Document:

EX-10.1

	 EXHIBIT 10.1 
	 EXECUTION COPY 

  

 
  
 INCREASE JOINDER
AGREEMENT 
 dated as of December 7, 2011, 
 among 
 NOVELIS INC., 

as the Borrower, 
 AV METALS INC., 
 THE SUBSIDIARY GUARANTORS, 

BANK OF AMERICA, N.A., 
 as Administrative Agent, 
 J.P. MORGAN SECURITIES LLC 

and 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, 
 as Joint Lead Arrangers and Joint Bookrunners, 
 JPMORGAN CHASE BANK,
N.A., 
 as Syndication Agent, 
 CITIBANK, N.A., 
 THE ROYAL BANK OF SCOTLAND PLC 

and 

WELLS FARGO BANK, N.A., 
 as Co-Documentation Agents, 
 AND 

THE LENDERS SIGNATORY HERETO 
  

 

 INCREASE JOINDER AGREEMENT 

INCREASE JOINDER AGREEMENT, dated as of December 7, 2011 (this “Agreement”), by and among NOVELIS INC. (the
“Borrower”), AV METALS INC. (“Holdings”), the Subsidiary Guarantors (as defined in the Credit Agreement referred to below), NOVELIS ITALIA S.P.A., and NOVELIS FOIL FRANCE S.A.S. (together, the “Third Party
Security Providers” and each, a “Third Party Security Provider”), BANK OF AMERICA, N.A., as Administrative Agent under the Credit Agreement referred to below, and the Lenders (as defined in the Credit Agreement referred to
below) signatory hereto (the “Term B-2 Loan Lenders”). 
 PRELIMINARY STATEMENTS: 

WHEREAS, reference is made to the Credit Agreement, dated as of December 17, 2010 (as amended, restated, amended and restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”; the terms defined therein, unless otherwise defined herein, being used herein as therein defined), among the Borrower, Holdings, the Subsidiary
Guarantors, the Lenders, the Administrative Agent, Bank of America, N.A., as Collateral Agent, JPMorgan Chase Bank, N.A., as Syndication Agent, Citibank, N.A., The Royal Bank of Scotland plc and UBS Securities LLC, as Co-Documentation Agents,
Merrill Lynch, Pierce, Fenner and Smith Incorporated and J.P. Morgan Securities LLC, as Joint Lead Arrangers, and Merrill Lynch, Pierce, Fenner and Smith Incorporated, J.P. Morgan Securities LLC, Citigroup Global Markets Inc., RBS Securities Inc.
and UBS Securities LLC, as Joint Bookrunners. 
 WHEREAS, subject to the terms and conditions of the Credit Agreement, the
Borrower may request the establishment of Incremental Term Loan Commitments by, among other things, entering into one or more Increase Joinders. 
 WHEREAS, Section 2.23(c) of the Credit Agreement provides that a joinder agreement effecting Incremental Term Loan Commitments may, without the consent of any other Lenders, effect such
amendments to the Credit Agreement and the other Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provisions of Section 2.23 of the Credit Agreement, and the parties hereto
acknowledge that the amendments set forth herein are made pursuant to such Section. 
 WHEREAS, the Borrower has requested
Incremental Term Loans in an aggregate principal amount of $225,000,000 (the “Term B-2 Loans”; the Incremental Term Loan Commitments relating thereto, the “Term B-2 Loan Commitments”). 

NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree
as follows: 
 SECTION 1. Terms of the Term B-2 Loans and Term B-2 Loan Commitments. Each Term B-2 Loan Lender
signatory hereto hereby agrees to commit to provide its Term B-2 Loan Commitment, as set forth on Schedule I attached hereto, on the following terms and conditions: 
 (a) Term Loans. Except as set forth in this Agreement, the terms of each Term B-2 Loan advanced pursuant to this Agreement (including, without limitation, the Applicable Margin with respect
thereto) shall be identical to the terms of the Initial Term Loans as in effect under the Credit Agreement on the date hereof; provided that the Term B-2 Loans shall be subject to the provisions of Section 3 below. 

  
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 (b) Proposed Borrowing. This Agreement represents the Borrower’s request
to borrow Term B-2 Loans from the Term B-2 Loan Lenders as follows (the “Proposed Borrowing”): 
  

			
	 i. Class of Proposed Borrowing:
	  	Incremental Term Loan
		
	 ii. Principal amount of Proposed Borrowing:
	  	$225,000,000
		
	 iii. Date of Proposed Borrowing: (which is a Business Day)
	  	December 7, 2011
		
	 iv. Type of Borrowing
	  	Eurodollar Rate Borrowing
		
	 v. Applicable Margin
	  	Same as Initial Term Loans
		
	 vi. Interest Period and the last day thereof
	  	See Section 3(a) below
		
	 vii. Prepayments
	  	The Term B-2 Loans shall be subject to mandatory prepayments and optional prepayments on the same basis as the Initial Term Loans.
		
	 viii. Amortization
	  	The Borrower shall pay to the Administrative Agent, for the account of the Term B-2 Lenders, on the dates set forth on Schedule II hereto, a principal amount of the Term B-2
Loans equal to the amount set forth on Schedule II hereto under the caption “Term B-2 Loan Amount” for such date (as adjusted from time to time pursuant to Section 2.10(g) of the Credit Agreement), together in each case with accrued and
unpaid interest on the principal amount to be paid to but excluding the date of such payment.
		
	 ix. Maturity Date
	  	March 10, 2017.
		
	 x. Upfront Fee
	  	The Borrower agrees to pay on the Increase Effective Date to each Term B-2 Lender party to this Agreement, as fee compensation for the funding of such Term B-2 Loan Lender’s
Term B-2 Loan, a non-refundable funding fee in an amount equal to 2.50% of the stated principal amount of such Term B-2 Loan Lender’s Term B-2 Loan funded on the Increase Effective Date, which fee may be paid with the proceeds of the Term B-2
Loans.
		
	 xi. Funds are requested to be disbursed to Borrower’s account with Deutsche Bank NY:
	  	Account No. 00-472-083

  
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 SECTION 2. Term B-2 Loan Lenders; Terms of Funding. 

(a) Each Term B-2 Loan Lender acknowledges and agrees that upon its execution of this Agreement and the making of Term B-2 Loans, the
Term B-2 Loan Lender shall become a “Lender” under, and for all purposes of, the Credit Agreement and the other Loan Documents, and shall be subject to and bound by the terms thereof, and shall perform all the obligations of and shall have
all rights of a Lender thereunder. 
 (b) Subject to the satisfaction of the terms and conditions hereof, each Term B-2 Loan
Lender will provide funds in Dollars equal in amount to its Term B-2 Loan Commitment to such account as the Administrative Agent may designate. Administrative Agent will transfer such funds so received to the Borrower’s deposit account
described in clause 1(b)(xi) above. 
 (c) The proceeds of the Term B-2 Loans advanced pursuant to this Agreement will be
utilized for general corporate purposes, including permitted acquisitions and investments (which may include the acquisition of (x) all or a portion of the equity interests in Novelis Korea Limited not currently owned by the Borrower or its
Subsidiaries or (y) one or more entities holding all or a portion of such equity interests in Novelis Korea Limited). 

SECTION 3. Credit Agreement Governs.  
 (a) The Term B-2 Loans advanced pursuant to this Agreement shall be subject to the provisions of the Credit Agreement and the other Loan Documents and shall constitute and be deemed “Term Loans”
under and pursuant to the provisions of the Credit Agreement and the other Loan Documents and shall share ratably in the benefits of the Credit Agreement and the other Loan Documents with all other Term Loans and, except as expressly set forth in
this Agreement, shall be identical in all respect to the Initial Term Loans (including as to maturity date and Applicable Margin); provided that the Borrower agrees to pay each Term B-2 Loan Lender on the Increase Effective Date an upfront
fee equal to 2.50% of the aggregate amount of the Term B-2 Loan Commitments of such Term B-2 Loan Lender. Notwithstanding any provision of the Credit Agreement to the contrary, during the Stub Interest Period (as defined below), the Eurodollar Rate
applicable to the Term B-2 Loans advanced pursuant to this Agreement shall be equal to the Eurodollar Rate applicable to the Initial Term Loans that are Eurodollar Rate Borrowings outstanding on the Increase Effective Date. For purposes of this
Agreement, the term “Stub Interest Period” shall mean the period beginning on the Increase Effective Date and ending on the last day of the Interest Period in effect on the Increase Effective Date with respect to the then
outstanding Initial Term Loans that are Eurodollar Rate Borrowings (which is December 30, 2011). The Term B-2 Loans advanced pursuant to this Agreement shall share ratably in optional and mandatory prepayments of Term Loans. 

(b) All conversions to Base Rate Borrowings or Eurodollar Rate Borrowings or continuations of Eurodollar Rate Borrowings shall be ratable
among the Initial Term Loans and the Term B-2 Loans. 

  
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 SECTION 4. Conditions to Effectiveness. This Agreement shall become effective
on the date (the “Increase Effective Date”) that each of the conditions set forth in this Section 4 have been satisfied: 
 (a) Execution of Counterparts. The Administrative Agent shall have received counterparts of (i) this Agreement executed by (A) the Borrower, (B) Holdings, (C) the Subsidiary
Guarantors, (D) the Third Party Security Providers, (E) the Administrative Agent and (F) the Term B-2 Loan Lenders and (ii) amendments to the other Loan Documents or other documents as may be necessary or appropriate, in the
opinion of the Administrative Agent, to effect the provisions of this Agreement executed by the parties thereto. 
 (b)
Corporate Documents. The Administrative Agent shall have received: 
 1. a certificate of the secretary,
assistant secretary or managing director (where applicable) of the Borrower dated as of the Increase Effective Date, certifying (A) that each Organizational Document (or its equivalent including the constitutional documents) of the Borrower
delivered to the Administrative Agent on the Closing Date is in full force and effect as of the Increase Effective Date and has not been modified, rescinded or amended since the Closing Date, (B) that attached thereto is a true and complete
copy of resolutions duly adopted by the Board of Directors and/or shareholders, as applicable, of the Borrower authorizing the execution, delivery and performance of this Agreement, the other Loan Documents executed as of the Increase Effective Date
to which the Borrower is a party and the borrowings hereunder, and that such resolutions, or any other document attached thereto, have not been modified, rescinded, amended or superseded and are in full force and effect, (C) as to the
incumbency and specimen signature of each officer executing any Loan Document or any other document delivered in connection herewith on behalf of the Borrower (together with a certificate of another officer as to the incumbency and specimen
signature of the secretary, assistant secretary or managing director executing the certificate in this clause (i), and other customary evidence of incumbency) and (D) that the borrowing, guarantee, or granting of Liens with respect to the Loans
or any of the other Secured Obligations would not cause any borrowing, guarantee, security or similar limit binding on any Loan Party to be exceeded; 
 2. copies of resolutions duly adopted by the Board of Directors and/or shareholders, as applicable, of Holdings, each Subsidiary Guarantor and each Third Party Security Provider authorizing the execution,
delivery and performance of this Agreement and the other Loan Documents executed as of the Increase Effective Date to which such person is a party, certified as of the Increase Effective Date by the secretary, assistant secretary or managing
director (where applicable) of such Loan Party or Third Party Security Provider, as applicable, as being in full force and effect without modification, rescindment or amendment (provided that notwithstanding the foregoing, such resolutions of
the Subsidiary Guarantors or Third Party Security Providers may be executed and certified as of such earlier dates as may be agreed to by the Administrative Agent in its sole discretion). 

