Document:

Letter Agreement with William J. Stuart

 Exhibit 10.8 
 

 
 August 2, 2011 
 William J. Stuart 
 PO Box 789 
 Chatham, MA 02633 
 Dear Bill: 

Synacor, Inc. (the “Company”) is pleased to offer you employment on the following terms: 

1. Position. Your initial title will be Chief Financial Officer, and you will initially report to the Company’s Chief Executive Officer,
Ronald Frankel. This is a full-time, exempt position. While you render services to the Company, you will not engage in any other employment, consulting or other business activity (whether full-time or part-time) that would create a conflict of
interest with the Company. By signing this letter agreement, you confirm to the Company that you have no contractual commitments or other legal obligations that would prohibit you from performing your duties for the Company. 

2. Cash Compensation. The Company will pay you a starting salary at the rate of $250,000 per year, payable in accordance with
the Company’s standard payroll schedule. This salary will be subject to adjustment pursuant to the Company’s employee compensation policies in effect from time to time. In addition, you will be eligible to be considered for an incentive
bonus for each fiscal year of the Company. On the date the Company first becomes a public company as a result of an initial public offering or otherwise, your base salary shall increase to $290,000 per year, payable in accordance with the
Company’s standard payroll schedule. This salary will be subject to adjustment pursuant to the Company’s employee compensation policies in effect from time to time. The bonus (if any) will be awarded based on objective or subjective
criteria established by the Company’s Chief Executive Officer and approved by the Company’s Board of Directors (the “Board”). Your target bonus will be equal to 40% of your annual base salary. Any bonus for the fiscal year
in which your employment begins will be prorated, based on the number of days you are employed by the Company during that fiscal year. The bonus for a fiscal year will be paid after the Company’s books for that year have been closed (but in any
event within 2 1/2 months after the close of that
fiscal year) but only if you are employed by the Company at the time of payment. The determinations of the Board with respect to your bonus will be final and binding. 
 3. Employee Benefits. As a regular employee of the Company, you will be eligible to participate in a number of Company-sponsored benefits. In addition, you will be entitled to paid vacation in
accordance with the Company’s vacation policy, as in effect from time to time. 
 4. Stock Options. Subject to the approval of the
Board or its Compensation Committee, you will be granted an option to purchase 500,000 shares of the Company’s Common Stock (the “Option”). The exercise price per share of the Option will be determined by the Board or its

 William J. Stuart 
 August 2, 2011 
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Compensation Committee when the Option is granted. The Option will be subject to the terms and conditions applicable to options granted under the Company’s 2006 Stock Plan (the
“Plan”), as described in the Plan and the applicable Stock Option Agreement. The Option will be immediately exercisable, but in the event that your service terminates for any reason before you vest in the shares, the unvested
portion of the purchased shares will be subject to repurchase by the Company at the lower of (a) the original exercise price or (b) the fair market value of the shares at the time your service terminates. You will vest in 25% of the Option
shares after 12 months of continuous service, and the balance will vest in equal monthly installments over the next 36 months of continuous service, as described in the applicable Stock Option Agreement. 

In the event of a change of control, you will immediately vest 100% of any remaining Shares subject to the Option granted if (a) the acquirer or
successor does not assume in full your Company option, (b) your compensation is reduced below your rate of compensation as of immediately prior to such change of control, or (c) there is a material reduction in your duties and
responsibilities as a result of or within 12 months following such change of control. 
 5. Relocation. The Company shall reimburse you
for the following relocation expenses that you incur in moving yourself from Cambridge, MA to the Buffalo, NY area: 1) Hotel stay at a reasonably priced hotel within first 60 days of employment; 2) Automobile rental within the first 30 days of
employment; 3) 6 months of housing starting no later than October 1, 2011; 4) 6 months of utilities to coincide with housing 5) air travel two times a month for the first 6 months of employment. The employee agrees to move to the Buffalo, NY
area by September 15, 2012. The Company shall provide an additional bonus in the amount of $40,000 to be paid to employee only if he and his spouse have relocated to Buffalo, NY by September 15, 2012. If you resign from the Company before
completing 12 months of continuous service, you shall immediately refund to the Company all payments and reimbursements made by the Company for relocation expenses. If you resign from the Company after completion of 12 months of continuous service
but before completing 36 months of continuous service, you will immediately refund to the Company a prorated amount of such payments and reimbursements. Excluding the additional bonus amount, any relocation reimbursements that result in income tax
payable by you will be grossed up for taxes at the rate of 40% of the underlying relocation reimbursements. 
 6. Severance Pay.

 (a) General. If (a) following the earlier of your and your spouse’s relocation as noted above and your
completion of 12 months of continuous service with the Company or (b) if, earlier, at any time after the Company is subject to a Change of Control, the Company terminates your employment for any reason other than Cause or Permanent Disability
and a Separation occurs (a “Qualified Termination”), then you will be entitled to the benefits described in this Section 6. However, this Section 6 will not apply unless you (i) have returned all Company property in
your possession, (ii) have resigned as a member of the Boards of Directors of the Company and all of its subsidiaries, to the extent applicable, and (iii) have executed a general release of all claims that you may have against the Company
or persons affiliated with the 

 William J. Stuart 
 August 2, 2011 
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Company. The release must be in the form prescribed by the Company, without alterations. You must execute and return the release on or before the date specified by the Company in the prescribed
form (the “Release Deadline”). The Release Deadline will in no event be later than 50 days after your Separation. If you fail to return the release on or before the Release Deadline, or if you revoke the release, then you will not be
entitled to the benefits described in this Section 6. 
 (b) Salary Continuation. If you
experience a Qualified Termination, then the Company will continue to pay your base salary for a period of twelve (12) months after your Separation. Your base salary will be paid at the rate in effect at the time of your Separation and in
accordance with the Company’s standard payroll procedures. The salary continuation payments will commence on the Company’s first payroll that occurs on or following the 61st day after your Separation and, once they commence, will include any unpaid amounts accrued from the date of your
Separation 
 (c) COBRA. If you experience a Qualified Termination, and if you elect to continue your health insurance
coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) following your Separation, then the Company will pay the monthly premium under COBRA for yourself and, if applicable, your dependents, as it pays for active
employees until the earliest of (i) the close of the Severance Period, (ii) the expiration of your continuation coverage under COBRA or (iii) the date when you become eligible for substantially equivalent health insurance coverage in
connection with new employment or self-employment 
 (d) Section 409A. For purposes of Section 409A of the
Code, each salary continuation payment under Section 6(b) is hereby designated as a separate payment. If the Company determines that you are a “specified employee” under Section 409A(a)(2)(B)(i) of the Code at the time of your
Separation, then (i) the salary continuation payments under Section 6(b), to the extent that they are subject to Section 409A of the Code, will commence during the seventh month after your Separation and (ii) the installments
that otherwise would have been paid during the first six months after your Separation will be paid in a lump sum when the salary continuation payments commence. 
 7. Proprietary Information and Inventions Agreement. Like all Company employees, you will be required, as a condition of your employment with the Company, to sign the Company’s
standard Proprietary Information and Inventions Agreement, a copy of which is attached hereto as Exhibit A. 
 8. Employment
Relationship. Employment with the Company is for no specific period of time. Your employment with the Company will be “at will,” meaning that either you or the Company may terminate your employment at any time and for any reason, with
or without cause. Any contrary representations that may have been made to you are superseded by this letter agreement. This is the full and complete agreement between you and the Company on this term. Although your job duties, title, compensation
and benefits, as well as the Company’s personnel 

 William J. Stuart 
 August 2, 2011 
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policies and procedures, may change from time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and a duly authorized
officer of the Company (other than you). 
 9. Withholding Taxes. All forms of compensation referred to in this letter agreement are
subject to reduction to reflect applicable withholding and payroll taxes and other deductions required by law. You are encouraged to obtain your own tax advice regarding your compensation from the Company. You agree that the Company does not have a
duty to design its compensation policies in a manner that minimizes your tax liabilities, and you will not make any claim against the Company or the Board related to tax liabilities arising from your compensation. 

10. Interpretation, Amendment and Enforcement. This letter agreement and Exhibit A constitute the complete agreement between you and the Company,
contain all of the terms of your employment with the Company and supersede any prior agreements, representations or understandings (whether written, oral or implied) between you and the Company. This letter agreement may not be amended or modified,
except by an express written agreement signed by both you and a duly authorized officer of the Company. The terms of this letter agreement and the resolution of any disputes as to the meaning, effect, performance or validity of this letter agreement
or arising out of, related to, or in any way connected with, this letter agreement, your employment with the Company or any other relationship between you and the Company (the “Disputes”) will be governed by New York law, excluding
laws relating to conflicts or choice of law. You and the Company submit to the exclusive personal jurisdiction of the federal and state courts located in New York in connection with any Dispute or any claim related to any Dispute. 

