Document:

Form of Group Contract

 Exhibit 4.3 

 

	
	Great-West Life & Annuity Insurance Company
	A Stock Company
	 [8515 East Orchard Road             Greenwood Village, CO
80111]
  

  

	
	Master Group Fixed Deferred Annuity Contract (the “Group Contract”)

 PLEASE READ THE CONTRACT CAREFULLY. 
 Great-West Life & Annuity Insurance Company (“Great-West”) agrees, subject to the terms and conditions of the Certificate, to provide benefits set forth in the Certificate while the
Certificate is in force. The Certificate Owner owns the Account. The Account is not an asset of Great-West Life or the Group Contractholder. 

This Group Contract is delivered in and is subject to the laws of the State of Colorado. The entire contract includes the Group Contract, Certificate,
the application and any attached forms. 
 This Group Contract is issued to the Group Contractholder shown on the Contract Data Page. It takes
effect on the Effective Date shown on the Contract Data Page. 
 The Group Contract has no cash value or surrender value.

 The Group Contract does not pay dividends or death benefits. 

Non-Participating. 
 Non-Assignable. 
 Signed for Great-West Life & Annuity Insurance
Company on the issuance of this Group Contract. 
  

									
		 	 /s/ Richard Schultz
	 		  	 /s/ Mitchell T.G. Graye
	  	
		 	[Richard Schultz,]	 		  	[Mitchell T.G. Graye,]	  	
		 	[Secretary]	 		  	[President and Chief Executive Officer]	  	

 CONTRACT DATA 

 

			
	Group Contractholder:	  	[Orchard Trust Company f/b/o customers of Financial Services Providers]
		
	Group Contractholder Address:	  	[8515 E. Orchard Road Greenwood Village, CO 80111]
		
	Tax ID Number:	  	[00-0000]
		
	Group Contract Number:	  	[123456]
		
	Effective Date:	  	[November 1, 2011]

 Certificate Guaranteed Withdrawal Percentage: 

											
	 Age at First
 Withdrawal                %
	  	 	  	 	  	 	 	 
	(Single Covered Person)*	 	 	  	Minimum GAW%	  	Maximum GAW%	  	 	 	 
						
	 [59.5-64]
	 	10YR x [.70]	  	3.0%	  	5.6%	  		 	
	 [65-69]
	 	10YR	  	4.0%	  	8.0%	  		 	
	 [70-74
	 	10 YR x [1.10]	  	4.5%	  	8.3%	  		 	
	 [75+]
	 	10 YR x [1.20]	  	5.0%	  	8.5%	  		 	

  

	*	If there are Joint Covered Persons under the Certificate, age at first withdrawal is based on age of younger Covered Person and the Guaranteed Withdrawal Percentage is
multiplied by [.90%] 

 Annual Charges: 
  

			
	 Certificate Current Guarantee Benefit Fee:
	  	[1.0%] of Benefit Base
	 Certificate Minimum Guarantee Benefit Fee:
	  	.70% of Benefit Base
	 Certificate Maximum Guarantee Benefit Fee:
	  	1.5% of Benefit Base

  
 1 

 TABLE OF CONTENTS 

 

							
	 Section 1
	  	DEFINITIONS	  	 	3	  
			
	 Section 2
	  	OWNERSHIP PROVISIONS	  	 	6	  
			
	 Section 3
	  	GLWB ELECTION	  	 	6	  
			
	 Section 4
	  	THE ACCUMULATION PHASE AND THE CALCULATION OF THE BENEFIT BASE	  	 	6	  
			
	 Section 5
	  	WITHDRAWAL PHASE	  	 	8	  
			
	 Section 6
	  	SETTLEMENT PHASE	  	 	13	  
			
	 Section 7
	  	BENEFIT BASE CAP	  	 	14	  
			
	 Section 8
	  	GUARANTEE BENEFIT FEE	  	 	14	  
			
	 Section 9
	  	FEES ASSOCIATED WITH INVESTMENT PORTFOLIO	  	 	14	  
			
	 Section 10
	  	GROUP CONTRACT TERMINATION	  	 	15	  
			
	 Section 11
	  	CERTIFICATE TERMINATION	  	 	15	  
			
	 Section 12
	  	GENERAL PROVISIONS	  	 	16	  
			
	 Section 13
	  	ANNUITY PAYMENT OPTIONS	  	 	17	  
			
	 Section 14
	  	MISSTATEMENT OF AGE OR DEATH	  	 	18	  

  
 2 

 SECTION 1: DEFINITIONS 

 
 10 Year Treasury Yield
(10YR) – The U.S. Treasury 10-Year Yield as of the end of the last Business Day of the previous week as reported by the United States Department of Treasury. 
 Account – A separate record maintained by Great-West in the name of each Certificate Owner which reflects his or her interest in both Covered Fund(s) and other investment options in the
Investment Portfolio. 
 Accumulation Phase – The period of time between the Certificate Election Date and the Initial Installment
Date. 
 Administrative Offices – [8515 East Orchard Road, Greenwood Village, CO 80111.] 

Age Adjustment – For a single Covered Person, a factor based on the age of the Covered Person(s) on the Initial Installment Date that is
multiplied by the 10 Year Treasury Yield to determine the GAW%. For a joint Covered Person, a factor based on the age of the younger Covered Person on the Initial Installment Date that is multiplied by the 10YR and an additional adjustment shown in
Section 5.01. 
 Annuitant – The person upon whose life the payment of an annuity is based. 

Annuity Commencement Date – The date that annuity payments begin to an Annuitant. 
 Applicable Tax – The amount of tax, if any, charged by a state or other governmental authority. 
 Beneficiary – A person or entity named by the Certificate Owner or the terms of the Investment Portfolio to receive all or a portion of the Investment Portfolio at his or her death.

 Benefit Base – The amount that is multiplied by the Guaranteed Annual Withdrawal Percentage to calculate the Guaranteed Annual
Withdrawal. The Benefit Base increases dollar-for-dollar upon any Certificate Contribution and is reduced proportionately for an Excess Withdrawal. The Benefit Base can also increase with positive Covered Fund performance on the Ratchet Date and may
also be adjusted on the Ratchet Date pursuant to the terms of Section 5.05. Each Covered Fund will have its own Benefit Base. A Covered Fund cannot be transferred to another Covered Fund except as otherwise provided in Section 4.02.

 Business Day – Any day, and during the hours, on which the New York Stock Exchange is open for trading. Except as otherwise
provided, in the event that a date falls on a non-Business Day, the date of the succeeding Business Day will be used. 
 Certificate
– This document issued to the Certificate Owner which specifies the benefits, rights, privileges, and obligations of the Certificate Owner and Great-West under the Group Contract. 

Certificate Anniversary Date – The anniversary of the Certificate Election Date, or the preceding Business Day to the extent that the
Certificate Election Date is not a Business Day. 
 Certificate Contributions – Certificate Owner directed amounts received and
allocated to the Certificate Owner’s Covered Fund(s), including but not limited to Transfers from other assets in the Investment Portfolio. If the Certificate is issued in connection with a Retirement Account, Certificate Contributions may also
include rollovers as defined under Section 402 of the Code. Reinvested dividends, capital gains, and settlements arising from the Covered Fund(s) will not be considered Certificate Contributions for the purpose of calculating the Benefit Base
but will affect the Covered Fund Value. If this Certificate is issued in connection with a Non-Retirement Account, and dividends are not reinvested, it will be considered an Excess Withdrawal to the extent the distribution causes total withdrawals
in the year to exceed the GAW. 
 Certificate Election Date – The date on which the GLWB Elector elects the GLWB option in
the Certificate and pursuant to the terms of the Covered Fund(s) prospectus. The Certificate Election Date shall be the date upon which the Initial Benefit Base is calculated. 

  
 3 

 Certificate Owner(s) – The person(s) named on the Certificate Data Page. The Certificate
Owner(s) is entitled to exercise all of the benefits, rights and privileges under the Certificate. The Certificate Owner must be an owner of the Investment Portfolio and the Covered Person(s) must be a natural person. 

Code – The Internal Revenue Code of 1986, as amended, and all related laws and regulations which are in effect during the term of the
Certificate. 
 Covered Fund – Interests in mutual fund(s) held in the Investment Portfolio designed for the GLWB, as follows:

  

	 	•	 	 [Maxim
SecureFoundationSM Balanced ETF Portfolio]

  

	 	•	 	 Any other fund approved by Great-West for the GLWB 

 Covered Fund Value – The aggregate value of each Covered Fund held in the Investment Portfolio. 
 Covered Person(s) – For purposes of the Certificate, the person(s) whose age determines the Guaranteed Annual Withdrawal Percentage and on whose life the Guaranteed Annual Withdrawal Amount
will be based. If there are two Covered Persons, the Guaranteed Annual Withdrawal Percentage will be based on the age of the younger life and the Installments can continue until the death of the second life. A Joint Covered Person must be the GLWB
Elector’s Spouse and the 100% primary beneficiary under the Investment Portfolio. 
 Distributions – Amounts paid from a
Covered Fund pursuant to the terms of the Investment Portfolio, including but not limited to partial and systematic withdrawals. For a Certificate issued in connection with a Non-Retirement Account, a Distribution includes dividends paid by the
Covered Fund(s) that are not reinvested. 
 Excess Withdrawal – An amount either distributed or transferred from the Covered Fund(s)
during the Accumulation Phase or any amount combined with all other amounts that exceeds the annual GAW during the Withdrawal Phase. The Excess Withdrawal reduces the Benefit Base, pursuant to Section 4.05 and Section 5.07. Neither the
Guarantee Benefit Fee nor any other fees or charges assessed to the Covered Fund Value as directed by the Financial Services Provider and as agreed to by Great-West shall be treated as a Distribution or Excess Withdrawal for this purpose.

 Financial Services Provider – An entity that offers the Investment Portfolio or a mutual fund that offers or holds the Covered
Fund(s). 
 GLWB Elector – A Certificate Owner who is: (i) eligible to elect the GLWB; (ii) invested in Covered Fund(s)
pursuant to the Covered Fund prospectus; and (iii) a Covered Person. 
 Great-West – Great-West Life & Annuity
Insurance Company, located at the Administrative Offices. 
 Group Contract – This written agreement between the Group
Contractholder and Great-West. 
 Group Contractholder – The entity with ownership rights under the Group Contract as shown on the
Contract Data Page. 
 Guaranteed Annual Withdrawal (GAW) – The annualized withdrawal amount that is guaranteed for the lifetime of
the Covered Person(s), subject to the terms of this Certificate. 
 Guaranteed Annual Withdrawal Percentage (GAW%) – The percentage
of the Benefit Base that determines the amount of the GAW. This percentage is based on the age of the Covered Person(s) at the time of the first Installment determined by calculating the 10 Year Treasury Yield multiplied by the Age Adjustment,
subject to the maximum and minimum percentages described in Section 5.01. If there are two Covered Persons the percentage is based on the age of the younger Covered Person and the Joint Withdrawal Adjustment, pursuant to Section 5.01.

  
 4 

 Guarantee Benefit Fee – The fee described in Section 8. 

Guaranteed Lifetime Withdrawal Benefit (GLWB) – A payment option offered by Certificate that pays Installments during the life of the Covered
Person(s). The Covered Person(s) will receive periodic payments in either monthly, quarterly, semiannual, or annual Installments that in total over a twelve month period equal the GAW. 
 Initial Calculation – The calculation used to determine the GAW% on the Initial Installment Date pursuant to Section 5.01. 
 Initial Installment Date – The date of the first Installment under the GLWB, which must be a Business Day. 
 Installments – Periodic payments of the GAW made pursuant to Section 5.03. 

Installment Frequency Options – The options listed in Section 5.03. 
 Interest Rate Reset – During the Withdrawal Phase, an increase in the current GAW if the calculation described in Section 5.06 results in a greater GAW than the current GAW on the Ratchet
Date. 
 Investment Portfolio – An account of the Certificate Owner used to purchase the Certificate and Covered Fund(s) through a
Financial Services Provider. The Investment Portfolio may be either a Retirement Account or a Non-Retirement Account, which may hold investments other than the Covered Fund(s). 
 Joint Withdrawal Adjustment – The Age Adjustment of the youngest Covered Person(s) multiplied by [.90]. 
 Non-Retirement Account – An Investment Portfolio that is not intended to satisfy the requirements of Section 408 or 408A of the Code. 

Ratchet – An increase in the Benefit Base if the Covered Fund Value exceeds the current Benefit Base on the Ratchet Date, pursuant to
Section 4.04 and Section 5.05. 
 Ratchet Date – During the Accumulation Phase, the Ratchet Date is the anniversary
of the GLWB Elector’s Certificate Election Date and each anniversary thereafter. During the Withdrawal Phase, the Ratchet Date is the Initial Installment Date and each anniversary thereafter. An Interest Rate Reset may also occur on the Ratchet
Date during the Withdrawal Phase. If any anniversary is a non-Business Day, the Ratchet Date shall be the preceding Business Day for that year. 

