Document:

Sublease, dated December 18, 2003

 Exhibit 10.9 
 SUBLEASE 
 This Sublease is made and dated as of December 18, 2003 (the “Effective
Date”) by the Landlord and the Tenant named below. 
 ARTICLE 1 - BASIC SUBLEASE TERMS 
 For the purposes of this Sublease, the following definitions and terms shall apply: 
 1.1 Landlord: Banc of America Securities LLC, a Delaware limited liability company. 
 1.2 Tenant: Jolson Merchant Partners Group LLC, a Delaware limited liability company. 
 1.3 Subleased Premises: The office space which consists of approximately twenty-two thousand, four hundred
thirteen (22,413) rentable square feet, comprised of nineteen thousand, one hundred twenty-four (19,124) rentable square feet on the 10th floor, and three thousand, two hundred eighty-nine (3,289) rentable square feet on the 11th floor, in the TransAmerica Pyramid (the “Building”) located at 600 Montgomery Street, San Francisco, California. The Building and its parking areas and other appurtenances are herein
together called the “Property.” 
 1.4 Sublease Term (and Temporary Premises): A period
of time commencing on the date, subject to Master Landlord approval, Landlord makes the Subleased Premises (except for a portion of the server room, as provided in Section 1.11 below) available for Tenant to ready the Subleased Premises for its
occupancy, which date shall be not more than twenty one (21) days after the Effective Date (the “Term Commencement Date”) and, unless sooner terminated as herein provided, ending on December 31, 2008. Landlord shall advise
Tenant, in writing, of the date the Subleased Premises are so ready. During the period from (and including) the Term Commencement Date through the 21st day following substantial completion of the Initial Alterations (as defined in Section 1.10(a) below), the office space leased by Landlord from Master Landlord (as defined in Section 1.8
below) pursuant to the Master Lease (as defined in Section 1.8 below) on the 8th floor of the Building (the
“Temporary Premises”) shall constitute a portion of the Subleased Premises under this Sublease, subject to Landlord’s right to show the Temporary Premises to prospective subtenants from time to time upon reasonable advance notice to
Tenant, and subject also to Landlord’s right to substitute other reasonably comparable space in the Building in place of the Temporary Premises if Landlord subleases the Temporary Premises to any person or entity other than Tenant. Landlord
shall use reasonable efforts to show the Temporary Space at such times and in such manner as will minimize any interference with or disruption of the conduct of Tenant’s business in the Temporary Premises. If substantial completion of the
Initial Alterations is actually delayed beyond July 1, 2004 due to Tenant Delay (as defined in the Work Letter) caused by Tenant (beyond the date that the Initial Alterations would have been completed if there had been no such Tenant Delay
caused by Tenant), then Tenant shall pay Landlord rent for the Temporary Premises occupied by Tenant in an amount equal to $2.00 per rentable square foot per month for the number of days of such Tenant Delay. The Sublease Term shall automatically
expire or terminate upon the expiration or termination, for any reason, of the Master Lease. Landlord shall be under no obligation to exercise any renewal option in the Master Lease. 
 1.5 Rent Commencement Date: Rent shall commence on the later of (i) September 1, 2004 or (ii) 180 days after delivery of the Subleased
Premises to Tenant. 
 1.6 Base Rent: Base Rent is $44,826.00 per month from the Rent Commencement Date through the termination date.
If Tenant elects to use any portion of the Additional Tenant Improvement Allowance (as provided in Section 1.10(b) below), then the monthly Base Rent for the period from 

  

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September 1, 2004 through December 31, 2008 shall be increased by an amount equal to $0.0237762 for each $1.00 of the Additional Tenant Improvement
Allowance used by Tenant. Thus, if Tenant elects to use all of the Additional Tenant Improvement Allowance, the Base Rent shall be increased by $2,664.48 per month ($112,065.00 times 0.0237762), to a total of $47,490.48 per month (instead of
$44,826.00 per month). 
 1.7 Permitted Use: General office purposes and securities trading, as defined in the Master Lease.

 1.8 Master Lease: The Office Lease dated May 1, 1998, entered into between Transamerica Insurance Corporation of California, a
California corporation, predecessor in interest to Transamerica Pyramid Properties, LLC (“Master Landlord”), as landlord, and Landlord’s predecessor in interest, Nationsbanc Montgomery Securities LLC, a Delaware limited liability
company, as tenant, covering premises which include the Subleased Premises, as amended by the First Amendment to Lease dated May 2, 1998, and as further amended by the Second Amendment to Lease dated July 9, 2001 (as so amended, the
“Master Lease”). 
 1.9 Security Deposit: Tenant shall deliver to Landlord, within five days after Tenant’s receipt of
written consent to this Sublease from Master Landlord, an irrevocable, unconditional letter of credit in the amount of Two Hundred Thirty Five Thousand and 00/100 dollars ($235,000) (the “Security Deposit”) drawn on a reputable domestic
banking institution (not Bank of America, N.A.), reasonably acceptable to Landlord, being payable to Landlord and expiring no earlier than one year from issuance. On or at any time after January 1, 2007, Tenant shall have the right to reduce
the amount of the Security Deposit to One Hundred Thousand and 00/100 Dollars ($100,000), provided that all of the following conditions are satisfied: (1) there is then no material uncured monetary event of default under this Sublease,
(2) the net worth of Tenant is then at least Forty Million Dollars ($40,000,000), and (3) the quotient of Tenant’s earnings before interest, taxes, depreciation and amortization (commonly known as “EBITDA”) divided by
Tenant’s total revenue is at least twenty percent (20%) for each of Tenant’s four immediately preceding fiscal quarters. So long as Tenant is not a debtor in a bankruptcy case, Landlord shall not draw on the letter of credit unless
Landlord gives Tenant notice of Landlord’s intention to draw, specifying the amount Landlord intends to draw and the reason therefor, and Tenant does not within three (3) business days after receipt of Landlord’s notice pay to
Landlord the amount specified in Landlord’s notice. Upon tender by Tenant from time to time of cash to be held by Landlord as a Security Deposit under this Sublease, Landlord shall surrender the letter of credit to Tenant or execute and deliver
to Tenant such documents as may be required to cause the amount of the letter of credit to be reduced by the same amount as the amount of cash security deposit provided by Tenant (provided that the amount of cash tendered by Tenant shall be not less
than $50,000 in each instance and there shall not be more than two such reductions). 
 1.10 Tenant Improvements. 

(a) The parties acknowledge that upon or after the Term Commencement Date Tenant intends to make certain alterations and improvements (the
“Initial Alterations”) to the Subleased Premises in Tenant’s reasonable discretion and as may be reasonably approved in writing by Landlord, to make the Subleased Premises functional for Tenant’s particular use of the
Subleased Premises and Tenant’s employees and employment practices. The construction of the Initial Alterations shall be subject to Master Landlord’s approval in accordance with the Master Lease and Landlord’s approval, which approval
by Landlord shall not be unreasonably withheld, conditioned or delayed. 
 (b) Landlord shall contribute toward the cost of the design,
construction and installation of the Initial Alterations an amount equal to Eight Hundred Ninety Six Thousand Five Hundred Twenty and 00/100 Dollars ($896,520.00) (the “Tenant Improvement Allowance”). At Tenant’s 

  

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request, Landlord shall also contribute up to One Hundred Twelve Thousand Sixty Five and 00/100 Dollars ($112,065.00) as an additional renovation allowance
(the “Additional Tenant Improvement Allowance”). In addition to the Tenant Improvement Allowance and the Additional Improvement Allowance, Landlord shall pay the Supervision Fee payable to Master Landlord in connection with the Initial
Alterations (as provided pursuant to the Master Lease). In the event that the cost of the Initial Alterations exceeds the Tenant Improvement Allowance (and the Additional Improvement Allowance, if Tenant elects to have Landlord contribute the
Additional Improvement Allowance), Tenant shall be responsible for the cost of such excess. 
 1.11
Server Room. Prior to the Term Commencement Date, Landlord will separate a space at the easterly end (constituting approximately 50%) of the server room on the 10th floor (the “Retained Server Room Space”) from the remainder of the server room on the 10th floor and remove all of Landlord’s personal property, equipment and furniture (other than the Transferred Furniture as defined in Section 2.5 below)
from all portions of the Subleased Premises other than the Retained Server Room Space. The Retained Server Room Space shall be excluded from the Subleased Premises through April 9, 2004. Landlord shall have the right to access the Retained
Server Room Space as needed through April 9, 2004. Landlord shall give Tenant reasonable advance notice prior to any such entry (except in emergencies), and use reasonable efforts to access and use the Retained Server Room Space at such times
and in such manner as will minimize any interference with or disruption of the construction of the Initial Alterations. On or before April 10, 2004, Landlord shall remove all of Landlord’s cabling, equipment, fixtures and personal property
from the Retained Server Room Space and deliver possession of the Retained Server Room Space, broom clean and free of debris, to Tenant. 
 1.12 Internal Stair. Tenant shall have the right to construct an internal staircase connecting the
10th and 11th floors of the Building, as provided in the Direct Lease (as defined below), so long as Tenant agrees in writing to remove the staircase, and to restore all space in the Subleased Premises impacted
thereby to its original condition prior to the addition of the staircase, at the end of the term of this Sublease (except that such removal and restoration shall not be required if the Subleased Premises become part of the “Premises”
leased from Master Landlord by Tenant under the Direct Lease immediately upon expiration of the term of this Sublease as described in Section 7.5 below). 
 ARTICLE 2 - GRANTING CLAUSE AND RENT PROVISIONS 
 2.1 Grant of Premises. Landlord hereby
leases the Subleased Premises to Tenant during the Sublease Term, subject to the provisions of this Sublease. Landlord shall not be required to provide any service, pay any cost or expense or do any act or thing with regard to the Subleased Premises
except as may be specifically stated in this Sublease. 
 2.2 Base Rent; Late Payment. Tenant agrees to pay the Base Rent to Landlord
monthly in advance during the term of this Sublease, without demand, offset or reduction (except as otherwise provided pursuant to this Sublease). One (1) monthly installment of Base Rent shall be due and payable on the Rent Commencement Date
for the first month’s Base Rent and a like monthly installment shall be due and payable on or before the first day of each calendar month succeeding the Rent Commencement Date during the term of this Sublease, without demand, offset or
reduction (except as otherwise provided pursuant to this Sublease); provided, if the Rent Commencement Date should be a date other than the first day of a calendar month, the monthly rental set forth above shall be prorated to the end of that
calendar month, and all succeeding installments of rent shall be payable on or before the first day of each succeeding calendar month during the term of this Sublease (and if the term ends on a day other than the last day of a calendar month, the
rent for the period form the first day of the calendar month in which the term ends to the date on which the term ends shall be prorated). Tenant shall pay, as additional rent, all other sums due under this Sublease. Base Rent and additional rent
are sometimes collectively called 

  

