Document:

Services Agreement

 Exhibit 10.11 

Confidential materials omitted and filed 

separately with the Securities and Exchange 

Commission. Asterisks denote omissions. 

SERVICES AGREEMENT 

THIS AGREEMENT (the “Agreement”) is entered into as of this 9th day of May, 2008 (“Effective Date”) by and between
The Bancorp, Inc. (“Bancorp”), a Delaware bank holding company and Higher One, Inc. (“Higher One”), a Delaware corporation. 

RECITALS 

Higher One is engaged in the business of providing customized programs (including products and services) to educational institutions
throughout the United States and to their respective students, faculty, staff, alumni, and others (“Operation”). 
 To
implement the Operation, Higher One delivers a DDA account with customized features to its customers (“Account”). Higher One customers are issued a debit card (the “Card”) to access funds in their Account, and perform other
functions including but not limited to identification, access to facilities, dining hall use, library privileges, or other uses. The Card is issued on a national network such as VISA, MasterCard or similar network and may be used at participating
merchants, automated teller machines and/or cash dispensers (“ATMs”), including those operated by Higher One. Higher One provides various payment processing services to its clients, such as refund and payroll disbursement and cashiering
solutions. 
 To offer Accounts through the Operation, Higher One desires that Bancorp, through its designated affiliate The
Bancorp Bank, serve as the depository institution for purposes of the Operation, and provide various additional banking services to Higher One and its customers as set forth herein (collectively hereinafter referred to as “Bancorp”).

 Higher One and Bancorp have performed to their satisfaction all necessary due diligence with respect to one another, have
contemplated the risks and benefits of entering into this Agreement, and desire to be bound in accordance with the terms hereof. 

NOW, THEREFORE, in consideration of the mutual covenants and representations contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 SECTION I.

 DEFINITIONS 

1.1 Certain Definitions. As used in this Agreement, the following terms have the definitions indicated. 

“Applicable Law” shall mean all applicable federal and state statutes, regulations, judicial decisions, rules orders and
requirements of any Regulatory Authority, and Association Bylaws and Operating Regulations, as such statutes, regulations, requirements, order, or bylaws may be amended or in effect from time to time during the term of this Agreement. 

“Account” shall mean a demand deposit account (as defined by Federal Reserve Regulation D), subject to FDIC insurance, and held
at Bank for the benefit of Higher One Customers. 

 “Card” shall mean a debit card or other access device issued by Bank and to a
Higher One Customer for purposes of accessing the Account. 
 “Charges” means service charges assessed against the
User Accounts, set by Higher One. 
 “Deposit” shall have the meaning set forth in Section 3(1) of the Federal
Deposit Insurance Act, 12 U.S.C. § 1813(1), including, without limitation, demand deposit accounts, certificates of deposit, savings accounts, NOW accounts, and individual retirement accounts. 

“Deposit Contract” means the deposit contract and/or related deposit disclosures, including disclosures required by state or
federal law, which will be provided to Users online in connection with the User Accounts. Deposit Contracts and related disclosures are subject to the review and approval of Bancorp. 

“Fees” means all banking revenue generated from the use of the User’s Accounts, including any card usage, interchange and
miscellaneous fees. 
 “Higher One Customer” means a customer of Higher One who has activated any Higher One Services.

 “Higher One Deposits” means the Deposits of Higher One and Higher One’s Customers held by Bancorp. A Higher
One Customer may also have other deposits at Bancorp, which are not related to the Higher One Services, and such deposits will not be included as a User Account for the purposes of this Agreement. 

“OneAccount” means a type of User Account offered by Higher One to Users. 

“Private Label Banking Program” shall refer to those services offered by Bancorp to Higher One pursuant to a Private Label
Banking and Referral Program Agreement entered into between the Parties. 
 “Regulatory Authority” shall mean any
local, state or federal agency, office or supervising entity, or any other authority having jurisdiction over Bancorp or Higher One, in such a manner as to impact the operations or activity being contemplated under this Agreement. 

“Universities” shall mean those educational institutions wherein Higher One offers its Operation. 

“User” means a customer of Higher One who has activated any Higher One Services. 

“User Account” means a deposit account at Bancorp offered to Users by Higher One, which is subject to a Deposit Contract
between the User and Bancorp and Higher One’s assignment rights under this Agreement, and which is insured by the Federal Deposit Insurance Corporation (FDIC). Higher One shall receive all Charges, Fees, and other revenue generated by Bancorp
from User Accounts. 
  

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 SECTION II. 

OBLIGATIONS AND COVENANTS OF HIGHER ONE 

2.1 General Obligation. Higher One shall be responsible for the technology and operations associated with the OneAccount and Card,
and shall bear all responsibility for and pay all expenses of the Operations except as otherwise described in this Agreement. Bancorp’s role will be limited to providing the bank depository services and FDIC insurance required for the
OneAccounts, and will bear all costs associated with that role. 
 2.2 Specific Obligations. Higher One, at its own cost,
shall be solely responsible for implementing all aspects of the Operation as set forth in this Section 2.2 (“HigherOne Services”). 
  

	 	(a)	Higher One shall enter into contracts with Universities to implement the Operation and to provide services and products to them and/or their students, faculty, staff,
alumni, and/or other related parties; 

  

	 	(b)	Higher One shall directly (or pursuant to contracts with third-party providers) provide for all operational needs of the Operation. This will include the necessary
management, financial expertise, staff and software needed to conduct the Operation, including all documentation and specifications relating to such software required to implement the Operation. 

 

	 	(c)	Higher One shall provide all Operation-related software and recordkeeping necessary to implement the Operation in compliance with Applicable Law;

  

	 	(d)	Higher One shall provide full back office operations, systems and administrative support in connection with the Operation, including customer service, in accordance
with commercially reasonable standards, or as otherwise agreed in writing between Higher One and Bancorp. 

  

	 	(e)	Establishment of Accounts at Bancorp. Higher One will establish an account at Bancorp identifying the Higher One Deposits (“Master Account”) into which Higher
One will direct or coordinate all of the Higher One Deposits. Higher One will make appropriate entries to the Master Account to reflect the aggregate transactions to the User Accounts and maintain such necessary records to establish a User Account
for each individual User with sufficient detail as required by Applicable Law to qualify such User Account for FDIC insurance; 

  

	 	(f)	 Transactional Activity. Higher One will be responsible for all transactional activity through the Account, including: (i) ACH and wire transfer
transactions initiated at the direction of Users; (ii) deposits to User Accounts (via ACH, mail, wire transfers and direct credits from Universities); (iii) coordinating and providing support for payments made from User’s Accounts,
including payment by check, debit card charge and electronic payment. All such transactional activity shall be conducted in 

 

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compliance with Applicable Law, applicable rules of the National Automated Clearing House Association (NACHA), and any requirements of Bancorp as may be communicated to Higher One from time to
time; 

  

	 	(g)	Card Production and Association Compliance. Higher One shall be responsible for producing all Cards and/or checks issued to Users in connection with any Account,
subject to compliance with applicable VISA, MasterCard, or other card association rules, and approval by Bancorp; 

  

	 	(h)	Card Maintenance and Card Security. Higher One shall be responsible for: 

  

	 	(i)	maintaining and managing all Cards, both prior to and after issuance, and managing all security aspects of the Cards, including allowing for Users to select and change
their password identification number (PIN) online; 

  

	 	(ii)	cooperation making available, and causing its third-party providers to make available, all information, data and personnel requested by Bancorp’s regulatory
authorities in connection with any examination by such authorities; 

  

	 	(iii)	maintaining and providing separate account information and communicating same to Bancorp as necessary or appropriate for Bancorp to identify funds ownership interests
sufficient to allow for FDIC deposit insurance as to each User Account and pass-through FDIC deposit insurance for each owner’s funds in the single account maintained at Bancorp which will act as the repository for disbursement funds from the
Universities to recipients individually identified to Higher One and identified by Higher One to Bancorp; and 

  

	 	(iv)	maintaining procedures for the identification of each new User upon the establishment of a User Account for such User or within a reasonable time thereafter as required
by Applicable Law. Such procedures are designed to comply with the requirements of the federal Bank Secrecy Act, the federal USA PATRIOT Act, any regulations adopted pursuant to such acts, and applicable regulations of the Office of Foreign Assets
Control. 

 2.3 Compliance with Applicable Law. Higher One shall ensure that all aspects of the Operation,
and the performance of its obligations hereunder are in compliance with Applicable Law, and performed in a commercially reasonable manner. 

Notwithstanding the foregoing, the parties acknowledge that Higher One shall not have liability for any actions taken by Bancorp in
connection with the Operation, and Bancorp shall indemnify Higher One for any liability inuring to Higher One as a result of Bancorp’s actions; 

 

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such liability and/or indemnification shall be inapplicable if Bancorp’s actions are based on information or instructions from Higher One received through Higher One software, systems,
processes or instructions. 
 2.4 Restrictions. Notwithstanding Higher One’s authority and responsibilities with
respect to the Operation, Higher One shall not affect any of the following without the prior consent of Bancorp: 
  

	 	(a)	Enter into contracts on behalf of Bancorp, except for facilitating the opening of User Accounts for Users as described in this Agreement; 

 

	 	(b)	Make use of the name “Bancorp Bank” or any trademarks or tradenames of Bancorp, except in connection with the Services offered pursuant to this Agreement.

 SECTION III. 

OBLIGATIONS AND COVENANTS OF BANCORP 

3.1 General Obligation. Bancorp’s obligations hereunder shall be limited to that of providing certain depository functions
with respect to the Operation. Bancorp shall have no obligations with respect to any other aspect of the Operation except as specifically set forth in this Section III. 

3.2 Specific Obligations. In connection with the Operation, Bancorp shall perform the following services: 

 

	 	(a)	Bancorp shall provide all banking services offered to and utilized by the Users under the Operation in accordance with the provisions of this Agreement and the terms of
any Deposit Contract and Applicable Law; 

  

	 	(b)	Bancorp shall perform its functions in a commercially reasonable manner, and shall ensure that all depository services performed in connection with the Operation are
separately maintained for the benefit of Higher One, its Users and the Operation, such as maintaining a separate Routing/Transit number (including working with Frost Bank to transfer the existing routing number, and entering into any required
agreements to facilitate the continued use of existing numbers for which all related costs will be borne by Higher One), clearing accounts and BINs for the Higher One User Accounts and Cards; 

 

	 	(c)	Bancorp shall ensure that its deposit insurance remains in full force and effect so that the Account of each User qualifies for FDIC deposit insurance in the
User’s individual right and capacity, provided however, that Higher One has provided Bancorp with the necessary User information as required by Applicable Law; 

 

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	 	(d)	Bancorp shall issue checks in connection with certain Accounts, to be made available to each User through Higher One, with which Users may draw against their User
Accounts, and Bancorp shall honor those checks properly drawn on the User Accounts based on funds available in the User Accounts all in accordance with any Deposit Contract and Applicable Law; 

 

	 	(e)	Facilitating the issuance of the Cards in accordance with applicable VISA, MasterCard, or similar provider rules, as applicable, and honoring the Card transactions made
by Users based on funds available in the User Accounts, and facilitating the pass-through to Higher One of all benefits from such networks (including through incentive agreements or through volume, entered into by Higher One or Bancorp) related to
Higher One cards or programs, 

  

	 	(f)	Sponsoring Higher One’s ATMs as needed, and providing the cash for those ATMs at no cost, all subject to a separate ATM Sponsorship Agreement substantially similar
to the form attached hereto as Exhibit A; and 

  

	 	(g)	Providing wire transfer services to Higher One at no cost as required for the Operations, subject to the terms of a separate Wire Transfer Agreement substantially
similar to the form attached hereto as Exhibit B 

  

	 	(h)	Making available to Higher One the opportunity to engage in Private Label Banking pursuant to a Private Label Banking Program. This shall be separately established
between the parties pursuant to a Private Label Banking Agreement substantially similar to the form attached hereto as Exhibit C. 

3.3 Compliance with Applicable Law. Bancorp shall perform its obligations in compliance with Applicable Law and in a commercially
reasonable manner. Notwithstanding the foregoing, the parties acknowledge that Bancorp shall have no liability for any actions taken by Higher One in connection with its providing the Operation, and Higher One shall indemnify Bancorp for any
liability inuring to Bancorp as a result of Higher One’s actions. 
 SECTION IV. 

COMPENSATION 

4.1 Bancorp Compensation. Bancorp shall not be compensated by Higher One in any way or form under this Agreement, other than
reimbursement or indemnification as described herein. Bancorp will, as its exclusive compensation, retain any revenue it may generate from the investment of the Higher One Deposits. All Higher One Deposits will be invested in accordance with the
rules and regulations applicable to Bancorp. Ancillary services required for the Operation, including wire transfers and ATM sponsorship, shall be included services and not generate additional compensation for Bancorp. 

4.2 Higher One Compensation. Higher One shall be compensated by Bancorp in form of a processing fee calculated as described below
in addition to any reimbursement or indemnification described herein. Higher One will retain all other revenue generated by or from 

 

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the User Accounts, including but not limited to, User Charges, interchange Fees, marketing and advertising revenues, any other Fees and Charges associated with such User Accounts and the
Operation, and all other miscellaneous revenues. Higher One shall also retain all fees, charges and interchange generated by its ATMs and from its payment processing services. 

[**] 

SECTION V. 

REPRESENTATIONS OF BANCORP 

Bancorp represents and warrants as follows: 

5.1 Organization, Good-Standing and Conduct of Business. Bancorp is a banking corporation, duly organized, validly existing and in
good standing under the laws of the State of Delaware, and has full power and authority and all necessary governmental and regulatory authorization to own its properties and assets and to carry on its business as it is presently being conducted.

 5.2 Corporate Authority. The execution, delivery and performance of this Agreement have been duly authorized. No
further corporate acts or proceedings on the part of Bancorp are required or necessary to authorize this Agreement. 
 5.3
Binding Effect. When executed, this Agreement will constitute a valid and legally binding obligation of Bancorp, enforceable against Bancorp in accordance with its terms, subject to (i) applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws now or hereafter in effect relating to rights of creditors of FDIC-insured institutions or the relief of debtors generally, (ii) laws relating to the safety and soundness of depository institutions, and
(iii) general principles of equity. The Agreement, when executed and delivered by Bancorp in accordance with the provisions hereof, shall be duly authorized, executed and delivered by Bancorp and enforceable against Bancorp in accordance with
its terms, subject to the exceptions in the previous sentence. 
 5.4 Non-Contravention and Defaults; No Liens. Neither
the execution or delivery of this Agreement, nor the fulfillment of, or compliance with, the terms and provisions hereof, will (i) result in a breach of the terms, conditions or provisions of, or constitute a default under, or result in a
violation of, termination of or acceleration of the performance provided by the terms of, any agreement to which Bancorp is a party or by which it may be bound, (ii) violate any provision of any law, rule or regulation, or (iii) violate
any provisions of Bancorp’s Articles of Incorporation or Bylaws. 
 5.5 Necessary Approvals. Except for regulatory
approvals applicable solely to financial institutions (which approvals, if any are determined by Bancorp to be required, will be obtained by Bancorp prior to consummation of the transactions contemplated herein), no 

 

	**	Confidential materials omitted and filed separately with the Securities and Exchange Commission. Asterisks denote omissions. 

 

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consent, approval, authorization, registration, or filing with or by any governmental authority, foreign or domestic, is required on the part of Bancorp in connection with the execution and
delivery of this Agreement or the consummation by Bancorp of the transactions contemplated hereby. 
 5.6 Liabilities and
Litigation. There are no claims, actions, suits or proceedings pending or, to Bancorp’s knowledge, threatened against Bancorp, or to its knowledge affecting Bancorp, at law or in equity, before or by any Federal, state, municipal,
administrative or other court, governmental department, commission, board, or agency, an adverse determination of which could have a material adverse effect on the business or operations of Bancorp, and Bancorp knows of no basis for any of the
foregoing. There is no order, writ, injunction, or decree of any court, domestic or foreign, or any Federal or state agency affecting Bancorp or to which Bancorp is subject. 

5.7 Full Disclosure. Bancorp has provided Higher One with full access to all material aspects of its banking operation and all
such information is accurate and complete as of the date provided. 
 SECTION VI. 

REPRESENTATIONS OF HIGHER ONE 

Higher One represents and warrants as follows as of the date hereof: 

6.1 Organization, Good-Standing and Conduct of Business. Higher One is a corporation, duly organized, validly existing and in good
standing under the laws of the State of Delaware, and has full power and authority and all necessary governmental and regulatory authorization to own its properties and assets and to carry on its business as it is presently being conducted.

 6.2 Corporate Authority. The execution, delivery and performance of this Agreement have been duly authorized. No
further corporate acts or proceedings on the part of Higher One are required or necessary to authorize this Agreement. 
 6.3
Binding Effect. When executed, this Agreement will constitute a valid and legally binding obligation of Higher One, enforceable against Higher One in accordance with its terms, subject to (i) applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws now or hereafter in effect relating to rights of creditors or the relief of debtors generally and (ii) general principles of equity. The Agreement, when executed and delivered by Higher One in
accordance with the provisions hereof, shall be duly authorized, executed and delivered by Higher One and enforceable against Higher One in accordance with its terms, subject to the exceptions in the previous sentence. 

6.4 Non-Contravention and Defaults; No Liens. Neither the execution or delivery of this Agreement, nor the fulfillment of, or
compliance with, the terms and provisions hereof, will (i) result in a breach of the terms, conditions or provisions of, or constitute a default under, or result in a violation of, termination of or acceleration of the performance provided by
the terms of, any agreement to which Higher One is a party or by which it may be bound, (ii) violate any provision of any law, rule or regulation, (iii) result in the creation or imposition of any lien, charge, restriction, security
interest or encumbrance of any nature whatsoever on any asset of Higher One, or (iv) violate any provisions of Higher One’s Certificate of Incorporation or Bylaws. 

 

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 6.5 Necessary Approvals. No consent, approval, authorization, registration, or filing
with or by any governmental authority, foreign or domestic, is required on the part of Higher One in connection with the execution and delivery of this Agreement or the consummation by Higher One of the transactions contemplated hereby. 

6.6 Liabilities and Litigation. There are no claims, actions, suits or proceedings pending or, to Higher One’s knowledge,
threatened against Higher One, or to its knowledge affecting Higher One, at law or in equity, before or by any Federal, state, municipal, administrative or other court, governmental department, commission, board, or agency, an adverse determination
of which could have a material adverse effect on the business or operations of Higher One (including its ultimate ownership and operation of the Operation), and Higher One knows of no basis for any of the foregoing. There is no order, writ,
injunction, or decree of any court, domestic or foreign, or any Federal or state agency affecting Higher One or to which Higher One is subject. 

6.7 Software License. Higher One has the right to use the Software and any and all technology used by Higher One in connection
with the Operation, as contemplated in this Agreement. Higher One shall indemnify and hold harmless Bancorp from any and all claims, actions, suits and the like to which Bancorp may become subject concerning Bancorp’s use of the Software or any
such technology. 
 6.8 Full Disclosure. Higher One has provided Bancorp with full access to all material aspects of its
Operation and all such information is accurate and complete as of the date provided. 
 SECTION VII. 

REGULATORY APPROVALS 

7.1 Regulatory Approvals. Consummation of the transactions contemplated herein shall be subject to receipt of any necessary
regulatory approvals, and neither party shall be required to consummate any transactions contemplated herein unless all necessary or reasonably desirable regulatory approvals have been obtained. Notwithstanding anything to the contrary herein, in no
event shall this Agreement be construed to require either party to take, or impose any liability on either party as a result of its failure to take any action which is not permissible under Applicable Law. The consummation of any transaction
contemplated herein shall constitute a representation by each party to the other that all regulatory approvals necessary for that particular transaction have been received. 

7.2 Expense of Regulatory Approvals; Cooperation. Each party shall be responsible for obtaining and paying for any regulatory
approvals related to its consummation of the transactions contemplated herein. Each party shall use its respective best efforts to obtain all regulatory approvals and shall cooperate with the other party in order to facilitate the procurement of all
regulatory approvals. 
  

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 SECTION VIII. 

TERM AND TERMINATION 

8.1 Term. The initial term of this Agreement shall be five years from the Effective Date and this Agreement shall renew
automatically in accordance with its terms, for additional one year terms, unless either party gives written notice of non-renewal 180 days prior to the expiration of the then current term. 

8.2 Termination. This Agreement may be terminated as follows: 

 

	 	(a)	At any time upon the mutual consent of the parties; 

  

	 	(b)	By either party, without cause, upon 270 days’ prior written notice. Higher One will use its best efforts to effect a more expedient termination if the termination
is prompted by any regulatory action or pending action against Bancorp; 

  

	 	(c)	By either party, for cause, upon thirty (30) days’ written notice, in the event the other party has breached or otherwise failed to comply with any material
obligation or requirement of this Agreement; provided, however, that terminating party must specifically describe the cause for termination in the written notice, and the breaching party shall have a 30-day period in which to cure;

  

	 	(d)	By either party, at the direction of any Regulatory Authority or upon the advice of counsel, or in the event Higher One or Bancorp are unable to mutually resolve any
material compliance issues to the satisfaction of both parties; or 

  

	 	(e)	upon 90 days’ written notice by Higher One, (i) if it obtains approvals to open or acquire a financial institution and desires to transfer Deposits to such
institution, (ii) if Higher One experiences a change of control, in which 50% or more of its capital stock changes ownership. 

8.3 Effect of Termination. In the event of termination of this Agreement by any party: 

 

	 	(a)	Section 10.1 and any agreements between the two parties as to indemnification, and any covenants contained herein which are specifically contemplated as being performed
after termination shall survive such termination and provided further, that any termination hereof shall not preclude any party hereto from recovering any legal or equitable damages or relief to which it is entitled; 

 

	 	(b)	Any amounts due and owing from one party to the other shall be promptly paid in full; 

 

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	 	(c)	To the extent it has possession, Bancorp shall return to Higher One all Software and any other property of Higher One; 

 

	 	(d)	Bancorp shall comply with the requirements of Section IX; 

  

	 	(e)	Record Retention and Retrieval. Each of Bancorp and Higher One shall retain all records and documentation related to all Users and Accounts in a form that is reasonably
retrievable for a period of five (5) years after the closure of any Account, or the termination of this Agreement (whichever is earlier). The parties agree to cooperate with one another to make such records and documentation available as may be
required to comply with Applicable Law, or to respond to customer inquiries, legal requests (such as a subpoena), audits, or regulatory examination requests; and 

 

	 	(f)	Higher One Fee for Early Termination or Substantial Transfer. Higher One shall pay a termination fee (the “Termination Fee”) if, prior to the second
anniversary of the Effective Date of this Agreement, Higher One shall (i) terminate this Agreement pursuant to Section 8.2(b) or (e), or (ii) for any other reason transfer Accounts subject to this Agreement from Bancorp to any other
financial institution of any type and nature, the effect of which would be to cause the average quarterly balance of Higher One program funds on-deposit at Bancorp for any quarter to be less than fifty percent (50%) of the average quarterly
balance of Higher One program funds on-deposit at Bancorp for the same quarter of the previous calendar year. For the first year, the deposits held by Higher One during the previous year at Frost Bank will be used for this comparison. The
Termination Fee shall be calculated by first determining the average daily balance of Higher One program funds on-deposit at Bancorp during the 90-day period immediately preceding the date of transfer or termination triggering the Termination Fee
(the “Lost Funds”). The Termination Fee will be equal to the cost to replace the Lost Funds with brokered CDs, such cost to be annualized, then divided by 12, and then multiplied by the number of months remaining of the initial 2 years of
this Agreement. 

 SECTION IX. 

TRANSFER OF HIGHER ONE DEPOSITS UPON TERMINATION 

9.1 Transfer of Higher One Deposits. Upon the effective date of termination of this Agreement as provided in Section 8.1 or
8.2 of this Agreement, Bancorp shall transfer, at Higher One’s expense, the Higher One Deposits to an institution designated by Higher One (the “Transfer”), subject to Applicable Law, any Account terms and conditions and any
regulatory approvals, if required. Any such approvals will be applied for as soon as practicable following the date notice of termination is given, so that they are in place at the effective date of termination. As part of the Transfer, Bancorp
shall, subject to any required approvals, transfer any BINs, Routing Numbers and other related identifiers used by Higher One in connection with the Higher One Deposits, and deliver any and all applicable information, account opening contracts and
the like. The parties shall cooperate with each other on the issuance of necessary notices to customers and on all other matters necessary or appropriate to a legal and efficient Transfer. 

 

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 The assets and liabilities transferred by Bancorp and assumed by the institution designated
by Higher One shall include all Higher One Deposits and all obligations of Bancorp to provide services incidental to those same Higher One Deposits. 

Bancorp shall use best efforts to assist with the Transfer. Until the Transfer is complete, Bancorp shall continue to provide all
services under this Agreement if requested to do so by Higher One, unless otherwise directed by a Regulatory Authority. 

9.2 Closing Deliveries and Documents. Upon the consummation of the Transfer, the parties shall deliver to each other such
documents as are typically provided in connection with the purchase and sale of deposits, including contracts, and assignment and assumption agreements, and officer’s certificates. Appropriate adjustments for returned and uncollected items
shall be made, as appropriate, on a post-closing basis. 
 9.3 Certain Transfer Matters. Upon the Transfer, Higher One or
its designee shall be responsible for completing Forms 1099 and other tax reporting forms, if applicable, for customers who were set up in connection with the Operation, and other similar customer-related matters. 

SECTION X. 

MISCELLANEOUS PROVISIONS 

10.1 Confidentiality and No-Use. 
  

	 	(a)	 Each party will and, will cause its employees and agents to, hold in strict confidence, unless disclosure is compelled by judicial or administrative
process, or in the opinion of its counsel, by other requirements of law, all Confidential Information of the other party and will not disclose the same to any person. Confidential Information shall be used only for the purpose of and in connection
with consummating the transaction contemplated herein. Each party will and will cause its employees and agents to hold in strict confidence all Confidential Information except for such disclosure as may be required in the ordinary course of
business, or unless disclosure is compelled by judicial or administrative process, or in the opinion of its counsel, by other requirements of law. During the pendency of this Agreement, each party agrees that it shall use Confidential Information
only in connection with the business of Higher One and Bancorp and not for any other purpose. In the event that this Agreement is terminated because of a breach hereof, the breaching party shall never be entitled to use Confidential Information. The
term “Confidential Information” shall mean all information of any kind concerning a party hereto (or an affiliate of a party) that is furnished by such party or on its behalf in connection with this Agreement, except information
(i) ascertainable or obtained from 

  

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public or published information, (ii) received from a third party not known to the recipient of Confidential Information to be under an obligation to keep such information confidential,
(iii) which is or becomes known to the public (other than through a breach of this Agreement), (iv) of which the recipient was in possession prior to disclosure thereof in connection herewith, or (v) which was independently developed
by the recipient without the benefit of Confidential Information. 

  

	 	(b)	In connection with performing services under this Agreement, both parties will receive Nonpublic Personal Information, as such term is defined in the Gramm Leach Bliley
Act of 1999 (the “GLB Act”) and the applicable regulations promulgated by the federal regulators of financial institutions (the “GLB Regulations”) regarding Users. Each party hereby agrees that, in addition to, and without
limiting the generality of the confidentiality provisions contained in this Agreement, it shall keep all such Nonpublic Personal Information confidential and shall maintain and use such information only for the purposes of this Agreement, or as
otherwise permitted in accordance with all applicable laws, rules and regulations, including but not limited to the GLB Act and the applicable GLB Regulations. Without limiting the generality of the foregoing, each party agrees and acknowledges that
it is familiar with, and shall fully comply with, the Nonpublic Personal Information reuse and redisclosure limitations contained in the GLB Act and applicable GLB Regulations as they relate to the Operation. Nothing herein shall be interpreted as
preventing or impairing either party to disclose any information required by regulatory authorities in connection with an examination of such party. 

10.2 Information Security. Each party acknowledges the importance of maintaining the security and integrity of Nonpublic Personal
Information and agrees to take steps designed to prevent the unauthorized disclosure or use of the Nonpublic Personal Information and to prevent the Nonpublic Personal Information from entering the public domain. Each party hereby represents and
warrants that it is familiar with the Interagency Guidelines Establishing Standards for Safeguarding Customer Information established by the federal regulators of depository institutions (the “Security Standards”) and agrees to implement
and maintain throughout the term of the Agreement appropriate security measures designed to meet the objectives of the Security Standards. 

10.3 Obligations in the Event of Breach. Each party shall advise the other in writing of any misappropriation or misuse of
Nonpublic Personal Information as soon as it becomes aware of such misappropriation or misuse, and will provide an appropriate response in consultation with the other party, which may include notification of Users and/or law enforcement. 

10.4 Arbitration. Any dispute arising under this Agreement shall be referred to and resolved by arbitration in New Haven,
Connecticut, in accordance with the rules of the American Arbitration Association, by a panel of three arbitrators, one of whom shall be selected by Higher One, one of whom shall be selected by Bancorp and the third of whom shall be selected by the

  

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arbitrators selected by Higher One and Bancorp. A determination made in accordance with such rules shall be delivered in writing to the parties hereto and shall be final and binding and
conclusive upon them. Each party shall pay its own legal, accounting and other fees in connection with such an arbitration; provided, however, that the arbitrators may award arbitration costs, including legal, auditing and other fees to the
prevailing party in the arbitration proceeding if the arbitrators determine that such an award is appropriate. 
 10.5
Relationship of Parties. Higher One and all of its agents and employees shall be considered independent contractors of Bancorp and the parties shall take such action as may be reasonably necessary to ensure such treatment. All work done by
Higher One in connection with the Operation shall be the property of Higher One and any Software provided or used by Higher One shall be the property of Higher One and/or any third-party contractor of Higher One that has proprietary rights in such
Software. Higher One shall enter into all contracts executed in connection with the Operation in its own name and on its own behalf (such that Higher One will be deemed to be the owner and beneficiary of such contracts). Bancorp shall at no time
have any right or interest in the agreement(s) between Higher One and the Universities, and shall have no rights with respect to Higher One Customers except those rights which derive from the Deposit Contracts or from other contracts or
relationships having no relation to the Operation. 
 10.6 Right of First Offer. This Agreement shall not preclude Higher
One from using other banks or financial institutions to support its products and services. However, Higher One shall offer Bancorp the right of first offer to support any new products or services. 

10.7 No Direct Solicitation by Bancorp. Bancorp shall not solicit Higher One Customers for any services of Bancorp unless such
customers were customers of Bancorp prior to becoming customers of Higher One. Notwithstanding the foregoing, the parties acknowledge that this Section 10.7 shall not preclude general solicitations such as mass mailing, media, and otherwise not
specifically targeted at Higher One Customers, or if the Users or their names come to Bancorp in the normal course of business. 

10.8 Cooperation and Access. The parties shall reasonably cooperate in order to effect the transactions contemplated herein. The
parties hereby agree to provide the other with full and complete access at all reasonable times to the Operation and all matters related therein. 

10.9 Entire Agreement. This Agreement contains the entire agreement of the parties with respect to the subject matter contained
herein and there are no agreements, warranties, covenants or undertakings other than those expressly set forth herein, and replaces in its entirety the Letter of Intent dated February 14, 2008 between Higher One and Bancorp. Higher One and
Bancorp may enter into additional agreement for other products through separate agreements or amendments hereto. 
 10.10
Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns. The Agreement shall not be assigned by either party, other than to an affiliate,
without the prior written consent of the other party; and provided that any actions required or permitted to be taken herein by a party may be taken by an affiliate of such party, provided further that such substitution does not have a material
adverse affect on the attendant benefits to the other party. For the purposes of this Agreement, “affiliate” is a person who is controlled by or is under the common control of a party, “control” being presumptively shown by a
majority ownership and/or voting interest. 
  

 14 

 10.11 Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Connecticut. 
 10.12 Amendment and Waiver. This Agreement may not be amended except by an
instrument in writing signed on behalf of all of the parties. Any term, provision or condition of this Agreement (other than that required by law) may be waived in writing at any time by the party which is entitled to the benefits thereof.

 10.13 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an
original, but all of which together shall constitute one and the same instrument. 
 10.14 Construction. The parties
acknowledge that representations, acknowledgements or covenants expressly made herein by one or more parties to this Agreement are being made only by the parties stated herein as making such representations, acknowledgements or covenants, and no
other party shall be deemed to guarantee accuracy or performance of such provisions, unless such is expressly stated. 

10.15 Notice. Any notice to be given hereunder to the other party, including any notice of a change of address, shall be in
writing and shall be deemed validly given if (a) delivered personally or (b) sent by express delivery service, registered or certified mail, postage prepaid, return receipt requested or (c) sent by facsimile or email, as follows:

  

			
	 If to Higher One:
	  	 Higher One Inc.
 25 Science
Park
 New Haven, CT 06511
 Attn:
Contract Admin.
 Email: contracts@higherone.com

Fax: 203-776-7796

		
	 If to Bancorp:
	  	 The Bancorp, Inc.
 405
Silverside Road, Suite 105
 Wilmington, DE 19809

Attn: Frank M. Mastrangelo
 Email:
fmastrangelo@thebancorp.com
 Fax: 302-385-5200

All such notices shall be deemed given on the date of actual receipt by the addressee if delivered personally, on the date of deposit with the express
delivery service or the postal authorities if sent in either such manner, on the date the facsimile or email is sent if sent in such manner, and on the date of actual receipt by the addressee if delivered in any other manner. 

END OF PAGE – NEXT PAGE IS SIGNATURE PAGE 
  

 15 

 In witness whereof, the parties have executed this Agreement as of the date first written
above. 
  

			
	THE BANCORP, INC.
		
	By:	 	

	Its:	 	President
	
	HIGHER ONE, INC.
		
