Document:

EX-10.2

 Exhibit 10.2 
 VARONIS SYSTEMS, INC. 
 2005 STOCK PLAN 

(As amended March 15, 2006) 
 (As amended April 12, 2007) 
 (As amended January 9, 2008)

 (As amended December 22, 2008) 
 (As amended August 3, 2009) 
 (As amended March 13, 2012)

 (As amended November 19, 2012) 
 (As amended March 12, 2013) 
 (As amended May 7, 2013)

 1. Purposes of the Plan. The purposes of this Plan are to attract and retain the best available personnel for
positions of substantial responsibility, to provide additional incentive to Employees, Directors and Consultants and to promote the success of the Company’s business. Options granted under the Plan may be Incentive Stock Options, Nonstatutory
Stock Options, 102 Options, or 3(i) Options, as determined by the Administrator at the time of grant. Restricted Stock may also be granted under the Plan. 
 2. Definitions. As used herein, the following definitions shall apply: 
 (a)
“102 Option” means an Option intended to qualify under Section 102 of the Ordinance. 
 (b) “3(i)
Options” means an Option intended to qualify under Section 3(i) of the Ordinance. 
 (c)
“Administrator” means the Board or any of its Committees as shall be administering the Plan in accordance with Section 4 hereof. 
 (d) “Applicable Laws” means the requirements relating to the administration of equity compensation plans under U.S. state corporate laws, U.S. federal and state securities laws, the Code,
U.S. and Israeli tax laws, Israeli securities laws, Israel’s Companies Ordinance [New Version], Companies Law, and Foreign Currency Control Law, any stock exchange or quotation system on which the Common Stock is listed or quoted and the
applicable laws of any other country or jurisdiction where Awards are granted under the Plan, as are in effect from time to time. 
 (e) “Award” means, individually or collectively, a grant under the Plan of Options or Restricted Stock. 
 (f) “Board” means the Board of Directors of the Company. 
 (g)
“Change in Control” means the occurrence of any of the following events: 

 (i) Any “person” (as such term is used in Sections 13(d) and 14(d) of the
Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the total voting power represented by the
Company’s then outstanding voting securities, except that any change in the beneficial ownership of the securities of the Company as a result of a private financing of the Company that is approved by the Board, shall not be deemed to be a
Change in Control; or 
 (ii) The consummation of the sale or disposition by the Company of all or substantially all of the
Company’s assets; or 
 (iii) The consummation of a merger or consolidation of the Company with any other corporation,
other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the
surviving entity or its parent) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation.

 (h) “Code” means the Internal Revenue Code of 1986, as amended. Any reference to a section of the Code herein
will be a reference to any successor or amended section of the Code. 
 (i) “Committee” means a committee of
Directors or of other individuals satisfying Applicable Laws appointed by the Board, or by the compensation committee of the Board, in accordance with Section 4 hereof. 
 (j) “Common Stock” means the Common Stock of the Company. 
 (k)
“Company” means Varonis Systems, Inc., a Delaware corporation. 
 (l) “Consultant” means any
person who is engaged by the Company or any Parent or Subsidiary to render consulting or advisory services to such entity. 
 (m)
“Director” means a member of the Board. 
 (n) “Disability” means total and permanent
disability as defined in Section 22(e)(3) of the Code. 
 (o) “Employee” means any person, including
officers and Directors, employed by the Company or any Parent or Subsidiary of the Company. Neither service as a Director nor payment of a director’s fee by the Company shall be sufficient to constitute “employment” by the Company.

 (p) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(q) “Exchange Program” means a program under which (i) outstanding Options are surrendered or cancelled in exchange
for Options of the same type (which may have lower or higher exercise prices and different terms), Options of a different type, and/or cash, and/or (ii) the exercise price of an outstanding Option is reduced. The terms and conditions of any
Exchange Program will be determined by the Administrator in its sole discretion. 

  
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 (r) “Fair Market Value” means, as of any date, the value of Common Stock
determined as follows: 
 (i) If the Common Stock is listed on any established stock exchange or a national market system,
including without limitation the Nasdaq Global Market, the Nasdaq Global Select Market or the Nasdaq Capital Market, its Fair Market Value shall be the closing sales price for such stock (or, if no closing sales price was reported on that date, as
applicable, on the last trading date such closing sales price was reported) as quoted on such exchange or system on the day of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable;

 (ii) If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, its Fair
Market Value shall be the mean between the high bid and low asked prices for the Common Stock on the day of determination (or, if no bids and asks were reported on that date, as applicable, on the last trading date such bids and asks were reported),
as reported in The Wall Street Journal or such other source as the Administrator deems reliable; or 
 (iii) In the
absence of an established market for the Common Stock, the Fair Market Value thereof shall be determined in good faith by the Administrator. 
 (s) “Incentive Stock Option” means an Option that by its terms qualifies and is otherwise intended to qualify as an incentive stock option within the meaning of Section 422 of the
Code and the regulations promulgated thereunder. 
 (t) “Israeli Employee” means any Employee of the Company or
Subsidiary, who is (or is deemed to be) a resident of the State of Israel for the purpose of payment of taxes, excluding a “Controlling Shareholder” (as such term is defined in Section 32(9) of the Ordinance). 

(u) “Israeli Non-employee” means any person who is (or is deemed to be) a resident of the State of Israel for the purpose
of payment of taxes, and who is (i) an Employee and a “Controlling Shareholder” (as such term is defined in Section 32(9) of the Ordinance), or (ii) a Consultant, contractor or other service provider. 

(v) “Nonstatutory Stock Option” means an Option that by its terms does not qualify or is not intended to qualify as an
Incentive Stock Option. 
 (w) “Option” means a stock option granted pursuant to the Plan. 

(x) “Option Agreement” means a written or electronic agreement between the Company and an Optionee evidencing the terms
and conditions of an individual Option grant. The Option Agreement is subject to the terms and conditions of the Plan. 
 (y)
“Optioned Stock” means the Common Stock subject to an Award. 
 (z) “Optionee” means the holder
of an outstanding Award granted under the Plan. 

  
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 (aa) “Ordinance” means the Israeli Income Tax Ordinance [New Version] 1961,
and regulations, rules and orders of procedures promulgated thereunder. 
 (bb) “Parent” means a “parent
corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code. 
 (cc)
“Plan” means this 2005 Stock Plan, including its appendixes. 
 (dd) “Restricted Stock” means
Shares issued pursuant to a Restricted Stock award under Section 11 of the Plan, or issued pursuant to the early exercise of an Option. 
 (ee) “Restricted Stock Purchase Agreement” means a written or electronic agreement between the Company and the Optionee evidencing the terms and restrictions applying to Shares purchased
under a Restricted Stock award. The Restricted Stock Purchase Agreement is subject to the terms and conditions of the Plan and the notice of grant. 
 (ff) “Securities Act” means the Securities Act of 1933, as amended. 
 (gg) “Service Provider” means an Employee, Director or Consultant (including an Israeli Employee or an Israeli Non-employee). 

(hh) “Share” means a share of the Common Stock, as adjusted in accordance with Section 13 below. 

(ii) “Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as defined in
Section 424(f) of the Code. 
 (jj) “Trustee” means a trustee appointed by the Administrator and approved
by the Israeli tax authorities; in accordance with Section 102 of the Ordinance, to hold in trust for the benefit of an Optionee Options, Restricted Stock, and Shares issued upon the exercise of an Award. 

3. Stock Subject to the Plan. Subject to the provisions of Section 13 of the Plan, the maximum aggregate number of Shares
that may be subject to Awards and sold under the Plan is 4,713,319 Shares. The Shares may be authorized but unissued, or reacquired Common Stock. 
 If an Award expires or becomes unexercisable without having been exercised in full, or is surrendered pursuant to an Exchange Program, the unpurchased Shares that were subject thereto shall become
available for future grant or sale under the Plan (unless the Plan has terminated). However, Shares that have actually been issued under the Plan, upon exercise of an Award, shall not be returned to the Plan and shall not become available for future
distribution under the Plan, except that if unvested Shares of Restricted Stock are repurchased by the Company at their original purchase price, such Shares shall become available for future grant under the Plan. Notwithstanding the foregoing and,
subject to adjustment provided in Section 13, the maximum number of Shares that may be issued upon the exercise of Incentive Stock Options shall equal the aggregate Share number stated in the first paragraph of this Section, plus, to the extent
allowable under Section 422 of the Code, any Shares that become available for issuance under the Plan under this second paragraph of this Section. 

  
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 4. Administration of the Plan. 

(a) Administrator. The Plan shall be administered by the Board or a Committee appointed by the Board, which Committee shall be
constituted to comply with Applicable Laws. 
 (b) Powers of the Administrator. Subject to the provisions of the Plan and,
in the case of a Committee, the specific duties delegated by the Board to such Committee, and subject to the approval of any relevant authorities, the Administrator shall have the authority in its discretion: 

(i) to determine the Fair Market Value; 
 (ii) to select the Service Providers to whom Awards may from time to time be granted hereunder; 
 (iii) to determine the number of Shares to be covered by each such Award granted hereunder; 
 (iv) to approve forms of agreement for use under the Plan; 
 (v) to determine the
terms and conditions of any Award granted hereunder. Such terms and conditions include, but are not limited to, the exercise price, the time or times when Awards may be exercised (which may be based on performance criteria), any vesting acceleration
or waiver of forfeiture restrictions, and any restriction or limitation regarding any Award or the Common Stock relating thereto, based in each case on such factors as the Administrator, in its sole discretion, shall determine; 

(vi) to institute an Exchange Program; 
 (vii) to prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations relating to sub-plans established for the purpose of satisfying applicable foreign laws or
for qualifying for favorable tax treatment under applicable foreign laws; 
 (viii) to allow Optionees to satisfy withholding
tax obligations as prescribed in Section 16; 
 (ix) to modify or amend each Award (subject to Section 17(c) of the
Plan) including but not limited to the discretionary authority to extend the post-termination exercise period of Awards and to extend the maximum term of an Option (subject to Section 8 regarding Incentive Stock Options); 

(x) to authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Award previously
granted by the Administrator; and 
 (xi) to construe and interpret the terms of the Plan and Awards granted pursuant to the
Plan. 
 (c) Effect of Administrator’s Decision. All decisions, determinations and interpretations of the
Administrator shall be final and binding on all Optionees. 

  
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 (d) Grants to Committee Members. If the Administrator is a Committee appointed by the
Board, the grant of Options to members of the Committee, if any, shall be made by the Board and not by such Committee. 
 5.
Eligibility. Nonstatutory Stock Options and Restricted Stock may be granted to Service Providers. Incentive Stock Options may be granted only to Employees. 102 Options may be granted only to Israeli Employees. 3(i) Options may be granted only
to Israeli Non-employees. 
 6. Limitations. 
 (a) Incentive Stock Option Limit. Each Option shall be designated in the Option Agreement as an Incentive Stock Option, a Nonstatutory Stock Option, a 102 Option or a 3(i) Option. However,
notwithstanding such designation, to the extent that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock Options are exercisable for the first time by the Optionee during any calendar year (under all plans of the
Company and any Parent or Subsidiary) exceeds $100,000, such Options shall be treated as Nonstatutory Stock Options. For purposes of this Section 6(a), Incentive Stock Options shall be taken into account in the order in which they were granted.
The Fair Market Value of the Shares shall be determined as of the time the Option with respect to such Shares is granted. 
 (b)
No Effect on Employment or Service. Neither the Plan nor any Award shall confer upon any Optionee any right with respect to continuing the Optionee’s relationship as a Service Provider with the Company, nor shall it interfere in any way
with his or her right or the Company’s right to terminate such relationship at any time, with or without cause, and with or without notice. 
 7. Term of Plan. Subject to stockholder approval in accordance with Section 21, the Plan shall become effective upon its adoption by the Board. Unless sooner terminated under Section 17,
it shall continue in effect for a term of ten (10) years from the later of (i) the effective date of the Plan, or (ii) the earlier of the most recent Board or stockholder approval of an increase in the number of Shares reserved for
issuance under the Plan. Any Options outstanding on such date of termination of the Plan shall continue to have force and effect in accordance with the provisions of the instruments evidencing such Option. However, in no event shall the Plan become
effective before the lapse of thirty (30) days following the giving of notice to the Israeli tax assessor with respect to the Company’s intent to grant Options and before the obtainment of the necessary approvals from the Israeli tax
authorities. 
 8. Term of Option. The term of each Option shall be stated in the Option Agreement; provided, however,
that the term shall be no more than ten (10) years from the date of grant thereof. In the case of an Incentive Stock Option granted to an Optionee who, at the time the Option is granted, owns stock representing more than ten percent
(10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Option shall be five (5) years from the date of grant or such shorter term as may be provided in the Option Agreement.

  
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 9. Option Exercise Price and Consideration. 

(a) Exercise Price. The per share exercise price for the Shares to be issued upon exercise of an Option shall be such price as is
determined by the Administrator, but shall be subject to the following: 
 (i) In the case of an Incentive Stock Option

 (A) granted to an Employee who, at the time of grant of such Option, owns stock representing more than ten percent
(10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the exercise price shall be no less than one hundred and ten percent (110%) of the Fair Market Value per Share on the date of grant. 

(B) granted to any other Employee, the per Share exercise price shall be no less than one hundred percent (100%) of the Fair Market
Value per Share on the date of grant. 
 (ii) In the case of a Nonstatutory Stock Option, the per Share exercise price shall be
no less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. 
 (iii) Notwithstanding
the foregoing, Options may be granted with a per Share exercise price other than as required above in accordance with and pursuant to a transaction described in Section 424 of the Code. 

(b) Forms of Consideration. The consideration to be paid for the Shares to be issued upon exercise of an Option, including the
method of payment, shall be determined by the Administrator (and, in the case of an Incentive Stock Option, shall be determined at the time of grant). Such consideration may consist of, without limitation, (1) cash, (2) check,
(3) promissory note, to the extent permitted by Applicable Laws, (4) other Shares, provided that such Shares have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which such Option
shall be exercised and provided that accepting such Shares, in the sole discretion of the Administrator, shall not result in any adverse accounting consequences to the Company, (5) consideration received by the Company under a cashless exercise
program implemented by the Company in connection with the Plan, (6) such other consideration and method of payment for the issuance of Shares to the extent permitted by Applicable Laws, or (7) any combination of the foregoing methods of
payment. In making its determination as to the type of consideration to accept, the Administrator shall consider if acceptance of such consideration may be reasonably expected to benefit the Company. 

10. Exercise of Option. 
 (a) Procedure for Exercise; Rights as a Stockholder. Any Option granted hereunder shall be exercisable according to the terms hereof at such times and under such conditions as determined by the
Administrator and set forth in the Option Agreement. An Option may not be exercised for a fraction of a Share. 

  
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 An Option shall be deemed exercised when the Company receives: (i) written or
electronic notice of exercise (in accordance with the Option Agreement) from the person entitled to exercise the Option, and (ii) full payment for the Shares with respect to which the Option is exercised, together with any applicable
withholding taxes. Full payment may consist of any consideration and method of payment authorized by the Administrator and permitted by the Option Agreement and the Plan. Shares issued upon exercise of an Option shall be issued in the name of the
Optionee or, if requested by the Optionee, in the name of the Optionee and his or her spouse. Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no
right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the Shares, notwithstanding the exercise of the Option. The Company shall issue (or cause to be issued) such Shares promptly after the Option is
exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 13 of the Plan. 

Exercise of an Option in any manner shall result in a decrease in the number of Shares thereafter available, both for purposes of the
Plan and for sale under the Option, by the number of Shares as to which the Option is exercised. 
 (b) Termination of
Relationship as a Service Provider. If an Optionee ceases to be a Service Provider, such Optionee may exercise his or her Option within such period of time as is specified in the Option Agreement to the extent that the Option is vested on the
date of termination (but in no event later than the expiration of the term of the Option as set forth in the Option Agreement). In the absence of a specified time in the Option Agreement, the Option shall remain exercisable for three (3) months
following the Optionee’s termination. Unless the Administrator provides otherwise, if on the date of termination the Optionee is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option shall revert to
the Plan. If, after termination, the Optionee does not exercise his or her Option within the time specified by the Administrator, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan. 

(c) Disability of Optionee. If an Optionee ceases to be a Service Provider as a result of the Optionee’s Disability, the
Optionee may exercise his or her Option within such period of time as is specified in the Option Agreement to the extent the Option is vested on the date of termination (but in no event later than the expiration of the term of such Option as set
forth in the Option Agreement). In the absence of a specified time in the Option Agreement, the Option shall remain exercisable for twelve (12) months following the Optionee’s termination. Unless the Administrator provides otherwise, if on
the date of termination the Optionee is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option shall revert to the Plan. If, after termination, the Optionee does not exercise his or her Option within the
time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan. 
 (d)
Death of Optionee. If an Optionee dies while a Service Provider, the Option may be exercised within such period of time as is specified in the Option Agreement, to the extent the Option is vested on the date of termination (but in no event
later than the expiration of the term of such Option as set forth in the Option Agreement), by the Optionee’s designated beneficiary, provided such beneficiary has been designated prior to Optionee’s death in a form acceptable to the
Administrator. If no such beneficiary has been designated by the Optionee, then such Option may be 

  
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exercised by the personal representative of the Optionee’s estate or by the person(s) to whom the Option is transferred pursuant to the Optionee’s will or in accordance with the laws of
descent and distribution. In the absence of a specified time in the Option Agreement, the Option shall remain exercisable for twelve (12) months following the Optionee’s termination. If, at the time of death, the Optionee is not vested as
to his or her entire Option, the Shares covered by the unvested portion of the Option shall immediately revert to the Plan. If the Option is not so exercised within the time specified herein, the Option shall terminate, and the Shares covered by
such Option shall revert to the Plan. 
 (e) Approval of Israeli Tax Authorities for 102 Options. With respect to 102
Options, the provisions of this Section 10 shall be subject to the receipt of any and all required approvals or permits from the Israeli tax authorities. 
 11. Restricted Stock. 
 (a) Rights to Purchase. Restricted Stock may
be issued either alone, in addition to, or in tandem with other awards granted under the Plan and/or cash awards made outside of the Plan. After the Administrator determines that it will offer Restricted Stock under the Plan, it shall advise the
offeree in writing or electronically of the terms, conditions and restrictions related to the offer, including the number of Shares that such person shall be entitled to purchase, the price to be paid (if any), and the time within which such person
must accept such offer. The offer shall be accepted by execution of a Restricted Stock Purchase Agreement in the form determined by the Administrator. 
 (b) Repurchase Option. Unless the Administrator determines otherwise, the Restricted Stock Purchase Agreement shall grant the Company a repurchase option exercisable within ninety (90) days of
the voluntary or involuntary termination of the purchaser’s service with the Company for any reason (including death or Disability). Unless the Administrator provides otherwise, the purchase price for Shares repurchased pursuant to the
Restricted Stock Purchase Agreement shall be the original price paid by the purchaser and may be paid by cancellation of any indebtedness of the purchaser to the Company. The repurchase option shall lapse at such rate as the Administrator may
determine. 
 (c) Other Provisions. The Restricted Stock Purchase Agreement shall contain such other terms, provisions and
conditions not inconsistent with the Plan as may be determined by the Administrator in its sole discretion. 
 (d) Rights as a
Stockholder. Once the Restricted Stock is purchased or otherwise issued, the purchaser shall have rights equivalent to those of a stockholder and shall be a stockholder when his or her purchase is entered upon the records of the duly authorized
transfer agent of the Company. No adjustment shall be made for a dividend or other right for which the record date is prior to the date the Restricted Stock is purchased or otherwise issued, except as provided in Section 13 of the Plan.

 12. Limited Transferability of Awards. 
 (a) Unless determined otherwise by the Administrator, Awards may not be sold, pledged, assigned, hypothecated or otherwise transferred in any manner other than by will or the laws of descent and
distribution, and may be exercised, during the lifetime of the Optionee, only by the Optionee. 

  
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 (b) Further, until the Company becomes subject to the reporting requirements of
Section 13 or 15(d) of the Exchange Act, or after the Administrator determines that it is, will, or may no longer be relying upon the exemption from registration under the Exchange Act as set forth in Rule 12h-1(f) promulgated under the
Exchange Act, an Option, or prior to exercise, the Shares subject to the Option, may not be pledged, hypothecated or otherwise transferred or disposed of, in any manner, including by entering into any short position, any “put equivalent
position” or any “call equivalent position” (as defined in Rule 16a-1(h) and Rule 16a-1(b) of the Exchange Act, respectively), other than to (i) persons who are “family members” (as defined in Rule 701(c)(3) of the
Securities Act) through gifts or domestic relations orders, or (ii) to an executor or guardian of the Optionee upon the death or disability of the Optionee. Notwithstanding the foregoing sentence, the Administrator, in its sole discretion, may
determine to permit transfers to the Company or in connection with a Change in Control or other acquisition transactions involving the Company to the extent permitted by Rule 12h-1(f). 

13. Adjustments; Dissolution or Liquidation; Merger or Change in Control. 

(a) Adjustments. In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or
other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or other securities of the Company, or other change in the corporate
structure of the Company affecting the Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the Plan, shall adjust the number and class of Shares
that may be delivered under the Plan and/or the number, class, and price of Shares covered by each outstanding Award. With respect to 102 Options, the provisions of this Section 13(a) and Section 13(c) shall be subject to pre-rulings
obtained from the Israeli tax authorities, to the extent necessary, as shall be determined by the Board. 
 (b) Dissolution or
Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Administrator shall notify each Optionee as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been
previously exercised, an Award will terminate immediately prior to the consummation of such proposed action. 
 (c) Merger or
Change in Control. In the event of a merger of the Company with or into another corporation, or a Change in Control, each outstanding Award shall be assumed or an equivalent option substituted by the successor corporation or a Parent or
Subsidiary of the successor corporation. The Administrator shall not be required to treat all Awards similarly in the transaction. In the event that the successor corporation in a merger or Change in Control refuses to assume or substitute for the
Award and instead determines to treat the Award in a different manner, then the Optionee shall fully vest in and have the right to exercise the Award as to all of the Shares subject to the Award, including Shares as to which it would not otherwise
be vested or exercisable. If an Award is not assumed or substituted for, the Administrator shall notify the Optionee in writing or electronically that the Award shall be fully vested and exercisable for a period of time as determined by the
Administrator, and any Award not assumed or substituted for shall terminate upon expiration of such period for no consideration, unless otherwise determined by the Administrator. For the 

  
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purposes of this paragraph, the Award shall be considered assumed if, following the merger or Change in Control, the option or right confers the right to purchase or receive, for each Share
subject to the Award immediately prior to the merger or Change in Control, the consideration (whether stock, cash, or other securities or property) received in the merger or Change in Control by holders of Common Stock for each Share held on the
effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that if such consideration received in the merger
or Change in Control is not solely common stock of the successor corporation or its Parent, the Administrator may, with the consent of the successor corporation, provide for the consideration to be received upon the exercise of the Award, for each
Share subject to the Award, to be solely common stock of the successor corporation or its Parent equal in fair market value to the per share consideration received by holders of common stock in the merger or Change in Control. 

14. Time of Granting Awards. The date of grant of an Award shall, for all purposes, be the date on which the Administrator makes
the determination granting such Award, or such later date as is determined by the Administrator. Notice of the determination shall be given to each Service Provider to whom an Award is so granted within a reasonable time after the date of such
grant. Notwithstanding anything to the contrary, no 102 Options shall be granted before the lapse of thirty (30) days from the date the Plan and all relevant forms and documents were filed with the Israeli tax authorities. Furthermore, the
grant of such 102 Options shall be subject to the Company’s obtainment of all applicable approvals from the Israeli tax authorities, pursuant to the requirements of the Ordinance. 

15. Leaves of Absence; Transfers. 
 (a) Unless the Administrator provides otherwise, or except as otherwise required by Applicable Laws, vesting of Awards granted hereunder shall be suspended during any unpaid leave of absence. 

(b) A Service Provider shall not cease to be a Service Provider in the case of (i) any leave of absence approved by the Company, or
(ii) transfers between locations of the Company or between the Company, its Parent, any Subsidiary, or any successor. 
 (c) For purposes of Incentive Stock Options, no such leave may exceed three (3) months, unless reemployment upon expiration of such leave is guaranteed by statute or contract. If reemployment upon
expiration of a leave of absence approved by the Company is not so guaranteed, then six (6) months following the first (1st) day of such leave, any Incentive Stock Option held by the Optionee shall cease to be treated as an Incentive
Stock Option and shall be treated for tax purposes as a Nonstatutory Stock Option. 
 16. Tax Withholding. Prior to the
delivery of any Shares pursuant to an Award (or exercise thereof), the Company shall have the power and the right to deduct or withhold, or require a Optionee to remit to the Company, an amount sufficient to satisfy federal, state, local, foreign or
other taxes (including the Optionee’s FICA obligation) required to be withheld with respect to such Award (or exercise thereof). The Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to time,
shall determine in what manner it shall allow a Optionee to satisfy such tax withholding obligation and may permit the Optionee to satisfy such tax 

  
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withholding obligation, in whole or in part by one (1) or more of the following: (a) paying cash (or by check), (b) electing to have the Company withhold otherwise deliverable
Shares having a Fair Market Value equal to the minimum amount statutorily required to be withheld, or (c) selling a sufficient number of such Shares otherwise deliverable to a Optionee through such means as the Company may determine in its sole
discretion (whether through a broker or otherwise) equal to the minimum amount statutorily required to be withheld. 
 17.
Amendment and Termination of the Plan. 
 (a) Amendment and Termination. The Board may at any time amend, alter,
suspend or terminate the Plan. 
 (b) Stockholder Approval. The Board shall obtain stockholder approval of any Plan
amendment to the extent necessary and desirable to comply with Applicable Laws. 
 (c) Effect of Amendment or Termination.
No amendment, alteration, suspension or termination of the Plan shall impair the rights of any Optionee, unless mutually agreed otherwise between the Optionee and the Administrator, which agreement must be in writing (which may include e-mail) and
signed by the Optionee and the Company. Termination of the Plan shall not affect the Administrator’s ability to exercise the powers granted to it hereunder with respect to Options granted under the Plan prior to the date of such termination.