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“rent”. If any payment due Landlord is not received by Landlord by the tenth (10th) day after it became due, Tenant shall at Landlord’s
request pay to Landlord a late payment charge of five percent (5%) of the past-due amount; provided, however, that Tenant shall not be obligated to pay any late charge if (i) Tenant delivers the payment to Landlord within three
(3) business days after Tenant’s receipt of notice from Landlord stating the amount due and informing Tenant that the payment was not received when due and (ii) Landlord has not given such a notice on account of Tenant’s failure
to pay when due on more than two occasions during the immediately preceding twelve (12) months. 
 2.3 Additional Rent.
Commencing January 1, 2005, Tenant shall pay to Landlord, as additional rent, all amounts, if any, that Landlord is required to pay to Master Landlord pursuant to the Master Lease as Expense and Tax Increase Payments pursuant to Paragraph 4(a)
of the Master Lease, but only to the extent such amounts are applicable to the Subleased Premises and exceed such amounts paid to Master Landlord in 2004 (the base year for purpose of this Sublease). Landlord shall make a reasonable allocation of
such amounts between the Subleased Premises and the remainder of the premises leased by Landlord under the Master Lease. Tenant shall pay all use, consumption and other charges for after-hours air conditioning or other special services for the
Subleased Premises for which Landlord is or would be responsible under the Master Lease or otherwise, but only if and to the extent that the after-hours air conditioning or other special services are expressly requested by Tenant. Tenant
shall pay the amounts referred to in this Section within five (5) days after receipt of notice of the amount due (and if such amount is a regularly recurring amount, only one such notice shall be required for all such regularly recurring
amounts due during the period specified in such notice). 
 2.4 Holding Over. Upon the expiration or earlier termination of this
Sublease, Tenant agrees to vacate and deliver the Subleased Premises, and all keys thereto, to Landlord, unless Tenant continues in possession of the Subleased Premises under a direct lease between Tenant and Master Landlord. If Tenant does not
vacate the Subleased Premises upon the expiration or earlier termination of this Sublease, and Tenant is not then entitled to be in possession of the Subleased Premises pursuant to a direct lease between Tenant and Master Landlord, then Tenant shall
be a tenant at sufferance for the holdover period and all of the terms and provisions of this Sublease shall be applicable during that period, except that the Base Rent for the period of such holdover shall be an amount equal to 150% of the Base
Rent which would have been payable by Tenant had the holdover period been a part of the original term of this Sublease. No holding over by Tenant, whether with or without the consent of Landlord, shall operate to extend the term of this Sublease.
Tenant shall indemnify Landlord against all claims made by Master Landlord or any tenant or prospective tenant against Landlord resulting from delay by Landlord in delivering possession of the Subleased Premises to the Master Landlord or such other
tenant or prospective tenant, to the extent caused by holding over by Tenant. 
 2.4 Security Deposit. The security deposit set forth
in Section 1.9 shall be held by Landlord for the performance of Tenant’s covenants and obligations under this Sublease, it being expressly understood that the security deposit shall not be considered an advance payment of rental or a
measure of Landlord’s damage in case of default hereunder by Tenant, and shall be held by Landlord without payment of any interest thereon. Upon the occurrence of any event of default by Tenant under this Sublease, Landlord may, from time to
time, without prejudice to any other remedy, use the security deposit to the extent necessary to make good any arrears of rent, or to repair any damage or injury, or pay any expense or liability incurred by Landlord as a result of the event of
default or breach of covenant, and any remaining balance of the security deposit shall be returned by Landlord to Tenant upon the termination of this Sublease. If any portion of the security deposit is so used or applied, Tenant shall upon ten
(10) days written notice from Landlord, deposit with Landlord by cash or cashier’s check an amount sufficient to restore the security deposit to its original amount. The Security Deposit may be assigned and transferred by Landlord to the
successor in interest of Landlord and, upon acknowledgment by such successor of receipt of such security and its assumption of the obligation to account to Tenant for such security in accordance with the terms of this Sublease, Landlord shall
thereby be discharged of any further obligation relating thereto. 
  

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 2.5 Furniture. Landlord hereby transfers and conveys to Tenant all of Landlord’s right, title
and interest in and to the furniture located at the Subleased Premises, as more particularly described in the attached Exhibit “C” (“Transferred Furniture”). The parties will evidence the transfer and sale of the Transferred
Furniture through a bill of sale acceptable to the parties, to be executed and delivered as of the Effective Date, along with an assignment from Landlord to Tenant of any and all warranty rights with respect thereto. No additional consideration will
be due to Landlord in connection with the transfer of the Transferred Furniture. Landlord shall at Tenant’s request remove all debris, furniture, fixtures, equipment and other personal property (other than the Transferred Furniture) from the
Subleased Premises. 
 ARTICLE 3 - OCCUPANCY AND USE 
 3.1 Use. The Subleased Premises shall be used and occupied only for the Permitted Use as set forth in Section 1.7. Tenant has inspected the Subleased Premises and accepts them in their present
“AS-IS” condition, subject to the other provisions of this Sublease and to latent defects which would not be disclosed by a reasonably diligent visual inspection. 
 3.2 Entry. Landlord or its authorized agents shall at any and all reasonable times have the right, upon reasonable advance notice to Tenant (which
notice in the event of an emergency may be given orally or by telephone), at reasonable times to enter the Subleased Premises as may be needed to perform Landlord’s obligations under this Sublease. 
 ARTICLE 4 - UTILITIES AND SERVICES 
 Landlord is not responsible for providing any services or utilities to Tenant. Landlord shall, however, cooperate with Tenant and use commercially reasonable efforts to cause Master Landlord to comply with its obligations under the Master
Lease with respect to the Subleased Premises and to provide all such services and utilities for the benefit of the Subleased Premises. Failure or cessation in the furnishing of any services or utilities shall not render Landlord liable to Tenant in
any respect for damages to either persons or property, nor be construed as an eviction by Landlord, nor work an abatement of rent, nor relieve Tenant from fulfillment of any covenant or agreement in this Sublease. 
 ARTICLE 5 - REPAIRS AND MAINTENANCE 
 5.1 Landlord Repairs. Landlord shall have no obligation to repair, maintain, refurbish or make replacements for the Subleased Premises (collectively, “repairs”), whether or not arising out of fire, other casualty, or in
connection with the need for normal maintenance and repair. Landlord shall, however, cooperate with Tenant and use commercially reasonable efforts to cause Master Landlord to comply with its obligations under the Master Lease with respect to the
Subleased Premises and to provide such repairs for the benefit of the Subleased Premises. 
 5.2 Tenant Repairs. Except as otherwise
provided pursuant to this Sublease, Tenant shall be responsible for the cost to repair or replace any damage or injury in or about the Subleased Premises caused by any act or omission of Tenant or Tenant’s agents, employees, or invitees. In the
event that this Sublease is terminated prior to its expiration date, due to the default of Tenant, and Tenant is not then entitled to be in possession of the Subleased Premises pursuant to a direct lease between Tenant and Master Landlord, Tenant
shall deliver the Subleased Premises to Landlord in the same repair and condition as existed on the Term Commencement Date, normal wear and tear and damage by fire or other casualty, or other causes beyond Tenant’s reasonable control,
Landlord’s removal of the server room, and modifications pursuant to the Work Letter and Alterations (as provided below), excepted. 
  

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 ARTICLE 6 - ALTERATIONS AND IMPROVEMENTS 
 6.1 Tenant’s Work and Subsequent Improvements. Subject to Section 8 of the Master Lease, the terms of which are incorporated herein,
Tenant shall not make or allow to be made any alterations, physical additions or improvements (“Alterations”) in or to the Subleased Premises (including signs) without first obtaining the written consent of Landlord and Master Landlord,
which consent shall not be unreasonably withheld or delayed. Tenant shall have no authority or power, express or implied, to create or cause the imposition of any mechanic’s lien, materialman’s lien, or other charge or encumbrance of any
kind against the Subleased Premises or any other part of the Property. 
 6.2 Work Letter and Construction Agreement. Landlord shall
enter into a Work Letter and Construction Agreement (“Work Letter”) with Master Landlord in the form attached to the Consent to Sublease agreement executed by Master Landlord, Landlord and Tenant for the construction of certain
improvements to the Subleased Premises. Landlord shall not cause any Tenant Delay under the Work Letter or under the Work Letter attached to the Direct Lease. 
 (a) Tenant must select an architect and provide information to allow preparation of space plans and pricing pursuant to the Work Letter. 
 (b) Landlord shall act as a conduit between Tenant and Master Landlord. Landlord shall pass on all information requested by, or required to be furnished to, Master Landlord pursuant to the Work Letter. 
 (c) All response times shall conform to the times contained in the Work Letter. 
 (d) Landlord shall pay all costs in connection with the design and construction of the improvements, up to the amount of the Tenant Improvement Allowance
and any portion of the Additional Tenant Improvement Allowance Tenant may elect to use. If and to the extent that the costs due from Landlord to Master Landlord pursuant to the Work Letter (excluding the Management Fee) exceed the amount of the
Tenant Improvement Allowance and any portion of the Additional Tenant Improvement Allowance Tenant may elect to use, Tenant shall pay a reasonable estimate of the cost thereof to Landlord prior to the commencement of the work that will cause the
cost to exceed the applicable allowance, subject to an appropriate reconciliation of such payment after the completion of the construction. 
 ARTICLE 7 - MASTER LEASE 
 7.1 Compliance with Master Lease. Except for the obligation to pay base rent or operating
expense escalations to Master Landlord as provided in the Master Lease, Tenant shall comply with all of the provisions of the Master Lease that are to be observed or performed by Landlord as tenant thereunder with respect to the Subleased Premises
for the term of this Sublease. Tenant shall not, by any act or omission, cause Landlord to be in violation of or in default under the Master Lease. 
 7.2 Incorporation of Master Lease. 
 (a) Insofar as the provisions of the Master Lease do not conflict with specific
provisions hereof, they and each of them are incorporated by this reference into this Sublease as fully as if completely restated herein. Tenant shall be bound to Landlord by all of the provisions of the Master Lease and shall perform all of the
obligations and responsibilities that Landlord by the Master Lease 

  

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undertakes toward Master Landlord with respect to the Subleased Premises for the term of this Sublease, except for any obligation to pay rent to Master
Landlord as provided in the Master Lease. Therefore, in construing these obligations of Tenant to Landlord, wherever in the Master Lease the word “Landlord” or “Lessor” is used, it shall mean Landlord and wherever in the Master
Lease the word “Tenant” or “Lessee” is used, it shall mean Tenant and wherever in the Master Lease the words “Leased Premises” or “Premises” or similar words are used, they shall mean the Subleased Premises.

 (b) The foregoing notwithstanding, this Sublease does not create any rights in Master Landlord or any third parties, and if there are any
provisions in the Master Lease that pertain to Landlord’s rights regarding: 
 (1) any option or election, including any option to renew
or extend the term thereof, or to expand the premises thereunder, or any preferential right or right of first refusal on any additional space; or 
 (2) any exclusive uses in favor of Landlord; or 
 (3) any sign rights (or rights regarding the name of the Building) in favor of
Landlord; or 
 (4) any tenant finish or other construction obligations; or 
 (5) any monetary allowances for construction, rehabilitation or other purposes; or 
 (6) any parking rights of Landlord (but Landlord shall cooperate with Tenant and work with Tenant and the operator of the garage in the Building to
assist Tenant in acquiring the minimum number of parking spaces required by Tenant in the garage in the Building); 
 then none of such
provisions shall be incorporated herein and Tenant shall not have any rights or benefits thereunder. 
 7.3 Subject to Master Lease.
This Sublease is expressly subject to and inferior to the Master Lease. 
 7.4 Familiarity With Master Lease. Tenant represents that
it has read and is familiar with all of the provisions of the Master Lease. 
 7.5 Landlord’s
Obligations Re Master Lease. Provided Tenant is not in default hereunder, Landlord shall pay the rent due to Master Landlord, so as not to cause a default under the Master Lease. Additionally, so long as this Sublease is in effect, Landlord
shall not by its act or omission cause any Event of Default under the Master Lease or modify or amend the Master Lease in any way that would reduce the size of the Subleased Premises, reduce the term of the Master Lease with respect to the Subleased
Premises or in any other way adversely affect any of Tenant’s rights under this Sublease or increase Tenant’s obligations under this Sublease. Substantially contemporaneously with execution and delivery of this Sublease, Tenant is entering
into a separate lease with Master Landlord (the “Direct Lease”), pursuant to which Tenant is leasing from Master Landlord certain office space on the 11th floor of the Building. The terms of the Direct Lease provide for the Subleased Premises to become part of the “Premises” leased from Master Landlord by Tenant under the Direct Lease
immediately upon expiration of the term of this Sublease. So long as the Direct Lease is then in effect, any rights of Landlord to extend the term of the Master Lease with respect to the Subleased Premises or otherwise to lease or possess all or any
portion of the Subleased Premises at any time after expiration of the term of this Sublease shall be null and void. 
  

