Document:

Exhibit 10.18

  

OFFICE LEASE

 

PRUDENTIAL PLAZA

 

BFPRU I, LLC,

a Delaware limited liability company,

 

as Landlord,

 

and

 

CISION US, INC., 

a Delaware corporation,

 

as Tenant.

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Pages
	 	 	 
	ARTICLE 1 PREMISES, BUILDING, PROJECT, AND COMMON AREAS	3
	1.1	Premises, Building, Project and Common Areas	3
	1.2	Stipulation of Rentable Square Feet of Premises	4
	1.3	First Offer	4
	1.4	Fixed Expansion Option	6
	1.5	Tenant Antenna	8
	1.6	Parking	9
	 	 	 
	ARTICLE 2 LEASE TERM	10
	2.1	Initial Lease Term	10
	2.2	Extension Term	10
	2.3	Early Termination of the Lease.	11
	2.4	Fair Market Rent Determination	12
	 	 	 
	ARTICLE 3 BASE RENT	14
	3.1	Base Rent	14
	3.2	Rent Commencement Date	14
	3.3	Rent Abatement	14
	 	 	 
	ARTICLE 4 ADDITIONAL RENT	15
	4.1	General Terms	15
	4.2	Definitions of Key Terms Relating to Additional Rent	15
	4.3	Allocation of Direct Expenses	19
	4.4	Calculation and Payment of Additional Rent	19
	4.5	Taxes and Other Charges for Which Tenant Is Directly Responsible	20
	4.6	Tenant’s Audit Right	20
	 	 	 
	ARTICLE 5 USE OF PREMISES	21
	5.1	Permitted Use	21
	5.2	Prohibited Uses	21
	 	 	 
	ARTICLE 6 SERVICES AND UTILITIES	21
	6.1	Standard Tenant Services	21
	6.2	Overstandard Tenant Use	22
	6.3	Condenser Water	23
	6.4	Interruption of Use	23
	 	 	 
	ARTICLE 7 REPAIRS	24
	 	 	 
	ARTICLE 8 ADDITIONS AND ALTERATIONS	24
	8.1	Landlord’s Consent to Alterations	24
	8.2	Manner of Construction	25
	8.3	Payment for Improvement	25
	8.4	Construction Insurance	25
	8.5	Landlord’s Property	25
	 	 	 
	ARTICLE 9 COVENANT AGAINST LIENS	26
	 	 	 
	ARTICLE 10  INSURANCE	26
	10.1	Indemnification and Waiver	26
	10.2	Tenant’s Compliance With Landlord’s Fire and Casualty Insurance	26
	10.3	Tenant’s Insurance	27
	10.4	Form of Policies	27
	10.5	Subrogation	27
	10.6	Additional Insurance Obligations	28

 

    	 	i	 

     

    

 

	

ARTICLE 11

 DAMAGE AND DESTRUCTION
	28
	11.1	Repair of Damage to Premises by Landlord	28
	11.2	Landlord’s Option to Repair	29
	11.3	Waiver of Statutory Provisions	29
	 	 	 
	ARTICLE 12 NONWAIVER	29
	 	 	 
	ARTICLE 13 CONDEMNATION	30
	 	 	 
	ARTICLE 14 ASSIGNMENT AND SUBLETTING	30
	14.1	Transfers	30
	14.2	Landlord’s Consent	30
	14.3	Transfer Premium	31
	14.4	Landlord’s Option as to Subject Space	32
	14.5	Effect of Transfer	32
	14.6	Additional Transfers	32
	14.7	Occurrence of Default	33
	14.8	Permitted Transfers	33
	 	 	 
	ARTICLE 15 SURRENDER OF PREMISES; OWNERSHIP AND REMOVAL OF TRADE FIXTURES	33
	15.1	Surrender of Premises	33
	15.2	Removal of Tenant Property by Tenant	33
	 	 	 
	ARTICLE 16 HOLDING OVER	34
	 	 	 
	ARTICLE 17 ESTOPPEL CERTIFICATES	34
	 	 	 
	ARTICLE 18 SUBORDINATION	35
	18.1	Subordination and Attornment	35
	18.2	Nondisturbance	35
	 	 	 
	ARTICLE 19 DEFAULTS; REMEDIES	35
	19.1	Events of Default	35
	19.2	Remedies Upon Default	36
	19.3	Subleases of Tenant	37
	19.4	Efforts to Relet	37
	 	 	 
	ARTICLE 20 COVENANT OF QUIET ENJOYMENT	37
	 	 	 
	ARTICLE 21 LETTER OF CREDIT	37
	21.1	Deposit and Application	37
	21.2	Letter of Credit	38
	21.3	Terms for Return of Letter of Credit	38
	21.4	Reduction of Letter of Credit Amount	38
	 	 	 
	ARTICLE 22 SUBSTITUTION OF OTHER PREMISES	39
	 	 	 
	ARTICLE 23 SIGNS	39
	23.1	Full Floors	39
	23.2	Multi-Tenant Floors	39
	23.3	Prohibited Signage and Other Items	39
	23.4	Building Directory	39
	23.5	Mezzanine Signage	39
	 	 	 
	ARTICLE 24 COMPLIANCE WITH LAW	40
	 	 	 
	ARTICLE 25 LATE CHARGES	40
	 	 	 
	ARTICLE 26 LANDLORD’S RIGHT TO CURE DEFAULT; PAYMENTS BY TENANT	40
	26.1	Landlord’s Cure	40
	26.2	Tenant’s Reimbursement	40
	 	 	 
	ARTICLE 27 ENTRY BY LANDLORD	41

 

    	 	ii	 

     

    

 

	

ARTICLE 28 

 ATTORNEYS’ FEES
	41
	 	 	 
	ARTICLE 29  MISCELLANEOUS PROVISIONS	41
	29.1	Terms; Captions	41
	29.2	Binding Effect	42
	29.3	No Air Rights	42
	29.4	Modification of Lease	42
	29.5	Transfer of Landlord’s Interest	42
	29.6	Prohibition Against Recording	42
	29.7	Landlord’s Title	42
	29.8	Relationship of Parties	42
	29.9	Application of Payments	42
	29.10	Time of Essence	42
	29.11	Partial Invalidity	42
	29.12	No Warranty	42
	29.13	Landlord Exculpation	43
	29.14	Entire Agreement	43
	29.15	Right to Lease	43
	29.16	Force Majeure	43
	29.17	Waiver of Redemption by Tenant	43
	29.18	Notices	43
	29.19	Joint and Several	44
	29.20	Authority	44
	29.21	Consent Fees; Standard Administrative Charge	44
	29.22	Governing Law; WAIVER OF TRIAL BY JURY	45
	29.23	Submission of Lease	45
	29.24	Brokers	45
	29.25	Independent Covenants	45
	29.26	Project or Building Name, Address and Signage	45
	29.27	Counterparts	45
	29.28	Confidentiality	45
	29.29	Building Renovations	46
	29.30	Development of the Project	46
	29.31	No Violation	46
	29.32	Communications and Computer Lines	47
	29.33	Transportation Management	47
	29.34	OFAC Representation	47

 

	EXHIBITS:
	 
	EXHIBIT A PRUDENTIAL PLAZA OUTLINE OF PREMISES
	 
	EXHIBIT B PRUDENTIAL PLAZA TENANT WORK LETTER
	 
	EXHIBIT C PRUDENTIAL PLAZA NOTICE OF LEASE TERM DATES
	 
	EXHIBIT D PRUDENTIAL PLAZA RULES AND REGULATIONS
	 
	EXHIBIT E PRUDENTIAL PLAZA FORM OF TENANT’S ESTOPPEL CERTIFICATE
	 
	EXHIBIT F PRUDENTIAL PLAZA JANITORIAL SPECIFICATIONS
	 
	EXHIBIT G PRUDENTIAL PLAZA FORM LETTER OF CREDIT

 

    	 	iii	 

     

    

 

INDEX

 

	 	Pages
	 	 
	2 Prudential,	3
	Abatement Period	14
	Acceptance Notice	4
	Additional Rent	15
	After Hours HVAC Charge	22
	Alterations	24
	Antennae	8
	Anticipated First Offer Commencement Date	4
	Arbitration Notice	12
	Available	5
	Bank	38
	Bankruptcy Event	38
	Base Building	25
	Base Rent	13
	Brokers	45
	Building	3
	Building Common Areas,	3
	Building Hours	21
	Building Systems	24
	Common Areas	3
	Comparable Buildings	12
	Connecting Equipment	8
	Contemplated Effective Date	32
	Contemplated Transfer Space	32
	Control	33
	Decorative Alterations	24
	Direct Expenses	15
	Early Termination Effective Date	11
	Early Termination Fee	12
	Early Termination Notice	11
	Early Termination Right	11
	Estimate	19
	Estimate Statement	19
	Estimated Direct Expenses	19
	Expense Year	15
	Extension Option	10
	Extension Term	10
	Extension Term Exercise Notice	10
	Extension Term Rent Notice	11
	Fair Market Rent	12
	First Extension Option	10
	First Offer Notice	4
	First Offer Right	4
	First Offer Space	5
	First Offer Space Commencement Date	5
	Fixed Expansion Space	6
	Fixed Expansion Space Commencement Date	7
	Fixed Expansion Space Delivery Date	6
	Fixed Expansion Space Exercise Notice	6
	Fixed Expansion Space Market Rent Notice	6
	Force Majeure	43
	Garage	9
	Gross Rent	14

 

    	 	iv	 

     

    

 

	Holidays	21
	HVAC	21
	Identification Requirements	47
	Intention to Transfer Notice	32
	Interest Rate	16
	Interim Rent	11
	Landlord	1
	Landlord Fixed Expansion Space Terms Notice	6
	Landlord Parties	26
	Landlord Repair Notice	28
	Laws	40
	LC Expiration Date	38
	Lease	1
	Lease Commencement Date	10
	Lease Concessions	12
	Lease Expiration Date	10
	Lease Term	10
	Lease Year	10
	Letter of Credit	37
	Lines	46
	Losses	26
	Mail	43
	Moody’s	37
	Nine Month Period	32
	Non-Disturbance Agreement	35
	Notices	43
	OFAC	47
	Operating Expenses	15
	Original Improvements	27
	Other Improvements	46
	Permitted Transferee	33
	Possession Date	10
	Premises	3
	Project Common Areas	3
	Project,	3
	Property Transfer	42
	Proposed Landlord Demolition Date	14
	Renovations	46
	Rent	15
	Rent Abatement	14
	Rent Negotiation Period	12
	Replacement	9
	Roof	8
	Roof Space	8
	Second Extension Option	10
	Spaces	9
	Statement	19
	Subject Space	30
	Substantial Completion	14
	Substantially Completed	14
	Substitute Space	8
	Summary	1
	Tax Expenses	15
	Tenant	1
	Tenant Supplemental Equipment	8
	Tenant Work Letter	10

 

    	 	v	 

     

    

 

	
        

        Tenant’s Share
	15
	Tenant’s Auditor	20
	Transaction Costs	31
	Transfer	32
	Transfer Notice	30
	Transfer Premium	31
	Transferee	30
	Transfers	30
	Underlying Documents	16

 

    	 	vi	 

     

    

 

PRUDENTIAL PLAZA 

 

OFFICE LEASE

 

This Office Lease
(the “Lease”), dated as of the date set forth in Section 1 of the Summary of Basic Lease Information
(the “Summary”), below, is made by and between BFPRU I, LLC, a Delaware limited liability company (“Landlord”),
and CISION US, INC., a Delaware corporation, (“Tenant”).

 

SUMMARY OF BASIC LEASE INFORMATION

 

	TERMS OF LEASE	DESCRIPTION
	 	 	 	 
	1.	Date:	September 22, 2014
	 	 	 	 
	2.	Premises

                    (Article
                    1).
	 
	 	 	 	 
	 	2.1	Building:	1 Prudential Plaza, 130 East Randolph Drive,
    Chicago, Illinois 60601
	 	 	 	 
	 	2.2	Premises:	49,464 rentable
    square feet of space located on the seventh (7th) floor of the Building and commonly known as Suite 700, as further
    set forth in Exhibit A to the Office Lease.
	 	 	 	 
	3.	Lease
                    Term

                    (Article
                    2).
	 
	 	 	 	 
	 	3.1	Length of Term:	Approximately 8
    years commencing on the Lease Commencement Date and ending on the Lease Expiration Date.
	 	 	 	 
	 	3.2	Lease Commencement Date:	Subject to Section 3.2, February 1, 2015.
	 	 	 	 
	 	3.3	Rent Commencement Date:	The later to occur of (i) the Lease Commencement
    Date, and (ii) February 1, 2015.
	 	 	 	 
	 	3.4	Lease Expiration Date:	If the Rent Commencement
    Date shall be the first day of a calendar month, then the day immediately preceding the eighth (8th) anniversary
    of the Rent Commencement Date, or, if the Rent Commencement Date shall be other than the first day of a calendar month, then
    the last day of the month in which the eighth (8th) anniversary of the Rent Commencement Date occurs.
	 	 	 	 
	4.	Base Rent
                    (Article 3):

                    
	

 

	 	 	 	 	 	Monthly	 	 	Annual Base Rent	 
	Period During	 	Annual	 	 	Installment	 	 	per Rentable	 
	Lease Term	 	Base Rent	 	 	of Base Rent	 	 	Square Foot	 
	Lease Year 1	 	$	902,718.00	 	 	$	75,226.50	 	 	$	18.25	 
	Lease Year 2	 	$	927,450.00	 	 	$	77,287.50	 	 	$	18.75	 
	Lease Year 3	 	$	952,182.00	 	 	$	79,348.50	 	 	$	19.25	 

 

     

     

    

 

	 	 	 	 	 	Monthly	 	 	Annual Base Rent	 
	Period During	 	Annual	 	 	Installment	 	 	per Rentable	 
	Lease Term	 	Base Rent	 	 	of Base Rent	 	 	Square Foot	 
	Lease Year 4	 	$	976,914.00	 	 	$	81,409.50	 	 	$	19.75	 
	Lease Year 5	 	$	1,001,646.00	 	 	$	83,470.50	 	 	$	20.25	 
	Lease Year 6	 	$	1,026,378.00	 	 	$	85,531.50	 	 	$	20.75	 
	Lease Year 7	 	$	1,051,110.00	 	 	$	87,592.50	 	 	$	21.25	 
	Lease Year 8	 	$	1,075,842.00	 	 	$	89,653.50	 	 	$	21.75	 

 

*In addition, Tenant shall pay for
electricity provided to the Premises separately pursuant to Section 6.1.2 of the Lease and Additional Rent as provided
in the Lease. Base Rent and Tenant’s Share of Direct Expenses shall abate as provided in Section 3.3

 

	5.	
        Tenant’s Share

        (Article 4):
	2.2029%
	 	 	 
	6.	
        Permitted Use

        (Article 5):
	General office use consistent with Comparable Buildings as defined in Section 2.4.1.
	 	 	 
	7.	
        Letter of Credit Amount

        (Article 21):
	$1,000,000 subject to reduction as provided in Section 21.4
	 	 	 
	8.	
        Address of Tenant

        (Section 29.18):
	
        332 S. Michigan Ave.

        Suite 800

        Chicago, IL.

        60604

        Attention: Dan Wons

        (Prior to Lease Commencement Date)

         

        and

	 	 	 
	 	 	
        1 Prudential Plaza, 130 East Randolph Drive, Suite

        700 Chicago, Illinois 60601

        Attention: Dan Wons

        (After Lease Commencement Date)

	 	 	 
	9,	
        Address of Landlord

        (Section 29.18):
	See Section 29.18 of the Lease.
	 	 	 
	10.	
        Rent Payment Address

        (Article 3):
	
        By Wire:

         

        Valley National Bank

        ABA#: 021201383

        Account #: 041698037

        In reference to: (month) rent for Prudential Plaza

	 	 	 
	 	 	By Mail:
	 	 	 
	 	 	
        Please remit payments to

        BFPRU I, LLC (Payee)

        c/o Valley National Bank

        Dept. CGS-66

        PO Box 960

        Wayne, New Jersey 07474-0960

 

    	 	2	 

     

    

 

	11.	
        Broker(s)

        (Section 29.24):
	The Telos Group LLC and Jones Lang LaSalle Midwest, LLC
	 	 	 
	12.	
        Guarantor

        (Section 29.34):
	None
	 	 	 
	13.	Tenant Improvement Allowance (Exhibit B):	$3,215,160.00

 

ARTICLE 1

 

PREMISES, BUILDING, PROJECT, AND COMMON
AREAS

 

1.1           Premises,
Building, Project and Common Areas.

 

1.1.1           The
Premises. Landlord hereby leases to Tenant and Tenant hereby leases from Landlord the premises set forth in Section
2.2 of the Summary (the “Premises”). The outline of the Premises is set forth in Exhibit A
attached hereto and each floor or floors of the Premises has the number of rentable square feet as set forth in Section 2.2
of the Summary. The parties hereto agree that the lease of the Premises is upon and subject to the terms, covenants and conditions
herein set forth, and Tenant covenants as a material part of the consideration for this Lease to keep and perform each and all
of such terms, covenants and conditions by it to be kept and performed and that this Lease is made upon the condition of such
performance. The parties hereto hereby acknowledge that the purpose of Exhibit A is to show the approximate location
of the Premises in the “Building,” as that term is defined in Section 1.1.2, below, only, and such Exhibit
is not meant to constitute an agreement, representation or warranty as to the construction of the Premises, the precise area thereof
or the specific location of the “Common Areas,” as that term is defined in Section 1.1.3, below, or the elements
thereof or of the accessways to the Premises or the “Project,” as that term is defined in Section 1.1.2, below.

 

1.1.2           The
Building and The Project. The Premises are a part of the building set forth in Section 2.1 of the Summary (the
“Building”). The Building is part of an office project currently known as “Prudential Plaza.” The
term “Project,” as used in this Lease, shall mean (i) the office buildings commonly known as 1 Prudential Plaza,
130 East Randolph Drive, Chicago, Illinois 60601 and 2 Prudential Plaza and 180 North Stetson Avenue, Chicago, Illinois 60601
(“2 Prudential”) and the Common Areas of each building, and (ii) the land (which is improved with landscaping,
parking facilities and other improvements) upon which the each building and the Common Areas are located.

 

1.1.3           Common
Areas.

 

1.1.3.1           General
Use. Tenant shall have the non-exclusive right to use in common with other tenants in the Project, and subject to the rules
and regulations referred to in Article 5 of this Lease, those portions of the Project which are provided, from time to time,
for use in common by Landlord, Tenant and any other tenants of the Project (such areas, together with such other portions of the
Project designated by Landlord, in its discretion, including certain areas designated for the exclusive use of certain tenants,
or to be shared by Landlord and certain tenants, are collectively referred to herein as the “Common Areas”).
The Common Areas shall consist of the “Project Common Areas” and the “Building Common Areas.”
The term “Project Common Areas,” as used in this Lease, shall mean the portion of the Project designated as
such by Landlord. The term “Building Common Areas,” as used in this Lease, shall mean the portions of the Common
Areas located within the Building designated as such by Landlord. The manner in which the Common Areas are maintained and operated
in a first class manner consistent with Comparable Buildings and the use thereof shall be subject to such rules, regulations and
restrictions as Landlord may make from time to time provided that (i) Landlord shall not discriminate against Tenant in the enforcement
of such rules and regulations and (ii) in any conflict between such rules and regulations and the other provisions of this Lease,
the other provisions of this Lease shall prevail. Landlord reserves the right to close temporarily, make alterations or additions
to, or change the location of elements of the Project and the Common Areas, provided that, except in an emergency, Tenant shall
have reasonable access to the Premises. Tenants shall be permitted to reserve the Roof Top Deck, Conference Center and Tenant Lounge
for private functions after Building Hours on days that are not Holidays on a first come, first serve basis subject to reasonable
rules and regulations to prevent any person from monopolizing the reservations.

 

    	 	3	 

     

    

 

1.1.3.2           Fitness
Center. The Common Areas shall include a fitness center on the eleventh (11th) floor of the Building for the
exclusive use of tenants of the Project and their employees and management employees of the Project (“Fitness Center”).
The Fitness Center will include fitness equipment and changing area with showers and lockers. Employees of Tenant and the Permitted
Transferees shall only be required to pay a one-time fee of $50 for use of the Fitness Center, and such right shall apply whether
Landlord retains management and operation of such Fitness Center or transfers, assigns or otherwise delegates such responsibilities
and obligations to a third party.

 

1.1.3.3           Conference
Center. The Common Areas shall include a conference center in the Project for the non-exclusive use of tenants of the Project
(“Conference Center”). Landlord may charge a fee for the use of the Conference Center. Tenant shall be permitted
to use the Conference Center for one day each calendar quarter at no cost or charge to Tenant. Tenant acknowledges the Conference
Center will not be available until after the Lease Commencement Date.

 

1.1.3.4           Roof
Top Deck. The Common Areas shall include a roof top deck on the eleventh (11th) floor of the Building for the
non-exclusive use of tenants of the Project (“Roof Top Deck”). Tenant shall not be required to pay a fee for
rental of the Roof Top deck for such private functions, but Tenant shall reimburse Landlord for the cost incurred by Landlord for
setup and takedown costs, cleaning costs and security costs. Provided Tenant’s reservation is made more than thirty (30)
days in advance and notwithstanding Section 1.1.3.1, Tenant may reserve the Roof Top Deck on weekdays that are not Building Holidays
for the exclusive use after 3:00 p.m. one day per calendar quarter.

 

1.1.3.5           Tenant
Lounge. The Common Areas shall include a tenant lounge on the eleventh (11th) floor of the Building for the
exclusive use of tenants of the Project and management employees of the Project (“Tenant Lounge”). Tenant shall
not be required to pay a fee for rental of the Tenant Lounge for such private functions, but Tenant shall reimburse Landlord for
the cost incurred by Landlord for setup and takedown costs, cleaning costs and security costs. Provided Tenant’s reservation
is made more than thirty (30) days in advance and notwithstanding Section 1.1.3.1, Tenant may reserve the Tenant Lounge on weekdays
that are not Building Holidays for the exclusive use after 3:00 p.m. on day per calendar quarter.

 

1.1.3.6

 

1.2           Stipulation
of Rentable Square Feet of Premises. For purposes of this Lease, “rentable square feet” of the Premises shall
be deemed as set forth in Section 2.2 of the Summary.

 

1.3           First
Offer.

 

1.3.1           First
Offer Rights. If at any time First Offer Space, as that term is defined in Section 1.3.2.1 below, will be Available,
as such term is defined in Section 1.3.2.1 below, the conditions set forth in Section 1.3.3 are satisfied and Landlord
desires to lease any or all of such space to a third party, Landlord shall first deliver notice thereof to Tenant (a “First
Offer Notice”) setting forth (i) a description of such First Offer Space, (ii) the rentable square feet in such First
Offer Space, (iii) the Fair Market Rent, as defined in Section 2.4.1 for such First Offer Space, (iv) the anticipated commencement
date of the lease of such First Offer Space (the “Anticipated First Offer Commencement Date”), and (v) any Lease
Concessions, as defined in Section 2.4.2. to be provided by Landlord. Provided all of the conditions precedent set forth
in Section 1.3.3 are satisfied by Tenant, Tenant shall have the option (each a “First Offer Right”),
exercisable by Tenant delivering irrevocable notice to Landlord (each an “Acceptance Notice”) within fifteen
(15) business days following Landlord’s delivery of the applicable First Offer Notice, time being of the essence, to lease
all the First Offer Space that is the subject of such First Offer Notice. If Tenant fails to timely give an Acceptance Notice for
any First Offer Space, Tenant shall be deemed to have rejected Landlord’s offer to lease the applicable First Offer Space
and Landlord shall be free to lease such space on any terms and conditions (subject to Section 1.3.1(b) below) and Tenant shall
have no further First Offer Right with respect to such space; provided, that (a) Landlord shall not lease any of such space to
a third party more than one hundred eighty (180) days after delivery of the First Offer Notice without again offering such unleased
space to Tenant under the provisions of this Section 1.3 and (b) Landlord shall not lease any of such space to another tenant
on “terms and conditions which are materially less favorable to Landlord,” as such phrase is defined in Section
1.3.2.1 than those set forth in the applicable First Offer Notice without again offering the unleased space to Tenant under
the provisions of this Section 1.3.

 

    	 	4	 

     

    

 

1.3.2           Definitions.
As used herein

 

1.3.2.1           Space
is “Available”, at the time in question if (x) no party leases or occupies the applicable space, whether pursuant
to a lease with Landlord or other agreement with Landlord (but not a sublease), and (y) no party holds any option or right to lease
or occupy the applicable space, or to renew or extend its lease or right of occupancy thereof. So long as a tenant, or other occupant
leases or occupies the applicable space, Landlord shall be free to extend any such tenancy or occupancy, whether or not pursuant
to a lease or other agreement, and such space shall not be deemed to be Available. From and after the date hereof, Landlord shall
not grant any rights to any tenant or other third party with respect to the First Offer Space unless such rights are subordinate
to the rights granted Tenant hereunder, except to new tenants or occupants of the First Offer Space after Landlord shall have offered
such First Offer Space to Tenant pursuant to this Section 1.3 and Tenant shall have declined the right to lease such space.
Nothing in this Section 1.3 shall be deemed to limit Landlord’s right to keep space in the Building vacant or to utilize
such space for Project purposes if Landlord elects, in the sole discretion, to do so prior to delivering a First Offer Notice,
and such vacant space shall not be deemed Available.

 

1.3.2.2           First
Offer Space. Any space on the eighth (8th) Floor of the Building or any contiguous space on the seventh (7th)
floor of 2 Prudential.

 

1.3.2.3           “terms
and conditions which are not materially less favorable to Landlord” means basic economic terms on a net present value
basis (including net rent, additional charges, tenant improvement allowances and other lease concessions) which, in aggregate,
are at least ninety-five percent (95%) of the amount of such aggregate basic economic terms as set forth in the applicable First
Offer Notice determined on a net present value basis using a discount rate of eight percent (8%) per annum.

 

1.3.3           Conditions
to First Offer Right. Tenant shall have no right to receive or exercise a First Offer Right unless all of the following
conditions have been satisfied on the date the applicable First Offer Notice is delivered and on the applicable First Offer Space
Commencement Date:

 

1.3.3.1           No
Event of Default shall have occurred and then be continuing and this Lease is in full force and effect;

 

1.3.3.2           Tenant
has not assigned this Lease other than to a Permitted Transferee as defined in Section 14.8. Tenant has not vacated the
Premises and Tenant has not subleased more than twenty-five percent (25%) of the rentable area of the Premises to subtenants that
are not Permitted Transferees; and

 

1.3.3.3           More
than three (3) years of the Term will remain after the Anticipated First Offer Commencement Date unless Tenant exercises any then
existing right under this Lease to extend the Term.

 

1.3.4           Terms
of First Offer Space. Effective as of the date on which Landlord tenders to Tenant vacant possession of a First Offer Space
for which Tenant shall have exercised a First Offer Right (with respect to such First Offer Space, the “First Offer Space
Commencement Date”), the applicable First Offer Space shall become part of the Premises upon all of the terms and conditions
of this Lease, except:

 

1.3.4.1           Annual
Base Rent for the First Offer Space shall be the product of (1) the Fair Market Rent set forth in Landlord’s First Offer
Notice and (2) the rentable square feet in the First Offer Space and the Monthly Base Rent shall be one twelfth (1/12th) of the
Annual Base Rent.

 

1.3.4.2           Tenant’s
Proportionate Share for the First Offer Space shall be the percentage equivalent of the rentable square footage of such First Offer
Space set forth in the applicable First Offer Notice divided by the rentable square footage of the Project.

 

    	 	5	 

     

    

 

1.3.4.3           The
rentable square footage of the First Offer Space shall be as set forth in the applicable First Offer Notice (which, absent manifest
error, the parties agree shall be the rentable square footage of such First Offer Space for all purposes of this Lease) and shall
be added to the rentable square footage of the Premises.

 

1.3.4.4           Except
for any Lease Concessions, the applicable First Offer Space shall be delivered in its “as is” condition, and Landlord
shall not be obligated to perform any work with respect thereto or make any contribution to Tenant to prepare such First Offer
Space for Tenant’s occupancy.

 

1.3.4.5           Tenant
shall receive the benefit of any Lease Concessions set forth in Landlord’s First Offer Notice.

 

1.3.4.6           The
applicable First Offer Space shall be added to and be deemed to be part of the Premises for all purposes of this Lease.

 

1.3.4.7           The
Term for the First Offer Space shall end on the Expiration Date.

 

Landlord shall use
commercially reasonable efforts to obtain and tender to Tenant vacant possession of each First Offer Space for which Tenant has
delivered an Acceptance Notice by the applicable Anticipated First Offer Space Commencement Date. Landlord shall not be subject
to any liability and this Lease shall not be impaired if Landlord shall be unable to deliver possession of any First Offer Space
to Tenant on any particular date but, as Tenant’s sole remedy, Tenant may rescind its exercise of a First Offer Right by
written notice delivered to Landlord prior to the First Offer Space Commencement Date, if the First Offer Space has not been tendered
to Tenant within sixty (60) days of the Anticipated First Offer Space Commencement Date.

 

1.3.5           Landlord
and Tenant, at either party’s request, shall promptly execute and exchange an appropriate agreement evidencing the leasing
of each First Offer Space and the terms thereof in a form reasonably satisfactory to both parties, (but no such agreement shall
be necessary in order to make the provisions hereof effective.)

 

1.4           Fixed
Expansion Option.

 

1.4.1           Fixed
Expansion Space. Tenant shall have the right to lease additional space in the Building (“Fixed Expansion Space”)
to be designated by Landlord on floors three (3) through twenty-four (24) of the Building or the seventh (7th) floor
of 2 Prudential containing not less than seven thousand two hundred (7,200) nor more than eight thousand eight hundred (8,800)
rentable square feet of space as of a date designated by Landlord (the “Fixed Expansion Space Delivery Date”)
occurring in the six (6) month period beginning on the first day of Lease Year 3 on the terms and conditions set forth in this
Section 1.4. Tenant may exercise its right to lease the Fixed Expansion Space only (i) by written notice (“Fixed
Expansion Space Exercise Notice”) delivered to Landlord no later than the last day of the thirtieth (30th)
full calendar month following the Rent Commencement Date, time being of the essence. Within thirty (30) days after Tenant timely
delivers a valid Fixed Expansion Space Exercise Notice, Landlord shall notify Tenant in writing (“Landlord Fixed Expansion
Space Terms Notice”) of (i) the location and rentable area of Fixed Expansion Space and the Fixed Expansion Space Delivery
Date for such space, (ii) the Fair Market Rent for such space, and (iii) any Lease Concessions to be provided by Landlord. Tenant
shall be deemed to have agreed to lease the Fixed Expansion Space on the terms set forth in the Landlord Fixed Expansion Space
Terms Notice unless within thirty (30) days after receipt of the Fixed Expansion Space Terms Notice, Tenant notifies Landlord in
writing “Fixed Expansion Space Market Rent Notice” either that (i) it elects to have the Fair Market Rent determined
in the manner set forth in Section 2.4 or (ii) it rescinds the Fixed Expansion Space Exercise Notice in which event Tenant
shall have no further right under this Section 1.4 to lease the Fixed Expansion Space, time being of the essence.

 

1.4.2           Conditions
to Fixed Expansion Option. Tenant shall have no right to exercise a Fixed Expansion Option unless all of the following
conditions have been satisfied on the date of delivery of the Fixed Expansion Space Exercise Notice is delivered and on the applicable
Fixed Expansion Space Commencement Date.

 

    	 	6	 

     

    

 

1.4.2.1           No
Event of Default shall have occurred and then be continuing and this Lease is in full force and effect; and

 

1.4.2.2           Tenant
has not assigned this Lease other than to a Permitted Transferee, Tenant has not vacated the Premises and Tenant has not subleased
more than twenty-five percent (25%) of the rentable area of the Premises to subtenants that are not Permitted Transferees.

 

1.4.3           Terms
of Fixed Expansion Space. If Tenant timely delivers a valid Fixed Expansion Space Exercise Notice, then effective as of
the date on which Landlord tenders to Tenant vacant possession of the Fixed Expansion Space (“Fixed Expansion Space Commencement
Date”), the Fixed Expansion Space shall become part of the Premises upon all of the terms and conditions of this Lease,
except:

 

1.4.3.1           Annual
Base Rent for the Fixed Expansion Space shall be the product of (1) the Fair Market Rent set forth in Landlord’s Fixed Expansion
Space Notice or as determined pursuant to Section 2.4, as the case may be and (2) the rentable square feet of the Fixed
Expansion Space.

 

1.4.3.2           Tenant’s
Proportionate Share for the Fixed Expansion Space shall be the percentage equivalent of the rentable square feet of such Fixed
Expansion Space divided by the rentable square footage of the Project.

 

1.4.3.3           The
rentable square feet of the Fixed Expansion Space shall be as set forth in the applicable Fixed Expansion Notice (which the parties
agree shall be the rentable square feet of such Fixed Expansion Space for all purposes of this Lease) and shall be added to the
rentable square feet of the Premises.

 

1.4.3.4           Tenant
shall commence paying Rent for the Fixed Expansion Space on the date which is the later of (A) the Fixed Expansion Space Commencement
Date and (B) the date Tenant occupies the Fixed Expansion Space for the conduct of its business.

 

1.4.3.5           The
Fixed Expansion Space shall be delivered in its “as is” condition, and Landlord shall not be obligated to perform any
work with respect thereto or, except for any Lease Concessions, make any contribution to Tenant to prepare such Fixed Expansion
Space for Tenant’s occupancy.

 

1.4.3.6           Tenant
shall receive the benefit of any Lease Concessions set forth in Landlord Fixed Expansion Terms Notice.

 

1.4.3.7           The
Fixed Expansion Space shall be added to and be deemed to be part of the Premises for all purposes of this Lease.

 

1.4.3.8           The
Term for the Fixed Expansion Space shall end on the Expiration Date.

 

Landlord shall use
commercially reasonable efforts to obtain and deliver to Tenant vacant possession of the Fixed Expansion Space by the applicable
Vacancy Date but Landlord shall not be subject to any liability and. this Lease shall not be impaired if Landlord shall be unable
to deliver possession of any Fixed Expansion Space to Tenant on any particular date but, as Tenant’s sole remedy, Tenant
may rescind its First Expansion Space Exercise Notice by written notice delivered by Landlord prior to the First Expansion Space
Commencement Date if Landlord has not tendered possession of the Fixed Expansion Space to Tenant within sixty (60) days after the
Fixed Expansion Space Delivery Date.

 

1.4.4           Landlord
and Tenant, at either party’s request, shall promptly execute and exchange an appropriate agreement evidencing the leasing
of each Fixed Expansion Space and the terms thereof in a form reasonably satisfactory to both parties, but no such agreement shall
be necessary in order to make the provisions hereof effective.

 

    	 	7	 

     

    

 

1.5           Tenant
Antenna.

 

1.5.1           Tenant
Supplemental Equipment. Subject to the provisions of this Section 1.5. Tenant shall have the right, without charge,
to install, secure, maintain, replace and operate, at Tenant’s sole cost and expense, (a) on the roof of the Building (“Roof”)
in an area designated by Landlord and reasonably acceptable to Tenant (“Roof Space”), an antenna, satellite
dish or other comparable device not exceeding two (2) feet in height or diameter (“Antenna”), and (b) cables,
wires, pipes and similar equipment leading from the Antenna and the telecom points of entry into the Building thru existing or
new points of entry into the Building and to the Premises all in a location, manner, material and size as shall be reasonably approved
by Landlord, (“Connecting Equipment” and with the Antenna, collectively the “Tenant Supplemental Equipment”).
The Tenant Supplemental Equipment shall be used solely and exclusively by Tenant, its Affiliates, and other permitted occupants
of the Premises.

 

1.5.2           Maintenance
and Repair and Signage. Tenant shall diligently service, repair, and maintain the Tenant Supplemental Equipment. In the
performance of any installation, alteration, repair, maintenance, removal and/or any other work with respect to the Roof Space,
Tenant shall comply with all of the applicable provisions of this Lease including, without limitation, those set forth in Article
7 and Article 8 as if the Roof Space was part of the Premises. Tenant shall be responsible for all leaks in the Roof
caused by Tenant’s installation of the Tenant Supplemental Equipment. All installations and other work in the Building risers
shall be performed by the Building’s riser manager. No signs, whether temporary or permanent, shall be affixed, installed
or attached to the Tenant Supplemental Equipment or the Roof other than those required by Requirements. All signs so required,
if any, and the location thereof, shall be first approved in writing by Landlord, subject to applicable law.

 

1.5.3           Taxes
and Fees. Any and all taxes, filing fees, charges or license fees imposed upon Landlord solely by virtue of the existence
and/or use of the Tenant Supplemental Equipment, whether imposed by any local, state and/or federal government or any agency thereof,
shall be exclusively borne by Tenant. Landlord agrees to cooperate reasonably with Tenant in any necessary applications for any
necessary license or permits provided Landlord incurs no expense or liability in so doing.

 

1.5.4           Landlord
Services. Landlord shall not be required to furnish any services to the Roof Space other than elevator access to such areas.
All electricity required for the operation of the Tenant Supplemental Equipment shall be provided from the electricity furnished
to the Premises. Tenant may have access to the Roof Space and the other non-public areas of the Building where other Tenant Supplemental
Equipment is located for the sole purpose of servicing, repairing, replacing, and maintaining such other equipment: (i) between
the hours of 8:00 a.m. and 6:00 p.m. and upon reasonable advance notice to Landlord, Monday through Friday (exclusive of Holidays)
and (ii) provided that Tenant delivers prior oral or telephonic notice to Landlord, at any time in the event of an emergency. Landlord
shall have the right (in its sole discretion) to have its representative(s) accompany Tenant whenever it services or maintains
the Tenant Supplemental Equipment outside the Premises. Notwithstanding anything to the contrary contained herein, at all other
times, Landlord may keep the entrances to the Roof or other non-public areas of the Building locked. Tenant shall not store any
tools and/or materials stored at the Roof Space or other non-public areas of the Building, and Tenant’s employees and independent
contractors shall close and lock the entrance door to the Roof and other non-public areas of the Building when leaving the same.
If Tenant shall require access to the Roof, at times other than those specified above, then except in the case of an emergency,
Tenant shall give Landlord at least two (2) Business Days prior written notice of such requirement and shall pay all reasonable
costs incurred by Landlord in connection therewith, including, without limitation, any compensation paid to Building employees
or any independent contractors of Landlord.

 

1.5.5           Relocation
of Tenant Supplemental Equipment. If, at any time during the Term, Landlord, in its judgment, shall determine that it is
necessary to move the Antenna to another area of the Roof Space, then Landlord may give notice thereof to Tenant (which notice
shall have annexed thereto a plan on which such other area (the “Substitute Space”) shall be substantially identified
by hatching or otherwise). The Substitute Space with respect to the Antenna shall not be located in an area of the Roof in which
the Antenna’s reception would differ in a materially adverse way from the Antenna’s reception in the initial Roof Space.
Within thirty (30) days of receipt of Landlord’s notice (or, if a governmental permit is required to be obtained for installation
of the equipment in the Substitute Space, then, within thirty (30) days of the obtaining of such permit (which Tenant shall make
prompt application for, with Landlord’s reasonable cooperation), Tenant shall move Tenant Supplemental Equipment or Tenant
Property, as the case may be, to the Substitute Space which shall then become Roof Space hereunder. Tenant shall pay the cost of
any relocation required to perform repairs or replacements to the Building (including the roof) to install Building Systems or
equipment and Landlord shall reimburse Tenant for the cost of any other relocation.

 

    	 	8	 

     

    

 

1.5.6           No
Interference. Tenant’s operation or use of the Tenant Supplemental Equipment shall not prevent or interfere with
the operation or use of any equipment of (i) any present or future tenant or occupant of the Building installed prior to the installation
of the Tenant Supplemental Equipment, or (ii) Landlord. If, at any time during the term hereof, Landlord shall reasonably determine
that the Tenant Supplemental Equipment causes interference described in the preceding sentence, then Landlord may so notify Tenant,
and Landlord may require Tenant to replace the equipment with other equipment which would not cause such interference (the “Replacement”).
Tenant, within thirty (30) days of receipt of such notice or, if a government permit is required to install the Replacement, then
within thirty (30) days of the obtaining of such permit (which Tenant shall make prompt application for, with Landlord’s
cooperation but at no cost to Landlord), shall replace the equipment with the new non-interfering Replacement which shall then
be deemed to be the Tenant Supplemental Equipment as applicable hereunder.

 

1.5.7           Removal
of Tenant Supplemental Equipment. On or before the termination of this Lease or Tenant’s possession of the Premises,
Tenant shall remove the Tenant Supplemental Equipment and repair and restore the Roof Space and any other damage caused to the
Building including any holes, damage or injury in or to the Roof or Building caused by the removal of the Tenant Supplemental Equipment.

 

1.5.8           No
Landlord Warranties. Tenant agrees that Landlord has made no warranties or representations as to the condition or suitability
of the Roof Space for the installation, use, maintenance or operation of the Tenant Supplemental Equipment and Tenant agrees to
accept same in its “as-is” condition and without any work or alterations to be made by Landlord. Tenant acknowledges
and agrees that the rights granted Tenant under this Section 1.5 shall not be deemed to grant Tenant a leasehold or other
real property interests in the Building or any portion thereof. Tenant may not transfer its rights under this Section 1.5
except pursuant to a Permitted Transfer.

 

1.6           Parking.
Tenant is granted a license to use on the terms and conditions of this Section 1.6, sixteen (16) unreserved parking spaces (the
“Spaces”) in the parking garage in the Building (“Garage”) during the Term. Tenant shall
pay for the use of such Spaces at the then current rental rates prevailing in the Building parking garage from time to time for
Building tenants; provided that Tenant shall not be required to pay for one of the Spaces for the first four (4) years of the Term.
Such charges shall be deemed additional Rent under this Lease. The charges for the use of the Spaces shall be payable monthly to
Landlord or, if Landlord so designates, to the operator of the Garage, on the first (1st) day of each calendar month
during the Term, without any set-off or deduction whatsoever. Tenant may cancel its right to use any of the Spaces by giving written
notice to Landlord. Tenant shall forfeit its right to use the Spaces upon a termination of this Lease or Tenant’s possession
of the Premises or upon failure to pay for such Spaces if such failure continues for thirty (30) days after notice from Landlord
or the Garage Operator. If Tenant cancels or forfeits any Spaces, Landlord shall have no obligation to make available to Tenant
any other parking spaces. The Spaces may not be assigned or subleased, other than to an assignee or subtenant under a Transfer
as described in Section 14.8, and the spaces shall be solely for the use by Tenant, its subtenants and assignees under a Transfer
described in Section 14.8 and their respective employees, agents and invitees. Tenant may be required to periodically execute parking
agreements with the operator from time to time of the parking garage, which shall not conflict with any provision of this Lease.
Tenant shall comply with all rules and regulations for the Garage. Except when caused by the gross negligence, willful misconduct
or criminal acts of Landlord, Landlord shall have no liability whatsoever for any damage to property or any other items located
in the Garage, nor for any personal injuries or death arising out of any matter relating to the Garage. If Landlord utilizes a
card-key access system, Landlord’s charge for any replacement cards shall be reasonable. Landlord also reserves the right
to close all or any portion of the Garage in order to make repairs or perform maintenance services, or to alter, modify, re-stripe
or renovate the Garage, or if required by casualty, condemnation, Force Majeure or order of a Governmental Authority.

 

    	 	9	 

     

    

 

ARTICLE 2

 

LEASE TERM

 

2.1           Initial
Lease Term.

 

2.1.1           Lease
Term Definitions and Documentation. The terms and provisions of this Lease shall be effective as of the date of this Lease.
The term of this Lease (the “Lease Term”) shall be as set forth in Section 3.1 of the Summary, shall
commence on the date set forth in Section 3.2 of the Summary (the “Lease Commencement Date”), and shall
terminate on the date set forth in Section 3.4 of the Summary (the “Lease Expiration Date”) unless this
Lease is sooner terminated as hereinafter provided. For purposes of this Lease, the term “Lease Year” shall
mean each consecutive twelve (12) month period during the Lease Term, commencing on the first day of the calendar month coincident
with or next following the Rent Commencement Date and each anniversary of such day; provided that, if the Rent Commencement Date
is not the first day of a calendar month, the period from the Rent Commencement Day to the first day of the next calendar month
shall be included in the first Lease Year. At any time during the Lease Term, Landlord may deliver to Tenant a notice in the form
as set forth in Exhibit C. attached hereto, as a confirmation only of the information set forth therein, which Tenant
shall execute and return to Landlord within fifteen (15) business days of receipt thereof.

 

2.1.2           Tender
of Possession and Condition of Premises. Landlord shall tender possession of the Premises to Tenant with all of Landlord’s
Demolition Work, (as defined in the Tenant Work Letter attached hereto as Exhibit B “Tenant Work Letter”)
Substantially Completed and in its then “as is” condition, broom clean (the date of such tender of possession, the
“Possession Date”). Tenant acknowledges and agrees that: (i) Tenant is fully aware of the condition of the Premises,
(ii) Tenant accepts possession of the Premises on the Possession Date in its “as is, where is” condition subject
to completion of Landlord’s Work, and (iii) except for the Tenant Improvement Allowance and the performance by Landlord,
at its sole cost and expense, of Landlord’s Work, Landlord has no obligation to perform any improvements, decorations, alterations,
repairs or any other work whatsoever in the Premises to prepare the Premises for Tenant’s use. If Landlord is unable to tender
possession the Premises to Tenant by any date due to any party continuing to occupy the Premises or for any other reason, then
except as expressly provided in Section 3.2, Landlord shall not be liable for any damage caused thereby, this Lease shall
not be void or voidable thereby and Tenant’s obligations hereunder shall not be affected, except as otherwise expressly set
forth herein. Tenant shall have no obligation to pay Gross Rent, as hereinafter defined, to Landlord for the period commencing
on the Possession Date and ending on the day immediately preceding the Rent Commencement Date; provided, however, Tenant shall
(i) comply with all of the other applicable provisions of this Lease, and (ii) pay for Tenant’s consumption of electricity
during such period. Tenant also acknowledges that neither Landlord nor any agent of Landlord has made any representation or warranty
regarding the condition of the Premises, the Building or the Project or with respect to the suitability of any of the foregoing
for the conduct of Tenant’s business, except as specifically set forth in this Lease and the Tenant Work Letter. The taking
of possession of the Premises by Tenant for the conduct of its business shall conclusively establish that the Premises and the
Building were at such time in good and sanitary order, condition and repair. All alterations, improvements and additions to the
Premises required for Tenant’s use thereof, other than Landlord’s Work, shall be performed by Tenant in accordance
with the Tenant Work Letter.

 

2.2           Extension
Term.

 

2.2.1           Extension
Option. Tenant shall have the option (the “Extension Option”) to extend the Term for all the Premises
for two (2) extension terms of five (5) years each (the “First Extension Term” and “Second Extension
Term” respectively and each an “Extension Term”). If Tenant validly exercises an Extension Option
in accordance with this Section 2.2.1, the First Extension Term shall commence on the day following the initial Expiration
Date and shall end on the fifth (5th) anniversary of such Expiration Date unless the Extension Term is earlier terminated
pursuant to this Lease and the Second Extension Term shall commence on the day following the expiration of the First Extension
Term and shall end on the fifth (5th) anniversary of such expiration date unless the Second Extension Term is earlier
terminated pursuant to this Lease. Each Extension Term shall commence only if: (i) Tenant has notified Landlord in writing of its
exercise of the right to extend the term for the Extension Term (an “Extension Term Exercise Notice”) no earlier
than eighteen (18) months prior to and no later than fourteen (14) months prior to the then current Expiration Date, time being
of the essence, (ii) at the time of the exercise of such right and immediately prior to the Expiration Date, no Event of Default
shall be continuing hereunder; (iii) the Tenant named herein or its Permitted Transferees shall be in occupancy of the entire Premises
at the time such notice is given; and (iv) with respect to the Second Extension Term only, Tenant shall have validly exercised
its right to extend the term for the First Extension Term.

