Document:

Employment Agreement between Bank and Ramiro A. Ortiz

 EXHIBIT 10.32 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (“Agreement”) is made and entered into as
of July 28, 2006 by and between Ramiro Ortiz (hereinafter the “Executive”) and BankUnited, FSB (the “Bank”). 
 Recitals 
 WHEREAS, the Bank and the Executive entered into an Employment Agreement dated as of August 21, 2002
(“Prior Agreement”) pursuant to which the Executive has served as President and Chief Operating Officer of the Bank; and 
 WHEREAS, the Prior Agreement is scheduled to expire on September 30, 2008; and 
 WHEREAS, the Bank desires to
assure the continued availability of the Executive’s services and the ability of the Executive to perform such services with a minimum of personal distraction or concern for his future employment; and 
 WHEREAS, the Executive is willing to continue to serve in the employ of the Bank on such basis; and 
 WHEREAS, the Bank and the Executive each hereby agree that in order to achieve the foregoing objectives it is necessary to amend and restate the
terms and conditions of the Prior Agreement, as set forth herein; and 
 WHEREAS, this Agreement is entered into as a complement to
the Amended and Restated Employment Agreement (the “BankUnited Agreement”) between the Executive and BankUnited Financial Corporation dated July 28, 2006, and is set out separately in acknowledgment of the Bank’s legal status and
to assure the Bank’s compliance with applicable federal and state regulations, although nothing in this Agreement is intended to bestow greater rights on the Executive than the BankUnited Agreement or to prejudice the Executive’s rights
thereunder; 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants and conditions hereinafter set forth, the
Company and the Executive hereby agree as follows: 
 1. Definitions. In addition to the words and terms defined elsewhere in this
Agreement, the words and terms “Date of Termination,” “Disability,” “Disability Effective Date,” “Notice of Termination,” “Change of Control Payment” and “Vested Benefits,” shall have the
same meanings as set forth in Section 1 of the BankUnited Agreement. 
  

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 2. Employment. 
 2.1 Employment and Term. The Bank agrees to engage Executive, and Executive agrees to provide services to the Bank, on the terms
and conditions set forth herein, for a period of three (3) years commencing on July 28, 2006 (hereinafter the “Commencement Date”) and expiring at the conclusion of September 30, 2009 (the “Term”) subject to
renewal by the Board of Directors, from year-to-year for up to two (2) additional years, unless Executive resigns prior to that time or is sooner terminated as, hereinafter set forth. 
 2.2 Position and Duties of Executive. The Executive shall serve as the President and Chief Operating Officer (“COO”) of
the Bank and a member of the Board of Directors of the Bank, so long as he continues as the President and COO and is elected by the Bank’s stockholders. During the Term of employment, the Executive shall diligently perform all services as may
be reasonably assigned to him by the Bank’s CEO, Board or its Chairman and shall exercise such power and authority as may from time to time be delegated to him by the CEO, Board or its Chairman. The Executive shall be required to report solely
to, and shall be subject solely to the supervision and direction of, the CEO, Board or its Chairman and no other person or group shall be given authority to supervise or direct the Executive in the performance of his duties. The Executive shall
devote substantially all his working time and attention (other than during weekends, holidays, approved vacation periods, and periods of illness or approved leaves of absence) to the business and affairs of the Bank, render such services efficiently
and to the best of his ability, and use his best efforts to promote the interests of the Bank. 
 2.3 Place of
Performance. In connection with his employment by the Bank, the Executive’s principal place of employment shall be the Bank’s executive offices in Florida. 
 3. Compensation. 
 3.1 Executive shall be compensated in installments, consistent with
the Bank’s normal compensation practices, as may be changed from time to time with advance notice. Executive’s compensation entitlements, for the first Term of this Agreement, and for any annual Term thereafter, if renewed by the Board,
shall be in accordance with the compensation schedule and process set forth in Sections 3.1 and 3.2 of the BankUnited Agreement. 
 4.
Additional Benefits. 
 4.1 Expense Reimbursement. During the Term, upon the submission of supporting
documentation by the Executive in form sufficient to permit deduction thereof under applicable tax law (but without regard to actual deductibility), the Bank shall promptly reimburse the Executive for all reasonable expenses actually paid or
incurred by the Executive in the course of and pursuant to the business of the Bank, including expenses for entertainment and all travel and living expenses while away from home on business or at the request of the Bank, provided that such expenses
are incurred and accounted for in accordance with the Bank’s regular policies and procedures. 
  

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 4.2 Executive shall receive those other benefits provided under Sections 4.2, 4.3, 4.4, 4.5, 4.6 and 4.7
of the BankUnited Agreement. 
 4.3 Indemnification and Insurance. 
 (a) During the Term of this Agreement, the Bank shall cause the Executive to be covered by and named as an insured under any policy or
contract of insurance obtained by it to insure its directors and officers against personal liability for acts or omissions in connection with service as an officer or director of the Bank or service in other capacities at the request of the Bank.
The coverage provided to the Executive pursuant to this section 4.3 shall be of the same scope and on the same terms and conditions as the coverage (if any) provided to other officers or directors of the Bank. 
 (b) To the maximum extent permitted under applicable law, during the Term of this Agreement and for a period of 3 years thereafter, the
Bank shall indemnify the Executive against and hold him harmless from any costs, liabilities, losses and exposures to the fullest extent and on the most favorable terms and conditions that similar indemnification is offered to any director or
officer of the Bank or any subsidiary or affiliate thereof. 
 5. Termination. 
 5.1 Termination for Cause. Notwithstanding anything contained herein to the contrary, this Agreement may be terminated by the Bank
for Cause. As used in this Agreement, “Cause” shall mean (i) any action or omission or failure of the Executive which constitutes a material breach of this Agreement, including, without limitation, failing to carry out his duties and
responsibilities in accordance with Section 2.2 (if, however, the Board determines that it is an action, omission or failure which can be cured, the Bank agrees to provide one cure period of sixty (60) days after receipt by the Executive
of specific written notice of the issue. If the issue is not cured within the sixty (60) day period, or is of a nature that the Board determines cannot be cured, the Executive will be terminated for cause as specified in a Notice of
Termination); (ii) the Executive engages in an act(s) of personal dishonesty, incompetence, or willful misconduct in connection with his employment, the performance of services or handling the affairs of the Bank; (iii) the conviction of
Executive for, or a plea of guilty or nolo contendere to, a criminal act which is a felony, or which is a misdemeanor involving theft, dishonesty or moral turpitude; (iv) the Executive breaches a fiduciary duty owed to the Bank involving
personal profit, intentional failure to perform stated duties, or which could seriously prejudice the interest of the Bank, its depositors, or shareholder; or (v) the Executive’s breach or willful violation of any law, rule, regulation,
corporate policy (other than traffic violations or similar non-material offenses), or final cease and desist order in connection with his performance of services for the Bank. An express termination by the Bank for reasons other than those included
above or which otherwise does not fall within another part of section 5, will be considered a termination without cause under paragraph 5.3. All disputes shall be resolved by Arbitration as provided in Section 22. 
  

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 5.2 Termination for Death or Disability. This Agreement shall terminate
automatically upon the Executive’s death and may be terminated by the Bank upon the Executive’s Disability. Upon a termination by reason of the Executive’s Disability, the Bank shall pay to the Executive or his beneficiaries, as the
case may be, (i) any compensation or other obligations accrued for periods prior to the Date of Termination, all of which shall be paid within fifteen (15) days after the Date of Termination, (ii) six (6) months of Base Salary, all of
which shall be paid in installments consistent with the Bank’s payroll practice for executives, and shall implement the provisions for the Executive’s Vested Benefits as of the Date of Termination. If Termination is due to the death of the
Executive, the Bank shall, within fifteen (15) days after the Date of Termination, pay to the Executive’s estate or beneficiaries, as the case may be, any unpaid Base Salary, Annual Bonus and benefits accrued for periods prior to the Date
of Termination, or, if an alternative beneficiary is designated in proper legal form, the payments and benefits shall be paid to said designated beneficiary. In addition, the life insurance proceeds from the policies described in this Agreement
shall be paid to his personal representative or such other persons as the Executive may have designated in writing. 
 5.3
Termination Without Cause. At any time the Bank shall have the right to terminate Executive’s employment hereunder by written notice to Executive; provided, however, that the Bank shall (i) pay to Executive any unpaid Base Salary,
and benefits and amounts due under the programs described in Sections 4 up to the Date of Termination, (ii) pay to the Executive in a lump sum within thirty (30) days after the Date of Termination, an amount equal to the Executive’s
Base Salary and benefits that would have become due to the Executive for the remainder of the then effective Term without extension, but for the Company’s termination of the Executive pursuant to this Section 5.3 and (iii) implement
the provisions for the Executive’s Vested Benefits as of the Date of Termination. The Bank shall be deemed to have terminated the Executive’s employment pursuant to this Section 5.3 if such employment is terminated by the Bank without
Cause. The Bank and the Executive hereby stipulate that the Bank may condition the payment and delivery of the amounts specified in clause (ii) of the first sentence of this Section 5.3 on the receipt of the Executive’s resignation
from any and all positions which he holds as an officer, director or committee member with respect to the Bank or any subsidiary or affiliate and gives the Bank a full release of all then existing claims under this Agreement. Any disputes shall be
resolved by Arbitration as provided in Section 22. 
 5.4 Resignation. In the event Executive resigns other than
upon written request of the Bank, Executive shall have no further right to any payments or grants due under this Agreement and all Executives’ rights and benefits under this Agreement shall terminate. A termination of this Agreement under
Sections 5.1, 5.2, or 5.3 shall not be considered a “resignation” under Section 5.4 unless specifically agreed to in writing by the Executive and the Bank. 
 5.5 Notwithstanding any provision of this Agreement to the contrary, no payment or benefit will be made to the Executive under
Section 5.2 for termination due to Disability or under Section 5.3, prior to the expiration of six-months from the date 

  

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of his termination of employment, if such payment or benefit will result in the imposition of an excise tax under Code section 409A. 
 6. Change of Control. A “Change in Control” shall be deemed to have occurred under the conditions set forth in Section 6 of the
BankUnited Agreement and shall include a qualifying disposition of the Bank. In the event of a change in control, Executive entitlements and the Bank’s obligations will be as set forth in the BankUnited Agreement. 
 7. Gross-Up of Change of Control Payments (if applicable). 
 (a) This Section shall apply if Executive’s employment is terminated upon or following a Change of Control as defined in
Section 6 of the BankUnited Agreement. If this Section applies, then, for any taxable year, the Executive shall be liable for the payment of an excise tax under section 4999 of the Code with respect to any payment in the nature of compensation
made by the Bank or any direct or indirect subsidiary or affiliate of the Bank to (or for the benefit of) the Executive, the Bank shall pay to the Executive an amount equal to X determined under the following formula: 
  

					
	X=E x P	  		  	
	1 - [FI x (1 - SLI)) + SLI + E + M]	  		  	

 where 
 E = the rate at which the excise tax is assessed under section 4999 of the Code; and 
 P = the amount with respect to which such
excise tax is assessed, determined without regard to this Section 7; 
 FI = the highest marginal rate of income tax applicable to the
Executive under the Code for the taxable year in question; 
 SLI = the sum of the highest marginal rates of income tax applicable to the
Executive under all applicable state and local laws for the taxable year in question; and 
 M = the highest marginal rate of Medicare tax
applicable to the Executive under the Code for the taxable year in question. 
 With respect to any payment in the nature of compensation
that is made to (or for the benefit of) the Executive under the terms of this Agreement, or otherwise, and on which an excise tax under section 4999 of the Code will be assessed, the payment determined under this Section 7(a) shall be made to
the Executive on the first day of the seventh month following the end of the year in which occurs the Executive’s termination of employment. 
  

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 (b) Notwithstanding anything in this Section 7 to the contrary, in the event that
the Executive’s liability for the excise tax under section 4999 of the Code for a taxable year is subsequently determined to be different than the amount determined by the formula (X + P) x E, where X, P and E have the meanings provided in
Section 7(a), the Executive or the Bank, as the case may be, shall pay to the other party at the time that the amount of such excise tax is finally determined, an appropriate amount, plus interest, such that the payment made under
Section 7(a), when increased by the amount of the payment made to the Executive under this Section 7(b) by the Bank, or when reduced by the amount of the payment made to the Bank under this Section 7(b) by the Executive, equals the
amount that should have properly been paid to the Executive under Section 7(a). The interest paid under this Section 7(b) shall be determined at the rate provided under section 1274(b)(2)(B) of the Code. To confirm that the proper amount,
if any, was paid to the Executive under this Section 7, the Executive shall furnish to the Bank a copy of each tax return which reflects a liability for an excise tax payment made by the Bank, at least 20 days before the date on which such
return is required to be filed with the Internal Revenue Service. 
 (c) Notwithstanding the provisions of Sections 7(a) and
(b) above, in the event that the Executive shall be required to pay any additional amount of excise tax under section 4999 of the Code, or any successor to such section, or under any similar federal, state or local tax provision in connection
with his receipt of payment in the nature of compensation from the Bank or any direct or indirect subsidiary or affiliate of the Bank to (or for the benefit of) the Executive, the Executive shall be entitled to receive an additional payment (a
“Gross-Up Payment”) in an amount such that, after payment by the Executive of all taxes (and any interest or penalties imposed with respect to such taxes) and the excise tax under the Code and/or State and local tax provision imposed upon
the Gross-Up Payment, the Executive retains an amount of the Gross-Up Payment equal to the excise tax imposed by the Code or any State or local tax provision upon such compensation. For purposes of this paragraph 7(c), the term “taxes”
shall include, but not be limited to, income taxes and the Executive’s share of any employment taxes. 
 (d) This section
shall not apply to any entitlement to stock options, stock grants, or other securities of BankUnited. 
 8. Regulatory Considerations.

