Document:

EX-4.9

 Exhibit 4.9 

AT&T Inc. 

€450,273,000 1.050% Global Notes due 2023 

€1,489,219,000 1.800% Global Notes due 2026 

€1,260,469,000 2.350% Global Notes due 2029 

€878,507,000 Floating Rate Global Notes due 2023 

REGISTRATION RIGHTS AGREEMENT 

February 27, 2018 
 To the Parties Listed on
Schedule I 
 Ladies and Gentlemen: 
 AT&T
Inc., a Delaware corporation (the “Company”), has made offers to exchange the 5 series of notes described in the table set forth on Schedule II issued by the Company (the “Old Notes”) for new series of the Company’s senior
notes described in the right column of the table set forth on Schedule II (the “Initial Securities”) and an additional cash payment, as set forth in the Offering Memorandum, dated February 15, 2018 (the “Offering
Memorandum”), related thereto. The Initial Securities will be issued upon the terms set forth in the Offering Memorandum, for which the parties listed on Schedule I hereto have severally agreed to act as dealer managers (the “Dealer
Managers”), pursuant to a dealer manager agreement, dated as of February 15, 2018, among the Company and the several Dealer Managers. The Initial Securities will be issued pursuant to an Indenture, dated as of May 15, 2013 (the
“Indenture”), between the Company and The Bank of New York Mellon, as trustee (the “Trustee”). As an inducement to the Dealer Managers, the Company agrees with the Dealer Managers, for the benefit of the holders of the Initial
Securities and the Exchange Securities (as defined below) (collectively the “Holders”), as follows: 
 1. Registered
Exchange Offer. The Company shall use its commercially reasonable efforts to, at its own cost, prepare and file with the Securities and Exchange Commission (the “Commission”) a registration statement (the “Exchange Offer
Registration Statement”) on an appropriate form under the Securities Act of 1933, as amended (the “Securities Act”), with respect to a proposed offer (the “Registered Exchange Offer”) to the Holders of Transfer Restricted
Securities (as defined in Section 6 hereof), who are not prohibited by any law or policy of the Commission from participating in the Registered Exchange Offer, to issue and deliver to such Holders, in exchange for the Initial Securities, a like
aggregate principal amount of debt securities (the “Exchange Securities,” and together with the Initial Securities, the “Securities”) of the Company issued under the Indenture and identical in all material respects to the Initial
Securities (except for the transfer restrictions relating to the Initial Securities and the provisions relating to the matters described in Section 6 hereof) that would be registered under the Securities Act. The Company shall use its
commercially reasonable efforts to cause such Exchange Offer Registration Statement to become effective under the Securities Act within 330 days (or if the 330th day is not a business day, the first business day thereafter) after the date of
original issue of the Initial Securities (the “Issue Date”) and shall keep the Exchange Offer Registration Statement effective for not less than 30 days (or longer, if required by applicable law) after commencement of the Registered
Exchange Offer (such period being called the “Exchange Offer Registration Period”). 

  

 The Company will use its commercially reasonable efforts to complete the Registered Exchange
Offer not later than 360 days after the Issue Date. 
 If the Company effects the Registered Exchange Offer, the Company will be entitled to
close the Registered Exchange Offer 30 days after the commencement thereof provided that the Company has accepted all the Initial Securities theretofore validly tendered and not properly withdrawn in accordance with the terms of the Registered
Exchange Offer. 
 Following the declaration of the effectiveness of the Exchange Offer Registration Statement, the Company shall promptly
commence the Registered Exchange Offer (but in any event not later than 30 days after such effectiveness), it being the objective of such Registered Exchange Offer to enable each Holder of Transfer Restricted Securities electing to exchange the
Initial Securities for Exchange Securities (assuming that such Holder is not an affiliate of the Company within the meaning of the Securities Act, acquires the Exchange Securities in the ordinary course of such Holder’s business and has no
arrangements with any person to participate in the distribution of the Exchange Securities and is not prohibited by any law or policy of the Commission from participating in the Registered Exchange Offer) to trade such Exchange Securities from and
after their receipt without any limitations or restrictions under the Securities Act. 
 The Company acknowledges that, pursuant to current
interpretations by the Commission’s staff of Section 5 of the Securities Act, in the absence of an applicable exemption therefrom, each Holder which is a broker-dealer electing to exchange Initial Securities, acquired for its own account
as a result of market making activities or other trading activities, for Exchange Securities (an “Exchanging Dealer”), is required to deliver a prospectus containing the information set forth in (a) Annex A hereto on the cover,
(b) Annex B hereto in the “Description of the Exchange Offer” or similar section, and (c) Annex C hereto in the “Plan of Distribution” section of such prospectus in connection with a sale of any such Exchange Securities
received by such Exchanging Dealer pursuant to the Registered Exchange Offer. 
 The Company shall use its commercially reasonable efforts
to keep the Exchange Offer Registration Statement effective and to amend and supplement the prospectus contained therein, in order to permit such prospectus to be lawfully delivered by all persons subject to the prospectus delivery requirements of
the Securities Act for such period of time as such persons must comply with such requirements in order to resell the Exchange Securities; provided, however, that in the case where such prospectus and any amendment or supplement thereto must be
delivered by an Exchanging Dealer or a Dealer Manager, such period shall be the lesser of 90 days and the date on which all Exchanging Dealers and the Dealer Managers have sold all Exchange Securities held by them (unless such period is extended
pursuant to Section 3(h) below). 
 In connection with the Registered Exchange Offer, the Company shall: 

(a) mail or otherwise send to each Holder a copy of the prospectus forming part of the Exchange Offer Registration
Statement, together with related documents; 
 (b) utilize for the Registered Exchange Offer the services of a
depositary with an address in London, which may be the Trustee or an affiliate of the Trustee, or a common depositary for Euroclear Bank S.A./N.V., as operator of the Euroclear System (“Euroclear”), and Clearstream Banking,
Société Anonyme (“Clearstream”); 
 (c) permit Holders to withdraw tendered Securities at any
time prior to the close of business, New York time, on the last business day on which the Registered Exchange Offer shall remain open; and 

  
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 (d) otherwise comply with all applicable laws. 

As soon as practicable after the close of the Registered Exchange Offer, the Company shall: 

(x) accept for exchange all the Initial Securities validly tendered and not withdrawn pursuant to the Registered Exchange
Offer; 
 (y) deliver to the Trustee for cancellation all the Initial Securities so accepted for exchange; and 

(z) cause the Trustee to authenticate and deliver promptly to each Holder of the Initial Securities Exchange Securities
equal in principal amount to the Initial Securities of such Holder so accepted for exchange. 
 Each Holder participating in the Registered
Exchange Offer shall be required to represent to the Company that at the time of the consummation of the Registered Exchange Offer (i) any Initial Securities being exchanged by such Holder, and any Exchange Securities received by such Holder,
have been or will be acquired in the ordinary course of business, (ii) such Holder is not engaged and does not intend to engage in and will have no arrangements or understanding with any person to participate in the distribution of the Initial
Securities or the Exchange Securities within the meaning of the Securities Act, (iii) such Holder is not an “affiliate,” as defined in Rule 405 of the Securities Act, of the Company or if it is an affiliate, such Holder will comply
with the registration and prospectus delivery requirements of the Securities Act to the extent applicable, (iv) if such Holder is not a broker-dealer, that it is not engaged in, and does not intend to engage in, the distribution of the Exchange
Securities and (v) if such Holder is a broker-dealer, that it will receive Exchange Securities for its own account in exchange for Initial Securities that were acquired as a result of market-making activities or other trading activities and
that it will be required to acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. 

2. Shelf Registration. If, (i) because of any change in law or in applicable interpretations thereof by the staff of the
Commission, the Company determines that it is not permitted to effect a Registered Exchange Offer, as contemplated by Section 1 hereof, (ii) the Registered Exchange Offer is not consummated within 360 days of the Issue Date, (iii) any
Holder (other than as a result of the status of any such Holder as an “affiliate” of the Company or as a broker-dealer) notifies the Company prior to the 20th day following completion of the Registered Exchange Offer that it is not
eligible to participate in the Registered Exchange Offer or, in the case of any Holder that participates in the Registered Exchange Offer, such Holder does not receive freely tradeable Exchange Securities on the date of the exchange (it being
understood that the requirement that an Exchanging Dealer deliver a prospectus containing the information set forth in (a) Annex A hereto on the cover, (b) Annex B hereto in the “Description of the Exchange Offer” or similar
section, and (c) Annex C hereto in the “Plan of Distribution” in connection with a sale of any such Exchange Securities received by such Exchanging Dealer pursuant to the Registered Exchange Offer shall not result in such Exchange
Securities being not “freely transferable”), or (iv) the Company so elects, the Company shall, at its reasonable costs, take the following actions: 

(a) The Company shall, as promptly as practicable (but in no event more than 180 days after so required or requested
pursuant to this Section 2) file with the Commission and thereafter shall use its commercially reasonable efforts to cause to be declared effective (unless it becomes effective automatically upon filing), within 270 days after the Company is so
required or requested pursuant to this Section 2, a registration statement (the “Shelf Registration Statement” and, 

  
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together with the Exchange Offer Registration Statement, a “Registration Statement”) on an appropriate form under the Securities Act relating to the offer and sale of the Transfer
Restricted Securities (as defined in Section 6 hereof) by the Holders thereof from time to time in accordance with the methods of distribution set forth in the Shelf Registration Statement and Rule 415 under the Securities Act (hereinafter, the
“Shelf Registration”) or, if permitted by 430B under the Securities Act, otherwise designate an existing effective Shelf Registration Statement for use by the Holders as a Shelf Registration Statement relating to the resales of the
Transfer Restricted Securities; provided, however, that no Holder (other than a Dealer Manager) shall be entitled to have the Securities held by it covered by such Shelf Registration Statement unless such Holder agrees in writing to be bound by all
the provisions of this Agreement applicable to such Holder. 
 (b) The Company shall use its commercially reasonable
efforts to keep the Shelf Registration Statement continuously effective in order to permit the prospectus included therein to be lawfully delivered by the Holders of the relevant Securities, for a period of one year (or for such longer period if
extended pursuant to Section 3(h) below) from effectiveness of the Shelf Registration Statement or such shorter period that will terminate when all the Securities covered by the Shelf Registration Statement have been sold pursuant thereto (such
period, the “Shelf Registration Period”). 
 3. Registration Procedures. In connection with any Shelf Registration
contemplated by Section 2 hereof and, to the extent applicable, any Registered Exchange Offer contemplated by Section 1 hereof, the following provisions shall apply: 

(a) The Company shall (i) include the information set forth in Annex A hereto on the cover, in Annex B hereto in the
“Description of the Exchange Offer” or similar section and in Annex C hereto in the “Plan of Distribution” section of the prospectus forming a part of the Exchange Offer Registration Statement; (ii) include within the
prospectus contained in the Exchange Offer Registration Statement a section entitled “Plan of Distribution,” which shall contain a summary statement of the positions taken or policies made by the staff of the Commission with respect to the
potential “underwriter” status of any broker-dealer that is the beneficial owner (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of
Exchange Securities received by such broker-dealer in the Registered Exchange Offer (a “Participating Broker-Dealer”); and (iv) in the case of a Shelf Registration Statement, include in the prospectus included in the Shelf
Registration Statement (or, if permitted by Commission Rule 430B(b), in a prospectus supplement that becomes a part thereof pursuant to Commission Rule 430B(f)) that is delivered to any Holder pursuant to Section 3(d), the names of
the Holders, who propose to sell Securities pursuant to the Shelf Registration Statement, as selling security holders. 

