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EXHIBIT 10.15    
    

GIBSON BUILDING

OFFICE LEASE  

        THIS LEASE is made and entered into as of the 27th day of May 2008 (the "Effective Date"), by and between AMERICAN
UNITED LIFE INSURANCE COMPANY as beneficiary of Lake County Trust No. 3535 (collectively hereinafter called "Landlord") and  EXACTTARGET, INC., a Delaware corporation
(hereinafter called "Tenant"). Tenant's address for purposes hereof shall be 20 North Meridian Street,
Suite 200, Indianapolis, Indiana 46204, or such other address as Tenant may designate from time to time. 

ARTICLE I  

THE DEMISE  

        Section 1.01.    Lease and Description of Leased Premises.    Subject to and upon the terms, provisions and
conditions hereinafter set forth, and each in consideration of the duties, covenants and obligations of the other hereunder, Landlord does hereby lease, demise and let to Tenant and Tenant does hereby
lease from Landlord, the Leased Premises, as defined herein, containing approximately 48,890 square feet of Rentable Area on the 4th and 5th floor of the
Gibson Building at 433 North Capitol Ave., Indianapolis, Indiana 46204 (the "Building"), which is located on Square 14 of the Donation Lands of the City of Indianapolis. The Building Site for purposes
herein shall include the Building footprint, the sidewalks and planters surrounding the Building. The Leased Premises is comprised of approximately 24,269 square feet of Rentable Area, located on the
5th floor of the Building, as designated on the plan attached hereto and made a part hereof as Exhibit A (the "5th Floor Space") and approximately
24,621 square feet of Rentable Area of space, located on the 4th floor of the Building, as designated on the plan attached hereto and made a part hereof as Exhibit B (the
"4th Floor Space") (the 5th Floor Space and the 4th Floor Space together are the "Leased Premises"). 

        Section 1.02.    Rentable Area.    Landlord has or shall use commercially reasonable standards, consistently
applied, in determining the Rentable Area of the Leased Premises and the Rentable Area of the Building in accordance with BOMA Standards. The Rentable Area shall include the area within the Leased
Premises. Subject to verification by Tenant's architect, the Rentable Area for the Leased Premises and Building, as herein stated, shall be deemed correct; provided, however, if Tenant's architect
determines the Rentable Area of the Leased Premises or the Building, based on BOMA Standards, is different than the Rentable Area herein stated, the parties will sign a lease modification agreement to
correct the Rentable Area based on BOMA standards, of either the Leased Premises or the Building and restate the Basic Rent and Tenant's Proportionate Share. If the Rentable Area of the Leased
Premises or the Building is adjusted as aforesaid, Landlord will reimburse Tenant for the expense of Tenant's architect in remeasuring the Rentable Area of the Leased Premises, the Building or both. 

        Section 1.03.    Definitions and Documentary Conventions.    Capitalized terms used in this Lease (including
all Exhibits, Appendices and Schedules hereto) and not otherwise defined herein, shall have the respective meanings ascribed to such terms as set forth in  Appendix A, attached hereto and made a
part hereof as if fully set forth herein. These Documentary Conventions shall apply to this Lease as from
time to time amended, modified, replaced, restated, extended or supplemented, including by waiver or consent, and to all attachments thereto and all other documents or instruments incorporated
therein. When used in this Lease or any other instrument governed by these Documentary Conventions: (i) references to a Person are, unless the context otherwise requires, also to its heirs,
executors, legal representatives, successors and assigns, as applicable; (ii) "hereof," "herein," "hereunder" and comparable terms refer to the entire instrument in which such terms are used
and not to any particular articles, section or other subdivision thereof or attachment thereto; (iii) references to any gender include, unless the context otherwise requires, references to the
plural, and vice versa; (iv) "shall" and "will" have equal force and effect as mandatory obligations; (v) references in an 

 

instrument
to "Article," "Section," "Paragraph" or another subdivision or to an attachment are, unless the context otherwise requires, to an article, section, paragraph or subdivision of this Lease;
(iv) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles consistently applied; and
(vii) "include," "includes" and "including" shall be deemed to be followed by "without limitation" whether or not they are in fact followed by such words or words of like import; and
(viii) any rule of construction to the effect that any ambiguities are to be resolved against the drafting party will not be employed in the interpretation of this Lease or any amendments or
schedules hereto. 

ARTICLE II  

TERM AND IMPROVEMENTS  

        Section 2.01.    Leased Premises Term.    Subject to and upon the terms and conditions set forth herein, or in
any exhibit or addendum hereto, this Lease for the Leased Premises shall be effective and commence upon the Effective Date. The Basic Rent and other Rental, as hereinafter defined and as it relates to
the 4th Floor Space, shall commence and the Lease shall continue in force for a term of One Hundred Twenty (120) months from the earlier of: (i) the date the Tenant
Leasehold Improvements are completed and Tenant commences to conduct its business from the Leased Premises, or (ii) the date that is one hundred twenty (120) days from the Approval Date,
provided however, in no event more than one hundred fifty (150) days from the Effective Date. For purposes of this Lease, the term "Approval Date" shall mean the date Landlord has approved
Tenant's preliminary and final plans and specifications for the construction of the Tenant Leasehold Improvements pursuant to Section 2.02a. If the 4th Floor Space is not
ready for occupancy within said one hundred twenty (120) days after the Approval Date due to Tenant's change in the plans for construction for the 4th Floor Space or
Tenant's failure to approve, in a timely manner, any matter requiring Tenant's approval, payment of Rental shall commence and Landlord shall not be liable or responsible for any claims, damages or
liabilities in connection with, arising from, or by reason of such delay and the term of this Lease shall continue for the same term of months as set forth above. Landlord and Tenant will, at the
request of either, execute a declaration specifying the commencement of payments of Rental and expiration dates of the term of this Lease. 

        Section 2.01.a.    5th Floor Space Term.    If Tenant desires to fully occupy the
5th Floor Space prior to the expiration of the twelfth (12th) month, Tenant shall provide Landlord thirty (30) days prior written notice of Tenant's intention
to occupy the 5th Floor Space. The Basic Rent and all other Rental related to the 5th Floor Space shall commence upon the earlier of: (i) Tenant's
occupancy of the 5th Floor Space, or (ii) twelve (12) months after the commencement of Rental on the 4th Floor Space. 

        Notwithstanding
the foregoing, prior to Tenant's full occupancy of the 5th Floor Space, Tenant shall have the right to periodically use the
5th Floor Space for company meetings or gatherings by giving Landlord twenty four (24) hours prior notice of Tenant's intent to do so. Tenant accepts the
5th Floor Space in "as is" condition for this use and Landlord shall have no obligation to provide any services or specific utilities to the 5th Floor Space,
except as expressly set forth herein. Tenant shall reimburse Landlord, for the cost of any additional heating and cooling requested by Tenant at a rate of $55.00 per hour and for the cost of
janitorial services, supplies, repairs and maintenance as a result of Tenant's use of the 5th Floor Space. Such services shall be invoiced as additional rent and appear on the
monthly rental invoice. Furthermore, Tenant indemnifies and holds Landlord harmless for any liability associated with Tenant's use or temporary occupancy of the 5th Floor Space;
provided, however, Tenant's indemnification as set forth in this sentence shall not include the negligence or willful misconduct of Landlord, its employees, agents or contractors. 

        Section 2.02.    Preparation of 4th Floor Space and Allowance.    Tenant accepts the
4th Floor Space in "as-is" condition without additional improvements by Landlord. Landlord agrees to provide Tenant with 

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an
improvement allowance for the 4th Floor Space in the amount of Seven Hundred Thirty Eight Thousand Six Hundred Sixty and 00/100 Dollars ($738,660.00) (the "Tenant Improvement
Allowance") which Tenant may apply against the cost of construction, furnishing and designing the 4th Floor Space, moving, acquiring or installing telephone, data, and word
processing equipment, and any other purpose relating to the 4th Floor Space. Any unused portion of the Tenant Improvement Allowance may be applied to Rental. Tenant agrees that
any cost of the tenant improvements exceeding the Tenant Improvement Allowance shall be the responsibility of the Tenant. All improvements, except as otherwise provided for herein, for either the
4th Floor Space or the 5th Floor Space (the "Tenant Leasehold Improvements") shall be surrendered to Landlord with the Leased Premises upon termination of
this Lease by lapse of time or otherwise. 

        Section 2.02.a.    Construction of 4th Floor Space Improvements.    Tenant shall cause to
be prepared a complete set of preliminary plans and specifications for the construction of the Tenant Leasehold Improvements for the 4th Floor Space. Landlord shall have five
(5) business days to review and approve or disapprove, in writing, such plans and specifications. If the preliminary plans and specifications are not approved, the parties shall confer and
negotiate in good faith to reach a mutual agreement on the plans and specifications. If Landlord does not disapprove of such plans and specifications in writing within such 5 day period, they
shall be deemed approved. 

        When
the parties have reviewed and approved the preliminary plans and specifications for the Tenant Leasehold Improvements, Tenant shall cause its architect to prepare the proposed final
plans and specifications for the Tenant Leasehold Improvements. Landlord shall review said final plans and specifications within five (5) business days and provide its approval or disapproval.
If the proposed final plans and specifications are not approved, the parties shall confer and negotiate in good faith to reach a mutual agreement on the final plans and specifications. If Landlord
does not disapprove of such plans and specifications in writing within such 5 day period, they shall be deemed approved. 

        Within
fifteen (15) days following approval of the final plans and specifications, Tenant shall engage a general contractor to construct the Tenant Leasehold Improvements from the
list of general contractors approved by Landlord and set forth in Exhibit C attached hereto and made a part hereof. The construction contract between Tenant and its general contractor shall
require the general contractor to: (i) observe all reasonable construction rules and regulations promulgated by Landlord; (ii) carry liability and completed operations insurance in form,
amounts, and with companies reasonably acceptable to Landlord; and (iii) perform the work in a manner to minimize interference with other Building occupants. Landlord or its representative
shall have the right to enter the Leased Premises at all reasonable times for the inspection of the Tenant Leasehold Improvements. 

        Landlord
shall disburse from the Tenant Improvement Allowance, no more than once every two (2) weeks, upon receipt of evidence of completion of the work and inspection and
approval by Landlord
or its representative, such approval not to be unreasonably withheld, conditioned or delayed. At the written request of Tenant, which shall include verification of Tenant's approval of the applicable
work completed as well as lien waivers or partial lien waivers from the general contractor, Landlord shall disburse all or any applicable portion of the Tenant Improvement Allowance directly to the
general contractor. 

        Section 2.02.b.    Preparation of the 5th Floor Space.    Landlord agrees, solely at
Landlord's expense, to prepare and paint the ceiling and to install building standard lighting and mini blinds on the 5th Floor Space similar in fashion to that which was
installed on the 4th Floor Space as of the Effective Date. If requested by Tenant, Landlord agrees to provide Tenant a loan to be used for all other Tenant Leasehold Improvements
to the 5th Floor Space in an amount not to exceed Seven Hundred Twenty Eight Thousand Seventy and 00/100 Dollars ($728,070.00) (the "5th Floor Space
Improvement Loan"), which Tenant may use for the cost of construction, furnishing and designing the 5th Floor Space, 

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moving,
acquiring or installing telephone, data, and word processing equipment, and any other purpose relating to the 5th Floor Space. 

        Prior
to Landlord funding any 5th Floor Space Improvement Loan, if requested by Landlord, Tenant shall provide Landlord with financial information on Tenant in
sufficient quantity and quality, in Landlord's reasonable judgment, to evaluate the creditworthiness of Tenant. Landlord shall have ten (10) business days from receipt of the financial
information to review and approve or disapprove funding of the 5th Floor Space Improvement Loan. If the financial condition of Tenant has had a material adverse change since the
date of this Lease, Landlord shall have no obligation to fund the 5th Floor Space Improvement Loan. 

        Construction
of the Tenant Leasehold Improvements to the 5th Floor Space will be subject to Landlord's approval pursuant to the terms, conditions, and procedures
found in Section 2.02.a. Tenant shall have ninety (90) days from the earlier of the date Tenant receives Landlord's approvals of the preliminary and final plans and specifications for
the Tenant Leasehold Improvements or twelve (12) months after commencement of Rental on the 4th Floor Space to commence any Tenant Leasehold Improvements to the
5th Floor Space that Tenant desires to fund by the 5th Floor Space Improvement Loan. No additional disbursements from the 5th Floor Space
Improvement Loan shall be made after such ninety (90) days, except to pay bills and invoices for Tenant Leasehold Improvements installed or performed during such ninety (90) day period,
but which are not received until after such ninety (90) day period. Interest shall be charged to Tenant on all outstanding principal under the 5th Floor Space Improvement
Loan at a rate of eight and one half percent (81/2%) per annum and equal monthly payments of principal and interest, amortized over the remaining original term of this Lease, shall be
made to Landlord on the first day of each month after such ninety (90) day period, along with the other Rental required hereunder. At the request of Landlord, Tenant shall execute a Promissory
Note payable to Landlord evidencing all amounts owed under the 5th Floor Space Improvement Loan with the terms of such Promissory Note to reflect the interest and payment
provisions above. 

ARTICLE III  

USE AND OCCUPANCY  

        Section 3.01.    Use.    The Leased Premises are to be used and occupied for the purpose of a general office
business and other purposes incidental to a general office business and for no other purposes, without the consent of Landlord. 

        Section 3.02.    Care of the Leased Premises.    Tenant shall not commit or allow any waste or damage to be
committed on any portion of the Leased Premises. Tenant shall not occupy or use, or permit any portion of the Leased Premises to be occupied or used, for any business or purpose which is unlawful,
disreputable or deemed to be extra-hazardous on account of fire, or permit anything to be done which would in any way increase the cost of fire or other insurance coverage on said Building and/or its
contents. (Landlord hereby acknowledges that the use of the Leased Premises by Tenant as permitted in Section 3.01 would not be considered unlawful, disreputable, extra-hazardous or would not
result in an increase in insurance costs.) Tenant shall not place any objects in any part of the Leased Premises that would cause a load on the floors of the Leased Premises in excess of fifty
(50) pounds per square foot for any portion of the Leased Premises without prior approval by Landlord, except for those areas of the Leased Premises identified by Tenant and approved by
Landlord (primarily any file or storage rooms) where greater design loads are necessary or required. Landlord shall have the right to have a floor load analysis of any part of the Leased Premises made
at any time. If such analysis should indicate that the foregoing limitations have been exceeded, Tenant shall promptly take such action as may be required to eliminate the overloading condition and
will reimburse Landlord for the expense incurred in completing the analysis as well as any damage caused by such overloading. 

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        Section 3.03.    Laws and Regulations; Rules of Building.    Tenant, at Tenant's cost, shall comply with all
Applicable Laws, including without limitations any ADA (American with Disabilities Act) requirements, relating to the use, condition or occupancy of the Leased Premises by Tenant during the lease
term. Notwithstanding the foregoing, Landlord is responsible, at Landlord's cost, to comply with ADA requirements in the restrooms located on the 4th and
5th floors as of the Commencement Date. All other compliances with Applicable Laws relating to the Building shall be at Landlord's sole cost and expense. Tenant will comply with
the Rules of the Building adopted by Landlord from time to time (including those attached hereto and made a part hereof) for the safety, care and cleanliness of the Leased Premises and the Building
and for preservation of good order therein, all of which will be nondiscriminatory and uniformly applied to Landlord, Tenant and all other tenants of the Building and will be sent by Landlord to
Tenant in writing and thereafter shall be carried out and observed by Tenant. A complete copy of the Rules of the Building in effect at the time of execution of this Lease is
attached hereto and made part hereof as Exhibit D. Landlord shall exercise reasonable diligence to assure that Landlord and other tenants of the Building observe such Rules of the Building;
provided, however, Landlord shall not be held responsible or liable for the failure of any other tenant to observe any Rules of the Building or any other provision of its lease. Notwithstanding
anything to the contrary contained in this Section 3.03 or in the other provisions of the Lease, it is agreed that Tenant is neither responsible for latent defects existing as of the Effective
Date discovered in the Leased Premises which shall be corrected or repaired by Landlord, at Landlord's sole cost and expense, nor responsible for complying with the legal and insurance requirements
(collectively, "Building Requirements"), when (a) such Building Requirements are imposed on a Building wide basis and do not relate to Tenant's particular manner of use of the Leased Premises,
(b) a notice of violation or order was issued prior to the date Tenant is given possession of the Leased Premises, or (c) such Building Requirements require investigating, certifying,
monitoring, encapsulating, removing or in any way dealing with asbestos or Hazardous Materials existing on or before the Effective Date hereof. 

        Section 3.04.    Nuisance.    Tenant and Landlord shall conduct their business and control their agents,
employees, invitees and visitors in such manner as not to create any nuisance. Tenant shall not interfere with, annoy or disturb any other tenant or Landlord in its operation of the Building and
Landlord shall not interfere with, annoy or disturb Tenant so long as no Event of Default exists under this Lease. 

        Section 3.05.    Entry to Leased Premises.    Landlord hereby covenants to Tenant that subject to reasonable
Rules of the Building which Landlord may establish in the interest of Building security, Tenant shall have access to the Building, its elevators and the Leased Premises twenty-four hours
per day, seven days a week throughout the Lease Term subject to after- hours costs related to Tenant's access. 

        Section 3.06.    Pass Keys.    Landlord shall furnish to Tenant, at Landlord's sole cost and expense, an
initial supply of keys or other security devices (security fobs or cards) in order to access the Building, the elevators serving the Leased Premises and the Leased Premises 24 hours a day,
seven (7) days each week during the term of this Lease. For purposes of this Section, an initial supply shall mean five (5) sets per each 1,000 square feet of Rentable Area in the Leased
Premises (both 5th Floor Space and 4th Floor Space included). After Tenant receives its initial supply, Landlord, at Tenant's option and at Tenant's expense,
shall from time to time replace or supplement, as needed, pass keys or other security devices (security fobs or cards), except in the case of Tenant's expansion into any Expansion Space from time to
time, and in such event or events, Landlord will provide Tenant, at Landlord's sole cost and expense, five (5) sets of keys or other security devices (security fobs or cards) per each 1,000
square feet of Rentable Area of Expansion Space leased by Tenant from time to time during the term of this Lease. 

        Section 3.07.    Trade Fixtures.    Any trade fixtures installed on the Leased Premises by Tenant, such as
movable partitions, counters, shelving, showcases, mirrors and the like ("Trade Fixtures"), may, and, 

5

 

at
the request of Landlord, shall be removed on the expiration or earlier termination of this Lease, provided that Tenant bears the cost of such removal, and further that Tenant repairs at its own
expense any and all damage to the Leased Premises resulting from such removal. If Tenant fails to remove any such Trade Fixtures from the Leased Premises on the expiration or earlier termination of
this Lease, all such Trade Fixtures shall become the property of Landlord. 

ARTICLE IV  

RENT  

        Section 4.01.    Basic Rent.    Tenant hereby agrees to pay a basic rent (hereinafter called "Basic Rent") in
an amount equal to: 

	Space
 
	 	Basic Rent

Monthly
	 	Basic Rent

Annualized

	4th Floor Space	 	$	34,879.75	 	$	418,557.00
	5th Floor Space	 	$	26,291.42	 	$	315,497.00

The
Basic Rent shall be payable in advance on the first day of each month beginning on the applicable Rent Commencement Date. The Basic Rent together with Tenant's Proportionate Share of Excess
Operating Cost and Governmental Charges to be paid by Tenant as defined in Sections 4.02, 4.03, 4.04 and 4.05 hereof are referred to hereinafter as "Rental." Tenant shall pay the Rental monthly
to Landlord at Landlord's Building management office at Colliers Turley Martin Tucker, Suite 170, One American Square, Indianapolis, IN. 46282, or at such other location as Landlord may
designate from time to time, without demand and without any deduction, abatement, counterclaim or set-off, except as otherwise expressly set forth herein. In the event of a partial month
at the beginning or end of the term of this Lease, the Rental shall be prorated on the basis of a 30-day month. Any portion of the Rental or any other charges not paid within five
(5) business days of when due shall bear a delinquency service charge equal to five cents per dollar of such delinquency. In addition, interest at the rate set forth in Section 10.05 of
this Lease shall be charged on any Rental not received within thirty (30) days of the date due. All Rental and other charges payable by Tenant pursuant to the terms of this Lease shall be
payable without relief from valuation and appraisement laws. 

        Section 4.02.    Operating Cost.    That portion of the Building that is designated as office space for
purposes of this Lease is located on the second, third, fourth and fifth floors of the Building and includes approximately 98,216 square feet of Rentable Area ("Office Area"). Areas of the
1st floor shall not be deemed Office Area regardless of their use. In addition to the Basic Rent on the 5th Floor Space, Tenant shall pay each calendar year
as part of the Rental Tenant's Proportionate Share of the amount by which the Office Area Operating Cost, grossed up as if the Office Area of the Building were 100% occupied, for the Building in any
calendar year exceeds the "Basic Operating Cost" of Five Hundred Eighty-Seven Thousand Three Hundred Thirty-One and 68/100 Dollars ($587,331.68); any such excess may be referred to herein
as "Excess Operating Cost." Landlord represents and warrants to Tenant that the Basic Operating Cost was grossed up as if the Office Area of the Building was 100% occupied. Except to the extent herein
otherwise provided, the term "Operating Cost" as used herein shall mean all expenses and costs (but not Excluded Operating Expenses or specific costs which are separately billed to and paid or
reimbursed by specific tenants) of every kind and nature which Landlord shall actually pay or incur because of or in connection with the ownership and operation of the Office Area of the Building
during a calendar year, as determined by Landlord in accordance with generally accepted accounting principles, consistently applied, and with sound management practices generally accepted with respect
to the operation and maintenance of first class office buildings in Marion County, Indiana ("Comparable Office Buildings"), including, but not limited to, the following: 

        (a)   Wages, salaries, fringe benefit costs, payroll taxes, unemployment compensation payments, workmen's compensation
insurance premiums and other related expenses of all employees directly 

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engaged
in the operation, cleaning, maintenance and security of the Building; costs of Building employee uniforms and cleaning thereof; the cost of fair rental value of a Building management office;
and the management fees payable by Landlord (excluding brokerage commissions for leasing) if management of the Building is contracted to a third party; 

        (b)   All supplies and materials used in the operation, cleaning, maintenance and security of the Office Area of the Building
and all of its machinery and equipment; 

        (c)   Cost of utilities, including water and power for heating, lighting, air conditioning and ventilating the entire Office
Area of the Building (including all common and service areas), fuel adjustment charges, sewer use charges and any utility taxes; 

        (d)   Cost of all management, maintenance, security and service agreements for the Office Area of the Building and the
equipment therein, including, without limitation, alarm service, trash removal, window cleaning and elevator maintenance; 

        (e)   Accounting costs, including the costs of audits by certified public accountants, pertaining solely to the management and
operation of the Office Area of the Building; 

        (f)    Cost of all insurance, including, without limitation, fire, casualty, liability and rental value insurance applicable to
the Office Area of the Building and Landlord's personal property used in connection with the operation and maintenance of the Office Area of the Building; 

        (g)   Cost of repairs, replacements and general maintenance of the Office Area of the Building and each part thereof (excluding
repairs, replacements and general maintenance paid by proceeds of insurance or by Tenant or other third parties, and alterations attributable solely to other tenants of the Office Area of the
Building); 

        (h)   Snow removal, landscaping and any and all other common area maintenance costs related to the Common Areas in the Office
Area of the Building, including sidewalks and landscaping on the Building Site ; and 

        (i)    Amortization over the anticipated useful life pursuant to generally accepted accounting principles of capital
improvements made to the Office Area of the Building subsequent to the commencement date of this Lease which may be required by governmental authorities or which will improve the operating efficiency
of the Office Area of the Building resulting in a reduction of Operating Cost. 