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 7.6 Joint and Several Liability. Tenant hereby agrees to be and remain jointly and severally
liable with Landlord to Master Landlord for the payment of rent pertaining to the Subleased Premises and for the performance of all of the terms and provisions of the Master Lease pertaining to the Subleased Premises; provided, however, that Tenant
shall be liable to Master Landlord for rent only in the amount set forth in this Sublease. 
 7.7 Master Landlord’s Right to Enforce
Terms of the Master Lease. Tenant hereby agrees to comply with all terms of the Master Lease applicable to the Subleased Premises during the term of this Sublease, except as otherwise provided in this Sublease and except that in no event shall
Tenant be responsible for payment of rent in excess of the rent to be paid by Tenant to Landlord pursuant to the other provisions of this Sublease, and hereby further agrees that Master Landlord shall have the right to enforce the Master Lease
provisions directly against Tenant. 
 7.8 Landlord’s Assurances to Tenant Concerning Master Lease. Landlord represents and
warrants to Tenant that: (1) Landlord has delivered to Tenant a true and complete copy of the Master Lease; (2) the Master Lease includes the entire agreement between Landlord and Master Landlord concerning the Subleased Premises and there
is no other agreement between Landlord and Master Landlord governing use or occupancy of the Subleased Premises; (3) the Master Lease is in full force and effect and has not been modified or amended, and neither Master Landlord nor Landlord
(nor any of their respective predecessors, successors or assigns) has exercised or given any notice purporting to exercise any termination rights; (4) there are no uncured or outstanding Events of Default under the Master Lease and Landlord has
no knowledge of any notice of any alleged breach or default under the Master Lease; (5) Landlord has no knowledge of any occurrence, condition or event which with the giving of notice or passage of time or both would constitute an Event of
Default under the Master Lease; (6) Landlord has no knowledge of any breach or default by Master Landlord of any of its obligations under the Master Lease; (8) Landlord has good title to the Transferred Furniture, free from any liens or
encumbrances, and has the right and power to transfer such title to the Transferred Furniture to Tenant; and (9) to the best of Landlord’s knowledge, the Subleased Premises comply with all applicable laws, statutes, ordinances, codes and
governmental rules, regulations, permits and orders, and, to the best of Landlord’s knowledge, Tenant may legally occupy and use the Subleased Premises for the uses permitted under this Sublease. Upon request by Tenant from time to time, and at
Tenant’s expense (subject to recoupment to the extent that Landlord is able to recover the same through exercise of its rights under the Master Lease or otherwise), Landlord shall enforce Landlord’s rights under the Master Lease for the
benefit of Tenant. 
 ARTICLE 8 - CASUALTY AND INSURANCE 
 8.1 Damage from Certain Causes. Notwithstanding any other provision of this Sublease or the Master Lease to the contrary, Landlord shall not be
liable to Tenant, or to Tenant’s employees, agents, subtenants, licensees, invitees, or visitors, or to any other person whomever, for any loss, or any damage to or loss of any property or death or injury to any person occasioned by or arising
out of (a) the condition or design of or any defect in or failure to repair the Subleased Premises or the Property or any part or component thereof (including without limitation any mechanical, electrical, plumbing, heating, air conditioning or
other systems or equipment); or (b) acts or omissions of Master Landlord, other tenants or occupants in the Property or of any other persons whomever (other than Landlord and its employees and agents); or (c) burglary, theft, vandalism,
malicious mischief, fire, act of God, public enemy, criminal conduct, court order or injunction, riot, strike, insurrection, war, requisition or order of governmental authority, or any other matter beyond the reasonable control of Landlord;
(d) repair or alteration of any part of the Subleased Premises or Property (other than repairs or alterations by Landlord); or (e) violation or default by Master Landlord under the Master Lease (including without limitation slow-down,
interruption, failure or cessation of any service to be provided by Master Landlord). 
  

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 8.2 Tenant’s Indemnification of Landlord. Tenant hereby agrees to indemnify and hold Landlord
harmless from and against all fines, suits, claims, demands, loss, cost, liability, judgments and expenses (including attorneys’ fees and any liability Landlord may have to Master Landlord) of every kind in connection with any loss, or any
death or injury to person or damage to or loss of property to the extent caused by any negligent act or omission of Tenant, its employees, agents, subtenants, or licensees, or arising out of the occupancy or use of the Subleased Premises by Tenant.

 8.3 Waiver of Recovery. Anything in this Lease to the contrary notwithstanding, Landlord and Tenant severally waive any claim in
its favor against the other or the other’s employees or agents (REGARDLESS OF CAUSE, INCLUDING NEGLIGENCE OF THE OTHER OR ITS AGENTS OR EMPLOYEES, AND STRICT LIABILITY OF ANY KIND) for loss of or damage to any of its property located on or
constituting a part of the Subleased Premises or the Property, by reason of fire or the elements, or any other cause that is insured, or is insurable (whether or not actually insured) by the terms of standard fire and extended coverage insurance in
the state where the Building is located, regardless of the amount of the proceeds, if any, payable under such insurance. 
 8.4
Insurance. Tenant shall obtain and keep in full force and effect during the term of this Sublease, commercial general liability insurance insuring against any liability arising out of the use and occupancy of the Subleased Premises by Tenant,
with a combined single limit of not less than two million dollars ($2,000,000.00). Landlord and Master Landlord shall be named as additional insureds on all such insurance policies. The provisions of Section 14 of the Master Lease, with respect
to the amount of insurance coverage required, shall not be applicable to Tenant. 
 ARTICLE 9 - ASSIGNMENT OR SUBLEASE 
 Tenant shall not assign, sublet, transfer or hypothecate, in whole or in part, this Sublease, by operation of law or otherwise, without the prior written
consent of Landlord and Master Landlord, and in no event shall any such assignment or sublease ever release Tenant or any guarantor from any obligation or liability hereunder. Any attempted assignment, sublease or other transfer in violation of the
foregoing restrictions shall be void and of no effect. Notwithstanding the foregoing, consent shall not be required for (i) subleases of or licenses to use individual offices and associated work spaces, which shall not be separately demised,
aggregating at any time not more than a total of 3,000 square feet of rentable area, or (ii) any Transfer to any corporation or entity Controlled (as hereinafter defined) by, Controlling, or under common Control with, Tenant, or to the
surviving corporation or entity in the event of a consolidation or merger to which Tenant shall be a party, or any Transfer to any corporation or entity acquiring all or substantially all of the assets of Tenant as a going concern, unless such
Transfer or other transaction shall constitute, or shall be entered into in connection with, a Major Change (as hereinafter defined). Any Major Change shall require consent as provided above. The term “Controlled” (or
“Controlling” or “Control”) as used herein shall mean the ownership of fifty percent (50%) or more of (i) the voting stock of any corporation, or (ii) the ownership interest in any other entity and, if any such
entity is a partnership, a general partner’s interest in such partnership. The term “Major Change” as used herein shall mean any reorganization, recapitalization, refinancing or other transaction or series of transactions involving
Tenant which results in the net worth of Tenant and its consolidated subsidiaries immediately after such transaction(s) being less than fifty percent (50%) of the net worth of Tenant and its consolidated subsidiaries as of the end of the fiscal
year immediately preceding the date of this Lease. 
  

 Page 9 

 ARTICLE 10 - DEFAULT AND REMEDIES 
 10.1 Default by Tenant. Each of the following shall be deemed to be an event of default by Tenant under this Sublease: (1) Tenant shall fail
to pay when due any installment of rent or any other payment required pursuant to this Sublease and the failure continues for five (5) days after written notice from the Landlord of such failure to pay; (2) Tenant shall file a petition or
be adjudged bankrupt or insolvent under any applicable federal or state bankruptcy or insolvency law or admit that it cannot meet its financial obligations as they become due, or a receiver or trustee shall be appointed for all or substantially all
of the assets of Tenant, if the same is not dismissed within 90 days; (3) Tenant shall make a transfer in fraud of creditors or shall make an assignment for the benefit of creditors; (4) Tenant shall do or permit to be done any act which
results in a lien being filed against the Subleased Premises or the Property and the lien is not released by payment or bonding within fifteen (15) days after Tenant first has notice thereof; (5) the liquidation, termination or dissolution
of Tenant; or (6) Tenant shall be in default of any other term, provision or covenant of this Sublease, other than those specified in clauses (1) through (5) above, and such default is not cured within thirty (30) days after
written notice thereof to Tenant; provided, however, that if, by the nature of such agreement or covenant, such failure or breach cannot reasonably be cured within such period of thirty (30) days, an event of default shall not exist as long as
Tenant commences with due diligence and dispatch the curing of such failure or breach within such period of thirty (30) days and, having so commenced, thereafter prosecutes with diligence and dispatch and completes the curing of such failure or
breach within a reasonable time. 
 10.2 Remedies for Tenant’s Default. If there shall be an event of default as set forth in
Section 10.1 above, Landlord may treat the occurrence of any one or more of such events as a breach of this Sublease, and at its option may have any one or more of the following described remedies without any additional notice or demand, in
addition to all other rights and remedies provided at law or in equity or elsewhere in this Sublease: 
 (a) On the occurrence of an event of
default by Tenant, Landlord may either: (i) terminate this Sublease and recover possession of the Subleased Premises; or (ii) continue this Sublease in effect and take any and all actions permitted at law to enforce Tenant’s covenants
and obligations under this Sublease, including exercising Landlord’s remedy described in California Civil Code Section 1951.4, which provides that a lessor may continue a lease in effect after a lessee’s breach and abandonment and
recover rent as it becomes due, if lessee has a right to sublet or assign subject only to reasonable limitations. Acts of maintenance or preservation or efforts to relet the Subleased Premises or the appointment of a receiver upon initiative of
Landlord does not constitute a termination of Tenant’s right to possession unless written notice of termination is given by Landlord to Tenant. Landlord may store any property of Tenant located in the Premises at Tenant’s expense or
otherwise dispose of such property in the manner provided by law. Notwithstanding Landlord’s election to continue this Sublease in effect, Landlord may at any time thereafter terminate this Sublease pursuant to this Section. 
 (b) If Landlord terminates this Sublease pursuant to Section 10.2(a), Landlord may exercise all of Landlord’s rights and remedies available
under law, including the right to recover from Tenant: (i) the worth at the time of award of all unpaid Base Rent, and all other rent payable by Tenant under this Sublease earned at the time of termination; (ii) the worth at the time of
award of the amount by which all unpaid Base Rent, and all other rent payable by Tenant under this Sublease which would have been earned after termination until the time of award exceeds the amount of rental loss Tenant proves could have been
reasonably avoided; (iii) the worth at the time of award of the amount by which all unpaid Base Rent, and all other rent payable by Tenant under this Sublease for the balance of the Sublease Term after the time of award exceeds the amount of
rental loss Tenant proves could be reasonably avoided; and (iv) all other amounts necessary to compensate Landlord for all the detriment proximately caused by Tenant’s failure to perform its obligations under this Sublease, or which in the

  

 Page 10 

 
ordinary course of things would be likely to result from the failure. As used herein, the “worth at the time of award” of the amounts referred to
in clauses (i) and (ii) above are computed by allowing interest at the maximum annual interest rate allowed by law; the “worth at the time of award” of the amount referred to in clause (iii) above is computed by discounting
the amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus 1%; and “time of award” means the earlier of the date when Tenant pays to Landlord the amount recoverable by Landlord, or the date of
entry of any final, non-appealable determination, order or judgment of any court or other legally constituted body determining the amount recoverable. 
 (c) Notwithstanding anything contained in this Sublease to the contrary, this Sublease may be terminated by Landlord only by written notice of such termination given by Landlord to Tenant, and no other act or omission
of Landlord shall be construed as a termination of this Sublease. 
 10.3. Default by Landlord. If Landlord should fail to perform or
observe any covenant, term, provision or condition of this Sublease required to be performed or observed by Landlord, Landlord shall have a period of thirty (30) days after written notice thereof is given by Tenant to Landlord specifying the
failure to cure the failure; provided, however, that if, by the nature of such agreement or covenant, such failure or breach cannot reasonably be cured within such period of thirty (30) days, Landlord shall not be in default as long as Landlord
commences with due diligence and dispatch the curing of such failure or breach within such period of thirty (30) days and, having so commenced, thereafter prosecutes with diligence and dispatch and completes the curing of such failure or breach
within a reasonable time. 
 10.4 Remedies Cumulative. Except as may be otherwise specified herein, all rights and remedies of
Landlord or Tenant herein or existing at law or in equity are cumulative and the exercise of one or more rights or remedies shall not be taken to exclude or waive the right to the exercise of any other. 
 ARTICLE 11 - MISCELLANEOUS 
 11.1
Estoppel Certificates. Tenant agrees to furnish, from time to time, but not more often than once in any 12 month period, within twenty (20) days after receipt of a request from Landlord, a statement certifying such matters of fact
pertaining to this Sublease as may reasonably be requested by Landlord. Landlord agrees to furnish, from time to time, but not more often than once in any 12 month period, within twenty (20) days after receipt of a request from Tenant, a
statement certifying such matters of fact pertaining to this Sublease as may reasonably be requested by Tenant. 
 11.2 Attorney’s
Fees. In the event of any action or proceeding brought by either party under this Sublease against the other party hereto, the prevailing party shall be entitled to recover from the other party all costs and expenses, including reasonable
attorneys’ fees, in such action or proceeding. 
 11.3 Notices. All rent and other payments required to be made by Tenant shall
be payable to Landlord at Landlord’s address set forth on the signature page hereof or at such other address as Landlord may specify from time to time by Notice to Tenant. Whenever this Sublease requires or permits any consent, approval,
notice, request or demand from one party to the other (collectively, “Notice”), such Notice must be in writing to be effective and shall be effective on the date of actual receipt of such Notice by the addressee or when the attempted
initial delivery is refused or when it cannot be made because of a change of address of which the sending party has not been notified. The following shall, without limitation, be prima facia evidence of actual receipt of Notice by the addressee:
(a) if mailed, by a United States certified mail return receipt, signed by the addressee or the addressee’s agent or representative, (b) if by telegram, by a telegram receipt signed by the addressee or the addressee’s agent or
representative, or (c) if hand delivered, by a delivery receipt signed by the addressee or the addressee’s agent or 

