has or may have against
the Company or any Group Company (or any of its or their officers, employees or agents or former officers, employees or agents)
and which the parties wish to settle by way of this Agreement relate to claims of or for unlawful deductions from wages, breach
of contract (including but not limited to any claim for a bonus or incentive payment), holiday pay, wrongful dismissal, unfair
dismissal (including any automatic unfair dismissal), any claims for redundancy payments (statutory or otherwise) and any unlawful
discrimination because of or relating to race, sex, disability, age, gender reassignment, marriage and civil partnership, pregnancy
and maternity, religion or belief and sexual orientation.

 

		8.4	The Employee warrants that:

 

		(a)	she has received independent legal advice from l of
l (the "Adviser"); and

 

		(b)	she has instructed the Adviser to advise on whether the Employee has or may have any claims, including
statutory claims, against the Company or any Group Company (or any of its or their officers, employees or agents or former officers,
employees or agents) arising directly or indirectly out of or in connection with her employment with the Company, or its termination;
and

 

    	 	9	 

     

    

 

		(c)	she has provided the Adviser with all available information which the Adviser requires or may require
in order to advise her whether she has any such claims; and

 

		(d)	she has not issued or given instructions to any person to issue proceedings against the Company
or any Group Company of a kind set out in clause 8.1 and undertakes that neither she nor anyone acting on her behalf will issue
such claim; and

 

		(e)	she is not aware of any facts or circumstances which might give rise to a claim against the Company
or any Group Company (or any of its or their officers, employees or agents) other than those identified at clause 8.3.

 

		8.5	The Employee understands and agrees that clause 8.1 is intended to have effect irrespective of
whether or not she is or could be aware of such claims or have such claims in her express contemplation.

 

		8.6	This Agreement satisfies the conditions regulating settlement agreements and compromise agreements
contained in section 77(4A) of the Sex Discrimination Act 1975, section 72(4A) of the Race Relations Act 1976, section 288(2B)
of the Trade Union and Labour Relations (Consolidation) Act 1992, paragraph 2(2) of Schedule 3A to the Disability Discrimination
Act 1995, section 203(3) of the Employment Rights Act 1996, regulation 35(3) of the Working Time Regulations 1998, section 49(4)
of the National Minimum Wage Act 1998, regulation 41(4) of the Transnational Information and Consultation of Employees Regulations
1999, regulation 9 of the Part-Time Workers (Prevention of Less Favourable Treatment) Regulations 2000, regulation 10 of the Fixed-Term
Employees (Prevention of Less Favourable Treatment) Regulations 2002, paragraph 2(2) of Schedule 4 to the Employment Equality (Sexual
Orientation) Regulations 2003, paragraph 2(2) of Schedule 4 to the Employment Equality (Religion or Belief) Regulations 2003, regulation
40(4) of the Information and Consultation of Employees Regulations 2004, paragraph 2(2) of Schedule 5 to the Employment Equality
(Age) Regulations 2006, paragraph 13 of the Schedule to the Occupational and Personal Pension Schemes (Consultation by Employers
and Miscellaneous Amendment) Regulations 2006, section 58 of the Pensions Act 2008 and section 147(3) of the Equality Act 2010.

 

    	 	10	 

     

    

 

		8.7	The Company has entered into this Agreement in reliance upon the Employee's agreement to clause
8.1, the warranties given in clauses 8.1, 8.4 and clause 11.1 being true and accurate and the Employee's agreement to the obligations
continued at clause 5 (continuing obligations) of this Agreement. The Employee acknowledges that the Company has acted in reliance
on such warranties and such agreement and agrees that, if she breaches such terms or agreement or any of such warranties are not
true and accurate, without prejudice to any other rights or remedies of the Company or Group Company arising from such action,
the Company:

 

		(a)	may terminate this Agreement with immediate effect;

 

		(b)	will have no obligation to make any payment of any sums due but not already paid under the terms
of this Agreement; and

 

		(c)	will be entitled to demand immediate repayment as a debt of all or any part of any sums already
paid or benefits already provided under the terms of this Agreement

 

and any delay by the Company in exercising
its rights under this clause shall not constitute a waiver of those rights.

 

		8.8	The Employee agrees, without prejudice to any other rights or remedies of the Company or any Group
Company arising from such action, that if she institutes or continues any proceedings against the Company or any Group Company
(or any of its or their officers, employees or agents or former officers, employees or agents) of a kind referred to in clause
8.1 and, if an award is made to the Employee in respect of such proceedings, she shall repay to the Company immediately upon demand
the lesser of:

 

		(a)	the Severance Payment after such deductions of tax and national insurance as were made by the Company
at source (in accordance with clause 3.1); or

 

		(b)	such amount of the Severance Payment as is equivalent to the total amount of the compensation or
damages (including interest) awarded, together with the full amount of any legal fees incurred by the Company in defending such
proceedings.

 

Any part of the Severance Payment
which remains outstanding shall cease to be payable under this Agreement with effect from the date of commencement of such proceedings.

 

		8.9	The Employee agrees that she will not submit any grievances to the Company or any Group Company
arising directly or indirectly out of or in connection with the Employee's employment with the Company, its termination or otherwise
and she will not make a subject access request under the Data Protection Act 1998 to the Company or any Group Company. The Employee
agrees not to pursue any grievance or appeal which may have been raised by her and/or any subject access requests outstanding at
the date of this Agreement and all such grievances, appeal and/or requests shall be deemed to have been withdrawn by the Employee
as at the date of this Agreement.

 

    	 	11	 

     

    

 

		8.10	The parties acknowledge that nothing in this Agreement shall prevent the Employee from making protected
disclosures within the meaning of Section 43A of the Employment Rights Act 1996.

 

		9	Legal Advice

 

		9.1	The Employee has received independent legal advice from the Adviser, who is a relevant independent
adviser for the purposes of the legislation referred to in clause 8.6, as to the terms and effect of this Agreement and in particular
its effect on her ability to pursue her rights, if any, before an Employment Tribunal. The Employee has been advised by the Adviser
that there is in force and was in force at the time the Employee received the advice referred to above, a contract of insurance
or an indemnity provided by a professional body covering the risk of a claim by the Employee in respect of loss arising in consequence
of that advice.

 

		9.2	The Employee shall procure that the Adviser shall sign and date a certificate in the form found
at Schedule 2.

 

		10	Legal Costs

 

		10.1	The Company shall pay to the Employee's solicitors within 28 days, following its receipt of an
invoice addressed to the Employee but marked payable by the Company, the sum of up to £500 plus VAT in respect of the Employee's
legal expenses incurred only in connection with the taking of advice in relation to the termination of her employment and this
Agreement.

 

		11	WarrantIES

 

		11.1	The Employee warrants to the Company that:

 

		(a)	she has not become employed or been engaged to provide services or received any offer of employment
or any other engagement or work (including consultancy work) and she is not in negotiations concerning any such employment or engagement;

 

		(b)	she is not aware of any acts or omissions whether by her or by any director, employee or agent
of the Company or any Group Company which infringes or is likely to infringe any of the Company's or any Group Company's compliance
policies and procedures or which contravenes or is likely to contravene any applicable law or regulation or which, if disclosed
to the Company, would entitle or have entitled the Company to terminate the Employee's employment summarily;

 

    	 	12	 

     

    

 

		(c)	she has not downloaded and will not download any information from the Company's or any Group Company's
IT or email system onto any personal device (including but not limited to personal computers, laptops, tablets, smartphones, USB
devices, MP3 players, floppy disks, zip drives or similar devices) and she has not and will not forward information belonging to
the Company or any Group Company to any personal email account(s); and

 

		(d)	she will, on or before 5.00pm on the Termination Date, delete any work-related connection between
her and any existing or prospective clients of the Company or any Group Company from Facebook, LinkedIn or any other social or
professional networking sites or equivalent save those that were connections of the Employee prior to the commencement of her employment
with the Company.

 

		11.2	[The Company warrants there are no circumstances of which it or any Group Company is aware or ought
reasonably to be aware which would entitle the Company to bring any claim against the Employee or which would entitle it to terminate
her employment for Equity Cause (as defined by clause 1.1 of the Service Agreement) and that the Company does not believe there
is any claim against the Employee.] [to be agreed by the Company on termination if applicable]

 

		12	entire agreement

 

		12.1	In relation to its subject matter, this Agreement and the documents to which it refers set out
the entire agreement between the parties in respect of the Employee’s employment and its termination and supersedes all prior
agreements, arrangements, promises, assurances, warranties, representations and understandings between them, whether written or
oral.

 

		12.2	The Employee agrees that she has not entered into this Agreement in reliance upon any statement,
representation, assurance or warranty (whether made innocently or negligently) which is not set out in this Agreement.

 

		12.3	This Agreement although marked "without prejudice" and "subject to contract"
will, upon signature by all parties, be treated as an open document evidencing an agreement binding on the parties.

 

		12.4	Nothing in this clause shall limit or exclude liability for fraud.

 

    	 	13	 

     

    

 

		13	Counterparts

 

		13.1	This Agreement may be signed in any number of counterparts and this has the same effect as if the
signatures on counterparts were on a single copy of this Agreement. Each counterpart, when executed, shall constitute an original
of this Agreement, but all the executed counterparts shall together constitute a single instrument.

 

		14	Severability

 

		14.1	If any provision of this Agreement is found by any court or other authority of competent jurisdiction
to be illegal, invalid or unenforceable, that provision or part-provision shall, to the extent required, be deemed not to form
part of this Agreement, but that shall not affect the legality, validity or enforceability of any other provision of this Agreement.

 

		15	governing law and jurisdiction

 

		15.1	This Agreement shall be governed by and construed in accordance with English law and the parties
submit to the exclusive jurisdiction of the English courts in relation to any dispute or claim arising out of or in connection
with it.

 

		16	variation

 

		16.1	No variation of this Agreement shall be effective unless it is in writing and signed by the parties
(or their authorised representatives).

 

		17	Third Party Rights

 

		17.1	For the purposes of section 1(2) of the Contracts (Rights of Third Parties) Act 1999, the parties
state that they do not intend any term of this Agreement to be enforced by a third party except any Group Company and any officer
or employee of the Company or any Group Company may enforce any right conferred on it or him/her in this Agreement and the parties
agree that they may amend or vary or terminate all or any part of this Agreement without the consent of any Group Company and any
other relevant party.

 

    	 	14	 

     

    

 

Schedule 1

 

Reference

 

[Reference to be agreed or in the absence
of agreement to be factual only confirming name, dates of employment and job title on termination]

 

Whilst the above information is given in confidence
and good faith, no responsibility or liability can be accepted by the Company or any of its employees for any omissions or inconsistencies
in the information or for any loss or damage that may result from reliance being placed on it. The information is given in confidence
and only for the purposes for which it was requested and should not be disclosed to a third party.

 

    	 	15	 

     

    

 

Schedule 2

 

Certificate

 

I, Andrew Secker of Mills & Reeve LLP confirm
that I have given relevant independent advice to Lisa Morrison as to the terms and effect of the agreement between Intercept Pharma
Europe Limited, and Lisa Morrison and in particular its effect on her ability to pursue her rights before an Employment Tribunal.

 

I confirm that:

 

		1	I am a solicitor of the Senior Courts who holds a current
practising certificate;

 

		2	I am not prevented from acting as an independent adviser by section 203 ERA (as defined under the
agreement) or any other relevant statutory provision; and

 

		3	there is in force and there was at the time I gave the advice referred to cover under a contract
of insurance or an indemnity provided for members of a profession or professional body covering the risk of a claim by Lisa Morrison
in respect of loss arising in consequence of that advice.

 

	Signed:	 	 
	 	 	 
	Dated:	 	 

 

    	 	16	 

     

    

 

Schedule 3

 

	SIGNED for and on behalf of	)

 

    	 	17	 

     

    

 

	the Company	)
	 	 
	SIGNED by	)
	 	 
	Lisa Bright Morrison	)
	 	 
	SIGNED by	)
	 	 
	[Name of Adviser]	)
	 	 
	(for the purposes of clause 9 only)	 

 

    	 	18Exhibit 10.17

 

Execution Version

 

LEGACY YARDS TENANT LP,

 

Landlord

 

TO

 

INTERCEPT PHARMACEUTICALS, INC.,

 

Tenant

 

 

 

Lease

 

 

 

Dated as of December 7, 2016

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE 1 Premises; Term; Use	1
	 	 	 
	1.01	Demise	1
	1.02	Term	2
	1.03	Possession Date	2
	1.04	Use	2
	 	 	 
	ARTICLE 2 Rent	5
	 	 	 
	2.01	Rent	5
	2.02	Fixed Rent	5
	2.03	Additional Charges	5
	2.04	PILOT Payments	5
	2.05	Impositions	10
	2.06	Tax Payments	12
	2.07	Operating Payments	14
	2.08	PILOT, Impositions, Tax and Operating Provisions	21
	2.09	Electric Charges	22
	2.10	Manner of Payment	23
	2.11	Security	23
	 	 	 
	ARTICLE 3 Landlord Covenants	24
	 	 	 
	3.01	Landlord Services	24
	3.02	General Service Provisions	29
	3.03	Landlord’s Contribution	30
	3.04	Governmental Incentives	33
	 	 	 
	ARTICLE 4 Leasehold Improvements; Tenant Covenants	33
	 	 	 
	4.01	Initial Improvements	33
	4.02	Alterations	38
	4.03	Landlord’s and Tenant’s Property	42
	4.04	Access and Changes to Building	44
	4.05	Repairs	46
	4.06	Compliance with Laws; Hazardous Materials	47
	4.07	Tenant Advertising	48
	4.08	Right to Perform Tenant Covenants	48
	4.09	Telecommunications; Shaft Space	49
	 	 	 
	ARTICLE 5 Assignment and Subletting	50
	 	 	 
	5.01	Assignment; Etc	50
	5.02	Landlord’s Right of First Offer	51
	5.03	Assignment and Subletting Procedures	55
	5.04	General Provisions	56

 

    - i -

     

    

 

	5.05	Assignment and Sublease Profits	58
	5.06	Eligible Subtenant; Non-Disturbance	59
	5.07	Disputes	59
	 	 	 
	ARTICLE 6 Subordination; Default; Indemnity	59
	 	 	 
	6.01	Subordination	59
	6.02	Estoppel Certificate	61
	6.03	Default	61
	6.04	Re-entry by Landlord	62
	6.05	Damages	62
	6.06	Other Remedies	63
	6.07	Right to Injunction	63
	6.08	Certain Waivers	63
	6.09	No Waiver	64
	6.10	Holding Over	64
	6.11	Attorneys’ Fees	65
	6.12	Nonliability and Indemnification	65
	 	 	 
	ARTICLE 7 Insurance; Casualty; Condemnation	67
	 	 	 
	7.01	Compliance with Insurance Standards	67
	7.02	Tenant’s Insurance	67
	7.03	Subrogation Waiver	68
	7.04	Condemnation	68
	7.05	Casualty	70
	7.06	Landlord’s Insurance	72
	 	 	 
	

                                                                                ARTICLE 8 Miscellaneous Provisions
	72
	 	 	 
	8.01	Notice	72
	8.02	Rules and Regulations	74
	8.03	Severability	74
	8.04	Certain Definitions	74
	8.05	Quiet Enjoyment	75
	8.06	Limitation of Landlord’s and Tenant’s Personal Liability	75
	8.07	Counterclaims	76
	8.08	Survival	76
	8.09	Certain Remedies; Arbitration	76
	8.10	No Offer; Counterparts	78
	8.11	Captions; Construction	78
	8.12	Amendments	78
	8.13	Broker	78
	8.14	Merger	79
	8.15	Successors	79
	8.16	Applicable Law	79
	8.17	No Development Rights	79
	8.18	Condominium	79
	8.19	Embargoed Person	80
	8.20	Dining Facility; Wet Installations	80

 

    - ii -

     

    

 

	8.21	Press Releases	82
	8.22	Tenant Creditworthiness	82
	8.23	Recording	83
	8.24	REIT/UBTI Compliance	83
	8.25	Time of the Essence	83
	 	 	 
	ARTICLE 9 Signage	83
	 	 	 
	9.01	Premises Signage	83
	9.02	Signage Removal	84
	9.03	Building Directory	84

 

	EXHIBITS
	 	 
	A	Description of Land
	B	Floor Plans
	C	Rules and Regulations
	D	Standard Cleaning Specifications
	E-1	Delivery Condition
	E-2	Post Delivery Condition
	F	HVAC Specifications
	G	Elevator Specifications
	H	Charges for Landlord Services and Personnel
	I-1	Tenant Design Standards
	I-2	Construction Rules
	J	Insurance Minimum Coverage and Limits
	K	Approved Contractors
	L	Security Specifications
	M	Intentionally Omitted
	N	Form of Confidentiality Agreement
	O	Form of Letter of Credit
	P	LEED-Related Requirements For Alterations
	Q	Intentionally Omitted
	R	Intentionally Omitted
	S	Form of Landlord’s Non-Disturbance Agreement
	T	Intentionally Omitted

 

    - iii -

     

    

 

INDEX OF DEFINED TERMS

 

	Definition	 	Where Defined
	 	 	 
	37th Floor Expiration Date	 	Section 1.02
	37th Floor Premises	 	Section 1.01
	40th Floor Expiration Date	 	Section 1.02
	40th Floor Premises	 	Section 1.01
	55 HY Lease	 	Section 1.02
	Acceptance Notice	 	Section 11.01
	Additional Charges	 	Section 2.03
	Additional Tax Amount	 	Section 2.04
	Additional Tax Payment	 	Section 2.04
	Affiliate	 	Section 5.01
	Alterations	 	Section 4.02
	Annual Administrative Fee	 	Section 2.04
	Applicable Percentage	 	Section 6.10
	Arbiter	 	Section 2.07
	Assignment Consideration	 	Section 5.05
	ATMs	 	Section 1.04
	Base Building Work	 	Section 2.07
	Base Impositions Amount	 	Section 2.05
	Base Operating Amount	 	Section 2.07
	Base Operating Year	 	Section 2.07
	Base PILOT Amount	 	Section 2.04
	Base PILOT Year	 	Section 2.04
	Basic Electric Charge	 	Section 2.04
	Broker	 	Section 8.13
	Building	 	Recitals
	Business Days	 	Section 3.02
	Business Hours	 	Section 3.02
	Casualty	 	Section 7.05
	Cessation Date	 	Section 2.04
	Commencement Date	 	Section 1.02
	Control	 	Section 5.01
	CPI	 	Section 8.04
	Curing Party	 	Section 4.08
	Customary Ancillary Uses	 	Section 1.04
	Declaration	 	Section 8.18
	Decorative Alterations	 	Section 4.02
	Delivery Condition	 	Section 4.01
	Desk Space User	 	Section 5.01
	Dining Facility	 	Section 1.04
	Effective Date	 	Introduction
	Effective Period	 	Section 2.04
	Elevators	 	Section 3.01

 

    	 	- 1 -	 

     

    

 

	Eligible Sublease	 	Section 5.06
	Eligible Subtenant	 	Section 5.06
	Embargoed Person	 	Section 8.19
	Event of Default	 	Section 2.04
	Expiration Date	 	Section 1.02
	First Class Office Building	 	Section 1.04
	Fixed Rent	 	Section 2.02
	Fixtures	 	Section 4.03
	Fourth Reduction Date	 	Section 2.11
	GAAP	 	Section 2.07
	General Conditions	 	Section 4.01
	Hazardous Materials	 	Section 4.06
	Holidays	 	Section 3.02
	IDA	 	Section 2.04
	Impositions	 	Section 2.05
	Impositions Payment	 	Section 2.05
	Intercept Tenant	 	Section 4.02
	Interest Rate	 	Section 4.08
	Internal Stairs	 	Section 3.01
	JAMS Arbitrator	 	Section 8.09
	Land	 	Recitals
	Landlord	 	Introduction
	Landlord Indemnified Party	 	Section 6.12
	Landlord Services	 	Section 3.01
	Landlord’s Non-Disturbance Agreement	 	Section 5.06
	Landlord’s Post Turnover Work	 	Section 4.01
	Landlord’s Rate	 	Section 2.09
	Landlord’s Statement	 	Section 2.07
	Landlord’s Turnover Work	 	Section 4.01
	Landlord’s Work	 	Section 4.01
	Latent Defects	 	Section 4.01
	Laws	 	Section 4.06
	LC Date	 	Section 2.11
	Letter of Credit	 	Section 2.11
	Messenger Center	 	Section 3.01
	Messenger Center Services	 	Section 3.01
	Minimum Retainage	 	Section 3.03
	NAM	 	Section 8.09
	Net Effective Rental	 	Section 5.02
	Net Present Rent Value	 	Section 5.02
	New Tenant	 	Section 6.10
	Non-Material Alteration	 	Section 4.02
	Non-Material Alteration Cap	 	Section 4.02
	Notice	 	Section 8.01
	Operating Expenses	 	Section 2.07
	Operating Payment	 	Section 2.07

 

    	 	- 2 -	 

     

    

 

	Operating Year	 	Section 2.07
	Other Sublease Considerations	 	Section 5.05
	Outside Requisition Date	 	Section 3.03
	Permitted Users	 	Section 1.04
	PILOT	 	Section 2.04
	PILOT Agreement	 	Section 2.04
	PILOT Amount	 	Section 2.04
	PILOT Cessation Date	 	Section 2.04
	PILOT Payment	 	Section 2.04
	Post Delivery Condition	 	Section 4.01
	Premises	 	Section 1.01
	Project	 	Recitals
	Punch List Items	 	Section 4.01
	Records	 	Section 2.07
	Recurring Additional Charges	 	Section 2.03
	REIT	 	Section 8.24
	Rent	 	Section 2.01
	Rent Commencement Date	 	Section 2.02
	Requesting Party	 	Section 8.22
	Required Letter of Credit Amount	 	Section 2.11
	Reserved Tonnage	 	Section 3.01
	Restoration Work	 	Section 4.03
	Rules and Regulations	 	Section 8.02
	Secure Area	 	Section 4.04
	Service Provider	 	Section 8.24
	SNDA	 	Section 6.01
	Specialty Installations	 	Section 4.03
	Subject to CPI Increases	 	Section 8.04
	Substantial Completion; Substantially Complete	 	Section 4.01
	Substantial Completion Notice	 	Section 4.01
	Substantial Portion	 	Section 3.02
	Successor Landlord	 	Section 6.01
	Superior Lease	 	Section 6.01
	Superior Lessor	 	Section 6.01
	Superior Mortgage	 	Section 6.01
	Superior Mortgagee	 	Section 6.01
	Tax Payment	 	Section 2.06
	Tax Year	 	Section 2.04
	Taxes	 	Section 2.06
	TCO	 	Section 1.04
	Tenant	 	Introduction
	Tenant Delay	 	Section 4.01
	Tenant Indemnified Party	 	Section 6.12
	Tenant Inspection Notice	 	Section 4.01
	Tenant Requisition	 	Section 3.03
	Tenant’s Basic Cost	 	Section 5.05

 

    	 	- 3 -	 

     

    

 

	Tenant’s Offer Notice	 	Section 5.02
	Tenant’s Property	 	Section 4.03
	Tenant’s Share	 	Section 2.04
	Tenant’s Statement	 	Section 2.07
	Tenant’s Initial Work	 	Section 3.03
	Term	 	Section 1.02
	Transfer Notice	 	Section 5.03
	Unavoidable Delay	 	Section 8.04
	Untenantable	 	Section 3.02
	Violations	 	Section 4.01
	Walk-Through Date	 	Section 4.01
	Warranty Period	 	Section 4.01
	Work Reimbursement Period	 	Section 3.03
	Work Allowance	 	Section 3.03

 

    	 	- 4 -	 

     

    

 

LEASE, dated as of
December 7, 2016 (the “Effective Date”), between LEGACY YARDS TENANT LP (“Landlord”),
a Delaware limited partnership whose address is c/o Related Companies, 60 Columbus Circle, New York, New York 10023 and INTERCEPT
PHARMACEUTICALS, INC. (“Tenant”), a Delaware corporation whose address is 450 W 15th Street, Suite 505,
New York, New York 10011.

 

WITNESSETH:

 

WHEREAS, Landlord is willing
to lease to Tenant and Tenant is willing to hire from Landlord, on the terms hereinafter set forth, certain space in the building
known as 10 Hudson Yards, New York, New York (the “Building”), which is located on the land described on Exhibit
A (the “Land”, the Land and the Building and all plazas, sidewalks and curbs adjacent thereto are, collectively,
the “Project”).

 

NOW, THEREFORE, Landlord
and Tenant agree as follows:

 

ARTICLE 1

Premises; Term; Use

 

1.01         Demise.
Landlord hereby leases to Tenant and Tenant hereby hires from Landlord, subject to the terms and conditions of this Lease,
the entire 37th floor of the Building (the “37th Floor Premises”) and a portion of the 40th floor
of the Building (the “40th Floor Premises”; the 40th Floor Premises and the 37th Floor Premises, collectively
or individually, as the context requires, the “Premises”), in each case, substantially as shown hatched on
the plans annexed as Exhibit B. Landlord and Tenant agree that the 37th Floor Premises shall be conclusively deemed
to contain 33,607 rentable square feet, the 40th Floor Premises shall be conclusively deemed to contain 15,536 rentable square
feet and, accordingly, the Premises shall be conclusively deemed to contain 49,143 rentable square feet in the aggregate. Subject
to the other applicable provisions of this Lease, the leasing of the Premises by Tenant shall be deemed to include the non-exclusive
right to use in common with others, for their intended uses, the common facilities in the Project designed and intended for use
by tenants or other occupants in the Building in common with Landlord and other tenants of the Building, including, without limitation,
elevators, fire stairs, mechanical areas serving the Premises (if any), and telephone and electrical closets and riser shafts
serving the Premises (if any), and all walkways, loading docks, plazas, courts, public areas within the property line of the Building,
service areas, lobbies, landscaped and garden areas and all other common and service areas and common amenities of the Building.

 

    	 	- 1 -	 

     

    

 

1.02         Term.
This Lease shall be effective as of the Effective Date as a binding, enforceable agreement between Landlord and Tenant. The term
of this Lease (the “Term”) shall commence on the date hereof (as hereinafter defined; such commencement date
shall sometimes be referred to in this Lease as the “Commencement Date”) and shall end, unless sooner terminated
as herein provided, (x) with respect to the 37th Floor Premises, on June 30, 2021 (the “37th Floor Expiration Date”)
and (y) with respect to the 40th Floor Premises, on the earlier of (A) the date that is 285 days after the Possession Date under
the 55 HY Lease (as hereinafter defined), (B) the date that Tenant completes Tenant’s Initial Work (as defined in the 55
HY Lease) under the 55 HY Lease, and legally occupies the Premises (as defined in the 55 HY Lease) for the conduct of Tenant’s
business and (C) the 37th Floor Expiration Date (such earlier date, the “40th Floor Expiration Date”; the 37th
Floor Expiration Date and the 40th Floor Expiration Date, collectively or individually, as the context requires, is called the
“Expiration Date”). Notwithstanding the foregoing, the 40th Floor Expiration Date under clause (B) above
shall be no earlier than the date that is 10 Business Days after Tenant delivers a written notice to Landlord specifying the date
that Tenant has or shall complete Tenant’s Initial Work and occupy the Premises (as defined in the 55 HY Lease) for the
conduct of Tenant’s business. “55 HY Lease” means that certain Lease dated as of the date hereof between
One Hudson Yards Owner LLC and Tenant.

 

1.03         Possession Date.
(a)  As of the Effective Date, Tenant agrees that Landlord’s Turnover Work has been Substantially Completed and
Tenant agrees to accept the Premises “As Is” in its condition and state of repair existing as of the date hereof, and
understands and agrees that Landlord shall not be required to perform any work, supply any materials or incur any expense to prepare
the Premises for Tenant’s occupancy, subject to Landlord’s completion of Landlord’s Post Turnover Work and any
Punch-List Items with respect thereto, and subject further to Landlord’s obligation to correct any Latent Defects as more
particularly described in Section 4.01(a)(iv). As of the Effective Date, Landlord has delivered the Premises to Tenant vacant,
broom clean and free of all tenancies and free of Hazardous Materials and in compliance with applicable Laws. For purposes of clarification,
it is intended that Substantial Completion of Landlord’s Post Turnover Work (or any portion thereof) shall occur after the
Effective Date in accordance with Section 4.01.

 

 (b)          If
for any reason Landlord shall be unable to deliver possession of the Premises to Tenant on any date specified in this Lease for
such delivery, Landlord shall have no liability to Tenant therefor and the validity of this Lease shall not be impaired, nor shall
the Term be extended, by reason thereof. This Section 1.03 shall be an express provision to the contrary for purposes
of Section 223-a of the New York Real Property Law and any other law of like import now or hereafter in effect.

 

1.04         Use.
(a)  Subject to compliance with Laws, the Premises shall be used and occupied by Tenant (and any permitted subtenants
and Desk Space Users) solely for executive, administrative and general office use and Customary Ancillary Uses in connection therewith
as shall be reasonably required by Tenant in the operation of its business, in each case, consistent with the standards and character
of a first-class office building located in midtown Manhattan of comparable size, quality and character to the Building (“First
Class Office Building”), only, and for no other purpose. For purposes of this Lease, “Customary Ancillary Uses”
shall mean the following ancillary uses; provided, that such Customary Ancillary Uses are (x) ancillary to the primary use
of the Premises for executive, administrative and general offices, (y) primarily for the use of Tenant’s employees, business
invitees and other persons expressly entitled to use the Premises pursuant to the terms of this Lease (collectively, “Permitted
Users”) and for the use of operations within the Building and (z) permitted in accordance with all Laws (it being acknowledged
that Landlord makes no representation that any of such ancillary uses are so permitted):

 

    	 	- 2 -	 

     

    

 

(i)          training
facilities and classrooms in connection with Tenant’s training programs for the exclusive use of Permitted Users;

 

(ii)         subject
to the provisions of Section 8.20 hereof, cafeterias, dining facilities and pantries solely for (x) reheating food via microwave
or similar food warming equipment, (y) serving prepared food and beverages delivered from vendors and (z) vending machines (each,
a “Dining Facility”), in each case, for the exclusive use of Permitted Users (it being agreed that no cooking,
involving an open flame or which will require venting to the exterior of the Building other than through the Building’s general
exhaust system may be done therein);

 

(iii)        duplicating,
reproduction and/or offset or other printing facilities (provided that Tenant shall cause such facilities to be constructed, operated
and maintained so that no noise or vibration will emanate from the Premises to any other portions of the Buildings);

 

(iv)        board
rooms, conference rooms and meeting rooms for the exclusive use of Permitted Users;

 

(v)         storage
rooms;

 

(vi)        shipping
and mail rooms;

 

(vii)       computer
and data processing rooms;

 

(viii)      a
nursing station for the exclusive use of Permitted Users;

 

(ix)         health
and exercise facilities with showers for the exclusive use of Permitted Users (provided that (A) the entire floor on which any
such exercise facility is located and the entire floor immediately below the floor on which such exercise facility is located shall
be leased to Tenant, and (B) Tenant shall cause such exercise facility to be constructed, operated and maintained so that no noise
or vibration (in each case, other than to a de minimis extent) will emanate from the Premises to other portions of the Building,
it being agreed that if any other tenant or occupant complains to Landlord in good faith about such noise or vibration, then such
noise or vibration shall be deemed to be emanating from the Premises to more than a de minimis extent);

 

(x)          private
showers and lavatory facilities for the exclusive use of Permitted Users;

 

(xi)         a
travel office for the exclusive use of Permitted Users; and

 

(xii)        one
or more automatic teller machines (“ATMs”) for the exclusive use of Permitted Users (provided that Tenant agrees
to maintain such ATMs with Landlord’s preferred banking vendor at the Building if requested by Landlord and Tenant, at Tenant’s
sole cost and expense, shall (A) comply with all Laws with respect to the ownership, use, operation, maintenance and repair of
the ATMs, (B) maintain and keep in full force and effect all licenses, permits and other approvals required with respect to the
ownership, use, operation, maintenance and repair of the ATMs, (C) implement such measures as may be required by Laws, or which
Landlord shall reasonably require, to secure the area in and around the ATMs and to otherwise ensure the safety and security of
all persons using, operating, maintaining or repairing the ATMs and (D) obtain and keep in full force and effect such insurance
as Landlord may reasonably require with respect to the ATMs and the operations thereof).

 

    	 	- 3 -	 

     

    

 

(b)          Except
to the extent expressly permitted pursuant to Section 1.04(a), in no event shall the Premises be used for any of the following:
(a) a banking, trust company, or safe deposit business, in each case open for business to the general public, (b) a savings bank,
a savings and loan association, or a loan company, in each case open for business to the general public, (c) the sale of travelers’
checks and/or foreign exchange, in each case open for business to the general public, (d) a stock brokerage office whose business
involves off-the-street retail sales to the general public, (e) a restaurant, bar or for the sale of food or beverages (except
to the extent expressly permitted pursuant to Section 1.04(a)(ii)), (f) photographic reproductions and/or offset printing
(other than such incidental printing as Tenant may perform in connection with the conduct of Tenant’s usual business operations
(and as otherwise expressly permitted pursuant to Section 1.04(a)(iii)), (g) an employment or travel agency (except to the
extent expressly permitted pursuant to Section 1.04(a)(vii)), (h) a school or classroom (except to the extent expressly
permitted pursuant to Section 1.04(a)(i)), (i) medical or psychiatric offices (except to the extent expressly permitted
pursuant to Section 1.04(a)(viii)), (j) conduct of an auction, (k) gambling activities, (l) conduct of obscene, pornographic
or similar disreputable activities, (m) offices of an agency, department or bureau of the United States Government, any state or
municipality within the United States or any foreign government, or any political subdivision of any of them, (n) offices of any
charitable, religious, union or other not-for-profit organization, (o) offices of any tax exempt entity within the meaning of Section
168(h)(2) of the Internal Revenue Code of 1986, as amended, or any successor or substitute statute, or rule or regulation applicable
thereto or (p) manufacturing. The Premises shall not be used for any purpose which would lower the first-class character of the
Building, create unreasonable or excessive elevator or floor loads, impair or interfere with any of the Building operations or
the proper and economic heating, ventilation, air-conditioning, cleaning or other servicing of the Building, constitute a public
or private nuisance, or interfere with any other tenant or Landlord, or impair the appearance of the Building.

 

(c)          The
temporary certificate of occupancy for the Building core (the “TCO”) permits (and any subsequent temporary or
permanent base building certificate of occupancy obtained by Landlord will permit) the use of the Premises for offices. If Tenant
requires an amendment to such certificate of occupancy of the Building to use the Premises for any of the uses permitted pursuant
to this Section 1.04 other than mere office use, Landlord, at Tenant’s expense, shall file for and use commercially
reasonable efforts to obtain such an amendment to the certificate of occupancy; provided, that neither this Lease nor any of Tenant’s
obligations hereunder shall be conditioned upon Landlord obtaining the same. If Tenant desires to obtain any special permits for
use of the Premises (including, for purposes of illustration only, and not by way of limitation, a public assembly permit or a
temporary or permanent liquor license for the serving of alcohol to Tenant’s employees and business invitees for consumption
in the Premises only (it being agreed that Tenant shall have procured and furnished to Landlord a policy of liquor liability insurance
reasonably satisfactory to Landlord in connection therewith and Tenant shall reimburse Landlord for any increased insurance costs
incurred by Landlord in connection therewith), Landlord, at Tenant’s expense, shall reasonably cooperate with respect to
the same to the extent such cooperation is reasonably necessary; provided, that obtaining any such permits shall be the sole responsibility
of Tenant. If Landlord shall incur any actual out-of-pocket cost in connection with such cooperation or the amendment to the certificate
of occupancy, Tenant shall, within 30 days after receipt of an invoice therefor, reimburse Landlord for such costs as Additional
Charges.

 

    	 	- 4 -	 

     

    

ARTICLE 2

Rent

 

2.01         Rent.
“Rent” shall consist of Fixed Rent and Additional Charges.

 

2.02         Fixed Rent.
The fixed rent (“Fixed Rent”) shall be as follows:

 

 (a)          for
the period commencing on the Rent Commencement Date and ending on the day immediately preceding the 40th Floor Expiration Date
an amount equal to $5,160,015.00 (i.e., at the rate per annum of $105.00 per rentable square foot of the Premises);

 

 (b)          for
the period commencing on the 40th Floor Expiration Date and ending on the 37th Floor Expiration Date an amount equal to $3,528,735.00
(i.e., at the rate per annum of $105.00 per rentable square foot of the Premises).