 

    	 	10	 

     

    

 

Within thirty (30)
days after receipt of a properly delivered Extension Term Exercise Notice, Landlord shall advise Tenant in writing of its determination
of the Fair Market Rent and Lease Concessions for the Extension Term (“Extension Term Rent Notice”). Tenant
may rescind its Extension Term Exercise Notice by written notice delivered to Landlord within thirty (30) days after receipt of
Landlord’s Extension Term Rent Notice, time being of the essence.

 

2.2.2           Terms
of Extension. An Extension Term shall incorporate all of the agreements, terms, covenants, and conditions hereof binding
upon Tenant except that: (i) Base Rent shall be as provided in Section 2.2.3, (ii) except as provided in clause (iii) below,
Landlord shall have no obligation to perform any work or make any contribution to work to prepare the Premises for Tenant’s
use during the Extension Term, (iii) Tenant will receive the benefit of any Lease Concessions agreed upon by Landlord and Tenant
pursuant to Section 2.4.2 or set forth in Landlord’s Arbitration Notice pursuant to Section 2.4.3; and (iv)
Tenant shall have no further right to extend the Term beyond the Second Extension Term. Upon the commencement of an Extension Term,
(x) the Extension Term shall be added to and become part of the Term (but shall not be considered part of the initial Term, (y)
any reference to “this Lease”, to the “Term”, the “term of this Lease” or any similar expression
shall be deemed to include such Extension Term, and (z) the last day of the Extension Term shall become the Lease Expiration Date.
Landlord and Tenant shall promptly execute and exchange an appropriate amendment to this Lease, reasonably satisfactory to the
parties and confirming the terms, conditions and provisions applicable to the Premises during the Extension Term in accordance
with this Section, but neither Landlord’s nor Tenant’s failure to execute such amendment shall relieve Tenant of its
obligation to lease the Premises on the terms and conditions set forth in this Lease.

 

2.2.3           Extension
Term Rent. The Base Rent for an Extension Term shall be an amount equal to the product of (i) the rentable square feet
in the Premises as of the first day of the Extension Term, and (ii) the Fair Market Rent for the Premises determined as provided
in Section 2.4. Such annual Base Rent shall be paid in twelve (12) equal annual installments. If the Fair Market Rent is
not determined as of the commencement of the Extension Term, then until such Fair Market Rent is determined, Tenant shall pay Base
Rent for the space in question as determined based upon Landlord’s reasonable determination of the Fair Market Rent (“Interim
Rent”). Upon final determination of the Fair Market Rent, Tenant shall commence paying Base Rent as so determined, and
within ten (10) days after such determination Tenant shall pay any deficiency in prior payments of Base Rent or, if the Base Rent
as so determined shall be less than the Interim Rent, Tenant shall be entitled to a credit against the next succeeding installments
of Base Rent in an amount equal to the difference between each installment of Interim Rent and Base Rent as so determined which
should have been paid for such installment until the total amount of the overpayment has been recouped.

 

2.3           Early
Termination of the Lease.

 

2.3.1           Tenant
shall have the right to terminate this Lease (the “Early Termination Right”) effective on the last day of the
sixty-fifth (65th) full calendar month ending after the Rent Commencement Date (the “Early Termination Effective
Date”), provided that (i) no Event of Default is continuing at the time of the exercise of such option and at the time
of the Early Termination Effective Date, (ii) Tenant provides Landlord with at least twelve (12) months prior written notice to
Landlord of the exercise of the Early Termination Right (the “Early Termination Notice”), and (iii) Tenant pays
one hundred percent (100%) of the Early Termination Fee, as such term is defined in Section 2.3.2 below, to Landlord with
the Early Termination Notice. Failure to pay any portion of the Early Termination Fee in a timely manner shall, at Landlord’s
sole and absolute discretion, cause Tenant’s election to exercise the Early Termination Right to be ineffective and null
and void and Landlord shall be obligated to return the Early Termination Fee to the extent paid or if thereafter received. The
Early Termination Right shall not affect Tenant’s liability for (a) post-Term adjustments to Additional Rent applicable to
the period prior to the Early Termination Effective Date, (b) unperformed obligations which accrued prior to the Early Termination
Effective Date, and (c) obligations which by their terms survive the expiration or earlier termination of the Term of the Lease.

 

    	 	11	 

     

    

 

2.3.2           Early
Termination Fee. As used herein, “Early Termination Fee” means an amount equal to the sum (i) $1,483,920.00
and (ii) if Tenant has leased First Offer Space pursuant to Section 1.3, the unamortized portion as of the Early Termination
Effective Date, of the Lease Concessions and leasing commissions provided or paid by Landlord for First Offer Space, if any. The
amounts in clause (ii) shall be amortized with interest at 8% per annum over the remaining Term commencing on date Tenant commences
paying rent for the First Offer Space for the amounts in clause (ii). Landlord shall provide Tenant with the calculation of the
Early Termination Fee within twenty (20) days after Tenant’s request for such calculation provided such request is delivered
no more than eighteen (18) months prior to the Early Termination Effective Date.

 

2.3.3           Automatic
Termination. The Early Termination Right shall automatically terminate and become null and void upon the earlier to occur
of (i) the termination of the Term; (ii) the termination of Tenant’s right to possession of the Premises; (iii) the failure
of Tenant to timely or properly exercise the Early Termination Right, time being of the essence in the exercise of the Early Termination
Right; and (iv) Tenant’s exercise of the Fixed Expansion Option pursuant to Section 1.4.

 

2.4           Fair
Market Rent Determination.

 

2.4.1           Definitions.
As used herein

 

2.4.1.1           “Fair
Market Rent” shall mean the fair market annual rental value per square foot for the space and term in question determined
as of the applicable date set forth in this Lease, based on comparable spaces and comparable terms in the Building and in other
office buildings of comparable age and quality in downtown Chicago (“Comparable Buildings”), including all of
Landlord’s services provided for in this Lease, and with the space in question considered as vacant and in its “as
is” condition existing on the applicable date. The determination of Fair Market Rent shall be further adjusted as necessary
to take into account all relevant factors, including but not limited to any Lease Concessions (or the absence thereof) to be provided
by Landlord for the space and term in question and the manner in which Tenant pays its share of real estate taxes or operating
expenses of the Building. If the Fair Market Rent is to be determined for an Extension Term, then only terms for a comparable renewal
or extension term shall be taken into account.

 

2.4.1.2           “Lease
Concessions” shall mean any free rent, work allowance or other lease concessions to be provided for the space and term
in question.

 

2.4.2           Rent
Negotiation Period. During the thirty (30) day period following delivery of Tenant’s Fixed Expansion Space Market
Rent Notice or Landlord’s Extension Term Rent Notice (such thirty (30) day period herein the “Rent Negotiation Period”)
the parties shall attempt in good faith to agree upon the Fair Market Rent and Lease Concessions for the space and term in question.
If Landlord and Tenant agree upon the Fair Market Rent and Lease Concessions during the Rent Negotiation Period, such amount shall
be the Fair Market Rent and Lease Concessions for the space and term in question.

 

2.4.3           Arbitration.
If Landlord and Tenant are unable to agree on the Fair Market Rent and Lease Concessions during the Rent Negotiation Period, then
the Lease Concessions shall be determined by Landlord, as provided below, and the Fair Market Rent shall be determined by arbitration
in accordance with the then prevailing Expedited Procedures of the American Arbitration Association or its successor for arbitration
of commercial disputes, except that the Expedited Procedures shall be modified as follows:

 

2.4.3.1           Within
ten (10) Business Days after the expiration of the Rent Negotiation Period, Landlord and Tenant shall each specify in a written
notice delivered to the other party (the “Arbitration Notice”), the name and address of the person to act as
the arbitrator on such party’s behalf, its determination of the Fair Market Rent, and in the case of the Landlord’s
notice, the Lease Concessions to be provided by Landlord. Each arbitrator selected by Landlord and Tenant shall be a real estate
broker with at least ten (10) years full-time commercial brokerage experience who is familiar with the Fair Market Rent of comparable
office space in the City of Chicago, Illinois. If Landlord or Tenant fails to notify the other of the appointment of its arbitrator
or of its determination of the Fair Market Rent within such ten (10) Business Day period, and such failure continues for three
(3) Business Days after a party delivers written notice to the other requesting the name of the other party’s arbitrator
and its Fair Market Rent determination, then the Fair Market Rent determined by the party making such request shall be the Fair
Market Rent for the space and term in question. The net present value of Fair Market Rent and Lease Concessions set forth in Landlord’s
notice shall not be less than the net present value of the Fair Market Rent and Lease Concessions set forth in Landlord’s
Fixed Expansion Space Rent Notice or Extension Term Rent Notice, as the case may be, for the space and term in question (such net
present value to be determined using a discount rate of eight percent (8%) per annum).

 

    	 	12	 

     

    

 

2.4.3.2           If
two (2) arbitrators are chosen pursuant to Subsection 2.4.3.1 above, the arbitrators so chosen shall meet within ten (10) Business
Days after the last arbitrator is appointed and shall seek to reach agreement on the Fair Market Rent, provided that the Fair Market
Rent agreed upon by the arbitrators shall be no greater than the Fair Market Rent set forth in Landlord’s Arbitration Notice
or less than the Fair Market Rent set forth in Tenant’s Arbitration Notice. The arbitrators shall not determine or change
the Lease Concessions to be provided by Landlord and their determination of the Fair Market Rent shall take into account such Lease
Concessions. If within twenty (20) Business Days after the last arbitrator is appointed the two (2) arbitrators are unable to reach
agreement on Fair Market Rent, then the two arbitrators shall appoint a third arbitrator, who shall be a competent and impartial
person with qualifications similar to those required of the first two arbitrators pursuant to Subsection 2.4.3.1. If they are unable
to agree upon such appointment within five (5) Business Days after expiration of such twenty (20) Business Day period, the third
arbitrator shall be selected by the parties themselves. If the parties do not agree on the third arbitrator within five (5) Business
Days after expiration of the foregoing five (5) Business Day period, then either party, on behalf of both, may request appointment
of such a qualified person by the then president of the Building Owners and Managers Association of Chicago. The third arbitrator
shall decide the dispute, if it has not been previously resolved, by following the procedures set forth in Subsection 2.4.3.3 below.
Each party shall pay the fees and expenses of its respective arbitrator and both shall share the fees and expenses of the third
arbitrator. Attorneys’ fees and expenses of counsel and of witnesses for the respective parties shall be paid by the respective
party engaging such counsel or calling such witnesses.

 

2.4.3.3           Fair
Market Rent shall be fixed by the third arbitrator in accordance with the following procedures. Concurrently with the appointment
of the third arbitrator, each of the arbitrators selected by the parties shall state, in writing, his or her determination of the
Fair Market Rent supported by the reasons therefor, which determinations as to the arbitrator appointed by Landlord shall be no
greater than the Fair Market Rent set forth in Landlord’s Arbitration Notice nor, as to the arbitrator appointed by Tenant,
less than the Fair Market Rent set forth in Tenant’s Arbitration Notice. The third arbitrator shall have the right to consult
experts and competent authorities for factual information or evidence pertaining to a determination of Fair Market Rent, but any
such determination shall be made in the presence of both parties with full right on their part to cross-examine. The third arbitrator
shall conduct such hearings and investigations as he or she deems appropriate and shall, within thirty (30) days after being appointed,
select which of the two proposed determinations most closely approximates his or her determination of Fair Market Rent. The third
arbitrator shall have no right to propose a middle ground or any modification of either of the two proposed determinations or the
Lease Concessions to be provided by Landlord. The determination he or she chooses as that most closely approximating his or her
determination of the Fair Market Rent shall constitute the decision of the third arbitrator and shall be final. The third arbitrator
shall render the decision in writing with counterpart copies to each party. The third arbitrator shall have no power to add to
or modify the provisions of the Lease.

 

2.4.3.4           In
the event of a failure, refusal or inability of any arbitrator to act, his or her successor shall be appointed by him or her, but
in the case of the third arbitrator, his or her successor shall be appointed in the same manner as that set forth herein with respect
to the appointment of the original third arbitrator.

 

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ARTICLE 3

 

BASE RENT

 

3.1         Base
Rent. Tenant shall pay, without prior notice or demand, to Landlord at Landlord’s Rent Address set forth in Section
11 of the Summary, or, at Landlord’s option, at such other place as Landlord may from time to time designate in writing,
by a check for currency or ACH which, at the time of payment, is legal tender for private or public debts in the United States
of America, base rent (“Base Rent”) as set forth in Section 10 of the Summary, payable in equal monthly
installments as set forth in Section 4 of the Summary in advance on or before the Rent Commencement Date and the first day
of each and every calendar month during the Lease Term thereafter, without any setoff or deduction whatsoever. The Base Rent for
the first full month of the Lease Term which occurs after the expiration of any free rent period shall be paid at the time of Tenant’s
execution of this Lease. If any Rent payment date (including the Rent Commencement Date) falls on a day of the month other than
the first day of such month or if any payment of Rent is for a period which is shorter than one month, the Rent for any fractional
month shall be prorated based on the number of days in such month. All other payments or adjustments required to be made under
the terms of this Lease that require proration on a time basis shall be prorated on the same basis.

 

3.2         Rent
Commencement Date. Tenant shall not be required to pay Base Rent or Tenant’s Share of Direct Expenses (collectively
“Gross Rent”) for the Premises prior to the Rent Commencement Date set forth in Section 3.3 of the Summary.
If Landlord does not Substantially Complete, as such term is defined below, Landlord’s Demolition Work, as defined in the
Tenant Work Letter, on or before the date (“Proposed Landlord Demolition Date”) that is the later of October
1, 2014 and (ii) thirty (30) days after Landlord’s receipt of the Demolition Plans, as defined in the Tenant Work Letter,
and the Lease Commencement Date occurs after February 1, 2015, then the Rent Commencement
Date determined pursuant to Section 3.3 of the Summary should be deferred two (2) days for each day that both the Substantial
Completion of Landlord’s Demolition Work is delayed beyond the Proposed Landlord Work Completion Date and the Lease Commencement
Date is deferred beyond February 1, 2015, for reasons other than delays resulting from (i) any changes to the Demolition Plans,
or (ii) any other intentional acts or omissions of Tenant, its agents or employees. As to any construction performed by any party,
“Substantial Completion” or “Substantially Completed” means that such work has been completed,
as reasonably determined by Landlord’s architect, in accordance with (a) the provisions of this Lease applicable thereto,
(b) the plans and specifications for such work, and (c) all applicable Laws, except for minor details of construction, decoration
and mechanical adjustments, if any, the non-completion of which does not materially interfere with Tenant’s use of the Premises
for the purposes set forth in this Lease including construction of the Tenant Improvements, or which in accordance with sound
construction practices consistent with those applied in other Class A office buildings in the Chicago area, should be completed
after the completion of other work in the Premises or Building.

 

3.3         Rent
Abatement.

 

3.3.1           Fifty
percent (50%) of the Gross Rent shall abate for the first four (4) full calendar months of Lease Years 1 through 3 and the first
two (2) full calendar months of Lease Years 4 and 6-8 (each an “Abatement Period”). In addition, Tenant shall
be entitled to abatement of Gross Rent in the amount of $98,928.00 which shall be applied to the Gross Rent first payable by Tenant
hereunder (after application of the abatement provided in the other provisions of this Section 3.3) until exhausted. The total
amount of the Rent abated pursuant to this Section 3.3.1 is herein called the “Rent Abatement”.

 

3.3.2           If
the Fitness Center and Tenant Lounge on the eleventh (11th) floor of the Building and the Roof Top Deck
adjacent to the eleventh (11th) floor of the Building are not available for Tenant’s use prior to the later
of (a) February 1, 2015 and (b) the date Tenant occupies the Premises for the conduct of its business, then in addition to
abatement in Section 3.3.1 twenty-five percent (25%) of the Gross Rent (without reduction for Section 3.3.1
abatement) shall abate until such areas are available for Tenant’s use.

 

3.3.3           If
Landlord does not Substantially Complete the Building Lobby Renovation, as such term as defined in the Tenant Work Letter, prior
to June 1, 2015, then twenty-five percent (25%) of the Gross Rent payable by Tenant for the Premises shall abate from July 1, 2015
until the Building Lobby Renovation is Substantially Completed.

 

3.3.4           If
the Building Elevator Cosmetic Upgrade is not available for Tenant’s use, as such term as defined in the Tenant Work Letter,
by February 1, 2019, then twenty-five percent (25%) of the Gross Rent for the Premises shall abate from February 1, 2019 until
the Building Elevator Cosmetic Upgrade is available for Tenant’s use.

 

3.3.5           No
Rent shall abate pursuant to this Section 3.3 if an Event of Default then exists.

 

    	 	14	 

     

    

 

ARTICLE 4

 

ADDITIONAL RENT

 

4.1         General
Terms. In addition to paying the Base Rent specified in Article 3 of this Lease, Tenant shall pay “Tenant’s
Share” of the annual “Direct Expenses,” as those terms are defined in Sections 4.2.1 and 4.2.2
of this Lease, respectively. Such payments by Tenant, together with any and all other amounts payable by Tenant to Landlord
pursuant to the terms of this Lease, are hereinafter collectively referred to as the (“Additional Rent”, and
the Base Rent and the Additional Rent are herein collectively referred to as “Rent.” All amounts due under
this Article 4 as Additional Rent shall be payable for the same periods and in the same manner as the Base Rent. Without
limitation on other obligations of Tenant which survive the expiration of the Lease Term, the obligations of Tenant to pay the
Additional Rent provided for in this Article 4 shall survive the expiration of the Lease Term.

 

4.2         Definitions
of Key Terms Relating to Additional Rent. As used in this Article 4, the following terms shall have the meanings
hereinafter set forth:

 

4.2.1           “Tenant’s
Share” shall mean the percentage set forth in Section 5 of the Summary (which has been calculated by dividing
the rentable square footage of the Premises by the rentable square footage of the Project).

 

4.2.2           “Direct
Expenses” shall mean “Operating Expenses” and “Tax Expenses.”

 

4.2.3           “Expense
Year” shall mean each calendar year in which any portion of the Lease Term after the Rent Commencement Date falls, through
and including the calendar year in which the Lease Term expires, provided that Landlord, upon notice to Tenant, may change the
Expense Year from time to time to any other twelve (12) consecutive month period, and, in the event of any such change, Tenant’s
Share of Direct Expenses shall be equitably adjusted for any Expense Year involved in any such change.

 

4.2.4           “Operating
Expenses” shall mean all expenses, costs and amounts which Landlord pays or accrues during any Expense Year in connection
with the ownership, management, maintenance, security, repair, replacement, restoration or operation of the Project, or any portion
thereof. Without limiting the generality of the foregoing, Operating Expenses shall specifically include any and all of the following:
(i) the cost of supplying all utilities, the cost of operating, repairing, maintaining, and renovating the utility, telephone,
mechanical, sanitary, storm drainage, and elevator systems, and the cost of maintenance and service contracts in connection therewith;
(ii) the cost of licenses, certificates, permits and inspections and the cost of contesting any governmental enactments which
may affect Operating Expenses, and the costs incurred in connection with a governmentally mandated transportation system management
program or similar program; (iii) the cost of all insurance carried by Landlord in connection with the Project as reasonably determined
by Landlord; (iv) the cost of landscaping, relamping, and all supplies, tools, equipment and materials used in the operation,
repair and maintenance of the Project, or any portion thereof; (v) costs (including, without limitation, rent and operational
costs) associated with the conference center, management office, fitness center, bus service, and any other amenities servicing
the Project; (vi) reasonable fees and other costs, including management and/or incentive fees, consulting fees, legal fees and
accounting fees, of all contractors and consultants in connection with the management, operation, maintenance and repair of the
Project; (vii) payments under any equipment rental agreements and the fair rental value of any management office space, to the
extent such equipment and management office is used solely in connection with the Project; (viii) subject to item (f), below,
wages, salaries and other compensation and benefits, including taxes levied thereon, of all persons engaged in the operation,
maintenance and security of the Project; (ix) costs under any instrument pertaining to the sharing of costs by the Project; (x)
operation, repair, maintenance and replacement of all systems and equipment and components thereof of the Project; (xi) the cost
of janitorial, alarm, security and other services, replacement of wall and floor coverings, ceiling tiles and fixtures in common
areas, maintenance and replacement of curbs, sidewalks, and other walkways, repair to roofs and re-roofing; (xii) the cost of
acquiring or the rental expense of personal property used in the maintenance, operation and repair of the Project, or any portion
thereof; (xiii) the cost of capital improvements or other costs incurred in connection with the Project (A) which are intended
to effect economies in the operation or maintenance of the Project, or any portion thereof, or to reduce current or future Operating
Expenses or to enhance the safety or security of the Project or its occupants, (B) that are required to comply with present or
anticipated conservation programs, (C) which are replacements or modifications of nonstructural items located in the Common Areas
required to keep the Common Areas in good order or condition, or (D) that are required under any governmental law or regulation;
provided, however, that any capital expenditure shall be amortized (including interest at the “Interest Rate,” as
that term is defined in this Section 4.2.4 below, on the amortized cost) over such period of time as Landlord shall reasonably
determine; and (xiv) costs, fees, charges or assessments imposed by, or resulting from any mandate imposed on Landlord by, any
federal, state or local government for fire and police protection, trash removal, community services, or other services which
do not constitute “Tax Expenses” as that term is defined in Section 4.2.5, below, (xv) cost of tenant relation
programs reasonably established by Landlord, (xvi) payments under any easement, license, operating agreement, declaration, restrictive
covenant, or instrument pertaining to the sharing of costs by the Building, including, without limitation, any covenants, conditions
and restrictions affecting the property, and reciprocal easement agreements affecting the property, any parking licenses, and
any agreements with transit agencies affecting the Property (collectively, “Underlying Documents”) and (xvii)
the leasing or rental costs of any rotating or other art program for the Project, or any portion thereof. For purposes of this
Section 4.2.4. “Interest Rate” shall mean the annual “Bank Prime Loan” rate cited
in the Federal Reserve Statistical Release Publication H.15(519), published weekly (or such other comparable index as Landlord
and Tenant shall reasonably agree upon if such rate ceases to be published) plus two (2) percentage
points. Notwithstanding the foregoing Operating Expense inclusions, for purposes of this Lease, Operating Expenses shall not,
however, include:

 

    	 	15	 

     

    

 

 

(a)          costs,
including legal fees, space planners’ fees, advertising and promotional expenses (except as otherwise set forth above), and
brokerage fees incurred in connection with the original construction or development, or original or future leasing of the Project,
and costs, including architectural and engineering fees, construction allowances and costs, moving expenses, “takeover expenses”
(i.e., expenses incurred by Landlord with respect to space located in another building of any kind or nature in connection with
the leasing of space in the Project), other leasing concessions, permit, license and inspection costs, incurred with respect to
the installation of tenant improvements made for new tenants initially occupying space in the Project after the Lease Commencement
Date or incurred in renovating or otherwise improving, decorating, painting or redecorating vacant space for tenants or other occupants
of the Project (excluding, however, such costs relating to any common areas of the Project);

 

(b)          except
as set forth in items (xii), (xiii), and (xiv) above, depreciation, amortization, interest and principal payments on mortgages
and other debt costs, if any, penalties and interest, costs of capital repairs and alterations, including structural repairs and
repairs to correct latent defects in the Building, and costs of capital improvements and equipment;

 

(c)          costs
for which the Landlord is reimbursed or entitled to be reimbursed by any tenant or occupant of the Project, or any other party,
or by insurance by its carrier or any tenant’s carrier or by anyone else, and electric power costs for which any tenant directly
contracts with the local public service company;

 

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

 

(e)          costs
associated with the operation of the business of the partnership or entity which constitutes the Landlord, as the same are distinguished
from the costs of operation of the Project including, but not be limited to, accounting costs associated with the operation of
the Project). Costs associated with the operation of the business of the partnership or entity which constitutes the Landlord include
costs of partnership accounting and legal matters, costs of defending any lawsuits with any mortgagee (except as the actions of
the Tenant may be in issue), costs of selling, syndicating, financing, mortgaging or hypothecating any of the Landlord’s
interest in the Project, and costs incurred in connection with any disputes between Landlord and its employees, between Landlord
and Project management, or between Landlord and actual or prospective tenants or occupants;

 

(f)          the
wages and benefits of any employee who does not devote substantially all of his or her employed time to the Project unless such
wages and benefits are prorated to reflect time spent on operating and managing the Project vis-a-vis time spent on matters unrelated
to operating and managing the Project; provided, that in no event shall Operating Expenses for purposes of this Lease include wages
and/or benefits attributable to personnel above the level of general manager of the Project;

 

    	 	16	 

     

    

 

(g)          amount
paid as ground rental for the Project by the Landlord;

 

(h)          unless
otherwise limited by other provisions of this definition of Operating Expenses, overhead and profit increment paid to the Landlord
or to subsidiaries or affiliates of the Landlord for services in the Project to the extent the same exceeds the costs of such services
rendered by qualified, first-class unaffiliated third parties on a competitive basis;

 

(i)          any
compensation paid to clerks, attendants or other persons in commercial concessions operated by the Landlord, provided that any
compensation paid to any concierge at the Project shall be includable as an Operating Expense;

 

(j)         all items and
services (except services indicated under item (v) above) for which Tenant or any other tenant in the Project reimburses Landlord
or which Landlord provides selectively to one or more tenants (other than Tenant) without reimbursement;

 

(k)          any
costs expressly excluded from Operating Expenses elsewhere in this Lease;

 

(l)           rent
for any office space occupied by Project management personnel to the extent the size or rental rate of such office space
exceeds 4,000 rentable square feet or fair market rental value of office space occupied by management personnel of the
comparable buildings in the vicinity of the Building, with adjustment where appropriate for the size of the applicable
project;

 

(m)        costs
arising from the gross negligence or willful misconduct of Landlord or its agents, employees, vendors, contractors, or
providers of materials or services;

 

(n)          costs
incurred to comply with laws relating to the removal of hazardous material (as defined under applicable law) which was in
existence in the Building or on the Project prior to the Lease Commencement Date, and was of such a nature that a federal,
State or municipal governmental authority, if it had then had knowledge of the presence of such hazardous material, in the
state, and under the conditions that it then existed in the Building or on the Project, would have then required the removal
of such hazardous material or other remedial or containment action with respect thereto; and costs incurred to remove,
remedy, contain, or treat hazardous material, which hazardous material is brought into the Building or onto the Project after
the date hereof by Landlord or any other tenant of the Project and is of such a nature, at that time, that a federal, State
or municipal governmental authority, if it had then had knowledge of the presence of such hazardous material, in the state,
and under the conditions, that it then exists in the Building or on the Project, would have then required the removal of such
hazardous material or other remedial or containment action with respect thereto;

 

(o)          management
fees in excess of three percent (3%) of the gross revenues from the Project;

 

(p)          costs
to maintain and operate any garage in the Project managed or operated by an independent contractor on a net lease basis;

 

(q)          costs or fees
incurred in connection with disputes with actual or prospective leasing agents, purchasers, ground lessors or mortgagees of the
Project or the land on which it is located;

 

(r)          costs
or fees relating to the defense of Landlord’s title to or interest in the Project;

 

(s)          costs
of electricity incurred directly by or on behalf of other tenants of the Building or which are directly metered or submetered
to other tenants of the Project, and the costs of overtime heating, ventilating and air conditioning service provided to any
tenant (including Tenant) or occupant of the Project for which Landlord is entitled to be directly reimbursed by such
tenant;

 

    	 	17	 

     

    

 

(t)          any
cost required to be capitalized incurred by Landlord in connection with performing compliance actions on the common or public
areas of the Project or the building structure or systems of any building located in the Project if required under laws
existing on the Effective Date, including the Americans with Disabilities Act;

 

(u)          costs
or expenses incurred due to the violation by Landlord, its agents, any tenant or other occupant of the Project of any terms
and conditions of the leases of tenants in the Project;

 

(v)          Landlord’s
contributions to charitable organizations.

 

If Landlord is not
furnishing any particular work or service (the cost of which, if performed by Landlord, would be included in Operating Expenses)
to a tenant who has undertaken to perform such work or service in lieu of the performance thereof by Landlord, Operating Expenses
shall be deemed to be increased by an amount equal to the additional Operating Expenses which would reasonably have been incurred
during such period by Landlord if it had at its own expense furnished such work or service to such tenant. If the Project is not
at least ninety-five percent (95%) occupied during all or a portion of any Expense Year, Landlord shall make an appropriate adjustment
to the components of Operating Expenses for such year to determine the amount of Operating Expenses that would have been incurred
had the Project been ninety-five percent (95%) occupied; and the amount so determined shall be deemed to have been the amount of
Operating Expenses for such year.

 

4.2.5       Taxes.

 

4.2.5.1           “Tax
Expenses” shall mean all federal, state, county, or local governmental or municipal taxes, fees, charges or other impositions
of every kind and nature, whether general, special, ordinary or extraordinary (including, without limitation, real estate taxes,
general and special assessments, transit taxes, leasehold taxes or taxes based upon the receipt of rent, including gross receipts
or sales taxes applicable to the receipt of rent, unless required to be paid by Tenant, personal property taxes imposed upon the
fixtures, machinery, equipment, apparatus, systems and equipment, appurtenances, furniture and other personal property used in
connection with the Project, or any portion thereof), in connection with the ownership, leasing and operation of the Project, or
any portion thereof. The amount of Tax Expenses attributable to any Expense Year shall be the amount of Tax Expenses levied or
assessed for such year without regard to when such Tax Expenses are paid or payable.

 

4.2.5.2           Tax
Expenses shall include, without limitation: (i) Any tax on the rent, right to rent or other income from the Project, or any portion
thereof, or as against the business of leasing the Project, or any portion thereof; (ii) Any assessment, tax, fee, levy or charge
in addition to, or in substitution, partially or totally, of any assessment, tax, fee, levy or charge previously included within
the definition of real property tax, it being acknowledged by Tenant and Landlord that assessments, taxes, fees, levies and charges
may be imposed by governmental agencies for such services as fire protection, street, sidewalk and road maintenance, refuse removal
and for other governmental services formerly provided without charge to property owners or occupants, and Tax Expenses shall also
include any governmental or private assessments or the Project’s contribution towards a governmental or private cost-sharing
agreement for the purpose of augmenting or improving the quality of services and amenities normally provided by governmental agencies;
(iii) Any assessment, tax, fee, levy, or charge allocable to or measured by the area of the Premises or the Rent payable hereunder,
including, without limitation, any business or gross income tax or excise tax with respect to the receipt of such rent, or upon
or with respect to the possession, leasing, operating, management, maintenance, alteration, repair, use or occupancy by Tenant
of the Premises, or any portion thereof; and (iv) Any assessment, tax, fee, levy or charge, upon this transaction or any document
to which Tenant is a party, creating or transferring an interest or an estate in the Premises or the improvements thereon.

 

4.2.5.3           Any
costs and expenses (including, without limitation, reasonable attorneys’ and consultants’ fees, but not interest or
penalties resulting from late payment) incurred in attempting to protest, reduce or minimize Tax Expenses shall be included in
Tax Expenses in the Expense Year such expenses are incurred. Tax refunds plus interest thereon, shall be credited against Tax Expenses,
at Landlord’s sole option, based on either (i) the Expense Year to which the refund is applicable, or (ii) the Expense Year
in which the refund is actually received by Landlord. In no event shall the amount to be refunded to Tenant for any such Expense
Year exceed the total amount paid by Tenant as Additional Rent under this Article 4 for such Expense Year. If Tax Expenses
for any period during the Lease Term or any extension thereof are increased after payment thereof for any reason, including, without
limitation, error or reassessment by applicable governmental or municipal authorities, Tenant shall pay Landlord upon demand Tenant’s
Share of any such increased Tax Expenses. Notwithstanding anything to the contrary contained in this Section 4.2.5 (except
as set forth in Section 4.2.5.1, above), there shall be excluded from Tax Expenses (i) all excess profits taxes, franchise
taxes, gift taxes, capital stock taxes, inheritance and succession taxes, estate taxes, federal, state, county and city/local income
taxes, and other taxes to the extent applicable to Landlord’s general or net income (as opposed to rents, receipts or income
attributable to operations at the Project), (ii) any items included as Operating Expenses, and (iii) any items paid by Tenant under
Section 4.5 of this Lease.

 

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4.3         Allocation
of Direct Expenses. The parties acknowledge that the Building is a part of a multi-building project and that the costs
and expenses incurred in connection with the Project (i.e., the Direct Expenses) should be shared between the tenants of the Project.
Accordingly, as set forth in Section 4.2 above, Direct Expenses (which consist of Operating Expenses and Tax Expenses) are
determined annually for the Project as a whole, and Tenant shall be responsible for paying Tenant’s Share of such Direct
Expenses.

 

4.4         Calculation
and Payment of Additional Rent. Tenant shall pay to Landlord, in the manner set forth in Section 4.4.1, below,
and as Additional Rent, Tenant’s Share of Direct Expenses for each Expense Year.

 

4.4.1           Statement
of Actual Direct Expenses and Payment by Tenant. Landlord shall give to Tenant following one (1) year after the end of
each Expense Year, a statement (the “Statement”) which shall state the Direct Expenses incurred or accrued for
such preceding Expense Year, and which shall indicate the amount of Tenant’s Share of Direct Expenses. Upon receipt of the
Statement for each Expense Year commencing or ending during the Lease Term, Tenant shall pay, with its next installment of Base
Rent due, the full amount of Tenant’s Share of Direct Expenses for such Expense Year, less the amounts, if any, paid during
such Expense Year as “Estimated Direct Expenses,” as that term is defined in Section 4.4.2, below, and if Tenant
paid more as Estimated Direct Expenses than the actual Tenant’s Share of Direct Expenses, Tenant shall receive a credit in
the amount of Tenant’s overpayment against Rent next due under this Lease. The failure of Landlord to timely furnish the
Statement for any Expense Year shall not prejudice Landlord or Tenant from enforcing its rights under this Article 4. Even
though the Lease Term has expired and Tenant has vacated the Premises, when the final determination is made of Tenant’s Share
of Direct Expenses for the Expense Year in which this Lease terminates, Tenant shall immediately pay to Landlord such amount, and
if Tenant paid more as Estimated Direct Expenses than the actual Tenant’s Share of Direct Expenses, Landlord shall, within
ninety (90) days, deliver a check payable to Tenant in the amount of the overpayment, provided that Tenant is not then in default
under this Lease. The provisions of this Section 4.4.1 shall survive the expiration or earlier termination of the Lease
Term. For any Expense Year, Landlord, at its option, may deliver a separate statement of (i) Direct Expenses (other than Tax Expenses)
and (ii) Tax Expenses, each such statement shall be a Statement for purposes of this Section 4.4 and for purposes of determining
the amount owed by Tenant for such Expense Year, Landlord shall allocate the Estimated Direct Expenses paid by Tenant between Estimated
Direct Expenses (other than Tax Expenses) and Estimated Direct Expenses (for Tax Expenses only).

 

4.4.2           Statement
of Estimated Direct Expenses. In addition, Landlord shall endeavor to give Tenant a yearly expense estimate statement (the
“Estimate Statement”) which shall set forth Landlord’s reasonable estimate (the “Estimate”)
of what the total amount of Direct Expenses for the then-current Expense Year shall be and the estimated Tenant’s Share of
Direct Expenses (the “Estimated Direct Expenses”). The Estimate Statement may set forth separately the Estimated
Direct Expenses for Direct Expenses (other than Tax Expenses) and the Estimated Direct Expense for Tax Expenses. The failure of
Landlord to timely furnish the Estimate Statement for any Expense Year shall not preclude Landlord from enforcing its rights to
collect any Estimated Direct Expenses under this Article 4, nor shall Landlord be prohibited from revising any Estimate
Statement or Estimated Direct Expenses theretofore delivered to the extent necessary. Thereafter, Tenant shall pay, with its next
installment of Base Rent due, a fraction of the Estimated Direct Expenses for the then-current Expense Year (reduced by any amounts
paid pursuant to the last sentence of this Section 4.4.2). Such fraction shall have as its numerator the number of months
which have elapsed in such current Expense Year, including the month of such payment, and twelve (12) as its denominator. Until
a new Estimate Statement is furnished (which Landlord shall have the right to deliver to Tenant at any time), Tenant shall pay
monthly, with the monthly Base Rent installments, an amount equal to one-twelfth (1/12) of the total Estimated Direct Expenses
set forth in the previous Estimate Statement delivered by Landlord to Tenant.

 

    	 	19	 

     

    

 

4.4.3           Intention
Regarding Direct Expense Pass-Through. It is the intention of Landlord and Tenant that the Base Rent paid to Landlord throughout
the Lease Term shall be absolutely net of all Direct Expenses.

 

4.4.4           Limit
on Direct Expenses. Notwithstanding any provision of this Section 4.4, the Direct Expenses taken into account under
this Section 4.4 for calendar years 2015, 2016 and 2017 shall be limited to the following percentage of the Direct Expenses
for calendar year 2014; (i) one hundred five percent (105%) for calendar year 2015; (ii) one hundred ten percent (110%) for calendar
year 2016; and (iii) one hundred fifteen percent (115%) for calendar year 2017.

 

4.5         Taxes
and Other Charges for Which Tenant Is Directly Responsible.

 

4.5.1           Tenant
shall be liable for and shall pay ten (10) business days before delinquency, taxes levied against Tenant’s equipment, furniture,
fixtures and any other personal property located in or about the Premises. If any such taxes on Tenant’s equipment, furniture,
fixtures and any other personal property are levied against Landlord or Landlord’s property or if the assessed value of Landlord’s
property is increased by the inclusion therein of a value placed upon such equipment, furniture, fixtures or any other personal
property and if Landlord pays the taxes based upon such increased assessment, which Landlord shall have the right to do regardless
of the validity thereof but only under proper protest if requested by Tenant, Tenant shall upon demand repay to Landlord the taxes
so levied against Landlord or the proportion of such taxes resulting from such increase in the assessment, as the case may be.

 

4.5.2           If
the tenant improvements in the Premises, whether installed and/or paid for by Landlord or Tenant and whether or not affixed to
the real property so as to become a part thereof, are assessed for real property tax purposes at a valuation higher than the valuation
at which tenant improvements conforming to Landlord’s “building standard” in other space in the Building
are assessed, then the Tax Expenses levied against Landlord or the property by reason of such excess assessed valuation shall be
deemed to be taxes levied against personal property of Tenant and shall be governed by the provisions of Section 4.5.1,
above.

 

4.5.3           Notwithstanding
any contrary provision herein, Tenant shall pay prior to delinquency any (i) rent tax or sales tax, service tax, transfer tax or
value added tax, or any other applicable tax on the rent or services herein or otherwise respecting this Lease, (ii) taxes assessed
upon or with respect to the possession, leasing, operation, management, maintenance, alteration, repair, use or occupancy by Tenant
of the Premises or any portion of the Project, including the Project parking facility; or (iii) taxes assessed upon this transaction
or any document to which Tenant is a party creating or transferring an interest or an estate in the Premises.

 

4.6         Tenant’s
Audit Right. Provided that Tenant has paid all Rent (including Additional Rent) then due, Tenant shall have the right,
upon reasonable prior written notice to Landlord and at Tenant’s sole cost and expense, to inspect Landlord’s accounting
records relative to the Direct Expenses set forth on a Statement delivered for a particular Expense Year during normal business
hours at any time within one (1) year following the furnishing (as provided in Section 4.4.1 above) to Tenant of such Statement;
provided that (w) such inspection shall be conducted by an employee of Tenant, a national or regional accounting or other professional
auditing firm with recognized expertise in the accounting practices of first-class office buildings, or such other person designated
by Tenant that is reasonably acceptable to Landlord (collectively “Tenant’s Auditor”), (y) Tenant does
not engage any Tenant’s Auditor on a “contingent fee” basis to conduct or participate in such inspection, and
(z) Tenant and Tenant’s Auditor shall keep the results of any such inspection strictly confidential and shall not disclose
the results of same to any third party; and, unless Tenant shall take written exception to any item in such Statement within such
one (1) year period, such Statement shall be considered final and accepted by Tenant. Tenant acknowledges that it shall be reasonable
for Landlord to object to the proposed use by Tenant of any competitors of Landlord engaged in the development and ownership of
real estate on other than an incidental basis, or real estate brokers; provided, the prohibition on the employment of real estate
brokers to conduct the initial audit shall not disqualify an entity which has a real estate brokerage division in addition to other
divisions, provided the real estate brokerage division is not involved in the initial audit. If the parties are unable to resolve
any timely objections to a Statement within one (1) year after the Statement is sent to Tenant, then (i) either party may refer
the issues raised to one of the nationally recognized public accounting firms selected by Landlord and reasonably acceptable to
Tenant, and the decision of such accounting firm shall be conclusively binding upon Landlord and Tenant, (ii) Tenant shall pay
the fees and expenses relating to the procedure described in clause (i) above, unless such accounting firm determines that Landlord
overstated Direct Expenses by more than three percent (3%) for such calendar year, in which case Landlord shall pay such fees and
expenses; and (iii) Landlord shall credit against the next payment of Tenant’s Share of Direct Expenses and Base Rent of
any net reductions in Tenant’s Share of Direct Expenses for the preceding year arising from any Tenant objections made pursuant
to clause (i) consented to by Landlord or determined pursuant to clause (iii) above.

 

    	 	20	 

     

    

 

ARTICLE 5

 

USE OF PREMISES

 

5.1         Permitted
Use. Tenant shall use the Premises solely for the Permitted Use set forth in Section 6 of the Summary and Tenant
shall not use or permit the Premises or the Project to be used for any other purpose or purposes whatsoever without the prior written
consent of Landlord, which may be withheld in Landlord’s sole discretion.

 

5.2         Prohibited
Uses. Tenant further covenants and agrees that Tenant shall not use, or suffer or permit any person or persons to use,
the Premises or any part thereof for any use or purpose contrary to the provisions of the Rules and Regulations set forth in Exhibit
D, attached hereto, or in violation of the laws of the United States of America, the State of Illinois, or the ordinances,
regulations or requirements of the local municipal or county governing body or other lawful authorities having jurisdiction over
the Project) including, without limitation, any such laws, ordinances, regulations or requirements relating to hazardous materials
or substances, as those terms are defined by applicable laws now or hereafter in effect, or any Underlying Documents. Tenant shall
not do or permit anything to be done in or about the Premises which will in any way damage the reputation of the Project or obstruct
or interfere with the rights of other tenants or occupants of the Building, or injure or annoy them or use or allow the Premises
to be used for any improper, unlawful or objectionable purpose, nor shall Tenant cause, maintain or permit any nuisance in, on
or about the Premises. Tenant shall comply with, and Tenant’s rights and obligations under the Lease and Tenant’s use
of the Premises shall be subject and subordinate to, all recorded easements, covenants, conditions, and restrictions now or hereafter
affecting the Project. Tenant shall not use the Premises or any portion thereof in such a way that would violate any existing exclusive
use(s) granted by Landlord to any other tenant(s) of the Project.

 

ARTICLE 6

 

SERVICES AND
UTILITIES

 

6.1         Standard
Tenant Services. Landlord shall provide the following services on all days (unless otherwise stated below) during the
Lease Term.

 

6.1.1           Subject
to limitations imposed by all governmental rules, regulations and guidelines applicable thereto, Landlord shall provide heating
and air conditioning (“HVAC”) when necessary for normal comfort for normal office use in the Premises from 8:00
A.M. to 6:00 P.M. Monday through Friday, and, if requested by Tenant in accordance with Landlord’s standard notice requirements,
on Saturdays from 8:00 A.M. to 1:00 P.M. (collectively, the “Building Hours”), except for the date of observation
of New Year’s Day, Independence Day, Labor Day, Memorial Day, Thanksgiving Day, Christmas Day and, at Landlord’s discretion,
other locally or nationally recognized holidays which are observed by other buildings comparable to and in the vicinity of the
Building (collectively, the “Holidays”).

 

    	 	21	 

     

    

 

6.1.2           Subject
to the terms hereof, Tenant shall have the right to utilize electricity for connection to Tenant’s lighting fixtures and
incidental use equipment, provided that the connected electrical load of Tenant’s lighting fixtures and incidental use equipment
does not exceed an average of five (5) watts per rentable square foot of the Premises during Building Hours calculated on a monthly
basis, and the electricity so furnished for incidental use equipment will be at a nominal one hundred twenty (120) volts / 208
3 phase, which electrical usage shall be subject to applicable laws and regulations. In connection with the foregoing, Landlord
shall bear the cost of the equipment capable of providing the foregoing electricity to the bus riser on the floor on which the
Premises is located, provided that Tenant shall bear the expense of horizontally distributing such electricity to the Premises,
including costs related to disconnect switches, breaker boxes, conduits, and other required equipment. Tenant shall bear the cost
of replacement of lamps, starters and ballasts for non-Building standard lighting fixtures within the Premises. All electricity
to the Premises (including, without limitation, electricity in order to power any supplemental heating, ventilation and air conditioning
system serving the Premises) shall be separately metered or submetered at Tenant’s expense and Tenant shall make payment
directly to the entity providing such electricity to the Premises.

 

6.1.3           Landlord
shall provide city water from the regular Building outlets for drinking, lavatory and toilet purposes in the Building Common Areas.
At Tenant’s option, Landlord shall make available to Tenant (at the Building core or such other location Landlord may establish)
reasonable quantities of cold water for Tenant’s distribution within and use at the Premises. Any such water used by Tenant
shall be separately metered or submetered at Tenant’s expense and Tenant shall make payment directly to the entity providing
such water.

 

6.1.4           Landlord
shall provide janitorial services to the Premises, except for weekends and the date of observation of the Holidays, in and about
the Premises and window washing services in a manner consistent with the janitorial specifications attached hereto as Exhibit
F.

 

6.1.5           Landlord
shall provide nonexclusive, non-attended automatic passenger elevator service during the Building Hours and shall have one elevator
available at all other times, including on the Holidays; and

 

6.1.6           Landlord
shall provide nonexclusive freight elevator service during Building Hour subject to scheduling by Landlord.

 

Tenant shall cooperate
fully with Landlord at all times and abide by all regulations and requirements that Landlord may reasonably prescribe for the proper
functioning and protection of the HVAC, electrical, mechanical and plumbing systems.

 

6.2         Overstandard
Tenant Use. Tenant shall not, without Landlord’s prior written consent, use heat- generating machines, machines other
than normal fractional horsepower office machines, or equipment or lighting other than Building standard lights in the Premises,
which may affect the temperature otherwise maintained by the air conditioning system or increase the water normally furnished for
the Premises by Landlord pursuant to the terms of Section 6.1 of this Lease. If Tenant uses heat or air conditioning in
excess of that supplied by Landlord pursuant to Section 6.1 of this Lease, Tenant shall pay to Landlord, upon billing, the
“After Hours HVAC Charge,” as that term is defined below, the cost of the installation, operation, and maintenance
of equipment which is installed in order to supply such excess consumption (if any), and the cost of the increased wear and tear
on existing equipment caused by such excess consumption (as determined by Landlord. [If Tenant uses electricity in excess of the
amounts set forth in Section 6.1.2 of this Lease, Tenant shall pay to Landlord, upon billing, the actual cost of the installation,
operation, and maintenance of equipment which is installed in order to supply such excess consumption, and the cost of the increased
wear and tear on existing equipment caused by such excess consumption (as determined by Landlord). Tenant’s use of electricity
shall never exceed the capacity of the feeders to the Project or the risers or wiring installation, and subject to the terms of
Section 29.32, below, Tenant shall not install or use or permit the installation or use of any computer or electronic data
processing equipment in the Premises, without the prior written consent of Landlord. If Tenant desires to use heat, ventilation
or air conditioning during hours other than those for which Landlord is obligated to supply such utilities pursuant to the terms
of Section 6.1 of this Lease, Tenant shall give Landlord such prior notice, if any, as Landlord shall from time to time
establish as appropriate, of Tenant’s desired use in order to supply such utilities, and Landlord shall supply such utilities
to Tenant at such hourly cost per zone to Tenant (which shall be treated as Additional Rent) as Landlord has established (the “After
Hours HVAC Charge”). Notwithstanding any provision to the contrary contained in this Lease, Tenant shall promptly pay
to Landlord Landlord’s standard charge (which shall include Landlord’s standard administrative charge) for any services
provided to Tenant which Landlord is not specifically obligated to provide to Tenant pursuant to the terms of this Lease. Notwithstanding
the foregoing, Tenant shall only be required to pay Landlord the costs it incurs to provide freight elevator service after Building
Hours (or opposed to Landlord’s standard language charge) for the first three (3) months following the Lease Commencement
Date. The current After Hours HVAC Charge, which is subject to change from time to time, is $136.00 per hour for cooling, and $62.00
per hour for heating.

