Document:

Office Lease

 Exhibit 10.1 

 
 OFFICE LEASE 

201 CALIFORNIA 
 GLENBOROUGH SAN FRANCISCO, LLC, 
 a Delaware limited liability
company, 
 as Landlord, 
 and 
 SOLAR POWER, INC., 

a California corporation, 
 as Tenant. 

 201 CALIFORNIA 

OFFICE LEASE 
 This Office Lease (the “Lease”), dated as of the date set forth in Section 1 of the Summary of Basic Lease Information (the “Summary”) below, is made by and
between Glenborough San Francisco, LLC, a Delaware limited liability company (“Landlord”), and Solar Power Inc., a California corporation (“Tenant”). 

SUMMARY OF BASIC LEASE INFORMATION 
  

					
	 TERMS OF LEASE
	  	 DESCRIPTION

		
	 1.       Date:
	  	 January 10, 2012.

		
	 2.       Premises

          (Article 
1).
	  	
		
	 2.1     Building Address & Rentable Area:
	  	 201 California Street, San Francisco, CA 94111.

			
		  	 Rentable square feet: approximately 239,343.
	  	
		
	 2.2     Premises:
	  	 Approximately 4,004 rentable square feet of space located on the twelfth (12th) floor of the Building, as further set forth in Exhibit A to the Office Lease.

		
	 3.       Lease
Term
     (Article 2).
	  	
		
	 3.1     Length of Term:
	  	 Five (5) years.

		
	 3.2     Commencement Date:
	  	 February 1, 2012.

		
	 3.3     Expiration Date:
	  	 January 31, 2017.

		
	 4.       Base Rent (Article 3):
	  	

  

			
	 Period During 
 Lease Term
	    	Monthly Installment
of Base Rent*
		
	 2/1/12 – 1/31/13
	    	$13,346.67
		
	 2/1/13 – 1/31/14
	    	$13,747.07
		
	 2/1/14 – 1/31/15
	    	$14,159.48
		
	 2/1/15 – 1/31/16
	    	$14,584.26
		
	 2/1/16 – 1/31/17
	    	$15,021.79

  
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 *Notwithstanding the preceding, Base Rent shall be abated for the months of February, March
and April, 2012. Base Rent for the month of May, 2012 shall be paid at the time of Tenant’s execution of this Lease. 
  

			
		
	 5.       Base
Year
     (Article 4):
	  	 Calendar year 2012.

		
	 6.       Tenant’s
Share
     (Article 4):
	  	 Approximately 1.67%.

		
	 7.       Permitted
Use
     (Article 5):
	  	 General office use consistent with a first-class office building, but not for use as a medical office, dental office, government office, call center or server
farm, or for any high density or high pedestrian traffic use.

		
	 8.       Security
Deposit
     (Article 21):
	  	 $40,040.00; provided there is then no Default by Tenant under the terms of this Lease beyond any applicable notice and grace period, on February 1, 2013, and
each anniversary thereafter, Landlord shall apply $8,008.00 of the Security Deposit against the monthly Base Rent payment then due for the month of February.

		
	 9.       Parking
Pass
     (Article 28):
	  	 None.

		
	 10.     Address of
Tenant
     (Section 29.18):
	  	 The Premises.

		
	 11.     Address of
Landlord
     (Section 29.18):
	  	 c/o    Winthrop Management

7 Bulfinch Place, Suite 500, PO Box 9507

Boston, Massachusetts 02114c/o

Attention: Asset Manager

Fax: (617) 570-4746

		
		  	 With copy to:

		
		  	 Winthrop Management

201 California Street

San Francisco, California 94111

Attention: Regional Property Manager

  

  
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	 12.    Rent Payment
Address
    (Section 3):
	  	
		
	 Please make payments to:

Notation:
	  	 Glenborough San Francisco, LLC
 201 California

		
	 Please remit all payments to:
	  	 Glenborough San Francisco, LLC
 PO Box 713353
 Cincinnati, OH 45271-3353

		
	 Wires/ACH Funds to:
	  	 KeyBank NA
 ABA: 021300077
 Acct Name: Glenborough San Francisco LLC

Clearing Account

Acct Number: 329681100825
 Ref: Ln 10041813

		
	 13.    Broker(s)
    (Section 29.24):
	  	 Landlord’s Broker:
 The CAC Group
 255 California St., Suite 200

San Francisco, CA 94111
  

and
  

Tenant’s Broker:
 Cornish & Carey Commercial
 One Bush Street, Suite 400

San Francisco, CA 94104

		
	 14.    Guarantor:
	  	 Not applicable.

		
	 15.    Tenant Improvement Allowance:
	  	 Not applicable.

		
	 16.    Additional Insureds (Section 10.4):
	  	 Property Manager: Winthrop Management LP

		
	 17.    List of Exhibits:
	  	 Exhibit A – Outline of the Premises.
 Exhibit B – Rules and Regulations.
 Exhibit C – Notice of Lease Term
Dates.
 Exhibit D – Intentionally omitted.
 Exhibit E – Form of Tenant’s Estoppel Certificate.
 Exhibit F –
Asbestos Notification.
 Exhibit G – Additional Provisions

  
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 ARTICLE 1 

PREMISES, BUILDING, PROJECT, AND COMMON AREAS 

 

	 	 1.1
	 Premises, Building, Project and Common Areas. 

1.1.1     The Premises. Landlord hereby leases to Tenant and Tenant hereby leases from
Landlord the premises set forth in Section 2.2 of the Summary (the “Premises”). The outline of the Premises is set forth in Exhibit A attached hereto. Subject to Section 1.2, below, Landlord and Tenant
hereby acknowledge and agree that the rentable square footage of the Premises shall be as set forth in Section 2.2 of the Summary. The parties hereto agree that the lease of the Premises is upon and subject to the terms, covenants and
conditions herein set forth, and Tenant covenants as a material part of the consideration for this Lease to keep and perform each and all of such terms, covenants and conditions by it to be kept and performed and that this Lease is made upon the
condition of such performance. The parties hereto hereby acknowledge that the purpose of Exhibit A is to show the approximate location of the Premises in the “Building,” as that term is defined in Section 1.1.2,
below, only, and such Exhibit is not meant to constitute an agreement, representation or warranty as to the construction or configurations of the Premises, the precise area thereof or the specific location of the “Common Areas,” as
that term is defined in Section 1.1.3, below, or the elements thereof or of the access ways to the Premises or the “Project,” as that term is defined in Section 1.1.2, below. Except as specifically set forth in this
Lease, Landlord shall not be obligated to provide or pay for any improvement work or services related to the improvement of the Premises beyond their existing condition and configuration as of the date of full and final execution and delivery of
this Lease. Tenant also acknowledges that neither Landlord nor any agent of Landlord has made any representation or warranty regarding the condition of the Premises, the Building or the Project or with respect to the suitability of any of the
foregoing for the conduct of Tenant’s business, except as specifically set forth in this Lease and any Tenant Work Letter. The taking of possession of the Premises by Tenant shall conclusively establish that the Premises and the Building were
at such time in good and sanitary order, configuration, condition and repair. 
 1.1.2    
The Building and The Project. The Premises are a part of the building set forth in Section 2.1 of the Summary (the “Building”). The Building is part of an office project currently known as “201
CALIFORNIA” The term “Project,” as used in this Lease, shall mean (i) the Building and the Common Areas, (ii) the land (which may be improved with landscaping, above ground and subterranean parking facilities and
other improvements) upon which the Building and the Common Areas are located, and (iii) at Landlord’s discretion, any additional real property, areas, land, buildings or other improvements added thereto outside of the Project. 

1.1.3     Common Areas. Tenant shall have the non-exclusive right to use in common with
other tenants in the Project, and subject to the rules and regulations referred to in Article 5 of this Lease, those portions of the Project which are provided, from time to time, for use in common by Landlord, Tenant and any other
tenants of the Project (such areas, together with such other portions of the Project designated by Landlord, in its discretion, including certain areas designated for the exclusive use of certain tenants, or to be shared by Landlord and certain
tenants, are collectively referred to herein as the “Common Areas”). The Common Areas shall consist of the “Project Common Areas” and the “Building Common Areas.” The term “Project Common Areas,”
as used in this Lease, shall mean the portion of the Project designated as such by Landlord. The term “Building Common Areas,” as used in this Lease, shall mean the portions of the Common Areas located within the Building designated
as such by Landlord. The manner in which the Common Areas are maintained and operated shall be at the sole discretion of Landlord and the use thereof shall be subject to such rules, regulations and restrictions as Landlord may make from time to
time. Landlord reserves the right to close temporarily, make alterations 

  
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or additions to, or change the location of elements of the Project and the Common Areas; provided, however, that Tenant and its employees, agents, invitees and guests shall, at all times during
the Lease Term, have reasonable access to the Premises. 
 ARTICLE 2 

LEASE TERM 
 2.1     Initial Lease Term. The terms and provisions of this Lease shall be effective as of the date of this Lease. The term of this Lease (the “Lease
Term”) shall be as set forth in Section 3.1 of the Summary, shall commence on the date set forth in Section 3.2 of the Summary (the “Commencement Date”), and shall terminate on the date set forth in
Section 3.3 of the Summary (the “Expiration Date”) unless this Lease is sooner terminated or extended as hereinafter provided. For purposes of this Lease, the term “Lease Year” shall mean each
consecutive twelve (12) month period during the Lease Term; provided that, if the Commencement Date shall be other than the first day of a calendar month, then the first Lease Year shall commence on the Commencement Date and shall end on the
last day of the month in which the first anniversary of the Commencement Date occurs; and further provided that, the last Lease Year shall end on the Expiration Date. At any time during the Lease Term, but not more than three times in any given
twelve month period, Landlord may deliver to Tenant a Notice in the form as set forth in Exhibit C, attached hereto, as a confirmation only of the information set forth therein, which Tenant shall execute and return to Landlord
within five (5) business days of receipt thereof. Tenant’s failure to execute and return such Notice to Landlord within such time shall be conclusive upon Tenant that the information set forth in such Notice is as set forth therein.

 ARTICLE 3 
 BASE RENT 
 Tenant shall pay, without prior notice
or demand, to Landlord at the Rent Payment Address set forth in Section 12 of the Summary, or, at Landlord’s sole option, at such other place as Landlord may from time to time designate in writing, by a check or generally accepted
electronic funds transfer alternative (e.g., ACH) for currency which, at the time of payment, is legal tender for private or public debts in the United States of America, base rent (“Base Rent”) as set forth in
Section 4 of the Summary, payable in equal monthly installments as set forth in Section 4 of the Summary in advance on or before the first day of each and every calendar month during the Lease Term, without any setoff or
deduction whatsoever except as otherwise expressly set forth in this Lease. Base Rent for any initial partial calendar month shall be payable on delivery of the Premises. If any Rent payment date (including the Commencement Date) falls on a day of
the month other than the first day of such month or if any payment of Rent is for a period which is shorter than one month, the Rent for any fractional month shall accrue on a daily basis for the period from the date such payment is due to the end
of such calendar month or to the end of the Lease Term at a rate per day which is equal to 1/365 of the applicable annual Rent. All other payments or adjustments required to be made under the terms of this Lease or any future extension or amendment
hereof that require proration on a time basis shall be prorated on the same basis. 
 ARTICLE 4 

ADDITIONAL RENT 
 4.1     General Terms. In addition to paying the Base Rent specified in Article 3 of this Lease, Tenant shall pay (a) “Tenant’s Share,” as
that term is defined in Section 4.2.7 of this Lease, of the annual “Insurance Expenses,” as that term is defined in Sections 4.2.4 of this Lease, which are in excess of the

  
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amount of Insurance Expenses applicable to the “Base Year,” as that term is defined in Section 4.2.1 of this Lease, plus (b) Tenant’s Share of the annual
“Operating Expenses,” as that term is defined in Section 4.2.5 of this Lease, which are in excess of the amount of Operating Expenses applicable to the Base Year, plus (c) Tenant’s Share of the annual “Tax
Expenses,” as that term is defined in Section 4.2.6 of this Lease, which are in excess of the amount of Tax Expenses applicable to the Base Year; provided, however, in no event shall any decrease in Insurance Expenses, Operating
Expenses or Tax Expenses, as the case may be, for any “Expense Year,” as that term is defined in Section 4.2.3 of this Lease, below Insurance Expenses, Operating Expenses or Tax Expenses, respectively, for the Base Year entitle
Tenant to any decrease in Base Rent or any credit against any Additional Rent or other sums due under this Lease. Such payments by Tenant, together with any and all other amounts payable by Tenant to Landlord pursuant to the terms of this Lease, are
hereinafter collectively referred to as the “Additional Rent”, and the Base Rent and the Additional Rent are herein collectively referred to as “Rent.” All amounts due under this Article 4 as Additional
Rent shall be payable for the same periods and in the same manner as the Base Rent. Without limitation on other obligations of Tenant which survive the expiration of the Lease Term, the obligations of Tenant to pay the Additional Rent provided for
in this Article 4 shall survive the expiration of the Lease Term. 
 4.2    
Definitions of Key Terms Relating to Additional Rent. As used in this Article 4, the following terms shall have the meanings hereinafter set forth: 

4.2.1     “Base Year” shall mean the period set forth in Section 5 of
the Summary. 
 4.2.2     “Direct Expenses” shall mean “Insurance
Expenses,” “Operating Expenses” and “Tax Expenses.” 
 4.2.3    
“Expense Year” shall mean each calendar year in which any portion of the Lease Term falls, through and including the calendar year in which the Lease Term expires. 

4.2.4     “Insurance Expenses” shall mean the cost of all insurance (including
premiums, deductibles, insurance brokerage fees and risk manager fees) carried by Landlord in connection with the Project. Landlord may carry some or all of the insurance in connection with the Project under a blanket policy or policies which cover
other properties owned or managed by Landlord or any affiliates of Landlord, in which event Insurance Expenses shall include an equitable allocation of the cost of such insurance, as determined by Landlord. In the event Landlord adds or discontinues
any special risk insurance, such as earthquake insurance, during the Term, then the Base Year and any applicable Expense Years shall each be adjusted by such addition or discontinuance. In the event Landlord self-insures any risks, the costs thereof
shall be treated as insurance premiums provided that such costs do not exceed third-party insurance premiums for comparable coverage. 
 4.2.5     “Operating Expenses” shall mean all expenses, costs and amounts of every kind and nature which Landlord pays or accrues during any Expense Year because of or
in connection with the ownership, management, maintenance, monitoring, repair, replacement, restoration or operation of the Project, or any portion thereof. Without limiting the generality of the foregoing, Operating Expenses shall specifically
include any and all of the following: (i) the cost of supplying all utilities, the cost of operating, repairing, maintaining, and renovating the utility, telephone, mechanical, sanitary, storm drainage, and elevator systems, and the cost of
maintenance and service contracts in connection therewith; (ii) the cost of licenses, certificates, permits and inspections and the cost of contesting any governmental enactments which may affect Operating Expenses, and the costs incurred in
connection with a governmentally mandated transportation system management program or similar program; (iii) the cost of landscaping, relamping, and all supplies, tools, equipment and materials used in the operation, repair and maintenance of
the Project, or any portion thereof; (iv) the cost of parking area operation, repair, 

  
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restoration, and maintenance; (v) fees and other costs, including management and/or incentive fees, consulting fees, legal fees and accounting fees, of all contractors and consultants in
connection with the management, operation, maintenance and repair of the Project; (vi) payments under any equipment rental agreements and the fair rental value of any management office space; (vii) subject to item (f), below, wages,
salaries and other compensation and benefits, including taxes levied thereon, of all persons engaged in the operation, maintenance, property accounting, and monitoring of the Project; (viii) payments under any easement, license, operating
agreement, declaration, restrictive covenant, or instrument pertaining to the sharing of costs by the Building or the Project, including any covenants, conditions and restrictions affecting the property, and reciprocal easement agreements affecting
the property, any parking licenses, and any agreements with transit agencies affecting the Property (collectively, “Underlying Documents”); (ix) operation, repair, maintenance and replacement of all systems and equipment and
components thereof of the Project; (x) the cost of janitorial, alarm, attendant, and other services, replacement of wall and floor coverings, ceiling tiles and fixtures in Common Areas, maintenance and replacement of curbs and walkways, repair
to roofs and roof membranes and re-roofing; (xi) amortization (including interest on the unamortized cost) over such period of time as Landlord shall reasonably determine, of the cost of acquiring or the rental expense of personal property used
in the maintenance, operation and repair of the Project, or any portion thereof; (xii) the cost of capital improvements or other costs incurred in connection with the Project (A) which are intended to effect economies in the operation or
maintenance of the Project, or any portion thereof, or to reduce current or future Operating Expenses or to enhance the fire/life-safety systems, access control, or monitoring of the Building or Project, (B) that are required to comply with
present and required conservation programs, (C) which are replacements or modifications of nonstructural items located in the Common Areas required to keep the Common Areas in good order or condition, or (D) that are required under any
governmental law or regulation; provided, however, that all capital expenditures shall be amortized (including commercially reasonable interest on the amortized cost) over such period of time as Landlord shall reasonably determine; and
(xiii) costs, fees, charges or assessments imposed by, or resulting from any mandate imposed on Landlord by, any federal, state or local government for fire and police protection, trash removal, community services, or other services which do
not constitute Tax Expenses, and (xiv) cost of tenant relation programs reasonably established by Landlord. Notwithstanding the foregoing, for purposes of this Lease, Operating Expenses shall not, however, include: 

(a)     costs, including legal fees, space planners’ fees, advertising and
promotional expenses (except as otherwise set forth above), and brokerage fees incurred in connection with the original construction or development, or original or future leasing of the Project, and costs, including permit, license and inspection
costs, incurred with respect to the installation of tenant improvements made for new tenants initially occupying space in the Project after the Commencement Date or incurred in renovating or otherwise improving, decorating, painting or redecorating
vacant space for tenants or other occupants of the Project (excluding, however, such costs relating to any common areas of the Project or parking facilities); 

(b)     except as set forth in items (x), (xi), and (xii) above, depreciation,
interest and principal payments on mortgages and other debt costs, if any, penalties and interest, costs of capital repairs and alterations, and costs of capital improvements and equipment; 

(c)     costs for which the Landlord is reimbursed by any tenant or occupant of the
Project or by insurance by its carrier or any tenant’s carrier or by anyone else, and electric power costs for which any tenant directly contracts with the local public service company or directly reimburses Landlord; 

(d)     any bad debt loss, rent loss, or reserves for bad debts or rent loss;

  
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 (e)     costs associated with the
operation of the business of the partnership or entity which constitutes the Landlord, as the same are distinguished from the costs of operation of the Project (but Direct Expenses shall specifically include, but not be limited to, accounting costs
associated with the operation of the Project). Costs associated with the operation of the business of the partnership or entity which constitutes the Landlord include costs of partnership accounting and legal matters, costs of defending any lawsuits
with any mortgagee (except as the actions of the Tenant may be in issue), costs of selling, syndicating, financing, mortgaging or hypothecating any of the Landlord’s interest in the Project, and costs incurred in connection with any disputes
between Landlord and its employees, between Landlord and Project management, or between Landlord and other tenants or occupants; 
 (f)     the wages and benefits of any employee who does not devote substantially all of his or her employed time to the Project unless such wages and benefits are prorated to reflect
time spent on operating and managing the Project vis-à-vis time spent on other projects; 

(g)     amount paid as ground rental for the Project by the Landlord; 

(h)     except for a commercially reasonable Project management fee, overhead and
profit increment paid to Landlord or to subsidiaries or affiliates of the Landlord for services in the Project to the extent the costs thereof exceed those rendered by qualified, first-class unaffiliated third parties; 

(i)     any compensation paid to clerks, attendants or other persons in commercial
concessions operated by the Landlord (which shall specifically exclude the parking facilities), provided that any compensation paid to any concierge at the Project shall be includable as an Operating Expense; 

(j)     rentals and other related expenses incurred in leasing air conditioning
systems, elevators or other equipment which if purchased the cost of which would be excluded from Operating Expenses as a capital cost, except equipment not affixed to the Project which is used in providing janitorial or similar services and,
further excepting from this exclusion such equipment rented or leased to remedy or ameliorate an emergency condition in the Project; 
 (k)     all items and services for which Tenant or any other tenant in the Project reimburses Landlord; 

(l)     rent for any office space occupied by Project management personnel to the
extent the size or rental rate of such office space exceeds the size or fair market rental value of office space occupied by management personnel of the comparable buildings in the vicinity of the Building, with adjustment where appropriate for the
size of the applicable project; and 
 (m)     costs arising from the gross
negligence or willful misconduct of Landlord or its employees; 
 (n)    
costs incurred because Landlord or another tenant violated the terms of any lease; 

(o)     advertising and promotional expenses; 

  
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 (p)     repairs or other work needed
because of fire, windstorm or other casualty or cause insured against by Landlord or to the extent Landlord’s insurance required hereunder would have provided insurance, whichever is greater; 

(q)     nonrecurring costs incurred to remedy structural defects in original
construction materials or installations; 
 (r)     any costs, fines or
penalties incurred because Landlord violated any governmental rule or authority; 

(s)     costs incurred to test, survey, cleanup, contain, abate, remove or otherwise
remedy hazardous materials in, on or under the Project in violation of laws as of the date of this Lease or as of the date of introduction or otherwise introduced by any persons other than Tenant; 

(t)     costs for sculpture, paintings or art; 

(u)     other expenses that would not reasonably be considered normal maintenance,
repair, management or operation expenses at comparably managed buildings in the submarket where the Project is located that are similar to the Project in class, age and size. 

Landlord agrees that any costs incurred in any Expense Year after the Base Year (x) because of added services which
were readily available during the Base Year and customarily provided during the Base Year by landlords of comparably managed buildings in the submarket where the Project is located that are similar to the Project in class, age and size (but not by
Landlord) and not included in the Base Year, and/or (y) because of any type or amount of insurance not carried during the Base Year, shall be added to and included in the Base Year as if the costs were incurred and/or paid in the Base Year.

 Landlord further agrees that since one of the purposes of Operating Expenses and the gross-up provision is to
allow Landlord to require Tenant to pay for the cost attributable to its Premises, Landlord agrees that (i) Landlord will not collect or be entitled to collect Operating Expenses from all of its tenants in an amount which is in excess of one
hundred percent (100%) of the Operating Expenses actually paid by Landlord in connection with the operations of the Project, and (ii) Landlord shall make no profit from Landlord’s collection of Operating Expenses. 

If Landlord is not furnishing any particular work or service (the cost of which, if performed by Landlord, would be
included in Operating Expenses) to a tenant who has undertaken to perform such work or service in lieu of the performance thereof by Landlord, Operating Expenses shall be deemed to be increased by an amount equal to the additional Operating Expenses
which would reasonably have been incurred during such period by Landlord if it had at its own expense furnished such work or service to such tenant. If the Project is not one hundred percent (100%) occupied during all or a portion of the Base
Year or any Expense Year, Landlord shall make an appropriate adjustment to the components of Operating Expenses for such year to determine the amount of Operating Expenses that would have been incurred had the Project been one hundred percent
(100%) occupied; and the amount so determined shall be deemed to have been the amount of Operating Expenses for such year. Operating Expenses for the Base Year shall not include market-wide cost increases due to extraordinary circumstances,
including Force Majeure, boycotts, strikes, conservation surcharges, embargoes or shortages, or amortized costs relating to capital improvements. In no event shall the components of Operating Expenses for any Expense Year related to Project
monitoring/access control or utility costs be less than the components of Operating Expenses related to Project monitoring/access control or utility costs, respectively, in the Base Year. 

  
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 4.2.6     Taxes. 

4.2.6.1 “Tax Expenses” shall mean all federal, state, county, or local governmental or municipal taxes,
fees, charges or other impositions of every kind and nature, whether general, special, ordinary or extraordinary, (including real estate taxes, general and special assessments, transit taxes, leasehold taxes or taxes based upon the receipt of rent,
including gross receipts or sales taxes applicable to the receipt of rent, unless required to be paid by Tenant, personal property taxes imposed upon the fixtures, machinery, equipment, apparatus, systems and equipment, appurtenances, furniture and
other personal property used in connection with the Project, or any portion thereof), which shall be paid or accrued during any Expense Year (without regard to any different fiscal year used by such governmental or municipal authority) because of or
in connection with the ownership, leasing and operation of the Project, or any portion thereof. Without limiting the generality of this Section 4.2.6.1, if at any time prior to or during the Term any sale, refinancing or change in ownership of
the Project is consummated, and if Landlord reasonably anticipates that the Project will be reassessed for purposes of Tax Expenses as a result thereof, but that such reassessment may not be completed during the applicable calendar year, then for
all purposes under this Lease, Landlord will calculate Tax Expenses applicable to such calendar year and thereafter based upon Landlord’s good faith estimate of the Tax Expenses which will result from such reassessment. Upon the finalization of
any such reassessment and Landlord’s determination of actual Tax Expenses applicable to the Base Year and all Expense Years subsequent thereto, as applicable, Landlord shall adjust the applicable Tax Expenses therefor and, upon such adjustment,
Landlord or Tenant, as appropriate, shall promptly make such reconciliation payment (which, in the case of Landlord, may be made in the form of a credit against the installment(s) of Tenant’s Share of Tax Expense Excess next coming due) as may
be necessary in order that Tenant pays Tenant’s Share of actual Tax Expense Excess for each such Expense Year. 
 4.2.6.2 Tax Expenses shall include, without limitation: (i) Any tax on the rent, right to rent or other income from the Project, or any portion thereof, or as against the business of leasing the
Project, or any portion thereof; (ii) Any assessment, tax, fee, levy or charge in addition to, or in substitution, partially or totally, of any assessment, tax, fee, levy or charge previously included within the definition of real property tax,
it being acknowledged by Tenant and Landlord that Proposition 13 was adopted by the voters of the State of California in the June 1978 election (“Proposition 13”) and that assessments, taxes, fees, levies and charges may be imposed
by governmental agencies for such services as fire protection, street, sidewalk and road maintenance, refuse removal and for other governmental services formerly provided without charge to property owners or occupants, and, in further recognition of
the decrease in the level and quality of governmental services and amenities as a result of Proposition 13, Tax Expenses shall also include any governmental or private assessments or the Project’s contribution towards a governmental or private
cost-sharing agreement for the purpose of augmenting or improving the quality of services and amenities normally provided by governmental agencies; (iii) Any assessment, tax, fee, levy, or charge allocable to or measured by the area of the
Premises or the Rent payable hereunder, including any business or gross income tax or excise tax with respect to the receipt of such rent, or upon or with respect to the possession, leasing, operating, management, maintenance, alteration, repair,
use or occupancy by Tenant of the Premises, or any portion thereof; and (iv) Any assessment, tax, fee, levy or charge, upon this transaction or any document to which Tenant is a party, creating or transferring an interest or an estate in the
Premises. 
 4.2.6.3 Any costs and expenses (including reasonable attorneys’ and consultants’ fees)
incurred by Landlord or Landlord Parties in attempting to reasonably protest, reduce or minimize Tax Expenses shall be included in Tax Expenses in the Expense Year such expenses are incurred, but shall not be included in calculating any Base Taxes.
Tax refunds shall be credited against Tax Expenses and refunded to Tenant regardless of when received, based on the Expense Year to which the refund is applicable, provided that in no event shall the amount to be refunded to Tenant for any such
Expense 

  
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Year exceed the total amount paid by Tenant as Additional Rent under this Article 4 for Tax Expenses for such Expense Year. If Tax Expenses for any period during the Lease Term or any
extension thereof are increased after payment thereof for any reason, including error or reassessment by applicable governmental or municipal authorities, Tenant shall pay Landlord upon demand Tenant’s Share of any such increased Tax Expenses.
Notwithstanding anything to the contrary contained in this Section 4.2.6 (except as set forth in Section 4.2.6.1, above), there shall be excluded from Tax Expenses (i) all excess profits taxes, franchise taxes, gift
taxes, capital stock taxes, inheritance and succession taxes, estate taxes, federal and state income taxes imposed on income from all sources, and other taxes to the extent applicable to Landlord’s general or net income (as opposed to rents,
receipts or income attributable to operations at the Project), (ii) any items included as Operating Expenses, and (iii) any items paid by Tenant under Section 4.5 of this Lease. 