11. Definitions. The following terms have the meaning set forth below wherever they are used in this letter agreement: 

“Cause” means (a) your unauthorized use or disclosure of the Company’s confidential information or trade
secrets, which use or disclosure causes material harm to the Company, (b) your material breach of any agreement between you and the Company, (c) your material failure to comply with the Company’s written policies or rules,
(d) your conviction of, or your plea of “guilty” or “no contest” to, a felony under the laws of the United States or any State, (e) your gross negligence or willful misconduct, (f) your continuing failure to
perform assigned duties after receiving written notification of the failure from the Board or (g) your failure to cooperate in good faith with a governmental or internal investigation of the Company or its directors, officers or employees, if
the Company has requested your cooperation. 
 “Change of Control” means: 

(a) the consummation of any merger or consolidation of the Company with or into another corporation other than a merger or consolidation
in which the holders of more than 50% of the shares of capital stock of the Company outstanding immediately prior to such transaction continue to hold (either by the voting securities remaining outstanding or by their being converted into voting
securities of the surviving entity) more than 50% of the total voting 

 William J. Stuart 
 August 2, 2011 
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power represented by the voting securities of the Company, or such surviving entity, outstanding immediately after such transaction; 

(b) the sale, transfer or other disposition of all or substantially all of the Company’s assets; 

(c) a change in the composition of the Board, as a result of which fewer than 50% of the incumbent directors are directors who either:

 (i) had been directors of the Company on the date 24 months prior to the date of such change in the
composition of the Board (the “Original Directors”); or 
 (ii) were appointed to the Board, or
nominated for election to the Board, with the affirmative votes of at least a majority of the aggregate of (A) the Original Directors who were in office at the time of their appointment or nomination and (B) the directors whose appointment
or nomination was previously approved in a manner consistent with this Paragraph (ii); or 
 (d) Any transaction as a result of
which any person is the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended), directly or indirectly, of securities of the Company representing at least 50% of the total voting power
represented by the Company’s then outstanding voting securities. For purposes of this Subsection (d), the term “person” shall have the same meaning as when used in sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
amended, but shall exclude (i) a trustee or other fiduciary holding securities under an employee benefit plan of the Company and (ii) a corporation owned directly or indirectly by the stockholders of the Company in substantially the same
proportions as their ownership of the common stock of the Company. 
 A transaction shall not constitute a Change of Control if its sole purpose
is to change the state of the Company’s incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction. In
addition, a transaction will not constitute a Change of Control unless such transaction also constitutes a “change in control event” as defined in Treasury Regulation §1.409A-3(i)(5). 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Permanent Disability” means that you are unable to perform the essential functions of your position, with or without
reasonable accommodation, for a period of at least 120 consecutive days because of a physical or mental impairment. 

“Separation” means a “separation from service,” as defined in the regulations under Section 409A of the
Code. 
 * * * * * 

 William J. Stuart 
 August 2, 2011 
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 We hope that you will accept our offer to join the Company. You may indicate your
agreement with these terms and accept this offer by signing and dating both the enclosed duplicate original of this letter agreement and the enclosed Proprietary Information and Inventions Agreement and returning them to me. This offer, if not
accepted, will expire at the close of business on August 5, 2011. As required by law, your employment with the Company is contingent upon your providing legal proof of your identity and authorization to work in the United States. Your
employment is contingent upon your starting work with the Company on or before August 8, 2011. 
 Bill, we are very pleased
to be presenting you with this offer. We are confident that your skills, enthusiasm and professionalism will add to Synacor’s success while creating the opportunities and rewards that will help you achieve your professional goals. We look
forward to having you as a part of our team. 
 If you have any questions, please call me at (716)362-3305. 

 

	
	Very truly yours,
	
	SYNACOR, INC.
	
	/s/    Julia Culkin
	
JULIA CULKIN, VICE PRESIDENT OF

HUMAN RESOURCES

  

			
	I have read and accept this employment offer:
	
	/s/    William J. Stuart
	Signature of William J. Stuart
	
	Dated:     8/3/11

 Attachment 
 Exhibit A: Proprietary Information and Inventions AgreementSublease

 Exhibit 10.14.1 

SUBLEASE 
 THIS SUBLEASE (this “Sublease”) is made and entered as of this 3rd day of March 2006 by and between LUDLOW TECHNICAL PRODUCTS CORPORATION, a New York corporation formerly known as Graphic
Controls Corporation (“Sublandlord”), with an address at c/o Tyco Healthcare Group LP 15 Hampshire Street, Mansfield, MA 02048, and SYNACOR, INC., a Delaware corporation (“Subtenant”), with an address at 40 La
Riviere Drive, Buffalo, New York 14202. 
 WITNESSETH: 

A. Sublandlord is the tenant under that certain Property Lease dated March 13, 1998 (the “Original Lease”), with
Waterfront Associates, LLC, as successor by conversion to Waterfront Associates (“Landlord”), as landlord, covering Building No. 3, Waterfront Village Center, 40 La Riviere Drive, Buffalo, New York 14202, as amended by that
certain First Amendment to Lease dated April 29, 1998, that Second Amendment to Lease dated April 21, 1999, and that Third Amendment to Lease dated July 30, 1999 (collectively, the three amendments are the
“Amendments”). As amended, the Original Lease is referred to herein as the “Lease.” 
 B. Under the terms and conditions of this Sublease, Subtenant desires to sublease from Sublandlord approximately 20,027 rentable square feet located on the third (3rd) floor of the Building (the “Premises”), which
Premises is shown cross-hatched on Exhibit A attached hereto and incorporated herein. 
 NOW THEREFORE, in consideration
of the mutual covenants set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Sublandlord and Subtenant agree as follows: 

ARTICLE 1  
 DEFINITIONS: RECITALS 
 Section 1.1 Definitions.
Capitalized terms used herein and not otherwise defined shall have the same meanings given to them in the Lease. For the purposes of this Sublease, unless the context otherwise requires: 

(a) “Base Building Systems” shall mean the mechanical, gas, utility, electrical, sanitary, heating, air conditioning,
ventilating, elevator, plumbing, sprinkler, cabling and wiring, life-safety and other service systems of the Building, excluding (i) the distribution portions of such systems within the Premises, and (ii) any supplemental HVAC and other
systems installed by Subtenant within the Premises. 
 (b) “Building” shall mean the building known as Building
No. 3, Waterfront Village Center, 40 LaRiviere Drive, Buffalo, New York 14202, which Building includes approximately. 102,816 rentable square feet of space. 

  
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 (c) “Common Areas” shall mean the Land and all portions of the Building not
intended as leasable area, including without limitation the parking facilities, the lobby, public corridors and equipment rooms. 

(d) “Land” shall mean the parcel of land situated in the City of Buffalo, the County of Erie and State of New York, more
particularly described on Exhibit B attached hereto. 
 (e) “Property” shall mean the Land and Building.

 (f) “Sublandlord’s Representatives” shall mean Sublandlord’s employees, agents, contractors, and
invitees. 
 (g) “Subtenant’s Property” shall mean all trade fixtures, furniture, and equipment installed
at the sole expense of Subtenant and which are not replacements of any property of Sublandlord, whether any such replacement is made at Subtenant’s expense or otherwise. Subtenant’s Property shall not include items which become affixed to
the Premises and cannot be removed without causing material damage to the Building. 
 (h) “Subtenant’s
Representatives” shall mean Subtenant, Subtenant’s subtenants and assignees, if applicable, and Subtenant’s employees, agents, contractors, licensees, and invitees. 

(i) “Subtenant’s Share” shall mean 19.5%, which is the number of rentable square feet in the Premises divided by the
number of rentable square feet in the Building. 
 (j) “Unavoidable Delays” shall mean any and all delays beyond
a party’s reasonable control, including without limitation, governmental restrictions, governmental regulations, controls, order of civil, military or naval authority, governmental preemption, strikes, labor disputes, lock-outs, shortage of
labor or materials, inability to obtain materials or reasonable substitutes therefore, default of any building or construction contractor or subcontractor, Acts of God, fire, earthquake, floods, explosions, actions of the elements, extreme weather
conditions, enemy action, civil commotion, riot or insurrection, fire or other unavoidable casualty. Notwithstanding anything herein to the contrary, a monetary default by Subtenant is never an Unavoidable Delay. 

Section 1.2 Recitals. The recitals set forth above are incorporated into this Sublease by reference as if fully set forth
herein. 
 ARTICLE 2 
 DEMISE; TERM 
 Section 2.1 Demise. Conditioned upon
receipt by Sublandlord of Landlord’s written consent executed in substantially the form attached hereto as Exhibit C, Sublandlord hereby subleases and demises to Subtenant, and Subtenant hereby takes and hires from Sublandlord, the
Premises on the terms and conditions and subject to the provisions hereinafter set forth herein. 
 Section 2.2
Commencement Date. The term (the “Term”) of this Sublease shall commence on April 1, 2006 (the “Commencement Date”). 

  
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 Section 2.3 Expiration Date. Subject to the terms, covenants, or conditions of
this Sublease, the Term shall end on the earlier of: (a) March 31, 2016, or (b) five days before the expiration or earlier termination, for any reason whatsoever, of the Lease. The date of expiration of this Sublease shall be referred
to herein as the “Expiration Date.” 
 Section 2.4 Termination by Subtenant. Provided that
Subtenant is not in default when Subtenant delivers the early termination notice or on the cancellation note, Subtenant may, at its sole option, terminate this Sublease effective as of March 31, 2011 (the “Cancellation Date”).
To exercise such termination right, Subtenant must no later than June 30, 2010, give notice thereof to Sublandlord together with Subtenant’s payment to Sublandlord of $120,000.00 (the “Cancellation Fee”) in lawful money of
the United States of America. As a condition to the effectiveness of Subtenant’s cancellation right, Subtenant shall pay to Sublandlord prior to the Cancellation Date any past-due amounts then outstanding under the Sublease. If Subtenant fails
timely to deliver the Cancellation Fee or the cancellation notice or is otherwise unable to comply with or exercise this cancellation option, then Subtenant’s right to cancel this Lease under this section shall expire; time is of the essence
with respect thereto. 
 Section 2.5 Delivery Date. Sublandlord and Subtenant presently anticipate that possession
of the Premises will be tendered to Subtenant in the condition required by this Sublease on or about April 1, 2006 (the “Estimated Delivery Date”). If Sublandlord is unable to tender possession of the Premises in such condition
to Subtenant by the Estimated Delivery Date, then (a) the validity of this Sublease shall not be affected or impaired thereby, (b) Sublandlord shall not be in default hereunder or be liable for damages therefor, and (c) Subtenant shall accept
possession of the Premises when Sublandlord tenders possession thereof to Subtenant. By occupying the Premises, Subtenant shall be deemed to have accepted the Premises in their condition as of the date of such occupancy, subject to the performance
of punch-list items that remain to be performed by Sublandlord, if any. 
 ARTICLE 3 

