Document:

Amendments to Commercial Lease

 Exhibit 10.7 
 THIRD AMENDMENT TO LEASE 
 THIS AGREEMENT made and entered into this 17th day of May 2006 (the “Effective Date”), by and between West Washington Associates, LLC, a Wisconsin limited liability company
(“Landlord”), and Sonic Foundry, Inc., a Maryland Corporation (“Tenant”). 
 WHEREAS, in a Lease agreement between the above
parties (“Lease”), Tenant Leased from Landlord the premises known as Suite 775 of Network222, 222 West Washington Avenue, Madison, WI 53703 (“Premises”), for a term commencing October 1, 2003, upon the covenants and
conditions contained therein. 
 WHEREAS, the parties amended the Lease and the Premises to include Suite 140 as storage space to the Premises in a First
Amendment To Lease dated October 1, 2003. 
 WHEREAS, the parties amended the Lease to add 3,811 of Usable Area to the Premises in a Second Amendment To
Lease dated February 11, 2004. 
 WHEREAS, Landlord and Tenant now desire to amend the Lease on the terms herein stated. (Capitalized terms shall have
the meaning ascribed to them in the Lease unless otherwise noted herein.) 
 THEREFORE, in consideration of the mutual covenants and conditions
contained herein the parties hereby agree as follows: 
  

	1.	Upon the Effective Date the Premises shall be amended to include 8,911 square feet of Rentable Area (7,749 square feet of Usable Area) as depicted in Exhibit A attached
hereto (such addition to the Premises, the “Second Expansion Space”). Tenant is also hereby granted a non-exclusive license to place network patch panel and switch equipment necessary for its office network serving the Second Expansion
Space within the electrical closet located adjacent to the Second Expansion Space during the duration of the term. 

  

	2.	Tenant hereby exercises its first of two three (3) year options to extend as set forth in Section 18.18 of the Lease. The new Expiration Date for the entire
Premises, including the Second Expansion Space, shall be September 30, 2011. Tenant’s second expansion option as set forth in Section 18.18 of the Lease shall be deemed to include the Second Expansion Space. 

 

	3.	Base Rent for the Second Expansion Space shall be abated through August 31, 2006. The Base Rent for the Second Expansion Space shall begin September l, 2006 and shall be
adjusted according to the following schedule: 

  

				
	 September 1, 2006 - September 30, 2007:
	  	$	23.50/RSF
	 October 1, 2007- September 30, 2008:
	  	$	24.00/RSF
	 October 1, 2008 - September 30, 2009:
	  	$	24.50/RSF
	 October 1, 2009 - September 30, 2010:
	  	$	25.00/RSF
	 October 1, 2010 - September 30, 2011:
	  	$	25.50/RSF

  

	4.	With respect to the Second Expansion Space, Tenant’s Base Year shall be calendar year 2006. Tenant shall pay Tenant’s Pro Rata Share of increases in Operating Costs
over Landlord’s Share in the Base Year as set forth in Section 4.3 of the Lease. Tenant’s Pro Rata Share under the Lease with respect to the Second Expansion Space is 4.54%. 

  

	5.	Exhibit D of the Lease (Parking Addendum) shall be amended to add nine parking spaces in the Building and the Parking Agreement - Dane County Ramp dated September 16,
2003 shall be amended to add fourteen (14) parking spaces in the Dane County Ramp (or the City of Madison Overture Center Ramp). These additional stalls shall be taken under the same terms and conditions as set forth in the respective
agreements including being subject to the each agreements’ current applicable Additional Rent schedule and future adjustments as set forth in those agreements. 

  

	6.	The Second Expansion Space is being taken in its “as-is” condition. Provided Tenant is not in default under the Lease, beyond any applicable cure periods, Landlord
shall provide Tenant an improvement allowance in the amount of $309,950 (the “Improvement Allowance”) to be utilized for improvements to the Second Expansion Space in the manner and terms as set forth in the attached Exhibit B - Landlord
and Tenant Construction Obligations. 

  

	7.	Tenant shall have the right to place a Building standard Landlord approved directory strip identifying Tenant on the monument sign located outside the Building entry at
Tenants sole cost and expense. 

  

	8.	The Second Expansion Space shall not be subject to Tenant’s Option to Expand as set forth in Section 18.19 of the Lease. 

  

	9.	Tenant acknowledges that, as depicted in Exhibit C, Landlord may in the future require the recapture of part of the Second Expansion Space to serve as the Building’s
future elevator core should Landlord desire to expand the Building. Tenant and Landlord agree to negotiate in good faith to achieve an equitable agreement whereby Landlord would recapture the space necessary for the elevator core.

  

	10.	Right of First Offer. Provided there is at least three (3) years remaining on the term of the Lease (including any lease extension period if previously exercised),
Tenant will have the right of first offer (“Right of First Offer”) to lease any space adjacent to the Second Expansion Space as depicted in the attached Exhibit D whenever such space becomes available during the term of the Lease. Space
shall deemed to “become available” when the lease for any current tenant of all or a portion of the adjacent space expires or is otherwise terminated. Notwithstanding this, adjacent space shall not be deemed to “become available”
if the space is i) assigned or subleased by the current tenant of the space, or ii) re-let by the current tenant of the space by renewal, extension, or renegotiation. 

 Tenant’s Right of First Offer will be provided under the following terms and conditions: 
  

	 	(a)	Whenever such space covered under Tenant’s Right of First Offer becomes available, Landlord will give Tenant notice of such availability together with the terms of its
availability, which shall be based on the fair market rental conditions for comparable office space in downtown Madison, Wisconsin at the time the space becomes available for lease. 

  

	 	(b)	Within fifteen (15) days of receipt of Landlord’s notice, Tenant will give Landlord written notice of Tenant’s intent to expand into the offered space or
Tenant’s right to such space will be deemed waived by Tenant. 

 In the event Tenant exercises such Right of First Offer,
the area will be added to the Premises under the terms and conditions so offered and in its entirety unless Landlord agrees to divide such space. 
  

 Page 2 

	11.	Landlord and Tenant hereby represent and warrant to the other party that it has not engaged a broker to whom a commission would be due for either the Second Expansion Space
nor for the extension of the term for the existing Premises. Each party agrees to indemnify and hold the other party harmless from any claim(s) of a commission owing from this Third Amendment to Lease. 

 Tenant has occupied and/or inspected the Premises and knows the condition thereof, and acknowledges that no warranties, expressed or implied, are made with respect
thereto, except as provided in this Third Amendment. 
 All other conditions of the Lease remain unchanged and all terms of the Lease, as amended, are
incorporated herein by reference. 
 This Agreement shall also be binding upon and inure to the benefit of the successors and assigns of the respective
parties hereto. 
 IN WITNESS WHEREOF, the parties hereto have set their hands and seals on the date and year above written. 
  