 Notwithstanding anything herein to the contrary, any payments to Executive by the Bank, whether pursuant to this Agreement or otherwise,
are subject to and conditioned on compliance with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. § 1828(k) and any regulations promulgated thereunder. 
 9. Non-Competition. 
 9.1 The Executive acknowledges that during the Term of this
Agreement, he will learn or be privy to valuable confidential business information, and 

  

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he will develop and cultivate on behalf of the Bank substantial relationships with past, present and prospective business customers of the Bank. During the
term of this Agreement with the Bank, and thereafter, Executive will not, directly or indirectly, use or disclose to anyone, or authorize disclosure of any confidential information or trade secrets except for the benefit of the Bank. 
 9.2 The Executive acknowledges that the confidentiality of the protected information with which Executive has been or may become privy is
essential and proprietary to the Bank and is owned and shall continue to be owned by the Bank. The Executive agrees that at the termination of his employment, for whatever reason, he will return to the Bank immediately any and all documents in
whatever form that are in his possession or control and that contain, reflect or refer to confidential information or trade secrets. 
 9.3 During the Term of this Agreement and for a period of eighteen (18) months thereafter within all counties where the Bank or its subsidiaries have branches or offices, the Executive shall not, either directly or indirectly, or for
himself or through, on behalf of, or in conjunction with any other person, persons or legal entity, own, maintain, operate, engage in, assist, be employed by, or have any interest in any business engaging or planning to be engaged in banking or
offering other financial services offered by the Bank, in any respect. 
 9.4 During the Term of this Agreement and for a
period of eighteen (18) months thereafter, Executive shall not, except if this Agreement is terminated as a result of a Change of Control: 
 (a) either directly or indirectly, employ, retain the services of, or seek to employ or retain the services of any person who is at that time or was within the previous six (6) months employed by, or providing
services to the Bank, without the prior express written permission of the Bank, which the Bank may in its absolute discretion withhold; 
 (b) either directly or indirectly solicit or contact customers of the Bank which solicitation is for or on behalf of any entity engaged in or seeking to be engaged in the Bank’s banking or financial service
business, or in direct competition with the Bank. 
 (c) In the event of a violation of the provision of this Section, the
Executive’s rights to receive grants of the Bank’s Class A Common Stock as provided in Section 4.7 of the BankUnited Agreement shall terminate and no additional shares shall vest or be granted as provided in paragraph
Section 4.7 of the BankUnited Agreement. 
 9.5 Executive and the Bank warrant that it is their intention to agree to
restrictions on disclosure of confidential information and on competition that are as broad as permitted by Florida law (save only for the 18 month limitation set forth in paragraph 9.3) and hereby agree to subscribe to any expansion of the recited
agreements as may be authorized by any subsequent amendment to, or interpretation of Florida Statute Section 542.335 (2000) or any other Florida law. For purposes of this non-competition provision, 

  

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the Executive shall be deemed retained by the Bank during any period of time in which he receives compensation from the Bank or its successors. 

9.6 The Executive acknowledges that Section 9 is reasonably necessary to protect the business interest of the Bank and that the
provisions of Section 2 and Section 9 are the essence of this Agreement for the Bank and the Executive agrees that if he engages in activities prohibited by Section 9, irreparable harm to the Bank will likely result, for which a
remedy in the form of damages may not be ascertainable. Under such circumstances, the Executive acknowledges that the Bank may seek temporary, preliminary or permanent injunctive relief against him in any court of competent jurisdiction upon three
days written notice provided to the address listed in Section 15. This section shall not limit any other legal or equitable remedies the Bank or its successors may have against the Executive for violation of this Agreement. The prevailing party
in any action to, enforce Section 9 of this Agreement shall be entitled to attorney’s fees and costs. 
 10. Representation By
the Executive. The Executive represents and warrants as of the Commencement Date, that he is not a party to any agreement, contract or understanding, whether of employment otherwise, or subject to any governmental restriction, which would in any
way restrict or prohibit him from undertaking or performing employment with the Bank in accordance with the terms and conditions of this Agreement. The Executive further represents and warrants to the best of his knowledge as of the Commencement
Date, that he is physically and mentally capable of performing all the essential functions of the job and all duties reasonably assigned to him for the entire term of this Agreement. 
 11. Withholding. The Bank may withhold from any amounts payable under this Agreement such federal, state or local taxes as shall be required to be
withheld pursuant to any applicable law or regulations. In the event Section 162(m) of the Internal Revenue Code of 1988 shall be applicable to Executive’s compensation, the Executive shall cooperate with the Bank to restructure his
compensation so as it to be fully deductible for income tax purposes; provided, however, such cooperation shall be on such terms, if any, as both the Executive and the Bank agree, both utilizing good faith efforts to structure payments in such a
manner that the Executive’s total compensation, on a present value basis, is not diminished. 
 12. Enforcement Costs Upon a Change
of Control. The Bank is aware that upon the occurrence of a Change of Control, the Board of Directors or a stockholder of the Bank may then cause or attempt to cause the Bank to refuse to comply with its obligations under Section 6 of this
Agreement, or may cause or attempt to cause the Bank to institute, or may institute, litigation seeking to have Section 6 of this Agreement declared unenforceable, or may take, or attempt to take, other action to deny the Executive the benefits
intended under Section 6 of this Agreement. In these circumstances, the purpose of this Agreement could be frustrated. It is the intent of the parties that the Executive not be required to incur the legal fees and expenses associated with the
protection or enforcement of his rights under Section 6 of this Agreement by arbitration, litigation or other legal action because such costs would substantially detract 

  

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from the benefits intended to be extended to the Executive hereunder, nor be bound to negotiate any settlement of his rights hereunder under threat of
incurring such costs. Accordingly, if at any time after the Commencement Date, it should appear to the Executive that the Bank is or has acted contrary to or is failing or has failed to comply with any of its obligations solely under Section 6
of this Agreement for the reason that it regards this Agreement to be void or unenforceable or for any other reason, or in the event that the Bank or any other person takes any action to declare Section 6 of this Agreement void or
unenforceable, or institutes arbitration, litigation or other legal action designed to deny, diminish or to recover from the Executive the benefits provided or intended to be provided to him under Section 6, and the Executive has acted in good
faith to perform his obligations under this Agreement, the Bank irrevocably authorizes the Executive from time to time to retain counsel of his choice at the expense of the Bank to represent him in connection with the protection and enforcement of
his rights under Section 6. The reasonable fees and expenses of counsel selected from time to time by the Executive as hereinabove provided shall be paid or reimbursed to the Executive by the Bank on a regular, periodic basis upon presentation
by the Executive of a statement or statements prepared by such counsel in accordance with its customary practices. Counsel so retained by the Executive may be counsel representing other officers or key executives of the Bank in connection with the
protection and enforcement of their rights under similar agreements between them and the Bank, and, unless in his sole judgment use of common counsel could be prejudicial to him or would not be likely to reduce the fees and expenses chargeable
hereunder to the Bank, the Executive agrees to use his best efforts to agree with such other officers or executives to retain common counsel. 
 13. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida, and applicable to contracts entered into and to be performed entirely within the State of Florida. 

14. Non-Alienation. The Executive shall not have any right to pledge, hypothecate, anticipate, or in any way create a lien upon any amounts
provided under this Agreement, and no payments or benefits due hereunder shall be assignable in anticipation of payment either by voluntary or involuntary acts or by operation of law. So long as the Executive lives, no person, other than the parties
hereto, shall have any rights under or interest in this Agreement or in the subject matter hereof. 
 15. Notices. Any notice required
or permitted to be given under this Agreement shall be in writing, and shall be deemed to have been given when delivered by hand or when deposited in the United States mail, by registered or certified mail, return receipt requested, postage prepaid,
addressed as follows: 
 If to the Bank: 
 Alfred R. Camner, Chairman 
 BankUnited, FSB 
 255 Alhambra Circle 
 Coral Gables, Florida 33134 
  

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 If to the Executive: 
 Richard Josepher, Esq. 
 Gutter Josepher & Ruffin 
 100 W. Cypress Creek Road, Suite 900 
 Ft.
Lauderdale, Florida 33309 
 Ramiro Ortiz 
 7250 SW 99 St 
 Miami, Florida 33156 
 or to such other addresses as either party hereto may from time to time give notice of to the other in the aforesaid manner. 
 16.
Severability. The invalidity of any one or more of the words, phrases, sentences, clauses or sections contained in this Agreement shall not affect the enforceability of the remaining portions of this Agreement or any part thereof, all of
which are inserted conditionally on their being valid in law, and, in the event that any one or more of the words, phrases, sentences, clauses or sections contained in this Agreement shall be declared invalid, this Agreement shall be construed as if
such invalid word or words, phrase or phrases, sentence or sentences, clause or clauses, or section or sections had not been inserted. 
 17.
Successors; Binding Agreement. 
 17.1 The Bank shall require any successor, whether direct or indirect to all or
substantially all of the business or assets of the Bank whether by purchase, merger, consolidation or otherwise, prior to or contemporaneously with such acquisition, by agreement in form and substance reasonably satisfactory to the Executive and his
legal counsel, to assume and agree to perform this Agreement in the same manner and to the same extent that the Bank would be required to perform it if no such acquisition had taken place (to the extent not previously performed by the Bank). As used
in this Agreement, “Bank” shall mean the Bank as hereinbefore defined and any such successor which executes and delivers the agreement provided for in this Section 17.1 or which otherwise becomes bound by all the terms and provisions
of this Agreement by operation of law. 
 17.2 This Agreement shall inure to the benefit of and be enforceable by the
Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 
 17.3 This Agreement is personal to the Executive and, without the prior written consent of the Bank, shall not be assignable by the Executive otherwise than by will or the laws of descent and distribution. 

18. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. 
  

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 19. Entire Agreement, Modifications and Waiver. This Agreement constitutes the entire agreement
between the Bank and the Executive with respect to its subject matter and supersedes all prior negotiations, agreements, understandings and arrangements, both oral and written, between the Bank and the Executive with respect to such subject matter
including, but not limited to, any employee manuals of the Bank. No modification or waiver of any provision of this Agreement shall be binding unless executed in writing by all parties hereto. No waiver of any provision of this Agreement shall be
deemed or shall constitute a waiver of any other provision (whether or not similar), nor shall any such waiver constitute a continuing waiver. The failure of the Executive or the Bank to insist upon strict compliance with any provision hereof shall
not be deemed to be a waiver of such provision or any other provision thereof. 
 20. Non-duplication. It is intended that the
BankUnited Agreement set forth the aggregate compensation, benefits and perquisites payment to Executive for all services to the Bank or any of its direct or indirect subsidiaries. Any payments by the Bank to Executive shall be applied to offset any
corresponding compensation or payment obligations of BankUnited. 
 21. Survival. The provisions of Section 9 shall survive the
expiration of the Term of the Agreement plus extensions, if any, or termination of the Agreement. 
 22. Dispute
Resolution-Arbitration. 
 (a) This paragraph concerns the resolution of any controversies or claims between the Bank and
the Executive (except for claims arising under Section 9), whether arising in contract, tort or by statute, including but not limited to controversies or claims that arise out of or relate to: (i) this Agreement (including any renewals,
extensions or modifications); or (ii) any document related to this Agreement; (collectively a “Claim”). 
 (b)
At the request of the Bank or the Executive, any Claim shall be resolved by binding arbitration. The Bank will pay the filing fees and arbitrator fees. The prevailing party to be awarded fees and costs. 
 (c) Arbitration proceedings will be conducted by the American Arbitration Association or any successor thereof (“AAA”), and the
terms of this paragraph. In the event of any inconsistency, the terms of this paragraph shall control. 
 (d) The arbitration
shall be administered by AAA under employment rules and conducted in Florida. All Claims shall be determined by one arbitrator. All arbitration hearings shall commence within 90 days of the demand for arbitration and close within 90 days of
commencement and the award of the arbitrator(s) shall be issued within 30 days of the close of the hearing. However, the arbitrator, upon a showing of good cause, may extend the commencement of the hearing for up to an additional 60 days. The
arbitrator(s) shall provide a concise written statement of reasons for the award. The arbitration award may be submitted to any court having jurisdiction to be confirmed and enforced. 
  

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 (e) The arbitrator(s) will have the authority to decide whether any Claim is banned by
the statute of limitations and, if so, to dismiss the arbitration on that basis. For purposes of the application of the statute of limitations, the service on AAA under applicable AAA rules of a notice of Claim is the equivalent of the filing of a
lawsuit. Any dispute concerning this arbitration provision or whether a Claim is arbitrable shall be determined by the arbitrator(s). The arbitrator(s) shall have the power to award legal fees pursuant to the terms of this Agreement. 
 (f) By agreeing to binding arbitration, the parties irrevocably and voluntarily waive any right they may have to a trial by jury in
respect of any Claim. Furthermore, without intending in any way to limit this agreement to arbitrate, to the extent any Claim is not arbitrated, the parties irrevocably and voluntarily waive any right they may have to a trial by jury in respect of
such Claim. This provision is a material inducement for the parties entering into this Agreement. 
 23. Guarantee. This Agreement is
complementary to Executive’s Agreement with BankUnited in which BankUnited has agreed to, guarantee the payment by the Bank of any benefits and compensation to which Executive is or may be entitled to under the terms and conditions of this
Agreement effective as of the 28th day of July, 2006 between the Bank and Executive. 
  

