Document:

Exhibit 10.19

 

 

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT
(this "Agreement") is made and entered into as of the 7th day of May, 2013 (the "Effective Date"),
and is by and between David L. Cohen, an individual residing at the address listed
in Exhibit A ("Employee"), and Vringo, Inc., a Delaware corporation with principal offices located at 780
3rd Avenue, 15th Floor, New York, NY 10017 (the "Company").

 

WHEREAS, the Employee
desires to continue to be employed by the Company as its Chief Legal and Intellectual Property Officer under the terms set forth
herein and the Company wishes to continue to employ Employee in such capacity;

 

NOW,
THEREFORE, in consideration of the foregoing recitals and the respective covenants and agreements of the parties contained
in this document, the Company and Employee hereby agree as follows:

 

1.                 
Employment and Duties.

 

(a)               
Subject to the terms of this Agreement, the Company agrees to employ, and Employee agrees to serve, as its Chief
Legal and Intellectual Property Officer. The duties and responsibilities of Employee shall include the duties and responsibilities
normally associated with such positions and such other duties and responsibilities consistent with such positions as the Company's
Chief Executive Officer may from time to time reasonably assign in good faith to Employee. At all times during the term of this
Agreement, the Employee shall report directly to the Chief Executive Officer ("CEO").

 

(b)              
Employee shall devote substantially all of his working time and efforts during the Company's normal business hours
to the business and affairs of the Company and its subsidiaries and to the diligent and faithful performance of the duties and
responsibilities duly assigned to him pursuant to this Agreement. Notwithstanding the foregoing, nothing herein shall preclude
Employee from (i) performing services for such other companies as the Company may designate or permit, (ii) serving, with the prior
written consent of the CEO, which consent shall not be unreasonably withheld, as an officer or member of the boards of directors
or advisory boards (or their equivalents in the case of a non-corporate entity) of non-competing businesses or charitable, educational
or civic organizations, (iii) engaging in charitable activities and community affairs, and (iv) managing Employee's personal investments
and affairs; provided, however, that the activities set out in clauses (i), (ii), (iii) and (iv) shall be limited by Employee so
as not to materially interfere, individually or in the aggregate, with the performance of Employee's duties and responsibilities
hereunder.

 

(c)               
The Company hereby agrees to employ Employee and Employee hereby accepts employment with the Company, upon the terms
set forth in this Agreement, for the period commencing on the Effective Date and ending on the three year anniversary of the Effective
Date, unless sooner terminated in accordance with the provisions of Section 7 below (the “Employment Term”). At the
end of the Employment Term this Agreement shall terminate except as otherwise provided herein.

 

    	 

    	 

    

 

2.                 
Place of Employment. Employee's services shall be performed at the Company's offices located at 780 3rd
Avenue, 15th Floor, New York 10017 and any other locus where the Company and Employee mutually agree is an acceptable location
from which Employee's services may be performed. The parties acknowledge that any location in the Borough of Manhattan, City of
New York, is an acceptable location. The parties further acknowledge, however, that Employee may be required to travel extensively
in connection with the performance of his duties hereunder which travel may be for extended periods of time.

 

3.                 
Base Salary. For all services to be rendered by Employee pursuant to this Agreement, the Company agrees to
pay Employee during the term of this Agreement an annual base salary, less applicable taxes, including income tax, FICA and FUTA,
and other appropriate deductions (the "Base Salary") at an annual rate of three hundred thousand dollars ($300,000).
The Compensation Committee shall review the Base Salary on an annual basis and may increase the Base Salary in its sole discretion.
The Base Salary shall be paid in periodic installments in accordance with the Company's regular payroll practices.

 

4.                 
Bonuses and Incentive Compensation. On an annual basis, or such other period to be determined by the Compensation
Committee, Employee shall be entitled to be considered for a bonus. The size of such periodic bonus and the criterion for receipt
of such periodic bonus shall be determined by the Compensation Committee. To the extent that the Company is required pursuant to
Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act to develop and implement a policy (the "Policy")
providing for the recovery from the Employee of any payment of incentive-based compensation paid to the Employee that was based
upon erroneous data contained in an accounting statement, this Agreement shall be deemed amended and the Policy incorporated herein
by reference as of the date that the Company takes all necessary corporate action to adopt the Policy, without requiring any further
action of the Company or the Employee; provided, that, any such Policy shall only be binding on the Employee if the same Policy
applies to any other Company employees.

 

5.                 
Expenses. Employee shall be entitled to reimbursement for all reasonable and appropriate travel, entertainment,
and other expenses incurred by Employee while employed (in accordance with the policies and procedures established by the Company
for its employees) in the performance of his duties and responsibilities under this Agreement; provided, that, Employee properly
accounts for such expenses in accordance with Company policies and procedures. The Employee shall be responsible for any unreasonable
or inappropriate expenses incurred in violation of Company policies and procedures.

 

6.                 
Other Benefits. Employee shall be eligible to participate in all benefit programs that are generally available
to the Company's employees, including vacation, Company-subsidized medical, dental, and vision insurance coverage and, at your
election, life insurance and/or long-term disability coverage which current benefits are described more fully in the Ambrose Orientation
Guide.

 

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7.                 
Termination of Employment.

 

(a)               
General. The Employee's employment hereunder shall terminate upon the earliest to occur of: (i) Employee's
death, (ii) a termination by reason of Employee's Disability, (iii) a termination by the Company with or without Cause, or (iv)
a termination by Employee with or without Good Reason. Notwithstanding anything herein to the contrary, the payment (or commencement
of a series of payments) hereunder of any nonqualified deferred compensation (within the meaning of Section 409A of the Internal
Revenue Code, (the "Code")) upon a termination of employment shall be delayed until such time as Employee has
also undergone a "separation from service" as defined in Treas. Reg. 1.409A-1(h), at which time such nonqualified deferred
compensation (calculated as of the date of Employee's termination of employment hereunder) shall be paid (or commence to be paid)
to Employee on the schedule set forth in this Section 7 as if Employee had undergone such termination of employment (under the
same circumstances) on the date of Employee's ultimate "separation from service."

 

(b)              
Death. If Employee dies while this Agreement is in effect, this Agreement and the Employee's employment with
the Company shall automatically terminate and the Company shall have no further obligations to the Employee or his heirs, administrators
or executors with respect to compensation and benefits accruing thereafter, except for the obligation to pay to the Employee's
heirs, administrators or executors (i) any earned but unpaid Base Salary up to and through the date of termination, (ii) any
and all reasonable expenses paid or incurred by the Employee in connection with and related to the performance of his duties and
responsibilities for the Company up to and through the date of termination, and (iii) any benefits provided under the Company's
employee benefit plans pursuant to, and in accordance with, the terms of such plans through the date of termination (collectively,
the "Accrued Obligations"). The Company shall deduct, from all payments made hereunder, all applicable taxes,
including income tax, FICA and FUTA, and other appropriate deductions.

