Document:

Amended License Agreement

 EXHIBIT 10.22 
 AMENDED LICENSE AGREEMENT 
 This amended license agreement (“Agreement”) is made by
and between American Rag Cie, LLC, a California limited liability company with its principal place of business at 160 S. La Brea Avenue, Los Angeles, California 90026 (“LICENSOR”), and Private Brands, Inc., a California corporation having
its principal place of business at 3151 East Washington Boulevard, Los Angeles, California 90023 (“LICENSEE”), with reference to the following facts: 
 WITNESSETH: 
 WHEREAS, LICENSOR is the sole and exclusive owner of the Marks, as defined below; 

WHEREAS, LICENSOR has the right to enter into this Agreement; 
 WHEREAS, LICENSEE desires to obtain an exclusive right to use the Marks on and in connection with the manufacture, sale, distribution, advertising, and promotion of Licensed Products, as defined below, bearing,
incorporating or otherwise utilizing the Marks in the Territory, as defined below; 
 WHEREAS, LICENSOR has agreed to grant to LICENSEE such
license under and subject to the terms and conditions hereinafter set forth; 
 WHEREAS, LICENSEE and LICENSOR, as assignee of American Rag
Cie II, were parties to a License Agreement dated April 1, 2003, concerning the various American Rag trademarks (the “Original License Agreement”); and 
 WHEREAS, this Agreement, when fully executed by the Parties, shall supersede the Original License Agreement, which shall no longer be in effect. 
 NOW, THEREFORE, in consideration of the mutual promises and agreements set forth herein; the Parties each intending to be legally bound hereby, do
promise and agree as follows: 
  

	 	1.	DEFINITIONS 

 Definitions. As used in this
Agreement, the following terms shall have the meanings set forth below: 
 1.1 “Annual Period” shall mean each twelve-month period
commencing on January 1 and ending on December 31. 
 1.2 “Effective Date” shall mean October 1, 2008. 

 

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 1.3 “Standard Allowances” means written credits actually given after sale by LICENSEE or a
sub-LICENSEE to a customer on account of advertising, volume discounts or payment term discounts. Standard Allowances do not include freight expenses. 
 1.4 “Closeout” means any discount greater than 25% from LICENSEE’s wholesale list price or, if no such wholesale list price exists, the highest price at which the style has been sold during the then
immediately preceding 12 months. 
 1.5 “Gross Sales” means LICENSEE’s and sub-LICENSEE’s sales of Licensed Product units
invoiced, before the deduction of Standard Allowances or returns. 
 1.6 “Guaranteed Minimum Royalty” shall mean the minimum
royalties, as set forth in Paragraph 4.2, payable in each Annual Period, as defined below. 
 1.7 “Licensed Products” shall
mean those products identified in Schedule B attached hereto and bearing the Marks. 
 1.8 “MMG” shall mean sub-LICENSEE
Macy’s Merchandising Group, LLC or its successor. 
 1.9 “Marks” shall mean the designations AMERICAN RAG, AMERICAN RAG CIE,
any variations thereof, any logos, symbols, designs and trade dress associated therewith, and all registrations and applications for registration thereof, all of the above existing under common or statutory law, and shall include, but not be limited
to, the trademark applications and registrations listed in Schedule A hereto. 
 1.10 “Net Sales” means Gross Sales less only
(1) returns, and (2) Standard Allowances. 
 1.11 “Percentage Royalty” shall have the definition given that term in
Paragraph 4.4. 
 1.12 “Territory” means the United States, Canada, Mexico, and Bermuda. 
 1.13 “Term” shall mean the Initial Term as defined in Paragraph 3.1 and shall include all Extension Terms as defined in
Paragraph 3.2. 
 1.14 “Transfer Price” shall mean the price which MMG charges its stores for Licensed Products, which is
presently the price on which MMG calculates its royalty payable to LICENSEE. In the event LICENSEE grants a sub-license to a retailer or affiliate of a retailer other than MMG, the Transfer Price shall be the price on which the royalty paid to
LICENSEE by such sub-LICENSEE is calculated. In no event, however, shall the Transfer Price on sales by sub-LICENSEEs other than MMG be less than the landed cost of goods plus ten percent. 
 1.15 “Transition Period” shall mean October 1, 2008 to December 31, 2008. 
  

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 1.16 “Vintage Clothing” shall mean apparel that has been previously worn or owned by an
end-user consumer, but shall not include any goods manufactured pursuant to this Agreement. 
  

	 	2.	GRANT OF LICENSE 

 2.1 License. LICENSOR
hereby grants to LICENSEE an exclusive license during the Term of this Agreement, subject to all of the terms and conditions of this Agreement, to use, have used, manufacture, have manufactured, sell, have sold, distribute, have distributed,
advertise, have advertised, and to promote and have promoted the Licensed Products utilizing the Marks in the Territory. LICENSEE shall have the right, in its sole discretion, to enter into sub-license agreements with third parties in which the
LICENSEE grants rights no greater that those granted to LICENSEE under this Agreement. Without limiting the foregoing, LICENSEE may grant a sub-license to an entity under the majority control of Gerard Guez and/or Todd Kay (“Newco”) and
Newco shall have all of the rights and obligations of LICENSEE hereunder. 
 2.2 Exclusivity. LICENSEE shall not sell, have sold, distribute,
have distributed, advertise, have advertised, or promote or and have promoted the Licensed Products in any country outside the Territory and will not knowingly sell the Licensed Products to any person who LICENSEE has knowledge intends or is likely
to resell them in any country outside the Territory. LICENSOR acknowledges and agrees that the grant of rights to LICENSEE under this Section 2 is exclusive to LICENSEE, and LICENSOR shall not itself exploit or grant to any third party the
right to exploit any such rights in the Territory, including but not limited to the right to use the Marks in connection with the manufacture, sale, distribution, advertising and promotion of goods and/or services, except in connection with American
Rag Stores (defined below). For the avoidance of doubt, LICENSEE and any sub-LICENSEE may have Licensed Products manufactured outside of the Territory. LICENSEE shall be responsible for using reasonable efforts to ensure that all manufacturers who
supply goods to LICENSEE or its customers, comply with the terms of this Agreement, in particular, LICENSOR’S exclusive rights outside of the territory. LICENSEE shall have the affirmative obligation to cease doing business with any supplier
who LICENSEE knows is manufacturing and/or distributing Licensed Products outside of the Territory. 
 2.3 American Rag Stores. LICENSOR
shall have the sole and exclusive right to operate retail stores in the Territory bearing the name “American Rag Cie,” “American Rag” or any derivative thereof (“American Rag Stores”). LICENSOR may utilize the Marks on
Vintage Clothing and on audio compact discs sold within the American Rag Stores. LICENSOR may also sell Licensed Products manufactured pursuant to LICENSEE’s rights under this Agreement in no more than five (5) American Rag Stores. When
utilizing the Marks on Vintage Clothing and audio compact discs sold in American Rag Stores, LICENSOR may only use the mark “American Rag Cie” or “American Rag.” If LICENSOR wishes to use any other variation of the Marks on
Vintage Clothing or audio compact disks sold in American Rag Stores, LICENSOR shall first obtain the written consent of LICENSEE, which consent shall not be unreasonably withheld. Other than as stated in this Paragraph 2.3, LICENSOR shall not
utilize the Marks on Licensed Products in the Territory. 
  

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 2.4 Closeout Maximum. During each Annual Period or portion thereof (calculated on a pro rata basis),
sales of Closeout units shall not exceed twenty percent (25%) of total Licensed Product units sold. To the extent Closeout sales exceed 25% of total sale of Licensed Products, the royalty on such Closeout sales that exceed 25% of the total sale
of Licensed Products shall be paid at 100% of the Applicable Percentage (as hereinafter defined). 
 2.5 No Manufacture of Goods Specifically
for Closeout sales. Notwithstanding anything contained herein, LICENSEE may not manufacture Licensed Products specifically for Closeout, off-price and/or discount accounts of any kind. 
 2.6 General Ledger. All Gross Sales, Net Sales, Standard Allowances and Closeout discounts shall be listed separately and clearly identified in
LICENSEE’s general ledger used to calculate Net Sales. 
  

	 	3.	TERM 

 3.1 Initial Term. This Agreement and
the provisions hereof, except as otherwise provided, shall be in full force and effect for a ten (10) year period commencing on the Effective Date and ending on September 30, 2018, unless sooner terminated as herein provided (the
“Initial Term”). 
 3.2 Extension Terms. The Initial Term of this Agreement shall automatically extend for six (6) consecutive
ten (10) year periods (“Extension Terms”) on the same terms and conditions provided for herein, unless sooner terminated as herein provided. During the last Extension Term, LICENSEE shall have a right of first negotiation to extend
the term of this Agreement as provided herein. As used in Paragraph 3.2, “right of first negotiation” means that for a period of ninety (90) days following written notice by LICENSEE provided during the last Extension Term that it
wishes to negotiate an extension of the term beyond the final Extension Term, LICENSOR shall negotiate in good faith with LICENSEE on an exclusive basis regarding the extension of the term beyond the final Extension Term. 
  