	By:	 	

	Its:	 	COO

  

 16 

 EXHIBIT A 

ATM SPONSORSHIP AGREEMENT 

THIS ATM SPONSORSHIP AGREEMENT (“Agreement”) is made this 9th day of May, 2008 by and between Higher One Machines, Inc. with
its principal place of business located at 25 Science Park, New Haven CT 06511_(“Company”), and The Bancorp, Inc. organized under the laws of the State of Delaware, with its principal place of business located at 405 Silverside Road, Suite
105, Wilmington, DE 19809 (“Bancorp”). 
 RECITALS 

WHEREAS, Company desires to deploy and operate Automated Teller Machines (“ATMs”) in various locations which will be connected
to various networks (collectively, the “Networks”); 
 WHEREAS, Company warrants that it is ineligible to become a
member of, or to participate in, the Networks; 
 WHEREAS, each of the Networks permits entities which are not eligible for
membership to connect ATMs to their respective network, provided a Network member agrees to assume certain responsibilities to the Network; and 

WHEREAS, the Bancorp, through its affiliated entities, including The Bancorp Bank, (collectively referred to as “Bank”) is a
member of the Network for the purpose of enabling Company to connect ATMs to the Network; 
 WHEREAS, the Bancorp and Higher One
Inc., the Company’s parent have entered into a Services Agreement dated May 9, 2008 (“Services Agreement”) and this Agreement shall be supplemental to such Services Agreement. In the event of conflicting terms or
conditions the Services Agreement shall control. 
 NOW THEREFORE, in consideration of the mutual covenants
contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 

ARTICLE 1 - DEFINITIONS 

SECTION 1.1 - Definitions 

Except as otherwise specifically indicated, the following terms shall have the following meanings in this Agreement (such meanings to be
applicable equally to both the singular and plural forms of the terms defined): 
 (a) Acquirer means a
Network member that sponsors and is responsible for the operational control of an ATM in accordance with the rules and regulations of each System. 

(b) Account means (i) a depository account which is maintained with an Issuer and which may be accessed by a
Cardholder, including, without limitation, a checking, savings, NOW, share, share draft or such other depository account as may be legal under applicable law or regulation, or (ii) a Credit Card account which is maintained with an Issuer and which
may be accessed by a Cardholder. 

 (c) Acquirer Processor means a Direct Acquirer Processor or an Indirect
Acquirer Processor. 
 (d) ATM Operator, or “Operator” means an individual or entity that owns, or
leases an ATM or owns the cash in the ATM. 
 (e) Automated Teller Machine or ATM means a device which satisfies
all Network requirements and technical specification applicable thereto and at which a Cardholder may initiate and perform an entire set of ATM Transactions. 

(f) ATM Transactions mean any of the following functions initiated by a Cardholder at an ATM: 

(i) “Withdrawal” means the dispensing of money by an ATM to a Cardholder from a Cardholder’s Depository
Account; 
 (ii) “Cash Advance” means the dispensing of money by an ATM to a Cardholder from the
Cardholder’s Credit Card Account; 
 (iii) “Inquiry” means an inquiry by a Cardholder as to the
balance of the Cardholder’s Account. 
 (g) By-Laws and Operating Rules mean the By-Laws and Operating Rules
of the Networks, as amended from time to time. 
 (h) Card means a credit card, charge card, bankcard or debit
card that is issued by a member of any Network Issuer with the prior express written approval of a financial institution. 
 (i)
Cardholder means (i) the person who maintains or is authorized to access an Account with an Issuer (and if such Account is maintained with an Issuer in the name of, or may be accessed by, more than one Person, all of such
Persons), and (ii) uses a Card to originate a Transaction. 
 (j) Cash Services mean the services furnished
by the Bank or other currency agent in supplying the cash for one or more of the ATMs deployed and operated under this Agreement. 

(k) Compliance Regulations mean Regulation E, and any other federal, state or local statute, law, rule or regulation
applicable to the System, any Participant or any Transaction. 
 (1) Debit Item means an Item, which causes a
reduction from a Cardholder’s Deposit Account or an extension of credit to a Cardholder. 
 (m) Debit
Transactions shall mean a transaction by which a customer pays a terminal use fee for cash received through the use of the customer’s Card. The customer authorizes payment by an electronic debit from the customer’s Account in the
amount of the cash received plus a Transaction Surcharge. 
 (n) Default shall mean any event, which is, or after
notice or passage of time would be, an Event of Default. 
 (o) Direct Acquirer Processor means a Person that is:

 (i) A Network member; 
  

 2 

 (ii) Directly connected to the Network; and 

(iii) Processes Transactions on behalf of an Acquirer and/or an Indirect Acquirer 

Processor. 
 (p)
Eligible Transaction means an authorized Transaction upon which a Surcharge may be applied. Eligible Transactions shall be limited to the following types of Transactions: 

(i) Withdrawals; 

(ii) Cash Advances; 

(iii) Purchases: 

(q) Event of Default shall have the meaning set forth in Section 5.2 of this Agreement. 

(r) Fees mean the Switch Fee and Interchange Fee as established from time to time by the Networks. 

(s) Graphics Standards mean all standards, policies and other requirements adopted by the Networks from time to time with
respect to use of their Marks. 
 (t) Indirect Acquirer Processor means a Person that is: 

(i) A Member; 

(ii) Not directly connected to the [Network]; and 

(iii) Processes Transactions on behalf of an Acquirer and/or another Indirect Acquirer Processor. 

(u) Independent Sales Organization or ISO means a non-member agent who is registered with the Network by the Bank to deploy
ATMs as provided in this Agreement. 
 (v) Interchange Fee means the fee paid to the Acquirer by the Issuer for an
ATM Transaction, as established by the Networks from time to time. 
 (w) Issuer means a Network member that
issues Cards to Cardholders for use in executing Transactions. 
 (x) Item means the electronic messages, which
communicate and effect a Transaction between an Issuer and its Cardholder through the use of a ATM. 
 (y) Mark
means the service marks and trademarks of Networks and Bank, including, but not limited to, the names and any other distinctive marks or logos which identify the Network or Bank. 

(z) Membership means the membership in Networks and licensing rights thereto obtained by Bank, 

 

 3 

 (aa) Merchant means the retail location where the ATM is located. 

(bb) Participant means an Issuer, Acquirer, Processor or ISO. 

(cc) Processing Services mean those services which are necessary to operate an ATM in accordance with the By-Laws and
Operating Rules of the Networks, including without limitation, Transaction processing, Settlement, Fees. Network access, Cardholder dispute resolution, ATM support and Transaction reporting to Networks. 

(dd) PIN Security and Encryption Keys Audit means the Self Audit Review mailed to the Company annually to determine if the
Company is following the policies and procedures established by the Systems to ensure security and control is maintained in any access device that manages cardholder PINs and encryption keys. 

(ee) Regulation E means (i) the regulation, all amendments thereto and official interpretations thereof (12 C.F.R.
Part 205) issued by the Board of Governors of the Federal Reserve System implementing Title IX (Electronic Fund Transfer Act) of the Consumer Credit Protection Act as amended (15 U.S.C. 1601 et seq.) and (ii) the Electronic Fund Transfer Act
and any amendments thereto. 
 (ff) Regulatory Authority means, as the context requires, any Network, Office of
the Comptroller of Currency, the Federal Reserve Board, the FDIC and any other federal or state agency having jurisdiction over Bank or Company. 

(gg) Rules mean the Operating Rules and Procedures of any Network or Regulatory Authority as the same may be amended or
supplemented from time to time. 
 (hh) Sales Representative and/or Independent Sales Representative and/or Third Party
Sales Representative means an individual or a company not directly employed by the Company that markets ATM hardware or the rights and privileges of Network Membership granted to the Company by the ISO Registration. 

(ii) Settlement means the movement of funds between the card issuing bank and the bank designated in the ISO processing
agreement to receive settlement funds in accordance with the Rules. 
 (jj) Settlement Bank means a financial
institution that receives funds from the issuing bank as the result of a Transaction. 
 (kk) Surcharge Fee means
a fee deducted from a Cardholders Account by an Acquirer or Acquirer Processor for an Eligible Transaction initiated at a Terminal. 

(11) Switch means the movement of a transaction through the network systems. 

(mm) System means the credit card and debit card proprietary network for transmitting items and other electronic messages
and settling Transactions between Participants and includes, but is not limited to, the Switch, Terminals, Cards, all related computer hardware and software, telecommunications facilities and equipment, Rules, Regulatory Authorities, technical
specifications, logos, and Marks. 
 (nn) Third Party means a Sales Representative, investor, or any other person
or company who places, sells, invests in, loads cash or receives income from an ATM terminal operated under this Sponsorship Agreement or the registered Independent Sales Organization (ISO). 

 

 4 

 (oo) Transaction means an ATM Transaction that is initiated at a Terminal
through the use of a Card and a Cardholder’s Personal Identification Number (“PIN”) and is routed through the Switch. 

ARTICLE 2 - DUTIES OF COMPANY 

SECTION 2.1 -Deployment of ATMs 

Company may, from time to time, install ATMs in retail and other business establishments, including university and college campuses. The
contract for the placement of any ATM(s) deployed under this Agreement must be in the name of the Company, or an affiliate of Company. The Company may not contract with any third party to process or place ATMs under any other name but the
Company’s name, or its affiliate’s name. The Company will provide or cause to provide to the Bank at the end of each quarter an electronic file containing specified data on each ATM in operation as required in section 2.5. 

SECTION 2.2 -ATM Placement 

Company represents and warrants to Bank as follows: 

(a) The owner(s), operator and cash provider for each new and existing ATMs placed under this Agreement will be recorded and reported to
Bank. The ATMs will be leased or owned by Company and the Cash shall be provided by Bank pursuant to the Services Agreement. 

(b) Company shall be responsible for security of Cardholder information and, if required, compliance with any PCI/CISP documentation
developed for ATM acquirers. 
 (c) Company will ensure that ATM complies with Network Rules and Federal Regulations concerning
ATM ownership, signage and surcharges, Bank will approve any signage before printing. 
 (d) Company will not assign obligations
and responsibilities provided for in this Agreement to another company. 
 (e) Company will complete itself or through a
third-party contractor an on-site inspection of each ATM installation to ensure the ATM is located in the type of facility as disclosed on the database report and the business has the proper signage, labeling, licenses and permits to operate the ATM
in the city, county and state, where it is located. 
 (f) Company shall use only W2 employees of the Company to sell and place
terminals unless Company provides to the Bank a Third Party Sales Representative (TPSR) Agreement executed by or about a TPSR. Third Party Sales Representatives may sell and place ATMs only as a representative of the Registered ISO, using agreements
provided by the Registered ISO and/or the Bank. The Bank’s sponsorship will extend to TPSR activities within the scope of the TPSR Agreement only. Activities of third parties, or the employment of third parties, beyond the scope of the TPSR
Agreement is a material breach of this Agreement and subjects a Company to immediate termination. Such termination could result in a listing on the Terminated Merchant File. 

SECTION 2.3 -ATM Installation, Maintenance and Repair 

Company will be solely responsible for installation, maintenance and repair of each ATM including electrical connection and communication
line hook-up in compliance with the equipment manufacturer specifications, the Rules, and Compliance Regulations. Company represents and warrants that all operational responsibilities are completed in compliance with Rules and Regulations and the

  

 5 

 
Company has Policies and Procedures in place to document compliance. If the Company contracts with third parties to perform any service related to the sponsored ATM, the Company will ensure the
same representation and warrants will be contractually guaranteed by the third party to include registration, bonding or license, if required. If requested, Company will provide Bank copies of all third party contracts with such providers within
thirty (30) business days of receipt of such request. 
 SECTION 2.4 -Network Registration 

Company shall: 

(a) Complete the ISO Application (Schedule A) and provide Bank with all such due diligence information as may be required by the Bank and
Network; and 
 (b) Notify Bank of all Networks where transactions are routed or switched in order for the Bank to properly
register the ISO. Company may not switch or caused to be switched, transactions where Membership is required and Bank is not a member or registration is required and Company is not registered. Company shall be solely responsible for all Network
registration and registration renewal costs that Bank may incur during the term of this Agreement. 
 SECTION 2.5 -Compliance Review

 Company shall remain in compliance with all By-Laws and Operating Rules of each applicable Network and the requirements of
any federal or state Regulatory Authority having jurisdiction over the Bank. Notification to the Company of any Network Rule or Federal Regulation will have the same contractual obligations, terms, and conditions as this Agreement. Company shall
provide to the Bank the following information: 
 (a) Company will provide an accurate quarterly database listing
all active ATM locations which shall encompass each networks inclusive quarterly reporting requirements due no later than five (5) days after the end of each calendar quarter. 

(b) Company will submit an application for each Third Party Sales Representative (TPSR) and agrees not to accept merchants solicited by
TPSRs until the application is reviewed and the applicant approved, Company agrees to remain in compliance with Network and Bank Rules concerning the use of TPSRs. The use of sub-ISOs is strictly prohibited. If required or warranted Company will pay
for the services of an independent third party to conduct reviews of the Company to include a review of financial records to determine if the Company complies with this Rule. 

(c) Company will provide other information as of the execution date of this Agreement and annually thereafter or as any Network or the
Bank may require, including but not limited to: 
 (i) Annual Federal Tax Returns will be sent to Bank within
fourteen (14) days after filing for Company and its parent company but no later than October 1 of each year; and 

(ii) As soon as possible or in any event within 180 days after each December 31 (or at the end of the Company’s
calendar year) during the term of the Agreement, Company will provide Bank with a copy of the Company’s balance sheet and income statement as of the end of such period. Not withstanding the above, should the Bank request financial information
concerning the Company, the Company will comply with such a request within thirty (30) business days of receipt of such request; and 
  

 6 

 (iii) Company will obtain and or retain a comprehensive insurance policy
covering; errors and omissions, commercial liability and employee dishonesty, fidelity and crime coverage for all Company employees, officers, and agents. Such policy or policies must be with insurance carriers that have an AM Best rating of A or
better, or be otherwise acceptable to Bank, and shall provide for coverage limits not less than $1,000,000 per occurrence. Company will provide Bank with evidence of insurance on an annual basis, and at the time of renewal. 

(iv) Bank will require annual due diligence on any Third Party Sales Representative used by the ISO to market, sell
or place ATM. 
 (v) intentionally omitted 

(d) If required documentation is not received within the time periods provided, the failure will be an event of default. Company will
have thirty (30) business days to provide the information in this Section 2.5, after notification by the Bank that the information was not received or is incomplete. If the failure is not cured this Agreement may be terminated per Article
V. No ATM may be activated during such period. Bank reserves the right to forego renewal of ISOs Network registration until required documentation has been received. 

SECTION 2.6 -Authority of Company 

The authority of Company shall extend no further than is expressly stated in this Agreement. It is the intent and purpose of this
Agreement that Company shall be and at all times remain only an independent contractor as that term is legally understood and construed, and nothing herein contained shall be construed or inferred to create the relationship of employer and employee,
partnership, joint venture partner, agency, consultant or any other relationship between Bank and Company. 
 SECTION 2.7 -Company
Warranties, Representations and Disclosures 
 In addition to the representations and warranties of Company elsewhere
herein, Company warrants and represents to Bank as follows: 
 (a) This Agreement is valid, binding and enforceable against
Company in accordance with its terms. 
 (b) Company operates as a sole proprietor, partnership, limited liability company or
corporation, validly existing, and in good standing under the laws of the state where licensed or registered and is authorized to do business in each state in which the nature of Company’s activities make such authorization necessary or
required. 
 (c) Company has the full power and authority to execute and deliver this Agreement and perform all of its
obligations hereunder. The provisions of this Agreement and the performance of Company of its obligations hereunder are not in conflict with Company’s Articles of Incorporation, By-Laws, or any agreement, contract, lease or obligation to which
Company is a party or by which it is bound. 
 (d) If Company or any principal of Company has been the subject of any of the
actions provided in this section, and such fact is known to Company or to an executive officer of Company, a full explanation will be provided, in a separate document and signed by the principal involved. 

(i) Criminal conviction (except minor traffic offenses and other petty offenses); 

 

 7 

 (ii) Bankruptcy filing or petition; 

(iii) Federal or state tax lien; 

(iv) Administrative or enforcement proceeding commenced by the Securities and Exchange Commission, state securities
Regulatory Authority, Federal Trade Commission, or any other state or federal regulatory agency; or 
 (v)
Restraining order, decree, injunction, or judgment in any proceeding or lawsuit alleging fraud or deceptive practice on the part of Company or any principal thereof. 

For purposes of this Section 2.7, the word “principal” shall include any person directly or indirectly owning ten percent
(10%) or more of Company, any officer or director of Company, any person actively participating in the control of Company’s business. 

(e) There is not now pending or threatened against the Company, any litigation or proceeding, judicial, tax or administrative, the
outcome of which might adversely affect the continuing operations of the Company. Attached, Exhibit A is a list and brief description of any pending litigation in which the Company or any principal is a party that may result in a judgment of more
than $250,000. 
 (f) The Company’s financial statements, subject to any limitations stated therein, which have been or
which hereafter shall be furnished to the Bank to induce it to enter into the Agreement and/or continue this Agreement do or will fairly represent the financial condition of the Company, and all other information, reports and other papers furnished
the Bank will be, at the time the same are furnished, accurate and complete in all material respects and complete insofar as completeness may be necessary to give the Bank a true and accurate knowledge of the subject matter, and said statements were
prepared in accordance with generally accepted accounting principles. 
 SECTION 2.8 -Use of Bank’s Name 

Company shall not use Bank’s name or logo for any reason or use or refer to Bank in any advertisements, sales, presentation or
marketing materials, except as provided in Section 2.10 without the written consent of Bank, which consent shall not be unreasonably withheld. Company may accurately describe its relationship with Bank in response to questions and in its
dealings with the Processor, location owners and operators, and merchants. 
 SECTION 2.9 -Covenants 

Company covenants and agrees with Bank as follows: 

(a) Company agrees that Bank has prior approval rights of any Processor which Company may choose to process ATMs sponsored under this
agreement. 
 (b) Company agrees that all ATMs activated and processed under this agreement will: 

(i) Be securely loaded with unique TDES initialization keys and use TDES for all working keys. 

(ii) Each device must contain a Visa or MasterCard-approved and lab-evaluated Encrypting PIN pad. 

 

 8 

 (c) It will promptly give written notice to Bank of any material adverse change in the
business, properties, assets, operations or conditions, financial or otherwise, of the Company, and the pending or threat of litigation involving the sum of $250,000.00 or more and of all tax deficiencies and other proceedings before governmental
bodies or officials materially affecting the Company; and 
 (d) Equipment provided under this Agreement is placed in service
with the assurance that the equipment has not been altered or subject to unauthorized modifications or tampering at the time placed into service and is in compliance and will remain in compliance with all system standards. 

(e) Scrip Terminals will be activated and operated only in compliance with the regulations of each Network with which the Company is
registered. All Networks that sponsor Scrip Terminals require proper transaction identifiers that enable the Processor/Network to properly charge interchange fees due from the Company. Incorrect activation, programming changes, or any other attempt
on the part of the Company to fraudulently identify, activate, or operate the Terminal will result in; 
 (i)
Full repayment of all fees collected from the date the Terminal was activated; 
 (ii) All fines assessed by the
Networks; and 
 (iii) Termination of the Agreement pursuant to Article 5. 

SECTION 2.10 -Advertising Material 

Bank shall have the right to approve or disapprove in its sole discretion in advance any advertising material bearing Bank’s mark or
Bank’s name before the use or distribution of any such material. TPSRs may not advertise or hold themselves out to be independent business entities while performing duties pursuant to the TPSR Agreement. This would include but is not limited to
advertisement on web sites, brochures, business cards, or ATM signage under any business name except under the exact The Bancorp Bank registered ISO name. 

SECTION 2.11 -Release of Information 

By signing this Agreement, Company hereby gives consent and authorization to all processors utilized by the Company to release any and all
ATM information that is required by any Network for the Bank to remain in compliance with Network rules, regulations, procedures or any other request made by the Network to the Bank for any information maintained by the processor. 

SECTION 2.12 -Exclusivity 

Company agrees that all ATMs owned and deployed by Company for any processor and any Network for which Bank is a member will be sponsored
by Bank. Company will notify Bank of all processors utilized by Company and will notify processors to release information to the Bank pursuant to Section 2.11. Company agrees to reimburse Bank any actual Network fees (net of any rebates or
discounts) directly related to Company’s activity, from date ISO is approved, for all processed transactions, from all Networks Bank of which Bank is a member and transactions that are switched by any Network of which Bank is a member.

  

 9 

 ARTICLE 3 - DUTIES OF BANK 

SECTION 3.1 -Membership in the Network 

Bank shall maintain its Membership in good standing and shall abide by all the rules and regulations applicable to the Bank as set forth
in the By-Laws and Operating Rules provided, however, that Bank may elect to terminate its Membership at any time by giving Company ninety (90) days notice of its intention to terminate Membership. Nothing herein shall be deemed to obligate
Bank to attempt to maintain Membership if the Networks have elected to terminate the Bank’s Membership. If the Bank terminates its Membership in any Network utilized by Company, Company shall have the option to terminate this Agreement with 60
days notice with no penalty. 
 SECTION 3.2 -Terminal Sponsorship 

Bank shall sponsor each Terminal deployed by Company in accordance with this Agreement with the applicable Network in which Bank holds a
Membership. 
 SECTION 3.3 -Other Services 

Bank shall be under no obligation to provide services beyond those services agreed to in this Agreement. 

ARTICLE 4 - COMPENSATION, RESERVES AND EXPENSES 

SECTION 4.1 -Reserve 

(a) A reserve account is not required at this time. 

SECTION 4.2 -Other Costs 

Company shall be responsible for and pay the following additional costs as assessed from time to time: 

(a) Purchase cost of any ATMs; 

(b) Deployment, installation and maintenance of ATMs; 

(c) Federal and State Registration Fees; 

(d) Network Application and Registration Fees; 

(e) Intentionally omitted 

(f) Indirect and Direct Acquirer Processor Fees and Charges; 

(g) Network Switch Fees; 

(h) Program Marketing and Advertising (including signage); 

(i) Cash Servicing; 
  

 10 

 (j) Processing Services; 

(k) Cardholder Customer Service (including transaction disputes); 

(1) Network penalties and fines assessed against Bank that are a direct cause of the Company’s action or inaction; and, 

(m) Reimbursement to Bank for any expenses it incurs on behalf of the Company, including any direct expenses for program, System, or
processor audits required by any Network. 
 SECTION 4.3 -Fee Income, Miscellaneous Fees, Surcharge Fee Notice 

Bank Interchange Fee and Surcharge Income will be the income of the Company and distributed according to each individual processor/ISO
Agreement, except if any expenses or potential expenses due the Bank pursuant to 4.1, may be off set by Interchange or Surcharge fee income. 

Bank reserves the right to recover, at a later date, amounts either not billed or not properly billed, and Company reserves the right to
recover, at a later date, amounts billed in error by Bank because of Bank’s error. Except that, Bank and Company shall have no rights pursuant to this Section 4.3 for billing errors more than twelve (12) months from the date of
discovery. 
 Upon termination or expiration of this Agreement, the Company shall have no further rights as a sponsored ISO.
Further, and subject to the Bank’s right to off set any amounts due to it under this Agreement, or otherwise, Bank shall continue to be entitled to all amounts owed to it which may have accrued prior to the termination or expiration of this
agreement. 
 The amount of any Surcharge Fees shall be prominently displayed on the screen of each ATM and shall state that
such a fee is being charged. 
 SECTION 4.4 -Compensation to Bank 

Intentionally omitted 

ARTICLE 5 - TERM OF AGREEMENT; TERMINATION 

SECTION 5.1 -Term 

This Agreement shall be co-terminus with the Services Agreement, unless terminated earlier as provided elsewhere in this Agreement.

 SECTION 5.2 -Event of Default 

An “Event of Default” under this Agreement shall mean an event that allows for termination of this Agreement as described in
Section 5.1 above. 
 SECTION 5.3 -Immediate Termination for Failure to Comply with Rules 

In the event of any material default by Company with respect to its obligations to comply with the Rules, Bank may, at its discretion,
immediately terminate this Agreement upon delivery of written notice of termination thereof to the other party. 
  

 11 

 SECTION 5.4 -Termination 

Upon notice of Termination, Bank may, at its sole discretions, implement one or more of the following actions. 

(a) Notify the Company that no new ATMs may be activated; 

(b) Provide the Company notice of a term after which sponsorship will no longer be provided. Term will be not less than 30 days nor
more than 90 days, except that if the Bank, in its sole judgment believes or has reason to believe the safety and soundness of the Bank may be at jeopardy, the Bank may terminate the Company immediately. 

(c) Notice of termination by the Bank does not release the Company of contractual obligation or loss of reserve. 

SECTION 5.5 -Liquidated Damages 

The Parties agree that this Agreement was determined by mutual agreement based upon the overall relationship of the parties, 

The Parties further agree that it would be difficult or impossible to ascertain Bank’s actual damages for a termination or other
breach of this Agreement by Company resulting in a termination of this Agreement before the end of the Term. The Parties further agree the Bank is entitled to only: 

(a) All pass-through charges incurred but not paid prior to the date of termination, 

Each Party acknowledges and agrees, after taking into account the terms of this Agreement and all relevant circumstances at the date
hereof, that the Liquidated Damages payable under this Section 5.6 represents a reasonable and genuine pre-estimate of the damages which would be suffered by Bank in the event of early termination of this Agreement and does not constitute a
penalty. 
 Nothing in this Agreement shall limit the right of any party to this Agreement to seek injunctive relief, to the
extent available, with respect to breaches of this Agreement. 
 ARTICLE 6 - GENERAL PROVISIONS 

SECTION 6.1 -Indemnification 

Company covenants and agrees to indemnify and hold harmless Bank, its parent or affiliates, and its or their respective officers,
directors, employees and permitted assigns, from and against any and all direct or contingent liabilities, claims, damages, losses or expenses, including reasonable attorneys’ fees, judgments and decrees, arising from any claim, demand or suit
against Bank as a result of any misrepresentation, breach of warranty or non-fulfillment of any covenant of this Agreement, to the extent said liabilities, claims, damages, losses and expenses there from are a result of the breach of this Agreement
or of the negligence or tortuous acts of Company. Bank covenants and agrees to indemnify and hold harmless Company and its affiliates, and its or their respective officers, directors, employees and permitted assigns, from and against any and all
direct or contingent liabilities, claims, damages, losses or expenses, including reasonable attorneys fees, arising from any claim, demand or suit against the Company as a result of any misrepresentation, breach of warranty or non-fulfillment of any
covenant of this Agreement, to the extent said liabilities, claims, damages, losses and expenses there from are a result of the intentionally tortuous acts of the Bank. 
  

 12 

 Each party shall promptly notify the other of any claim, demand, suit, threat of suit of
which that party becomes aware (except with respect to a threat of suit one party might institute against the other) which may give rise to a right of indemnification pursuant to this Agreement. 

SECTION 6.2 -Confidentiality; General 

All information and data disclosed to the other party shall be deemed to be proprietary and confidential (hereinafter referred to as
“Confidential Information”) provided that written information is clearly marked in a conspicuous place as confidential or proprietary and verbal information is immediately confirmed in writing as confidential. Each party agrees to use the
Confidential Information received from the other party only for the purpose of this Agreement. No other rights, and particularly licenses, to trademarks, inventions, copyrights, or patents are implied or granted under this Agreement. Confidential
Information supplied shall not be reproduced in any form except as required to accomplish the intent of this Agreement. 
 The
receiving party shall provide the same care to avoid disclosure or unauthorized use of the Confidential Information as it provides to protect its own confidential information. It is agreed that the receiving party in a secure place shall retain all
Confidential Information with access limited to only such of the receiving party’s employees or agents who need to know such information for purposes of this Agreement. 

All Confidential Information, unless otherwise specified in writing, shall remain the property of the disclosing party, shall be used by
the receiving party only for the purpose intended, and such Confidential Information, including all copies thereof, shall be returned to the disclosing party, and in any event, upon termination or expiration of this Agreement. 

Company warrants that it has established an information security program that contains appropriate measures designed to: 

(a) Ensure the security and confidentiality of sensitive Customer Information; 

(b) Protect against any unanticipated threats or hazards to the security or integrity of such information; and 

(c) Protect against the unauthorized access to or use of such information that could result in substantial harm or inconvenience to any
customer. In the event Company discovers any unauthorized access to any sensitive Customer Information, Company shall take appropriate actions to address such unauthorized access, including but not limited to promptly notifying Bank of any such
incident. For purposes of this paragraph, “sensitive Customer Information” shall include a customer’s name, address, or telephone number in conjunction with the customer’s social security number, driver’s license number,
account number, credit or debit card number, or a personal identification number or password that would permit access to the customer’s account, or any combination of components of customer information that would allow someone to log onto or
access a customers account, such as a username and password, or password and account number. 
 Damages, being difficult to
ascertain in the event of violation of this Agreement, the parties agree that, without limiting any other rights and remedies of each other, upon breach hereof, an injunction may be obtained by the party disclosing information to protect its rights
hereunder. Each party further agrees to indemnify and hold the other harmless from any and all direct foreseeable loss, which may result from breach of this Agreement. 
  

 13 

 Termination or expiration of this Agreement shall not relieve the recipient party of its
obligations with respect to the Confidentiality provisions contained herein. 
 SECTION 6.3 -Compliance with Laws, Rules and
Regulations 
 Bank and Company each represent and warrant to the other that each is familiar with the requirements of
all applicable consumer protection laws and regulations and covenants and agrees that it will comply in all material respects with all such laws and regulations, as well as all other applicable laws, rules, and regulations, now and in the future.

 SECTION 6.4 -Governing Law and Jurisdiction 

This Agreement shall be governed by and interpreted and construed and the rights and obligations of the parties hereto determined in
accordance with the laws of the State of Delaware. 
 SECTION 6.5 -Severability 

In the event that any part of this Agreement is ruled by the final, nonappealable order or directive of any court or Regulatory Authority
to be invalid or unenforceable, then this Agreement shall be automatically modified to eliminate that part which is affected thereby. The remainder of this Agreement shall remain in full force and effect. 

SECTION 6.6 -Survival 

All representations and warranties shall survive the expiration without renewal or earlier termination of this Agreement. 

SECTION 6.7 -Acknowledgment of Regulatory and other Constraints 

The parties hereto acknowledge that Bank and Company are subject to the rules, regulations, orders and requirements which may be imposed
by any Regulatory Authority and the Bank’s Board of Directors. In the event of any requirements imposed by those entities or agencies, the parties agree that this Agreement shall be deemed modified to conform to such requirements. 

SECTION 6.8 -Arbitration 

In the event of any dispute between Bank and Company relating to this Agreement, or their performances hereunder, Bank and Company agree
that such dispute shall be resolved by means of arbitration in accordance with the commercial arbitration rules of the American Arbitration Association (“AAA”) and judgment upon the award rendered by the arbitrator(s) may be entered in any
court of competent jurisdiction. The arbitration decision shall be binding upon the Bank and Company. The arbitrator(s) shall be limited to awarding compensatory damages and shall have no authority to award punitive, exemplary or similar type
damages. 
 SECTION 6.9 -Binding Effect 

This Agreement and the rights and obligations created hereunder shall be binding upon and inure solely to the benefit of the parties
hereto and their respective successors and permitted assigns, and no other person shall acquire or have any right under or by virtue of this Agreement. Nothing herein expressed or implied is intended or shall be construed to confer upon or give any
rights or remedies as a third party beneficiary, or otherwise, under or by reason of this Agreement to any persons, firm or corporation. 
  

 14 

 SECTION 6.10 -Notices 

All notices, requests, demands and other communications hereunder (i) shall be in writing; (ii) shall be addressed to the
parties as indicated below unless notified in writing of a change in address; and (iii) shall be deemed to have been given either when personally delivered or when sent by regular United States mail, in which event it shall be sent postage
prepaid upon delivery thereof, or, if sent by telegram, telex, or facsimile transmission, upon delivery thereof, as follows: 
  

							
	To Bank:	 	THE BANCORP INC	  	To Company:	 	Higher One Machines, Inc.
		 	405 Silverside Road	  		 	 25 Science Park

		 	Suite 105	  		 	 New Haven, CT 06511

		 	Wilmington, DE 19809	  		 	
		 	ATTN: General Counsel	  		 	ATTN: Contract Admin
		 	Facsimile: (302) 385-5200	  		 	Facsimile: (203) 776-7796

 SECTION 6.11
-FurtherAssurances 
 Each party shall, at the request of the other from time to time after the date hereof, execute
and deliver such other instruments, documents, certificates, in form and substance reasonably satisfactory to their respective counsel, as may be reasonably necessary to further evidence, perfect, maintain, effectuate, or defend any and all of the
respective rights and obligations of the parties hereunder, including performance of this Agreement. In the event that such further assurance is not forthcoming within a reasonable time of the date of any such request, the other party hereto may
take any and all appropriate action to protect its rights and obligations hereunder. 
 SECTION 6.12 -Entire Agreement 

This Agreement constitutes the entire agreement and understanding of the parties hereto with respect to the subject matter hereof,
supersedes, and terminates all other prior commitments, arrangements or understandings, both oral and written, between the parties with respect thereto. 

SECTION 6.13 -Amendment 

This Agreement may not be modified, changed, or amended except by an instrument in writing executed by each of the parties hereto.

 SECTION 6.14 -Counterparts 

This Agreement may be executed and delivered by the parties hereto in any number of counterparts, and by different parties on separate
counterparts, each of which counterparts, taken together, shall constitute but one and the same instrument. 
 SECTION 6.15 -Forum
Selection 
 Any action brought by either party hereto against the other, arising out of or related in any manner to this
Agreement shall be exclusively brought in the appropriate judicial forum located in Delaware and not in any other State Court or in any Federal Court based on diversity of citizenship. 

 

 15 

 SECTION 6.16 -Attorneys’ Fees and Right to Recover 

If any action at law, or in equity, or any arbitration is necessary to enforce the terms of this Agreement, the prevailing party shall be
entitled to reasonable attorneys’ fees, costs and expenses in addition to any other relief to which such prevailing party may be entitled. 