CONDITION OF THE PREMISES; USE 
 Section 3.1 AS-IS Condition of Premises. Except as otherwise expressly provided to the contrary herein, Subtenant accepts the Premises “AS-IS” in its presently existing
condition. Subtenant acknowledges that (a) it was given a full opportunity to inspect the Premises; (b) as of the Commencement Date, Subtenant has inspected the Premises; (c) neither Sublandlord nor its agents or employees have made
any representations or warranties as to the condition of the Premises, or the suitability or fitness of the Premises for the conduct of Subtenant’s business or for any other purpose; and (d) subject to the provisions of Section 3.2
below, neither Sublandlord nor its agents or employees agreed to undertake any alterations or construct any tenant improvements in the Premises. 
 Section 3.2 Sublandlord’s Preparation; Subtenant’s Early Entry. Notwithstanding anything herein to the contrary, Sublandlord shall deliver the Premises to the Subtenant with all Base
Building Systems serving the Premises in working order and condition, with functioning light bulbs in each light fixture located therein, and free of damaged ceiling tiles. In addition, subject to Landlord’s consent, either (i) Sublandlord
shall repaint the existing painted walls in the Premises with Building-standard paint in Subtenant’s choice of color in Building-standard 

  
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quantities, in which case Subtenant shall select the color choice and provide notice thereof to Landlord on or before March 6, 2006; or (ii) under the terms and conditions of this
Sublease, Subtenant may enter the Premises before the Commencement Date (“Subtenant’s Early Entry”) solely for the purposes of performing such repainting itself and re-carpeting the Premises, provided that Sublandlord has
approved the contractor performing the work, which approval shall not be unreasonably withheld. If Subtenant elects to do such painting itself, then before doing any work, Subtenant shall submit to Sublandlord an estimate prepared by a contractor
for the cost of the repainting. Sublandlord shall reimburse Subtenant for the actual cost of such repainting or $9,000, whichever amount is less. Subtenant shall be responsible for any costs above that cap amount. Subtenant’s Early Entry shall
be governed by the terms of this Sublease, including without limitation the requirement that Subtenant maintain the insurance coverage required under Article 10 hereof. Before Subtenant’s Early Entry, Subtenant shall furnish to Sublandlord a
certificate evidencing the required insurance coverage. Except as set forth in Section 4.1, Subtenant shall not be required to pay any Rent prior to the Commencement Date. If Subtenant decides to repaint the Premises itself, then Subtenant
shall provide notice to Sublandlord of such election no later than March 6, 2006. 
 Section 3.3 Permitted
Uses. Subtenant shall use and occupy the Premises for general office and administrative uses consistent with first class office buildings in Buffalo, New York, and for no other purpose whatsoever. Subtenant shall not use or occupy or suffer or
permit the use or occupancy of the Premises or any part thereof in any manner which, in Sublandlord’s judgment, shall adversely affect or interfere with any services required to be furnished by Sublandlord to Subtenant or to any other subtenant
or occupant of any part of the Building, or with the proper and economical rendition of any such service or with the use or enjoyment of any part of the Building by Sublandlord, or by any other subtenant or occupant. Subtenant shall comply with all
laws relating to the use, condition, access to, and occupancy of the Premises and will not commit waste. 
 Section 3.4
Access. Subject to any reasonable security procedures that may be instituted by Sublandlord and/or Landlord from time to time, Subtenant shall have access to the Premises and the parking areas twenty-four (24) hours per day, seven
(7) days per week and 52 weeks per year. 
 ARTICLE 4 

RENT 
 Section 4.1 Fixed and Additional Rent. Subtenant shall pay to Sublandlord, without notice, billing, demand, deduction, or set off, in lawful money of the United States of America, at the
address of Sublandlord first above written or at such place as Sublandlord may designate, the following: 
 (a) Annual fixed rent
(“Fixed Rent”) in the amount of $280,378.00, payable in equal monthly installments of $23,364.84 each for the period commencing on July 1, 2006 (the “Rent Commencement Date”) until the Expiration Date. Fixed
Rent is payable in equal monthly installments in advance on the first day of each and every calendar month during such period. 

  
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 (b) Additional rent (“Additional Rent”) consisting of all other sums of
money as shall become due and payable by Subtenant hereunder (for default in the payment of which Sublandlord shall have the same remedies as for a default in the payment of Fixed Rent), commencing on the Commencement Date. Unless otherwise
specified herein, Additional Rent shall be payable within ten (10) days after receipt of an invoice from Sublandlord. 

Fixed Rent and Additional Rent are herein collectively called “Rent.” There shall be no abatement of, deduction from,
counterclaim or setoff against Rent, except as otherwise specifically provided in this Sublease. If the Term commences on a day other than the first day of a calendar month or ends on a day other than the last day of a calendar month, then Rent (and
all other sums or charges due or payable by Subtenant to Sublandlord hereunder) for the first and last fractional months of the Term shall be appropriately prorated. The first monthly installment of Fixed Rent shall be payable contemporaneously with
the execution of this Sublease; thereafter, Fixed Rent shall be payable on the first day of each month beginning on the first day of the second full calendar month following the Rent Commencement Date. 

Section 4.2 Late Charge. If Subtenant shall fail to pay when due any Rent, Subtenant shall pay with the next installment a
late charge equal to five percent (5%) of the unpaid Rent. In addition, all past-due payments required of Subtenant hereunder shall bear interest from the date due until paid at the lesser of eighteen percent (18%) per annum or the maximum
lawful rate of interest. In no event, however, shall the charges permitted under this section (to the extent such charges are considered to be interest under applicable law) exceed the maximum lawful rate of interest. 

ARTICLE 5  
 UTILITIES AND SERVICES 
 Section 5.1 Services.
Subject to the terms of this Sublease, Sublandlord shall use all reasonable efforts to furnish to Subtenant (1) water at those points of supply provided for general use of subtenants of the Building; (2) heated and refrigerated air
conditioning (“HVAC”) as appropriate, (a) at such temperatures and in such amounts as are standard, as reasonably determined by Sublandlord, for comparable buildings in the vicinity of the Building and (b) as specified in
Section 5.2; (3) elevators for ingress and egress to the floor on which the Premises is located, in common with other subtenants, provided that Sublandlord may reasonably limit the number of operating elevators during non-business hours
and holidays; and (4) electrical current during normal business hours for equipment that does not require more than one hundred ten (110) volts and whose electrical energy consumption does not exceed normal office usage. 

Section 5.2 After-Hours HVAC. If Subtenant desires any HVAC service at any time other than between 8:00 a.m. and 6:00
p.m. on weekdays (which term means all days except Saturdays, Sundays or holidays), then such service shall be supplied to Subtenant upon the written request of Subtenant delivered to Sublandlord before 3:00 p.m. on the business day preceding such
extra usage, and Subtenant shall pay to Sublandlord the cost of such service within thirty (30) days after Sublandlord has delivered to Subtenant an invoice therefor. The costs charged for such service shall be based upon Sublandlord’s
reasonable estimate of the costs for such after-hours HVAC and shall include any costs incurred by Sublandlord in providing after-hour HVAC service to Subtenant (including without limitation costs for electricity, water,

  
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sewage, water treatment, labor, metering, filtering, and maintenance reasonably allocated by Sublandlord to providing such service). 

Section 5.3 Excess Utility and Water Use. Sublandlord shall not be required to furnish electrical current for
equipment that requires more than one hundred ten (110) volts or other equipment whose electrical energy consumption exceeds normal office usage. If Subtenant’s requirements for or consumption of electricity exceed the electricity to be
provided by Sublandlord as described above, then Sublandlord shall, at Subtenant’s expense, make reasonable efforts to supply such service through the then-existing feeders and risers serving the Building and the Premises, and Subtenant shall
pay to Sublandlord the cost of such service within thirty (30) days after Sublandlord has delivered to Subtenant an invoice therefor. Sublandlord may determine the amount of such additional consumption and potential consumption by any
verifiable method, including installation of a separate meter in the Premises installed, maintained, and read by Sublandlord, at Subtenant’s expense. Subtenant shall not install any electrical equipment requiring special wiring or requiring
voltage in excess of one hundred ten (110) volts unless approved in advance by Sublandlord. Subtenant shall not install any electrical equipment requiring voltage in excess of Building capacity unless approved in advance by Sublandlord, which
approval may be withheld in Sublandlord’s sole discretion. The use of electricity in the Premises shall not exceed the capacity of existing feeders and risers to or wiring in the Premises. Any risers or wiring required to meet Subtenant’s
excess electrical requirements shall, upon Subtenant’s written request, be installed by Sublandlord, at Subtenant’s cost, if, in Sublandlord’s judgment, the same are necessary and shall not cause permanent damage to the Building or
the Premises, cause or create a dangerous or hazardous condition, entail excessive or unreasonable alterations, repairs, or expenses, or interfere with or disturb other subtenants of the Building. If Subtenant uses machines or equipment in the
Premises which affect the temperature otherwise maintained by the air conditioning system or otherwise overload any utility, Sublandlord may install supplemental air conditioning units or other supplemental equipment (the “Supplemental
Unit”) in the Premises, and the cost thereof, including the cost of the Supplemental Unit, and the cost of the installation, operation, use, and maintenance, shall be paid by Subtenant to Sublandlord within thirty (30) days after
Sublandlord has delivered to Subtenant an invoice therefor. No Supplemental Unit may be installed without Sublandlord’s consent. If any Supplemental Unit is installed in the Premises, then Subtenant shall pay to Sublandlord an additional charge
for excess and extra utility usage associated with such Supplemental Unit (the “Utility Charge”). Sublandlord shall, in good faith, determine the Utility Charge, and upon receipt of notice of the Utility Charge, Subtenant shall pay
the Utility Charge to Sublandlord as additional rent, together with each monthly payment of Fixed Rent. 
 If Subtenant
requires, uses or consumes water for any purpose in addition to the ordinary lavatory and drinking purposes, Sublandlord may install a water meter and thereby measure Subtenant’s consumption of water for all purposes. Subtenant shall pay to
Sublandlord the cost of any such meter and its installation, and Subtenant, at its expense, shall keep any such meter and any related equipment in good working order and repair. Subtenant shall pay for water consumed as shown on said meter and sewer
charges thereon, as and when bills are rendered. 
 Section 5.4 Cleaning; Trash. Subtenant shall, at its expense,
keep the Premises in a neat and clean condition at all times, utilizing a recognized cleaning contractor approved by 