 

    	 	22	 

     

    

 

6.3         Condenser
Water. Landlord shall provide Tenant with Tenant’s Share of the condenser water for Tenant’s independent supplemental
air-conditioning units equal to Tenant’s Share of the condenser water available for the Building. Tenant shall, at Tenant’s
cost, install one or more water meters for purposes of measuring Tenant’s use of condenser water and all pipes and other
equipment required to bring and return the condenser water to the condenser water users in the Building. Tenant shall pay Landlord
an annual charge for such condenser water at reasonable rates based on Tenant’s actual use thereof, which charge shall be
payable as Additional Rent.

 

6.4         Interruption
of Use. Tenant agrees that Landlord shall not be liable for damages, by abatement of Rent or otherwise, for failure to
furnish or delay in furnishing any service (including telephone and telecommunication services), or for any diminution in the
quality or quantity thereof, when such failure or delay or diminution is occasioned, in whole or in part, by breakage, repairs,
replacements, or improvements, by any strike, lockout or other labor trouble, by inability to secure electricity, gas, water,
or other fuel at the Building or Project after reasonable effort to do so, by any riot or other dangerous condition, emergency,
accident or casualty whatsoever, by act or default of Tenant or other parties, or by any other cause beyond Landlord’s reasonable
control; and such failures or delays or diminution shall never be deemed to constitute an eviction or disturbance of Tenant’s
use and possession of the Premises or relieve Tenant from paying Rent or performing any of its obligations under this Lease. Furthermore,
Landlord shall not be liable under any circumstances for a loss of, or injury to, property or for injury to, or interference with,
Tenant’s business, including, without limitation, loss of profits, however occurring, through or in connection with or incidental
to a failure to furnish any of the services or utilities as set forth in this Article 6. Notwithstanding anything to the
contrary contained in this Lease, if the Premises or a material portion thereof shall be rendered untenantable and Tenant is prevented
from using, and does not use, the Premises or any material portion thereof, for the ordinary conduct of Tenant’s business,
for five (5) consecutive Business Days (the “Eligibility Period”) as a result of Landlord’s performance of Renovation
Work or Landlord’s default in its obligation to provide any service which Landlord is expressly required to provide pursuant
to the terms of this Lease (and not by reason of Force Majeure, fire, casualty, condemnation, any act or omission of Tenant, its
agents, invitees, licensees, employees or contractors or any reason beyond Landlord’s control), then, provided that Tenant
shall have given Landlord a notice promptly after the Premises or a material portion thereof has been rendered untenantable, advising
Landlord of such untenantability, which notice shall contain the following statement in capitalized bold type: “IF YOU FAIL
TO REMEDY THE PROBLEM REFERENCED IN THIS NOTICE WITHIN THE TIME PERIOD SPECIFIED IN SECTION 6.4 OF THE LEASE, WE MAY BE
ENTITLED TO A RENT ABATEMENT IN ACCORDANCE WITH SUCH SECTION”, Tenant shall be entitled to an abatement of Gross Rent for
such time (excluding the Eligibility Period) that Tenant is so prevented from using, and does not use, the Premises or such material
portion thereof, in the proportion that the rentable area of the portion of the Premises that Tenant is so prevented from using,
and does not use, bears to the total rentable area of the Premises. For the purposes hereof, a “material portion”
of the Premises shall mean twenty percent (20%) of the rentable area of the Premises; provided, however, that if less than twenty
percent (20%) of the rentable area of the Premises shall be rendered untenantable as of result of Landlord’s performance
of Renovation Work or Landlord’s failure to provide any service required hereunder, but Tenant shall be precluded from operating
its business in the Premises as a result of any of Tenant’s not having reasonable access to the Premises as a result of
the performance of Renovation Work or any such failure, then the entire Premises shall be deemed to have been rendered untenantable
as a result of such failure until the applicable Landlord services are restored.

 

    	 	23	 

     

    

 

ARTICLE 7

 

REPAIRS

 

Tenant shall, at
Tenant’s own expense, keep the Premises, including all improvements, fixtures, furnishings, and systems and equipment therein
(including, without limitation, plumbing fixtures and equipment such as dishwashers, garbage disposals, and insta-hot dispensers),
and the floor or floors of the Building on which the Premises are located, in good order, repair and condition at all times during
the Lease Term. In addition, Tenant shall, at Tenant’s own expense, but under the supervision and subject to the prior reasonable
approval of Landlord, and within any reasonable period of time specified by Landlord, promptly and adequately repair all damage
to the Premises and replace or repair all damaged, broken, or worn fixtures and appurtenances, except for damage caused by ordinary
wear and tear or beyond the reasonable control of Tenant; provided however, that, at Landlord’s option, or if Tenant fails
to make such repairs, Landlord may, but need not, make such repairs and replacements, and Tenant shall pay Landlord the cost thereof,
including Landlord’s standard administrative charge in connection with Landlord’s involvement with such repairs and
replacements, forthwith upon being billed for same. All repairs performed by Tenant hereunder shall be made in conformance with
Landlord’s standard construction rules and regulations. Notwithstanding the foregoing, Landlord shall be responsible for
repairs to the exterior walls, foundation and roof of the Building, the structural portions of the floors of the Building, and
the Building Systems, except to the extent that such repairs are required due to the negligence or willful misconduct of Tenant;
provided, however, that if such repairs are due to the negligence or willful misconduct of Tenant, Landlord shall nevertheless
make such repairs at Tenant’s expense, or, if covered by Landlord’s insurance, Tenant shall only be obligated to pay
any deductible in connection therewith. Landlord may, but shall not be required to, enter the Premises at all reasonable times
and with one day’s advance notice except in an emergency to make such repairs, alterations, improvements or additions to
the Premises or to the Project or to any equipment located in the Project as Landlord shall desire or deem necessary or as Landlord
may be required to do by governmental or quasi-governmental authority or court order or decree. To the fullest extent permitted
by law, Tenant hereby waives and releases any and all rights it may have at law or in equity to make repairs at the expense of
Landlord or in lieu thereof to vacate the Premises as may be provided by any law, statute or ordinance now or hereafter in effect.
The “Building Systems” shall mean the mechanical, electrical, plumbing, sanitary, sprinkler, heating, ventilation
and air conditioning, security, life-safety, elevator and other service systems or facilities of the Building up to the point of
connection to localized distribution to the Premises (excluding, however, supplemental HVAC systems of tenants, sprinklers and
the horizontal distribution systems within and servicing the Premises and by which mechanical, electrical, plumbing, sanitary,
heating, ventilating and air conditioning, security, life-safety and other service systems are distributed from the base Building
risers, feeders, panelboards, etc. for provision of such services to the Premises). The perimeter induction or chilled beam units
and main interior ductwork on each floor are part of the Building Systems.

 

ARTICLE 8

 

ADDITIONS AND ALTERATIONS

 

8.1         Landlord’s
Consent to Alterations. Tenant may not make any improvements, alterations, additions or changes to the Premises or any
mechanical, plumbing or HVAC facilities or systems pertaining to the Premises (collectively, the “Alterations”)
without first procuring the prior written consent of Landlord to such Alterations, which consent shall be requested by Tenant
not less than thirty (30) days prior to the commencement thereof, and which consent shall not be unreasonably withheld by Landlord,
provided it shall be deemed reasonable for Landlord to withhold its consent to any Alteration which adversely affects the Building
Systems, or the structural portions of the Building or is visible from the exterior of the Building. Notwithstanding the foregoing,
Landlord’s consent shall not be required but Tenant shall provide Landlord ten (10) days prior notice, for any (x) non-structural
Tenant Alterations which do not adversely affect Building systems or require a permit or approval from the Governmental Authorities,
such as furniture systems and cabling, or (y) Tenant Alterations consisting solely of all purely aesthetic Tenant Alterations
(e.g., painting, wall coverings, carpeting and similar decorative alterations (“Decorative Alterations”), provided
and on condition that (aa) Tenant otherwise complies with the applicable provisions of this Lease, including, without limitation,
providing evidence of the insurance requirements of this Lease, and all applicable Requirements and (bb) the cost of the Tenant
Alterations in clause (x) does not exceed $25,000.00. The provisions of the Tenant Work Letter and not this Article 8 shall
apply to the Tenant Improvements.

 

    	 	24	 

     

    

 

8.2         Manner
of Construction. Landlord may impose, as a condition of its consent to any and all Alterations or repairs of the Premises
or about the Premises or otherwise, such requirements as Landlord in its reasonable discretion may deem desirable, including,
but not limited to, the requirement that upon Landlord’s request, Tenant shall, at Tenant’s expense, remove such Alterations
upon the expiration or any early termination of the Lease Term. All contractors, subcontractors, servicemen, materials, mechanics
and materialmen shall be reasonably approved by Landlord. In connection with the foregoing, Tenant acknowledges that all contractors,
subcontractors, and any other person performing work or services within the Building shall be required by Landlord to be union
and shall comply with Landlord’s insurance requirements as set forth in Section 8.4 below. Tenant shall construct
such Alterations and perform such repairs in a good and workmanlike manner, in conformance with any and all applicable federal,
state, county or municipal laws, rules and regulations and pursuant to a valid building permit, issued by the city in which the
Building is located (or other applicable governmental authority), all in conformance with Landlord’s construction rules
and regulations; provided, however, that prior to commencing to construct any Alteration (other than Decorative Alteration), Tenant
shall meet with Landlord to discuss Landlord’s design parameters and code compliance issues. In the event Tenant performs
any Alterations in the Premises which require or give rise to governmentally required changes to the “Base Building,”
as that term is defined below, then Landlord shall, at Tenant’s expense, make such changes to the Base Building. The “Base
Building” shall include the structural portions of the Building, the Building Systems, Common Areas, and the public
restrooms, elevators, exit stairwells and the systems and equipment located in the internal core of the Building on the floor
or floors on which the Premises are located. In performing the work of any such Alterations, Tenant shall have the work performed
in such manner so as not to obstruct access to the Project or any portion thereof, by any other tenant of the Project, and so
as not to obstruct the business of Landlord or other tenants in the Project. Tenant shall not use (and upon notice from Landlord
shall cease using) contractors, services, workmen, labor, materials or equipment that, in Landlord’s reasonable judgment,
would disturb labor harmony with the workforce or trades engaged in performing other work, labor or services in or about the Building
or the Common Areas. Upon completion of any Alterations (or repairs), Tenant shall deliver to Landlord final lien waivers from
all contractors, subcontractors and materialmen who performed such work. In addition to Tenant’s obligations under Article
9 of this Lease, Tenant shall deliver to the Project construction manager a reproducible copy of the “as built”
drawings of the Alterations as well as all permits, approvals and other documents issued by any governmental agency in connection
with the Alterations.

 

8.3         Payment
for Improvement. If payment is made by Tenant directly to contractors, Tenant shall (i) comply
with Landlord’s requirements for contractor sworn statements, final lien releases and waivers in connection with
Tenant’s payment for work to contractors, and (ii) sign Landlord’s standard contractor’s rules and
regulations. Whether or not Tenant orders any work directly from Landlord, Tenant shall pay Landlord’s standard
administrative charge and the “Consent Fees,” as that term is defined in Section 29.21.1 of this Lease, as
applicable, in connection with Landlord’s review of and involvement with such work. At Landlord’s option, prior
to the commencement of construction of any Alteration, Tenant shall provide Landlord with the reasonably anticipated cost
thereof, which Landlord shall disburse during construction pursuant to Landlord’s standard, commercially reasonable
disbursement procedure.

 

8.4         Construction
Insurance. In addition to the requirements of Article 10 of this Lease, in the event that Tenant makes any Alterations,
prior to the commencement of such Alterations, Tenant shall provide Landlord with evidence that Tenant carries “Builder’s
All Risk” insurance in an amount approved by Landlord covering the construction of such Alterations, and such other insurance
as Landlord may reasonably require, it being understood and agreed that all of such Alterations shall be insured by Tenant pursuant
to Article 10 of this Lease immediately upon completion thereof. In addition, Tenant’s contractors and subcontractors
shall be required to carry Commercial General Liability Insurance in an amount reasonably approved by Landlord and otherwise in
accordance with the requirements of Article 10 of this Lease. Landlord may, in its reasonable discretion, require Tenant
to obtain a lien and completion bond or some alternate form of security satisfactory to Landlord in an amount sufficient to ensure
the lien-free completion of such Alterations and naming Landlord as a co-obligee.

 

8.5         Landlord’s
Property. All Alterations, improvements, fixtures, equipment and/or appurtenances which may be installed or placed in or
about the Premises, from time to time, shall be at the sole cost of Tenant and shall be and become the property of Landlord, except
that Tenant may remove any Alterations, improvements, fixtures and/or equipment which (i) are not permanently affixed to the Premises
and/or the Building, and (ii) Tenant can substantiate to Landlord have not been paid for with any Tenant improvement allowance
funds provided to Tenant by Landlord, provided Tenant repairs any damage to the Premises and Building caused by such removal and
returns the affected portion of the Premises to a building standard tenant improved condition as determined by Landlord. Furthermore,
Landlord may, by written notice to Tenant prior to the end of the Lease Term, or given following any earlier termination of this
Lease, require Tenant, at Tenant’s expense, to remove any Alterations and/or improvements and/or systems and equipment within
the Premises and to repair any damage to the Premises and Building caused by such removal and return the affected portion of the
Premises to a building standard tenant improved condition as determined by Landlord. If Tenant fails to complete such removal and/or
to repair any damage caused by the removal of any Alterations and/or improvements and/or systems and equipment in the Premises
and return the affected portion of the Premises to a building standard tenant improved condition as reasonably determined by Landlord,
Landlord may do so and may charge the cost thereof to Tenant. Tenant hereby protects, defends, indemnifies and holds Landlord harmless
from any liability, cost, obligation, expense or claim of lien in any manner relating to the installation, placement, removal or
financing of any such Alterations, improvements, fixtures and/or equipment in, on or about the Premises, which obligations of Tenant
shall survive the expiration or earlier termination of this Lease.

 

    	 	25	 

     

    

 

ARTICLE 9

 

COVENANT AGAINST LIENS

 

Tenant shall keep
the Project and Premises free from any liens or encumbrances arising out of the work performed, materials furnished or obligations
incurred by or on behalf of Tenant, and shall protect, defend, indemnify and hold Landlord harmless from and against any claims,
liabilities, judgments or costs (including, without limitation, reasonable attorneys’ fees and costs) arising out of same
or in connection therewith. Within ten (10) business days after notice from Landlord, Tenant
shall either (i) remove any such lien or encumbrance by bond or otherwise, or (ii) provide the Landlord security reasonably satisfactory
to Landlord, and if Tenant shall fail to do so, Landlord may pay the amount necessary to remove such lien or encumbrance, without
being responsible for investigating the validity thereof. The amount so paid to reimburse Landlord for removal of any lien shall
be deemed Additional Rent under this Lease payable upon demand, without limitation as to other remedies available to Landlord under
this Lease. Nothing contained in this Lease shall authorize Tenant to do any act which shall subject Landlord’s title to
the Building or Premises to any liens or encumbrances whether claimed by operation of law or express or implied contract. Any claim
to a lien or encumbrance upon the Building or Premises arising in connection with any such work or respecting the Premises not
performed by or at the request of Landlord shall be null and void, or at Landlord’s option, shall attach only against Tenant’s
interest in the Premises and shall in all respects be subordinate to Landlord’s title to the Project, Building and Premises.

 

ARTICLE 10

 

INSURANCE

 

10.1       Indemnification
and Waiver. Tenant hereby assumes all risk of damage to property or injury to persons in, upon or about the Premises from
any cause whatsoever (including, but not limited to, any personal injuries resulting from a slip and fall in, upon or about the
Premises) other than Landlord’s gross negligence or willful misconduct and agrees that Landlord, its members, managers, partners,
subpartners and their respective officers, agents, servants, employees, and independent contractors (collectively, “Landlord
Parties”) shall not be liable for, and are hereby released from any responsibility for, any damage either to person or
property or resulting from the loss of use thereof, which damage is sustained by Tenant or by other persons claiming through Tenant.
Tenant shall indemnify, defend, protect, and hold harmless the Landlord Parties from any and all loss, cost, damage, expense and
liability (including without limitation court costs and reasonable attorneys’ fees) (collectively “Losses”)
incurred in connection with or arising from any cause in, on or about the Premises (including, but not limited to, a slip and fall),
any acts, omissions or negligence of Tenant or of any person claiming by, through or under Tenant, or of the contractors, agents,
servants, employees, invitees, guests or licensees of Tenant or any such person, in, on or about the Project or any breach of the
terms of this Lease, either prior to, during, or after the expiration of the Lease Term, provided that the terms of the foregoing
indemnity shall not apply to the negligence or willful misconduct of Landlord. Should Landlord be named as a defendant in any suit
brought against Tenant in connection with or arising out of Tenant’s occupancy of the Premises, Tenant shall pay to Landlord
its costs and expenses incurred in such suit, including without limitation, its actual professional fees such as reasonable appraisers’,
accountants’ and attorneys’ fees. The provisions of this Section 10.1 shall survive the expiration or sooner
termination of this Lease with respect to any claims or liability arising in connection with any event occurring prior to such
expiration or termination.

 

10.2       Tenant’s
Compliance With Landlord’s Fire and Casualty Insurance. Tenant shall, at Tenant’s expense, comply with all
Tenant’s insurance company requirements pertaining to the use of the Premises and with all of Landlord’s insurance
company requirements pertaining to the use of the Premises but only after Landlord has notified Tenant of such requirements. If
Tenant’s conduct or use of the Premises causes any increase in the premium for such insurance policies then Tenant shall
reimburse Landlord for any such increase. Tenant, at Tenant’s expense, shall comply with all rules, orders, regulations or
requirements of the American Insurance Association (formerly the National Board of Fire Underwriters) and with any similar body.

 

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10.3       Tenant’s
Insurance. Tenant shall maintain the following coverages in the following amounts.

 

10.3.1           Commercial
General Liability Insurance on an occurrence form, covering the insured against claims of bodily injury, personal injury and property
damage (including loss of use thereof) arising out of Tenant’s operations, including broad form contractual liability and
products and completed operations coverage, for limits of liability (which limits requirements may be met by use of a commercial
umbrella policy) on a per location basis of not less than:

 

	Bodily Injury and	$5,000,000 each occurrence
	Property Damage Liability	$5,000,000 annual aggregate
	 	 
	Personal Injury Liability	$5,000,000 each occurrence
	 	$5,000,000 annual aggregate
	 	0% Insured’s participation

 

10.3.2           Property
Insurance covering (i) all office furniture, business and trade fixtures, office equipment, free-standing cabinet work, movable
partitions, merchandise and all other items of Tenant’s property on the Premises installed by, for, or at the expense of
Tenant, (ii) the “Tenant Improvements,” as that term is defined in the Tenant Work Letter, and any other improvements
which exist in the Premises as of the Lease Commencement Date (excluding the Base Building) (the “Original Improvements”),
and (iii) all other improvements, alterations and additions to the Premises. Such insurance shall be written on a special form
cause of loss (or “all risks” of physical loss or damage) basis, for the full replacement cost value (subject
to reasonable deductible amounts) new without deduction for depreciation of the covered items and in amounts that meet any co-insurance
clauses of the policies of insurance and shall include coverage for damage or other loss caused by fire or other peril including,
but not limited to, vandalism and malicious mischief, theft, water damage of any type, including sprinkler leakage, bursting or
stoppage of pipes, explosion and the value of the Tenant Improvements.

 

10.3.3           Business
Income Interruption for one (1) year plus Extra Expense insurance in such amounts as willreimburse Tenant for actual direct
or indirect loss of earnings attributable to the risks outlined in Section 10.3.2 above.

 

10.3.4           Worker’s
Compensation and Employer’s Liability or other similar insurance pursuant to all applicable state and local statutes and
regulations.

 

10.4       Form
of Policies. The minimum limits of policies of insurance required of Tenant under this Lease shall in no event limit the
liability of Tenant under this Lease. Such insurance shall (i) name Landlord, and any other party the Landlord so specifies, as
an additional insured or loss payee, as applicable, including Landlord’s managing agent, if any; (ii) be issued by an insurance
company having a rating of not less than A:X in Best’s Insurance Guide or which is otherwise acceptable to Landlord and licensed
to do business in the State of Illinois; (iii) be primary insurance as to all claims thereunder
and provide that any insurance carried by Landlord is excess and is non-contributing with any insurance requirement of Tenant;
and (iv) be in form and content reasonably acceptable to Landlord. Tenant shall deliver said certificates thereof to Landlord on
or before the Lease Commencement Date and at least thirty (30) days before the expiration dates thereof. In the event Tenant shall
fail to procure such insurance, or to deliver such policies or certificate, Landlord may, at its option, procure such policies
for the account of Tenant, and the cost thereof shall be paid to Landlord within five (5) days after delivery to Tenant of bills
therefor. Tenant shall notify Landlord of any cancellation or change in coverage within five (5) business days after it has notice
thereof.

 

10.5       Subrogation.
Landlord and Tenant intend that their respective property loss risks shall be borne by reasonable insurance carriers to the extent
above provided, and Landlord and Tenant hereby agree to look solely to, and seek recovery only from, their respective insurance
carriers in the event of a property loss to the extent that such coverage is agreed to be provided hereunder. The parties each
hereby waive all rights and claims against each other for such losses and any deductibles under such policies, and waive all rights
of subrogation of their respective insurers. The parties agree that their respective insurance policies are now, or shall be, endorsed
such that the waiver of subrogation shall not affect the right of the insured to recover thereunder, so long as no material additional
premium is charged therefor.

 

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10.6       Additional
Insurance Obligations. Tenant shall carry and maintain during the entire Lease Term, at Tenant’s sole cost and expense,
increased amounts of the insurance required to be carried by Tenant pursuant to this Article 10 and such other reasonable
types of insurance coverage and in such reasonable amounts covering the Premises and Tenant’s operations therein, as may
be reasonably requested by Landlord, but in no event in excess of the amounts and types of insurance then being required by landlords
of buildings comparable to and in the vicinity of the Building.

 

ARTICLE 11

 

DAMAGE AND DESTRUCTION

 

11.1       Repair
of Damage to Premises by Landlord. Tenant shall promptly notify Landlord of any damage to the Premises resulting from fire
or any other casualty. If the Premises or any Common Areas serving or providing access to the Premises shall be damaged by fire
or other casualty, Landlord shall promptly and diligently, subject to reasonable delays for insurance adjustment or other matters
beyond Landlord’s reasonable control, and subject to all other terms of this Article 11, restore the Base Building
and such Common Areas Such restoration shall be to substantially the same condition of the Base Building and the Common Areas prior
to the casualty, except for modifications required by zoning and building codes and other applicable laws or by the holder of a
mortgage on the Building or Project or any other modifications to the Common Areas deemed desirable by Landlord, which are consistent
with the character of the Project, provided that access to the Premises and any common restrooms serving the Premises shall not
be materially impaired. Upon the occurrence of any damage to the Premises, upon notice (the “Landlord Repair Notice”)
to Tenant from Landlord, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable
to Tenant under Tenant’s insurance required under Section 10.3 of this Lease, and Landlord shall repair any injury
or damage to the Tenant Improvements and the Original Improvements installed in the Premises and shall return such Tenant Improvements
and Original Improvements to their original condition; provided that if the cost of such repair by Landlord exceeds the amount
of insurance proceeds received by Landlord from Tenant’s insurance carrier, as assigned by Tenant, the cost of such repairs
shall be paid by Tenant to Landlord prior to Landlord’s commencement of repair of the damage. In the event that Landlord
does not deliver the Landlord Repair Notice within sixty (60) days following the date the casualty becomes known to Landlord, Tenant
shall, at its sole cost and expense, repair any injury or damage to the Tenant Improvements and the Original Improvements installed
in the Premises and shall return such Tenant Improvements and Original Improvements to their original condition. Whether or not
Landlord delivers a Landlord Repair Notice, prior to the commencement of construction, Tenant shall submit to Landlord, for Landlord’s
review and approval, all plans, specifications and working drawings relating thereto, and Landlord shall select the contractors
to perform such improvement work. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or
injury to Tenant’s business resulting in any way from such damage or the repair thereof; provided however, that if such fire
or other casualty shall have damaged the Premises or Common Areas necessary to Tenant’s occupancy, and the Premises are not
occupied by Tenant as a result thereof, then during the time and to the extent Tenant cannot reasonably conduct business in the
Premises, the Rent shall be abated in proportion to the ratio that the amount of rentable square feet of the Premises which is
unfit for occupancy for the purposes permitted under this Lease bears to the total rentable square feet of the Premises. In the
event that Landlord shall not deliver the Landlord Repair Notice, Tenant’s right to rent abatement pursuant to the preceding
sentence shall terminate as of the date which is reasonably determined by Landlord to be the date Tenant should have completed
repairs to the Premises assuming Tenant used reasonable due diligence in connection therewith.

 

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11.2       Landlord’s
Option to Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to
rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in
writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a
termination date giving Tenant sixty (60) days to vacate the Premises, but Landlord may so elect only if the Building or
Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, and one or more of the
following conditions is present: (i) in Landlord’s reasonable judgment, repairs cannot reasonably be completed within
one hundred eighty (180) days after the date of discovery of the damage (when such repairs are made without the payment of
overtime or other premiums); (ii) the holder of any mortgage on the Building or Project or ground lessor with respect to the
Building or Project shall require that the insurance proceeds or any portion thereof be used to retire the mortgage debt, or
shall terminate the ground lease, as the case may be; (iii) the damage is not fully covered by Landlord’s insurance
policies; (iv) Landlord decides to rebuild the Building or Common Areas so that they will be substantially different
structurally or architecturally; (v) the damage occurs during the last twelve (12) months of the Lease Term as it may have
been extended pursuant to Section 2.2; or (vi) any owner of any other portion of the Project, other than Landlord,
does not intend to repair the damage to such portion of the Project; provided, however, that if Landlord does not elect to
terminate this Lease pursuant to Landlord’s termination right as provided above, and the repairs cannot, in the
reasonable opinion of Landlord, be completed within one hundred eighty (180) days after being commenced, Tenant may elect, no
earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage,
to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not
be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant. Notwithstanding
the provisions of this Section 11.2; Tenant shall have the right to terminate this Lease under this Section
11.2 only if each of the following conditions is satisfied: (a) the damage to the Project by fire or other casualty was
not caused by the gross negligence or intentional act of Tenant (or its partners or subpartners if Tenant is a partnership)
and their respective officers, agents, servants, employees, and independent contractors; (b) Tenant is not then in default
under this Lease; (c) as a result of the damage, Tenant cannot reasonably conduct business from the Premises; and, (d) as
a result of the damage to the Project, Tenant does not occupy or use a material portion of the Premises.

 

11.3       Waiver
of Statutory Provisions. The provisions of this Lease, including this Article 11, constitute an express agreement
between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, the Building
or the Project, and any statute or regulation of the State of Illinois, with respect to any rights or obligations concerning damage
or destruction in the absence of an express agreement between the parties, and any other statute or regulation, now or hereafter
in effect, shall have no application to this Lease or any damage or destruction to all or any part of the Premises, the Building
or the Project.

 

ARTICLE 12

 

NONWAIVER

 

No provision of
this Lease shall be deemed waived by either party hereto unless expressly waived in a writing signed thereby. The waiver by either
party hereto of any breach of any term, covenant or condition herein contained shall not be deemed to be a waiver of any subsequent
breach of same or any other term, covenant or condition herein contained. The subsequent acceptance of Rent hereunder by Landlord
shall not be deemed to be a waiver of any preceding breach by Tenant of any term, covenant or condition of this Lease, other than
the failure of Tenant to pay the particular Rent so accepted, regardless of Landlord’s knowledge of such preceding breach
at the time of acceptance of such Rent. No acceptance of a lesser amount than the Rent herein stipulated shall be deemed a waiver
of Landlord’s right to receive the full amount due, nor shall any endorsement or statement on any check or payment or any
letter accompanying such check or payment be deemed an accord and satisfaction, and Landlord may accept such check or payment without
prejudice to Landlord’s right to recover the full amount due. No receipt of monies by Landlord from Tenant after the termination
of this Lease shall in any way alter the length of the Lease Term or of Tenant’s right of possession hereunder, or after
the giving of any notice shall reinstate, continue or extend the Lease Term or affect any notice given Tenant prior to the receipt
of such monies, it being agreed that after the service of notice or the commencement of a suit, or after final judgment for possession
of the Premises, Landlord may receive and collect any Rent due, and the payment of said Rent shall not waive or affect said notice,
suit or judgment.

 

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ARTICLE 13

 

CONDEMNATION

 

If the whole or
any part of the Premises, Building or Project shall be taken by power of eminent domain or condemned by any competent authority
for any public or quasi-public use or purpose, or if any adjacent property or street shall be so taken or condemned, or reconfigured
or vacated by such authority in such manner as to require the use, reconstruction or remodeling of a substantial portion of the
Building or Project, or if Landlord shall grant a deed or other instrument in lieu of such taking by eminent domain or condemnation,
Landlord shall have the option to terminate this Lease effective as of the date possession is required to be surrendered to the
authority. If more than twenty-five percent (25%) of the rentable square feet of the Premises is taken, or if access to the Premises
is substantially impaired for a period in excess of one hundred eighty (180) days, Tenant shall have the option to terminate this
Lease effective as of the date possession is required to be surrendered to the authority. Tenant shall not because of such taking
assert any claim against Landlord or the authority for any compensation because of such taking and Landlord shall be entitled to
the entire award or payment in connection therewith, except that Tenant shall have the right to file any separate claim available
to Tenant for any taking of Tenant’s personal property and fixtures belonging to Tenant and removable by Tenant upon expiration
of the Lease Term pursuant to the terms of this Lease, and for moving expenses, so long as such claims do not diminish the award
available to Landlord, its ground lessor with respect to the Building or Project or its mortgagee, and such claim is payable separately
to Tenant. All Rent shall be apportioned as of the date of such termination. If any part of the Premises shall be taken, and this
Lease shall not be so terminated, the Rent shall be proportionately abated. Notwithstanding anything to the contrary contained
in this Article 13, in the event of a temporary taking of all or any portion of the Premises for a period of one hundred
and eighty (180) days or less, then this Lease shall not terminate nor shall Gross Rent abate but Tenant shall be entitled to receive
the entire award made in connection with any such temporary taking. The terms and conditions of this Article 13. not general
principles of law or any contrary provisions of Illinois law, shall govern the rights and obligations of Landlord and Tenant with
respect to the condemnation of all or any portion of the Project, and Tenant and Landlord hereby waive such contrary provisions
of such laws.

 

ARTICLE 14

 

ASSIGNMENT AND SUBLETTING

 

14.1        Transfers.
Tenant shall not, without the prior written consent of Landlord, assign, mortgage, pledge, hypothecate, encumber, or permit any
lien to attach to, or otherwise transfer, this Lease or any interest hereunder, permit any assignment, or other transfer of this
Lease or any interest hereunder by operation of law, sublet the Premises or any part thereof, or enter into any license or concession
agreements or otherwise permit the occupancy or use of the Premises or any part thereof by any persons other than Tenant and its
employees and contractors (all of the foregoing are hereinafter sometimes referred to collectively as “Transfers”
and any person to whom any Transfer is made or sought to be made is hereinafter sometimes referred to as a “Transferee”).
If Tenant desires Landlord’s consent to any Transfer, Tenant shall notify Landlord in writing, which notice (the “Transfer
Notice”) shall include (i) the proposed effective date of the Transfer, which shall not be less than thirty (30) days
nor more than one hundred eighty (180) days after the date of delivery of the Transfer Notice, (ii) a description of the portion
of the Premises to be transferred (the “Subject Space”), (iii) all of the terms of the proposed Transfer and
the consideration therefor, including calculation of the “Transfer Premium”, as that term is defined in Section
14.3 below, if any, in connection with such Transfer, the name and address of the proposed Transferee, and a copy of all existing
executed and/or proposed documentation pertaining to the proposed Transfer, including all existing operative documents to be executed
to evidence such Transfer or the agreements incidental or related to such Transfer, (iv) current financial statements of the proposed
Transferee certified by an officer, partner or owner thereof, business credit and personal references and history of the proposed
Transferee and any other information reasonably required by Landlord which will enable Landlord to determine the financial responsibility,
character, and reputation of the proposed Transferee, nature of such Transferee’s business and proposed use of the Subject
Space, and (v) an executed estoppel certificate from Tenant in the form attached hereto as Exhibit E. Except as otherwise
set forth herein, any Transfer made without Landlord’s prior written consent shall, at Landlord’s option, be null,
void and of no effect, and shall, at Landlord’s option, constitute a default by Tenant under this Lease. Whether or not Landlord
consents to any proposed Transfer, Tenant shall pay to Landlord the applicable Consent Fees, within thirty (30) days after written
request by Landlord.

 

14.2       Landlord’s
Consent. Landlord shall not unreasonably withhold or delay its consent to any proposed sublease of the Subject Space or
assignment of the Lease to the Transferee on the terms specified in the Transfer Notice. Without limitation as to other reasonable
grounds for withholding consent, the parties hereby agree that it shall be reasonable under this Lease and under any applicable
law for Landlord to withhold consent to any proposed Transfer where one or more of the following apply:

 

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14.2.1         The
Transferee is of a character or reputation or engaged in a business which is not consistent with the quality of the Building or
the Project;

 

14.2.2           The
Transferee intends to use the Subject Space for purposes which are not permitted under this Lease;

 

14.2.3           The
Transferee is either a governmental agency or instrumentality thereof;

 

14.2.4           The
Transferee is not a party of reasonable financial worth and/or financial stability in light of the responsibilities to be undertaken
in connection with the Transfer on the date consent is requested;

 

14.2.5           The
proposed Transfer would cause a violation of another lease for space in the Project, or would give an occupant of the Project a
right to cancel its lease;

 

14.2.6           The
proposed Transferee is a tenant, subtenant, licensee or other occupant of the Building or the Project or has leased, subleased
or otherwise occupied the Building or the Project in the immediately prior twelve (12) moths; or

 

14.2.7           Either
the proposed Transferee, or any person or entity which directly or indirectly, controls, is controlled by, or is under common control
with, the proposed Transferee, (i) occupies space in the Project at the time of the request for consent, or (ii) is negotiating
with Landlord or has negotiated with Landlord during the six (6) month period immediately preceding the date Landlord receives
the Transfer Notice, to lease space in the Project.

 

If Landlord consents
to any Transfer pursuant to the terms of this Section 14.2 (and does not exercise any recapture rights Landlord may have
under Section 14.4 of this Lease), Tenant may within six (6) months after Landlord’s consent, but not later than the
expiration of said six-month period, enter into such Transfer of the Premises or portion thereof, upon substantially the same terms
and conditions as are set forth in the Transfer Notice furnished by Tenant to Landlord pursuant to Section 14.1 of this
Lease, provided that if there are any changes in the terms and conditions from those specified in the Transfer Notice (i) such
that Landlord would initially have been entitled to refuse its consent to such Transfer under this Section 14.2, or (ii)
which would cause the proposed Transfer to be more favorable to the Transferee than the terms set forth in Tenant’s original
Transfer Notice, Tenant shall again submit the Transfer to Landlord for its approval and other action under this Article 14
(including Landlord’s right of recapture, if any, under Section 14.4 of this Lease). Notwithstanding anything to the
contrary in this Lease, if Tenant or any proposed Transferee claims that Landlord has unreasonably withheld or delayed its consent
under Section 14.2 or otherwise has breached or acted unreasonably under this Article 14, their sole remedy shall
be a declaratory judgment and an injunction for the relief sought, and Tenant hereby waives all other remedies, including, without
limitation, any right at law or equity to terminate this Lease, on its own behalf and, to the extent permitted under all applicable
laws, on behalf of the proposed Transferee.

 

14.3       Transfer
Premium. If Landlord consents to a Transfer, as a condition thereto which the parties hereby agree is reasonable, Tenant
shall pay to Landlord fifty percent (50%) of any “Transfer Premium,” as that term is defined in this Section
14.3, received by Tenant from such Transferee. “Transfer Premium” shall mean all rent, additional rent
or other consideration payable by such Transferee in connection with the Transfer in excess of the Rent and Additional Rent payable
by Tenant under this Lease during the term of the Transfer on a per rentable square foot basis if less than all of the Premises
is transferred. In determining the Transfer Premium there shall also be deducted (i) in the case of an assignment, the reasonable
third-party brokerage fees, legal fees and architectural fees and improvement allowances paid or to be paid by Tenant in connection
with such transfer (“Transaction Costs” and (ii) in the case of a sublease the monthly amortized amount of
Transaction Costs which costs shall be deemed amortized, on a straight-line basis, over the term of the sublease. “Transfer
Premium” shall also include, but not be limited to, key money, bonus money or other cash consideration paid by Transferee
to Tenant in connection with such Transfer, and any payment in excess of fair market value for services rendered by Tenant to
Transferee or for assets, fixtures, inventory, equipment, or furniture transferred by Tenant to Transferee in connection with
such Transfer. The determination of the amount of Landlord’s applicable share of the Transfer Premium shall be made on a
monthly basis as rent or other consideration is received by Tenant under the Transfer.

 

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14.4       Landlord’s
Option as to Subject Space. Notwithstanding anything to the contrary contained in this Article 14, in the event
Tenant contemplates a Transfer of all or more than thirty percent (30%) of the Premises for eighty percent (80%) or more of the
remaining Term, Tenant shall give Landlord notice (the “Intention to Transfer Notice”) of such contemplated
Transfer (whether or not the contemplated Transferee or the terms of such contemplated Transfer have been determined). The Intention
to Transfer Notice shall specify the portion of and amount of rentable square feet of the Premises which Tenant intends to Transfer
(the “Contemplated Transfer Space”), the contemplated date of commencement of the Contemplated Transfer (the
“Contemplated Effective Date”), and the contemplated length of the term of such contemplated Transfer, and
shall specify that such Intention to Transfer Notice is delivered to Landlord pursuant to this Section 14.4 in order to
allow Landlord to elect to recapture the Contemplated Transfer Space. Thereafter, Landlord shall have the option, by giving written
notice to Tenant within thirty (30) days after receipt of any Intention to Transfer Notice, to recapture the Contemplated Transfer
Space. Such recapture shall cancel and terminate this Lease with respect to such Contemplated Transfer Space as of the Contemplated
Effective Date in the same manner as though such date was the Lease Expiration Date. In the event of a recapture by Landlord,
if this Lease shall be canceled with respect to less than the entire Premises, (i) the Rent reserved herein shall be prorated
on the basis of the number of rentable square feet retained by Tenant in proportion to the number of rentable square feet contained
in the Premises, (ii) Tenant shall be responsible for erecting demising walls, separating utilities and systems and constructing
any required Building corridors and (iii) this Lease as so amended shall continue thereafter
in full force and effect, and upon request of either party, the parties shall execute written confirmation of the same. If Landlord
declines, or fails to elect in a timely manner, to recapture such Contemplated Transfer Space under this Section 14.4,
then, subject to the other terms of this Article 14, for a period of nine (9) months (the “Nine Month Period”)
commencing on the last day of such thirty (30) day period, Landlord shall not have any right to recapture the Contemplated Transfer
Space with respect to any Transfer made during the Nine Month Period, provided that any such Transfer is substantially on the
terms set forth in the Intention to Transfer Notice, and provided further that any such Transfer shall be subject to the remaining
terms of this Article 14. If such a Transfer is not so consummated within the Nine Month Period (or if a Transfer is so
consummated, then upon the expiration of the term of any Transfer of such Contemplated Transfer Space consummated within such
Nine Month Period), Tenant shall again be required to submit a new Intention to Transfer Notice to Landlord with respect any contemplated
Transfer, as provided above in this Section 14.4.

 

14.5       Effect
of Transfer. If Landlord consents to a Transfer, (i) the terms and conditions of this Lease shall in no way be deemed to
have been waived or modified, (ii) such consent shall not be deemed consent to any further Transfer by either Tenant or a Transferee,
(iii) Tenant shall deliver to Landlord, promptly after execution, an original executed copy of all documentation pertaining to
the Transfer in form reasonably acceptable to Landlord, (iv) Tenant shall furnish upon Landlord’s
request a complete statement, certified by an independent certified public accountant, or Tenant’s chief financial officer,
setting forth in detail the computation of any Transfer Premium Tenant has derived and shall derive from such Transfer, and (v)
no Transfer relating to this Lease or agreement entered into with respect thereto, whether with or without Landlord’s consent,
shall relieve Tenant or any guarantor of the Lease from any liability under this Lease, including, without limitation, in connection
with the Subject Space. Landlord or its authorized representatives shall have the right at all reasonable times to audit the books,
records and papers of Tenant relating to any Transfer, and shall have the right to make copies thereof. If the Transfer Premium
respecting any Transfer shall be found understated, Tenant shall, within thirty (30) days after demand, pay the deficiency, and
if understated by more than five percent (5%), Tenant shall pay Landlord’s costs of such audit.

 

14.6       Additional
Transfers. For purposes of this Lease, the term “Transfer” shall also include (i) if Tenant is a partnership,
the withdrawal or change, voluntary, involuntary or by operation of law, of fifty percent (50%) or more of the partners, or transfer
of fifty percent (50%) or more of partnership interests, within a twelve (12)-month period, or the dissolution of the partnership
without immediate reconstitution thereof, and (ii) if Tenant is a closely held corporation (i.e., whose stock is not publicly
held and not traded through an exchange or over the counter), (A) the dissolution, merger, consolidation or other reorganization
of Tenant or (B) the sale or other transfer of an aggregate of fifty percent (50%) or more of the voting shares of Tenant (other
than to immediate family members by reason of gift or death), within a twelve (12)-month period, or (C) the sale, mortgage, hypothecation
or pledge of an aggregate of fifty percent (50%) or more of the value of the unencumbered assets of Tenant within a twelve (12)-month
period.

 

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14.7       Occurrence
of Default. Any Transfer hereunder shall be subordinate and subject to the provisions of this Lease, and if this Lease
shall be terminated during the term of any Transfer, Landlord shall have the right to: (i) treat such Transfer as cancelled and
repossess the Subject Space by any lawful means, or (ii) require that such Transferee attorn to and recognize Landlord as its
landlord under any such Transfer. If Tenant shall be in default under this Lease, Landlord is hereby irrevocably authorized, as
Tenant’s agent and attorney-in-fact, to direct any Transferee to make all payments under or in connection with the Transfer
directly to Landlord (which Landlord shall apply towards Tenant’s obligations under this Lease) until such default is cured.
Such Transferee shall rely on any representation by Landlord that Tenant is in default hereunder, without any need for confirmation
thereof by Tenant. Upon any assignment, the assignee shall assume in writing all obligations and covenants of Tenant thereafter
to be performed or observed under this Lease. No collection or acceptance of rent by Landlord from any Transferee shall be deemed
a waiver of any provision of this Article 14 or the approval of any Transferee or a release of Tenant from any obligation
under this Lease, whether theretofore or thereafter accruing. In no event shall Landlord’s enforcement of any provision
of this Lease against any Transferee be deemed a waiver of Landlord’s right to enforce any term of this Lease against Tenant
or any other person. If Tenant’s obligations hereunder have been guaranteed, Landlord’s consent to any Transfer shall
not be effective unless the guarantor also consents to such Transfer.

 

14.8       Permitted
Transfers. Notwithstanding anything to the contrary contained in this Article 14, (i) an assignment or subletting
of all or a portion of the Premises to an affiliate of Tenant (an entity which is controlled by, controls, or is under common
control with, Tenant), or (ii) an assignment of the Lease to an entity acquiring substantially all the assets or ownership interests
of Tenant or into which Tenant is merged or consolidated, shall not require the consent of Landlord and the provisions of Section
14.1, Section 14.2, Section 14.3 and Section 14.4 shall not apply to such Transfer, provided that (x)
Tenant notifies Landlord of any such assignment or sublease prior to its effective date and promptly supplies Landlord with any
documents or information reasonably requested by Landlord regarding such assignment or sublease or such affiliate, (y) such assignment
or sublease is not a subterfuge by Tenant to avoid its obligations under this Lease, and (z) in the case of an assignment described
in (ii) above, the Transferee, after the assignment has a tangible net worth at least equal to the tangible net worth of Tenant
as of the date of this Lease. Control,” as used in this Section 14.8, shall mean the ownership, directly or
indirectly, of at least fifty-one percent (51%) of the voting securities of, or possession of the right to vote, in the ordinary
direction of its affairs, of at least fifty-one percent (51%) of the voting interest in, any person or entity. Any Transferee
of a Transfer permitted under this Section 14.8 is here in a “Permitted Transferee”.

 

ARTICLE 15

 

SURRENDER OF PREMISES: OWNERSHIP
AND 

REMOVAL OF TRADE FIXTURES

 

15.1       Surrender
of Premises. No act or thing done by Landlord or any agent or employee of Landlord during the Lease Term shall be deemed
to constitute an acceptance by Landlord of a surrender of the Premises unless such intent is specifically acknowledged in writing
by Landlord. The delivery of keys to the Premises to Landlord or any agent or employee of Landlord shall not constitute a surrender
of the Premises or effect a termination of this Lease, whether or not the keys are thereafter retained by Landlord, and notwithstanding
such delivery Tenant shall be entitled to the return of such keys at any reasonable time upon request until this Lease shall have
been properly terminated. The voluntary or other surrender of this Lease by Tenant, whether accepted by Landlord or not, or a mutual
termination hereof, shall not constitute a merger, and at the option of Landlord shall operate as an assignment to Landlord of
all subleases or subtenancies affecting the Premises or terminate any or all such sublessees or subtenancies.

 

15.2       Removal
of Tenant Property by Tenant. Upon the expiration of the Lease Term, or upon any earlier termination of this Lease, Tenant
shall, subject to the provisions of this Article 15, quit and surrender possession of the Premises to Landlord in the same
order and condition as on the completion of the Tenant Improvements and as thereafter improved by Landlord and/or Tenant, except
for (i) reasonable wear and tear, and (ii) repairs which are specifically made the responsibility
of Landlord hereunder excepted. Upon such expiration or termination, Tenant shall, without expense to Landlord, remove or cause
to be removed from the Premises all debris and rubbish, any Alterations or Tenant Improvements which Landlord designated for removal
upon approval of the plans for such Alteration or Tenant Improvements, and such items of furniture, equipment, business and trade
fixtures, free-standing cabinet work, movable partitions and other articles of personal property owned by Tenant or installed
or placed by Tenant at its expense in the Premises, and such similar articles of any other persons claiming under Tenant, as Landlord
may, in its sole discretion, require to be removed, and Tenant shall repair at its own expense all damage to the Premises and
Building resulting from such removal.