Retirement Account – An Investment Portfolio that is intended to qualify under Sections 408 or 408A of the Code. 

Request – An inquiry or instruction in a form satisfactory to Great-West. A valid Request must be: (i) received by Great-West, at the
Administrative Office or its authorized agent in good order and (ii) submitted in accordance with the provisions of the Certificate, or as required by Great-West. The Request is subject to any action taken by Great-West before the Request was
processed. 
 Settlement Phase – The period when the Covered Fund Value has reduced to zero, but the Benefit Base is still positive.
Installments continue under the terms of the Certificate pursuant to Section 6.03. 
 Spouse – A person legally married
to another person under applicable Federal law. 
 Transfer – The transfer of all or a portion of Covered Fund Value
resulting from the purchase or sale of an interest in a Covered Fund to or from: (i) another Covered Fund; or (ii) another Investment Portfolio offered by the Financial Services Provider. 

  
 5 

 Withdrawal Phase – The period of time between the Initial Installment Date and the first day of
the Settlement Phase. 
 SECTION 2: OWNERSHIP PROVISIONS 

 
 2.01 OWNERSHIP OF THE CONTRACT; RIGHTS OF THE
GROUP CONTRACTHOLDER 
 The Contractholder is the owner and is identified on the Contract Data Page. The Contractholder has certain rights
and privileges as set forth in this Group Contract. 
 2.02 NO TRANSFER OR ASSIGNMENT OF CERTIFICATE 

The interests of the Contractholder in the Group Contract nor the interests of the Certificate Owner in the Certificate may not be transferred, sold,
assigned, pledged, charged, encumbered, or in any way alienated. 
 SECTION 3: GLWB ELECTION 

 
 3.01 GLWB ELECTION 

An individual eligible to become a GLWB Elector makes a GLWB election by investing in a Covered Fund through a Great-West approved method and pursuant to
the terms of the Covered Fund prospectus. Such individual may elect the GLWB on any Business Day as long as he or she is younger than age 85 on the Certificate Election Date. Great-West will record a Certificate Election Date for each GLWB
Elector. 
 3.02 GLWB INVESTMENT RESTRICTIONS 
 The GLWB applies only to the Covered Fund Value subject to Section 7. 
 3.03 GLWB
TERMINATION DUE TO THE BENEFIT BASE REDUCING TO ZERO 
 The GLWB is cancelled when the GLWB Elector causes the Covered Fund Value or Benefit
Base to be reduced to zero prior to the Settlement Phase due to one or more Excess Withdrawals. If the GLWB is cancelled, the Benefit Base, GAW and any other benefit accrued or received under the GLWB shall terminate. The GLWB Elector shall not make
a subsequent Transfer or a Certificate Contribution into the same Covered Fund until at least ninety (90) calendar days after termination of the GLWB, at which point a new Election Date would be recorded. In this situation, the Benefit Base
will be based on the current Covered Fund Value on the date the new GLWB is established. 
 SECTION 4: THE ACCUMULATION PHASE AND CALCULATION
OF THE BENEFIT BASE 
  
 4.01
INITIAL BENEFIT BASE 
 The Initial Benefit Base is the sum of all Certificate Contributions initially allocated to the Covered Fund(s) on
the Certificate Election Date. However, when there is a front-end sales load or other sales charge associated with the Covered Fund, the Initial Benefit Base is the gross sum of all Certificate Contributions initially allocated to the Covered
Fund(s) prior to deducting the sales load or other sales charge associated with the Covered Fund on the Certificate Election Date. 
 4.02
RESTORATION OF THE BENEFIT BASE 
 If the Certificate Owner invests in Covered Fund(s) with proceeds rolled over or directly transferred from
the Covered Fund(s) held in another Investment Portfolio to which a Great-West approved guaranteed lifetime withdrawal product was issued, the Certificate Owner’s Benefit Base immediately prior to distribution shall be restored within the
Certificate only to the extent that the Certificate Owner: (a) invests the rollover or transfer proceeds covered by the Great-West guaranteed lifetime withdrawal benefit product immediately prior to distribution in the Covered Fund(s);
(b) invests in a Covered Fund approved by Great-West as described in the prospectus, except if the Certificate Owner is in Settlement Phase; and (c) Requests restoration of the Benefit Base. The Certificate Owner must begin in the same
phase that he or she was in at the time of the rollover or transfer after the transaction is complete. 

  
 6 

 4.03 ADDITIONAL CERTIFICATE CONTRIBUTIONS 
 Additional Certificate Contributions, of not less than [$500] per Certificate Contribution may be allocated to the Covered Fund(s) only during the Accumulation Phase. Additional Certificate Contributions
made any time after the Certificate Election Date will increase the Benefit Base dollar-for-dollar. Great-West reserves the right to refuse additional Certificate Contributions for any reason. Great-West will provide the Certificate Owner with 30
days written notice of such refusal. If Great-West refuses additional Certificate Contributions, the GLWB Elector shall retain all other rights under the Certificate. 
 4.04 ANNUAL ADJUSTMENTS TO BENEFIT BASE 
 On each Ratchet Date during the Accumulation
Phase, the Benefit Base automatically adjusts to the greater of: 
  

	 	(a)	the current Benefit Base; or 

  

	 	(b)	the current Covered Fund Value. 

 4.05 EFFECT
OF DISTRIBUTIONS AND TRANSFERS DURING THE ACCUMULATION PHASE 
 Any Transfer out of a Covered Fund by the GLWB Elector during the
Accumulation Phase will be an Excess Withdrawal. If the GLWB Elector Transfers any asset out of a Covered Fund, he or she shall be prohibited from making any Transfer into the same Covered Fund for at least ninety (90) calendar days. At the
time of any Distribution, if the Covered Person is [59.5] years of age or older, the GLWB Elector may elect to begin receiving Installments and establish his or her GAW% at that time. If the GLWB Elector chooses not to establish the GAW%, the
Distribution will be treated as an Excess Withdrawal. If the Covered Person is not yet [59.5] years old, then any partial or periodic Distribution will be treated as an Excess Withdrawal. The Benefit Base will be adjusted by the ratio of the Covered
Fund Value after the Excess Withdrawal to the previous Covered Fund Value. 
 The Certificate Owner is solely responsible for any adverse
consequences that may result of any Distributions or withdrawals. 
 Numerical
Example 
 Excess Withdrawals during the Accumulation Phase are illustrated as follows:

 Covered Fund Value before the Excess Withdrawal adjustment = $50,000 

Benefit Base = $100,000 
 Excess Withdrawal amount: $10,000 
 Covered Fund Value after adjustment
= $50,000 - $10,000 = $40,000 
 Covered Fund Value adjustment = $40,000/$50,000 = 0.80 

Adjusted Benefit Base = $100,000 x 0.80 = $80,000 
 4.06 DIVORCE DURING ACCUMULATION PHASE 
 If the Account is transferred or split
pursuant to a settlement agreement or a court-issued divorce decree before the Initial Installment Date, the Certificate Owner(s) must immediately notify us and provide the information that we require. 

If the former spouse of the Certificate Owner becomes the sole Owner of the Account by a settlement agreement or a court-issued divorce decree, the
Certificate Owner may request that the Certificate be reissued with the former spouse as the sole Certificate Owner, Covered Person and GLWB Elector; otherwise the Certificate will be terminated. If the Certificate is so reissued, the current
Benefit Base will be maintained. 

  
 7 

 If the Account is divided between the Certificate Owner and the Certificate Owner’s former spouse by a
settlement agreement or a court-issued divorce decree, the Certificate Owner(s) may request that the Certificate be reissued as one new Certificate with one of the former spouses as sole Certificate Owner, Covered Person and GLWB Elector, or as two
new Certificates, each with one of the former spouses as Certificate Owner, Covered Person and GLWB Elector; otherwise the Certificate will be terminated. If the Certificate is reissued as one new Certificate, the Benefit Base will be proportionate
to the share of the Covered Fund Value allocated to the former spouse as of the date of reissuance. If the Certificate is reissued as two new Certificates, the Benefit Base will be divided in the same proportion as the respective Covered Fund Values
as of the date of reissuance. 
 4.07 DEATH DURING ACCUMULATION PHASE 
 If a Certificate Owner dies before the Initial Installment Date, the GLWB will terminate and the Covered Fund Value shall be paid to the Beneficiary in accordance with the terms of the Investment
Portfolio (unless an election is made by a spouse Beneficiary as provided in this section). A Spouse Beneficiary who was legally married to the deceased Certificate Owner under applicable Federal law as of the date of death may elect to become the
sole Certificate Owner and may maintain the deceased Certificate Owner/GLWB Elector’s current Benefit Base as of the date of death. A Spouse Beneficiary also has the option to establish a new Account with a new Benefit Base based on the current
Covered Fund Value on the date the Account is established, in which case a new Certificate will be issued to the Spouse. In either situation, the Spouse Beneficiary shall become the sole Certificate Owner, Covered Person and GLWB Elector, and the
Ratchet Date will be the date when his or her Account is established. The new Certificate Owner, Covered Person and GLWB Elector will be subject to all terms and conditions of the Certificate, Investment Portfolio and the Code, if applicable.

 Any election made by a Spouse Beneficiary pursuant to this section is irrevocable. 
 SECTION 5: WITHDRAWAL PHASE 
  
 5.01 CALCULATION OF GUARANTEED ANNUAL WITHDRAWAL 
 The GAW is calculated by multiplying the
Benefit Base by the GAW%, based on the 10 Year Treasury Yield (10YR) and the age of the Covered Person(s) on the Initial Installment Date. If a Request is made to begin Installments, Great-West shall compare the current Benefit Base to the
current Covered Fund Value on the Initial Installment Date. If the Covered Fund Value exceeds the Benefit Base, the Covered Fund Value shall become the Benefit Base and the GAW shall be based on that amount. The Installment equals the GAW divided by
the number of payments per year under the elected Installment Frequency Option, as defined in Section 5.03. 
 The GLWB Elector must
provide information sufficient for Great-West to determine the age of each Covered Person. Installments shall not begin and an Initial Installment Date shall not be recorded until Great-West receives appropriate information about the Covered
Person(s) in good order and in manner reasonably satisfactory to Great-West. 
 Single Covered Person: Installments may not begin until a
single Covered Person attains age [59.5]. 
 Joint Covered Person: If there are two Covered Persons, Installments may not begin until
both Covered Persons reach age [59.5]. If the GLWB Elector elects to declare his or her spouse as a Joint Covered Person, the election is irrevocable and the GAW% will be determined by the age of the younger life on the Initial Installment Date, and
the spouse must be the GLWB Elector’s sole Beneficiary. If the GLWB Elector’s spouse is not the sole Beneficiary, the Certificate Owner is required to change the Beneficiary designation prior to the Initial Installment Date.
Installments will not begin until such change is made. 
 Any Distribution taken before the youngest Covered Person attains age [59.5] shall
be considered an Excess Withdrawal, pursuant to Section 4.05. No Certificate Contributions shall be made to the Covered Fund(s) on and after the Initial Installment Date. 

  
 8 

 The GAW% for a Single Covered Person is calculated by multiplying the 10YR by the Age Adjustment, subject to
a minimum and maximum GAW%, based on the schedule below. The GAW% schedule is as follows: 
  

							
	 Age
 Band
	  	 Age

Adjustment
	  	 Minimum

GAW%
	  	 Maximum
 GAW%

	
        [59.5-64]
	  	[0.7]	  	3.0%	  	5.6%
	
        [65-69
	  	[1.0]	  	4.0%	  	8.0%
	
        [70-74]
	  	[1.1]	  	4.5%	  	8.3%
	
        [75+]
	  	[1.2]	  	5.0%	  	8.5%

 For Joint Covered Persons, the same calculation is used based on the age of the youngest Covered Person but an additional
adjustment of [.90] is applied. This rate is the Joint Withdrawal Adjustment. 
 5.02 NUMERICAL EXAMPLES OF THE GUARANTEED ANNUAL WITHDRAWAL

 Scenario #1:     72 Year Old Single Covered
Person 

                         
 10YR = 5.0% 
 Benefit Base = $80,000 
 10 YR (5.0%) x Age Adjustment [(1.10)] = 5.5% 
 GAW = $4,400 ($80,000 x 5.5%) 

Scenario #2:     68 Year Old Joint Covered Person with a 63 Year Old Spouse

                         
 10YR Rate = 6.0% 
 Benefit Base = $80,000 
 10 YR (6.0%) x Age Adjustment [(.70)] x .90 = 3.78% 
 GAW = $3,024 ($80,000 x 3.78%)

 Scenario #3:     60 Year Old Single Covered Person 

                         
 10YR = 3.7% 
 Benefit Base = $80,000 
 10 YR (3.7%) x Age Adjustment [(.70)] = 2.59%* 
 GAW = $2400 ($80,000 x 3.0%) 

* Since 2.59% is less than the minimum GAW% for a 60 year old (3.0%), the GLWB Elector would receive the minimum GAW% of 3.0%.