        (j)    Cost of all insurance required to be maintained by Landlord herein including but not limited to terrorism coverage, to
the extent not covered by (f) above. 

        Section 4.03.    Excluded Operating Cost.    Notwithstanding anything in this Lease to the contrary, the
following items shall be excluded from the "Operating Cost" of the Building and shall be deemed "Excluded Operating Expenses" as used herein: 

        (a)   Except for deductible amounts pursuant to an insurance policy, repairs or other work occasioned by fire, windstorm or
other casualty generally insured under standard insurance policies carried by landlords on Comparable Office Buildings or by the exercise of eminent domain. 

        (b)   Leasing commissions, attorneys' fees, costs and disbursements and other expenses incurred in connection with negotiations
or disputes with tenants, other occupants, or prospective tenants or other occupants. 

        (c)   Attorneys' fees, costs and expenses in maintaining the Trust. 

        (d)   Renovating or otherwise improving or decorating, painting or redecorating tenant space for tenants or other occupants of
the Building. 

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        (e)   Landlord's cost of electricity and other services that are sold to tenants and for which Landlord is entitled to be
reimbursed by tenants as an additional charge or rental over and above the basic rent payable under the lease with such tenant. 

        (f)    Costs incurred by Landlord for alterations which are considered capital improvements and replacements under generally
accepted accounting principles, except where the improvement reduces the operating expenses and is charged to Tenant on a prorated basis over the depreciable life of the improvement. 

        (g)   Depreciation and amortization. 

        (h)   Costs of a capital nature, including, but not limited to, capital improvements, capital equipment, and capital tools all
in connection with generally accepted accounting principles except as provided for in (f). 

        (i)    Expenses in connection with services or other benefits of a type which are not provided Tenant but which are provided to
another tenant or occupant. 

        (j)    Costs incurred due to violation by Landlord or any tenant of the terms and conditions of any lease. 

        (k)   Overhead and profit increment paid to subsidiaries or affiliates of Landlord for services on or to the real property, to
the extent only that the costs of such services exceed competitive cost of such services were they not so rendered by a subsidiary or affiliate. 

        (l)    Interest on debt or amortization payments on any mortgage or mortgages, and rental under any ground or underlying lease
or leases. 

        (m)  Landlord's general overhead. 

        (n)   Any compensation paid to clerks, attendants, or other person in commercial concessions operated by Landlord. 

        (o)   All items and services for which Tenant reimburses Landlord or pays third persons. 

        (p)   Advertising or promotional expenditures. 

        (q)   Any costs, fines or penalties incurred due to violations by Landlord of any governmental rule or authority. 

        (r)   Management costs unless they are included in the computation for "Basic Operating Cost" and do not exceed similar costs
incurred in Comparable Office Buildings. 

        (s)   Operating costs for sculpture, paintings, or other objects of art. 

        (t)    Operating costs incurred in the operation of the Retail Area and capital improvements made to the Retail Area. 

        (u)   Wages, salaries, or other compensation paid to any executive employees above the grade of General Manager. 

        (v)   Rentals and other related expenses incurred in leasing air conditioning systems, elevators or other equipment ordinarily
considered to be of a capital nature, except equipment which is used in providing janitorial and housekeeping services and which is not affixed to the Building. 

        (w)  Governmental Charges. 

No
costs or expenses incurred in connection with the ownership, maintenance or operation of the parking lots located to the south and east of the Building or in connection with the ownership,
maintenance or operation of any facilities located other than on the Building Site shall be included for 

8

 

determination
of the Office Area Operating Cost as that term is used herein. In no event shall Landlord collect from tenants of the Office Area of the Building any amount in excess of one hundred
percent (100%) of actual Operating Cost for the Office Area of the Building. Landlord shall make no profit in connection with Operating Cost for the Office Area and Retail Area, nor shall Landlord
recover any item of cost twice through Operating Cost for the Office Area and Retail Area. There shall not be included in Operating Cost any costs in excess of those that would be reasonably incurred
by prudent operators and managers of similar Comparable Office Buildings. If the commencement or termination dates of this Lease are other than January 1st or
December 31st, respectively, of any calendar year, Basic Operating Cost and Excess Operating Cost for any such calendar year shall be prorated. 

        Landlord
shall allocate on a consistent and equitable basis, in accordance with the good faith determination of Landlord applying sound accounting and property management principles
consistently applied, the operating costs and expenses of providing Building services to the Retail Space of the Building and the Parking Lots so as to exclude all such costs and expenses from
Operating Cost charged to the Office Space of the Building. Landlord shall also allocate on a consistent and equitable basis, in accordance with the good faith determination of Landlord applying sound
accounting and property management principles consistently applied, all taxes, service payments in lieu of taxes, assessments, excises, levies, fees, or charges, general or special, ordinary and
extraordinary, unforeseen as well as foreseen, or any kind of which are assessed, levied, charged, condemned, or imposed by any public authority upon the Retail Space of the Building and the Parking
Lots so as to exclude such governmental charges for the Retail Space of the Building and the Parking Lots from the Governmental Charges payable under this Lease for the Office Area of the Building and
Building Site. 

        Section 4.04.    Payment of Tenant's Proportionate Share of Excess Operating Cost.    Except as provided in
Section 4.05, Tenant shall pay to Landlord, as part of the Rental Tenant's Proportionate Share of the
Excess Operating Cost, for both the 5th Floor Space and the 4th Floor Space, within thirty (30) days after delivery to Tenant of a statement of the
Office Area Operating Cost and a computation of Tenant's Proportionate Share of the Excess Operating Cost. On Tenant's written request given not more than ninety (90) days after Tenant's
receipt of a statement of Operating Cost and Excess Operating Cost for a particular calendar year, and provided that Tenant is not then in default under this Lease beyond the applicable cure period
provided for in this Lease, the Landlord shall provide Tenant with a statement (Expense Statement) of the Office Area Operating Cost for the Building for said calendar year and with such reasonable
supporting documentation as Tenant may reasonably request. Landlord shall provide this information and the Expense Statement to Tenant within sixty (60) days after Tenant's written request. 

        Section 4.05.    Landlord's Right to Estimate Operating Cost.    Landlord may estimate Operating Cost for the
Office Area of the Building for any calendar year, commencing January 1, 2009. If such estimate is in excess of the Basic Operating Cost, Landlord shall notify Tenant at least thirty
(30) days prior to the next Rental payment date and Tenant shall pay to Landlord, as part of the Rental, Tenant's Proportionate Share of such estimated annual excess. Estimated annual Excess
Operating Cost shall be payable in monthly installments as nearly equal as possible beginning on the Rental payment date next following the date of notice to Tenant as above stated and ending on the
last Rental payment date for such calendar year. Within a reasonable period of time after the end of such calendar year, Landlord shall render to Tenant a final statement of the Office Area Operating
Cost for such calendar year and a computation of Tenant's Proportionate Share of the Excess Operating Cost (the "Annual Statement"). Within thirty (30) days thereafter, Tenant shall pay to
Landlord Tenant's Proportionate Share of the Excess Operating Cost, less amounts previously paid by Tenant as a result of Landlord's estimate. If the computation shows that a refund is due Tenant,
such amount shall be paid with the statement reconciling the Operating Cost rendered to Tenant. 

9

 

        Section 4.06.    Governmental Charges.    Tenant shall pay to Landlord, as part of the Rental, Tenant's
Proportionate Share of all taxes, service payments in lieu of taxes, assessments, excises, levies, fees, or charges, general and special, ordinary and extraordinary, unforeseen as well as foreseen, of
any kind which are assessed, levied, charged, condemned, or imposed by any public authority upon the Building Site and/or the Building related to the Office Area, personal property owned or used in
connection with the operation of the Building or upon its operations or the rent provided for in this Lease and payable during the term of this Lease, referred to herein as "Governmental Charges," but
excluding any Governmental Charges for the parking lots and income taxes, gross receipt taxes or similar taxes upon Landlord's rental receipts. It is agreed that Tenant will be responsible for the ad
valorem taxes on its own personal property in, on or about the Building. Tenant shall pay during the calendar year commencing calendar year 2009, Tenant's Proportionate Share of all Governmental
Charges in advance in monthly installments as nearly equal as possible. The amounts payable during the calendar year prior to the time when the actual amount of Governmental Charges payable that year
is determined shall be based upon Landlord's reasonable estimate of the amount of such Governmental Charges, to be adjusted in the first month next following the date when the exact amount of such
Governmental Charges is determined. Governmental Charges for periods of less than a calendar year shall be on a pro rata basis. Overpayments or under payments of the Tenant's Proportionate Share of
actual
Governmental Charges shall be paid or reimbursed in the same fashion as overpayments or under payments of Tenant's Proportionate Share of Basic Operating Cost as provided in Section 4.05
hereof. 

        Section 4.07.    Audit of Landlord's Books.    Landlord shall keep at the Building full, accurate and separate
books of account covering Landlord's Basic Operating Cost and the Operating Cost incurred for the Office Area of the Building for each calendar year during the term of this Lease. Landlord shall
retain such books of account for a period of at least two (2) years after the expiration of each calendar year. Tenant shall have the right at all reasonable times to inspect such books of
account. If Tenant does not agree with Landlord's determination of Tenant's Proportionate Share of the Excess Operating Cost for any particular calendar year, then Tenant shall have the right, if
notice of the nature and extent of such disagreement is given to Landlord not later than sixty (60) days following receipt of the Annual Statement by Tenant, and if the parties are unable to
resolve such disagreement by negotiation within sixty (60) days following Tenant's notice to Landlord, to cause an audit to be made of Landlord's records concerning Tenant's Proportionate Share
of the Excess Operating Cost by a qualified independent certified public accountant designated by Landlord from a list of not fewer than five (5) such accountants selected by Tenant. Such audit
shall be conducted only during regular business hours at the office where Landlord maintains its records concerning the Operating Cost for the Office Area of the Building and shall be at the expense
of Tenant unless the audit discloses an error in excess of five percent (5%) in the computation of the total amount of Tenant's Proportionate Share of the Excess Operating Cost, in which case the
audit shall be at the expense of Landlord. The results of the audit shall be delivered to both Landlord and Tenant within fifteen (15) days after completion by the certified public accountant
and shall be binding upon Landlord and Tenant. If no such notice of disagreement is received by Landlord within thirty (30) days following receipt of the Annual Statement by Tenant, or if
Tenant shall not elect to cause an audit by notice to Landlord by the thirty-fifth (35th) day following Tenant's notice of disagreement, then the Annual Statement shall be conclusively
deemed to have been approved and accepted by Tenant. Pending resolution of any dispute with respect to the Annual Statement, Tenant shall pay the sum as shown on the Annual Statement, and if it shall
finally be determined that any portion of such sum was not properly due, Landlord shall promptly refund the appropriate sum to Tenant. 

10

 
ARTICLE V  

BUILDING OPERATION AND SERVICES  

        Section 5.01.    Services.    Landlord agrees to furnish to the Leased Premises the following services at no
additional charge or expense to Tenant (except as otherwise noted below), as are customarily furnished to Comparable Office Buildings and to the extent reasonably necessary for Tenant's comfortable
use
and occupancy of the Leased Premises for general business office use or as may be required by law or directed by government authority: 

        (a)   Hot and cold water at those points of supply provided for general use of tenants in the Building for lavatories and
drinking fountains on each floor of the Leased Premises at reasonable locations, as shown on the final plans and specifications approved by Landlord and Tenant, twenty-four
(24) hours per day, seven (7) days per week; 

        (b)   Automatic elevator service for two (2) passenger and one (1) combination passenger/service elevator on a
continuous basis twenty-four (24) hours per day, seven (7) days per week; 

        (c)   Janitorial services on a five-day week basis to provide standard cleaning only as more fully described in
Exhibit F; 

        (d)   Central heat and air conditioning from 8:00 a.m. to 6:00 p.m. Monday through Friday and from
8:00 a.m. to 1:00 p.m. on Saturday, excluding the holidays identified on Exhibit D, which is attached hereto and made part hereof or any additional holidays declared by the
government, at temperatures and in amounts as are standard and customary for Comparable Office Buildings; 

        (e)   Electrical power sufficient for the operation of Building Standard Work (as defined in this Article V) lighting,
desktop or laptop computers, office copying machines and other machines of similar low electrical consumption, but not in excess of one kilowatt hour per month per square foot of Rentable Area in the
Premises and not including electricity required for any item of electrical equipment which (singly) consumes more than 500 watts per hour at rated capacity or requires a voltage other than one hundred
twenty (120) volts single phase; and provided that if the installation of any of Tenant's equipment, or any special electrical equipment installed by Landlord to service Tenant's equipment,
requires additional air conditioning or ventilating capacity above that provided by the Building's standard systems, then the additional air conditioning and/or ventilating equipment shall be provided
by Tenant and the installation and operating costs of such additional equipment will be the obligation of Tenant; 

        (f)    Lamps, bulbs, tubes and ballasts for Building standard lighting fixtures or other lighting fixtures used by Tenant in the
Leased Premises, and the replacement of such lamps, bulbs, tubes and ballasts and the installation thereof for such lighting fixtures, at Tenant's cost; 

        (g)   Building security service in the Common Areas of the Building during normal working hours during the week; provided,
however, Landlord shall not be liable to Tenant or any of Tenant's employees for losses due to theft or burglary, or for damages done by persons in the Building or on the Building Site; 

        (h)   Washing of windows at intervals reasonably established by Landlord, but not less frequently than three times per year on
the interior and three times per year on the exterior; 

        (i)    Cleaning and maintenance of the Common Areas, including the removal of rubbish and snow; and 

        (j)    Repair and maintenance to the extent specified elsewhere in this Lease. 

Landlord
may employ an independent power consumption survey expert to render an opinion as to the quantity of electricity consumed by Tenant. If such survey indicates Tenant's consumption is in excess
of 

11

 

one-kilowatt
hour per month per square foot of Rentable Area in the Leased Premises, Tenant shall pay the reasonable cost of such survey together with the cost to Landlord of such excess
electrical consumption. Should any of the equipment or machinery utilized in supplying the services listed herein cease to function properly, Landlord shall use reasonable diligence to repair same
promptly, but Tenant shall have no right to terminate this Lease, and shall have no claim for rebate of Rental or damages on account of any interruptions in service occasioned thereby or resulting
therefrom, except as expressly otherwise provided below. Notwithstanding any other provisions hereof, in the event that any Applicable Laws now or hereafter in effect shall impose a limit or
allocation to the Building of any utility or other service, whether or not the same is to be supplied to the Building or the Leased Premises by Landlord pursuant to this Section 5.01, then
Tenant shall not use or cause to be consumed on the Leased Premises, nor shall Landlord be required to provide to the Leased Premises hereunder, such utility or other service in an amount or in a
manner which would result in the violation by Landlord or Tenant of such Applicable Laws. 

        Section 5.02.    Building Repairs.    Other than the repairs that Landlord may be required to perform pursuant
to Articles IX and XI, Landlord shall, subject to the provisions of Section 5.03 below, only be required to maintain and repair the Common Areas. Such maintenance shall, except as
otherwise expressly provided in this Lease, be included in calculating the Operating Cost pursuant to the provisions of Sections 4.02, 4.03, 4.04, and 4.05. 

        Section 5.03.    Repairs by Tenant.    Except to the extent as otherwise provided in Section 5.02,
Article VIII, Article IX and Article XI, and subject to the waivers of Landlord contained in Section 8.02 of this Lease, Tenant agrees, at Tenant's own cost and expense to
repair or replace any damage or injury done to the Building and Leased Premises, or any part thereof, caused by Tenant or Tenant's agents, employees, invitees or visitors; provided, however, that if
Tenant fails to make such repairs or replacements promptly after notice from Landlord to Tenant, Landlord may, at Landlord's option, make such repairs or replacements and Tenant shall repay the
reasonable, out-of-pocket costs thereof actually incurred and documented by Landlord, together with fifteen per cent (15%) additional overhead charge, to Landlord on demand.
Tenant shall be responsible for all carpet and
mini-blind cleaning and other janitorial services not included within standard cleaning as set forth in Section 5.01(c). Notwithstanding the foregoing Landlord, at its expense,
shall be responsible for making repairs to the Leased Premises attributable to acts or omissions of Landlord or Landlord's employees, agents, contractors or invitees. 

        Section 5.04.    Additions, Alterations and Improvements.    Except for Tenant's Leasehold Improvements
installed pursuant to the terms and conditions of Article II hereof, Tenant shall not make or allow to be made any alterations or physical additions in or to the Leased Premises without first
obtaining the express consent of Landlord (except for cosmetic changes the costs of which shall not exceed five thousand and no/100 dollars ($5,000.00) in any calendar year), which consent shall not
be unreasonably withheld, conditioned or delayed. Tenant shall provide advance written notice to Landlord and its property management company for any and all alterations, additions or improvements to
be made to the Leased Premises. All contractors, mechanics or laborers used by Tenant in performance of any work (cosmetic changes excepted) shall be subject to Landlord's prior written approval. Any
and all alterations, additions or improvements when made to the Leased Premises by Tenant shall at once become the property of Landlord and shall be surrendered to Landlord upon the termination of
this Lease by lapse of time or otherwise unless Landlord, elects at the time of Landlord's approval, to have them removed by Tenant, in which event the same shall be removed from the Leased Premises
by Tenant prior to the expiration at Tenant's expense. Tenant shall promptly repair or pay for repairing any damage to the Building caused by the installation or removal of any such alterations,
additions or improvements to the extent Tenant is required to remove such alterations, additions or improvements on or before expiration or termination of this Lease. Notwithstanding the above,
Landlord and Tenant agree that Tenant's Personal Property installed by Tenant prior to or 

12

 

during
its occupancy of the Leased Premises may be installed without Landlord's consent and removed by Tenant at any time during the term of this Lease. 

        Section 5.05.    Liens.    Tenant shall keep the Leased Premises free from any liens including, but not limited
to, mechanic's liens for work claimed to have been done for or material claimed to have been furnished to the Leased Premises by Tenant and Tenant shall, at its own expense, cause the same to be
discharged of record within forty-five (45) days after the date of filing thereof, by bonding or as provided or required by law or in any other lawful manner, and in connection with
such mechanic's liens, Tenant shall also indemnify Landlord and hold it harmless from any and all claims, losses, damages, judgments, settlements, and actual out-of-pocket
costs and expenses reasonably incurred and documented, including reasonable paralegals' and attorneys' fees, resulting therefrom or by reason thereof. If Tenant fails to discharge such mechanic's
liens within the allotted time, Landlord may, but shall not be obligated to, pay the claim upon which such lien is based so as to have such lien released of record; and, if Landlord does so, then
Tenant shall pay to Landlord, as additional rent, upon demand, the amount of such claim, plus all other actual out-of-pocket costs and expenses reasonably incurred and
documented by Landlord in connection therewith. Notwithstanding anything in this Section 5.05 to the contrary, Tenant shall have no liability for any mechanic's lien or other lien filed against
the Leased Premises or the Building in connection with Landlord's repairs to the Building and Leased Premises pursuant to Section 5.03, Article IX and Article XI. 

        Section 5.06.    Interpretation of Essential Services.    Notwithstanding anything in this Lease to the
contrary, if there is an interruption in essential services to the Leased Premises (defined as HVAC, electrical service, or elevator service) and such interruption continues for a period of two
(2) consecutive days, Tenant shall be entitled to an abatement of Rental for the period beyond two (2) days that such essential services are not provided, to the extent that such
interruption interferes with the use of the Leased Premises by Tenant. Landlord shall give Tenant reasonable advance notice of Landlord's intention of performing any repairs, alterations or
improvements that will or might result in an interruption or diminishment of the essential services to the Leased Premises and shall exert all reasonable efforts to limit the length of any such
interruption. Landlord shall avoid interruption of electrical service to Tenant's computers and data processing equipment unless absolutely necessary. Landlord shall promptly restore essential
services with due diligence after the necessity for the suspension has ended. If Tenant shall have the right hereunder to an abatement of Rentals for a period of thirty (30) days or more, then
Tenant may, by written notice to Landlord given at any time after the expiration of the thirty (30) day period and prior to restoration of the interrupted service, terminate this Lease
effective as of the date of such notice provided however, if and so long as, Landlord is diligently pursuing reinstatement or correction of essential services, Tenant shall have no right to terminate. 

ARTICLE VI  

SECURITY  

        Section 6.01.    Security Deposit.    No Security Deposit is being collected by Landlord. 

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   ARTICLE VII  

ASSIGNMENT AND SUBLETTING  

        Section 7.01.    Assignment and Subletting.    Except as hereinafter provided, Tenant shall not assign this
Lease or any interest herein or sublet the Leased Premises or any part thereof, without the prior written consent of Landlord, which consent shall not be unreasonably withheld, conditioned or delayed;
and any attempted assignment or subletting without such consent shall be invalid and unenforceable. Further, Tenant may assign this Lease, or sublet all or portions of the Leased Premises, to any
Affiliated Entity without the prior consent of Landlord ("Permitted Transfer"). An "Affiliated Entity" shall include any corporation, partnership, or other form of entity that is either wholly or
majority owned by Tenant, any entity which wholly or majority owns Tenant, any entity resulting from a merger, consolidation, reorganization or other transaction of a similar character involving
Tenant, or any entity succeeding and acquiring the business and assets of Tenant. In the event of a Permitted Transfer, Tenant shall nevertheless at all times remain fully responsible and liable for
the payment of Rentals and the performance and observance of all of Tenant's other obligations under the terms, conditions and covenants of this Lease. Notwithstanding anything in this
Section 7.01 to the contrary, a change in the controlling interests of Tenant from time to time during the Lease Term shall not constitute an assignment of this Lease. 

ARTICLE VIII  

NON-LIABILITY, INDEMNIFICATION AND INSURANCE  

        Section 8.01.    Exculpation of Landlord; Waiver of Claims by Tenant.    Landlord and Landlord's agents and
employees shall have no liability to Tenant or Tenant's agents, guest, invitees or employees for any damage to the property of Tenant or its agents or employees, including any consequential damages
arising therefrom, irrespective of the cause of such damage and whether or not caused, or alleged to be caused, in whole or part, by the joint or several negligence of Landlord, its agents or
employees, except to the extent caused by the sole negligence or willful misconduct of Landlord, or its agents, employees
or invitees as determined by a final non-appealable judgment. No such occurrence shall be deemed to be an actual or constructive eviction from the Leased Premises or result in an abatement
of rental except as provided in Article IX. Tenant agrees to carry adequate insurance to fully protect Tenant against loss or damage to such property by any casualty that is coverable by fire
and extended coverage insurance, and all such insurance shall contain or be endorsed with a clause permitting waiver of rights of recovery prior to a loss and waiving all rights of subrogation so long
as such clause is available. Tenant hereby waives all claims for recovery from Landlord and Landlord's agents or employees for any loss or damage to the property of Tenant to the extent that such loss
is or could have been insured by valid and collectible fire and extended coverage insurance policies in standard form containing a waiver of subrogation endorsement; it being the intent of the parties
hereto to assign the entire risk of loss arising out of damage to Tenant's property to such insurance to be procured by Tenant at Tenant's own expense. 