	 	4.	COMPENSATION 

 4.1 Requirement of Royalties.
Except as specifically provided herein, all Licensed Products sold, invoiced, sub-licensed or otherwise distributed by LICENSEE require the payment of royalties by LICENSEE to LICENSOR, as set forth in this Section 4. 
 4.2 Guaranteed Minimum Royalty. In consideration of the rights granted to LICENSEE pursuant to this Agreement, LICENSEE shall during each Annual Period
or portion thereof (calculated on a pro rata basis), pay to LICENSOR a Guaranteed Minimum Royalty in equal monthly installments on the first day of each month for which it is due during the Term. The Guaranteed Minimum Royalty for the first thirty
years of the Agreement shall be as follows: 
  

						
	  	  	 	  	Guaranteed
Minimum
	 Transition Period
	  	10/1/08-12/31/08	  	$	120,244.30
	 First
	  	1/1/09-12/31/09  	  	$	553,124.00
	 Second
	  	1/1/10-12/31/10  	  	$	636,092.60
	 Third
	  	1/1/11-12/31/11  	  	$	731,506.60
	 Fourth
	  	1/1/12-12/31/12  	  	$	841,232.70
	 Fifth
	  	1/1/13-12/31/13  	  	$	962,500.00
	 Each Annual Period Thereafter
	  		  	$	962,500.00

  

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 Commencing January 1, 2039, the minimum royalty shall be increased by the annual Consumer Price
Index as published by the United States Department of Labor (“CPI”) from the Effective Date to 2039. 
 4.3 Overpayments During
Transition Period. During the negotiation of this Agreement and during the Transition Period prior to the execution of this Agreement, LICENSEE has paid the Percentage Royalty and the October and November Guaranteed Minimum Royalty pursuant to the
terms of the Original License Agreement. Within two (2) business days following execution of this Agreement, LICENSEE shall pay the December, 2008 Minimum Royalty Payment on a pro rata basis, with said payment being calculated under the terms
of the Original License Agreement from December 1, 2008 until the payment date and the balance of the said payment being calculated under the terms of this Agreement. Following execution of this Agreement, LICENSEE shall recalculate the
Percentage Royalty and Guaranteed Minimum Royalty owed during the Transition Period pursuant to the terms of this Agreement. The amount overpaid by LICENSEE (including the difference between that portion of the December Minimum Royalty Payment paid
pursuant to the terms of the Original License Agreement and as calculated under this Agreement) shall be deducted from the January 30, 2009 payment of the Percentage Royalty and, if such overage is not recouped from therefrom, it shall be
deducted from subsequent payments of the Percentage Royalty. For the avoidance of doubt, LICENSEE shall make the Guaranteed Minimum Royalty payments that become due following execution of this Agreement and the over payments shall be deducted only
from the Percentage Royalty to the extent it exceeds the Guaranteed Minimum Royalty. 
 4.4 Percentage Royalty. In consideration of the
rights granted to LICENSEE pursuant to this Agreement, LICENSEE shall, during each Royalty Period, as defined below, or portion thereof during the Term, pay LICENSOR a royalty, (the “Percentage Royalty”) as follows: 
 a. As used in this Section 4.4, “Applicable Percentage” shall mean ONE AND THIRTEEN ONE HUNDREDTHS PERCENT (1.13%) until such time as
sales of Licensed Products from the Effective Date, as measured by Net Sales and the Transfer Price, exceed TWO BILLION DOLLARS ($2,000,000,000). After sales from the Effective Date, as measured by Net Sales and the Transfer Price, exceed TWO
BILLION DOLLARS ($2,000,000,000), the Applicable Percentage shall be ONE AND ONE QUARTER PERCENT (1.25%); 
  

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 b. When such Licensed Products are manufactured or sourced by MMG or by such other sub-LICENSEE that is
a retailer or an affiliate thereof, the Percentage Royalty shall be the Applicable Percentage of the Transfer Price of all Licensed Products sold in the Territory during that Royalty Period; 
 c. When such Licensed Products are manufactured or sourced by LICENSEE, the Percentage Royalty shall be the Applicable Percentage of Net Sales, except
when such Net Sales are a Closeout, in which case the Percentage Royalty shall be 70% of the Applicable Percentage, i.e., .791% if the Applicable Percentage is 1.13% and .875% if the Applicable Percentage is 1.25%. If LICENSEE sells Closeout
Licensed Products, it shall prepare a separate royalty statement for such sales; and 
 d. When such Licensed Products are manufactured or
sourced by a sub-LICENSEE that is not a retailer or an affiliate thereof, the Percentage Royalty shall be the Applicable Percentage of such sub-LICENSEE’s Net Sales. 
 4.5 Sales To Affiliates. If LICENSEE sells any Licensed Products to any party affiliated with LICENSEE, or in any way directly or indirectly related to or under common control with LICENSEE, at a price less than the
regular price charged to other parties, the Percentage Royalty payable to LICENSOR shall be computed on the basis of the wholesale list price, or the highest price charged to other customers at arm’s length transactions for the same or similar
products, less 10%, and such shall be the Gross Sales price in such circumstances used for the calculation of royalties. 
 4.6 Royalty
Period. The Percentage Royalty owed to LICENSOR in excess of the Guaranteed Minimum Royalties shall be calculated on a quarterly calendar basis (the “Royalty Period”) and shall be payable no later than thirty (30) days after the
termination of the preceding full calendar quarter, i.e., commencing on the first (1st) day of January, April, July, and October. Thus, the Percentage Royalties are payable on January 30, April 30, July 30 and October 30 for
the immediate preceding quarter of sales less the Guaranteed Minimum Royalty payments for such period. 
 4.7 Accrual of Percentage Royalty.
A Percentage Royalty obligation shall accrue when Licensed Products are sold regardless of the time of collection by LICENSEE or a sub-LICENSEE. For purposes of LICENSEE’s Percentage Royalty obligations, Licensed Products shall be considered
“sold” upon the date of billing, invoicing, shipping or payment, whichever event occurs first. 
  

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 4.8 Royalty Statement. With each Percentage Royalty payment, LICENSEE shall provide LICENSOR with a
written royalty statement in substantially the form attached hereto as Schedule C in which LICENSEE reports the Percentage Royalty due under Sections 4.4(b) and 4.4(c) of this Agreement. In the event a Percentage Royalty is owed under
Section 4.4(d), the royalty statement shall provide a level of detail similar to Schedule C. Such royalty statements shall be certified as accurate by a duly authorized officer of LICENSEE. The receipt or acceptance by LICENSOR of any royalty
statement, or the receipt or acceptance of any royalty payment made, shall not prevent LICENSOR from challenging the validity or accuracy of such statement or payment within two years of such receipt or acceptance. LICENSOR may challenge the
validity or accuracy of any royalty statement from a sub-LICENSEE of LICENSEE for a period of two months subsequent to being provided with the audit by LICENSEE of said sub-LICENSEE. Following a failure to cure pursuant to the notice and cure
provisions of Paragraph 4.12, below, LICENSEE’s failure to timely provide a royalty statement within the time specified in Paragraph 4.6, in the form of Schedule C shall be deemed a material breach of this Agreement and shall require the
payment of liquidated damages in the sum of $10,000 for each uncured failure to provide a timely report. LICENSOR shall be entitled to recover its attorneys’ fees expended to compel LICENSEE to provide quarterly royalty reports. 
 4.9 Survival of Obligations. LICENSEE’s obligations for the payment of the Percentage Royalty shall survive the termination of this Agreement, and
will continue for so long as LICENSEE continues to manufacture, sell, distribute, market or promote the Licensed Products. The Minimum Guarantee shall not be payable during any Sell-Off Period (as defined below). 
 4.10 Manner of Payment. All payments due hereunder shall be made in United States currency drawn on a United States bank, unless otherwise specified by
the parties. 
 4.11 Interest On Late Payments. Late payments shall incur interest at the rate of TEN PERCENT (10%) per annum from the
date such payments were originally due. 
 4.12 Late Payment. In the event any royalty payment has not been received by LICENSOR by the third
business day after its due date, LICENSOR may serve a notice to cure on LICENSEE in the manner specified in Section 16, below. If LICENSEE fails to cure by making payment within three (3) business days of LICENSEE’s receipt of such
notice, LICENSOR may commence an arbitration which shall be administered by JAMS pursuant to the JAMS Streamlined Arbitration Rules & Procedures then in effect. The decision by the arbitrator shall be final and binding, may be confirmed by
a court of competent jurisdiction and judgment shall be entered thereon. 
 4.13 Default and Termination. This Agreement is terminable by
LICENSOR only if LICENSEE fails to pay any judgment within Ninety (90) days following such judgment becoming final. For the purpose of this provision, a final judgment is one on which the arbitrator’s award has been confirmed by the
Superior Court and a judgment is entered. Notwithstanding the above, LICENSEE shall have the right to take an appeal from any final 

  

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judgment pursuant to applicable law. Should LICENSEE prevail in said appeal, any excess payment shall be refunded. If LICENSEE tenders payment after the
arbitration is filed and the arbitration is consequently withdrawn, LICENSEE shall pay LICENSOR’s reasonable attorneys’ fees and costs incurred in filing and prosecuting the arbitration demand. 
  