 18. Conditions Upon Issuance of Shares. 
 (a) Legal Compliance. Shares shall not be issued pursuant to the exercise of an Award unless the exercise of such Award and the issuance and delivery of such Shares shall comply with Applicable
Laws and shall be further subject to the approval of counsel for the Company with respect to such compliance. 
 (b)
Investment Representations. As a condition to the exercise of an Award, the Administrator may in its discretion require the person exercising such Award to represent and warrant at the time of any such exercise that the Shares are being
purchased only for investment and without any present intention to sell or distribute such Shares. 
 19. Inability to Obtain
Authority. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall
relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained. 
 20. Reservation of Shares. The Company, during the term of this Plan, shall at all times reserve and keep available such number of Shares as shall be sufficient to satisfy the requirements of the
Plan. 
 21. Stockholder Approval. The Plan shall be subject to approval by the stockholders of the Company within twelve
(12) months after the date the Plan is adopted. Such stockholder approval shall be obtained in the degree and manner required under Applicable Laws. 

  
 -12-

 22. Information to Optionees. Beginning on the earlier of (i) the date that the
aggregate number of Optionees under this Plan is five hundred (500) or more and the Company is relying on the exemption provided by Rule 12h-1(f)(1) under the Exchange Act and (ii) the date that the Company is required to deliver
information to Optionees pursuant to Rule 701 under the Securities Act, and until such time as the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, is no longer relying on the exemption provided
by Rule 12h-1(f)(1) under the Exchange Act or is no longer required to deliver information to Optionees pursuant to Rule 701 under the Securities Act, the Company shall provide to each Optionee the information described in paragraphs (e)(3), (4),
and (5) of Rule 701 under the Securities Act not less frequently than every six (6) months with the financial statements being not more than 180 days old and with such information provided either by physical or electronic delivery to the
Optionees or by written notice to the Optionees of the availability of the information on an Internet site that may be password-protected and of any password needed to access the information. The Company may request that Optionees agree to keep the
information to be provided pursuant to this section confidential. If a Optionee does not agree to keep the information to be provided pursuant to this section confidential, then the Company will not be required to provide the information unless
otherwise required pursuant to Rule 12h-1(f)(1) under the Exchange Act or Rule 701 of the Securities Act. 

  
 -13-

 APPENDIX A 
 TO 
 VARONIS SYSTEMS, INC. 2005 STOCK PLAN 

(for California residents only, to the extent required by 25102(o)) 

This Appendix A to the Varonis Systems Inc. 2005 Stock Plan shall apply only to Optionees who are residents of the State of California
and who are receiving an Award under the Plan. Capitalized terms contained herein shall have the same meanings given to them in the Plan, unless otherwise provided by this Appendix A. Notwithstanding any provisions contained in the Plan to the
contrary and to the extent required by Applicable Laws, the following terms shall apply to all Awards granted to residents of the State of California, until such time as the Administrator amends this Appendix A or the Administrator otherwise
provides. 
 (a) The term of each Option shall be stated in the Option Agreement, provided, however, that the term shall be no
more than ten (10) years from the date of grant thereof. 
 (b) Unless determined otherwise by the Administrator, Awards
may not be sold, pledged, assigned, hypothecated, or otherwise transferred in any manner other than by will or the laws of descent and distribution, and may be exercised during the lifetime of the Optionee, only by the Optionee. If the Administrator
in its sole discretion makes an Award transferable, such Award may only be transferred (i) by will, (ii) by the laws of descent and distribution, or (iii) as permitted by Rule 701 of the Securities Act. 

(c) If a Optionee ceases to be a Service Provider, such Optionee may exercise his or her Option within such period of time as specified
in the Option Agreement, which shall not be less than thirty (30) days following the date of the Optionee’s termination, to the extent that the Option is vested on the date of termination (but in no event later than the expiration of the
term of the Option as set forth in the Option Agreement). In the absence of a specified time in the Option Agreement, the Option shall remain exercisable for three (3) months following the Optionee’s termination. 

(d) If a Optionee ceases to be a Service Provider as a result of the Optionee’s Disability, the Optionee may exercise his or her
Option within such period of time as specified in the Option Agreement, which shall not be less than six (6) months following the date of the Optionee’s termination, to the extent the Option is vested on the date of termination (but in no
event later than the expiration of the term of such Option as set forth in the Option Agreement). In the absence of a specified time in the Option Agreement, the Option shall remain exercisable for twelve (12) months following the
Optionee’s termination. 
 (e) If a Optionee dies while a Service Provider, the Option may be exercised within such period
of time as specified in the Option Agreement, which shall not be less than six (6) months following the date of the Optionee’s death, to the extent the Option is vested on the date of death (but in no event later than the expiration of the
term of such Option as set forth in the Option Agreement) by the Optionee’s designated beneficiary, personal representative, or by the person(s) to whom the Option is transferred pursuant to the Optionee’s will or in accordance with the
laws of 

  
 -14-

 
descent and distribution. In the absence of a specified time in the Option Agreement, the Option shall remain exercisable for twelve (12) months following the Optionee’s termination.

 (f) No Award shall be granted to a resident of California more than ten (10) years after the earlier of the date of
adoption of the Plan or the date the Plan is approved by the stockholders. 
 (g) In the event that any dividend or other
distribution (whether in the form of cash, Shares, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or
other securities of the Company, or other change in the corporate structure of the Company affecting the Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made
available under the Plan, shall adjust the number and class of shares of common stock that may be delivered under the Plan and/or the number, class, and price of shares covered by each outstanding Option. The Administrator shall also make such
adjustments to the extent required by Section 25102(o) of the California Corporations Code. 
 (h) This Appendix A shall be
deemed to be part of the Plan and the Administrator shall have the authority to amend this Appendix A in accordance with Section 17 of the Plan. 

  
 -15-

 APPENDIX B 
 TO 
 VARONIS SYSTEMS, INC. 2005 STOCK PLAN 

(for residents of Israel only) 
 This Appendix B to the Varonis Systems, Inc. 2005 Stock Plan shall apply only to Optionees who are residents of the State of Israel and who are receiving an Award under the Plan. Capitalized terms
contained herein shall have the same meanings given to them in the Plan, unless otherwise provided by this Appendix B. Notwithstanding any provisions contained in the Plan to the contrary and to the extent required by Applicable Laws, the following
terms shall apply to all Awards granted to residents of the State of Israel, until such time as the Administrator amends this Appendix B. 
 (a) Notwithstanding anything to the contrary herein, the Plan may also be administered pursuant to the provisions of Section 102 (“Section 102”) or Section 3(i)
(“Section 3 Tet”) of the Ordinance and the Israeli Companies Law, 1999, as amended from time to time, with respect to Service Providers who are Israeli residents. Details regarding the terms and conditions of Awards granted pursuant
to the provisions of Section 102 in addition to those set forth herein, will be delivered to the participants who are Israeli residents and are issued with 102 Options along with the remaining terms and conditions. 

(b) In the event that the Plan is administered pursuant to the provisions of Section 102, the Company may elect to grant Awards
pursuant to the following tracks (each a “Tax Track”), all in accordance with the provisions of Section 102: 
 (i) the Capital Gains Track Through a Trustee, 
 (ii) the Income Tax Track Through
a Trustee, or 
 (iii) the Income Tax Track Without a Trustee. 

In the event the Company elects tracks (i) or (ii) above, each Award, and each Share issued upon the exercise of an Award by an
Optionee who is an Israeli resident, may be issued by the Company to the Trustee and held in trust for the benefit of such Optionee (the “Trust”). 
 Furthermore, in the event the Company elects tracks (i) or (ii) above for the grant of 102 Options, all grants of 102 Options made following such election, shall be subject to the elected track,
and the Company shall be entitled to change such election only following the lapse of one year from the end of the tax year in which 102 Options are first granted under the then prevailing track, or after a shorter period that may be prescribed by
the Ordinance or the Israeli tax authorities. 
 (c) The Trustee and each Optionee who is granted a 102 Option shall comply with
the Ordinance and with the trust agreement entered into between the Company and the Trustee the “Trust Agreement”). All certificates representing Shares issued to the Trustee under the Plan shall

  
 -16-

 
be held by the Trustee until such time that such Shares are released from the Trust as herein provided. The Trustee shall hold the same pursuant to the instructions provided by the Administrator
from time to time, provided such instructions are consistent with the terms of the Plan, the Trust Agreement and all applicable laws and regulations. 
 (d) No Awards granted, or Shares purchased pursuant to Awards in which the Company has elected tracks (i) or (ii) under paragraph (b) above shall be released from the Trust prior to the
expiration of the following holding periods mandated by Section 102 of the Ordinance (such period, a “Holding Period” and such date on which each Holding Period lapses, a “Release Date”): 

(i) With respect to Awards granted under the Capital Gains Track Through a Trustee, the holding period shall be twenty-four
(24) months from the end of the tax year in which the Awards were allocated to the Optionee, or such shorter period as may be approved by the Israeli tax authorities; 
 (ii) With respect to Awards granted under the Income Tax Track Through a Trustee, the holding period shall be twelve (12) months from the end of the tax year in which the Awards were allocated to the
Optionee, or such shorter period as may be approved by the Israeli tax authorities; 
 (iii) With respect to Awards granted under
the Income Tax Track Without a Trustee, and with respect to 3(i) Options, the Ordinance does not require that the Awards be held in the Trust. 
 (e) Subject to the terms hereof, including any further holding period included in the Plan or the Option Agreement or the Restricted Stock Purchase Agreement, at any time after the Release Date with
respect to any Awards or Shares, each Optionee may require (but shall not be obligated to require) the Trustee to release such Options, Restricted Stock or Shares, provided that no securities (or any other property received in respect of such
securities) shall be released from the Trust to the Optionee unless and until such Optionee shall have paid in full all of such Optionee’s tax obligations with respect to such Shares (including without limitation, social security taxes, if
applicable) and has provided to the Trustee with sufficient confirmation from the Israeli tax authorities, in form satisfactory in the opinion of Trustee. 
 (f) Without derogating from Optionee’s obligations to pay taxes when and as due, upon sale by an Optionee of any securities held in Trust, the Company may (by itself or through the Trustee) withhold
from the proceeds of such sale all applicable taxes, in which event it shall remit the amount withheld to the appropriate Israeli tax authorities, shall pay the balance thereof directly to such Optionee, and shall report to such Optionee the amount
so withheld and paid to said tax authorities. 
 (g) All Shares issued upon the exercise of Awards granted under the Plan shall
entitle the Optionee to receive dividends with respect thereto and to vote the same at any meeting of the stockholders of the Company. For as long as Shares are held in Trust by the Trustee on behalf of the Optionee , the cash dividends paid with
respect thereto shall be remitted to the Trustee for the benefit of such Optionee. In the event a stock dividend (including bonus Shares and any rights with respect to the Shares) is declared on Shares issued pursuant to the exercise of an Option,
such stock dividend 

  
 -17-

 
shall be issued to the Trustee for the benefit of such Optionee (if applicable) and shall be subject to the provisions of this Plan and the applicable Tax Track, and the holding period for such
stock dividend shall be measured from the commencement of the holding period for the Option with respect to which the dividend was declared, subject to Applicable Law. 
 (h) For as long as Shares are held in Trust by the Trustee on behalf of the Optionee, the Trustee shall vote all such Shares in accordance with the instructions of such Optionee, to the extent such
instructions were explicitly provided by such Optionee. The Trustee shall not be required to seek such instructions. The Trustee shall not be required to notify Optionee of any meeting of stockholders or any resolution taken in such meeting or by
written consent. 
 (i) The exemption under Section 102 of the Ordinance shall be forfeited and the Optionee shall be
required to promptly pay any applicable taxes with respect to his or her 102 Options upon the occurrence of any of the following: 
 (i) the Company or the Optionee fails to comply with one or more of the conditions for the exemption, as required by the Ordinance or the Israeli tax authorities (including without limitations the release
of such Options, Shares or Restricted Stock from Trust prior to the applicable Release Date described in paragraph (d) above); or 
 (ii) the Israeli tax authorities withdraw or cancel the exemption for the Plan of such Optionee. 
 (j) In the event Options are granted to the Optionee under Tax Track (iii), if such Optionee’s employment is terminated, for any reason, such Optionee shall provide the Company with a guarantee or
collateral securing the payment of all taxes required to be paid upon the sale of the Shares received upon exercise of Options, all in accordance with the provisions of Section 102 of the Ordinance. 

(k) At the Administrator’s discretion, for purposes of simplicity and in order to ensure compliance with Israel’s tax
regulations, the exercise of the Options and the purchases and sales of Shares issued upon the purchase or issuance of Restricted Stock under the Plan shall be executed by the Company or its Subsidiaries, as appropriate. 

(l) With respect to the Plan participants who are Israeli residents, the Plan and all instruments issued thereunder or in connection
therewith shall be governed by, and interpreted in accordance with, the laws of the State of Israel. 
 (m) Any tax consequences
arising from the grant, exercise, purchase or issuance of any Awards, from the payment for Shares covered thereby or from any other event or act (whether of the Optionee or of the Company or its Subsidiaries) hereunder, shall be borne solely by the
Optionee. Furthermore, such Optionee shall agree to indemnify the Company or Subsidiary that employs the Optionee and the Trustee and hold them harmless against and from any and all liability for any such tax or interest or penalty thereon,
including without limitation, liabilities relating to the necessity to withhold, or to have withheld, any such tax from any payment made to the Optionee. 
 (n) The Company shall require each Optionee to enter into an agreement pursuant to which Optionee: 

  
 -18-

 (i) agrees and acknowledges that Optionee has received and read the Plan and the Option
Agreement; 
 (ii) undertakes to comply with all the provisions of the Plan, Section 102 of the Ordinance (including the
specific provisions regarding the applicable Tax Track selected by the Company), the Option Agreement and the Trust Agreement; and 
 (iii) subject to Section 102 of the Ordinance, undertakes not to release the Options or Shares from trust prior to the applicable Release Date described in paragraph (d) above. 

(o) Without derogating from the limitations on transferability of Awards as specified in the Plan, as long as Shares, Options, or
Restricted Stock are held by the Trustee on behalf of the Optionee, such Shares, Options and Restricted Stock may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or the laws of descent.

  
 -19-EX-10.11

 Exhibit 10.11 
 AGREEMENT OF LEASE 
 between 

JT MH 1250 OWNER LP, 
 Landlord, 
 and 

VARONIS SYSTEMS, INC., 
 Tenant, 
 Dated: December 19, 2011 

PREMISES: 
 1250 Broadway 
 New York, New York 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE 1 RENT
	  			
		
	 ARTICLE 2 PREPARATION OF THE DEMISED PREMISES
	  	 	2	  
		
	 ARTICLE 3 ADJUSTMENTS OF RENT
	  	 	2	  
		
	 ARTICLE 4 ELECTRICITY
	  	 	5	  
		
	 ARTICLE 5 USE
	  	 	6	  
		
	 ARTICLE 6 ALTERATIONS AND INSTALLATIONS
	  	 	6	  
		
	 ARTICLE 7 REPAIRS
	  	 	9	  
		
	 ARTICLE 8 REQUIREMENTS OF LAW
	  	 	10	  
		
	 ARTICLE 9 INSURANCE, LOSS, REIMBURSEMENT, LIABILITY
	  	 	11	  
		
	 ARTICLE 10 DAMAGE BY FIRE OR OTHER CAUSE
	  	 	13	  
		
	 ARTICLE 11 ASSIGNMENT, MORTGAGING, SUBLETTING, ETC.
	  	 	15	  
		
	 ARTICLE 12 CERTIFICATE OF OCCUPANCY
	  	 	20	  
		
	 ARTICLE 13 ADJACENT EXCAVATION SHORING
	  	 	20	  
		
	 ARTICLE 14 CONDEMNATION
	  	 	20	  
		
	 ARTICLE 15 ACCESS TO DEMISED PREMISES, CHANGES
	  	 	21	  
		
	 ARTICLE 16 CONDITIONS OF LIMITATION
	  	 	22	  
		
	 ARTICLE 17 RE-ENTRY BY LANDLORD, INJUNCTION
	  	 	24	  
		
	 ARTICLE 18 DAMAGES
	  	 	25	  
		
	 ARTICLE 19 LANDLORD’S RIGHT TO PERFORM TENANT’S OBLIGATIONS
	  	 	26	  
		
	 ARTICLE 20 QUIET ENJOYMENT
	  	 	26	  
		
	 ARTICLE 21 SERVICES AND EQUIPMENT
	  	 	26	  
		
	 ARTICLE 22 DEFINITIONS
	  	 	28	  
		
	 ARTICLE 23 INVALIDITY OF ANY PROVISION
	  	 	29	  
		
	 ARTICLE 24 BROKERAGE
	  	 	29	  

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
		
	 ARTICLE 25 SUBORDINATION
	  	 	29	  
		
	 ARTICLE 26 CERTIFICATE OF TENANT
	  	 	30	  
		
	 ARTICLE 27 LEGAL PROCEEDINGS WAIVER OF JURY TRIAL
	  	 	31	  
		
	 ARTICLE 28 SURRENDER OF PREMISES
	  	 	31	  
		
	 ARTICLE 29 RULES AND REGULATIONS
	  	 	31	  
		
	 ARTICLE 30 CONSENTS AND APPROVALS
	  	 	32	  
		
	 ARTICLE 31 NOTICES
	  	 	32	  
		
	 ARTICLE 32 NO WAIVER
	  	 	32	  
		
	 ARTICLE 33 CAPTIONS
	  	 	33	  
		
	 ARTICLE 34 INABILITY TO PERFORM
	  	 	33	  
		
	 ARTICLE 35 NO REPRESENTATIONS BY LANDLORD
	  	 	33	  
		
	 ARTICLE 36 NAME OF BUILDING
	  	 	33	  
		
	 ARTICLE 37 RESTRICTIONS UPON USE
	  	 	34	  
		
	 ARTICLE 38 ARBITRATION
	  	 	34	  
		
	 ARTICLE 39 INDEMNITY
	  	 	34	  
		
	 ARTICLE 40 MEMORANDUM OF LEASE
	  	 	34	  
		
	 ARTICLE 41 SECURITY
	  	 	35	  
		
	 ARTICLE 42 MISCELLANEOUS
	  	 	36	  

  
 ii 

 SCHEDULES 
  

	
	Schedule A     Demised Premises
	Schedule B     Rules and Regulations
	Schedule C     Rules and Regulations for Alterations
	Schedule D     HVAC Specifications
	Schedule E     After Hours Charges
	Schedule F     Cleaning Specifications
	Schedule G     [Intentionally Deleted]
	Schedule H     Form of Letter of Credit

  
 iii

 AGREEMENT OF LEASE made as of this 19 day of December, 2011, between JT MH 1250 OWNER LP, a
Delaware limited partnership, having an office at c/o Murray Hill Properties LLC, 277 Park Avenue, 21st floor, New York, New York 10172 (hereinafter referred to as “Landlord”) and VARONIS SYSTEMS, INC., a Delaware corporation having an
Office at 1250 Broadway, New York, New 10001 (hereinafter referred to as “Tenant”). 
 W I T N E S S E T H :

 Landlord hereby leases and Tenant hereby hires from Landlord, in the building (hereinafter referred to
as the “Building”) known as 1250 Broadway, New York, New York, the following space: the entire 31st floor as shown hatched on the plan annexed hereto as Schedule A (which space is hereinafter referred to as the “demised premises”), which is agreed to comprise 15,356 square feet; for a term to
commence on the date on which Landlord has vacant possession of the demised premises free and clear of any rights of the prior tenant (hereinafter referred to as the “Commencement Date”), and shall end on January 31, 2015 (such date
on which the term of the Lease expires is hereinafter referred to as the “Expiration Date”) or until such term shall sooner cease and terminate as hereinafter provided. 

The parties hereto, for themselves, their heirs, distributees, executors, administrators, legal representatives, trustees, successors and
assigns, hereby covenant as follows: 
 ARTICLE 1 
 RENT 
 1.01 Tenant shall pay to Landlord a fixed annual rent (herein
referred to as “fixed annual rent”) in the amount of (a) $61 4,240.04 per annum commencing on January 1, 2012 (or such later date on which the Commencement Date occurs) and ending on December 31, 2012, payable in equal
monthly installments of $51,186.67, (b) $629,596.04 per annum commencing on January 1,2013 and ending on December 31, 2013, payable in equal monthly installments of $52,466.34, and (c) $645,335.94 per annum commencing on
January 1, 2014 and ending on the Expiration Date, payable in equal monthly installments of $53,778.00. 
 Tenant agrees to
pay the fixed annual rent in lawful money of the United States of America, in equal monthly installments in advance on the first day of each calendar month during said term, at the office of Landlord or such other place in the United States of
America as Landlord may designate, without any setoff or deduction whatsoever, except such deduction as may be occasioned by the occurrence of any event permitting or requiring a deduction from or abatement of rent as specifically set forth herein.
Should the obligation to pay fixed annual rent commence on any day other than on the first day of a month, then the fixed annual rent for such month shall be prorated on a per diem basis. 

1.02 Tenant shall pay the fixed annual rent and additional rent as above and as hereinafter provided, by good and sufficient check
(subject to collection) drawn on a New York City bank which is a member of the New York Clearing House Association or a successor thereto. All sums other than fixed annual rent payable by Tenant hereunder shall be deemed additional rent (for default
in the payment of which Landlord shall have the same remedies as for a default in the payment of fixed annual rent), and shall be payable within twenty (20) days after demand, unless other payment dates are hereinafter provided. 

1.03 If Tenant shall fail to pay when due any installment of fixed annual rent or any payment of additional rent for a period of ten
(10) days after such installment or payment shall have become due, Tenant shall pay interest thereon at the Interest Rate (as such term is defined in Article 22 hereof), from the date when such installment or payment shall have become due to
the date of the payment thereof, and such interest shall be deemed additional rent. 

 1.04 If any of the fixed annual rent or additional rent payable under the terms and
provisions of this Lease shall be or become uncollectible, reduced or required to be refunded because of any Legal Requirement (as such term is defined in Article 22 hereof), Tenant shall enter into such agreement(s) and take such other steps
(without additional expense to Tenant) as Landlord may request and as may be legally permissible to permit Landlord to collect the maximum rents which from time to time during the continuance of such legal rent restriction may be legally permissible
(and not in excess of the amounts reserved therefor under this Lease). Upon the termination of such legal rent restriction, (a) the rents shall become and thereafter be payable in accordance with the amounts reserved herein for the periods
following such termination and (b) Tenant shall pay to Landlord, to the maximum extent legally permissible, an amount equal to (i) the rents which would have been paid pursuant to this Lease but for such legal rent restriction less
(ii) the rents paid by Tenant during the period such legal rent restriction was in effect. 
 ARTICLE 2 

PREPARATION OF THE DEMISED PREMISES 
 2.01 Tenant has been in possession of the demised premises as a subtenant under a Sublease from Reserve Management Company, Inc. (the “Prior Sublease”) and pursuant to an attornment agreement
dated October 19, 2011 (“Attornment Agreement”) and as such is fully familiar with the demised premises and agrees to accept the same in their condition and state of repair existing as of the date hereof subject to normal wear and
tear and to the removal therefrom of the property of the existing tenant or occupant thereof, if any, and understands and agrees that Landlord shall not be required to perform any work, supply any materials or incur any materials or incur any
expense to prepare the demised premises for Tenant’s occupancy. 
 ARTICLE 3 

ADJUSTMENTS OF RENT 
 3.01 For the purposes of this Article 3, the following definitions shall apply: 

(a) The term “Base Tax” shall be deemed to mean the amount determined by multiplying (i) the amount for which the Building
and the parcel of land on which the Building is constructed (hereinafter called the “Land”) are assessed by the City of New York for the purposes of establishing Taxes to be paid by Landlord for the Tax Year commencing July 1, 2010,
as finally determined, by (ii) the real property tax rate applicable to the Borough of Manhattan with respect to the Tax Year commencing July 1, 2010. 
 (b) The term “Tenant’s Tax Proportionate Share” shall be deemed to mean 2.18%. 
 (c) The term “Taxes” shall mean (i) all real estate taxes, assessments, sewer and water rents, governmental levies, business improvement district charges and assessments, municipal taxes,
county taxes or any other governmental charge, general or special, ordinary or extraordinary, unforeseen as well as foreseen, of any kind or nature whatsoever, which are or may be assessed, levied or imposed upon all or any part of the Land, the
Building and the sidewalks, plazas or streets in front of or adjacent thereto, under the laws of the United States, the State of New York, or any political subdivision thereof, and (ii) any reasonable or customary expenses incurred by Landlord
in contesting any of the 

  
 2 

 
foregoing set forth in clause (i) of this sentence, or the assessed valuations of all or any part of the Land and Building, etc. If, due to a future change in the method of taxation or in
the taxing authority, a new or additional real estate tax, or a franchise, income, transit, profit or other tax or governmental imposition, however designated, including any tax, excise or fee measured by or payable with respect to any rent, shall
be levied against Landlord (and imposed on owners or lessors of real property as a class, i.e., as opposed to any taxes of general application), and/or the Land and/or Building, in addition to, or in substitution in whole or in part for any tax
which would constitute “Taxes”, or in lieu of additional Taxes, such tax or imposition shall be deemed for the purposes hereof to be included within the term “Taxes”. 

(d) The term “Tax Year” shall mean each period of twelve months, commencing on the first day of July of each such period, in
which occurs any part of the term of this Lease or such other period of twelve months occurring during the term of this Lease as hereafter may be duly adopted as the fiscal year for real estate tax purposes of the City of New York. 

