Document:

Document

Exhibit 10.1

EMPLOYMENT AGREEMENT
This Amended and Restated Employment Agreement (“Agreement”) is made between Black Diamond Therapeutics, Inc., a Delaware corporation (the “Company”), and Elizabeth Buck, Ph.D. (the “Executive”) and is effective as of August 11, 2021 (the “Effective Date”).  Except with respect to the Equity Documents (as defined below), this Agreement supersedes in all respects all prior agreements between the Executive and the Company regarding the subject matter herein, including without limitation (i) the Employment Agreement between the Executive and the Company effective as of January 29, 2020 (the “Prior Agreement”) (ii) the Employment Agreement between the Executive and ASET Therapeutics, Inc. dated March 14, 2017 (the “Original Agreement”), and (iii) any other offer letter, employment agreement or severance agreement.
WHEREAS, the Company desires to continue to employ the Executive and the Executive desires to continue to be employed by the Company with a new position and new base salary as provided herein and on the new terms and conditions contained herein.
NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:
1.Employment.
(a)Term.   The Company shall employ the Executive and the Executive shall be employed by the Company pursuant to this Agreement commencing as of the Effective Date and continuing until such employment is terminated in accordance with the provisions hereof (the “Term”).  The Executive’s employment with the Company will continue to be “at will,” meaning that the Executive’s employment may be terminated by the Company or the Executive at any time and for any reason subject to the terms of this Agreement.
(b)Position and Duties.  The Executive shall serve as the Chief Scientific Officer of the Company and shall have such powers and duties as may from time to time be prescribed by the Chief Executive Officer (the “CEO”) or other duly authorized executive.  The Executive shall devote the Executive’s full working time and efforts to the business and affairs of the Company.  Notwithstanding the foregoing, the Executive may serve on other boards of directors, with the approval of the Board of Directors of the Company (the “Board”), or engage in religious, charitable or other community activities as long as such services and activities are disclosed to the Board and do not interfere with the Executive’s performance of the Executive’s duties to the Company.  To the extent applicable, the Executive shall be deemed to have resigned from all officer and board member positions that the Executive holds with the Company or any of its respective subsidiaries and affiliates upon the termination of the Executive’s employment for any reason.  The Executive shall execute any documents in reasonable form as may be requested to confirm or effectuate any such resignations.