	 	5.	AUDIT 

 5.1 Books and Records. LICENSOR shall
have the right, upon at least five (5) business days written notice and no more than once every two years, to inspect books and records of LICENSEE as are necessary for the purpose of confirming the accuracy of the Percentage Royalty, at the
place or places where such records are normally retained by LICENSEE. At the request of LICENSOR, once every three years, commencing on the third anniversary of this Agreement, LICENSEE shall cause an independent certified public accounting firm to
audit MMG, to the extent permitted to do so under LICENSEE’s agreement with MMG, and LICENSEE shall provide LICENSOR with the results of such audit. LICENSEE shall not surrender its right to audit MMG in future extensions of its sublicense with
MMG. 
 5.2 Underpayments. In the event that any inspection reveals a discrepancy in the amount of Percentage Royalty owed LICENSOR from what
was actually paid, LICENSEE shall pay such discrepancy, plus interest, calculated at the rate of TEN PERCENT (10%) per annum. In the event that such discrepancy is in excess of FIVE PERCENT (5%) of the Percentage Royalty owed, LICENSEE
shall pay an additional sum equal to the amount of the discrepancy plus LICENSOR’s reasonable costs, including accounting fees incurred in connection with such inspection. 
 5.3 Any dispute regarding the amount of royalties due under this Agreement shall be resolved by binding arbitration in the manner specified in
Section 4.12 and 4.13, above. 
 5.4 Maintenance of Records. All books and records relative to LICENSEE’s obligations hereunder
shall be maintained and kept accessible and available to LICENSOR for inspection for at least four (4) years after termination of this Agreement. 
 5.5 Availability of Records. LICENSEE agrees that it will keep accurate and complete books and records of account (including, without limitation, commencing on January 1, 2009, utilization of consecutively
numbered invoices which reconcile to each Royalty Statement and LICENSEE’s general lender) covering all transactions relating to or arising out of this Agreement in accordance with Generally Accepted Accounting Principles. 
 5.6 Confidential Business Information. In the event that an investigation of LICENSEE’s books and records is made, certain confidential and
proprietary business information of LICENSEE may necessarily be made available to the person or persons conducting such investigation. It is agreed that such confidential and proprietary business information shall be retained in confidence by
LICENSOR and its agents and shall not be used by LICENSOR or disclosed to any third party without the prior express written permission of LICENSEE, which may be withheld in LICENSEE’s sole discretion, unless required by law. It is understood
and agreed, however, that such information may be used in any proceeding based on LICENSEE’s failure to pay its Percentage Royalty obligation, subject to an appropriate protective order. 
  

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	 	6.	WARRANTIES & OBLIGATIONS 

 6.1
Warranties and Representations of LICENSOR. LICENSOR hereby represents and warrants that: 
 a. it has the full right, power and authority to
enter into this Agreement, to perform all of its obligations hereunder, and to grant the licenses herein; 
 b. there are no other
agreements with any other party in conflict herewith, specifically, any grant of rights of any kind to the Marks within the Territory; 
 c.
it is a company duly organized, validly existing and in good standing under the laws of its jurisdiction; 
 d. it is the sole owner of the
entire right, title and interest in and to the Marks and has no actual knowledge that the Marks infringe any valid right of any party; 
 e.
to the extent that LICENSOR is not the listed owner of any of the Marks set forth in Schedule A to this Agreement or otherwise, LICENSOR nevertheless controls said Marks and will promptly, but in no event later than 90 days from the Effective Date,
take all steps reasonably necessary to cause LICENSOR to become the listed owner thereof. 
 6.2 Warranties and Representations of LICENSEE.
LICENSEE hereby represents and warrants that: 
 a. it has the full right, power and authority to enter into this Agreement and to perform
all of its obligations hereunder; 
 b. it is financially capable of undertaking the business operations which it conducts and of performing
its obligations hereunder; and 
 c. it is a company duly organized, validly existing and in good standing under the laws of its
jurisdiction. 
  

	 	7.	NOTICES, QUALITY CONTROL & SAMPLES 

 7.1 Compliance with Legal Requirements. LICENSEE shall comply with the marking provisions of the trademark laws of the United States and other countries in the Territory. 
 7.2 Legal Notices. The Licensed Products, as well as all packaging, promotional, and advertising material relative thereto, shall include all appropriate
legal notices as reasonably requested by LICENSOR. 
  

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 7.3 Quality of Licensed Products. The Licensed Products shall be of a high quality consistent with that
exhibited by Licensed Products manufactured pursuant to, and not disapproved under, the Original License Agreement. For so long as Licensed Products are sold by MMG or affiliates thereof, the quality of the Licensed Products shall be sufficient if
acceptable to MMG for sale in Macy’s retail stores. In the event Licensed Products are sold by a retailer other than Macy’s, the Licensed Products shall be of the same quality as would be acceptable to MMG for sale in a Macy’s store,
or as would be acceptable to other major national retailers in the Territory, if they had been offered for sale by Macy’s or such other major national retailer. 
 7.4 Compliance with Legal Requirements. LICENSEE shall manufacture, package, sell and distribute the Licensed Products in accordance with all applicable national, state and local laws and regulations. 
 7.5 LICENSOR’s Inspection of Samples. Samples of the Licensed Products shall be available to LICENSOR at Macy’s or such other retailer as
LICENSEE may utilize, as part of normal retail stock. LICENSOR shall, at its own cost and expense, periodically inspect samples to insure that the quality of the Licensed Products is consistent with Section 7.3 above. If LICENSOR contends that
the quality of Licensed Products is inadequate, it shall promptly notify LICENSEE in the manner provided in Section 16 below. 
  

	 	8.	INTELLECTUAL PROPERTY RIGHTS 

 8.1 Rights to
the Marks. It is understood and agreed as between the LICENSOR and LICENSEE that LICENSOR is the sole and exclusive owner of all right, title and interest in and to the Marks. LICENSEE shall not, at any time during or after the Term of this
Agreement, dispute, or contest, directly or indirectly, LICENSOR’s exclusive right and title to the Marks, or the validity thereof. 
 8.2 Benefit. LICENSEE agrees that its use of the Marks inures to the benefit of LICENSOR and that the LICENSEE shall not acquire any rights in the Marks, other than as provided herein. 
 8.3 Trademark and Copyright Protection. LICENSEE may file applications to register the Marks in the Territory, at its own expense and in the name of
LICENSOR, for any goods or services not included in any then-existing trademark applications or registrations in the Territory. 
 8.4
Ownership of Copyright. Any copyrights created by or for LICENSEE under this Agreement in any sketch, design, print, package, label, tag or the like designed and approved for use in connection with the Licensed Products will be the property of
LICENSOR. LICENSEE may not, at any time, do or otherwise suffer to be done any act or thing that will adversely affect any rights of LICENSOR in such copyrights and will at LICENSOR’s request and expense do all things reasonably required by
LICENSOR to protect such rights, including the placement of appropriate notices of copyright ownership. 
 8.5 Protecting the Intellectual
Property. The parties agree to execute any documents reasonably requested by the other party to effect any of the above provisions. 
  

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	 	9.	INFRINGEMENTS 

 9.1 LICENSEE’s Rights.
LICENSEE shall notify LICENSOR in the manner provided in Section 16 below within fifteen (15) days of discovery by LICENSEE of any infringements or imitations by others of the Marks in connection with any products or services. LICENSEE
shall have the right, but not the obligation, to institute and prosecute actions against third parties for infringement of the rights licensed in this Agreement. LICENSEE may institute and prosecute such actions through attorneys of its own choosing
to be paid by LICENSEE. After recovery of LICENSEE’s attorneys’ fees and costs, LICENSEE shall retain seventy five (75%) percent of all sums recovered from the infringer in any such action, whether by judgment, settlement or
otherwise, with LICENSOR to receive the remaining twenty-five (25%) percent. 
 9.2 LICENSOR’s Rights. If LICENSEE does not
institute a lawsuit within thirty (30) days after LICENSOR’s written request that it do so, LICENSOR shall have the right, but not the obligation, to institute and prosecute actions for infringement of the rights licensed in this
Agreement. LICENSOR may institute and prosecute such actions through attorneys of its own choosing to be paid by LICENSOR and, after recovery of LICENSOR’s attorneys’ fees and costs, shall retain seventy five (75%) percent of all sums
recovered from the infringer in any such lawsuit, whether by judgment, settlement or otherwise recovered from the infringer after recovery of LICENSOR’s attorneys’ fees and costs, with LICENSEE to receive the remaining twenty five
(25%) percent. 
 9.3 Cooperation. Upon request of the party bringing the action, the other party shall execute all papers, testify on
all matters, and otherwise cooperate in every way necessary and desirable for the prosecution of any such lawsuit. The party bringing such suit shall reimburse the other party for the expense incurred as a result of such cooperation. 
 9.4 Settlement. Whoever brings the suit has the right to settle pursuant to the terms of this Agreement. 
  

	 	10.	INSURANCE 

 10.1 Requirements. LICENSEE shall
throughout the Term of the Agreement obtain and maintain at its own cost and expense comprehensive general public liability insurance from a qualified insurance company licensed to do business in California for the benefit of LICENSOR as well as for
the benefit of the LICENSEE and specifically naming LICENSOR as an additional named insured in an amount not less than Two Million Dollars ($2,000,000.00) combined single limit, with a deductible amount not to exceed Ten Thousand Dollars
($10,000.00) for each single occurrence for bodily injuries and/or product damage and/or advertising injury. Such policy shall provide protection against any and all claims, demands, and causes of action arising out of any actual or alleged defects
or failure to perform of the Licensed Products or any material used in connection therewith or any use thereof or arising out of the use of the Marks. The policy shall provide for ten (10) days notice to LICENSOR from the insurer by Registered
or Certified Mail, return receipt requested, in the event of any modification, cancellation or termination thereof. LICENSEE agrees to furnish LICENSOR a certificate of insurance evidencing same within thirty (30) days after execution of this
Agreement and in no event, shall LICENSEE manufacture, distribute or sell the Licensed Products prior to receipt by LICENSOR of such evidence of insurance. 
  

