Document:

Exhibit
10.1

 

EMPLOYMENT
AGREEMENT

 

This
Employment Agreement (this “Agreement”) is made as of April 1, 2018, between Sensus Healthcare, Inc., a Delaware corporation
(together with its subsidiaries, the “Company”) and Michael J. Sardano (the “Executive”).

 

WHEREAS,
the Company desires to employ the Executive and the Executive desires to be employed by the Company, on the terms and conditions
provided below; and

 

WHEREAS,
this Agreement shall govern the employment relationship between Executive and the Company and supersedes all previous agreements
and understandings with respect to such employment relationship.

 

The
parties agree as follows:

 

1.            ENGAGEMENT.

 

The
Company agrees to employ the Executive, and the Executive accepts such employment, on the terms and conditions set forth in this
Agreement, unless and until such employment shall have been terminated as provided in this Agreement.

 

2.            TITLE
AND DUTIES.

 

During
his employment by the Company, the Executive shall render his services as General Counsel and Director of Regulatory and Governance
of the Company, reporting directly to the Chief Executive Officer, shall perform duties consistent with this position as the Board
shall request, shall abide by Company policies in effect from time to time, and shall devote his full business time and best efforts
to his duties hereunder and the business and affairs of the Company (except during vacation periods and periods of illness or
other incapacity), except if an additional job or duty can have a positive effect on the Company (i.e. Public Service, etc.).
The Executive may engage in such other pursuits, including, without limitation, personal legal and personal financial affairs,
as shall not interfere with the proper performance of his duties and obligations hereunder, provided the Executive shall not serve
on any other board of directors of a public or private “for profit” company without the prior consent of the Board.
Executive will be based at the Company’s principal headquarters facility currently located in Boca Raton, Florida, subject
to customary travel and business requirements.

 

3.           TERM.

 

(a)          This
Agreement shall commence as of April 1, 2018 and shall continue in effect up through and including the last day of the Company’s
2020 fiscal year (currently expected to be on or about December 31, 2020); provided that the term of this Agreement shall automatically
be extended for additional successive one (1) year renewal terms unless at least six (6) months prior to the expiration of the
then current term, the Company or the Executive shall have given written notice to the other party that this Agreement shall not
be extended beyond the then current term.

 

    

     

    

 

(b)          It
is acknowledged and agreed that if this Agreement is not renewed by the Company pursuant to Section 3(a) above, and not as a result
of Executive’s death, Disability, or Cause pursuant to Section 6(a) or 6(b) below, such non-renewal by the Company will
be deemed a termination without Cause pursuant to Section 6(c) or 6(d) below (as applicable). In the event that Executive’s
employment with the Company ceases at the end of any term because Executive (and not the Company) has given a non-renewal notice
set forth in Section 3(a) above, and not as a result of the occurrence of Good Reason pursuant to Section 6(c) or 6(d) below,
then such termination of employment shall be treated as a voluntary termination by Executive without Good Reason.

 

4.          COMPENSATION.

 

(a)          Base
Salary. Executive’s base salary as it may be increased from time to time (“Base Salary”) shall be paid in
accordance with the Company’s normal payroll practices in effect from time to time. Executive’s Base Salary shall
initially be $145,000 per annum. Base Salary may be increased during the term but may not be decreased, and the Board or the Compensation
Committee of the Board (the “Compensation Committee”) shall consider, on an annual basis, the nature, extent and advisability,
if any, of an increase in the Executive’s Base Salary.

 

(b)          Annual
Incentive Bonus. For each fiscal year of the Company that ends during the term, Executive will be eligible to participate
in the Company’s annual incentive plan established and developed by the Compensation Committee, as it may then be in effect
(the “AIP”). Executive’s target annual bonus opportunity (“Target Bonus”) will be $30,000 which
Target Bonus may be increased but not decreased from time to time in the Compensation Committee’s sole discretion. Annual
incentive payments will be based on achievement against goals established for the senior executive officer group including Executive
by the Compensation Committee, in consultation with Executive.

 

(c)          Executive
Stock Based Incentive Plan.

 

(i)          General.
The Executive shall be eligible to participate in and receive such equity incentive compensation as may be granted by the Compensation
Committee from time to time pursuant to the Company’s Executive Stock Based Incentive Plan as such plan may then be in effect
and as it may be amended or superseded from time to time (the “Equity Plan”) and any other long-term incentive plan
for senior Company executives that the Board or Compensation Committee may adopt in consultation with Executive.

 

(d)          Other.
Future annual-cycle equity awards (which may include performance conditions) to be granted to Executive under the Equity Plan
will be determined by the Compensation Committee in its discretion.

 

5.            BENEFITS.

 

(a)          Employer
Benefit Plans. During the term, Executive will be eligible to participate, on terms which are generally available to the other
senior executives of the Company and subject to the eligibility requirements of the applicable Company plans as in effect from
time to time, in the Company’s, deferred compensation, medical, dental, vacation, and disability programs, and other benefits,
including a car allowance, generally available to the Company’s senior executives from time to time.

 

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(b)          Business
Expenses. The Executive is authorized to incur and the Company shall either pay directly or reimburse the Executive for ordinary
and reasonable expenses in connection with the performance of his duties hereunder, including, without limitation, expenses for
(A) transportation, (B) business meals, (C) travel and lodging, and (D) similar items. The Executive agrees to comply with Company
policies with respect to reimbursement and record keeping in connection with such expenses.

 

6.            TERMINATION
OF EMPLOYMENT.

 

The
employment of the Executive hereunder may be terminated by the Company at any time, subject to the company providing the compensation
and benefits in accordance with the terms of this Section 6, which shall constitute the Executive’s sole and exclusive remedy
and legal recourse upon any such termination of employment (and the Executive hereby waives and releases any and all other claims
against the Company and its parent entities, affiliates, officers, directors and employees in such event).

 

(a)          Termination
Due To Death Or Disability. In the event of the Executive’s death, Executive’s employment shall automatically
cease and terminate ‘as of the date of death. If Executive becomes Disabled, the Company may terminate Executive’s
employment upon thirty (30) days written notice to Executive. For purposes of this Agreement, the terms “Disabled”
or “Disability” means Executive’s inability, because of physical or mental illness or injury, substantially
to perform his duties hereunder as a result of physical incapacity for a continuous period of at least four (4) months, and any
dispute as to the Executive’s incapacitation shall be resolved by an independent physician selected by the Board and reasonably
acceptable to the Executive, whose determination shall be final and binding upon both the Executive and the Company. In the event
of the termination of employment due to Executive’s death or Disability, Executive or his estate or legal representatives
shall be entitled to receive:

 

(i)    
      payment for all accrued but unpaid Base Salary as of the date of Executive’s
termination of employment;

 

(ii)          reimbursement
for expenses incurred by the Executive pursuant to Sections 5(b) hereof up to and including the date on which employment is terminated;

 

(iii)         any
earned benefits to which the Executive may be entitled as of the date of termination pursuant to the terms of any compensation
or benefit plans to the extent permitted by such plans (with the payments described in subsections (i) through (iii) above collectively
called the “Accrued Payments”);

 

(iv)         any
annual incentive bonuses earned but not yet paid for any completed full fiscal year immediately preceding the employment termination
date;

 

(v)          if
employment termination occurs prior to the end of any fiscal year, a pro rata annual incentive bonus for such fiscal year in which
employment termination occurs (based on actual business days in such fiscal year prior to such employment termination, divided
by the total annual business days) determined and paid based on actual performance achieved for that fiscal year against the performance
goals for that fiscal year; and

 

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(b)          Termination
For Cause. The Company may, by providing written notice to Executive, terminate Executive’s employment for Cause. The
term “Cause” for purpose of this Agreement shall mean:

 

(i)         
 Executive’s conviction of, or entrance of a plea of guilty or nolo contendere to, a felony under federal law or
state law; or

 

(ii)          fraudulent
conduct by Executive in connection with the business affairs of the Company; or

 

(iii)          theft,
embezzlement, or other criminal misappropriation of funds by Executive (other than good faith expense account disputes or de minimis
amounts); or

 

(iv)         Executive’s
willful refusal to materially perform his executive duties hereunder; or

 

(v)          Executive’s
willful misconduct, which has, or would have if generally known, a materially adverse effect on the business or reputation of
the Company; or

 

(vi)          The
Executive’s willful breach of any material employment policy of the Company, including, but not limited to, conduct relating
to falsification of business records, violation of the Company’s Code of Business Conduct and Ethics, harassment, creation
of a hostile work environment, excessive absenteeism, insubordination, violation of the Company’s policy on drug and alcohol
use, or violent acts or threats of violence; or

 

(vii)        Executive’s
material breach of a covenant, representation, warranty or obligation of Executive under this Agreement.