 

 (c)          Fixed
Rent shall be payable by Tenant in equal monthly installments in advance on the Rent Commencement Date and on the first day of
each calendar month thereafter (provided that if the Rent Commencement Date is not the first day of a month, then Fixed Rent for
the month in which the Rent Commencement Date occurs shall be prorated and paid on the Rent Commencement Date). “Rent
Commencement Date” means the date occurring in the 4th month after the Effective Date which is the same numerical date
in the month as the Effective Date (except that if no same numerical date shall exist in such 4th month, the Rent Commencement
Date shall be the last day of such 4th month. The Rent Commencement Date may be subject to adjustment as expressly provided in
Section 4.01(d) of this Lease.

 

2.03         Additional
Charges. “Additional Charges” means PILOT Payments, Additional Tax Payments, Impositions Payments, Tax
Payments, Operating Payments and all other sums of money, other than Fixed Rent, at any time payable by Tenant under this Lease,
all of which Additional Charges shall be deemed to be rent. “Recurring Additional Charges” means Additional
Tax Payments, Impositions Payments, Operating Payments and either PILOT Payments or Tax Payments, as applicable.

 

2.04         PILOT
Payments. (a)   “Base PILOT Amount” means the PILOT Amount payable by Landlord pursuant to
the PILOT Agreement for the Tax Year commencing on July 1, 2020 (the “Base PILOT Year”) pursuant to the terms
of the PILOT Agreement as in effect as of the Effective Date. “PILOT Amount” shall have the meaning ascribed
to such term in the PILOT Agreement, as such PILOT Agreement is in effect on the Effective Date.

 

    	 	- 5 -	 

     

    

 

(b)          “PILOT
Agreement” means that certain Amended and Restated Agency Lease Agreement effective as of August 1, 2016, by and between
the New York City Industrial Development Agency (the “IDA”) and Landlord, as the same may be modified from time
to time; provided, however, that any modification of such PILOT Agreement which would materially adversely affect or materially
adversely increase Tenant’s obligations under this Article 2 shall be disregarded for the purpose of computing Tenant’s
liability for PILOT Payments under this Article 2 (it being agreed that Landlord shall not be restricted from entering into
any such modification but Landlord shall not have the right to pass through any such obligations that materially adversely affect
Tenant under this Article 2). Landlord represents and warrants to Tenant that a true and complete copy of the PILOT Agreement
has been delivered or made available to Tenant.

 

(c)          “PILOT”
means, with respect to any Tax Year, (i) the PILOT Amount payable by Landlord for such Tax Year pursuant to the PILOT Agreement,
(ii) any reasonable expenses incurred in contesting the assessed value of the Building (which expenses shall not exceed the amount
of any refund or credit attributable to any reduced assessment resulting from such contest), which expenses shall be allocated
to the Tax Year(s) to which such expenses relate and (iii) the “Annual Administrative Fee” (as defined in the PILOT
Agreement).

 

(d)          “Tax
Year” means each period of 12 months, commencing on the first day of July of each such period, in which occurs any part
of the Term, or such other period of 12 months occurring during the Term as hereafter may be adopted as the fiscal year for real
estate tax purposes of the City of New York.

 

(e)          “Tenant’s
Share” means the percentage which is calculated by dividing (i) the total rentable square footage of the Premises by
(ii) the total rentable square footage of the office space in the Building, provided that the method of calculating the rentable
square footage of the Premises shall be the same as the method of calculating the rentable square footage of the office space in
the Building at the time of any such calculation. As of the Effective Date, Tenant’s Share is 2.89%.

 

(f)          (i)          If
PILOT for any Tax Year from and after July 1 of the Tax Year immediately following the Base PILOT Year (i.e., from and after the
day immediately following the last day of the Base PILOT Year) until the “Cessation Date” (as defined in the PILOT
Agreement; such date shall hereinafter be referred to in this Lease as the “PILOT Cessation Date”), shall exceed
the Base PILOT Amount (or, with respect to the Tax Year in which the PILOT Cessation Date occurs, if the PILOT Cessation Date occurs
on a date other than the first day of a Tax Year, if PILOT for such Tax Year shall exceed the amount that is the product of the
Base PILOT Amount multiplied by a fraction, the numerator of which is the number of days in such Tax Year prior to the PILOT Cessation
Date and the denominator of which is the number of days in such Tax Year), Tenant shall pay to Landlord (each, a “PILOT
Payment”) Tenant’s Share of the amount by which PILOT for such Tax Year is greater than the Base PILOT Amount.
The PILOT Payment for each Tax Year shall be due and payable by Tenant in installments in the same manner that PILOT for such Tax
Year is due and payable by Landlord, whether as directed under the PILOT Agreement, to a Superior Lessor or Superior Mortgagee
or otherwise. Tenant shall pay the PILOT Payment (or any installment thereof) within 30 days after the rendering of a statement
therefor by Landlord to Tenant, which statement may be rendered so as to require the PILOT Payment (or installment thereof) to
be paid by Tenant 30 days prior to the date such PILOT Payment (or installment thereof) first becomes due and payable by Landlord.
The statement to be rendered by Landlord shall set forth in reasonable detail the computation of Tenant’s Share of the particular
installment(s) of PILOT being billed. If there shall be any increase in the PILOT for any Tax Year, whether during or after such
Tax Year, or if there shall be any decrease in the PILOT for any Tax Year, the PILOT Payment for such Tax Year shall be appropriately
adjusted and paid or refunded, as the case may be (in accordance with Sections 2.04(g) and 2.08(a), to the extent
applicable). In no event, however, shall PILOT be reduced below the Base PILOT Amount.

 

    	 	- 6 -	 

     

    

 

(ii)         In
addition to the PILOT Payments set forth above, and the Impositions Payment and Tax Payment set forth below, Tenant shall pay,
as Additional Charges on account of real property taxes, for each Tax Year (or portion thereof) throughout the Term of this Lease
from and after the Tax Year commencing on July 1, 2017, an amount equal to the product of (A) the applicable Additional Tax Amount,
multiplied by (B) the number of rentable square feet contained in the Premises (the “Additional Tax Payment”);
provided, that if the rentable square footage of the Premises varies during any calendar year, such variation shall be taken into
account for purposes of the calculation of the Additional Tax Payment for such calendar year. The Additional Tax Payment shall
be due and payable in equal installments on the dates on which PILOT Payments (or installments thereof) are due and payable by
Tenant. Tenant shall pay each such installment within 30 days after the rendering of a statement therefor by Landlord to Tenant,
which statement may be rendered so as to require such installments to be paid by Tenant on the same dates on which Tenant is required
to pay PILOT Payments (or installments thereof). The “Additional Tax Amount” shall be (I) $0 for the Tax Year
beginning July 1, 2017, (II) $0.75 for the Tax Year beginning on July 1, 2018, (III) $1.75 for the Tax Year beginning on July 1,
2019 and (IV) $3.25 for each Tax Year thereafter for the full remaining Term of this Lease. By way of example, if the Premises
contains 100,000 rentable square feet during the Tax Year beginning on July 1, 2020, the Additional Tax Payment for the Tax Year
beginning on such July 1 shall be $325,000.00 (i.e., $3.25 x 100,000 = $325,000.00).

 

(g)          If
Landlord shall receive a refund of PILOT for any Tax Year in which PILOT exceeded the Base PILOT Amount (or a credit in lieu of
such a refund), Landlord shall pay to Tenant Tenant’s Share of the net refund or credit (after deducting from such refund
or credit the reasonable costs and expenses of obtaining the same, including, without limitation, appraisal, accounting and legal
fees, to the extent that such costs and expenses were not included in the PILOT for such Tax Year and only to the extent that such
costs and expenses shall not exceed the amount of any refund or credit of Tenant’s Share of PILOT for the corresponding Tax
Year); provided, that such payment to Tenant shall in no event exceed Tenant’s PILOT Payment paid for such Tax Year.

 

(h)          If
the PILOT Amount comprising the Base PILOT Amount is reduced as a result of an appropriate proceeding or otherwise, the PILOT as
so reduced shall for all purposes be deemed to be the Base PILOT Amount and Landlord shall notify Tenant of the amount by which
the PILOT Payments previously made were less than the PILOT Payments required to be made under this Section 2.04, and Tenant
shall pay the deficiency within 30 days after demand therefor.

 

    	 	- 7 -	 

     

    

 

(i)          (i)          Tenant
shall promptly cooperate with Landlord in complying with the disclosure and reporting requirements set forth in the PILOT Agreement,
including, without limitation, by furnishing such information and/or completing such questionnaires and reports as may be required
to satisfy the requirements of Section 8.7 (Employment Matters), Section 8.8 (Non-Discrimination), Section 8.14 (Automatically
Deliverable Documents), Section 8.15 (Requested Documents) and Section 8.16 (Periodic Reporting Information for the Agency) of
the PILOT Agreement. Tenant shall furnish any such information and deliver any such completed questionnaires and reports to Landlord
on or prior to the date that is 10 Business Days before the date Landlord is required to deliver same to the IDA (unless the period
between a request to Landlord from the IDA for any such information, questionnaires or reports and the date such information, questionnaires
or reports are due to the IDA is shorter than 10 Business Days, in which case Tenant shall deliver such information, questionnaires
or reports to Landlord no less than 3 Business Days prior to the date Landlord is required to deliver same to the IDA).

 

(ii)         Tenant
represents and warrants that Tenant’s occupancy at the Project will not result in the removal of an industrial or manufacturing
plant or facility of Tenant located outside of the City of New York, but within the State of New York, to the Project or in the
abandonment of one or more such industrial or manufacturing plants or facilities of Tenant located outside of the City of New York
but within the State of New York.

 

(iii)        Tenant
represents and warrants that neither Tenant, nor any Principals of Tenant (A) is in default or in breach, beyond any applicable
grace period, of its obligations under any written agreement with the Agency or the City, unless such default or breach has been
waived in writing by the Agency or the City, as the case may be, (B) has been convicted of a misdemeanor related to truthfulness
and/or business conduct in the past 5 years, (C) has been convicted of a felony in the past 10 years, (D) has received formal written
notice from a federal, state or local governmental agency or body that such Person is currently under investigation for a felony
criminal offense, or (E) has received written notice of default in the payment to the City of any taxes, sewer rents or water charges,
which have not been paid, unless such default is currently being contested with due diligence in proceedings in court or other
appropriate forum. For purposes of this paragraph (iii) only, all capitalized terms used in this paragraph (iii)
(other than the term “Tenant”) shall have the meanings ascribed to them in the PILOT Agreement.

 

(iv)        Tenant
covenants that at all times from and after the Effective Date through the expiration or earlier termination of this Lease (the
“Effective Period”), Tenant shall ensure that employees and applicants for employment with Tenant are treated
without regard to their race, color, creed, age, sex or national origin. As used in this paragraph (iv) only, the term “treated”
shall mean and include the following: recruited, whether by advertising or other means; compensated, whether in the form of rates
of pay or other forms of compensation; selected for training, including apprenticeship; promoted; upgraded; downgraded; demoted;
transferred; laid off; and terminated.

 

    	 	- 8 -	 

     

    

 

(v)         Tenant
shall indemnify and hold Landlord harmless from and against any and all loss, cost, liability, damage or expense (including, without
limitation, reasonable attorneys’ fees, disbursements and court costs, but specifically excluding any consequential, special
or punitive damages) incurred by Landlord (or any of its Affiliates) arising from any failure of Tenant to comply in all respects
with Sections 2.04(i)(i) or 2.04(i)(iv) or any misrepresentation by Tenant contained in Sections 2.04(i)(ii)
or 2.04(i)(iii) or arising from any other “Event of Default” (as defined in the PILOT Agreement) under the PILOT
Agreement which is solely caused by any act or omission of, or breach of any representation or warranty by, Tenant, or any of its
Affiliates, or any of their respective officers, members, directors, principals, employees or agents, in each case, beyond any
applicable notice and cure periods set forth in the PILOT Agreement (including, without limitation, Section 8.9(f)(iii) of the
PILOT Agreement). If any amount payable by Landlord under the PILOT Agreement is greater than it would otherwise be, or if any
additional amount is payable by Landlord under the PILOT Agreement, in either case, due to any failure of Tenant to comply in all
respects with Sections 2.04(i)(i) or 2.04(i)(iv) or any misrepresentation by Tenant contained in Sections 2.04(i)(ii)
or 2.04(i)(iii), Tenant shall pay to Landlord 100% of the amount by which such amount payable is so greater than it would
otherwise be or 100% of the additional amount payable, as the case may be, within 10 days after Landlord’s demand therefor.

 

(vi)        Landlord
agrees to observe and perform all of its obligations under the PILOT Agreement and not to cause or permit an Event of Default (as
defined in the PILOT Agreement) to occur thereunder if and to the extent Landlord’s failure to observe and perform any such
obligations or to permit such Event of Default, as applicable, is reasonably likely to materially adversely affect Tenant’s
obligations under this Article 2. Landlord shall indemnify and hold Tenant harmless from and against any and all loss, cost,
liability, damage or expense (including, without limitation, reasonable attorneys’ fees, disbursements and court costs, but
specifically excluding any consequential, special or punitive damages) incurred by Tenant or any of its Affiliates arising from
any “Event of Default” (as defined in the PILOT Agreement) under the PILOT Agreement beyond any applicable notice and
cure periods set forth therein which is solely caused by Landlord, or any of its Affiliates, or any of their respective officers,
members, directors, principals, employees or agents and which is not caused by any act or omission of, or breach of any representation
or warranty by, Tenant. If any amount payable by Landlord under the PILOT Agreement is greater than it would otherwise be, or if
any additional amount is payable by Landlord under the PILOT Agreement, in either case, due to any “Event of Default”
(as defined in the PILOT Agreement) under the PILOT Agreement which is solely caused by Landlord, or any of its Affiliates, or
any of their respective officers, members, directors, principals, employees or agents and which is not caused by any act or omission
of, or breach of any representation or warranty by, Tenant, or any of its Affiliates, or any of their respective officers, members,
directors, principals, employees or agents, Tenant shall have no liability to pay for any of such incremental amount by which Landlord’s
payment obligation is so greater or such additional amount and Landlord will reasonably promptly provide Tenant with any information
reasonably required to verify such amounts.

 

    	 	- 9 -	 

     

    

 

(j)          Landlord
shall, with respect to each Tax Year, initiate and pursue in good faith an application or proceeding seeking a reduction in the
assessed valuation of the Building, except that Landlord shall not be required to initiate or pursue any such application or proceeding
for any such Tax Year if Landlord obtains with respect to such Tax Year a letter from a reputable certiorari attorney that in such
person’s opinion it would not be advisable or productive to bring such application or proceeding for the Tax Year in question.
Tenant, for itself and its immediate and remote subtenants and successors in interest hereunder, hereby waives, to the extent permitted
by law, any right Tenant may now or in the future have to protest or contest any PILOT or Taxes or to bring any application or
proceeding seeking a reduction in PILOT, Taxes or assessed valuation or otherwise challenging the determination thereof.

 

2.05        Impositions.

 

(a)          “Base
Impositions Amount” means Impositions (excluding any amounts described in Section 2.05(b)(ii)) for the Tax Year
commencing on July 1, 2017.

 

(b)          “Impositions”
means (i) subject to clause (B) of the last sentence of this Section 2.05(b), any and all real estate taxes, vault
taxes, assessments and special assessments, levied, assessed or imposed upon or with respect to the Building by any federal, state,
municipal or other government or governmental body or authority, including, without limitation, any taxes, assessments or charges
imposed upon or against the Building or Landlord solely with respect to any business improvement district and (ii) any reasonable
expenses incurred by Landlord in contesting such taxes, assessments or charges, which expenses shall be allocated to the Tax Year
to which such expenses relate to the extent that such expenses do not exceed the amount of any reduction in Impositions for the
corresponding Tax Year. If at any time the method of taxation shall be altered so that in lieu of or as an addition to or as a
substitute for, the whole or any part of such taxes theretofore imposed on real estate (other than real estate taxes levied by
the City of New York) there shall be levied, assessed or imposed (x) a tax, assessment, levy, imposition, fee or charge wholly
or partially as a capital levy or otherwise on the rents received therefrom, or (y) any other such substitute tax, assessment,
levy, imposition, fee or charge, including without limitation, business improvement district and transportation taxes, fees and
assessments, then all such taxes, assessments, levies, impositions, fees or charges or the part thereof so measured or based shall
be included in “Impositions” to the extent that such substitution is evidenced by either the terms of the legislation
imposing such tax or assessment, the legislative history thereof, or other documents or evidence that reasonably demonstrate that
the applicable governmental authority intended for such tax or assessment to constitute a substitution for any Impositions (provided
that the same shall be computed as if the Building is Landlord's sole asset and the income therefrom is Landlord’s sole income).
If the owner, or lessee under a Superior Lease (as hereinafter defined), of all or any part of the Building is an entity exempt
from the payment of taxes, assessments or charges described in clause (i), there shall be included in “Impositions”
the taxes, assessments or charges described in clause (i) which would be so levied, assessed or imposed if such owner or
lessee were not so exempt, and such taxes, assessments or charges shall be deemed to have been paid by Landlord on the dates on
which such taxes, assessments or charges otherwise would have been payable if such owner or lessee were not so exempt but only
to the extent Landlord is actually obligated to and does pay such taxes, assessments or charges or any payments in lieu thereof.
If any Impositions consisting of a special tax assessment may be payable in installments, then, for the purposes of this Section
2.05 such Impositions shall be deemed to have been so divided and to be payable in the maximum number of installments permitted
by law (together with any interest charged by the applicable government authority, if interest is so charged), and there shall
be deemed included in Impositions for each Tax Year only the installments of such assessment deemed to be payable during such Tax
Year. “Impositions” shall not include (A) any municipal, state or federal income taxes assessed against Landlord, any
capital levy, estate, gift, succession, inheritance or transfer taxes, or any corporate franchise taxes or unincorporated business
taxes, income or profit tax, or any transfer or mortgage recording tax imposed upon any owner or lessee of the Building, or any
part thereof, or capital levy that is or may be imposed upon the net income of Landlord, (B) any PILOT and Taxes and (C) any penalties,
interest and late charges imposed on Landlord, any Superior Lessor or Superior Mortgagee for failure to make payments when due,
except to the extent directly resulting from a default by Tenant hereunder.

 

    	 	- 10 -	 

     

    

 

(c)          For
each Tax Year from and after the Tax Year commencing on July 1, 2017, if Impositions for any Tax Year shall exceed the Base Impositions
Amount, Tenant shall pay to Landlord (each, an “Impositions Payment”) Tenant’s Share of the amount by
which Impositions for such Tax Year are greater than the Base Impositions Amount. The Impositions Payment for each Tax Year shall
be due and payable in installments in the same manner that Impositions for such Tax Year are due and payable by Landlord, whether
to the applicable taxing authority, to a Superior Lessor or Superior Mortgagee or otherwise. Tenant shall pay Tenant’s Share
of each such installment within 30 days after the rendering of a statement therefor by Landlord to Tenant, which statement may
be rendered so as to require Tenant’s Share of Impositions to be paid by Tenant 30 days prior to the date such Impositions
first become due and payable by Landlord. The statement to be rendered by Landlord shall set forth in reasonable detail the computation
of Tenant’s Share of the particular installment(s) being billed. If there shall be any increase in the Impositions for any
Tax Year, whether during or after such Tax Year, or if there shall be any decrease in the Impositions for any Tax Year, the Impositions
Payment for such Tax Year shall be appropriately adjusted and paid or refunded, as the case may be (in accordance with Sections
2.05(d) and 2.08(a), to the extent applicable). In no event, however, shall Impositions be reduced below the Base Impositions
Amount.

 

(d)          If
Landlord shall receive a refund of Impositions for any Tax Year in which Impositions exceeded the Base Impositions Amount, Landlord
shall pay to Tenant Tenant’s Share of the net refund (after deducting from such refund the reasonable costs and expenses
of obtaining the same, including, without limitation, appraisal, accounting and legal fees, to the extent that such costs and expenses
were not included in the Impositions for such Tax Year and to the extent that such expenses do not exceed the amount of any reduction
in Tenant’s Share of Impositions for the corresponding Tax Year); provided, that such payment to Tenant shall in no
event exceed Tenant’s Impositions Payment paid for such Tax Year.

 

(e)          If
the Base Impositions Amount is reduced as a result of an appropriate proceeding or otherwise, Landlord shall notify Tenant of the
amount by which any Impositions Payments previously made were less than the Impositions Payments required to be made under this
Section 2.05, and Tenant shall pay the deficiency within 30 days after demand therefor.

 

    	 	- 11 -	 

     

    

 

(f)          Tenant
shall pay any and all commercial rent occupancy tax and any other occupancy tax or rent tax relating to the Premises now in effect
or hereafter enacted. If any occupancy tax or rent tax (including, without limitation, any commercial rent occupancy tax) now in
effect or hereafter enacted shall be payable by Landlord in the first instance or hereafter is required to be paid by Landlord,
then Tenant shall reimburse Landlord as Additional Charges for all such amounts paid within 30 days after demand therefor.

 

2.06        Tax
Payments. (a)   “Taxes” means (i) the real estate taxes levied, assessed or imposed upon
or with respect to the Building by the City of New York and (ii) any reasonable expenses incurred by Landlord in contesting such
taxes or assessments and/or the assessed value of the Building, which expenses shall be allocated to the Tax Year to which such
expenses relate. If at any time the method of taxation shall be altered so that in lieu of or as an addition to or as a substitute
for, the whole or any part of such real estate taxes theretofore imposed there shall be levied, assessed or imposed (x) a tax,
assessment, levy, imposition, fee or charge wholly or partially as a capital levy or otherwise on the rents received therefrom,
or (y) any other such substitute tax, assessment, levy, imposition, fee or charge, including without limitation, business improvement
district and transportation taxes, fees and assessments, then all such taxes, assessments, levies, impositions, fees or charges
or the part thereof so measured or based shall be included in “Taxes” to the extent substituted and to the extent
that such substitution is evidenced by either the terms of the legislation imposing such tax or assessment, the legislative history
thereof, or other documents or evidence that reasonably demonstrate that the applicable governmental authority intended for such
tax or assessment to constitute a substitution for any Taxes (provided that the same shall be computed as if the Building is Landlord’s
sole asset and the income therefrom is Landlord’s sole income). If the owner, or lessee under a Superior Lease, of all or
any part of the Building is an entity exempt from the payment of taxes described in clause (i), there shall be included
in “Taxes” the taxes described in clause (i) which would be so levied, assessed or imposed if such owner or
lessee were not so exempt and such taxes shall be deemed to have been paid by Landlord on the dates on which such taxes otherwise
would have been payable if such owner or lessee were not so exempt but only to the extent Landlord is actually obligated to and
does pay such taxes, assessments or charges or any payments in lieu thereof. If any Taxes consisting of a special tax assessment
may be payable in installments, then, for the purposes of this Section 2.06 such Taxes shall be deemed to have been so
divided and to be payable in the maximum number of installments permitted by law (together with any interest charged by the applicable
government authority, if interest is so charged), and there shall be deemed included in Taxes for each Tax Year only the installments
of such assessment deemed to be payable during such Tax Year. “Taxes” shall not include (A) any municipal, state or
federal income taxes assessed against Landlord, any capital levy, estate, gift, succession, inheritance or transfer taxes, or
any corporate franchise taxes or unincorporated business taxes, income or profit tax, or any transfer or mortgage recording tax
imposed upon any owner or lessee of the Building, or any part thereof, or capital levy that is or may be imposed upon the net
income of Landlord, (B) any PILOT and Impositions and (C) any penalties, interest and late charges imposed on Landlord, any Superior
Lessor or Superior Mortgagee for failure to make payments when due, except to the extent directly resulting from a default by
Tenant hereunder.

 

    	 	- 12 -	 

     

    

 

(b)          (i)          From
and after the PILOT Cessation Date, if Taxes for any Tax Year, including the Tax Year in which the PILOT Cessation Date occurs,
shall exceed the Base PILOT Amount (or, with respect to the Tax Year in which the PILOT Cessation Date occurs, if the PILOT Cessation
Date occurs on a date other than the first day of a Tax Year, if Taxes for such Tax Year shall exceed the amount that is the product
of the Base PILOT Amount multiplied by a fraction, the numerator of which is the number of days in such Tax Year from and after
the PILOT Cessation Date and the denominator of which is the number of days in such Tax Year), Tenant shall pay to Landlord (each,
a “Tax Payment”) Tenant’s Share of the amount by which Taxes for such Tax Year (or portion thereof from
and after the PILOT Cessation Date) are greater than the Base PILOT Amount (or such pro-rated amount described in the first parenthetical
in this sentence, if applicable). The Tax Payment for each Tax Year shall be due and payable in installments in the same manner
that Taxes for such Tax Year are due and payable by Landlord, whether to the City of New York, to a Superior Lessor or Superior
Mortgagee or otherwise. Tenant shall pay Tenant’s Share of each such installment within 30 days after the rendering of a
statement therefor by Landlord to Tenant, which statement may be rendered so as to require Tenant’s Share of Taxes to be
paid by Tenant 30 days prior to the date such Taxes first become due and payable by Landlord. The statement to be rendered by Landlord
shall set forth in reasonable detail the computation of Tenant’s Share of the particular installment(s) being billed. If
there shall be any increase in the Taxes for any Tax Year, whether during or after such Tax Year, or if there shall be any decrease
in the Taxes for any Tax Year, the Tax Payment for such Tax Year shall be appropriately adjusted and paid or refunded, as the case
may be (in accordance with Sections 2.06(c) and 2.08(a), to the extent applicable). In no event, however, shall Taxes
be reduced below the Base PILOT Amount.

 

(ii)         Notwithstanding
the occurrence of the PILOT Cessation Date, after the PILOT Cessation Date Tenant shall continue to pay Additional Tax Payments
as set forth in Section 2.04(f)(ii), except that such Additional Tax Payments shall be due and payable in installments on
the dates on which Tax Payments (or installments thereof) are due and payable by Tenant, and Tenant shall pay each such installment
within 10 days after the rendering of a statement therefor by Landlord to Tenant, which statement may be rendered so as to require
such installments to be paid by Tenant on the same dates on which Tenant is required to pay Tax Payments (or installments thereof).

 

(c)          If
Landlord shall receive a refund of Taxes for any Tax Year in which Taxes exceeded the Base PILOT Amount (from and after the occurrence
of the PILOT Cessation Date), Landlord shall pay to Tenant Tenant’s Share of the net refund (after deducting from such refund
the reasonable costs and expenses of obtaining the same, including, without limitation, appraisal, accounting and legal fees, to
the extent that such costs and expenses were not included in the Taxes for such Tax Year and to the extent that such expenses do
not exceed the amount of any reduction in Tenant’s Share of Taxes for the corresponding Tax Year); provided, that
(i) such payment to Tenant shall in no event exceed Tenant’s Tax Payment paid for such Tax Year and (ii) if the PILOT Cessation
Date occurs on a date other than the first day of any Tax Year, any refund with respect to such Tax Year shall be prorated to correspond
to the portion of such Tax Year with respect to which Tenant paid a Tax Payment.

 

    	 	- 13 -	 

     

    

 

(d)          If
the Base PILOT Amount is reduced as a result of an appropriate proceeding or otherwise after the PILOT Cessation Date, Landlord
shall notify Tenant of the amount by which any Tax Payments previously made were less than the Tax Payments required to be made
under this Section 2.06, and Tenant shall pay the deficiency within 30 days after demand therefor.

 

2.07        Operating
Payments. (a)   “Base Operating Amount” means Operating Expenses for the Base Operating Year;
provided, that, if, due to construction warranties in effect during the Base Operating Year, materially fewer expenses on account
of repairs to the Building are paid or incurred by or on behalf of Landlord during such Base Operating Year than would typically
be paid or incurred during a calendar year with respect to a new First Class Office Building comparable in size to the Building
with no construction warranties in effect, then the Operating Expenses for the Base Operating Year shall be adjusted to reflect
the Operating Expenses that would have been paid or incurred if such construction warranties had not been in effect during the
Base Operating Year. For purposes of the foregoing sentence only, the term “construction warranties” shall be deemed
to refer solely to warranties in effect for a newly constructed First Class Office Building that would not typically be in effect
at any given time for a First Class Office Building on account of alterations, improvements, repairs and replacements.

 

(b)          “Base
Operating Year” means the calendar year 2017.

 

(c)          “Landlord’s
Statement” means an instrument setting forth the Operating Payment payable by Tenant for a specified Operating Year.

 

(d)          “Operating
Expenses” means, without duplication, all expenses paid or incurred by or on behalf of Landlord in respect of the repair,
replacement, maintenance, operation and security of the Building as reflected on Landlord’s books and records (which Landlord
shall keep in accordance with GAAP or other acceptable accounting method consistent with the standards of a First Class Office
Building), including, without limitation, (i) subject to clause (BB) of this Section 2.07(d), salaries, wages, medical,
surgical, insurance (including, without limitation, group life and disability insurance), union and general welfare benefits, pension
payments, severance payments, sick day payments and other fringe benefits of employees of Landlord, Landlord’s affiliates
and their respective contractors engaged in such repair, replacement, maintenance, operation and/or security; (ii) subject to clause
(BB) of this Section 2.07(d), payroll taxes, worker’s compensation, uniforms and related expenses (whether direct
or indirect) for such employees; (iii) the cost of fuel, gas, steam, electricity, heat, ventilation, air-conditioning and chilled
or condenser water, water, sewer and other utilities, together with any taxes and surcharges on, and fees paid in connection with
the calculation and billing of, such utilities; (iv) the cost of painting and/or decorating all areas of the Project, excluding,
however, any space contained therein which is demised or available for demise to tenants; (v) the cost of casualty, liability,
fidelity, rent and all other insurance regarding the Building; (vi) subject to the limitations on capital expenditures hereinafter
provided, the cost of all supplies, tools, materials and equipment, whether by purchase or rental, used in the repair, replacement,
maintenance, operation and/or security of the Building, and any sales and other taxes thereon; (vii) the fair market rental value
of Landlord’s office in the Building and any other premises in the Building utilized by the personnel of either Landlord,
Landlord’s affiliates or Landlord’s contractors, in connection with the repair, replacement, maintenance, operation
and/or security thereof, and all office expenses, such as telephone, utility, stationery and similar expenses incurred in connection
therewith; provided, that (A) for the purpose of calculating Operating Expenses for the Base Operating Year and each subsequent
Operating Year, the aggregate rentable square footage of Landlord’s office shall be assigned a fixed number, (B) the fair
market rental of such office shall be included in the Base Operating Year, and (C) such fair market rental shall annually be subject
to fair market rental increases; (viii) the cost of cleaning and janitorial services, including, without limitation, glass cleaning,
snow and ice removal and garbage and waste collection and disposal; (ix) the cost of all interior and exterior landscaping and
all temporary exhibitions located at or within the Project; (x) the cost of all alterations, repairs, replacements and/or improvements
made at any time following the Base Operating Year by or on behalf of Landlord, whether structural or non structural, ordinary
or extraordinary, foreseen or unforeseen, and whether or not required by this Lease, and all tools and equipment related thereto;
provided, that if under generally accepted accounting principles consistently applied (“GAAP”), any of
the costs referred to in this clause (x) are required to be capitalized, then such costs shall not be included in Operating
Expenses unless they (I) are required by any Laws that first became effective (1) on or after the Effective Date or (2) before
the Effective Date but with respect to which the obligation to comply first arises after the Effective Date, (II) have the effect
of reducing expenses that would otherwise be included in Operating Expenses (to the extent of the reduction in Operating Expenses
reasonably anticipated by Landlord) or (III) constitute a replacement which in Landlord’s reasonable judgment is prudent
to make in lieu of repairs to the replaced item(s) so long as it is reasonably likely that the amortized replacement cost of the
item in question will be less expensive than the aggregate reasonably anticipated total cost to repair such item (which may include
multiple repairs) over the same amortization period, in any of which events the cost thereof, together with interest thereon at
either (A) if Landlord shall not finance such alterations, repairs, replacements and/or improvements, the Interest Rate in effect
on December 31 of the Operating Year in which such costs were incurred or (B) if Landlord shall finance such alterations, repairs,
replacements and/or improvements, the actual costs incurred by Landlord to finance such alterations, repairs, replacements and/or
improvements shall be amortized and included in Operating Expenses over the useful life of the item in question, as reasonably
determined by Landlord in accordance with GAAP or such alternative measure as referred to hereinabove; provided further, that if
any such alterations, repairs, replacements and/or improvements described in clause II are made for the purpose of having
a beneficial impact on the environment (including, without limitation, if the same are made in connection with participating in
a program intended to have a beneficial impact on the environment), then, at Landlord’s option, the cost thereof, together
with such interest as described in the foregoing clauses (A) and (B), may be amortized and included in Operating
Expenses over the period that Landlord reasonably determines in accordance with GAAP that it will take for such cost to equal the
aggregate amount of the reduction in Operating Expenses realized as a result of such alteration, repair, replacement and/or improvement;
(xi) costs of security services, including, without limitation, offsite vehicle screening for vehicles seeking access to the Project;
(xii) management fees not exceeding 3% of the aggregate rents, additional rents and other charges payable to Landlord by tenants
of the Building; (xiii) all reasonable costs and expenses of legal, bookkeeping, accounting and other professional services; (xiv)
condominium assessments, common charges or similar charges, if the Building is at any time converted to a condominium structure;
(xv) customary fees, dues and other contributions paid by or on behalf of Landlord to civic or other real estate organizations
and any assessments, dues, levies or other charges paid to any business improvement district, owners’ association or similar
organization or to any entity on behalf of such an organization (including, without limitation, any contribution to the ERY Facility
Airspace Parcel Owners’ Association); (xvi) all costs and expenses expressly included in Operating Expenses pursuant to the
provisions of this Lease; and (xvii) all other fees, costs, charges and expenses properly allocable to the repair, replacement,
maintenance, operation and/or security of the Project, in accordance with then prevailing customs and practices of the real estate
industry in the Borough of Manhattan, City of New York. Notwithstanding the foregoing, “Operating Expenses”
shall not include the following:

 

    	 	- 14 -	 

     

    

 

(A)         depreciation
and amortization (except with respect to the alterations, repairs, replacements, and/or improvements described in clauses I,
II and III of clause (x) of this Section 2.07(d));

 

(B)         principal
and interest payments and other costs incurred in connection with any financing or refinancing of the Building or any portion thereof
(except as provided in clause (x) above) including, without limitation, legal, accounting, consultant, mortgage, brokerage
or other expenses related thereto;

 

(C)         the
cost of tenant improvements made for tenant(s) of the Building or cash allowances in lieu thereof;

 

(D)         brokerage
commissions and advertising and promotional expenses incurred in procuring tenants for the Building;

 

(E)         cost
of any work or service performed for any tenant of the Building (including Tenant), whether at the expense of Landlord or such
tenant, to the extent that such work or service is in excess of the work or service that Landlord is required to furnish Tenant
under this Lease at the expense of Landlord;

 

(F)         the
cost of any electricity consumed in the Premises or in any other space in the Building demised or available for demise to tenants;

 

(G)         the
cost of overtime heating, ventilating and air conditioning (including costs related to chilled water) for which Landlord is directly
compensated by payment by tenants, or any other occupant of the Building, including Tenant;

 

(H)         PILOT,
Impositions and Taxes;

 

(I)          attorneys’
fees and disbursements and costs and expenses incurred in connection with preparing and negotiating leases, amendments and modifications
thereto, consents to sublease, assignments, takeover or assumption fees, or any form leases with respect to the operation of the
Building and disputes with tenants or occupants in the Building;

 

    	 	- 15 -	 

     

    

 

(J)         legal
fees incurred in connection with suits brought by tenants with respect to their leases or occupancy agreements in the Building;

 

(K)         any
cost to the extent Landlord is reimbursed therefor out of insurance proceeds or otherwise (other than by means of operating expense
reimbursement provisions contained in the leases of other tenants) or any such cost to the extent Landlord would have been compensated
therefor if Landlord had carried the insurance coverage required of Landlord hereunder;

 

(L)         expenses
of relocating or moving any tenant(s) of the Building, and all costs and expenses of taking over or assuming the lease obligations
of a tenant for such tenant’s premises in a location other than the Building and the costs and expenses of relocating such
tenant to the Building, including any payments required to be made in connection with the termination of such lease pursuant to
Article 31-B of the Tax Law of the State of New York or other similar statute;

 

(M)         costs
(including attorney’s fees and costs of settlements, judgments and arbitration awards) arising from claims or disputes in
connection with tort or negligence litigation pertaining to Landlord and/or the Project, or in connection with any such claims
or disputes arising from Landlord’s negligence or willful misconduct;

 

(N)         costs
incurred with respect to a sale of all or any portion of the Project or any interest therein or in any person or entity of whatever
tier owning an interest therein and the cost of maintaining, organizing or reorganizing the entity that is the landlord under this
Lease;

 

(O)         costs
of alterations and improvements and other expenditures which are required to be capitalized under GAAP, unless permitted to be
included in Operating Expenses under clause (x) of this Section 2.07(d);

 

(P)         any
lease payments for equipment which, if purchased, would be specifically excluded as a capital improvement, unless same is permitted
to be included in Operating Expenses under clause (x) of this Section 2.07(d);

 

(Q)         costs
incurred in connection with the acquisition or sale of air rights, transferable development rights, easements or other real property
interests;

 

(R)         costs
of performing the initial construction of the Building by or on behalf of Landlord (the “Base Building Work”),
and the costs incurred to correct any defect discovered during the first twelve (12) month period following the Effective Date
(or such longer period as may be covered under any enforceable warranty or guaranty in connection with the Base Building Work)
to the extent resulting from the improper initial construction or design of the Building, and all other hard and soft costs and
expenses relating to the initial construction of the Project;

 

    	 	- 16 -	 

     

    

 

(S)         any
rent, additional rent or other charge under any ground leases or under Superior Leases (provided, however, that Landlord shall
not be required to exclude from Operating Expenses any expense that would otherwise be includable in Operating Expenses pursuant
to the terms of this Lease merely because Landlord’s obligation under any such ground lease or Superior Lease to incur such
expense is characterized as a rental obligation under any such ground lease or Superior Lease);

 

(T)         any
cost representing an amount paid to an Affiliate of Landlord to the extent the same is in excess of the amount which would reasonably
have been paid in the absence of such relationship;

 

(U)         the
cost of any additions to or expansions of the Building that increase the leasable space in the Building;

 

(V)         expenditures
for repairing and/or replacing any defect in any work performed by or on behalf of Landlord pursuant to the provisions of this
Lease which Landlord is obligated to do at its sole cost and expense, to the extent expenditures for such repairs and/or replacements
would have been covered had Landlord obtained a commercially reasonable warranty for such work;

 

(W)         all
costs of remediating, removing or encapsulating asbestos, or other hazardous materials or substances in or about the Building,
except to the extent the same shall be attributable to any act or omission of Tenant, Tenant’s agents, employees, contractors,
invitees or licensees;

 

(X)         interest,
fines, penalties or other late payment charges paid by Landlord as the result of Landlord’s failure to make payments when
due, except to the extent (1) that Landlord is contesting such payments timely and in good faith, or (2) resulting from a default
by Tenant hereunder;

 

(Y)         to
the extent any costs includable in Operating Expenses are incurred with respect to both (1) the Project and (2) other properties,
there shall be excluded from Operating Expenses a fair and reasonable percentage thereof which is properly allocable to such other
properties;

 

(Z)         costs
of withdrawal liability or unfunded pension liability under the Multi-Employer Pension Plan Act, except to the extent that such
costs are offset by savings realized by Landlord in connection therewith;

 

(AA)     franchise
or income taxes imposed upon Landlord;

 

    	 	- 17 -	 

     

    

 

(BB)        except
to the extent specifically permitted in accordance with the provisions of this Section 2.07 to be included in Operating
Expenses, Landlord’s corporate overhead and general and administrative expenses not specifically allocated to the operation,
use, management, maintenance, repair or ownership of the Building, including, without limitation, salaries and the cost of benefits
in either case for personnel above the level of building manager;

 

(CC)        costs
of acquiring, leasing, insuring, restoring, removing or replacing works of art and sculptures of the quality and nature of “fine
art” rather than decorative art work customarily found in First Class Office Buildings; provided, that Landlord shall not
be required to exclude from Operating Expenses the costs of insuring and cleaning any such “fine art” to the extent
such insurance and cleaning costs are consistent with the costs incurred for such items and generally included in “operating
expenses” for purposes of operating expense escalation provisions in other First Class Office Buildings;

 

(DD)        the
cost of installing, operating and maintaining any specialty facility such as any emergency generator, co-generation plant(s) and
related equipment, an observatory and access thereto, broadcasting facilities, luncheon club, athletic or recreational club, child
care facility, auditorium, restaurant, cafeteria or dining facility, conference center or similar specialty facilities (but not
the cost of maintaining and operating any satellite antennae facility for use by Building tenants, the Messenger Center, or any
of the aforementioned specialty facilities if such facilities are made available at no separate charge (other than an additional
rent payment in the nature of an operating expense escalation) for use by tenants (including Tenant) of the Building generally);

 

(EE)        any
bad debt loss, rent loss or reserves for bad debts or rent loss; and

 

(FF)        duplicative
charges for the same item.