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	 	11.	TERMINATION 

 11.1 This Agreement is not
terminable by LICENSOR except as provided in Section 4.13. No claim of breach of this Agreement, whether characterized as “material,” “total” or otherwise, shall entitle LICENSOR to terminate this Agreement. 
 11.2 LICENSEE shall have the right to terminate this Agreement at any time on sixty (60) days written notice to LICENSOR. Unless LICENSOR breaches
Section 2.1 hereof and such breach is not cured within fifteen days, upon the effective date of the termination by LICENSEE, all monies paid to LICENSOR shall be deemed non-refundable and LICENSEE’s obligation to pay any guaranteed moneys,
including the Guaranteed Minimum Royalty, shall be accelerated and any yet unpaid guaranteed moneys (for the duration of the term of the Agreement) shall become immediately due and payable. If LICENSOR has not timely cured a breach of
Section 2.1 hereof, the Guaranteed Minimum Royalty shall not be owed by LICENSEE for any period following the effective date of LICENSEE’s termination. 
 11.3 Mutual Agreement. The Agreement may also be terminated if LICENSOR and LICENSEE mutually agree in writing that the Agreement shall be terminated. 
  

	 	12.	POST TERMINATION RIGHTS 

 12.1 Inventory upon
Termination. No more than thirty (30) days after Termination of this Agreement, LICENSEE shall provide LICENSOR with a statement indicating the number and description of Licensed Products bearing the Marks which LICENSEE had on hand or was in
the process of manufacturing or having manufactured as of the date of the expiration or termination (the “Inventory”). The LICENSOR shall have the option, at LICENSOR’s own cost, of conducting a physical inventory in order to
ascertain or verify such Inventory. In the event that the LICENSEE refuses to permit the LICENSOR to conduct such physical inventory, the LICENSEE shall forfeit its rights hereunder to dispose of such inventory. 
 12.2 Sell-Off Period. Upon termination of this Agreement, LICENSEE shall be entitled, for an additional period of one (1) year and on a nonexclusive
basis, to continue to sell Inventory (“Sell-Off Period”). Such sales shall be made subject to all of the provisions of this Agreement and to an accounting for and the payment of a Percentage Royalty thereon. Such accounting and payment
shall be due and paid within thirty (30) days after the close of the said one (1) year period. At the end of the Sell-Off Period, LICENSOR may require that LICENSEE either destroy any Licensed Products bearing the Marks still on hand or
alternatively, sell them to LICENSOR at cost. 
 12.3 Freedom to License. After termination of this Agreement, except as otherwise provided
in this Agreement, all rights granted herein shall revert to LICENSOR who may use, or license others to use the Marks in any way whatsoever. Subject to the Sell-Off Period, LICENSEE shall thereafter refrain from all further use of the Marks, and
turn over to the LICENSOR all materials relating to the Marks and the Licensed Products, including, but not limited to, all artwork, color separations, prototypes and the like, as well as any market studies or other tests or studies conducted by
LICENSEE at no cost whatsoever to LICENSOR. 
  

 -12- 

 12.4 Disposition of Licensed Products. Subject to the Sell-Off Period, upon termination of this
Agreement, LICENSEE agrees to immediately return to LICENSOR all material relating to the Licensed Products in LICENSEE’s possession, owned by LICENSOR or bearing the Marks at no cost whatsoever to LICENSOR. 
  

	 	13.	INDEMNIFICATION 

 13.1 Indemnification by
LICENSEE. LICENSEE shall defend, indemnify and hold LICENSOR and its affiliates, successors, assigns, equity holders, directors, officers, employees and agents harmless against all costs, expenses and losses, claims, demands, damages, liability,
causes of action (including without limitation product liability actions and tort actions), judgments, settlement, suits or expenses (including reasonable attorneys’ fees) claimed, obtained or sustained by third parties in any way related to or
arising from the manufacture, use, marketing, sale, provisions of services and goods or advertising by LICENSEE of the Licensed Products, except where (i) such use of the Marks by LICENSEE is in the Territory and expressly authorized hereunder.
LICENSEE shall have the right to defend any such action or proceeding with attorneys of its own choosing. LICENSEE’s obligations are conditioned on reasonable cooperation by LICENSOR. 
 13.2 Indemnification by LICENSOR. LICENSOR shall defend, indemnify and hold LICENSEE and its affiliates, successors, assigns, equity holders, directors,
officers, employees and agents harmless against all costs, expenses and losses, claims, demands, damages, liability, causes of action, costs, expenses and losses, judgments, settlement, suits or expenses (including reasonable attorneys’ fees)
claimed, obtained or sustained by third parties in any way related to or arising from a third party’s claim that LICENSEE is infringing any of its trademarks based upon LICENSEE’S use of the Marks in the Territory as expressly authorized
hereunder or LICENSEE is sued for any act or omission by LICENSOR. LICENSOR shall have the right to defend any such action or proceeding with attorneys of its own choosing. LICENSOR’s obligations are conditioned on reasonable cooperation by
LICENSEE. 
  

	 	14.	ASSIGNABILITY 

 14.1 Unrestricted Right to
Assign. LICENSOR and LICENSEE shall have the complete and unrestricted right to sell, transfer, lease or assign their respective rights and interest in this Agreement (but not their obligations), providing that any such transferee agrees to be bound
by all of the terms hereof, including but not limited to the Warranties and Representations enumerated in 6.1 and 6.2. When LICENSOR or LICENSEE wishes to sell, transfer, lease or assign its rights and interests in this Agreement, such party shall
do so on notice to the other provided in the manner set forth in Section 16. 
  

	 	15.	SUCCESSION 

 15.1 Benefit. This Agreement
shall inure to the benefit of and be binding upon the parties hereto, their heirs, administrators, subsidiaries, divisions, affiliated companies, and, to the extent permitted herein, their successors and assigns. 
  

 -13- 

	 	16.	NOTICE AND PAYMENT 

 16.1 Manner of Delivery.
Any notice required to be given pursuant to this Agreement shall be in writing and delivered to the other designated party at the below stated address. Such delivery shall be in the form of (a) personal delivery by messenger or other agent; or
(b) certified or registered mail, return receipt requested; or (c) by documented overnight delivery service; or (d) to the extent that receipt is confirmed, electronic mail, facsimile or other electronic transmission service. Notices
will be effective upon receipt, as set forth in the confirmation of delivery. 
 16.2 Change of Address. Either party may change the address
to which notice or payment is to be sent by written notice to the other in accordance with the provisions of Paragraph Subsection 16.1 above. 
  

			
	If to LICENSOR:	  	Russ August & Kabat
		  	12424 Wilshire Blvd., 12th Floor
		  	Los Angeles, California 90025
		  	Attention: Larry C. Russ
		
	and if to LICENSEE, to:	  	Private Brands, Inc.
		  	 3151 East Washington Boulevard
 Los Angeles,
California 90023

		  	Attention: Gerard Guez

  

	 	17.	RELATIONSHIP OF PARTIES 

 17.1 No Agency.
This Agreement does not constitute and shall not be construed as constituting a partnership or joint venture between LICENSOR and LICENSEE. Neither LICENSEE nor LICENSOR shall have any right to obligate or bind the other party in any manner
whatsoever, and nothing herein contained shall give or is intended to give any rights of any kind to any third persons. 
  

	 	18.	WAIVER 

 18.1 No Waiver. Failure by either
party hereto to enforce any rights under this Agreement shall not be construed as a waiver of such rights, nor shall a waiver of a breach in any one or more instances be construed as constituting a continuing waiver or as a waiver in other
instances. 
  

	 	19.	GOVERNING LAW 

 19.1 Construction. This
Agreement shall be governed by and construed and interpreted in accordance with the laws of the State of California without regard to conflict of law principles. 
  

 -14- 

	 	20.	DISPUTES 

 20.1 Arbitration of Disputes. All
disputes under this Agreement shall be resolved by final and binding arbitration pursuant to JAMS Rules of Arbitration. In any dispute involving only the payment of royalties under Sections 4 or 5, above, such arbitration shall be conducted pursuant
to the JAMS Streamlined Arbitration Rules & Procedures then in effect. In any arbitration in which there is any dispute beyond the payment of royalties, the arbitration shall be conducted pursuant to the JAMS Comprehensive Arbitration Rules
and Procedures then in effect. The decision by the arbitrator shall be final and binding, may be confirmed by a court of competent jurisdiction and judgment shall be entered thereon. 
 20.2 Attorneys’ Fees and Costs. The prevailing party in any arbitration or other legal proceeding shall be entitled to recover its reasonable fees
and costs (including attorneys’ fees) associated with the dispute from the other party. The arbitrator shall determine who is the prevailing party and award reasonable attorney fees. 
  

	 	21.	INTEGRATION/AMENDMENT 

 21.1 Entire
Agreement; Amendment. This Agreement and the settlement agreement executed concurrently herewith, together with its exhibits (“the Settlement Agreement”) constitute the entire Agreement between the parties concerning the subject matter
hereof, and revoke and supersede all prior agreements between the parties. This Agreement and the Settlement Agreement are intended as a final expression of the parties’ Agreement. No other agreements, understandings, representations or
discussions are included in this Agreement except as expressly noted herein. This Agreement shall take precedence over any other documents which may be in conflict with this Agreement. 
  