SECTION 6.17 -Headings 

The descriptive headings of this Agreement have been inserted for convenience only and shall not be deemed to limit or otherwise affect
the construction of any provision hereof. 
 SECTION 6.18 -Waiver 

None of the provisions of this Agreement shall be deemed to have been waived by any act or acquiescence on the part of either party, their
agents or employees, and may be waived only by instruments in writing signed by the authorized offer of respective party. No waiver of any provision or of the same provision on any occasion shall operate as a waiver on another occasion. 

SECTION 6.19 -Assignment 

Neither party may assign this Agreement without the prior written consent of the other party, which consent shall not be unreasonably
withheld; provided, however, the Bank shall be automatically permitted to assign this Agreement to an Affiliate upon written notice to Company provided that such assignee of Bank is capable of performing the duties and obligations of Bank hereunder.

 Signature page to follow 

 

 16 

 IN WITNESS WHEREOF, this Agreement is executed by the parties as of the date reflected above.

  

			
	BANK:
	
	The Bancorp Inc.
		
	By:	 	
 

	Its:	 	President
	Date:	 	5/9/08
	
	COMPANY:
		
	By:	 	
 

	Its:	 	COO
	Date:	 	5/12/08

  

 17 

 Exhibit A 

PLEASE LIST ANY PENDING LITIGATION PER SECTION 2.7 (e) OF THIS AGREEMENT 

NONE 
  

 18 

 Schedule A 

 

 19 

 EXHIBIT B 

EXECUTION VERSION 

DEPOSIT WITHDRAWAL AND SETTLEMENT AGREEMENT 

This Agreement (the “Agreement”) is executed as of July 14, 2008 by and among The Frost National Bank, a national banking
association chartered under the laws of the United States (“Frost”), Higher One, Inc., a Delaware corporation (“Higher One”) and The Bancorp Bank, a Delaware state-chartered bank (“Bancorp Bank”). 

WHEREAS Frost, as successor to Horizon Capital Bank (“Horizon”), and Higher One previously entered into that certain Special
Depository and Services Agreement, dated as of August 7, 2002 (as amended, the “Special Depository and Services Agreement”), by which Frost acts as the depository for and provides certain services in connection with the Higher One
Deposits; 
 WHEREAS, according to Section 3.3 of the Special Depository and Services Agreement, upon termination of that
agreement as provided in Section 7.1(i) of that agreement, Frost and Higher One may elect for Higher One, as agent for the Higher One customers, to withdraw the full account balances of the Higher One Deposits for immediate deposit of such
funds with another Federal Deposit Insurance Corporation (“FDIC”)-insured depository institution, and Higher One has elected such option; 

WHEREAS, Frost, Higher One and Bancorp Bank have agreed to set forth certain mutually acceptable withdrawal and deposit matters,

 NOW, THEREFORE, Frost, Higher One and Bancorp Bank hereby agree as follows: 

1. Certain Definitions. As used in this Agreement, the following terms have the definitions indicated. 

(a) “Affiliate” of a Person means a Person that directly, or indirectly through one or more intermediaries, Controls, is
Controlled by, or is under common Control with, the first Person, including but not limited to a Subsidiary of the first Person, a Person of which the first Person is a Subsidiary, or another Subsidiary of a Person of which the first Person is also
a Subsidiary. 
 (b) “Bank Merger Act” means the statute codified at 12 U.S.C. § 1828(c). 

(c) “Cash Account” means the general ledger entry at Frost identifying all cash held in ATMs and vaults resulting from
Frost’s operations relating to the Special Depository and Services Agreement being handled by Higher One. 
 (d)
“Control” (including the terms “Controlled by” and “under common Control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management policies of a Person, whether
through the ownership of voting securities, by contract, as trustee or executor, or otherwise. 
 (e) “Deposit
Agreement” means Frost’s deposit contract and deposit disclosures, titled the OneAccount Terms and Conditions, which is provided to Users in connection with the User Accounts. 

(f) “Effective Time” means the time that Frost, Higher One, and Bancorp Bank mutually agree will be the time that the
Withdrawal and Deposit occurs. 
 (g) “GAAP” means United States generally accepted accounting principles. 

 (h) “Governmental Authority” means any court, administrative agency or commission
or other governmental authority or instrumentality, domestic or foreign, or any industry self-regulatory authority 
 (i)
“Higher One Customer” means a customer of Higher One who has been activated for the Higher One Card Services Operation. 

(j) “Higher One Deposits” means the aggregate deposits of Users, for which Higher One acts as agent, in User Accounts at Frost
as of the close of business on the business day prior to the day of the Effective Time. A User may also have one or more separate deposits at Frost, which are not related to the Higher One Card Services Operation, and such deposits will not be
included in Higher One Deposits for the purposes of this Agreement. 
 (k) “Higher One Card Services Operation” means
the Higher One operation described in Section 2 of the Special Depository and Services Agreement. 
 (l) “Master
Account” means the general ledger entry at Frost identifying the Higher One Deposits. 
 (m) “Net Settlement
Amount” means the net of the Master Account and the Cash Account, calculated by Frost as of a given time in accordance with the procedures followed by Frost during the term of the Special Depository and Services Agreement for calculating such
accounts. Frost and Higher One agree that as of the close of business on July 8, 2008, the Net Settlement Amount is $94,028,185.63. The Net Settlement Amount set forth in Section 3(a) will be calculated as of the close of business on the date
of the Effective Time and as mutually agreed upon by Frost and Higher One. 
 (n) “Person” means any natural person or
any firm, partnership, limited liability partnership, association, corporation, limited liability company, trust, business trust, Governmental Authority or other entity. 

(o) “Routing Number” means American Bankers Association Routing Number 113024588. 

(p) “Settlement Account” means the account Bancorp Bank shall set up at Frost pursuant to Section 4. 

(q) “Subsidiary” has the meanings ascribed to it in Rule 1-02 of Regulation S-X promulgated by the Securities and Exchange
Commission (the “SEC”). 
 (r) “Terms of Use” means Higher One’s agreement with the Users as to the
services it provides to the Users, titled the Terms of Use, which is provided to Users in connection with the User Accounts, a true and correct copy of which has been submitted to Frost. 

(s) “User” means a Higher One Customer for whom a User Account is established. 

(t) “User Account” means a User’s deposit account at Frost, which is subject to a separate Deposit Contract between the
User and Frost. 
 (u) “Withdrawal and Deposit” means the withdrawal of the Higher One Deposits by Higher One and the
deposit of such funds with Bancorp Bank as set forth in Section 3 of this Agreement. 
  

 2 

 2. Special Depository and Services Agreement. Without relinquishing any rights that
Frost or Higher One may have regarding the termination of the Special Depository and Services Agreement, Frost and Higher One hereby agree that: 

(a) The Special Depository and Services Agreement shall be deemed to be in effect until the Withdrawal and Deposit is consummated; and

 (b) The Special Depository and Services Agreement shall terminate immediately after the Withdrawal and Deposit is
consummated. 
 3. The Withdrawal and Deposit. The Withdrawal and Deposit shall be effected as follows: 

(a) Subject to the conditions set forth in Section 10 of this Agreement, at the Effective Time, Higher One will withdraw all Higher
One Deposits by means of (a) a wire transfer from Frost of the Net Settlement Amount to Higher One at an account held by Higher One, and thereafter, the immediate deposit by Higher One of the Net Settlement Amount with Bancorp Bank, and
(b) the release by Frost of the Cash Account to Higher One. 
 (b) Upon the completion of the Withdrawal and Deposit as set
forth in Section 3(a), the Higher One Deposits shall be held by Bancorp Bank as depository for the Users in accordance with a separate depository and services agreement by and between Higher One and Bancorp Bank and separate deposit agreements
by and between Bancorp Bank and the Users. 
 (c) Subject to Section 4(b) hereof, from and after the Effective Time, Frost
shall discontinue servicing the Higher One Deposits. 
 4. Arrangements for the Post-Effective Time. 

(a) Frost will make commercially reasonable efforts to effect the transfer of the Routing Number to Bancorp Bank. 

(b) Until such time as the transfer of the Routing Number from Frost to Bancorp Bank is completed, Frost, Higher One and Bancorp Bank
will make appropriate arrangements (including establishment by Bancorp Bank of the Settlement Account) to provide for settlement by Bancorp Bank of checks, returns and other items that are presented to Frost by Higher One on and after the Effective
Time and that are chargeable to the Higher One Deposits withdrawn under this Agreement. At no time shall Bancorp Bank allow the balance of the Settlement Account to fall below zero as of 2:00 p.m. Central Standard Time on any given business day.
Bancorp Bank shall be entitled to withdraw all funds from the Settlement Account and to close the Settlement Account on, but not before, the business day following the transfer of the Routing Number. Moreover, nothing in this Section 4(a) is
intended to reduce or eliminate Frost’s right to indemnification from Bancorp Bank under Section 11(b) below in the event the Settlement Account holds insufficient funds. 

(c) Bancorp Bank, acting through Higher One, shall have the right to contact Users prior to the Effective Time regarding conversion
issues, provided Frost shall be provided with copies of proposed written correspondence for Frost’s approval, which approval shall not be unreasonably withheld, not later than two (2) business days prior to distributing such
correspondence. 
  

 3 

 5. Change of Name. From and after the Effective Time, any documents, forms,
brochures, papers, and cards, including any debit and ATM cards, relating to the Higher One Deposits shall be issued in Bancorp Bank’s name. Bancorp Bank shall have a reasonable period of time to discontinue the use of Frost’s name or
Horizon’s name in connection with the Higher One Deposits or the Higher One Card Services Operation, provided that such period shall not extend beyond 180 days after the Effective Time without Frost’s written permission. Notwithstanding
the preceding sentence, permission is hereby given for the continued use by Users of any cards or documents already produced or in circulation bearing the name “Frost National Bank”, “Horizon Capital Bank” or any marks or trade
names of Frost or Horizon until their expiration date. The parties shall take all necessary actions to cause the bank identification numbers associated with the Higher One Deposits, which are 510840 and 510774, to be transferred to Bancorp Bank at
the Effective Time. 
 6. Representations and Warranties of Frost. 

Frost hereby makes the following representations and warranties to Higher One and Bancorp Bank as of the date hereof and as of the
Effective Time: 
 (a) Frost is a duly organized national banking association chartered under the laws of the United States,
validly existing and in good standing under federal law, with corporate power to own and operate its business and properties and to carry on its business as presently constituted. 

(b) The execution and delivery of this Agreement and consummation by Frost of the transactions contemplated hereby have been duly
authorized by all necessary corporate action on the part of Frost. This Agreement is a valid and legally binding obligation of Frost, enforceable against Frost in accordance with its terms. 

(c) The execution, delivery and performance of this Agreement by Frost, and the consummation of the transactions contemplated hereby by
Frost, do not constitute a breach, violation or default, or create a lien, under the charter or bylaws of Frost or under any law, rule or regulation or any judgment, decree, order, governmental permit or license, or agreement, indenture or
instrument of Frost or to which Frost is subject, provided that Frost makes no representation or warranty with respect to the Deposit Agreement and Servicing Agreement. 

(d) There are no legal, quasi-judicial or administrative proceedings of any kind or nature now pending or, to the best of Frost’s
knowledge, threatened before any court or administrative body in any manner involving Frost that might have a material adverse effect on the transactions contemplated by this Agreement. 

7. Representations and Warranties of Higher One. 

Higher One hereby makes the following representations and warranties to Frost and Bancorp Bank as of the date hereof and as of the
Effective Time: 
 (a) Higher One is a Delaware corporation, validly existing and in good standing under Delaware law, with
corporate power to own and operate its business and properties and to carry on its business as presently constituted. 
 (b) The
execution and delivery of this Agreement and consummation by Higher One of the transactions contemplated hereby have been duly authorized by all necessary corporate action on the part of Higher One. This Agreement is a valid and legally binding
obligation of Higher One, enforceable against Higher One in accordance with its terms. 
  

 4 

 (c) The execution, delivery and performance of this Agreement by Higher One, and the
consummation of the transactions contemplated hereby by Higher One, do not constitute a breach, violation or default, or create a lien, under the charter or bylaws of Higher One or under any law, rule or regulation or any judgment, decree, order,
governmental permit or license, or agreement, indenture, or instrument of Higher One or to which Higher One is subject. 
 (d)
There are no legal, quasi-judicial or administrative proceedings of any kind or nature now pending or, to the best of Higher One’s knowledge, threatened before any court or administrative body in any manner involving Higher One that might have
a material adverse effect on the transactions contemplated by this Agreement or Higher One’s ability to consummate such transactions. 

(e) No approval of, filing with or notice to any Governmental Authority, including the FDIC under the Bank Merger Act and the Delaware
State Bank Commissioner under Delaware banking law, is necessary or required under any law or regulation to consummate the transactions contemplated hereby. 

(f) Each of the Deposit Agreement and Terms of Use, as amended to date (true and complete copies of which have been provided to Frost and
Bancorp Bank), is a valid and legally binding agreements between Higher One and the Users, in the case of the Terms of Use, and Frost and the Users, in the case of the Deposit Agreement, and authorize the Withdrawal and Deposit without the consent
of any User, provided prior notice is given to the Users, which prior notice has been made. 
 (g) Higher One maintains, or a
person or entity who has so undertaken for Higher One maintains, and through the Effective Time shall continue to maintain, records in good faith and in the regular course of business so that upon the consummation of the Withdrawal and Deposit, each
of the Higher One Deposits deposited at Bancorp Bank will be separately insured by the FDIC under the FDIC’s regulations regarding “pass-through” deposit insurance. 

(h) All financial statements concerning Higher One delivered by Higher One to Frost, consisting of the audited consolidated financial
statements of Higher One as of and for the years ended December 31, 2007 and 2006, are true, complete and correct in all material respects and have been prepared in accordance with GAAP. Since the delivery of such statements, there has been no
material, adverse change in the financial position of Higher One. 
 8. Representations and Warranties of Bancorp Bank. 

 Bancorp Bank hereby makes the following representations and warranties to Frost and Higher One as of the date hereof and as
of the Effective Time: 
 (a) Bancorp Bank is a Delaware state-chartered bank, validly existing and in good standing under
Delaware law, with corporate power to own and operate its business and properties and to carry on its business as presently constituted. Bancorp Bank is a member of the FDIC and is in good standing with the FDIC. 

(b) The execution and delivery of this Agreement and consummation by Bancorp Bank of the transactions contemplated hereby have been duly
authorized by all necessary corporate action on the part of Bancorp Bank. This Agreement is a valid and legally binding obligation of Bancorp Bank, enforceable against Bancorp Bank in accordance with its terms. 

 

 5 

 (c) The execution, delivery and performance of this Agreement by Bancorp Bank, and the
consummation of the transactions contemplated hereby by Bancorp Bank, do not constitute a breach, violation or default, or create a lien, under the charter or bylaws of Bancorp Bank or under any law, rule or regulation or any judgment, decree,
order, governmental permit or license, or agreement, indenture, or instrument of Bancorp Bank or to which Bancorp Bank is subject. 

(d) There are no legal, quasi-judicial or administrative proceedings of any kind or nature now pending or, to the best of Bancorp
Bank’s knowledge, threatened before any court or administrative body in any manner involving Bancorp Bank that might have a material adverse effect on the transactions contemplated by this Agreement or Bancorp Bank’s ability to consummate
such transactions. 
 (e) No approval of, filing with or notice to any Governmental Authority, including the FDIC under the Bank
Merger Act and the Delaware State Bank Commissioner under Delaware banking law, is necessary or required under any law or regulation to consummate the transactions contemplated hereby. 

(f) Provided that the representation and warranty set forth in Section 7(g) hereof is true and accurate, upon the consummation of
the Withdrawal and Deposit, each of the Higher One Deposits deposited at Bancorp Bank will be separately insured by the FDIC. 

(g) The Annual Report on Form 10-K of Bancorp, Inc., the sole shareholder of Bancorp Bank, for the fiscal year ended December 31,
2007 and all other reports, registration statements, definitive proxy statements or information statements filed by it or any of its Subsidiaries subsequent to December 31, 2007 under the Securities Act, or under Section 13(a), 13(c), 14
or 15(d) of the Exchange Act, in the form filed or as thereafter amended prior to the date hereof (collectively, the “Bancorp SEC Filings”) with the SEC as of the date filed or amended prior to the date hereof, as the case may be,
(A) complied or will comply in all material respects as to form with the applicable requirements under the Securities Act or the Exchange Act, as the case may be, and (B) did not and will not contain any untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. Each of the statements of financial position contained in or
incorporated by reference into any of the Bancorp SEC Filings (including the related notes and schedules) fairly presented or will fairly present in all material respects its financial position and that of its Subsidiaries as of the date of such
statement, and each of the statements of income and changes in shareholders’ equity and cash flows or equivalent statements in the Bancorp SEC Filings (including any related notes and schedules thereto) fairly presented or will fairly present
in all material respects, the results of operations, changes in shareholders’ equity and changes in cash flows, as the case may be, of it and its Subsidiaries for the periods to which those statements relate, in each case in accordance with
GAAP consistently applied during the periods involved, except in each case as may be noted therein, and subject to normal year-end audit adjustments and as permitted by Form 10-Q in the case of unaudited statements. 

(h) Since January 1, 2008, Bancorp Bank has filed all call reports, together with any amendments required to be made with respect
thereto, that it was required to file with the FDIC. As of their respective dates (and without giving effect to any amendments or modifications filed after the date of this Agreement with respect to reports and documents filed before the date of
this Agreement), each of such call reports, including the financial information, exhibits and schedules thereto, complied with all of the statutes, rules and regulations enforced or promulgated by the Governmental Authority with which they were
filed. 
  

 6 

 9. Survival of Representations and Warranties and Covenants. The representations and
warranties of the parties shall survive (but not be restated beyond the Effective Time) for as long as a claim for indemnification can be made or maintained hereunder. All covenants and other agreements made under this Agreement shall survive until
performed. Any claim for indemnification under Section 11 of this Agreement must be made within four years of the Effective Time. Any such claim for which written notice has been given during that period shall continue to be valid and may be
maintained until fully resolved notwithstanding that occurs after such four year anniversary. 
 10. Conditions. The
obligation of Frost, Higher One and Bancorp Bank to complete the Withdrawal and Deposits provided for in this Agreement are conditioned upon fulfillment on or before the Effective Time of each of the following conditions: 

(a) The representations and warranties of each of the other parties set forth in this Agreement are accurate, in all material respects,
as of the Effective Time; and 
 (b) Each of the other parties has complied, in all material respects, with each of its
covenants and other agreements set forth in this Agreement to be observed through the Effective Time. 
 11. Indemnification.

 (a) Higher One hereby agrees that it shall indemnify, defend and hold harmless Frost and its Affiliates and their
respective officers, directors, employees, agents and stockholders (the “Frost Indemnified Parties”) from, against and in respect of any damages, losses, charges, liabilities, claims, demands, actions, suits, proceedings, payments,
judgments, settlements, assessments, costs and expenses (including reasonable attorneys’ fees, and reasonable out-of-pocket disbursements) imposed on, sustained, incurred or suffered by, or asserted against, any of the Frost Indemnified
Parties, whether in respect of third party claims, claims between the parties hereto, or otherwise, directly or indirectly relating to, or to the extent arising in any manner out of or resulting from: 

(i) any breach of any representations, warranties, covenants or other agreements contained in this Agreement, the Deposit Agreement, the
Servicing Agreement or the Special Depository and Services Agreement; and 
 (ii) the Withdrawal and Deposit, and the
arrangements contemplated by Sections 3(b), 4 and 5 of this Agreement. 
 (b) Bancorp Bank hereby agrees that it shall
indemnify, defend and hold harmless the Frost Indemnified Parties from, against and in respect of any damages, losses, charges, liabilities, claims, demands, actions, suits, proceedings, payments, judgments, settlements, assessments, costs and
expenses (including reasonable attorneys’ fees, and reasonable out-of-pocket disbursements) imposed on, sustained, incurred or suffered by, or asserted against, any of the Frost Indemnified Parties, whether in respect of third party claims,
claims between the parties hereto, or otherwise, directly or indirectly relating to, or to the extent arising in any manner out of or resulting from: 

(i) any breach of any representations, warranties, covenants or other agreements contained in this Agreement; and 

(ii) the Withdrawal and Deposit, and the arrangements contemplated by Sections 3(b), 4 and 5 of this Agreement. 

 

 7 

 (c) Bancorp Bank shall secure the indemnity provided for in Section 11(b) with an
escrow amount to be held at a depository institution mutually agreed upon by Frost and Bancorp Bank, the service fee for which shall be paid by Bancorp Bank, and pledged to Frost in the amount of $1,000,000 and subject to the terms of an escrow
agreement substantially in the form of Exhibit A hereto. 
 12. Termination. This Agreement shall terminate, and
Frost, Higher One and Bancorp Bank shall have no liability to each other, upon the written notice by one of Frost, Higher One and Bancorp Bank to the other parties if the Withdrawal and Deposit Date shall not have occurred within 60 days of the date
of this Agreement. 
 13. Applicable Law; Submission to Jurisdiction. This Agreement shall be governed by, and interpreted in
accordance with, the laws of the State of Texas applicable to contracts made and to be performed entirely within that State. Each of the parties hereto (A) irrevocably submits to the exclusive jurisdiction of any Texas state court or federal
court located in San Antonio, Texas in any action arising out of this Agreement or the transactions contemplated hereby, (B) agrees that all claims in such action may be decided in such court, (C) waives, to the fullest extent it may
effectively do so, the defense of an inconvenient forum, and (D) consents to the services of process by mail its the head office. A final judgment in any such action shall be conclusive and may be enforced in other jurisdictions.

 14. Waiver; Amendment. Any provision of this Agreement may be (a) waived by the party benefited by the
provision, but only in writing, or (b) amended or modified at any time, but only by a written agreement executed in the same manner as this Agreement, except to the extent that any such amendment would violate applicable law. 

15. Entire Understanding; No Third Party Beneficiaries. This Agreement represents the entire understanding of Frost, Higher One
and Bancorp Bank regarding the Withdrawal and Deposit contemplated hereby and supersedes any and all other oral or written agreements previously made or purported to be made, with the exception of the relevant provisions of each of (i) the
Special Depository and Services Agreement, as it pertains to Frost and Higher One; (ii) the Deposit Agreement, as it pertains to Frost; and (iii) the Terms of Use, as it pertains to Higher One. Nothing expressed or implied in this
Agreement is intended to confer any rights, remedies, obligations or liabilities upon any person other than Frost, Higher One and Bancorp Bank. 

16. Severability. If, at any time, any provision hereof is or becomes illegal, invalid or unenforceable in any respect under the
law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions hereof nor the legality, validity or enforceability of such provision under the law of any other jurisdiction shall in any way be affected or
impaired thereby. 
 17. Counterparts. This Agreement may be executed in one or more counterparts, each of which will be
deemed to constitute an original, and may be delivered by facsimile or other electronic means intended to preserve the original graphic or pictorial appearance of a document. 

*                    *  
                  * 
  

 8 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their
duly authorized officers as of the day and year first above written. 
  

					
	THE FROST NATIONAL BANK
		
	By	 	 /s/ Ray Zapata

		 	Name:	 	Ray Zapata
		 	Title:	 	Senior Vice President
	
	HIGHER ONE, INC.
		
	By	 	 /s/ E. Charles Jones

		 	Name:	 	E. Charles Jones
		 	Title:	 	VP
	
	THE BANCORP BANK
		
	By	 	 /s/ Pete Chiccino

		 	Name:	 	Pete Chiccino
		 	Title:	 	EVP/CIO

 Annex A 

ESCROW AGREEMENT 

THIS ESCROW AGREEMENT (this “Escrow Agreement”) is made as of this      day of July, 2008, by
and among Frost National Bank, a national banking association chartered under the laws of the United States (“Frost”), The Bancorp Bank, a Delaware state-chartered bank (“Bancorp Bank”), and Marshall &
Ilsley Trust Company N.A., (the “Escrow Agent”). 
 RECITALS 

WHEREAS, Frost and Bancorp Bank are parties, along with Higher One, Inc., (“Higher One”), to that certain Deposit
Withdrawal and Settlement Agreement dated July     , 2008 (the “Settlement Agreement”), whereby Higher One will withdraw Higher One Deposits (as defined in the Settlement Agreement) and deposit them
with Bancorp Bank; 
 WHEREAS, pursuant to Section 11(c) of the Settlement Agreement, Bancorp Bank has agreed to
secure its indemnification obligations to Frost by placing in escrow the sum of $1,000,000 (the “Escrow Deposit”) with the Escrow Agent; 

WHEREAS, the Escrow Deposit shall be held by the Escrow Agent in accordance with the terms and conditions contained in this Escrow
Agreement; and 
 WHEREAS, the parties are entering into this Escrow Agreement so as to set forth the terms and
conditions regarding the Escrow Agent’s holding of the Escrow Deposit; 
 NOW, THEREFORE, Frost, Bancorp Bank and
the Escrow Agent hereby agree as follows: 
 1.1. Capitalized terms used but not otherwise defined herein shall have the
meanings assigned to them in the Settlement Agreement. 
 1.2. On the Effective Date of the Settlement Agreement, Bancorp
Bank will deliver to the Escrow Agent the Escrow Deposit, and receipt thereof shall be acknowledged in writing by Escrow Agent. The Escrow Deposit shall be held by the Escrow Agent in the Marshall Prime Money Market Fund Class Y Shares (the
“Fund.”) The parties have received a prospectus for the Fund and recognize Escrow Agent or its affiliates may receive investment advisory and other fees from the Fund. Escrow Agent shall reinvest all investment earnings. Bancorp Bank shall
be treated as the owner of the Escrow Account for federal and state income tax purposes. Bancorp Bank will report all income, if any, that is earned on the escrow account in such amounts that are properly includible in any taxable year, and pay any
taxes attributable thereto. Bancorp Bank agrees to furnish the Escrow Agent with a completed Form W-9. The Escrow Account shall be distributed as set forth in Section 1.3 of this Escrow Agreement. 

1.3. The Escrow Deposit shall be disbursed as follows: 

(a) As may be directed by Frost and Bancorp Bank pursuant to a jointly executed written notice to the Escrow Agent. 

(b) From time to time for a period of twelve (12) months following the Closing Date under the Settlement Agreement, Frost may submit
a notice (an “Indemnity Notice”) to Escrow Agent 

 
and Bancorp Bank specifying in reasonable detail the nature and dollar amount of any indemnification claim (a “Claim”) it may have under Section 11(b) of the Settlement
Agreement. Frost may make more than one Claim with respect to any underlying set of facts. If Bancorp Bank delivers written notice to Frost and Escrow Agent that it disputes the Claim described in any Indemnity Notice within fifteen (15) days
following receipt by Escrow Agent of the Indemnity Notice regarding such Claim (each such notice, an “Objection Notice”), such Claim shall be resolved as provided in Section 1.4 of this Escrow Agreement. If no Objection Notice
is received by Frost and Escrow Agent within such 15-day period, then the amount specified by Frost in such Indemnity Notice shall be deemed established for purposes of this Escrow Agreement and the Settlement Agreement and, at the end of such
15-day period, Escrow Agent shall promptly (and in any event within three (3) business days after the expiration of such 15-day period) deliver to Frost for application to such Claim the amount specified in such Indemnity Notice. 

1.4. If an Objection Notice is given pursuant to Sections 1.3(b) of this Escrow Agreement, Escrow Agent shall make payment with
respect thereto only in accordance with (i) joint written instructions of Bancorp Bank and Frost, or (ii) a final non-appealable order of a court of competent jurisdiction with respect to a Claim. Notwithstanding the foregoing, to the
extent Bancorp Bank does not dispute a portion of the amount claimed in any Indemnity Notice, Bancorp Bank shall, in its applicable Objection Notice, authorize Escrow Agent to deliver, and Escrow Agent shall promptly (and in any event within three
(3) business days after receipt of the applicable Objection Notice) deliver, the undisputed amount. 
 1.5. (a)
Twelve (12) months following the Closing Date (the “Release Date”), Escrow Agent shall release to Bancorp Bank the remainder of the Escrow Deposit, if any (the “Release Amount”), save and except for an amount
equal to the aggregate amount of all outstanding Claims, if any (such Claims being referred to herein as the “Release Claims” and such amount with respect thereto, the “Release Claim Amount”). After the Release
Date, the Release Claim Amount shall continue to be held by Escrow Agent until the resolution, on an individual basis, of each of the Release Claims, and shall be distributed by Escrow Agent to Bancorp Bank or Frost, as the case may be, upon
resolution of each such Release Claim in the manner described in Section 1.4 of this Escrow Agreement. 
 (b)
Notwithstanding Section 1.5(a) above, if prior to the Release Date Frost has delivered a written notice to Bancorp Bank and Escrow Agent (i) specifying in reasonable detail the nature of any claim it may have under the Settlement Agreement
and (ii) certifying that Frost has reasonably determined in good faith that it is unable to specify the amount of such Claim and that the amount of such Claim could equal or exceed the amount of the Escrow Deposit, then the entire Escrow
Deposit shall be included in the Release Claim Amount; 
 (c) At least two (2) business days prior to any release to be
made under this Section 1.5, the Escrow Agent shall send written notice to Bancorp Bank and Frost specifying the amount of such release. 

1.6 In the event of a dispute arising with respect to the rights of Frost or Bancorp Bank to receive the Escrow Deposit, the
Escrow Agent shall have the right to place the Escrow Deposit, as the case may be, into court and commence an action in interpleader in order to obtain a judicial determination as to the party legally entitled to receive such amount. 

 

 2 

 1.7 The Escrow Agent shall be entitled, upon execution of this Escrow Agreement and
from time to time thereafter, (a) to receive reasonable compensation for the services to be rendered hereunder, which unless otherwise agreed in writing shall be as described in Schedule 1 attached hereto, and (b) to be reimbursed, upon
request, for all reasonable expenses, disbursements and advances, including without limitation reasonable attorney’s fees and expenses incurred or made by it in connection with the performance, modification and termination of this Escrow
Agreement. Any such compensation or reimbursements shall be paid by Bancorp Bank. 
 1.8 Upon receipt of a court order,
the Escrow Agent shall act as instructed by such court order. 
 (a) The Escrow Agent shall not be liable for any error in
judgment or for any act done or omitted by it in good faith, or for any mistake of fact or law and is released and exculpated from all liability hereunder, except for willful misconduct. 

(b) The Escrow Agent shall not be required to take notice of any default by Frost or Bancorp Bank or to take any action, other than as
provided in this Escrow Agreement. 
 (c) The Escrow Agent shall incur no liability in acting upon any signature, notice,
request, waiver, consent, receipt, or other paper or document believed by the Escrow Agent to be genuine, and the Escrow Agent may assume that any person purporting to give the Escrow Agent any notice or advice in accordance with the provisions
hereof has been duly authorized to do so, and Frost and Bancorp Bank each hereby jointly and severally agree to indemnify, defend and hold harmless the Escrow Agent from and against any and all losses, costs, expenses, claims, damages and
liabilities, including, without limitation, attorneys’ fees, which the Escrow Agent may suffer or incur as the Escrow Agent hereunder unless caused by the Escrow Agent’s willful refusal or willful failure to act pursuant to the terms
hereof. 
 (d) The Escrow Agent shall not be under any obligation to take any legal action in connection with this Escrow
Agreement or towards its enforcement or to appear in, prosecute or defend any action or legal proceeding that, in the opinion of the Escrow Agent, would or might involve the Escrow Agent in any cost, expense, loss or liability unless, and as often
as required by the Escrow Agent, the Escrow Agent shall be furnished with security and indemnity satisfactory to the Escrow Agent against all such costs, expenses, losses or liability. 

2.1 Any notice given to any party hereto shall be in writing and simultaneously shall be sent to the other parties hereto. All
notices and other communications required or permitted hereunder shall be in writing and shall be deemed to have been duly given or sent (a) when received, if dispatched by registered or certified mail (return receipt requested), (b) when
received, if delivered in hand or by facsimile transmission with a copy thereof sent by reputable overnight courier which requires a signature of the receiving party, or (c) on the following business day, if dispatched by a reputable overnight
courier which requires a signature of the receiving party, in each case to the party intended at its address as follows (or at such other address as may hereafter be specified by such party from time to time by like notices): 

If to the Bancorp Bank, to: 

Bancorp Bank 

405 Silverside Road 

Wilmington, DE 19809 

Attn: Frank Mastrangelo 
  

 3 

 with a copy to: 

Paul, Hastings, Janofsky & Walker LLP 

875 15th Street, NW 

Washington, DC 20005 

Attn: Lawrence D. Kaplan 

If to the Frost, to: 

Frost National Bank 

100 W. Houston Street, 

San Antonio, Texas 78205 

Attn: Corporate Counsel 

with a copy to: 

Sullivan & Cromwell LLP 

125 Broad Street 

New York, New York 10004-2498 

Attn: Mark J. Menting 

If to the Escrow Agent to: 

Marshall & Ilsley Trust Company N.A. 

111 E. Kilbourne Ave, Suite 200 

Milwaukee, WI 53202 

Attn: Kim Palleon 

2.2 This Escrow Agreement shall terminate, and Frost, Bancorp Bank and Escrow Agent shall have no liability to each other, upon
(a) the written notice by both Frost and Bancorp Bank to the Escrow Agent, or (b) the full release of the Escrow Deposit by the Escrow Agent in accordance with this Escrow Agreement. 

2.3 This Agreement shall be governed by, and interpreted in accordance with, the laws of the State of Delaware applicable to
contracts made and to be performed entirely within that State. Each of the parties hereto (A) irrevocably submits to the exclusive jurisdiction of any Texas state court or federal court located in San Antonio, Texas in any action arising out of
this Agreement, (B) agrees that all claims in such action may be decided in such court, (C) waives, to the fullest extent it may effectively do so, the defense of an inconvenient forum, and (D) consents to the services of process by
mail at its head office. A final judgment in any such action shall be conclusive and may be enforced in other jurisdictions. 

2.4 Any provision of this Escrow Agreement may be (a) waived by the party benefited by the provision, but only in writing, or
(b) amended or modified at any time, but only by a written agreement executed in the same manner as this Escrow Agreement, except to the extent that any such amendment would violate applicable law. 