 

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ARTICLE 16

 

HOLDING OVER

 

If Tenant holds
over after the expiration of the Lease Term or earlier termination thereof, with the express or implied consent of Landlord, such
tenancy shall be from month-to-month only, and shall not constitute a renewal hereof or an extension for any further term. If Tenant
holds over after the expiration of the Lease Term or earlier termination thereof, without the express or implied consent of Landlord,
such tenancy shall be deemed to be a tenancy by sufferance only, and shall not constitute a renewal hereof or an extension for
any further term. In either case, Rent shall be payable at a monthly rate equal to one hundred fifty percent (150%) of the Rent
applicable during the last rental period of the Lease Term under this Lease. Such month-to-month tenancy or tenancy by sufferance,
as the case may be, shall be subject to every other applicable term, covenant and agreement contained herein. Nothing contained
in this Article 16 shall be construed as consent by Landlord to any holding over by Tenant, and Landlord expressly reserves
the right to require Tenant to surrender possession of the Premises to Landlord as provided in this Lease upon the expiration or
other termination of this Lease. The provisions of this Article 16 shall not be deemed to limit or constitute a waiver of
any other rights or remedies of Landlord provided herein or at law. If Tenant fails to surrender the Premises within thirty (30)
days after the termination or expiration of this Lease, in addition to any other liabilities to Landlord accruing therefrom, Tenant
shall protect, defend, indemnify and hold Landlord harmless from all loss, costs (including reasonable attorneys’ fees) and
liability resulting from such failure, including, without limiting the generality of the foregoing, any claims made by any succeeding
tenant founded upon such failure to surrender and any lost profits to Landlord resulting therefrom.

 

ARTICLE 17 

 

ESTOPPEL CERTIFICATES

 

Within ten (10)
business days following a request in writing by Landlord, Tenant shall execute, acknowledge and deliver to Landlord an estoppel
certificate, which, as submitted by Landlord, shall be substantially in the form of Exhibit E, attached hereto (or
such other form as may be required by any prospective mortgagee or purchaser of the Project, or any portion thereof), indicating
therein any exceptions thereto that may exist at that time, and shall also contain any other information reasonably requested by
Landlord or Landlord’s mortgagee or prospective mortgagee. Any such certificate may be relied upon by any prospective mortgagee
or purchaser of all or any portion of the Project. Tenant shall execute and deliver whatever other instruments may be reasonably
required for such purposes. At any time during the Lease Term in connection with a sale or financing of the Project or an Event
of Default exists, Landlord may require Tenant to provide Landlord with a current financial statement and financial statements
of the two (2) years prior to the current financial statement year. Such statements shall be prepared in accordance with generally
accepted accounting principles and shall be certified by the chief financial officer of Tenant. If Tenant is not a public reporting
entity, Landlord shall endeavor to ensure that all financial statements furnished by Tenant are kept confidential by Landlord and
any Mortgagee, prospective purchaser, consultant, advisor or agent that may receive the same, and that such statements are used
only for the purpose of assessing the credit-worthiness of Tenant as a tenant of the Building. Failure of Tenant to timely execute,
acknowledge and deliver such estoppel certificate or other instruments shall constitute an acceptance of the Premises and an acknowledgment
by Tenant that statements included in the estoppel certificate are true and correct, without exception.

 

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ARTICLE 18 

 

SUBORDINATION

 

18.1         Subordination
and Attornment. This Lease shall be subject and subordinate to all present and future ground or underlying leases of the
Building or Project and to the lien of any mortgage, trust deed or other encumbrances now or hereafter in force against the Building
or Project or any part thereof, if any, and to all renewals, extensions, modifications, consolidations and replacements thereof,
and to all advances made or hereafter to be made upon the security of such mortgages or trust deeds, unless the holders of such
mortgages, trust deeds or other encumbrances, or the lessors under such ground lease or underlying leases, require in writing that
this Lease be superior thereto. Tenant covenants and agrees in the event any proceedings are brought for the foreclosure of any
such mortgage or deed in lieu thereof (or if any ground lease is terminated), to attorn, without any deductions or set- offs whatsoever,
to the lienholder or purchaser or any successors thereto upon any such foreclosure sale or deed in lieu thereof (or to the ground
lessor), if so requested to do so by such purchaser or lienholder or ground lessor, and to recognize such purchaser or lienholder
or ground lessor as the lessor under this Lease, except that such lienholder, purchaser or ground lessor shall not be (i) liable
for any act or omission of Landlord; (ii) subject to any defense, claim, counterclaim, set-off or offsets which Tenant may have
against Landlord; (iii) bound by any prepayment of Rent to Landlord made more than one month prior to its due date; (iv) bound
by any obligation to make any payment to Tenant which was required to be made prior to the time such successor landlord succeeded
to Landlord’s interest; (v) bound by any modification, amendment or renewal, or termination of this Lease made without lienholder
or ground lessor’s consent; (vi) liable for the return or repayment of the Letter of Credit or any cash security deposit,
unless the Letter of Credit or cash security deposit actually is paid to such lienholder purchaser or ground lessor; or (vii) obligated
to perform any improvements to the Project, Building or Premises, provide monies for improvements to the Premises or to expend
monies in excess of insurance proceeds or condemnation awards to restore the Premises, Building or Project after a casualty or
condemnation. Landlord’s interest herein may be assigned as security at any time to any lienholder. Tenant shall, within
ten business (10) days of request by Landlord, execute such further instruments or assurances as Landlord may reasonably deem necessary
to evidence or confirm the subordination or superiority of this Lease to any such mortgages, trust deeds, ground leases or underlying
leases. Tenant waives the provisions of any current or future statute, rule or law which may give or purport to give Tenant any
right or election to terminate or otherwise adversely affect this Lease and the obligations of the Tenant hereunder in the event
of any foreclosure proceeding or sale.

 

18.2         Nondisturbance.
As a condition of Tenant’s agreement to subordinate this Lease pursuant to Section 18.1, Landlord shall obtain from the holder
of each future Mortgage or lessor under a future Ground Lease in recordable form and in the standard form customarily employed
by such holder or lessor pursuant to which such holder or lessor shall agree that if and so long as no Event of Default hereunder
shall have occurred and be continuing, the leasehold estate granted to Tenant and the rights of Tenant pursuant to this Lease to
possession of the Premises shall not be terminated by any action which such holder may take to foreclose any such Mortgage, or
which such lessor shall take to terminate such Ground Lease, as applicable, and that any successor landlord shall recognize this
Lease as being in full force and effect as if it were a direct lease between such successor landlord and Tenant upon all of the
terms, covenants, conditions and options granted to Tenant under this Lease, except as otherwise provided in Section 18.1 (any
such agreement, a “Non-Disturbance Agreement”). Landlord shall use reasonable efforts to (but without the obligation
to expend monies) obtain a Non-Disturbance Agreement from the holder of the current Mortgage, in the form customarily used by such
holder, but Landlord’s failure to obtain such Non-Disturbance Agreement shall not be a condition of this Lease or release
Tenant from any obligation hereunder. Tenant shall pay all costs or other fees charged by the holder of a Mortgage as ground lessor
of a Ground Lease for the preparation and delivery of a Non-Disturbance Agreement.

 

ARTICLE 19 

 

DEFAULTS; REMEDIES

 

19.1         Events
of Default. The occurrence of any of the following shall constitute an Event of Default of this Lease by Tenant:

 

19.1.1           Any
failure by Tenant to pay any Rent or any other charge required to be paid under this Lease, or any part thereof, when due unless
such failure is cured within ten (10) business days after notice; or

 

19.1.2           Except
where a specific time period is otherwise set forth for Tenant’s performance in this Lease, in which event the failure to
perform by Tenant within such time period shall be a default by Tenant under this Section 19.1.2, any failure by Tenant
to observe or perform any other provision, covenant or condition of this Lease to be observed or performed by Tenant where such
failure continues for thirty (30) days after written notice thereof from Landlord to Tenant; provided that if the nature of such
default is such that the same cannot reasonably be cured within a thirty (30) day period, Tenant shall not be deemed to be in default
if it diligently commences such cure within such period and thereafter diligently proceeds to rectify and cure such default within
such ninety (90) days; or

 

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19.1.3           Abandonment
or vacation of all of the Premises by Tenant and failure to pay Rent; or

 

19.1.4           The
failure by Tenant to observe or perform according to the provisions of Article 5. Article 14, Article 17 or
Article 18 of this Lease where such failure continues for more than five (5) business days after notice from Landlord; or

 

The notice periods provided
herein are in lieu of, and not in addition to, any notice periods provided by law.

 

19.2         Remedies
Upon Default. Upon the occurrence of any Event of Default by Tenant, Landlord shall have, in addition to any other remedies
available to Landlord at law or in equity (all of which remedies shall be distinct, separate and cumulative), the option to pursue
any one or more of the following remedies, each and all of which shall be cumulative and nonexclusive, without any notice or demand
whatsoever.

 

19.2.1           Terminate
this Lease, in which event Tenant shall immediately surrender the Premises to Landlord, and if Tenant fails to do so, Landlord
may, without prejudice to any other remedy which it may have for possession or arrearages in rent, enter upon and take possession
of the Premises and expel or remove Tenant and any other person who may be occupying the Premises or any part thereof, without
being liable for prosecution or any claim or damages therefor; and Landlord may recover from Tenant the following:

 

(i)          all
accrued and unpaid rent through the date of termination, plus

 

(ii)         the
amount by which the unpaid rent for the balance of the Lease Term exceeds the amount of such rental loss that could have been reasonably
avoided; plus

 

(iii)        any
other amount necessary to compensate Landlord for all other damages directly caused by Tenant’s failure to perform its obligations
under this Lease or which in the ordinary course of things would be likely to result therefrom, specifically including but not
limited to, brokerage commissions and advertising expenses incurred, expenses of remodeling the Premises or any portion thereof
for a new tenant, whether for the same or a different use, and any special concessions made to obtain a new tenant.

 

The term “rent”
as used in this Section 19.2 shall be deemed to be and to mean all sums required to be paid by Tenant pursuant to the terms
of this Lease, whether to Landlord or to others.

 

19.2.2           Terminate
Tenant’s right of possession, without terminating this Lease or releasing Tenant from its obligations hereunder, and enter
upon and take possession of the Premises and expel or remove Tenant and any other person who may be occupying the Premises or any
part thereof, by any lawful means. Upon and after such entry, Landlord shall, to the to the extent expressly required under then
applicable law, take reasonable measure to mitigate damages recoverable against Tenant and may, but shall not be obligated to,
relet all or any portion of the Premises for the account of Tenant for such time and upon such terms as Landlord, in its reasonable
discretion, shall determine, and Landlord shall not be required to accept any individual or entity offered by Tenant or to observe
any instructions given by Tenant about such reletting. In any such case, Landlord may make reasonable repairs, alterations and
additions in or to the Premises, and redecorate the same to the extent deemed by Landlord necessary or desirable. In the event
of any such subletting, rents received by Landlord from such subletting shall be applied (i) first, to the payment of the costs
of maintaining, preserving, altering and preparing the Premises for subletting, the other costs of subletting, including, without
limitation, brokers’ commissions, attorneys’ fees and expenses of removal of Tenant’s personal property, trade
fixtures and Alterations; (ii) second, to the payment rent then due and payable hereunder; and (iii) third, to the payment of future
rent as the same may become due and payable hereunder. If the rents received by Landlord from such subletting, after application
as provided above, are insufficient in any month to pay the rent due and payable hereunder for such month, Tenant shall pay such
deficiency to Landlord monthly upon demand. Tenant shall not be entitled to any rents received by Landlord in excess of the rent
provided for in this Lease. Notwithstanding any such subletting for Tenant’s account without termination, Landlord may at
any time thereafter, by written notice to Tenant, elect to terminate this Lease pursuant to Section 19.1.2 above or otherwise
by virtue of a previous default.

 

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19.2.3           Landlord
shall at all times have the rights and remedies (which shall be cumulative with each other and cumulative and in addition to those
rights and remedies available under Sections 19.2.1 and 19.2.2, above, or any law or other provision of this Lease), without
prior demand or notice except as required by applicable law, to seek any declaratory, injunctive or other equitable relief, and
specifically enforce this Lease, or restrain or enjoin a violation or breach of any provision hereof.

 

19.3         Subleases
of Tenant. Whether or not Landlord elects to terminate this Lease on account of any Event of Default by Tenant, as set
forth in this Article 19. Landlord shall have the right to terminate any and all subleases, licenses, concessions or other
consensual arrangements for possession entered into by Tenant and affecting the Premises or may, in Landlord’s sole discretion,
succeed to Tenant’s interest in such subleases, licenses, concessions or arrangements. In the event of Landlord’s election
to succeed to Tenant’s interest in any such subleases, licenses, concessions or arrangements, Tenant shall, as of the date
of notice by Landlord of such election, have no further right to or interest in the rent or other consideration receivable thereunder.

 

19.4         Efforts
to Relet. No re-entry or repossession, repairs, maintenance, changes, alterations and additions, reletting, appointment
of a receiver to protect Landlord’s interests hereunder, or any other action or omission by Landlord shall be construed as
an election by Landlord to terminate this Lease or Tenant’s right to possession, or to accept a surrender of the Premises,
nor shall same operate to release Tenant in whole or in part from any of Tenant’s obligations hereunder, unless express written
notice of such intention is sent by Landlord to Tenant. Tenant hereby irrevocably waives any right otherwise available under any
law to redeem or reinstate this Lease.

 

ARTICLE 20 

 

COVENANT OF QUIET ENJOYMENT

 

Landlord covenants
that Tenant, on paying the Rent and on keeping, observing and performing all the other terms, covenants, conditions, provisions
and agreements herein contained on the part of Tenant to be kept, observed and performed, shall, during the Lease Term, peaceably
and quietly have, hold and enjoy the Premises subject to the terms, covenants, conditions, provisions and agreements hereof without
interference by any persons lawfully claiming by or through Landlord. The foregoing covenant is in lieu of any other covenant express
or implied.

 

ARTICLE 21

 

LETTER OF CREDIT

 

21.1         Deposit
and Application. Concurrently with Tenant’s execution of the Lease, Tenant shall deposit with Landlord a letter of
credit in the Letter of Credit Amount set forth in Section 7 of the Summary and meeting the requirements of Section 21.2
(the “Letter of Credit”), as security for the faithful performance and observance by Tenant of the terms, covenants
and conditions of this Lease. If an Event of Default occurs or if Tenant fails to pay any Rent as and when due, Landlord may draw
on the Letter of Credit or apply or retain any cash security deposit, in whole or in part, to the extent required for the payment
of (a) any Rent due from Tenant, (b) any sum which Landlord may expend or may be required to expend by reason of the Event of Default,
and (c) any damages to which Landlord is entitled pursuant to this Lease. If Landlord applies, retains or draws any part of the
Letter of Credit, Tenant, upon demand, shall deposit with Landlord, an additional Letter of Credit or amendment to the existing
Letter of Credit in the amount so applied, retained or drawn so that Landlord shall have the full amount of the Letter of Credit
available at all times during the Term.

 

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21.2         Letter
of Credit. The Letter of Credit shall be in the form of an irrevocable and unconditional negotiable standby letter of credit
payable in the City of Chicago, Illinois, running in favor of Landlord and issued by a solvent, nationally recognized bank with
a long term rating of A2 or higher by Moody’s Investor Services, Inc. (“Moody’s”), (or the equivalent
rating by Standard and Poor’s Rating Group or Fitch Ratings Ltd.), under the supervision of the Commissioner of Banks and
Real Estate of the State of Illinois, or a national banking association. The form and terms of the Letter of Credit and the bank
issuing the same (the “Bank”) shall be acceptable to Landlord, in Landlord’s sole discretion. The form
of Letter of Credit attached hereto as Exhibit G is acceptable to Landlord. Tenant shall not assign or encumber the
Letter of Credit or any part thereof and neither Landlord not its successors or assigns will be bound by any such assignment, encumbrance,
attempted assignment or attempted encumbrance. In addition to the draw rights described in Section 21.1, Landlord shall
have the right to draw down an amount up to the face amount of the Letter of Credit if any of the following shall have occurred
or be applicable: (1) (i) Tenant files a voluntary petition in bankruptcy or insolvency, (ii) files a petition or answer in an
action seeking any reorganization, liquidation, dissolution or similar relief under any present or future federal bankruptcy act
or any other present or future applicable federal, state or other statute or law, (iii) makes or suffers an assignment for the
benefit of creditors, (iv) seeks or consents to or acquiesces in or suffers the appointment of any trustee, receiver, liquidator
or other similar official for Tenant or for all or any part of Tenant’s property or (v) is adjudicated a bankrupt or insolvent
(a “Bankruptcy Event”); or (2) the Bank has notified Landlord that the Letter of Credit will not be renewed
or extended beyond its then expiration date if such date occurs prior to the one hundred twentieth (120th) day after
the Expiration Date (“LC Expiration Date”) or (3) the long term rating of the Bank has been reduced to Baa2
or lower by Moody’s (or the equivalent rating by Standard and Poor’s Rating Group or Fitch Ratings Ltd), and Tenant
fails to deliver to Landlord a new Letter of Credit from another Bank meeting the requirements of this Section 21.2 within
ten (10) business days after notice from Landlord or (4) the Term is extended or renewed and Tenant fails to deliver a new Letter
of Credit that complies with the provision of this Section 21.2 or an amendment to the existing Letter of Credit extending
the latest expiration date of the Letter of Credit to the date one hundred twenty (120) days after the last day of the extended
Term no later than forty-five (45) days prior to the then expiration date of the Letter of Credit. Tenant agrees not to interfere
in any way with payment to Landlord of the proceeds of the Letter of Credit, either prior to or following a draw by Landlord of
any portion of the Letter of Credit, so long as such Landlord request for payment is made in accordance with this Lease. If Landlord
presents the Letter of Credit to the Bank in accordance with the terms of this Article 21, the proceeds of the Letter of
Credit may be applied by Landlord against any Rent payable by Tenant under this Lease that is not paid when due and/or to pay for
all losses and damages that Landlord has suffered and is entitled to pursuant to this Lease. Any unused proceeds shall constitute
a cash security deposit under Section 21.1.

 

21.3         Terms
for Return of Letter of Credit. Landlord shall return the Letter of Credit or any cash security deposit to Tenant within
thirty (30) days after the Expiration Date, the delivery of possession of the Premises to Landlord in the manner required by this
Lease and payment of all Rent due under this Lease. Upon a Property Transfer, as such term is defined in Section 29.5, or any financing
of Landlord’s interest in the Project, Landlord shall have the right to transfer the Letter of Credit or cash security deposit
to its transferee or lender at no cost to Landlord. Tenant shall look solely to the new landlord or lender for the return of such
Letter of Credit or cash security deposit and the provisions hereof shall apply to every transfer or assignment of the Letter of
Credit or cash security deposit.

 

21.4         Reduction
of Letter of Credit Amount. Subject to the provisions of this Section 21.4, the Letter of Credit Amount shall be
reduced pursuant to the following schedule:

 

	Reduction Date	 	Reduced Letter of Credit Amount	 
	1st Day Lease Year 3	 	$	660,000	 
	1st Day Lease Year 4	 	$	435,000	 
	1st Day Lease Year 5	 	$	288,000	 
	1st Day Lease Year 6	 	$	190,000	 
	1st Day Lease Year 7	 	$	125,000	 

 

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Each reduction shall
occur as follows: (a) if Landlord has drawn on the Letter of Credit and is holding unused proceeds as a cash security deposit,
then Landlord shall, within ten (10) business days following notice by Tenant to Landlord that Tenant is entitled to reduce the
Letter of Credit Amount pursuant to this Section 21.4, deliver to Tenant the lesser of (i) amount by which the Letter of
Credit Amount is reduced, and (ii) the amount of the cash security deposit held by Landlord and (b) if the reduction in the Letter
of Credit Amount was not satisfied pursuant to clause (a), Tenant shall deliver to Landlord either a consent to an amendment to
the Letter of Credit (which amendment must be reasonably acceptable to Landlord in all respects) reducing the amount of the Letter
of Credit by the remaining amount of the permitted reduction, and Landlord shall execute such consent and such other documents
as are reasonably necessary to reduce the amount of the Letter of Credit in accordance with the terms hereof. If Tenant delivers
to Landlord a consent to an amendment to the Letter of Credit, Landlord shall, within ten (10) business days, either (A) provide
its reasonable objections to such amendment or (B) execute such consent in accordance with the terms hereof. The Letter of Credit
Amount shall be reduced pursuant to this Section 21.4 only if the following conditions are satisfied on the Reduction Date
and as of the date of Tenant’s request such reduction (i) Landlord is holding in the form of a Letter of Credit and/or a
cash security deposit the then applicable Letter of Credit Amount, (ii) Tenant has paid all Rent then due Landlord, and (iii) no
uncured Event of Default exists.

 

ARTICLE 22 

 

SUBSTITUTION OF OTHER PREMISES

 

Intentionally Deleted.

 

ARTICLE 23 

 

SIGNS

 

23.1         Full
Floors. Provided all signs are in keeping with the quality, design and style of the Building and Project, Tenant, if the
Premises comprise an entire floor of the Building, at its sole cost and expense, may install identification signage anywhere in
the Premises including in the elevator lobby of the Premises, provided that such signs must not be visible from the exterior of
the Building.

 

23.2         Multi-Tenant
Floors. If other tenants occupy space on the floor on which the Premises is located, Tenant’s identifying signage
shall be provided by Landlord, at Tenant’s cost, and such signage shall be comparable to that used by Landlord for other
similar floors in the Building and shall comply with Landlord’s then-current Building standard signage program.

 

23.3         Prohibited
Signage and Other Items. Any signs, notices, logos, pictures, names or advertisements which are installed and that have
not been separately approved by Landlord may be removed without notice by Landlord at the sole expense of Tenant. Tenant may not
install any signs on the exterior or roof of the Project or the Common Areas. Any signs, window coverings, or blinds (even if the
same are located behind the Landlord-approved window coverings for the Building), or other items visible from the exterior of the
Premises or Building, shall be subject to the prior approval of Landlord, in its sole discretion.

 

23.4         Building
Directory. A building directory will be located in the lobby of the Building and Tenant’s name, the name of Tenant’s
departments and officers shall be included in the directory.

 

23.5         Mezzanine
Signage. Provided the initial Tenant named herein or a Permitted Transferee occupies at least eighty percent (80%) of the
Premises, Tenant shall be permitted to install a sign with its name on the north wall of the elevator lobby serving the Premises
at the mezzanine level of the Building. The location, size, design and manner of attachment of such signs shall be reasonably acceptable
to Landlord and Tenant. Upon termination of this Lease, termination of Tenant’s possession of the Premises, or Tenant’s
failure to satisfy the occupancy requirement set forth above, Tenant shall remove the elevator lobby signs and repair and restore
any damage to the elevator lobby walls to the condition existing prior to the installation of such signs, reasonable wear and tear
excepted. No tenant that leases less rentable square feet in the same elevator bank as Tenant shall be permitted to install signage
(i) above Tenant’s sign or (ii) with letters larger than Tenant’s sign. The preceding sentence shall not apply to signs
in existence as of the date of this Lease.

 

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ARTICLE 24 

 

COMPLIANCE WITH LAW

 

Tenant shall not
do anything or suffer anything to be done in or about the Premises or the Project which will in any way conflict with any law,
statute, ordinance or other governmental rule, regulation or requirement now in force or which may hereafter be enacted or promulgated
(“Laws”). At its sole cost and expense, Tenant shall promptly comply with all such governmental measures. Without
limitation of the foregoing, Tenant shall comply with all applicable Laws relating to the reporting of burned out exit lights and
maintenance of fire extinguishers within the Premises. Should any standard or regulation now or hereafter be imposed on Landlord
or Tenant by a state, federal or local governmental body charged with the establishment, regulation and enforcement of occupational,
health or safety standards for employers, employees, landlords or tenants, then Tenant agrees, at its sole cost and expense, to
comply promptly with such standards or regulations. Tenant shall be responsible, at its sole cost and expense, to make all alterations
to the Premises as are required to comply with the governmental rules, regulations, requirements or standards described in this
Article 24. The judgment of any court of competent jurisdiction or the admission of Tenant in any judicial action, regardless
of whether Landlord is a party thereto, that Tenant has violated any of said governmental measures, shall be conclusive of that
fact as between Landlord and Tenant.

 

ARTICLE 25 

 

LATE CHARGES

 

If any installment
of Rent or any other sum due from Tenant shall not be received by Landlord or Landlord’s designee on the date when such Rent
or other sum is due, then Tenant shall pay to Landlord a late charge equal to five percent (5%) of the overdue amount plus any
reasonable attorneys’ fees incurred by Landlord by reason of Tenant’s failure to pay Rent and/or other charges when
due hereunder; provided however, once per calendar year, such late charge shall not accrue unless such overdue amount remains unpaid
five (5) business days after receipt of written notice thereof from Landlord. The late charge shall be deemed Additional Rent and
the right to require it shall be in addition to all of Landlord’s other rights and remedies hereunder or at law and shall
not be construed as liquidated damages or as limiting Landlord’s remedies in any manner. In addition to the late charge described
above, any Rent or other amounts owing hereunder which are not paid within five (5) days after the date they are due shall bear
interest from the date when due until paid at a rate per annum equal to the lesser of (i) the “Interest Rate,” as that
term is defined in Section 4.2.4, above, and (ii) the highest rate permitted by applicable law.

 

ARTICLE 26

 

LANDLORD’S RIGHT TO CURE
DEFAULT; PAYMENTS BY TENANT

 

26.1         Landlord’s
Cure. All covenants and agreements to be kept or performed by Tenant under this Lease shall be performed by Tenant at Tenant’s
sole cost and expense and without any reduction of Rent, except to the extent, if any, otherwise expressly provided herein. If
Tenant shall fail to perform any obligation under this Lease, Landlord may, but shall not be obligated to, make any such payment
or perform any such act on Tenant’s part without waiving its rights based upon any default of Tenant and without releasing
Tenant from any obligations hereunder, (a) immediately, and without notice, in the case of emergency or if the default (i) materially
interferes with the use by any other tenant of the Building, (ii) materially interferes with the efficient operation of the Building,
(iii) results in a violation of any applicable laws, or (iv) results or will result in a cancellation of any insurance policy maintained
by Landlord, and (b) in any other case if such default continues for 15 days after the date Landlord gives notice of Landlord’s
intention to perform the defaulted obligation.

 

26.2         Tenant’s
Reimbursement. Except as may be specifically provided to the contrary in this Lease, Tenant shall pay to Landlord, upon
delivery by Landlord to Tenant of statements therefor: (i) sums equal to actual out of pocket expenditures reasonably made by Landlord
in connection with the remedying by Landlord of Tenant’s defaults pursuant to the provisions of Section 26.1; (ii)
sums equal to all losses, costs, liabilities, damages and expenses referred to in Article 10 of this Lease; and (iii) sums
equal to all actual out of pocket reasonable expenditures made and obligations incurred by Landlord in enforcing or attempting
to enforce any rights of Landlord under this Lease, including, without limitation, all reasonable legal fees. Tenant’s obligations
under this Section 26.2 shall survive the expiration or sooner termination of the Lease Term.

 

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ARTICLE 27 

 

ENTRY BY LANDLORD

 

Landlord reserves
the right at all reasonable times and upon at least 24 hours prior written notice to Tenant (except in the case of an emergency)
to enter the Premises to (i) inspect them; (ii) show the Premises to prospective purchasers, or to current or prospective mortgagees,
ground or underlying lessors or insurers or, during the last twelve (12) months of the Lease Term, to prospective tenants; (iii)
post notices of nonresponsibility (to the extent applicable pursuant to then applicable law); or (iv) alter, improve or repair
the Premises or the Building, or for structural alterations, repairs or improvements to the Building or the Building’s systems
and equipment. Notwithstanding anything to the contrary contained in this Article 27, Landlord may enter the Premises at
any time to (A) perform services required of Landlord, including janitorial service; (B) take possession due to any breach of
this Lease in the manner provided herein; and (C) perform any covenants of Tenant which Tenant fails to perform. Landlord may
make any such entries without the abatement of Rent, except as otherwise provided in this Lease, and may take such reasonable
steps as required to accomplish the stated purposes. For each of the above purposes, Landlord shall at all times have a key with
which to unlock all the doors in the Premises, excluding Tenant’s vaults, safes and special security areas designated in
advance by Tenant. In an emergency, Landlord shall have the right to use any means that Landlord may reasonably deem proper to
open the doors in and to the Premises. Any entry into the Premises by Landlord in the manner hereinbefore described shall not
be deemed to be a forcible or unlawful entry into, or a detainer of, the Premises, or an actual or constructive eviction of Tenant
from any portion of the Premises. No provision of this Lease shall be construed as obligating Landlord to perform any repairs,
alterations or decorations except as otherwise expressly agreed to be performed by Landlord herein. Notwithstanding anything to
the contrary contained herein, in any entry by Landlord pursuant to this Article 27, other than in cases of emergency as described
hereof, Landlord shall use reasonable efforts to minimize disruption of Tenant’s business.

 

ARTICLE 28 

 

ATTORNEYS’ FEES

 

In the event that
either Landlord or Tenant should bring suit for the possession of the Premises, for the recovery of any sum due under this Lease,
or because of the breach of any provision of this Lease or for any other relief against the other, then all reasonable, actual
out-of-pocket costs and expenses, including reasonable attorneys’ fees, incurred by the prevailing party therein shall be
paid by the other party, which obligation on the part of the other party shall be deemed to have accrued on the date of the commencement
of such action and shall be enforceable whether or not the action is prosecuted to judgment.

 

ARTICLE 29 

 

MISCELLANEOUS PROVISIONS

 

29.1         Terms:
Captions. All words used herein including “Landlord” and “Tenant” shall include whenever
the circumstances or context require the plural as well as the singular. The necessary grammatical changes required to make the
provisions hereof apply either to corporations or partnerships or individuals, men or women, as the case may require, shall in
all cases be assumed as though in each case fully expressed. The words “include”, “includes”, or “including”
as used herein shall be deemed to be followed by the words “without limitation”. This Lease shall be interpreted and
enforced without the aid of any canon, custom or rule of law requiring or suggesting construction against the party drafting or
causing the drafting of the provision in question. The captions of Articles and Sections are for convenience only and shall not
be deemed to limit, construe, affect or alter the meaning of such Articles and Sections.

 

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29.2         Binding
Effect. Subject to all other provisions of this Lease, each of the covenants, conditions and provisions of this
Lease shall extend to and shall, as the case may require, bind or inure to the benefit not only of Landlord and of Tenant,
but also of their respective heirs, personal representatives, successors or assigns, provided this clause shall not permit
any assignment by Tenant contrary to the provisions of Article 14 of this Lease.

 

29.3         No
Air Rights. No rights to any view or to light or air over any property, whether belonging to Landlord or any other person,
are granted to Tenant by this Lease. If at any time any windows of the Premises are temporarily darkened or the light or view therefrom
is obstructed by reason of any repairs, improvements, maintenance or cleaning in or about the Project, the same shall be without
liability to Landlord and without any reduction or diminution of Tenant’s obligations under this Lease.

 

29.4         Modification
of Lease. Should any current or prospective mortgagee or ground lessor for the Building or Project require a modification
of this Lease, which modification will not cause an increased cost or expense to Tenant or in any other way materially and adversely
change the rights and obligations of Tenant hereunder, then and in such event, Tenant agrees that this Lease may be so modified
and agrees to execute whatever documents are reasonably required therefor and to deliver the same to Landlord within ten (10) business
days following a request therefor. At the request of Landlord, or any mortgagee or ground lessor, Tenant agrees to execute a short
form of Lease and deliver the same to Landlord within ten (10) business days following the request therefor.

 

29.5         Transfer
of Landlord’s Interest. Tenant acknowledges that Landlord has the right to transfer all or any portion of its interest
in the Project or Building and in this Lease (a “Property Transfer”), and Tenant agrees that in the event of
any such Property Transfer, Landlord shall automatically be released from all liability under this Lease and Tenant agrees to look
solely to such transferee for the performance of Landlord’s obligations hereunder after the date of transfer and such transferee
shall be deemed to have fully assumed and be liable for all obligations of this Lease to be performed by Landlord, including the
return of any Letter of Credit or cash security deposit, and Tenant shall attorn to such transferee.

 

29.6         Prohibition
Against Recording. Except as provided in Section 29.4 of this Lease, neither this Lease, nor any memorandum, affidavit
or other writing with respect thereto, shall be recorded by Tenant or by anyone acting through, under or on behalf of Tenant.

 

29.7         Landlord’s
Title. Landlord’s title is and always shall be paramount to the title of Tenant. Nothing herein contained shall empower
Tenant to do any act which can, shall or may encumber the title of Landlord.

 

29.8         Relationship
of Parties. Nothing contained in this Lease shall be deemed or construed by the parties hereto or by any third party to
create the relationship of principal and agent, partnership, joint venturer or any association between Landlord and Tenant.

 

29.9          Application
of Payments. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of
Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord,
in its sole discretion, may elect.

 

29.10        Time
of Essence. Time is of the essence with respect to the performance of every provision of this Lease in which time of performance
is a factor.

 

29.11        Partial
Invalidity. If any term, provision or condition contained in this Lease shall, to any extent, be invalid or unenforceable,
the remainder of this Lease, or the application of such term, provision or condition to persons or circumstances other than those
with respect to which it is invalid or unenforceable, shall not be affected thereby, and each and every other term, provision and
condition of this Lease shall be valid and enforceable to the fullest extent possible permitted by law.

 

29.12        No
Warranty. In executing and delivering this Lease, Tenant has not relied on any representations, including, but not limited
to, any representation as to the amount of any item comprising Additional Rent or the amount of the Additional Rent in the aggregate
or that Landlord is furnishing the same services to other tenants, at all, on the same level or on the same basis, or any warranty
or any statement of Landlord which is not set forth herein or in one or more of the exhibits attached hereto.

 

    	 	42	 

     

    

 

29.13        Landlord
Exculpation. The liability of Landlord or the Landlord Parties to Tenant for any default by Landlord under this Lease or
arising in connection herewith or with Landlord’s operation, management, leasing, repair, renovation, alteration or any other
matter relating to the Project or the Premises shall be limited solely and exclusively to an amount which is equal to the interest
of Landlord in the Building. Neither Landlord, nor any of the Landlord Parties shall have any personal liability therefor, and
Tenant hereby expressly waives and releases such personal liability on behalf of itself and all persons claiming by, through or
under Tenant. The limitations of liability contained in this Section 29.13 shall inure to the benefit of Landlord’s
and the Landlord Parties’ present and future partners, beneficiaries, officers, directors, trustees, shareholders, agents
and employees, and their respective partners, heirs, successors and assigns. Under no circumstances shall any present or future
partner of Landlord (if Landlord is a partnership), or trustee or beneficiary (if Landlord or any partner of Landlord is a trust),
have any liability for the performance of Landlord’s obligations under this Lease. Notwithstanding any contrary provision
herein, neither Landlord nor the Landlord Parties shall be liable under any circumstances for injury or damage to, or interference
with, Tenant’s business, including but not limited to, loss of profits, loss of rents or other revenues, loss of business
opportunity, loss of goodwill or loss of use, in each case, however occurring but the foregoing shall not limit Landlord’s
liability for damage to Tenant’s physical property or injuries to persons as otherwise set forth in this Lease.

 

29.14        Entire
Agreement. It is understood and acknowledged that there are no oral agreements between the parties hereto affecting this
Lease and this Lease constitutes the parties’ entire agreement with respect to the leasing of the Premises and supersedes
and cancels any and all previous negotiations, arrangements, brochures, agreements and understandings, if any, between the parties
hereto or displayed by Landlord to Tenant with respect to the subject matter thereof, and none thereof shall be used to interpret
or construe this Lease. None of the terms, covenants, conditions or provisions of this Lease can be modified, deleted or added
to except in writing signed by the parties hereto.

 

29.15        Right
to Lease. Landlord reserves the absolute right to effect such other tenancies in the Project as Landlord in the exercise
of its sole business judgment shall determine to best promote the interests of the Building or Project. Tenant does not rely on
the fact, nor does Landlord represent, that any specific tenant or type or number of tenants shall, during the Lease Term, occupy
any space in the Building or Project.

 

29.16        Force
Maieure. Any prevention, delay or stoppage due to strikes, lockouts, labor disputes, acts of God, acts of war, terrorist
acts, inability to obtain services, labor, or materials or reasonable substitutes therefor, governmental actions, civil commotions,
fire or other casualty, and other causes beyond the reasonable control of the party obligated to perform, except with respect to
the obligations imposed with regard to Rent and other charges to be paid by Tenant pursuant to this Lease (collectively, a “Force
Majeure”), notwithstanding anything to the contrary contained in this Lease, shall excuse the performance of such party
for a period equal to any such prevention, delay or stoppage and, therefore, if this Lease specifies a time period for performance
of an obligation of either party, that time period shall be extended by the period of any delay in such party’s performance
caused by a Force Majeure.

 

29.17        Waiver
of Redemption by Tenant. Tenant hereby waives, for Tenant and for all those claiming under Tenant, any and all rights now
or hereafter existing to redeem by order or judgment of any court or by any legal process or writ, Tenant’s right of occupancy
of the Premises after any termination of this Lease.

 

29.18        Notices.
All notices, demands, statements, designations, approvals or other communications (collectively, “Notices”)
given or required to be given by either party to the other hereunder or by law shall be in writing, shall be (A) sent by United
States certified or registered mail, postage prepaid, return receipt requested (“Mail”), (B) transmitted by
telecopy, if such telecopy is promptly followed by a Notice sent by Mail, (C) delivered by a nationally recognized overnight courier,
or (D) delivered personally. Any Notice shall be sent, transmitted, or delivered, as the case may be, to Tenant at the appropriate
address set forth in Section 8 of the Summary, or to such other place as Tenant may from time to time designate in a Notice
to Landlord, or to Landlord at the addresses set forth below, or to such other places as Landlord may from time to time designate
in a Notice to Tenant. Any Notice will be deemed given (i) three (3) days after the date it is posted if sent by Mail, (ii) the
date the telecopy is transmitted, (iii) the date the overnight courier delivery is made, or (iv) the date personal delivery is
made. As of the date of this Lease, any Notices to Landlord must be sent, transmitted, or delivered, as the case may be, to the
following addresses:

 

    	 	43	 

     

    

 

BFPRU I, LLC

601 West 26th Street

Suite 1275

New York, NY 10001

 

with a copy to:

 

Property Manager

Property Management Office

180 N. Stetson Avenue

Suite 2175

Chicago, IL 60601

 

and with a copy to:

 

Gould & Ratner LLP

222 North LaSalle Street

Suite 800

Chicago, IL 60601

Attention: David M. Arnburg

 

29.19        Joint
and Several If there is more than one Tenant, the obligations imposed upon Tenant under this Lease shall be joint and several.

 

29.20        Authority.
If Tenant is a corporation, trust or partnership, each individual executing this Lease on behalf of Tenant hereby represents and
warrants that Tenant is a duly formed and existing entity qualified to do business in the State of Illinois and that Tenant has
full right and authority to execute and deliver this Lease and that each person signing on behalf of Tenant is authorized to do
so. In such event, Tenant shall, within fifteen (15) days after execution of this Lease, deliver to Landlord satisfactory evidence
of such authority and, if a corporation, upon demand by Landlord, also deliver to Landlord satisfactory evidence of (i) good standing
in Tenant’s state of incorporation and (ii) qualification to do business in the State of Illinois.

 

29.21        Consent
Fees: Standard Administrative Charge.

 

29.21.1         Notwithstanding
anything in this Lease to the contrary, if Tenant directly or indirectly requests Landlord’s consent or approval to any matter
relating to this Lease (e.g., a request for Landlord to subordinate any of its liens or a request for consent to any Transfer or
Alteration), Tenant shall pay Landlord (collectively, the “Consent Fees”) (a) a fee in the amount of $1,500.00, plus
(b) an amount sufficient to reimburse Landlord for all out-of-pocket costs payable to third parties and incurred and/or expected
to be incurred in connection with the consent or approval, including, without limitation, reasonable attorneys’, engineers’,
accountants’ or architects’ fees.

 

29.21.2         Notwithstanding
anything in this Lease to the contrary, Tenant shall pay to Landlord, Landlord’s standard administrative charge in connection
with any action taken by Landlord not expressly required to be undertaken by Landlord pursuant to the terms of this Lease (e.g.,
in connection with any construction, improvement, or repair work undertaken by Landlord that is not expressly required of Landlord
pursuant to the terms of this Lease). The foregoing shall in no way obligate Landlord to undertake any action not specifically
required of Landlord pursuant to the terms of this Lease.

 

    	 	44	 

     

    

 

29.21.3         Landlord
shall have no obligation to consider any request for consent or approval until the appropriate fees (or Landlord’s estimates
thereof) have been paid to Landlord. Further, if Landlord, at Landlord’s sole option, shall undertake or agree to undertake
any action not specifically required of Landlord pursuant to the terms of this Lease, Landlord shall have no obligation to commence
or complete such action until the appropriate fees (or Landlord’s estimates thereof) have been paid to Landlord. Tenant’s
payment of the fees hereunder in no way entitles Tenant to Landlord’s consent or approval nor shall Tenant’s offer
to pay the same require Landlord to perform any work not specifically required of Landlord under this Lease. Notwithstanding the
foregoing, Landlord shall have the right to (i) waive the provisions of this Section 29.21, and/or (ii) require Tenant
to pay Landlord different amounts as may be required by another provision of this Lease.

 

29.22        Governing
Law; WAIVER OF TRIAL BY JURY. This Lease shall be construed and enforced in accordance with the laws of the State of Illinois.
IN ANY ACTION OR PROCEEDING ARISING HEREFROM, LANDLORD AND TENANT HEREBY CONSENT TO (I) THE JURISDICTION OF ANY COMPETENT COURT
WITHIN THE STATE OF ILLINOIS, (II) SERVICE OF PROCESS BY ANY MEANS AUTHORIZED BY ILLINOIS LAW, AND (III) IN THE INTEREST OF SAVING
TIME AND EXPENSE, TRIAL WITHOUT A JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES HERETO AGAINST
THE OTHER OR THEIR SUCCESSORS IN RESPECT OF ANY MATTER ARISING OUT OF OR IN CONNECTION WITH THIS LEASE, THE RELATIONSHIP OF LANDLORD
AND TENANT, TENANT’S USE OR OCCUPANCY OF THE PREMISES, AND/OR ANY CLAIM FOR INJURY OR DAMAGE, OR ANY EMERGENCY OR STATUTORY
REMEDY. IN THE EVENT LANDLORD COMMENCES ANY SUMMARY PROCEEDINGS OR ACTION FOR NONPAYMENT OF BASE RENT OR ADDITIONAL RENT, TENANT
SHALL NOT INTERPOSE ANY COUNTERCLAIM OF ANY NATURE OR DESCRIPTION (UNLESS SUCH COUNTERCLAIM SHALL BE MANDATORY) IN ANY SUCH PROCEEDING
OR ACTION, BUT SHALL BE RELEGATED TO AN INDEPENDENT ACTION AT LAW.

 

29.23        Submission
of Lease. Submission of this instrument for examination or signature by Tenant does not constitute a reservation of, option
for or option to lease, and it is not effective as a lease or otherwise until execution and delivery by both Landlord and Tenant.

 

29.24        Brokers.
Landlord and Tenant hereby warrant to each other that they have had no dealings with any real estate broker or agent in connection
with the negotiation of this Lease, excepting only the real estate brokers or agents specified in Section 10 of the Summary
(the “Brokers”), and that they know of no other real estate broker or agent who is entitled to a commission
in connection with this Lease. Each party agrees to indemnify and defend the other party against and hold the other party harmless
from any and all claims, demands, losses, liabilities, lawsuits, judgments, costs and expenses (including without limitation reasonable
attorneys’ fees) with respect to any leasing commission or equivalent compensation alleged to be owing on account of any
dealings with any real estate broker or agent, other than the Brokers, occurring by, through, or under the indemnifying party.
The terms of this Section 29.24 shall survive the expiration or earlier termination of the Lease Term.

 

29.25        Independent
Covenants. This Lease shall be construed as though the covenants herein between Landlord and Tenant are independent and
not dependent and Tenant hereby expressly waives the benefit of any statute to the contrary and agrees that if Landlord fails to
perform its obligations set forth herein, Tenant shall not be entitled to make any repairs or perform any acts hereunder at Landlord’s
expense or, except as expressly provided herein, to any setoff of the Rent or other amounts owing hereunder against Landlord.

 

29.26        Project
or Building Name. Address and Signage. Landlord shall have the right at any time to change the name and/or address of the
Project or Building and to install, affix and maintain any and all signs on the exterior and on the interior of the Project or
Building as Landlord may, in Landlord’s sole discretion, desire. Tenant shall not use the name of the Project or Building
or use pictures or illustrations of the Project or Building in advertising or other publicity or for any purpose other than as
the address of the business to be conducted by Tenant in the Premises, without the prior written consent of Landlord.

 

29.27        Counterparts.
This Lease may be executed in counterparts with the same effect as if both parties hereto had executed the same document. Both
counterparts shall be construed together and shall constitute a single lease.

 

29.28        Confidentiality.
Tenant acknowledges that the content of this Lease and any related documents are confidential information. Tenant shall keep such
confidential information strictly confidential and shall not disclose such confidential information to any person or entity other
than Tenant’s financial, legal, and space planning consultants.

 

    	 	45	 

     

    

 

29.29        Building
Renovations. It is specifically understood and agreed that Landlord has no obligation and has made no promises to alter,
remodel, improve, renovate, repair or decorate the Premises, Building, or any part thereof and that no representations respecting
the condition of the Premises or the Building have been made by Landlord to Tenant except as specifically set forth herein or
in the Tenant Work Letter. However, Tenant hereby acknowledges that Landlord is currently renovating or may during the Lease Term
renovate, improve, alter, or modify (collectively, the “Renovations”) the Project, the Building and/or the
Premises. Tenant hereby agrees that such Renovations shall in no way constitute a constructive eviction of Tenant nor, except
as provided in Section 6.4, entitle Tenant to any abatement of Rent. Landlord shall have no responsibility and shall not
be liable to Tenant for any injury to or interference with Tenant’s business arising from the Renovations, nor shall Tenant
be entitled to any compensation or damages from Landlord for loss of the use of the whole or any part of the Premises or of Tenant’s
personal property or improvements resulting from the Renovations, or for any inconvenience or annoyance occasioned by such Renovations

 

29.30        Development
of the Project.

 

29.30.1         Subdivision.
Landlord reserves the right to subdivide all or a portion of the buildings and Common Areas. Tenant agrees to execute and deliver,
upon demand by Landlord and in the form requested by Landlord, any additional documents needed to conform this Lease to the circumstances
resulting from a subdivision and any all maps in connection therewith. Notwithstanding anything to the contrary set forth in this
Lease, the separate ownership of any buildings and/or Common Areas by an entity other than Landlord shall not affect the calculation
of Direct Expenses or Tenant’s payment of Tenant’s Share of Direct Expenses.

 

29.30.2         The
Other Improvements. If portions of the Project or property adjacent to the Project (collectively, the “Other Improvements”)
are owned by an entity other than Landlord, Landlord, at its option, may enter into an agreement with the owner or owners of any
of the Other Improvements to provide (i) for reciprocal rights of access, use and/or enjoyment of the Project and the Other Improvements,
(ii) for the common management, operation, maintenance, improvement and/or repair of all or any portion of the Project and all
or any portion of the Other Improvements, (iii) for the allocation of a portion of the Direct Expenses to the Other Improvements
and the allocation of a portion of the operating expenses and taxes for the Other Improvements to the Project, (iv) for the use
or improvement of the Other Improvements and/or the Project in connection with the improvement, construction, and/or excavation
of the Other Improvements and/or the Project, and (v) for any other matter which Landlord deems necessary. Nothing contained herein
shall be deemed or construed to limit or otherwise affect Landlord’s right to sell all or any portion of the Project or any
other of Landlord’s rights described in this Lease.