  

 Page 11 

 
representative. The parties’ respective addresses for delivery of any Notice shall be as set forth on the signature page hereof (or, in the case of
Tenant, at the Subleased Premises), or such other address within the continental United States as any party may have designated by Notice to the other. 
 11.4 Submission of Sublease. Submission of this Sublease to Tenant for signature does not constitute a reservation of space or an option to Sublease. This Sublease is not effective until execution by and
delivery to both Landlord and Tenant. 
 11.5 Master Landlord’s Consent; Direct Lease. Receipt of written consent to this
Sublease from Master Landlord shall be a condition precedent to the effectiveness of this Sublease. Tenant’s willingness to enter into this Sublease is dependent upon Tenant’s ability to enter into a direct lease with Master Landlord
covering certain additional office space on the tenth floor of the Building and to obtain Master Landlord’s consent to this Sublease, all on terms acceptable to Tenant. Tenant shall have the right to terminate this Sublease if Tenant has not
received both Master Landlord’s consent to this Sublease and a direct lease executed by Landlord, all on terms acceptable to Tenant, within ten days after Tenant’s execution of this Sublease. 
 11.6 Security. Tenant acknowledges that Landlord, because it is a national bank, has or may have guards or other security personnel or security
systems. Such guards, security personnel and security systems are for Landlord’s sole benefit. Landlord has no obligation to continue providing same and Landlord may make such changes in the provision thereof from time to time, as Landlord may
desire. Tenant acknowledges that Tenant has no right to the benefit of such security personnel, guards or security systems, and Tenant waives all claims against Landlord, its agents and/or employees based on or related to any failure to furnish
security services, failure to furnish protection from crime or related matters. 
 11.7 Right of First Opportunity. Throughout the
term of this Sublease, Tenant shall have the continuing right of first opportunity to lease available space, leased by Landlord from Master Landlord, in the Building. Whenever any such space (the “ROFO Space”) becomes available (which
availability shall not include space for which a current tenant has a renewal right) Landlord shall notify Tenant in writing of the specific available space, and the base rental, tenant finish allowance, expense stop, length of primary term,
estimated commencement date, length of any extension options to extend and any other material and/or economic terms (the “Material Terms”) on which Landlord intends to lease the ROFO Space. Landlord’s notice to Tenant shall constitute
an offer to lease the ROFO Space to Tenant on such terms. Tenant shall have thirty (30) days from receipt of Landlord’s notice to accept or reject the offer. Unless Tenant delivers written notice of acceptance to Landlord within the thirty
(30) day period, Tenant shall be deemed to have rejected the offer. If Tenant rejects, or is deemed to have rejected, the offer, Landlord shall have the right to lease the ROFO Space in its sole discretion. If Tenant delivers timely written
notice of acceptance of Landlord’s offer to lease the ROFO Space, Landlord shall lease the ROFO Space to Tenant on the Material Terms applicable to such ROFO Space. Any right granted to Tenant in this Section 11.8 shall be subject to, both
as to the right itself and to the offer at the time it is made, the consent of Master Landlord. 
 11.8 Brokers. Except for the
obligation of Landlord to pay an amount to Jones Lang LaSalle under a separate agreement, and Jones Lang LaSalle’s agreement to share such commission with Tory Corporate Real Estate Advisors (dba The Staubach Company) under a separate
agreement, Landlord and Tenant hereby indemnify and hold each other harmless against any loss, claim, expense or liability with respect to any commissions or brokerage fees claimed on account of the execution and/or renewal of this Sublease due to
any action of the indemnifying party. 
 11.9 Severability. If any provision of this Sublease or the application thereof to any person
or circumstances shall be invalid or unenforceable to any extent, the remainder of this Sublease and the application of such provisions to other persons or circumstances shall not be affected thereby and shall be enforced to the greatest extent
permitted by law. 
  

 Page 12 

 11.10 Successors. This Sublease shall be binding upon and inure to the benefit of Landlord and
Tenant and their respective heirs, personal representatives, successors and assigns (subject to Article 9). 
 11.11 Interpretation.
The captions appearing in this Sublease are for convenience only and in no way define, limit, construe or describe the scope or intent of any Section. The laws of the State of California and applicable United States federal law shall govern the
validity, performance and enforcement of this Sublease. This Sublease shall not be construed more or less favorably with respect to either party as a consequence of the Sublease or various provisions hereof having been drafted by one of the parties
hereto. 
 ARTICLE 12 - AMENDMENT AND LIMITATION OF WARRANTIES 
 12.1 Entire Agreement. IT IS EXPRESSLY AGREED BY LANDLORD AND TENANT, AS A MATERIAL CONSIDERATION FOR THE EXECUTION OF THIS SUBLEASE, THAT THIS
SUBLEASE, WITH THE SPECIFIC REFERENCES TO EXTRINSIC DOCUMENTS, IS THE ENTIRE AGREEMENT OF THE PARTIES; THAT THERE ARE, AND WERE, NO VERBAL REPRESENTATIONS, WARRANTIES, UNDERSTANDINGS, STIPULATIONS, AGREEMENT OR PROMISES PERTAINING TO THE SUBJECT
MATTER OF THIS SUBLEASE OR OF ANY EXPRESSLY MENTIONED EXTRINSIC DOCUMENTS THAT ARE NOT INCORPORATED IN WRITING IN THIS SUBLEASE. THE FOLLOWING EXHIBITS ARE ATTACHED HERETO AND ARE INCORPORATED HEREIN BY THIS REFERENCE (CHECK IF APPLICABLE):

             EXHIBIT
“A”    -            Subleased Premises 
             EXHIBIT “B”    -            Master Lease 
             EXHIBIT
“C”    -            Transferred Furniture 
 12.2 Amendment. THIS SUBLEASE MAY NOT BE ALTERED, WAIVED, AMENDED OR EXTENDED EXCEPT BY AN INSTRUMENT IN WRITING SIGNED BY LANDLORD AND TENANT. 
 12.3 Limitation of Warranties. LANDLORD AND TENANT EXPRESSLY AGREE THAT THERE ARE AND SHALL BE NO IMPLIED WARRANTIES OF MERCHANTABILITY, SUITABILITY, HABITABILITY, FITNESS FOR A PARTICULAR PURPOSE OR OF ANY
OTHER KIND ARISING OUT OF THIS SUBLEASE, AND THERE ARE NO WARRANTIES WHICH EXTEND BEYOND THOSE EXPRESSLY SET FORTH IN THIS SUBLEASE. 
 12.4 Waiver And Releases. TENANT SHALL NOT HAVE THE RIGHT TO WITHHOLD OR TO OFFSET RENT OR TO TERMINATE THIS SUBLEASE EXCEPT AS EXPRESSLY PROVIDED HEREIN. TENANT WAIVES AND RELEASES ANY AND ALL STATUTORY LIENS AND OFFSET RIGHTS.

  

 Page 13 

 Executed to be effective as of the date first above written. 
  

							
	Landlord	 		 		 	
			
	Banc of America Securities LLC,	 		 	Landlord’s address:
	a Delaware limited liability company	 		 	
				
	By:	 	 /s/ Michael C. Davis
	 		 	Banc of America Securities LLC
		 		 		 	600 Montgomery Street
	Name:	 	 Michael C. Davis
	 		 	San Francisco, California 94111
		 		 		 	
	Title:	 	 Senior Vice President
	 		 	Attention: Corporate Real Estate Services
				
	Tenant	 		 		 	
			
	Jolson Merchant Partners Group LLC	 		 	Tenant’s Address:
				
	By:	 	 /s/ Joseph A. Jolson
	 		 	Jolson Merchant Partners Group LLC
		 		 		 	One Embarcadero Center, Suite 2150
	Name:	 	 Joseph A. Jolson
	 		 	San Francisco, California 94111
		 		 		 	
	Title:	 	 Managing Director
	 		 	Attention: General Counsel

  

 Page 14 

 EXHIBIT A 
 Subleased Premises 
 The Subleased Premises consists of approximately
twenty-two thousand, four hundred thirteen (22,413) rentable square feet of space in the TransAmerica Pyramid (the “Building”) located at 600 Montgomery Street, San Francisco, California, comprised of all of the Premises on the
10th floor (approximately nineteen thousand, one hundred twenty-four (19,124) rentable square feet) leased by
Landlord from the Master Landlord under the Master Lease, and all of the Premises on the 11th floor (approximately
three thousand, two hundred eighty-nine (3,289) rentable square feet) leased by Landlord from the Master Landlord under the Master Lease. 
  

 Exhibit A 

 EXHIBIT B 
 Master Lease 
  

 Exhibit B 

 EXHIBIT C 
 Transferred Furniture 
 Trading Floor 
  

	1	42” five drawer lateral file 

	4	42” five drawer lateral files with over cabinet 

	2	42” four drawer lateral files with over cabinet 

	14	42” three drawer lateral files 

	12	36” five drawer lateral files with over cabinets 

	8	36” four drawer lateral files with over cabinets 

	40	36” three drawer lateral files 

	2	36” lateral files w/ two file drawers and two box drawers 

	1	36” two drawer lateral file 

	2	30” five drawer lateral files 

	3	30” two drawer lateral files 

	40	Upholstered task chairs 

	2	Two high bookshelves 

	4	BBF mobile peds 

	5	FF mobile peds 

	4	Flat screen television monitors wall or bracket mounted, JMP to select 

 Private Office 1, NE corner 
  

	1	136 X 66 double pedestal desk 

	1	20 X 36 desk height side table 

	1	20 X 90 credenza 

	2	26” 2 high bookshelves 

	4	Guest chairs 

 Private Office 2, NW corner 
  

	1	36 X 72 desk shell 

	1	24 X 48 desk shell return 

	1	24 X 38 lateral file credenza (two drawer) 

	1	42” diameter conference table 

	4	Guest chairs 

	1	wall mounted television monitor 

 Small Conference Room, SW corner

  

	1	24 X 34 side credenza 

	6	“Queen Anne” side chairs 

 Corner Conference Room, SW corner

  

	1	60” square conference table 

	8	Guest chairs 

  

 Exhibit C, Page 1 

 Reception Area 
  

	1	30 X 60 semicircular desk w/ 42” return 

	2	Large side chairs 

 Training Room 
  

	28	24 X 60 training tables with modesty panels 

	1	36 X 108 wood desk with no pedestals 

	59	Guest chairs 

	2	Portable Whiteboards 

 Server Room 
 IT equipment including UPS, fire suppression system, Liebert HVAC unit, transformer, mounted racking (ladder and 66 holders and rack) and equipment racks, excluding
System racks owned by EDS, phone switch and cameras 
  

