Document:

ex_143104.htm

Exhibit 10.1

 

		
			PDF Solutions, Inc.

			2858 De La Cruz Blvd.

			Santa Clara, California  95050 USA

			 

			

 

VIA EMAIL: cees.hartgring@pdf.com

  

Cornelis D. Hartgring 

 

October 26, 2018

 

 

 

Re: Revised Employment Terms- Part Time Status 

 

 

Dear Cees,

 

On behalf of PDF Solutions, Inc., (“PDF” of the “Company”), I am pleased to accommodate your request for a change in your employment status to part time. Your previous offer terms are superseded by the terms outlined in this offer letter. Your title will remain that of Vice President of Client Services and Sales, however, for clarification, this position is no longer an executive officer role and any policies you generate or help generate are to be reviewed/approved by the CEO, CFO, or VP, Products & Services. This offer of part time employment with PDF is conditioned upon your acceptance, in writing, of the terms and conditions as enumerated below.

 

	
			1.

				
			Part time work hours. Commencing on November 1, 2018, your part time work hours will be 30 hours per week.  

			

 

	
			2.

				
			Compensation. Based on your part time status, you shall be paid a base salary of One Hundred Thirty-seven Thousand Five Hundred U.S. dollars ($137,500) per annum, paid to you semimonthly at the rate of $5,729.17 per payroll period. Your salary shall be paid in accordance with the Company's standard payroll policies (subject to applicable withholding taxes as required by law).

			

 

	
			3.

				
			Bonus. You shall be eligible to participate in a Company-sponsored incentive bonus plans that may (from time to time and at the sole discretion and option of the Company) be made available to PDF employees on a company wide basis, unless otherwise determined by the PDF Compensation Committee. The structure of such plans and the amount of any bonus awarded under such plans shall be in alignment with the objectives of the official Company annual business plan for any year in question.

			

 

	
			4.

				
			Stock Options and RSUs. You will continue to be eligible to participate in the company’s stock options and RSU program. The options will be non-qualified stock options. These equity awards will be subject to the terms of the Company’s 2011 Stock Plan (as amended and restated) and the execution of the applicable Stock Option Agreement entered into between you and the Company, which terms shall also govern these awards.

			

 

	
			5.

				
			General Duties. During the term of your employment, you agree that at all times and to the best of your ability you will loyally and conscientiously perform all of the duties and obligations required of you in your job and by the Company. You further agree that you will not render commercial or professional services of any nature to any person or organization, whether or not for compensation, without the prior written consent of the Company, and that you will not directly or indirectly engage in or participate in any business that is competitive in any manner with the business of the Company. You also agree to comply with any and all policies of the Company as in effect from time to time.

			

 

 

 

 

Cornelis Hartgring 

Page 2 of 3

October 26, 2018

 

 

 

 

	
			6.

				
			Benefits. As a 30 hours per week part time employee, you can continue to participate in the Company’s regular health insurance program and other benefits as established by the Company for its employees from time to time.

			

 

	
			7.

				
			Confidential Information and Invention Assignment Agreement. Your executed Company’s Confidential Information and Invention Assignment Agreement (the “Confidentiality Agreement”) remains in effect, a copy of which is filed in PDF’s Human Resources Department.

			

 

	
			8.

				
			Arbitration. Any dispute, claim or controversy between you as Employee and PDF Solutions as Employer arising out of or relating to (i) our employment relationship or any of the events or circumstances leading up to your employment with PDF Solutions including, without limitation, your interview process and all negotiations relating to your employment with PDF Solutions and the execution of this agreement; and/or (ii) this agreement or any of its provisions, or the breach, termination, enforcement, interpretation or validity thereof, shall be subject to and resolved exclusively by arbitration before a single arbitrator in accordance with the National Rules for the Resolution of Employment Disputes, also called the "Employment Arbitration Rules and Mediation Procedures"(the "Rules") of the American Arbitration Association (the "AAA"), a copy of which can be found as of the date of this letter at the following internet website: https://www.adr.org/sites/default/files/Commercial%20Rules.pdf. Such Rules of the AAA in effect at the time of your accepting this offer of employment and entering this agreement by that acceptance are to be used, provided that they remain applicable and do not contravene applicable law at the time of any actual arbitration. The single arbitrator will be selected by the AAA pursuant to its Rules. The decision of the arbitrator and any arbitration award shall be final, binding, non-appealable and conclusive on and as to the parties thereto. No recourse may be made to any court except solely to enforce a final award in a court of competent jurisdiction. California law, without regard to conflict of law principles or the choice of law provisions of other states, applies to this agreement to arbitrate, as well as exclusively to all other matters regarding your employment or arising respecting it at any time, except to the extent that the Federal Arbitration Act (FAA) and federal law regarding arbitration is applicable, in which case as to those issues, federal law governs. In this regard, it is acknowledged that the employee's employment is specifically understood to "involve commerce" and that the FAA governs and applies in those circumstances. The provisions of this offer letter, specifically including the agreement to arbitrate, are the product of arm's length negotiations with you and they are agreed to and are entered after due consideration and voluntarily with the intention to be bound by them, including the agreement to arbitrate, and it is agreed and acknowledged that this is an individually negotiated agreement and plan, not an employer-promulgated plan, and that you have been given the opportunity to have this agreement, including the provision for arbitration, reviewed prior to our signing by counsel of your own choice and at your sole expense.