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 IN WITNESS WHEREOF, the Executive, and pursuant to the authorization from the Board, the Bank has
executed this Agreement as of the date first above written. 
  

			
	BANKUNITED, FSB
		
	By:	 	/s/ Alfred R. Camner
	Name:	 	Alfred R. Camner
	Title:	 	Chairman of the Board and Chief Executive Officer
	
	ATTEST:
		
	By:	 	/s/ Lawrence Blum
	Name:	 	Lawrence Blum
	Title:	 	Secretary
	
	EXECUTIVE:
		
	By:	 	/s/ Ramiro Ortiz
	Name:	 	Ramiro Ortiz
	Title:	 	President and Chief Operating Officer

  

 13Lease between the Bank and The Graham Companies

 EXHIBIT 10.33 
 LEASE 
 THIS AGREEMENT is made as of the 4th day of September, 2006, between THE GRAHAM COMPANIES, a Florida corporation, hereinafter called “Lessor”, and BANKUNITED, FSB,
hereinafter called “Lessee”. 
 ARTICLE I 
 DEMISE, TERM 
 Section 1.0 - Demise: Term: 
 Lessor, in consideration of the agreement of Lessee herein contained, hereby leases and demises to Lessee an agreed 53,300 square feet of office/flex
space along with 213 parking spaces located at 14801 Oak Lane, Miami Lakes, Miami-Dade County, Florida, 33016, and designated as Building No. 56A (hereafter, the “Premises”), in the Miami Lakes Business Park West, for a term beginning
on September 1, 2006, continuing for seven (7) years and four (4) months ending December 31, 2013 (hereafter, the “Term”), reserving to Lessor the rental hereinafter set forth in this Lease, (the “Lease”), to
be upon all of the terms and conditions herein contained. 
 ARTICLE II 
 LESSEE’S COVENANTS 
 Lessee hereby covenants with Lessor as follows: 

 Section 2.0 - Rental: 
 (a) Rental shall be paid in advance on or before the first day of each month, together with applicable tax thereon as follows: 
  

										
	 PERIOD
	  	MONTHLY
RENT	  	TAX*	  	TOTAL
	 September 1, 2006 through December 31, 2006
	  	$	43,750.42	  	$	3,062.53	  	$	46,812.95
	 January 1, 2007 through April 30, 2007
	  	$	0.00	  	$	0.00	  	$	0.00
	 May 1, 2007 through December 31, 2007
	  	$	43,750.42	  	$	3,062.53	  	$	46,812.95
	 January 1, 2008 through December 31, 2008
	  	$	45,719.19	  	$	3,200.34	  	$	48,919.53
	 January 1, 2009 through December 31, 2009
	  	$	47,776.55	  	$	3,344.36	  	$	51,120.91
	 January 1, 2010 through December 31, 2010
	  	$	49,926.50	  	$	3,494.85	  	$	53,421.35
	 January 1, 2011 through December 31, 2011
	  	$	52,173.19	  	$	3,652.12	  	$	55,825.31
	 January 1, 2012 through December 31, 2012
	  	$	54,520.98	  	$	3,816.47	  	$	58,337.45
	 January 1, 2013 through December 31, 2013
	  	$	56,974.43	  	$	3,988.21	  	$	60,962.64

  

	*	All sales, use, or similar taxes now or hereinafter imposed on the payment of rent by Lessee, whether federal, state, or local, which is currently 7.0%. 

 (b) Lessee acknowledges that late payments or returned checks by Lessee to Lessor of rent will cause Lessor to incur costs not contemplated by this
Lease, the exact amount of such costs being extremely difficult and impractical to fix. Such costs include, without limitation, processing and accounting charges and late charges or handling charges that may be imposed on Lessor for late payment of
obligations paid out of the cash flow from Lessee. Therefore, if any installment of rent or other required payment due from Lessee is not received by Lessor when due or is paid by a check which is returned, Lessee shall pay to Lessor an additional
sum of five percent (5%) of the then current minimum monthly rent as a late or returned check charge. In the case of a late payment and a returned check, the amount charged will be for both the late payment and the returned check (i.e.,
a double charge equaling a total of 10%). The parties agree that this late payment and returned check charge represents a fair and reasonable estimate of the costs that Lessor will incur. Acceptance of a late charge or returned check charge shall
not constitute a waiver of Lessee’s default with respect to the overdue amount or prevent Lessor from exercising any of the other rights and remedies available to Lessor. All amounts owing by Lessee under this Lease shall be deemed to be rent
or additional rent, and if payment of the same are past due, interest on the amounts owing shall be due at the rate of eighteen percent (18%) per annum. Lessee shall pay all sales, use or similar taxes now or hereinafter imposed on the payment
of rent by Lessee, whether federal, state or local, which is currently 7.0%. 
 Section 2.1 - Security Deposit: This Section is
intentionally left blank. 
  

 1 

 Section 2.2 - Rent Payment: 
 Lessee shall pay the rent herein reserved, in advance and without demand, promptly upon the days the same becomes due and payable to Lessor at 6843 Main
Street, Miami Lakes, Florida, 33014, or at such address as may from time to time be designated by Lessor. 
 Section 2.3 - Use:

 Lessee, its successors and assigns, shall use the Premises exclusively for the purpose of operating a general and administrative office,
and the parking lot for employees and visitors only, and for no other use without the prior written consent of Lessor. Outside storage, including without limitation, storage of trucks and other vehicles, is prohibited without Lessor’s prior
written consent. 
 Section 2.4 - Assignment, Subletting: 
 (a) Lessee shall not sublet the Premises or any part thereof or assign any interest in this Lease (whether by sale of assets, merger, consolidation or
otherwise, or by sale or disposition of control or ownership) without first having obtained the written consent of Lessor. Lessor hereby consents to the assignment of this Lease to a wholly owned subsidiary, wholly owned affiliate, the parent or
holding company of the original Lessee, or any entity that has acquired all or substantially all of the assets of the original Lessee whether by merger or purchase with the exception that Lessee shall not have the right to sublease or assign all or
any part of the Premises to organizations conducting their primary business in retail sales, food services, or health care, but no such assignment shall relieve the Assignor of any liability hereunder. Notwithstanding the foregoing, Lessee may
sublease a portion of the Premises to intercompany or related parties. 
 (b) Lessor shall have the right of first refusal to repossess the
space to be subleased or assigned. In the case of such repossession by Lessor, this Lease shall terminate on that date of repossession and shall then be null and void and of no further force or effect, and neither Lessor nor Lessee shall have any
further obligation or liability hereunder except as provided in Sections 4.16 and 4.22 of this Lease as the Lease applies to space vacated. This Lease shall remain in effect on any space not repossessed by Lessor. 
 (c) Should Lessor not exercise its right of first refusal to repossess the Premises, Lessee shall be free to sublet such space to any third party with
the exception of the aforementioned, subject to the following conditions: 
 (1) In no event shall more than two tenants be
allowed to occupy said Premises (Tenant and one subtenant or two subtenants). 
 (2) Any subtenancy shall be for not more than
one day less than the remaining term of the original Lease as may be extended. 
 (3) No sublease shall be valid and no
sublessee shall take possession of the Premises subleased until an executed counterpart of such sublease has been delivered to Lessor. 
 (4) No sublessee shall have a right further to sublet; and 
 (5) Any sums or other economic
consideration received directly or indirectly by Lessee or any other entity related to or affiliated with Lessee, as a result of such subletting (except rental or other payments received which are attributable to the amortization of the cost of
leasehold improvements, other than building standard tenant improvements made to the sublet portion of the Premises by Lessor), whether denominated rentals under the sublease or otherwise, which exceed, in the aggregate, the total sums which Lessee
is obligated (allocable to that portion of the Premises subject to such sublease) shall be payable to Lessor as additional rental under this Lease without effecting or reducing any other obligation of Lessee hereunder. In no event shall Lessee
sublease the Premises and charge less rent per month than stipulated in this Lease. 
 (6) Notwithstanding anything contained
in this Lease or any Addendum attached hereto, or otherwise, no sublessee shall have any rights as to building identification without the prior written consent of Lessor. No sign, advertisement, notice or other lettering shall be exhibited,
inscribed, painted or affixed by any sublessee on any part of the outside or inside of the Premises or building without the prior written consent of Lessor. In the event of the violation of the foregoing, Lessor may, at its sole option, treat such
violation as an event of default hereunder. In addition, Lessor may remove such lettering without any liability and may charge the expense incurred by such removal to the Lessee and/or sublessee. The prior approval of all lettering must be obtained
by sublessee from Lessor. 
 (7) Regardless of Lessor’s consent, no subletting or assignment shall release Lessee from
Lessee’s obligations hereunder; nor shall it alter the primary liability of Lessee to pay the rental and to perform all other obligations to be performed by Lessee hereunder. The acceptance of rental by Lessor from any other person shall not be
deemed to be a waiver by Lessor of any provision 

  

 2 

 
hereof. In the event of default by any assignee of Lessee or any successor of Lessee in the performance of any of the terms hereof, Lessor may proceed
directly against Lessee without the necessity of exhausting remedies against such assignee or successor. 
 (8) Lessee shall
be expressly prohibited from subleasing to any sublessee or from assigning to any party whose intended business use is other than that described in Section 2.3 herein unless otherwise approved by Lessor in writing. 
 (9) In no event shall any amendment to the sublease, whether or not Lessor shall approve same, affect or modify or be deemed to affect or
modify the Lease in any respect. 
 (10) In no event shall Lessor be deemed to be in privity of contract with sublessee or owe
any obligation or duty to sublessee under the Lease or otherwise. Any duties of Lessor under the Lease or required by law being in favor of or for the benefit of Lessee are enforceable solely by Lessee. 
 Section 2.5 - Surrender/Hold Over: 
 (a) Upon the expiration of the Term of this Lease, Lessee will, without demand, quietly and peacefully deliver possession of the Premises (including any improvements that may be made by Lessee except as provided for in Section 4.34) to
Lessor in as good condition as when received, ordinary wear and tear only excepted. Lessee agrees that, if Lessee does not surrender to Lessor said Premises at the end of the term of this Lease, or upon any cancellation of the Term of this Lease,
then Lessee will pay to Lessor all damages Lessor may suffer on account of Lessee’s failure to so surrender to Lessor possession of said Premises, and will indemnify Lessor on account of delay caused Lessor in delivering possession of said
Premises to any succeeding tenant so far as such delay is occasioned by failure of Lessee to so surrender said Premises. Lessee will pay to Lessor all damages including, but not limited to, loss of profits. 
 (b) Any holding over after the expiration of the Term hereof, with the consent of Lessor, shall be construed to be a tenancy from month to month at a
rental rate to be determined and provided for in the written consent document and shall otherwise be on the terms and conditions herein specified, so far as is applicable. This consent must be in writing. In the absence of any written agreement to
the contrary, if Lessee, or any assignee or sublessee shall remain in occupancy after the expiration of the Lease Term, it shall so remain as a Tenant at Sufferance from month-to-month and all provisions of this Lease applicable to such tenancy
shall remain in full force and effect, except that Lessee shall pay rent at the maximum allowable by Florida Statutes. Acceptance by the Lessor of any Rent after termination shall not constitute a renewal of this Lease or a consent to such hold over
occupancy nor shall it waive the Lessor’s right of re-entry or any other right contained in this Lease or provided by law. Holding over for any partial month will require Lessee to pay the full monthly rental payment. 
 Section 2.6 - Floor Loads: 
 All
heavy business machines or heavy equipment to be moved into the Premises (excluding that equipment or replacement of same currently in the Premises) will be done only with the prior written approval of Lessor, which consent will not be unreasonably
withheld, but which may be conditioned upon moving by skilled licensed handlers and installation and maintenance at Lessee’s expense of special reinforcing and settings adequate to absorb and prevent noise and vibration. 
 Section 2.7 - Alterations, Additions, Improvements: 
 (a) Lessee shall commit or permit no waste or injury to the Premises, and Lessee shall not make any alterations, additions, or improvements, inside or outside, including, without limitation, any holes in or
penetrations of the roof, without the prior written consent of Lessor. At least fifteen (15) days’ notice in writing must be given Lessor before Lessee desires to make any such alterations, additions or improvements. 
 (b) All additions or improvements, except only office furniture and fixtures which shall be readily removable without injury to the Premises, shall be
and remain a part of the Premises at the expiration of this lease, except as provided for in Section 4.34. 
 (c) Lessee shall not be
permitted to install any type of wallcovering on an exterior building wall. 
 Section 2.8 - Lessee’s Compliance:

 Lessee will not use or permit the Premises to be used for any illegal, immoral or improper purposes, and Lessee will execute and comply
with, at Lessee’s own cost and expense, all laws, rules, orders, ordinances and regulations now in force or at any time issued, applicable to the Premises or to Lessee’s occupancy thereof, by the Local, State and Federal governments and of
each and every 

  