 Scenario #4:     71 Year Old Joint Covered Person with a 65 Year Old
Spouse 

                         
 10YR = 3.0% 
 Benefit Base = $80,000 
 10 YR (3.0%) x Age Adjustment [(1.0)] = 3.0% x .90 = 2.7%** 
 GAW = $2,880 ($80,000 x 3.6%)

 ** Since 2.7% is less than the minimum GAW% for the 65 Year Old Youngest Covered Person (3.6%), the GLWB Elector would
receive the minimum GAW% of 3.6%. 

  
 9 

 5.03 INSTALLMENT FREQUENCY OPTIONS 
 Installment Frequency Options are as follows: 
 (a) Annual – the GAW will be
paid on the Initial Installment Date and each anniversary annually thereafter. 
 (b) Semi-Annual – half of the GAW will be
paid on the Initial Installment Date and in Installments every 6 month anniversary thereafter. 
 (c) Quarterly – one
quarter of the GAW will be paid on the Initial Installment Date and in Installments 
 every 3 month anniversary thereafter.

 (d) Monthly – one-twelfth of the GAW will be paid on the Initial Installment Date and in Installments every monthly
anniversary thereafter. 
 If an Installment is scheduled to be made on a non-Business Day, the Installment shall be paid on the next Business
Day. 
 5.04 EFFECT OF INSTALLMENTS ON COVERED FUND VALUE 
 Installments will reduce the Covered Fund Value on a dollar-for-dollar basis. 
 5.05 ADJUSTMENT
DURING THE WITHDRAWAL PHASE 
 On the Ratchet Date, Great-West will determine the Interest Rate Reset and the Ratchet pursuant to
Section 5.06 below and determine if either of these calculations would result in a higher GAW, subject to the provisions set forth below. In the event that an Interest Rate Reset or Ratchet occurs, the GAW will automatically increase and the
Benefit Base will be adjusted to equal the current Covered Fund Value. An Interest Rate Reset may result in either a higher or lower Benefit Base than the previous year. 
 5.06 CALCULATION OF ADJUSTMENT IN WITHDRAWAL PHASE 
 On the Ratchet Date, Great-West shall
first determine if an Interest Rate Reset is applicable. If an Interest Rate Reset is applicable, the GAW will automatically increase to the higher GAW amount. Great-West will then determine if a Ratchet is applicable and results in a higher GAW. If
neither calculation results in a higher GAW, then no adjustment to the GAW will be made. 
  

	 	(1)	Interest Rate Reset – Great-West will calculate the GAW by multiplying the Covered Fund Value by the Current 10YR, subject to the Initial Calculation, and
determine if it is higher than the previous GAW. If so, the GAW will adjust to the higher amount. 

  

	 	(2)	Ratchet – Great-West will compare the Covered Fund Value to determine if it exceeds the Benefit Base. 

Numerical Example #1: When Interest Rate Reset is More Beneficial than Ratchet: 

 

			
	On Initial Installment Date:	  	70 Year Old Single Covered Person
		  	Covered Fund Value = $108,000
		  	Benefit Base = $120,000
		  	10 YR = 5%
		  	GAW% = 5.5% (10 YR of 5% x Age Adjustment of [1.10])
		  	GAW = $6,600 (GAW% of 5.5% x Benefit Base of $120,000)
		
	On 5th Anniversary of	  	
	Initial Installment Date:	  	Customer is now a 75 Year Old Single Covered Person
		  	Covered Fund Value – $90,000
		  	Current 10 YR = 7%

  
 10 

					
	Interest Rate Reset:	 	 •    
	  	GAW% = 7.7% (10 YR of 7.7% x Age Adjustment of 70 Year Old of [1.10])
		 		  	
		 	 •    
	  	Interest Rate Reset Calculation = $6,930 (GAW% of 7.7%x Covered Fund Value of $90,000)
		 	 •    
	  	Since Interest Rate Reset calculation of $6,930 is higher than current GAW of $6,600 then the new GAW = $6,930
			
	Ratchet:	 	 •    
	  	Ratchet Calculation = $4,950 (GAW% of 5.5% x Covered Fund Value of $90,000)
		 	 •    
	  	Since Ratchet Calculation is lower than the current GAW of $6,600 then no Ratchet
			
	Result:	 	 •    
	  	NEW GAW = $6,930
		 	 •    
	  	NEW BENEFIT BASE = $90,000
		 	 •    
	  	NEW GAW% = 7.7% 

 Numerical Example #2: When Ratchet is More Beneficial than Interest Rate Reset: 

 

					
	 On Initial Installment Date:
	 	   70 Year Old Single Covered Person

		 	   Covered Fund Value = $108,000

		 	   Benefit Base = $120,000

		 	   10 YR = 5%

		 	   GAW% = 5.5% (10 YR of 5% x Age Adjustment of [1.10])

		 	   GAW = $6,600 (GAW% of 5.5% x Benefit Base of $120,000)

			
	On 5th Anniversary of	 		  	
	 Initial Installment Date:
	 	   Customer is now a 75 Year Old Single Covered Person

		 	   Covered Fund Value - $140,000

		 	   Current 10 YR = 4%

			
	 Interest Rate Reset:
	 	 •    
	  	GAW% = 4.4% (10 YR of 4% x Age Adjustment of 70 Year Old of [1.10])
		 	 •    
	  	Interest Rate Reset Calculation = $6,160 (GAW% of 4.4% x Covered Fund Value of $140,000)
		 	 •    
	  	Since Interest Rate Reset calculation of $6,160 is lower than current GAW of $6,600 then the GAW = $6,600
			
	 Ratchet:
	 	 •    
	  	Ratchet Calculation = $7,700 (GAW% of 5.5% x Covered Fund Value of $140,000)
		 	 •    
	  	Since Ratchet Value Calculation of $7,700 is higher than the current GAW of $6,600 then the new GAW = $7,700 
			
	 Result:
	 	 •    
	  	NEW GAW = $7,700
		 	 •    
	  	NEW BENEFIT BASE = $140,000
		 	 •    
	  	GAW% = 5.5% (no change)

 5.07 EFFECT OF EXCESS WITHDRAWALS DURING THE WITHDRAWAL PHASE 

After the Initial Installment Date, a Distribution or Transfer combined with all other amounts in excess of the GAW will be considered an Excess
Withdrawal. The Benefit Base will be reduced by the ratio of the new Covered Fund Value (after the Excess Withdrawal) to the previous Covered Fund Value (after the GAW). 
 If an Excess Withdrawal occurs, the GAW and current Benefit Base shall be adjusted on the next Ratchet Date. 

  
 11 

 Numerical Example: 
 Covered Fund Value before GAW = $55,000 
 Benefit Base = $100,000 

GAW % = 5% 
 GAW Amount = $100,000 x 5% = $5,000

 Total annual withdrawal: $10,000 

Excess Withdrawal = $10,000 – $5,000 = $5,000 
 Covered Fund Value after GAW = $55,000 – $5,000 = $50,000 
 Covered Fund Value
after Excess Withdrawal = $50,000 – $5,000 = $45,000 
 Covered Fund Value Adjustment due to Excess Withdrawal = $45,000/$50,000 = 0.90

 Adjusted Benefit Base = $100,000 x 0.90 = $90,000 
 Adjusted GAW Amount = $90,000 x 5% = $4,500 
 (Assuming no GAW increase on succeeding Ratchet Date)

 5.08 CHANGE OF INSTALLMENT FREQUENCY DURING WITHDRAWAL PHASE 
 The GLWB Elector may Request to change the Installment Frequency Option starting on each Ratchet Date during the Withdrawal Phase. 
 At any time during the Withdrawal Phase, the GLWB Elector receiving Installments more frequently than annually may elect to take a lump sum Distribution up to the remaining scheduled amount of the GAW for
that year. It is the GLWB Elector’s responsibility to monitor the remaining Distributions from the Investment Portfolio and suspend the remaining Installments that are scheduled to be paid during the year until the next Ratchet Date. If the
GLWB Elector fails to suspend remaining Installments for the year, an Excess Withdrawal may occur. If the GLWB Elector does not elect to recommence Installments 30 calendar days prior to the Ratchet Date, no additional Installments shall be made
until GLWB Elector notifies Great-West 30 calendar days prior to the next Ratchet Date. The GLWB Elector’s current Ratchet Date shall remain in effect while Installments are suspended. 
 The Certificate Owner is solely responsible for any adverse consequences that may result of any Distributions or withdrawals. The Certificate Owner should consult with a financial advisor prior to
making any withdrawals. 
 5.09 DIVORCE DURING WITHDRAWAL PHASE 
 If the Account is transferred or split pursuant to a settlement agreement or a court-issued divorce decree after the Initial Installment Date but before the Settlement Phase, the Certificate Owner(s) must
immediately notify us and provide the information that we require. 
 If the former spouse of the Certificate Owner becomes the sole Owner of
the Account, the Certificate Owner(s) may request that the Certificate be reissued as a new Certificate with the former spouse as the sole Certificate Owner, Covered Person and GLWB Elector; otherwise the Certificate will be terminated and any
remaining Covered Fund Value shall be distributed to the former spouse of the Certificate Owner in accordance with the terms of the Investment Portfolio. If the Certificate is reissued, the current Benefit Base will be maintained but a new GAW will
be computed pursuant to Section 5.01 if and when the new Certificate Owner becomes eligible to elect, and elects, to receive the GAW. A new Ratchet Date will be established for the new Certificate Owner on the date the new Certificate is
issued. 
 If the Account is divided between the Certificate Owner and the Certificate Owner’s former spouse, the Certificate Owner(s) may
request that the Certificate be reissued as one new Certificate with one of the former spouses as Certificate Owner, Covered Person and GLWB Elector, or as two new Certificates, each with one of the former spouses as Certificate Owner, Covered
Person and GLWB Elector; otherwise the Certificate will be terminated. If the Certificate is reissued as one new Certificate, the Benefit Base will be proportionate to the Certificate Owner’s share of the Covered Fund Value as of the date of
reissuance. If the Certificate is reissued as two new Certificates, the Benefit Base will be divided in the same proportion as the respective Covered Fund Values as of the date of reissuance. The GAWs will be calculated based on the

  
 12 

 
Single Covered Person GAW% in Section 5.01 after the Accounts are split, and new Ratchet Dates will be established for each Certificate on the date the Accounts are split. In the
alternative, the former spouse of the Certificate Owner may establish a new GLWB in the Accumulation Phase with the Benefit Base based on the current Covered Fund Value on the date his or her Account is established. 

5.10 PAYMENTS ON DEATH DURING WITHDRAWAL PHASE 
 If a Certificate Owner Dies After the Initial Installment Date as a Single Covered Person 

If a Certificate Owner dies after the Initial Installment date without a second Covered Person, the GLWB will terminate and no further Installments will
be paid. If the death occurs before the Settlement Phase, the remaining Covered Fund Value shall be distributed to the Beneficiary in accordance with the terms of the Investment Portfolio. If permitted by the Investment Portfolio and the Code, if
applicable, the Beneficiary may elect to have a new Certificate issued with the Beneficiary as the sole Certificate Owner, Covered Person and GLWB Elector, in which event an initial Benefit Base shall be established and he or she will be subject to
all terms and conditions of the Certificate, the Investment Portfolio and the Code, if applicable. Any election made by the Beneficiary is irrevocable. 
 If a GLWB Elector Dies After the Initial Installment Date while Second Covered Person is Living 
 Upon the death of a Certificate Owner after the Initial Installment Date, and while a second Covered Person who was legally married to the deceased Certificate Owner under applicable Federal law on the
date of death is still living, the surviving Covered Person may elect to become the sole Certificate Owner, Covered Person and GLWB Elector (if permitted by the terms of the Investment Portfolio and the Code, if applicable), and he or she will
acquire all rights under the Certificate and continue to receive GAWs based on the original Certificate Owner/GLWB Elector’s election. Installments may continue to be paid to the surviving Covered Person based on the GAW% for Joint Covered
Persons in Section 5.01. Installments will continue to be paid to the surviving Covered Person until his or her death and, upon death, the surviving Covered Person’s beneficiary will receive any remaining Covered Fund Value if such death
occurs before the Settlement Phase. Alternatively, the surviving Covered Person may elect to receive his or her portion of the Covered Fund Value as a lump sum Distribution. In either situation the Ratchet Date will be the date when the Account is
established. 
 To the extent to that the surviving Covered Person becomes the sole Owner, Covered Person and GLWB Elector, he or she will be
subject to all terms and conditions of the Certificate, the Investment Portfolio and the Code, if applicable. 
 Any election made by the
Beneficiary pursuant to this section is irrevocable. 
 SECTION 6: SETTLEMENT PHASE 

 
 6.01 GROUP CONTRACT RIGHTS AND BENEFITS

 During the Settlement Phase, rights to receive Installments will continue but all other rights and benefits under the Group Contract will
terminate. 
 6.02 FEES 
 The
Guarantee Benefit Fee described in Section 8 will not be deducted during the Settlement Phase. 
 6.03 INSTALLMENTS 

If the Covered Fund Value is less than the amount of the final Installment in the Withdrawal Phase, Great-West will pay the remaining balance of the
Installment within [7] days from the Installment Date. 
 Installments will continue in the same frequency as previously elected, and cannot be
changed during the Settlement Phase. 