        Section 8.02.    Waiver of Claims by Landlord.    Landlord shall procure and keep in effect during the term of
this Lease terrorism, fire and extended coverage insurance on the Building and the Building Standard Work, as hereafter defined, in such amounts as Landlord deems necessary to effectively protect
itself against loss to its property arising out of casualty covered by such insurance. Building Standard Work shall include the following: 

        (a)   Tenant Suite Entry—3'0" wide ceiling height natural finish solid-core door with glass side light.
Door includes closure with mortise lock set and brushed silver finish steel hardware. 

        (b)   Tenant interior doors—3'0" wide ceiling height solid-core natural finish with stainless steel
hardware. 

14

 

        (c)   Demising Partitions—(Those partitions which separate tenants and/or which occur on the public corridor.)
21/2" 25 gauge metal stud with 5/8" fire code drywall on each side with vinyl wall covering on the public corridor side and painted finish on Tenant side with batt
lay-in insulation above the ceiling extending 2'0" either side of the intersection of the wall and ceiling. 

        (d)   Interior partitions—21/2" 25 gauge metal stud with 5/8" painted drywall. 

        (e)   Lighting—2 lamp, 120 volt suspended Cerra Direct baffle light fixtures. One 4-foot fixture for
each 100 sq. ft. of area in the Leased Premises. 

        (f)    Duplex Electric Outlets—One (1) outlet for each 150 sq. ft. of area in the Leased
Premises 

        (g)   Telephone Outlets—One outlet for each 200 sq. ft. of area in the Leased Premises. 

        (h)   Heating and Air Conditioning subject to Section 5.01—Year round heating and air conditioning systems
including ducted supply and plenum return distribution system below the raised floor to provide conditioned air to all Tenants offices and rooms. Perimeter ductwork for conditioned air to supplement
heat along exterior walls. The system will be designed to maintain temperature in normal comfort zones on a standard lighting and electrical load and occupancy of one person per
100 sq. ft. of area in the Leased Premises. 

        (i)    Drinking Fountains—Two (2) for each Building floor at locations designated by Landlord's architect. 

        (j)    Floor covering—20 oz. carpet square directly glued to floor. 

        (k)   Sprinkler Heads—Per code but not to exceed a maximum of one (1) head for each 150 square feet of
Rentable Area in the Leased Premises. 

All
terrorism, fire and extended coverage insurance which may be carried by Landlord with respect to the Building or the property of Landlord located therein shall contain or be endorsed with a clause
permitting waiver of rights of recovery prior to a loss and waiving all rights of subrogation so long as such a clause is available. Landlord waives all claims for recovery from Tenant for any loss or
damage to the Building or the property of Landlord located therein to the extent such loss is covered by valid and collectible terrorism, fire and extended coverage insurance policies in standard form
containing a waiver of subrogation endorsement. Tenant shall remain liable to Landlord for the cost of repairing any damage to the Leased Premises, the Building, or the property of Landlord which is
caused or contributed to by an act or omission of Tenant, its agents, employees, guests, or invitees to the extent that such damage is not insured or insurable by Landlord under standard fire and
extended coverage insurance policies covering the Building for its full replacement value, whether or not Landlord may elect to insure the Building for its full replacement value. Any expense to
Landlord in obtaining such waiver of subrogation endorsement, together with the underlying premiums for such insurance, shall be included in the Office Area Operating Cost defined in
Section 4.02 of this Lease. 

        Section 8.03.    Landlord's Non-Liability.    Landlord shall not be liable to Tenant or its agents
or employees or any other person in the Leased Premises or in the Building by Tenant's consent, invitation or license, express or implied, for any damage to property or injury to or death of any
person sustained by reason of the condition of the Leased Premises or the Building, or any part thereof, or arising from the bursting or leaking of any water, gas, sewer or steam pipes, or due to any
act or neglect of a co-tenant or other occupant of the Building or other person therein (except for Landlord, its agents and employees), or due to any casualty or accident in or about the
Building, irrespective of the cause of such damage or injury and whether or not caused, or alleged to be caused, in whole or in part, by the joint or several negligence of Landlord, its agents or
employees, except to the extent caused by the sole negligence or willful misconduct of Landlord, or its agents, employees or invitees as determined by a final non-appealable judgement. No
such occurrence shall be deemed to be an actual 

15

 

or
constructive eviction from the Leased Premises or result in an abatement of rental except as provided in Article IX. 

        Section 8.04.    Public Liability and Property Damage Insurance.    Landlord and Tenant shall each procure and
maintain adequate commercial general liability insurance and property damage insurance to protect itself for its own liability for personal injuries (including death) to, or damage to property of,
other persons in the Leased Premises or in the Building; it being the intent of each of the parties hereto to bear the responsibility for its own liability to such other parties and adequately protect
itself by procuring such public liability insurance to cover its own liability for such claims by others. Landlord's expense for its premiums for such insurance shall be included in the Office Area
Operating Cost defined in Section 4.02 of this Lease. Any insurance required to be carried by Tenant hereunder shall be carried by a company rated at least "A-" by Best's with a
size category of at least IX. The commercial general liability and property damage insurance carried by Tenant shall be in an amount of at least One Million Dollars ($1,000,000) per occurrence and Two
Million Dollars ($2,000,000) in the aggregate. All insurance policies shall provide Landlord no less than 30 days prior notice of cancellation and shall name Landlord and its property
management company, as an additional insured. Tenant shall provide Landlord certificates of insurance evidencing the required coverage upon request from Landlord or its property management company. 

ARTICLE IX  

DESTRUCTION AND DAMAGE  

        Section 9.01.    Damage by Casualty.    In the event of a fire or other casualty in the Leased Premises, Tenant
shall give prompt notice thereof to Landlord. If the Leased Premises, or any portion thereof, or the Building, shall be totally or partially destroyed by fire or other casualty so as to render the
Leased Premises or any part thereof untenantable or not reasonably accessible, the Rental shall abate
thereafter to the extent the Leased Premises are rendered untenantable or not reasonably accessible, and such abatement shall continue until such time as the Leased Premises or the portion thereof so
damaged are made fit for use by Tenant or until the reasonable access to the Leased Premises shall be restored. 

        Section 9.02.    Restoration.    In the event of damage to the Leased Premises by fire or other casualty,
Landlord shall repair the damaged portions of such premises to tenantable condition for use by Tenant as soon as is reasonably possible. Landlord shall have no duty to repair, restore, or replace
Tenant's Trade Fixtures or Tenant's Leasehold Improvements, including without limitation, wall and floor coverings, special lighting fixtures, built-in cabinets and bookshelves and any
other improvements originally installed by or for the Tenant which are not a part of or in excess of the Building Standard Work. In the event of the substantial destruction of the Leased Premises or
the Building to the extent that Landlord shall decide not to rebuild the Leased Premises or the Building in substantially the same manner as originally constructed, this Lease shall be terminated as
of the date of such destruction or damage with all Rental paid or refunded so as to adjust to the date of such destruction or damage. In the event that damage to the Building as a result of any
casualty is such that the Leased Premises cannot be used by Tenant for its normal business operations for a period of six (6) months or more, either Landlord or Tenant may cancel and terminate
this Lease with all Rental paid or refunded so as to adjust to the date of such destruction or damage. Notice of termination must be given by the terminating party to the other party within thirty
(30) days of the date of the incident giving rise to the termination. 

16

 
ARTICLE X  

DEFAULTS AND REMEDIES  

        Section 10.01.    Events of Default.    The happening of any one or more of the following events shall be
deemed to be an "Event of Default": 

        (a)   The making by Tenant of an assignment for the benefit of its creditors; 

        (b)   The levying of a writ of execution or attachment on or against the Leased Premises or Tenant's interest therein as the
property of Tenant and the same not being released or discharged within thirty (30) days thereafter; 

        (c)   Institution of proceedings in a court of competent jurisdiction for the reorganization, liquidation or involuntary
dissolution of Tenant, or for its adjudication as a bankrupt or insolvent, or for the appointment of a receiver of the property of Tenant, and said proceedings are not dismissed, and any receiver,
trustee or liquidator appointed therein discharged, within thirty (30) days after the institution of said proceedings; 

        (d)   The voluntary filing of any proceeding for liquidation, dissolution or adjudication of Tenant as a bankrupt; 

        (e)   The doing by Tenant of any act pursuant to which a claim of a mechanics lien upon the Leased Premises or the Building is
asserted of record and the same is not released or bonded over pursuant to Section 5.05 of this Lease; 

        (f)    The making of any assignment of this Lease or any subletting of the Leased Premises or some portion thereof in breach of
Article VII hereof; 

        (g)   The failure of Tenant to pay Rental or any installment thereof within five (5) business days after its due date;
provided, however, that Tenant shall be entitled one (1) written notice from Landlord per calendar year that Tenant has failed to pay an installment of Rental on its due date and shall have
five (5) business days after receipt of such written notice in which to cure the default. After one (1) such notice has been sent to Tenant in a calendar year, Tenant shall not be
entitled to any notice from Landlord for any subsequent failures to pay Rental occurring in such calendar year. Tenant acknowledges and agrees that Landlord shall under no circumstances be deemed to
have waived this limitation on the number of notices to which Tenant is entitled if Landlord happens to provide Tenant with additional notices of failure to pay Rental, in excess of the one
(1) notice, during any particular calendar year; 

        (h)   The failure of Tenant to pay all costs, expenses, advances, charges and other amounts (other than the payment of Rental
referred to in [g] above) that Tenant is required to pay under this Lease by the later of the next installment of Rental or within fifteen (15) days after notice or
demand therefor is served upon Tenant by Landlord; 

        (i)    The failure of Tenant to perform any of its covenants under this Lease (other than the covenants referred to in
[g] and [h] above) within thirty (30) days after notice or demand therefore is served upon Tenant by Landlord, provided, however, that if the
term, condition, covenant or obligation to be performed by Tenant is of such nature that the
same cannot reasonably be performed within such thirty-day period, such default shall be deemed to have been cured if Tenant commences such performance within said thirty-day
period and thereafter diligently undertakes to complete the same and does so complete the required action within a reasonable time not to exceed sixty (60) days. 

17

 

        Section 10.02.    Remedies.    Upon the occurrence and during the continuance of an Event of Default, Landlord
shall have the option to: 

        (a)   Terminate this Lease and all rights of Tenant hereunder and collect amounts due pursuant hereto; 

        (b)   Re-enter the Leased Premises with or without process of law, using such lawful means as may be necessary to
remove all persons and property therefrom and collect amounts due pursuant hereto; or 

        (c)   Exercise any other right or remedy available to Landlord at law or in equity in addition to or as an alternative to any
of the other rights and remedies of Landlord herein specified upon the occasion of any such Event of Default. 

In
the event of Landlord's re-entry upon the Leased Premises as a result of the occurrence and continuance of any such Event of Default, Landlord shall take commercially reasonable efforts
in a good faith manner to relet the Leased Premises or to otherwise mitigate its damages resulting from the occurrence of the Event of Default, provided that Landlord may first lease substantially all
of the Rentable Area in the Office Area within the Building that is not occupied by Landlord for its own use or leased and occupied by other tenants, unless a prospective tenant requires more Rentable
Area than is available to lease at the time, in which case Landlord shall lease the Leased Premises or a portion thereof to such prospective tenant. Any of Tenant's Personal Property present at the
time of such Landlord re-entry resulting from an Event of Default shall be deemed to have been abandoned and such shall become the property of Landlord. Landlord shall have the right to
sell such property and apply the sale proceeds to Rental amounts or other amounts owed by Tenant pursuant to the terms of this Lease. In the event that Landlord should relet the Leased Premises or
some portion thereof during the balance of the term of this Lease, the proceeds of such reletting, after deduction of all reasonable costs in connection with repossession and reletting of the Leased
Premises (including, without limitation, all reasonable attorney's fees, leasing commissions, remodeling costs and similar expenses reasonably incurred) shall be applied to satisfaction of Tenant's
obligations hereunder. Landlord shall have the right to file suit to recover any sums falling due under this Lease from time to time on one or more occasions without being obligated to wait until the
expiration of the term of this Lease. In the event that Landlord should elect to terminate this Lease, Landlord shall be entitled to recover forthwith as damages from Tenant a sum of money equal to
(i) the
total of the cost of recovering possession of the Leased Premises, (ii) the unpaid Rental and any other sum of money owed by Tenant to Landlord at the time of such termination, and
(iii) the balance of the Rental for the remainder of the term less the fair market rental value of the Leased Premises for such period. 

        Section 10.03.    Advances.    In the event of any breach of the obligations of Tenant hereunder, Landlord
shall also have the right to cure such breach for the account and at the expense of Tenant after notice to Tenant and Tenant's failure to timely cure. Any money spent or costs or expenses incurred in
curing such a breach or default for the account of Tenant, together with fifteen per cent (15%) additional overhead charge, shall be reimbursed to Landlord on demand. 

        Section 10.04.    Fees and Costs.    In the event of any litigation between Landlord and Tenant arising out of
the terms and conditions of this Lease, Tenant's use and occupancy of the Leased Premises or any other matter relating to this Lease, the party prevailing in such litigation shall be entitled to have
all of its reasonable expenses (including reasonable attorneys' fees and expenses at the trial and appellate levels), paid by the party not prevailing in said litigation. The prevailing party shall be
entitled to have judgment entered in said proceeding for all such expenses. 

        Section 10.05.    Interest After Default.    Except in the case of Rental as defined in Section 4.01 of
this Lease, all amounts payable by Tenant after and during the occurrence of an Event of Default shall 

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carry
interest at the rate of eleven per cent (11%) per year on the date any such amount becomes delinquent. 

        Section 10.06.    Landlord's Default and Tenant's Remedies.    It shall be a default under and breach of this
Lease by Landlord ("Landlord Default") if Landlord shall fail to perform or observe any term, condition, covenant or obligation required to be performed or observed by Landlord under this Lease for a
period of thirty (30) days after notice thereof from Tenant; provided, however, that if the term, condition, covenant or obligation to be performed by Landlord is of such nature that the same
cannot reasonably be performed within such thirty-day period, such default shall be deemed to have been cured if Landlord commences such performance within said thirty-day
period and thereafter diligently undertakes to complete the same within a reasonable time, not to exceed sixty (60) days. Upon the occurrence of a Landlord Default, Tenant may sue for
injunctive relief or to recover damages for any loss resulting from the Landlord Default, but Tenant shall not be entitled to terminate this Lease or withhold or abate any Rental due hereunder, absent
Tenant's obtaining a final, non-appealable judgment. All remedies of Tenant for a Landlord Default, whether at law, in equity or as provided in this Lease, shall be deemed to be cumulative
and may be exercised serially or simultaneously as Tenant may elect. No action by Tenant shall be deemed to be an election of remedies. 

        Section 10.07.    No Punitive or Consequential Damages.    Under no circumstances whatsoever shall either party
to this Lease ever be liable for punitive, consequential or special damages under this Lease and each party to this Lease waives any rights it may have to such damages under this Lease in the event of
a breach or default by the other party under this Lease. 

ARTICLE XI  

EMINENT DOMAIN  

        Section 11.01.    Effects of Taking.    If all or a substantial part of the Leased Premises or Building should
be taken under exercise of the power of eminent domain, Landlord or Tenant may elect to terminate this Lease by giving notice thereof to the other party. If the Lease is not terminated by either
party, the Rental shall be reduced in proportion to the area of the Leased Premises so taken and Landlord shall be responsible for the performance of all work necessary to make the Leased Premises
usable by Tenant in addition to all work necessary in other portions of the Building as a result of such taking and, if all or a substantial part of the Parking Lot (as defined in Section 18.15
hereof) is taken, Landlord shall provide, within a three block radius of the Building, alternative parking to replace the number of parking spaces lost in the Parking Lot by the taking. In the case of
the taking of a portion of the Leased Premises resulting in the Leased Premises being untenantable, Tenant shall also have the right to elect to terminate this Lease. In the event of termination of
this Lease by either Landlord or Tenant, notice of such termination shall be given to the other party within thirty (30) days after possession of the portion of the Leased Premises is taken by
the condemning authority. Such termination shall be effective as of the date when such possession is taken as it relates to any portion of the Leased Premises taken and as of the date when exclusive
possession of the Leased Premises is surrendered to Landlord on or after the date when possession of the balance of the Leased Premises is taken by the condemning authority. 

        Section 11.02.    Awards.    All sums awarded or agreed upon between Landlord and the condemning authority for
the taking of the interest of Landlord or Tenant, whether as damages or as compensation, will be the property of Landlord, free of any claim of Tenant. Notwithstanding the foregoing, Landlord shall
not be entitled to any award or compensation paid to Tenant for its moving expenses, for any Personal Property of Tenant that may be taken in any such proceeding, and for such other separate award or
compensation as Tenant may be entitled to as a matter of law, so long as such separate award or compensation does not diminish the award or compensation payable to Landlord. 

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        Section 11.03.    Definition.    The term "taking" as used herein shall include any conveyance or transfer in
lieu of condemnation as well as any legal action in condemnation taken under the power of eminent domain. 

ARTICLE XII  

SUBORDINATION TO MORTGAGES  

        Section 12.01.    Automatic Subordination.    Subject to Section 12.04 below, this Lease, and the rights
of Tenant hereunder, shall be subordinate to the lien or liens of any mortgage or mortgages now or at any time hereafter in force with respect to the Building and to all advances made or hereafter to
be made upon the security thereof. If requested by the holder of any such mortgage or mortgages, Tenant shall execute and deliver to such holder an instrument in form and substance satisfactory to
such holder specifically subordinating this Lease to the lien of such mortgage or mortgages. 

        Section 12.02.    Waiver of Subordination.    Notwithstanding the terms of Section 12.01, the holder of
any such mortgage or mortgages shall have the right at any time prior to the later of thirty (30) days after the date of final execution of this Lease or thirty (30) days after the date
of recording of any such mortgage to declare this Lease to be superior in priority to the lien of said mortgage notwithstanding the respective dates of execution or recording of any such document. 

        Section 12.03.    Attornment.    If by reason of any default on the part of Landlord or any successor Landlord
as mortgagor under any such mortgage or mortgages to which this Lease is subordinate, any such mortgage is foreclosed by legal proceedings or extinguished by conveyance in lieu of foreclosure or
otherwise, Tenant, upon the election of the holder of any such mortgage, but not otherwise, will attorn to and recognize such mortgage holder and its successors and assigns, including any purchaser in
foreclosure or grantee of a deed in lieu thereof, as Landlord under this Lease. Tenant shall execute and deliver at any time, upon request of Landlord or any holder of a mortgage to which this Lease
is subordinate, an instrument to evidence such attornment and containing the agreement of Tenant that no action taken to enforce any such mortgage by reason of any default thereunder shall terminate
this Lease or invalidate or constitute a breach of any of the terms hereof. In the event that several mortgagees have a security interest with different priority, Tenant shall attorn to such
mortgagees in the order of their priority. 

        Section 12.04.    Nondisturbance Agreement.    Notwithstanding any of the foregoing provisions in this
Article XII, neither Tenant's rights under this Lease, nor Tenant's possession of the Leased Premises, including any Expansion Space then occupied by Tenant pursuant to Section 18.16
hereof or any rights of Tenant to further Expansion Space pursuant to Section 18.16 hereof, shall be disturbed so long as no Event of Default by Tenant has occurred and is continuing. 

ARTICLE XIII  

CERTIFICATES  

        Section 13.01.    Agreement to Execute.    Each party hereto (the "Responding Party") agrees that, from time to
time upon request from the other party (the "Requesting Party"), the Responding Party will execute and deliver to the Requesting Party or to any mortgagee of Landlord's interest in the Building or any
purchaser or prospective purchaser of Landlord's interest in the Building or the Leased Premises a statement in form and content supplied by the Requesting Party certifying: (a) that this Lease
is unmodified and in full force and effect (or if there have been any modifications, identifying the modifications and certifying that the Lease as modified is in full force and effect);
(b) the dates to which Rental and any other charges have been paid; (c) the dates of commencement and expiration of the term of the Lease; (d) that the Requesting Party is not in
default in the performance of any of its obligations under the terms of this Lease or, if any such default is claimed, the exact nature thereof in 

20

 

detail;
and (e) such other matters as the Requesting Party or any such other party may reasonably request. Any such certificate shall be executed and delivered by the Responding Party within
ten (10) business days after request therefore is made. 

ARTICLE XIV  

RESERVED RIGHTS  

        Section 14.01.    Right of Inspection.    Landlord, its agents and employees shall have the right at any time
and from time to time during Tenant's normal business hours upon twenty-four (24) hours' (consisting of one (1) business day) notice to Tenant (emergencies excepted) to enter
the Leased Premises for the purpose of examining the condition thereof. 

        Section 14.02.    Repairs.    Landlord reserves the right to enter the Leased Premises as may be necessary from
time to time during Tenant's normal business hours upon twenty-four (24) hours'
(consisting of one (1) business day) notice to Tenant (emergencies excepted) for the purpose of making repairs or alterations thereto or to the Building as may be required for the safety,
protection and preservation of the Leased Premises and the Building. The reservation of such right of entry shall not enlarge in any way the obligations of Landlord for maintenance and repair of the
Building or the Leased Premises as otherwise provided in Article V hereof. 

        Section 14.03.    Rights With Respect to the Building.    Landlord hereby reserves the right to perform any
work in or about the Building or any adjacent or nearby land, street or other facility not included within the Leased Premises. Landlord reserves the right to erect scaffolding ladders and other
materials in, on or about the Building. Landlord reserves the right to change the number, size, height, location or arrangement of the Common Areas of the Building, from time to time, as Landlord may
deem proper, so long as such changes do not change the Rentable Area of the Leased Premises or alter Tenant's access to the Leased Premises. Landlord reserves the right to temporarily close the
Building during times of emergency and to require that all persons entering or leaving the Building during such hours as Landlord may from time to time reasonably specify identify themselves to
persons designated by Landlord by registration or otherwise and establish their right to enter or leave the Building. Landlord reserves the right to exclude or expel at any time from the Leased
Premises or the Building any peddler, solicitor or unruly person or any person causing any disturbance. 

        Section 14.04.    Exhibition of Leased Premises.    Landlord reserves the right to enter the Leased Premises
during Tenant's normal business hours and with twenty-four (24) hours (consisting of one (1) business day) prior notice to Tenant for the purpose of exhibiting the Leased
Premises to prospective purchasers or prospective or existing mortgagees and, during the last ninety (90) days of the term of this Lease if no extension or new lease has been agreed upon by
Landlord and Tenant, for the purpose of exhibiting the same to prospective tenants. 

        Section 14.05.    Extension of Building Services.    Tenant shall permit Landlord to use, maintain and replace
pipes, conduit, wires and ductwork in and through the Leased Premises and to erect new pipes, conduit, wires and ductwork therein as may be required for service to other portions of the Building and
to enter upon the Leased Premises after twenty-four (24) hours' (one (1) business day) prior notice as may be required for the exercise of such rights. 