(e) The term “Escalation Statement” shall mean a statement setting forth the amount payable by Tenant for a specified Tax Year
pursuant to this Article 3. 
 3.02 [Deleted] 
 3.03 A. Tenant shall pay as additional rent for each Tax Year a sum (hereinafter referred to as “Tenant’s Tax Payment”) equal to Tenant’s Tax Proportionate Share of the amount by which
the Taxes for such Tax Year exceed the Base Tax. Tenant’s Tax Payment for each Tax Year shall be due and payable in two (2) equal installments, in advance, on the first day of each June and December during each Tax Year, based upon the
Escalation Statement furnished prior to the commencement of such Tax Year, until such time as a new Escalation Statement for a subsequent Tax Year shall become effective. If an Escalation Statement is furnished to Tenant after the commencement of a
Tax Year in respect of which such Escalation Statement is rendered, Tenant shall, within fifteen (15) days thereafter, pay to Landlord an amount equal to the amount of any underpayment of Tenant’s Tax Payment with respect to such Tax Year
and, in the event of an overpayment, Landlord shall permit Tenant to credit against subsequent payments under this Section 3.03 the amount of Tenant’s overpayment. If there shall be any increase in Taxes for any Tax Year, whether during or
after such Tax Year, Landlord shall furnish a revised Escalation Statement for such Tax Year, and Tenant’s Tax Payment for such Tax Year shall be adjusted and paid substantially in the same manner as provided in the preceding sentence. If
during the term of this Lease, taxes are required to be paid (either to the appropriate taxing authorities or as tax escrow payments to a superior mortgagee) in full or in monthly, quarterly, or other installments, on any other date or dates than as
presently required, then at Landlord’s option, Tenant’s Tax Payments shall be correspondingly accelerated or revised so that said Tenant’s Tax Payments are due at least 30 days prior to the date payments are due to the taxing
authorities or the superior mortgagee. The benefit of any discount for any early payment or prepayment of Taxes shall accrue solely to the benefit of Landlord and such discount shall not be subtracted from Taxes. 

B. If the real estate tax fiscal year of The City of New York shall be changed during the term of this Lease, any Taxes for such fiscal
year, a part of which is included within a particular Tax Year and a part of which is not so included, shall be apportioned on the basis of the number of days in such fiscal year included in the particular Tax Year for the purpose of making the
computations under this Section 3.03. 
 C. If Landlord shall receive a refund of Taxes for any Tax Year, Landlord shall
permit Tenant to credit against subsequent payments under this Section 3.03, Tenant’s Tax Proportionate Share of the refund (after deducting all costs incurred by Landlord to obtain such refund which have not been previously recovered),
but not to exceed Tenant’s Tax Payment paid for such Tax Year. 

  
 3 

 D. If the Base Tax is reduced as a result of a certiorari proceeding or otherwise Landlord
shall adjust the amounts previously paid by Tenant pursuant to the provisions of Section 3.03 hereof, and Tenant shall pay the amount of said adjustment within thirty (30) days after demand setting forth the amount of said adjustment.

 E. Tenant acknowledges that Tenant, as subtenant of the demised premises under the Prior Sublease, is liable for its
proportionate share of real estate tax increases under the Reserve Lease with respect to the period July 1, 2011 through the Commencement Date, including as a result of any increase in Taxes as to which Landlord furnishes a revised Escalation
Statement as set forth in Section 3.03.A. 
 3.04 Tenant shall pay to the appropriate taxing authority occupancy tax on all
rental subject thereto. Tenant shall pay to Landlord upon demand, as additional rent, any occupancy tax or rent tax now in effect or hereafter enacted specifically attributable to the occupancy of the demised premises or rentals payable therefor
during the term hereof, if payable by Landlord in the first instance or hereafter required to be paid by Landlord. 
 3.05 In
the event that the Commencement Date shall be other than the first day of a Tax Year or the date of the expiration or other termination of this Lease shall be a day other than the last day of a Tax Year, then in such event in applying the provisions
of this Article 3 with respect to any Tax Year in which such event shall have occurred, appropriate adjustments shall be made to reflect the occurrence of such event on a basis consistent with the principles underlying the provisions of this Article
3 taking into consideration the portion of such Tax Year shall have elapsed after the term hereof commences in the ease of the Commencement Date, and prior to the date of such expiration or termination in the case of the Expiration Date or other
termination. 
 3.06 Payments shall be made pursuant to this Article 3 notwithstanding the fact that an Escalation Statement is
furnished to Tenant after the expiration of the term of this Lease. In no event, however, shall Tenant have any obligation to make payments pursuant to this Article 3 applicable to any period occurring after the Expiration Date. 

3.07 In no event shall the fixed annual rent ever be reduced by operation of this Article 3 and the rights and obligations of Landlord
and Tenant under the provisions of this Article 3 with respect to any additional rent shall survive the termination of this Lease. 
 3.08 Landlord’s failure to render an Escalation Statement with respect to any Tax Year shall not prejudice Landlord’s right to thereafter render an Escalation Statement with respect thereto or
with respect to any subsequent Tax Year. 
 3.09 Each Escalation Statement shall be conclusive and binding upon Tenant unless
within 120 days after receipt of such Escalation Statement Tenant shall notify Landlord that it disputes the correctness of such Escalation Statement, specifying the particular respects in which such Escalation Statement is claimed to be incorrect.

 3.10 If Landlord shall pay or incur any reasonable or customary costs or expenses in contesting any Taxes for any Tax Year
(other than any such year for which such Taxes comprise all or part of the Base Tax) or in connection with any challenge to the assessed valuation of all or part of the Building or the parcel of land on which the Building is constructed (the
“Land”) or otherwise in connection with any endeavor to lower the Taxes for any Tax Year (other than any such year for which such Taxes comprise all or part of the Base Tax) then, within twenty (20) days after request by Landlord,
Tenant shall pay to Landlord Tenant’s Tax Proportionate Share of the aggregate amounts of such costs and expenses so pad or incurred by Landlord. 

  
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 ARTICLE 4 
 ELECTRICITY 
 4.01 Subject to the provisions of this Article 4, Tenant
agrees that electric current will be supplied by Landlord and Tenant will pay Landlord or Landlord’s designated agent, as additional rent for the supplying of electric current, the sum of (i) an amount computed by applying Tenant’s
consumption and demand for the billing period in question (as measured by existing submeter(s)) to Landlord’s Rate, as such term is hereinafter defined, plus, (ii) seven (7%) percent of such amount. As used herein, the term
“Landlord’s Rate” shall mean the average cost per kilowatt and per kilowatt hour at which Landlord purchases electricity for the Building together with other costs incurred by Landlord to supply electric service to Tenant such as
those referenced below. Where more than one (1) meter measures the service of Tenant in the Building of which the demised premises forms a part, the service rendered through each meter may be computed and billed separately in accordance with
the rates herein. Bills therefore shall be rendered at such times as Landlord may elect and the amount, as computed from a meter, shall be deemed to be, and be paid as, additional rent within twenty (20) days of rendition thereof. If any tax is
imposed on Landlord’s receipt from the sale or resale of electric energy or gas or telephone service to Tenant by any federal, state or municipal authority in connection with the sale of utility services (as opposed to any tax of general
application), Tenant covenants and agrees that where permitted by law, Tenant’s pro rata share of such taxes shall be passed on to, and included in the bill of, and paid by, Tenant to Landlord. In no event shall the cost to Tenant for the
supply of electric energy be less than one hundred seven (107%) percent of the aggregate cost to Landlord for the supply of electric energy to Tenant at the demised premises (including any meter company charges, taxes, duel adjustment charges
and other charges and expenses to which Landlord is subject). 
 4.02 Landlord shall not be liable in any way to Tenant for any
failure or defect in the supply or character of electric energy, steam or other utilities furnished to the demised premises by reason of any requirement, act or omission of the public utility serving the Building with electricity or steam or other
utilities or for any other reason. Tenant’s use of electric energy in the demised premises shall not at any time exceed the capacity of any of the electrical conductors, machinery and equipment in or otherwise serving the demised premises.
Landlord covenants and agrees that six (6) watts per rentable square foot connected electrical load (exclusive of the electricity used to operate the base building HVAC system) shall be available in the electric closet servicing the demised
premises for Tenant’s distribution, at Tenant’s expense, in the demised premises. In order to ensure that such capacity is not exceeded and to avert possible adverse effect upon the electric service in the Building, Tenant agrees not to
connect any additional electrical equipment, fixtures, machinery or appliances of any type to the Building electric distribution system that will exceed the aforesaid electrical load without Landlord’s prior written consent, which consent shall
not be unreasonably withheld. Any additional risers, feeders, or other equipment proper or necessary to supply Tenant’s electrical requirements, upon written request of Tenant, will be installed by Landlord, at the sole cost and expense of
Tenant, if, in Landlord’s reasonable judgment, the same are necessary and will not cause permanent damage or injury to the Building or the demised premises, or cause or create a dangerous or hazardous condition or entail excessive or
unreasonable alterations, repair or expense or interfere with or disturb other tenants or occupants. 
 4.03 Landlord reserves
the right to discontinue furnishing electric energy to Tenant at any time upon sixty (60) days’ written notice to Tenant, and from and after the effective date of such termination, Landlord shall no longer be obligated to furnish Tenant
with electric energy, provided, however, that such termination date may be extended for a time reasonably necessary for Tenant to make arrangements to 

  
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obtain electric service directly from the public utility company servicing the Building. If Landlord exercises such right of termination, this Lease shall remain unaffected thereby and shall
continue in full force and effect; and thereafter Tenant shall diligently arrange to obtain electric service directly from the public utility company servicing the Building, and may utilize the then existing electric feeders, risers, meters and
wiring serving the demised premises to the extent available and safely capable of being used for such purpose and only to the extent of Tenant’s then authorized connected load. Landlord shall be obligated to pay no part of any cost required for
Tenant’s direct electric service including without limitation the cost of obtaining the same. 
 ARTICLE 5

 USE 
 5.01 The demised premises shall be used solely as and for executive, administrative and general offices, and for no other purpose. 
 5.02 Tenant shall not use or permit the use of the demised premises or any part thereof in any way which would violate any of the covenants, agreements, terms, provisions and conditions of this Lease or
for any unlawful purposes or in any unlawful manner or in violation of the Certificate of Occupancy for the demised premises or the Building, and Tenant shall not suffer or permit the demised premises or any part thereof to be used in any manner or
anything to be done therein or anything to be brought into or kept therein which, in the judgment of Landlord, shall in any way impair or tend to impair the character, reputation or appearance of the Building as a high quality office building,
impair or interfere with or tend to impair or interfere with any of the Building services or the proper and economic heating, cleaning, air- conditioning or other servicing of the Building or the demised premises, or impair or interfere with or tend
to impair or interfere with the use of any of the other areas of the Building by, or occasion discomfort, inconvenience or annoyance to, any of the other tenants or occupants of the Building. Tenant shall not install any electrical or other
equipment of any kind which, in the judgment of Landlord, might cause any such impairment, interference, discomfort, inconvenience or annoyance. 
 ARTICLE 6 
 ALTERATIONS AND INSTALLATIONS 

6.01 Tenant shall make no alterations, installations, additions or improvements in or to the demised premises without Landlord’s
prior written consent and then only by contractors or mechanics first approved by Landlord. Landlord shall not unreasonably withhold its consent to any alterations, installations, additions or improvements (i) which are non-structural,
(ii) which do not adversely affect the mechanical, electrical, heating, plumbing or other systems of the Building and (iii) which do not affect any part of the Building outside the demised premises or the exterior of the Building. All such
work, alterations, installations, additions and improvements shall be done at Tenant’s sole expense and at such times and in such manner as Landlord may from time to time reasonably designate. As to alterations costing in the aggregate more
than $25,000, Tenant shall also provide at Landlord’s request such financial information and proof as Landlord shall reasonably require to demonstrate Tenant’s financial capacity to complete Tenant’s work and pay all contractors and
suppliers utilized in connection therewith. 
 Any Tenant’s work in the demised premises shall be effected solely in
accordance with plans and specifications first approved in writing by Landlord. Tenant shall reimburse Landlord promptly upon demand for any reasonable costs and expenses incurred by Landlord in connection with Landlord’s review of such
Tenant’s plans and specifications. 

  
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 Any such approved alterations and improvements shall be performed in accordance with the
foregoing and the following provisions of this Article 6: 
 1. All work shall be done in a good and workmanlike manner.

 2. (a) In the event Tenant shall employ any contractor to do in the demised premises any work permitted by this Lease,
such contractor and any subcontractor shall agree to employ only such labor as will not result in jurisdictional disputes or strikes or result in causing disharmony with other workers employed at the Building. Tenant will inform Landlord in writing
of the names of any contractor or subcontractor Tenant proposes to use in the demised premises at least ten (10) days prior to the beginning of work by such contractor or subcontractor. 

(b) Tenant covenants and agrees to pay to contractors, as the work progresses, the entire cost of supplying the materials and performing
the work shown on Tenant’s approved plans and specifications, provided however that Tenant shall be permitted to retain from such payments a reasonable retainage, not to exceed ten (10%) percent of the amount of such cost, to secure
completion by such contractors of their obligations with respect to such work. 
 3. All such alterations shall be effected in
compliance with all applicable laws, ordinances, rules and regulations of governmental bodies having or asserting jurisdiction in the demised premises and in accordance with Landlord’s Rules and Regulations with respect to alterations, a copy
of which is annexed hereto as Schedule C. 
 4. Tenant shall keep the Building and the demised premises free and clear of all
liens for any work or material claimed to have been furnished to Tenant or to the demised premises on Tenant’s behalf, and all work to be performed by Tenant shall be done in a manner which will not unreasonably interfere with or disturb other
tenants or occupants of the Building. 
 5. During the progress of the work to be done by Tenant, said work shall be subject to
inspection by representatives of Landlord which shall be permitted access and the opportunity to inspect, at all reasonable times, but this provision shall not in any way whatsoever create any obligation on Landlord to conduct such an inspection.

 6. With respect to alteration or improvement work costing more than $15,000 (excluding however (i) painting, carpeting,
wall and floor coverings and other purely cosmetic or decorative changes and (ii) Tenant’s Work (as defined below)), Tenant agrees to pay to Landlord or its managing agent, as additional rent, promptly upon being billed therefor, a sum
equal to fifteen (15%) percent of the cost of such work or alteration, for Landlord’s indirect costs, field supervision and coordination in connection with such work exclusive of costs of Landlord for which it has otherwise been
specifically reimbursed pursuant to any other provisions of this Article 6. With respect to Tenant’s Work, Landlord shall only require a fee equal to seven percent (7%) of the costs of work or alteration (excluding however painting,
carpeting, wall and floor coverings and other purely cosmetic or decorative changes which are excluded from the calculation of Landlord’s fee pursuant to this Section 6.0 1(6)). The fee is being paid simultaneously with the execution of
this Lease, based upon estimated costs of Tenant’s Work, and shall be adjusted promptly following completion of Tenant’s Work to reflect the actual costs of Tenant’s Work, reasonable supporting documentation for which shall be
provided by Tenant. 

  
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 7. Prior to commencement of any work, Tenant shall furnish to Landlord certificates
evidencing the existence of: 
 (i) workmen’s compensation insurance covering all persons employed for such work; and

 (ii) reasonable comprehensive general liability and property damage insurance naming Landlord, its designees and Tenant as
insureds, with coverage of at least $3,000,000 single limit. 
 Notice is hereby given that Landlord shall not be liable for any labor or
materials finished or to be furnished to Tenant upon credit, and that no mechanic’s or other lien for any such labor or materials shall attach to or affect the reversion or other estate or interest of Landlord in and to the demised premises.

 6.02 Any mechanic’s lien, filed against the demised premises or the Building for work claimed to have been done for or
materials claimed to have been furnished to Tenant shall be discharged by Tenant at its expense within thirty (30) days after such filing, by payment, filing of the bond required by law or otherwise. 

6.03 All alterations, installations, additions and improvements made and installed by Landlord, if any, shall be the property of Landlord
and shall remain upon and be surrendered with the demised premises as a part thereof at the end of the term of this Lease. 

6.04 All alterations, installations, additions and improvements made and installed by Tenant, or at Tenant’s expense, upon or in the
demised premises which are of a permanent nature and which cannot be removed without damage to the demised premises or Building shall become and be the property of Landlord, and shall remain upon and be surrendered with the demised premises as a
part thereof at the end of the term of this Lease, except that Landlord shall have the right and privilege at any time up to six months prior to the expiration of the term of the Lease to serve notice upon Tenant that any of such alterations,
installations, additions and improvements shall be removed and, in the event of service of such notice, Tenant will, at Tenant’s own cost and expense, remove the same in accordance with such request, and restore the demised premises to its
original condition, ordinary wear and tear and casualty excepted. Notwithstanding the forgoing, Landlord’s right to require Tenant to remove installations shall be limited to those of a non-Building Standard nature such as private bathrooms,
stairways, raised flooring, vaults and other installations which are unusually difficult or costly to remove. 
 6.05 Where
furnished by or at the expense of Tenant all furniture, furnishings and trade fixtures, including without limitation, murals, business machines and equipment, counters, screens, grille work, special panel led doors, cages, partitions, metal
railings, closets, panelling, lighting fixtures and equipment, drinking fountains, refrigeration and air-handling equipment, and any other movable property shall remain the property of Tenant which may at its option remove all or any part thereof at
any time prior to the expiration of the term of this Lease. In case Tenant shall decide not to remove any part of such property, Tenant shall notify Landlord in writing not less than three (3) months prior to the expiration of the term of this
Lease, specifying the items of property which it has decided not to remove. If, within thirty (30) days after the service of such notice, Landlord shall request Tenant to remove any of the said property, Tenant shall at its expense remove the
same in accordance with such request. As to such property which Landlord does not request Tenant to remove, the same shall be, if left by Tenant, deemed abandoned by Tenant and thereupon the same shall become the property of Landlord. 

6.06 If any alterations, installations, additions, improvements or other property which Tenant shall have the right to remove or be
requested by Landlord to remove as provided in Sections 6.04 and 6.05 hereof (herein in this Section 6.06 called the “property”) are not removed on or prior to the expiration of the term of this Lease, Landlord shall have the right to
remove the property and to dispose of the same without accountability to Tenant and at the sole cost and expense of Tenant. In case of any damage to the demised premises or the Building resulting from the removal of the property Tenant shall repair
such damage or, in default thereof, shall reimburse Landlord for Landlord’s cost in repairing such damage. This obligation shall survive any termination of this Lease. 

  
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 6.07 Tenant shall keep records of Tenant’s alterations, installations, additions and
improvements costing in excess of $50,000 and of the cost thereof. Tenant shall, within forty-five (45) days after demand by Landlord, furnish to Landlord copies of such records and cost if Landlord shall require same in connection with any
proceeding to reduce the assessed valuation of the Building, or in connection with any proceeding instituted pursuant to Article 14 hereof or for any other reason or purpose. 
 6.08 Landlord confirms that the tenant under the Prior Lease requested consent to certain alterations to be performed by Tenant as subtenant under the Prior Lease to ready the demised premises for the use
of the Tenant, and submitted certain plans and specifications and other information in connection therewith. Landlord granted consent to the work described in such submissions (“Tenant’s Work”), subject to such conditions as may have
been set forth in such consent, and hereby confirms the granting of such consent to Tenant as direct tenant hereunder, upon the terms and conditions set forth in such consent and subject to the terms of this Lease. 

ARTICLE 7 

REPAIRS 

7.01 Tenant shall take good care of the demised premises and the fixtures and appurtenances therein and at its sole cost and expense make
all repairs thereto as and when needed to preserve the same in good working order and condition. With respect to the Building systems serving the demised premises Tenant shall be responsible for (i) repair and maintenance of Tenant’s
internal air-distribution system to the point at which the same connects to the main distribution duct for the demised premises, (ii) repair and maintenance of the internal electrical system to the panel box serving the demised premises, and
(iii) repair and maintenance of all plumbing fixtures and lines in and serving the demised premises to the point at which the same join the main vertical risers of the Building. All such repairs and maintenance with respect to such Building
system shall be performed by Landlord or by a contractor selected and approved by Landlord and the cost shall be payable by Tenant as additional rent within twenty (20) days after rendition by Landlord of any bill(s) pertaining thereto.
Notwithstanding the foregoing to the contrary, Tenant shall not be obligated to make any repairs to the structural elements of the Building including the demised premises unless the need for same shall have arisen from any act or omission of
(including without limitation any alteration by or for) Tenant or its agents, contractors, employees or representatives. Except as otherwise provided in Section 9.05 hereof, all damage or injury to the demised premises and to its fixtures,
appurtenances and equipment shall be repaired, restored or replaced promptly by Tenant at its sole cost and expense, which repairs, restorations and replacements shall be in quality and class equal to the original work or installations. If Tenant
fails to make such repairs, restoration or replacements, same may be made by Landlord at the expense of Tenant and such expense shall be collectible as additional rent and shall be paid by Tenant within 15 days after rendition of a bill therefor.
Except to the extent the same are the responsibility of Tenant under this Article 7 or any other provision of this Lease, Landlord shall keep, repair and maintain in working order and condition (in accordance with the standards for first class
office buildings in the same general area of Manhattan) the following items to the extent that such items affect Tenant’s use and enjoyment of the demised premises or the public areas of the Building: (a) the structural and public portions
of the Building (including the structural elements within the demised premises), (b) the roof of the Building, (c) the systems of the Building serving the demised premises (including, without limitation, electrical, heating,
air-conditioning and plumbing systems), except to the 

  
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extent that the same shall be the obligation of Tenant pursuant to Sections 7.0 1(i), (ii) or (iii) above), and (d) the elevators serving the floor on which the demised premises
are located; provided, however, that Landlord shall not be liable for any defects or deficiencies of any of the foregoing which shall be caused by Tenant’s equipment, alterations or installations. 

The exterior walls of the Building, the portions of any window sills outside the windows, and the windows are not part of the premises
demised by this Lease and Landlord reserves all rights to such parts of the Building. 
 7.02 Tenant shall not place a load upon
any floor of the demised premises exceeding the floor load per square foot area which such floor was designed to carry and which is allowed by law. If Tenant shall desire a floor load in excess of that which the affected floors are designed to
carry, Landlord agrees (provided Landlord’s architects, in their discretion, find that the work necessary to increase such floor load does not adversely affect the structure of the Building, and further provided that such work
will not interfere with the amount or availability of any space adjoining alongside, above or below the demised premises, or interfere with the occupancy of other tenants in the Building), to strengthen and reinforce the same so as to give the live
load desired, provided Tenant shall submit to Landlord the plans showing the locations of and the desired floor live load for the areas in question and provided further that Tenant shall agree to pay for or reimburse Landlord on
demand for the cost of such strengthening and reinforcement as well as any other reasonable costs to and expenses of Landlord occasioned by or resulting from such strengthening or reinforcement. 

7.03 Business machines and mechanical equipment used by Tenant which cause vibration, noise, cold or heat that may be transmitted to the
Building structure or to any leased space to such a degree as to be objectionable to Landlord or to any other tenant in the Building shall be placed and maintained by Tenant at its expense in settings of cork, rubber or spring type vibration
eliminators sufficient to absorb and prevent such vibration or noise, or prevent transmission of such cold or heat. The parties hereto recognize that the operation of elevators, air-conditioning and heating equipment will cause some reasonable
vibration, noise, heat or cold which may be transmitted to other parts of the Building and demised premises. Landlord shall be under no obligation to endeavor to reduce such vibration, noise, heat or cold. Tenant acknowledges that current levels of
the foregoing conform to the foregoing standard. 
 7.04 Except as otherwise specifically provided in this Lease, there shall be
no allowance to Tenant for a diminution of rental value and no liability on the part of Landlord by reason of inconvenience, annoyance or injury to business arising from the making of any repairs, alterations, additions or improvements in or to any
portion of the Building or the demised premises or in or to fixtures, appurtenances or equipment thereof. 
 ARTICLE 8

 REQUIREMENTS OF LAW 
 8.01 Tenant at Tenant’s expense shall comply with all laws, orders and regulations of federal, state, county and municipal authorities, and with any direction of any public officer or officers,
pursuant to law, which shall impose any violation, order or duty upon Landlord or Tenant with respect to the demised premises, or the use or occupation thereof. Nothing contained in this Section 8.01 shall be deemed to obligate Tenant to
perform structural alterations in or to the demised premises in order to effect compliance with applicable Legal Requirements unless the need therefor shall result from, or arise in connection with, (i) a negligent or wrongful act or omission
of Tenant, its agents, representatives, contractors or invitees, or (ii) a default under this Lease by Tenant, or (iii) Tenant’s particular manner of use of the demised premises, or (iv) any alterations performed by, or on behalf
of, Tenant in the demised premises. 

  
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 8.02 Notwithstanding the provisions of Section 8.01 hereof, Tenant, at its own cost and
expense, may contest, in any manner permitted by law (including appeals to a court, or governmental department or authority having jurisdiction in the matter), the validity or the enforcement of any governmental act, regulation or directive with
which Tenant is required to comply pursuant to this Lease, and may defer compliance therewith provided that: 
 (a) such
noncompliance shall not subject Landlord to criminal prosecution or subject the Land and/or Building to lien or sale; 
 (b)
such noncompliance shall not be in violation of any fee mortgage, or of any ground or underlying lease or any mortgage thereon; 

(c) Tenant shall first deliver to Landlord a surety bond issued by a surety company of recognized responsibility, or other security
reasonably satisfactory to Landlord, indemnifying and protecting Landlord against any loss or injury by reason of such noncompliance; and 
 (d) Tenant shall promptly and diligently prosecute such contest. 
 Landlord,
without expense or liability to it, shall cooperate with Tenant and execute any documents or pleadings required for such purpose, provided that Landlord shall reasonably be satisfied that the facts set forth in any such documents or pleadings
are accurate. 
 ARTICLE 9 
 INSURANCE, LOSS, REIMBURSEMENT, LIABILITY 
 9.01 Tenant shall not do or
permit to be done any act or thing upon the demised premises, which will invalidate or be in conflict with New York standard fire insurance policies covering the Building, and fixtures and property therein, or which would increase the rate of fire
insurance applicable to the Building to an amount higher than it otherwise would be; and Tenant shall neither do nor permit to be done any act or thing upon the demised premises which shall or might subject Landlord to any liability or
responsibility for injury to any person or persons or to property by reason of any business or operation being carried on within the demised premises; but nothing in this Section 9.01 shall prevent Tenant’s use of the demised premises for
the purposes stated in Article 5 hereof. 
 9.02 If, as a result of any act or omission by Tenant or violation of this Lease,
the rate of fire insurance applicable to the Building shall be increased to an amount higher that it otherwise would be, then in addition to any other remedies which Landlord has hereunder for any such violations of the terms of this Lease, Tenant
shall reimburse Landlord for all increases of Landlord’s fire insurance premiums so caused; such reimbursement to be additional rent payable upon the first day of the month following the giving by Landlord to Tenant of any notice of an outlay
by Landlord for such increased fire insurance premiums. In any action or proceeding wherein Landlord and Tenant are parties, a schedule or “makeup” of rates for the Building or demised premises issued by the body making fire insurance
rates for the demised premises, shall be presumptive evidence of the facts therein stated and of the several items and charges in the fire insurance rate then applicable to the demised premises. 

