Document:

Exhibit
10.1

 

FIRST AMENDMENT TO SUBLEASE

 

FIRST
AMENDMENT TO SUBLEASE (“First Amendment”) made this 20th day of August , 2010 by and between
SOCIÉTÉ GÉNÉRALE, a corporation organized and existing under the laws of the
Republic of France, having an address at 1221 Avenue of the Americas, New York,
New York 10020 (“Sublandlord”), and COWEN GROUP, INC., a Delaware
corporation having an address at 1221 Avenue of the Americas, New York, New
York 10020 (“Subtenant”).

 

WITNESSETH

 

WHEREAS,
Sublandlord, as sublandlord, and SG Cowen & Co., LLC, as subtenant,
entered into that certain Sublease which was executed and delivered on or about
December 19, 2005 (“Original Sublease”; the Original Sublease and this
First Amendment being referred to collectively as the “Sublease”) for the
entire rentable area of the fourteenth and fifteenth floors, a portion of the
sixth floor, a portion of the Data Center and various IDF closets in the
building (“Building”) located at 1221 Avenue of the Americas, New York, New
York (“Original Sublease Premises”).

 

WHEREAS,
SG Cowen & Co., LLC changed its name to Cowen and Company, LLC, and
thereafter assigned the Original Sublease to Subtenant pursuant to Assignment
and Assumption Agreement dated as of October 22, 2009.

 

WHEREAS,
Sublandlord and Subtenant have agreed that Subtenant: (i) shall surrender,
and Sublandlord shall accept, on the terms and conditions set forth herein, the
portion of the sixth floor that is part of the Original Sublease Premises (“Sixth
Floor Space”) and the IDF closets that are part of the Original Sublease
Premises (“IDF Closet Space”) other than the two (2) IDF closets on each
of the 14th and 15th floors
currently subleased and the portion of the Data Center space that is part of
the Original Sublease Premises allocated to equipment used in connection with
the Sixth Floor Space (the Sixth Floor Space and IDF Closet Space [other than
the two (2) IDF closets on each of the 14th and 15th floors] and such portion of the Data Center
space are referred to collectively as the “Sixth Floor Surrender Premises”);
and (ii) shall have the right to surrender, and Sublandlord shall accept,
on the terms and conditions set forth herein, the 14th floor and the
two (2) IDF closets on the 14th floor and the
portion of the Data Center space that is part of the Original Sublease Premises
allocated to equipment used in connection with the 14th floor (collectively, the “Fourteenth Floor
Surrender Premises”).  The remaining
Original Sublease Premises at any given point in time, i.e., the entire
rentable area of the fourteenth and fifteenth floors together with the two (2) IDF
closets on each of the 14th and 15th floors and the Data Center space allocated to
equipment used in connection with the 14th and 15th floors that is part of the Original Sublease
Premises until if as and when the Fourteenth Floor Surrender Premises are
surrendered, and, after such surrender, the entire rentable area of the
fifteenth floor together with the two (2) IDF closets on the 15th floor and the Data Center space allocated to
equipment used in connection with the 15th floor that is
part of the Original Sublease Premises, are referred to as the “Remaining
Sublease Premises”.  All other
capitalized terms not defined herein are defined as set forth in the Original
Sublease.

 

 

NOW,
THEREFORE, in consideration of the mutual premises and promises set forth
herein, and other valuable consideration, the receipt and sufficiency of which
is hereby acknowledged by each party hereto, the parties agree to amend the
Original Sublease as follows:

 

1.             Surrender
of Part of the Premises.

 

(a)           The Sublease Term shall terminate as
to the Sixth Floor Surrender Premises on the date (“Sixth Floor Surrender Date”)
that Subtenant surrenders to Sublandlord the Sixth Floor Surrender Premises “vacant
and broom clean” (as defined in this paragraph 1(a) and except to the
extent Subtenant, pursuant to the express terms of this First Amendment, leaves
any Personalty in place) and in accordance with Section 6.8 of the “Primary
Lease” (as defined in, and incorporated into, the Original Sublease) as
modified by paragraph 8 of this First Amendment.  Subtenant shall cause the Sixth Floor
Surrender Date to occur on but not before January 3, 2011 and no later
than January 25, 2011.  Without
limiting the absolute obligation set forth in the prior sentence, Subtenant,
after December 1, 2010, shall endeavor to provide Sublandlord information
from time to time as to the precise surrender date, but shall have no liability
to Sublandlord for failure to provide such notice or for changing the surrender
date from time to time.  For purposes of
this paragraph 1 and paragraph 8 of this First Amendment, a portion of the
Original  Sublease Premises being
surrendered shall be deemed to be “vacant and broom clean” if (i) such
portion of the Original Sublease Premises being surrendered is free of rubbish,
debris and vermin and (ii) all paper, files, paper clips, pens and similar
office supplies have been removed from all desks, drawers and file cabinets
left in place in such portion of the Original Sublease Premises being
surrendered.

 

(b)           Subtenant shall have the right to
terminate the Sublease Term as to the Fourteenth Floor Surrender Premises on at
least sixty (60) days prior notice to Sublandlord, provided however such termination
shall not be effective prior to the Sixth Floor Surrender Date.  The date which Subtenant sets forth in its
notice as the date the Sublease will terminate as to the Fourteenth Floor
Surrender Premises is referred to as the “Fourteenth Floor Surrender Date”.  Subtenant, on or prior to the Fourteenth
Floor Surrender Date, shall surrender to Sublandlord the Fourteenth Floor
Surrender Premises vacant and broom clean (except to the extent Subtenant,
pursuant to the express terms of this First Amendment, leaves any Personalty in
place) and in accordance with Section 6.8 of the Primary Lease, as
modified by paragraph 8 of this First Amendment.

 

2.             Reduction of Rent.

 

(a) 
Subtenant shall continue to pay Fixed Rent pursuant to the Original Sublease
which accrues through and including the Sixth Floor Surrender Date.

 

(b) 
As of the Sixth Floor Surrender Date, and until the Fourteenth Floor Surrender
Date (or, if Subtenant does not elect to surrender the Fourteenth Floor
Surrender Premises, the expiration date of the Sublease), Subtenant shall: (i) no
longer be obligated to pay Fixed Rent pursuant to paragraph 2(a)(i) of the
Original Sublease, (ii) continue to pay Fixed Rent pursuant to paragraphs
2(a)(ii) and 2(a)(iii) of the Original Sublease, and (iii) pay Fixed
Rent of $20,245.32 per year (payable $1,687.11 per month) pursuant to paragraph
2(a)(iv) of the Original Sublease.

 

 

(c) 
If Subtenant terminates the Sublease Term as to the Fourteenth Floor Surrender
Premises, Subtenant, from and after the Fourteenth Floor Surrender Date and
until the expiration date of the Sublease, shall: (i) no longer be
obligated to pay Fixed Rent pursuant to paragraph 2(a)(ii) of the Original
Sublease, (ii) continue to pay Fixed Rent pursuant to paragraph 2(a)(iii) of
the Original Sublease, and (ii) pay Fixed Rent of $10,122.84 per year
(payable $843.57 per month) pursuant to paragraph 2(a)(iv) of the Original
Sublease.