 

(e)          “Operating
Year” means each calendar year during the Term.

 

(f)          From
and after the day immediately following the expiration of the Base Operating Year, for each Operating Year, Tenant shall pay (each,
an “Operating Payment”) Tenant’s Share of the amount, if any, by which Operating Expenses for such Operating
Year exceed the Base Operating Amount. If Tenant’s obligation to pay Operating Expenses commences on a date other than January
1, Tenant’s Operating Payment for the Operating Year immediately following the Base Operating Year shall be prorated to correspond
to the portion of such Operating Year with respect to which Tenant is obligated to pay Operating Expenses pursuant to the terms
of this Lease.

 

    	 	- 18 -	 

     

    

 

(g)          If
during any relevant period (including, without limitation, the Base Operating Year) (i) less than 95% of the rentable square footage
of the office space in the Building shall be occupied, and/or (ii) the tenant or occupant of any office space in the Building undertook
to perform work or services therein in lieu of having Landlord perform the same and the cost thereof would have been included in
Operating Expenses, with the result that tenants or occupants of less than 95% of the rentable square footage of the office space
in the Building are having Landlord perform any such work or service, then, in either such event, the Operating Expenses for such
period shall be increased to reflect the Operating Expenses that would have been incurred if 95% of the rentable square footage
of then office space in the Building had been occupied or if Landlord had performed such work or services for tenants occupying
95% of the rentable square footage of the office space in the Building, as the case may be. Additionally, and without limiting
the foregoing, it shall be assumed during any relevant period that all services in respect of the Building shall be in place and
fully costed (e.g., discounts for the initial period of multi-year contracts shall be appropriately adjusted); and with respect
to the calculation of the Operating Expenses for the Base Operating Year only, if and to the extent certain expenses are incurred
with respect to only a portion of the Base Operating Year, then such expenses shall be annualized to more closely approximate the
cost that will be incurred for such expense over the course of the subsequent full year.

 

(h)          Landlord
may furnish to Tenant, prior to the commencement of each Operating Year, a statement setting forth Landlord’s reasonable
estimate of the Operating Payment for such Operating Year. Tenant shall pay to Landlord on the first day of each month during such
Operating Year, an amount equal to 1/12th of Landlord’s estimate of the Operating Payment for such Operating Year. If Landlord
shall not furnish any such estimate for an Operating Year or if Landlord shall furnish any such estimate for an Operating Year
subsequent to the commencement thereof, then (A) until the first day of the month following the month in which such estimate
is furnished to Tenant, Tenant shall pay to Landlord on the first day of each month an amount equal to the monthly sum payable
by Tenant to Landlord under this Section 2.07 in respect of the last month of the preceding Operating Year; (B) after
such estimate is furnished to Tenant, Landlord shall notify Tenant whether the installments of the Operating Payment previously
made for such Operating Year were greater or less than the installments of the Operating Payment to be made in accordance with
such estimate, and (x) if there is a deficiency, Tenant shall pay the amount thereof within 30 days after demand therefor,
or (y) if there is an overpayment, Landlord shall refund to Tenant the amount thereof within 30 days after such determination;
and (C) on the first day of the month following the month in which such estimate is furnished to Tenant and monthly thereafter
throughout such Operating Year Tenant shall pay to Landlord an amount equal to 1/12th of the Operating Payment shown on such estimate.
Landlord may, during each Operating Year, furnish to Tenant a revised statement of Landlord’s estimate of the Operating Payment
for such Operating Year, and in such case, the Operating Payment for such Operating Year shall be adjusted and paid or refunded
as the case may be, substantially in the same manner as provided in the preceding sentence.

 

(i)          Landlord
shall furnish to Tenant a Landlord’s Statement for each Operating Year (and shall endeavor to do so within 270 days after
the end of each Operating Year). If Landlord’s Statement shall show that the sums paid by Tenant, if any, under Section
2.07(h) exceeded the Operating Payment to be paid by Tenant for the applicable Operating Year, Landlord shall refund to Tenant
the amount of such excess within 30 days after such determination; and if the Landlord’s Statement shall show that the sums
so paid by Tenant were less than the Operating Payment to be paid by Tenant for such Operating Year, Tenant shall pay the amount
of such deficiency within 30 days after demand therefor.

 

    	 	- 19 -	 

     

    

 

(j)          (i)          Tenant,
upon notice given within 120 days after Tenant’s receipt of a Landlord’s Statement, may elect to have Tenant’s
designated (in such notice) representative (who may be an employee of Tenant or a third party accountant or consultant but who
may not, in any case, be retained by Tenant on a contingency fee basis or any other fee basis by which such representative’s
compensation is based upon the amount refunded or credited by Landlord to Tenant as a result of such audit) examine such of Landlord’s
books and records (collectively, “Records”) as are directly relevant to such Landlord’s Statement, and
Landlord shall provide access to the Records upon reasonable prior notice. As a condition to Tenant’s right to review the
Records, Tenant shall pay all sums required to be paid in accordance with the Landlord’s Statement in question, without prejudice
to its position. If Tenant shall not give such notice within such 120-day period, then such Landlord’s Statement shall be
conclusive and binding upon Tenant. Tenant and Tenant’s employees, accountants and agents shall treat all Records as confidential,
and, upon request by Landlord, shall confirm such confidentiality obligation in writing by executing a confidentiality agreement
in the form attached hereto as Exhibit N.

 

(ii)         Tenant,
within 90 days after the date on which the Records are made available to Tenant, may send a notice (“Tenant’s Statement”)
to Landlord that Tenant disagrees with the applicable Landlord’s Statement, specifying in reasonable detail the basis for
Tenant’s disagreement and the amount of the Operating Payment Tenant claims is due. If Tenant fails timely to deliver a Tenant’s
Statement, then such Landlord’s Statement shall be conclusive and binding on Tenant. Landlord and Tenant shall attempt to
adjust such disagreement. If they are unable to do so and provided that the amount of the Operating Payment Tenant claims is due
is substantially different from the amount of the Operating Payment Landlord claims is due, Tenant shall notify Landlord, within
90 days after the date on which the Records are made available to Tenant in connection with the disagreement in question, that
such disagreement shall be determined by an Arbiter in accordance with this Section 2.07(j), and promptly thereafter Landlord
and Tenant shall jointly designate a certified public accountant (the “Arbiter”) whose determination made in
accordance with this Section 2.07(j)(ii) shall be binding upon the parties; it being understood that if the amount
of the Operating Payment Tenant claims is due is not substantially different from the amount of the Operating Payment Landlord
claims is due, then Tenant shall have no right to protest such amount and shall pay the amount that Landlord claims is due to the
extent not theretofore paid. If Tenant timely delivers a Tenant’s Statement, the disagreement referenced therein is not resolved
by the parties and Tenant fails to notify Landlord of Tenant’s desire to have such disagreement determined by an Arbiter
within the 90-day period set forth in the preceding sentence, then the Landlord’s Statement to which such disagreement relates
shall be conclusive and binding on Tenant. If the determination of the Arbiter shall substantially confirm the determination of
Landlord, then Tenant shall pay the cost of the Arbiter. If the Arbiter shall substantially confirm the determination of Tenant,
then Landlord shall pay the cost of the Arbiter. In all other events, the cost of the Arbiter shall be borne equally by Landlord
and Tenant. The Arbiter shall be a member of an independent certified public accounting firm having at least 15 accounting professionals
and shall have at least 10 years of experience in real estate accounting matters, and such Arbiter and the accounting firm with
whom such Arbiter is affiliated shall be disinterested. If Landlord and Tenant shall be unable to agree upon the designation of
the Arbiter within 15 days after receipt of notice from a party requesting agreement as to the designation of the Arbiter, which
notice shall contain the names and addresses of two or more certified public accountants meeting the requirements of this Section
2.07(j)(ii) and who are acceptable to the party sending such notice, then either party shall have the right to request JAMS
to designate as the Arbiter a certified public accountant meeting the requirements of this Section 2.07(j)(ii) whose determination
made in accordance with this Section 2.07(j)(ii) shall be conclusive and binding upon the parties, and the cost of such
certified public accountant shall be borne as provided above in the case of the Arbiter designated by Landlord and Tenant. Any
determination made by an Arbiter shall not exceed the amount determined to be due in the first instance by Landlord’s Statement,
nor shall such determination be less than the amount claimed to be due by Tenant in Tenant’s Statement, and any determination
which does not comply with the foregoing shall be null and void and not binding on the parties. In rendering such determination
such Arbiter shall not add to, subtract from or otherwise modify the provisions of this Lease, including the immediately preceding
sentence. Pending the resolution of any contest pursuant to this Section 2.07(j)(ii), and as a condition to Tenant’s
right to prosecute such contest, Tenant shall pay all sums required to be paid in accordance with the Landlord’s Statement
in question, without prejudice to its position. If Tenant shall prevail in such contest, an appropriate refund shall be made by
Landlord to Tenant within 30 days after such determination. The term “substantially” as used in this Section 2.07(j)(ii),
shall mean a variance of 2% or more of the Operating Payment in question. If the Arbiter determines that Landlord overstated the
actual amount of Operating Expenses for a particular Operating Year by more than five percent (5%) of the actual amount of Operating
Expenses for such Operating Year, then in addition to the refund to which Tenant is entitled, Landlord shall reimburse Tenant for
(or, at Landlord’s option, Landlord shall credit against the Rent thereafter coming due under this Lease) the reasonable
out-of-pocket costs actually paid to Tenant’s auditor in connection with Tenant’s audit of the Records within 30 days
after Tenant gives to Landlord reasonable supporting documentation describing such costs.

 

    	 	- 20 -	 

     

    

 

2.08         PILOT,
Impositions, Tax and Operating Provisions. (a)  In any case provided in Sections 2.04, 2.05,
2.06 or 2.07 in which Tenant is entitled to a refund, Landlord may, in lieu of making such refund, credit against
future installments of Rent any amounts to which Tenant shall be entitled. Nothing in this Article 2 shall be construed
so as to result in a decrease in the Fixed Rent. If this Lease shall expire before any such credit shall have been fully applied,
then (provided Tenant is not in default under this Lease) Landlord shall refund to Tenant the unapplied balance of such credit.

 

(b)          Landlord’s
failure to render or delay in rendering a Landlord’s Statement with respect to any Operating Year or any component of the
Operating Payment shall not prejudice Landlord’s right to thereafter render a Landlord’s Statement with respect to
any such Operating Year or any such component; provided, that such Landlord’s Statement is delivered within 2 years
after the end of the Operating Year in question, nor shall the rendering of a Landlord’s Statement for any Operating Year
prejudice Landlord’s right to thereafter render a corrected Landlord’s Statement for such Operating Year within such
2-year period. Landlord’s failure to render or delay in rendering any statement with respect to any PILOT Payment, Additional
Tax Payment, Impositions Payment or Tax Payment (or installment thereof) shall not prejudice Landlord’s right to thereafter
render such a statement; provided, that such statement is delivered within 2 years following the later of (i) the end of
the Tax Year in question or (ii) the final determination of the PILOT, Impositions or Taxes, as applicable, for the Tax Year in
question, nor shall the rendering of a statement for any PILOT Payment, Additional Tax Payment, Impositions Payment or Tax Payment
(or installment thereof) prejudice Landlord’s right to thereafter render a corrected statement therefor within such 2-year
period.

 

    	 	- 21 -	 

     

    

 

(c)          Landlord
and Tenant confirm that the computations under this Article 2 are intended to constitute a formula for agreed rental escalation
and may or may not constitute an actual reimbursement to Landlord for PILOT, Impositions, Taxes and other costs and expenses incurred
by Landlord with respect to the Building.

 

(d)          Each
PILOT Payment, Additional Tax Payment, Impositions Payment or Tax Payment in respect of a Tax Year, and each Operating Payment
in respect of an Operating Year, which ends after the expiration or earlier termination of this Lease, and any PILOT, Impositions
or Taxes refund with respect to such a Tax Year, shall be prorated to correspond to that portion of such Tax Year or Operating
Year occurring within the Term.

 

2.09        Electric Charges.
(a)  Tenant’s demand for, and consumption of, electricity serving the Premises shall be determined by meters or
submeters, the first installation of which shall be at Landlord’s expense with respect to one meter or submeter per floor
of the Premises and any additional or subsequent installations of which shall be at Tenant’s expense, it being understood,
however, that in all cases such meters and submeters shall be maintained by Landlord as an Operating Expense. Such meters or submeters
shall be capable of providing information regarding both the aggregate KWH of consumption for the Premises and the total coincidental
demand for the Premises in KW (treated as if such demand were measured by a single meter), and shall be billed as if there was
only one (1) meter in the Premises. Tenant shall pay for electric consumption as provided in this Section 2.09 within 30
days after rendition of a bill therefor, which shall be rendered by or on behalf of Landlord and may not be rendered more frequently
than once per month.

 

(b)          The
amount payable by Tenant per “KW” and “KWH” for electricity consumed within the Premises, whether determined
by meters or submeters or as otherwise provided below, shall be 103% of the amount (as adjusted from time to time, “Landlord’s
Rate”) which would be charged to Landlord from time to time, as determined in accordance with the terms of this Section
2.09(b), for the purchase of each KW and KWH of electricity for the same period by Con Edison or any successor thereto (including
all surcharges, taxes, fuel adjustments, market supply and market adjustment charges, taxes passed on to consumers by the public
utility, and other sums payable in respect thereof), plus all surcharges, taxes and other sums payable in respect of Landlord’s
sale of electricity to Tenant and Landlord’s actual out-of-pocket third party costs for meter reading and billing. Landlord’s
Rate shall be determined by applying KW and KWH (on-peak and off-peak, if applicable) as derived from Tenant’s meters or
submeters to the same rate schedule(s) (both the utility and alternate provider, if applicable) which would be charged by Con Edison
during each respective service period if the Building did not have a co-generation facility and purchased all electricity consumed
in the Building from Con Edison. Electricity shall be billed as if there was only one (1) meter in the Premises. Notwithstanding
anything to the contrary herein, Landlord shall not be obligated to apply Tenant’s interval data to Landlord’s Rate
to determine the amount payable by Tenant hereunder.

 

    	 	- 22 -	 

     

    

 

(c)          Notwithstanding
anything to the contrary contained in this Lease, the base building air handlers serving the Premises and Tenant’s overhead
HVAC distribution system shall each be connected to submeters measuring Tenant’s use of electricity in the Premises and Tenant
shall pay all electricity costs in connection with the use of such equipment in accordance with this Section 2.09.

 

2.10        Manner of Payment.
Tenant shall pay all Rent as the same shall become due and payable under this Lease (a) in the case of Fixed Rent and Recurring
Additional Charges, by wire transfer of immediately available federal funds as directed in writing by Landlord, and (b) in the
case of all other sums, either by wire transfer as aforesaid or by check (subject to collection) drawn on a bank that clears through
The Clearing House Payments Company L.L.C., in each case at the times provided herein without notice or demand and without setoff
or counterclaim. All Rent shall be paid in lawful money of the United States to Landlord at its office or such other place as
Landlord may from time to time designate in writing. If Tenant fails timely to pay any Rent, Tenant shall pay interest thereon
from the date when such Rent became due to the date of Landlord’s receipt thereof at the Interest Rate. If Tenant fails
to timely pay any installment of Fixed Rent or Recurring Additional Rent on 2 occasions within any rolling 365-day period, in
addition to all other rights and remedies Landlord may have under this Lease and the payment of interest as provided in the immediately
preceding sentence, Tenant shall pay to Landlord, as Additional Charges, together with such 2nd late payment of Fixed
Rent or Recurring Additional Rent (and any subsequent late payment of Fixed Rent or Recurring Additional Rent within any such
365-day period), a fee in the amount of 2% of the amount of the late Fixed Rent or Recurring Additional Rent payment in order
to defray Landlord’s costs in connection with Tenant’s late payment of Fixed Rent or Recurring Additional Rent. Tenant
shall pay interest on such fee at the Interest Rate from the date the applicable late payment of Fixed Rent or Recurring Additional
Rent was due until the date of Landlord’s receipt of such fee. Any Additional Charges for which no due date is specified
in this Lease shall be due and payable on the 30th day after the date of invoice. Subject to the foregoing, whenever this Lease
shall provide that Landlord or Tenant shall pay the out-of-pocket costs of the other party, the party seeking reimbursement of
such out-of-pocket costs shall deliver to the requesting party bills, receipts, invoices or other reasonable supporting documentation
reasonably evidencing such costs.

 

2.11        Security.
(a)  Within 30 days of the date of this Lease, Tenant shall deliver to Landlord, as security for the performance
of Tenant’s obligations under this Lease, an unconditional, irrevocable letter of credit (the “Letter of Credit”)
in the amount of $3,528,735.00 (the “Required Letter of Credit Amount”) in the form of Exhibit O attached
hereto and issued by Citibank, N.A., permitting multiple and partial draws thereon. The Letter of Credit shall provide that it
is assignable by Landlord without charge and shall either (x) expire on the date which is 60 days after the expiration or earlier
termination of this Lease (the “LC Date”) or (y) be automatically self-renewing until the LC Date. Tenant shall
be responsible for paying the issuer’s assignment, transfer and processing fees in connection with any assignment or transfer
of the Letter of Credit and, if Landlord advances any such fees (without having any obligation to do so), Tenant shall reimburse
Landlord for any such transfer or processing fees within 30 days after Landlord’s written request therefor. If any Letter
of Credit is not renewed at least 30 days prior to the expiration thereof or if Tenant holds over in the Premises without the
consent of Landlord after the expiration or termination of this Lease, Landlord may draw upon the Letter of Credit and hold the
proceeds thereof as security for the performance of Tenant’s obligations under this Lease. Landlord may draw on the Letter
of Credit (or the proceeds thereof) to remedy defaults by Tenant beyond applicable notice and cure periods in the payment or performance
of any of Tenant’s obligations under this Lease. If Landlord shall have so drawn upon the Letter of Credit (or the proceeds
thereof), Tenant shall promptly upon demand deliver to Landlord a replacement Letter of Credit or an amendment to the Letter of
Credit such that the Letter of Credit shall be in the amount of the Required Letter of Credit Amount.

 

    	 	- 23 -	 

     

    

 

(b)          Provided
Tenant is not in default under this Lease and Tenant has surrendered the Premises to Landlord in accordance with all of the terms
and conditions of this Lease, within 5 Business Days after the LC Date: (i) Landlord shall return to Tenant the Letter of Credit
(or the proceeds thereof) then held by Landlord or (ii) if Landlord shall have drawn upon such Letter of Credit (or the proceeds
thereof) to remedy defaults by Tenant in the payment or performance of any of Tenant’s obligations under this Lease, Landlord
shall return to Tenant that portion, if any, of the proceeds of the Letter of Credit remaining in Landlord’s possession.

 

ARTICLE 3

Landlord Covenants

 

3.01        Landlord Services.
From and after the date that Tenant first occupies the Premises for the conduct of Tenant’s business, Landlord shall furnish
Tenant with the following services (collectively, “Landlord Services”):

 

(a)          heat,
ventilation and air-conditioning to the Premises during Business Hours substantially in accordance with the design specifications
set forth in Exhibit F attached hereto; if Tenant shall require heat, ventilation or air conditioning at any other
times, Landlord shall furnish such service (i) in the case of a Business Day, upon receiving notice from Tenant by 1:00 p.m. of
such Business Day and (ii) in the case of a day other than a Business Day, upon receiving notice from Tenant by 5:00 p.m. of the
immediately preceding Business Day, and Tenant shall pay to Landlord within 30 days after demand Landlord’s then established
charges therefor, which charges shall be calculated in accordance with Exhibit H attached hereto and shall be subject to
increase to the extent of any actual increase in the cost to Landlord of providing such services; provided, that Tenant shall be
subject to a 4 hour minimum charge for any such overtime service unless such overtime service is requested for a period of time
immediately preceding or immediately following Business Hours on a Business Day, in which case Tenant shall be entitled to request
a minimum of 1 full hour of such overtime service;

 

(b)          (i)          subject
to service changes due to emergency and necessary maintenance, for Tenant’s non-exclusive use and benefit, destination dispatch
passenger elevators serving the Premises (the “Elevators”) in accordance with the specifications attached hereto
as Exhibit G at all times during Business Hours on Business Days, with at least 2 Elevators subject to call at all other
times;

 

    	 	- 24 -	 

     

    

 

(ii)         subject
to the Rules and Regulations, freight elevator and loading dock service to the Premises for Tenant’s non-exclusive use and
benefit; provided, that with respect to such service other than during Business Hours on Business Days, (A) Tenant shall pay to
Landlord within 30 days after demand Landlord’s then established charges therefor, which charges as of the Effective Date
are set forth on Exhibit H attached hereto and shall be Subject to CPI Increases and (B) Tenant shall be subject to a 4
hour minimum charge unless such overtime service is requested for a period of time immediately preceding or immediately following
Business Hours on a Business Day, in which case Tenant shall be entitled to request a minimum of 1 full hour of such overtime service.
Notwithstanding the foregoing, during the performance of Tenant’s Initial Work and Tenant’s initial move-in to the
Premises, (1) Tenant shall be entitled to up to 50 overtime hours in the aggregate of freight elevator and loading dock service
at no charge and (2) the charges for Tenant’s use of freight elevator and loading dock service shall be as more particularly
described in Section 4.01(c)(v);

 

(c)          reasonable
quantities of hot and cold water to the floor(s) on which the Premises are located for core lavatory, cleaning, drinking and cold
water for pantry (other than dishwashers and subject to Section 8.20(b)(v), it being agreed that the heating of water supplied
to the pantry, together with the cost thereof, including electricity, shall be the sole responsibility of Tenant) purposes only;
if Tenant requires additional water for any other purpose, Landlord shall furnish cold water at the Building core riser through
a capped outlet located on each floor on which the Premises is located (within the core of the Building), and the cost of heating
such water (including, without limitation, the cost of electric to heat such water) and the cost of piping and supplying such water
to the Premises shall be paid by Tenant (provided that Landlord shall install and maintain hot water heaters for the core toilet
rooms and janitors closets); Landlord may install and maintain, at Tenant’s expense, meters to measure Tenant’s consumption
of such additional water in which event Tenant shall reimburse Landlord for the quantities of water shown on such meters, within
30 days after demand accompanied by reasonable supporting documentation, at Landlord’s then established charges therefor,
which charges as of the Effective Date are set forth on Exhibit H attached hereto and shall be subject to increase to the
extent of any actual increase in the cost to Landlord of providing such water;

 

(d)          electric
energy on a submetered basis through the transmission facilities installed by Landlord in the Building for Tenant’s reasonable
use of lighting and other electrical fixtures, appliances and equipment at a level of not less than 5 watts demand load per gross
square foot of space (exclusive of electricity required to operate the base building systems installed by Landlord, including,
without limitation, the Building HVAC system, but inclusive of any Tenant installed portion of the HVAC distribution system such
as fan powered boxes); in no event shall Tenant’s consumption of electricity exceed the capacity of existing feeders to the
Building or the risers or wiring serving the Premises, nor shall Tenant be entitled to any unallocated power available in the Building.
Tenant shall not have the right to redistribute the electric power furnished on each floor of the Premises by Landlord throughout
the Premises without Landlord’s prior written approval (such approval to be granted or denied in Landlord’s sole and
absolute discretion); provided, that, if Landlord approves same, (1) such redistribution shall not cause Tenant’s consumption
of electricity to exceed the capacity of the feeders, risers or wiring serving the Premises, (2) Tenant, at Tenant's sole expense,
shall perform any work required prior to the expiration or earlier termination of the Term so that the electrical capacity stated
in this Section 3.01(d) is restored to each floor of the Premises and (3) if Tenant shall surrender any portion of the Premises
prior to surrendering the entire Premises, Tenant, at Tenant’s sole expense, shall perform any work required prior to such
partial surrender so that the electrical capacity stated in this Section 3.01(d) is restored to the surrendered portion
of the Premises;

 

    	 	- 25 -	 

     

    

 

(e)          cleaning
services for the Premises in accordance with the specifications provided in Exhibit D attached hereto. Tenant shall pay
to Landlord within 30 days after demand the out-of-pocket costs incurred by Landlord for (i) extra cleaning work in the Premises
required because of (A) carelessness, indifference, misuse or neglect on the part of Tenant, its subtenants or their respective
employees or visitors, (B) interior glass partitions or an unusual quantity of interior glass surfaces, (C) non-standard materials
or finishes installed in the Premises and/or (D) the use of the Premises other than during Business Hours on Business Days, and
(ii) removal from the Premises and the Building of any refuse of Tenant in excess of that ordinarily accumulated in business office
occupancy, including, without limitation, kitchen and pantry refuse, or at times other than Landlord’s standard cleaning
times. Notwithstanding the foregoing, Landlord shall not be required to clean any portions of the Premises used for preparation,
serving or consumption of food or beverages, training rooms, trading floors, data processing or reproducing operations, private
lavatories or toilets or other special purposes requiring greater or more difficult cleaning work than office areas and Tenant
shall retain Landlord’s cleaning contractor at Tenant’s expense to perform such cleaning and any other cleaning services
in excess of those provided for in Exhibit D. Notwithstanding the foregoing, Tenant may use its own employees to provide
minor cleaning services to pantries and conference rooms within the Premises; provided, that (A) the provisions of Section 4.02(e)
relating to the avoidance of union-related conflict shall apply to such minor cleaning services, (B) Landlord shall have no liability
to Tenant or Tenant’s employees in connection with such minor cleaning services and (C) any such minor cleaning services
shall be subject to such reasonable rules and regulations that may be established by Landlord with respect thereto (including,
without limitation, Landlord’s green cleaning policy for the Building). Landlord’s cleaning contractor shall have access
to the Premises after 6:00 p.m. and before 8:00 a.m. and shall have the right to use, without charge therefor, all light, power
and water in the Premises reasonably required to clean the Premises;

 

(f)          up
to 30 tons of condenser water for the Premises (i.e., 20 tons for the 37th Floor Premises and 10 tons for the 40th Floor Premises)
for Tenant’s supplemental HVAC system from the common cooling tower unit serving the Building 24 hours a day, 7 days a week,
which Landlord shall reserve for Tenant’s use until January 1, 2017 (the “Reserved Tonnage”). Tenant shall
have the right to use, throughout the Term, that portion of the Reserved Tonnage which Tenant has elected to reserve as of January
1, 2017, it being agreed that Tenant waives any rights Tenant may have had (x) to the Reserved Tonnage if Tenant has not given
Landlord notice of its election to reserve the same on or before January 1, 2017 and (y) to the portion of the Reserved Tonnage
which Tenant has not elected to reserve in such election notice given to Landlord on or before January 1, 2017 (if any is so given).
Tenant shall perform all necessary work and install all required equipment to permit Tenant to tap into Landlord’s condenser
water riser (provided that Landlord shall provide capped valved outlets), and Landlord shall waive any tap-in fee or “drain-down”
charge for Tenant’s tap into Landlord’s condenser water riser. Tenant shall pay to Landlord, within 30 days after demand,
for such reservation of condenser water, an amount equal Landlord’s then established charges therefor, which charges as of
the date hereof are $850 per ton reserved per annum and shall be subject to increase to the extent of any actual increase in the
cost to Landlord of providing such condenser water. Subject to Laws and Landlord’s approval of Tenant’s plans therefor,
Tenant shall have the right, at Tenant sole cost and expense, to redistribute the condenser water furnished on each floor of the
Premises throughout the Premises (it being agreed that condenser water is being allocated on the basis of 20 tons for the 37th
Floor Premises and 10 tons for the 40th Floor Premises); provided, that if Tenant shall surrender the Premises (or any portion
of the Premises prior to surrendering the entire Premises, including without limitation the 40th Floor Premises on the 40th Floor
Expiration Date), Tenant shall perform any work required prior to such surrender (or such partial surrender) so that the condenser
water capacity stated in this Section 3.01(f) is restored to the Premises (or the surrendered portion of the Premises);

 

    	 	- 26 -	 

     

    

 

(g)          (i)          security
in accordance with Exhibit L attached hereto; provided, that, except to the extent due to Landlord’s negligence
or willful misconduct, Landlord shall have no responsibility to prevent, and Landlord shall have no liability to Tenant (or anyone
claiming through or under Tenant) for loss to Tenant (or such other person) or their agents, contractors, employees, invitees,
or licensees, arising out of theft, burglary or damage or injury to persons or property caused by persons gaining access to the
Building or other causes;

 

(ii)         Tenant
shall have the right, at Tenant’s sole cost and expense, to install a security system (which may be, at Tenant’s option,
a key-card access system) in the Premises; provided that Tenant shall provide Landlord’s security personnel with any key-cards,
information or other items required to access the Premises in accordance with the provisions of Section 4.04(d). If Tenant
desires to install a security system in the Premises that is compatible with the Building security system so as to enable individuals
to utilize a single security/access card to access both the ground floor elevator lobby serving the Premises and the Premises,
Landlord shall reasonably cooperate with Tenant, at Tenant’s sole cost and expense, with respect to Tenant’s installation
and maintenance of such compatible security system;

 

(iii)        Landlord
shall provide access cards for entry to the ground floor elevator lobby serving the Premises and Tenant shall pay to Landlord,
within 30 days after demand therefor, Landlord’s established charges therefor. Notwithstanding the foregoing, Landlord shall
provide, without charge, 1 such access card for each employee of Tenant with a place of work in the Premises as of the date that
Tenant first occupies the Premises for the conduct of Tenant’s business;

 

(h)          Landlord
shall operate (or cause an outside contractor to operate) a messenger center for the Building (the “Messenger Center”).
The service to be provided by the Messenger Center from time to time, the manner in which such services are provided from time
to time and hours of operation observed from time to time (the “Messenger Center Services”) shall comply with
all applicable Laws and shall be reasonably formulated by Landlord with a view toward the security protocols for the Building.
Tenant shall, throughout the Term, use, in common with Landlord and other tenants and occupants of the Building, the Messenger
Center and the Messenger Center Services. Landlord shall have the right, from time to time, to make such modifications to the Messenger
Center Services as it deems reasonably necessary, taking into account requirements of applicable Laws and the security of the Building
and its tenants and other occupants. Landlord reserves the right to reconfigure or relocate the Messenger Center. Landlord shall
have no liability to Tenant for accepting or failing to accept or for providing or not providing or for requesting or failing to
request receipts or evidence of delivery for any mail or packages or for the handling of, or damage to, such mail or packages absent
the gross negligence or willful misconduct of Landlord. The cost of maintaining the Messenger Center and Messenger Center Services
shall be an Operating Expense under this Lease;

 

    	 	- 27 -	 

     

    

 

(i)          intentionally
omitted;

 

(j)          subject
to Landlord’s security procedures and the provisions of this Lease, access to the Premises 24 hours per day, 7 days per week
except in cases of emergency;

 

(k)          operation,
maintenance and repair of the public and common areas of the Building and of the systems and equipment serving the Building, and
the provision of services required hereunder, in a manner consistent with standards maintained in First Class Office Buildings
(it being understood that any specifications for the provision of services required hereunder included in this Lease or the exhibits
attached hereto shall be deemed to meet such standards); provided, that Landlord’s obligations under this Section 3.01(k)
shall be limited to areas of, and systems and equipment within, the Building which Tenant is entitled to use or which otherwise
serve the Premises and Landlord shall have no liability to Tenant for any failure to maintain such standards except to the extent
such failure adversely affects Tenant’s use and enjoyment of the Premises;

 

(l)          emergency
power through the emergency generator(s) for the Building sufficient to make operational all base building systems serving the
Premises which are required by applicable Laws to be operational for emergency power, including exit lights and egress illumination,
fire pumps, smoke exhaust systems, stair pressurization and the fire alarm system;

 

(m)          water
pressure and reserve capacity to the fire sprinkler system serving the Premises at the levels required pursuant to the Building
Code for the City of New York; and

 

(n)          a
fire alarm and life safety system, including a “DGP” on the 38th floor of the Building for Tenant’s connections
to such life safety system.