			

 

 

 

 

Cornelis Hartgring 

Page 3 of 3

October 26, 2018

 

 

 

 

	
			9.

				
			At- Will Employment and Other Conditions. Your employment will be at-will, meaning that you or PDF may terminate the employment relationship at any time, with or without cause, with or without notice (“At-Will”).

			

 

	
			10.

				
			Severability; Electronic Signature. If any provision of this offer is determined to be invalid or unenforceable, the remainder shall be unaffected and shall be enforceable. This offer may be executed by one or both parties electronically, and in counterparts, each of which shall be deemed an original and all of which together shall be deemed one and the same original agreement.

			

 

We are all delighted to be able to extend you this offer and accommodate your request. Should you have any additional questions, please reach out to me at 408-938-4462 or by email at the address listed below. To indicate your acceptance of this offer, please sign and date this letter in the space provided below and return a scanned copy by email to pamela.fong@pdf.com.   

 

 

	 	
			Sincerely,

			 

			PDF SOLUTIONS, INC.

			 

			/s/ Pamela Fong

			 

			Pamela Fong

			Vice President of Human Resources

			

 

 

 

 

ACKNOWLEDGMENTS & ACCEPTANCE 

I accept this employment offer with the understanding that it is not a contract for a fixed term or specified period of time. I understand that my employment is voluntary, (“At Will”), and can be terminated either by me or by the company at any time, with or without notice and with or without cause. The provisions stated above supersede all prior representations or agreements, whether written or oral. This offer letter may not be modified or amended except by a written agreement, signed by the Company and me.

 

 

THE FOREGOING TERMS AND CONDITIONS ARE HEREBY AGREED TO AND ACCEPTED: 

 

 

	
			Signed:

				
			/s/ Cornelis Hartgring

			
	 	 
	
			Name:

				
			Cornelis Hartgring

			
	
			Date

				
			10/26/2018

			
	 	 
	
			Effective Date:

				
			11/1/18hubs-ex101_131.htm

 

Exhibit 10.1

FOURTH AMENDMENT TO LEASE 

This FOURTH AMENDMENT TO LEASE (the “Fourth Amendment”) dated this 19th day of April, 2019 (the “Effective Date”) is made by and between ONE CANAL PARK MASSACHUSETTS, LLC, a Delaware limited liability company (“Landlord”), and HUBSPOT, INC., a Delaware corporation (“Tenant”). 

RECITALS:

A.WHEREAS, Landlord and Tenant entered into that certain Lease dated October 7, 2016, as amended by that certain First Amendment to Lease dated February 14, 2017 (the “First Amendment”), as amended by Second Amendment to Lease dated March 12, 2018 (the “Second Amendment”), and further amended by Third Amendment to Lease dated May 2, 2018 (collectively, the “Lease”) whereby Tenant leases from Landlord certain premises consisting of a total of approximately 65,496 rentable square feet, comprised of: (i) 16,750 rentable square feet on the second (2nd) floor (“Premises A”); (ii) approximately 8,562 rentable square feet on the second (2nd) floor (“Premises B”); (iii) approximately 9,022 rentable square feet on fourth (4th) floor of the Building (“Premises C”); (iv) approximately 21,052 rentable square feet on the fourth (4th) floor of the Building (“Premises D”); and approximately 10,109 rentable square feet on the first (1st ) floor of the Building (“Premises E”) (collectively, Premises A, Premises B, Premises C, Premises D and Premises E shall be known as the “Existing Premises”) in the building located at One Canal Park, Cambridge, Massachusetts (the “Building”);