 

(c)               
Disability. In the event that while this Agreement is in effect the Company determines that the Employee is
unable to perform his essential duties and responsibilities hereunder to the full extent required by the Company by reason of a
Disability (as defined below), this Agreement and the Employee's employment with the Company shall terminate immediately upon notice
to the Employee, and the Company shall have no further obligations or liability to the Employee or his heirs, administrators or
executors with respect to compensation and benefits accruing thereafter, except for the obligation to pay the Accrued Obligations.
The Company shall deduct, from all payments made hereunder, all applicable taxes, including income tax, FICA and FUTA, and other
appropriate deductions. For purposes of this Agreement, "Disability" shall mean a physical or mental disability
that prevents the performance by the Employee, with or without reasonable accommodation, of his essential duties and responsibilities
hereunder for ninety (90) consecutive days, or an aggregate of one-hundred and eighty (180) days during any twelve consecutive
months, as determined consistent with applicable law. It is expressly acknowledged and agreed that the decision as to whether and
as of what date Employee has a Disability shall be determined by the Company.

 

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(d)              
By the Company for Cause.

 

(1)              
The Company may at any time terminate this Agreement and the Employee's employment hereunder for Cause. Such termination
shall be effective immediately upon notice to the Employee.

 

"Cause"
as used in this Agreement shall mean: (a) the willful and continued failure of the Employee to perform substantially his duties
and responsibilities for the Company (other than any such failure resulting from Employee's death or Disability) after a written
demand by the CEO for substantial performance is delivered to the Employee by the Company, which specifically identifies the manner
in which the CEO believes that the Employee has not substantially performed his duties and responsibilities and explicitly states
that termination for “Cause” under Section 7(d) of this Agreement, which willful and continued failure is not cured
by the Employee within thirty (30) days of his receipt of such written demand; (b) the conviction of, or plea of guilty or
nolo contendere to a felony, (c) a breach of Section 8 of this Agreement, (d) a breach of the Non-Disclosure and Non-Solicitation
Agreement of even date herewith; or (e) a good faith finding by the CEO that Employee has engaged in fraud, intentional dishonesty,
or gross negligence.

 

(2)              
Upon termination of this Agreement for Cause, the Company shall have no further obligations or liability to the Employee
or his heirs, administrators or executors with respect to compensation and benefits thereafter, except for the obligation to pay
the Employee the Accrued Obligations. The Company shall deduct, from all payments made hereunder, all applicable taxes, including
income tax, FICA and FUTA, and other appropriate deductions.

 

(3)              
It is expressly acknowledged and agreed that the decision as to whether Cause"
exists for termination of the employment relationship by the Company is delegated to the CEO for determination.

 

(e)               
By the Employee for Good Reason.

 

(1)              
Subject to the conditions set forth in Section 7(e)(2) below, the Employee may terminate this Agreement and the Employee's
employment with the Company for Good Reason. "Good Reason" as used in this Agreement shall mean the occurrence
of any of the following events: (a) the assignment, without the Employee's consent, to the Employee of duties that result in a
substantial diminution of the duties that he assumed on the Effective Date; (b) the assignment, without the Employee's consent,
to the Employee of a title that is subordinate to the title set forth in Section 1 above; (c) a material reduction in Employee's
Base Salary; (d) the Company's requirement that Employee regularly report to work in a location that is more than fifty miles from
the Company's then office in the Borough of Manhattan, City of New York without the Employee's consent, provided that travel even
if for extended period of time shall not constitute Good Reason; or (e) a material breach by the Company of this Agreement during
the Employment Term.

 

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(2)              
The Employee shall not be entitled to terminate this Agreement for Good Reason unless and until he shall have delivered
written notice to the Company of his intention to terminate this Agreement and his employment with the Company for Good Reason
within thirty (30) days of the initial occurrence of the condition(s) constituting Good Reason, which notice specifies in reasonable
detail the circumstances claimed to provide the basis for such termination for Good Reason, and the Company shall not have eliminated
the circumstances constituting Good Reason within thirty (30) days of its receipt from the Employee of such written notice. The
Company shall retain the discretion to terminate the Employee at any time without Cause (or for Cause if in accordance with Section
7(d)) during the Good Reason notice period provided for in this Section 7(e)(2).

 

(3)              
In the event that the Employee terminates this Agreement and his employment with the Company for Good Reason, the
Company shall pay or provide to the Employee (or, following his death, to the Employee's heirs, administrators or executors):

 

(A)            
The Accrued Obligations through the date of termination of employment.

 

(B)             
An amount of Base Salary (at the rate of Base Salary in effect immediately prior to the Employee's termination hereunder)
equal to twelve (12) months of Base Salary. Except as otherwise provided in this Agreement, the Company shall pay to Employee the
amounts provided in this Section 7(e)(3)(B) in substantially equal installments commencing on the Company's next regular payroll
date following the date the Release (referenced in Section 7(i) below) becomes irrevocable and enforceable; provided, however,
that if the ninety (90) day period referenced in Section 7(i) below begins in one calendar year and ends in the following calendar
year, the Company shall pay to Employee the amounts provided in this Section 7(e)(3)(B) in substantially equal installments commencing
on the Company's first eligible regular payroll date occurring in the following calendar year. The Company shall deduct, from all
payments made hereunder, all applicable taxes, including income tax, FICA and FUTA, and other appropriate deductions.

 

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(C)             
Subject to Section 7(i) below, COBRA continuation coverage paid in full by the Company, so long as Employee has not
become actually covered by the medical plan of a subsequent employer during any such month and is otherwise entitled to COBRA continuation
coverage, with such payments for up to a maximum of twelve (12) months following the date of termination. After such period, Employee
is responsible for paying the full cost for any additional COBRA continuation coverage to which Employee is then entitled. If the
Company's payment of the COBRA premiums on the Employee's behalf would violate the nondiscrimination rules or cause the reimbursement
of claims to be taxable under the Patient Protection and Affordable Care Act of 2010, together with the Health Care and Education
Reconciliation Act of 2010 (collectively, the "Act") or Section 105(h) of the Code, the Company paid premiums
shall be treated as taxable payments and be subject to imputed income tax treatment to the extent necessary to eliminate any discriminatory
treatment or taxation under the Act or Section 105(h) of the Code.

 

(f)               
By Employee without Good Reason. The Employee shall be entitled to terminate this Agreement and the Employee's
employment with the Company without Good Reason at any time by providing prior written notice to the Company of at least ninety
(90) calendar days; provided, however, that the Company shall maintain the discretion to terminate the Employee at any time during
the notice period set forth in this Section 7(f). Upon termination by the Employee of this Agreement and the Employee's employment
with the Company without Good Reason, the Company shall have no further obligations or liability to the Employee or his heirs,
administrators or executors with respect to compensation and benefits thereafter, except for the obligation to pay the Employee
the Accrued Obligations through the date the Employee is terminated. The Company shall deduct, from all payments made hereunder,
all applicable taxes, including income tax, FICA and FUTA, and other appropriate deductions.

