Document:

Exhibit

Exhibit 10.1

June 20, 2018

Sandra Peterson
One Johnson & Johnson Plaza
New Brunswick, New Jersey 08933

Dear Sandi:
This letter (“Agreement”) will confirm the terms of your transition and separation from employment with Johnson & Johnson (the “Company” or “Johnson & Johnson”).  Your last day of employment (the “Separation Date”) will be October 1, 2018.  In connection with your separation, subject to applicable conditions you will be entitled to the following:

		
	1.
	Regardless of whether you enter into this Agreement, you will: (a) be paid at your present base rate of pay through the Separation Date; (b) be paid for any untaken vacation days accrued through the Separation Date in accordance with Company policy; and (c) be eligible to receive a pro-rata performance bonus under Global Performance Bonus Policy, which shall be payable in the ordinary course in March 2019.

		
	2.
	As explained below, you will be eligible to receive either Basic Severance Pay or Enhanced Severance Pay, but not both.  If you do not enter into this Agreement, on the Separation Date you will be entitled to Basic Severance Pay under the Severance Pay Plan of Johnson & Johnson and U.S. Affiliated Companies (the “Plan”), subject to the terms and conditions of the Plan.  If you do enter into this Agreement (by signing it and not revoking it in the time periods specified below), on the Separation Date you will be entitled to Enhanced Severance Pay (instead of Basic Severance Pay) under the Plan and Supplemental Severance Pay, subject to the terms and conditions of the Plan (including, without limitation, Article 10 thereof; “Internal Revenue Code Section 409A”) and this Agreement.

Total gross amount of your BASIC SEVERANCE PAY (applicable if you do not enter into this Agreement):  4 WEEKS AT $20,625.00 PER WEEK = $82,500.00.
Total gross amount of your ENHANCED SEVERANCE PAY (applicable if you do enter into this Agreement): 52 WEEKS AT $20,625.00 PER WEEK = $1,072,500.00
Total gross amount of your SUPPLEMENTAL SEVERANCE PAY (applicable if you do enter into this Agreement): 52 WEEKS AT $192,307.69 PER WEEK = $10,000,000.00.
		
	3.
	To receive Basic Severance Pay, Enhanced Severance Pay or Supplemental Severance Pay, you must fully comply with all of your obligations to the Company and other Johnson & Johnson companies (collectively “Outstanding Obligations”).  Your Outstanding Obligations are: (a) your obligation to return to the Company all documents (including electronic ones) and all copies thereof and other property (such as computers, cell phones and automobiles) related to your work for any Johnson & Johnson company, (b) your confidentiality obligations under applicable law and under any confidentiality agreement and any 

1

non-solicitation and/or non-competition agreement you have signed, and (c) your obligation to repay any outstanding monetary obligation to any Johnson & Johnson company.
You may not conduct work (e.g., directly or through a third party) for any Johnson & Johnson company (except pursuant to Paragraph 4(b) below) or for a competitor of the Company while receiving severance pay.
		
	4.
	To receive Enhanced Severance Pay or Supplemental Severance Pay, you must meet the following requirements in addition to those described in Paragraph 3 above: (a) you must enter into this Agreement, and (b) you must make yourself available to consult at reasonable times upon reasonable notice and cooperate fully with any Johnson & Johnson company in connection with any business matter, investigation or legal matter as to which you may have relevant information, without further compensation if you are receiving severance pay at the time the assistance is provided.  You will be reimbursed for reasonable expenses you incur consistent with the existing Company Travel and Expense reimbursement policies.