(c) No Default. No Default shall have occurred and be continuing or would result from the borrowings to be made on the Increase
Effective Date or from the application of the proceeds therefrom. 
 (d) Representations and Warranties. Each of the
representations and warranties made by any Loan Party set forth in ARTICLE III of the Credit Agreement and Section 6 of this Agreement or in any other Loan Document shall be true and correct in all material respects on and as of the Increase
Effective Date with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case such 

  
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representation and warranty shall have been true and correct in all material respects as of such earlier date. Each of the representations and warranties made by any Third Party Security Provider
set forth in and Section 7 of this Agreement or in any other Loan Document shall be true and correct in all material respects on and as of the Increase Effective Date with the same effect as though made on and as of such date, except to the
extent such representations and warranties expressly relate to an earlier date, in which case such representation and warranty shall have been true and correct in all material respects as of such earlier date. 

(e) No Legal Bar. With respect to each Lender, no order, judgment or decree of any Governmental Authority shall purport to
restrain such Lender from making any Loans to be made by it. No injunction or other restraining order shall have been issued, shall be pending or noticed with respect to any action, suit or proceeding seeking to enjoin or otherwise prevent the
consummation of, or to recover any damages or obtain relief as a result of, the transactions contemplated by the Credit Agreement or the making of Loans thereunder. 
 (f) Senior Secured Net Leverage Ratio. After giving pro forma effect to the borrowings to be made on the Increase Effective Date and to the consummation of any Permitted Acquisition or other
Investment or application of funds made with the proceeds of such borrowings, the Senior Secured Net Leverage Ratio at such date shall be not greater than 2.5 to 1.0 (provided that in calculating the Senior Secured Net Leverage Ratio, the proceeds
of the Term B-2 Loans shall be excluded from Unrestricted Cash). 
 (g) Increase Effective Date Certificate. The
Administrative Agent shall have received a certificate, dated the Increase Effective Date and signed by a Responsible Officer of the Borrower, confirming compliance with the conditions precedent set forth in (i) this Section 4 and
(ii) Section 4.02 of the Credit Agreement as of the Increase Effective Date. 
 (h) Legal Opinions. The
Administrative Agent shall have received a favorable written opinion of Torys LLP, special counsel for the Loan Parties (A) dated the Increase Effective Date, (B) addressed to the Administrative Agent and the Lenders, (C) covering
such matters incident to this Agreement, the Credit Agreement as amended by this Agreement, the other Loan Documents executed as of the Increase Effective Date and the transactions contemplated hereby and thereby as the Administrative Agent may
reasonably require and (D) be in form and substance reasonably satisfactory to the Administrative Agent. 
 (i) Payment
of Fees and Expenses. The Borrower shall have paid all fees agreed to between J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner and Smith Incorporated, as joint lead arrangers of the Term B-2 Loans (in such capacities, the
“Arrangers”), the Administrative Agent and the Borrower in connection with this Agreement and, to the extent invoiced prior to the date hereof, all reasonable out-of-pocket expenses incurred by the Arrangers and the Administrative
Agent, including the reasonable fees, charges and disbursements of Skadden, Arps, Slate, Meagher and Flom LLP, as counsel for the Arrangers and the Administrative Agent and any other counsel for the Arrangers and the Administrative Agent, in
connection with this Agreement and for all services related to the Credit Agreement from and after the Closing Date. 
 (j)
Solvency. At the time of and immediately following the borrowings to be made on the Increase Effective Date and after giving effect to the application of the proceeds of the Term B-2 Loans and the operation of the Contribution, Intercompany,
Contracting and Offset Agreement, (a) the fair value of the assets of each Loan Party (individually and on a consolidated basis with its Subsidiaries) will exceed its debts and liabilities, subordinated, contingent, prospective or otherwise;
(b) the present fair saleable value of the property of each Loan Party (individually and on a consolidated basis with its Subsidiaries) will be greater than the amount that will be required to pay the probable liability of its debts

  
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and other liabilities, subordinated, contingent, prospective or otherwise, as such debts and other liabilities become absolute and matured; (c) each Loan Party (individually and on a
consolidated basis with its Subsidiaries) will be able to pay its debts and liabilities, subordinated, contingent, prospective or otherwise, as such debts and liabilities become absolute and matured; (d) each Loan Party (individually and on a
consolidated basis with its Subsidiaries) will not have unreasonably small capital with which to conduct its business in which it is engaged as such business is now conducted and is proposed to be conducted following the Increase Effective Date; and
(e) each Loan Party is not “insolvent” as such term is defined under any bankruptcy, insolvency or similar laws of any jurisdiction in which any Loan Party is organized or incorporated (as applicable), or otherwise unable to pay its
debts as they fall due. 
 SECTION 5. Covenants. Each Loan Party warrants, covenants and agrees that each Loan
Party will, and will cause each of its Restricted Subsidiaries to, and each Third Party Security Provider warrants, covenants and agrees that such Third Party Security Provider will: 

(a) Date-Down Endorsements. With respect to each Loan Party, upon the reasonable request of the Administrative Agent or the
Collateral Agent, at the expense of the Borrower, with respect to each Mortgage of property located in the United States, use commercially reasonable efforts to promptly deliver to the Collateral Agent customary date-down endorsements from the Title
Company with respect to the Collateral Agent’s lender’s policies of title insurance for the Mortgaged Properties which shall, among other things, confirm that the lien and priority of each Mortgage shall be unaffected as a result of the
amendments to each Mortgage of property located in the United States. 
 (b) Further Assurances of Loan Parties. With
respect to each Loan Party, at any time or from time to time upon the reasonable request of the Administrative Agent or the Collateral Agent, at the expense of the Borrower, promptly execute, acknowledge and deliver such further documents and do
such other acts and things as the Administrative Agent or the Collateral Agent may reasonably request in order to effect fully the purposes of this Agreement and the other Loan Documents including without limitation, any actions that the
Administrative Agent may deem reasonably necessary or advisable to insure that the Obligations represented by the Term B-2 Loans are guaranteed by all Guarantors and secured by all Collateral. In furtherance and not in limitation of the foregoing,
the Loan Parties shall take such actions as the Administrative Agent or the Collateral Agent may reasonably request from time to time (including, without limitation, the execution and delivery of amendments or supplements to the guaranties, security
agreements, pledge agreements, mortgages, deeds of trust, landlord’s consents and estoppels, stock powers, financing statements and other documents, the filing or recording of any of the foregoing, and opinions covering any of the foregoing) to
ensure that the Secured Obligations (including without limitation, those Obligations represented by the Term B-2 Loans) are guaranteed by the Guarantors, on a First Priority basis, and are secured by substantially all of the property (other than
such property specifically excluded by the terms of the Credit Agreement and the other Loan Documents) of the Loan Parties on a First Priority basis; provided that the Loan Parties’ using commercially reasonable efforts with respect to
obtaining any such agreements from Persons who are not a Loan Party or in the control of any Loan Party shall satisfy the requirements of this covenant. The Borrower and each Subsidiary Guarantor agree to use commercially reasonable efforts to cause
their counsels to deliver such legal opinions, lien searches, title insurance and other documentation as the Administrative Agent may reasonably request in connection with or relating to the foregoing. For the avoidance of doubt, any guarantee or
security provided under this Section 5 shall be concurrently provided to the Revolving Credit Secured Parties to the extent required by the Intercreditor Agreement. 
 (c) Further Assurances of Third Party Security Providers. With respect to each Third Party Security Provider, at any time or from time to time upon the reasonable request of the Administrative
Agent or the Collateral Agent, at the expense of the Borrower, promptly execute, acknowledge and deliver such further documents and do such other acts and things as the Administrative Agent or the Collateral Agent may reasonably request in order to
effect fully the purposes of this 

  
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Agreement and the other Loan Documents including without limitation, any actions that the Administrative Agent may deem reasonably necessary or advisable to insure that the Obligations
represented by the Term B-2 Loans are secured by all Collateral of such Third party Security Provider. In furtherance and not in limitation of the foregoing, each Third Party Security Provider shall take such actions as the Administrative Agent or
the Collateral Agent may reasonably request from time to time (including, without limitation, the execution and delivery of amendments or supplements to the security agreements, pledge agreements and other documents, the filing or recording of any
of the foregoing, and opinions covering any of the foregoing) to ensure that the Secured Obligations (including without limitation, those Obligations represented by the Term B-2 Loans) are secured by the Collateral pledged by such Third Party
Security Provider on a First Priority basis; provided that such Third Party Security Provider’s using commercially reasonable efforts with respect to obtaining any such agreements from Persons who are not a Loan Party or a Third Party Security
Provider or in the control of any Loan Party or any Third Party Security Provider shall satisfy the requirements of this covenant. Each Third Party Security provider agree to use commercially reasonable efforts to cause their counsels to deliver
such legal opinions, lien searches, and other documentation as the Administrative Agent may reasonably request in connection with or relating to the foregoing. For the avoidance of doubt, any security provided under this Section 5 shall be
concurrently provided to the Revolving Credit Secured Parties to the extent required by the Intercreditor Agreement. 