2.Compensation and Related Matters.
(a)Base Salary.  The Executive’s initial base salary shall be paid at the rate of  $407,550 per year.  The Executive’s base salary shall be subject to periodic review by the Board or the Compensation Committee of the Board (the “Compensation Committee”).  The base salary in effect at any given time is referred to herein as “Base Salary.”  The Base Salary shall be payable in a manner that is consistent with the Company’s usual payroll practices for executive officers.
(b)Incentive Compensation.  The Executive shall be eligible to receive cash incentive compensation as determined by the Board or the Compensation Committee from time to time.  The Executive’s initial target annual incentive compensation shall be 40 percent of the Executive’s Base Salary.  The target annual incentive compensation in effect at any given time is referred to herein as “Target Bonus.”  The actual amount of the Executive’s annual incentive compensation, if any, shall be determined in the sole discretion of the Board or the Compensation Committee, subject to the terms of any applicable incentive compensation plan that may be in effect from time to time.  Except as otherwise provided herein, to earn incentive compensation, the Executive must be employed by the Company on the day such incentive compensation is paid.  
(c)Expenses.  The Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by the Executive during the Term in performing services hereunder, in accordance with the policies and procedures then in effect and established by the Company for its executive officers.
(d)Other Benefits.  The Executive shall be eligible to participate in or receive benefits under the Company’s employee benefit plans in effect from time to time, subject to the terms of such plans.
(e)Paid Time Off.  The Executive shall be entitled to take paid time off in accordance with the Company’s applicable paid time off policy for executives, as may be in effect from time to time.  
(f)Equity.  The equity awards held by the Executive shall continue to be governed by the terms and conditions of the Company’s applicable equity incentive plan(s) and the applicable award agreement(s) governing the terms of such equity awards held by the Executive (collectively, the “Equity Documents”); provided, however, and notwithstanding anything to the contrary in the Equity Documents, Section 5, 6(c), and 7(a)(ii) shall apply in the event of a termination of the Executive’s employment covered by those provisions pursuant to the terms of this Agreement.
3.Termination.  The Executive’s employment hereunder may be terminated without any breach of this Agreement under the following circumstances:
(a)Death.  The Executive’s employment hereunder shall terminate upon death.
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(b)Disability.  The Company may terminate the Executive’s employment if the Executive is disabled and unable to perform the essential functions of the Executive’s then existing position or positions under this Agreement with or without reasonable accommodation for a period of 180 days (which need not be consecutive) in any 12-month period.  If any question shall arise as to whether during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive’s then existing position or positions with or without reasonable accommodation, the Executive may, and at the request of the Company shall, submit to the Company a certification in reasonable detail by a physician selected by the Company to whom the Executive or the Executive’s guardian has no reasonable objection as to whether the Executive is so disabled or how long such disability is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue.  The Executive shall cooperate with any reasonable request of the physician in connection with such certification.  If such question shall arise and the Executive shall fail to submit such certification, the Company’s determination of such issue shall be binding on the Executive.  Nothing in this Section 3(b) shall be construed to waive the Executive’s rights, if any, under existing law including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq.  
(c)Termination by Company for Cause.  The Company may terminate the Executive’s employment hereunder for Cause.  For purposes of this Agreement, “Cause” shall mean any of the following:  
(i)the willful failure, disregard or refusal by the Executive to perform the Executive’s material duties or obligations under this Agreement which, to the extent it is curable by the Executive, is not cured within thirty (30) days after written notice thereof is given to the Executive by the Company; 
(ii)any willful, intentional or grossly negligent act by the Executive having the effect of materially injuring (whether financially or otherwise) the business or reputation of the Company or any of its affiliates, including but not limited to, any senior officer, director or executive of the Company or any of its affiliates; 
(iii)willful misconduct by the Executive with respect to any of the material duties or obligations of the Executive under this Agreement, including, without limitation, willful insubordination with respect to lawful directions received by the Executive from the Board which, to the extent it is curable by the Executive, is not cured within thirty (30) days after written notice thereof is given to the Executive by the Company;
(iv)the commission by the Executive of acts satisfying the elements of (A) any felony or (B) a misdemeanor involving moral turpitude, deceit, dishonesty or fraud;
(v)the determination, after a reasonable and good-faith investigation by the Company, that the Executive engaged in some form of harassment or 
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discrimination prohibited by law (including, without limitation, age, sex or race harassment or discrimination);
(vi)the Executive’s material misappropriation or embezzlement of the property of the Company or its Affiliates (whether or not a misdemeanor or felony); 
(vii)material breach by the Executive of any of the provisions of this Agreement, of any Company policy, and/or of the Executive’s Restrictive Covenants Agreement (as defined below); or 
(viii)the Executive’s failure to cooperate with a bona fide internal investigation or an investigation by regulatory or law enforcement authorities, after being instructed by the Company to cooperate, or the willful destruction or failure to preserve documents or other materials known to be relevant to such investigation or the inducement of others to fail to cooperate or to produce documents or other materials in connection with such investigation.
(d)Termination by the Company without Cause.  The Company may terminate the Executive’s employment hereunder at any time without Cause.  Any termination by the Company of the Executive’s employment under this Agreement which does not constitute a termination for Cause under Section 3(c) and does not result from the death or disability of the Executive under Section 3(a) or (b) shall be deemed a termination without Cause.
(e)Termination by the Executive.  The Executive may terminate employment hereunder at any time for any reason, including but not limited to, Good Reason.  For purposes of this Agreement, “Good Reason” shall mean that the Executive has completed all steps of the Good Reason Process (hereinafter defined) following the occurrence of any of the following events without the Executive’s consent (each, a “Good Reason Condition”):  
(i)a material adverse change in Executive’s duties, authority, responsibilities or reporting chain relative to Executive’s duties, authority, or responsibilities in effect immediately prior to such change;
(ii)a material diminution in the Executive’s Base Salary except for across-the-board salary reductions based on the Company’s financial performance similarly affecting all or substantially all senior management employees of the Company; 
(iii)a material change in the geographic location at which the Executive provides services to the Company, such that there is an increase of at least thirty (30) miles of driving distance to such location from the Executive’s principal residence as of such change; or
(iv)a material breach of this Agreement by the Company. 
The “Good Reason Process” consists of the following steps: 
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(i)the Executive reasonably determines in good faith that a Good Reason Condition has occurred; 
(ii)the Executive notifies the Company in writing of the first occurrence of the Good Reason Condition within 60 days of the first occurrence of such condition; 
(iii)the Executive cooperates in good faith with the Company’s efforts, for a period of not less than 30 days following such notice (the “Cure Period”), to remedy the Good Reason Condition; 
(iv)notwithstanding such efforts, the Good Reason Condition continues to exist; and 
(v)the Executive terminates employment within 60 days after the end of the Cure Period.  
If the Company cures the Good Reason Condition during the Cure Period, Good Reason shall be deemed not to have occurred.
If the Executive’s employment with the Company is terminated for any reason, the Company shall pay or provide to the Executive (or to the Executive’s authorized representative or estate) (i) any Base Salary earned through the Date of Termination; (ii) unpaid expense reimbursements (subject to, and in accordance with, Section 2(c) of this Agreement); and (iii) any vested benefits the Executive may have under any employee benefit plan of the Company through the Date of Termination, which vested benefits shall be paid and/or provided in accordance with the terms of such employee benefit plans (collectively, the “Accrued Obligations”).
4.Notice and Date of Termination.
(a)Notice of Termination.  Except for termination as specified in Section 3(a), any termination of the Executive’s employment by the Company or any such termination by the Executive shall be communicated by written Notice of Termination to the other party hereto.  For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon.
(b)Date of Termination.  “Date of Termination” shall mean:  (i) if the Executive’s employment is terminated by death, the date of death; (ii) if the Executive’s employment is terminated on account of disability under Section 3(b) or by the Company for Cause under Section 3(c), the date on which Notice of Termination is given; (iii) if the Executive’s employment is terminated by the Company without Cause under Section 3(d), the date on which a Notice of Termination is given or the date otherwise specified by the Company in the Notice of Termination; (iv) if the Executive’s employment is terminated by the Executive under Section 3(e) other than for Good Reason, 30 days after the date on which a Notice of Termination is given, and (v) if the Executive’s employment is terminated by the Executive under Section 3(e) for Good Reason, the date on which a Notice of Termination is given after the 
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end of the Cure Period.  Notwithstanding the foregoing, in the event that the Executive gives a Notice of Termination to the Company, the Company may unilaterally accelerate the Date of Termination and such acceleration shall not result in a termination by the Company for purposes of this Agreement.
5.Severance Pay and Benefits Upon Death or Disability.  If the Executive’s employment is terminated by death pursuant to Section 3(a) or disability pursuant to Section 3(b), then, subject to the Executive (or the Executive’s estate or heirs, as applicable) signing the Separation Agreement and Release (as defined below) and the Separation Agreement and Release becoming fully effective, all within the time frame set forth in the Separation Agreement and Release but in no event more than 60 days after the Date of Termination, the Executive, the Executive’s estate, or the Executive’s heirs, as applicable, shall be entitled to: (1) continuation of the Executive’s salary Base Salary for a period of 75 days following the Date of Termination; and (2) partial accelerated vesting of each of the Executive’s outstanding stock options that were granted on or prior to the effective date of the Prior Agreement such that, on the effective date of the Separation Agreement and Release, the Executive shall receive immediate accelerated vesting of each option with respect to the same number of shares that would have vested if the Executive had continued in employment with the Company through the next anniversary of the grant date for such option, in accordance with the vesting schedule applicable to such option, provided, however, that if the Date of Termination falls on an anniversary of the grant date of any stock option, no accelerated vesting will be provided for such stock option; provided further, that any termination or forfeiture of the unvested portion of such options that would otherwise occur on the Date of Termination in the absence of this Agreement will be delayed until the effective date of the Separation Agreement and Release and will only occur if the vesting pursuant to this Section does not occur due to the absence of the Separation Agreement and Release becoming fully effective within the time period set forth therein.  Notwithstanding the foregoing, no additional vesting of the options shall occur during the period between the Executive’s Date of Termination and the effective date of the Separation Agreement and Release.  The amounts payable under Section 5, to the extent taxable, shall be paid out in substantially equal installments in accordance with the Company’s payroll practice over two-and-a-half months commencing within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, the amount, to the extent it qualifies as “non-qualified deferred compensation” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), shall begin to be paid in the second calendar year by the last day of such 60-day period; provided, further, that the initial payment shall include a catch-up payment to cover amounts retroactive to the day immediately following the Date of Termination.  Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2).
6.Severance Pay and Benefits Upon Termination by the Company without Cause or by the Executive for Good Reason Outside the Change in Control Period.  If the Executive’s employment is terminated by the Company without Cause as provided in Section 3(d), or the Executive terminates employment for Good Reason as provided in Section 3(e), each outside of the Change in Control Period (as defined below), then, in addition to the Accrued Obligations, 
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and subject to (i) the Executive signing a separation agreement and release in a form and manner satisfactory to the Company, which shall include, without limitation, a general release of claims against the Company and all related persons and entities, a reaffirmation of all of the Executive’s Continuing Obligations (as defined below), and, in the Company’s sole discretion, a one-year post-employment noncompetition agreement, and shall provide that if the Executive breaches any of the Continuing Obligations, all payments of the Severance Amount shall immediately cease (the “Separation Agreement and Release”), and (ii) the Separation Agreement and Release becoming irrevocable, all within 60 days after the Date of Termination (or such shorter period as set forth in the Separation Agreement and Release), which shall include a seven (7) business day revocation period:
(a)the Company shall pay the Executive an amount equal to the sum of (A) 12 months of the Executive’s Base Salary plus (B) the Executive’s Target Bonus for the then-current year (the “Severance Amount”); provided in the event the Executive is entitled to any payments pursuant to the Restrictive Covenants Agreement, the Severance Amount received in any calendar year will be reduced by the amount the Executive is paid in the same such calendar year pursuant to the Restrictive Covenants Agreement (the “Restrictive Covenants Agreement Setoff”); 
(b)subject to the Executive’s copayment of premium amounts at the applicable active employees’ rate and the Executive’s proper election to receive benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company shall pay to the group health plan provider, the COBRA provider or the Executive a monthly payment equal to the monthly employer contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company until the earliest of (A) the 12 month anniversary of the Date of Termination; (B) the Executive’s eligibility for group medical plan benefits under any other employer’s group medical plan; or (C) the cessation of the Executive’s continuation rights under COBRA; provided, however, if the Company determines that it cannot pay such amounts to the group health plan provider or the COBRA provider (if applicable) without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then the Company shall convert such payments to payroll payments directly to the Executive for the time period specified above.  Such payments shall be subject to tax-related deductions and withholdings and paid on the Company’s regular payroll dates; and
(c)accelerated vesting of each of the Executive’s outstanding stock options that were granted on or prior to the effective date of the Prior Agreement shall occur such that, on the effective date of the Separation Agreement and Release, the Executive shall receive immediate accelerated vesting of each option with respect to the same number of shares that would have vested if the Executive had continued in employment with the Company through the next anniversary of the grant date for such option, in accordance with the vesting schedule applicable to such option, provided, however, that if the Date of Termination falls on an anniversary of the grant date of any stock option, no accelerated vesting will be provided for such stock option; provided further, that any termination or forfeiture of the unvested portion of such options that would otherwise occur on the Date of Termination in the absence of this 
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Agreement will be delayed until the effective date of the Separation Agreement and Release and will only occur if the vesting pursuant to this subsection does not occur due to the absence of the Separation Agreement and Release becoming fully effective within the time period set forth therein.  For the avoidance of doubt, the portion of the Executive’s stock options that are accelerated pursuant to this Section will remain exercisable for ninety (90) days following the Date of Termination.
The amounts payable under Section 6, to the extent taxable, shall be paid out in substantially equal installments in accordance with the Company’s payroll practice over 12 months commencing within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, the Severance Amount, to the extent it qualifies as “non-qualified deferred compensation” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), shall begin to be paid in the second calendar year by the last day of such 60-day period; provided, further, that the initial payment shall include a catch-up payment to cover amounts retroactive to the day immediately following the Date of Termination.  Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2).
7.Severance Pay and Benefits Upon Termination by the Company without Cause or by the Executive for Good Reason within the Change in Control Period.  The provisions of this Section 7 shall apply in lieu of, and expressly supersede, the provisions of Section 6 if (i) the Executive’s employment is terminated either (a) by the Company without Cause as provided in Section 3(d), or (b) by the Executive for Good Reason as provided in Section 3(e), and (ii) the Date of Termination is within 12 months after the occurrence of the first event constituting a Change in Control (such period, the “Change in Control Period”). These provisions shall terminate and be of no further force or effect after a Change in Control Period.
(a)If the Executive’s employment is terminated by the Company without Cause as provided in Section 3(d) or the Executive terminates employment for Good Reason as provided in Section 3(e) and in each case the Date of Termination occurs during the Change in Control Period, then, in addition to the Accrued Obligations, and subject to the signing of the Separation Agreement and Release by the Executive and the Separation Agreement and Release becoming fully effective, all within the time frame set forth in the Separation Agreement and Release but in no event more than 60 days after the Date of Termination:
(i)the Company shall pay the Executive a lump sum in cash in an amount equal to 1.0 times the sum of (A) the Executive’s then current Base Salary (or the Executive’s Base Salary in effect immediately prior to the Change in Control, if higher) plus (B) the Executive’s Target Bonus for the then-current year (the “Change in Control Payment”); provided the Change in Control Payment shall be reduced by the amount of the Restrictive Covenants Agreement Setoff, if applicable, paid or to be paid in the same calendar year; and
(ii)notwithstanding anything to the contrary in any applicable option agreement or other stock-based award agreement, all stock options and other stock-based awards held by the Executive (the “Equity Awards”) shall immediately accelerate and 
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become fully exercisable or nonforfeitable as of the later of (i) the Date of Termination or (ii) the effective date of the Separation Agreement and Release (the “Accelerated Vesting Date”); provided that any termination or forfeiture of the unvested portion of such Equity Awards that would otherwise occur on the Date of Termination in the absence of this Agreement will be delayed until the effective date of the Separation Agreement and Release and will only occur if the vesting pursuant to this subsection does not occur due to the absence of the Separation Agreement and Release becoming fully effective within the time period set forth therein.  Notwithstanding the foregoing, no additional vesting of the Equity Awards shall occur during the period between the Executive’s Date of Termination and the Accelerated Vesting Date; and
(iii)subject to the Executive’s copayment of premium amounts at the applicable active employees’ rate and the Executive’s proper election to receive benefits under COBRA, the Company shall pay to the group health plan provider, the COBRA provider or the Executive a monthly payment equal to the monthly employer contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company until the earliest of (A) the 12 month anniversary of the Date of Termination; (B) the Executive’s eligibility for group medical plan benefits under any other employer’s group medical plan; or (C) the cessation of the Executive’s continuation rights under COBRA; provided, however, if the Company determines that it cannot pay such amounts to the group health plan provider or the COBRA provider (if applicable) without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then the Company shall convert such payments to payroll payments directly to the Executive for the time period specified above.  Such payments shall be subject to tax-related deductions and withholdings and paid on the Company’s regular payroll dates.  
The amounts payable under this Section 7(a), to the extent taxable, shall be paid or commence to be paid within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, such payments to the extent they qualify as “non-qualified deferred compensation” within the meaning of Section 409A of the Code, shall be paid or commence to be paid in the second calendar year by the last day of such 60-day period.
(b)Additional Limitation.
(i)Anything in this Agreement to the contrary notwithstanding, in the event that the amount of any compensation, payment or distribution by the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, calculated in a manner consistent with Section 280G of the Code, and the applicable regulations thereunder (the “Aggregate Payments”), would be subject to the excise tax imposed by Section 4999 of the Code, then the Aggregate Payments shall be reduced (but not below zero) so that the sum of all of the Aggregate Payments shall be $1.00 less than the amount at which the Executive becomes subject to the excise tax imposed by Section 4999 of the Code; 
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provided that such reduction shall only occur if it would result in the Executive receiving a higher After Tax Amount (as defined below) than the Executive would receive if the Aggregate Payments were not subject to such reduction.  In such event, the Aggregate Payments shall be reduced in the following order, in each case, in reverse chronological order beginning with the Aggregate Payments that are to be paid the furthest in time from consummation of the transaction that is subject to Section 280G of the Code:  (1) cash payments not subject to Section 409A of the Code; (2) cash payments subject to Section 409A of the Code; (3) equity-based payments and acceleration; and (4) non-cash forms of benefits; provided that in the case of all the foregoing Aggregate Payments all amounts or payments that are not subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c) shall be reduced before any amounts that are subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c).
(ii)For purposes of this Section 7(b), the “After Tax Amount” means the amount of the Aggregate Payments less all federal, state, and local income, excise and employment taxes imposed on the Executive as a result of the Executive’s receipt of the Aggregate Payments.  For purposes of determining the After Tax Amount, the Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which the determination is to be made, and state and local income taxes at the highest marginal rates of individual taxation in each applicable state and locality, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes. 
(iii)The determination as to whether a reduction in the Aggregate Payments shall be made pursuant to Section 7(b)(i) shall be made by a nationally recognized accounting firm selected by the Company (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Company and the Executive within 15 business days of the Date of Termination, if applicable, or at such earlier time as is reasonably requested by the Company or the Executive.  Any determination by the Accounting Firm shall be binding upon the Company and the Executive.
(c)Definitions.  For purposes of this Section 7, a “Change in Control” shall mean a “Sale Event” as defined in the Black Diamond Therapeutics, Inc. 2019 Stock Option and Incentive Plan, as may be amended from time to time, but only to the extent such Sale Event is also a “change in control event” within the meaning of Section 409A of the Code and the regulations promulgated thereunder.
8.Section 409A.
(a)Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s separation from service within the meaning of Section 409A of the Code, the Company determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive becomes entitled to under this Agreement or otherwise on account of the Executive’s separation from service would be considered deferred compensation otherwise subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of 
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Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one day after the Executive’s separation from service, or (B) the Executive’s death.  If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise have been paid during the six-month period but for the application of this provision, and the balance of the installments shall be payable in accordance with their original schedule. 
(b)All in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement.  All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred.  The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year (except for any lifetime or other aggregate limitation applicable to medical expenses).  Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.
(c)To the extent that any payment or benefit described in this Agreement constitutes “non-qualified deferred compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive’s termination of employment, then such payments or benefits shall be payable only upon the Executive’s “separation from service.”  The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A1(h).
(d)The parties intend that this Agreement will be administered in accordance with Section 409A of the Code.  To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A of the Code.  Each payment pursuant to this Agreement or the Restrictive Covenants Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A2(b)(2).  The parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party.
(e)The Company makes no representation or warranty and shall have no liability to the Executive or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.
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9.Continuing Obligations. 
(a)Restrictive Covenants Agreement.  As a condition of employment, the Executive is required to enter into the Employee Confidentiality, Assignment, Nonsolicitation and Noncompetition Agreement, attached hereto as Exhibit A (the “Restrictive Covenants Agreement”).  The Executive acknowledges that the benefits of this Agreement, to which the Executive was not previously entitled, are fair and reasonable consideration independent from the continuation of employment sufficient to support the Restrictive Covenants Agreement.  For purposes of this Agreement, the obligations in this Section 9 and those that arise in the Restrictive Covenants Agreement and any other agreement relating to confidentiality, assignment of inventions, or other restrictive covenants shall collectively be referred to as the “Continuing Obligations.”  
(b)Third-Party Agreements and Rights.  The Executive hereby confirms that the Executive is not bound by the terms of any agreement with any previous employer or other party which restricts in any way the Executive’s use or disclosure of information, other than confidentiality restrictions (if any), or the Executive’s engagement in any business.  The Executive represents to the Company that the Executive’s execution of this Agreement, the Executive’s employment with the Company and the performance of the Executive’s proposed duties for the Company will not violate any obligations the Executive may have to any such previous employer or other party.  In the Executive’s work for the Company, the Executive will not disclose or make use of any information in violation of any agreements with or rights of any such previous employer or other party, and the Executive will not bring to the premises of the Company any copies or other tangible embodiments of non-public information belonging to or obtained from any such previous employment or other party.
(c)Litigation and Regulatory Cooperation.  During and after the Executive’s employment, the Executive shall cooperate fully with the Company in (i) the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company which relate to events or occurrences that transpired while the Executive was employed by the Company, and (ii) the investigation, whether internal or external, of any matters about which the Company believes the Executive may have knowledge or information.  The Executive’s full cooperation in connection with such claims, actions or investigations shall include, but not be limited to, being available to meet with counsel to answer questions or to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times.  During and after the Executive’s employment, the Executive also shall cooperate fully with the Company in connection with any investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while the Executive was employed by the Company.  The Company shall reimburse the Executive for any reasonable outofpocket expenses incurred in connection with the Executive’s performance of obligations pursuant to this Section 9(c).
(d)Relief.  The Executive agrees that it would be difficult to measure any damages caused to the Company which might result from any breach by the Executive of the Continuing Obligations, and that in any event money damages would be an inadequate remedy 
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for any such breach.  Accordingly, the Executive agrees that if the Executive breaches, or proposes to breach, any portion of the Continuing Obligations, the Company shall be entitled, in addition to all other remedies that it may have, to an injunction or other appropriate equitable relief to restrain any such breach without showing or proving any actual damage to the Company.
(e)Protected Disclosures and Other Protected Action.  Nothing in this Agreement shall be interpreted or applied to prohibit the Executive from making any good faith report to any governmental agency or other governmental entity (a “Government Agency”) concerning any act or omission that the Executive reasonably believes constitutes a possible violation of federal or state law or making other disclosures that are protected under the anti-retaliation or whistleblower provisions of applicable federal or state law or regulation.  In addition, nothing contained in this Agreement limits the Executive’s ability to communicate with any Government Agency or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including the Executive’s ability to provide documents or other information, without notice to the Company.  In addition, for the avoidance of doubt, pursuant to the federal Defend Trade Secrets Act of 2016, the Executive shall not be held criminally or civilly liable under any federal or state trade secret law or under this Agreement or the Restrictive Covenants Agreement for the disclosure of a trade secret that (a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.
10.Consent to Jurisdiction.  The parties hereby consent to the exclusive jurisdiction of the state and federal courts of the Commonwealth of Massachusetts.  Accordingly, with respect to any such court action, the Executive (a) submits to the exclusive personal jurisdiction of such courts; (b) consents to service of process; and (c) waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or service of process.  
11.Integration.  This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements between the parties concerning such subject matter, including the Prior Agreement and the Original Agreement, provided that the Equity Documents remain in full force and effect.
12.Withholding; Tax Effect.  All payments made by the Company to the Executive under this Agreement shall be net of any tax or other amounts required to be withheld by the Company under applicable law.  Nothing in this Agreement shall be construed to require the Company to make any payments to compensate the Executive for any adverse tax effect associated with any payments or benefits or for any deduction or withholding from any payment or benefit.  
13.Assignment.  Neither the Executive nor the Company may make any assignment of this Agreement or any interest in it, by operation of law or otherwise, without the prior written consent of the other; provided, however, that the Company may assign its rights and obligations 
    13