9.03 Landlord or its agents shall not be liable for any injury or damage to persons or property resulting from fire, explosion, falling
plaster, steam, gas, electricity, water, rain or snow or leaks from any 

  
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part of the Building, or from the pipes, appliances or plumbing works or from the roof, street or subsurface or from any other place or by dampness or by any other cause of whatsoever nature,
unless any of the foregoing shall be caused by or due to the negligence of Landlord, its agents, servants or employees. 
 9.04
Landlord or its agents shall not be liable for any damage which Tenant may sustain, if at any time any window of the demised premises is broken or temporarily or permanently (restricted to windows on a lot line, if permanently) closed, darkened or
bricked up for any reason whatsoever, except only Landlord’s arbitrary acts if the result is permanent, and Tenant shall not be entitled to any compensation therefor or abatement of rent or to any release from any of Tenant’s obligations
under this Lease, nor shall the same constitute an eviction. 
 9.05 Tenant shall reimburse Landlord for all expenses, damages
or fines incurred or suffered by Landlord, by reason of any breach, violation or nonperformance by Tenant, or its agents, servants or employees, of any covenant or provision of this Lease, or by reason of damage to persons or property caused by
moving property of or for Tenant in or out of the Building, or by the installation or removal of furniture or other property of or for Tenant or by reason of or arising out of the carelessness, negligence or improper conduct of Tenant, or its
agents, servants or employees, in the use or occupancy of the demised premises. Subject to the provisions of Section 8.02 hereof, where applicable, Tenant shall have the right, at Tenant’s own cost and expense, to participate in the
defense of any action or proceeding brought against Landlord, and in negotiations for settlement thereof if, pursuant to this Section 9.05, Tenant would be obligated to reimburse Landlord for expenses, damages or fines incurred or suffered by
Landlord. 
 9.06 Tenant shall give Landlord notice in case of fire or accidents in the demised premises promptly after Tenant
is aware of such event. 
 9.07 Tenant agrees to look solely to Landlord’s estate and interest in the Land and Building, or
the lease of the Building, or of the Land and Building, and the demised premises, for the satisfaction of any right or remedy of Tenant for the collection of a judgment (or other judicial process) requiring the payment of money by Landlord, in the
event of any liability by Landlord, and no other property or assets of Landlord and no property of any partner, shareholder or principal of Landlord shall be subject to levy, execution, attachment, or other enforcement procedure for the satisfaction
of Tenant’s remedies under or with respect to this Lease, the relationship of Landlord and Tenant hereunder, or Tenant’s use and occupancy of the demised premises, or any other liability of Landlord to Tenant. 

9.08 (a) Landlord agrees that, if obtainable, it will include in its fire insurance policies appropriate clauses pursuant to which
the insurance companies (i) waive all right of subrogation against Tenant with respect to losses payable under such policies and/or (ii) agree that such policies shall not be invalidated should the insured waive in writing prior to a loss
any or all right of recovery against any party for losses covered by such policies. But should any additional premiums be exacted for any such clause or clauses, Landlord shall be released from the obligation hereby imposed unless Tenant shall agree
to pay such additional premium. 
 (b) Tenant agrees to include, if obtainable, in its fire insurance policy or policies on any
betterments and improvements in the demised premises, and any furniture, furnishings, fixtures and other property removable by Tenant under the provisions of this Lease appropriate clauses pursuant to which the insurance company or companies
(i) waive the right of subrogation against Landlord and any tenant of space in the Building with respect to losses payable under such policy or policies and/or (ii) agree that such policy or policies shall not be invalidated should the
insured waive in writing prior to a loss any or all right of recovery against any party for losses covered by such policy or policies. But 

  
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should any additional premium be exacted for any such clause or clauses, Tenant shall be released from the obligation hereby imposed unless Landlord or the other tenants shall agree to pay such
additional premium. 
 (c) Provided that Landlord’s right of full recovery under its policy or policies aforesaid is
not adversely affected or prejudiced thereby, Landlord hereby waives any and all right of recovery which it might otherwise have against Tenant, its servants, agents and employees, for loss or damage occurring to the Building and the fixtures,
appurtenances and equipment therein, to the extent the same is covered by Landlord’s insurance, notwithstanding that such loss or damage may result from the negligence or fault of Tenant, its servants, agents or employees. Provided that
Tenant’s right of full recovery under its aforesaid policy or policies is not adversely affected or prejudiced thereby, Tenant hereby waives any and all right of full recovery which it might otherwise have against Landlord, its servants, agents
and employees, and against every other tenant in the Building who shall have executed a similar waiver as set forth in this Section 9.08(c) for loss or damage to, any betterments and improvements, furniture, furnishings, fixtures and other
property removable by Tenant under the provisions hereof to the extent that the same is covered by Tenant’s insurance, notwithstanding that such loss or damage may result from the negligence or fault of Landlord, its servants, agents or
employees, or such other tenant and the servants, agents or employees thereof. 
 (d) Landlord and Tenant hereby agree to advise
the other promptly if the clauses to be included in their respective insurance policies pursuant to subdivisions 9.8(a) and (b) hereof cannot be obtained. Landlord and Tenant hereby also agree to notify the other promptly of any cancellation or
change of the terms of any such policy which would affect such clauses. 
 9.09 Tenant covenants and agrees to provide on or
before the Commencement Date and to keep in force during the term hereof for the benefit of Landlord and Tenant a comprehensive general liability insurance policy protecting Landlord and Tenant against any liability whatsoever, occasioned by any
occurrence on or about the demised premises or any appurtenances thereto. Such policy is to be written by good and solvent insurance companies reasonably satisfactory to Landlord, and shall be in such limits as Landlord may reasonably require and as
of the date of this Lease Landlord reasonably requires limits of liability thereunder of not less than (i) ten million dollars ($10,000,000) combined single limit per occurrence for personal injury or for bodily injury (including death) and
property damage, with a ten million dollar ($10,000,000) “per location general aggregate” and a five million dollar ($5,000,000) “products - completed operations aggregate” and (ii) medical payments coverage of five thousand
dollars ($5,000) per person. Such insurance may be carried under a blanket policy covering the demised premises and other locations of Tenant, if any. Prior to the time such insurance is first required to be carried by Tenant and thereafter, at
least fifteen (15) days prior to the effective date of any such policy, Tenant agrees to deliver to Landlord either a duplicate original of the aforesaid policy or a certificate evidencing such insurance. Said policy or certificate, as the case
may be, shall contain an endorsement that such insurance may not be cancelled except upon ten (10) days’ notice to Landlord. Tenant’s failure to provide and keep in force the aforementioned insurance shall be regarded as a material
default hereunder entitling Landlord to exercise any or all of the remedies provided in this Lease in the event of Tenant’s default. 
 ARTICLE 10 
 DAMAGE BY FIRE OR OTHER CAUSE 

10.01 If the Building or the demised premises shall be partially or totally damaged or destroyed by fire or other cause, then whether or
not the damage or destruction shall have resulted from the fault or neglect of Tenant, or its employees, agents, or visitors (and if this Lease shall not have been terminated as 

  
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in this Article 10 hereinafter provided), Landlord shall repair the damage and restore and rebuild the Building and/or the demised premises, at its expense (without limiting the rights of
Landlord under any other provisions of this Lease), with reasonable dispatch after notice to it of the damage or destruction; provided, however, that Landlord shall not be required to repair or replace any betterments and improvements
in the demised premises or any of Tenant’s property. 
 10.02 If the Building or the demised premises shall be partially
damaged or partially destroyed by fire or other cause, then unless such fire or damage shall have resulted from the negligence of Tenant, the rents payable hereunder shall be abated to the extent that the demised premises shall have been rendered
untenantable for the period from the date of such damage or destruction to the date the damage shall be repaired or restored, including a reasonable period of time for Tenant to restore any betterments and improvements. 

If the demised premises or a major part thereof shall be totally (which shall be deemed to include substantially totally) damaged or
destroyed or rendered completely (which shall be deemed to include substantially completely) untenantable on account of fire or other cause, the rents shall abate as of the date of the damage or destruction and until Landlord shall repair, restore
and rebuild the Building and the demised premises, provided, however, that should Tenant reoccupy a portion of the demised premises during the period the restoration work is taking place and prior to the date that the same are made
completely tenantable, rents allocable to such portion shall be payable by Tenant from the date of such occupancy. 
 10.03 If
the Building or the demised premises shall be totally damaged or destroyed by fire or other cause, or if the Building shall be so damaged or destroyed by fire or other cause (whether or not the demised premises are damaged or destroyed) as to
require a reasonably estimated expenditure of more than forty (40%) per cent of the full insurable value of the Building immediately prior to the casualty, then in either such case Landlord may terminate this Lease by giving Tenant notice to
such effect within one hundred twenty (120) days after the date of the casualty. In case of any damage or destruction mentioned in this Article 10, Tenant may terminate this Lease by notice to Landlord, if Landlord has not completed the making
of the required repairs and restored and rebuilt the Building and the demised premises within twelve (12) months from the date of such damage or destruction, or within such period after such date (not exceeding six (6) months) as shall
equal the aggregate period Landlord may have been delayed in doing so by adjustment of insurance, labor trouble, governmental controls, act of God, or any other cause beyond Landlord’s reasonable control. 

10.04 No damages, compensation or claim shall be payable by Landlord for inconvenience, loss of business or annoyance arising from any
repair or restoration of any portion of the demised premises or of the Building pursuant to this Article 10. 
 10.05
Notwithstanding any of the foregoing provisions of this Article 10, if Landlord or the lessor of any superior lease or the holder of any superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds)
applicable to damage or destruction of the demised premises or the Building by fire or other cause, by reason of some action or inaction on the part of Tenant or any of its employees, agents or contractors, then, without prejudice to any other
remedies which may be available against Tenant, there shall be no abatement of Tenant’s rents, but the total amount of such rents not abated (which would otherwise have been abated) shall not exceed the amount of uncollected insurance proceeds.

 10.06 Landlord will not carry separate insurance of any kind on Tenant’s property, and, except as provided by law or by
reason of its breach of any of its obligations hereunder, shall not be obligated to repair any damage thereto or replace the same. Tenant shall maintain insurance on Tenant’s property, and Landlord shall not be obligated to repair any damage
thereto or replace the same. 

  
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 10.07 The provisions of this Article 10 shall be considered an express agreement governing
any cause of damage or destruction of the demised premises by fire or other casualty, and Section 227 of the Real Property Law of the State of New York, providing for such a contingency in the absence of an express agreement, and any other law
of like import, now or hereafter in force, shall have no application in such case. 
 ARTICLE 11 

ASSIGNMENT, MORTGAGING, SUBLETTING, ETC. 
 11.01 Tenant shall not (a) assign or otherwise transfer this Lease or the term and estate hereby granted, (b) sublet the demised premises or any part thereof or allow the same to be used or
occupied by others or in violation of Article 5, (c) mortgage, pledge or encumber this Lease or the demised premises or any part thereof in any manner by reason of any act or omission on the part of Tenant, or (d) advertise, or authorize a
broker to advertise, for a subtenant or an assignee, without, in each instance, obtaining the prior consent of Landlord, except as otherwise expressly provided in this Article 11. For purposes of this Article 11, (i) the transfer of a majority
of the issued and outstanding capital stock of any corporate tenant, or of a corporate subtenant, or the transfer of a majority of the total interest in any partnership tenant or subtenant, however accomplished, whether in a single transaction or in
a series of related or unrelated transactions, shall be deemed an assignment of this Lease, or of such sublease, as the case may be, except that the transfer of the outstanding capital stock of any corporate tenant, or subtenant, shall be deemed not
to include the sale of such stock by persons or parties, through the “over-the-counter market” or through any recognized stock exchange, other than those deemed “insiders” within the meaning of the Securities Exchange Act of 1934
as amended, (ii) a takeover agreement shall be deemed a transfer of this Lease, (iii) any person or legal representative of Tenant, to whom Tenant’s interest under this Lease passes by operation of law, or otherwise, shall be bound by
the provisions of this Article 11, and (iv) a modification, amendment or extension of a sublease shall be deemed a sublease. Notwithstanding the foregoing, the provisions of this Section 11.01 shall not apply to an initial public offering
of the stock of Tenant. 
 11.02 The provisions of Section 11.01 hereof shall not apply to transactions with a corporation
into or with which Tenant is merged or consolidated or with an entity to which substantially all of Tenant’s assets are transferred (provided such merger or transfer of assets is for a good business purpose and not principally for the
purpose of transferring the leasehold estate created hereby, and provided that (i) the successor to Tenant has a net worth computed in accordance with generally accepted accounting principles at least equal to the greater of (1) the
net worth of Tenant immediately prior to such merger, consolidation or transfer, or (2) the net worth of Tenant herein named on the date of this Lease, and (ii) proof satisfactory to Landlord of such net worth shall have been delivered to
Landlord on or before the earlier of (i) the public announcement of such transaction, or (ii) ten (10) days after the effective date of any such transaction. As used herein, the term “Tenant’s Affiliate” shall mean a
corporation or other legal entity controlling, controlled by or under common control with Tenant. For purposes of this Section 11.02, the term “control” shall mean, in the case of a corporation, ownership or voting control, directly
or indirectly, of at least fifty percent (50%) of all the voting stock, and in case of a joint venture or partnership or similar entity, ownership, directly or indirectly of at least fifty percent (50%) of all the general or other partnership (or
similar) interests therein. The use and occupancy of space within the demised premises by Tenant’s Affiliates in accordance with this Lease shall be permitted without same being deemed an assignment of this Lease or a sublease of the demised
premises provided Tenant shall give Landlord notice of such use and such Tenant’s Affiliates shall use the demised premises only for 

  
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purposes permitted under this Lease and such occupancy shall be consistent with the continued character and quality of the Building as a first-class office building. Any subsequent transfer of
capital stock or partnership or other interests in a Tenant’s Affiliate or other transaction whereby a Tenant’s Affiliate ceases to be a Tenant’s Affiliate as defined herein, shall constitute an assignment to which all of the
provisions of this Article 11 other than this Section 11.02 shall apply. 
 11.03 Any assignment or transfer, whether made
with Landlord’s consent as required by Section 11.01 hereof or without Landlord’s consent pursuant to Section 11.02 hereof, shall be made only if, and shall not be effective until, the assignee shall execute, acknowledge and deliver
to Landlord a recordable agreement, in form and substance reasonably satisfactory to Landlord, whereby the assignee shall assume the obligations and performance of this Lease and agree to be bound by and upon all of the covenants, agreements, terms,
provisions and conditions hereof on the part of Tenant to be performed or observed and whereby the assignee shall agree that the provisions of this Section 11.01 hereof shall, notwithstanding such an assignment or transfer, continue to be
binding upon it in the future. Tenant covenants that, notwithstanding any assignment or transfer, whether or not in violation of the provisions of this Lease, and notwithstanding the acceptance of fixed annual rent by Landlord from an assignee or
transferee or any other party, Tenant shall remain fully and primarily liable for the payment of the fixed annual rent due and to become due under this Lease and for the performance of all of the covenants, agreements, terms, provisions and
conditions of this Lease on the part of Tenant to be performed or observed. 
 11.04 The liability of Tenant for the due
performance by Tenant of the obligations on its part to be performed under this Lease, shall not be discharged, released or impaired in any respect by an agreement or stipulation made by Landlord or any grantee or assignee of Landlord, by way of
mortgage, or otherwise, extending the time of or modifing any of the obligations contained in this Lease, or by any waiver or failure of Landlord to enforce any of the obligations on Tenant’s part to be performed under this Lease, and Tenant
shall continue liable hereunder. If any such agreement or modification operates to increase the obligations of a tenant under this Lease, the liability under this Section 11.04 of the tenant named in the Lease or any of its successors in
interest, (unless such party shall have expressly consented in writing to such agreement or modification) shall continue to be no greater than if such agreement or modification had not been made. To charge Tenant named in this Lease and its
successors in interest, no demand or notice of any default shall be required; Tenant and each of its successors in interest hereby expressly waives any such demand or notice. 
 11.05 Landlord shall not unreasonably withhold or delay its consent to an assignment of this Lease or a subletting of the whole or a part of the demised premises for substantially the remainder of the
term of this Lease, provided: 
 (a) Tenant shall furnish Landlord with the name and business address of the proposed
subtenant or assignee, information with respect to the nature and character of the proposed subtenant’s or assignee’s business, or activities, such references and current financial information with respect to net worth, credit and
financial responsibility as are reasonably satisfactory to Landlord, and an executed counterpart of the sublease or assignment agreement; 
 (b) The proposed subtenant or assignee is a reputable party whose financial net worth, credit and financial responsibility is, considering the responsibilities involved, reasonably satisfactory to
Landlord; 
 (c) The nature and character of the proposed subtenant or assignee, its business or activities and intended use of
the demised premises is, in Landlord’s reasonable judgment, in keeping with the standards of the Building and the floor or floors on which the demised premises are located; 

  
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 (d) The proposed subtenant or assignee is not then an occupant of any part of the Building
or a party who dealt with Landlord or Landlord’s agent (directly or through a broker) with respect to space in the Building during the 5 months immediately preceding Tenant’s request for Landlord’s consent; 

(e) All costs incurred with respect to providing reasonably appropriate means of ingress and egress from the sublet space or to separate
the sublet space from the remainder of the demised premises shall, subject to the provisions of Article 6 with respect to alterations, installations, additions or improvements, be borne by Tenant; 

(f) Each sublease shall specifically state that (i) it is subject to all the terms, covenants, agreements, provisions, and
conditions of this Lease, (ii) the subtenant will not have the right to a further assignment thereof or sublease or assignment thereunder, or to allow the demised premises to be used by others, without the consent of Landlord in each instance;

 (g) Tenant shall together with requesting Landlord’s consent hereunder, have paid Landlord any reasonable costs incurred
by Landlord to review the proposed assignment or subletting including reasonable attorneys fees incurred by Landlord; 
 (h)
Tenant shall have complied with the provisions in Section 11.06 and Landlord shall not have made any of the elections provided for in Section 11.06; 
 (i) The proposed subtenant or assignee is not (i) a bank trust company, safe deposit business, savings and loan association or loan company which intends to use the sublet space for the operation of
a retail facility (i.e., one dealing with the public on an off-the-street basis); (ii) an employment or recruitment agency; (iii) a school, college, university or educational institution whether or not for profit; (iv) a government or
any subdivision or agency thereof; 
 (j) In the case of a subletting of a portion of the demised premises, the portion so
sublet shall be regular in shape and suitable for normal renting purposes; 
 (k) Tenant shall have granted to Landlord or its
agent, at Landlord’s election, the exclusive right, for a period of at least one hundred twenty (120) days, to sublease the demised premises or such portion thereof as Tenant proposes to sublet, or to assign this Lease as the case may be;
and 
 (1) The proposed assignment shall be for a consideration or the proposed subletting shall be at a rental rate not less
than the fair market rental for the demised premises (taking into account that the transaction is a subletting), and in no event shall Tenant advertise or list with brokers at a rental rate lower than the rental rate then being charged under leases
being entered into by Landlord for comparable space in the Building for terms comparable to the term of the proposed sublease. 

11.06 (a) Should Tenant agree to assign this Lease, other than by an assignment contemplated by Section 11.02, Tenant shall as
soon as that agreement is consummated, but no less than forty (40) days prior to the effective date of the contemplated assignment, deliver to Landlord an executed counterpart of such agreement, and all ancillary agreements with the proposed
assignee, and Landlord shall than have the right to elect, by notifing Tenant within thirty (30) days of such delivery, to terminate this Lease, as of such effective date as if it were the Expiration Date set forth in this Lease. 

(b) In the event that this Lease shall be assigned to Landlord or Landlord’s designee or if the demised premises shall be sublet to
Landlord or Landlord’s designee pursuant to this Section 11.06 the provisions of any such sublease or assignment and the obligations of Landlord and the rights of 

  
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Tenant with respect thereto shall not be binding upon or otherwise affect the rights of any holder of a superior mortgage or of a superior lease unless such holder shall elect by written notice
to Tenant to succeed to the position of Landlord or its designee, as the case may be, thereunder. 
 (c) Should Tenant agree to
sublet the demised premises or any portion thereof, other than by a sublease contemplated by Section 11.02, Tenant shall, as soon as that agreement is consummated, but not less than forty (40) days prior to the effective date of the
contemplated sublease, deliver to Landlord, an executed counterpart of the proposed sublease and all ancillary agreements with the proposed sublessee, and Landlord shall then have the right to elect, by notifing Tenant within thirty (30) days
of such delivery, to (i) terminate this Lease as to the portion of the demised premises affected by such subletting or as to the entire demised premises in the case of a subletting thereof, as of such effective date, (ii) accept a sublease
from Tenant of the portion of the demised premises affected by such proposed subletting or the entire demised premises in the case of a proposed subletting thereof, and Tenant shall then promptly execute and deliver a sublease to Landlord for the
remainder of the demised term less one day, commencing with such effective date, at (x) the rental terms reflected in the proposed sublease or (y) the rental terms contained in this Lease on a per rentable square foot basis, as elected by
Landlord in such notice. 
 (d) If Landlord should elect to have Tenant execute and deliver a sublease pursuant to any of the
provisions of this Section 11.06, said sublease shall be in a form reasonably satisfactory to Landlord’s counsel and on all the terms contained in this Lease, except that: 

(i) The rental terms, if elected by Landlord, may be either as provided in item (x) or item (y) of subsection
11.06(c) hereof. 
 (ii) The sublease shall not provide for any work to be done for the subtenant or for any
initial rent concessions or contain provisions inapplicable to a sublease, except that in the case of a subletting of a portion of the demised premises Tenant shall reimburse subtenant for the cost of erecting such demising walls as are necessary to
separate the subleased premises from the remainder of the demised premises and to provide access thereto, 

(iii) The subtenant thereunder shall have the right to underlet the subleased premises, in whole or in part, without
Tenant’s consent, 
 (iv) The subtenant thereunder shall have the right to make, or cause to be made, any
changes, alterations, decorations, additions and improvements that subtenant may desire or authorize, 
 (v) Such
sublease shall expressly negate any intention that any estate created by or under such sublease be merged with any other estate held by either of the parties thereto, 

(vi) Any consent required of Tenant, as lessor under that sublease, shall be deemed granted if consent with respect
thereto is granted by Landlord, 
 (vii) There shall be no limitation as to the use of the sublet premises by the
subtenant thereunder, 
 (viii) Any failure of the subtenant thereunder to comply with the provisions of said
sublease, other than with respect to the payment of rent to Tenant, shall not constitute a default thereunder or hereunder if Landlord has consented to such noncompliance, and 

  
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 (ix) Such sublease shall provide that Tenant’s obligations with respect
to vacating the demised premises and removing any changes, alterations, decorations, additions or improvements made in the subleased premises shall be limited to those which accrued and related to such as were made prior to the effective date of the
sublease. 
 (e) If pursuant to the exercise of any of Landlord’s options pursuant to Section 11.06 hereof this Lease
is terminated as to only a portion of the demised premises, then the fixed annual rent payable hereunder and the additional rent payable pursuant to Article 3 hereof shall be adjusted in proportion to the portion of the demised premises affected by
such termination. 
 (f) If Landlord shall give its consent to any assignment of this Lease or to any sublease for which such
consent is required hereunder, Tenant shall in consideration therefor, pay to Landlord, as additional rent: 

(i) in the case of an assignment, an amount equal to 50% percent of all sums and other considerations paid to Tenant by
the assignee for or by reason of such assignment (including, but not limited to, sums paid for the sale of Tenant’s fixtures, leasehold improvements, equipment, furniture, furnishings or other personal property, less, in the case of a sale of
any of the foregoing other than leasehold improvements, the then net unamortized or undepreciated cost thereof determined on the basis of Tenant’s federal income tax returns); and 

(ii) in the case of a sublease, 50% percent of the rents, additional charge or other consideration payable under the
sublease to Tenant by the subtenant which is in excess of the fixed annual rent and additional rent accruing during the term of the sublease in respect of the subleased space (at the rate per square foot payable by Tenant hereunder) pursuant to the
terms hereof (including, but not limited to, sums paid for the sale or rental of Tenant’s fixtures, leasehold improvements, equipment, furniture or other personal property, less, in the case of the sale of any of the foregoing other than
leasehold improvements, the then net unamortized or undepreciated cost thereof determined on the basis of Tenant’s federal income tax returns). 
 The sums payable under this subsection 11.06(f) shall be paid to Landlord as and when paid by the subtenant to Tenant. Notwithstanding the foregoing, before the calculation of any sums due to Landlord,
there shall be subtracted therefrom Tenant’s subletting or assignment costs. “Tenant’s subletting or assignment costs” shall mean with respect to each subletting or assignment by Tenant of the demised premises or portions thereof
any rental concessions and any brokerage commissions and reasonable legal fees incurred by Tenant in connection with such subletting or assignment, and in the case of a subletting of a portion of the demised premises, the cost of construction
incurred by Tenant (after completion of all of Tenant’s Work and not comprising a part thereof) to separate the sublet space from the balance of the demised premises and to provide access thereto. 

11.07 Landlord’s consent to any sublease or assignment shall not be deemed or construed to modify, amend or affect the terms and
provisions of this Lease, or Tenant’s obligations hereunder, which shall continue to apply to the occupants thereof, as if the sublease or assignment had not been made. Notwithstanding any assignment or sublease, Tenant shall remain fully
liable for the payment of fixed annual rent and additional rents and for the other obligations of this Lease on the part of Tenant to be 

  
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performed or observed, except as otherwise provided in Paragraph 11.6(d) hereof in the event that Landlord shall sublet all or part of the demised premises pursuant to the exercise any of its
options set forth in Section 11.06 hereof. In the event that Tenant defaults in the payment of any rent, Landlord is authorized to collect any rents due or accruing from any assignee, subtenant or other occupant of the demised premises and to
apply the net amounts collected to the fixed annual rent and additional rent reserved herein, and the receipt of any such amounts by Landlord from an assignee or subtenant, or other occupant of any part of the demised premises, shall not be deemed
or construed as releasing Tenant from Tenant’s obligations hereunder or the acceptance of that party as a direct tenant. 