(b) The Company shall give notice to the Dealer Managers, the Holders of the Securities (in case of any Shelf Registration
Statement) and any Participating Broker-Dealer from whom the Company has received prior written notice that it will be a Participating Broker-Dealer in the Registered Exchange Offer (which notice pursuant to clauses (ii)-(v) hereof shall be
accompanied by an instruction to suspend the use of the prospectus until the requisite changes have been made): 

(i) when the Registration Statement or any amendment thereto has been filed with the Commission and when the Registration
Statement or any post-effective amendment thereto has become effective; 

  
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 (ii) of any request by the Commission for amendments or supplements to the
Registration Statement or the prospectus included therein; 
 (iii) of the issuance by the Commission of any stop order
suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose and of the happening of any event that causes the Company to become an “ineligible issuer,” as defined in Commission
Rule 405; 
 (iv) of the receipt by the Company or its legal counsel of any notification with respect to the
suspension of the qualification of the Securities for sale in any jurisdiction or the initiation or overtly threatening of any proceeding for such purpose. 

(c) The Company shall use commercially reasonable effort to obtain the withdrawal at the earliest possible time, of any
order suspending the effectiveness of the Registration Statement. 
 (d) The Company shall, during the Shelf
Registration Period, deliver to each Holder of Securities included within the coverage of the Shelf Registration, without charge, as many copies of the prospectus (including each preliminary prospectus) included in the Shelf Registration Statement
and any amendment or supplement thereto as such person may reasonably request. The Company consents, subject to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by each of the selling Holders of
the Securities in connection with the offering and sale of the Securities covered by the prospectus, or any amendment or supplement thereto, included in the Shelf Registration Statement. 

(e) The Company shall deliver to each Dealer Manager, any Exchanging Dealer, any Participating Broker-Dealer and such
other persons required to deliver a prospectus following the Registered Exchange Offer, without charge, as many copies of the final prospectus included in the Exchange Offer Registration Statement and any amendment or supplement thereto as such
persons may reasonably request. The Company consents, subject to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by any Dealer Manager, if necessary, any Participating Broker-Dealer and such
other persons required to deliver a prospectus following the Registered Exchange Offer in connection with the offering and sale of the Exchange Securities covered by the prospectus, or any amendment or supplement thereto, included in such Exchange
Offer Registration Statement. 
 (f) Upon the occurrence of any event contemplated by paragraphs (ii) through
(v) of Section 3(b) above during the period for which the Company is required to maintain an effective Registration Statement, the Company shall promptly prepare and file a post-effective amendment to the Registration Statement or a
supplement to the related prospectus and any other required document so that, as thereafter delivered to Holders of the Securities or purchasers of Securities, the prospectus will not contain an untrue statement of a material fact or omit to state
any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. The Company shall also promptly provide notice to the Dealer Managers, the Holders
of the Securities (in case of any Shelf Registration Statement) and any known Participating Broker-Dealer of its determination to suspend the availability of a Registration Statement and the related prospectus because the continued effectiveness and
use of such Registration Statement and prospectus included therein would require the disclosure of confidential information or interfere with any acquisition, corporate reorganization or other material transaction involving the Company or any of its
consolidated subsidiaries (it being understood that such notice may disclose only the existence of 

  
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such determination and need not disclose the nature of the basis therefor, which may be kept confidential for such period as may reasonably be required for bona fide business reasons). If the
Company notifies the Dealer Managers, the Holders of the Securities and any known Participating Broker-Dealer in accordance with paragraphs (ii) through (v) of Section 3(b) above to suspend the use of the prospectus until the requisite
changes to the prospectus have been made, then the Dealer Managers, the Holders of the Securities and any such Participating Broker-Dealers shall suspend use of such prospectus, and the period of effectiveness of the Shelf Registration Statement
provided for in Section 2(b) above and the Exchange Offer Registration Statement provided for in Section 1 above, as applicable, shall each be extended by the number of days from and including the date of the giving of such notice to and
including the date when the Dealer Managers, the Holders of the Securities and any known Participating Broker-Dealer shall have received such amended or supplemented prospectus pursuant to this Section 3(f). During the period during which the
Company is required to maintain an effective Shelf Registration Statement pursuant to this Agreement, the Company will prior to the three-year expiration of that Shelf Registration Statement file, and use its commercially reasonable efforts to cause
to be declared effective (unless it becomes effective automatically upon filing) within a period that avoids any interruption in the ability of Holders of Securities covered by the expiring Shelf Registration Statement to make registered
dispositions, a new registration statement relating to the Securities, which shall be deemed the “Shelf Registration Statement” for purposes of this Agreement. 

(g) Not later than the effective date of the applicable Registration Statement, the Company will provide a ISIN number for
the Initial Securities or the Exchange Securities, as the case may be, and provide the applicable trustee with printed certificates for the Initial Securities or the Exchange Securities, as the case may be, in a form eligible for deposit with a
common depositary for Euroclear and Clearstream, as applicable. 
 (h) The Company will comply in all material respects
with all rules and regulations of the Commission to the extent and so long as they are applicable to the Registered Exchange Offer or the Shelf Registration. 

(i) The Company shall cause the Indenture to be qualified under the Trust Indenture Act of 1939 (the “Trust Indenture
Act”), as amended, in a timely manner and containing such changes, if any, as shall be necessary for such qualification. In the event that such qualification would require the appointment of a new trustee under the Indenture, the Company shall
appoint a new trustee thereunder pursuant to the applicable provisions of the Indenture. 
 (j) The Company may require
each Holder of Securities to be sold pursuant to the Shelf Registration Statement to furnish to the Company such information regarding the Holder and the distribution of the Securities as the Company may from time to time reasonably require for
inclusion in the Shelf Registration Statement, and the Company may exclude from such registration the Securities of any Holder that fails to furnish such information within a reasonable time after receiving such request. 

(k) The Company shall use its commercially reasonable efforts to take all other steps necessary to effect the registration
of the Securities covered by a Registration Statement contemplated hereby. 
 4. Registration Expenses. The Company shall bear
all fees and expenses incurred in connection with the performance of its obligations under Sections 1 through 3 hereof. 

  
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 5. Indemnification. (a) The Company agrees to indemnify and hold harmless each
Holder of the Securities (with respect to a Shelf Registration Statement only), any Participating Broker-Dealer and each person, if any, who controls such Holder or such Participating Broker-Dealer within the meaning of the Securities Act (each
Holder, any Participating Broker-Dealer and such controlling persons are referred to collectively as the “Indemnified Parties”) from and against any loss, claim, damage or liability, joint or several, and any action in respect thereof, to
which that Indemnified Party may become subject, under the Securities Act or otherwise, insofar as such loss, claim, damage, liability or action arises out of, or is based upon, any untrue statement or alleged untrue statement of a material fact
contained in a Registration Statement at any time or prospectus or in any amendment or supplement thereto or in any preliminary prospectus or “issuer free writing prospectus,” as defined in Commission Rule 433 (“Issuer
FWP”), or arises out of, or is based upon, the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and shall reimburse each Indemnified Party
for any legal and other expenses reasonably incurred by that Underwriter or controlling person in investigating or defending or preparing to defend against any such loss, claim, damage, liability or action as such expenses are incurred (but no more
frequently than annually); provided, however, that (i) the Company shall not be liable in any such case to the extent that such loss, claim, damage or liability arises out of or is based upon any untrue statement or alleged untrue statement or
omission or alleged omission made in a Registration Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus or Issuer FWP in reliance upon and in conformity with written information furnished to the Company
by or on behalf of such Holder or Participating Broker-Dealer specifically for inclusion therein and (ii) with respect to any untrue statement or omission or alleged untrue statement or omission made in any preliminary prospectus relating to a
Shelf Registration Statement, the indemnity agreement contained in this subsection (a) shall not inure to the benefit of any Holder or Participating Broker-Dealer from whom the person asserting any such losses, claims, damages or liabilities
purchased the Securities concerned, to the extent that a prospectus relating to such Securities was required to be delivered (including through satisfaction of the conditions of Commission Rule 172) by such Holder or Participating Broker-Dealer
under the Securities Act in connection with such purchase and any such loss, claim, damage or liability of such Holder or Participating Broker-Dealer results from the fact that there was not conveyed to such person, at or prior to the time of the
sale of such Securities to such person, an amended or supplemented prospectus or, if permitted by Section 3(d), an Issuer FWP correcting such untrue statement or omission or alleged untrue statement or omission if the Company had previously
furnished copies thereof to such Holder or Participating Broker-Dealer; provided further, however, that this indemnity agreement will be in addition to any liability which the Company may otherwise have to such Indemnified Party. 