 

 4 

 2.5 RESIGNATION OR REMOVAL OF ESCROW AGENT. The Escrow Agent may resign upon thirty
(30) days written notice to the Frost and Bancorp Bank. The Escrow Agent may be removed and replaced effective upon thirty (30) days written notice given to the Escrow Agent by both Frost and Bancorp Bank. In the event of a resignation or
removal, Frost and Bancorp Bank shall jointly appoint a successor Escrow Agent. The Escrow Agent shall deliver the balance of the moneys or assets then in its possession to the Successor Escrow Agent and its duties shall end. 

If Frost and Bancorp Bank fail to appoint a Successor Agent, the Escrow Agent may appoint a successor or petition any court of competent
jurisdiction for the appointment of a successor escrow agent and any such resulting appointment shall be binding upon all of the parties. 

2.6 This Escrow Agreement represents the entire understanding of Frost, Bancorp Bank and the Escrow Agent regarding the terms of
the Escrow Deposit contemplated hereby and supersede any and all other oral or written agreements previously made or purported to be made. Notwithstanding anything in this Escrow Agreement to the contrary, nothing in this Escrow Agreement shall
affect in any way any of the rights or privileges of any party to the Settlement Agreement. Nothing expressed or implied in this Escrow Agreement is intended to confer any rights, remedies, obligations or liabilities upon any person other than
Frost, Bancorp Bank and the Escrow Agent. 
 2.7 If, at any time, any provision hereof is or becomes illegal, invalid or
unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions hereof nor the legality, validity or enforceability of such provision under the law of any other
jurisdiction shall in any way be affected or impaired thereby. 
 2.8 This Escrow Agreement may be executed in one or
more counterparts, each of which will be deemed to constitute an original, and may be delivered by facsimile or other electronic means intended to preserve the original graphic or pictorial appearance of a document. 

[Signature Page Follows] 
  

 5 

 Execution Version 

IN WITNESS WHEREOF, the parties have caused this Escrow Agreement to be executed as of the date first above written. 

 

			
	THE BANCORP BANK
		
	By:	 	  

		 	Name:
		 	Title:
	
	THE FROST NATIONAL BANK
		
	By:	 	  

		 	Name:
		 	Title:
	
	MARSHALL & ILSLEY TRUST COMPANY N.A.
		
	By	 	  

		 	Name:
		 	Title:

 EXHIBIT C 

PRIVATE LABEL BANKING AGREEMENT 

This Private Label Banking Agreement (the “Agreement”) is made and entered into this
9th day of May 2008 by and between Higher One, Inc.
(“Company”) and The Bancorp, Inc. (“Bancorp”). 
 WHEREAS, Bancorp is a bank holding company
incorporated in the State of Delaware, which through its banking subsidiary The Bancorp Bank (“Bank” and collectively with Bancorp hereinafter referred to as “The Bancorp”), intends to provide banking products and services to
Company; 
 WHEREAS, Company has a large number of clients and wishes to promote itself as Higher One Bank and its
products as Higher One Bank products and The Bancorp is interested in supporting that effort through its banking products; and 

WHEREAS, the Bancorp and Company have entered into a Services Agreement dated May 9, 2008 (“Services Agreement”) and this
Agreement shall be supplemental to such Services Agreement. In the event of conflicting terms or conditions the Services Agreement shall control. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intended to
be legally bound hereby, the parties hereby agree to the following: 
 SECTION 1. DEFINITIONS 

1.1 “Affinity Group” means Company’s customers and other business contacts of Company whose contact information Company
markets the Banking Services pursuant to this Agreement. 
 1.2 “Content” means applications, tools, text, audio,
video, photographs, graphics, links, headlines, summaries, features, stories and other information or data. 
 1.3 “Bank
Marks” shall mean the trademarks, trade names, service marks, logos, domain names and other identifiers owned, controlled or licensed by the Bank or any affiliate of the Bank. 

1.4 “Co-Branded Site” shall mean the Internet sites owned and operated by Company at various URLs in which the banking services
are accessible by users of Company. 
 1.5 “Co-Branded Site Content” shall mean materials to be included in the
Co-Branded Site including, without limitation, applications, tools, text, audio, video, photographs, graphics, links, headlines and other information or data. 

1.6 “Co-Branded Site Look and Feel” shall mean the overall appearance and presentation of the Co-Branded Site, including,
without limitation, graphics, artwork, color schemes, layout, navigation, mouseovers, organization and HTML developed specifically for the Co-Branded Site. 

 1.7 “Confidential Information” means all non-public information that a party
designates in writing as being confidential, or which, under the circumstances of disclosure reasonably ought to be treated as confidential. “Confidential Information” includes, without limitation, the terms and conditions of this
Agreement, nonpublic information relating to unreleased products or services, business policies or practices, suppliers, information regarding Affinity Group members, including email addresses and telephone numbers, or information received from
others that a party is obligated to treat as confidential. “Confidential Information” will not include information that: (i) is or becomes publicly available, by commercial use or otherwise, through no fault of the receiving party;
(ii) is known and has been reduced to tangible form by the receiving party at the time of disclosure and its disclosure is not subject to legal restriction; (iii) is independently and rightfully developed or learned by the receiving party
without reference to the other party’s information; (iv) is lawfully obtained from a third party that has the right to make such disclosure; or (v) is made generally available by the disclosing party without restriction on disclosure.

 1.8 “Intellectual Property Right” means any patent, copyright, trademark, trade secret, trade dress, mask work,
moral right, right of attribution or integrity or other intellectual property or proprietary right arising under the laws of any jurisdiction (including, without limitation, all claims and causes of action for infringement, misappropriation or
violation thereof and all rights in any registrations and renewals). 
 1.9 “Link” shall mean a hyperlink, button or
such other user interface device (together with any successor technology) designed to transport the user from one location on the Internet to a different location. 

SECTION 2. PROGRAM OVERVIEW 

2.1 It is the intention of the parties to this Agreement that the Company has the right and ability to market its banking services and
products to Users (the “Program”). Through the Program, The Bancorp will make available all the customary products and services of a full-service bank as needed to facilitate Company’s operations; The Bancorp will not market any
products or services directly to customers of Company. 
 2.2 This Agreement shall be co-terminus with the Services Agreement,
unless terminated earlier as provided elsewhere in this Agreement. 
 SECTION 3. LICENSE AGREEMENT 

3.1 Company hereby grants to The Bancorp a limited, non-exclusive, non-transferable, royalty free right to use the service marks
“Higher One”, “Higher One Bank”, and “OneAccount” (collectively, the “Marks”), telephone numbers and e-mail addresses (together with the Marks, “Company Content”) solely in connection with the
activities undertaken pursuant to this Agreement. The Bancorp will not use the Company Content in any way that might result in confusion as to the separate and distinct identities of Company and The Bancorp. The Bancorp acknowledges and agrees that
all patent, copyright, trademark and other intellectual property and proprietary rights of Company, including, but not limited to, the Marks and any goodwill which accrues because of The Bancorp’s use of the Marks, are and shall remain the

  

 2 

 
sole and exclusive property of Company. Upon the expiration or earlier termination of this Agreement, the license granted to The Bancorp in the Marks shall immediately terminate and The Bancorp
shall immediately cease and desist all use of the Marks. The Bancorp further agrees not to contest or take any action, whether during or following the Term of this Agreement, in opposition to any trademark, service mark, trade name, logo or other
commercial symbol of Company or to use, employ or attempt to register any mark or trade name which is similar to any mark or trade name of Company. 

SECTION 4. MARKETING 

4.1 The Company agrees, upon notice and approval by The Bancorp, which shall not be unreasonably withheld, to initiate appropriate
marketing campaigns to create general awareness of the Program and encourage participation by members of the Affinity Group therein. The Bancorp acknowledges and agrees that the Affinity Group listing is, and at all times shall remain, the
confidential and proprietary property of Company to be used by The Bancorp solely in connection with the performance of its obligations under this Agreement. The Bancorp agrees not to directly or indirectly use or distribute to a third party any
name, address, telephone number, e-mail address information or other information of any member of the Affinity Group without the expressed, written authorization of Company which may be withheld in the sole discretion of Company. 

4.2 The Company agrees that it will operate the Co-Branded Site that will allow Users to open and review their accounts. 

4.3 [Intentionally deleted] 

4.4 Except as otherwise be provided herein, Company agrees that there will be no license or other fee charged to The Bancorp for
development or other costs incurred on behalf of Company for the establishment and use of the internet tool and website for the purpose and term of this Agreement, 

4.5 The obligation of Company to provide information with respect to a member of the Affinity Group or Company shall be expressly subject
to the then-current privacy or other limitations imposed by law, or on or by a member of the Affinity Group, or the business practices of The Bancorp. 

SECTION 5. REPRESENTATIONS, WARRANTIES AND COVENANTS 

5.1 The Bancorp and Company each represent and warrant to the other as follows: 

(a) It is a duly organized and validly existing corporation and has full Power to enter into this Agreement and to carry
out the transactions contemplated hereby and is in good standing in the jurisdiction of its incorporation; and 

(b) The execution and delivery of this Agreement and the performance by it of the transactions contemplated hereby have
been duly authorized by all necessary corporate actions, and this Agreement constitutes a legal, valid and binding obligation enforceable in accordance with its terms. 
  

 3 

 5.2 The Company represents and warrants to The Bancorp that, with respect to each account
opened by any Affinity Group member: 
 (a) The Company and/or its affiliates and/or agents and employees thereof
will not commit any criminal or fraudulent or misleading act or activity or have not participated and will not participate in any criminal or fraudulent or misleading act or activity in connection with the execution and performance of this Agreement
or its relationship with the members of the Affinity Group. 
 (b) The conduct of the Company in soliciting or
processing any application from any Affinity Group member, including the granting or denial of credit will not violate any federal or state law, rule or regulation. 

5.3 In addition to other remedies available to The Bancorp pursuant to this Agreement or available under law or in equity, the Company
shall defend and indemnify The Bancorp from and against, and hold it harmless from all allegations, suits, claims, actions, legal proceedings, counterclaims, and demands of any kind or nature and all reasonable costs incurred by The Bancorp in
connection therewith (individually a “Claim” and collectively “Claims”) which Claims arise from or result by reason of (i) any inaccuracy in, breach or alleged breach of any of the representations or warranties
made by the Company pursuant to this Agreement; (ii) refusal or failure of the Company to fully and timely perform in accordance herewith any of its covenants, warranties, agreements, responsibilities, obligations or duties to Company or to
third parties provided for in this Agreement, including, but not limited to members of the Affinity Group; (iii) the criminal conduct, negligence or willful misconduct of the Company or any of its affiliates of any of their agents or employees
of the foregoing; (iv) any Claim asserted against or suffered by Company arising out of the Company’s misconduct or violation of any obligation herein; (v) any infringement by the Company or any patent, copyright, trademark or other
intellectual property or proprietary right, any use of which is contemplated by this Agreement, including but not limited to the Company’s internet web tool, and the Marks. 

SECTION 6. CONFIDENTIALITY 

6.1 Each party will protect the other’s Confidential Information from unauthorized dissemination and use to any third party in
accordance with all privacy laws and with the same degree of care that such party uses to protect its own like information, but in no event less than a reasonable degree of care. Neither party will use or disclose the other’s Confidential
Information to any third parties except as necessary to directly further the purposes of this Agreement. Each party may disclose the terms and conditions of this Agreement to its employees, affiliates and its legal and financial consultants on a
need to know basis as required in the ordinary course of that party’s business, provided that such employees, affiliates and/or legal and/or financial consultants agree in advance of disclosure to be bound by this Section 6, and may
disclose Confidential Information as required by government or judicial order, provided each party gives the other party prompt notice of such order and complies with any protective order (or equivalent) imposed on such disclosure. 

6.2 Each party acknowledges and agrees that, due to the unique and valuable nature of the Confidential Information and any other
proprietary information and materials of the other 
  

 4 

 
party, there can be no adequate remedy at law for any breach by such party of this Section 6, that any such breach may result in irreparable harm to the non-breaching party for which
monetary damages would be inadequate to compensate the non-breaching party, and that the non-breaching party shall have the right, in addition to any other rights available under applicable law, to seek from any court of competent jurisdiction
preliminary and/or permanent injunctive relief to restrain any breach or threatened breach of, or otherwise to specifically enforce, any covenant or obligation of such party under this Section 6, as well as to obtain damages arising from such
violation, which rights shall be cumulative. The obligations under this Section 6 shall survive termination or expiration of this Agreement. 

6.3 Except as expressly provided in this Agreement and except to the extent required by applicable law, no news releases or other public
disclosures relating to this Agreement, or its subject matter (including without limitation, photographs, public announcements or confirmation of same) shall be made by either party without the prior written consent of the other party, which consent
shall not be unreasonably withheld. 
 SECTION 7. GENERAL PROVISIONS 

7.1 This Agreement does not create an agency, partnership or joint venture between the parties. The parties hereto agree that neither has
the authority to bind the other with respect to any matter. 
 7.2 Notices under this Agreement shall be deemed to have been
given when actually delivered by hand, via overnight courier or when mailed, postage prepaid, by registered or certified mail, return receipt requested, or by courier service to the other party at the address stated below or such other addresses as
such party may have provided by written notice. 
  

			
	 In the case of The Bancorp:
	  	 In the case of Company:

	The Bancorp, Inc.	  	Higher One, Inc.
	405 Silverside Road, Suite 105	  	25 Science Park
	Wilmington, Delaware 19809	  	New Haven, CT 06511
	Attn: Frank M. Mastrangelo	  	Attn: Contracts Admin
	Facsimile: (302) 385-5200	  	Facsimile: (203) 776-7796

 Either party may from time to
time change its address for notification purposes by giving the other party written notice of the new address and the date upon which it will become effective 

7.3 Termination or expiration of this Agreement for any reason shall not release either party from liabilities or obligations set forth
in this Agreement which (i) the parties have expressly agreed shall survive any such termination or expiration, or (ii) remain to be performed or by their nature would be intended to be applicable following any such termination or
expiration. The termination or expiration of this Agreement shall not affect any of either party’s warranties, indemnification obligations or any other matters set forth in this Agreement that would survive termination or expiration in order to
carry out their intended purpose, all of which shall survive the termination or expiration of this Agreement. 
  

 5 

 7.4 This Agreement shall be binding on the parties and their respective successors and
assigns. 
 7.5 This Agreement may become executed in several counterparts, all of which taken together shall constitute one
single agreement between the parties. 
 7.6 The Section headings used in this Agreement are for reference and convenience only
and shall not affect the interpretation of this Agreement. 
 7.7 If, but only to the extent that, any provision of this
Agreement is declared or found in a final decision to be illegal, unenforceable or void by a court of competent jurisdiction, then both parties shall be relieved of all obligations arising under such provision, it being the intent and agreement of
the parties that this Agreement shall be deemed amended by modifying such provision to the extent necessary to make it legal and enforceable while preserving its intent. 

7.8 A waiver by any of the parties of any covenants, conditions or agreements to be performed by the other party or any breach thereof
shall not be construed to be a waiver of any succeeding breach thereof or of any other covenant, condition or agreement therein herein contained. 

7.9 This Agreement, including any documents referred to in the Agreement or attached hereto, constitutes the entire and exclusive
statement of Agreement between the parties with respect to its subject matter and there are no oral or written representations, understandings, or agreements relating to this Agreement, which are not fully expressed herein. 

7.10 This Agreement shall be governed by, construed and enforced in accordance with the laws of the State of Delaware without reference
to choice of law principles. 
 7.11 In any suit or action to enforce this Agreement, or any of the terms or provisions herein
contained, the prevailing party shall be entitled to recover its part of its reasonable and customary costs and legal fees, including costs and fees for paralegals and any administrative proceedings or appeals. 

7.12 The Bancorp and the Company shall keep in full effect their existence and good standing as corporations in the State of Delaware and
will obtain and preserve their qualifications to do business as a foreign corporation in each jurisdiction in which such qualification is or shall be necessary to enable The Bancorp and the Company to perform their duties under this Agreement,
except where the failure to so qualify would not have a material adverse effect on the ability of The Bancorp or the Company to perform its duties hereunder. 
  

 6 

 IN WITNESS WHEREOF, the parties have each caused this Agreement to be signed and delivered
by its duly authorized officer or representatives as of the Effective Date. 
  

									
	The Bancorp, Inc.	 		 	Higher One, Inc.
					
	By:	 	
 

	 		 	By:	 	
 

			
	Printed Name: Frank M. Mastrangelo	 		 	Printed Name: Miles Lasater
					
	Title:	 	President	 		 	Title:	 	COO
					
	Date:	 	5/9/08	 		 	Date:	 	5/12/08

  

 7Lease Agreement

 Exhibit 10.12 

LEASE AGREEMENT 

BETWEEN 

WE 150 MUNSON LLC 

(“LANDLORD”) 

AND 

HIGHER ONE, INC 

(“TENANT”) 

 TABLE OF CONTENTS 

 

					
	1.	  	Basic Lease Information and Certain Defined Terms	  	1
	2.	  	Lease Grant	  	4
	3.	  	Possession and Term	  	4
	4.	  	Rent	  	5
	5.	  	Utilities, Expenses and Taxes	  	5
	6.	  	Use of the Premises; Licenses and Permits	  	10
	7.	  	Security Deposit	  	11
	8.	  	Insurance; Waivers of Subrogation	  	11
	9.	  	Services to be Furnished by Landlord	  	11
	10.	  	Repairs	  	13
	11.	  	Alterations by Tenant	  	14
	12.	  	Leasehold Improvements	  	17
	13.	  	Landlord’s Access; Excepted Rights	  	17
	14.	  	Indemnities and Liability	  	18
	15.	  	Casualty Damage	  	18
	16.	  	Condemnation	  	19
	17.	  	Landlord’s Covenant of Quiet Enjoyment	  	20
	18.	  	Tenant’s Obligation to Quit	  	20
	19.	  	Transfers of Tenant’s Interest	  	20
	20.	  	Transfers of Landlord’s Interest	  	22
	21.	  	Mortgagees’ Rights	  	22
	22.	  	Tenant’s Default; Landlord’s Remedies	  	23
	23.	  	Remedies Cumulative; Waivers	  	25
	24.	  	Brokers	  	25
	25.	  	Notices	  	25
	26.	  	Estoppel Certificates	  	26
	27.	  	Bind and Inure; Limited Liability of Landlord	  	26
	28.	  	Environmental Compliance	  	26
	29.	  	Redemption, Counterclaim and Jury Trial	  	29
	30.	  	Recording	  	29
	31.	  	Force Majeure	  	29
	32.	  	Captions	  	29
	33.	  	Integration	  	29
	34.	  	Severability; Choice of Law	  	30
	35.	  	Parking Premises	  	30
	36.	  	Signage	  	30
	37.	  	Ground Lease	  	30
	38.	  	Base Building Work	  	31
	39.	  	Miscellaneous	  	31
	40.	  	Renewal Option	  	33
	41.	  	Service Failure	  	34
	42.	  	Landlord Default	  	34

 LEASE AGREEMENT 

This Lease Agreement (the “Lease”) is made and entered into as of November 1, 2007, by and between WE 150 MUNSON
LLC, a Delaware limited liability company (“Landlord”) and HIGHER ONE, INC., a Delaware corporation (“Tenant”). 

BACKGROUND: 

Tenant is the tenant and Landlord is the landlord under that certain Industrial Real Estate Lease dated as of February 17, 2004, as
amended by First Amendment to Lease dated as of November 18, 2005 and Second Amendment to Lease dated as of June 30, 2006 (collectively, the “Original Lease”). It is the intention of Landlord and Tenant to enter into this
Lease as a replacement of the Original Lease, and to that end, as of the Commencement Date the Original Lease shall be and is hereby declared terminated, and Landlord and Tenant each release the other from any and all obligations and liabilities of
any kind with respect to the same. From and after the Commencement Date, this Lease shall govern the relationship of the parties as landlord and tenant. 
  

	 	1.	Basic Lease Information and Certain Defined Terms. 

(a) “Property” means the property located at 150 Munson Street, New Haven, Connecticut, as more
particularly described on Exhibit A-1, together with the Parking Premises 
 (b) “Parking
Premises” means the property located at 276 Winchester Avenue, New Haven, Connecticut, a/k/a Tract B-1, as more particularly described on Exhibit A-2. 

(c) “Building” means the buildings and all other improvements thereto, located upon and associated with
the Property. 
 (d) “Rentable Square Footage of the Building” is deemed to be 264,463 square
feet. 
 (e) “Premises” means together, the Original Premises and the Expansion Premises.

 (f) “Original Premises” means the area shown on Exhibit B, consisting of
approximately 28,950 rentable square feet and designated as “Tenant 2A – Higher One” on the first sheet and as “Tenant 3A – Higher One” on the second sheet, subject to the right of remeasurement as set forth below.

 (g) “Expansion Premises” means the area shown on Exhibit B, consisting of
approximately 16,921 rentable square feet and designated as “Tenant 3B – Higher One” on the second sheet, subject to the right of remeasurement as set forth below. 

(h) The “Rentable Square Footage of the Premises” is deemed to be 45,871 square feet, as it may hereafter
be adjusted. 
  

 1 

 (i) “Base Rent” means: 

 

											
	 Period
	  	Rent
Per RSF	  	Annual
Base Rent	 	 	Monthly
Installments
	 Lease Year 1: Commencement Date to the day prior to the Expansion Space Commencement Date
	  	$	16.00	  	$
	463,200.00
	1 
	 	$	38,600.00
	 Lease Year 1 (balance of year)
	  	$	16.00	  	$	733,936.00	  	 	$	61,161.00
	 Lease Year 2
	  	$	16.32	  	$	748,614.72	  	 	$	62,384.56

  

	1
	 Base Rent is based on the rentable square feet of the Original Premises, consisting of 28,950 square feet. 

The Base Rent may be adjusted in the event any portion of the Excess Cost, as defined in Exhibit C, is amortized over the initial Term.

 (j) “Additional Rent” means all sums (exclusive of Base Rent) that Tenant is required to pay
under this Lease. 
 (k) “Rent” means, collectively, Additional Rent and Base Rent. 

(l) “Tenant’s Pro Rata Share” means, initially, 10.95%, which shall increase to 17.34% following the
Expansion Premises Commencement Date, subject to adjustment following remeasurement of the Premises. 
 (m)
“Term” means 2 Lease Years, unless sooner terminated or extended, in accordance with the provisions set forth herein. 

(n) “Commencement Date” means the date of this Lease. 

(o) “Expansion Premises Commencement Date” means the date of Substantial Completion of the Initial
Alterations. 
 (p) “Termination Date” means June 30, 2010. 

(q) “Security Deposit”: None, 

(r) “Broker”: None. 

(s) “Permitted Use” means (i) general office and administrative uses to the extent the foregoing is
allowed at the Property pursuant to the Ground Lease and applicable Laws, and (ii) following assignment in accordance with the provisions hereof which assignment requires Landlord’s approval, any use permitted under the Ground Lease and
applicable Laws (in the event of a Permitted Transfer, the Permitted Use shall continue to be restricted to (i) above). 

(t) “Notice Addresses”: 
  

			
	 Tenant:
	  	 Higher One, Inc.
 25 Science
Park, Suite 200
 New Haven, Connecticut 06511

Facsimile: 203-776-7796
 Attention: Contract
Administrator

  

 2 

			
	 Copy to:
	  	 Wiggin and Dana LLP
 One
Century Tower
 P.O. Box 1832
 New
Haven, Connecticut 06508-1832
 Facsimile: 203-782-2889

Attention: Paul Hughes, Esq.

  

			
	 Landlord:
	  	 c/o Winstanley Enterprises LLC

150 Baker Avenue Extension, Suite 303
 Concord,
Massachusetts 01742
 Facsimile: 978-287-5050

Attention: Mr. Carter J. Winstanley

(u) “Law(s)” means all applicable statutes, codes, ordinances, orders, rules and regulations of any
municipal or governmental entity, as well as any judicial or administrative interpretation thereof, including without limitation, Laws related to the environment and human health and safety. 

(v) “Initial Alterations” means the work described in Exhibit C. 

(w) “Substantial Completion” shall have the meaning ascribed to it in Exhibit C.

 (x) “BOMA” means a measurement of rentable or useable square footage of space using the
current Building Owners and Managers Association International ANSI Z65.1 method of measurement, certified by the professional conducting the measurement. 

(y) “Lease Year” means for the first Lease Year the period from the Commencement Date
through the Expansion Premises Commencement Date plus the period commencing on the Expansion Premises Commencement Date and ending on the last day of the
12th full month thereafter (unless the Expansion Premises
Commencement Date is the first day of the month, in which event the first Lease Year shall end on the day prior to the first anniversary of the Expansion Premises Commencement Date) and the second Lease Year shall commence on the day immediately
following the expiration of the preceding Lease Year and shall end on the Termination Date 
 (z) “Base
Year” means calendar year 2008. 
 (aa) “Business Day(s)” are Monday through Saturday
of each week, exclusive of New Year’s Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day (“Holidays”). Landlord may designate additional Holidays, provided that the additional Holidays are
commonly recognized by other office buildings in the area where the Building is located. 
 (bb) “Normal
Business Hours” for the Building are 8:00 a.m. to 6:00 p.m. on weekday Business Days and 8:00 a.m. to 1:00 p.m. on Saturdays. 

(cc) “Ground Lease” shall have the meaning ascribed to it in Section 37. 

(dd) “Ground Lessor” shall have the meaning ascribed to it in Section 37. 

(ee) “Base Building Work” shall have the meaning ascribed to it in Section 38. 

 

 3 

 (ff) “Base Building MEP” shall have the meaning ascribed to
it in Section 38. 
 2. Lease Grant. 

(a) From and after the Commencement Date, Landlord leases the Original Premises to Tenant and Tenant leases the Original
Premises from Landlord, together with the right in common with others to use the Parking Premises and any portions of the Property that are designated by Landlord for the common use of tenants and others, including, without limitation, parking
areas, sidewalks, common corridors, common base building utilities, elevator foyers, restrooms, and lobby areas (the “Common Areas”). From and after the Expansion Premises Commencement Date, Landlord leases the Expansion Premises to
Tenant and Tenant leases the Expansion Premises from Landlord. The definition of Premises shall mean, initially, the Original Premises, and following the Expansion Premises Commencement Date the definition of Premises shall include both the Original
Premises and the Expansion Premises. 
 (b) Tenant represents that Tenant has inspected the Original Premises and
the Expansion Premises and the Property and is thoroughly acquainted with their condition and, subject to the completion of the Initial Alterations, takes the Original Premises and the Expansion Premises “as is”, and the taking of
possession by Tenant shall be conclusive evidence that the Original Premises and the Expansion Premises and the Property are in good and satisfactory condition at the time possession is taken by Tenant, other than for the completion of the Initial
Alterations. Except as may be expressly set forth in this Lease, neither Landlord nor Landlord’s agents have made any representations or promises with respect to the condition of the Building, the Original Premises, the Expansion Premises, the
Property or any other matter or thing relating to or affecting the Property, the Original Premises or the Expansion Premises, and no rights, easements or licenses are acquired by Tenant by implication or otherwise. The parties agree that the
foregoing shall not relieve Landlord of its maintenance, compliance and warranty obligations under this Lease. 

(c) Promptly following determination of the actual rentable square footage of the Expansion Premises, which measurement
shall be conducted in accordance with BOMA, Landlord and Tenant shall enter into an amendment to this Lease that sets forth the correct rentable square footage of the Premises, and corresponding adjustments to the Base Rent and Tenant’s Pro
Rata Share. In the event the Rentable Square Footage of the Premises is adjusted due to Landlord’s remeasurement of the Premises or in the event of an alteration or adjustment of the Common Areas or remeasurement of the Building (which Tenant
acknowledges may include the construction of a corridor on the third floor of the Building next to the Expansion Premises), which measurement shall be conducted in accordance with BOMA, Tenant’s Pro Rata Share and the amount of Base Rent
payable shall be appropriately adjusted. Promptly after such adjustment, Landlord and Tenant shall enter into an amendment that sets forth the foregoing information and adjustments. Tenant shall be entitled, at Tenant’s sole cost and expense,
to measure the Premises, which measurement shall be conducted in accordance with BOMA. In the event Tenant’s measurement differs materially from Landlord’s measurement, Landlord and Tenant shall use good faith efforts to resolve the
dispute to their mutual satisfaction. 
 3. Possession and Term. 

(a) The Term of this Lease shall commence on the Commencement Date and shall expire, unless earlier extended or terminated
in accordance with the terms hereof, on the scheduled Termination Date. 
  

 4 

 (b) Landlord shall complete, in accordance with the provisions of
Exhibit C attached hereto and made a part hereof, the Initial Alterations and shall provide Tenant with a construction allowance equal to $60.00 per rentable square foot of the Expansion Premises (“Construction
Allowance”), all as more fully described in Exhibit C. The cost of completion of the Initial Alterations shall be borne in accordance with the provisions of Exhibit C. Landlord shall use commercially reasonable
efforts to Substantially Complete the Initial Alterations by March 1, 2008. Furthermore, Tenant shall be entitled to the remedies for Landlord’s failure to obtain Substantial Completion of the Initial Alterations within the time frames as
more particularly described in Exhibit C. 
 (c) Landlord hereby consents to the use by Tenant of
the existing backup electrical generator formerly used by Alexion Pharmaceuticals, Inc. (the “Generator”). Tenant shall, at Tenant’s sole cost and expense, be responsible for the installation, permitting, operation and
maintenance of the Generator in accordance with all of the provisions of this Lease. The Generator shall be deemed a Required Removable (as defined in Article 12). 

4. Rent. 

(a) As consideration for this Lease, Tenant shall pay Landlord, without any setoff or reduction, except as otherwise
stated herein, the total amount of Rent due for the Term. Commencing on the Commencement Date, monthly Base Rent for the Premises shall be due and payable in advance on the first day of each calendar month without notice or demand as set forth in
Section 1(i) above. Commencing on the Commencement Date, Tenant shall pay to Landlord the Premises Utility Charges (as defined below) and Tenant’s Pro Rata Share of Expenses (as defined below) in excess of Expenses for the Base Year
(the “Expense Excess”), if any, and Taxes (as defined below) in excess of the Taxes for the Base Year (the “Tax Excess”), if any, as well as all other costs which are specifically set forth herein, to Landlord, upon
demand as Additional Rent, and any and all charges, costs and expenses which Landlord may, from time to time, actually incur, in connection with any amendments to, consents under and subleases and assignments of this Lease requested by Tenant and in
connection with the enforcement of rights and pursuit of the remedies of Landlord under this Lease (whether during or after the expiration or termination of the term of this Lease). Landlord and Tenant acknowledge that Tenant’s obligation to
commence paying the Expense Excess and the Tax Excess shall commence on the first day of the calendar year following the Base Year. 

(b) This Lease is intended by the parties hereto to be a so-called net or pass-through lease and the Base Rent shall be
received by Landlord net of all costs and expenses related to the Property, the Building and the Premises, except as otherwise set forth herein. The obligation to pay Rent is an independent covenant of Tenant. Tenant shall pay and be liable for all
rental, sales and use taxes (but excluding income taxes payable by Landlord), if any, imposed upon or measured by Rent under applicable Law. All payments of Rent shall be by good and sufficient check or by other means (such as automatic debit or
electronic transfer) acceptable to Landlord. All items of Rent other than Base Rent and recurring monthly charges of Additional Rent shall be due and payable by Tenant on or before 30 days after billing by Landlord. If Tenant fails to pay any item
or installment of Rent within five (5) days of the date when due, more than once in any twelve-month period, Tenant shall pay Landlord an administrative fee equal to 5% of such past due Rent. If the Expansion Premises Commencement Date occurs
on a day other than the first day of a calendar month or if the Term terminates on a day other than the last day of a calendar month, the monthly Base Rent, the Premises Utility Charges and Tenant’s Pro Rata Share of any Expense Excess or Tax
Excess for the month shall be prorated based on the number of days in such calendar month. Landlord’s acceptance of less than the correct amount of Rent shall be considered a payment on account of the earliest Rent due. No endorsement or
statements on a check or letter accompanying a check or payment shall be considered an accord and satisfaction, and either party may accept the check or payment without prejudice to that party’s right to recover the balance or pursue other
available remedies. 
  

 5 

 5. Utilities, Expenses and Taxes. 

(a) Payment of Utilities, Expenses and Taxes. 

(i) Landlord shall provide Tenant with a good faith estimate of the annual Premises Utility Charges, Expenses, Expense
Excess, Taxes and Tax Excess for each calendar year during the Term. On or before the first day of each month, Tenant shall pay to Landlord in advance without notice or demand a monthly installment equal to one-twelfth of Landlord’s estimate of
the Premises Utility Charges and Tenant’s Pro Rata Share of the Expense Excess and Tax Excess. 
 (ii) If
Landlord determines that its estimate of the Premises Utility Charges, Expenses and/or Taxes was incorrect by a material amount, Landlord may provide Tenant with a revised estimate. After its receipt of the revised estimate, Tenant’s monthly
payments shall be based upon the revised estimate. If Landlord does not provide Tenant with an estimate of the Premises Utility Charges, Expense Excess and Tax Excess by January 1 of a calendar year, Tenant shall continue to pay monthly
installments based on the previous year’s estimate(s) until Landlord provides Tenant with the new estimate. Upon delivery of the new estimate, an adjustment shall be made for any month for which Tenant paid monthly installments based on the
previous year’s estimate(s). Tenant shall pay Landlord the amount of any underpayment within 30 days after receipt of the new estimate. The portion of the overpayment that is greater than the current monthly estimate shall be refunded to Tenant
within 30 days provided Tenant is not in default past applicable notice and cure periods, in which event the overpayment shall credited against Rent due. 