 

(g)              
By the Company without Cause. The Company shall be entitled to terminate this Agreement and the Employee's
employment with the Company at any time without Cause upon written notice to the Employee. Upon termination by the Company of this
Agreement and the Employee's employment with the Company without Cause in accordance with the Company’s notice of termination,
the Company shall pay or provide to the Employee at the time the Company has in fact terminated the Employee (or, following his
death, to the Employee's heirs, administrators or executors) the amounts and benefits due upon a resignation for Good Reason, as
further described in Section 7(e)(3). The Company shall deduct, from all payments made hereunder, all applicable taxes, including
income tax, FICA and FUTA, and other appropriate deductions. If the Employee leaves prior to the date of termination set forth
in the notice the Company shall have no obligation to pay the Employee any amounts or benefits as set forth in this Section 7(g)
and such termination shall be treated as a termination by Employee without Good Reason pursuant to Section 7(f).

 

 

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(h)              
Release of Claims. It is agreed that an express condition of the payment or provision by the Company of any
severance amount or post-termination benefit called for under Section 7(e)(3) and Section 7(g) of this Agreement (other than the
payment of any Accrued Obligations) shall be subject to the Company's concurrent receipt of a general release of all claims against
the Company and its affiliates by Employee in the form reasonably acceptable to the Company and Employee, and such release must
be effective and irrevocable prior to the ninetieth (90th) day following the termination of the Employee's employment
(the "Release").

 

(i)                
Additional Section 409A Provisions. Notwithstanding any provision in this Agreement to the contrary:

 

(1)              
Any payment otherwise required to be made hereunder to Employee at any date as a result of the termination of Employee's
employment that constitutes non-qualified deferred compensation subject to Section 409A of the Code shall be delayed for such period
of time as may be necessary to meet the requirements of Section 409A(a)(2)(B)(i) of the Code (the "Delay Period").
On the first business day following the expiration of the Delay Period, Employee shall be paid, in a single cash lump sum, an amount
equal to the aggregate amount of all payments delayed pursuant to the preceding sentence, and any remaining payments not so delayed
shall continue to be paid pursuant to the payment schedule set forth herein.

 

(2)              
Each payment in a series of payments hereunder shall be deemed to be a separate payment for purposes of Section 409A
of the Code.

 

(3)              
To the extent that any right to reimbursement of expenses or payment of any benefit in-kind under this Agreement
constitutes nonqualified deferred compensation (within the meaning of Section 409A of the Code), (i) any such expense reimbursement
shall be made by the Company no later than the last day of the taxable year following the taxable year in which such expense was
incurred by Employee, (ii) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another
benefit, and (iii) the amount of expenses eligible for reimbursement or in-kind benefits provided during any taxable year shall
not affect the expenses eligible for reimbursement or in-kind benefits to be provided in any other taxable year; provided, that,
the foregoing clause shall not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of
the Code solely because such expenses are subject to a limit related to the period the arrangement is in effect.

 

8.                 
Covenant Not to Compete.

 

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(a)               
The Employee recognizes that the services to be performed by him hereunder are special, unique and extraordinary.
The parties confirm that it is reasonably necessary for the protection of the Company that the Employee agree, and accordingly,
the Employee does hereby agree, that, he shall not, directly or indirectly, at any time during the "Restricted Period"
within the "Restricted Area" engage in any "Restricted Business Activity" (as those terms are defined in Sections
8(b), (c) and (d) below).

 

(b)              
The term "Restricted Business Activity" as used in this Section 8, means that the Employee shall
not, directly or indirectly:

 

(1)              
provide services, either on his own behalf or as an officer, director, partner, consultant, associate, employee,
owner, agent, independent contractor, or co-venturer of any third party, (i) the primary value of which is monetizing patent portfolios
or (ii) to any company primarily engaged in the business of monetizing patent portfolios. For the avoidance of doubt, engaging
in the licensing of patents to or from third parties for the purpose of development and sale of products and services incorporating
such patents by the licensee is not a competing activity; or

 

(2)              
solicit any material commercial relationships of the Company, other than in the furtherance of the business of the
Company during the Employee’s employment with the Company;

 

provided, however, that
Restricted Business Activity shall not be construed to prevent the Employee from (i) owning, directly or indirectly, in the aggregate,
an amount not exceeding two percent (2%) of the issued and outstanding voting securities of any class of any company whose voting
capital stock is traded or listed on a national securities exchange or in the over-the-counter market; (ii) providing services
to any division, department or branch of another company that does not itself engage in whole or in part in the business of innovation,
development and monetization of mobile technologies and intellectual property; or (iii) soliciting any material commercial relationships
of the Company for the purpose of selling products or providing services that are not the same or substantially similar to the
products or services sold by the Company during the Employee’s employment with the Company.

 

(c)               
The term "Restricted Period," as used in this Section 8, shall mean during the period of time the
Employee is employed with the Company plus one (1) year after the date the Employee is actually no longer employed by the Company.

 

(d)              
The term "Restricted Area" as used in this Section 8 shall mean worldwide.

 

(e)               
If any of the restrictions contained in this Section 8 shall be deemed to be unenforceable by reason of the extent,
duration or geographical scope thereof, or otherwise, then the court making such determination shall have the right to reduce such
extent, duration, geographical scope, or other provisions hereof, and in its reduced form this Section shall then be enforceable
in the manner contemplated hereby.

 

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(f)               
The provisions of this Section 8 shall survive the termination of the Employee's employment hereunder and until the
end of the Restricted Period.

 

9.                 
Miscellaneous.

 

(a)               
The Employee acknowledges that the services to be rendered by him under the provisions of this Agreement are of a
special, unique and extraordinary character and that it would be difficult or impossible to replace such services. Furthermore,
the parties acknowledge that monetary damages alone would not be an adequate remedy for any breach by the Employee of this Agreement.
Accordingly, the Employee agrees that any breach or threatened breach by him of this Agreement shall entitle the Company, in addition
to all other legal remedies available to it, to apply to any court of competent jurisdiction to seek to enjoin such breach or threatened
breach. The parties understand and intend that each restriction agreed to by the Employee hereinabove shall be construed as separable
and divisible from every other restriction, that the unenforceability of any restriction shall not limit the enforceability, in
whole or in part, of any other restriction, and that one or more or all of such restrictions may be enforced in whole or in part
as the circumstances warrant. In the event that any restriction in this Agreement is more restrictive than permitted by law in
the jurisdiction in which the Company seeks enforcement thereof, such restriction shall be limited to the extent permitted by law.
The remedy of injunctive relief herein set forth shall be in addition to, and not in lieu of, any other rights or remedies that
the Company may have at law or in equity.

 

(b)              
The Employee may not assign or delegate any of his rights or duties under this Agreement without the express written
consent of the Company. The Company will require any successor (whether direct or indirect by purchase, merger, consolidation or
otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had
taken place. As used in this Agreement, the "Company" shall mean the Company as hereinbefore defined and any successor
to its business and/or assets as aforesaid which executes and delivers the agreement provided for in this subsection (b) or which
otherwise becomes bound by all of the terms and provisions of this Agreement by operation of law.

 

(c)               
This Agreement and any other agreement referenced herein, constitutes and embodies the full and complete understanding
and agreement of the parties with respect to the Employee's employment by the Company, and supersedes all prior understandings
and agreements, whether oral or written, between the Employee and the Company, and shall not be amended, modified or changed except
by an instrument in writing executed by the party to be charged. The invalidity or partial invalidity of one or more provisions
of this Agreement shall not invalidate any other provision of this Agreement. No waiver by either party of any provision or condition
to be performed shall be deemed a waiver of similar or dissimilar provisions or conditions at the same time or any prior or subsequent
time.