		
	5.
	The following terms apply to the receipt of Basic Severance Pay, Enhanced Severance Pay and Supplemental Severance Pay:

(a) Amounts will be withheld from your severance pay for tax purposes and, as provided for in Paragraph 8 below, certain deductions will be taken from your severance pay if you are continuing to participate in Company health and/or life insurance plans.
(b) Deductions may be taken for the amount of any wage replacement benefit you receive from any source to which a Johnson & Johnson company contributes (e.g., pursuant to law or contract), and for any amount you receive under a non-competition agreement. 
(c) Subject to the applicable deductions, Basic or Enhanced Severance payments will be made at your regular base pay rate (in effect on the date hereof) per payroll period, until all severance benefits have been paid.  To the extent practicable, your severance pay, including Supplemental Severance Pay, will be paid on your normal payroll dates.  Supplemental Severance Pay will be paid concurrently with Enhanced Severance Pay.
(d) If you cease to meet the eligibility requirements for receipt of severance pay as set forth above or lose your right to receive severance pay under the terms of the Plan or this Agreement for any reason, you will receive no further severance pay.
		
	6.
	Because your separation from employment qualifies as a “reduction in force”, if you timely execute and do not revoke this Release, you will remain eligible to vest in a portion of the outstanding unvested restricted share units, stock options, and/or performance share units of Johnson & Johnson that you hold as of the Separation Date (the “2018 LTI Awards”), in accordance with the terms of the applicable long-term incentive award agreement.  The pro-rata portion of any LTI Award that remains outstanding and eligible to vest will be based on the length of your service between the date of grant and the Separation Date and, in the case of Performance Share Units, will also be based on satisfaction of the applicable performance metrics.  Your eligibility to vest in any portion of a LTI Award following the Separation Date also will be subject to your compliance with the Outstanding Obligations and the terms contained in the award agreement (and, to the extent applicable, the Johnson & Johnson 2012 Long-Term Incentive Plan), including without limitation, any restrictive covenants set forth therein.

2

		
	7.
	By entering into this Agreement, you agree that contributions you must make for continued benefit coverage and any amounts you owe the Company (e.g., from monetary advances or credit card charges) may be deducted from your severance pay to the extent permitted by law.

		
	8.
	If you enter into this Agreement, the period during which the Company will subsidize the cost of your group health insurance and during which you may continue your Company group life insurance (at your own expense) may be extended for the period during which you are receiving severance pay (for a maximum of one year from your Separation Date).  More information about your eligibility for continued group health and life insurance (and other benefits) is available in the attached Benefit Information Sheet, the relevant Summary Plan Descriptions and from the Benefit Service Center at 800-565-0122.

		
	9.
	In consideration for the payments and other benefits you are receiving for entering into this Agreement, you release and give up any and all claims and rights that you may have against the Company, and all of its respective subsidiaries, divisions, affiliated companies and benefit plans, as well as all of their respective past, present and future directors, officers, employees, plan administrators, agents and attorneys (all of whom are referred to collectively in this Agreement as “Releasees”); provided, that you are not releasing any of: (a) your right to the payments and benefits provided for in this Agreement, (b) to any vested benefits (or restricted share units, performance share units, or stock options specifically stated to vest before the Separation Date or during retirement) under the Consolidated Retirement Plan of Johnson & Johnson, the Johnson & Johnson Savings Plan or any retirement, savings, incentive or executive compensation plan in which you participated during your employment or (c) any rights to indemnification under the Company  charter, by-laws and applicable law and to any claim under any applicable directors and officers liability insurance coverage (collectively the “Excepted Rights”).

