Document:

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Exhibit 4.1

CHARTWELL INTERNATIONAL, INC.

2006 EQUITY INCENTIVE PLAN

1. PURPOSE. The purpose of this Plan is to provide incentives to attract,
retain and motivate Eligible Persons whose present and potential contributions are important to the
success of Company, or a Subsidiary of Company, by offering them an opportunity to participate in
Company’s future performance through awards of Options, Restricted Stock, and Stock Bonuses. This
Plan is not intended to replace any current plan of, or awards issued by, Company, nor shall it
limit the ability of Company to create additional or new plans, or to issue additional or new
awards. Capitalized terms not defined in the text are defined in Section 25.

2. ADOPTION AND STOCKHOLDER APPROVAL. This Plan shall be approved by the
stockholders of Company, consistent with applicable laws, after the date this Plan is adopted by
the Board. No Award shall be granted after termination of this Plan but all Awards granted prior
to termination shall remain in effect in accordance with their terms. The Effective Date of this
Plan will coincide with the stockholders approval. So long as Company is subject to Section 16(b)
of the Exchange Act, Company will comply with the requirements of Rule 16b-3 (or its successor), as
amended.

3. TERM OF PLAN. Unless earlier terminated as provided herein, this Plan will
terminate ten (10) years from the date this Plan is adopted by the Board.

4. SHARES SUBJECT TO THIS PLAN.

     4.1. Number of Shares Available. Subject to Section 4.2, the number of Shares
reserved and available for grant and issuance pursuant to this Plan shall be equal to nine percent
(9%) of the outstanding shares of common stock of the Company. Outstanding shares of Company
shall, for the purposes of such calculation, include the number of shares of Stock into which other
securities or instruments issued by Company are currently convertible (e.g., convertible preferred
stock, convertible debentures, or warrants for common stock, but not outstanding Options to acquire
Stock).

          4.1.1 Future Awards. Subject to Sections 4.2, Shares that are subject: (i) to
issuance upon exercise of an Option but cease to be subject to such Option for any reason other
than exercise of such Option; (ii) to an Award granted hereunder but are forfeited; or (iii) to an
Award that otherwise terminates without Shares being issued will again be available for grant and
issuance in connection with future Awards under this Plan. However, in the event that prior to the
Award’s forfeiture, termination, expiration or lapse, the holder of the Award at any time received
one or more elements of “beneficial ownership” pursuant to such Award (as defined by the SEC,
pursuant to any rule or interpretations promulgated under Section 16 of the Exchange Act), the
Shares subject to such Award shall not again be made available for regrant under the Plan.

          4.1.2. Reserve of Shares. At all times, Company shall reserve and keep available a
sufficient number of Shares as shall be required to satisfy the requirements of all outstanding
Awards granted under this Plan. The Shares to be issued hereunder upon exercise of an Award may be
either authorized but unissued, or previously issued and subsequently reacquired. The following
rules shall apply for purposes of the determination of the number of Shares available for grant
under the Plan:

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               i. Grants. The grant of an Option, Stock Bonus Award, or Restricted Stock Award shall
reduce the Shares available for grant under the Plan by the number of Shares subject to such Award.

               ii. Outstanding. While an Option, Stock Bonus Award, or Restricted Stock Award is
outstanding, it shall be counted against the authorized pool of Shares regardless of its vested
status.

     4.2 Adjustments. Should any change be made to the Stock of Company by reason of any
stock split, stock dividend, recapitalization, combination of shares, exchange of shares or other
change affecting the outstanding Common Stock as a class without Company’s receipt of
consideration, the Administrator shall make appropriate adjustments to (i) the maximum number
and/or class of securities issuable under the Plan; and (ii) the number and/or class of securities
and the exercise price per Share in effect under each outstanding Option in order to prevent the
dilution or enlargement of benefits thereunder; provided however, that the number of Shares subject
to any Award shall always be a whole number and the Administrator shall make such adjustments as
are necessary to insure Awards of whole Shares.

5. ADMINISTRATION OF THIS PLAN.

     5.1 Authority. Authority to control and manage the operation and administration
of this Plan shall be vested in the Board, which may delegate such responsibilities in whole or in
part to a committee or subcommittee consisting of two (2) or more members of the Board, all of whom
are Outside Directors and who satisfy the requirements under the Exchange Act for administering
this Plan (the “Committee”). Members of the Committee may be appointed from time to time by, and
shall serve at the pleasure of, the Board. The Board at any time may abolish the Committee and
reinvest in the Board the administration of this Plan. As used herein, the term “Administrator”
means the Board or, with respect to any matter as to which responsibility has been delegated to the
Committee, the term Administrator shall mean the Committee.

     5.2. Interpretation. Subject to the express provisions of this Plan, the
Administrator shall have the authority to construe and interpret this Plan and any agreements
defining the rights and obligations of Company and Participants under this Plan; to select
Participants; determine the form and terms of Awards; determine the number of Shares or other
consideration subject to Awards; determine whether Awards will be granted singly, in combination
with, in tandem with, in replacement of, or as alternatives to, other Awards under this Plan or any
other incentive or compensation plan of Company; to further define the terms used in this Plan; to
correct any defect or supply any omission or reconcile any inconsistency in this Plan or in any
Award Agreement; to provide for rights of refusal and/or repurchase rights; to amend outstanding
Award Agreements to provide for, among other things, any change or modification which the
Administrator could have provided for upon the grant of an Award or in furtherance of the powers
provided for herein; to prescribe, amend and rescind rules and regulations relating to the
administration of this Plan; to determine the duration and purposes of leaves of absence which may
be granted to Participants without constituting a termination of their employment for purposes of
this Plan; to accelerate the vesting of any Award; and to make all other determinations necessary
or advisable for the administration of this Plan.

     Any decision or action of the Administrator in connection with this Plan or Awards granted or
shares of Stock purchased under this Plan shall be final and binding. The Administrator shall not
be liable for any decision, action or omission respecting this Plan, or any Awards granted or
shares of Stock sold under this Plan.

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     5.3 Limitation on Liability. To the extent permitted by applicable law in effect from
time to time, no member of the Committee or the Board of Directors shall be liable for any action
or omission of any other member of the Committee or the Board of Directors nor for any act or
omission on the member’s own part, excepting only the member’s own willful misconduct or gross
negligence, arising out of or related to this Plan. Company shall pay expenses incurred by, and
satisfy a judgment or fine rendered or levied against, a present or former director or member of
the Committee or Board in any action against such person (whether or not Company is joined as a
party defendant) to impose liability or a penalty on such person for an act alleged to have been
committed by such person while a director or member of the Committee or Board arising with respect
to this Plan or administration thereof or out of membership on the Committee or Board, or all or
any combination of the preceding, provided, the director or Committee member was acting
in good faith, within what such director or Committee member reasonably believed to have been
within the scope of his or her appointment or authority and for a purpose which he or she
reasonably believed to be in the best interests of Company or its stockholders.
Payments authorized hereunder include amounts paid and expenses incurred in settling any such
action or threatened action. The provisions of this section shall apply to the estate, executor,
administrator, heirs, legatees or devisees of a director or Committee member, and the term “person”
as used on this section shall include the estate, executor, administrator, heirs,
legatees, or devisees of such person.

6. GRANT OF OPTIONS; TERMS AND CONDITIONS OF GRANT.

     6.1. Grant of Options. One or more Options may be granted to any Eligible
Person. Subject to the express provisions of this Plan, the Administrator shall determine from the
Eligible Persons those individuals to whom Options under this Plan may be granted. Each Option
granted under this Plan will be evidenced by an Award Agreement.

     Further, subject to the express provisions of this Plan, the Administrator shall specify the
Grant Date, the number of Shares covered by the Option, the exercise price and the terms and
conditions for exercise of the Options. If the Administrator fails to specify the Grant Date, the
Grant Date shall be the date of the action taken by the Administrator to grant the Option;
provided, however, that the Company will provide the Participant with a written Award Agreement in
the form approved by the Administrator, which sets out the Grant Date, the number of Shares covered
by the Option, the exercise price and the terms and conditions for exercise of the Option on or
before the Grant Date or promptly thereafter. The maximum number of Shares subject to Options
which can be granted under the Plan during any calendar year to any individual is 500,000 shares.

     The Administrator may, in its absolute discretion, grant Options under this Plan at any time
and from time to time before the expiration of this Plan.

     6.2. General Terms and Conditions. Except as otherwise provided herein, the Options
shall be subject to the following terms and conditions and such other terms and conditions not
inconsistent with this Plan as the Administrator may impose:

          6.2.1. Exercise of Option. The Administrator may determine in its
discretion whether any Option shall be subject to vesting and the terms and conditions of any such
vesting. The Award Agreement shall contain any such vesting schedule.

          6.2.2. Option Term. Each Option and all rights or obligations thereunder
shall expire on such date as shall be determined by the Administrator, but not later than 10 years
after the grant of the Option and shall be subject to earlier termination as hereinafter provided.

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          6.2.3. Exercise Price. The Exercise Price of any Option shall be
determined by the Administrator when the Option is granted and may not be less than one hundred
percent (100%) of the Fair Market Value of the Shares on the date of grant. Payment for the Shares
purchased shall be made in accordance with Section 9 of this Plan. The Administrator is authorized
to issue Options at a price in excess of the Fair Market Value on the date the Option is granted
(the so-called “Premium Price” Option) to encourage superior performance.

          6.2.4. Method of Exercise. Options may be exercised only by delivery to
Company of a written notice of exercise (the “Notice”) in a form approved by the Administrator
(which need not be the same for each Participant), stating the number of Shares being purchased,
the restrictions imposed on the Shares purchased under such Notice, if any, and such
representations and agreements regarding the Participant’s investment intent and access to
information and other matters, if any, as may be required or desirable by Company to comply with
applicable securities laws, together with payment in full of the Exercise Price for the number of
Shares being purchased.

          6.2.5. Transferability of Options. A Participant may designate a
beneficiary to exercise his or her Options after the Participant’s death. At its discretion, the
Administrator may provide for transfer of an Option without payment of consideration, to the
following family members of the Participant, including adoptive relationships: a child, stepchild,
grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law, sister-in-law, niece, nephew, former spouse (whether
by gift or pursuant to a domestic relations order), any person sharing the employee’s household
(other than a tenant or employee), a family-controlled partnership, corporation, limited liability
company and trust, or a foundation in which family members heretofore described control the
management of assets. The assigned portion may only be exercised by the person or persons who
acquire a proprietary interest in the Option pursuant to the assignment. The terms applicable to
the assigned portion shall be the same as those in effect for the Option immediately prior to such
assignment and shall be set forth in such documents issued to the assignee as the Administrator may
deem appropriate. A request to assign an Option may be made only by delivery to Company of a
written stock option assignment request (the “Assignment Request”) in a form approved
by the Administrator, stating the number of Options and Shares underlying Options requested for
assignment, that no consideration is being paid for the assignment, identifying the proposed
transferee, and containing such other representations and agreements regarding the
Participant’s investment intent and access to information and other matters, if any, as
may be required or desirable by Company to comply with applicable securities laws.

          6.2.6. Exercise on Non-Qualified Stock Options After Certain Events.

               i. Termination of Employment — Employee/Officer

                    (a) Termination of All Services. If for any reason other than Retirement (as defined
below), permanent and total disability (as defined below) or death, a Participant Terminates
employment with Company or a Subsidiary (including employment as an Officer of Company or a
Subsidiary), vested Non-qualified Stock Options held at the date of such Termination (to the extent
then exercisable) may be exercised, in whole or in part, at any time within three (3) months of the
date of such Termination or such lesser period specified in the Award Agreement (but in no event
after the earlier of (i) the expiration date of the Option as set forth in the Award Agreement, and
(ii) ten (10) years from the Grant Date).

                    (b) Continuation of Services as Consultant/Advisor. If a Participant granted a
Non-qualified Stock Option Terminates employment but continues as a

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consultant, advisor or in a similar capacity to Company or a Subsidiary, Participant need not
exercise the Option within three (3) months of Termination but shall be entitled to exercise within
three (3) months of termination of services to Company or the Subsidiary (one (1) year in the event
of permanent and total disability or death) or such lesser period specified in the Award Agreement
(but in no event after the earlier of (i) the expiration date of the Option as set forth in the
Award Agreement, and (ii) ten (10) years from the Grant Date).

               ii. Retirement. If a Participant granted an Option ceases to be an employee of
Company or Subsidiary (including as an officer of Company or Subsidiary) as a result of Retirement,
Participant need not exercise the Option within three (3) months of Termination of employment but
shall be entitled to exercise the Option within the maximum term of the Option to the extent the
Option was otherwise exercisable at the date of Retirement. The term “Retirement” as used herein
means such Termination of employment as shall entitle the Participant to early or normal retirement
benefits under any then existing pension or salary continuation plans of Company or Subsidiary
excluding 401(k) participants (except as otherwise covered under other pension or salary
continuation plans).

               iii. Permanent Disability and Death. If a Participant becomes permanently and totally
disabled (within the meaning of Section 22(e)(3) of the Code), or dies, while employed by Company
or Subsidiary or when rendering services as a consultant or advisor or in a similar capacity
(including as an officer of Company or Subsidiary), vested Options, then held (to the extent then
exercisable) may be exercised by the Participant, the Participant’s personal representative, or by
the person to whom the Option is transferred by will or the laws of descent and distribution, in
whole or in part, at any time within one (1) year after the termination of employment because of
the disability or death or any lesser period specified in the Award Agreement (but in no event
after the earlier of (i) the expiration date of the Option as set forth in the Award Agreement, and
(ii) ten years from the Grant Date.

          iv. Termination of Directorship. If for any reason, including permanent and total
disability or death, a Participant ceases to be a director of Company or Subsidiary, vested
Options held at the date of such termination (to the extent then exercisable and not forfeited in
accordance with the provisions of this Plan or pursuant to an Option Agreement) may be exercised,
in whole or in part, at any time during the maximum term of the Option (but in no event after the
earlier of (i) the expiration date of the Option as set forth in the Award Agreement, and (ii) ten
years from the Grant Date).

          6.2.7. Suspension and Cancellation of Options. In the event the
Administrator reasonably believes a Participant has committed an act of misconduct including, but
limited to acts specified below, the Administrator may suspend the Participant’s right to exercise
any Option granted hereunder pending final determination by the Board. If a Participant is
determined by the Board to have: (i) committed an act of embezzlement, fraud,
dishonesty, breach of fiduciary duty to Company or a Subsidiary; (ii) deliberately
disregarded the rules of Company or a Subsidiary which resulted in loss, damage or injury to
Company or a Subsidiary; (iii) made any unauthorized disclosure of any trade secret or
confidential information of Company or a Subsidiary; (iv) induced any client or
customer of Company or a Subsidiary to break any contract with Company or a Subsidiary or induced
any principal for whom Company or a Subsidiary acts as agent to terminate such agency
relations; or (v) engaged in any substantial conduct which constitutes unfair
competition with Company or a Subsidiary, neither the Participant nor his or her estate
shall be entitled to exercise any Option hereunder. The determination of the Board shall be final
and conclusive. In making its determination, the Board shall give the Participant an opportunity
to appear and be heard at a hearing before the full Board and present evidence on the Participant’s
behalf. Without limiting the

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generality of the foregoing, the Award Agreement may provide that the Participant shall also pay to
Company any gain realized by the Participant from exercising all or any portion of the Options
hereunder during a period beginning six (6) months prior to such suspension or cancellation.

     The Administrator may provide in the Award Agreement that cancellation of the Option shall
also apply if the Participant is determined by the Board to have:

               i. engaged in any commercial activity in competition with any part of the business of Company
or a Subsidiary;

               ii. diverted or attempted to divert from Company or a Subsidiary business of any kind,
including, without limitation, interference with any business relationship with suppliers,
customers, licensees, licensors or contractors;

               iii. made, or caused or attempted to cause any other person to make, any statement, either
written or oral, or conveying any information about Company or a Subsidiary which is disparaging or
which in any way reflects negatively upon Company or a Subsidiary;

               iv. engaged in any other activity that is inimical, contrary or harmful to the interests of
Company or a Subsidiary, including influencing or advising any person who is employed by or in the
service of Company or a Subsidiary to leave such employment or service to compete with Company or a
Subsidiary or to enter into the employment or service of any actual or prospective competitor of
Company or a Subsidiary, or to have influenced or advised any competitor of Company or a Subsidiary
to employ or to otherwise engage the services of any person who is employed by Company or in the
service of Company, or improperly disclosed or otherwise misused any confidential information
regarding Company or a Subsidiary; or

               v. refused or failed to provide, upon the request of Company or a Subsidiary, a certification,
in a form satisfactory to Company or a Subsidiary, that he or she is in full compliance with the
terms and conditions of this Plan.

     Should any provision to this Section 6.2.7. be held to be invalid or illegal, such
illegality shall not invalidate the whole of this Section 6, but, rather, this Plan shall be
construed as if it did not contain the illegal part or narrowed to permit its enforcement, and the
rights and obligations of the parties shall be construed and enforced accordingly.

7. RESTRICTED STOCK. A Restricted Stock Award is an offer by Company to sell
to an Eligible Person Shares that are subject to restrictions. The Administrator will determine to
whom an offer will be made, the number of Shares the person may purchase, the price to be paid (the
“Purchase Price”), the restrictions to which the Shares will be subject, the duration of the
restrictions (“Restricted Period”), and all other terms and conditions of the Restricted Stock
Award, subject to the following:

     7.1. Form of Restricted Stock Award. All purchases under a Restricted Stock Award
made pursuant to this Plan will be evidenced by an Award Agreement that will be in such form (which
need not be the same for each Participant) as the Administrator will from time to time approve, and
will comply with and be subject to the terms and conditions of this Plan. The offer of Restricted
Stock will be accepted by the Participant’s execution and delivery of the Award Agreement and full
payment for the Shares to Company within thirty (30) days from the date the Award Agreement is
delivered to the person. If such person does not execute and deliver the Award

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Agreement along with full payment for the Shares to Company within thirty (30) days, then the
offer will terminate, unless otherwise determined by the Administrator.

     7.2. Purchase Price. The Purchase Price of Shares sold pursuant to a Restricted Stock
Award will be determined by the Administrator and will be at least eighty-five percent (85%) of the
Fair Market Value of the Shares on the date the Restricted Stock Award is granted. Payment of the
Purchase Price shall be made in accordance with Section 9 of this Plan.

     7.3. Rights of Holder; Limitations Thereon. Upon a grant of Restricted Stock, a stock
certificate (or certificates) representing the number of Shares of Restricted Stock granted to the
Participant shall be registered in the Participant’s name and shall be held in custody by Company
or a bank selected by the Administrator for the Participant’s account. Following such
registration, the Participant shall have the rights and privileges of a stockholder as
to such Restricted Stock, including the right to receive dividends, if and when declared by the
Board, and to vote such Restricted Stock, except that the right to receive cash dividends shall be
the right to receive such dividends either in cash currently or by payment in Restricted Stock, as
the Administrator shall determine, and except further that, the following restrictions shall apply:

          7.3.1. No Delivery of Certificate. The Participant shall not be entitled
to delivery of a certificate until the expiration or termination of the Restricted Period for the
Shares represented by such certificate and the satisfaction of any and all other conditions
prescribed by the Administrator;

          7.3.2. Forfeiture of Restricted Stock. All of the Shares of Restricted
Stock that have not vested shall be forfeited and all rights of the Participant to such Shares of
Restricted Stock shall terminate without further obligation on the part of Company, unless the
Participant has remained an employee of (or non-Employee Director of or active consultant providing
services to) Company or any of its Subsidiaries, until the expiration or termination of the
Restricted Period and the satisfaction of any and all other conditions prescribed by the
Administrator applicable to such Shares of Restricted Stock. Upon the forfeiture of any Shares of
Restricted Stock, such forfeited Shares shall be transferred to Company without further action by
the Participant and shall, in accordance with Section 4.1, again be available for grant under this
Plan. If the Participant paid any amount for the Shares of Restricted Stock that are forfeited,
Company shall pay the Participant the lesser of the Fair Market Value of the Shares on the date
they are forfeited or the amount paid by the Participant.

     7.4. Delivery of Unrestricted Shares. Upon the expiration or termination of the
Restricted Period for any Shares of Restricted Stock and the satisfaction of any and all other
conditions prescribed by the Administrator, the restrictions applicable to such Shares of
Restricted Stock shall lapse and a stock certificate for the number of Shares of Restricted Stock
with respect to which the restrictions have lapsed shall be delivered, free of all such
restrictions except any that may be imposed by law, a stockholders’ agreement or any
other agreement, to the holder of the Restricted Stock. Company shall not be required to deliver
any fractional Share but will pay, in lieu thereof, the Fair Market Value (determined as of the
date the restrictions lapse) of such fractional Share to the holder thereof. Concurrently with the
delivery of a certificate for Restricted Stock, the holder shall be required to pay an amount
necessary to satisfy any applicable federal, state and local tax requirements as set out in Section
10 below.

     7.5. Nonassignability of Restricted Stock. Unless the Administrator provides
otherwise in the Award Agreement, no grant of, nor any right or interest of a Participant in or to,
any Restricted Stock, or in any instrument evidencing any grant of Restricted Stock under this
Plan, may be

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assigned, encumbered or transferred except, in the event of the death of a Participant, by
will or the laws of descent and distribution.

     7.6. Restrictions. Restricted Stock Awards will be subject to such restrictions (if
any) as the Administrator may impose. The Administrator may provide for the lapse of such
restrictions in installments and may accelerate or waive such restrictions, in whole or part, based
on length of service, performance or such other factors or criteria as the Administrator may
determine.

8. STOCK BONUSES.

     8.1. Awards of Stock Bonuses. A Stock Bonus is an award of Shares (which may
consist of Restricted Stock) for services rendered to Company. A Stock Bonus may be awarded
pursuant to an Award Agreement that will be in such form (which need not be the same for each
Participant) as the Administrator will from time to time approve, and will comply with and be
subject to the terms and conditions of this Plan. The award may also be paid in cash, or Shares
and cash, as determined by the Administrator in accordance with Section 8.3 below. Stock Bonuses
may vary from Participant to Participant and between groups of Participants, and may be based upon
the achievement of Company and/or individual performance factors or upon such other criteria as the
Administrator may determine. A Stock Bonus may be awarded upon satisfaction of such performance
goals as are set out in advance in the Participant’s individual Award Agreement that will be in
such form (which need not be the same for each Participant) as the Administrator will from time to
time approve, and will comply with and be subject to the terms and conditions of this Plan.