 Exhibit C, Page 2Consent to Sublease, dated December 18, 2003

 Exhibit 10.9.1 
 CONSENT TO SUBLEASE 
 THIS CONSENT TO SUBLEASE (this “Consent”) is dated as of
December 18, 2003, by and among TRANSAMERICA PYRAMID PROPERTIES, LLC, an Iowa limited liability company (“Landlord”), BANC OF AMERICA SECURITIES LLC, a Delaware limited liability company (“Tenant”), and JOLSON MERCHANT
PARTNERS GROUP LLC, a Delaware limited liability company (“Subtenant”). 
 RECITALS 
 A. Landlord’s predecessor in interest, Transamerica Insurance Corporation of California, a California corporation, and Tenant’s predecessor in
interest, Nationsbanc Montgomery Securities LLC, a Delaware limited liability company, entered into to a lease dated as of May 1, 1998, as amended by a First Amendment to Lease dated as of May 2, 1998 and a Second Amendment to Lease dated
as of July 9, 2001 (collectively, the “Master Lease”), with respect to premises located in the building commonly known as 600 Montgomery Street, San Francisco, California (the “Building”), and defined in the Master Lease as
the “Premises;” and 
 B. Tenant now desires to sublet a portion of the Premises (the “Sublease Premises”) to Subtenant,
and Subtenant desires to sublet the Sublease Premises from Tenant; and 
 C. Tenant and Subtenant desire to obtain Landlord’s consent to
such subletting in accordance with Paragraph 12 of the Master Lease, and Landlord agrees to consent to such subletting under the terms and conditions set forth herein; and 
 D. Landlord and Subtenant are concurrently entering into a direct lease (the “Direct Lease”) of even date herewith, covering certain premises
on the 11th floor of the Building, and covering the Sublease Premises upon the expiration or earlier termination of the Sublease (as defined below); and 
 E. Because Subtenant will be occupying the Sublease Premises pursuant to a Sublease and the Direct Premises pursuant to the Direct Lease, Landlord, Tenant and Subtenant would like to agree to the terms and conditions
that will govern their respective relationships with respect to their rights and obligations governing the Direct Premises and the Sublease Premises. 
 NOW THEREFORE, in consideration of the Sublease Premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 AGREEMENT 
 1. General. The foregoing
recitals are true and correct and are incorporated herein by this reference. 
 2. Sublease. Tenant hereby sublets the Sublease
Premises to Subtenant, and Subtenant hereby sublets the Sublease Premises from Tenant, pursuant to that certain Sublease 

  

 -1- 

 
attached hereto as Exhibit A and incorporated herein by this reference (the “Sublease”), to the extent not in conflict with the terms of this
Consent. Subtenant agrees that the Sublease is subject to all of the terms, covenants, conditions and provisions of the Master Lease (as amended hereby), except as otherwise provided in this Consent. 
 3. Consent. Landlord hereby consents to the Sublease between Tenant and Subtenant, subject to the terms and conditions provided herein.

 4. Tenant’s Liability. 
 (a) Governing Terms. The following terms of the Direct Lease (the “Direct Lease Terms”) shall replace those terms in the Master Lease that address the same topics for the purpose of governing the rights and obligations
between Landlord and Tenant (a) with respect to the Sublease Premises while the Sublease is in effect, and (b) in connection with any and all Claims (as defined in the Direct Lease) arising out or related to any of Subtenant’s rights
and obligations under the Sublease, Subtenant’s occupancy of the Sublease Premises or this Consent (“Sublease Claims”): 
  

	 	(1)	Article 7 (Other Taxes Payable by Tenant); 

  

	 	(2)	Article 8 (Use); 

  

	 	(3)	Article 9 (Compliance with Laws); 

  

	 	(4)	Article 10 (Alterations; Liens); 

  

	 	(5)	Article 11 (Maintenance and Repair); 

  

	 	(6)	Article 12 (Services); 

  

	 	(7)	Article 13 (Access Control); 

  

	 	(8)	Paragraphs 16(c) and (d) (Insurance Requirements); 

  

	 	(9)	Article 17 (Protection of Lenders); 

  

	 	(10)	Article 18 (Entry by Landlord); 

  

	 	(11)	Article 19 (Abandonment); 

  

	 	(12)	Article 20 (Default & Remedies); 

  

	 	(13)	Article 21 (Damage by Fire or Other Casualty); 

  

	 	(14)	Article 22 (Eminent Domain); 

  

	 	(15)	Article 23 (Holding Over); 

  

	 	(16)	Article 25 (Communications and Computer Lines); 

  

	 	(17)	Paragraph 26(d) (Right of Landlord to Perform); 

  

	 	(18)	Paragraph 26(e) (Rules and Regulations); 

  

	 	(19)	Paragraph 26(i) (Light, Air and View; Construction); 

  

	 	(20)	Paragraph 26(k) (Name); 

  

	 	(21)	Paragraph 26(n) (Time); 

  

	 	(22)	Paragraph 26(p) (Park Area); and 

  

	 	(23)	Paragraph 26(r) (Directory Listing). 

 Therefore, in construing these
rights and obligations between Landlord and Tenant with respect to the Sublease Premises, wherever in the Direct Lease the word “Premises” is used it shall mean the Sublease Premises. Except for the foregoing, capitalized terms that are
used in the Direct Lease Terms that are not defined in such provisions shall have the meanings ascribed to them elsewhere in the Direct Lease. Landlord and Tenant agree that the Master Lease is hereby 

  

 -2- 

 
amended as provided in this Paragraph 4(a), but only for the purposes specifically set forth in this Paragraph 4(a). For any other purpose, the Master Lease
remains unmodified and shall govern the rights and obligations between Landlord and Tenant with respect to the entire Premises covered by the Master Lease. Except as modified hereby, the Master Lease remains unmodified and in full force and effect.

 (b) Continued Liability of Tenant. Tenant shall remain fully liable to Landlord for the performance of all the terms, covenants,
conditions and provisions of the Master Lease as amended by Paragraph 4(a) hereof, including, without limitation, the obligation to make all payments due to Landlord. Tenant hereby indemnifies and holds Landlord harmless from any and all Claims (as
defined in the Direct Lease) arising from Subtenant’s occupancy and use of the Sublease Premises, or any portion thereof. 
 5.
Subtenant’s Liability. 
 (a) Governing Terms. The obligations of Subtenant to Landlord under this Consent and the rights
of Landlord as between Landlord and Subtenant under this Consent shall be governed by the following terms (the “Landlord/Subtenant Terms”): (a) the terms of the Master Lease that are not replaced by terms from the Direct Lease as
provided in this Paragraph 5(a), except as otherwise provided in this Consent; (b) the Direct Lease Terms, which shall replace those terms in the Master Lease that address the same topics for this purpose; and (c) the following terms of
the Direct Lease, which shall also replace those terms in the Master Lease that address the same topics for this purpose: 
  

	 	(1)	Article 14 (Assignment and Subletting); 

  

	 	(2)	Article 15 (Waiver and Indemnification); 

  

	 	(3)	Paragraph 16(b) (Risk Allocation); 

  

	 	(4)	Paragraph 26(a) (Limitation of Landlord’s Liability); 

  

	 	(5)	Paragraph 26(b) (Sale by Landlord); 

  

	 	(6)	Paragraph 26(c) (Estoppel Letter); 

  

	 	(7)	Paragraph 26(f) (Attorneys’ Fees); 

  

	 	(8)	Paragraph 26(g) (Waiver of Jury Trial); 

  

	 	(9)	Paragraph 26(h) (Waiver); 

  

	 	(10)	Paragraph 26(l) (Governing Law;; Severability); 

  

	 	(11)	Paragraph 26(m) (Definitions and Paragraph Headings; Successors); 

  

	 	(12)	Paragraph 26(s) (Authority); 

  

	 	(13)	Paragraph 26(t) (Amendments); and 

  

	 	(14)	Paragraph 26(u) (Exhibits and Addenda; Entire Agreement). 

 Therefore, in
construing the Landlord/Subtenant Terms for purposes of this Paragraph 5(a), wherever in the Master Lease or the Direct Lease, as applicable, the word “Premises” is used it shall mean the Sublease Premises. Except for the foregoing,
capitalized terms that are used in these Direct Lease provisions that are not defined therein shall have the meanings ascribed to them elsewhere in the Direct Lease. 
 (b) Joint and Several Liability. Subtenant hereby agrees to comply with all of the Landlord/Subtenant Terms and hereby further agrees that Landlord shall have the right to 

  

 -3- 

 
enforce such Landlord/Subtenant Terms directly against Subtenant. Subtenant and Tenant agree that Landlord may, upon an Event of Default by Tenant under the
Master Lease, collect rent directly from Subtenant and apply the amount collected from Subtenant to Tenant’s monetary obligations under the Master Lease. Tenant and Subtenant hereby agree to be and remain jointly and severally liable to
Landlord for the payment of rent pertaining to the Sublease Premises and for the performance of all of the terms and provisions of the Master Lease (as amended hereby) and the Landlord/Subtenant Terms, respectively, pertaining to the Sublease
Premises arising after the date of the Sublease (provided, however, Subtenant and Tenant acknowledge and agree that the joint and several liability of each may be governed by different provisions as set forth in this Consent). Notwithstanding the
foregoing, (a) Subtenant shall be liable to Landlord for monthly base rent only in the amount set forth in the Sublease (and Subtenant does not assume or agree to perform any obligations of Tenant under the Master Lease for payment of Basic
Monthly Rental or Expense and Tax Increase Payments except as expressly provided in the Sublease), (b) Subtenant shall not be liable to Landlord for any holding over by Tenant (but not by Subtenant) in the Sublease Premises after the expiration
or other termination of the Master Lease, (c) Subtenant shall not be liable for the removal of any Alterations (as defined in the Sublease) to be constructed in the Sublease Premises pursuant to the Work Letter, (d) except to the extent
caused by Subtenant, Subtenant shall not be liable for any damage to the Sublease Premises occurring (i) prior to the Term Commencement Date (as defined in the Sublease) or (ii) after the later of (A) the expiration or earlier
termination of the Sublease or (B) Subtenant’s surrender of the Sublease Premises to Tenant, and (e) payment and performance from Subtenant to Tenant shall satisfy Subtenant’s obligation to Landlord with respect to such payment
and performance. 
 6. Rights Personal to Tenant. Tenant and Subtenant agree that any parking rights, renewal options, expansion
options, rights of first refusal, rights of first negotiation, termination options or any other rights or options pertaining to additional space in the Building set forth in the Master Lease are personal to Tenant and shall not be transferred to
Subtenant, and that such rights and/or options shall not run to the Subtenant. Tenant shall be subject to any and all restrictions in the exercise of any such rights as set forth in the Master Lease. 
 7. Non-Disturbance. Notwithstanding anything to the contrary in the Sublease or in this Consent, upon the expiration or earlier termination of the
Master Lease (whether pursuant to a termination right expressly granted to Landlord or Tenant in the Master Lease or pursuant to an agreement between Landlord and Tenant entered into after the date of the Sublease), or upon the surrender of the
Premises by Tenant to Landlord, the Sublease shall terminate as of the effective date of such expiration or earlier termination (the “Termination Date”), and Landlord and Subtenant agree that the Direct Lease shall be automatically amended
to provide that the Premises leased to Subtenant thereunder shall be expanded to include the Sublease Premises upon all of the terms and conditions of the Direct Lease, except that (a) the monthly Base Rent shall be increased by Forty-Four
Thousand Eight Hundred Twenty-Six Dollars ($44,826.00) for the remainder of the 1st Phase (as defined in the Direct Lease); and (b) Tenant’s Percentage Share shall be increased by 4.49% (to 6.69% instead of 2.20%) for the remainder of the
1st Phase. Landlord and Subtenant agree to enter into a written amendment to the Direct Lease documenting such expansion; provided, however, that such expansion shall be enforceable by either party notwithstanding any failure by the parties to enter
into such an amendment. Notwithstanding the foregoing, in no event shall Landlord (i) be liable for any default by Tenant 

  