(b) Each Holder of the Securities and each Participating Broker-Dealer, severally and not jointly, will indemnify and hold harmless the
Company, each of its directors, each of its officers who signed the applicable Registration Statement and any person who controls the Company within the meaning of the Securities Act or the Exchange Act from and against any loss, claim, damage or
liability, joint or several, and any action in respect thereof, to which the Company, or any such director, officer or controlling person may become subject, under the Securities Act or otherwise, insofar as such loss, claim, damage, liability or
action arises out of, or is based upon, any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement at any time or prospectus or in any amendment or supplement thereto or in any Issuer FWP, or arises out
of, or is based upon, the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and shall reimburse the Company for any legal and other expenses
reasonably incurred by the Company, or any such director, officer or controlling person in investigating or defending or preparing to defend against any such loss, claim, damage, liability or action as such expenses are incurred (but no more
frequently than annually), but in each case only to the extent that the untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with information furnished in

  
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writing to the Company by such Holder or Participating Broker-Dealer specifically for inclusion therein. This indemnity agreement will be in addition to any liability which such Holder may
otherwise have to the Company or any of its directors, officers or controlling persons. 
 (c) Promptly after receipt by an indemnified
party under this Section 5 of notice of any claim or the commencement of any action, the indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under this Paragraph 5, notify the indemnifying party
in writing of the claim or the commencement of that action, provided that the failure to notify the indemnifying party shall not relieve it from any liability which it may have to an indemnified party otherwise than under Section 5(a) or 5(b).
If any such claim or action shall be brought against an indemnified party, and it shall notify the indemnifying party thereof, the indemnifying party shall be entitled to participate therein, and, to the extent that it wishes, jointly with any other
similarly notified indemnifying party, to assume the defense thereof with counsel satisfactory to the indemnified party. After notice from the indemnifying party to the indemnified party of its election to assume the defense of such claim or action,
the indemnifying party shall not be liable to the indemnified party under this Section 5 for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense thereof other than reasonable costs of
investigation. If the indemnifying party shall not elect to assume the defense of such action, such indemnifying party will reimburse such indemnified party for the reasonable fees and expenses of any counsel retained by them. In the event that the
parties to any such action (including impleaded parties) include both the Company and one or more Holders or Participating Broker-Dealers and either (i) the indemnifying party or parties and indemnified party or parties mutually agree or
(ii) representation of both the indemnifying party or parties and the indemnified party or parties by the same counsel is inappropriate under applicable standards of professional conduct or in the opinion of such counsel due to actual or
potential differing interests between them, then the indemnifying party shall not have the right to assume the defense of such action on behalf of such indemnified party and will reimburse such indemnified party for the reasonable fees and expenses
of any counsel retained by them and satisfactory to the indemnifying party, it being understood that the indemnifying party shall not, in connection with any one action or separate but similar or related actions in the same jurisdiction arising out
of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys for all such indemnified parties, which firm shall be designated in writing by the Joint-Lead Dealer
Managers (as defined in the Offering Memorandum) in the case of an action in which one or more Holders, Participating Broker-Dealers or controlling persons are indemnified parties and by the Company in the case of an action in which the Company or
any of its directors, officers or controlling persons are indemnified parties. The indemnifying party or parties shall not be liable under this Agreement with respect to any settlement made by any indemnified party or parties without prior written
consent by the indemnifying party or parties to such settlement. 
 (d) If the indemnification provided for in this Section 5
shall for any reason be unavailable to an indemnified party under Section 5(a) or 5(b) hereof in respect of any loss, claim, damage or liability, or any action in respect thereof, referred to therein, then each indemnifying party shall, in lieu
of indemnifying such indemnified party, contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability, or action in respect thereof, in such proportion as is appropriate to reflect the
relative benefits received by the Company on the one hand and the Holders or Participating Broker-Dealers on the other hand from the exchange of the Securities, pursuant to the Registered Exchange Offer. If, however, this allocation is not permitted
by applicable law, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability, or action in respect thereof, in such proportion as shall be appropriate
to reflect the relative benefits received by the Company on the one hand and the Holders or Participating Broker-Dealers on the other hand from the exchange of the Securities, pursuant to the Registered Exchange Offer, and the relative fault of
Company on the one hand and the Holders or Participating Broker-Dealers on the other hand with 

  
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respect to the statements or omissions which resulted in such loss, claim, damage or liability, or action in respect thereof, as well as any other relevant equitable considerations. The relative
fault shall be determined by reference to whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company or the Holders or Participating
Broker-Dealers, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by an indemnified party as a result of the loss, claim, damage
or liability, or action in respect thereof, referred to above in this Section 5(d) shall be deemed to include, for purposes of this Section 5(d), any legal or other expenses reasonably incurred by such indemnified party in connection with
investigating or defending any such action or claim. Notwithstanding the provisions of this Section 5(d), no Holder of Securities or Participating Broker-Dealer shall be required to contribute any amount in excess of the amount by which the net
proceeds received by such Holders or Participating Broker-Dealer from the sale of the Securities pursuant to a Registration Statement exceeds the amount of damages which such Holders or Participating Broker-Dealer have otherwise been required to pay
by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation. 
 (e) The agreements contained in this Section 5 shall survive the sale
of the Securities pursuant to a Registration Statement and shall remain in full force and effect, regardless of any termination or cancellation of this Agreement or any investigation made by or on behalf of any indemnified party. 

6. Additional Interest Under Certain Circumstances. (a) Additional interest (the “Additional Interest”) with
respect to the Initial Securities shall be assessed as follows if any of the following events occur (each such event in clauses (i) through (iv) below a “Registration Default”): 

(i) If the Exchange Offer Registration Statement is not declared effective by the Commission on or prior to the 330th day
after the Issue Date; 
 (ii) If neither the Registered Exchange Offer is consummated within 360 days after the Issue
Date nor, if required in lieu thereof, the Shelf Registration Statement has become effective within 270 days after the date, if any, on which the Company became obligated to file the Shelf Registration Statement; 

(iii) If after the Exchange Offer Registration Statement is declared effective such Registration Statement thereafter ceases to
be effective or usable (except as permitted in paragraph (b) in connection with resales of Transfer Restricted Securities) prior to the consummation of the Registered Exchange Offer (unless such ineffectiveness is cured within the 330-day period described in Section 6(a)(i) above); or 
 (iv) If after the Shelf
Registration Statement, if applicable, is declared (or becomes automatically) effective, and for a period of time that exceeds 180 days in the aggregate in any 12-month period in which the Registration
Statement is required to be effective (A) such Registration Statement thereafter ceases to be effective during the period required herein; or (B) such Registration Statement or the related prospectus ceases to be usable (except as
permitted in paragraph (b)) in connection with resales of Transfer Restricted Securities during the periods specified herein because either (1) any event occurs as a result of which the related prospectus forming part of such Registration
Statement would include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein in the light of the circumstances under which they were made not misleading, (2) it shall be necessary
to amend such 

  
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Registration Statement or supplement the related prospectus, to comply with the Securities Act or the Exchange Act or the respective rules thereunder, or (3) the Registration Statement has
expired before a replacement Shelf Registration Statement has become effective. 
 Additional Interest shall accrue on the Initial Securities over and above
the interest set forth in the title of the Securities from and including the date on which any such Registration Default shall occur to but excluding the date on which all such Registration Defaults have been cured. Additional Interest shall accrue
at a rate of 0.25% per annum while any Registration Default is continuing, until all Registration Defaults have been cured. Following the cure of all Registration Defaults, the accrual of Additional Interest on the Initial Securities will cease and
the interest rate will revert to the applicable original rate set forth in the title of the Securities. In no event shall the Company be obligated to pay Additional Interest (i) for more than one Registration Default under this
Section 6(a) at any one time, (ii) for a period of more than one year (or for such longer period as extended pursuant to Section 3(h)) from the Issue Date for any Registration Default referred to in Section 6(a)(iv)(B) with
respect to a Registration Statement or (iii) on any Securities that, at the time of such Registration Default, are not Transfer Restricted Securities. 

(b) A Registration Default referred to in Section 6(a)(iii) or Section 6(a)(iv)(B) hereof shall be deemed not to have occurred
and be continuing in relation to a Registration Statement or the related prospectus if (i) such Registration Default has occurred solely as a result of (x) the filing of a post-effective amendment to such Registration Statement to
incorporate annual audited financial information with respect to the Company where such post-effective amendment is not yet effective and needs to be declared effective to permit Holders to use the related prospectus or (y) other material
events with respect to the Company that would need to be described in such Registration Statement or the related prospectus and (ii) in the case of clause (y), the Company is proceeding promptly and in good faith to amend or supplement such
Registration Statement and related prospectus to describe such events; provided, however, that in any case if such Registration Default occurs for a continuous period in excess of 30 days, Additional Interest shall be payable in accordance with the
above paragraph from the day such Registration Default occurs until such Registration Default is cured. 
 (c) Any amounts of
Additional Interest due pursuant to clause (i), (ii), (iii) or (iv) of Section 6(a) above will be payable in cash on the regular interest payment dates with respect to the Initial Securities. The amount of Additional Interest will be
determined by multiplying the applicable Additional Interest rate by the principal amount of the Initial Securities, multiplied by a fraction, the numerator of which is the number of days such Additional Interest rate was applicable during such
period (determined on the basis of a 360-day year comprised of twelve 30-day months), and the denominator of which is 360. 

Any amounts of Additional Interest due pursuant to clause (i), (ii), (iii) or (iv) of section 6(a) above will constitute liquated damages
and will be the exclusive remedy, monetary or otherwise, available to any Holder with respect to any Registration Default. 

(d) “Transfer Restricted Securities” means each Security until (i) the date on which such Transfer Restricted Security has
been exchanged by a person other than a broker-dealer for a freely transferable Exchange Security in the Registered Exchange Offer, (ii) following the exchange by a broker-dealer in the Registered Exchange Offer of an Initial Security for an
Exchange Security, the date on which such Exchange Security is sold to a purchaser who receives from such broker-dealer on or prior to the date of such sale a copy of the prospectus contained in the Exchange Offer Registration Statement,
(iii) the date on which such Initial Security has been effectively registered under the Securities Act and disposed of in accordance with the Shelf Registration Statement, (iv) the date on which such Initial Security is distributed to the
public pursuant to Rule 144 under the Securities Act or (v) the earliest date that is no less than two years after the Issue Date on which such Security (except for Securities held by an affiliate of the Company) may be resold in reliance on
paragraph (b)(1) of Rule 144 under the Securities Act. 