        Section 14.06.    Building Identification.    Landlord reserves the right to change the name and/or street
address of the Building on reasonable notice to Tenant. Landlord reserves the right to install, remove, replace and maintain signs on the exterior of the Building. Tenant shall have the right to
install or place a minimum of two (2) signs on the exterior of the Building as mutually agreed upon by Tenant and Landlord, subject to all applicable municipal codes and historical
requirements. Tenant shall cause to be prepared a preliminary set of plans (including installation specifications) and colored renderings for the signs. Landlord shall have five (5) business
days to review and approve or disapprove, in 

21

 

writing,
such plans and renderings. If the preliminary plans and colored rendering are not approved, the parties shall confer and negotiate in good faith to reach a mutual agreement on the plans and
renderings. If Landlord does not disapprove of such plans and specifications in writing within such 5 day period, they shall be deemed approved. All costs associated with the installation,
operation, maintenance and removal of the signs shall be at Tenant's cost. Landlord shall provide Tenant, at no cost to Tenant, with sufficient space on the Building's directory in the lobby to list
the names of all officers and managers of Tenant in letters of the size used for other tenants in the Building not to exceed 50 names, and Landlord shall prepare, install or change such names on the
Building's directory as often as is reasonably required by Tenant but in no event any more frequently than quarterly. Tenant shall reimburse Landlord for the cost of any additional changes. 

        Section 14.07.    Effect of Exercise of Reserved Rights.    The reasonable exercise of any right reserved to
Landlord under the terms of this Lease shall never be deemed to constitute a constructive eviction of Tenant or a trespass by Landlord or any of its contractors, agents or employees, and Tenant shall
not be entitled to any abatement or reduction in Rental by reason thereof, except as otherwise expressly set forth in this Lease. Notwithstanding anything in Article XIV to the contrary,
Landlord shall exercise its rights of entry in a manner that will cause the least disruption or interference with Tenant's use and occupancy of the Leased Premises as is reasonable under the
circumstances. 

ARTICLE XV  

RIGHTS ON TERMINATION  

        Section 15.01.    Surrender of Possession.    At the termination of this Lease, by lapse of time or otherwise,
Tenant shall deliver the Leased Premises to Landlord in as good a condition as they were at the date of possession by Tenant, ordinary wear and tear and damage resulting from casualty and any other
condition that Tenant is not obligated to repair under this Lease excepted. Upon such termination of this Lease, Landlord shall have the right to re-enter and resume possession of the
Leased Premises without notice. Notwithstanding anything contained in this Lease to the contrary, Tenant shall have no obligation to remove the Tenant Leasehold Improvements or any part thereof upon
the expiration or earlier termination of this Lease. 

        Section 15.02.    Holding Over.    In the event Tenant should remain in possession of the Leased Premises after
expiration of the term of this Lease with the consent of Landlord, Tenant shall become a tenant from month to month at the same monthly Rental of the then applicable monthly Rental for the Leased
Premises in effect the month before the date of such expiration of the term of this Lease and otherwise upon the terms, covenants and conditions herein specified, so far as applicable. In the event
Tenant should remain in possession of the Leased Premises after expiration of the term of this Lease without the consent of Landlord, then Tenant shall be deemed to be occupying the Leased Premises as
a tenant at sufferance subject to all of the covenants and obligations of this Lease and at a daily Rental of one hundred twenty-five percent (125%) of the per diem rate of Rental provided
hereunder computed on the basis of a thirty (30) day month. If, at the expiration of the Term, Landlord and Tenant are currently engaged in good faith lease negotiations, Landlord, upon notice
to Tenant, shall have the right to deem the continuing occupancy of Tenant at sufferance to constitute the creation of a month to month tenancy at a monthly rental of one hundred fifty percent (150%)
of the monthly rental provided hereunder, which month to month tenancy shall continue until either party shall have given the other one full calendar month's notice of an intention to terminate such
month to month tenancy. 

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   ARTICLE XVI  

NOTICES  

        Section 16.01.    Notices.    All notices and demands which may or are required to be given by either party to
the other hereunder shall be in writing and shall be deemed to have been fully given when deposited with the United States Postal Service, or its successor, first class, postage prepaid, and addressed
to Tenant at the address given at the beginning of this Lease until commencement of the term of this Lease and, thereafter, at the Leased Premises; or to the Landlord's agent at One American Square,
Indianapolis, Indiana 46282. Either Landlord or Tenant may from time to time designate in notice given to the other in the manner herein provided some other address for notices. Any notice to be given
to the Tenant may also be given by personal delivery of the written notice to the person in charge of the business operations of Tenant at the Leased Premises at the time. 

        Section 16.02.    Effective Date of Notice.    Any notice given by mail shall be deemed to have been given on
the day following the date upon which it is deposited with the United States Postal Service, or its successor, with first class postage prepaid and addressed as required herein. Any notice served upon
Tenant by delivery to the person in charge of the business operations of Tenant at the Leased Premises shall be deemed to be given upon the date of such personal delivery. 

ARTICLE XVII  

HAZARDOUS MATERIALS  

        Section 17.01.    Definition of Hazardous Materials.    The term "Hazardous Materials" for purposes hereof
shall mean any chemical, substance, materials or waste or component thereof which is now or hereafter listed, defined or regulated as a hazardous or toxic chemical, substance, materials or waste or
component thereof of any federal, state or local governing or regulatory body having jurisdiction, or
which would trigger any employee or community "right-to-know" requirements adopted by any such body, of for which any such body has adopted any requirements for the preparation
or distribution of a materials safety data sheet ("MSDS"). 

        Section 17.02.    Use of Hazardous Materials.    Tenant shall not cause or permit any Hazardous Materials, as
defined in Section 17.01, to be generated, brought onto, used, stored, or disposed of in or about the Leased Premises or the Building by Tenant or its agents, employees, contractors,
subtenants, or invitees, except for limited quantities of standard office and janitorial supplies containing chemicals categorized as Hazardous Materials ("Cleaning Materials"). Tenant shall: 

        (a)   Use, store and dispose of all such Cleaning Materials in strict compliance with all applicable statues, ordinances and
regulations in effect during the Lease term that related to public health and safety and protection of the environment ("Environmental Laws") including those Environmental Laws identified in
Section 17.01; and 

        (b)   Comply at all times during the Lease term with all Environmental Laws. 

        Section 17.03.    Notice of Release or Investigation.    If, during the Lease term (including any extensions),
Tenant becomes aware of (a) any actual or threatened release of any Hazardous Materials on, under or about the Leased Premises or the Building (except for Cleaning Materials) for which Tenant
is responsible under the Lease, or (b) any inquiry, investigation, proceeding or claim by any government agency or other person regarding the presence of Hazardous Materials on, under or about
the Leased Premises or the Building (except for Cleaning Materials) for which Tenant is responsible under the Lease, Tenant shall give Landlord written notice of the release or investigation within
twenty four (24) hours after learning of it (or immediately in the case of an emergency) and shall simultaneously furnish to Landlord copies of any claims, notices of violation, reports, or
other writings received by Tenant that concern the release or investigation. 

23

 
ARTICLE XVIII  

MISCELLANEOUS AGREEMENTS  

        Section 18.01.    Waiver.    The failure of either party to seek redress for violation of, or to insist upon
strict and timely performance of, any covenant or condition of this Lease or any of the reasonable and non-discriminatory Rules of the Building set forth herein or hereafter adopted by
Landlord, pursuant to the terms and conditions of this Lease, shall not constitute a waiver of any such violation or 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 Rental with knowledge of the breach of any covenant of this Lease shall not be deemed a waiver of such breach and
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
full Rental due shall be deemed to be other than on account of the earliest stipulated payments due, nor shall any endorsement or statement on any check or in any letter accompanying any check or
other payment 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 Rental or to pursue any other
remedy as in this Lease provided. No act or thing done by Landlord or Landlord's agents shall be deemed an acceptance of a surrender of the Leased Premises and no agreement to accept such a surrender
shall be valid unless in writing signed by Landlord. No employee of Landlord or Landlord's agent shall have any power to accept the keys of the Leased Premises prior to the termination of this Lease
and the delivery of keys to any such agent or employee shall not operate as a termination of this Lease or an acceptance of a surrender of the Leased Premises. 

        Section 18.02.    Representations.    Neither Landlord nor Landlord's agents have made any representations or
promises with respect to the Leased Premises, the Building, the land upon which the Building is erected, the Rental, expenses of operation of the Building or, any other matter or thing affecting or
related to the execution of this Lease except as herein expressly set forth and no rights, easements or licenses are acquired by Tenant by implication or otherwise except as expressly set forth in the
provisions of this Lease. All understandings and agreements heretofore made between the parties hereto are merged in this Lease which alone fully and completely expresses the agreement between
Landlord and Tenant and any agreement hereafter made shall be ineffective to change, modify or amend it in whole or in part unless such agreement is in writing and signed by the party against whom
enforcement of the change, modification or amendment is sought. 

        Section 18.03.    Quiet Enjoyment.    Landlord represents and warrants that: (1) American United Life
Insurance Company is a duly organized and validly existing corporation with full corporate power and authority to enter into this Lease as beneficiary of Lake County Trust No. 3535 and to
perform its obligations hereunder; (2) the persons signing this Lease on behalf of Landlord are officers of Landlord; (3) the execution and delivery of this Lease, and the performance of
Landlord's obligations hereunder, are not and shall not be prohibited by or cause a breach of, the provisions hereof or the provisions of the Trust, and do not conflict with any other agreement,
mortgage, contract or other instrument or document to which Landlord is a party or by which it or any of this property is bound; and (4) Tenant's use of the Leased Premises for the use
identified in Section 3.01 hereof will not violate Applicable Laws and the Laws and Requirements (defined below). 

        Landlord
represents and warrants to Tenant that as of the Effective Date to the best of Landlord's knowledge: (a) the Common Areas of the Building comply with all laws, rules,
regulations, orders, ordinances, directions and requirements of any governmental authority or agency and all applicable insurance requirements, including, without limitation, the requirements of the
Americans With Disabilities Act; and the rules, regulations, guidelines, and orders promulgated or entered thereunder; as supplemented or amended ("ADA") (collectively, the "Laws and Requirements");
(b) the Building complies with applicable Laws and Requirements, including, without limitation, the Laws and 

24

 

Requirements
with respect to sprinkler systems and other fire safety measures; and (c) the facilities and systems of the Building serving the Leased Premises are in good operating condition for
use of the Leased Premises for general office use, except to the extent that such Laws and Requirements are applicable because of a special or unusual use of the Leased Premises by Tenant. Landlord
shall maintain the Building, including the Common Areas, in compliance with applicable Laws and Requirements, including the ADA, except to the extent that such Laws and Requirements are applicable
because of a special or unusual use of the Leased Premises by Tenant. Notwithstanding the foregoing, Tenant, at Tenant's cost, shall be responsible for compliance with all applicable laws and
requirements including the ADA to the Leased Premises or improvements made thereto by Tenant during the term of the Lease. Notwithstanding the foregoing, Landlord is responsible, at Landlord's cost,
to comply with ADA requirements in the restrooms located on the 4th and 5th floors as of the Commencement Date. 

        Landlord
covenants and agrees that so long as an Event of Default has not occurred and is continuing, Tenant may peaceably and quietly enjoy the Leased Premises, subject, however, to the
terms and conditions of this Lease. 

        Section 18.04.    Status of Landlord.    The term Landlord as used in this Lease so far as covenants or
obligations on the part of Landlord are concerned shall be limited to mean and include only the owner or owners at the time in question of the Landlord's interest in the Building and in the event of
any transfer or transfers of the title to such interest, whether by sale or by lease, the Landlord herein named (and in case of any subsequent transfers or conveyances the then lessor or grantor)
shall be automatically freed and relieved from and after the date of such transfer or conveyance of all personal liability as respects the performance of any covenants or obligations on the part of
the Landlord contained in this Lease thereafter to be performed, it being intended hereby that the covenants and obligations contained in this Lease on the part of the Landlord shall be binding upon
the Landlord, its successors and assigns, only during and in respect of their respective successive periods of ownership. Tenant shall look solely to the estate and property of the Landlord in the
Building and the land on which it is located and the future rents, issues and profits therefrom for the collection of any judgment (or enforcement of any other judicial process) requiring the payment
of money by Landlord in the event of any default or breach by Landlord with respect to any of the terms, covenants and conditions of this Lease to be observed or performed by Landlord and no other
property or assets of Landlord shall be subject to levy, execution or other enforcement procedures for the satisfaction of any obligation due Tenant, 

        Section 18.05.    Air and Light.    This Lease does not grant or guarantee Tenant continuance of or any
easement for light and air over any property adjoining the Leased Premises or the Building, 

        Section 18.06.    Consents and Approvals.    Wherever the consent or approval of either Landlord or Tenant is
required, such consent or approval shall not be unreasonably withheld, conditioned or delayed and shall be valid only when given expressly in writing and identified in such writing as being intended
as a consent or approval required by the terms of this Lease. Consent or approval shall never be implied by any act or statement made by or on behalf of either Landlord or Tenant. 

        Section 18.07.    Partial Invalidity.    If any term, covenant or condition of this Lease or the application
thereof to any person or circumstance shall, to any extent, be invalid or unenforceable, the remainder of this Lease or the application of such term, covenant or condition to persons or circumstances
other than those as to which it is held invalid or unenforceable shall not be affected thereby and each term, covenant or condition of this Lease shall be valid and in force to the fullest extent
permitted by law. 

        Section 18.08.    Governing Law.    This Lease has been negotiated in the State of Indiana with respect to
premises located within the State of Indiana and shall be governed by the laws of the State of Indiana. 

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        Section 18.09.    Interpretation.    The captions or headings to the various articles and sections of this
Lease are inserted only as a matter of convenience and for reference and in no way define, limit, construe or describe the scope of this Lease or the intent of any provision thereof. When applicable,
use of the singular form of any word shall also mean or apply to the plural and the neuter form shall mean and apply to the masculine or feminine. 

        Section 18.10.    Successors and Assigns.    Except as herein limited, this Lease shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and assigns. 

        Section 18.11.    No Option.    Submission of this Lease for examination or signature does not constitute a
reservation or option for the Leased Premises. This instrument becomes effective as a Lease only upon execution and delivery by both Landlord and Tenant. 

        Section 18.12.    Renewal Option.    Tenant shall have two (2) options to extend the term of this Lease
for an additional five (5) years each, commencing at the original expiration of the Lease and extensions thereof, subject to the same terms, covenants and conditions contained in this Lease,
all of which shall be applicable to such extension, except that the Basic Rent for such extended term shall be based on the then prevailing market rent (based on a market rate per Rentable Area
without Tenant Inducements which includes tenant improvements) for comparable office space in downtown
Indianapolis; however said rate shall be no less than $13.00 per rentable square foot (not including tenant improvements). Notice of intention to exercise this extension shall be given by Tenant to
Landlord in writing at least nine (9) months before the expiration of the Lease. Tenant's exercise of this option shall be null and void and of no force and effect, at Landlord's option, if
there is any Event of Default existing either on the date of the purported exercise of such option or anytime thereafter unless Tenant is proceeding diligently to cure such Event of Default and the
cure is achieved within thirty (30) days beyond such date. If Tenant has exercised its option under this Section 18.12, Landlord will prepare a lease modification agreement to amend this
Lease by changing the Basic Rent to reflect the prevailing market rent and market rate, along with the Tenant Inducements. 

        Section 18.13.    Right to Terminate Lease.    Tenant shall have a one-time right to terminate and
cancel this Lease effective upon the expiration of the 60th month of the Lease subject to the following conditions: 

        (a)   Notice of intention to exercise this termination shall be given by Tenant to Landlord in writing at least nine
(9) months prior to the effective date of termination. 

        (b)   Tenant shall pay a termination fee at the time the notice to terminate is delivered equal to the unamortized leasing
commissions, the Expansion Tenant Finish Allowance, if any, and Tenant Finish Allowance plus two (2) months Rent as of the effective date of termination, as calculated by Landlord. 

        Upon
termination and cancellation of this Lease in accordance with this Section, Landlord and Tenant shall execute a lease termination agreement. Upon execution of such lease termination
agreement and payment of the termination fee, Landlord and Tenant shall be relieved of their obligations under this Lease, except for those obligations accruing prior to the termination date. Tenant's
exercise of this right of termination shall be null and void and of no force and effect, at Landlord's option, if there is any Event of Default existing on the date of the purported exercise of such
right, unless Tenant is proceeding diligently to cure such Event of Default and the cure is achieved within thirty (30) days beyond such date. 

        Should
Tenant elect to exercise this termination right, Landlord shall have the ongoing right to show the Leased Premises during the period beginning on the first day of the
51st month of the Lease term for purposes of leasing the Leased Premises. Landlord shall give Tenant at least 24 hours prior notice of Landlord's or Landlord's agent(s)
intent to show the Lease Premises. Landlord agrees to use reasonable efforts to minimize disruptions to Tenant's business during said showings. 

26

 

        Section 18.14.    Fitness Center.    Tenant's employees shall have the on-going right during the
term of this Lease and extensions thereof, to join the fitness center located on the first floor of the OneAmerica Tower. All costs associated with membership shall be the responsibility of Tenant or
Tenant's employees. 

        Section 18.15.    Parking Spaces.    Landlord will assure Tenant that there will be free visitor parking on the
Building Site and there will be available for rent to Tenant at the prevailing rates charged, ninety eight (98) parking spaces in the parking lot located immediately east of the Building (the
"Parking Lot"). The parking spaces shall not be reserved or otherwise designated particularly to Tenant. Notwithstanding the foregoing, it is agreed that parking rates are subject to change on an
annual basis thereafter. If Tenant exercises its option to expand from time to time pursuant to Section 18.16 below, Landlord will provide a minimum of one (1) additional parking space
in the Parking Lot for each 500 square feet of Rentable Area added to the Leased Premises. 

        Section 18.16.    Expansion Right of First Offer.    Tenant shall have a continuing right of first offer to
lease space as it becomes available on the 2nd and 3rd floors of the Building subject to the following conditions: 

        (a)   No Event of Default then exists unless Tenant is proceeding diligently to cure such Event of Default and the cure is
achieved within thirty (30) days of the date Landlord offers the space. 

        (b)   Landlord must offer to Tenant in writing the available space on the 2nd and
3rd floors (the "Expansion Space") as it becomes available ("Landlord's Notification"). Tenant shall have fifteen (15) days from the date of Landlord's Notification to
respond to Landlord in writing that Tenant is interested in leasing the Expansion Space ("Tenant's Notification"). Within thirty (30) days of the date of Tenant's Notification, Tenant and
Landlord shall execute a lease modification agreement based on the same terms contained in this Lease except for Basic Rent and Tenant's Proportionate Share of Excess Office Area Operating Cost and
Governmental Charges. Basic Rent for Expansion Space shall be based on the then prevailing market rent for comparable office space in downtown Indianapolis, however said rate shall be no less than
$13.00 per rentable square foot (not including tenant improvements and with no Basic Operating Cost adjustment). Notwithstanding anything to the contrary herein, if, after fifteen (15) days
from Landlord's Notification, Tenant has not responded in writing, Landlord will be free to lease the Expansion Space in any manner it chooses in its sole and absolute discretion; provided, however,
while the Expansion Space is available and Landlord is not in negotiation for the Expansion Space with any other party, Tenant may lease the Expansion Space subject to the terms and conditions of this
Section 18.16 or if such Expansion Space is leased after Landlord's notification and subsequently becomes available at any time during the term of the lease, Landlord shall offer such Expansion
Space to Tenant subject to the terms and conditions of this Section 18.16. 

        Section 18.17.    Section Use of Tower Conference Center.    Tenant shall have an ongoing right to use one
(1) conference room for up to 8 hours during Tenant's normal business hours in the Tower Conference Center every quarter based on availability; provided that the length and duration of
the use of the conference room shall be determined by Tenant. The cost of the rental of the conference room used by Tenant will be at the cost of Landlord. All costs related to special audio video
equipment, catering, and other services provided other than the room rent will be at the cost of the Tenant. 

        Section 18.18.    Common Areas.    Tenant shall have the non-exclusive right, in common with
Landlord and the other tenants of the Building, to the use of the Common Areas, subject to the Rules of the Building. 

        Section 18.19.    Patriot Act.    Each of Landlord and Tenant, each as to itself, hereby represents its
compliance with all applicable anti-money laundering laws, including, without limitation, the USA Patriot Act, and the laws administered by the United States Treasury Department's Office
of Foreign 

27

 

Assets
Control, including, without limitation, Executive Order 13224 ("Executive Order"). Each of Landlord and Tenant further represents (i) that it is not, and it is not owned or controlled
directly or indirectly by any person or entity, on the SDN List published by the United States Treasury Department's Office of Foreign Assets Control and (ii) that it is not a person otherwise
identified by government or legal authority as a person with whom a U.S. Person is prohibited from transacting business. As of the date hereof, a list of such designations and the text of the
Executive Order are published under the internet website address www.ustreas.gov/offices/enforcement/ofac. 

        Section 18.20.    Limitation of Liability of Signatory Parties of Landlord and Tenant.    Any obligation or
liability whatsoever of either Landlord or Tenant, which may arise at any time under this Lease or any obligation or liability which may be incurred by it pursuant to any other instrument,
transaction, or undertaking contemplated hereby shall not be personally binding upon, nor shall resort for the enforcement thereof be had to the property of, its partners, members, trustees,
directors, shareholders, officers, employees or agents, regardless of whether such obligation or liability is in the nature of contract, tort, or otherwise. 

        Section 18.21.    Telecommunications.    Landlord and Tenant hereby acknowledge that, during the term of the
Lease, Tenant may request consent to place telecommunication equipment ("Equipment") on the roof of the Building. Landlord agrees to consider Tenant's request subject to such conditions and
restrictions as Landlord may reasonably determine. 

        Section 18.22.    Memorandum of Lease.    The parties hereto, on the request of either of them, shall enter
into a memorandum of this Lease, in recordable form, setting forth the identities of Landlord and Tenant, the date of the expiration of the term of this Lease, the renewal options and expansion
options in favor of Tenant, and such other information as Landlord and Tenant shall agree upon. 

        Section 18.23.    Brokerage Commissions.    The parties hereby acknowledge, represent and warrant that the only
real estate brokers involved in the negotiation and execution of this Lease is the Broker; and Landlord shall pay the Landlord's Broker a leasing commission under a separate agreement; and that no
other broker or person is entitled to any leasing commission or compensation as a result of the
negotiation or execution of this Lease. Each party shall indemnify the other party and hold it harmless from any and all liability for the breach of any such representation and warranty on its part
and shall pay any compensation to any other broker or person who may be deemed or held to be entitled thereto. 