under this Agreement (including the Restrictive Covenants Agreement) without the Executive’s consent to any affiliate or to any person or entity with whom the Company shall hereafter effect a reorganization, consolidate with, or merge into or to whom it transfers all or substantially all of its properties or assets; provided further that if the Executive remains employed or becomes employed by the Company, the purchaser or any of their affiliates in connection with any such transaction, then the Executive shall not be entitled to any payments, benefits or vesting pursuant to Section 6 or pursuant to Section 7 of this Agreement solely as a result of such transaction.  This Agreement shall inure to the benefit of and be binding upon the Executive and the Company, and each of the Executive’s and the Company’s respective successors, executors, administrators, heirs and permitted assigns.  The Company shall obtain an agreement from any successor to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no succession had taken place, except where such assumption occurs by operation of law.
14.Enforceability.  If any portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.
15.Survival.  The provisions of this Agreement shall survive the termination of this Agreement and/or the termination of the Executive’s employment to the extent necessary to effectuate the terms contained herein.
16.Waiver.  No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party.  The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.
17.Notices.  Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid, return receipt requested, to the Executive at the last address the Executive has filed in writing with the Company or, in the case of the Company, at its main offices, attention of the Board.
18.Amendment.  This Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly authorized representative of the Company.
19.Effect on Other Plans and Agreements.  An election by the Executive to resign for Good Reason under the provisions of this Agreement shall not be deemed a voluntary termination of employment by the Executive for the purpose of interpreting the provisions of any of the Company's benefit plans, programs or policies.  Nothing in this Agreement shall be construed to limit the rights of the Executive under the Company’s benefit plans, programs or 
    14