 

29.30.3         Construction
of Property and Other Improvements. Tenant acknowledges that, as part of Renovations, portions of the Project may be converted
into a non-general office use, and the Project and/or the Other Improvements may be under construction (in connection with such
conversion or otherwise) following Tenant’s occupancy of the Premises, and that such construction may result in levels of
noise, dust, obstruction of access, etc. which are in excess of that present in a fully constructed project. Except as provided
in Section 6.4, Tenant hereby waives any and all rent offsets or claims of constructive eviction which may arise in connection
with such construction.

 

29.31         No
Violation. Tenant hereby warrants and represents that neither its execution of nor performance under this Lease shall cause
Tenant to be in violation of any agreement, instrument, contract, law, rule or regulation by which Tenant is bound, and Tenant
shall protect, defend, indemnify and hold Landlord harmless against any claims, demands, losses, damages, liabilities, costs and
expenses, including, without limitation, reasonable attorneys’ fees and costs, arising from Tenant’s breach of this
warranty and representation.

 

    	 	46	 

     

    

 

29.32         Communications
and Computer Lines. Tenant may install, maintain, replace, remove or use any communications or computer wires and cables
serving the Premises (collectively, the “Lines”), provided that (i) Tenant shall obtain Landlord’s prior
written consent, use an experienced and qualified contractor approved in writing by Landlord, and comply with all of the other
provisions of Article 7 and Article 8 of this Lease, (ii) an acceptable number of spare Lines and space for additional
Lines shall be maintained for existing and future occupants of the Project, as determined in Landlord’s reasonable opinion,
(iii) the Lines therefor (including riser cables) shall be appropriately insulated to prevent excessive electromagnetic fields
or radiation, shall be surrounded by a protective conduit reasonably acceptable to Landlord, and shall be identified in accordance
with the “Identification Requirements,” as that term is set forth hereinbelow, (iv) any new or existing Lines servicing
the Premises shall comply with all applicable governmental laws and regulations, (v) as a condition to permitting the installation
of new Lines, Landlord may require that Tenant remove existing Lines installed by Tenant located in or serving the Premises and
repair any damage in connection with such removal, and (vi) Tenant shall pay all costs in connection therewith. All Lines shall
be clearly marked with adhesive plastic labels (or plastic tags attached to such Lines with wire) to show Tenant’s name,
suite number, telephone number and the name of the person to contact in the case of an emergency (A) in each telephone/data/electric
closet through which such lines run, and (B) at the Lines’ termination point(s) (collectively, the “Identification
Requirements”). Tenant shall not be required to remove any Lines located in or serving the Premises prior to the expiration
or earlier termination of this Lease.

 

29.33         Transportation
Management. Tenant shall fully comply with all present or future programs intended to manage parking, transportation or
traffic in and around the Project and/or the Building, and in connection therewith, Tenant shall take responsible action for the
transportation planning and management of all employees located at the Premises by working directly with Landlord, any governmental
transportation management organization or any other transportation-related committees or entities. Such programs may include, without
limitation: (i) restrictions on the number of peak-hour vehicle trips generated by Tenant; (ii) increased vehicle occupancy; (iii)
implementation of an in-house ridesharing program and an employee transportation coordinator; (iv) working with employees and any
Project, Building or area-wide ridesharing program manager; (v) instituting employer-sponsored incentives (financial or in-kind)
to encourage employees to rideshare; and (vi) utilizing flexible work shifts for employees.

 

29.34         OFAC
Representation. Tenant warrants, represents and covenants to Landlord that neither Tenant nor any person or entity holding
any legal or beneficial interest whatsoever in Tenant is or will become a person or entity with whom Landlord is restricted from
doing business under regulations of the Office of Foreign Asset Control (“OFAC”) of the Department of the Treasury
(including, but not limited to, those named on OFAC’s Specially Designated and Blocked Persons list) or under any statute,
executive order (including but not limited to the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions
With Persons Who Commit, Threaten to Commit, or Support Terrorism) or other governmental actions, and Tenant further represents,
warrants and covenants that it shall not engage in any dealings or transactions or be otherwise associated with such persons or
entities. If the foregoing representations or warranties are untrue at any time during the Term or if Tenant breaches the foregoing
covenants at any time during the Term, a Default will deemed to have occurred, without the necessity of notice to Tenant.

 

[Signatures commence on the following page.]

 

    	 	47	 

     

    

 

IN WITNESS WHEREOF, Landlord and Tenant
have caused this Lease to be executed the day and date first above written.

 

	LANDLORD:	 	TENANT:
	 	 	 
	BFPRU
    I, LLC,	 	CISION
    US, INC.,
	a Delaware
    limited liability company	 	a Delaware
    corporation,
	 	 	 	 	 
	By: 		 	By:	
	 	 	 	 	 
		Its:	Manager	 		Its:	CFO,
    N.A.
	 	 	 	 	 	 	 
	By: 	 	 	By:	 
	 	 	 	 	 
		Its:	 	 		Its:	 

 

    	 	48	 

     

    

 

EXHIBIT A

 

PRUDENTIAL PLAZA

 

OUTLINE OF PREMISES

 

    	 	Exhibit A-1	 

     

    

 

 

    	 	Exhibit A-2	 

     

    

 

EXHIBIT B 

 

PRUDENTIAL PLAZA 

 

TENANT WORK LETTER

 

This Tenant Work
Letter shall set forth the terms and conditions relating to the construction of certain improvements and alterations to the Premises.
This Tenant Work Letter is essentially organized chronologically and addresses the issues of the construction of such improvements
and alterations to the Premises, in sequence, as such issues will arise during the actual construction of the Premises. All references
in this Tenant Work Letter to Articles or Sections of “this Lease” shall mean the relevant portions of Article
1 through Article 29 of the Office Lease to which this Tenant Work Letter is attached as Exhibit B. and all
references in this Tenant Work Letter to Sections of “this Tenant Work Letter” shall mean the relevant portions of
Article 1 through Article 5 of this Tenant Work Letter.

 

ARTICLE 1

 

LANDLORD’S INITIAL CONSTRUCTION
IN THE PREMISES

 

1.1           Base
Building as Constructed by Landlord. Following the full execution and delivery of this Lease by Landlord and Tenant, and Tenant’s
delivery to Landlord of the Letter of Credit and evidence that Tenant has obtained the insurance required by Article 10,
Landlord shall deliver the Premises with the Base Building (as such term is defined in Section 8.2) and Original Improvements
(as such term is defined in Section 10.3.2), to Tenant, and Tenant shall accept the Premises, Original Improvements and
Base Building from Landlord in their presently existing, “as-is” condition.

 

1.2           Landlord
Work. From and after the full execution and delivery of this Lease, Landlord, will perform the Landlord Premises Work described
on Schedule I attached to this Exhibit B (“Landlord’s Premises Work”) and the Landlord’s
Base Building Work described on Schedule I (“Landlord’s Base Building Work” and with the Landlord’s
Premises Work, the “Landlord Work”). Except as provided in Schedule I, the Landlord Work will be performed at
Landlord’s sole cost and expense. Tenant acknowledges and agrees that portions of the Landlord Work may be performed simultaneously
with the performance of the Tenant Improvements, in which event Landlord will coordinate with Tenant to ensure that such Landlord
Base Building Work does not increase the costs associated with Tenant’s work or cause delays to the completion of Tenant’s
work. So long as Landlord and Tenant agree, Tenant’s Contractor may perform some of the Landlord’s Work, in which case
(i) such work to be performed by Tenant’s Contractor shall no longer be considered the Landlord’s Work and the Tenant’s
Contractor shall perform such work pursuant to plans and specifications approved by Landlord, and (ii) Landlord shall give Tenant
a credit for the portion of Landlord that is performed by Tenant’s Contractor, and such amounts shall not be included in
the Tenant Improvement Allowance.

 

ARTICLE 2 

 

TENANT IMPROVEMENTS

 

2.1           Tenant
Improvements. As used in this Tenant Work Letter, “Tenant Improvements” means those improvements and alterations
to the Premises depicted on the Approved Working Drawings (as such term is defined in Section 3.33.3), and any subsequent
modifications to such improvements and alterations made in accordance with the terms and provisions of this Tenant Work Letter.

 

    	 	Exhibit B-1	 

     

    

 

2.2           Tenant
Improvement Funding.

 

2.2.1           Tenant
Improvement Allowance. Landlord shall provide an amount not to exceed the Tenant Improvement Allowance toward the Tenant Improvement
Items in accordance with Section 2.3.2 below, Except as provided in this Section 2.2.1, Tenant shall not be entitled
to receive any portion of Tenant’s Improvement Allowance not actually expended for Tenant Improvement Items nor shall Tenant
have any right to apply any unused portion of the Tenant Improvement Allowance as a credit against Rent or any other obligations
of Tenant under the Lease, as set forth below. Upon the occurrence of the date which is twelve months after the Commencement Date,
any remaining portion of the Tenant’s Improvement Allowance not disbursed for Tenant Improvement Items shall be retained
by Landlord; provided, however that notwithstanding the foregoing provided that (i) no Event of Default then exists; and (ii)
the Tenant Improvement Items have been substantially completed and Tenant has delivered to Landlord a sworn statement to Landlord
which identifies all agents, contactors and materials suppliers engaged by Tenant in connection with the Tenant Improvements and
sworn statements and lien waivers from such agents, contractor and materials suppliers, such statements and lien waivers all in
such form as reasonably required by Landlord, then, provided Tenant makes such request to Landlord on or before the date which
is fifteen (15) months after the Lease Commencement Date, Tenant may apply (x) the Tenant Improvement Allowance towards architectural,
engineering, space planning, furniture, moving or any other expenses reasonably incurred by Tenant in connection with its relocation
to the Premises, and (y) up to $490,464.00 of the unused Tenant Improvement Allowance as a credit against Base Rent or any other
obligations of Tenant under the Lease until such credit is exhausted.

 

2.2.2           Over
Allowance Amount Provided By Tenant. Except as provided in Section 2.2.1, Tenant shall pay all costs of the Tenant Improvements.

 

2.3           Disbursement
of the Tenant Improvement Funds.

 

2.3.1           Tenant
Improvement Items. Except as otherwise set forth in this Tenant Work Letter, the Tenant Improvement Funds shall be disbursed
by Landlord only for the following items and costs (collectively the “Tenant Improvement Items”).

 

2.3.1.1           Payment
of the actual fees and costs, reasonably incurred by Landlord, for the review of the “Construction Drawings,”
as that term is defined in Section 3.1 of this Tenant Work Letter, by Landlord’s third party consultants, if applicable;

 

2.3.1.2           The
payment of plan check, permit and license fees relating to construction of the applicable phase of the Tenant Improvements;

 

2.3.1.3           The
cost of construction of the Tenant Improvements, including, without limitation, testing and inspection costs, out of pocket costs
to provide freight elevator usage, and hoisting trash removal costs, sprinkler drain down fees, Landlord’s construction clean-up
costs, and contractors’ fees and general conditions;

 

2.3.1.4           The
cost of any changes in the Base Building when such changes are required by the Construction Drawings (including if such
changes are due to the fact that such work is prepared on an unoccupied basis), such cost to include all direct architectural
and/or engineering fees and expenses incurred in connection therewith;

 

2.3.1.5           The
cost of any changes to the Construction Drawings or Tenant Improvements required by all applicable building codes (the “Code”);

 

2.3.1.6           Sales
and use taxes; and

 

2.3.1.7           All
other costs to be expended by Landlord in connection with the construction of the Tenant Improvements, other than security or supervision
fees.

 

2.3.2           Disbursement
of Tenant Improvement Allowance. During the construction of the Tenant Improvements, Landlord shall make monthly disbursements
from the Tenant Improvement Allowance for Tenant Improvement Items for the benefit of Tenant and shall authorize the release of
monies for the benefit of Tenant as follows.

 

2.3.2.1           Priority.
Intentionally Deleted.

 

    	 	Exhibit B-2	 

     

    

 

2.3.2.2           Monthly
Disbursements. On or before the first day of each calendar month, as determined by Landlord, during the construction of the
Tenant Improvements (or such other date as Landlord may designate), Tenant shall deliver to Landlord: (i) a request for payment
of the “Contractor,” as that term is defined in Section 4.1 of this Tenant Work Letter, approved by Tenant,
in a form to be provided by Landlord, showing the then current Final Costs, schedule of values, by trade, of percentage of completion
of the Tenant Improvements in the Premises, detailing the portion of the work completed and the portion not completed for the applicable
phase; (ii) invoices from all of “Tenant’s Agents,” as that term is defined in Section 4.1.2 of
this Tenant Work Letter, for labor rendered and materials delivered to the Premises; (iii) executed sworn statements and conditional
mechanic’s lien releases from all of Tenant’s Agents (along with unconditional mechanics lien releases with respect
to payments made pursuant to Tenant’s prior submission hereunder) which shall comply with the appropriate provisions, as
reasonably determined by Landlord, of any applicable laws; and (iv) all other information reasonably requested by Landlord. Within
forty-five (45) days following Landlord’s receipt from Tenant of the last of the items set forth above in Sections 2.2.1.1
(i) through (iv) above, Landlord shall deliver a check to Tenant made payable to Contractor in payment of the lesser of: (A)
the amounts so requested by Tenant, as set forth in this Section 2.2.1.1, above, less a ten percent (10%) retention (the
aggregate amount of such retentions to be known as the “Final Retention”), and (B) the balance of any remaining
available portion of the Tenant Improvement Allowance (not including the Final Retention), provided that (i) Landlord does not
dispute any request for payment based on non-compliance of any work with the “Approved Working Drawings,” as
that term is defined in Section 3.4 below, or due to any substandard work in violation of the terms of this Tenant Work
Letter and (ii) if the then unpaid Final Costs exceed the then undisbursed portion of the Improvement Allowance, no portion of
the Improvement Allowance shall be paid by Landlord until Tenant pays such excess. No more than one request for payment may be
submitted in any calendar month.. Landlord’s payment of such amounts shall not be deemed Landlord’s approval or acceptance
of the work furnished or materials supplied as set forth in Tenant’s payment request.

 

2.3.2.3           Final
Retention. Subject to the provisions of this Tenant Work Letter, a check for the Final Retention payable to Contractor shall
be delivered by Landlord to Tenant following the completion of construction of the Tenant Improvements in the Premises, provided
that (i) Tenant delivers to Landlord properly executed final sworn statements and mechanics lien waiver or releases in compliance
with any applicable laws from all Tenant Agents, (ii) Landlord has determined that no substandard work exists in violation of
the terms of this Tenant Work Letter which adversely affects the mechanical, electrical, plumbing, heating, ventilating and air
conditioning, life-safety or other systems of the Building, the curtain wall of the Building, the structure or exterior appearance
of the Building, or any other tenant’s use of such other tenant’s leased premises in the Building, (iii) Architect
delivers to Landlord a certificate, in a form reasonably acceptable to Landlord, certifying that the construction of the Tenant
Improvements in the Premises has been substantially completed, (iv) Tenant supplies Landlord with evidence that all required governmental
approvals required for Tenant to legally occupy the Premises have been obtained, and (v) Tenant has fulfilled its obligations
pursuant to the terms of Section 4.3(i) of this Tenant Work Letter and has otherwise complied with Landlord’s standard
“close out” requirements regarding city approvals, closeout tasks, closeout documentation regarding the general
contractor, financial close-out matters, and tenant vendors.

 

2.3.2.4           Other
Terms. Notwithstanding any provision to the contrary in Section 2.2.1 above, upon written request from Tenant, Landlord
shall deliver checks otherwise requested to be paid to Contractor under Section 2.2.1 above, to be made payable to Tenant
(instead of Contractor), provided that concurrently with such request by Tenant, Tenant provides to Landlord unconditional mechanics
lien releases (which releases shall comply with the requirements, as reasonably determined by Landlord, of all applicable laws)
from all of Tenant’s Agents that performed the work which corresponds to the applicable payment request.

 

2.4           Standard
Tenant Improvement Package. Landlord has established specifications (the “Specifications”) for the Building
standard components to be used in the construction of the Tenant Improvements in the Premises (collectively, the “Building
Standards”), which Specifications shall be supplied to Tenant by Landlord. The quality of Tenant Improvements shall be
equal to or of greater quality than the quality of the Specifications, provided that the Tenant Improvements shall comply with
certain Specifications as designated by Landlord. Landlord may make changes to the Specifications for the Building Standards from
time to time.

 

    	 	Exhibit B-3	 

     

    

 

ARTICLE 3

 

CONSTRUCTION
DRAWINGS

 

3.1           Selection
of Architect/Construction Drawings. Tenant shall retain the architect/space planner approved by Landlord (the “Architect”)
to prepare the “Construction Drawings,” as that term is defined in this Section 3.1. Tenant shall retain
the engineering consultants approved by Landlord (the “Engineers”) to prepare all plans and engineering working
drawings relating to the structural, mechanical, electrical, plumbing, HVAC, life- safety, and sprinkler work in the Premises,
which work is not part of the Base Building. The plans and drawings to be prepared by Architect and the Engineers hereunder shall
be known collectively as the “Construction Drawings.” All Construction Drawings shall comply with the drawing
format and specifications determined by Landlord, and shall be subject to Landlord’s approval. Tenant and Architect shall
verify, in the field, the dimensions and conditions as shown on the relevant portions of the Base Building plans, and Tenant and
Architect shall be solely responsible for the same, and Landlord shall have no responsibility in connection therewith. Landlord’s
review of the Construction Drawings as set forth in this Article 3, shall be for its sole purpose and shall not imply Landlord’s
review of the same, or obligate Landlord to review the same, for quality, design, Code compliance or other like matters. Accordingly,
notwithstanding that any Construction Drawings are reviewed by Landlord or its space planner, architect, engineers and consultants,
and notwithstanding any advice or assistance which may be rendered to Tenant by Landlord or Landlord’s space planner, architect,
engineers, and consultants, Landlord shall have no liability whatsoever in connection therewith and shall not be responsible for
any omissions or errors contained in the Construction Drawings, and Tenant’s waiver and indemnity set forth in this Lease
shall specifically apply to the Construction Drawings.

 

3.2           Final
Space Plan. Tenant shall supply Landlord with four (4) copies signed by Tenant of its final space plan for the Premises before
any architectural working drawings or engineering drawings have been commenced. The final space plan (the “Final Space
Plan”) shall include a layout and designation of all offices, rooms and other partitioning, their intended use, and equipment
to be contained therein. Landlord may request clarification or more specific drawings for special use items not included in the
Final Space Plan. Landlord shall advise Tenant within ten (10) business days after Landlord’s receipt of the Final Space
Plan for the Premises if the same is unsatisfactory or incomplete in any respect. If Tenant is so advised, Tenant shall promptly
cause the Final Space Plan to be revised to correct any deficiencies or other matters Landlord may reasonably require. At Landlord’s
option, prior to the submission of the “Final Working Drawings,” as that term is defined in Section 3.3, below,
Tenant shall supply Landlord with intermediate stages of the Construction Drawings.

 

3.3           Final
Working Drawings. After the Final Space Plan has been approved by Landlord, Tenant shall supply the Engineers with a complete
listing of standard and non-standard equipment and specifications, including, without limitation, B.T.U. calculations, electrical
requirements and special electrical receptacle requirements for the Premises, to enable the Engineers and the Architect to complete
the “Final Working Drawings” (as that term is defined below) in the manner as set forth below. Upon the approval of
the Final Space Plan by Landlord and Tenant, Tenant shall promptly cause the Architect and the Engineers to complete the architectural
and engineering drawings for the Premises, and Architect shall compile a fully coordinated set of architectural, structural, mechanical,
electrical and plumbing working drawings in a form which is complete to allow subcontractors to bid on the work and to obtain all
applicable permits (collectively, the “Final Working Drawings”) and shall submit the same to Landlord for Landlord’s
approval, provided that, at Tenant’s option, the Final Working Drawings may be prepared in two phases on a “design
build” basis (first the architectural portion, then engineering drawings consistent with the previously provided architectural
drawings), provided further that in such event both components shall be subject to Landlord’s approval. Tenant shall supply
Landlord with four (4) copies signed by Tenant of such Final Working Drawings (or any particular component thereof, if applicable).
Landlord shall advise Tenant within ten (10) business days after Landlord’s receipt of the Final Working Drawings (or any
particular component thereof, if applicable) for the Premises if the same is unsatisfactory or incomplete in any respect. If Tenant
is so advised, Tenant shall immediately revise the Final Working Drawings (or any particular component thereof, if applicable)
in accordance with such review and any disapproval of Landlord in connection therewith. Landlord may impose, as a condition of
its consent to any and all Tenant Improvements or repairs of the Premises or about the Premises or otherwise, such requirements
as Landlord in its reasonable discretion may deem desirable, including, but not limited to, the requirement that upon Landlord’s
request, Tenant shall, at Tenant’s expense, remove such Tenant Improvements upon the expiration or any early termination
of the Lease Term.

 

    	 	Exhibit B-4	 

     

    

 

3.4           Approved
Working Drawings. The Final Working Drawings shall be approved by Landlord (the “Approved Working Drawings”)
prior to the commencement of construction of the Premises by Tenant. After approval by Landlord of the Final Working Drawings,
Tenant may submit the same to the appropriate municipal authorities for all applicable building permits. Tenant hereby agrees that
neither Landlord nor Landlord’s consultants shall be responsible for obtaining any building permit or certificate of occupancy
(if required) for the Premises and that obtaining the same shall be Tenant’s responsibility; provided, however, that Landlord
shall cooperate with Tenant in executing permit applications and performing other ministerial acts reasonably necessary to enable
Tenant to obtain any such permit or certificate of occupancy. Tenant shall not commence construction until all required governmental
permits are obtained. No changes, modifications or alterations in the Approved Working Drawings may be made without the prior written
consent of Landlord, which consent may not be unreasonably withheld, conditioned or delayed.

 

ARTICLE 4

 

CONSTRUCTION OF THE TENANT IMPROVEMENTS

 

4.1         Tenant’s
Selection of Contractors.

 

4.1.1           The
Contractor. A general contractor shall be retained by Tenant to construct the Tenant Improvements. Such general
contractor (“Contractor”) shall be selected by Tenant from a list of general contractors supplied by
Landlord or, at Landlord’s option, from a list provided by Tenant and approved by Landlord. Tenant shall deliver to
Landlord notice of its selection of the Contractor upon such selection.

 

4.1.2           Tenant’s
Agents. All subcontractors, laborers, materialmen, and suppliers used by Tenant (such subcontractors, laborers, materialmen,
and suppliers, and the Contractor to be known collectively as “Tenant’s Agents”) must be union and must
be approved in writing by Landlord, which approval shall not be unreasonably withheld or delayed, provided that Landlord may require
Tenant to retain life-safety subcontractors designated by Landlord. If Landlord does not approve any of Tenant’s proposed
subcontractors, laborers, materialmen or suppliers, Tenant shall submit other proposed subcontractors, laborers, materialmen or
suppliers for Landlord’s written approval.

 

4.2         Construction
of Tenant Improvements by Tenant’s Agents

 

4.2.1         Construction
Contract; Cost Budget. Prior to Tenant’s execution of the construction contract and general conditions with Contractor
(the “Contract”) for the Tenant Improvements, Tenant shall submit the Contract to Landlord for its approval,
which approval shall not be unreasonably withheld, conditioned or delayed. Prior to the commencement of the construction of the
Tenant Improvements, and after Tenant has accepted all bids for the Tenant Improvements, Tenant shall provide Landlord with a detailed
breakdown of the schedule of values, by trade, of the final costs to be incurred or which have been incurred, as set forth more
particularly in Sections 2.3.1.1 through 2.3.1.7, above, in connection with the design and construction of the Tenant Improvements
to be performed by or at the direction of Tenant or the Contractor, which costs form a basis for the amount of the Contract (such
final costs as modified from time to time to reflect changes in the cost of Tenant Improvement Items the “Final Costs”).
With each monthly disbursement request pursuant to Section 2.3.2, Tenant shall revise the Final Costs to reflect any changes thereto.

 

4.2.2         Tenant’s
Agents.

 

4.2.2.1           Landlord’s
General Conditions for Tenant’s Agents and Tenant Improvement Work. Tenant’s and Tenant’s Agent’s construction
of the Tenant Improvements shall comply with the following: (i) the Tenant Improvements
shall be constructed in strict accordance with the Approved Working Drawings; (ii) Tenant’s Agents shall submit schedules
of all work relating to the Tenant’s Improvements to Landlord and Landlord shall, within five (5) business days of receipt
thereof, inform Tenant’s Agents of any changes which are necessary thereto, and Tenant’s Agents shall adhere to such
corrected schedule; and (iii) Tenant shall abide by all rules made by Landlord’s Building manager with respect to the use
of freight, loading dock and service elevators, any required shutdown of utilities (including life safety systems), storage of
materials, coordination of work with the contractors of other tenants, and any other matter in connection with this Tenant Work
Letter, including, without limitation, the construction of the Tenant Improvements. If any Tenant’s Agent fails to comply
with such rules or unreasonably interferes with the performance of other work in Building, Landlord may deny such Tenant’s
Agent access to the Building on two (2) Business Days prior notice.

 

    	 	Exhibit B-5	 

     

    

 

4.2.2.2         Indemnity.
Tenant’s indemnity of Landlord as set forth in this Lease shall also apply with respect to any and all costs, losses, damages,
injuries and liabilities resulting from any act or omission of Tenant or Tenant’s Agents, or anyone directly or indirectly
employed by any of them, or in connection with or resulting from Tenant’s non-payment of any amount arising out of the Tenant
Improvements and/or Tenant’s disapproval of all or any portion of any request for payment. Such indemnity by Tenant, as set
forth in this Lease, shall also apply with respect to any and all costs, losses, damages, injuries and liabilities related to Landlord’s
performance of any ministerial acts reasonably necessary (i) to permit Tenant to complete the Tenant Improvements, and (ii) to
enable Tenant to obtain any building permit or certificate of occupancy for the Premises. All contracts with Tenant’s Agents
shall require, to the fullest extent permitted by law, Tenant’s Agents to indemnify and hold harmless the Landlord Parties
from and against all Losses necessitated by activities of the indemnifying party’s contractors, bodily injury to persons
or damage to property of the Landlord Parties arising out of or resulting from the performance of work by the indemnifying party
or its contractors. The foregoing indemnity shall be in addition to the insurance requirements set forth above and shall not be
in discharge or substitution of the same, and shall not be limited in any way by any limitations on the amount or type of damages,
compensation or benefits payable by or for Tenant’s Agents under Workers’ Compensation Acts.

 

4.2.2.3         Requirements
of Tenant’s Agents. Each of Tenant’s Agents shall guarantee to Tenant and for the benefit of Landlord that the
portion of the Tenant Improvements for which it is responsible shall be free from any defects in workmanship and materials for
a period of not less than one (1) year from the date of completion thereof. Each of Tenant’s Agents shall be responsible
for the replacement or repair, without additional charge, of all work done or furnished in accordance with its contract that shall
become defective within one (1) year after the completion of the work performed by such contractor or subcontractors. The correction
of such work shall include, without additional charge, all additional expenses and damages incurred in connection with such removal
or replacement of all or any part of the Tenant Improvements, and/or the Building and/or common areas that may be damaged or disturbed
thereby. All such warranties or guarantees as to materials or workmanship of or with respect to the Tenant Improvements shall be
contained in the Contract or subcontract and shall be written such that such guarantees or warranties shall inure to the benefit
of both Landlord and Tenant, as their respective interests may appear, and can be directly enforced by either.

 

4.2.2.4         Insurance
Requirements.

 

(a)          General
Coverages. All of Tenant’s Agents shall carry worker’s compensation insurance covering all of their respective
employees, and shall also carry public liability insurance, including property damage, all with limits, in form and with companies
as are required to be carried by Tenant as set forth in this Lease.

 

(b)          Special
Coverages. Tenant shall carry or shall cause Tenant’s Contractor to carry “Builder’s All Risk” insurance
in an amount approved by Landlord covering the construction of the Tenant Improvements, and such other insurance as Landlord may
require, it being understood and agreed that the Tenant Improvements shall be insured by Tenant pursuant to this Lease immediately
upon completion thereof. Such insurance shall be in amounts and shall include such extended coverage endorsements as may be reasonably
required by Landlord including, but not limited to, the requirement that all of Tenant’s Agents shall carry excess liability
and Products and Completed Operation Coverage insurance, each in amounts not less than $2,000,000 per incident, $10,000,000 in
aggregate, and in form and with companies as are required to be carried by Tenant as set forth in this Lease.

 

    	 	Exhibit B-6	 

     

    

 

(c)          General
Terms. Certificates for all insurance carried pursuant to this Section 4.2.2.4 shall be delivered to Landlord before
the commencement of construction of the Tenant Improvements and before the Contractor’s equipment is moved onto the site.
In the event that the Tenant Improvements are damaged by any cause during the course of the construction thereof, Tenant shall
immediately repair the same at Tenant’s sole cost and expense. Tenant’s Agents shall maintain all of the foregoing
insurance coverage in force until the Tenant Improvements are fully completed and accepted by Landlord, except for any Products
and Completed Operation Coverage insurance required by Landlord, which is to be maintained for ten (10) years following completion
of the work and acceptance by Landlord and Tenant. All policies carried under this Section 4.2.2.4 shall insure Landlord
and Tenant, as their interests may appear, as well as Contractor and Tenant’s Agents. All insurance, except Workers’
Compensation, maintained by Tenant’s Agents shall preclude subrogation claims by the insurer against anyone insured thereunder.
Such insurance shall provide that it is primary insurance as respects the owner and that any other insurance maintained by owner
is excess and noncontributing with the insurance required hereunder. The requirements for the foregoing insurance shall not derogate
from the provisions for indemnification of Landlord by Tenant under Section 4.2.2.2 of this Tenant Work Letter.

 

4.2.3           Governmental
Compliance. The Tenant Improvements shall comply in all respects with the following: (i) the Code and other state, federal,
city or quasi-governmental laws, codes, ordinances and regulations, as each may apply according to the rulings of the controlling
public official, agent or other person; (ii) applicable standards of the American Insurance Association (formerly, the National
Board of Fire Underwriters) and the National Electrical Code; and (iii) building material manufacturer’s specifications.

 

4.2.4           Inspection
by Landlord. Landlord shall have the right to inspect the Tenant Improvements at all times, provided however, that Landlord’s
failure to inspect the Tenant Improvements shall in no event constitute a waiver of any of Landlord’s rights hereunder nor
shall Landlord’s inspection of the Tenant Improvements constitute Landlord’s approval of the same. Should Landlord
disapprove any portion of the Tenant Improvements, Landlord shall notify Tenant in writing of such disapproval and shall specify
the items disapproved. Any defects or deviations in, and/or disapproval by Landlord of, the Tenant Improvements shall be rectified
by Tenant at no expense to Landlord, provided however, that in the event Landlord determines that a defect or deviation exists
or disapproves of any matter in connection with any portion of the Tenant Improvements and such defect, deviation or matter might
adversely affect the mechanical, electrical, plumbing, heating, ventilating and air conditioning or life-safety systems of the
Building, the structure or exterior appearance of the Building or any other tenant’s use of such other tenant’s leased
premises, Landlord may, take such action as Landlord deems necessary, at Tenant’s expense and without incurring any liability
on Landlord’s part, to correct any such defect, deviation and/or matter, including, without limitation, causing the cessation
of performance of the construction of the Tenant Improvements until such time as the defect, deviation and/or matter is corrected
to Landlord’s reasonable satisfaction.

 

4.2.5           Meetings.
Commencing upon the execution of this Lease, Tenant shall hold weekly meetings at a reasonable time, with the Architect and the
Contractor regarding the progress of the preparation of Construction Drawings and the construction of the Tenant Improvements,
which meetings shall be held at a location designated by Landlord, and Landlord and/or its agents shall receive prior notice of,
and shall have the right to attend, all such meetings, and, upon Landlord’s request, certain of Tenant’s Agents shall
attend such meetings. In addition, minutes shall be taken at all such meetings, a copy of which minutes shall be promptly delivered
to Landlord. One such meeting each month shall include the review of Contractor’s current request for payment.

 

4.3         Construction
by Landlord. Landlord shall have the right, but not the obligation, to perform, on behalf of and for the account of Tenant,
subject to reimbursement by Tenant, any of the Tenant Improvement (i) Landlord reasonably deems necessary to be done on an emergency
basis, (ii) pertains to structural components or the Building Systems, (iii) pertains to the erection of temporary safety barricades
or signs during construction outside the Premises. Except in case of emergency, Landlord shall give at least five (5) business
days prior written notice to Tenant of its intention to perform such work which shall be accompanied by a reasonable estimate of
the costs of such work. Except in the case of an emergency, Tenant shall have the right to object to the performance of such work
by Landlord, in which event such work shall not be performed until the party’s shall come to an agreement regarding the same
but Commencement Date shall not be affected.

 

    	 	Exhibit B-7	 

     

    

 

4.4         Copy
of Record Set of Plans. At the conclusion of construction, (i) Tenant shall cause the Architect and Contractor (A) to update
the Approved Working Drawings as necessary to reflect all changes made to the Approved Working Drawings during the course of construction,
(B) to certify to the best of their knowledge that the updated drawings are true and correct, which certification shall survive
the expiration or termination of this Lease, and (C) to deliver to Landlord two (2) CD ROMS of such updated drawings in accordance
with “Landlord’s CAD format requirements,” as set forth below, within thirty (30) days following issuance
of a certificate of occupancy for the Premises, or, if no certificate of occupancy for the Premises is required pursuant to applicable
laws, then within thirty (30) days following the substantial completion of the Premises, (ii) Tenant shall deliver to Landlord
a copy of all warranties, guaranties, and operating manuals and information relating to the improvements, equipment, and systems
in the Premises, and (iii) Tenant shall deliver to Landlord a copy of the original permit issued by the City of Chicago (“City”)
and the permit drawings containing a City stamp. For purposes of this Tenant Work Letter, “Landlord’s CAD format
requirements” shall mean (a) the version is no later than current Autodesk version of AutoCAD plus the most recent release
version, (b) files must be unlocked and fully accessible (no “cad-lock”, read-only, password protected or “signature”
files), (c) files must be in “.dwg” format, (d) if the data was electronically in a non-Autodesk product, then files
must be converted into ‘“dwg” files when given to Landlord.

 

    	 	Exhibit B-8	 

     

    

 

ARTICLE 5

 

COMPLETION OF THE TENANT IMPROVEMENTS; 

LEASE COMMENCEMENT DATE

 

5.1           Tenant’s
Representative. Tenant shall designate one person as its sole representative with respect to the matters set forth in this
Tenant Work Letter, who shall have full authority and responsibility to act on behalf of the Tenant as required in this Tenant
Work Letter.

 

5.2           Landlord’s
Representative. Landlord has designated Mr. Greg Prather or such other person as Landlord may later designate in writing as
its representatives with respect to the matters set forth in this Tenant Work Letter, who, until further notice to Tenant, shall
have full authority and responsibility to act on behalf of the Landlord as required in this Tenant Work Letter. Landlord reserves
the right to designate other representatives from time to time.

 

5.3           Time
of the Essence in This Tenant Work Letter. Unless otherwise indicated, all references herein to a “number of days”
shall mean and refer to calendar days. If any item requiring approval is timely disapproved by Landlord, the procedure for preparation
of the document and approval thereof shall be repeated until the document is approved by Landlord.

 

5.4           Tenant’s
Agents. All subcontractors, laborers, materialmen, and suppliers retained directly by Tenant shall all be union labor in compliance
with the then existing master labor agreements, if any.

 

5.5           Tenant’s
Lease Default. Notwithstanding any provision to the contrary contained in this Lease, if an Event of Default as described in
the Lease or this Tenant Work Letter has occurred at any time on or before the substantial completion of the Premises, then (i)
in addition to all other rights and remedies granted to Landlord pursuant to this Lease, Landlord shall have the right to withhold
payment of all or any portion of the Tenant Improvement Allowance and/or Landlord may cause Contractor to cease the construction
of the Premises (in which case, Tenant shall be responsible for any delay in the substantial completion of the Premises caused
by such work stoppage), and (ii) all other obligations of Landlord under the terms of this Tenant Work Letter shall be forgiven
until such time as such default is cured pursuant to the terms of this Lease (in which case, Tenant shall be responsible for any
delay in the substantial completion of the Premises caused by such inaction by Landlord).

 

    	 	Exhibit B-9	 

     

    

 

SCHEDULE I

 

LANDLORD’S WORK

 

Landlord’s Premises Work.
The Landlord’s Premises Work consists of the following work:

 

(i)          remove
the existing induction units in the Premises and install a Building Standard chilled beam system;

 

(ii)         demolish
the existing tenant improvements in the Premises pursuant to demolition plans and specifications provided by Tenant (“Demolition
Plans”); provided that Landlord shall not demolish the existing sprinklers or low or medium pressure duct loop (“Landlord’s
Demolition Work”)

 

(iii)        level
the floor in the Premises to within 1/2 inch every 10 feet noncumulative with the elevator sills as elevation 0’-0”
(Note, in the event that additional leveling to attain the standard set forth above is required after the initial leveling of the
floor in the Premises, then such condition shall be remedied by Tenant’s Contractor and reimbursed by Landlord without funding
from the Tenant Improvement Allowance);

 

(iv)        to
the extent not existing, low or medium pressure duct loop and primary fire sprinkler loop

in the Premises;

 

(v)         to
the extent not existing, install sprinklers in the Premises as required by Code;

 

(vi)        All
remaining interior core walls to be dry walled, taped, sanded and ready for paint;

 

(vii)       strip
intermediate exterior columns (approximately every third column) to expose brick;

 

(viii)      strip
dry wall and studs covering all interior columns that have clay tile and plaster fire

coating;

 

(ix)         all
exterior and interior columns not described in (vii) and (viii) above to be dry walled, taped, sanded and ready for paint;

 

(x)          repair
any damage to exterior walls not removed as part of Landlord’s Demolition Work;

 

(xi)         To
the extent not already available, bring Base Building plumbing (cold water) to the Premises; and

 

(xii)        install
one (two if required by law and Landlord cannot obtain a variance to install only one) ADA compliant high/low water fountain with
bottle refiller.

 

Landlord’s Base Building Work. The
Landlord’s Base Building Work consists of the following work:

 

(i)          if
not installed, install a separate electrical meter for the Premises, and electrical wiring to the meter capable of providing 5watts
per square foot demand load;

 

(ii)         installation
of upgrades to the men’s and women’s restroom on the 7th floor consistent with the upgrades to the restrooms
on the 30lh floor of the Building and ADA compliant;

 

(iii)        construction
of two new single use ADA compliant restrooms in the Premises where shown on attached Schedule IV in accordance with applicable
laws utilizing building standard materials. Tenant shall reimburse Landlord for the excess if any of (i) the cost to construct
the restrooms over (ii) $70,000.00; provided that if Tenant does not construct two similar single use restrooms in the Premises
as part of the Tenant Improvements the amount in clause (ii) above shall be reduced to $35,000.00. Tenant shall pay any amounts
due Landlord pursuant to this clause (iii) within thirty (30) days after receipt of Landlord’s invoice for such reimbursement
amount. Landlord may deduct the amount of such reimbursement from the Tenant Improvement Allowance.

 

    	 	Exhibit B-10	 

     

    

 

(iv)        construction
and equipping of the Fitness Center;

 

(v)         construction
of the Tenant Lounge;

 

(vi)        construction
of the Conference Center;

 

(vii)       construction
of the Roof Top Deck;

 

(viii)      performance
of the Building Lobby Renovation described in Schedule II attached hereto (“Building Lobby Renovation”);

 

(ix)         performance
of the Building Elevator Cosmetic Upgrade to the elevators serving the Premises described on Schedule III attached hereto
(“Building Elevator Cosmetic Upgrade”);

 

(x)          to
the extent not existing base building plumbing to the seventh (7th) floor of the Building;

 

(xi)         delivery
to Tenant of new mecho shades (or similar) for all exterior windows; installation by Tenant as part of Tenant Improvements; and

 

(xii)        
to the extent not existing and in accordance with laws (A) lighting in the stairwells, mechanical rooms and utility room as required
by Laws, (B) exit signs in the stairways and (C) fire hose and extinguishers in each stairwell.

 

Landlord
shall use reasonable efforts to Substantially Complete (i) the Fitness Center, Tenant Lounge and Roof Top Deck by February 1,
2015; (ii) the Building Lobby Renovation by May 1, 2015; (iii) the Conference Center by December 31, 2015; (iv) the Building Elevator
Cosmetic Upgrade by February 1, 2019, and (v) all other Landlord Work on or before the Lease Commencement Date. Except as provided
in Section 3.3, Landlord shall have no liability to Tenant, Tenant shall have no right to terminate this Lease and Tenant’s
obligations under this Lease shall not be affected if Landlord is unable to complete the Landlord’s Base Building Work by
any date.

 

    	 	Exhibit B-11	 

     

    

 

SCHEDULE II

 

BUILDING LOBBY RENOVATION

 

Main Lobby – General Description of Renovation / Upgrade

		·	New
terrazzo floor overlay

		·	Folded
plane walls and ceiling with integrated, linear light fixtures similar to the mock-up installed in the lobby as of the Date of
Lease

		·	Limited millwork at the far west end of the lobby and the wall adjacent
to the west side of the escalators

		·	The
removal of the south mezzanine walk-way to open up the view to Millennium Park

		·	The installation
                                                                                                                                                   of a new, enclosed egress stair from the second floor to the lobby in the SW corner
                                                                                                                                                   of the main lobby to provide a secondary means of egress to the Tavern at the Park roof deck

		·	Removal of the stainless steel column wraps throughout the lobby and
new millwork column wraps

		·	New
carpeting in the center of the lobby to replace the existing

		·	New
media wall along the north elevation of the first floor main lobby

 

    	 	Exhibit B-12	 

     

    

 

SCHEDULE III

 

ELEVATOR COSMETIC UPGRADE

 

Elevator Upgrades – General Description of Elevator Modernization

		·	A
complete, comprehensive elevator modernization, including the cab interiors of the elevators in Prudential 1 substantially in
accordance with the Elevator Modernization Specifications dated July 1, 2013

		·	All
code required upgrades are included, as well

 

    	 	Exhibit B-13	 

     

    

 

SCHEDULE IV

 

ADDITIONAL RESTROOM LOCATION

 

 

 

    	 	Exhibit B-14	 

     

    

 

EXHIBIT C 

 

PRUDENTIAL PLAZA

 

NOTICE OF
LEASE TERM DATES

 

	To:	 	 
	 	 	 
	 	 	 
	 	 	 

 

		Re:	Office Lease
                                         dated ______________, 201_ between ___________________________, a _____________ (“Landlord”),
                                         and __________________, a _______________ (“Tenant”) concerning Suite
                                         _____ on floor(s) __________ of the office building located at [INSERT BUILDING ADDRESS].

 

Gentlemen:

 

In accordance with the Office Lease
(the “Lease”), we wish to advise you and/or confirm as follows:

 

		1.	The Lease Term shall commence on or has commenced on _____________ for a term of
                                                                                                                       _____________ ending on________________.

 

		2.	Rent commenced to accrue on ________, in the amount of
__________________.

 

		3.	If the Lease Commencement Date is other than the first
day of the month, the first billing will contain a pro rata adjustment. Each billing thereafter, with the exception of the final
billing, shall be for the full amount of the monthly installment as provided for in the Lease.

 

		4.	Your rent checks should be made payable to _______________
at ________________.

 

		5.	The exact number of rentable/usable square feet within
the Premises is _________________ square feet.

 

		6.	Tenant’s Share as adjusted based upon the exact number
of usable square feet within the Premises is ________%.

  

	 	“Landlord”:

	 
	 	 	 	 
	 	 	 	,
	 	a	 	 

 

	 	By: 	 	 
	 	 	Its: 	 	 

 

	Agreed to and Accepted as	 	 
	of ________, 201_.	 	 
	 	 	 
	“Tenant”:	 	 

 

	 	 	 	 
	a	 	 	 

 

	By:	 	 	 
	 	Its:	 	 	 

 

    	 	Exhibit C-1	 

     

    

 

EXHIBIT D

 

PRUDENTIAL PLAZA

 

RULES AND REGULATIONS

 

Tenant shall faithfully
observe and comply with the following Rules and Regulations. Landlord shall not be responsible to Tenant for the nonperformance
of any of said Rules and Regulations by or otherwise with respect to the acts or omissions of any other tenants or occupants of
the Project. In the event of any conflict between the Rules and Regulations and the other provisions of this Lease, the latter
shall control.

 

1.          Tenant
shall not alter any lock or install any new or additional locks or bolts on any doors or windows of the Premises without obtaining
Landlord’s prior written consent. Tenant shall bear the cost of any lock changes or repairs required by Tenant. All keys
required by Tenant must be obtained from Landlord at a reasonable cost to be established by Landlord. Upon the termination of this
Lease, Tenant shall restore to Landlord all keys of stores, offices, and toilet rooms, either furnished to, or otherwise procured
by, Tenant and in the event of the loss of keys so furnished, Tenant shall pay to Landlord the cost of replacing same or of changing
the lock or locks opened by such lost key if Landlord shall deem it necessary to make such changes.

 

2.          All
doors opening to public corridors shall be kept closed at all times except for normal ingress and egress to the Premises.

 

3.          Landlord
reserves the right to close and keep locked all entrance and exit doors of the Building during such hours as are customary for
comparable buildings in the vicinity of the Building. Tenant, its employees and agents must be sure that the doors to the Building
are securely closed and locked when leaving the Premises if it is after the normal hours of business for the Building. At all times,
all persons entering the Building shall comply with Landlord’s standard access control requirements and Tenant shall cooperate
with Landlord in connection with Landlord’s implementation of any such access control requirements. Any tenant, its employees,
agents or any other persons entering or leaving the Building at any time when it is so locked, or any time when it is considered
to be after normal business hours for the Building, may be required to sign the Building register. Access to the Building may be
refused unless the person seeking access has proper identification or has a previously arranged pass for access to the Building.
Landlord will furnish passes to persons for whom Tenant requests same in writing. Tenant shall be responsible for all persons for
whom Tenant requests passes and shall be liable to Landlord for all acts of such persons. The Landlord and his agents shall in
no case be liable for damages for any error with regard to the admission to or exclusion from the Building of any person. In case
of invasion, mob, riot, public excitement, or other commotion, Landlord reserves the right to prevent access to the Building or
the Project during the continuance thereof by any means it deems appropriate for the safety and protection of life and property.
All locks to tenants’ premises shall, at such tenant’s cost, comply with Landlord’s Building standards (as promulgated
by Landlord from time to time).

 

4.          No furniture, freight or equipment of any kind shall be brought into the Building without prior notice to Landlord. All
moving activity into or out of the Building shall be scheduled with Landlord and done only at such time and in such manner as Landlord
designates. Landlord shall have the right to prescribe the weight, size and position of all safes and other heavy property brought
into the Building and also the times and manner of moving the same in and out of the Building. Safes and other heavy objects shall,
if considered necessary by Landlord, stand on supports of such thickness as is necessary to properly distribute the weight. Landlord
will not be responsible for loss of or damage to any such safe or property in any case. Any damage to any part of the Building,
its contents, occupants or visitors by moving or maintaining any such safe or other property shall be the sole responsibility and
expense of Tenant.

 

5.          No
furniture, packages, supplies, equipment or merchandise will be received in the Building or carried up or down in the elevators,
except between such hours, in such specific elevator and by such personnel as shall be designated by Landlord.

 

    	 	Exhibit D-1	 

     

    

 

6.          The
requirements of Tenant will be attended to only upon application at the management office for the Project or at such office location
designated by Landlord. Employees of Landlord shall not perform any work or do anything outside their regular duties unless under
special instructions from Landlord.