ARTICLE 12 

CERTIFICATE OF OCCUPANCY 
 12.01 Tenant will not at any time use or occupy the demised premises in violation of the Certificate of Occupancy issued for the Building. 

ARTICLE 13 

ADJACENT EXCAVATION SHORING 
 13.01 If an excavation or other substructure work shall be made upon land adjacent to the demised premises, or shall be authorized to be made, Tenant shall afford to the person causing or authorized to
cause such excavation, license to enter upon the demised premises for the purposes of doing such work as shall be necessary to preserve the wall of or the Building of which the demised premises form a part from injury or damage and to support the
same by proper foundations without any claim for damages or indemnity against Landlord, or diminution or abatement of rent. In performing any such work, the persons involved shall use reasonable care under the circumstances to minimize interference
with the operation of Tenant’s business in the demised premises. 
 ARTICLE 14 

CONDEMNATION 
 14.01 In the event that the whole of the demised premises shall be lawfully condemned or taken in any manner for any public or quasi-public use, this Lease and the term and estate hereby granted shall
forthwith cease and terminate as of the date of vesting of title. In the event that only a part of the demised premises shall be so condemned or taken, then, effective as of the date of vesting of title, the fixed annual rent under Article 1
hereunder and additional rents under Articles 3 hereunder shall be abated in an amount thereof apportioned according to the area of the demised premises so condemned or taken. In the event that only a part of the Building shall be so condemned or
taken, then (a) Landlord (whether or not the demised premises be affected) may, at Landlord’s option, terminate this Lease and the term and estate hereby granted as of the date of such vesting of title by notifying Tenant in writing of
such termination within sixty (60) days following the date on which Landlord shall have received notice of vesting of title, or (b) if such condemnation or taking shall be of a material part of the demised premises or of a material part of
the means of access thereto or materially interferes with Tenant’s ability to enjoy same, Tenant may, at Tenant’s option, by delivery of notice in writing to Landlord within thirty (30) days following the date on which Tenant shall
have received notice of vesting of title, terminate this Lease and the term and estate hereby granted as of the date of vesting of title, or (c) if neither Landlord nor Tenant elects to terminate this Lease, as aforesaid, this Lease shall be
and remain unaffected by such condemnation or 

  
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taking, except that the fixed annual rent payable under Article 1 and additional rents payable under Articles 3 hereof shall be abated to the extent hereinbefore provided in this Article 14. In
the event that only a part of the demised premises shall be so condemned or taken and this Lease and the term and estate hereby granted with respect to the remaining portion of the demised premises are not terminated as hereinbefore provided,
Landlord will, with reasonable diligence and at its expense, restore the remaining portion of the demised premises as nearly as practicable to the same condition as it was in prior to such condemnation or taking. 

14.02 In the event of its termination in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall
expire as of the date of such termination with the same effect as if that were the Expiration Date, and the fixed annual rent and additional rents payable hereunder shall be apportioned as of such date. 

14.03 In the event of any condemnation or taking hereinbefore mentioned of all or a part of the Building, Landlord shall be entitled to
receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant, and Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or
hereafter arising in or to any such award or any part thereof, and Tenant shall be entitled to receive no part of such award. Nothing contained herein shall be deemed to prohibit Tenant from making a separate claim with the condemning authority for
the value of the personal property owned by Tenant, any moving expenses incurred by Tenant as the result of such condemnation, or the unamortized cost to Tenant of Tenant’s leasehold improvements, provided that such separate claim shall not
reduce or adversely affect Landlord’s claim or the amount of Landlord’s award. 
 14.04 It is expressly understood and
agreed that the provisions of this Article 14 shall not be applicable to any condemnation or taking for governmental occupancy for a limited period. 
 14.05 In the event of any taking of less than the whole of the Building which does not result in a termination of this Lease, or in the event of a taking for a temporary use or occupancy of all or any
part of the demised premises which does not result in a termination of this Lease, Landlord, at its expense, and whether or not any award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair, alter and
restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises. 

14.06 In the event any part of the demised premises be taken to effect compliance with any law or requirement of public authority other
than in the manner hereinabove provided in this Article 14, then, (i) if such compliance is the obligation of Tenant under this Lease, Tenant shall not be entitled to any diminution or abatement of rent or other compensation from Landlord
therefor, but (ii) if such compliance is the obligation of Landlord under this Lease, the fixed annual rent hereunder shall be reduced and additional rents under Article 3 hereof shall be adjusted in the same manner as is provided in
Section 14.01 according to the reduction in rentable area of the demised premises resulting from such taking. 
 ARTICLE
15 
 ACCESS TO DEMISED PREMISES, CHANGES 
 15.01 Tenant shall permit Landlord to erect, use and maintain pipes, ducts and conduits in and through the demised premises, provided the same are installed adjacent to or concealed behind walls
and ceilings of the demised premises. Landlord shall to the extent reasonably practicable install such pipes, ducts and conduits by such methods and at such locations as will not materially interfere with or impair

  
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Tenant’s layout or use of the demised premises. Landlord or its agents or designees shall have the right, upon notice (except in the case of emergency) to Tenant or any authorized employee
of Tenant at the demised premises, to enter the demised premises, at reasonable times during business hours, for the making of such repairs or alterations as Landlord may deem necessary for the Building or which Landlord shall be required to or
shall have the right to make by the provisions of this Lease or any other lease in the Building and, subject to the foregoing, shall also have the right to enter the demised premises for the purpose of inspecting them or exhibiting them to
prospective purchasers or lessees of the entire Building or to prospective mortgagees of the fee or of the Landlord’s interest in the property of which the demised premises are a part or to prospective assignees of any such mortgages or to the
holder of any mortgage on the Landlord’s interest in the property, its agents or designees. Landlord shall be allowed to take all necessary material into and upon the demised premises that may reasonably be required for the repairs or
alterations above mentioned as the same is required for such purpose, without the same constituting an eviction of Tenant in whole or in part, and the rent reserved shall in no wise abate while said repairs or alterations are being made by reason of
loss or interruption of the business of Tenant because of the prosecution of any such work. Landlord shall exercise reasonable diligence so as to minimize the disturbance but nothing contained herein shall be deemed to require Landlord to perform
the same on an overtime or premium pay basis. 
 15.02 Landlord reserves the right, without the same constituting an eviction
and without incurring liability to Tenant therefor, to change the arrangement and/or location of public entrances, passageways, doors, doorways, corridors, elevators, stairways, toilets or other public parts of the Building; provided,
however, that access to the Building shall not be cut off and that there shall be no unreasonable obstruction of access to the demised premises or unreasonable interference with the use or enjoyment thereof. 

15.03 Landlord reserves the right to light from time to time all or any portion of the demised premises at night for display purposes
without paying Tenant therefor and without cost to Tenant. 
 15.04 Landlord may, during the (12) months prior to
expiration of the term of this Lease, exhibit the demised premises to prospective tenants. 
 15.05 If Tenant shall not be
personally present to open and permit an entry into the demised premises at any time when for any reason an entry therein shall be urgently necessary by reason of fire or other emergency, Landlord or Landlord’s agents may forcibly enter the
same without rendering Landlord or such agents liable therefor (if during such entry Landlord or Landlord’s agents shall accord reasonable care to Tenant’s property) and without in any manner affecting the obligations and covenants of this
Lease. 
 ARTICLE 16 
 CONDITIONS OF LIMITATION 
 16.01 This Lease and the term and estate hereby
granted are subject to the limitation that whenever Tenant shall make an assignment of the property of Tenant for the benefit of creditors, or shall file a voluntary petition under any bankruptcy or insolvency law or any involuntary petition
alleging an act of bankruptcy or insolvency shall be filed against Tenant under any bankruptcy or insolvency law, or whenever a petition shall be filed by or against Tenant under the reorganization provisions of the United States Bankruptcy Act or
under the provisions of any law of like import, or whenever a petition shall be filed by Tenant under the arrangement provisions of the United States Bankruptcy Act or under the provisions of any law of like import, or whenever a permanent receiver
of Tenant or of or for the property of Tenant shall be appointed, then, Landlord may, (a) at any time after receipt of such notice of the 

  
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occurrence of any such event, or (b) if such event occurs without the acquiescence of Tenant, at any time after the event continues for ninety (90) days, give Tenant a notice of
intention to end the term of this Lease at the expiration of five (5) days from the date of service of such notice of intention, and upon the expiration of said five (5) day period, this Lease and the term and estate hereby granted,
whether or not the term shall theretofore have commenced, shall terminate with the same effect as if that day were the Expiration Date, but Tenant shall remain liable for damages as provided in Article 18 hereof. 

16.02 This Lease and the term and estate hereby granted are subject to further limitation as follows: 

(a) whenever Tenant shall default in the payment of any installment of fixed annual rent, or in the payment of any additional rent or any
other charge payable by Tenant to Landlord, on any day upon which same ought to be paid, and such default shall continue for five (5) days after Landlord shall have given Tenant a notice specifying such default, or 

(b) whenever Tenant shall do or permit anything to be done, whether by action or inaction, contrary to any of Tenant’s obligations
hereunder, and if such situation shall continue and shall not be remedied by Tenant within thirty (30) days after Landlord shall have given to Tenant a notice specifying the same, or, in the case of a happening or default which cannot with due
diligence be cured within a period of thirty (30) days and the continuation of which for the period required for cure will not subject Landlord to the risk of criminal liability (as more particularly described in Article 8 hereof) or
termination of any superior lease or foreclosure of any superior mortgage, if Tenant shall not, (i) within said thirty (30) day period advise Landlord of Tenant’s intention to duly institute all steps necessary to remedy such
situation, (ii) duly institute within said thirty (30) day period, and thereafter diligently and continuously prosecute to completion all steps necessary to remedy the same and (iii) complete such remedy within such time after the
date of the giving of said notice of Landlord as shall reasonably be necessary, or 
 (c) whenever any event shall occur or any
contingency shall arise whereby this Lease or the estate hereby granted or the unexpired balance of the term hereof would, by operation of law or otherwise, devolve upon or pass to any person, firm or corporation other than Tenant, except as
expressly permitted by Article 11 hereof, and, in the case of any of the foregoing which shall occur without the voluntary act or acquiescence of Tenant only, the same shall not be remedied by Tenant within a period of twenty (20) days after
the occurrence of such event of contingency, or 
 (d) whenever Tenant shall vacate or abandon the demised premises (unless as a
result of a casualty), or 
 (e) Intentionally Omitted, or 

(f) whenever Tenant shall default in the due keeping, observing or performance of any covenant, agreement, provision or condition of
Article 5 hereof on the part of Tenant to be kept, observed or performed and if such default shall continue and shall not be remedied by Tenant within 72 hours after Tenant shall have received a notice from Landlord specifying the same, 

then in any of said cases set forth in the foregoing Subsections (a), (b), (c), (d), (e) and (f) Landlord may give to Tenant a notice of
intention to end the term of this Lease at the expiration of three (3) days from the date of the service of such notice of intention and upon the expiration of said three (3) days this Lease and the term and estate hereby granted, whether
or not the term shall theretofore have commenced, shall terminate with the same effect as if that day were the Expiration Date, but Tenant shall remain liable for damages as provided in Article 18 hereof. 

  
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 ARTICLE 17 
 RE-ENTRY BY LANDLORD, INJUNCTION 
 17.01 If Tenant shall default in the
payment of any installment of fixed annual rent, or of any additional rent, on any date upon which the same ought to be paid, and if such default, or if this Lease shall expire as in Article 17 hereof provided, Landlord or Landlord’s agents and
employees may immediately or at any time thereafter re-enter the demised premises, or any part thereof, either by summary dispossess proceedings or by any suitable action or proceeding at law, or otherwise, without being liable to incident,
prosecution or damages therefrom, to the end that Landlord may have, hold and enjoy the demised premises again as and of its first estate and interest therein. The word re-enter, as herein used, is not restricted to its technical legal meaning. In
the event of any termination of this Lease under the provisions of Article 17 hereof or if Landlord shall re-enter the demised premises under the provisions of this Article 17 or in the event of the termination of this Lease, or of re-entry, by or
under any summary dispossess or other proceedings or action or any provision of law by reason of default hereunder on the part of Tenant, Tenant shall thereupon pay to Landlord the fixed annual rent and additional rent payable by Tenant to Landlord
up to the time of such termination of this Lease, or of such recovery of possession of the demised premises by Landlord, as the case may be, and shall also pay to Landlord damages as provided in Article 18 hereof. 

17.02 In the event of a breach or threatened breach of Tenant of any of its obligations under this Lease, Landlord shall also have their
right of injunction. The special remedies to which Landlord may resort hereunder are cumulative and are not intended to be exclusive of any other remedies or means of redress to which Landlord may lawfully be entitled at any time and Landlord may
invoke any remedy allowed at law or in equity as if specific remedies were not provided for herein. 
 17.03 If this Lease shall
terminate under the provisions of Article 16 hereof, or if Landlord shall re-enter the demised premises under the provisions of this Article 17, or in the event of the termination of this Lease, or of re-entry, by or under any summary dispossess or
other proceeding or action or any provision of law by reason of default hereunder on the part of Tenant, Landlord shall be entitled to retain all moneys, if any, paid by Tenant to Landlord, whether as advance rent, security or otherwise, but such
moneys shall be credited by Landlord against any fixed annual rent or additional rent due from Tenant at the time of such termination or re-entry or, at Landlord’s option against any damages payable by Tenant under Articles 16 and 18 hereof or
pursuant to law. 
 17.04 Tenant hereby expressly waives any and all rights of redemption granted by or under any present or
future laws in the event of Tenant being evicted or dispossessed for any cause, or in the event of Landlord obtaining possession of the demised premises, by reason of the violation by Tenant of any of the covenants and conditions of this Lease or
otherwise. 

  
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 ARTICLE 18 
 DAMAGES 
 18.01 If this Lease is terminated under the provisions of Article
16 hereof, or if Landlord shall re-enter the demised premises under the provisions of Article 17 hereof, or in the event of the termination of this Lease, or of re-entry, by or under any summary dispossess or other proceeding or action or any
provision of law by reason of default hereunder on the part of Tenant, Tenant shall pay to Landlord as damages, at the election of Landlord, either: 
 (a) a sum which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of 

(1) the aggregate of the fixed annual rent and the additional rent payable hereunder which would have been payable by
Tenant (conclusively presuming that additional rent on account of increases in Taxes shall increase at the average of the rates of increase thereof previously experienced by Landlord during the period (not to exceed 3 years) prior to such
termination) for the period commending with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the
demised premises, over 
 (2) the aggregate rental value of the demised premises for the same period, or

 (b) sums equal to the fixed annual rent and the additional rent payable hereunder which would have been payable by Tenant had
this Lease not so terminated, or had Landlord not so re-entered the demised premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the Expiration Date, provided, however,
that if Landlord shall re-let the demised premises during said period, Landlord shall credit Tenant with the net rents received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when
received by Landlord from such re-letting may be for a period shorter or longer than the remaining term of this Lease; but in no event shall Tenant be entitled to receive any excess of such net rents over the sums payable by Tenant to Landlord
hereunder, or shall Tenant be entitled in any suit for the collection of damages pursuant to this subsection to a credit in respect of any net rents from a re-letting, except to the extent that such net rents are actually received by Landlord. If
the demised premises or any part thereof shall be re-let in combination with other space, then proper apportionment on a square foot basis shall be made of the rent received from such re-letting and of the expenses of re-letting. 

If the demised premises or any part thereof be re-let by Landlord for the unexpired portion of the term of this Lease, or any part
thereof, before presentation or proof of such damages to any court, commission or tribunal, the amount of rent reserved upon such re-letting shall, prima facie, be the fair and reasonable rental value for the demised premises, or part thereof, so
re-let during the term of the re-letting. 
 18.02 Suit or suits for the recovery of such damages, or any installments thereof,
may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been so terminated under the
provisions of Article 16, or under any provision of law, or had Landlord not re-entered the demised premises. Nothing herein contained shall be construed to limit or preclude recovery by Landlord against Tenant of any sums or damages to which, in
addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and
obtain as liquidated damages by reason of the termination of this Lease or re-entry of the demised premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when,
and governing the proceedings in which such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 18.01 hereof. 

  
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 18.03 Notwithstanding anything contained in this Article 18 or elsewhere in this Lease,
neither Landlord nor Tenant shall have any liability to the other for so-called consequential (as opposed to actual) damages under this Lease. 
 ARTICLE 19 
 LANDLORD’S RIGHT TO PERFORM TENANT’S OBLIGATIONS

 19.01 If Tenant shall default in the observance or performance of any term or covenant on Tenant’s part be observed
or performed under or by virtue of any of the terms or provisions in any Article of this Lease, (a) Landlord may remedy such default for the account of Tenant, immediately and without notice in case of emergency, or in any other case only
provided that Tenant shall fail to remedy such default with all reasonable dispatch after Landlord shall have notified Tenant in writing of such default and the applicable grace period for curing such default shall have expired; and
(b) if Landlord makes any expenditures or incurs any obligations for the payment of money in connection with such default including, but not limited to, reasonable attorney’s fees instituting, prosecuting or defending any action or
proceeding, such sums or obligations incurred, with interest at the Interest Rate, shall be deemed to be additional rent hereunder and shall be paid by Tenant to Landlord upon rendition of a bill to Tenant therefor. 

ARTICLE 20 

QUIET ENJOYMENT 
 20.01 Landlord covenants and agrees that subject to the terms and provisions of this Lease, if and so long as, Tenant keeps and performs each and every covenant, agreement, term, provision and condition
herein contained on the part or on behalf of Tenant to be kept or performed, then Tenant’s right under this Lease shall not be cut off or ended before the expiration of the term of this Lease, subject however, to: (i) the obligations of
this Lease, and (ii) as provided in Article 25 hereof with respect to the ground and underlying leases and mortgages which affect this Lease. 
 ARTICLE 21 
 SERVICES AND EQUIPMENT 

21.01 So long as Tenant is not in default under any of the covenants of this Lease, Landlord shall, at its cost and expenses: 

(a) Provide necessary elevator facilities on Business Days from 8:00 A.M. to 6:00 P.M. and shall have at least one elevator subject to
call at all other times. At Landlord’s option, the elevators shall be operated by automatic control or manual control, or by a combination of both such methods. 
 (b) Landlord shall furnish heat and air-conditioning through the Building systems when seasonably required on Business Days, from 8:00 A.M. to 6:00 P.M. in accordance with the specification annexed hereto
as Schedule D. Tenant shall in any event cause all of the windows in the demised premises to be kept closed and shall cause and keep entirely unobstructed all the vents, intakes, outlets and grilles, at all times and shall comply with and observe
all regulations and requirement prescribed by Landlord for the proper functioning of the heating, ventilating and air-conditioning systems. In the event that Tenant shall require air-conditioning, or heating at such times as same are not furnished
by Landlord, Tenant agrees to pay the Landlord’s charges therefor as additional rent. As of the date of 

  
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this Lease, Landlord established charges for after-hours air-conditioning service and for after-hours heat service are set forth on Schedule E hereto. The foregoing cost may be increased from
time to time by Landlord in proportion, in Landlord’s reasonable judgment, to increases in such charges generally by other landlords of first-class office buildings in the same general area of Manhattan, but in no event less than the rate of
increase in Landlord’s cost in providing such service. To the extent that any such service is requested by more than one tenant in the same zone as Tenant for periods of time that overlap or coincide with those requested by Tenant, Landlord
shall prorate Tenant’s charge therefor on an equitable basis. 
 (c) Provide cleaning and janitorial services on Business
Days in accordance with the cleaning specifications annexed hereto as Schedule F. Tenant shall pay to Landlord on demand the actual costs incurred by Landlord for (a) extra cleaning work in the demised premises required because of
(i) misuse or neglect on the part of Tenant or its employees or visitors, (ii) use of portions of the demised premises for preparation, serving or consumption of food or beverages, data processing, or reproducing operations in excess of
those customarily incident to typical executive office use, private lavatories or toilets or other special purposes requiring greater or more difficult cleaning work than office areas (iii) unusual quantity of interior glass surfaces,
(iv) non-building standard materials or finishes installed by Tenant or at its request and (b) removal from the demised premises and the Building of so much of any refuse and rubbish of Tenant as shall exceed that ordinarily accumulated
daily in the routine of business office occupancy. Landlord, its cleaning contractor and their employees shall have After Hours access to the demised premises and the free use of light, power and water in the demised premises as reasonably required
for the purpose of cleaning the demised premises in accordance with Landlord’s obligations hereunder. 
 (d) Furnish hot
and cold water for lavatory and drinking and office cleaning purposes. If Tenant requires, uses or consumes water for any other purposes, Tenant agrees to Landlord installing a meter or meters or other means to measure Tenant’s water
consumption, and Tenant further agrees to reimburse Landlord for the cost of the meter or meters and the installation thereof, and to pay for the maintenance of said meter equipment and/or to pay Landlord’s cost of other means of measuring such
water consumption by Tenant. Tenant shall reimburse Landlord for the cost of all water consumed, as measured by said meter or meters or as otherwise measured, including sewer rents. 

21.02 Landlord reserves the right without any liability whatsoever, or abatement of fixed annual rent, or additional rent, to stop the
heating, air-conditioning, elevator, plumbing, electric and other systems when necessary by reason of accident or emergency or for repairs, alterations, replacements or improvements. Notwithstanding anything contained herein to the contrary, in the
event that the demised premises shall be rendered untenantable for a period of thirty (30) consecutive days after notice by Tenant to Landlord by reason of Landlord’s failure to provide any service which it is obligated under this Lease to
provide as a result of the stoppage of any of the systems mentioned in this Section 21.02, for any reason other than accident, emergency or force majeure, as contemplated by Section 34.01 hereof, and provided that throughout such period of
untenantability Tenant actually discontinues use of the entire demised premises for the conduct of its business, then unless such failure by Landlord to provide such service is caused by the negligence or intentional or wrongful act or omission of
Tenant, its agents, employees, contractors or invitees, the fixed annual rent and additional rent payable pursuant to Article 3 hereof shall abate beginning on the day following the expiration of such thirty (30) day period and continuing for
the remainder of any such period of untenantability for until such earlier date as Tenant resumes occupancy of any portion of the demised premises for the conduct of business. 
 21.03 Landlord may prohibit one or more persons, firms or corporations from furnishing laundry, linen towels, drinking water, ice, food or beverages or other similar supplies and services to tenants and
licensees in the Building for security reasons or other reasonable causes. Landlord may fix, in 

  
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its commercially reasonable discretion, at any time from time to time, the hours during which and the regulations under which such supplies and services are to be furnished. It is understood,
however, that Tenant or regular office employees of Tenant who are not employed by any supplier of such food or beverages or by any person, firm or corporation engaged in the business of purveying such food or beverages, may personally bring food or
beverages into the Building for consumption within the demised premises by employees of Tenant, but not for resale to or for consumption by any other tenant. Landlord may fix in its commercially reasonable discretion, at any time from time to time,
the hours during which, and the regulations under which, foods and beverages may be brought into the Building by persons other than the regular employees of Tenant. 
 21.04 Tenant agrees to employ such office maintenance contractors as Landlord may from time to time designate, for all waxing, polishing, lamp replacement, cleaning and maintenance work in the demised
premises, provided that the quality thereof and the charges therefor are reasonably comparable to that of other contractors. Tenant shall not employ any other contractor without Landlord’s prior written consent. 

21.05 Landlord will not be required to furnish any other services, except as otherwise provided in this Lease. 

ARTICLE 22 

DEFINITIONS 
 22.01 The term “Landlord” as used in this Lease means only the owner, or the mortgagee in possession, for the time being of the Land and Building (or the owner of a lease of the Building or of
the Land and Building), so that in the event of any transfer of title to said Land and Building or said lease, or in the event of a lease of the Building, or of the Land and Building, upon notification to Tenant of such transfer or lease the said
transfer or Landlord shall be and hereby is entirely freed and relieved of all future covenants, obligations and liabilities of Landlord hereunder, and it shall be deemed and construed as a covenant running with the land without further agreement
between the parties or their successors in interest, or between the parties and the transferee of title to said Land and Building or said lease, or the said lessee of the Building, or of the Land and Building, that the transferee or the lessee has
assumed and agreed to carry out any and all such covenants, obligations and liabilities of Landlord hereunder. 
 22.02 The term
“Business Days” as used in this Lease shall exclude Saturdays, Sundays and all days observed by the Federal, State or local government as legal holidays as well as all other days recognized as holidays under applicable union contracts.

 22.03 “Interest Rate” shall mean a rate per annum equal to the lesser of (a) 2% above the commercial lending rate
announced from time to time by Chase Manhattan Bank, as its prime rate for 90 day unsecured loans, or (b) the maximum applicable legal rate, if any. 
 22.04 “Legal Requirements” shall mean laws, statutes and ordinances (including building codes and zoning regulations, and ordinances) and the orders, rules, and regulations, directives and
requirements of all federal, state, county, city and borough departments, bureaus, boards, agencies, offices, commissions and other subdivisions thereof, or of any official thereof, or of any other governmental public or quasi-public authority,
whether now or hereafter in force, which may be applicable to the land or Building or the demised premises or any part thereof, or the sidewalks, curbs or areas adjacent thereto and all requirements, obligations and conditions of all instruments of
record on the date of this Lease. 