policies except as otherwise provided in Section 9 hereof, and except that the Executive shall have no rights to any severance benefits under any Company severance pay plan, offer letter or otherwise.  Except for the Restrictive Covenants Agreement, in the event that the Executive is party to an agreement with the Company providing for payments or benefits under such plan or agreement and under this Agreement, the terms of this Agreement shall govern and the Executive may receive payment under this Agreement only and not both.  Further, Section 6 and Section 7 of this Agreement are mutually exclusive and in no event shall the Executive be entitled to payments or benefits pursuant to both Section 6 and Section 7 of this Agreement.  
20.Governing Law.  This is a Massachusetts contract and shall be construed under and be governed in all respects by the laws of the Commonwealth of Massachusetts, without giving effect to the conflict of laws principles thereof.  With respect to any disputes concerning federal law, such disputes shall be determined in accordance with the law as it would be interpreted and applied by the United States Court of Appeals for the First Circuit.
21.Counterparts.  This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be an original; but such counterparts shall together constitute one and the same document.
IN WITNESS WHEREOF, the parties have executed this Agreement effective on the Effective Date.

															
			BLACK DIAMOND THERAPEUTICS, INC.
		
		By:	/s/ Brent Hatzis-Schoch		
	 	Its:	Chief Operating Officer and General Counsel		
	

	

	

	

	

															
			EXECUTIVE		
		By:	/s/ Elizabeth Buck		
	 	 	Elizabeth Buck, Ph.D.
		
	

	

	

	

	

    15

Exhibit A

Restrictive Covenants Agreementsdgr-ex102_15.htm

Exhibit 10.2

THIRD AMENDMENT TO OFFICE LEASE

This Third Amendment to Office Lease (this "Third Amendment") is made and entered into by and between MADISON-OFC ONE MAIN PLACE OR LLC, a Delaware limited liability company ("Landlord"), and SCHRODINGER, INC., a Delaware corporation ("Tenant"), and will be effective as of the date that Landlord executes this Third Amendment as set forth on the signature page below.

W I T N E S S E T H:

WHEREAS, Landlord and Tenant are parties to the Office Lease with a reference date of July 30, 2008 (the "Existing Lease"), as originally entered into by and between One Main Place Portland – Oregon, Inc., a Maryland corporation ("Original Landlord"), and Tenant, as amended by the First Amendment to Office Lease dated as of October 27, 2014 (the "First Amendment"), by and between KBSII One Main Place, LLC ("Subsequent Landlord"), as successor-in-interest to Original Landlord, as amended by the Second Amendment to Office Lease by and between Tenant and Landlord dated December 10, 2018 (the "Second Amendment"); the Existing Lease together with the First Amendment and Second Amendment, the "Lease");

WHEREAS, pursuant to the Lease, Tenant leases from Landlord Suite 1300 (the "Suite 1300 Premises") and Suite 1400 (the "Suite 1400 Premises") on the 13th and 14th Floor of the building located at 101 S.W. Main Street, Portland, Oregon 97204 (the "Building"), as more fully set forth in the Lease;

WHEREAS, as of the date of this Third Amendment, the Suite 1300 Premises and the Suite 1400 Premises contain approximately 26,159 rentable square feet; and

WHEREAS, Landlord and Tenant desire to (A) expand the premises leased by Tenant by approximately 8,537 rentable square feet (based on ANSI Z65.1-2017 measurements) located on the 14th Floor of the Building known as Suite 1410 (the "Suite 1410 Expansion Premises"), as more particularly shown on the attached Exhibit A, and (B) make certain other revisions to the Lease, all subject to the terms and conditions set forth below;

NOW, THEREFORE, in consideration of the mutual covenants set forth in this Third Amendment, Landlord and Tenant agree as follows:

	
1.
	
Defined Terms.  Capitalized terms used but not specifically defined in this Third Amendment have the meanings given to them in the Lease.  Capitalized terms used but not specifically defined in any exhibit to this Third Amendment have the meanings given to them in this Third Amendment.

	
2.
	
Lease of Premises.  Subject to the terms and conditions set forth in this Third Amendment and in the Lease, Landlord hereby leases the Suite 1410 Expansion Premises to Tenant, and Tenant hereby leases the Suite 1410 Expansion Premises from Landlord.  From and after the Suite 1410 Expansion Commencement Date, all references in the Lease to the "Premises" will be deemed to refer to the Suite 1300 Premises, the Suite 1400 Premises, and the Suite 1410 Expansion Premises, collectively, and the Premises will be deemed to contain 34,696 rentable square feet.  All terms, covenants, and conditions of the Lease applicable to the Suite 1300 Premises and Suite 1400 Premises will apply to the Suite 1410 Expansion Premises, except as expressly set forth in this Third Amendment, and as to terms that are specific to the Suite 1300 Premises or Suite 1400 Premises as set forth in the Second Amendment.

			
	
 
	
 
	
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3.
	
Term and Commencement.  Unless sooner terminated as provided in this Third Amendment, the term of Tenant's lease of the Suite 1410 Expansion Premises shall commence (the "Suite 1410 Expansion Commencement Date") on the later of (a) August 1, 2021 (the "Anticipated Suite 1410 Expansion Commencement Date") and (b) the earlier to occur of (i) the date that the Expansion Premises Improvements have been Substantially Completed (as such terms are defined in the attached Exhibit B), and (ii) the date that the Expansion Premises Improvements would have otherwise been Substantially Completed (as reasonably determined by Landlord) but for the occurrence of any Tenant Delays.  Landlord and Tenant anticipate that the term of the Suite 1410 Expansion Premises will commence on the Anticipated Suite 1410 Expansion Commencement Date, but the Anticipated Suite 1410 Expansion Commencement Date will in no event affect the actual Suite 1410 Expansion Commencement Date, which will be determined as set forth in this Section 3. 

	
4.
	
Termination Date. The parties confirm that the term of the lease of the Suite 1300 Premises and Suite 1400 Premises expires September 30, 2026, and the parties agree that the term of the lease of the Suite 1410 Expansion Premises will be co-terminous with the expiration of the term of the lease of the Suite 1300 Premises and Suite 1400 Premises. The Annual Rent and Monthly Installments of Rent for the Suite 1300 Premises as set forth in Section 12 of the Second Amendment are hereby amended to replace the date "August 15, 2026" with "September 30, 2026."