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under the Sublease or this Consent or for any other accrued obligation of Tenant under the Sublease or this Consent, (ii) be liable for any security
deposit, letter of credit or other security made by Subtenant under the Sublease except to the extent that such security shall have actually be transferred by Tenant to Landlord, (iii) be subject to any offsets, claims or counterclaims that
shall have accrued in favor of Subtenant against Tenant, (iv) be bound by any payment or rent or additional rent that Subtenant may have paid for more than one (1) month in advance, or (v) be bound by any amendment or modification of
the Sublease made without Landlord’s prior written consent (but the provisions of this sentence are not intended to, and shall not, relieve Landlord of any liability or responsibility to Tenant under the Master Lease, or to Subtenant under the
Direct Lease except with respect to the Sublease Premises as expressly set forth above in (i) through (v)). In no event shall the foregoing be construed to grant to Tenant any right to terminate the Master Lease or relieve Tenant from any
liability to Subtenant for any termination of the Sublease in violation of the terms thereof. 
 8. Special Services. If, at any time
and from time to time, Subtenant requests that Landlord provide Subtenant any special services (after-hours HVAC, special janitorial services or any other services or facilities for which Landlord is permitted to assess a separate charge in addition
to monthly rent), Landlord may (but shall not be required to, except to the extent the special services are requested by Tenant and Master Landlord is obligated to provide the same under the Master Lease as amended hereby) provide the requested
services to Subtenant without Tenant’s specific consent, and Tenant hereby generally consents to Landlord’s providing such services to Subtenant. In the event that Landlord provides such special services, with or without Tenant’s
specific consent, Landlord’s charges for such special services (at the applicable charge provided for under the Master Lease (as amended hereby), or, if no charge is provided for therein, at Landlord’s normal rates or, if none exist, at
Landlord’s cost plus Landlord’s normal administrative charge) shall constitute additional rent under the Master Lease (as amended hereby) for which Tenant shall be liable. Tenant shall pay such charges to Landlord as and when due and
Subtenant shall indemnify Tenant against any liability in respect of such charges. Any such special services shall be governed by the terms of Article 12 of the Direct Lease as provided in Paragraphs 4(a) and 5(a) hereof. 
 9. Relationship of Parties. Except as expressly provided herein, nothing in the Sublease shall have the effect of modifying any term, condition or
provision of the Master Lease as the same apply to Landlord and Tenant. If any provision of the Sublease, any amendment to the Sublease or of any other agreement now existing or hereafter entered into between Tenant and Subtenant conflicts with the
terms of this Consent, then the provisions of this Consent shall control and govern the parties for all purposes. Notwithstanding anything to the contrary set forth in the Sublease, any amendment to the Sublease or any other agreement now existing
or hereafter entered into between Tenant and Subtenant, and in order to induce Landlord to execute this Consent (a) Subtenant shall not have the direct right to enforce the Lease against Landlord, (b) Subtenant shall not have the right to
proceed against Landlord in Tenant’s name with respect to any matter arising under the Lease, and (c) if any provision of the Sublease, any amendment to the Sublease or of any other agreement now existing or hereafter entered into between
Tenant and Subtenant conflicts with this Paragraph, then the provisions of this Paragraph shall control and govern the parties for all purposes and such conflicting provision shall be null and void for all purposes. 
  

 -5- 

 10. No Default. To the actual knowledge of Landlord, as of the date hereof without any duty of
investigation or inquiry, there is not any default under the Master Lease nor any circumstances which, but for the passage of time, the giving of notice or both, would constitute a default under the Master Lease; notwithstanding the foregoing,
nothing in this Consent shall constitute a waiver by Landlord of any of Landlord’s rights or remedies with respect to the Master Lease or any actual or potential default thereunder, and Landlord specifically reserves all rights and remedies
which previously may have accrued under the Master Lease. 
 11. Further Consent. Landlord’s consent to the Sublease to Subtenant
shall be construed as consent to this sublease only. Tenant and Subtenant must obtain Landlord’s consent to (a) any further subletting, assignment or other Transfer (as defined in the Master Lease with respect to Tenant, and as defined in
the Direct Lease with respect to Subtenant) of the Premises, (b) any modification to the Sublease, (c) any renewal or extension of the term of the Sublease, or (d) any expansion of the Sublease Premises (including, but not limited to,
any exercise by Subtenant of the rights set forth in Section 11.8 of the Sublease). This Consent and the consent contained herein shall not be construed as a waiver of Tenant’s and Subtenant’s obligations to obtain further consents
from Landlord in the event of a future subletting of the Sublease Premises or modification to the Sublease. As provided in Paragraph 5(a) above, any Transfer (as defined in the Direct Lease) of Subtenant’s rights under the Sublease shall be
governed by the terms of Article 14 of the Direct Lease and any recapture or profit sharing provisions shall run in favor of Landlord only. Any further Transfer (as defined in the Master Lease) by Tenant, and any modification to the Sublease, shall
be governed by the terms of Article 12 of the Master Lease (which remain unmodified). 
 12. Improvements. Tenant and Subtenant wish
to construct certain improvements in the Sublease Premises to prepare the Sublease Premises for occupancy by Subtenant. Any alterations to the Sublease Premises shall be constructed in accordance with, and subject to the approvals and other
limitations set forth in, the terms of Article 10 of the Direct Lease as provided in Paragraph 4(a) hereof. Notwithstanding anything contained herein to the contrary, Landlord has agreed with Tenant, at Tenant’s sole cost and expense (but
subject to the Landlord’s Sublease Allowance as provided in the Work Letter), to construct certain improvements in the Sublease Premises pursuant to the Work Letter attached hereto as Exhibit A, the terms of which are incorporated herein (the
“Work Letter”). In lieu of the 10% fee provided in Paragraph 10(a) of the Direct Lease, Tenant shall pay to Landlord a fee equal to five percent (5%) of the Total Cost (as defined in the Work Letter) as consideration for
Landlord’s obligations under the Work Letter (the “Construction Management Fee”). Landlord has not consented to any alterations or other improvements to the Sublease Premises to be made after the date hereof except as provided in the
Work Letter and except for the removal of the server room as provided in Paragraph 1.11 of the Sublease. 
 13. Full Force and Effect.
Except as set forth herein, all the terms and provisions of the Master Lease remain in full force and effect. 
 14. Governing Law.
This Consent shall be governed and construed in accordance with the laws of the State of California. 
  

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 15. Notices. All notices, demands, requests, advices or designations (“Notices”) which
may be or are required to be given by Landlord to Tenant shall be sufficiently given, made or delivered if served in accordance with the requirements set forth in the Master Lease (as unmodified). All Notices which may be or are required to be given
by Landlord to Subtenant shall be sufficiently given, made or delivered if served in accordance with the requirements set forth in the Direct Lease. 
 16. Brokerage. Tenant and Subtenant each covenants and represents that it has negotiated this Consent directly with Lowe Enterprises Real Estate Group, as Landlord’s broker (“Landlord’s
Broker”), Jones Lang LaSalle, as Tenant’s broker, and Tory Corporate Real Estate Advisors (dba The Staubach Company), as Subtenant’s broker (collectively, the “Brokers”), and that it has not acted by implication to
authorize, nor has authorized, any other real estate broker or salesman to act for it in these negotiations. Landlord owes no brokerage commissions or fees to any party, including, without limitation, the Brokers in connection with this Consent.
Tenant and Subtenant each agrees to protect, defend, indemnify and hold Landlord harmless from any and all Claims (as defined in the Direct Lease) by any real estate broker or salesperson or other entity or party other than Landlord’s Broker
for a commission or finder’s fee as a result of Subtenant’s and Tenant’s entering into this Consent. Subtenant represents that it owes no brokerage commissions or fees to any party, including, without limitation, the Brokers, in
connection with the Direct Lease, the Sublease or this Consent. Tenant agrees to protect, defend, indemnify and hold Subtenant harmless from any and all Claims (as defined in the Direct Lease) by any real estate broker or salesperson or other entity
or party for a commission or finder’s fee as a result of Subtenant’s and Tenant’s entering into the Sublease or this Consent. 
 17. Contingent on Direct Lease and Sublease. The effectiveness of this Consent is contingent on the satisfaction of the following on or before December 31, 2003: (a) the full execution and delivery of the Sublease by Tenant
and Subtenant, and (b) the full execution and delivery of the Direct Lease by Subtenant and Landlord. If both (a) and (b) are not satisfied on or before December 31, 2003, this Consent shall have no effect as if the parties had
never entered into it. 
 IN WITNESS WHEREOF, the parties hereto have executed this Consent as of the day and year first written above.

  

					
	LANDLORD:
	
	 TRANSAMERICA PYRAMID PROPERTIES,
 LLC, an
Iowa limited liability company

		
	By	 	/s/ Thomas J. Schefter
		 	Its:	 	Senior Vice President
	[Signatures continue on following page.]

  

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	TENANT
	BANC OF AMERICA SECURITIES LLC, a Delaware limited liability company
			
	By	 	  	 	/s/ indecipherable
		 	Its:	 	Assistant Vice President
			
	By	 	  	 	  
		 	Its:	 	  
	
	SUBTENANT
	JOLSON MERCHANT PARTNERS GROUP LLC, a Delaware limited liability company
			
	By	 	  	 	/s/ Joseph A. Jolson
		 	Its:	 	Managing Member
			
	By	 	  	 	  
		 	Its:	 	  

  

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 Exhibit A 
 Sublease Improvements 
 Work Letter And Construction Agreement 
 THIS AGREEMENT supplements the Consent to Sublease dated of even date herewith by TRANSAMERICA PYRAMID PROPERTIES, LLC, an Iowa limited liability
company (“Landlord”), BANC OF AMERICA SECURITIES LLC, a Delaware limited liability company (“Tenant”), and JOLSON MERCHANT PARTNERS GROUP LLC, a Delaware limited liability company (“Subtenant”).

 1. General: 
 (a)
Landlord and Tenant entered into a lease dated for reference purposes only as of May 1, 1998, as amended by a First Amendment to Lease dated as of May 2, 1998 and a Second Amendment to Lease dated as of July 9, 2001 (collectively, the
“Master Lease”), with respect to premises located in the building (the “Building”) commonly known as 600 Montgomery Street, San Francisco, California, and defined in the Master Lease as the “Premises.” Tenant has
entered into the Sublease dated of even date herewith, pursuant to which Tenant has agreed to sublet a portion of the Premises (the “Sublease Premises”) to Subtenant. Landlord has agreed, at Tenant’s sole cost and expense, to
construct certain improvements in the Sublease Premises, pursuant to, and as more particularly set forth in, this Agreement. 
 (b) Landlord
and Subtenant are concurrently entering into a lease dated of even date herewith (the “Direct Lease”) for additional premises in the Building (the “Direct Premises”). Pursuant to the Direct Lease and Work Letter and Construction
Agreement attached to the Direct Lease (the “Direct Lease Work Letter”), Landlord has agreed to construct certain improvements (the “Direct Lease Improvements”) in the Direct Premises as more particularly set forth therein.

 (c) The purpose of this Agreement is to set forth how the Sublease Improvements (as defined below) in the Sublease Premises are to be
designed and constructed and who will pay for the design and construction of the Sublease Improvements, and how such design and construction will be coordinated with the design and construction of the Direct Lease Improvements. 
 (d) The provisions of Article 10 of the Direct Lease as it relates to Alterations in the Sublease Premises as set forth in the Consent, except where
clearly inconsistent or inapplicable to this Agreement, are incorporated into this Agreement. Capitalized terms used herein without definition have the meanings set forth in the Direct Lease. 
 2. Selection of Designer/Architect; Preparation of Plans: 
 (a) Prior to the date hereof, Tenant has arranged for the hiring of Richard Pollack & Associates or another designer and/or architect that has been approved in writing by Landlord in its sole discretion (the
“Architect”). 
  

