Exhibit 10.24

 

November 5, 2002

 

Pegasystems Inc.

101 Main Street

Cambridge, Massachusetts 02142

Attention: Mr. Christopher Sullivan

 

  Re:   Lease dated February 26, 1993 with NOP Riverfront LLC, as successor in
interest to Riverfront Office Park Joint Venture, and Pegasystems Inc. (as
amended, the “Lease”) regarding space at 101 Main Street, Cambridge,
Massachusetts

 

Dear   Chris:

 

You have advised us about a change in the anticipated schedule for Pegasystems
to make tenant improvements in its space at 101 Main Street. Paragraphs 1(e) and
1(f) of Amendment No. 8 to Agreement of Lease dated July 31, 2002 contemplate
that Pegasystems would perform certain improvements and requisition the Finish
Work Allowance and the Additional Allowance no later than May 16, 2004. This
letter will confirm the Landlord’s agreement that (a) the May 16, 2004 outside
date will apply to 20% of each such allowance, and (b) Pegasystems will
requisition at least an additional 20% of each such allowance each anniversary
thereafter through May 16, 2008, provided that the Landlord reserves the right
not to fund any such requisition for work in connection with any sublease or
assignment (other than to a Successor as defined in Section 14.3 of the Lease).
Capitalized terms used and not defined herein have the meanings set forth in the
Lease.

 

 

Sincerely,

/s/    SHAY SIMS         

--------------------------------------------------------------------------------

Shay Sims

Property Manager

 

Acknowledged and Agreed:

 

PEGASYSTEMS INC.

By:

 

/s/    CHRIS SULLIVAN

--------------------------------------------------------------------------------

Chris Sullivan

CFO

 

C:        Michael Francis