			
	WEST WASHINGTON ASSOCIATES, LLC, LANDLORD
		
	By:	 	 /s/ William J. Kunkler

		 	William J. Kunkler, Executive Vice President
		
	By:	 	 /s/ Lee R. Ferderer

		 	Lee R. Ferderer, Corporate Counsel
	
	SONIC FOUNDRY, INC., TENANT
		
	By:	 	 /s/ Kenneth A. Minor

		 	Kenneth A. Minor, Chief Financial Officer

  

 Page 3 

 

 

 EXHIBIT B - LANDLORD AND TENANT CONSTRUCTION OBLIGATIONS 
 LANDLORD’S AND TENANT’S CONSTRUCTION OBLIGATIONS 
 I.
CONSTRUCTION PROCEDURES 
 Landlord agrees to provide, by Landlord’s designated architect and/or engineer, the following Building Standard
architectural and mechanical drawings and specifications (the “Initial Plans”), to be drawn for the Second Expansion Space on Tenant’s behalf and which shall be based upon Tenant’s space plan as shown in Exhibit B-l: 

 

	 	A.	Completed, finished and detailed architectural drawings for Tenant’s reflected ceiling, telephone, data and electrical outlets, and for the work to be done by Landlord under
Section II hereof. 

  

	 	B.	Completed Building Standard plans where necessary for installation of air-conditioning grilles and registers, heating and electrical facilities for the work to be done by Landlord
under Section II hereof. 

 Landlord shall also submit for Tenant’s review architectural drawings for Tenant’s doors, sidelights,
cabinetry, and countertops which shall be reviewed and approved by Tenant and Landlord using reasonable discretion. 
 Tenant covenants and agrees to furnish
Landlord the following necessary information for the completion of the Initial Plans on or before May 10, 2006: 
  

	 	A.	Electrical outlet, telephone and data locations; 

  

	 	B.	Cabinet layout and laminate selections (Kitchenette, Copy/Work Room countertop/ cabinetry); 

  

	 	C.	Flooring selections; and 

  

	 	D.	Paint color selections for walls and door jams. 

 Landlord will, within
seven (7) days therefrom, complete said plans and submit to Tenant for approval or disapproval. Tenant will inform Landlord of this approval or any corrections of said plans within three (3) days after receipt thereof by Tenant. All such
plans are expressly subject to Landlord’s prior written approval, which Landlord will not unreasonably withhold or delay. 
 Landlord shall provided an
Improvement Allowance of Three Hundred Nine Thousand Nine Hundred and Fifty Dollars ($309,950), to pay the cost of Landlord’s Work to be performed in the Second Expansion Space pursuant to this agreement and for the services to be provided by
Landlord hereunder. All costs for such work and services (including architectural fees and Landlord’s construction management fee of eight percent (8%) of the cost of the work) will be deducted from the Improvement Allowance. Tenant shall
pay to Landlord the cost of work and services in excess of the Improvement Allowance prior to occupancy of the Second Expansion Space. Tenant shall receive a credit to its Base Rent for any unused portion of said allowance using a fifteen
(15) year amortization schedule with a discount rate of ten percent (10%). 
  

 Page 5 

 Landlord, at its sole cost and expense, will cause said plans to be filed with the appropriate governmental agencies in
such form (buildings notice, alteration or other form) as may be required. If Tenant will desire any additional or non-standard work, over and above that specified in Section II hereof, to be performed in the Second Expansion Space by Landlord or by
Tenant, Tenant will cause similar plans and specifications for such work to be drawn at Tenant’s sole expense, either by arranging therefor with Landlord’s architect and/ or engineer, or by consultants of its own selection. All such plans
and specifications for additional or non-standard work will be submitted to Landlord with Tenant approved and/ or corrected Initial Plans (hereinafter referred to as the “Final Plans”) for Landlord’s review and approval. Landlord
reserves the right to give directives to Tenant’s architect or engineer, at Tenant’s expense, for the purpose of insuring that such additional or non-standard work conforms to the Building Standards. Landlord covenants it will not
unreasonably withhold or delay such review. 
 If Landlord agrees to perform, at Tenant’s request, and upon submission by Tenant of necessary plans and
specifications, any additional or non-standard work over and above that specified in Section II hereof, such work will be performed by Landlord, at Tenant’s sole expense, as a Tenant extra. Prior to commencing any such work requested by Tenant,
Landlord will submit to Tenant written estimates of the cost of any such work as indicated on Final Plans. If Tenant will fail to approve or disapprove any such estimate within one (1) week from the date of submission thereof by Landlord, then
Landlord will be authorized to proceed thereon. Tenant agrees to pay Landlord, promptly upon being billed therefor, the cost of all such work, together with eight percent (8%) of the cost for Landlord’s fee; Tenant agrees that in the event
of default of payment thereof, Landlord will (in addition to all other remedies) have the same rights as in the event of default of payment or rent under the Lease. 
 In addition, if Tenant fails to supply to Landlord any of the above specified information within twenty (20) days after the dates so specified, Landlord may, at it’s option, declare a default under this
Lease and exercise any of Landlord’s remedies for default thereunder, including terminating this Lease. If Landlord so terminates the Lease, Tenant will pay Landlord for all expenses incurred by Landlord in preparing the Initial Plans, and/ or
Final Plans or in preparing the Second Expansion Space for occupancy by Tenant. 
 Landlord will permit Tenant and it agents reasonable access to the Second
Expansion Space during normal working hours prior to the date specified for the commencement of Tenant’s occupancy under this Lease, in order that Tenant may perform through its own contractors such work and decorations as Tenant may desire at
the time that Landlord’s contractors are working in the Second Expansion Space. All contractors engaged by Tenant as permitted by Landlord will be bondable, licensed contractors, possessing good labor relations, capable of performing quality
workmanship and working in harmony with Landlord’s general contractor and other contractors on the job. Such license is further conditioned upon Workers’ Compensation and public liability insurance and property damage insurance, all in
amounts and with companies and on forms satisfactory to Landlord, being provided and at all times maintained by Tenant’s contractors engaged in the performance of the work, and certificates of such insurance being furnished to Landlord, prior
to proceeding with the work. If at any time such entry will cause disharmony or interference with Landlord’s mechanics or contractors, this license may be withdrawn by Landlord upon forty-eight (48) hours written notice to Tenant. Such
entry will 

  

 Page 6 

 
be deemed to be subject to all of the terms, covenants, provisions and conditions of the Lease except as to the covenant to pay rent. Landlord will not be
liable in any way for any injury, loss or damage which may occur to Tenant, its employees, contractors, agents, workmen and mechanics, or any one or more of them, or to any of Tenant’s decorations or installations so made prior to commencement
of the term of the Lease, the same being solely at Tenant’s risk and Tenant hereby agrees to indemnify and hold Landlord harmless form any and all claims therefor or arising therefrom. 
 Landlord will cause the repair or replacement of any defects in material or workmanship, if any, in the improvements installed by Landlord, if Landlord receives written
notification of such defect from Tenant within the period of one (1) year after the date of substantial completion of the Building. Tenant’s sole and exclusive remedy against Landlord will be for the repair. Landlord will not be
responsible for any defect of any nature in the improvements installed by Landlord of which Landlord is not so notified within such one (1) year period. LANDLORD MAKES NO WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO IMPLIED
WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, IN IMPROVEMENTS EXCEPT THE WARRANTIES EXPRESSLY SET FORTH HEREIN. TENANT’S SOLE REMEDY FOR THE BREACH OF ANY APPLICABLE WARRANTY WILL BE THE REMEDY SET FORTH HEREIN. Tenant
agrees that no other remedy, including without limitation incidental or consequential damages for lost profits, injury to person or property, or any other incidental or consequential loss will be available to Tenant. 
 II. LANDLORD’S WORK 
 The Second Expansion Space will be provided
in “as is” condition except for the work provided herein, which will be “Landlord’s Work”. Landlord agrees to perform the following work in the Second Expansion Space described herein and shown on the floor plan attached
hereto to provide Tenant new, fully finished, “turn-key” office space (subject to the Improvement Allowance), said work be commenced after Tenant has approved the Initial Plans: 
  

	 	A.	Partitioning - Furnish and install Landlord’s Building Standard partitioning in place as shown on the attached floor plan. The partitions will be 3-3/4” normal thickness,
consisting of one (1) 5/8” thick, full-height gypsum board, attached to each side of 2-1/2” metal studs (penetrating the acoustical ceiling at each demising wall between private spaces within the Second Expansion Space and at these
locations, where feasible, to the structural deck above the ceiling). Demising partitions will include batt-type insulation for sound insulation purposes. Drywall to be taped and sanded, ready for finishing. 