(iii) As soon as is practical following the end of each calendar year, but in no event later than one hundred twenty
(120) days after the end of the calendar year, Landlord shall furnish Tenant with a statement (“Landlord’s Statement”) of the actual Premises Utility Charges, Expenses, Expense Excess, Taxes and Tax Excess for the
prior calendar year. If the estimated Premises Utility Charges, Expense Excess and/or Tax Excess for the prior calendar year is more than the actual Premises Utility Charges, Expense Excess and/or Tax Excess, as the case may be, for the prior
calendar year, the portion of the overpayment that is greater than the current monthly estimate shall be refunded to Tenant within 30 days provided Tenant is not in default past applicable notice and cure periods, in which event the overpayment
shall credited against Rent due, provided if the Term expires before the determination of the overpayment, Landlord shall refund any overpayment to Tenant after first deducting the amount of Rent due. If the estimated Premises Utility Charges,
Expense Excess and/or Tax Excess for the prior calendar year are less than the actual Premises Utility Charges, Expense Excess and/or Tax Excess, as the case may be, for such prior year, Tenant shall pay Landlord, within 30 days after its receipt of
Landlord’s Statement, any underpayment for the prior calendar year. 
 (b) Utilities. 

(i) The electricity provided to the Premises shall be sub-metered or check-metered and the actual costs of electricity
used and consumed by Tenant at the Premises, net of all discounts and rebates received by Landlord in connection therewith (the “Premises Utility Charges”) shall be paid by Tenant to Landlord as provided above. 

(ii) All other utilities used and consumed at the Building shall be included as part of Expenses, and Tenant shall pay to
Landlord its pro-rata share as provided above. 
  

 6 

 (c) Expenses Defined. “Expenses” means all costs and
expenses incurred in each calendar year in connection with operating, maintaining, repairing, and managing the Building and the Property including, but not limited to: 

(i) Labor costs, including, wages, salaries, social security and employment taxes, medical and other types of insurance,
uniforms, training, and retirement and pension plans. 
 (ii) Management fees, the cost of equipping and
maintaining a management office, accounting and bookkeeping services, legal fees not attributable to leasing or collection activity, and other administrative costs. Landlord, by itself or through an affiliate, shall have the right to directly
perform or provide any services under this Lease (including management services), provided that the cost of any such services shall not exceed the cost that would have been incurred had Landlord entered into an arms-length contract for such services
with an unaffiliated entity of comparable skill and experience. 
 (iii) The cost of services, including amounts
paid to service providers and independent contractors and the rental and purchase cost of parts, suppliers, tools and equipment. 

(iv) Premiums and deductibles paid by Landlord for insurance, including workers compensation, fire and extended coverage,
earthquake, general liability, rental loss, environmental, elevator, boiler and other insurance customarily carried from time to time by owners of comparable buildings. 

(v) Costs and charges for and in connection with (A) utilities delivered to, used and consumed at the Property,
including, without limitation, electricity, water, ventilation, gas, steam and sewer, but excluding Premises Utility Charges and those charges for which Landlord is reimbursed by other tenants; and (B) an energy management program for the
Property. 
 (vi) The cost of all window and other cleaning and janitorial, snow and ice removal and security
services. 
 (vii) The cost of maintenance, repair and replacement of (i) exterior and interior plantings
and landscaping and (ii) Common Areas, including, without limitation, parking areas, driveways, sidewalks and parking garages (if any) at the Property. 

(viii) The amortized cost of capital improvements (as distinguished from non-capitalized costs of replacement parts or
components installed in the ordinary course of business) and alterations and improvements made to the Property including those which are: (A) performed primarily to reduce operating expenses costs or otherwise improve the operating efficiency
of the Property; or (B) required to comply with any Laws, provided the foregoing shall not include the costs of the Initial Alterations, Base Building Work or other costs Landlord incurs to build out space for other tenants nor other costs
specifically excluded below. The cost of capital improvements shall be amortized by Landlord over the useful life as reasonably determined by Landlord in accordance with generally accepted accounting principals “GAAP.” The amortized
cost of capital improvements shall include actual interest or imputed interest at the rate that Landlord would reasonably be required to pay to finance the cost of the capital improvement. 

(ix) The costs and expenses shared between the Property and one or more other buildings or properties, whether pursuant to
a reciprocal easement agreement, common area agreement or otherwise, as equitably prorated and apportioned between the Property and the other buildings and properties, to the extent such costs and expenses are allowed by this Section. 

 

 7 

 (x) Expenses shall not include: depreciation; interest (except as provided
above for the amortization of capital improvements); principal payments of mortgage and other non-operating debts of Landlord; the cost of repairs or other work to the extent Landlord is reimbursed by insurance or condemnation proceeds; costs in
connection with leasing space in the Building, including without limitation brokerage commissions; lease concessions, such as rental abatements and construction allowances granted to specific tenants; costs incurred in connection with the sale,
financing or refinancing of the Building; fines, interest and penalties incurred due to the late payment of Taxes or Expenses or for violations of Law; organizational expenses associated with the creation and operation of the entity which
constitutes Landlord; any penalties or damages that Landlord pays to Tenant under this Lease or to other tenants in the Building under their respective leases; any costs or expenses representing any amount paid for services and materials (personal
or business) to a related person, firm, or entity to the extent such amount exceeds the amount that would have been paid for such service or materials at the then existing market rates in the absence of such relationship; compensation paid to any
employee of Landlord above the grade of Property Manager including officers and executives of Landlord; the cost of any work or service available and furnished to any tenant or occupant of the Property to a materially greater extent or in a
materially more favorable manner than that available generally to tenants and other occupants of the Property or the costs of work or service furnished exclusively for the benefit of any tenant or occupant of the Property or at such tenant’s
cost; the costs and expenses incurred in resolving disputes with other tenants, other occupants, or prospective tenants or occupants of the Property, collecting rents or otherwise enforcing leases of Tenants of the Property; costs incurred in
connection with the presence, emission or release of any Hazardous Substances in violation of applicable Laws; costs incurred in remediation of any Hazardous Substances unless resulting from a Release of Hazardous Substances generated by Tenant or
the Tenant Parties; the costs of repairs or maintenance which are covered by warranties and service contracts in existence on the Commencement Date and to the extent such maintenance and repairs are made at no cost to Landlord; the costs of any work
or service performed for any building other than the Building; the costs of repairs, alterations, and general maintenance necessitated by the negligence or willful misconduct of Landlord or its agents, employees, or contractors or repairs,
alterations, and general maintenance necessitated by the negligence or willful misconduct of any other tenant (including Tenant) or occupant of the Building or Property or any of their respective agents, employees, contractors, invitees, or
licensees; the costs for sculptures, paintings, wall hangings, or other objects of art, including, without limitation, costs incurred with respect to the purchase, ownership, leasing, repair and/or maintenance of same; and any other cost or expense
which, under GAAP, consistently applied, would not be a normal or customary maintenance or operating expense of the Building, including bad debt expenses and charitable contributions and donations; reserves; costs incurred in connection with
upgrading the Building to comply with Laws in effect prior to the Commencement Date, including, without limitation the Americans with Disabilities Act Accessibility Guidelines for Buildings and Facilities (the “ADAAG”); legal fees
in excess of $5,000 for approval by Landlord of an amendment, consent, sublease or assignment of this Lease; costs for utilities consumed by other tenants or Landlord that exceed the standard allocation of utilities for non-laboratory space, as
reasonably determined by Landlord; shared costs and expenses associated with other properties to the extent equitably allocated to such other properties; parking; and the costs to construct the new parking garage to be constructed by Landlord as
described in Article 35. If the Building is not at least 95% occupied during any calendar year or if Landlord is not supplying services to at least 95% of the total Rentable Square Footage of the Building at any time during a calendar year, Expenses
shall, at Landlord’s option, be determined as if the Building has been 95% occupied and Landlord had been supplying service to 100% of the Rentable Square Footage of the Building during that calendar year; provided, however, the only costs that
shall be adjusted in this manner shall be variable Expenses where the amount of such expense is directly related to the level of occupancy or the square footage area receiving a particular service and further provided the Base Year shall also be
“grossed up” in the same manner. (As an example of a gross-up: Assume (i) the Property consists only of 4 equal tenant spaces, all occupied, each of which then has a pro rata share of expenses of 25%; and (ii) Landlord has life
safety inspections performed in each space at a cost of $100.00 per space – for a total of $400.00 for all (it is a variable cost, not a fixed cost for the Building). Assume then that 2 tenants vacate and Landlord then

  

 8 

 
conducts life safety only in the 2 remaining occupied spaces – still at $100.00 per space. Landlord’s cost is now $200.00. If one tenant paid its pro rata share of 25%, it would pay
only $50.00 and Landlord would be unable to recoup all of its cost. Landlord shall then “gross up” the cost to be $400.00 and Tenant will pay its 25%, which equates to the $100.00 cost Landlord actually incurs in delivering that service to
Tenant’s space.) Landlord shall not utilize the foregoing “gross-up” provision to recover fixed costs related to unleased space. 

(d) Taxes Defined. “Taxes” shall mean: (i) all real estate taxes and other assessments on the
Building and/or Property, including, but not limited to, assessments for special improvement districts and building improvement districts, but only to the extent such assessments are uniformly included in Taxes for all tenants in the Building not
exempt from said assessments, taxes and assessments levied in substitution or supplementation in whole or in part of any such taxes and assessments and the Property’s equitable share of any real estate taxes or assessments under any reciprocal
easement agreement, common area agreement or similar agreement as to the Property; (ii) all personal property taxes for property that is owned by Landlord and used in connection with the operation, maintenance and repair of the Property; and
(iii) all costs and fees incurred in connection with seeking reductions in any tax liabilities described in (i) and (ii), including, without limitation, any reasonable costs incurred by Landlord for compliance, review and appeal of tax
liabilities, but only to the extent Landlord is successful in reducing such tax liabilities. Without limitation, Taxes shall not include any income, capital levy, franchise, capital stock, gift, estate or inheritance tax. If an assessment is payable
in installments, Taxes for the year shall include the amount of the installment and any interest due and payable during the year. For all other real estate taxes, Taxes for that year shall, at Landlord’s election, include either the amount
accrued, assessed or otherwise imposed for the year or the amount due and payable for that year, provided that Landlord’s election shall be applied consistently throughout the Term. If a change in Taxes is obtained for any year of the Term
during which Tenant paid Tenant’s Pro Rata Share of any Taxes, then Taxes for that year will be retroactively adjusted and Landlord shall provide Tenant with a refund, if any, based on the adjustment. Tenant shall pay Landlord the amount of
Tenant’s Pro Rata Share of any such increase in the Taxes within 30 days after Tenant’s receipt of a statement from Landlord. If Taxes are reduced for the Property which reduction is attributable to the presence and occupancy of Tenant at
the Property, such as by a tax abatement program, then the amount of such reduction which is so attributable to Tenant shall be passed through to Tenant. 

(e) Audit Rights. Tenant may, within 90 days after receiving Landlord’s Statement, give
Landlord written notice (“Review Notice”) that Tenant intends to review Landlord’s records used to prepare Landlord’s Statement for that calendar year. Within a reasonable time after receipt of the Review Notice, Landlord
shall make all pertinent records available for inspection that are reasonably necessary for Tenant to conduct its review. Tenant may inspect the records at the office of Landlord or Landlord’s property manager in New Haven, Connecticut. If
Tenant retains an agent to review Landlord’s records, the agent must be employed by a licensed CPA firm. Tenant shall be solely responsible for all costs, expenses and fees incurred for the audit, except that in the event it is determined that
Landlord overcharged Tenant by more than 7 1/2% of
the aggregate shown on the applicable Landlord’s Statement, Landlord shall reimburse Tenant for the reasonable cost of such audit, not to exceed $2,500.00. Within 60 days after the records are made available to Tenant, Tenant shall have the
right to give Landlord written notice (an “Objection Notice”) stating in reasonable detail any objection to Landlord’s Statement for that year. If Tenant fails to give Landlord an Objection Notice within the 60 day period or
fails to provide Landlord with a Review Notice within the 90 day period described above, Tenant shall be deemed to have approved Landlord’s Statement and shall be barred from raising any claims regarding Landlord’s Statement for that year.
If Tenant provides Landlord with a timely Objection Notice, Landlord and Tenant shall work together in good faith to resolve any issues raised in Tenant’s Objection Notice. If Landlord and Tenant determine that costs included in Landlord’s
Statement for the calendar year are, in the aggregate, less than 
  

 9 

 
reported, Landlord shall provide Tenant at Landlord’s option either a refund of the amount of overpayment or with a credit against the next installment of Additional Rent in the amount of
any overpayment by Tenant. Likewise, if Landlord and Tenant determine that costs included in Landlord’s Statement for the calendar year are, in the aggregate, greater than reported, Tenant shall pay Landlord the amount of any underpayment
within 30 days. The records obtained by Tenant shall be treated as confidential. In no event shall Tenant be permitted to examine Landlord’s records or to dispute Landlord’s Statement unless Tenant has paid and continues to pay all Rent
when due. 
 (f) Contest. Subject to the rights of any Mortgagees (as defined below), Landlord may, at the
request of Tenant or any other tenant or tenants of the Building, use reasonable efforts to obtain an abatement of or to contest or review by legal proceedings or otherwise any such tax, levy, charge or assessment. In such event Tenant and such
other tenants shall pay such tax, levy, charge or assessment (under protest, if necessary). Tenant shall pay as Additional Rent Tenant’s Pro Rata Share of (i) any such tax, levy, charge or assessment that may be determined to be due and
(ii) any and all costs or expenses (including reasonable attorneys’ fees) Landlord may incur in connection with any such proceedings, if such proceedings are requested by Tenant. Tenant shall be entitled to share in any refund or
abatement, net of such costs and expenses, which may be made of any tax, levy, charge or assessment in the same proportion that the same was paid by Tenant or with Tenant’s funds. 

(g) Personal Property Taxes. Tenant shall pay for all ad valorem taxes on its personal property, if any, and on the
value of all tenant improvements and Initial Alterations to the extent the same are taxed as personal property or exceed a building standard build-out. 

6. Use of the Premises; Licenses and Permits. 

(a) The Premises shall be used only for the Permitted Use and for no other use whatsoever. Tenant shall not use or permit
the use of the Premises for any purpose that, in Landlord’s reasonable opinion, unreasonably disturbs any other tenants of the Building or persons having business with them, or constitutes a nuisance or materially interferes with the operation
of the Building. 
 (b) Tenant shall comply with all Laws (i) regarding the operation of Tenant’s
business that may adversely affect Landlord and/or the Building and with respect to any Alterations made by Tenant as to the configuration of the Premises, including, without limitation the ADAAG; (ii) concerning the occupancy of the Premises
provided the Laws are of a type or nature with which only Tenant or occupant can enforce compliance, such as workplace smoking and maximum occupancy and are not laws that generally apply to occupancy, such as sprinklers and smoke detection systems,
which shall be Landlord’s responsibility (and shall be part of Expenses); and (iii) which are applicable to Tenant’s particular and specific use and manner of use of the Premises. Tenant shall provide to Landlord, promptly following
request, copies of all permits, licenses and other approvals necessary or required for the lawful operation of Tenant’s business. Law or Laws shall, for this purpose, also include laws and requirements of the National Board of Fire Underwriters
and Tenant’s insurance companies, which are applicable to all or any part of the physical condition and occupancy of the Building, the Common Areas, or the Property or additions thereto. Tenant, within 10 days after receipt, shall provide
Landlord with copies of any notices it receives regarding a violation of any Laws. Tenant shall comply with the rules and regulations of the Building attached as Exhibit D and such reasonable and non-discriminatory rules and
regulations adopted by Landlord, as may be changed from time to time at Landlord’s discretion. 
 (c)
Landlord covenants and agrees that the condition and configuration of the Common Areas shall comply with Laws including, without limitation, the ADAAG, the cost of which shall, subject to and in accordance with the provisions of Article 5 hereof, be
included in Expenses. 
  

 10 

 7. Security Deposit. 

Intentionally Omitted 

8. Insurance; Waivers of Subrogation. 

(a) Tenant shall, at its own cost and expense, obtain and throughout the Term shall maintain (i) ISO Simplified
Commercial General Liability insurance (with contractual liability rider) for bodily injury or death and property damage occurring to, upon or about the Premises providing, on an occurrence basis, a minimum combined single limit of $3,000,000, which
may be met by a combination of primary and umbrella insurance; (ii) All Risk Property Insurance, including flood and earthquake, written at replacement cost value and with a replacement cost endorsement covering all of Tenant’s trade
fixtures, equipment, furniture and other personal property within the Premises (“Tenant’s Property”); (iii) Worker’s Compensation Insurance as required by the state in which the Premises is located and in amounts as
may be required by applicable statute; and (iv) Employers Liability Coverage of at least $1,000,000 per occurrence. Insurance shall be written by with companies qualified to do business in the state in which the Premises is located and
reasonably acceptable to Landlord and its Mortgagee (as defined below). Tenant’s current insurer, Travelers, is acceptable. All Commercial General Liability insurance policies shall name Tenant as a named insured and Landlord (or any
successor), its property manager(s), and its Mortgagee(s), and other designees of Landlord as their respective interests may appear, as additional insureds. All policies of Tenant’s insurance shall contain endorsements that the insurer(s) shall
give (and not merely endeavor to give) Landlord, its Mortgagee(s) and its designees at least 30 days’ advance written notice of any change, cancellation, termination or lapse of insurance. Tenant shall provide Landlord with evidence of
insurance evidencing Tenant’s insurance prior to the earlier to occur of the Commencement Date or the date Tenant is provided with possession of the Premises for any reason, and upon renewals at least 15 days prior to the expiration of the
insurance coverage. Except as specifically provided to the contrary, the limits of Tenant’s insurance shall not limit its liability under this Lease. The risk of loss to Tenant’s Property is upon Tenant, and Landlord shall have no
liability with respect thereto, except to the extent caused by the gross negligence or willful misconduct of Landlord or the Landlord Parties. 

(b) Landlord shall maintain, the cost of which shall be included in Expenses, on the Premises and the Building (i) a
policy of standard fire and extended coverage insurance, with vandalism and malicious mischief endorsements, in the amount of the full replacement value of the Building as the value may exist from time to time, excluding foundations and footings,
and (ii) ISO simplified Commercial General Liability Insurance (with contractual liability rider), on an occurance bases, with a combined single limit of $5,000,000, which may be met by a combination of primary and umbrella insurance.

 (c) Notwithstanding anything to the contrary contained in this Lease, Landlord and Tenant release each other
and any party claiming by, through or under Landlord or Tenant, as the case may be, from all liability for damage to any property that is caused by or results from a risk which is actually insured against or which is required to be insured against
under this Lease without regard to the negligence or willful misconduct of the entity so released. Each party shall cause each insurance policy it obtains to provide that the insurer thereunder waives all right of recovery by way of subrogation as
required herein in connection with any injury or damage covered by the policy. 
 9. Services to be Furnished by
Landlord. 
 (a) Landlord agrees to furnish Tenant with the following Building systems and services on a
year-round basis: (i) hot and cold potable water service for use in common lavatories; 
  

 11 

 (ii) domestic cold water through the base Building system described in the Base Building
MEP; (iii) condenser water, pre-conditioned and delivered through the condenser loop as described in the Base Building MEP to supply Tenant specific heating, ventilating and air conditioning systems within the Premises; (iv) tempered fresh
air delivered through the base Building system as described in the base Building MEP; (v) drainage system for domestic water and sanitary waste at locations approved and designated by Landlord in the Base Building MEP; (vi) maintenance and
repair of the Property as, and to the extent, described in Section 10(c); (vii) access to the Premises 24 hours a day, 7 days a week; (viii) elevator service 24 hours a day, 7 days a week (at lease 1 elevator shall be operational at
all times), (ix) janitorial services, (x) security service 24 hours a day, 7 days a week, (xi) snow and ice removal from Common Areas, and (xii) such other services as Landlord reasonably determines are necessary or appropriate
for the Property. Landlord’s expenses incurred in maintaining, repairing and operating the Building systems and providing the foregoing services shall be Expenses payable by Tenant in accordance with the provisions of Article 5 hereof.
Notwithstanding the foregoing, if Tenant requests any additional (i.e. after Normal Business Hours) or special services from Landlord, then Tenant shall pay to Landlord the standard reasonable charge for such service(s) (which standard charge shall
reflect Landlord’s costs incurred in providing such service(s)) with such after-hours charge being equitably pro-rated among all tenants (including Tenant) utilizing such services. Tenant shall have the right to have its service providers
install customary telecommunication facilities, and Landlord shall, upon request, enter into commercially reasonable access agreements with Tenant’s service providers, provided that if such service providers require additional space in the
Building outside the Premises, Tenant shall pay Rent on such space at the current rate applicable to the Premises. 

(b) Tenant’s use of utilities shall not exceed, either in voltage, pressure, rated capacity, or overall load (as
applicable), that which Landlord deems to be standard for the Building and allocated to the Premises, as the same may be increased by any Significant Capital Expansion (as defined below). 

(c) Landlord shall not be required to provide utilities, heat, air conditioning, or ventilation to the Premises if any
action of Tenant or Force Majeure (as defined below) makes it impossible for Landlord reasonably to do so. Further, Landlord shall not be liable for interruption, curtailment, stoppage, suspension or change of character or quantity of services and
utilities (“Service Failure”) when necessary by reason of accident or emergency or suspension of utility services, when changed by the utility corporation providing such utility, or when necessary for repairs, alterations,
replacements or improvements desirable or necessary in the reasonable judgment of Landlord or for any cause beyond the control of Landlord. In the event of a Service Failure, there shall be no diminution or abatement of Rent or other charges due
from Tenant to Landlord hereunder and Tenant’s obligations hereunder shall not be affected or reduced, such Service Failure shall not constitute a constructive eviction of Tenant, and Landlord shall have no responsibility or liability for any
such Service Failure. Notwithstanding the foregoing, in the case of a Service Failure that renders the Premises unusable for Tenant’s normal business purposes, Landlord shall take commercially reasonable steps to restore the interrupted
utilities or services as soon as practicable. 
 (d) Electrical service to the Premises may be furnished by one
or more companies providing electrical generation, transmission and distribution services, and the cost of electricity may consist of several different components or separate charges for such services, such as generation, distribution and stranded
cost charges. Landlord shall have the exclusive right to select any company providing electrical service to the Premises, to aggregate the electrical service for the Property and the Premises with other buildings, to purchase electricity through a
broker and/or buyers group and to change the providers and manner of purchasing electricity. Landlord shall be entitled to receive a fee (if permitted by law) for the selection of utility companies and the negotiation and administration of contracts
for electricity, provided that the amount of such fee shall not exceed 20% of any savings obtained by Landlord. 
  

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 (e) Notwithstanding anything in this Lease to the contrary, Landlord may, at
Landlord’s discretion, change the method in which it manages and bills for consumption of utilities and HVAC at the Building. Such changes may include, without limitation, (A) the installation of check meters, sub meters and/or consumption
meters that measure Tenant’s actual use of electricity, gas, domestic water, condenser water, heating, ventilation, air conditioning, steam and other utilities used or consumed at the Premises or a portion thereof, and (B) establishment of
base levels at which building mechanical, electrical and plumbing services shall be delivered to tenants, which may include separate levels dependant on the type of use of the Premises or portions thereof (for example, laboratory versus office use),
and above which Tenant shall be required to pay a surcharge for such additional consumption of utilities and/or HVAC. In such event, if deemed necessary by Landlord, Landlord and Tenant shall enter into an amendment to this Lease reasonably
acceptable to the parties that sets forth the changes to how utilities and HVAC will be managed and billed. If such change increases Tenant’s costs for such items by more than ten percent (10%), then Tenant shall not be responsible for payment
of said items that exceed ten percent (10%). 
 10. Repairs. 

(a) From and after the commencement of and during the Term, and except as set forth in this Lease, Tenant shall, at its
own cost and expense: (i) make interior non-structural repairs, replacements and renewals necessary to keep the Premises in as good condition, order and repair as the same are at the commencement of the Term or thereafter may be put, reasonable
wear and use and damage by fire or other casualty only excepted (it being understood, however, that the foregoing exception for reasonable wear and use shall not relieve Tenant from the obligation to keep the Premises in good order, repair and
condition), (ii) perform routine maintenance, repair and replacement (except for replacement to be performed by Landlord as described below) of the heating, ventilating and air conditioning units exclusively servicing the Premises (the
“HVAC Units”) and shall maintain a service contract for the HVAC Units with a reputable HVAC service provider; (iii) perform routine maintenance and repair; of all other utilities within the Premises, including, without
limitation, those required to plumbing, mechanical and electrical systems exclusively serving the Premises up to and including the tie-in or point of connection to the Building systems, but excluding fire safety systems such as sprinklers, smoke
detectors and fire alarm systems; (iv) make all other repairs, replacements and renewals which are required due to the negligence or willful misconduct of Tenant, (v) keep and maintain all portions of the Premises in a clean and orderly
condition, free of accumulation of dirt, rubbish, and other debris, and (vi) maintain, repair and replace electronic, phone and data cabling and related equipment (collectively, “Cable”) that is installed by or for the
exclusive benefit of Tenant and located in the Premises and other portions of the Building. If Tenant fails to make any repairs to the Premises for more than fifteen (15) days after notice from Landlord, or such other reasonable time given the
nature and urgency of the repair (although notice shall not be required if there is an emergency), Landlord may make the repairs, and Tenant shall pay the reasonable cost of the repairs to Landlord within thirty (30) days after receipt of an
invoice. Notwithstanding that Tenant is responsible for HVAC Units as set forth in Section 10(a)(ii) above, Landlord shall perform said responsibilities on behalf of Tenant and shall directly charge Tenant for the costs thereof, which charge
shall be in addition to all other items of Rent payable by Tenant under this Lease. Such charge shall be estimated by Landlord on an annual basis and Tenant shall pay to Landlord 1/12 of such estimate on a monthly basis with other items of Rent,
with the amounts paid and the amount of the cost reconciled in accordance with the procedure set forth in Section 5(a)(iii). 
  

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 (b) Landlord shall, to the extent possible, assign to Tenant the benefit of
any warranties in effect which would mitigate Tenant’s expense and/or obligations to perform repairs as set forth above. Landlord further agrees to use commercially reasonable efforts to enforce all warranties held by Landlord and to cooperate
with Tenant in the enforcement of any warranties assigned to Tenant. The foregoing shall include enforcement of the warranties provided by Landlord’s contractors who perform the Initial Alterations. 

(c) From and after the commencement of and during the Term, Landlord shall (i) make all necessary repairs,
replacements and renewals, interior and exterior, structural and non-structural, to keep the roof of the Building free of leaks and to keep the parking areas, foundation, floor slabs and other structural supports of the Building in good and sound
condition; (ii) as necessary, make replacements to the HVAC Units serving the Premises, which shall include making replacements to major components thereof that exceed $7,500 per replacement; and (iii) keep the Building and all electrical,
mechanical, plumbing and other Building systems serving the Building in general, but excluding those systems exclusively serving the Premises (other than fire safety systems which shall be Landlord’s responsibility) and excluding the tie-in or
point of connection with those systems, in as good condition, order and repair as the same are at the commencement of the Term or thereafter may be put, damage by fire or other casualty only excepted. The costs and expenses of Landlord’s
repairs, replacements and renewals shall be considered Expenses, subject to the limitations contained therein (including, without limitation, the requirement that certain expenses be capitalized). 

(d) Tenant shall not place a load upon any floor of the Premises which exceeds the load per square foot which such floor
was designed to carry and which is allowed by Law. 
 (e) Except for its gross negligence or willful misconduct,
Landlord shall have no liability to Tenant nor shall Tenant’s covenants and obligations under this Lease be reduced or abated in any manner whatsoever by reason of any inconvenience, annoyance, interruption or injury to business arising from
Landlord’s making any repairs or changes which Landlord is permitted to perform by this Lease, in or to any portion of the Premises, or the Building and other improvements to the Premises so long as Landlord uses commercially reasonable efforts
to minimize any resulting disruption to Tenant’s access to and use of the Premises. 
 11. Alterations by
Tenant. 
 (a) Tenant shall not make any changes or alterations in or to the Premises (including, without
limitation, installation of Cable) or that adversely affect the safety, structure, value or architectural integrity of the Building. Any such change or alteration is hereinafter referred to as an “Alteration” or
“Alterations.” Any Alteration shall be made on the following conditions: (i) before proceeding with any Alteration, Tenant shall submit to Landlord for Landlord’s approval plans and specifications for the work to be done,
and Tenant shall not proceed with such work until it obtains Landlord’s approval which consent shall not be unreasonably withheld; (ii) Tenant shall pay to Landlord upon demand the reasonable out-of-pocket cost and expense of Landlord in
(A) reviewing said plans and specifications and (B) inspecting the Alterations to determine whether the same are being performed in accordance with the approved plans and specifications and all laws and requirements of public authorities,
including, without limitation, the reasonable fees of any architect or engineer employed by Landlord for such purpose; (iii) the entire cost of the Alterations shall be borne by Tenant; and (iv) upon completion, Tenant shall furnish
“as-built” plans except for Cosmetic Alterations (as defined below), completion affidavits, full and final waivers of lien rights and receipted bills covering all labor and materials. 

 

 14 

 (b) Tenant, at its expense, shall obtain all necessary governmental permits
and certificates, if any, for the commencement and prosecution of Alterations and for final approval thereof upon completion, and shall cause Alterations to be performed in compliance therewith and with all applicable Law and requirements of public
authorities and with all applicable requirements of insurance bodies. Alterations shall be diligently performed in a good and workmanlike manner, using materials and equipment of a quality that is at least equal to the quality designated by Landlord
as the minimum standard for the Building. Alterations shall be performed by contractors first approved by Landlord which approval shall not be unreasonably withheld, and if the Alterations involve the structure, systems, roof, or foundations of the
Building, Landlord shall have the right to require that Tenant use contractors designated by Landlord. Alterations shall be performed in such manner as not to unreasonably interfere with or delay and as not to impose an additional expense upon
Landlord in the construction, maintenance, repair or operation of the Premises; and if any such additional expense shall be incurred by Landlord as a result of Tenant’s performance of any Alterations, Tenant shall pay such reasonable
out-of-pocket additional expense within thirty (30) days after delivery of an invoice. Throughout the performance of Alterations, Tenant shall cause its general contractor to carry workers’ compensation insurance in statutory limits and
general liability insurance, with completed operation endorsement, for any occurrence in or about the Premises, under which Landlord and its Mortgagees shall be named as additional insureds, in such limits as Landlord may reasonably require, with
insurers reasonably satisfactory to Landlord. Tenant shall furnish Landlord with reasonably satisfactory evidence that such insurance is in effect at or before the commencement of Alterations and, on request, at reasonable intervals thereafter
during the continuance of Alterations. If any Alterations shall involve the removal of any fixtures, equipment or other property in the Premises which are not Tenant’s Property, such fixtures, equipment or other property shall be promptly
replaced at Tenant’s expense with new fixtures, equipment or other property of like utility and at least equal value unless Landlord shall otherwise expressly consent. 

(c) Tenant, at its expense, and with diligence and dispatch, shall procure the cancellation or discharge of all notices of
violation arising from or otherwise connected with Alterations, or any other work, labor, services or materials done for or supplied to Tenant, or any person claiming through or under Tenant, which shall be issued by the town or city in which the
Property is located or any other public authority having or asserting jurisdiction. Tenant, at its expense, shall procure the satisfaction or discharge of record of all mechanics’ and other liens and encumbrances filed or attaching in
connection with Alterations within thirty (30) days after Tenant’s receipt of notice of the filing or attachment thereof. If Tenant fails to discharge a lien or encumbrance, then, in addition to any other right or remedy of Landlord,
Landlord may bond or insure over the lien or encumbrance or otherwise cause it to be discharged. Tenant shall reimburse Landlord for any amount paid by Landlord in exercising said rights, including, without limitation, reasonable attorneys’
fees (if and to the extent permitted by Law) within 30 days after receipt of an invoice from Landlord. 
 (d)
Notwithstanding anything herein to the contrary, Landlord’s consent shall not be required for any Alteration that satisfied all of the following criteria (a “Cosmetic Alteration”): (i) is of a cosmetic nature such as
painting, wallpapering, hanging pictures and/or installing carpeting; (ii) is not visible from the exterior of the Premises or Building; (iii) will not affect the systems or structure of the Building; (iv) does not require work to be
performed inside the walls or at, above or to the ceiling of the Premises, and (v) does not exceed $25,000 in cost. However, even though consent is not required, the performance of Cosmetic Alterations shall be subject to all the other
provisions of this Article. 
 (e) Tenant agrees that any review or approval by Landlord of any plans or
specifications with respect to any Alterations is solely for Landlord’s benefit, and without any representation or warranty whatsoever to Tenant with respect to the adequacy, correctness or efficiency thereof or otherwise, and such approval
shall not be deemed to be agreement or consent to the Alterations so as to give rise to lien or other rights to attach or encumber the Property or the Premises. 
  

 15 

 (f) In the event Tenant elects to perform any Alteration which causes or
shall cause any one or both of the following two elements to occur: (y) an exceedance of delivery of outside air in the Premises or a portion thereof beyond the delivery of cubic feet per minute (“CFM”) of outside air that
Landlord has allocated for the Premises or portion thereof as set forth in the Base Building MEP; or (z) an exceedance of the watts per square foot (“WSF”) of demand power in the Premises or portion thereof beyond the WSF of
demand power that Landlord has allocated for the Premises or portion thereof as set forth in the Base Building MEP, and as a result of such Alteration Landlord incurs or shall incur a capital expense to upgrade the Building’s CFM or WSF
capacity to meet such demand, as the case may be (in each instance, a “Significant Capital Expansion”), then Tenant shall pay its Pro Rata Share of Significant Capital Expansion (as defined below). Tenant may elect to pay its Pro
Rata Share of Significant Capital Expense (x) in one lump sum payment or (y) to amortize such amount over the remainder of the Term, provided the amortization of such amount shall include actual or imputed interest at the rate that
Landlord would reasonably be required to pay to finance the cost thereof; provided, further, that the rate of imputed interest shall not exceed the Prime Rate (as defined in Section 19(b) below) in effect from time to time plus two percent
(2%) per annum. Following the completion of the Signification Capital Expansion, the Base Building MEP shall be revised to contain the new allocations of CFM and WSF to each of the Exceedance Tenants (as defined below). This section 9(d) shall
also be applicable to any further Alterations performed by Tenant that result in the necessity for an additional Significant Capital Expansion, provided that Tenant’s Pro Rata Share of Significant Capital Expansion shall be based on the then
current Base Building MEP, as revised following the previous Significant Capital Expansion. Notwithstanding the foregoing, this Section 11(f) shall not be applicable to Higher One, Inc. or any assignee of Higher One, Inc. that uses the Premises
for general office and administrative use. 
 For purposes of this Section 11(f): 

(i) “Pro Rata Share of Significant Capital Expense” shall be an amount equal to (A) the product of
(y) the amount of the Significant Capital Expense multiplied by (z) the Tenant’s Exceedance Factor, divided by (B) the Aggregate Exceedance Factor. 