 

(d) 
Subtenant shall continue to pay Additional Rent pursuant to the Original
Sublease which accrues through and including the Sixth Floor Surrender
Date.  Thereafter and until the
Fourteenth Floor Surrender Date (or, if Subtenant does not elect to surrender
the Fourteenth Floor Surrender Premises, the expiration date of the Sublease)
Subtenant shall continue to pay Additional Rent pursuant to the Original
Sublease, but “Cowen’s Pro Rata Share” shall be based on 85,393 square feet
rather than 109,619 square feet and shall mean 17.53% rather than 22.5%.  From and after the Fourteenth Floor Surrender
Date, Subtenant shall continue to pay Additional Rent pursuant to the Original
Sublease, but “Cowen’s Pro Rata Share” shall be based on 42,434 square feet
rather than 109,619 square feet or 85,393 square feet and shall mean 8.71%
rather than 17.53% or 22.5%.

 

3.             License Agreement.  Effective on the Sixth Floor Surrender Date,
Subtenant shall not be entitled to receive any further services pursuant to the
License Agreement described in paragraph 3(d) of the Original Sublease (“License
Agreement”).  Subtenant shall continue to
pay its License Agreement Pro Rata Share of any fees that are payable by
Sublandlord to the Landlord in respect of the provision of services under the
License Agreement which accrue through and including the Sixth Floor Surrender
Date.  Thereafter, Subtenant shall have
no further payment obligation pursuant to paragraph 3(d) of the Original
Sublease.

 

4.             Centrally Managed Expenses.  Subtenant shall continue to pay Sublandlord
for “centrally managed expenses” as Subtenant has historically paid for same when
invoiced for such expenses.  The amounts
charged to Subtenant as “centrally managed expenses” shall be increased from
time to time as has historically been the case, but equitably adjusted by
Sublandlord to reflect the surrender by Subtenant of the Sixth Floor Surrender
Premises in accordance with the terms hereof, and, if applicable, the surrender
by Subtenant of the Fourteenth Floor Surrender Premises in accordance with the
terms hereof.

 

5.             Service Level Agreement Expenses.  Subtenant shall continue to pay Sublandlord
for “SLA expenses” as Subtenant has historically paid for same when invoiced
for such expenses in accordance with the “Service Level Agreement for
Facilities Management Services” between Sublandlord and Subtenant (“SLA
Agreement”).  The amounts charged to
Subtenant as “SLA expenses” shall be increased from time to time as has
historically been the case, but equitably adjusted by Sublandlord based on the
current pricing model to reflect surrender by Subtenant of the Sixth Floor
Surrender Premises and, if surrendered in accordance with the terms hereof, the
Fourteenth Floor Surrender Premises.

 

6.             Separation Agreement Obligation.  Subtenant shall continue to pay Sublandlord
monthly payments of $99,762 pursuant to Section 2.06(b) of that certain
July 11, 2006 “Separation Agreement” by and among Sublandlord, Subtenant
and others (“Separation Agreement”), but such amount shall be reduced by one
third (1/3) upon the surrender by 

 

 

Subtenant
of the Sixth Floor Surrender Premises in accordance with the terms hereof, and
by an additional one third (1/3) upon the surrender by Subtenant of the
Fourteenth Floor Surrender Premises in accordance with the terms hereof.

 

7              Intentionally omitted.

 

8.             Condition of Premises at Time of
Surrender.

 

(a) 
Subtenant, except as set forth herein, shall not demolish or alter any
leasehold improvements, cabling, furniture or furnishings, or the existing
phone system or any of the equipment, cabling and switches in connection
therewith, and, in the case of cabling, without cutting or re-routing thereof,
including, without limitation, the items set forth on Schedule 1 annexed
hereto and made a part hereof, which exists on the date of this First
Amendment, in any of the Original Sublease Premises (all such items, “Personalty”).  Subtenant represents and warrants to
Sublandlord that, as of the date of this First Amendment: (i) Subtenant
has good and marketable fee (as compared to leasehold) title to all such
Personalty, free and clear of any lien, encumbrance, right or claim of any
third party, other than liens, encumbrances, rights or claims of Sublandlord
pursuant to the terms of the Separation Agreement, (ii) all items of
Personalty are currently in good working order, (iii) all items of
Personalty currently contained in the Sixth Floor Surrender Premises will be
maintained in good working order, subject to normal wear and tear, until the
Sixth Floor Surrender Date, and (iv) all items of Personalty currently
contained in the Fourteenth Floor Surrender Premises will be maintained in good
working order, subject to normal wear and tear, until the Fourteenth Floor
Surrender Date, if Subtenant shall surrender the Fourteen Floor Surrender
Premises pursuant to paragraph 1(b) of this First Amendment, or until the
expiration date of the Sublease, if Subtenant shall not surrender the Fourteen
Floor Surrender Premises pursuant to paragraph 1(b) of this First
Amendment.

 

(b) 
When Subtenant vacates the Sixth Floor Surrender Premises, Subtenant shall
leave in place all Personalty located therein, including without limitation all
Personalty located in the IDF closets serving the floor and the items in the
Data Center set forth on the portion of Schedule 1 captioned “7th Floor Data Center Inventory”, but excluding
the items set forth on Schedule 2(a) annexed hereto and made a part hereof
(“Excluded Sixth Floor Personalty”) . 
Subtenant, on the Sixth Floor Surrender Date, shall sell to Sublandlord
for One Dollar ($1.00) all such Personalty (other than the Excluded Sixth Floor
Personalty), including without limitation the items set forth on the portion of
Schedule 1 captioned “7th Floor Data Center Inventory”, in its “AS IS”
condition on the date of this First Amendment, normal wear and tear
excepted.  On the date of sale Subtenant
shall deliver to Sublandlord a Bill of Sale for all Personalty being
transferred on that date in the form of Exhibit A annexed hereto and made
a part hereof, with a reasonably detailed list of all items of Personalty, so
as to evidence the transfer of same from Subtenant to Sublandlord, which Bill
of Sale shall include an assignment, without representation, warranty or
recourse, of any manufacturer, service company or other warranty applicable to
any of such items.  But for the Personalty
sold to Sublandlord pursuant to this paragraph 8(b), Subtenant shall remove
from the Sixth Floor Surrender Premises all personal items, including, without
limitation, personal computers, and shall deliver the Sixth Floor Surrender
Premises to Sublandlord vacant and broom clean (except to the extent Subtenant,
pursuant to the express terms of this First Amendment, leaves any Personalty in
place) and in accordance with Section 6.8 of the Primary Lease (as
incorporated in the Original Sublease).

 

 

(c) 
If Subtenant terminates the Sublease as to the Fourteenth Floor Surrender
Premises, when Subtenant vacates the Fourteenth Floor Surrender Premises
Subtenant shall leave in place all Personalty located therein other than the
items set forth on Schedule 2(b) annexed hereto and made a part hereof (“Excluded
Fourteenth Floor Personalty”). 
Subtenant, on the Fourteenth Floor Surrender Date, shall sell to
Sublandlord for One Dollar ($1.00) all such Personalty (other than the Excluded
Fourteenth Floor Personalty) in its “AS IS” condition on the date of this First
Amendment, normal wear and tear excepted. 
On the date of sale Subtenant shall deliver to Sublandlord a Bill of
Sale for all Personalty being transferred on that date in the form of Exhibit A
annexed hereto and made a part hereof, with a reasonably detailed list of all
items of Personalty, so as to evidence the transfer of same from Subtenant to
Sublandlord, which Bill of Sale shall include an assignment, without
representation, warranty or recourse, of any manufacturer, service company or other
warranty applicable to any of such items. 
But for the Personalty sold to Sublandlord pursuant to this paragraph
8(c), Subtenant shall remove from the Fourteenth Floor Surrender Premises all
personal items, including, without limitation, personal computers, and shall
deliver the Fourteenth Floor Surrender Premises to Sublandlord vacant and broom
clean (except to the extent Subtenant, pursuant to the express terms of this
First Amendment, leaves any Personalty in place) and in accordance with Section 6.8
of the Primary Lease (as incorporated in the Original Sublease) and shall
remove from the 7th Floor Data Center all equipment belonging to
Subtenant which serviced Subtenant’s operations on the 14th floor.