	
5.
	
Early Entry.  Tenant and its authorized agents, contractors, subcontractors, consultants and employees are hereby granted a license by Landlord, beginning two (2) weeks prior to the Suite 1410 Expansion Commencement Date, to enter upon the Suite 1410 Expansion Premises at Tenant's sole risk and expense, other than Landlord's gross negligence or willful misconduct, for purposes of performing the installation of telecommunications wiring, fixtures, and equipment; provided, however, that (a) all obligations of Tenant under the Lease, as amended by this Third Amendment except with respect to the payment of rent with respect to the Suite 1410 Expansion Premises, shall apply during such early entry, (b) prior to any such entry, Tenant shall pay for and provide evidence of the insurance to be provided by Tenant pursuant to the provisions of Article 11 of the Existing Lease as though the Suite 1410 Expansion Premises were part of the Premises, (c) prior to such entry, Tenant shall have delivered to Landlord an executed original of this Third Amendment and payment in an amount equal to the Monthly Installment of Rent with respect to the Suite 1410 Expansion Premises for the first (1st) month of the term in which such Monthly Installment of Rent is due ($23,476.75) and (d) Tenant shall not interfere with the completion of the Landlord's Work in any material way provided that Tenant shall not be so delaying Landlord if Tenant corrects such underlying delay condition within one (1) business day after notice of same from Landlord.  Upon Tenant's breach of any of the foregoing conditions, Landlord may, in addition to exercising any of its other rights and remedies as expressly set forth in this Third Amendment, revoke such license upon notice to Tenant.

	
6.
	
Delay in Possession.  If Landlord cannot deliver exclusive possession of the Suite 1410 Expansion Premises to Tenant with all the Landlord's Work completed on or before the Anticipated Suite 1410 Expansion Commencement Date for any reason, Landlord shall not be subject to any liability therefor, and such failure shall not affect the validity of this Third Amendment, the Lease, or the obligations of Tenant hereunder. Tenant understands that, notwithstanding anything to the contrary contained herein, Landlord shall have no obligation to deliver possession of the Suite 1410 Expansion Premises to Tenant for so long as Tenant fails to deliver to Landlord executed copies of policies of insurance, or certificates thereof, as such insurance is required under Article 11 of the Existing Lease.

			
	
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7.
	
Tenant Delays.  The Suite 1410 Expansion Commencement Date shall not be delayed or postponed due to Tenant Delays, the definition of which in the Lease shall apply with equal force with respect to the Suite 1410 Expansion Premises, and shall also include any and all delays due to the fault of Tenant, and the lease term for the Suite 1410 Expansion Premises, Tenant's obligations to pay Rent, and all of Tenant's other obligations under this Third Amendment shall commence upon the date that would have been the Suite 1410 Expansion Commencement Date but for Tenant Delays provided that no Tenant Delay shall be deemed to occur unless Landlord provides Tenant with notice of such delay and Tenant fails to cure same within one (1) business day after receipt of such notice.

	
8.
	
"AS-IS" Condition of Suite 1410 Expansion Premises.  Except as expressly set forth in this Third Amendment and the Work Letter attached as Exhibit B and made a part hereof, Tenant shall accept the Suite 1410 Expansion Premises from Landlord on the Suite 1410 Expansion Commencement Date vacant and free of occupancies and otherwise in its "AS-IS" condition and Tenant acknowledges and agrees that Landlord has no obligation to improve, alter, or remodel the Suite 1410 Expansion Premises in any manner whatsoever.  The taking of possession or use of the Suite 1410 Expansion Premises by Tenant for any purpose (other than for purposes expressly contemplated by Section 5 above) shall conclusively establish that Tenant has inspected the Suite 1410 Expansion Premises, accepts them as being in good and sanitary order, condition, and repair, and accepts the Landlord's Work as complete, subject to completion of any Punch List Items noted by the parties.  

	
9.
	
No Representations.  Tenant acknowledges that neither Landlord nor any of Landlord's agents has made any representation or warranty as to the suitability or fitness of the Suite 1410 Expansion Premises for the conduct of Tenant's business, including without limitation any representation or warranty regarding zoning or other land-use matters, or for any other purpose, and that neither Landlord nor any of Landlord's agents has agreed to undertake any alteration or addition or construct any tenant improvement to the Suite 1410 Expansion Premises except as expressly provided in this Third Amendment.

	
10.
	
Security Deposit.  Landlord currently holds a Security Deposit from Tenant in the amount of $250,000 in accordance with the Lease.  At any time from and after the execution of this Third Amendment, Tenant shall provide Landlord with a Letter of Credit in the amount of $120,058.49, which shall be the total Security Deposit required to be delivered by Tenant under the Lease until the Expiration Date, and within five (5) business days after Landlord's receipt of such Letter of Credit, Landlord shall return the Second SLOC (as defined in Section 10 of the Second Amendment) to Tenant together with a letter authorizing the termination thereof.  

	
11.
	
Rent for Suite 1410 Expansion Premises.  In addition to the Monthly Installments of Rent applicable to the Suite 1300 Premises and Suite 1400 Premises as set forth in the Lease, the Monthly Base Rent set forth in the following schedule is applicable to the Suite 1410 Expansion Premises and will be due and payable by Tenant to Landlord in accordance with the terms of the Lease:

 

		
	
Months
	
Monthly Base Rent

	
Suite 1410 Expansion Commencement Date through expiration of the Suite 1410 Expansion Abatement Period (Months 1-5)
	
$23,476.75* per month

	
Months 6 through 12 
	
$23,476.75 per month

	
Months 13 through 24 
	
$24,181.05 per month

	
Months 25 through 36 
	
$24,906.48 per month

	
Months 37 through 48 
	
$25,653.68 per month

			
	
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Months
	
Monthly Base Rent

	
Months 49 though 60
	
$26,423.29 per month

	
Months 61 through September 30, 2026
	
$27,215.99 per month

*Subject to abatement in accordance with Section 12 below.

Tenant shall deliver to Landlord concurrently with Tenant's execution of this Third Amendment the payment of the Monthly Installment of Rent ($23,476.75) for the first month of the term for the Suite 1410 Expansion Premises for which Monthly Rent is payable.

From and after the Suite 1410 Expansion Commencement Date, all references in the Lease to the "Monthly Installment of Rent" will, subject to the abatement in accordance with Section 12 below, be deemed to collectively refer to the Monthly Installment of Rent for the Suite 1300 Premises, for the Suite 1400 Premises, and for the Suite 1410 Expansion Premises.

	
12.
	
Abatement Period.  Notwithstanding anything to the contrary contained in this Third Amendment and provided that no Event of Default then exists under the Lease, Tenant will not be required to pay any Monthly Installment of Rent with respect to the Suite 1410 Expansion Premises for the first five (5) full calendar months immediately following the Suite 1410 Expansion Commencement Date (the "Suite 1410 Expansion Abatement Period").  During the 1410 Expansion Abatement Period, Tenant will still be responsible for the payment of all its other monetary obligations under the Lease as amended by this Third Amendment, including all Monthly Installments of Rent not subject to abatement pursuant to this Section 12, as well as all additional rent with respect to the Suite 1300 Premises, the Suite 1400 Premises, or the Suite 1410 Expansion Premises.  In the event of an Event of Default by Tenant under the terms of the Lease that results in termination of the Lease, then in addition to all other remedies available to Landlord under the Lease, as part of its damages, Landlord will be entitled to the immediate recovery, as of the day prior to such termination, of the unamortized amount of the Monthly Installments of Rent that were abated pursuant to this Section 12 (as amortized over the scheduled term of the Lease for the Suite 1410 Expansion Premises).  Further, if Tenant does not receive any portion of the foregoing abatement applicable to the Suite 1410 Expansion Premises by reason of an Event of Default and Tenant subsequently cures such Event of Default without the Lease being terminated, then Tenant shall upon such cure be entitled to receive the full amount of such abatements. Provided no Event of Default then exists under the Lease, Tenant may convert any portion of the amount of Monthly Installments of Rent to be abated pursuant to this Section 12, in the total amount of $117,383.75, into the Converted Rent-Abatement TI Allowance, as further described in the Work Letter attached as Exhibit B. Any amount of the Converted Rent-Abatement TI Allowance remaining after the completion of the Expansion Premises Improvements and any Existing Premises Improvements pursuant to the Work Letter shall by applied to abate the Monthly Installments of Rent, beginning with the earliest installment following the determination of same, with Tenant responsible for the balance of any Monthly Installment of Rent not fully abated by the remaining Converted Rent-Abatement TI Allowance and all Monthly Installments of Rent in full thereafter.  

	
13.
	
Expenses, Taxes, and Insurance Costs.  

