Document:

ex_234471.htm

Exhibit 4.20

DESCRIPTION OF THE REGISTRANT’S SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF THE

SECURITIES EXCHANGE ACT OF 1934

 

As of December 31, 2020

 

Viveve Medical, Inc. (“Viveve”) has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): common stock, par value $0.0001 per share (the “common stock”).

DESCRIPTION OF COMMON STOCK

The following summary description sets forth some of the general terms and provisions of the common stock. Because this is a summary description, it does not contain all of the information that may be important to you. For a more detailed description of the common stock, you should refer to the provisions of our amended and restated certificate of incorporation and amendments thereto and the form of certificate of designation of our Series B Preferred Stock (collectively, the “Charter”) and our amended and restated bylaws (“Bylaws”), each of which is an exhibit to this Annual Report on Form 10-K to which this description is an exhibit.

General

Under the Charter, Viveve is authorized to issue up to 75,000,000 shares of common stock with a par value $0.0001 per share and 10,000,000 shares of preferred stock, par value $0.0001 per share. Of our 10,000,000 shares of preferred stock, 100,000 shares are designated Series B Preferred Stock. On December 16, 2020, Viveve filed a certificate of elimination with the State of Delaware to eliminate the Company’s class of Series A Preferred Stock.

Common Stock

The holders of common stock are entitled to one vote per share. Our Charter does not expressly prohibit cumulative voting. The holders of our common stock are entitled to receive ratably such dividends, if any, as may be declared by the board of directors out of legally available funds. Upon liquidation, dissolution or winding-up, the holders of our common stock are entitled to share ratably in all assets that are legally available for distribution. The holders of our common stock have no preemptive, subscription, redemption or conversion rights.

The rights, preferences and privileges of holders of our common stock are subject to, and may be adversely affected by, the rights of the holders of any series of preferred stock, which may be designated solely by action of the board of directors and issued in the future.

Preferred Stock

Our board of directors is authorized, subject to any limitations prescribed by law, without further vote or action by our stockholders, to issue from time to time shares of preferred stock in one or more series. The directors may from time to time by resolution passed before the issue of any preferred stock of any particular series, fix the number of shares of preferred stock of any particular series, determine the designation of the shares of preferred stock of that series and create, define and attach special rights and restrictions to the shares of preferred stock of that series including, but without in any way limiting or restricting the generality of the foregoing: the rate or amount of dividends, whether cumulative, non-cumulative or partially cumulative; the dates, places and currencies of payment thereof; the consideration for, and the terms and conditions of, any purchase for cancellation or redemption thereof, including redemption after a fixed term or at a premium; conversion or exchange rights or rights of retraction (provided that any such conversion or exchange rights or rights of retraction shall be in accordance with the provisions existing at the time of creation of such series relating to conversion, exchange, or retraction as prescribed by the policies of any stock exchange on which our shares are then listed); the terms and conditions of any share purchase plan or sinking fund; and voting rights and restrictions.

 

Holders of preferred stock will be entitled, on the distribution of our assets or in the event of our liquidation, dissolution or winding-up, whether voluntary or involuntary, or on any other distribution of our assets among our stockholders for the purpose of winding-up our affairs, to receive before any distribution to be made to holders of common stock or any other shares of stock ranking junior to the preferred stock with respect to repayment of capital, but after any distributions shall be made on any Series B preferred stock or any of our existing or future indebtedness, the amount due to the holders of preferred stock in accordance with our Charter with respect to each share of preferred stock held by them, together with all accrued and unpaid cumulative dividends on Series B preferred stock and any preferential dividends on any other series of preferred stock, and all declared and unpaid non-cumulative dividends (if any and if preferential) on any series of preferred stock.

 

 

 

 

Except for voting rights that may be attached to any series of the preferred stock by the directors, holders of preferred stock will not be entitled to vote at any meeting of our stockholders. Holders of Series B Preferred Stock do not have any rights with respect to such shares prior to conversion of such shares to common stock. Holders of preferred stock will be given notice of and be invited to attend meetings of our voting stockholders.