  
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 ARTICLE 23 
 INVALIDITY OF ANY PROVISION 
 23.01 If any term, covenant, condition or
provision of this Lease or the application thereof to any circumstance or to any person, firm or corporation shall be invalid or unenforceable to any extent, the remaining terms, covenants, conditions and provisions of this Lease or the application
thereof to any circumstances or to any person, firm or corporation other than those as to which any term, covenant, condition or provision is held invalid or unenforceable, shall not be affected thereby and each remaining term, covenant, condition
and provision of this Lease shall be valid and shall be enforceable to the fullest extent permitted by law. 
 ARTICLE 24

 BROKERAGE 
 24.01 Tenant covenants, represents and warrants that Tenant has had no dealings or communications with any broker, or agent other than Murray Hill Properties LLC (which is representing Landlord)
(hereinafter referred to as the “Broker”) in connection with the consummation of this Lease, and Tenant covenants and agrees to pay, hold harmless and indemnify Landlord from and against any and all cost, expense (including reasonable
attorney’s fees) or liability for any compensation, commissions or charges claimed by any broker or agent, other than the Broker, with respect to this Lease or the negotiation thereof. Landlord represents and warrants that Landlord has had no
dealings or communications with any broker or agent purporting to represent Tenant, other than Broker, in connection with the consummation of this Lease, and Landlord covenants and agrees to pay hold harmless and indemnify Tenant from and against
any and all cost, expense (including reasonable attorneys’ fees) or liability for any compensation, commissions or charges of any broker or agent alleging to have dealt or communicated with Tenant other than the Broker which Tenant may incur as
a consequence of Landlord’s representation and warranty being false. 
 ARTICLE 25 

SUBORDINATION 
 25.01 This Lease is and shall be subject and subordinate to all ground or underlying leases which may not or hereafter affect the real property of which the demised premises forms a part and to all
mortgages which may now or hereafter affect such leases or such real property, and to all renewals, modifications, replacements and extensions thereof. The provisions of this Section 25.01 shall be self-operative and no further instrument of
subordination shall be required. In confirmation of such subordination, Tenant shall promptly execute and deliver at its own costs and expense any instrument, in recordable for if required, that Landlord, the lessor of the ground or underlying lease
or the holder of any such mortgage or any of their respective successors in interest may request to evidence such subordination. 
 25.02 In the event of a termination of any ground or underlying lease, or if the interests of Landlord under this Lease are transferred by reason of, or assigned in lieu of, foreclosure or other
proceedings for enforcement of any mortgage, or if the holder of any mortgage acquires a lease in substitution therefor, then Tenant under this Lease will, at the option to be exercised in writing by the lessor under such ground or underlying lease
or such mortgagee or purchaser, assignee or lessee, as the case may be, either (i) attorn to it and will perform for its benefit all the terms, covenants and conditions of this Lease on Tenant’s part to be performed with the same force and
effect as if said lessor, such 

  
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mortgagee or purchaser, assignee or lessee, were the landlord originally named in this Lease, or (ii) enter into a new lease with said lessor or such mortgagee or purchaser, assignee or
lessee, as landlord, for the remaining term of this Lease and otherwise on the same terms and conditions and with the same options, if any, then remaining. The foregoing provisions of clause (i) of this Section 25.02 shall ensure to the
benefit of such lessor, mortgagee, purchaser, assignee or lessee, shall be self-operative upon the exercise of such option, and no further instrument shall be required to give effect to said provisions. Tenant, however, upon demand of any such
lessor, mortgagee, purchaser, assignee or lessee agrees to execute, from time to time, instruments in confirmation of the foregoing provisions of this Section 25.02, satisfactory to any such lessor, mortgagee, purchaser, assignee or lessee,
acknowledging such attornment and setting forth the terms and conditions of its tenancy. 
 25.03 Anything herein contained to
the contrary notwithstanding, under no circumstances shall the aforedescribed lessor under the ground lease or mortgagee or purchaser, assignee or lessee, as the case may be, whether or not it shall have succeeded to the interests of the landlord
under this Lease, be 
 (a) liable for any act, omission or default of any prior landlord; however, nothing contained herein
shall be deemed to imply that any such successor landlord shall not be required to resume any service which Landlord is required to perform hereunder and which may have been discontinued or suspended by the defaulting prior Landlord; or 

(b) subject to any offsets, claims or defenses which Tenant might have against any prior landlord; or 

(c) bound by any rent or additional rent which Tenant, might have paid to any prior landlord for more than one month in advance or for
more than three months in advance where such rent payments are payable at intervals of more than one month; or 
 (d) bound by
any Modification, amendment or abridgment of the Lease, or any cancellation or surrender of the same, made without its, prior written approval provided that Tenant had, prior to such modification, amendment or abridgement, been notified in writing
of such party’s interest in the Building. 
 25.04 If, in connection with the fmancing of the Building, the holder of any
mortgage shall request reasonable modifications (which shall in no manner increase any monetary or other material obligation of Tenant hereunder) in this Lease as a condition of approval thereof, Tenant shall not unreasonably withhold, delay or
defer making such modifications. 
 ARTICLE 26 
 CERTIFICATE OF TENANT 
 26.01 Each party agrees, at any time and from time
to time, as requested by the other party, upon not less than ten (10) days prior notice, to execute and deliver to the other. a statement certifying that this Lease is unmodified and in full force and effect (or if there have been
modifications, that the same is in full force and effect as modified and stating the modifications); certifying the dates to which the fixed annual rent, and additional rent have been paid, and stating whether or not, to, the best knowledge of the
signer, the other party is in default in performance of any of its, obligations under this Lease, and, if so, specifying each such default of which the signer may have knowledge, it being intended that any such pursuant hereto may be relied, upon by
others with whom the party requesting such certificate may be dealing. 

  
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 26.02 Tenant agrees that, except for the first month’s rent hereunder, it will pay no
rent under this Lease more than thirty (30) days in advance of its due date,: if so restricted by any existing or future ground lease or mortgage to which this Lease is subordinated or by an assignment of this Lease to the ground lessor or the
holder of such mortgage, and; in the event of any act or omission by Landlord, Tenant will not exercise any, right to terminate this Lease or to remedy the, default and deduct the cost thereof from rent due hereunder until Tenant shall have given
written notice of such act or omission to the ground lessor and to the holder of any mortgage on the fee or the ground lease who shall have furnished sublessor’s or holder’s last address to Tenant, and until a reasonable period for
remedying such act or omission shall have elapsed following the giving of such notices, during which time such lessor or holder shall have the right, but shall not be, obligated, to remedy or cause to be remedied such act or omission. Tenant shall
not exercise any right pursuant to this Section 26.02 if the holder of any mortgage or such aforesaid lessor commences cure such aforesaid-act or omission within a reasonable time and diligently prosecutes such cure thereafter. 

ARTICLE 27 

LEGAL PROCEEDINGS WAIVER OF JURY TRIAL 
 27.01 Landlord and Tenant do hereby waive trial by jury in any action, proceeding or counterclaim brought by either of the parties hereto against the other on any matters whatsoever arising out of or in
any way connected with this Lease, the relationship of Landlord and Tenant, Tenant’s use or occupancy of the demised premises, and/or any other claims (except claims for bodily injury or damage to physical property), and any emergency statutory
or any other statutory remedy. It is further mutually agreed that in the event Landlord commences any summary proceeding, Tenant will not interpose and does hereby waive the right to interpose any counterclaim of whatever nature or description in
any such proceeding, unless it would be barred as a matter of law from asserting same in a separate action or proceeding. 

ARTICLE 28 

SURRENDER OF PREMISES 
 28.01 Upon the expiration or other termination of the term of this Lease, Tenant shall quit and surrender to Landlord the demised premises, broom clean, in good order and condition, ordinary wear and tear
and damage by fire, the elements or other casualty excepted, and Tenant shall remove all of its property as herein provided. Tenant’s obligation to observe or perform this covenant shall survive the expiration or other termination of the term
of this Lease. 
 ARTICLE 29 
 RULES AND REGULATIONS 
 29.01 Tenant and Tenant’s servants, employees
and agents shall observe faithfully and comply strictly with the Rules and Regulations set forth in Schedule B attached hereto and made part hereof entitled “Rules and Regulations” and such other and further reasonable Rules and
Regulations as Landlord or Landlord’s agents may from time to time adopt provided, however, that in case of any conflict or inconsistency between the provisions of this Lease and of any of the Rules and Regulations as originally or as
hereafter adopted, the provisions of this Lease shall control. Reasonable written notice of any additional Rules and Regulations shall be given to Tenant. 

  
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 Nothing in this Lease contained shall be construed to impose upon Landlord any duty or
obligation to enforce the Rules and Regulations or the terms, covenants or conditions in any other lease, against any other tenant of the Building, and Landlord shall not be liable to Tenant for violation of the same by any other tenant, its
servants, employees, agents, visitors or licensees. 
 ARTICLE 30 

CONSENTS AND APPROVALS 
 30.01 Wherever in this Lease Landlord’s consent or approval is required, if Landlord shall delay or refuse such consent or approval, Tenant in no event shall be entitled to make, nor shall Tenant
make, any claim, and Tenant hereby waives any claim, for money damages (nor shall Tenant claim any money damages by way of setoff, counterclaim or defense) based upon any claim or assertion by Tenant that Landlord unreasonably withheld or
unreasonably delayed its consent or approval. Tenant’s sole remedy shall be an action or proceeding to enforce any provision, for specific performance, injunction or declaratory judgment. 

ARTICLE 31 

NOTICES 

31.01 Any notice or demand, consent, approval or disapproval or statement required to be given by the terms and provisions of this Lease,
or by any law or governmental regulation, either by Landlord to Tenant or by Tenant to Landlord, shall be in writing. Unless otherwise required by such law or regulation, such notice or demand shall be given, and shall be deemed to have been served
and given when such notice or demand is mailed by registered or certified mail deposited enclosed in a securely closed postpaid wrapper, in a United States Government general or branch post office, or official depository within the exclusive care
and custody thereof, addressed to either party, at is address set forth on page 1 of this Lease. After Tenant shall occupy the demised premises, the address of Tenant for notices, demands, consents, approvals or disapprovals shall be the Building.
Either party may, by notice as aforesaid, designate a different address or addresses for notices, demand, consents, approvals or disapprovals. 
 31.02 In addition to the foregoing, either Landlord or Tenant may, from time to time, request in writing that the other party serve a copy of any notice or demand, consent, approval or disapproval, or
statement, on one other person or entity designated in such request, such service to be effected as provided in Section 31.01 hereof. 
 ARTICLE 32 
 NO WAIVER 

32.01 No agreement to accept a surrender of this Lease shall be valid unless in writing signed by Landlord. No employee of Landlord or of
Landlord’s agents shall have any power to accept the keys of the demised premises prior to the termination of this Lease. The delivery of keys to any employee of Landlord or of Landlord’s agent shall not operate as a termination of this
Lease or a surrender of the demised premises. In the event of Tenant at any time desiring to have Landlord sublet the demised premises for Tenant’s account, Landlord or Landlord’s agents are authorized to receive said keys for such purpose
without releasing Tenant from any of the obligations under this Lease. The failure of Landlord to seek redress for violation of, or to insist upon the strict performance of, any covenant or condition of this Lease or any of the Rules and Regulations
set forth herein, or hereafter adopted by Landlord, shall not 

  
 32 

 
prevent a subsequent act, which would have originally constituted a violation from having all the force and effect of an original violation. The receipt by Landlord of rent with or without
knowledge of the breach of any covenant of this Lease shall not be deemed a waiver of such breach. The failure of Landlord to enforce any of the Rules and Regulations set forth herein, or hereafter adopted, against Tenant and/or any other tenant in
the Building shall not be decked a waiver of any such Rules and Regulations. No provision of this Lease shall be deemed to have been waived by Landlord, unless such waiver be in writing signed by Landlord. No payment by Tenant or receipt by Landlord
of a lesser amount than the monthly rent herein stipulated shall be deemed to be other than on the account of the earliest stipulated rent, nor shall any endorsement or payment of rent be deemed an accord and satisfaction, and Landlord may accept
such check or payment without prejudice to Landlord’s right to recover the balance of such rent or pursue any other remedy in this Lease provided. 
 32.02 This Lease contains the entire agreement between the parties, and any executor agreement hereafter made shall be ineffective to change, modify, discharge or effect an abandonment of it in whole or
in part unless such executor agreement is in writing and signed by the party against whom enforcement of the change, modification, discharge or abandonment is sought. 
 ARTICLE 33 
 CAPTIONS 

33.01 The captions, inserted only as a matter of convenience and for reference, and in no way define, limit or describe the scope of this
Lease nor the intent of any provision thereof. 
 ARTICLE 34 

INABILITY TO PERFORM 
 34.01 If, by reason of (1) strike, (2) labor troubles, (3) governmental preemption in connection with a national emergency, (4) any rule, order or regulation of any governmental
agency, (5) conditions of supply or demand which are affected by war or other national, state or municipal emergency, or any other cause or (6) any cause beyond Landlord’s reasonable control, Landlord shall be unable to fulfill its
obligations under this Lease or shall be unable to supply any service which Landlord is obligated to supply, Landlord shall have no liability in connection therewith and this Lease and Tenant’s obligation to pay rent hereunder shall in no wise
be affected, impaired or excused. 
 ARTICLE 35 
 NO REPRESENTATIONS BY LANDLORD 
 35.01 Landlord or Landlord’s agents
have made no representations or promises with respect to the Building or demised premises except as herein expressly set forth. 

ARTICLE 36 

NAME OF BUILDING 
 36.01 Landlord shall have the full right at any time to name and change the name of the Building and to change the designated address of the Building. The Building may be named after any person, firm, or
otherwise, whether or not such name is, or resembles, the name of a tenant of the Building. 

  
 33 

 ARTICLE 37 
 RESTRICTIONS UPON USE 
 37.01 It is expressly understood that no portion of
the demised premises shall be used as, or for (i) the operation of a retail facility (i.e., one dealing with the public on an off-the-street basis) of a bank, trust company, savings bank, industrial bank, savings and loan association or
personal loan bank (or any branch office or public accommodation office of any of the foregoing), or (ii) a public stenographer or typist, barber shop, beauty shop, beauty parlor or shop, telephone or telegraph agency, telephone or secretarial
service, messenger service, travel or tourist agency, employment agency, public restaurant or bar, commercial document reproduction or offset printing service, public vending machines, retail, wholesale or discount shop for sale of merchandise,
retail service shop, labor union, school or classroom, governmental or quasi-governmental bureau, department or agency, including an autonomous governmental corporation, a firm whose principal business is a real estate brokerage, or a company
engaged in the business of renting office or desk space. 
 ARTICLE 38 

ARBITRATION 
 38.01 In each case specified in this Lease in which resort to arbitration shall be required, such arbitration (unless otherwise specifically provided in other Sections of this Lease) shall be in New York
City in accordance with the Commercial Arbitration Rules of the American Arbitration Association and the provisions of this Lease. The decision and award of the arbitrators shall be in writing, shall be final and conclusive on the parties, and
counterpart copies thereof shall be delivered to each of the parties. In rendering such decision and awards, the arbitrators shall not add to, subtract from or otherwise modify the provisions of this Lease. Judgment may be had on the decision and
award of the arbitrators so rendered in any court of competent jurisdiction. 
 ARTICLE 39 

INDEMNITY 

39.01 Tenant shall indemnify, defend and save Landlord, its agents and employees and any mortgagee of Landlord’s interest in the
Land and/or the Building and any lesser under any superior lease harmless from and against any liability or expense arising from the use or occupation of the demised premises by Tenant or anyone in the demised premises with Tenant’s permission,
or from any breach of this Lease by Tenant. 
 ARTICLE 40 

MEMORANDUM OF LEASE 
 40.01 Tenant shall, at the request of Landlord execute and deliver a statutory form of memorandum of this Lease for the purpose of recording, but said memorandum of this Lease shall not in any
circumstances be deemed to modify or to change any of the provisions of this Lease. In no event shall Tenant record this Lease. 

  
 34 

 ARTICLE 41 
 SECURITY 
 41.01 (a) Tenant has deposited with Landlord the sum of
$85,737.67 as security for the faithful performance and observance by Tenant of the terms, provisions, covenants and conditions of this Lease, it is agreed that in the event Tenant defaults in respect of any of the terms, provisions, covenants and
conditions of this Lease including, but not limited to, the payment of fixed annual rent and additional rent, Landlord may use, apply or retail the whole or any part of the security so deposited to the extent required for the payment of any fixed
annual rent and additional rent or any other sum as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant’s default in respect of any of the terms, provisions, covenants and
conditions of this Lease, the security shall be returned to Tenant promptly after the date fixed as the end of the Lease and after delivery of entire possession of the demised premises to Landlord. In the event of a sale of the Land and Building or
leasing of the Building, of which the demised premises form a part, Landlord shall have the right to transfer the security to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return of such security;
and Tenant agrees to look solely to the new landlord for the return of said security, and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the security to a new landlord. Tenant further covenants that it
will not assign or encumber or attempt to assign or encumber the monies deposited herein as security and that neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted
encumbrance. In the event Landlord applies or retains any portion or all of the security deposited, Tenant shall forthwith restore the amount so applied or retained so that at all times the amount deposited shall be $85,737.67. 

(b) (i) Notwithstanding the foregoing, in lieu of cash security deposit provided for in subsection (a) hereof Tenant has
delivered to Landlord and, shall maintain in effect at all times during the term hereof, an irrevocable letter of credit, in the form of Schedule H hereto in the amount of the security required pursuant to this Lease issued by a banking corporation
reasonably satisfactory to Landlord and having its principal place of business or its duly licensed branch or agency in the City and State of New York. Such letter of credit shall have an expiration date no earlier than the first anniversary of the
date of issuance thereof and shall be automatically renewed from year to year unless terminated by the issuer thereof by notice to Landlord given not less than 45 days prior to the expiration thereof. Except as otherwise provided herein, Tenant
shall, throughout the term of this Lease deliver to Landlord, in the event of the termination of any such letter of credit, replacement letters of credit in lieu thereof (each such letter of credit and such extensions or replacements thereof, as the
case may be, is hereinafter referred to as a “Security Letter”) no later than 30 days prior to the expiration date of the preceding Security Letter. The term of each such Security Letter shall be not less than one year and shall be
automatically renewable from year to year as aforesaid. If Tenant shall fail to obtain any replacement of a Security Letter within the time limits set forth in its subsection (b)(i), Landlord may draw down the full amount of the existing Security
Letter and retain the same as security hereunder until provided with a Security Letter that complies with the provisions of this Section 41.01(b). 
 (ii) In the event Tenant defaults in respect to any of the terms, provisions, covenants and conditions of this Lease, including, but not limited to, the payment of rent and additional rent, Landlord may
use, apply or retain the whole or any part of the security so deposited to the extent required for the payment of any rent and additional rent or any other sum as to which Tenant is in default or for any sum which Landlord may expend or may be
required to expend by reason of Tenant’s default in respect of any of the terms, provisions, covenants, and conditions of this Lease, including but not limited to, any damages or deficiency accrued before or after summary proceedings or other
re-entry by Landlord. To insure that Landlord may utilize the security represented by the Security Letter in the 

  
 35 

 
major, for the purpose, and to the extent provided in this Article 41, each Security Letter shall provide that the full amount thereof may be drawn down by Landlord upon the presentation to the
issuing bank of Landlord’s draft drawn on the issuing bank without accompanying memoranda on statement of beneficiary. 

(iii) In the event that Tenant defaults in respect of any of the terms, provisions, covenants and conditions of the Lease and Landlord
utilizes all or any part of the security represented by the Security Letter but does not terminate this Lease as provided in Article 16 hereof, Landlord may, in addition to exercising its rights as provided in subsection (b)(ii), retain the
unapplied and unused balance of the principal amount of the Security Letter as security for the faithful performance and observance by Tenant thereafter of the terms, provisions, and conditions of this Lease, and may use, apply, or retain the whole
or any part of said balance to the extent required for payment of rent, additional rent, or any other sum as to which Tenant is in default or for any sum which Landlord may expend or be required to expend by reason of Tenant’s default in
respect of any of the terms, covenants, and conditions of this Lease. In the event Landlord applies or retains any portion or all of the security delivered hereunder, Tenant shall forthwith restore the amount so applied or retained so that at all
times the amount deposited shall not be less than the security required by Section 41.01. 
 (iv) In the event that Tenant
shall fully and faithfully comply with all of the terms, provisions, covenants and conditions of this Lease, the security shall be returned to Tenant promptly after the date fixed as the end of the Lease and after delivery of entire possession of
the demised premises to Landlord. In the event of a sale of the Land and Building or leasing of the Building, Landlord shall (subject to the provisions of the final sentence of this subsection (b)(iv)) have the right to transfer any interest it may
have in the Security Letter to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return of such Security Letter, provided such vendee or lessee assumes any responsibilities of Landlord with respect to
such Security Letter, and Tenant agrees to look solely to the new landlord for the return of said Security letter; and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the Security Letter to a new landlord.
Tenant further covenants that it will not assign or encumber or attempt to assign or encumber the monies deposited herein as security and that neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance,
attempted assignment or attempted encumbrance. In the event of a sale or leasing of the Building Landlord shall have the right to require Tenant to deliver a replacement Security Letter naming new landlord as beneficiary and, if Tenant shall fail to
timely deliver the same, to draw down the existing Security Letter and retain the proceeds as security hereunder until a replacement Security Letter is delivered. 
 ARTICLE 42 
 MISCELLANEOUS 

42.01 Irrespective of the place of execution or performance, this Lease shall be governed by and construed in accordance with the laws of
the State of New York. 
 42.02 This Lease shall be construed without regard to any presumption or other rule requiring
construction against the party causing this Lease to be drafted. 
 42.03 Except as otherwise expressly provided in this Lease,
each covenant, agreement, obligation or other provision of this Lease on Tenant’s part to be performed shall be deemed and construed as a separate and independent covenant of Tenant, not dependent on any other provision of this Lease.

  
 36 

 42.04 All terms and words used in this Lease, regardless of the number or order in which
they are used, shall be deemed to include any other number and any other gender as the context may require. 
 42.05 Time shall
be of the essence with respect to the exercise of any option granted under this Lease. 
 42.06 Except as otherwise provided
herein, whenever payment of interest is required by the terms hereof it shall be at the Interest Rate. 
 42.07 Landlord and the
tenant under the Prior Sublease are parties to a stipulation pursuant to which such tenant has agreed to deliver possession of the demised premises on December 15, 2011. If the demised premises or any additional space to be included within the
demised premises shall not be available for occupancy by Tenant on such date for any reason whatsoever, then this Lease shall not be affected thereby but, in such case, the Commencement Date shall be the date when the demised premises or such
additional space shall be available for occupancy by Tenant, and Tenant shall not be entitled to possession of the demised premises or such additional space until the same are available for occupancy by Tenant, provided,
however, that Tenant shall have no claim against Landlord, and Landlord shall have no liability to Tenant by reason of any such postponement of said specific date and the parties hereto further agree that any failure to have the demised
premises or such additional space available for occupancy by Tenant hereunder nor shall the same be construed in any wise to extend the term of this Lease and furthermore, this Section 42.07 shall be deemed to be an express provision to the
contrary of Section 223a of the Real Property Law of the State of New York and any other law of like import now or hereafter in force. 
 42.08 In the event that Tenant is in arrears in payment of fixed annual rent or additional rent hereunder, Tenant waivers Tenant’s right, if any, to designate the items against which any payments
made by Tenant are to be credited, and Tenant agrees that Landlord may apply any payments made by Tenant to any items it sees fit, irrespective of and notwithstanding any designation or request by Tenant as to the items against which any such
payments shall be credited, provided however that Landlord shall not have the right to apply any such payments to any items that are not yet due and payable under this Lease. 
 42.09 Tenant shall not occupy any space in the Building (by assignment, sublease or otherwise) other than the demised premises, except with the prior written consent of Landlord in each instance.

 42.10 This Lease shall not be binding upon Landlord unless and until it is signed by Landlord and a signed copy thereof is
delivered by Landlord to Tenant. 
 42.11 Tenant acknowledges that the Building and the land of which the demised premises form
a part may be subjected to the condominium form of ownership prior to the end of the term of the Lease. Tenant agrees that if, at any time during the term, the Building and the land shall be subject to the condominium form of ownership, then the
Lease and all rights of Tenant hereunder are and shall be subject and subordinate in all respects to any condominium declaration and any other documents (collectively, the “Declaration”) which shall be recorded in order to convert the
Building and the land of which the demised premises form a part to condominium form of ownership in accordance with the provisions of Article 9-B of the Real Property Law of the State of New York or any successor thereto, provided that such
Declaration does not in any way diminish or encumber Tenant’s rights or space pursuant to the Lease and this Agreement. If any such Declaration is to be recorded, Tenant, upon request of Landlord, shall enter into an amendment of this Lease in
such respects as shall be necessary to conform to such condominiumization, including, without limitation, appropriate adjustments to real estate taxes payable during the Base Tax year and Tenant’s Tax Proportionate Share, as such terms are
defined in Article 3 of the Lease. 

  
 37 

 42.12 From and after the Commencement Date, the Sublease and Attornments Agreement shall be
of no further force and effect, provided that any obligations of Tenant which accrued prior to the Commencement Date shall survive, including without limitation the obligation to pay any additional rents in respect of electricity, after-hours HVAC,
excess cleaning, freight elevator and similar charges. To the extent such charges have not been billed prior to the date hereof, Tenant shall pay the same within ten (10) days following delivery an invoice for such charges. 

[SIGNATURES APPEAR ON NEXT PAGE] 

  
 38 

 IN WITNESS WHEREOF, Landlord and Tenant have respectively executed this Lease as of the day
and year first above written. 
  

											
	LANDLORD:	  	 	JT MH 1250 OWNER LP	 	
		  	 	a Delaware limited partnership	 	
				
		  	 	By:	  	 	JT MH 1250 Owner GP, LLC	 	
		  				 	 a Delaware limited liability company,
 its General Partner
	 	
					
		  				 	By:	 	 /s/ David Sturner
	 	
		  				 		 	Name: David Sturner	 	
		  				 		 	Title: Vice President	 	
			
	TENANT	  	 	VARONIS SYSTEMS, INC.	 	
				
		  	 	By:	  	 	 /s/ Yakov Faitelson
	 	
		  				 	Name: Yakov Faitelson	 	
		  				 	Title: CEO	 	

 Tenant’s Federal Tax Identification Number is 57 - 1222280 

  
 39 

 STATE OF NEW YORK      ) 
                                   
             : ss.: 
 COUNTY OF NEW YORK  ) 

On this 15th day of December 2011, before me personally came Yakov Faitelson, to me known, being duly sworn by me, did depose and
say that he resides at 275 W 96th ST, that he is the CEO
of VARONIS SYSTEMS, INC., a Delaware corporation, the corporation mentioned in, and which executed the foregoing instrument and that he signed his name thereto by order of the Board of Directors of said corporation. 