4.2.6.4 The amount of Tax Expenses for the Base Year attributable to the valuation of the Project, inclusive of tenant
improvements, shall be known as the “Base Taxes”. If in any comparison year subsequent to the Base Year, the amount of Tax Expenses decreases below the amount of Base Taxes, then for purposes of all subsequent comparison years,
including the comparison year in which such decrease in Tax Expenses occurred, the Base Taxes, and therefore the Base Year, shall be decreased by an amount equal to the decrease in Tax Expenses. 

4.2.7     “Tenant’s Share” shall mean the percentage set forth in
Section 6 of the Summary. 
 4.3     Cost Pools. Landlord shall
have the right, from time to time, to equitably allocate some or all of the Direct Expenses for the Project among different portions or occupants of the Project (the “Cost Pools”), in Landlord’s reasonable discretion. Such Cost
Pools may include, but shall not be limited to, the office space tenants of a building of the Project or of the Project, and the retail space tenants of a building of the Project or of the Project. The Direct Expenses within each such Cost Pool
shall be allocated and charged to the tenants within such Cost Pool in an equitable manner. 

4.4     Calculation and Payment of Additional Rent. If for any Expense Year ending or
commencing within the Lease Term, Insurance Expenses for such Expense Year exceed Insurance Expenses applicable to the Base Year (“Insurance Expense Excess”) and/or Operating Expenses for such Expense Year exceed Operating Expenses
applicable to the Base Year (“Operating Expense Excess”) and/or Tax Expenses for such Expense Year exceed Tax Expenses applicable to the Base Year (the “Tax Expense Excess”), then Tenant shall pay to Landlord, in
the manner set forth in Section 4.4.1, below, and as Additional Rent, an amount (referred to herein as “Tenant’s Direct Expense Excess”) equal to the sum of Tenant’s Share of the Insurance Expense Excess, if
any, plus Tenant’s Share of the Operating Expense Excess, if any, plus Tenant’s Share of the Tax Expense Excess, if any. 
 4.4.1     Statement of Actual Direct Expenses and Payment by Tenant. Landlord shall use commercially reasonable efforts to give to Tenant within one hundred eighty
(180) days and not more than two hundred forty (240) days following the end of each Expense Year, a statement (the “Statement”) which shall state the Direct Expenses incurred or accrued for such preceding Expense Year, and
which shall indicate the amount of Tenant’s Direct Expense Excess (pro-rated as needed if the Lease Term ends or commences part way through the calendar year). Upon receipt of the Statement for each Expense Year commencing or ending during the
Lease Term, if a Tenant’s Direct Expense Excess is present, Tenant shall pay, within thirty (30) days of its receipt of such Statement, the full amount of such Tenant’s Direct Expense Excess for such Expense Year, less the amounts, if
any, paid during such Expense Year as “Estimated Excess,” as that term is defined in Section 4.4.2, below, and if Tenant paid more as Estimated Excess than the actual Tenant’s Direct Expense Excess, Tenant shall receive a
credit in the amount of Tenant’s overpayment against Rent next due under this Lease. The failure of Landlord to 

  
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timely furnish the Statement for any Expense Year shall not prejudice Landlord or Tenant from enforcing its rights under this Article 4. Even though the Lease Term has expired and
Tenant has vacated the Premises, when the final determination is made of Tenant’s Direct Expense Excess for the Expense Year in which this Lease terminates, if a Tenant’s Direct Expense Excess is present, Tenant shall pay to Landlord such
amount within thirty (30) days of its receipt of Notice, and if Tenant paid more as Estimated Excess than the actual Tenant’s Direct Expense Excess, Landlord shall, within thirty (30) days, deliver a check payable to Tenant in the
amount of the overpayment. The provisions of this Section 4.4.1 shall survive the expiration or earlier termination of the Lease Term. 
 4.4.2     Statement of Estimated Direct Expenses. In addition, Landlord shall use commercially reasonable efforts to give Tenant a yearly expense estimate statement (the
“Estimate Statement”) which shall set forth Landlord’s reasonable estimate (the “Estimate”) of what the total amount of Direct Expenses for the then-current Expense Year shall be and the estimated amount of
Tenant’s Direct Expense Excess for the then-current Expense Year (the “Estimated Excess”) as calculated by comparing the components of Direct Expenses for such Expense Year, which shall be based upon the Estimate, to the amount
of the components of Direct Expenses for the Base Year. The failure of Landlord to timely furnish the Estimate Statement for any Expense Year shall not preclude Landlord from enforcing its rights to collect any Estimated Excess under this
Article 4, nor shall Landlord be prohibited from revising any Estimate Statement or Estimated Excess theretofore delivered to the extent necessary. Thereafter, Tenant shall pay, with its next installment of Base Rent due, a fraction of
the Estimated Excess for the then-current Expense Year (reduced by any amounts already paid pursuant to this Section 4.4.2). Such fraction shall have as its numerator the number of months which have elapsed in such current Expense Year,
including the month of such payment, and twelve (12) as its denominator. Until a new Estimate Statement is furnished (which Landlord shall have the right to deliver to Tenant at any time), Tenant shall pay monthly, with the monthly Base Rent
installments, an amount equal to one-twelfth (1/12) of the total Estimated Excess set forth in the previous Estimate Statement delivered by Landlord to Tenant. 

4.5     Taxes and Other Charges for Which Tenant Is Directly Responsible. 

4.5.1     Tenant shall be liable for and shall pay at least ten (10) days before delinquency,
taxes levied against Tenant’s equipment, furniture, fixtures and any other personal property located in or about the Premises. If any such taxes on Tenant’s equipment, furniture, fixtures and any other personal property are levied against
Landlord or Landlord’s property or if the assessed value of Landlord’s property is increased by the inclusion therein of a value placed upon such equipment, furniture, fixtures or any other personal property and if Landlord pays the taxes
based upon such increased assessment, which Landlord shall have the right to do regardless of the validity thereof but only under proper protest if requested by Tenant, Tenant shall upon demand repay to Landlord the taxes so levied against Landlord
or the proportion of such taxes resulting from such increase in the assessment, as the case may be. 
 4.5.2
    If the tenant improvements in the Premises, whether installed and/or paid for by Landlord or Tenant and whether or not affixed to the real property so as to become a part thereof, are assessed for real property tax purposes
at a valuation higher than the valuation at which tenant improvements conforming to Landlord’s “building standard” in other space in the Building are assessed, then the Tax Expenses levied against Landlord or the property by reason of
such excess assessed valuation shall be deemed to be taxes levied against personal property of Tenant and shall be governed by the provisions of Section 4.5.1, above. 

4.5.3     Notwithstanding any contrary provision herein, Tenant shall pay prior to delinquency any
(i) rent tax or sales tax, service tax, transfer tax or value added tax, or any other applicable tax on the rent or services herein or otherwise respecting this Lease, (ii) taxes assessed upon or

  
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with respect to the possession, leasing, operation, management, maintenance, alteration, repair, use or occupancy by Tenant of the Premises or any portion of the Project, including the Project
parking facility; or (iii) taxes assessed upon this transaction or any document to which Tenant is a party creating or transferring an interest or an estate in the Premises. Such amounts shall not be reduced by Tenant’s Share. 

ARTICLE 5 
 USE OF PREMISES 
 5.1    
Permitted Use. Tenant shall use the Premises solely for the Permitted Use set forth in Section 7 of the Summary and Tenant shall not use or permit the Premises or the Project to be used for any other purpose or purposes
whatsoever without the prior written consent of Landlord, which may be withheld in Landlord’s sole discretion. Unless expressly provided otherwise, the Premises shall not be used as a medical office, dental office, government office, call
center or server farm, or for any high density or high pedestrian traffic use. 
 5.2    
Prohibited Uses. Tenant covenants and agrees that Tenant shall not use, or suffer or permit any person or persons to use, the Premises or any part thereof for any use or purpose contrary to the provisions of this Lease or of the Rules
and Regulations set forth in Exhibit B, attached hereto, or in violation of the laws of the United States of America, the State in which the Project is located, the ordinances, regulations or requirements of the local municipal or
county governing body or other lawful authorities having jurisdiction over the Project, including any such laws, ordinances, regulations or requirements relating to hazardous materials or substances, as those terms are defined by applicable laws now
or hereafter in effect, or of any Underlying Documents. A violation of the Rules and Regulations by Tenant shall be deemed a Default under this Article 5. Tenant shall not do or permit anything to be done in or about the Premises by it,
its employees, agents, invitees, or guests which will in any way damage the reputation of the Project or obstruct or interfere with standard Building operations or the rights of other tenants or occupants of the Building, or injure or annoy them or
use or allow the Premises to be used for any improper, unlawful or objectionable purpose, nor shall Tenant cause, maintain or permit any nuisance in, on or about the Premises. Tenant shall comply with, and Tenant’s rights and obligations under
the Lease and Tenant’s use of the Premises shall be subject and subordinate to, all Underlying Documents now or hereafter affecting the Project. 
 5.3     Compliance With Law. Tenant shall not do anything or suffer anything to be done in or about the Premises or the Project which will in any way conflict with any
law, statute, ordinance or other governmental rule, regulation or requirement now in force or which may hereafter be enacted or promulgated. At its sole cost and expense, Tenant shall promptly comply with all such governmental measures. Should any
standard or regulation now or hereafter be imposed on Landlord or Tenant by a state, federal or local governmental body charged with the establishment, regulation and enforcement of occupational, health or safety standards for employers, employees,
landlords or tenants, then Tenant agrees, at its sole cost and expense, to comply promptly with such standards or regulations. Tenant shall be responsible, at its sole cost and expense, to make all alterations to the Premises as are required to
comply with the governmental rules, regulations, requirements or standards described in this Article 5, including the Americans With Disabilities Act of 1990, as amended (ADA), and Tenant, at its sole cost and expense, shall make any
changes to the Premises required to accommodate Tenant’s employees with disabilities (it being understood that all work performed by Tenant pursuant to this Section 5.3 shall be subject to the terms and conditions of
Article 8, below); provided, however, that any structural alteration shall only be at Tenant’s cost if it is triggered by Tenant’s particular use of the Premises, or any Tenant requested Alteration. The judgment of any court of
competent jurisdiction or the admission of Tenant in any judicial action, regardless of whether Landlord is a party thereto, that Tenant has violated any of said governmental measures, shall be conclusive of that fact as between Landlord and Tenant.

  
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 Landlord shall be responsible for correcting any violations of the ADA with
respect to the Common Areas of the Building. Notwithstanding the foregoing, Landlord may contest any alleged violations, including, without limitation, the right to apply for and obtain a waiver or deferment of compliance, may assert any and all
defenses permitted by law and may appeal any decisions, judgments or rulings as permitted by law. 
 5.4
    CC&Rs. Tenant shall comply with all recorded covenants, conditions, and restrictions currently affecting the Project of which Tenant has knowledge (the “Current CC&Rs”). Additionally,
Tenant acknowledges that the Project may be subject to any future covenants, conditions, and restrictions and/or amendments to the Current CC&Rs (in any such event, the “Future CC&Rs”) which Landlord, in Landlord’s
discretion, deems reasonably necessary or desirable, and Tenant agrees that this Lease shall be subject and subordinate to the Current CC&Rs and such Future CC&Rs (collectively, the “CC&Rs”) provided they do not
materially adversely affect Tenant’s ability to use the Premises for the Permitted Use, and provided Landlord provides Tenant with a copy of such Future CC&R’s following recordation of the same in the Official Records of San Francisco
County, California. 
 ARTICLE 6 
 SERVICES AND UTILITIES 
 6.1    
Standard Tenant Services. Landlord shall provide the following services on all days (unless otherwise stated below) during the Lease Term. 
 6.1.1     Subject to limitations imposed by all governmental rules, regulations and guidelines applicable thereto, Landlord shall provide heating, ventilation, and air conditioning
(“HVAC”) when necessary for normal comfort for normal office use in the Premises during normal “Building Hours” (as defined in the Rules and Regulations set forth in Exhibit B, attached hereto), except for
the date of observation of New Year’s Day, Independence Day, Labor Day, Memorial Day, Thanksgiving Day, Christmas Day and, at Landlord’s discretion, other locally or nationally recognized holidays (collectively, the “Holidays.
Tenant, upon such advance notice as is reasonably required by Landlord, shall have the right to receive HVAC service during hours other than normal Building Hours; provided Tenant shall pay Landlord the standard charge for the additional service as
reasonably determined by Landlord from time to time. 
 6.1.2     Landlord shall provide
adequate electrical wiring and facilities for connection to Tenant’s lighting fixtures and incidental use equipment, for lighting and power reasonably suitable for the Permitted Use, taking into account Tenant’s usage of personal computers
and other office machines to the extent such usage is consistent with the usage employed by general office users in the Building and at buildings located in the submarket in which the Building is located that are comparable to the Building in class,
age and size; provided further that Tenant’s electrical usage shall be subject to applicable laws and regulations. Tenant shall bear the cost of replacement of lamps, starters and ballasts for non-Building standard lighting fixtures within the
Premises, which shall be replaced/installed only by Landlord. Landlord shall replace Building standard light bulbs/tubes (but not starters or ballasts) at no charge to Tenant. 

6.1.3     Landlord shall provide untreated city water from the regular Building outlets for lavatory
and toilet purposes in the Building Common Areas. 
 6.1.4     Landlord shall provide
Building standard janitorial services to the Premises, except for weekends and the date of observation of the Holidays, in and about the Premises. 

  
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 6.1.5     Subject to emergencies, Landlord shall provide
nonexclusive, non-attended automatic passenger elevator service during the Building Hours, shall have at least one elevator available at all other times, including on the Holidays. 

6.1.6     Landlord shall provide nonexclusive freight elevator service subject to scheduling by
Landlord and subject to charge for after-hours usage. 
 6.1.7     Subject to the provisions
of this Lease and such reasonable access control as Landlord may from time to time reasonably determine (with which Tenant and its employees shall comply), Tenant shall have access to the Building and the Premises twenty-four (24) hours per
day, seven (7) days per week; provided, however, notwithstanding the foregoing, neither Landlord nor any of the “Landlord Parties,” as that term is defined in Section 10.1, below, shall in any case be liable for personal injury,
property damage or otherwise for any error with regard to the admission to or exclusion from the Building or Project of any person. Tenant acknowledges and agrees that any access control provided after Building Hours is not intended to assure
personal safety or to prevent losses from theft. 
 Tenant shall reasonably cooperate fully with Landlord at all
times and abide by all non-discriminatory regulations and requirements that Landlord may reasonably prescribe for the proper functioning and protection of the HVAC, electrical, mechanical and plumbing systems. 

6.2     Overstandard Tenant Use. Tenant shall not, without Landlord’s prior
written consent, use heat-generating machines (Energy Star photocopiers and computer printers excepted), machines other than normal fractional horsepower office machines, or equipment or lighting other than Building standard lights in the Premises,
which may affect the temperature otherwise maintained by the air conditioning system or increase the water normally furnished for the Premises by Landlord pursuant to the terms of Section 6.1 of this Lease. If Tenant uses water,
electricity, heat or air conditioning in excess of that supplied by Landlord pursuant to Section 6.1 of this Lease, Tenant shall pay to Landlord, upon billing, the actual cost of such excess consumption, the cost of the installation,
operation, and maintenance of equipment which is installed in order to supply such excess consumption, and the cost of the increased wear and tear on existing equipment caused by such excess consumption; and Landlord may install devices to
separately meter any increased use and in such event Tenant shall pay the increased cost directly to Landlord, on demand, at the rates charged by the public utility company furnishing the same, including the cost of installing, testing and
maintaining of such additional metering devices. Tenant’s use of electricity shall never exceed the capacity of the feeders to the Project or the risers or wiring installation and if it does, Tenant shall be responsible for upgrading same at
its sole cost and expense. Subject to the terms of Section 29.31, below, Tenant shall not install or use or permit the installation or use of any computer or electronic data processing equipment in the Premises (other than personal
computers and local area networks), without the prior written consent of Landlord. If Tenant desires to use heat, ventilation or air conditioning during hours other than those for which Landlord is obligated to supply such utilities pursuant to the
terms of Section 6.1 of this Lease, Tenant shall give Landlord such prior Notice, if any, as Landlord shall from time to time establish as appropriate, of Tenant’s desired use in order to supply such utilities, and Landlord shall
supply such utilities to Tenant at such hourly cost per zone to Tenant (which shall be treated as Additional Rent) as Landlord shall from time to time establish. 

6.3     Interruption of Use. Tenant agrees that Landlord shall not be liable for
damages, by abatement of Rent or otherwise, for failure to furnish or delay in furnishing any service (including telephone and telecommunication services, if any), or for any diminution in the quality or quantity thereof, when such failure or delay
or diminution is occasioned, in whole or in part, by breakage, repairs, replacements, or improvements, by any strike, lockout or other labor trouble, by inability to secure electricity, gas, water, or other fuel at the Building or Project after
reasonable effort to do so, by any riot or other dangerous condition, emergency, accident or casualty whatsoever, by act or breach or Default of 

  
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Tenant or other parties, or by any other cause beyond Landlord’s reasonable control; and such failures or delays or diminution shall never be deemed to constitute an eviction or disturbance
of Tenant’s use and possession of the Premises or relieve Tenant from paying Rent or performing any of its obligations under this Lease. Furthermore, Landlord shall not be liable under any circumstances for a loss of, or injury to, property or
for injury to, or interference with, Tenant’s business, including loss of profits or other consequential damages, however occurring, through or in connection with or incidental to a failure to furnish any of the services or utilities as set
forth in this Article 6. In the event of a service interruption, Landlord shall use commercially reasonable efforts to restore the services. 
 ARTICLE 7 
 REPAIRS 

Tenant shall, at Tenant’s own expense, keep the Premises, including all improvements, fixtures, furnishings, and
systems and equipment therein (including plumbing fixtures and equipment such as dishwashers, garbage disposals, refrigerators, coffee makers and Insta Hot and similar dispensers), and the portion of the floor or floors of the Building on which the
Premises are located, in good order, repair and condition at all times during the Lease Term. In addition, Tenant shall, at Tenant’s own expense, but under the supervision and subject to the prior approval of Landlord, and within any reasonable
period of time specified by Landlord, promptly and adequately repair all damage to the Premises and replace or repair all damaged, broken, or worn fixtures and appurtenances, except for damage caused by ordinary wear and tear or beyond the
reasonable control of Tenant; provided however, that, at Landlord’s option, or if Tenant fails to make such repairs within thirty (30) days after its receipt of Notice from Landlord, Landlord may, but need not, make such repairs and
replacements, and Tenant shall pay Landlord the cost thereof, including a ten percent (10%) supervisory fee forthwith upon being billed therefor. Notwithstanding the foregoing, Landlord shall be responsible for repairs to the exterior walls,
foundation and roof of the Building, the structural portions of the floors of the Building, the Common Areas, and the base building systems and equipment of the Building, except to the extent that such repairs are required due to the negligence or
willful misconduct of Tenant; provided, however, that if such repairs are due to the negligence or willful misconduct of Tenant, Landlord shall nevertheless make such repairs at Tenant’s expense, or, if covered by Landlord’s insurance,
Tenant shall only be obligated to pay any deductible in connection therewith. Upon twenty four (24) hours notice (except in an emergency), which may be given via email or orally, Landlord may, but shall not be required to, enter the Premises at
all reasonable times to make such repairs, alterations, improvements or additions to the Premises or to the Project or to any equipment located in the Project as Landlord shall desire or deem necessary or as Landlord may be required to do by
governmental or quasi-governmental authority or court order or decree. Except in an emergency, Tenant shall be entitled to require that an employee of Tenant accompany Landlord during such entry into the Premises, provided Tenant makes such employee
available at the time Landlord desires to enter the Premises. Tenant hereby waives any and all rights under and benefits of subsection 1 of Section 1932 and Sections 1941 and 1942 of the California Civil Code or under any similar law,
statute, or ordinance now or hereafter in effect. 
 ARTICLE 8 

ADDITIONS AND ALTERATIONS 
 8.1     Landlord’s Consent to Alterations. Tenant may not make any improvements, alterations, additions or changes to the Premises or any mechanical, plumbing or
HVAC facilities or systems pertaining to the Premises, including any cabling or fixturization, but excluding minor fixturization incidental to installation of workstations (collectively, the “Alterations”), without first procuring
the prior written consent of Landlord to such Alterations, which consent shall be requested by 

  
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Tenant not less than thirty (30) days prior to the commencement thereof, and which consent shall not be unreasonably withheld by Landlord, provided it shall be deemed reasonable for Landlord
to withhold its consent to any Alterations which modify the structural portions or the systems or equipment of the Building, are visible from the exterior of the Building or would reduce the marketability of the Premises or their fair market rental
rate. Notwithstanding the foregoing, Tenant shall be permitted to make Alterations following ten (10) business days Notice to Landlord, but without Landlord’s prior consent, to the extent that such Alterations are decorative only (i.e.,
installation of carpeting or painting of the Premises using Building standard materials, finishes and colors and not visible from the exterior of the Premises). The construction of the initial improvements to the Premises shall be governed by the
terms of the Tenant Work Letter and not the terms of this Article 8. 
 8.2    
Manner of Construction. Landlord may impose, as a condition of its consent to any and all Alterations or repairs of the Premises or about the Premises, such requirements as Landlord in its reasonable discretion may deem desirable,
including the requirement that Tenant utilize for such purposes only contractors, subcontractors, materials, mechanics and materialmen selected by Tenant from a list provided and approved by Landlord and the requirement that upon Landlord’s
request (which shall be made, if at all, at the time of the granting of its consent if specifically requested by Tenant), Tenant shall, at Tenant’s expense, remove such Alterations upon the expiration or any early termination of the Lease Term.
Tenant shall construct such Alterations and perform such repairs in a good and workmanlike manner, diligently and without material cessation, delay or interruption, in conformance with any and all applicable federal, state, county or municipal laws,
rules and regulations and pursuant to a valid building permit, issued by the municipality in which the Building is located all in conformance with Landlord’s commercially reasonable written construction rules and regulations and reasonable
additional directives; provided, however, that prior to commencing to construct any Alteration, Tenant shall meet with Landlord to discuss Landlord’s design parameters and code compliance issues. In the event Tenant performs any Alterations in
the Premises which require or give rise to governmentally required changes to the “Base Building,” as that term is defined below, then Landlord shall, at Tenant’s expense, make such changes to the Base Building. The “Base
Building” shall include the structural portions of the Building, and the public restrooms, elevators, exit stairwells, paths of travel and the systems and equipment located in the internal core of the Building on the floor or floors on
which the Premises are located. In performing the work of any such Alterations, Tenant shall have the work performed in such manner so as not to obstruct access to the Project or any portion thereof, by any other tenant of the Project, and so as not
to obstruct the business of Landlord or other tenants in the Project. Tenant shall not use (and upon Notice from Landlord shall cease using) contractors, services, workmen, labor, materials or equipment that, in Landlord’s reasonable judgment,
would disturb labor harmony with the workforce or trades engaged in performing other work, labor or services in or about the Building or the Common Areas. In addition to Tenant’s obligations under Article 9 of this Lease, upon
completion of any Alterations, Tenant agrees to cause a Notice of Completion to be recorded in the office of the recorder of the county in which the Building is located in accordance with Section 3093 of the California Civil Code or any
successor statute and furnish a copy thereof to Landlord upon recordation, and timely give all notices required pursuant to Section 3259.5 of the California Civil Code or any successor statute (failing which, Landlord may itself execute and
file such Notice of Completion and give such notices on behalf of Tenant as Tenant’s agent for such purpose), and Tenant shall deliver to the Project construction manager a reproducible copy of the “as built” drawings of the
Alterations as well as all permits, approvals and other documents issued by any governmental agency in connection with the Alterations. 
 8.3     Payment for Improvements. If payment is made by Tenant directly to contractors, Tenant shall (i) obtain final lien releases and waivers in the form
proscribed by statute in connection with Tenant’s payment for work to contractors, and (ii) sign Landlord’s standard commercially reasonable contractor’s rules and regulations. If Tenant orders any work directly from Landlord,
Tenant shall pay to Landlord an amount equal to Landlord’s then current standard fee to compensate Landlord for all 

  
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overhead, general conditions, fees and other costs and expenses arising from Landlord’s involvement with such work. If Tenant does not order any work directly from Landlord, Tenant shall
reimburse Landlord for Landlord’s reasonable, out-of-pocket costs and expenses actually incurred in connection with Landlord’s review of such work plus a meeting and review fee equal to five percent (5%) of the total cost of the work.

 8.4     Construction Insurance. In addition to the requirements of
Article 10 of this Lease, in the event that Tenant makes any Alterations, prior to the commencement of such Alterations, Tenant shall provide Landlord with evidence that Tenant carries “Builder’s All Risk” insurance
in an amount approved by Landlord covering the construction of such Alterations, and such other insurance as Landlord may reasonably require, it being understood and agreed that all of such Alterations shall be insured by Tenant pursuant to
Article 10 of this Lease immediately upon completion thereof. In addition, Landlord may, in its discretion, require Tenant to obtain a lien and completion bond or some alternate form of security satisfactory to Landlord in an amount
sufficient to ensure the lien-free completion of such Alterations and naming Landlord as a co-obligee. 