	 	22.	FORCE MAJEURE 

 22.1 Excuse for
Nonperformance. It is understood and agreed that in the event of an act of the government, or war conditions, or fire, flood or labor trouble in the factory of LICENSEE or its sub-LICENSEE or in the factory of those manufacturing Licensed Products
or parts necessary for the manufacture of the Licensed Products, prevent the performance by LICENSEE of the provisions of this Agreement, then such nonperformance by LICENSEE shall not be construed as grounds for breach of this Agreement and such
nonperformance shall be excused while the conditions herein prevail and for two (2) months thereafter. 
  

	 	23.	MODIFICATIONS 

 23.1 Written Modifications.
This Agreement may not be modified except by a written instrument, signed by both parties, making specific reference to this Agreement by date, parties and subject matter. 
  

	 	24.	SEVERABILITY 

 24.1 Enforceability of
Provisions. The invalidity or unenforceability of any provision of this Agreement, or the invalidity or unenforceability of any provision of this Agreement as applied to a particular occurrence or circumstance, shall not affect the validity or
enforceability of any of the other provisions of this Agreement or any other applications of such provisions, as the case may be. 
  

 -15- 

	 	25.	OTHER PROVISIONS 

 25.1 Counterparts. This
Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all such counterparts together shall constitute one and the same Agreement. Scanned or faxed signatures shall have the same force and effect as if
in original ink. 
 25.2 Further Assurances. The parties hereby covenant and agree to execute and deliver all such documents, make such
governmental filings, and do or cause to be done all such acts or things as may reasonably be necessary to complete and effect the transactions contemplated hereby. 
 25.3 No Strict Construction. The language used in this Agreement shall be deemed to be the language chosen by both parties to express their mutual intent, and no rule of strict construction shall be applied against
either party as drafter. 
 25.4 Headings. The headings used in this Agreement will be used only for the purpose of reference and shall not
be deemed to govern, limit, modify or in any other manner affect the scope, meaning or intent of the provisions of this Agreement or be given any legal effect whatsoever. 
 25.5 Dates. Any deadline in this Agreement that should fall on a Saturday, Sunday, or U.S. federal holiday shall be deemed to be the earliest business day thereafter. 
  

	 	26.	CONFIDENTIALITY 

 26.1 No Disclosure. The
parties each agree that during the Term of this Agreement they may receive information regarding the other party’s affairs that the disclosing party considers confidential. Each party receiving each confidential information agrees not to
disclose it to a third party except to its own employees and agents and only as necessary to perform its obligations or exercise its rights under this Agreement. This Paragraph is not applicable to any information which: (a) the receiving
party is authorized in writing by the disclosing party to disclose; (b) is generally known or becomes part of the public domain in the trade through no fault of the receiving party; (c) is independently developed by the receiving party or
its agents without any use of the confidential information; or (d) is required to be disclosed by law or regulation or by proper order of a court of competent jurisdiction after adequate notice to the disclosing party to seek a protective
order, the imposition of which protective order the receiving party agrees to approve and support. The terms of this Agreement are confidential information under this Paragraph. 
  

 -16- 

 IN WITNESS WHEREOF, the parties hereto have signed this Agreement by their duly authorized
representatives as of the Effective Date. 
  

							
		 		 	AMERICAN RAG CIE, LLC
				
		 		 		 	 /s/ Mark Werts

	Dated: December     , 2008	 		 	By:	 	Mark Werts, President
			
		 		 	PRIVATE BRANDS, INC.
				
		 		 		 	 /s/ Gerard Guez

	Dated: December 18, 2008	 		 	By:	 	Gerard Guez, Chairman and CEO

  

 -17- 

 SCHEDULE A 
 TO AMENDED LICENSE AGREEMENT 
  

									
	 Territory
	  	 Serial #
	  	 Reg. #
	  	 Mark
	  	 Listed Owner

	U.S.	  	78621959	  	(application)	  	AMERICAN RAG CIE	  	American Rag Cie, LLC
					
	U.S.	  		  	2710769	  	AMERICAN RAG CIE	  	American Rag Cie II
					
	U.S.	  		  	1936234	  	AMERICAN RAG CIE	  	American Rag Cie, LLC
					
	U.S.	  	78621965	  	(application)	  	AMERICAN RAG	  	American Rag Cie, LLC
					
	U.S.	  	78703816	  	(application)	  	AMERICAN RAG COMPAGNIE	  	American Rag Cie, LLC
					
	Canada	  	1171176	  	(application)	  	AMERICAN RAG CIE	  	Industries Werts, Inc.
					
	Mexico	  		  	812299	  	AMERICAN RAG CIE	  	“Industires” Werts, Inc.

  

 -18- 

 SCHEDULE B 
 TO AMENDED LICENSE AGREEMENT 
 Licensed Products 
  

	•	 	 Cosmetics and personal care items, such as perfumes, soaps, lotions, body and hair care products; sponges and brushes, hair accessories; and related products;

  

	•	 	 Leather and non-leather goods, such as bags, belts, luggage, briefcases, wallets, sports bags, back packs; compact disc cases, umbrellas, cell phone accessories;
and related products; 

  

	•	 	 Household decorative items, such a picture frames, figurines, candles, candlesticks; and related products; 

  

	•	 	 House wares, such as dishes, glassware, beverageware, teapots and coffeepots and related accessories, bathroom accessories, garbage cans, cocktail shakers; and
related products; 

  

	•	 	 Pet accessories and related products; 

  

	•	 	 Carpets, rugs; and related products; 

  

	•	 	 Paper goods, such as books, notebooks, stationery, pencils, pens, photo albums, address books, calendars, notecards, stickers; and related products;

  

	•	 	 Sporting goods, toys, games and novelties; magnets, party supplies; musical recordings, holiday decorations; and related products; 

  

	•	 	 Eyeglasses and sunglasses and related products; 

  

	•	 	 Apparel, including footwear and headgear; and related products; 

  

	•	 	 Jewelry, clocks, watches, and related products; 

  

	•	 	 Linens, including but not limited to towels, sheets, comforters, pillows, blankets, tablecloths; and related products. 

  

 -19- 

 SCHEDULE C 
 TO AMENDED LICENSE AGREEMENT 
 PRIVATE BRANDS 
 QUARTERLY ROYALTY REPORT 
 QUARTER END DATE:
                     
  

							
	  
	 		 	  

	Signature	 		 	Title	 	Date
	
	I certify the information in this report is correct and complete to the best of my knowledge.
	
	[To be signed by Chief Financial Office or other substitue executive when the CFO is not available.]

  

																							
	 PRODUCTS
	  	CUSTOMER	  	STYLE NO.	  	NUMBER OF
UNITS SOLD	  	GROSS
SALES	  	STANDARD ALLOWANCES	  	RETURNS	  	TOTAL
DEDUCTIONS	  	NET
SALES	  	ROYALTY
	 	  	 	  	 	  	 	  	 	  	ADVERTISING/
PROMOTION
DISCOUNT	  	VOLUME/
CLOSE OUT
DISCOUNT	  	PAYMENT
TERM
DISCOUNT	  	 	  	 	  	 	  	 
												
		  		  		  		  		  		  		  		  		  		  		  	
	  	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
												
		  		  		  		  		  		  		  		  		  		  		  	
	  	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
												
		  		  		  		  		  		  		  		  		  		  		  	
	  	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
												
		  		  		  		  		  		  		  		  		  		  		  	
	  	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
												
		  		  		  		  		  		  		  		  		  		  		  	
	  	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
		  		  		  	  
 0
	  		  	  
 0.00
	  	  
 0.00
	  	  
 0.00
	  	  
 0.00
	  	  
 0.00
	  	  
 0.00
	  	  
 0.00

	  	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 

  

				
	ROYALTY CALCULATION	  		
		
	 Net Regular Price Sales for the Current Quarter
	  	$	—  
	 Percentage Royalty
	  	$	—  
	 Close out
	  	$	—  
	 Total Royalties for the Current Quarter
	  	$	—  
	 Minimum Royalty Paid
	  		
	 Excess Minimum Royalties Paid in Previous Quarter, if Applicable
	  	$	—  

  

 -20-Exhibit 10.60

 Exhibit 10.60 
 THIRD AMENDMENT TO LEASE AGREEMENT 
 THIS THIRD AMENDMENT TO LEASE AGREEMENT (“Third Amendment”) is made and entered into as of this 28th day of March, 2006
(“Effective Date”), by and between THE GOVERNMENT OF THE UNITED STATES, acting by the Secretary of State (“Lessor”), and INTELSAT GLOBAL SERVICE CORPORATION, successor-in-interest to INTERNATIONAL TELECOMMUNICATIONS
SATELLITE ORGANIZATION (“Lessee”). 
 WHEREAS, Lessee is the successor-in-interest to an International Organization
established to provide satellite telecommunications services worldwide through the operation of a global satellite system; and 
 WHEREAS,
pursuant to the authority granted by Public Law 90-553, Lessor and International Telecommunications Satellite Organization executed a Lease Agreement (the “Lease”) dated June 8, 1982, and recorded in the land records of the
District of Columbia on June 10, 1982, as Instrument Number 14779, for the lease of the Property (described on Exhibit A attached hereto and hereby made a part hereof); and 
 WHEREAS, the Lease was amended by the First Amendment to Lease Agreement, executed February 22, 1985 (the “First Amendment”); and

 WHEREAS, the Lease was further amended by the Second Amendment to Lease Agreement, executed November 3, 2000 (the “Second
Amendment”); and 
 WHEREAS, through a Novation Agreement (the “Novation Agreement”) executed on July 11,
2001, all rights, obligations and responsibilities of International Telecommunications Satellite Organization under the Lease were transferred to Intelsat Services Corporation; and 
 WHEREAS, Intelsat Services Corporation changed its name to Intelsat Global Service Corporation effective July 19, 2001; and 
 WHEREAS, the Second Amendment provided Lessee with an option to purchase the Property pursuant to Article 10-1 of the Lease, subject to the enactment of
legislation by the United States Congress to authorize or permit the conveyance of the Property; and 
 WHEREAS, the parties hereto desire to
further amend the Lease in anticipation of the enactment of legislation that will authorize Lessor to sell the Property and the Parks (hereinafter defined) to Lessee or to a Transferee (hereinafter defined) of Lessee’s upon such terms and
conditions as the parties may agree. 
 NOW, THEREFORE, in consideration of the mutual promises herein contained and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is hereby agreed as follows: 
  

	 	1.	Definition of Terms. Capitalized terms not otherwise expressly defined herein have the meanings set forth in the Lease. 