 

	
	 /s/ CAROL BROWNE

	Notary Public
	

  
 40 

 SCHEDULE A 
 DEMISED PREMISES 

  
 A-1

 1250 Broadway - Floor 31 : Lease Expirations 

 
 

 

 SCHEDULE B 
 RULES AND REGULATIONS 

  
 B-1

 SCHEDULE C 
 RULES AND REGULATIONS FOR ALTERATIONS 

  
 C-1

 LANDLORD’S RULES AND REGULATIONS WITH RESPECT TO ALTERATIONS 

 
  
 

 
 Murray Hill Properties 
 1250 Broadway 
 New York, NY 10001 

Building Alteration 
 Rules And Regulations 
  

									
	I.	 	INTRODUCTION	 	 	1	  
			
	II.	 	PRE-CONSTRUCTION	 	 	1	  
		 	A.	 	Plans	 	 	1	  
		 	B.	 	Landlord Review of Documents	 	 	2	  
		 	C.	 	Filing/Permits	 	 	2	  
		 	D.	 	Insurance	 	 	3	  
		 	E.	 	Required System Sub-contractors	 	 	3	  
		 	F.	 	Construction Schedule	 	 	3	  
			
	III.	 	CONSTRUCTION PERIOD	 	 	3	  
		 	A.	 	Supervision	 	 	3	  
		 	B.	 	Security	 	 	4	  
		 	C.	 	Fire Safety	 	 	4	  
		 	D.	 	Cleaning/Building	 	 	4	  
		 	E.	 	Use of Building Maintenance Personnel	 	 	5	  
		 	F.	 	Noise and Vibrations	 	 	5	  
		 	G.	 	Freight Elevators	 	 	6	  
		 	H.	 	Demolition and Construction Debris	 	 	6	  
		 	I.	 	Work Rules	 	 	6	  
			
	IV.	 	DESIGN GUIDELINES AND BUILDING STANDARD CONSTRUCTION SPECIFICATIONS	 	 	7	  
		 	A.	 	HVAC	 	 	7	  
		 	B.	 	Electrical Installations	 	 	8	  
		 	C.	 	Plumbing, Sprinklers & Standpipes	 	 	9	  
		 	D.	 	Fire And Life Safety	 	 	10	  
		 	E.	 	Communications Installation: (Data, Telephone, Fiber Optics, Etc.)	 	 	11	  
		 	F.	 	Walls	 	 	11	  
		 	G.	 	Windows/Solar Screens And Draperies	 	 	11	  
		 	H.	 	Fireproofing	 	 	11	  
		 	I.	 	Building Lighting	 	 	11	  

  
 i 

									
		 	J.	 	Painting	 	 	11	  
		 	K.	 	Flooring	 	 	12	  
		 	L.	 	Construction Sign Off/Compliance With Law	 	 	12	  
		 	M.	 	General	 	 	12	  
			
	Appendix A	 	Freight Elevator Information	 	 	14	  
	Appendix B	 	Construction Sign-Offs	 	 	15	  
	Appendix C	 	Contractor Insurance Requirements	 	 	16	  

  
 ii 

 I. INTRODUCTION 
 All construction at 1250 Broadway must be done in compliance with the Rules and Regulations with Respect to Alterations. In the event of a conflict, the provisions of the Lease, including the Work Letter,
if any, supersede these Alteration Rules and Regulations. 
 Approval must be received in writing from the Landlord prior to the
commencement of any Tenant’s Alteration/construction work as required by the Lease. 
 II. PRE-CONSTRUCTION 

It is required that a pre-construction meeting must be held with the Tenant, Tenant’s Architect, Tenant’s Mechanical Engineer,
Tenant’s General Contractor (“Tenant’s Contractor”) and Landlord. The purpose of this initial meeting is to describe in detail the scope of the project and any construction activity that may affect building services and
the comfort of other Tenants. Tenant shall designate a Tenant Representative for all projects requiring Landlord approval. 
 As
the project progresses, correspondence, construction meeting minutes and questions should be addressed to: 
 Christopher Zieger,
Property Manager 
 1250 Broadway 
 New York, NY 10001 
 212-532-3757 

CZieger@murrayhill.com 
 The Tenant shall submit conceptual design and construction drawings of the proposed work to Landlord for approval as required by the Lease. 

 

	 	A.	Plans 

 1.
The conceptual design submittal shall be a space study indicating the proposed office layout and all required exits. The study shall include egress calculations for Tenant space; indicate population loads, exit unit requirements, travel distances,
and number of required exits. At this time the Tenant should also be prepared to describe or preview any special project-related requirements such as structural reinforcement or supplemental mechanical, electrical and plumbing systems. 

2. The Construction Document submittal shall be a complete set of fully coordinated construction documents, consisting of,
to the extent appropriate, demolition, architectural, mechanical, electrical, life safety, structural, sprinkler with hydraulic calculations and plumbing, as applicable. These drawings should indicate all special requirements, i.e., supplemental
HVAC, floor loading, etc. The drawings must include a cover sheet detailing general terms and conditions, along with relevant specifications and regulations. This set must also include the necessary detail drawings. A title sheet should include the
site plan including the building address, block, lot and zone. All drawings should be highlighted to indicate the Tenant and floor involved. All additional project manuals and/or associated specifications shall be presented at this time. 

3. The Construction Document’s to be submitted must be provided to the Landlord in the following
quantities: one (1) sepia set, two (2) blue line sets and one (1) CAD disc set (AutoCAD® Version
2000 or other electronic media approved by Landlord). 
 4. All plans shall be dated and shall identify the
Tenant Architect’s name, address and telephone number, Tenant’s name and suite number. Tenant shall provide copies of all construction-related transmittals to the Landlord. 

  
 1 

 5. Tenant’s Representative is responsible for submitting immediate
written notification to the Landlord of all changes or deviations in the construction from that shown on the approved construction set of drawings, and providing all amended drawings as necessary. 

 

	 	B.	Landlord Review of Documents 

 1. Landlord will review all documents for compliance with current regulations and building compatibility. This review will not absolve the Tenant’s architects, engineers and contractors from their
sole responsibility to design and build in accordance with all applicable regulations in a manner consistent with the Tenants requirements and in an acceptable tradesmen-like quality. 

2. The Conceptual Design submittal shall be reviewed and comments returned to the Tenant’s Representative consistent
with the provisions of the Lease or Work Letter, where applicable. 
 3. The Construction Documents shall be
reviewed and comments returned to the Tenant’s Representative consistent with the provisions of the Lease or Work Letter, where applicable. 
  

	 	C.	Filing/Permits 

 1. All filings, permits and inspections will meet current regulations. No Tenant’s Alterations will be allowed unless the appropriate filings are made, permits are posted and copies are in the
possession of the Landlord. 
 2. The required NYC Buildings Department and NYC Fire Department filings must be
made for the project approval, construction permits and consequent inspections, and sign-offs. All Tenant applications are to be filed as additions to the existing Class “E” system. The Landlord must be in possession of the approved PW-l
application, a work permit and sealed Fire Alarm drawings stamped by NYCFD electrical division, “as plans not for NYCFD examination”. The following forms are required: 

 

					
	 DISCIPLINE
	 	 FORMS
	  	 EXPLANATIONS

	Architectural	 	PW-1, TR-l	  	Plan/Work Approval, Technical Responsibility
	Mechanical	 	PW-l, TR-1	  	Plan/Work Approval, Technical Responsibility
	Fire Alarm	 	PW-l, A433R, BN-45	  	 Plan/Work Approval, NYCFD FA Filing
 (addition to Class E)

	Plumbing	 	PW-1, PW-lB	  	Plan/Work Approval, Plumbing, Schedule B
	Sprinkler	 	PW-l, PW-lB	  	Plan/Work Approval, Plumbing, Schedule B
	Demolition	 	PW-1	  	Plan/Work Approval
	Electrical	 	Work Permit App.	  	Electrical Control Board
	Contractor	 	PW-2	  	Work Permit Application
	Financial	 	PW-3	  	Construction Cost Affidavit
	Equipment	 	PW-4	  	Equipment User Permit Application

 3. The filings for permits are to be presented to the Landlord signed and sealed by all
required parties accompanied by two (2) sets of all required signed and sealed project documents. The Landlord’s Representative will sign off on the application and forward the original set of applications to the Tenant’s designated
representative. The Landlord will keep a copy of all applications and the second set of signed and sealed project documents for its records. 
 4. Except as otherwise expressly provided in the Work Letter, Tenant shall be responsible for payment of all filing fees and for all controlled inspections, permits, and other code mandated
testing/inspections that will be performed by the Landlord’s or Tenant’s independent consultants. Landlord shall provide Tenant with an estimate of any costs that are to be incurred by Landlord or Landlord’s consultants, including
review of Tenant’s construction documents by Landlord’s consulting engineer, to the extent feasible prior to the incurrence of same. 

  
 2 

 5. Except as otherwise expressly provided in the Work Letter, copies of all
approved applications project documents and permits must be delivered to the Landlord upon their receipt and prior to the commencement of Tenant’s Alterations. 

6. During the course of the Project, the Tenant shall supply the Landlord, in a timely manner, with copies of all approved
submittals, including shop drawings for all materials, equipment and systems. 
 7. The Landlord will receive two
(2) sets of installation, operation and maintenance instructions for all architectural, mechanical, electrical, plumbing, fire and life safety systems and their components. These should be produced in the form of Project Installation,
Operation & Maintenance Manuals. 
 8. Upon completion of construction, record drawings must be
delivered to the Landlord as required by the Lease. 
 9. Building’s Expediter must be used for all Building
Department filing. (Please contact Building Office for name and phone number) 
  

	 	D.	Insurance 

 Satisfactory
evidence of proper insurance coverage in the amounts set forth on Appendix C hereto must be filed with the Landlord, for Tenant’s Contractor, his Sub-Contractors, and any Sub-Sub-Contractors before commencement of the project. Work will not
commence without an original Insurance Certificate in the possession of the Landlord. 
  

	 	E.	Required System Sub-contractors 

 1. The Tenant’s Contractor must provide a list of the selected subcontractors to the Landlord prior to the commencement of construction. 

2. Tenant’s Contractor must provide the Landlord an updated project contact sheet listing all project team members.
Information must include key contacts, phone numbers, pager numbers and emergency phone numbers. 
 3.
Tenant’s Contractor must employ the service of union labor when applicable. Tenant shall include language requiring labor harmony and the Landlord’s right to eject offending contractors as indicated in the Lease in all construction
contracts. 
  

	 	F.	Construction Schedule 

Prior to the start of any construction, Tenant’s Contractor shall prepare a work schedule to be approved by the Landlord. Such
approval shall not be unreasonably withheld. Landlord’s approval of Tenant’s schedule shall be limited to activities that can be reasonably expected to impact or disrupt the normal functioning of the Building Systems or other tenants. The
schedule should include work start date and anticipated completion date; the schedule will be based on the work to be performed as indicated on the Tenant’s approved construction documents. In addition, the schedule shall clearly indicate the
anticipated dates for all work that can be reasonably expected to impact or disrupt the normal functioning of the Building or other tenants. Tenant’s contractor shall submit any revision of the construction schedule to the building office.

 III. CONSTRUCTION PERIOD 
  

	 	A.	Supervision 

 1. A foreman in the employment of the Tenant’s Contractor is required to be on the job site at all times when any work is in progress. The foreman should make himself known to the Landlord and
introduce any replacement, temporary or permanent. The foreman must be reachable by telephone, pager or cellular phone at all times, numbers for same must be provided to the Landlord. 

  
 3 

 2. All after hours work by Tenant’s Contractors must be scheduled with
the Landlord. 
  

	 	B.	Security 

1. All Tenant’s Contractors must cooperate with the Landlord’s security personnel and comply with the
Landlord’s security procedures. 
 2. When after hours elevators are required, (an) elevator operator(s) and
security guard must be hired at the Tenant’s expense to operate the freight car(s). 
 3. All elevator hatch
openings must be accompanied by Building’s elevator mechanic at Tenant’s expense. 
 4. No Curtain wall
may be opened during the course of the project without written permission by Landlord. Should permission be granted, the curtain wall must be sealed at the end of each day. 

5. Upon request, Landlord will provide locks and keys for the construction site at the Tenant’s expense. Under no
circumstances will the Tenant or Tenant’s Contractor install a lock to any area of the Building to which the Landlord does not have the key. All tools should be locked in construction strong boxes. 

 

	 	C.	Fire Safety 

 1. All necessary fire protection (i.e., fire extinguisher and sand buckets), must be placed in the construction area at Tenant’s expense as required by code, or as directed by Landlord in order to
ensure the safety of the job. 
 2. Tenant’s Contractor must use properly equipped, trained and certified
(with appropriate proof thereof presented at the job site) personnel whenever any type of welding, cutting or burning is taking place. In addition, a NYCFD approved Fire Watch must be posted whenever this work is taking place. (This is a two man
operation – both parties are to be certified). 
 3. Specific approval must be obtained from the Landlord
each time work is planned which would be likely to produce smoke, heat, flame, heavy dust, or which might cause any damage to sprinkler pipes or heads. Landlord’s approval is required in order to coordinate deactivating and reactivating
appropriate portions of the Building’s sprinkler and fire alarm systems, which will only be done by Landlord’s personnel. Any deactivation of Fire and Life Safety Systems beyond the normal work day will require the implementation of a
NYCFD approved Fire Watch. 
 4. Any additional reasonable fire protection requested by the Landlord will be
provided by the Tenant’s Contractor, at Tenant’s cost. 
  

	 	D.	Cleaning/Building 

 1. Protection with regard to Tenant’s Initial Alterations cleaning will be appropriate to the stage of construction and occupancy in the Building but in any event in compliance with all Legal
Requirements and Code. 
 2. In order to minimize any adverse impact on common areas and other tenants, spaces
affected by demolition or construction dust or dirt will be cleaned by the Tenant’s Contractor’s labor to the reasonable satisfaction of the Landlord. Such spaces include but are not limited to floors and walls of multitenant corridors,
stairwells and elevator lobbies and cabs. Spaces not cleaned satisfactorily will be re-cleaned by Landlord and charges will be billed back to Tenant. Clean-up work is, however, the responsibility of Tenant’s Contractor. 

  
 4 

 3. Dust, which accumulates from work done during normal business hours, will
be cleaned continuously to a level that is reasonably acceptable to Landlord, and that resulting from after hour work must be cleaned after work is completed. 
 4. If no work is planned for the following morning, additional cleaning of public areas is required to be completed no later than 8:00 a.m. that morning. This cleaning shall remove dust that may have
settled during the night. Weekends are included. 
 5. For floors within the work area, a broom clean condition
is to prevail. The job site is to be maintained in an orderly condition. Organic trash shall be removed at the end of each day and will be carted away from the Building at Tenant’s expense. Debris is not to be left in piles in Tenant space/work
area, public areas such as corridors or freight lobbies, or loading dock. Empty containers must be promptly returned to the work area unless such debris is placed in containers and stored in Tenant’s space/work area and it does not obstruct
public areas such as corridors means of egress or freight lobbies, or loading docks. Containers, debris, incoming material, tools and the like may not be stored anywhere outside the Tenant’s work area. 

6. Hardboard panels and other protective padding must be used to protect all walls, floors and elevators from any damage
that may be caused by moving demolition debris or construction materials through any part of the Building. Panels, placed on floors, must be neatly taped together to reduce the risk of tripping. 

7. Before any work is performed, the base building HVAC returns in the area affected by the work must be sealed or the
ducts capped. 
 8. Any damage done to the corridors during construction must be repaired at the Tenant’s
expense immediately upon completion of the project. 
 9. Careful attention must be paid to filters on local air
conditioning units, as they clog when construction dust is heavy. Tenant’s Contractor should notify’ Landlord when problems seem likely. As reasonably determined by Landlord’s maintenance staff, filters will be replaced at the
Tenant’s expense. 
 10. Tenant’s Contractor will protect the public, tenant and building property by
installing all necessary signs, dust protection and all other safety measures required for this work. 
  

	 	E.	Use of Building Maintenance Personnel 

 All labor rendered by Landlord personnel to coordinate or assist in any of the Tenant’s Alterations or to insure quiet enjoyment of other tenants, will be charged to the Tenant at prevailing rates as
per the Lease. 
  

	 	F.	Noise and Vibrations 

 1. Any construction work causing excessive noise and/or vibrations, such as coring of floors, setting of anchors, etc., must be scheduled in advance for Landlord approval and shall not be performed during
normal business hours. 
 2. Any work that disrupts nearby Tenants must cease immediately upon request of
Landlord and must be rescheduled, with approval, for completion after normal business hours. 

  
 5 

	 	G.	Freight Elevators 

 1. For work performed after Tenant’s Initial Alterations, Tenant shall conform to the provisions of Appendix A. All construction personnel must use the freight elevators for travel within the
Building. Passenger elevators are off-limits. Construction personnel found using passenger elevators will be ejected from the Building. 
 2. Freight elevator use during normal business hours is for routine deliveries only except as otherwise provided in the Work Letter. No exclusive use of these elevators can be granted during this time.
Arrangements for after hour’s elevator service should be made with the Landlord. The Tenant will be charged in accordance with the provisions of the Lease or prevailing rates. 

3. Stairwells are not to be used by contractors. Stairwells are for emergency purposes only. Any contractor found using
the stairwell will be ejected from the building. 
 4. All workers exiting the Building with materials, tool
boxes, etc., must show Building passes to the freight elevator operators. The operator will collect these passes. 
 5. Tenant’s Contractor must clean the freight elevator and all reasonably affected areas after each use. 
  

	 	H.	Demolition and Construction Debris 

 1. All demolition, debris removal and transporting of large quantities of construction materials must be done before or after regular Building business hours. 

2. All construction debris must be removed from the Building within forty-eight hours, and must occur before or after
building hours. 
 3. Containers must be emptied and returned to the work space promptly. Containers may not be
stored or left in the freight entrances or adjoining corridors at any time, or restrict access to and from the floors in any way. 
 4. No demolition is permitted without covering vents, grilles, doors, etc. Tenant is responsible for the protection and prevention of dust infiltration. 

5. Tenant, at tenant’s sole cost, will be responsible to hire the buildings elevator contractor at the end of
construction to perform a “construction clean-up” of the freight elevator (clean dirt and debris out of elevator pit, clean door saddles, wipe down door detection devices, etc...). 

 

	 	I.	Work Rules 

The Tenant is ultimately responsible for the faithful observance of all Building Work Rules by its contractors,
subcontractors, consultants and visitors. Failure to comply may result in the stoppage of work by the Landlord or the ejection of the violating party from the Building. 

  
 6 

 IV. DESIGN GUIDELINES AND BUILDING STANDARD CONSTRUCTION SPECIFICATIONS 

The following items, addressed in the paragraphs below, are among those that must conform to the Building Design Guidelines and Standard Construction
Specifications: 
  

	 	A.	HVAC 

 1.
All necessary work permits must be posted at the work site and copies delivered to the Landlord before any work may begin. 
 2. All overhead base building HVAC systems must be secured during demolition and construction. Grills and registers to be sealed with fire resistant poly and duct tape or main supply and return ducts are
to be blanked off. 
 3. All ducts passing through a 2 hour fire rated partition must have a NYC approved
fire/smoke damper at the partition, regardless of duct size and the existence of sprinklers. All smoke dampers must be controlled by the building’s class “E” system. 

4. All fire and or smoke dampers must be provided with adequately sized access doors on both sides of the partition wall.

 5. All fans greater than 2,000 CFM must be provided with smoke detection and service of all splinter dampers,
balancing dampers, fire/smoke dampers, or other system components internally mounted in the ductwork. 
 6.
Adequately sized access doors shall be provided for the inspection and service of all splinter dampers, balancing dampers, fire/smoke dampers, or other system components internally mounted in the ductwork. 

7. Balancing dampers will be provided at all branch ducts and all base building supply shafts must be installed with
balancing damper drops off main ducts. 
 8. The building’s HVAC fans will deliver the original specified
total design volume with a minimum percent ventilating air at no less than the NYC ventilation index and at a delivery temperature within the original design parameters. 

9. All components of all HVAC systems installed in the building must conform with and be installed in accordance with all
applicable regulatory agencies, all reference standards, all industry standards and manufacturers instructions in a manner consistent with the work of a first rate tradesman. 

10. The building’s HVAC fans will deliver the original specified total design volume with a minimum percent
ventilating air no less than NYC ventilation index and at a delivery temperature within the original design parameters. 
 11. All components of all HVAC systems installed in the bulling must conform with and be installed in accordance with all applicable regulatory agencies, all reference standards, all industry standards
and manufactures instructions in a manner consistent with the work of a first rate tradesman. 
 12. All
equipment must be installed with the manufacturers prescribed maintenance foot print. All access required for servicing equipment must be provided for as part of the design. 

13. The installation of supplemental HVAC equipment to meet additional Tenant sensible load or special Tenant requirements
will be considered on a case by case basis. 

  
 7 

 14. Landlord must be given copies of all equipment use permits for equipment
requiring same. 
 15. The Landlord must be given copies of all applicable certificates of controlled
inspections. 
 16. The Tenant heating, ventilating and air conditioning system must be designed to maintain
conditions conforming to the New York State Energy Conservation Construction Code. 
 17. The Landlord will
review proposed air cooled unit installations on a “case-by-case” basis. 
 18. During the construction
of ductwork, a leakage pressure test is to be performed by an independent testing company and witnessed by building representatives. (Ref. SMACNA standards). 
 19. The existing Building Management Control System is by Johnson Controls. Air side distribution is constant volume and as such, no VAV’s will be allowed. 

20. Tenant’s Contractor is exclusively responsible for all perimeter induction units on the floor as follows:

 A. Cleaning of perimeter units including screens, coils, entire enclosure and floor enclosure. 

B. The existing perimeter (induction) heating and cooling system is to be included in the design and engineering plan.

 C. Repair all valves as needed, calibrate, and remount thermostats if necessary, replace and install new
thermostats if needed. 
 D. Balancing of all perimeter air distribution to a nozzle static pressure of 1.5”
to 2” water gauge. 
 21. Tenant’s contractor to furnish and install a return air
thermostat at shaft location in the return air duct. Thermostat shall report back to the existing Johnson Control Building Management System. Tenant or tenant’s contractor is to have the base building BMS contractor, Johnson Controls, 60 East
42nd Street, New York, NY 10165 contact Daniel Brennan for
pricing, telephone (646) 658- 6782, fax (212) 843-1616 or email at Daniel.Brennan@jci.com., scope of work, pricing and coordination. 
 22. CAD to be supplied to Johnson Controls. Johnson Controls to install graphics on building management system. 
  

	 	B.	Electrical Installations 

 1. All components of all electrical systems in the building must conform with and be installed in accordance with all applicable regulatory agencies, all reference standards, all industry standards, all
local jurisdictions, and manufacturers instructions in a manner consistent with the work of a first class journeyman. The NYC Electrical Code takes precedent over all other electrical codes as the minimum acceptable level of compliance. 

2. The electrical work notice must be posted at the work site and a copy must be delivered to the Landlord prior to the
start of any work 
 3. The electrical contractor is responsible for the final inspection and sign off by the
Bureau of Electrical Control. Landlord must receive a copy of both the request for the inspection and the final sign-off by the inspector. 

  
 8 

 4. During construction, temporary lights must be provided by Tenant at all
elevator lobbies, fire exits, and Tenant equipment rooms on a 24-hour basis. 
 5. All temporary power and
lighting for demolition and or construction must include an adequate number of separately electrical lighting and power drops. 
 6. No electrical installations are permitted in the perimeter covers. 
 7. All construction power tools must be provided with ground fault protected circuits. 
 8. All temporary power to the construction site must be secured after the work is complete each day. 
 9. All temporary lighting and power must be removed once the permanent power and lighting is activated. 
 10. Outlet boxes for fixtures shall be stamped steel, 4 inches square or octagon at a depth consistent with the application. Offset back-to-back outlets by a minimum of 6 inches. 

11. Junction and pull boxes shall be constructed of galvanized sheet steel with screw-on covers. 

12. For Communication, remote control and fire protection signaling cable in air plenum and under 300 volts not in a
conduit shall be Fluoropolymer insulated cable approved by UL and NYC. 
 13. All signal cabling not run in
conduit must be bundled together, run parallel to core walls and be independently affixed to the slab above. No cabling will be allowed to rest or bear on the hung ceiling or its supports. No signal cabling may be run exposed. 

14. All power and communications systems shall use “poke-thru’s, power poles or flat wire to access interior
workstations that cannot take advantage of adjacent furred-out columns, walls or other architectural structures. Construction Documents submitted to the Landlord must identify existing poke-thru’s in addition to new poke-thru’s.

 15. Trenching will only be allowed as a last resort. For consideration, the Tenant must submit a detailed
trenching plan, signed & sealed by tenant’s structural engineer, to the Landlord for structural evaluation. Landlord reserves the right for final approval on all trenching issues. Poke-thru’s require the permission of any affected
Tenants on the floor below, and their installation may be restricted to after hours. 
  

	 	C.	Plumbing, Sprinklers & Standpipes 

 1. All components of all plumbing systems in the building must conform with and be installed in accordance with all applicable regulatory agencies, all reference standards, all industry standards, all
local jurisdictions, and manufacturers instruction in a manner consistent with the work of a first class tradesman. 
 2. The work permit must be posted at the work site and a copy must be with the Landlord prior to the start of work. 
 3. All sprinkler/stand-pipe shut-downs beyond normal construction hours will require the posting of a Fire Watch at the Tenant’s cost. 

4. Properly sized access doors must be provided at all locations where main, branch or appliance shut off valves are
located. 

  
 9 

 5. All the costs for shut-downs requested by Tenant or necessitated by
Tenant’s Alterations by building personnel shall be at the Tenant’s cost. 
 6. All routing of water
supplies, vents and drains will be done in a manner that limits horizontal runs and minimizes the impact to non-demolished spaces. 
 7. All new water consuming devices shall meet the current guidelines for water consumption. Water Closets – 1.5 gpm per flush, Urinals – 1 gpm per flush, Faucets – self-closing .5 gpm
automatic volume control. 
 8. Local shut-offs must be provided at all plumbing appliances. 