8.5     Landlord’s Property. All Alterations, improvements, fixtures, equipment
and/or appurtenances which may be installed or placed in or about the Premises, from time to time, shall be at the sole cost of Tenant and shall be and become the property of Landlord upon the expiration or earlier termination of this Lease, except
that Tenant may remove any fixtures and/or equipment (e.g., additional HVAC or chillers) which Tenant can substantiate to Landlord have not been paid for with any Tenant improvement allowance funds provided to Tenant by Landlord, provided
Tenant repairs any damage to the Premises and Building caused by such removal and returns the affected portion of the Premises to a building standard tenant improved condition as determined by Landlord. Furthermore, subject to the provisions set
forth in Section 8.2 above, Landlord may, by Notice to Tenant prior to the end of the Lease Term, or given following any earlier termination of this Lease, require Tenant, at Tenant’s expense, to remove any Alterations and/or improvements
and/or systems and equipment within the Premises and to repair any damage to the Premises and Building caused by such removal and return the affected portion of the Premises to a building standard tenant improved condition as determined by Landlord.
If Tenant fails to complete such removal and/or to repair any damage caused by the removal of any Alterations and/or improvements and/or systems and equipment in the Premises and return the affected portion of the Premises to a building standard
tenant improved condition as reasonably determined by Landlord, (i) Landlord may do so and may charge the cost thereof to Tenant, and (ii) Tenant shall be deemed to be in holdover until such time as the removal and restoration is completed
(and, accordingly, the terms of Article 16 of this Lease shall be applicable during such period). Tenant hereby protects, defends, indemnifies and holds the Landlord Parties harmless from any liability, cost, obligation, expense or claim
of lien in any manner relating to the installation, placement, removal or financing of any such Alterations, improvements, fixtures and/or equipment in, on or about the Premises, which obligations of Tenant shall survive the expiration or earlier
termination of this Lease. Landlord shall not under any circumstances be liable to any equipment lessor or construction lender for loss or other impairment of their collateral. 
 ARTICLE 9 
 COVENANT AGAINST LIENS 

Tenant shall keep the Project and Premises free from any liens or encumbrances arising out of the work performed,
materials furnished or obligations incurred by or on behalf of Tenant, other than the Tenant Improvements to be constructed pursuant to Exhibit D, and shall protect, defend, indemnify and hold Landlord harmless from and against any claims,
liabilities, judgments or costs (including reasonable attorneys’ fees and costs) arising out of same or in connection therewith. Tenant shall give Landlord Notice at least twenty (20) days prior to the commencement of any such work on the
Premises (or such 

  
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additional time as may be necessary under applicable laws) to afford Landlord the opportunity of posting and recording appropriate notices of non-responsibility. Tenant shall remove any such lien
or encumbrance by bond or otherwise within ten (10) business days after Notice by Landlord, and if Tenant shall fail to do so, Landlord may pay the amount necessary to remove such lien or encumbrance, without being responsible for investigating
the validity thereof. The amount so paid shall be deemed Additional Rent under this Lease payable upon demand, without limitation as to other remedies available to Landlord under this Lease. Nothing contained in this Lease shall authorize Tenant to
do any act which shall subject Landlord’s title to the Building or Premises to any liens or encumbrances whether claimed by operation of law or express or implied contract. Any claim to a lien or encumbrance upon the Building or Premises
arising in connection with any such work or respecting the Premises not performed by or at the request of Landlord shall be null and void, or if required by law shall attach only against Tenant’s interest in the Premises and shall in all
respects be subordinate to Landlord’s title to the Project, Building and Premises. 
 ARTICLE 10 

INSURANCE 
 10.1     Indemnification and Waiver. Subject to the terms of Section 10.5 below, and except to the extent arising from the gross negligence or willful misconduct of
Landlord, Tenant hereby assumes all risk of damage to property or injury to persons in, upon or about the Premises from any cause whatsoever (including any personal injuries resulting from a slip and fall in, upon or about the Premises) and agrees
that Landlord, its partners, subpartners and their respective officers, agents, servants, employees, and independent contractors (collectively, “Landlord Parties”) shall not be liable for, and are hereby released from any
responsibility for, any damage either to person or property or resulting from the loss of use thereof, which damage is sustained by Tenant or by other persons claiming through Tenant. Tenant shall indemnify, defend, protect, and hold harmless the
Landlord Parties from any and all loss, cost, damage, expense and liability (including court costs, reasonable attorneys’ fees and expert witness fees) to the extent incurred in connection with or arising from any cause in, on or about the
Premises (including a slip and fall), any acts, omissions or negligence of Tenant or of any person claiming by, through or under Tenant, or of the contractors, agents, servants, employees, invitees, guests or licensees of Tenant or any such person,
in, on or about the Project or any breach of the terms of this Lease, either prior to, during, or after the expiration of the Lease Term, provided that the terms of the foregoing indemnity shall not apply to the gross negligence or willful
misconduct of Landlord. The provisions of this Section 10.1 shall survive the expiration or sooner termination of this Lease with respect to any claims or liability arising in connection with any event occurring prior to such expiration
or termination. Notwithstanding anything in Article 10 of the Lease to the contrary, Landlord and Landlord’s Parties shall indemnify, defend and hold Tenant harmless from and against any and all liability and claims of any kind for loss or
damage to any person or property arising out of or in connection with: (i) any breach or default by Landlord or Landlord’s Parties of any of Landlord’s obligations under this Lease; or (ii) any negligent or otherwise tortious act
or omission of Landlord or Landlord’s Parties. 
 10.2     Landlord’s
Insurance. Landlord shall insure the Building during the Lease Term against loss or damage due to fire and other casualties covered within the classification of fire and extended coverage, vandalism coverage and malicious mischief, sprinkler
leakage, water damage and special extended coverage. Such coverage shall be in such amounts, with such deductibles, from such companies, and on such other terms and conditions, as Landlord may from time to time reasonably determine. Landlord shall
also carry rent continuation insurance. Additionally, at the option of Landlord, such insurance coverage may include the risks of earthquakes and/or flood damage and additional hazards, a rental loss endorsement and one or more loss payee
endorsements in favor of the holders of any mortgages or deeds of trust encumbering the interest of Landlord in the Building or the ground or underlying lessors of the Building, or any portion thereof. Notwithstanding the foregoing provisions of

  
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this Section 10.2, the coverage and amounts of insurance carried by Landlord in connection with the Building shall, at a minimum, be comparable to the coverage and amounts of
insurance which are carried by reasonably prudent landlords of buildings comparable to and in the vicinity of the Building (provided that in no event shall Landlord be required to carry, although it may at its sole option carry, earthquake
insurance). Landlord may carry some or all of the insurance in connection with the Project under a blanket policy or policies which cover other properties owned or managed by Landlord or any affiliates of Landlord, in which event Insurance Expenses
shall include an equitable allocation of the cost of such insurance, as determined by Landlord. Landlord may also elect to carry some or all of the insurance in connection with the Project by a program of co-insurance and/or self-insurance. Tenant
shall, at Tenant’s expense, comply with all insurance company requirements pertaining to the use of the Premises. If Tenant’s conduct or use of the Premises (regardless of Landlord’s approval of said use) causes any increase in the
premium for such insurance policies then Tenant shall reimburse Landlord for any such increase. Tenant, at Tenant’s expense, shall comply with all rules, orders, regulations or requirements of the American Insurance Association (formerly the
National Board of Fire Underwriters) and with any similar body. 
 10.3    
Tenant’s Insurance. Tenant shall maintain the following coverages in the following amounts. 

10.3.1     Commercial General Liability Insurance (ISO occurrence form CG 00 01 or its substantially
similar successor form) covering the insured against claims of bodily injury, personal injury and property damage (including loss of use thereof) arising out of Tenant’s operations, and contractual liabilities (covering the performance by
Tenant of its indemnity agreements) including a Broad Form endorsement covering the insuring provisions of this Lease and the performance by Tenant of the indemnity agreements set forth in Section 10.1 of this Lease, for limits of
liability not less than: 
  

			
	 Bodily Injury and Property Damage Liability
	  	 $3,000,000 each occurrence
 $3,000,000 annual aggregate

		
	 Personal Injury Liability
	  	 $3,000,000 each occurrence
 $3,000,000 annual aggregate
 0% Insured’s participation

 10.3.2     Commercial Property Insurance (ISO special causes of loss
form CP 10 30 or its substantially similar successor form) covering (i) all office furniture, business and trade fixtures, office equipment, free-standing cabinet work, movable partitions, merchandise and all other items of Tenant’s
property on the Premises installed by, for, or at the expense of Tenant, (ii) any other improvements which exist in the Premises as of the Commencement Date (excluding the Base Building) (the “Original Improvements”), and
(iii) all other improvements, alterations and additions to the Premises. Such insurance shall be for the full replacement cost (subject to reasonable deductible amounts not to exceed $5,000.00) new without deduction for depreciation of the
covered items and in amounts that meet any co-insurance clauses of the policies of insurance and shall include coverage for damage or other loss caused by fire or other peril including vandalism and malicious mischief, theft, water damage of any
type (including sprinkler leakage and bursting or stoppage of pipes), and explosion, and providing business interruption coverage for a period of one year. 
 10.3.3     Worker’s Compensation Insurance pursuant to all applicable state and local statutes and regulations, and Employer’s Liability Insurance with limits not less than
$1,000,000.00 per accident for bodily injury or disease. 

  
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 10.3.4 Business Auto Liability Insurance with limits of not less than
$1,000,000.00 per accident. 
 10.3.5 Business interruption, loss of income and extra expense insurance in
amounts sufficient to pay for Tenant’s expenses and lost income attributable to perils commonly insured against by prudent tenants or attributable to prevention of access to the Premises as a result of such perils. 

10.4     Form of Policies. The minimum limits of policies of insurance required of
Tenant under this Lease shall in no event limit the liability of Tenant under this Lease. Such insurance shall (i) name as additional insureds Landlord, and the other Additional Insureds listed in Section 16 of the Summary, and any other
party Landlord hereafter so specifies to Tenant via written Notice, together with their “Related Parties” defined as their parents, affiliates, managers, members, directors, officers, employees, subsidiaries, successors, lenders (if
required by loan agreements), and their successors and assigns, it being the intent of this Section to trigger the additional insured coverage under any “automatic additional insured” provision of, or endorsement to, Tenant’s
insurance policies; (ii) specifically cover the liability assumed by Tenant under this Lease, including Tenant’s obligations under Section 10.1 of this Lease; (iii) be issued by an insurance company having a rating of not
less than A:X in Best’s Insurance Guide or which is otherwise acceptable to Landlord and authorized to do business in the State in which the Project is located; (iv) be primary insurance as to all claims thereunder and provide that any
insurance carried by Landlord is excess and is non-contributing with any insurance requirement of Tenant; (v) be in form and content reasonably acceptable to Landlord; and (vi) provide that said insurance shall not be canceled or coverage
changed unless the insurer endeavors to provide and Tenant does provide thirty (30) days’ prior Notice to Landlord and any mortgagee of Landlord. Tenant shall deliver said policy or policies or certificates thereof to Landlord on or before
the Commencement Date and at least ten (10) days before the expiration dates thereof. In the event Tenant shall fail to procure such insurance, or to deliver such policies or certificate, Landlord may, at its option, procure such policies for
the account of Tenant, and the cost thereof shall be paid to Landlord within five (5) days after delivery to Tenant of bills therefor, together with a fifteen percent (15%) service charge. Tenant’s insurance required under this
Section may be provided under a blanket policy or policies which includes other liabilities, properties, and locations so long as coverage is not reduced or adversely affected 

10.5     Subrogation. Landlord and Tenant intend that their respective property loss
risks shall be borne by reasonable insurance carriers to the extent above provided, and, except with respect to any applicable deductible amounts, Landlord and Tenant hereby agree to look solely to, and seek recovery only from, their respective
insurance carriers in the event of a property loss to the extent that such coverage is agreed to be provided hereunder. The parties each hereby waive all rights and claims against each other for such losses (except with respect to any applicable
deductible amounts), and waive all rights of subrogation of their respective insurers, provided such waiver of subrogation shall not affect the right to the insured to recover thereunder. The parties agree that their respective insurance policies
are now, or shall be, endorsed such that the waiver of subrogation shall not affect the right of the insured to recover thereunder, so long as no material additional premium is charged therefor. 

10.6     Additional Insurance Obligations. Tenant shall carry and maintain during the
entire Lease Term, at Tenant’s sole cost and expense, increased amounts of the insurance required to be carried by Tenant pursuant to this Article 10 and such other reasonable types of insurance coverage and in such reasonable
amounts covering the Premises and Tenant’s operations therein, as may be reasonably requested by Landlord, but in no event in excess of the amounts and types of insurance then being required by landlords of buildings comparable to and in the
vicinity of the Building. 

  
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 ARTICLE 11 

DAMAGE AND DESTRUCTION 
 11.1     Repair of Damage to Premises by Landlord. If, during the Term of this Lease, the Premises or portions of the Building or Project necessary for Tenant’s
reasonable use and occupancy of the Premises are damaged by fire or other casualty covered by property damage insurance carried by either party, Landlord shall take diligent steps to adjust the loss, secure a building permit, and restore the
Premises, Building, and Project as required, provided (a) such repairs can, in Landlord’s reasonable opinion, be substantially completed within one hundred eighty (180) days after such damage, (b) insurance proceeds are available
to pay eighty percent (80%) or more of the cost of restoration (taking into account any changes in building codes and/or other additional requirements imposed by the building department), (c) the holder of any mortgage on the Building or
Project or ground lessor with respect to the Building or Project shall not require that the insurance proceeds or any portion thereof be used to retire the mortgage debt, or shall not terminate the ground lease, as the case may be, (d) the
damage does not occur during the last twelve (12) months of the Lease Term and (e) Tenant performs its obligations hereunder. Tenant understands and agrees that the Premises, Building, and or Project may not be restored identically as
before, due to changes in building or zoning codes and/or Landlord’s desire to reconfigure the Building or Project. Tenant shall promptly notify Landlord of any such damage or destruction and shall take reasonable steps to prevent further
damage and to secure the Premises, until Landlord has had a reasonable time in which to assume such responsibilities. Within not more than one hundred twenty (120) days after the damage or destruction, Landlord shall give written Notice to
Tenant (the “Damage or Destruction Notice”) of its intent to restore the Premises, Building, and/or Project, or to terminate the Lease as a result of the failure of one or more of the conditions set forth in (a)-(e) above, in
which case, Landlord’s Damage or Destruction Notice shall also include a termination date giving Tenant thirty (30) days to vacate the Premises. Landlord may elect to restore the Premises, Building, and/or Project notwithstanding the
failure of any of the conditions set forth in clauses (a)-(e) above. The Damage or Destruction Notice shall also, if Landlord is required to or elects to restore, set forth Landlord’s reasonable estimate of the time required for
restoration after issuance of any required building permit. This Lease shall continue in full force and effect, but, provided no act of Tenant has impaired Landlord’s recovery under its rental interruption insurance, Tenant shall be entitled to
a proportionate reduction of Rent to the extent Tenant’s use of the Premises is impaired, commencing with the date of damage and continuing until substantial completion of the restoration. 

11.2     Landlord’s Work/Tenant’s Work. Landlord, at its sole option, may
perform the entire work necessary to restore both the shell of the Building and Original Improvements, or may require Tenant to perform the construction necessary to restore the Original Improvements, if the same were constructed by Tenant and not
by Landlord and comprise a substantial portion of the improvements in the Premises. Provided Landlord performs the entirety of the work, Tenant shall assign to Landlord (or any party designated by Landlord) all insurance proceeds payable to Tenant
under Tenant’s insurance required under Section 10.3 of this Lease. If Tenant’s insurance proceeds are insufficient to cover the costs of restoring the Original Improvements in the Premises, Tenant shall deposit the difference
with Landlord prior to the commencement of construction. Notwithstanding anything to the contrary contained herein, if Landlord elects to restore and Tenant fails to perform any of its obligations hereunder, or an event of Default has occurred,
Landlord may cease performing the restoration work and Landlord’s obligations under this Section 11 shall be forgiven until such time as such Default is cured pursuant to the terms of this Lease. Tenant may reasonably reconfigure the
Premises during restoration provided (a) reconfiguration will not delay restoration and (b) Tenant’s insurance proceeds and/or separate contribution from Tenant will be sufficient to pay for the costs of reconfiguration. Tenant
understands and agrees that changes in building codes/ADA may require reconfiguration of the Premises even where Tenant desires to retain the existing configuration. Landlord shall not be liable for any loss of business

  
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inconvenience or annoyance arising from any repair or restoration of the Premises, Building or Project as a result of any damage from fire or other casualty. 

11.3     Tenant’s Option to Terminate. Notwithstanding Landlord’s requirement
or election to restore the Premises, Building, and/or Project following any damage or destruction, Tenant shall have the right to terminate this Lease on ten (10) days Notice given to Landlord not more than twenty (20) days after
Tenant’s receipt of Landlord’s Damage or Destruction Notice, but only if the Damage or Destruction Notice indicates that Landlord reasonably estimates restoration will take more than one hundred eighty (180) days after the date of the
damage. 
 11.4     Waiver of Statutory Provisions. The provisions of this
Lease, including this Article 11, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, the Building or the Project, and any statute or
regulation of the State of California, including Sections 1932(2) and 1933(4) of the California Civil Code, with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties,
and any other statute or regulation, now or hereafter in effect, shall have no application to this Lease or any damage or destruction to all or any part of the Premises, the Building or the Project. 

ARTICLE 12 
 NONWAIVER 
 No provision of this Lease shall be
deemed waived by either party hereto unless expressly waived in a writing signed thereby. The waiver by either party hereto of any breach of any term, covenant or condition herein contained shall not be deemed to be a waiver of any subsequent breach
of same or any other term, covenant or condition herein contained. The subsequent acceptance of Rent hereunder by Landlord shall not be deemed to be a waiver of any preceding breach by Tenant of any term, covenant or condition of this Lease, other
than the failure of Tenant to pay the particular Rent so accepted, regardless of Landlord’s knowledge of such preceding breach at the time of acceptance of such Rent. No acceptance of a lesser amount than the Rent herein stipulated shall be
deemed a waiver of Landlord’s right to receive the full amount due, nor shall any endorsement or statement on any check or payment or any letter accompanying such check or payment be deemed an accord and satisfaction, and Landlord may accept
such check or payment without prejudice to Landlord’s right to recover the full amount due. No receipt of monies by Landlord from Tenant after the termination of this Lease shall in any way alter the length of the Lease Term or of Tenant’s
right of possession hereunder, or after the giving of any Notice shall reinstate, continue or extend the Lease Term or affect any Notice given Tenant prior to the receipt of such monies, it being agreed that after the service of Notice or the
commencement of a suit, or after final judgment for possession of the Premises, Landlord may receive and collect any Rent due, and the payment of said Rent shall not waive or affect said Notice, suit or judgment. 

ARTICLE 13 
 CONDEMNATION 
 If the whole or any part of the
Premises, Building or Project shall be taken by power of eminent domain or condemned by any competent authority for any public or quasi-public use or purpose, or if any adjacent property or street shall be so taken or condemned, or reconfigured or
vacated by such authority in such manner as to require the surrender, reconstruction or remodeling of any part of the Premises, Building or Project, or if Landlord shall grant a deed or other instrument in lieu of such taking by eminent domain or
condemnation, Landlord shall have the option to terminate this Lease effective as of the date 

  
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possession is required to be surrendered to the authority. If more than twenty-five percent (25%) of the rentable square feet of the Premises is taken, or if access to the Premises is
substantially impaired, in each case for a period in excess of one hundred eighty (180) days, Tenant shall have the option to terminate this Lease effective as of the date possession is required to be surrendered to the authority. Tenant shall
not assert any claim against Landlord or the authority for any compensation because of such taking and Landlord shall be entitled to the entire award or payment in connection therewith, except that Tenant shall have the right to file any separate
claim available to Tenant for any taking of Tenant’s personal property and fixtures belonging to Tenant and removable by Tenant upon expiration of the Lease Term pursuant to the terms of this Lease, and for moving expenses, so long as such
claims do not diminish the award available to Landlord, its ground lessor with respect to the Building or Project or its mortgagee, and such claim is payable separately to Tenant. All Rent shall be apportioned as of the date of such termination. If
any part of the Premises shall be taken, and this Lease shall not be so terminated, the Rent shall be proportionately abated. Tenant hereby waives any and all rights it might otherwise have pursuant to Section 1265.130 of The California Code of
Civil Procedure. Notwithstanding anything to the contrary contained in this Article 13, in the event of a temporary taking of all or any portion of the Premises for a period of one hundred and eighty (180) days or less, then this
Lease shall not terminate but the Base Rent and the Additional Rent shall be abated for the period of such taking in proportion to the ratio that the amount of rentable square feet of the Premises taken bears to the total rentable square feet of the
Premises. Landlord shall be entitled to receive the entire award made in connection with any such temporary taking. 

ARTICLE 14 
 ASSIGNMENT AND SUBLETTING 

14.1     Transfers. Tenant shall not, without the prior written consent of Landlord,
which is subject to Landlord’s reasonable review and consideration as to assignments and subleases only, assign, mortgage, pledge, hypothecate, encumber, or permit any lien to attach to, or otherwise transfer, this Lease or any interest
hereunder, permit any assignment, or other transfer of this Lease or any interest hereunder by operation of law, sublet the Premises or any part thereof, or enter into any license or concession agreements or otherwise permit the occupancy or use of
the Premises or any part thereof by any persons other than Tenant and its employees and contractors (all of the foregoing are hereinafter sometimes referred to collectively as “Transfers” and any person to whom any Transfer is made
or sought to be made is hereinafter sometimes referred to as a “Transferee”). If Tenant desires Landlord’s consent to any Transfer, Tenant shall notify Landlord in writing, which Notice (the “Transfer Notice”)
shall include (i) the proposed effective date of the Transfer, which shall not be less than thirty (30) days nor more than one hundred eighty (180) days after the date of delivery of the Transfer Notice, (ii) a description of the
portion of the Premises to be transferred (the “Subject Space”) which must be separately demisable if not the entirety of the Premises or the entirety of an existing separately demised suite, (iii) all of the material terms of
the proposed Transfer and the consideration therefor, including calculation of the “Transfer Premium”, as that term is defined in Section 14.3 below, in connection with such Transfer, the name and address of the proposed
Transferee, and a copy of all existing executed and/or proposed documentation pertaining to the proposed Transfer, including all existing operative documents to be executed to evidence such Transfer or the agreements incidental or related to such
Transfer, provided that Landlord shall have the right to require Tenant to utilize Landlord’s standard form of master Landlord consent document in connection with the documentation of the approval of such Transfer, and (iv) current
financial statements of the proposed Transferee (and financial statements for such Transferee’s prior two (2) fiscal years) and any proposed guarantor certified by an officer, partner or owner thereof, business credit and personal
references and history of the proposed Transferee and any other information reasonably required by Landlord which will enable Landlord to determine the financial responsibility, character, and reputation of the proposed Transferee, nature of such
Transferee’s business and proposed use of the Subject Space, 

  
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and (v) an executed estoppel certificate from Tenant in the form attached hereto as Exhibit E. Any Transfer made without Landlord’s prior written consent shall, at
Landlord’s option, be null, void and of no effect, and shall, at Landlord’s option, constitute a Default by Tenant under this Lease. Whether or not Landlord consents to any proposed Transfer, Tenant shall pay Landlord’s actual, out of
pocket expenses including reasonable attorneys’ fees incurred in connection with the proposed Transfer up to the maximum aggregate sum of $1,500.00, upon the earlier to occur of Landlord’s consent, or within thirty (30) days after
written request by Landlord. 
 14.2     Landlord’s Consent. Landlord
shall not unreasonably condition, withhold or delay its consent to any proposed assignment or sublease of the Subject Space to the Transferee on the terms specified in the Transfer Notice. Without limitation as to other reasonable grounds for
conditioning, withholding or delaying consent, the parties hereby agree that it shall be reasonable under this Lease and under any applicable law for Landlord to condition, delay, or withhold consent to any proposed Transfer where one or more of the
following apply: 
 14.2.1     The Transferee is of a character or reputation or engaged in
a business which is not consistent with the quality of the Building or the Project; 

14.2.2     The Transferee intends to use the Subject Space for purposes which are not permitted under
this Lease; 
 14.2.3     The Transferee is either a governmental agency or instrumentality
thereof or a nonprofit organization; 
 14.2.4     The Transferee is not a party of
reasonable financial worth and/or financial stability in light of the responsibilities to be undertaken in connection with the Transfer on the date consent is requested; 

14.2.5     The proposed Transfer would cause a violation of another lease for space in the Project,
or would give an occupant of the Project a right to cancel its lease; or 
 14.2.6    
Either the proposed Transferee, or any person or entity which directly or indirectly, controls, is controlled by, or is under common control with, the proposed Transferee, (i) occupies space in the Project at the time of the request for
consent, or (ii) is negotiating with Landlord or has negotiated with Landlord during the six (6) month period immediately preceding the date Landlord receives the Transfer Notice, to lease space in the Project. 

If Landlord consents to any assignment or sublease pursuant to the terms of this Section 14.2 (and does not
exercise any recapture rights Landlord may have under Section 14.4 of this Lease) or to any other Transfer, Tenant may within six (6) months after Landlord’s consent, but not later than the expiration of said six-month period,
enter into such Transfer of the Premises or portion thereof, upon substantially the same terms and conditions as are set forth in the Transfer Notice furnished by Tenant to Landlord pursuant to Section 14.1 of this Lease and subject to
any additional reasonable conditions imposed by Landlord, provided that if there are any material changes in the terms and conditions from those specified in the Transfer Notice (i) such that Landlord would initially have been entitled to
refuse its consent to such Transfer under this Section 14.2, or (ii) which would cause the proposed Transfer to be more favorable to the Transferee than the terms set forth in Tenant’s original Transfer Notice, Tenant shall
again submit the Transfer to Landlord for its approval and other action under this Article 14 (including Landlord’s right of recapture, if any, under Section 14.4 of this Lease). Notwithstanding anything to the contrary
in this Lease, if Tenant or any proposed Transferee claims that Landlord has unreasonably withheld or delayed its consent under Section 14.2 or otherwise has breached or acted unreasonably under

  
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this Article 14, their sole remedy shall be a suit declaratory judgment and an injunction for the relief sought, and Tenant hereby waives all other remedies, including any right at
law or equity to terminate this Lease or seek damages, on its own behalf and, to the extent permitted under all applicable laws, on behalf of the proposed Transferee. 

14.3     Transfer Premium. If Landlord consents to a Transfer, as a condition thereto
which the parties hereby agree is reasonable, Tenant shall pay to Landlord fifty percent (50%) of any “Transfer Premium,” as that term is defined in this Section 14.3, received by Tenant from such Transferee.
“Transfer Premium” shall mean all rent, additional rent or other consideration payable by such Transferee in connection with the Transfer in excess of the Rent and Additional Rent payable by Tenant under this Lease during the term
of the Transfer on a per rentable square foot basis if less than all of the Premises is transferred. “Transfer Premium” shall also include, but not be limited to, key money, bonus money or other cash consideration paid by Transferee to
Tenant in connection with such Transfer, and any payment in excess of fair market value for services rendered by Tenant to Transferee or for assets, fixtures, inventory, equipment, or furniture transferred by Tenant to Transferee in connection with
such Transfer. The determination of the amount of Landlord’s applicable share of the Transfer Premium shall be made on a monthly basis as rent or other consideration is received by Tenant under the Transfer. 

14.4     Landlord’s Option as to Subject Space. Notwithstanding anything to the
contrary contained in this Article 14, in the event Tenant contemplates a Transfer of all of the Premises, Tenant shall give Landlord Notice (the “Intention to Transfer Notice”) of such contemplated Transfer (whether or
not the contemplated Transferee or the terms of such contemplated Transfer have been determined). The Intention to Transfer Notice shall specify the contemplated date of commencement of the Contemplated Transfer (the “Contemplated Effective
Date”), and the contemplated length of the term of such contemplated Transfer, and shall specify that such Intention to Transfer Notice is delivered to Landlord pursuant to this Section 14.4 in order to allow Landlord to elect
to recapture the Premises. Thereafter, Landlord shall have the option, by giving Notice to Tenant within thirty (30) days after receipt of any Intention to Transfer Notice, to recapture all, but not less than all, of the Premises. Such
recapture shall cancel and terminate this Lease with respect to the Premises as of the Contemplated Effective Date. If Landlord declines, or fails to elect in a timely manner, to recapture such the Premises under this Section 14.4, then,
subject to the other terms of this Article 14, for a period of nine (9) months (the “Nine Month Period”) commencing on the last day of such thirty (30) day period, Landlord shall not have any right to recapture
the Contemplated Transfer Space with respect to any Transfer made during the Nine Month Period, provided that any such Transfer is substantially on the terms set forth in the Intention to Transfer Notice, and provided further that any such Transfer
shall be subject to the remaining terms of this Article 14. If such a Transfer is not so consummated within the Nine Month Period (or if a Transfer is so consummated, then upon the expiration of the term of any Transfer of consummated
within such Nine Month Period), Tenant shall again be required to submit a new Intention to Transfer Notice to Landlord with respect any contemplated Transfer, as provided above in this Section 14.4. 

14.5     Effect of Transfer. If Landlord consents to a Transfer, (i) the terms and
conditions of this Lease shall in no way be deemed to have been waived or modified, (ii) such consent shall not be deemed consent to any further Transfer by either Tenant or a Transferee (each of whom shall be required to comply with the terms
of this Article 14), (iii) Tenant shall deliver to Landlord, promptly after execution, an original executed copy of all documentation pertaining to the Transfer in form reasonably acceptable to Landlord, (iv) Tenant shall furnish upon
Landlord’s request a complete statement, setting forth in detail the computation of any Transfer Premium Tenant has derived and shall derive from such Transfer or a statement that there is no Transfer Premium, (v) no Transfer relating to
this Lease or agreement entered into with respect thereto, whether with or without Landlord’s consent, shall relieve Tenant or any guarantor of the Lease from any liability under this Lease, including in connection with the Subject Space, and
(vi) the Transferee shall fully assume this Lease from and after the effective date of 

  
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the Transfer. Landlord or its authorized representatives shall have the right at all reasonable times to audit the books, records and papers of Tenant relating to any Transfer, and shall have the
right to make copies thereof. If the Transfer Premium respecting any Transfer shall be found understated, Tenant shall, within thirty (30) days after demand, pay the deficiency, and if understated by more than two percent (2%), Tenant shall pay
Landlord’s costs of such audit. Upon any assignment, the assignee shall assume in writing all obligations and covenants of Tenant thereafter to be performed or observed under this Lease. If Tenant’s obligations hereunder have been
guaranteed, Landlord’s consent to any Transfer shall not be effective unless the guarantor also consents to such Transfer. 
 14.6     Additional Transfers. For purposes of this Lease, the term “Transfer” shall also include (i) if Tenant is a partnership, the withdrawal or
change, voluntary, involuntary or by operation of law, of fifty percent (50%) or more of the partners, or transfer of fifty percent (50%) or more of partnership interests, within a twelve (12)-month period, or the dissolution of the
partnership without immediate reconstitution thereof, and (ii) if Tenant is a closely held corporation (i.e., whose stock is not publicly held and not traded through an exchange or over the counter), (A) the dissolution, merger,
consolidation or other reorganization of Tenant or (B) the sale or other transfer of an aggregate of fifty percent (50%) or more of the voting shares of Tenant (other than to immediate family members by reason of gift or death), within a
twelve (12)-month period, or (C) the sale, mortgage, hypothecation or pledge of an aggregate of fifty percent (50%) or more of the value of the unencumbered assets of Tenant within a twelve (12)-month period. 