It is not possible to state the actual effect of the issuance of any other preferred stock upon the rights of holders of our common stock until the board of directors determines the specific rights of the holders of such preferred stock. However, the effects might include, among other things:

	 	
			●

				
			impairing dividend rights of our common stock;

			
	 	
			●

				
			diluting the voting power of our common stock;

			
	 	
			●

				
			impairing the liquidation rights of our common stock; and

			
	 	
			●

				
			delaying or preventing a change of control without further action by our stockholders.

			

Listing

Our common stock is listed on The NASDAQ Capital Market under the symbol “VIVE.”

Delaware as the Exclusive Jurisdiction for State Law Claims

Unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware will be the sole and exclusive forum for any state law claim for: (1) any derivative action or proceeding brought on the Company's behalf; (2) any action asserting a claim of, or a claim based on, breach of a fiduciary duty or other wrongdoing by any of our directors, officers, employees or agents to us or our stockholders; (3) any action asserting a claim against us or our directors, officers, employees or stockholders arising pursuant to any provision of the Delaware General Corporation Law or our Charter and Bylaws; or (4) any action asserting a claim governed by the internal affairs doctrine (the “Delaware Forum Provision”); provided, however, that this Delaware Forum Provision does not apply to any actions arising under the Securities Act or the Exchange Act. The Delaware Forum Provision may impose additional litigation costs on stockholders in pursuing such claims, particularly if the stockholders do not reside in or near the State of Delaware. Additionally, the Delaware Forum Provision may limit our stockholders' ability to bring a claim in a judicial forum that they find favorable for disputes with us or our directors, officers or employees, which may discourage the filing of such lawsuits. The Court of Chancery of the State of Delaware may also reach different judgment or results than would other courts, including courts where a stockholder considering an action may be located or would otherwise choose to bring the action, and such judgments may be more or less favorable to us than our stockholders.

 

Antitakeover Effects of Delaware Law and Provisions of our Charter and Bylaws

Certain provisions of the Delaware General Corporation Law and of our Charter and Bylaws could have the effect of delaying, deferring or discouraging another party from acquiring control of us unless such takeover or change of control is approved by the board of directors. These provisions, which are summarized below, are expected to discourage certain types of coercive takeover practices and inadequate takeover bids and, as a consequence, they might also inhibit temporary fluctuations in the market price of our common stock that often result from actual or rumored hostile takeover attempts. These provisions are also designed in part to encourage anyone seeking to acquire control of us to first negotiate with our board of directors. These provisions might also have the effect of preventing changes in our management. It is possible that these provisions could make it more difficult to accomplish transactions that stockholders might otherwise deem to be in their best interests. However, we believe that the advantages gained by protecting our ability to negotiate with any unsolicited and potentially unfriendly acquirer outweigh the disadvantages of discouraging such proposals, including those priced above the then-current market value of our common stock, because, among other reasons, the negotiation of such proposals could improve their terms.

 

 

 

 

Delaware Takeover Statute

We are subject to the provisions of Section 203 of the Delaware General Corporation Law. In general, Section 203 prohibits a publicly held Delaware corporation from engaging in a “business combination” with an “interested stockholder” for a three-year period following the time that this stockholder becomes an interested stockholder, unless the business combination is approved in a prescribed manner. Under Section 203, a business combination between a corporation and an interested stockholder is prohibited unless it satisfies one of the following conditions:

	 	
			•

				
			before the stockholder became interested, our board of directors approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;

			

	 	
			•

				
			upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding, shares owned by persons who are directors and also officers, and employee stock plans, in some instances, but not the outstanding voting stock owned by the interested stockholder; or

			

	 	
			•

				
			at or after the time the stockholder became interested, the business combination was approved by our board of directors and authorized at an annual or special meeting of the stockholders by the affirmative vote of at least two-thirds of the outstanding voting stock which is not owned by the interested stockholder.

			

Section 203 defines a business combination to include:

	 	
			•

				
			any merger or consolidation involving the corporation and the interested stockholder;

			

	 	
			•

				
			any sale, transfer, lease, pledge, exchange, mortgage or other disposition involving the interested stockholder of 10% or more of the assets of the corporation;

			

	 	
			•

				
			subject to exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder;

			

	 	
			•

				
			subject to exceptions, any transaction involving the corporation that has the effect of increasing the proportionate share of the stock of any class or series of the corporation beneficially owned by the interested stockholder; or

			

	 	
			•

				
			the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation.