By signing this Agreement, you release and give up all claims and rights against Releasees of any nature arising under any federal, state, local or foreign law, including, but not limited to, those not mentioned in this Agreement, those of which you are not aware, and any claims for or rights to attorneys’ fees.  You specifically release any and all claims and rights in any way relating to or arising out of your employment with any Johnson & Johnson company or the termination of that employment, except for the Excepted Rights.
You are specifically releasing any claims of unlawful discrimination, harassment or retaliation against you, including, but not limited to, those based on your age, sex, race, color, religion, national origin, citizenship, veteran status, sexual orientation, gender orientation, disability, or any other status protected by applicable law.  These include any and all claims you may have under the Civil Rights Act of 1964, (“Title VII”), 42 U.S.C. §2000e et seq.; the Civil Rights Act of 1866, 42 U.S.C. §1981 et seq.; the Americans with Disabilities Act, 42 U.S.C. §12101 et seq.; the Employee Retirement Income Security Act of 1974, 29 U.S.C. §1001 et seq.; the Age Discrimination in Employment Act, as amended by the Older Workers Benefit Protection Act, 29 U.S.C. §621 et seq.; the Sarbanes-Oxley Act of 2002, 15 U.S.C. §7241 et seq.; the Worker Adjustment and Retraining Notification Act, 29 U.S.C. §2101 et seq.; the Family and Medical Leave Act, 29 U.S.C. §2601  et seq.; any state or local counterpart to such federal statutes; the New Jersey Law Against Discrimination, N.J.S.A. 10:5-1 et seq.; the New Jersey Conscientious Employee Protection Act, N.J.S.A. 34:19-1 et seq.; the New Jersey Family Leave Act, N.J.S.A. 34:11B-1 et seq.; and any other applicable federal, state, foreign or local statute, regulation or ordinance prohibiting discrimination, harassment or retaliation.  You are also releasing any and all other claims and rights you may have against Releasees, other than the Excepted Rights, including, but not limited to, claims for breach of contract (express or implied), breach of promise, wrongful discharge, unjust dismissal, unfair competition, whistle-blowing, breach of fiduciary duty, breach of the implied covenant of good faith and fair dealing, invasion of privacy, defamation, wrongful denial of benefits, intentional and negligent infliction of emotional distress, intentional and negligent misrepresentation, 

3

representations made to induce you to accept employment with any Johnson & Johnson company, fraud, negligence, and any intentional torts.
You are releasing all claims described above arising through the date you sign this Agreement, including those for any injuries or damages suffered at any time after the date you sign this Agreement by reason of the continued effects of alleged discriminatory acts or other conduct that occurred prior to the date you sign this Agreement.
You agree that this Agreement provides you with payments and other benefits you otherwise would not be entitled to receive, which constitute consideration for this Release.  You agree that you are not entitled to and will not become entitled to anything further from Releasees except for the Excepted Rights, and that you will not seek anything further from Releasees, other than with respect to the Excepted Rights.  You acknowledge and confirm that you have not filed or caused or permitted to be filed any pending lawsuit of any type in any forum against any Releasee.
This release does not apply to rights that may arise after the date you sign this Agreement, or to any claims that cannot be waived by private agreement under applicable law.  This Agreement does not waive any rights you may have to file an administrative charge with the Equal Employment Opportunity Commission, but it does waive any rights you may have to any monetary award, recovery or settlement in connection with such a charge, without regard to who brought or filed such charge.
Furthermore, nothing in this Agreement, or any agreement signed by you during the course of your employment with the Company whether expressly stated or not, prohibits you from reporting or making a disclosure that is required or protected under any state or federal law or regulation to any government agency concerning a possible violation of state or federal law or regulation or from recovering a monetary award, recovery, or settlement from any government agency in connection with such reporting or disclosure.  However, this Agreement does waive any right that you have to any monetary award, recovery or settlement from the Company in connection with any such reporting or disclosure.
		
	10.
	You acknowledge that you are entering this Agreement knowingly, willingly and voluntarily.  You are strongly encouraged to consult an attorney regarding this Agreement.  

		
	11.
	You are entitled to twenty-one (21) days to consider and sign this Agreement.  Following the date that you sign this Agreement, you will have a period of seven (7) days (the “Revocation Period”) within which to revoke it.  If you do not revoke it, the Agreement will become effective at the end of the Revocation Period.  Any revocation of this Agreement must be in writing and delivered to Peter Fasolo, One Johnson & Johnson Plaza, New Brunswick, NJ 08933, within the Revocation Period.  If delivered by mail, the revocation must be postmarked within the Revocation Period.