  
 10 

 7. Rules 144 and 144A. The Company shall, to the extent it is required to do so
under the Exchange Act, use its commercially reasonable efforts to file the reports required to be filed by it under the Exchange Act in a timely manner and, if at any time the Company is not required to file such reports, it will, upon the request
of any Holder of Initial Securities, use its commercially reasonable efforts to make publicly available other information so long as necessary to permit sales of their securities pursuant to Rules 144 and 144A. The Company covenants that it
will take such further action as any Holder of Initial Securities may reasonably request, all to the extent required from time to time to enable such Holder to sell Initial Securities without registration under the Securities Act within the
limitation of the exemptions provided by Rules 144 and 144A (including the requirements of Rule 144A(d)(4)). Upon the request of any Holder of Initial Securities, the Company shall deliver to such Holder a written statement as to whether
it has complied with such requirements. Notwithstanding the foregoing, nothing in this Section 7 shall be deemed to require the Company to register any of its securities pursuant to the Exchange Act. 

8. Miscellaneous. 

(a) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or
consents to departures from the provisions hereof may not be given, except by the Company and the written consent of the Majority Holders of the Securities affected by such amendment, modification, supplement, waiver or consents. As used herein,
“Majority Holders” means, as of any date, Holders of a majority of the aggregate principal amount of such Securities; provided that any Securities owned directly or indirectly by the Company or any of its affiliates shall not be counted in
determining whether the consent by the Holders was given. 
 (b) Notices. All notices and other communications provided for
or permitted hereunder shall be made in writing by hand delivery, first-class mail, facsimile transmission, email, or air courier which guarantees overnight delivery: 

(1) if to a Holder of the Securities, at the most current address given by such Holder to the Company. 

(2) if to the Dealer Managers: to the addresses listed on Schedule I 

with a copy to: 

Sullivan & Cromwell LLP 

1888 Century Park East 
 Los
Angeles, CA 90067 
 Attention: Patrick S. Brown, Esq. 

(3) if to the Company, at its address as follows: 

AT&T Inc. 
 208 S. Akard
Street, 18th Floor 
 Dallas, TX 75202 

Email: gg5478@att.com 

Attention: Senior Vice President and Treasurer 

  
 11 

 with a copy to: 

AT&T Inc. 
 208 S. Akard
Street, 32nd Floor 
 Dallas, TX 75202 

Email: ww0118@att.com 

Attention: Vice President – Associate General Counsel and Assistant Secretary 

All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; three
business days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged by recipient’s facsimile machine operator, if sent by facsimile transmission; and on the day delivered, if sent by overnight air courier
guaranteeing next day delivery. 
 (c) No Inconsistent Agreements. The Company has not, as of the date hereof, entered
into, nor shall it, on or after the date hereof, enter into, any agreement with respect to its securities that is inconsistent with the rights granted to the Holders herein or otherwise conflicts with the provisions hereof. 

(d) Successors and Assigns. This Agreement shall be binding upon the successors, assigns and transferees of each of the
parties, including, without limitation and without need for an express assignment, subsequent Holders. If any transferee of any Holder shall acquire Securities in any manner, whether by operation of law or otherwise, such Holder shall be deemed to
have agreed to be bound by and subject to all the terms of this Agreement, and by taking and holding such Securities such transferee shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this
Agreement. 
 (e) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

(f) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect
the meaning hereof. 
 (g) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. 
 (h) Severability. If any one or more of the
provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained
herein shall not be affected or impaired thereby. 
 (i) Securities Held by the Company. Whenever the consent or approval
of Holders of a specified percentage of principal amount of Securities is required hereunder, Securities held by the Company or its affiliates (other than subsequent Holders of Securities if such subsequent Holders are deemed to be affiliates solely
by reason of their holdings of such Securities) shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage. 

  
 12 

 If the foregoing is in accordance with your understanding of our agreement, please sign and
return to the Company a counterpart hereof, whereupon this instrument, along with all counterparts, will become a binding agreement among the several Dealer Managers and the Company in accordance with its terms. 

 

			
	 Very truly yours,

	
	 AT&T INC.

		
	By:	 	/s/ Julianne K. Galloway
		 	 Name: Julianne K. Galloway

		 	Title: Vice President and Assistant Treasurer

 [Signature Page to Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
  

			
	 DEUTSCHE BANK AG, LONDON BRANCH

		
	By:	 	 /s/ Patrick M. Käufer

		 	 Name: Patrick M. Käufer

		 	 Title: Managing Director

		
	By:	 	 /s/ Marc Fratepietro

		 	 Name: Marc Fratepietro

		 	 Title: Managing Director

 [Signature Page to Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
  

			
	 GOLDMAN SACHS & CO. LLC

		
	By:	 	 /s/ Adam Greene

		 	 Name: Adam Greene

		 	Title: Managing Director

 [Signature Page to Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
  

			
	 MERRILL LYNCH INTERNATIONAL

		
	By:	 	 /s/ Angus Reynolds

		 	 Name: Angus Reynolds

		 	Title:   Director

 [Signature Page to Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
  

			
	 RBC EUROPE LIMITED

		
	By:	 	 /s/ Ivan Browne

		 	 Name: Ivan Browne

		 	Title: Duly Authorised Signatory

 [Signature Page to Registration Rights Agreement] 

 SCHEDULE I 

Dealer Managers 
 Deutsche Bank AG, London
Branch 
 Winchester House 
 1 Great Winchester Street 

London EC2N 2DB 
 United Kingdom 

Goldman Sachs & Co. LLC 
 200 West Street 

New York, New York 10282 
 Merrill Lynch International 

2 King Edward Street 
 London EC1A 1HQ 

United Kingdom 
 Attn: Liability Management Group 

Telephone: +44 20 7996 5420 
 Email: DG.LM_EMEA@baml.com

 and for purposes of Section 8(b): 
 Merrill Lynch,
Pierce, Fenner & Smith 

                     Incorporated 

50 Rockefeller Plaza 
 NY1-050-12-01 
 New York, New York 10020 

Facsimile: (646) 855-5958 

Attention: High Grade Transaction Management/Legal 
 RBC Europe
Limited 
 Riverbank House 
 2 Swan Lane 

London EC4R 3BF 
 United Kingdom 

  
 18 

 SCHEDULE II 
  

									
	 Title of Series of Old

Notes
	  	ISIN
Number	 	  	Principal Amount Outstanding
($MM)	  	 New Notes

	 1.050% Global Notes due 2023
	  	 	XS1629865897	 	  	€750	  	1.050% Global Notes due 2023
	 1.800% Global Notes due 2026
	  	 	XS1629866192	 	  	€1,750	  	1.800% Global Notes due 2026
	 2.350% Global Notes due 2029
	  	 	XS1629866275	 	  	€1,500	  	2.350% Global Notes due 2029
	 Floating Rate Global Notes due 2023
	  	 	XS1629866606	 	  	€1,250	  	Floating Rate Global Notes due 2023
	 3.550% Global Notes due 2037
	  	 	XS1634248865	 	  	£1,000	  	— 

  
 19 

 ANNEX A 

Each broker-dealer that receives Exchange Securities for its own account pursuant to the Exchange Offer must acknowledge that it will deliver
a prospectus in connection with any resale of such Exchange Securities. By so acknowledging and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter” within the meaning of the Securities Act.
This Prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of Exchange Securities received in exchange for Initial Securities where such Initial Securities were acquired by such
broker-dealer as a result of market-making activities or other trading activities. The Company has agreed that, for a period of 90 days after the Expiration Date (as defined herein), it will make this Prospectus available to any broker-dealer for
use in connection with any such resale. See “Plan of Distribution.” 

 ANNEX B 

Each broker-dealer that receives Exchange Securities for its own account in exchange for Securities, where such Initial Securities were
acquired by such broker-dealer as a result of market-making activities or other trading activities, must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. See “Plan of Distribution.”

 ANNEX C 

PLAN OF DISTRIBUTION 
 Each
broker-dealer that receives Exchange Securities for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. This Prospectus, as it may be amended or
supplemented from time to time, may be used by a broker-dealer in connection with resales of Exchange Securities received in exchange for Initial Securities where such Initial Securities were acquired as a result of market-making activities or other
trading activities. The Company has agreed that, for a period of 90 days after the Expiration Date, it will make this prospectus, as amended or supplemented, available to any broker-dealer for use in connection with any such resale. In addition,
until         , 20[    ], all dealers effecting transactions in the Exchange Securities may be required to deliver a prospectus.1 

The Company will not receive any proceeds from any sale of Exchange Securities by broker-dealers. Exchange Securities received by
broker-dealers for their own account pursuant to the Exchange Offer may be sold from time to time in one or more transactions in the over-the-counter market, in
negotiated transactions, through the writing of options on the Exchange Securities or a combination of such methods of resale, at market prices prevailing at the time of resale, at prices related to such prevailing market prices or negotiated
prices. Any such resale may be made directly to purchasers or to or through brokers or dealers who may receive compensation in the form of commissions or concessions from any such broker-dealer or the
purchasers of any such Exchange Securities. Any broker-dealer that resells Exchange Securities that were received by it for its own account pursuant to the Exchange Offer and any broker or dealer that participates in a distribution of such Exchange
Securities may be deemed to be an “underwriter” within the meaning of the Securities Act and any profit on any such resale of Exchange Securities and any commission or concessions received by any such persons may be deemed to be
underwriting compensation under the Securities Act. By acknowledging that it will deliver and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter” within the meaning of the Securities Act.

 For a period of 90 days after the Expiration Date, the Company will promptly send additional copies of this Prospectus and any amendment
or supplement to this Prospectus to any broker-dealer that requests such documents. The Company has agreed to pay all expenses incident to the Exchange Offer other than commissions or concessions of any brokers or dealers and will indemnify the
Holders of the Securities (including any broker-dealers) against certain liabilities, including liabilities under the Securities Act. 

 

	1 	In addition, the legend required by Item 502(e) of Regulation S-K will appear on the back cover page of the Exchange Offer prospectus, if required.Exhibit 10.13

 

[*]: THE CONFIDENTIAL PORTION HAS BEEN OMITTED PURSUANT
TO A REQUEST FOR CONFIDENTIAL TREATMENT AND THE OMITTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE COMMISSION.

 

THIRTEENTH AMENDMENT TO LEASE

 

(Norwegian Cruise Line – The Landing
at MIA)

 

THIS THIRTEENTH AMENDMENT
TO LEASE ("Amendment") is dated effective and for identification purposes as of November 30, 2017 (“Effective Date”),
and is made by and between SPUS7 MIAMI ACC, LP, a Delaware limited partnership ("Landlord"), and NCL (BAHAMAS) LTD.,
a Bermuda company, d/b/a Norwegian Cruise Line ("Tenant").