 

For
purposes of this Section 6(b), an act or failure to act shall be considered “willful” only if done or omitted to be
done without a good faith reasonable belief that such act or failure to act was in the best interests of the Company.

 

Any
determination of Cause by the Company will be made by a resolution approved by a majority of the members of the Board, provided
that no such determination may be made until Executive has been given written notice detailing the specific event constituting
such Cause and a period of thirty (30) days following receipt of such notice to cure such event (if susceptible to cure), and,
if such event is not curable or is not cured, an opportunity to appear before the Board (with legal counsel if so requested in
writing by Executive) to discuss the specific circumstances alleged to give rise to the Cause event. Subject to Executive’s
right to cure and/or appear before the Board, if Executive’s employment is terminated for Cause, the termination shall take
effect on the effective date of such termination as specified in the written notice of such termination delivered to Executive.

 

In
the event of the termination of Executive’s employment hereunder by the Company for Cause, then Executive shall be entitled
to receive payment of the Accrued Payments.

 

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If
the Company attempts to terminate Executive’s employment pursuant to this Section 6(b) and it is ultimately determined that
the Company lacked Cause, the provisions of Section 6(c) or Section 6(d) (as applicable) shall apply and Executive shall be entitled
to receive the payments set forth under Section 6(c) or Section 6(d) (as applicable).

 

(c)          Termination
without Cause or for Good Reason. The Company may terminate Executive’s employment hereunder without Cause at any time,
by providing Executive 30 days’ prior written notice of such termination. Such notice shall specify the effective date of
the termination of Executive’s employment. The Executive may terminate his employment for Good Reason by providing 30 days’
prior written notice to the Company. In the event of the termination of Executive’s employment under this Section 6(c) without
Cause or by the Executive for Good Reason, in each case prior to or more than 12 months following a Change-in-Control (as defined
in the Company’s Equity Plan), then Executive shall be entitled to:

 

(i)  
        payment of the Accrued Payments;

 

(ii)          a
separation allowance, payable in equal installments in accordance with normal payroll practices over a 12 month period beginning
immediately following the date of termination, equal to one (1) times the sum of (x) Executive’s then Base Salary and (y)
the Executive’s then Target Bonus;

 

(iii)         any
annual incentive bonuses earned but not yet paid for any completed full fiscal year immediately preceding the employment termination
date;

 

(iv)          if
employment termination occurs prior to the end of any fiscal year, a pro rata annual incentive bonus for such fiscal year in which
employment termination occurs (based on actual business days in such fiscal year prior to such employment termination, divided
by total the annual business days) determined and paid based on actual performance achieved for such fiscal year against the performance
goals for that fiscal year;

 

(v)       
  the Company shall arrange for the Executive to continue to participate (through COBRA or otherwise), on
substantially the same terms and conditions as in effect for the Executive (including any required contribution) immediately
prior to such termination, in the medical, dental, disability and life insurance programs provided to the Executive pursuant
to Section 5(a) hereof until the earlier of (i) the end of the 12 month period beginning on the effective date of the
termination of Executive’s employment hereunder, or (ii) such time as the Executive is eligible to be covered by
comparable benefit(s) of a subsequent employer. The foregoing of this Section 6(c)(v) is referred to as “Benefits
Continuation”. The Executive agrees to notify the Company promptly if and when he begins employment with another
employer and if and when he becomes eligible to participate in any benefit or other welfare plans, programs or arrangements
of another employer;

 

(vi)         all
of Executive’s then-outstanding equity awards in any Equity Plan will vest in full.

 

For
purposes of this Agreement, the term “Good Reason” means, without Executive’s written consent:

 

(vii)        a
reduction by the Company in Executive’s Base Salary or Target Bonus as in effect from time to time; or

 

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(viii)       the
Board materially reduces (including as a result of any co-sharing of responsibilities arrangement), other than during any period
of illness or incapacity, Executive’s authority, responsibilities. or duties such that Executive no longer has the title
of, or serves or functions as the General Counsel and Director of Regulatory and Governance of the Company (provided that it is
understood that a Change-in-Control or going private event will not constitute Good Reason); or

 

(ix)          the
Company requiring Executive to be based at a location in excess of fifty (50) miles from the location of the Company’s principal
executive office as of the effective date of this Agreement, except for required travel on Company business; or

 

(x)          the
Company fails to obtain the written assumption of its obligations under this Agreement by a successor not later than the consummation
of a merger, consolidation or sale of the Company; or

 

(xi)          a
material breach by the Company of its obligations under this Agreement, which, in each of subsections (i) through (vi) above,
is not remedied by the Company within 30 days of receipt of written notice of such event or breach delivered by Executive to the
Company; provided, that the Executive may only exercise his right to terminate this Agreement for Good Reason within the 120 day
period immediately following the occurrence of any of the events described in subsections (i) through (vi) above.

 

(d)          Termination
of Employment without Cause or for Good Reason following a Change-in-Control. If the Company terminates Executive’s
employment without Cause upon 30 days’ prior written notice or Executive terminates his employment for Good Reason by providing
30 days’ prior written notice to the Company, in each case within 12 months following a Change-in-Control (as defined in
the Company’s Equity Plan), the Company will provide to Executive:

 

(i)      
    payment of the Accrued Payments;

 

(ii)          a
lump sum separation allowance equal to two (2) times the sum of (x) Executive’s then Base Salary and (y) Executive’s
then Target Bonus;

 

(iii)         any
annual incentive bonuses earned but not yet paid for any completed full fiscal year immediately preceding the employment termination
date;

 

(iv)         if
employment termination occurs prior to the end of any fiscal year, a pro rata annual incentive bonus for such fiscal year in which
employment termination occurs (based on actual business days in such fiscal year prior to such employment termination, divided
by the total annual business days) determined and paid based on actual performance achieved for such fiscal year against the performance
goals for that fiscal year;

 

(v)          Benefit
Continuation until the earlier of 24 months after termination of employment or such time as Executive is eligible to be covered
by comparable benefit(s) of a subsequent employer. The Executive agrees to notify the Company promptly if and when he begins employment
with another employer and if and when he becomes eligible to participate in any benefit or other welfare plans, programs or arrangements
of another employer;

 

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(vi)         all
of Executive’s then-outstanding equity awards in any Equity Plan will vest in full.

 

(e)          Voluntary
Termination by the Executive without Good Reason. In the event Executive terminates his employment without Good Reason, he
shall provide 90 days’ prior written notice of such termination to the Company. Upon such voluntary termination, the Executive
will be entitled to the Accrued Payments. Without limiting all other rights and remedies of the Company under this Agreement,
a termination of employment by the Executive without Good Reason will not constitute a breach by the Executive of this Agreement.