     8.2. Terms of Stock Bonuses. The Administrator will determine the number of Shares to
be awarded to the Participant and whether such Shares will be Restricted Stock. If the Stock Bonus
is being earned upon the satisfaction of performance goals pursuant to a Award Agreement, then the
Administrator will determine (i) the nature, length and starting date of any period during which
performance is to be measured (the “Performance Period”) for each Stock Bonus; (ii) the performance
goals and criteria to be used to measure the performance, if any; (iii) the number of Shares that
may be awarded to the Participant; and (iv) the extent to which such Stock Bonuses have been
earned. Performance Periods may overlap and Participants may participate simultaneously with
respect to Stock Bonuses that are subject to different Performance Periods and different
performance goals and other criteria. The number of Shares may be fixed or may vary in accordance
with such performance goals and criteria as may be determined by the Administrator. The
Administrator may adjust the performance goals applicable to the Stock Bonuses to take into account
changes in law and accounting or tax rules and to make such adjustments, as the
Administrator deems necessary or appropriate to reflect the impact of extraordinary or unusual
items, events or circumstances.

     8.3. Form of Payment. The earned portion of a Stock Bonus may be paid currently or on
a deferred basis with such interest or dividend equivalent, if any, as the Administrator may
determine. Payment may be made in the form of cash, whole Shares, including Restricted Stock, or a
combination thereof, either in a lump sum payment or in installments, all as the Administrator
determines.

     8.4. Termination During Performance Period. If a Participant is Terminated during a
Performance Period for any reason, then such Participant will be entitled to payment (whether in
Shares, cash or otherwise) with respect to the Stock Bonus only to the extent earned as of the
Termination Date in accordance with the Award Agreement, unless the Administrator determines
otherwise.

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9. PAYMENT FOR SHARE PURCHASES.

     9.1. Payment. Payment for Shares purchased pursuant to this Plan may be made in
cash (by check) or, where expressly approved for the Participant at the discretion of the
Administrator and where permitted by law as follows:

          9.1.1. Cancellation of Indebtedness. By cancellation of indebtedness of
Company to the Participant.

          9.1.2. Surrender of Shares. By surrender of shares of Stock of Company
that either: (1) have been owned by the Participant for more than six (6) months (and, if such
shares were purchased from Company by use of a promissory note, such note has been fully paid with
respect to such shares); or (2) were obtained by the Participant in the public market.

          9.1.3. Promissory Note. By tender of a full recourse promissory note
having such terms as may be approved by the Administrator and bearing interest at a rate sufficient
to avoid imputation of income under Code Sections 483 and 1274; provided, however, that
Participants who are not employees or directors of Company will not be entitled to purchase Shares
with a promissory note unless the note is adequately secured by collateral other than the Shares.

          9.1.4. Sale or Margin Commitments. With respect only to purchases upon
exercise of an Option, and provided that a public market for Company’s stock exists:

               i. Sale. Through a “same day sale” commitment from the Participant and a
broker-dealer that is a member of the National Association of Securities Dealers (a “NASD Dealer”)
whereby the Participant irrevocably elects to exercise the Option and to sell a portion of the
Shares so purchased to pay for the Exercise Price, and whereby the NASD Dealer irrevocably commits
upon receipt of such Shares to forward the Exercise Price directly to Company; or

               ii. Margin. Through a “margin” commitment from the Participant and a NASD Dealer
whereby the Participant irrevocably elects to exercise the Option and to pledge the Shares so
purchased to the NASD Dealer in a margin account as security for a loan from the NASD Dealer in the
amount of the Exercise Price, and whereby the NASD Dealer irrevocably commits upon receipt of such
Shares to forward the Exercise Price directly to Company; or

          9.1.5. Cashless Exercise. By forfeiture of Option shares equal to the value of the
exercise price pursuant to a so-called “immaculate cashless exercise.”

          9.1.6. Combination of Methods. By any combination of the foregoing
methods of payment or any other consideration or method of payment as shall be permitted by
applicable corporate law.

     The Administrator may provide, in an Award Agreement or otherwise, that a Participant who
exercises an Option and pays the Exercise Price in whole or in part with Stock then owned by the
Participant will be entitled to receive another Option covering the same number of shares tendered
and with a price of no less than Fair Market Value on the date of grant of such additional Option
(“Reload Option”). Unless otherwise provided in the Agreement, a Participant, in order to be
entitled to a Reload Option, must pay with Stock that has been owned by the Participant for at
least the preceding six (6) months.

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     9.2. Loan Guarantees. At its sole discretion, the Administrator may help the
Participant pay for Shares purchased under this Plan by authorizing a guarantee by Company of a
third-party loan to the Participant.

10. WITHHOLDING TAXES.

     10.1. Withholding Generally. Whenever Shares are to be issued in satisfaction of
Awards granted under this Plan or Shares are forfeited pursuant to an “immaculate cashless
exercise,” Company may require the Participant to remit to Company an amount sufficient to satisfy
federal, state and local taxes and FICA withholding requirements prior to the delivery of any
certificate or certificates for such Shares. When, under applicable tax laws, a Participant incurs
tax liability in connection with the exercise or vesting of any Award or upon the exercise of a
Non-qualified Stock Option, Company shall have the right to require such Participant or such other
person to pay by cash, or check payable to Company, the amount of any such withholding with respect
to such transactions. Any such payment must be made promptly when the amount of such obligation
becomes determinable (the “Tax Date”).

     10.2. Stock for Withholding. To the extent permissible under applicable tax,
securities and other laws, the Administrator may, in its sole discretion and upon such terms and
conditions as it may deem appropriate, permit a Participant to satisfy his or her obligation to pay
any such withholding tax, in whole or in part, with Stock up to an amount not greater than
Company’s minimum statutory withholding rate for federal and state tax purposes, including payroll
taxes, that are applicable to such supplemental taxable income. The Administrator may exercise its
discretion, by (i) directing Company to apply shares of Stock to which the Participant is entitled
as a result of the exercise of an Option, or (ii) delivering to Company shares of Stock owned by
the Participant (other than in connection with an option exercise triggering withholding taxes
within the last six (6) months). The shares of Stock so applied or delivered for the withholding
obligation shall be valued at their Fair Market Value as of the date of measurement of the amount
of income subject to withholding.

11. PRIVILEGES OF STOCK OWNERSHIP. No Participant will have any of the rights
of a stockholder with respect to any Shares until the Shares are issued to the
Participant. After Shares are issued to the Participant, the Participant will be a
stockholder and have all the rights of a stockholder with respect to such
Shares, including the right to vote and receive all dividends or other distributions made or paid
with respect to such Shares; provided, that if such Shares are Restricted Stock, then any new,
additional or different securities the Participant may become entitled to receive with respect to
such Shares by virtue of a stock dividend, stock split or any other change in the corporate or
capital structure of Company will be subject to the same restrictions as the Restricted Stock; and
provided, further, that the Participant will have no right to retain such stock dividends or stock
distributions with respect to Shares that are repurchased at the Participant’s Exercise Price or
Purchase Price pursuant to Section 13. Subject to Sections 19 and 20, no adjustment shall be made
for dividends or other rights for which the record date is prior to the date title to the shares of
Stock has been acquired by the Participant.

12. TRANSFERABILITY. Unless otherwise provided, Awards granted under this
Plan, and any interest therein, will not be transferable or assignable by the Participant, and may
not be made subject to execution, attachment or similar process, otherwise than by will or by the
laws of descent and distribution or as consistent with the Award Agreement provisions relating
thereto. Unless otherwise provided in this Plan, during the lifetime of the Participant an Award
will be exercisable

10

 

only by the Participant, and any elections with respect to an Award may be made only by the
Participant.

13. RESTRICTION ON SHARES. At the discretion of the Administrator, Company may
reserve to itself and/or its assignee(s) in the Award Agreement a right to repurchase at the
Exercise Price or the Purchase Price of the Shares acquired under an Award or impose other
restrictions on such Shares during a period not to exceed one hundred eighty (180) days from the
date of exercise or purchase. After one hundred eighty (180) days, at the discretion of the
Administrator, Company may reserve to itself and/or its assignee(s) in the Award Agreement a right
to repurchase the Shares acquired under an Award at the Fair Market Value at the time of
repurchase. The terms and conditions of any such rights or other restrictions shall be set forth
in the Award Agreement evidencing the Option.

14. CERTIFICATES. All certificates for Shares or other securities delivered
under this Plan will be subject to such stock transfer orders, legends and other restrictions as
the Administrator may deem necessary or advisable, including restrictions under any applicable
federal, state or foreign securities law, or any rules, regulations and other requirements of the
SEC or any stock exchange or automated quotation system upon which the Shares may be listed or
quoted.

15. ESCROW, PLEDGE OF SHARES. To enforce any restrictions on a Participant’s
Shares, the Administrator may require the Participant to deposit all certificates representing
Shares, together with stock powers or other instruments of transfer approved by the Administrator,
appropriately endorsed in blank, with Company or an agent designated by Company to hold in escrow
until such restrictions have lapsed or terminated, and the Administrator may cause a legend or
legends referencing such restrictions to be placed on the certificates. Any Participant who is
permitted to execute a promissory note as partial or full consideration for the purchase of Shares
under this Plan will be required to pledge and deposit with Company all or part of the Shares so
purchased as collateral to secure the payment of such Participant’s obligation to Company under the
promissory note; provided, however, that the Administrator may require or accept other or
additional forms of collateral to secure the payment of such obligation and, in any event, Company
will have full recourse against the Participant under the promissory note notwithstanding any
pledge of the Participant’s Shares or other collateral. In connection with any pledge of the
Shares, the Participant will be required to execute and deliver a written pledge agreement in such
form, as the Administrator will from time to time approve. The Shares purchased with
the promissory note may be released from the pledge on a pro rata basis as the promissory note is
paid.

16. EXCHANGE AND BUYOUT OF AWARDS. The Administrator may, at any time or from
time to time, authorize Company, with the consent of the respective Participants, to issue new
Awards in exchange for the surrender and cancellation of any or all outstanding Awards. The
Administrator may at any time buy from a Participant an Award previously granted with payment in
cash, Shares (including Restricted Stock) or other consideration, based on such terms and
conditions as the Administrator and the Participant may agree.

17. SECURITIES LAW AND OTHER REGULATORY COMPLIANCE. An Award will not be
effective unless such Award is in compliance with all applicable federal and state securities laws,
rules and regulations of any governmental body, and the requirements of any stock exchange or
automated quotation system upon which the Shares may then be listed or quoted, as they are in
effect on the date of grant of the Award and also on the date of exercise or other issuance.
Notwithstanding any other provision in this Plan, Company will have no obligation to issue or
deliver certificates for Shares under this Plan prior to (i) obtaining any approvals from
governmental agencies that Company determines are necessary or advisable; and/or (ii) completion of
any

11

 

registration or other qualification of such Shares under any state or federal laws or rulings of
any governmental body that Company determines to be necessary or advisable. Company will be under
no obligation to register the Shares with the SEC or to effect compliance with the registration,
qualification or listing requirements of any state securities laws, stock exchange or automated
quotation system, and Company will have no liability for any inability or failure to do so. Upon
exercising all or any portion of an Award, a Participant may be required to furnish representations
or undertakings deemed appropriate by Company to enable the offer and sale of the Shares or
subsequent transfers of any interest in such shares to comply with applicable securities laws.
Evidences of ownership of Shares acquired pursuant to an Award shall bear any legend required by,
or useful for purposes of compliance with, the Securities Act and other applicable state securities
laws, this Plan or the Award Agreement.

18. RIGHTS OF EMPLOYEES.

     18.1. No Obligation to Employ. Nothing in this Plan or any Award
granted under this Plan will confer or be deemed to confer on any Participant any right to continue
in the employ of, or to continue any other relationship with, Company or to limit in any way the
right of Company to terminate such Participant’s employment or other relationship at any time, with
or without cause.

     18.2. Compliance with Code Section 162(m). At all times when the
Administrator determines that compliance with Code Section 162(m) is required or desired, all
Awards granted under this Plan to Named Executive Officers shall comply with the requirements of
Code Section 162(m). In addition, in the event that changes are made to Code Section 162(m) to
permit greater flexibility with respect to any Award or Awards under this Plan, the Administrator
may, subject to this Section 18, make any adjustments it deems appropriate.

19. ADJUSTMENT FOR CHANGES IN CAPITALIZATION. The existence of outstanding
Awards shall not affect Company’s right to effect adjustments, recapitalizations, reorganizations
or other changes in its or any other corporation’s capital structure or business, any merger or
consolidation, any issuance of bonds, debentures, preferred or prior preference stock ahead of or
affecting the Stock, the dissolution or liquidation of Company’s or any other corporation’s assets
or business or any other corporate act whether similar to the events described above or otherwise.
Shares shall be adjusted pursuant to Section 4.2.

20. DISSOLUTION, LIQUIDATION, MERGER.

     20.1. Company Not the Survivor. In the event of a dissolution or
liquidation of Company, a merger, consolidation, combination or reorganization in which Company is
not the surviving corporation, or a sale of substantially all of the assets of Company (as
determined in the sole discretion of the Board of Directors), the Administrator, in its absolute
discretion, may cancel each outstanding Award upon payment in cash to the Participant of the amount
by which any cash and the fair market value of any other property which the Participant would have
received as consideration for the Shares covered by the Award if the Award had been exercised
before such liquidation, dissolution, merger, consolidation, combination, reorganization or sale
exceeds the exercise price of the Award or negotiate to have such option assumed by the surviving
corporation. In addition to the foregoing, in the event of a dissolution or liquidation of
Company, or a merger, consolidation, combination, or reorganization in which Company is not the
surviving corporation, or a sale or transfer of all or substantially all of Company’s assets, the
Administrator, in its absolute discretion, may accelerate the time within which each outstanding
Award may be exercised, provided however, that the Change of Control Section 21.1 will control with
respect to acceleration in vesting in the

12

 

event of a merger, consolidation, combination or reorganization that results in a change of
control as so defined.

     20.2. Company is the Survivor. In the event of a merger, consolidation, combination
or reorganization in which Company is the surviving corporation, the Board of Directors shall
determine the appropriate adjustment of the number and kind of securities with respect to which
outstanding Awards may be exercised, and the exercise price at which outstanding Awards may be
exercised. The Board of Directors shall determine, in its sole and absolute discretion, when
Company shall be deemed to survive for purposes of this Plan.

21. CHANGE OF CONTROL.

     21.1. Definition. If there is a “change of control” in Company, all outstanding
Awards shall fully vest immediately upon Company’s public announcement of such a change. A “change
of control” shall mean an event involving one transaction or a related series of transactions, in
which (i) Company issues securities equal to 50% or more of Company’s issued and outstanding voting
securities, determined as a single class, to any individual, firm, partnership, limited liability
company, or other entity, including a “group” within the meaning of SEC Exchange Act Rule 13d-3,
(ii) Company issues voting securities equal to 50% or more of the issued and outstanding voting
stock of Company in connection with a merger, consolidation other business combination, (iii)
Company is acquired in a merger, consolidation, combination or reorganization in which Company is
not the surviving company, or (iv) all or substantially all of Company’s assets are sold or
transferred. The Administrator, in its discretion, may adjust the percentage of securities Company
may issue to constitute a change of control under (i) and (ii) in an individual Award Agreement.

     21.2. Limitation on Awards. Notwithstanding any other provisions of this Plan and
unless provided otherwise in the Award Agreement, if the right to receive or benefit from an Award
under this Plan, either alone or together with payments that a Participant has a right to receive
from Company, would constitute a “parachute payment” (as defined in Code Section 280G), all such
payments shall be reduced to the largest amount that will result in no portion being subject to the
excise tax imposed by Code Section 4999.

22. TERMINATION; AMENDMENT. The Board may amend, suspend or terminate this
Plan at any time and for any reason, but no amendment, suspension or termination shall be made
which would impair the right of any person under any outstanding Awards without such person’s
consent not unreasonably withheld. Further, the Board may, in its discretion, determine that any
amendment should be effective only if approved by the Stockholders even if such
approval is not expressly required by this Plan or by law.

23. DEFERRALS. The Administrator may permit a Participant to defer to another
plan or program such Participant’s receipt of Shares or cash that would otherwise be due to such
Participant by virtue of the exercise of an Option, the vesting of Restricted Stocks subject to the
Code, as applicable, or the earning of a Stock Bonus. If any such deferral election is required or
permitted, the Administrator shall, in its sole discretion, establish rules and procedures for such
payment deferrals subject to the Code, as applicable.

24. GOVERNING LAW. This Plan and the rights of all persons under this Plan
shall be construed in accordance with and under applicable provisions of the laws of the State of
Nevada.

25. DEFINITIONS. As used in this Plan, the following terms will have the
following meanings:

13

 

     25.1 “Award” means, individually and collectively, any award under this Plan, including any
Option, Restricted Stock or Stock Bonus.

     25.2 “Award Agreement” means, with respect to each Award, the signed written agreement between
Company and the Participant setting forth the terms and conditions of the Award.

     25.3 “Board” means the Board of Directors of Company.

     25.4 “Code” means the Internal Revenue Code of 1986, as amended from time to time and the
rules and regulations promulgated thereunder.

     25.5 “Committee” means the Committee appointed by the Board to administer this Plan, or if no
such committee is appointed, the Board.

     25.6 “Company” means Chartwell International, Inc., a Nevada corporation and its subsidiaries,
or any successor corporation.

     25.7 “Disability” means a disability, whether temporary or permanent, partial or total, within
the meaning of Section 22(e)(3) of the Code, as determined by the Committee.

     25.8 “Effective Date” has the meaning set forth in Section 2.

     25.9 “Eligible Person” means any director, officer or employee of Company or other person who,
in the opinion of the Board, is rendering valuable services to Company, including without
limitation, an independent contractor, outside consultant or advisor to Company.

     25.10 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time
and any successor statute.

     25.11 “Exercise Price” means the price at which a holder of an Option may purchase the Shares
issuable upon exercise of the Option.

     25.12 “Fair Market Value” means (i) if the Stock is listed or admitted to trade on a national
securities exchange, the closing price of the Stock on the Composite Tape, as published in the
Western Edition of the Wall Street Journal, of the principal national securities exchange on which
the Stock is so listed or admitted to trade, on such date, or, if there is no trading of the Stock
on such date, then the closing price of the Stock as quoted on such Composite Tape on the next
preceding date on which there was trading in such Stock; (ii) if the Stock is not listed or
admitted to trade on a national securities exchange, the closing price for the Stock on such date,
as furnished by the National Association of Securities Dealers, Inc. (“NASD”) through the NASDAQ
National Market System or a similar organization if the NASD is no longer reporting such
information; (iii) if the stock is not reported on the National Market System, the mean between the
closing bid and asked prices for the stock on such date, as furnished by the NASD, and if no bid
and asked prices are quoted on such date, the bid and asked prices on the next preceding day on
which such prices were quoted; and (iv) if the stock is not reported on the National Market System
and if bid and asked prices for the stock are not furnished by the NASD or a similar organization,
the value established by the Administrator for purposes of granting options under this Plan.

14

 

     25.13 “Named Executive Officer” means, if applicable, a Participant who, as of the date of
vesting and/or payout of an Award is one of the group of “covered employees,” as defined under in
the regulations promulgated under Code Section 162(m), or any successor statute.

     25.14 “NASD Dealer” means a broker-dealer that is a member of the National Association of
Securities Dealers.

     25.15 “Non-qualified Stock Option” means an option, that is designated a
Non-qualified Stock Option, which is not an option within the meaning of Section 422 of the Code.

     25.16 “Officer” means an officer of Company and an officer who is subject to Section 16 of the
Exchange Act.

     25.17 “Outside Director” means any director who is not (i) a current employee of Company; (ii)
a former employee of Company who is receiving compensation for prior services (other than benefits
under a tax-qualified pension plan); (iii) a current or former officer of Company; or (iv)
currently receiving compensation for personal services in any capacity, other than as a director,
from Company; as may otherwise be defined in regulations promulgated under Section 162(m) of the
Code.

     25.18 “Option” means an award of an option to purchase Shares pursuant to Section 6.

     25.29 “Optionee” means the holder of an Option.

     25.20 “Participant” means a person who receives an Award under this Plan.

     25.21 “Plan” means this 2006 Equity Incentive Plan, as amended from time to time.

     25.22 “Restricted Stock Award” means an award of Shares pursuant to Section 7.

     25.23 “Rule 16b-3” means Rule 16b-3 under Section 16(b) of the Exchange Act, as amended from
time to time, and any successor rule.

     25.24 “SEC” means the Securities and Exchange Commission.

     25.25 “Securities Act” means the Securities Act of 1933, as amended from time to time.

     25.26 “Shares” means shares of Company’s Common Stock reserved for issuance under this Plan,
as adjusted pursuant to Section 4, and any successor security.

     25.27 “Stock” means the Common Stock, $0.001 par value, of Company, and any
successor entity.

     25.28 “Stock Bonus” means an award of Shares, or cash in lieu of Shares, pursuant to Section 8.

     25.29 “Subsidiary” means any corporation in an unbroken chain of corporations beginning with
Company if, at the time of granting of an Award, each of the corporations other than the last
corporation in the unbroken chain owns stock possessing fifty percent (50%) or more of the total
combined voting power of all classes of stock in one of the other corporations in such chain.

15

 

     25.30 “Termination” or “Terminated” means, for purposes of this Plan with respect to a
Participant, that the Participant has for any reason ceased to provide services as an employee,
officer, director, consultant, independent contractor or advisor of Company. An employee will not
be deemed to have ceased to provide services in the case of (i) sick leave, (ii) military leave, or
(iii) any other leave of absence approved by the Administrator; provided, that such leave is for a
period of not more than ninety (90) days, unless reemployment upon the expiration of such leave is
guaranteed by contract or statute or unless provided otherwise pursuant to formal policy adopted
from time to time by Company and issued and promulgated to employees in writing. In the case of
any employee on an approved leave of absence, the Administrator may make such provisions respecting
suspension of vesting of the Award while on leave from the employ of Company as it may deem
appropriate, except that in no event may an Option be exercised after the expiration of the term
set forth in the Award Agreement. The Administrator will have sole discretion to determine whether
a Participant has ceased to provide services and the effective date on which the Participant ceased
to provide services (the “Termination Date”).

     25.31 “Unvested Shares” means “Unvested Shares” as defined in the Award Agreement.

     25.32 “Vested Shares” means “Vested Shares” as defined in the Award Agreement.