  

	 	B.	Painting - Paint the non-glazed portion of the exterior walls and all Building Standard demising and interior partitions in Landlord’s Building Standard grade of enamel latex
paint with one (1) primer and one (1) finish coat. Tenant to select paint colors (subject to Landlord’s consent which shall not be unreasonably withheld). 

  

	 	C.	Doors, Frames, and Hardware - Furnish and install Landlord’s Building Standard full height solid core doors and door as shown on the attached floor plan. Interior doors to have
Building Standard passage set hardware and corridor exit doors to have Building Standard locksets. Doors are to have non-glare exterior finish. Doorstops provided for all doors. The Second Expansion Space main entrance doors to be glass as
determined by architect with Landlord and Tenant approval. 

  

 Page 7 

	 	D.	Electrical Outlets - Furnish and install wall-mounted duplex 110-volt receptacles at locations reasonably selected by Tenant. Tenant agrees to allow Landlord to use existing
receptacles if said receptacles are located at or nearby Tenant’s desired locations. 

  

	 	E.	Telephone/Data Outlets - Provide for the installation of Building Standard wall-mounted telephone outlets in the ratio of one (1) per each two hundred ten (210) square
feet of Usable Area. Landlord to provide wall junction boxes with conduit in wall cavity with pull string. Reasonable voice/data wiring to be part of Landlord’s Work. 

  

	 	F.	Light Fixtures - Furnish and install Landlord’s Building Standard 2’ x 4’ recessed fluorescent fixture, with acrylic prismatic lens, in the ratio of one (1) per
each eighty (80) square feet of Usable Area. 

  

	 	G.	Light Switches - Furnish and install Landlord’s Building Standard wall switches in the ratio of one (1) switch per each three hundred (300) square feet of Usable Area
and in a configuration that conforms to applicable building codes. 

  

	 	H.	Ceiling - Furnish and install Landlord’s Building Standard acoustical hung ceiling throughout the Premises. 

  

	 	I.	Carpet and Cove Base - Furnish and install Landlord’s Building Standard carpeting and cove base, as selected by Tenant from Landlord’s color range, located where shown on
the Initial Plans. 

  

	 	J.	Window Covering - Furnish and install Landlord’s Building Standard mini-blinds (as needed) on exterior windows. 

  

	 	K.	Heating, Ventilating, and Air Conditioning (HVAC) - Furnish and install Landlord’s Building Standard HVAC system, including reasonable duct work and one (1) thermostat for
each zone. Supply grilles installed in accordance with plans and specifications by mechanical engineer and/or mechanical contractor. The HVAC system serving the Second Expansion Space is to be furnished and installed in conformance with all
applicable building codes and in conformance with the performance standard set forth in the Lease. 

  

	 	L.	Fire Protection - Furnish and install Landlord’s Building Standard fire protection system. Furnish and install all required exit lights and any other fire protection systems
required by applicable building codes. 

  

	 	M.	Cabinetry - Furnish and install Landlord’s Building Standard lower cabinets and countertops as shown on the Initial Plans. Tenant to select laminate color for counters and
cabinets subject to Landlord’s consent, which shall not be unreasonably withheld. 

  

	 	N.	Sidelights and Conference Room Glass - Furnish and install sidelights and conference room glass as shown in the Initial Plans. 

 III. TENANT’S WORK 
 All work, except for that defined as
Landlord Work herein, will be performed by Tenant and deemed to be “Tenant’s Work”. Tenant will do and perform at its expense all Tenant’s Work 

  

 Page 8 

 
diligently and promptly. Before doing any Tenant’s Work, Tenant must receive prior written permission from Landlord. No work performed by Tenant is in
lieu of current rent or an advance rental payment, nor is any such work deemed of any value to Landlord at the termination or cancellation of this Lease. Tenant’s Work will include, but not be limited to the following: 
  

	 	A.	Specialty electronic equipment, trade fixtures and multimedia improvements; and 

  

	 	B.	Any and all other work necessary to improve and occupy the Premises for Tenant’s use. 

 Tenant’s construction will comply in all respects with applicable federal, state, county, and local statutes, ordinances, regulations, laws, and codes. Tenant will be responsible for all necessary permits and
approvals required to pursue Tenant’s work. Tenant’s work will not hinder or interfere with the conducting of business by other tenants. Tenant’s contractor or subcontractors will not at any time damage, injure, interfere with or
delay any other construction within the Building. 
  

 Page 9 

 EXHIBIT C - FUTURE ELEVATOR CORE 
  

 Page 10 

 

 

 

 

 FOURTH AMENDMENT TO LEASE 
 THIS AGREEMENT made and entered into this 5th day of July 2006 (the
“Effective Date”), by and between West Washington Associates, LLC, a Wisconsin limited liability company (“Landlord”), and Sonic Foundry, Inc., a Maryland Corporation (“Tenant”). 
 WHEREAS, in a Lease agreement between the above parties (“Lease”), Tenant Leased from Landlord the premises known as Suite 775 of Network222, 222 West
Washington Avenue, Madison, WI 53703 (“Premises”), for a term commencing October 1, 2003, upon the covenants and conditions contained therein. 
 WHEREAS, the parties amended the Lease and the Premises to include Suite 140 as storage space to the Premises in a First Amendment To Lease dated October 1, 2003. 
 WHEREAS, the parties amended the Lease to add 3,811 of Usable Area to the Premises in a Second Amendment To Lease dated February 11, 2004. 
 WHEREAS, in a Third Amendment to Lease dated May 12, 2006 the parties amended the Lease to add the Second Expansion Space consisting of approximately 8,911 of Rentable Square Feet on the first floor of the
Building to the Premises; and Tenant exercised its first of two three (3) year options to extend as set forth in Section 18.18 of the Lease. 
 WHEREAS, Landlord and Tenant now desire to amend the Lease on the terms herein stated, (Capitalized terms shall have the meaning ascribed to them in the Lease unless otherwise noted herein). 
 THEREFORE, in consideration of the mutual covenants and conditions contained herein the parties hereby agree as follows: 
  

	 	1.	In addition to the Improvement Allowance of $309,950 as set forth in Exhibit B of the Third Amendment to Lease, Landlord shall provide Tenant a Financing Allowance of
$116,235 (hereinafter the “Financing Allowance”). 