 

(f)          Resignation
from all Boards. Upon any termination or cessation of Executive’s employment with the Company, for any reason, Executive
agrees immediately to resign, and any notice of termination or actual termination or cessation of employment shall act automatically
to effect such resignation, from any position on the Board and on any board of directors of any subsidiary or affiliate of the
Company.

 

(g)          Release
of Claims as Condition. The Company’s obligation to pay the separation allowance and provide all other benefits and
rights referred to in this Section 6 and in Section 4(d) above shall be conditioned upon the Executive having delivered to the
Company an executed full and unconditional release (that is not subject to revocation) of claims against the Company, its parent
entities, affiliates, employee benefit plans and fiduciaries, officers, employees, directors, agents and representatives satisfactory
in form and content to the Company’s counsel.

 

(h)          No
Mitigation. In no event shall Executive be obligated to seek other employment or take any other action by way of mitigation
of the amounts payable to Executive under any of the provisions of this Agreement, nor shall the amount of any payment hereunder
be reduced by any compensation earned by Executive as a result of subsequent employment.

 

7.            INDEMNIFICATION.

 

(a)          Provided
that the Executive has not been terminated for “Cause” as defined herein, the Company shall indemnify, defend and
hold the Executive harmless, to the maximum extent permitted by law, against all judgments, fines, amounts paid in settlement
and all reasonable expenses, including attorneys’ fees incurred by the Executive, in connection with the defense of, or
as a result of, any action or proceeding (or any appeal from any action or proceeding) in which the Executive is made or is threatened
to be made a party by reason of the fact that the Executive is or was an officer or director of the Company, regardless of whether
such action or proceeding is one brought by or in the right of the Company. Each of the parties hereto shall give prompt notice
to the other of any action or proceeding from which the Company is obligated to indemnify, defend and hold harmless the Executive
of which it or he (as the case may be) gains knowledge.

 

(b)          The
Company agrees that the Executive shall be covered and insured up to the full limits provided by all directors’ and officers’
insurance which the Company then maintains to indemnify its directors and officers (and to indemnify the Company for any obligations
which it incurs as a result of its undertaking to indemnify its officers and directors), subject to applicable deductibles and
to the terms and conditions of such policies.

 

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8.            ENFORCEABILITY.

 

It
is the intention of the parties that the provisions of this Agreement shall be enforced to the fullest extent permissible under
the laws and public policies of each state and jurisdiction in which such enforcement is sought, but that the unenforceability
(or the modification to conform with such laws or public policies) of any provisions hereof, shall not render unenforceable or
impair the remainder of this Agreement. Accordingly, if any provision of this Agreement shall be determined to be invalid or unenforceable,
either in whole or in part, this Agreement shall be deemed amended to delete or modify, as necessary, the offending provisions
and to alter the balance of this Agreement in order to render the same valid and enforceable to the fullest extent permissible.

 

9.            ASSIGNMENT.

 

This
Agreement is personal in nature to the Company and the rights and obligations of the Executive under this Agreement shall not
be assigned or transferred by the Executive. This Agreement and all of the provisions hereof shall be binding upon, and inure
to the benefit of, the parties hereto and their successors (including successors by merger, consolidation, sale or similar transaction,
permitted assigns, executors, administrators, personal representatives, heirs and distributees).

 

10.          NON-DISCLOSURE;
NON-SOLICITATION; COOPERATION.

 

(a)          The
Executive shall not, at any time during or following the period of employment, disclose, use, transfer or sell, except in the
course of such employment, any confidential information or proprietary data of the Company or its affiliates so long as such information
or data remains confidential and has not been disclosed or is not otherwise in the public domain, except as required by law or
pursuant to legal process or in connection with an administrative proceeding before a governmental agency. The Company and the
Executive agree that the Executive’s obligations under this Section 10 (a) shall not apply if (1) any disclosure by the
Executive is made with the express written permission of the Company or (2) if the Executive can show by legal evidence that it
was lawfully received by the Executive from a third party who is not or was not bound, at the time the information was conveyed
to Executive, by any confidential relationship or obligation to the Company.

 

(b)          The
Executive agrees that, for a period of twelve (12) months after the termination or cessation of the Executive’s employment
with the Company for any reason, the Executive will not:

 

(i)       
   directly or indirectly solicit, attempt to hire, or hire any employee of the Company (or any person who may
have been employed by the Company during the last year of the Executive’s employment with the Company), or assist in
such hiring by any other person or business entity or encourage, induce or attempt to induce any such employee to terminate
his or her employment with the Company; or

 

(ii)          take
action intended to encourage any vendor or supplier of the Company to cease to do business with the Company or materially reduce
the amount of business the vendor or supplier does with the Company; or

 

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(iii)         materially
disparage the Company.

 

(c)          Executive
agrees to cooperate with the Company, during the term of this Agreement and at any time thereafter (including following Executive’s
termination of employment for any reason), by making himself reasonably available to testify on behalf of the Company in any action,
suit, or proceeding, whether civil, criminal, administrative, or investigative, and to assist the Company, in any such action,
suit, or proceeding, by providing information and meeting and consulting with the Board or its representatives or counsel, or
representatives or counsel to the Company, as requested; provided, however that it does not materially interfere with his then
current professional activities. The Company agrees to reimburse Executive for all reasonable expenses actually incurred in connection
with his provision of testimony or assistance.

 

11.          NON-COMPETITION
AGREEMENT.

 

The
Executive agrees that throughout the term of his employment, and for a period of twelve (12) months after termination or cessation
of employment for any reason, he will not engage in, participate in, carry on, own, or manage, directly or indirectly, either
for herself or as a partner, stockholder, investor, officer, director, employee, agent, independent contractor, representative
or consultant of any person, partnership, corporation or other enterprise, in any “Competitive Business” in any jurisdiction
in which the Company actively conducts business. For purposes of this Section 11, “Competitive Business” means “Any
and all Therapeutic Devices treating various skin disorders such as skin cancer, keloids and psoriasis.”

 

The
Executive’s engaging in the following activities will not be deemed to be engaging or participating in a Competitive Business:
(i) passive ownership of less than 2% of any class of securities of a company; and (ii) engaging or participating solely in a
noncompetitive business of an entity which also separately operates a business which is a “Competitive Business”.

 

The
Executive acknowledges, with the advice of legal counsel, that he understands the foregoing provisions of this Section 11 and
that these provisions are fair, reasonable, and necessary for the protection of the Company’s business.

 

12.          TAXES.

 

(a)          All
payments to be made to and on behalf of the Executive under this Agreement will be subject to required withholding of federal,
employment and excise taxes, and to related reporting requirements.

 

(b)          Limitation
on Parachute Payments. In the event that the payment and other benefits provided for in this Agreement or otherwise payable
to Executive (i) constitute “parachute payments” within the meaning of Section 280G of the Code and (ii) but for this
Section 12(b), would be subject to the excise tax imposed by Section 4999 of the Code, then Executive’s payments and benefits
will be either:

 

(i)      
    delivered in full, or

 

(ii)          delivered
as to such lesser extent which would result in no portion of such severance benefits being subject to excise tax under Section
4999 of the Code,

 

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whichever
of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed
by Section 4999, results in the receipt by Executive on an after-tax basis, of the greatest amount of severance benefits, notwithstanding
that all or some portion of such severance benefits may be taxable under Section 4999 of the Code.