14.7     Occurrence of Default. Any Transfer hereunder shall be subordinate and subject
to the provisions of this Lease, and if this Lease shall be terminated during the term of any Transfer, Landlord shall have the right to: (i) treat such Transfer as cancelled and repossess the Subject Space by any lawful means, or
(ii) require that such Transferee, if not an assignee, attorn to and recognize Landlord as its landlord under any such Transfer. If Tenant shall be in Default under this Lease, Landlord is hereby irrevocably authorized, to direct any Transferee
to make all payments under or in connection with the Transfer directly to Landlord (which Landlord shall apply towards Tenant’s obligations under this Lease) until such Default is cured, but acceptance of any such payments shall not
(A) give rise to any fiduciary responsibility to Tenant on the part of Landlord, or (B) create any privity of estate or contract between Landlord and the Transferee that does not already exist. Such Transferee shall rely on any
representation by Landlord that Tenant is in Default hereunder, without any need for confirmation thereof by Tenant. No collection or acceptance of rent by Landlord from any Transferee shall be deemed a waiver of any provision of this
Article 14 or the approval of any Transferee or a release of Tenant from any obligation under this Lease, whether theretofore or thereafter accruing. In no event shall Landlord’s enforcement of any provision of this Lease against
any Transferee be deemed a waiver of Landlord’s right to enforce any term of this Lease against Tenant or any other person. 
 14.8     Non-Transfers. Notwithstanding anything to the contrary contained in this Article 14, an assignment or subletting of all or a portion of the Premises
to an affiliate of Tenant (an entity which is controlled by, controls, or is under common control with, Tenant), shall not be deemed a Transfer under this Article 14, provided that Tenant notifies Landlord of any such assignment or
sublease and promptly supplies Landlord with any documents or information reasonably requested by Landlord regarding such assignment or sublease or such affiliate, and further provided that such assignment or sublease is not a subterfuge by Tenant
to avoid its obligations under this Lease. “Control,” as used in this Section 14.8, shall mean the ownership, directly or indirectly, of at least fifty-one percent (51%) of the voting securities of, or possession of
the right to vote, in the ordinary direction of its affairs, of at least fifty-one percent (51%) of the voting interest in, any person or entity. As a result of the foregoing, the terms and conditions of Sections 14.3 and 14.4, above, shall not
apply to any of the foregoing assignments or subleases. 

  
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 ARTICLE 15 

SURRENDER OF PREMISES; OWNERSHIP AND 
 REMOVAL OF TRADE FIXTURES 

15.1     Surrender of Premises. No act or thing done by Landlord or any agent or
employee of Landlord during the Lease Term shall be deemed to constitute an acceptance by Landlord of a surrender of the Premises unless such intent is specifically acknowledged in a writing signed by an officer of Landlord or, but only for regular
expiration on the Expiration Date, by Landlord’s property manager. The delivery of keys to the Premises to Landlord or any agent or employee of Landlord shall not constitute a surrender of the Premises or effect a termination of this Lease,
whether or not the keys are thereafter retained by Landlord, and notwithstanding such delivery Tenant shall be entitled to the return of such keys at any reasonable time upon request until this Lease shall have been properly terminated. The
voluntary or other surrender of this Lease by Tenant, whether accepted by Landlord or not, or a mutual termination hereof, shall not work a merger, and at the option of Landlord shall operate as an assignment to Landlord of all subleases or
subtenancies affecting the Premises or terminate any or all such sublessees or subtenancies. 

15.2     Removal of Tenant Property by Tenant. Upon the expiration of the Lease Term,
or upon any earlier termination of this Lease, Tenant shall, subject to the provisions of this Article 15, quit and surrender possession of the Premises to Landlord in as good order and condition as when Tenant took possession and as
thereafter improved by Landlord and/or Tenant, reasonable wear and tear and repairs which are specifically made the responsibility of Landlord hereunder, casualty, and condemnation excepted. Upon such expiration or termination, Tenant shall, without
expense to Landlord, remove or cause to be removed from the Premises all debris and rubbish, and such items of furniture, equipment, business and trade fixtures, free-standing cabinet work, movable partitions and other articles of personal property
owned by Tenant or installed or placed by Tenant at its expense in the Premises, and such similar articles of any other persons claiming under Tenant, as Landlord may, in its sole discretion, require to be removed, and Tenant shall repair at its own
expense all damage to the Premises and Building resulting from such removal. Notwithstanding anything to the contrary in this Lease, all safes and raised computer flooring, together with any inter-floor stairs installed by or for Tenant, shall be
removed and any resulting damage repaired, unless Landlord consents or directs otherwise within ninety (90) days prior to the Expiration Date. 
 ARTICLE 16 
 HOLDING OVER 

If Tenant holds over after the expiration of the Lease Term or earlier termination thereof, with or without the express
or implied consent of Landlord, such tenancy shall be from month-to-month only, and shall not constitute a renewal hereof or an extension for any further term, and in such case Rent shall be payable at a monthly rate equal to one hundred fifty
percent (150%) of the Rent applicable during the last rental period of the Lease Term under this Lease. Such month-to-month tenancy shall be subject to every other applicable term, covenant and agreement contained herein other than any option
to renew or extend. Nothing contained in this Article 16 shall be construed as consent by Landlord to any holding over by Tenant, and Landlord expressly reserves the right to require Tenant to surrender possession of the Premises to
Landlord as provided in this Lease upon the expiration or other termination of this Lease. The provisions of this Article 16 shall not be deemed to limit or constitute a waiver of any other rights or remedies of Landlord provided herein
or at law. In addition to the payment of the amounts provided above, if Tenant fails to surrender the Premises within thirty (30) days after Landlord notifies Tenant that Landlord has entered into a lease for the Premises and that Landlord will
be unable to deliver possession, 

  
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or perform improvements, due to Tenant’s holdover, then Tenant shall protect, defend, indemnify and hold Landlord harmless from all loss, costs (including reasonable attorneys’ fees)
and liability resulting from such holdover, including any claims made by any succeeding tenant founded upon such failure to surrender and any lost profits to Landlord resulting therefrom. 

ARTICLE 17 
 ESTOPPEL CERTIFICATES 
 Within ten
(10) business days following a request in writing by Landlord, Tenant shall execute, acknowledge and deliver to Landlord an estoppel certificate, which, as submitted by Landlord, shall be substantially in the form of
Exhibit E, attached hereto (or such other form as may be required by any prospective mortgagee or purchaser of the Project, or any portion thereof), indicating therein any exceptions thereto that may exist at that time, and shall
also contain any other information reasonably requested by Landlord or Landlord’s mortgagee or prospective mortgagee. Any such certificate may be relied upon by any prospective mortgagee or purchaser of all or any portion of the Project, but
shall not modify or amend this Lease as between Landlord and Tenant nor derogate the rights of any mortgagee or purchaser. Tenant shall execute and deliver whatever other instruments may be reasonably required for such purposes. Failure of Tenant to
timely execute, acknowledge and deliver such estoppel certificate or other instruments shall constitute an acceptance of the Premises and an acknowledgment by Tenant that statements included in the estoppel certificate are true and correct, without
exception. 
 ARTICLE 18 
 SUBORDINATION 
 This Lease shall be subject and
subordinate to all present and future ground or underlying leases of the Building or Project and to the lien of any mortgage, trust deed or other encumbrances now or hereafter in force against the Building or Project or any part thereof, if any, and
to all renewals, extensions, modifications, consolidations and replacements thereof, and to all advances made or hereafter to be made upon the security of such mortgages or trust deeds, unless the holders of such mortgages, trust deeds or other
encumbrances, or the lessors under such ground lease or underlying leases, require in writing that this Lease be superior thereto. Tenant covenants and agrees in the event any proceedings are brought for the foreclosure of any such mortgage or deed
in lieu thereof (or if any ground lease is terminated), to attorn, without any deductions or set-offs whatsoever, to the lienholder or purchaser or any successors thereto upon any such foreclosure sale or deed in lieu thereof (or to the ground
lessor), if so requested to do so by such purchaser or lienholder or ground lessor, and to recognize such purchaser or lienholder or ground lessor as the lessor under this Lease, provided such lienholder or purchaser or ground lessor shall agree to
accept this Lease and not disturb Tenant’s occupancy, so long as Tenant timely pays the rent and observes and performs the terms, covenants and conditions of this Lease to be observed and performed by Tenant. Landlord’s interest herein may
be assigned as security at any time to any lienholder. Tenant shall, within ten (10) business days of request by Landlord, execute such further instruments or assurances as Landlord may reasonably deem necessary to evidence or confirm the
subordination or superiority of this Lease to any such mortgages, trust deeds, ground leases or underlying leases. Tenant waives the provisions of any current or future statute, rule or law which may give or purport to give Tenant any right or
election to terminate or otherwise adversely affect this Lease and the obligations of the Tenant hereunder in the event of any foreclosure proceeding or sale whether or not Tenant is included in such proceeding or sale. 

  
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 ARTICLE 19 

DEFAULTS; REMEDIES 
 19.1     Events of Default. The occurrence of any of the following shall constitute a default (“Default”) of this Lease by Tenant: 

19.1.1     Any failure by Tenant to pay any Rent or any other charge required to be paid under this
Lease, or any part thereof, when due unless such failure is cured within five (5) days after Notice by wire transfer, ACH credit, or presentation of a cashier’s check drawn on a federally insured bank; provided, however Landlord shall not
be obligated to give Notice more than twice in any calendar year; or 
 19.1.2     Except
where a specific time period is otherwise set forth for Tenant’s performance in this Lease, in which event the failure to perform by Tenant within such time period shall be a Default by Tenant under this Section 19.1.2, any failure
by Tenant to observe or perform, or any breach of, any other provision, covenant or condition of this Lease to be observed or performed by Tenant where such failure continues for thirty (30) days after Notice thereof from Landlord to Tenant;
provided that if the nature of such default is such that the same cannot reasonably be cured within a thirty (30) day period, Tenant shall not be deemed to be in Default if it diligently commences such cure within such period and thereafter
diligently proceeds to rectify and cure such Default, but in no event exceeding a period of time in excess of ninety (90) days after initial Notice thereof from Landlord to Tenant so long as Tenant continues to diligently proceed with curing
during such period; or 
 19.1.3     Abandonment of the Premises by Tenant as determined in
accordance with California Civil Code Section 1951.3; or 
 19.1.4     The failure by
Tenant to observe or perform according to the provisions of Articles 5, 14, 17 or 18 of this Lease where such failure continues for more than five (5) days after Notice from Landlord; or 

19.1.5    Tenant’s failure to accept delivery of the Premises when tendered by Landlord.

 The notice periods provided herein are in lieu of, and not in addition to, any notice periods provided by
law, except that if a longer notice period is provided by law, Tenant shall have the benefit of such longer period. 
 19.2     Remedies Upon Default. Upon the occurrence of any event of Default by Tenant, Landlord shall have, in addition to any other remedies available to Landlord at law
or in equity (all of which remedies shall be distinct, separate and cumulative), the option to pursue any one or more of the following remedies, each and all of which shall be cumulative and nonexclusive, without any notice or demand whatsoever.

 19.2.1     Terminate this Lease, in which event Tenant shall immediately surrender the
Premises to Landlord, and if Tenant fails to do so, Landlord may, without prejudice to any other remedy which it may have for possession or arrearages in rent, enter upon and take possession of the Premises and expel or remove Tenant and any other
person who may be occupying the Premises or any part thereof, without being liable for prosecution or any claim or damages therefor; and Landlord may recover from Tenant the following: 

  
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 (i)     The worth at the time of award
of the unpaid rent which has been earned at the time of such termination; plus 
 (ii)
    The worth at the time of award of the amount by which the unpaid rent which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably
avoided; plus 
 (iii)     The worth at the time of award of the amount by
which the unpaid rent for the balance of the Lease Term after the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus 

(iv)     Any other amount necessary to compensate Landlord for all the detriment
proximately caused by Tenant’s failure to perform its obligations under this Lease or which in the ordinary course of things would be likely to result therefrom, including brokerage commissions and advertising expenses incurred, expenses of
remodeling the Premises or any portion thereof for a new tenant, whether for the same or a different use, and any special concessions made to obtain a new tenant; and 

(v)     At Landlord’s election, such other amounts in addition to or in lieu of
the foregoing as may be permitted from time to time by applicable law. 
 The term “rent” as
used in this Section 19.2 shall be deemed to be and to mean all sums of every nature required to be paid by Tenant pursuant to the terms of this Lease, whether to Landlord or to others. As used in Sections 19.2.1(i) and
(ii), above, the “worth at the time of award” shall be computed by allowing interest at the rate set forth in Article 25 of this Lease, but in no case greater than the maximum amount of such interest permitted by law. As
used in Section 19.2.1(iii) above, the “worth at the time of award” shall be computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus one percent (1%).

 19.2.2     Landlord shall have the remedy described in California Civil Code
Section 1951.4 (lessor may continue lease in effect after lessee’s breach and abandonment and recover rent as it becomes due, if lessee has the right to sublet or assign, subject only to reasonable limitations). Accordingly, if Landlord
does not elect to terminate this Lease on account of any Default by Tenant, Landlord may, from time to time, without terminating this Lease, enforce all of its rights and remedies under this Lease, including the right to recover all rent as it
becomes due. 
 19.2.3     Landlord shall at all times have the rights and remedies (which
shall be cumulative with each other and cumulative and in addition to those rights and remedies available under Sections 19.2.1 and 19.2.2, above, or any law or other provision of this Lease), without prior demand or notice except
as required by applicable law, to seek any declaratory, injunctive or other equitable relief, and specifically enforce this Lease, or restrain or enjoin a violation or breach of any provision hereof. 

19.3     Subleases of Tenant. Whether or not Landlord elects to terminate this Lease on
account of any Default by Tenant, as set forth in this Article 19, Landlord shall have the right to terminate or renegotiate any and all subleases, licenses, concessions or other consensual arrangements for possession entered into by
Tenant and affecting the Premises or may, in Landlord’s sole discretion, succeed to Tenant’s interest in such subleases, licenses, concessions or arrangements. In the event of Landlord’s election to succeed to Tenant’s interest
in any such subleases, licenses, concessions or arrangements, Tenant shall, as of the date of Notice by Landlord of such election, have no further right to or interest in the rent or other consideration receivable thereunder. 

  
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 19.4     Efforts to Relet. No re-entry or
repossession, repairs, maintenance, changes, alterations and additions, reletting, appointment of a receiver to protect Landlord’s interests hereunder, or any other action or omission by Landlord shall be construed as an election by Landlord to
terminate this Lease or Tenant’s right to possession, or to accept a surrender of the Premises, nor shall same operate to release Tenant in whole or in part from any of Tenant’s obligations hereunder, unless express Notice of such
intention is sent by Landlord to Tenant. Tenant hereby irrevocably waives any right otherwise available under any law to redeem or reinstate this Lease. 
 ARTICLE 20 
 COVENANT OF QUIET TITLE 

Landlord covenants that Tenant, on paying the Rent, charges for services and other payments herein reserved and on
keeping, observing and performing all the other terms, covenants, conditions, provisions and agreements herein contained on the part of Tenant to be kept, observed and performed, shall, during the Lease Term, peaceably and quietly occupy the
Premises subject to the terms, covenants, conditions, provisions and agreements hereof without interference by any persons claiming superior title, whether or not by or through Landlord, other than arising under Article 18 hereof. The
foregoing covenant is in lieu of any other covenant express or implied. 
 ARTICLE 21 

SECURITY DEPOSIT 
 Concurrently with Tenant’s execution of this Lease, Tenant shall deposit with Landlord a security deposit (the “Security Deposit”) in the amount set forth in Section 8 of
the Summary, as security for the faithful performance by Tenant of all of its obligations under this Lease. If Tenant Defaults with respect to any provisions of this Lease, including the provisions relating to the payment of Rent, the removal of
property and the repair of resultant damage, Landlord may, without notice to Tenant, but shall not be required to, apply all or any part of the Security Deposit for the payment of any Rent or any other sum then owing and unpaid and Tenant shall,
upon demand therefor, restore the Security Deposit to its original amount. Any unapplied portion of the Security Deposit shall be returned to Tenant, or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, within
sixty (60) days following the expiration of the Lease Term. Tenant shall not be entitled to any interest on the Security Deposit. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code, or any successor statute,
and all other provisions of law, now or hereafter in effect, which (i) establish the time frame by which a landlord must refund a security deposit under a lease, and/or (ii) provide that a landlord may claim from a security deposit only
those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by a tenant or to clean the premises, it being agreed that Landlord may, in addition, claim those sums specified in this Section above and/or those
sums reasonably necessary to compensate Landlord for any loss or damage caused by Tenant’s default of the Lease, as amended hereby, including all damages or rent due upon termination of this Lease pursuant to Section 1951.2 of the
California Civil Code. Landlord may commingle the Security Deposit with its other funds and has no fiduciary duty with respect thereto, the only relationship created being that of debtor and creditor. 

ARTICLE 22 
 SUBSTITUTION OF OTHER PREMISES 
 Landlord, at its
expense, at any time before or during the Term, may relocate Tenant from the Premises to reasonably comparable space (“Relocation Space”) within the Building upon 60 days’ prior

  
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written notice to Tenant; provided that such Relocation Space shall not be on a floor lower than the 9th floor of the Building and shall face California Street. The Relocation Space must contain similar finishes as the
Premises, and approximately the same Rentable Square Footage as the Premises and the same number of work stations, offices, breakrooms and reception areas as are contained in the Premises as of the date Tenant receives Landlord’s notice of
relocation. From and after the date of the relocation, “Premises” shall refer to the Relocation Space into which Tenant has been moved and the Base Rent and Tenant’s Pro Rata Share shall be adjusted based on the rentable square
footage of the Relocation Space, provided that the total monthly Base Rent for the Relocation Space shall in no event exceed the total monthly Base Rent for the Premises prior to the relocation, and Tenant’s Pro Rata Share for the Relocation
Space shall in no event exceed Tenant’s Pro Rata Share for the Premises prior to the relocation. Landlord shall pay Tenant’s reasonable costs for moving Tenant’s furniture and equipment and printing and distributing notices to
Tenant’s customers of Tenant’s change of address and one month’s supply of stationery showing the new address. Landlord shall also reimburse Tenant for the reasonable cost to install and connect telecommunication and data cabling In
the Relocation Space in the manner and to the extent such cabling existed in the Premises prior to the relocation. 

ARTICLE 23 
 SIGNS 
 23.1     Tenant
Signage. Building standard identifying signage (suite entry sign and lobby directory strip) shall be provided to Tenant by Landlord, at Landlord’s cost. 

23.2     Prohibited Signage and Other Items. Any signs, notices, logos (other than
Tenant’s standard corporate logo), pictures, names or advertisements which are installed and that have not been separately approved by Landlord may be removed without notice by Landlord at the sole expense of Tenant, including signage within
the Premises but visible from the exterior of the Premises. Tenant may not install any signs on the exterior or roof of the Project or the Common Areas. Any signs, window coverings, or blinds (even if the same are located behind the
Landlord-approved window coverings for the Building), or other items visible from the exterior of the Premises or Building, shall be subject to the prior approval of Landlord, in its sole discretion. Tenant may not “tie back” its door or
doors to provide additional signage area. 
 ARTICLE 24 

FINANCIAL INFORMATION 
 At any time during the Lease Term, unless Tenant is publicly owned and posts its financial statements on its webpage, Landlord may require Tenant to provide Landlord with a current financial statement and
financial statements of the two (2) years prior to the current financial statement year. Such statements shall be prepared in accordance with generally accepted accounting principles and, if such is the normal practice of Tenant, shall be
audited by an independent certified public accountant. 
 ARTICLE 25 

LATE CHARGES 
 If any installment of Rent or any other sum due from Tenant shall not be received by Landlord or Landlord’s designee within five (5) days after said amount is due, then Tenant shall pay to
Landlord a late charge equal to five percent (5%) of the overdue amount plus any reasonable attorneys’ fees incurred by Landlord by reason of Tenant’s failure to pay Rent and/or other charges when due hereunder. The late

  
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charge shall be deemed Additional Rent and the right to require it shall be in addition to all of Landlord’s other rights and remedies hereunder or at law and shall not be construed as
liquidated damages or as limiting Landlord’s remedies in any manner. In addition to the late charge described above, any Rent or other amounts owing hereunder which are not paid within ten (10) days after the date they are due shall bear
interest from the date when due until paid at a rate per annum equal to the lesser of (i) the annual “Bank Prime Loan” rate cited in the Federal Reserve Statistical Release Publication H.15 (519), published on Monday of each
calendar week, or the then-current equivalent of such publication (or such other comparable index as Landlord and Tenant shall reasonably agree upon if such rate ceases to be published) plus two (2) percentage points, and (ii) the highest
rate permitted by applicable law. 
 ARTICLE 26 

LANDLORD’S RIGHT TO CURE DEFAULT; PAYMENTS BY TENANT 

26.1     Landlord’s Cure. All covenants and agreements to be kept or performed by
Tenant under this Lease shall be performed by Tenant at Tenant’s sole cost and expense and without any reduction of Rent, except to the extent, if any, otherwise expressly provided herein. If Tenant shall fail to perform any obligation under
this Lease, and such failure shall continue in excess of the time allowed under Section 19.1.2, above, unless a specific time period is otherwise stated in this Lease, Landlord may, but shall not be obligated to, make any such payment or
perform any such act on Tenant’s part without waiving its rights based upon any Default of Tenant and without releasing Tenant from any obligations hereunder. 

26.2     Tenant’s Reimbursement. Except as may be specifically provided to the
contrary in this Lease, Tenant shall pay to Landlord, upon delivery by Landlord to Tenant of statements therefor: (i) sums equal to expenditures reasonably made and obligations incurred by Landlord in connection with the remedying by Landlord
of Tenant’s Defaults pursuant to the provisions of Section 26.1; (ii) sums equal to all losses, costs, liabilities, damages and expenses referred to in Article 10 of this Lease; and (iii) sums equal to all
expenditures made and obligations incurred by Landlord in collecting or attempting to collect the Rent or in enforcing or attempting to enforce any rights of Landlord under this Lease or pursuant to law, including all reasonable legal fees and other
amounts so expended. Tenant’s obligations under this Section 26.2 shall survive the expiration or sooner termination of the Lease Term. 
 ARTICLE 27 
 ENTRY BY LANDLORD 

Landlord reserves the right at all reasonable times and upon not less than 24 hour prior Notice to Tenant (except in the
case of an emergency) to enter the Premises to (i) inspect them; (ii) show the Premises to prospective purchasers, to current or prospective mortgagees, ground or underlying lessors or insurers and, during the last twelve (12) months
of the Lease Term, to prospective tenants; (iii) post notices of nonresponsibility; or (iv) alter, improve or repair the Premises or the Building, or for structural alterations, repairs or improvements to the Building or the
Building’s systems and equipment. Notwithstanding anything to the contrary contained in this Article 27, Landlord may enter the Premises at any time to (A) perform services required of Landlord, including janitorial service;
(B) take possession due to any breach of this Lease in any lawful manner; and (C) perform any covenants of Tenant which Tenant fails to perform. Landlord may make any such entries without the abatement of Rent, except as otherwise provided
in this Lease, and may take such reasonable steps as required to accomplish the stated purposes. Tenant hereby waives any claims for damages or for any injuries or inconvenience to or interference with Tenant’s business, lost profits, any loss
of occupancy or quiet enjoyment of the Premises, and any other loss occasioned thereby, except to the extent caused by Landlord’s, or Landlord 

  
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Parties’, negligence or willful misconduct during such entry to the Premises. For each of the above purposes, Landlord shall at all times have a key with which to unlock all the doors in the
Premises, excluding Tenant’s vaults, safes and reasonably sized and located special security areas designated in advance by Tenant and approved by Landlord. For each of the above purposes, except in an emergency, Tenant shall be entitled to
require that an employee of Tenant accompany Landlord during such entry into the Premises, provided Tenant makes such employee available at the time Landlord desires to enter the Premises. In an emergency, Landlord shall have the right to use any
means that Landlord may deem proper to open the doors in and to the Premises. Any entry into the Premises by Landlord in the manner hereinbefore described shall not be deemed to be a forcible or unlawful entry into, or a detainer of, the Premises,
or an actual or constructive eviction of Tenant from any portion of the Premises. No provision of this Lease shall be construed as obligating Landlord to perform any repairs, alterations or decorations except as otherwise expressly agreed to be
performed by Landlord herein. 
 ARTICLE 28 

TENANT PARKING 
 Tenant shall rent from Landlord, commencing on the Commencement Date, the amount of parking passes set forth in Section 9 of the Summary, on a monthly basis throughout the Lease Term, which
parking passes shall pertain to parking on a first-come, first-served, as available basis in the Project parking facility. Tenant shall not use any pass to park more than one vehicle at a time. Tenant may surrender passes on not less than thirty
(30) days prior Notice at which time Tenant’s right to re-rent such pass shall expire. The location of the reserved parking spaces, if any, shall be designated by Landlord. Tenant shall pay monthly fees for all parking passes rented by
Tenant, on a monthly basis together with Base Rent, at the prevailing rate charged from time to time. In addition, Tenant shall be responsible for any increases in taxes imposed by any governmental authority in connection with the renting of such
parking passes by Tenant or the use of the parking facility by Tenant regardless of whether Landlord charges Tenant for such parking separately or at all. Tenant’s continued right to use the parking passes is conditioned upon Tenant abiding by
all rules and regulations which are prescribed from time to time for the orderly operation and use of the parking facility where the parking passes are located (including any sticker or other identification system established by Landlord and the
prohibition of vehicle repair and maintenance activities in the Project’s parking facilities), Tenant’s cooperation in seeing that Tenant’s employees and visitors also comply with such rules and regulations and Tenant not being in
Default under this Lease. Neither Tenant nor its employees shall park automobiles in the Project parking facility overnight. All vehicles parked in the Project parking facility must be properly licensed in accordance with the laws of the State in
which the Project is located and in operable condition. No oversized vehicles, commercial vehicles or vehicles which would damage the surface of the Project parking facility shall be permitted to use the Project parking facility. Tenant’s use
of the Project parking facility shall be at Tenant’s sole risk and Tenant acknowledges and agrees that Landlord shall have no liability whatsoever for damage to the vehicles of Tenant, its employees and/or visitors, or for other personal injury
or property damage or theft relating to or connected with the parking rights granted herein or any of Tenant’s, its employees’ and/or visitors’ use of the parking facilities. Tenant’s rights hereunder are subject to the terms of
any Underlying Documents. Landlord specifically reserves the right to change the size, configuration, design, layout and all other aspects of the Project parking facility at any time and Tenant acknowledges and agrees that Landlord may, without
incurring any liability to Tenant and without any abatement of Rent under this Lease, from time to time, close-off or restrict access to the Project parking facility for purposes of permitting or facilitating any such construction, alteration or
improvements. Landlord may issue a total number of unreserved passes for the Project parking facility based on past usage patterns rather than limiting passes to the number of spaces. Landlord may delegate its responsibilities hereunder to a parking
operator in which case such parking operator shall have all the rights of control attributed hereby to the Landlord and, at Landlord’s sole discretion, the monthly fees for 

  
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parking passes may be billed by and paid to the parking operator. The parking passes rented by Tenant pursuant to this Article 28 are provided to Tenant solely for use by
Tenant’s own personnel and such passes may not be transferred, assigned, subleased or otherwise alienated by Tenant without Landlord’s prior approval. Tenant may validate visitor parking by such method or methods as the Landlord may
establish, at the validation rate from time to time generally applicable to visitor parking. Landlord may cancel parking passes which remain unused for ninety (90) days or more. 