 

RECITALS:

 

WHEREAS, Landlord’s
predecessor-in-interest (Hines REIT Airport Corporate Center LLC) and Tenant entered into that certain Airport Corporate Center
Office Lease Agreement dated December 1, 2006 ("Original Lease"), as amended by that certain First Amendment to Airport
Corporate Center Office Lease dated November 27, 2006, Second Amendment to Airport Corporate Center Office Lease dated March 22,
2007, Third Amendment to Airport Corporate Center Office Lease dated July 31, 2007, Letter Agreement dated August 1, 2007, Fourth
Amendment to Airport Corporate Center Office Lease dated December 10, 2007, Fifth Amendment to Airport Corporate Center Office
Lease dated February 2, 2010, Sixth Amendment to Airport Corporate Center Office Lease dated April 1, 2012, Seventh Amendment
to Airport Corporate Center Office Lease dated June 29, 2012, Eighth Amendment to Lease dated January 28, 2015, Ninth Amendment
to Lease dated June 30, 2015, Tenth Amendment to Lease dated March 31, 2016, Eleventh Amendment to Lease dated February 8, 2017,
and Twelfth Amendment to Lease dated August 24, 2017 (collectively, the "Lease"), pertaining to the premises currently
comprised of a total of approximately 306,550 rentable square feet of space located at 7665 Corporate Center Drive (“Building
11”), 7650 Corporate Center Drive (“Building 10”), 7245 Corporate Center Drive (“Building 3”),
and 7300 Corporate Center Drive (“Building 8”) (collectively, the “Total Premises”), Miami, Florida;

 

WHEREAS, Landlord and
Tenant desire to enter into this Amendment to expand the Total Premises, and provide for certain other matters as more fully set
forth herein.

 

NOW, THEREFORE, in
consideration of the foregoing and the mutual covenants contained herein, the parties agree that the Lease shall be amended in
accordance with the terms and conditions set forth below.

 

1.       Definitions.
The capitalized terms used herein shall have the same definitions as set forth in the Lease, unless otherwise defined herein.

 

2.       Expansion.

 

(a)       Expansion
Premises. The term “Expansion Premises” is hereby defined to be and to mean that certain space located on the sixth
(6th) floor of Building 8 consisting of approximately 16,231 rentable square feet of space (which is the final agreement
of the parties and not subject to adjustment), as outlined on Exhibit A, attached hereto and incorporated herein
by this reference. Accordingly, effective as of the Thirteenth Amendment Commencement Date (defined below), the Total Premises,
as expanded, shall be deemed to consist of a collective total of approximately 322,781 rentable square feet of space.

 

     

     

    

 

(b)       Thirteenth
Amendment Commencement Date. Landlord shall deliver the Expansion Premises to Tenant on April 1, 2018 (the “Thirteenth
Amendment Commencement Date”) in its present, as-is condition as of the Effective Date of this Amendment; provided the existing
tenant of the Expansion Premises surrenders the Premises on or before March 31, 2018. If Landlord is unable to deliver the Expansion
Premises in such condition on the Thirteenth Amendment Commencement Date solely as a result of the existing tenant holding over
beyond its current term which expires on March 31, 2018, Landlord shall use reasonable efforts at its sole cost to obtain exclusive
possession of the Expansion Premises and the Thirteenth Amendment Commencement Date shall be extended until such time as Landlord
obtains exclusive possession of the Expansion Premises (and Tenant shall have six (6) months from that date, as extended, to construct
the Tenant Improvements). However, if Landlord has obtained exclusive possession of the Expansion Premises before July 1, 2018
and the Thirteenth Amendment Commencement Date has not occurred by July 1, 2018, then Landlord shall pay Tenant [*] per day for
each day of delay, as liquidated damages for such delay. In addition, if Landlord has obtained exclusive possession of the Expansion
Premises before September 1, 2018 and the Thirteenth Amendment Commencement Date has not occurred by September 1, 2018, Tenant
shall have the right to terminate this Amendment by written notice to Landlord, whereupon this Amendment shall be deemed of no
further force and effect and Landlord shall reimburse Tenant for all of its actual out of pocket expenses incurred in connection
with this Amendment (but the Lease shall continue in full force and effect, unmodified by this Amendment). Tenant acknowledges
and agrees that the foregoing penalties shall only apply if Landlord has obtained exclusive possession of the Expansion Premises
by the above-mentioned dates and has failed to turn over possession to Tenant by the respective date.

 

If Tenant is allowed
to occupy, use, work in or otherwise enter the Expansion Premises prior to the Thirteenth Amendment Commencement Date, the terms
and conditions of the Lease as hereby amended shall apply, except that Tenant shall not be required to pay Rental for any period(s)
prior to the Thirteenth Amendment Rent Commencement Date (as defined below) for the Expansion Premises. Subject to the terms and
conditions of the Work Letter attached hereto as Exhibit B, Tenant shall be permitted entry onto the Expansion Premises
commencing on the Thirteenth Amendment Commencement Date for the purpose of conducting and performing (or causing to be performed)
the Tenant Improvements (as defined in the Work Letter), installing Tenant’s furniture, fixtures, and equipment, and upon
substantial completion of the Tenant Improvements, for all uses permitted by the Lease. The “Thirteenth Amendment Rent Commencement
Date” shall mean the date that is six (6) months after the Thirteenth Amendment Commencement Date, and accordingly, Tenant’s
obligation to pay Rental for the Expansion Premises commences on that date (even if Tenant obtains its certificate of occupancy
on an earlier date), subject to six (6) months of conditional abatement of Base Rental as further set forth in Section 3 below.

 

(c)       Expansion
Term. The term “Expansion Term” is hereby defined to be and to mean that period of time commencing on the Thirteenth
Amendment Commencement Date and expiring contemporaneously with the Lease on the Expansion Expiration Date (i.e., January
31, 2028), as defined in Section 2(c) of the Ninth Amendment.

 

(d)       Acceptance.
Effective on the Thirteenth Amendment Commencement Date, Landlord hereby leases to Tenant and Tenant hereby leases from Landlord,
on the terms and conditions set forth in the Lease and herein, the Expansion Premises. Tenant shall accept the Expansion Premises
in its present “as is” condition as of the Effective Date of this Amendment. Tenant shall install the work set forth
in the Work Letter, attached hereto as Exhibit B and incorporated herein by this reference.

 

(e)       Notwithstanding
anything herein to the contrary, if, in order for Tenant to receive a building permit for Tenant Improvements (as defined in Exhibit
B) or a certificate of occupancy or completion for the Tenant Improvements, any portion of the existing building systems
located outside of and serving any portion of the Expansion Premises or any portion of the existing common areas containing any
portion of the Expansion Premises are required by applicable governmental authority, to be made compliant with the currently applicable
building code or fire code or applicable requirements of the Americans with Disabilities Act (“ADA”), then Landlord
agrees that it is Landlord’s responsibility, at its cost, to perform the necessary work to make said portion of the existing
building systems and/or existing common areas compliant; however, Tenant acknowledges and agrees that Landlord is only responsible
for the building systems up to the point of common connection where the applicable portion of the Expansion Premises are located.

 

    2

     

    

 

3.       Base
Rental. Commencing on the Thirteenth Amendment Rent Commencement Date, Tenant shall pay to Landlord Base Rental for the
Expansion Premises (in addition to its Base Rental obligations for the original Premises), which shall be payable in monthly installments
as set forth below. As used in this Section 3, “Expansion Year” means the 12 month period commencing on the Thirteenth
Amendment Rent Commencement Date, and each consecutive 12 month period thereafter through the Expansion Expiration Date (and, therefore,
the final Expansion Year will contain less than 12 months).

 

EXPANSION PREMISES

 

	Expansion Year	 	Annual Rate/RSF	 	 	Monthly Installment	 
	1
(1st 6 months after the Thirteenth
 Amendment Rent Commencement Date)
	 	$	[*]	 	 	$	[*]	*
	1 (2nd 6 months)	 	$	[*]	 	 	$	[*]	 
	2	 	$	[*]	 	 	$	[*]	 
	3	 	$	[*]	 	 	$	[*]	 
	4	 	$	[*]	 	 	$	[*]	 
	5	 	$	[*]	 	 	$	[*]	 
	6	 	$	[*]	 	 	$	[*]	 
	7	 	$	[*]	 	 	$	[*]	 
	8	 	$	[*]	 	 	$	[*]	 
	9	 	$	[*]	 	 	$	[*]	 
	10	 	$	[*]	 	 	$	[*]	 

 

* Such abatement shall apply solely to
payment of the monthly installments of Base Rental and shall not be applicable to any other charges, expenses or costs payable
by Tenant under the Lease or this Amendment, including but not limited to Tenant’s Percentage Share of Operating Expenses.
Landlord and Tenant agree that the abatement of Base Rental in this Section is conditional and is made by Landlord in reliance
upon Tenant’s faithful and continued performance of the terms, conditions and covenants of this Amendment and the Lease and
the payment of all monies due Landlord hereunder. In the event that Tenant defaults under the terms and conditions of the Lease
or this Amendment beyond any applicable notice and cure period resulting in the loss of Tenant’s right to possess the Total
Premises, Landlord shall have a claim for the unamortized portion of all conditionally abated rental (without limitation and in
addition to any and all other rights and remedies available to Landlord provided herein or at law and in equity).

 

Except as otherwise expressly set forth
herein, Base Rental shall be payable pursuant to the terms and conditions of Article 2 of the Original Lease.

 

4.       Tenant's
Percentage Share and Operating Expenses.  Beginning on the Thirteenth Amendment Rent Commencement Date, Tenant’s
Percentage Share, as defined in Section 2.3(c) of the Original Lease, shall be increased based upon an amount determined by (a)
the fraction, the numerator of which is the total number of Rentable Square Feet then leased by Tenant in Building 8, and the denominator
of which is the greater of (i) ninety-five percent (95%) of the total Rentable Square Feet in Building 8, or (ii) the total Rentable
Square Feet in Building 8 actually leased or occupied by tenants. Operating Expenses applicable to Building 8 for calendar year
2017 are currently estimated to be $[*] per rentable square foot of space.