 

If
a reduction in severance and other payments and benefits constituting “parachute payments” is necessary so that benefits
are delivered to a lesser extent, reduction will occur in the following order: (i) reduction of cash payments; (ii) cancellation
of awards granted “contingent on a change in ownership or control” (within the meaning of Code Section 280G), (iii)
cancellation of accelerated vesting of equity awards, and (iv) reduction of employee benefits. Within any such category of payments
and benefits (that is, (i), (ii), (iii) or (iv)), a reduction shall occur first with respect to amounts that are not Deferred
Payments and then with respect to amounts that are. In the event that acceleration of vesting of equity award compensation is
to be reduced, such acceleration of vesting will be cancelled in the reverse order of the date of grant of Executive’s equity
awards.

 

Any
determination required under this Section 12(b) will be made in writing by the Company’s independent public accountants
engaged by the Company for general audit purposes immediately prior to the Change in Control (the “Accountants”), whose
good faith determination will be conclusive and binding upon Executive and the Company for all purposes. If the independent registered
public accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group effecting
the Change in Control, or if such firm otherwise cannot perform the calculations, the Company shall appoint a nationally recognized
independent registered public accounting firm to make the determinations required hereunder. For purposes of making the calculations
required by this Section 12(b), the Accountants may make reasonable assumptions and approximations concerning applicable taxes
and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company
and Executive will furnish to the Accountants such information and documents as the Accountants may reasonably request in order
to make a determination under this Section. The Company will bear all costs the Accountants may reasonably incur in connection
with any calculations contemplated by this section.

 

(c)          Section
409A. If any provision of this Agreement (or any award of compensation or benefits provided under this Agreement) would cause
Executive to incur any additional tax or interest under Section 409A of the Code, the Company shall reform such provision to comply
with Section 409A and agrees to maintain, to the maximum extent practicable without violating Section 409A of the Code, the original
intent and economic benefit to Executive of the applicable provision. The Company shall not accelerate the payment of any deferred
compensation in violation of Section 409A of the Code and, to the extent required under Section 409A, the Company shall delay
the payment of any deferred compensation for six months following Executive’s termination of employment. When used in connection
with any payments subject to Section 409A required to be made hereunder, the phrase “termination of employment” and
correlative terms shall mean separation from service as defined in Section 409A. Unless such payments are otherwise exempt from
Section 409A, any reimbursements or in-kind benefits provided under this Agreement shall be administered in accordance with Section
409A, such that: (a) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during one year shall not
affect the expenses eligible for reimbursement or the in-kind benefits provided in any other year; (b) reimbursement of eligible
expenses shall be made on or before December 31 of the year following the year in which the expense was incurred; (c) Executive’s
right to reimbursement or in-kind benefits shall not be subject to liquidation or to exchange for another benefit; and, (d) if
the payment of any deferred compensation shall be payable at any time within a period that overlaps two calendar years, payment
shall be made in the second of the two years. For purposes of Section 409A, Executive’s right to receive any installment payments
pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments..

 

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13.          SURVIVAL.

 

Anything
in Section 6 hereof to the contrary notwithstanding, the provisions of Section 7 through 15 shall survive the expiration or termination
of this Agreement, regardless of the reasons therefor.

 

14.          NO
CONFLICT: REPRESENTATIONS AND WARRANTIES.

 

The
Executive represents and warrants that (i) the information (written and oral) provided by the Executive to the Company in connection
with obtaining employment with the Company or in connection with the Executive’s former employments, work history, circumstances
of leaving former employments, and educational background, is true and complete, (ii) he has the legal capacity to execute and
perform this Agreement, (iii) this Agreement is a valid and binding obligation of the Executive enforceable against him in accordance
with its terms, (iv) the Executive’s execution, delivery or performance of this Agreement will not conflict with or result
in a breach of any agreement, understanding, order, judgment or other obligation to which the Executive is a party or by which
he may be bound, written or oral, and (v) the Executive is not subject to or bound by any covenant against competition, non-disclosure
or confidentiality obligation, or any other agreement, order, judgment or other obligation, written or oral, which would conflict
with, restrict or limit the performance of the services to be provided by him hereunder. The Executive agrees not to use, or disclose
to anyone within the Company, at any time during his employment hereunder, any trade secrets or any confidential information of
any other employer or other third party. Executive has provided to the Company a true copy of any non-competition obligation or
agreement to which he may be subject.

 

15.          MISCELLANEOUS.

 

(a)     
     Notices. All notices hereunder shall be given in writing, by personal delivery,
nationally-recognized overnight courier (such as UPS or Federal Express), or prepaid registered or certified mail, return
receipt requested, to the addresses of the proper parties as set forth below:

 

TO
THE EXECUTIVE:

 

Joseph
C. Sardano

Sensus
Healthcare, Inc.

851 Broken Sound Parkway NW #215

Boca Raton, FL 33487

 

TO
THE COMPANY:

 

Sensus
Healthcare, Inc.

851 Broken Sound Parkway NW #215

Boca Raton, FL 33487

Attention: Chief Financial Officer

 

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Any
notice given as set forth above will be deemed given on the business day sent when delivered by hand during normal business hours,
on the business day after the business day sent if delivered by a nationally recognized overnight courier, or on the third business
day after the business day sent if delivered by registered or certified mail, return receipt requested.

 

(b)          Law
Governing. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida applicable
to contracts made and to be wholly performed in that state without regard to its conflicts of laws provisions or principles.

 

(c)          Jurisdiction.
(i) In any suit, action or proceeding seeking to enforce any provision of this Agreement or for purposes of resolving any dispute
arising out of or related to this Agreement, the Company and the Executive each hereby irrevocably consents to the exclusive jurisdiction
of any federal court located in the State of Florida, Palm Beach County, or any of the state courts of the State of Florida located
in Palm Beach County; (ii) the Company and the Executive each hereby waives, to the fullest extent permitted by applicable law,
any objection which it or he may now or hereafter have to the laying of venue of any such suit, action or proceeding in any such
court or that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum; (iii) process
in any such suit, action or proceeding may be served on either party anywhere in the world, whether within or without the jurisdiction
of such court, and, without limiting the foregoing, each of the Company and the Executive irrevocably agrees that service of process
on such party, in the same manner as provided for notices in Section 15(a) above, shall be deemed effective service of process
on such party in any such suit; action or proceeding; (iv) WAIVER OF JURY TRIAL: EACH OF THE COMPANY AND THE EXECUTIVE HEREBY
IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDINGS ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT; and (v) Limitation on Damages: the parties agree that there will be no punitive damages
payable as a result of or in connection with any claim, matter or breach under or related to this Agreement or the transactions
contemplated by this Agreement, and each of the parties agrees not to request punitive damages. Notwithstanding the foregoing
of this Section, each of the parties agrees that prior to commencing any claims for breach of this Agreement (except to pursue
injunctive relief) to submit, for a period of sixty (60) days, to voluntary mediation before a jointly selected neutral third
party mediator under the auspices of JAMS, Miami, Florida, Resolutions Center (or any successor location), pursuant to the procedures
of JAMS Mediation Rules conducted in the State of Florida (however, such mediation or obligation to mediate shall not suspend
or otherwise delay any termination or other action of the Company or affect the Company’s other rights).

 

(d)          Headings.
The Section headings contained in this Agreement are for convenience of reference only and are not intended to determine, limit
or describe the scope or intent of any provision of this Agreement.

 

(e)          Number
and Gender. Whenever in this Agreement the singular is used, it shall include the plural if the context so requires, and whenever
the feminine gender is used in this Agreement, it shall be construed as if the masculine, feminine or neuter gender, respectively,
has been used where the context so dictates, with the rest of the sentence being construed as if the grammatical and terminological
changes thereby rendered necessary have been made.