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(d)              
Employee acknowledges that he has had the opportunity to be represented by separate independent counsel in the negotiation
of this Agreement, has consulted with his attorney of choice, or voluntarily chose not to do so, concerning the execution and meaning
of this Agreement, and has read this Agreement and fully understands the terms hereof, and is executing the same of his own free
will. Employee warrants and represents that he has had sufficient time to consider whether to enter into this Agreement and that
he is relying solely on his own judgment and the advice of his own counsel, if any, in deciding to execute this Agreement.

 

(e)               
This Agreement shall inure to the benefit of, be binding upon and enforceable against, the parties hereto and their
respective successors, heirs, beneficiaries and permitted assigns.

 

(f)               
If this Agreement is terminated for any reason, Section 8 shall survive termination of this Agreement.

 

(g)              
[Intentionally Blank]

 

(h)              
The headings contained in this Agreement are for convenience of reference only and shall not affect in any way the
meaning or interpretation of this Agreement.

 

(i)                
All notices, requests, demands and other communications required or permitted to be given hereunder shall be in writing
and shall be deemed to have been duly given when personally delivered, sent by registered or certified mail, return receipt requested,
postage prepaid, or by reputable national overnight delivery service (e.g. FedEx) for overnight delivery to the party at the address
set forth in the preamble to this Agreement, or to such other address as either party may hereafter give the other party notice
of in accordance with the provisions hereof. Notices shall be deemed given on the sooner of the date actually received or the third
business day after deposited in the mail or one business day after deposited with an overnight delivery service for overnight delivery.

 

(j)                
This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York without
reference to principles of conflicts of laws and each of the parties hereto irrevocably consents to the exclusive jurisdiction
and venue of the federal and state courts located in the County and State of New York.

 

(k)              
This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one of the same instrument. The parties hereto have executed this Agreement as of the
date set forth above.

 

(l)                
The Employee represents and warrants to the Company, that he has the full power and authority to enter into this
Agreement and to perform his obligations hereunder and that the execution and delivery of this Agreement and the performance of
his obligations hereunder will not conflict with any agreement to which Employee is a party. 

 

(m)            
Each Party will pay its own costs and expenses related to the transactions contemplated by this Agreement.

 

[Remainder of Page Intentionally
Left Blank]

 

[Signature Page Follows]

    	10

    	 

    

 

[Signature Page to Employment Agreement]

 

 

IN WITNESS
WHEREOF, the Employee and the Company have caused this Employment Agreement to be executed as of the date first above written.

 

 

	 	/s/ David L. Cohen
	 	
        

        

        DAVID L. COHEN 

	 	 
	 	VRINGO, INC.
	 	 
	 	 
	 	By:	
        /s/ Andrew D. Perlman

        

        

	 	 	Name:Andrew D. Perlman

Title:Chief Executive Officer

 

 

 

    	11Exhibit 10.21

 

FIRST AMENDMENT TO LEASE

 

This FIRST AMENDMENT
TO LEASE dated as of January 24, 2014 (the “Amendment”) between T-C 780 THIRD AVENUE OWNER LLC, a Delaware
limited liability company (successor-in-interest to TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA, for the benefit
of its separate Real Estate Account) having an office at 730 Third Avenue, New York, New York 10017 (“Landlord”),
and VRINGO, INC., a Delaware corporation having an office at 780 Third Avenue, New York, New York 10017 (“Tenant”).

 

W I T N E S S E T H:

 

WHEREAS, Landlord and
Tenant entered into that certain Lease dated as of July 26, 2012 (the “Lease”), covering a portion of the fifteenth
(15th) floor (the “Existing Premises”) of the building known as 780 Third Avenue, New York, New York
(the “Building”), all as more particularly described in the Lease; and

 

WHEREAS, Landlord and
Tenant desire to modify the Lease to (i) provide for the substitution of a portion of the twelfth (12th) floor of the
Building (the “New Premises”) (being more particularly shown on Exhibit A attached hereto) for the Existing
Premises, and (ii) otherwise modify the terms and conditions of the Lease, all as hereinafter set forth.

 

NOW, THEREFORE, in consideration
of the mutual covenants herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Landlord and Tenant agree as follows:

 

1.Capitalized
Terms. All capitalized terms used and not otherwise defined in this Amendment shall have the respective meanings ascribed
to them in the Lease.

 

2.Existing Premises.

 

(a)Landlord and
Tenant hereby agree that the term of the Lease with respect to the Existing Premises will expire on the date that the Landlord’s
Work (as hereinafter defined) with respect to the New Premises is Substantially Completed (as hereinafter defined) (the “Existing
Premises New Expiration Date”), or such earlier date upon which the term of the Lease may expire or be terminated pursuant
to any of the conditions of limitation or other provisions of the Lease or pursuant to law.

 

(b)On the Existing
Premises New Expiration Date, Tenant shall deliver to Landlord possession of the Existing Premises vacant and broom clean, free
of all occupancies and encumbrances and otherwise in accordance with the terms, covenants and conditions of the Lease. In the event
Tenant fails to vacate and surrender possession of the Existing Premises in accordance with the terms of the Lease, Landlord will
have the right to exercise all of its rights and remedies provided at law, in equity and/or in the Lease, including, without limitation,
Article 21 of the Lease.

 

    	 

    	 

    

 

(c)Tenant hereby
represents and warrants that: (i) except for Tenant, the Existing Premises is presently free of all occupancies, (ii) Tenant has
not created or suffered any rights in any other party, as tenant, subtenant or occupant, in and/or to the Existing Premises through
and including the date of this Amendment and (iii) no materials, personalty, furnishings, personal property, fixtures, trade fixtures
and equipment (“Property”) presently in the Existing Premises are subject to any lien, encumbrance, chattel
mortgage, title retention or security agreement, other than Tenant’s lease of its photocopy machine(s). Tenant covenants
and agrees that it shall not at any time hereafter create, suffer or permit the creation of any such rights or encumbrances in
or to the Existing Premises or the Property contained therein. Tenant will remove its Property (and repair any damage caused by
such removal) from the Existing Premises on or before the Existing Premises New Expiration Date. Any Property left in the Existing
Premises by Tenant after the Existing Premises New Expiration Date shall be deemed to have been abandoned by Tenant, and Landlord
shall have the right to retain or dispose of such Property in any manner without any obligation to account to Tenant therefor,
and Tenant will reimburse Landlord for Landlord’s actual out-of-pocket costs for any such retention or disposal of such Property
upon demand. Following the vacation and surrender by Tenant to Landlord of the Existing Premises in accordance with the terms of
the Lease, neither party shall have any obligation to the other party with respect to the Existing Premises, except with respect
to those obligations which are intended to survive the expiration or earlier termination of the Lease with respect to the Existing
Premises.

 

3.Lease of the
New Premises.