SECTION 6. Loan Parties’ Representations and Warranties. Each Loan Party represents and warrants as follows:

 (a) Power; Authorization; Enforceable Obligations. Each Loan Party has the requisite power and authority to enter into
and deliver this Agreement. The execution, delivery and performance of this Agreement has been duly authorized by all necessary action on the part of each Loan Party. Each of this Agreement and the Credit Agreement, as amended by this Agreement,
constitutes a legal, valid and binding obligation of each Loan Party, enforceable against each Loan Party, in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or
limiting creditors’ rights generally or by equitable principles relating to enforceability. 
 (b) No Legal Bar. The
execution, delivery and performance of this Agreement do not and will not (i) violate any provision of any material Requirement of Law applicable to any Loan Party, any of the Organizational Documents of any Loan Party, or any order, judgment
or decree of any court or other Governmental Authority binding on any Loan Party or, except for violations that could not reasonably be expected to result in a Material Adverse Effect, any contractual obligation of any Loan Party or (ii) result
in or require the creation or imposition of any Lien upon any of the properties or assets of any Loan Party (other than the Liens created by the Loan Documents or the Revolving Credit Security Documents). 

(c) Accuracy of Representations and Warranties. Each of the representations and warranties made by any Loan Party set forth in
ARTICLE III of the Credit Agreement or in any other Loan Document is true and correct in all material respects on and as of the Increase Effective Date with the same effect as though made on and as of such date, except to the extent such
representations and warranties expressly relate to an earlier date, in which case such representation and warranty shall have been true and correct in all material respects as of such earlier date. 

(d) No Default. No Default has occurred and is continuing or would result from the borrowings to be made on the Increase Effective
Date or from the application of the proceeds therefrom. 

  
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 (e) Compliance with Credit Agreement; Net Yield. The Term B-2 Loans requested
hereunder are permitted to be made under the terms of the Credit Agreement and there shall not be any Incremental Net Yield as a result of the Term B-2 Loan Borrowing. 
 (f) Solvency. At the time of and immediately following the borrowings to be made on the Increase Effective Date and after giving effect to the application of the proceeds of the Term B-2 Loans and
the operation of the Contribution, Intercompany, Contracting and Offset Agreement, (a) the fair value of the assets of each Loan Party (individually and on a consolidated basis with its Subsidiaries) will exceed its debts and liabilities,
subordinated, contingent, prospective or otherwise; (b) the present fair saleable value of the property of each Loan Party (individually and on a consolidated basis with its Subsidiaries) will be greater than the amount that will be required to
pay the probable liability of its debts and other liabilities, subordinated, contingent, prospective or otherwise, as such debts and other liabilities become absolute and matured; (c) each Loan Party (individually and on a consolidated basis
with its Subsidiaries) will be able to pay its debts and liabilities, subordinated, contingent, prospective or otherwise, as such debts and liabilities become absolute and matured; (d) each Loan Party (individually and on a consolidated basis
with its Subsidiaries) will not have unreasonably small capital with which to conduct its business in which it is engaged as such business is now conducted and is proposed to be conducted following the Increase Effective Date; and (e) each Loan
Party is not “insolvent” as such term is defined under any bankruptcy, insolvency or similar laws of any jurisdiction in which any Loan Party is organized or incorporated (as applicable), or otherwise unable to pay its debts as they fall
due. 
 SECTION 7. Third Party Security Providers’ Representations and Warranties. Each Third Party Security
Provider represents and warrants as follows: 
 (a) Power; Authorization; Enforceable Obligations. Each Third Party
Security Provider has the requisite power and authority to enter into and deliver this Agreement. The execution, delivery and performance of this Agreement has been duly authorized by all necessary action on the part of each Third Party Security
Provider. Each of this Agreement and each other Loan Document to which a Third Party Security Provider is a party constitutes a legal, valid and binding obligation of such Third Party Security Provider, enforceable against such Third Party Security
Provider in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability.

 (b) No Legal Bar. The execution, delivery and performance of this Agreement do not and will not (i) violate any
provision of any material Requirement of Law applicable to such Third Party Security Provider, any of the Organizational Documents of such Third Party Security Provider, or any order, judgment or decree of any court or other Governmental Authority
binding on such Third Party Security Provider or, except for violations that could not reasonably be expected to result in a Material Adverse Effect, any contractual obligation of such Third Party Security Provider or (ii) result in or require
the creation or imposition of any Lien upon any of the properties or assets of such Third Party Security Provider (other than the Liens created by the Loan Documents or the Revolving Credit Security Documents). 

SECTION 8. Validity of Obligations and Liens. 
 (a) Validity of Obligations. Each of the Loan Parties and each of the Third Party Security Providers hereby consents to this Agreement and the execution, delivery and performance of the other Loan
Documents, in each case to the extent party to such Loan Document, to be executed in connection therewith. Each Loan Party acknowledges and agrees that each Loan Party is, jointly and severally, indebted to the Lenders and the Agents for the Secured
Obligations, without defense, counterclaim or offset of any kind and each Loan Party hereby ratifies and reaffirms the validity, enforceability and binding nature of such Secured Obligations. 

  
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 (b) Validity of Guarantees. 

1. Each Guarantor, as a Guarantor under ARTICLE VII of the Credit Agreement hereby (i) acknowledges and agrees to the terms of this
Agreement and (ii) confirms and agrees that, its guarantee under ARTICLE VII of the Credit Agreement is, and shall continue to be, in full force and effect, and shall apply to all Secured Obligations (including all Term B-2 Loans) and its
guarantee under ARTICLE VII of the Credit Agreement is hereby ratified and confirmed in all respects. 
 2. Holdings and each
Guarantor that is a Foreign Subsidiary, as a guarantor under any Foreign Guarantee to which it is a party hereby (i) acknowledges and agrees to the terms of this Agreement and (ii) confirms and agrees that, its guarantees under any Foreign
Guarantee to which it is a party are, and shall continue to be, in full force and effect, and shall apply to all Secured Obligations (including all Term B-2 Loans) and its guarantees under any such Foreign Guarantees are hereby ratified and
confirmed in all respects, except that, on and after the effectiveness of this Agreement, each reference in each Foreign Guarantee to the “Credit Agreement”, “thereunder”, “thereof” or words of like import shall mean
and be a reference to the Credit Agreement, as amended by this Agreement. 
 (c) Validity of Liens and Loan Documents.
Each Loan Party and each Third Party Security Provider hereby ratifies and reaffirms the validity and enforceability (without defense, counterclaim or offset of any kind) of the Liens and security interests granted by it to secure any of the Secured
Obligations by any Loan Party and any Third Party Security Provider to the Collateral Agent, for the benefit of the Secured Parties, pursuant to the Loan Documents to which any Loan Party or any Third Party Security Provider is a party and hereby
confirms and agrees that notwithstanding the effectiveness of this Agreement, and except as expressly amended by this Agreement, each Loan Document is, and shall continue to be, in full force and effect and each is hereby ratified and confirmed in
all respects, except that, on and after the effectiveness of this Agreement, each reference in the Loan Documents to the “Credit Agreement”, “thereunder”, “thereof” (and each reference in the Credit Agreement to this
“Agreement”, “hereunder” or “hereof”) or words of like import shall mean and be a reference to the Credit Agreement as amended by this Agreement; provided that with reference to the security interest created under the
Security Documents governed by Italian law (the “Italian Pledge Agreements”), the Secured Obligations shall be limited to those described under the Italian Pledge Agreements. 

SECTION 9. Term B-2 Loan Lender Certifications. By its execution of this Agreement, each Term B-2 Loan Lender hereby
certifies that: 
 (a) It has received a copy of the Credit Agreement and the other Loan Documents, together with copies of the
financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement; 

(b) It will, independently and without reliance upon the Administrative Agent or any other Term B-2 Loan Lender or Agent and based on
such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement; 
 (c) It appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Credit Agreement and the other Loan Documents as are delegated to
the Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto; and 

  
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 (d) It agrees that it will perform in accordance with their terms all of the obligations
which by the terms of the Credit Agreement are required to be performed by it as a Lender of Term B-2 Loans. 
 SECTION
10. Notice. For purposes of the Credit Agreement, the initial notice address of each Term B-2 Loan Lender shall be as set forth below its signature below. 
 SECTION 11. Recordation of the Term B-2 Loans. Upon execution and delivery hereof and the funding of the Term B-2 Loans requested hereunder, the Administrative Agent will record the
Term B-2 Loans made by the Term B-2 Loan Lenders pursuant to this Agreement in the Register. 
 SECTION 12.
Indemnification. Each Loan Party shall indemnify each Agent (and any sub-agent thereof), each Receiver and each Related Party of any of the foregoing persons (each such person being called an “Indemnitee”) against, and hold
each Indemnitee harmless from, any and all reasonable out-of-pocket losses, claims, damages, liabilities and related expenses (including the reasonable fees, charges and disbursements of any counsel for any Indemnitee) incurred by any Indemnitee or
asserted against any Indemnitee by any third party or by the Borrower or any other Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document, or any amendment,
amendment and restatement, modification or waiver of the provisions hereof or thereof, or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or
the consummation of the transactions contemplated hereby or thereby, (ii) any Term B-2 Loan made hereunder or the use or proposed use of the proceeds therefrom, or (iii) any actual or prospective claim, litigation, investigation or
proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by any Lender, the Borrower or any other Loan Party, and regardless of whether any Indemnitee is a party thereto;
provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and
nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by the Borrower or any other Loan Party against an Indemnitee for breach in bad faith of such
Indemnitee’s obligations hereunder or under any other Loan Document, if such Borrower or such Loan Party has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction. WITHOUT
LIMITATION OF THE FOREGOING, IT IS THE INTENTION OF THE LOAN PARTIES, AND THE LOAN PARTIES AGREE, THAT THE FOREGOING INDEMNITIES SHALL APPLY TO EACH INDEMNITEE WITH RESPECT TO LOSSES, CLAIMS, DAMAGES, PENALTIES, LIABILITIES AND RELATED EXPENSES
(INCLUDING, WITHOUT LIMITATION, ALL EXPENSES OF LITIGATION OR PREPARATION THEREFOR), WHICH IN WHOLE OR IN PART ARE CAUSED BY OR ARISE OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF SUCH (AND/OR ANY OTHER) INDEMNITEE. Amounts payable
under this Section 12 by the Loan Parties shall be payable on demand. This obligations of the Loan Parties set forth in this Section 12 shall be in addition to all indemnification, reimbursement or other obligations of the
Loan Parties set forth in the Credit Agreement and the other Loan Documents. 
 SECTION 13. Governing Law. THIS
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF
THE LAWS OF ANOTHER JURISDICTION. 
 SECTION 14. Execution in Counterparts. This Agreement may be executed in any
number of counterparts and by different parties hereto in separate counterparts, each of which when so 

  
 11 

 
executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of this Agreement by telecopier or in
PDF format via electronic mail shall be effective as delivery of an original executed counterpart of this Agreement. 