 

    12

     

    

 

(f)      
   Entire Agreement. This Agreement contains the entire agreement and understanding between the
parties with respect to the subject matter hereof and supersedes any prior or contemporaneous understandings and agreements,
written or oral, between and among them respecting such subject matter.

 

(g)          Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original but both of which taken together shall
constitute one instrument.

 

(h)          Amendments.
This Agreement may not be amended except by a writing executed by each of the parties to this Agreement.

 

(i)       
   No Waiver. No provision of this Agreement may be modified, waived or discharged unless such waiver,
modification or discharge is agreed to in writing and signed by the Executive and such officer as may be specifically
designated by the Board, No waiver by either party at any time of any breach by the other party of, or compliance with, any
condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or
dissimilar provisions or conditions at the same or at any prior or subsequent time.

 

    13

     

    

 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first written above.

 

	MICHAEL J. SARDANO	 	SENSUS HEALTHCARE, INC.
	 	 	 	 
	/s/ Michael J. Sardano	 	By:	/s/ Arthur Levine

	 	 	Name: Arthur Levine
	Date: April 1, 2018	 	Title:   Chief Financial Officer
	 	 	 
	 	 	Date: April 1, 2018

 

14Exhibit

Exhibit 10.1

PARTIAL TERMINATION AND SURRENDER AGREEMENT AND
FOURTH LEASE MODIFICATION AGREEMENT

THIS PARTIAL TERMINATION AND SURRENDER AGREEMENT AND FOURTH LEASE MODIFICATION AGREEMENT (this "Agreement"), made as of the 1st day of February, 2018 by and between ESRT 1400 BROADWAY, L.P., a New York limited partnership, with an address c/o ESRT Management, L.L.C., 111 West 33rd Street, New York, New York 10120 ("Landlord"), and ON DECK CAPITAL, INC., a Delaware corporation, having an address at 1400 Broadway, 25th Floor, New York, New York  10018 ("Tenant"). 

W I T N E S S E T H:

WHEREAS, by Agreement of Lease, dated as of September 25, 2012 (the "Original Lease"), between Landlord's predecessor-in-interest, 1400 Broadway Associates, L.L.C. ("Original Landlord") and Tenant, Original Landlord did demise and let unto Tenant and Tenant did hire and take from Original Landlord, the entire twenty-fifth (25th) floor (the “25th Floor”) of the building known as and by the street address 1400 Broadway, New York, New York (the "Building"); 

WHEREAS, the Original Lease was amended and modified by that certain Lease Modification Agreement, dated as of January 23, 2014 (the "First Modification") between Original Landlord and Tenant pursuant to which Tenant also leased from Original Landlord certain additional space on the 24th floor of the Building designated as  Suites 2400, 2406 and 2405A (collectively, the "Original 24th Floor Space"); 
        
WHEREAS, the Original Lease was further amended and modified by that certain Lease Modification Agreement, dated as of May 12, 2014 (the "Second Modification") between Original Landlord and Tenant pursuant to which Tenant also leased from Original Landlord certain previously common area space on the twenty-fourth (24th) floor of the Building (the “24th Floor Common Area Space”); 

WHEREAS, the Original Lease was further amended and modified by that certain Lease Modification Agreement, dated as of March 3, 2015 (the "Third Modification"; the Original Lease as modified by the First Modification, the Second Modification and the Third Modification, the “Lease”) between Landlord and Tenant pursuant to which Tenant also leased from Landlord certain additional space in the Building on the twenty-second (22nd) floor of the Building designated as Suites 2200 and 2203 (collectively, the "22nd Floor Space"), the entire twenty-third (23rd) floor of the Building (the "23rd Floor"), certain space on the twenty-four (24th) floor of the Building designated as Suites 2403, 2404 and 2405B (collectively, the "Additional 24th Floor Space") and the entire twelfth (12th) floor of the Building (the “12th Floor”); and
         
WHEREAS, Landlord and Tenant desire to amend the Lease to (i) terminate the Lease as it applies only to the 12th Floor (hereinafter referred to as the “Surrender Space”) and (ii) otherwise amend the provisions of the Lease, all on the terms and conditions contained in this Agreement.

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NOW, THEREFORE, in consideration of the mutual covenants herein contained, and for other good and valuable consideration, the mutual receipt and legal sufficiency of which is hereby acknowledged, Landlord and Tenant, for themselves, their legal representatives, successors and assigns, hereby agree as follows:

1.    Recitals; Capitalized Terms.  The recitals set forth above are true and correct and by this reference are incorporated herein in their entirety.  All capitalized terms used herein shall have the meanings ascribed to them in the Lease unless otherwise defined herein.

2.    Partial Surrender.  
            
A.    Effective as of 11:59 P.M. on the “Surrender Date” (as defined herein), (i) the term of the Lease with respect to the Surrender Space shall be extinguished in the same manner and with the same effect as if the term of the Lease with respect to the Surrender Space had expired on the Surrender Date and (ii) the premises demised under the Lease shall be thereafter be comprised of the 25th Floor, the Original 24th Floor Space, the 24th Floor Common Area Space, the 22nd Floor Space, the 23rd Floor, and the Additional 24th Floor Space (collectively, the “Remaining Premises”).  From and after the Surrender Date, all references in the Lease to the Demised Premises shall refer to the Remaining Premises.  Accordingly, effective as of the Surrender Date, Tenant shall vacate, quit and surrender possession of the Surrender Space to Landlord, to the intent and purpose that Tenant shall give, grant and surrender all of its right, title and interest in and to the Surrender Space under the Lease to Landlord, whereupon  the term of the Lease with respect to the Surrender Space and all rights and obligations of Landlord and Tenant under the Lease with respect to the Surrender Space shall expire and terminate with the same effect as if the Surrender Date were the Expiration Date set forth in the Lease.  Except as otherwise provided in this Agreement, the provisions of Article 11 of the Original Lease including, without limitation, Landlord’s rights in the event that Tenant fails to surrender the Surrender Space on the Surrender Date, shall be deemed applicable on the Surrender Date as if the Surrender Date were the Expiration Date. Nothing contained in this Paragraph 2 shall permit Tenant to retain possession of the Surrender Space after the Surrender Date or limit in any manner Landlord's right to regain possession of the Surrender Space, through summary proceedings or otherwise.  The provisions of this Paragraph 2 shall survive the surrender of the Surrender Space and the Surrender Date.

B.    The “Surrender Date” shall mean 6 P.M. on the third (3rd) business day following the date that Tenant receives written notice from Landlord (the “Contingency Satisfaction Notice”) that the Contingency described in Paragraph 21 of this Agreement has been satisfied or waived.    

C.    Notwithstanding anything to the contrary set forth in this Agreement, Tenant shall have no obligation to pay any Fixed Rent or Additional Rent with respect to the Surrender Space during the period from the date of Tenant’s receipt of the Contingency Satisfaction Notice and the Surrender Date provided that during such period Tenant is merely entering onto the Surrender Space for the purpose of removing any property, furnishings, wiring or equipment which Tenant may elect to remove prior to the Surrender Date, and not for the conduct of business therein. 

3.    Representations and Warranties. 

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A. Tenant covenants, represents and warrants to Landlord that (a) Tenant is the sole tenant under the Lease and Tenant has not assigned, conveyed, encumbered, pledged, sublet or otherwise transferred, in whole or in part, its interest in the Lease, nor shall Tenant do any of the foregoing prior to the Surrender Date, (b) there are no persons or entities claiming under Tenant, or who or which may claim under Tenant, any rights with respect to the Surrender Space, or any fixtures, equipment or personalty incorporated therein, nor shall Tenant permit any such claim to arise prior to the Surrender Date, (c) Tenant has the right, power and authority to execute and deliver this Agreement and to perform Tenant's obligations hereunder, and (d) this Agreement is a valid and binding obligation of Tenant enforceable against Tenant in accordance with the terms hereof.  If there shall be any breach of the preceding covenants, representations and warranties, then Tenant shall indemnify Landlord from and against any and all claims arising out of such breach, and shall reimburse Landlord for any actual, direct costs and expenses (including reasonable legal fees) incurred in connection therewith.  The foregoing covenants, representations and warranties shall survive the Surrender Date. 