 

(d) 
Subtenant shall be solely responsible for, and shall promptly, and in any event
within thirty (30) days, repair, any damage caused by Subtenant to any of the
Original Sublease Premises in its process of vacating each.  Except as modified by this paragraph 8 of
this First Amendment, Section 6.8 of the Primary Lease (as incorporated in
the Original Sublease) remains in full force and effect.

 

9.             Holding Over.  If Subtenant does not surrender the Sixth
Floor Surrender Premises in accordance with the terms of the Sublease by the
Sixth Floor Surrender Date, or, having elected to surrender the Fourteenth
Floor Surrender Premises, does not surrender the Fourteenth Floor Surrender
Premises in accordance with the terms of the Sublease by the Fourteenth Floor
Surrender Date, or does not surrender the Remaining Sublease Premises in
accordance with the terms of the Sublease by the expiration date of the
Sublease, including, without limitation, removing from the 7th Floor Data Center all equipment belonging to
Subtenant which serviced Subtenant’s operations on the 14th or 15th floor, in
each instance time being of the essence, Subtenant, without further notice or
opportunity to cure, shall be considered as holding over as to the Sixth Floor
Surrender Premises, Fourteenth Floor Surrender Premises or Remaining Sublease
Premises, as applicable, and shall be obligated to pay for each such space all
of the amounts due from Subtenant for holding over pursuant to the terms of the
Sublease and Sublandlord shall have all of its rights and remedies with respect
thereto.

 

10.          Indemnity.  The provisions of both subparagraphs 7(a) and
7(b) of the Original Sublease remain in full force and effect, but
subparagraph 7(a)(ii) shall be deemed to read “any breach or default
hereunder on Cowen’s part pursuant to this Sublease, as amended,”, and
subparagraph 7(b)(ii) shall be deemed to read “any breach or default
hereunder on SG’s part pursuant to this Sublease, as amended,”.

 

 

11.          Brokerage.  Each party represents to the other that it
did not deal with any real estate broker in connection with this First
Amendment.  Each party indemnifies and
holds the other harmless from any claim for a commission or other fee made by
any broker or third party in connection with this First Amendment which claim
is based on an allegation of having dealt with the party delivering the
indemnity.

 

12.          No Drafting Presumption.  This is a fully negotiated agreement, and
shall not be construed against Sublandlord by virtue of its having been
prepared by counsel for Sublandlord.

 

13.          Estoppel.  To the best of Subtenant’s knowledge,
Sublandlord has performed fully all obligations of “SG” pursuant to the
Original Sublease in accordance with the terms thereof, that there is no
default by Sublandlord thereunder, and there is no circumstance which, but for
the giving of notice or the passage of any applicable cure period, will
constitute a default by Sublandlord thereunder. 
To the best of Sublandlord’s knowledge, Sublandlord acknowledges
Subtenant has performed fully all obligations of “Cowen” pursuant to the Original
Sublease in accordance with the terms thereof, there is no default by Subtenant
thereunder, and there is no circumstance which, but for the giving of notice or
the passage of any applicable cure period, will constitute a default by
Subtenant thereunder.

 

14.          Transfer Tax.  Contemporaneously with the surrender of the
Sixth Floor Surrender Premises and the Fourteenth Floor Surrender Premises (if
applicable), Sublandlord and Subtenant shall complete, sign and have
acknowledged any and all real property transfer tax forms required by New York
State and/or New York City for said transactions, which forms shall indicate
zero consideration and that no transfer tax is payable for each of said
transactions.

 

15.          Notices.  Effective as of the Sixth Floor Surrender
Date, the third (3rd) and fourth (4th) sentences of Section 25 of the
Original Sublease shall be deemed deleted and replaced with the following:  “All Notices given to SG shall be addressed
to Societe Generale, 1221 Avenue of the Americas, New York, NY 10020,
Attention:  Manager of Facilities, with a
copy to Societe Generale, 1221 Avenue of the Americas, New York, NY 10020,
Attn:  General Counsel, or at such other
place as SG may from time to time designated in a notice given in accordance
with the provisions of this Section 25. 
All Notices given to Cowen shall be addressed to Cowen Group, Inc.,
599 Lexington Avenue, 20th Floor, New York, New York 10036, Attention:  General Counsel, or at such other place as
Cowen ay from time to time designate in a notice given in accordance with the
provisions of this Section 25”.

 

[REST
OF PAGE INTENTIONALLY BLANK]

 

 

16.          Ratification.  Except as modified herein, the terms and
provisions of the Original Sublease, the License Agreement, the SLA Agreement,
and the Separation Agreement remain in full force and effect without amendment
thereto.

 

IN
WITNESS WHEREOF, the parties have duly executed this First Amendment To
Sublease as of the day and year first above written.

 

	
   

  	
  Sublandlord:

  	
  SOCIÉTÉ
  GÉNÉRALE

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Mark Kaplan

  	
   

  
	
   

  	
   

  	
  Print
  Name: Mark Kaplan

  	
   

  
	
   

  	
   

  	
  Title:      Chief
  Operating Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Subtenant:

  	
  COWEN
  GROUP, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Christopher A. White

  	
   

  
	
   

  	
   

  	
  Print
  Name: Christopher A. White

  	
   

  
	
   

  	
   

  	
  Title:      Chief
  of StaffExhibit 10.2

 

SECOND AMENDMENT TO LEASE

 

THIS SECOND AMENDMENT TO LEASE dated as of the 20th day of August, 2010 (this “Second Amendment”)
by and between BP 599 LEXINGTON AVENUE LLC, a Delaware limited liability
company, having an address c/o Boston Properties, Inc., 599 Lexington
Avenue, New York, New York 10022, as Landlord (“Landlord”), and COWEN GROUP, INC.,
a Delaware corporation (formerly known as LexingtonPark Parent Corp., and
successor to Ramius LLC) having an address at 599 Lexington Avenue, New York,
New York 10022, as Tenant (“Tenant”).

 

W I T N E S S E T H:

 

WHEREAS, by Lease dated June 22, 2007 (the “Original Lease”), as
amended by a First Amendment to Lease dated as of June 9, 2008 (the “First
Amendment”), an Assignment and Assumption of Lease dated November 2, 2009
(the “Ramius Assignment”), a Consent Agreement (Assignment) dated as of November 2,
2009, and an Assignment and Assumption of Lease dated as of the date hereof
(the “Cowen Assignment”) (the Original Lease, as so amended, is referred to as
the “Lease”), Tenant leases from Landlord certain premises on the nineteenth
(19th), twentieth (20th), and twenty-first (21st) floors (the “Existing
Premises”) of the building known as 599 Lexington Avenue, New York, New York
10022 (the “Building”) as more particularly described in the Lease; and

 

WHEREAS, Landlord and Tenant desire to expand the size of the Premises
by adding thereto two portions of the twenty-seventh (27th) floor of the
Building (the “27A Premises” and the “27B Premises”, respectively, and
collectively, the “27th Floor Premises”).