 The Financing Allowance shall be amortized over the sixty-one
(61) month term of the Second Expansion Space at an annual rate of 12%. The resulting monthly payment of $2,529.32 (the “Financing Payment”) shall be paid by Tenant monthly in advance simultaneously with the monthly Base Rent due for
the Second Expansion Space. Accordingly, the combined monthly Base Rent and Financing Payment schedule for the Second Expansion Space shall be as follows: 
  

				
	 September 1, 2006 - September 30, 2007:
	  	$	19,980.03 per month
	 October 1, 2007 - September 30, 2008:
	  	$	20,351.32 per month
	 October 1, 2008 - September 30, 2009:
	  	$	20,722.61 per month
	 October 1, 2009 - September 30, 2010:
	  	$	21,093.90 per month
	 October 1, 2010 - September 30, 2011:
	  	$	21,465.20 per month

  

 Tenant has occupied and/or inspected the Premises and knows the condition thereof, and acknowledges that no warranties,
expressed or implied, are made with respect thereto, except as provided in this Fourth Amendment. 
 All other conditions of the Lease remain unchanged and
all terms of the Lease, as amended, are incorporated herein by reference. 
 This Agreement shall also be binding upon and inure to the benefit of the
successors and assigns of the respective parties hereto. 
 IN WITNESS WHEREOF, the parties hereto have set their hands and seals on the date and year
above written. 
  

			
	WEST WASHINGTON ASSOCIATES, LLC, LANDLORD
		
	By:	 	 /s/ Stacy M. Nemeth

		 	Stacy M. Nemeth, Senior Vice President
		
	By:	 	 /s/ Lee R. Ferderer

		 	Lee R. Ferderer, Corporate Counsel
	
	SONIC FOUNDRY, INC., TENANT
		
	By:	 	 /s/ Kenneth A. Minor

		 	Kenneth A. Minor, Chief Financial Officer

  

 Page 2 

					
	Build-Out Cost Estimate	  	        Tenant: Sonic Foundry - Suite 100	  	Cost estimate, subject to change.
	June 20, 2006	  	Usable SF: 7,749	  	

  

																
	 	  	 Total
 Cost
	  	Total
Cost/USF	  	Landlord
Cost	  	 Tenant
 Cost
	 	 	 Comments

	 Doors & Frames
	  			  			  			  				 	
	 Lobby Entry Doors
	  	$	7,565.00	  	$	0.98	  			  	$	7,565.00	 	 	
	 Removal of exterior door
	  	$	4,995.00	  	$	0.64	  			  	$	4,995.00	 	 	
	 Lobby Drs. Demo. / Framing
	  	$	950.00	  	$	0.12	  			  	$	950.00	 	 	Wall Tech removal and patch two lobby doors
	 Doors / frames / hardware/ strikes
	  	$	19,821.87	  	$	2.56	  			  	$	19,821.87	 	 	
	 Closest shelf/ coat hooks
	  	$	200.00	  	$	0.03	  			  	$	200.00	 	 	
	 Installation of doors / hardware / closet shelf
	  	$	2,400.00	  	$	0.31	  			  	$	2,400.00	 	 	
	 Conference rm glass entrance system
	  	$	4,600.00	  	$	0.59	  			  	$	4,600.00	 	 	
	 Side-lights for offices
	  	$	990.00	  	$	0.13	  			  	$	990.00	 	 	
	 Millwork
	  			  			  			  				 	
	 Room 1009
	  	$	5,500.00	  	$	0.71	  			  	$	5,500.00	 	 	Bachmann Construction
	 Room 1007
	  	$	15,500.00	  	$	2.00	  			  	$	15,500.00	 	 	
	 Room 1002
	  	$	11,350.00	  	$	1.46	  			  	$	11,350.00	 	 	
	 Room 1003
	  	$	8,450.00	  	$	1.09	  			  	$	8,450.00	 	 	
	 Room 1006
	  	$	1,500.00	  	$	0.19	  			  	$	1,500.00	 	 	
	 Room 1001
	  	$	14,000 00	  	$	1.81	  			  	$	14,000.00	 	 	
	 Staining of cabinets
	  	$	4,704.00	  	$	0.61	  			  	$	4,704.00	 	 	
	 Appliances
	  			  			  			  				 	
	 Refrigerator
	  	$	622.00	  	$	0.08	  			  	$	900.00	 	 	Revised to a GT1SHTXMB
	 Dishwasher
	  	$	500.00	  	$	0.06	  			  	$	500.00	 	 	
	 Life Safety
	  			  			  			  				 	
	 Sprinkler system
	  	$	21,100.00	  	$	2.72	  			  	$	21,100.00	 	 	Insulate or paint piping system?
	 Electrical
	  			  			  			  				 	
	 Floor coring / conduit
	  	$	3,900.00	  	$	0.50	  			  	$	3,900.00	 	 	
	 Demolition
	  	$	1,500.00	  	$	0.19	  	$	1,500.00	  	$	0.00	 	 	
	 Life safety
	  	$	19,192.00	  	$	2.48	  			  	$	19,192.00	 	 	
	 Electrical base bid
	  	$	78,408.00	  	$	10.12	  			  	$	78,408.00	 	 	
	 Security
	  	$	16,000.00	  	$	2.06	  			  	$	19,197.00	 	 	The front door was not included in the bid, $3,197.00 additional
	 Flooring
	  			  			  			  				 	
	 VCT
	  	$	3,600.00	  	$	0.46	  			  	$	3,600.00	 	 	
	 Carpet
	  	$	31,800.00	  	$	4.10	  			  	$	31,800.00	 	 	
	 Lobby flooring
	  	$	13,600.00	  	$	1.76	  			  	$	13,600.00	 	 	
	 Vinyl Cove Base
	  	$	1,400.00	  	$	0.18	  			  	$	1,400.00	 	 	
	 Allowance for leveling
	  	$	1,500.00	  	$	0.19	  			  	$	1,500.00	 	 	
	 Window Covers
	  			  			  			  				 	
	 Roller shades
	  	$	4,675.00	  	$	0.60	  			  	$	4,675.00	 	 	Conference room only. No blinds on any other windows. No box included.
	 Walls
	  			  			  			  				 	
	 Construction
	  	$	47,984.00	  	$	6.19	  			  	$	47,984.00	 	 	wall insulating and blocking
	 Loft area related work
	  	$	950.00	  	$	0.12	  	$	950.00	  	$	0.00	 	 	
	 Tape / float
	  	$	13,366.00	  	$	1.72	  			  	$	13,366.00	 	 	
	 Wall covering # VWC 3 and 4
	  	$	2,624.00	  	.$	0.34	  			  	$	2,624.00	 	 	
	 Prime and Paint walls
	  	$	15,740.00	  	$	2.03	  			  	$	15,740.00	 	 	Review color selections for ease of touchup painting
	 Plumbing
	  			  			  			  				 	
	 Break room sink / faucet
	  	$	6,000.00	  	$	0.77	  			  	$	6,000.00	 	 	Refrigerator rough-in included / Fiore will provide sink and faucet
	 Ceiling
	  			  			  			  				 	