     25.33 “Vesting Date” means the date on which an Award becomes wholly or partially exercisable,
as determined by the Administrator in its sole discretion.

16exv10w16

 

Exhibit 10.16

AGREEMENT OF LEASE

BETWEEN

THE TOA REINSURANCE COMPANY OF AMERICA,

as Landlord,

-and-

CHARTWELL INTERNATIONAL, INC.,

as Tenant.

 

Dated:
June 14, 2006

Building: 177 Madison Avenue

Morristown, New Jersey

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	PAGE
	PRELIMINARY STATEMENT	 	 	1	 
	DEFINITIONS

	 	 	 	 	1	 
	ARTICLE 1.

	 	PREMISES; RENT; ADDITIONAL RENT; PARKING; UTILITIES
	 	 	8	 
	ARTICLE 2.

	 	LANDLORD’S OPERATING EXPENSES
	 	 	9	 
	ARTICLE 3.

	 	REAL ESTATE TAXES
	 	 	11	 
	ARTICLE 4.

	 	ACCEPTANCE; TENANT IMPROVEMENTS
	 	 	13	 
	ARTICLE 5.

	 	MAINTENANCE BY TENANT AND LANDLORD
	 	 	14	 
	ARTICLE 6.

	 	ALTERATIONS BY TENANT OR LANDLORD
	 	 	14	 
	ARTICLE 7.

	 	USE
	 	 	18	 
	ARTICLE 8.

	 	COMPLIANCE WITH LAWS AND INSURANCE REQUIREMENTS	 	 	19	 
	ARTICLE 9.

	 	LANDLORD’S SERVICES
	 	 	20	 
	ARTICLE 10.

	 	INDEMNIFICATION; TENANT’S LIABILITY
	 	 	23	 
	ARTICLE 11.

	 	LANDLORD’S NON-LIABILITY
	 	 	23	 
	ARTICLE 12.

	 	DISCHARGE OF LIENS
	 	 	24	 
	ARTICLE 13.

	 	TENANT’S INSURANCE
	 	 	24	 
	ARTICLE 14.

	 	ASSIGNMENT AND SUBLETTING
	 	 	25	 
	ARTICLE 15.

	 	DAMAGE BY FIRE OR OTHER CASUALTY
	 	 	29	 
	ARTICLE 16.

	 	WAIVER OF CLAIMS; MUTUAL WAIVER OF SUBROGATION
	 	 	30	 
	ARTICLE 17.

	 	CONDEMNATION
	 	 	31	 
	ARTICLE 18.

	 	DEFAULT
	 	 	32	 
	ARTICLE 19.

	 	LANDLORD’S RIGHTS UPON TENANT’S DEFAULT
	 	 	33	 
	ARTICLE 20.

	 	LANDLORD’S REMEDIES CUMULATIVE; EXPENSES
	 	 	35	 
	ARTICLE 21.

	 	SUBORDINATION AND ESTOPPEL
	 	 	36	 
	ARTICLE 22.

	 	NO WAIVER
	 	 	37	 
	ARTICLE 23.

	 	LANDLORD’S RIGHT OF ENTRY
	 	 	38	 
	ARTICLE 24.

	 	QUIET ENJOYMENT
	 	 	39	 
	ARTICLE 25.

	 	SURRENDER
	 	 	39	 
	ARTICLE 26.

	 	HOLDING OVER
	 	 	40	 
	ARTICLE 27.

	 	NOTICES
	 	 	40	 
	ARTICLE 28.

	 	CHANGES SURROUNDING BUILDING
	 	 	41	 
	ARTICLE 29.

	 	RULES AND REGULATIONS
	 	 	41	 
	ARTICLE 30.

	 	LIMITATION OF LANDLORD’S LIABILITY
	 	 	41	 
	ARTICLE 31.

	 	DIRECTORY
	 	 	41	 
	ARTICLE 32.

	 	MISCELLANEOUS
	 	 	42	 
	ARTICLE 33.

	 	RENEWAL OPTION
	 	 	46	 
	ARTICLE 34.

	 	CONFIDENTIALITY
	 	 	47	 

- i -

 

	 	 	 	 	 	 	 
	EXHIBIT A

	 	DESCRIPTION OF THE PROPERTY
	 	A-1
	EXHIBIT B

	 	FLOOR PLAN FOR THE PREMISES
	 	B-1
	EXHIBIT C

	 	MINIMUM RENT FOR THE PREMISES
	 	C-1
	EXHIBIT D

	 	TENANT IMPROVEMENTS
	 	D-1
	EXHIBIT D-1

	 	DRAWINGS
	 	D-1-1
	EXHIBIT E

	 	RULES AND REGULATIONS
	 	E-1
	EXHIBIT F

	 	CLEANING SPECIFICATIONS FOR THE BUILDING
	 	F-1

- ii -

 

     THIS AGREEMENT OF LEASE (this “Lease”), dated June 14, 2006, between THE TOA REINSURANCE
COMPANY OF AMERICA (“Landlord”), a corporation of the State of Delaware, having an office at 177
Madison Avenue, Morristown, New Jersey 07962, and CHARTWELL INTERNATIONAL, INC. (“Tenant”), a
corporation of the State of Nevada, having an office at 485 Underhill Boulevard, Syosset, New York
11791.

PRELIMINARY STATEMENT

     Landlord is the owner in fee simple of a certain tract of land lying and being in the Town of
Morristown, County of Morris, State of New Jersey (the “Property”), which is more particularly
described on Exhibit A attached hereto and made a part hereof, upon which there is located an
office building commonly known at 177 Madison Avenue (the “Building”). Tenant desires to lease
space in the Building in accordance with, and subject to, the provisions of this Lease.

     NOW, THEREFORE, Landlord and Tenant agree as follows:

DEFINITIONS

     For all purposes of this Lease and all agreements supplemental thereto or modifying this
Lease, the following terms shall have the meanings herein specified:

     “Additional Insureds” shall have the meaning given to such term in Section 13.2 of this Lease.

     “Additional Rent” shall mean all sums payable by Tenant to Landlord pursuant to this Lease
(other than Minimum Rent).

     “Alterations” shall have the meaning given to such term in Section 6.1 of this Lease.

     “Base Operating Expenses” shall mean Landlord’s Operating Expenses for the Base Year.

     “Base Taxes” shall mean Taxes for the Base Year.

     “Base Year” shall mean calendar year 2006.

     “BOMA” shall mean the Building Office and Managers Association.

     “Building” shall have the meaning given such term in the Preliminary Statement.

     “Building Holidays” shall mean Saturday; Sunday; New Year’s Day; President’s Day; Memorial
Day; Independence Day; Labor Day; Thanksgiving Day and the day after Thanksgiving Day; and
Christmas Day.

     “Business Days” shall mean any days other than Building Holidays.

- 1 -

 

     “Business Hours” shall mean 7:00 a.m. to 6:00 p.m. on Mondays through Fridays, excluding
Building Holidays.

     “CGL” shall have the meaning given to such term in Section 13.1 of this Lease.

     “Commencement Date” shall have the meaning given to such term in Section 4.2 of this Lease.

     “Common Area” or “Common Areas” means all areas; structures; roadways; sidewalks; parking
lots; plazas; traffic lights; pumpstations; drainage basins; swales; detention or retention ponds;
sanitary sewer systems and facilities; domestic and fire water systems; fire protection
installations; electric power and telephone cables and lines and other utility connections,
facilities, and other improvements (above and below ground); elevators; halls, lobbies; delivery
areas; drinking fountains; public toilets; parking facilities; lobby plantings and interior
landscaped areas; exterior landscaped areas; electrical, plumbing, and heating, ventilating and air
conditioning facilities; and all other improvements or facilities which are owned by Landlord and
are now or hereafter constructed on the Real Property for use in common by Landlord, Tenant, and
other tenants located in the Building.

     “Compensation Act” shall have the meaning given to such term in Section 8.2 of this Lease.

     “Construction Allowance” shall have the meaning given to such term in Exhibit D of this Lease.

     “Construction Cost” shall have the meaning given to such term in Exhibit D of this Lease.

     “Designated Broker” shall mean GVA Williams and CB Richard Ellis, Inc.

     “Election Right” shall have the meaning given to such term in Section 6.6 of this Lease.

     “Event of Default” shall have the meaning given such term in Section 18.1 of this Lease.

     “Excusable Delay” shall mean a delay caused by governmental action, or lack thereof, shortages
or unavailability of materials and/or supplies, labor disputes, strikes, slow downs, job actions,
picketing, secondary boycotts, fire or other casualty, delays in transportation, acts of God,
requests of any governmental agencies or authorities, court or administrative orders or
regulations, adjustment of insurance, acts of declared or undeclared war, public disorder, riot or
civil commotion, or by anything else beyond the reasonable control of Landlord, including delay
caused directly or indirectly by Tenant or Tenant’s Visitors.

     “Fair Market Renewal Rent” shall have the meaning given to such term in Section 33.1 of this
Lease.

- 2 -

 

     “Governmental Authority” shall mean the township, county, state, or federal government, or any
agency or quasi-governmental agency, or any fire insurance rating organization having jurisdiction
over the Real Property or the use or operation thereof, or any insurance company insuring all or
any part of the Real Property.

     “ISRA” shall have the meaning given to such term in Section 8.2 of this Lease.

     “Landlord” shall mean the party defined as such in the first paragraph of this Lease,
including at any time after the date hereof, the then owner of Landlord’s interest in the Premises.

     “Landlord’s Estimated Operating Expenses” shall have the meaning given such term in Section
2.3 of this Lease.

     “Landlord’s Expense Statement” shall have the meaning given such term in Section 2.3 of this
Lease.

     “Landlord’s Operating Expenses” shall mean those costs or expenses paid or incurred by
Landlord (and/or others to the extent such costs paid or incurred by others are reimbursed by
Landlord) in connection with the ownership, operation, management, maintenance, repair, and
replacement of the Real Property, including, but not limited to, the cost of electricity supplied
to the Common Areas; sewer meter charges; water; window cleaning; heating; cooling; janitorial
service; trash removal; exterminating; insurance of all kinds carried in good faith by Landlord and
applicable to the Real Property (including, without limitation, rent insurance); snow and ice
removal; maintenance and cleaning of the parking lots and driveways (including resurfacing and
restriping); regulation of traffic; repair and maintenance of traffic signals benefiting the Real
Property; landscape and grounds maintenance; interior landscaping; maintenance and repair of
utility systems; cost of surveys of electricity consumption; maintenance, repairs, and replacements
of any kind for which Landlord is not reimbursed; painting of Common Areas; maintenance, repair,
and replacement of worn-out mechanical or damaged equipment; costs and expenses of maintaining
ambient air in accordance with environmental standards as required by Governmental Authority;
uniforms; management fees (provided, however, such fees shall not exceed those fees generally
charged for management of office buildings similar to the Building in Morris County, New Jersey);
costs of maintenance and service agreements; building supplies; sundries; sales or use taxes on
supplies or services; security services and/or alarm and fire protection systems and equipment;
wages, salaries, fringe benefits, and other labor costs of all persons engaged by Landlord for the
operation, maintenance, repair, and replacement of the Real Property; payroll taxes and workers’
compensation for such persons; legal and accounting expenses relating to the Real Property (except
legal expenses incurred in preparing leases or enforcing the terms of leases); licenses, permits,
and other governmental charges; rentals of machinery and equipment used in the operation and
maintenance of the Real Property; and any other expense or cost whether or not heretofore
mentioned, which are reasonably incurred as an expense of operating, managing, maintaining,
repairing, or replacing the Real Property. Excluded from Landlord’s Operating Expenses (unless
otherwise provided herein) are Taxes; costs reimbursed by insurance; marketing expenses;
depreciation expenses; interest on and amortization of debt; costs in connection with preparing
space for a new tenant; advertising expenses; real estate brokers’

- 3 -

 

commissions; franchise, transfer, inheritance, or capital stock taxes or other taxes imposed
upon or measured by the income or profits of Landlord; the cost of electricity supplied to any
space within the Building leased to a tenant for which Landlord is reimbursed directly from such
tenant; and expenditures for capital improvements, except (x) those which under generally accepted
accounting principles consistently applied are expensed or regarded as deferred expenses and (y)
capital expenses required to comply with any Law enacted after the date of this Lease; in either of
which cases the costs thereof shall be included in Operating Expenses for the calendar year in
which the costs are incurred and for subsequent calendar years on a straight line basis amortized
over the useful lifetime of such improvement as Landlord shall reasonably determine (but not to
exceed ten (10) years) and interest shall be computed on the unamortized balance at a rate equal to
one percent (1%) over the Prime Rate as of the date Landlord incurs the cost of said capital
improvement, provided, however, that nothing herein shall relieve Tenant of the responsibility for
payments for capital improvements charged to Tenant pursuant to Article 5 hereof. Notwithstanding
the foregoing, if Landlord and/or others shall purchase any item of capital equipment or make any
capital expenditures designed to result in savings or reductions in Operating Expenses, then the
costs for same shall be included in Operating Expenses, but only to the extent of savings or
reductions actually obtained as reasonably estimated by Landlord’s qualified professional
consultant. The costs of such capital equipment or capital expenditures are to be included in
Operating Expenses for the calendar year in which the costs are incurred and subsequent calendar
years on a straight line basis amortized over such period of time as reasonably can be estimated as
the time in which such savings or reductions in Operating Expenses are expected to equal Landlord’s
costs for such capital equipment or capital expenditure with an interest factor equal to one
percent (1%) over the Prime Rate at the time of Landlord’s having actually incurred said costs.
Furthermore, if Landlord and/or others shall lease any such item of capital equipment designed to
result in saving or reductions in Operating Expenses, then the rentals and other costs paid
pursuant to such leasing shall be included in Operating Expenses for the calendar year in which
they were incurred, but only to the extent of savings or reductions actually obtained as reasonably
estimated by Landlord’s qualified professional consultant. All accounting for Landlord’s Operating
Expenses shall be on the accrual basis.

     “Landlord’s Tax Statement” shall have the meaning given such term in Section 3.2 of this
Lease.

     “Laws” shall mean all laws, rules, regulations, and ordinances of all governmental authorities
or agencies having jurisdiction over the Premises and of all insurance bodies (including, without
limitation, the Board of Fire Underwriters) at any time duly issued or in force, applicable to the
Premises or any part thereof or to Tenant’s use thereof, including, without limitation the
Americans with Disabilities Act.

     “Lease” or “this Lease” consists of this Agreement of Lease and Exhibits A through F attached
hereto and made a part hereof.

     “Lease Year” shall mean the period from the Commencement Date through December 31, 2006, and
every twelve (12) month period thereafter.

- 4 -

 

     “Lien” shall mean any mortgage, pledge, lien, charge, encumbrance, or security interest of any
kind, including any inchoate construction lien.

     “LOC” shall have the meaning given such term in Section 32.9 of this Lease.

     “Minimum Rent” shall mean the fixed rental payable pursuant to Section 1.3 of this Lease.

     “Monthly Expense Payment” shall have the meaning given such term in Section 2.4 of this Lease.

     “Monthly Tax Payment” shall have the meaning given such term in Section 3.3 of this Lease.

     “Net Rental Proceeds” shall mean in the case of a sublease, the amount by which the aggregate
of all rents, additional charges, or other consideration payable under a sublease to Tenant by the
subtenant (including sums paid for the sale or rental of Tenant’s fixtures, leasehold improvements,
equipment, furniture, or other personal property, which sums shall reflect, at a minimum, the
reasonable, fair market value of the same) exceeds the sum of (i) the Minimum Rent plus all amounts
payable by Tenant pursuant to the provisions hereof during the term of the sublease in respect of
the subleased space, (ii) brokerage commissions at prevailing rates due and owing to a real estate
brokerage firm, and (iii) other customary and reasonable costs incurred by Tenant in connection
with the subleasing; and in the case of an assignment, the amount by which all sums and other
considerations paid to Tenant by the assignee of this Lease for or by reason of such assignment
(including sums paid for the sale of Tenant’s fixtures, leasehold improvements, equipment,
furniture, or other personal property, which sums shall reflect, at a minimum, the reasonable, fair
market value of the same) exceeds the sum of (i) the Minimum Rent plus all amounts payable by
Tenant pursuant to the provisions hereof during the term of the assignment in respect of the
Premises, (ii), brokerage commissions at prevailing rates due and owing to a real estate brokerage
firm, and (iii) other customary and reasonable costs incurred by Tenant in connection with the
assignment.

     “Non-Exclusive Spaces” shall mean the non-exclusive, automobile spaces in the common parking
area serving the Building.

     “Premises” shall, as of the Commencement Date, mean the portion of the second (2nd) floor of
the Building cross-hatched on the floor plan of the Building attached hereto and made a part hereof
as Exhibit B. The Premises, as of the Commencement Date, are comprised of 2,187 square feet of
Rentable Area. Landlord and Tenant stipulate and agree for all purposes under this Lease that the
Rentable Area is 2,187 square feet, notwithstanding any different measurement thereof that may be
made hereafter by or on behalf of either party.

     “Prime Rate” shall mean the base lending rate publicly announced from time to time by the Wall
Street Journal.

     “Property” shall have the meaning given such term in the Preliminary Statement, as
particularly described on Exhibit A attached hereto and made a part hereof.

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     “Projected Taxes” shall have the meaning given such term in Section 3.2 of this Lease.

     “Punch List” shall have the meaning given such term in Section 4.3 of this Lease.

     “Real Property” shall mean collectively the Property, the Building, the Common Areas, and all
other improvements located on the Property.

     “Recapture Notice” shall have the meaning given such term in Section 14.2(iii) of this Lease.

     “Recapture Space” shall have the meaning given such term in Section 14.2(iii) of this Lease.

     “Renewal Term” shall have the meaning given such term in Section 33.1 of this Lease.

     “Rentable Area” shall be as defined by BOMA standard #ANSI Z65.1-1980 “Modified.”

     “Rentable Area of the Building” shall be deemed to mean, as of the Commencement Date,
thirty-eight thousand one hundred fifty-five (38,155) square feet of Rentable Area.

     “Rules and Regulations” shall mean the rules and regulations set forth on Exhibit E attached
hereto and made a part hereof, as the same may be amended from time to time by Landlord pursuant to
the provisions of Article 29.

     “Security Deposit” shall have the meaning given to such term in Section 32.9 of this Lease.

     “Spill Act” shall have the meaning given such term in Section 8.2 of this Lease.

     “Structural Repairs” shall mean repairs or replacement to the roof, foundation, floors, and
permanent exterior walls and support columns of the Building.

     “Structure” shall mean the roof, foundation, floors, and permanent exterior walls and support
columns of the Building.

     “Substantially Complete,” “Substantially Completed,” and “Substantial Completion” shall have
the meaning given such terms in Section 4.2 of this Lease.

     “Taxes” shall mean all real estate taxes and assessments, or substitutes therefor or
supplements thereto, upon, applicable, attributable, or assessed against the Real Property or any
part thereof. Taxes shall not include any franchise, capital stock, capital, rent, income, profit
tax or charge, unless and to the extent that due to a change in the method of taxation or
assessment the foregoing or other tax or charge shall be substituted by the applicable taxing
authority for the Taxes now or hereafter imposed upon the Real Property, in which case such
franchise, capital

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stock, capital, rental income, profit, or other tax or charge shall be deemed included in the
term “Taxes”, provided, however, that the amount of such tax, assessment, levy, imposition, charge,
or fee deemed to be included in the term “Taxes” shall be determined as if the Real Property were
the only asset of Landlord and as if the rent received therefrom were the only income of Landlord.
In the event that Taxes are permitted to be paid in installments, they shall, for purposes of this
Lease, be deemed to be paid in installments.

     “Tenant” shall mean the party defined as such in the first paragraph of this Lease.

     “Tenant Improvements” or “Tenant Improvement Work” shall have the meaning given to such terms
in Section 4.1 of this Lease.

     “Tenant’s Notice” shall have the meaning given such term in Section 14.2 of this Lease.

     “Tenant’s Proportionate Share” shall, as of the Commencement Date, be five and seventy three
hundredths percent (5.73%), which percentage is arrived at by dividing (i) the Rentable Area of the
Premises (which, as of the Commencement Date, is agreed to be 2,187 square feet) by (ii) the
Rentable Area of the Building (which, as of the Commencement Date, is agreed to be thirty-eight
thousand one hundred fifty-five (38,155) square feet).

     “Tenant’s Visitors” shall mean Tenant’s agents, servants, employees, contractors, invitees,
licensees, subtenants, clients, consultants, representatives, guests, officers, directors, members,
and partners, including, without limitation, any other person or entity hired or retained by Tenant
to perform services or deliver goods, materials, or merchandise, but specifically excluding
Landlord.

     “Term” shall mean the time period commencing on the Commencement Date and terminating on the
Termination Date.

     “Termination Date” shall mean 11:59 p.m. on: (i) the day immediately preceding the date which
is three (3) years and two (2) months after the Commencement Date, if the Commencement Date occurs
on the first day of a calendar month; or (ii) the last day of the calendar month occurring three
(3) years and two (2) months after the Commencement Date, if the Commencement Date does not occur
on the first day of a calendar month; or such earlier date upon which the Term may expire or be
terminated pursuant to the provisions of this Lease or the law.

     “Underlying Encumbrance” shall have the meaning given such term in Section 21.1 of this Lease.

     “Wiring” shall have the meaning given to such term in Section 6.6 of this Lease.

     “Wiring Restoration Work” shall have the meaning given to such term in Section 6.6 of this
Lease.

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ARTICLE I

PREMISES; RENT; ADDITIONAL RENT; PARKING; UTILITIES

     1.1. Landlord, for and in consideration of the covenants hereinafter contained and made on the
part of Tenant, hereby demises and leases to Tenant, and Tenant hereby hires from Landlord, the
Premises for the Term, subject, however, to the terms and conditions of this Lease.

     1.2. The leasing of the Premises to and by Tenant includes the right to the non-exclusive use
of six (6) Non-Exclusive Spaces on the Real Property. The total number of Non-Exclusive Spaces
provided hereunder shall be increased or decreased based on adjustments or expansions of the
Premises in accordance herewith so that the total number of parking spaces shall equal three (3)
for each one thousand (1,000) square feet of Rentable Area of the Premises. Tenant acknowledges
that, in the event the foregoing calculation regarding the total number of Non-Exclusive Spaces
results in a fraction of a parking space, such calculation shall be rounded down to the nearest
whole number. Tenant shall comply with such reasonable Rules and Regulations as Landlord may
promulgate from time to time with respect to said parking. Landlord shall have the right to assign
the location of said Non-Exclusive Spaces or may designate the location of same from time to time.
In addition, the leasing of the Premises to and by Tenant includes the right to use in common with
others entitled thereto the Common Areas, subject to the terms and conditions of this Lease and to
the Rules and Regulations.