ARTICLE 29 
 MISCELLANEOUS PROVISIONS 

29.1     Terms; Captions. The words “Landlord” and “Tenant” as used
herein shall include the plural as well as the singular. Whenever the words “including”, “include” or “includes” are used in this Lease, they should be interpreted in a non-exclusive manner. The necessary grammatical
changes required to make the provisions hereof apply either to corporations or partnerships or individuals, men or women, as the case may require, shall in all cases be assumed as though in each case fully expressed. The captions of Articles and
Sections are for convenience only and shall not be deemed to limit, construe, affect or alter the meaning of such Articles and Sections. 
 29.2     Binding Effect. Subject to all other provisions of this Lease, each of the covenants, conditions and provisions of this Lease shall extend to and shall, as the
case may require, bind or inure to the benefit not only of Landlord and of Tenant, but also of their respective heirs, personal representatives, successors or assigns, provided this clause shall not permit any assignment by Tenant contrary to the
provisions of Article 14 of this Lease. 
 29.3     No Air Rights.
No rights to any view or to light or air over any property, whether belonging to Landlord or any other person, are granted to Tenant by this Lease. If at any time any windows of the Premises are temporarily darkened or the light or view therefrom is
obstructed by reason of any repairs, improvements, maintenance or cleaning in or about the Project, the same shall be without liability to Landlord and without any reduction or diminution of Tenant’s obligations under this Lease. 

29.4     Modification of Lease. Should any current or prospective mortgagee or ground
lessor for the Building or Project require a modification of this Lease, which modification will not cause an increased cost or expense to Tenant or in any other way materially and adversely change the rights and obligations of Tenant hereunder,
then and in such event, Tenant agrees that this Lease may be so modified and agrees to execute whatever documents are reasonably required therefor and to deliver the same to Landlord within ten (10) business days following a request therefor.
At the request of Landlord or any mortgagee or ground lessor, Tenant agrees to execute a short form of Lease and deliver the same to Landlord within ten (10) business days following the request therefor. 

29.5     Transfer of Landlord’s Interest. Tenant acknowledges that Landlord has
the right to transfer all or any portion of its interest in the Project or Building and in this Lease, and Tenant agrees that in the event of any such transfer, Landlord shall automatically be released from all liability under this Lease accruing
from and after such transfer and Tenant agrees to look solely to such transferee for the performance of Landlord’s obligations hereunder after the date of transfer and such transferee shall be deemed to have fully assumed and be liable for all
obligations of this Lease to be performed by Landlord, including the return of any Security Deposit, and Tenant shall attorn to such transferee. 
 29.6     Prohibition Against Recording. Except as provided in Section 29.4 of this Lease, neither this Lease, nor any memorandum, affidavit or other writing
with respect thereto, shall be recorded by Tenant or by anyone acting through, under or on behalf of Tenant. 

  
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 29.7     Landlord’s Title.
Landlord’s title is and always shall be paramount to the title of Tenant. Nothing herein contained shall empower Tenant to do any act which can, shall or may encumber the title of Landlord. 

29.8     Relationship of Parties. Nothing contained in this Lease shall be deemed or
construed by the parties hereto or by any third party to create the relationship of principal and agent, partnership, joint venturer or any association between Landlord and Tenant. 

29.9     Application of Payments. Landlord shall have the right to apply payments
received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. 

29.10     Time of Essence. Time is of the essence with respect to the performance of
every provision of this Lease in which time of performance is a factor. 
 29.11    
Partial Invalidity. If any term, provision or condition contained in this Lease shall, to any extent, be invalid or unenforceable, the remainder of this Lease, or the application of such term, provision or condition to persons or
circumstances other than those with respect to which it is invalid or unenforceable, shall not be affected thereby, and each and every other term, provision and condition of this Lease shall be valid and enforceable to the fullest extent possible
permitted by law. 
 29.12     No Warranty. In executing and delivering this
Lease, Tenant has not relied on any representations, including any representation as to the amount of any item comprising Additional Rent or the amount of the Additional Rent in the aggregate or that Landlord is furnishing the same services to other
tenants, at all, on the same level or on the same basis, or any warranty or any statement of Landlord which is not set forth herein or in one or more of the exhibits attached hereto. 

29.13     Landlord Exculpation. The liability of Landlord or the Landlord Parties to
Tenant for any default by Landlord under this Lease or arising in connection herewith or with Landlord’s operation, management, leasing, repair, renovation, alteration or any other matter relating to the Project or the Premises shall be limited
solely and exclusively to the interest of Landlord in and to the Project, including all rental income, net sales, condemnation awards and any insurance proceeds which Landlord receives which are not used to repair or rebuild the Project. Neither
Landlord, nor any of the Landlord Parties shall have any personal liability therefor, and Tenant hereby expressly waives and releases such personal liability on behalf of itself and all persons claiming by, through or under Tenant. The limitations
of liability contained in this Section 29.13 shall inure to the benefit of Landlord’s and the Landlord Parties’ present and future partners, beneficiaries, officers, directors, trustees, shareholders, agents and employees, and
their respective partners, heirs, successors and assigns. Under no circumstances shall any present or future partner of Landlord (if Landlord is a partnership), or trustee or beneficiary (if Landlord or any partner of Landlord is a trust), have any
liability for the performance of Landlord’s obligations under this Lease. Notwithstanding any contrary provision herein, neither Landlord nor the Landlord Parties shall be liable under any circumstances for injury or damage to, or interference
with, Tenant’s business, including loss of profits, loss of rents or other revenues, loss of business opportunity, loss of goodwill or loss of use, in each case, however occurring. 

29.14     Entire Agreement. It is understood and acknowledged that there are no oral
agreements between the parties hereto affecting this Lease and this Lease constitutes the parties’ entire agreement with respect to the leasing of the Premises and supersedes and cancels any and all previous negotiations, arrangements,
brochures, agreements and understandings, if any, between the parties hereto or displayed by Landlord to Tenant with respect to the subject matter thereof, and none thereof shall be used to 

  
 -38-

 
interpret or construe this Lease. None of the terms, covenants, conditions or provisions of this Lease can be modified, deleted or added to except in writing signed by the parties hereto.

 29.15     Right to Lease. Landlord reserves the absolute right to affect
such other tenancies in the Project as Landlord in the exercise of its sole business judgment shall determine to best promote the interests of the Building or Project. Tenant does not rely on the fact, nor does Landlord represent, that any specific
tenant or type or number of tenants shall, during the Lease Term, occupy any space in the Building or Project. 

29.16     Force Majeure. Any prevention, delay or stoppage due to strikes, lockouts,
labor disputes, acts of God, acts of war, terrorist acts, inability to obtain services, labor, or materials or reasonable substitutes therefor, governmental actions, civil commotions, fire or other casualty, and other causes beyond the reasonable
control of the party obligated to perform, except with respect to the obligations imposed with regard to Rent and other charges to be paid by Tenant pursuant to this Lease (collectively, a “Force Majeure”), notwithstanding anything
to the contrary contained in this Lease, shall excuse the performance of such party for a period equal to any such prevention, delay or stoppage and, therefore, if this Lease specifies a time period for performance of an obligation of either party,
that time period shall be extended by the period of any delay in such party’s performance caused by a Force Majeure. 
 29.17     Waiver of Redemption by Tenant. Tenant hereby waives, for Tenant and for all those claiming under Tenant, any and all rights now or hereafter existing to redeem
by order or judgment of any court or by any legal process or writ, Tenant’s right of occupancy of the Premises after any termination of this Lease. 
 29.18     Notices. All notices, demands, statements, designations, approvals or other communications (collectively, “Notice”) given or required to be
given by either party to the other hereunder or by law shall be in writing, shall be (A) sent by United States certified or registered mail, postage prepaid, return receipt requested (“Mail”), (B) transmitted by telecopy,
if such telecopy is promptly followed by a Notice sent by Mail, (C) delivered by a nationally recognized overnight courier, or (D) delivered personally. Any Notice shall be sent, transmitted, or delivered, as the case may be, to Tenant at
the appropriate address set forth in Section 10 of the Summary, or to such other place as Tenant may from time to time designate in a Notice to Landlord, or to Landlord at the addresses set forth in Section 11 of the Summary,
or to such other places as Landlord may from time to time designate in a Notice to Tenant. Any Notice will be deemed given (i) three (3) days after the date it is posted if sent by Mail, (ii) the date the telecopy is transmitted,
(iii) the date the overnight courier delivery is made, or (iv) the date personal delivery is made. Notices may be delivered on behalf of the parties by their respective attorneys. 

29.19     Joint and Several. If there is more than one Tenant, the obligations imposed
upon Tenant under this Lease shall be joint and several. 
 29.20    
Authority. Tenant hereby represents and warrants that Tenant is a duly formed and existing entity qualified to do business in the State in which the Project is located and that Tenant has full right and authority to execute and deliver
this Lease and that each person signing on behalf of Tenant is authorized to do so. 

29.21     Attorneys’ Fees. In the event that either Landlord or Tenant should
bring suit for the possession of the Premises, for the recovery of any sum due under this Lease, or because of the breach of any provision of this Lease or for any other relief against the other, then all costs and expenses, including reasonable
attorneys’, experts’ and arbitrators’ fees and costs, incurred by the prevailing party therein shall 

  
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be paid by the other party, which obligation on the part of the other party shall be deemed to have accrued on the date of the commencement of such action and shall be enforceable whether or not
the action is prosecuted to judgment. 
 29.22     Governing Law; WAIVER OF TRIAL BY
JURY. This Lease shall be construed and enforced in accordance with the laws of the State in which the Project is located. IN ANY ACTION OR PROCEEDING ARISING HEREFROM, LANDLORD AND TENANT HEREBY CONSENT TO (I) THE JURISDICTION OF ANY
COMPETENT COURT WITHIN THE STATE IN WHICH THE PROJECT IS LOCATED, (II) SERVICE OF PROCESS BY ANY MEANS AUTHORIZED BY THE LAW OF THE STATE IN WHICH THE PROJECT IS LOCATED, AND (III) IN THE INTEREST OF SAVING TIME AND EXPENSE, TRIAL WITHOUT A JURY IN
ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES HERETO AGAINST THE OTHER OR THEIR SUCCESSORS IN RESPECT OF ANY MATTER ARISING OUT OF OR IN CONNECTION WITH THIS LEASE, THE RELATIONSHIP OF LANDLORD AND TENANT, TENANT’S USE
OR OCCUPANCY OF THE PREMISES, AND/OR ANY CLAIM FOR INJURY OR DAMAGE, OR ANY EMERGENCY OR STATUTORY REMEDY. IN THE EVENT LANDLORD COMMENCES ANY SUMMARY PROCEEDINGS OR ACTION FOR NONPAYMENT OF BASE RENT OR ADDITIONAL RENT, TENANT SHALL NOT INTERPOSE
ANY COUNTERCLAIM OF ANY NATURE OR DESCRIPTION (UNLESS SUCH COUNTERCLAIM SHALL BE MANDATORY) IN ANY SUCH PROCEEDING OR ACTION, BUT SHALL BE RELEGATED TO AN INDEPENDENT ACTION AT LAW. THE PARTIES ACKNOWLEDGE AND UNDERSTAND THAT THE FOREGOING WAIVER
MAY NOT BE CURRENTLY ENFORCEABLE, BUT INTEND THAT IT SHOULD BE ENFORCEABLE SHOULD CURRENT LAW EITHER PERMIT ITS ENFORCEABILITY OR HEREAFTER CHANGE TO PERMIT ITS ENFORCEABILITY. 

29.23     Submission of Lease. Submission of this instrument for examination or
signature by Tenant does not constitute a reservation of, option for or option to lease, and it is not effective as a lease or otherwise until execution and delivery by both Landlord and Tenant. 

29.24     Brokers. Landlord and Tenant hereby warrant to each other that they have had
no dealings with any real estate broker or agent in connection with the negotiation of this Lease, excepting only the real estate brokers or agents specified in Section 13 of the Summary (the “Brokers”), and that they
know of no other real estate broker or agent who is entitled to a commission in connection with this Lease. Landlord agrees to indemnify and defend Tenant against and hold Tenant harmless from any and all claims, demands, losses, liabilities,
lawsuits, judgments, costs and expenses (including reasonable attorneys’ fees) with respect to any leasing commission or equivalent compensation alleged to be owing on account of any dealings with any real estate broker or agent, other than the
Brokers, occurring by, through, or under Landlord and Tenant agrees to indemnify and defend the Landlord Parties against and hold them harmless from any and all claims, demands, losses, liabilities, lawsuits, judgments, costs and expenses (including
reasonable attorneys’ fees) with respect to any leasing commission or equivalent compensation alleged to be owing on account of any dealings with any real estate broker or agent, other than the Brokers, occurring by, through, or under Tenant.
Landlord agrees to pay a brokerage commission to Brokers in accordance with the terms of a separate written commission agreement(s) to be entered into between Landlord and Brokers. 

29.25     Independent Covenants. This Lease shall be construed as though the covenants
herein between Landlord and Tenant are independent and not dependent and Tenant hereby expressly waives the benefit of any statute to the contrary and agrees that if Landlord fails to perform its obligations set forth herein, Tenant shall not be
entitled to make any repairs or perform any acts hereunder at Landlord’s expense or to any setoff of the Rent or other amounts owing hereunder against Landlord. 

  
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 29.26     Project or Building Name and
Signage. Landlord shall have the right at any time to change the name of the Project or Building and to install, affix and maintain any and all signs on the exterior and on the interior of the Project or Building as Landlord may, in
Landlord’s sole discretion, desire. Tenant shall not use the name of the Project or Building or use pictures or illustrations of the Project or Building in advertising or other publicity or for any purpose other than as the address of the
business to be conducted by Tenant in the Premises, without the prior written consent of Landlord. 

29.27     Counterparts. This Lease may be executed in counterparts with the same effect
as if both parties hereto had executed the same document. Both counterparts shall be construed together and shall constitute a single lease. 
 29.28     Confidentiality. Tenant acknowledges that the content of this Lease and any related documents are confidential information. Tenant shall keep such confidential
information strictly confidential and shall not disclose such confidential information to any person or entity other than Tenant’s financial, legal, and space planning consultants; provided, however, that (a) Tenant shall be entitled to
disclose the content of this Lease as may be required to comply with any applicable laws, codes, regulations or similar governmental requirements including, without limitation, the disclosure and reporting rules of the United States Securities and
Exchange Commission, and (b) such obligation shall terminate upon the first anniversary of the expiration or earlier termination of this Lease. 
 29.29     Building Renovations. It is specifically understood and agreed that Landlord has no obligation and has made no promises to alter, remodel, improve, renovate,
repair or decorate the Premises, Building, or any part thereof and that no representations respecting the condition of the Premises or the Building have been made by Landlord to Tenant except as specifically set forth herein or in the Tenant Work
Letter. However, Tenant hereby acknowledges that Landlord is currently renovating or may during the Lease Term renovate, improve, alter, or modify (collectively, the “Renovations”) the Project, the Building and/or the Premises.
Tenant hereby agrees that such Renovations shall in no way constitute a constructive eviction of Tenant nor entitle Tenant to any abatement of Rent. Landlord shall have no responsibility and shall not be liable to Tenant for any injury to or
interference with Tenant’s business arising from the Renovations, nor shall Tenant be entitled to any compensation or damages from Landlord for loss of the use of the whole or any part of the Premises or of Tenant’s personal property or
improvements resulting from the Renovations, or for any inconvenience or annoyance occasioned by such Renovations. Notwithstanding the foregoing, Landlord’s right to make any Renovations shall be expressly conditioned on (a) Tenant and its
employees, agents, guest and invitees have continuous access to the Premises through the Lease Term (subject to the terms and conditions of this Lease), and (b) Landlord employing commercially reasonable mitigation measures to minimize the
impact on Tenant’s use and enjoyment of the Premises. 
 29.30     No
Violation. Tenant hereby warrants and represents that neither its execution of nor performance under this Lease shall cause Tenant to be in violation of any agreement, instrument, contract, law, rule or regulation by which Tenant is bound,
and Tenant shall protect, defend, indemnify and hold Landlord harmless against any claims, demands, losses, damages, liabilities, costs and expenses, including reasonable attorneys’ fees and costs, arising from Tenant’s breach of this
warranty and representation. 
 29.31     Communications and Computer Lines.
Tenant may install, maintain, replace, remove or use any communications or computer wires and cables serving the Premises (collectively, the “Lines”), provided that (i) Tenant shall obtain Landlord’s prior written consent
(not to be unreasonably withheld, conditioned, or delayed), use an experienced and qualified contractor approved in writing by Landlord, and comply with all of the other provisions of Articles 7 and 8 of this Lease, (ii) an
acceptable number of spare Lines and space for additional Lines shall be maintained for existing and future occupants of the 

  
 -41-

 
Project, as determined in Landlord’s reasonable opinion, (iii) the Lines therefor (including riser cables) shall be appropriately insulated to prevent excessive electromagnetic fields
or radiation, shall be surrounded by a protective conduit reasonably acceptable to Landlord, and shall be identified in accordance with the “Identification Requirements,” as that term is set forth hereinbelow, (iv) any new or existing
Lines servicing the Premises shall comply with all applicable governmental laws and regulations, (v) as a condition to permitting the installation of new Lines, Landlord may, at the time of the granting of its consent, if specifically requested
by Tenant, require that Tenant remove existing Lines located in or serving the Premises and repair any damage in connection with such removal, and (vi) Tenant shall pay all costs in connection therewith. All Lines shall be clearly marked with
adhesive plastic labels using long-life adhesive (or plastic tags attached to such Lines with wire) to show Tenant’s name, suite number, telephone number and the name of the person to contact in the case of an emergency (A) every four feet
(4’) outside the Premises (specifically including the electrical room risers and other Common Areas), and (B) at the Lines’ termination point(s) (collectively, the “Identification Requirements”). Notwithstanding
anything to the contrary contained in this Lease, unless otherwise instructed by Landlord (by Notice to Tenant), Tenant shall, at Tenant’s sole cost and expense, prior to the expiration or earlier termination of this Lease, remove any Lines
located in or serving the Premises (and repair any resulting damage). 
 29.32    
Transportation Management. Tenant shall fully comply with all present or future programs intended to manage parking, transportation or traffic in and around the Project and/or the Building, and in connection therewith, Tenant shall
take responsible action for the transportation planning and management of all employees located at the Premises by working directly with Landlord, any governmental transportation management organization or any other transportation-related committees
or entities. Such programs may include, without limitation: (i) restrictions on the number of peak-hour vehicle trips generated by Tenant; (ii) increased vehicle occupancy; (iii) implementation of an in-house ridesharing program and
an employee transportation coordinator; (iv) working with employees and any Project, Building or area-wide ridesharing program manager; (v) instituting employer-sponsored incentives (financial or in-kind) to encourage employees to
rideshare; and (vi) utilizing flexible work shifts for employees. 
 29.33    
Development of the Project. 
 29.33.1 Subdivision. Landlord reserves the right to
further subdivide (including lot line adjustment) all or a portion of the Project and to relocate parking in connection therewith. Tenant agrees to execute and deliver, upon demand by Landlord and in the form requested by Landlord, any additional
documents needed to conform this Lease to the circumstances resulting from such subdivision. 
 29.33.2
The Other Improvements. If portions of the Project or property adjacent to the Project (collectively, the “Other Improvements”) are owned by an entity other than Landlord, Landlord, at its option, may enter into an
agreement with the owner or owners of any or all of the Other Improvements to provide (i) for reciprocal rights of access and/or use of the Project and the Other Improvements, (ii) for the common management, operation, maintenance,
improvement and/or repair of all or any portion of the Project and the Other Improvements, provided that Tenant’s rights under this Lease are not materially impaired, (iii) for the allocation of a portion of the Direct Expenses to the
Other Improvements and for the allocation of a portion of the insurance expenses, operating expenses and tax expenses for the Other Improvements to the Project, and (iv) for the use or improvement of the Other Improvements and/or the Project in
connection with the improvement, construction, and/or excavation of the Other Improvements and/or the Project. Nothing contained herein shall be deemed or construed to limit or otherwise affect Landlord’s right to convey all or any portion of
the Project or any other of Landlord’s rights described in this Lease. 

  
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 29.33.3 Construction of Project and Other Improvements. Tenant
acknowledges that portions of the Project and/or the Other Improvements may be subject to demolition or construction following Tenant’s occupancy of the Premises, and that such construction may result in levels of noise, dust, obstruction of
access, etc. which are in excess of that present in a fully constructed project. Provided that Landlord implements commercially reasonable mitigation measures to minimize the impact on Tenant’s use and enjoyment of the Premises, Tenant hereby
waives any and all rent offsets or claims of constructive eviction which may arise in connection with such demolition or construction. 
 29.34     USA Patriot Act. 

29.34.1 Certification. Tenant hereby certifies to Landlord that: 

(a) Tenant (which, for purposes of the certification contained in this Section 29.34.1,
includes its partners, subpartners, parent organizations, affiliates, subsidiaries, and their respective officers and directors) is not in violation of any laws, executive orders or regulations relating to terrorism or money laundering, including
Executive Order No. 13224 – Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism, effective September 24, 2001 (the “Executive Order”) and the Uniting and
Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (USA PATRIOT ACT) of 2001 (Public Law 107-56), enacted October 26, 2001, as amended (the “USA Patriot Act”); 

(b) Tenant has not been designated as a “Specially Designated National and Blocked Person” or
other banned or blocked person, entity, nation or transaction pursuant to the Executive Order, the USA Patriot Act or any other law, order, rule, or regulation, and Tenant does not appear on any of the following lists: (i) the two
(2) lists maintained by the United States Department of Commerce (Denied Persons and Entities; the Denied Persons list can be found at http://www.bis.doc.gov/DPL/thedeniallist.asp; the Entity List can be accessed from
http://www.bis.doc.gov/Entities/Default.htm); (ii) the list maintained by the United States Department of Treasury (Specially Designated Nationals and Blocked Persons, which can be found at http://www.ustreas.gov/ofac/t11sdn.pdf);
(iii) the two (2) lists maintained by the United States Department of State (Terrorist Organizations and Debarred Parties; the State Department List of Terrorists can be found at http://www.state.gov/s/ct/rls/fs/2001/6531.htm; the List of
Debarred Parties can be found at http://www.pmdtc.org/debar059.htm); and (iv) any other list of terrorists, terrorist, organizations or narcotics traffickers maintained pursuant to any of the rules and regulations of the Office of Foreign
Assets Control of the United States Department of the Treasury, or by any other government or agency thereof (any such designated or listed person, entity, nation or transaction being referred to herein as a “Designated Person or
Entity”); 
 (c) Tenant is currently in compliance with and will at all times during
the Lease Term (including any extension thereof) remain in compliance with the Executive Order, the USA Patriot Act and regulations of the Office of Foreign Assets Control of the United States Department of the Treasury, and any statute, executive
order and other governmental action relating thereto; and 
 (d) Tenant is not engaged in this
transaction, directly or indirectly on behalf of, or instigating or facilitating this transaction, directly or indirectly on behalf of, any Designated Person or Entity. 

29.34.2 Indemnification. Tenant hereby agrees to indemnify, defend, protect and hold harmless the Landlord
Parties harmless from and against any and all claims, damages, losses, risks, 

  
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liabilities, and expenses (including attorneys’ fees and costs) arising from or related to any breach of the certification contained in Section 29.34.1, above. 

29.34.3 Right to Cancel Lease. Landlord reserves the right to terminate this Lease in the event this
transaction is now or hereafter prohibited by the USA Patriot Act or other Laws. 

29.35     Asbestos Notification. Tenant acknowledges that Tenant has received the
asbestos notification letter attached to this Lease as Exhibit F hereto disclosing the existence of asbestos in the Building. As part of Tenant’s obligations under this Lease Tenant agrees to comply with the California
“Connelly Act and other applicable Laws, including providing copies of Landlord’s asbestos notification letter to all of Tenant’ “employees” and “owners” as those terms are defined the Connelly Act and other
applicable Laws. 
 IN WITNESS WHEREOF, Landlord and Tenant have caused this Lease to be executed the day and
date first above written. 
  

					
	 LANDLORD:

	
	 GLENBOROUGH SAN FRANCISCO, LLC,
 a Delaware limited liability company

		
	 By:    
	 	 /s/ Dan Cushing

		 	 Its:
	 	 Vice President

  

					
	 TENANT:

	
	 SOLAR POWER INC.,
 a California corporation

		
	 By:    
	 	 /s/ Robert A. Wood

	
	 Robert A. Wood

		 	 Its:
	 	 Chief Operating Officer

  

					
		
	 By:    
	 	 /s/ Alan M. Lefko

	
	 Alan M. Lefko

		 	 Its:
	 	 Vice President Finance

  
 -44-

 EXHIBIT A 
 THE PREMISES 
 

 

  
 -1-

 EXHIBIT B 

201 CALIFORNIA 
 RULES AND REGULATIONS 
 Tenant shall faithfully
observe and comply with the following Rules and Regulations. Provided that Landlord enforces these Rules and Regulations in a non-discriminatory manner, Landlord shall not be responsible to Tenant for the nonperformance of any of said Rules and
Regulations by or otherwise with respect to the acts or omissions of any other tenants or occupants of the Project. In the event of any conflict between the Rules and Regulations and the other provisions of this Lease, the latter shall control.

 1.         “Building Hours”:     7:00
a.m. – 6:00 p.m. WEEKDAYS 
 2.         Tenant shall not alter
any lock or install any new or additional locks or bolts on any doors or windows of the Premises without obtaining Landlord’s prior written consent. Tenant shall bear the cost of any lock changes or repairs required by Tenant. Two keys will be
furnished by Landlord for the Premises, and any additional keys required by Tenant must be obtained from Landlord at a reasonable cost to be established by Landlord. Upon the termination of this Lease, Tenant shall restore to Landlord all keys of
stores, offices, and toilet rooms, either furnished to, or otherwise procured by, Tenant and in the event of the loss of keys so furnished, Tenant shall pay to Landlord the cost of replacing same or of changing the lock or locks opened by such lost
key if Landlord shall deem it necessary to make such changes. 
 3.
         All doors opening to public corridors shall be kept closed at all times except for normal ingress and egress to the Premises. 

4.         Landlord reserves the right to close and keep locked all entrance and
exit doors of the Building during such hours as are customary for comparable buildings in the vicinity of the Building. Tenant, its employees and agents must be sure that the doors to the Building are securely closed and locked when leaving the
Premises if it is after the normal hours of business for the Building. Any tenant, its employees, agents or any other persons entering or leaving the Building at any time when it is so locked, or any time when it is considered to be after normal
business hours for the Building, may be required to sign the Building register. Access to the Building may be refused unless the person seeking access has proper identification or has a previously arranged pass for access to the Building. Landlord
will furnish passes to persons for whom Tenant requests same in writing. Tenant shall be responsible for all persons for whom Tenant requests passes and shall be liable to Landlord for all acts of such persons. The Landlord and his agents shall in
no case be liable for damages for any error with regard to the admission to or exclusion from the Building of any person. In case of invasion, mob, riot, public excitement, or other commotion, Landlord reserves the right to prevent access to the
Building or the Project during the continuance thereof by any means it deems appropriate for the safety and protection of life and property. 
 5.         No furniture, freight or equipment of any kind shall be brought into the Building without prior notice to Landlord. All moving activity into or out of
the Building shall be scheduled with Landlord and done only at such time and in such manner as Landlord designates. Landlord shall have the right to prescribe the weight, size and position of all safes and other heavy property brought into the
Building and also the times and manner of moving the same in and out of the Building. Safes and other heavy objects shall, if considered necessary by Landlord, stand on supports of such thickness as is necessary to properly distribute the weight.
Landlord will not be responsible for loss of or damage to any such safe or property 

  
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in any case. Any damage to any part of the Building, its contents, occupants or visitors by moving or maintaining any such safe or other property shall be the sole responsibility and expense of
Tenant. 
 6.         No furniture, packages, supplies, equipment or
merchandise will be received in the Building or carried up or down in the elevators, except between such hours, in such specific elevator and by such personnel as shall be designated by Landlord. 

7.         The requirements of Tenant will be attended to only upon application
at the management office for the Project or at such office location designated by Landlord. Employees of Landlord shall not perform any work or do anything outside their regular duties unless under special instructions from Landlord. 