		
	12.
	This Agreement and any confidentiality, non-solicitation and/or non-competition agreement you have signed, which are incorporated into this Agreement by reference, represent the entire agreement between you and the Company concerning your rights relating to the Company upon your separation, except that (i) all employee benefits referred to in this Agreement shall be subject to the terms and conditions of the applicable employee benefit plans, and (ii) all LTI awards shall be subject to the terms and conditions of the applicable award agreements and plan.  Notwithstanding the foregoing, the Company does not enforce post-employment restrictions on customer/client solicitation or services performed for a competitor contained within Company secrecy, non-competition and non-solicitation agreements against former California employees who engage in such activity in California, unless the activity involves the use or disclosure of confidential information, or other unlawful conduct.  This Agreement may be modified only in a writing signed by both parties.  You agree that any promises or representations concerning your rights relating to the Company upon your departure, either oral or written, that are not contained in this 

4

Agreement or the other documents referenced in this paragraph are not valid or binding upon the Company, except insofar as you may have continuing rights under certain company employee benefit plans based on plan rules.
		
	13.
	This Agreement will be binding on you and anyone who succeeds to your rights and responsibilities, such as your heirs or the executor of your estate.  This Agreement is made not only for the benefit of Releasees, including the individuals and entities collectively described herein, but also for all who succeed to their rights and responsibilities, such as the successors and assigns of the named corporate entities and the heirs and executors of the estates of the individuals collectively referred to herein as Releasees.

		
	14.
	If any provision of this Agreement, or the application of such provision to any person or circumstance, shall be held invalid or unenforceable, the remaining provisions, or the application of such provisions to persons or circumstances other than those to which it is held invalid or unenforceable, shall not be affected.  However, if the Release contained in this Agreement is found by a court of competent jurisdiction to be invalid or unenforceable, you agree, promptly upon the request of the Company, to execute a new release that is valid and enforceable.  In the absence of a valid, enforceable release, this Agreement shall be null and void.

To accept the terms of this Agreement, you should sign it below and return it to me.  The enclosed duplicate may be retained by you.
Very truly yours,
/s/ Peter M. Fasolo
By: Peter M. Fasolo
Executive Vice President, CHRO

I acknowledge that I have read and understand and agree to all the terms of this Agreement and further acknowledge that I have had the opportunity to review it with an attorney.

By:  /s/ Sandra Peterson    
       Sandra Peterson

5abmd-ex101_229.htm

 

Exhibit 10.1

FOURTH AMENDMENT TO LEASE

 

 

THIS FOURTH AMENDMENT TO LEASE (this “Fourth Amendment”), dated as of July  23    , 2018 (the “Effective Date”), is made and entered into by and between CHERRY HILL DRIVE OWNER, LLC, a Delaware limited liability company (“Landlord”) and ABIOMED, INC., a Delaware corporation (“Tenant”).

 

R E C I T A L S

 

A.Landlord and Tenant are parties to that certain Lease dated as of February 2, 2017 “Original Lease”) for that portion of the office building located at 24-42 Cherry Hill Drive, Danvers, Massachusetts (the “Building”) consisting of 21,603 rentable square feet as more particularly described in the Lease (the “Original Premises”). 

 

B.Landlord and Tenant entered into that certain First Amendment to Lease dated as of December 14, 2017 (the “First Amendment”) wherein, among other things, (i) the Term of the Lease was extended to expire on August 31, 2025 (the “Existing Premises Expiration Date”), and (ii) the Original Premises was expanded by the Expansion Premises (as described in the First Amendment) consisting of approximately 6,607 rentable square feet (the “First Amendment Expansion Premises”).  

 

C.Landlord and Tenant entered into that certain Second Amendment to Lease dated as of March 2, 2018 (the “Second Amendment”) wherein, among other things, the Premises was expanded by the Second Amendment Expansion Premises (as described in the Second Amendment) consisting of approximately 11,269 rentable square feet (the “Second Amendment Expansion Premises”; the Original Premises, the First Amendment Expansion Premises and the Second Amendment Expansion Premises, together, the “Existing Premises”).