     1.3. Tenant hereby covenants and agrees to pay to Landlord during the Term, at the office of
Landlord, or such other place as Landlord may from time to time designate, without any set-off,
offset, abatement, counterclaim, defense, suspension, deferment, diminution of any kind or
deduction whatsoever, except as expressly provided herein, (i) the Minimum Rent specified on
Exhibit C attached hereto in equal monthly installments on the first day of each month during the
Term, in advance, without notice or demand, commencing on the Commencement Date (subject to the
Rent Abatement provided for in Section 1.7 of this Lease), and (ii) all Additional Rent as herein
provided, in lawful money of the United States of America at the time of payment. Except as
otherwise expressly provided herein, this Lease shall not terminate, nor shall Tenant have any
right to terminate or avoid this Lease or be entitled to the abatement of any Minimum Rent or
Additional Rent payable hereunder or any reduction thereof, nor shall the obligations and
liabilities of Tenant hereunder be in any way affected for any reason. The obligations of Tenant
hereunder shall be separate and independent covenants and agreements.

     1.4. If any installment of Minimum Rent or Additional Rent is not paid on or before the date
when due, Tenant shall pay to Landlord on demand a late charge equal to the sum of: (i) interest at
the Prime Rate, plus four (4%) percent per annum, which interest shall accrue from the date any
payment of Minimum Rent or Additional Rent is due until the date of payment of the same; plus (ii)
an administrative fee equal to four (4%) percent of said late payment.

     1.5. Except as otherwise provided in Section 9.2 of this Lease, Tenant will contract for and
will pay all charges for electricity, communications, and other services or utilities at any time
rendered or used on or about the Premises to the company providing the

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same before any interest or penalty may be added thereto and will furnish to Landlord, upon
request, satisfactory proof evidencing such payment.

     1.6. Landlord shall have all the rights and remedies for the collection of Additional Rent as
are available to Landlord for the collection of the Minimum Rent pursuant to the terms of this
Lease.

     1.7 Notwithstanding anything to the contrary contained in this Lease, Tenant shall not be
required to pay to Landlord the Minimum Rent attributable to the first two (2) months of the Term
(the “Rent Abatement”), but Tenant shall be required to pay Additional Rent during said two (2)
month period.

ARTICLE 2

LANDLORD’S OPERATING EXPENSES

     2.1. Tenant shall pay to Landlord, as Additional Rent, Tenant’s Proportionate Share of the
amount by which Landlord’s Operating Expenses for any Lease Year (except the Base Year) during the
Term exceeds the Base Operating Expenses. Tenant’s Proportionate Share of such excess for less
than a year shall be prorated and apportioned.

     2.2. In the event less than ninety-five (95%) of the Rentable Area of the Building is occupied
during any Lease Year, Landlord’s Operating Expenses during said calendar year shall be projected
as if the Rentable Area of the Building were ninety-five (95%) occupied for that entire Lease Year.

     2.3. Within ninety (90) days following the first day of each Lease Year (excluding the Base
Year) within the Term, Landlord shall determine or estimate Landlord’s Operating Expenses for such
Lease Year (excluding the Base Year) (“Landlord’s Estimated Operating Expenses”) and shall submit
such information to Tenant in a written statement (“Landlord’s Expense Statement”).

     2.4. Commencing on the first day of the first month following the submission of any Landlord’s
Expense Statement and continuing thereafter until Landlord renders the next Landlord’s Expense
Statement, Tenant shall pay to Landlord on account of its obligation under Section 2.1 of this
Lease, a sum (the “Monthly Expense Payment”) equal to one-twelfth (1/12) of Tenant’s Proportionate
Share of the amount by which Landlord’s Estimated Operating Expenses for such Lease Year exceeds
the Base Operating Expenses. Tenant’s first Monthly Expense Payment after receipt of Landlord’s
Expense Statement shall be accompanied by the payment of an amount equal to the product of the
number of full months, if any, within the Lease Year which shall have elapsed prior to such first
Monthly Expense Payment, times the Monthly Expense Payment; minus any Additional Rent already paid
by Tenant on account of its obligation under Section 2.1 of this Lease for such Lease Year.

     2.5. Each Landlord’s Expense Statement shall reconcile the payments made by Tenant pursuant to
the preceding Landlord’s Expense Statement with Tenant’s Proportionate Share of Landlord’s
Operating Expenses for the period covered thereby. Any balance due to Landlord shall be paid by
Tenant within thirty (30) days of receipt of Landlord’s Expense

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Statement and any surplus shall be applied by Landlord against the next accruing monthly
installment(s) of Additional Rent, or if the Lease shall have expired, such surplus shall be
refunded to Tenant within thirty (30) days after the date of Landlord’s Expense Statement;
provided, however, if the Lease shall have expired as a result of a default by Tenant, Landlord
shall have the right to retain such surplus to the extent Tenant owes Landlord any Minimum Rent or
Additional Rent.

     2.6. For the protection of Tenant, Landlord shall maintain books of account that shall be open
to Tenant and its representatives so that Tenant, at its sole cost and expense, may audit said
books of account to determine that any Operating Expenses have, in fact, been paid or incurred,
said audit to be subject to the following conditions:

          (1) Such audit shall be conducted only during regular business hours at the office where
Landlord maintains said books of account;

          (2) Tenant shall provide to Landlord fourteen (14) days’ prior written notice;

          (3) Tenant is not in default of any of the terms and provisions of the Lease from the time
Tenant provides Landlord with notice through the time such audit is conducted;

          (4) Tenant shall deliver to Landlord a copy of the results of such audit within fifteen (15)
days of its receipt by Tenant;

          (5) Any information obtained by Tenant in connection with such an audit is sensitive and
proprietary in nature, and Tenant agrees that all such information shall be kept private and
confidential;

          (6) Only an independent and nationally recognized accounting firm that is not being
compensated by Tenant on a contingency fee basis may perform such audit; and

          (7) Any such audit must be concluded within five (5) days after it is first commenced.

     If, as a result of the audit, any disagreement with respect to any one or more of the charges
exists and is not satisfactorily settled between Landlord and Tenant, said disagreement may be
referred by either party to an independent certified public accountant to be mutually agreed upon,
and if such an accountant cannot be agreed upon, the American Arbitration Association may be asked
by either party to select an arbitrator whose decision shall be final and binding upon both
parties, who shall jointly share any cost of such arbitration. Pending resolution of said dispute,
Tenant shall pay to Landlord the sum so billed by Landlord, subject to the ultimate resolution as
described above. Notwithstanding anything herein to the contrary, once Landlord shall have finally
determined the Operating Expenses at the expiration of each Lease Year as described in Section 2.5
above, then Tenant shall be entitled to audit and dispute any charge so established for a period of
thirty (30) days after Tenant’s receipt of such statement,

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and Tenant specifically waives any right to dispute or audit any such charge at the expiration
of said thirty (30) day period. Furthermore, no subtenant shall have any right to conduct an
audit, and no assignee shall conduct an audit for any period during which such assignee was not in
possession of the Premises.

     2.7. In no event shall any adjustment in Tenant’s obligation to pay Additional Rent under this
Article 2 result in a decrease in the Minimum Rent payable hereunder. Tenant’s obligation to pay
Additional Rent, and Landlord’s obligation to credit to Tenant any amount pursuant to the
provisions of this Article 2, for the final year of the Term shall survive the Termination Date or
earlier expiration of this Lease.

     2.8. Tenant shall also pay to Landlord, as Additional Rent, upon demand, the amount of any
increase in Landlord’s Operating Expenses which is attributable to (i) Tenant’s use or manner of
use of the Premises, (ii) activities conducted on or about the Premises by Tenant or on behalf of
Tenant, or (iii) additions or improvements in, on, or about the Premises which were made by or on
behalf of Tenant or which in whole or in part belong to Tenant. The amount of said increase paid
by Tenant pursuant to this Section 2.8 shall not be included in Landlord’s Operating Expenses.

     2.9. Tenant acknowledges and agrees that Landlord shall have the right to change the period of
the fiscal year, either before or during the Term, to any other fiscal year or twelve (12) month
period. In the event that Landlord makes such a change, then the same shall be effective upon
written notice to Tenant and, in such event, Tenant shall pay Tenant’s Proportionate Share of
Operating Expenses over the Operating Expenses for the period from the end of the initially
designated fiscal year, as last billed, to the beginning of the newly designated fiscal year,
prorated for such period, within twenty (20) days of the rendering by Landlord of the bill for such
interim period. Landlord agrees that Tenant’s net obligations under this Article 2 shall not
increase solely as a result of this change in fiscal year.

     2.10. The provisions of Section 22.4 of this Lease shall apply to Landlord’s Expense
Statement.

ARTICLE 3

REAL ESTATE TAXES

     3.1. Tenant shall pay to Landlord, as Additional Rent, Tenant’s Proportionate Share of the
amount by which Taxes for any Lease Year (except the Base Year) during the Term exceeds the Base
Taxes. Tenant’s Proportionate Share of such excess for less than a year shall be prorated and
apportioned.

     3.2. On or about the Commencement Date, and within ninety (90) days following the first day of
each Lease Year (except the Base Year) within the Term, Landlord shall determine or estimate the
Taxes for such Lease Year (the “Projected Taxes”) and shall submit such information to Tenant in a
written statement (“Landlord’s Tax Statement”).

     3.3. Commencing on the first day of the first month following the submission of any Landlord’s
Tax Statement and continuing thereafter until Landlord renders the next

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Landlord’s Tax Statement, Tenant shall pay to Landlord on account of its obligation under
Section 3.1 of this Lease, a sum (the “Monthly Tax Payment”) equal to one-twelfth (1/12) of
Tenant’s Proportionate Share of the amount by which the Projected Taxes for such Lease Year exceeds
the Base Taxes. Tenant’s first Monthly Tax Payment after receipt of Landlord’s Tax Statement shall
be accompanied by the payment of an amount equal to the product of the number of full months, if
any, within the Lease Year which shall have elapsed prior to such first Monthly Tax Payment, times
the Monthly Tax Payment; minus any Additional Rent already paid by Tenant on account of its
obligation under Section 3.1 of this Lease for such Lease Year.

     3.4. Each Landlord’s Tax Statement shall reconcile the payments made by Tenant pursuant to the
preceding Landlord’s Tax Statement with Tenant’s Proportionate Share of the Taxes imposed for the
period covered thereby. Any balance due to Landlord shall be paid by Tenant within thirty (30)
days of receipt of Landlord’s Tax Statement and any surplus shall be applied by Landlord against
the next accruing monthly installment(s) of Additional Rent, or if the Lease shall have expired,
such surplus shall be refunded to Tenant within thirty (30) days after the date of Landlord’s Tax
Statement; provided, however, if the Lease shall have expired as a result of a default by Tenant,
Landlord shall have the right to retain such surplus to the extent Tenant owes Landlord any Minimum
Rent or Additional Rent.

     3.5. Tenant acknowledges that Landlord shall have the exclusive right, but not the obligation,
to contest or appeal any assessment for Taxes. Landlord and Tenant agree that, in the event the
amount of the Base Taxes or the Taxes for any other Lease Year is reduced below the then current
amount of the Base Taxes due to a reduction in the assessment of the Real Property, the Base Taxes
shall be revised to be the product of (i) the lowest tax rate in effect at any time between
calendar year 2006 and the year in which the Building is assessed as a fully completed Building,
multiplied by (ii) such lower assessment for the Real Property. Accordingly, any estimation of
increases in Taxes set forth in any future Landlord’s Tax Statements shall be based on the revised
Base Taxes. If, as a result of any such appeal, any refund of Taxes is received with respect to
Taxes attributable to the Term of this Lease, Tenant shall be entitled to Tenant’s Proportionate
Share thereof (net of all expenses incurred by Landlord in connection with such contest), but not
to exceed the amounts previously paid by Tenant to Landlord with respect to the escalations for
Taxes during the relevant period.

     3.6. Tenant shall also pay to Landlord, as Additional Rent, upon demand, the amount of all
increases in Taxes and/or all assessments or impositions made, levied, or assessed against or
imposed upon the Real Property or any part thereof which are attributable to additions or
improvements in, on, or about the Premises made during the Term by or on behalf of Tenant or which
in whole or in part belong to Tenant.

     3.7. In no event shall any adjustment in Tenant’s obligation to pay Additional Rent under this
Article 3 result in a decrease in the Minimum Rent payable hereunder. Tenant’s obligation to pay
Additional Rent, and Landlord’s obligation to credit to Tenant, any amount pursuant to the
provisions of this Article 3, for the final year of the Term shall survive the Termination Date or
earlier expiration of this Lease.

     3.8. Tenant acknowledges and agrees that Landlord shall have the right to change the period of
the fiscal year, either before or during the Term, to any other fiscal year or

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twelve (12) month period. In the event that Landlord makes such a change, then the same shall
be effective upon written notice to Tenant and, in such event, Tenant shall pay Tenant’s
Proportionate Share of Taxes over the Taxes for the period from the end of the initially designated
fiscal year, as last billed, to the beginning of the newly designated fiscal year, prorated for
such period, within twenty (20) days of the rendering by Landlord of the bill for such interim
period.

     3.9. The provisions of Section 22.4 shall apply to Landlord’s Tax Statement.

ARTICLE 4

ACCEPTANCE; TENANT IMPROVEMENTS

     4.1. Landlord agrees to provide the improvements and other work in and to the Premises (the
“Tenant Improvements” or the “Tenant Improvement Work”) in accordance with the terms, conditions,
and provisions of Exhibit D attached hereto and made a part hereof. Except for the Tenant
Improvement Work described in Exhibit D, Tenant hereby acknowledges that Landlord does not have any
obligation to do any work on or to the Premises or to prepare the same for Tenant’s occupancy, and
Tenant agrees to lease and take the Premises, and each fixture and other item constituting a
portion thereof, in its “AS IS” condition as of the date of this Lease. Tenant acknowledges
further that Landlord (whether acting as Landlord hereunder or in any other capacity) has not made,
nor shall Landlord be deemed to have made, any representation or warranty, express or implied, with
respect to the Premises.

     4.2. The Premises shall be deemed ready for occupancy and the Commencement Date hereunder
shall occur on June 26, 2006 or such later date that: (i) the Premises shall be delivered to Tenant
in tenantable condition, which shall be established by the issuance by the appropriate governmental
authority of a certificate (temporary or final) permitting occupancy of the Premises for the
purposes set forth herein, which certificate shall be obtained by Landlord if the same is required;
and (ii) Landlord has Substantially Completed, as defined hereinafter, Tenant Improvement Work. If
the occurrence of any of the conditions listed in the preceding sentence, and thereby the making of
the Premises ready for occupancy, shall be delayed due to Tenant Delay, as defined in Exhibit D;
then the Commencement Date shall be accelerated by a time period equal to the number of days of
delay so caused by Tenant. As used herein, Landlord shall be deemed to have “Substantially
Completed” Tenant Improvement Work notwithstanding that minor or insubstantial details of
construction, mechanical adjustment, or decoration remain to be performed in the Premises or any
part thereof, the noncompletion of which does not materially interfere with Tenant’s use of the
Premises.

     4.3. Tenant shall occupy the Premises as soon as the same are ready for its occupancy and the
Commencement Date shall have occurred (but not prior to said date except to install Tenant’s
personal property as provided in this Lease). If and when Tenant shall take actual possession of
all or any part of the Premises, it shall be conclusively presumed that the same is in satisfactory
condition, except as to those items of work remaining to be performed by Landlord pursuant to this
Article 4 or any items of work set forth in a punch list (the “Punch List”) to be submitted to,
acknowledged by, and agreed to by Landlord in writing within thirty (30) days after the
Commencement Date.

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     4.4. Upon prior written notice from Landlord, Tenant shall be permitted to enter the Premises
prior to the anticipated Commencement Date for the purpose of moving personal property into the
Premises, all without obligation to pay Minimum Rent or Additional Rent therefor, provided all of
such work shall be performed for Tenant so as not to cause or create any labor dispute for Landlord
or to disrupt the performance of the Tenant Improvements, and further provided Tenant complies with
all of the other terms and provisions of this Lease, to include, but not be limited to, the
provisions of Article 13 of this Lease.

ARTICLE 5

MAINTENANCE BY TENANT AND LANDLORD

     5.1. (a) Except as provided in Section 5.2, Tenant shall take good care of the Premises
throughout the Term and maintain and preserve same in good condition and repair. Tenant shall not
injure, deface, or commit waste of the Premises. All repairs, replacements, and improvements to be
done by Tenant under this Article shall be performed expeditiously, in a good and workmanlike
manner, and in compliance with all statutes, rules, ordinances, and regulations of any Governmental
Authority; shall be at least equal in quality, utility, and usefulness to the original work; shall
be of first class, modern character; shall be completed free and clear of all Liens; and shall not
diminish the overall value of the Real Property.

          (b) Tenant shall be responsible for all injury or damage of any kind or character to the Real
Property, including, the windows; floors; walls; ceilings; lights; and electrical equipment and
heating, ventilating, and air-conditioning equipment; caused by Tenant’s negligence, carelessness,
omission, improper conduct, willful act, or Alterations, or the negligence, carelessness, omission,
improper conduct, or willful act of Tenant’s Visitors. Landlord shall repair the same, and Tenant
shall pay the costs incurred therefor to Landlord immediately upon demand as Additional Rent.

     5.2. Landlord shall maintain and repair the Common Areas and the Structure, the costs of which
shall be passed through as an Operating Expense (unless such cost is expressly excluded from the
definition of Operating Expenses), but subject to the obligations of Tenant to pay for the same as
a direct Additional Rent expense as specifically provided in Section 5.1(b). Such maintenance and
repair shall specifically include (i) maintenance and repairs to the Building’s HVAC, fire safety
(including without limitation, sprinklers), electrical (exclusive of starters, ballasts, and
fluorescent lamps), plumbing, or other systems to the extent that such systems service the Premises
in common with other tenanted areas; and (ii) any Structural Repairs to the Building.

ARTICLE 6

ALTERATIONS BY TENANT OR LANDLORD

     6.1. (a) Tenant shall not make or perform, or permit the making or performance of any
alterations or improvements, additions or other physical changes in or about the Premises (referred
to, collectively, as “Alterations”) without Landlord’s prior consent; provided however, that Tenant
shall have the right, without Landlord’s consent, to make interior, non-structural Alterations if
such Alteration: (i) involves a total cost of not more than Twenty-

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five Thousand and 00/100 Dollars ($25,000.00); (ii) does not require a building permit to be
issued by any governmental authority to make same legally; (iii) does not affect any existing
building systems outside the Premises and does not impair or adversely affect any existing building
systems within the Premises; and (iv) does not result in a violation of the use of the Premises
permitted under this Lease. All Alterations shall be made and performed in conformity with
building standards and only by contractors, subcontractors, or mechanics approved by Landlord,
which approval Landlord shall not unreasonably withhold. No Alterations shall be made to the
partition separating the Premises and the public corridors or to the entrance doors of the
Premises, and no Alteration shall affect any part of the Building other than the Premises or
adversely affect any service required to be furnished by Landlord to Tenant or to any other tenant
or occupant of the Building or reduce the value or utility of the Building. No Alteration shall
affect the outside appearance or the strength of the Building or any of its structural parts. All
business machines and mechanical equipment shall be placed and maintained by Tenant in settings
sufficient, in Landlord’s judgment, to absorb and prevent vibration, noise, and annoyance to other
tenants or occupants of the Building. Tenant shall submit to Landlord detailed plans and
specifications (including layout, architectural, mechanical, and structural drawings) for each
proposed Alteration (whether requiring Landlord’s approval or not) and, except as provided above,
shall not commence any such Alteration without first obtaining Landlord’s written approval of such
plans and specifications. Prior to the commencement of each proposed Alteration, Tenant shall
furnish to Landlord duplicate original policies of workers’ compensation insurance covering all
persons to be employed in connection with such Alteration, including those to be employed by all
contractors and subcontractors, and of comprehensive public liability insurance (including property
damage coverage) in which the Additional Insureds shall be named as insured, which policies shall
be issued by companies, and shall be in form and amounts satisfactory to Landlord and shall be
maintained by Tenant until the completion of such Alteration. All electrical and air conditioning
certificates, and all other permits, approvals, and certificates required by all Governmental
Authorities shall be timely obtained by Tenant at Tenant’s expense and submitted to Landlord
(Landlord shall not unreasonably refuse to join in any application therefor provided that such
joinder shall be without expense to Landlord and further provided that Landlord’s joinder is
required by such Governmental Authority) . Notwithstanding Landlord’s approval of plans and
specifications for any Alteration and Tenant’s right to perform certain Alterations without the
prior written approval of Landlord as provided herein, all Alterations shall be made and performed
in full compliance with all applicable laws, orders, and regulations of Governmental Authorities
and all building codes, rules, or regulations, and the Rules and Regulations of this Lease; all
materials and equipment to be incorporated into the Premises as a result of all Alterations shall
be new and first class quality; no such materials or equipment shall be subject to any Lien; all
Alterations shall be made and performed in a good and workmanlike manner; and Tenant shall deliver
to Landlord “as built” plans for any such Alteration within thirty (30) days after completion of
the same.

          (b) With respect to any proposed Alteration affecting any of the electrical, mechanical,
plumbing, heating, air conditioning, ventilating or other system of the Building (as to which
Landlord may withhold its consent using its sole discretion), Landlord reserves the right to
condition Landlord’s consent thereto upon the performance of said Alteration by Landlord for
Tenant’s account. If Landlord exercises such right, Tenant shall pay Landlord, as Additional Rent,
the costs and expenses of said Alteration as follows: one-half of

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the estimated costs and expenses prior to Landlord’s commencement of said work; and the
difference between Landlord’s actual costs and expenses and the amount paid on account thereof
within fifteen days after Tenant’s receipt of Landlord’s statement itemizing such costs and
expenses.

          (c) Provided all the conditions described in this Section 6.1 have been satisfied, Landlord
agrees not to unreasonably withhold or delay its consent in connection with any Alteration (other
than any Alteration which involves any structural component of the Building, affects the structural
integrity of the Building or affects any of the electrical, mechanical, plumbing, heating, air
conditioning, ventilating or other system of the Building, as to which Alterations Landlord may
withhold its consent using its sole discretion) requiring Landlord’s consent.