 

(a)Landlord hereby
leases to Tenant, and Tenant hereby leases from Landlord, the New Premises for a term commencing on the date (the “New
Premises Commencement Date”) that the Landlord’s Work has been Substantially Completed (or would have been Substantially
Completed but for a Tenant Delay), and ending on the date preceding the five (5) year and three (3) month anniversary of the New
Premises Commencement Date (provided, however, if the New Premises Commencement Date is not the first date of a calendar month,
then ending on the last day of the month in which occurs the five (5) year and three (3) month anniversary of the New Premises
Commencement Date) (the applicable date, the “New Premises Expiration Date”), or such earlier date upon which
the term of the Lease may expire or be terminated pursuant to any of the conditions of limitation or other provisions of the Lease
or pursuant to law, upon all of the terms and conditions of the Lease and this Amendment. Upon the date hereof, the terms and provisions
hereof shall be fully binding on Landlord and Tenant.

 

(b)If the New Premises
Commencement Date has not occurred on or before any specified date, for any reason whatsoever, Landlord shall not be liable to
Tenant for any damage thereby, this Amendment shall not be void or voidable thereby, and the term of the New Premises shall not
commence until Landlord tenders possession of the New Premises to Tenant in the condition required under this Amendment. Once the
New Premises Commencement Date, is determined, Landlord and Tenant shall execute an agreement stating the New Premises Commencement
Date, the New Premises Rent Commencement Date and the New Premises Expiration Date, but the failure to do so will not affect the
determination of such dates. Tenant expressly waives any right to rescind the Lease and/or this Amendment under Section 223-a of
the New York Real Property Law or under any present or future statute of similar import then in force and further expressly waives
the right to recover any damages from Landlord, direct or indirect, which may result from the failure of the New Premises Commencement
Date to occur on a particular date. Notwithstanding the foregoing, in the event the New Premises Commencement Date has not occurred
on or prior to the date that is six (6) months following the date hereof (the “Outside Date”) (which Outside
Date will be subject to extension for Tenant Delay and/or Force Majeure), then, as Tenant’s sole and exclusive remedy with
respect thereto, the New Premises Rent Commencement Date (as hereinafter defined) shall be extended by one (1) day for each day
after the Outside Date that the New Premises Commencement Date has not occurred.

 

    	2

    	 

    

 

(c)Effective as of the New Premises
Commencement Date, Tenant shall lease the New Premises upon all of the terms and conditions of the Lease, except as follows:

 

(i)The
Fixed Rent payable under the Lease with respect to the New Premises shall be an amount equal to (A) $403,125 per annum ($33,593.75
per month) for the period commencing on the New Premises Commencement Date and ending on the date preceding the third (3rd)
anniversary of the New Premises Commencement Date (as hereinafter defined) (such period, the “First Period”;
the date the First Period expires being referred to herein as the “First Period Expiration Date”), both dates
inclusive, (B) $416,025 per annum ($34,668.75 per month) for the period commencing on the date following the First Period Expiration
Date and ending on the New Premises Expiration Date, both dates inclusive, payable at the times and in the manner specified in
the Lease for the payment of Fixed Rent.

 

(ii)Notwithstanding
anything to the contrary hereinabove, during any portion of the Abatement Period (as hereinafter defined) when Tenant is not in
default under the Lease beyond the expiration of the applicable notice and cure period, Tenant will be entitled to an abatement
(the “Abatement”) of Fixed Rent for the period from the New Premises Commencement Date to the date preceding
the three (3) month anniversary of the New Premises Commencement Date (as the same may be reduced as provided herein) (the “Abatement
Period”); provided, however, that during the period in which the Abatement is effective, Tenant shall not be relieved
of its obligation to pay any other component of Additional Rent or Rent during such Abatement Period or its obligation to pay charges
for utilities for which Tenant is separately metered. Tenant acknowledges that the consideration for the Abatement is Tenant’s
agreement to perform all of the other terms, covenants and conditions of the Lease on its part to be performed. Therefore, if the
Lease shall be terminated on or before the New Premises Expiration Date by reason of Tenant’s default thereunder, the entire
amount of the Fixed Rent that was abated shall immediately thereafter become due and payable by Tenant to Landlord. In the event
of Tenant’s failure to pay such aggregate amount to Landlord under such circumstances, Landlord shall be entitled to the
same rights and remedies as in the event of Tenant’s default in the payment of Fixed Rent. The date immediately following
the expiration of the Abatement Period is the New Premises Rent Commencement Date.

 

(iii)Tenant
shall pay, in the aggregate with respect to the New Premises, all Additional Rent payable pursuant to the Lease, including Article
7 of the Lease, except that (A) the “Premises Area” shall be deemed to mean 6,450 square feet; (B) the “Tenant’s
Proportionate Share” shall be deemed to mean 1.37%; (C) the term “Base Tax Factor” shall mean the
average of the Taxes for the 2013/2014 Tax Year and the 2014/2015 Tax Year; and (D) the term “Base Operating Factor”
shall mean the Landlord’s actual Operating Expenses for the 2014 calendar year.

 

    	3

    	 

    

 

(d)Except as provided
in this Amendment, from and after the New Premises Commencement Date, (i) all references in the Lease to the “Premises”
shall be deemed to mean the New Premises, (ii) all references in the Lease to “Term” or “term of this Lease”
or words of similar import shall be deemed to refer to the term of the leasing of the New Premises, (ii) each reference in the
Lease to “this Lease”, “herein”, “hereunder” or words of similar import shall be deemed to
refer to the Lease and amended by this Amendment, and (iv) each reference in the Lease to the “Expiration Date” shall
be deemed to refer to the New Premises Expiration Date.

 

4.Condition
of the New Premises.

 

(a)Notwithstanding
anything in the Lease or this Amendment to the contrary, Tenant agrees to accept the New Premises in its “AS-IS”, “WHERE-IS”
and “WITH ALL FAULTS” condition as of the date hereof, and Landlord has no obligation to perform any work, supply any
materials, incur any expense or make any alterations or improvements to prepare the New Premises for Tenant’s occupancy other
than Landlord’s obligation to perform the Landlord’s Work.

 

(b)Landlord will
perform the initial work with respect to the New Premises (the “Landlord’s Work”) pursuant to the workletter
(the “Workletter”) attached hereto as Exhibit B and the final space plans (the “Final Space
Plans”) attached hereto as Exhibit C. Landlord will have the right to make changes in the Landlord’s Work
required by any governmental department or bureau having jurisdiction over the Building. Landlord will perform the Landlord’s
Work using brand new finishes that are substantially similar to the finishes in the Existing Premises.