 

D.Landlord and Tenant entered into that certain Third Amendment to Lease dated as of March 30, 2018 (the “Third Amendment”) wherein, among other things, the Landlord’s obligations and certain dates set forth in the Second Amendment were amended and modified.

 

E.Tenant wishes to further expand the Premises to include the addition of the space consisting of approximately 23,864 rentable square feet in the Building (defined in the First Amendment as the Subordinate Right of First Offer Space) and identified on the plan attached hereto as Exhibit A (the “Fourth Amendment Expansion Premises”) for a term (solely with respect to the Fourth Amendment Expansion Premises) commencing on October 1, 2018 (the “Fourth Amendment Commencement Date” and ending on August 31, 2027 (the “Fourth Amendment Expansion Premises Expiration Date”).

 

F.Landlord and Tenant wish to acknowledge and agree that (i) the Term of Lease 

 

1

 

 

solely with respect to the Existing Premises has previously commenced and shall expire on the Existing Premises Expiration Date (the “Existing Premises Term”), and (ii) the Term of Lease solely with respect to the Fourth Amendment Expansion shall commence on the Fourth Amendment Commencement Date and shall expire on the Fourth Amendment Expansion Premises Expiration Date (the “Fourth Amendment Expansion Premises Term”).

 

G.Landlord and Tenant wish to make certain amendments and modifications to the terms and provisions of the Lease consistent with the foregoing as hereinafter set forth.  The Lease, as modified by the First Amendment, the Second Amendment, the Third Amendment, and this Fourth Amendment, is hereinafter referred to as the “Lease.” Capitalized terms not otherwise defined herein shall have the meanings given to such terms in the Lease.

 

AGREEMENT:

 

NOW, THEREFORE, in consideration of the premises, the sum of Ten Dollars and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged and confessed, Landlord and Tenant hereby agree as follows: 

 

1.Premises; Tenant’s Percentage.  Effective as of Fourth Amendment Expansion Premises Commencement Date:  (i) the definition of Premises as set forth in the Lease shall be amended by adding the Fourth Amendment Expansion Premises thereto, and (ii) Tenant’s Percentage shall be increased by 23.72%. Upon the occurrence of the Fourth Amendment Commencement Date, (i) the term “Premises” shall be deemed to mean the Existing Premises and the Fourth Amendment Expansion Premises, (ii) the Premises shall be deemed to consist of 63,343 rentable square feet, consisting of the Original Premises (21,603 rentable square feet), the First Amendment Expansion Premises (6,607 rentable square feet), the Second Amendment Expansion Premises (11,269 rentable square feet), and the Fourth Amendment Expansion Premises (23,864 rentable square feet), and (iv) Tenant’s Percentage shall be deemed to be 62.95%.

 

	
 
	
2.
	
Term; Extension Options.

 

(a)Landlord and Tenant hereby acknowledge and agree that the Term of Lease with respect to the Existing Premises and the Fourth Amendment Expansion Premises shall not be co-terminus and the Term of Lease solely with respect to the Existing Premises shall expire on the Existing Premises Expiration Date and the Term of Lease solely with respect to the Fourth Amendment Expansion Premises shall expire on the Fourth Amendment Expansion Premises Expiration Date. For purposes of the Lease, except as otherwise set forth herein, the terms “Term”, “Lease Term” or “Term of Lease” shall mean the Existing Premises Term and the Fourth Amendment Expansion Premises Term.

 

(b)Landlord and Tenant hereby acknowledge and agree that, notwithstanding any term or condition set forth in the Lease, except as set forth in Section 2(c) below, the Extension Option set forth in Exhibit B of the Original Lease (as amended by Section 1(b) of the First Amendment) shall apply solely to the Existing Premises and the Existing Premises Term and shall 

 

2

 

 

not apply to the Fourth Amendment Expansion Premises or the Fourth Amendment Expansion Premises Term.