 

NOW THEREFORE, in consideration of Ten Dollars ($10.00) and other good
and valuable consideration the receipt and sufficiency of which are hereby
acknowledged, Landlord and Tenant hereby agree to amend the Lease as follows:

 

1.             Demise of the
27th Floor Premises.  Landlord
and Tenant agree that as of the 27th Floor Premises Commencement Date
(hereinafter defined), the Existing Premises shall be expanded by adding
thereto the 27th Floor Premises, and the Premises shall be deemed modified to
consist of the Existing Premises and the 27th Floor Premises; provided,
however, that (i) Annual Fixed Rent for the 27th Floor Premises shall be
determined pursuant to Section 4 of this Second Amendment, (ii) Tenant’s
Share of Taxes and Operating Expenses for the 27th Floor Premises shall be
determined pursuant to Sections 5, 6 and 7 of this Second Amendment, and (iii) Tenant
shall deliver an Additional Security Deposit (as hereinafter defined) pursuant
to Section 16 of this Second Amendment.

 

2.             Lease Term With
Respect to the 27th Floor Premises.  The Lease Term with respect to the 27th Floor
Premises shall commence on the date of this Second Amendment (the “27th Floor
Premises Commencement Date”), and shall end on the Expiration Date (i.e.,
August 31, 2022), as the same may be extended pursuant to the provisions
of Article 21 of the Lease, or shall end on such earlier date upon which
the Lease Term may expire or be terminated 

 

 

pursuant
to any of the conditions of limitation or other provisions of the Lease, as
amended by this Second Amendment, or pursuant to law.

 

3.             Tenant’s Second
Amendment Work.

 

(a)           Except as
otherwise set forth in Section 3(b) below and the Work Letter
attached hereto as Exhibit C, the 27th Floor Premises is being leased in
its present condition, “AS IS”, without representation or warranty by Landlord,
provided that (i) Landlord represents that all Building systems serving
the 27th Floor Premises, with the exception of connections and distributions of
HVAC, life-safety, electrical systems and the like still under construction,
shall be in good working order on the 27th Floor Premises Commencement Date, (ii) Landlord
represents that it has provided Tenant with copies of existing ACP-5
documentation confirming that there is no asbestos or asbestos-containing
material requiring remediation within the 27th Floor Premises, (iii) Landlord
represents that (x) as of the 27th Floor Premises Commencement Date, the
27th Floor Premises is free of hazardous substances which would violate
applicable laws or governmental regulations and (y) the 27th Floor
Premises and the Building are free of violations of law or governmental
regulations which would prevent obtaining permits for, or performing, Tenant’s
Second Amendment Work, and (iv) Landlord shall make available to Tenant in
connection with Tenant’s Second Amendment Work (x) a connection point on
the 27th Floor Premises to the Building sprinkler riser and (y) a
reasonable number of connection points to the Building fire/life safety system
which shall be located on the twenty-eight (28th) floor of the Building.

 

(b)           Tenant
acknowledges that Landlord is in the process of constructing certain tenant
improvements in the 27A Premises (the “27A Work”) and a common corridor on the
27th floor of the Building (the “Common Corridor Work”), all in accordance with
certain existing plans and specifications, copies of which have been provided
to Tenant (the “Existing Plans”), pursuant to an existing construction contract
(the “Existing Contract”) between Landlord and Aragon Construction Inc. (the “Existing
Contractor”).  Tenant desires to have
Landlord complete the Common Corridor Work and the 27A Work, with certain
changes thereto (the “27A Change Order Work”), and to perform certain work to
the 27B Premises (the “27B Work”), all in order to prepare the 27th Floor
Premises for Tenant’s initial occupancy. 
The 27A Work, as modified by the 27A Change Order Work, and the 27B Work
is collectively referred to as “Tenant’s Second Amendment Work”.  Landlord shall cause the Existing Contractor
to (i) complete the Common Corridor Work at Landlord’s sole cost and
expense and (ii) complete Tenant’s Second Amendment Work at Tenant’s sole
cost and expense, subject to the provisions of the Work Letter attached hereto
as Exhibit C and provided that Tenant shall have no obligation to pay for
the first Nine Hundred Three Thousand Eighteen and 51/100 ($903,018.51) (“Tenant’s
Second Amendment Credit”) of the cost of Tenant’s Second Amendment Work, which amount
represents the cost of the 27A Work under the Existing Contract based on the
Existing Plans including the portion of the 27A Work performed to date.  Subject to the terms hereof and the
provisions of the Work Letter attached hereto as Exhibit C, Landlord shall
cause the Existing Contractor to complete the Common Corridor Work and Tenant’s
Second Amendment Work with reasonable diligence in a good and workmanlike
manner and in compliance with all applicable laws and requirements of public
authorities and insurance bodies related to, or arising out of the performance
of, such work, but the completion of such work shall 

 

2

 

not
be a condition to the occurrence of the 27th Floor Commencement Date, 27A Premises
Rent Commencement Date (as hereinafter defined) or 27B Premises Rent
Commencement Date (as hereinafter defined).

 

(c)           Landlord and Tenant
acknowledge that Tenant failed to timely requisition a portion of Landlord’s
Contribution under the Original Lease in the amount of $445,884.00 (the “Unused
Contribution”).  Without limiting Tenant’s
right to receive the Tenant’s Second Amendment Credit hereunder, Landlord shall
credit the Unused Contribution against the next installment(s) of rent due
under the Lease after Tenant’s delivery of Landlord’s Initial Fee and the
Additional Security Deposit to Landlord.

 

(d)           Notwithstanding anything to
the contrary contained in the Lease (including Exhibit D attached thereto)
or in this Second Amendment, solely in connection with Tenant’s initial move-in
to the 27th Floor Premises, Tenant shall be entitled to eight (8) hours of
use of the freight elevator(s) during non-Operating Hours free of charge.

 

(e)           To the maximum extent
possible, Tenant’s financial contribution will fund (and thus Tenant will own
and depreciate) the components that are identified as IRC Section 1245
Property (5 and 7 year tax lives) per the forthcoming CBRE Cost Segregation
Analysis.  To the maximum extent
possible, Tenant’s Second Amendment Credit and the Unused Contribution will
fund (and thus Landlord will own and depreciate) the components that are
identified as IRC Section 1250 Property (39 year tax life) per the
forthcoming CBRE Cost Segregation Analysis.