(ii) “Exceedance Factor(s)” shall equal, for each Exceedance Tenant, the product of the Exceedance Amount
multiplied by such Exceedance Tenant’s usable square footage, as reasonably determined by the Landlord. 

(iii) “Aggregate Exceedance Factor” shall equal the sum of all Exceedance Factors. 

(iv) “Exceedance Tenant(s)” shall mean those tenants of the Building, including Tenant, who have or shall
have at the time of the completion of the Significant Capital Expense, an Exceedance Amount. 
 (v)
“Exceedance Amount” shall equal, for each Exceedance Tenant, the aggregate amount by which such Exceedance Tenant has exceeded (A) the CFM for delivery of outside air to such Exceedance Tenant’s space beyond the CFM for
delivery of outside air set forth in the Base Building MEP allocated to such Exceedance Tenant; and/or (B) the WSF of demand power in such Exceedance Tenant’s space beyond the WSF of demand power set forth in the Base Building MEP
allocated to such Exceedance Tenant. Calculations for the determination of the Exceedance Amount shall be made on the basis of the usable square footage of the space as the allowance for each as identified in the Base Building MEP is on the basis of
usable square footage. 
  

 16 

 12. Leasehold Improvements. 

All improvements to the Premises, including, without limitation, Alterations, are collectively referred to herein as
“Leasehold Improvements.” Tenant shall remove, at Tenant’s expense, the following (collectively referred to as “Required Removables”): (a) Cable installed by or for the exclusive benefit of Tenant and
located in the Premises or other portions of the Building; and (b) any or all Leasehold Improvements that are performed by or for the benefit of Tenant. Notwithstanding the foregoing, Landlord may allow Tenant to leave Leasehold Improvements
that are, in Landlord’s reasonable judgment, typical office improvements that do not materially increase the removal, repair and/or installation costs of future tenant improvements, all of the foregoing of which shall be owned by Landlord and
shall remain at the Premises without compensation to Tenant. Furthermore, Tenant, at the time it requests approval for a proposed Alteration, may request in writing that Landlord advise Tenant whether the Alteration or any portion of the Alteration
will be designated as a Required Removable. Within ten (10) days after receipt of Tenant’s request, Landlord shall advise Tenant in writing as to which portions of the Alteration, if any, will be considered to be Required Removables. By way of
illustration and not of limitation, the following items will typically be included as Required Removables: internal stairways, raised floors, rolling file systems, equipment and property permanently affixed to the Premises or the Building systems,
building and roof penetrations and structural alterations and modification of any type. If Landlord elects to retain any of the Leasehold Improvements, Tenant covenants that (i) such Leasehold Improvements will be surrendered in good condition,
free and clear of all liens and encumbrances and (ii) if Cable is to be surrendered, it shall be left in safe condition, properly labeled at each end and in each telecommunications and/or electrical closet and junction box. 

13. Landlord’s Access; Excepted Rights. 

(a) Tenant agrees to permit Landlord and any Mortgagees and their authorized representatives to enter the Premises
(i) at all reasonable times during Normal Business Hours, upon reasonable prior notice and subject to Tenant’s reasonable security requirements, for the purposes of inspecting the same, exercising such other rights as it or they may have
hereunder or under any mortgages and in the nine month period prior to the expiration of this Lease for exhibiting the same to other prospective tenants, purchasers or mortgagees and (ii) at any time in the event of emergency. If reasonably
necessary for the protection and safety of Tenant and its employees, Landlord shall have the right to temporarily close all or a portion of the Premises to perform repairs, alterations and additions. However, except in emergencies, Landlord will not
close the Premises if the work can reasonably be completed on weekends and after Normal Business Hours. 
 (b)
Landlord excepts and reserves exclusively to itself the use of: (i) roofs, (ii) telephone, electrical and janitorial closets, (iii) equipment rooms, Building risers or chaseways or similar areas that are used by Landlord for the provision
of Building services, (iv) rights to the land and improvements below the floor of the Premises, (v) the improvements and air rights about the Premises, (vi) the improvements and air rights outside the demising walls of the Premises,
and (vii) the areas within the Premises used for the installation of utility lines and other installations serving occupants of the Building. Landlord has the right to change the Building’s name or address. Landlord also has the right to
make such other changes to the Property and Building as Landlord deems appropriate, provided the changes do not materially affect Tenant’s ability to use the Premises for the Permitted Use. Landlord shall also have the right (but not the
obligation) to temporarily close the Building if Landlord reasonably determines that there is an imminent danger of significant damage to the Building or of personal injury to 

 

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Landlord’s employees or the occupants of the Building. The circumstances under which Landlord may temporarily close the Building shall include, without limitation, electrical interruptions,
hurricanes and civil disturbances. 
 (c) Landlord’s exercise of its rights hereunder shall not constitute a
constructive eviction nor entitle Tenant to an abatement or reduction of Rent. 
 14. Indemnities and Liability.

 (a) Except to the extent caused by the negligence or willful misconduct of Landlord or any Landlord Parties
(defined below), Tenant shall indemnify, defend and hold Landlord, its trustees, members, principals, beneficiaries, partners, officers, directors, employees, agents, tenants, subtenants, contractors, subcontractors, licensees, and invitees
(“Landlord Parties”) harmless against and from all liabilities, obligations, damages, penalties, claims, actions, costs, charges and expenses, including, without limitation, reasonable attorney’s fees and other professional
fees (if and to the extent permitted by Law), which may be imposed upon, incurred by or asserted against Landlord or any of the Landlord Parties and arising out of or in connection with any damage or injury occurring in the Premises, acts or
omissions (including, without limitation, violations of Law) of Tenant and the Tenant Parties (defined below), and failure to comply with the provisions of this Lease. 

(b) Except to the extent caused by the negligence or willful misconduct of Tenant or any Tenant Parties, Landlord shall
indemnify, defend and hold Tenant, its trustees, members, principals, beneficiaries, partners, officers, directors, employees, agents, subtenants, contractors, subcontractors, licensees, and invitees (“Tenant Parties”) harmless
against and from all liabilities, obligations, damages, penalties, claims, actions, costs, charges and expenses, including, without limitation, reasonable attorneys’ fees and other professional fees (if and to the extent permitted by Law),
which may be imposed upon, incurred by or asserted against Tenant or any of Tenant Parties and arising out of or in connection with the acts or omissions (including, without limitation, violations of Law) of Landlord and Landlord Parties, and
failure to comply with the provisions of this Lease. 
 (c) Except with respect to any loss or damage occasioned
by the gross negligence or willful misconduct of Landlord or Landlord Parties, neither Landlord, nor any agent or employee of Landlord, shall be liable for (a) loss of or damage to any property of Tenant entrusted to any of Landlord’s
agents or employees, (b) loss of or damage to any property of Tenant by theft or otherwise, (c) any injury or damage to any property resulting from fire, explosion, falling plaster, steam, gas, electricity, dust, water or snow, or leaks
from any part of the Building or from the pipes, appliances or plumbing system, or from the roof, street or subsurface or any other place or by dampness, or from any other cause whatsoever, or (d) any such damage caused by other occupants or
persons in the Building or by construction of any private, public or quasi-public work. 
 15. Casualty Damage.

 (a) Except as provided below, in the event of partial or total destruction of the Premises during the Term by
fire or other casualty, Landlord shall, as promptly as practicable after receipt of any insurance proceeds available as a result of such casualty, repair, reconstruct or replace the portions of the Premises destroyed in substantially the condition
the Premises was in prior to such destruction. Commencing on the date of such casualty and during the period of such repair, reconstruction and replacement there shall be an equitable abatement of all Base Rent and Additional Rent hereunder in the
proportion that the area of the Premises rendered unusable by such damage bears to the total area in the Premises until the restoration work has been substantially completed. 

 

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 (b) If (i) the Building shall be damaged so that, in Landlord’s
reasonable judgment, substantial alteration or reconstruction of the Building shall be required (whether or not the Premises has been damaged), (ii) Landlord is not permitted by Law to rebuild the Building in substantially the same form as
existed before the casualty, (iii) the Premises shall have been materially damaged and there is less than one (1) year of the Term remaining on the date of the casualty, (iv) a material casualty occurs that was not required to be
insured against by Landlord hereunder, or (v) if any Mortgagee refuses to make all net insurance proceeds available for such repair, reconstruction or replacement, then Landlord may terminate this Lease by giving written notice to Tenant within
sixty (60) days after the date of such destruction. 
 (c) If all or any portion of the Premises shall be
made untenantable by fire or other casualty, Landlord shall, with reasonable promptness, cause an architect or general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required to
substantially complete the repair and restoration of the Premises and make the Premises tenantable again, using standard working methods (“Completion Estimate”). If the Completion Estimate indicates that the Premises cannot be made
tenantable within 270 days from the date of the casualty, then regardless of anything in Section 15(b) above to the contrary, either party shall have the right to terminate this Lease by giving written notice to the other of such election within 10
days after receipt of the Completion Estimate. Furthermore, (i) notwithstanding anything herein to the contrary, Tenant may terminate this Lease if a casualty occurs in the last year of the Term and the Completion Estimate indicates that the
Premises cannot be made tenantable within 180 days from the date of the casualty, and (ii) if this Lease is not terminated pursuant to this Section 15(c) or Section 15(b) and Landlord has commenced restoration but not completed it
within 270 days, then Tenant may terminate this Lease by delivering written notice thereof to Landlord following such 270 period, provided that such notice shall be null and void if Landlord substantially completes such restoration within 15 days of
Tenant’s notice. Tenant, however, shall not have the right to terminate this Lease if the fire or casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Parties. 

(d) In the event of any termination, Base Rent and Additional Rent shall be appropriately apportioned through and abated
from and after the date of the casualty. 
 16. Condemnation. 

(a) If more than twenty-five percent (25%) of the usable floor area of the Premises or the parking area available for
use by Tenant shall be taken by eminent domain or appropriated by public authority and not replaced by Landlord in a location reasonably acceptable to Tenant or if Tenant shall be deprived of all suitable vehicular or pedestrian access to the
Premises or the Property by virtue of such a taking or appropriation, Landlord or Tenant may terminate this Lease by giving written notice to the other within thirty (30) days after such taking or appropriation. Landlord shall also have the
right to terminate this Lease if there is a taking or appropriation of any portion of the Building or Property which would leave the remainder of the Building unsuitable for use in a manner comparable to the Building’s use prior to the taking
or appropriation. In the event of such a termination, this Lease shall terminate as of the date Tenant must surrender possession or, if later, the date Tenant actually surrenders possession, and the Rent reserved shall be apportioned and paid to and
as of such date. 
 (b) If all or any part of the Premises is taken or appropriated by public authority as
aforesaid and this Lease is not terminated as set forth above, Landlord shall, subject to the rights of any Mortgagees, apply any such damages and compensation awarded (net of the costs and expenses, including reasonable attorneys’ fees,
incurred by Landlord in obtaining the same) to secure and close so much of the Premises as remain and shall restore the Building and Premises to an architectural whole; in such event 

 

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there shall be an equitable abatement of Rent to the extent such restoration materially impairs Tenant’s use of the Premises, and in proportion to the loss of usable floor area in the
Premises after giving effect to such restoration from and after the date Tenant must surrender possession or, if later, the date Tenant actually surrenders possession. 

(c) All compensation awarded for a taking or other appropriation, or sale proceeds, shall be the property of Landlord, any
rights to receive compensation or proceeds being expressly waived by Tenant; provided, however, that Tenant may file a separate claim at its sole cost and expense for Tenant’s fixtures, Alterations and personal property and Tenant’s
reasonable moving relocation expenses and loss of goodwill, provided the filing of the claim does not diminish the award that would otherwise be receivable by Landlord. 

17. Landlord’s Covenant of Quiet Enjoyment. 

Landlord covenants that Tenant, upon paying the Base Rent and Additional Rent provided for hereunder and performing and
observing all of the other covenants and provisions hereof, may peaceably and quietly hold and enjoy the Premises for the Term as aforesaid, subject, however, to all of the terms and provisions of this Lease. 

18. Tenant’s Obligation to Quit. 

(a) Tenant shall, upon expiration of the Term or other termination of this Lease, leave and peaceably and quietly
surrender and deliver to Landlord the Premises and any replacements or renewals thereof broom clean and in the order, condition and repair required by the terms of this Lease, except, however, that Tenant shall first remove Tenant’s Property
and the Required Removables, restoring the Premises and repairing any damage caused by installation or removal, in each case to its condition prior to the installation of Tenant’s Property or the Required Removables, as the case may be,
reasonable wear and tear and damage caused by casualty and condemnation excepted. 
 (b) If Tenant shall fail
timely to surrender possession of the Premises, Tenant shall pay rent at a rate equal to the sum of (i) for the first 30 days, 1.5 times and for the period following the first 30 days, 2 times the rate of Base Rent in effect immediately prior
thereto plus (ii) the Additional Rent in effect immediately prior thereto until the possession of the Premises are surrendered by Tenant and delivered to Landlord in accordance with this Article. In addition to the payment of the amounts
provided above, if Landlord is unable to deliver possession of the Premises to a new tenant, or to perform improvements for a new tenant, as a result of Tenant’s holdover and Tenant fails to vacate the Premises within 10 days after Landlord
notifies Tenant of Landlord’s inability to deliver possession, or perform improvements, Tenant shall be liable to Landlord for all damages, including, without limitation consequential damages, that Landlord suffers from the holdover.

 (c) If Tenant shall fail to remove Tenant’s Property and Required Removables within two Business Days
after notice, they shall be deemed abandoned by Tenant and Landlord may remove and dispose of the same at Tenant’s expense which shall be paid as Additional Rent. Furthermore, if Tenant fails to perform related repairs in a timely manner,
Landlord, at Tenant’s expense, may perform the required repairs. Tenant, within 10 days after receipt of an invoice, shall reimburse Landlord for the reasonable costs incurred by Landlord in connection therewith. 

 

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 19. Transfers of Tenant’s Interest. 

(a) Except in connection with a Permitted Transfer (defined in Section 19(e) below), Tenant shall not assign,
sublease, transfer or encumber any interest in this Lease or allow any third party to use any portion of the Premises (collectively or individually, a “Transfer”) without the prior written consent of Landlord, which consent shall
not be unreasonably withheld if Landlord does not elect to exercise its termination rights under Section 19(b) below. Without limitation, it is agreed that Landlord’s consent shall not be considered unreasonably withheld with respect to an
assignment, sublease, transfer or encumbrance of this Lease if: (i) the proposed transferee’s financial condition does not meet the criteria Landlord uses to select Building tenants having similar leasehold obligations; (ii) the
proposed transferee’s business is not suitable for the Building considering the zoning regulations applicable to the Building, or would result in a violation of another tenant’s rights; (iii) the proposed transferee is a governmental
agency or other occupant of the Building; (iv) Tenant is in default beyond the expiration of any applicable grace or notice and cure periods in this Lease; or (v) any portion of the Building or Premises would likely become subject to
additional or different Laws as a consequence of the proposed Transfer. Tenant shall not be entitled to receive monetary damages based upon a claim that Landlord unreasonably withheld its consent to a proposed Transfer and Tenant’s sole remedy
shall be an action to enforce any such provision through specific performance or declaratory judgment. Any attempted Transfer in violation of this Article shall constitute a breach of this Lease and shall, at Landlord’s option, be void. Consent
by Landlord to one or more Transfer(s) shall not operate as a waiver of Landlord’s rights to approve any subsequent Transfer. In no event shall any Transfer or Permitted Transfer release or relieve Tenant from any obligation under this Lease.

 (b) As part of its request for Landlord’s consent to a Transfer, Tenant shall provide Landlord with
financial statements for the proposed transferee, a complete copy of the proposed assignment, sublease and other contractual documents and such other information as Landlord may reasonably request. So long as the proposed transfer is not a Permitted
Transfer, Landlord shall, by written notice to Tenant within 30 days of its receipt of the required information and documentation, either: (i) consent to the Transfer by the execution of a consent agreement in a form reasonably designated by
Landlord or reasonably refuse to consent to the Transfer in writing; or (ii) exercise its right to terminate this Lease with respect to the portion of the Premises that Tenant is proposing to sublet or assign. If Landlord exercises its right to
terminate this Lease, Landlord shall, hi its notice of such exercise, give Tenant notice of the termination date and such termination shall be effective, without the necessity of any further notice to Tenant or amendment to this Lease, on the date
set forth hi Landlord’s notice, provided, however, Tenant may, by giving notice to Landlord within ten (10) days after its receipt of Landlord’s notice of termination, withdraw its request to Transfer and advise Landlord that Tenant
desires to continue its tenancy hi which event Landlord’s termination notice shall be deemed to be void and of no further force and effect. 

(c) Tenant shall pay Landlord 90% of all rent and other consideration which Tenant receives as a result of a Transfer that
is in excess of the Rent payable to Landlord for the portion of the Premises and Term covered by the Transfer. Tenant shall pay Landlord for Landlord’s share of any excess within 30 days after Tenant’s receipt of such excess consideration.
Tenant may deduct from the excess all reasonable and customary third party expenses directly incurred by Tenant attributable to the Transfer (other than Landlord’s review fee), including brokerage fees, legal fees and construction costs
provided Tenant delivers to Landlord written documentation evidencing such costs. If Tenant is in Monetary Default (defined in Section 22(a) below), Landlord may require that all sublease payments be made directly to Landlord, in which case
Tenant shall receive a credit against Rent in the amount of any payments received (less Landlord’s share of any excess). 
  

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 (d) Except as provided below with respect to a Permitted Transfer, if Tenant
is a corporation, limited liability company, partnership, or similar entity, and if the entity which owns or controls a majority of the voting shares/rights at any time changes for any reason (including but not limited to a merger, consolidation or
reorganization), such change of ownership or control shall constitute a Transfer. The foregoing shall not apply so long as Tenant is an entity whose outstanding stock is listed on a recognized security exchange, or if at least 80% of its voting
stock is owned by another entity, the voting stock of which is so listed. 
 (e) Notwithstanding anything to the
contrary contained herein, Tenant may sublet all or a portion of its interest under this Lease to an Affiliate (as defined below) of Tenant, or assign its entire interest under this Lease to a successor to Tenant by purchase, merger, consolidation
or reorganization, or to an Affiliate of Tenant, without the consent of Landlord (such assignment or subletting, a “Permitted Transfer”), provided that all of the following conditions are satisfied: (i) Tenant is not in default
under this Lease past applicable notice and cure periods; (ii) except in the case of an Affiliate of Tenant, Tenant’s successor shall own all or substantially all of the assets of Tenant; (iii) the tangible net worth and credit of the
successor is adequate to, in Landlord’s reasonable judgment, ensure performance of the obligations of this Lease; and (iv) Tenant shall give Landlord written notice at least 30 days prior to the effective date of the proposed sublease or
assignment. Tenant’s notice to Landlord shall include information and documentation showing that each of the above conditions has been satisfied including, without limitation financial statements of Tenant and the proposed successor (which may
include an annual report if such statements are not yet available). Tenant’s successor shall sign a commercially reasonable form of assumption agreement. In addition to the foregoing, a Permitted Transfer, where Landlord’s consent shall
not be necessary, shall also include a sublease of all or any portion of the Premises or the assignment of this Lease to an Affiliate of Tenant, provided that Tenant gives notice to Landlord of such sublease or assignment at least thirty
(30) days prior to the effective date thereof. For the purpose of this Article, an “Affiliate” shall mean any entity which is controlled by, controls or is under common control with Tenant. 

20. Transfers of Landlord’s Interest. 

Landlord shall have the right from time to time to sell or mortgage its interest in the Property, the Building and the
Premises, to assign its interest in this Lease, or to assign from time to time the whole or any portion of the Rent or other sums and charges at any time paid or payable hereunder by Tenant to Landlord, to any Mortgagees or other transferees
designated by Landlord in duly recorded instruments which Landlord has delivered in writing to Tenant, and hi any such case Tenant shall pay the Rent and such other sums and charges so assigned, subject to the terms of the Lease, promptly upon
demand in writing to such Mortgagees and other transferees at the addresses mentioned in and in accordance with the terms of such instruments. 

21. Mortgagees’ Rights. 

(a) Tenant hereby agrees that this Lease is and shall be subject and subordinate to all mortgages (and to any amendments,
extensions, increases, refinancings or restructurings thereof) of the Property, the Building or the Premises, whether or not any such mortgage is filed subsequent to the execution, delivery or the recording of this Lease or any notice hereof (the
holder from time to time of any such mortgage being in this Lease sometimes called the “Mortgagee”). Notwithstanding the foregoing, the foregoing subordination shall not be effective as to any mortgage filed subsequent to the
execution and delivery hereof unless the Mortgagee agrees in writing or such mortgage provides that, for so long as there exists no default under this Lease by Tenant, the Mortgagee will not, in foreclosing against or taking possession of the
Premises or otherwise exercising its rights under such mortgage, disturb Tenant’s possession of the Premises hereunder. Tenant hereby agrees to execute, acknowledge and deliver in recordable form without charge and within 10 Business Days of
request such commercially reasonable instruments confirming and evidencing the foregoing subordination and non-disturbance as Landlord or any such Mortgagee may from time to time reasonably require. 

 

 22 

 (b) Provided that Tenant has been provided with notice of such mortgage and
appropriate addresses to which notice should be sent, Tenant shall not attempt to terminate this Lease, withhold Rent or exercise any other remedy which may arise under law by reason of any such default (it being understood that no such remedy
exists, or is implied by reason of this provision, under this Lease), unless Tenant first gives such notice to any Mortgagees and provides such Mortgagees with thirty (30) days after such notice to cure such default, or with such longer period
of time as is reasonably necessary to cure such default, which longer period of time shall not exceed 90 days, provided efforts to effectuate such cure are commenced within thirty (30) days and thereafter prosecuted to completion with
reasonable diligence. Tenant shall and does hereby agree, upon default by Landlord under any mortgage, to attorn to and recognize the Mortgagee or anyone else claiming under such mortgage, including a purchaser at a foreclosure sale, at its request
as successor to the interest of Landlord under this Lease. Such successor in interest to Landlord shall be bound by the provisions of the Lease as landlord thereunder; provided, however that notwithstanding the foregoing such successor in interest
shall not be bound by (i) any payment of Rent for more than one month in advance, except prepayments in the nature of security for the performance by Tenant of its obligations under the Lease (and then only to the extent such security has been
received by the successor in interest), (ii) any amendment, modification, waiver of term(s) or termination of this Lease made without the consent of the Mortgagee, (iii) any offsets which may be asserted by the Tenant against payments of
Rent as a result of any default by or claims against Landlord hereunder arising prior to the date such successor takes possession of the Premises (provided that the foregoing shall not be construed to authorize any such offsets), or (iv) any
obligation by Landlord as lessor hereunder to perform any work or grant any concession without the Mortgagee’s express assumption of such obligation to perform work or grant such concession. Tenant shall execute, acknowledge and deliver such
evidence of this attornment, which attornment shall nevertheless be self-operative and automatically effective, as the Mortgagee or such successor may request and to make payments of Rent hereunder directly to the Mortgagee or any such successor, as
the case may be, upon request. Any Mortgagee may, at any time, by giving written notice to, and without any further consent from, Tenant, subordinate its mortgage to this Lease, and thereupon the interest of Tenant under this Lease shall
automatically be deemed to be prior to the lien of such mortgage without regard to the relative dates of execution, delivery or filing thereof or otherwise. 

22. Tenant’s Default; Landlord’s Remedies. 

(a) If (i) Tenant shall fail to pay Rent when due (a “Monetary Default”), or (ii) if Tenant
shall default in the timely performance or observance of any of the other provisions or covenants contained in this Lease (which is other than a Monetary Default) and fail to cure the same within 30 days after written notice, or (iii) the
leasehold estate is taken by process or operation of Law, or (iv) Tenant abandons all or any portion of the Premises (which shall not be applicable for portions of the Premises not occupied due to casualty or condemnation), or (v) Tenant
or any guarantor of this Lease shall be involved in Financial Difficulties (as defined below), then and in any of said cases, Landlord may, to the extent permitted by law, immediately or at any time thereafter and upon statutory notice, terminate
this Lease and enter into and upon the Premises, or any part thereof in the name of the whole, and repossess the same as of Landlord’s former estate, and expel Tenant and those claiming through or under Tenant and remove its effects without
being deemed guilty of any manner of trespass, and without prejudice to any remedies which might otherwise be used for arrears of rent or preceding breach of covenant. 
  

 23 

 (b) Notwithstanding anything in Section 22(a) above to the contrary,
the following notice provisions, grace periods and restrictions shall apply to a default by Tenant: 
 (i)
Landlord shall not more than two times in any 12 consecutive month period give Tenant written notice of its failure to pay Rent when due and 5 days after giving of such notice within which to cure said failure and upon such cure Tenant shall not be
deemed in Monetary Default, provided further that after the second notice is given within any such 12 month period, no additional notice shall be required and Tenant shall be deemed to be automatically in Monetary Default upon failure to pay Base
Rent or Additional Rent when due. 
 (ii) if the nature of Tenant’s failure to cure a default (other than a
Monetary Default) reasonably requires more than thirty (30) days, then Tenant shall not be deemed in default if Tenant promptly commences to cure such failure and thereafter diligently and in good faith prosecutes such cure to completion,
provided, however, that Tenant shall in no event be allowed greater than 90 days to cure any default hereunder. 

(iii) No notice and grace period shall apply in the event of a default due to Financial Difficulties as set forth in
subsections (i), (iv) and (vi) of Section 22(c) below. 
 (c) As used herein, “Financial
Difficulties” means any of the following events, occurring by and/or against Tenant or any guarantor of this Lease, as applicable: 

(i) commencement of a voluntary case under Title 11 of the United States Code as from time to time in effect, or by its
authorizing, by appropriate proceedings of trustees or other governing body the commencement of such a voluntary case; 

(ii) filing an answer or other pleading admitting or failing to deny the material allegations of a petition filed against
it commencing an involuntary case under said Title 11, or seeking, consenting to or acquiescing in the relief therein provided, or by its failing to controvert timely the material allegations of any such petition; 

(iii) entry of an order for relief in any involuntary case commenced under said Title 11; 

(iv) seeking relief as a debtor under any applicable law, other than said Title 11, of any jurisdiction relating to the
liquidation or reorganization of debtors or to the modification or alteration of the rights of creditors, or by its consenting to or acquiescing in such relief; 

(v) entry of an order by a court of competent jurisdiction (i) finding it to be bankrupt or insolvent,
(ii) ordering or approving its liquidation, reorganization or any modification or alteration of the rights of its creditors, or (iii) assuming custody of, or appointing a receiver or other custodian for, all or a substantial part of its
property; or 
 (vi) making an assignment for the benefit of, or entering into a composition with, its creditors,
or appointing or consenting to the appointment of a receiver or other custodian for all or a substantial part of its property. 

(d) No termination or repossession provided for in this Article shall relieve Tenant or any guarantor of the obligations
of Tenant under this Lease of its liabilities and obligations under this Lease, all of which shall survive any such termination or repossession. In the event of any such termination or repossession, Tenant shall pay to Landlord either (i) in
advance on the first day of each month, for what would have been the entire balance of the Term, one-twelfth (1/12) (and a pro rata portion 

 

 24 

 
thereof for any fraction of a month) of the annual Rent and all other amounts for which Tenant is obligated hereunder, less, in each case, the actual net receipts by Landlord by reason of any
reletting of the Premises (which reletting Landlord shall not be obligated to undertake) after deducting Landlord’s reasonable expenses in connection with such reletting, including, without limitation, removal, storage and repair costs and
reasonable brokers’ and attorneys’ fees, or (ii) upon demand and at the option of Landlord, the present value (based upon the so-called “Prime Rate” announced as such in The Wall Street Journal) of the amount by which
the payments of Rent reasonably estimated to be payable for the balance of the Term after the date of the exercise of said option would exceed the payments reasonably estimated to be the fair rental value of the Premises on the terms and conditions
of this Lease over such period, determined as of such date, less reletting costs. Landlord covenants to use commercially reasonable efforts to mitigate its damages. 

(e) Without thereby affecting any other right or remedy of Landlord hereunder, Landlord may, at its option, cure for
Tenant’s account any default by Tenant hereunder which remains uncured after the expiration of the notice and cure period for said default from Landlord to Tenant, and the cost to Landlord of such cure shall be deemed to be Additional Rent and
shall be paid to Landlord by Tenant with the installment of Base Rent next accruing. Furthermore, if Landlord declares Tenant to be in default, Landlord shall be entitled to receive interest on any unpaid item of Rent at a rate equal to the Prime
Rate plus 4%. 
 23. Remedies Cumulative; Waivers. 

The specific remedies to which Landlord and Tenant may resort under the terms of this Lease are cumulative and are not
intended to be exclusive of any other remedies or means of redress to which Landlord or Tenant may be lawfully entitled in any provision of this Lease or otherwise. The failure of Landlord or Tenant to insist in any one or more cases upon the strict
performance of any of the covenants of this Lease, or to exercise any option herein contained, shall not be construed as a waiver or relinquishment for the future of such covenant or option. A receipt by Landlord, or payment by Tenant, of Rent with
knowledge of the breach of any covenant hereof shall not be deemed a waiver of such breach, and no waiver, change, modification or discharge by Landlord or Tenant of any provision in this Lease shall be deemed to have been made or shall be effective
unless expressed in writing and signed by an authorized representative of Landlord or Tenant as appropriate. In addition to the other remedies in this Lease provided, Landlord or Tenant shall be entitled to the restraint by injunction of the
covenants, conditions or provisions of this Lease, or to a decree compelling performance of or compliance with any of such covenants, conditions or provisions. 

24. Brokers. 

Tenant warrants and represents that it has not dealt with any broker in connection with the Premises or this Lease. Each
party hereto hereby indemnifies and holds the other party harmless from and against any liability for commissions due any other broker or finder with whom such party has dealt in connection with this Lease. 

25. Notices. 

Any notices, approvals, specifications, or consents required or permitted hereunder shall be in writing and
(i) mailed, postage prepaid, by certified mail, return receipt requested, (ii) deposited with a nationally recognized overnight courier service, or (iii) hand delivered to the addresses set forth in Article 1, and if to any Mortgagee
at such address as it may specify in writing by such notice to Landlord and Tenant, or at such other address as any of them may from time to time specify by like notice to the others. Any such notice shall be deemed given on the date received, or if
delivery is refused or undeliverable, on the date delivery was first attempted. 
  

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 26. Estoppel Certificates. 

Landlord and Tenant hereby agree from time to time, after prior written notice from the other or any Mortgagee, to
execute, acknowledge and deliver, within 10 Business Days, without charge, to the other party, the Mortgagee or any other person designated by the other party, a statement in writing certifying: that this Lease is unmodified and in full force and
effect (or if there have been modifications, identifying the same by the date thereof and specifying the nature thereof); that to the knowledge of such party there exist no defaults (or if there be any defaults, specifying the same); the amount of
the Base Rent, the dates to which the Base Rent, Additional Rent and other sums and charges payable hereunder have been paid; that such party to its knowledge has no claims against the other party hereunder except for the continuing obligations
under this Lease (or if such party has any such claims, specifying the same); for estoppels that Landlord requests be address to the Ground Lessor, that Ground Lessor (subject to the rights of any leasehold mortgage on the Ground Lease) has the
right to directly enforce this Lease upon written notification from Ground Lessor that Landlord is in default of this Lease; and such other matters with respect to the Lease that may be reasonably requested. 

27. Bind and Inure; Limited Liability of Landlord. 

(a) All of the covenants, agreements, stipulations, provisions, conditions and obligations herein expressed and set forth
shall be considered as running with the land and shall extend to, bind and inure to the benefit of Landlord and Tenant, which terms as used in this Lease shall include their respective successors and assigns where the context hereof so admits.

 (b) Landlord shall not have any liability for the fulfillment of the covenants, agreements and obligations of
Landlord hereunder, Tenant’s recourse and Landlord’s liability hereunder being limited to Landlord’s interest in the Property and the Building, and any insurance, rental and eminent domain, or sales proceeds obtained by Landlord in
connection therewith. The term “Landlord” as used in this Lease shall refer only to the owner or owners from time to time of the Property or the Building, it being understood that no such owner shall have any liability hereunder for
any matters other than matters first accruing during the time period that such owner has an interest in the Property or the Building. 

(c) Except as set forth in Article 18, in no event shall either Landlord or Tenant be liable to the other party for any
punitive, consequential or exemplary damages suffered by the other party or any other person or entity by reason of a default by Landlord or Tenant, as applicable, under any provisions of this Lease. 