			

In general, Section 203 defines an interested stockholder as any entity or person beneficially owning 15% or more of the outstanding voting stock of the corporation and any entity or person affiliated with or controlling or controlled by the entity or person.

Provisions of our Charter and Bylaws

Our Charter and Bylaws include a number of provisions that may have the effect of delaying, deferring or discouraging another party from acquiring control of us and encouraging persons considering unsolicited tender offers or other unilateral takeover proposals to negotiate with our board of directors rather than pursue non-negotiated takeover attempts. These provisions include the items described below.

Board composition and filling vacancies. In accordance with our Charter, our board is divided into three classes serving staggered three-year terms, with one class being elected each year. Our Charter also provides that directors may be removed only for cause and then only by the affirmative vote of the holders of 75% or more of the shares then entitled to vote at an election of directors. Furthermore, any vacancy on our board of directors, however occurring, including a vacancy resulting from an increase in the size of our board, may only be filled by the affirmative vote of a majority of our directors then in office even if less than a quorum.

No written consent of stockholders. Our Charter provides that all stockholder actions are required to be taken by a vote of the stockholders at an annual or special meeting, and that stockholders may not take any action by written consent in lieu of a meeting. This limit may lengthen the amount of time required to take stockholder actions and would prevent the amendment of our Bylaws or removal of directors by our stockholder without holding a meeting of stockholders.

Meetings of stockholders. Our Bylaws provide that only a majority of the members of our board of directors then in office may call special meetings of stockholders and only those matters set forth in the notice of the special meeting may be considered or acted upon at a special meeting of stockholders. Our Bylaws limit the business that may be conducted at an annual meeting of stockholders to those matters properly brought before the meeting.

Advance notice requirements. Our Bylaws establish advance notice procedures with regard to stockholder proposals relating to the nomination of candidates for election as directors or new business to be brought before meetings of our stockholders. These procedures provide that notice of stockholder proposals must be timely given in writing to our corporate secretary prior to the meeting at which the action is to be taken. Generally, to be timely, notice must be received at our principal executive offices not less than 90 days or more than 120 days prior to the first anniversary date of the annual meeting for the preceding year. The notice must contain certain information specified in our Bylaws.

 

 

 

 

Amendment to Charter and Bylaws. As required by the Delaware General Corporation Law, any amendment of our Charter must first be approved by a majority of our board of directors, and if required by law or our Charter, must thereafter be approved by a majority of the outstanding shares entitled to vote on the amendment, and a majority of the outstanding shares of each class entitled to vote thereon as a class, except that the amendment of the provisions relating to stockholder action, directors, limitation of liability and the amendment of our Charter must be approved by not less than 75% of the outstanding shares entitled to vote on the amendment, and not less than 75% of the outstanding shares of each class entitled to vote thereon as a class. Our Bylaws may be amended by the affirmative vote of a majority vote of the directors then in office, subject to any limitations set forth in the Bylaws; and may also be amended by the affirmative vote of at least 75% of the outstanding shares entitled to vote on the amendment, or, if the board of directors recommends that the stockholders approve the amendment, by the affirmative vote of the majority of the outstanding shares entitled to vote on the amendment, in each case voting together as a single class.

Undesignated preferred stock. Our Charter provides for authorized shares of preferred stock. The existence of authorized but unissued shares of preferred stock may enable our board of directors to render more difficult or to discourage an attempt to obtain control of us by means of a merger, tender offer, proxy contest or otherwise. For example, if in the due exercise of its fiduciary obligations, our board of directors were to determine that a takeover proposal is not in the best interests of us or our stockholders, our board of directors could cause shares of preferred stock to be issued without stockholder approval in one or more private offerings or other transactions that might dilute the voting or other rights of the proposed acquirer or insurgent stockholder or stockholder group. In this regard, our Charter grants our board of directors broad power to establish the rights and preferences of authorized and unissued shares of preferred stock. The issuance of shares of preferred stock could decrease the amount of earnings and assets available for distribution to holders of shares of common stock. The issuance may also adversely affect the rights and powers, including voting rights, of these holders and may have the effect of delaying, deterring or preventing a change in control of us.Image Exhibit

Exhibit 10.27

 

FIRST AMENDMENT TO SUBLEASE AGREEMENT

 

THIS FIRST AMENDMENT TO SUBLEASE AGREEMENT (hereinafter referred to as this “Amendment”) is made effective as of March 15, 2021 (the “Effective Date”) by and between Ingredion Incorporated, a Delaware corporation (“Sublandord”), and Viveve Medical, Inc., a Delaware corporation (“Subtenant”).