  

 “Successor Entity” as used in the Lease, as amended, shall mean, with respect to the period of
time following the date of the Novation Agreement, the Lessee. 
  

	 	2.	Right to Assign, Sublet or Transfer. Article 7-1(B) of the Lease is hereby deleted in its entirety and the following provision is inserted in lieu thereof:

  

	 	“(B)	Lessee shall have the right to assign and transfer this Lease (1) to an International Organization or a foreign government acceptable to Lessor, for the official uses of an
International Organization or for Legation purposes, or to an agency or instrumentality of the United States Government; (2) to a Non-Official Party, as provided in Article 7-2 or as otherwise provided by the express terms of the Lease, for the
purpose of performing Lessee’s obligations to construct, reconstruct, repair, or maintain Improvements and/or transfer by such Non-Official Party to an International Organization or a foreign government for the official uses of an International
Organization or for Legation purposes or to an agency or instrumentality of the United States Government; or (3) by Novation to the Successor Entity upon transfer of the Improvements to the Successor Entity. 

 In addition, Lessee shall have the right to assign, sublet or otherwise transfer (collectively, a “Transfer”) its interest (in whole or
in part) in the Improvements, the Property and/or the Parks (hereinafter defined) to one or more assignees, subtenants or transferees (individually, a “Transferee” and collectively, “Transferees”), subject to
Lessor’s prior written or deemed consent, as applicable (except as provided in the preceding sentence), which consent may be granted, conditioned or denied in accordance with the standard set forth below. Lessee shall provide Lessor with a
written request for consent to such Transfer at least sixty (60) days prior to the date of the proposed Transfer, which request shall contain the proposed Transferee’s intended use, development or occupancy of all or any portion of the
Improvements, the Property and/or the Parks, including a detailed explanation of the nature and purpose thereof, at the address of Lessor pursuant to Article 9-3 of the Lease. Lessee shall also provide promptly such additional information as may
reasonably be requested by Lessor. Lessor shall provide its consent to such a Transfer unless, in the reasonable determination of the Secretary of State (the “Secretary”), the use, development or occupancy by the proposed Transferee
could impair the safety or security of the International Center or the Secretary reasonably demonstrates that the use, development or occupancy could impair the continued operation of the International Center or could be contrary to the character of
commercially acceptable uses or occupants in the surrounding area. Lessor shall inform Lessee in writing of the Secretary’s basis for any stated concerns, and shall indicate whether each such concern is a safety or security issue or a continued
operation or incompatibility with surrounding area concern. If Lessor does not approve or disapprove the proposed Transfer in writing within thirty (30) calendar days of Lessor’s confirmed receipt of Lessee’s request for consent to
such Transfer, Lessee shall provide Lessor with a second request for consent to the proposed Transfer. In the event Lessor does not approve or disapprove the proposed Transfer in writing 

  

 2 

 
within ten (10) calendar days after Lessor’s confirmed receipt of such second request from Lessee, the proposed Transfer and the intended use,
development and/or occupancy shall be deemed acceptable and no further action of Lessee shall be required except to provide Lessor with progress updates on the intended use, development and/or occupancy as may be reasonably requested by Lessor or to
satisfy any conditions imposed by Lessor, provided such conditions relate to the safety or security of the International Center. Any such determination based on safety or security considerations must be made personally by the Secretary, without
delegation, and shall be final and conclusive as a matter of law. Any such determination based on damage to the continued operation of the International Center or incompatibility with the character of commercially acceptable occupants or uses in the
surrounding area shall be subject to judicial review. 
 In the event Lessee or any Transferee fails to submit any proposed Transfer, use,
development, and/or occupancy of all or any portion of the Property to Lessor for prior approval or violates any condition imposed by Lessor (provided such conditions relate to the safety or security of the International Center), the United States
may obtain legal relief before the appropriate Federal court to enjoin any such Transfer, use, development, and/or occupancy or violation and obtain any appropriate legal or equitable remedies to require full and immediate compliance with the terms
and conditions of this Article 7-1(B). In addition, any Transfer of any interest in all or any portion of the Property in violation of the conditions set forth in this Article 7-1(B), or otherwise imposed by Lessor (provided such conditions relate
to the safety or security of the International Center), shall be null and void. In confirmation of the foregoing, Lessee, for itself and its Transferees, hereby consents to the filing of the request for legal relief by the United States, waives any
and all defenses to the action and consents to the entry of a judgment in favor of the United States for any action relating to or arising out of (i) Lessee’s failure to submit a written request for consent to any proposed Transfer, use,
development, and/or occupancy of any interest in all or any portion of the Property to Lessor for prior approval, or (ii) the Secretary’s written disapproval based on safety or security considerations. In the event Lessor provides Lessee
with written disapproval of any proposed Transfer, use, development, and/or occupancy on the basis of damage to the continued operation of the International Center or incompatibility with the character of commercially acceptable occupants or uses in
the surrounding area, Lessee, for itself and its Transferees, hereby agrees not to Transfer any interest in all or any portion of the Property and consents to the imposition of an injunction on such proposed Transfer, use, development, and/or
occupancy, unless and until an agreement is reached with Lessor permitting such Transfer, use, development, and/or occupancy, or a final judgment is rendered in Lessee’s favor by a court of competent jurisdiction. 
 Lessor shall not be entitled to share with Lessee in any profits arising from such Transfer. Lessor shall have no right to recapture the Improvements, the
Property and/or the Park(s), or any part thereof, in connection with any such Transfer. 
  

 3 

 The provisions of this Article 7-1(B) shall apply to any Transfers by Lessee or any subsequent
Transferees.” 
  

	 	3.	Option to Purchase Property. Article 10-1(A) of the Lease is hereby deleted in its entirety and the following provision is inserted in lieu thereof: 

 

	 	“(A)	Lessor hereby grants to Lessee and to any Transferees approved by Lessor as provided herein an option to purchase the Property (the “Option”) on the following terms
and conditions. The Option may be exercised at any time after the effective date of legislation enacted by the United States Congress that authorizes the conveyance of the Property to Lessee or a Successor Entity but prior to the expiration or
earlier termination of the Lease. Upon Lessee (or its Transferee) notifying Lessor, in writing, of its intention to exercise the Option, Lessor and Lessee (or its Transferee) shall work cooperatively to facilitate the sale of the Property promptly.
The purchase price to be paid by Lessee (or its Transferee) to Lessor for the sale of the Property (the “Purchase Price”) shall be equal to the appraised value of the Property in fee simple without encumbrances, less the sum of
(a) $7,250,000, and (b) all Additional Rent payments made by Lessee under Article 3-4 of this Lease; provided, however, that (a) if Lessee (or its Transferee) notifies Lessor of its intent to exercise the Option within six
(6) years following the Novation Date, the appraised value used to calculate the Purchase Price shall not exceed $30,000,000, and (b) the Purchase Price shall not be less than One Dollar.” 

  

	 	 4.
	 Payment of Costs. Article 10-1© of the Lease is
hereby deleted in its entirety and the following provision is inserted in lieu thereof: 

  

	 	 “(C)
	 All closing costs of any nature not otherwise expressly allocated herein, including, without limitation, filing fees,
conveyancing, examination of title, title insurance, survey, settlement fees, tax certificates, if any, and notary fees, shall be shared and allocated between the parties in accordance with the customary allocation of such items in the District of
Columbia in commercial transactions between private parties. Notwithstanding the foregoing, Lessee (or its Transferee) shall pay the District of Columbia Real Property Deed Recordation Tax at settlement. Lessor shall be responsible for paying the
District of Columbia Real Property Deed Transfer Tax in respect of this transaction, provided Lessor may file a claim for exemption therefrom. Nothing herein is intended to modify the applicability or effect of any statutory exemptions from
recordation or transfer taxes otherwise applicable to this transaction. Lessee (or its Transferee) shall pay its own attorneys’ fees and any costs arising out of Lessee’s (or its Transferee’s) financing arrangements.”

  

	 	5.	Option to Purchase Parks. Article 10-1(F) of the Lease is hereby deleted in its entirety and the following provision is inserted in lieu thereof: 

  

	 	“(F)	 In the event Lessee (or its Transferee) purchases the Property, Lessee (or its Transferee) shall have the option to purchase either or both of Park I or Park III

  

 4 

	 	 
(each a “Park” and together, the “Parks”, and described on Exhibit B attached hereto and hereby made a part hereof),
provided that the closing of the purchase of either or both of Park I or Park III takes place no later than three (3) years following the effective date of legislation enacted by the United States Congress that authorizes the conveyance of the
Property to Lessee (or its Transferee). In such event, the purchase price for Park I shall be $2,217,716, and the purchase price for Park III shall be $1,104,414. 