 

(c)Promptly
following the date hereof, based on the Workletter and the Final Space Plans, Landlord will prepare a complete set of construction
drawings for the New Premises (the “Proposed Construction Drawings”). After delivery of the Proposed Construction
Drawings, Tenant shall have three (3) Business Days to approve the Proposed Construction Drawings, which approval shall not be
unreasonably withheld, conditioned or delayed. If Tenant disapproves of all or a portion of the Proposed Construction Drawings,
Tenant will notify Landlord within such three (3) Business Day period, in which event Landlord shall revise the Proposed Construction
Drawings and resubmit them to Tenant within five (5) Business Days after Landlord’s receipt of written notice from Tenant.
Tenant’s failure to respond to Landlord shall be deemed to be Tenant’s approval of the Proposed Construction Drawings.
Tenant shall respond to Landlord’s request for approval of the revised Proposed Construction Drawings within three (3) Business
Days of resubmission. If Tenant disapproves of all or a portion of the revised Proposed Construction Drawings, Tenant will notify
Landlord within such three (3) Business Day period, in which event Landlord shall further revise the Proposed Construction Drawings
and resubmit them to Tenant within five (5) Business Days after Landlord’s receipt of written notice from Tenant. This procedure
shall continue until Tenant finally approves the Proposed Construction Drawings (such approved Proposed Construction Drawings,
the “Final Plans”).

 

    	4

    	 

    

 

(d)Landlord and
Tenant agree that if Tenant requests any change, addition or upgrade to the Final Plans (individually and collectively, “Change
Orders”) prepared by Landlord, such Change Orders must be approved by Landlord and, to the extent they increase the costs
of Landlord’s Work, will be paid for solely by Tenant. If Landlord approves a Change Order, Landlord will promptly notify
Tenant of such approval and any additional cost and/or delay associated with the performance of any such Change Order. Thereafter,
Landlord will only proceed with any such Change Order after it receives, within three (3) Business Days of such notice of any increased
costs and/or delay in Substantial Completion of Landlord’s Work as a result thereof, authorization to proceed from Tenant.
In the absence of such written authorization within said three (3) Business Day period, Landlord shall not be obligated to proceed
with such Change Order and shall be deemed to have been authorized by Tenant to proceed without performing such Charge Order.

 

(e)The Landlord’s
Work shall be performed by Landlord only once, it being understood that Landlord’s obligation to perform the Landlord’s
Work is a single, non-recurring obligation. All alterations and improvement made by Landlord on behalf of Tenant as part of the
Landlord’s Work constitute “Improvements,” as such term is defined in the Lease.

 

(f)In the event
Landlord is delayed in Substantially Completing the Landlord’s Work as the result of Tenant Delay, then the Abatement Period
will be reduced by one (1) day for each day of delay attributable to such a Tenant Delay. Notwithstanding anything to the contrary
contained herein, if Substantial Completion of the Landlord’s Work is delayed on account of (i) the failure to have approved
Final Plans on or prior to the date which is ten (10) Business Days after the date that Landlord delivers the Proposed Construction
Drawings to Tenant, (ii) any Change Orders requested by Tenant, (iii) the failure by Tenant to respond within the time period as
hereinabove provided when a response by Tenant is requested by Landlord in connection with the performance of the Landlord’s
Work (provided, however, if no specific time period is mentioned, the requisite time period for Tenant to respond is two (2) Business
Days after written notice from Landlord), (iv) any Long Lead Items(s) (as hereinafter defined) requested by Tenant where Landlord
notifies Tenant in writing at the time of such request that the underlying item(s) in such a Long Lead Item, or (v) any interference
(other than to a de minimis extent) with construction of the Landlord’s Work due to Tenant’s entry into the New Premises
prior to the Substantial Completion of the Landlord’s Work, then any such delay shall constitute a “Tenant Delay”.
The term “Substantial Completion,” “Substantially Complete,” or any derivation thereof, means
that such work has been completed, as reasonably determined by Landlord’s architect, except for minor details of construction,
decoration and mechanical adjustments, if any, the non-completion of which does not materially interfere with Tenant’s use
of the New Premises for the conduct of its business. The term “Long-Lead Item(s)” means any item which is not
a stock item and must be specially manufactured, fabricated or installed or of such unusual, delicate or fragile nature that is
a risk that (aa) there will be a delay in its manufacture, fabrication, delivery or installation or (bb) after delivery, such items
will need to be reshipped, redelivered or repaired.

 

5.Intentionally
Omitted.

 

    	5

    	 

    

 

6.Landlord’s
Base Building Work. At its sole cost and expense, Landlord will perform the base building work described in Exhibit D,
attached hereto and made a part hereof.

 

7.Intentionally
Omitted.

 

8.Insurance.
Section 8.01 A. of the Lease is hereby amended by deleting the second and third sentences therein and inserting the following
in lieu thereof: “Landlord, its designated property management firm, its subsidiaries and Teachers Insurance and Annuity
Association of America (“TIAA”) shall be named as additional insureds on the said policies described in clause (A)
above (excluding the worker’s compensation policy) and shall be named as loss payee as to the policies described in clause
(C) above and each of the policies provided above in clauses (A) through (C) shall be issued by an insurance company or companies
authorized to do business in New York and which have policyholder ratings not lower than “A-“ and financial ratings
not lower than “VII” in Best’s Insurance Guide (latest edition in effect as of the date hereof and subsequently
in effect as of the date of renewal of the required policies). EACH OF SAID POLICIES SHALL ALSO INCLUDE A WAIVER OF SUBROGATION
PROVISION OR ENDORSEMENT IN FAVOR OF LANDLORD, ITS DESIGNATED PROPERTY INSURANCE MANAGEMENT FIRM, ITS SUBSIDIARIES AND TIAA, AND
AN ENDORSEMENT PROVIDING THAT LANDLORD SHALL RECEIVE THIRTY (30) DAYS PRIOR WRITTEN NOTICE OF ANY CANCELLATION OF, NONRENEWAL OF,
REDUCTION OF COVERAGE OR MATERIAL CHANGE IN COVERAGE ON SAID POLICIES.”

 

9.Electricity.
Article 13 of the Lease is amended by deleting “25.92%” wherever it appears and inserting in lieu thereof “68.44%”.

 

10.Free Use
of Freight Elevator. During Tenant’s initial move into the New Premises, Landlord shall, at no cost to Tenant, provide
Tenant with up to twelve (12) hours, in the aggregate, of non-exclusive use of the freight elevator outside of business hours (as
such term is defined in Section 12.01 of the Lease).

 

11.Sublease.
Section 22.02 of the Lease is amended as follows by deleting “sixty (60) days” wherever it appears and inserting
in lieu thereof “thirty (30) days”.

 

12.Right of
First Offer. (a)If at any time following the New Premises Commencement Date any Offer Space shall become Available (as
such term is hereinafter defined), then provided that as of the date of Tenant’s Acceptance Notice and the Offer Space Delivery
Date (as hereinafter defined), (x) Tenant is not then in default under theLease beyond applicable notice and cure periods, and
(y) Tenant is in occupancy of the entire Premises, Landlord shall give Tenant notice (an “Offer Notice”), specifying
(A) the location and rentable square footage of such Offer Space, (B) the condition in which such Offer Space shall be delivered
to Tenant, (C) the Fair Market Rental Value (as hereinafter defined) for such Offer Space, (D) the date or estimated date that
such offer space will be delivered to Tenant in the condition required by the Lease (the “Anticipated Offer Space Delivery
Date”) and (E) any other relevant terms being offered by Landlord with respect to such space. The foregoing right of
Tenant is hereinafter referred to as the “Tenant’s Right of First Offer”. Tenant’s Right of First
Offer with respect to any Offer Space identified in such Offer Notice shall be subject to Tenant’s satisfaction of the conditions
set forth in this Paragraph 12(a).