B.WHEREAS, the Expiration Date with respect to the Existing Premises is scheduled to expire on April 30, 2029  (the “Expiration Date”); and

C.WHEREAS,Landlord has agreed and Tenant desires to lease additional space consisting of approximately 30,074 rentable square feet on the third (3rd) floor of the Building (“Premises F”) as substantially shown on the floor plan attached hereto as EXHIBIT “A” subject to the terms and conditions set forth herein.

 

 

AGREEMENT:

NOW THEREFORE, in consideration of the promises contained herein and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties agree as follows:

1.Recitals.  The recitals set forth above are incorporated herein and made a part of this Fourth Amendment as if set forth herein in full. 

2.Capitalized Terms.  All capitalized terms used in this Fourth Amendment that are not defined in this Fourth Amendment shall have the meanings ascribed to such terms in the Lease. In the event of any conflict between the terms of the Lease and the terms of this Fourth Amendment, the definitions set forth in this Fourth Amendment shall control. 

1

 

 

3.Term for Premises F.  

3.1Landlord demises to Tenant, and Tenant takes from Landlord, Premises F upon and subject to the provisions of the Lease, as amended by this Fourth Amendment.  Subject to the terms and conditions set forth herein, the Term of the Lease with respect to Premises F (the “Premises F Term”) shall commence on the later date to occur of (the “Premises F Commencement Date”):  (i) October 1, 2019, or (ii) date Landlord delivers possession of Premises F to Tenant vacant, broom free, free of tenants, occupants, property and debris, in compliance with all applicable Laws and free of Hazardous Materials that are required to be removed, remediated, or encapsulated pursuant to applicable Environmental Laws and shall expire on April 30, 2029 (the “Premises F Expiration Date”).  In no even shall Landlord deliver Premises F to Tenant prior to October 1, 2019.  

3.2For purposes of this Fourth Amendment, the “Estimated Premises F Commencement Date” is October 1, 2019.  From and after the Premises F Commencement Date, Premises F shall be deemed a “Portion of the Premises” under the Lease. Once the Premises F Commencement Date has occurred, Landlord and Tenant shall execute a commencement date agreement, in a form similar to that which is attached as Exhibit 5 to the Lease in order to confirm the Premises F Commencement Date, the Premises F Expiration Date and the schedule with respect to Yearly Rent for Premises F.

4.Premises F Rent Commencement Date. The “Premises F Rent Commencement Date” shall commence on the Premises F Commencement Date. 

2

 

 

5.Yearly Rent for Premises F. Effective as of the Premises F Rent Commencement Date, Tenant shall pay Yearly Rent with respect to Premises F in accordance with the following schedule and in accordance with all other terms and conditions applicable to the payment of Yearly Rent under the Lease:

 

				
	
Term for 

Premises F
	
Yearly Rent

 
	
Monthly Payment
	
Per Rentable Square Foot of Premises F

	
From the Premises F Rent Commencement Date through the expiration of the First Premises F Rent Year
	
$2,405,920.00
	
$200,493.33
	
$80.00

	
Second Premises 

F Rent Year
	
$2,435,994.00
	
$202,999.50
	
$81.00

	
Third Premises F 

Rent Year
	
$2,466,068.00
	
$205,505.67
	
$82.00

	
Fourth Premises 

F Rent Year
	
$2,496,142.00
	
$208,011.83
	
$83.00

	
Fifth Premises F 

Rent Year
	
$2,526,216.00
	
$210,518.00
	
$84.00

	
Sixth Premises F 

Rent Year
	
$2,556,290.00
	
$213,024.17
	
$85.00

	
Seventh Premises F Rent Year
	
$2,586,364.00
	
$215,530.33
	
$86.00

	
Eighth Premises F Rent Year
	
$2,616,438.00
	
$218,036.50
	
$87.00

	
Ninth Premises F Rent Year
	
$2,646,512.00
	
$220,542.67
	
$88.00

	
From the commencement of the Tenth Premises F Rent Year through April 30, 2029
	
$2,676,586.00
	
$223,048.83
	
$89.00 

 

For purposes of the Lease, the term “Premises F Rent Year” shall mean a twelve-month period beginning on the Premises F Rent Commencement Date or any anniversary of the Premises F Rent Commencement Date, except that if the Premises F Rent Commencement Date does not fall on the first day of a calendar month, then the first Premises F Rent Year shall begin on the Premises F Rent Commencement Date and end on the last day of the month containing the first anniversary of the Premises F Rent Commencement Date, and each succeeding Premises F Rent Year shall begin on the day following the last day of the prior Premises F Rent Year.