8.         No sign, advertisement, notice or handbill shall be exhibited,
distributed, painted or affixed by Tenant on any part of the Premises or the Building without the prior written consent of the Landlord. Tenant shall not disturb, solicit, peddle, or canvass any occupant of the Project and shall cooperate with
Landlord and its agents of Landlord to prevent same. 
 9.         The
toilet rooms, urinals, wash bowls and other apparatus shall not be used for any purpose other than that for which they were constructed, and no foreign substance of any kind whatsoever shall be thrown therein. The expense of any breakage, stoppage
or damage resulting from the violation of this rule shall be borne by the tenant who, or whose servants, employees, agents, visitors or licensees shall have caused same. Tenant shall observe water and all other conservation measures the Building has
in place. 
 10.         Tenant shall not overload the floor of the
Premises, nor mark, drive nails or screws, or drill into the partitions, woodwork or drywall or in any way deface the Premises or any part thereof without Landlord’s prior written consent. Tenant shall not purchase spring water, ice, towel,
linen, maintenance or other like services from any person or persons not approved by Landlord. 

11.         Except for vending machines intended for the sole use of
Tenant’s employees and invitees, no vending machine or machines other than fractional horsepower office machines shall be installed, maintained or operated upon the Premises without the written consent of Landlord. 

12.         Tenant shall not use or keep in or on the Premises, the Building, or
the Project any kerosene, gasoline or other inflammable or combustible fluid, chemical, substance or material. 

13.         Tenant shall not without the prior written consent of Landlord use
any method of heating or air conditioning other than that supplied by Landlord. 

14.         Tenant shall not use, keep or permit to be used or kept, any foul or
noxious gas or substance in or on the Premises, or permit or allow the Premises to be occupied or used in a manner offensive or objectionable to Landlord or other occupants of the Project by reason of noise, odors, or vibrations, or interfere with
other tenants or those having business therein, whether by the use of any musical instrument, radio, phonograph, or in any other way. Tenant shall not throw anything out of doors, windows or skylights or down passageways. 

15.         Tenant shall not bring into or keep within the Project, the Building
or the Premises any animals, birds, aquariums, or, except in areas designated by Landlord, bicycles or other vehicles. 
 16.         No cooking shall be done or permitted on the Premises, nor shall the Premises be used for the storage of merchandise, for lodging or for any improper,
objectionable or immoral purposes. 

  
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Notwithstanding the foregoing, Underwriters’ laboratory-approved equipment and microwave ovens may be used in the Premises for heating food and brewing coffee, tea, hot chocolate and similar
beverages for employees and visitors, provided that such use is in accordance with the Lease and all applicable federal, state, county and city laws, codes, ordinances, rules and regulations. 

17.         The Premises shall not be used for manufacturing or for the storage
of merchandise except as such storage may be incidental to the use of the Premises provided for in the Summary. Tenant shall not occupy or permit any portion of the Premises to be occupied as an office for a messenger-type operation or dispatch
office, public stenographer or typist, or for the manufacture or sale of liquor, narcotics, or tobacco in any form, or as a medical office, or as a barber or manicure shop, or as an employment bureau without the express prior written consent of
Landlord. Tenant shall not engage or pay any employees on the Premises except those actually working for such tenant on the Premises nor advertise for laborers giving an address at the Premises. 

18.         Landlord reserves the right to exclude or expel from the Project any
person who, in the judgment of Landlord, is intoxicated or under the influence of liquor or drugs, or who shall in any manner do any act in violation of any of these Rules and Regulations. 

19.         Tenant, its employees and agents shall not loiter in or on the
entrances, corridors, sidewalks, lobbies, courts, halls, stairways, elevators, vestibules or any Common Areas for the purpose of smoking tobacco products or for any other purpose, nor in any way obstruct such areas, and shall use them only as a
means of ingress and egress for the Premises. 
 20.         Tenant
shall not waste electricity, water or air conditioning and agrees to cooperate fully with Landlord to ensure the most effective operation of the Building’s heating and air conditioning system, and shall refrain from attempting to adjust any
controls. 
 21.         Tenant shall store all its trash and garbage
within the interior of the Premises. No material shall be placed in the trash boxes or receptacles if such material is of such nature that it may not be disposed of in the ordinary and customary manner of removing and disposing of trash and garbage
in the vicinity of the Building without violation of any law or ordinance governing such disposal. All trash, garbage and refuse disposal shall be made only through entry-ways and elevators provided for such purposes at such times as Landlord shall
designate. 
 22.         Tenant shall comply with all safety, fire
protection and evacuation procedures and regulations established by Landlord or any governmental agency. 

23.         Any persons employed by Tenant to do janitorial work shall be subject
to the prior written approval of Landlord, and while in the Building and outside of the Premises, shall be subject to and under the control and direction of the Building manager (but not as an agent or servant of such manager or of Landlord), and
Tenant shall be responsible for all acts of such persons. 
 24.        
No awnings or other projection shall be attached to the outside walls of the Building without the prior written consent of Landlord, and no curtains, blinds, shades or screens shall be attached to or hung in, or used in connection with, any window
or door of the Premises other than Landlord standard drapes. All electrical ceiling fixtures hung in the Premises or spaces along the perimeter of the Building must be fluorescent and/or of a quality, type, design and a warm white bulb color
approved in advance in writing by Landlord. Neither the interior nor exterior of any windows shall be coated or otherwise sunscreened without the prior written consent of Landlord. Tenant shall abide by Landlord’s regulations concerning the
opening and closing of window coverings which are attached to the windows 

  
 -3-

 
in the Premises, if any, which have a view of any interior portion of the Building or Building Common Areas. 

25.         The sashes, sash doors, skylights, windows, and doors that reflect or
admit light and air into the halls, passageways or other public places in the Building shall not be covered or obstructed by Tenant, nor shall any bottles, parcels or other articles be placed on the windowsills. 

26.         Tenant must comply with requests by the Landlord concerning the
informing of their employees of items of importance to the Landlord. 

27.         Tenant must comply with the State of California “No
Smoking” law set forth in California Labor Code Section 6404.5, and any local “No Smoking” ordinance which may be in effect from time to time and which is not superseded by such State law. Tenant, Tenant’s employees,
agents and invitees shall observe the “No Smoking in the Common Area of the Building” policy, which shall be enforced by Landlord. 
 28.         Tenant hereby acknowledges that Landlord shall have no obligation to provide guard service or other security measures for the benefit of the Premises,
the Building or the Project and that if attendants (uniformed or otherwise) are provided and/or monitoring systems or access controls are provided, the same are no assurance of personal safety. Tenant hereby assumes all responsibility for the
protection of Tenant and its agents, employees, contractors, invitees and guests, and the property thereof, from acts of third parties, including keeping doors locked and other means of entry to the Premises closed, whether or not Landlord, at its
option, elects to provide any security measures whatsoever for the Project or any portion thereof. Tenant further assumes the risk that any safety and security devices, services and programs which Landlord elects, in its sole discretion, to provide
may not be effective, or may malfunction or be circumvented by an unauthorized third party, and Tenant shall, in addition to its other insurance obligations under this Lease, obtain its own insurance coverage to the extent Tenant desires protection
against losses related to such occurrences. Tenant shall cooperate in any reasonable safety or security program developed by Landlord or required by law. 
 29.         All office equipment of any electrical or mechanical nature shall be placed by Tenant in the Premises in settings approved by Landlord, to absorb or
prevent any vibration, noise and annoyance. 
 30.         Tenant shall
not use in any space or in the public halls of the Building, any hand trucks except those equipped with rubber tires and rubber side guards. 
 31.         No auction, liquidation, fire sale, going-out-of-business or bankruptcy sale shall be conducted in the Premises without the prior written consent of
Landlord. 
 32.         No tenant shall use or permit the use of any
portion of the Premises for living quarters, sleeping apartments or lodging rooms. 

33.         Landlord shall have the right to prohibit the use of the name of the
Building or any other publicity by Tenant that in Landlord’s sole opinion may impair the reputation of the Building or its desirability. Upon written notice from Landlord, Tenant shall refrain from and discontinue such publicity immediately.

 Landlord reserves the right at any time to change or rescind any one or more of these Rules and Regulations,
or to make such other and further reasonable Rules and Regulations as in Landlord’s judgment may from time to time be necessary for the management, safety, care and cleanliness of the Premises, Building, the Common Areas and the Project, and
for the preservation of good order therein, as 

  
 -4-

 
well as for the convenience of other occupants and tenants therein. Landlord may waive any one or more of these Rules and Regulations for the benefit of any particular tenants, but no such waiver
by Landlord shall be construed as a waiver of such Rules and Regulations in favor of any other tenant, nor prevent Landlord from thereafter enforcing any such Rules or Regulations against any or all tenants of the Project. Tenant shall be deemed to
have read these Rules and Regulations and to have agreed to abide by them as a condition of its occupancy of the Premises. 

  
 -5-

 EXHIBIT C 

201 CALIFORNIA 
 NOTICE OF LEASE TERM DATES 

					
		 	
			
	 To:    
	 	 	 	
		 	 	 	
		 	 	 	
		 	 	 	

 Re:     Office Lease dated
            , 2011 between Glenborough San Francisco, LLC, a Delaware limited liability company, (“Landlord”), and
            , a             (“Tenant”) concerning Suite
             on floor(s)              of the office building located at 201 California Street, San Francisco, CA
94111. 
 Gentlemen: 
 In accordance with the Office Lease (the “Lease”), we wish to advise you and/or confirm as follows: 
  

	 	 1.
	 The Lease Term shall commence on or has commenced on              for a term of
             ending on             . 

 

	 	 2.
	 If the Commencement Date is other than the first day of the month, the first billing will contain a pro rata adjustment. Each billing thereafter
shall be for the full amount of the monthly installment as provided for in the Lease. 

  

	 	 3.
	 The approximate number of rentable square feet within the Premises is
             square feet. 

  

	 	 4.
	 Tenant’s Share is              %. 

 

							
	 “Landlord”
	 	
			
	 	 	,	 	
	 a
	 	 	 		 	

  

							
	 By:  
	 	 	 	
		 	 Its:  
	 	 	 	

  
 -1-

			
	 Agreed to and Accepted
 as of January 6, 2012.

	
	 “Tenant”: Solar Power, Inc., a California

corporation

		
	 By:
	 	 
		 	 Its: Chief Operating Officer

		
	 By:
	 	 
		 	 Its: Vice President Finance

  
 -2-

 EXHIBIT D 

INTENTIONALLY OMITTED. 

  
 -1-

 EXHIBIT E 

201 CALIFORNIA 
 FORM OF TENANT’S ESTOPPEL CERTIFICATE 
 The
undersigned as Tenant under that certain Office Lease (the “Lease”) made and entered into as of             , 2011 by and between
             as Landlord, and the undersigned as Tenant, for Premises on the              floor(s) of the office
building located at             ,             ,
            ,             , certifies as follows: 

1.        Attached hereto as Exhibit A is a true and correct
copy of the Lease and all amendments and modifications thereto. The documents contained in Exhibit A represent the entire agreement between the parties as to the Premises. 

2.        The undersigned currently occupies the Premises described in the Lease,
the Lease Term commenced on             , and the Lease Term expires on             , and the undersigned has no
option to terminate or cancel the Lease or to purchase all or any part of the Premises, the Building and/or the Project. 
 3.        Base Rent became payable on             . 

4.        The Lease is in full force and effect and has not been modified,
supplemented or amended in any way except as provided in Exhibit A. 

5.        Tenant has not transferred, assigned, or sublet any portion of the
Premises nor entered into any license or concession agreements with respect thereto except as follows: 

6.        Tenant shall not modify the documents contained in
Exhibit A without the prior written consent of Landlord’s mortgagee. 

7.        All monthly installments of Base Rent, all Additional Rent and all
monthly installments of estimated Additional Rent have been paid when due through             . The current monthly installment of Base Rent is
$            . 

8.        All conditions of the Lease to be performed by Landlord necessary to
the enforceability of the Lease have been satisfied and Landlord is not in default thereunder. In addition, the undersigned has not delivered any notice to Landlord regarding a default by Landlord thereunder. The Lease does not require Landlord to
provide any rental concessions or to pay any leasing brokerage commissions. 

9.        No rental has been paid more than thirty (30) days in advance and
no security has been deposited with Landlord except as provided in the Lease. Neither Landlord, nor its successors or assigns, shall in any event be liable or responsible for, or with respect to, the retention, application and/or return to Tenant of
any security deposit paid to any prior landlord of the Premises, whether or not still held by any such prior landlord, unless and until the party from whom the security deposit is being sought, whether it be a lender, or any of its successors or
assigns, has actually received for its own account, as landlord, the full amount of such security deposit. 

  
 -1-

 10.        As of the date hereof,
there are no existing defenses or offsets, or, to the undersigned’s knowledge, claims or any basis for a claim, that the undersigned has against Landlord. 
 11.        If Tenant is a corporation or partnership, each individual executing this Estoppel Certificate on behalf of Tenant hereby represents and warrants that
Tenant is a duly formed and existing entity qualified to do business in              and that Tenant has full right and authority to execute and deliver this Estoppel Certificate and
that each person signing on behalf of Tenant is authorized to do so. 

12.        There are no actions pending against the undersigned under the
bankruptcy or similar laws of the United States or any state. 

13.        Tenant is in full compliance with all federal, state and local laws,
ordinances, rules and regulations affecting its use of the Premises, including, but not limited to, those laws, ordinances, rules or regulations relating to hazardous or toxic materials. Tenant has never permitted or suffered, nor does Tenant have
any knowledge of, the generation, manufacture, treatment, use, storage, disposal or discharge of any hazardous, toxic or dangerous waste, substance or material in, on, under or about the Project or the Premises or any adjacent premises or property
in violation of any federal, state or local law, ordinance, rule or regulation. 

14.        To the undersigned’s knowledge, all tenant improvement work to be
performed by Landlord under the Lease has been completed in accordance with the Lease and has been accepted by the undersigned and all reimbursements and allowances due to the undersigned under the Lease in connection with any tenant improvement
work have been paid in full. All work (if any) in the common areas required by the Lease to be completed by Landlord has been completed and all parking spaces required by the Lease have been furnished and/or all parking ratios required by the Lease
have been met. 
 The undersigned acknowledges that this Estoppel Certificate may be delivered to Landlord or to
a prospective mortgagee or prospective purchaser, and acknowledges that said prospective mortgagee or prospective purchaser will be relying upon the statements contained herein in making the loan or acquiring the property of which the Premises are a
part and that receipt by it of this certificate is a condition of making such loan or acquiring such property. 

Executed at              on the
             day of             , 20__. 

 

							
	 “Tenant”:
	 	
			
	 	 	,	 	
	 a
	 	 	 		 	

  

							
	 By:  
	 	 	 	
		 	 Its:  
	 	 	 	

  

							
	 By:  
	 	 	 	
		 	 Its:  
	 	 	 	

  
 -2-

 EXHIBIT F 

201 CALIFORNIA 
 ASBESTOS NOTIFICATION 
 Asbestos-containing materials
(“ACMs’) were historically commonly used in the construction of commercial buildings across the country. ACMs were commonly used because of their beneficial qualities; ACMs are fire-resistant and provide good noise and temperature
insulation. 
 Some common types of ACMs include surfacing materials (such as spray-on fireproofing, stucco, plaster and
textured paint), flooring materials (such as vinyl floor tile and vinyl floor sheeting) and their associated mastics, carpet mastic, thermal system insulation (such as pipe or duct wrap, boiler wrap and cooling tower insulation), roofing materials,
drywall, drywall joint tape and drywall joint compound, acoustic ceiling tiles, transite board, base cove and associated mastic, caulking, window glazing and fire doors. These materials are not required under law to be removed from any building
(except prior to demolition and certain renovation projects). Moreover, ACMs generally are not thought to present a threat to human health unless they cause a release of asbestos fibers into the air, which does not typically occur unless
(1) the ACMs are in a deteriorated condition, or (2) the ACMs have been significantly disturbed (such as through abrasive cleaning, or maintenance or renovation activities). 

It is possible that some of the various types of ACMs noted above (or other types) are present at various locations in the Building.
Anyone who finds any such materials in the Building should assume them to contain asbestos unless those materials are properly tested and found to be otherwise. In addition, under applicable law, certain of these materials are required to be
presumed to contain asbestos in the Building because the Building was built prior to 1981 (these materials are typically referred to as “Presumed Asbestos Containing Materials” or “PACM”). PACM consists of thermal system
insulation and surfacing material found in buildings constructed prior to 1981, and asphalt or vinyl flooring installed prior to 1981. If any thermal system insulation, asphalt or vinyl flooring or surfacing materials are found to be present in the
Building, such materials must be considered PACM unless properly tested and found otherwise. 
 Because of the potential
presence of ACM in the Building, we are also providing the following warning, which is commonly known as a California Proposition 65 warning: WARNING: This building may contains asbesto, a chemical known to the State of California to cause
cancer. 
 Please contact the Building manager with any questions regarding the contents of this Exhibit F. 

  

 EXHIBIT G 
 ADDITIONAL PROVISIONS 
 This Exhibit is attached to
and made a part of the Lease by and between GLENBOROUGH SAN FRANCISCO, LLC, a Delaware limited liability company (“Landlord”) and SOLAR POWER INC., a California corporation (“Tenant”) for space in the Building
located at 201 California Street, San Francisco, California. In the event of any conflict between the provisions contained in this Exhibit and the remainder of this Lease, the provisions contained in this Exhibit G shall govern. 

1.         Right of First Offer. During the term of the Lease, Tenant
shall have a one-time right of first offer to lease contiguous space located on the twelfth (12th) floor of the Building arising from all new vacancies occurring on or after the Effective Date (subject: (i) to any existing tenant’s
right to renew whether or not explicitly permitted by its lease, and (ii) Environ International Corporation’s preexisting right of first offer for such space) (the “First Offer Space”). If Tenant does not lease the First
Offer Space after being offered such space in accordance with the terms of this Section, Tenant shall have no further right under this Section to lease the First Offer Space that was covered by such offer. Tenant’s right of the first offer
shall be on the terms and conditions set forth as follows: 

(a)        Procedure for Offer. Landlord shall notify Tenant (the
“First Offer Notice”) the first time after the Commencement Date that the First Offer Space becomes available for lease. The First Offer Notice shall describe the space which is the subject of the First Offer Notice and shall set
forth the size and location of such space, Landlord’s determination of Fair Market Rent (as defined below) for the space and the other commercially reasonable market economic terms and conditions which Landlord would accept for Tenant’s
lease of such space (collectively, the “Economic Terms”). “Fair Market Rent” for the purposes of this Section shall mean the annual rental rates then being charged in the San Francisco Financial District submarket
where the Building is situated for comparable space for leases commencing on or about the date of the commencement of the term taking into consideration use, location and floor level of the applicable building, the location, quality and age of the
building, leasehold improvements provided, rental concessions (such as abatements, lease assumptions or takeovers and moving expenses), the date that the particular rate under consideration became or becomes effective, the term of the lease under
consideration, the extent of services provided thereunder, applicable distinctions between “gross” leases and “net” leases, base year figures and base years for escalation purposes, the creditworthiness and quality of Tenant,
leasing commissions and costs of the leases and other adjustments in the base rentals and any other relevant term or condition in making such evaluation. 
 (b)        Procedure for Acceptance. If Tenant wishes to exercise Tenant’s right of first offer with respect to such First Offer Space, then within ten
(10) business days after delivery of the First Offer Notice to Tenant, Tenant shall deliver notice to Landlord of Tenant’s intention to exercise its right of first offer with respect to the entire space described in the First Offer Notice.
Notwithstanding anything to the contrary contained herein, Tenant must elect to exercise its right of first offer, if at all, with respect to all of the space offered by Landlord to Tenant at any particular time, and Tenant may not elect to lease
only a portion thereof. If Tenant fails to respond in writing to such notice within said ten (10) business day period, or does not accept the entire First Offer Space, then Tenant shall be deemed to have waived its Right of First Offer for such
space. 
 (c)        Lease of First Offer Space. If Tenant timely
exercises Tenant’s right to lease the First Offer Space as set forth herein, Landlord and Tenant shall execute an amendment adding such First Offer Space to the Lease upon the same non-economic terms and conditions as applicable to the
Premises, and the Economic Terms as provided in this Section. Tenant shall commence payment of Rent for the First Offer Space and the lease term of the First Offer Space shall commence upon the date (“First Offer

  

 
Commencement Date”) which is the earlier of (i) the expiration of a reasonable build-out period determined as a component of the Economic Terms, and (ii) the date that
Tenant, or any person occupying any of the First Offer Space with Tenant’s permission, commences business operations from the First Offer Space, subject to any appropriate modification with respect to such commencement of Rent. The lease term
for the First Offer Space shall expire on the Expiration Date. 

(d)        Conditions to Right of First Offer. Tenant’s rights under
this Section shall be subject to the conditions (all of which conditions are solely for Landlord’s benefit and may, in Landlord’s sole discretion, be waived) that: (i) at the time of exercise and thereafter at all times prior to the
commencement of Tenant’s leasing of the First Offer Space, Tenant shall not be in Default under the terms of this Lease (in each case, beyond applicable notice and cure periods), (ii) Tenant must not have assigned this Lease or sublet more
than twenty percent (20%) of the Premises, and (iii) after the exercise there must be at two (2) years left in the Term of the Lease (which may require an extension of the then Term of the Lease upon terms agreed upon by Landlord and
Tenant.).Form of Participant Agreement

 Exhibit 4.2 

CURRENCYSHARESSM SOUTH AFRICAN RAND TRUST 
 PARTICIPANT AGREEMENT 
 This Participant Agreement (this “Agreement”),
dated as of             , 2011, is entered into by and between
                                    (with respect to this Agreement,
the “Authorized Participant”, and with respect to the Trust Agreement referred to below, an “Authorized Participant”), The Bank of New York Mellon, a New York banking corporation, not in its individual capacity but
solely as trustee (the “Trustee”) of the Trust (the “Trust”), and Rydex Specialized Products LLC, d/b/a Rydex Investments, as sponsor (the “Sponsor”) of the Trust. 

SUMMARY 
 The Trustee
serves as the trustee of the Trust pursuant to the Depositary Trust Agreement dated as of August 16, 2011 between the Sponsor and the Trustee (the “Trust Agreement”). As provided in the Trust Agreement and described in the
Prospectus (defined below), units of fractional undivided beneficial interests in and ownership of the Trust (the “Shares”) may be created or redeemed by the Trustee for an Authorized Participant in aggregations of fifty thousand
(50,000) Shares (each aggregation, a “Basket”). Baskets are offered only pursuant to the registration statement of the Trust on Form S-1, as amended (Registration No: 333-150685), as declared effective by the Securities and
Exchange Commission (“SEC”) and as the same may be amended from time to time thereafter (collectively, the “Registration Statement”) together with the prospectus of the Trust in the form first filed with the SEC
pursuant to Rule 424 (the “Prospectus”) adopted under the Securities Act of 1933, as amended (the “1933 Act”). Under the Trust Agreement, the Trustee is authorized to issue Baskets to, and redeem Baskets from,
Authorized Participants under the Trust Agreement, only through the facilities of The Depository Trust Company (“DTC”) or a successor depository, and only in exchange for an amount of South African Rands that is transferred between
such Authorized Participant and the Trust. Under the Trust Agreement, the Trustee issues Baskets in exchange for South African Rands which are transferred by an Authorized Participant to the London Branch of JPMorgan Chase Bank, N.A. (the
“Depository”), and when the Trustee redeems Baskets tendered for redemption by an Authorized Participant in exchange for South African Rands, the South African Rands held in the Trust Account are transferred to the Authorized
Participant by the Depository. The foregoing South African Rand transfers are also governed by the Deposit Account Agreement the Trust has entered into with the Depository (the “Deposit Account Agreement”). This Agreement sets forth
the specific procedures by which an Authorized Participant may create or redeem Baskets. 
 Because new Shares can be created and issued on an
ongoing basis, at any point during the life of the Trust, a “distribution,” as such term is used in the 1933 Act, may be occurring. The Authorized Participant is cautioned that some of its activities may result in its being deemed a
participant in a distribution in a manner that would render it a statutory underwriter and subject it to the prospectus-delivery and liability provisions of the 1933 Act. The Authorized Participant should review the “Plan of Distribution”
portion of the Prospectus and consult with its own counsel in connection with entering into this Agreement and placing an Order (defined below). 
 Capitalized terms used but not defined in this Agreement shall have the meanings assigned to such terms in the Trust Agreement. To the extent there is a conflict between any provision of this Agreement
and the provisions of the Trust Agreement, the provisions of the Trust Agreement shall control. 
 To give effect to the foregoing premises and
in consideration of the mutual covenants and agreements set forth below, the parties hereto agree as follows: 
 Section 1. Order
Placement. To place orders for the Trustee to create or redeem one or more Baskets, Authorized Participants must follow the procedures for creation and redemption referred to in Section 3 of this Agreement and the procedures described in
Attachment A hereto (the “Procedures”), as each may be amended, modified or supplemented from time to time. 

 Section 2. Status, Representations and Warranties of the Parties. 

(a) The Authorized Participant represents and warrants and covenants the following on the date hereof and at each time of purchase by the
Authorized Participant of a Basket from the Trust (each such time, the “Time of Purchase”), that: 
 (i) The Authorized
Participant is a participant of DTC (as such a participant, a “DTC Participant”). If the Authorized Participant ceases to be a DTC Participant, the Authorized Participant shall give immediate notice to the Trustee of such event, and
this Agreement shall terminate immediately as of the date the Authorized Participant ceased to be a DTC Participant. 
 (ii)
Unless Section 2(a)(iii) applies, the Authorized Participant either (A) is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (“1934 Act”), and is a member in good standing of Financial
Industry Regulatory Authority, Inc. (“FINRA”), or (B) is exempt from being, or otherwise is not required to be, licensed as a broker-dealer or a member of FINRA, and in either case is qualified to act as a broker or dealer in
the states or other jurisdictions where the nature of its business so requires. In connection with the purchase or redemption of Baskets and any related offers or sales of Shares, the Authorized Participant will maintain any such registrations,
qualifications and membership in good standing and in full force and effect throughout the term of this Agreement. The Authorized Participant will comply with all applicable federal laws, the laws of the states or other jurisdictions concerned, and
the rules and regulations promulgated thereunder, and with the Constitution, By-Laws and the NASD Conduct Rules (if it is a FINRA member), and will not offer or sell Shares in any state or jurisdiction where they may not lawfully be offered and/or
sold. 
 (iii) If the Authorized Participant is offering or selling Shares in jurisdictions outside the several states,
territories and possessions of the United States and is not otherwise required to be registered, qualified or a member of FINRA as set forth in Section 2(a)(ii) above, the Authorized Participant will, in connection with such offers and sales,
(A) observe the applicable laws of the jurisdiction in which such offer and/or sale is made, (B) comply with the prospectus delivery and other requirements of the 1933 Act, and the regulations promulgated thereunder, and (C) conduct
its business in accordance with the NASD Conduct Rules. 
 (iv) The Authorized Participant is in compliance with the money
laundering and related provisions of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001, and the regulations promulgated thereunder (“USA PATRIOT
Act”), if the Authorized Participant is subject to the requirements of the USA PATRIOT Act. 
 (v) The Authorized
Participant has the capability to send and receive communications via authenticated telecommunication facility to and from the Trustee. The Authorized Participant shall confirm such capability to the satisfaction of the Trustee by the end of the
Business Day before placing its first order with the Trustee (whether such order is to create or to redeem Baskets). 
 (b) The
Sponsor represents and warrants that: 

 (i) on the effective date of the Registration Statement and at each Time of Purchase, the
Trust’s Registration Statement shall be effective and no stop order of the SEC with respect thereto shall have been issued and no proceedings for such purpose shall have been instituted or, to the Sponsor’s knowledge, will then be
contemplated by the SEC; the Registration Statement complies in all material respects with the requirements of the 1933 Act, and the Prospectus complied as of its date, and complies at the Time of Purchase, in all material respects with the
requirements of the 1933 Act; and the conditions to the use of Form S-1 have been satisfied; the Registration Statement does not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading, the Prospectus will not, as of its date and at the Time of Purchase, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading and, as of 4:00 p.m. on the date of this Agreement (the “Time of Sale”), the documents comprising the Disclosure
Package (as defined below) did not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading; provided, however, that the Sponsor makes no warranty or representation with respect to any statement contained in the Registration Statement, the Prospectus or the Disclosure Package in reliance upon and in conformity
with information concerning the Authorized Participant and furnished in writing by or on behalf of the Authorized Participant to the Sponsor expressly for use therein. The “Disclosure Package” is the Prospectus and any amendments
and supplements thereto at the Time of Sale and any free writing prospectus as defined in Rule 405 of the 1933 Act (a “FWP”) prepared by, for or on behalf of the Sponsor before the Time of Sale and intended for general distribution;

 (ii) the Shares, when issued and delivered against payment of consideration therefor, as provided in this Agreement, will be
duly and validly authorized, issued, fully paid and non-assessable and free of statutory and contractual preemptive rights, rights of first refusal and similar rights; 
 (iii) the Sponsor has been duly organized and, on the effective date of the Registration Statement and at each Time of Purchase, will be validly existing as a limited liability company in good standing
under the laws of the State of Delaware, with full power and authority to act as the sponsor of the Trust as described in the Registration Statement and the Prospectus, and has all requisite power and authority to execute and deliver this Agreement;
and 
 (iv) at the time the Sponsor makes an offer of Shares following the filing of the Registration Statement, neither the
Trust nor the Sponsor will be an “ineligible issuer” as defined in Rule 405 of the 1933 Act. 