(a)Tenant shall continue to pay Expenses, Taxes, and Insurance Costs for the Suite 1300 Premises and Suite 1400 Premises in accordance with the terms of the Lease. Additionally, commencing on the Suite 1410 Expansion Commencement Date, Tenant shall also pay Expenses, Taxes, and Insurance Costs for the Suite 1410 Expansion Premises.  With respect to the Suite 1410 Expansion Premises, the Base Year for each of Expenses, Taxes, and Insurance 

			
	
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Costs will be the calendar year 2021.  Commencing on the Suite 1410 Expansion Commencement Date, Tenant's Proportionate Share of each of Expenses, Taxes, and Insurance Costs with respect only to the Suite 1410 Expansion Premises will be 2.575%. From and after the Suite 1410 Expansion Commencement Date, Tenant's obligations with respect to the payment of increases in Expenses, Taxes and Insurance Costs shall be determined separately under the Lease. For the avoidance of doubt, with respect to the Suite 1300 Premises, Tenant's Proportionate Share is 5.232% and the Base Year for each of Expenses, Taxes, and Insurance Costs is calendar year 2021, and with respect to the Suite 1400 Premises, Tenant's Proportionate Share is 2.656% and the Base Year for each of Expenses, Taxes, and Insurance Costs is calendar year 2019. 

(b)The following language is hereby inserted at the end of the existing language in Section 4.1.2 of the Existing Lease:

For purposes hereof, cost savings in components of Expenses arising by reason of the cessation of use by tenants at the Building due to casualty, Unavoidable Delay, or other extraordinary circumstances are considered variable Expenses that shall be grossed up in Expenses, including in any applicable Base Year.  If Expenses for the Base Year for Expenses include amortized costs, or costs (including, but not limited to, costs of insurance, personnel, insurance, and increased or new services) relating to extraordinary circumstances, including, but not limited to, casualty, Unavoidable Delay, boycotts, strikes, conservation surcharges, embargoes or shortages, then at such time as such costs are no longer applicable, the increased Expenses attributable thereto shall be excluded from the Base Year for Expenses.

	
14.
	
Building Rules. The following language is hereby inserted at the end of the existing language in Article 16 of the Existing Lease:

Tenant's obligations under this section shall include without limitation, compliance with any reasonable health and safety rules and regulations imposed by Landlord in response to recommendations and requirements of applicable laws, such as wearing masks in common areas and other amenity areas of the Building provided same are applicable to all tenants of the Building.

	
15.
	
Casualty Event. A new Section 22.6 of the Existing Lease is hereby inserted to read in its entirety as follows:

Notwithstanding any contrary provision of this Article 22, the parties hereby agree as follows:  (i) the closure of the Project, the Building, the common areas, or any part thereof as mandated by the government to protect public health or safety shall not constitute a casualty for purposes of this Lease, (ii) casualty covered by this Article 22 shall require that the physical or structural integrity of the Premises, the Project, the Building, or the common areas is degraded as a direct result of such occurrence, and (iii) a casualty under this Article 22 shall not be deemed to occur merely because Tenant is unable to productively use the Premises if any of the events described in clause (i) have occurred without any part of the Premises, the Project or the Building or the common area being degraded as described in clause (ii) above have occurred.

			
	
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16.
	
OFAC.  The second paragraph of Article 32 of the Existing Lease (as amended and restated by the Second Amendment) is hereby amended and restated in its entirety to read as follows:

Tenant and Landlord each represents and warrants solely with respect to itself:

(i) that it is not a person and/or entity with whom United States Persons are restricted from doing business under the International Emergency Economic Powers Act, 50 U.S.C. §1701 et seq.; the Trading with the Enemy Act, 50 U.S.C. App. §5; any executive orders promulgated thereunder; any implementing regulations promulgated thereunder by the U.S. Department of Treasury Office of Foreign Assets Control ("OFAC") (including those persons and/or entities named on the SDN List); or any other applicable law of the United States and is and shall remain in compliance with the requirements of Executive Order No. 13224, 66 Fed Reg. 49079 (September 25, 2001) (the "Order") and other similar requirements contained in the rules and regulations of OFAC and in any enabling legislation or other Executive Orders in respect thereof (the Order and such other rules, regulations, legislation, or orders are collectively called the "Orders"). 

(ii)that no person and/or entity who is named on the SDN List has any direct interest in Landlord or Tenant with the result that the direct investment in Landlord or Tenant is prohibited by any applicable law of the United States.

(iii)that none of the funds of Tenant or Landlord have been derived from any unlawful activity with the result that the direct investment in Tenant is prohibited by applicable law of the United States. Tenant and Landlord each represents and warrants that it is not in violation of the U.S. Federal Bank Secrecy Act, as amended by Title III (the "International Money Laundering Abatement and Financial Anti-Terrorism Act") of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the "Patriot Act"), Public Law 107-56; its implementing regulations promulgated by the U.S. Department of Treasury Financial Crimes Enforcement Network ("FinCEN") (31 CFR Part 103); or any other anti-money laundering law of the United States. 

(iv)it is not and will not become owned or controlled by, nor act for or on behalf of, any person or entity on the Lists or any other person or entity that has been determined by competent authority to be subject to the prohibitions contained in the Orders; is not knowingly engaged in, and will not knowingly engage in, any dealings or transactions or be otherwise associated with such persons or entities on the Lists or that has been determined by competent authority to be subject to the prohibitions contained in the Orders; and agrees to cooperate with the other party in providing such additional information and documentation on its legal or beneficial ownership, policies, procedures and sources of funds as the other party reasonably deems necessary or prudent solely to enable it to comply with Orders or anti-money laundering laws as now in existence or hereafter amended.

Any breach or violation by Tenant of this Section 32 shall, at Landlord's option, constitute an Event of Default by Tenant under this Lease.

			
	
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17.
	
ERISA.  Article 41 of the Existing Lease is hereby amended and restated as follows:

ERISA.  Tenant agrees that neither the Lease nor any transactions relating to the Lease will cause a non-exempt "prohibited transaction" under ERISA or any similar law or rule applicable to governmental plans (as defined under Section 3(32) of ERISA).  Tenant represents and warrants that (a) it is not now nor shall it ever be during the term of the Lease (i) an employee benefit plan as defined under Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), whether or not subject to ERISA; or (ii) a benefit plan investor (within the meaning of Section 3(42) of ERISA); and (b)  it does not nor shall it ever hold during the term of the Lease "plan assets" within the meaning of the Department of Labor Regulations at Section 2510.3-101 or the assets of any "governmental plan" as defined under Section 3(32) of ERISA.

	
18.
	
Unavoidable Delay. A new Article 42 of the Existing Lease is hereby inserted to read in its entirety as follows:

UNAVOIDABLE DELAY. Except for the monetary obligations of Tenant under this Lease, neither party shall be chargeable with, liable for, or responsible to the other for anything or in any amount for any Unavoidable Delay and any Unavoidable Delay shall not be deemed a breach of or default in the performance of this Lease, it being specifically agreed that any time limit provision contained in this Lease (other than the scheduled expiration of the Term) shall be extended for the same period of time lost by Unavoidable Delay. As used herein, "Unavoidable Delay" means "any delays which are beyond a party's reasonable control, including, but not limited to, delays due to inclement weather, strikes, acts of God, inability to obtain labor or materials, inability to secure governmental approvals or permits, governmental restrictions, civil commotion, fire, earthquake, explosion, flood, hurricane, the elements, or the public enemy, action or interference of governmental authorities or agents, war, invasion, insurrection, rebellion, riots, lockouts, actual or threatened public health emergency (including, without limitation, epidemic, pandemic, famine, disease, plague, and other significant public health risk), changes in applicable laws (including, without limitation, any shelter-in-place orders, stay at home orders or any restrictions on travel related thereto that preclude Landlord or Tenant, or their respective agents, contractors or employees from accessing or using all or part of the Premises, Building, or Project), any national or regional emergency, breaches in cybersecurity, or any other cause whether similar or dissimilar to the foregoing which is beyond a party's reasonable control, regardless of whether such other causes are (i) foreseeable or unforeseeable or (ii) related to the specifically enumerated events in this paragraph; provided however, that in no event shall any of the foregoing (A) ever apply with respect to the payment of any monetary obligation, (B) be grounds for Tenant to abate any portion of Rent due pursuant to this Lease, or entitle either party to terminate this Lease, except as expressly allowed pursuant to Sections 22 or 23 of this Lease, (C) excuse Tenant's obligations under Section 1.1 of this Lease."

	
19.
	
Expansion Option Applicable. The parties hereby agree that the term "Future Expansion Space" as used in the Expansion Option attached as Exhibit D to the Second Amendment means, after the 

			
	
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date of this Third Amendment, all or any portion of the 12th Floor or 15th Floor that becomes vacant during the term of the lease of the Suite 1300 Premises, Suite 1400 Premises and the Suite 1410 Expansion Premises.  Tenant acknowledges that it has no rights to expand the Premises except pursuant to this Section 19 of the Third Amendment.