	 Ceiling Tile
	  	$	6,480.00	  	$	0.84	  			  	$	6,480.00	 	 	
	 Ceiling spray-K13 grey
	  	$	11,500.00	  	$	1.48	  			  	$	11,500.00	 	 	Room 1008
	 Ceiling spray-K-13 black
	  	$	5,923.00	  	$	0.76	  			  	$	5,923.00	 	 	Room 1001/ 1002 Awaiting confirmation for ceiling spraying
	 Paint existing ductwork for lobby
	  			  	$	0.00	  			  	$	0.00	 	 	Awaiting pricing
	 Paint sprinkler piping
	  			  	$	0.00	  			  	$	0.00	 	 	Awaiting pricing
	 Lobby grid and panels
	  	$	7,300.00	  	$	0.94	  			  	$	7,300.00	 	 	Central Ceiling grid and wood panels is $11,000
	 Demolition of lobby
	  	$	500.00	  	$	0.06	  	$	500.00	  	$	0.00	 	 	Provide route for electrical and HVAC work
	 Fire proofing allowance
	  	$	1,000.00	  	$	0.13	  			  	$	1,000.00	 	 	
	 Roof drains and sprinkler pipes
	  			  	$	0.00	  			  	$	0.00	 	 	Paint or Insulate with galvanized appearance?
	 HVAC
	  			  			  			  				 	
	 HVAC distribution
	  	$	69,280.41	  	$	8.94	  	$	7,500.00	  	$	61,780.41	 	 	Fintube $3,500 / ductwork from mech. rm. $3,000
	 Air Balancing
	  	$	1,880.00	  	$	0.24	  			  	$	1,880.00	 	 	
	 Controls
	  	$	7,610.00	  	$	0.98	  			  	$	7,610.00	 	 	
	 Heating pipe insulation
	  			  	$	0.00	  			  	$	0.00	 	 	Awaiting choices for the ceiling insulation selections?
	 General Conditions
	  			  			  			  				 	
	 Permit Fees
	  	$	2,300.00	  	$	0.30	  			  	$	2,300.00	 	 	
	 Architectural
	  	$	15,498.00	  	$	2.00	  			  	$	15,498.00	 	 	
	 Interior signage
	  	$	2,569.00	  			  			  				 	
	 Exterior sign
	  	$	100.00	  			  			  				 	
	 Dumpster
	  	$	1,500.00	  	$	0.19	  			  	$	1,500.00	 	 	allowance
	 Cleaning
	  	$	2,400.00	  	$	0.31	  			  	$	2,400.00	 	 	Jobsite cleaning and window cleaning
	 Flore Labor
	  	$	2,000.00	  	$	0.26	  			  	$	2,000.00	 	 	
		  	 	 	  	 	 	  	 	 	  	 	 	 	 	
	 Subtotal
	  	$	524,827.28	  	$	67.38	  	$	10,450.00	  	$	515,183.28	 	 	
	 Management fee 8%
	  	$	41,986.18	  	$	5.42	  	$	0	  	$	41,986.18	 	 	
		  	 	 	  	 	 	  	 	 	  	 	 	 	 	
	 Total Project Cost
	  	$	566,813.46	  	$	73.15	  	$	10,450.00	  	$	557,169.46	 	 	
	 Tenant Improvement Allowance
	  			  			  			  	$	(309,950.00	)	 	
		  			  			  			  	 	 	 	 	
	 Tenant Improvement Overage (to be paid by Tenant)
	  			  			  			  	$	247,219.46	 	 	
		  			  			  			  	 	 	 	 	

  

			
	Tenant Acknowledgement & Approval:	  	 Ken Minor

	Date:	  	7-5-06Form of Warrant Agreement

 Exhibit 4.4 
 WARRANT AGREEMENT 
 This Warrant Agreement (this “Agreement”) made as of
                    , 2006, by and between Dekania Corp., a Delaware corporation, with offices at 2929 Arch Street, Suite 1703, Philadelphia,
Pennsylvania 19104 (“Company”), and American Stock Transfer & Trust Company, a New York corporation, with offices at 59 Maiden Lane, Plaza Level, New York, New York 10038 (“Warrant Agent”). 
 WHEREAS, the Company is engaged in a public offering (“Public Offering”) of 9,700,000 Units (“Units”) each consisting of one share of
the Company’s common stock, par value of $0.0001 per share (the “Common Stock”) and one warrant (the “Public Warrant”), to public investors. Each Public Warrant evidences the right of the holder thereof to purchase one share
of Common Stock for $8.00, subject to adjustment, as described herein; and 
 WHEREAS, the Company has filed with the Securities and Exchange
Commission (the “SEC”) a Registration Statement, No. 333-134776 on Form S-1 (“Registration Statement”) for the registration under the Securities Act of 1933, as amended (“Act”) of, among other securities, the
Public Warrants and the Common Stock issuable upon exercise of the Public Warrants; and 
 WHEREAS, the Company desires the Warrant Agent to
act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration, transfer, exchange, redemption and exercise of: (i) the Public Warrants, (ii) the 250,000 warrants issued to Cohen
Bros. Acquisitions, LLC (the “Sponsor”) in connection with an exempt private placement prior to the consummation of the Public Offering (the “Private Warrants”) and (iii) the 1,420,000 warrants issued prior to the closing of
the private placement to several of the Company’s officers and directors and to the Sponsor (the “Incentive Warrants” and together with the Public Warrants and the Private Warrants, the “Warrants” and each a
“Warrant”); and 
 WHEREAS, the Company desires to provide for the form and provisions of the Warrants, the terms upon which they
shall be issued and exercised, and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and 
 WHEREAS, all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or on behalf of the Warrant Agent, as provided herein,
the valid, binding and legal obligations of the Company, and to authorize the execution and delivery of this Agreement. 
 NOW, THEREFORE, in
consideration of the mutual agreements herein contained, the parties hereto agree as follows: 
 1. Appointment of Warrant Agent. The Company hereby
appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement. 

 2. Warrants. 
 2.1 Form of Warrant. Each Warrant shall be issued in registered form only, shall be in substantially the form of Exhibit 4.3 or Exhibit 4.5 as
filed with the Registration Statement thereto, the provisions of which are incorporated therein, and shall be signed by, or bear the manual or facsimile signature of, the Chief Executive Officer or President and Chief Financial Officer, Treasurer,
Secretary or Assistant Secretary of the Company and shall bear a facsimile of the Company’s seal. In the event the person whose manual or facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which
such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to serve in such capacity at the date of issuance. 
 2.2 Effect of Countersignature. Unless and until countersigned by the Warrant Agent pursuant to this Agreement, a Warrant shall be invalid and of
no effect and may not be exercised by the holder thereof. 
 2.3 Registration. 
 2.3.1 Warrant Register. The Warrant Agent shall maintain books (“Warrant Register”) for the registration of original
issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register the Warrants in the names of the respective holders thereof in such denominations and otherwise in
accordance with instructions delivered to the Warrant Agent by the Company. 
 2.3.2 Registered Holder. Prior to due
presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat the person in whose name such Warrant shall be registered upon the Warrant Register (“registered holder”), as the absolute owner
of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing on the Warrant Certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and
for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. 
 2.4
Detachability of Warrants. Subject to compliance with the three conditions set forth in the third sentence of this Section 2.4, the securities comprising the Units will begin to trade separately on 90 days after the date of the
Registration Statement. It is acknowledged that Merrill Lynch, Pierce, Fenner & Smith Incorporated and Maxim Group LLC (collectively “Representatives”), as representatives of the underwriters of the Public Offering, may decide to
allow continued trading of the common stock and warrants as units following such separation. Separate trading of the Common Stock and Warrants shall not commence until: (i) the Company has filed an audited balance sheet reflecting our receipt
of the gross proceeds, before expenses, of this offering, (ii) the Company has filed a Current Report on Form 8-K and issued a press release announcing when such separate trading will begin, and (iii) the business day following the earlier
to occur of the expiration of the underwriters’ overallotment option or its exercise in full. 

