11. COMMITMENTS AND CONTINGENCIES Leases The Company has various leases and other contractual commitments arising in the ordinary course of business. At September 30, 2018, minimum rental commitments under non-cancelable operating leases, net of sublease income, are approximately as follows: Year Ending December 31, 2018 (October 1 through December 31) $ 20,946 2019 85,505 2020 87,299 2021 82,971 2022 70,245 Thereafter 545,624 Total minimum rental commitments 892,590 Less - Sublease proceeds 28,796 Net rental commitments $ 863,794 In August 2018, the Company entered into a lease agreement for additional office facilities. Operating lease commitments in the table above include the impact of the new lease agreement. Guarantees In the normal course of business, LFB provides indemnifications to third parties to protect them in the event of non-performance by its clients. At September 30, 2018, LFB had $4,961 of such indemnifications and held $4,961 of collateral/counter-guarantees to secure these commitments. The Company believes the likelihood of loss with respect to these indemnities is remote. Accordingly, no liability is recorded in the condensed consolidated statement of financial condition. Business Acquisitions For a business acquired in 2016, the remaining consideration consists of (i) 60,817 shares of Class A common stock subject to non-compete provisions, and (ii) up to 210,431 additional shares of Class A common stock that are subject to certain performance thresholds. As of September 30, 2018, none of the contingent shares had been earned. Other Commitments The Company has various other contractual commitments arising in the ordinary course of business. In addition, from time to time, each of LFB and LFNY may enter into underwriting commitments in which it will participate as an underwriter. At September 30, 2018, LFB and LFNY had no such underwriting commitments. See Notes 6 and 14 for information regarding commitments relating to investment capital funding commitments and obligations to fund our pension plans, respectively. In the opinion of management, the fulfillment of the commitments described herein will not have a material adverse effect on the Companys condensed consolidated financial position or results of operations. Legal The Company is involved from time to time in judicial, regulatory and arbitration proceedings and inquiries concerning matters arising in connection with the conduct of our businesses, including proceedings initiated by former employees alleging wrongful termination. The Company reviews such matters on a case-by-case basis and establishes any required accrual if a loss is probable and the amount of such loss can be reasonably estimated. The Company experiences significant variation in its revenue and earnings on a quarterly basis. Accordingly, the results of any pending matter or matters could be significant when compared to the Companys earnings in any particular fiscal quarter. The Company believes, however, based on currently available information, that the results of any pending matters, in the aggregate, will not have a material effect on its business or financial condition.