          (d) Notwithstanding anything herein to the contrary, Landlord’s (or Landlord’s engineer’s,
architect’s, or other consultant’s or contractor’s) approval of any plans, specifications, or “as
built” plan shall not be deemed or construed to be a warranty of any kind, including, but not
limited to, the suitability of design or fitness of the Alteration for a particular purpose or in
relation to the Building.

     6.2. Tenant shall not at any time prior to or during the Term, directly or indirectly, employ,
or permit the employment of, any contractor, mechanic or laborer in the Premises, whether in
connection with any Alteration or otherwise, if such ,employment will interfere or cause any
conflict with other contractors, mechanics, or laborers engaged in the construction, maintenance,
or operation of the Building by Landlord, Tenant, or others. In the event of any such interference
or conflict, Tenant, upon demand of Landlord, shall cause all contractors, mechanics, or laborers
causing such interference or conflict to leave the Building immediately.

     6.3. All Alterations permanently affixed to or comprising a portion of the Building shall,
upon installation, become the property of Landlord and shall remain upon and be surrendered with
the Premises, unless Landlord, by notice to Tenant no later than thirty (30) days prior to the
Termination Date or earlier expiration of this Lease, elects to relinquish Landlord’s right
thereto. In such event, Tenant shall remove the same from the Premises prior to the Termination
Date or earlier expiration of this Lease at Tenant’s sole expense. Nothing in this Article shall
be construed to give Landlord title to or to prevent Tenant’s removal of trade fixtures or moveable
office furniture and equipment. Upon removal of any such items from the Premises or upon removal
of any other Alterations pursuant to this Section 6.3, Tenant shall immediately and at its expense,
repair any damage to the Premises or the Real Property incurred during such removal and restore the
same in a good and workmanlike manner to its original condition. All property permitted or
required to be removed by Tenant at the end of the Term remaining on the Premises after the
Termination Date or earlier expiration of this Lease may be removed from the Premises by Landlord
at Tenant’s expense and if such property is not claimed within ten (10) days of such termination
such property shall be deemed abandoned to Landlord, but no such action shall relieve Tenant of its
obligations to pay the cost and expense of removing such property from the Premises and the cost of
repairing damage arising from such removal.

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     6.4. Notwithstanding anything to the contrary in this Article, any fixtures, equipment, or
furniture furnished and installed in any part of the Premises (whether or not attached thereto or
built therein) at the sole expense of Tenant (and with respect to which no credit or allowance
shall have been granted to Tenant by Landlord and which was not furnished and installed in
replacement of an item which Tenant would not be entitled to remove in accordance with this
Article) shall be and shall remain the property of Tenant and shall be removed from the Building by
Tenant not later than the Termination Date or earlier expiration of this Lease. The cost of
repairing any damage to the Premises or the Building arising from such removal shall be paid by
Tenant upon demand. If any fixture, equipment, or furniture which as aforesaid may or is required
to be removed by Tenant is not so removed by Tenant within the time above specified therefor, then
such property may be removed from the Premises by Landlord at Tenant’s expense and if such property
is not claimed within ten (10) days of such termination such property shall be deemed abandoned by
Tenant to Landlord, but no such action shall relieve Tenant of its obligation to pay the cost and
expense of removing such property from the Premises and the cost of repairing damage arising from
such removal.

     6.5. Landlord reserves the right to make changes, alterations, additions, improvements,
repairs, or replacements in or to the Common Areas, the Building (including the Premises) and the
fixtures and equipment therein, as well as in or to the street entrances, halls, passages,
elevators, and stairways and other parts of the Building, and to erect, maintain and use pipes,
ducts, and conduits in and through the Premises, all as it may reasonably deem necessary or
desirable; provided, however, that there be no unreasonable obstruction of the means of access to
the Premises or unreasonable interference with Tenant’s use of the Premises. Nothing contained in
this Section shall be deemed to relieve Tenant of any duty, obligation, or liability of Tenant with
respect to making any repair, replacement, or improvement or complying with any Law of any
Governmental Authority, as more particularly set forth in this Lease, including, but not limited
to, Article 6 or in Article 8.

     6.6. Tenant and its telecommunications companies, including local exchange telecommunications
companies and alternative vendor service companies, shall have no right of access to or within the
Building and/or the Land for the installation or operation of telecommunications services or
systems, including, but not limited to, voice, video, data, and other telecommunications services
provided over wire, fiber optic, microwave, wireless, or any other transmission system, for all or
part of Tenant’s telecommunications within the Building and from the Building and/or the Land to
any other location without Landlord’s prior written consent, which Landlord may withhold in its
sole discretion. In the event that Landlord consents in writing to the installation of any cabling
and/or wires, Tenant acknowledges and agrees that the following terms and conditions shall apply to
the same:

          (a) Prior to the expiration or sooner termination of this Lease, Landlord may elect by written
notice to Tenant (the “Election Right”) to: (1) retain any or all wiring, cables, risers, and
similar installations appurtenant thereto installed by Tenant in the risers of the Building (the
“Wiring”); (2) remove any or all such Wiring and restore the Demised Premises and risers to their
condition existing prior to the installation of the Wiring (the “Wire Restoration Work”), and
Landlord shall perform such Wire Restoration Work at Tenant’s sole cost and expense; or (3) require
Tenant to perform the Wire Restoration Work at Tenant’s sole cost and expense.

- 17 -

 

          (b) In the event Landlord elects to retain the Wiring, Tenant covenants that: (i) Tenant
shall be the sole owner of such Wiring, Tenant shall have good right to surrender such Wiring, and
such Wiring shall be free of all liens and encumbrances; and (ii) all wiring shall be left in good
condition, working order, properly labeled at each end and in each telecommunications/electrical
closet and junction box, and in safe condition.

          (c) In the event Tenant fails or refuses to pay all costs of the Wiring Restoration Work
within thirty (30) days of Tenant’s receipt of Landlord’s notice requesting Tenant’s reimbursement
for or payment of such costs, Landlord may apply all or any portion of Tenant’s Security Deposit
toward the payment of such unpaid costs relative to the Wiring Restoration Work. The retention or
application of the Security Deposit as provided in this Section 6.6 does not constitute a
limitation on or waiver of Landlord’s right to seek further remedy under this Lease, at law, or in
equity. The provisions of this Section 6.6 shall survive the expiration or sooner termination of
this Lease.

ARTICLE 7

USE

     7.1. The Premises shall be used by Tenant only for executive, general and administrative
offices and for no other use or purpose.

     7.2. Tenant shall not use, or suffer, or permit the use of, the Premises or any part thereof
in any manner or for any purpose or do, bring, or keep anything, or suffer or permit anything to be
done, brought, or kept, therein (including, but not limited to, the installation or operation of
any electrical, electronic or other equipment) (i) which would violate any covenant, agreement,
term, provision, or condition of this Lease or is unlawful or in contravention of the certificate
of occupancy for the Building or for the Premises, or is a contravention of any Law to which the
Building or the Premises is subject, or (ii) which would overload or could cause an overload of the
electrical or mechanical systems of the Building or which would exceed the floor load per square
foot which the floor was designed to carry and which is allowed by law, or (iii) which, in the
reasonable judgment of Landlord, may in any way impair or interfere with the proper and economic
heating or air conditioning of the Building, or (iv) which may be a nuisance, disturbance, or
menace to the other tenants of the Building, or (v) suffer or permit the Building or any component
thereof to be used in any manner or anything to be done therein or anything to be brought into or
kept thereon which, in the judgment of Landlord, would in any way impair or tend to impair or
exceed the design criteria, the structural integrity, the character or the appearance of the
Building, or result in the use of the Building or any component thereof in a manner or for a
purpose not intended; nor shall Tenant use or suffer or permit the use of the Premises or any part
thereof in any manner, or do, or suffer or permit the doing of, anything therein or in connection
with Tenant’s business or advertising which, in the reasonable judgment of Landlord, may be adverse
to the business of Landlord.

     7.3. Tenant acknowledges that Tenant shall be required to provide prior written notice of any
oversized packages, cargo, or other deliveries brought into the Building or to the Premises.
Tenant further acknowledges that such deliveries shall be subject to any reasonable requirements
imposed by Landlord, including, but not limited to, providing adequate protection

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to the floors and/or the elevators. All costs associated with such protective measures and
all costs arising from any damage in connection with such deliveries shall be borne by Tenant.

ARTICLE 8

COMPLIANCE WITH LAWS AND INSURANCE REQUIREMENTS

     8.1. Tenant, at its sole expense but subject to Landlord’s obligations set forth in Section
8.5 below, shall comply with all Laws at any time duly issued or in force, applicable to the
Premises or any part thereof or to Tenant’s use thereof, including, without limitation the
Americans with Disabilities Act. The foregoing obligation shall include, but not be limited to,
compliance with all Laws which shall impose any violation, order, or duty upon Landlord or Tenant
with respect to the Premises as a result of the use or occupancy thereof by Tenant for any purpose
not authorized by the provisions of Article 7 or the conduct by Tenant of its business in the
Premises in a manner different from the ordinary or proper conduct of such business. All
Alterations that are required to comply with this Article 8 shall be made in compliance with the
terms and conditions of Article 6 of this Lease. Tenant shall not do, or permit anything to be
done in or to the Premises, or bring or keep anything therein which will, in any way, increase the
cost of fire or public liability insurance on the Real Property, or invalidate or conflict with the
fire insurance or public liability insurance policies covering the Real Property, any personal
property kept therein by Landlord, or obstruct or interfere with the rights of Landlord or of other
tenants, or in any other way injure Landlord or other tenants, or subject Landlord to any liability
for injury to persons or damage to property, or interfere with the good order of the Building, or
conflict with the present or future Laws of any Governmental Authority. Any increase in fire
insurance premiums on the Building or its contents caused by the use or occupancy of the Premises
by Tenant and any expense or cost incurred in consequence of the negligence, carelessness,
omission, improper conduct, or willful action of Tenant, shall be Additional Rent and paid by
Tenant to Landlord within (10) days of demand therefor made by Landlord to Tenant.

     8.2. Supplementing the provisions of Sections 5.1 and 8.1, Tenant will not cause or permit any
“hazardous substance” or “hazardous waste” or “hazardous chemical”, as such terms are defined in
the Industrial Site Recovery Act N.J.S.A. 13:1K-6 et seq., as amended, (“ISRA”), the Spill
Compensation and Control Act of the State of New Jersey, N.J.S.A. 58:10-23.11b et seq. (the “Spill
Act”), or the Comprehensive Environmental Responsibility Compensation and Liability Act of the
United States, 42 U.S.C. 9601 et seq. (the “Compensation Act”), to be brought, kept, or stored
within the Premises or any portion thereof and will not engage in or permit any other person to
engage in any activity, operation, or business upon the Premises or any portion thereof which
involves the generation, manufacture, refining, transportation, treatment, storage, handling, or
disposal of hazardous substances, hazardous wastes, or hazardous chemicals, above or below ground,
or which would or could result in Tenant, Landlord, or the Premises or any portion thereof being
subject to the provisions of ISRA, the Spill Act and/or the Compensation Act; provided, however,
Landlord hereby agrees that Tenant may store and use within the Premises de minimis quantities of
cleaning fluids and other products which may be deemed hazardous substances to the extent such
fluids and/or products are customarily stored and used in administrative offices so long as the
storage and/or use of such items is in compliance with all applicable Laws.

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     8.3. Tenant represents to Landlord that Tenant’s NAICS Code (as per most recent U.S. North
American Industry Classification System Manual is 561110. Tenant shall not conduct any operations
at the Premises that shall cause the Building or the Premises to be deemed an “industrial
establishment” as currently defined in ISRA or otherwise trigger ISRA. If, due to an amendment to
ISRA or otherwise Tenant’s operations become subject to ISRA during the Term of the Lease, Tenant
shall comply with all ISRA requirements at Tenant’s sole cost and expense. Such expenses shall
include, but not limited to, any applicable state agency fees, engineering fees, clean-up costs,
filing fees, and suretyship expenses. In addition, in the event any other Building tenant or
Landlord triggers ISRA, Tenant agrees to cooperate with Landlord and provide any information
relating to Tenant and its operations at the Demised Premises that is needed by Landlord to comply
with ISRA. The foregoing undertakings shall survive the termination or sooner expiration of the
Lease and surrender of the Demised Premises and shall also survive the sale, lease, or assignment
of the Demised Premises by Landlord for a period of one (1) year.

     8.4. In the event Tenant fails to comply with Sections 8.2 and/or 8.3, Tenant shall
immediately furnish to Landlord evidence satisfactory to Landlord of the cessation of such
activity, operation, or business and that Tenant has complied with all applicable provisions of
ISRA, the Spill Act and/or the Compensation Act. Tenant hereby agrees to immediately provide to
Landlord a copy of any correspondence, report, notice, order, finding, declaration, or other
document relating to Tenant’s obligations under and/or compliance with ISRA, the Spill Act, and/or
the Compensation Act received by Tenant from and/or submitted by Tenant to any person, entity,
department, or agency. The obligations of Tenant under Sections 8.2 and 8.3 shall survive any
expiration or sooner termination of this Lease.

     8.5. In the event any repairs or modifications are required to comply with any Law applicable
to the Premises due to the general office use of the same (as opposed to Tenant’s specific manner
of use of the Premises), Landlord shall make such required repair or modification, and the costs of
the same shall be passed through to the Building tenants as an Operating Expense (unless such cost
is expressly excluded therefrom). In addition, Landlord shall perform all maintenance and make all
repairs to the Building (including, but not limited to, the Structure), the Property, and the
Common Areas that are necessary to comply with any applicable Laws, the costs of which shall be
passed through to the Building tenants as an Operating Expense (unless such cost is expressly
excluded therefrom).

ARTICLE 9

LANDLORD’S SERVICES

     9.1. Landlord shall furnish to Tenant only the services set forth in this Lease. At
Landlord’s expense, heating and cooling shall be furnished only during Business Hours. Cooling
shall be provided only from May 1 through September 30th, and then only when weather conditions
require as determined by Landlord. If Tenant requires Landlord to provide heating or cooling at
any time other than the hours provided herein for such service, Landlord shall furnish such to
Tenant within forty-eight (48) hours of Tenant’s written request therefor, and Tenant shall pay to
Landlord as Additional Rent on demand, the special hourly overtime charge which Landlord will from
time to time reasonably establish therefor. Landlord hereby

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advises Tenant that the special hourly overtime charge for such service in effect as of the
date of this Lease is Seventy-five and 00/100 Dollars ($75.00) per hour.

     9.2. (a) Throughout the Term, Landlord shall supply electrical energy (other than electrical
energy used in connection with heating and cooling) to the Premises upon the following terms and
conditions: (i) Tenant shall pay for such electrical energy as provided in Section 1.5, or, if the
Premises are not separately metered, as provided in this Section 9.2; (ii) Landlord shall not be
liable in any way to Tenant (1) for any loss, damage, failure, defect, or change in the quantity or
character of electricity furnished to the Premises, (2) or if such quantity or character of
electricity furnished to the Premises is no longer available or suitable for Tenant’s requirements,
or (3) for any cessation, diminution, or interruption of the supply thereof, and the occurrence of
any of the foregoing shall not constitute an actual or constructive eviction; (iii) Tenant agrees
that, in the event electrical consumption for the Premises is not separately metered, the
independent electrical engineering consultant selected by Landlord (but whose fee is paid by Tenant
as Additional Rent on demand) shall from time to time make a survey of the electric power demanded
of the electric lighting fixtures and the electric equipment of Tenant used in the Premises to
determine the average monthly electric consumption thereof. The findings of said consultant as to
the average monthly electric consumption of Tenant shall be conclusive and binding on the parties
hereto, unless Tenant objects to such findings in accordance with the provisions of the next
succeeding sentence. Tenant shall have the right to hire an independent electrical engineering
consultant to conduct a survey and to notify Landlord, with specificity, of Tenant’s objections
within twenty (20) days after Tenant’s receipt of such findings; in such event, Landlord and
Tenant, and their respective consultants, shall negotiate in good faith to resolve their
differences. After said consultant has submitted its report, Tenant shall pay to Landlord, within
ten (10) days after demand therefor by Landlord, the amount determined by said consultant as owing
either from the Commencement Date or during the months in which said survey was being conducted,
whichever the case may be, to the end of the then current month, and, thereafter, on the first day
of every month, in advance and without further demand, the amounts set forth as the monthly
consumption in said report. Tenant shall pay the amounts determined by Landlord’s consultant
during the pendency of any dispute, and after the dispute has been resolved, Landlord will refund
to Tenant, or will credit against the next succeeding installment(s) of Additional Rent, the
amount, if any, overpaid by Tenant. Said amounts shall be deemed Additional Rent hereunder. If
there shall be an increase or decrease in the rate schedule of the public utility supplying
electric energy to the Building, or the imposition of any tax with respect to such electric energy
or any increase in such tax following the Commencement Date, the Additional Rent payable hereunder
shall be equitably adjusted as of the effective date of such increase, decrease or tax.

          (b) Tenant shall be responsible for replacing all light bulbs, fluorescent lamps, non-Building
standard lamps and bulbs, and all ballasts used by Tenant in the Premises. At the option of
Landlord, Tenant shall purchase from Landlord all fluorescent lamps, light bulbs and ballasts used
in the Premises and pay Landlord for the cost of same.

          (c) Landlord reserves the right to estimate Tenant’s electric consumption until the survey of
electric consumption is made. The estimate will be based on One and 50/100 Dollars ($1.50) per
square foot of the Rentable Area of the Premises. Said

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estimate shall be paid in equal monthly installments, as Additional Rent, and said payments
shall be credited against Tenant’s obligations under Section 9.2(a).

          9.3. Tenant covenants that its use of electricity in the Premises shall be limited to and for
the operation of (1) the building standard lighting and lamps, (2) electric typewriters,
calculators, copying machines, word processors, desk-top personal computers and printers, digital
telephones, and other small office machines, and (3) a dishwasher, refrigerator, microwave,
toaster, and coffee machine, but for no other use except with the written consent of Landlord.

          9.4. Tenant shall not connect any fixtures, appliances, or equipment without the prior written
consent of Landlord in each instance, which consent shall not be unreasonably withheld or delayed.
Should Landlord grant such consent, all additional risers or other equipment required therefor
shall be provided by Landlord and the cost thereof shall be paid by Tenant as Additional Rent upon
Landlord’s demand. As a condition to granting such consent, Landlord shall require an increase in
the Additional Rent by an amount which will reflect the cost of the additional equipment and
service to be furnished by Landlord. If Landlord and Tenant cannot agree on such increase, the
Additional Rent increase shall be determined by an independent electrical engineering consultant,
to be selected by Landlord and whose fee for services rendered shall be paid by Tenant upon demand
and shall constitute Additional Rent.

          9.5. Throughout the Term, Landlord shall supply (i) passenger elevator service during Business
Hours to each floor above the street floor of the Building and in which the Premises or any portion
thereof are located, with one of the elevators being subject to call during hours other than
Business Hours, (ii) hot and cold water to any lavatories within or serving the Premises, (iii)
cleaning of the Common Areas of the Building and the Premises on Business Days in accordance with
the specifications annexed hereto on Exhibit F, (iv) snow and ice removal from the parking areas,
driveways, and sidewalks on Business Days within a reasonable time after accumulation thereof.

          9.6. If Landlord’s independent electrical engineering consultant reasonably determines that
the findings of its survey do not accurately reflect Tenant’s consumption of electricity at the
Premises or that, as a result of the nature of Tenant’s operations or the hours of Tenant’s
operation, the costs of performing a survey would be more expensive than if Tenant’s operations
were similar to that of a normal office use or its hours of operation were limited to the Business
Hours, then Landlord reserves the right to cause Tenant’s consumption or use of electrical energy
to be separately metered from the consumption or use thereof by other tenants of the Building, and
Tenant shall reimburse Landlord for all costs and expenses incurred in connection therewith as
Additional Rent on demand. In addition, Landlord may elect, at its sole discretion, to cause
Tenant’s consumption or use of electrical energy to be separately metered from the consumption or
use thereof by other tenants of the Building, but in such event, the costs and expenses shall be
borne by Landlord. In the event a separate meter is installed, Tenant shall pay the cost of such
electrical energy promptly upon receipt of the bill therefor.

          9.7. The failure of Landlord to furnish any service hereunder or the interruption of any
service to the Premises shall not be construed as a constructive eviction of

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Tenant and shall not excuse Tenant from failing to perform any of its obligations hereunder
and shall not give Tenant any claim against Landlord for damages for failure to furnish such
service.

ARTICLE 10

INDEMNIFICATION; TENANT’S LIABILITY

     10.1. Tenant shall indemnify and shall pay, defend (using counsel reasonably approved by
Landlord), protect, and hold Landlord harmless against any liability, obligation, fine, damage,
penalty, claim, cost, suit, demand, charge, and/or expense of any kind or nature, including
attorneys’ fees and disbursements and all post-judgment collection fees, which may be imposed upon
or incurred by or asserted against Landlord for personal injury, death, property damage, or
otherwise arising from:

          (a) the use or occupancy by Tenant of the Premises or from any work, act, or things whatsoever
done or omitted to be done thereat by Tenant or Tenant’s Visitors;

          (b) any breach or default by Tenant of and/or under any of the terms, covenants, and
conditions of this Lease;

          (c) any omission, carelessness, improper conduct, willful act, or negligence of Tenant or
Tenant’s Visitors; or

          (d) any accident, injury, or damage whatsoever caused by Tenant or Tenant’s Visitors to any
person, firm, corporation, or other entity or to any property occurring during the Term, in or
about the Premises, the Building, and/or the Real Property; and including all reasonable costs,
counsel fees, expenses, and penalties incurred by Landlord in connection with any such liability or
claim.

ARTICLE 11

LANDLORD’S NON-LIABILITY

     Except to the extent due to the gross negligence of Landlord, Landlord shall not be liable for
(and Tenant shall make no claim for) any property damage or personal injury that may be sustained
by Tenant or by any other person as a consequence of the failure, breakage, leakage, inadequacy,
defect, or obstruction of the water, plumbing, steam, sewer, waste or soil pipes, roof drains,
leaders, gutters, valleys, downspouts, or the like or of the electrical, gas, power, conveyor,
refrigeration, sprinkler, air conditioning, or heating systems, elevators or hoisting equipment; or
by reason of the elements; or resulting from the carelessness, negligence, or improper conduct on
the part of any other tenant of Landlord or on the part of Landlord or Tenant or Tenant’s Visitors;
or attributable to any interference with, interruption, or failure of any services or utilities to
be furnished or supplied by Landlord. Tenant shall give Landlord prompt written notice of the
occurrence of any events set forth in this Article 11.