3

 

 

6.Tax Excess for Premises F. The Tax Base with respect Premises F shall be the actual amount of Taxes for the fiscal year 2021 (i.e., July 1, 2020, through June 30, 2021). From and after July 1, 2021, Tenant shall pay to Landlord Tenant’s Premises F Proportionate Share (as hereinafter defined) of the amount by which Taxes in any Tax Period exceed the Tax Base with respect to Premises F, with such excess payable in accordance with the terms and conditions of the Lease. “Tenant’s Premises F Proportionate Share” shall be 29.64%.    

7.Operating Excess for Premises F. The Operating Costs in the Base Year with respect to Premises F shall be the actual amount of Operating Costs for the calendar year 2020. From and after January 1, 2021, Tenant shall pay to Landlord Tenant’s Premises F Proportionate Share of the amount by which Operating Costs in any Operating Year exceed the Operating Costs in the Base Year with respect to Premises F, with such excess payable in accordance with the terms and conditions of the Lease.  

8.Amendment to Parking.  For purposes of clarification herein, Tenant currently has the right to thirty eight (38) Parking Passes under the Lease. Effective as of the Premises F Commencement Date, Tenant shall have the right to thirty (30) additional Parking Passes under the Lease. Effective as of the Premises D Commencement Date, Tenant shall have the right to ten (10) additional Parking Passes under the Lease. The Parking Passes shall be subject to all of the terms and conditions of Section 30.12 of the Lease.  

9.Condition of Premises F.  Except for Landlord’s obligation to: (a) deliver Premises F in accordance with Section 3.1 of this Fourth Amendment;  (b) demolish the existing improvements in Premises F at its sole cost and expense in accordance with a demolition plan mutually agreed to by Landlord and Tenant; (c) and to provide the Premises F Improvement Allowance as more particularly described on Exhibit “B” attached hereto, Landlord shall not be obligated to make any improvements or contribute any allowances and Tenant shall take occupancy of the Premises F in its “as-is” condition as of the date of this Fourth Amendment.  Notwithstanding the foregoing, (i) Landlord’s representation set forth in Section 2.2 of the Lease shall apply with respect to Premises F as of the Premises F Commencement Date, (ii) Section 3.1(c) of the Lease shall apply to Premises F, and (iii) Section 3.1(d) shall apply to Premises F. 

10.Tenant’s Extension Option.  For purposes of confirmation herein, Tenant’s Extension Option under Section 30.16 (Tenant’s Option to Extend the Term of the Lease) shall be applicable to Premises F.  

11.Deletion of Tenant’s Right of First Offer. Section 30.17. Tenant’s Right of First Offer. shall be deleted and of no further force and effect. 

12.Exterior Building Signage.  Section 13. Building Signage. of the Second Amendment shall be deleted in its entirety and replaced with the following:

4

 

 

Notwithstanding the terms and conditions of Section 18.4 of the Lease, and subject to: (i) all applicable laws; and (ii) Landlord’s prior written approval, which approval shall not be unreasonably withheld, conditioned or delayed, Tenant, at its sole cost and expense, shall have the right to install exclusive signage on any area above the first (1st) floor of the exterior office portion of the Building (the “Exterior Building Signage”) which shall exclude any signage below the first (1st) floor for the ground floor retail tenants of the Building. The size and location of the Exterior Building signage shall be mutually agreed upon by Landlord and Tenant and shall be subject to the approval of the City of Cambridge.  Upon expiration or earlier termination of the Lease, Tenant shall remove the Exterior Building Signage at its sole cost and expense and leave the Building façade in good, clean condition and repair.  