 

4.             Annual Fixed
Rent; Rent Concession.

 

(a)           Annual Fixed
Rent for the 27th Floor Premises shall mean:

 

I.             With respect to
the 27A Premises:

 

(i)            from the 27th
Floor Premises Commencement Date through February 28, 2016, the sum of
Nine Hundred Ninety-Nine Thousand Seven Hundred Sixty-Five and 00/100 Dollars
($999,765.00);

 

(ii)           from March 1,
2016 through February 28, 2021, the sum of One Million Ninety-Two Thousand
Fifty-One and 00/100 Dollars ($1,092,051.00); and

 

(iii)          from March 1,
2021 through the Expiration Date, the sum of One Million One Hundred
Eighty-Four Thousand Three Hundred Thirty-Seven and 00/100 Dollars
($1,184,337.00); and

 

II.            With respect to
the 27B Premises:

 

(i)            from the 27th
Floor Premises Commencement Date through November 30, 2014, the sum of One
Hundred Ninety-One Thousand Three Hundred Sixteen and 00/100 Dollars
($191,316.00);

 

3

 

(ii)           from December 1,
2014 through November 30, 2017, the sum of Two Hundred Seven Thousand
Three Hundred Sixty-Six and 00/100 Dollars ($207,366.00);

 

(iii)          from December 1,
2017 through February 28, 2021, the sum of Two Hundred Twenty-Seven
Thousand Nine Hundred Ten and 00/100 Dollars ($227,910.00); and

 

(iv)          from March 1,
2021 through the Expiration Date, the sum of Two Hundred Forty-Seven Thousand One
Hundred Seventy and 00/100 Dollars ($247,170.00).

 

Effective
as of the 27th Floor Premises Commencement Date, the term “Annual Fixed Rent”
in the Lease shall mean Annual Fixed Rent for the Existing Premises as set
forth in the Lease, and Annual Fixed Rent for the 27th Floor Premises as set
forth herein.

 

(b)           Anything
contained in this Section 4 or Section 5.1 of the Lease to the
contrary notwithstanding, so long as no Event of Default exists, Landlord
hereby waives payment of Annual Fixed Rent solely with respect to the 27A
Premises for the period from and including the 27th Floor Premises Commencement
Date through and including February 28, 2011, and Tenant shall commence
payment of Annual Fixed Rent with respect to the 27A Premises on March 1,
2011 (the “27A Premises Rent Commencement Date”).

 

(c)           Anything
contained in this Section 4 or Section 5.1 of the Lease to the
contrary notwithstanding, so long as no Event of Default exists, Landlord
hereby waives payment of Annual Fixed Rent solely with respect to the 27B
Premises for the period from and including the 27th Floor Premises Commencement
Date through and including November 30, 2010, and Tenant shall commence
payment of Annual Fixed Rent with respect to the 27B Premises on December 1,
2010 (the “27B Premises Rent Commencement Date”).

 

(d)           In subclause (B) of
clause (5) of Section 13.10 of the Lease, the reference to free rent
provided in Section 5.5 of the Lease shall be deemed to also include the
free rent provided in this Section 4.

 

(e)           In clause (i) of
Section 19.3(b) of the Lease, the reference to the rent concession
period set forth in Section 5.5 of the Lease shall be deemed to also
include the rent concession periods provided in this Section 4.

 

5.             Tenant’s Share.

 

(a)           Exhibit B-1 attached to the Original Lease is
hereby deleted and replaced with revised Exhibit B-1 attached hereto.

 

(b)           Effective as of the 27th Floor Premises Commencement
Date, (i) Tenant’s Share shall continue to have the meanings set forth in
the Lease with respect to the Existing 

 

4

 

Premises
and (ii) with respect to the 27th Floor Premises, Tenant’s Share shall
mean 1.70% with respect to Operating Expenses (which consists of 1.41% for the
27A Premises and 0.29% for the 27B Premises) and 1.68% with respect to Taxes
(which consists of 1.39% for the 27A Premises and 0.29% for the 27B Premises),
each being equal to a fraction, the numerator of which is the rentable area of
the 27th Floor Premises and the denominator of which is the rentable area of
the Building for purposes of Operating Expenses or for purposes of Taxes, as
appropriate, all as determined in accordance with revised Exhibit B-1
attached hereto.

 

6.             Base Taxes for the 27th
Floor Premises.  Landlord
and Tenant agree that Section 6.1 of the Lease shall apply to the 27th
Floor Premises from and after the 27th Floor Premises Commencement Date;
provided, however, that “Base Taxes” for the 27th Floor Premises shall mean the
actual Taxes for the 2010 calendar year, which shall mean the sum of (i) fifty
percent (50%) of the actual Taxes for the Tax Year commencing on July 1,
2009 and ending on June 30, 2010, plus (ii) fifty percent (50%) of
the actual Taxes for the Tax Year commencing on July 1, 2010 and ending on
June 30, 2011.

 

7.             Base Operating
Year for the 27th Floor Premises.  Landlord and Tenant agree that Section 6.2
of the Lease shall apply to the 27th Floor Premises from and after the 27th
Floor Premises Commencement Date; provided, however, that “Base Operating Year”
shall mean the calendar year commencing on January 1, 2010 and ending on
December 31, 2010.

 

8.             Electricity for the 27th
Floor Premises.

 

(a)           Notwithstanding anything to
the contrary in the Lease, Landlord and Tenant agree that Tenant shall obtain
and pay for Tenant’s entire supply of electric current to the 27th Floor
Premises by direct application to and arrangement with the public utility
company servicing the Building.  Landlord
represents that there is a direct meter installed on the 27th floor as of the date
hereof and such meter is in working order. 
Notwithstanding that Tenant does not lease the entire 27th floor of the
Building, Tenant shall pay the entire cost of electricity used on the 27th
floor as determined by such meter and billed by the public utility company
servicing the Building.  During all
periods of time that the remainder of the 27th floor of the Building not leased
by Tenant, which remainder is agreed, for purposes of this Section 8, to
consist of 7,346 rentable square feet of space (the “27th Floor Remainder Space”),
is occupied by a third party or under construction, Tenant shall receive a
credit against rent as follows: (a) when the 27th Floor Remainder Space is
occupied by a third party, Tenant shall receive a credit against rent in the
amount of Twenty-Three Eight Hundred Seventy-Four and 50/100 Dollars
($23,874.50) per annum (i.e., $3.25 per rentable square foot of the 27th Floor
Remainder Space) (the “27th Floor Remainder Space Electricity Credit”), which
shall be credited to Tenant in monthly amounts of $1,989.54 and (b) when
the 27th Floor Remainder Space is under construction, Tenant shall receive a
credit against rent in the amount of Eleven Thousand Nineteen and 00/100
Dollars ($11,019.00) per annum (i.e., $1.50 per rentable square foot of the
27th Floor Remainder Space), which shall be credited to Tenant in monthly
amounts of $918.25; such credit to be adjusted on a per diem basis for any
partial months during the Lease Term and periods during which the 27th Floor
Remainder Space is unoccupied and not under construction.

 

5

 

(b)           If at any time Tenant
reasonably believes that the occupant of the 27th Floor Remainder Space is
using electricity in excess of six (6) watts demand load per rentable
square foot, Tenant shall have the right to notify Landlord and demand that
Landlord conduct a survey of the electrical consumption in the 27th Floor
Remainder Space.  Promptly after receipt
of such notice, Landlord shall have a survey of the electrical consumption in
the 27th Floor Remainder Space performed by a reputable independent electrical
consultant selected by Landlord and approved by Tenant, such approval not to be
unreasonably withheld or delayed (a “Consultant”).  If such survey discloses that the electrical
consumption in the 27th Floor Remainder Space exceeds six (6) watts demand
load per rentable square foot, the 27th Floor Remainder Space Electricity
Credit shall be increased proportionately by the amount of such excess
effective as of the date of such increase in electrical consumption.  If the 27th Floor Remainder Space Electricity
Credit shall be increased as aforesaid, and thereafter a survey of the
electrical consumption in the 27th Floor Remainder Space performed by a
Consultant discloses a decrease in the electrical consumption in the 27th Floor
Remainder Space, the 27th Floor Remainder Space Electricity Credit shall be
decreased proportionately by the amount of such decrease effective as of the
date of such decrease in electrical consumption.  All such electrical surveys shall be
performed at Landlord’s expense, unless a survey demanded by Tenant discloses
that electrical consumption in the 27th Floor Remainder Space does not exceed
the lesser of (i) six (6) watts demand load per rentable square foot
or (ii) the electrical consumption in the 27th Floor Remainder Space
disclosed by the most recent survey, in which event Tenant shall pay the cost
of the electrical survey as Additional Rent. 
The findings of the Consultant shall be conclusive and binding upon
Landlord and Tenant.