 

    	 	- 28 -	 

     

    

 

3.02         General
Service Provisions. (a)  Subject to the provisions hereinafter set forth, Landlord may stop or interrupt any
Landlord Service, electricity, or other service and may stop or interrupt the use of any facilities and systems at such times as
may be necessary and for as long as may reasonably be required by reason of accidents, strikes, or the making of repairs, alterations
or improvements or the performance of maintenance, or inability to secure a proper supply of fuel, gas, steam, water, electricity,
labor or supplies, or by reason of any other cause beyond the reasonable control of Landlord. Landlord may modify the delivery
and scope of any services if required by reason of any Laws. Landlord shall have no liability to Tenant by reason of any stoppage,
interruption or modification of any Landlord Service, electricity or other service or the use of any facilities and systems for
any reason except as otherwise expressly provided in Section 3.02(d). Landlord shall use reasonable diligence (which shall
not include incurring overtime charges) to make such repairs as may be required to machinery or equipment within Landlord’s
control to provide restoration of any Landlord Service and, where the cessation or interruption of such Landlord Service has occurred
due to circumstances or conditions beyond Landlord’s control, to cause the same to be restored by diligent application or
request to the provider; provided, however, that Landlord, at its expense (subject to reimbursement through Operating Expenses
in accordance with the terms of this Lease, so that, for example, if same is a capital expenditure, it shall be amortized in accordance
with the terms of Section 2.07(d)), shall employ contractors or labor at overtime rates if necessary to remedy any condition
that either (i) results in a denial of reasonable access to the Premises or (ii) is required to respond to an emergency involving
imminent threat to life or property. In all other cases, at Tenant’s written request, Landlord shall employ contractors or
labor at overtime rates and incur any other overtime costs or expenses in making any repairs, alterations, additions or improvements,
provided Tenant shall pay to Landlord, as Additional Charges, within 30 days after demand, an amount equal to the excess of (a)
the overtime rates, including all fringe benefits and other elements of such pay rates, over (b) the regular pay rates for such
labor, including all fringe benefits and other elements of such pay rates. Notwithstanding the foregoing, any such work that unreasonably
and materially interferes with Tenant’s business operations in the Premises and that would customarily be performed after
Business Hours or on non-Business Days by landlords of First Class Office Buildings shall be performed after Business Hours or
on non-Business Days at no cost to Tenant (subject to reimbursement through Operating Expenses in accordance with the terms of
this Lease). In making any repairs, alterations, additions or improvements, Landlord shall use commercially reasonable efforts
to cause its contractors or labor to cover and secure such repair areas and equipment in such a manner to minimize interference
with Tenant’s business operations during Business Hours. If more than one occupant of the Building, including Tenant, is
chargeable by Landlord for the same overtime costs and expenses relating to the same work for which Tenant is chargeable, then
Tenant shall only be charged for a proportionate share of such overtime costs and expenses, which apportionment shall be based
on the amount of overtime work requested by such parties.

 

(b)          Without
limiting any of Landlord’s other rights and remedies, if Tenant shall be in default beyond any applicable notice and grace
period, Landlord shall not be obligated to furnish to the Premises any service outside of Business Hours on Business Days, and
Landlord shall have no liability to Tenant by reason of any failure to provide, or discontinuance of, any such service; provided,
that if Tenant shall tender full payment in advance, by certified or bank check or by wire transfer of immediately available funds,
for any such service, then Landlord shall furnish such service to the Premises in accordance with the provisions of this Article
3.

 

(c)          “Business
Hours” means 8:00 a.m. to 6:00 p.m. on Business Days and 9:00 a.m. to 1:00 p.m. on Saturdays. “Business Days”
means all days except (a) Saturdays, (b) Sundays and (c) Holidays. “Holidays” means New Year’s Day, Martin
Luther King, Jr.’s Birthday, President’s Day, Memorial Day, Independence Day, Labor Day, Columbus Day, Thanksgiving,
Christmas and any other days which are either (i) observed by both the federal and the state governments as legal holidays
or (ii) designated as a holiday by the Building Service Union Employee Service contract.

 

    	 	- 29 -	 

     

    

 

(d)          If
without the fault or neglect of Tenant or any person claiming through or under Tenant, any Substantial Portion of the Premises
is rendered Untenantable for a period of 5 consecutive Business Days after Tenant shall have notified Landlord of such Untenantability,
by reason of any stoppage or interruption of any Landlord Service due to a default by Landlord in the performance of any obligation
of Landlord pursuant to the provisions of this Lease, then, as Tenant’s sole and exclusive remedy, for the period commencing
on the 6th Business Day after Tenant’s giving notice to Landlord that such Substantial Portion of the Premises
is so Untenantable until such Substantial Portion of the Premises is no longer Untenantable for such reason, Fixed Rent and Additional
Charges shall be appropriately abated with respect only to such Substantial Portion. “Untenantable” means that
Tenant shall be unable to use the Premises or the applicable portion thereof for general, administrative or executive office uses
(including due to lack of access through the elevators serving the Premises), and shall not be using the Premises for any use.
“Substantial Portion” shall mean any portion of the Premises consisting of 10,000 or more contiguous rentable
square feet.

 

(e)          No
normally operating equipment installed by Landlord shall generate an ambient noise level in excess of NC-35 within the Premises
(except within 10’-0’’ of any fan rooms or other mechanical equipment room in the Premises where it will not
exceed NC-40); provided that Landlord shall have no responsibility for noise resulting from Tenant’s Alterations, installations
or equipment.

 

3.03         Landlord’s
Contribution. (a)  Landlord shall reimburse Tenant (or, at Tenant’s request, pay directly to Tenant’s
general contractor or construction manager) for costs incurred by Tenant for Tenant’s Initial Work performed within 3 years
after the Commencement Date (the “Work Reimbursement Period”) up to (and in no event in excess of) an amount
(the “Work Allowance”) equal to $125.00 per rentable square foot of the Premises initially demised under this
Lease, upon the following terms and conditions:

 

(A)         The
Work Allowance shall be payable to Tenant (or to Tenant’s general contractor or construction manager, as directed by Tenant)
in installments as Tenant’s Initial Work progresses, but in no event more frequently than monthly. Installments of the Work
Allowance shall be payable by Landlord within 30 days following Tenant’s satisfaction of (or substantial compliance to Landlord’s
reasonable satisfaction with) each of the conditions required for disbursement set forth in this Section 3.03(a), it being
understood that minor or insubstantial deviations from any documentary requirements included in said conditions that are otherwise
reasonably satisfactory to Landlord shall not result in a withholding of the installment of the Work Allowance requested by Tenant.

 

    	 	- 30 -	 

     

    

 

(B)         Prior
to the payment of any installment, Tenant shall deliver to Landlord a request for disbursement (each being hereinafter called a
“Tenant Requisition”), which shall be accompanied by (1) invoices for Tenant’s Initial Work performed
or incurred since the last Tenant Requisition and disbursement of the Work Allowance, (2) a certificate signed by Tenant’s
architect and an officer of Tenant certifying that to such architect’s and officer’s knowledge, Tenant’s Initial
Work and services represented by the aforesaid invoices have been satisfactorily completed in substantial accordance with the plans
and specifications therefor approved by Landlord to the date of such certification, and have not been the subject of a prior disbursement
of the Work Allowance, and (3) lien waivers by architects, contractors, subcontractors and all materialmen for all such work
and services (it being understood and agreed that conditional lien waivers shall be delivered for work which is the subject of
Tenant Requisition in question and unconditional lien waivers shall be delivered for all completed work which was the subject of
the previous Tenant Requisition). If any matter concerning a Tenant Requisition is disputed by Landlord, any undisputed portion
thereof shall be funded by Landlord without limiting Landlord’s rights to dispute the disputed portion, and such dispute
with respect to such disputed portion shall be resolved by arbitration in accordance with the provisions of Section 8.09.
Each installment payment of the Work Allowance shall be limited to an amount equal to the amount requested by Tenant pursuant to
clause (1) of this paragraph. In addition, if the amount requested by Tenant does not already reflect the Minimum Retainage
against the amount requested by the applicable contractor or subcontractor, then Landlord shall be permitted to retain from each
disbursement an amount equal to the Minimum Retainage of the amount requested to be disbursed by Tenant. “Minimum Retainage”
means (1) 10% until at least 50% of Tenant’s Initial Work is substantially complete and paid for and (2) 5% thereafter.

 

(C)         Tenant
is not then in default under this Lease.

 

(D)         In
no event shall more than 15% of the Work Allowance be made available to Tenant for Tenant’s soft costs of construction (including,
without limitation, filing and permit fees and expenses, architecture, engineering and other consulting fees and expenses and moving
expenses).

 

(b)          “Tenant’s
Initial Work” means the alterations, installations and improvements to be performed by Tenant in the Premises to prepare
the same for initial occupancy thereof. Landlord and Tenant each acknowledge and agree that Landlord has engaged Spector Group,
Lilker and HDLC in connection with Tenant’s Initial Work. Landlord shall directly pay the costs of such contractors and any
other architects, engineers, expeditors, consultants and contractors mutually agreed by Landlord and Tenant to be hired by Landlord
in connection with Tenant’s Initial Work and Tenant shall reimburse Landlord for any such actual out-of-pocket costs and
expenses incurred by Landlord in connection therewith; it being agreed that Landlord shall directly pay the costs of any such contractors,
architects, engineers, expeditors, consultants and contractors and any other costs and expenses that Tenant is expressly required
to reimburse Landlord for hereunder in connection with Tenant’s Initial Work (e.g., overtime freight elevator charges and
any temporary water, power, heat and air and connections under Section 4.01(c)(v)) from the Work Allowance. The Work Allowance
shall not be utilized by Tenant to purchase any furniture for the Premises or for any audio/video work performed by Tenant in connection
with Tenant’s Initial Work.

 

    	 	- 31 -	 

     

    

 

(c)          The
right to receive reimbursement for the cost of Tenant’s Initial Work as set forth in this Section 3.03 shall be for
the exclusive benefit of Tenant, it being the express intent of the parties hereto that in no event shall such right be conferred
upon or for the benefit of any third party, including, without limitation, any contractor, subcontractor, materialman, laborer,
architect, engineer, attorney or any other person, firm or entity. Without in any way limiting the provisions of Section 6.12(b),
Tenant shall indemnify and hold harmless each Landlord Indemnified Party from and against any and all liability, damages, claims,
costs or expenses arising out of or relating to Landlord’s payment of any installment of the Work Allowance directly to Tenant’s
general contractor or construction manager, together with all costs, expenses and liabilities incurred in or in connection with
each such claim or action or proceeding brought thereon, including, without limitation, all reasonable attorneys’ fees and
expenses.

 

(d)          Tenant
shall not be entitled to deliver a Tenant Requisition for a disbursement of any portion of the Work Allowance later than the date
that is 60 days after the last day of the Work Reimbursement Period (the “Outside Requisition Date”) and if
Tenant shall fail to deliver a Tenant Requisition for a disbursement in connection with any Tenant’s Initial Work by the
Outside Requisition Date, then Tenant shall waive Tenant’s right to receive any payment in connection therewith.

 

(e)          If
Tenant satisfies all of the conditions to payment of the Work Allowance in accordance with this Section 3.03 and Landlord
fails to pay to Tenant any amount of the Work Allowance (subject to Landlord’s right to directly pay certain costs to be
reimbursed by Tenant to Landlord from the Work Allowance as more particularly described in Section 3.03(b) above) on or
before the date on which the same is due and payable to Tenant under this Section 3.03, and provided that such failure continues
for 30 days after Tenant notifies Landlord of such failure (which notice shall contain a legend in not less than 14 point font
bold upper case letters as follows: “THIS IS A NOTICE OF A CLAIMED OFFSET RIGHT GIVEN IN ACCORDANCE WITH SECTION 3.03(e)
OF THE LEASE”), then, subject to the further provisions of this Section 3.03(e), Tenant may set off such amount
against the next installments of Rent coming due under this Lease. Landlord shall have the right within such 30-day period to deliver
written notice to Tenant that Landlord disputes, in good faith, Tenant’s entitlement to the amount claimed by Tenant, together
with a reasonably detailed explanation of the reasons therefor, it being agreed that if Landlord timely delivers such written notice,
then Tenant shall not have the right to set off such amounts until the dispute is resolved in accordance with the further provisions
of this Section 3.03(e). If Landlord fails to deliver such written notice to Tenant within such 30-day period, Landlord
shall be deemed to have accepted Tenant’s entitlement to the amount claimed by Tenant. In the event Landlord does deliver
such written notice to Tenant within such 30-day period as provided above, the parties shall, in good faith, resolve such dispute(s)
in a timely manner. Either party may submit any such dispute that remains unresolved for more than 30 days to arbitration in accordance
with the provisions of Section 8.09. Any other dispute with respect to the payment of the Work Allowance shall also be resolved
by arbitration in accordance with the provisions of Section 8.09. If any such dispute is resolved in favor of Tenant, then
the amount in dispute shall be paid to Tenant within 10 days after the determination of the arbitrator, failing which Tenant may
give to Landlord 5 Business Days notice of Tenant’s intent to offset the amount due to Tenant against the next installments
of Rent due under this Lease (which notice shall contain a legend in not less than 14 point font bold upper case letters as follows:
“THIS IS A NOTICE OF A CLAIMED OFFSET RIGHT GIVEN IN ACCORDANCE WITH SECTION 3.03(e) OF THE LEASE”) and if Landlord
does not, within such 5 Business Day period, pay such amount to Tenant, then Tenant may set off such amount against the next installments
of Rent coming due under this Lease.

 

    	 	- 32 -	 

     

    

 

3.04        Governmental
Incentives. Landlord shall cooperate in all reasonable respects with Tenant’s efforts to obtain any available governmental
and quasi-governmental benefits, incentives or entitlements; provided, that (i) such efforts shall not adversely affect the ability
or eligibility of Landlord or other tenants or occupants of the Building and (ii) Tenant shall, within 30 days after receipt of
each of Landlord’s invoices therefor, reimburse Landlord for the actual out-of-pocket costs incurred by Landlord in connection
with such cooperation. In no event shall Landlord have any liability, nor shall Tenant’s obligations under this Lease be
affected, in the event that Tenant shall not obtain any particular governmental or quasi-governmental benefits, incentives or
entitlements.

 

ARTICLE 4

Leasehold Improvements; Tenant Covenants

 

4.01        Initial Improvements.
(a)  Landlord’s Work.  (i) Prior to the date hereof, Tenant acknowledges and agrees that Landlord
performed or caused to be performed the work required to satisfy the Delivery Condition. Landlord, at Landlord’s expense,
shall perform or cause to be performed the work required to satisfy the Post Delivery Condition. The “Delivery Condition”
means the condition of the Premises which satisfies the criteria set forth on Exhibit E-1 attached hereto. The portion
of Landlord’s Work described on Exhibit E-1 attached hereto is referred to as “Landlord’s Turnover
Work”. The “Post Delivery Condition” means the condition of the Premises which satisfies the criteria
set forth on Exhibit E-2 attached hereto. The portion of Landlord’s Work described on Exhibit E-2 attached
hereto is referred to as “Landlord’s Post Turnover Work”. Landlord’s Turnover Work and Landlord’s
Post Turnover Work, collectively or individually, as the context requires, is referred to as “Landlord’s Work”.

 

(ii)         “Substantial
Completion” or “Substantially Complete” means that the work in question has been completed, or would
have been completed but for any Tenant Delay, except for (a) minor or insubstantial details of construction, decoration and mechanical
adjustments, the non-completion of which will not materially and adversely interfere with Tenant’s performance of Tenant’s
Work and (b) any work which, in accordance with good construction practice, should be completed after the completion of other work
to be performed by Tenant (the items described in clauses (a) and (b) are, collectively, the “Punch List
Items”).

 

(iii)        “Tenant
Delay” means any actual delay which Landlord may encounter in the performance of Landlord’s Post Turnover Work
or other obligations of Landlord under this Lease by reason of any act, negligence, failure to act (where the provisions of this
Lease or Laws impose a duty to act) or omission of Tenant or any Tenant’s Contractors or any of such parties’ agents,
employees or contractors, including, without limitation, delays due to changes in or additions to Landlord’s Work requested
by Tenant, delays by Tenant in submission of information or giving authorizations or approvals or delays due to the postponement
of any Landlord’s Work at the request of Tenant; provided however, that all simultaneous delays which constitute a Tenant
Delay hereunder shall be deemed to run concurrently and not consecutively and shall not be “double” counted. Tenant
shall pay to Landlord any additional costs or expenses actually incurred by Landlord by reason of any Tenant Delay. Notwithstanding
anything to the contrary contained in this Agreement, except to the extent Tenant has (or is deemed to have) knowledge of a Tenant
Delay as evidenced by job minutes, correspondence (which may be via email), memoranda or other writings furnished to or issued
by Tenant (which job minutes, correspondence, memoranda or other writings specifically refer to such circumstances giving rise
to a Tenant Delay and to the fact of a Tenant Delay), Landlord shall notify Tenant of any Tenant Delay within 5 Business Days after
Landlord actually becomes aware of such Tenant Delay (and such notice shall specify in reasonable detail the cause of the delay),
failing which such delay shall constitute a Tenant Delay only from and after the date Landlord notifies Tenant thereof. In addition
and notwithstanding any other provision of this Lease to the contrary, in the event of any simultaneous occurrence of Tenant Delay
and Unavoidable Delay, for the duration of any such simultaneous occurrence such Tenant Delay shall be deemed to be Unavoidable
Delay; provided, that Landlord does not incur any additional costs or expenses by reason of such Tenant Delay that Landlord would
not have otherwise incurred as a result of such simultaneous Unavoidable Delay.

 

    	 	- 33 -	 

     

    

 

(iv)        When
Landlord believes that Landlord’s Post Turnover Work (or any item thereof set forth on Exhibit E-2 attached hereto),
as applicable, is, or is about to be, Substantially Complete, Landlord shall deliver a notice to Tenant (a “Substantial
Completion Notice”) stating that Landlord believes that such applicable portion of Landlord’s Post Turnover Work
is, or is about to be, Substantially Complete, and setting forth a date (the “Walk-Through Date”), not less
than 5 Business Days after the giving of such notice, for the parties to conduct a joint inspection of such portion of Landlord’s
Post Turnover Work. On the Walk-Through Date, Landlord and Tenant and their respective consultants shall jointly inspect such portion
of Landlord’s Post Turnover Work to determine if such portion of Landlord’s Post Turnover Work is Substantially Complete.
Within 3 Business Days after such walk-through, Tenant shall deliver a written notice to Landlord (the “Tenant Inspection
Notice”), which notice shall either (x) confirm Tenant’s agreement that Landlord’s Post Turnover Work (or
such portion thereof) is Substantially Complete and specify in reasonable detail any Punch List Items yet to be completed, or (y)
dispute the occurrence of Substantial Completion of Landlord’s Post Turnover Work, specifying in reasonable detail all items
of work asserted to be incomplete which result in Landlord’s Post Turnover Work not being Substantially Complete (provided
that the mere fact that Tenant concludes that Substantial Completion has not occurred shall not mean that Substantial Completion
has not occurred). If, in the Tenant Inspection Notice, (i) Tenant concurs that Landlord’s Post Turnover Work is Substantially
Complete, Tenant shall be deemed to have accepted Landlord’s Post Turnover Work and Landlord shall have no further obligation
to perform any work, supply any materials, or make any alterations or improvements to prepare the Premises for Tenant’s occupancy,
subject to Landlord’s completion of any Punch-List Items, which Landlord shall proceed with reasonable diligence to complete
and any Latent Defects, which Landlord shall proceed with reasonable diligence to remedy in accordance with the further provisions
of this Section 4.01(a)(iv), or (ii) Tenant concludes that Landlord’s Post Turnover Work is not Substantially Complete,
Tenant shall be deemed to concur that any item of work not specified and listed as incomplete in the Tenant Inspection Notice is
completed for all purposes of this Section 4.01 and this Lease. If Tenant fails to appear on the Walk-Through Date, or if
the parties conduct a joint inspection of Landlord’s Post Turnover Work and Tenant fails within two (2) Business Days after
such inspection to deliver to Landlord the Tenant Inspection Notice containing the information required pursuant to clauses
(x) or (y) of this Section 4.01(a)(iv)(2) (as applicable), then in either such case Tenant shall be deemed to
have concurred that Landlord’s Post Turnover Work has been fully completed as of the date set forth as the date of Substantial
Completion in the Substantial Completion Notice and Tenant shall be deemed to have accepted delivery of possession of the Premises
and Landlord’s Post Turnover Work therein and Landlord shall have no further obligation to perform any work, supply any materials,
or make any alterations or improvements to prepare the Premises for Tenant’s occupancy. For the purposes of this Lease, “Latent
Defects” shall mean defects in the construction of Landlord’s Work that are not observable by visible inspection
at the time the Punch List is prepared. Landlord shall remedy any Latent Defects in Landlord’s Work affecting the Premises
of which Tenant notifies Landlord within the Warranty Period for the relevant item of work. Landlord shall commence to perform
such work promptly following such notice from Tenant and shall thereafter diligently perform the same. “Warranty Period”
means, with respect to any item of work, the period for which such item is covered by any warranty Landlord receives from a contractor
or subcontractor. Landlord agrees that each contract with contractor(s) and subcontractor(s) for all items of Landlord’s
Work shall contain customary warranties with respect to the applicable item of work consistent with good construction practice.

 

    	 	- 34 -	 

     

    

 

(b)          Intentionally
omitted.

 

(c)          Tenant’s
Initial Work. (i)          Tenant’s Initial Work shall constitute an
Alteration and shall be subject to all provisions of this Lease applicable to Alterations, including, without limitation, the provisions
of Section 4.02. In addition to such provisions relating to all Alterations, the provisions of this Section 4.01(c)
shall apply to Tenant’s Initial Work. Notwithstanding anything to the contrary contained herein, all unit sizes, materials,
finishes and specifications in respect of Tenant’s Initial Work shall be subject to Landlord’s approval (such approval
not to be unreasonably withheld, conditioned, or delayed so long as such unit sizes, materials, finishes and specifications are
consistent with the Building standards).

 

(ii)         Tenant
shall cause Tenant’s Contractors to perform Tenant's Initial Work in a manner that does not interfere with, impede or adversely
affect (including due to the impact of noise, smoke or pollutants) (i) the performance of the Base Building Work, (ii) the performance
of construction by or on behalf of other tenants and occupants or (iii) from and after the date the first tenant or occupant of
the Building occupies any portion of its premises for the normal conduct of its business, the use and enjoyment of any tenant or
occupant of the Building of its premises or access to its premises or any common areas which such tenant or occupant is entitled
to use or access. Tenant shall take all reasonable steps requested by Landlord to protect the Base Building Work from and against
damage arising out of the performance of Tenant's Initial Work.

 

    	 	- 35 -	 

     

    

 

(iii)        Subject
to the terms and conditions of this Section 4.01(c), Tenant acknowledges that Landlord and Landlord’s contractors
shall have priority (with respect to use of facilities, access to Building areas, use of the hoist(s) and elevators, etc.) at all
times over Tenant’s Contractors. Notwithstanding the preceding sentence, Landlord shall use reasonable efforts to accommodate
Tenant’s Contractors so long as the same does not interfere with the performance of the Base Building Work or work performed
by or on behalf of any existing or future tenants or occupants of the Building; provided, that Landlord agrees to reasonably cooperate
with Tenant in order to provide Tenant with reasonably adequate freight elevator service to the Premises during the performance
of Tenant’s Initial Work. Landlord and Tenant agree to reasonably cooperate and discuss such elevator services and Landlord
and Tenant agree that Tenant shall have the right to a pro rata allocation of usage of the freight elevators during Business Hours
on Business Days, subject to Landlord’s absolute priority in using the freight elevators for the performance of the Base
Building Work during Business Hours on Business Days. Tenant shall also have the right to a pro rata allocation of reserved usage
of the freight elevators for such deliveries on a “first to reserve” basis during times other than Business Hours on
Business Days. Notwithstanding anything to the contrary contained herein, access to the freight elevators for deliveries of materials
and equipment shall be during non-Business Hours and all such usage of the freight elevators shall be subject to Landlord’s
non-discriminatory procedures for the allocation or reservation of use of the freight elevators. So long as Landlord is operating
the freight elevators during Business Hours on Business Days, Tenant’s use of such freight elevators during Business Hours
on Business Days shall be at no cost to Tenant. If Landlord is no longer operating one or more of the freight elevators, Tenant
may use such freight elevator during Business Hours and on Business Days at Tenant’s cost (as prorated among the tenants
if more than one tenant is using the freight elevators at a particular time), subject to Tenant’s right to up to 50 overtime
hours in the aggregate of freight elevator and loading dock service at no charge as more particularly described in Section 3.01(b)(ii).
Tenant shall pay for the use of the freight elevators at the rates set forth on Exhibit H plus any additional standby time
required in connection with such use by Tenant at Landlord’s actual cost therefor plus a Landlord fee and overhead charge
of 5% of such additional standby costs. Tenant shall pay its proportionate share of the cost (as prorated among the tenants and/or
Landlord if more than one tenant and/or Landlord is using the freight elevator at a particular time) of any use of the freight
elevators during times other than Business Hours on Business Days.

 

(iv)        In
performing Tenant’s Initial Work, Tenant shall comply with all reasonable procedures prescribed by Landlord for the coordination
of Tenant’s Initial Work with the Base Building Work and any other work in the Building; provided that such procedures shall
not be applied in a discriminatory manner. Without limiting the generality of the provisions of Section 4.01(c)(i), the
provisions of Section 4.02(e) shall apply with respect to the performance of Tenant’s Initial Work. Tenant shall ensure
that Tenant’s Initial Work shall be performed in a manner which shall not create a labor dispute. Tenant shall immediately
stop performing Tenant’s Initial Work if Landlord notifies Tenant that continuing such work has created, or would create,
a labor dispute.

 

    	 	- 36 -	 

     

    

 

(v)         Landlord
shall provide, and Tenant shall make arrangements with Landlord for, temporary water, power, heat and air and connections therefor
during the period when Tenant's Initial Work is being constructed, and Tenant shall pay any costs actually incurred by Landlord
by reason of Tenant’s use of any thereof in connection with the performance of Tenant's Initial Work or otherwise until such
time as Landlord is to provide such services pursuant to Section 3.01. The foregoing costs actually incurred by Landlord
shall either be based on submeters measuring Tenant’s use of such services or shall be reasonably determined by Landlord
based on Tenant’s pro-rata share of the use of such services based on the total square footage of construction being undertaken
by Tenant at the Building versus the total square footage of all construction being undertaken at the Building. Tenant shall be
responsible, at Tenant’s sole cost and expense, for the removal of trash and construction debris resulting from the construction
of Tenant’s Initial Work. To the extent not otherwise covered herein, Tenant shall pay to Landlord the incremental cost of
General Conditions to the extent attributable to the performance of Tenant's Initial Work, including, without limitation, the use
of the loading docks and elevators as more particularly described in Section 4.01(c)(iii) above. “General Conditions”
means, without limitation, the actual cost of field labor, field supervision, cleanup, removal of waste and debris, protection
of work in progress or completed, insurance and security with respect to the Project, maintenance and operation of temporary facilities
and services, construction barricades, ventilation, taxes, operation of loading docks, elevator operators, teamsters, master mechanic(s),
maintenance mechanic(s), teamster foreman, and other support and security personnel, permit and similar fees and other out-of-pocket
expenses incurred in connection therewith and similar costs included in general conditions in accordance with good construction
practice in New York City. If more than one tenant of the Building is performing Alterations at the same time then any incremental
additional General Conditions incurred by landlord shall be equitably apportioned among all such Tenants without duplication. Tenant
shall pay all reasonable incremental costs incurred by Landlord by reason of Tenant’s use of the loading docks and freight
elevators as more particularly described in Section 4.01(c)(iii) above. All amounts payable by Tenant under this Section
4.01(c)(v) shall constitute Additional Charges and shall be paid by Tenant to Landlord within 30 days of Tenant’s receipt
from Landlord of an invoice and reasonable back-up documentation therefor.

 

(vi)        If
Landlord incurs any incremental costs due to any delay in the performance or completion of the Base Building Work which delay results
from any Tenant Delay, Tenant shall pay such costs to Landlord within 30 days after receipt of an invoice and reasonable supporting
documentation therefor. If more than one tenant of the Building is performing Alterations at the same time then any incremental
additional General Conditions incurred by Landlord shall be equitably apportioned among all such tenants without duplication.

 

(d)          Violations.
(i) From and after the Effective Date, in the event that Tenant is unable
to obtain any building permits or other permits, approvals, certificates or sign-offs from any governmental authority required
for the performance of Tenant’s Initial Work or the legal occupancy by Tenant of the Premises for the purposes expressly
permitted under this Lease and to the extent such failure results from the existence of any violations of Law affecting the Building
resulting from the performance of any work by Landlord (“Violations”), but specifically excluding any violations
caused by or resulting from the action(s) or failure(s) to act of Tenant, Tenant’s contractors or any Tenant Indemnified
Party or any other tenant, then following written notice thereof from Tenant, Landlord shall proceed reasonably diligently and
in good faith to cure and cause each such Violation to be discharged of record. If there is any violation caused by the acts or
omissions of other tenants or occupants of the Building, Landlord will use commercially reasonable efforts to cause such tenant
or occupant to comply with the provisions of its lease but Landlord shall not be required to institute litigation, arbitration
or any other proceeding against such tenant or occupant of the Building, send a default notice, seek to terminate any lease or
incur any expenses (other than de minimis expenses) in connection therewith.

 

    	 	- 37 -	 

     

    

 

(ii)         Intentionally
omitted.

 

(iii)        Subject
to the provisions of this Section 4.01(d), if Tenant is unable to perform Tenant’s Initial Work or open for the conduct
of business solely as a result of any Violation, and (1) Landlord fails to cure such Violation within 10 days (or within 20 days
if such Violation is not one which is reasonably susceptible of cure and removal of record within such 10 day period) after notice
thereof from Tenant indicating the specific Violation, together with reasonable evidence demonstrating that such Violation is the
sole reason Tenant is unable to perform Tenant’s Initial Work or open for the conduct of business and (2) Landlord does not
dispute, in good faith, such determination by Tenant (or, if Landlord does dispute such determination, and Tenant’s position
in such dispute ultimately prevails), then the Rent Commencement Date shall be extended 1 day for each day such inability continues
until the earlier to occur of (x) such Violation is cured and (y) the date Tenant is able to perform Tenant’s Initial Work
or open for the conduct of business.

 

(iv)        Intentionally
omitted.

 

(e)          Any
dispute between Landlord and Tenant arising under this Section 4.01 shall be resolved by arbitration conducted in accordance
with the provisions of Section 8.09.

 

4.02         Alterations.
(a)  Except as hereinafter expressly provided, Tenant shall make no improvements, changes or alterations in or to the
Premises (“Alterations”) without Landlord’s prior approval, which approval shall not be unreasonably withheld,
conditioned, or delayed. Notwithstanding the foregoing, Landlord’s approval shall not be required for (x) minor Alterations
which are purely decorative in nature such as wallpapering, millwork, painting and carpeting (collectively, “Decorative
Alterations”) and (y) Non-Material Alterations; provided, that (A) with respect to Decorative Alterations and Non-Material
Alterations, Tenant shall deliver notice thereof to Landlord at least 10 Business Days prior to the commencement thereof, including
detailed plans and specifications for any Non-Material Alteration (except to the extent the relevant Non-Material Alteration is
of such a minor nature that it would not be customary industry practice for landlords of First Class Office Buildings to require
their tenants to prepare plans and/or specifications for such work) and (B) Tenant shall adhere to the other applicable requirements
of this Section 4.02. “Non-Material Alteration” means Alterations that (i) are limited to the interior
of the Premises and do not affect the exterior (including the appearance) of the Building or any portion thereof, (ii) are not
structural and do not adversely affect the strength of the Building or any portion thereof, (iii) do not affect the usage or the
functioning of any of the Building systems, (iv) do not affect other tenants or occupants of the Building, (v) do not require a
change to the Building’s certificate of occupancy, (vi) do not require a permit from the New York City Department of Buildings
and (vii) do not exceed the Non-Material Alterations Cap. The “Non-Material Alterations Cap” means an aggregate
of $100,000 per full floor of the Premises for all Non-Material Alterations performed by Tenant in any rolling 12-month period,
Subject to CPI Increases (as hereinafter defined).

 

    	 	- 38 -	 

     

    

 

(b)          Tenant,
in connection with any Alteration, shall comply with the Rules and Regulations, the Tenant Design Standards annexed hereto as Exhibit
I-1 and the Construction Rules annexed hereto as Exhibit I-2, as such Tenant Design Standards and/or Construction Rules
may be amended by Landlord from time to time; provided, that Tenant shall not be bound by any such amendment that (i) imposes,
except to a de minimis extent, any new or increased costs or financial obligations on Tenant (unless any such cost or financial
obligation is the result of compliance with any Laws) or (ii) unreasonably affects the conduct of Tenant’s business in the
Premises. Tenant shall not proceed with any Alteration (other than Decorative Alterations) unless and until Landlord approves Tenant’s
plans and specifications therefor. In such instances in which Landlord’s approval shall be required with respect to the performance
of any Alteration, Landlord shall, within 15 Business Days following receipt of Tenant’s plans for the performance of such
Alteration (or (i) with respect to Tenant’s plans for the performance of Tenant’s Initial Work, within 25 Business
Days and (ii) in the event of a resubmission of Tenant’s Plans not involving material changes, within 10 Business Days with
respect to Tenant’s plans for the performance of Tenant’s Initial Work and within 5 Business Days with respect to Tenant’s
plans for the performance of any other Alteration), advise Tenant of Landlord’s approval or disapproval of such plans or
any part thereof. If Landlord shall fail to approve or disapprove Tenant’s plans or any part thereof within such 15 Business
Day period (or such 25 Business Day period for plans for Tenant’s Initial Work or such 10 Business Day or 5 Business Day
period, as applicable, for resubmissions not involving material changes), Tenant may give to Landlord a notice of such failure,
which notice shall contain a legend in not less than 14 point font bold upper case letters as follows: “FAILURE TO APPROVE
OR DISAPPROVE TENANT’S PLANS WITHIN 5 BUSINESS DAYS SHALL RESULT IN LANDLORD’S DEEMED APPROVAL OF TENANT’S PLANS”,
and if Landlord shall fail to approve or disapprove such Tenant’s plans within such 5 Business Day period, Landlord shall
be deemed to have approved such plans. If Landlord shall disapprove such plans (or any part thereof), Landlord shall set forth
its reasons for such disapproval in writing and in reasonable detail and identify those portions of the plans so disapproved. Any
review or approval by Landlord of plans and specifications with respect to any Alteration is solely for Landlord’s benefit,
and without any representation or warranty to Tenant with respect to the adequacy, correctness or efficiency thereof, its compliance
with Laws or otherwise.

 

(c)          Tenant
shall pay to Landlord within 30 days following demand Landlord’s reasonable, actual third-party out-of-pocket costs and expenses
(including, without limitation, the reasonable fees of any architect or engineer employed by Landlord for such purpose) for reviewing
plans and specifications and inspecting Alterations, in addition to any incremental cost incurred by Landlord as a result of the
use of any standby personnel reasonably required as a result of any Alteration. Landlord shall not be entitled to charge (nor shall
any Affiliate of Landlord charge) a supervisory or other review fee, except as expressly provided in this Lease.