28. Environmental Compliance. 

(a) Tenant hereby covenants to Landlord that Tenant shall (i) comply with all Laws applicable to the discharge,
generation, manufacturing, removal, transportation, treatment, storage, disposal and handling of Hazardous Substances (as defined below) as apply to the activities of Tenant and Tenant Parties at the Property; (ii) not store in the Premises
Hazardous Substances in a quantity that increases Landlord’s insurance premiums or exceeds Tenant’s pro rata share of the 100% limit of the “exempt amount” of “high hazard materials” (each as defined in the Boca
National Building Code, the “NBC”) permitted for the Control Area(s) in which the Premises is located to avoid classification of the Building in Use Group H, High Hazard occupancy, by the criteria of the NBC as the same may now or
hereafter be modified by any variance obtained by Tenant (the definition of the Control Area and method of 
  

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determining Tenant’s pro-rata share is set forth below), (iii) promptly remove any waste, surplus or out of specification Hazardous Substances from the Premises generated at the
Premises by Tenant or the Tenant Parties in accordance with all applicable Laws and orders of governmental authorities having jurisdiction, (iv) pay or cause to be paid all costs associated with removal of Hazardous Substances generated at the
Premises by Tenant or the Tenant Parties including remediation and restoration of the Premises; (v) prior to the expiration or termination of this Lease, close all hazardous waste storage areas created by Tenant or the Tenant Parties and
deeommission and close all facilities created by Tenant or the Tenant Parties and regulated by the Nuclear Regulatory Commission (or delegated state) so as to render the Premises and the Building suitable for unrestricted use, in accordance with all
applicable Laws; (vi) keep the Property free of any lien imposed with regard to Hazardous Substances pursuant to any applicable Laws in connection with any act or failure to act on the part of Tenant or the Tenant Parties; (vii) not
install or permit to be installed in the Premises any asbestos, asbestos-containing materials, urea formaldehyde insulation or PCB containing materials; (viii) not cause or permit to exist, as a result of an intentional or unintentional act or
omission on the part of Tenant, Tenant Parties or occupant of the Premises, a releasing, spilling, leaking, pumping, emitting, pouring, discharging, emptying or dumping (collectively, a “Release”) of any Hazardous Substances onto or
from the Premises, the Building or the Property brought onto the Property by Tenant except in compliance with Laws; (ix) provide to Landlord, promptly following request, information, including, without limitation Material Safety Data Sheet(s)
regarding Hazardous Substances brought into or used by Tenant or any Tenant Parties at any time at the Property (x) give all notifications and prepare all reports required by Laws with respect to Hazardous Substances existing on, or required in
connection with a Release at, the Premises and, promptly upon request, shall give copies of all such notifications and reports to Landlord (which obligation for reporting shall not deemed to create liability of Tenant with regard to said Hazardous
Substances where no liability previously existed); (xi) if Landlord has a reasonable basis of belief that Tenant, Tenant Parties or any occupant of the Premises permitted a Release of Hazardous Substances to occur, pay for periodic
environmental monitoring by Landlord as well as subsurface testing paid as Additional Rent; (xii) promptly notify Landlord in writing of any summons, citation, directive, notice, letter or other communication, written or oral, of any claim or
threat of claim made by any third party relating to the presence or Release of any Hazardous Substances in, on or from the Premises; and (xiii) comply with Landlord’s operation and maintenance plan for asbestos. Tenant further covenants
and agrees (A) that all waste water discharged from the Premises shall not damage the Building’s plumbing and discharge facilities and systems; and (B) to comply with Tenant’s internal guidelines, protocols and procedures
governing the operation of microbiological and/or biomedical laboratories (if any) within the Premises. For purposes of subsection (ii) above: The term “Control Area” means one of the areas on the floor of the Building on which the
Premises are located which are separated from each other and from adjoining floors by a one-hour fire wall and ceilings or floors, as applicable; and Tenant’s pro-rata share of the Control Area for each floor shall be determined on the basis of
a fraction, the numerator of which is the rentable square footage of the Premises located on the applicable floor of the Building that is a Control Area and the denominator of which is the rentable square footage of the Control Area(s) available for
such floor. Notwithstanding anything herein to the contrary, Tenant shall not be responsible for any Hazardous Substances not brought onto the Property by Tenant, which Hazardous Substances are merely discovered by Tenant, provided that the forgoing
exception shall not relieve Tenant from complying with Landlord’s asbestos operation and maintenance plan. 

(b) The term “Hazardous Substances” means any hazardous, toxic or regulated materials, pollutants,
chemicals or contaminants as defined, determined or identified as such in any Laws, whether a waste or not, including, without limitation, asbestos, asbestos-containing materials, urea formaldehyde foam insulation, polychlorinated biphenyls, and
petroleum products. 
  

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 (c) Tenant agrees that, if Tenant is obligated to close any hazardous waste
storage area or obtain a release for unrestricted use from the Nuclear Regulatory Commission (or delegated state), if such closure has not been fully completed or release has not been obtained as of the Termination Date, Tenant shall, in connection
therewith, and as security for Tenant’s obligation, on Landlord’s request deposit with Landlord a reasonable sum, not to exceed $50,000.00, which Landlord shall be entitled to continue to hold as security for the proper and lawful closure
and/or release (the “Closure Obligation”). In lieu of cash, Tenant may provide Landlord with an unconditional, irrevocable, assignable letter of credit, (the “Closure Letter of Credit”) for all or a portion of such
amount. In the event Tenant furnishes the Closure Letter of Credit, the Closure Letter of Credit shall be on the following terms and conditions: (i) issued by a commercial bank acceptable to Landlord, which must have a counter for presentment
in Boston, Massachusetts; (ii) having a term which shall have an expiration date not sooner than the date which is five (5) years from the Termination Date or sooner termination date, however, if the Closure Letter of Credit has an earlier
expiration date, it shall contain a so-called “evergreen clause”; (iii) available for negotiation by draft(s) at sight accompanied by a statement signed by Landlord stating that the amount of the draw represents funds due to Landlord
(or its successors and assigns) due to the failure of Tenant to perform its Closure Obligation or (iv) be otherwise on terms and conditions reasonably satisfactory to Landlord. It is agreed that in the event Tenant fails to perform its Closure
Obligation, Landlord may draw upon the Closure Letter of Credit or upon the funds held on account as the Security Deposit to the extent required to perform the same. In the event that Tenant shall fully and faithfully perform its Closure Obligation
(as shall be evidenced by a sign-off or other definitive communication from applicable governmental authorities) and all of its other obligations under this Lease, the Closure Letter of Credit and/or funds on deposit with Landlord shall be returned
to Tenant. Tenant further covenants that it will not assign or encumber or attempt to assign or encumber the Closure Letter of Credit or any funds on deposit and that neither Landlord nor its successors or assigns shall be bound by any such
assignment, encumbrance, attempted assignment or attempted encumbrance. The foregoing right of Landlord to require that Tenant deposit such security is in addition to, and not in lieu of, the rights and remedies otherwise available to Landlord under
this Lease. 
 (d) Landlord may in the future enter into one or more Environmental Land Use Restrictions as
defined in Section 22a-133n of the Connecticut General Statutes (“ELURs”) in connection with the investigation and/or remediation of the environmental condition of the Property. The ELURs shall be filed on the land records in
the town that the Property is located and shall restrict the use of the Property in one or more manners. Landlord shall, on request of Tenant, make a copy of the ELUR available to Tenant. Tenant hereby agrees, at Landlord’s request from time to
time, to execute and deliver one or more subordination agreements, in form and content as prescribed by the laws and regulations governing ELURs, to subordinate this Lease to the ELURs, provided that Tenant’s use of the Premises and the
Premises is not materially adversely affected thereby. Tenant agrees that imposition of an ELUR restricting the use of the Property to commercial/industrial use, and prohibiting the removal of the Building or use of groundwater for domestic purposes
shall not be deemed to materially adversely affect Tenant’s use of the Premises. Failure of Tenant to execute and deliver such subordination agreement(s) within 10 days after Landlord’s request shall constitute a default under this Lease.

 (e) Tenant shall, not later than ten Business Days following the date hereof, and annually thereafter during
the Term, provide to Landlord and addressed to Ground Lessor an environmental substances declaration substantially in the form of Exhibit E attached hereto and made a part hereof, which shall include the information thereon, and which
shall identify and itemize (by chemical name) any hazardous chemicals or hazardous wastes which Tenant will use, store, produce, generate or emit during the Term if the quantity, either at any one point in time or over the course of the year, is
expected or reasonably should be expected to exceed a Reportable Quantity. For purposes of the preceding sentence, a “Reportable Quantity” means a quantity of any substance the presence of which in the environment could require
investigation or remediation under any Law. Notwithstanding the foregoing, a substance need not be listed if used solely for clerical office equipment such as photocopiers, facsimile 

 

 28 

 
machines and computer printers, or if used solely for laboratory purposes in quantities not exceeding normal and customary laboratory standards. Such declaration shall be executed by the chief
local operating officer of Tenant. 
 29. Redemption, Counterclaim and Jury Trial. 

Tenant, for itself and for all persons claiming through or under it, hereby acknowledges that this Lease constitutes a
commercial transaction as such term is used and defined in Chapter 903a of the Connecticut General Statutes. If Landlord shall acquire possession of the Premises by summary proceedings, or in any other lawful manner without judicial proceedings, it
shall be deemed a reentry within the meaning of that word as used in this Lease. In the event that Landlord commences any summary proceedings or action for nonpayment of rent or other charges provided for in this Lease, Tenant shall not interpose
any non-compulsory counterclaim of any nature or description in any such proceeding or action. Tenant and Landlord both waive a trial by jury of any or all issues arising in any action or proceeding between the parties hereto or their successors,
under or connected with this Lease, or any of its provisions. 
 30. Recording. 

Tenant shall not record this Lease but Landlord will, not later than thirty (30) days following request by Tenant,
execute and deliver to Tenant a memorandum or notice of this Lease in recordable form reasonably satisfactory to both Landlord and Tenant specifying the date of commencement and expiration of the term of this Lease, Tenant’s options herein (if
any), and other information required by statute, whereupon Tenant may, at Tenant’s expense, record such memorandum. 
 31.
Force Majeure. 
 Landlord shall be excused for the period of any delay in the performance
of any obligations hereunder, (other than the payment of money), when prevented from so doing by cause or causes beyond Landlord’s control which shall include, without limitation, all labor disputes, civil commotion, acts of war, war –
like operations, invasion, rebellion, hostilities, military or usurped power, sabotage, terrorism, governmental regulations or controls, fire or other casualty, inability to obtain any material, services or financing or through Acts of God
(collectively, “Force Majeure”). Tenant shall similarly be excused for delay in the performance of obligations hereunder due to Force Majeure provided that nothing contained in this Article or elsewhere in this Lease shall be deemed
to excuse or permit any delay in the payment of any sums of money required hereunder, or any delay in the cure of any default which may be cured by the payment of money. Each party claiming a Force Majeure shall notify the other in writing within
five (5) Business Days of the commencement of the Force Majeure. 
 32. Captions. 

The captions for the numbered Articles and Sections of this Lease are provided for reference only and they do not
constitute a part of this agreement or any indication of the intentions of the parties hereto. 
 33. Integration.

 The parties acknowledge that all prior written and oral agreements between them and all prior representations
made by either party to the other have been incorporated in this instrument or otherwise satisfied prior to the execution hereof. 
  

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 34. Severability; Choice of Law. 

If any provision of this Lease shall be declared to be void or unenforceable either by law or by a court of competent
jurisdiction, the validity or enforceability of remaining provisions shall not thereby be affected and any such illegal or unenforceable provision shall be deemed to be restated to reflect as nearly as possible the original intentions of the parties
in accordance with applicable Law. This Lease is made under and shall be interpreted, construed and enforced in accordance with the laws of the state or commonwealth in which the Property is located, and Landlord and Tenant hereby irrevocably
consent to the jurisdiction and proper venue of such state or commonwealth. 
 35. Parking Premises. 

(a) Tenant shall have as an appurtenant right to the Premises a right to use at the Property (including the Parking
Premises) parking spaces, on an unreserved basis, at a rate of 4 per 1,000 square feet of the Premises. The use by Tenant, its employees and invitees, of the parking facilities of the Property shall be on the terms and conditions of such
systems, rules and regulations set by Landlord as may hereinafter be reasonably established or changed from time to time, at no cost to Tenant. Tenant shall not allow any vehicles that belong to or are controlled by Tenant or Tenant’s
employees, suppliers, shippers, customers or invitees to be loaded, unloaded or parked in areas other than those designated by Landlord for such activities. If Tenant permits or allows any such prohibited activities, then Landlord shall have the
right, without notice, in addition to such other rights and remedies that it may have, to remove or tow away the vehicle involved and charge the cost to Tenant, which cost shall be payable upon demand by Landlord as Additional Rent. 

(b) Tenant acknowledges that Landlord intends to construct and or lease a parking garage on the Parking Premises.
Furthermore, Landlord may obtain a ground lease interest on the property to the north of the Parking Premises with an address of 304 Winchester Avenue, a/k/a Tract B-2, in which event Landlord shall construct the parking garage on the combined
Parking Premises and Tract B-2. In the event Landlord is successful in obtaining a leasehold interest in and to Tract B-2, this parcel shall be deemed to automatically be included in the definition of Parking Premises from and after the date upon
which the ground lease to Tract B-2 is executed by or assigned to Landlord. The parties hereto shall, if requested by the other, enter into a reasonable amendment to this Lease to evidence the foregoing. In connection with the construction of the
parking garage, Landlord may from time to time secure or establish different temporary locations for parking that are mutually agreeable to Landlord and Tenant to provide parking to Tenant and its employees and invitees, and at no cost to Tenant.

 36. Signage. 

All tenant identification and suite numbers at the entrance to the Premises shall be installed by Landlord, at
Tenant’s cost and expense, using the standard graphics for the Building. Landlord may provide and maintain in the first floor (main lobby) of the Building an alphabetical directory board or other directory device listing tenants, and no other
directory or signage shall be permitted unless previously consented to by Landlord in writing. Landlord shall maintain, as part of Expenses, all signage. 

37. Ground Lease. 

(a) Tenant acknowledges that Landlord is also a lessee/tenant under a ground lease of the real property of which the
Premises demised herein form a part (the “Ground Lease”). Provided that the lessor/landlord under such Ground Lease (the “Ground Lessor”) shall execute and deliver to Tenant a

  

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subordination, nondisturbance and attornment agreement, substantially in the form attached hereto as Exhibit F (“Ground Lease SNDA”), then Tenant
hereby covenants and agrees that this Lease and the rights of Tenant hereunder are and shall at all times remain subject and subordinate to the terms, covenants and conditions of the Ground Lease and any extensions or modifications thereof. Tenant
further covenants and agrees to execute and deliver to the Ground Lessor the Ground Lease SNDA, confirming such subordination; provided, however, that this Lease and the rights of Tenant hereunder are and shall at all times remain subject and
subordinate to the terms, covenants and conditions of the Ground Lease and any extensions or modifications thereof, regardless of whether Tenant shall execute and deliver the Ground Lease SNDA. Tenant further covenants and agrees (subject to receipt
of the Ground Lease SNDA) that if by reason of any default upon the part of Landlord herein as lessee/tenant under the Ground Lease, the Ground Lease is terminated by summary proceedings, voluntary agreement or otherwise, Tenant herein agrees to
recognize the Ground Lessor as Tenant’s lessor/landlord under this Lease. Tenant further covenants and agrees (subject to receipt of the Ground Lease SNDA) to execute and deliver upon request of the Ground Lessor an instrument to evidence such
attornment once such termination occurs. Tenant waives the provisions of any law now or hereafter in effect which may give Tenant any right or election to terminate this Lease or to surrender possession of the premises demised hereby in the event
any proceeding is brought by the Ground Lessor to terminate such Ground Lease or in the event that any proceeding is brought by any mortgagee to foreclose any mortgage affecting the fee title to the premises or the Ground Lease. Tenant acknowledges
that the Building and improvements thereto are at all times to be owned, operated and managed in accordance with the terms, covenants and conditions of the Ground Lease as though the Building and improvements thereto existed as of the effective date
of the Ground Lease, and upon termination of the Ground Lease for any reason or the expiration of the term thereof, fee simple absolute title to the Building and all improvements thereto shall automatically vest in Ground Lessor without any
obligation on the part of Ground Lessor to pay therefore any consideration to Landlord or any other person. 

(b) Landlord represents that, as of the Commencement Date, to its knowledge the Ground Lease is in full force and effect
and there are no defaults or claimed defaults by either party thereto. Landlord shall not modify the Ground Lease in a manner that would have a material impact on Tenant, without Tenant’s prior written consent. 

38. Base Building Work 

Landlord shall provide, at the Landlord’s cost and expense as set forth herein, the mechanical, electrical and
plumbing base building systems at the Building set forth in the Base Building Tenant Services Specifications (the “Base Building MEP”) attached hereto as Exhibit G (the “Base Building Work”).

 39. Miscellaneous. 

(a) Landlord shall have the right to transfer and assign, in whole or in part, all of its rights and obligations under
this Lease and in the Building and/or Property referred to herein, and upon such transfer Landlord shall be released from any further obligations hereunder, and Tenant agrees to look solely to the successor in interest of Landlord for the
performance of such obligations. 
 (b) Tenant covenants, warrants and represents that: (i) Tenant has the
full right and authority and has obtained any and all consents required to enter into this Lease and to consummate or cause to be consummated the transactions contemplated hereby, (ii) each individual executing and delivering this Lease on
behalf of Tenant is authorized to do so on behalf of Tenant; (iii) this Lease is binding upon Tenant; and (iv) Tenant is duly organized and legally existing in the state of its organization

  

 31 

 
and is qualified to do business in the state in which the Property is located. If there is more than one Tenant, or if Tenant is comprised of more than one party or entity, the obligations
imposed upon Tenant shall be joint and several obligations of all the parties and entities. Notices, payments and agreements given or made by, with or to any one person or entity shall be deemed to have been given or made by, with and to all of
them. 
 (c) Landlord covenants, warrants and represents that: (i) Landlord has the full right and authority
and has obtained any and all consents required to enter into this Lease and to consummate or cause to be consummated the transactions contemplated hereby, (ii) each individual executing and delivering this Lease on behalf of Landlord is
authorized to do so on behalf of Landlord; (iii) this Lease is binding upon Landlord; and (iv) Landlord is duly organized and legally existing in the state of its organization. 

(d) Time is of the essence with respect to Tenant’s exercise of any renewal or expansion rights granted to Tenant.
This Lease shall create only the relationship of landlord and tenant between the parties, and not a partnership, joint venture or any other relationship. This Lease and the covenants and conditions in this Lease shall inure only to the benefit of
and be binding only upon Landlord and Tenant and their permitted successors and assigns. 
 (e) The expiration of
the Term, whether by lapse of time or otherwise, shall not relieve either party of any obligations which accrued prior to or which may continue to accrue after the expiration or early termination of this Lease, and the terms and provisions of this
Lease, to the extent relevant, shall continue to govern and apply to the relationship of Landlord and Tenant. 

(f) Landlord has delivered a copy of this Lease to Tenant for Tenant’s review only, and the delivery of it does not
constitute an offer to Tenant or an option. This Lease shall not be effective against any party hereto until an original copy of this Lease has been signed and delivered by such party. 

(g) This Lease may be modified only by a written agreement signed by Landlord and Tenant. 

(h) Tenant shall, within 180 days after the end of each fiscal year of Tenant, deliver to Landlord of a copy of its
audited financial statement (or if audited financial statements are not customarily prepared by Tenant’s accountants, a financial statement certified by Tenant’s chief financial officer) and within 15 days after Landlord’s request,
updates to the most recent financial statement and such other financial information as Landlord’s lender may reasonably request. Upon written request by Tenant, Landlord shall enter into a commercially reasonable confidentiality agreement
covering any confidential information that is disclosed by Tenant. 
 (i) If either party institutes a suit or
other action against the other for violation of or to enforce any covenant or condition of this Lease, to recover the Premises or because of any act that arises out of the possession of the Premises, or if either party intervenes in any suit in
which the other is a party to enforce or protect its interest or rights, the prevailing party shall be entitled to all of its costs and expenses, including, without limitation, reasonable attorney’s fees. 

(j) This Lease and the following exhibits and attachments constitute the entire agreement between the parties and
supersede all prior agreements and understandings related to the Premises, including all lease proposals, letters of intent and other documents: Exhibit A-1 (Legal Description of 150 Munson Street), Exhibit A-2 (Legal
Description of 276 Winchester Avenue), Exhibit B (Floor Plan of Premises), Exhibit C (Work Letter), Exhibit D (Building Rules and Regulations), Exhibit E (Environmental Substances Declaration),
Exhibit F (Ground Lease Subordination and Nondisturbance Agreement), and Exhibit G (Base Building MEP). 
  

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 40. Renewal Option. 

(a) Provided that Tenant is not in default under the Lease beyond the expiration of applicable notice and cure periods on
the date Tenant delivers Tenant’s Renewal Notice (as hereinafter defined) or at any time thereafter through the commencement date of the Renewal Term (as hereinafter defined), Tenant shall have one option (the “Renewal Option”)
to renew the Lease for one two year term (such two year term a “Renewal Term”) at the rent and upon the other terms set forth below. Tenant shall exercise the Renewal Option by delivering notice to Landlord (“Tenant’s
Renewal Notice”) exercising the Renewal Option no later than six (6) months prior to the scheduled Termination Date. In the event that Tenant shall fail to deliver Tenant’s Renewal Notice in accordance with the provisions hereof,
Tenant shall be deemed to have forever waived its right to exercise the Renewal Option. In the event Tenant does not timely and properly exercise the Renewal Option, Tenant shall, promptly following request by Landlord, execute and deliver a
statement confirming that the Renewal Option has been waived (provided that failure to deliver said statement shall not be construed to mean that Tenant has properly exercised the Renewal Option). 

(b) Upon Landlord’s receipt of Tenant’s Renewal Notice in accordance with the requirements of this Article, the
Lease, subject to the provisions of this Article, shall be automatically extended for the Renewal Term with the same force and effect as if the Renewal Term had been originally included in the term of the Lease, except that the Base Rent under the
Lease for each Lease Year of the Renewal Term shall be equal to the greater of (y) the Market Base Rent (as hereinafter defined) as determined in this Article and (z) the Base Rent payable for the period immediately prior to the Renewal
Term. There shall be no rent concessions or obligation of Landlord to perform or pay for any work during the Renewal Term. 

(c) The term “Market Base Rent” for the Renewal Term shall mean the annual Base Rent that a willing
tenant would pay, and a willing landlord would accept, to lease the Premises in its “as is” condition pursuant to the Lease, taking into consideration all relevant factors, including, without limitation, such factors as credit-worthiness
of Tenant, the duration of the term, any rental or other concessions granted, whether a broker’s commission or finder’s fee will be paid, and responsibility for Expenses. Landlord shall notify Tenant of its initial determination of Market
Base Rent no later than thirty (30) days after receipt of Tenant’s Renewal Notice. Tenant shall have thirty (30) days after Landlord’s delivery of notice to Tenant of its determination of Market Base Rent to deliver notice to
Landlord accepting Landlord’s determination, or objecting to Landlord’s determination and proposing its own Market Base Rent. If Tenant fails to deliver such notice within such thirty (30) day period, Tenant shall be deemed to have
revoked Tenant’s Renewal Notice and forever waived its right to exercise the Renewal Option. If Tenant delivers notice with a Market Base Rent different from Landlord’s determination, then Landlord and Tenant shall, for fifteen
(15) days, negotiate in good faith to agree on a Market Base Rent. If Landlord and Tenant shall fail to agree upon the Market Base Rent for the Renewal Term within fifteen (15) days after Tenant’s timely notice to Landlord that it
objects to Landlord’s determination, Landlord and Tenant each shall give notice to the other setting forth the name and address of an arbitrator designated by such party within fifteen (15) days thereafter. If either party shall fail to
give notice of such designation within such fifteen (15) day period, then the arbitrator chosen by the party giving such notice shall make the determination alone. If two arbitrators shall have been designated, such two arbitrators shall make
their determination of Market Base Rent for the Renewal Term in writing and give notice thereof to each other and to Landlord and Tenant within twenty (20) days of their designation The two arbitrators shall have ten (10) days after the
receipt of notice of each other’s determination to confer with each other and to 
  

 33 

 
attempt to reach agreement as to the determination of Market Base Rent for the Renewal Term. If such two arbitrators shall fail to concur, then such two arbitrators shall immediately designate a
third arbitrator. If such two arbitrators shall fail to agree upon the designation of such third arbitrator within fifteen (15) days, then either party may apply to the American Arbitration Association or any successor thereto for the
designation of such arbitrator. The third arbitrator shall conduct such investigations as he may deem appropriate and shall, within twenty (20) days after the date of designation of the third arbitrator, determine the Market Base Rent for the
Renewal Term. The determination pursuant to this Article cannot exceed the higher of the determinations made by the arbitrators selected by Landlord and Tenant and cannot be lower than the lower of the determinations made by the arbitrators selected
by Landlord and Tenant. The determination by the third arbitrator shall be binding upon Landlord and Tenant. All arbitrators shall be commercial leasing brokers or appraisers not affiliated with either party and having at least ten (10) years
experience in the New Haven County, Connecticut market. Each party shall pay its own counsel fees and expenses, if any, in connection with any arbitration under this Article, including the expenses and fees of any arbitrator selected by it in
accordance with the provisions of this Article, and the parties shall share equally all other expenses and fees of any such arbitration. The determination rendered in accordance with the provisions of this Article shall be final and binding upon
Landlord and Tenant. The arbitrators shall not have the power to add to, modify, or change any of the provisions of this Lease. 

(d) In the event the Market Base Rent for the Renewal Term shall not have been determined prior to the commencement of the
Renewal Term, then upon final determination, an appropriate adjustment shall be made reflecting such final determination, and Landlord or Tenant, as the case may be, shall pay the other any overpayment or deficiency, as the case may be, from the
commencement of the Renewal Term to the date of such final determination. 
 (e) The Renewal Option shall
automatically terminate and become null, void and of no force and effect upon the earlier to occur of (i) the expiration or termination of the Lease by Landlord or pursuant to law, (ii) the termination or surrender of Tenant’s right
to possession of the Premises, (iii) the assignment of this Lease by Tenant, (iv) the sublease by Tenant of space under this Lease; (v) the failure of Tenant to timely and properly exercise any Renewal Option, or (vi) the deemed
revocation of the Renewal Option under Section (c) above. 
 41. Service Failure. 

Notwithstanding anything in Section 9(c) to the contrary, in the case of a Service Failure where
Tenant is prevented from conducting all or any portion of its business operations in the Premises, and the cause of such failure is covered by any loss of rental or other similar insurance coverage that Landlord is then carrying with respect to the
Building (it being understood that Landlord has no obligation to maintain such coverage), then Tenant shall be entitled to an abatement of all rent due hereunder equal to the insurance proceeds actually received by Landlord with respect to the
Premises from the insurance carrier providing such insurance coverage. In addition to the foregoing, if a Service Failure continues for seven (7) consecutive Business Days and such Service Failure is caused by the negligence or willful
misconduct of Landlord or any of its agents, employees or contractors, then Tenant shall be entitled to an abatement of all Rent hereunder in proportion to the extent to which the interruption prevents Tenant from using the Premises for
Tenant’s normal purposes, with such abatement to begin on the eighth
(8th) Business Day after such occurrence and
continuing until such service has been restored to a level sufficient to permit Tenant to resume its normal business use. 
  

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 42. Landlord Default. 

If Landlord shall violate, neglect or fail to perform or observe any of the covenants, provisions, or conditions contained
in this Lease on its part to be performed or observed, which default is causing material interference with Tenant’s use of the Premises for the Permitted Use, and which default continues for a period of more than thirty (30) days after
receipt of written notice from Tenant specifying such default, or if such default is of a nature to require more than thirty (30) days for remedy and such default continues beyond the time reasonably necessary to cure (provided Landlord must
have undertaken procedures to cure the default within such thirty (30) days period and thereafter failed to diligently pursue such efforts to cure to completion), then Tenant shall give to Landlord (by facsimile transmission to 978-287-5050, or
to such other number as Landlord shall have give written notice to Tenant) a further notice of Landlord’s failure and an additional Business Day to commence to cure. If Landlord continues to fail to commence to cure within such additional
Business Day, then, Tenant may elect to incur any reasonable expense necessary to perform the obligation of Landlord specified in such notice and Tenant shall be entitled to recover its reasonable out-of-pocket expenses from Landlord.
Notwithstanding the foregoing, if in Tenant’s reasonable judgment, an emergency situation shall exist, Tenant may cure such default with only reasonable (under the circumstances) notice to Landlord being required. In no event shall Tenant have
the right or ability to offset or deduct any expenses incurred by Tenant from any Base Rent or Additional Rent payable by Tenant under this Lease. 

Signature page to follow 
  

 35 

 IN WITNESS WHEREOF, the parties hereto have caused this Lease Agreement to be executed under
seal as of the date first above written. 
  

									
	LANDLORD:
	
	WE 150 MUNSON LLC
		
	By:	 	WE Science Park LLC
Its Manager
			
		 	By:	 	 WE Science Park Holdings LLC

Its Manager

				
		 		 	By:	 	 Winstanley Enterprises LLC

Its Manager

					
		 		 		 	By:	 	/s/ Carter J. Winstanley
		 		 		 		 	Name: Carter J. Winstanley
		 		 		 		 	Title: Manager

  

			
	TENANT:
	
	HIGHER ONE, INC.
		
	By:	 	/s/ David Bernier
		 	Name: David Bernier for Mark Volchek
		 	Title: Vice President of Finance

  

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 EXHIBIT A-1 

LEGAL DESCRIPTION OF 150 MUNSON STREET 

All that certain piece or parcel of land situated in the City of New Haven, County of New Haven and State of Connecticut as shown on a map entitled
“Property Survey ALTA/ACSM Land Title Survey Tract K.A.K.A. 25 Science Park 150 Munson Street New Haven, Connecticut Scale 1” = 20’ Date: October 2000” revised 11-15-02, 091-15-03 and 02-05-07, made by URS Corporation A.E.S.,
which map is on file in the New Haven Land Records. Said Parcel is more particularly bounded and described as follows: 
 Beginning at a point
marking the southerly street line of Munson Street and the westerly street line of Winchester Avenue; 
 Thence running South 18° 39’
00” East, 509.38 feet along the westerly street line of Winchester Avenue; 
 Thence running South 79° 57’ 30” West, 148.97
feet along land now or formerly of Sawco Associates; 
 Thence running North 18° 28’ 30” West, 259.37 feet; 

Thence running North 79° 57’ 30” East, 3.30 feet; 

Thence running North 17° 30’ 30” West, 130.90 feet; 

Thence running North 18° 28’ 30” West, 156.70 feet along land now or formerly of the City of New Haven; 

Thence running South 85° 41’ 40” East, 152.23 feet along the southerly street line of Munson Street to the point and place of beginning.

  

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 EXHIBIT A-2 

LEGAL DESCRIPTION OF 276 WINCHESTER AVENUE 

All that certain piece or parcel of land situated in the City of New Haven, County of New Haven and State of Connecticut as shown on a map entitled
“Property Survey ALTA/ACSM Land Title Servey Tract B-1 A.K.A. Parcel 3 276 Winchester Avenue New Haven, Connecticut Scale: 1” = 20’ Date: October 2000”, revised 01-15-03, 02-05-07 and 05-30-07, made by URS Corporation A.E.S.,
which map is on file in the New Haven Land Records. Said parcel is more particularly bounded and described as follows: 
 Beginning at a point
marking the intersection of the westerly street line of Winchester Avenue and the northerly street line of Munson Street; 
 Thence running
North 85° 41’ 40” West, 109.41 feet along said northerly street line of Munson Street; 
 Thence running North 18° 28’
30” West, 596.15 feet along land now or formerly of the City of New Haven; 
 Thence running South 76° 13’ 20” East, 238.34
feet and South 75° 16’ 50” East, 192.78 feet along land now or formerly of SPDC Tract B, LLC, Tract B-2; 
 Thence running South
14° 22’ 30” West, 483.01 feet along the westerly line of Winchester Avenue to the point and place of beginning. 
 Together with
the rights and benefits set forth in an Agreement Regarding Winchester Avenue by and between Olin Corporation and Repeating Arms Company dated July 20,1981 and recorded in Volume 2922 at Page 278, of the New Haven Land Records, and an Agreement
Regarding Winchester Avenue by and between Olin Corporation and the City of New Haven dated May 30,1984 and recorded in Volume 3211 at Page 202, of the New Haven Land Records. 

 

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 EXHIBIT B 

FLOOR PLAN OF PREMISES 
  

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 EXHIBIT C 

WORK LETTER 
  

	 	I.	INITIAL ALTERATIONS AND ALLOWANCE. 

A. Tenant, following the full and final execution and delivery of this Lease and all prepaid rental and security deposits
required hereunder shall have the right to have performed alterations and improvements in the Expansion Premises (the “Initial Alterations”). Landlord shall cause to be prepared complete construction drawings, plans and
specifications for the Initial Alterations, which shall set forth the layout of the Expansion Premises, in form and substance suitable and adequate for submission, if necessary, to the appropriate government authority(ies) for approval and in a form
reasonably satisfactory to Tenant. Tenant, notwithstanding Landlord’s engagement of the architect and/or engineers preparing the drawings shall be responsible for all elements of the design of Tenant’s drawings, plans and specifications
relating to functionality of design, compliance with Laws, the configuration of the Expansion Premises and the placement of Tenant’s furniture, appliances and equipment. Landlord’s approval of Tenant’s plans and specifications shall
in no event relieve Tenant and the architect and the engineer of the responsibility for such design. All plans and specifications shall be prepared in accordance with all applicable Laws and the capacities of the Building allocated to the Expansion
Premises and not exceed those capacities unless Tenant agrees to pay for any necessary costs to increase such capacities. The completed construction drawings, plans and specifications, as approved, are sometimes referred to herein as “Tenant
Improvement Plans.” 
 B. A preliminary and final set of Tenant Improvement Plans, together with
applicable specifications, for the Initial Alterations are required to be approved by Tenant. Tenant acknowledges receipt of the preliminary set of Tenant Improvement Plans, and Landlord shall provide the final set for Tenant’s comments by
November 9, 2007. The Tenant Improvement Plans shall be approved or returned with comments by Tenant within five (5) Business Days after Tenant’s receipt of the submission (or resubmission, as the case may be) by Landlord of such
plans and specifications to Tenant. Tenant’s failure to so respond with such 5-Business Day period shall be deemed approval. Representatives of both parties shall promptly make themselves available to discuss and resolve any such comments or
revisions, and such documents shall promptly be revised by Landlord to incorporate any agreed upon changes. In the event the parties cannot reach agreement and resolve all disputed matters relating to any such documents, the parties shall promptly
meet and confer and negotiate in good faith to reach agreement on any disputed matters. 
 C. Landlord shall
permit Tenant to deviate from the building standards for the Initial Alterations; provided that (1) the deviations shall not be of a lesser quality than the standards; (2) the deviations conform to applicable governmental regulations;
(3) the deviations do not materially adversely affect the base Building services or systems and do not overload the floors; (4) Landlord has determined in its sole discretion that the deviations are of a nature and quality that are
consistent with the overall objectives of Landlord for the Building; and (5) Tenant pays all costs associated with or arising from the deviation from building standards (and Landlord shall advise Tenant of such estimated cost and an opportunity
for Tenant to reconsider the deviation). 
 D. Landlord shall, if necessary, submit Tenant Improvement Plans to
the appropriate governmental authority(ies) for approval and the issuance of necessary building and other permits (the “Permits”). Landlord, with Tenant’s cooperation and reasonable approval, shall cause to be made any changes
in the Tenant Improvement Plans necessary to obtain the Permits. After the final approval of Tenant Improvement Plans, no further changes to Tenant Improvement Plans may be made without the 

 

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prior written approval from both Landlord and Tenant (which approval shall not be unreasonably withheld or delayed), which shall include agreement by Tenant to pay costs in excess of the
Allowance (as defined below) resulting from the design and/or construction of such changes. 
 E. Notwithstanding
anything herein to the contrary, Landlord shall not be expected nor required to obtain any permits or approvals relating to (1) any back-up generator or other personal property and equipment installed on Tenant’s behalf and
(2) Tenant’s use of and operations of its business in the Premises. Tenant shall be solely responsible for obtaining, at its sole cost and expense, all permits and approvals necessary or appropriate for the conduct of its business,
operation of its property and equipment and use of the Premises, except for Permit(s) for the construction of the Initial Alterations and any temporary and/or permanent certificate(s) of occupancy issued pursuant to such validly obtained Permits
upon completion of the Initial Alterations. Tenant agrees to reasonably cooperate with and assist Landlord in obtaining the Permit(s) and Certificates of Occupancy. 
  