	
20.
	
Tenant Improvements.  The obligations of Landlord and Tenant with respect to the improvements to the Suite 1410 Expansion Premises, and in certain instances, the Suite 1300 Premises and Suite 1400 Premises are set forth in the Work Letter attached as Exhibit B.  Landlord and Tenant hereby acknowledge that all Expansion Premises Improvements and any Existing Premises Improvements under this Third Amendment are and shall be the property of Landlord from and after their installation provided that, to the extent Tenant paid for same, Tenant shall be entitled to the income tax benefits with respect to same.  Further, Landlord and Tenant hereby acknowledge that Tenant may install its own security system in the Suite 1410 Expansion Premises at Tenant's sole expense, provided that any security system installed by Tenant must be connected to and in compliance with the Building fire-control system and all applicable codes or regulations of any government or regulatory body.

Tenant understands and acknowledges, consistent with Section 19 of the Second Amendment which applies with equal force to the Suite 1410 Expansion Premises, that all contractors and subcontractors retained by Landlord to perform any work or services at the Building, including for the construction of the Expansion Premises Improvements in the Suite 1410 Expansion Premises or any Existing Premises Improvements, shall be signatory to a union collective bargaining agreement. 

	
21.
	
Parking.  Effective as of the Suite 1410 Expansion Commencement Date, the number of parking passes set forth on the Reference Page of the Existing Lease is hereby amended to be 34 parking passes (that is, one parking pass per 1,000 rentable square feet leased by Tenant in the Building).  All terms set forth in Article 30 of the Existing Lease will apply to such parking passes.  As of the effective date of this Third Amendment, the monthly rate for each parking pass is $245.

	
22.
	
Renewal Option Applicable. The parties hereby confirm that the Renewal Option attached as Exhibit C to the Second Amendment applies to the Suite 1410 Expansion Premises subject to the terms and conditions contained therein. 

	
23.
	
Condition of Building.  Notwithstanding anything to the contrary in the Existing Lease, Landlord shall maintain the Building as a Class A office building throughout the term of the Lease. Landlord represents that as of the Suite 1410 Expansion Commencement Date the foundation, core, exterior walls, plumbing, heating, air-conditioning and other mechanical and electrical systems of the Building will be in sanitary and good working order, condition, and repair.   

	
24.
	
Waiver of Claims. As a material inducement to Landlord to enter into this Third Amendment, Tenant hereby releases Landlord from, and hereby waives, any and all losses, costs, damages, expenses, liabilities, claims and causes of action (collectively, the "Released Claims") arising from or related to Tenant's inability or limitation to conduct operations from the Premises as a result of any "shelter in place" orders or similar governmental directives, including, without limitation, any claims for, and/or rights of, termination of the Lease and/or abatement, offset and/or deferral of Rent under the Lease, at law and/or in equity related to the inability of Tenant to conduct operations from the Premises as a result of any "shelter in place" orders or similar governmental directives related thereto.

			
	
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25.
	
Time of the Essence.  Time is of the essence with respect to the obligations to be performed by the parties under the terms of this Third Amendment.

	
26.
	
Modification and Reaffirmation.  Landlord and Tenant hereby reaffirm, ratify, confirm, and acknowledge their respective rights and obligations under the Lease (including without limitation those arising by virtue of this Third Amendment) and agree to continue to be bound thereby and perform thereunder.  Except as modified by this Third Amendment, the terms of the Lease remain unchanged and in full force and effect.  In the event of any conflict between the terms contained in this Third Amendment and in the Lease, the terms of this Third Amendment will supersede and control the obligations and liabilities of the parties.  From and after the date of this Third Amendment, the term "Lease" as used in the Lease will mean the Lease as amended by this Third Amendment.

	
27.
	
Brokers.  Tenant represents and warrants to Landlord that Tenant has not had any dealing with any real estate broker, agent, or finder in connection with the negotiation of this Third Amendment or the introduction of the parties to the transaction that it contemplates, except for Nathan Sasaki of Apex Real Estate Partners ("Broker"), and that it knows of no other real estate broker, agent, or finder who is or might be entitled to a commission or fee in connection with this Third Amendment.  In the event of any additional claim for a broker's or finder's fee with respect to this Third Amendment, Tenant shall indemnify, defend, and hold Landlord harmless from and against such claim if it is based on any statement, representation, or agreement made by Tenant.  Landlord is responsible for the commissions due to Broker arising out of the execution of this Third Amendment in accordance with the terms of a separate written agreement between Broker and Landlord.

	
28.
	
Governing Law.  This Third Amendment will be governed by and construed in accordance with the laws of the state of Oregon without regard to conflict-of-law principles.

	
29.
	
Counterparts.  This Third Amendment may be executed in counterparts, each of which will be effective as an original but which together will constitute the same instrument.  This Third Amendment may be signed by DocuSign, HelloSign or any other electronic or digital means and faxed or other electronically transmitted copies will be effective as originals.

[Signature page follows]

			
	
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IN WITNESS WHEREOF, Landlord and Tenant have executed this Third Amendment to be effective as of the day and year as set forth above.

		
	
LANDLORD:
	
TENANT:

	
MADISON-OFC ONE MAIN PLACE OR LLC,
a Delaware limited liability company
	
SCHRODINGER, INC.,
a Delaware corporation

	
By: /s/ Erik M. Pentland

Name: Erik M. Pentland

Title: Director
	
By: /s/ Joel Lebowitz

Name: Joel Lebowitz

Title: Executive Vice President and Chief Financial Officer

	
Date:  May 6, 2021
	
Date:  May 6, 2021

 

 

			
	
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EXHIBIT A

FLOOR PLAN OF SUITE 1410 EXPANSION PREMISES

This Exhibit A is attached to and made a part of the Third Amendment to Office Lease dated May 6, 2021, by and between MADISON-OFC ONE MAIN PLACE OR LLC, as Landlord, and SCHRODINGER, INC., as Tenant for the Premises.

 

 

 

			
	
 
	
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EXHIBIT B

WORK LETTER

This Work Letter (this "Agreement") is attached to and made a part of the Third Amendment to Office Lease dated May 6, 2021, by and between MADISON-OFC ONE MAIN PLACE OR LLC, as Landlord, and SCHRODINGER, INC., for the Premises. 

1.This Agreement sets forth the obligations of Landlord and Tenant with respect to the improvements to be performed in the Suite 1410 Expansion Premises, and in the Suite 1300 Premises and the Suite 1400 Premises if Tenant elects to convert abated Monthly Installments of Rent to Converted Rent-Abatement TI Allowance (as defined below) pursuant to Section 12 of the Third Amendment to Office Lease.  All improvements described on Exhibit A attached to the Third Amendment to Office Lease, which include the removal of all hazardous materials, the supply and installation of Tenant's low voltage cabling and the $20,000 allowance for window film/graphics described on said Exhibit A in Suite 1410, to be constructed in and upon the Suite 1410 Expansion Premises by Landlord, are hereinafter referred to as the "Expansion Premises Improvements."  For the avoidance of doubt, the Expansion Premises Improvements shall not include, and Landlord shall have no obligation to provide, any improvement to the 13th Floor common area at Landlord’s expense. Provided Tenant is not then in default after the expiration of applicable cure periods, Landlord shall at Landlord’s sole cost and expense construct the Expansion Premises Improvements provided that if Landlord is not then constructing the Expansion Premises Improvements by reason of a default of Tenant, and Tenant subsequently cures such default without Landlord terminating the Lease, Landlord shall thereafter construct the Expansion Premises Improvements in accordance with the provisions of this Work Letter.  Landlord shall provide Tenant, at Tenant's cost but subject to a space planning allowance of $0.15/square foot of the Suite 1410 Expansion Premises, with preparation of a space plan for the Expansion Premises Improvements in the Suite 1410 Expansion Premises. If the space planning exceeds the space planning allowance, Tenant shall pay to Landlord such excess within thirty (30) days of receipt of Landlord's reasonably detailed invoice therefor.  Landlord shall enter into a direct contract for the Expansion Premises Improvements with a general contractor selected by Landlord to perform the Expansion Premises Improvements.  Landlord acknowledges that the cost of the initial space plan was within the allowance provided by Landlord and any other space planning necessary to complete the Exhibit A improvements shall be at the cost of the Landlord including permits, fees and Landlord costs in section 3 below and any other architectural and engineering associated with the completion of the Expansion Premises Improvements with the exception of Tenant placement of FF&E per section 3 below.

2.Tenant shall have the option to convert any or all of the abated Monthly Installments of Rent, in the total amount of $117,383.75, into a credit to be applied to any portion of the cost of the Expansion Premises Improvements for which Tenant is responsible under this Agreement or to the cost of improvements to the Suite 1300 Premises or the Suite 1400 Premises (collectively, the "Existing Premises Improvements"), such total amount of $117,383.75 being referred to herein as the "Converted Rent-Abatement TI Allowance."  Landlord shall enter into a direct contract for the Existing Premises Improvements with a general contractor selected by Landlord to perform the Existing Premises Improvements, which may be the same contract as for the construction of the Expansion Premises Improvements.  The Expansion Premises Improvements, together with any Existing Premises Improvements are collectively "Landlord's Work."