 

    	6

    	 

    

 

“Fair Market
Rental Value” means the fixed annual rent that a willing lessee would pay and a willing lessor would accept for the applicable
space, taking into account all relevant factors.

 

“Offer Space”
means any space that becomes available on floor 12 of the Building.

 

The term "Available"
shall mean, as to any Offer Space, that such Offer Space is vacant and free of any present or future possessory right now or hereafter
existing in favor of any third party, provided, however, that any space that is vacant on the date of this Amendment
shall not be deemed to be Available unless and until such space is first leased to another tenant and then again becomes Available.
Anything to the contrary contained herein notwithstanding, Tenant’s Right of First Offer is subordinate to (x) any right
of first offer, right of first refusal, expansion right or similar right or option in favor of any third party existing as of the
date of this Amendment and (y) Landlord’s right to renew or extend the term of any lease to another tenant, whether or not
pursuant to an option or right set forth in such other tenant’s lease.

 

(b)Within five (5) days after receipt
of the Offer Notice, time being of the essence, Tenant shall deliver a notice to Landlord (the “Tenant Offer Space
Notice”) pursuant to which Tenant shall either (i) waive its right to exercise its Right of First Offer with respect
to the Offer Space, (ii) accept Landlord’s offer with respect to all (but not less than all) of the Offer Space on all of
the terms and conditions provided in the Offer Notice. If Tenant exercises the Tenant’s Right of First Offer, Landlord and
Tenant shall then enter into an additional space modification of the Lease incorporating such Offer Space in the Lease with such
changes as shall be necessary to modify the terms of the Lease relative to such space.

 

(c)If Tenant exercises the Tenant’s
Right of First Offer, the terms for the Offer Space shall be the same as those for the Premises with the Offer Space to be thereafter
deemed part of the Premises, except that:

 

(i) Base Rent shall be
one hundred (100%) percent of the Fair Market Rental Value; the Base Tax Factor shall be the fiscal tax year in which the term
of the Offer Space commences as part of the Premises, and the Base Operating Factor shall be the calendar year in which the term
of the Offer Space commences as part of the Premises.

 

(ii) the lease term for
the Offer Space shall expire or terminate on the same date the Lease expires or terminates (as the same may be extended), as the
case may be;

 

(iii) Tenant's Proportionate
Share for Taxes and Operating Expenses shall be appropriately adjusted to include the Offer Space;

 

(iv)
Landlord shall have no obligation to perform any work, pay any contribution, provide free rent or render any services to make the
Offer Space ready for Tenant’s use or occupancy, and Tenant shall accept the Offer Space in its “as-is” condition
except as provided in the Offer Notice; provided, that any such concessions shall be prorated and reduced accordingly in the event
that the period commencing on the Anticipated Offer Space Delivery Date through the Expiration Date (without taking into account
any unexercised Renewal Term) shall be shorter than the lease term specified in the Offer Notice; and

 

    	7

    	 

    

 

(v)if
the Anticipated Offer Space Delivery Date is within the last thirty-six (36) months of the term of the Lease, then the New Premises
Expiration Date will be amended to be that date which is the fifth (5th) anniversary of the New Premises Expiration
Date determined pursuant to this Amendment; provided, however, that the extension term will be on the terms and conditions determined
by Landlord, including, without limitation, the Fixed Rent. The Fixed Rent payable under the Lease with respect to the Premises
for the aforesaid five (5) year period will be the Landlord’s and Tenant’s mutual determination of Fair Market Rental
Value. In the event Landlord and Tenant are unable to agree on such Fair Market Rental Value within twenty (20) days after Tenant’s
delivery of the Tenant Offer Space Notice, the dispute will be resolved in accordance with the then prevailing Streamlined Arbitration
Rules and Procedures of Judicial Arbitration and Mediation Services (“JAMS”) or its successor for arbitration
of commercial disputes, except that the rules shall be modified as follows: (A) either party may make a request to JAMS to appoint
a broker to make the determination of Fair Market Rental Value, (B) within five (5) days after the appointment of the broker, each
party shall submit to the broker its determination of Fair Market Rental Value, and (C) the broker will make a determination of
Fair Market Rental Value by selecting either the amount set forth by Landlord or Tenant, whichever the broker determines is closer
to the Fair Market Rental Value. The broker may not select any other amount as the Fair Market Rental Value. The determination
of the broker will be binding on each of Landlord and Tenant. Landlord and Tenant will each pay one-half (1/2) of the fees and
expenses of the arbitration.

 

(d)Notwithstanding
anything to the contrary herein, once any space on the 12th floor has been offered to Tenant, Tenant’s Right of
First Offer shall be null and void and Landlord shall have no further obligation to offer the other Offer Space to Tenant, it being
understood that Tenant’s Right of First Offer is a one-time right during the term of the Lease.

 

(e)If Landlord
is unable to deliver possession of the Offer Space to Tenant for any reason on or before the Anticipated Offer Space Delivery Date,
the Offer Space Delivery Date shall be the date on which Landlord is able to so deliver possession and Landlord shall have no liability
to Tenant therefor and the Lease shall not in any way be impaired. This Paragraph 12(e) constitutes “an express provision
to the contrary” within the meaning of Section 223(a) of the New York Real Property Law and any other law of like import
now or hereafter in effect.

 

(f)Notwithstanding
anything to the contrary contained in this Paragraph 12, Tenant’s Right of First Offer shall be personal to the Tenant
named in this Amendment.

 

13.Security
Deposit. Simultaneously with the execution of this Amendment, Tenant shall provide to Landlord, as partial consideration for
the Lease and as security and as collateral for the faithful performance and observance by Tenant of the terms, provisions, and
conditions of the Lease, an unconditional irrevocable letter of credit (the “Letter of Credit”) issued by a
bank or other financial institution satisfactory to Landlord, which Letter of Credit shall reflect Landlord as the beneficiary,
shall be for a term of not less than one (1) full calendar year, and shall be in the amount of $201,562.50 (the “Security
Deposit”). The Letter of Credit shall be in substance reasonably acceptable to Landlord, shall provide for payment at
a location reasonably acceptable to Landlord, shall be assignable to any subsequent owner of the Building, and shall provide, in
part, that in each instance in which Tenant shall have defaulted under any of the terms and provisions of the Lease, including
but not limited to the payment of Rent and if the same shall not have been cured within any applicable cure period provided for
herein, Landlord shall be entitled to draw upon the Letter of Credit (in a single or multiple draws up to the full amount of the
Security Deposit) to the extent necessary to satisfy the obligations and liabilities of Tenant to Landlord as set forth herein,
including but not limited to any amounts which Landlord may expend or be required to expend by reason of Tenant’s default
in respect of any of the terms, provisions, covenants and conditions of the Lease, and including but not limited to any damages
or deficiency accrued before or after summary proceedings or other re-entry by Landlord. If Landlord shall apply all or any portion
of the Security Deposit, Tenant shall, within ten (10) Business Days following written notice of the amount thereof from Landlord,
provide a new or revised Letter of Credit in such amount as will equal, together with any remaining balance on the Letter of Credit,
the Security Deposit. Promptly following Landlord’s receipt of the Letter of Credit, Landlord will return to Tenant the Tenant’s
current cash security deposit.