        Section 18.24.    Waiver of Jury Trial and Jury Venue.    TENANT AND LANDLORD AND ALL
BENEFICIARIES OF THE TRUST (INDIVIDUALLY AND COLLECTIVELY, THE "LANDLORD PARTIES") EACH WAIVES TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT IN CONNECTION WITH ANY MATTER
ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS LEASE, THE RELATIONSHIP OF THE TENANT PARTIES AND THE LANDLORD PARTIES, TENANT PARTIES' USE OR OCCUPANCY OF THE PREMISES, THE IMPROVEMENTS AND/OR ANY
CLAIM OF INJURY OR DAMAGE. THE TENANT PARTIES AND LANDLORD PARTIES CONSENT TO SERVICE OF PROCESS AND ANY PLEADING RELATING TO ANY SUCH ACTION UPON THEIR RESPECTIVE AGENTS FOR SERVICE OF PROCESS ON
FILE WITH THE SECRETARY OF STATE'S OFFICE, OR CORRESPONDING OFFICE, OF THEIR RESPECTIVE STATES OF ORGANIZATION; PROVIDED, HOWEVER, THAT NOTHING HEREIN SHALL BE CONSTRUED AS REQUIRING SUCH SERVICE AT
THE LEASED PREMISES. EACH OF THE TENANT AND THE LANDLORD PARTIES WAIVE ANY OBJECTION TO THE VENUE OF ANY ACTION FILED IN ANY COURT SITUATED IN THE JURISDICTION IN WHICH THE LEASED PREMISES IS LOCATED,
AND WAIVE ANY RIGHT, CLAIM OR POWER, UNDER THE DOCTRINE OF FORUM NON CONVENIENS OR OTHERWISE, TO TRANSFER ANY SUCH ACTION TO ANY OTHER COURT.  

28

 

        Section 18.25.    Counterparts.    This Lease may be executed in multiple originals or
counterparts, each of which will be an original and, when all of the parties to this Lease have signed at least two (2) copies, such copies together will constitute a fully executed and binding
agreement. 

        Section 18.26.    Landlord's Lien or Security Interest.    It is the express intent of the parties to this
Lease that Landlord have no lien or security interest whatsoever in any Personal Property of Tenant or its subtenants, and, to the extent that any applicable statute, code, or law grants Landlord any
lien or security interest, Landlord hereby expressly waives any rights thereto. 

        Section 18.27.    Time of the Essence.    Time is hereby expressly declared to be of the essence of this Lease
and of each and every term, covenant, agreement, condition and provision hereof. The word "day" means "calendar day" as used for computation of time periods herein and the computation of time shall
include Saturdays, Sundays and holidays listed in attached Exhibit E. The phrase "business day" means any day on which commercial banks are generally open for business. Any period of time which
would otherwise end on a non-business day shall be extended to the next following business day. 

(Remainder
of page blank) 

29

 

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

AMERICAN UNITED LIFE INSURANCE COMPANY as beneficiary of

LAKE COUNTY TRUST COMPANY Trust #3535  

	By:	/s/  DAVID C. MARKS      
	 	 
	

Title:	

Vice President
	
 	

 
	
EXACTTARGET, INC.	
 	

 
	

By:	

/s/  SCOTT DORSEY      
 Scott Dorsey, C.E.O.	
 	

 

30

APPENDIX A  

        "Applicable Laws" shall mean all laws, ordinances, orders, rules and regulations (state, federal, municipal or
promulgated by other agencies or bodies having jurisdiction over the Building and the Leased Premises). 

        "BOMA Standards" shall mean the American National Standard method for Measuring Floor Area in Office Buildings as promulgated by the
Buildings Owners and Managers Association. 

        "Broker" shall mean Colliers Turley Martin Tucker Company ("Landlord's Broker") on behalf of Landlord, and Halakar Real Estate ("Tenant's
Broker"), on behalf of Tenant. 

        "Common Areas" shall mean and include the Building's central mechanical room, postal and security stations, janitorial facilities, ground
floor lobby, corridors, elevator foyers, rest rooms, mechanical rooms, electric and telephone closets, loading dock area and other similar facilities for the use of all tenants within the Building. 

        "Person" shall mean any person or entity. 

        "Personal Property" shall mean and shall include all the tangible personal property owned or used by Tenant which is either physically
located on the Leased Premises or used in connection with the Leased Premises, including, without limitation, Trade Fixtures, Telecommunications Equipment, furniture, office equipment, other movable
equipment, computer and telephone equipment, the telephone system, local area network and security card reader system and any cable or wiring installed by Tenant. 

        "Rentable Area" shall mean "useable square feet" as established by Landlord based on the BOMA Standards plus an additional 10% Common
Areas factor. 

        "Tenant Inducements" shall mean all benefits expressly afforded to a tenant or subtenant, whether as a tenant improvement allowance,
moving expense allowance, lease buy-out or other economic benefit. 

        "Tenant's Proportionate Share" shall mean 24.71% for the 5th Floor Space and 25.07% for the 4th Floor Space of the Leased
Premises. Tenant's Proportionate Share is based on the resulting percentage when
dividing the Rentable Area of the Leased Premises by the Rentable Area of the Office Area of the Building. Tenant's Proportionate Share may change from time to time over the Lease Term by Tenant's
exercising options to expand or contract the Leased Premises. Upon exercising any of the options for expansion or contraction of the Leased Premises subject to Section 1.02, the parties shall
enter into a lease memorandum agreement evidencing, in part, the adjustment to "Tenant's Proportionate Share." 

        "Trust" shall mean the Lake County Trust Company Trust #3535. 

QuickLinks

EXHIBIT 10.15Exhibit 4.1

 

NATIONAL BANK OF GREECE
S.A.

 

ARTICLES OF ASSOCIATION

 

CHAPTER ONE

 

ESTABLISHMENT – NAME –
REGISTERED OFFICE – DURATION – PURPOSE

Article 1

 

1.          National Bank of Greece S.A. was
established in 1841. By Royal Decree of 26/27 February 1953, the Bank
merged with Bank of Athens S.A. (established in 1893) and adopted the name
National Bank of Greece and Athens S.A. The Bank’s present name, as determined
by the General Meeting of its Shareholders on 30 April 1958, is “EQNIKH TPAPEZA THS ELLADOS A.E.” The said name shall be
rendered as “National Bank of Greece S.A.” in English and either as a true
translation or in Latin characters in other languages.

 

2.          National Bank of Greece S.A. has its
registered office in Athens, at Aiolou 86 and may establish branches, agencies
and representative offices anywhere in Greece or abroad by resolution of its
Board of Directors (hereinafter the “Board”).

 

Article 2

 

The Bank’s duration is set until 27 February 2053
and may be extended by resolution of its General Meeting of Shareholders
(hereinafter the “GM”), whereby this Article is amended.

 

Article 3

 

1.          The Bank shall engage in all such
banking and financial activities in general, both in Greece and abroad, as are
allowed to banks pursuant to Greek, EU and international legislation, as
amended.  The Bank may also carry out the said activities on behalf of third
parties, either on a joint venture basis, or in association with other legal
entities or natural persons of any nationality, insofar as this is allowed by
legislation, as amended.

 

2.          Specifically, the Bank engages in
the following activities:

 

(a)        Extends all types of loans, credit or
guarantees;

(b)        Acquires or assigns claims thereunder;

(c)        Provides
intermediary services in the financing of business, inter-business cooperation
or in the underwriting of share capital issues through public subscription or
bond issues, and represents bondholders or other lenders;

(d)        Receives
loans, credit or guarantees and launches bond issues;

(e)        Accepts
cash deposits or other refundable funds, in euro and in foreign exchange or in
foreign currency;

(f)         Purchases, sells, keeps safe, manages or collects negotiable
instruments; also securities (whether listed or not), foreign exchange or
foreign currency;

(g)        Issues
and manages means of payment (credit cards, travellers cheques and letters of
credit);

(h)        Participates
in security issues and provides related services;

(i)         Provides consulting services to companies in respect of the capital
structure, industrial strategy and related matters; also provides consulting
and other services with respect to mergers, acquisitions or liquidation of
companies;

(j)         Provides intermediary services in the interbank markets;

(k)        Provides
portfolio management and related consulting services;

(l)         Provides credit information reports;

(m)       Leases
safe deposit boxes, and

(n)        Participates
in businesses at home and abroad.

 

3.          The Bank is entitled to establish
associations, foundations under Article 108 of the Greek Civil Code and
enterprises under Article 784 thereof engaging in cultural, educational
and financial activities, and to participate in such enterprises already
established.

 

 

CHAPTER
TWO

 

SHARE CAPITAL - SHARES

 

Article 4

 

1.          The Bank’s
share capital amounts to Euro 2,511,331,495 and is divided into (a) 496,266,299
common shares, of a par value of Euro 5 each and (b) into 100,000,000
redeemable preference registered shares without voting rights and
non-cumulative dividend, as set out in sentence (xlvi) of par.2 of the present
article, of a par value of 0.30 Euro each.

 

2.          The said share capital level
has been reached as follows:

 

	
  (i)

  	
   

  	
  By Royal Decree of 26 February 1953, the share capital of the
  Bank was set at Old Drachmae 223,190,100,000, divided into 30,366 shares,
  fully paid, of a par value of Old Drachmae 7,350,000 each. This capital
  resulted from the transfer of all corporate property, including all assets
  and liabilities as at 27 February 1953, of “National Bank of Greece
  S.A.” and “Bank of Athens S.A.” to “National Bank of Greece and Athens S.A.”,
  which, as mentioned earlier, changed its name to “National Bank of Greece
  S.A.” and was subrogated, ipso jure and without any further formality, to all
  of the rights and obligations of “National Bank of Greece S.A.” and “Bank of
  Athens S.A.”, as the universal successor thereof, except obligations thereof
  relating to direct debt, guarantees or other grounds, issuing from bonds,
  securities in general, contracts or otherwise and relating to lending in gold
  or in foreign currency, in the form of bonds or otherwise, issued to bearer
  by various entities, such as companies, public entities, municipalities and
  communities (Legislative Decree 3504/1956).

  
	
   

  	
   

  	
   

  
	
  (ii)

  	
   

  	
  By Board resolution of 10 September 1953, the Bank’s share
  capital increased to Old Drachmae 297,586,800,000 or New Drachmae 297,586,800
  (law 2824/1954), divided into 40,488 shares, of a par value of New Drachmae
  7,350 each.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By GM resolution of 2 April 1955, the said share capital was
  divided into 404,880 shares of a par value of Drachmae 735 each.

  
	
   

  	
   

  	
   

  
	
  (iii)

  	
   

  	
  Pursuant to Royal Decree of 14/27 November 1956 “re Adjustment of
  companies’ financial statements”, the share capital was adjusted to Drachmae
  721,353,476. Following absorption of reserves amounting to Drachmae
  4,070,000, and deduction from such share capital of a Drachmae 139,716,416
  amount, representing the final debit balance of the Adjustment Difference
  account, the Bank’s share capital stood at Drachmae 581,637,060. A Drachmae
  229,380 portion thereof was transferred to reserves, to round off the par
  value of each share. Accordingly, pursuant to Article 10 of the said
  Royal Decree of 14/27 November 1956, the Bank’s share capital was set at
  Drachmae 581,407,680, divided into 404,880 shares of a par value of Drachmae
  1,436 each.

  
	
   

  	
   

  	
   

  
	
  (iv)

  	
   

  	
  By GM resolution of 14 April 1962 and Board resolution of 12
  October 1962, the Bank’s share capital increased by Drachmae 290,703,840
  through the issue of 202,440 shares of a par value of Drachmae 1,436 each.
  Accordingly, the Bank’s share capital stands at Drachmae 872,111,520, divided
  into 607,320 shares of a par value of Drachmae 1,436 each.

  
	
   

  	
   

  	
   

  
	
  (v)

  	
   

  	
  By GM resolution of 19 May 1969, the Bank’s share capital
  increased by Drachmae 8,502,480 as a result of a withholding of Drachmae 14
  per share from the 1968 dividend; accordingly, the Bank’s share capital
  stands at Drachmae 880,614,000, divided into 1,214,640 shares, which resulted
  from the exchange of 1 old for 2 new shares, of a par value of Drachmae 725
  each.

  
	
   

  	
   

  	
   

  
	
  (vi)

  	
   

  	
  By GM resolution of 28 May 1970, and pursuant to Emergency Law
  148/1967, the Bank’s share capital increased by Drachmae 220,153,500 through
  capitalization of the Special Reserve of Drachmae 219,934,660, which resulted
  from the issue of new shares above par, and of a Drachmae 218,840 amount from
  the Extraordinary Reserve. As a result of the said capitalization, 303,660
  new shares were issued, of a par value of Drachmae 725 each, and distributed
  to the shareholders as prescribed by law, at a ratio of one 1 new to 4 old
  shares. Accordingly, the share capital stands at Drachmae 1,100,767,500,
  divided into 1,518,300 shares of a par value of Drachmae 725 each.

  

 

 

	
  (vii)

  	
   

  	
  By resolution of extraordinary General Meeting (“EGM”) of 7
  September 1972, the Bank’s share capital further increased (a) by
  Drachmae 157,252,500 through the issue, against payment in cash, of 216,900
  new, registered shares, of a par value of Drachmae 725 each and (b) by
  Drachmae 366,922,500 from capitalization, pursuant to Emergency Law 148/1967,
  as amended, of a Drachmae 1,544,457,362 portion of gains from revaluation of
  fixed assets, through the issue of 506,100 new shares of a par value of
  Drachmae 725 each, distributed at a ratio of one (1) new to three
  (3) old shares; the remaining Drachmae 1,177,534,862 portion of such gains
  was applied to form Special Reserves in line with Legislative Decree
  1229/1972. Thus, the Bank’s share capital stands at Drachmae 1,624,942,500,
  divided into 2,241,300 shares of a par value of Drachmae 725 each.

  
	
   

  	
   

  	
   

  
	
  (viii)

  	
   

  	
  By GM resolution of 26 May 1975, the Bank’s share capital
  increased by Drachmae 64,997,700 through capitalization, pursuant to
  Emergency Law 148/1967, as amended, of a portion of the Special Reserves
  formed by the gains from revaluation of fixed assets, as above, through the
  issue of 89,652 new shares of a par value of Drachmae 725 each, distributed
  at a ratio of 1 new to 25 old shares. Accordingly, the Bank’s share capital
  stands at Drachmae 1,689,940,200, divided into 2,330,952 shares of a par
  value of Drachmae 725 each.

  
	
   

  	
   

  	
   

  
	
  (ix)

  	
   

  	
  By GM resolution of 2 June 1977 the Bank’s share capital further
  increased by Drachmae 2,779,566,434 in aggregate, through capitalization of a
  Drachmae 1,667,029,272 portion of gains from revaluation of realty, pursuant
  to law 542/1977, and of the Drachmae 1,112,537,162 balance of such gains that
  was not capitalized, pursuant to Emergency Law 148/1967. Subsequently, in
  line with law 542/1977: (a) 75% of the above aggregate amount was
  rounded off to Drachmae 2,039,583,000, in order for the new par value of each
  share to be a full number, and was applied to increase the par value of each
  share from Drachmae 725 to Drachmae 1,600 and (b) the remaining balance
  thereof, i.e. Drachmae 739,983,434, was supplemented by a Drachmae 5,920,566
  amount from the 1976 profits. Accordingly, the resulting total amount of
  Drachmae 745,904,000 was divided into 466,190 new shares of a par value of
  Drachmae 1,600 each and distributed to the shareholders at a ratio of 1 new
  to 5 old shares.

  
	
   

  	
   

  	
   

  
	
  (x)

  	
   

  	
  By GM resolution of 25 May 1979, the Bank’s share capital
  increased by Drachmae 895,086,400 through the issue of 559,429 shares of a
  par value of Drachmae 1,600 each.

  
	
   

  	
   

  	
   

  
	
  (xi)

  	
   

  	
  By EGM resolution of 24 September 1982, the Bank’s share capital
  further increased by capitalization of: (a) Drachmae 14,212,217,545.56,
  representing gains from revaluation of realty pursuant to law 1249/1982, and
  (b) a Drachmae 53,212,354.44 portion of the reserves that resulted from
  the issue of shares above par, i.e. by Drachmae 14,265,429,900 in total; of
  these, a Drachmae 9,734,055,900 portion was applied to increase the par value
  of each share from Drachmae 1,600 to Drachmae 4,500, and the remaining
  balance, of Drachmae 4,531,374,000, was divided into 1,006,972 new shares of
  a par value of Drachmae 4,500 each and distributed to the shareholders at a
  ratio of 3 new to 10 old shares.

  
	
   

  	
   

  	
   

  
	
  (xii)

  	
   

  	
  By GM resolution of 24 June 1983, a Drachmae 665,927,970 portion
  of the reserves that resulted from the issue of shares above par was
  transferred to supplement the share capital following a miscalculation during
  the process of revaluation of the Bank’s realty pursuant to law 1249/1982.
  Accordingly, the Bank’s share capital stands at Drachmae 19,635,943,500,
  divided into 4,363,543 shares of a par value of Drachmae 4,500 each.

  
	
   

  	
   

  	
   

  
	
  (xiii)

  	
   

  	
  By GM resolution of 8 June 1988 the Bank’s share capital
  increased by capitalization of: (a) a Drachmae 34,784,009,378 amount of
  gains from revaluation of realty pursuant to the National Economy and Finance
  Ministers’ joint decision of 22 February 1988 and (b) a Drachmae
  560,691,622 portion of the reserves that resulted from the issue of shares
  above par, thus amounting to Drachmae 35,344,701,000, divided into 7,854,378
  new shares of a par value of Drachmae 4,500 each and distributed to the
  shareholders at a ratio of 9 new to 5 old shares. Accordingly, the Bank’s
  share capital stands at Drachmae 54,980,644,500 divided into 12,217,921
  shares of a par value of Drachmae 4,500 each.

  
	
   

  	
   

  	
   

  
	
  (xiv)

  	
   

  	
  By GM resolution of 21 June 1991, the Bank’s share capital
  increased by (a) Drachmae 10,996,128,000 through the issue of 2,443,584
  shares of a par value of Drachmae 4,500 each, and (b) Drachmae
  5,498,064,000 through capitalization of an equal portion of the reserves that

  

 

 

	
   

  	
   

  	
  resulted from the issue of shares above par. The said amount was
  divided into 1,221,792 new shares of a par value of Drachmae 4,500 each and
  distributed to the shareholders at a ratio of 1 new to 10 old shares.
  Accordingly, the Bank’s share capital stands at Drachmae 71,474,836,500
  divided into 15,883,297 shares of a par value of Drachmae 4,500 each.

  
	
   

  	
   

  	
   

  
	
  (xv)

  	
   

  	
  By GM resolution of 13 July 1994, the Bank’s share capital
  increased by Drachmae 16,424,627,006, representing gains from revaluation of
  realty and capitalization thereof in line with laws 2065/92 and 1839/89.
  Following addition thereto of a Drachmae 14,585,389 amount from the issue of
  shares above par, the resulting total amount of Drachmae 16,439,212,395 was
  applied to increase the par value of each share from Drachmae 4,500 to
  Drachmae 5,535. Accordingly, the Bank’s share capital stands at Drachmae
  87,914,048,895, divided into 15,883,297 shares of a par value of Drachmae
  5,535 each.

  
	
   

  	
   

  	
   

  
	
  (xvi)

  	
   

  	
  By Board resolution adopted at meeting No 1031 of 18
  November 1994, the Bank’s share capital increased by Drachmae 249,075
  through the issue of 45 new shares of a par value of Drachmae 5,535 each, as
  a result of conversion to shares of an equal number of convertible bonds
  issued in 1991. Accordingly, the Bank’s share capital stands at Drachmae
  87,914,297,970 divided into 15,883,342 shares of a par value of Drachmae
  5,535 each.

  
	
   

  	
   

  	
   

  
	
  (xvii)

  	
   

  	
  By Board resolution adopted at meeting No 1047 of 22
  November 1995, the Bank’s share capital increased by Drachmae 55,350
  through the issue of 10 new shares of a par value of Drachmae 5,535 each, as
  a result of conversion to shares of an equal number of convertible bonds
  issued in 1991. Accordingly, the Bank’s share capital stands at Drachmae
  87,914,353,320 divided into 15,883,352 shares of a par value of Drachmae
  5,535 each.

  
	
   

  	
   

  	
   

  
	
  (xviii)

  	
   

  	
  By EGM resolution of 14 March 1997, the Bank’s share capital
  increased by Drachmae 13,421,431,280 through capitalization of the reserve
  formed from gains from revaluation of fixed assets under Law 2065/1992. The
  said increase comprised (a) a Drachmae 4,209,088,280 amount to increase
  the par value of each share from Drachmae 5,535 to Drachmae 5,800 and
  (b) a Drachmae 9,212,343,000 amount to the issue of 1,588,335 new shares
  of a par value of Drachmae 5,800 each, distributed to the shareholders at a
  ratio of 1 new to 10 old shares. Accordingly, the Bank’s share capital stands
  at Drachmae 101,335,784,600, divided into 17,471,687 common shares of a par
  value of Drachmae 5,800 each.

  
	
   

  	
   

  	
   

  
	
  (xix)

  	
   

  	
  By EGM resolution of 6 October 1997, the Bank’s share capital increased
  by Drachmae 20,267,154,600 through the issue, against payment in cash, of
  3,494,337 new registered shares of a par value of Drachmae 5,800 each,
  distributed to the shareholders at a ratio of 2 new to 10 old shares. Accordingly,
  the Bank’s share capital stands at Drachmae 121,602,939,200 divided into
  20,966,024 common registered shares of a par value of Drachmae 5,800 each.

  
	
   

  	
   

  	
   

  
	
  (xx)

  	
   

  	
  By Board resolution adopted at meetings No 1094 and No 1095 of 9
  December 1997, the Bank’s share capital increased by Drachmae
  9,368,589,200 through the issue of 1,615,274 new shares of a par value of
  Drachmae 5,800 each, resulting from the conversion to shares of an equal
  number of convertible bonds issued in 1996. Accordingly, the Bank’s share
  capital stands at Drachmae 130,971,528,400, divided into 22,581,298 common,
  registered shares of a par value of Drachmae 5,800 each.

  
	
   

  	
   

  	
   

  
	
  (xxi)

  	
   

  	
  By GSM resolution of 25 May 1998, the Bank’s share capital
  increased by Drachmae 26,194,308,000 through capitalization of:
  (a) Drachmae 6,368,790,543.65 resulting from taxed reserves in line with
  law 2579/98, (b) the Drachmae 703,884,719 balance of gains from
  revaluation of realty in line with law 2065/92, and (c) Drachmae
  19,121,632,737.35 of reserves from the issue of new shares above par. As a
  result of the said increase, 4,516,260 new shares were issued, of a par value
  of Drachmae 5,800 each, and distributed to the shareholders on 25
  May 1998 as bonus shares at a ratio of 2 new to 10 old shares. Accordingly,
  the Bank’s share capital stands at Drachmae 157,165,836,400, divided into
  27,097,558 common shares of a par value of Drachmae 5,800 each.

  
	
   

  	
   

  	
   

  
	
  (xxii)

  	
   

  	
  By EGM resolution of 9 September 1998, the Bank’s share capital
  increased:

  

 

 

(a)   by Drachmae 14,312,065,400 by the merger
through absorption, by the Bank, of “National Mortgage Bank of Greece S.A.”
(Companies’ Register No 6070/06/b/86/09), as per the provisions of Article 16
of law 2515/1997 in conjunction with the provisions of Article 69 et seq.
of Companies Act 2190/1920 (“Companies Act”).

 

(b)   by Drachmae 11,387,618,600 through
capitalisation of an equal amount of the Bank’s Share Premium Account reserve,
to maintain the par value of the Bank’s aggregate share capital at Drachmae
5,800 per share following the said merger. Accordingly, the Bank’s share
capital stands at Drachmae 182,865,520,400, divided into 31,528,538 common
registered shares of a par value of Drachmae 5,800 each.