  
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Sublandlord, which approval shall not be unreasonably withheld or delayed. Sublandlord shall provide trash disposal from one or more central trash depositories within the Common Areas.

 Section 5.5 Security. In no event shall Sublandlord be required to provide any security services to the Premises.
Subtenant shall supply such security services to the Premises as Subtenant requires, subject to Sublandlord’s prior approval of plans. If Sublandlord or Landlord shall, at their discretion, supply any security services to the Building and/or
the parking areas, same shall not guarantee the safety of Subtenant or Subtenant’s Representatives, or its or their property. 
 Section 5.6 Parking. Subtenant shall have the non-exclusive right, together with the other tenants and occupants of the Building and other buildings comprising Waterfront Village Center and
their employees, agents, licensees and invitees, to use the parking areas servicing the Building and any driveways appurtenant thereto for the purposes of egress and ingress, parking of vehicles for Subtenant’s Representatives and the loading
and unloading of vehicles in connection with and incidental to the business conducted by Subtenant in the Premises, all without additional charge; provided however that Subtenant’s Representatives shall not occupy more than an aggregate of
ninety (90) parking spaces at any time. If, for any reason, Sublandlord is unable to provide all or any portion of the parking spaces to which Subtenant is entitled hereunder, then Subtenant shall have no claims against Sublandlord because of
Sublandlord’s failure or inability to provide Subtenant with such parking spaces. Sublandlord shall not be responsible for enforcing Subtenant’s parking rights against any third parties. Subtenant shall cause Subtenant’s
Representatives to comply with all reasonable rules and regulations that Sublandlord and/or Landlord may promulgate with respect to parking in the parking areas, including without limitation, a system of stickers, access cards or other system
intended to regulate and control access to such parking areas. 
 Section 5.7 Interruption of Services. Sublandlord
does not warrant that any of the services referred to in this Article, or any other services which Sublandlord may supply, will be free from interruption, and Subtenant acknowledges that any one or more such services may become unavailable or may be
suspended by reason of accident, repairs, inspections, alterations or improvements necessary to be made, or by Unavoidable Delays. In the absence of gross negligence or willful misconduct on the part of Sublandlord, any such unavailability,
interruption, or discontinuance of service shall not render Sublandlord liable for any damages caused thereby, be deemed an eviction or constructive eviction, be deemed a disturbance of Subtenant’s use and possession of the Premises, or any
part thereof, constitute a breach of implied warranty, nor relieve Subtenant from performance of Subtenant’s obligations under this Sublease. Sublandlord shall, however, use reasonable efforts to restore any service so interrupted. 

ARTICLE 6 

OPERATING EXPENSES 
 Section 6.1 Definitions. As used herein: 
 (a) The term “Base
Expenses” shall mean the Operating Expenses for the Base Year. If less than 95% of the rentable area of the Building shall be occupied at any time 

  
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during the Base Year, then the Operating Expenses for the Base Year (and for each Operational Year in which actual occupancy of the Building shall be below 95% for any part thereof) shall be
equitably adjusted by Sublandlord to the amount such expenses would have been had the Building been 95% occupied at all times during the applicable year. 
 (b) The term “Base Impositions” shall mean the Impositions paid by Sublandlord in the Base Year. 
 (c) “Base Year” shall be calendar year 2006. 
 (d) The term
“Operating Expenses” shall mean all costs incurred by Sublandlord with respect to the operation, maintenance, repair, lighting, and cleaning of the Property, including, without limitation, the costs incurred for air conditioning;
cleaning the Common Areas; window washing; elevators; porter and matron service; cost of electric current used throughout the Property; steam; all utilities; protection and security services, if any; repairs or replacements; maintenance; all
insurance costs; supplies, wages, salaries, disability benefits, pensions, hospitalization, retirement plans and group insurance respecting service and maintenance employees; uniforms and working clothes for such employees and the cleaning thereof,
expenses imposed pursuant to any collective bargaining agreement with respect to such employees; the current amortized portion of capital expenses incurred with respect to the Property, together with interest at the lesser of 10% per annum or
the maximum rate of interest permitted by law; payroll, social security, unemployment and other similar taxes with respect to such employees; compensation paid to independent contractors performing any of the operation, maintenance or repair
functions; sales, use and other similar taxes; water rates and sewer rents; management fees; legal and accounting fees; permit and license fees; the cost of changes to comply with governmental requirements; maintenance of sprinkler, electrical,
plumbing and mechanical systems; removal of snow, ice, trash and debris; and repairs and utility and other consultants’ fees. 
 Notwithstanding anything herein to the contrary, the term “Operating Expenses” shall not include: (i) brokerage fees, leasing commissions, advertising costs or other expenses incurred by
Sublandlord in connection with the subleasing of space in the Building; (ii) damage and repairs attributable to fire or other casualty, or to eminent domain; (iii) Sublandlord’s general overhead expenses unless directly related to the
Property; (iv) costs (including permits, licensing and inspection fees) incurred in renovating or otherwise improving, decorating, painting, or altering space for subtenants or other occupants, or of vacant space (excluding Common Areas) in the
Building; (v) rent payable by Sublandlord under the Lease; (iv) interest or penalties resulting solely from late payment by Sublandlord; (vii) costs for any items that Sublandlord is actually reimbursed by insurance, condemnation,
governmental authorities or otherwise; (viii) legal and other fees associated with collecting rents or settling disputes with other subtenants; or (ix) any cost or charge for electric current or other utilities that is separately metered
and billed directly to other subtenants. Notwithstanding anything contained herein to the contrary, all capital expenses will be amortized over the useful life of the improvement or equipment, as reasonably determined by Sublandlord. 

(e) The term “Impositions” shall have the same meaning as in Section 6.01(a) of the Lease. 

  
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 (f) “Operational Year” shall mean each twelve (12)-month period after the
Base Year. 
 (g) The term “Sublandlord’s Statement” shall mean a writing containing a computation of any
Additional Rent due pursuant to this Article. 
 (h) “Subtenant’s Estimated Share” shall mean
Subtenant’s Share multiplied by Sublandlord’s written estimate of increase of Operating Expenses for the applicable Operational Year over the Base Expenses. Subtenant’s Estimated Share shall be divided by twelve (12) and shall be
payable by Subtenant to Sublandlord on the first of each month of the applicable year, as Additional Rent. 
 Section 6.2
Increase in Impositions. 
 (a) If Impositions with respect to the Property are increased, during any Operational Year,
over Impositions paid by Sublandlord during the Base Year, then Subtenant shall pay to Sublandlord, without setoff or deduction of any kind, as Additional Rent, an amount equal to Subtenant’s Share of such increase. Payment of such increase
shall be made in the installments provided by the taxing or other governmental authority within twenty (20) days after Subtenant receives from Sublandlord notice of such increase and a bill for Subtenant’s Share thereof, together with a
copy of the applicable bill(s) received by Sublandlord from the taxing or other governmental authority. If Sublandlord shall be required under a creditor arrangement (or under the Lease) to make Imposition deposits monthly or otherwise, Subtenant
shall make the same installment payments to Sublandlord of its share of same. If Sublandlord receives a refund of any portion of Impositions that were included in the Impositions paid by Subtenant, then Sublandlord shall reimburse Subtenant its pro
rata share of the net refund, less any expenses that Sublandlord reasonably incurred to obtain the refund. 
 (b) Subtenant shall
pay to Sublandlord as Additional Rent the Impositions attributable to improvements made to the Premises by Subtenant from time to time. 
 (c) There is currently in effect with respect to the Property a Payment In Lieu of Taxes Agreement (“PILOT Agreement”) with the Erie County Industrial Development Agency, as described in
Section 24.01(d) of the Lease. Sublandlord makes no representation that the PILOT Agreement shall remain in effect for any part of the Term, but Subtenant shall cooperate with Sublandlord’s efforts to maintain such status with respect to
part or all of the Building. To the extent that the PILOT Agreement shall not remain in effect, Impositions shall exceed the Impositions under the PILOT Agreement. 
 Section 6.3 Increase in Operating Expenses. 
 (a) Within a reasonable
period of time after the expiration of the Base Year and each Operational Year, Sublandlord shall furnish to Subtenant a written statement prepared by Sublandlord of the Operating Expenses incurred for such year. Sublandlord shall use good faith
efforts to deliver such statement to Subtenant within one hundred twenty (120) days after the expiration of the Base Year and each Operational Year. Within thirty (30) days after receipt of such statement for any Operational Year setting
forth Subtenant’s Share of any increase of 