 

    	 	- 39 -	 

     

    

 

(d)          Before
proceeding with any Alteration (other than Tenant’s Initial Work) that will cost more than $500,000.00, Subject to CPI Increases
(exclusive of the costs of decorating work and items constituting Tenant’s Property), as estimated by a reputable contractor
designated by Landlord, Tenant shall furnish to Landlord one of the following (as selected by Tenant): (i) a cash deposit, (ii)
a performance bond and a labor and materials payment bond (issued by a corporate surety licensed to do business in New York reasonably
satisfactory to Landlord) or (iii) an irrevocable, unconditional, negotiable letter of credit, issued by a bank and in a form satisfactory
to Landlord; each to be equal to 110% of the cost of the Alteration, estimated as set forth above. Any such letter of credit shall
be for one year and shall be renewed by Tenant each and every year until the Alteration in question is completed and shall be delivered
to Landlord not less than 30 days prior to the expiration of the then current letter of credit, failing which Landlord may present
the then current letter of credit for payment. Upon (A) the completion of the Alteration in accordance with the terms of this Section
4.02 and (B) the submission to Landlord of (x) proof evidencing the payment in full for said Alteration and (y) written unconditional
lien waivers of mechanics’ liens and other liens on the Project from all contractors performing said Alteration, the security
deposited with Landlord (or the balance of the proceeds thereof, if Landlord has drawn on the same) shall be returned to Tenant.
Upon Tenant’s failure properly to perform, complete and fully pay for any Alteration, as determined by Landlord, Landlord
may, upon notice to Tenant, draw on the security deposited under this Section 4.02(d) to the extent Landlord deems necessary
in connection with said Alteration, the restoration and/or protection of the Premises or the Project and the payment of any costs,
damages or expenses resulting therefrom; provided however that Landlord shall not draw upon such security if Tenant is then contesting
in good faith its obligation to make payment and Tenant has so notified Landlord of same unless Landlord determines in its sole
discretion that same is necessary for Landlord to pay any costs or expenses so that Landlord will not be subject to criminal penalty
or any other fine or charge or so that the Premises or any part thereof or the Project, or any part thereof, shall not be subjected
to any lien or encumbrance or otherwise adversely affected, by reason of Tenant’s failure to so properly perform, complete
and/or fully pay for such Alteration. Notwithstanding the foregoing, the provisions of this Section 4.02(d) shall not apply
with respect to any Alteration by Tenant so long as Tenant is (1) the original named Tenant, (2) an entity created by merger, reorganization
or recapitalization of or with the original named Tenant, (3) a purchaser of all or substantially all of the original named Tenant’s
stock or assets or (4) an Affiliate of the original named Tenant (each, an “Intercept Tenant”).

 

(e)          Tenant
shall obtain (and furnish copies to Landlord of) all necessary governmental permits and certificates for the commencement and prosecution
of Alterations and for final approval thereof upon completion, and shall cause Alterations to be performed in compliance therewith,
and in compliance with all Laws (including, without limitation, Section 5 of the New York State Lien Law) and with the plans and
specifications approved by Landlord. At Tenant’s request, Landlord shall execute all required permit forms prior to the submission
of plans by Tenant and/or Landlord’s review of such plans, but the execution of such forms by Landlord shall not constitute
approval of the Alterations in question. Alterations shall be diligently performed in a good and workmanlike manner, using new
materials and equipment at least equal in quality and class to the then standards for the Building established by Landlord. Alterations
shall be performed by architects, engineers and contractors first approved by Landlord (which approval shall not be unreasonably
withheld or delayed); provided, that any Alterations which involve a connection(s) or a tie-in to the systems of the Building
shall be performed only by the contractor(s) designated by Landlord (provided, further, that the charges of such contractor(s)
shall be reasonably competitive with the charges of contractor(s) providing similar services to other First Class Office Buildings).
Landlord hereby agrees that the contractors, subcontractors, architects, engineers and/or expeditors listed on Exhibit K
attached hereto are hereby approved by Landlord on the date hereof; provided, that Landlord may, from time to time, reasonably
remove or add one or more contractors, subcontractors, architects, engineers and/or expeditors from or to Exhibit K in Landlord’s
reasonable discretion. The performance of any Alteration or any other work in the Building shall not be carried out in a manner
which would violate the construction rules and regulations set forth in Exhibit I-2. Tenant shall immediately stop the performance
of any work or service by any party if Landlord notifies Tenant that continuing such performance would violate the construction
rules and regulations set forth in Exhibit I-2, and Tenant shall not resume the performance of such work or service until
such time as the same may be performed in a manner which shall not violate the construction rules and regulations set forth in
Exhibit I-2.

 

    	 	- 40 -	 

     

    

 

(f)          Throughout
the performance of Alterations, Tenant and Tenant’s Contractors (as defined in Exhibit J) shall carry insurance meeting
the requirements set forth in Sections (B) and (C) of Exhibit J attached hereto and Section 7.02 of this Lease. Tenant
shall furnish Landlord with evidence that such insurance is in effect no less than 10 days prior to the commencement of any Alterations
and, on request, at reasonable intervals thereafter during the continuance of Alterations. Tenant shall require that all insurance
policies carried by any Tenant’s Contractors include clauses providing that each insurance underwriter shall waive all of
its rights of recovery by subrogation, or otherwise, against Landlord, The Related Companies, L.P., Oxford Hudson Yards LLC and
any of such entities’ officers, agents, or employees. A waiver of subrogation shall be effective as to any individual or
entity even if such individual or entity (a) would otherwise have a duty of indemnification, contractual or otherwise, (b) did
not pay the insurance premium directly or indirectly, and (c) whether or not such individual or entity has an insurable interest
in the property damaged. In the event that Tenant or any of Tenant’s Contractors fails to maintain the coverages or limits
as required herein, Landlord may obtain such insurance as an agent of such party without prior notice. Any premiums paid by Landlord
to effect such coverages together with interest thereon at the Interest Rate from the date paid by Landlord until the date reimbursed
by Tenant shall be payable by Tenant to Landlord; provided however that to the extent such insurance shall be cancelable, then
such premiums shall be pro-rated and reimbursed to the extent funds are returned to Landlord by the insurance company as soon as
Tenant or any of Tenant’s Contractors places the appropriate insurance coverage.

 

(g)          Should
any mechanics’ or other liens be filed against any portion of the Project by reason of the acts or omissions of, or because
of a claim against, Tenant or anyone claiming under or through Tenant, Tenant shall cause the same to be canceled or discharged
of record by bond or otherwise within 30 days after notice from Landlord. If Tenant shall fail to cancel or discharge said lien
or liens within said 30 day period, or if Landlord is required to discharge any of said liens prior to the end of said 30 day period
pursuant to any Superior Mortgage or Superior Lease, Landlord may cancel or discharge the same and, upon Landlord’s demand,
Tenant shall reimburse Landlord for all actual out-of-pocket costs incurred in canceling or discharging such liens, together with
interest thereon at the Interest Rate from the date incurred by Landlord to the date of payment by Tenant, such reimbursement to
be made within 30 days after receipt by Tenant of a written statement from Landlord as to the amount of such costs. Tenant shall
indemnify and hold Landlord harmless from and against all actual out-of-pocket costs (including, without limitation, reasonable
attorneys’ fees and disbursements and costs of suit), losses, liabilities or causes of action arising out of or relating
to any Alteration, including, without limitation, any mechanics’ or other liens asserted in connection with such Alteration.

 

    	 	- 41 -	 

     

    

 

(h)          Tenant
shall deliver to Landlord, within 30 days after the completion of an Alteration, “as-built” drawings thereof using
the AutoCAD Computer Assisted Drafting and Design System, Version 12 or later or such other system or medium as Landlord may accept.
During the Term, Tenant shall keep records of Alterations costing in excess of $50,000 including plans and specifications, copies
of contracts, invoices, evidence of payment and all other records customarily maintained in the real estate business relating to
Alterations and the cost thereof and shall, within 30 days after demand by Landlord, furnish to Landlord copies of such records.

 

(i)          All
Alterations to and Fixtures installed by Tenant in the Premises shall be fully paid for by Tenant in cash and shall not be subject
to conditional bills of sale, chattel mortgages, or other title retention agreements.

 

(j)          Landlord
designed the Building with the intent of achieving a “Platinum” level LEED certification with respect thereto. All
Alterations shall be designed and performed by Tenant in compliance with the requirements set forth on Exhibit P attached
hereto. Landlord shall cooperate with Tenant, at no cost to Landlord, by providing to Tenant and Tenant’s consultants any
necessary and pertinent documentation reasonably requested by Tenant which relates to Building systems, materials, and site characteristics
required for Tenant to apply for LEED certification for the Premises.

 

(k)          Any
dispute between Landlord and Tenant arising under this Section 4.02 shall be resolved by arbitration conducted in accordance
with the provisions of Section 8.09.

 

4.03        Landlord’s
and Tenant’s Property. (a)  Subject to Section 4.03(d), all fixtures (other than movable trade fixtures
constituting Tenant’s Property), equipment (other than movable equipment constituting Tenant’s Property), improvements
and appurtenances attached to or built into the Premises, whether or not at the expense of Tenant, and all fixtures, equipment,
improvements and appurtenances attached to or built into any other area of the Building by or on behalf of Tenant (collectively,
“Fixtures”), shall be and remain a part of the Building and shall not be removed by Tenant except as expressly
provided to the contrary in this Lease. All Fixtures shall be the property of Tenant during the Term and, upon expiration or earlier
termination of this Lease, unless expressly provided otherwise in this Lease, shall become the property of Landlord.

 

(b)          All
movable partitions, business and trade fixtures, machinery and equipment, and all furniture, furnishings and other articles of
movable personal property owned by Tenant and located in the Premises or elsewhere in the Building (collectively, “Tenant’s
Property”) shall be and shall remain the property of Tenant and may be removed by Tenant at any time during the Term;
provided, that if any Tenant’s Property is removed, Tenant shall repair any damage to the Premises or to the Building
resulting from the installation and/or removal thereof. Notwithstanding the foregoing, subject to Section 4.03(d), any equipment
or other property paid for with any allowance or credit granted by Landlord to Tenant shall not be considered Tenant’s Property
and shall be and remain a part of the Premises or such other location in the Building in which such equipment or other property
is located, shall, upon the expiration or earlier termination of this Lease, be the property of Landlord and shall not be removed
by Tenant.

 

    	 	- 42 -	 

     

    

 

(c)          (i)          On
the 40th Floor Expiration Date, (A) the Lease and the term thereof shall terminate and expire solely with respect to the 40th
Floor Premises and (B) Tenant shall surrender vacant possession of the 40th Floor Premises to Landlord, free and clear
of all tenancies, broom clean and otherwise in the condition required under this Lease. At or before the 40th Floor Expiration
Date, or within 30 days after any earlier termination of this Lease, Tenant, at Tenant’s expense, shall remove Tenant’s
Property from the 40th Floor Premises (except such items thereof as Landlord shall have expressly permitted in writing to remain,
which shall become the property of Landlord), and Tenant shall repair any damage to the 40th Floor Premises resulting from any
installation and/or removal of Tenant’s Property. Any items of Tenant’s Property which remain in the 40th Floor Premises
after the 40th Floor Expiration Date, or more than 30 days after an earlier termination of this Lease, may, at the option of Landlord,
be deemed to have been abandoned, and may be retained by Landlord as Landlord’s property or disposed of by Landlord, without
accountability, in such manner as Landlord shall determine, at Tenant’s expense.

 

(ii)         At
or before the 37th Floor Expiration Date, or within 30 days after any earlier termination of this Lease, Tenant, at Tenant’s
expense, shall remove Tenant’s Property from the Building (except such items thereof as Landlord shall have expressly permitted
in writing to remain, which shall become the property of Landlord), and Tenant shall repair any damage to the Premises or the Building
resulting from any installation and/or removal of Tenant’s Property. Any items of Tenant’s Property which remain in
the Building after the 37th Floor Expiration Date, or more than 30 days after an earlier termination of this Lease, may, at the
option of Landlord, be deemed to have been abandoned, and may be retained by Landlord as Landlord’s property or disposed
of by Landlord, without accountability, in such manner as Landlord shall determine, at Tenant’s expense.

 

(d)          Landlord,
by notice given to Tenant at any time prior to or within 60 days after each applicable Expiration Date or any earlier termination
of this Lease, may require Tenant, notwithstanding Section 4.03(a), to remove all or any Specialty Installations. If Landlord
shall give such notice, then Tenant, at Tenant’s expense, on or prior to the later of (x) the applicable Expiration Date
and (y) the date that is 30 days after the giving of such notice by Landlord, shall either (i) remove the Specialty Installations
from the applicable Premises and the Building, repair and restore the applicable Premises and the Building to the condition existing
prior to installation thereof and repair any damage to the applicable Premises or to the Building due to such removal (such removal
and repair work is collectively hereinafter referred to as the “Restoration Work”) or (ii) elect by written
notice to Landlord for Landlord to perform the Restoration Work, in which event Tenant shall pay or reimburse Landlord for the
costs thereof within 30 days after demand therefor. Notwithstanding the foregoing, Tenant, at the time Tenant submits to Landlord
Tenant’s plans and specifications for any Alterations, may request in writing that Landlord specifically identify any Specialty
Installations shown on Tenant’s plans and specifications which Tenant must remove at the end of the applicable Term (and
restore the applicable Premises and the Building to its condition existing prior to the installation of such Specialty Installations).
The term “Specialty Installations” shall mean installations consisting of vaults, safes, poured concrete or
similar raised flooring, internal staircases, vertical and horizontal risers, dumbwaiters, vertical transportation systems, roof
equipment, supplemental HVAC equipment, kitchen facilities (but not pantry facilities), private bathrooms, other installations
which penetrate the slabs of the Premises, Alterations which affect the Building’s curtain wall (provided that Restoration
Work in connection with any such Alterations affecting the Building’s curtain wall shall be performed by Landlord at Tenant’s
expense), installations in areas of the Building other than the Premises and any other installations which are not customary installations
for tenants occupying premises comparable to the Premises for general, administrative and executive office use as permitted under
this Lease. The provisions of this Section 4.03(d) shall survive the expiration or other termination of this Lease.

 

    	 	- 43 -	 

     

    

 

4.04         Access
and Changes to Building. (a)  Landlord reserves the right, at any time, to make changes in or to the Project
as Landlord may deem necessary or desirable, and Landlord shall have no liability to Tenant therefor, provided any such change
does not deprive Tenant of access to the Premises through a Building lobby and the Elevators and does not affect the first-class
nature of the Project. Landlord may install and maintain pipes, fans, ducts, wires and conduits within or through the walls, floors
or ceilings of the Premises; provided, that the same (i) are installed within the interior of the walls of the Premises or the
floors or ceilings thereof, at Landlord’s sole cost and expense or, if installed adjacent to the interior walls of the Premises
or the floors or ceilings of the Premises, if appropriate, shall be located in boxed enclosures and adequately furred and (ii)
shall not, except to a de minimis extent, reduce the rentable square footage of the Premises or the finished ceiling height,
provided, however, that to the extent there are alternative locations for the pipes and conduits outside of the Premises that provide
the same service, do not cost more (by more than a de minimis amount, unless Tenant, after being advised of the incremental
cost, agrees to pay such cost to Landlord) and do not inconvenience or otherwise adversely affect Landlord or other existing or
future tenants of the Building, Tenant shall have the right to require Landlord to use such alternative locations. Landlord shall
restore, at Landlord’s cost, to substantially the same condition existing prior to such work by Landlord, any damage to any
Fixtures or Tenant’s Property caused by the performance of any such installation or maintenance work by Landlord. In exercising
its rights under this Section 4.04, Landlord shall use reasonable efforts to minimize any interference with Tenant’s
use of the Premises for the ordinary conduct of Tenant’s business (but without any obligation to utilize overtime or premium
pay labor except as otherwise provided under Section 3.02(e), applied mutatis mutandis). Tenant shall not have any
easement or other right in or to the use of any door or any passage or any concourse or any plaza connecting the Building with
any other building or to any public conveniences, and the use of such doors, passages, concourses, plazas and conveniences may,
without notice to Tenant, be regulated or discontinued at any time by Landlord; provided, that Tenant shall at all times
have reasonable access to the Premises through the Elevators and the applicable Building lobby.

 

(b)          Except
for the space within the inside surfaces of all walls, hung ceilings, floors, windows and doors bounding the Premises, all of the
Building, including, without limitation, exterior Building walls, core corridor walls and doors and any core corridor entrance,
any terraces or roofs adjacent to the Premises, and any space in or adjacent to the Premises used for shafts, stacks, pipes, conduits,
fan rooms, base building telecommunications or technical rooms, electrical closets, ducts, electric or other utilities, sinks or
other Building facilities, and the use thereof, as well as access thereto through the Premises, are reserved to Landlord and are
not part of the Premises. Landlord reserves the right to change the name or address of the Project or any portion thereof at any
time and from time to time. Upon reasonable prior notice to Landlord, Landlord will reasonably cooperate with Tenant (at no cost
or liability to Landlord) to coordinate access to floors immediately above and below the Premises during Tenant’s Initial
Work and during the performance of any subsequent Alteration so that Tenant may perform certain aspects of Tenant’s Initial
Work (e.g., installing certain plumbing, duct or cabling work) or such subsequent Alteration, as applicable. Any such access shall
be subject to the express terms and conditions of each tenant’s lease relating to such space immediately above and/or below
the Premises and any requirements imposed by any such tenant pursuant to such tenant’s lease in connection with such access
and the indemnity provisions set forth in Section 6.12(b) shall apply in connection therewith.

 

    	 	- 44 -	 

     

    

 

(c)          Landlord
shall have no liability to Tenant if at any time any windows of the Premises are either temporarily darkened or obstructed by reason
of any repairs, improvements, maintenance and/or cleaning in or about the Building (or permanently darkened or obstructed if required
by Law) or covered by any translucent material for the purpose of energy conservation, or if any part of the Project, other than
the Premises, is temporarily or permanently closed or inoperable; provided that the same does not deprive Tenant of access to the
Premises through a Building lobby and the Elevators. If at any time the windows of the Premises are temporarily darkened or obstructed
as permitted in the immediately preceding sentence, Landlord shall, to the extent permitted by Law or applicable governmental authority,
perform such repairs, maintenance, alterations or improvements as reasonably promptly as practicable and as reasonably necessary
to re-open the same, and, Landlord shall use commercially reasonable efforts to minimize the period of time during which such windows
are temporarily darkened or obstructed.

 

(d)          Landlord
and persons authorized by Landlord shall have the right, upon reasonable prior notice to Tenant (except in an emergency and which,
in the case of non-emergency inspections or work to be performed by Landlord within the Premises, shall be at least 24 hours in
advance), to enter the Premises (together with any necessary materials and/or equipment), to inspect or perform such work as Landlord
may reasonably deem necessary or to exhibit the Premises to prospective purchasers or, during the last 18 months of the Term, to
prospective tenants, or for any other purpose as Landlord may reasonably deem necessary or desirable. Notwithstanding the foregoing,
Landlord shall not bring and/or store more materials and equipment in the Premises to perform such work than are reasonably necessary
at any time. Tenant shall have the right to have a representative of Tenant accompany Landlord on any entry into the Premises,
but Landlord’s rights to conduct any such entry, and the timing of such entry, shall not be affected if Tenant shall fail
to make such representative available. Landlord shall have no liability to Tenant by reason of any such entry. Landlord shall not
be required to make any improvements or repairs of any kind or character to the Premises during the Term. In connection with any
access to the Premises by Landlord and persons authorized by Landlord, Landlord and such persons shall exercise commercially reasonable
efforts to minimize interference with Tenant’s access to, and use of, the Premises for the normal conduct of Tenant’s
business therein.

 

    	 	- 45 -	 

     

    

 

(e)          Tenant
shall have the right to reasonably designate, by written notice to Landlord, certain areas of the Premises, not to exceed 3,000
rentable square feet, in the aggregate, as secure areas (each, a “Secure Area”) to which Landlord shall not
have access without being accompanied by a representative of Tenant (except in the case of an emergency or when Tenant does not
make a representative available upon 2 Business Days’ prior written notice); provided, that the Secured Area does not block
access to base building systems or other areas of the Building to which Landlord requires regular access. Landlord shall not be
required to provide cleaning services or other services which require entry to such Secure Area. Landlord shall not have liability
to Tenant for any failure of Landlord to perform any of its obligations hereunder by reason of Landlord’s inability to enter
any Secure Area. Notwithstanding anything in this Lease to the contrary, in no event shall the obligations of Landlord under this
Section 4.04(e) in any way be construed to obligate Landlord to pay overtime or premium rates for work, materials or access
to the Secured Area or any other area of the Premises, and in no event shall Landlord be deemed to be obligated to spend any greater
sums of money to perform any work than it would have had to pay if Landlord, and its agents, employees and contractors had obtained
access to the Secured Area.

 

4.05         Repairs.
(a)  Tenant shall keep the Premises (including, without limitation, all Fixtures) in good condition and, upon expiration
or earlier termination of each applicable Term, shall surrender the applicable Premises to Landlord in the same condition as when
first occupied, reasonable wear and tear excepted and otherwise in the condition required under Section 4.03(c). Tenant’s
obligation shall include, without limitation (and notwithstanding the provisions of Section 4.05(b) below), the obligation
to repair all damage caused by Tenant, its agents, employees, invitees and licensees to the equipment and other installations in
the Premises or anywhere in the Building. Any maintenance, repair or replacement to the windows, the Building systems, the Building’s
structural components or any areas outside the Premises and which is Tenant’s obligation to perform shall be performed by
Landlord at Tenant’s reasonable expense. Tenant shall not commit or allow to be committed any waste or damage to any portion
of the Premises or the Project.

 

(b)          Subject
to the second sentence of Section 4.05(a), Landlord, at Landlord’s expense (but subject to reimbursement by way of
Operating Expenses to the extent includable therein), shall operate, maintain, repair and replace, if necessary, (i) all structural
portions of the Building, such as, by way of example only, the roof, foundation, footings, exterior walls, load-bearing columns,
ceiling and floor slabs, windows, window sills and sashes, (ii) all common and public service areas of the Building, including,
without limitation, all common elevators, (iii) all Building systems serving the common and public service areas and the Premises
and (iv) all fixtures located in the core restrooms in the Premises, throughout the Term, and in such a manner as is consistent
with the maintenance, operation and repair standards of First Class Office Buildings; provided, that Landlord’s obligations
under this Section 4.05(b) shall be limited to areas of, and installations within, the Building which Tenant is entitled
to use or which otherwise serve the Premises and Landlord shall have no liability to Tenant for any failure to maintain such standards
except to the extent such failure materially and adversely affects Tenant’s use and enjoyment of the Premises. Notwithstanding
the foregoing, if any damage repaired by Landlord under this Section 4.05(b) is caused by Tenant or any of Tenant’s
agents, employees, invitees and licensees, such repair shall be performed by Landlord at Tenant’s reasonable expense.

 

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4.06         Compliance with Laws;
Hazardous Materials. (a)  Tenant shall comply with all laws, ordinances, rules, orders and regulations (present,
future, ordinary, extraordinary, foreseen or unforeseen) of any governmental, public or quasi-public authority and of the New York
Board of Fire Underwriters and any other entity performing similar functions, at any time duly in force (collectively “Laws”),
the application of which is attributable to, any work, installation, occupancy, use or manner of use by Tenant of the Premises
or any part thereof, except as expressly set forth in the next sentence. Nothing contained in this Section 4.06 shall
require Tenant to make any (i) structural changes or changes to the base building systems or (ii) changes to the core bathrooms
(but not any private, executive or other bathrooms installed by Tenant, with respect to which Tenant shall be responsible for compliance
with Laws as set forth in the first sentence of this paragraph) in the Premises, unless, in the case of either of clauses (i)
or (ii), the same are necessitated by reason of Tenant’s performance of any Alterations, Tenant’s manner of
use of the Premises or the use by Tenant of the Premises for purposes other than normal and customary ordinary office purposes.
Tenant shall procure and maintain all licenses and permits required for its business. Notwithstanding the provisions of Section
4.06(a), Tenant, at its own cost and expense, may contest, in any manner permitted by Law, the validity or the enforcement
of any Laws with which Tenant is required to comply pursuant to this Lease; provided that (A) any such contest and/or Tenant’s
non-compliance with any such Laws shall not (I) subject any Landlord Indemnified Party to (x) criminal prosecution, (y) material
fine or (z) any other civil liability that would adversely affect the operation of the Building or the rights of other tenants
or occupants of the Building, (II) subject the Building (or any portion thereof) to lien or sale or cause, or be reasonably likely
to cause, the same to be condemned or vacated or (III) be in violation of any Superior Mortgage or Superior Lease; (B) Tenant shall
first deliver to Landlord a surety bond issued by a surety company of recognized responsibility, or other security reasonably satisfactory
to Landlord, indemnifying and protecting Landlord and any Superior Mortgagee or Superior Lessor against any loss, cost, liability,
damage or expenses (including, without limitation, interest and penalties and reasonable attorneys’ fees and disbursements)
which could arise by reason of such non-compliance, which bond or other security (or the balance of the proceeds thereof, if Landlord
has drawn on the same) shall be released by Landlord promptly upon resolution of such contest; and (C) Tenant shall promptly, diligently
and continuously prosecute such contest and shall keep Landlord informed, on a regular basis, of the status of such contest.

 

(b)          Landlord,
at Landlord’s expense (but subject to reimbursement by way of Operating Expenses to the extent includable therein), shall
comply or cause compliance with all Laws affecting the public and common areas of the Building, the Building systems or the Premises
or the use and occupancy thereof (except (x) as expressly set forth in Section 4.06(a) above and (y) that Landlord shall
have no liability to Tenant for any failure to so comply or cause compliance except to the extent such failure materially and adversely
affects Tenant’s use and enjoyment of the Premises) subject to Landlord’s right to contest and defer compliance with
such Laws pursuant to appropriate proceedings, provided that Landlord shall not have the right to defer such compliance if (i)
such non-compliance or contest shall prevent Tenant from lawfully occupying the Premises for the use permitted hereunder or (ii)
noncompliance threatens the safety of persons or property. On the Effective Date, Landlord shall deliver the Premises to Tenant
in substantial compliance with all applicable Laws (including Laws with respect to Hazardous Materials) and free of Hazardous Materials
(as hereinafter defined). If, during the Term, Landlord or its employees, contractors or agents install, use, release, store or
place any Hazardous Materials in or about (1) the Premises or (2) to the extent same materially and adversely affects Tenant’s
use and enjoyment of the Premises, the Building or the Project, in any case in violation of applicable Laws, then Landlord shall
be obligated to remove and dispose of such Hazardous Materials in compliance with all Laws (including, without limitation, any
Laws with respect to Hazardous Materials).

 

    	 	- 47 -	 

     

    

 

(c)          (i)          Tenant
shall not cause or permit Hazardous Materials to be used, transported, stored, released, handled, produced or installed in, on
or from the Premises or the Building other than customary office, cleaning and/or maintenance and/or construction supplies brought
into, used in and/or kept upon the Premises or the Building if and to the extent permitted pursuant to Laws and in addition, with
respect to construction supplies, if and to the extent used in accordance with good construction practices. The term “Hazardous
Materials” means any substance or material defined by any Law that is now or may hereafter be applicable, as “hazardous,”
“toxic” or words of similar import.

 

(ii)         In
the event of a breach of the provisions of this Section 4.06(c), Landlord shall, in addition to all of its rights and remedies
under this Lease and pursuant to Laws, require Tenant to remove any such Hazardous Materials from the Premises or the Building
in the manner prescribed for such removal by applicable Laws, and the indemnity provisions set forth in Section 6.12(b)
shall apply in connection therewith.

 

4.07         Tenant Advertising.
Tenant shall not use, and shall cause each of its affiliates not to use, the name or likeness of the Building or the Project in
any advertising (by whatever medium) without Landlord’s consent (not to be unreasonably withheld or delayed), provided, however,
that Tenant may use the name and address of the Building on its stationary and in advertisements for identification purposes only.

 

4.08         Right to Perform Tenant Covenants.
If Tenant fails to perform any of its obligations under this Lease, Landlord, any Superior Lessor or any Superior Mortgagee (each,
a “Curing Party”) may perform the same at the expense of Tenant (a) immediately and without notice in the case
of emergency or in case such failure may result in a violation of any Law or in a cancellation of any insurance policy maintained
by Landlord; provided, that Landlord agrees to provide such notice as is reasonably practicable under the circumstances (which
the parties agree may be no notice) in the event of the circumstances described in this clause (a) and (b) in any other
case if such failure continues beyond any applicable notice and grace period. If a Curing Party performs any of Tenant’s
obligations under this Lease, Tenant shall pay to Landlord (as Additional Charges) the costs thereof (including all reasonable
fees and costs, including reasonable legal fees and disbursements, incurred by such Curing Party in connection therewith), together
with interest at the Interest Rate from the date incurred by the Curing Party until paid by Tenant, within 30 days after receipt
by Tenant of a statement as to the amounts of such costs, accompanied by invoices or other reasonable supporting documentation.
If the Curing Party effects such cure by bonding any lien which Tenant is required to bond or otherwise discharge (after the giving
of any required notice and the expiration of any applicable grace periods), Tenant shall obtain and substitute a bond for the Curing
Party’s bond and shall reimburse the Curing Party for the cost of the Curing Party’s bond. “Interest Rate”
means the lesser of (i) the base rate from time to time announced by Citibank, N.A. (or, if Citibank, N.A. shall not exist
or shall cease to announce such rate, such other bank in New York, New York, as shall be designated by Landlord in a notice to
Tenant) to be in effect at its principal office in New York, New York plus 3% and (ii) the maximum rate permitted by law.

 

    	 	- 48 -	 

     

    

 

4.09         Telecommunications;
Shaft Space. (a)  Tenant shall be responsible, at its sole cost and expense, for bringing telecommunication service,
data wiring service and cable television service to the Premises. Landlord shall provide two separate points of entry for Tenant’s
telecommunications requirements from such point of entry to the Premises and from the Premises to the roof of the Building. Each
separate sleeve within the Building core shall accommodate two (2) 1.5” conduits for Tenant’s telecommunications requirements.
At Tenant’s request, Landlord shall install two (2) 1.5” conduits in each sleeve and Tenant shall reimburse Landlord
for the out-of-pocket costs actually incurred by Landlord in connection with such installation within 30 days after rendition of
a bill therefor. Any installation made by Tenant in such shaft space, including core drilling and the installation of any conduit
or wiring, shall be performed at Tenant’s sole cost and expense, in accordance with all Laws and the Rules and Regulations,
and shall constitute an Alteration under this Lease. Tenant shall indemnify and save harmless Landlord from and against all loss,
damage, liability, cost and expense of any nature (including, without limitation, reasonable attorneys’ fees and expenses)
by reason of accidents, damage, injury or loss to any and all persons and property, or either, whosoever or whatsoever to the extent
resulting from or arising in connection with Tenant’s installation, use, maintenance and removal of the equipment that Tenant
installs in the shaft space and Tenant’s insurance in respect of the Premises shall include coverage for any losses incurred
in connection with such installation, use, operation, maintenance and removal. Upon the expiration of the Term, all of such fixtures
and equipment installed in the shaft space by Tenant shall be removed by Tenant at its sole cost and expense.

 

(b)          Tenant
shall have the right, at Tenant’s sole cost and expense, to contract for telecommunications service from any reputable carrier
which serves the area, subject to Landlord’s reasonable consent (which consent may include, without limitation, the condition
that such service provider enter into a license agreement with Landlord which is reasonably satisfactory to Landlord), and Landlord
shall reasonably cooperate with Tenant in connection therewith, without out-of-pocket cost, expense or liability to Landlord. As
of the date of this Lease, the following telecommunication service providers service the Building: Verizon, Time Warner Cable,
AT&T, Sidera, Lightpath, Level 3 and Zayo. If Tenant desires to subscribe to a telecommunications company not listed in this
clause (b), at Tenant’s written request, Landlord shall reasonably cooperate with Tenant to allow any such service
provider to provide service to the Building for Tenant’s operations, but only to the extent without liability or out-of-pocket
cost or expense to Landlord.

 

(c)          Landlord
shall not be responsible for any delays occasioned by failure of a telecommunications company to furnish any such services.

 

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ARTICLE 5

Assignment and Subletting

 

5.01         Assignment; Etc.
(a)  Subject to the further provisions of this Article 5, neither this Lease nor the term and estate hereby granted,
nor any part hereof or thereof, shall be assigned, mortgaged, pledged, encumbered or otherwise transferred voluntarily, involuntarily,
by operation of law or otherwise, and neither the Premises, nor any part thereof, shall be subleased, be licensed, be used or
occupied by any person or entity other than Tenant or be encumbered in any manner by reason of any act or omission on the part
of Tenant, and no rents or other sums receivable by Tenant under any sublease of all or any part of the Premises shall be assigned
or otherwise encumbered, without the prior consent of Landlord. Except as hereinafter expressly provided, the dissolution or direct
or indirect transfer of control of Tenant (however accomplished including, by way of example, the addition of new partners or
members or withdrawal of existing partners or members, or transfers of interests in distributions of profits or losses of Tenant,
issuance of additional stock, redemption of stock, stock voting agreement, or change in classes of stock) shall be deemed an assignment
of this Lease regardless of whether the transfer is made by one or more transactions, or whether one or more persons or entities
hold the controlling interest prior to the transfer or afterwards. An agreement under which another person or entity becomes responsible
for all or a portion of Tenant’s obligations under this Lease shall be deemed an assignment of this Lease. No assignment
or other transfer of this Lease and the term and estate hereby granted, and no subletting of all or any portion of the Premises
shall relieve Tenant of its liability under this Lease or of the obligation to obtain Landlord’s prior consent to any further
assignment, other transfer or subletting. Any attempt to assign this Lease or sublet all or any portion of the Premises in violation
of this Article 5 shall be null and void. Notwithstanding anything to the contrary contained in this Section 5.01(a),
the direct or indirect transfer of shares or other equity interests in Tenant shall not constitute an assignment of this Lease
and shall not require Landlord’s consent if accomplished through a recognized stock exchange or through the public “over-the-counter”
securities market.

 

(b)          Notwithstanding
Section 5.01(a), without the consent of Landlord or application of Section 5.05, this Lease may be assigned to (i)
an entity created by merger, reorganization or recapitalization of or with Tenant or (ii) a purchaser of all or substantially all
of Tenant’s membership interests, stock or assets; provided, in the case of both clause (i) and clause (ii),
that (A) Landlord shall have received a notice of such assignment from Tenant, (B) the assignee assumes by written instrument satisfactory
to Landlord all of Tenant’s obligations under this Lease, (C) such assignment is for a valid business purpose and not to
avoid any obligations under this Lease, and (D) the assignee is a reputable entity of good character and, immediately after giving
effect to such assignment, shall have an aggregate net worth (computed in accordance with GAAP) at least equal to $300,000,000.00.

 

(c)          Notwithstanding
Section 5.01(a), without the consent of Landlord or application of Section 5.05, Tenant may assign this Lease or
sublet all or any part of the Premises to an Affiliate of Tenant; provided, that (i) Landlord shall have received a notice
of such assignment or sublease from Tenant; and (ii) in the case of any such assignment, (A) the assignment is for a valid business
purpose and not to avoid any obligations under this Lease, and (B) the assignee assumes by written instrument satisfactory to Landlord
all of Tenant’s obligations under this Lease. “Affiliate” means, as to any designated person or entity,
any other person or entity which controls, is controlled by, or is under common control with, such designated person or entity.
“Control” (and with correlative meaning, “controlled by” and “under common control with”)
means ownership or voting control, directly or indirectly, of 35% or more of the voting stock, partnership interests or other beneficial
ownership interests of the entity in question.

 

    	 	- 50 -	 

     

    

 

(d)          Tenant
may from time to time, subject to all of the provisions of this Lease but without the consent of Landlord, permit portions of the
Premises to be used or occupied under so-called “desk sharing” arrangements by a Desk Space User; provided, that (i)
any such use or occupancy of desk or office space shall be without the installation of demising walls separating such desk or office
space, any separate entrance or any signage identifying such Desk Space User, (ii) at any time during the Term, the aggregate of
the rentable square footage then used by Desk Space Users pursuant to this Section 5.01(d) shall not exceed 10% of the rentable
square feet of the Premises, (iii) each Desk Space User shall use the Premises in accordance with all of the provisions of this
Lease, and only for the use expressly permitted pursuant to this Lease, (iv) in no event shall the use of any portion of the Premises
by a Desk Space User create or be deemed to create any right, title or interest of such Desk Space User in any portion of the Premises
or this Lease, (v) any such “desk sharing” arrangement shall terminate automatically upon the termination of this Lease,
(vi) Tenant shall receive no rent or other payment or consideration for the use or occupancy of any space in the Premises by any
Desk Space User in excess of an allocable share of the Rent reserved hereunder, (vii) each Desk Space User shall be engaged in
a business or activity which is in keeping with standards of the Building and (viii) any such desk sharing arrangement is for a
valid business purpose and not to circumvent the provisions of this Article 5. Upon request of Landlord, Tenant shall advise Landlord
of any Desk Space Users in the Premises, and shall provide (A) a description of the nature and character of the business being
conducted in the Premises by such Desk Space User and (B) the rentable square feet of the Premises occupied by such Desk Space
User, together with a copy of the agreement, if any, relating to the use or occupancy of such portion of the Premises by such Desk
Space User. “Desk Space User” means a bona fide client, service provider, or other person or entity with which
Tenant has a significant, ongoing business relationship.