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 (b) Prior to the date hereof, Landlord has provided Building background drawings and construction
requirements to Tenant. Prior to the date hereof Tenant has provided, or promptly after execution of this Agreement Tenant shall provide, such drawings and requirements to the Architect, and Tenant has consulted or shall consult with the Architect
to enable the Architect to complete all plans for the Sublease Premises contemplated by this Agreement. Tenant shall assure that the Architect is familiar with the Building and with all applicable state and local laws, statutes, codes, rules or
regulations, including regulations and procedures promulgated by Landlord (collectively “Laws”), applicable to tenant construction in the Building. 
 (c) Tenant has submitted, and Landlord hereby approves, that certain two-page single line drawing of the Sublease Premises showing its proposed tenant improvements as prepared by the Architect, dated September 9,
2003 and as revised on September 10, 2003, September 22, 2003, October 14, 2003, November 4, 2003 and December 17, 2003, Project Number 0314000 (the “Proposed Space Plans”). If Tenant revises the
Proposed Space Plans, Tenant shall deliver such revised Proposed Space Plans to Landlord for its written approval by the date that is five (5) business days after the full execution of the Consent (the “Execution Date”). In such
event, within five (5) business days after Landlord receives the Proposed Space Plans, Landlord shall either approve the same (which approval shall not be unreasonably withheld or conditioned) or give Tenant notice of Landlord’s reasonable
disapproval and its reasonable reasons for such disapproval. If Landlord disapproves the Proposed Space Plans, Landlord shall require, and Tenant shall make, the reasonable changes necessary in order to address such reasons for disapproval, and
Landlord shall approve (which, again, shall not be unreasonably withheld or conditioned) or reasonably disapprove the revised Proposed Space Plans within five (5) business days after Landlord’s receipt thereof. This procedure shall be
repeated until Landlord’s approval is received. The Proposed Space Plans (or revised Proposed Space Plans), as finally submitted by Tenant and approved by Landlord are referred to below as the “Space Plans”. 
 (d) On or before the date that is twenty (20) business days following Tenant’s receipt of Landlord’s written approval of the Space Plans,
Tenant shall deliver to Landlord for its written approval a single line drawing of the Sublease Premises prepared by the Architect that is based on the Space Plans showing Tenant’s power and signal plans and reflected ceiling plans (the
“Proposed Pricing Plans”). Within five (5) business days after Landlord receives the Proposed Pricing Plans, Landlord shall either approve the same (which approval shall not be unreasonably withheld or conditioned) or give Tenant
notice of Landlord’s reasonable disapproval and its reasonable reasons for such disapproval. If Landlord disapproves the Proposed Pricing Plans, then Tenant and Landlord shall follow the same procedure as set forth in Paragraph 2(c) respecting
the Proposed Space Plans until the Proposed Pricing Plans are approved. The Proposed Pricing Plans as finally submitted by Tenant and approved by Landlord are referred to as the “Pricing Plans.” Within five (5) business days after
Landlord’s approval of the Pricing Plans, Landlord shall deliver to Tenant a written estimate of the total costs of the construction of the Sublease Improvements (the “‘Initial Cost Estimate”), which shall be an estimate only and
shall in no way be construed as a commitment by Landlord that the costs to complete the Sublease Improvements will fall within the Initial Cost Estimate. 
 (e) Promptly after such approval of the Pricing Plans, Tenant shall cause the Architect to prepare complete mechanical, electrical, plumbing and fire protection plans and 

  

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specifications for the Sublease Premises (the “MEP Plans”), and to prepare and submit to Landlord and Tenant complete plans and specifications,
based upon the Pricing Plans and incorporating the MEP Plans (as submitted, the “Detailed Plans and Specifications”). If reasonably requested by Landlord, Tenant shall cause the Architect to work with a qualified engineer approved by
Landlord to prepare such Detailed Plans and Specifications. In such event, if Tenant does not use the engineer hired for the Building for such purpose (the “Building Engineer”), Tenant shall reimburse Landlord for reasonable fees incurred
by Landlord in connection with the review by the Building Engineer of the Detailed Plans and Specifications. The Detailed Plans and Specifications shall be complete, be sufficient to obtain all necessary building permits, and include complete plans
for all structural alterations, walls, doors, cabinetry, hardware, telephone outlets, electrical distribution and outlets, light fixtures, plumbing work, and heating, ventilating and air conditioning distribution and other standard or special
installations required by Tenant, as well as wall finishes and floor coverings. Tenant shall cause the Architect to make as soon as reasonably possible, and in any event within three (3) business days, any specific changes to the Detailed Plans
and Specifications as may be reasonably requested by Landlord, which shall not include any changes to specific matters that were reflected in the Space Plans and/or Pricing Plans (and, thus, already approved by Landlord). 
 (f) Within thirty (30) business days after Tenant’s receipt of Landlord’s written approval of the Pricing Plans, Tenant shall deliver to
Landlord for its written approval the Detailed Plans and Specifications. Landlord and Tenant shall follow the same process to provide/obtain such approval as set forth in Paragraph 2(c) with respect to the Proposed Space Plans. The Detailed Plans
and Specifications as finally submitted by Tenant and approved by Landlord are referred to as the “Plans.” The term “Sublease Improvements” shall mean all improvements, standard or special, shown on the Plans. Tenant shall be
responsible for the suitability for the Tenant’s needs and business of the design and function of all Sublease Improvements. Landlord’s review and approval of any draft or final plans or specifications shall not constitute, and Landlord
shall not be deemed to have made, a representation or warranty as to the compliance of the Sublease Improvements with any Laws or as to the suitability of the Premises or the Sublease Improvements for Tenant’s needs. 
 (g) Tenant, Landlord and Subtenant shall use reasonable efforts to cooperate with the Architect, the Contractor (as hereinafter defined), and each other
to complete all phases of the development and approval of the Space Plans, the Pricing Plans, the MEP Plans, the Detailed Plans and Specifications, and the Plans, development and approval of cost estimates, the bidding process, the permitting
process, and the construction process, efficiently and economically. In this regard, Tenant, Landlord and Subtenant shall each promptly furnish such information as the other may reasonably request and shall meet (in person or by telephone) with each
other and the Architect and the Contractor as reasonably requested. Any disapproval by Landlord or Tenant under this Work Letter shall be accompanied by a written statement of the disapproved item, the reasons for disapproval, and the specific
changes required to make the item acceptable. Except as otherwise provided above, Landlord shall approve or disapprove any initial or revised submittal of plans by Tenant within five (5) business days. 
 (h) Landlord, Tenant and Subtenant each acknowledges that the Sublease Improvements to be designed and constructed in the Sublease Premises pursuant
hereto will be designed and constructed together with the Direct Lease Improvements pursuant to the Direct 

  

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Lease Work Letter. Landlord, Tenant and Subtenant agree to reasonably cooperate with each other to treat the design and construction of the Sublease
Improvements in the Sublease Premises and the Direct Lease Improvements as one project, subject to the accounting procedures as described below. 
 3. Cost of Design and Construction: 
 (a) Landlord’s Allowance. Landlord shall contribute up to a maximum of Two
Hundred Twenty-Four Thousand One Hundred Thirty and 00/100 Dollars ($224,130.00) (“Landlord’s Sublease Allowance”) to help pay for the cost of the Sublease Improvements. If the Landlord’s Sublease Allowance exceeds the Total Cost
(as defined below), Tenant shall also be entitled to apply the Landlord’s Sublease Allowance toward the cost of the Direct Lease Improvements to the same extent Subtenant is permitted to apply the Landlord’s Allowance thereto as provided
under the Direct Lease Work Letter. The Landlord’s Sublease Allowance is in addition to the allowance from Landlord and the Tenant Improvement Allowance from BofA as provided, respectively, in the Direct Lease and the Sublease. Landlord’s
Sublease Allowance may be used to pay the following costs: 
 (i) The costs of the Space Plans, the Pricing Plans, the
Detailed Plans and Specifications, and the Plans (including revisions thereto) and any as-built plans for the Sublease Improvements; 
 (ii) All costs of obtaining building permits and other necessary authorizations from all governmental authorities having jurisdiction; and 
 (iii) All direct and indirect costs of procuring and installing the Sublease Improvements in the Sublease Premises, including any construction fee for overhead and profit charged by the Contractor, and amounts paid to
third parties for construction management, design planning, architectural and engineering services, and the Construction Management Fee (as defined in the Consent). 
 In no event shall Landlord’s Allowance be used for any costs of procuring or installing in the Sublease Premises any trade fixtures, equipment, furniture, furnishings, telephone equipment or other personal
property (“Personal Property”) to be used in the Sublease Premises by Tenant or Subtenant, and the cost of such Personal Property shall be paid by Tenant or Subtenant. 
 (b) Tenant’s Costs. 
 (i)
Bids from General Contractors. Promptly upon completion of the Plans, Landlord shall seek competitive bids from the following general contractors for the general conditions and contractor’s fee to be charged in connection the Sublease
Improvements: Hathaway Dinwiddie, GCI and at least two of RN Field, BCCI or Swinerton. Landlord shall deliver copies of all bids received by Landlord to Tenant. Landlord shall request that each bidding contractor to specify all costs broken down by
trade, with reasonable mark-ups for the contractor’s fee, general conditions and supervision. Within five (5) business days of receiving copies of all submitted bids, Tenant shall notify Landlord in writing of: (x) its selection the
general contractor to be engaged by Landlord (the “Contractor”), and (y) any changes in the scope of the work Tenant 

  

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proposes, which shall be described with reasonable particularity (which changes shall be governed by Paragraph 5 hereof). 
 (ii) Open Book Bidding Process. Landlord shall cause the Contractor to seek competitive bids from at least three (3) qualified subcontractors
reasonably approved by Landlord and Tenant for each of the trades necessary to construct the Sublease Improvements. The Contractor may also bid for any such trade (i.e. to perform the work itself instead of engaging a subcontractor). Promptly after
receipt of the bids for each trade so bid, Landlord will deliver the bids to Tenant. Upon Tenant’s request, Landlord shall request the Contractor to provide all back-up documentation which formed the basis of any of the bids (and Landlord shall
deliver copies thereof to Tenant). Tenant will select the successful bidder for each trade three (3) business days of receiving the bids for such trade. 
 (iii) Final Pricing. Promptly after completion of the bidding process, Landlord shall obtain a not-to-exceed (i.e. guaranteed maximum price) quotation for construction of the Sublease Improvements (including
specification of the Contractor’s and subcontractors’ mark ups for change in scope change orders), which quotation shall be based upon Tenant’s selection of bids for the major trades as provided in (ii) above. Landlord shall
notify Tenant in writing of (i) the total costs of the construction of the Sublease Improvements, including, without limitation, the Construction Management Fee (which shall include an estimate of Landlord’s charges for any security or
special elevator usage anticipated in connection with the Sublease Improvements) (the “Total Cost”), and (ii) the portion of the Total Cost, if any, which is in excess of Landlord’s Sublease Allowance (“Tenant’s
Cost”). If the Landlord’s Sublease Allowance is greater than the Total Cost, then, within five (5) business days of Tenant’s receipt of the notice setting forth the Total Cost, Tenant shall submit to Landlord a statement of other
costs that have been incurred toward which the Landlord’s Allowance may be applied as set forth in Paragraph 3(a) hereof. Landlord shall not receive any discount, refund, inducement, benefit or payment from any contractor or subcontractor with
respect to the Sublease Improvements that is not passed along to or applied for the benefit of Tenant. 
 (iv) Payment of Tenant’s
Cost. Tenant shall approve in writing the Total Cost and Tenant’s Cost (if any) within five (5) business days of receiving the notice from Landlord specifying the same, and such approval shall constitute Tenant’s authorization to
Landlord to complete the Sublease Improvements in accordance with the Plans, except only as otherwise expressly provided to the contrary in Tenant’s approval (it being contemplated that, subject to the provisions of Paragraph 6 below, Tenant
might approve and authorize Landlord to proceed with portions of the work while Tenant works to reduce the Total Cost through value engineering or otherwise works on refining the pricing and/or scope of the work). If such written authorization is
not received by Landlord, Landlord shall not be obligated to commence work on the Sublease Improvements, and Tenant shall be chargeable with any additional costs associated with the delay in the completion of the Tenant Improvements. Tenant shall
transmit to Landlord with such approval payment to Landlord of the total amount of the Tenant’s Cost. If such written authorization and check are not received by Landlord, Landlord shall not be obligated to commence work on the Sublease
Improvements. 
 As soon as may be practicable following completion of the Tenant Improvements, Landlord shall prepare a final written
reconciliation of the Total Cost for the Sublease 

  