  
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Operating Expenses during such Operational Year over the Operating Expenses in the Base Year (said increase being referred to herein as the “Cost Increase”), Subtenant shall pay
same (less the amount of Subtenant’s Estimated Share paid by Subtenant on account thereof) to Sublandlord as Additional Rent. 
 (b) Commencing with the first Operational Year, Sublandlord may make a good faith estimate of the Additional Rent to be due by Subtenant for any calendar year or part thereof during the Term. During each
calendar year or partial calendar year of the Term after the Base Year, Subtenant shall pay to Sublandlord, in advance concurrently with each monthly installment of Fixed Rent, an amount equal to the estimated Additional Rent for such calendar year
or part thereof divided by the number of months therein. From time to time, Sublandlord may estimate and re-estimate the Additional Rent to be due by Subtenant and deliver a copy of the estimate or re-estimate to Subtenant. Thereafter, the monthly
installments of Additional Rent payable by Subtenant shall be appropriately adjusted in accordance with the estimations so that, by the end of the calendar year in question, Subtenant shall have paid all of the Additional Rent as estimated by
Sublandlord. Any amounts paid based on such an estimate shall be subject to adjustment as herein provided when actual Operating Expenses are available for each calendar year. 
 (c) If Sublandlord’s Statement at the end of the Operational Year just completed shall indicate that Subtenant’s Estimated Share exceeded Subtenant’s Share of the Cost Increase, Sublandlord
shall issue a credit to Subtenant for the amount of such excess against the subsequent payments of Additional Rent due hereunder. If Sublandlord’s Statement shall indicate that Subtenant’s Share of the Cost Increase exceeded
Subtenant’s Estimated Share for the completed Operational Year, then Subtenant shall pay the amount of such excess to Sublandlord within thirty (30) days after demand. If Sublandlord’s Statement is furnished to Subtenant after the
commencement of an Operational Year, then there shall be promptly paid by Subtenant to Sublandlord or vice versa, as the case may be, an amount equal to the portion of such payment or credit allocable to the part of such Operational Year which shall
have elapsed prior to the first day of the calendar month following the calendar month in which said Sublandlord’s Statement is furnished to Subtenant. 
 Section 6.4 Sublandlord’s Statement. Sublandlord’s failure to render Sublandlord’s Statement with respect to any Operational Year, or Sublandlord’s delay in rendering said
Statement beyond a date specified herein, shall not prejudice Sublandlord’s right to render a Sublandlord’s Statement with respect to that or any subsequent Operational Year. The obligations of Sublandlord and Subtenant under the
provisions of this Article with respect to any Additional Rent shall survive the expiration or any sooner termination of the Term. 
 ARTICLE 7 
 ASSIGNMENT, MORTGAGING AND SUBLETTING 

Section 7.1 Incorporation By Reference. The terms of Article 14 of the Lease are incorporated by reference, as provided in
Section 11.1 herein; provided however that references therein to obtaining the consent of Landlord shall be deemed references to obtaining the consent of both Landlord and of Sublandlord to a proposed assignment, subleasing or other transaction
governed by Article 14 of the Lease. 

  
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 ARTICLE 8 
 REPAIRS 
 Section 8.1 Repairs and Maintenance. Subtenant
shall maintain the Premises in a clean, safe, operable, and good condition, and shall not permit or allow to remain any waste or damage to any portion of the Premises. At Subtenant’s expense, Subtenant shall make all repairs and replacements,
as and when needed to preserve the Premises in good working order and condition, including without limitation the Base Building Systems located within the Premises. Subtenant shall keep and maintain Subtenant’s Property in good working order
and condition. Subtenant shall not be required to make any structural repairs or structural replacements to the Premises; provided however that if any such structural repairs or replacements to the Premises, or if any repairs or replacements to the
Common Areas shall be necessitated or caused by the acts, omissions or negligence of Subtenant or any of Subtenant’s Representatives, or by the use or occupancy or manner of use or occupancy of the Premises by Subtenant or Subtenant’s
Representatives, then Sublandlord shall make such repairs or replacements within a reasonable time after notice from Subtenant, and Subtenant shall reimburse Sublandlord for the cost of same as Additional Rent. Subtenant shall repair or replace,
subject to Sublandlord’s direction and supervision, any damage to the Building caused by a Subtenant’s Representative. If Subtenant fails to make such repairs or replacements within fifteen (15) days after the occurrence of such
damage, then Sublandlord may make the same at Subtenant’s cost. If any such damage occurs outside of the Premises, then Sublandlord may elect to repair such damage at Subtenant’s expense, rather than having Subtenant repair such damage.
The cost of all maintenance, repair, or replacement work performed by Sublandlord under this section shall be paid by Subtenant to Sublandlord within twenty (20) days after Sublandlord has invoiced Subtenant therefor. 

When used in this Article, the term “repairs” shall include all reasonably necessary and/or appropriate replacements,
renewals, alterations, additions and betterments. The necessity for, appropriateness of and adequacy of repairs to the Premises and to the Common Areas pursuant to this Article shall be measured by the standard which is appropriate for buildings of
similar construction and location. All materials and workmanship in connection with repairs shall be at least equal in quality to the original materials and workmanship. 
 Section 8.2 Performance of Work. All work described in this section shall be performed only by Sublandlord or by contractors and subcontractors approved in writing by Sublandlord. Subtenant
shall cause all contractors and subcontractors to procure and maintain insurance coverage naming Sublandlord as an additional insured against such risks, in such amounts, and with such companies as Sublandlord may reasonably require. Subtenant shall
provide Sublandlord with the identities, mailing addresses and telephone numbers of all persons performing work or supplying materials prior to beginning such construction, and Sublandlord may post on and about the Premises notices of
non-responsibility pursuant to applicable laws. All such work shall be performed in accordance with all laws and in a good and workmanlike manner so as not to damage the Building (including the Premises, the Base Building’s Systems and the
Building’s structure). 
 Section 8.3 Mechanic’s Liens. All work performed, materials furnished, or
obligations incurred by or at the request of a Subtenant’s Representative shall be deemed authorized and ordered by Subtenant only, and Subtenant shall not permit any mechanic’s liens

  
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to be filed against the Premises or the Land in connection therewith. Upon completion of any such work, Subtenant shall deliver to Sublandlord final lien waivers from all contractors,
subcontractors and materialmen who performed such work. If such a lien is filed, then Subtenant shall, within ten (10) days after such filing (or such earlier time period as may be necessary to prevent the forfeiture of the Premises or any
interest of Landlord or Sublandlord therein or the imposition of a civil or criminal fine with respect thereto), either (1) pay the amount of the lien and cause the lien to be released of record, or (2) diligently contest such lien and
deliver to Sublandlord a bond or other security reasonably satisfactory to Sublandlord. If Subtenant fails to timely take either such action, then Sublandlord may pay the lien claim, and any amounts so paid, including expenses and interest, shall be
paid by Subtenant to Sublandlord within ten (10) days after Sublandlord has invoiced Subtenant therefor. Subtenant shall defend, indemnify and hold harmless Sublandlord and Sublandlord’s Representatives from and against all claims,
demands, causes of action, suits, judgments, damages and expenses (including attorneys’ fees) in any way arising from or relating to the failure by any Subtenant’s Representative to pay for any work performed, materials furnished, or
obligations incurred by or at the request of a Subtenant’s Representative. This indemnity provision shall survive termination or expiration of this Lease. 
 ARTICLE 9 
 DAMAGE TO OR DESTRUCTION OF THE PREMISES

 Section 9.1 Termination. If the Building or Premises are damaged by fire or other casualty and
Sublandlord or Landlord shall, pursuant to the terms of the Lease, elect to terminate the Lease, then this Sublease shall cease and terminate on the date of termination of the Lease, and Rent shall be apportioned from the time of the damage.
Otherwise, this Sublease shall remain in full force and effect, subject to the terms of the Lease. Sublandlord shall have no obligation hereunder to repair any portion of the Building or Premises, whether or not this Sublease shall be terminated,
which obligation shall be Landlord’s to the extent required under the Lease. 
 ARTICLE 10  

INSURANCE 
 Section 10.1 Required Coverage. Subtenant shall maintain, at its expense, for the Term, general public liability insurance (naming Sublandlord, Landlord and designees of each as additional
insureds) against claims for personal injury, death, or property damage occurring upon, in, about, or adjacent to the Premises, such insurance to afford protection with single limit coverage of at least $4,000,000. Subtenant shall also maintain, at
its sole expense, for the Term, any and all insurance in the amounts and form required of Sublandlord by and pursuant to the provisions of the Lease with respect to the Premises and Subtenant’s Property. All such policies shall be issued by
reputable insurance companies approved by Sublandlord and Landlord and shall be endorsed to provide that they shall not be modified or cancelled without at least thirty (30) days’ prior written notice to Sublandlord and Landlord. On or
prior to the Commencement Date, Subtenant shall furnish to Sublandlord said policies or certificates thereof evidencing that the required coverage is being maintained, together with such evidence as Sublandlord shall deem satisfactory of the payment
of premiums thereon. 