 

5.02         Landlord’s
Right of First Offer. (a)  If Tenant desires to assign this Lease or sublet all or part of the Premises for all
or substantially all of the then-remaining Term (other than in accordance with Sections 5.01(b) or (c)), Tenant shall
give to Landlord notice (“Tenant’s Offer Notice”) thereof, specifying (i) in the case of a proposed subletting,
the location of the space to be sublet (including the specific area to be demised for sublet on any floor of the Premises) and
the term of the subletting of such space, (ii) (A) in the case of a proposed assignment, Tenant’s good faith offer of the
consideration Tenant desires to receive or pay for such assignment (including any concessions Tenant desires to offer to the proposed
assignee) or (B) in the case of a proposed subletting for all or substantially all of the then-remaining Term, Tenant’s good
faith offer of the rent which Tenant desires to receive for such proposed subletting (including fixed rent, additional rent including
proportionate shares, base years and/or base amounts for any escalation rent to be paid on account of PILOT, Impositions, taxes
and operating expenses, electricity charges and other pass-through expenses and the amount of any work allowance, rent abatement
or other tenant inducement, and any other proposed terms required by Landlord to calculate the Net Effective Rental Tenant desires
to receive for such proposed subletting) and (iii) the proposed assignment or sublease commencement date.

 

    	 	- 51 -	 

     

    

 

(b)          Tenant’s
Offer Notice shall be deemed an offer from Tenant to Landlord whereby Landlord (or Landlord’s designee) may, at Landlord’s
option, (i) sublease such space from Tenant (if the proposed transaction is a sublease of all or part of the Premises for all or
substantially all of the then-remaining Term), (ii) terminate this Lease (if the proposed transaction is an assignment or a sublease
of all or substantially all of the Premises or a sublease of a portion of the Premises which, when aggregated with other subleases
then in effect, covers all or substantially all of the Premises, in either case, for substantially all of the then-remaining Term),
or (iii) terminate this Lease with respect to the space covered by the proposed sublease (if the proposed transaction is a sublease
of part of the Premises for all or substantially all of the then-remaining Term). Said option may be exercised by Landlord by notice
to Tenant within 30 days after a Tenant’s Offer Notice, together with all information required pursuant to Section 5.02(a),
has been given by Tenant to Landlord. For the purposes of this Section 5.02 “substantially all of the then-remaining
Term” shall mean that the term of the proposed subletting shall expire within the last twelve (12) months of the then Term.

 

(c)          If
Landlord exercises its option under Section 5.02(b)(ii) to terminate this Lease, then this Lease shall terminate on
the later of (i) the date that is 60 days after Landlord’s receipt of the applicable Tenant’s Offer Notice and (ii)
the proposed assignment or sublease commencement date specified in the applicable Tenant’s Offer Notice, and all Rent shall
be paid and apportioned to such termination date.

 

(d)          If
Landlord exercises its option under Section 5.02(b)(iii) to terminate this Lease with respect to the space covered
by a proposed sublease for all or substantially all of the then-remaining Term, then (i) this Lease shall terminate with respect
to such part of the Premises on the later of (x) the date that is 60 days after Landlord’s receipt of the applicable Tenant’s
Offer Notice and (y) the proposed sublease commencement date specified in the applicable Tenant’s Offer Notice; (ii) from
and after such termination date the Rent shall be adjusted, based upon the proportion that the rentable area of the Premises remaining
bears to the total rentable area of the Premises prior to such termination and (iii) Tenant shall pay to Landlord, within
30 days after demand and completion, the reasonable costs incurred by Landlord in demising separately such part of the Premises
and in complying with any Laws relating to such demise.

 

(e)          If
Landlord exercises its option under Section 5.02(b)(i) to sublet the space Tenant desires to sublet, such sublease
to Landlord or its designee (as sublessee) shall be in form and substance reasonably satisfactory to Landlord at the lower of (i)
the rental rate per rentable square foot of Fixed Rent and Additional Charges then payable pursuant to this Lease or (ii) the rental
rate per rentable square foot set forth in the applicable Tenant’s Offer Notice with respect to such sublet space, and shall
be for the term set forth in the applicable Tenant’s Offer Notice (except that such term shall commence on the date that
is 60 days after Landlord’s receipt of the applicable Tenant’s Offer Notice if such date is later than the proposed
commencement date set forth in such Tenant’s Offer Notice), and:

 

(A)         shall
be subject to all of the terms and conditions of this Lease except such as are irrelevant or inapplicable, and except as otherwise
expressly set forth to the contrary in this Section 5.02(e);

 

(B)         shall
be upon the same terms and conditions as those contained in the applicable Tenant’s Offer Notice (including all rent abatements
and other tenant inducements set forth therein) and otherwise on the terms and conditions of this Lease, except such as are irrelevant
or inapplicable and except as otherwise expressly set forth to the contrary in this Section 5.02(e);

 

    	 	- 52 -	 

     

    

 

(C)         shall
permit the sublessee, without Tenant’s consent, freely to assign such sublease or any interest therein or to sublet all or
any part of the space covered by such sublease and to make any and all alterations and improvements in the space covered by such
sublease; provided, that (1) Tenant shall have no removal, restoration or repair obligations under Section 4.03 hereof with
respect to such alterations and improvements in such space made by such sublessee and (2) the sublessee shall be subject to such
restoration obligations as are set forth in the applicable Tenant’s Offer Notice;

 

(D)         shall
provide that any assignee or further sublessee of Landlord or its designee may, at the election of Landlord, make alterations,
decorations and installations in such space or any part thereof, any or all of which may be removed, in whole or in part, by such
assignee or sublessee, at its option, prior to or upon the expiration or other termination of such sublease, provided that (1)
such assignee or sublessee, at its expense, shall repair any damage caused by such removal, (2) Tenant shall have no removal, restoration
or repair obligations under Section 4.03 hereof with respect to such alterations, decorations and installations in such
space made by such assignee or sublessee and (3) Landlord or its designee shall remain subject to such restoration obligations
as are set forth in the applicable Tenant’s Offer Notice; and

 

(E)         shall
provide that (1) the parties to such sublease expressly negate any intention that any estate created under such sublease be
merged with any other estate held by either of said parties, (2) any assignment or subletting by Landlord or its designee
(as the sublessee) may be for any purpose or purposes that Landlord shall deem appropriate, (3) Landlord, at Tenant’s
expense, may make such alterations as may be required or deemed necessary by Landlord to demise separately the subleased space
and to comply with any Laws relating to such demise, and (4) at the expiration of the term of such sublease, Tenant shall
accept the space covered by such sublease in its then existing condition, subject to the obligations of the sublessee to make such
repairs thereto as may be necessary to preserve such space in good order and condition and to such restoration obligations as are
set forth to be imposed on such sublessee in the applicable Tenant’s Offer Notice. If Landlord is unable to give Tenant possession
of the space covered by such sublease at the expiration of the term of the sublease by reason of the holding over or retention
of possession of any tenant or other occupant through Landlord, then, provided Tenant otherwise has surrendered the balance of
the Premises to Landlord as required under this Lease, Tenant shall be deemed to have delivered possession of the Premises to Landlord
upon the Expiration Date and shall not be deemed a holdover under this Lease.

 

If Landlord shall
enter into a sublease pursuant to its option under Section 5.02(b)(i), Tenant shall be released from all obligations and
liabilities under this Lease to the extent pertaining to the space subleased by Landlord that accrue from and after the commencement
date of such sublease through the expiration date or earlier termination date of such sublease to the extent, and only to the extent,
Landlord is obligated to perform such obligations or Landlord has assumed such liabilities, as the case may be, pursuant to the
terms of such sublease to Landlord.

 

    	 	- 53 -	 

     

    

 

(f)          In
the case of a proposed sublease, Tenant shall not sublet any space to a third party (i) at a Net Effective Rental which is less
(on a per rentable square foot basis) than 90% of the Net Effective Rental (on a per rentable square foot basis) specified in Tenant’s
Offer Notice with respect to such space or (ii) on terms which include different proportionate shares, base years and/or base amounts
for any escalation rent or (iii) for a term commencing later than 9 months after the date of the proposed commencement date set
forth in Tenant’s Offer Notice, without, in any such case, complying once again with all of the provisions of this Section
5.02 and re-offering such space to Landlord at such lower rental or on such terms. In the case of a proposed assignment, Tenant
shall not assign this Lease to a third party (i) on economic terms (including any consideration paid or received by Tenant and
any concessions granted by Tenant) that differ, on a net effective basis, by more than 10% from the economic terms (including any
consideration paid or received by Tenant and any concessions granted by Tenant) specified in Tenant’s Offer Notice or (ii)
on terms including an effective date occurring later than 9 months after the date of the proposed effective date set forth in Tenant’s
Offer Notice, without, in either case, complying once again with all of the provisions of this Section 5.02 and re-offering
to assign this Lease to Landlord on such terms. “Net Effective Rental” means, with respect to any desired or
actual sublease, one year’s worth of the amortized cash flow which would be derived from such sublease, determined by spreading
the Net Present Rent Value of such sublease ratably on a monthly basis over the term of such desired or actual sublease using the
Interest Rate in effect as of the date of Tenant’s Offer Notice. “Net Present Rent Value” means, with
respect to any such sublease, the net present value, determined as of the desired or actual commencement date of such desired or
actual sublease, using a discount rate of the Interest Rate in effect as of the date of Tenant’s Offer Notice, of the aggregate
of all rent and additional rent (other than any escalation rent calculated by determining increases over a base year or base amount,
which shall be addressed pursuant to clause (ii) above of this Section 5.02(f)) payable to Tenant under the desired
or actual sublease, discounted from the date that any such payment would have been made under such desired or actual sublease to
the commencement date of such desired or actual sublease, after deducting therefrom the amount of all tenant inducements (such
as, by way of example only, direct payments, work allowances, work letters and rent abatements) that are (or will be) granted to
the subtenant thereunder, discounted from the date that such tenant inducements were to have been given to the commencement date
of such desired or actual sublease.

 

(g)          If
Landlord does not timely exercise any of Landlord’s options under this Section 5.02, and if Tenant has not within
270 days after the giving of the applicable Tenant’s Offer Notice entered into a binding agreement to sublease or assign
(which sublease or assignment shall be conditioned upon Landlord’s consent thereto), then Tenant shall not sublet any space
to a third party or assign this Lease to a third party (other than pursuant to Sections 5.01(b) or (c)) without complying
once again with all of the provisions of this Section 5.02 and re-offering such space to Landlord.

 

    	 	- 54 -	 

     

    

 

5.03         Assignment
and Subletting Procedures. (a)  If Tenant delivers to Landlord a Tenant’s Offer Notice with respect to
any proposed assignment of this Lease or subletting of all or part of the Premises and Landlord does not timely exercise any of
its options under Section 5.02, and Tenant thereafter desires to assign this Lease or sublet the space specified in Tenant’s
Offer Notice, Tenant shall notify Landlord (a “Transfer Notice”) of such desire, which notice shall be accompanied
by (i) a copy of the proposed general form of assignment or sublease and all related agreements, or an agreed term sheet which
does not have to be signed by Tenant and the proposed subtenant or assignee, (ii) a statement setting forth in reasonable detail
the identity of the proposed assignee or subtenant, the nature of its business and its proposed use of the Premises, (iii) current
financial information with respect to the proposed assignee or subtenant, including without limitation, its most recent financial
statements and (iv) such other information as Landlord may reasonably request, and Landlord’s consent to the proposed assignment
or sublease shall not be unreasonably withheld or delayed, provided that:

 

(i)          In
Landlord’s reasonable judgment the proposed assignee or subtenant will use the Premises in a manner that (A) is in keeping
with the then standards of the Building, (B) is limited to the use expressly permitted under this Lease, and (C) will
not violate any negative covenant as to a particular use contained in any other lease of space in the Building notice of which
has been previously delivered to Tenant (and provided that general office uses may not be so prohibited).

 

(ii)         The
proposed assignee or subtenant is, in Landlord’s judgment, a reputable person or entity with sufficient financial worth considering
the responsibility involved.

 

(iii)        To
the extent Landlord then has available or reasonably expects within the next 4 months to have available, comparable space in the
Building for a comparable term, neither the proposed assignee or sublessee, nor any affiliate of such assignee or sublessee, is
then a tenant or occupant of any part of the Building.

 

(iv)        To
the extent Landlord then has available or reasonably expects within the next 4 months to have available, comparable space in the
Building for a comparable term, the proposed assignee or sublessee is not a person with whom Landlord is then negotiating or has
within the prior 6 months negotiated to lease space in the Building.

 

(v)         There
shall not be more than 4 occupants (including Tenant) on the 37th Floor Premises, or more than 2 subtenants on the 40th Floor Premises.

 

(vi)        Tenant
shall reimburse Landlord within 30 days after demand for any reasonable costs incurred by Landlord in connection with said assignment
or sublease, including, without limitation, the costs of making investigations as to the acceptability of the proposed assignee
or subtenant, and legal costs incurred in connection with the granting of any requested consent.

 

Notwithstanding
anything to the contrary contained herein, clauses (iii) and (iv) of this Section 5.03(a) shall not apply
from and after the date that Tenant completes Tenant’s Initial Work (as defined in the 55 HY Lease) under the 55 HY Lease,
and legally occupies the Premises (as defined in the 55 HY Lease) for the conduct of Tenant’s business so long as Tenant
is an Intercept Tenant.

 

    	 	- 55 -	 

     

    

 

(b)          Landlord
shall, within 30 days following receipt of a Transfer Notice from Tenant, advise Tenant of Landlord’s approval or disapproval
of such proposed assignment or sublease. If Landlord shall fail to approve or disapprove such proposed assignment or sublease within
such 30 day period, Tenant may give to Landlord a notice of such failure which shall contain a legend in not less than 14 point
font bold upper case letters as follows: “FAILURE TO APPROVE OR DISAPPROVE THE PROPOSED [ASSIGNMENT/SUBLEASE] WITHIN 5
BUSINESS DAYS SHALL RESULT IN LANDLORD’S DEEMED APPROVAL OF SUCH [ASSIGNMENT/SUBLEASE]”, and, if Landlord shall
fail to approve or disapprove such proposed assignment or sublease within such 5 Business Day period, Landlord shall be deemed
to have consented to the assignment or sublease in question. If Landlord consents to a proposed assignment or sublease and Tenant
fails to execute and deliver the assignment or sublease to which Landlord consented within 90 days after the giving of such consent,
then Tenant shall again comply with this Article 5 before assigning this Lease or subletting all or part of the Premises.

 

5.04         General
Provisions. (a)  If this Lease is assigned, whether or not in violation of this Lease, Landlord may collect rent
from the assignee. If the Premises or any part thereof are sublet or occupied by anybody other than Tenant, whether or not in violation
of this Lease, Landlord may, after default by Tenant, and expiration of Tenant’s time to cure such default, collect rent
from the subtenant or occupant. In either event, Landlord may apply the net amount collected against Rent, but no such assignment,
subletting, occupancy or collection shall be deemed a waiver of any of the provisions of Section 5.01(a), or the acceptance
of the assignee, subtenant or occupant as tenant, or a release of Tenant from the performance of Tenant’s obligations under
this Lease.

 

(b)          No
assignment or transfer shall be effective until the assignee delivers to Landlord an agreement in form and substance satisfactory
to Landlord whereby the assignee assumes Tenant’s obligations under this Lease effective as of the date of such assignment.
Prior to the effective date of such assignment, the assignee shall deliver to Landlord evidence that the assignee, as Tenant hereunder,
has complied with the requirements of Sections 7.02 and 7.03.

 

(c)          Notwithstanding
any assignment or transfer, whether or not in violation of this Lease, and notwithstanding the acceptance of any Rent by Landlord
from an assignee, transferee, or any other party, the original named Tenant and each successor Tenant shall remain fully liable
for the payment of the Rent and the performance of all of Tenant’s other obligations under this Lease. The joint and several
liability of Tenant and any immediate or remote successor in interest of Tenant shall not be discharged, released or impaired in
any respect by any agreement made by Landlord extending the time to perform, or otherwise modifying, any of the obligations of
Tenant under this Lease, or by any waiver or failure of Landlord to enforce any of the obligations of Tenant under this Lease;
provided, that in the case of any modification of this Lease made after the date of an assignment or transfer (other than pursuant
to Section 5.01(b) or Section 5.01(c)), if such modification increases or enlarges the obligations of Tenant, other
than to a de minimis extent, then any prior Tenant under this Lease shall not be liable under or bound by such increase
or enlargement to which it has not consented (but shall continue to be liable under this Lease as though such modification were
never made).

 

    	 	- 56 -	 

     

    

 

(d)          Each
subletting by Tenant shall be subject to the following:

 

(i)          No
subletting shall be for a term (including any renewal or extension options contained in the sublease) ending later than one day
prior to the applicable Expiration Date.

 

(ii)         No
sublease shall be valid, and no subtenant shall take possession of the Premises or any part thereof, until there has been delivered
to Landlord, both (A) an executed counterpart of such sublease, and (B) a certificate of insurance evidencing that (x)
Landlord is an additional insured under the insurance policies required to be maintained by occupants of the Premises pursuant
to Section 7.02, and (y) there is in full force and effect, the insurance otherwise required by Sections 7.02
and 7.03.

 

(iii)        Subject
to Section 5.06, each sublease shall provide that it is subject and subordinate to this Lease, and that in the event of
termination, reentry or dispossess by Landlord under this Lease, Landlord may, at its option, take over all of the right, title
and interest of Tenant, as sublessor, under such sublease, and such subtenant shall, at Landlord’s option, attorn to Landlord
pursuant to the then executory provisions of such sublease, except that Landlord shall not be liable for, subject to or bound by
any item or matter of the type that a Successor Landlord is not so liable for, subject to or bound by in the case of an attornment
by Tenant to a Successor Landlord under Section 6.01(a).

 

(e)          Each
sublease shall provide that the subtenant may not assign its rights thereunder or further sublet the space demised under the sublease,
in whole or in part, without Landlord’s consent and without complying with all of the terms and conditions of this Article
5, including, without limitation, Section 5.04, which for purposes of this Section 5.04(e) shall be deemed to
be appropriately modified to take into account that the transaction in question is an assignment of the sublease or a further subletting
of the space demised under the sublease, as the case may be. Notwithstanding the foregoing, any direct subtenant of Tenant (but
not an indirect subtenant of Tenant (i.e., a subtenant of a subtenant)) subleasing at least 50% of the rentable square footage
of the 37th Floor Premises shall be permitted to further sublease the portion of the Premises sublet by such subtenant, in whole
or in part, or to assign its sublease, under the same terms and conditions as Tenant would be subject to under this Lease, except
that the rights granted to Tenant under Section 5.06 shall not be available to any subtenant.

 

(f)          Tenant
shall not publicly advertise the availability of the Premises or any portion thereof as sublet space or by way of an assignment
of this Lease, without first obtaining Landlord’s consent (but Tenant may list with reputable brokers or include in trade
or industry computerized listing services the Premises without Landlord’s approval), which consent shall not be unreasonably
withheld or delayed provided that Tenant shall in no event advertise a proposed rental rate for all or any portion of the Premises
or any description of such a rental rate.

 

    	 	- 57 -	 

     

    

 

5.05         Assignment
and Sublease Profits. (a)  If the aggregate of the amounts payable as fixed rent and as additional rent on account
of PILOT, Additional Tax Payments, Impositions, Taxes, Operating Expenses and electricity by a subtenant under a sublease of any
part of the Premises (excluding a sublease made pursuant to Sections 5.01(c)) and the amount of any Other Sublease Consideration
payable to Tenant by such subtenant, whether received in a lump-sum payment or otherwise, shall be in excess of Tenant’s
Basic Cost therefor at that time then, promptly after the collection thereof, Tenant shall pay to Landlord in monthly installments
as and when collected, as Additional Charges, 50% of such excess. Tenant shall deliver to Landlord within 60 days after the end
of each calendar year and within 60 days after the expiration or earlier termination of this Lease a statement specifying each
sublease in effect during such calendar year or partial calendar year, the rentable area demised thereby, the term thereof and
a computation in reasonable detail showing the calculation of the amounts paid and payable by the subtenant to Tenant, and by Tenant
to Landlord, with respect to such sublease for the period covered by such statement. “Tenant’s Basic Cost”
for sublet space at any time means the sum of (i) the portion of the Fixed Rent and Recurring Additional Charges which is attributable
to the sublet space, plus (ii) the amount payable by Tenant on account of electricity in respect of the sublet space, plus (iii)
the amount of any costs reasonably incurred by Tenant in making changes in the layout and finish of the sublet space for the subtenant
and any work allowance granted by Tenant to the subtenant, plus (iv) the amount of any actual reasonable brokerage commissions
(it being agreed that 150% of one full standard commission on a sublease transaction involving co-brokers is a reasonable commission)
and reasonable legal fees or any other marketing costs associated with subleasing the space paid by Tenant in connection with the
sublease. “Other Sublease Considerations” means all sums paid for the furnishing of services by Tenant and the
sale or rental of Tenant’s fixtures, leasehold improvements, equipment, furniture or other personal property (excluding any
of the same which were part of Tenant’s Initial Work) less, in the case of the sale thereof, the then net unamortized or
undepreciated cost thereof, amortized or depreciated in accordance with GAAP.

 

(b)          Upon
any assignment of this Lease (other than an assignment made pursuant to Sections 5.01(b) or (c)), Tenant shall pay
to Landlord 50% of the Assignment Consideration received by Tenant for such assignment, after deducting therefrom customary and
reasonable closing expenses. “Assignment Consideration” means an amount equal to all sums and other considerations
paid to Tenant by the assignee for or by reason of such assignment (including, without limitation, sums paid for the furnishing
of services by Tenant and the sale or rental of Tenant’s fixtures, leasehold improvements, equipment, furniture, furnishings
or other personal property (excluding any of the same which were part of Tenant’s Initial Work), less, in the case of a sale
thereof, the then net unamortized or undepreciated cost thereof, amortized or depreciated in accordance with GAAP).

 

(c)          At
Landlord’s option, exercisable by written notice to Tenant at any time, the provisions of Section 5.05(a) and Section
5.05(b) shall be automatically null and void.

 

    	 	- 58 -	 

     

    

 

5.06         Eligible
Subtenant; Non-Disturbance. (a)  Landlord shall, within 30 days after Tenant’s written request (which request
shall be accompanied by a fully executed counterpart of the Eligible Sublease and such other information and certifications as
Landlord may reasonably request in order to determine that the conditions of this Section 5.06 have been satisfied), deliver
to Tenant and the subtenant under the Eligible Sublease (the “Eligible Subtenant”) a non-disturbance agreement
substantially in the form attached hereto as Exhibit S (a “Landlord’s Non-Disturbance Agreement”).
Following the subtenant’s execution and delivery of the Landlord’s Non-Disturbance Agreement, Landlord shall promptly
execute and deliver a counterpart to the subtenant. Landlord’s actual reasonable out-of-pocket costs and expenses in connection
with the foregoing (including, without limitation, reasonable attorney’s fees) shall be paid by Tenant within 30 days after
receipt of an invoice therefor.

 

(b)          As
used herein, “Eligible Sublease” shall mean a direct sublease which (A) is between Tenant and a subtenant which
is not an affiliate of Tenant, and, as of the execution of the Eligible Sublease, has a net worth, computed in accordance with
GAAP, equal to or greater than 30 times the sum of the annual Fixed Rent then payable hereunder and all of the Additional Charges
payable for the preceding calendar year, in each case, allocable to the portion of the Premises that is the subject of the Eligible
Sublease (without giving effect to any free rent or rent abatement), (B) demises the entire 37th Floor Premises and
(D) has an initial sublease term (i.e., not including any renewals) that expires on the day immediately preceding the 37th Floor
Expiration Date.

 

Notwithstanding anything
to the contrary herein contained, it is understood and agreed that Landlord shall have no obligation to deliver a Landlord’s
Non-Disturbance Agreement during the continuance of any default which continues beyond applicable notice and cure periods.

 

5.07         Disputes.
Any dispute between Landlord and Tenant arising under this Article 5 shall be resolved by arbitration conducted in accordance
with the provisions of Section 8.09.

 

ARTICLE 6

Subordination; Default; Indemnity

 

6.01         Subordination.
(a)  Subject to the provisions of Section 6.01(c), this Lease is subject and subordinate to each mortgage (a “Superior Mortgage”)
and each underlying lease (a “Superior Lease”) which may now or hereafter affect all or any portion of
the Project or any interest therein and to each document or instrument to which any such Superior Mortgage or Superior Lease is
subordinate. The lessor under a Superior Lease is called a “Superior Lessor” and the mortgagee under a Superior
Mortgage is called a “Superior Mortgagee”. Tenant shall execute, acknowledge and deliver any commercially reasonable
instrument reasonably requested by Landlord, a Superior Lessor or Superior Mortgagee to evidence such subordination, but no such
instrument shall be necessary to make such subordination effective (provided, that such instrument shall not violate the conditions
described in clauses (i) through (iv) of the immediately succeeding sentence). Tenant shall execute any amendment of this
Lease requested by a Superior Mortgagee or a Superior Lessor, provided such amendment shall not (i) reduce or extend the Term,
(ii) increase the Rent, (iii) reduce the area of the Premises, or (iv) other than to a de minimis extent, increase Tenant’s
obligations or decrease Tenant’s rights under this Lease. In the event of the enforcement by a Superior Mortgagee of the
remedies provided for by law or by such Superior Mortgage, or in the event of the termination or expiration of a Superior Lease,
Tenant, upon request of such Superior Mortgagee, Superior Lessor or any person succeeding to the interest of such mortgagee or
lessor (each, a “Successor Landlord”), shall automatically become the tenant of such Successor Landlord without
change in the terms or provisions of this Lease (it being understood that Tenant shall, if requested, enter into a new lease on
terms identical to those in this Lease); provided, that any Successor Landlord shall not be (i) liable for any act, omission
or default of any prior landlord (including, without limitation, Landlord), except to the extent that any such non-monetary default
of an obligation of Landlord under this Lease continues after the date that Successor Landlord succeeds to Landlord’s interest
in the Project and Successor Landlord has been given written notice and a reasonable opportunity to cure same; (ii) liable
for the return of any moneys paid to or on deposit with any prior landlord (including, without limitation, Landlord), except to
the extent such moneys or deposits are delivered to such Successor Landlord; (iii) subject to any offset, claims or defense that
Tenant might have against any prior landlord (including, without limitation, Landlord); (iv) bound by any Rent which Tenant
might have paid for more than the current month to any prior landlord (including, without limitation, Landlord); (v) bound by any
covenant to perform or complete any construction in connection with the Project or the Premises or to pay any sums to Tenant in
connection therewith; (vi) bound by any obligation to make any payment to Tenant; or (vii) bound by any waiver or forbearance under,
or any amendment, modification, abridgment, cancellation or surrender of, this Lease made without the consent of such Successor
Landlord. Upon request by such Successor Landlord, Tenant shall execute and deliver an instrument or instruments, reasonably requested
by such Successor Landlord (at no out-of-pocket cost to Tenant other than any legal fees Tenant may incur in connection therewith),
confirming the attornment provided for herein, but no such instrument shall be necessary to make such attornment effective.

 

    	 	- 59 -	 

     

    

 

(b)          Tenant
shall give each Superior Mortgagee and each Superior Lessor a copy of any notice of default served upon Landlord, provided that
Tenant has been notified of the address of such mortgagee or lessor. If Landlord fails to cure any default as to which Tenant is
obligated to give notice pursuant to the preceding sentence within the time provided for in this Lease, then each such mortgagee
or lessor shall have an additional 30 days after receipt of such notice within which to cure such default or, if such default cannot
be cured within that time, then such additional time as may be necessary if, within such 30 days, any such mortgagee or lessor
has commenced and is diligently pursuing the remedies necessary to cure such default (including, without limitation, commencement
of foreclosure proceedings or eviction proceedings, if necessary to effect such cure), in which event this Lease shall not be terminated
and Tenant shall not exercise any other rights or remedies under this Lease or otherwise while such remedies are being so diligently
pursued. Nothing herein shall be deemed to imply that Tenant has any right to terminate this Lease or any other right or remedy,
except as may be otherwise expressly provided for in this Lease.

 

(c)          Landlord
represents to Tenant that, as of the date of this Lease, there are no Superior Mortgages or Superior Leases affecting the Project
except for Superior Mortgages and Superior Leases in connection with a financing arrangement with the IDA and Superior Mortgages
in connection with a financing with Deutsche Bank AG, New York Branch and Goldman Sachs Mortgage Company.

 

    	 	- 60 -	 

     

    

 

6.02        Estoppel Certificate.
Each party shall, at any time and from time to time, within 10 Business Days after request by the other party, execute and
deliver to the requesting party (or to such person or entity as the requesting party may designate) a statement certifying that
this Lease is unmodified and in full force and effect (or if there have been modifications, that the same is in full force and
effect as modified and stating the modifications), certifying the Rent Commencement Date, Expiration Date, the rentable square
footage of each floor and each partial floor of the Premises as determined in accordance with Article 1 of this Lease, and
the dates to which the Fixed Rent and Additional Charges have been paid and stating whether or not, to the actual knowledge of
the party signing such statement, the other party is in default in performance of any of its obligations under this Lease, and,
if so, specifying each such default of which such party has knowledge, it being intended that any such statement shall be deemed
a representation and warranty to be relied upon by the party to whom such statement is addressed. Each party also shall include
or confirm in any such statement such other information concerning this Lease as the other party may reasonably request.

 

6.03        Default.
This Lease and the term and estate hereby granted are subject to the limitation that:

 

(a)          if
Tenant defaults in the payment of any Rent, and such default continues for (i) with respect to Fixed Rent and/or Additional Tax
Payments, Impositions Payments, Operating Payments and either PILOT Payments or Tax Payments, as applicable, 5 Business Days after
Landlord gives to Tenant a notice specifying such default or (ii) with respect to Additional Charges other than those described
in clause (i) above, 10 Business Days after Landlord gives to Tenant a notice specifying such default, or

 

(b)          if
Tenant defaults in the keeping, observance or performance of any covenant or agreement contained in this Lease (other than a default
of the character referred to in Sections 6.03(a), (c), (d), or (e)), and if such default continues
and is not cured within 30 days after Landlord gives to Tenant a notice specifying the same, or, in the case of a default which
for causes beyond Tenant’s reasonable control cannot with due diligence be cured within such period of 30 days, if Tenant
shall not during such period, (i) advise Landlord of Tenant’s intention duly to institute all steps necessary to cure such
default and (ii) institute and thereafter diligently prosecute to completion all steps necessary to cure the same, or

 

(c)          if
this Lease or the estate hereby granted would, by operation of law or otherwise, devolve upon or pass to any person or entity other
than Tenant, except as expressly permitted by Article 5, or

 

(d)          if
Tenant shall abandon the Premises (and the fact that any of Tenant’s Property remains in the Premises shall not be evidence
that Tenant has not abandoned the Premises), or

 

(e)          if
a default shall occur and have been cured, and if a similar default shall occur and have been cured, then if a third similar default
shall occur within 365 days after the occurrence of the first such default, whether or not such third default is cured within the
applicable grace period, or

 

    	 	- 61 -	 

     

    

 

(f)          if
Tenant fails to deliver to Landlord the Letter of Credit within 30 days of the date of this Lease in accordance with Section
2.11(a),

 

then, in any of such cases, in addition to
any other remedies available to Landlord at law or in equity, Landlord shall be entitled to give to Tenant a notice of intention
to terminate this Lease at the expiration of 5 Business Days from the date of the giving of such notice, and, in the event such
notice is given, this Lease and the term and estate hereby granted shall terminate upon the expiration of such 5 Business Days
with the same effect as if the last of such 5 Business Days were the Expiration Date, but Tenant shall remain liable for damages
as provided herein or pursuant to law. Landlord agrees that any notice of default required to be delivered under clauses (a)
and (b) above shall (i) specify the applicable default and (ii) if monetary in nature, specify the amount required to be
paid to cure such default.

 

6.04        Re-entry by Landlord.
If Tenant defaults in the payment of any Rent and such default continues for 5 Business Days following notice from Landlord specifying
such default, or if this Lease shall terminate as in Section 6.03 provided, Landlord or Landlord’s agents may
immediately or at any time thereafter re-enter into or upon the Premises, or any part thereof, either by summary dispossess proceedings
or by any suitable action or proceeding at law, without being liable to indictment, prosecution or damages therefor, and may repossess
the same, and may remove any persons therefrom, to the end that Landlord may have, hold and enjoy the Premises. The words “re-enter”
and “re-entering” as used in this Lease are not restricted to their technical legal meanings. Upon such termination
or re-entry, Tenant shall pay to Landlord any Rent then due and owing (in addition to any damages payable under Section 6.05).

 

6.05        Damages.
If this Lease is terminated under Section 6.03, or if Landlord re-enters the Premises under Section 6.04, Tenant
shall pay to Landlord as damages, at the election of Landlord, either:

 

(a)          a
sum which, at the time of such termination, represents the then value of the excess, if any, of (1) the aggregate of the Rent which,
had this Lease not terminated, would have been payable hereunder by Tenant for the period commencing on the day following the date
of such termination or re-entry to and including the Expiration Date over (2) the aggregate fair rental value of the Premises for
the same period (for the purposes of this clause (a) the amount of Recurring Additional Charges shall, for each calendar
year ending after such termination or re-entry, be deemed to be an amount equal to the amount of Recurring Additional Charges payable
by Tenant for the calendar year immediately preceding the calendar year in which such termination or re-entry shall occur), or

 

    	 	- 62 -	 

     

    

 

(b)          sums
equal to the Rent that would have been payable by Tenant through and including the Expiration Date had this Lease not terminated
or had Landlord not re-entered the Premises, payable upon the due dates therefor specified in this Lease; provided, that
if Landlord shall relet all or any part of the Premises for all or any part of the period commencing on the day following the date
of such termination or re-entry to and including the Expiration Date, Landlord shall credit Tenant with the net rents received
by Landlord from such reletting, such net rents to be determined by first deducting from the gross rents as and when received by
Landlord from such reletting the expenses incurred or paid by Landlord in terminating this Lease and of re-entering the Premises
and of securing possession thereof, as well as the expenses of reletting, including, without limitation, altering and preparing
the Premises for new tenants, brokers’ commissions, and all other expenses properly chargeable against the Premises and the
rental therefrom in connection with such reletting, it being understood that any such reletting may be for a period equal to or
shorter or longer than said period; provided, further, that (i) in no event shall Tenant be entitled to receive any
excess of such net rents over the sums payable by Tenant to Landlord under this Lease, (ii) in no event shall Tenant be entitled,
in any suit for the collection of damages pursuant to this Section 6.05(b), to a credit in respect of any net rents
from a reletting except to the extent that such net rents are actually received by Landlord on account of any period that is the
subject of such suit, (iii) if the Premises or any part thereof should be relet in combination with other space, then proper apportionment
on a square foot rentable area basis shall be made of the rent received from such reletting and of the expenses of reletting, and
(iv) Landlord shall have no obligation to so relet the Premises and Tenant hereby waives any right Tenant may have, at law or in
equity, to require Landlord to so relet the Premises.

 

Suit or suits for the recovery of any damages
payable hereunder by Tenant, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing
contained herein shall require Landlord to postpone suit until the date when the Term would have expired but for such termination
or re-entry.

 

6.06        Other Remedies.
(a)  Nothing contained in this Lease shall be construed as limiting or precluding the recovery by Landlord against Tenant
of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason
of any default hereunder on the part of Tenant. Anything in this Lease to the contrary notwithstanding, during the continuation
of any default by Tenant, Tenant shall not be entitled to exercise any rights or options, or to receive any funds or proceeds being
held, under or pursuant to this Lease.

 

(b)          Anything
contained in this Lease to the contrary notwithstanding, in no event shall Tenant or Landlord be entitled to claim or recover any
consequential, exemplary or punitive damages from the other in any action arising under this Lease (except as set forth in Section
6.10).

 

6.07        Right to Injunction.
In the event of any breach or threatened breach by Tenant or Landlord of any of its obligations under this Lease, the other party
shall also have the right of injunction or, subject to the terms of this Lease, to invoke any other right or remedy available at
law or in equity. The specified remedies to which Landlord may resort hereunder are cumulative and are not intended to be exclusive
of any other remedies or means of redress to which Landlord may lawfully be entitled, and Landlord may invoke any remedy allowed
at law or in equity as if specific remedies were not herein provided for.

 

6.08        Certain Waivers.
Tenant waives and surrenders all right and privilege that Tenant might have under or by reason of any present or future law to
redeem the Premises or to have a continuance of this Lease after Tenant is dispossessed or ejected therefrom by process of law
or under the terms of this Lease or after any termination of this Lease. Tenant also waives the provisions of any law relating
to notice and/or delay in levy of execution in case of any eviction or dispossession for nonpayment of rent, and the provisions
of any successor or other law of like import. Landlord and Tenant each waive trial by jury in any action in connection with this
Lease.