 

5.       Tenant's
Parking Spaces. Beginning on the Thirteenth Amendment Commencement Date and throughout the Expansion Term, Tenant shall
have the right to use an additional sixty-five (65) parking spaces (i.e., 4 parking spaces per 1,000 RSF of space in the
Expansion Premises), to be allocated as follows:

 

		(a)	Twenty-eight (28) uncovered unreserved parking spaces in the parking area around Building 8 at
no charge;

 

		(b)	Thirteen (13) covered parking spaces in the Building 8 Garage at no charge; and

 

    3

     

    

 

		(c)	Twenty-four (24) parking spaces, which shall at Tenant’s election be either: (i) covered
parking spaces in the Building 8 Garage (“Paid Garage Spaces”) at the rate of [*] per parking space per month (“Monthly
Parking Rent”); or (ii) uncovered unreserved parking spaces in the parking area around Building 8 at no charge. If Tenant
elects to use the Paid Garage Spaces, Tenant’s obligation to pay Monthly Parking Rent for the Paid Garage Spaces shall be
abated through March 31, 2019, pursuant to the same conditions set forth in Section 3 of this Amendment with respect to the abatement
of Base Rental, and, accordingly, Tenant’s first payment of Monthly Parking Rent for the Paid Garage Spaces shall be due
on April 1, 2019. Tenant shall provide written notice to Landlord of its election hereunder on or before the Thirteenth Amendment
Commencement Date.

 

6.       Brokers.
Tenant hereby represents and warrants to Landlord that Tenant has not dealt with any real estate brokers or leasing agents, and
Landlord hereby represents and warrants to Tenant that CBRE, Inc. is the sole real estate broker or leasing agent representing
Landlord (“Broker”). No commissions are payable to any party claiming through Landlord or Tenant as a result of the
consummation of the transaction contemplated by this Amendment, except to Broker, as applicable. Landlord and Tenant hereby agree
to indemnify and to hold each other harmless against any loss, expense, or liability with respect to any claims for commissions
or brokerage fees arising from or out of any breach of the foregoing representation and warranty. Landlord shall pay all brokerage
commissions due to the Broker pursuant to a separate agreement.

 

7.       Counterparts;
Electronic Signatures.  This Amendment may be executed in counterparts, including both counterparts that are executed
on paper and counterparts that are in the form of electronic records and are executed electronically.  An electronic signature
means any electronic sound, symbol or process attached to or logically associated with a record and executed and adopted by a party
with the intent to sign such record, including facsimile or e-mail electronic signatures.  All executed counterparts shall
constitute one agreement, and each counterpart shall be deemed an original.  The parties hereby acknowledge and agree that
electronic records and electronic signatures, as well as facsimile signatures, may be used in connection with the execution of
this Amendment and electronic signatures, facsimile signatures or signatures transmitted by electronic mail in so-called pdf format
shall be legal and binding and shall have the same full force and effect as if a paper original of this Amendment had been delivered
and had been signed using a handwritten signature.  Landlord and Tenant (i) agree that an electronic signature, whether digital
or encrypted, of a party to this Amendment is intended to authenticate this writing and to have the same force and effect as a
manual signature, (ii) intend to be bound by the signatures (whether original, faxed or electronic) on any document sent or delivered
by facsimile or, electronic mail, or other electronic means, (iii) are aware that the other party will rely on such signatures,
and (iv) hereby waive any defenses to the enforcement of the terms of this Amendment based on the foregoing forms of signature. 
If this Amendment has been executed by electronic signature, all parties executing this document are expressly consenting under
the Electronic Signatures in Global and National Commerce Act ("E-SIGN"), and Uniform Electronic Transactions Act ("UETA"),
that a signature by fax, email or other electronic means shall constitute an Electronic Signature to an Electronic Record under
both E-SIGN and UETA with respect to this specific transaction.

 

8.       Miscellaneous.
With the exception of those matters set forth in this Amendment, Tenant's leasing of the Total Premises (including the Expansion
Premises set forth herein) shall be subject to all terms, covenants and conditions of the Lease. In the event of any express conflict
or inconsistency between the terms of this Amendment and the terms of the Lease, the terms of this Amendment shall control and
govern. Except as expressly modified by this Amendment, all other terms and conditions of the Lease are hereby ratified and affirmed.
The parties acknowledge that the Lease is a valid and enforceable agreement and that, as of the date hereof to the best of Tenant’s
actual knowledge, Tenant holds no claims against Landlord or its agents which might serve as the basis of any other set-off against
accruing rent and other charges or any other remedy at law or in equity.

 

    4

     

    

 

9.       Right
of Offer.

 

(a)       Offer
Space. If at any time during the Expansion Term, all or any portion of Suite 602 comprising an agreed upon 4,021 rentable square
feet, or the hallway to be converted by Landlord to 490 rentable square feet (both as shown on Exhibit A), becomes
“available for lease” (i.e., Landlord desires to actively market such space), Landlord shall give Tenant written notice
(“Sixth Floor Offer Space Notice”) of such event. Such notice shall identify the location, configuration and size of
the space (“Sixth Floor Offer Space”). The applicable business terms under which Landlord will lease such space (such
as duration, commencement date, concessions, base rent, and additional rent), shall be the same terms applicable to the Expansion
Premises as set forth in this Amendment. Within ten (10) business days after the date that any Sixth Floor Offer Space Notice is
given to Tenant, Tenant shall give Landlord written notice (“Sixth Floor Offer Space Acceptance Notice”) of its election
to lease such Sixth Floor Offer Space and the parties shall thereafter execute an amendment to the Lease incorporating such Sixth
Floor Offer Space as part of the Total Premises. Space shall not be considered “available for lease” if it is leased
by another tenant. Notwithstanding the foregoing, Landlord shall keep Tenant apprised as to the status of all of the Sixth Floor
Offer Space so that Tenant has advance notice as to when all or any portion of the Sixth Floor Offer Space becomes “available
for lease.”

 

(b)       Failure
to Exercise. In the event that Tenant fails to exercise its right as aforesaid within ten (10) business days of the date the
Sixth Floor Offer Space Notice is given to Tenant or, in the event Tenant shall have exercised its right and Tenant shall not have
executed an amendment of this Lease as aforesaid within ten (10) business days from the date the Tenant is given such an amendment,
Tenant shall be deemed to have waived its right under this Section for a period of one hundred eighty (180) days beginning on the
expiration of the applicable ten (10) business day period. Except for such waiver, Tenant’s rights under this Section are
continuous and, therefore, if the lease in favor of a third party of the Sixth Floor Offer Space expires or otherwise terminates,
and Landlord desires to accept an offer to lease such Sixth Floor Offer Space after the expiration of the above-referenced one
hundred eighty (180) day period, Landlord shall again give Tenant notice of its right to lease such Sixth Floor Offer Space.

 

(c)       No
Default. Tenant shall be deemed to have waived its rights under this Section in the event that Tenant is in default under the
Lease beyond any applicable notice and grace period as of the date of either the Sixth Floor Offer Space Notice or Sixth Floor
Offer Space Acceptance Notice.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

 

    5

     

    

 

IN WITNESS WHEREOF,
this Amendment to Lease is dated effective as of the date and year first written above.

 

	
        WITNESS:
	 	LANDLORD:
	 	 	 	 	 	 
	 	 	 	SPUS7 MIAMI ACC, LP,
	 	 	 	a Delaware limited partnership
	 	 	 	 	 	 
	By:	/s/David Witham	 	By:	/s/Mark Zikakis	 
	Name:  	David Witham	 	Name:  	Mark Zikakis 	 
	 	 	 	Title:	Vice President	 
	By:	/s/Lauren Rau	 	Date:	12/4/2017	 
	Name:	Lauren Rau	 	 	 	 
	 	 	 	 	 	 
	By:	/s/David Witham	 	By:	/s/Ming Lee	 
	Name:	David Witham	 	Name:	Ming Lee	 
	 	 	 	Title:	Vice President	 
	By:	/s/Lauren Rau	 	Date:	12/4/2017	 
	Name:	Lauren Rau	 	 	 	 
	 	 	 	
        TENANT:

	 	 	 	 	 	 
	 	 	 	NCL (BAHAMAS) LTD., 
	 	 	 	a Bermuda company, d/b/a Norwegian Cruise Line
	 	 	 	 	 	 
	By:	 	 	By:	/s/Wendy Beck	 
	Name:	 	 	Name:	Wendy Beck	 
	 	 	 	Title:	Executive Vice President and	 
	By:	 	 	 	Chief Financial Officer	 
	Name:	 	 	Date:	12/4/2017	 

 

    6

     

    

 

CONSENT OF GUARANTOR

 

The undersigned Guarantor under the original
Guaranty of Lease dated November 27, 2006 (the "Guaranty"), does hereby consent to the foregoing Amendment. Guarantor
acknowledges and agrees that the Guaranty is in full force and effect and shall continue to apply to the Lease, as amended by this
Amendment.

 

NCL CORPORATION LTD.,

a Bermuda company

 

	By:  
	/s/Wendy Beck	 

Name: Wendy Beck

Title: Executive Vice President and

Chief Financial Officer

 

    7

     

    

 

EXHIBIT A

 

Floor Plan of 6th Floor of
Building 8

 

[Note: Expansion
Premises is indicated as “Available Premises” in below Plan.]

 

 

    8

     

    

 

EXHIBIT B

 

WORK LETTER

 

This is the Work Letter
referred to in and specifically made a part of the Thirteenth Amendment to Lease (hereinafter, the “Amendment”) to
which this Exhibit B is annexed, covering the Expansion Premises, as more particularly described in the Amendment.
Landlord and Tenant agree as follows:

 

1.       Defined
Terms. The following defined terms shall have the meaning set forth below and, unless provided to the contrary herein, the
remaining defined terms shall have the meaning set forth in the Amendment:

 

	Landlord's Representative:	Suzanne
Russo and/or Kim Gorrin. Landlord has designated Landlord's Representative as its sole representative with respect to the matters
set forth in this Work Letter, who shall have full authority and responsibility to act on behalf of Landlord as required in this
Work Letter. Landlord shall not change Landlord's Representative except upon prior written notice to Tenant’s Representative.
Tenant acknowledges that neither Tenant's architect nor any contractor engaged by Tenant is Landlord's agent and neither entity
has authority to enter into agreements on Landlord's behalf or otherwise bind Landlord.
	 	 
	Tenant's Representative:	Carl
Robie. Tenant has designated Tenant's Representative as its representative with respect to the matters set forth in this Work
Letter, who shall have full authority and responsibility to act on behalf of Tenant as required in this Work Letter. Tenant shall
not change Tenant's Representative except upon prior written notice to Landlord’s Representative.