 In the event Lessee (or its Transferee) elects not to purchase either or both Park I or Park III within the three (3) year period set forth above,
Lessee (or its Transferee) shall have a continuing right of first offer thereafter to purchase or lease such Park or Parks at their fair market value. In the event Lessor, in its sole discretion, elects to sell or lease either Park to a third party
more than three (3) years following the effective date of legislation enacted by the United States Congress that authorizes the conveyance of the Property to Lessee (or its Transferee), it shall notify Lessee (or its Transferee), in writing, of
its intent to sell or lease, as the case may be, Park I, Park III, or both, as applicable. Lessee (or its Transferee) shall have ninety (90) days within which to notify Lessor of its interest in purchasing or leasing any Park being offered for
sale or lease, as the case may be. If Lessor and Lessee (or its Transferee) are unable to agree upon the fair market value of such Park or Parks within ninety (90) days of Lessee’s (or its Transferee’s) notice of expression of
interest to Lessor, Lessor shall, at its own cost, obtain an appraisal of such Park or Parks. If Lessee (or its Transferee) does not accept the appraisal, Lessee (or its Transferee) may obtain a second appraisal at its own cost. If Lessor and Lessee
(or its Transferee) do not agree on the appraised value based on the first two appraisals, the two appraisers shall select a third appraiser to prepare a third appraisal, the cost of which shall be borne equally by Lessor and Lessee (or its
Transferee). The highest and lowest appraised values shall be disregarded and the purchase price or rent, as applicable, shall be deemed to be equal to the remaining appraised value, which amount shall be binding upon the parties. If Lessee (or its
Transferee) does not notify Lessor of its intent to exercise its option to purchase or lease Park I, Park III, or both, as applicable, within ninety (90) days from the date it is offered by Lessor to Lessee (or its Transferee) as provided
above, Lessor shall be free to sell or lease Park I, Park III, or both, as applicable, on the open market to an outside party within one (1) year following the expiration of such ninety (90) day period. Should Lessor fail to sell or lease
within such one (1) year period, and provided Lessor has not been actively and continuously pursuing the sale or lease, as the case may be, of either or both Parks despite the expiration of such one (1) year period, Lessee’s (or its
Transferee’s) right of first offer shall again be applicable in the event Lessor decides to sell or lease either or both Parks.” 
  

	 	6.	Right to Assign Purchase Option. A new Article 10-1(G) is hereby added to the Lease to read as follows: 

 “Subject to the prior written approval of Lessor (which approval may be granted, conditioned or denied in accordance with the standards applicable to
Lessor’s 

  

 5 

 
consent rights with respect to proposed Transferees) and to all the other terms and conditions set forth in this Lease, Lessee shall have the right to
Transfer its Option to a third party. Such Option may be Transferred any time after Lessor has received written notice from Lessee of its intention to Transfer such Option and Lessee has received Lessor’s approval of the proposed Transfer.
Notwithstanding the foregoing, no such Transfer shall be effective for any purpose until Lessor is given no less than thirty (30) days’ advance written notice thereof and until Lessor receives (i) an executed counterpart of the
instrument of Transfer containing, inter alia, the name, address and telephone number of the Transferee, (ii) an executed instrument of assumption of Lessee’s obligations under the Lease by said Transferee, effective as of the date
of the Transfer, and (iii) an affidavit of the Transferee or the managing member, principal, officer, or general partner thereof, setting forth the names and addresses of all individuals or entities having interests in the Transferee and of all
directors and officers of the Transferee; provided, however, that if the Transferee is an entity whose stock or ownership interests are publicly traded, the affidavit shall be limited to those individuals or entities with greater than a five percent
(5%) ownership interest in the Transferee. Lessee’s right under this Section shall not be assignable or transferable separate and apart from this Lease, it being the intent of the parties that such right and this Lease shall be owned by
one and the same party who shall be the Lessee hereunder.” 
  

	 	7.	Easements. A new Article 6-9 is hereby added to the Lease to read as follows: 

 “This Lease shall be subject to the following easements: (i) a no cost right of ingress and egress upon all portions of International Drive, as shown on Exhibit C attached hereto and hereby made a
part hereof, in favor of Lessee, its Transferees, agents, employees, contractors and invitees, for the purpose of pedestrian and vehicular access to the Property, and (ii) a utility easement to International Drive in favor of Lessee and its
Transferees, in the location shown on Exhibit D attached hereto and hereby made a part hereof, which easement shall be granted by Lessor at no cost to Lessee and its Transferees (except that Lessee and its Transferees shall be responsible for
the costs of any repairs or maintenance necessary in connection with such easement).” 
  

	 	8.	Deed Covenants. A new Article 10-1(H) is hereby added to the Lease to read as follows: 

 “In the event Lessor conveys title to the Property to Lessee or its Transferee, the Lease shall terminate in accordance with Article 10-1(E), above,
and the covenants set forth in subsections (A) through (F), below (with Lessor as “Grantor” and Lessee or its Transferee as “Grantee”), shall be included in the quitclaim deed as covenants running with the land; provided,
however, that the covenant granting an easement to access and enter the Property for the purpose of maintaining and repairing the Parks, as set forth in subsection (D)(i), below, shall be included in the quitclaim deed as a covenant running with the
land only if Lessor (or its successors or assigns) remains the fee owner of the Parks at the time in which the title to the Property is conveyed to Lessee or its Transferee. 
  

 6 

	 	(A)	Department of State Approval Rights. Grantee shall have the right to assign, lease or otherwise transfer (collectively, a “Transfer”) its interest (in whole
or in part) in the Property hereby conveyed to one or more assignees, tenants or transferees (individually, a “Transferee” and collectively, “Transferees”), subject to the prior written or deemed consent, as
applicable, of the United States of America, acting by and through the Secretary of State (“State Department”), which consent may be granted, conditioned or denied in accordance with the standard set forth below. Grantee shall
provide the State Department with a written request for consent to such Transfer at least sixty (60) days prior to the date of the proposed Transfer, which request shall contain the proposed Transferee’s intended use, development and/or
occupancy of all or any portion of the Property, including a detailed explanation of the nature and purpose thereof, at the following address of the State Department: Department of State, Washington, DC 20520, Attention: Assistant Secretary for
Administration, or at such other address as Grantor may, from time to time, designate by written notice to Grantee. Grantee shall also provide promptly such additional information as may reasonably be requested by the State Department. The State
Department shall provide its consent to such a Transfer unless, in the reasonable determination of the Secretary of State (the “Secretary”), the use, development and/or occupancy by the proposed Transferee could impair the safety or
security of the International Center or the Secretary reasonably demonstrates that the use, development and/or occupancy could impair the continued operation of the International Center or could be contrary to the character of commercially
acceptable uses or occupants in the surrounding area. The State Department shall inform Grantee in writing of the Secretary’s basis for any stated concerns, and shall indicate whether each such concern is a safety or security issue or a
continued operation or incompatibility with surrounding area concern. If the State Department does not approve or disapprove the proposed Transfer in writing within thirty (30) calendar days of the State Department’s confirmed receipt of
Grantee’s request for consent to such Transfer, Grantee shall provide the State Department with a second request for consent to the proposed Transfer. In the event the State Department does not approve or disapprove the proposed Transfer in
writing within ten (10) calendar days after the State Department’s confirmed receipt of such second request from Grantee, the proposed Transfer and the intended use, development and/or occupancy shall be deemed acceptable and no further
action of Grantee shall be required except to provide the State Department with progress updates on the intended use, development and/or occupancy as may be reasonably requested by the State Department or to satisfy any conditions imposed by the
State Department, provided such conditions relate to the safety or security of the International Center. Any such determination based on safety or security considerations must be made personally by the Secretary, without delegation, and shall be
final and conclusive as a matter of law. Any such determination based on damage to the continued operation of the International Center or incompatibility with the character of commercially acceptable occupants or uses in the surrounding area shall
be subject to judicial review. 

  

 7 

	 	(B)	Judicial Review and Enforcement. In the event Grantee or any Transferee fails to submit any proposed Transfer, use, development, and/or occupancy of all or any portion of the
Property to Grantor for prior approval or violates any condition imposed by the Secretary (provided such conditions relate to the safety or security of the International Center), the United States may obtain legal relief before the appropriate
Federal court to enjoin any such Transfer, use, development, and/or occupancy or violation and obtain any appropriate legal or equitable remedies to require full and immediate compliance with the terms and conditions of the Quitclaim Deed. In
addition, any Transfer of any interest in all or any portion of the Property in violation of the conditions set forth in this Quitclaim Deed or otherwise imposed by Grantor (provided such conditions relate to the safety or security of the
International Center) shall be null and void. In confirmation of the foregoing, Grantee, for itself and its Transferees, hereby consents to the filing of the request for legal relief by the United States, waives any and all defenses to the action
and consents to the entry of a judgment in favor of the United States for any action relating to or arising out of (i) Grantee’s failure to submit a written request for consent to any proposed Transfer, use, development, and/or occupancy
of any interest in all or any portion of the Property to Grantor for prior approval, or (ii) the Secretary’s written disapproval based on safety or security considerations. In the event Grantor provides Grantee with written disapproval of
any proposed Transfer, use, development, and/ or occupancy on the basis of damage to the continued operation of the International Center or incompatibility with the character of commercially acceptable occupants or uses in the surrounding area,
Grantee, for itself and its Transferees, hereby agrees not to Transfer any interest in all or any portion of the Property and consents to the imposition of an injunction on such proposed Transfer, use, development, and/or occupancy, unless and until
an agreement is reached with Grantor permitting such Transfer, use, development, and/or occupancy, or a final judgment is rendered in Grantee’s favor by a court of competent jurisdiction. 