B.Landlord covenants, represents and warrants to Tenant that (a) Landlord has the right, power and authority to execute and deliver this Agreement and to perform Landlord's obligations hereunder, (b) this Agreement is a valid and binding obligation of Landlord enforceable against Landlord in accordance with the terms hereof and (c) any third party consents necessary in connection with Landlord’s execution of this Agreement and acceptance of the surrender of the 12th Floor as provided for in this Agreement have been obtained prior to the execution and delivery of this Agreement by Landlord. If there shall be any breach of the preceding covenants, representations and warranties, then Landlord shall indemnify Tenant from and against any and all claims arising out of such breach, and shall reimburse Tenant for any actual, direct costs and expenses (including reasonable legal fees) incurred in connection therewith.  The foregoing covenants, representations and warranties shall survive the Surrender Date.

          4.    Payments & Apportionment.  Subject to the provisions of Paragraph 2.C hereof, Tenant’s obligation to pay any and all fixed annual rent, additional rent, and any and all other sums and charges payable under the Lease with respect to the Surrender Space shall continue in full force and effect throughout the period prior to and including 11:59 P.M. on the Surrender Date, and Tenant shall pay such amounts to Landlord as and when becoming due under the Lease during such period, which obligation shall survive the Surrender Date.  If any item of fixed annual rent, additional rent, or any other sums and/or charges, due and payable under the Lease with respect to the Surrender Space for any period prior to the Surrender Date shall not be finally determined as of the Surrender Date and/or set forth in a bill given to Tenant on or prior to the Surrender Date, then Tenant shall pay such amounts to Landlord within ten (10) business days after rendition of a bill therefor.  In addition, any and all provisions of the Lease which impose obligations on Tenant to pay escalations of any sort with respect to the Surrender Space (including, but not limited to, real estate taxes, operating expenses, and electricity, whether or not such payments are called escalation rent, rental or additional rent), shall be apportioned as of the Surrender Date, and the obligation to pay any such escalations shall survive the Surrender Date for a period of one year. Landlord’s obligation to refund any overpayment made by Tenant shall survive the Surrender Date for a period of one (1) year.  If, following the Surrender Date, Landlord furnishes a bill to Tenant for operating expense escalations not previously billed by Landlord, provided and upon the condition that Tenant gives notice to Landlord that Tenant disputes the accuracy of the amounts billed or its appropriateness within sixty (60) days after the first delivery of such bill, time being of the essence, Tenant shall retain those audit rights available to Tenant pursuant to Section 2.D.(vii) of the Lease.  The terms and provisions of this Paragraph 4 shall survive the surrender of the Surrender Space and the Surrender Date. 

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5.    Condition of Surrender Space.  

A.    On or before the Surrender Date, notwithstanding anything to the contrary contained in Lease (including, without limitation, in Articles 8 or 11 thereof) or this Agreement, the Surrender Space shall be delivered to Landlord vacant (i.e., free of all persons claiming by, through or under Tenant), broom clean, free and clear of all liens, encumbrances, tenancies and occupancies; provided however, Tenant shall have no obligation to remove any furniture, furnishings, fixtures, equipment, moveable fixtures, partitions and any other personal property existing in the Surrender Space on the Surrender Date (collectively, the “FF&E”), and any FF&E remaining in the Surrender Space shall be conclusively deemed to be abandoned by Tenant and may, at the election of Landlord, either be retained as Landlord's property or be removed by Landlord at Landlord’s sole cost and expense; accordingly, Landlord waives Tenant’s obligation under the Lease to remove the FF&E. Furthermore, Tenant expressly agrees that the Surrender Space shall be surrendered with the three (3) refrigerators that were previously removed (failing which, the surrender fee and Initial Installment set forth in paragraph 6 below shall each be increased by Ten Thousand and 00/100 ($10,000.00) Dollars.   In addition, Tenant shall have no obligation to remove or restore any installations, alterations, additions or improvements (collectively, “Tenant Alterations”) made by Tenant to the Surrender Space upon the Surrender Date in accordance with applicable terms of the Lease, if any.  In amplification (and not in limitation) of Landlord’s agreement to accept the Premises in its then “as is” condition on the Surrender Date without any representations or warranties of any kind whatsoever by Tenant, and notwithstanding anything to the contrary contained in the Lease (including, without limitation, Articles 8 or 11 thereof), Tenant shall not be required to (x) remove (or to pay or reimburse Landlord if it removes) any FF&E or Tenant Alterations which exist in the Surrender Space as of the Surrender Date or (y) to repair (or to pay or reimburse Landlord if it repairs) any damage to the Surrender Space or the Building caused by the removal of any FF&E or Tenant Alterations which exist in the Surrender Space as of the Surrender Date from the Surrender Space by Landlord or any other third party; provided, however, if Tenant elects to remove any FF&E or Tenant Alterations, then Tenant shall be responsible for the costs incurred by Landlord to repair any damage to the Premises or other portions of the Building by reason thereof. For clarification, Landlord acknowledges that Tenant intends to remove the audio-visual and related equipment presently installed in the Surrender Premises prior to the Surrender Date and that Tenant shall be responsible for the costs incurred by Landlord to repair any damage to the Premises or other portions of the Building by reason thereof.

6.    Surrender Fee.  In consideration of Landlord's acceptance of such surrender of the Surrender Space by Tenant, Tenant agrees to pay Landlord the amount of Two Million Five Hundred Sixty-Seven Thousand Four Hundred Twenty-Three and 33/100 ($2,567,423.33) Dollars as follows: (x) $1,397,094.50 (the “Initial Installment”) due upon execution and delivery of this Agreement by Tenant by wire transfer of funds to Landlord’s account in accordance with the wire transfer instructions attached hereto as Exhibit “1” and made a part hereof and (y) by payment of the 12th Floor Security Deposit by Landlord on Tenant’s behalf in accordance with Sections 8 and 9 below on account of the Surrender Fee.  In the event this Agreement is terminated or deemed to expire pursuant to Section 21 hereof, within five (5) business days of the termination or expiration of this Agreement, Landlord shall, without setoff, deduction, recoupment, defense or counterclaim of any kind, refund to Tenant the Initial Installment of the Surrender Fee by wire transfer of funds to Tenant in accordance with the wire instructions attached hereto as Exhibit “2” and made a part hereof.

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7.    Modifications to Lease. 

A.    12th Floor.   Effective as of the Surrender Date, the provisions of Paragraph 11 of the Third Modification shall be null and void and no further force or effect, including, without limitation, the obligation for payment of fixed annual rent, operating expenses escalations, tax escalations and any other fees, escalations, expenses or charges with respect to the Surrender Space pursuant to the Third Modification or the Lease.

B.    Expansion Options.  Effective as of the date hereof, Tenant hereby waives all remaining rights and options contained in the Lease to lease additional space in the Building, including, without limitation, the rights of first offer to lease the 26/27 First Offer Space pursuant to Paragraph 15 of the First Modification (or alternatively, to lease the 26th First Offer Space pursuant to Paragraph 8 of the Third Modification), to lease Suite 2202 in the Building pursuant to Paragraph 6 of the Third Modification, and to lease Suite 2204 in the Building pursuant to Paragraph 7 of the Third Modification. Furthermore, for the avoidance of doubt, Article 55 of the Original Lease are hereby deemed expired and of no further force or effect.