	 	 
	Allowance:	[*] (i.e., $[*] per RSF in the Expansion Premises). Tenant may use the Allowance towards design,
architectural and engineering plans, specialty consultants, demolition, and permitting and expeditor fees. Tenant may use an amount
up to [*] (i.e., [*]%) of the Allowance) towards Tenant’s soft costs, including Tenant’s furniture, fixtures, and equipment,
data cabling and wiring, telecommunications systems, and relocation expenses. Additionally, Tenant shall be permitted to apply
up to a maximum of [*] (i.e., $[*] per RSF in the Expansion Premises) of the Allowance against the next payment(s) of Base Rental
and Tenant’s Percentage Share of Operating Expenses due, until such sum is exhausted. If Tenant elects to apply any amount
of the Allowance towards the payment of Base Rental and Operating Expenses, the amount of the Allowance available for the Tenant
Improvements shall be reduced by such amount. Any portion of the Allowance not used and a request therefor submitted in writing
to Landlord’s Representative on or before September 30, 2018 shall be deemed to be forfeited by Tenant.
	 	 
	Construction
Management Fee:	None.
	 	 
	General Contractor:	A
general contractor approved by Landlord, which approval shall not be unreasonably withheld, conditioned or delayed.

 

2.       Landlord’s
Work. Subject to Section 2(d) of the Amendment, Tenant accepts the Expansion Premises in its current “AS IS” condition
and acknowledges that Landlord shall have no obligation to do any work in or on the Expansion Premises to render it ready for Tenant's
use or occupancy.

 

    9

     

    

 

3.       Tenant
Improvements. The “Tenant Improvements” shall mean the interior walls, partitions, doors, door hardware, wall coverings,
wall base, counters, lighting fixtures, electrical and telephone wiring, cabling for computers, electrical outlets, ceilings, floor
and window coverings, that portion of the HVAC system located within any portion of the Expansion Premises, that portion of the
fire sprinklers system located within any portion of the Total Premises (including the Expansion Premises), and other items of
general applicability that Tenant desires to be installed in the interior of the Expansion Premises. Tenant shall promptly commence
and diligently prosecute to full completion Tenant Improvements in accordance with the Drawings. The parties agree that no demolition
work or other Tenant Improvements shall be commenced within the Expansion Premises until such time as Tenant’s Representative
has provided to Landlord’s Representative copies of the building permits required to be obtained from all applicable governmental
authorities. All materials, work, installations, equipment and decorations of any nature whatsoever brought on or installed in
the Expansion Premises before the commencement of the Expansion Term or during the Expansion Term shall be at Tenant's risk, and
neither Landlord nor any party acting on Landlord's behalf shall be responsible for any damage thereto or loss or destruction thereof
due to any reason or cause whatsoever, excluding by reason of Landlord's negligence or willful or criminal misconduct.

 

4.       Drawings.
Tenant shall engage and pay for the services of a licensed architect to prepare a space layout, drawings and specifications for
all Tenant Improvements (“Drawings”), which architect shall be subject to Landlord’s Representative's reasonable
approval, not to be unreasonably withheld, conditioned or delayed (“Architect”). Tenant’s Representative shall
devote such time in consultation with the Architect as shall be necessary to enable the Architect to develop complete and detailed
architectural, mechanical and engineering drawings and specifications, as necessary, for the construction of Tenant Improvements,
showing thereon all Tenant Improvements. Tenant hereby acknowledges and agrees that it is Tenant's sole and exclusive responsibility
to cause the Expansion Premises and the Drawings to comply with all applicable laws, including the Americans with Disabilities
Act and other ordinances, orders, rules, regulations and requirements of all governmental authorities having jurisdiction thereof.

 

5.       Landlord's
Approval.  On or before the applicable Time Limit set forth below, Tenant’s Representative shall submit to
Landlord’s Representative an electronic PDF copy, electronic CAD copy and hard copy of the complete and final Drawings for
Tenant Improvements. The Drawings shall be subject to the approval of Landlord’s Representative, which approval shall not
be unreasonably withheld, conditioned or delayed. If Landlord’s Representative should disapprove such Drawings, Landlord’s
Representative shall specify to Tenant’s Representative in writing, the reasons for its disapproval and Tenant’s Representative
shall cause the same to be revised to meet the mutual reasonable satisfaction of Landlord’s Representative and Tenant’s
Representative and shall resubmit the same to Landlord’s Representative, as so revised, on or before the applicable Time
Limit set forth below.

 

6.       Changes.
Tenant’s Representative may request reasonable changes in the Drawings; provided, however, that (a) no change shall be made
to the Drawings without Landlord's Representative's prior written approval, which approval shall not be unreasonably withheld,
conditioned or delayed, (b) no such request shall effect any structural change in the Building or otherwise render any portion
of the Expansion Premises or the Building within which such portion is situated in violation of applicable laws, (c) Tenant
shall pay any additional costs required to implement such change, including, without limitation, architecture and other consultant
fees, and increases in construction costs, and (d) such requests shall constitute an agreement by Tenant to any delay in completion
caused by Landlord's reviewing and processing such change. If Tenant’s Representative requests or causes any change, addition
or deletion to the Expansion Premises to be necessary after approval of the Drawings, a request for the change shall be submitted
to Landlord's Representative, accompanied by revised plans prepared by the Architect, all at Tenant's sole expense.

 

7.       Tenant's
Contractor’s Work.  It is understood and agreed by the parties that, as hereinafter set forth, Tenant has elected
to retain a General Contractor and arrange for the construction and installation of Tenant Improvements itself in a good and workmanlike
manner by contractors and subcontractors. On or before the applicable Time Limit set forth below, Tenant’s Representative
shall submit to Landlord’s Representative the names of the General Contractor, electrical, ventilation, plumbing and heating
subcontractors (hereinafter “Major Subcontractors”), as applicable, for Landlord’s Representative's approval,
which approval shall not be unreasonably withheld, conditioned or delayed. If Landlord’s Representative shall reject any
Major Subcontractor, Landlord’s Representative shall advise Tenant’s Representative in writing of the reason(s) and
Tenant’s Representative shall choose another Major Subcontractor. Along with Tenant’s Representative's notice of its
Major Subcontractors, Tenant’s Representative shall notify Landlord’s Representative of its estimate of the total costs
for Tenant Improvements.

 

    10

     

    

 

8.       Tenant's
Construction of Tenant Improvements.

 

(a)       Payment;
Liens. Tenant shall promptly pay any and all costs and expenses in connection with or arising out of the performance of Tenant
Improvements and shall furnish to Landlord’s Representative evidence of such payment upon request. In the event any lien
is filed against the Building within which any Tenant Improvements are performed by Tenant as set forth herein, or any portion
thereof or against Tenant's leasehold interest therein, the provisions of Article 5.1(g) of the Original Lease shall apply.

 

(b)       Indemnity.
Tenant shall indemnify, defend (with counsel reasonably satisfactory to Landlord and Tenant) and hold Landlord harmless from and
against any and all suits, claims, actions, loss, cost or expense (including claims for workers' compensation, attorneys' fees
and costs) based on personal injury, property damage or contract claims (including, but not limited to claims for breach of warranty)
arising from Tenant Improvements. Tenant shall repair or replace (or, at Landlord's election, reimburse Landlord for the commercially
reasonable cost of repairing or replacing) any portion of the Building within which any Tenant Improvements are performed by Tenant
as set forth herein, or item of Landlord's equipment or any of Landlord's real or personal property damaged, lost or destroyed
by Tenant’s contractors during the construction of Tenant Improvements.

 

(c)       Contractors.
The Major Subcontractors employed by Tenant and any subcontractors thereof shall be (i) duly licensed in the state in which
the Expansion Premises are located, and (ii) except as otherwise approved herein, subject to Landlord’s Representative's
prior written approval, which approval shall not be unreasonably withheld, conditioned or delayed. On or before ten (10) business
days prior to the commencement of any construction activity in the applicable portion of the Expansion Premises, Tenant and Tenant's
contractors shall obtain and provide Landlord’s Representative with certificates evidencing Workers' Compensation, public
liability and property damage insurance in amounts and forms and with companies reasonably satisfactory to Landlord’s Representative.
If Landlord’s Representative should disapprove such insurance, Landlord’s Representative shall specify to Tenant’s
Representative the reasons for its disapproval within five (5) business days after delivery of such certificates. Tenant's agreement
with its contractors shall require such contractors to provide daily clean up of the construction area to the extent such clean
up is necessitated by the construction of Tenant Improvements, and to take reasonable steps to minimize interference with other
tenants' use and occupancy of the Building. Nothing contained herein shall make or constitute Tenant as the agent of Landlord.
Tenant and Tenant's contractors shall comply with any other reasonable rules, regulations or requirements that Landlord’s
Representative may impose. Notwithstanding anything to the contrary, Tenant’s contractors shall not be charged for the use
of parking, utilities, elevators use or security costs. To the extent reasonably required by Tenant during construction of Tenant
Improvements, Landlord shall use commercially reasonable efforts to provide Tenant with space for a storage container, the exact
location and size of which shall be subject to Landlord’s reasonable approval and discretion. Tenant shall be responsible
to ensure that the storage container satisfies all applicable laws. The storage container may only be used for temporarily storing
building materials or equipment which will be incorporated into the Expansion Premises. All of the foregoing shall be maintained
by Tenant in a neat and orderly manner and shall not affect other tenants in the Project. Tenant shall be solely responsible for
all costs in connection with the foregoing and the same shall only be in place for a reasonable period of time as necessary to
facilitate the Tenant Improvements.

 

(d)       Use
of Common Areas. During the construction period and installation of fixtures period, Tenant shall be allowed to use, at no
cost to Tenant, a freight elevator for the purpose of hoisting materials, equipment and personnel to the Expansion Premises. Also
during the construction period, Tenant shall ensure that the Building and all common areas and the Expansion Premises are kept
in a clean and safe condition at all times. Further, all construction activities shall be conducted so as to use reasonable efforts
to minimize interference with the use and occupancy of the Building by the tenants thereof. Such entry shall be deemed to be under
all the terms, covenants, provisions and conditions of the Lease, as amended.

 

(e)       Coordination.
All work performed by Tenant shall be coordinated with Landlord’s Representative. Tenant’s Representative shall use
commercially reasonable efforts to timely notify and invite Landlord’s Representative to construction meetings (with contractors,
engineers, architects and others), and supply all documentation reasonably requested by Landlord’s Representative.