 

7.          No
sign, advertisement, notice or handbill shall be exhibited, distributed, painted or affixed by Tenant on any part of the Premises
or the Building without the prior written consent of the Landlord. Tenant shall not disturb, solicit, peddle, or canvass any occupant
of the Project and shall cooperate with Landlord and its agents of Landlord to prevent same.

 

8.          The
toilet rooms, urinals, wash bowls and other apparatus shall not be used for any purpose other than that for which they were constructed,
and no foreign substance of any kind whatsoever shall be thrown therein. The expense of any breakage, stoppage or damage resulting
from the violation of this rule shall be borne by the tenant who, or whose servants, employees, agents, visitors or licensees shall
have caused same.

 

9.          Tenant
shall not overload the floor of the Premises, nor mark, drive nails or screws, or drill into the partitions, woodwork or drywall
or in any way deface the Premises or any part thereof without Landlord’s prior written consent. Tenant shall not purchase
spring water, ice, towel, linen, maintenance or other like services from any person or persons not approved by Landlord.

 

10.         Except
for vending machines intended for the sole use of Tenant’s employees and invitees, no vending machine or machines other than
fractional horsepower office machines shall be installed, maintained or operated upon the Premises without the written consent
of Landlord.

 

11.         Tenant
shall not use or keep in or on the Premises, the Building, or the Project any kerosene, gasoline or other inflammable, combustible
or explosive fluid, chemical, substance or material. Tenant shall not use, keep, or bring upon the Premises, the Building or the
Project firearms of any kind.

 

12.         Tenant
shall not without the prior written consent of Landlord use any method of heating or air conditioning other than that supplied
by Landlord.

 

13.         Tenant
shall not use, keep or permit to be used or kept, any foul or noxious gas or substance in or on the Premises, or permit or allow
the Premises to be occupied or used in a manner offensive or objectionable to Landlord or other occupants of the Project by reason
of noise, odors, or vibrations, or interfere with other tenants or those having business therein, whether by the use of any musical
instrument, radio, phonograph, or in any other way. Tenant shall not throw anything out of doors, windows or skylights or down
passageways.

 

14.         Tenant
shall not bring into or keep within the Project, the Building or the Premises any animals, birds, aquariums, or, except in areas
designated by Landlord, bicycles or other vehicles.

 

15.         No
cooking shall be done or permitted on the Premises, nor shall the Premises be used for the storage of merchandise, for lodging
or for any improper, objectionable or immoral purposes. Notwithstanding the foregoing, Underwriters’ laboratory-approved
equipment and microwave ovens may be used in the Premises for heating food and brewing coffee, tea, hot chocolate and similar beverages
for employees and visitors, provided that such use is in accordance with all applicable federal, state, county and city laws, codes,
ordinances, rules and regulations.

 

16.         The
Premises shall not be used for manufacturing or for the storage of merchandise except as such storage may be incidental to the
use of the Premises provided for in the Summary. Tenant shall not occupy or permit any portion of the Premises to be occupied as
an office for a messenger-type operation or dispatch office, public stenographer or typist, or for the manufacture or sale of liquor,
narcotics, or tobacco in any form, or as a medical office, or as a barber or manicure shop, or as an employment bureau without
the express prior written consent of Landlord. Tenant shall not engage or pay any employees on the Premises except those actually
working for such tenant on the Premises nor advertise for laborers giving an address at the Premises.

 

    	 	Exhibit D-2	 

     

    

 

17.         Landlord
reserves the right to exclude or expel from the Project any person who, in the judgment of Landlord, is intoxicated or under the
influence of liquor or drugs, or who shall in any manner do any act in violation of any of these Rules and Regulations.

 

18.         Tenant,
its employees and agents shall not loiter in or on the entrances, corridors, sidewalks, lobbies, courts, halls, stairways, elevators,
vestibules or any Common Areas for the purpose of smoking tobacco products or for any other purpose, nor in any way obstruct such
areas, and shall use them only as a means of ingress and egress for the Premises.

 

19.         Tenant
shall not waste electricity, water or air conditioning and agrees to cooperate fully with Landlord to ensure the most effective
operation of the Building’s heating and air conditioning system, and shall refrain from attempting to adjust any controls.

 

20.         Subject
to such requirements as Landlord may impose from time to time, Tenant shall be responsible for the performance of any work in any
telephone closet or serving the Premises; provided, however, Tenant shall use personnel approved by Landlord to perform such work,
and such work must be performed only under the supervision of Landlord. All telephone lines or ancillary electrical connections
must be installed so as to comply with all applicable laws, ordinances, and regulations.

 

21.         Tenant
shall comply with Landlord’s standard rules regarding the use by tenants of the freight elevators and loading docks.

 

22.         Tenant
shall store all its trash and garbage within the interior of the Premises. No material shall be placed in the trash boxes or receptacles
if such material is of such nature that it may not be disposed of in the ordinary and customary manner of removing and disposing
of trash and garbage in the city in which the Building is located without violation of any law or ordinance governing such disposal.
All trash, garbage and refuse disposal shall be made only through entry-ways and elevators provided for such purposes at such times
as Landlord shall designate. In addition, Tenant shall use reasonable efforts to cooperate with any recycling program instituted
by Landlord from time to time.

 

23.         Tenant
shall comply with all safety, fire protection and evacuation procedures and regulations established by Landlord or any governmental
agency.

 

24.         Any
persons employed by Tenant to do janitorial work shall be subject to the prior written approval of Landlord, and while in the Building
and outside of the Premises, shall be subject to and under the control and direction of the Building manager (but not as an agent
or servant of such manager or of Landlord), and Tenant shall be responsible for all acts of such persons.

 

25.         No
awnings or other projection shall be attached to the outside walls of the Building without the prior written consent of
Landlord, and no curtains, blinds, shades or screens shall be attached to or hung in, or used in connection with, any
window or door of the Premises other than Landlord standard drapes. All electrical ceiling fixtures hung in the Premises or
spaces along the perimeter of the Building must be fluorescent and/or of a quality, type, design and a warm white bulb color
approved in advance in writing by Landlord. Neither the interior nor exterior of any windows shall be coated or otherwise
sunscreened without the prior written consent of Landlord. Tenant shall abide by Landlord’s regulations concerning the
opening and closing of window coverings which are attached to the windows in the Premises, if any, which have a view of any
interior portion of the Building or Building Common Areas.

 

26.         The
sashes, sash doors, skylights, windows, and doors that reflect or admit light and air into the halls, passageways or other public
places in the Building shall not be covered or obstructed by Tenant, nor shall any bottles, parcels or other articles be placed
on the windowsills.

 

27.         Tenant
must comply with requests by the Landlord concerning the informing of their employees of items of importance to the
Landlord.

 

    	 	Exhibit D-3	 

     

    

 

28.         Tenant
hereby acknowledges that Landlord shall have no obligation to provide guard service or other security measures for the benefit
of the Premises, the Building or the Project. Tenant hereby assumes all responsibility for the protection of Tenant and its agents,
employees, contractors, invitees and guests, and the property thereof, from acts of third parties, including keeping doors locked
and other means of entry to the Premises closed, whether or not Landlord, at its option, elects to provide security protection
for the Project or any portion thereof. Tenant further assumes the risk that any safety and security devices, services and programs
which Landlord elects, in its sole discretion, to provide may not be effective, or may malfunction or be circumvented by an unauthorized
third party, and Tenant shall, in addition to its other insurance obligations under this Lease, obtain its own insurance coverage
to the extent Tenant desires protection against losses related to such occurrences. Tenant shall cooperate in any reasonable safety
or security program developed by Landlord or required by law.

 

29.         All
office equipment of any electrical or mechanical nature shall be placed by Tenant in the Premises in settings approved by Landlord,
to absorb or prevent any vibration, noise and annoyance.

 

30.         Tenant
shall not use in any space or in the public halls of the Building, any hand trucks except those equipped with rubber tires and
rubber side guards.

 

31.         No
auction, liquidation, fire sale, going-out-of-business or bankruptcy sale shall be conducted in the Premises without the prior
written consent of Landlord.

 

32.         No
tenant shall use or permit the use of any portion of the Premises for living quarters, sleeping apartments or lodging rooms.

 

Landlord reserves
the right at any time to change or rescind any one or more of these Rules and Regulations, or to make such other and further reasonable
Rules and Regulations as in Landlord’s judgment may from time to time be necessary for the management, safety, care and cleanliness
of the Premises, Building, the Common Areas and the Project, and for the preservation of good order therein, as well as for the
convenience of other occupants and tenants therein; provided (i) such Rules and Regulations are applied uniformly to all tenants
and (ii) any such amendment is not inconsistent with or violative of Tenant’s lease.
Landlord may waive any one or more of these Rules and Regulations for the benefit of any particular tenants, but no such waiver
by Landlord shall be construed as a waiver of such Rules and Regulations in favor of any other tenant, nor prevent Landlord from
thereafter enforcing any such Rules or Regulations against any or all tenants of the Project. Tenant shall be deemed to have read
these Rules and Regulations and to have agreed to abide by them as a condition of its occupancy of the Premises. Landlord shall
not discriminate against Tenant in the enforcement of the Rules and Regulations. In any conflict between the Rules and Regulations
and the other provisions of this Lease, the other provisions of this Lease shall prevail.

 

    	 	Exhibit D-4	 

     

    

 

EXHIBIT E

 

PRUDENTIAL
PLAZA

 

FORM OF TENANT’S
ESTOPPEL CERTIFICATE

 

The
undersigned as Tenant under that certain Office Lease (the “Lease”) made and entered into as of _______,
201_ by and between ______________ as Landlord, and the undersigned as Tenant, for Premises on the ___________ floor(s) of
the office building located at [INSERT BUILDING ADDRESS], certifies as follows:

 

1.          Attached
hereto as Exhibit A is a true and correct copy of the Lease and all amendments and modifications thereto. The documents
contained in Exhibit A represent the entire agreement between the parties as to the Premises.

 

2.          The
undersigned currently occupies the Premises described in the Lease, the Lease Term commenced on _________, and the Lease Term expires
on __________, and the undersigned has no option to terminate or cancel the Lease or to purchase all or any part of the Premises,
the Building and/or the Project.

 

3.          Base
Rent became payable on _____________.

 

4.          The
Lease is in full force and effect and has not been modified, supplemented or amended in any way except as provided in Exhibit
A.

 

5.          Tenant
has not transferred, assigned, or sublet any portion of the Premises nor entered into any license or concession agreements with
respect thereto except as follows:

 

6.          Tenant
shall not modify the documents contained in Exhibit A without the prior written consent of Landlord’s mortgagee.

 

7.          All
monthly installments of Base Rent, all Additional Rent and all monthly installments of estimated Additional Rent have been paid
when due through_____________. The current monthly installment of Base Rent is $________________.

 

8.          All
conditions of the Lease to be performed by Landlord necessary to the enforceability of the Lease have been satisfied and Landlord
is not in default thereunder. In addition, the undersigned has not delivered any notice to Landlord regarding a default by Landlord
thereunder. The Lease does not require Landlord to provide any rental concessions or to pay any leasing brokerage commissions.

 

9.          No
rental has been paid more than thirty (30) days in advance and no security has been deposited with Landlord except as provided
in the Lease. Neither Landlord, nor its successors or assigns, shall in any event be liable or responsible for, or with respect
to, the retention, application and/or return to Tenant of any Letter of Credit or cash security deposit paid to any prior landlord
of the Premises, whether or not still held by any such prior landlord, unless and until the party from whom the Letter of Credit
or cash security deposit is being sought, whether it be a lender, or any of its successors or assigns, has actually received for
its own account, as landlord, the full amount of such Letter of Credit or cash security deposit.

 

10.         As
of the date hereof, there are no existing defenses or offsets, or, to the undersigned’s knowledge, claims or any basis for
a claim, that the undersigned has against Landlord.

 

11.         If
Tenant is a corporation or partnership, each individual executing this Estoppel Certificate on behalf of Tenant hereby represents
and warrants that Tenant is a duly formed and existing entity qualified to do business in Illinois and that Tenant has full right
and authority to execute and deliver this Estoppel Certificate and that each person signing on behalf of Tenant is authorized to
do so.

 

    	 	Exhibit E-1	 

     

    

 

12.         There
are no actions pending against the undersigned under the bankruptcy or similar laws of the United States or any state.

 

13.         Tenant
is in full compliance with all federal, state and local laws, ordinances, rules and regulations affecting its use of the Premises,
including, but not limited to, those laws, ordinances, rules or regulations relating to hazardous or toxic materials. Tenant has
never permitted or suffered, nor does Tenant have any knowledge of, the generation, manufacture, treatment, use, storage, disposal
or discharge of any hazardous, toxic or dangerous waste, substance or material in, on, under or about the Project or the Premises
or any adjacent premises or property in violation of any federal, state or local law, ordinance, rule or regulation.

 

14.         To
the undersigned’s knowledge, all tenant improvement work to be performed by Landlord under the Lease has been completed in
accordance with the Lease and has been accepted by the undersigned and all reimbursements and allowances due to the undersigned
under the Lease in connection with any tenant improvement work have been paid in full. All work (if any) in the common areas required
by the Lease to be completed by Landlord has been completed and all parking spaces required by the Lease have been furnished and/or
all parking ratios required by the Lease have been met.

 

15.         The
term “undersigned’s knowledge” means the actual knowledge of the Tenant’s corporate real estate office.

 

16.         Without
limiting the right of a prospective mortgage or purchaser to rely on the statements contained herein, Tenant does not assume any
additional liability not otherwise assumed under the Lease or any other documents executed by Landlord and Tenant for any claims
related to this Certificate, including without limitation, any claim that Tenant may have negligently or inadvertently failed to
disclose correct and/or relevant information.

 

The undersigned
acknowledges that this Estoppel Certificate may be delivered to Landlord or to a prospective mortgagee or prospective purchaser,
and acknowledges that said prospective mortgagee or prospective purchaser will be relying upon the statements contained herein
in making the loan or acquiring the property of which the Premises are a part and that receipt by it of this certificate is a condition
of making such loan or acquiring such property.

 

Executed
at________________ on the______ day of ___________ , 20___.

  

	 	“Tenant”:

	 
	 	 	 	 
	 	 	 	,
	 	a	 	 

 

	 	By: 	 	 
	 	 	Its: 	 	 

 

	 	By: 	 	 
	 	 	Its: 	 	 

  

    	 	Exhibit E-2	 

     

    

 

EXHIBIT F

 

PRUDENTIAL PLAZA

 

JANITORIAL SPECIFICATIONS

 

TENANT AREAS:

 

NIGHTLY:

 

		·	Empty all trash receptacles and wipe clean as necessary.
Remove trash from area to designated location within the premises. Remove recyclables to designated locations per building instructions.
Replace liners as necessary (supplied by Manager).

		·	Vacuum main traffic aisles, reception areas, elevator lobbies, freight lobbies and soiled areas.
Traffic vacuum all other carpeted areas. Spat clean carpets to remove spills and stains. Report stains to Manager that are not
removable.

		·	Dust mop all hard surface flooring with a treated cloth mop to remove dust and debris. Spot damp
all hard surface flooring to remove spills, stains, heel marks, etc. Sweep all computer room raised flooring.

		·	Using a treated dust cloth, dust partitions, desk, chairs (including arms and
                                                                                                                      legs), cabinets, windowsills, fire extinguishers, pictures frames, and other low level horizontal surfaces, within reach,
                                                                                                                      but not limited to the above list. Glass table and desktops to be cleaned to remove fingerprints, coffee stains, etc. Do not
                                                                                                                      touch computer equipment.

		·	Remove debris from elevator saddles, door tracks, etc. Polish as needed.

		·	Dust bookshelves with a treated cloth.

		·	Clean glass areas adjacent to doors to remove spots, smudges, finger marks, etc.

		·	Clean and sanitize telephones using an approved germicidal cleaner.

		·	Clean and sanitize drinking fountains, water coolers, and coffee unit tables, (excluding cups, coffee urns, pots, etc.) using
an approved germicidal cleaner.

		·	Spot clean interior partition glass to remove spots, smudges, etc.

		·	Damp wipe and towel dry conference room tables.

		·	Remove fingerprints from tenant entrance glass doors and sidelights.

 

In employee lounges:

 

		·	Wet wipe clean all counter tops and table tops.

		·	Sweep or vacuum debris from floors.

		·	Empty all trash, and wipe down trash receptacles.

		·	Restock building standard hand towel products (supplied
by Manager).

		·	Clean and polish sinks and fixtures.

		·	Damp wipe clean outside of coffee makers, microwaves and refrigerators.

		·	Keep janitor closets free of debris; report any closet
problems (sinks, lights, door locks) to Manager daily.

 

    	 	Exhibit F-1	 

     

    

 

		·	Keep janitor closet doors locked at all times when nightly
cleaning is not being performed. 

 

WEEKLY:

 

		·	Dust all door louvers, baseboards, chair rails, etc. with
a treated cloth.

		·	Fully vacuum all carpeted areas. Edge and vacuum under
furniture where accessible, moving light furniture, other than desk, credenzas, file cabinets, etc.

		·	Damp mop hard surface floors and raised computer room flooring.

		·	Spot brush and/or spot vacuum upholstered furniture.

		·	Clean and/or dust all closets and coatrooms.

		·	Clean fire extinguisher and hose cabinets inside and out.

 

MONTHLY:

 

		·	Spot clean walls, doors, door casings, light switch plates,
push plates, kick plates and handrails.

		·	Spray buff tile floor areas.

 

QUARTERLY:

 

		·	Perform high dusting of air conditioning vents, louvers,
registers, pictures,light fixtures, doorways, cabinets, selves, files and moldings not reached in nightly cleaning.

		·	Strip and refinish all hard surface floors using an approved
non-slip floor finish. Remove splash marks from doors, walls, elevator doors,
furniture and baseboards, and table/chair legs.

		·	Vacuum upholstered furniture and all draperies.

		·	Thoroughly dust wipe all blinds with a treated cloth.

		·	Completely wash all partition glass and tenant entrance
glass.

 

PERIODIC

		·	Wash exterior windows at least 3 times per year

 

    	 	Exhibit F-2	 

     

    

 

EXHIBIT G

 

PRUDENTIAL PLAZA

 

FORM LETTER OF CREDIT

 

[LETTERHEAD OF ISSUER OF LETTER OF CREDIT]

 

__________________(MONTH, DAY, YEAR)

 

BFPRU I, LLC

601 WEST 26TH STREET

SUITE 1275

NEW YORK, NY 10001

 

REF: IRREVOCABLE LETTER OF CREDIT
NO._____________

 

GENTLEMEN:

 

WE HEREBY OPEN OUR UNCONDITIONAL IRREVOCABLE
CLEAN LETTER OF CREDIT NO ______________ IN YOUR FAVOR AVAILABLE BY YOUR DRAFT(S) AT SIGHT FOR AN AMOUNT NOT TO EXCEED IN THE AGGREGATE
($________) EFFECTIVE IMMEDIATELY.

 

ALL DRAFTS SO DRAWN MUST BE MARKED
“DRAWN UNDER IRREVOCABLE LETTER OF CREDIT OF [ISSUING BANK], NO,_____________ , DATED_______, 20_.”

 

THIS LETTER OF CREDIT IS ISSUED, PRESENTABLE
AND PAYABLE AT OUR OFFICE AT ____________, OR SUCH OTHER OFFICE AS WE MAY DESIGNATE BY WRITTEN NOTICE TO YOU, AND EXPIRES WITH
OUR CLOSE OF BUSINESS ON ______________, IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE AUTOMATICALLY EXTENDED FOR
ADDITIONAL TWELVE MONTH PERIODS THROUGH_______________ [INSERT DATE WHICH IS 60 DAYS AFTER LEASE EXPIRATION], UNLESS WE INFORM
YOU IN WRITING BY REGISTERED MAIL AT THE ABOVE ADDRESS (WITH A COPIES TO BF PRU I LLC, PROPERTY MANAGER, PROPERTY MANAGEMENT OFFICE,
180 N. STETSON AVENUE, SUITE 2175, CHICAGO, IL 60601 AND GOULD & RATNER LLP, 222 N. LASALLE STREET, SUITE 800, CHICAGO, ILLINOIS
60601, ATTENTION: DAVID M. ARNBURG) DISPATCHED BY US AT LEAST 90 DAYS PRIOR TO THE THEN EXPIRATION DATE THAT THIS LETTER OF CREDIT
SHALL NOT BE EXTENDED. IN THE EVENT THIS CREDIT IS NOT EXTENDED FOR AN ADDITIONAL PERIOD AS PROVIDED ABOVE, YOU MAY DRAW HEREUNDER.
SUCH DRAWING IS TO BE MADE BY MEANS OF A DRAFT ON US AT SIGHT WHICH MUST BE PRESENTED TO US BEFORE THE THEN EXPIRATION DATE OF
THIS LETTER OF CREDIT.

 

THIS LETTER OF CREDIT CANNOT BE MODIFIED
OR REVOKED WITHOUT YOUR CONSENT. THIS LETTER OF CREDIT IS PAYABLE IN MULTIPLE DRAFTS AND SHALL BE TRANSFERABLE BY YOU WITHOUT ADDITIONAL
CHARGE.

 

WE HEREBY DO UNDERTAKE TO PROMPTLY
HONOR YOUR SIGHT DRAFT OR DRAFTS DRAWN ON US, INDICATING OUR LETTER OF CREDIT NO.__________FOR THE AMOUNT AVAILABLE TO BE DRAWN
ON THIS LETTER OF CREDIT UPON PRESENTATION OF YOUR SIGHT DRAFT IN THE FORM OF SCHEDULE A ATTACHED HERETO DRAWN ON US AT OUR OFFICES
SPECIFIED ABOVE DURING OUR USUAL BUSINESS HOURS ON OR BEFORE THE EXPIRATION DATE HEREOF.

 

    	 	Exhibit G-1	 

     

    

 

DRAWS MAY BE PRESENTED BY FACSIMILE TO OUR
FAX NUMBER __________________. IF PRESENTATION IS BY FACSIMILE, THE ORIGINAL DRAFT AND THIS LETTER OF CREDIT MUST BE SENT BY OVERNIGHT
COURIER THE SAME DAY AS THE FAX PRESENTATION. PAYMENT WILL BE EFFECTED ONLY UPON RECEIPT OF THE ORIGINAL DRAFT AND THE LETTER OF
CREDIT AT OUR ABOVE OFFICE.

 

IF DEMAND FOR PAYMENT IS PRESENTED BEFORE 11:00
A.M. CENTRAL TIME, PAYMENT SHALL BE MADE TO YOU OF THE AMOUNT DEMANDED IN IMMEDIATELY AVAILABLE FUNDS NOT LATER THAN 4:00 P.M.
CENTRAL TIME ON THE FOLLOWING BUSINESS DAY. IF DEMAND FOR PAYMENT IS PRESENTED AFTER 11:00 A.M. CENTRAL TIME, PAYMENT SHALL BE
MADE TO YOU OF THE AMOUNT DEMANDED IN IMMEDIATELY AVAILABLE FUNDS NOT LATER THAN 4:00 P.M. CENTRAL TIME ON THE SECOND BUSINESS
DAY.

 

EXCEPT AS EXPRESSLY STATED HEREIN, THIS UNDERTAKING
IS NOT SUBJECT TO ANY AGREEMENTS, REQUIREMENTS OR QUALIFICATION. OUR OBLIGATION UNDER THIS LETTER OF CREDIT IS OUR INDIVIDUAL OBLIGATION
AND IS IN NO WAY CONTINGENT UPON REIMBURSEMENT WITH RESPECT THERETO OR UPON OUR ABILITY TO PERFECT ANY LIEN, SECURITY INTEREST
OR ANY OTHER REIMBURSEMENT.

 

EXCEPT SO FAR AS OTHERWISE EXPRESSLY STATED,
THIS LETTER OF CREDIT IS SUBJECT TO INTERNATIONAL STANDBY PRACTICES 1998, INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 590.

 

[ISSUER OF LETTER OF CREDIT]

 

    	 	Exhibit G-2	 

     

    

 

SCHEDULE A TO LETTER OF CREDIT

 

FOR VALUE RECEIVED

 

PAY AT SIGHT BY WIRE TRANSFER IN IMMEDIATELY
AVAILABLE FUNDS TO _____________THE SUM OF U.S. $______________ DRAWN UNDER IRREVOCABLE LETTER OF CREDIT NO. ___________________,
DATED_______, 20__, ISSUED BY__________________.

 

	TO:	[ISSUER OF LETTER OF CREDIT]	 
	 	 	 
	 	 	 
	 	CITY, STATE	 

 

    	 	Exhibit G-3Exhibit

EXHIBIT 10.1

FI N° 86.677 (IT)
Serapis N° 2016-0607

LIVANOVA R&D

Finance Contract

between the

European Investment Bank

and

LivaNova PLC

and
Sorin CRM S.A.S.

and
Sorin Group Italia S.r.l.

Luxembourg, 23 June 2017
London, 27 June 2017
Clamart, 23 June 2017
Milano, 29 June 2017

THIS CONTRACT IS MADE BETWEEN: 

	
		
	The European Investment Bank having its seat at 100 blvd Konrad Adenauer, Luxembourg, L-2950 Luxembourg, represented by the Head of Division, Mr. Massimo NOVO, and by the Loan Officer, Mr. Ferran MINGUELLA,
	(the “Bank”)

of the first part, and

	
		
	LivaNova PLC, a public limited company incorporated in England and Wales with registered number 9451374 having its registered office at 20 Eastbourne Terrace, London W2 6LG, United Kingdom represented by the CFO, Mr Thad Huston,
	(the “Parent”)

of the second part, and

	
		
	Sorin CRM S.A.S., a company incorporated in France having its registered office at 4 Avenue Réaumur-92140 Clamart Cdx – France, represented by the Director Treasury, Mr Maurizio Borelli,
	(the “French Subsidiary”)

of the third part, and

	
		
	Sorin Group Italia S.r.l., a company incorporated in Italy, having its registered office at Via Benigno Crespi 17, 20159 Milano, Italy, represented by the Corporate Treasury Manager, Mr Luca Stefano Tessi,
	(the “Italian Subsidiary”)

of the fourth part.

The Parent, the French Subsidiary and the Italian Subsidiary are collectively referred to herein as the “Borrowers”, and each of them a “Borrower”.
The Bank and the Borrowers are collectively referred to herein as the “Parties”.

2

WHEREAS:

		
	(1)
	The Borrowers have stated that they are undertaking a project of research and development (R&D) of various new products and product improvements with a particular focus on i) cardiac surgery (heart valves and cardiopulmonary), and ii) cardiac rhythm management (the “Project”) as more particularly described in the technical description (the “Technical Description”) set out in Schedule A. The Project is covering the entire product development from pre-clinical studies to clinical trials and life cycle engineering. The Project will be managed by the French Subsidiary and the Italian Subsidiary, implemented in France and Italy.

		
	(2)
	The total cost of the Project, as estimated by the Bank, is EUR 232,400,000.00 (two hundred thirty two million four hundred thousand euros) and the Borrowers stated that they intend to finance the Project as follows:

	
		
	Source
	Amount (EUR)

	Credit from the Bank
	100,000,000.00

	Other funding sources
	132,400,000.00

	TOTAL
	232,400,000.00

		
	(3)
	In order to fulfil the financing plan set out in Recital (2), the Borrowers have requested from the Bank a credit of EUR 100,000,000.00 (one hundred million euros).

		
	(4)
	The Bank, considering that the financing of the Project falls within the scope of its functions, and having regard to the statements and facts cited in these Recitals, has decided to give effect to the Borrowers’ request providing to them a credit in an amount of EUR 100,000,000.00 (one hundred million euros) under this Finance Contract (the “Contract”), provided that the amount of the Bank’s loan shall not, in any case, exceed (i) 50% (fifty per cent) of the total cost of the Project set out in Recital (2) nor (ii) when aggregated with any EU grants available for the Project, 90% (ninety per cent) of the total cost of the Project set out in Recital (2).

		
	(5)
	The Borrowers have authorised the borrowing of the sum of EUR 100,000,000.00 (one hundred million euros) represented by this credit on the terms and conditions set out in this Contract.

		
	(6)
	The Statute of the Bank provides that the Bank shall ensure that its funds are used as rationally as possible in the interests of the European Union; and, accordingly, the terms and conditions of the Bank's loan operations must be consistent with relevant policies of the European Union.

		
	(7)
	The Bank considers that access to information plays an essential role in the reduction of environmental and social risks, including human rights violations, linked to the projects it finances and has therefore established its transparency policy, the purpose of which is to enhance the accountability of the Bank’s group companies towards its stakeholders and the citizens of the European Union in general. 

		
	(8)
	The processing of personal data shall be carried out by the Bank in accordance with applicable European Union legislation on the protection of individuals with regard to the processing of personal data by the EC institutions and bodies and on the free movement of such data.

3

		
	(9)
	This operation benefits from a guarantee from the European Union under the European Fund for Strategic Investments (“EFSI”).

NOW THEREFORE it is hereby agreed as follows:
INTERPRETATION AND DEFINITIONS
		
	(a)
	Interpretation

In this Contract:
		
	(i)
	References to Articles, Recitals, Schedules and Annexes are, save if explicitly stipulated otherwise, references respectively to articles of, and recitals, schedules and annexes to this Contract;

		
	(ii)
	References to a provision of law are references to that provision as amended or re-enacted; and

		
	(iii)
	References to any other agreement or instrument are references to that other agreement or instrument as amended, novated, supplemented, extended or restated.

		
	(b)
	Definitions

In this Contract:
“Acceptance Deadline” for a notice means:
		
	(a)
	16h00 Luxembourg time on the day of delivery, if the notice is delivered by 14h00 Luxembourg time on a Business Day; or

		
	(b)
	11h00 Luxembourg time on the next following day which is a Business Day, if the notice is delivered after 14h00 Luxembourg time on any such day or is delivered on a day which is not a Business Day.

“Accounting Date” shall mean each 30 June and 31 December.
“Authorisation” means an authorisation, permit, consent, approval, resolution, licence, exemption, filing, notarisation or registration.
“Business Day” means a day (other than a Saturday or Sunday) on which the Bank and commercial banks are open for general business in Luxembourg.
“Change-of-Control Event” has the meaning given to it in Article 4.03A(3).
“Change-of-Law Event” has the meaning given to it in Article 4.03A(4).
“Co-debtor” means each of the Parent, the Italian Subsidiary and the French Subsidiary acting as co-debtor under Article 1.11 and guarantor under Article 7.01.
“Compliance Certificate” means a certificate substantially in the form set out in Schedule D.2.
“Consolidated EBITDA” shall mean in relation to the Group the consolidated profit and loss statement of the Group and determined in accordance with US GAAP: the amount of the consolidated operating income of the Group:
		
	(a)
	plus depreciation and amortization expenses for plant, property and equipment; and

		
	(b)
	plus amortization of intangible assets and impairment losses; and

		
	(c)
	plus restructuring, merger and integration expenses; and

		
	(d)
	plus litigation expenses; and

		
	(e)
	plus extraordinary and non-cash items of expense, but only to the extent such items have been deducted in the determination of operating income;

		
	(f)
	minus extraordinary and non-cash items of income, but only o the extent such items are included in the operating income.

4

“Consolidated Net Financial Indebtedness” shall mean at any time:
		
	(i)
	the aggregate at that time of Financial Indebtedness of the members of the Group from sources external to the Group (including guarantees for an aggregate amount exceeding USD 40,000,000.00 (forty million US dollars) at that time); less

		
	(ii)
	the aggregate amount at that time of: (aa) cash; (bb) debt securities issued or guaranteed by any member state of the OECD; (cc) debt securities issued by leading entities and listed on national stock exchanges of any member of the European Union; (dd) receivables from derivative financial instruments; and (ee) deposits or notes purchased in respect of the credit enhancements of securitisation programmes up to an aggregate amount not exceeding USD 33,000,000.00 (thirty-three million US dollars) for each financial year. 

“Consolidated Total Net Interest Payable” shall mean for a period in relation to the Group: 
		
	(i)
	interest accrued during such period as an obligation of any member of the Group (whether or not paid or capitalised during or deferred for payment after such period);

		
	(ii)
	less any interest received or receivable by any member of the Group (after deducting any applicable withholding tax) in such period.

“Contract” has the meaning given to it in Recital (4).
“Credit” has the meaning given to it in Article 1.01.
“Deferment Indemnity” means an indemnity calculated on the amount of disbursement deferred or suspended at the percentage rate (if higher than zero) by which:
		
	(a)
	the interest rate net of the Margin that would have been applicable to such amount had it been disbursed to the Borrowers on the Scheduled Disbursement Date

exceeds 
		
	(b)
	the Relevant Interbank Rate (one month rate) less 0.125% (12.5 basis points), unless this value is less than zero, in which case it will be set at zero. 

Such indemnity shall accrue from the Scheduled Disbursement Date to the Disbursement Date or, as the case may be, until the date of cancellation of the Notified Tranche in accordance with this Contract.
“Disbursement Notice” means a notice from the Bank to the Borrowers pursuant to and in accordance with Article 1.02C.
“Disbursement Request” means a notice substantially in the form set out in Schedule C.1.
“Disruption Event” means either or both of:
		
	(a)
	a material disruption to those payment or communications systems or to those financial markets which are, in each case, required to operate in order for payments to be made in connection with this Contract; or

		
	(b)
	the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments operations of either the Bank or a Borrower, preventing that party:

		
	(i)
	from performing its payment obligations under this Contract; or

		
	(ii)
	from communicating with other parties,

and which disruption (in either such case as per (a) or (b) above) is not caused by, and is beyond the control of, the party whose operations are disrupted.
“EFSI” has the meaning given in recital 9. 
“EFSI Regulation” means the Regulation 2015/1017 of the European Parliament and of the Council of 25 June 2015 on the European Fund for Strategic Investments.
“Environment” means the following, in so far as they affect human health and social well-being: 
		
	(a)
	fauna and flora; 

5

		
	(b)
	soil, water, air, climate and the landscape; and 

		
	(c)
	cultural heritage and the built environment,

and includes, without limitation, occupational and community health and safety. 
“Environmental Approval” means any Authorisation required by Environmental Law.
“Environmental Claim” means any claim, proceeding, formal notice or investigation by any person in respect of any Environmental Law.
“Environmental Law” means: 
		
	(a)
	EU law, including principles and standards;

		
	(b)
	national laws and regulations; and

		
	(c)
	applicable international treaties of which a principal objective is the preservation, protection or improvement of the Environment.

“EURIBOR” has the meaning given to it in Schedule B.
“EUR” or “euro” means the lawful currency of the Member States of the European Union which adopt or have adopted it as their currency in accordance with the relevant provisions of the Treaty on European Union and the Treaty on the Functioning of the European Union or their succeeding treaties.
“Event of Default” means any of the circumstances, events or occurrences specified in Article 10.01.
“Financial Indebtedness” shall mean any indebtedness for or in respect of:
		
	(i)
	moneys borrowed;

		
	(ii)
	any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent;

		
	(iii)
	any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument;

		
	(iv)
	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with US GAAP, be treated as a finance or capital lease;

		
	(v)
	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis – including true sale US GAAP – under an arrangement other than a Permitted Receivables Disposal);

		
	(vi)
	any amount raised under any other transaction (including any forward sale or purchase agreement, sale and lease back arrangements and sale and purchase arrangements having deferred payment terms longer than terms customary on the market) having the financial effect of a borrowing;

		
	(vii)
	any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the value of any derivative transaction, only the marked to market value (fair value) shall be taken into account);

		
	(viii)
	any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution; and

		
	(ix)
	the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (i) to (viii) above.

“Final Availability Date” means 30 December 2018.
“Fixed Rate” means an annual interest rate determined by the Bank in accordance with the applicable principles from time to time laid down by the governing bodies of the Bank for loans made at a fixed rate of interest, denominated in the currency of the Tranche and bearing equivalent terms for the repayment of capital and the payment of interest. Fixed Rate shall include the Margin. 

6

“Fixed Rate Tranche” means a Tranche on which Fixed Rate is applied.
“Floating Rate” means a fixed-spread floating interest rate, that is to say an annual interest rate determined by the Bank for each successive Floating Rate Reference Period equal to the Relevant Interbank Rate plus the Spread. 
“Floating Rate Reference Period” means each period from one Payment Date to the next relevant Payment Date; the first Floating Rate Reference Period shall commence on the date of disbursement of the Tranche.
“Floating Rate Tranche” means a Tranche on which Floating Rate is applied.
“GAAP” means generally accepted accounting principles in the country of incorporation of each Borrower, including US GAAP.
“Group” means the Parent and its Subsidiaries.
“Illegal Activities” means any of the following illegal activities or activities carried out for illegal purposes: tax evasion, tax fraud, fraud, corruption, coercion, collusion, obstruction, money laundering, financing of terrorism, organised crime or any illegal activity that may affect the financial interests of the EU, according to applicable laws.
“Indemnifiable Prepayment Event” means a Prepayment Event other than those specified in Articles 4.03A(2) or 4.03A(5). 
“Interest Revision/Conversion” means the determination of new financial conditions relative to the interest rate, specifically the same interest rate basis (“revision”) or a different interest rate basis (“conversion”) which can be offered for the remaining term of a Tranche or until a next Interest Revision/Conversion Date, if any, for an amount which, at the proposed Interest Revision/Conversion Date, is not less than EUR 10,000,000.00 (ten million euros) or the equivalent thereof.
“Interest Revision/Conversion Date” means the date, which shall be a Payment Date, specified by the Bank pursuant to Article 1.02 C in the Disbursement Notice or pursuant to Article 3 and Schedule G. 
“Interest Revision/Conversion Proposal” means a proposal made by the Bank under Schedule G.
“Interest Revision/Conversion Request” means a written notice from the Borrowers, delivered at least 75 (seventy-five) days before an Interest Revision/Conversion Date, requesting the Bank to submit to it an Interest Revision/Conversion Proposal. The Interest Revision/Conversion Request shall also specify:
		
	(i)
	Payment Dates chosen in accordance with the provisions of Article 3.01; 

		
	(ii)
	the preferred repayment schedule chosen in accordance with Article 4.01; and

		
	(iii)
	any further Interest Revision/Conversion Date chosen in accordance with Article 3.01.

“LIBOR” has the meaning given to it in Schedule B.
“Loan” means the aggregate amount of Tranches disbursed from time to time by the Bank under this Contract.
“Margin” means the component of the rate of interest quantified in Article 3.01.
“Market Disruption Event” means any of the following circumstances: 
		
	(a)
	there are, in the reasonable opinion of the Bank, events or circumstances adversely affecting the Bank’s access to its sources of funding; 

		
	(b)
	in the opinion of the Bank, funds are not available from its ordinary sources of funding in order to adequately fund a Tranche in the relevant currency and/or for the relevant maturity and/or in relation to the reimbursement profile of such Tranche;

		
	(c)
	in relation to a Tranche in respect of which interest is or would be payable at Floating Rate: 

7

		
	(A)
	the cost to the Bank of obtaining funds from its sources of funding, as determined by the Bank, for a period equal to the Floating Rate Reference Period of such Tranche (i.e. in the money market) would be in excess of the applicable Relevant Interbank Rate; 

or
		
	(B)
	the Bank determines that adequate and fair means do not exist for ascertaining the applicable Relevant Interbank Rate for the relevant currency of such Tranche or it is not possible to determine the Relevant Interbank Rate in accordance with the definition contained in Schedule B. 

“Material Adverse Change” in relation to a Borrower and/or any of its Subsidiaries, any event or change of condition, as compared with the condition at the date of this Contract, affecting respectively that Borrower and/or any of its Subsidiaries, which, in the reasonable opinion of the Bank, has a material adverse effect on:
		
	(i)
	the ability of any Borrower and/or any of its Subsidiaries to perform its obligations under this Contract; 

		
	(ii)
	the business, operations, property, condition (financial or otherwise) or prospects of any Borrower and/or any of its Subsidiaries or the Group as a whole; or 

		
	(iii)
	the legality, validity or enforceability of, or the effectiveness or ranking of, or the value of any Security granted to the Bank, or the rights or remedies of the Bank under this Contract. 

“Maturity Date” means the last repayment date of a Tranche specified pursuant to Article 4.01A(b)(iv).
“Notified Tranche” means a Tranche in respect of which the Bank has issued a Disbursement Notice.
“Payment Date” means: the annual, semi-annual or quarterly dates specified in the Disbursement Notice until the Interest Revision/Conversion Date, if any, or until the Maturity Date, save that, in case any such date is not a Relevant Business Day, it means:
		
	(a)
	for a Fixed Rate Tranche, the following Relevant Business Day, without adjustment to the interest due under Article 3.01; and

		
	(b)
	for a Floating Rate Tranche, the next day, if any, of that calendar month that is a Relevant Business Day or, failing that, the nearest preceding day that is a Relevant Business Day, in all cases with corresponding adjustment to the interest due under Article 3.01.

“Permitted Receivables Disposal” means (i) any factoring programme with recourse (pro solvendo) or without recourse (pro soluto) of receivables of the Group which are already concluded at date of signature of this Contract; and/or (ii) any securitisation and/or factoring programme of the receivables of the Group previously consented by the Bank, such consent not to be unreasonably withheld.
“Prepayment Amount” means the amount of a Tranche to be prepaid by the Borrowers in accordance with Article 4.02A.
“Prepayment Date” means the date, which shall be a Payment Date, on which the Borrowers propose to effect prepayment of a Prepayment Amount.
“Prepayment Event” means any of the events described in Article 4.03A.
“Prepayment Indemnity” means in respect of any principal amount to be prepaid or cancelled, the amount communicated by the Bank to the Borrowers as the present value (as of the Prepayment Date) of the excess, if any, of:
		
	(a)
	the interest net of the Margin that would accrue thereafter on the Prepayment Amount over the period from the Prepayment Date to the Interest Revision/Conversion Date, if any, or the Maturity Date if it were not prepaid; over

		
	(b)
	the interest that would so accrue over that period, if it were calculated at the Redeployment Rate, less 0.15% (15 basis points).

8

The said present value shall be calculated at a discount rate equal to the Redeployment Rate, applied as of each relevant Payment Date.
“Prepayment Notice” means a written notice from the Bank to the Borrowers in accordance with Article 4.02C.
“Prepayment Request” means a written request from a Borrower to the Bank to prepay all or part of the Loan, in accordance with Article 4.02A.
“Project” has the meaning given to it in Recital (1).
“Redeployment Rate” means the Fixed Rate excluding the Margin in effect on the day of the indemnity calculation for fixed-rate loans denominated in the same currency and which shall have the same terms for the payment of interest and the same repayment profile to the Interest Revision/Conversion Date, if any, or the Maturity Date as the Tranche in respect of which a prepayment is proposed or requested to be made. For those cases where the period is shorter than 48 (forty-eight)months (or 36 (thirty-six) months in the absence of a repayment of principal during that period), the most closely corresponding money market rate equivalent will be used, that is the Relevant Interbank Rate minus 0.125% (12.5 basis points) for periods of up to 12 (twelve) months. For periods falling between 12 (twelve) and 36/48 (thirty-six/forty-eight) months, as the case may be, the bid point on the swap rates as published by Reuters for the related currency and observed by the Bank at the time of calculation will apply. 
“Relevant Business Day” means:
		
	(a)
	for EUR, a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilises a single shared platform and which was launched on 19 November 2007 (TARGET2) is open for the settlement of payments in EUR; and

		
	(b)
	for any other currency, a day on which banks are open for general business in the principal domestic financial centre of the relevant currency.

“Relevant Interbank Rate” means:
EURIBOR for a Tranche denominated in EUR; and
LIBOR for a Tranche denominated in USD. 
“Scheduled Disbursement Date” means the date on which a Tranche is scheduled to be disbursed in accordance with Article 1.02C.
“Security” means any mortgage, pledge, lien, charge, hypothecation, assignment by way of security (cessione dei crediti in garanzia) or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect.
“Spread” means the fixed spread to the Relevant Interbank Rate (being either plus or minus) determined by the Bank including the Margin and notified to the Borrowers in the relevant Disbursement Notice or Interest Revision/Conversion Proposal.
“Subsidiary” means in relation to any company or corporation, a company or corporation:
		
	(a)
	which is controlled, directly or indirectly, by the first mentioned company or corporation; 

		
	(b)
	more than half the issued share capital (which gives rise to voting rights) of which is beneficially owned, directly or indirectly by the first mentioned company or corporation; or 

		
	(c)
	which is a Subsidiary of another Subsidiary of the first mentioned company or corporation,

and for this purpose, a company or corporation shall be treated as being controlled by another if that other company or corporation is able to direct its affairs, exercise a dominant influence over it and/or to control the composition of its board of directors or equivalent body and is fully consolidated in the consolidated financial statements on a line-by-line basis for such period.
“Tax” means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same).
“Technical Description” has the meaning given to it in Recital (1).

9

“Tranche” means each disbursement made or to be made under this Contract. In case no Disbursement Notice has been delivered, Tranche shall mean a Tranche as requested under Article 1.02 B. 
“USD” means the lawful currency of the United States of America.
“US GAAP” means generally accepted accounting principles in the United States of America, as promulgated, from time to time, by the Financial Accounting Standards Board.

ARTICLE 1
Credit and Disbursements

		
	1.01
	Amount of Credit

By this Contract the Bank establishes in favour of the Borrowers, and the Borrowers accept, the credit in an amount of EUR 100,000,000.00 (one hundred million euros) for the financing of the Project (the “Credit”).

1.02    Disbursement procedure
		
	1.02A
	Tranches

The Bank shall disburse the Credit in up to 2 (two) Tranches. The amount of each Tranche, if not being the undrawn balance of the Credit, shall be in a minimum amount of EUR 50,000,000.00 (fifty million euros) or its equivalent in USD (US Dollars).

		
	1.02B
	Disbursement Request

		
	(a)
	Each of the Borrowers may present to the Bank a Disbursement Request for the disbursement of a Tranche, such Disbursement Request to be received at the latest 15 (fifteen) days before the Final Availability Date. The Disbursement Request shall be in the form set out in Schedule C and shall specify: 

		
	(i)
	the amount and currency of the Tranche;

		
	(ii)
	the preferred disbursement date for the Tranche; such preferred disbursement date must be a Relevant Business Day falling at least 15 (fifteen) days after the date of the Disbursement Request and, in any event, on or before the Final Availability Date, it being understood that notwithstanding the Final Availability Date the Bank may disburse the Tranche up to 4 (four) calendar months from the date of the Disbursement Request;

		
	(iii)
	whether the Tranche is a Fixed Rate Tranche or a Floating Rate Tranche, each pursuant to the relevant provisions of Article 3.01;

		
	(iv)
	the preferred interest payment periodicity for the Tranche, chosen in accordance with Article 3.01;

		
	(v)
	the preferred terms for repayment of principal for the Tranche, chosen in accordance with Article 4.01;

		
	(vi)
	the preferred first and last dates for repayment of principal for the Tranche; 

		
	(vii)
	the Borrowers’ choice of Interest Revision/Conversion Date, if any, for the Tranche;

		
	(viii)
	the IBAN code (or appropriate format in line with local banking practice) and SWIFT BIC of the bank account to which disbursement of the Tranche should be made in accordance with Article 1.02.D.

		
	(b)
	If the Bank, following a request by any of the Borrowers, has provided that Borrower, before the submission of the Disbursement Request, with a non‐binding fixed interest 

10

rate or spread quotation to be applicable to the Tranche, that Borrower may also at its discretion specify in the Disbursement Request such quotation, that is to say:
		
	(i)
	in the case of a Fixed Rate Tranche, the aforementioned fixed interest rate previously quoted by the Bank; or

		
	(ii)
	in the case of a Floating Rate Tranche, the aforementioned spread previously quoted by the Bank, 

applicable to the Tranche until the Maturity Date or until the Interest Revision/Conversion Date, if any.
		