 3 

 
department, bureau and official thereof, and with any fire underwriting requirements of any insurance company. Lessee shall not advertise or permit any
advertising which, in Lessor’s opinion, tends to injure the reputation of the building or impair its desirability; and upon written notice from Lessor, Lessee shall refrain from or discontinue any such advertising. Lessee’s use and
occupancy of the Premises must be carried out so as not to cause or permit any loud or unreasonable noises or unreasonable disturbances to emanate therefrom, and so as not to disturb, annoy or otherwise interfere with the use and enjoyment of other
spaces and public spaces by tenants and visitors. Lessee shall not permit any refuse, debris or rubbish to be placed in public spaces at the building and shall not allow the same to collect or accumulate in the Premises. 
 Section 2.9 - Liability: 
 Lessee agrees to indemnify and save Lessor harmless from any and all liability for any damage to any person or property throughout the Term of this Lease and any extension or renewal thereof, occasioned by or resulting from the breakage,
leakage or obstruction of the water, gas or sewer pipes or of the roof or rain ducts, or any fire sprinkler or other quenching system, or other leakage or overflow or otherwise, in or about the Premises, or from any carelessness, negligence or
improper conduct on the part of Lessee or Lessee’s employees, subtenants (if any), or agents, on, in, or about the Premises, or the hallways and public areas (if any) adjoining the same. Lessor shall not be liable for any damage, loss or injury
to the person, property or effects of Lessee or any other person, suffered on, in or about the Premises by reason of any present, future, latent or other defects to the form, character or condition of Premises or any part or portion thereof, or by
reason of water, rain, fire, storms or accidents, and the rent shall not be diminished or withheld by reason of or on account of any such loss or damage. 
 Section 2.10 - Right to Entry: 
 Lessee shall permit Lessor and Lessor’s representative and
independent contractors at any time, by providing 24 hours prior notice, during usual business hours and without interfering with Lessee’s business operations (unless an emergency exists, Lessee is in default or Lessor reasonably anticipates
that a default is imminent, in which case time of entry is unrestricted), to enter the Premises for the purpose of inspections necessary for the safety, comfort or preservation of the Building of which the Premises are a part or for the removal of
alterations or additions not in conformity with the Lease. Such entry, except in the case of an emergency, shall only be permitted if an appropriate officer of Lessee is present. Lessor shall have the right to exhibit the property for sale, lease,
appraisal or mortgage and to post and keep upon the Premises a “For Rent” sign at any time within ninety (90) days before the expiration of the Lease. Lessee has the right to install a sign identifying its relocation during the ninety
(90) day period. 
 Section 2.11 - Attorneys’ Fees: 
 The non-prevailing party shall pay all and singular costs, charges and expenses, including reasonable attorney’s and legal assistant’s fees
(including those in connection with any appeal) reasonably incurred or paid at any time by the prevailing party, because of the failure on the part of the non-prevailing party to comply with and abide by each and every of the stipulations,
agreements, covenants and conditions of this Lease. 
 Section 2.12 - Waiver: 
 The failure of Lessor to insist in any one or more instances upon the strict performance of any one or more of the covenants, terms and agreements of
this Lease, shall not be construed as a waiver of such covenants, terms or agreements, but the same shall continue in full force and effect, and no waiver by Lessor of any of the provisions hereof shall in any event be deemed to have been made (by
acceptance of rent or otherwise) unless the same be expressed in writing, signed by Lessor, and all remedies provided for by the terms of this Lease shall be cumulative. 
 Section 2.13 - Condition of Premises: 
 Lessee shall at all times keep the interior of the
Premises in a clean, orderly and tenantable condition befitting a first class operations center building. Lessee shall not knowingly bring any furniture or fixtures into the Premises that contain termites and other wood destroying insects.

  

 4 

 Section 2.14 - Liability Insurance: 
 Lessee shall maintain at its own expense throughout the Term of this Lease Commercial General Liability Insurance for personal injury and property damage
to protect both Lessor and Lessee against damage, costs and standard defense attorneys’ fees arising out of accidents of any kind occurring on or about the Premises. Said liability insurance shall be written by a company or companies reasonably
acceptable to Lessor naming Lessor an additional insured and will have liability limits of not less than $3,000,000.00 combined single limit for bodily injury and property damage. A certificate showing such insurance in force shall be delivered to
Lessor prior to commencement of the Lease Term, and such certificate shall be maintained with Lessor throughout the Term of this Lease. The certificate shall require thirty (30) days written notice from the insurer to Lessor of any cancellation
or reduction in coverage. 
 Section 2.15 - Statement by Lessee: 
 Upon demand of Lessor, or any prospective purchaser, or mortgagee, Lessee agrees to execute a statement of the condition of this Lease, including the
amount of monthly rental and the date to which the same has been paid, the amount of security held by Lessor, the expiration date of this Lease, and whether any breach hereof exists. 
 Section 2.16 - Security Interest: This Section is intentionally left blank. 
 Section 2.17 - Damage to Premises: 
 Lessee shall make good to Lessor immediately upon demand any damage to the plumbing, electrical wiring, lights, glass, doors, floors, or appurtenances of the Premises, or of the building, caused by any act or neglect of Lessee, or of any
person or persons in the employ or under the control of Lessee. 
 Section 2.18 - Waiver of Right of Redemption: This Section is
intentionally left blank. 
 Section 2.19 - Waste Disposal System: 
 At all times during the Term of this Lease and any renewals thereof, Lessee at its own cost and expense, shall comply with all requirements of the Miami
Dade Water and Sewer Authority, or its successor, regulating the type and quality of waste that may be discharged into the sanitary sewers serving the Premises, including, without limitation, the installation of any alternative waste disposal or
pretreatment system that may from time to time be designated by said authority. Lessee hereby agrees to indemnify and hold Lessor harmless from and against any and all claims, costs, liabilities, damages, fines, fees or other expenses whatsoever,
(including reasonable attorneys’ fees and appellate attorneys’ fees and legal assistants’ fees and court costs) arising from or growing out of Lessee’s failure to comply with any such requirements. Any alternative waste disposal
or pretreatment system shall immediately become and remain part of the real estate and property of Lessor. Lessor, at its sole cost, shall have the right from time to time to order such tests as it may determine to be necessary to detect and analyze
the waste and effluent being discharged into the waste collection and pretreatment system for the Premises. 
 Section 2.20 - Utility
Bills/Utilities: 
 (a) Lessee shall pay all charges for gas, electricity, water and sewer, telephone and other utilities applicable to
the Building during the term of this Lease and during any time that Lessee occupies the Premises, before any of said charges become delinquent. 
 (b) Failure to any extent to furnish or any stoppage of these services resulting from any cause whatsoever shall not render Lessor liable in any respect to any person, property or business, nor be construed as an eviction of Lessee or work
an abatement of rent, nor relieve Lessee from fulfillment of any covenant or agreement hereof. Lessee shall have no claim for rebate of abatement of rental or damages on account of any interruptions in service occasioned thereby or resulting
therefrom. 
 Section 2.21 - Building Maintenance and Repairs by Lessee: 
 (a) Throughout the term of the Lease, Lessee shall maintain in good repair all portions of the Premises not required to be maintained in good repair by
Lessor, including, without limitation, the air conditioning (if any), glass, pumps, plumbing, fire sprinkler system, doors, windows and interior walls. In the event that the cost of any such repairs required to be made by Lessee is paid by proceeds
of Lessor’s insurance, then Lessor shall make such proceeds available to Lessee to the extent required for such repairs. 
 (b) Except
as otherwise permitted herein, Lessee shall at all times keep in effect a contract with a qualified air-conditioning maintenance firm for a regular program of preventive 

  

 5 

 
maintenance including but not limited to routine filter replacement, leak repairs, freon replacement, annual coil cleaning and general monthly service, and
at least equivalent to what would be provided by the contractor installing same under the contractor’s certified maintenance plan. On an annual basis upon Lessor’s request, Lessee shall furnish Lessor with a copy of every such maintenance
contract and every renewal, amendment or replacement of such contract promptly when the same is entered into. In the event Lessee chooses to maintain its air conditioning utilizing its employees, Lessee shall notify Lessor in writing of its intent
to do so and said maintenance program shall be consistent to that which would be provided by an outside contractor. Lessee, at its sole expense, shall be responsible to keep the air conditioning system in good repair, including replacement if
necessary. Lessee shall be entitled to the benefit of any warranty by the installer in favor of Lessor. Lessee will notify Lessor, in writing, of any and all major repairs and replacements made to the air-conditioning units and systems during the
term of the Lease. 
 (c) Lessee shall provide Lessor with at least fifteen (15) days written notice (except in the case of an emergency
in which case notice must be reasonable under the circumstances) of needed repairs which are the responsibility of Lessor and Lessor shall have a reasonable time thereafter to cause work on said repairs to be commenced, and once commenced, said work
shall be continued and completed with reasonable dispatch provided that Lessor shall not be liable for failure to complete such repairs by reason of Force Majeure. 
 Section 2.22 - Services: 
 Lessee shall be responsible for all services applicable to the
Building, including janitorial service, waste collection, insect and pest control service, HVAC maintenance, and all other services necessary to maintain the Building. 
 Section 2.23 - Landscape Maintenance/Parking Lot Maintenance/Waste Collection: 
 (a) Lessee, at
its sole cost, shall provide lawn and landscape maintenance of the Premises. Responsibility shall include, but not be limited to, the following: mowing, edging, weeding, blowing of parking lot; rust prevention; tree trimming to be done in accordance
with acceptable practices (all trees will be trimmed away from parking lot lights); root pruning and removal of any roots from asphalt areas; mulching of beds and replacement of dead plant material; fertilizer and pest control (chinch bugs); sod
replacement; pressure cleaning sidewalks; bumper block and curb repair and replacement; replacement of broken sprinkler heads and sprinkler lines; repair of sprinkler pump and well, including replacement if necessary; and asphalt repair. Lessee
shall police all areas contiguous to the Premises to prevent the accumulation of trash and debris. Should the Lessee fail to police its area, then Lessor may clean up the area and charge the Lessee for the cost of the clean up plus 15%, including,
but not limited to the cost of labor. Said charges shall be considered additional rent and be promptly paid upon submission of a bill for same by the Lessor. 
 (b) Lessee shall provide sealcoating and striping of the parking lot at least once every five (5) years, or as reasonably requested by Lessor. 
 (c) Lessee, at its sole cost, shall provide for trash pickup a minimum of once per week during the summer and every ten days during the winter.

 ARTICLE III 
 LESSOR’S
COVENANTS 
 Lessor hereby covenants with Lessee as follows:  
 Section 3.0 - Quiet Enjoyment: 
 Subject to the terms and conditions of this Lease, Lessee may quietly hold and occupy the Premises without any interruption by Lessor or persons claiming through or under Lessor, so long as the Lessee is not in default under this Lease.

 Section 3.1 - Maintenance and Repairs by Lessor: 
 (a) Except for repairs required to be made by Lessee, throughout the term of the Lease, Lessor shall maintain in a good state of repair the roof and
structural portions of the Premises, provided, however, that if Lessee makes any penetration of or hole in the roof, then Lessee shall reimburse Lessor upon demand for the cost differential that Lessor encounters in repairing or replacing the roof
compared with what the costs would have been without any such penetration or hole. Notwithstanding the foregoing, Lessor’s responsibility for repairing and/or maintaining the roof shall commence when Lessee has replaced the roof in accordance
with 4.34(n)(7). 
  

 6 

 (b) Lessor’s liability with respect to any defects, repairs or maintenance for which Lessor is
responsible under any of the provisions of this Lease shall be limited to the cost of such repairs or maintenance or the curing of such defect. In the event of an emergency repair which is Lessor’s responsibility to repair, if Lessor fails to
promptly, under the circumstances, make said repair after notice from Lessee, then Lessee shall have the right to take any action necessary to make said emergency repair. The cost of said emergency repair, to include a copy of the invoice and proof
of payment of said invoice, will be submitted by Lessee to Lessor for reimbursement. 
 ARTICLE IV 
 MUTUAL COVENANTS 
 It is mutually
covenanted and agreed as follows:  
 Section 4.0 - Waiver of Subrogation: 
 Lessor and Lessee each waive any claim against the other for property damage to the extent that such claim is covered and payable by valid and
collectible fire and extended coverage insurance carried for the benefit of the party entitled to make such claim; on condition, further, that this waiver shall not apply if the policy of such insurance would be invalidated by the operation of said
waiver. 
 Section 4.1 - Mechanics’ Liens: 
 Lessee shall not permit or perform any act, nor is Lessee authorized to make any contract which may create or be the foundation for any lien or other encumbrance upon any interest of Lessor or any ground Lessor or
underlying Lessor in any portion of the Building. If, because of any act or omission (or alleged act or omission) of Lessee, any mechanic’s or other lien, charge or order for the payment of money or other encumbrance shall be filed against
Lessor and/or any ground Lessor or underlying Lessor and/or any mortgagee and/or any portion of the Building (whether or not such lien, charge, order or encumbrance is valid or enforceable as such), Lessee shall, at its own cost and expense, cause
the same to be discharged of record, bonded or transferred to other security as provided by Florida Statutes so as to free title to the Premises of any alleged claim of lien within ten (10) days after notice to Lessee of the filing thereof.
Lessee shall indemnify and save harmless Lessor, all ground Lessor(s) and underlying Lessor(s) and all mortgagees against and from all costs, liabilities, suits, penalties, claims and demands, including reasonable counsel fees and appellate counsel
and legal assistant fees resulting therefrom. In the event Lessee fails to comply with the foregoing provisions of this section, Lessor shall have the option of discharging or bonding any such lien, charge, order or encumbrance, by payment or
otherwise, and Lessee agrees to reimburse Lessor for all costs, expenses and other sums of money in connection therewith (as Additional Rent) with interest at the rate of eighteen percent (18%) per annum promptly upon demand. All laborers,
mechanics, and materialmen may be put on notice of the provisions of this Section by the recordation, at Lessor’s option, of a memorandum of this Lease in Miami-Dade County public records, and Lessee shall execute and acknowledge such a
memorandum if requested. 
 Section 4.2 - Notices: 
 Any notice required or permitted under this Lease shall be in writing and shall be deemed given if delivered by overnight commercial courier, such as Federal Express, when received by facsimile, provided the original
is delivered the next day by overnight courier or by the United States Postal Service, postage prepaid, Certified Mail, Return Receipt Requested to Lessor at the place designated for the payment of rent, if such notice is to Lessor, and if delivered
to Lessee, such notice shall be to: 
 BankUnited, FSB 
 Corporate Real Estate 
 Attention: Robert A. Marsden, Executive V.P. 
 14840 Palmetto Frontage Road 
 Miami Lakes, FL
33016 
 And 
 Camner
Lipsitz & Poller 
 Neale Poller, Attorney 
 550 Biltmore Way, Suite 700 
 Coral Gables, FL 33134 
  