 

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6.09         No Waiver.
Failure by either party to declare any default immediately upon its occurrence or delay in taking any action in connection with
such default shall not waive such default but such party shall have the right to declare any such default at any time thereafter.
Any amounts paid by Tenant to Landlord may be applied by Landlord, in Landlord’s discretion, to any items then owing by Tenant
to Landlord under this Lease. Receipt by Landlord of a partial payment shall not be deemed to be an accord and satisfaction (notwithstanding
any endorsement or statement on any check or any letter accompanying any check or payment) nor shall such receipt constitute a
waiver by Landlord of Tenant’s obligation to make full payment. No act or thing done by Landlord or its agents shall be deemed
an acceptance of a surrender of the Premises, and no agreement to accept such surrender shall be valid unless in writing and signed
by Landlord and by each Superior Lessor and Superior Mortgagee whose lease or mortgage provides that any such surrender may not
be accepted without its consent.

 

6.10         Holding Over.
(i) If Tenant holds over in the 40th Floor Premises without the consent
of Landlord after the 40th Floor Expiration Date or earlier termination of this Lease, Tenant shall (a) pay as holdover rental
for each month of the holdover tenancy an amount equal to the Applicable Percentage multiplied by the greater of (i) the fair market
rental value of the 40th Floor Premises for such month (as reasonably determined by Landlord) or (ii) the Rent which Tenant was
obligated to pay for the 40th Floor Premises for the month immediately preceding the end of the Term; and (b) if such holding over
shall continue for more than ninety (90) days following the 40th Floor Expiration Date, be liable to Landlord for and indemnify
Landlord against (i) any payment or rent concession which Landlord may be required to make to any tenant obtained by Landlord for
all or any part of the Premises (a “New Tenant”) by reason of the late delivery of space to the New Tenant
as a result of Tenant’s holding over or in order to induce such New Tenant not to terminate its lease by reason of the holding
over by Tenant, (ii) the loss of the benefit of the bargain if any New Tenant shall terminate its lease by reason of the holding
over by Tenant and (iii) any claim for damages by any New Tenant. No holding over by Tenant after the Term shall operate to extend
the Term, and the acceptance of any rent paid by Tenant pursuant to this Section 6.10 shall not preclude Landlord from commencing
and prosecuting a holdover or summary eviction proceeding. The provisions of this Section 6.10 shall be deemed to be an
“agreement expressly providing otherwise” within the meaning of Section 232-c of the Real Property Law of the State
of New York. Tenant expressly waives, for itself and for any person or entity claiming through or under Tenant, any rights which
Tenant or any such person or entity may have under the provisions of Section 2201 of the New York Civil Practice Law and Rules
and of any successor law of like import then in force, in connection with any holdover summary proceedings which Landlord may institute
to enforce the provisions of this Lease. “Applicable Percentage” means (x) for any period of such holdover commencing
after the expiration or termination of this Lease through the 60th such day, 125%, (y) for the next 60 days of such holdover, 150%,
and (z) thereafter, 200%.

 

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(ii)         If
Tenant holds over in the 37th Floor Premises without the consent of Landlord after the 37th Floor Expiration Date or earlier termination
of this Lease, Tenant shall (a) pay as holdover rental for each month of the holdover tenancy an amount equal to the Applicable
Percentage multiplied by the greater of (i) the fair market rental value of the 37th Floor Premises for such month (as reasonably
determined by Landlord) or (ii) the Rent which Tenant was obligated to pay for the 37th Floor Premises for the month immediately
preceding the end of the Term; and (b) if such holding over shall continue for more than ninety (90) days following the 37th Floor
Expiration Date, be liable to Landlord for and indemnify Landlord against (i) any payment or rent concession which Landlord may
be required to make to any New Tenant by reason of the late delivery of space to the New Tenant as a result of Tenant’s holding
over or in order to induce such New Tenant not to terminate its lease by reason of the holding over by Tenant, (ii) the loss of
the benefit of the bargain if any New Tenant shall terminate its lease by reason of the holding over by Tenant and (iii) any claim
for damages by any New Tenant. No holding over by Tenant after the Term shall operate to extend the Term, and the acceptance of
any rent paid by Tenant pursuant to this Section 6.10 shall not preclude Landlord from commencing and prosecuting a holdover
or summary eviction proceeding. The provisions of this Section 6.10 shall be deemed to be an “agreement expressly
providing otherwise” within the meaning of Section 232-c of the Real Property Law of the State of New York. Tenant expressly
waives, for itself and for any person or entity claiming through or under Tenant, any rights which Tenant or any such person or
entity may have under the provisions of Section 2201 of the New York Civil Practice Law and Rules and of any successor law of like
import then in force, in connection with any holdover summary proceedings which Landlord may institute to enforce the provisions
of this Lease. “Applicable Percentage” means (x) for any period of such holdover commencing after the expiration
or termination of this Lease through the 60th such day, 125%, (y) for the next 60 days of such holdover, 150%, and (z) thereafter,
200%.

 

6.11         Attorneys’ Fees.
If any action or proceeding is brought by Landlord or Tenant to enforce its rights under this Lease, the prevailing party in such
action shall be entitled to collect its reasonable attorneys’ fees and costs of suit from the other party.

 

6.12         Nonliability
and Indemnification. (a)  Neither Landlord, any Superior Lessor or any Superior Mortgagee, nor any partner, director,
officer, shareholder, principal, board member, agent or employee of Landlord, any Superior Lessor or any Superior Mortgagee (whether
disclosed or undisclosed), shall be liable to Tenant for (i) any loss, injury or damage to Tenant or to any other person, or to
its or their property, irrespective of the cause of such injury, damage or loss, nor shall the aforesaid parties be liable for
any loss of or damage to property of Tenant or of others entrusted to employees of Landlord; provided, that, except to the
extent of the release of liability and waiver of subrogation provided in Section 7.03 hereof, the foregoing shall not be
deemed to relieve Landlord of any liability to the extent resulting from the negligence or willful misconduct of Landlord, its
agents or employees in the operation or maintenance of the Premises or the Building, (ii) any loss, injury or damage described
in clause (i) above caused by other tenants, occupants or persons in, upon or about the Building, or caused by operations
in construction of any private, public or quasi-public work, or (iii) even if due to negligence or willful misconduct, consequential
damages arising out of any loss of use of the Premises or any equipment, facilities or other Tenant’s Property therein or
otherwise.

 

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(b)          Subject
to the provisions of Section 7.03, Tenant shall indemnify and hold harmless Landlord, all Superior Lessors and all Superior
Mortgagees and each of their respective partners, members, directors, officers, shareholders, principals, board members, agents
and employees (each, a “Landlord Indemnified Party”), from and against any and all claims arising from or in
connection with (i) the conduct or management of the Premises or of any business therein, or any work or thing done, or any condition
created, in or about the Premises, (ii) any act, omission or negligence of Tenant or any person claiming through or under Tenant
or any of their respective partners, directors, officers, agents, employees or contractors, (iii) any accident, injury or damage
occurring in, at or upon the Premises (or outside the Premises if arising from or in connection with Tenant’s installations
in, or use of, areas outside the Premises), (iv) any default by Tenant in the performance of any of Tenant’s obligations
under this Lease, (v) the performance of Tenant’s Initial Work and (vi) any brokerage commission or similar compensation
claimed to be due by reason of any proposed subletting or assignment by Tenant (irrespective of the exercise by Landlord of any
of the options in Section 5.02(b)); in each case, together with all costs, expenses and liabilities incurred in connection
with each such claim or action or proceeding brought thereon, including, without limitation, all reasonable attorneys’ fees
and disbursements; provided, that the foregoing indemnity shall not apply to the extent such claim results from the negligence
(other than negligence to which the release of liability and waiver of subrogation provided in Section 7.03 applies) or
willful misconduct of any Landlord Indemnified Party. If any action or proceeding is brought against any Landlord Indemnified Party
by reason of any such claim, Tenant, upon notice from such Landlord Indemnified Party shall resist and defend such action or proceeding
by counsel reasonably satisfactory to such Landlord Indemnified Party, and counsel selected by Tenant’s insurance company
to resist and defend such action or proceeding is, absent a conflict, hereby deemed to be satisfactory to such Landlord Indemnified
Party.

 

(c)          Subject
to the provisions of Section 7.03, Landlord shall indemnify and hold harmless Tenant and Tenant’s partners, members,
directors, officers, shareholders, principals, agents and employees (each, a “Tenant Indemnified Party”), from
and against any and all claims arising from or in connection with (i) any negligence or willful misconduct of Landlord or its agents,
servants or employees in connection with the operation or management of the common areas of the Building and (ii) any default by
Landlord in the performance of any of Landlord’s obligations under this Lease, in each case together with all costs, expenses
and liabilities incurred in connection with each such claim or action or proceeding brought thereon, including, without limitation,
all reasonable attorneys’ fees and disbursements; provided, that the foregoing indemnity shall not apply to the extent
such claim results from the negligence (other than negligence to which the release of liability and waiver of subrogation provided
in Section 7.03 applies) or willful misconduct of any Tenant Indemnified Party. If any action or proceeding is brought against
any Tenant Indemnified Party by reason of any such claim, Landlord, upon notice from such Tenant Indemnified Party, shall resist
and defend such action or proceeding by counsel reasonably satisfactory to such Tenant Indemnified Party, and counsel selected
by Landlord’s insurance company to resist and defend such action or proceeding is, absent a conflict, hereby deemed to be
satisfactory to such Tenant Indemnified Party.

 

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ARTICLE 7

Insurance; Casualty; Condemnation

 

7.01        Compliance with Insurance Standards.
(a)  Tenant shall not violate, or permit the violation of, any condition imposed by any insurance policy then issued
in respect of the Project and shall not do, or permit anything to be done, or keep or permit anything to be kept in the Premises,
which would subject Landlord, any Superior Lessor or any Superior Mortgagee to any liability or responsibility for personal injury
or death or property damage, or which would increase any insurance rate in respect of the Project over the rate which would otherwise
then be in effect or which would result in insurance companies of good standing refusing to insure the Project in amounts reasonably
satisfactory to Landlord, or which would result in the cancellation of, or the assertion of any defense by the insurer in whole
or in part to claims under, any policy of insurance in respect of the Project, provided, however, that in no event shall the mere
use of the Premises for customary and ordinary office purposes, as opposed to the manner of such use, constitute a breach by Tenant
of the provisions of this Section 7.01.

 

(b)          If,
by reason of any failure of Tenant to comply with this Lease, the premium(s) on Landlord’s insurance on the Project shall
be higher than they otherwise would be, Tenant shall reimburse Landlord, within 30 days after demand, for that part of such premium(s)
attributable to such failure on the part of Tenant. A schedule or “make up” of rates for the Project or the Premises,
as the case may be, issued by any insurance boards making rates for insurance for the Project or the Premises, as the case may
be, shall be conclusive evidence of the facts therein stated and of the several items and charges in the insurance rate then applicable
to the Project or the Premises, as the case may be.

 

7.02        Tenant’s
Insurance. Tenant shall maintain at all times during the Term insurance coverage meeting the requirements set forth in
Sections (A) and (C) of Exhibit J attached hereto. The limits of such insurance shall not limit the liability of Tenant.
Tenant’s insurance shall be primary insurance and shall not be considered contributory insurance with any insurance policies
of Landlord. Landlord’s insurance shall apply in excess of all insurance coverage required of Tenant in accordance with this
Section 7.02 and Exhibit J, whether such insurance is primary, contingent or on any other basis, and regardless of
whether such Tenant’s insurance coverage is valid or collectible. Tenant shall deliver to Landlord and all Additional Insureds
(as defined in Exhibit J), prior to Tenant having access to the Building (pursuant to the provisions of Section 4.01(b)
or otherwise), fully paid-for policies or certificates of insurance for all such required insurance, in form reasonably satisfactory
to Landlord, issued by the insurance company or its authorized agent. An Accord Form Certificate of Insurance (Accord 25 for Liability
and Accord 27 for Property) or its equivalent shall be deemed reasonably satisfactory to Landlord. Tenant shall procure and pay
for renewals of such insurance from time to time before the expiration thereof, and Tenant shall endeavor to deliver to Landlord
and any Additional Insureds such renewal policy or a certificate thereof at least 30 days before the expiration of any existing
policy. All such policies shall be issued by companies of recognized responsibility licensed to do business in New York State (except
the Products and Completed Operations Liability policy, which shall not be required to be issued by a company authorized to do
business in New York State) and rated by Best’s Insurance Reports or any successor publication of comparable standing as
A/VIII or better or the then equivalent of such rating, and all such policies shall contain a provision whereby the same cannot
be canceled, allowed to lapse or modified unless Landlord and any Additional Insureds are given at least 30 days prior written
notice of such cancellation, lapse or modification. Tenant shall cooperate with Landlord in connection with the collection of any
insurance moneys that may be due in the event of loss and Tenant shall execute and deliver to Landlord such proofs of loss and
other instruments which may be required to recover any such insurance moneys. Landlord may from time to time require that the amount
of the insurance to be maintained by Tenant under this Section 7.02 be increased and/or that Tenant provide additional insurance
coverage, so that the insurance maintained by Tenant adequately protects Landlord’s interest; provided, that any such increased
amounts or additional coverage shall not be materially in excess of the amounts and coverage landlords of similar First Class Office
Buildings require their tenants to maintain. In the event Tenant fails to maintain the limits or coverages as required herein,
Landlord may obtain such insurance as an agent of the Tenant without prior notice. Any premiums paid by Landlord in connection
with such insurance obtained by Landlord together with interest thereon at the Interest Rate from the date paid by Landlord until
the date reimbursed by Tenant shall be payable by Tenant to Landlord.

 

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7.03         Subrogation
Waiver. Landlord and Tenant shall each include in each of its insurance policies (insuring the Building in case of Landlord,
and insuring Tenant’s Property and Fixtures in the case of Tenant, against loss, damage or destruction by fire or other casualty)
a waiver of the insurer’s right of subrogation against the other party during the Term or, if such waiver should be unobtainable
or unenforceable, (a) an express agreement that such policy shall not be invalidated if the insured waives the right of recovery
against any party responsible for a casualty covered by the policy before the casualty or (b) any other form of permission for
the release of the other party. A waiver of subrogation shall be effective as to any individual or entity even if such individual
or entity (a) would otherwise have a duty of indemnification, contractual or otherwise, (b) did not pay the insurance premium directly
or indirectly, and (c) whether or not such individual or entity has an insurable interest in the property damaged. Each party hereby
(x) releases the other party with respect to any claim (including a claim for negligence) which it might otherwise have against
the other party for loss, damage or destruction with respect to its property occurring during the Term to the extent to which it
is, or is required to be, insured under a policy or policies containing a waiver of subrogation or permission to release liability
and (y) waives all rights of recovery against the other party, whether under subrogation or otherwise, for any deductibles. Nothing
contained in this Section 7.03 shall be deemed to relieve either party of any duty imposed elsewhere in this Lease to repair,
restore or rebuild or to nullify any abatement of rents provided for elsewhere in this Lease. All waivers and releases for the
benefit of Landlord pursuant to this Section 7.03 shall be deemed to apply to and for the benefit of, and, if applicable,
shall be obtained with respect to, The Related Companies, L.P., Oxford Hudson Yards LLC, Mitsui Fudosan America, Inc., MFA 55 HY
LLC, 55 Hudson Yards Member LLC and any of such entities’ and Landlord’s officers, agents, and employees, in addition
to, and with the same effect as, the application of such provisions to Landlord.

 

7.04         Condemnation.
(a)  If there shall be a total taking of the Building or the Premises in condemnation proceedings or by any right
of eminent domain, this Lease and the term and estate hereby granted shall terminate as of the date of taking of possession by
the condemning authority and all Rent shall be prorated and paid as of such termination date. If there shall be a taking of any
material (in Landlord’s reasonable judgment) portion of the Building (whether or not the Premises are affected by such taking),
then Landlord may terminate this Lease and the term and estate granted hereby by giving notice to Tenant within 60 days after the
date of taking of possession by the condemning authority. If there shall be a taking of the Premises of such scope (but in no event
less than 20% thereof) that Tenant would, in Tenant’s reasonable judgment, be unable to operate the untaken part of the Premises
in a functionally equivalent manner to the manner in which Tenant operated such untaken part of the Premises prior to the taking
then Tenant may terminate this Lease and the term and estate granted hereby by giving notice to Landlord within 60 days after the
date of taking of possession by the condemning authority. If either Landlord or Tenant shall give a termination notice as aforesaid,
then this Lease and the term and estate granted hereby shall terminate as of the date of such notice and all Rent shall be prorated
and paid as of such termination date. In the event of a taking of the Premises which does not result in the termination of this
Lease (i) the term and estate hereby granted with respect to the taken part of the Premises shall terminate as of the date of taking
of possession by the condemning authority and all Rent shall be appropriately abated for the period from such date to the Expiration
Date and (ii) Landlord shall with reasonable diligence restore the remaining portion of the Premises (exclusive of Tenant’s
Property) as nearly as practicable to its condition prior to such taking.

 

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(b)          In
the event of any taking of all or a part of the Building, Landlord shall be entitled to receive the entire award in the condemnation
proceeding, including, without limitation, any award made for the value of the estate vested by this Lease in Tenant or any value
attributable to the unexpired portion of the Effective Period, and Tenant hereby assigns to Landlord any and all right, title and
interest of Tenant now or hereafter arising in or to any such award or any part thereof, and Tenant shall be entitled to receive
no part of such award; provided, that nothing shall preclude Tenant from making a separate claim in any such condemnation
proceeding for the value of all improvements, alterations and additions made to the Premises by Tenant (less the amount of the
Work Allowance), and for the value of Tenant’s furniture, fixtures, machinery and equipment contained in the Premises and
for expenses (including moving expenses, and attorney’s fees) incurred by Tenant as a result of such proceeding, provided
the same does not include any value of the estate vested by this Lease in Tenant or of the unexpired portion of the Effective Period
and does not reduce the amount available to Landlord or materially delay the payment thereof.

 

(c)          If
all or any part of the Premises shall be taken for a limited period, Tenant shall be entitled, except as hereinafter set forth,
to that portion of the award for such taking which represents compensation for the use and occupancy of the Premises, for the taking
of Tenant’s Property and for moving expenses, and Landlord shall be entitled to that portion which represents reimbursement
for the cost of restoration of the Premises. This Lease shall remain unaffected by such taking and Tenant shall continue to be
responsible for all of its obligations under this Lease and shall continue to pay in full all Rent when due. If the period of temporary
use or occupancy shall extend beyond the Expiration Date, that part of the award which represents compensation for the use and
occupancy of the Premises shall be apportioned between Landlord and Tenant as of the Expiration Date. Any award for temporary use
and occupancy for a period beyond the date to which the Rent has been paid shall be paid to, held and applied by Landlord as a
trust fund for payment of the Rent thereafter becoming due.

 

(d)          In
the event of any taking which does not result in termination of this Lease, (i) Landlord, whether or not any award shall be
sufficient therefor, shall proceed with reasonable diligence to repair the remaining parts of the Building and the Premises (other
than those parts of the Premises which constitute Fixtures and Tenant’s Property) to substantially their former condition
to the extent that the same may be feasible (subject to reasonable changes which Landlord deems desirable) and so as to constitute
a complete and rentable Building and Premises and (ii) Tenant, whether or not any award shall be sufficient therefor, shall proceed
with reasonable diligence to repair the remaining parts of the Premises which constitute Fixtures and Tenant’s Property,
to substantially their former condition to the extent that the same may be feasible, subject to reasonable changes which shall
be deemed Alterations.

 

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7.05        Casualty.
(a)  If the Building or the Premises shall be partially or totally damaged or destroyed by fire or other casualty (each,
a “Casualty”) and if this Lease is not terminated as provided below, then (i) Landlord shall repair and restore
the Building and the Premises (excluding all Fixtures and Tenant’s Property) with reasonable dispatch (but Landlord shall
not be required to perform the same on an overtime or premium pay basis) after notice to Landlord of the Casualty and the collection
of the insurance proceeds attributable to such Casualty and (ii) Tenant shall repair and restore in accordance with Section
4.02 all Fixtures and Tenant’s Property with reasonable dispatch after Landlord shall have substantially completed repair
and restoration of the Building and the Premises (excluding all Fixtures and Tenant’s Property); provided, that Tenant shall
repair and restore in accordance with Section 4.02 hereof all Tenant’s Property, Fixtures and improvements and betterments
with reasonable dispatch immediately after the Casualty to the extent (x) such repair and restoration is necessary to permit Landlord
to commence, perform and complete repair and restoration of the Building and the Premises or (y) in accordance with good construction
practice, such work should be performed prior to, or concurrently with, repair and restoration of the Building and the Premises.

 

(b)          If
all or part of the Premises shall be rendered Untenantable by reason of a Casualty, the Fixed Rent and Recurring Additional Charges
shall be abated in the proportion that the Untenantable area of the Premises bears to the total area of the Premises, for the period
from the date of the Casualty to the earlier to occur of (i) 120 days after the date on which Landlord shall have performed its
obligations under Section 7.05(a)(i), (ii) the date the Untenantable area of the Premises (or any portion thereof) is made
tenantable (it being understood and agreed that the term “tenantable” for purposes of this Section 7.05 shall
mean that the Premises (or any portion thereof) is in a condition which permits Tenant to occupy the same for general, administrative
and executive office uses) (provided, that if the Premises (or a portion thereof) would have been tenantable at an earlier date
but for Tenant having failed diligently to prosecute repairs or restoration, then the Premises (or such portion thereof) shall
be deemed to have been made tenantable on such earlier date and the abatement (with respect to such portion, if applicable) shall
cease) or (iii) the date Tenant or any subtenant reoccupies the Untenantable area of the Premises (or a portion thereof) for the
ordinary conduct of business (in which case the Fixed Rent and the Additional Charges allocable to such reoccupied portion shall
be payable by Tenant from the date of such occupancy). Landlord’s determination of the date the Premises (or a portion thereof)
is tenantable shall be controlling unless Tenant disputes same by notice to Landlord within 10 Business Days after such determination
by Landlord, and pending resolution of such dispute, Tenant shall pay Rent in accordance with Landlord’s determination. Nothing
contained in this Section 7.05 shall relieve Tenant from any liability that may exist as a result of any Casualty.

 

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(c)          If
by reason of a Casualty (i) the Building shall be so damaged or destroyed (whether or not the Premises are damaged or destroyed)
that repair or restoration thereof shall require more than 365 days or the expenditure of more than 30% percent of the full insurable
value of the Building (which, for purposes of this Section 7.05(c), shall mean replacement cost less the cost of footings,
foundations and other structures below the street and first floors of the Building) immediately prior to the Casualty and Landlord
shall give notices terminating leases or has terminated leases (including this Lease) for office space in the Building affecting
not less than 75% of the then leased rentable square footage of the office space in the Building or (ii) more than 30% of the Premises
shall be damaged or destroyed (as estimated in either such case by a reputable contractor, architect or engineer designated by
Landlord), then in any such case Landlord may terminate this Lease by notice given to Tenant within 120 days after the Casualty.

 

(d)          (i)
Supplementing the foregoing provisions of this Section 7.05, within 90 days after Landlord has actual knowledge of any Casualty
rendering 50% or more of the Premises Untenantable, Landlord shall deliver to Tenant an estimate prepared by a reputable contractor
selected by Landlord, having at least 10 years’ experience in such matters, setting forth such contractor’s estimate
as to the time and cost reasonably required to repair such damage in order to make the Premises (or the Untenantable portion thereof)
no longer Untenantable. If the period set forth in any such estimate exceeds 365 days from the date of such Casualty, Tenant may
terminate this Lease by notice to Landlord given not later than 30 days following Tenant’s receipt of such estimate (time
being of the essence). If Tenant shall timely exercise such election, this Lease and the term and estate granted hereby shall terminate
on the 60th day after notice of such election is given by Tenant, and Tenant shall vacate the Premises and surrender the same to
Landlord in accordance with the terms of this Lease. If the time period set forth in said estimate exceeds 365 days from the date
of such Casualty and Tenant has not elected to terminate this Lease as set forth above, and for any reason whatsoever (other than
Unavoidable Delay or delay caused by Tenant or Tenant’s employees, agents or contractors) Landlord shall not complete the
repair and restoration that Landlord is obligated to perform hereunder within 90 days after the date set forth in the estimate
as the date by which the repair and restoration should reasonably be completed, then Tenant shall have the further right to terminate
this Lease by notice to Landlord given not later than 30 days following the last day of such 90-day period after the date set forth
in the estimate (time being of the essence) and this Lease shall terminate on the 30th day after such notice is given by Tenant.

 

(ii)         Notwithstanding
the foregoing, if a Casualty rendering 50% or more of the Premises Untenantable occurs within the last 18 months prior to the 37th
Floor Expiration Date and Landlord’s restoration work would take more than 180 days to substantially complete (excluding
restoration of any of Tenant’s Property, Fixtures or Tenant’s improvements and betterments), either party may terminate
this Lease by notice given to the other within 60 days after the date of the Casualty (time of the essence), in which event this
Lease shall terminate on the date specified in such notice. If either party timely gives such notice, the Term shall expire upon
30 days after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord in accordance with
the provisions of this Lease. If a party fails timely to deliver such notice as aforesaid, such party shall be deemed to have waived
its right to give such termination notice and such party shall have no further right to terminate this Lease under this Section
7.05(d).

 

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(e)          Landlord
shall not carry any insurance on any Tenant’s Property or Fixtures and shall not be obligated to repair or replace Tenant’s
Property or Fixtures. Tenant shall look solely to Tenant’s insurance for recovery of any damage to or loss of Tenant’s
Property or Fixtures. Tenant shall notify Landlord promptly of any Casualty in the Premises.

 

(f)          Any
dispute between Landlord and Tenant arising under this Article 7 shall be resolved by arbitration conducted in accordance
with the provisions of Section 8.09.

 

(g)          This
Section 7.05 shall be deemed an express agreement governing any damage or destruction of the Premises by fire or other casualty,
and Section 227 of the New York Real Property Law providing for such a contingency in the absence of an express agreement, and
any other law of like import now or hereafter in force, shall have no application.

 

7.06        Landlord’s
Insurance. Landlord shall obtain and keep in full force and effect throughout the Term insurance against loss or damage
by fire and other casualty to the Building as may be insurable under then available standard forms of “all-risk” insurance
policies, with limits consistent with property insurance maintained by prudent owners of First Class Office Buildings. Landlord
shall obtain and keep in full force and effect a commercial general liability insurance policy in respect of the Building and the
conduct or operation of business therein, with limits consistent with liability insurance maintained by prudent owners of First
Class Office Buildings.

 

ARTICLE 8

Miscellaneous Provisions

 

8.01        Notice.
All notices, demands, consents, approvals, advices, waivers or other communications which may or are required to be given by either
party to the other under this Lease (each, “Notice”) shall be in writing and shall be delivered by (a) personal
delivery, (b) the United States mail, certified or registered, postage prepaid, return receipt requested, or (c) a nationally recognized
overnight courier, in each case addressed as follows:

 

If to Landlord:

 

Legacy Yards Tenant LP

c/o The Related Companies, L.P.

60 Columbus Circle, 19th Floor

New York, New York 10023

Attention:  Jeff T. Blau, L.
Jay Cross and Andrew Rosen

 

with a copy to each of the following:

 

Oxford Hudson Yards LLC

450 Park Avenue, Suite 900

New York, New York 10022

Attention:  Dean J. Shapiro

 

    	 	- 72 -	 

     

    

 

Oxford Properties Group*

Royal Bank Plaza, North Tower

200 Bay Street, Suite 900

Toronto, Ontario M5J 2J2 Canada

Attention: Chief Legal Counsel

*and, if different than the address
set forth above, to the address posted from time to time as the corporate head office of Oxford Properties Group on the website
www.oxfordproperties.com to the attention of the Chief Legal Officer

 

The Related Companies, L.P.

60 Columbus Circle, 19th Floor

New York, New York 10023

Attention:  Amy Arentowicz,
Esq.

 

Fried, Frank, Harris, Shriver &
Jacobson LLP

One New York Plaza

New York, New York 10022

Attention:  Robert J. Sorin,
Esq.

 

If to Tenant:

 

prior to the date
on which Tenant occupies the Premises:

 

Intercept Pharmaceuticals,
Inc.

450 West 15th Street, Suite
505

New York, New York
10011

Attention: Bryan
Yoon, Esq.

 

after the date
on which Tenant occupies the Premises but prior to the date on which Tenant occupies its demised premises at 55 Hudson Yards, New
York, New York:

 

Intercept Pharmaceuticals,
Inc.

10 Hudson Yards

37th Floor

New York, New York 10001

Attention: Bryan Yoon,
Esq.

 

after the date on
which Tenant occupies its demised premises at 55 Hudson Yards, New York, New York:

 

Intercept Pharmaceuticals,
Inc.

55 Hudson Yards

550 West 34th Street, 23rd
Floor

New York, New York 10001

Attention: Bryan Yoon,
Esq.

 

    	 	- 73 -	 

     

    

 

in each case, with a copy
to:

 

Thompson Hine LLP

335 Madison Avenue (12th
Floor)

New York, New York 10017

Attention: Mario J. Suarez,
Esq.

 

Either party may designate a different or an
additional address or addresses for notices intended for such party from time to time by at least 5 days’ notice to the other
party. Notices from Landlord may be given by Landlord’s managing agent, if any, or by Landlord’s attorney. Notices
from Tenant may be given by Tenant’s attorney. Each Notice shall be deemed to have been given on the date such Notice is
actually received as evidenced by a written receipt therefor, and in the event of failure to deliver by reason of changed address
of which no Notice was given or refusal to accept delivery, as of the date of such failure.

 

8.02         Rules
and Regulations. Tenant shall comply with, and Tenant shall cause its licensees, employees, contractors, agents and invitees
to comply with, the rules of the Building set forth in Exhibit C, as the same may be reasonably modified or supplemented
by Landlord from time to time for the safety, care and cleanliness of the Premises and the Building and for preservation of good
order therein (the “Rules and Regulations”). Notwithstanding anything to the contrary contained in this Lease,
Tenant shall not be bound by any such modification or supplement to the Rules and Regulations that (i) imposes, except to a de
minimis extent, any new or increased costs or financial obligations on Tenant (unless any such cost or financial obligation
is the result of compliance with any Laws) or (ii) unreasonably affects the conduct of Tenant’s business in the Premises.
Landlord shall not be obligated to enforce the Rules and Regulations against Tenant or any other tenant or occupant of the Building
or any other party, and Landlord shall have no liability to Tenant by reason of the violation by any tenant or other party of the
Rules and Regulations; provided, that Landlord shall not enforce the Rules and Regulations in a manner which discriminates
against Tenant. If any provision of the Rules and Regulations shall conflict with any provision of this Lease, such provision of
this Lease shall govern.

 

8.03         Severability.
If any term or provision of this Lease, or the application thereof to any person or circumstances shall to any extent be invalid
or unenforceable, the remainder of this Lease, or the application of such provision to persons or circumstances other than those
as to which it is invalid or unenforceable, shall not be affected, and each provision of this Lease shall be valid and shall be
enforceable to the extent permitted by law.

 

8.04         Certain
Definitions. (a)  “Landlord” means only the owner, at the time in question, of the Building
or that portion of the Building of which the Premises are a part, or of a lease of the Building or that portion of the Building
of which the Premises are a part, so that in the event of any transfer or transfers of title to the Building or of Landlord’s
interest in a lease of the Building or such portion of the Building, the transferor shall be and hereby is relieved and freed of
all obligations of Landlord under this Lease accruing after such transfer, and it shall be deemed, without further agreement, that
such transferee has assumed all obligations of Landlord during the period it is the holder of Landlord’s interest under this
Lease.

 

    	 	- 74 -	 

     

    

 

(b)          “Landlord
shall have no liability to Tenant” or words of similar import mean that Tenant is not entitled to terminate this Lease, or
to claim actual or constructive eviction, partial, or total, or to receive any abatement or diminution of Rent, or to be relieved
in any manner of any of its other obligations under this Lease, or to be compensated for loss or injury suffered or to enforce
any other right or kind of liability whatsoever against Landlord under or with respect to this Lease or with respect to Tenant’s
use or occupancy of the Premises.

 

(c)          “Unavoidable
Delay” means Landlord’s inability to fulfill or delay in fulfilling any of its obligations under this Lease to
be performed by Landlord or Landlord’s inability to make or delay in making any repairs, additions, alterations, improvements
or decorations or Landlord’s inability to supply or delay in supplying any equipment or fixtures, if Landlord’s inability
or delay is due to or arises by reason of accident, strikes or labor troubles, or weather conditions that render the performance
of any such obligation or work unsafe or impracticable, or any cause whatsoever beyond Landlord’s reasonable control, including,
without limitation, governmental preemption in connection with a national emergency or other actions of a governmental or quasi-governmental
authority, Laws, shortages of materials, unavailability of labor, fuel, water, electricity or materials, or delays caused by tenants
or other occupants, mechanical breakdown, acts of God, enemy action, civil commotion, fire or other casualty, but “Unavoidable
Delay” shall not include any inability or delay resulting from insufficient funds.

 

(d)          Whenever
any provision of this Lease refers to a specified amount “Subject to CPI Increases”, such amount shall be adjusted
as of each anniversary of January 1, 2017. Each such adjustment shall be made by multiplying the applicable amount by the greater
of (a) 1.0, or (b) a fraction, the numerator of which shall be the CPI as most recently published prior to the date of such adjustment
and the denominator of which shall be the CPI for January, 2016. The term “CPI” shall mean Consumer Price Index for
All Urban Consumers, New York-Northern New Jersey-Long Island, NY-NJ-CT-PA, 1982-84=100, or any successor to such index, appropriately
adjusted, or if no such index or successor index shall be published, such similar index, appropriately adjusted, as shall reasonably
be designated by Landlord and consented to by Tenant, such consent not to be unreasonably withheld, conditioned or delayed.

 

8.05        Quiet Enjoyment.
Tenant shall and may peaceably and quietly have, hold and enjoy the Premises, subject to the other terms of this Lease and
to Superior Leases and Superior Mortgages, provided that this Lease is in effect.

 

8.06        Limitation of
Landlord’s and Tenant’s Personal Liability. (a)  Tenant shall look solely to Landlord’s interest
in the Building (including, without limitation, the rents and profits arising therefrom) for the recovery of any judgment against
Landlord, and no other property or assets of Landlord or Landlord’s members, partners, shareholders, principals, officers
or directors, direct or indirect, disclosed or undisclosed, shall be subject to levy, execution or other enforcement procedure
for the satisfaction of Tenant’s remedies under or with respect to this Lease. In no event shall Tenant bring any action
against any of Landlord’s members, managers, limited partners, shareholders, directors, officers and principals, direct and
indirect, for any claims arising out of the Lease.

 

    	 	- 75 -	 

     

    

 

(b)          No
property or assets of Tenant’s members, partners, shareholders, principals, officers or directors, direct or indirect, disclosed
or undisclosed, shall be subject to levy, execution or other enforcement procedure for the satisfaction of Landlord’s remedies
under or with respect to this Lease. In no event shall Landlord bring any action against any of Tenant’s members, managers,
limited partners, shareholders, directors, officers and principals, direct and indirect, for any claims arising out of the Lease.

 

8.07         Counterclaims.
If Landlord commences any summary proceeding or action for nonpayment of Rent or to recover possession of the Premises, Tenant
shall not interpose any counterclaim of any nature or description in any such proceeding or action, unless Tenant’s failure
to interpose such counterclaim in such proceeding or action would result in the waiver of Tenant’s right to bring such claim
in a separate proceeding under applicable law.

 

8.08         Survival.
All obligations and liabilities of Landlord or Tenant to the other which accrued before the expiration or other termination of
this Lease and all such obligations and liabilities which by their nature or under the circumstances can only be, or by the provisions
of this Lease may be, performed after such expiration or other termination, shall survive the expiration or other termination of
this Lease for a period of 3 years, except as expressly provided in this Lease. Without limiting the generality of the foregoing,
the rights and obligations of the parties with respect to any indemnity under this Lease, and with respect to Recurring Additional
Charges and any other amounts payable under this Lease, shall survive the expiration or other termination of this Lease.