 

WITNESSETH:

 

WHEREAS, Sublandord and Subtenant are party to that certain Sublease Agreement, dated as of January 26, 2017 (the “Sublease”, as may be further amended or modified from time to time), pursuant to which Sublandord subleases to Subtenant certain premises consisting of approximately 12,303 rentable square feet with a common address of 345 Inverness Drive South, Building B, Suite 250, Englewood, Colorado 80112, as more particularly described in the Sublease (the “Subleased Premises”). Capitalized terms used herein but not otherwise defined shall have the meanings ascribed thereto in the Sublease.

 

WHEREAS, the Term is scheduled to expire on May 31, 2021 and Sublandord and Subtenant desire to extend the Term for an additional thirty-four (34) full calendar months from such expiration date and to amend the terms and conditions of the Sublease as hereinafter provided.

 

AGREEMENT:

 

NOW, THEREFORE, in consideration of good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties, and the mutual covenants set forth herein, the parties hereto agree as follows:

 

1.    Extension of Term. The Term is hereby extended for a period of thirty-four (34) full calendar months, commencing as of June 1, 2021 (the “Extended Term Commencement Date”) and expiring on March 31, 2024 (the “Extended Term”). From and after the date hereof, the “Term” shall be deemed to include the Extended Term.

 

2.    Rent

 

(a)    Gross Rent Schedule. Effective as of the Extended Term Commencement Date, the monthly gross Rent for the Subleased Premises payable by Subtenant to Sublandord during the Extended Term is as follows:

 

	
			From:

				
			To:

				
			Gross Rent (per month)

			
	
			June 1, 2021

				
			May 31, 2022

				
			$21,027.88

			
	
			June 1, 2022

				
			May 31, 2023

				
			$21,643.03

			
	
			June 1, 2023

				
			March 31, 2024

				
			$22,258.18

			

 

Except as otherwise set forth in this Amendment, all other terms and conditions with respect to the payment of any other sums due and payable by Subtenant under the Sublease shall remain as set forth thereunder.

 

(b)    Rent Abatement Period. Notwithstanding the foregoing subsection (a), Subtenant’s obligation to pay gross Rent shall be conditionally abated as follows (the “Rent Abatement Period”):

 

	
			From:

				
			To:

				
			Gross Rent

			(per month)

				
			Gross Rent Abated

			(per month)

				
			Gross Rent Due and Payable

			(per month)

			
	
			June 1, 2021

				
			June 30, 2021

				
			$21,027.88

				
			$21,027.88

				
			$0.00

			

 

During the Rent Abatement Period, Subtenant’s obligation to pay any and all other charges pursuant to the terms of the Sublease shall continue in full force and effect without abatement of any kind. The abatement of gross Rent described above is expressly conditioned on Subtenant’s performance of its obligations under the Sublease throughout the Term. If there is default under the Sublease and such default leads to the enforcement of any remedies against Subtenant (including the termination of the Sublease prior to the expiration of the Term), then Subtenant shall immediately pay to Sublandlord on demand, in addition to all other amounts and damages to which Sublandlord is entitled, the amount of gross Rent which would otherwise have been due and payable during any portion of the Rent Abatement Period.

 

 

 

 

	 	
			3.

				
			AS-IS Condition; Sublandord’s Work.

			

 

(a)     AS-IS Condition. Subtenant hereby acknowledges and agrees that it has accepted the Subleased Premises as of the date hereof, and will continue to accept the Subleased Premises as of the Extended Term Commencement Date, in AS-IS, WHERE-IS condition without any representation or warranty of any kind made by Sublandord in favor of Subtenant.