	(c)
	Each Disbursement Request shall be accompanied by evidence of the authority of the person or persons authorised to sign it and the specimen signature of such person or persons or a declaration by the relevant Borrower that no change has occurred in relation to the authority of the person or persons authorised to sign Disbursement Requests under this Contract.

		
	(d)
	Subject to Article 1.02.C(b), each Disbursement Request is irrevocable.

1.02C    Disbursement Notice
		
	(a)
	Not less than 10 (ten) days before the proposed Scheduled Disbursement Date of a Tranche the Bank shall, if the Disbursement Request conforms to this Article 1.02, deliver to the relevant Borrower a Disbursement Notice which shall specify:

		
	(i)
	the currency, the amount and EUR equivalent of the Tranche;

		
	(ii)
	the Scheduled Disbursement Date;

		
	(iii)
	the interest rate basis for the Tranche, being: (i) a Fixed Rate Tranche; or (ii) a Floating Rate Tranche all pursuant to the relevant provisions of Article 3.01;

		
	(iv)
	the first interest Payment Date and the periodicity for the payment of interest for the Tranche;

		
	(v)
	the terms for repayment of principal for the Tranche;

		
	(vi)
	the first and last dates for repayment of principal for the Tranche;

		
	(vii)
	the applicable Payment Dates for the Tranche; 

		
	(viii)
	the Interest Revision/Conversion Date, if requested by any Borrower, for the Tranche; and

		
	(ix)
	for a Fixed Rate Tranche the Fixed Rate and for a Floating Rate Tranche the Spread applicable to the Tranche until the Interest Revision/Conversion Date, if any or until Maturity Date. 

		
	(b)
	If one or more of the elements specified in the Disbursement Notice does not reflect the corresponding element, if any, in the Disbursement Request, the relevant Borrower may following receipt of the Disbursement Notice revoke the Disbursement Request by written notice to the Bank to be received no later than 12h00 Luxembourg time on the next Business Day and thereupon the Disbursement Request and the Disbursement Notice shall be of no effect. If the relevant Borrower have not revoked in writing the Disbursement Request within such period, such Borrower will be deemed to have accepted all elements specified in the Disbursement Notice.

		
	(c)
	If the relevant Borrower has presented to the Bank a Disbursement Request in which such Borrower has not specified the fixed interest rate or spread as set out in Article 1.02.B(b), such Borrower will be deemed to have agreed in advance to the Fixed Rate or Spread as subsequently specified in the Disbursement Notice. 

		
	1.02D
	Disbursement Account

Disbursement shall be made to the account of the relevant Borrower as that Borrower shall notify in writing to the Bank not later than 15 (fifteen) days before the Scheduled Disbursement Date (with IBAN code or with the appropriate format in line with local banking practice).

11

Only one account may be specified for each Tranche.

		
	1.03
	Currency of disbursement

The Bank shall disburse each Tranche in EUR or USD.
For the calculation of the sums available to be disbursed in USD, and to determine their equivalent in EUR, the Bank shall apply the rate published by the European Central Bank in Frankfurt, available on or shortly before submission of the Disbursement Notice as the Bank shall decide. 

		
	1.04
	Conditions of disbursement

		
	1.04A
	First Tranche

The disbursement of the first Tranche under Article 1.02 is conditional upon receipt by the Bank, in form and substance satisfactory to it, on or before the date falling 5 (five) Business Days before the Scheduled Disbursement Date, of the following documents or evidence:
		
	(a)
	evidence that the execution of this Contract by the Borrowers has been duly authorised and that the person or persons signing this Contract on behalf of each of the Borrowers is/are duly authorised to do so together with the specimen signature of each such person or persons;

		
	(b)
	evidence that the Borrowers have obtained all necessary Authorisations, required in connection with this Contract and the Project;

		
	(c)
	legal opinions issued by the external legal counsel of the Borrowers (at the cost of the Borrowers) on (i) the due incorporation, capacity and corporate authorizations of each of the Borrowers; (iii) valid choice of English law, valid choice of jurisdiction and recognition of English judgments in any proceedings taken in England, Italy or France and legal, valid, binding and enforceable obligations as a matter of English, Italian or France law of the Borrowers under this Contract (iii) on the legal, valid, binding and enforceable obligations by each of the Borrowers under this Contract in accordance with their respective law of their jurisdiction of incorporation;

		
	(d)
	legal memorandum by the external legal counsel of the Borrowers (at the cost of the Borrowers) on the execution of this Contract by the French Subsidiary as Co-debtor; 

		
	(e)
	evidence that any process agent referred to in Article 11.03 has accepted its appointment;

		
	(f)
	evidence of compliance by the relevant Borrower with the financial covenants pursuant to Article 6.07;

		
	(g)
	evidence of payment of the appraisal fee in full pursuant to Article 1.08. 

		
	1.04B
	All Tranches

The disbursement of each Tranche under Article 1.02, including the first, is subject to the following conditions:
		
	(a)
	that the Bank has received, in form and substance satisfactory to it, on or before the date falling 5 (five) Business Days before the Scheduled Disbursement Date for the proposed Tranche, of the following documents or evidence:

		
	(i)
	a certificate from each Borrower in the form of Schedule D.1, signed by an authorised representative of each Borrower and dated no earlier than the date falling 15 (fifteen) days before the Scheduled Disbursement Date;

		
	(ii)
	a copy of any other authorisation or other document, opinion or assurance which the Bank has notified the Parent is necessary or desirable in connection with the entry into and performance of, and the transactions contemplated by, this Contract or the validity and enforceability of the same. 

12

		
	(b)
	that on the Disbursement Date for the proposed Tranche:

		
	(i)
	the representations and warranties which are repeated pursuant to Article 6.15 are correct in all material respects; and

		
	(ii)
	no event or circumstance which constitutes or would with the passage of time or giving of notice under this Contract constitute: 

		
	(aa)
	an Event of Default, or

		
	(bb)
	a Prepayment Event,

has occurred and is continuing unremedied or unwaived or would result from the disbursement of the proposed Tranche.

		
	1.05
	Deferment of disbursement

		
	1.05A
	Grounds for deferment

Upon the written request of the relevant Borrower, the Bank shall defer the disbursement of any Notified Tranche in whole or in part to a date specified by the relevant Borrower being a date falling not later than 6 (six) months from its Scheduled Disbursement Date and not later than 60 (sixty) days prior to the first repayment date of the Tranche indicated in the Disbursement Notice. In such case, the relevant Borrower shall pay the Deferment Indemnity calculated on the amount of disbursement deferred.
Any request for deferment shall have effect in respect of a Tranche only if it is made at least 5 (five) Business Days before its Scheduled Disbursement Date.
If for a Notified Tranche any of the conditions referred to in Article 1.04 is not fulfilled as at the specified date and at the Scheduled Disbursement Date (or the date expected for disbursement in case of a previous deferment), disbursement will be deferred to a date agreed between the Bank and the relevant Borrower falling not earlier than 5 (five) Business Days following the fulfilment of all conditions of disbursement (without prejudice to the right of the Bank to suspend and/or cancel the undisbursed portion of the Credit in whole or in part pursuant to Article 1.06B). In such case, the relevant Borrower shall pay the Deferment Indemnity calculated on the amount of disbursement deferred.

		
	1.05B
	Cancellation of a disbursement deferred by 6 (six) months

The Bank may, by notice in writing to the relevant Borrower, cancel a disbursement which has been deferred under Article 1.05A by more than 6 (six) months in aggregate. The cancelled amount shall remain available for disbursement under Article 1.02.

		
	1.06
	Cancellation and suspension 

		
	1.06A
	Borrowers’ right to cancel

The Parent, on behalf of the Borrowers, may at any time by notice in writing to the Bank cancel, in whole or in part and with immediate effect, the undisbursed portion of the Credit. However, the notice shall have no effect in respect of (i) a Notified Tranche which has a Scheduled Disbursement Date falling within 5 (five) Business Days of the date of the notice or (ii) a Tranche in respect of which a Disbursement Request has been submitted but no Disbursement Notice has been issued.

		
	1.06B
	Bank’s right to suspend and cancel

		
	(a)
	The Bank may, by notice in writing to the Parent, on behalf of the Borrowers, suspend and/or cancel the undisbursed portion of the Credit in whole or in part at any time and with immediate effect:

13

		
	(i)
	upon the occurrence of a Prepayment Event or an Event of Default or an event or circumstance which would with the passage of time or giving of notice under this Contract constitute a Prepayment Event or an Event of Default; or 

		
	(ii)
	if a Material Adverse Change occurs.

		
	(b)
	The Bank may also suspend the portion of the Credit in respect of which it has not issued a Disbursement Notice with immediate effect in the case that a Market Disruption Event occurs.

		
	(c)
	Any suspension shall continue until the Bank ends the suspension or cancels the suspended amount.

		
	1.06C
	Indemnity for suspension and cancellation of a Tranche

		
	1.06C(1)
	SUSPENSION

If the Bank suspends a Notified Tranche, whether upon an Indemnifiable Prepayment Event or an Event of Default or upon the occurrence of a Material Adverse Change, the relevant Borrower, shall pay to the Bank the Deferment Indemnity calculated on the amount of disbursement suspended.
		
	1.06C(2)
	CANCELLATION

If pursuant to Article 1.06A, any of the Borrowers cancels: 
		
	(a)
	a Fixed Rate Tranche which is a Notified Tranche, it shall indemnify the Bank under Article 4.02B;

		
	(b)
	a Floating Rate Notified Tranche or any part of the Credit other than a Notified Tranche, no indemnity is payable.

If the Bank cancels: 
		
	(i)
	a Fixed Rate Tranche which is a Notified Tranche upon an Indemnifiable Prepayment Event or upon the occurrence of a Material Adverse Change or pursuant to Article 1.05B, the relevant Borrower shall pay to the Bank the Prepayment Indemnity; or 

		
	(ii)
	a Notified Tranche upon an Event of Default, the relevant Borrower shall indemnify the Bank under Article 10.03. 

Save in these cases, no indemnity is payable upon cancellation of a Tranche by the Bank.
The indemnity shall be calculated as if the cancelled amount had been disbursed and repaid on the Scheduled Disbursement Date or, to the extent that the disbursement of the Tranche is currently deferred or suspended, on the date of the cancellation notice.

1.07    Cancellation after expiry of the Credit
On the day following the Final Availability Date, and unless otherwise specifically agreed to in writing by the Bank, the part of the Credit in respect of which no Disbursement Request has been made in accordance with Article 1.02B shall be automatically cancelled, without any notice being served by the Bank to the Borrowers and without liability arising on the part of the Parties. 

		
	1.08
	Appraisal fee

The Parent, on behalf of the Borrowers, shall pay or cause to be paid to the Bank within the earlier of (i) 30 September 2017 and (ii) the date of disbursement of the first Tranche an appraisal fee in respect of the appraisal conducted by the Bank in relation to the Project. The amount of the appraisal fee is EUR 120,000.00 (one hundred twenty thousand euros). The Parent, on behalf of the Borrowers, authorises the Bank to retain out of the first Tranche an amount equal to the appraisal fee and such amount so retained by the Bank shall be treated as having been disbursed by the Bank in payment of the appraisal fee.

14

		
	1.09
	Non-utilisation fee

The Parent, on behalf of the Borrowers, shall pay to the Bank a non-utilisation fee calculated on the daily undrawn un-cancelled balance of the Credit from the date falling 12 (twelve) months from the date of the Contract at a rate of 0.10% (ten basis points) per annum, the accrued non-utilisation fee being payable:
		
	(a)
	on each 1 June, 1 September, 1 December and 1 March of each year; and

		
	(b)
	on the Final Availability Date; or, if the Credit is cancelled in full under Article 1.06 prior to the Final Availability Date, on the date of cancellation.

If the date on which the non-utilisation fee is due to be paid is not a Relevant Business Day, payment shall be made on the next day, if any, of that calendar month that is a Relevant Business Day or, failing that, the nearest preceding day that is a Relevant Business Day, in all cases with a corresponding adjustment to the amount of non-utilisation fee due.

		
	1.10
	Sums due under Article 1

Sums due under Articles 1.05 and 1.06 shall be payable in EUR or in the currency of the Tranche concerned. They shall be payable within 15 (fifteen) days of the Borrowers’ receipt of the Bank’s demand or within any longer period specified in the Bank’s demand.

		
	1.11
	Co-debtorship: joint and several liability

Each Co-debtor is jointly and severally liable for all amounts due by the other Co-debtors under this Contract and for all the relevant obligations of the other Co-debtors under this Contract.

ARTICLE 2
The Loan

		
	2.01
	Amount of Loan

The Loan shall comprise the aggregate amount of Tranches disbursed by the Bank under the Credit, as confirmed by the Bank pursuant to Article 2.03.

		
	2.02
	Currency of repayment, interest and other charges

Interest, repayments and other charges payable in respect of each Tranche shall be made by the Borrowers in the currency in which the Tranche is disbursed.
Any other payment shall be made in the currency specified by the Bank having regard to the currency of the expenditure to be reimbursed by means of that payment.

		
	2.03
	Confirmation by the Bank

Within 10 (ten) days after disbursement of each Tranche, the Bank shall deliver to the relevant Borrower the amortisation table referred to in Article 4.01, if appropriate, showing the Disbursement Date, the currency, the amount disbursed, the repayment terms and the interest rate of and for that Tranche. 

ARTICLE 3 
Interest

		
	3.01
	Rate of interest

For the purposes of this Contract “Margin” means 68 basis points (0,68 %).
Fixed Rates and Spreads are available for periods of not less than 4 (four) years or, in the absence of a repayment of principal during that period, not less than 3 (three) years. 

15

		
	3.01A
	Fixed Rate Tranches

The relevant Borrower shall pay interest on the outstanding balance of each Fixed Rate Tranche at the Fixed Rate quarterly, semi-annually or annually in arrears on the relevant Payment Dates as specified in the Disbursement Notice, commencing on the first such Payment Date following the Disbursement Date of the Tranche. If the period from the Disbursement Date to the first Payment Date is 15 (fifteen) days or less than the payment of interest accrued during such period shall be postponed to the following Payment Date.
Interest shall be calculated on the basis of Article 5.01(a). 

3.01B    Floating Rate Tranches
The relevant Borrower shall pay interest on the outstanding balance of each Floating Rate Tranche at the Floating Rate quarterly, semi-annually or annually in arrears on the relevant Payment Dates, as specified in the Disbursement Notice commencing on the first such Payment Date following the Disbursement Date of the Tranche. If the period from the Disbursement Date to the first Payment Date is 15 (fifteen) days or less than the payment of interest accrued during such period shall be postponed to the following Payment Date.
The Bank shall notify the Floating Rate to the relevant Borrower within 10 (ten) days following the commencement of each Floating Rate Reference Period.
If pursuant to Articles 1.05 and 1.06 disbursement of any Floating Rate Tranche takes place after the Scheduled Disbursement Date the Relevant Interbank Rate applicable to the first Floating Rate Reference Period shall apply as though the disbursement had been made on the Scheduled Disbursement Date.
Interest shall be calculated in respect of each Floating Rate Reference Period on the basis of Article 5.01(b). If the Floating Rate for any Floating Rate Reference Period is below zero, it will be set at zero.

		
	3.01 C
	Revision or Conversion of Tranches

Where the relevant Borrower exercises an option to revise or convert the interest rate basis of a Tranche, it shall, from the effective Interest Revision/Conversion Date (in accordance with the procedure set out in Schedule G) pay interest at a rate determined in accordance with the provisions of Schedule G.

		
	3.02
	Interest on overdue sums

Without prejudice to Article 10 and by way of exception to Article 3.01, if any of the Borrowers fails to pay any amount payable by it under this Contract on its due date, interest shall accrue on any overdue amount payable under the terms of this Contract from the due date to the date of actual payment at an annual rate equal to: 
		
	(i)
	for overdue sums related to Floating Rate Tranches, the applicable Floating Rate plus 2% (200 basis points);

		
	(ii)
	for overdue sums related to Fixed Rate Tranches, the higher of (a) the applicable Fixed Rate plus 2% (200 basis points) or (b) the Relevant Interbank Rate plus 2% (200 basis points);

		
	(iii)
	for overdue sums other than under (i) or (ii) above, the Relevant Interbank Rate plus 2% (200 basis points) 

and shall be payable in accordance with the demand of the Bank. For the purpose of determining the Relevant Interbank Rate in relation to this Article 3.02, the relevant periods within the meaning of Schedule B shall be successive periods of one month commencing on the due date. 

If the overdue sum is in a currency other than the currency of the Loan, the following rate per annum shall apply, namely the relevant interbank rate that is generally retained by the Bank for transactions in that currency plus 2% (200 basis points), calculated in accordance with the market practice for such rate.

16

		
	3.03
	Market Disruption Event

If at any time (i) from the issuance by the Bank of the Disbursement Notice in respect of a Tranche, and (ii) until the date falling 30 (thirty) calendar days for Tranches, 
prior to the Scheduled Disbursement Date, a Market Disruption Event occurs, the Bank may notify to the relevant Borrower that this clause has come into effect. In such case, the following rules shall apply: 
		
	(a)
	In the case of a Notified Tranche to be disbursed in EUR or USD, the rate of interest applicable to such Notified Tranche until the Maturity Date or the Interest Revision/Conversion Date if any, shall be the percentage rate per annum which is the sum of:

		
	-
	the Margin and

		
	-
	the rate (expressed as a percentage rate per annum) which is determined by the Bank to be the all-inclusive cost to the Bank for the funding of the relevant Tranche based upon the then applicable internally generated Bank reference rate or an alternative rate determination method reasonably determined by the Bank. 

Each of the Borrowers shall have the right to refuse in writing such disbursement within the deadline specified in the notification and shall bear charges incurred as a result, if any, in which case the Bank shall not make the disbursement and the corresponding Credit shall remain available for disbursement under Article 1.02B. If the Borrowers do not refuse the disbursement in time, the parties agree that the disbursement and the conditions thereof shall be fully binding for both parties.
		
	(b)
	In the case of a Notified Tranche to be disbursed in a currency other than EUR or USD, the Bank shall notify to the Borrowers the EUR equivalent to be disbursed on the Scheduled Disbursement Date and the relevant percentage rate as described above under paragraph (a) applicable to the Tranche until the Maturity Date or the Interest Revision/Conversion Date if any. The Borrowers shall have the right to refuse in writing such disbursement within the deadline specified in the notification and shall bear charges incurred as a result, if any, in which case the Bank shall not make the disbursement and the corresponding portion of the Credit shall remain available for disbursement under Article 1.02.B. If the Borrowers do not refuse the disbursement in time, the parties agree that the disbursement in EUR and the conditions thereof shall be fully binding for both parties. 

		
	(c)
	In each of the cases (a) or (b), above, the Spread or Fixed Rate previously notified by the Bank in the Disbursement Notice shall no longer be applicable. 

ARTICLE 4
Repayment

		
	4.01
	Repayment by instalment

		
	(a)
	Each Borrower shall repay each Tranche by instalments on the Payment Dates specified in the relevant Disbursement Notice in accordance with the terms of the amortisation table delivered pursuant to Article 2.03.

		
	(b)
	Each amortisation table shall be drawn up on the basis that:

		
	(i)
	in the case of a Fixed Rate Tranche without an Interest Revision/Conversion Date, repayment shall be made annually, semi-annually or quarterly by equal instalments of principal or constant instalments of principal and interest;

		
	(ii)
	in the case of a Fixed Rate Tranche, with an Interest Revision/Conversion Date or a Floating Rate Tranche, repayment shall be made by equal annual, semi-annual or quarterly instalments of principal; 

		
	(iii)
	the first repayment date of each Tranche shall be a Payment Date falling not earlier than 60 (sixty) days from the Scheduled Disbursement Date and not later than the 

17

first Payment Date immediately following the second anniversary of the Scheduled Disbursement Date of the Tranche; and
		
	(iv)
	the last repayment date of each Tranche shall be a Payment Date falling not earlier than 4 (four) years and not later than 8 (eight) years from the Scheduled Disbursement Date. 

		
	4.02
	Voluntary prepayment

		
	4.02A
	Prepayment option

Subject to Articles 4.02B, 4.02C and 4.04, a Borrower may prepay all or part of any Tranche, together with accrued interest and indemnities if any, upon giving a Prepayment Request with at least 1 (one) month's prior notice specifying (i) the Prepayment Amount, (ii) the Prepayment Date, (iii) if applicable, the choice of application method of the Prepayment Amount in line with Article 5.05(c)(i) and (iii) the contract number (“FI nr”) mentioned on the cover page of this Contract. 
Subject to Article 4.02C the Prepayment Request shall be binding and irrevocable.

		
	4.02B
	Prepayment indemnity

		
	4.02B(1)
	FIXED RATE TRANCHE

If any of the Borrowers prepays a Fixed Rate Tranche, that Borrower shall pay to the Bank on the Prepayment Date the Prepayment Indemnity in respect of the Fixed Rate Tranche which is being prepaid.
		
	4.02B(2)
	FLOATING RATE TRANCHE

Any Borrower may prepay a Floating Rate Tranche without indemnity on any relevant Payment Date. 
		
	4.02B(3)
	NO INDEMNITY

Unless the relevant Borrower have accepted in writing a Fixed Rate in respect of an Interest Revision/Conversion Proposal pursuant to Schedule G, prepayment of a Tranche on their Interest Revision/Conversion Date as notified under Article 1.02C(a)(viii), or in accordance with Schedule C.1 or G, as the case may be, may be effected without indemnity.

		
	4.02C
	Prepayment mechanics

Upon presentation by a Borrower to the Bank of a Prepayment Request, the Bank shall issue a Prepayment Notice to the Borrowers, not later than 15 (fifteen) days prior to the Prepayment Date. The Prepayment Notice shall specify the Prepayment Amount, the accrued interest due thereon, the Prepayment Indemnity payable under Article 4.02B or, as the case may be, that no indemnity is due, the method of application of the Prepayment Amount and the Acceptance Deadline.
If the relevant Borrower accepts the Prepayment Notice no later than by the Acceptance Deadline, it shall effect the prepayment. In any other case, the Borrowers may not effect the prepayment.
The relevant Borrower shall accompany the prepayment by the payment of accrued interest and indemnity, if any, due on the Prepayment Amount, as specified in the Prepayment Notice.

4.03    Compulsory prepayment 
		
	4.03A
	Prepayment Events

18

		
	4.03A(1)
	PROJECT COST REDUCTION

If the total cost of the Project falls below the figure stated in Recital (2) so that the amount of the Credit exceeds 
		
	(a)
	50% (fifty per cent); and/or

		
	(b)
	when aggregated with the amount of any other funds from the European Union made available for the Project, 90% (ninety per cent) 

of such total cost of the Project, the Bank may forthwith, by notice to the Borrowers, cancel the undisbursed portion of the Credit and/or demand prepayment of the Loan up to the amount by which the Credit exceeds the limits referred to in (a) or (b) above. The Borrowers shall effect payment of the amount demanded on the date specified by the Bank, such date being a date falling not less than 30 (thirty) days from the date of the demand.
4.03A(2)    PARI PASSU TO NON-EIB FINANCING
If any of the Borrowers (or any other member of the Group) voluntarily prepays (for the avoidance of doubt, prepayment shall include a repurchase or cancellation where applicable) a part or the whole of any Non-EIB Financing and: 
		
	-
	such prepayment is not made within a revolving credit facility (save for the cancellation of the revolving credit facility); 

		
	-
	such prepayment is not made out of the proceeds of a loan or other indebtedness having a term at least equal to the unexpired term of the Non-EIB Financing prepaid,

the Bank may, by notice to the Borrowers, cancel the undisbursed portion of the Credit and demand prepayment of the Loan. The proportion of the Loan that the Bank may require to be prepaid shall be the same as the proportion that the prepaid amount of the Non-EIB Financing bears to the aggregate outstanding amount of all Non-EIB Financing.
The relevant Borrower shall effect payment of the amount demanded on the date specified by the Bank, such date being a date falling not less than 30 (thirty) days from the date of the demand.
For the purposes of this Article, “Non-EIB Financing” includes any loan, (save for the Loan and any other direct loans from the Bank to the Borrowers (or any other member of the Group)), credit bond or other form of financial indebtedness or any obligation for the payment or repayment of money originally granted to the Borrowers (or any other member of the Group)) for a term of more than 3 (three) years.
4.03A(3)    CHANGE OF CONTROL
Each of the Borrowers shall promptly inform the Bank if a Change-of-Control Event has occurred or is likely to occur in respect of itself (or, in case of the Parent, in respect of any Borrower). At any time after the occurrence of a Change-of-Control Event, the Bank may, by notice to the Borrowers, cancel the undisbursed portion of the Credit and demand prepayment of the Loan, together with accrued interest and all other amounts accrued or outstanding under this Contract. 
In addition, if the Borrowers have informed the Bank that a Change-of-Control Event is about to occur, or if the Bank has reasonable cause to believe that a Change-of-Control Event is about to occur, the Bank may request that the Borrowers consult with it. Such consultation shall take place within 30 (thirty) days from the date of the Bank’s request. After the earlier of (a) the lapse of 30 (thirty) days from the date of such request for consultation, or (b) at any time thereafter, upon the occurrence of the anticipated Change-of-Control Event the Bank may, by notice to the Borrowers, cancel the undisbursed portion of the Credit and demand prepayment of the Loan, together with accrued interest and all other amounts accrued or outstanding under this Contract. 
The Borrowers shall effect payment of the amount demanded on the date specified by the Bank, such date being a date falling not less than 30 (thirty) days from the date of the demand.
For the purposes of this Article:
		
	(a)
	a “Change-of-Control Event” occurs if:

19

		
	(i)
	any person or group of persons acting in concert gains control of the Parent or of the entity directly or ultimately controlling the Parent; 

		
	(ii)
	the Parent ceases to be the beneficial owner directly or indirectly through wholly owned subsidiaries of more than 50% (fifty per cent) of the issued share capital of the French Subsidiary; or

		
	(iii)
	the Parent ceases to be the beneficial owner directly or indirectly through wholly owned subsidiaries of more than 50% (fifty per cent) of the issued share capital of the Italian Subsidiary;

		
	(b)
	“acting in concert” means acting together pursuant to an agreement or understanding (whether formal or informal); and

		
	(c)
	“control” means the power to direct the management and policies of an entity, whether through the ownership of voting capital, by contract or otherwise.

		
	4.03A(4)
	CHANGE OF LAW

The Borrowers shall promptly inform the Bank if a Change-of-Law Event has occurred or is likely to occur. In such case, or if the Bank has reasonable cause to believe that a Change-of-Law Event has occurred or is about to occur, the Bank may request that the Borrowers consult with it. Such consultation shall take place within 30 (thirty) days from the date of the Bank’s request. If, after the lapse of 30 (thirty) days from the date of such request for consultation the Bank is of the reasonable opinion that the effects of the Change-of-Law Event cannot be mitigated to its satisfaction, the Bank may by notice to any of the Borrowers, cancel the undisbursed portion of the Credit and demand prepayment of the Loan, together with accrued interest and all other amounts accrued or outstanding under this Contract. 
The Borrowers shall effect payment of the amount demanded on the date specified by the Bank, such date being a date falling not less than 30 (thirty) days from the date of the demand.
For the purposes of this Article “Change-of-Law Event” means the enactment, promulgation, execution or ratification of or any change in or amendment to any law, rule or regulation (or in the application or official interpretation of any law, rule or regulation) that occurs after the date of this Contract and which, in the opinion of the Bank, would materially impair any of the Borrowers' ability to perform their obligations under this Contract.
4.03A(5)    ILLEGALITY
If it becomes unlawful in any applicable jurisdiction for the Bank to perform any of its obligations as contemplated in this Contract or to fund or maintain the Loan, the Bank shall promptly notify the Borrowers and the Bank may immediately (i) suspend or cancel the undisbursed portion of the Credit and/or (ii) demand prepayment of the Loan, together with accrued interest and all other amounts accrued or outstanding under this Contract on the date indicated by the Bank in its notice to the Borrowers. 

		
	4.03B
	Prepayment mechanics

Any sum demanded by the Bank pursuant to Article 4.03A, together with any interest or other amounts accrued or outstanding under this Contract including, without limitation, any indemnity due under Article 4.03C and Article 4.04, shall be paid on the date indicated by the Bank in its notice of demand.

4.03C    Prepayment indemnity
In the case of an Indemnifiable Prepayment Event, the indemnity, if any, shall be determined in accordance with Article 4.02B.

		
	4.04
	General

A repaid or prepaid amount may not be reborrowed. This Article 4 shall not prejudice Article 10.

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If any Borrower prepays a Tranche on a date other than a relevant Payment Date, that Borrower shall indemnify the Bank in such amount as the Bank shall certify is required to compensate it for receipt of funds otherwise than on a relevant Payment Date.

ARTICLE 5
Payments

		
	5.01
	Day count convention

Any amount due by way of interest, indemnity or fee from a Borrower under this Contract, and calculated in respect of a fraction of a year, shall be determined on the following respective conventions:
		
	(a)
	in respect of interest and indemnities due under a Fixed Rate Tranche, a year of 360 (three hundred and sixty) days and a month of 30 (thirty) days; 

		
	(b)
	in respect of interest and indemnities due under a Floating Rate Tranche, a year of 360 (three hundred and sixty) days and the number of days elapsed;

		
	(c)
	in respect of fees, a year of 360 (three hundred and sixty) days and the number of days elapsed.

		
	5.02
	Time and place of payment

Unless otherwise specified in this Contract or in the Bank’s demand, all sums other than sums of interest, indemnity and principal are payable within 15 (fifteen) days of the relevant Borrower’s receipt of the Bank’s demand.
Each sum payable by the Borrowers under this Contract shall be paid to the relevant account notified by the Bank to the relevant Borrower. The Bank shall notify the account not less than 15 (fifteen) days before the due date for the first payment by the relevant Borrower and shall notify any change of account not less than 15 (fifteen) days before the date of the first payment to which the change applies. This period of notice does not apply in the case of payment under Article 10.
The Borrowers shall indicate in each payment made hereunder the contract number (“FI nr”) found on the cover page of this Contract.
A sum due from a Borrower shall be deemed paid when the Bank receives it. 
Any disbursements by and payments to the Bank under this Contract shall be made using account(s) acceptable to the Bank. For the avoidance of doubt, any account in the name of a Borrower held with a duly authorized financial institution in the jurisdiction where that Borrower is incorporated or where the Project is undertaken is deemed acceptable to the Bank.

		
	5.03
	No set-off by the Borrowers

All payments to be made by any Borrower under this Contract shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.

		
	5.04
	Disruption to Payment Systems

If either the Bank determines (in its discretion) that a Disruption Event has occurred or the Bank is notified by any of the Borrowers that a Disruption Event has occurred: 
		
	(a)
	the Bank may, and shall if requested to do so by the Parent, consult with the Parent on behalf of the Borrowers with a view to agreeing with the Parent on behalf of the Borrowers such changes to the operation or administration of this Contract as the Bank may deem necessary in the circumstances; 

21

		
	(b)
	the Bank shall not be obliged to consult with the Parent in relation to any changes mentioned in paragraph (a) if, in its opinion, it is not practicable to do so in the circumstances and, in any event, shall have no obligation to agree to such changes; and

		
	(c)
	the Bank shall not be liable for any damages, costs or losses whatsoever arising as a result of a Disruption Event or for taking or not taking any action pursuant to or in connection with this Article 5.04. 

		
	5.05
	Application of sums received

		
	(a)
	General

Sums received from a Borrower shall only discharge its payment obligations if received in accordance with the terms of this Contract. 
		
	(b)
	Partial payments

If the Bank receives a payment that is insufficient to discharge all the amounts then due and payable by a Borrower under this Contract, the Bank shall apply that payment:
		
	(i)
	first, in or towards payment pro rata of any unpaid fees, costs, indemnities and expenses due under this Contract;

		
	(ii)
	secondly, in or towards payment of any accrued interest due but unpaid under this Contract;

		
	(iii)
	thirdly, in or towards payment of any principal due but unpaid under this Contract; and

		
	(iv)
	fourthly, in or towards payment of any other sum due but unpaid under this Contract.

		
	(c)
	Allocation of sums related to Tranches

		
	(i)
	In case of:

		
	(A)
	a partial voluntary prepayment of a Tranche, the Prepayment Amount shall be applied pro rata to each outstanding instalment, or, at the request of the Borrower, in inverse order of maturity,

		
	(B)
	a partial compulsory prepayment of a Tranche, the Prepayment Amount shall be applied in reduction of the outstanding instalments in inverse order of maturity.

		
	(ii)
	Sums received by the Bank following a demand under Article 10.01 and applied to a Tranche, shall reduce the outstanding instalments in inverse order of maturity. The Bank may apply sums received between Tranches at its discretion.

		
	(iii)
	In case of receipt of sums which cannot be identified as applicable to a specific Tranche, and on which there is no agreement between the Bank and the Parent on behalf of the Borrowers on their application, the Bank may apply these between Tranches at its discretion.

ARTICLE 6
Borrowers undertakings and representations

The undertakings in this Article 6 remain in force from the date of this Contract for so long as any amount is outstanding under this Contract or the Credit is in force.
A. Project undertakings 

22

		
	6.01
	Use of Loan and availability of other funds

Each of the Borrowers shall use all amounts borrowed by it under the Loan for the execution of the Project.
Each of the Borrowers shall ensure that it has available to it the other funds listed in Recital (2) and that such funds are expended, to the extent required, on the financing of the Project.

		
	6.02
	Completion of Project

Each Borrower shall carry out the Project in accordance with the Technical Description as may be modified from time to time with the approval of the Bank, and complete it by the final date specified therein.

		
	6.03
	Increased cost of Project

If the total cost of the Project exceeds the estimated figure set out in Recital (2), the Parent on behalf of the Borrowers shall obtain the finance to fund the excess cost without recourse to the Bank, so as to enable the Project to be completed in accordance with the Technical Description. The plans for funding the excess cost shall be communicated to the Bank without delay.

		
	6.04
	Procurement procedure

Each Borrower shall purchase equipment, secure services and order works for the Project (a) in so far as they apply to it or to the Project, in accordance with European Union law in general and in particular with the relevant European Union Directives and (b) in so far as European Union Directives do not apply, by procurement procedures which, to the satisfaction of the Bank, respect the criteria of economy and efficiency and, in case of public contracts, the principles of transparency, equal treatment and non-discrimination on the basis of nationality. 

		
	6.05
	Continuing Project undertakings 

Each Borrower shall:
		
	(a)
	Maintenance: maintain, repair, overhaul and renew all property forming part of the Project as required to keep it in good working order;

		
	(b)
	Project assets: unless the Bank shall have given its prior consent in writing retain title to and possession of all or substantially all the assets comprising the Project or, as appropriate, replace and renew such assets and maintain the Project in substantially continuous operation in accordance with its original purpose; provided that the Bank may withhold its consent only where the proposed action would prejudice the Bank's interests as lender to the Borrowers or would render the Project ineligible for financing by the Bank under its Statute or under Article 309 of the Treaty on the Functioning of the European Union;

		
	(c)
	Insurance: insure all works and property forming part of the Project with first class insurance companies in accordance with the most comprehensive relevant industry practice;

		
	(d)
	Rights and Permits: maintain in force all rights of way or use and all Authorisations necessary for the execution and operation of the Project; and

		
	(e)
	Environment: 

		
	(i)
	implement and operate the Project in compliance with Environmental Law;

		
	(ii)
	obtain and maintain requisite Environmental Approvals for the Project; and 

		
	(iii)
	comply with any such Environmental Approvals. 

23

		
	(f)
	Integrity: take, within a reasonable timeframe, appropriate measures in respect of any member of its management bodies who has been convicted by a final and irrevocable court ruling of Illegal Activities perpetrated in the course of the exercise of his/her professional duties, in order to ensure that such member is excluded from any of that Borrower’s activity in relation to the Loan or the Project.

B. General undertakings
		
	6.06
	Disposal of assets 

		
	6.06A
	Each Borrower shall not (and the Parent shall ensure that no other member of the Group will) enter into a single transaction or a series of transactions (whether related or not) and whether voluntary or involuntary to sell, lease, transfer or otherwise dispose of any asset.

		
	6.06B
	Article 6.06A above does not apply to any sale, lease, transfer or other disposal for fair market value and at arm’s length:

		
	(a)
	made in the ordinary course of trading of the disposing entity; or

		
	(b)
	made in exchange for other assets comparable or superior as to type, value and quality; or

		
	(c)
	of obsolete or redundant vehicles, plant and equipment for cash; or

		
	(d)
	of receivables being part of Permitted Receivables Disposals; or

		
	(e)
	made with the prior written consent of the Bank;

		
	(f)
	of assets not falling within paragraphs (a), (b), (c) and (d) above, provided that over the life of the Loan the aggregate value of the disposed asset and other disposals of assets not falling within paragraphs (a), (b), (c) and (d) above, shall not exceed 10 per cent of the total assets of the Group as reported in the latest audited consolidated financial statements.

For the purposes of this Article, “dispose” and “disposal” includes any act effecting sale, transfer, lease or other disposal.

		
	6.07
	Financial Covenants

So long as any part of the Loan remains outstanding, the Parent shall ensure that all the financial ratios set out in Schedule E are fulfilled.

		
	6.08
	Limitations on distributions

		
	6.08A
	Except as permitted under Articles 6.08B and 6.08C below, no Borrower shall (and the Parent shall ensure that no member of the Group will):

		
	(a)
	declare, make or pay any dividend, charge, fee or other distribution (or interest on any unpaid dividend, charge, fee or other distribution) (whether in cash or in kind) on or in respect of its share capital (or any class of its share capital);

		
	(b)
	repay or distribute any dividend or share premium reserve;

		
	(c)
	pay or allow any member of the Group to pay any management, advisory or other fee to or to the order of any of the direct or indirect shareholders of the Parent (other than in respect of financial services rendered by any such shareholder in the ordinary course of its business to the Parent or a Subsidiary);

		
	(d)
	redeem, repurchase or repay any of its share capital or resolve to do so; or

		
	(e)
	reduce its share capital.

24

		
	6.08B
	Article 6.08A. above does not apply to:

		
	(i)
	reduction of share capital when mandatorily required under articles 2446 or 2447 of the Italian civil code (or any other applicable provision of law) (provided that the share capital is simultaneously reinstated at an amount not lower than the minimum amount required by any applicable law); or

		
	(ii)
	the payment of a dividend to any of the Parent, the Italian Subsidiary, the French Subsidiary or any of their wholly-owned Subsidiaries.

		
	6.08C
	Notwithstanding paragraph A. above, the Parent may distribute dividends and/or redeem, repurchase or repay any of its share capital or resolve to do so if:

		
	(a)
	all payments by any Borrower under this Contract have been punctually made when due;

		
	(b)
	no Event of Default or Prepayment Event is continuing unremedied or unwaived; and

		
	(c)
	the Parent is in compliance with the financial covenants pursuant to Article 6.07.

		
	6.9
	Change of Business

The Parent shall procure that no substantial change is made to the general nature of the business of the Parent or the Group from that carried on at the date of signature of this Contract.

		
	6.10
	Acquisition

		
	6.10A
	No Borrower shall (and the Parent shall ensure that no other member of the Group will) acquire a company or any shares or securities or a business or undertaking (or, in each case, any interest in any of them).

		
	6.10B
	Article 6.10A does not apply to acquisition for cash consideration of all or the majority of the issued share capital of a limited liability company but only if:

		
	(a)
	no Event of Default is continuing on the closing date for the acquisition or would occur as a result of the acquisition;

		
	(b)
	the acquired company, business or undertaking is engaged in a business substantially the same as (or ancillary or related to) that carried on by the Group; and

		
	(c)
	the consideration (including associated costs and expenses) for the acquisition and any Financial Indebtedness or other assumed actual or contingent liability in each case remaining in the acquired company (or any such business) at the date of acquisition (the “Individual Purchase Price”) (when aggregated with the consideration (including associated costs and expenses) for any other acquisition permitted under this Contract and any Financial Indebtedness or other assumed actual or contingent liability, in each case remaining in any such acquired companies or businesses at the time of acquisition (the “Total Purchase Price”) does not exceed in aggregate USD 280,000,000.00 (two hundred and eighty million US dollars) or its equivalent over the life of the Tranches.

Any acquisition whose Individual Purchase Price exceeds in aggregate USD 75,000,000.00 (seventy five million US dollars) or its equivalent will only be permitted under paragraph (c) above if the Parent has delivered to the Bank not later than 30 (thirty) Business Days before legally committing to make such acquisition a certificate signed by the Chief Executive Officer of the Parent to which is attached a copy of the latest audited accounts (or if not available, management accounts) of the target company or business.
Such certificate must give calculations showing in reasonable detail that the Parent would have remained in compliance with its obligations under Article 6.07 if the covenant tests were recalculated for the relevant period ending on the most recent Accounting Date consolidating the financial statements of the target company (consolidated if it has Subsidiaries) or business with the financial statements of the Group for such period on a pro forma basis and as if the amount of the consideration to be paid at the date of the acquisition, for the proposed acquisition, had been paid at the start of that relevant period.

25

		
	6.11
	Financial Indebtedness

Each Borrower shall ensure that the Subsidiary Financial Indebtedness does not exceed at any time 35% (thirty-five per cent) of Group Financial Indebtedness.
For the purposes of this Article:
		
	(a)
	“Group Financial Indebtedness” means the Financial Indebtedness of the Group;

		
	(b)
	“Subsidiary Financial Indebtedness” means the aggregate Financial Indebtedness of each Subsidiary excluding the Financial Indebtedness of the Borrowers. 

For the avoidance of doubt and notwithstanding anything to the contrary, intra-group debt shall not constitute or in any way be included in the definition of Indebtedness for Subsidiary Financial Indebtedness.

		
	6.12
	Compliance with laws

Each Borrower shall comply in all respects with all laws and regulations to which it or the Project is subject.

		
	6.13
	Merger

No Borrower shall (and the Parent shall ensure that no other member of the Group will) enter into any amalgamation, demerger, merger or corporate reconstruction other than a Permitted Transaction.
For the purposes of this Article 6.13 “Permitted Transaction” means:
		
	(a)
	a merger between a Borrower and any Subsidiary that is consolidated within the consolidated financial statements of the Parent, provided that such Borrower is in each case the surviving entity;

		
	(b)
	any solvent amalgamation or merger among members of the Group which are not a Borrower;

		
	(c)
	the solvent liquidation or reorganisation of any member of the Group which is not a Borrower so long as any payments or assets distributed as a result of such liquidation or reorganisation are distributed to other members of the Group;

in each case provided that ratios specified in Article 6.07 are satisfied at any time.

6.14    Books and records
Each Borrower shall ensure that it has kept and will continue to keep proper books and records of account, in which full and correct entries shall be made of all financial transactions and the assets and business of that Borrower, including expenditures in connection with the Project, in accordance with GAAP as in effect from time to time.

6.15    General Representations and Warranties
		
	6.15A
	The Parent represents and warrants to the Bank that it is duly incorporated and validly existing as public limited company under the laws of England and Wales and it has power to carry on its business as it is now being conducted and to own its property and other assets. 

		
	6.15B
	The French Subsidiary represents and warrants to the Bank that it is duly incorporated and validly existing as a limited liability company (société par actions simplifiée) under the laws of France and it has power to carry on its business as it is now being conducted and to own its property and other assets.

26

		
	6.15C
	The Italian Subsidiary represents and warrants to the Bank that it is duly incorporated and validly existing as a limited liability company (società a responsabilità limitata) under the laws of Italy and it has power to carry on its business as it is now being conducted and to own its property and other assets.

		
	6.15D
	Each of the Borrowers represents and warrants to the Bank that:

		
	(a)
	it has the power to execute, deliver and perform its obligations under this Contract and all necessary corporate, shareholder and other action has been taken to authorise the execution, delivery and performance of the same by it;

		
	(b)
	this Contract constitutes its legally valid, binding and enforceable obligations;

		
	(c)
	the execution and delivery of, the performance of its obligations under and compliance with the provisions of this Contract do not and will not:

		
	(i)
	contravene or conflict with any applicable law, statute, rule or regulation, or any judgement, decree or permit to which it is subject;

		
	(ii)
	contravene or conflict with any agreement or other instrument binding upon it which might reasonably be expected to have a material adverse effect on its ability to perform its obligations under this Contract;

		
	(iii)
	contravene or conflict with any provision of its by-laws or memorandum and articles of association;

		
	(d)
	the latest available audited accounts of that Borrower (and, in case of the Parent, latest available audited accounts of the Parent) have been prepared on a basis consistent with previous years and have been approved by its auditors as representing a true and fair view of the results of its operations for that year and accurately disclose or reserve against all the liabilities (actual or contingent) of that Borrower; 

		
	(e)
	there has been no Material Adverse Change since 28 February 2017;

		
	(f)
	no event or circumstance which constitutes an Event of Default has occurred and is continuing unremedied or unwaived;

		
	(g)
	no litigation, arbitration, administrative proceedings or investigation is current or to its knowledge is threatened or pending before any court, arbitral body or agency which has resulted or if adversely determined is reasonably likely to result in a Material Adverse Change, nor is there subsisting against it or any of its subsidiaries any unsatisfied judgement or award; 

		
	(h)
	it has obtained all necessary Authorisations in connection with this Contract and in order to lawfully comply with its obligations hereunder, and the Project and all such Authorisations are in full force and effect and admissible in evidence; 

		
	(i)
	its payment obligations under this Contract rank not less than pari passu in right of payment with all other present and future unsecured and unsubordinated obligations under any of its debt instruments except for obligations mandatorily preferred by law applying to companies generally; 

		
	(j)
	it is in compliance with Article 6.05(e) and to the best of its knowledge and belief (having made due and careful enquiry) no Environmental Claim has been commenced or is threatened against it; 

		
	(k)
	it is in compliance with all undertakings under this Article 6; 

		
	(l)
	no financial covenants have been concluded with any other creditor of the Group which are more restrictive than the ones contained in the Contract; 

		
	(m)
	to the best of its knowledge, no funds invested in the Project by that Borrower or by its controlling entities or by another member of the Group are of illicit origin, including products of money laundering or linked to the financing of terrorism. Each Borrower shall promptly inform the Bank if at any time it becomes aware of the illicit origin of any such funds; and

27

		
	(n)
	it is not engaged in any Illegal Activities and to the best of its knowledge no Illegal Activities have occurred in connection with the Project.

The representations and warranties set out above shall survive the execution of this Contract and are, with the exception of the representation set out in paragraph (e) and (n) of Article 6.15D above, deemed repeated on each Disbursement Request, Disbursement Date and on each Payment Date.

6.16    Visibility 
The Borrowers agree to cooperate with the Bank to ensure that any press release or publication made by the Borrowers regarding the financing and the Project include an appropriate acknowledgement of the financial support provided by EIB with the backing of the European Union through EFSI.

ARTICLE 7
Guarantee and indemnity. Security 

		
	7.01
	Guarantee and indemnity

		
	7.01A
	Guarantee and indemnity 

Each Co-debtor irrevocably and unconditionally jointly and severally:
		
	(a)
	guarantees to the Bank punctual performance by each Borrower of all that Borrower's obligations under this Contract or other transactional documents; 

		
	(b)
	undertakes with the Bank that whenever a Borrower does not pay any amount when due under or in connection with this Contract or other transactional documents, that Co-debtor shall immediately on demand pay that amount as if it was the principal Borrower; and

		
	(c)
	agrees with the Bank that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary obligation, indemnify the Bank immediately on demand against any cost, loss or liability it incurs as a result of a Borrower not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by it under this Contract on the date when it would have been due. The amount payable by a Co-debtor under this indemnity will not exceed the amount it would have had to pay under this Article 7.01 if the amount claimed had been recoverable on the basis of a guarantee.