13.Lobby and Common Area Improvements. Subject to Landlord’s prior written approval, which approval shall not be unreasonably withheld, conditioned or delayed, Tenant, at its sole cost and expense shall have the right to: (a) make modifications and improvements to the lobby and all common areas of the Building for the purpose of creating more usable soft seating and communal space; and (b) to install interior signage and branding within the lobby and all common areas. Except as set forth herein, the provisions of this paragraph shall be considered Alterations and subject to all terms and conditions of the Lease that govern the same. 

14.Letter of Credit. Landlord is currently holding a Letter of Credit in the amount of $444,890.20. Notwithstanding any terms and conditions of this Lease to the contrary, as of the date of Tenant’s signature to this Fourth Amendment, and as a condition to the effectiveness of this Fourth Amendment, the Letter of Credit shall be amended or replaced so as to increase the amount to $594,725.50. The Letter of Credit shall be amended or replaced so as to increase the amount to $1,151,206 on or before the Premises F Commencement Date. The Letter of Credit shall be amended or replaced so as to increase the amount to $1,540,668.00 on or before the Premises D Commencement Date. All other terms and condition set forth in Article 8.2 of the Lease with respect to the Letter of Credit shall remain in full force and effect.  

15.Dog Friendly Premises. Paragraphs (f) and (g) of Section 30.19 of the Lease shall be deleted in its entirety and replaced with the following:

(f)Access to and egress from the Building and tenant premises shall be as follows:

(i)Enter or exit from the Building using only the Otis Way entrance and the stairwell off the vestibule. Dogs shall be permitted in the main lobby of the Building to access the first (1st) floor suite. Dogs in the first (1st) floor premises may use any of the Canal facing doors that serve their space. 

(g)Dogs are not permitted in the restrooms, elevators, bicycle room, or in any Building public or common space existing currently or designated by Landlord in the future except in the areas designated in clause (i) above. 

5

 

 

16.Bicycle Room. Tenant shall have access to the bicycle room on the first (1st) floor of the Building for the purpose of storing bicycles and subject to such reasonable rules and regulations as may be required by Landlord. 

17.Brokers. Tenant represents to Landlord that Tenant has not dealt with any broker in connection with this Fourth Amendment other than CBRE/New England representing Landlord exclusively (“Landlord’s Broker”), and T3 Advisors, LLC, representing Tenant exclusively (“Tenant’s Broker”), and warrants that no other broker is or may be entitled to any commission in connection therewith. Tenant agrees to indemnify, defend and hold harmless Landlord and Landlord’s agents from all damages, liability and expense (including reasonable attorneys’ fees) arising from any claims or demands of any other brokers or finders for any commission alleged to be due such brokers or finders in connection with their participation in the negotiation with Tenant of this Fourth Amendment other than Landlord’s Broker and Tenant’s Broker.  Landlord represents and warrants that, in connection with the execution and delivery of the Lease, it has not directly or indirectly dealt with any broker other than Landlord’s Broker and Tenant’s Broker.  Landlord agrees to defend, exonerate and save harmless Tenant and anyone claiming by, through, or under Tenant against any claims arising in breach of the representation and warranty set forth in the immediately preceding sentence.  Landlord shall pay any commissions due to Landlord’s Broker and Tenant’s Broker pursuant to a separate agreement between Landlord and Landlord’s Broker.

18.Counterparts and Authority.  This Fourth Amendment may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.  Landlord and Tenant each warrant to the other that the person or persons executing this Fourth Amendment on its behalf has or have authority to do so and that such execution has fully obligated and bound such party to all terms and provisions of this Fourth Amendment.

19.Confirmation of Lease.  Except as amended by this Fourth Amendment, all terms and provisions of the Lease shall remain in full force and effect, and as further modified by this Fourth Amendment, is expressly ratified and confirmed by the parties hereto. This Fourth Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, subject to the provisions of the Lease regarding assignment and subletting.

20.Governing Law; Interpretation and Partial Invalidity.  This Fourth Amendment shall be governed and construed in accordance with the laws of the Commonwealth of Massachusetts.  If any term of this Fourth Amendment, or the application thereof to any person or circumstances, shall to any extent be invalid or unenforceable, the remainder of this Fourth Amendment, or the application of such term to persons or circumstances other than those as to which it is invalid or unenforceable, shall not be affected thereby, and each term of this Fourth Amendment shall be valid and enforceable to the fullest extent permitted by law.  The titles for the paragraphs are for convenience only and are not to be considered in construing this Fourth Amendment.  This Fourth Amendment contains all of the agreements of the parties with respect to the subject matter hereof, and supersedes all prior dealings between them with respect to such subject matter.