 

	
  (xxiii)

  	
   

  	
  By Board resolution adopted at meetings No 1116 and No 1118 of 8
  December 1998 and 16 December 1998 respectively, the Bank’s share
  capital increased by Drachmae 9,368,589,200 through the issue of 1,615,274
  new shares of a par value of Drachmae 5,800 each, as a result of conversion
  to shares of an equal number of convertible bonds issued in 1996.
  Accordingly, the Bank’s share capital stands at Drachmae 192,234,109,600,
  divided into 33,143,812 common registered shares of a par value of Drachmae
  5,800 each.

  
	
   

  	
   

  	
   

  
	
  (xxiv)

  	
   

  	
  By Board resolution adopted at meetings No 1117 and No 1118 of 8
  December 1998 and 16 December 1998 respectively, the Bank’s share
  capital increased by Drachmae 13,096,005,600 through the issue of 2,257,932
  new shares of a par value of Drachmae 5,800 each, as a result of conversion
  to shares of 1,128,966 convertible bonds issued in 1991. Accordingly, the
  Bank’s share capital stands at Drachmae 205,330,115,200, divided into
  35,401,744 common registered shares of a par value of Drachmae 5,800 each.

  
	
   

  	
   

  	
   

  
	
  (xxv)

  	
   

  	
  By EGM resolution of 29 January 1999, each share was split into
  four whole shares and the par value thereof concurrently decreased from
  Drachmae 5,800 to Drachmae 1,450. Accordingly, the Bank’s share capital
  stands at Drachmae 205,330,115,200, divided into 141,606,976 common
  registered shares of a par value of Drachmae 1,450 each.

  
	
   

  	
   

  	
   

  
	
  (xxvi)

  	
   

  	
  By EGM resolution of 6 April 1999, the Bank’s share capital increased
  by Drachmae 21,522,384,800 through the issue, against payment in cash, of
  14,843,024 new common registered shares of a par value of Drachmae 1,450
  each. Of these, 682,326 were distributed to the employees and 14,160,698 to
  the shareholders of the Bank at a ratio of 1 new to 10 old shares.
  Accordingly, the Bank’s share capital stands at Drachmae 226,852,500,000
  divided into 156,450,000 common registered shares of a par value of Drachmae
  1,450 each.

  
	
   

  	
   

  	
   

  
	
  (xxvii)

  	
   

  	
  By Board resolutions adopted at meetings No 1136 and No 1137 of 14
  June 1999, the Bank’s share capital increased by Drachmae 5,092,400
  through the issue of 3,512 new shares of a par value of Drachmae 1,450 each,
  as a result of conversion to shares of 439 convertible bonds issued in 1991.
  Accordingly, the Bank’s share capital stands at Drachmae 226,857,592,400,
  divided into 156,453,512 common registered shares of a par value of Drachmae
  1,450 each.

  
	
   

  	
   

  	
   

  
	
  (xxviii)

  	
   

  	
  By Board resolutions adopted at meetings No 1143 and No 1144 of 15
  November 1999, the Bank’s share capital increased by Drachmae
  9,368,589,200 through the issue of 6,461,096 new shares of a par value of
  Drachmae 1,450 each, as a result of conversion into shares of 1,615,274
  convertible bonds issued in 1996. Accordingly, the Bank’s share capital
  stands at Drachmae 236,226,181,600, divided into 162,914,608 common
  registered shares of a par value of Drachmae 1,450 each.

  
	
   

  	
   

  	
   

  
	
  (xxix)

  	
   

  	
  By GM resolution of 18 April 2000, the Bank’s share capital
  increased by Drachmae 94,490,473,800 through capitalization of an equal
  portion of reserves from the issue of shares above par. As a result of the
  said increase, 65,165,844 new shares were issued of a par value of Drachmae
  1,450 each and distributed to the shareholders on 26 April 2000 as bonus
  shares at a ratio of 4 new to 10 old shares. Accordingly, the Bank’s share
  capital stands at Drachmae 330,716,655,400 divided into 228,080,452 common
  registered shares of a par value of Drachmae 1,450 each.

  

 

 

	
  (xxx)

  	
   

  	
  By Board  resolutions adopted at
  meetings No 1164 and No 1165 of 15 November 2000, the Bank’s share
  capital increased by Drachmae 9,368,589,200 through the issue of 6,461,096
  new shares of a par value of Drachmae 1,450 each, which resulted from
  conversion to shares of 1,615,274 convertible bonds issued in 1996.
  Accordingly, the Bank’s share capital stands at Drachmae 340,085,244,600,
  divided into 234,541,548 common registered shares of a par value of Drachmae
  1,450 each.

  
	
   

  	
   

  	
   

  
	
  (xxxi) 

  	
   

  	
  By GM resolution of 26
  April 2001 the Bank’s share capital decreased by Drachmae 9,368,589,200
  through cancellation of 6,461,096 own shares purchased by the Bank from the
  Public Company for Transferable Securities S.A. (DEKA S.A.) Accordingly, the Bank’s share capital stands
  at Drachmae 330,716,655,400, divided into 228,080,452 common registered
  shares of a par value of Drachmae 1,450 each. 

  
	
   

  	
   

  	
   

  
	
  (xxxii)

  	
   

  	
  By GM resolution of 26 April 2001, the Bank’s share capital
  increased by Drachmae 19,016,207,686, along with an increase in the par value
  of the Bank’s share from Drachmae 1,450 to Drachmae 1,533.375, via
  capitalization of (a) Drachmae 10,637,258,098 representing gains from
  revaluation of realty pursuant to law 2065/1992, and (b) Drachmae
  8,378,949,588 from capitalisation of the Bank’s Share Premium Account
  reserve. Accordingly, the Bank’s share capital stands at Drachmae
  349,732,863,086, divided into 228,080,452 common registered shares of a par
  value of Drachmae 1,533.375 each.

  
	
   

  	
   

  	
   

  
	
  (xxxiii)

  	
   

  	
  By Board resolutions adopted at meetings No 1187 and No 1188 of 15
  November 2001, the Bank’s share capital increased by Drachmae
  9,907,289,213 through the issue of 6,461,100 new shares of a par value of
  Drachmae 1,533.375 each, which resulted from conversion to shares of
  1,615,275 convertible bonds issued in 1996. Accordingly, the Bank’s share
  capital stands at Drachmae 359,640,152,299, divided into 234,541,552 common
  registered shares of a par value of Drachmae 1,533.375 each.

  
	
   

  	
   

  	
   

  
	
  (xxxiv) 

  	
   

  	
  By GM resolution of 26 November 2001 the Bank’s share capital
  decreased by Drachmae 9,907,289,213 through cancellation of 6,461,100 own
  shares from the conversion to shares of 1,615,275 bonds purchased from the
  Public Company for Transferable Securities S.A. (DEKA S.A.) Accordingly, the
  Bank’s share capital stands at Drachmae 349,732,863,086, divided into
  228,080,452 common registered shares of a par value of Drachmae 1,533.375
  each. 

  
	
   

  	
   

  	
   

  
	
  (xxxv)

  	
   

  	
  By GM resolution of 9 May 2002, and pursuant to Article 12
  of law 2842/2000, the share capital and the par value of the share were
  converted to euro only. Accordingly, the Bank’s share capital stands at Euro
  1,026,362,034, divided into 228,080,452 common registered shares of a par
  value of Euro 4.50 each.

  
	
   

  	
   

  	
   

  
	
  (xxxvi)

  	
   

  	
  By resolution of the Repeat GM of 20 November 2002, the Bank’s
  share capital increased:

  
	
   

  	
   

  	
   

  

(a)   by Euro 8,086,472.32 by the merger through
absorption, by National Bank of Greece, of “National Investment Bank for
Industrial Development S.A. (ETEBA)” (Companies Register No  6075/06/B/86/14), pursuant to the provisions
of Article 16 of law 2515/1997, in conjunction with the provisions of
Articles 69 ET seq. of the Companies Act.

 

(b)   by
Euro 8,970,930.68,
resulting from capitalisation of an equal portion of the Bank’s share premium
account reserve, to ensure that following the merger the par value of each
share of National Bank of Greece would remain at Euro 4.50. Accordingly, the
Bank’s share capital stands at Euro 1,043,419,437, divided into 231,870,986
common registered shares of a par value of Euro 4.50 each.

 

	
  (xxxvii)

  	
   

  	
  By GM resolution of 9 May 2003, the share capital increased by
  Euro 104,341,945.50 through the issue of 23,187,099 new shares of a par value
  of Euro 4.50 each, which resulted from capitalisation of reserves and were
  distributed to the shareholders as bonus shares, at a ratio of 1 new to 10
  old shares. Accordingly, the Bank’s share capital stands at Euro
  1,147,761,382.50, divided into 255,058,085 shares, of a par value of Euro 4.50
  each.

  
	
   

  	
   

  	
   

  
	
  (xxxviii)

  	
   

  	
  By GM resolution of 18 May 2004, the share capital increased by
  Euro 344,328,417 through the issue of 76,517,426 new shares of a par value of
  Euro 4.50 each, which resulted from capitalisation of reserves and were
  distributed to the shareholders as bonus shares at a ratio of 

  

 

 

3 new to 10 old shares. Accordingly, the Bank’s share capital stands at
Euro 1,492,089,799.50, divided into 331,575,511 shares of a par value of Euro
4.50 each.

 

	
  (xxxix)

  	
   

  	
  By second Repeat GM resolution of 3 November 2005, the share
  capital increased:

  

 

(a)   by Euro 101,274,438.72 by the merger through
absorption, by National Bank of Greece, of “National Investment Company S.A.”, in line with the provisions of Article 16
of Law 2515/1997, in conjunction with the provisions of Articles 1-5 of Law
2166/1993 and Articles 68,69-77 of the Companies Act.

 

(b)   by
Euro 22,311,177.78 resulting from capitalisation of an equal portion  of the Bank’s Share Premium Account reserve,
to provide for an increase in the par value of the Bank’s share to Euro 4.80
following the said merger. Accordingly, the Bank’s share capital stands at Euro 1,615,675,416,
divided into 336,599,045 shares of a par value of Euro 4.80 each.

 

	
  (xl)

  	
  By second Repeat GM resolution of 3 February 2006, the share
  capital increased:

  

 

(a)   by Euro 20,027,755 by the merger through the
absorption, by National Bank of Greece, of “National Real Estate S.A.”, in line with the provisions of Article 16
of law 2515/1997, in conjunction with the provisions of Articles 1-5 of law
2166/1993 and Articles 68,69-77 of the Companies Act.

 

(b)   by Euro 60,643,889 resulting from
capitalisation of an equal portion of 
the Bank’s share premium account reserve, to provide for an increase in  the par value of the Bank’s share to Euro 5
following the said merger. Accordingly, the Bank’s share capital stands at Euro
1,696,347,060 and is divided into 339,269,412 shares of a par value of Euro 5
each.

 

	
  (xli) 

  	
   

  	
  By second Repeat GM resolution of 1 June 2006, the share capital
  increased by Euro 678,538,820 through the issue against payment in cash of
  135,707,764 new common registered shares of a par value of Euro 5 each,
  distributed to the shareholders at a ratio of 4 new to 10 old shares. Thus,
  the Bank’s share capital stands at Euro 2,374,885,880, divided into
  474,977,176 common registered shares, of a par value of Euro 5 each. 

  
	
   

  	
   

  	
   

  
	
  (xlii)

  	
   

  	
  By GM resolution of 25
  May 2007, and following a Board resolution of 21 December 2006, the
  share capital was adjusted to take into account, in line with par. 9, article
  13 of the Companies Act, the Euro 1,550,215 increase through the issue of
  310,043 new common registered shares of a par value of Euro 5 each,
  distributed exclusively to the beneficiaries of the Bank’s stock option
  programme who exercised the respective stock option rights, as per GM
  resolution of 22 June 2005 and the relevant board resolutions.
  Accordingly, the Bank’s share capital stands at Euro 2,376,436,095, divided into 475,287,219 shares
  of a par value of Euro 5 each.

  
	
   

  	
   

  	
   

  
	
  (xliii)

  	
   

  	
  By GM resolution of 25
  May 2007, the Bank’s share capital increased by Euro 1,750,000 through
  the issue of 350,000 new shares of a par value of Euro 5 each, and of issue
  price at par, by capitalization of an equal portion of the taxed 2006
  profits, distribution to the Bank’s staff of bonus shares and abolition of
  the old shareholders’ preemptive right, pursuant to Article 16, par. 2
  case f of the Companies Act and article 1 of Presidential Decree 30/1988.
  Thus, the Bank’s share capital stands at Euro 2,378,186,095, divided into
  475,637,219 shares of a par value of Euro 5 each.

  
	
   

  	
   

  	
   

  
	
  (xliv)

  	
   

  	
  By Board resolution
  adopted at meeting No 1342 of 20 December 2007, the share capital increased
  by Euro 7,806,210 through the issue of 1,561,242 new common registered shares
  of a par value of Euro 5 each, distributed exclusively to the beneficiaries
  of the Stock Options Programme who exercised the respective stock option
  rights in accordance with the GM resolutions of 22 June 2005 and 1 June 2006.
  Accordingly, the Bank’s share capital stands at Euro 2,385,992,305, divided
  into 477,198,461 shares of a par value of Euro 5 each.

  
	
   

  	
   

  	
   

  
	
  (xlv)

  	
   

  	
  By second Repeat GM
  resolution of 15 May 2008, pursuant to Article 45 par. 3 of the Companies Act
  the share capital increased by Euro 95,339,190 in total through the issue of
  19,067,838 new common registered shares of a par value of Euro 5 each,
  distributed to shareholders without payment instead of part of the additional
  dividend. Accordingly, the Bank’s share capital stands at Euro 2,481,331,495,
  divided into 496,266,299 shares of a par value of Euro 5 each.

  

 

	
  (xlvi)

  	
   

  	
  By
  a resolution of the second repeat Extraordinary Meeting of its shareholders
  of 15 May 2008, the share capital was increased by way of cash payment
  by an amount of Euro 30,000,000 through the issuance of 100,000,000
  redeemable preference registered shares without voting rights and
  non-cumulative dividend issued in one or more series (the “Preference Shares”)
  of a par value of 0.30 Euro each. 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (a)

  	
  The
  privileges of the Preference Shares are (i) the right to collect before
  the common shares and, if existing, other class of preference shares of the
  Bank ranking or expressed to rank junior to the Preference Shares, a Euro denominated
  annual dividend (which may be expressed as being equal to a USD amount) that
  may be payable by the Bank in USD, (the “Preferred Dividend”); in particular
  for the financial year 1 January 2008 to 31 December 2008 the aggregate
  amount of the Preferred Dividend may be increased by up to 3/4; (ii) the
  right to collect the Preferred Dividend before the payment of dividend
  amounts described under article 45 paragraph 2b of law 2190/1920 and until
  full exhaustion of such amounts; and (iii) the right to collect before
  the common shares and other Junior Obligations of the Bank an amount
  denominated in Euro equal to the sum of the nominal value and any premium
  paid, which may be determined by reference to a fixed US dollar amount, which
  may be payable in US dollars by the Bank, from the liquidation proceeds of the
  Bank, including above par
  reserves formed after the issuance of the Preference Shares (“Liquidation
  Preference”).

  

 

	
   

  	
   

  	
  (b)

  	
  The Preference Shares do not entitled their
  holders to cumulative dividends and are not convertible  into common shares. The
  Preference Shares are issued without voting rights, subject to those cases
  where voting rights exist by operation of mandatory provisions of law.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (c)

  	
  The Preference Shares are in material form and may by listed for
  trading on a market other than organised markets operating within Greece.

  

 

	
   

  	
   

  	
  (d)

  	
  The payment of the Preferred Dividend,
  approved as per paragraph 7 of this article, is effected in a specified
  number of equal instalments on fixed dates in each year. As an exception, the
  payment, if any, of the Preferred Dividends prior to the approval of the 2008
  financial statements by the annual general meeting of the shareholders on
  2009 will be effected through profits resulting for the financial year 1
  January 2008 to 31 December 2008, subject to the provisions of article 46 of
  law 2190/1920.

  

 

	
   

  	
   

  	
  (e)

  	
  For the purposes of this article:

  

 

	
   

  	
   

  	
   

  	
  “First Call Date” is the date following 5
  years from the issuance date of the Preference Shares;

   

  “Distributable funds under 44a” means the
  funds that may be distributed under article 44a paragraph 2 of law 2190/1920
  during the current financial year to the shareholders of the Bank;

   

  “Additional Amounts” due to withholding means
  such additional amounts
  that the Bank will pay to each holder of the Preference Shares (the “Preferred
  Shareholders”) as may be necessary in order that every net payment in respect
  of the Preference Shares, after withholding for any taxes imposed by Greece,
  as the case may be, upon or as a result of such payment, will not be less
  than the amount otherwise required to be paid. The Bank will not be required
  and will not pay any Additional Amounts in the following cases: (i) the
  withholding on account of Greek tax is required or collected due to the
  relationship that the Preferred Shareholder may have with the Hellenic
  Republic, other than the holding of the Preference Shares; or (ii) where
  such withholding or deduction is imposed on a payment to or on behalf of an
  individual and is required to be made pursuant to European Council Directive
  2003/48/EC and law 3312/2005 or any law implementing or complying with, or
  introduced in order to conform to, such Directive;

  

 

“Capital Disqualification Event” means a change
in any applicable law or regulation, or in the official interpretation or
application thereof, as a result of which for the purposes of capital adequacy
requirements applicable to banks, at
that time an
amount equal to the sum of the aggregate par value and an amount in euro
credited as share premium in respect of the Preference Shares will not be
included in the Tier 1 capital of the Bank;

 

“Depositary Event” means, in respect of any
series of Preference Shares represented by American Depositary Receipts
evidencing American Depositary Shares, a percentage of the Preference Shares
representing 5 per cent. or more of the aggregate par value of the Preference
Shares of that series is no longer represented by American Depositary Receipts
evidencing American Depositary Shares;

 

“Junior Obligations” means to the extent existing
(i) ordinary shares of the Bank, (ii) each class of preferred shares
or similar securities of the Bank (if any) that rank junior to the Preference
Shares and (iii) any preference share or preferred security of a
Subsidiary entitled to the benefit of a guarantee or support agreement or
similar undertaking of the Bank that ranks junior to the Preference Shares;

 

“Liquidation Parity Obligations” means the most
senior preference shares or preferred securities or similar securities of the
Bank or any guarantee or support agreement or similar undertaking of the bank
(ranking pari passu with the Preference Shares as
regards participation in the assets of the Bank) in respect of Preference
Shares or similar securities of a Subsidiary (including but not limited to
claims under the guarantee of the Bank in favour of holders of preferred
securities issued by the Subsidiary of the Ban, National Bank of Greece Funding
Limited);

 

“Liquidation Preference Reduction Amount” means
an amount equal to a pro rata
portion of the total Preferred Dividends approved by the shareholders at the
most recent Annual General Meeting of the shareholders to reflect the length of
the period from (and including) the date fixed for redemption to (but
excluding) the next succeeding anniversary of the Issue Date;

 

“Ordinary Dividends” means the dividends in
respect of the Ordinary Securities;

 

“Ordinary Securities” means the ordinary shares
of the Bank;

 

“Parity Obligations” means Liquidation Parity
Obligations and Preferred Dividend Parity Obligations;

 

“Preferred Dividend Parity Obligations” means
i) the most senior preference shares or similar securities qualifying as Tier 1
capital of the Bank (other than the Preference Shares) and ii) the preference
shares or similar securities of Subsidiaries qualifying as Tier 1 capital of
the Bank on a consolidated basis and 

 

 

entitled to the benefit of any guarantee,
support agreement or other similar contractual undertakings of the Bank ranking
pari passu with the Preference Shares as regards entitlement to dividends (or
other amounts such as claims under the guarantee of the Bank in favour of
holders of preferred securities issued by the Subsidiary of the Bank, National
Bank of Greece Funding Limited);

 

“Preferred Dividend Payment Date”   means each date on which a Preferred Dividend
is payable;

 

“Redemption Amount” means the Liquidation
Preference less the Liquidation Preference Reduction Amount (if any) plus (i) any
Preferred Dividends approved at the most recent Annual General Meeting of
shareholders but not yet paid out on the Preference Shares and (ii) any
Additional Amounts (if any);

 

“Redemption Date” means every date on which the
Preference Shares are redeemed by the Bank;

 

“Subsidiary”  means
any legal entity that is an affiliate of 
the Bank, which constitutes an “affiliated business” of the Bank in
accordance with the provisions of article 42e paragraph 5 of law 2190/1920.

 

(f)    The approval of the payment of Preferred
Dividends on the Preference Shares, in accordance with paragraph 5 herewith,
will be declared on an annual basis at the absolute discretion of the Annual
General Meeting of the shareholders of the Bank out of Distributable Funds.
Subject to the provisions relating to paragraphs 8 to 9  below, the Bank will not be permitted to pay
any Preferred Dividend on the Preference Shares if
such Preferred Dividend together with any dividends previously paid and/or
approved for payment in respect of Preferred Dividend Parity Obligations in the
then current financial year would exceed the Distributable Funds or  if
the Bank of Greece has requested in writing the non-payment of dividend
(including the amounts of dividend distributed under article 45 paragraph 2b of
law 2190/1920) to the common and preferred shareholders of the Bank.

 

(g)   Without prejudice to
the provisions of article 44a par. 2 of C.L. 2190/1920, if the Bank or any
Subsidiary of the Bank pays any distribution(s) (excluding the
distribution of bonus shares or in respect of Junior Obligations) in respect of
any class of Preferred Dividend Parity Obligations, the Bank is required to pay
Preferred Dividend (pro rata to the amount paid for Preferred Dividend Parity
Obligations) for the period during which the payment towards Preferred Dividend
Parity Obligations was made.

 

(h)   Without prejudice to
the provisions of article 44a par. 2 of C.L. 2190/1920, the Bank is required to
pay the full amount of the Preferred Dividend if the Bank or any of its
Subsidiaries pays any amount in respect of Junior Obligations (including the
buy back of ordinary shares or other Junior Obligations). The payment of the
Preferred Dividend is effected at the immediately following Preferred Dividend
Payment Date, which coincides or follows the day during which the Bank or any
of its Subsidiaries paid as above. However, the Bank is not required to pay the
Preferred Dividend if (i) the Bank or its Subsidiary bought back Junior
Obligations in accordance with the provisions of article 16 of Greek C.L.
2190/1920 and (ii) following such acquisition the total solvency ratio of
the Bank, on an unconsolidated and consolidated basis and the ratio of core
tier 1 capital to risk weighted assets of the Bank satisfy the limits set out
from time to

 

 

time by the Bank of Greece, pursuant to the
applicable legislation as in force from time to time (including the Circulars
and Acts of the Governor of the Bank of Greece).

 

(i)    Without prejudice to
the provisions of article 44a par. 2 of C.L. 2190/1920, the Bank will pay to each Shareholder of the Preference Shares
Additional Amounts.

 

(j)    The Preference Shares
will be redeemable by the Bank in accordance with the provisions of article 17b
of C.L. 2190/1920(1), in whole but not in part. The Bank is entitled to
redemption at the First Call Date, as well as on any date thereafter following
an invitation to all the Preferred Shareholders. The redemption is effected by
payment to each Preferred Shareholder of an amount equal to the Redemption
Amount. Such redemption will be subject to the prior consent of the Bank of
Greece.