  

	 	 (C)
	 Option to Purchase Parks. Grantee (or its Transferee) shall have the option to purchase either or both of the
parks identified on Exhibit B attached hereto and hereby made a part hereof (hereinafter referred to as “Park I” or “Park III”, each a “Park” and together, the “Parks”), provided
that the closing of the purchase of either or both of Park I or Park III takes place no later than three (3) years following the effective date of legislation enacted by the United States Congress that authorizes the conveyance of the Property
hereby conveyed to Grantee (or its Transferee). In such event, the purchase price for Park I shall be $2,217,716, and the purchase price for Park III shall be $1,104,414. 

 In the event Grantee (or its Transferee) elects not to purchase either or both Park I or Park III within the three (3) year period set forth above,
Grantee (or its Transferee) shall have a continuing right of first offer thereafter to purchase or lease such Park 

  

 8 

 
or Parks at their fair market value. In the event Grantor, in its sole discretion, elects to sell or lease either Park to a third party more than three
(3) years following the effective date of legislation enacted by the United States Congress that authorizes the conveyance of the Property to Grantee (or its Transferee), it shall notify Grantee (or its Transferee), in writing, of its intent to
sell or lease, as the case may be, Park I, Park III, or both, as applicable. Grantee (or its Transferee) shall have ninety (90) days within which to notify Grantor of its interest in purchasing or leasing any Park being offered for sale or
lease, as the case may be. If Grantor and Grantee (or its Transferee) are unable to agree upon the fair market value of such Park or Parks within ninety (90) days of Grantee’s (or its Transferee’s) notice of expression of interest to
Grantor, Grantor shall, at its own cost, obtain an appraisal of such Park or Parks. If Grantee (or its Transferee) does not accept the appraisal, Grantee (or its Transferee) may obtain a second appraisal at its own cost. If Grantor and Grantee (or
its Transferee) do not agree on the appraised value based on the first two appraisals, the two appraisers shall select a third appraiser to prepare a third appraisal, the cost of which shall be borne equally by Grantor and Grantee (or its
Transferee). The highest and lowest appraised values shall be disregarded and the purchase price or rent, as applicable, shall be deemed to be equal to the remaining appraised value, which amount shall be binding upon the parties. If Grantee (or its
Transferee) does not notify Grantor of its intent to exercise its option to purchase or lease Park I, Park III, or both, as applicable, within ninety (90) days from the date it is offered by Grantor to Grantee (or its Transferee) as provided
above, Grantor shall be free to sell or lease Park I, Park III, or both, as applicable, on the open market to an outside party within one (1) year following the expiration of such ninety (90) day period. Should Grantor fail to sell or
lease within such one (1) year period, and provided Grantor has not been actively and continuously pursuing the sale or lease, as the case may be, of either or both Parks despite the expiration of such one (1) year period, Grantee’s
(or its Transferee’s) right of first offer shall again be applicable in the event Grantor decides to sell or lease either or both Parks. 
  

	 	(D)	 Easements. This Quitclaim Deed is expressly made subject to the following easements: (i) a no cost right of access to and of entry upon all portions of
the Property in favor of the United States and its successors and assigns, and its officers, agents, employees, contractors, and subcontractors, for the purpose of maintaining and repairing the Parks for so long as the United States (or its
successors or assigns) remains the owner of the Parks, provided such right of access and entry shall be utilized in a fashion to minimize disruption to the operation of the Property. Such easement right shall automatically terminate with respect to
each Park upon the conveyance of title in such Park or Parks by the United States (or its successors or assigns) to Grantee or its Transferees. The preceding sentence shall be self-operative and no other instrument shall be required to effectuate
such termination, (ii) a no cost right of ingress and egress upon all portions of International Drive, as shown on Exhibit C attached hereto and hereby made a part hereof, in favor of Grantee, its Transferees, agents, employees, contractors,
and invitees, for the purpose of pedestrian and vehicular access to the Property, and (iii) a utility easement to International Drive in favor of Grantee and its Transferees, in the 

  

 9 

	 	 
location shown on Exhibit D attached hereto and hereby made a part hereof, which easement shall be granted by Grantor (or its successors or assigns) at no
cost to Grantee and its Transferees (except that Grantee and its Transferees shall be responsible for the costs of any repairs or maintenance necessary in connection with such easement). This Quitclaim Deed is also expressly made subject to any
easements, covenants, reservations, or encumbrances existing at the time of conveyance whether or not shown on the public records and Grantee hereby expressly acknowledges and agrees that title is conveyed subject thereto. For matters not shown
on the public records or for which Grantee has no actual knowledge, Grantee may assert any defense or rights it may have in connection therewith except against the United States as Grantor. 

  

	 	(E)	Maintenance Costs. Grantee shall pay fifty percent (50%) of the actual costs and expenses incurred by the United States for maintenance, repairs, landscaping, and
improvements allocable to roads and sidewalks contiguous to the Property (but not including costs and expenses incurred by the United States in connection with maintenance, repairs, landscaping, and improvements allocable to the Parks). The United
States, acting by and through the State Department, shall deliver to Grantee on an annual basis an invoice for the reimbursable costs and expenses, together with reasonable substantiation of the amounts invoiced. Grantee shall have a reasonable
period of time (but in no event more than 45 days) following Grantee’s confirmed receipt of the invoice within which to determine whether to contest the amount so invoiced. If Grantee does not contest or pay the amount invoiced within such
timeframe, the State Department shall provide Grantee with a second notice and invoice, and Grantee shall have no more than 15 days after Grantee’s confirmed receipt of such second notice and invoice within which to determine whether to contest
the amount so invoiced or to pay such amount promptly upon receipt of the second notice and invoice. If Grantee disputes the State Department’s invoice, then Grantee may contest the amount by filing a claim with the State Department. If Grantee
does not dispute the invoice nor pay such amount due as provided above, the State Department shall be permitted to record a lien against Grantee’s interest in the Property for such amounts due. 

  

	 	(F)	Parking. If requested by Grantee, the State Department shall provide fifteen (15) parking spaces along the curb line on International Drive, in the location shown on
Exhibit C attached hereto and hereby made a part hereof, at a rate equal to the prevailing market rate for surface lot parking charged in the vicinity of the Property, as reasonably determined by Grantor. Such rate may be adjusted every five
(5) years to reflect the average of three (3) prevailing commercial rates for surface lot parking in the vicinity of the International Center, as reasonably determined by Grantor.” 

  

	 	9.	Counterparts and Signature Page. This Third Amendment may be executed in two or more counterpart copies, all of which counterparts shall have the same force and effect as if
all parties had executed a single copy of this Third Amendment. 

  

 10 

	 	10.	Unmodified Terms. Except as expressly modified hereby, the Lease, as amended, remains unmodified and in full force and effect. 

 (Remainder of page intentionally left blank. 
 Signature page to follow.) 
  

 11 

 IN TESTIMONY WHEREOF, Lessor has caused these presents to be signed in its name by
            , its Assistant Secretary, attested to and its seal caused to be affixed hereto by             , its
Secretary of State, and has appointed the said              to be its attorney-in-fact to acknowledge and deliver the same according to law. 
 IN TESTIMONY WHEREOF, Lessee has caused these presents to be signed in its name by
            , its             , attested and its seal caused to be affixed hereto by
            , its             , and has appointed the said
             to be its attorney-in-fact to acknowledge the same according to law, all done as of the day and year first above written. 
 LESSOR 
  

			
	 ATTEST: (See document of
 attestation affixed to the foregoing
 amendment)
	 	 FOR THE GOVERNMENT OF THE
 UNITED
STATES

 WITNESS: 
  

														
	  
	 		 	By:	 	   
	 	(Seal	)
						
	 Name:
	 	   
	 		 	Name:	 	   
	 		
						
		 		 		 	 Title:
	 	   
	 		

 DISTRICT OF COLUMBIA, ss: 
 I,                     , a Notary Public in and for the above jurisdiction, hereby certify that
            , in his/her capacity as              of the United States of America, personally appeared before me in
said jurisdiction, and as said             , executed the foregoing and annexed instrument on behalf of Lessor for the purposes and uses therein contained herein. 
 Witness my hand and official seal this      day of
            , 2006. 
 [SEAL] 
 Notary Public 
 My Commission Expires:
 
 [LESSEE’S SIGNATURE AND ACKNOWLEDGEMENT ON FOLLOWING PAGE.] 
  

 12 

 LESSEE 
  

												
	 WITNESS:
	 		 	INTELSAT GLOBAL SERVICE CORPORATION	 		
					
	  
	 		 	By:	 	  
	 	(Seal	)
						
	 Name:
	 	  
	 		 	Name:	 	  
	 		
						
		 		 		 	 Title:
	 	  
	 		

 DISTRICT OF COLUMBIA, ss: 
 I,                     , a Notary Public in and for the above jurisdiction, hereby certify that
            , in his/her capacity as              of Intelsat Global Service Corporation, personally appeared
before me in said jurisdiction, and as said             , executed the foregoing and annexed instrument on behalf of Lessee for the purposes and uses therein contained herein.

 Witness my hand and official seal this      day of
            , 2006. 
 [SEAL] 
 Notary Public 
 My Commission Expires
 
  

 13

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