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ARTICLE 12

DISCHARGE OF LIENS

     If, because of any act or omission of Tenant, any Lien is filed against the Real Property, the
Premises, or the Building (whether or not such Lien is valid or enforceable as such), Tenant, at
Tenant’s expense, shall cause it to be cancelled or discharged of record by bonding or otherwise
within thirty (30) days after such filing, and Tenant shall, in any event, forever indemnify and
save the Additional Insureds harmless against and shall pay all costs, expense, losses, fines and
penalties, including, without limitation, attorney’s fees related thereto or resulting therefrom.

ARTICLE 13

TENANT’S INSURANCE

     13.1. Tenant, at its own expense, will maintain with insurers authorized to do business in the
State of New Jersey and which are rated at least A XII in Best’s Key Rating Guide, or any successor
thereto (or if there is none, an organization having a national reputation), (a) commercial general
liability insurance (including, during any period when Tenant is making alterations or improvements
to the Premises, coverage for any construction on or about the Premises) against claims for bodily
injury, personal injury, death, or property damage occurring on, in, or about the Premises and the
adjoining streets, sidewalks, and passageways, or as a result of ownership of facilities located on
the Premises, with a limit of not less than Five Million and 00/100 Dollars ($5,000,000.00) per
each occurrence (the “CGL”), such coverage to include commercial umbrella liability coverage, if
necessary (If the CGL contains a general aggregate, it shall apply separately to the Premises. The
CGL shall be written on ISO occurrence form CG00011093 or a substitute providing equivalent
coverage and shall cover liability arising from the Premises, operations, independent contractors,
products-completed operations, personal injury, advertising liability, and liability under an
insured contract. The commercial umbrella liability coverage shall be consistent with the primary
coverage.); (b) workers’ compensation insurance for the full statutory liability of Tenant
(including employer’s liability), (c) all risk property insurance in an amount sufficient to cover
the full replacement cost of Tenant’s fixtures and other personal property and all Alterations
owned by Tenant under the terms of this Lease, and (d) such other insurance with respect to the
Premises in such amounts and against such insurable risks as may be reasonably and customarily
required by any landlord of a similar building or by any mortgagee. Accordingly, if, in the
opinion of any mortgagees or ground lessors of the Real Property, the foregoing coverages and/or
limits shall become inadequate or less than that commonly maintained by prudent tenants in similar
buildings in the area by tenants making similar uses, Landlord shall have the right to require
Tenant to increase its insurance coverage and/or limits.

     13.2. The policy of insurance required to be maintained by Tenant pursuant to Section 13.1
shall name as additional insured parties Landlord, any mortgagee, any ground lessor, and any
managing agent of Landlord, and their respective successors and assigns (collectively the
“Additional Insureds”) and Tenant, as their respective interests may appear; shall be reasonably
satisfactory to Landlord; and shall (a) provide (i) that thirty (30) days’ prior

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written notice of suspension, cancellation, termination, modification, non-renewal or lapse,
or material change of coverage shall be given to Landlord and (ii) that such insurance shall not be
invalidated by any act or neglect of Landlord or Tenant or any owner of the Premises, nor by any
foreclosure or other proceedings or notices thereof relating to the Premises or any interest
therein, nor by any change in the title or ownership of the Premises, nor by occupation of the
Premises for purposes more hazardous than are permitted by such policy; (b) not contain a provision
relieving the insurer thereunder of liability for any loss by reason of the existence of other
policies of insurance covering the Premises against the peril involved, whether collectible or not,
and (c) include (i) a contractual liability endorsement evidencing coverage of Tenant’s obligation
to indemnify Landlord pursuant to Section 10 hereof, (ii) a broad form liability endorsement and
(iii) an automobile endorsement (covering owned and non-owned automobiles).

     13.3. On or before the Commencement Date, Tenant shall deliver to Landlord original or
duplicate policies or certificates of the insurers evidencing all the insurance which is required
to be maintained hereunder by Tenant and naming the Additional Insureds, and, within thirty (30)
days prior to the expiration of any such insurance, other original or duplicate policies or
certificates evidencing the renewal of such insurance.

     13.4. Tenant shall not obtain or carry separate insurance concurrent in form or contributing
in the event of loss with that required by Section 13.1, unless both Tenant and the Additional
Insureds are named as insured and additional insureds, respectively, therein.

ARTICLE 14

ASSIGNMENT AND SUBLETTING

     14.1.

     (i) Tenant expressly covenants that it shall not by operation of law or otherwise assign,
encumber or mortgage this Lease in whole or in part, nor sublet or suffer or permit the Premises or
any part thereof to be used by others, without the prior written consent of Landlord in each
instance, and any attempt by Tenant to assign, sublet, encumber or mortgage this Lease shall be
null and void. For the purposes of this Article 14, a sale, pledge, hypothecation, assignment,
transfer, exchange, or other disposition of (i) any of the issued and outstanding capital stock of
Tenant, if Tenant is a corporation, or of any corporation which directly or indirectly controls
Tenant, or of any corporate partner in Tenant if Tenant is a partnership, or of any corporate
guarantor of all or any of Tenant’s obligations under this Lease, or (ii) all or a part of the
partnership interest of any general partner in Tenant if Tenant is a partnership, or of any general
partner in any partnership which is the guarantor of all or any of Tenant’s obligations under this
Lease, or (iii) any undivided interest in this Lease if Tenant is a co-tenancy, or (iv) all or a
part of the membership interest of any managing member in Tenant if Tenant is a limited liability
company, shall be deemed to be an assignment of this Lease which is subject to the provisions of
this Article 14. The issuance of additional stock or the issuance of additional partnership or
membership interests or the substitution of any partnership or membership interest shall be deemed
a disposition of issued and outstanding capital stock or a disposition of a partnership or
membership interest, as the case may be, for the purposes of the

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preceding sentence. For the purposes of this Article 14, a joint venture shall be deemed to
be a partnership and a joint venturer a partner.

     (ii) The consent by Landlord to any assignment, mortgage, encumbrance, subletting, or use of
the Premises by others shall not constitute a waiver of Landlord’s right to withhold its consent to
any other or further assignment, mortgage, encumbrance, sublet, or use of the Premises by others.
Without the prior written consent of Landlord, this Lease shall not pass by operation of law or
otherwise, and shall not be subject to garnishment or sale under execution in any suit or
proceeding which may be brought against or by Tenant. The absolute and unconditional prohibitions
contained in this Section and Tenant’s agreement thereto are material inducements to Landlord to
enter into this Lease with Tenant, and any breach thereof shall constitute a material default
hereunder permitting Landlord to exercise all remedies provided for herein or by law or in equity
on a default of Tenant.

     (iii) If Tenant’s interest in this Lease is assigned or if the Premises or any part thereof
are sublet to, or occupied by, or used by, anyone other than Tenant, whether or not in violation of
this Article 14, Landlord may accept from any assignee, sublessee, or anyone who claims a right to
the interest of Tenant under this Lease or who occupies any part(s) or the whole of the Premises
the payment of Minimum Rent and Additional Rent and/or the performance of any of the other
obligations of Tenant under this Lease, but such acceptance shall not be deemed to be a waiver by
Landlord of the breach by Tenant of the provisions of this Article 14, nor a recognition by
Landlord that any such assignee, sublessee, claimant, or occupant has succeeded to the rights of
Tenant hereunder, nor a release by Landlord of Tenant from further performance by Tenant of the
covenants on Tenant’s part to be performed under this Lease; provided, however, that the net amount
of Minimum Rent and Additional Rent collected from any such assignee, sublessee, claimant, or
occupant shall be applied by Landlord to the Minimum Rent and Additional Rent to be paid hereunder.

     (iv) Tenant agrees to pay to Landlord all fees, costs and expenses, including, but not limited
to, reasonable attorneys’ fees and disbursements, incurred by Landlord in connection with any
proposed assignment of this Lease and any proposed sublease of the Premises.

     14.2.

     (i) When requesting Landlord’s consent, as required under this Lease, to an assignment of this
Lease or a subletting of all or any part of the Premises, Tenant shall submit to Landlord a written
notice (“Tenant’s Notice”) setting forth in reasonable detail: (1) the name and address of the
proposed assignee or subtenant; (2) the terms of the proposed assignment or subletting together
with a conformed or photostatic copy of the proposed assignment or sublease, the effective date of
which shall be at least sixty (60) days after Tenant’s Notice is given; (3) the nature and
character of the business of the proposed assignee or subtenant and its proposed use of the
Premises; (4) such information as to its financial responsibility and general reputation as
Landlord may require; and (5) a summary of plans and specifications for revising the floor layout
of the Premises.

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     (ii) Within thirty (30) days after Landlord’s receipt of Tenant’s Notice, Landlord agrees that
it shall notify Tenant whether Landlord (x) consents to the proposed assignment or sublet, (y) does
not consent to the proposed assignment or sublet, or (z) elects to exercise its recapture right, as
described in clause (iii) of this Section 14.2. In connection with a proposed assignment of this
Lease or a proposed sublet of all or a portion of the Premises, if Landlord fails to exercise its
recapture right, Landlord agrees not to unreasonably withhold its consent to the proposed
assignment or sublet, subject to the provisions of clause (vi) of this Section 14.2.

     (iii) Landlord shall have the right, to be exercised by giving written notice (the “Recapture
Notice”) to Tenant within thirty (30) days after receipt of Tenant’s Notice, to recapture the space
described in Tenant’s Notice (the “Recapture Space”). The Recapture Notice shall cancel and
terminate this Lease with respect to the space described therein as of the date stated in Tenant’s
Notice for the commencement of the proposed assignment or sublease as fully and completely as if
that date had been herein definitively fixed as the Termination Date, and Tenant shall surrender
possession of the Recapture Space as of such date in accordance with the provisions of this Lease
relating to surrender of the Premises. Thereafter, Tenant and the tenant of the Recapture Space
shall share pro rata those items of Minimum Rent and Additional Rent attributable to the Premises
as a whole.

     (iv) In the event Landlord elects to exercise its recapture right and the Recapture Space is
less than the entire Premises, then Landlord, at Landlord’s expense, shall have the right to make
any alterations to the Recapture Space required, in Landlord’s judgment, to make the Recapture
Space a self-contained rental unit with access through corridors to the elevators and toilets
serving such space. At Landlord’s request, Tenant shall execute and deliver an agreement, in form
satisfactory to Landlord, setting forth any modifications to this Lease contemplated or resulting
from the operation of this Section; however, neither Landlord’s failure to request such agreement
nor Tenant’s failure to execute such agreement shall vitiate the effect of any cancellation
pursuant to this Section.

     (v) No assignment or sublease shall be permitted if, as of the day immediately preceding the
proposed commencement date of such assignment or sublease, Tenant is in default under this Lease
beyond any applicable notice and cure period.

     (vi) Landlord shall not be deemed to have unreasonably withheld its consent to a proposed
assignment or sublet if (1) the proposed assignee or sublessee is a party then occupying space in
the Building or a party who has negotiated with Landlord for space in the Building within the nine
(9) month period preceding the date of Tenant’s Notice; or (2) Tenant shall have publicly
advertised the availability for assignment, sublease, or occupancy of all or any part of the
Premises at a rental rate lower than the rate at which Landlord is then offering to lease similar
space in the Building.

     14.3.

     (i) If Landlord shall consent to a sublease or an assignment pursuant to the request from
Tenant, Tenant shall cause to be executed by its assignee or subtenant an agreement to perform
faithfully and to assume and be bound by all of the terms, covenants, conditions,

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provisions, and agreements of this Lease for the period covered by the assignment or sublease
and to the extent of the space sublet or assigned. An executed counterpart of each sublease or
assignment and assumption of performance by the sublessee or assignee, in form and substance
approved by Landlord, shall be delivered to Landlord within five (5) days prior to the commencement
of occupancy set forth in such assignment or sublease; no such assignment or sublease shall be
binding on Landlord until Landlord has received such counterpart as required herein.

     (ii) If Landlord shall give its consent to any assignment of this Lease or to any sublease,
Tenant shall in consideration therefor pay to Landlord, as Additional Rent, fifty percent (50%) of
all Net Rental Proceeds, of whatever nature, payable to Tenant by the prospective assignee or
sublessee immediately upon receipt thereof.

     14.4. No assignment of this Lease nor any sublease of all or any portion of the Premises shall
release or discharge Tenant from any liability, whether past, present, or future, under this Lease,
and Tenant shall continue to remain primarily liable under this Lease.

     14.5. Tenant shall be responsible for obtaining all permits and approvals required by any
governmental or quasi-governmental agency in connection with any assignment of this Lease or any
subletting of the Premises, and Tenant shall deliver copies of these documents to Landlord prior to
the commencement of any work, if work is to be done. Tenant is also responsible for and is
required to reimburse Landlord for all fees, costs, and expenses, including, but not limited to,
reasonable attorneys’ fees and disbursements, which Landlord incurs in reviewing any permits,
approvals, and applications for construction within the Premises.

     14.6. If Landlord consents to any proposed assignment or sublease and Tenant fails to
consummate the assignment or sublease to which Landlord consented within one hundred eighty (180)
days after the giving of such consent, such consent shall be deemed null and void and Tenant shall
be required again to comply with all of the provisions and conditions of this Article 14 before
assigning this Lease or subletting the Premises. If Tenant consummates the assignment or sublease
to which Landlord consented within said one hundred eighty (180) day period, Tenant agrees that it
shall deliver to Landlord a fully executed, duplicate original counterpart of the assignment or
sublease agreement within ten (10) days of the date of execution of such item.

     14.7. Tenant agrees that, under no circumstances, shall Landlord be liable in damages or
subject to liability by reason of Landlord’s failure or refusal to grant its consent to any
proposed assignment of this Lease or subletting of the Premises. Accordingly, Tenant’s sole remedy
for such failure or refusal shall be the remedy of specific performance, and Tenant shall have no
other claim or cause of action against Landlord as a result of Landlord’s actions in refusing to
consent thereto.

     14.8. If Landlord withholds its consent of any proposed assignment or sublease, Tenant shall
defend (using counsel reasonably approved by Landlord), indemnify, and hold Landlord harmless from
and reimburse the Additional Insureds for all liability, damages, costs, fees, expenses, penalties,
and charges (including, but not limited to, reasonable attorneys’ fees

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and disbursements) arising out of any claims that may be made against the Additional Insureds
by any brokers or other persons claiming a commission or similar compensation in connection with
the proposed assignment or sublease.

ARTICLE 15

DAMAGE BY FIRE OR OTHER CASUALTY

     15.1. If the Building or the Premises shall be partially or totally damaged or destroyed by
fire or other cause, then, whether or not the damage or destruction shall have resulted from the
fault or neglect of Tenant (and if this Lease shall not have been terminated as in this Article 15
hereinafter provided), Landlord shall repair the damage and restore and rebuild the Building and/or
the Premises to substantially the same condition as existed prior to such damage or destruction, at
its expense, with reasonable dispatch after notice to it of the damage or destruction; provided,
however, that Landlord shall not be required to repair or replace any of Tenant’s fixtures,
personal property, or any Alterations owned by Tenant pursuant to the terms of this Lease, and
Tenant hereby acknowledges that Landlord will not be carrying any insurance of any kind on the
foregoing items belonging to Tenant. If the Premises are damaged by fire or other cause, Tenant,
at its own expense, shall remove such of its furniture and other belongings from the Premises as
Landlord shall require in order to repair and restore the Premises.

     15.2. If the Building or the Premises shall be partially damaged or partially destroyed by
fire or other cause, the rents payable hereunder shall be abated to the extent that the Premises
shall have been rendered unusable to Tenant in the conduct of its business and for the period from
the date of such damage or destruction to the date the damage shall be repaired or restored. If
the Premises or a major part thereof shall be totally damaged or destroyed or rendered completely
unusable to Tenant in the conduct of its business on account of fire or other cause, the rents
shall completely abate as of the date of the damage or destruction and until Landlord shall repair,
restore, and rebuild the Building and the Premises, provided, however, that should Tenant reoccupy
a portion of the Premises for the conduct of Tenant’s business operations during the period the
restoration work is taking place and prior to the date that the same are made completely
tenantable, rents allocable to such portion shall be payable by Tenant from the date of such
occupancy. Notwithstanding anything to the contrary contained herein, Tenant’s right to abatement
as provided above shall be limited to the amount of any rent insurance proceeds received by
Landlord which are attributable to the Premises.

     15.3. If the Building shall be totally damaged or destroyed by fire or other cause, or if the
Building shall be so damaged or destroyed by fire or other cause (whether or not the Premises are
damaged or destroyed) as to require a reasonably estimated expenditure of more than ten (10%)
percent of the full insurable value of the Building immediately prior to the casualty, or if the
Premises or a major part thereof shall be totally damaged or destroyed by fire or other casualty,
or if the Premises or a major part thereof shall be partially damaged or destroyed by fire or other
casualty during the last twelve (12) months of the Term, then, notwithstanding anything elsewhere
provided in this Article 15, Landlord may terminate this Lease by giving Tenant notice to such
effect within one hundred twenty (120) days after the date of the casualty. If Landlord elects to
exercise said termination right, said notice shall be deemed effective as of the thirtieth (30th)
day after the date of the giving of such notice, and this Lease

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and the Term hereof shall expire as of said thirtieth (30th) day as if said date were the date
originally set forth herein as the Termination Date.

     15.4. In case of any damage or destruction mentioned in this Article 15, Tenant may terminate
this Lease, by notice to Landlord, (i) if the Premises or a major part thereof shall be partially
damaged or destroyed by fire or other casualty during the last twelve (12) months of the Term or
(ii) if Landlord determines the Premises and the portions of the Building which are reasonably
necessary for the use of the Premises are not reasonably capable of restoration within nine (9)
months from the date of such damage or destruction, or (iii) if Landlord has not completed the
making of the required repairs and restored and rebuilt the Premises and the portions of the
Building which are reasonably necessary for the use of the Premises within nine (9) months from the
date of such damage or destruction, or within an additional period after such nine (9) month period
as shall equal the aggregate period Landlord may have been delayed in doing so by an Excusable
Delay.

     15.5. No damages, compensation, or claim shall be payable by Landlord for inconvenience, loss
of business, or annoyance arising from any repair or restoration of any portion of the Premises or
of the Building pursuant to this Article. If Landlord undertakes to restore the Premises and/or
the Building under this Article 15, then Landlord shall use commercially reasonably efforts to
effect such repair or restoration promptly and in such manner as to not unreasonably interfere with
Tenant’s use and occupancy.

     15.6. Notwithstanding any of the foregoing provisions to the contrary, Landlord’s obligation
to repair the damage and restore and rebuild the Building and/or the Premises pursuant to this
Article shall be subject to the obtaining of all necessary approvals from the Governmental
Authorities and subject further to the approval and consent of the holder of any superior mortgage
or the lessor of any superior lease and the willingness of such mortgagee and lessor to make the
proceeds of casualty insurance policies available to Landlord for such purposes.

     15.7. Tenant waives the benefit of New Jersey Revised Statutes, Title 46, Chapter 8, Sections
6 and 7 and agrees that Tenant will not be relieved of the obligations to pay the Minimum Rent or
any Additional Rent in case of damage to or destruction of the Building, except as provided by this
Lease.

ARTICLE 16

WAIVER OF CLAIMS;

MUTUAL WAIVER OF SUBROGATION

     Landlord and Tenant waive all rights of recovery against each other and the Additional
Insureds for any loss, damages, or injury of any nature whatsoever to property for which the
waiving party is required to be insured. In addition, each insurance policy carried by Landlord
insuring the Real Property against loss by fire and causes covered by standard extended coverage,
and each insurance policy carried by Tenant and insuring the Premises and its fixtures and contents
against loss by fire and causes covered by the policies required herein shall be written in a
manner so as to provide that the insurance company waives all right of recovery by

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way of subrogation against Tenant or Landlord, respectively, in connection with any loss or
damage covered by such policies. If the release of either Landlord or Tenant, as set forth in the
second sentence hereof shall contravene any law with respect to exculpatory agreements, the
liability of the party in question shall be deemed not released but shall be deemed secondary to
the latter’s insurer.

ARTICLE 17

CONDEMNATION

     17.1. If the Premises, in their entirety, are acquired or condemned by eminent domain or
condemnation proceedings; or if a suit or other action shall be instituted for the taking or
condemnation therefor; or if in lieu of any formal condemnation proceedings or actions, Landlord
shall grant an option to purchase and/or shall sell and convey the Premises, or the Building, or
Real Property of which the Premises form a part to any governmental or other public authority,
agency, body or public utility seeking to take said Real Property, Building, and/or Premises or any
portion thereof; the Term shall cease and terminate from the date of title vesting pursuant to such
proceeding or agreement. If a substantial portion of the parking area is condemned or acquired and
Landlord is unable to provide other parking for Tenant (reasonably acceptable to Tenant) within
seventy-five (75) days after the effective date of such condemnation or taking, then Tenant shall
have the option to terminate this Lease by notice given to Landlord after the expiration of said
seventy-five (75) day period.

     17.2. If only a portion of the Premises or the Building shall be so condemned or acquired,
this Lease shall cease and terminate at Landlord’s option, and if such option is not exercised by
Landlord, an equitable adjustment of the Minimum Rent and Additional Rent payable by Tenant for the
remaining portion of the Premises shall be made.

     17.2. If a termination occurs under this Article 17, Tenant shall have no claim against
Landlord or the condemning authority for the value of the unexpired Term, and Tenant shall have no
claim against Landlord, other than for the adjustment of the Minimum Rent and Additional Rent as
hereinbefore mentioned, and shall not be entitled to any portion of any amount that may be awarded
as damages or paid as a result of such proceedings or as the result of any agreement made by the
condemning authority with Landlord. Tenant may make an independent claim in such proceedings for
its personalty, trade fixtures and moving expenses only, provided, however, that any such claim
shall in no way affect any portion of any award which Landlord or the holder of any mortgage
affecting the Premises or the Real Property shall be entitled to receive.