 

(k)   If, at any time
falling prior to but excluding the First Call Date, the Bank is required to pay
Additional Amounts due to withholding, due to a change in the Greek taxation
legislation, which becomes effective after the date of issue of any series of
Preference Shares, to the Preferred Shareholders, then the Preference Shares
will be redeemable at the option of the Bank, in whole but not in part, in
accordance with the provisions of article 17b of C.L. 2190/1920, on the next
Preferred Dividend Payment Date, upon not less than 30 nor more than 60 days’
notice by the Board of Directors of the Bank to all the holders of the
Preference Shares at the Redemption Amount. 
Any such redemption will be subject to the prior consent of the Bank of
Greece.

 

(l)    If a Capital Disqualification
Event has occurred, the Preference Shares may be redeemed, in whole but not in
part, at the Redemption Amount  at the option of the Bank, in accordance with the provisions of article
17b of C.L. 2190/1920, on the next Preferred Dividend Payment Date, upon not
less than 30 nor more than 60 days’ notice by the Board of Directors of the
Bank to all the Holders of the Preference Shares.  Any such redemption will be subject to the
prior consent of the Bank of Greece.

 

(m)  If , in respect of
any series of Preference Shares represented by American Depositary Receipts
evidencing American Depositary Shares, a Depositary Event has occurred, the
Preference Shares may be redeemed, at the Redemption Amount  at the option of the
Bank, in accordance with the provisions of article 17b of C.L. 2190/1920, on
any date following the occurrence of such event, upon not less than 30 nor more
than 60 days’ notice by the Board of Directors of the Bank to all the Holders
of the Preference Shares.  Any such
redemption will be subject to the prior consent of the Bank of Greece.

 

(n)   In the event of the
winding-up or liquidation of the Bank, the holders of the Preference Shares
will be entitled to receive, before the common shareholders, out of the Bank’s
liquidation proceeds (including the above par reserves) an amount per
Preference Share equal to the Liquidation Preference, which may be payable in
USD.

 

Article 5

 

1.          Each time new shares are issued,
their price may not be set below par. In the event of issue of new shares above
par, the difference between the par value and the issue price may not be
applied towards payment of dividends or fractional rights.

 

 

2.          The resolution adopted by the
corporate body vested with authority to resolve on a share capital increase or
bond issue, as per the provisions of the Companies Act and these Articles of
Association, shall at least specify the amount of the capital increase or bond
issue, the method to be used for raising the relevant funds, the number and
category of shares or bonds to be issued, the par value and offering price
thereof, and the deadline for payment of such funds.

 

3.          Cash payments to meet the initial
capital level or any increase thereof, as well as shareholders’ deposits
intended for share capital increase in future, shall be made into a special
corporate account held with any bank legally operating in Greece.

 

4.          Under the provisions of Article 13
of the Companies Act the GM may empower the Board to decide for a share capital
increase, or - insofar as the GM is the appropriate corporate body to decide
thereon -, for a bond issue, by GM resolution subject to the publication
formalities provided for by Article 7b of the Companies Act. In this case,
the share capital increase may be up to the level of the capital paid up at the
date the said powers are delegated to the Board, whereas the amount of the bond
issue may not exceed half of the share capital paid up at such date. The said
powers of the Board may be renewed by the GM for a period each time not
exceeding five years and shall come into effect on expiry of each such period.
The said GM resolution is subject to the publication formalities provided for
by Article 7b of the Companies Act.

 

By exception to the provisions
of the previous sub-paragraph, when corporate reserves exceed 1/4 of the
paid-up share capital the share capital increase is subject to a GM resolution,
to be adopted in accordance with the provisions of Article 29, par. 3 and
4 and Article 31, par. 2 of the Companies Act, as amended, along with a
respective amendment to the Article hereof regarding the share capital.

 

The share capital increase
provided for under sub-par. 1 of this paragraph shall not constitute an
amendment to the Articles of Association.

 

5.          The GM that resolves on a share
capital increase pursuant to pars 3 and 4 of Article 29 and par. 2 of Article 31
of the Companies Act may authorize the Board to resolve on the new shares’
offering price, and/or interest rate and method of determination thereof, in
the event of issue of interest-earning shares, within a term determined by the
GM, that cannot exceed one year. In this case, the time period for the payment
of the relevant funds under Article 11 of the Companies Act shall begin on
the date when the said resolution determining the shares’ offering price and/or
interest rate or method of determination thereof, as the case may be, is
adopted by the Board.

 

6.           In any share capital increase, even by
contribution in kind, or a convertible bond issue, a pre-emptive right to the
entire amount of the new capital or bond issue shall be granted to shareholders
of record, pro rata to their equity holding as at the time of issue. In the
event that the Bank has already issued shares of more than one category, and
voting rights, rights to profit distribution and liquidation proceeds vary
among  these different categories of shares,
then the share capital increase may be implemented through one such category of
shares alone; in this case, the holders of the other categories of shares shall
be granted a pre-emptive right only following non-exercise  thereof
by the holders  of shares of the same category
as the new shares.

 

The pre-emptive right shall be
exercised within the time period set by the corporate body that decided for the
share capital increase. The said time period, subject to the payment deadline
provided for in Article 11 of the Companies Act, shall not be less than 15
days. In the case of par. 5 of this Article, the time period for the exercise
of the pre-emptive right shall not begin before the date of the Board
resolution determining the new shares’ offering price. In the cases of sub-pars
2 and 3 of par. 6 of this Article, the corporate body that decided for the
increase shall also determine the time period for the exercise of the said
right by the rest of the shareholders; the said time period shall not be less
than 10 days and shall begin on the date following the expiry date of the
respective time period provided for the holders of shares of the same category
as the new shares.

 

Following expiry of the said
deadlines, any shares not taken up as above shall be freely disposed of by the
Board of Directors, at a price not lower than that paid by the existing
shareholders.

 

 

In the event that the corporate body which decides for
the share capital increase fails to set a deadline for the exercise of the
pre-emptive right, such deadline, or any extension thereof, shall be set by
resolution of the Board adopted within the time limits provided for under Article 11
of the Companies Act.

 

The invitation to exercise the pre-emptive right,
which must also indicate the deadline set for the exercise thereof, shall be
published in the Bulletin of Companies and Limited Liability Companies of the
Government Gazette.

 

Without prejudice to par. 5 of this Article, the said
invitation and deadline for the exercise of the pre-emptive right may be
omitted in the event that the shareholders who attended the GM represented the
entire share capital and were informed of the deadline set for the exercise of
the pre-emptive right, or stated their decision to exercise same or not.
Publication of the invitation to exercise the pre-emptive right may be
substituted by registered letters, return receipt requested, to the
shareholders.

 

7.          The pre-emptive right may be limited
or abolished by GM resolution and subject to the provisions of par. 10 of Article 13
of the Companies Act.

 

8.          The share capital increase is
allowed through the issue of redeemable shares, which may be issued as
preferred shares, with or without voting right, pursuant to the provisions of Article 3
of the Companies Act. Redemption thereof shall be by corporate declaration to
shareholders, subject to the publication requirements of Article 11
hereof, and valid only on release to shareholders of the corresponding
contribution.  The capital increase, the
issue of redeemable shares and potential exclusion of the pre-emptive right
shall be subject to the provisions of this Article; the redemption option shall
be subject to the requirements of Article 17b of the Companies Act.
Furthermore, the Bank is entitled to issue preference shares of any type
permitted by applicable legislation. In departure from the provisions of Article 6
hereof, the said redeemable and preference shares may be physical shares.

 

9.          In the event that the capital raised
is less than the amount of the authorized share capital increase, the Board
shall, by its resolution confirming payment, also adjust Article 4 of
these Articles of Association to reflect the amount of such capital raised, as
same resulted from the share capital increase.

 

Article 6

 

1.          The Bank’s shares are registered,
pursuant to Article 11a of the Companies Act. Should banks be allowed to
issue bearer shares (deregistration of shares) in future, conversion of
currently registered shares to bearer shares shall be by GM resolution.

 

2.          The shares shall be dematerialised, registered
with Hellenic Exchanges Holding S.A. (HELEX) without serial numbers and monitored by means of entries
in the records thereof.

 

3.          The rights and obligations issuing
from each share of the Bank shall apply to the person registered with HELEX as a shareholder of the Bank.

 

4.          The shares are indivisible. In the
event of joint ownership of a share, the joint owners may exercise their rights
only by a joint representative thereof and are jointly and severally liable for
the performance of their obligations issuing from the share.

 

5.          On acquiring a share, the
shareholder accepts the Bank’s Articles of Association and GM and Board
resolutions.

 

6.          By resolution adopted in line with
the provisions of Article 29 par. 3 and 4 and Article 31 par. 2 of
the Companies Act, the GM may establish a plan for allocating corporate shares
to the Directors and employees of the Bank and of associated companies thereof
in the sense of Article 42e par. 5, in the form of stock options pursuant
to the provisions of Article 13, par. 13-14 of the Companies Act and of
the resolution of the said GM, a summary of which shall be subject to the
publication formalities provided for under Article 7b of the Companies
Act.

 

 

 

CHAPTER
THREE

 

GENERAL MEETING OF SHAREHOLDERS

 

Article 7

 

The General
Meeting of Shareholders (“GM”) is the Bank’s supreme corporate body entitled to
decide on each single matter concerning the Bank. Its lawful resolutions shall
be binding on all shareholders, even those absent or dissenting.

 

Article 8

 

1.                            All of the Bank’s shareholders are
entitled to participate in the GM.

 

2.                            Shareholders may be represented at the GM
by other, duly authorized persons.

 

3.                            Each share shall entitle the holder to
one vote. Each shareholder is entitled to a number of votes equal to the number
of shares held.

 

Article 9

 

1.                            The GM
is the sole corporate body vested with authority to decide on:

 

(a)                      Amendments
to the Bank’s Articles
of Association. Such amendments shall be deemed to include share capital
increases or decreases, except the share capital increase for which the Board
decides as per Article 5 par. 4 hereof;

 

(b)                     Election
of the members of the Board and the auditors;

 

(c)                      Approval
of the Bank’s annual financial statements;

 

(d)                     Appropriation
of the annual profits;

 

(e)                      Merger,
split-off, transformation, revival, extension of duration or dissolution of the
Bank;

 

(f)                        Appointment
of liquidators; and

 

(g)                     Any
other matter provided for by law.

 

2.                            The
provisions of the previous paragraph do not apply to: (a) capital
increases by Board resolution pursuant to pars 1 and 14 of Article 13 of
the Companies Act, or capital increases imposed by provisions of other laws, (b) amendments
to the Articles of Association introduced by the Board under par. 5 of Article 11,
pars 2 and 13 of Article 13 and par. 4 of Article 17b of the
Companies Act, (c) The election of Directors in replacement of Directors
resigned, deceased or having forfeited their office for whatever reason, in
line with the provisions of these Articles of Association pursuant to par. 7 of
Article 18 of the Companies Act, (d) the absorption of a company
fully owned by another
company  as per Article 78 of the Companies Act, and (e) the
option for distribution of profits or non-mandatory reserves within the current
financial year by resolution of the Board, subject to prior GM authorization.

 

3.                            The GM
shall decide on all Board proposals included in the agenda in all other
respects.

 

Article 10

 

1.                            The GM
shall be convened by the Board and held ordinarily (“AGM”) at the Bank’s
registered office or in the region of another municipality within the
prefecture where the Bank’s registered office is located, at least once a year,
always within six months of the end of each financial year. The GM may also be
convened extraordinarily (“EGM”) whenever deemed expedient, at the discretion
of the Board.

 

2.                            The
Annual General Meeting (AGM) shall review the annual financial statements and
the Board’s and the auditors’ reports thereon and shall decide on the approval
thereof.

 

 

3.                            The
AGM shall elect at least one auditor and one substitute auditor, as
specifically provided for under par. 1 of Article 33 hereof.

 

4.                            Following
approval of the annual financial statements, the AGM shall, by special voting,
by roll-call, decide on the discharge from personal liability of the Board and
the auditors. Such discharge shall have no effect in cases falling under Article 22a
of the Companies Act. The members of the Board and employees that are shareholders
of the Bank may take part in the roll call only on the basis of the number of
shares they hold.

 

Article 11

 

1.                            With
the exception of repeat GMs and GMs deemed similar thereto, the GM shall be
called at least 20 days before the date set for it. The said 20-day period
shall be inclusive of business days, but exclusive of the date the invitation
to the GM is published or the date the GM is held.

 

2.                            Invitation
to the GM is not required in the event that shareholders representing the
entire share capital are present or represented at the meeting and none of them
objects to the GM being held or taking decisions.

 

3.                            The
invitation to the GM, including at least the place, i.e. the premises along
with the exact address, where the GM is to be held, the date and time thereof,
the items on the agenda, clearly specified, and the shareholders entitled to
participate therein, along with precise instructions as to the method of
participation and exercise of the rights thereof in person or by proxy, shall
be displayed in a conspicuous place at the Bank’s Head Office and published as
follows:

 

(a) In the Companies and Limited Liability
Companies Bulletin of the Government Gazette pursuant to the provisions of Article 3
of Presidential Decree dated 16 January 1930 re the companies bulletin.

 

(b) In a daily newspaper selected from the
newspapers provided for under Article 3 of Legislative Decree 3757/1957,
as amended, that are published in Athens and have, in the Board’s judgment, wide circulation
in Greece, and

 

(c) In a daily financial newspaper from those
which:

 

(aa)                  have
been published 6 days a week for at least 3 consecutive years as purely
financial newspapers,

 

(bb)                have
had a daily circulation of at least 5,000 copies throughout the said 3-year
period,

 

(cc)                  meet
the financial newspapers’ qualification standards set by joint decision of the
Minister of Trade and the Minister of Press and Mass Media, as specified in
par. 2 (c) of Article 26 of the Companies Act.

 

(d) In a daily or at least weekly newspaper from
those published in the place of the Bank’s registered office.

 

Daily or weekly newspapers are required to meet the
standards of Article 1 of Legislative Decree 1263/1972 and Article 2
of law 4286/1963, respectively, as amended, and to have been in continuous
circulation, at least as weekly newspapers, for a minimum period of 3 years.

 

The Invitation shall be published 10 full days in
advance in the Companies and Limited Liability Companies Bulletin of the
Government Gazette and 20 full days in advance in the daily newspapers or
financial press as above. In the event of repeat GMs, such time limits shall be
reduced by half.

 

 

Article 12

 

1.                            Shareholders
shall be entitled to participate in and vote at the GM provided they have
deposited the relevant CSD certificate
with the Bank at least 5 days before the date set for the GM.

 

2.                            The
said deadline shall also apply to shareholders’ representatives’ or proxies’
legalization documents deposited with the Bank.

 

3.                            Shareholders
that have not adhered to the provisions of this Article may participate in
and vote at the GM subject to permission thereof.

 

4.                            Shareholders
that are legal entities may participate in the GM by up to 3 representatives
each.

 

Article 13

 

1.                            48 hours before each GM, a list of the
names of the shareholders entitled to vote thereat, along with each shareholder’s
number of shares and votes, the names of their proxies, where applicable, and
the said shareholders’ and proxies’ addresses shall be displayed in a
conspicuous place at the Bank’s Head Office. The Board shall include in the
said list all shareholders shall have adhered to the provisions of the
preceding article.

 

2.                            Should a shareholder or proxy thereof
object to the list, such objection may be raised only at the commencement of
the GM and prior to deliberation on the agenda.

 

Article 14

 

1.                            The Chairman of the Board shall also
provisionally chair the GM. Should the Chairman be unable to attend the GM, he
shall be replaced by his substitute as per par. 2 of Article 21 hereof.

 

Should such substitute
be also unable to attend, the GM shall be provisionally chaired by the
shareholder that owns the largest number of shares, or by the proxy thereof.
Two of the shareholders or proxies present, designated by the Chairman, shall
act as provisional secretaries.

 

2.                            Following ratification of the list of
shareholders, the GM shall promptly elect the Chairman thereof and 2
secretaries, the latter also acting as vote counters.

 

Article 15

 

1.                            The GM
shall form a quorum and validly deliberate on the items on the agenda when
shareholders owning at least 1/5 of the paid-up capital are present or
represented thereat. Should there be no such quorum, the GM shall reconvene
within 20 days as of the date of the meeting that was cancelled, by at least 10
full days’  prior invitation to this effect; at such repeat meeting the GM shall
form a quorum and validly deliberate on the original agenda irrespective of the
portion of the paid-up share capital represented. If the place and time of the
repeat meetings prescribed by law in the event that no quorum is formed are
specified in the original invitation, no further invitation is required.

 

2.                            Exceptionally,
with respect to resolutions concerning a change in corporate nationality or
activities, an increase in shareholder liability, a share capital increase not
provided for by the Articles of Association, as per par. 1 and 2 of Article 13
of the Companies Act, as amended, unless imposed by law or implemented through
capitalization of reserves, a decrease in share capital, unless carried out in
accordance with par. 6 of Article 16 of the Companies Act, a change in the
profit appropriation method, a corporate merger, split-off, transformation,
revival, extension of duration or dissolution, delegation or renewal of powers
to the Board to decide for the share capital increase as per par. 1 of Article 13
of the Companies Act, as amended, and in any other case provided for by law,
the GM shall form quorum and validly deliberate on the agenda when shareholders
representing 2/3 of the paid-up share capital are present or represented
thereat.

 

Should no quorum be formed at the first meeting, as
described in the preceding paragraph, a first repeat meeting shall convene
within 20 days as of the first meeting, with at least 10 full days’ prior invitation, and
shall form quorum and validly deliberate on the original agenda when at least
1/2 of the paid-up share capital is represented thereat.

 

 

If, again, no quorum is formed, a second repeat
meeting shall convene within 20 days, with at least 10 full days’ prior invitation, and
shall form quorum and validly deliberate on the original agenda when at least
1/5 of the paid-up share capital is represented thereat. If the place and time
of the repeat meetings prescribed by law in the event that no quorum is formed
are specified in the original invitation, no further invitation is required.

 

Article 16

 

1.                            Resolutions
shall be adopted by absolute majority of the votes represented at the GM.

 

2.                            Exceptionally,
resolutions on items relating to issues under par. 2 of Article 15 hereof
shall be adopted by a majority of 2/3 of the votes represented at the GM.

 

Article 17

 

1.                            The
minutes of the GM shall be recorded a special book in summary form and ratified
by the signatures of the Chairman and the two secretaries of the GM. Should a
shareholder so request, the Chairman of the GM shall enter an accurate summary
of the shareholder’s opinion in the minutes.

 

2.                            A list
of the names of the shareholders present at the GM in person or by proxy, to be
prepared as per Article 13 hereof, shall be entered in the said book also.

 

3.                            Copies
of or excerpts from the GM minutes shall be ratified by the Chairman of the GM
or by the Chairman of the Board or the legal substitute thereof.

 

 

CHAPTER FOUR

 

BOARD OF DIRECTORS

 

Article 18

 

1.                           The Bank is managed by the Board of
Directors, consisting of 9 to 15 members, and is represented in all its affairs
as per articles 22-24 below.

 

2.                            The
Board is composed of executive and non-executive members, and at least two of
such non-executive members are independent pursuant to law 3016/2002, as
amended. The Board members are elected by the GM, which determines the number
of directors and the directors that shall be independent. Legal entities may
also be Board members. In such a case, the legal entity is required to appoint
an individual to exercise its powers as a director. Board membership may be
revoked by the GM at any time. Furthermore, the GM may also elect substitute
directors. Substitute directors so elected shall, in order of election, replace
any elected directors who resign, die, or forfeit their office or capacity for
whatever reason.

 

3.                            In the
event that a director ceases to be on the Board as a result of resignation,
death or forfeiture for whatever reason, and his replacement by substitute
directors elected by the GM, as per the previous paragraph, is not feasible,
the remaining directors shall, provided that at least 5 of them are present,
provisionally elect another director to fill the vacancy for the remaining term
of office of the director replaced. Such election shall be valid for the
remaining term of office of the director replaced, and announced by the Board to
the immediately following GM, which may replace the directors elected even if
no relevant item is included in the agenda.

 

Under all circumstances, the
remaining directors, irrespective of number, may call a GM solely for electing
a new Board.

 

4.                            The
appointment and the discharge, for whatever reason, of members of the Board and
persons authorized to represent the Bank on a joint or sole representation
basis, along with their identity particulars, shall be subject to publication
requirements as per Articles 7a and 7b of the Companies Act, as amended.

 

Article 19

 

1.                            Without
prejudice to the provisions of par. 3 of Article 18 hereof, the directors
shall be elected for a term of 3 years, and their term of office shall end at
the AGM of the year in which the three-year term as of their election by the GM
expires.

 

2.                            The
directors can be re-elected indefinitely.

 

Article 20

 

1.                            A
director who unjustifiably fails to participate in or be represented at the
Board meetings for over 6 months shall forfeit his office. The said forfeiture
shall be final as of the date the Board adopts a resolution to this effect, to be
recorded in the Board minutes.

 

2.                            A
director’s
resignation should be addressed to the Board. Such resignation becomes final on
receipt, not being subject to acceptance, by the Bank.

 

Article 21

 

1.                            The
Board elects by absolute majority from among its members the Chairman of the
Board, the Bank’s Chief Executive Officer, who manages the affairs of the Bank,
one Vice Chairman and one Deputy Chief Executive Officer.

 

The Chairman of the Board may also be elected as the
Chief Executive Officer and the Vice Chairman may also be elected as the Deputy
Chief Executive Officer of the Bank.

 

 

2.                            Should
the Chairman be absent, obstructed or deceased, he shall be substituted by the
Chief Executive Officer and, should the Chief Executive Officer be absent,
obstructed or deceased, he shall be substituted by the Vice Chairman; and
should the Vice Chairman be absent, obstructed or deceased, he shall be
substituted by the Deputy Chief Executive Officer.

 

3.                            The
Board shall be constituted into a body at the first meeting thereof following
each election of Directors by the GM, as well as under any circumstances when
the Chairman’s or the Chief Executive Officer’s post is vacated for whatever
reason. Until the Board elects a new Chairman or Chief Executive Officer, the
relevant duties shall be exercised by the substitute thereof.

 

4.                            The
Chairman of the Board or his substitute shall chair the meetings of the Board,
introduce the items for deliberation and manage the affairs of the Board.

 

5.                            The
Board elects a Board secretary who may or may not be a member thereof.

 

Article 22

 

1.                            The
Board represents the Bank in court and out of court and may delegate its powers
and functions, in all or in part, including the right of representation, to the
Chief Executive Officer, the Deputy Chief Executive Officer, one or more of its
members, the Bank’s general managers, managers, staff members or other persons
meeting the requisite standards in terms of technical and other qualifications,
attorneys and third parties in general, by virtue of a Board resolution, which
shall also determine the matters in respect of which the said powers and
functions are delegated. Excluded are any such matters as may require
collective action by the Board. The Board may also delegate the Bank’s internal
control to one or more persons other than members of the Board, or to members
of the Board also, insofar as this is not prohibited by law. The persons
referred to in the previous sub-paragraphs may, insofar as this is provided for
under the relevant Board resolutions, further delegate all or part of the
functions delegated to them to, and further confer the powers conferred on them
on, other persons, directors, employees, attorneys or third parties in general.