 

9.             Additional Electrical Power.  Subject to Tenant’s compliance with
applicable laws, governmental regulations and Tenant’s obtaining the approval
of Con-Edison or other applicable utility company, Tenant shall have the right
to have the following work performed (the “Additional Electrical Power Work”),
at its sole cost and expense (including, without limitation, the installation
of any required meter), within one (1) year after the 27th Floor
Commencement Date, subject to and in accordance with Article 8 of the
Lease: for the nineteenth (19th) floor of the Premises, installation of an
additional 100 amps at 480 volts, three phase, four wire electrical power
service from an alternate riser to power information technology and
air-conditioning systems when the primary riser is shut down.  Tenant shall obtain this power by tapping the
bus duct serving the 3rd through 18th floors of the Building on the 18th floor
and running this additional power up to the 19th floor as a secondary/redundant
feed for the air-conditioning unit. 
Notwithstanding anything to the contrary contained in the Lease, the
Additional Electrical Power Work shall be deemed to be the property of
Landlord.

 

10.          Supplemental Air
Conditioning and Condenser Water.

 

(a)           In addition to the Initial
Tonnage, Landlord shall make available to Tenant such amount of condenser water
as may be required by additional supplemental air conditioning units installed
in the Existing Premises as part of Tenant’s Second Amendment Work, but in no
event more than an additional fifteen (15) tons (the “Additional Tonnage”).  Tenant shall pay an annual fee to Landlord
for the Additional Tonnage at the current rate payable by Tenant in accordance
with Section III.D of Exhibit D to the Original Lease, and all of the
terms and conditions of Section III.D of Exhibit D to the Original
Lease, as amended hereby, shall apply, 

 

6

 

mutatis mutandis, to such additional
supplemental air conditioning units and condenser water; provided, however,
that all references to the “Commencement Date” shall mean the 27th Floor
Premises Commencement Date.

 

(b)           The last sentence of Section III.D
of Exhibit D to the Original Lease is hereby deleted and of no further
effect.

 

(c)           In addition to the Initial
Tonnage, Landlord shall make available to Tenant such amount of condenser water
as may be required by supplemental air conditioning units installed in the 27th
Floor Premises as part of Tenant’s Second Amendment Work, but in no event more
than fifteen (15) tons (“27th Floor Tonnage”). 
Tenant shall pay an annual fee to Landlord for the 27th Floor Tonnage at
the current rate payable by Tenant in accordance with Section III.D of Exhibit D
to the Original Lease, and all of the terms and conditions of Section III.D
of Exhibit D to the Original Lease, as amended hereby, shall apply, mutatis mutandis, to such supplemental air
conditioning units and condenser water; provided, however, that all references
to the “Commencement Date” shall mean the 27th Floor Premises Commencement
Date.

 

(d)           If Tenant demonstrates to
Landlord’s reasonable satisfaction that Tenant reasonably requires condenser
water in excess of the Initial Tonnage, the Additional Tonnage and the 27th
Floor Tonnage, then, subject to availability as determined by Landlord in good
faith (taking into consideration the need to allocate or reserve condenser
water for other tenants in the Building), Landlord shall make available to
Tenant, at Tenant’s sole cost and expense, such additional amount of condenser
water as Tenant reasonably requires, but in no event more than twenty (20)
tons.

 

11.          Generator.

 

(a)           Provided that at the time of
such installation (i) there then exists no Event of Default (or any monetary
default of which Landlord has given Tenant notice), (ii) this Lease is
then in full force and effect and (iii) Original Tenant (together with any
Space Occupants) is in actual occupancy of the entire Premises, then, subject
to the provisions of Article 8 of the Lease and this Section 11,
Tenant shall have the right and option to install, prior to the fifth (5th)
anniversary of the 27th Floor Premises Commencement Date, a gas-fired emergency
electrical generator of up to 1,000 KVA to serve the Premises, such generator
to be located in the location shown on Exhibit D attached hereto in the
Building’s loading dock (“Tenant’s Generator Right”).  Tenant shall exercise Tenant’s Generator
Right by giving written notice to Landlord accompanied by plans and specifications
demonstrating to Landlord’s reasonable satisfaction that the installation,
operation and maintenance of such generator will (i) have no adverse
effect upon the structure of the Building, the operation and maintenance of
Building systems, or the business of other tenants or occupants; (ii) have
adequate connection to utilities, ventilation, conduits and risers to the
Premises; (iii) be in compliance with laws and insurance requirements; and
(iv) be in compliance with all applicable governmental permits and
approvals all which shall be obtained by Tenant prior to installation.  Landlord’s reasonable satisfaction with the
foregoing shall be a condition precedent to installation.  Landlord shall have the right to approve the
design of the generator, which approval shall not be unreasonably withheld,
conditioned or delayed, and 

 

7

 

in
connection therewith, Landlord shall review and provide comments to Tenant’s
plans and specifications therefor, but Landlord’s approval of the design shall
not be deemed to be an approval of the legality or feasibility of the
installation or operation of the generator nor relieve Tenant of otherwise
complying with the terms of this Section 11 (other than obtaining Landlord’s
approval of such design).  Such
generator, together with all associated mountings, supports, wiring, cabling,
switches and other related equipment, is referred to herein as the “Generator”.  Landlord makes no representations of any kind
with respect to the feasibility of the installation or operation of the
Generator or the ability to obtain any necessary governmental permits and
approvals therefor.

 

(b)           Landlord shall have the
right (“Landlord’s Generator Space Recapture Right”), at any time after the third
(3rd) anniversary of the 27th Floor Premises Commencement Date and prior to the
exercise by Tenant of Tenant’s Generator Right, to give Tenant written notice (“Landlord’s
Generator Space Recapture Notice”) demanding that Tenant either exercise Tenant’s
Generator Right or lose Tenant’s Generator Right.  If Tenant shall fail, within thirty (30) days
after the giving of Landlord’s Generator Space Recapture Notice, to exercise
Tenant’s Generator Right in accordance with this Section 11, Tenant’s
Generator Right shall be void and of no further effect.  Landlord shall exercise Landlord’s Generator
Space Recapture Right in good faith based upon the needs of Landlord or other
tenants or occupants, and/or prospective tenants or occupants, of the Building.