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ARTICLE 18

DEFAULT

     18.1. If during the Term any one or more of the following acts or occurrences (any one of such
occurrences or acts being hereinafter called an “Event of Default”) shall happen:

     (i) If Tenant shall default in making the payment of any installment of Minimum Rent or the
Additional Rent or default in any other way curable by the payment of money, as and when the same
shall be due and payable, and such default shall continue for five (5) days following the due date
for such payment ; or

     (ii) If Tenant assigns this Lease or sublets the Premises except in the manner permitted under
Article 14; or

     (iii) If Tenant shall file a voluntary petition in bankruptcy or shall be adjudicated a
bankrupt or insolvent, or shall file any petition or answer seeking any reorganization,
composition, readjustment, liquidation, dissolution, or similar relief under any present or future
bankruptcy or other applicable law, or make an assignment for the benefit of its creditors, or
shall seek or consent to or acquiesce in the appointment of any trustee, receiver, custodian, or
liquidator of Tenant or of all or any substantial part of its properties or of all or any part of
the Premises; or

     (iv) If within sixty (60) days after the filing of an involuntary petition in bankruptcy
against Tenant or the commencement of any proceeding against Tenant seeking any reorganization,
composition, readjustment, liquidation, dissolution, or similar relief under any present or future
bankruptcy or other applicable law, and such proceeding shall not have been dismissed; or if,
within sixty (60) days after the appointment (without the consent or acquiescence of Tenant) of any
trustee, receiver, custodian, or liquidator of Tenant, or of all or any substantial part of the
properties of Tenant or of all or any part of the Premises, and such appointment shall not have
been vacated or stayed on appeal or otherwise discharged; or if, within sixty (60) days after the
expiration of any such stay, such appointment shall not have been vacated; or if within sixty (60)
days after the taking of possession (without the consent or acquiescence of Tenant) of the property
of Tenant by any governmental office or agency pursuant to statutory authority for the dissolution
or liquidation of Tenant, such taking shall not have been vacated or stayed on appeal or otherwise
discharged; or

     (v) If the Premises shall be abandoned for a period of thirty (30) days or more; or

     (vi) If Tenant shall default in the observance or performance of or compliance with any of the
other covenants, agreements, terms, or conditions of this Lease to be observed or performed by
Tenant (other than any default specifically referred to in this Section 18.1), and such default
shall continue for a period of thirty (30) days after written notice thereof from Landlord to
Tenant, or, in the case of a default which cannot with due diligence be cured within thirty (30)
days, Tenant shall fail to commence within said period of thirty (30) days, or shall fail to
thereafter diligently prosecute to completion all steps necessary to remedy such default (it

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being intended that as to a default not susceptible of being cured with due diligence within
thirty (30) days, the time within which such default may be cured shall be extended for such period
as may be reasonably necessary to permit the same to be cured with all due diligence, but not to
exceed ninety (90) days following the date of the notice of default);

then, upon the occurrence of any one or more of such Events of Default, Landlord may exercise the
rights set forth in Article 19 of this Lease or otherwise provided at law or in equity.

     18.2. Notwithstanding any provisions of this Lease permitting Tenant to cure a default prior
to the same arising to the level of an Event of Default, if two (2) or more defaults occur within
any nine (9) month period, then, notwithstanding that each such default shall have been cured, upon
any occurrence of a third (3rd) default within said nine (9) month period, Landlord may
exercise the remedies provided herein or at law or in equity upon giving notice as provided in
Section 19.1 of this Lease without affording Tenant an opportunity to cure such default.

     18.3. Landlord shall be in default of this Lease if it fails to perform any obligation of
Landlord under this Lease and if such failure is not cured within thirty (30) days after written
notice thereof is given by Tenant to Landlord; however, if said failure cannot reasonably be cured
within thirty (30) days, Landlord shall not be in default of this Lease if Landlord commences to
cure the failure within the thirty (30) day period and diligently continues to cure the default.
If Landlord does not cure a default in accordance with the foregoing time periods, Tenant shall
give to Landlord’s first mortgagee(s), if any, notice of such default (in addition to the notice
required to be given pursuant to Article 21 and an additional cure period equal to that specified
above for Landlord. If such default remains uncured after the expiration of the first mortgagee’s
cure period, Tenant may cure the default at Landlord’s expense. If Tenant pays any reasonable sum
in order to cure Landlord’s default, such reasonable sum shall be reimbursed by Landlord to Tenant
upon thirty (30) days’ written notice, which notice shall include supporting documentation. If
Landlord fails to so reimburse Tenant and if the existence of the default is not being disputed by
Landlord, Tenant may withhold from future Minimum Rent payments due and owing the sum owed to
Tenant. If the default is being disputed by Landlord, Tenant may not offset its rent obligations
until the existence of Landlord’s default and Tenant’s entitlement to reimbursement hereunder has
been established by the judgment of a court of competent jurisdiction.

ARTICLE 19

LANDLORD’S RIGHTS UPON TENANT’S DEFAULT

     19.1. If any Event of Default occurs, Landlord may, notwithstanding the fact that Landlord may
have other remedies hereunder or at law or in equity, by notice to Tenant, designate a date, not
less than five (5) days after the giving of such notice, on which this Lease shall terminate; and
thereupon, on such date the Term of this Lease and the estate hereby granted shall expire and
terminate with the same force and effect as if the date specified in such notice was the
Termination Date, and all rights of Tenant hereunder shall expire and terminate but Tenant shall
remain liable as provided in this Lease, and Landlord shall have the right to remove

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all persons, goods, fixtures, and chattels from the Premises, by force or otherwise, without
liability or damages to Tenant.

     19.2. If this Lease is terminated as provided in Section 19.1, or as permitted by law, Tenant
shall peaceably quit and surrender the Premises to Landlord, and Landlord may, without further
notice, enter upon, re-enter, possess, and repossess the same by summary proceedings, ejectment, or
other legal proceeding, and again have, repossess and enjoy the same as if this Lease had not been
made, and in any such event neither Tenant nor any person claiming through or under Tenant by
virtue of any law or an order of any court shall be entitled to possession or to remain in
possession of the Premises but shall forthwith quit and surrender the Premises, and Landlord at its
option shall forthwith, notwithstanding any other provision of this Lease, be entitled to recover
from Tenant as and for damages either:

     (i) an amount equal to all Minimum Rent and Additional Rent (conclusively presuming the
Additional Rent to be the same as was payable for the calendar year immediately preceding such
termination) reserved hereunder for the unexpired portion of the Term, discounted at the rate of
four percent (4%) per annum to then present worth; or

     (ii) amounts equal to the Minimum Rent and Additional Rent (as above presumed) which would
have been payable by Tenant from time to time had this Lease not so terminated, or had Landlord not
so re-entered the Premises, payable on the date that such payments would have otherwise been
payable following such termination and until the Termination Date; provided, however, that if
Landlord shall relet the Premises during said period, Landlord shall credit Tenant with the net
rents received by Landlord from such reletting, such net rents to be determined by first deducting
from the gross rents as and when received by Landlord from such reletting, the expenses incurred or
paid by Landlord from such reletting, the expenses incurred or paid by Landlord in terminating this
Lease or in re-entering the Premises and in securing possession thereof, as well as the expenses of
reletting, including altering and preparing the Premises for new tenants, brokers’ commissions, and
all other expenses properly chargeable against the Premises and the rental therefrom, it being
understood that any such reletting may be for a period shorter or longer than the remaining Term of
this Lease, but in no event shall Tenant be entitled to receive any excess of such net rents over
the sums payable by Tenant to Landlord hereunder, nor shall Tenant be entitled in any suit for the
collection of damages pursuant to this subsection to a credit in respect of any net rents from a
reletting, except to the extent that such net rents are actually received by Landlord. If the
Premises or any part thereof should be relet in combination with other space or otherwise, then
proper apportionment on a square foot basis (for equivalent space) shall be made of the rent
received from such reletting and of the expenses of reletting. Suit or suits for the recovery of
such damages, or any installments of such damages, may be brought by Landlord from time to time at
its election, and nothing contained herein shall be deemed to require Landlord to postpone suit
until the date when the Term of this Lease would have expired if it had not been so terminated
under the provisions of Section 19.1, or under any provision of law, or had Landlord not re-entered
the Premises.

     19.3. Nothing contained in this Lease shall be construed to impose upon Landlord the duty to
mitigate damages in the event of a default by Tenant. In addition, nothing herein contained shall
be construed to limit or preclude recovery by Landlord against Tenant of

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any sums, or damages to which, in addition to the damages particularly provided above,
Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant.
Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove
for and obtain as liquidated damages by reason of the termination of this Lease or re-entry on the
Premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any
statute or rule of law in effect at the time when, and governing the proceedings in which, such
damages are to be proved whether or not such amount be greater, equal to, or less than any of the
sums referred to in Section 19.2. Nothing herein contained shall limit or prejudice the right of
Landlord, in any bankruptcy or reorganization or insolvency proceeding, to prove for and obtain as
damages by reason of such termination an amount equal to the maximum allowed by any bankruptcy or
reorganization or insolvency proceedings, or to prove for and obtain as damages by reason of such
termination, an amount equal to the maximum allowed by any statute or rule of law whether such
amount shall be greater, equal to, or less than any of the sums referred to in Section 19.2.

     19.4. Landlord may retain, as a credit against the liquidated damages herein provided for, any
Minimum Rent or Additional Rent or monies received by it from Tenant or others on behalf of Tenant.

     19.5. If Tenant has not removed its furniture or fixtures within ten (10) days after Landlord
has taken possession of the Premises pursuant to this Article 19, Landlord shall have the right, as
agent for Tenant, to take possession of any furniture or fixtures of Tenant found upon the Premises
and sell the same at any private or public sale and apply the proceeds to any amount due Landlord.
Tenant waives any right to notice of execution or levy in connection therewith.

     19.6. If Tenant shall default in the keeping, observance, or performance of any covenant,
agreement, term, provision, or condition herein contained, Landlord, without thereby waiving such
default, may perform the same for the account and at the expense of Tenant (a) immediately or at
any time thereafter and without notice in the case of emergency or in case such default will result
in (i) a violation of any Law, or (ii) the imposition of any lien, charge, or encumbrance against
all or any portion of the Premises, the Building, or the Real Property, and (b) in any other case
if such default continues for a period of fifteen (15) days after the date of the giving by
Landlord to Tenant of a notice of Landlord’s intention to perform the same. All reasonable costs
and expenses incurred by Landlord in connection with any such performance by it for the account of
Tenant and also all costs and expenses, including reasonable counsel fees and disbursements
incurred by Landlord in any action or proceeding (including any summary dispossess proceeding)
brought by Landlord to enforce any obligation of Tenant under this Lease and/or right of Landlord
in or to the Premises, shall be paid by Tenant to Landlord, as Additional Rent, upon demand.

ARTICLE 20

LANDLORD’S REMEDIES CUMULATIVE; EXPENSES

     20.1. No right or remedy conferred upon or reserved to Landlord shall be exclusive of any
other right or remedy, and any right and remedy shall be cumulative and in

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addition to every other right or remedy given hereunder or now or hereafter existing at law.
The failure of Landlord to insist at any time upon the strict performance of any covenant or
agreement or to exercise any right, power, or remedy contained in this Lease shall not be construed
as a waiver or relinquishment thereof for the future. A receipt by Landlord of any installment of
the Minimum Rent or the Additional Rent with knowledge of the breach of any covenant or agreement
contained in this Lease shall not be deemed a waiver of such breach and shall not be deemed to have
been waived unless expressed in writing and signed by Landlord. Landlord shall be entitled, to the
extent permitted by applicable law, to injunctive relief in case of the violation, or attempted or
threatened violation, of any covenant, agreement, condition, or provision of this Lease or to a
decree compelling performance of any covenant, agreement, condition, or provision of this Lease, or
to any other remedy allowed Landlord by law.

     20.2. If Tenant shall be in default in the performance of any of its obligations under this
Lease and an action shall be brought for the enforcement thereof in which it shall be deter mined
that Tenant was in default, Tenant shall pay to Landlord, on demand, the expenses Landlord incurred
in connection therewith, including reasonable attorneys’ fees and any post-judgment collection
fees.

     20.3. For the purposes of any suit brought by Landlord, this Lease shall be construed to be a
divisible contract, to the end that successive actions may be maintained on this Lease as
successive periodic sums mature hereunder.

ARTICLE 21

SUBORDINATION AND ESTOPPEL

     21.1. This Lease and the Term and estate hereby granted are and shall be subject and
subordinate to the lien of each mortgage or ground lease which may at any time hereafter affect all
or any portion of the Real Property or Landlord’s interest therein (any such mortgage or ground
lease being herein called an “Underlying Encumbrance”), and Tenant hereby agrees to attorn to any
holder of an Underlying Encumbrance, or to its successor or assign. Although no instrument or
action on the part of Tenant shall be necessary to effectuate such subordination, Tenant shall,
upon request by Landlord, at any time or times execute and deliver any and all reasonable
instruments that may be necessary or proper to effect such attornment or subordination, or to
confirm or evidence the same. If Tenant shall fail or otherwise refuse to execute a subordination
instrument in accordance with this Article, then and upon such event, Tenant shall be deemed to
have appointed Landlord and Landlord shall thereupon be regarded as the irrevocable
attorney-in-fact of Tenant, duly authorized to execute and deliver the required instrument for and
on behalf of Tenant, but the exercise of such power shall not be deemed a waiver of Tenant’s
default. Landlord hereby represents that there is no Underlying Encumbrance as of the date of this
Lease.

     21.2. If all or any portion of Landlord’s estate in the Real Property shall be sold or
conveyed to any person, firm, corporation, or other entity upon the exercise of any remedy provided
for in any mortgage or by law or equity, such person, firm, corporation, or other entity and each
person, firm, corporation, or other entity thereafter succeeding to its interest in the Real
Property (a) shall not be liable for any act or omission of Landlord under this Lease occurring

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prior to such sale or conveyance, (b) shall not be subject to any offset, defense, or
counterclaim accruing prior to such sale or conveyance, (c) shall not be bound by any payment prior
to such sale or conveyance of Minimum Rent, Additional Rent, or other payments for more than one
month in advance (except prepayments in the nature of security for the performance by Tenant of its
obligations hereunder to the extent received), and (d) shall be liable for the keeping, observance
and performance of the other covenants, agreements, terms, provisions, and conditions to be kept,
observed and performed by Landlord under this Lease only during the period such person, firm,
corporation, or other entity shall hold such interest.

     21.3. In the event of an act or omission by Landlord which would give Tenant the right to
terminate this Lease or to claim a partial or total eviction, Tenant will not exercise any such
right until it has given written notice of such act or omission, or, in the case of the Premises or
any part thereof becoming untenantable as the result of damage from fire or other casualty, written
notice of the occurrence of such damage, to the holder of any Underlying Encumbrance whose name and
address shall previously have been furnished to Tenant in writing, by delivering such notice of
such act, omission, or damage addressed to such holder at said address or if such holder hereafter
furnishes another address to Tenant in writing at the last address of such holder so furnished to
Tenant, and, unless otherwise provided herein, until a reasonable period (but no less than thirty
(30) days) for remedying such act, omission, or damage shall have elapsed following such giving of
such notice (or following such later date as provided in Article 18 of this Lease), provided any
such holder, with reasonable diligence, shall, following the giving of such notice, have commenced
and continued to remedy such act, omission, or damage or to cause the same to be remedied.

     21.4. Tenant shall at any time and from time to time upon not less than fifteen (15) days’
prior notice by Landlord, execute, acknowledge, and deliver to Landlord an estoppel certificate, in
form satisfactory to Landlord, certifying (i) that this Lease is unmodified and in full force and
effect (or, if there have been modifications, that the same is in full force and effect as modified
and stating the modifications), (ii) the dates to which the Minimum Rent and Additional Rent have
been paid and whether any such Minimum Rent or Additional Rent has been paid in advance, (iii)
whether Landlord is in default in performance of any of its obligations under this Lease, and if
so, specifying each such default of which Tenant may have knowledge, and (iv) as to any other
matters requested by Landlord, it being intended that any such certificate delivered pursuant to
this Section 21.4 may be relied upon by a prospective purchaser of Landlord’s interest or a
mortgagee of Landlord’s interest or assignee of any mortgage upon Landlord’s interest in the Real
Property or any other party which Landlord wishes to receive said estoppel certificate.

ARTICLE 22

NO WAIVER

     22.1. No waiver by Landlord or Tenant of any breach by the other party in this Lease of any of
the terms, covenants, agreements, or conditions of this Lease shall be effective unless such waiver
is contained in a writing subscribed by the party waiving such breach and no such waiver shall be
deemed to constitute a waiver of any succeeding breach thereof, or a waiver of any breach of any of
the terms, covenants, agreements, and conditions herein contained.

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     22.2. No act or thing done by Landlord or Landlord’s agents during the Term shall be deemed an
acceptance of a surrender of the Premises, and no agreement to accept such surrender shall be valid
unless in writing and signed by Landlord. No employee of Landlord or of Landlord’s agents shall
have any authority to accept the keys of the Premises prior to the Termination Date and the
delivery of keys to any employee of Landlord or Landlord’s agents shall not operate as an
acceptance of a termination of this Lease or an acceptance of a surrender of the Premises.

     22.3. The receipt by Landlord of the Minimum Rent and Additional Rent with knowledge of the
breach of any covenant of this Lease shall not be deemed a waiver of such breach. No payment by
Tenant or receipt by Landlord of a lesser amount than the monthly Minimum Rent or a lesser amount
of the Additional Rent then due shall be deemed to be other than on account of the earliest
stipulated amount then due, nor shall any endorsement or statement on any check or payment as
Minimum Rent or Additional Rent be deemed an accord and satisfaction, and Landlord may accept such
check or payment without prejudice to Landlord’s right to recover the balance of such Minimum Rent
or Additional Rent or pursue any other remedy provided in this Lease.

     22.4. Landlord’s failure during the Term to prepare and deliver any of the statements,
notices, or bills set forth in this Lease shall not in any way cause Landlord to forfeit or
surrender its rights to collect any amount that may have become due and owing to it during the
Term.

     22.5. The failure of Landlord to enforce any of the Rules or Regulations as may be set by
Landlord from time to time, against Tenant or against any other tenant in the Building shall not be
deemed a waiver of any such Rule or Regulation, and Landlord shall not be liable to Tenant for any
violation of the Rules and Regulations by any other tenant in the Building, or such tenant’s
agents, servants, employees, contractors, invitees, or licensees.

ARTICLE 23

LANDLORD’S RIGHT OF ENTRY

     23.1. Landlord and Landlord’s agents and representatives shall have the right to enter into or
upon the Premises, or any part thereof, at all reasonable hours and upon reasonable ,notice for the
following purposes: (i) examining the Premises; (ii) making such repairs or alterations therein as
may be necessary in Landlord’s sole judgment for the safety and preservation of the Building or the
Premises; (iii) erecting, maintaining, repairing, or replacing wires, ducts, cables, conduits,
vents, or plumbing equipment running in, to, or through the Premises; (iv) showing the Premises to
prospective new tenants during the last nine (9) months of the Term; or (v) showing the Premises
during the Term to any mortgagees or prospective purchasers of the Real Property. Landlord shall
give Tenant five (5) Business Days’ prior written notice before commencing any non-emergency repair
or alteration. Landlord agrees that Tenant shall have the right to make its representative
available to accompany Landlord during the foregoing entry; however, Landlord shall not be
obligated to reschedule its entry based on the availability of such representative.

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     23.2. Landlord may enter upon the Premises at any time in case of emergency without prior
notice to Tenant.

     23.3. Landlord, in exercising any of its rights under this Article 23, shall not be deemed
guilty of an eviction, partial eviction, constructive eviction, or disturbance of Tenant’s use or
possession of the Premises and shall not be liable to Tenant for same.

     23.4. All work performed by or on behalf of Landlord in or on the Premises pursuant to this
Article 23 shall be performed with as little inconvenience to Tenant’s business as is reasonably
possible.

     23.5. Tenant shall not change any locks or install any additional locks on doors entering into
the Premises without the consent of Landlord and, if any change is made, a copy of any such lock
key shall be given to Landlord. If in an emergency Landlord is unable to gain entry to the
Premises by unlocking entry doors thereto, Landlord may force or otherwise enter the Premises
without liability to Tenant for any damage resulting directly or indirectly therefrom. Tenant
shall be responsible for all damages created or caused by its failure to give to Landlord a copy of
any key to any lock installed by Tenant controlling entry to the Premises.

ARTICLE 24

QUIET ENJOYMENT

     Landlord covenants and agrees that, upon the performance by Tenant of all of the covenants,
agreements, and provisions hereof on Tenant’s part to be kept and performed, Tenant shall have,
hold, and enjoy the Premises, subject to the terms of this Lease, including, but not limited to,
the provisions of Article 21; provided, however, that no diminution, or abatement of the Minimum
Rent, Additional Rent, or other payment to Landlord shall be claimed by or allowed to Tenant for
inconvenience or discomfort arising from the making of any repairs or improvements to the Premises
or the Real Property, nor for any space taken to comply with any law, ordinance or order of any
Governmental Authority, except as provided for herein. Tenant’s rights hereunder are and shall be
subject to the existing state of title to the Real Property and to future easements affecting the
Real Property, including, by way of illustration and not limitation, easements for storm and
sanitary sewers, drainage ditches and public utilities, and to all existing and future mortgages,
liens for real estate taxes, provided that the same will not render the Premises unfit for Tenant’s
use as a general commercial office.

ARTICLE 25

SURRENDER

     Upon the Termination Date, or prior expiration of the Term of this Lease, Tenant shall
peaceably and quietly quit and surrender to Landlord the Premises, broom clean, in as good
condition as on the Commencement Date, except for normal wear and tear, repairs and replacement
required of Landlord, and damage by fire or other casualty not caused by Tenant. Tenant’s
obligation to observe or perform this covenant shall survive the Termination Date or prior
expiration of the Term. If the Termination Date or prior expiration of the Term falls on a

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Sunday or a Building Holiday, this Lease shall expire at 11:59 p.m. on the last business day
preceding said date.