SECTION 15. Continuing Effectiveness. Except as modified by this Agreement, the Credit Agreement and other Loan Documents
shall remain in full force and effect and the Borrower hereby ratifies and confirms the Credit Agreement and each Loan Document in all respects, and after the Increase Effective Date all references in the Credit Agreement and the other Loan
Documents to the “Agreement” or the “Credit Agreement”, as applicable, shall refer to the Credit Agreement as modified hereby, and this Agreement shall be a Loan Document for all purposes. 

SECTION 16. WAIVER OF RIGHT TO TRIAL BY JURY. EACH PARTY TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE REQUIREMENTS OF LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY
(WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION. 
 SECTION 17. Headings. Section and subsection headings in this Agreement are included herein
for convenience of reference only and shall not constitute a part of this Agreement for any other purpose or be given any substantive effect. 
 SECTION 18. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Borrower and its successors and assigns, and upon the Agents and the Lenders and
their successors and assigns. The execution and delivery of this Agreement by any Lender prior to the Increase Effective Date shall be binding upon its successors and assigns and shall be effective as to any loans or commitments assigned to it after
such execution and delivery. The Borrower shall not have the right to assign its rights hereunder or any interest herein without the prior written consent of the Lenders except as a result of a transaction expressly permitted by Section 6.05(c)
or 6.05(e) of the Credit Agreement. 
 [signature pages follow] 

  
 12 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
officers thereunto duly authorized as of the date first above written. 
 LOAN PARTIES: 

 

			
	NOVELIS INC., as the Borrower
		
	By:	 	/s/ Leslie J. Parrette Jr.
		
	Name: 	 	Leslie J. Parrette Jr.
		
	Title:	 	Senior Vice President and General Counsel
	
	AV METALS INC., as Holdings
		
	By:	 	/s/ Thomas W. LaBarge
		
	Name: 	 	Thomas W. LaBarge
	
	NOVELIS CORPORATION, as U.S. Guarantor
		
	By:	 	/s/ Thomas W. LaBarge
		
	Name: 	 	Thomas W. LaBarge
		
	Title:	 	Authorized Signatory

 [Increase Joinder Agreement] 

  

			
	NOVELIS PAE CORPORATION, as U.S. Guarantor
		
	By:	 	/s/ Thomas W. LaBarge
		
	Name: 	 	Thomas W. LaBarge
		
	Title:	 	Authorized Signatory
	
	NOVELIS BRAND LLC, as U.S. Guarantor
		
	By:	 	/s/ Thomas W. LaBarge
		
	Name: 	 	Thomas W. LaBarge
		
	Title:	 	Authorized Signatory
	
	NOVELIS SOUTH AMERICA HOLDINGS LLC, as U.S. Guarantor
		
	By:	 	/s/ Thomas W. LaBarge
		
	Name: 	 	Thomas W. LaBarge
		
	Title:	 	Authorized Signatory

 [Increase Joinder Agreement] 

  

			
	ALUMINUM UPSTREAM HOLDINGS LLC, as U.S. Guarantor
		
	By:	 	/s/ Thomas W. LaBarge
		
	Name: 	 	Thomas W. LaBarge
		
	Title	 	Authorized Signatory
	
	NOVELIS ACQUISITIONS LLC, as U.S. Guarantor
		
	By:	 	/s/ Thomas W. LaBarge
		
	Name: 	 	Thomas W. LaBarge
		
	Title	 	Authorized Signatory
	
	NOVELIS NORTH AMERICA HOLDINGS INC., as U.S. Guarantor
		
	By:	 	/s/ Thomas W. LaBarge
		
	Name: 	 	Thomas W. LaBarge
		
	Title:	 	Authorized Signatory

 [Increase Joinder Agreement] 

  

			
	NOVELIS UK LTD, as U.K. Guarantor
		
	By:	 	/s/ Thomas W. LaBarge
		
	Name: 	 	Thomas W. LaBarge
		
	Title	 	Authorized Signatory
	
	NOVELIS SERVICES LIMITED, as U.K. Guarantor
		
	By:	 	/s/ Thomas W. LaBarge
		
	Name: 	 	Thomas W. LaBarge
		
	Title	 	Authorized Signatory
	
	NOVELIS AG, as Swiss Guarantor
		
	By:	 	/s/ Thomas W. LaBarge
		
	Name: 	 	Thomas W. LaBarge
		
	Title:	 	Authorized Signatory

 [Increase Joinder Agreement] 

  

			
	NOVELIS CAST HOUSE TECHNOLOGY LTD., as
Canadian Guarantor
		
	 By:
	 	/s/ Thomas W. LaBarge
		 	  

		
	 Name:
	 	Thomas W. LaBarge
		 	  

		
	 Title:
	 	Authorized Signatory
		 	  

	
	 4260848 CANADA INC., as Canadian Guarantor

		
	 By:
	 	/s/ Thomas W. LaBarge
		 	  

		
	 Name:
	 	Thomas W. LaBarge
		 	  

		
	 Title:
	 	Authorized Signatory
		 	  

	
	 4260856 CANADA INC., as Canadian Guarantor

		
	 By:
	 	/s/ Thomas W. LaBarge
		 	  

		
	 Name:
	 	Thomas W. LaBarge
		 	  

		
	 Title:
	 	Authorized Signatory
		 	  

 [Increase Joinder Agreement] 

  

			
	8018227 CANADA INC., as Canadian Guarantor
		
	By:	 	/s/ Thomas W. LaBarge
		 	  

		
	Name:	 	Thomas W. LaBarge
		 	  

		
	Title:	 	Authorized Signatory
		 	  

	
	NOVELIS NO. 1 LIMITED PARTNERSHIP, as Canadian Guarantor,
		
	By:	 	4260848 CANADA INC.
		
	Its:	 	General Partner
		
	By:	 	/s/ Thomas W. LaBarge
		 	  

		
	Name:	 	Thomas W. LaBarge
		 	  

		
	Title:	 	Authorized Signatory
		 	  

	
	NOVELIS EUROPE HOLDINGS LIMITED, as U.K. Guarantor
		
	By:	 	/s/ Thomas W. LaBarge
		 	  

		
	Name:	 	Thomas W. LaBarge
		 	  

		
	Title:	 	Authorized Signatory
		 	  

 [Increase Joinder Agreement] 

  

			
	NOVELIS SWITZERLAND SA, as Swiss Guarantor
		
	By:	 	/s/ Thomas W. LaBarge
		 	  

		
	Name:	 	Thomas W. LaBarge
		 	  

		
	Title:	 	Authorized Signatory
		 	  

	
	NOVELIS DEUTSCHLAND GMBH, as German Guarantor
		
	By:	 	/s/ Thomas W. LaBarge
		 	  

		
	Name:	 	Thomas W. LaBarge
		 	  

		
	Title:	 	Authorized Signatory
		 	  

	
	NOVELIS MADEIRA UNIPESSOAL, LDA, as Madeira Guarantor
		
	By:	 	/s/ Thomas W. LaBarge
		 	  

		
	Name:	 	Thomas W. LaBarge
		 	  

		
	Title:	 	Authorized Signatory
		 	  

 [Increase Joinder Agreement] 

  

			
	NOVELIS PAE S.A.S., as French Guarantor
		
	By:	 	/s/ Thomas W. LaBarge
		 	  

		
	Name:	 	Thomas W. LaBarge
		 	  

		
	Title:	 	Authorized Signatory
		 	  

	
	NOVELIS LUXEMBOURG S.A., as Luxembourg Guarantor
		
	By:	 	/s/ Thomas W. LaBarge
		 	  

		
	Name:	 	Thomas W. LaBarge
		 	  

		
	Title:	 	Authorized Signatory
		 	  

	
	NOVELIS DO BRASIL LTDA., as Brazilian Guarantor
		
	By:	 	/s/ Thomas W. LaBarge
		 	  

		
	Name:	 	Thomas W. LaBarge
		 	  

		
	Title:	 	Authorized Signatory
		 	  

 [Increase Joinder Agreement] 

  

			
	 Signed and Delivered as a Deed by
	 	
		
		 	/s/ Thomas W. Barge
		 	  

	 Duly appointed attorney
	 	 Name: Thomas W. LaBarge

Title: Attorney

		
	 For and on behalf of
	 	
		
	 NOVELIS ALUMINUM HOLDING

COMPANY
	 	
		
	 Witness:
	 	/s/ Gregory S. Schlicht
		
	 Name:
	 	Gregory S. Schlicht
		
	 Address:
	 	 3560 Lenox Road, Ste. 2000
 Atlanta, Georgia 30326

		
	 Occupation:
	 	Attorney

 [Increase Joinder Agreement] 

 THIRD PARTY SECURITY PROVIDERS: 

 

			
	 NOVELIS ITALIA S.P.A., as Third Party Security Provider

		
	 By:
	 	/s/ Thomas W. LaBarge
		 	  

	 Name:
	 	Thomas W. LaBarge
		 	  

	 Title:
	 	Authorized Signatory
		 	  

  

			
	 NOVELIS FOIL FRANCE S.A.S., as Third Party Security Provider

		
	 By:
	 	/s/ Thomas W. LaBarge
		 	  

	 Name:
	 	Thomas W. LaBarge
		 	  

	 Title:
	 	Authorized Signatory
		 	  

 [Increase Joinder Agreement] 

  

											
	 ADMINISTRATIVE AGENT:        
	 		 		 	BANK OF AMERICA, N.A.
		 		 		 	as Administrative Agent
					
		 		 		 	 By:
	 	 /s/ Christopher Kelly Wall

		 		 		 		 	 Name:
	 	Christopher Kelly Wall
		 		 		 		 	 Title:
	 	Managing Director

 [Increase Joinder Agreement] 
  

  

							
	
LENDER:                       
                 
	 	JPMORGAN CHASE BANK, N.A.
			