 

(c)           If, prior to (x) the
fifth (5th) anniversary of the 27th Floor Premises Commencement Date or (y) thirty
(30) days after the giving of Landlord’s Generator Space Recapture Notice,
whichever of (x) or (y) is earlier, Tenant reasonably determines that
installation and operation of the Generator in the location shown on Exhibit D
attached hereto is not feasible and practicable, then, provided that Tenant
waives in writing Tenant’s right hereunder to install the Generator in the
location shown on Exhibit D attached hereto, Landlord shall cooperate
reasonably with Tenant (at no cost or expense to Landlord) to find another
location in the Building which is feasible and practicable for the installation
of the Generator and, if such alternate location is identified, Tenant’s
Generator Right shall apply to such alternate location subject in all events to
all of the terms and conditions of this Section 11 including, without
limitation, all time deadlines.

 

(d)           Tenant shall, at Tenant’s
sole cost and expense, perform all work necessary to install, maintain, repair
and, if required, remove the Generator, including, without limitation,
obtaining and maintaining all licenses and permits required for the
installation, maintenance, operation, 
repair and, if required, removal of the Generator.  Landlord shall cooperate reasonably with
Tenant in connection with the obtaining and maintaining by Tenant of all such
licenses and permits, provided that Tenant shall reimburse Landlord, within
thirty (30) days following demand thereof, all reasonable out-of-pocket third
party costs incurred by Landlord in connection with such cooperation, and such
costs shall be Additional Rent.  In the
performance of any such work, Tenant shall comply with all applicable
provisions of the Lease including, without limitation Article 8 of the
Lease.  Landlord shall supervise the
performance of any such work, and Tenant shall pay to Landlord, as Additional
Rent, a fee not to exceed five percent (5%) of Tenant’s costs and expenses.

 

8

 

(e)           Notwithstanding anything to
the contrary contained in the Lease, (i) the Generator shall be deemed to
be a Specialty Alteration, (ii) the Generator shall be deemed to be the
property of Landlord and, subject to Landlord’s right to have Tenant remove the
same as hereinafter set forth, shall be surrendered with the Premises upon the
expiration or earlier termination of the Term and (iii) Landlord shall
have the right, upon written notice to Tenant given at any time prior to the
expiration or earlier termination of the Term, to require that the Generator be
removed upon the expiration or earlier termination of the Term.

 

(f)            Tenant agrees that Tenant’s
indemnification of the Landlord Parties set forth in Section 8.3(c) and
11.1 of the Lease shall include all injury, loss, claims, damage, expense
(including reasonable attorneys’ fees and disbursements actually incurred by
Landlord) in connection with the installation, operation, repair, maintenance
and, if required, removal, of the Generator.

 

(g)           Tenant’s Generator Right is
personal to Original Tenant and shall not be transferred, assigned or exercised
by any other party, it being agreed, however, that, following the installation
of the Generator, the Generator shall be available to any permitted assignee or
subtenant of all or any portion of the Premises to be used in accordance with
this Section, provided that Landlord shall have no obligation to incur any cost
or to perform any work in connection therewith. 
The Generator shall be used solely for purposes incidental to the
business of Tenant (and not for re-sale).

 

12.          New IT Riser.  Subject to Tenant’s compliance with
applicable laws, governmental regulations and Tenant’s obtaining the approval
of any applicable utility company, Landlord shall provide a reasonable path for
a four inch conduit for information technology wiring with lockable pull boxes
in the telephone closets on each floor of the Premises, and at reasonable
intervals on non-Premises floors between the 19th floor and 27th floor subject
to the rights of the existing tenants and occupants of such non-Premises floors
solely with respect to accessing such telephone closets (but not with respect
to the path for the conduit).  Tenant shall
have the right to perform such work, at Tenant’s sole cost and expense, within
one (1) year after the 27th Floor Premises Commencement Date subject to
and in accordance with Article 8 of the Lease, or Tenant may elect to have
Landlord perform such work as part of Tenant’s Second Amendment Work subject to
and in accordance with Section 3 of this Second Amendment and Article 8
of the Lease.  Notwithstanding anything
to the contrary contained in the Lease, such installation shall be deemed to be
the property of Landlord.

 

13.          Floor Plan.  The floor plan with respect to the 27th Floor
Premises is attached hereto and is hereby added to Exhibit B of the Lease.

 

14.          Notice Provision.

 

(a)           Subparagraph (i) of Section 20.9
of the Lease is modified to delete:

 

“Mintz,
Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

One
Financial Center

Boston,
MA 02111

 

9

 

Attention:  Stuart A. Offner, Esq.”

 

and
substitute therefor:

 

“Sym
Real Estate Law LLC

442
Marrett Road, Suite 5

Lexington,
MA 02421

Attention:  John A. Sym, Esq.”

 

(b)           Subparagraph (ii) of Section 20.9
of the Lease is modified to add “and Attention: 
General Counsel” immediately prior to “, with a copy to”.

 

15.          No 18th Floor Expansion
Option.  Landlord and Tenant confirm
and agree that Article 25 of the Lease (18th Option to Expand) has expired
and is of no further force or effect.

 

16.          Additional Security Deposit.

 

(a)           In the first sentence of Section 20.22(a) of
the Lease, the language “which has a financial strength rating of A or better
by A.M. Best” is hereby deleted and replaced with the following:

 

“having
a long-term issuer credit rating from Standard & Poor’s Professional
Rating Service of A or a comparable rating from Moody’s Professional Rating
Service.  If the issuer’s credit rating
is reduced below A, then Landlord shall have the right to require that Tenant
obtain from a different issuer a Replacement Letter (as hereinafter defined)
that complies in all respects with the requirements of this Section within
thirty (30) days following Landlord’s written demand.  If the issuer of any Letter (as hereinafter
defined) held by Landlord is placed into receivership or conservatorship by the
Federal Deposit Insurance Corporation or any successor or similar entity then
said Letter shall be deemed not to meet the requirements of this Section and,
within thirty (30) days following Landlord’s written demand, Tenant shall
obtain from a different issuer a Replacement Letter that complies in all
respects with the requirements of this Section.”

 

(b)           In addition to the Security
Deposit required under the Lease, Tenant, or an affiliate or subsidiary of
Tenant, shall deliver to Landlord an additional security deposit (the “Additional
Security Deposit”) in the amount of One Million One Hundred Ninety-One Thousand
Eight-One and 00/100 Dollars ($1,191,081.00). 
The Additional Security Deposit shall be in the form of a supplemental
Letter of Credit, a replacement Letter of Credit, or an amendment to the
existing Letter of Credit which complies with the requirements of Section 20.22(a) of
the Lease, as amended hereby.  Tenant
shall use diligent efforts to deliver such supplemental Letter of Credit,
replacement Letter of Credit, or amendment to the existing Letter of Credit to
Landlord as soon as possible, but in any event no later than forty-five (45)
days after the 27th Floor Premises Commencement Date, time being of the
essence.  Tenant’s failure to timely
provide such supplement, replacement or amendment shall constitute an Event of
Default for which there shall be no notice or cure period.  Landlord shall cooperate reasonably with
Tenant to effect the delivery of the Additional Security Deposit, including, if
required, the 

 

10

 

contemporaneous
exchange of a replacement Letter of Credit for the existing Letter of
Credit.  Notwithstanding anything to the
contrary contained herein, Landlord shall have no obligation to credit the
Unused Contribution against Tenant’s rent until Landlord receives the
Additional Security Deposit.  The
Additional Security Deposit shall be held as additional security for Tenant’s
obligations under the Lease, as amended by this Second Amendment, subject to
and in accordance with Section 20.22(b) of the Lease.