9. As per compliance with Code, all office build-outs shall be fully sprinkled. 

10. All sprinkler piping must be Hydrostatic tested for 2HRS at 200 PSIG. Test to be witnessed by Building Engineers.

 11. Hydraulic calculations shall be provided for sprinkler system modifications. Calculations shall indicate
pressure available and provide calculations verifying 30 minute water reserve. Base the calculations in accordance with NFPA 13, as modified by RS-17. 
  

	 	D.	Fire And Life Safety 

 1. All components of the Life Safety Systems must conform with and be installed in accordance with all applicable regulatory agencies, all reference standards, all industry standards, all local
jurisdiction and manufacturers instructions consistent with the work of a first class tradesman. 
 2. All Class
“E” work must be coordinated with Landlord’s Fire Safety Vendor. (Please contact Building Office for name and phone number). 
 3. Tenant will be responsible to make any and all additions and/or alterations to the existing Class “E” System to meet current applicable regulation as a result of Tenant’s alterations.

 4. MEA and/or BS & A approval numbers must be provided for all proposed fire alarm equipment.

 5. All means of egress are required to have single action exit hardware (i.e. panic bar with internal electric
release contacts). No two separate action egress systems are allowed under Code. 
 6. All electrical locking
systems interfaced with means of egress must fail-safe on power failure. They must also be properly interfaced with the Class “E” System’s door release circuit. 

7. The Class “E” Drawing must include a sequence of operation for the activation of each type of device
installed on the Class “E” System. 
 8. Engineers drawings to indicate wiring diagram of all Class
“E” panels, sub-panels, and devices including the size and type of wire required. 
 9. A complete set
of approved Class “E” shop drawings shall be provided to the Landlord. 
 10. All fire alarm devices to
be tested by Building Engineers prior to move in. 
 11. Tenants will not be permitted to move into their space
unless there is a properly operating Life Safety System. 

  
 10 

	 	E.	Communications Installation: (Data, Telephone, Fiber Optics. Etc.) 

1. All passage of communication cables through fire rated partitions must be sealed and fire-stopped in accordance with
current regulations. 
 2. All cables installed in plenum spaces must be approved and rated for plenum use or be
installed in a plenum rated enclosure. 
 3. Where approved cables are allowed and used, all cables must be
installed in bundles and independently fastened to the slab above so as not to impose an additional load on ceiling systems, HVAC systems, electrical systems, etc. All exposed cables within the Building’s usable space must be installed in
conduit or Building approved equal. 
  

	 	F.	Walls 

The wall board on all walls must penetrate the ceiling construction. Tenant shall have the right to use a manufactured
demountable partition system for no-related walls. Interior partition studs must extend to the underside of the slab above. All demising partitions, Building core and corridor wall construction must extend completely (slab to slab); wall board and
studs must extend to the underside of the slab as per Code. All floors requiring compartmentation must adhere to Code for same. All rated partitions must be approved for use by appropriate Governmental Authorities. 

 

	 	G.	Windows/Solar Screens And Draperies 

 1. Window wall frames and trim shall not be painted. 
 2. Glass
broken due to construction activity will be replaced by Landlord at Tenant’s expense. 
  

	 	H.	Fireproofing 

 Fire resistance ratings required by Code, Table 3-4, Construction Classification Class “1-A”. 
  

	 	I.	Building Lighting 

 1. Emergency egress lighting is provided in the stairways located in the building core. Illuminated exit signs are to be provided at the entry to each stairwell landing within the building core on each
floor. 
 2. The Landlord requires that the Building use lighting that conforms with Con Edison and NY State
Energy Code. 
  

	 	J.	Painting 

1. The Building requires all paints to be water based latex or low VOC Alkyds approved for use in New York City.

 2. The use of any strippers or volatile solvents must be approved by the Landlord before they are brought on
site. MSDS sheets must be provided to the Landlord prior to use of or all paint supplies used on the project. 

3. At the end of each work day, Tenant must properly dispose of empty cans, rags, rubbish, and other discarded paint
materials. Under no circumstance may paint, paint thinner, paint stripper, or associated liquids be flushed down the Building’s drains. All liquid waste and/or left over liquids must be removed from the Building and disposed of in a code
compliant manner. Any and all flammable liquids must be stored in an OSHA approved fire resistant cabinet for the duration of the project. 

  
 11 

	 	K.	Flooring 

1. All vinyl composition floor tile must be composition 1, asbestos-free. 

2. Adhesives, slab primers, leveling and patching compounds shall be a low VOC bearing formulation. 

 

	 	L.	Construction Sign Off/Compliance With Law 

 1. Tenant shall comply with the provisions of the Appendix B for all construction sign-offs. All post construction approvals and sign-offs must be processed expeditiously. If this documentation is not
received promptly, the Landlord will make the necessary arrangements after notifying Tenant in writing in advance of making such arrangements to obtain necessary approvals and sign-offs, at the Tenant’s expense. All notices of violations,
notices of defect, fines, associated expenses, etc. stemming from the non-compliance of the Tenant’s spaces or the non-compliance of the Tenant’s improvements will be borne by Tenant. Tenant will have 30 working days to take progressive
corrective action. If the Tenant fails to take progressive corrective action the Landlord will proceed to correct all defaults and Tenant will be charged the costs to remedy. Gross inadequacies of ventilating, plumbing or life safety systems could
delay and/or prevent the Tenant’s ability to occupy the space. 
 2. Concurrently with submitting
application for final payment, the Tenant’s Contractor, the sub-contractors and sub-sub contractors shall provide to Landlord for review a complete release of all liens from work and/or materials arising out of this project. 

 

	 	M.	General 

1. Tenant to key premises to Building master code system. Locksmith to provide bitting list upon completion of project
keying. Building standard lock is Schlage. Building to provide key code and keyway. Locksmith to provide 2 keys for cylinder: 
 A. 1 Floor Master 
 B. 1 Control Key 

Keys to be identified by room / door number 

2. No core drilling, hammering or any other similar activity shall be performed during normal building office hours which
in the sole judgment of the Property Manager interferes with the business of the tenants of the building. Tenant shall cease such work without penalty of offset against Landlord of any other Tenant. 

3. Restroom facilities to be coordinated through Building Management. 

4. Slop sinks not to be used for disposal of construction materials (dash patch, mortar, etc.) Provide container and
coordinate removal. 
 5. Tenant, at tenants sole cost, shall clean and / or repair building slop sinks at end of
project, or as needed. 
 6. Contractor to protect perimeter induction unit covers prior to the commencement of
construction. Contractor to clean top of induction unit (grill areas), floor underneath induction units upon completion of construction. Contractor to consult Property Management prior to painting perimeter covers. 

  
 12 

 7. Use of Fire Stairs is not permitted. Any contractor found to be using the
Fire Stairs will be removed from the Building and the project will be stopped. 
 8. No drilling of core wall
permitted without notification to the Property Manager. 
 9. All contractors are expected to adhere to Murray
Hill Properties Lock Out/Tag Out program. 
 10. No drilling of core walls or stripping of core walls will be
permitted without consulting with the Property Management Office. Work must be performed before or after business hours and protection from shaft side of core wall must be in place. Elevator mechanic must supervise during demolition. 

11. No conduit or electrical installations allowed in induction units. 

12. There is a no smoking policy in the building. Any contractor found smoking in the building will be removed from the
building. 

  
 13 

 Appendix A 
 Freight Elevator Information 
 (Normal Operations – Following Substantial
Completion of Tenant’s Initial Alterations) 
 Freight Entrances 

31st
 Street 
 Hours of Operation 

Regular Hours (General pickup and deliveries): 
 Monday through Friday, 8 AM to 5 PM, elevator usage is first come, first served. 
 After Hours:

 1. Large moves and extended deliveries must be scheduled for after 5 PM. weekdays, or anytime on weekends (with 4 hour minimum
charge) 
 2. Freight elevator reservations must be made in accordance with the Lease. Early reservations are encouraged. Rates
will be billed to the Tenant in accordance with the Lease. 
 General Rules 
 1. No elevator hatches are permitted to be opened for any reason during operation of the elevator unless a Building elevator mechanic is present. Top load or open hatch service must be arranged through
the Landlord at least 24 hours in advance and will be billed to Tenant as an additional charge. 
 2. Elevators can only be opened by Building
personnel. 
 3. The Building will not be held responsible if, due to a breakdown, a delivery is not completed. Passenger elevators will not be
used to carry freight. Tenant’s contractor’s moving freight or tools in the passenger elevators will be ejected from the Building. 

  
 14 

 Appendix B 
 Construction Sign-Offs 
 Post construction and prior to any request for final landlord
construction contribution and/or the release of the project retainage: 
 I. “As Built” design
drawings to include: (2 sets, 1 blue line/I sepia and CAD file AutoCAD® 2000 or later) 

Architectural 
 2. “As Built” design and/or shop drawings to include (2 sets, 1 blue line/l sepia and CAD AutoCAD® 2000 or later file) 
 Electrical 

HVAC / Sheet Metal Shop DWG 
 Plumbing 
 Sprinkler/Standpipe 

Class “E” / Fire Alarm 
 Structural 
 3. Air Balancing Reports 

4. Hydraulic Calculations 
 5. Two complete sets of operation and maintenance manuals 
 6. Walk through on all
systems to include: 
 Architectural 
 Electrical 
 HVAC 

Class “E” 
 Plumbing 
 Sprinkler 

Structural 
 7.
Plumbing Certificate of Inspection 
 8. N.Y.C. Building Dept. Equipment use Permits 

9. F.D.N.Y. Refrigeration Permits 
 10. Bureau of Electric Control Inspection Certificate 
 11. NYC Fire Dept. Letter
of Approval (“Class E”) 
 12. Directive 14 sign-offs 

13. Sprinkler/standpipe sign-off 
 14. Any other specialty sign-off 
 15. Locksmith biting list 

16. Sprinkler and / or condenser water Hydrostatic test reports 
 17. Ductwork pressure test reports 
 18. Approved cut sheets 

  
 15 

 Appendix C 
 Contractor Insurance Requirements 
 Insurance requirements for a Contractor performing work at
1250 Broadway: 
 A Certificate of Insurance should be supplied by the contractor-naming Owner and Managing Agent as Additional Named Insureds
as respects the General Contractors and his subs-contractors’ Commercial General Liability Policies, with the following minimum limits: 

OWNER: JT MH 1250 OWNER LP AND MURRAY HILL PROPERTIES, LLC AS MANAGING AGENT-
TO BE INCLUDED AS ADDITIONAL INSUREDS. THE FOLLOWING ARE ALSO TO BE COVERED AS ADDITIONAL INSUREDS: 
 JT MH 1250 Broadway LP; Murray
Hill Properties Real Estate Investment IV LP: 
 Murray Hill GP IV, LLC; Murray Hill Properties LLC; JTCI4 1250 Broadway, LP

 $1,000,000- (PER OCCURRENCE) SUBJECT TO: 
 $2,000,000- GENERAL AGGREGATE [*ON A PER PROJECT BASIS] 
 $1,000,000- PRODUCTS -
COMPLETED OPERATIONS 
 $1,000,000- PERSONAL AND ADVERTISING INJURY 

$ 100,000- FIRE, DAMAGE LEGAL LIABILITY 
 $ 10,000- MEDICAL EXPENSE LIMIT 
 The following endorsements should be evidenced: 

 

	 	1.	Notice of Occurrence 

	 	2.	Knowledge of Occurrence 

	 	3.	Unintentional Errors and Omissions 

 Evidence of
the following should be included on the Certificate: 
  

	 	1.	Commercial Automobile Liability with a minimum Combined Single Limit of $1,000,000 for “bodily injury” and “property damage”

  

	 	2.	Excess *Umbrella* Liablility at a minimum limit of S5,000,000 with a self-insured retention not to exceed $10,000 

 

	 	3.	Workers Compensation & Employers Liability 

  

	 	4.	New York State Disability Benefits (DBL) 

  
 16 

 SCHEDULE D 
 HVAC SPECIFICATIONS 

  
 D-1

 1250 BROADWAY 

MURRAY HILL PROPERTIES 

BASE BUILDING HVAC SPECIFICATION 

Landlord shall provide heating, ventilation and air-conditioning, in season as required for Tenant’s comfort, use and occupancy from 8:00 a.m. to
6:00 p.m., Monday through Friday, excluding holidays, subject to Tenants distributions system in accordance with good engineering practices. The proper performance of the Building air conditioning system serving the demised premises is based upon a
design to provide no higher then the following specifications: 
  

					
	Heating:	  	The heating component of the Building System HVAC shall be capable of maintaining 68 degrees (+/- 2 degrees) Fahrenheit when outdoor conditions are 11 degrees
Fahrenheit dry bulb, no control of humidity.
		
	Ventilation:	  	Subject to the assumption set forth below, the ventilating component of the Building System HVAC shall provide an average amount of filtered fresh air that meets
applicable ventilation codes. The foregoing is subject to the assumption that occupancy of the Premises is not in excess of one (1) person per one hundred (100) usable square feet.
		
		  	Building System shall provide minimum outside air as per NYC code. When outdoor temperatures permit, the outside air quantity may be increased to a maximum of 100% of
the air circulated.
		
	Air Conditioning:	  	Subject to the assumption set forth below, the air conditioning component of the Building System HVAC shall be capable of maintaining 75 degrees (+/- 2 degrees)
Fahrenheit at 50% relative humidity maximum, no control of humidity, when outdoor conditions are not more than 92 degrees Fahrenheit dry bulb and 74 degrees wet bulb from May 15 to October 15 of each lease year during the
Term.
			
		  	Occupancy:	  	Not in excess of one (1) person per one Hundred (100) usable square feet.
			
		  	Power Consumption:	  	Not in excess of four (4) watts per usable square foot demand load inclusive of supplemental HVAC equipment and lighting.

 SCHEDULE E 
 AFTER HOURS CHARGES 

  
 E-1

 OVERTIME PERIOD RATES 

 

			
	Freight elevator service:	    	$100 per hour with a 4 hour minimum on non-Business Days.
		
	Heating:	    	Perimeter steam radiation only at $480/hour, with a one-hour minimum on Business Days and a four-hour minimum at all other times.
		
	Air conditioning:	    	$560/hour for base Building air conditioning, with a four-hour minimum at all times. There will be no Building charge for operation of Tenant installed supplemental air-cooled
air conditioning units, if any. Electrical usage for any such supplemental air-cooled air conditioning units is independently measured on Tenant’s submeter(s) and shall be payable by Tenant.

 SCHEDULE F 
 CLEANING SPECIFICATIONS 

  
 F-1

 CLEANING SPECIFICATIONS 

General Cleaning - Tenant Occupied Spaces 
 Nightly – 5 nights each week, Monday through Friday excluding all union and legal holidays. 
  

	 	A.	Empty and clean all waste receptacles, removing ordinary office paper waste to the designated area outside of the premises for disposal by the cleaning personnel.

  

	 	B.	All stone, ceramic tiles, marble, terrazzo and other unwaxed flooring is to be swept nightly using approved dust-down preparation. 

 

	 	C.	All linoleum, rubber, asphalt tile and other similar types of floorings (that may be waxed) to be swept nightly using approved dust-down preparation.

  

	 	D.	Sweep with approved dust-down preparation all ceramic tile, marble and terrazzo flooring in entrance foyers. 

 

	 	E.	Sweep all rugs and carpeting, moving all light furniture and equipment, other than desks, file cabinets, etc. 

 

	 	F.	Hand dust and wipe clean all office furniture, fixtures, paneling and windowsills. Wash sills when necessary. 

 

	 	G.	Dust all glass furniture tops, removing smudges and finger marks. 

  

	 	H.	Remove all finger marks and other smudges from and around doors, knobs and light switches on walls. 

 

	 	I.	Wipe clean all chrome, aluminum, brass and other metal work. 

  

	 	J.	Wash, clean and disinfect all water fountains and coolers. 

  

	 	K.	Empty wastewater from bottled cooler fountains. 

  

	 	L.	Dust and/or wash all directory board and display glass as necessary. 

  

	 	M.	Hand dust all chair rails, wood rails, baseboards and trim. 

  

	 	N.	Dust all closet shelves. 

	 	O.	Hand dust all door and other ventilated louvers within reach of cleaner. 

  

	 	P.	Dust all plastic, leather or synthetic leather upholstered furniture as necessary; thoroughly vacuum seat cushions. 

 

	 	Q.	Dust interiors of all waste and disposal cans, receptacles or baskets as necessary. 

 

	 	R.	Dust under all desk equipment and telephone equipment. 

  

	 	S.	During nightly tour close all windows, extinguish all lights and lock all doors. 

 

	 	T.	Upon completion of work, all slop sinks are to be thoroughly cleaned; cleaning equipment and supplies are to be stored neatly in location designated by Building
Superintendent. 

 Tenant Lavatories 
 Nightly: 
  

	 	A.	All floors are to be swept and washed nightly using proper disinfectants. All mirrors, powder shelves, bright work and enamel surfaces, etc. including flushometers,
piping and toilet seat hinges are to washed and polished. 

  

	 	B.	Scour, wash and disinfect all basins, bowls, urinals and toilet seats (both sides) throughout all lavatories. 

 

	 	C.	All partitions, tile walls, dispensers and receptacles are to be dusted nightly and washed and polished as often as necessary to maintain sanitary condition. Paper
towel and sanitary disposal receptacles are to be emptied and cleaned nightly and waste transported to designated loading area for pick up by rubbish removal contractor. Paper towels, toilet paper and soap is to be supplied by contractor.

 Weekly 
  

	 	A.	Vacuum clean all rugs and carpeting. 

  

	NOTE:	Tenant to actively participate in the mandatory recycling required in the work place in compliance with the New York City Commercial Recycling Law.

 (Manage1/Cng-Spc) 

 SCHEDULE G 
 [Intentionally Deleted] 

  
 G-1

 SCHEDULE H 
 FORM OF LETTER OF CREDIT 

  
 H-1

 DECEMBER 07, 2011 
 TO 
 BENEFICIARY: 
 JT NH 1250 OWNER LP 
 C/O MURRAY HILL PROPERTIES 

277 PARK AVENUE, 21ST FLOOR 
 NEW YORK, NY 10172

  

	
	APPLICANT:
	VARONIS SYSTEMS, INC.
	499 SEVENTH AVENUE
	NEW YORK, NY 10018

  

					
	RE;	  	OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO.
			
		  	AMOUNT:	 	USD 85,737.67 (EIGHTY FIVE THOUSAND SEVEN HUNDRED THIRTY SEVEN AND 67/100 U.S.DOLLARS)

 LADIES AND GENTLEMEN: 
 BY ORDER OF OUR CLIENT, VARONIS, INC., WE HEREBY OPEN OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. IN YOUR FAVOR FOR AN AMOUNT NOT TO EXCEED IN AGGREGATE USD 85,737.67 (EIGHTY FIVE THOUSAND SEVEN HUNDRED
THIRTY SEVEN AND 67/100 U.S.DOLLARS), EFFECTIVE IMMEDIATELY AND EXPIRING AT THE OFFICE OF BANK LEUMI USA, 564 FIFTH AVENUE, 7TH FLOOR, NEW YORK, NY 10036 ATTN: LETTER OF CREDIT DEPT. ON DECEMBER 7, 2012 (HEREINAFTER THE “EXPIRATION DATE”)
AS THE SAME MAY BE EXTENDED AS PROVIDED HEREINAFTER. 
 THIS LETTER OF CREDIT IS BEING ISSUED TO THE BENEFICIARY PURSUANT TO A CERTAIN LEASE
MADE BY AND BETWEEN BENEFICIARY AS LANDLORD AND VARONIS SYSTEMS, INC. AS TENANT FOR PREMISES KNOWN AS 31ST FLOOR, 1250 BROADWAY, NEW YORK, NY 10001 (HEREINAFTER THE “LEASE”). 
 FUNDS HEREUNDER ARE AVAILABLE TO YOU AGAINST PRESENTATION OF YOUR SIGHT DRAFT(S), DRAWN ON US, MENTIONING THEREON OUR LETTER OF CREDIT NUMBER, ACCOMPANIED BY THE ORIGINALOF THIS LETTER OF CREDIT.

 IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE DEEMED AUTOMATICALLY EXTENDED, WITHOUT AMENDMENT, FOR ADDITIONAL CONSECUTIVE
PERIOD(S) OF ONE YEAR FROM THE EXPIRATION DATE HEREOF, OR ANY FUTURE EXPIRATION DATE, BUT NOT BEYOND MARCH 31, 2015 UNLESS AT LEAST 45 (FORTY FIVE) DAYS PRIOR TO ANY EXPIRATION DATE WE NOTIFY YOU BY CERTIFIED MAIL (RETURN RECEIPT REQUESTED) OR BY
EXPRESS COURIER (WITH 

  
 Page 1 of 2

 
OUR REF
NO:                                         
                   DATE: December 07, 2011 

DELIVERY CONFIRMED BY SIGNATURE OF RECIPIENT) THAT WE ELECT NOT TO EXTEND THIS LETTER OF CREDIT FOR ANY SUCH ADDITIONAL PERIOD, WHEREUPON YOU MAY DRAW BY
SIGHT DRAFT ON US FOR AN AMOUNT NOT TO EXCEED THE UNUTILIZED BALANCE OF THIS LETTER OF CREDIT, MENTIONING THEREON OUR REFERENCE NUMBER. 
 THIS
LETTER OF CREDIT IS TRANSFERABLE WITHOUT CHARGE TO BENEFICIARY AND MAY BE TRANSFERRED ONE OR MORE TIMES. NO TRANSFER SHALL BE EFFECTIVE UNLESS ADVICE OF SUCH TRANSFER IS RECEIVED BY US IN THE FORM ATTACHED AS ANNEX-A SIGNED BY BENEFICIARY. HOWEVER,
WE WILL NOT TRANSFER THIS LETTER OF CREDIT TO DESIGNATED NATIONALS OR SPECIALLY DESIGNATED NATIONALS AS DEFINED BY THE U.S. DEPARTMENT FOREIGN ASSETS CONTROL REGULATIONS. OUR CUSTOMARY CHARGES WILL BE FOR APPLICANT’S ACCOUNT. 

MULTIPLE AND PARTIAL DRAWING(S) ARE ALLOWED. 

REFERENCE TO THE LEASE IN THIS LETTER OF CREDIT IS FOR IDENTIFICATION PURPOSES ONLY. ITS TERMS AND CONDITIONS ARE NEITHER INCORPORATED HEREIN NOR ARE
THEY DEEMED AN INTEGRAL PART OF THIS LETTER OF CREDIT. 
 WE HEREBY AGREE TO HONOR EACH DRAFT(S) DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS
AND CONDITIONS OF THIS LETTER OF CREDIT IF RECEIVED BY US AT OUR OFFICE ON OR BEFORE THE EXPIRATION DATE, THE SAME MAY BE AS EXTENDED AS PROVIDED ABOVE. WE CAN BE REACHED AT 212-626-1123 (ROBERT REICH) OR 212-626-1095 (NICHOLAS ALICEA) 

SHOULD YOU HAVE OCCASION TO COMMUNICATE WITH US REGARDING THIS LETTER OF CREDIT, PLEASE DIRECT YOUR CORRESPONDENCE TO OUR OFFICE, MAKING SPECIFIC MENTION
OF THE LETTER OF CREDIT NUMBER INDICATED ABOVE. 
 EXCEPT AS FAR AS OTHERWISE EXPRESSLY STATED HEREIN, THIS STANDBY LETTER OF CREDIT IS SUBJECT
TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (2007 REVISION) INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 600 (“UCP 600”) AND AS TO MATTERS NOT GOVERNED BY THE UCP 600, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK AND APPLICABLE U.S. FEDERAL LAW. 
 VERY TRULY YOURS 

BANK LEUMI USA 
  

					
	  
	 		 	  

	AUTHORIZED SIGNATURE	 		 	AUTHORIZED SIGNATURE

  
 Page 2 of 2

 ANNEX-A 
 TO BANK LEUMI USA, NEW YORK STANDBY LETTER OF CREDIT NO.                      

 

	TO:	BANK LEUMI USA 

 564 FIFTH
AVENUE, 7TH FLOOR 
 NEW YORK, NEW YORK 10036 

DATE:
                     
 RE:
        LETTER OF CREDIT NO.                          ISSUED BY BANK LEUMI USA,
NEW YORK 
 GENTLEMEN: 
 FOR VALUE
RECEIVED THE UNDERSIGNED BENEFICIARY HEREBY IRREVOCABLY TRANSFERS TO: 
  

 
 (NAME AND ADDRESS OF TRANSFEREE)

 ALL RIGHTS OF THE UNDERSIGNED BENEFICIARY TO DRAW UNDER THE ABOVE LETTER OF CREDIT. 
 BY THIS TRANSFER, ALL RIGHTS OF THE UNDERSIGNED BENEFICIARY IN SUCH LETTER OF CREDIT ARE TRANSFERRED TO THE TRANSFEREE AND THE TRANSFEREE SHALL HAVE THE SOLE RIGHTS AS BENEFICIARY THEREOF, INCLUDING THE
SOLE RIGHTS RELATING TO ANY AMENDMENTS, WHETHER INCREASES OR EXTENSIONS OR OTHER AMENDMENTS AND WHETHER NOW EXISTING OR HEREAFTER MADE. ALL AMENDMENTS ARE TO BE ADVISED DIRECT TO THE TRANSFEREE WITHOUT NECESSITY OF ANY CONSENT OF OR NOTICE TO THE
UNDERSIGNED BENEFICIARY. 
 THE ADVICE OF SUCH LETTER OF CREDIT IS RETURNED HEREWITH, WITH ALL AMENDMENTS TO THIS DATE. WE REQUEST YOU TO NOTIFY
THE TRANSFEREE IN SUCH FORM AS YOU DEEM ADVISABLE OF THIS TRANSFER OF THE CREDIT AND OF THE TERMS AND CONDITIONS OF THE CREDIT AS TRANSFERRED. 

YOUR TRANSFER CHARGES ARE FOR THE ACCOUNT OF THE APPLICANT. 
  

					
	SIGNATURE AUTHENTICATED **	 		 	YOURS VERY TRULY,
			
	     
	 		 	  

	(BANK)	 		 	(BENEFICIARY’S SIGNATURE)
	  
 AUTHORIZED SIGNATURE
	 		 

  

	**	BENEFICIARY’S SIGNATURE MUST BE AUTHENTICATED BY THEIR BANKERS

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