		 	By:	 	 /s/ Peter S. Predun

				
		 		 	 Name:
	 	Peter S. Predun
		 		 	 Title:
	 	Executive Director
			
		 	 Notice Address:
	 	
			
		 	 Attention:
	 	
			
		 	 Telephone:
	 	
			
		 	 Facsimile:
	 	

 [Increase Joinder Agreement] 
  

 Schedule I 

Term B-2 Loan Commitments 
  

					
	 Increase Term Loan Lender
	  	Term B-2 Loan Commitment	  	Applicable Percentage
	 JPMorgan Chase Bank, N.A.
	  	$225,000,000	  	100%
	 Total
	  	$225,000,000	  	100%

 Schedule II 

Amortization Table 
  

			
	 Date
	  	Term B-2 Loan Amount
	 December 31, 2011
	  	$562,500
	 March 31, 2012
	  	$562,500
	 June 30, 2012
	  	$562,500
	 September 30, 2012
	  	$562,500
	 December 31, 2012
	  	$562,500
	 March 31, 2013
	  	$562,500
	 June 30, 2013
	  	$562,500
	 September 30, 2013
	  	$562,500
	 December 31, 2013
	  	$562,500
	 March 31, 2014
	  	$562,500
	 June 30, 2014
	  	$562,500
	 September 30, 2014
	  	$562,500
	 December 31, 2014
	  	$562,500
	 March 31, 2015
	  	$562,500
	 June 30, 2015
	  	$562,500
	 September 30, 2015
	  	$562,500
	 December 31, 2015
	  	$562,500
	 March 31, 2016
	  	$562,500
	 June 30, 2016
	  	$562,500
	 September 30, 2016
	  	$562,500
	 December 31, 2016
	  	$562,500
	 Original Maturity Date
	  	Remaining outstanding principalEXHIBIT 10.23

 EXHIBIT 10.23 
 LEASE AMENDMENT THIRTEEN 
 (Expansion) 

THIS LEASE AMENDMENT THIRTEEN (“Amendment”) is made as of the 3rd day of February, 2011
between RFP Mainstreet 2100 RiverEdge, LLC (“Landlord”), a Delaware limited liability company, and IntercontinentalExchange, Inc. (“Tenant”), a Delaware corporation. 

A. Landlord and Tenant are the current parties to that certain Office Lease (“Original Lease”)
dated June 8, 2000, for space currently described as Suites 325, 400, 400A, 415, 500, 600, 650 and LL19 (“Premises”; sometimes referred to herein as the “Existing Premises”) in the building
(“Building”) known as 2100 RiverEdge, located at 2100 RiverEdge Parkway, Atlanta, Georgia 30328 (“Property”), which lease has heretofore been amended by Lease Amendment One dated April 30, 2001,
Lease Term Adjustment Confirmation Letter dated August 2, 2001, Lease Amendment Two dated March 6, 2003, Lease Amendment Three dated September 10, 2003, Lease Amendment Four dated June 4, 2004, Lease Amendment Five dated
October 28, 2004, Lease Amendment Six dated October 12, 2005, Lease Amendment Seven dated October 12, 2006, Lease Amendment Eight dated November 28, 2006, Lease Amendment Nine dated February 21, 2007, Lease Term Adjustment
Confirmation Letter dated April 16, 2007, Lease Term Adjustment Confirmation Letter dated May 2, 2007, Lease Amendment Ten dated May 17, 2008 (“Lease Amendment Ten”), Notice of Lease Term dated October 20, 2008
(“Notice of Lease Term”), Lease Amendment Eleven dated September 2, 2009 and Lease Amendment Twelve dated April 22, 2010 (collectively, and as amended herein, “Lease”). 

B. The parties mutually desire to amend the Lease on the terms hereof. 

NOW THEREFORE, in consideration of the mutual agreements herein contained, the parties hereby agree as follows.

 1. Additional Premises. Certain space, the approximate location of which is shown on
Exhibit A hereto on the third (3rd) floor of the Building and currently known as Suites 300, 320 and 380, and which shall be deemed to contain a total of 14,084 square feet of rentable area for purposes hereof (the
“Additional Premises”), shall be added to and become a part of the Existing Premises commencing on the earlier to occur of (a) June 1, 2011 (the “Outside Date”), and (b) the date Tenant commences to
use the Additional Premises for the operation of its business (“Additional Premises Commencement Date”) and continuing co-terminously with the New Expiration Date (as defined in Lease Amendment Ten and the Notice of Lease Term), as
the same may be extended, subject to the terms herein. As of the date of this Amendment, the New Expiration Date is September 30, 2014. If Tenant commences to use a portion of the Additional Premises for the operation of its business prior to
the Outside Date, the Additional Premises Commencement Date shall occur and Additional Premises Rent shall commence with respect to such portion (and fairly prorated based on the rentable square footage involved). 

 2. Base Rent. Tenant shall pay monthly Base Rent for
the Additional Premises as provided below and otherwise as provided in the Lease: 
  

					
	Period	  	Additional Premises
Monthly Base
Rent	 
		
	 Additional Premises Commencement Date – May 31, 2012
	  	$	25,527.25	  
	 June 1, 2012 – May 31, 2013
	  	$	26,043.66	  
	 June 1, 2013 – May 31, 2014
	  	$	26,560.08	  
	 June 1, 2014 – September 30, 2014
	  	$	27,088.23	  

 3. Expenses and Taxes Base Year. Commencing on the Additional
Premises Commencement Date: (i) Tenant shall pay Tenant’s Share for the Additional Premises of increases in Taxes and Expenses, over the respective amounts for the year 2011 and as otherwise provided in the Lease, and
(ii) “Tenant’s Share” for the Additional Premises shall be five and 28/100 percent (5.28%), for purposes hereof. 
 4. Storage Space. Commencing as of December 13, 2010, Tenant shall have a license to use that certain storage space located on the first floor of the Building and currently known
as Suite 125 (“Additional Storage Space”), which shall be deemed to contain 736 square feet and is shown on Exhibit C hereto. Such license shall be on the terms and conditions contained in Exhibit G to Lease Amendment Seven,
except that Tenant shall pay a monthly fee for the Additional Storage Space in the amount of $736.00 per month, pro-rated for any partial month, and payable as and when monthly Base Rent is payable under the Lease. The parties acknowledge that
Tenant took possession of the Additional Storage Space on December 13, 2010. 
 5. Consolidated or
Separate Billings. The Base Rent, Taxes, Expenses and all other charges respecting the Additional Premises are sometimes herein called “Additional Premises Rent”. Landlord may compute and bill Additional Premises Rent (or
components thereof) separately or treat the Additional Premises and Existing Premises as one unit for computation and billing purposes. 
 6. Other Terms. Except to the extent inconsistent herewith or provided to the contrary herein: (a) commencing on the Additional Premises Commencement Date, the Additional Premises shall
be added to, and become part of, the Existing Premises under the Lease, and all applicable provisions then or thereafter in effect under the Lease shall also apply to the Additional Premises, and (b) all provisions of the Lease currently in
effect or scheduled to become effective shall remain in effect and become effective in accordance with their terms, except for any provisions which by their express terms have lapsed, are scheduled to lapse, or were to be in effect only during the
initial Term or other period (in which case such express terms shall govern the periods during which such provisions were, or will remain, in effect). 
 7. Tenant Improvements. 
 (a)
Condition of Additional Premises; Allowance. Tenant has been occupying the Existing Premises, and has inspected the Additional Premises (and portions of the 

  
 2 

 
Building, Property, systems and equipment providing access to or serving the Additional Premises) or has had an opportunity to do so, and agrees to accept the same “AS IS” without any
agreements, representations, understandings or obligations on the part of Landlord to perform or pay for any alterations, repairs or improvements, except as provided herein. Notwithstanding the foregoing to the contrary, Landlord hereby represents
that to Landlord’s actual knowledge as of the date of this Amendment: (i) the Building standard mechanical, electrical, plumbing, sprinkler and HVAC equipment servicing the Additional Premises are in good working order, and (ii) there
are no current material violations of Laws affecting Tenant’s use of the Additional Premises. “Landlord’s actual knowledge” herein means the actual knowledge of the Property Manager for the management company for the
Property. Notwithstanding anything contained herein to the contrary, Landlord shall provide an allowance (“Allowance”) to be used towards the performance of certain tenant improvement work by Tenant in the Additional Premises, as
further set forth in Exhibit B attached hereto. 
 (b) Removal of Stairwell. Without
limiting the generality of any other terms of the Lease requiring restoration of the Premises upon expiration of the Lease, at Landlord’s written request, Tenant shall, within thirty (30) days after expiration or earlier termination of the
Lease, remove any stairwell installed by Tenant pursuant to Exhibit B of this Amendment, close the stairwell opening, and restore the stairwell area to its original condition (the “Stairwell Restoration Work”), all such work to be
at Tenant’s sole cost. Landlord’s request may be made prior to the expiration or earlier termination of the Lease but if Landlord’s request is made less than thirty (30) days before the expiration or earlier termination of the
Lease then Tenant shall have sixty (60) days after its receipt of Landlord’s request to complete the Stairwell Restoration Work. At Landlord’s option, Landlord shall perform the Stairwell Restoration Work, at Tenant’s cost;
provided, however, the cost therefore is reasonable and customary based on competitive market conditions. Prior to commencing the Stairwell Restoration Work Landlord shall obtain an estimate of the cost of the Stairwell Restoration Work which is
reasonably acceptable to Tenant, and Tenant shall deposit such estimated cost with Landlord within ten (10) days after Landlord’s written request for same. If such estimated amount exceeds the actual cost of the Stairwell Restoration Work,
Tenant shall receive a refund of the difference within thirty (30) days of completion of the Stairwell Restoration Work, and if the actual cost of the Stairwell Restoration Work amount shall exceed the estimated amount, Tenant shall pay the
difference to Landlord within thirty (30) days after Landlord’s written request for same. Tenant’s obligations under this paragraph with respect to removal of any stairwell installed by Tenant between the 3rd and 4th floors is in
addition to, and not in lieu of, Tenant’s obligations as set forth in Section 8.B of Lease Amendment Seven with respect to removal of any stairwell installed by Tenant between the 5th and 6th floors and Tenant’s obligations as set
forth in Section 10.b of Lease Amendment Ten with respect to removal of any stairwell installed by Tenant between the 4th and 5th floors. 
 8. Early Access; Possession; Confirmation of Dates. The Additional Premises is currently occupied by two (2) tenants, DWI and Financial Operations Network. Landlord expects to be
able to deliver possession of the space currently occupied by DWI on February 1, 2011 and the space currently occupied by Financial Operations Network on March 1, 2011. If 