 

(c)The Extension Option set forth in Exhibit B of the Original Lease shall remain in full force and effect throughout the Fourth Amendment Expansion Premises Term and apply to the Fourth Amendment Expansion Premises (as well as to the Existing Premises through and including the Existing Premises Expiration Date), provided however, that, solely with respect to the Fourth Amendment Expansion Premises Term and the Fourth Amendment Expansion Premises:

 

	
 
	
i.
	
The second paragraph of Exhibit B of the Original Lease, as it applies solely to the Fourth Amendment Expansion Premises and the Fourth Amendment Expansion Premises Term, shall be deemed modified in its entirety to read as follows: “EXTENSION OPTIONS  So long as there exists no default beyond any applicable notice and cure periods, either at the time of exercise or on the first day of the Fourth Amendment Expansion Premises Extension Term (as hereinafter defined) and Tenant has not assigned this Lease nor sublet the Premises in whole or in part, Tenant shall have the option to extend the Fourth Amendment Expansion Premises Term for up to two (2) consecutive periods of four (4) years each (each, a “Fourth Amendment Expansion Premises Extension Term”) upon written notice to Landlord given not less than twelve (12) months and not more than fifteen ( 15) months prior to the expiration of the Fourth Amendment Expansion Premises Term or first Fourth Amendment Expansion Premises Extension Term, as applicable. If Tenant fails to exercise its first option to extend the Fourth Amendment Expansion Premises Term strictly within the time period set forth in this section, then Tenant's first and second option to extend the Fourth Amendment Expansion Premises Term shall both automatically lapse and be of no further force or effect. If Tenant exercises its first option to extend the Fourth Amendment Expansion Premises Term but fails to exercise its second option to extend the Fourth Amendment Expansion Premises Term strictly within the time period set forth in this section, then Tenant's second option to extend the Fourth Amendment Expansion Premises Term shall automatically lapse and be of no further force or effect.  In the event that Tenant exercises the option(s) granted hereunder, the applicable Fourth Amendment Expansion Premises Extension Term shall be upon the same terms and conditions as are in effect under this Lease immediately preceding the commencement of such Fourth Amendment Expansion Premises Extension Term except that the Base Rent due from the Tenant with respect to the Fourth Amendment Expansion Premises shall be increased to Landlord's determination of Base Rent as provided herein, and,  other than the second extension option provided herein, Tenant shall have no further right or option to extend the Fourth Amendment Expansion Premises Term or to any abatements, improvement allowance or other inducements. If Tenant timely exercises its option(s) to extend the Fourth Amendment Expansion Premises Term, then no later than thirty (30) days following receipt of Tenant's notice, Landlord shall notify Tenant in writing 

 

3

 

 

	
 
		
of Landlord's determination of the Base Rent for the Fourth Amendment Expansion Premises for such Fourth Amendment Expansion Premises Extension Term ("Landlord's Fourth Amendment Expansion Premises Rental Notice"). If Tenant does not object to Landlord's determination of the Base Rent by written notice to Landlord within twenty (20) days after the date of Landlord's Fourth Amendment Expansion Premises Term, then Tenant shall be deemed to have accepted the Base Rent set forth in Landlord's Fourth Amendment Expansion Premises Rental Notice.” 

 

	
 
	
ii.
	
All references in the third and fourth paragraphs of Exhibit B of the Lease to (1) “the Extension Term” shall be modified to read “the applicable Fourth Amendment Expansion Premises Extension Term”, (2) “Landlord’s Rental Notice” shall be modified to read “Landlord’s Fourth Amendment Expansion Premises Rental Notice,” and (3) the “Premises” shall be modified to read the “Fourth Amendment Expansion Premises.”

