Contingencies

Actua and its consolidated subsidiaries are involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the amount of the ultimate liability with respect to legal claims/actions will not materially affect the financial position, results of operations or cash flows of Actua or its consolidated businesses.

Actua and its consolidated businesses lease their facilities under operating lease agreements expiring 2017 through 2028. Future minimum lease payments as of December 31, 2016 under the leases are as follows:



(in thousands)	Minimum lease payments ⁽¹⁾
2017	$	5,639
2018	$	5,335
2019	$	5,163
2020	$	4,468
2021	$	4,318
Thereafter	$	26,269

⁽¹⁾Amounts disclosed above are presented net of sublease income.

Rent expense under the non-cancellable operating leases was $6.2 million, $3.0 million and $2.5 million for the years ended December 31, 2016, 2015 and 2014, respectively.

During the year ended December 31, 2016, Actua renewed its lease agreement for the currently occupied office space. The new lease becomes effective on September 1, 2017, with escalating payments over the five-year term.

Actua has recorded contingent consideration of $8.8 million as of December 31, 2016 related to the SAS Earnout resulting from FolioDynamix's acquisition of SAS on October 31, 2016. See Note 4 "Consolidated Businesses."

During 2008 and 2009, two carried interest plans (one in each year) were established, for which a carried interest of 15% is allocable to Actua’s management participants in each plan. Carried interest will be paid in connection with a liquidity event or income receipt at any of the businesses in which the carried interest plans hold debt or equity interests (primarily Bolt), subject to an aggregate specified hurdle threshold and hold back and claw back criteria. Actua has allocated approximately $76.6 million to date with respect to these plans, and there were no cash deployments related to these plans in 2016 or 2015. Actua’s ownership in Bolt acquired prior to 2015 is held in the 2009 carried interest plan, and the activity over the past few years relative to the 2009 carried interest plan primarily relates to cash deployment from Actua to achieve its objectives of increasing its ownership in, and supporting the cash needs of, Bolt. Beginning in 2015, any cash deployed to Bolt in the form of debt or equity financing has not been included in the carried interest plans. Other than the stake in Bolt held by the 2009 carried interest plan, the assets held by the carried interest plans are immaterial to Actua. As of December 31, 2016, Actua does not expect a liquidity event or income receipt at any of the relevant businesses that would trigger a payment under either of the carried interest plans to occur in the near future, and, accordingly, Actua has not recorded a liability with respect to these plans. Once a liquidity event or income receipt at any of the relevant businesses that would yield proceeds in excess of the calculated hurdle rate occurs, and a payment becomes probable and estimable, Actua would record the appropriate liability. Payments against that liability would occur thereafter, subject to relevant hold backs and claw backs. As of December 31, 2016, there were no distributions over the aggregate specified hurdle thresholds, and none are expected in the foreseeable future.