 Section 3. Orders. 
 (a) All orders to create or redeem Baskets shall be made in accordance with the terms of the Trust Agreement, the Deposit Account Agreement, this Agreement and the Procedures. Each party will comply with
such foregoing terms and procedures to the extent applicable to it. The Authorized Participant hereby consents to the use of recorded telephone lines whether or not such use is reflected in the Procedures. The Trustee and Sponsor may issue
additional or other procedures from time to time relating to the manner of creating or redeeming Baskets which are not related to the Procedures, and the Authorized Participant will comply with such procedures of which it has received notice in
accordance with Section 18(c). 
 (b) The Authorized Participant acknowledges and agrees that each order to create a Basket
(a “Purchase Order”) and each order to redeem a Basket (a “Redemption Order”, and each Purchase Order and Redemption Order, an “Order”) may not be revoked by the Authorized Participant upon its
delivery to the Trustee. A form of Purchase Order is attached hereto as Exhibit B and a form of Redemption Order is attached hereto as Exhibit C. Notwithstanding the foregoing, the Trustee agrees to use reasonable efforts to facilitate cancellation
of an Order upon prompt inquiry from the Authorized Participant after placing such Order and only where the written cancellation of the Order has been delivered to the Trustee (by the method permitted for delivery of the Order to the Trustee) not
later than the Order Cut-Off Time, or Early Order Cut-Off Time, as applicable. 
 (c) The delivery of the Shares against deposits
of South African Rands may be suspended generally, or refused with respect to particular requested deliveries, during any period when the transfer books of the Trustee are closed or if any such action is deemed necessary or advisable by the Trustee
or the Sponsor for any reason at any time or from time to time. Except as otherwise provided in the Trust Agreement, the surrender of Shares for purposes of withdrawing South African Rands may not be suspended. 

Section 4. South African Rand Transfers. Any South African Rands to be transferred in connection with any Order shall be transferred between
the Authorized Participant’s account and the Trust’s deposit accounts established for such transfers pursuant to the Deposit Account Agreement (the “Deposit Accounts”) in accordance with the Procedures. The Authorized
Participant shall be responsible for all costs and expenses relating to or connected with any transfer of South African Rands between its account and the Deposit Accounts, including any late fees and other charges, if any, for which the Trustee
becomes responsible in the event that South African Rands are not transferred from the Authorized Participant’s account in accordance with the Procedures. 
 Section 5. Fees. 
 (a) In connection with each Order by an Authorized
Participant to create or redeem one or more Baskets, the Trustee shall charge, and the Authorized Participant shall pay to the Trustee, the transaction fee prescribed in the Trust Agreement applicable to such creation or redemption. The initial
transaction fee shall be five hundred dollars ($500). The transaction fee may be waived or otherwise adjusted from time to time as set forth in the Prospectus. 
 (b) In addition to the fee described in Section 5(a), in connection with each Order by an Authorized Participant to create or redeem two or more Baskets, the Sponsor shall charge, and the Authorized
Participant shall pay to the Sponsor, an additional transaction fee applicable to such creation or redemption. The additional transaction fee shall range from five hundred dollars ($500) to two thousand dollars ($2,000), based on the number of
Baskets created or redeemed per Order. The additional transaction fee may be waived or otherwise adjusted from time to time as set forth in the Prospectus or the Procedures. 
 (c) Remittance of payment for the transaction fees set forth in Sections 5(a) and 5(b) shall be made in accordance with the Procedures. 

 Section 6. Authorized Persons. Concurrently with the execution of this Agreement and from time
to time thereafter, the Authorized Participant shall deliver to the Trustee notarized and duly certified as appropriate by its secretary or other duly authorized official, a certificate in the form of Exhibit A setting forth the names and signatures
of all persons authorized to give instructions relating to activity contemplated hereby or by any other notice, request or instruction given on behalf of the Authorized Participant (each, an “Authorized Person”). The Trustee may
accept and rely upon such certificate as conclusive evidence of the facts set forth therein and shall consider such certificate to be in full force and effect until the Trustee receives a superseding certificate bearing a subsequent date, which
shall be delivered in accordance with the notice provisions set forth in Section 18(c), but which also may be delivered in PDF format via e-mail with the original concurrently sent to the Trustee by regular mail, postage prepaid. Upon the
termination or revocation of authority of any Authorized Person by the Authorized Participant, the Authorized Participant shall give immediate written notice of such fact to the Trustee and such notice shall be effective upon receipt by the Trustee.
The Trustee shall issue to each Authorized Person a unique personal identification number (the “PIN”) by which such Authorized Person shall be identified and by which instructions issued by the Authorized Participant hereunder shall
be authenticated. The PIN shall be kept confidential by the Authorized Participant and shall only be provided to the Authorized Person. If, after issuance, the Authorized Person’s PIN is changed, the new PIN shall become effective on a date
mutually agreed upon by the Authorized Participant and the Trustee. 
 Section 7. Redemption. The Authorized Participant represents
and warrants that it will not obtain an Order Number (as described in the Procedures) from the Trustee for the purpose of redeeming a Basket unless it first ascertains that (i) it or its customer, as the case may be, owns outright or has full
legal authority and legal and beneficial right to tender for redemption the Baskets to be redeemed and to receive the entire proceeds of the redemption, and (ii) such Baskets have not been loaned or pledged to another party, borrowed or
temporarily obtained from another party and are not the subject of any repurchase agreement, reverse repurchase agreement or securities lending agreement, or any other arrangement which would preclude the delivery of such Baskets to the Trustee on
the third Business Day following the date of the Redemption Order. 
 Section 8. Role of Authorized Participant. 

(a) The Authorized Participant acknowledges that, for all purposes of this Agreement and the Trust Agreement, the Authorized Participant
is and shall be deemed to be an independent contractor and has and shall have no authority to act as agent for the Trust, the Sponsor, the Trustee or the Depository, in any matter or in any respect. 

(b) The Authorized Participant will make itself and its employees available, upon request, during normal business hours to consult with
the Trustee, the Depository or their designees concerning the performance of the Authorized Participant’s responsibilities under this Agreement. 
 (c) The Authorized Participant will maintain records of all sales of Shares made by or through it as required by law and will furnish copies of such records to the Sponsor upon the reasonable request of
the Sponsor, subject to any privacy or confidentiality obligations it may have to its customers arising under federal or state securities laws or the applicable rules of any self regulatory organization. The Sponsor will not use any information
provided by the Authorized Participant pursuant to this paragraph or disclose such information to others except in connection with the performance of its duties and responsibilities hereunder, including making servicing and informational mailings
related to the Trust, or except as may be required by applicable law. 
 Section 9. Indemnification. 

(a) The Authorized Participant hereby indemnifies and holds harmless the Trustee, the Depository, the Trust, the Sponsor, their respective
direct or indirect affiliates (as defined below) and their respective directors, officers, employees and agents (each, an “AP Indemnified Party”) from and against any losses, liabilities, damages, costs and expenses (including
attorney’s fees and the 

 
reasonable cost of investigation) incurred by such AP Indemnified Party as a result of or in connection with: (i) any breach by the Authorized Participant of any provision of this Agreement,
including any of its representations, warranties or covenants; (ii) any failure on the part of the Authorized Participant to perform any of its other obligations set forth in this Agreement; (iii) any failure by the Authorized Participant
to comply with applicable laws and the rules and regulations of any governmental entity or any self-regulatory organization or futures exchange to the extent the foregoing relates to offers or sales of, transaction in, and activities with respect to
Baskets; (iv) any actions of such AP Indemnified Party in reliance upon any instructions issued in accordance with the Procedures reasonably believed by the AP Indemnified Party to be genuine and to have been given by the Authorized
Participant; or (v) (A) any representation by the Authorized Participant, its employees or its agents or other representatives about the Shares, any AP Indemnified Party or the Trust that is not consistent with the Trust’s Prospectus
as then-supplemented made in connection with the offer or the solicitation of an offer to buy or sell Shares and (B) any untrue statement or alleged untrue statement of a material fact (1) contained in any research report, marketing
material or sales literature described in Section 13(b) or in any FWP prepared by the Authorized Participant or (2) furnished by the Authorized Participant for use in a FWP prepared by, for or on behalf of the Sponsor, or any alleged
omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein not misleading to the extent that such statement or omission relates to the Shares, any AP Indemnified Party or the Trust,
unless, in either case, such representation, statement or omission was made or included by the Authorized Participant at the written direction of the Sponsor or is based upon any omission or alleged omission by the Sponsor to state a material fact
in connection with such representation, statement or omission necessary in order to make such representation, statement or omission not misleading. 
 (b) The Sponsor hereby agrees to indemnify and hold harmless the Authorized Participant, its respective subsidiaries, affiliates, directors, officers, employees and agents, and each person, if any, who
controls such persons within the meaning of Section 15 of the 1933 Act (each, a “Sponsor Indemnified Party”) from and against any losses, liabilities, damages, costs and expenses (including attorneys’ fees and the
reasonable cost of investigation) incurred by such Sponsor Indemnified Party as a result of (i) any breach by the Sponsor of any provision of this Agreement that relates to the Sponsor, including its representations, warranties and covenants;
(ii) any failure on the part of the Sponsor to perform any other obligation of the Sponsor set forth in this Agreement; (iii) any failure by the Sponsor to comply with applicable laws and the rules and regulations of any governmental
entity, any self-regulatory organization or futures exchange to the extent the foregoing relates to offers or sales of, transaction in, and activities with respect to Baskets; or (iv) any untrue statement or alleged untrue statement of a
material fact contained in the Registration Statement or in any amendment thereof, or in the Prospectus, or in any amendment thereof or supplement thereto, or in any FWP prepared by, for or on behalf of the Sponsor, or arising out of or based upon
the omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein not misleading, except those statements based on information furnished in writing by or on behalf of
the Authorized Participant expressly for use in the Registration Statement, amendment thereof, Prospectus, amendment thereof or supplement thereto, or FWP. 
 (c) (i) This Section 9 shall not apply to any AP Indemnified Party or any Sponsor Indemnified Party (each, an “Indemnified Party”) to the extent any such losses, liabilities,
damages, costs and expenses are incurred as a result of, or in connection with, any action or failure to act that constitutes gross negligence, bad faith or willful misconduct on the part of the such Indemnified Party. (ii) The term
“affiliate” in this Section 9 shall include, with respect to any person, entity or organization, any other person, entity or organization which directly, or indirectly through one or more intermediaries, controls, is controlled by or
is under common control with such person, entity or organization. 

 
(d) If the indemnification provided for in this Section 9 is unavailable to an indemnified party under Sections 9(a) or 9(b) or insufficient to hold an indemnified party harmless in respect
of any losses, liabilities, damages, costs and expenses referred to therein, then each applicable indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, liabilities, damages, costs and
expenses (i) in such proportion as is appropriate to reflect the relative benefits received by the Sponsor and the Trust, on the one hand, and by the Authorized Participant, on the other hand, from the services provided hereunder or
(ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the
Sponsor and the Trust, on the one hand, and of the Authorized Participant, on the other hand, in connection with, to the extent applicable, the statements or omissions which resulted in such losses, liabilities, damages, costs and expenses, as well
as any other relevant equitable considerations. The relative benefits received by the Sponsor and the Trust, on the one hand, and the Authorized Participant, on the other hand, shall be deemed to be in the same respective proportions as the amount
of South African Rands transferred to the Trust under this Agreement on the one hand (expressed in dollars) bears to the amount of economic benefit received by the Authorized Participant in connection with this Agreement on the other hand. To the
extent applicable, the relative fault of the Sponsor on the one hand and of the Authorized Participant on the other shall be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of a material fact
or omission or alleged omission relates to information supplied by the Sponsor or by the Authorized Participant and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.
The amount paid or payable by a party as a result of the losses, liabilities, damages, costs and expenses referred to in this Section 9(d) shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in
connection with investigating, preparing to defend or defending any action, suit or proceeding (each a “Proceeding”) related to such losses, liabilities, damages, costs and expenses. 

(e) The Sponsor and the Authorized Participant agree that it would not be just and equitable if contribution pursuant to this
Section 9 were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in Section 9(d) above. The Authorized Participant shall not be required to
contribute any amount in excess of the amount by which the total price at which the Shares created by the Authorized Participant and distributed to the public were offered to the public exceeds the amount of any damage which the Authorized
Participant has otherwise been required to pay by reason of such untrue statement or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933
Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 
 (f) The
indemnity and contribution agreements contained in this Section 9 shall remain in full force and effect regardless of any investigation made by or on behalf of the Authorized Participant, its partners, stockholders, members, directors,
officers, employees and or any person (including each partner, stockholder, member, director, officer or employee of such person) who controls the Authorized Participant within the meaning of Section 15 of the 1933 Act or Section 20 of the
1934 Act, or by or on behalf of the Sponsor, its partners, stockholders, members, directors, officers, employees or any person who controls the Sponsor within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act, and
shall survive any termination of this Agreement. The Sponsor and the Authorized Participant agree promptly to notify each other of the commencement of any Proceeding against it and, in the case of the Sponsor, against any of the Sponsor’s
officers or directors, in connection with the issuance and sale of the Shares or in connection with the Registration Statement or the Prospectus. 
 Section 10. Liability. 
 (a) Limitation of Liability. None of the
Sponsor, the Trustee, the Authorized Participant, and the Depository shall be liable to each other or to any other person, including any party claiming by, through or on behalf of the Authorized Participant, for any losses, liabilities, damages,
costs or expenses arising out of any mistake or error in data or other information provided to any of them by each other or any other person or out of any interruption or delay in the electronic means of communications used by them.

 
(b) Tax Liability. The Authorized Participant shall be responsible for the payment of any transfer tax, sales or use tax, stamp tax, recording tax, value added tax and any other similar tax or
government charge applicable to the creation or redemption of any Basket made pursuant to this Agreement, regardless of whether or not such tax or charge is imposed directly on the Authorized Participant. To the extent the Trustee, the Sponsor or
the Trust is required by law to pay any such tax or charge, the Authorized Participant agrees to promptly indemnify such party for any such payment, together with any applicable penalties, additions to tax or interest thereon. 

Section 11. Acknowledgment. The Authorized Participant acknowledges receipt of (i) a copy of the Trust Agreement and (ii) the
current Prospectus of the Trust, and represents that it has reviewed and understands such documents. 
 Section 12. Effectiveness and
Termination. Upon the execution of this Agreement by the parties hereto, this Agreement shall become effective in this form as of the Time of Sale, and may be terminated at any time by any party upon thirty (30) days prior written notice to
the other parties unless earlier terminated: (i) in accordance with Section 2(a)(i); (ii) upon notice to the Authorized Participant by the Trustee in the event of a breach by the Authorized Participant of this Agreement or the
procedures described or incorporated herein; (iii) immediately in the circumstances described in Section 18(j); or (iv) at such time as the Trust is terminated pursuant to the Trust Agreement. 

Section 13. Marketing Materials; Representations Regarding Shares; Identification in Registration Statement. 

(a) The Authorized Participant represents, warrants and covenants that (i), without the written consent of the Sponsor, the Authorized
Participant will not (A) make, or permit any of its representatives to make, any representations concerning the Shares or any AP Indemnified Party other than representations contained (1) in the Prospectus of the Trust, as then amended and
supplemented, (2) in printed information approved by the Sponsor as information supplemental to such Prospectus or (3) in any promotional materials or sales literature furnished to the Authorized Participant by the Sponsor, or
(B) issue any FWP pursuant to Rules 164 and 433 of the 1933 Act and (ii) the Authorized Participant will not furnish or cause to be furnished to any person or display or publish any information or material relating to the Shares, any AP
Indemnified Person or the Trust that are not consistent with the Prospectus, as then amended and supplemented. Copies of the Prospectus of the Trust, as then amended and supplemented, and any such printed supplemental information will be supplied by
the Sponsor to the Authorized Participant in reasonable quantities upon request. 
 (b) Notwithstanding the foregoing, the
Authorized Participant may without the written approval of the Sponsor prepare and circulate in the regular course of its business research reports, marketing material and sales literature, but in no event FWPs, that include information, opinions or
recommendations relating to the Shares (i) for public dissemination, provided that such research reports, marketing material or sales literature is prepared in accordance with applicable rules and regulations of the 1933 Act, any applicable
state securities laws and FINRA rules; or (ii) for internal use by the Authorized Participant. The Authorized Participant will file all such research reports, marketing material and sales literature related to the Shares with FINRA to the
extent required by the NASD Conduct Rules. 
 (c) The Authorized Participant and its affiliates may prepare and circulate in the
regular course of their businesses, without having to refer to the Shares or the Prospectus, as then amended and supplemented, data and information relating to the price of South African Rands.

 
(d) The Authorized Participant hereby agrees that for the term of this Agreement the Sponsor may deliver the Prospectus, and any supplements or amendments thereto or recirculation thereof, to the
Authorized Participant in Portable Document Format (“PDF”) via electronic mail in lieu of delivering the Prospectus in paper form. The Authorized Participant may revoke the foregoing agreement at any time by delivering written
notice to the Sponsor and, whether or not such agreement is in effect, the Authorized Participant may, at any time, request reasonable quantities of the Prospectus, and any supplements or amendments thereto or recirculation thereof, in paper form
from the Sponsor. The Authorized Participant acknowledges that it has the capability to access, view, save and print material provided to it in PDF and that it will incur no appreciable extra costs by receiving the Prospectus in PDF instead of in
paper form. The Sponsor will, when requested by the Authorized Participant, make available at no cost the software and technical assistance necessary to allow the Authorized Participant to access, view and print the PDF version of the Prospectus.

 (e) For as long as this Agreement is effective, the Authorized Participant agrees to be identified as an authorized
participant of the Trust (i) in the section of the Prospectus included within the Registration Statement entitled “Creation and Redemption of Shares” (including identifying the Authorized Participant in such section by a supplement to
the Prospectus) and in any other section as may be required by the SEC and (ii) on the Trust’s website. Upon the termination of this Agreement, (i) during the period prior to when the Sponsor qualifies and elects to file on Form S-3,
the Sponsor will remove such identification from the Prospectus in the amendment of the Registration Statement next occurring after the date of the termination of this Agreement and, during the period after when the Sponsor qualifies and elects to
file on Form S-3, the Sponsor will promptly file a current report on Form 8-K indicating the withdrawal of the Authorized Participant as an authorized participant of the Trust and (ii) the Sponsor will promptly update the Trust’s website
to remove any identification of the Authorized Participant as an authorized participant of the Trust. 
 Section 14. Title To South
African Rands. The Authorized Participant represents and warrants that upon delivery of the Basket South African Rand Amount (as defined in the Trust Agreement) to the Trustee in accordance with the terms of the Trust Agreement and this
Agreement, the Trust will acquire good and unencumbered title to the South African Rands which are the subject of such Basket South African Rand Amount, free and clear of all pledges, security interests, liens, charges, taxes, assessments,
encumbrances, equities, claims, options or limitations of any kind or nature, fixed or contingent, and not subject to any adverse claims, including any restriction upon the sale or transfer of all or any part of such South African Rands which is
imposed by any agreement or arrangement entered into by the Authorized Participant or any party for which it is acting in connection with a Purchase Order. 
 Section 15. Third Party Beneficiaries. Each AP Indemnified Party, to the extent it is not a party to this Agreement, is a third-party beneficiary of this Agreement (each, a “Third
Party Beneficiary”) and may proceed directly against the Authorized Participant (including by bringing proceedings against the Authorized Participant in its own name) to enforce any obligation of the Authorized Participant under this
Agreement which directly or indirectly benefits such Third Party Beneficiary. 
 Section 16. Force Majeure. No party to this
Agreement shall incur any liability for any delay in performance, or for the non-performance, of any of its obligations under this Agreement by reason of any act of God or war or terrorism, acts and regulations and rules of any governmental or supra
national bodies or authorities or regulatory or self-regulatory organization or failure of any such body, authority or organization for any reason, to perform its obligations, or any cause beyond its reasonable control, including, without
limitation, any breakdown, malfunction or failure of transmission in connection with or other unavailability of any wire, communication or computer facilities, any transport, port or airport disruption, or any industrial action. 

Section 17. Ambiguous Instructions. If a Purchase Order Form or a Redemption Order Form otherwise in good form contains order terms that
differ from the information provided in the telephone call at the time of issuance of the applicable order number, the Trustee will attempt to contact one of the Authorized Persons of the Authorized Participant to request confirmation of the terms
of the Order. If an Authorized Person confirms the terms as they appear in the Order, then the Order will be accepted and processed. If an 

 
Authorized Person contradicts the Order terms, the Order will be deemed invalid, and a corrected Order must be received by the Trustee. If the Trustee is not able to contact an Authorized Person,
then the Order shall be accepted and processed in accordance with its terms notwithstanding any inconsistency from the terms of the telephone information. In the event that an Order contains terms that are not complete or are illegible, the Order
will be deemed invalid and the Trustee will attempt to contact one of the Authorized Persons of the Authorized Participant to request retransmission of the Order. 
 Section 18. Miscellaneous. 
 (a) Amendment and Modification. This
Agreement, the Procedures attached as Attachment A and the Exhibits hereto may be amended, modified or supplemented by the Trustee and the Sponsor, without consent of any Authorized Participant from time to time by the following procedure. After the
amendment, modification or supplement has been agreed to, the Trustee will mail a copy of the proposed amendment, modification or supplement to the Authorized Participant. For the purposes of this Agreement, mail will be deemed received by the
recipient thereof on the third (3rd) day following the deposit of such mail into the United States postal system. Within ten (10) calendar days after its deemed receipt, the amendment, modification or supplement will become part of this
Agreement, the Attachments or the Exhibits, as the case may be, in accordance with its terms. If at any time there is any material amendment, modification or supplement of any Participant Agreement (other than this Agreement), the Trustee will
promptly mail a copy of such amendment, modification or supplement to the Authorized Participant. 
 (b) Waiver of Compliance.
Any failure of any of the parties to comply with any obligation, covenant, agreement or condition herein may be waived by the party entitled to the benefits thereof only by a written instrument signed by the party granting such waiver, but any such
written waiver, or the failure to insist upon strict compliance with any obligation, covenant, agreement or condition herein, shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. 

(c) Notices. Except as otherwise specifically provided in this Agreement, all notices required or permitted to be given pursuant to this
Agreement shall be given in writing and delivered by personal delivery, by postage prepaid registered or certified United States first class mail, return receipt requested, by nationally recognized overnight courier (delivery confirmation received)
or by telex, telegram or telephonic facsimile or similar means of same day delivery (transmission confirmation received), with a confirming copy regular mailed, postage prepaid. For avoidance of doubt, notices may not be given or transmitted by
electronic mail, other than as set forth in Section 6. Unless otherwise notified in writing, all notices to the Trust shall be given or sent to the Trustee. All notices shall be directed to the address or telephone or facsimile numbers
indicated below the signature line of the parties on the signature page hereof. 
 (d) Successors and Assigns. This Agreement and
all of the provisions hereof shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns. 
 (e) Assignment. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any party without the prior written consent of the other parties, except that any
entity into which a party hereto may be merged or converted or with which it may be consolidated or any entity resulting from any merger, conversion, or consolidation to which such party hereunder shall be a party, or any entity succeeding to all or
substantially all of the business of the party, shall be the successor of the party under this Agreement. The party resulting from any such merger, conversion, consolidation or succession shall notify the other parties hereto of the change. Any
purported assignment in violation of the provisions hereof shall be null and void. Notwithstanding the foregoing, this Agreement shall be automatically assigned to any successor Trustee or Sponsor at such time such successor qualifies as a successor
Trustee or Sponsor under the terms of the Trust Agreement. 

 (f) Governing Law; Consent to Jurisdiction. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York (regardless of the laws that might otherwise govern under applicable New York conflict of laws principles) as to all matters, including matters of validity, construction, effect,
performance and remedies. Each party hereto irrevocably consents to the jurisdiction of the courts of the State of New York and of any federal court located in the Borough of Manhattan in such State in connection with any action, suit or other
proceeding arising out of or relating to this Agreement or any action taken or omitted hereunder, and waives any claim of forum non convenient and any objections as to laying of venue. Each party further waives personal service of any summons,
complaint or other process and agrees that service thereof may be made by certified or registered mail directed to such party at such party’s address for purposes of notices hereunder. Each party hereby waives its right to a trial by jury of
any claim arising under or in connection with this Agreement. 
 (g) Counterparts. This Agreement may be executed in one or more
counterparts, each of which will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement, and it shall not be necessary in making proof of this Agreement as to
any party hereto to produce or account for more than one such counterpart executed and delivered by such party. 
 (h)
Interpretation. The article and section headings contained in this Agreement are solely for the purpose of reference, are not part of the agreement of the parties and shall not in any way affect the meaning or interpretation of this Agreement.

 (i) Entire Agreement. This Agreement and the Trust Agreement, along with any other agreement or instrument delivered pursuant
to this Agreement and the Trust Agreement, supersede all prior agreements and understandings between the parties with respect to the subject matter hereof, provided, however, that the Authorized Participant shall not be deemed by this provision to
be a party to the Trust Agreement. 
 (j) Severance. If any provision of this Agreement is held by any court or any act,
regulation, rule or decision of any other governmental or supra national body or authority or regulatory or self-regulatory organization to be invalid, illegal or unenforceable for any reason, it shall be invalid, illegal or unenforceable only to
the extent so held and shall not affect the validity, legality or enforceability of the other provisions of this Agreement and this Agreement will be construed as if such invalid, illegal, or unenforceable provision had never been contained herein,
unless the Sponsor determines in its discretion, after consulting with the Trustee, that the provision of this Agreement that was held invalid, illegal or unenforceable does affect the validity, legality or enforceability of one or more other
provisions of this Agreement, and that this Agreement should not be continued without the provision that was held invalid, illegal or unenforceable, and in that case, upon the Sponsor’s notification of the Trustee of such a determination, this
Agreement shall immediately terminate and the Trustee will so notify the Authorized Participant immediately. 
 (k) No Strict
Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any party. 

(l) Survival. Sections 9 (Indemnification) and 15 (Third Party Beneficiaries) hereof shall survive the termination of this Agreement.

 (m) Other Usages. The following usages shall apply in interpreting this Agreement: (i) references to a governmental or
quasigovernmental agency, authority or instrumentality shall also refer to a regulatory body that succeeds to the functions of such agency, authority or instrumentality; and (ii) “including” means “including, but not limited
to.” 
 * * * * * * * 

 IN WITNESS WHEREOF, the Authorized Participant, the Sponsor and the Trustee, on behalf of the Trust, have
caused this Agreement to be executed by their duly authorized representatives as of the date first set forth above. 
  

					
	 THE BANK OF NEW YORK MELLON,
 not in its individual capacity,
 but solely as Trustee of the

CurrencySharesSM
 South African Rand Trust
	 		  	[AUTHORIZED PARTICIPANT]
			
	 By:
                                         
                                         
                            
             Name:  

            Title

 
 Address:

 
 Telephone:

 
 Facsimile:
	 		  	
By:                        
                                         
                                         
  
             Name:

            Title

 
 Address:

 
 Telephone:

 
 Facsimile:

 RYDEX SPECIALIZED PRODUCTS LLC, 
 Sponsor of the CurrencySharesSM South African Rand Trust 
  

	
	
	  
	 Name:

Title:

 Address: 

Telephone: 
 Facsimile: 

 EXHIBIT A 

CURRENCYSHARESSM SOUTH AFRICAN RAND TRUST 
 FORM OF CERTIFIED AUTHORIZED PERSONS OF AUTHORIZED PARTICIPANT 
 The following
are the names, titles and signatures of all persons (each an “Authorized Person”) authorized to give instructions relating to any activity contemplated by the Participant Agreement or any other notice, request or instruction on
behalf of the Authorized Participant pursuant to the CurrencySharesSM South African Rand Trust Participant Agreement. 
  