 -5- 

 
Improvements, less the Landlord’s Sublease Allowance, less the amount of the Tenant’s Cost paid by Tenant. If Tenant has paid less than the
Tenant’s Cost, Tenant shall pay the shortfall to Landlord within five (5) business days after receipt of such reconciliation. If Tenant has paid more than Tenant’s Cost, Landlord shall promptly pay such overage to Tenant or credit
such overage to the monthly Basic Monthly Rental next becoming due from Tenant under the Master Lease. If Tenant fails to make any payment hereunder when due, in addition to any remedy that Landlord has under the Master Lease, at law or in equity,
Landlord shall be permitted to stop any or all work on the Sublease Improvements and any delay attributable thereto shall constitute a Tenant Delay under Paragraph 6 hereof. All payments due from Tenant hereunder shall constitute Rental (as defined
in the Master Lease). 
 (v) Accounting Records. Consistent with Paragraph 2(h), the not-to-exceed quotation obtained by Landlord
pursuant to Paragraph 3(b)(iii) shall also cover the price for the construction of the Direct Lease Improvements. Landlord shall request the Contractor to reasonably apportion its total price for the entire project between the portion of such price
attributable to the Direct Premises and the portion of such price attributable to the Sublease Premises. If there ever needs to be a determination of such respective costs separately, and such determination would have an impact in any way on
Landlord (as reasonably determined by Landlord), Landlord shall make such determination using its reasonable discretion. Upon Tenant’s request from time to time (but no more often than once every month), Landlord shall provide Tenant with a
written accounting of the Total Cost and the amount that has been paid to the Contractor with respect to the project. The Contractor’s requests for payment shall require the Architect’s approval in accordance with standard AIA contract
provisions, and, if Tenant notifies Landlord in writing, the Contractor’s requests for payment shall also require the approval of Subtenant’s construction manager. All such approvals shall be given within five (5) business days of the
Architect’s receipt of such request for payment. 
 (vi) Excluded Costs. Except for the Construction Management Fee and except as
otherwise provided herein, Landlord shall receive no fee for supervision, profit, overhead or general conditions in connection with the Sublease Improvements; provided, however, that Tenant shall pay for any security and/or special elevator service
that may be required by the Contractor in connection with the Sublease Improvements, which shall be charged to Tenant at Landlord’s standard rate therefor (Landlord’s notice pursuant to Paragraph 3(b)(iii) of the Total Cost shall include
an estimate of such fees, and such fees shall be reconciled upon substantial completion of the Sublease Improvements based on security and/or special elevator service actually used). 
 4. Construction: Promptly after the Plans are approved by Landlord and Tenant and the necessary building permits are obtained, subject to
Paragraph 3(b), Landlord shall cause to be constructed and installed, as soon as reasonably practicable, consistent with industry custom and practice, the Sublease Improvements indicated on the Plans. Whenever possible and practical, Landlord will
utilize, for the construction of the Sublease Improvements, the items and materials designated in the Plans. However, whenever Landlord determines in its judgment that it is not practical or efficient to use such materials, Landlord shall have the
right, upon receipt of Tenant’s consent (which consent shall not be unreasonably withheld or delayed) to substitute comparable items and materials. 
  

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 5. Changes. If Tenant shall request any change, addition or deletion in the approved Plans or the
Sublease Improvements, Landlord shall not unreasonably withhold its consent to any such changes, provided the changes do not adversely affect the Building’s structure, systems, equipment, security system or appearance. Landlord shall promptly
give Tenant a written estimate of the cost which will be chargeable (or creditable) to Tenant by reason of such change, addition or deletion (the “Change Order”), and the time delay (or time savings) expected because of the requested
change. Tenant shall within three (3) business days of receiving such written estimate notify Landlord in writing whether or not it desires to proceed with such change, addition or deletion. If Tenant approves such Change Order, Landlord will
proceed to perform the change. If Tenant fails to approve the proposed Change Order within three (3) business days after such notice, Tenant will be deemed to have withdrawn the proposed change and Landlord will not proceed to perform such
change. Tenant shall not be liable for any Change Orders except those which have been approved by Tenant in writing. The cost or credit to Tenant resulting from an approved Change Order shall be determined as follows: (i) by mutual acceptance
of a lump sum proposal, properly itemized and supported by enough data to permit evaluation, (ii) by unit prices stated in the subcontracts or subsequently agreed upon or (iii) in a manner agreed upon by the parties. If none of the methods
set forth above is agreed upon in writing in or by the time of Tenant’s approval of the Change Order, then Landlord (upon receipt of Tenant’s written approval of the Change Order) shall promptly proceed with the change on a time and
materials basis (subject to the Contractor’s and subcontractors’ mark-ups as provided in Landlord’s notice to Tenant of the Total Cost). The actual cost or credit resulting from the Change Order shall be verified by the Architect and
the Contractor on the basis of the actual expenditures or savings resulting therefrom. Upon request by Tenant, Landlord shall give Tenant access to all backup documentation available to Landlord supporting the determination of the actual cost or
credit resulting from the Change Order. 
 If such changes, including the costs of preparing the Change Order, increase the Total Cost of the
Sublease Improvements shown on the Plans (as adjusted on account of any prior Change Orders), Tenant shall pay such increased costs to Landlord at such time as Tenant authorizes such change. Tenant shall be responsible for all of its costs of
engineering and design services to prepare any Change Order. 
 6. Delays. In performing its obligations under this Work Letter,
Landlord shall act with reasonable diligence and in a timely manner. Landlord shall use reasonably diligent efforts to cause the Sublease Improvements to be substantially completed on or before a date that is stipulated to in a construction schedule
of the Sublease Improvements that is reasonably agreed to by Landlord and Tenant promptly upon completion of the Plans, subject to any Tenant Delay (as defined below) and any delay caused by Force Majeure (as defined below). Whenever the Sublease
Improvements require an approval, consent, designation, determination, selection or judgment of Landlord in accordance with the terms of this Work Letter (collectively or individually, “Landlord’s Review”), except as otherwise
provided herein, Landlord shall provide Landlord’s Review within five (5) business days after Landlord’s receipt of a written request from Tenant for the same; provided, however, that Tenant’s written request must be specific as
to what Landlord is being asked to do and must be accompanied by sufficient information, in Landlord’s reasonable determination, for Landlord to provide Landlord’s Review. In the event that Landlord has not been provided with sufficient
information, Landlord shall notify Tenant of such deficiency within three (3) business days of Landlord’s receipt of such deficient 

  

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information and Landlord shall have another five (5) business days to provide Landlord’s Review after Landlord’s receipt of the required
information from Tenant. If the completion of the Sublease Improvements in the Premises is actually delayed beyond the date that the Tenant Improvements would have been completed if there had been no such Tenant Delay as a result of a Tenant Delay,
then Tenant shall be responsible for all costs and any expenses occasioned by such delay including, without limitation, any costs and expenses attributable to increases in labor or materials. “Force Majeure” shall mean strikes, lockouts,
labor disputes, shortages of material or labor, fire, earthquake, flood or other casualty, acts of terror or war, acts of God, or any other cause beyond the reasonable control of Landlord. A “Tenant Delay” shall mean a delay in the
completion of the Sublease Improvements resulting from: (i) a request by Tenant or Subtenant, (ii) Tenant’s or Subtenant’s failure to comply with the provisions in the Master Lease or this Agreement, including failure to provide
the Space Plans or the Plans or other information or give approvals within the time periods specified herein and failure to pay any sums payable by Tenant within the time periods specified herein, (iii) changes, additions or deletions in the
work requested or ordered by Tenant or Subtenant, (iv) Tenant or Subtenant choosing to have additional work performed by Landlord, (v) Tenant’s submission of more than one (1) revision to the Proposed Space Plans (whether such
additional revisions are in response to a reasonable objection made by Landlord or because of changes made by Tenant), (vi) Tenant’s submission of any revisions to the Proposed Pricing Plans, the MEP Plans, the Detailed Plans and
Specifications (whether such revisions are in response to a reasonable objection made by Landlord or because of changes made by Tenant), (vii) time spent to reduce the Total Cost through value engineering requested by Tenant or Subtenant or to
otherwise refine the pricing and/or scope of the work at Tenant’s or Subtenant’s request, (viii) the failure by the Architect or Subtenant’s construction manager, if applicable, to approve any Contractor’s request for
payment within the time period specified in Paragraph 3(v), (ix) Tenant’s failure to agree upon the Punch-List items pursuant to Paragraph 8 below within the time period specified therein, (x) any Tenant Delay (as defined in the
Direct Lease Work Letter) of the completion of the Direct Lease Improvements, (xi) entry by Tenant or Subtenant into the Sublease Premises prior to the substantial completion of the Sublease Improvements, or (xii) any other act or omission
of Tenant or Subtenant. 
 7. Early Access: Tenant agrees that the Sublease Premises will not be occupied during Landlord’s
completion of the Sublease Improvements; provided, however, Tenant may, with Landlord’s written consent, permit Subtenant to enter the Sublease Premises prior to the substantial completion of the Sublease Improvements solely for the purposes of
installing its Personal Property and equipment, as long as such entry will not interfere with the orderly construction and completion of the Sublease Improvements. Tenant shall notify Landlord of the desired time(s) of entry and shall submit for
Landlord’s approval the scope of the work to be performed and the name(s) of the contractor(s) who will perform such work. Landlord shall cooperate with Tenant to determine a time for such entry by Tenant or Subtenant and to reduce any
potential for delay caused thereby. Tenant and Subtenant each hereby agree to indemnify and to protect, defend and hold harmless Landlord, Landlord’s property manager, any mortgagee, ground lessor or beneficiary of a deed of trust related to
the Sublease Premises or the Building, and any officers, agents or employees of any thereof, from and against any claims, liabilities or causes of action (including claims for worker’s compensation) of any nature whatsoever, together with
reasonable attorneys’ fees for counsel reasonably approved by Landlord, arising out of or in connection with such entry onto the Premises or the installation of 

  

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Tenant’s Personal Property or equipment (including but not limited to claims of breach of warranty, personal injury or property damage). 
 8. Punch-List Items. The Sublease Improvements work may be deemed substantially complete, notwithstanding the fact that minor details of
construction, mechanical adjustments or decorations which do not materially interfere with Tenant’s or Subtenant’s use of the Sublease Premises remain to be performed (items normally referred to as “Punch-List” items). The
Sublease Improvements may be deemed substantially complete even though improvements in certain portions of the Building have not been fully completed (so long as such does not interfere with Tenant’s or Subtenant’s efficient conduct of its
business), and even though the Personal Property may have not been installed. Tenant shall inspect the Premises upon written notice from Landlord that the Sublease Improvements have been substantially completed but for the Punch-List items, and
Tenant shall agree upon a list of Punch-List items within three (3) business days of Tenant’s receipt of such notice. Landlord shall cause the Punch-List items to be corrected as soon as reasonably practical thereafter. 
 9. Substantial Completion. Notwithstanding any other provision in the Sublease or this Work Letter to the contrary, the Sublease Improvements
shall not be deemed to be substantially complete until: (i) the Sublease Improvements are sufficiently complete in accordance with the Plans (and all approved Change Orders) so Subtenant can occupy and utilize the Sublease Premises for its
intended use, excluding any tenant fixtures, telephones, equipment, work-stations, furniture, equipment or other items to be installed by Tenant or Subtenant, and also excluding Punch-List items, (ii) the Punch-List has been prepared pursuant
to Paragraph 8 above, (iii) Landlord has obtained and delivered to Tenant, if required by applicable law, a copy of a temporary certificate of occupancy or other required equivalent approval from the local governmental authority permitting
lawful occupancy of the Sublease Premises (provided, however, this shall not be required for substantial completion if Landlord is not able to obtain such a temporary certificate of occupancy as a result of work that Tenant or Subtenant is required
to complete (such as its installation of cabling), so long as such requirements with respect to the work Landlord is required to complete, including Landlord’s Work, have been satisfied). 
 10. As-Built Drawings. Promptly after completion of the construction of the Sublease Improvements, Tenant shall cause the Architect to provide to
Landlord as-built drawings of the Sublease Improvements in the form of a hard copy and in the form of an Auto-Cad file. 
 11. Consent of
Subtenant. Any matter requiring the approval of Tenant contained herein or any request for a change, deletion or addition to the approved Plans or the Sublease Improvements must also be approved by Subtenant. Tenant shall submit such approval of
Subtenant simultaneously to Landlord at the time Tenant submits its approval for the matter in question to Landlord. No matter requiring the approval of Tenant contained herein shall be deemed approved by Tenant for purposes of this Agreement unless
so accompanied with a similar approval from Subtenant. Tenant shall be responsible for any delay in obtaining Subtenant’s approval of a particular matter. 
  

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