  
 13 

 6.04 DIVORCE DURING THE SETTLEMENT PHASE 
 If a Request is made in connection with a divorce, Great-West will divide the Installment pursuant to the terms of any settlement or divorce decree, but Installments will not continue beyond the date on
which they would terminate had the divorce not occurred. 
 6.05 DEATH DURING THE SETTLEMENT PHASE 

When the last Covered Person dies during the Settlement Phase, the GLWB will terminate and no additional Installments will be paid to the Beneficiary.

 SECTION 7: BENEFIT BASE CAP 

 
 The Benefit Base may not exceed [$5 million]. Any
value over [$5 million] will be considered excess Covered Fund Value and will not be used to calculate GAWs or the Guarantee Benefit Fee described in Section 8. A GLWB Elector may Transfer or Distribute any excess Covered Fund Value on a dollar
for dollar basis without reducing the Benefit Base. However, if the Covered Fund Value falls below [$5 million] based on Excess Withdrawals, the Benefit Base will adjust pursuant to the terms of the Certificate. 

SECTION 8: GUARANTEE BENEFIT FEE 

 
 The amount of the annual Guarantee Benefit Fee is
set forth on the Certificate Data page. The Guarantee Benefit Fee will be deducted from the GLWB Elector’s Covered Fund Value. [One-fourth] of the Guarantee Benefit Fee is deducted on a [quarterly] basis in arrears. The Guarantee Benefit Fee
will be calculated based on the GLWB Elector’s Benefit Base as of the date of the deduction. Because the Guarantee Benefit Fee is based on the Benefit Base, the Benefit Base may increase or decrease if a Ratchet or Interest Rate Reset occurs.

 Great-West reserves the right to change the frequency of the deduction, but will notify the GLWB Elector and the Group Contractholder in
writing at least thirty (30) calendar days prior to the change. 
 Great-West shall inform the Certificate Owner of the current percentage
amount of the Guarantee Benefit Fee. The Guarantee Benefit Fee will be divided by [four] on the date Great-West charges the fee. The Guarantee Benefit Fee is withdrawn from the Covered Fund, and Great-West is authorized to cause the Financial
Services Provider to remit the Guarantee Benefit Fee when due, if applicable. 
 The first Guarantee Benefit Fee calculated will be pro-rated
based on the portion of the quarter of the Certificate Election Date. Great-West reserves the right to change the Guarantee Benefit Fee at any time and for any reason upon thirty (30) days written notice to the GLWB Elector and Certificate
Owner. Any change to the fee will affect all assets in the Covered Fund(s). 
 Upon and termination of the Certificate, a final pro-rated
Guarantee Benefit Fee will be deducted based on the portion of the last quarter that the GLWB Certificate was in effect. 
 If Great-West does
not receive the Guarantee Benefit Fee for the GLWB attributed to the GLWB Elector, the GLWB attributed to such GLWB Elector will terminate after [45] days from the date such Guarantee Benefit Fee is due. 

The Guarantee Benefit Fee is not deducted during the GLWB Elector’s Settlement Phase. 
 SECTION 9: FEES ASSOCIATED WITH INVESTMENT PORTFOLIO 
  

The Certificate Owner may make a withdrawal of up to 1.50% of the Covered Fund Value to pay for asset management or advisory service fees associated with
the Investment Portfolio without the withdrawal being considered an Excess Withdrawal. If these fees exceed 1.5% of the Covered Fund Value, and the entire amount of the fees are withdrawn from the Covered Fund Value, the amount withdrawn above the
1.5% limit 

  
 14 

 
will be considered an Excess Withdrawal and will reduce the Benefit Base, pursuant to Section 4.05 and Section 5.07 
 SECTION 10: GROUP CONTRACT TERMINATION 
  

Unless otherwise provided in this Group Contract, either Great-West or the Group Contractholder may terminate the Group Contract with
advance written notice to the other party. The Group Contract termination date shall be the [seventy-fifth
(75th)] day after the date written notice is received in
the Administrative Offices in good order. If the [seventy-fifth (75th)] day is not a Business Day, the Group Contract termination date shall be the Business Day immediately following the [seventy-fifth (75th)] day. Prior to the Group Contract termination date, Great-West and Group Contractholder may agree to an alternate
Group Contract termination date. 
 In addition, a GLWB Elector’s rights under the Group Contract and the Certificate terminate if the
Investment Portfolio is terminated. 
 If the Group Contractholder Terminates the Contract 

If the Group Contractholder terminates the Group Contract, all benefits, rights, and privileges provided by the Group Contract, including without
limitation, the GLWB shall terminate. GLWB Electors who are not eligible to receive Distributions under the Investment Portfolio or are eligible to receive their Distributions but do not take a Distribution prior to the Group Contract termination
date shall have the Benefit Base and Covered Fund Value reduced to zero and any and all other benefits provided under the Group Contract shall terminate on the Group Contract termination date. 

If Great-West Terminates the Contract 

If Great-West terminates the Group Contract or discontinues the availability of the Covered Fund(s), such termination or discontinuation will not
adversely affect the Certificate Owner’s rights under the Group Contract, except that additional Certificate Contributions may not be invested in the Covered Fund(s) other than reinvested dividends and capital gains. 

Other Termination 
 This Contract and the
GLWB shall automatically terminate if: (i) a Financial Services Provider discontinues the use of a Great-West approved Covered Fund and the provisions of Section 4.02 are not applicable (ii) Great-West is unable to collect the
Guarantee Benefit Fee; or (iii) Great-West cannot effectively administer the GLWB. Should the Contract terminate under this subsection, the Group Contractholder, rather than Great-West, shall be treated as having terminated the Contract.

 SECTION 11: CERTIFICATE TERMINATION 

 
 The Certificate will terminate upon the earlier
of: 
  

	(a)	the date of death of the Certificate Owner if there is no surviving Covered Person; or 

 

	(b)	the date there is no longer a Covered Person under the Certificate; 

  

	(c)	the date the Certificate is canceled as set forth in Section 3.03; 

  

	(d)	the date the Group Contract terminates subject to Section 10; or 

  

	(e)	when the Guarantee Benefit Fee is not received by the Company, subject to the provisions of Section 8. 

  
 15 

 SECTION 12: GENERAL PROVISIONS 

 
 12.01 GROUP CONTRACT 

Great-West has issued this Group Contract to the Group Contractholder setting forth in substance the benefits, rights, and privileges to which the Group
Contractholder is entitled under the Group Contract. Great-West has issued this Group Contract to the Group Contractholder in consideration of the application. 
 12.02 CERTIFICATE 
 Great-West shall issue a Certificate to each Certificate Owner setting
forth in substance the benefits, rights, and privileges to which such person is entitled under this Group Contract. 
 12.03 ENTIRE CONTRACT

 This Group Contract, including the Group Contractholder’s application, agreement and acknowledgement, amendments, endorsements,
specification page, if any, and/or other riders, if any, constitutes the entire contract between the Group Contractholder and Great-West. After issue, amendments or changes in writing and agreed to by the Company are a part of this Group Contract.

 All statements in the Group Contractholder’s application, in the absence of fraud, have been accepted as representations and not
warranties. Only the President, Vice-President, or Secretary of Great-West can agree on behalf of Great-West to modify any provisions of this Group Contract. 
 12.04 GROUP CONTRACT MODIFICATION 
 Great-West may modify the Group Contract from time to
time to conform it to changes in tax or other law, ncluding applicable regulations and rulings, without consent of the Group Contractholder any other person. Great-West will provide notice and a copy of any such modification to the Group
Contractholder as soon as reasonably practicable. 
 The Group Contractholder and Great-West may, by written agreement, make other modifications
to the Group Contract, subject to the approval of the appropriate state department of insurance, if applicable. No such modification will, without the written consent of the Group Contractholder, affect the terms, provisions, or conditions of the
Certificate, which are or may be applicable to Certificate Contributions made prior to the date of such modification. 
 12.05 MODIFICATION
OF COVERED FUNDS 
 Great-West and/or the Financial Services Provider may, without the consent of the Group Contractholder, Certificate Owner
or any other person, offer new Covered Fund(s) or cease offering Covered Fund(s). Great-West will notify the Group Contractholder whenever the Covered Fund(s) are changed. Great-West shall complete the allocations between the Covered Fund(s) as
disclosed in the notice as of the effective date of the change. Such allocation will remain in effect until the date Great-West receives a Request for a different allocation. 
 12.06 NON-PARTICIPATING 
 The Group Contract is Non-Participating. The Group Contractholder
is not eligible to share in Great-West’s divisible surplus. 
 12.07 CURRENCY AND CERTIFICATE CONTRIBUTIONS 

All amounts to be paid to or by Great-West must be in currency of the United States of America. All Certificate Contributions must be made payable to
Great-West or to a designee acceptable to Great-West. 

  
 16 

 12.08 NOTICES OR OTHER COMMUNICATIONS 
 Any notice or demand by Great-West to or upon the Group Contractholder, any GLWB Elector, Covered Person(s) or any other person, if applicable, may be given by mailing it to that person’s last known
address as stated in Great-West’s file through the United States Postal Service or last known email address or facsimile number on file. 

An application, report, Request, election, direction, notice or demand by the Group Contractholder, any GLWB Elector, or other Covered Person(s), if
applicable, will be made in a form satisfactory to Great-West. When Great-West requires it, the Group Contractholder will obtain the signature of the Covered Person(s) on forms provided by Great-West. Great-West must first approve any written
materials developed by any other person describing the Group Contract or the Certificate. 
 12.09 DISCLAIMER 

Nothing contained in this Group Contract shall be construed to be tax or legal advice, and Great-West assumes no responsibility or liability for any
costs, including but not limited to taxes, penalties or interest incurred by the Investment Option, the Group Contractholder, any GLWB Elector, Covered Person(s) or any other person, if applicable, arising out of a determination of liability.
Great-West shall not be held liable for the negligence, willful misconduct, or failure to perform of any third party. 
 12.10
REPRESENTATIONS 
 Great-West shall be entitled to rely and act solely on the reports, directions, proofs, notices, elections, and other
information furnished to it by the Group Contractholder or its agent, GLWB Electors, Covered Persons, Beneficiaries or their respective agents, and such acts shall be conclusive and binding as to all GLWB Electors and other persons or corporations
claiming an interest hereunder. 
 12.11 NON-WAIVER 
 Great-West may, in its sole discretion, elect not to exercise a right, privilege, or option under the Group Contract or the Certificate. Such election shall not constitute a waiver of the right to
exercise such right, privilege, or option at any subsequent time, nor shall it constitute a waiver of any provision of the Group Contract or the Certificate. 
 12.12 APPLICABLE TAX 
 An Applicable Tax may be assessed on the Covered Fund Value or any
Distribution, based on applicable state law during the term of the Group Contract or the Certificate. 
 12.13 INFORMATION 

The Group Contractholder shall furnish all information that Great-West may reasonably require for the administration of the Group Contract or the
Certificate. Great-West shall not be responsible for any obligation under the Group Contract or the Certificate until it receives all requested information in a form acceptable to Great-West. 
 SECTION 13: ANNUITY PAYMENT OPTIONS 
  
 13.01 EFFECT OF ANNUITIZATION 
 If the GLWB Elector elects to annuitize, prior to the
Initial Installment Date, the GLWB will terminate for those Covered Fund assets and all previously incurred fees will not be refunded. 

13.02 ANNUITY PAYMENT OPTIONS 
 The
amount to be applied to an annuity payment option is: (i) the portion of the Account value elected by GLWB Elector, less (ii) Applicable Tax, if any, less (iii) any fees and charges described in the Certificate. 