			
		
	Authorized Participant:	  	
		
	Name:	  	Name:
		
	Title:	  	Title:
		
	Signature:	  	Signature:
		
	Name:	  	Name:
		
	Title:	  	Title:
		
	Signature:	  	Signature:

 The undersigned, [name], [title] of [company], does hereby certify that the persons listed above have
been duly elected to the offices set forth beneath their names, that they presently hold such offices, that they have been duly authorized to act as Authorized Persons pursuant to the CurrencySharesSM South African Rand Trust Participant Agreement by and between
[Authorized Participant] and the Trustee and the Sponsor of the CurrencySharesSM South African Rand Trust, dated [            ], and that their signatures set forth above are their own true and genuine signatures.

 In Witness Whereof, the undersigned has hereby set his/her hand on the date set forth below. 

 

			
	Subscribed and sworn to before me	  	By:
	 this                     day
of                                     , 20
	  	
		  	Name:
		  	Title:
		  	Date:

 Notary Public 
 Note: Print on Company Letterhead prior to executing 

 EXHIBIT B 

CURRENCYSHARESSM SOUTH AFRICAN RAND TRUST 
 PURCHASE ORDER FORM 
 THE BANK OF NEW YORK MELLON, TRUSTEE 

 

			
		  	CONTACT INFORMATION FOR ORDER EXECUTION:
	Telephone order number:	  	    (718) 315-4970 or 4967
	 Fax order number:
	  	    (718) 315-4881
		  	        Depository Instructions [
                    [                    
]
		  	        Acc: JPMorgan Chase Bank, N.A. London (CHASGB2L)
		  	        No: [                    
]
		  	        FFC: Currency Shares South African Rand Trust
[                 ]
	 	  	         IBAN#
[                     ]
  

 Participant must complete all items in Part I. The Trustee, in its discretion may reject any order not submitted in
complete form. 
 I. TO BE COMPLETED BY PARTICIPANT: 

 

					
	Date:                             
                                         
                                	  		  	        Time:                     
                                         
                         
	Broker
Name:                                        
                                         
     	  		  	        Firm
Name:                                        
                                   
	DTC Participant
Number:                                        
                        	  		  	        Fax
Number:                                        
                                 
	Telephone Number:    
                                         
                            	  		  	
		  		  	        (One Basket = 50,000 Shares)
			
		  		  	Number of Baskets
Transacted:                                       
         
			
	Order
#                                         
                                         
                	  		  	        Number written
out:                                        
                    

 This Purchase Order is subject to the terms and conditions of the Depositary Trust Agreement of the Trust as currently in
effect and the Participant Agreement between the Authorized Participant, the Trustee and the Sponsor named therein. All representations and warranties of the Authorized Participant set forth in such Depositary Trust Agreement and such Participant
Agreement are incorporated herein by reference and are true and accurate as of the date hereof. 
 The undersigned does hereby certify as of the
date set forth below that he/she is an Authorized Person under the Participant Agreement and that he/she is authorized to deliver this Purchase Order to the Trustee on behalf of the Authorized Participant. The Authorized Participant enters into this
agreement based on an estimated Basket South African Rand Amount disseminated the previous business day and recognizes the final Basket South African Rand Amount represented will be decreased based on the Trust’s daily accrual. At the
conclusion of the trading day a final NAV will be disseminated to all Authorized Participants, and the Basket South African Rand Amount required for the Purchase Order entered into on this day will be finalized and this Purchase Order will serve as
a legally binding contract for settlement on the third New York business day following the date hereof, unless that day is not a business day in South Africa, in which case settlement will be the next following day that is a business day in both New
York and South Africa. 
  

					
	             Date
	 		 	Authorized Person’s Signature

 II. TO BE COMPLETED BY TRUSTEE: 
 This certifies that the above order has been: 

                      Accepted by the
Trustee 

                      
Declined-Reason:                                      
                                         
  
  

					
	 Final # of South African
Rands                                        
             
	  	Final # of FXW Shares                   
                                         
   	  	

  

									
	Date	  		 	Time	  		  	Authorized Signature of Trustee

 EXHIBIT C 

CURRENCYSHARESSM SOUTH AFRICAN RAND TRUST 
 REDEMPTION ORDER FORM 
 THE BANK OF NEW YORK MELLON, TRUSTEE 

 

			
		  	CONTACT INFORMATION FOR ORDER EXECUTION:
	Telephone order number:	  	        (718) 315-4970 or 4967
	Fax order number:	  	        (718) 315-4881
	Depository Instructions	  	
		
	 	  	 

 Participant must complete all items in Part I. The Trustee, in its discretion may reject any order not submitted in
complete form. 
 I. TO BE COMPLETED BY PARTICIPANT: 

 

					
	Date:                             
                                         
                                	  		  	        Time:                     
                                         
                         
	Broker
Name:                                        
                                         
     	  		  	        Firm
Name:                                        
                                   
	DTC Participant
Number:                                        
                        	  		  	        Fax
Number:                                        
                                 
	Telephone Number:    
                                         
                            	  		  	
		  		  	        (One Basket = 50,000 FXW Shares)
			
		  		  	Number of Baskets
Surrendered:                                       
      
			
	Order
#                                         
                                         
                	  		  	        Number written
out:                                        
                    

 This Redemption Order is subject to the terms and conditions of the Depositary Trust Agreement of the
CurrencyShares® South African Rand Trust as currently in effect and the Participant Agreement between the
Authorized Participant, the Trustee and the Sponsor named therein. All representations and warranties of the Authorized Participant set forth in such Depositary Trust Agreement and such Participant Agreement are incorporated herein by reference and
are true and accurate as of the date hereof. 
 The undersigned does hereby certify as of the date set forth below that he/she is an Authorized
Person under the Participant Agreement and that he/she is authorized to deliver this Redemption Order to the Trustee on behalf of the Authorized Participant. The Authorized Participant enters into this agreement based on an estimated Basket South
African Rand Amount disseminated the previous business day and recognizes the final Basket South African Rand Amount represented will be decreased based on the Trust’s daily accrual. At the conclusion of the trading day a final NAV will be
disseminated to all Authorized Participants, and the Basket South African Rand Amount required for the Redemption Order entered into on this day will be finalized and this Redemption Order will serve as a legally binding contract for settlement on
the third New York business day following the date hereof, unless that day is not a business day in South Africa, in which case settlement will be the next following day that is a business day in both New York and South Africa. 

 
  

					
	
                Date
	 		 	Authorized Person’s Signature

 II. TO BE COMPLETED BY TRUSTEE: 
 This certifies that the above order has been: 

                      Accepted by the
Trustee 

                      
Declined-Reason:                                      
                                         
  

					
	 Final # of South African
Rands                                        
             
	  	Final # of FXW Shares                   
                                         
   	  	

  

									
	 Date
	 		  	Time	  		  	Authorized Signature of Trustee

  

 ATTACHMENT A 
 CREATION AND REDEMPTION OF SOUTH AFRICAN RAND SHARES AND RELATED SOUTH AFRICAN RAND TRANSACTIONS 
 Scope of Procedures and Overview 
 These procedures (the
“Procedures”) describe the processes by which one or more Baskets of South African Rand Trust shares (the “Shares”) issuable by The Bank of New York Mellon, as trustee (the “Trustee”) of the
CurrencySharesSM South African Rand Trust (the
“Trust”), may be purchased or, once Shares have been issued, redeemed by an Authorized Participant. Shares may be created or redeemed only in blocks of 50,000 Shares (each such block, a “Basket”). Because the
issuance and redemption of Baskets also involve the transfer of South African Rands between the Authorized Participant and the Trust, certain processes relating to the underlying transfers of South African Rands also are described. 

Under these Procedures, Baskets may be issued only in consideration for South African Rand transferred to and held in the Trust’s accounts
maintained in London, England by London Branch of JPMorgan Chase Bank, N.A., as depository (the “Depository”). Capitalized terms used in these Procedures without further definition have the meanings assigned to them in the
Depositary Trust Agreement, dated as of [            ], 2011, between Rydex Specialized Products LLC (the “Sponsor”), the Trustee, the registered owners and beneficial
owners from time to time of Shares issued thereunder and all depositors (the “Trust Agreement”), or the Participant Agreement entered into by each Authorized Participant with the Sponsor and the Trustee. 

For purposes of these Procedures, a “NY Business Day” is defined as any day other than (i) a Saturday or Sunday or (ii) a day
on which the New York Stock Exchange (the “NYSE”) is not open for regular trading at noon New York City time and a “Local Business Day” is defined as any day other than (i) a Saturday or Sunday or (ii) a
day which has been designated a bank holiday in South Africa. 
 Baskets are issued pursuant to the Prospectus, which will be delivered by the
Sponsor to each Authorized Participant prior to its execution of the Participant Agreement, and are issued and redeemed in accordance with the Trust Agreement and the Participant Agreement. Baskets may be issued and redeemed on any Business Day by
the Trustee in exchange for South African Rand, which the Trustee receives from Authorized Participants or transfers to Authorized Participants, in each case on behalf of the Trust. Authorized Participants will be required to pay a nonrefundable per
order transaction fee of $500 to the Trustee. Also, in connection with each Purchase Order and Redemption Order (each as defined below) for two or more Baskets, the Authorized Participant shall pay an additional transaction fee, as follows:

  

					
	 Baskets Created or Redeemed Per

Order
	  	Additional Transaction Fee	 
	 2
	  	$	500	  
	 3
	  	$	1,000	  
	 4
	  	$	1,500	  
	 5 or more
	  	$	2,000	  

 The additional transaction fee described above shall be remitted to the Authorized Participant to the Trustee in
accordance with these Procedures. The Trustee shall then remit payment of the additional transaction fee to the Sponsor. The fees described above shall collectively be referred to herein as “Transaction Fees”. 

Authorized Participants and the Trust Transfer and Baskets of Shares 
 Upon acceptance of the Participant Agreement by the Sponsor and the Trustee, the Trustee will assign a personal identification number (a “PIN”) to each person authorized to act for the
Authorized Participant (an “Authorized Person”). This will allow the Authorized Participant through its Authorized Person(s) to place Purchase Order(s) or Redemption Order(s) (each as defined herein and, together,
“Orders”) for Baskets. 

 Important Notes: 
  

	•	 	 Any Order is subject to rejection by the Trustee for the reasons set forth in the Trust Agreement. 

 

	•	 	 All Orders are subject to the provisions of the Participant Agreement relating to unclear or ambiguous instructions. 

  
 A-2

 CREATION PROCESS 

OVERVIEW 

The following describes the process by which Baskets are created. In summary, an order to purchase one or more Baskets of Shares is
placed by an Authorized Participant with the Trustee by 4:00 p.m. New York City (“NYC”) time on the NY Business Day that is the Order Date under the Trust Agreement (“CREATION T”), and a Basket is created on the
third NY Business Day following CREATION T, unless that day is not a Local Business Day, in which case creation of the Basket shall be the next following day that is both a New York Business Day and a Local Business Day (“CREATION T+3”).
In order for the creation of a Basket to occur, the Authorized Participant must transfer to the Trust South African Rands and the Trustee will transfer to the Authorized Participant’s account at The Depository Trust Company
(“DTC”) Baskets corresponding to the South African Rands the Participant has transferred to the Trust. 
 C1 CREATION T
(PURCHASE ORDER TRADE DATE) 
 C1.1 By the 4:00 p.m. NYC time (the “Order Cut-Off Time”), or by 12:00 p.m. NYC
time on the monthly dividend declaration date (the “Early Order Cut-Off Time”), the Authorized Participant submits to the Trustee the Authorized Participant’s order to create one or more Baskets of Shares (a “Purchase
Order”) in accordance with the following process. 
 C1.1.1 By the Order Cut-Off Time or the Early Order Cut-Off Time,
as applicable, an Authorized Person of the Authorized Participant calls the Trustee at 718-315-4970 or 4967, notifying the Trustee that the Authorized Participant wishes to place a Purchase Order for the Trustee to create an identified number of
Baskets of Shares and requesting that the Trustee provide an order number. The Authorized Person provides a PIN as identification to the Trustee. 
 C1.1.2 Incoming telephone calls are queued and will be handled in the sequence received. The Trustee will process Purchase Orders if the phone call initiated by the Authorized Person is placed before the
Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, even though the remainder of the order process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial.

 C1.1.3 Purchase Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable will be rejected.

 C1.1.4 During the phone call from the Authorized Person of the Authorized Participant to initiate a Purchase Order, the
Trustee will give an order number for the Authorized Participant’s Purchase Order. 
 C1.1.5 Within 15 minutes after
receiving the order number from the Trustee, the Authorized Participant will fax the Purchase Order to the Trustee using the Purchase Order Form included as part of the Participant Agreement. 

C1.1.6 The Purchase Order Form provides, among other things, for the number of Baskets that the Authorized Participant is ordering and the
condition that the Purchase Order is subject to the Trustee’s receipt of the Transaction Fees (by DTC SPO Charge) prior to delivery of the Baskets on CREATION T+3. 
 C1.1.7 If the Trustee has not received the Purchase Order Form from the Authorized Participant within 15 minutes after the Authorized Person placed the phone call to the Trustee, the Trustee places a
phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not fax the Purchase Order Form to the Trustee within 15 minutes after the Trustee’s phone call, the Authorized
Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fees. 

  
 A-3

 C1.2 If the Trustee has received the Authorized Participant’s Purchase Order Form on
time in accordance with the preceding timing rules, then by 4:15 p.m. NYC time on CREATION T, the Trustee will return to the Participant a copy of the Purchase Order Form submitted, marking it “Affirmed subject to receipt of the Transaction
Fees prior to delivery of Baskets on CREATION T+3” (Current process is to simply approve the order in the appropriate section of the form) and indicating, on a preliminary basis subject to confirmation, the number of South African Rands the
Participant must transfer in exchange for the Basket(s). 
 C1.3 The Participant ensures that by 2:00 p.m. NYC time on the NY
Business Day that is immediately prior to the date that is the Settlement Date under the Trust Agreement (“CREATION VD – 1”) that sufficient South African Rands are wire transferred to the Depository. 

C1.4 NOTES FOR AUTHORIZED PARTICIPANT (CREATION T) 
 C1.4.1 The Authorized Participant must be a participating member of DTC. 
 C1.4.2
The Authorized Participant must be able to transfer South African Rands via (RTGSplus, EBA SING DOLLAR 1 or TARGET). SWIFT BIC – CHASGB2L. 
 C1.4.3 The Authorized Participant must have signed and delivered the Participant Agreement to the Trustee. The Trustee will accept an Authorized Participant based on the representations made by the
Authorized Participant in the Participant Agreement. The Trustee will not perform other due diligence or investigation of Authorized Participants. 
 C1.4.4 The Authorized Participant must have in place, before a Purchase Order can be processed, account instructions for South African Rand transfers with its sending financial institution. 

C1.4.5 By 4:30 p.m. NYC time on CREATION VD-1, South African Rands in the amount needed to acquire the Shares must be standing to the
credit of the Deposit Account in order for the Authorized Participant to receive Baskets on CREATION T+3. 
 C1.4.6 An Authorized
Participant may only deliver South African Rands for credit to the Depository in the following ways (RTGSplus, EBA EURO1 or TARGET). SWIFT BIC – CHASGB2L. 
 C1.4.7 Prior to the delivery of the Baskets by the Trustee on CREATION T+3, the Authorized Participant must accept a DTC SPO Charge for the applicable Transaction Fees from the Trustee. Purchase Orders
for which the Trustee has not received the Transaction Fees will be cancelled subject to handling pursuant to supplemental procedures to be issued, but in any event the Authorized Participant will remain obligated to the Trustee for the Transaction
Fees. 
 C1.5 NOTES FOR TRUSTEE (CREATION T) 
 C1.5.1 Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an email message to the Depository (by CREATION T+1) indicating the approximate total amount of South African Rands that
the Depository will receive from the Authorized Participant on CREATION T+3. 

  
 A-4

 C2 CREATION T+1 
 C2.1 The Purchase Orders and instructions given on CREATION T are all pending with the Trustee. 
 C2.2 The Depository receives the Trustee’s email message about the approximate total amount of South African Rands the Authorized Participant is required to transfer not later than 2:00 p.m. NYC time
time on CREATION T. 
 C3 CREATION T+2 
 C3.1 On CREATION VD-1 the Trustee notifies the Authorized Participant of the final amount of South African Rands that must be deposited in the Deposit Account (the “Basket South African Rand
Amount”) not later than 2:00 p.m. NYC time on CREATION VD-1. 
 C3.2 Based on the Purchase Orders placed with it on
CREATION T, the Trustee sends an authenticated electronic message (SWIFT MT210) to the Depository indicating the total amount of South African Rands that the Depository will receive from the Authorized Participant on CREATION T+3. 

C4 CREATION T+3 
 C4.1 By 2:00
p.m. NYC time on CREATION VD-1, the Depository has received each Authorized Participant’s wire transfer of the Basket South African Rand Amount in the Deposit Account. 
 C4.2 As of 11:59 p.m. NYC time on CREATION VD-1, the Depository notifies the Trustee that the Basket South African Rand Amount has been transferred into the Deposit Account by an authenticated electronic
message (SWIFT MT910). 
 C4.3 Prior to the delivery of the Baskets on CREATION T+3, the Trustee must have received the
Transaction Fee from the Authorized Participant (SPO/DTC Charge). 
 C4.4 At 11:00 a.m. NYC time, following receipt of the notice
from the Depository confirming the transfer of the Basket South African Rand Amount to the Deposit Account, the Trustee authorizes the creation and issuance of the Baskets ordered by each Authorized Participant on CREATION T for which the Trustee
has received confirmation from the Depository of receipt of the Basket South African Rand Amount. 
 C4.5 By 11:00 a.m. NYC time,
following receipt of the notice from the Depository confirming the transfer of the Basket South African Rand Amount to the Deposit Account, the Trustee notifies its transfer agent service desk that it has authorized the creation and issuance of
Baskets in the number specified, and to increase the number of Shares outstanding accordingly. By 11:00 a.m. NYC time, following receipt of the notice from the Trustee that it has authorized the creation and issuance of Shares in the number
specified, the Trustee’s transfer agent service desk increases the number of Shares outstanding, and notifies the Trustee and the Trustee’s DTC operations desk that an increased number of Shares is now outstanding and available for release
in accordance with the Trustee’s instructions. 
 C4.6 By 11:00 a.m. NYC time, following receipt of notice from the
Trustee’s transfer agent service desk that the number of Shares now outstanding has been increased, the Trustee notifies its DTC operations desk to release the increased number of Shares through DTC to the DTC participant accounts of the
Authorized Participants scheduled to receive Baskets on CREATION T+3 for whom the Trustee has received confirmation from the Depository that the Basket South African Rand Amount has been received into the Deposit Account. 

C4.7 Following the close of business (usually 4:00 p.m. NYC time) on CREATION T, the Trustee makes appropriate entries in its books and
records to reflect the creation of Baskets. 

  
 A-5

 C4.8 Following the close of business (usually 5:00 p.m. NYC time) on CREATION T+3, the
Depository South African Rand system updates account records, recording the movements of South African Rands in the Deposit Account and providing updated balances in the affected accounts as of 8:30 a.m. NYC time on the first NY Business Day
following the date that is the Settlement Date under the Trust Agreement. 
 C4.9 Following the close of business (usually 5:00
p.m. NYC time) on CREATION T+3, the Depository South African Rand system automatically generates authenticated electronic messages (SWIFT MT940 or SWIFT MT950) constituting a statement of the activity affecting the Deposit Account (received only by
the Trustee). 
 C4.10 If the Authorized Participant fails to deliver South African Rands by 4:30 p.m. NYC time on CREATION VD-1,
(a) the Trustee will apply a late fee equal to four (4) times the creation charge; and (b) the Depository may, in its reasonable discretion, apply a late fee calculated in accordance with standard industry practices. 

In the event any such late fees are assessed, the Trustee will coordinate with the Authorized Participant to arrange payment of such fees.

 REDEMPTION PROCESS 
 OVERVIEW 
 The following describes the process by which Baskets are
redeemed. In summary, an order to redeem one or more Baskets of Shares is placed by an Authorized Participant with the Trustee by 4:00 p.m. NYC time on the NY Business Day that is the Order Date under the Trust Agreement (“REDEMPTION
T”), Baskets to be redeemed are delivered to the Trustee by 4:30 p.m. on the second NY Business Day following REDEMPTION T, unless that day is not a Local Business Day, in which case Baskets shall be delivered the next following day that is
both a New York Business Day and a Local Business Day (“REDEMPTION T+2”) and the Authorized Participant receives the corresponding South African Rands on the third NY Business Day following REDEMPTION T (“REDEMPTION
T+3”). In order for the redemption of a Basket to occur, the Authorized Participant must pay a transaction fee and the Trustee will instruct the Depository to transfer to the Authorized Participant South African Rands corresponding to the
Baskets delivered for redemption. 
 R1 REDEMPTION T (REDEMPTION ORDER TRADE DATE) 

R1.1 By the Order Cut-Off Time, the Authorized Participant submits to the Trustee the Authorized Participant’s order to redeem one or
more Baskets of Shares (a “Redemption Order”) in accordance with the following process. 
 R1.1.1 By the Order
Cut-Off Time, an Authorized Person of the Authorized Participant calls the Trustee at 718-315-7500, notifying the Trustee that the Authorized Participant wishes to place a Redemption Order for the Trustee to redeem an identified number of Baskets of
Shares and requesting that the Trustee provide an order number. The Authorized Person provides a PIN as identification to the Trustee. 
 R1.1.2 Incoming telephone calls are queued and will be handled in the sequence received. The Trustee will process the Redemption Order(s) if the phone call initiated by the Authorized Person is placed
before the Order Cut-Off Time, even though the remainder of the order process is not completed until after the Order Cut-Off Time. Accordingly, do not hang up and redial. 
 R1.1.3 Redemption Orders initiated after the Order Cut-Off Time are rejected. 

  
 A-6

 R1.1.4 During the phone call from the Authorized Person of the Authorized Participant to
initiate a Redemption Order, the Trustee will give an order number for the Authorized Participant’s Redemption Order. 

R1.1.5 Within 15 minutes after the phone call initiating the Redemption Order, the Authorized Participant will fax the Redemption Order to
the Trustee using the Redemption Order Form included as part of the Participant Agreement. 
 R1.1.6 The Redemption Order Form
provides, among other things, for the number of Baskets that the Authorized Participant is redeeming and the condition that the Redemption Order is subject to Trustee’s receipt of the Transaction Fee by SPO/DTC Charge on REDEMPTION T+2 prior to
the delivery of the South African Rands to the Authorized Participant. 
 R1.1.7 If the Trustee has not received the Redemption
Order Form from the Authorized Participant within 15 minutes after the Authorized Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized
Participant does not fax the Redemption Order Form to the Trustee within 15 minutes after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the
Transaction Fee. 
 R1.2 If the Trustee has received the Authorized Participant’s Redemption Order Form on time in
accordance with the preceding timing rules, then by 4:15 p.m. NYC time on REDEMPTION T, the Trustee will return to the Authorized Participant a copy of the Redemption Order Form submitted, marking it “Affirmed subject to receipt of Transaction
Fee on REDEMPTION T+2 prior to delivery of the South African Rands” and indicating, on a preliminary basis subject to confirmation, the number of South African Rands the Participant will receive upon redemption of the indicated Basket(s) of
Shares. 
 R1.3 NOTES FOR TRUSTEE AND DEPOSITORY (REDEMPTION T) 

R1.3.1 On REDEMPTION T, the Trustee will prepare an authenticated electronic message (SWIFT MT202 or MT103plus) containing instructions
specifying REDEMPTION T+3 as the date on which the instructions will be executed. 
 R1.3.2 The Trustee will deliver the
authenticated electronic message (SWIFT MT202 or MT103plus) to the Depository on REDEMPTION T+2 only after confirming the Trustee’s receipt of Shares from the Authorized Participant through DTC. 

R2 REDEMPTION T+1 
  

	R2.1	Redemption Orders and related instructions are in process. 

 R2.2 The Depository receives the authenticated electronic message (SWIFT) or e-mail from the Trustee notifying the Depository of the approximate amount of South African Rands needed to be remitted on
REDEMPTION T+3 to each Authorized Participant that has placed a Redemption Order 
 R3 REDEMPTION T+2 

R3.1 On REDEMPTION T+2 the Trustee notifies the Authorized Participant of the final amount of South African Rands that will be delivered
to the Authorized Participant on REDEMPTION T+3 (the “Basket South African Rand Amount”). 
 R3.2 Prior to the
delivery of instructions from the Trustee to the Depository directing the Depository to transfer the Basket South African Rand Amount on REDEMPTION T+3, the Trustee must have received the Transaction Fee from the Authorized Participant (SPO/DTC
Charge). 

  
 A-7

 R3.3 By 3:00 p.m. NYC time, the Authorized Participant delivers free to the Trustee’s
participant account at DTC (#2209) the Shares to be redeemed. The Authorized Participant telephones the Trustee’s DTC operations desk ((718) 315-7500) to expect the Authorized Participant’s Shares through DTC. 

R3.3.1 By 3:00 p.m. NYC time, the Trustee’s DTC operations desk notifies the Trustee whether the Shares being redeemed by the
Authorized Participant have been received into the Trustee’s participant account at DTC. 
 R3.3.2 By 3:00 p.m. NYC time, if
the Shares being redeemed by the Authorized Participant have been received into the Trustee’s participant account at DTC, the Trustee’s DTC operations desk accepts the Shares to be redeemed, notifies the Trustee that the Trustee has
received the Authorized Participant’s Shares and identifies the Authorized Participant from whom the Shares have been received. 
 R3.3.3 By 3:00 p.m. NYC time, if the Shares of a redeeming Authorized Participant have not been received into the Trustee’s participant account at DTC, the Trustee’s operations desk notifies the
Trustee that the Trustee has not received the Shares from the Authorized Participant, and identifies the Authorized Participant from whom Shares have not been received. 
 R3.4 By 5:00 p.m. NYC time on the NY Business Day that is immediately prior to the date that is the Settlement Date under the Trust Agreement, the Trustee sends an authenticated electronic message (SWIFT
MT202 or MT103plus) to the Depository directing the Depository to transfer the Basket South African Rand Amount to the accounts of those Authorized Participants from whom the Trustee has received Shares. 

R4 REDEMPTION T+3 
 R4.1 On
REDEMPTION T+3, the Depository executes the instructions from the Trustee to wire the Basket South African Rand Amount from the Trust Account and to transfer the Basket South African Rand Amount to the Authorized Participant’s designated
account. The South African Rands will be sent to the designated accounts by wire (RTGSplus, EBA EURO1 or TARGET). 
 R4.1.1 By
DTC free delivery cut-off time (usually 2:00 p.m. NYC time), the Trustee’s DTC operations desk instructs the Trustee’s transfer agent services desk to eliminate Shares received for redemption. 

R4.1.2 By DTC free delivery cut-off time (usually 2:00 p.m. NYC time), the Trustee’s transfer agent services desk cancels the
Authorized Participant’s Shares received for redemption and reduces the number of Trust Shares outstanding. 
 R4.2
Following the close of business (usually 4:00 p.m. NYC time) on REDEMPTION T, the Depository makes the appropriate entries in its books and records to reflect the redemptions. 
 R4.3 Following the close of business (usually 5:00 p.m. NYC time) on REDEMPTION T+3, the Depository South African Rand system updates its account records, recording the movements of South African Rands in
the Deposit Account and providing updated balances in the affected accounts as of 8:30 a.m. NYC time on the first NY Business Day following the date that is the Settlement Date under the Trust Agreement. 

R4.4 Following the close of business (usually 5:00 p.m. NYC time) on REDEMPTION T+3, the Depository South African Rand system
automatically generates an authenticated electronic message (SWIFT MT140 or Swift MT950) constituting a statement of the activity affecting the Deposit Account (received only by the Trustee). 

  
 A-8

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