 7 

 Section 4.3 - Removal of Fixtures: 
 Lessee shall have the right to install office furniture, fixtures and equipment necessary or convenient to the use permitted under this Lease, all of
which shall remain the property of Lessee and which may be removed by Lessee at the end of the Lease Term provided that Lessee is not then in default. However, if any damage results to the Leased Premises by reason of installation or removal of such
office furniture, office fixtures and equipment, Lessee shall repair the same at its own expense prior to the expiration of the Lease term and immediately upon quitting the Premises. In the event that Lessor consents as required under
Section 2.7 to any alterations, additions and improvements to the Premises, then all such alterations, additions and improvements shall immediately become and remain part of the real estate and the property of Lessor, or else shall be removed
by Lessee and the Premises restored, as Lessor may elect. 
 Section 4.4 - Force Majeure: 
 The term “Force Majeure” as used in this Lease shall include acts of God, strikes, lockouts or other industrial disturbances, acts of the
public enemy, wars, terrorism or bioterrorism, blockades, riots, acts of armed forces, epidemics, delays by carriers, inability to obtain materials, acts of public authorities and any other causes, whether or not enumerated in this Section, which
causes are beyond the control of the party required to perform. 
 Section 4.5 - Hazard Insurance: 
 Lessor shall carry fire and extended coverage insurance on the Premises and the Building. Such insurance may be effected by a blanket policy or policies
of insurance. Should Lessee engage in any activity which causes an increase in the fire and extended coverage cost to Lessor, Lessee will pay the cost of said increase to Lessor within thirty (30) days after demand. Lessor reserves the right at
any time and from time to time to change the insurance company, and such change will not relieve Lessee of any obligation under this Section. Lessee shall provide its own insurance against any damage to Lessee’s fixtures, equipment or other
personal property of Lessee or any other party, and against water damage, vandalism, malicious mischief, or any other cause. Lessor shall have no responsibility for such insurance. Notwithstanding anything herein to the contrary, Lessor shall have
no liability of any nature for property damage to Lessee’s or any other parties’ personal property or fixtures arising from any cause whatsoever including, but not limited to, theft, vandalism, or casualty. 
 Section 4.6 - Charges for Service: 
 Any charges against Lessee by Lessor for services or for work done on the Premises by order of Lessee or otherwise accruing under this Lease shall be considered as rent due and shall be included in any lien for rent due and unpaid.

 Section 4.7 - Delay of Possession: 
 (a) If Lessor is unable to give possession of the Premises on the date of the commencement of the aforesaid term because Lessor is performing or is delayed in performing work to ready the Premises for Lessee’s
occupancy or for any other reason or combination of reasons which are not caused by Lessee, an abatement of the rent to be paid hereunder shall be allowed Lessee under such circumstances, and the Term of the Lease shall be extended by the amount of
the delay. Said abatement in the rent shall be the full extent of Lessor’s liability to Lessee for any loss or damage to Lessee on account of said delay in obtaining possession of the Premises. Lessor shall not be liable for any damages related
to Loss of Profits. 
 (b) If the delay of possession is caused by acts of Lessee, then there shall be no delay of the commencement of the
term or abatement of rent for the period which can reasonably be determined to be caused by Lessee’s acts or failure to act. 
 (c) If
Lessor is unable to give possession of the Premises to Lessee within one hundred twenty (120) days after the commencement of the term of this Lease, then Lessee shall have the right to cancel this Lease upon written notice thereof delivered to
Lessor within ten (10) days after the lapse of said one hundred twenty (120) day period, and upon such cancellation, Lessor and Lessee shall each be released and discharged from all liability under this Lease. Failure by Lessee to take
possession of the Premises on the date of commencement of the aforesaid term, or as soon thereafter as possession is offered by Lessor, shall constitute a default by Lessee entitling Lessor to all of the remedies provided in case of default.

  

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 Section 4.8 - Casualty Loss: 
 If the Premises (or a portion thereof) are rendered untenantable by reason of fire, bad weather, an act of war, terrorism, or bioterrorism, or other
casualty loss, the rent or a just proportion thereof shall abate while untenantable. Lessor, in such case, shall have the option either to continue this Lease in effect, in which event Lessor shall cause the Premises to be repaired (except as to any
improvements made by Lessee) within six (6) months after the date of the loss (subject to the delay caused by any Force Majeure affecting the work), or to cancel this Lease as of the date of the loss. Lessor shall notify Lessee within sixty
(60) days after a loss as to which option Lessor elects. Should Lessor elect to repair the Premises, Lessee shall repair and/or restore any damaged improvements made by Lessee to the Premises. 
 Section 4.9 - Condemnation: 
 In
the event that the Premises or any part thereof are taken for any public or quasi-public use by condemnation or by right of eminent domain, or purchase in avoidance or settlement of a condemnation or eminent domain proceeding, Lessor and Lessee
agree as follows: 
 (a) If all of the Premises or such a part of the Premises are taken so as to render the Premises unsuitable for the
business of Lessee, then this Lease shall be cancelled, and rent shall abate as of the date of taking. 
 (b) In the event of a partial
taking which does not render the Premises unsuitable for the business of Lessee, a fair and just proportion of the rent shall abate as of the date of taking, and Lessor shall have the option either to continue this Lease (in which event Lessor shall
proceed to repair the damage to the Premises caused by such partial taking), or to cancel this Lease as of the date of taking, with rent abating as of that date. Lessor shall notify Lessee after a taking as to which option Lessor elects. Lessor
shall not be liable to Lessee in the event any Force Majeure delays completion of repairs. 
 (c) Lessor and Lessee shall each be entitled to
receive such sums as may be awarded by the court, or if the award is not apportioned by the court, each shall be entitled to receive such sum as negotiated by it with the condemner. 
 Section 4.10 - Default: 
 If any
one or more of the following events (herein sometimes called “events of default”) shall happen: 
 (a) if default shall occur in
the payment of any rents herein reserved upon the date the same become due and payable and such default continues for a period of three (3) days after written notice thereof from Lessor to Lessee; or 
 (b) if default shall be made by Lessee in the performance of or compliance with any of the covenants, agreements, terms or conditions contained in this
Lease other than those referred to in the foregoing subsection (a) and such default shall continue for a period of seven (7) business days after written notice thereof from Lessor to Lessee; provided, however, that if seven
(7) business days is not reasonable time to cure and if Lessee notifies Lessor in writing within the seven (7) business day default period that it has begun to cure, Lessor shall allow Lessee reasonable time to cure so long as Lessee
diligently pursues same to completion; 
 (c) If Lessee shall: (i) generally not pay its debts as they come due, (ii) admit in
writing its inability to pay its debts, (iii) make a general assignment for the benefit of creditors, (iv) commence any case, proceeding or other action, seeking any reorganization, arrangement, composition, adjustment, liquidation, wage
earner’s plan, dissolution or similar relief under the present or any future law relating to bankruptcy, insolvency, reorganization, or relief of debtors, (v) seek or consent to or acquiesce in the appointment of any trustee, receiver,
custodian, or other similar official for Lessee or for all or any substantial part of Lessee’s assets or of the demised property, or (vi) take any corporate action to authorize any of the actions set for the clauses (i) through (v);
or 
 (d) if any case, proceeding or other action against Lessee shall be commenced seeking to have an order for relief entered against it as
debtor, or seeking reorganization, arrangement, adjustment, liquidation, dissolution or composition of it or its debts under any law relating to bankruptcy, insolvency, reorganization, or relief of debtors, or seeking appointment of a receiver,
trustee, custodian or other similar official for it or for all or any substantial part of its property, and such case, proceeding or other action (i) results in the entry of an order for relief against it which is not fully stayed within thirty
(30) days after the entry thereof or (ii) remains undismissed for a period of ninety (90) days; or 
 (e) if Lessee’s
interest in the Premises shall be seized under any levy, execution, attachment or other process of court and the same shall not be promptly vacated or stayed on appeal or 

  

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otherwise, or if Lessee’s interest in the Premises is sold by judicial sale and the sale is not promptly vacated or stayed on appeal or otherwise;

 then in any such event, Lessor may at any time thereafter terminate this Lease and pursuant to judicial process retake possession, or
pursue any other remedy afforded by law or in equity, provided that such default and all other defaults at the time existing have not been fully cured, and all reasonable expenses and costs actually incurred by Lessor, including reasonable
attorneys’ fees, in connection with enforcing this Lease, shall not have been fully paid. Any such termination shall apply to any extension or renewal of the Term herein demised, and to any right or option on the part of Lessee that may be
contained in this Lease or any agreement. In the event of a default hereunder, in addition to all other remedies, Lessor shall have the option to declare immediately due and payable the entire Base Rent and Additional Rent hereunder to be paid
during the term of this Lease and such shall then become immediately due and payable, including all applicable sales tax. Nothing herein contained shall be construed as precluding Lessor from performing such obligations of Lessee as may be and
become necessary in order to preserve Lessor’s right or the interest of Lessor, in the Premises and in this Lease, even before the expiration of the grace or notice periods provided for in this Lease, if under particular circumstances then
existing the allowance of such grace or the giving of such notice will prejudice or will endanger the rights and estate of Lessor in this Lease and in the Premises. 
 Section 4.11 - Signs: 
 Lessee shall not affix, paint, erect or inscribe any sign, projection,
awning, signal or advertisement of any kind to any part of the Premises or building, including without limitation, the inside or outside of windows or doors, without Lessor’s written permission. In the event of violation of the foregoing,
Lessor may, at his sole option, treat such violation as an event of default hereunder. In addition, Lessor may remove such lettering without any liability and may charge the expense incurred by such removal to the Lessee and/or sublessee. Lessee
shall have the right from time to time during the term of the Lease to erect signs and maintain such signs in such places as may be approved by Lessor in writing, but any such sign must be aesthetically compatible with the leased building, and of a
size and type uniformly permitted by Lessor for other tenants in the business park, and the prior written consent of Lessor as to the design and working of the sign must be obtained. No sign may be erected that will structurally impair or affect the
leased building. Each and every sign erected by Lessee shall be removed by the expiration of the Lease term and the building repaired and restored where such sign was attached to as good condition as before the sign was installed. 
 Section 4.12 - Brokerage: 
 Lessee represents and warrants that neither Lessee nor any of Lessee’s representatives, employees or agents has dealt or consulted with any real estate broker in connection with this Lease. Without limiting the effect of the foregoing,
Lessee and Lessor hereby agree to indemnify and hold each other harmless against any claim or demand made by any other real estate broker or agent claiming to have dealt or consulted with Lessee or Lessor or any of Lessee’s or Lessor’s
representatives, employees or agents contrary to the foregoing representation and warranty. 
 Section 4.13 - Entire Agreement:

 This Lease contains the entire agreement between Lessor and Lessee with respect to the Premises and extinguishes all prior negotiations
with respect thereto. No modification hereof shall be valid unless it is in writing and signed by both Lessor and Lessee. 
 Section 4.14 - Effect and Construction: 
 The provisions of this Lease shall inure to the benefit of and shall be
binding upon the parties hereto and their respective successors and assigns. The underlined Section headings are inserted for convenience of reference only and shall not be deemed to limit or expand upon any of the provisions of this Lease.