 3. Terms and Exercise of Warrants. 
 3.1 Warrant Price. Each Warrant shall, when countersigned by the Warrant Agent, entitle the registered holder thereof, subject to the provisions of such Warrant and of this Warrant Agreement, to purchase from
the Company the number of shares of Common Stock stated therein, at the price of $8.00 per whole share, subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1. The term “Warrant
Price” as used in this Warrant Agreement refers to the price per share at which Common Stock may be purchased pursuant to the Warrant at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time
prior to the expiration date of the Warrant. 
 3.2 Duration of Warrants. 
 3.2.1 Duration of Public and Private Warrants. A Public Warrant and Private Warrant may be exercised only during the period (the
“Public and Private Warrant Exercise Period”) commencing on the later of (i) the consummation by the Company of a “Business Combination” (as defined in the Registration Statement) or
(ii)                  , 2007 and terminating at 5:00 p.m., New York City time on the earlier to occur of
(a)                  , 2010 or (b) the date fixed for redemption of the Public and Private Warrants as provided in Section 6 of this
Agreement (the “Public and Private Warrant Expiration Date”). Except with respect to the right to receive the Redemption Price (as set forth in Section 6 hereunder), each Public and Private Warrant not exercised on or before the
Public and Private Warrant Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at the close of business on the Public and Private Warrant Expiration Date. The Public
Warrants and the Private Warrants will not be exercisable at any time unless a prospectus relating to common stock issuable upon exercise of such Warrants is current and such common stock has been reported or qualified or deemed to be exempt under
the securities laws of the state of residence of the holder of such Warrants. The Private Warrants will not be exercisable at any time when a Registration Statement is not effective and a prospectus is not available for use by the Public Warrant
holders. The Company in its sole discretion may extend the duration of the Public and Private Warrants by delaying the Public and Private Warrant Expiration Date; provided, however, that the Company will provide notice to registered holders of the
Public and Private Warrants of such extension of not less than 20 days and further provided that any such extension shall be identical in duration among all the Public and Private Warrants. Notwithstanding the foregoing, a Warrant can expire
unexercised regardless of whether a registration statement is current under the Act with respect to the Common Stock issuable upon exercise of the Warrants. 
 3.2.2 Duration of Incentive Warrants. Seven hundred ten thousand (710,000) of the 1,420,000 Incentive Warrants may be
exercised during the period (the “Incentive Warrant Exercise Period 1”) commencing three months after the completion of a Business Combination if, and only if, the closing price of the Common Stock equals or exceeds $11.00 per share for at
least 20 trading days within any 30-trading day period preceding the date of exercise and terminating at 5:00 p.m., New York City time on             
    , 2011 (the “Incentive Warrant Expiration Date.”) The remaining 710,000 Incentive Warrants may be exercised during the period (the “Incentive Warrant Exercise Period 2”) commencing at three months
after the 

 
completion of a Business Combination if, and only if, the closing price of the Common Stock equals or exceeds $12.00 per share for at least 20 trading days
within any 30-trading day period preceding the date of exercise and terminating on the Incentive Warrant Expiration Date. The Incentive Warrants will not be exercisable at any time unless a prospectus relating to common stock issuable upon exercise
of such Warrants is current and such common stock has been reported or qualified or deemed to be exempt under the securities laws of the state of residence of the holder of such Warrants. The Incentive Warrants will not be exercisable at any time
when a Registration Statement is not effective and a prospectus is not available for use by the Public Warrant holders. Each Incentive Warrant not exercised on or before the Incentive Warrant Expiration Date shall become void, and all rights
thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m. New York City time on the Incentive Warrant Expiration Date. The Company in its sole discretion may extend the duration of the Incentive Warrants by delaying
the Incentive Warrant Expiration Date, provided, however, that the Company will provide notice to registered holders of the Public and Private Warrants of such extension of not less than 20 days. Notwithstanding the foregoing, a Warrant can expire
unexercised regardless of whether a registration statement is current under the Act with respect to the Common Stock issuable upon exercise of the Warrants. 
 3.3 Exercise of Warrants. 
 3.3.1 Payment. Subject to the provisions of the
Warrant and this Warrant Agreement, a Warrant, when countersigned by the Warrant Agent, may be exercised by the registered holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor as Warrant Agent, in
the Borough of Manhattan, City and State of New York, with the subscription form, as set forth in the Warrant, duly executed, and (i) by paying in full, in lawful money of the United States, in cash, good certified check or good bank draft
payable to the order of the Company, the Warrant Price for each full share of Common Stock as to which the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant and the issuance of the Common Stock,
or (ii) with respect to Incentive Warrants only, by exercising the warrant on a cashless basis at the option of the holder by surrendering his or her Incentive Warrant for that number of shares of Common Stock equal to the quotient obtained by
dividing (x) the product of (a) the number of shares of Common Stock underlying the Incentive Warrant as to which exercise under this clause (ii) is sought, and (b) the difference between the Warrant Price and the “Fair
Market Value” (defined below), by (y) the Fair Market Value. The “Fair Market Value” shall mean the average reported last sale price of the Common Stock for the 10 trading days ending on the third business day prior to the date
on which the Incentive Warrant is exercised. 
 3.3.2 Issuance of Certificates. As soon as practicable after the
exercise of any Warrant and the clearance of the funds in payment of the Warrant Price, the Company shall issue to the registered holder of such Warrant a certificate or certificates for the number of full shares of Common Stock to which he, she or
it is entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been exercised in full, a new countersigned Warrant for the number of shares as to which such Warrant shall not have been
exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver any securities pursuant to the exercise of a Warrant unless (i) a registration statement under the Act with respect to the Common Stock issuable upon such
exercise is effective, or (ii) in the opinion 

 
of counsel to the Company, the exercise of the Warrants is exempt from the registration requirements of the Act and such securities are qualified for sale or
exempt from qualification under applicable securities laws of the states or other jurisdictions in which the registered holders reside. Warrants may not be exercised by, or securities issued to, any registered holder in any state in which such
exercise or issuance would be unlawful. In no event will the registered holder of a Warrant be entitled to receive a net-cash settlement, stock or other consideration in lieu of physical settlement in shares of Common Stock, regardless of whether
the Common Stock underlying the Warrants is registered pursuant to an effective registration statement. It is acknowledged and agreed that if the conditions set forth in Section 3.2 and clause (i) of this Section 3.3.2 relating to the
effectiveness of certain registration statements and the availability of prospectuses are not met, the Warrants may expire worthless. 
 3.3.3 Valid Issuance. All shares of Common Stock issued upon the proper exercise of a Warrant in conformity with this Agreement shall be validly issued, fully paid and nonassessable. 
 3.3.4 Date of Issuance. Each person in whose name any such certificate for shares of Common Stock is issued shall for all purposes
be deemed to have become the holder of record of such shares on the date on which the Warrant was surrendered and payment of the Warrant Price was made, irrespective of the date of delivery of such certificate, except that, if the date of such
surrender and payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have become the holder of such shares at the close of business on the next succeeding date on which the stock transfer books are
open. 
 4. Adjustments. 
 4.1 Stock
Dividends and Split Ups. If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split up of
shares of Common Stock, or other similar event, then, on the effective date of such stock dividend, split up or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be increased in proportion to such
increase in outstanding shares of Common Stock. 
 4.2 Aggregation of Shares. If after the date hereof, and subject to the provisions
of Section 4.6, the number of outstanding shares of Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Common Stock or other similar event, then, on the effective date of such
consolidation, combination, reverse stock split, reclassification or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding shares of Common Stock.