  
 3 

 
Landlord fails to deliver possession of the entire Additional Premises by March 1, 2011 due to holding over by any existing tenant of Additional Premises or any other reason (except to the
extent that Tenant, its agents, employees or contractors cause such failure), then the Outside Date shall be extended on a day-for-day basis until Landlord delivers possession of the entire Additional Premises to Tenant. During any period that
Tenant shall enter the Additional Premises prior to the Additional Premises Commencement Date to perform Work under Exhibit B hereto, or to install telecommunications and computer cabling, equipment and furniture, Tenant shall comply with all
terms and provisions of the Lease, except that the Additional Premises Commencement Date shall not occur based on such early possession for such purposes. Landlord and Tenant shall execute a confirmation of any dates herein in such form as Landlord
may reasonably request; any failure to respond within thirty (30) days after Landlord provides such written confirmation shall be deemed an acceptance of the dates set forth in Landlord’s confirmation. If Tenant disagrees with
Landlord’s determination of such dates, Tenant shall pay Rent for the Existing Premises and Additional Premises Rent and perform all other obligations commencing on the dates determined by Landlord, subject to refund or credit against
Additional Premises Rent when the matter is resolved. 
 9. Parking. Tenant and its
employees shall have a license to use a total of 3.5 general parking spaces per 1,000 rentable square feet of the Additional Premises (i.e., a total of forty-nine (49) general parking spaces) on a non-exclusive, unassigned “first come,
first served” basis in the unreserved areas of the Parking Facility. The aforesaid parking spaces shall be free of separate parking charges through the New Expiration Date. Use by Tenant and its employees of the preceding parking spaces shall
be governed by the existing provisions of the Lease regarding parking, except as expressly modified herein. Nothing contained in this Section 8 shall be deemed to modify any of Tenant’s existing parking rights in the Lease. 

10. Real Estate Brokers. Tenant hereby represents to Landlord and Landlord hereby represents to Tenant that
neither party has dealt with any broker, salesperson, agent or finder in connection with this Amendment, except Newmark Knight Frank (“Landlord’s Broker”) and CB Richard Ellis (“Tenant’s Broker”). Landlord
hereby agrees to defend, indemnify and hold Tenant, and Tenant’s employees, agents and affiliates harmless from all liabilities and expenses (including reasonable attorneys’ fees and court costs) arising from any claim or demands made by
Landlord’s Broker for any commission or fee alleged to be due in connection with this Amendment. Tenant hereby agrees to defend, indemnify and hold Landlord and Landlord’s employees, agents and affiliates harmless from all liabilities and
expenses (including reasonable attorneys’ fees and court costs) arising from any claims or demands of Tenant’s Broker for any commission or fee alleged to be due in connection with this Amendment. Each party agrees to defend, indemnify and
hold the other party, and its employees, agents and affiliates harmless from all liabilities and expenses (including reasonable attorneys’ fees and court costs) arising from any claims or demands of any other broker, salesperson, agent or
finder with whom the indemnifying party has dealt for any commission or fee alleged to be due in connection with this Amendment. 
 11. Offer. The submission and negotiation of this Amendment shall not be deemed an offer to enter into the same by Landlord. This Amendment shall not be binding on Landlord unless and until
fully signed and delivered by both parties. Tenant’s execution of this Amendment constitutes a firm offer to enter into the same which may not be withdrawn for a period of thirty (30) days after delivery to Landlord. During such period,
Landlord may proceed in reliance thereon, but such acts shall not be deemed an acceptance. 

  
 4 

 12. Whole Amendment; Full Force and Effect; Conflicts. This
Amendment sets forth the entire agreement between the parties with respect to the matters set forth herein. There have been no additional oral or written representations or agreements. As amended herein, the Lease shall remain in full force and
effect. In case of any inconsistency between the provisions of the Lease and this Amendment, the latter provisions shall govern. 
 13. Interpretation. This Amendment shall be interpreted in a reasonable manner in conjunction with the Lease. If an Exhibit is attached to this Amendment, the term “Lease”
therein shall refer to this Amendment or the Lease as amended, and terms such as “Commencement Date” and “Lease Term” shall refer to analogous terms in this Amendment, all as the context expressly provides or reasonably implies.
Unless expressly provided to the contrary herein: (a) any terms defined herein shall have the meanings ascribed herein when used as capitalized terms in other provisions hereof, (b) capitalized terms not otherwise defined herein shall have
the meanings, if any, ascribed thereto in the Lease, and (c) non-capitalized undefined terms herein shall be interpreted broadly and reasonably to refer to terms contained in the Lease which have a similar meaning, and as such terms may be
further defined therein. 
 14. Authority. Each signatory of this Amendment represents
hereby that he or she has the authority to execute and deliver the same on behalf of the party hereto for which such signatory is acting. 
 15. Consent. Landlord represents and warrants to Tenant that all of Landlord’s lenders have consented to this Amendment. 

16. OFAC Certification. Tenant certifies that: 

(a) It is not acting, directly or indirectly, for or on behalf of any person, group, entity or nation
named by any Executive Order or the United States Treasury Department as a terrorist, “Specially Designated National and Blocked Person,” or other banned or blocked person, entity, nation or transaction pursuant to any law, order, rule or
regulation that is enforced or administered by the Office of Foreign Assets Control; and 
 (b)
It is not engaged in this transaction, directly or indirectly, on behalf of, or instigating or facilitating this transaction, directly or indirectly, on behalf of any such person, group, entity or nation. 

Tenant hereby agrees to defend, indemnify, and hold harmless Landlord from and against any and all claims, damages, losses, risks,
liabilities, and expenses (including attorney’s fees and costs) arising from or related to any breach of the foregoing certification. 
 [Signatures are on next page.] 

  
 5 

 IN WITNESS WHEREOF, the parties have executed this Amendment as of
the date first set forth above. 
  

			
	LANDLORD:
	[SEAL]
	
	RFP MAINSTREET 2100 RIVEREDGE, LLC, a Delaware limited liability company
		
	By	 	 /s/ Paul J. Kilgallon

		 	Paul J. Kilgallon, President
	
	TENANT:
	[SEAL]
	
	INTERCONTINENTALEXCHANGE, INC., a Delaware corporation
		
	By:	 	 /s/ Scott A. Hill

	Name:	 	Scott A. Hill
	Its:	 	Senior Vice President and Chief Financial Officer

  
 6 

 EXHIBIT B 

WORK LETTER 
 This Exhibit is a “Work Letter” to the foregoing Lease Amendment Thirteen (referred to herein for convenience as the “Lease Document”). 

I. BASIC ARRANGEMENT. 

(a) Tenant to Arrange for Work. Tenant desires to engage one or more contractors to perform certain improvements
(the “Work,” as further defined in Section VI) to or for the Premises under the Lease Document. Tenant shall arrange for the Work to be planned and performed in accordance with the provisions of this Exhibit and applicable
provisions of the Lease Document. Tenant shall pay when due all costs for or related to the Plans and Work whatsoever (“Costs of the Work”), and Landlord shall reimburse certain such costs up to the Allowance, as further described
below. 
 (b) Allowance and Administrative Fee. Landlord shall provide up to $20.00 per rentable square
foot for the Additional Premises (the “Allowance”) towards the Costs of the Work relating to permanent leasehold improvements in the Additional Premises (provided the portion of the Allowance available for the Plans shall be limited
to five percent (5%), and shall exclude planning for furniture, trade fixtures and business equipment), all design services (including the preparation of construction drawings), costs for permitting (but not expediting), keys and signage. Tenant
shall pay Landlord’s reasonable out-of-pocket costs, if any, for architectural and engineering review of the Plans and any Engineering Report, and all revisions thereof, and an administrative fee (“Administrative Fee”) in the
amount of $1,500.00 for Landlord’s time in reviewing the Plans and Work and coordinating with Tenant’s Contractors. The costs of foregoing items may be charged against the Allowance, and if the Allowance shall be insufficient, Tenant shall
pay Landlord for such amounts as additional Rent within fifteen (15) days after billing. Notwithstanding anything to the contrary contained herein, any personal property, trade fixtures or business equipment, including, but not limited to,
modular or other furniture, and cabling for communications or computer systems, whether or not shown on the Approved Plans, shall be provided by Tenant, at Tenant’s sole cost, and the Allowance shall not be used for such purposes. 

(c) Funding and Disbursement. Landlord shall fund and disburse the Allowance within thirty (30) days after
the Work has been completed in accordance with the Approved Plans in accordance with the provisions hereof, and Tenant has submitted all invoices, architect’s certificates, a Tenant’s affidavit, complete unconditional lien waivers and
affidavits of payment by all Tenant’s Contractors, and such other evidence as Landlord may reasonably require that the cost of the Work has been paid and that no architect’s, mechanic’s, materialmen’s or other such liens have
been or may be filed against the Property or the Premises arising out of the design or performance of such Work. Landlord may issue checks to fund the Allowance jointly or separately to Tenant, its general contractor, and any other of Tenant’s
Contractors. If Tenant does not use the entire Allowance for the purposes permitted herein, or does not submit the foregoing documentation to Landlord, within one (1) year after the date of this Amendment, then Landlord shall be entitled to the
savings and Tenant shall receive no credit therefore, time being of the essence of this provision so that Landlord may close out Landlord’s books for the Work. 

  
 B-1

 II. PLANNING. The term “Plans” herein means a
“Space Plan,” as the same may be superseded by any “Construction Drawings,” prepared and approved pursuant to this Section (and as such terms are further defined in Section VI). In the event of any inconsistency between the Space
Plan and Construction Drawings, or revisions thereto, as modified to obtain permits, the latest such item approved by Landlord shall control. The term “Approved Plans” herein means the Plans (and any revisions thereof) as approved
by Landlord in writing in accordance with this Section. 
 (a) Tenant’s Planners. Tenant shall
engage a qualified, licensed architect (“Architect”), subject to Landlord’s prior written approval. To the extent required by Landlord or appropriate in connection with preparing the Plans, Tenant shall also engage one or more
qualified, licensed engineering firms, e.g. mechanical, electrical, plumbing, structural and/or HVAC (“Engineers”), all of whom shall be designated or approved by Landlord in writing. The term “Tenant’s
Planners” herein shall refer collectively or individually, as the context requires, to the Architect or Engineers engaged by Tenant, and approved or designated by Landlord in writing in accordance with this Exhibit. 