 Section 4.15 - Subordination to Mortgage: 
 Subject to the non-disturbance rights provided below, this Lease shall automatically be subject and subordinate to any first mortgage on the fee simple title of Lessor in the Premises and to any renewal, extension,
modification or replacement thereof, provided, however, that in the event of a default under such mortgage, no proceeding to foreclose the same shall disturb Lessee’s possession or use of the Premises, so long as Lessee is not in default under
this Lease, subject to any applicable notice and/or cure period provided herein. In addition, in the event that any such first mortgagee becomes the owner of the Premises, whether by foreclosure or otherwise, Lessee agrees to attorn to such lender
with respect to its obligations under this Lease. Lessee agrees to execute from time to time, within ten (10) days request by Lessor, reasonable Subordination, Non-Disturbance and Attornment Agreements in favor of any lender now or hereafter
having a mortgage lien on all or any portion of the Premises, provided Lessee receives the non-disturbance rights set forth 

  

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above. Lessee agrees to negotiate any necessary changes to any lender’s form of Subordination, Non-Disturbance and Attornment Agreement expeditiously
and in good faith. 
 Section 4.16 - Operating Expenses: 
 Lessee shall be responsible for all “Operating Expenses” for the Building. “Operating Expenses” means all expenses, costs and
disbursements of every kind and nature in connection with the ownership and/or operation of the Building. By way of explanation and clarification, but not by way of limitation, these Operating Expenses will include roof repairs, casualty and
liability insurance, parking lot maintenance, painting, preventative maintenance, electric for common areas, water and sewer, miscellaneous repairs, and capital improvements mandated by governmental authorities. 
 Section 4.17 - Real Estate Taxes: 
 (a) As further Rent in addition to the Rent hereinabove mentioned, Lessee shall pay all governmental taxes, assessments, levies, and all other impositions, general and special, ordinary and extraordinary, of every kind and nature
whatsoever, imposed at any time during the Term of this Lease, upon or against the Building or any part thereof, or upon or against any building or improvement or any part thereof, situated thereon, or upon fixtures and personal property placed in
such Building, or on or about the Premises, or upon this Lease, or upon the rent payable under this Lease including the Florida sales tax on rent under Florida Statutes Section 212.031 (or any future statute), or upon Lessor by reason of
ownership of the fee underlying this Lease, except income, estate, inheritance, transfer, or change-in-ownership taxes, or any other similar taxes or impositions which may be levied or assessed against Lessor, or its successors in title but only to
the extent that such assessments shall be calculated as if Lessor has availed itself of all maximum discounts available for such early payment or otherwise. All of which said taxes, assessments, levies, and other impositions to be paid by Lessee
shall be paid by Lessee on or before 30 days after the date upon which the same from time to time become or may become due and payable; provided, however, that in the event such item of taxes, assessments, levies, or other impositions would become
delinquent within a shorter period of time than 30 days after the date upon which the same become or may become due and payable, Lessee shall pay the same in ample time to prevent any delinquency, penalty, sale, forfeiture or interest accrual on
such item, and to deliver to Lessor at all times promptly, proper and sufficient evidence of the payment and discharge of the same. If Lessee is in good faith contesting the validity of such tax, assessment, levy or other imposition through
appropriate legal or administrative proceedings, Lessee shall not be deemed in default under this Lease by reason of nonpayment of such tax, assessment, levy or other imposition until or unless the validity and legality thereof have been established
by the Property Appraisal Adjustment Board of Miami-Dade County or by the final judgment of a court of competent jurisdiction, whichever shall occur first, provided that prior to the institution of any such proceeding by Lessee, or immediately after
the institution of any such proceeding by Lessee, or immediately after the institution thereof by any taxing authority or any one other than Lessee, but within the time specified in this Lease for payment of such taxes, assessments, levies or other
impositions, whichever shall first occur, Lessee shall procure upon ten (10) days after written notice from Lessor or as required by the taxing authority and give Lessor a good and sufficient surety bond in an amount adequate and conditioned to
indemnify and save harmless Lessor from any loss, cost, damage, or expense resulting or to result from failure of Lessee to pay such tax, assessment, levy or other imposition. The bond shall have as surety thereon a reputable surety company licensed
to do business in the State of Florida and then holding a certificate of authority from the Secretary of Treasury under 6 United States Code Annotated Section 6-13 for a net retained risk not to excess of the bond amount, and shall be in a form
approved in advance by Lessor. In addition to the foregoing obligations of Lessee, the costs of any such contest or proceedings shall be borne exclusively by Lessee. 
 (b) Lessee shall be required to pay only a pro rata share based on the Term of the Lease of the taxes for the calendar year in which the Lease commences and expires. Lessee shall pay to Lessor one month prior
to the expiration of this Lease or at the time of termination if the Lease term ends sooner, the pro rata share to date of expiration or termination of the Lease of all taxes, assessments, levies, and other impositions based, to the extent
that such taxes, assessments, levies, and other impositions are then unknown, on the previous year’s amounts; provided, however, that Lessee shall pay in full any assessments relating to its period of occupancy for special improvements
completed on the date of expiration or termination of this Lease whether or not all installments of such assessments are due. 
 (c) Lessor
may, at its option choose to appeal or settle the tax assessment applicable to the Building. In the event it chooses to do so, it shall be entitled to reimbursement from Lessee for any reasonable attorneys’ fees and other professional fees and
costs incurred in appealing or settling the assessment to the extent such fees or costs are not otherwise recoverable by Lessor. These fees and costs shall be credited by Lessor against any tax savings which may be obtained as a result of any tax
appeal or settlement. The remaining tax savings, if any, shall be credited against any outstanding sums due to Lessor from Lessee. The balance of any remaining tax savings then will be paid directly to Lessee by Lessor. In no event shall Lessee be
responsible for any fees and costs in excess of any tax savings. In the event Lessor chooses not to appeal the tax assessment, Lessee shall have the option to do so, will bear all costs related to the appeal, and will be the beneficiary of any tax
savings credited to the Property. 
  

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 Section 4.18 - Special Provisions on Bankruptcy: 
 (a) If Lessee assumes this Lease and proposes to assign the same pursuant to the provisions of the Bankruptcy Code, 11 U.S.C. 101 et seq. (the
“Bankruptcy Code”), to any person or entity who shall have made a bona fide offer to accept an assignment of this Lease on terms acceptable to Lessee, then notice of such proposed assignment, setting forth (i) the name and address of
such person, (ii) all of the terms and conditions of such offer, and (iii) the adequate assurance to be provided Lessor to assure such person’s future performance under the Lease, including, without limitation, the assurance referred
to in Section 365 (b) (3) of the Bankruptcy Code, shall be given to Lessor by Lessee no later than twenty (20) days after receipt by Lessee, but in any event no later than ten (10) days prior to the date that Lessee shall
make application to a court of competent jurisdiction for authority and approval to enter into such assignment and assumption, and Lessor shall thereupon have the prior right and option, to be exercised by notice to Lessee given at any time prior to
the effective date of such proposed assignment, to accept an assignment of this Lease upon the same terms and conditions and for the same consideration, if any, as the bona fide offer made by such person, less any brokerage commissions which may be
payable out of the consideration to be paid by such person the assignment of this Lease. 
 (b) Any person or entity to which this Lease is
assigned pursuant to the provisions of the Bankruptcy Code, 11 U.S.C. 101 et seq., shall be deemed without further act or deed to have assumed all of the obligations arising under this Lease on and after the date of such assignment. Any such
assignee shall upon demand execute and deliver to Lessor an instrument confirming such assumption. 
 (c) Notwithstanding anything in this
Lease to the contrary, all amounts payable by Lessee to or on behalf of Lessor under this Lease, whether or not expressly denominated as rent, shall constitute rent for the purposes of Section 502(b)(7) of the Bankruptcy Code, 11 U.S.C.
502(b)(7). 
 Section 4.19 - Name “Miami Lakes”: 
 Lessee acknowledges that the name “Miami Lakes” is the property of Lessor, and Lessee agrees not to use such name in the business name, trade
name or corporate name of Lessee at any time during the term of this Lease except with the written consent of Lessor. 
 Section 4.20
- Rules and Regulations: 
 Lessor reserves the right to make such reasonable rules and regulations (Exhibit “A”) applicable to
all lessees within Miami Lakes Business Park West of which the Premises are a part as in Lessor’s judgment may from time to time be needful for the safety, protection, care and cleanliness of the Premises, and for the comfort and in the best
interests of all of the lessees in Miami Lakes Business Park West, and such rules and regulations so made shall be binding upon Lessee and Lessee’s employees. Lessee and Lessee’s employees will at all times observe, perform, and abide by
said rules and regulations. 
 Section 4.21 - Additions by Lessor: 
 It is agreed that Lessor shall have the right and privilege to construct additions to the building of which the Premises are a part, and to make such
alterations and repairs to portions of the building not under Lease to Lessee as Lessor may deem wise and advisable without any liability to Lessee for doing so. Any addition made to the Property shall not reduce the size of Lessee’s Premises,
comprising 53,300 square feet and 213 parking spaces. 
 Section 4.22 - Severability: 
 If any term, covenant or condition of this Lease or the application thereof to any person or circumstance shall, to any extent, be invalid or
unenforceable, the remainder of this Lease, or the application of such term, covenant or condition to persons or circumstances other than those to which it is held invalid or unenforceable, shall not be affected thereby and each other term, covenant
and condition of this Lease shall be valid, and be enforced, to the fullest extent permitted by law. 
 Section 4.23 - Right to
Relocate Lessee: This Section is intentionally left blank.  
 Section 4.24 - Early Occupancy: 
 If Lessee, with Lessor’s consent, occupies the Premises before the beginning of the lease term, as provided in Section 1.0, all provisions of
this Lease shall be in full force and effect commencing upon such occupancy, and rent for such period shall be paid by Lessee at the same rate herein specified. Such early occupancy shall not alter the Lease Term. 
 Section 4.25 - Time: 
 Time is
of the essence in all the terms, provisions, covenants and conditions of this Lease. 
  

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 Section 4.26 - Control of Common Areas and Garage Facilities by Lessor: 
 (a) All automobile parking areas, driveways, entrances and exits thereto, and other facilities furnished by Lessor including pedestrian walkways and
ramps, landscaped areas, stairways, corridors, common areas and other areas and improvements provided by Lessor for the general use, in common, of tenants, their officers, agents, employees, servants, invitees, licensees, visitors, patrons and
customers, shall be at all times subject to the exclusive control and management of Lessor, and Lessor shall have the right from time to time to establish, modify and enforce reasonable rules and regulations with respect to all facilities and areas
and improvements and to police same; from time to time to change the area, level and location and arrangement (but not the number) of parking areas and other facilities herein referred to; to restrict parking to tenants, their officers, agents,
invitees, employees, servants, licensees, visitors, patrons and customers; to close all or any portion of said areas or entrances and exits by means which are considered by Lessor’s counsel to be legally sufficient to prevent a dedication
thereof or the accrual of any rights to any person or the public therein, provided that Lessee’s ingress and egress to the Premises shall be retained and protected; to close temporarily all or any portion of the public areas; and to do and
perform such other acts in and to said areas and improvements as, in the sole judgement of Lessor, Lessor shall determine to be advisable with a view to the improvement of the convenience and use thereof by tenants, their officers, agents,
employees, servants, invitees, visitors, patrons, licensees and customers, provided Lessor takes steps to minimize as much as is reasonably possible any adverse affect to Lessee’s ingress and egress. Lessor will operate and maintain the common
areas and other facilities referred to in such reasonable manner as Lessor shall determine from time to time. Without limiting the scope of such discretion, Lessor shall have the full right and authority to designate a manager of the parking
facilities and/or common areas and other facilities who shall have full authority to make and enforce rules and regulations regarding the use of the same or to employ all personnel and to make and enforce all rules and regulations pertaining to and
necessary for the proper operation and maintenance of the parking areas and/or common areas and other facilities. Reference in this Section to parking areas and/or facilities shall in no way be construed as giving Lessee hereunder any right and/or
privileges in connection with such parking areas and/or facilities unless such rights and/or privileges are expressly set forth in this Lease. 
 (b) Lessee acknowledges that parking on the adjacent streets or neighboring properties is not permitted by Lessor. In the event Building’s parking is inadequate, Lessee agrees to work with Lessor to rectify the parking shortfall in an
expeditious manner. Said resolution may entail the design, permitting, and construction of a parking deck (“Deck”). Lessee agrees that it will be responsible for paying for the Deck. The cost to Lessee will be calculated taking the total
parking deck facilities cost and amortizing that cost over a 20-year period at a ten percent (10%) interest rate. Additionally, Lessee shall be responsible for the cost to maintain the Deck as well as any additional real estate taxes associated
with the Deck. 
 Section 4.27 - Preparation of Premises: 
 (a) Lessee accepts the Premises in “As Is” condition upon vacating of existing tenant. Lessee shall, at its sole cost, construct improvements
in the Premises in accordance with Exhibit “B”. 
 (b) Lessee, at Lessee’s sole cost and expense, shall be responsible for the
selection of a licensed and insured contractor to install plenum-rated cable and wiring for voice and data systems. Said contractor is currently required by the Town of Miami Lakes to obtain a permit for such installation and work. All voice and
data work is required to be completed, inspected and approved by the Town of Miami Lakes prior to the final inspections for the Lessee improvement work and issuance of a Certificate of Occupancy. Delays in the issuance of a Certificate of Occupancy
caused by delays in installation of cable and wiring by Lessee’s vendors shall be considered a Lessee delay and shall not delay the commencement of the Lease. Upon the expiration of this Lease, Lessee, at its sole cost and expense, shall remove
all voice and data system cable and wiring from the Premises. If Lessee does not remove said cable and wiring, Lessee agrees that Lessor may remove same and deduct the cost of the removal from the security deposit. 
 Section 4.28 - Singular / Plural: 
 As used in this indenture of lease and when required by the context, each number (singular or plural) shall include all numbers, and each gender shall include all genders; and unless the context otherwise requires, the word
“person” shall include “corporation, firm or association”. 
  