 4.3 Adjustments in Exercise Price. Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is
adjusted, as provided in Section 4.1 and 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the
number of shares of Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of shares of Common Stock so purchasable immediately thereafter.

 4.4 Replacement of Securities upon Reorganization, etc. In case of any reclassification or
reorganization of the outstanding shares of Common Stock (other than a change covered by Section 4.1 or 4.2 hereof or that solely affects the par value of such shares of Common Stock), or in the case of any merger or consolidation of the
Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding shares of Common Stock), or in
the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Warrant holders shall thereafter
have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the shares of Common Stock of the Company purchasable and receivable upon the exercise of the rights represented
thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the
Warrant holder would have received if such Warrant holder had exercised his, her or its Warrant(s) immediately prior to such event; and if any reclassification also results in a change in shares of Common Stock covered by Section 4.1 or 4.2,
then such adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3 and this Section 4.4. The provisions of this Section 4.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or
other transfers. 
 4.5 Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable on
exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase or decrease, if any, in the number of shares purchasable at such
price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3 or 4.4, then, in any such
event, the Company shall give written notice to the Warrant holder, at the last address set forth for such holder in the Warrant Register, of the record date or the effective date of the event. Failure to give such notice, or any defect therein,
shall not affect the legality or validity of such event. 
 4.6 No Fractional Shares. Notwithstanding any provision contained in this
Warrant Agreement to the contrary, the Company shall not issue fractional shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would be entitled, upon the exercise of such
Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round up to the nearest whole number the number of the shares of Common Stock to be issued to the Warrant holder. There shall be no cash or other payment
for the issuance of one share of Common Stock in connection with such rounding up. 
 4.7 Form of Warrant. The form of Warrant need
not be changed because of any adjustment pursuant to this Section 4, and Warrants issued after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants initially issued pursuant to this
Agreement. However, the Company may at any time in its sole discretion make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned,
whether in 

 
exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed. 
 5. Transfer and Exchange of Warrants. 
 5.1
Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly
guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. The Warrants
so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon request. 
 5.2 Procedure for Surrender of
Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the registered holder
of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that in the event that a Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent shall not cancel such Warrant and issue
new Warrants in exchange therefor until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend. 
 5.3 Fractional Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which will result in the
issuance of a warrant certificate for a fraction of a warrant. 
 5.4 Service Charges. No service charge shall be made for any
exchange or registration of transfer of Warrants. 
 5.5 Warrant Execution and Countersignature. The Warrant Agent is hereby
authorized to countersign and to deliver, in accordance with the terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant Agent, will supply the
Warrant Agent with Warrants duly executed on behalf of the Company for such purpose. 
 6. Redemption. 
 6.1 Redemption. At any time after the Public Warrants and Private Warrants become exercisable and prior to their expiration, the Company may
redeem, all and not part of: (i) the Public Warrants and (ii) the Private Warrants at the office of the Warrant Agent, upon giving the notice referred to in Section 6.3, at the price of $0.01 per Warrant (“Redemption
Price”), provided that the closing price of the Common Stock has been equal to or greater than $14.25 per share, for any twenty (20) trading days within any thirty (30) trading day period ending on the third business day prior to the
date on which notice of redemption is given. Notwithstanding the foregoing, the Registration Statement must be current in order for the Company to exercise its redemption rights pursuant to this Section 6. The provisions of this
Section 6.1 may not be modified, amended or deleted without the prior written consent of the Representatives. There are no redemption rights with respect to the Incentive Warrants. 

 6.2 Date Fixed for, and Notice of, Redemption. In the event the Company shall elect to redeem the
Public and Private Warrants, the Company shall fix a date for the redemption. Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than 30 days prior to the date fixed for redemption to the registered
holders of the Public and Private Warrants to be redeemed at their last addresses as they shall appear on the Warrant Register. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the
registered holder received such notice. 
 6.3 Exercise After Notice of Redemption. The Public and Private Warrants may be exercised
in accordance with Section 3 of this Agreement at any time after notice of redemption shall have been given by the Company pursuant to Section 6.2 hereof and prior to the time and date fixed for redemption. On and after the redemption
date, the record holder of the Public and Private Warrants shall have no further rights except to receive, upon surrender of the Public and Private Warrants, the Redemption Price. 
 7. Other Provisions Relating to Rights of Holders of Warrants. 
 7.1 No Rights as Stockholder.
Except to the extent provided for in Section 4 of this Agreement, a Warrant does not entitle the registered holder thereof to any of the rights of a stockholder of the Company, including, without limitation, the right to receive dividends, or
other distributions, exercise any preemptive rights to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders or the election of directors of the Company or any other matter. 
 7.2 Lost, Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant Agent may
on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost,
stolen, mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone.

 7.3 Reservation of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued
shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Warrant Agreement. 
 7.4 Registration of Common Stock Underlying Public Warrants. The Company agrees that prior to the commencement of the Public and Private Warrant Exercise Period, it shall file with the SEC a post-effective
amendment to the Registration Statement, or a new registration statement, for the registration, under the Act, of, and it shall take such action as is necessary to qualify for sale, in those states in which the Public Warrants were initially offered
by the Company, the Common Stock issuable upon exercise of the Public Warrants. In either case, the Company will use its best efforts to cause the same to become effective on or prior to the commencement of the Public and Private Warrant Exercise
Period and to maintain the effectiveness of such registration statement until the expiration of the Public Warrants in accordance with the provisions of this Warrant Agreement. In addition, the Company agrees to 

 
use its reasonable efforts to register such securities under the blue sky laws of the states of residence of the exercising Public Warrant holders to the
extent an exemption is not available. The provisions of this Section 7.4 may not be modified, amended or deleted without the prior written consent of the Representatives. Notwithstanding the foregoing, a Warrant can expire unexercised
regardless of whether a registration statement is current under the Act with respect to the Common Stock issuable upon exercise of the Warrants. In no event will the registered holder of a Warrant be entitled to receive a net-cash settlement, shares
of Common Stock or other consideration as of result of the Company’s non-compliance with this Section 7.4. 
 8.
Concerning the Warrant Agent and Other Matters. 
 8.1 Payment of Taxes . The Company will from time to time promptly pay all
taxes and charges that may be imposed upon the Company or the Warrant Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of Warrants, but the Company shall not be obligated to pay any transfer taxes in respect
of the Warrants or such shares. 
 8.2 Resignation, Consolidation, or Merger of Warrant Agent. 
 8.2.1 Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties
and be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the
Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of 30 days after it has been notified in writing of such resignation or incapacity by the
Warrant Agent or by the holder of the Warrant (who shall, with such notice, submit his Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of the State of New York for the County of New York for the
appointment of a successor Warrant Agent. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation existing or qualified to do business under the laws of the State of New York, in good standing and
having its principal office in the Borough of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority. After appointment, any
successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed;
but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and rights of
such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such
successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations. 
 8.2.2 Notice of
Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the predecessor Warrant 