  
 17 

 The minimum amount that may be applied under the elected annuity option is $[5,000]. If any payments to be
made under the elected annuity payment option will be less than $[50], Great-West may make the payments in the most frequent interval that produces a payment of at least $[50]. 
 Great-West will issue a certificate or other statement setting forth in substance the benefits, rights, and privileges to which such person is entitled under the Group Contract, to each Annuitant
describing the benefits payable under the elected annuity payment option. 
 13.03 ELECTION OF ANNUITY OPTIONS 

An Annuitant is required to elect an annuity payment option. The Annuitant must Request an annuity payment option or change an annuity payment option no
later than 30 days prior to the Annuity Commencement Date elected by the GLWB Elector. 
 The annuity payment options are: 

Income for Single Life Only 
 Income for Single
Life with Guaranteed Period 
 Income for Joint Life Only 
 Income for Joint Life with Guaranteed Period 
 Income for a Specific Period 

Any other form of annuity payment permitted under the law, if acceptable to Great-West. 
 The annuity option that will always be available is the Income for Single Life Only Annuity. If this annuity option is elected, Great-West will make payments to the Annuitant at a frequency specified in
the annuity certificate or other statement for the duration of the Annuitant’s lifetime. Payments will cease pursuant to the terms of the certificate or other statement. 
 Annuity purchase rates will be the same rates that are available for a Single Premium Immediate Annuity currently offered by Great-West at the time of annuitization. 

SECTION 14: MISSTATEMENT OF AGE OR DEATH 

 
 Great-West may require adequate proof of the age
and death of the Annuitant, GLWB Elector or Covered Person(s) before processing a Request for GAWs and annuity payments. If the age of the Annuitant, GLWB Elector or Covered Person(s) has been misstated, the Installment or annuity payment
established for him or her will be made on the basis or his or her correct age. 
 If Installments or annuity payments made were too large
because of a misstatement of age, Great-West may deduct the difference from the next payment or payments with interest. If payments were too small, Great-West may add the difference to the next payment with interest. Any interest payable will be
made at the rate required by law. 

  
 18 

	
	Great-West Life & Annuity Insurance Company
	A Stock Company
	 8515 East Orchard Road             Greenwood Village, CO
80111
  

  

	
	AGREEMENT AND ACKNOWLEDGEMENT

 By signing this Agreement and Acknowledgement, Great-West Life & Annuity Insurance Company and the Master
Contractholder, Orchard Trust Company FBO of IRA holders, understand, accept, and otherwise agree to the provisions of the attached Group Master Fixed Annuity Contract. 

 

			
		
	  
 For Great-West Life &
Annuity Insurance Company
	  	  
 For Orchard Trust
Company

		
	  
 Title
	  	  
 Title

		
	  
 Date
	  	  
 DateFIRST AMENDMENT TO LEASE

 Exhibit 10.1 
 FIRST AMENDMENT TO LEASE 
 THIS FIRST AMENDMENT TO
LEASE (the “Amendment”) is made and entered into as of the 5th day of July, 2011, by and between TC Saracen, LLC, a Delaware limited liability company (“Landlord”), and Repligen Corporation, a Delaware corporation (“Tenant”).

 RECITALS 
  

	A.	 Landlord (as successor in interest to West Seyon LLC, a Delaware limited liability company) and Tenant are parties to that certain lease dated
October 10, 2001, as amended by a Letter Agreement dated May 7, 2002 (collectively, the “Lease”). Pursuant to the Lease, Landlord has leased to Tenant space currently containing 24,468 rentable square feet (the
“Original Premises”) on the 1st floor of the
building commonly known as 41 Seyon Street located at 41 Seyon Street, Waltham, Massachusetts (the “Building”). 

  

	B.	 Tenant has requested that additional space containing approximately 31,226 rentable square feet on the 1st floor of the Building shown on Exhibit A hereto (the “Expansion Space”) be added to the Premises and that the Lease be appropriately amended. Landlord is willing to do the same on the following terms and
conditions. 

 NOW, THEREFORE, in consideration of the mutual covenants and agreements
herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant agree as follows: 

	Expansion.	

  

	 	A.	Effective as of the date (the “Expansion Effective Date”) that is the later to occur of (i) October 1, 2011, and (ii) the date that
Landlord delivers the Expansion Space to Tenant broom clean and free and clear of all occupants and the personal property of others, the Premises shall include the Expansion Space, and the size of the Premises, is increased from 24,468 rentable
square feet to 55,694 rentable square feet. Landlord represents that the common areas of the Building are code compliant, including, without limitation, compliance with applicable ADA Standards. 

 

	 	B.	Landlord shall use reasonable efforts to cause the Expansion Effective Date to occur no later than the Target Delivery Date (defined below). However, if the Expansion
Effective Date shall be delayed beyond the Target Delivery Date for any reason, including but not limited to, holding over by V Fitness Group, LLC dba Workout World (“WOW”) which is the current occupant of the Expansion Space, such delay
shall not subject Landlord to any liability to Tenant except as set forth below in this Section I, nor shall the Extended Termination Date (as hereinafter defined) be extended. Tenant shall confirm the Expansion Effective Date in writing promptly
upon request of Landlord. As used herein, the term “Target Delivery Date” shall mean the date that is five (5) months after the mutual execution and delivery of both this First Amendment and an amendment to the lease
between Landlord and WOW terminating such lease with respect to the Expansion Space. Landlord shall confirm in writing the date of such mutual execution and delivery promptly after the occurrence thereof. 

  
 -1-

	 	C.	If the Expansion Effective Date has not occurred on or before the date (the “Delivery Penalty Date”) that is sixty (60) days after the Target
Delivery Date, then Tenant shall receive a credit against Annual Basic Rent in an amount equal to the product of (i) $1,173.12 multiplied by (ii) the number of days that elapse after the Delivery Penalty Date, until the Expansion Effective
Date occurs or the Tenant elects to terminate this First Amendment pursuant to Section I.D below, whichever occurs first. 

  

	 	D.	Notwithstanding the foregoing, if the Expansion Effective Date has not occurred on or before June 30, 2012, then Tenant may elect to terminate this First Amendment
by giving Landlord written notice of such election at any time on or after July 1, 2012, and before the Expansion Effective Date occurs. If Tenant so elects, then this First Amendment shall automatically terminate on the day that is thirty
(30) days after Tenant delivers such termination notice to Landlord unless the Expansion Effective Date occurs on or before the expiration of such 30-day period, in which event Tenant’s termination election shall automatically become void.
If this First Amendment is terminated in accordance with this Section IB, then the term of the Lease shall automatically be extended, upon all of the same terms and conditions of the Lease prior to this First Amendment, until the date that is
twenty-four (24) months after the effective date of the termination of this First Amendment pursuant to this Section I.D. 

  

	1.	Extension. 

 The Term of the
Lease is hereby extended until the date that is 11 years after the Expansion Space Rent Commencement Date (as hereinafter defined) (the “Extended Termination Date”), unless sooner terminated in accordance with the terms of the
Lease. That portion of the Term commencing on June 1, 2012 (the “Extension Date”) and ending on the Extended Termination Date is referred to herein as the “Extended Term”. Tenant shall confirm the Extended
Termination Date in writing promptly upon request of Landlord. 
  

	2.	Basic Rent. 

 Original
Premises Up To Extension Date. Up to (but not including) the Extension Date, the Basic Rent with respect to the Original Premises shall be payable as provided in the Lease. 

 

	 	a.	Original Premises From and After Extension Date. Commencing on the Extension Date, Basic Rent with respect to the Original Premises during the Extended Term
shall be payable as follows: 

  
 -2-

									
	 Rental
 Period
	  	Annual Basic
Rent	 	  	Monthly
Payment	 
	 From 6/1/12 through the end of the 6th Expansion Space Lease Year:
	  	$	428,190.00	  	  	$	35,682.50	  
	 From the beginning of the 7th Expansion Space Lease Lear through the Extended Termination Date:
	  	$	501,594.00	  	  	$	41,799.50	  

  

	 	b.	Expansion Space From Expansion Space Rent Commencement Date Through Extended Termination Date. The “Expansion Space Rent Commencement Date” is
defined as the earlier to occur of: (x) the date on which Tenant substantially completes the Tenant Improvements (as such term is defined in Exhibit B hereto) and Tenant receives a temporary or permanent certificate of occupancy for the
Expansion Space, and (y) the date that is 180 days after the Expansion Effective Date. Tenant shall promptly notify Landlord upon the occurrence of (x) above. Commencing on the Expansion Space Rent Commencement Date, Basic Rent with
respect to the Expansion Space shall be payable as follows: 

  

					
	 Rental
 Period
	  	Annual
Basic Rent	  	Monthly
Payment
	 1 - 6
	  	$538,648.50	  	$44,887.38
	 7 – 11
	  	$624,520.00	  	$52,043.33

 For purposes hereof, an “Expansion Space Lease Year” shall mean a 12 month period
beginning on the Expansion Space Rent Commencement Date, or any anniversary of the Expansion Space Rent Commencement Date, except that if the Expansion Space Rent Commencement Date does not fall on the first day of a calendar month, then the first
Expansion Space Lease Year shall begin on the Expansion Space Rent Commencement Date, and end on the last day of the month containing the first anniversary of the Expansion Space Rent Commencement Date (and the Basic Rent for such first Expansion
Space Lease Year shall be prorated to reflect the additional days included therein), and each succeeding Expansion Space Lease Year shall begin on the day following the last day of the prior Expansion Space Lease Year. From and after the Extension
Date, the concept of a “Lease Year” (as defined in the Lease), insofar as it pertains to the Original Premises, will no longer be applicable. 
  

	3.	Letter of Credit. 

 Landlord is
currently holding a Letter of Credit in the amount of $200,000.00 pursuant to Section 14.8 of the Lease. Landlord shall continue to hold the Letter of Credit during the Extended Term in accordance with the terms set forth in said
Section 14.8 of the Lease. If the Letter of Credit has an earlier expiry date, then Tenant shall promptly cause such Letter of Credit to be amended or replaced with a Letter of Credit which has an expiry date of no earlier than 60 days after
the Extended Termination Date. 

  
 -3-

	4.	Tenant’s Proportionate Share. 

 Commencing on the Extension Date, Tenant’s Proportionate Share shall be 11.12% (which is based on the ratio of (a) Premises Rentable Area (which is hereby agreed to be 55,694 rentable square
feet) to (b) the Property Rentable Area (which is hereby agreed to be 499,869 rentable square feet)). 
  

	5.	Operating Expenses, Taxes and Utilities. 

 Commencing on the Extension Date, Tenant shall pay Tenant’s Proportionate Share (as amended pursuant to Section V above) of Operating Expenses and Taxes in accordance with the terms of the Lease.
Commencing on the Expansion Effective Date, Tenant shall pay for all utilities serving the Expansion Space, as provided in Section 9.3 of the Lease. 
  

	6.	Improvements to Expansion Space. 

Condition of Expansion Space. Tenant has inspected the Expansion Space and agrees to accept the same "as is" without any
agreements, representations, understandings or obligations on the part of Landlord to perform any alterations, repairs or improvements, except as expressly provided in this Amendment. 

Responsibility for Improvements to Expansion Space. Tenant shall perform improvements to the Expansion Space in accordance with the
Work Letter attached hereto as Exhibit B. 
  

	 	a.	Landlord’s Obligation. On or before the Expansion Effective Date and as a condition to the occurrence thereof, Landlord shall construct a new, exclusive
entryway for WOW. After the completion of such work, Landlord agrees that WOW and its customers and employees will no longer have access to WOW’s premises through the existing entryway currently used in common by Tenant and WOW.

  

	7.	Right of First Refusal. 

  

	 	A.	 Grant of Right; Conditions. Tenant shall have the right of first refusal (the “Right of First Refusal”) with respect to the
approximately 19,900 rentable square feet of space on the
2nd floor of the Building shown on the demising plan
attached hereto as Exhibit C (the “Refusal Space”). Tenant’s Right of First Refusal shall be exercised as follows: When Landlord is prepared to enter into a letter of intent that is acceptable to both
Landlord and a prospective tenant other than the existing tenant in the Refusal Space (such prospective tenant, the “Prospect”) interested in leasing the Refusal Space, Landlord shall give notice to Tenant (the
“Advice”) of the terms and conditions under which Landlord is prepared to lease the Refusal Space to such Prospect (and the Advice shall include a copy of the proposed letter of intent, which copy may omit the name of the Prospect,
but shall include the intended use of the Refusal Space by the Prospect (e.g., retail, manufacturing, office, etc.)). Tenant may lease the Refusal Space, under such terms, by providing Landlord with notice of exercise of the Right of First Refusal
(the “Notice of Exercise”) within 5 Business Days after the date of the Advice, except that Tenant shall have no such Right of First Refusal and Landlord need not provide Tenant with an Advice if, on the date that Landlord would
otherwise be obligated to deliver the Advice: 

  
 -4-

	 	1.	there exists an Event of Default; or 

  

	 	2.	the Premises, or any portion thereof, has been sublet by Tenant (except pursuant to Section 6.1(b) of the Lease); or 

 

	 	3.	the Lease has been assigned by Tenant (except pursuant to Section 6.1(b) of the Lease); or 

 

	 	4.	the Tenant is not occupying and conducting business from the Premises. 