  
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 ARTICLE 11  

MASTER LEASE 
 Section 11.1 Incorporation of Master Lease. Subtenant hereby acknowledges and agrees that it has received and reviewed a copy of the Lease. Except as otherwise set forth below, and to the
extent not inconsistent with the provisions of this Sublease, the terms, provisions, covenants, and conditions of the Lease are hereby incorporated by reference as if set forth at length herein on the following basis: Subtenant hereby assumes and
agrees to perform all of the obligations of Sublandlord under the Lease with respect to the Premises, accruing or payable during the Term in the manner and time required under the Lease. The term “Landlord” therein shall refer to
Sublandlord herein, its successors and assigns; and the term “Tenant” therein shall refer to Subtenant herein, its permitted successors and assigns; and the term “Premises” therein shall refer to the Premises. The obligations
assumed by Subtenant hereunder which accrue during the Term shall survive and extend beyond the termination of this Sublease. 

Section 11.2 Landlord Right. In any case where under the Lease the Landlord reserves or is granted any right, including,
without limitation, the right to enter the Premises, said right shall inure to the benefit of Landlord as well as Sublandlord with respect to the Premises. 
 Section 11.3 Consent. In any case where under the Lease the consent or approval of Landlord is required, the consent or approval of both Landlord and Sublandlord shall be required. In
determining whether to grant or withhold any consent or approval hereunder, Sublandlord may expressly condition the same upon the consent or approval of Landlord, as applicable. If Subtenant requests the consent of Sublandlord under any provisions
of this Sublease, Subtenant shall, as a condition to doing any such act and the receipt of such consent, reimburse Sublandlord for any and all reasonable costs and expenses incurred by Sublandlord in connection therewith, including, without
limitation, reasonable attorneys’ fees. 
 Section 11.4 Indemnification Under Lease. Any provisions in the
Lease requiring indemnification by the Sublandlord of Landlord (and its partners, shareholders, officers, directors, affiliates, agents, employees and contractors) or releasing Landlord from liability shall be deemed an indemnification or release,
as applicable, running from Subtenant to both Landlord and Sublandlord (and their partners, shareholders, officers, directors, affiliates, agents, employees and contractors). Each and every indemnification set forth in this Sublease, or incorporated
into this Sublease from the Lease, shall survive the expiration or earlier termination of the Term of this Sublease. 

Section 11.5 Time Limits. Wherever there are time limits contained in the Lease (i) calling or allowing for the service
of notice by the Tenant thereunder, (ii) pertaining to events of default by the Tenant thereunder, or (iii) within which the Tenant thereunder must perform any act or observe any term, covenant or condition thereunder, the same shall be
deemed amended for the purposes of this Sublease to provide for time limits of three business days less and deadlines that are three business days earlier than those provided for in the Lease. To the extent the Lease requires (x) the Landlord
thereunder to serve notice upon Tenant or (y) perform any act or observe any term, covenant or condition thereunder, the same shall be deemed amended for the purposes of this Sublease to provide for time limits for Sublandlord of three

  
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business days more and deadlines that are three business days later than those provided for Landlord in the Lease. 
 Section 11.6 Landlord Covenants, Representations and Warranties. Any covenant, representation or warranty made by Landlord in the Lease shall be deemed to be made by Landlord only and shall in
no way be imputed to Sublandlord. 
 Section 11.7 Default. Any act or omission by Subtenant that would constitute a
breach or default by the Tenant under the Lease shall constitute a default on the part of Subtenant hereunder. In addition, Sublandlord shall have the right to declare a default under this Sublease in the event Subtenant fails to perform or violates
any covenant or condition set forth herein. In the event of any breach or default by Subtenant hereunder or under the Lease, Sublandlord shall have each and all of the rights and remedies afforded Landlord under the Lease. In addition to the rights
or remedies afforded Landlord under the Lease, Sublandlord shall have the right, but not the obligation, (i) to cure any such breach or default by Subtenant (and enter upon the Premises in connection therewith if necessary), without being
liable for damages, and Subtenant shall thereupon be obligated to reimburse Sublandlord immediately upon demand for all costs (including costs of settlements, defense, court costs and attorneys’ fees) that Sublandlord may incur in effecting the
cure of such breach or default, plus interest thereon at the rate of ten percent (10%) per annum; (ii) terminate this Sublease and Subtenant’s interest in the Premises by giving Subtenant written notice thereof, in which event
Subtenant shall pay to Sublandlord the sum of (a) all Rent accrued hereunder through the date of termination, and (b) an amount equal to the total Rent that Subtenant would have been required to pay for the remainder of the Term;
(iii) terminate Subtenant’s right to possess the Premises without terminating this Sublease by giving written notice thereof to Subtenant, in which event Subtenant shall pay to Sublandlord (1) all Rent and other amounts accrued
hereunder to the date of termination of possession, (2) all amounts due from time to time under this Sublease, and (3) all Rent and other net sums required hereunder to be paid by Subtenant during the remainder of the Term, diminished by
any net sums thereafter received by Sublandlord through reletting the Premises during such period, after deducting all costs incurred by Sublandlord in reletting the Premises and (iv) to have any and all rights and remedies now or hereafter
afforded a landlord under applicable law. 
 Section 11.8 Not Incorporated. Anything to the contrary
notwithstanding, the following provisions of the Original Lease are not incorporated by reference: 
  

					
	(a)	  	Sections 1.01, 2.01, 2.02, 5.01, 18.01, 20.12, 20.21 and 25.01;
			
	 (b)
	  	Article 3	  	(Rent)
		  	Article 4	  	(Utilities and Services)
		  	Article 6	  	(Taxes)
		  	Article 7	  	(Initial Construction by Sublandlord)
		  	Article 8	  	(Repairs and Maintenance)
		  	Article 16	  	(Subordination to Mortgages)
		  	Article 21	  	(Subtenants’ Extension Options)
		  	Article 22	  	(Broker)
		  	Article 24	  	(Contingencies)
		  	Article 26	  	(Subtenant’s Right of First Offer); and

  
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 (c) Exhibits A through E and H 

Anything to the contrary notwithstanding, no provisions of the Amendments are incorporated by reference, unless (and only to the extent)
a provision in one of the Amendments specifically modifies an incorporated provision of the Original Lease (in which case only that specific provision in the applicable Amendment is incorporated) 

Section 11.9 Subtenant Action. Subtenant shall not take any action or fail to take any action in connection with the Premises
as a result of which Sublandlord would be in violation of any of the provisions of the Lease; and Subtenant hereby agrees to defend, indemnify, and hold Sublandlord harmless from and against all loss, cost, liability, damage, and expense (including,
but not limited to, attorneys’ fees and court costs) caused by or arising out of Subtenant’s act or inaction as a result of which Sublandlord is alleged and/or determined to be in violation of any of the provisions of the Lease.

 ARTICLE 12  
 BROKERAGE 
 Section 12.1 Representation and
Indemnification. Subtenant represents that in the negotiation of this Sublease it dealt with no real estate broker or salesman except Pyramid Brokerage, CB Richard Ellis, and Trammel Crow Company. Sublandlord shall compensate such brokers
pursuant to a separate agreement. Subtenant shall indemnify Sublandlord and hold it harmless from any and all losses, damages and expenses arising out of any inaccuracy or alleged inaccuracy of the above representation, including court costs and
attorneys’ fees. Sublandlord shall have no liability for brokerage commissions arising out of a sublease or assignment by Subtenant, and Subtenant shall and does hereby indemnify Sublandlord and hold Sublandlord harmless from any and all
liability for brokerage commissions arising out of any such sublease or assignment. 
 ARTICLE 13  

NOTICES 
 Section 13.1 Notices. Any notice, demand, consent, approval, direction, agreement or other communication required or permitted hereunder or under any other documents in connection herewith
shall be in writing and shall be directed as follows: 
 If to Sublandlord: 

Ludlow Technical Products Corporation 
 c/o Tyco Healthcare Group, LP 
 15 Hampshire Street 

Mansfield, MA 02048 
 Attn: General Counsel 
 Facsimile: (508) 261-8544 

  
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 With a copy to: 
 Blackwell Sanders Peper Martin LLP 
 720 Olive Street, Suite 2400 

St. Louis, MO 63101 
 Attn: Melissa Smith-Groff, Esq. 
 Facsimile: (314) 345-6060 

If to Subtenant: 
 Synacor, Inc. 
 40 La Riviere Drive 

Buffalo, NY 14202 
 Attn: Brian C. Neeson, Controller 
 Facsimile: (716) 332-0081 

or to such changed address or facsimile number as a party hereto shall designate to the other parties hereto from time to time in writing. Notices shall
be (i) personally delivered (including delivery by Federal Express, United Parcel Service or other comparable nation-wide overnight courier service) to the offices set forth above, in which case they shall be deemed delivered on the date of
delivery (or first business day thereafter if delivered other than on a business day or after 5:00 p.m. New York City time to said offices); (ii) sent by certified mail, return receipt requested, in which case they shall be deemed delivered on
the date shown on the receipt unless delivery is refused or delayed by the addressee in which event they shall be deemed delivered on the third day after the date of deposit in the U.S. Mail; or (iii) sent by means of a facsimile transmittal
machine, in which case they shall be deemed delivered at the time and on the date of receipt thereof confirmed by telephonic acknowledgment or first business day thereafter if receipted other than on a business day or after 5:00 p.m. New York City
time. 
 ARTICLE 14  
 SECURITY DEPOSIT 
 Section 14.1 Security Deposit.
Subtenant shall deposit with Sublandlord the sum of $23,364.84 (the “Security Deposit”) as security for the performance by Subtenant of the provisions of this Sublease. If Subtenant defaults with respect to any provision of this
Sublease, including payment of the Rent, Sublandlord may use, apply, draw upon or retain all or any part of the Security Deposit to the extent necessary for the payment of any Rent, or to compensate Sublandlord for any other loss, cost or damage
which Sublandlord may suffer by reason of Subtenant’s default. If any portion of the Security Deposit is so used, applied, or drawn upon, Subtenant shall, within ten (10) days after notice thereof, deposit cash with Sublandlord in an
amount sufficient to restore the Security Deposit to its original amount. Subtenant’s failure to do so shall be a breach of this Sublease. Sublandlord shall not, unless otherwise required by law, be required to keep the Security Deposit
separate from its general funds, nor pay interest to Subtenant. If Subtenant shall fully and faithfully perform every provision of this Sublease to be performed by it, the Security Deposit or any balance thereof shall be returned to Subtenant (or to
the last transferee of Subtenant’s interest hereunder) within thirty (30) days after the expiration of the Term (or sooner termination of this Sublease) and upon Subtenant’s vacation of the Premises in accordance with this Sublease.
If the Lease is assigned, the Security Deposit shall be 