		
	7.01B
	Continuing guarantee

This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by any Borrower under this Contract, regardless of any intermediate payment or discharge in whole or in part.

		
	7.01C
	Reinstatement

If any discharge, release or arrangement (whether in respect of the obligations of any Borrower or any security for those obligations or otherwise) is made by the Bank in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of each Co-debtor under this Article 7.01 will continue or be reinstated as if the discharge, release or arrangement had not occurred.

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	7.01D
	Waiver of defences

The obligations of each Co-debtor under this Article 7.01 will not be affected by an act, omission, matter or thing which, but for this Article, would reduce, release or prejudice any of its obligations under this Article 7.01 (without limitation and whether or not known to it or the Bank) including:
		
	(a)
	any time, waiver or consent granted to, or composition with, any Borrower or other person;

		
	(b)
	the release of any other Borrower or any other person under the terms of any composition or arrangement with any creditor of any member of the Group;

		
	(c)
	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any Borrower or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;

		
	(d)
	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of any Borrower or any other person;

		
	(e)
	any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement of this Contract or any other document or security including without limitation any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under this Contract or other document or security;

		
	(f)
	any unenforceability, illegality or invalidity of any obligation of any person under this Contract or any other document or security; or

		
	(g)
	any insolvency or similar proceedings.

		
	7.01E
	Immediate recourse

Each Co-debtor waives any right it may have of first requiring the Bank (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person before claiming from that Co-debtor under this Article 7.01. This waiver applies irrespective of any law or any provision of this Contract to the contrary.

		
	7.01F
	Appropriations

Until all amounts which may be or become payable by the Borrowers under or in connection with this Contract have been irrevocably paid in full, the Bank (or any trustee or agent on its behalf) may:
		
	(a)
	refrain from applying or enforcing any other moneys, security or rights held or received by the Bank (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and no Co-debtor shall be entitled to the benefit of the same; and 

		
	(b)
	hold in an interest-bearing suspense account any moneys received from any Co-debtor or on account of any Co-debtor's liability under this Article 7.01.

		
	7.01G
	Deferral of Co-debtors’ rights

Until all amounts which may be or become payable by the Borrowers under or in connection with this Contract have been irrevocably paid in full and unless the Bank otherwise directs, no Co-debtor will exercise any rights which it may have by reason of performance by it of its obligations under this Contract or by reason of any amount being payable, or liability arising, under this Article 7.01:
		
	(a)
	to be indemnified by any Borrower;

		
	(b)
	to claim any contribution from any other guarantor of any Borrower’s obligations under this Contract; 

29

		
	(c)
	to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Bank under this Contract or of any other guarantee or security taken pursuant to, or in connection with, this Contract by the Bank;

		
	(d)
	to bring legal or other proceedings for an order requiring any Borrower to make any payment, or perform any obligation, in respect of which any Co-debtor has given a guarantee, undertaking or indemnity under Article 7.01A;

		
	(e)
	to exercise any right of set-off against any Borrower; and/or

		
	(f)
	to claim or prove as a creditor of any Borrower in competition with the Bank.

If a Co-debtor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Bank by the Borrowers under or in connection with this Contract to be repaid in full on trust for the Bank and shall promptly pay or transfer the same to the Bank or as the Bank may direct for application in accordance with Article 5.05(b).

		
	7.01H
	Additional security

This guarantee is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently held by the Bank.

		
	7.01 I
	Limitation of the obligations of the French Subsidiary

The obligations of the French Subsidiary as Co-debtor under Article 1.11 and under this Article 7.01 shall not exceed an amount equal to the maximum outstanding amount of any intercompany loans advanced or made available to the French Subsidiary by the Parent and the Italian Subsidiary out of the proceeds of the Credit.

		
	7.01J
	Borrowers’ Agent

		
	(a)
	Each Borrower (other than the Parent) by its execution of this Contract irrevocably appoints the Parent (acting through one or more authorised signatories) to act on its behalf as its agent in relation to this Contract and irrevocably authorises:

		
	(i)
	the Parent on its behalf to supply all information concerning itself contemplated by this Contract to the Bank and to give all notices and instructions (including, in the case of a Borrower, Disbursement Requests); and

		
	(ii)
	the Bank to give any notice, demand or other communication to that Borrower pursuant to this Contract to the Parent,

and in each case each Borrower shall be bound as though that Borrower itself had given the notices and instructions (including, without limitation, any Disbursement Requests) or received the relevant notice, demand or other communication.
		
	(b)
	Every act, omission, agreement, undertaking, settlement, waiver, amendment, supplement, variation, notice or other communication given or made by the Parent or given to the Parent under this Contract on behalf of another Borrower or in connection with this Contract shall be binding for all purposes on that Borrower as if that Borrower had expressly made, given or concurred with it. In the event of any conflict between any notices or other communications of the Parent and any other Borrower, those of the Parent shall prevail.

		
	7.02
	Negative pledge

So long as any part of the Loan remains outstanding, the Parent shall not and shall not permit that any of its Subsidiaries create on its own behalf or permit to subsist any Security Interest on, or with respect to, any of their present or future businesses, obligations, undertakings, assets or revenues (including any uncalled capital) with the exception of Permitted Security.
For the purpose of this Contract “Security Interest” shall mean any guarantee for the benefit of any company of the Group or any third party, mortgage, pledge, lien, charge, assignment, 

30

hypothecation, title retention, preferential right, priority or trust arrangement or security interest or any other agreement or arrangement having the effect of conferring security.
For the purpose of this Contract “Permitted Security” shall mean:
		
	(a)
	any Security Interest listed in Schedule F (Existing Security) except to the extent the principal amount secured by that Security exceeds the amount stated in that Schedule;

		
	(b)
	any Security Interest arising by operation of law and in the ordinary course of trading;

		
	(c)
	any guarantee comprising a netting or set-off arrangement entered into by the Parent or any of its Subsidiaries in the ordinary course of their banking arrangements for the purpose of netting debt and credit balances;

		
	(d)
	any Security Interest securing indebtedness the outstanding principal amount of which (when aggregate with the outstanding principal amount of any other indebtedness which has the benefit of Security Interest given by any member of the Group other than any permitted under (a) to (c) above) does not exceed in aggregate USD 15,000,000.00 (fifteen million US Dollars) (or its equivalent); 

For the purpose of this Article 7.02 the Parent declares that at the date of the execution of this Contract no Security Interest other than Permitted Security exists over its assets or the assets of any of the companies of the Group.

		
	7.03
	Pari passu

Each of the Borrowers shall ensure that its payment obligations under this Contract rank, and will rank, not less than pari passu in right of payment with all other present and future unsecured and unsubordinated obligations under any of its debt instruments except for obligations mandatorily preferred by law applying to companies generally.

		
	7.04
	Clauses by inclusion

If, at any time while the Loan is outstanding, any member of the Group concludes with any other medium or long term financial creditor a financing agreement that includes a covenant or other provision imposing minimum financial ratios stricter than the ones indicated in Schedule E hereto, the Parent shall so inform the Bank and shall, at the request of the Bank, execute an agreement to amend this Contract so as to provide for an equivalent provision in favour of the Bank.

ARTICLE 8
Information and Visits

		
	8.01
	Information concerning the Project 

		
	(a)
	The Parent (and, upon request of the Bank, the relevant Borrower) shall deliver to the Bank:

		
	(i)
	the information in content and in form, and at the times, specified in Schedule A.2 or otherwise as agreed from time to time by the parties to this Contract; 

		
	(ii)
	any such information or further document concerning the Project as the Bank may reasonably require to comply with its obligations under the EFSI Regulation; and

		
	(iii)
	any such information or further document concerning the financing, procurement, implementation, operation and environmental matters of or for the Project as the Bank may reasonably require within a reasonable time,

provided always that if such information or document is not delivered to the Bank on time, and the Parent (and, upon request of the Bank, the relevant Borrower) does not rectify the omission within a reasonable time set by the Bank in writing, the Bank may remedy the deficiency, to the extent feasible, by employing its own staff or a consultant 

31

or any other third party, at the Parent's expense and the Borrowers shall provide such persons with all assistance necessary for the purpose;
		
	(b)
	The Borrowers shall submit for the approval of the Bank without delay any material change to the Project, also taking into account the disclosures made to the Bank in connection with the Project prior to the signing of this Contract, in respect of, inter alia, the price, design, plans, timetable or to the expenditure programme or financing plan for the Project;

		
	(c)
	The Borrowers shall promptly inform the Bank of:

		
	(i)
	any action or protest initiated or any objection raised by any third party or any genuine complaint received by any Borrower or any Environmental Claim that is to its knowledge commenced, pending or threatened against it with regard to environmental or other matters affecting the Project; 

		
	(ii)
	any fact or event known to any Borrower, which may substantially prejudice or affect the conditions of execution or operation of the Project; 

		
	(iii) 
	a genuine allegation, complaint or information with regard to Illegal Activities related to the Loan and/or the Project; 

		
	(iv)
	any non-compliance by it with any applicable Environmental Law; and

		
	(v)
	any suspension, revocation or modification of any Environmental Approval,

and set out the action to be taken with respect to such matters.
		
	(d)
	The Borrowers shall provide to the Bank, if so requested:

		
	(i)
	a certificate of its insurers showing fulfilment of the requirements of Article 6.05(c); and

		
	(ii)
	annually, a list of policies in force covering the insured property forming part of the Project, together with confirmation of payment of the current premiums.  

		
	8.02
	Information concerning the Borrowers 

		
	(a)
	The Parent shall deliver to the Bank:

		
	(i)
	as soon as they become available but in any event within 180 (one hundred and eighty) days after the end of each of its financial years its audited consolidated and unconsolidated annual report, balance sheet, profit and loss account and auditors report for that financial year together with a Compliance Certificate as set out in Schedule D.2 signed by the Chief Executive Officer reported on by reputable independent auditors confirming compliance with the financial covenants pursuant to Article 6.07 and with evidence of such compliance and related calculations; 

		
	(ii)
	as soon as they become publicly available but in any event within 120 (one hundred and twenty) days after the end of each of the relevant accounting periods its interim consolidated and unconsolidated semi-annual report, balance sheet and profit and loss account for the first half-year of each of its financial years together with a Compliance Certificate as set out in Schedule D.2 signed by the Chief Executive Officer confirming compliance with the financial covenants pursuant to Article 6.07 and with evidence of such compliance and related calculations; 

		
	(iii)
	from time to time, such further information on its general financial situation as the Bank may reasonably require or such certificates of compliance with the undertakings of Article 6 as the Bank may deem necessary; and

		
	(iv)
	any such information or further document concerning customer due diligence matters of or for the Borrowers as the Bank may reasonably require within a reasonable time,

and
		
	(b)
	Each of the Borrowers shall inform the Bank immediately of:

32

		
	(i)
	any material alteration to its by-laws or memorandum and articles of association or shareholding structure and of any change of ownership of 5% (five per cent) or more of its shares after the date of this Contract; 

		
	(ii)
	any fact which obliges it to prepay any financial indebtedness or any European Union funding; 

		
	(iii)
	any event or decision that constitutes or may result in a Prepayment Event;

		
	(iv)
	any intention on its part to grant any security over any of its assets in favour of a third party;

		
	(v)
	any intention on its part to relinquish ownership of any material component of the Project; 

		
	(vi)
	any fact or event that is reasonably likely to prevent the substantial fulfilment of any obligation of the Borrowers under this Contract; 

		
	(vii)
	any event listed in Article 10.01 having occurred or being threatened or anticipated; 

		
	(viii)
	any investigations concerning the integrity of the members of any of the Borrowers' Board of Directors or other administrative body or managers; 

		
	(ix)
	to the extent permitted by law, any material litigation, arbitration, administrative proceedings or investigation carried out by a court, administration or similar public authority, which, to the best of its knowledge and belief, is current, imminent or pending against any Borrower or any of their controlling entities or members of any of the Borrowers' management bodies in connection with Illegal Activities related to the Loan or the Project; 

		
	(x)
	any measure taken by the Borrowers pursuant to Article 6.05(f) of this Contract; and 

		
	(xi)
	any litigation, arbitration or administrative proceedings or investigation which is current, threatened or pending and which might if adversely determined result in a Material Adverse Change.

		
	8.03
	Visits by the Bank

Each Borrower shall allow the Bank and, when either required by the relevant mandatory provisions of EU law or pursuant to the EFSI Regulation, the competent EU institutions including the European Court of Auditors, the Commission, the European Anti-Fraud Office, as well as persons designated by the foregoing:
		
	(a)
	to visit the sites, installations and works comprising the Project,

		
	(b)
	to interview representatives of that Borrower, and not obstruct contacts with any other person involved in or affected by the Project; and

		
	(c)
	to conduct such on the spot audits and checks as they may wish and review that Borrower’s books and records in relation to the execution of the Project and to be able to take copies of related documents to the extent permitted by the law.

Each Borrower shall provide the Bank, or ensure that the Bank is provided, with all necessary assistance for the purposes described in this Article. 
In the case of a genuine allegation, complaint or information with regard to Illegal Activities related to the Loan and/or the Project, each Borrower shall consult with the Bank in good faith regarding appropriate actions. In particular, if it is proven that a third party committed Illegal Activities in connection with the Loan and/or the Project with the result that the Loan or the EFSI financing were misapplied, the Bank may, without prejudice to the other provisions of this Contract, inform the Borrowers if, in its reasonable view, the Borrowers should take appropriate recovery measures against such third party. In any such case, the Borrowers shall in good faith consider the Bank’s views and keep the Bank informed.

33

8.04    Disclosure and publication 
Each Borrower acknowledges that:
the Bank may be obliged to communicate information relating to any of the Borrowers and the Project to any competent institution or body of the European Union in accordance with the relevant mandatory provisions of European Union law or pursuant to the EFSI Regulation; and
the Bank may publish on its website or produce press releases containing information related to the financing provided pursuant to this Contract with support of the EFSI including the name and address of the Borrowers, the purpose of the financing and the type and amount of financing received under this Contract.

ARTICLE 9
Charges and expenses

		
	9.01
	Taxes, duties and fees

Each Borrower shall pay all Taxes, duties, fees and other impositions of whatsoever nature, including stamp duty and registration fees, arising out of the execution or implementation of this Contract or any related document and in the creation, perfection, registration or enforcement of any security for the Loan to the extent applicable.
Each Borrower shall pay all principal, interest, indemnities and other amounts due by it under this Contract gross without deduction of any national or local impositions whatsoever, save as may be required by applicable law. If any of the Borrowers is obliged under applicable law to make any such deduction, it will gross up the payment to the Bank so that after such deduction, the net amount received by the Bank is equivalent to the sum due.

		
	9.02
	Other charges

Each Borrower shall bear all charges and expenses, including professional, banking or exchange charges incurred in connection with the preparation, execution, implementation, enforcement and termination of this Contract or any related document, any amendment, supplement or waiver in respect of this Contract or any related document, and in the amendment, creation, management, enforcement and realisation of any security for the Loan.

		
	9.03
	Increased costs, indemnity and set-off

		
	(a)
	Each Borrower shall pay to the Bank any sums or expenses incurred or suffered by the Bank as a consequence of the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation or compliance with any law or regulation made after the date of signature of this Contract, in accordance with or as a result of which (i) the Bank is obliged to incur additional costs in order to fund or perform its obligations under this Contract, or (ii) any amount owed to the Bank under this Contract or the financial income resulting from the granting of the Credit or the Loan by the Bank to the Borrowers is reduced or eliminated.

		
	(b)
	Without prejudice to any other rights of the Bank under this Contract or under any applicable law, each Borrower shall indemnify and hold the Bank harmless from and against any loss incurred as a result of any payment or partial discharge that takes place in a manner other than as expressly set out in this Contract.

34

		
	(c)
	The Bank may set off any matured obligation due from any Borrower under this Contract (to the extent beneficially owned by the Bank) against any obligation (whether or not matured) owed by the Bank to that Borrower regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Bank may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. If either obligation is unliquidated or unascertained, the Bank may set off in an amount estimated by it in good faith to be the amount of that obligation. 

ARTICLE 10
Events of Default 

		
	10.01
	Right to demand repayment

Each Borrower shall repay all or part of the Loan (as requested by the Bank) forthwith, together with accrued interest and all other accrued or outstanding amounts under this Contract, upon written demand being made by the Bank in accordance with the following provisions.

		
	10.01A
	Immediate demand

The Bank may make such demand immediately:
		
	(a)
	if any Borrower does not pay on the due date any amount payable pursuant to this Contract at the place and in the currency in which it is expressed to be payable, unless (i) its failure to pay is caused by an administrative or technical error or a Disruption Event and (ii) payment is made within 3 (three) Business Days of its due date;

		
	(b)
	if any information or document given to the Bank by or on behalf of any of the Borrowers or any representation, warranty or statement made or deemed to be made by any of the Borrowers in or pursuant to this Contract or in connection with the negotiation or performance of this Contract is or proves to have been incorrect, incomplete or misleading in any material respect;

		
	(c)
	if, following any default of any Borrower or any other member of the Group in relation to any loan, or any obligation arising out of any financial transaction, other than the Loan

		
	(i)
	any Borrower or any other member of the Group is required or is capable of being required or will, following expiry of any applicable contractual grace period, be required or be capable of being required to prepay, discharge, close out or terminate ahead of maturity such other loan or obligation; or 

		
	(ii)
	any financial commitment for such other loan or obligation is cancelled or suspended,

and such other loans or obligations or commitments falling under paragraphs (i) and/or (ii) above are in an aggregate principal amount in excess of USD 7,500,000.00 (seven million five hundred thousand US dollars) or its equivalent in any other currency or currencies;
		
	(d)
	if any Borrower or any member of the Group is unable to pay its debts as they fall due, or suspends its debts, or makes or seeks to make a composition with its creditors;

		
	(e)
	if any corporate action, legal proceedings or other procedure or step is taken in relation to the suspension of payments, a moratorium of any indebtedness, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) or an order is made or an effective resolution is passed for the winding up of any Borrower or any member of the Group, or if any Borrower or any member of the Group takes steps towards a substantial reduction in its capital, is declared insolvent or ceases or resolves to cease to carry on the whole or any substantial part of its business or activities;

35

		
	(f)
	if an encumbrancer takes possession of, or a receiver, liquidator, administrator, administrative receiver or similar officer is appointed, whether by a court of competent jurisdiction or by any competent administrative authority or by any person, of or over, any part of the business or assets of any Borrower or any member of the Group or any property forming part of the Project; 

		
	(g)
	if any Borrower or any member of the Group defaults in the performance of any obligation in respect of any other loan granted by the Bank or financial instrument entered into with the Bank;

		
	(h)
	if any Borrower or any member of the Group defaults in the performance of any obligation in respect of any other loan made to it from the resources of the Bank or the European Union;

		
	(i)
	if any distress, execution, sequestration or other process is levied or enforced upon the property of the Borrowers or any property forming part of the Project and is not discharged or stayed within 14 (fourteen) days; 

		
	(j)
	if a Material Adverse Change occurs, as compared with the Borrowers' condition at the date of this Contract; or

		
	(k)
	if it is or becomes unlawful for any Borrower to perform any of its obligations under this Contract or other transactional documents or this Contract or other transactional documents is not effective in accordance with its terms or is alleged by any Borrower to be ineffective in accordance with its terms.

		
	10.01B
	Demand after notice to remedy

The Bank may also make such demand:
		
	(a)
	if any Borrower fails to comply with any obligation under this Contract not being an obligation mentioned in Article 10.01A; or

		
	(b)
	if any fact related to the Borrowers or the Project stated in the Recitals materially alters and is not materially restored and if the alteration either prejudices the interests of the Bank as lender to the Borrowers or adversely affects the implementation or operation of the Project,

unless the non-compliance or circumstance giving rise to the non-compliance is capable of remedy and is remedied within 5 (five) Business Days from a notice served by the Bank on the Parent on behalf of the Borrowers. 

10.02    Other rights at law
Article 10.01 shall not restrict any other right of the Bank at law to require prepayment of the Loan.

10.03    Indemnity
10.03A    Fixed Rate Tranches 
In case of demand under Article 10.01 in respect of any Fixed Rate Tranche, each Borrower shall pay to the Bank the amount demanded together with the Prepayment Indemnity on any amount of principal due to be prepaid. Such Prepayment Indemnity shall accrue from the due date for payment specified in the Bank’s notice of demand and be calculated on the basis that prepayment is effected on the date so specified.

10.03B    Floating Rate Tranches
In case of demand under Article 10.01 in respect of any Floating Rate Tranche, each Borrower shall pay to the Bank the amount demanded together with a sum equal to the present value of 0.15% (15 basis points) per annum calculated and accruing on the amount of principal due to be prepaid in the same manner as interest would have been calculated and would have accrued, 

36

if that amount had remained outstanding according to the original amortisation schedule of the Tranche, until the Interest Revision/Conversion Date, if any, or the Maturity Date.
The value shall be calculated at a discount rate equal to the Redeployment Rate applied as of each relevant Payment Date. 

10.03C    General
Amounts due by any Borrower pursuant to this Article 10.03 shall be payable on the date of prepayment specified in the Bank’s demand.

		
	10.04
	Non-Waiver

No failure or delay or single or partial exercise by the Bank in exercising any of its rights or remedies under this Contract shall be construed as a waiver of such right or remedy. The rights and remedies provided in this Contract are cumulative and not exclusive of any rights or remedies provided by law.

ARTICLE 11
Law and jurisdiction, miscellaneous

		
	11.01
	Governing Law

This Contract and any non-contractual obligations arising out of or in connection with it shall be governed by English law.

		
	11.02
	Jurisdiction

		
	(a)
	The courts of England have exclusive jurisdiction to settle any dispute (a “Dispute”) arising out of or in connection with this Contract (including a dispute regarding the existence, validity or termination of this Contract or the consequences of its nullity) or any non-contractual obligation arising out of or in connection with this Contract.

		
	(b)
	The parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes between them and, accordingly, that they will not argue to the contrary.

		
	11.03
	Agent of Service

Without prejudice to any other mode of service allowed under any relevant law, each Borrower (other than the Parent) hereby irrevocably appoints LivaNova PLC at 20, Eastbourne Terrace London W2 6LG, United Kingdom, as its agent of service for the purposes of accepting service on its behalf of any writ, notice, order, judgement or other legal process (and the Parent accepts that appointment). Each Borrower (other than the Parent) agrees that failure by a process agent to notify it of the process will not invalidate the proceedings concerned. 

The Bank hereby appoints Securities Management Trust Limited of 8 Lothbury, London EC2R 7HH to be its agent for the purpose of accepting service of legal process.

11.04    Place of performance
Unless otherwise specifically agreed by the Bank in writing, the place of performance under this Contract shall be the seat of the Bank.

37

		
	11.05
	Evidence of sums due

In any legal action arising out of this Contract the certificate of the Bank as to any amount or rate due to the Bank under this Contract shall, in the absence of manifest error, be prima facie evidence of such amount or rate.

		
	11.06
	Third party rights

A person who is not a party has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Contract. 

		
	11.07
	Entire Agreement

This Contract constitutes the entire agreement between the Bank and the Borrowers in relation to the provision of the Credit hereunder, and supersedes any previous agreement, whether express or implied, on the same matter.

		
	11.08
	Invalidity

If at any time any term of this Contract is or becomes illegal, invalid or unenforceable in any respect, or this Contract is or becomes ineffective in any respect, under the laws of any jurisdiction, such illegality, invalidity, unenforceability or ineffectiveness shall not affect: 
		
	(a)
	the legality, validity or enforceability in that jurisdiction of any other term of this Contract or the effectiveness in any other respect of this Contract in that jurisdiction; or

		
	(b)
	the legality, validity or enforceability in other jurisdictions of that or any other term of this Contract or the effectiveness of this Contract under the laws of such other jurisdictions.

11.09    Amendments
Any amendment to this Contract shall be made in writing and shall be signed by the parties hereto. 

11.10    Counterparts
This Contract may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument. Each counterpart is an original, but all counterparts shall together constitute one and the same instrument.

ARTICLE 12
Final clauses

		
	12.01
	Notices to the Parties 

Notices and other communications given under this Contract addressed to a party to this Contract shall be made to the address or facsimile number as set out below, or to such other address or facsimile number as such party previously notifies to the other parties in writing: 

38

	
		
	For the Bank
	Attention: Ops A/MA/2-IM BK&CORP/-/-
100 boulevard Konrad Adenauer
L-2950 Luxembourg
Facsimile no: +352 4379 55420

	For the Parent
	Attention: Director, Treasury
LivaNova PLC, Italian Branch
Via Benigno Crespi, 17
Italy, 20159 Milano
Facsimile no.: +39 0269969513

	For the French Subsidiary
	Finance Manager 
Sorin CRM SAS
4 Avenue Réaumur
France, 92140 Clamart Cdx
Facsimile no.: +33 1 46013460 

	For the Italian Subsidiary
	Finance Manager 
Via Benigno Crespi,17
Italy, 20159 Milano
Facsimile no.: + 39 02 69969513 

		
	12.02
	Form of notice

Any notice or other communication given under this Contract must be in writing.
Notices and other communications, for which fixed periods are laid down in this Contract or which themselves fix periods binding on the addressee, may be made by hand delivery, registered letter or facsimile. Such notices and communications shall be deemed to have been received by the other party on the date of delivery in relation to a hand-delivered or registered letter or on receipt of transmission in relation to a facsimile.
Other notices and communications may be made by hand delivery, registered letter or facsimile or, to the extent agreed by the parties by written agreement, by email or other electronic communication.
Without affecting the validity of any notice delivered by facsimile according to the paragraphs above, a copy of each notice delivered by facsimile shall also be sent by letter to the relevant party on the next following Business Day at the latest.
Notices issued by any Borrower pursuant to any provision of this Contract shall, where required by the Bank, be delivered to the Bank together with satisfactory evidence of the authority of the person or persons authorised to sign such notice on behalf of the relevant Borrower and the authenticated specimen signature of such person or persons.

12.03    Recitals and Schedules 
The Recitals and following Schedules form part of this Contract:

39

	
		
	Schedule A
	Technical Description and Reporting

	Schedule B
	Definition of EURIBOR and LIBOR

	Schedule C
	Forms for Borrowers

	Schedule D
	Certificates to be provided by the Borrowers

	Schedule E
	Financial Ratios

	Schedule F
Schedule G
	Existing Security
Interest Rate Revision and Conversion

IN WITNESS WHEREOF the parties hereto have caused this Contract to be executed in 5 (five) originals in the English language and have respectively caused each page of this Contract to be initialled on their behalf.
	
		
	In Luxembourg, this 23 June 2017
	In London, this 27 June 2017

	
			
	Signed for and on behalf of
EUROPEAN INVESTMENT BANK
	Signed for and on behalf of
LivaNova PLC

	The Head of Division
	The Loan Officer
	The CFO

	/s/ Massimo NOVO
Mr. Massimo NOVO
	/s/ Ferran MINGUELLA
Mr. Ferran MINGUELLA
	/s/ Thad HUSTON
Thad HUSTON

	
		
	In Clamart, this 23 June 2017
	In Milano, this 29 June 2017

	
		
	Signed for and on behalf of
	Signed for and on behalf of

	SORIN CRM S.A.S
The Director Treasury
	SORIN GROUP ITALIA S.R.L.
The Corporate Treasury Manager

	/s/ Maurizio BORELLI
Maurizio BORELLI
	/s/ Luca Stefano TESSI
Luca Stefano TESSI

40

Schedule A

Project Specification and Reporting
A.1 Technical Description (Article 6.02)

Purpose, Location 

The project concerns the company's research and development (R&D) of various new products and product improvements with a particular focus on i) cardiac surgery (heart valves and cardiopulmonary), and ii) cardiac rhythm management. The project is covering the entire product development from pre-clinical studies to clinical trials and life cycle engineering. 

The project will be managed from the Italian branch in Milan of LivaNova PLC and implemented on the promoter’s R&D sites in France and Italy.

Description

This project concerns developments for i) cardiac surgery and ii) cardiac rhythm management.

Cardiac surgery: 

The R&D activities within the cardiopulmonary segment will focus on the development of new devices including disposables / accessories and life cycle management of existing flagship devices. Example projects would be major improvements of the S5 heart-lung machine (HLM) to bridge the way to next generation S7 HLM, a new Extracorporeal membrane oxygenation (ECMO) line and new Neonatal and pediatric oxygenators (NINO). 

For heart valves the promoter will focus on two early clinical stage transcatheter mitral valve repair (TMVR) technologies as well as on the next generation PERCEVAL sutureless valve and different tissue valves.

Cardiac Rhythm Management 

Within the cardiac rhythm management the promoter will focus on the development of a low cost solution for the KORA pacemaker product line, development of a full body MRI-compatible solution based on the KORA pacemaker and IMRICOR technology lead and the development of various products within the PLATINIUM platform for cardiac resynchronisation therapy (CRT) devices. The promoter intends to further exploit its SonR technology for the development of its CRT devices. This technology consists of a sensor encapsulated inside the tip of an electrostimulation lead, which is implanted in the patient and is used to optimise the delivery of cardiac resynchronisation therapy.

Calendar

The project will be implemented from January 2017 until December 2019.

A.2 Information Duties under Article 8.01(a)

		
	1.
	Dispatch of information: designation of the person responsible

The information below has to be sent to the Bank under the responsibility of:

	
		
	 
	Financial and Technical Contact

	Company
	LivaNova PLC

	Contact person
	Mr. Maurizio Borelli

	Title
	Director

	Function / Department
	Treasury, Risk Management and Credit

	Address
	Via Benigno Crespi 17 20159 Milan, Italy

	Phone
	39 02 699 697 17

	Fax
	 

	Email
	maurizio.borelli@livanova.com

The above-mentioned contact person(s) is (are) the responsible contact(s) for the time being. 
The Borrowers shall inform the EIB immediately in case of any change.

		
	2.
	Information on the project’s implementation 

The Borrowers shall deliver to the Bank the following information on project progress during implementation at the latest by the deadline indicated below.

	
			
	Document / information
	Deadline
	Frequency of reporting

	Project Progress Report:

-    A brief update on the Technical Description, explaining the reasons for significant changes vs. initial scope;
-    Update on implementation of each of the main project’s components;
-    Update on the cost of the project, explaining reasons for any possible cost variations vs. initial budgeted cost;
-    A description of any major issue with impact on the environment;
-    Update on the relevant demand trends and evolution for LivaNova’s business;
-    Any significant issue that has occurred and any significant risk that may affect the project’s operation;
-    Any legal action concerning the project that may be on-going.
	30 June l 2018
	Mid-term review

3.Information on the end of works and first year of operation

The Borrowers shall deliver to the Bank the following information on project completion and initial operation at the latest by the deadline indicated below.

	
		
	Document / information
	Date of delivery  
to the Bank

	Project Completion Report, including: 
-    A brief description of the technical characteristics of the project as completed, explaining the reasons for any significant change;
-    The implementation results of each of the main project’s components explaining reasons for any variation and/or delay;
-    The final cost of the project, explaining reasons for any possible cost variations vs. initial budgeted cost;
-    The number of staff employed in R&D during the implementation of the project (2017-2019) in Italy and France; with breakdown by location;
-    Update on the market trends for CS (HV and CP), CRM and NV and LivaNova’s market share and competitive position;
-    The number of patent applications and the number of patents granted per year during the period 2017-2019;
-    The share of LivaNova’s sales coming from products introduced in the last 5 years;
-    LivaNova’s ROCE in 2017, 2018 and 2019;
-    A description of any major issue with impact on the environment;
-    Any significant issue that has occurred and any significant risk that may affect the project’s operation;
-    Any legal action concerning the project that may be on-going.
.
	30 May 2020

	
		
	Language of reports
	English

Schedule B

Definitions of EURIBOR and LIBOR 

		
	A.
	EURIBOR

“EURIBOR” means:
		
	(a)
	in respect of a relevant period of less than one month, the Screen Rate (as defined below) for a term of one month; 

		
	(b)
	in respect of a relevant period of one or more months for which a Screen Rate is available, the applicable Screen Rate for a term for the corresponding number of months; and

		
	(c)
	in respect of a relevant period of more than one month for which a Screen Rate is not available, the rate resulting from a linear interpolation by reference to two Screen Rates, one of which is applicable for a period next shorter and the other for a period next longer than the length of the relevant period,

(the period for which the rate is taken or from which the rates are interpolated being the “Representative Period”). 
For the purposes of paragraphs (b) and (c) above, “available” means the rates, for given maturities, that are calculated and published by Global Rate Set Systems Ltd (GRSS), or such other service provider selected by the European Money Markets Institute (EMMI), under the sponsorship of EMMI and EURIBOR ACI, or any successor to that function of EMMI and EURIBOR ACI as determined by the Bank.
“Screen Rate” means the rate of interest for deposits in EUR for the relevant period as published at 11h00, Brussels time, or at a later time acceptable to the Bank on the day (the “Reset Date”) which falls 2 (two) Relevant Business Days prior to the first day of the relevant period, on Reuters page EURIBOR 01 or its successor page or, failing which, by any other means of publication chosen for this purpose by the Bank.
If such Screen Rate is not so published, the Bank shall request the principal euro-zone offices of four major banks in the euro-zone, selected by the Bank, to quote the rate at which EUR deposits in a comparable amount are offered by each of them as at approximately 11h00, Brussels time, on the Reset Date to prime banks in the euro-zone interbank market for a period equal to the Representative Period. If at least 2 (two) quotations are provided, the rate for that Reset Date will be the arithmetic mean of the quotations.
If fewer than 2 (two) quotations are provided as requested, the rate for that Reset Date will be the arithmetic mean of the rates quoted by major banks in the euro-zone, selected by the Bank, at approximately 11h00, Brussels time, on the day which falls 2 (two) Relevant Business Days after the Reset Date, for loans in EUR in a comparable amount to leading European banks for a period equal to the Representative Period.

If no rate is available as provided above, EURIBOR shall be the rate (expressed as a percentage rate per annum) which is determined by the Bank to be the all-inclusive cost to the Bank for the funding of the relevant Tranche based upon the then applicable internally generated Bank reference rate or an alternative rate determination method reasonably determined by the Bank.

		
	B.
	LIBOR USD

"LIBOR" means, in respect of USD:
		
	(a)
	in respect of a relevant period of less than one month, the Screen Rate for a term of one month;

		
	(b)
	in respect of a relevant period of one or more months for which a Screen Rate is available, the applicable Screen Rate for a term for the corresponding number of months; and

		
	(c)
	in respect of a relevant period of more than one month for which a Screen Rate is not available, the rate resulting from a linear interpolation by reference to two Screen Rates, one of which is applicable for a period next shorter and the other for a period next longer than the length of the relevant period,

(the period for which the rate is taken or from which the rates are interpolated being the "Representative Period").
For the purposes of paragraphs (b) and (c) above:
"available" means "calculated and published" under the aegis of the ICE Benchmark Administration Limited (or any successor to that function of the ICE Benchmark Administration Limited as determined by the Bank) for given maturities; and 
"Screen Rate" means the rate of interest for deposits in USD for the relevant period as set by the ICE Benchmark Administration Limited (or any successor to that function of the ICE Benchmark Administration Limited as determined by the Bank) and released by financial news providers at 11h00, London time, or at a later time acceptable to the Bank on the day (the "Reset Date") which falls 2 (two) London Business Days prior to the first day of the relevant period.
If such Screen Rate is not so released by any financial news provider acceptable to the Bank, the Bank shall request the principal London offices of 4 (four) major banks in the London interbank market selected by the Bank to quote the rate at which USD deposits in a comparable amount are offered by each of them at approximately 11h00, London time, on the Reset Date, to prime banks in the London interbank market for a period equal to the Representative Period. If at least 2 (two) such quotations are provided, the rate will be the arithmetic mean of the quotations provided.
If fewer than 2 (two) quotations are provided as requested, the Bank shall request the principal New York City offices of 4 (four) major banks in the New York City interbank market, selected by the Bank, to quote the rate at which USD deposits in a comparable amount are offered by each of them at approximately 11h00, New York City time, on the day falling 2 (two) New York Business Days after the Reset Date, to prime banks in the European market for a period equal to the Representative Period. If at least 2 (two) such quotations are provided, the rate will be the arithmetic mean of the quotations provided.
If no rate is available as provided above, LIBOR shall be the rate (expressed as a percentage rate per annum) which is determined by the Bank to be the all-inclusive cost to the Bank for the funding of the relevant Tranche based upon the then applicable internally generated Bank reference rate or an alternative rate determination method reasonably determined by the Bank.
		
	C.
	GENERAL

For the purposes of the foregoing definitions: 
"London Business Day" means a day on which banks are open for normal business in London and "New York Business Day" means a day on which banks are open for normal business in New York.
All percentages resulting from any calculations referred to in this Schedule will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with halves being rounded up.
The Bank shall inform the Borrowers without delay of the quotations received by the Bank.

If any of the foregoing provisions becomes inconsistent with provisions adopted under the aegis of: 
EMMI and EURIBOR ACI (or any successor to that function of EMMI and EURIBOR ACI as determined by the Bank) in respect of EURIBOR; or 
the ICE Benchmark Administration Limited (or any successor to that function of the ICE Benchmark Administration Limited, as determined by the Bank) in respect of LIBOR, 
the Bank may by notice to the Borrowers amend the provision to bring it into line with such other provisions. 

Schedule C
Forms for Borrowers
C.1 Form of Disbursement Request (Article 1.02B)
Disbursement Request [To be provided on paper bearing the relevant Borrower’s letterhead]
Italy –  LIVANOVA R&D (2016-0607)
	
		
	 
	Date:

Please proceed with the following disbursement:
	
																		
	Loan Name (*):
	LivaNova R&D (2016-0607)
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	Signature Date (*):
	 
	 
	Contract FI number:
	86.677 (IT)
	 
	 
	 

	 
	Currency & amount requested
	 
	Proposed disbursement date:
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 
	Currency
	Amount
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 

	I N T E R E S T
	Int. rate basis (Art. 3.01)
	 
	 
	Reserved for the Bank
	(contract currency)
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 

	Rate (% or Spread) 
OR (please indicate only ONE)
Maximum Rate (% or Maximum Spread)
	‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
	 
	Total Credit Amount:
	 
	 
	 
	 

	

	 
	 
	 
	 
	 
	 
	 

	Frequency (Art. 3.01)
	Annual       o
Semi-annual   o
Quarterly      o
	 
	Disbursed to date:
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 

	Payment Dates (Art. 5)
	 
	 
	Balance for disbursement:
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 

	Interest Revision/Conversion date  (if any)
	 
	 
	Current disbursement:
	 
	 
	 
	 

	C A P I T A L
	Repayment frequency
	Annual       o
Semi-annual   o
Quarterly      o

	 
	Balance after disbursement:
	 
	 
	 
	 

	

	 
	 
	 
	 
	 
	 
	 

	Repayment methodology  
(Art. 4.01)
	Equal instalments   o
Constant annuities   o

	 
	Disbursement deadline:
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 

	First repayment date
	 
	 
	Max. number of disbursements:
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 

	Maturity Date:
	 
	 
	Minimum Tranche size:
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	Total allocations to date:
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	Conditions precedent:
	Yes  /  No
	 
	 
	 

Relevant Borrower's account to be credited:    
Acc. N°: ..........................................................................................................
(please, provide IBAN format in case of disbursements in EUR, or appropriate format for the relevant currency)
Bank name, address: ....................................................................................
Please transmit information relevant to:    
Relevant Borrower's authorised name(s) and signature(s):

Schedule D
Certificates to be provided by the Borrowers

D.1 Form of Certificate from Borrowers (Article 1.04B) 

		
	To:
	European Investment Bank

		
	From:
	[Borrowers] 

Date:    
		
	Subject:
	Finance Contract between European Investment Bank and [Borrowers] 

dated l  (the “Finance Contract”) 

FI number 86.677 (IT)     Serapis number 2016-0607
___________________________________________________________________
Dear Sirs,
Terms defined in the Finance Contract have the same meaning when used in this letter.
For the purposes of Article 1.04 of the Finance Contract we hereby certify to you as follows:
		
	(a)
	no Prepayment Event has occurred and is continuing unremedied;

		
	(b)
	we are in compliance with the financial covenants pursuant to Article 6.07 and attached is evidence of such compliance and related calculations;

		
	(c)
	no security of the type prohibited under Article 7.02 has been created or is in existence;

		
	(d)
	there has been no material change to any aspect of the Project or in respect of which we are obliged to report under Article 8.01, save as previously communicated by us; 

		
	(e)
	we have sufficient funds available to ensure the timely completion and implementation of the Project in accordance with Schedule A.1;

		
	(f)
	no event or circumstance which constitutes or would with the passage of time or giving of notice under the Finance Contract constitute an Event of Default has occurred and is continuing unremedied or unwaived; 

		
	(g)
	no litigation, arbitration administrative proceedings or investigation is current or to our knowledge is threatened or pending before any court, arbitral body or agency which has resulted or if adversely determined is reasonably likely to result in a Material Adverse Change, nor is there subsisting against us or any of our subsidiaries any unsatisfied judgement or award;

		
	(h)
	the representations and warranties to be made or repeated by us under Article 6.15 are true in all material respects; and

		
	(i)
	no Material Adverse Change has occurred, as compared with the situation at the date of the Finance Contract.

Yours faithfully,

For and on behalf of [Borrowers]
Date:    

D.2 Form of Compliance Certificate

		
	To:
	European Investment Bank

		
	From:
	[Parent] 

Date:    
		
	Subject:
	Finance Contract between European Investment Bank and [Borrowers] 

dated l  (the “Finance Contract”) 

FI number 86.677 (IT)     Serapis number 2016-0607
___________________________________________________________________
Dear Sirs,

We refer to the Finance Contract. This is a Compliance Certificate. Terms defined in the Finance Contract have the same meaning when used in this Compliance Certificate.
We hereby confirm:
		
	(i)
	[insert details and computations of covenants to be certified];

		
	(ii)
	[no asset disposals of the type prohibited under Article 6.06 has been enacted ]; 

		
	(iii)
	[no security of the type prohibited under Article 7.02 has been created or is in existence;]

		
	(iv)
	[no event or circumstance which constitutes or would with the passage of time or giving of notice under the Finance Contract constitute an Event of Default has occurred and is continuing unremedied or unwaived. [If this statement cannot be made, this certificate should identify any potential event of default that is continuing and the steps, if any, being taken to remedy it].

Yours faithfully,

For and on behalf of [Parent / reputable independent auditor]
		
	[director]
	[director]

APPENDIX
Financial information
[To be attached relevant financial statements and calculations of relevant financial items and the relevant financial ratios for the purposes of the Compliance Certificate]

Schedule E
FINANCIAL RATIOS

For the purpose of this Contract:
Accounting Period shall mean a period of one year or six months ending an Accounting Date for which financial statements are required to be prepared under this Contract.
Consolidated Net Worth in respect of the Group shall mean the consolidated net worth of the Group determined in accordance with US GAAP.
Test Period shall mean a period of six or, as the case may be, twelve months starting on 1 January of a financial year and ending on an Accounting Date in that financial year.
Financial ratios
The Parent shall ensure that:
		
	(a)
	Consolidated Net Financial Indebtedness to Consolidated EBITDA: Consolidated Net Financial Indebtedness as at any Accounting Date shall not be more than 2.50x times the Consolidated EBITDA for the Test Period ending on that Accounting Date, provided that for the purposes of determining this ratio as of an Accounting Date falling on 30 June, “Consolidated EBITDA” shall mean the “Consolidated EBITDA” calculated in respect of the period of twelve months ending on the last day of the first semester of the Borrowers’ fiscal year.

		
	(b)
	Consolidated Net Financial Indebtedness to Consolidated Net Worth: Consolidated Net Financial Indebtedness as at any Accounting Date shall not be more than 0.50 x times the Consolidated Net Worth as at that Accounting Date.

		
	(c)
	Consolidated EBITDA to Consolidated Total Net Interest Payable: Consolidated EBITDA for the Test Period ending on an Accounting Date shall not be lower than 6.30 x times the Consolidated Total Net Interest Payable for that Test Period.

		
	(d)
	Consolidated Net Worth: the Consolidated Net Worth shall at no times be lower, at any time, than USD 725,000,000.

Financial testing
The financial ratios set out above shall be calculated starting 31 December 2014 in accordance with US GAAP and tested by reference to each of the financial ratios and/or each Compliance Certificate delivered pursuant the Paragraph below.
Compliance Certificate
The Parent shall supply to the Bank for the financial situation as of 30 June and as of 31 December of each year on 30 September and 30 June respectively a Compliance Certificate setting out (in reasonable detail) computations as to compliance with the financial ratios set out above as at the date at which those financial ratios were drawn up.
Each Compliance Certificate shall be signed by the Chief Executive Officer of the Parent and shall be accompanied by a report signed by reputable independent auditors.

Schedule F

Existing Security

 

	
						
	Grantor
	Beneficiary
	Transaction
	Amount
	Expiry
	Type of

	 
	 
	 
	as of 31/03/2017
	 
	Security

	 
	 
	 
	 
	 
	 

	Sorin CRM SAS
	BpiFrance
	Term Loan
	Euro 150,000.00
	31/10/2019
	

 Cash Collateral

	

Sorin Group Italia Srl 
	Mediocredito Italiano
	Mortgage Loan
	Euro 316,000.00
	29/09/2026
	Mortgage

	Sorin Group Italia Srl
	Mediocredito Italiano
	Mortgage Loan
	Euro 387,000.00
	30/09/2021
	

Mortgage 

	 
	 
	 
	 
	 
	 

	 
	 
	Total amount
	Euro 853,000.00
	 
	 

Schedule G
Interest Rate Revision and Conversion
If an Interest Revision/Conversion Date has been included in the Disbursement Notice for a Tranche, the following provisions shall apply.
		
	A.
	Mechanics of Interest Revision/Conversion

Upon receiving an Interest Revision/Conversion Request the Bank shall, during the period commencing 60 (sixty) days and ending 30 (thirty) days before the Interest Revision/Conversion Date, deliver to the Borrowers an Interest Revision/Conversion Proposal stating:
		
	(a)
	the Fixed Rate and/or Spread that would apply to the Tranche, or the part thereof indicated in the Interest Revision/Conversion Request pursuant to Article 3.01; and

		
	(b)
	that such rate shall apply until the Maturity Date or until a new Interest Revision/Conversion Date, if any, and that interest is payable quarterly, semi-annually or annually in arrears on designated Payment Dates.

The Borrowers may accept in writing an Interest Revision/Conversion Proposal by the deadline specified therein.
Any amendment to this Contract requested by the Bank in this connection shall be effected by an agreement to be concluded not later than 15 (fifteen) days prior to the relevant Interest Revision/Conversion Date.
		
	B.
	Effects of Interest Revision/Conversion

If the Borrowers duly accept in writing a Fixed Rate or a Spread in respect of an Interest Revision/Conversion Proposal, the Borrowers shall pay accrued interest on the Interest Revision/Conversion Date and thereafter on the designated Payment Dates.
Prior to the Interest Revision/Conversion Date, the relevant provisions of this Contract and Disbursement Notice shall apply to the entire Tranche. From and including the Interest Revision/Conversion Date onwards, the provisions contained in the Interest Revision/Conversion Proposal relating to the new interest rate or Spread shall apply to the Tranche (or part thereof) until the new Interest Revision/Conversion Date, if any, or until the Maturity Date. 
		
	C.
	Non-fulfilment of Interest Revision/Conversion 

If the Borrowers do not submit an Interest Revision/Conversion Request or does not accept in writing the Interest Revision/Conversion Proposal for the Tranche or if the parties fail to effect an amendment requested by the Bank pursuant to Paragraph A above, the Borrowers shall repay the Tranche (or part thereof) on the Interest Revision/Conversion Date, without indemnity. The Borrowers will repay on the Interest Revision/Conversion Date any part of a Tranche which is unaffected by the Interest Revision/Conversion.

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