  

	 	B.	Terms and Conditions for Refusal Space. If the Right of First Refusal is duly exercised by Tenant, then, as of the commencement date set forth in the Advice, the
Refusal Space shall be considered a part of the Premises subject to all of the terms and conditions set forth in the Lease, except to the extent inconsistent with the terms and conditions in the Advice. The Refusal Space (including improvements and
personalty, if any) shall be accepted by Tenant in its condition and as-built configuration existing on the earlier of the date Tenant takes possession of the Refusal Space or the date the term for such Refusal Space commences, unless the Advice
specifies work to be performed by Landlord in the Refusal Space, in which case Landlord shall perform such work in the Refusal Space. If Landlord is delayed delivering possession of the Refusal Space due to the holdover or unlawful possession of
such space by any party, Landlord shall use reasonable efforts to obtain possession of the space, and the commencement of the term for the Refusal Space shall be postponed until the date Landlord delivers possession of the Refusal Space to Tenant
free from occupancy by any party (provided, however, that if the Letter of Intent attached to the Advice provides the Prospect with any remedy for late delivery, then Tenant shall have the right of any such remedy). 

 

	 	C.	Termination of Right of First Refusal. Subject to the provisions of Sections D and E below, the rights of Tenant hereunder with respect to the Refusal Space
shall terminate on the earlier to occur of (i) Tenant's failure to exercise its Right of First Refusal within the 5 Business Day period provided in Section A above (except as provided in Section D below); or (ii) the date Landlord
would have provided Tenant an Advice if any of the conditions set forth in Section A Items 1-4 above had not occurred. 

  

	 	D.	Re-Offer of Refusal Space: Passage of Time. If Tenant does not exercise its Right of First Refusal within the required 5 Business Day period, if Landlord does
not enter into a lease for the Refusal Space within 120 days after the expiration of such 5-Business-Day period, then Landlord shall again be obligated to offer the Refusal Space to Tenant in the same manner as set forth in Sections A, B, and C
above if Landlord is prepared to enter into a letter-of-intent with another Prospect. 

  

	 	E.	 Re-Offer of Refusal Space: Reduction of Net Effective Rent. Notwithstanding the foregoing, before Landlord enters into a lease (i) for
space that is less than ninety percent (90%) of the floor area contemplated by the letter of intent 

  
 -5-

	 	
accompanying the Advice, or (ii) at a Net Effective Rent (defined below) that is less than ninety percent (90%) of the Net Effective Rent contemplated by the letter of intent
accompanying the Advice, then Landlord shall first give Tenant another Advice with respect to such lease and Tenant shall have a Right of First Refusal with respect thereto on the terms and conditions of this Section VIII. As used herein, the term
“Net Effective Rent” means the net present value of the aggregate consideration payable by the lessee under the proposed lease, taking into account all fixed rent and additional rent, any free rent, any tenant improvement or other
allowances, and the cost of any leasehold improvements to be performed by Landlord under such lease. 

  

	 	F.	Refusal Space Amendment. If Tenant duly exercises its Right of First Refusal, Landlord and Tenant shall, within 14 days after Tenant exercises such right,
execute an amendment to the Lease adding the Refusal Space to the Premises on the terms set forth in the Advice. If Tenant fails to execute such amendment within such 14-day period, then Tenant’s exercise of the Right of First Refusal shall
automatically become void and this Section VIII shall thereupon terminate and have no further force or effect. 

  

	8.	Options to Extend. Tenant shall continue to have the right and option to extend the Term of the Lease for two (2) extended terms of five (5) years each,
pursuant to Section 2.4 of the Lease, except that the phrase “ninety-five percent (95%)” shall be inserted before the phrase “Fair Market Rental Value” in clause (ii) of Section 2.4(a) of the Lease.

  

	9.	Signage. 

 If Landlord creates
any additional monument signage or directory signage within the Building or on the Property, then Tenant shall have the right, at Tenant’s sole cost and expense, and subject to Landlord’s prior written approval, which approval shall not be
unreasonably withheld or delayed, as to size, design, finish and materials, to have Tenant’s name placed on such monument signage or directory signage, as the case may be, in a location designated by Landlord. Additionally, if WOW expands its
exterior signage at its new entryway to the Building, Tenant shall have the right, at Tenant’s election, and at Tenant’s sole cost and expense, upon prior notice to Landlord, to modify and expand its existing exterior Building signage at
its entryway to the Building, subject to the prior written consent of Landlord and subject to the other provisions of the Lease regarding Tenant’s signage and Alterations. 

 

	10.	Parking. Effective as of the Expansion Effective Date, Tenant shall have the right to use, on a non-exclusive, unreserved basis, 150 parking spaces in the Parking
Area (“Parking Spaces”). Tenant’s use of the Parking Spaces shall be subject to and in accordance with the terms set forth in Section 2.3 of the Lease, except that the last sentence of said Section 2.3 of the Lease is hereby
deleted and is of no further force or effect. 

  

	11.	 Non-Disturbance Agreement. Landlord represents that the only mortgage which encumbers the Property as of the date of this Amendment is a mortgage
held by Capmark Bank whose address is Capmark Bank, 116 Welsh Road, Horsham, Pennsylvania 19044, Attention: PLG-Asset Manager, and Redwood Capital Finance Company, LLC whose address is 14241 Dallas Parkway, Suite 490, Dallas, Texas 75254,
Attention: Jeffrey Schultz (collectively, the “Existing Holder”). The 

  
 -6-

	 	
Existing Holder has entered into a Subordination, Non-Disturbance and Attornment Agreement (“SNDA”) with Tenant dated as of September 9, 2008, and recorded with the Middlesex South
District Registry of Deeds at Book 51683, Page 191. Landlord agrees to obtain the written consent of the Existing Holder to this First Amendment and to provide Tenant a copy of such consent. 

 

	12.	Notices. 

 The Landlord’s
Address for notices (pursuant to Section 15.10 of the Lease) is as follows: 
 TC Saracen, LLC 

2 Oliver Street – 6th Floor 
 Boston, MA 02109 
 Attention: Ted Saraceno 

 

	13.	Inapplicable and Deleted Lease Provisions. 

 Article 4 of the Lease (Commencement and Condition), the 2nd sentence of Section 9.2(a) of the Lease (Tenant’s payment of Operating Expenses) and Exhibit G to the Lease (Base Building Work) shall not apply to the Expansion Space. 

 

	 	a.	Section 2.5 of the Lease (Right of First Offer) is hereby deleted in its entirety and is of no further force or effect. 

 

	 	b.	For the purposes of the provisions of the Lease dealing with the Expansion Space, references in the Lease to the “Commencement Date” shall mean the
“Expansion Effective Date”, references in the Lease to the “Rent Commencement Date” shall mean the “Expansion Space Rent Commencement Date”, references in the Lease to the “Termination Date” shall mean the
“Extended Termination Date”, and references in the Lease to the “Term” shall mean the “Extended Term”. Subject to the foregoing, and except as otherwise provided in this Amendment, the provisions of the Lease (including
defined terms) shall apply to the Expansion Space. 

  

	14.	Condition of Effectiveness of Amendment. 

 This Amendment shall only be effective if WOW executes and delivers to Landlord an agreement terminating its existing lease with respect to the Expansion Space on or before July 31, 2011. If such
agreement is not executed and delivered on or before July 31, 2011, then each of Landlord and Tenant may elect to terminate this First Amendment by giving notice of such election to the other party at any time after August 1, 2011 and
before such agreement is executed and delivered. If either party so elects, then this First Amendment shall automatically terminate on the day that is ten (10) business days after delivery of such termination notice unless, on or before the
expiration of such ten (10) business day period, such agreement is executed and delivered, in which event such termination election shall automatically become void. If this First Amendment is terminated pursuant to this Section XV, then the
term of the Lease shall be automatically extended to May 31, 2013, on all of the same terms and conditions contained therein prior to this First Amendment. 

  
 -7-

	15.	Miscellaneous. 

 This Amendment
sets forth the entire agreement between the parties with respect to the matters set forth herein, and there are no other oral or written representations or agreements. Under no circumstances shall Tenant be entitled to any Rent abatement,
improvement allowance, leasehold improvements, or other work to the Premises, including, without limitation, the Expansion Space, or any similar economic incentives that may have originally been provided Tenant in connection with entering into the
Lease, unless specifically set forth in this Amendment. 
  

	 	a.	Except as herein modified or amended, the provisions, conditions and terms of the Lease shall remain unchanged and in full force and effect. 

 

	 	b.	In the case of any inconsistency between the provisions of the Lease and this Amendment, the provisions of this Amendment shall govern and control.

  

	 	c.	Submission of this Amendment by Landlord is not an offer to enter into this Amendment but rather is a solicitation for such an offer by Tenant. Landlord shall not be
bound by this Amendment until Landlord has executed and delivered the same to Tenant. 

  

	 	d.	The capitalized terms used in this Amendment shall have the same definitions as set forth in the Lease to the extent that such capitalized terms are not otherwise
defined in this Amendment. 

  

	 	e.	Tenant hereby represents to Landlord that Tenant has dealt with no broker in connection with this Amendment, other than Richards Barry Joyce & Partners (the
“Broker”). Tenant agrees to indemnify and hold Landlord, its trustees, members, principals, beneficiaries, partners, officers, directors, employees, mortgagee(s) and agents, and the respective principals and members of any such
agents harmless from all claims of any brokers claiming to have represented Tenant in connection with this Amendment other than Broker. Landlord hereby represents to Tenant that Landlord has dealt with no broker in connection with this Amendment,
other than the Broker. Landlord agrees to indemnify and hold Tenant, its trustees, members, principals, beneficiaries, partners, officers, directors, employees, and agents, and the respective principals and members of any such agents harmless from
all claims of any brokers claiming to have represented Landlord in connection with this Amendment, other than the Broker. Landlord agrees to pay a brokerage commission to the Broker pursuant to a separate agreement between Landlord and the Broker.

  

	 	f.	Each signatory of this Amendment represents hereby that he or she has the authority to execute and deliver the same on behalf of the party hereto for which such
signatory is acting. 

 [SIGNATURES ARE ON FOLLOWING PAGE] 

  
 -8-

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

																	
	WITNESS/ATTEST:	 		 	LANDLORD:
				
		 		 		 	TC SARACEN, LLC, a Delaware limited liability company, is member
					
		 		 		 	By:	 	TC Saracen Manager, LLC,
		 		 		 		 	a Delaware limited liability company,
	 /s/ Eric Earnhart
	 		 		 	its Managing Member
	Name (print):	 	 Eric Earnhart
	 		 		 		 	
	 /s/ Lu Terry
	 		 		 	 By:
	 	 Trammell Crow Company Acquisitions II, L.P.,

	Name (print):	 	 Lu Terry
	 		 		 		 	a Delaware limited partnership, its sole member
							
		 		 		 		 		 	By:	 	Trammel Crow Acquisitions I-II, GP, L.P.,
		 		 		 		 		 		 	a Delaware limited partnership, its
		 		 		 		 		 		 	general partner
								
		 		 		 		 		 		 	By:	 	Trammell Crow Acquisitions I-II, Inc.
		 		 		 		 		 		 		 	 a Delaware corporation, its general
 partner

									
		 		 		 		 		 		 		 	By:	  	 /s/ Matthew W. Hill

		 		 		 		 		 		 		 	Name:	  	 Matthew W. Hill

		 		 		 		 		 		 		 	Title:	  	 Sr. Vice President

			
	WITNESS/ATTEST:	 		 	TENANT:
				
		 		 		 	REPLIGEN CORPORATION, a Delaware corporation
	 /s/ William J. Kelly
	 		 		 	
	 Name (print):
	 	 William J. Kelly
	 		 		 	
	 /s/ Daniel P. Witt
	 		 	 By:
	 	 /s/ Walter C. Herlihy

	 Name (print):
	 	 Daniel P. Witt
	 		 	 Name:
	 	 Walter C. Herlihy

		 		 		 	Title:	 	 President and Chief Executive Officer

  
 -9-

 EXHIBIT A 
 OUTLINE AND LOCATION OF EXPANSION SPACE 

  
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 EXHIBIT B 
 WORK LETTER 
 This Work Letter shall set forth the terms and conditions
relating to the construction of the Tenant Improvements (as defined herein) to be made to the Expansion Space. All references in this Work Letter to Articles or Sections of “this Lease” shall mean the relevant portion of the Lease (as
amended by the Amendment to which this Work Letter is attached), and all references in this Work Letter to Sections of “this Work Letter” shall mean the relevant portion of this Work Letter. Capitalized terms used in this Work Letter shall
have the same meaning as those terms are used and defined in the Lease (as amended by the Amendment), unless such terms are otherwise defined in this Work Letter. 
 SECTION 1 
 TENANT’S CONSTRUCTION OBLIGATIONS

 Tenant shall be entitled to the Tenant Improvement Allowance (defined below) in connection with its design and
construction of the Tenant Improvements. Tenant shall be required, at its sole expense (but subject to receipt of the Tenant Improvement Allowance) to construct the Tenant Improvements (as defined below). 