 

    	8

    	 

    

 

The Letter of Credit
shall be renewed or replaced each year for additional one (1) year periods. The failure of Tenant to provide Landlord with a renewal
or replacement Letter of Credit at least thirty (30) days prior to each expiration thereof during the Term shall be deemed to be
a default under the Lease, and in addition to any and all rights and remedies available to Landlord under the law and/or the Lease,
Landlord shall be entitled to draw upon the Letter of Credit in the full amount of the Security Deposit and to hold the proceeds
thereof as a cash security deposit hereunder.

 

If Tenant performs all
of Tenant’s obligations hereunder and is not then in default of its obligations hereunder, the Letter of Credit, or any remaining
cash security deposit, shall be returned to Tenant within sixty (60) days after (a) the expiration of the Lease Term, or (b) Tenant
has vacated and delivered entire possession of the Premises to Landlord in the condition required hereunder, whichever is later.

 

In the event of transfer
of the Building, Landlord shall have the right to transfer the Letter of Credit or any cash security deposit (either, as applicable,
the “Security”) to the transferee and Landlord shall thereupon be released by Tenant from all liability for
the return of the Security. Tenant agrees to look solely to such transferee for the return of the Security, and it is agreed that
the provisions hereof shall apply to every transfer made of the Security to any such transferee.

 

14.Notices.
Section 39 of the Lease is amended by providing that a copy of notices sent by Tenant to Landlord shall also be sent in
like manner to: T-C 780 Third Avenue Owner LLC, c/o TIAA-CREF, 730 Third Avenue, 4th Floor, New York, New York 10017,
Attn: Laura M. Palombo, Senior Director, Asset Management, Global Real Estate, and to: Ingram Yuzek Gainen Carroll &
Bertolotti, LLP, 250 Park Avenue, Sixth Floor, New York, NY 10177, Attn: Shane O’Neill, Esq., In addition, any reference
to the “JRT Realty Group, Inc.” therein shall be deemed deleted therefrom.

 

    	9

    	 

    

 

15.Brokerage.
Each party warrants that it has had no dealings with any real estate broker or agent in connection with the negotiation of this
Amendment, other than CBRE, Inc. (the “Landlord’s Broker”) and Newmark Grubb Knight Frank (the “Tenant’s
Broker”) and that it knows of no other real estate broker or agent who is or might be entitled to a commission in connection
with this Amendment. Tenant hereby agrees to indemnify, defend and hold Landlord and its agents harmless for, from and against
all claims for any brokerage commissions, finders’ fees or similar payments by any persons (excluding Landlord’s Broker)
and all costs, expenses and liabilities incurred in connection with such claims, including reasonable attorneys’ fees and
costs. Landlord hereby agrees to indemnify, defend and hold Tenant harmless for, from and against all claims for any brokerage
commissions, finders’ fees or similar payments by any persons and all costs, expenses and liabilities incurred in connection
with such claims, including reasonable attorneys’ fees and costs.

 

16.Representations
and Warranties. Tenant represents and warrants to Landlord that, as of the date hereof, (a) the Lease is in full force and
effect and has not been modified except pursuant to this Amendment; (b) to Tenant’s actual knowledge, there are no defaults
existing under the Lease; (c) to Tenant’s actual knowledge, there exist no valid abatements, causes of action, counterclaims,
disputes, defenses, offsets, credits, deductions, or claims against the enforcement of any of the terms and conditions of the Lease;
(d) this Amendment has been duly authorized, executed and delivered by Tenant and constitutes the legal, valid and binding obligation
of Tenant; and (e) to Tenant’s actual knowledge, Landlord is not in default of any of its obligations or covenants under
the Lease. Landlord represents and warrants to Tenant that, as of the date hereof, (a) the Lease is in full force and effect and
has not been modified except pursuant to this Amendment; (b) to Landlord’s actual knowledge, there are no defaults existing
under the Lease; (c) to Landlord’s actual knowledge, there exist no valid abatements, causes of action, counterclaims, disputes,
defenses, offsets, credits, deductions, or claims against the enforcement of any of the terms and conditions of the Lease; (d)
this Amendment has been duly authorized, executed and delivered by Landlord and constitutes the legal, valid and binding obligation
of Landlord; and (e) to Landlord’s actual knowledge, Tenant is not in default of any of its obligations or covenants under
the Lease.

 

17.Miscellaneous.
(a) From and after the New Premises Commencement Date, the following provisions of the Lease shall be deemed inapplicable during
the term of the Lease and will be deemed deleted in their entirety therefrom: Section 3.04 and Article 35.

 

(b)Except as set
forth herein, nothing contained in this Amendment shall be deemed to amend or modify in any respect the terms of the Lease and
such terms shall remain in full force and effect as modified hereby. If there is any inconsistency between the terms of this Amendment
and the terms of the Lease, the terms of this Amendment shall be controlling and prevail.

 

(c)This Amendment
contains the entire agreement of the parties with respect to its subject matter and all prior negotiations, discussions, representations,
agreements and understandings heretofore had among the parties with respect thereto are merged herein.

 

    	10

    	 

    

 

(d)This Amendment
may be executed in duplicate counterparts, each of which shall be deemed an original and all of which, when taken together, shall
constitute one and the same instrument.

 

(e)This Amendment
shall not be binding upon Landlord or Tenant unless and until Landlord shall have delivered a fully executed counterpart of this
Amendment to Tenant. Delivery may be made by telefacsimile or electronic (e.g., pdf) means, any of which shall be effective to
constitute delivery.

 

(f)This Amendment
shall be binding upon and inure to the benefit of Landlord and Tenant and their successors and permitted assigns.

 

(g)This Amendment
shall be governed by the laws of the State of New York without giving effect to choice of law or conflict of laws principles thereof.

 

(h)This Amendment
shall be interpreted and enforced without the aid of any canon, custom or rules of law requiring or suggesting construction against
the party drafting or causing the drafting of the provision in question. The captions, headings, and titles in this Amendment are
solely for convenience of reference and shall not affect its interpretation.

 

[Remainder of
Page Intentionally Left Blank. Signature Page Follows]

 

    	11

    	 

    

 

IN WITNESS WHEREOF, Landlord
and Tenant have executed this Amendment as of the day and year first above written.

 

 

 

	 	LANDLORD:	 
	 	 	 	 
	 	T-C 780 THIRD AVENUE OWNER LLC	 
	 	 	 	 
	 	By:	/s/ Laura M. Palombo	 
	 	Name:  Laura M. Palombo	 
	 	Title: Director	 
	 	 	 
	 	 	 	 
	 	TENANT:	 
	 	 	 	 
	 	VRINGO, INC.	 
	 	 	 	 
	 	By:  	/s/ Andrew Perlman	 
	 	 	Name: Andrew Perlman	 
	 	 	Title: CEO

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