 

3.Base Rent.  Effective as of the Fourth Amendment Commencement Date, in addition to the Base Rent and Additional Rent payable to Tenant with respect to the Existing Premises, Tenant shall pay Base Rent for the Fourth Amendment Expansion Premises in accordance with the terms and conditions of the Lease in the following amounts applicable to the following periods (and Tenant shall pay Additional Rent for the Fourth Amendment Expansion Premises as set forth in the Lease):

 

				
	
 

 

 

Period
	
Base Rent

(per annum)

(NNN)
	
Base Rent

(per month)

(NNN)
	
Base Rent

(per rentable square foot, per annum)

(NNN)

	
Fourth Amendment Commencement Date – September 30, 2019
	
$334,096.00
	
$27,841.33
	
$14.00

	
October 1, 2019 – September 30, 2020
	
$344,834.80
	
$28,736.23
	
$14.45

	
October 1, 2020 – September 30, 2021
	
$355,812.24
	
$29,651.02
	
$14.91

	
October 1, 2021 – September 30, 2022
	
$367,266.96
	
$30,605.58
	
$15.39

	
October 1, 2022 – September 30, 2023
	
$378,960.32
	
$31,580.03
	
$15.88

	
October 1, 2023 – September 30, 2024
	
$391,130.96
	
$32,594.25
	
$16.39

	
October 1, 2024 – September 30, 2025
	
$403,540.24
	
$33,628.35
	
$16.91

 

4

 

 

				
	
October 1, 2025 – September 30, 2026
	
$416,426.80
	
$34,702.23
	
$17.45

	
October 1, 2026 – August 31, 2027
	
$429,552.00
	
$35,796.00
	
$18.00

 

Notwithstanding any term or condition of the Lease  to the contrary, Tenant’s obligation to pay Base Rent solely with respect to the Fourth Amendment Expansion Premises shall abate for the period commencing on the Fourth Amendment Commencement Date and ending on March 31, 2019.

 

 

4.Condition of the Fourth Amendment Expansion Premises; Landlord’s Work.  

 

(a)Condition of the Fourth Amendment Expansion Premises. Tenant hereby acknowledges and agrees that, subject to Landlord’s obligation with respect to the Landlord’s Work, it hereby accepts the Fourth Amendment Expansion Premises in such “AS IS, WHERE IS” condition as exists on the date hereof.  Further, Tenant specifically acknowledges and agrees that no provision of the Lease concerning (i) improvements, alterations and/or additions to be performed or provided by Landlord or at Landlord’s expense, (ii) tenant improvement allowances, (iii) reimbursement allowance, or (iv) free rent or other rent concession shall have any application whatsoever to the Fourth Amendment Expansion Premises or this Fourth Amendment, except as specifically set forth in this Fourth Amendment.

 

(b)Landlord’s Work.  Landlord hereby acknowledges and agrees that prior to the Fourth Amendment Commencement Date, it shall, at its sole cost and expense, (i) fully demise in accordance with all applicable laws and regulations the Fourth Amendment Expansion Premises, including without limitation, all mechanical, electrical, HVAC and plumbing systems, from the 18,974 rentable square foot space immediately adjacent to the Fourth Amendment Expansion Premises presently leased to Leica Biosystems Newcastle Ltd. (or its affiliate), (ii) remove the large refrigerator/freezer presently located in the Fourth Amendment Expansion Premises, (iii)  remove the UPS (uninterruptible power supply) system presently serving the Fourth Amendment Expansion Premises, and (iv) cause the Fourth Amendment Expansion Premises to be in broom clean condition (the “Landlord’s Work”).

 

5.Utilities; Temporary Mechanical Room; Data/Server Room.  