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 Section 4.29 - Security Systems: 
 (a) Lessor, at its sole discretion, determination and option, may enter into a contract or otherwise provide or make arrangement for the providing of a
security service system which may include security guards and/or electronic devices. In the event that Lessor elects to obtain such a security system or systems, then Lessee shall pay its proportionate share of the expense. Lessee’s
proportionate share of the expense shall be determined by taking the total square footage of Lessee’s Premises as a numerator and dividing that by the total square footage of the buildings served by that security system, as the denominator, and
then multiplying that by the annual cost of the service or system. Lessee shall pay its proportionate share on a monthly basis together with its rental payment. 
 (b) Lessor is not an insurer and shall in no way be responsible for the performance of the obligations of the security guards, and Lessee hereby releases Lessor from any claims of any nature whatsoever in connection
with the furnishing of security guard services and for any losses arising out of the negligent performance or non-performance of said guard services. Insurance, if any, for any type of loss shall be obtained by Lessee. Lessee further acknowledges
that should said services be provided on a negligent basis, that its sole and exclusive remedy shall be to seek recovery against the security service company. 
 Section 4.30 - Covenants. Representations and Warranties Concerning Environmental Laws Compliance and Hazardous Waste Compliance: 
 Lessee hereby covenants with Lessor and represents and warrants to Lessor as follows: 
 (a) Lessee will strictly comply, at its sole cost and expense, with any and all applicable federal, state and local environmental laws, rules,
regulations, permits and orders affecting the Premises and the business operations conducted on the Premises, whether now in effect or as may be promulgated hereafter, and as may be amended from time to time (hereinafter referred to as
“Environmental Laws”), and Lessee will obtain and strictly comply with, at its sole cost and expense, all federal, state and local permits and other governmental approvals in connection with Lessee’s use and occupancy of the Premises.
Lessee acknowledges that Lessor makes no representations, express or implied, concerning the availability or likelihood of obtaining any required permits or approvals for Lessee to conduct its business operation on the Premises. 
 (b) Lessee agrees not to store in, on or outside of the Premises any hazardous materials of any type, as defined by any local, state or federal agency,
or any other toxic, corrosive, reactive, or ignitable material without the written consent of Lessor. 
 (c) Lessee agrees to document all
hazardous waste disposal, if any, and to keep the same on file for five years and to document the same by one of the following types of documentation; A hazardous waste manifest; a bill of lading from a bonded hazardous substance transporter showing
shipment of a licensed hazardous waste facility; or a confirmation of receipt of materials from a recycler, a waste exchange operation, or other permitted hazardous waste management facility. 
 (d) Without limiting the generality of Paragraph (a) of this Section, Lessee, as its sole cost and expense, will strictly comply with any and all
applicable Environmental Laws relating to the generation, recycling, re-use, sale, storage, handling, transport, disposal and presence of any “Hazardous Materials” (as hereinafter defined) on the Premises. As used in this Section, the term
“Hazardous Materials(s)” shall mean any substances defined as or included in the definition of “hazardous substances”, “hazardous wastes”, “hazardous materials”, “toxic substances”,
contaminants”, or other pollution under any applicable Environmental Laws. Notwithstanding anything to the contrary contained herein, Lessor’s consent to any action by Lessee shall not operate to relieve Lessee of the obligation to comply
with all of the provisions of this Section. Lessee will not permit or allow, and will take all actions necessary to avoid, the occurrence of any spills, releases or discharges of Hazardous Materials on or off the Premises as a result of any
construction on or use of the Premises. Lessee shall promptly advise Lessor in writing immediately upon becoming aware of (i) the existence of any spills, releases or discharges of Hazardous Materials that occur on or unto the Premises, or off
the Premises as the result of any construction on or use of the Premises, and of any existing or threatened violation of this Section; (ii) any and all enforcement, cleanup, removal or other governmental or regulatory actions instituted,
completed or threatened by any governmental authority with respect to the Property from time to time under any applicable Environmental Laws; (iii) any and all claims made or threatened by any nongovernmental party against Lessee or the
Property relating to damage, contribution cost, recovery, compensation, loss or injury resulting from any Hazardous Materials or any violation of applicable Environmental Laws; and (iv) Lessee’s discovery of any occurrence or condition and
any real property adjoining or in the immediate vicinity of the Property that could cause the Property or any part thereof to be subject to any restrictions on the ownership, occupancy, transferability or use of the Property under any Environmental
Laws. Lessee acknowledges that it has inspected the Premises and has undertaken all appropriate inquiry into the present and past uses of the Premises consistent with good commercial practice to minimize potential liability for violations of any and
all Environmental Laws. 
  

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 (e) Without Lessor’s prior written consent, Lessee shall not enter into any settlement, consent or
compromise with respect to any “Environmental Claim(s)”, as hereinafter defined, provided, however, that Lessor’s prior consent shall not be necessary for Lessee to take any remedial action if ordered by a court of competent
jurisdiction or if the presence of Hazardous Materials at the Property poses an immediate, significant threat to the health, safety or welfare of any individual who otherwise requires an immediate remedial response. As used in this Section,
“Environmental Claim(s)”, shall mean any claim(s) or cause(s) of action resulting from the failure of Lessee or the Premises to comply with any Environmental Law relating to Hazardous Materials, industrial hygiene or environmental
conditions. In any event, Lessee shall promptly notify Lessor of any action so taken. 
 (f) Without limiting the generality of Paragraph
(a) of this Section at all times during the term of this Lease and any renewals or extensions hereof, Lessee, at its sole costs and expense, shall comply with any and all applicable laws, regulations, ordinances, permits and orders regulating
the type and quantity of waste that may be discharged into the sanitary sewer system serving the Premises, including, but not limited to, all rules, regulations, permits, and orders of the Miami Dade Water and Sewer Authority, or its successor.

 (g) Lessee agrees that Lessor and Lessor’s agents and independent contractors may enter and inspect the Premises at any time, by
providing 24 hours prior notice, and from time to time, to verify that Lessee’s operations on the Premises do not violate any of the provisions of this Section and that they comply with any and all applicable Environmental Laws. Such entry,
except in the case of an emergency, shall only be permitted if an appropriate officer of Lessee is present. Lessor may obtain, from time to time, reports from Licensed professional engineers or other environmental scientists with experience in
environmental investigations and may require Lessee to permit such licensed professional engineers or other environmental scientists to conduct complete and thorough on-site inspections of the Premises, including without limitation, sampling and
analysis of the soil, surface water, groundwater and air, to determine whether Lessee is in compliance with the provisions of this Section and all Environmental Laws. Lessee and its agents shall cooperate with Lessor and its agents in connection
with the conduct of such investigations. In the event such investigations disclose that Lessee is in default under this Section, Lessee shall, immediately, upon demand, reimburse Lessor for all costs and expenses of investigations; moreover, Lessor
may, at its option, undertake such steps as it deems necessary to cure such default and to bring the Premises into compliance with the terms of this Section, and Lessee shall, immediately upon demand, reimburse Lessor for all costs and expenses
incurred in curing such default and bringing the Premises into compliance with the terms of this Section. 
 (h) Lessee shall indemnify and
hold Lessor harmless from and against any and all claims, demands, damages, losses, liens, liabilities, penalties, fines, lawsuits and other proceedings, costs, and expenses (including without limitation reasonable attorney’s fees and costs at
trial and all appellate levels), arising directly or indirectly from or in any way connected with: (i) the presence, or use, generation, treatment, sale or storage on, under or about the Premises of any Hazardous Substance on the Premises,
whether or not expressly approved by Lessee in writing or otherwise; (ii) any violation or alleged violation of any Environmental Law, including but not limited to violations of the Federal Comprehensive Environmental Response Compensation and
Liability act of 1980 and regulations promulgated thereunder, as the same may be amended from time to time; (iii) the costs of any necessary inspection, audit, cleanup or detoxification of the Premises under any Environmental Laws, and the
preparation and implementation of any closure, remedial or other required plans, consent orders, license application or the like; or (iv) any default by Lessee under this Section. All sums paid and costs incurred by Lessor with respect to any
Environmental Claim or any other matter indemnified against hereunder shall be due and payable by Lessee immediately upon demand. If after demand Lessee fails to pay any sums due pursuant to this indemnification, such sums shall bear interest at the
highest rate then permitted by applicable law, from the date so paid or incurred by Lessor until Lessor is reimbursed by Lessee. The indemnification contained herein shall survive the termination of the leasehold estate created hereby and any
assignment by Lessor of its rights under this lease. 
 (i) Any breach of covenants, representations or warranties contained in this Section
which remain uncorrected for a reasonable time after written notice from Lessor, included but not limited to the occurrence of any environmental claim, violation of Environmental Laws, or spills, release or discharges of Hazardous Materials on or
about the Premises shall constitute a default under this Lease, and shall entitle Lessor to immediately terminate this Lease. No waiver of any breach of any provision of this Section shall constitute a waiver of any preceding or succeeding breach of
the same, or any other provisions hereof. 
 (j) Notwithstanding the foregoing, anything contained herein to the contrary, Lessee shall not
be responsible or liable for, nor shall it be required to indemnify Lessor for any Environmental claims or other items contained in said section unless such Environmental claims or costs and expenses in connection therewith are the result of the
actions or inactions of Lessee, and/or its employees, contractors, or invitees. 
  

 15 

 Section 4.31 - Liability Limitation: 
 Notwithstanding anything to the contrary contained in this Lease, in the event of any default or breach by Lessor (which shall include any mortgagee of
Lessor that has succeeded to the interest of the Lessor hereunder), Lessee shall look solely to the interest of Lessor (or any successor to Lessor) in the Premises and Building for the collection of any judgment (or any other judicial procedures
requiring the payment of money by Lessor) and no other property or assets of Lessor shall be subject to levy, execution or other procedures for satisfaction of Lessee’s remedies. 
 Section 4.32 - Waiver of Trial By Jury: 
 It is mutually agreed by and between Lessor and Lessee that the respective parties hereto shall and hereby do waive Trial By Jury in any action, proceeding, or counterclaim brought by either party hereto against the other on any matters
arising out of or in any way connected with this Lease. 
 Section 4.33 - Exterior Painting/Site Clean Up: 
 (a) Lessee, at its sole cost and expense, will pressure clean and paint the exterior of the Building using colors and materials to be approved by Lessor
no later than September 1, 2007. 
 (b) Lessee, at its sole cost and expense, will remove the pile of fill and Australian Pine tree
located at the northeast end of the Property. 
 Section 4.34 - Restoration Obligations: 
 (a) Upon the termination or expiration of the Lease (whether based upon default or otherwise), Lessee shall, at its sole cost and expense, restore the
Premises (including the parking area) to the shell condition existing on the plans by Sackman2, Inc. dated October 23, 1995 (“Restoration Plans”) which Lessee acknowledges it has received from Lessor and in accordance with
(n) below. This work, to be performed in accordance with the Restoration Plans to completion, shall be referred to in this Lease as the “Restoration Work”. 
 (b) In the event Lessee has not completed said restoration prior to the earlier of (such earlier date hereinafter referred to as the “Restoration Date”): (i) the termination or expiration of this Lease,
or (ii) the termination of possession of the right to possession of the Premises based upon default under this Lease, Lessee shall be responsible for payment of the cost of completing the restoration within five (5) days after the
Restoration Date. Said cost shall be an amount reasonably determined by a licensed contractor and/or licensed architect reasonably selected by Lessor (“Estimated Amount”). After completion of the restoration, to the extent that the
remainder of the actual restoration cost exceeds the Estimated Amount, Lessee will reimburse Lessor for such additional amount upon presentation of a reasonable accounting of the actual restoration cost and demand therefore. To the extent the amount
necessary to complete the restoration is less than the Estimated Amount, Lessor shall promptly refund such difference to Lessee. All sums not paid to Lessor when required under this Section shall bear interest at the Default Rate from and after the
date the same are due. The restoration costs shall include any and all reasonable costs incurred by Lessor for restoration of the Property, including all engineering, construction, architectural and consultant costs (plus 10% of such costs incurred,
including, but not limited to, the cost of labor for the supervisory services of Lessor), including, but not limited to, the reasonable cost of counsel incurred by Lessor in connection with the restoration costs, as well as rent on the Premises for
the entire restoration period at the same monthly rental rate charged during the final year of the Lease Term. As set forth in this Lease, the Restoration Work and the obligation to pay the Estimated Amount shall be collectively referred to as the
“Restoration Obligations”. The obligations set forth herein shall survive termination and/or expiration of this Lease and/or the right of possession to the Premises. 
 (c) The work to be performed to complete the restoration must be in accordance with plans and specifications to be delivered to Lessor for Lessor’s
prior review and approval. Prior to the work, the Restoration Plans shall have been approved by all applicable governmental authorities. Prior to commencement of the Restoration Work, Lessee must provide Lessor with a true and correct copy of a
validly issued building and demolition permit for the work and such other approvals, authorizations and permits required by the applicable governmental authorities and Lessor, and in accordance with all applicable federal, state, and local laws,
rules and regulations. At all times, the Restoration Work must comply with all terms and provisions of any insurance policy covering or applicable to the Property and with the requirements of any national or local Board of Fire Underwriters having
jurisdiction over the Property. 
 (d) The Restoration Work must be performed by a General Contractor acceptable to Lessor. Prior to
commencement of the Restoration Work, Lessee shall provide Lessor with the following from the General Contractor: 
  

	 	(1)	Proof of Florida’s Contractor’s License 

  

	 	(2)	Proof of Insurance 

  

	 	(3)	List of references and prior projects of a similar scope 

  

 16 

	 	(4)	Financial statements 

  