 

2.                            The
Board may determine that should the Chief Executive Officer be absent,
obstructed or deceased, he shall be substituted in the entire range of his
powers and functions by the Deputy Chief Executive Officer and, should the
latter be also absent, obstructed or deceased, by a director to be determined by
the Board.

 

Article 23

 

1.                           The
Board is the corporate body vested with authority to decide on any matter
concerning the management, the assets and, generally, the pursuit of the Bank’s corporate
objectives in accordance with the provisions of law 3016/2002, as amended;
excluded are matters that by law or these Articles of Association fall within
the sole jurisdiction of the GM.

 

2.                            Board
acts, even if in excess of corporate objectives, shall be binding on the Bank
against third parties, unless there is proof that the third party was, or
should have been, aware of such excess, observance alone of the publication
formalities as regards the Bank’s Articles of Association or amendments thereto
not constituting proof. Limitations on the Board powers pursuant to the
Articles of Association or to GM resolutions, even if subjected to the
publication formalities, may not be asserted against third parties.

 

3.                            The
Board is the appropriate corporate body to decide on matters such as:

 

(a)                                           Establishment
of branch offices, agencies and representative offices in Greece and abroad;

(b)                                          Acquisition
of shareholdings in other banks in Greece or abroad, or divestment thereof;

(c)                                           Approval
of the Bank’s by-laws;

(d)                                          Nomination
of the Bank’s General Managers and Managers following the Chief Executive Officer’s recommendation;

(e)                                           Audit
and approval of the Bank’s annual and consolidated financial statements;

 

 

(f)                                              Establishment
of associations and foundations under Article 108 and participation in
companies falling under Article 784 of the Greek Civil Code;

(g)                                           Bond
issues of any type, except those that by law fall exclusively within the
jurisdiction of the GM.

 

4.                            The
Bank is bound in its transactions by the signature of either one or two
authorized signatories. The Board may validly grant sole signature
authorization only to the Chief Executive Officer, the Deputy Chief Executive Officer and general
managers of the Bank.

 

Article 24

 

1.                           The Bank shall be represented in courts
as provided for by Article 22 above. The Chief Executive Officer, the
Deputy Chief Executive Officer and the general managers may delegate to one or
more of the Bank’s employees or attorneys-at-law, acting on a sole or joint
basis, powers to represent the Bank in any court action and with respect to any
matter relating to enforcement proceedings.

 

2.                           Should the Bank be required to appear in
person before a court, the public prosecutor or any other judicial or other
authority (including independent authorities), or in the event of oath-taking,
signing and filing complaints or suits and waiving same, registering an
appearance as a prosecuting party before criminal courts during preliminary
hearings and court hearings and waiving same, pursuing legal remedies against
judgments and decrees of criminal courts and waiving same, and generally under
all circumstances requiring appearance in person before a court, the public
prosecutor and any other judicial authority, the following persons may take
decisions on behalf of the Bank and legally represent the Bank: all general
managers, managers or their substitutes or deputy managers of the
Administration, or of the Bank’s network divisions or managers of regional
divisions,  or chiefs of section or
chiefs of service of the Administration or network divisions or regional divisions.

 

3.                           In respect of the affairs of the Bank’s
Non-Performing Loan units and branches, further to the above officers, the manager
of the Non-Performing Loan unit, of the branch or his/her substitute, or one of
the deputy managers, or one of the chief operations officers or officers or
substitutes thereof may also take decisions on behalf of the Bank and legally
represent same.

 

4.                           In respect of criminal matters concerning
the Bank that are heard by penal courts outside the place where the Bank’s unit
or branch that filed the relevant complaint, or charges, is domiciled, the manager
or the substitute thereof or a deputy manager or a chief operations officer of
the Bank’s branch located within the district of the court by which the case is
heard may also take decisions on behalf of the Bank and legally represent same.

 

5.                           By an ad-hoc resolution of the Board,
subject to the publication formalities provided for by law, the Bank may grant
special authorization to officers thereof to represent same as regards the
observance of tax, customs, city-planning, market regulation, labour, securities,
capital market, personal data, banking supervision and other special legal provisions
within the said officers’ areas of responsibility.

 

Article 25

 

1.                            The
Board of Directors shall meet at the Bank’s registered office when required by
law or corporate needs, or when the Chairman sees fit, or at the request of
directors, as provided for under par. 3 of this Article. Exceptionally, the
Board may hold meetings at places other then the Bank’s registered office, in
cities of Greece or of other EU countries or in other places where the Bank or
another company of its Group have established a presence. Under all
circumstances, Board meetings shall be validly held at any place other than the
Bank’s registered office, and whether in Greece or abroad, provided that at any
such meeting all directors are present or represented and no director objects
to the meeting being held or to resolutions being adopted thereat.

 

 

2.                            The
Board shall be convened by the Chairman thereof, by means of an invitation to
the directors at least two business days prior to the meeting. The invitation
must clearly specify the items on the agenda, otherwise resolutions may not be
adopted at the meeting unless all directors are present or represented and no
director objects to resolutions being adopted thereat.

 

3.                            At the
request of two directors, to be filed with the Chairman or his substitute, the
Chairman or his substitute shall call a Board meeting to convene within 7 days
as of the date the request is filed.

 

                                     The
said directors should clearly specify in their request the agenda of the Board
meeting requested; failure to do so carries a penalty of inadmissibility. In
the event that such meeting is not convened within the 7-day deadline as above,
the directors are allowed to convene a Board meeting themselves within 5 days
as of expiry of the said deadline, by communicating the relevant invitation to
the rest of the directors.

 

4.                            At the
request of two directors, the Chairman shall enter any item proposed to him in
the agenda of the first meeting held following such request.

 

Article 26

 

1.                            The
Board shall form a quorum and validly deliberate when one half plus one of the
directors is present or represented, but under no circumstances may the number
of directors present in person be less than 5. In determining such quorum,
fractions shall be omitted.

 

2.                            For
resolutions to be validly adopted by the Board an absolute majority of the
votes of directors present or represented is required, unless otherwise
provided for by law or these Articles of Association.

 

3.                            Should
a member of the Board be absent or unable to attend the Board meeting, such
member may appoint by letter any other Board member as his proxy. Each director
may duly represent only one of the other directors. Board members may not
appoint persons other than Board members to represent them on the Board.

 

Article 27

 

1.                            The
Board may meet by teleconference, in which case the Invitation to the directors
shall include the information necessary for their participation in the meeting.

 

2.                            Board
deliberations and resolutions shall be recorded in summary form in a special
book, which may be maintained in electronic form also. At the request of a
director, the Chairman shall enter an accurate summary of the director’s
opinion in the Board minutes. A list of the names of the directors present or
represented at the meeting shall also be recorded in the said book.

 

3.                            Board
minutes drafted and signed by all directors or the representatives thereof
shall be equivalent to a Board resolution, even where no Board meeting has been
held.

 

4.                            Copies
of Board meeting minutes that are subject to filing with the Companies Register
pursuant to Article 7a of the Companies Act, as amended, shall be filed
with the Ministry of Trade within 20 days as of the Board meeting.

 

5.                            Board
meeting minutes shall be signed by the Board Chairman or Secretary; copies of
and excerpts from the said minutes issued by the said persons shall be official
without further validation, as per par. 8 of Article 20 of the Companies
Act also.

 

Article 28

 

Subject to the provisions governing the legality of
transactions between the Bank and its Board members, any fee or remuneration
paid to a member of the Board for whatever reason shall be deemed legal and be
borne by the Bank only if approved by an ad hoc resolution of the AGM.

 

 

Article 29

 

Pursuant to Articles 22a and 22b of the Companies Act,
as amended, Board members are liable to the Bank for acts and/or omissions
thereof while managing corporate affairs. Specifically, no such liability
exists in the event that the Board member proves that he has acted with the
diligence of a prudent businessman, such diligence being determined also in the
light of the capacity and duties of each member of the Board, or in the event
of acts or omissions that are based on lawful resolutions of the GM or that
regard a reasonable corporate decision taken in good faith, on the basis of
adequate information and solely to serve corporate interests.

 

Article 30

 

1.                            The
Bank’s directors, general managers and managers are prohibited from engaging,
either on their own behalf or on behalf of third parties, in such business
activities as may fall under any corporate objective pursued by the Bank, or
from participating as general partners in companies pursuing such objectives,
without the approval of the GM. In the event of a breach of the said provision,
the Bank shall enforce its rights under par. 2 and 3 of Article 23 of the
Companies Act, as amended.

 

2.                            The
directors and any third parties to whom the Board has delegated powers and
authorities shall not pursue own interests conflicting with interests of the
Bank.

 

3.                            The
directors and any third parties to whom the Board has delegated powers and
authorities shall disclose to the other directors in a timely manner own
interests that may arise from corporate transactions within their
responsibility, and any other conflict of interests between them and the Bank
or any affiliate thereof that may arise in the course of their duties, in the
sense of par. 5 of Article 42e of the Companies Act.

 

4.                            Each
director shall observe strict confidentiality with respect to any affairs of
the Bank that he becomes aware of in his capacity as a member of the Board.

 

 

CHAPTER FIVE

 

MINORITY RIGHTS

 

AUDIT - FINANCIAL YEAR -
ANNUAL FINANCIAL STATEMENTS

 

Article 31

 

1.                             At the
request of shareholders representing 1/20 of the paid-up share capital, the
Board of Directors shall convene an EGM and set the date thereof not later than
45 days as of the date on which the request was submitted to the Chairman of
the Board. The request shall indicate the items on the agenda.

 

2.                             At the
request of shareholders representing 1/20 of the paid-up share capital, the
Chairman of the GM shall postpone, only once, decision-taking by the GM,
whether an AGM or an EGM, for a new GM to be held on the date indicated in the
shareholders’ request, but not later than 30 days as of the said postponement.

 

                                      The GM
held following such postponement, being a continuation of the previous GM, is
not subject to publication requirements as regards the invitation to
shareholders, and new shareholders may also participate therein subject to the
provisions of Articles 12 and 13 par. 1 hereof.

 

3.                             At the
request of shareholders representing 1/20 of the paid-up share capital,
decision-taking on the GM agenda shall be by roll-call.

 

4.                             At the
request of a shareholder filed with the Bank at least 5 full days before the
date of the GM, the Board shall provide the GM with any such specific
information on the Bank's business as may be requested, insofar as it serves
for real assessment of items on the agenda. Moreover, at the request of
shareholders representing 1/20 of the paid-up share capital, the Board shall
inform the GM, provided it is an AGM, of the moneys paid by the Bank to each
director or the managers of the Bank over the last two years, and of any
benefits received by such persons from the Bank for whatever reason or under
any agreement with the Bank. In all of these cases the Board is entitled to
decline to provide the information requested, for good reasons, to be recorded
in the minutes. Depending on the circumstances, one such good reason may be the
requesting shareholders’ representation on the Board as per par. 3 or 6 of
Article 18 of the Companies Act.

 

5.                             At the
request of shareholders representing 1/5 of the paid-up share capital, filed
with the Bank at least 5 full days before the GM, the Board of Directors shall
provide the GM with information on the current status of corporate affairs and
assets. The Board of Directors may decline to supply the information requested
for good reasons, to be recorded in the minutes.

 

6.                             In the
cases of sub-par. 2 of par. 4, and of par. 5 of this Article, any dispute as to
the validity of the Bank’s reason for declining to provide the information
requested shall be settled by a judgment rendered by the competent court of the
place of the Bank’s registered office. By virtue of the said judgment the Bank
may be required to provide the information it had declined.

 

7.                             Under
all circumstances, when requesting shareholders exercise their right the are
required to produce proof of their shareholder capacity and number of shares.
Means of such proof also include proof of shares deposited as per par. 1 and 2
of Article 28 of the Companies Act.

Article 32

 

1.                             The
following persons are entitled to file with the competent court a petition for
an audit of the Bank in accordance with the procedure provided for by law: (a)
Shareholders of the Bank representing at least 1/20 of
the paid-up share capital, (b) The Stock Exchange Commission, (c) The Minister
of Development or the appropriate supervisory authority, as the case may be.

 

2.                             The
said audit shall be ordered if the acts alleged by the petitioners are deemed
likely to contravene provisions of the law, or of these Articles of
Association, or of GM resolutions.

 

 

Under all circumstances, audit requests as
above shall be filed within three (3) years of approval of the financial
statements for the year in which such acts allegedly occurred.

 

3.                             Shareholders
representing 1/5 of the paid-up share capital may file with the competent court
a petition for an audit as per par. 1 of this Article if the overall
corporate performance suggests that the management of corporate affairs has not
been based on sound or prudent practices.

 

4.                             Shareholders
requesting an audit as above shall provide the court with proof of ownership of
the shares entitling them to the audit request. Means of such proof also
include proof of shares deposited as per par. 1 and 2 of Article 28 of the
Companies Act.

 

Article 33

 

1.                             The
Bank’s annual financial statements shall be audited by at least one certified
auditor in accordance with the provisions of the relevant audit legislation.

 

2.                             The
audit provided for under the preceding paragraph is a necessary prerequisite
for valid approval of the annual financial statements by the AGM.

 

3.                             Certified
auditors as well as an equal number of substitute auditors shall be appointed by
the AGM held during the year to be audited, in accordance with the relevant
legislation. The Board members shall be liable to the Bank for omission of
certified auditors’ appointment in the event of failure to convene the AGM in a
timely manner. Under all circumstances, however, the validity of certified
auditors’ appointment shall not be affected in the event of appointment thereof
by a subsequent GM. For the purposes of this Article, certified auditors may be
reappointed for up to five consecutive financial years, and may be subsequently
appointed anew only after the lapse of an interval of two full financial years.

 

4.                             Certified
auditors appointed shall be notified by the Bank of their appointment and shall
be deemed to accept same unless they decline it within five business days.

 

5.                             Auditors’
appointment and discharge for whatever reason, along with their identification
particulars, shall be subject to publication requirements as per Articles 7a
and 7b of the Companies Act, as amended.

 

Article 34

 

1.                             The
auditors shall monitor the accounts and financial position of the Bank
throughout the financial year, being entitled to access any books, accounts and
documents thereof, including GM and Board minutes.

 

                                      The
auditors shall also make every necessary recommendation to the Board and, in
the event that they ascertain a breach of provisions of the law or of these
Articles of Association, they shall refer the matter to the appropriate
supervisory authority.

 

2.                             Following
the close of the financial year the auditors shall audit the annual financial
statements of the Bank and submit a report on their findings to the AGM. The
said report should clearly indicate whether, following confirmation of the
accuracy and legality of the entries made in the Bank’s books, the annual
financial statements and the Profit and Loss Account reflect the Bank’s
financial position and results, respectively, as at the closing date of the
audited financial year.

 

3.                             The
auditors shall specifically indicate in their report whether:

 

                                      (a)                        The
auditors were provided with all information necessary to discharge their
duties;

 

                                      (b)                       A full
account was obtained of the operations of the Bank’s branches,

 

                                      (c)                        There
was a change in inventory taking over the previous financial year.

 

 

4.                             The
auditors shall be present at the AGM and provide all information relating to
their audit.

 

5.                             The
auditors shall be liable to the Bank for any wrongful act on their part while
discharging their duties, and for compensation with respect thereto. Such
liability cannot be excluded or modified. The Bank’s claim shall be
statute-barred after two years.

 

6.                             At the
auditors’ request the Board shall convene a GM within 10 days as of the date
such request was submitted to the Chairman of the Board, determining the agenda
thereof as per the auditors’ request.

 

Article 35

 

1.                             The
financial year shall last 12 months, commencing on 1 January and ending on
31 December of each year.

 

2.                             At the
end of each financial year the Board shall close the accounts, preparing a
detailed inventory of the corporate assets and the annual financial statements
according to the provisions of the law; furthermore, it shall submit to the AGM
such annual financial statements, annual report (along with any explanatory
report indicating all that is provided for under par. 7 of Article 43 of
the Companies Act, as it stood prior to Presidential Decrees 409/86 and 498/87)
and the auditors’ report.

 

3.                             The
Bank’s balance sheet, profit and loss account and appropriation account, as
well as the relevant auditors’ report, shall be published by the Board at least
twenty 20 days prior to the date of the AGM, as provided for by law.

 

4.                             For a
resolution in respect of the annual financial statements, as approved by the
Board, to be validly adopted by the AGM, the annual financial statements should
bear the signatures of three persons, i.e. (a) the Chairman of the Board,
or his legal substitute, (b) the Managing or the Executive Director or,
should there be no such Director, or should his capacity and the aforesaid
persons’ capacities be combined into a single person, by a director appointed
by the Board to that effect, and (c) the chief accountant.

 

                                      Should
the above parties disagree on the legality of the method of preparation of the
annual financial statements, they shall submit their objections by letter to
the AGM.

 

5.                             The
annual financial statements and the Board and the auditors’ reports shall be
available to shareholders 10 days before the AGM on request.

 

Article 36

 

1.                                      Net
profits of the Bank shall be deemed to be the profits resulting from the gross
earnings after deduction of all expenses, losses, legally authorized
depreciation and any other corporate obligation.

 

2.                                      The
Bank’s net profits shall be appropriated as follows:

 

                                      (a)                        5% -
20% of the total net profits shall be retained to apply towards an ordinary
reserve up to an amount equal to one half of the share capital. On formation of
the above amount, fund retention for these purposes shall no longer be
mandatory and shall so remain, unless the level of the ordinary reserve is for
whatever reason reduced to less than one half of the share capital.

 

                                      (b)                       A
further portion of the funds shall be retained for dividend payment as required
pursuant to Article 3 of Emergency Law 148/1967, as amended.

 

                                      (c)                        Following
retention of the first dividend amount, a portion of the funds, to be
determined by the AGM, shall be deducted to apply to the formation of
extraordinary reserves; lastly, a further portion of the funds shall be
retained to apply to Board fees. The 

 

 

                                   remaining
balance shall be either distributed to the shareholders as an additional
dividend or carried forward.

 

3.                             The
funds to be distributed to shareholders shall be paid thereto within 2 months
as of the date the annual financial statements are approved by AGM resolution,
as specifically determined by the AGM or the Board.

 

4.                             Subject
to the provisions regulating the share capital decrease, such funds as above
cannot be distributed to shareholders if at the closing date of the last
financial year the Bank’s equity capital is, or as a result of the said
distribution shall be, less than the Bank’s share capital, plus mandatory
reserves, whose distribution is prohibited by law and these Articles of
Association.

 

5.                             The
level of funds to be distributed to the shareholders shall not exceed the
results of the last financial year ended, plus previous year’s profits and
non-mandatory reserves whose distribution is allowed (and has been approved by
the GM), reduced by previous years’ losses and by such amount as shall be
required by law or the Articles of Association to apply towards the formation
of reserves. The funds to be distributed shall be paid to the shareholders
within 2 months as of the date of AGM approval of the annual financial
statements.

 

6.                             The
term “distribution” under paragraphs 4 and 5 hereof shall principally refer to
payment of dividends and interest on shares.

 

 

CHAPTER SIX

 

WINDING UP AND LIQUIDATION

 

Article 37

 

1.                             The
Bank shall be wound up:

 

                                      (a)                        On
termination of its duration as specified herein, unless the GM has decided to
extend its duration, as provided for by par. 2 of Article 15 and par. 2 of
Article 16 hereof;

 

                                      (b)                       Following
a GM resolution adopted pursuant to the provisions of Article 15 par. 2
and Article 16, par. 2 hereof;

 

                                      (c)                        In the
event that the Bank has been declared bankrupt;

 

                                      (d)                       By
court judgment as per Articles 48 and 48a of the Companies Act.

 

2.                             In the
event of share capital loss as per Article 47 of the Companies Act, the
Board shall convene a GM within six (6) months from the end of the
financial year to decide on the Bank’s winding up or other action to be taken.

 

Article 38

 

1.                             Except
in the event of bankruptcy, winding up shall be followed by liquidation. In the
case of sub-par. (a) of Article 37 hereof, the Board shall act as
liquidator until liquidators are appointed by the GM.

 

                                      In the
case of sub-par. (b) of Article 37 hereof, the GM shall, by the same
decision, appoint 3 liquidators.

 

                                      In the
case of Article 37 (d) hereof, the liquidator shall be determined by
the court, on the basis of the court judgment ordering the winding up of the
Bank.

 

                                      Upon
appointment of liquidators, the directors’ and auditors’ powers and authorities
shall cease ipso jure.

 

2.                             On
assuming their duties, the liquidators appointed by the GM shall take an
inventory of corporate assets and publish a balance sheet in the press and in
the Companies and Limited Liability Companies Bulletin of the Government
Gazette, with a copy to the appropriate supervisory authority; they shall also
publish a balance sheet each year, as provided for under Article 7a of Law
2190/1920, as amended.

 

3.                             The
same applies to liquidators on completion of the liquidation.

 

4.                             Liquidators
shall settle the Bank’s outstanding matters forthwith, convert assets to cash,
pay debt and collect receivables. They may also take further action, should
this be deemed to serve the liquidation process and corporate interests.

 

                                      Liquidators
may sell corporate realty, the business in its entirety, as well as various
fixed assets on an individual basis following the lapse of 4 months from
winding up. Within the said 4-month period every shareholder or creditor may
file a petition with the competent court of the place of the Bank’s registered
office, requesting the court to determine a minimum selling price for corporate
realty or the business in its entirety. The relevant court judgment shall be
binding on the liquidators and shall not be subject to any legal remedy.

 

5.                             The
annual financial statements and the financial statements issued on completion
of the liquidation shall be subject to GM approval. The results of the
liquidation process shall be submitted to the GM annually, along with a report
on any reasons preventing completion thereof. On completion of the liquidation process,
the liquidators shall prepare the final financial statements, to be published
pursuant to par. 5 of Article 43b of the Companies Act, release to 

 

 

the shareholders contribution
and share premium amounts paid, and distribute the balance of the liquidation
proceeds thereto pro rata to each shareholder’s participation in the paid up
share capital.

 

6.                             Should
the liquidation process last for over a 5-year period, the liquidator shall
convene a GM and submit to it for approval a plan for speeding up its
completion. The plan shall include a report on the liquidation work performed
so far, the reasons for the delay and proposed measures to speed up completion
of the liquidation process. Proposed measures may include waiver of corporate
rights, legal proceedings and petitions, should they be deemed inexpedient
vis-à-vis expected benefits, or of uncertain outcome, or time consuming. The
plan may also include settlement, renegotiation, terminating contracts or
entering into new contracts. The GM resolution on such plan is subject to the
quorum and majority provisions of pars 3 and 4 of Article 29 and par. 2 of
Article 31 of the Companies Act. Should the plan be approved, the
liquidator shall complete administration of the liquidation process as provided
for in the plan. Otherwise, the liquidator or shareholders representing 1/20 of
the paid-up share capital may request the one-member court of the first
instance of the place of the Bank’s registered office to approve the plan by
filing with the said court a petition to that effect, to be heard by voluntary
jurisdiction proceedings. The court may introduce adjustments to measures
included in the plan, but not any new measures further to those included. The
liquidator shall not be liable for the implementation of a plan approved as
above.

 

7.                             On
appointment of liquidators, the directors’ powers and authorities shall cease
ipso jure.

 

                                      The
provisions applying to the Board shall also apply to liquidators on a pro rata
basis. The liquidators’ proceedings and decisions shall be entered the Board
minutes book in summary form.

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