 

(b)    Sublandord’s Work. Notwithstanding the foregoing subsection (a), Sublandord shall complete the work set forth on Exhibit A attached hereto in accordance with the terms and conditions set forth on such exhibit.

 

4.    Notice. Notwithstanding anything to the contrary, the parties’ addresses for notice shall be as follows:

 

	
			Subtenant:

			 

			Viveve Medical, Inc.

			Attn: Jim Robbins

			345 Inverness Drive South

			Building B, Suite 250

			Englewood, CO 80112

			JRobbins@viveve.com

				
			Sublandord:

			 

			Ingredion Incorporated

			345 Inverness Drive South

			Building B, Suite 200

			Englewood, CO 80112

			Attn: Adams Berzins

			 

			With a copy to:

			 

			Ingredion Incorporated

			5 Westbrook Corporate Center

			Westchester, IL 60154

			Attn: General Counsel

			

 

Either party may by notice given aforesaid change its address for all subsequent notices.

 

5.    Limitation of Liability. Any obligation or liability whatsoever of Sublandord which may arise at any time under the Sublease or any obligation or liability which may be incurred by it pursuant to any other instrument, transaction, or undertaking contemplated hereby shall not be personally binding upon, nor shall resort for the enforcement thereof be had to the property of, its trustees, directors, shareholders, officers, employees or agents, regardless of whether such obligation or liability is in the nature of contract, tort, or otherwise.

 

6.    Additional Changes. Effective as of the date hereof, Section 7 of the Sublease is hereby deemed null and void and of no further force and effect.

 

7.    OFAC. Subtenant hereby represents and warrants that, to the best of its knowledge, neither Subtenant, nor any persons or entities holding any legal or beneficial interest whatsoever in Subtenant, are (i) the target of any sanctions program that is established by Executive Order of the President or published by the Office of Foreign Assets Control, U.S. Department of the Treasury (“OFAC”); (ii) designated by the President or OFAC pursuant to the Trading with the Enemy Act, 50 U.S.C. App. § 5, the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701-06, the Patriot Act, Public Law 107-56, Executive Order 13224 (September 23, 2001) or any Executive Order of the President issued pursuant to such statutes; or (iii) named on the following list that is published by OFAC: “List of Specially Designated Nationals and Blocked Persons.” If the foregoing representation is untrue at any time during the Term, a default will be deemed to have occurred, without the necessity of notice to the defaulting party.

 

 

 

 

8.    Brokers. Subtenant represents and warrants to Sublandlord that Subtenant was not represented by any broker or agent with respect to this Sublease except Colliers International ("Subtenant's Broker''). Sublandlord represents and warrants to Subtenant that Sublandlord was not represented by any broker or agent with respect to this Sublease other than Cushman & Wakefield ("Sublandlord's Broker''). Subtenant and Sublandlord each agree to indemnify and hold harmless the other party against any loss, expense, cost or liability incurred by such party as a result of any claims by brokers other than Subtenant's Broker and Sublandlord's Broker.

 

9.    No Offer. Submission of this Amendment by Sublandord is not an offer to enter into this Amendment, but rather is a solicitation for such an offer by Subtenant. Sublandord shall not be bound by this Amendment until Sublandord and Subtenant have fully executed and delivered this Amendment.

 

10.    Authority. Subtenant represents and warrants to Sublandord that Subtenant has been and is qualified to do business in the state in which the Subleased Premises is located, that the entity has the full right and authority to enter into this Amendment, and that all persons signing on behalf of the entity were authorized to do so by appropriate actions. 

 

11.    Severability. If any clause or provision of this Amendment is illegal, invalid or unenforceable under present or future laws, then and in that event, it is the intention of the parties hereto that the remainder of this Amendment shall not be affected thereby. It is also the intention of the parties to this Amendment that in lieu of each clause or provision of this Amendment that is illegal, invalid or unenforceable, there be added, as a part of this Amendment, a clause or provision as similar in terms to such illegal, invalid or unenforceable clause or provision as may be possible and be legal, valid and enforceable.