  
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transferred to the assignee, and thereupon Sublandlord shall be discharged from further liability with respect thereto. 
 ARTICLE 15 
 RIGHTS OF LANDLORD; LANDLORD’S APPROVAL

 Section 15.1 Rights of Landlord. 
 (a) Subtenant acknowledges any rights specifically reserved by Landlord under the Lease; and Subtenant further acknowledges that its possession and use of the Premises shall at all times be subject to
such rights. Subtenant hereby releases Sublandlord from all liability in connection with Landlord’s exercise of such rights. 
 (b) Sublandlord shall not be liable to Subtenant for Landlord’s failure to perform any of Landlord’s obligations under the Lease or under law (including without limitation provide any services;
comply with any laws or requirements of governmental authorities regarding the maintenance or operation of the Premises; provide any reimbursements, credits, rebates allowance or other concession or pay any costs; provide any information (including,
without limitation, invoices, bills, statements or other documentation); maintain, repair, restore, alter, service or insure all or any part of the Premises (including, without limitation, any obligations to rebuild, repair and restore the Premises
after damage or destruction); or indemnify the Tenant under the Lease), nor shall Sublandlord have any obligation to perform same or to bring legal proceedings or take any other action against Landlord to assure performance of Landlord’s
obligations under the Lease. Subtenant shall not make any claim against Sublandlord for any damage which may arise by reason of (x) the failure of Landlord to keep observe or perform any of its obligations under the Lease; or (y) the acts
or omissions of Landlord or its agents, contractors, employees, invitees or licensees. Except as otherwise provided herein, whenever Sublandlord shall have the right to enforce any rights against Landlord or any other party under the Lease because
of the default or breach of Landlord or such other party with respect to the Premises, and if, within a reasonable period after Subtenant’s request, Sublandlord fails to enforce such rights, then Subtenant shall have the right, in the name of
Subtenant or, if necessary, in the name of Sublandlord, to enforce any such rights of Sublandlord with respect to the Premises. Such enforcement shall be at the sole expense of Subtenant, and Subtenant shall indemnify Sublandlord against all costs
and expenses, including but not limited to reasonable attorneys’ fees, which may be incurred by Sublandlord in connection with any claim, action, or proceeding so undertaken by Subtenant. Any amount of recovery obtained by Subtenant shall be
the property of Subtenant, except that Sublandlord shall be compensated therefrom for any damages sustained by Sublandlord as a consequence of such default or breach on the part of Landlord or such other party. 

(c) Whenever Subtenant must obtain the consent of Landlord with respect to the Premises, Sublandlord shall cooperate with Subtenant (at
Subtenants sole cost and expense) in obtaining Landlord’s consent. Sublandlord shall forward to Subtenant true copies of all notices, requests, demands and communications received by Sublandlord from Landlord (or its agent) with respect to the
Premises. If Subtenant shall not give timely directions to Sublandlord, Sublandlord may give such notice to Landlord as Sublandlord desires, or no notice or direction with respect to the matter in question. 

  
 Page 17 of 27

 Section 15.2 Lease Requirements. Without limiting Article 11 of this Sublease,
the following requirements of the Lease shall apply: 
 (a) this Sublease is subject to, and does not modify any of, the terms,
covenants, agreements, provisions and conditions of the Lease; and a termination or expiration of the Lease shall automatically cause a termination of this Sublease as set forth in Section 2.3; 

(b) Subtenant shall not have the right to a further assignment hereof or sublease or assignment hereunder, or to allow the Premises to be
used by others, without the prior written consent of Landlord in each instance; 
 (c) a consent by Landlord thereto shall not be
deemed or construed to modify, amend or affect any of the terms and provisions of the Lease, or any of Sublandlord’s obligations thereunder, which shall continue to apply to the premises involved, and the occupants thereof, as if the Sublease
had not been made; 
 (d) if Sublandlord defaults in the payment of any fixed monthly rent, additional rent or other charges due
under the Lease, Landlord is authorized to collect any rents due or accruing from any assignee, subtenant or other occupant of the Premises and to apply the net amounts collected to the Fixed Rent, Additional Rent, and other charges reserved under
the Lease; and 
 (e) the receipt by Landlord of any amounts from an assignee or subtenant, or other occupant of any part of the
Premises, shall not be deemed or construed as releasing Sublandlord from Sublandlord’s obligations under the Lease or as Landlord’s acceptance of any such subtenant or occupant as a direct tenant. 

Section 15.3 Landlord’s Approval. Upon execution of this Sublease, Sublandlord shall submit this Sublease to Landlord
for Landlord’s approval, together with the additional information required by Section 14.04 of the Lease and submitted by Subtenant. In the event that Landlord fails to approve this Sublease within fifteen (15) days of the date of
receipt of such submission, either party, upon notice to the other within five (5) business days after the expiration of such fifteen (15) day period, may elect to terminate this Sublease, whereupon Sublandlord shall promptly refund any
amounts deposited hereunder, and this Sublease shall be of no further force and effect. The parties hereto shall not bring any claim against each other for any loss, cost, expense, damage, or injury caused by or arising out of the failure of
Landlord to consent to this Sublease. 
 ARTICLE 16  

RIGHT OF FIRST OFFER 
 Section 16.1 Right of First Offer. Subject to then-existing renewal or expansion options of other subtenants, and provided no default by Subtenant exists, Sublandlord shall, before offering
the same to any party (other than the then-current subtenant therein), first offer to lease to Subtenant the five different spaces designated by suite number or floor number, and by square footage on Exhibit D (each, an “Offer
Space”) in an “AS-IS” condition; such offer shall be in writing and specify the lease terms for the Offer Space, including the rent to be paid for the Offer Space and the date on which the Offer Space shall be
included in the Premises (the “Offer 

  
 Page 18 of 27

 
Notice”). Sublandlord shall use good faith in determining the rent amount for the Offer Space. The Offer Notice shall be substantially similar to the Offer Notice attached to this
Sublease as Exhibit E. Subtenant shall notify Sublandlord in writing whether Subtenant elects to lease the entire Offer Space on the terms set forth in the Offer Notice, within ten (10) days after Sublandlord delivers to Subtenant the
Offer Notice. If Subtenant timely elects to lease the Offer Space, then Sublandlord and Subtenant shall execute an amendment to this Sublease, effective as of the date the Offer Space is to be included in the Premises, on the terms set forth in the
Offer Notice and, to the extent not inconsistent with the Offer Notice terms, the terms of this Sublease; however, Subtenant shall accept the Offer Space in an “AS-IS” condition. Notwithstanding the foregoing, if before
Sublandlord’s delivery to Subtenant of the Offer Notice, Sublandlord has received an offer to lease all or part of the Offer Space from a third party (a “Third Party Offer”) and such Third Party Offer includes space in excess
of the Offer Space, Subtenant must exercise its rights hereunder, if at all, as to all of the space contained in the Third Party Offer. 
 If Subtenant fails or is unable to timely exercise its right hereunder, then such right shall lapse, time being of the essence with respect to the exercise thereof (it being understood that each of
Subtenant’s five rights of first offer hereunder is a one-time right only with respect to each Offer Space), and Sublandlord may lease all or a portion of the Offer Space to third parties on such terms as Sublandlord may elect. Subtenant may
not exercise its rights under this Article 16 if a default exists or Subtenant is not then occupying the entire Premises. For purposes hereof, if an Offer Notice is delivered for less than all of the Offer Space but such notice provides for an
expansion, right of first refusal, or other preferential right to lease some of the remaining portion of the Offer Space, then such remaining portion of the Offer Space shall thereafter be excluded from the provisions of this Sublease. In no event
shall Sublandlord be obligated to pay a commission with respect to any space leased by Subtenant under this Article 16, and Subtenant and Sublandlord shall each indemnify the other against all costs, expenses, attorneys’ fees, and other
liability for commissions or other compensation claimed by any broker or agent claiming the same by, through, or under the indemnifying party. 
 Subtenant’s rights under this Article 16 shall terminate if (a) this Sublease or Subtenant’s right to possession of the Premises is terminated, (b) Subtenant assigns any of its
interest in this Sublease or sublets any portion of the Premises, or (c) less than two full calendar years remain in the initial Term of this Sublease. 
 ARTICLE 17  
 NO RECORDING 

Section 17.1 No Recording. Subtenant shall not record this Sublease or any memorandum of this Sublease without the prior
written consent of Sublandlord, which consent may be withheld or denied in the sole and absolute discretion of Sublandlord, and any recordation by Subtenant shall be a material breach of this Sublease. Subtenant grants to Sublandlord a power of
attorney to execute and record a release releasing any such recorded instrument of record that was recorded without the prior written consent of Sublandlord. 

  
 Page 19 of 27

 IN WITNESS WHEREOF Sublandlord has duly executed this Sublease as of the day and year first
above written. 
  