C.    Intentionally Omitted.

8.    Reduction in Security Deposit.  Provided and upon the condition that Tenant promptly surrenders possession of the Surrender Space on the Surrender Date and otherwise fully performs and observes all of the terms, covenants and conditions contained in this Agreement, to be performed or observed by Tenant, Landlord shall return a portion of the Security Deposit in the amount of One Million One Hundred Seventy Thousand Three Hundred Twenty-Eight and 83/100 ($1,170,328.83) Dollars (the “12th Floor Security Deposit”) to Tenant within thirty (30) days following the Surrender Date, less any sums then due and payable by Tenant to Landlord under the Lease following the due date thereof. Notwithstanding the foregoing, Tenant hereby directs Landlord to pay the Security Deposit on Tenant’s behalf to Landlord on account of the Surrender Fee in accordance with Section 6 above on or following the Surrender Date. Accordingly, from and after the Surrender Date,  Article 31 of the Original Lease, as previously modified, is hereby further modified so that following the return of the aforesaid amount, the Security Deposit shall be $2,392,051.67 (subject to possible reductions thereof as contemplated in the Lease), as security for the faithful performance and observance by Tenant of the terms, provisions and conditions of the Lease, as modified hereby. For the avoidance of doubt, in no event shall Tenant be entitled to the reduction in the Security Deposit on the five (5) year ten (10) month anniversary of the 12th Floor Commencement Date contemplated in Paragraph 10 of the Third Modification. 

9.    Releases.

A.    Provided that Landlord has complied with all of the terms and conditions of this Agreement, including those set forth in subsection 9(B) below, as of the Surrender Date, Tenant does hereby release and relieve Landlord and all persons and entities claiming by, through or under Landlord and their respective successors and assigns from and against any and all actions, causes of action, suits, controversies, damages, judgments, liabilities, claims and demands whatsoever, at law or in equity, of every kind and nature whatsoever (and whether or not then known or knowable) arising out of or in connection with the Surrender Space relating to the period from and after the Surrender Date, except that Landlord shall remain liable thereafter: (i) for all liabilities and claims incurred by or made against Landlord and/or Tenant for labor and materials asserted to have been furnished to Tenant or anyone 

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claiming by, through or under Tenant, with respect to the Surrender Space, up to and including the Surrender Date, that Landlord was obligated to pay for; (ii) for any claims by Tenant against Landlord for contribution or indemnity or both arising out of third party claims against Tenant and relating to the Surrender Space, to the extent expressly provided for in the Lease, as amended by this Agreement, and asserted to have occurred on or before the Surrender Date, (iii) for any breach by Landlord of a representation or covenant under this Agreement; and (iv) for all other obligations of Landlord with respect to the Surrender Space expressly provided in the Lease (as modified by this Agreement), or in this Agreement to survive the expiration or termination of the Lease, as amended by this Agreement, but only to the extent such obligation relates to the period up to and including the Surrender Date. 

B.    Provided that Tenant has complied with all of the terms and conditions of this Agreement (other than those obligations which by the terms of this Agreement are to be performed after the Surrender Date), including, without limitation, the payment of all fixed annual rent, regularly occurring additional rent and any and all other invoiced sums and charges due and payable for periods prior to the Surrender Date, then Landlord (i) shall accept the surrender of the Surrender Space on the Surrender Date in the condition required by Paragraph 5 of this Agreement, (ii) shall apply the 12th Floor Security Deposit, to the Surrender Fee, and (iii) as of the Surrender Date, does hereby release and relieve Tenant and all persons and entities claiming by, through or under Tenant and their respective successors and assigns from and against all actions, causes of action, suits, controversies, damages, judgments, liabilities, claims and demands whatsoever, at law or in equity, of every kind and nature whatsoever (and whether or not then known or knowable) arising out of or in connection with the Surrender Space relating to the period from and after the Surrender Date, except that Tenant shall continue to remain liable thereafter: (w) for all liabilities and claims incurred by or made against Landlord and/or Tenant for labor and materials asserted to have been furnished to Tenant or anyone claiming by, through or under Tenant, with respect to the Surrender Space, up to and including the Surrender Date; (x) for any claims by Landlord against Tenant for contribution or indemnification or both arising out of third-party claims against Landlord and relating to the Surrender Space, to the extent expressly provided for in the Lease, as amended by this Agreement, asserted to have occurred on or before the Surrender Date; (y) for any breach by Tenant of a representation or covenant under this Agreement, including the failure to vacate the Surrender Space in accordance with this Agreement; and (z) for all other obligations of Tenant with respect to the Surrender Space expressly provided in the Lease (as modified by this Agreement) or in this Agreement that expressly survive the expiration or termination of the Lease, as amended by this Agreement, but only to the extent such obligation relates to the period prior to the Surrender Date.  Notwithstanding the foregoing, Tenant shall not be released from any covenant, representation or warranty contained in this Agreement and/or the Lease, which by the terms of this Agreement or the Lease is specifically stated to survive the surrender of the Surrender Space and/or the expiration or earlier termination of the Lease.

C.    Except as expressly set forth in this Agreement, nothing contained in this Agreement shall affect Tenant’s rights, obligations and liabilities with respect to the Remaining Premises after the surrender of the Surrender Space, which rights, obligations and liabilities shall continue under the Lease (as amended hereby) as if this Agreement had not been made.

10.    Transfer Taxes. In consideration of the payment of the Surrender Fee hereunder, Landlord hereby agrees to pay any and all transfer taxes, if any, imposed by any governmental authority in connection with the surrender of the Surrender Space, including, without limitation, any City Transfer Tax and State Transfer Tax (each as hereinafter defined), and (b) does hereby agree to indemnify and hold Tenant harmless of and from any transfer taxes imposed by any governmental authority by reason of the 

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execution and delivery of this Agreement and the consummation of the transaction contemplated hereby, including, without limitation, the City Transfer Tax and the State Transfer Tax, if any, and all expenses related thereto, including, without limitation, reasonable attorneys' fees and disbursements.  Landlord and Tenant shall each complete, execute and deliver, within seven (7) days after request by either party of the other party, any questionnaire, affidavit or document with respect to the tax imposed by Title 11, Chapter 21 of the New York City Administrative Code (the "City Transfer Tax") and Article 31 of the Tax Law of the State of New York (the "State Transfer Tax"), required to be completed, executed and delivered by Landlord and Tenant with respect to the transactions contemplated by this Agreement, and the taxes, if any, shown thereby to be due shall be paid by Landlord when required by applicable law or regulation.  The provisions of this Paragraph 10 shall survive the Surrender Date.

11.    Further Assurances.  Landlord and Tenant, each upon request of the other party, at any time and from time to time hereafter and without further consideration, shall execute, acknowledge and deliver to the other any instruments or documents, or take such further action, as shall be reasonably requested or as may be necessary to more effectively assure the vacation, quitting and surrender of the Surrender Space and the full benefits intended to be created by this Agreement.

12.    Brokerage.  Tenant represents and warrants to Landlord that it has not dealt with any broker, finder or like agent in connection with this Agreement other than Newmark Grubb Knight Frank ("Broker").  Tenant does hereby agree to indemnify and hold Landlord harmless of and from any and all losses, costs, damages or expenses (including, without limitation, attorneys' fees and disbursements) incurred by reason of any claim of or liability to any broker, finder or like agent (other than Broker) who shall claim to have dealt with Tenant in connection herewith.  The provisions of this Paragraph 12 shall survive the surrender of the Surrender Space and the termination of the Lease.  Landlord shall be responsible for the payment of any commissions or fees earned and payable to the Broker in connection with this Agreement and the transaction contemplated hereby pursuant to a separate agreement between Landlord and Broker and Tenant shall have no such obligation or liability in respect of any such commissions, fees or costs earned by and payable to Broker in connection therewith.