Notwithstanding anything contained herein to the contrary, Tenant agrees to engage Peacock Architects to prepare the
Construction Drawings (as defined below). 
 (b) Space Plan and Construction Drawings. Tenant shall
promptly hereafter cause the Architect to submit three (3) sets of a “Space Plan” (as defined in Section VI) to Landlord for approval. Landlord shall, within ten (10) working days after receipt thereof, either approve
said Space Plan, or disapprove the same advising Tenant of the reasons for such disapproval. In the event Landlord disapproves said Space Plan, Tenant shall modify the same, taking into account the reasons given by Landlord for said disapproval, and
shall submit three (3) sets of the revised Space Plan to Landlord. Landlord shall review or comment on all revised plans and drawings (that have been approved by Tenant and are re-submitted to Landlord for approval) within five
(5) business days after receipt of same. If Landlord provides comments to a revised Space Plan, then the process outlined above shall continue with all subsequent review and comment periods of Landlord being limited to five (5) business
days (it being understood that Landlord shall be entitled to comment solely on the revised portions of such plan or drawing, unless the revisions affect any other portion of the plan or drawing or unless Landlord discovers a previously undetected
material error in another portion of the plan or drawing). To the extent required by Landlord or the nature of the Work and as further described in Section VI, Tenant shall, after Landlord’s approval of the Space Plan: (i) cause the
Architect to submit to Landlord for approval “Construction Drawings” (including, as further described in Section VI below, sealed mechanical, electrical and plumbing plans prepared by a qualified, licensed Engineer approved or
designated by Landlord), and (ii) cause the Engineers to submit for Landlord’s approval a report (the “Engineering Report”) indicating any special heating, cooling, ventilation, electrical, heavy load or other special or
unusual requirements of Tenant, including calculations. Landlord shall, within fifteen (15) working days after receipt thereof (or such longer time as may be reasonably required in order to obtain any additional architectural, engineering or
HVAC report or due to other special or unusual features of the Work or Plans), 

  
 B-2

 
either approve the Construction Drawings and Engineering Report, or disapprove the same advising Tenant of the reasons for disapproval. If Landlord disapproves of the Construction Drawings or
Engineering Report, Tenant shall modify and submit revised Construction Drawings, and a revised Engineering Report, taking into account the reasons given by Landlord for disapproval. Landlord shall review or comment on all revised Construction
Drawings and revised Engineering Report (that have been approved by Tenant and are re-submitted to Landlord for approval) within five (5) business days after receipt of same. If Landlord provides comments to revised Construction Drawings or
revised Engineering Report, then the process outlined above shall continue with all subsequent review and comment periods of Landlord being limited to five (5) business days (it being understood that Landlord shall be entitled to comment solely
on the revised portions of such revised Construction Drawings or revised Engineering Report, unless the revisions affect any other portion of the revised Construction Drawings or revised Engineering Report or unless Landlord discovers a previously
undetected material error in another portion of the revised Construction Drawings or revised Engineering Report). The Construction Drawings shall include a usable computer aided design (CAD) file. In the event that Landlord fails to timely pay the
Allowance in accordance with this Section I.b. and such failure continues for more than five (5) business days following receipt of written notice from Tenant of such failure, then the unpaid amount of the Allowance shall accrue interest
from the due date at the Default Rate until payment is received by Tenant. 
 (c) Tenant’s Planning
Responsibility and Landlord’s Approval. Tenant has sole responsibility to provide all information concerning its space requirements to Tenant’s Planners, to cause Tenant’s Planners to prepare the Plans, and to obtain
Landlord’s final approval thereof (including all revisions). Tenant and Tenant’s Planners shall perform independent verifications of all field conditions, dimensions and other such matters), and Landlord shall have no liability for any
errors, omissions or other deficiencies therein. Landlord shall not unreasonably withhold, condition or delay approval of any Plans or Engineering Report submitted hereunder, if they provide for a customary office layout, with finishes and materials
generally conforming to building standard finishes and materials currently being used by Landlord at the Property, are compatible with the Property’s shell and core construction, and if no modifications will be required for the Property
electrical, heating, air-conditioning, ventilation, plumbing, fire protection, life safety, or other systems or equipment, and will not require any structural modifications to the Property, whether required by heavy loads or otherwise, and will not
create any potentially dangerous conditions, potentially violate any codes or other governmental requirements, potentially interfere with any other occupant’s use of its premises, or potentially increase the cost of operating the Property.

 Tenant shall have the right to install a stairwell between Tenant’s Premises on the
3rd and 4th floors, subject to Landlord’s right to
approve the details of such installation, including without limitation, location, design and materials and subject to the other provisions of this Work Letter. 
 (d) Governmental Approval of Plans; Building Permits. Tenant shall cause Tenant’s Contractors (as defined in Section III) to apply for any building permits, inspections and occupancy
certificates required for or in connection with the Work. If the Plans must be revised in order to obtain such building permits, Tenant shall promptly notify Landlord, promptly arrange for the Plans to be revised to satisfy the building permit
requirements, and shall submit 

  
 B-3

 
the revised Plans to Landlord for approval as a Change Order under Paragraph II.e below. Landlord shall have no obligation to apply for any zoning, parking or sign code amendments,
approvals, permits or variances, or any other governmental approval, permit or action. If any such other matters are required, Tenant shall promptly seek to satisfy such requirements (if Landlord first approves in writing), or shall revise the Plans
to eliminate such requirements and submit such revised Plans to Landlord for approval in the manner described above. Upon request, at no cost to Landlord, Landlord shall (if Landlord has approved same as provided above) assist Tenant in obtaining
all such permits and other items. 
 (e) Changes After Plans Are Approved. If Tenant shall desire, or any
governmental body shall require, any changes, alterations, or additions to the Approved Plans, Tenant shall submit a detailed written request or revised Plans (the “Change Order”) to Landlord for approval, which written request or
revised Plans shall be reviewed by Landlord in the manner provided for in Section II.b. above. If reasonable and practicable and generally consistent with the Plans theretofore approved, Landlord shall not unreasonably withhold, condition or
delay its approval. All costs in connection therewith, including, without limitation, construction costs, permit fees, and any additional plans, drawings and engineering reports or other studies or tests, or revisions of such existing items, shall
be included in the Costs of the Work under Section VI. In the event that the Premises are not constructed in substantial accordance with the Approved Plans, Tenant shall not be permitted to occupy the Premises until the Premises reasonably
comply in all respects therewith; in such case, the Rent shall nevertheless commence to accrue and be payable as otherwise provided in the Lease Document. 
 III. CONTRACTORS AND CONTRACTS. Tenant shall engage to perform the Work such contractors, subcontractors and suppliers (“Tenant’s Contractors”) as Landlord
customarily engages or recommends for use at the Property; provided, Tenant may substitute other licensed, bonded, reputable and qualified parties capable of performing quality workmanship who have good labor relations and will be able to work in
harmony with each other and those of Landlord and other occupants of the Property so as to ensure proper maintenance of good labor relationships, and in compliance with all applicable labor agreements existing between trade unions and the relevant
chapter of the Association of General Contractors of America. Such substitutions may be made only with Landlord’s prior written approval. Such approval shall be granted, granted subject to specified reasonable conditions, or denied within ten
(10) working days after Landlord receives from Tenant a written request for such substitution, containing a reasonable description of the proposed party’s background, finances, references, qualifications, and other such information as
Landlord may request. For Work involving any mechanical, electrical, plumbing, structural, demolition or HVAC matters, or any Work required to be performed outside the Premises or involving Tenant’s entrance, Landlord may require that Tenant
select Tenant’s Contractors from a list of such contractors. 
 IV. PERFORMANCE OF
WORK. 
 (a) Conditions to Commencing Work. Before commencing any Work, Tenant shall:
(i) obtain Landlord’s written approval of Tenant’s Planners and the Plans, as described in Section II, (ii) obtain and post all necessary governmental approvals and permits as described in Section II, and provide copies
thereof to Landlord, (iii) obtain Landlord’s written approval of Tenant’s Contractors, and provide Landlord with copies of the contracts as described in Section III, and (iv) provide evidence of insurance to Landlord as
required under the Lease Document. 

  
 B-4

 (b) Compliance and Standards. Tenant shall cause the Work to comply
in all respects with the following: (i) the Approved Plans, (ii) the Property Code of the City and State in which the Property is located and Federal, State, County, City or other laws, codes, ordinances, rules, regulations and guidance,
as each may apply according to the rulings of the controlling public official, agent or other such person, (iii) applicable standards of the National Board of Fire Underwriters (or successor organization) and National Electrical Code,
(iv) applicable manufacturer’s specifications, and (v) any work rules and regulations as Landlord or its agent may have adopted for the Property, including any Rules attached as an Exhibit to the Lease Document. Tenant shall use
only new, first-class materials in the Work, except where explicitly shown in the Approved Plans. Tenant’s Work shall be performed in a thoroughly safe, first-class and workmanlike manner, and shall be in good and usable condition at the date
of completion. In case of inconsistency, the requirement with the highest standard protecting or favoring Landlord shall govern. 
 (c) Property Operations, Dirt, Debris, Noise and Labor Harmony. Tenant and Tenant’s Contractors shall make all efforts and take all proper steps to assure that all construction activities do
not interfere with the operation of the Property or with other occupants of the Property. Tenant’s Work shall be coordinated under Landlord’s direction with any other work and other activities being performed for or by other occupants in
the Property so that Tenant’s Work will not interfere with or delay the completion of any other work or activity in the Property. Construction equipment and materials are to be kept within the Premises, and delivery and loading of equipment and
materials shall be done at the Building loading dock and freight elevator, at such time as Landlord shall direct so as not to burden the construction or operation of the Property. Tenant’s Contractors shall comply with any work rules of the
Property and Landlord’s requirements respecting the hours of availability of elevators and manner of handling materials, equipment and debris. Demolition must be performed before 7:00 a.m. or after 6:00 p.m. and on weekends, or as
otherwise required by Landlord or the work rules for the Property. Construction which creates noise, odors or other matters that may bother other occupants may be rescheduled by Landlord at Landlord’s sole discretion. Delivery of materials,
equipment and removal of debris must be arranged to avoid any inconvenience or annoyance to other occupants. The Work and all cleaning in the Premises must be controlled to prevent dirt, dust or other matter from infiltrating into adjacent occupant,
common or mechanical areas. Tenant shall conduct its labor relations and relations with Tenant’s Planners and Contractors, employees, agents and other such parties so as to avoid strikes, picketing, and boycotts of, on or about the Premises or
Property. If any employees of the foregoing parties strike, or if picket lines or boycotts or other visible activities objectionable to Landlord are established, conducted or carried out against Tenant or such parties in or about the Premises or
Property, Tenant shall immediately close the Premises and remove or cause to be removed all such parties until the dispute has been settled. 
 (d) Removal of Debris. Tenant’s Contractors shall be required to remove from the Premises and dispose of, at least once a day and more frequently as Landlord may direct, all debris and rubbish
caused by or resulting from the Work, and shall not place debris in the Property’s waste containers. Tenant shall be permitted to place a trash dumpster at the Building 