 

(f)       Assumption
of Risk. All materials, work, installations, equipment and decorations of any nature whatsoever brought on or installed in
the Expansion Premises pursuant to the provisions of this Work Letter before the commencement of the Expansion Term or throughout
the Expansion Term shall be at Tenant's risk, and neither Landlord nor any party acting on Landlord's behalf shall be responsible
for any damage thereto or loss or destruction thereof due to any reason or cause whatsoever, excluding by reason of Landlord or
such other party's negligence or willful or criminal misconduct.

 

    11

     

    

 

9.       Time
Limits. The following maximum time limits and periods shall be allowed for the indicated matters:

 

 

	Action	 	Time Limit
	 	 	 
	Tenant’s Representative submits Drawings to Landlord’s
        Representative for review and approval.	 	On or before 60 days after the date of mutual execution
        of the Amendment.
	 	 	 
	Landlord’s Representative notifies Tenant’s
        Representative and the Architect of its approval of the Drawings with any required changes in detail.	 	On or before 10 business days after the date of Landlord’s
        Representative's receipt of the Drawings.
	 	 	 
	Tenant’s Representative notifies Landlord’s
        Representative of its selection of major subcontractors.	 	On or before 60 days after the date of mutual execution
        of the Amendment.
	 	 	 
	Landlord’s Representative approves/disapproves
        Tenant's major subcontractors.	 	On or before 7 business days after the date of Landlord’s
        Representative's receipt of the list of major subcontractors.
	 	 	 
	If applicable, Landlord’s Representative and
        Tenant’s Representative mutually approve the final revised list of major subcontractors.	 	On or before 3 business days after the date of Landlord’s
        Representative's receipt of a revised list of major subcontractors.
	 	 	 
	If applicable, Landlord’s Representative and
        Tenant’s Representative mutually approve the final revised Drawings.	 	On or before 5 business days after the date of Landlord’s
        Representative's receipt of revised Drawings.
	 	 	 
	Tenant’s Representative submits Drawings for
        building permit, if applicable.	 	On or after the date Tenant’s Representative
        and Landlord’s Representative mutually approve the final, revised Drawings.
	 	 	 
	Tenant allowed access to the applicable portion of
        the Expansion Premises to commence construction of Tenant Improvements	 	After providing copies of the building permit(s) and
        the contractors meeting all of Landlord’s Representative’s insurance requirements.
	 	 	 
	Allowance Expiration Deadline.	 	September 30, 2018.

 

Except as may be otherwise specifically
provided for herein, in all instances where either Tenant’s Representative's or Landlord’s Representative's approval
is required, if no written notice of disapproval is given within the applicable Time Limit, at the end of such period the applicable
party shall be deemed to have given its approval and the next succeeding time period shall commence. Any delay in any of the foregoing
dates (including any “re-do”, continuation or abatement of any item due to Tenant’s Representative's or Landlord’s
Representative's disapproval thereof) shall automatically delay all subsequent deadlines by a like amount of time.

 

    12

     

    

 

10.       Allowance.  
Landlord shall contribute to the costs and expenses of all costs for the planning and design of Tenant Improvements, including
all permits, licenses and construction fees and constructing Tenant Improvements in an amount not to exceed the Allowance. If the
final costs for Tenant Improvements exceed the Allowance, Tenant shall be responsible for such excess costs. If the total cost
of performing Tenant Improvements is less than the Allowance, portions of the Allowance may be used towards Tenant's soft costs
and existing Lease or Amendment obligations in accordance with Section 1 of this Work Letter. Landlord shall pay the Allowance
to Tenant consistent with the terms and conditions of this Section. After Tenant Improvements are complete (as provided under Section 11
hereof), Tenant’s Representative may submit to Landlord’s Representative a request in writing (“Draw Request”)
for the Allowance which request shall include: (a) “as-built” drawings showing all of Tenant Improvements; (b)
a detailed breakdown of Tenant's final and total construction costs, together with receipted invoices showing payment thereof;
(c) a certified, written statement from the Architect that all of Tenant Improvements has been completed in accordance with the
Drawings; (d) all required AIA forms, supporting final lien waivers, and releases executed by the Architect, General Contractor,
the Major Subcontractors and all subcontractors and suppliers in connection with Tenant Improvements; (e) a copy of a certificate
of occupancy or amended certificate of occupancy required with respect to the Expansion Premises, if applicable, together with
all licenses, certificates, permits and other government authorizations necessary in connection with Tenant Improvements and the
operation of Tenant's business from the Expansion Premises; and (f) proof reasonably satisfactory to Landlord’s Representative
that Tenant has complied with all of the conditions set forth in this Work Letter and has satisfactorily completed Tenant Improvements.
Upon Landlord's Representatives receipt and approval of the Draw Request, Landlord shall pay the balance of the Allowance. Payment
by Landlord shall be made within thirty (30) days, unless Landlord’s Representative notifies Tenant’s Representative,
in writing, of its rejection (and the reasons therefor) of any or all of the Draw Request. To the extent Landlord does not so reject
any portion of said Draw Request, Landlord shall timely pay the Draw Request. Notwithstanding the foregoing to the contrary, but
subject to Section 1 of this Work Letter, Landlord will pay the amount of the Allowance to Tenant in progress payments (not more
often than monthly). Such progress payments will be made not later than thirty (30) days after receipt by Landlord’s Representative
from Tenant’s Representative of copies of Tenant’s invoices from its Architect or General Contractor together with
a certificate from Tenant’s Representative indicating that the work to which such invoices relate has been substantially
completed and/or the materials to which such invoices relate have been installed in, or delivered to, the applicable portion of
the Expansion Premises. Such progress payments will be made payable to Tenant and will be for the undisputed amount of the submitted
invoices, less a ten percent (10%) retainage (which shall not be released until such time as Landlord’s Representative has
received the Draw Request). As a condition precedent to Landlord’s issuing any such progress payment subsequent to the first
such progress payment, Tenant’s Representative will deliver to Landlord’s Representative an original lien waiver from
its General Contractor waiving any claim for a mechanic’s or materialman’s lien with respect to the labor and materials
reflected in the invoices submitted for the immediately preceding progress payment.

 

11.       Substantial
Completion. Tenant Improvements shall be deemed substantially complete when all work called for by the Drawings has been finished
and the Expansion Premises is ready to be used and occupied by Tenant, even though minor items may remain to be installed, finished
or corrected (“Substantial Completion Date” or the “Date of Substantial Completion”). Tenant shall cause
the contractors to diligently complete any items of work not completed when the Expansion Premises are substantially complete.
Substantial completion shall have occurred notwithstanding punch list items. Promptly after the Substantial Completion Date, the
parties will execute an instrument in the form attached hereto as Exhibit C, setting forth the applicable Thirteenth
Amendment Commencement Date, so that said date is certain and such instrument, when executed, is hereby made a part of this Amendment
and incorporated herein by reference.

 

12.       No
Representations or Warranties. Notwithstanding anything to the contrary contained in the Lease, as amended, or herein, Landlord's
participation in the preparation of the Drawings, the cost estimates for Tenant and the construction of Tenant Improvements shall
not constitute any representation or warranty, express or implied, that (i) the Drawings are in conformity with applicable
governmental codes, regulations or rules or (ii) Tenant Improvements, if built in accordance with the Drawings, will be suitable
for Tenant's intended purpose. Landlord's obligations shall be to review the Drawings; and any additional cost or expense required
for the modification thereof to more adequately meet Tenant's use, whether during or after construction thereof, shall be borne
entirely by Tenant.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

 

    13

     

    

 

EXHIBIT C

 

CONFIRMATION OF LEASE TERMS AND DATES

 

		Re:	Thirteenth Amendment to Lease dated November 30, 2017
(“Amendment”), between SPUS7 MIAMI ACC, LP, a Delaware limited partnership (“Landlord”), and NCL (BAHAMAS)
LTD., a Bermuda company, d/b/a Norwegian Cruise Line (“Tenant”) for the premises located at 7300 Corporate Center
Drive, Miami, Florida 33126 (“Expansion Premises”)

 

The undersigned, as Tenant, hereby confirms
as of this _____ day of _________, 20___, the following:

 

		1.	The Substantial Completion Date is hereby deemed to be
_______________________.

 

		2.	The Thirteenth Amendment Commencement Date is hereby
deemed to be _____________.

 

		3.	The Thirteenth Amendment Rent Commencement Date is hereby
deemed to be _______________.

 

		4.	The Expansion Expiration Date is hereby deemed to be
January 31, 2028.

 

		5.	The schedule of Base Rental is:

 

EXPANSION PREMISES

 

	Dates	 	Annual Rate/RSF	 	 	Monthly Installment	 
	________ - ________	 	$	[*]	 	 	$	[*]	*
	________ - ________	 	$	[*]	 	 	$	[*]	 
	________ - ________	 	$	[*]	 	 	$	[*]	 
	________ - ________	 	$	[*]	 	 	$	[*]	 
	________ - ________	 	$	[*]	 	 	$	[*]	 
	________ - ________	 	$	[*]	 	 	$	[*]	 
	________ - ________	 	$	[*]	 	 	$	[*]	 
	________ - ________	 	$	[*]	 	 	$	[*]	 
	________ - ________	 	$	[*]	 	 	$	[*]	 
	________ - ________	 	$	[*]	 	 	$	[*]	 
	________ - ________	 	$	[*]	 	 	$	[*]	 

 

* Abatement subject to conditions set forth
in the Amendment.

 

6.       Tenant
has the right to use ____ parking spaces associated with the Expansion Premises. Of which, _____ are located in the covered portion
of the parking garage adjacent to Building 8, _____ are uncovered parking spaces in the parking lot associated with Building 8
and ____ are located at ____________________________________.

 

7.       All
alterations and improvements required to be performed by Landlord pursuant to the terms of the Amendment to prepare the Expansion
Premises for Tenant’s initial occupancy have been satisfactorily completed. There are no offsets or credits against Rent
or other amounts owed by Tenant to Landlord, except: ____________________________________________________. As of the date hereof,
Landlord has fulfilled all of its obligations under the Lease, as amended. The Lease, as amended, is in full force and effect and
has not been modified, altered, or amended. There are no defaults by Landlord.

 

[SIGNATURE ON FOLLOWING PAGE.]

 

    14

     

    

 

TENANT:

 

NCL (BAHAMAS) LTD.,

a Bermuda company, d/b/a Norwegian Cruise
Line

 

	By:	 	 
	Name: 	 	 
	Title:	 	 
	Date:	 	 

 

    15

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