ARTICLE 26

HOLDING OVER

     If Tenant holds over possession of the Premises beyond the Termination Date or prior
expiration of the Term, such holding over shall not be deemed to extend the Term or renew this
Lease but such holding over shall continue upon the terms, covenants, and conditions of this Lease
except that Tenant agrees that the charge for use and occupancy of the Premises for each calendar
month or portion thereof that Tenant holds over (even if such part shall be one day) shall be a
liquidated sum equal to one-twelfth (1/12th) of two (2) times (but only 1.5 times with respect to
the first month of such holding over) the sum of the: (i) Minimum Rent and (ii) Additional Rent
required to be paid by Tenant during the calendar year preceding the Termination Date or earlier
expiration of the Term. The parties recognize and agree that the damage to Landlord resulting from
any failure by Tenant to timely surrender possession of the Premises will be extremely substantial,
will exceed the amount of the monthly Minimum Rent and Additional Rent payable hereunder and will
be impossible to accurately measure. If the Premises are not surrendered upon the expiration of
this Lease, Tenant shall indemnify and hold harmless the Additional Insureds against any and all
losses and liabilities resulting therefrom, including, without limitation, any claims made by any
succeeding tenant founded upon such delay. Nothing contained in this Lease shall be construed as a
consent by Landlord to the occupancy or possession by Tenant of the Premises beyond the Termination
Date or prior expiration of the Term, and Landlord, upon said Termination Date or prior expiration
of the Term, shall be entitled to the benefit of all legal remedies that now may be in force or may
be hereafter enacted relating to the immediate repossession of the Premises. The provisions of
this Article shall survive the Termination Date or earlier expiration of the Term.

ARTICLE 27

NOTICES

     All notices, requests, consents, approvals, demands, and other communications by either party
to the other given or required to be given under this Lease shall be in writing and, except for
Landlord’s Expense Statement and for Landlord’s Tax Statement, shall be sent by hand delivery; or
by registered or certified mail, return receipt requested; or by reputable private overnight
delivery service providing a receipt of delivery or refusal, addressed (i) to Tenant (a) at
Tenant’s address set forth in this Lease if given prior to Tenant’s taking possession of the
Premises or (b) at the Building if mailed subsequent to Tenant’s taking possession of the Premises,
or (ii) to Landlord at Landlord’s address set forth in this Lease, or (iii) to such other address
as either party shall hereafter designate by notice as aforesaid. Landlord’s Expense Statement and
Landlord’s Tax Statement may be sent by regular mail to Tenant. All notices properly addressed
shall be deemed served on the date of receipt or rejection thereof, except that notice of change of
address shall not be deemed served until received by the addressee. Legal counsel for the
respective parties may provide the requisite notices hereunder on behalf of their respective
clients.

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ARTICLE 28

CHANGES SURROUNDING BUILDING

     This Lease shall not be affected or impaired by any change in any sidewalk, alley, or street
adjacent to or around the Building, except as otherwise provided in Article 17, nor by the
construction of additional buildings or other improvements upon the Real Property. Tenant
acknowledges that Landlord may construct additional buildings and other improvements on the Real
Property, including the Common Areas, and expressly consents thereto.

ARTICLE 29

RULES AND REGULATIONS

     Tenant and Tenant’s Visitors shall comply with the Rules and Regulations with respect to the
Real Property which are set forth in Exhibit E annexed to this Lease and are expressly made a part
hereof. Landlord shall have the right to make reasonable amendments thereto from time to time for
the safety, care, and cleanliness of the Real Property, the preservation of good order therein and
the general convenience of all tenants, and Tenant shall comply with such amended Rules and
Regulations following written notice thereof from Landlord. In the event there is a conflict
between the provisions of this Lease and the Rules and Regulations, the provisions of this Lease
shall govern.

ARTICLE 30

LIMITATION OF LANDLORD’S LIABILITY

     Anything in this Lease to the contrary notwithstanding, no recourse or relief or personal
liability shall be had under any rule of law, statute, or constitution or by any enforcement of any
assessments or penalties, or otherwise or based on or in respect of this Lease (whether by breach
of any obligation, monetary or non-monetary), against Landlord, or Landlord’s agents, shareholders,
officers, directors, partners, members, principals (disclosed or non-disclosed), tenant-in-common,
venturer, trustee, trustee beneficiary, grantee, affiliates, or any other individual or entity
having an interest in Landlord, it being expressly understood that all obligations of Landlord
under or relating to this Lease are solely obligations payable out of the Real Property and are
compensable solely therefrom. It is expressly understood that all such liability is and is being
expressly waived and released as a condition of and in consideration for the execution of this
Lease, and Tenant expressly waives and releases all such liability as a condition of, and in
consideration for, the execution of this Lease by Landlord.

ARTICLE 31

DIRECTORY

     31.1. Landlord shall furnish and service at the elevator lobby located on the ground floor and
on the second (2nd) floor a directory which shall list therein the name of Tenant (but
no names of any individual employees). Said listing, which shall be a component of Operating
Expenses, shall be in Building standard lettering.

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     31.2. Landlord shall install, at Tenant’s sole cost and expense, Tenant’s name on signage at
the entrance of the Premises, provided that Tenant submits all plans and drawings of the same for
Landlord’s prior written approval, which shall not be unreasonably withheld, conditioned, or
delayed if such signage (including the size and style of the lettering) is consistent with the
standards generally in use at the Building for signage.

ARTICLE 32

MISCELLANEOUS

     32.1. Entire Agreement. This Lease contains the entire agreement between the
parties, and any attempt hereafter made to change, modify, waive, discharge, or effect an
abandonment of it in whole or in part shall be void and ineffective unless in writing and signed by
the party against whom enforcement of the change, modification, waiver, discharge, or abandonment
is sought.

     32.2. Jury Trial Waiver. Landlord and Tenant do hereby waive trial by jury in any
action, proceeding or counterclaim brought by either of the parties hereto against the other on any
matter whatsoever arising out of or in any connection with this Lease, the relationship of Landlord
and Tenant, Tenant’s use or occupancy of the Premises, and/or any claim, injury or damage, or any
emergency or statutory remedy.

     32.3. Broker. Landlord and Tenant mutually represent to each other that they have not
dealt with any real estate broker or sales representative in connection with this Lease, other than
the Designated Broker. Each party agrees to indemnify, defend and hold harmless the other (and any
mortgagees or ground lessors) from and against all threatened or asserted claims, liabilities,
costs or damages which may incur as a result of a breach of this representation. Landlord agrees
to pay the commissions of the Designated Broker pursuant to separate agreement(s). This
representation shall survive the expiration or sooner termination of this Lease.

     32.4. Severability. If any term or provision of this Lease or the application thereof
to any person or circumstances shall, to any extent, be invalid or unenforceable, the remainder of
this Lease, or the application of such term or provision to persons or circumstances other than
those to which it is held invalid or unenforceable, shall not be affected thereby, and all other
terms and provisions of this Lease shall be valid and enforced to the fullest extent permitted by
law.

     32.5. Interpretation.

     (a) Whenever in this Lease any words of obligation or duty are used, such words or expressions
shall have the same force and effect as though made in the form of covenants.

     (b) Words of any gender used in this Lease shall be held to include any other gender, and
words in the singular number shall be held to include the plural, when the sense requires.

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     (c) All pronouns and any variations thereof shall be deemed to refer to the neuter, masculine,
feminine, singular, or plural as the identity of Tenant requires.

     (d) This Lease shall not be strictly construed either against Landlord or Tenant.

     (e) No remedy or election given by any provision in this Lease shall be deemed exclusive
unless so indicated, but each shall, wherever possible, be cumulative with all other remedies in
law or equity as otherwise specifically provided.

     (f) Each provision hereof shall be deemed both a covenant and a condition and shall run with
the land.

     (g) If, and to the extent that, any of the provisions of any rider to this Lease conflict or
are otherwise inconsistent with any of the preceding provisions of this Lease, or of the Rules and
Regulations appended to this Lease, whether or not such inconsistency is expressly noted in the
rider, the provisions of the rider shall prevail, and in case of inconsistency with said Rules and
Regulations, shall be deemed a waiver of such Rules and Regulations with respect to Tenant to the
extent of such inconsistency.

     (h) Tenant agrees that all of Tenant’s covenants and agreements herein contained providing for
the payment of money and Tenant’s covenant to remove construction liens shall be deemed conditions
as well as covenants, and that if default be made in any such covenants, Landlord shall have all of
the rights provided for herein.

     (i) The parties mutually agree that the headings and captions contained in this Lease are
inserted for convenience of reference only and are not to be deemed part of or to be used in
construing this Lease.

     (j) The covenants and agreements herein contained shall, subject to the provisions of this
Lease, bind and inure to the benefit of Landlord, its successors and assigns, and Tenant, its
successors and permitted assigns, except as otherwise provided herein.

     (k) This Lease has been executed and delivered in the State of New Jersey and shall be
construed in accordance with the laws of the State of New Jersey, and Landlord and Tenant
acknowledge that all of the applicable statutes of the State of New Jersey are superimposed on the
rights, duties, and obligations of Landlord and Tenant hereunder, and this Lease shall not
otherwise provide that which said statutes prohibit.

     (1) Landlord has made no representations or promises with respect to the Premises or the Real
Property, except as expressly contained herein.

     (m) Landlord shall have no obligation, except as herein set forth, to do any work in and to
the Premises to render them ready for occupancy and use by Tenant.

     32.6. Not Offer, Option, etc. The submission of this Lease to Tenant for examination
does not constitute by Landlord a reservation of, or an option to Tenant for, the

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Premises, or an offer to lease on the terms set forth herein, and this Lease shall become
effective as a lease agreement only upon execution and delivery thereof by Landlord and Tenant.

     32.7. Force Majeure. If, by reason of an Excusable Delay Landlord shall be unable to
fulfill its obligations under this Lease or shall be unable to supply any service which Land lord
is obligated to supply, this Lease and Tenant’s obligation to pay Minimum Rent and Additional Rent
hereunder shall in no way be affected, impaired, or excused.

     32.8. Adjacent Excavation, Shoring. If any excavation or other sub-structural work
shall be made upon land adjacent to the Building or the Property or shall be authorized to be made,
Tenant shall afford to the person causing or authorized to cause such excavation or other
sub-structural work license to enter upon the Premises for the purpose of doing such work as said
person shall deem necessary to preserve the walls or structures of the Building of which the
Premises form a part from injury or damage and to support the same by proper foundations without
any claim for damages or indemnity against Landlord, or diminution or abatement of rent.

     32.9. Security Deposit.

     (i) Concurrently with the execution of this Lease, Tenant shall deposit with Landlord the sum
of Thirteen Thousand Nine Hundred Forty Two and 14/100 Dollars ($13,942.14) as a security deposit
(the “Security Deposit”), the same to be held by Landlord as security for the full and faithful
performance by Tenant of the terms and conditions by it to be observed and performed hereunder.
Provided that Tenant is not in default of this Lease, the Security Deposit shall be reduced during
the last year of the Term so that the Security Deposit is equal to two (2) months’ Minimum Rent.

     (ii) If any Minimum Rent or Additional Rent payable by Tenant to Landlord becomes overdue and
remains unpaid, or should Landlord make any payments on behalf of Tenant, or should Tenant fail to
perform any of the terms and conditions of this Lease, then Landlord, at its option, and without
prejudice to any other remedy which Landlord may have on account thereof, shall appropriate and
apply said deposit, or so much thereof as may be required to compensate or reimburse Landlord, as
the case may be, toward the payment of Minimum Rent or Additional Rent payable hereunder, or loss
or damage sustained by Landlord due to the breach or failure to perform on the part of Tenant, and
upon demand, Tenant shall restore such security to the original sum deposited and Tenant’s failure
to do so within ten (10) days after receipt of such demand shall constitute a breach of this Lease.
Tenant shall not assign or encumber, or attempt to assign or encumber, the Security Deposit, and
Landlord shall not be bound by any such assignment, encumbrance, attempted assignment or attempted
encumbrance.

     (iii) Conditioned upon the full compliance by Tenant of all of the terms of this Lease, and
the prompt payment of all sums due hereunder, as and when they fall due, said deposit shall be
returned in full to Tenant within thirty (30) days after the end of the Term.

     (iv) In the event of any transfer of title to the Real Property, Landlord shall have the right
to transfer the Security Deposit to said assignee and Landlord shall thereupon be released by
Tenant from all liability for the return of such Security Deposit; and Tenant agrees to

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look to the new landlord for the return of said Security Deposit. It is hereby agreed that
the provisions of this Section shall apply to every transfer or assignment made of the Security
Deposit to a new lessor.

     (v) In the event of bankruptcy or other debtor-creditor proceedings against Tenant, such
Security Deposit shall be deemed to be applied first to the payment of rent and other charges due
Landlord for all periods prior to filing of such proceedings.

     (vi) Notwithstanding anything herein to the contrary, in the event that Tenant exercised the
Right of First Offer in accordance with the provisions of Article 34 of this Lease, then Landlord
shall have the right to increase the Security Deposit by an amount equal to the increase in the
monthly Minimum Rent for the Additional Space.

     32.10. Transfer by Landlord. In the event of any transfer of title to Real Property,
Landlord shall be and hereby is entirely freed and relieved of all covenants and obligations of
Landlord hereunder except for liabilities which arose prior to such transfer and this Lease shall
be deemed and construed as a covenant running with the land without further agreement between the
parties or their successors in interest.

     32.11. Access. Subject to governmental regulations, Tenant will be entitled to have
access to the Premises twenty-four (24) hours per day, seven (7) days a week.

     32.12. Reasonable Modifications. If, in connection with obtaining financing for the
Building, a banking, insurance, or other recognized institutional lender shall request reasonable
modifications in this Lease as a condition to such financing, Tenant shall not unreasonably
withhold, delay, or defer its consent thereto, provided that such modifications do not in any
significant manner: (i) increase the obligations of Tenant hereunder or (ii) affect the leasehold
interest created or the conduct of Tenant’s business operations at the Premises.

     32.13. Authorization. Tenant represents that the undersigned officer(s) have been
duly authorized to enter into this Lease and that the execution and consummation of this Lease by
Tenant does not and shall not violate any provision of any by-laws, certificate of incorporation,
agreement, order, judgment, governmental regulation, or any other obligations to which Tenant is a
party or is subject. Upon execution hereof, Tenant shall deliver a Secretary’s certificate (or
other similarly certified document) evidencing its authority to execute this Lease.

     32.14. Consent, Permission, or Approval. In any case where Landlord’s consent,
permission, or approval is requested (or required to be requested) by Tenant in connection with
this Lease, Landlord shall have the right to charge Tenant all costs (architectural, engineering
and legal) as Additional Rent that Landlord incurs in determining whether such consent, permission,
or approval shall be granted.

     32.15. Financial Statements. Tenant agrees, within (90) days after the end of
Tenant’s accounting year, to furnish to Landlord and to any mortgagee or ground lessor of the
Building and/or Property a certified balance sheet and profit and loss statement for the last
accounting year.

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ARTICLE 33

RENEWAL OPTION

     33.1. Tenant is hereby granted one (1) option to renew this Lease for a renewal term of three
(3) years (the “Renewal Term”), subject to the terms of this Article 33. In the event that Tenant
desires to renew this Lease, it shall give notice in writing to Landlord of its intention to renew
the Lease at least eleven (11) months prior to the Termination Date. During the Renewal Term,
Tenant shall lease the Premises in its “AS IS” condition, and all of the terms and conditions of
this Lease shall otherwise remain in effect during the Renewal Term, except that the annual Minimum
Rent payable during the Renewal Term shall be the annual fair market renewal rental value of the
Premises based on a comparison of the rents and accrued escalations then being paid by tenants
renewing leases for comparable space in the competitive market area of the Premises, excluding from
consideration rent concessions, such as free rent and work letter allowances, made to tenants
leasing space initially, but taking into consideration rent concessions, such as refitting
allowance, made to tenants renewing leases (the “Fair Market Renewal Rent”); provided, however,
that in no event shall the annual Minimum Rent be less than the annual Minimum Rent payable during
the year preceding the first year of such Renewal Term. In the event the Minimum Rent to be paid
during the Renewal Term increases over the amount paid during the year preceding the first year of
such Renewal Term, Landlord may, at its sole option, require Tenant to pay, on or before the
commencement of the Renewal Term, a proportionate increase in the Security Deposit.

     33.2. The Fair Market Renewal Rent of the Premises for purposes of Section 33.1 shall take
into account the provisions of this Lease and shall be determined pursuant to the provisions of
this Section 33.2. The Fair Market Renewal Rent shall be set forth by Landlord in a notice to
Tenant at least sixty (60) days prior to the commencement of the Renewal Term. The Fair Market
Renewal Rent set forth in such notice shall be binding upon both parties, unless Tenant shall
notify Landlord of its objection within twenty (20) days after receipt of such notice. In the
event of such an objection, which is not resolved within twenty (20) days thereafter, Tenant, at
its own expense, shall designate an MAI or SREA appraiser in the Morris County area. Tenant’s
designated appraiser shall then determine and promptly report to both parties in writing the Fair
Market Renewal Rent of the Premises, which report shall be binding upon both parties, unless
Landlord shall object to same within twenty (20) days after receipt of said report. If Landlord
shall so object, both parties shall jointly appoint a separate MAI or SREA appraiser who shall
determine the Fair Market Renewal Rent by selecting either Landlord’s Fair Market Renewal Rent
determination or Tenant’s designated appraiser’s Fair Market Renewal Rent determination according
to whichever of the two valuations is closer to the actual Fair Market Renewal Rent in the opinion
of such separate appraiser. The costs of such separate appraiser shall be shared equally by
Landlord and Tenant.

     33.3. It shall be a condition of the exercise of the option set forth in this Article 33 that,
at the time of the exercise of said option, Tenant shall not be in default under this Lease beyond
applicable grace periods.

     33.4. Tenant acknowledges and agrees that the option set forth in this Article 33 shall be
personal to Tenant and shall not be exercisable by any party (including any assignees)

- 46 -

 

other than Tenant named herein. Furthermore, notwithstanding anything herein to the contrary,
Tenant shall not have the right to exercise the renewal option(s) set forth herein if the amount of
Rentable Area of the Premises leased by Tenant during the Renewal Term is fifty (50%) percent or
less than the amount of Rentable Area leased by Tenant as of the Commencement Date.

ARTICLE 34

CONFIDENTIALITY

     34.1 Landlord and Tenant each agrees that the terms and conditions of this Lease shall be kept
private and confidential, except to the extent that the same may be submitted to a third party
solely: (i) for internal business purposes (including, but not limited to, proposed financing by
Landlord or a proposed assignment by Tenant of this Lease); or (ii) to comply with any requirements
imposed by Laws. Notwithstanding anything herein to the contrary, in the event of a breach of this
Paragraph 34, Landlord and Tenant agree that the remedies available to the non-breaching party
shall not include a termination of this Lease.

[SIGNATURE BLOCKS

ON NEXT PAGE]

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     IN WITNESS WHEREOF, the parties hereto have executed this Lease on the date first above
written.

	 	 	 	 	 	 	 
	ATTEST:	 	 	 	LANDLORD:
	(SEAL)	 	 	 	THE TOA REINSURANCE COMPANY OF AMERICA
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	Dated:	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	TENANT:
	 
	 	 	 	 	 	 
	 	 	 	 	CHARTWELL INTERNATIONAL, INC.
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	Dated:	 	 
	 

	 	 	 	 	 	 

- 48 -

 

EXHIBIT A

DESCRIPTION OF THE PROPERTY

     All that certain parcel of land lying and being in the Town of Morristown, County of Morris,
and State of New Jersey, specifically described as follows:

     Beginning at a monument found in the southerly sideline of Madison Avenue, said point of
beginning being distant in a northeasterly direction 514.82 feet from the intersection of said
southerly sideline of Madison Avenue with the new easterly side line of Turtle Road and running
thence:

     1. along the southerly sideline of Madison Avenue, north 88 degrees 42’ 52” east 180.64 feet
to a monument found for a corner; thence

     2. still along said sideline, along a curve curving to the right, having a radius of 229.04
feet, a central angle of 32 degrees 531 and an arc length of 131.45 feet to a monument found;
thence

     3. still along same, south 58 degrees 24’ 08” east 74.85 feet to a monument found; thence

     4. still along same, along a curve curving to the right, having a radius of 1009.14 feet, a
central angle of 3 degrees 07’ 22” and an arc length of 55.00 feet to an iron pipe set for a
corner; thence

     5. along lands of the State of New Jersey Highway Department, south 41 degrees 541 west 214.75
feet to an iron pipe set for a corner; thence

     6. still along same, south 41 degrees 481 west 170.70 feet to an iron bar set for a corner;
thence

     7. still along same, south 30 degrees 24’ 40” west 149.93 feet to an iron bar set for a
corner; thence

     8. still along said lands of New Jersey State Highway Department south 43 degrees 36’ 20” west
86.66 feet to a monument found; thence

     9. along lands of Morristown Plaza Associates, formerly M. Keasbey, passing over a monument
found on the approximate boundary line between Morris Township and the Town of Morristown, being
distant 35.53 feet on a course of north 02 degrees 14’ 30” west 578.74 feet to the southerly
sideline of Madison Avenue, the point and place of Beginning.

A-1

 

EXHIBIT B

FLOOR PLAN FOR THE PREMISES

B-1

 

EXHIBIT C

MINIMUM RENT FOR THE PREMISES

     The annual Minimum Rent shall be calculated at the rate of Twenty Five and 50/100
Dollars($25.50) per square foot of Rentable Area of the Premises per annum, being a total of Fifty
Five Thousand Seven Hundred Sixty Eight and 50/100 Dollars ($55,768.50) per annum and being a total
of Four Thousand Six Hundred Forty Seven and 38/100 Dollars ($4,647.38) per month from the
Commencement Date through the Termination Date of the Term subject to the rent abatement provided
for in Section 1.7 of the Lease.

C-1

 

EXHIBIT D

TENANT IMPROVEMENTS

     Section 1.1. The provisions of this Exhibit shall have the same force and effect as if this
Exhibit were a numbered Article of the Lease.

     Section 2.1. The Tenant Improvement Work shall include painting and shampooing the carpets
throughout the Premises

     Section 3.1. The extent of any Tenant Delay shall be determined in the following manner:
Landlord shall notify Tenant of the estimated length of the Tenant Delay involved as soon as
practicable after the information necessary to estimate such Tenant Delay is available (which
notice shall include the basis for Landlord’s estimate) and, as Landlord obtains the information to
calculate the actual Tenant Delay, Landlord shall so notify Tenant, providing it with the basis
used in calculating such Tenant Delay. In the event of a dispute concerning the length of any
Tenant Delay, Landlord’s calculation shall be used and the Commencement Date shall occur in
accordance therewith, provided, however, that Tenant shall retain its right to challenge Landlord’s
calculation of the length of the Tenant Delay.

D-1-1

 

EXHIBIT E

RULES AND REGULATIONS

E-1

 

EXHIBIT F

CLEANING SPECIFICATIONS FOR THE BUILDING

F-1

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