 

8.09         Certain
Remedies; Arbitration. (a)  If Tenant requests Landlord’s consent and Landlord fails or refuses to give
such consent, except where Landlord acted in bad faith and in an arbitrary and capricious manner in failing or refusing to give
such consent, Tenant shall not be entitled to any damages for any withholding by Landlord of its consent, it being intended that
Tenant’s sole remedy shall be an action for specific performance or injunction or arbitration in accordance with the provisions
of Section 8.09(b), and that such remedy shall be available only in those cases where this Lease provides that Landlord
shall not unreasonably withhold its consent.

 

    	 	- 76 -	 

     

    

 

(b)          (i)
No dispute relating to this Lease or the relationship of Landlord and Tenant under this Lease shall be resolved by arbitration
unless this Lease expressly provides for such dispute to be resolved by arbitration. Either party shall have the right to submit
a dispute relating to (x) the reasonableness of the grant or denial of a consent or other determination by the other party when,
pursuant to the provisions of this Lease, such other party’s consent was not to be unreasonably withheld or (y) any other
matter for which arbitration is expressly provided as a means of dispute resolution pursuant to the terms of this Lease (except
for matters for which a different arbitration procedure is expressly provided), to final and binding arbitration in New York, New
York administered by JAMS in accordance with JAMS Streamlined Arbitration Rules and Procedures in effect at that time (or, if JAMS
is no longer in existence, then administered by National Arbitration and Mediation (“NAM”), in accordance with
NAM’s Comprehensive Dispute Resolution Rules and Procedures; and if NAM is no longer in existence, then administered by the
American Arbitration Association under the Expedited Procedures of its Commercial Arbitration Rules in effect at that time; and
if none of the preceding remains in existence, by the expedited arbitration procedures of any succeeding or substantially similar
dispute resolution organization). A single arbitrator will be selected pursuant to such rules and procedures (the “JAMS
Arbitrator”). The parties agree that: (1) the unsuccessful party in such arbitration will pay to the successful party
all reasonable attorneys’ fees and disbursements incurred by the successful party in connection with such arbitration, and
will pay any fees and disbursements due to JAMS (or the organization administering the arbitration) and the JAMS Arbitrator and,
to the extent the “successful” party cannot be clearly identified, each party will bear its own costs and expenses
and the parties will pay their equal share of any fees and disbursements due to JAMS (or the organization administering the arbitration)
and the JAMS Arbitrator; (2) arbitration pursuant to this Section 8.09(b)(i) is intended to be the sole and exclusive method
of arbitration to be utilized by the parties and the sole and exclusive dispute resolution method to be utilized by the parties
concerning any dispute described in clauses (x) or (y) of this Section 8.09(b); (3) judgment may be had on
the decision and award of the arbitrator so rendered in any court of competent jurisdiction (each party hereby consenting to the
entry of such judgment in any such court); (4) the JAMS Arbitrator shall have no right to award damages (though the foregoing shall
not preclude the JAMS Arbitrator from issuing a determination that results in the payment or credit from one party to the other
if such payment or credit is the subject matter of such arbitration); and (5) any decision or award rendered in such arbitration,
whether or not such decision or award has been entered for judgment, shall be final and binding upon Landlord and Tenant and shall
constitute an “award” by the JAMS Arbitrator within the meaning of the applicable arbitration rules and Laws. The JAMS
Arbitrator will be bound by the provisions of this Lease and will not have the power to add to, subtract from or otherwise modify
such provisions, and will have the authority to, and may, order specific performance to remedy any breach of the terms of this
Lease. The JAMS Arbitrator will consider only the specific issues submitted to him/her for resolution, and will be directed to
make a determination as to the “successful” party or a specific determination that there is no prevailing party. If
any party fails to appear at a duly scheduled and noticed hearing, the JAMS Arbitrator is hereby expressly authorized to enter
judgment for the appearing party. The JAMS Arbitrator shall be directed by both parties to issue a determination that provides
an explanation of his/her decision with reasonable specificity. Landlord and Tenant shall each have the right to appear and be
represented by counsel before said JAMS Arbitrator and to submit such data and memoranda in support of their respective positions
in the matter in dispute as may be reasonably necessary or appropriate under the circumstances. Neither party shall have ex parte
communications with any arbitrator selected under this Section 8.09(b) following his or her selection and pending completion
of the arbitration hereunder.

 

(ii)         Any
JAMS Arbitrator acting under this Section 8.09 in connection with any matter shall (1) be experienced in the field to which
the dispute relates, (2) have been actively engaged in such field for a period of at least 10 years before the date of his or her
appointment as a JAMS Arbitrator hereunder, (3) be sworn fairly and impartially to perform his or her respective duties as a JAMS
Arbitrator hereunder, (4) not be an employee or past employee of Landlord or Tenant or of any other person, partnership, corporation
or other form of business or legal association or entity that controls, is controlled by or is under common control with Landlord
or Tenant and (5) never have represented or been retained for any reason whatsoever by Landlord or Tenant or any other person,
partnership, corporation or other form of business or legal association or entity that controls, is controlled by or is under common
control with Landlord or Tenant.

 

    	 	- 77 -	 

     

    

 

(iii)        Landlord
and Tenant agree to sign all documents and to do all other things necessary to submit any such matter to arbitration and further
agree to, and hereby do, waive any and all rights they or either of them may at any time have to revoke their agreement hereunder
to submit to arbitration and to abide by the decision rendered thereunder. For such period, if any, as this agreement to arbitrate
is not legally binding or the arbitrator’s award is not legally enforceable, the provisions requiring arbitration shall be
deemed deleted and matters to be determined by arbitration shall be subject to litigation.

 

(iv)        The
provisions of this Section 8.09(b) shall survive the expiration or sooner termination of this Lease.

 

8.10         No
Offer; Counterparts. The submission by Landlord of this Lease in draft form shall be solely for Tenant’s consideration
and not for acceptance and execution. Such submission shall have no binding force or effect and shall confer no rights nor impose
any obligations, including brokerage obligations, on either party unless and until both Landlord and Tenant shall have executed
a lease and duplicate originals thereof shall have been delivered to the respective parties. This Lease may be executed simultaneously
in two or more counterparts, each of which shall be deemed an original, even where such executed counterpart is delivered via facsimile
or Portable Document Format, but all of which together shall constitute one and the same instrument.

 

8.11         Captions;
Construction. The table of contents, captions, headings and titles in this Lease are solely for convenience of reference
and shall not affect its interpretation. This Lease shall be construed without regard to any presumption or other rule requiring
construction against the party causing this Lease to be drafted. Each covenant, agreement, obligation or other provision of this
Lease on Tenant’s part to be performed, shall be deemed and construed as a separate and independent covenant of Tenant, not
dependent on any other provision of this Lease.

 

8.12         Amendments.
This Lease may not be altered, changed or amended, except by an instrument in writing signed by the party to be charged.

 

8.13         Broker.
Each party represents to the other that such party has dealt with no broker other than CBRE, Inc. (representing Landlord) and Newmark
& Company Real Estate, Inc., d/b/a Newmark Grubb Knight Frank (representing Tenant) (collectively, the “Broker”)
in connection with this Lease or, with respect to Tenant only, the Project, and each party shall indemnify and hold the other harmless
from and against all loss, cost, liability and expense (including, without limitation, reasonable attorneys’ fees and disbursements)
arising out of any claim for a commission or other compensation by any broker other than Broker who alleges that it has dealt with
the indemnifying party in connection with this Lease or the Project. Landlord shall enter into separate agreements with Broker
which provide that, if this Lease is executed and delivered by both Landlord and Tenant, Landlord shall pay to Broker any commission
that Broker may be entitled to in connection with this Lease, subject to, and in accordance with, the terms and conditions of such
agreement.

 

    	 	- 78 -	 

     

    

 

8.14         Merger.
Tenant acknowledges that Landlord has not made and is not making, and Tenant, in executing and delivering this Lease, is not relying
upon, any warranties, representations, promises or statements, except to the extent that the same are expressly set forth in this
Lease. This Lease embodies the entire understanding between the parties with respect to the subject matter hereof, and all prior
agreements, understanding and statements, oral or written, with respect thereto are merged in this Lease.

 

8.15         Successors.
This Lease shall be binding upon and inure to the benefit of Landlord, its successors and assigns, and shall be binding upon and
inure to the benefit of Tenant, its successors, and to the extent that an assignment may be approved by Landlord or is otherwise
expressly permitted under the terms of this Lease, Tenant’s assigns.

 

8.16         Applicable Law.
This Lease shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect
to any principles of conflicts of laws.

 

8.17         No
Development Rights. Tenant acknowledges that it has no rights to any development rights, air rights or comparable rights
appurtenant to the Project or any portion thereof, and consents, without further consideration, to any utilization of such rights
by Landlord. Tenant shall promptly execute and deliver, at no out-of-pocket cost to Tenant, any instruments which may be requested
by Landlord, including instruments merging zoning lots, evidencing such acknowledgment and consent. The provisions of this Section
8.17 shall be construed as an express waiver by Tenant of any interest Tenant may have as a “party in interest”
(as such term is defined in Section 12-10 Zoning Lot of the Zoning Resolution of the City of New York) in the Project.

 

8.18         Condominium.
This Lease and all rights of Tenant hereunder are and shall be subject and subordinate in all respects to any condominium declaration
and any other documents (collectively, the “Declaration”) which are or shall be recorded in order to convert
the Land and the improvements erected thereon to a condominium form of ownership in accordance with the provisions of Article 9-B
of the Real Property Law, or any successor thereto, provided the Declaration does not include any terms which increase Tenant’s
monetary or non-monetary obligations (other than to a de minimis extent) or decrease Tenant’s rights (other than to a de
minimis extent) or materially interfere with Tenant’s use of the Premises for executive, administrative and general office
purposes. If any such Declaration is to be recorded, Tenant, upon the request of Landlord, shall enter into an amendment of this
Lease (at no out-of-pocket costs to Tenant other than any legal fees incurred by Tenant in connection with same) reasonably acceptable
to Tenant confirming such subordination and modifying the Lease in such respects as shall be necessary to conform to such condominiumization,
including, without limitation, appropriate adjustments to Tenant’s Share and appropriate reductions in the Base Operating
Amount, the Base PILOT Amount and the Base Impositions Amount; provided, that, Landlord provides to Tenant a subordination, non-disturbance
and attornment agreement duly executed by the board of such condominium in a form reasonably acceptable to Tenant.

 

    	 	- 79 -	 

     

    

 

8.19         Embargoed
Person. Tenant represents that as of the date of this Lease, and Tenant covenants that throughout the Effective Period:
(a) Tenant is not, and shall not be, an Embargoed Person, (b) none of the funds or other assets of Tenant are or shall constitute
property of, or are or shall be beneficially owned, directly or indirectly, by any Embargoed Person; (c) no Embargoed Person shall
have any interest of any nature whatsoever in Tenant, with the result that the investment in Tenant (whether directly or indirectly)
is or would be blocked or prohibited by law or that this Lease and performance of the obligations hereunder are or would be blocked
or in violation of law and (d) none of the funds of Tenant are, or shall be derived from, any activity with the result that the
investment in Tenant (whether directly or indirectly) is or would be blocked or in violation of law or that this Lease and performance
of the obligations hereunder are or would be in violation of law. “Embargoed Person” means a person, entity
or government (i) identified on the Specially Designated Nationals and Blocked Persons List maintained by the United States Treasury
Department Office of Foreign Assets Control and/or any similar list maintained pursuant to any authorizing statute, executive order
or regulation and/or (ii) subject to trade restrictions under United States law, including, without limitation, the International
Emergency Economic Powers Act, 50 U.S.C. § 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any
Executive Orders or regulations promulgated under any such laws, with the result that the investment in Tenant (whether directly
or indirectly), is or would be prohibited by law or this Lease is or would be in violation of law and/or (iii) subject to blocking,
sanction or reporting under the USA Patriot Act, as amended; Executive Order 13224, as amended; Title 31, Parts 595, 596 and 597
of the U.S. Code of Federal Regulations, as they exist from time to time; and any other law or Executive Order or regulation through
which the U.S. Department of the Treasury has or may come to have sanction authority. If any representation made by Tenant pursuant
to this Section 8.19 shall become untrue Tenant shall within 10 days give written notice thereof to Landlord, which notice
shall set forth in reasonable detail the reason(s) why such representation has become untrue and shall be accompanied by any relevant
notices from, or correspondence with, the applicable governmental agency or agencies.

 

8.20         Dining
Facility; Wet Installations. (a)  Tenant shall be permitted to use a portion of the Premises for the operation
of a Dining Facility provided (i) Tenant obtains (at its cost and expense) any and all required permits, licenses and certificates
therefor (including, without limitation, any necessary amendment to the certificate of occupancy for the Building which shall be
subject to the provisions of Section 1.04(c)), (ii) Tenant shall perform and pay for any necessary extermination, ventilation
and cleaning (in excess of normal office ventilation and cleaning) necessitated by the use of such space as a Dining Facility (it
being understood that Landlord's provision of cleaning services shall not be extended beyond that provided for herein by reason
of Landlord’s approval of the use of such space as a Dining Facility), (iii) Tenant shall cause the Dining Facility to be
properly ventilated so that no odor will emanate from the Premises to other portions of the Building and so as to impose no additional
loads and have no other adverse effect on the Building HVAC system (including, without limitation, by replacing and/or upgrading
filters) and (iv) Tenant shall otherwise maintain and operate each Dining Facility consistent with the standards of a First Class
Office Building.

 

(b)          In
connection with Tenant’s use of portion(s) of the Premises for the operation of a Dining Facility, the parties agree as follows:

 

    	 	- 80 -	 

     

    

 

(i)          Tenant
acknowledges that if any smoke or odors are released by Tenant from the Premises, Tenant, at its expense, upon and subject to all
of the terms of this Lease, upon Landlord’s request, shall perform any work or Alteration reasonably requested by Landlord
to remedy such problem.

 

(ii)         Tenant,
at its expense, upon and subject to all of the terms of this Lease shall keep its equipment and appliances reasonably clean at
all times.

 

(iii)        Tenant,
at its expense upon and subject to all of the terms of this Lease, shall diligently keep the Premises at all times free and clear
of rats, mice, other rodents, pests, insects and other vermin. In furtherance thereof, Tenant shall employ an exterminator reasonably
approved by Landlord to regularly exterminate such rats, mice, other rodents, pests, insects and other vermin, which exterminator
shall utilize a method commonly used in First Class Office Buildings for the prevention of any infestation by, and extermination
of, said animals and insects and Tenant shall take whatever precautions Landlord deems reasonably necessary to prevent such rats,
mice, other rodents, pests, insects and other vermin from existing in the Premises or permeating into other parts of the Building.
Any pest management conducted at the Premises shall emphasize non-chemical methods for pest control and comply with Landlord’s
reasonable integrated pest management program, which program shall be generally applicable to all office tenants of the Building.

 

(iv)        Tenant,
at its expense, upon and subject to all of the terms of this Lease, shall arrange for the removal of Tenant’s refuse and
rubbish from each Dining Facility at least once each day and in compliance with all Rules and Regulations and shall retain Landlord’s
contractor(s) to perform the same at Tenant’s expense. Landlord shall not be required to furnish any services or equipment
for the removal of such refuse and rubbish except (i) Landlord shall provide adequate space for the staging of recycling containers
in freight areas and (ii) as may otherwise be expressly provided in this Lease. Tenant further agrees not to permit any refuse
or rubbish to be collected or disposed of from a Dining Facility during Business Hours. Tenant shall store all food-related and
beverage-related garbage in closed refrigerated units within the Premises until collection. Tenant covenants that no supplies or
deliveries, nor any of Tenant’s refuse or rubbish, shall be kept or permitted to be kept in any area outside of the Premises
except as permitted by the applicable Rules and Regulations.

 

(v)         Landlord,
at Tenant’s reasonable expense, may install submeters to measure Tenant’s consumption of water in connection with the
use of any Dining Facilities, in which event Tenant shall reimburse Landlord for the quantities of water shown on such meters,
within 30 days after demand, at Landlord’s then established charges therefor, which charges as of the Effective Date are
set forth on Exhibit H attached hereto based on the actual costs to Landlord to provide such water and shall be subject
to increase to the extent of any actual increase in the cost to Landlord of providing such water.

 

    	 	- 81 -	 

     

    

 

(vi)        Subject
to the applicable provisions of this Lease and Landlord’s review and approval of Tenant’s plans therefor, Tenant shall
have the right, as part of Tenant’s Initial Work or as a subsequent Alteration, at Tenant’s sole cost and expense,
to install an electric water heater, in a location in the Premises to be designated by Landlord, to serve any Dining Facility in
the Premises.

 

(vii)       If
requested by Landlord in connection with any cafeteria or similar dining facility installed by Tenant in the Premises, Tenant,
at its expense, upon and subject to all of the terms of this Lease (including, without limitation, Section 4.02), shall
install, maintain and replace as necessary a dehydration grinder capable of achieving at least a 75% reduction in organic waste
volume and shall run all organic waste generated by or in connection with any such Dining Facility through such dehydration grinder
prior to disposing of such waste in accordance with the provisions of this Section 8.20.

 

8.21         Press
Releases. Without the prior written consent of the other party (which consent shall not be unreasonably withheld, conditioned
or delayed), neither party nor such party’s affiliates or their officers, shareholders, partners, directors, employees or
representatives shall make or provide any public statement, press release or other public disclosure concerning the transactions
contemplated by, and the terms of, this Lease (including, without limitation, by means of statements, press releases or disclosures
displayed or accessible electronically, on the internet and/or on social media, such as, by way of example only, Facebook and
Twitter), except (i) for any such public statements or disclosures which, in the opinion of such party’s counsel, are legally
required (in which case the content of such statements or disclosures shall be limited to what is legally required) or (ii) to
the extent required by securities laws or compliance provisions of other Laws or any securities, bond or commodities exchange.
In the event that a public announcement or disclosure is permitted pursuant to clauses (i) or (ii) of the preceding
sentence, prior to making such disclosure, the disclosing party shall notify the other party of such required public disclosure
and use reasonable efforts to coordinate with the other party with respect to the nature and content of such disclosure.

 

8.22         Tenant
Creditworthiness. Tenant shall, from time to time, upon request by Landlord, a Superior Mortgagee or Superior Lessee or
a prospective Superior Mortgagee or Superior Lessee (any such party a “Requesting Party”), cooperate with such
Requesting Party in order to establish Tenant’s creditworthiness as required by such Requesting Party (or, in the case of
Landlord, as required by Landlord or any current or prospective Superior Mortgagee or Superior Lessee) in connection with
a prospective modification of, or new, superior lease, a prospective refinancing or modification of, or new mortgage, or a prospective
sale, assignment or financing or refinancing of Landlord’s interest in this Lease, the Project or any interest in Landlord
or any of Landlord’s direct or indirect owners, or for any other reasonable purpose. In connection with such cooperation,
Tenant shall furnish to the Requesting Party, within 10 Business Days after request by such Requesting Party, all financial information
regarding Tenant which is reasonably necessary for such Requesting Party to establish Tenant’s creditworthiness, provided,
however that Tenant may withhold any information which Tenant is not permitted to disclose under securities laws applicable to
public companies. As a condition to Tenant’s obligation to provide such financial information to any Requesting Party other
than Landlord, prior to Tenant’s delivery of such financial information, the Requesting Party (if such party is not Landlord)
shall execute and deliver a confidentiality agreement with respect to such financial information substantially in the form attached
hereto as Exhibit N, subject to reasonable negotiation at the request of the Requesting Party.

 

    	 	- 82 -	 

     

    

 

8.23         Recording.
Landlord and Tenant agree not to place this Lease or any memorandum of this Lease of record.

 

8.24         REIT/UBTI
Compliance. All Rent and all sums, charges, or amounts of whatever nature under this Lease payable to Landlord shall qualify
as “rents from real property” under both the Internal Revenue Code § 512(b)(3) and § 856(d) and all related
statutes, regulations, revenue rulings, interpretations, and other official pronouncements, all as in effect from time to time.
If the Rent or any other sum, charge, or amount of whatever nature to be paid by Tenant to Landlord under this Lease does not
so qualify, then Landlord may reasonably adjust the Rent to achieve such qualification; provided that such adjustments, in the
aggregate, produce the economic equivalent to the Rent that would have been payable by Tenant to Landlord without giving effect
to any such adjustments. Tenant, at no cost to Tenant, shall execute such documents as Landlord reasonably requires to make such
adjustments. If the charge or cost for any service required or permitted to be performed by Landlord pursuant to this Lease may
be treated as “impermissible tenant service” income under the Laws governing a real estate investment trust (“REIT”),
or as unrelated business taxable income, then, in lieu of Landlord performing such service, such service may be performed by a
taxable REIT subsidiary that is affiliated with either Landlord or Landlord’s property manager, an independent contractor
of Landlord or Landlord’s property manager who shall perform its obligations subject to the same requirements as are applicable
to Landlord under this Lease (the “Service Provider”). If Tenant is subject to a charge under this Lease for
any such service, then, at Landlord’s direction, Tenant shall pay such charge either to Landlord for further payment to
the Service Provider or directly to the Service Provider, and, in either case, (a) Landlord will credit such payment against Additional
Charges due from Tenant under this Lease for such service and (b) such payment to the Service Provider will not relieve Landlord
from any obligation under this Lease concerning the provisions of such service.

 

8.25         Time
of the Essence. Time shall be of the essence with respect to all deadlines and time periods set forth in this Lease for
the exercise of rights under this Lease.

 

ARTICLE 9

Signage

 

9.01         Premises
Signage. Subject to the provisions of Article 4, Tenant shall have the right, at Tenant’s sole cost and expense,
to display Tenant identification signage in the elevator lobby on any full floor of the Premises which Tenant leases; provided,
that any such signage has been approved by Landlord (such approval not to be unreasonably withheld, conditioned, or delayed) and
is in compliance with applicable Laws. Subject to the provisions of Article 4, Tenant shall have the right, at Tenant’s
sole cost and expense, to display Tenant identification signage on any door to the Premises on any partial floor of the Premises
which Tenant leases; provided, that any such signage is consistent with Landlord’s signage criteria, has been approved
by Landlord (such approval not to be unreasonably withheld, conditioned, or delayed) and is in compliance with applicable Laws.

 

    	 	- 83 -	 

     

    

 

9.02         Signage
Removal. Tenant covenants and agrees that on the expiration or sooner termination of the Term, Tenant, at its sole cost
and expense, shall promptly remove any sign or signs installed or displayed by or on behalf of Tenant pursuant to this Article
9 or otherwise, repair in good and workmanlike manner all damage caused by such removal and restore the affected portion of
the Building to the condition in which it existed prior to the installation of any such sign or signs.

 

9.03         Building
Directory. If Landlord installs an electronic building directory in the Building, Tenant and Tenant’s Affiliates
and any permitted subtenants of Tenant shall be entitled, without charge (except to the extent Landlord incurs any costs in connection
with such directory which are includable in Operating Expenses pursuant to the provisions of Section 2.07), to be listed
on such directory.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	- 84 -	 

     

    

 

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

 

	Landlord:	LEGACY YARDS TENANT LP	 
	 	 	 	 
	 	By:	Legacy Yards Tenants GP LLC, its general partner	 
	 	 	 	 
	 	By:	/s/ L. Jay Cross	 
	 	 	Name: L. Jay Cross	 
	 	 	Title: President	 
	 	 	 	 
	Tenant:	INTERCEPT PHARMACEUTICALS, INC.	 
	 	 	 	 
	 	By:	/s/ Mark Pruzanski	 
	 	Name:	 Mark Pruzanski	 
	 	Title:	 CEO	 
	 	 	 	 
	Tenant’s Federal Tax I.D. No.:	22-3868459	 

 

    	 	- 85 -	 

     

    

 

EXHIBIT A

 

DESCRIPTION OF LAND

 

    	 	- 1 -	 

     

    

 

EXHIBIT B

 

FLOOR PLANS

 

These floor plans are annexed to and made a
part of this Lease solely to indicate the Premises by outlining and diagonal marking. All areas, conditions, dimensions and locations
are approximate.

 

    	 	- 1 -	 

     

    

 

EXHIBIT C

 

RULES AND REGULATIONS

 

    	 	- 1 -	 

     

    

 

EXHIBIT D

 

STANDARD CLEANING SPECIFICATIONS

 

    	 	- 1 -	 

     

    

 

EXHIBIT E

 

DELIVERY CONDITION

 

    	 	- 1 -	 

     

    

 

EXHIBIT F

 

HVAC SPECIFICATIONS

 

    	 	- 1 -	 

     

    

 

EXHIBIT G

 

ELEVATOR SPECIFICATIONS

 

    	 	- 1 -	 

     

    

 

EXHIBIT H

 

CHARGES FOR LANDLORD SERVICES AND PERSONNEL

 

    	 	- 1 -	 

     

    

 

EXHIBIT I-1

 

TENANT DESIGN STANDARDS

 

    	 	- 1 -	 

     

    

 

EXHIBIT I-2

 

CONSTRUCTION RULES

 

    	 	- 1 -	 

     

    

 

EXHIBIT J

 

INSURANCE MINIMUM COVERAGE AND LIMITS

 

A. Insurance to be Maintained by Tenant
Pursuant to Section 4.02(f) and Section 7.02 of the Lease

 

(i) Workers Compensation Insurance:
providing Statutory Benefits, as required by applicable Law, and Employer’s Liability Insurance.

 

	Coverage A	Statutory
	Coverage B	Employers Liability
	Bodily Injury by Accident	$1,000,000 Each Accident
	Bodily Injury by Disease	$1,000,000 Policy Limit
	Bodily Injury by Disease	$1,000,000 each Employee

 

(ii) Commercial General Liability:
including Contractual Liability, Broad Form Property Damage, Personal and Advertising Injury Liability, Host Liquor Legal Liability,
written on an occurrence form, with a combined single limit of no less than $1,000,000 each occurrence, and $2,000,000 general
aggregate per policy period and Fire Damage Liability limit of not less than $100,000 any one fire, or such higher limits as the
Landlord may from time to time request. The policy will be on the then most current Insurance Services Office Commercial General
Liability Coverage Form No. CG 0001, or its equivalent. Policy shall include coverage for all “pollution” hazards usual
to mold.

 

(iii) Products and Completed Operations
Liability: written on a claims made form, $1,000,000 each occurrence, and $1,000,000 aggregate, or such higher limits as
the Landlord may from time to time request

 

(iv) Commercial Automobile Liability:
including owned, hired, and non-owned coverage with a limit of liability of no less than $1,000,000 per occurrence. Such policy
shall include coverage for contractual liability. This coverage must include all automotive and truck equipment used in the performance
of the work under this Lease, and must include loading and unloading of same.

 

(v) Umbrella Liability: shall
be written on no less than a follow form basis (no more restrictive than the underlying Employer’s Liability, Commercial
General Liability and Commercial Automobile Liability) with a Limit of Liability of $10,000,000 per occurrence and in the aggregate,
or such higher limits as Landlord may from time to time request.

 

(vi) Property Insurance:
Property insurance shall be purchased, on an “All Risk” form of policy (including coverage for acts of terrorism),
for all merchandise, equipment and other Tenant’s Property from time to time located in, on or about the Building and all
Fixtures installed by or on behalf of Tenant, under a policy or policies in the amount of 100% of replacement cost without deduction
for depreciation of such merchandise, equipment, other Tenant’s Property and Fixtures. Such policy or policies shall name
Landlord and any Superior Mortgagees and Superior Lessors as loss payee as their interests may appear. Such property policy or
policies shall include coverage for earthquake/earth movement, demolition and increased cost of construction due to a change in
law or ordinance, sewer back-up, extra expense and expediting expense.

 

    	 	- 1 -	 

     

    

 

(vii) Business Income Insurance:
Business income insurance shall be purchased, (A) covering all risks required to be covered by the insurance provided for Section
(vi) above; (B) in the aggregate amount, for a period of 12 months following the insured against peril, of one hundred percent
(100%) of all fixed rent and additional rent to be paid by Tenant hereunder; and (C) containing an extended period of indemnity
endorsement which provides that after the physical loss to Tenant’s Property and Fixtures has been repaired, the continued
loss of income will be insured for 360 days or until such income returns to the same level it was at prior to the loss, notwithstanding
that the policy may expire prior to the end of such period.

 

(viii) Boiler and Machinery: (for
Boiler and Machinery used exclusively by Tenant) At all times Tenant shall maintain boiler and machinery insurance on a blanket
basis covering the sudden breakdown of all equipment, machinery and apparatus consisting of, but not limited to boilers, heating
apparatus fired and unfired pressure vessels, air conditioning equipment, miscellaneous electrical apparatus and their appurtenant
equipment in an amount not less than the full replacement or functional cost thereof. Such coverage shall include business income
insurance (A) covering all risks required to be covered by the insurance provided for in Sections (v), (vi) and (vii) above; (B)
in the aggregate amount, for a period of 12 months following the insured against peril, of one hundred percent (100%) of all fixed
rent and additional rent to be paid by Tenant hereunder; and (C) containing an extended period of indemnity endorsement which provides
that after the physical loss to Tenant’s Property and Fixtures has been repaired, the continued loss of income will be insured
for 360 days or until such income returns to the same level it was at prior to the loss, notwithstanding that the policy may expire
prior to the end of such period.

 

B. Insurance to be Maintained by Tenant’s
Contractors Pursuant to Section 4.02(f) of the Lease

 

Any contractor, subcontractor
(of any tier), design consultant, sub-consultant (of any tier), and any other party performing work in the Building on behalf of
Tenant is a “Tenant’s Contractor” for purposes of this Lease.

 

(i) Insurance to be Maintained
by Tenant’s Contractors

 

(a) Workers Compensation Insurance:
providing Statutory Benefits, as required by applicable state law and Employer’s Liability Insurance.

 

	Coverage A	Statutory
	Coverage B	Employers Liability
	Bodily Injury by Accident	$1,000,000 Each Accident
	Bodily Injury by Disease	$1,000,000 Policy Limit
	Bodily Injury by Disease	$1,000,000 each Employee

 

    	 	- 2 -	 

     

    

 

(b) Commercial General Liability:
including Contractual Liability, Products and Completed Operations Liability (which may be a separate policy), Broad Form Property
Damage, Personal and Advertising Injury Liability, Host Liquor Legal Liability, written on an occurrence form, with a Combined
Single Limit of no less than $ 1,000,000 each occurrence, and $2,000,000 general aggregate per project, per location and $2,000,000
Products Completed Operations aggregate, Fire Damage Liability limit of not less than $100,000 any one fire, or such higher limits
as the Landlord may from time to time request. The policy will be on the then most current Insurance Services Office Commercial
General Liability Coverage Form No. CG 0001, or its equivalent. Policy shall include coverage for all “pollution” hazards
usual to mold.

 

(c) Commercial Automobile Liability:
including owned, hired, and non-owned coverage with a Limit of Liability of no less than $1,000,000 per occurrence. Such policy
shall include coverage for contractual liability. This coverage must include all automotive and truck equipment used in the performance
of the work under this Lease, and must include loading and unloading of same.

 

(d) Umbrella Liability: shall
be written on no less than a follow form basis (no more restrictive than the underlying Employer’s Liability, Commercial
General Liability and Commercial Automobile Liability) with a Limit of Liability of $5,000,000 per occurrence and in the aggregate
(or $25,000,000 with respect to any Tenant’s Contractor performing structural work in the Building), or such higher limits
as Landlord may from time to time request.

 

(e) Builders Risk: Builders
Risk shall be purchased (if not covered under Tenant’s property policies) on an All Risk Policy including “Soft Costs”
form for all work performed, in amounts not less than 100% of the full completed value of the work including materials and equipment
stored on or about the job site, while in transit to the job site and while stored away from the job site. Policy shall include
coverage for increased cost to repair or replace due to a change in law or ordinance, earthquake, and flood.

 

(ii) Insurance to be Maintained
by any Tenant’s Contractor which is an Architect or Design Professional

 

(a) Professional Liability:
Shall be purchased by all Architects and Engineers for Professional Liability Errors and Omissions in an amount not less than
$2,000,000 each claim and annual aggregate for the lead architect or consultant and $1,000,000 each claim and annual aggregate
for all sub-consultants, per project with a maximum deductible of $10,000, including punitive damage coverage and contractual liability
coverage, without limitations. The policy shall have a retroactive date that precedes the start of the design services. Such Errors
& Omission policy shall be maintained in full force and effect for the lesser of 6 years or the statute of limitations from
the date the relevant work is completed. Any sub-consultant shall maintain Architects’ Errors and Omissions Professional
Liability which is no more restrictive than the prime consultant’s policy.

 

C. Requirements Applicable to All Insurance
Required Pursuant to this Lease

 

(i) Additional Insureds:
The General Liability and Umbrella Liability policies required hereunder must name Landlord, The Related Companies L.P., Oxford
Hudson Yards LLC, any Superior Lessors, any Superior Mortgagees and any of such entities’ subsidiaries, affiliates, directors,
officers, members, managers, partners, agents, employees, and assignees, and such other entities hereafter as may be reasonably
requested by Landlord (collectively, the “Additional Insureds”), as additional insureds. Coverage afforded to
the Additional Insureds shall apply on a primary basis. Tenant’s Contractors shall provide Endorsement form CG 20 10 11/85
(Form B) or its equivalent and must provide coverage within the Products and Completed Operations coverage section.

 

    	 	- 3 -	 

     

    

 

In the event Tenant and/or any of Tenant’s
Contractors, maintains limits greater than set forth herein, Landlord and the then Additional Insureds shall be included therein
as additional insureds to the fullest extent of all such insurance in accordance with all terms and provisions herein.

 

(ii) Self Insured Retention:
Tenant shall have the right to satisfy its insurance obligations under this Lease by means of self-insurance to the extent of all
or part of the insurance required hereunder, but only so long as: (a) such self-insurance is permitted under all laws applicable
to Tenant and/or the Property at the time in question; (b) such self-insurance is in compliance with any customary and commercially
reasonable minimum insurance requirements imposed upon Landlord by Landlord's lender(s); (c) Tenant maintains a net worth (as shown
by its financial statements audited in accordance with generally accepted accounting principles) of not less than One Hundred Million
Dollars ($100,000,000.00); (d) unless such information is already generally available to the public, Tenant shall, not less than
annually, provide Landlord an audited financial statement, prepared by an independent certified public accountant in accordance
with generally accepted accounting principles consistently applied, showing the required net worth; and (e) such self-insurance
provides for loss reserves that are actuarially derived in accordance with accepted standards of the insurance industry and accrued
(i.e., charged against earnings) or otherwise funded. Any self-insured exposure shall be deemed to be an insured risk under this
Lease. The beneficiaries of such insurance shall be afforded no less insurance protection than if such self-insured portion was
fully insured by an insurance company of the quality and caliber required hereunder (including, without limitation, the protection
of a legal defense, by attorneys reasonably acceptable to beneficiaries, and the payment of claims within the same time period
that a third party insurance carrier of the quality and caliber otherwise required hereunder would have paid such claims). The
waiver of subrogation provided for hereunder shall be applicable to any self-insured exposure. All self insured retentions must
be acceptable to and approved in writing by Landlord prior to use and the insurance required under this Lease must be maintained
in excess of such self- insurance retention.

 

Any and all deductibles and/or self insured
retentions for the insurance policies described in this Exhibit J shall be assumed by and for the account of Tenant or any
Tenant’s Contractor, as applicable, at the sole risk and expense of such entity.

 

(iii) Terrorism Coverage: All
coverage required herein shall include coverage for certified acts of terrorism.

 

    	 	- 4 -	 

     

    

 

EXHIBIT K

 

APPROVED CONTRACTORS

 

    	 	- 1 -	 

     

    

 

EXHIBIT L

 

SECURITY SPECIFICATIONS

 

    	 	- 1 -	 

     

    

 

EXHIBIT M

 

INTENTIONALLY OMITTED

 

    	 	- 1 -	 

     

    

 

EXHIBIT N

 

FORM OF CONFIDENTIALITY AGREEMENT

 

    	 	- 1 -	 

     

    

 

EXHIBIT O

 

FORM OF LETTER OF CREDIT

 

    	 	- 1 -	 

     

    

 

EXHIBIT P

 

LEED-RELATED REQUIREMENTS FOR ALTERATIONS

 

    	 	- 1 -	 

     

    

 

EXHIBIT Q

 

Intentionally
Omitted

 

    	 	- 1 -	 

     

    

 

EXHIBIT R

 

Intentionally
Omitted

 

    	 	- 1 -	 

     

    

 

EXHIBIT S

 

FORM
OF LANDLORD’S NON-DISTURBANCE AGREEMENT

 

    	 	- 1 -	 

     

    

 

EXHIBIT T

 

Intentionally
Omitted

 

    	 	- 1 -

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