 

	 	1.1	Tenant Improvement Allowance. 

 1.1.1 Tenant Improvement Allowance. Tenant shall be entitled to a one-time improvement allowance (the “Tenant Improvement Allowance”) in the amount equal to the sum of
(a) the product of (i) Forty Dollars ($40), and (ii) the number of rentable square feet of the Expansion Space (i.e., the amount of One Million Two Hundred Forty-Nine Thousand Forty Dollars ($1,249,040.00) based upon 31,226 rentable
square feet, plus (b) the sum of Two Hundred Ninety-Six Thousand Six Hundred Forty-Seven Dollars ($296,647.00) for new HVAC equipment, plus (c) the sum of One Hundred Twenty-Four Thousand Nine Hundred Four Dollars ($124,904.00) for the
cost of preparing the roof to support the new HVAC equipment, plus (d) the sum of Ninety-Seven Thousand Eight Hundred Seventy-Two and 00/100 Dollars ($97,872.00) (i.e., $4.00 per rentable square foot of the Existing Premises), which may be
expended on leasehold improvements in the Existing Premises and/or the Expansion Space for a total Tenant Improvement Allowance of One Million Seven Hundred Sixty-Eight Thousand Four Hundred Sixty-Three Dollars ($1,768,463.00)). The Tenant
Improvement Allowance is to reimburse Tenant for the costs relating to the initial design and construction of improvements which Tenant makes to the Expansion Space (including the HVAC equipment and roof improvements described above) in accordance
with the provisions of this Work Letter (the “Tenant Improvements”). In no event shall Landlord be obligated to make disbursements of the Tenant Improvement Allowance for Tenant Improvements in a total amount which exceeds
the amount of One Million Seven Hundred Sixty-Eight Thousand Four Hundred Sixty-Three Dollars ($1,768,463.00). 
  

	 	1.2	Disbursement of the Tenant Improvement Allowance. 

 1.2.1 Tenant Improvement Allowance Items. The Tenant Improvement Allowance shall be disbursed by Landlord only for the following items and costs attributable to the Tenant Improvements
pursuant to this Work Letter (collectively the “Tenant Improvement Allowance Items”): 

  
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 1.2.1.1 Payment of the fees of the “Architect” and the
“Engineers”, as those terms are defined in Section 2.1 of this Work Letter which fees shall not exceed an aggregate amount equal to the product of (i) Six Dollars ($6.00), and (ii) the number of rentable square
feet of the Expansion Space; 
 1.2.1.2 The payment of plan check, permit and license fees relating to construction of the
Tenant Improvements; 
 1.2.1.3 The cost of construction of the Tenant Improvements, including, without limitation, testing and
inspection costs, project manager fees, trash removal costs, and contractors’ fees and general conditions; 
 1.2.1.4 The
cost of the new HVAC equipment and the cost of preparing the roof of the Building to accommodate the new HVAC system, subject to the respective applicable maximum amounts set forth above for such Tenant Improvements; 

1.2.1.5 The cost of any changes to the Construction Drawings or the Tenant Improvements required by applicable law; 

1.2.1.6 Tenant Improvement Allowance Items shall expressly exclude, without limitation, the cost of telecommunications equipment,
signage, furniture, trade fixtures, and similar moveable personal property, or the cost of moving. 
 1.2.2 Disbursement
Procedures. Landlord shall make monthly disbursements of the Tenant Improvement Allowance for the Tenant Improvement Allowance Items and shall authorize the release of monies as follows. 

1.2.2.1 Monthly Disbursements. From time to time but not more frequently than monthly during the design and construction
of the Tenant Improvements (or such other date as Landlord and Tenant may reasonably agree upon), Tenant shall deliver to Landlord: (i) a request for payment of the “Architect”, as that term is defined in
Section 2.1 of this Work Letter, and/or the “Contractor”, as that term is defined in Section 3.1.1 of this Work Letter, approved by Tenant, in a form to be provided by Landlord and approved by Tenant, which
approval shall not be unreasonably withheld or delayed, showing, as applicable, the design services performed or the schedule, by trade, of percentage of completion of such Tenant Improvements, detailing the portion of the work completed and the
portion not completed; (ii) invoices from all of “Tenant’s Agents”, as that term is defined in Section 3.1.2 of this Work Letter, for labor rendered and materials delivered to the Expansion Space in connection
with the Tenant Improvements; (iii) executed mechanic’s lien releases from all of Tenant’s Agents which shall comply with the applicable statutory provisions of Massachusetts law; (iv) a calculation showing the amount of the
total payment which is to be funded by Landlord (as part of the Tenant Improvement Allowance) and the amount of the total payment which is to be funded by Tenant pursuant to Section 3.2.1 of this Work Letter as part of the Over Allowance
Amount; and (v) all other information reasonably requested by Landlord in connection with such draw request, or the work underlying the same. Within thirty (30) days after delivery of such request for payment, Landlord shall deliver a
check or wire-transfer payment to Tenant in payment of the lesser of: (A) the amounts so requested by Tenant, as set forth in this Section 1.2.2.1 of this Work Letter, and (B) the balance of any remaining available

  
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portion of the Tenant Improvement Allowance. Tenant may direct that Landlord make its payment of the Tenant Improvement Allowance or portions thereof directly to the Contractor. Landlord’s
payment of such amounts shall not be deemed Landlord’s approval or acceptance of the work furnished or materials supplied as set forth in Tenant’s payment request. 
 1.2.2.2 Other Terms. Except as otherwise set forth herein, all Tenant Improvement Allowance Items for which the Tenant Improvement Allowance has been made available shall be deemed
Landlord’s property under the terms of this Lease. 
 1.2.2.3 Excess Improvement Allowance. If, after
substantial completion of the Tenant Improvements, there remains undisbursed any portion of the Tenant Improvement Allowance, such undisbursed amount shall not be credited against Rent and need not be funded by Landlord. Further, Landlord is not
obligated to fund any portion of the Tenant Improvement Allowance on a date which is later than eighteen (18) months after the Expansion Effective Date. If Landlord fails to pay any installment of the Tenant Improvement Allowance when due in
accordance with terms of this Exhibit B, which failures continues for more than thirty (30) days after notice to Landlord thereof, then Tenant may offset the amount of any such unpaid installment against the next installments of Basic
Rent due under the Lease. 
 SECTION 2 
 CONSTRUCTION DRAWINGS 
 2.1 Selection of
Architect/Construction Drawings. Subject to Landlord’s approval, which approval shall not be unreasonably withheld, Tenant shall select and retain an architect/space planner (the “Architect”) to prepare the
“Construction Drawings”, as that term is defined in this Section 2.1. Subject to Landlord’s reasonable approval, which approval will not be unreasonably withheld, Tenant or the Architect shall retain structural,
mechanical and electrical engineering consultants (collectively, the “Engineers”) to prepare all plans and engineering working drawings relating to the structural, mechanical, electrical, plumbing, HVAC, lifesafety, and sprinkler
work in the Expansion Space which are part of the Tenant Improvements, and including the work required to prepare the roof to accommodate the new HVAC equipment. The plans and drawings to be prepared by Architect and the Engineers hereunder,
including specifications for the Tenant Improvements, shall be known collectively as the “Construction Drawings”. All Construction Drawings shall be subject to Landlord’s reasonable approval; provided, however, Landlord shall
only disapprove any such Construction Drawing to the extent of a “Design Problem”, as that term is defined below. Tenant and Architect shall verify, in the field, the dimensions and conditions as shown on the relevant portions of
the final Construction Drawings, and Tenant and Architect shall be solely responsible for the same, and Landlord shall have no responsibility in connection therewith. Landlord’s review of the Construction Drawings as set forth in this
Section 2, shall be for its sole purpose and shall not imply Landlord’s review of the same, or obligate Landlord to review the same, for quality, design, compliance with applicable laws, ordinances, regulations or other like
matters. Accordingly, notwithstanding that any Construction Drawings are reviewed or approved by Landlord or its space planner, architect, engineers and consultants, and notwithstanding any advice or assistance which may be rendered to Tenant by
Landlord or Landlord’s space planner, architect, engineers, and consultants, Landlord shall have no liability whatsoever in connection therewith and shall not be responsible for any omissions or errors contained in the Construction Drawings,
and Tenant’s waiver and indemnity set forth in this Lease shall specifically apply to the Construction Drawings. A “Design Problem” is defined as, and shall be deemed to exist if the Tenant Improvements shown on the
Construction Drawings (i) would 

  
 -14-

 
have an impact on the exterior appearance of the Building, (ii) would have a material, adverse effect on the structure of the Building, (iii) would have a material adverse effect on the
systems (HVAC, electrical, plumbing, lifesafety, etc.) of the Building, or the operation and maintenance thereof, or (iv) fail to comply with applicable laws, ordinances or regulations. 

2.2 Final Working Drawings for the Premises. Tenant and Landlord shall cooperate and coordinate with one another to supply
the Engineers with a complete listing of standard and non-standard equipment and specifications, including, without limitation, B.T.U. calculations, electrical requirements and special electrical receptacle requirements for the Expansion Space, to
enable the Engineers and the Architect to complete the “Final Working Drawings” (as that term is defined below) in the manner as set forth below. Tenant shall promptly cause the Architect and the Engineers to complete the
architectural and engineering drawings for the Expansion Space, and Architect shall compile a fully coordinated set of architectural, structural, mechanical, electrical and plumbing working drawings, and all specifications, in a form which is
complete to allow subcontractors to bid on the work and to obtain all applicable permits (collectively, the “Final Working Drawings”) and shall submit the same to Landlord for Landlord’s approval. Tenant shall supply Landlord
with four (4) copies signed by Tenant of such Final Working Drawings. Landlord shall, within five (5) Business Days after Landlord’s receipt of all of the Final Working Drawings, either (i) approve the Final Working Drawings,
(ii) approve the Final Working Drawings subject to specified conditions, which conditions must be stated in a reasonably clear and complete manner, and shall only be conditions reasonably intended to address a potential Design Problem, or
(iii) disapprove and return the Construction Drawings to Tenant with requested revisions; provided, however, Landlord shall only disapprove such Final Working Drawings to the extent of a Design Problem. If Landlord disapproves the Final Working
Drawings, Tenant may resubmit the Final Working Drawings to Landlord at any time, and Landlord shall approve or disapprove the resubmitted Final Working Drawings, based upon the criteria set forth in this Section 2.2, within three
(3) Business Days after Landlord receives such resubmitted Final Working Drawings. Such procedure shall be repeated until the Final Working Drawings are approved. 
 2.3 Approved Working Drawings for the Premises. The Final Working Drawings shall be approved by Landlord (the “Approved Working Drawings”) prior to the commencement of
construction of any Tenant Improvements. After approval of the Final Working Drawings by Landlord, Tenant may submit the same to the appropriate municipal authorities for all applicable building permits. If Landlord has approved the Construction
Drawings and the Final Working Drawings have been approved by Landlord, but for minor items, Tenant may submit same to the appropriate municipal authorities for all applicable permits, but Tenant does so at its risk and sole cost, and with the
understanding that it may need to submit amendments or modifications. Tenant hereby agrees that neither Landlord nor Landlord’s consultants shall be responsible for obtaining any building permit or certificate of occupancy for the Expansion
Space and that obtaining the same shall be Tenant’s responsibility; provided, however, that Landlord shall cooperate with Tenant in executing permit applications and taking such other acts as may be reasonably necessary (at Tenant’s
expense, except with respect to nominal costs or expenses) to enable Tenant to obtain any such permit or certificate of occupancy. No material changes, modifications or alterations in the Approved Working Drawings may be made without the prior
written consent of Landlord, provided, however, that Landlord may only disapprove of any such change to the extent necessary to eliminate a Design Problem; Landlord shall review and approve or disapprove any requested changes, modifications or
alterations to the Approved Working Drawings within two (2) Business Days after receipt of a request therefor (which may be oral). 