			
	 SUBLANDLORD:
  

LUDLOW TECHNICAL PRODUCTS

CORPORATION

		
	By:	 	 /s/    Chuck J. Dockendaeff

		 	Name: Chuck J. Dockendaeff
		 	Title: VP of Finance

 Comm OF Massachusetts 
                               ) SS. 

COUNTY OF BRISTOL     ) 
 On the 8th
day of March, in the year 2006, before me, the undersigned, a Notary Public in and for said Comm of Massachusetts personally appeared Chuck J. Dockendaeff, personally known to me or proved to me on the basis of satisfactory evidence to be the
individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her capacity, and that by his/her signature on the instrument, the individual, or the entity upon behalf of whom the individual
acted, executed the instrument, and that such individual made such appearance before the undersigned in Bristol County, MA. 
  

							
		 		 	
				
		 		 		 	/s/    Suzanne E. Gaddy
		 		 		 	Notary Public
	 [SEAL]
	 		 		 	My Commission Expires: 3-22-2007

 

 

  
 Page 20 of 27

 IN WITNESS WHEREOF Sublandlord has duly executed this Sublease as of the day and year first
above written. 
  

			
	 SUBTENANT:
  

SYNACOR, INC.

		
	By:	 	 /s/    Robert S. Rusak

		 	Name: Robert S. Rusak
		 	Title: CFO

 State OF New York ) 
                           ) SS. 

COUNTY OF Ene    ) 
 On the 6th
day of March, in the year 2006, before me, the undersigned, a Notary Public in and for said State of New York, personally appeared
                                         
                   , personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the
within instrument and acknowledged to me that he/she executed the same in his/her capacity, and that by his/her signature on the instrument, the individual, or the entity upon behalf of whom the individual acted, executed ,the instrument, and that
such individual made such appearance before the undersigned in Ene County, New York. 
  

							
		 		 		 	/s/    Kimberly R. Borowski
		 		 		 	Notary Public
	[SEAL]	 		 		 	My Commission Expires:

  

			
		  	 KIMBERLY R. BOROWSKI

		  	 Notary Public State of New York

		  	 Qualified in Erie County

		  	 My Commission Expires Nov. 9, 2006

  
 Page 21 of 27

 EXHIBIT A 

Premises 
 

 

  
 Page 22 of 27

 EXHIBIT B 

Land 
 ALL
THAT CERTAIN PIECE OR PARCEL OF LAND, situate, lying and being in the City of Buffalo, County of Erie and State of New York, being part of Outer Lots 4 and 6, Township 11, Range 8 of the Holland Land Company’s Survey, being more particularly
bounded and described as follows: 
 BEGINNING at the northeast corner of Sublot 3, Cover 2432 as filed in the Erie County
Clerk’s Office, said point being in the northerly right-of-way of LaRiviere Drive (60 feet wide); thence south 38° 30’ 19” East through the right-of-way of said LaRiviere Drive, 39.00 feet to a point; thence South 51° 29’
41” West through the right-of-way of said LaRiviere Drive, 209.06 feet to a point; thence North 38° 30’ 19” West through the right-of-way of said LaRiviere Drive and Sublot 3,199.00 feet to a point in the westerly line of said
Sublot 3, thence North 51° 29’ 41” East along the west line of said Sublot 3, 209.06 feet to the northwest corner of said Sublot 3; thence South 38° 30’ 19” East along the north line of said Sublot 3, 160.00 feet to the
point or place of beginning and containing 0.96 acre of land, more or less. 
 TOGETHER with an easement for a stairway over the
following lands: 
 ALL THAT TRACT OR PARCEL OF LAND situate in the City of Buffalo, County of Erie and State of New York, being
part of Outer Lot 4 in said City and being more particularly bounded and described as follows: 
 COMMENCING at the northeast
corner of Sublot 3, Cover 2432 as filed in the Erie County Clerk’s Office, said point being in the northerly right-of-way of LaRiviere Drive (60 feet wide); thence South 38° 30’ 19” East through the right-of-way of said LaRiviere
Drive, 39.00 feet to a point; thence South 51° 29’ 41” West through the right-of-way of said LaRiviere Drive, 87.1 feet to the point or place of beginning; thence continuing westerly along the last mentioned line 24.0 feet to a point;
thence southerly along a line at right angles to the last mentioned course, 4.0 feet to a point; thence easterly along a line at right angles to the last mentioned course, 24.0 feet to a point; thence northerly along a line at right angles to the
last mentioned course, 4.0 feet to the point or place of beginning. 

  
 Page 23 of 27

 EXHIBIT C 

Landlord Consent 
 The undersigned is the landlord under the Property Lease dated March 13,1998, between Waterfront Associates, LLC, as successor by conversion to Waterfront Associates (“Landlord”), as
landlord, and Ludlow Technical Products Corporation, formerly known as Graphic Controls Corporation (“Sublandlord”), as tenant, for that certain space containing approximately 102,816 rentable square feet located at Building
No. 3, Waterfront Village Center, 40 La Riviere Drive, Buffalo, New York 14202, which Property Lease was amended April 29, 1998, April 21, 1999, and July 30, 1999 (as amended, the “Lease”). 

Landlord hereby acknowledges and agrees that it has received and reviewed a copy of the Sublease dated
            , 2006 by and between Sublandlord and Synacor, Inc., a
                     corporation, as subtenant, having an address at
                                . A copy of the Sublease is attached to this
Landlord Consent. 
 After review, Landlord consents to the provisions of the attached Sublease effective as of the Effective
Date (as defined in the Sublease) of the Sublease. 
 The foregoing Consent shall not be deemed to constitute consent by the
undersigned to any subletting other than that described in the Sublease. 
  

			
	Waterfront Associates, LLC
		
	By:	 	            

	Name:  	 	 
	Title:	 	 

  
 Page 24 of 27

 EXHIBIT D 

Offer Space 
 Each of the
following five spaces located in the Building at Building No. 3, Waterfront Village Center, 40 La Riviere Drive, Buffalo, New York 14202, is an Offer Space: 
 (1) Suite 100, containing 20,818 square feet of space — currently occupied by Adelphia. 
 (2)
Suite 150, containing 5,582 square feet of space — currently occupied by Bergmann Associates. 
 (3) The remaining portion of the first
floor, containing 3,178 square feet of space — currently vacant. 
 (4) Suite 200, containing 33,237 square feet of space — currently
occupied by Adelphia. 
 (5) Suite 350, containing 17,250 square feet of space — vacant as of March 1, 2006. 

  
 Page 25 of 27

 EXHIBIT E 

Form of Offer Notice 
 [Insert Date of Notice] 

					
	 	  		  	 [SUBTENANT’S ADDRESS]

			
	 	  		  	
			
	 	  		  	
			
	 	  		  	

  

	 	Re:	Sublease Agreement (the “Sublease”) dated
                                    , 2006, between LUDLOW
TECHNICAL PRODUCTS CORPORATION, a New York corporation (“Sublandlord”), and SYNACOR, INC.,
a                                         
            (“Subtenant”). Capitalized terms used herein but not defined shall be given the meanings assigned to them in the Sublease. 

Ladies and Gentlemen: 
 Pursuant
to the Right of First Offer set forth in Article 16 attached to the Sublease, enclosed please find an Offer Notice for             . The basic terms and conditions are as follows:

  

			
		
	 LOCATION:
	 	 
		
	 SIZE:
	 	                             
        rentable square feet
		
	 BASIC RENT RATE:
	 	$                 per month
		
	 TERM:
	 	 
		
	 COMMENCEMENT:
	 	 
		
	 OTHER MATERIAL TERMS:
	 	 

 Under the terms of the Right of First Offer, you must exercise your rights, if at all, as to the Offer
Space within ten days after Sublandlord delivers such Offer Notice. Accordingly, you have until 5:00 p.m. local time
on                                 , 200
            , to exercise your rights under the Right of First Offer and accept the terms as contained herein, failing which your rights under the Right of First Offer shall
terminate and Sublandlord shall be free to lease the Offer Space to any third party. If possible, any earlier response would be appreciated. Please note that your acceptance of this Offer Notice shall be irrevocable and may not be rescinded.

 Upon receipt of your acceptance herein, Sublandlord and Subtenant shall execute an amendment to the Sublease memorializing
the terms of this Offer Notice including the inclusion of the Offer Space in the Premises; provided, however, that the failure by Sublandlord and Subtenant to execute such amendment shall not affect the inclusion of such Offer Space in the Premises
in accordance with this Offer Notice. 

  
 Page 26 of 27

 THE FAILURE TO ACCEPT THIS OFFER NOTICE BY (1) DESIGNATING THE “ACCEPTED”
BOX, AND (2) EXECUTING AND RETURNING THIS OFFER NOTICE TO SUBLANDLORD WITHOUT MODIFICATION WITHIN SUCH TIME PERIOD SHALL BE DEEMED A WAIVER OF SUBTENANT’S RIGHTS UNDER THE RIGHT OF FIRST OFFER, AND SUBTENANT SHALL HAVE NO FURTHER RIGHTS TO
THE OFFER SPACE. THE FAILURE TO EXECUTE THIS LETTER WITHIN SUCH TIME PERIOD SHALL BE DEEMED A WAIVER OF THIS OFFER NOTICE. 

Should you have any questions, do not hesitate to call. 
  

	
	Sincerely,
	
	 
	
	 
	
	 

 [please check appropriate box] 
 ACCEPTED      ̈ 

REJECTED       ̈ 

 

			
	SYNACOR, INC.,
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	Date:	 	 

 Enclosure [depiction of Offer Space] 

  
 Page 27 of 27

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