	 	(5)	Such other information as Lessor shall reasonably request 

 Lessor’s
approval of any General Contractor shall be in Lessor’s reasonable discretion based on such party’s financial condition and ability to diligently and continuously complete the Restoration Work in a good and workmanlike manner, in
accordance with good industry practices and applicable laws. 
 (e) Prior to commencement of the Restoration Work, Lessee shall procure, at
its sole cost and expense, and a policy of broad form builder’s risk insurance providing all-risk coverage acceptable to Lessor, in the amount of $10,000,000.00. Prior to the commencement of the Restoration Work, Lessee will provide a certified
copy of the policy for such insurance to Lessor and a certificate in form acceptable to Lessor naming Lessor as an additional insured thereunder. The certificate shall contain, among other things, an agreement to provide Lessor with not less than
thirty (30) days prior notice before cancellation or modification of the coverage afforded thereunder. Such insurance shall be continuously maintained until completion of the Restoration Work. In addition, Lessee shall be responsible for any
and all loss or damage to all or any portion of the Property of any kind or nature whatsoever, including casualty, water damage, vandalism, theft, and malicious mischief, except to the extent caused by the gross negligence or willful misconduct of
Lessor. To the extent of any loss or damage paid for by Lessor’s hazard insurance for the Property, Lessee shall be responsible for reimbursement to Lessor for the deductible amount under such insurance and shall reimburse Lessor therefore upon
demand. Lessee shall be responsible for securing the Property. 
 (f) During the Restoration Work, Lessee shall maintain the Comprehensive
General Liability Insurance required in the Lease. 
 (g) Upon completion of the Restoration Work, Lessee shall provide Lessor with final
releases of lien from the General Contractor and all sub-contractors and suppliers involved with the construction of the Restoration Work, and a fully executed “Affidavit fro Final Payment” from the General Contractor. In addition, upon
completion of the Restoration Work, Lessee will provide to Lessor such other documents and information as Lessor shall reasonably require. 
 (h) Lessee hereby agrees to indemnify and hold Lessor harmless from and against any and all loss, cost, damage and expense, including reasonable attorneys’ fees at trial and all appellate levels, incurred or sustained by Lessor arising
from or as a result of the Restoration Work or Lessee’s failure to timely comply with the Restoration Obligations, unless caused by the gross negligence or willful misconduct of Lessor. Lessor shall have no responsibility or liability
whatsoever for any loss or damage to any of Lessee’s improvements, fixtures or equipment installed or left on the Property. 
 (i)
Lessee shall not permit or perform any act, nor is Lessee authorized to make any contract which may create or be the foundation for any lien or other encumbrance upon any portion of the Property. If, because of any act or omission of Lessee, any
employee, agent or contractor of Lessee, or otherwise as a result of or in connection with any work on or within the Property (including Restoration Work) any mechanic’s or other lien, charge or order for the payment of money or other
encumbrance shall be filed against Lessor and/or any portion of the Property (whether or not such lien, charge, order or encumbrance is valid or enforceable), Lessee shall, at its own cost and expense, cause the same to be discharged of record,
bonded or transferred to other security as provided by Florida law so as to free title to the Property of any claim or alleged claim of Lien within ten (10) days after notice to Lessee of the filing thereof. In the event a lien or claim of lien
is filed against the Property, the same shall be, if not satisfied of record within the time period provided above, transferred to security pursuant to Florida Statutes 713.24. Notwithstanding anything herein to the contrary, in the event that a
lien or claim of lien is filed against the Property as a result of any act or omission of Lessee, any employee, agent or contractor of Lessee, or otherwise as a result of or in connection with any work on or within the Property (including
Restoration Work), Lessee shall indemnify and save harmless Lessor, against and from all reasonable costs, liabilities, suits, penalties, claims and demands, including reasonable counsel fees and appellate counsel and legal assistant fees resulting
therefrom. In the event Lessee fails to comply with the foregoing provisions of this section, Lessor shall have the option of discharging or bonding any such lien, charge, order or encumbrance, by payment or otherwise, and Lessee agrees to reimburse
Lessor for all costs, expenses and other sums of money in connection therewith on demand. All sums not paid to Lessor shall bear interest at the Default Rate. All laborers, mechanics, and materialmen are hereby placed on notice that in connection
with improvements made to the Property by, through or under Lessee, no such lien claimant shall have a right to claim a lien against any property of Lessor, including the Property and the Land, pursuant to Florida Statutes Chapter 713 or otherwise,
and all such parties may be put on record notice of the provisions of this paragraph by the recordation, at Lessor’s option, of a memorandum of the obligations contained in this Section in the Miami-Dade County public records, and Lessee shall
execute and acknowledge such a memorandum if requested. 
 (j) Except to the extent caused by the gross negligence or willful misconduct of
Lessor, Lessee hereby agrees to indemnify and hold Lessor harmless from and against any and all claims by or on behalf of any person or entity, and any and all liability, cost, damage or expense sustained or incurred by Lessor (including any damage
to any person or property), arising from or relating to: (i) any work or thing whatsoever done or not done on the Property by Lessee or any of its agents, contractors, 

  

 17 

 
servants, employees, licensees or invitees, including the Restoration Work; (ii) any breach or default by Lessee in performing any of its obligations
under this Section or applicable law, or (iii) any negligent or intentional act of Lessee or any of its agents, contractors, servants, employees, licensees or invitees as well as from and against all expenses and liabilities incurred in
connection with any such claim or any action or proceeding brought thereon (including, by way of example rather than of limitation, the fees of attorneys, litigation expenses, investigations and experts), all regardless of whether such claim is
asserted before or after the expiration of this Lease. 
 (k) Notwithstanding the payment of the cost of the Restoration Work by Lessee, the
indemnification provisions set forth in this Section shall continue in full force and effect. The obligation of Lessee to reimburse Lessor for the cost of the Restoration Work is in addition to all other costs and liabilities of Lessee under the
Lease which shall survive payment of the cost of the Restoration Work and Restoration Date. 
 (1) Lessee’s rights under this Section
must be carried out so as not to cause or permit any loud or unreasonable disturbances to emanate from the Property, and so as not to disturb, annoy or otherwise unreasonably interfere with the use or enjoyment of other property, tenants or visitors
of Lessor. In connection with Lessee’s exercise of its rights hereunder, Lessee shall comply with all restrictions applicable to the Property and with all rules and regulations established by Lessor for the Property. At all times, Lessor
retains the right to enter upon the Property. This Section and all the provisions contained herein shall be governed by and construed in accordance with the laws of the State of Florida. In the event any provision of this Section is prohibited,
unenforceable or invalid under the laws of any jurisdiction, including those of the State of Florida, such prohibition, unenforceability or invalidity shall not in any manner affect the unenforceability or invalidity of the remaining provisions
hereof. This Section shall be binding upon Lessee and its successors and assigns, jointly and severally, and shall inure to the benefit of Lessor, its successors and assigns. 
 (m) In the event of any dispute in connection with this Section, the prevailing party shall be entitled to recover reasonable attorney’s fees and
costs, at trial and all appellate levels (including all fees and costs in connection with any bankruptcy). 
 (n) By way of clarification and
not limitation, the following shall be a part of the Restoration Work: 
  

	 	(1)	Courtyard: Remove all slabs, foundations, antennas, chillers and piping, FPL Transformers, and generators. The storm drainage must be restored to its original configuration as shown
on the paving & drainage drawing ML958 dated 5-15-96 or as determined by Lessor. Also, add one new catch basin at the middle west area and a section of solid pipe connecting it to the existing catch basin at the SW corner of the courtyard.
Regrade the entire courtyard and lay new asphalt paving. 

  

	 	(2)	Courtyard Fence and Dumpster: Fence and Dumpster are to remain. The asphalt inside the fence can be regraded without affecting the fence. 

  

	 	(3)	Fire Sprinklers: Remove all piping inside the Building. If allowed by the fire department, cap the fire main at the exterior of the Building, leaving the backflow and the piping
between the backflow and the Building intact. 

  

	 	(4)	Privacy Screen Ficus Hedge: Remove the Ficus hedge between Phase I and the future Phase II expansion. The row of Oak trees remain. 

  

	 	(5)	Environmental Statement: Provide written statement that there are no hazardous spills or other environmental issues. 

  

	 	(6)	Roof Top A/C units: Remove the 2ea 20 ton package a/c units and restore concrete roof structure to original design. Restore the typical A/C curbs, a/c electrical stubs, and exhaust
fan jacks to original configuration. 

  

	 	(7)	Roofing: Sky LA added insulation and a second layer of roofing. Due to the fact that a large number of patches must be made at the restored A/C Curbs and that fact that we can not
reroof over the existing roof because there are already two layers of roofing, all the roofing and insulation should be removed and a new 4 ply built up modified bitumen roofing system with a mineral surfaced polyester cap sheet to be installed.
Lessee shall be responsible for maintaining the roof until it has been replaced. 

 Section 4.35 - Use of Expansion
Property: 
 (a) Lessee acknowledges that Lessor intends to expand the Property in a manner similar to Phase 2 shown on the site plan
attached as Exhibit “C”. This expansion will share the service court of Lessee’s Premises. 
 (b) Lessor will permit Lessee to
utilize the undeveloped property until such time that Lessor commences with the expansion provided that Lessee pays for all associated real estate taxes and operating expenses. Lessor shall provide Lessee with one hundred eighty (180) days
notice of its intention to expand. 
  

 18 

 (c) Provided Lessee is not in default of any of the terms and conditions of this Lease, Lessee shall have
the first opportunity to lease Phase 2 as it becomes available for lease upon terms and conditions to be agreed upon by Lessor and Lessee (“First Opportunity”). Lessee shall have thirty (30) days from Lessor’s notice of
availability to elect to exercise this right in which event the Lease for same shall commence the earlier of thirty (30) days after election or upon Lessor obtaining a Certificate of Completion for Phase 2. In the event Lessee declines or fails
to elect to lease such space or the parties can not mutually agree on the terms and conditions, then the First Opportunity is automatically terminated. This First Opportunity is not transferable. In the event of a sublease or assignment, this right
shall become null and void. 
 Section 4.36 - Previous Lease Cancellation: 
 Provided Lessee has vacated the Premises, the Lease between Lessor and Lessee, dated October 18, 2004 and amended May 12, 2006 for the premises
located at 8100 Oak Lane, Miami Lakes, FL 33016, consisting of 10,892 rentable square feet, shall become null and void as of December 31, 2006, and thereafter both parties shall be relieved of their responsibilities and obligations and rights
under that prior lease except for a final accounting. 
 Section 4.37 - Option to Renew: 
 (a) Provided Lessee is not in default of any of the terms and conditions of this Lease, Lessee shall have the option to extend this Lease for one
(1) period of ten (10) years beginning immediately after the end of the original lease Term, upon the same terms and conditions (excluding any occupancy concessions or tenant improvements) of this Lease. To exercise such option, Lessee
shall give written notice to Lessor at least one hundred eighty (180) days before the end of the original Lease Term. The Base Rent for the option period shall be as follows: 
  

										
	 PERIOD
	  	MONTHLY
RENT	  	TAX*	  	TOTAL
	 January 1, 2014 through December 31, 2014
	  	$	59,538.28	  	$	4,167.68	  	$	63,705.96
	 January 1, 2015 through December 31, 2015
	  	$	62,217.50	  	$	4,355.23	  	$	66,572.73
	 January 1, 2016 through December 31, 2016
	  	$	65,017.29	  	$	4,551.21	  	$	69,568.50
	 January 1, 2017 through December 31, 2017
	  	$	67,943.07	  	$	4,756.01	  	$	72,699.08
	 January 1, 2018 through December 31, 2018
	  	$	71,000.51	  	$	4,970.04	  	$	75,970.54
	 January 1, 2019 through December 31, 2019
	  	$	74,195.53	  	$	5,193.69	  	$	79,389.22
	 January 1, 2020 through December 31, 2020
	  	$	77,534.33	  	$	5,427.40	  	$	82,961.73
	 January 1, 2021 through December 31, 2021
	  	$	81,023.37	  	$	5,671.64	  	$	86,695.01
	 January 1, 2022 through December 31, 2022
	  	$	84,669.42	  	$	5,926.86	  	$	90,596.28
	 January 1, 2023 through December 31, 2023
	  	$	88,479.55	  	$	6,193.57	  	$	94,673.12

  

	*	A11 sales, use, or similar taxes now or hereinafter imposed on the payment of rent by Lessee, whether federal, state, or local, which is currently 7.0%. 

 (b) In the event this Lease has been assigned or all or any portion of the Premises has been sublet, this option shall automatically become and be deemed
null and void and neither Lessee nor any assignee or subtenant shall have the right to exercise such option during the term of such assignment or sublease. 
  

 19 

 Section 4.38 - RADON GAS DISCLOSURE STATEMENT: 
 RADON IS A NATURALLY OCCURRING RADIOACTIVE GAS THAT, WHEN IT HAS ACCUMULATED IN A BUILDING IN SUFFICIENT QUANTITIES, MAY PRESENT HEALTH RISKS TO
PERSONS WHO ARE EXPOSED TO IT OVER TIME. LEVELS OF RADON THAT EXCEED FEDERAL AND STATE GUIDELINES HAVE BEEN FOUND IN BUILDINGS IN FLORIDA. ADDITIONAL INFORMATION REGARDING RADON AND RADON TESTING MAY BE OBTAINED FROM YOUR COUNTY PUBLIC HEALTH UNIT.

 EXECUTED as of the date first above written in several counterparts, any one of which shall be deemed an original, but all
constituting only one instrument. 
  

									
		 		 	LESSOR
			
	Signed in the presence of:	 		 	THE GRAHAM COMPANIES, a Florida corporation
				
	/s/ Jacqueline Milian	 		 	By:	 	/s/ Carol G. Wyllie
		 		 		 	Carol G. Wyllie
		 		 		 	Title:	 	Executive Vice-President
				
	/s/ Diane Little	 		 	Attest:	 	/s/ Robert S. Whitehead
	(As to Lessor)	 		 		 	Robert S. Whitehead
		 		 		 	Title:	 	Assistant Secretary
				
	(LESSOR’S CORPORATE SEAL)	 		 		 	

  

									
		 		 	LESSEE
			
		 		 	BANKUNITED, FSB
				
	/s/ Lisette Fuste	 		 	By:	 	/s/ Robert A. Marsden
					
		 		 		 	Title:	 	EXECUTIVE VP
				
	/s/ Ivonne Paez	 		 	Attest:	 	
	(As to Lessee)	 		 		 	
		 		 		 	Title:	 	
				
	(LESSEE’S CORPORATE SEAL)	 		 		 	

  

 20

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