 
Agent and the transfer agent for the Common Stock not later than the effective date of any such appointment. 
 8.2.3 Merger or Consolidation of Warrant Agent. Any corporation into which the Warrant Agent may be merged or with which it may be
consolidated or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Warrant Agreement without any further act. 
 8.3 Fees and Expenses of Warrant Agent. 
 8.3.1 Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder, and will reimburse the Warrant Agent upon demand for all expenditures
that the Warrant Agent may reasonably incur in the execution of its duties hereunder. 
 8.3.2 Further Assurances. The
Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the
carrying out or performing of the provisions of this Warrant Agreement. 
 8.4 Liability of Warrant Agent. 
 8.4.1 Reliance on Company Statement. Whenever in the performance of its duties under this Warrant Agreement, the Warrant Agent
shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed)
may be deemed to be conclusively proved and established by a statement signed by the Chief Executive Officer, President or Chief Financial Officer of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for
any action taken or suffered in good faith by it pursuant to the provisions of this Warrant Agreement. 
 8.4.2
Indemnity. The Warrant Agent shall be liable hereunder only for its own negligence, willful misconduct or bad faith. The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments,
costs and reasonable counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Warrant Agreement except as a result of the Warrant Agent’s negligence, willful misconduct, or bad faith. 
 8.4.3 Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Warrant Agreement or with
respect to the validity or execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Warrant Agreement or in any Warrant; nor shall it be
responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment;
nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Warrant Agreement or 

 
any Warrant or as to whether any shares of Common Stock will when issued be valid and fully paid and nonassessable. 
 8.5 Acceptance of Agency. The Warrant Agent hereby accepts the agency established by this Warrant Agreement and agrees to perform the same upon
the terms and conditions herein set forth and, among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently account for, and pay to the Company, all moneys received by the Warrant Agent for the
purchase of shares of the Company’s Common Stock through the exercise of Warrants. 
 8.6 Waiver. The Warrant Agent hereby waives
any and all right, title, interest or claim of any kind (“Claim”) in or to any distribution of the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof, by and between the Company and
the Warrant Agent), and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Fund for any reason whatsoever. 
 9. Miscellaneous Provisions. 
 9.1 Successors . All the covenants and provisions of this Warrant Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns. 
 9.2 Notices. Any notice or other communication required or which may be given hereunder shall be in writing and either be delivered personally or
by private national courier service, or be mailed, certified or registered mail, return receipt requested, postage prepaid or via facsimile, and shall be deemed given when so delivered personally or, if sent by private national courier service, on
the next business day after delivery to the courier, or, if mailed, two business days after the date of mailing, or if sent via facsimile, the next business day after transmission of the facsimile, as follows: 
 Dekania Corp. 
 2929 Arch Street, Suite 1703

 Philadelphia, Pennsylvania 19104 
 Attn: Thomas H. Friedberg, President and CEO 
 Fax: (215) 701-9555 
 Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall
be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service five days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the
Warrant Agent with the Company), as follows: 
 American Stock Transfer & Trust Company 
 59 Maiden Lane, Plaza Level 
 New York, New
York 10038 
 Attn: Compliance Department 

 with a copy in each case to: 
 Ellenoff Grossman & Schole LLP 
 370
Lexington Avenue, 19th Floor 
 New York, New York 10017 
 Attn: Douglas S. Ellenoff, Esq. 
 Fax: (212) 370-7889 
 and 
 Sidley Austin LLP 
 787 Seventh Avenue 
 New York, New York 10019

 Attn: Jack I. Kantrowitz, Esq. 
 Fax: (212) 839-5599 
 and 
 Ledgewood, P.C. 
 1900 Market Street, Suite 750 
 Philadelphia, Pennsylvania 19103 
 Attn: J. Baur Whittlesey, Esq. 
 Fax: (215) 735-2513 
 and 
 Merrill Lynch, Pierce, Fenner & Smith Incorporated 
 4 World Financial Center, 25th Floor 
 New York, NY 10080 
 Attn: Kerry Cannella 
 Fax:
(212) 449-3151 
 and 
 Maxim Group LLC

 405 Lexington Avenue 
 New
York, New York 10174 
 Attn: Clifford A. Teller, Director of Investment Banking 
 Fax: (212) 895-3783 
 9.3 Applicable
Law. The validity, interpretation, and performance of this Warrant Agreement and of the Warrants shall be governed in all respects by the laws of the State of New York, without giving effect to conflict of laws. The Company hereby agrees that
any action, proceeding or claim against it arising out of or relating in any way to this Warrant Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New
York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be
served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in 

 
Section 9.2 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim.

 9.4 Persons Having Rights under this Warrant Agreement. Nothing in this Warrant Agreement expressed and nothing that may be implied
from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the registered holders of the Warrants and, for the purposes of Sections 2.4, 6.1, 7.4, 9.2
and 9.8 hereof, the Representatives, any right, remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. The Representatives shall be deemed to be a third-party
beneficiary of this Warrant Agreement with respect to Sections 2.4, 6.1, 7.4, 9.2 and 9.8 hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit of
the parties hereto (and the Representatives with respect to the Sections 2.4, 6.1, 7.4, 9.2 and 9.8 hereof) and their successors and assigns and of the registered holders of the Warrants. 
 9.5 Examination of the Warrant Agreement. A copy of this Warrant Agreement shall be available at all reasonable times at the office of the Warrant
Agent in the Borough of Manhattan, City and State of New York, for inspection by the registered holder of any Warrant. The Warrant Agent may require any such holder to submit his Warrant for inspection by it. 
 9.6 Counterparts. This Warrant Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be
deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 
 9.7 Effect of
Headings. The Section headings herein are for convenience only and are not part of this Warrant Agreement and shall not affect the interpretation thereof. 
 9.8 Amendments. This Warrant Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any ambiguity, or of curing, correcting or supplementing any
defective provision contained herein or adding or changing any other provisions with respect to matters or questions arising under this Warrant Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely
affect the interest of the registered holders. All other modifications or amendments, including any amendment to increase the Warrant Price or shorten the Public and Private Warrant Exercise Period, shall require the written consent of each of the
Representatives and the registered holders of a majority of the then outstanding Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of the Public and Private Warrant Exercise Period in accordance
with Sections 3.1 and 3.2, respectively, without such consent. 
 9.9 Severability. This Warrant Agreement shall be deemed severable,
and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Warrant Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term
or provision, the parties hereto intend that there shall be added as a part of this Warrant Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 
 [remainder of document continued on next page] 

 IN WITNESS WHEREOF, this Warrant Agreement has been duly executed by the parties hereto as of the day and
year first above written. 
  

									
		 		 	 DEKANIA CORP.

	 Attest:                                     
               
	 		 	
					
		 		 		 	 By: 
	 	  
		 		 		 		 	Name: Thomas H. Friedberg
		 		 		 		 	Title: President and CEO
			
	 Attest:                                     
               
	 		 	 AMERICAN STOCK TRANSFER & TRUST COMPANY

					
		 		 		 	 By:
	 	  
		 		 		 		 	 Name:

		 		 		 		 	 Title:

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