	 	II.	CONSTRUCTION OF INITIAL ALTERATIONS. 

Landlord shall enter into a construction contract with its contractor for the construction of the Initial Alterations in
accordance with Tenant Improvement Plans, which if Tenant requests shall be a guaranteed maximum price contract. Landlord shall supervise the completion of such work and shall use due diligence to secure Substantial Completion of the Initial
Alterations. Landlord and the contractor shall permit Tenant to attend and participate in construction meetings. The cost of such work shall be paid as provided below. Landlord shall not be liable for any direct or indirect costs, expenses or
damages as a result of delays in construction caused by Tenant Delays (as defined below) or Force Majeure. 
  

	 	III.	PAYMENT OF COST OF THE INITIAL ALTERATIONS. 

A. Landlord agrees to contribute the sum of $60.00 per rentable square foot of the Expansion Premises (the
“Allowance”) toward the cost of the Initial Alterations (and the total amount of the Allowance shall be calculated once the actual rentable square footage of the Expansion Premises is determined and agreed to by Landlord and
Tenant). The Allowance shall be used only for: 
 (1) Soft costs, including, without limitation, payment of the
cost of preparing any initial space plan and the final working drawings and specifications, including mechanical, electrical, plumbing and structural drawings and of all other aspects of Tenant Improvement Plans. 

(2) The payment of plan check, permit and license fees relating to construction of the Initial Alterations. 

(3) Construction of Initial Alterations, including, without limitation, the following: 

(a) Installation within the Premises of all partitioning, doors, floor coverings, ceilings, wall coverings and painting,
millwork and similar items. 
 (b) All electrical wiring, lighting fixtures, outlets and switches, and other
electrical work to be installed within the Premises. 
 (c) All additional Tenant requirements including, but not
limited to, heating, ventilation and air conditioning, plumbing systems and other systems. 
  

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 (d) All fire and life protection systems such as fire walls, alarms and
accessories, safety control systems, sprinklers and fire piping installed within the Premises. 
 (e) Testing and
inspection costs. 
 (g) Contractor’s fees, including, but not limited to, any fees based on general
conditions. 
 (h) Architectural, engineering and energy management services. 

B. Landlord and Tenant acknowledge that the cost of the Initial Alterations may exceed the Allowance. Landlord and Tenant
shall agree on a budget for the Initial Alterations. The amount by which the cost of the Initial Alterations exceeds the Allowance is referred to herein as the “Excess Cost.” Tenant shall pay the Excess Cost to Landlord in the
following manner: Landlord shall submit to Tenant, from time to time, but not more often than once a month, the following: after Landlord has paid the Allowance, an application for payment (less a contract retainage), which shall be signed by the
general contractor and the architect shall be submitted to Landlord. Landlord shall also submit a copy of a receipted invoice or other evidence reasonably satisfactory to Tenant of the payment by Landlord (to the extent paid by Tenant) of the prior
month’s application for payment. To the extent that Tenant wishes to have its architect or representative inspect and review the work performed by Landlord, then Tenant shall be permitted to do so. In the event Tenant’s architect or
representative does not approve of the work performed, then Tenant may dispute a portion of the request for the disbursement, as set forth below. Tenant agrees that it will pay the undisputed amount of the requisition within 7 days. 

C. If Tenant fails to deliver the requisitioned amount within said 7 day period, and if Tenant has not given Landlord
written notice that it disputes any portion of the request for disbursement, then Landlord shall give written notice to Tenant of such failure. If Tenant continues to fail to pay any undisputed portion of the same within 3 days after receipt of such
notice, Tenant shall be in default of its obligations under this Lease and, without limiting Landlord’s remedies hereunder, Landlord may cease performance of the Initial Alterations, unless all pending requisitions (to the extent not in
dispute) are paid. In the event Tenant disputes any portion of the request for disbursement, Tenant shall disburse the amount of the request not in dispute. Landlord and Tenant shall endeavor, in good faith, to resolve any dispute with regard to any
request for disbursement and the performance of the work. To the extent that Landlord and Tenant are unable to resolve the dispute, Landlord and Tenant shall proceed to final binding arbitration. The arbitration shall proceed in New Haven,
Connecticut, according to the construction industry arbitration rules of the American Arbitration Association The costs of arbitration shall be borne equally by Landlord and Tenant except that each shall bear their own attorney’s fees.

 D. Tenant shall also bear all reasonable out-of-pocket costs and expenses, if any, incurred by Landlord
resulting from Tenant Delays. All such costs shall be paid by Tenant within 10 days of delivery of an invoice therefore from Landlord. Tenant’s failure to deliver such amount within five (5) days after Tenant’s receipt of a notice of
delinquency shall constitute a default under this Lease and without limiting Landlord’s remedies hereunder, Landlord may cease performance of the Initial Alterations until such default is cured. 

E. Notwithstanding the foregoing procedure for reimbursement of Excess Cost, Tenant may elect, at Tenant’s option, to
pay for the Excess Cost to Landlord by amortizing the Excess Cost on a straight line basis with interest at an imputed rate of 10% per annum over the initial Term of the lease. In such event Landlord shall initially pay for the Excess Cost, and
the amortized amount as determined pursuant to the preceding sentence shall be added to the Base Rent payable under the Lease. Landlord and Tenant shall execute an amendment to evidence the increase in the Base Rent. 

 

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 F. In no event shall the Allowance or the Excess Cost be used for the
purchase of equipment, furniture or other items of personal property of Tenant. In the event the entire Allowance is not utilized or disbursed, any unused amount shall accrue to the sole benefit of Landlord, it being understood that Tenant shall not
be entitled to any credit, abatement or other concession in connection therewith. Tenant shall be responsible for all applicable state sales or use taxes, if any, payable in connection with the Initial Alterations, Allowance and/or Excess Cost.

  

	 	IV.	COMPLETION. 

A. The occurrence of any one or more of the following shall constitute a “Tenant Delay:”
(1) Tenant’s request for materials, finishes or installations that cannot be obtained by Landlord within a reasonable period of time because of limited availability, but only to the extent that Tenant was made aware, by Landlord or
Landlord’s Contractor, of such delay as soon as Landlord or Landlord’s Contractor learned of the same and Tenant is unable or unwilling to approve a readily available substitute; (2) Tenant’s request for competitive bids for the
Initial Alterations, (3) any delay by Tenant’s architect or anyone performing services on behalf of Tenant that causes a delay in the construction schedule or in the anticipated date of Substantial Completion; (4) Tenant’s
changes in Tenant Improvement Plans after approval by Landlord that causes a delay in the construction schedule or in the anticipated date of Substantial Completion; (5) any breach of the Lease by Tenant that causes a delay, (6) failure by
Tenant to respond to requests for approval from Landlord beyond the time periods for response set forth herein, which causes the Tenant Improvement Plans to not be finalized by December 1, 2007, or (7) any number of days, beyond 7 days,
that Tenant fails to pay to Landlord any undisputed Excess Cost. Landlord shall promptly notify Tenant of any occurrence of Tenant Delay. 

B. As used herein, “Substantial Completion” of the Initial Alterations shall be the date which is the
earlier to occur of (1) the date when Tenant occupies all or any portion of the Expansion Premises for its business use or (2) the date when the building department or other appropriate governmental authority having jurisdiction issues
either a Certificate of Occupancy a Temporary Certificate of Occupancy or other communication or approval permitting legal occupancy of the Expansion Premises. Landlord shall provide Tenant with at least 30 days prior written notice of the date upon
which, in Landlord’s judgment, Substantial Completion will occur and shall thereafter keep Tenant informed as to any change in Landlord’s estimate of the date upon which Substantial Completion will occur. The date of Substantial Completion
shall not be delayed by unfinished minor details of construction, mechanical adjustments or decorations which do not interfere with Tenant’s use and enjoyment of the Expansion Premises or appurtenant common areas (“Punch List”
items). Landlord shall promptly complete completion of the Punch List items and endeavor to complete the same within sixty (60) days after Substantial Completion, subject to availability of materials. Notwithstanding the foregoing, in the event
of the occurrence of one or more instances of Tenant Delay, then the date of Substantial Completion shall be accelerated by the aggregate number of days occasioned by such instances of Tenant Delay. 

C. In the event that the date of Substantial Completion is later than April 1, 2008 (the
“Initial Due Date”) then Tenant shall receive one (1) day of free Rent for the Expansion Premises for every day that the date of Substantial Completion is past the Initial Due Date, which shall be credited to Tenant by delaying
the Expansion Premises Commencement Date by said number of days. In the event the date of Substantial Completion is later than May 1, 2008 (the “Second Due Date”), then Tenant shall receive one and one-half
(1 1/2) days of free Rent for the Expansion
Premises for every day that the date of Substantial Completion is past the Second Due Date, which shall be credited to Tenant by delaying the Expansion 

 

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Premises Commencement Date by said number of days. In the event the date of Substantial Completion is later than June 1, 2008 (the “Third Due Date”), then Tenant shall
receive two (2) days of free Rent for the Expansion Premises for every day that the date of Substantial Completion is past the Third Due Date, which shall be credited to Tenant by delaying the Expansion Premises Commencement Date by said number
of days. In the event the date of Substantial Completion is later than July 1, 2008 (the “Final Due Date”), then Tenant shall have the right to any time thereafter to give Landlord fifteen (15) days notice of termination
of this Lease, provided that if during said fifteen (15) days Landlord thereafter achieves Substantial Completion, said notice shall be deemed ineffective and void ab initio, provided that Tenant shall be entitled to the free Rent applicable to
the period of June 1 through June 30 for the period from July 1 until the date of Substantial Completion. Notwithstanding the foregoing, the various due dates in the preceding sentences shall be extended by one (1) day for each
day of Tenant Delay and Force Majeure, provided that Force Majeure shall not be applicable to the Final Due Date. By way of example, if the date of Substantial Completion is April 7, 2007, but there was a delay of two days in obtaining a
governmental permit (an event of Force Majeure), the Initial Due Date would be April 2, 2007 and Tenant would be entitled to five (5) days of free Rent. 
  

	 	V.	APPLICABILITY OF WORK LETTER. 

This Exhibit shall not be deemed applicable to any additional space added to the Premises at any time or from time to
time, whether by any options under the Lease or otherwise, or to any portion of the Premises or any additions to the Premises in the event of a renewal or extension of the original Term of this Lease, whether by any options under the Lease or
otherwise, unless expressly so provided in the Lease or any amendment or supplement to the Lease. 
  

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 EXHIBIT D 

BUILDING RULES AND REGULATIONS 

The following rules and regulations shall apply, where applicable, to the Premises, the Building, and the Common Areas. Capitalized terms have the same
meanings as defined in the Lease. 
  

	1.	Sidewalks, doorways, vestibules, halls, stairways and other similar areas shall not be obstructed by Tenant or used by Tenant for any purpose other than ingress and
egress. No rubbish, litter, trash, or material shall be placed, stored, emptied, or thrown in those areas. At no time shall Tenant permit Tenant’s employees, contractors, vendors or invitees to loiter in Common Areas or elsewhere about the
Building, grounds or parking areas. 

  

	2.	Outside storage is not permitted without Landlord’s written consent. Storage of tanks or other items must be approved by Landlord and should be locked and
maintained in accordance with Landlord’s requirements. 

  

	3.	Plumbing fixtures and appliances shall be used only for the purpose for which designed. No sweepings, rubbish, rags or other unsuitable material shall be thrown or
placed in the fixtures or appliances. Damage caused by Tenants, employees, agents or invitees requiring repair or replacement of fixtures or appliances shall be paid for by Tenant, and Landlord shall not be responsible for the cost of repairs or
replacements. 

  

	4.	Tenant shall seek Landlord’s written permission to install any satellite communication dishes, antennas or to have IT lines or equipment brought onto the Property
or into the Building. Tenant shall, at its sole cost and expense properly install and maintain any such equipment, remove it upon lease expiration or earlier termination, and restore any damage caused by its installation, use and removal. Landlord
shall reserve the right to require review by a structural engineer or by Landlord’s roofing consultant, to be paid by the Tenant prior to installation of such equipment. No installation shall be made by Tenant which would void any roof or other
warranties. 

  

	5.	No signs, advertisements or notices shall be painted or affixed to windows, doors or other parts of the Building, except those of such color, size, style and in such
places as are first approved in writing by Landlord and are in compliance with any municipal rules and regulations. All tenant identification and suite numbers at the entrance to the Premises shall be installed by Landlord, at Tenant’s cost and
expense, using the standard graphics for the Building. Except in connection with the hanging of lightweight pictures and wall decorations, no nails, hooks or screws shall be inserted into any part of the Premises. 

 

	6.	Tenant shall at no time conduct any public sales, auctions, or liquidations in the Premises or Building or elsewhere on the Property. 

 

	7.	Tenant shall not use the Common Areas for the conduct of any private meetings or functions without Landlord’s prior written consent, nor shall Tenant allow the
consumption of alcohol in any of the Common Areas by its employees, agents, contractors, guests and invitees. 

  

	8.	Landlord may provide and maintain in the first floor (main lobby) of the Building an alphabetical directory board or other directory device listing tenants, and no
other directory shall be permitted unless previously consented to by Landlord in writing. 

	9.	Tenant shall not place any lock(s) on any door in the Premises or Building without Landlord’s prior written consent and Landlord shall have the right to retain at
all times and to use keys to all locks within and into the Premises. A reasonable number of keys to the locks on the entry doors in the Building and Premises shall be furnished by Landlord to Tenant at Tenant’s cost, and Tenant shall not make
any duplicate keys. All keys shall be returned to Landlord at the expiration or earlier termination of this lease. Any locks changed with Landlord’s permission will be changed back upon lease termination to the building master standard at
Tenant’s cost. If applicable, Tenant shall provide key(s) and/or access card(s) to be placed in fire Knox box. 

  

	10.	All contractors, contractor’s representatives and installation technicians performing work in the Building shall be subject to Landlord’s prior approval and
shall be required to comply with Landlord’s standard rules, regulations, policies and procedures, which may be revised from time to time. Tenant will provide Landlord with a Certificate of Insurance for all contractors or vendors working within
their premises, naming the Tenant, Landlord and the Property Management Company as additional insured in a format acceptable to Landlord and in compliance with the Lease. 

 

	11.	Receipt by Tenant of merchandise or materials, other than those goods shipped in the Tenant’s normal course of business, requiring the use of elevators, stairways,
lobby areas or loading dock areas or otherwise causing disruption to the normal flow of business at the Property, shall be restricted to hours designated by Landlord. Tenant shall assume all risk for damage to articles moved and injury to any
persons. If equipment, property, or personnel of Landlord or of any other party is damaged or injured as a result of or in connection with the activity, Tenant shall be solely liable for any resulting damage, injury or loss. All move ins/outs need
to be coordinated with Landlord’s property manager. If building personnel are required to assist with the coordination of the move, Tenant shall reimburse Landlord for 1.25 times the cost of such personnel’s salary and benefits. Deliveries
to and from the Premises shall be through the entrances and exits designated by Landlord. Tenant shall not make deliveries to or from the Premises in a manner that might interfere with the use by any other tenant of its premises or of the Common
Areas, any pedestrian use, parking and traffic flows, or any use which is inconsistent with good business practice. 

  

	12.	Landlord shall have the right to approve the weight, size, or location of heavy equipment or articles in and about the Premises. Damage to the Building by the
installation, maintenance, operation, existence or removal of the Tenant’s property shall be repaired at Tenant’s sole expense. Tenant shall, prior to occupancy, provide Landlord with a building layout indicating the locations of any heavy
equipment. Tenant shall warrant to Landlord that weight of equipment does not exceed the floor load capacity. Landlord shall reserve the right to require review by a structural engineer to be paid by Tenant to verify load levels of equipment, prior
to placement of the equipment. Tenant shall ensure that all equipment is properly permitted, if applicable, at its sole cost and expense. 

  

	13.	Tenant shall not: (1) make or permit any improper, objectionable or unpleasant noises, odors or vibrations in the Building or on the grounds of the Property, or
otherwise interfere in any way with other tenants or persons having business within or on them; (2) solicit business or distribute, or cause to be distributed, in any portion of the Building, handbills, promotional materials or any other
advertising; or (3) conduct or permit other activities in the Building or on the Property that might, in Landlord’s sole discretion, constitute a nuisance. 

 

	14.	No animals, except service animals assisting handicapped persons or those necessary for the conduct of Tenant’s business, shall be brought into the Building or
kept in or about the Premises. 

	15.	Tenant shall not use or occupy the Premises in any manner or for any purpose which might injure the reputation or impair the present or future value of the Premises,
the Building, or the Property. Tenant shall not use, or permit any part of the Premises to be used, for lodging, sleeping or for any illegal purpose. 

  

	16.	Tenant shall not take any action which would violate Landlord’s labor contracts or which would cause a work stoppage, picketing, labor disruption or dispute, or
interfere with Landlord’s or any other tenant’s or occupant’s business or with the right and privileges of any person lawfully in the Building or on the Property (“Labor Disruption”). Tenant shall take all reasonable
and necessary actions to resolve any Labor Disruption. Tenant shall have no claim for damages against Landlord or any of the Landlord Parties, nor shall the date of the commencement of the Term be extended as a result of the above actions.

  

	17.	Tenant shall not install, operate or maintain in the Premises or in any other area of the Building or Property electrical equipment that would overload the electrical
system beyond its capacity for proper, efficient and safe operation as determined solely by Landlord. Tenant shall not furnish cooling or heating to the Premises, including, without limitation, the use of electronic or gas heating devices, without
Landlord’s prior written consent. Tenant shall not exceed its proportionate share of electrical service, either in voltage, rated capacity or overall load, telephone lines and other telecommunication facilities, or other utilities available to
service the Building. Tenant may only use an exterior generator with Landlord’s written consent and at normal operating times to be provided in writing from Landlord. Any exterior HVAC equipment, such as chillers and generators, should be
properly maintained and locked (so they may to be operated only by authorized personnel). 

  

	18.	Tenant shall not operate or permit to be operated any coin or token operated vending machine or similar device (including, without limitation, telephones, lockers,
toilets, scales, amusement devices and machines for sale of beverages, foods, candy, cigarettes and other goods) in any of the Common Areas. Bicycles and other vehicles are not permitted inside the Building or on the walkways outside the Building,
except in areas designated by Landlord. Landlord may from time to time adopt systems and procedures for the security and safety of the Building or Property, its occupants, entry, use and contents. Tenant, its agents, employees, contractors, guests
and invitees shall comply with Landlord’s processes and procedures. Tenant assumes all risks of theft or vandalism to the Premises and agrees to keep its Premises locked or otherwise properly secured. 

 

	19.	Tenant shall obtain Landlord’s written permission to use the name of the Building or Property in any advertising or publicity. 

 

	20.	Tenant, its agents, employees, contractors, guests or invitees shall not smoke or permit smoking in the Premises or in Common Areas, unless a Common Area has been
specifically declared a designated smoking area by Landlord. Landlord shall have the right to designate the entirety of the Building or Property (including the Premises) as a non-smoking building or property. 

 

	21.	Landlord shall have the right to designate and approve standard window coverings for the Premises and to establish a building standard to assure that the Building
presents a uniform exterior appearance. Tenant shall ensure, to the extent reasonably practicable, that window coverings are closed on windows in the Premises while they are exposed to the direct rays of the sun (especially during the summer months
to reduce cooling loads). 

	22.	Landlord reserves the right to refuse access to any persons which Landlord in good faith judges to be a threat to the safety, reputation, or property of the Building or
Property and/or its occupants. 

  

	23.	Tenant is responsible to obey parking rules as set forth by Landlord, who reserves the right to modify these rules from time to time and/or adopt such other reasonable
rules and regulations as it may deem necessary for the proper operation of the parking area. Specifically, Tenant shall not permit or allow any vehicles that belong to or are controlled by Tenant or Tenant’s employees, suppliers, shippers,
customers, or invitees to be loaded, unloaded or parked in areas other than those designated by Landlord for such activities. Unless otherwise instructed, every person using the parking areas is requested to park and lock his/her own vehicle.
Landlord will not be responsible for any damage to vehicles, injury to persons or loss of property, all of which risks are assumed by the party using the parking areas. The maintenance of vehicles in the parking areas or Common Areas is strictly
prohibited. Tenants will be notified of any modifications made to the parking rules as they occur. 

 EXHIBIT E 

ENVIRONMENTAL SUBSTANCE DECLARATION 
  

			
	 To:
	  	SPDC Building 25, LLC (“Ground Lessor”)
		
	 From:
	  	_______________, a ________________ [Insert state of formation] (“Tenant”)
		
	 Address:
	  	______________________________ [Insert address of Tenant’s headquarters]
		
		  	______________________________
		
		  	______________________________
		
	 Telephone:
	  	______________________________

 Pleased be advised of the
following: 
  

	1.	Tenant rents Suite ___, consisting of approximately ____ rentable square feet on the ___ floor (the “Premises”) at the property known as 150 Munson
Road, New Haven, Connecticut, pursuant to a Lease Agreement between WE 150 Munson Street LLC and Tenant dated _____________. 

  

	2.	The name of the chief local operating officer is ___________________________________, whose telephone number is set forth above. 

 

	3.	The general business to be carried out by Tenant is as follows: _________________________________. 

 

	4.	The specific uses to which Tenant puts the Premises are as follows: ________________________________________________ 

__________________________________________________________________________________________________________ 

 

	5.	Attached as Schedule A is a list of the hazardous chemicals or hazardous wastes which Tenant will use, store, produce, generate or emit during the Term which
quantity, either at any one point in time or over the course of the year, is expected or reasonably shall be expected to exceed a Reportable Quantity. For purposes of the preceding sentence, a “Reportable Quantity” means a quantity
of any substance the presence of which in the environment could require investigation or remediation under any Law. Notwithstanding the foregoing, a substance need not be listed if used solely for clerical office equipment such as photocopiers,
facsimile machines and computer printers, or if used solely for laboratory purposes in quantities not exceeding normal and customary laboratory standards. 

  

	6.	Tenant shall promptly provide an update to the list on Schedule A in the event any additional hazardous chemicals or hazardous wastes are used, stored, produced,
generated or emitted at the Premises. 

 This Environmental Substance Declaration is hereby declared to be complete and correct to
the best knowledge of the undersigned chief local operating officer. 
  

			
	 
		
	By:	 	 
		 	Name:
		 	Title:

 EXHIBIT F 

GROUND LEASE SUBORDINATION AND NONDISTURBANCE AGREEMENT 

SUBORDINATION, NON-DISTURBANCE AND 

ATTORNMENT AGREEMENT 

Date:_______________ 
 Ground Landlord:

 Ground Tenant: 
 Subtenant:

 Ground Lease: 
 Dated as of
____________, between Ground Landlord and Ground Tenant, notice of which is recorded with the City of New Haven Land Records (the “Land Records”) at Volume ____, Page ____, as amended from time to time. 

Sublease: 
 Dated as of _______________,
between Ground Tenant and Subtenant, notice of which is recorded with the City of New Haven Land Records (the “Land Records”) at Volume ____, Page ____, as amended from time to time. 

Premises: 
 (i) A parcel consisting of the land
known as __________ together with ____________ - and other improvements constructed or to be constructed thereon, all as more particularly described in the Ground Lease, (capitalized terms in this description, not otherwise defined, shall have the
same meaning as assigned in the Ground Lease.) 
 Subleased Premises: The portion of the Premises described in the Sublease. 

Ground Landlord is owner of the Premises which are subject to the Ground Lease. 

Ground Tenant and Subtenant have entered into, or are about to enter into, the Sublease, a copy of which is attached as Exhibit A
(provided that a copy of the Sublease shall not be attached to any counterpart of this Agreement to be recorded in the Land Records). 

 In consideration of the agreements contained herein, the parties agree as follows:

  

	I.	Subordination 

 Subtenant
confirms and agrees that the Sublease and any extensions, renewals, amendments, modifications, consolidations, replacements and expansions thereof, and all right, title and interest of Subtenant thereunder in and to the Subleased Premises, are and
shall be subject and subordinate to the Ground Lease and to all the terms and conditions contained therein, and to all extensions, renewals, amendments, modifications, consolidations, replacements and expansions thereof as though each such
extension, renewal, amendment, modification, consolidation, replacement and expansion were executed, delivered and notice thereof recorded before the execution of the Sublease. Without limiting the foregoing and notwithstanding any other term or
provision of this Agreement, Subtenant’s rights with respect to proceeds of insurance and eminent domain awards are expressly made subject and subordinate to the Ground Tenant’s obligations to permit such proceeds to be applied to the
restoration of the Premises, in the manner and to the extent set forth in the Ground Lease, and the disposition of such proceeds shall be governed by the Ground Lease in all respects. 

 

	II.	Non-Disturbance 

  

	 	A.	Ground Landlord consents to the execution and delivery of the Sublease in the form attached as Exhibit A. 

 

	 	B.	Provided that the Sublease is then in full force and effect, Ground Landlord agrees that, in the event of a termination or expiration of the Ground Lease or the
exercise by Ground Landlord of any of its rights thereunder to take possession and to operate the Premises, Ground Landlord shall not disturb Subtenant’s rights of possession of the Subleased Premises or any of Subtenant’s other rights in
the Premises under the terms of the Sublease so long as Subtenant is not in default beyond any applicable notice and/or grace period of any term, covenant or condition of the Sublease. 

 

	III.	Attornment 

  

	 	A.	Subtenant agrees that, in the event of a termination or expiration of the Ground Lease or the exercise by Ground Landlord of any of its rights thereunder to take
possession of and to operate the Premises, Subtenant will attorn to and recognize Ground Landlord as its direct landlord under the Sublease for the remainder of the term thereof (including all extension periods which have been or are hereafter
exercised) upon the same terms and conditions as are set forth in the Sublease, and Subtenant hereby agrees to pay and perform all of the obligations of Subtenant pursuant to the Sublease. Ground Landlord agrees that, in the event of a termination
or expiration of the Ground Lease or the exercise by Ground Landlord of any of its rights thereunder to take possession of and to operate the Premises, Ground Landlord shall succeed to the position of Ground Tenant as sublandlord under the Sublease
and recognize Subtenant as its direct tenant under the sublease for the remainder of the term thereof (including all extension periods which have been or are hereafter exercised) upon the same terms and conditions as are set forth in the Sublease
and shall perform all of the obligations of Ground Tenant as sublandlord pursuant to the Sublease, except as set forth in Section III.B below. 

	 	B.	Subtenant agrees that, in the event Ground Landlord succeeds to the position of sublandlord under the Sublease, Ground Landlord shall not be: 

 

	 	1.	liable for any act or omission of any prior Sublandlord under the Sublease (including, without limitation, Ground Tenant); 

 

	 	2.	liable for the return of any security deposit unless Ground Landlord is holding or has access to the same; 

 

	 	3.	bound by any rent or additional rent which Subtenant may have prepaid for more than one (1) month under the Sublease that was not set forth in the Sublease or
otherwise approved in writing by Ground Landlord; 

  

	 	4.	subject to any offsets, claims or defenses which Subtenant might have against any prior Sublandlord (including, without limitation, Ground Tenant), except as expressly
provided in the Sublease; 

  

	 	5.	responsible for Sublandlord’s performance of the initial construction and delivery of the Subleased Premises, or the Premises or any portion thereof or any
improvement thereof or to indemnify Subtenant for any loss resulting from a failure to timely deliver the Subleased Premises; provided that the foregoing shall not derogate from any set-off, rent credit, and termination rights of the Subtenant that
are expressly set forth in the Sublease; 

  

	 	6.	liable to Subtenant beyond Ground Landlord’s interest in the Premises and the rents, income, receipts, revenues, issues and profits issuing from the Premises; or

  

	 	7.	liable for consequential damages. 

  

	 	C.	Ground Landlord will have the same remedies for the nonperformance of any agreement contained in the Sublease which Ground Tenant had or would have had if the Ground
Lease had not been terminated. Subject to Section III.B above, Subtenant will have the same remedies for the nonperformance of any agreement contained in the Sublease which Subtenant had or would have had if the Ground Lease had not been terminated.
The limitations set forth in Section III.B above as to Ground Landlord shall not affect, impair, or abrogate any claims or remedies that Subtenant may have against the prior Sublandlord. 

 

	IV.	Further Assurances 

 The
subordination provisions hereof are effective upon execution hereof and the non-disturbance and attornment provisions hereof shall operate immediately upon Ground Landlord succeeding to the position of Sublandlord as aforesaid provided that the
Sublease is then in full force and effect and Subtenant is not then in default beyond any applicable grace period of any term, covenant or condition of the Sublease, in either event without execution of any further instrument. Ground Landlord,
Ground Tenant and Subtenant agree, however, to execute and deliver from time to time such further documentation as any such party deems necessary or appropriate to evidence their agreement hereunder. 

 

	V.	Successors and Assigns 

  

	 	A.	The term “Ground Landlord” as used in this Agreement means only the owner (or the owner’s nominee) for the time being of the fee title to the Premises.
In the event of any sale or other transfer of an interest in the Premises, the Ground Landlord named herein shall be and hereby is entirely relieved of all covenants and obligations of the Ground Landlord hereunder from and after the date of such
transfer, provided that the transferee assumes all of the covenants and obligations of Ground Landlord hereunder. 

	 	B.	Except as otherwise provided, this Agreement is binding upon and shall inure to the benefit of the parties hereto and their heirs, successors, personal representatives
and assigns. 

  

	VI.	Non-Recourse 

 Subtenant
agrees that execution by Ground Landlord of this Agreement and execution of the Ground Lease by Ground Landlord does not constitute an assumption by Ground Landlord of any obligations or liabilities under the Sublease, and that Ground Landlord is
not bound to perform Ground Tenant’s obligations under the Sublease unless and until Ground Landlord succeeds to Ground Tenant’s position under the Sublease as set forth above. Subtenant further agrees that, in the event Ground Landlord
succeeds to Ground Tenant’s position as Sublandlord under the Sublease as aforesaid, Ground Landlord’s liability under the Sublease shall be enforceable only out of Ground Landlord’s interest in the Premises and the rents, income,
receipts, revenues, issues and profits issuing from the Premises, and there shall be no other recourse against, or right to seek a deficiency judgment against, Ground Landlord or any other assets of Ground Landlord, nor shall there be any personal
liability on the part of any member, director, manager, officer or employee of Ground Landlord, with respect to any obligations to be performed under the Sublease. 
  

	VII.	Validity of Provisions 

The invalidity of any provision of this Agreement shall in no way affect the validity of any other provision. 

 

	VIII.	Governing Law 

 This
agreement shall be interpreted in accordance with and governed by the laws of the State of Connecticut. 
  

	IX.	Jurisdiction 

 The parties
submit to personal jurisdiction in the State of Connecticut and waive any and all personal rights to object to such jurisdiction. The parties agree service of process may be made and personal jurisdiction obtained by serving them at the addresses
stated on the first page hereof. 
  

	X.	Notices 

 All notices
given hereunder shall be in writing and shall be deemed received at the earlier of when delivered in hand or seventy-two (72) hours after the same have been deposited in the United States mails, postage prepaid, certified or registered mail,
return receipt requested, addressed to any party at its address appearing on the first page hereof (and, with respect to Subtenant after the term commencement date of the Sublease, at the Sublease Premises), or to such other address or addresses as
the parties may from time to time specify by notice so given. 
  

	XI.	Changes in Writing 

 This
Agreement may not be changed, waived, or terminated except in a writing signed by the party against whom enforcement of the change, waiver or termination is sought. 

[SIGNATURES ON FOLLOWING PAGE] 

 Executed under seal as of the date first written above. 

 

									
	GROUND LANDLORD:	 		 	
					
		 		 		 	By	 	 
			
	GROUND TENANT:	 		 	
					
		 		 		 	By	 	 
			
	SUBTENANT	 		 	
					
		 		 		 	By	 	 

 [INSERT ACKNOWLEDGMENTS AS APPROPRIATE]

 EXHIBIT G 

BASE BUILDING MEP 

To be appended when finalized.

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