			
	
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3.Landlord shall, at its cost, cause to be prepared the final architectural, electrical and mechanical construction drawings, plans and specifications (called "Plans") necessary to construct the Expansion Premises Improvements, and any Existing Premises Improvements requested by Tenant, which Plans shall be mutually and reasonably approved by Landlord and Tenant.  The Plans shall also include an estimate of the costs of the Expansion Premises Improvements and any Existing Premises Improvements (the "Estimate Amount").  Tenant shall be responsible for all elements of the design of the Plans (including, without limitation, functionality of design, the configuration of the Suite 1410 Expansion Premises and the placement of Tenant's furniture, appliances and equipment, and any requested Existing Premises Improvements in the Premises).  Tenant shall promptly furnish complete information concerning its requirements to the responsible architect and engineers as and when requested by them.  Tenant covenants and agrees to devote such time as may be necessary in consultation with said architect and engineers to enable them to complete and submit the Plans on or before the fifth business day following mutual execution of this Agreement (the "Plans Due Date").  Time is of the essence in respect of the review and approval of the Plans by Tenant.  If the Plans are not fully completed and approved by the Plans Due Date, as a result of any delay by Tenant with respect to the review and approval of the Plans, Tenant shall be responsible for one day of delay for each day during the period beginning on the day following the Plans Due Date and ending on the date the completed Plans are approved.  The word "architect" as used in this Agreement shall include an interior designer or space planner.

4.If Landlord's estimate of the cost of the Expansion Premises Improvements is greater than what such Expansion Premises Improvements would cost using building standard materials and finishes that are of the same and/or similar quality to those of the Suite 1300 Premises and Suite 1400 Premises (except as specifically noted in Exhibit A (attached to the Third Amendment to Office Lease)), as determined in Landlord's sole, but reasonable discretion,  prior to commencing any construction of Expansion Premises Improvements, Landlord shall submit to Tenant a written estimate setting forth the anticipated increased cost of the Expansion Premises Improvements, including but not limited to labor and materials, contractor's fees and permit fees, Tenant being solely responsible for any increase in costs that in Landlord's sole, but reasonable discretion results from use of materials other than building standard materials, provided that Tenant may use the Converted Rent-Abatement TI Allowance to satisfy such costs.  Landlord acknowledges Tenant's current finishes in Suite 1300 and Suite 1400 are within building standard materials and finishes.  Such estimate shall also include the cost of any Existing Premises Improvements requested by Tenant, Tenant being solely responsible for any such costs not satisfied by the Converted Rent-Abatement TI Allowance. Within five (5) business days thereafter, Tenant shall either notify Landlord in writing of its approval of the increased cost estimate, or specify its objections thereto and any desired changes to the proposed Expansion Premises Improvements or Existing Premises Improvements.  If Tenant notifies Landlord of such objections and desired changes, Tenant shall work with Landlord to reach a mutually acceptable alternative cost estimate.  The "Approved Estimate Amount" shall be the estimate approved by Tenant under this Section 4.  Tenant shall pay Landlord any portion of the Approved Estimate Amount arising from or relating to use of materials other than building standard materials or the cost of Existing Premises Improvements being in excess of the Converted Rent-Abatement TI Allowance within thirty (30) days of receipt of Landlord's reasonably detailed invoice therefor.

5.Following approval of the Plans, Landlord shall cause the Expansion Premises Improvements and any Existing Premises Improvements to be constructed in accordance with the approved Plans (except for required field changes).  Landlord shall notify Tenant in writing of Substantial Completion (hereinafter defined) of the Expansion Premises Improvements and Existing Premises Improvements.

			
	
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6.If, as a result of (i) any change to the Plans requested or approved by Tenant or (ii) any delay resulting from Tenant's failure to timely respond to Landlord's request to change or alter the Plans, the actual cost of construction shall exceed the Approved Estimate Amount (such amounts exceeding the Approved Estimate Amount being referred to herein as the "Excess Costs"), Tenant shall pay to Landlord such Excess Costs within thirty (30) days of receipt of Landlord's reasonably detailed invoice therefor, less any available Converted Rent-Abatement TI Allowance from which such Excess Costs may be satisfied.  The statements of costs submitted to Landlord by Landlord's contractors shall be conclusive for purposes of determining the actual cost of the items described therein.  If the actual cost of construction shall exceed the Approved Estimate Amount other than as a result of (i) any change to the Plans requested or approved by Tenant or (ii) any delay resulting from Tenant's failure to timely respond to Landlord's request to change or alter the Plans, Landlord is responsible for any resulting Excess Costs.

7.If Tenant shall request any change, addition or alteration in any of the Plans after approval by Landlord and Tenant, Landlord shall have such revisions to the drawings prepared, and Tenant shall reimburse Landlord for the reasonable cost thereof upon demand to the extent that the cost of performing such revisions cause the cost of Expansion Premises Improvements or Existing Premises Improvements to exceed the Approved Estimate Amount, less any available Converted Rent-Abatement TI Allowance from which such costs may be satisfied.  If Landlord shall request any change, addition or alteration in any of the Plans after approval by Landlord and Tenant, Tenant shall have the right to review and approve same, and upon Tenant's approval, Landlord shall have such revisions to the drawings prepared at Landlord's sole cost and expense provided that Tenant shall have no obligation to approve of such Landlord-requested changes.  Promptly upon completion of the revisions (whether requested by Tenant or Landlord), Landlord shall notify Tenant in writing of the increased cost, if any, which will be chargeable to Tenant by reason of such change, addition or deletion.  Tenant, within five (5) business days, shall notify Landlord in writing whether it desires to proceed with such change, addition or deletion.  If Tenant fails to deliver notice of its decision within the applicable timeframe, it shall be deemed to have rejected the change, addition or alteration.  If such revisions result in higher actual construction costs which exceed the Approved Estimate Amount, such increased estimate or costs shall be deemed Excess Costs pursuant to Section 6 hereof and Tenant shall pay such Excess Costs upon demand.

8.Upon Substantial Completion of the Expansion Premises Improvements and any Existing Premises Improvements, Landlord and Tenant will jointly inspect the Expansion Premises Improvements and any Existing Premises Improvements.  Based upon the joint inspection, Landlord and Tenant will jointly prepare a formal list of minor construction deficiencies (the "Punch List Items").  Landlord shall have 60 days after Substantial Completion to complete the Punch List Items.  Once Landlord has completed the Punch List Items to Tenant's reasonable satisfaction, the Expansion Premises Improvements and any Existing Premises Improvements shall be complete.  "Substantial Completion" and "Substantially Completed" mean, with respect to the work under this Agreement that such work has been fully completed except for minor details of construction, mechanical adjustments or decoration which do not materially interfere with Tenant's use and enjoyment of the Premises (items normally referred to as "punch list" items), all as reasonably determined by Landlord and that Tenant may lawfully occupy such space for its intended purposes.

9.Any and all amounts payable by Tenant under this Agreement constitute rent payable pursuant to the Lease, and the failure to timely pay same constitutes a default under the Lease.

			
	
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10.Tenant shall reasonably cooperate with Landlord and its building manager, project manager, and contractors during the course of construction of the Expansion Premises Improvements and any Existing Premises Improvements.  The parties hereby agree that there shall be no abatement of Rent and, except for the gross negligence or willful misconduct of Landlord, no liability of Landlord by reason of any injury to or interference with Tenant's business arising from the construction and design of the Expansion Premises Improvements or Existing Premises Improvements; provided, however, that Landlord shall exercise commercially reasonable efforts to construct the Expansion Premises Improvements and Existing Premises Improvements after normal business hours.

11.This Agreement shall not be deemed applicable to any additional space added to the Premises at any time or from time to time, whether by any options under the Lease or otherwise, or to any portion of the Premises or any additions to the Premises in the event of a renewal or extension of the Term of the Lease, whether by any options under the Lease or otherwise, unless expressly so provided in the Lease or any amendment or supplement to the Lease.

[signature page follows]

			
	
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IN WITNESS WHEREOF, Landlord and Tenant have executed this Agreement to be effective as of the day and year as set forth above.

		
	
LANDLORD:
	
TENANT:

	
MADISON-OFC ONE MAIN PLACE OR LLC,
a Delaware limited liability company
	
SCHRODINGER, INC.,
a Delaware corporation

	
By:/s/ Erik M. Pentland

Name: Erik M. Pentland

Title: Director
	
By:/s/ Joel Lebowitz

Name: Joel Lebowitz

Title: Executive Vice President and Chief Financial Officer

	
Date:  May 6, 2021
	
Date:  May 6, 2021

 

 

			
	
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