21.Binding Agreement.  This document shall become effective and binding only upon the execution and delivery of this Fourth Amendment by both Landlord and Tenant.

[SIGNATURE PAGE TO FOLLOW]

 

6

 

 

 

IN WITNESS WHEREOF, Landlord and Tenant have caused this Fourth Amendment to be executed as of the Effective Date. 

 

LANDLORD:  

 

ONE CANAL PARK MASSACHUSETTS, LLC

a Delaware limited liability company

 

	
By:
	
 
	
Bay State REIT, LLC

	
 
	
 
	
a Delaware limited liability company, its Manager

 

	
By:
	
 
	
U.S. Real Estate Investment Fund REIT, Inc.

	
 
	
 
	
a Delaware corporation, its Manager

 

	
By:
	
 
	
/s/ Thomas Taranto

	
Name:
	
 
	
Thomas Taranto

	
Title:
	
 
	
Vice President

TENANT:

 

HUBSPOT, INC.

a Delaware corporation 

 

	
By:
	
 
	
/s/ John Kelleher

	
Name:
	
 
	
John Kelleher

	
Title:
	
 
	
General Counsel

 

7

 

 

EXHIBIT “A”

 

PREMISES F 

 

ATTACHED HERETO

 

 

8

 

 

EXHIBIT “B”

 

PREMISES F IMPROVEMENT Allowance

 

1.Landlord shall, in the manner set forth in Section 5.2(b) of the Lease, provide to Tenant an allowance of up to $58.00 per rentable square foot of Premises F (which equals up to $1,744,292.00 in total) (the “Premises F Improvement Allowance”). The Premises F Improvement Allowance shall be used by Tenant to pay for the construct certain improvements with respect to the Premises F (the “Premises F Tenant Improvements”).  

2.Landlord agrees that Tenant may apply the Premises F Improvement Allowance towards hard construction costs, soft costs (such as permitting, architectural and engineering fees), voice and data wiring and cabling costs, and furniture, fixtures and equipment expenses subject to and in accordance with the same terms and conditions set forth in Sections 5.2(b) and 5.2(c) of the Lease. 

3.Tenant acknowledges that all costs for the Premises F Tenant Improvements in excess of the Premises F Improvement Allowance shall be at the sole cost and expense of Tenant. 

4.The Premises F Tenant Improvements shall: (a) be subject to the same terms and conditions set forth in Section 5 of the Lease applicable to the Tenant’s Work, provided, however, in no event shall Tenant be required to post any lien bonds or surety payment and performance bonds with respect to the Premises F Tenant Improvements; (b) based on plans and specifications previously approved by Landlord, which approval shall not be unreasonably withheld, conditioned or delayed; (c) performed in a good and workmanlike manner by contractors previously approved by Landlord, which approval shall not be unreasonably withheld, conditioned or delayed; and (d) be in compliance with all applicable laws and regulations. 

5.Landlord shall disburse the Premises F Improvement Allowance to Tenant on a periodic basis (but no more than once per month) in accordance with the terms and conditions of Section 5.2 of the Lease applicable to the Landlord’s Contribution. 

6.Tenant must request disbursement of the Premises F Improvement Allowance on or before the date which is eighteen (18) months following the Premises F Commencement Date, the failing of which shall cause Tenant to forfeit any portion of the Premises F Improvement Allowance not requisitioned by Tenant as of such applicable date. Tenant shall not be permitted to apply any unused portion of the Premises F Improvement Allowance toward Rent or other amounts due under the Lease. 

7.If Landlord fails timely to pay any portion of the Premises F Improvement Allowance when properly due and as to which Tenant has satisfied the requisition conditions, and such failure shall continue for thirty (30) days after written notice from Tenant to Landlord, then Tenant, provided no monetary or material non-monetary Event of Default of Tenant has occurred and is continuing, may deliver a second notice to Landlord, which notice shall specify the Requisition that has not been timely paid, the date upon which it was sent to Landlord, and if Landlord fails to disburse the amount expressly referenced in such notice within five (5) business days, then Tenant shall have the right to have such unpaid amount credited against the next installment(s) of Yearly Rent thereafter due under the Lease, until such sums due Tenant have been fully paid by Landlord or fully credited and accounted for.

9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}]]