 

(a)Utilities.  Landlord and Tenant hereby acknowledge and agree that the entire Premises (including the Existing Premises and the Fourth Amendment Expansion Premises) are served by gas and electric utilities which are separately metered from the remaining portions of the Building by one or more meters.  Landlord represents that all meters for  such gas and electric utilities are currently in the Premises (including the Existing Premises and the Fourth Amendment Expansion Premises)  and serve no other portions of the Building. Accordingly, Tenant shall be responsible for paying the cost of such utilities used by the Premises.  Notwithstanding the foregoing, water service for the Building is not separately metered and, 

 

5

 

 

therefore, Tenant shall continue to pay Tenant’s Percentage of the cost of water used by the Building, however, in the event any portion of the Premises is not used for general office purposes, Tenant shall be required, at its sole cost and expense, to install a separate meter or check meter to measure water usage of such non-office portion of the Premises and Tenant shall be responsible for paying the entire cost of water used by such non-office portion of the Premises. In the event of any conflict between the provisions of this paragraph and any provisions of the Existing Lease governing utilities, the provisions of this paragraph shall prevail.

 

(b)Mechanical Room.  Effective as of the Fourth Amendment Commencement Date, Section 4(b) of the Second Amendment (Temporary Mechanical Room) shall be deleted in its entirety and have no further force or effect and Tenant shall have sole and exclusive use of the Temporary Common Area (described in such Section 4(b) of the Second Amendment).

 

(c)Data/Server Room.  Effective as of the Fourth Amendment Commencement Date, Section 4(c) of the Second Amendment (Data/Server Room) shall be deleted in its entirety and have no further force or effect and Tenant shall have sole and exclusive use of the Temporary Data/Server Room (described in Section 4(c) of the Second Amendment). 

 

6.Right of First Offer.  Landlord and Tenant hereby acknowledge and agree that the Fourth Amendment Expansion Premises is the same space described as the “Subordinate Right of First Offer Space” in the Right of First Offer attached as Exhibit B of the First Amendment.  Accordingly, such Right of First Offer shall have no further force or effect with respect to such Subordinate Right of First Offer Space described therein, but shall remain in full force and effect as to the Other Right of First Offer Space described therein.

 

7.Broker. Landlord and Tenant each represents and warrants to the other that, except for Jones Lang LaSalle (the “Broker”), it has had no dealing with any other broker or agent in connection with the negotiation or execution of this Fourth Amendment, and Tenant agrees to indemnify and hold Landlord harmless from and against any claims by any broker, agent or other person claiming a commission or other form of compensation by virtue of having dealt with Tenant with regards to this leasing transaction, except for the Broker.   Any commission owed to the Broker shall be paid by Landlord pursuant to separate agreement.

 

8. Counterparts; PDF Signatures. This Fourth Amendment may be executed in two (2) or more counterparts, each of which shall be an original but such counterparts together shall constitute one and the same instrument notwithstanding that both Landlord and Tenant are not signatories to the same counterpart.  PDF signatures shall be binding as originals.

 

9.Ratification.Except as amended by this Fourth Amendment, all other terms, conditions, covenants and provisions as appear in the Lease are hereby ratified and confirmed and shall remain unchanged.

 

10.Successors and Assigns.  This Fourth Amendment shall be binding upon and inure 

 

6

 

 

to the benefit of the parties hereto and their heirs, successors and permitted assigns.

 

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

7

 

 

IN WITNESS WHEREOF, the parties have caused this Fourth Amendment to be duly executed under seal as of the date first written above.

	
 
	

	
LANDLORD:

 

 

CHERRY HILL DRIVE OWNER LLC,

a Delaware limited liability company

 

 

By:  /s/ Brandon D. Kelly

Name: Brandon D. Kelly

Title: Authorized Signatory

 

 

 

 

	
 
	

	
TENANT:

 

ABIOMED, INC., a Delaware corporation

 

 

By: /s/ Michael R. Minogue

Name:Michael R. Minogue

Title:Chairman, President and Chief Executive Officer

 

8

 

 

EXHIBIT A

 

PLAN OF FOURTH AMENDMENT EXPANSION PREMISES

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00285-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00285-of-00352.parquet"}]]