  
 B-5

 
loading dock. If required by Landlord, Tenant shall sort and separate its waste and debris for recycling and/or environmental law compliance purposes. Upon completion of Tenant’s Work,
Tenant’s Contractors shall remove all surplus materials, debris and rubbish of whatever kind remaining within the Property which has been brought in or created by Tenant’s Contractors in the performance of Tenant’s Work. If any of
Tenant’s Contractors shall neglect, refuse or fail to remove any such debris, rubbish, surplus material or temporary structures within 48 hours after notice to Tenant from Landlord with respect thereto, Landlord may cause the same to be removed
by contract or otherwise as Landlord may determine expedient, and charge the cost thereof to Tenant as additional Rent under the Lease Document. 
 (e) Completion and General Requirements. Tenant shall use commercially reasonable efforts to cause Tenant’s Planners to prepare the Approved Plans, and to cause Tenant’s Contractors to
obtain permits or other approvals, diligently commence and prosecute the Work to completion, and obtain any inspections and occupancy certificates for Tenant’s occupancy of the Premises by the Additional Premises Commencement Date set forth in
the Lease Document. Any delays in the foregoing shall not serve to abate or extend the time for the Additional Premises Commencement Date or commencement of Rent under the Lease Document, except to the extent of the following, provided substantial
completion of the Work and Tenant’s ability to reasonably use the Premises by the Additional Premises Commencement Date (or by such later date when Tenant would otherwise have substantially completed the Work) is actually delayed thereby:
(i) one (1) day for each day that Landlord delays approvals required hereunder beyond the times permitted herein without good cause, and (ii) any delay in the Work caused by fire or other casualty damage, war or civil disorder,
strikes, lockouts, labor troubles, inability to procure labor or materials or reasonable substitutes or other events outside of Tenant’s reasonable control (excluding delays resulting from changes in economic or market conditions, or financial
or internal problems of Tenant and excluding delays by the City of Sandy Springs in processing building permits), collectively, “Force Majeure”, which shall delay the Additional Premises Commencement Date on a day-for-day basis. Force
Majeure shall apply only so long as Tenant uses commercially reasonable diligence and good faith efforts to end the delay, and keeps Landlord reasonably advised of such efforts. Tenant shall impose on and enforce all applicable terms of this
Exhibit against Tenant’s Planners and Tenant’s Contractors. Landlord may impose reasonable additional requirements from time to time in order to ensure that the Work, and the construction thereof does not disturb or interfere with any
other occupants of the Property, or their visitors, contractors or agents, nor interfere with the efficient, safe and secure operation of the Property. Tenant shall notify Landlord upon completion of the Work (and record any notice of completion
contemplated by law). To the extent reasonably appropriate based on the nature of the Work, Tenant shall provide Landlord with “as built” drawings no later than thirty (30) days after completion of the Work. 

(f) Landlord’s Role and Rights. The parties acknowledge that neither Landlord nor its managing agent is an
architect or engineer, and that the Work will be designed and performed by independent architects, engineers and Tenant’s Contractors engaged by Tenant. Landlord and its managing agent shall have no responsibility for construction means,
methods or techniques or safety precautions in connection with the Work, and do not guarantee that the Plans or Work will be free from errors, omissions or defects, and shall have no liability therefor. Landlord’s approval of Tenant’s
Plans and contracts, and Landlord’s designations, lists, recommendations or approvals concerning Tenant’s Planners and Contractors shall not be deemed a warranty as to the 

  
 B-6

 
quality or adequacy thereof or of the Plans or the Work, or the design thereof, or of its compliance with laws, codes and other legal requirements. Tenant shall permit access to the Premises, and
inspection of the Work, by Landlord and Landlord’s architects, engineers, contractors and other representatives, at all times during the period in which the Work is being planned, constructed and installed and following completion of the Work.
Landlord shall have the right, but not the obligation, to order Tenant or any of Tenant’s Contractors who violate the requirements imposed on Tenant or Tenant’s Contractors in performing the Work to cease the Work and remove its equipment
and employees from the Property. 
 V. HVAC BALANCING. As a final part of the Work, Tenant
shall cause its contractor to perform air balancing tests and adjustments on all areas of the Premises served by the air handling system that serves the areas in which the Work is performed (including any original space and any additional space
being added to the Premises in connection herewith). If Tenant elects to install a stairwell between the 3rd and 4th floors pursuant to Section II(c) above, then Tenant shall cause its contractor to perform air balancing tests and adjustments for
the Additional Premises only. Landlord shall not be responsible for any disturbance or deficiency created in the air conditioning or other mechanical, electrical or structural facilities within the Property or Premises as a result of the Work. If
such disturbances or deficiencies result, and Tenant’s contractor does not properly correct the same, Landlord reserves the right, after fifteen (15) days notice to Tenant, to correct the same and restore the services to Landlord’s
reasonable satisfaction, at Tenant’s reasonable expense. 
 VI. CERTAIN DEFINITIONS.

 (a) “Space Plan” herein means, to the extent required by the nature of the Work, detailed
plans (including any so-called “pricing plans”), including a fully dimensioned floor plan and drawn to scale, showing: (i) demising walls, interior walls and other partitions, including type of wall or partition and height, and any
demolition or relocation of walls, and details of space occupancy and density, (ii) doors and other openings in such walls or partitions, including type of door and hardware, (iii) electrical and computer outlets, circuits and anticipated
usage therefor, (iv) any special purpose rooms, any sinks or other plumbing facilities, heavy items, and any other special electrical, HVAC or other facilities or requirements, including all special loading and related calculations,
(v) any space planning considerations to comply with fire or other codes or other governmental or legal requirements, (vi) finish selections, and (vii) any other details or features requested by Architect, Engineer or Landlord, or
otherwise required, in order for the Space Plan to serve as a basis for Landlord to approve the Work, and for Tenant to contract and obtain permits for the Work, or for the Space Plan to serve as a basis for preparing Construction Drawings.

 (b) “Construction Drawings” herein means, to the extent required by the nature of the Work,
fully dimensioned architectural construction drawings and specifications, and any required engineering drawings, specifications and calculations (including mechanical, electrical, plumbing, structural, air-conditioning, ventilation and heating), and
shall include any applicable items described above for the Space Plan, and any other details or features requested by Architect, Engineer or Landlord in order for the Construction Drawings to serve as a basis for Landlord to approve the Work, and
for Tenant to contract and obtain permits for the Work. 

  
 B-7

 (c) “Work” herein means: (i) the improvements and
items of work shown on the final Approved Plans (including changes thereto), and (ii) any preparation or other work required in connection therewith, including without limitation, structural or mechanical work, additional HVAC equipment or
sprinkler heads, or modifications to any building mechanical, electrical, plumbing or other systems and equipment or relocation of any existing sprinkler heads, either within or outside the Premises required as a result of the layout, design, or
construction of the Work or in order to extend any mechanical distribution, fire protection or other systems from existing points of distribution or connection, or in order to obtain building permits for the work to be performed within the Premises
(unless Landlord requires that the Plans be revised to eliminate the necessity for such work). 
 VII.
MISCELLANEOUS. If this Work Letter is attached as an Exhibit to an amendment to an existing lease (“Original Lease”), whether such amendment adds space, relocates the Premises or makes any other
modifications, the term “Lease Document” herein shall refer to such amendment, or the Original Lease as amended, as the context implies. By way of example, in such case, references to the “Premises” and “Commencement
Date” herein shall refer, respectively, to such additional or relocated space and the effective date for delivery thereof under such amendment, unless expressly provided to the contrary herein. Capitalized terms not otherwise defined herein
shall have the meanings, if any, ascribed thereto in the Lease Document. This Exhibit is intended to supplement and be subject to the provisions of the Lease Document, including, without limitation, those provisions requiring that any
modification or amendment be in writing and signed by authorized representatives of both parties. The rights granted in this Exhibit are personal to Tenant as named in the Lease Document, and are intended to be performed for such Tenant’s
occupancy of the Premises. Under no circumstance whatsoever shall any assignee or subtenant have any rights under this Exhibit. Any remaining obligations of Landlord under this Exhibit not theretofore performed shall concurrently terminate and
become null and void if Tenant subleases or assigns the Lease Document with respect to all or any portion of the Premises, or seeks or proposes to do so (or requests Landlord’s consent to do so), or if Tenant or any current or proposed
affiliate thereof issues any written statement indicating that Tenant will no longer move its business into, or that Tenant will vacate and discontinue its business from, the Premises or any material portion thereof. Any termination of
Landlord’s obligations under this Exhibit pursuant to the foregoing provisions shall not serve to terminate or modify any of Tenant’s obligations under the Lease Document. In addition, notwithstanding anything to the contrary
contained herein, Landlord’s obligations under this Exhibit, including obligations to perform any work, or provide any Allowance or rent credit, shall be subject to the condition that Tenant shall have faithfully complied with the Lease, and
shall not have committed a material violation under the Lease by the time that Landlord is required to perform such work or provide such Allowance or rent credit. 

  
 B-8

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