 

(c)           Section 20.22(c) of
the Lease remains in full force and effect and shall continue to govern the
reduction the Security Deposit (but not the reduction of the Additional
Security Deposit, which shall be governed by Section 16(d) below).

 

(d)           For purposes
hereof, “Reduction Date” shall mean March 1 of calendar years 2012, 2013,
2014, 2015, 2016, 2017, 2018, 2019, 2020 and 2021, and “Reduction Period” shall
mean each Reduction Date plus the thirty (30) day period following such
Reduction Date.  Provided that: (1) during
the applicable Reduction Period, no Event of Default (or any monetary default
of which Landlord has given Tenant notice) shall exist; and (2) during the
applicable Reduction Period, Tenant’s chief financial officer shall certify in
writing to Landlord that, as of the applicable Reduction Date, Tenant is
managing at least Five Billion and 00/100 Dollars ($5,000,000,000.00) of
investment funds for a market-based fee; then Tenant shall have the right
during each Reduction Period to reduce the amount of the Additional Security
Deposit (by delivery of a Replacement Letter or an amendment to the existing
Letter) as follows:

 

(i)                                     During the first (1st)
Reduction Period, to One Million Ninety-One Thousand Eight Hundred Twenty-Four
and 25/100 Dollars ($1,091,824.25);

 

(ii)                                  During the second (2nd) Reduction
Period, to Nine Hundred Ninety-Two Thousand Five Hundred Sixty-Seven and 50/100
Dollars ($992,567.50);

 

(iii)                               During the third (3rd)
Reduction Period, to Eight Hundred Ninety-Three Thousand Three Hundred Ten and
75/100 Dollars ($893,310.75);

 

(iv)                              During the fourth (4th)
Reduction Period, to Seven Hundred Ninety-Four Thousand Fifty-Four and 00/100
Dollars ($794,054.00);

 

(v)                                 During the fifth (5th)
Reduction Period, to Six Hundred Ninety-Four Thousand Seven Hundred
Ninety-Seven and 25/100 Dollars ($694,797.25);

 

(vi)                              During the sixth (6th)
Reduction Period, to Five Hundred Ninety-Five Thousand Five Hundred Forty and
50/100 Dollars ($595,540.50);

 

11

 

(vii)                           During the seventh (7th)
Reduction Period, to Four Hundred Ninety-Six Thousand Two Hundred Eighty-Three
and 75/100 Dollars ($496,283.75);

 

(viii)                        During the eighth (8th)
Reduction Period, to Three Hundred Ninety-Seven Thousand Twenty-Seven and 00/100
Dollars ($397,027.00);

 

(ix)                              During the ninth (9th)
Reduction Period, to Two Hundred Ninety-Seven Thousand Seven Hundred Seventy
and 25/100 Dollars ($297,770.25); and

 

(x)                                 During the tenth (10th)
Reduction Period, to One Hundred Ninety-Eight Thousand Five Hundred Thirteen
and 50/100 Dollars ($198,513.50).

 

Landlord
shall cooperate reasonably with Tenant to effect any such reductions of the
amount of the Letter of Credit.

 

(e)           Landlord hereby acknowledges that, as
of the date of this Second Amendment, Unicredit Bank AG, New York Branch and
Capital One, N.A., satisfy the requirements of Section 20.22(a) of
the Lease as amended by this Second Amendment as an issuer of a Letter of
Credit.

 

17.          Original
Tenant; Cowen Assignment.  The
parties hereto agree that Cowen Group, Inc., together with any permitted
successors and assigns under Section 13.1(b) of the Lease, are
collectively deemed to be Original Tenant. 
Tenant represents to Landlord that a true and complete copy of the Cowen
Assignment is attached hereto as Exhibit E.  The Guaranty of Lease dated November 2,
2009 by Tenant (when formerly known as LexingtonPark Parent Corp.) is hereby
terminated and of no further effect.

 

18.          Consent of Mortgagee; SNDA.  Prior to or simultaneously with the execution
of this Second Amendment, Landlord shall provide to Tenant the existing
Mortgagee’s written consent to the First Amendment, the Ramius Assignment, this
Second Amendment and the Cowen Assignment. 
Landlord shall use commercially reasonable efforts to obtain an amended
SNDA covering the terms of the Lease as amended by this Second Amendment from
the existing Mortgagee for the benefit of Tenant within ninety (90) days after
the date of this Second Amendment.

 

19.          Binding
on Successors.  This Second Amendment
shall be binding on and inure to the benefit of the parties hereto and their
respective successors and assigns.

 

20.          Definitions.  All capitalized terms used herein shall have
the same meaning as set forth in the Lease unless specifically otherwise
provided herein.

 

12

 

21.          Counterparts.  This Second Amendment may be signed in
counterparts by persons or officers duly authorized to bind the parties.

 

22.          Brokers.

 

(a)           Tenant
warrants and represents to Landlord that Tenant has not dealt with any broker
in connection with the consummation of this Second Amendment other than CB
Richard Ellis, Inc.; and in the event any claim is made against Landlord
by any other broker or agent alleging dealings with Tenant in connection with
the consummation of this Second Amendment, Tenant shall defend Landlord against
such claim, using counsel approved by Landlord, such approval not to be
unreasonably withheld, and save harmless and indemnify Landlord on account of
any loss, cost, damage and expense (including, without limitation, reasonable
attorneys’ fees and disbursements) which may be actually suffered or incurred
by Landlord by reason of such claim. 
Landlord agrees that it shall be solely responsible for the payment of
brokerage commissions to CB Richard Ellis, Inc.  The foregoing warranty, representation and
indemnity shall not apply to any affiliates, agents or employees of Landlord
working for Landlord in a brokerage capacity.

 

(b)           Landlord warrants and represents to
Tenant that Landlord has not dealt with any broker in connection with the
consummation of this Second Amendment other than CB Richard Ellis, Inc.;
and in the event any claim is made against Tenant by any other broker or agent
alleging dealings with Landlord in connection with the consummation of this
Lease, Landlord shall defend Tenant against such claim, using counsel approved
by Tenant, such approval not to be unreasonably withheld, and save harmless and
indemnify Tenant on account of any loss, cost, damage and expense (including,
without limitation, reasonable attorneys’ fees and disbursements) which may be
actually suffered or incurred by Tenant by reason of such claim.

 

23.          Effect of Amendment.  Except as set forth in this Second Amendment,
all of the terms and conditions of the Lease shall remain unchanged and shall
continue in full force and effect.  All
references to the “Lease” shall be deemed to be references to the Lease as
amended by this Second Amendment.

 

Signatures on next page.

 

13

 

IN WITNESS WHEREOF, Landlord and Tenant have duly executed this Second
Amendment to Lease as of the date and year first above written.

 

	
   

  	
  LANDLORD:

  
	
   

  	
   

  
	
   

  	
  BP
  599 LEXINGTON AVENUE LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Andrew D. Levin

  
	
   

  	
   

  	
  Andrew D. Levin

  
	
   

  	
   

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  TENANT:

  
	
   

  	
   

  
	
   

  	
  COWEN
  GROUP, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Jeffrey M. Solomon 

  
	
   

  	
  Name:
  Jeffrey M. Solomon 

  
	
   

  	
  Title:   Chief Operating Officer

  

 

14

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