13.    Intentionally Deleted. 

14.    Entire Agreement.  This Agreement constitutes the entire understanding between the parties hereto with respect to the Surrender Space hereunder and concerning the subject matter of this Agreement and supersedes all prior contemporaneous agreements or understandings, whether oral or written, express or implied, relating to the subject matter of this Agreement and may not be changed orally but only by an agreement in writing signed by the party against whom enforcement of any waiver, change, modification or discharge is sought.

15.    Enforceability.  This Agreement shall not be binding upon or enforceable against either Landlord or Tenant unless, and until, Landlord and Tenant, each in its sole discretion, shall have executed and unconditionally delivered to the other an executed counterpart of this Agreement.

16.    Invalidity.  If any of the provisions of this Agreement, or the application thereof to any person or circumstance, shall, to any extent, be invalid or unenforceable, the remainder of this Agreement, or the application of such provision or provisions to persons or circumstances other than those as to whom or which it is held invalid or unenforceable shall not be affected thereby, and every provision of this Agreement, shall be valid and enforceable to the fullest extent permitted by law.     

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17.    Binding Effect. The covenants, agreements, terms and conditions contained in this Agreement shall bind and inure to the benefit of the parties hereto and their respective successors, and their respective assigns.

18.    Captions.  The captions herein are inserted only for convenience, and are in no 
way to be construed as a part of this Agreement or as a limitation of the scope of any provision of this Lease.

19.    Counterparts.  This Agreement may be executed in one or more counterparts each of which when taken together shall constitute but one original. Delivery of an executed counterpart of this Agreement by electronic transmission in a Portable Document Format ("PDF") or other digital format acceptable to Landlord shall be equally effective as manual delivery of an executed counterpart of this Agreement, and each such counterpart, whether delivered manually, or by PDF or such other digital format shall be deemed an original.

20.    Authority.       The persons executing this Agreement on behalf of Landlord and Tenant represent and warrant that they do so with full authority to bind the parties hereto to the terms, conditions and provisions hereinabove set forth.

21.    Contingency.  Landlord and Tenant hereby expressly acknowledge and agree that this Agreement is conditioned upon the unconditional execution and delivery by Landlord, as landlord and an undisclosed third party, as tenant (the “Replacement Tenant”) of a new lease covering the Surrender Space, on terms and conditions acceptable to Landlord in its sole discretion (the aforesaid event as described being hereinafter referred to as the "Contingency"), and that this Agreement shall be of no force and effect unless and until the Contingency is fully satisfied or waived by Landlord; it being understood and agreed however, that if for any reason whatsoever, the Contingency is not satisfied or waived by Landlord on or before the date which is fifteen (15) Business Days after the date hereof (unless said period is extended in writing by Landlord and Tenant), this Agreement shall be void ab initio, and be of no force and effect without further act or instrument of any kind, and Landlord and Tenant shall have no obligation or liability to the other party under this Agreement.  Upon the satisfaction of the Contingency or Landlord’s election to waive the Contingency, Landlord shall deliver to Tenant a written notice to Tenant containing a representation and warranty that the Contingency has been satisfied or waived by Landlord. 

22.    Certifications.  (a)    Tenant hereby certifies to Landlord that (i) to Tenant’s actual knowledge, the Lease is in full force and effect and has not been further modified or amended except as set forth in this Agreement, (ii) to the best of Tenant’s knowledge, Landlord is not now in default under the Lease, (iii) to Tenant’s actual knowledge, Tenant knows of no condition or event which, with the giving of notice or the passage of time, or both, would constitute such default by Landlord or Tenant and (iv) Tenant has made no demand against Landlord and, to the best of Tenant’s knowledge, has no present right to make any demand against Landlord with respect to charges, liens, defenses, counterclaims, offsets, claims, or credits against the payment of rent or additional rent or the performance of Tenant’s obligations under the Lease, other than any audit and challenge rights expressly provided for in the Lease. 

(b)    Landlord hereby certifies to Tenant that (i) to Landlord’s actual knowledge, the Lease is in full force and effect and has not been further modified or amended except as set forth in this Agreement, (ii) to the best of Landlord’s knowledge, Tenant is not now in default under the Lease beyond any applicable 

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notice and cure period, (iii) to Landlord’s actual knowledge, Landlord knows of no condition or event which, with the giving of notice of the passage of time, or both, would constitute such default by Tenant and (iv) Landlord currently has made no demand against Tenant and to the best of Landlord’s knowledge, has no present right to make any demand against Tenant with respect to charges, liens, defenses, counterclaims, offsets, claims, or credits against the payment of rent or additional rent or the performance of Landlord’s obligations under the Lease.

23.    Governing Law.    This Agreement shall be governed by and construed in accordance with New York law, without regard to conflicts of law principles.

24.    Ratification.   Except as modified by this Agreement, all of the terms, covenants and conditions of the Lease with respect to the Remaining Premises are confirmed and approved and shall remain in full force and effect.
25.     Confidentiality.
A.    Landlord and Tenant each hereby agree to keep the terms of this Agreement confidential and shall cause their respective partners, officers, directors, employees, agents, accountants, brokers, consultants and attorneys (collectively, the “Representatives”) to do so and Landlord and Tenant and such Representatives shall not disclose same to any other person not a party hereto without the prior written consent of the other party (including, without limitation, posting the terms of this Agreement or any part thereof on the internet or in any mailing or providing a copy to third parties via electronic mail), provided that Landlord and Tenant may each disclose the terms hereof, without the other party’s consent (i) to their respective Representatives and others in privity with Landlord and Tenant such as their respective lenders, professional advisors, prospective lenders or prospective purchasers to the extent reasonably necessary for Landlord’s and Tenant’s business purposes without such prior consent, but subject to the confidentiality requirement hereof, (ii) in connection with the enforcement of this Agreement or in any proceeding regarding or relating to this Agreement and (iii) pursuant to any applicable Requirement. Additionally, the foregoing provisions shall not prohibit (x) Landlord from such disclosure of the terms of this Agreement as is reasonably required in connection with the operation of Landlord’s parent company as a public company for financial reporting purposes, and to current and prospective investors, financial analysts and other participants in so called “earnings calls”, or (y) Tenant from such disclosure of terms of this Agreement as is reasonably required in connection Tenant’s operation as a public company for financial reporting purposes, and to current and prospective investors, financial analysts and other participants in so called “earnings calls”.  The consent by Landlord or Tenant to any particular disclosure shall not be deemed to be a waiver on the part of Landlord or Tenant of any prohibition against any future disclosure.
B.    The breach of the foregoing provisions by either Landlord or Tenant shall not give the non-breaching party the right to terminate this Agreement, the sole and exclusive remedy for such breach being an action for damages or an action for injunctive relief.  
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IN WITNESS WHEREOF, the parties hereto have executed this Partial Termination and Surrender Agreement and Fourth Lease Modification Agreement as of the date first above written.

ESRT 1400 BROADWAY, L.P., Landlord

By:    ESRT 1400 Broadway GP, L.L.C., its general partner

By:    Empire State Realty OP, L.P., its sole member

                By:    Empire State Realty Trust, Inc., its general partner

 By:  /s/ Thomas P. Durels
               Name:  Thomas P. Durels
                   Title:    Executive Vice President,
     Director of Leasing and Operations

ON DECK CAPITAL, INC., Tenant

By:    /s/ Howard Katzenberg
Name: Howard Katzenberg
Title: Chief Financial Officer

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