  
 -15-

 SECTION 3 

CONSTRUCTION OF TENANT IMPROVEMENTS 
  

	 	3.1	Tenant’s Selection of Contractors. 

 3.1.1 The Contractor. A general contractor shall be retained by Tenant to construct the Tenant Improvements. Such general contractor (“Contractor”) shall be selected by
Tenant but subject to the approval of Landlord, which approval will not be unreasonably withheld. 
 3.1.2 Tenant’s
Agents. All subcontractors (“Tenant’s Agents”) whose contracts exceed One Hundred Fifty Thousand Dollars ($150,000) and all subcontractors who will be working on the roof area (collectively, “Major Tenant’s
Agents”) must be approved in writing by Landlord, which approval shall not be unreasonably withheld. If Landlord reasonably disapproves any of any Major Tenant’s Agents, Tenant shall submit other proposed Major Tenant Agents for
Landlord’s written approval, which approval shall not be unreasonably withheld. Nothing contained herein shall be interpreted to imply that subcontractors performing work for or on behalf of the Contractor are agents of the Tenant. 

 

	 	3.2	Construction of Tenant Improvements by Tenant’s Agents. 

 3.2.1 Construction Contract; Cost Budget. Tenant shall provide Landlord with a copy, for informational purposes only, of (a) Tenant’s construction contract with Contractor (the
“Contract”); (b) a breakdown (the “Final Cost Budget”), by trade, of the final costs to be incurred (which may be based upon estimates) or which have been incurred, in connection with the design and
construction of the Tenant Improvements, including costs which form a basis for the amount of the Contract (the “Final Costs”). The Contract must contain a provision for a holdback of at least ten percent (10%) of each progress
payment until at least substantial completion of the work. Prior to submitting its first request for a funding of the Tenant Improvement Allowance, Tenant and Landlord shall identify the amount (the “Over-Allowance Amount”) equal to
the difference between (i) the amount of the Final Costs or projected Final Costs, and (ii) the total amount of the Tenant Improvement Allowance. With regard to any such Over-Allowance Amount, concurrently with Landlord’s distribution
of the Tenant Improvement Allowance, Tenant shall make payments related to such Over-Allowance Amount out of its own funds, on a pro rata basis with the funding of the Tenant Improvement Allowance. Tenant shall provide Landlord with evidence of its
funding of its share concurrently with its draw requests. 
 3.2.2 Tenant’s Agents. 

3.2.2.1 General Conditions for Tenant’s Agents and Tenant Improvement Work. Tenant’s and Tenant’s
Agent’s construction of the Tenant Improvements shall comply with the following: (i) the Tenant Improvements shall be constructed substantially in accordance with the Approved Working Drawings; (ii) Major Tenant’s Agents shall
submit schedules of all work relating to the Tenant Improvements to Landlord and Landlord shall cooperate reasonably and use diligent efforts at no out-of-pocket cost to Landlord to enable Major Tenant’s Agents to stay on schedule; and
(iii) Tenant shall abide by all commercially reasonable rules made by Landlord with respect to the use of freight, loading dock and service elevators, storage of materials, coordination of work with the contractors of Landlord (including those
performing the Landlord’s Improvements), and any other matter in connection with this 

  
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Work Letter; and Landlord shall use diligent efforts to make its facilities available to Tenant and Tenant’s Agents and to coordinate Tenant’s work with other work in the Building so as
to enable Tenant’s Agents to stay on schedule. No fees or charges shall be made by Landlord as a result of its coordination oversight or any other involvement (including the approval processes described herein) relating to the construction of
the Tenant Improvements. 
 3.2.2.2 Indemnity. Tenant’s indemnifications of Landlord set forth in the Lease
shall also apply to Tenant’s construction of the Tenant Improvements as described in this Work Letter. With regard to Tenant’s indemnification, the same shall also apply with respect to any and all costs, losses, damages, injuries and
liabilities related in any way to any act or omission of Tenant or Tenant’s Agents, or anyone directly or indirectly employed by any of them, or in connection with Tenant’s non-payment of any amount, in connection with the Tenant
Improvements and/or Landlord’s disapproval of all or any portion of any request for payment, except to the extent caused by any omission, fault, negligence or other misconduct of the Landlord. 

3.2.2.3 Requirements of Tenant’s Agents. Each of Tenant’s Contractor and Major Tenant’s Agents shall
guarantee to Tenant and for the benefit of Landlord that the portion of the Tenant Improvements for which it is responsible shall be free from any defects in workmanship and materials for a period of not less than one (1) year from the date of
completion thereof. Each of Tenant’s Contractor and Major Agents shall be responsible for the replacement or repair, without additional charge, of all work done or furnished in accordance with its contract that shall become defective within one
(1) year after the completion of the work performed by such Tenant’s Agents. The correction of such work shall include, without additional charge, all additional expenses and damages incurred in connection with such removal or replacement
of all or any part of the Tenant Improvements, and/or the Building that may be damaged or disturbed thereby. All such warranties or guarantees as to materials or workmanship of or with respect to the Tenant Improvements shall be contained in the
Contract or subcontract and Tenant shall endeavor to require that such guarantees or warranties shall inure to the benefit of both Landlord and Tenant, as their respective interests may appear, and can be directly enforced by either. Tenant
covenants to give to Landlord any assignment or other assurances which may be necessary to effect such right of direct enforcement. 
 3.2.2.4 Insurance Requirements. 
 3.2.2.4.1 General
Coverages. All of Tenant’s Agents shall carry worker’s compensation insurance covering all of their respective employees, and shall also carry public liability insurance, including property damage, all with limits, in form and with
companies as are required to be carried by Tenant as set forth in this Lease, unless otherwise approved by Landlord in writing. 
 3.2.2.4.2 Special Coverages. Tenant or Tenant’s Contractor shall carry “Builder’s All Risk” insurance in an amount reasonably approved by Landlord covering the
construction of the Tenant Improvements, and such other customary insurance as Landlord may reasonably require, it being understood and agreed that the Tenant Improvements shall be continuously insured by Tenant pursuant to this Work Letter and/or
Lease following the commencement of construction of such Tenant Improvements. Such insurance shall be in amounts and shall include such extended coverage endorsements as may be reasonably required by Landlord, and in form and with companies as are
required to be carried by Tenant as set forth in this Lease. 

  
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 3.2.2.4.3 General Terms. Certificates for all insurance carried pursuant to
this Section 4.2.2.4 shall be delivered to Landlord before the commencement of construction of the Tenant Improvements and before the Contractor’s equipment is moved onto the site. Tenant will use commercially reasonable efforts to
require that all such policies of insurance (and any certificates of insurance provided to Landlord and Existing Holder) contain a provision that the company writing said policy will endeavor to give Landlord and Existing Holder at least thirty
(30) days prior written notice of any cancellation of or any material change in the policy. In the event that the Tenant Improvements are damaged by any cause during the course of the construction thereof, Tenant shall immediately repair the
same at Tenant’s sole cost and expense (applying the insurance proceeds to which Tenant would be entitled following the maintenance of the insurance required hereunder); provided, however, to the extent such insurance proceeds are unavailable
due to Landlord’s willful misconduct, the same shall be at Landlord’s sole cost and expense. Tenant’s Agents shall maintain all of the foregoing insurance coverage in force until the Tenant Improvements are fully completed and
accepted by Landlord. All policies carried under this Section 3.2.2.4 shall insure Landlord and Tenant, as their interests may appear, Existing Holder as well as Contractor and Tenant’s Agents. Such insurance shall provide that it
is primary insurance as respects the owner and that any other insurance maintained by owner is excess and noncontributing with the insurance required hereunder. The requirements for the foregoing insurance shall not derogate from the provisions for
indemnification of Landlord by Tenant under Section 3.2.2.2 of this Work Letter. 
 3.2.3 Commencement of
Construction. Tenant’s construction of the Tenant Improvements shall be permitted to commence immediately after the Expansion Effective Date, subject to the terms and conditions of this Work Letter. 

3.2.4 Governmental Compliance. The construction of the Tenant Improvements shall comply in all respects with applicable
laws, ordinances and regulations. 
 3.2.5 Inspection by Landlord. Landlord shall have the right to inspect the
Tenant Improvements at all times, provided however, that Landlord’s failure to inspect the Tenant Improvements shall in no event constitute a waiver of any of Landlord’s rights hereunder nor shall Landlord’s inspection of the Tenant
Improvements constitute Landlord’s approval of the same. Should Landlord disapprove (due to defects in the construction of the same, or material deviation from the specifications and requirements therefore set forth in the Final Working
Drawings) any portion of the Tenant Improvements being constructed by Tenant, Landlord shall notify Tenant in writing of such disapproval, shall specify the items disapproved, and shall identify with reasonable specificity the grounds for such
disapproval. Any defects or deviations in such Tenant Improvements shall be promptly rectified by Tenant at no expense to Landlord. 
 3.2.6 Meetings. Tenant shall hold regular meetings at reasonable times (but in no event to be required more often than weekly), with the Architect and the Contractor regarding the progress
of the preparation of Construction Drawings and the construction of the Tenant Improvements, which meetings shall be on-site, or at another location and at times mutually and reasonably agreed upon by Landlord and Tenant, and Landlord and/or its
agents shall receive prior notice of, and shall have the right to attend, all such meetings, and, upon Landlord’s request, certain of Tenant’s Agents shall attend such meetings. In addition, minutes shall be taken at all such meetings, a
copy of which minutes shall be promptly delivered to Landlord. One such meeting each month shall include the review of Contractor’s current request for payment. 

  
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 3.3 Notice of Completion; Copy of Record Set of Plans. Within ten
(10) days after completion of construction of the Tenant Improvements, Tenant shall cause a Notice of Completion to be recorded in the appropriate office in Middlesex County, Massachusetts in accordance with applicable Massachusetts statutory
law, and shall furnish a copy thereof to Landlord upon such recordation. If Tenant fails to do so, Landlord may execute and file the same on behalf of Tenant as Tenant’s agent for such purpose, at Tenant’s sole cost and expense. At the
conclusion of construction, (i) Tenant shall cause the Architect and Contractor (A) to update the Approved Working Drawings as necessary to reflect all changes made to the Approved Working Drawings during the course of construction,
(B) to certify to the best of their knowledge that the “record-set” of as-built drawings are true and correct, which certification shall survive the expiration or termination of this Lease, and (C) to deliver to Landlord two
(2) sets of CAD format file copies and two (2) sets of hard copies of such record set of drawings within ninety (90) days following issuance of a certificate of occupancy for the Expansion Space, and (ii) Tenant shall deliver to
Landlord a copy of all warranties, guaranties, and operating manuals and information relating to the Tenant Improvements. 

SECTION 4 
 MISCELLANEOUS 
 4.1 Tenant’s Representative.
Tenant has designated William Kelly as Tenant’s sole representative with respect to the matters set forth in this Work Letter, who until further notice to Landlord shall have full authority and responsibility to act on behalf of the Tenant as
required in this Work Letter. Tenant shall have the right, by notice to Landlord, to appoint additional or replacement representatives. 
 4.2 Landlord’s Representative. Landlord has designated Henry St. Hillaire as its sole representative with respect to the matters set forth in this Work Letter, who, until further notice
to Tenant, shall have full authority and responsibility to act on behalf of the Landlord as required in this Work Letter. Landlord shall have the right, by notice to Tenant, to appoint additional or replacement representatives. 

4.3 Time of the Essence in This Work Letter. Time is of the essence. Unless otherwise indicated, all references herein to a
“number of days” shall mean and refer to calendar days. If any item requiring approval is timely disapproved by Landlord, the procedure for preparation of the document and approval thereof shall be repeated until the document is approved
by Landlord. 
 4.4 Coordination. In constructing the Tenant Improvements, Tenant will use reasonable commercial
efforts to avoid interference with any of the existing systems within the Building. 
 4.5 Dispute Resolution. Any
controversy, dispute or claim arising in connection with this Work Letter shall be settled by arbitration in Boston, Massachusetts in accordance with the Expedited Arbitration Rules of the American Arbitration Association as then in effect (unless
the parties mutually agree otherwise). The decision rendered by the arbitrator or arbitrators shall be final and conclusive upon Landlord and Tenant. To avail itself of the dispute resolution procedures of this Section 4.5, the party
demanding arbitration shall file a written notice of such demand with the other party and with the American Arbitration Association. In connection with resolution of disputes submitted to arbitration hereunder, Landlord and Tenant hereby irrevocably
waive any and all rights they may have to resolve such dispute in a manner that is inconsistent with the provisions of this Section 4.5. 

  
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 EXHIBIT C 
 REFUSAL SPACE 
 

 

  
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