 

12.    Counterparts and Delivery. This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original, and all of such counterparts shall constitute one Amendment. Execution copies of this Amendment may be delivered by facsimile or email, and the parties hereto agree to accept and be bound by facsimile signatures or scanned signatures transmitted via email hereto, which signatures shall be considered as original signatures with the transmitted Amendment having the binding effect as an original signature on an original document. Notwithstanding the foregoing, Subtenant shall, upon Sublandord’s request, deliver original copies of this Amendment to Sublandord at the address set forth in such request. Neither party may raise the use of a facsimile machine or scanned document or the fact that any signature was transmitted through the use of a facsimile machine or email as a defense to the enforcement of this Amendment.

 

13.    Conflict; Ratification. Insofar as the specific terms and provisions of this Amendment purport to amend or modify or are in conflict with the specific terms, provisions and exhibits of the Sublease, the terms and provisions of this Amendment shall govern and control. Sublandord and Subtenant hereby agree that (a) this Amendment is incorporated into and made a part of the Sublease, (b) any and all references to the Sublease hereinafter shall include this Amendment, and (c) the Sublease, and all terms, conditions and provisions of the Sublease, are in full force and effect as of the date hereof, except as expressly modified and amended hereinabove.

 

[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK; SIGNATURE PAGE FOLLOWS.]

 

 

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly authorized, executed and delivered as of the day and year first set forth above.

 

 

	
			SUBTENANT:

			 

			VIVEVE MEDICAL, INC.,

			a Delaware corporation

				 	
			SUBLANDLORD:

			 

			INGREDION INCORPORATED,

			a Delaware corporation

				 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	/s/ Scott Durbin   	 	By:	/s/ E Yildiz    	 
	Name:	Scott Durbin    	 	Name:	M. Erhan Yildiz    	 
	Its:	Chief Executive Officer 	 	Its:	Sr. Director, Technical Services 	 

 

 

 

 

 

EXHIBIT A

 

SUBLANDLORD’S WORK

 

(a)    Sublandlord’s Work. Sublandlord agrees to perform or cause to be performed that certain construction, repair, maintenance, or those certain improvements to the Subleased Premises as specified below (the “Sublandlord’s Work”), without warranty and using Sublandlord’s standard building materials and finishes:

 

	 	
			1.

				
			The work generally described in Exhibit B attached hereto.

			

 

(b)    Substantial Completion. Sublandlord agrees to use commercially reasonable efforts to Substantially Complete (as hereinafter defined) the Sublandlord’s Work by the date that is seven (7) months from the Effective Date, subject to extensions for force majeure and any Subtenant caused delays (including, without limitation, Subtenant’s failure to provide Sublandlord with reasonable access to the Subleased Premises to undertake the Sublandlord’s Work); provided, however, Subtenant acknowledges and agrees that Sublandlord makes no guaranty or warranty of Substantial Completion by such date. The Sublandlord’s Work shall be deemed substantially completed (“Substantially Completed” or “Substantial Completion”) when, in the opinion of the construction manager (whether an employee or agent of Sublandlord or a third party construction manager, the “Construction Manager”), the Sublandlord’s Work is substantially completed except for punch list items which do not prevent in any material way the use of the Subleased Premises for the purposes for which they were intended. In the event Subtenant, its employees, agents, or contractors cause, directly or indirectly, the construction or completion of the Sublandlord’s Work to be delayed, then the date of Substantial Completion shall be deemed to be the date that, in the opinion of the Construction Manager, Substantial Completion would have occurred if such delays or impairments had not taken place. Without limiting the foregoing, Subtenant shall be solely responsible for delays caused by Subtenant’s request for any changes in the plans, Subtenant’s request for long lead items, Subtenant’s failure to provide Sublandlord with reasonable access to the Subleased Premises to undertake the Sublandlord’s Work, and/or Subtenant’s interference with the construction of the Sublandlord’s Work, and such delays shall not entitle Subtenant to any abatement of rent or other rights of any kind. Substantial Completion is only material for purposes of determining the completion of the Sublandlord’s Work and has no impact whatsoever on the Extended Term Commencement Date and/or Subtenant’s other obligations under the Sublease, including, without limitation, the obligation to pay rent. In no event shall Sublandlord have any obligation for any defects in the Subleased Premises or any limitation on its use.

 

(c)    Access. From and after the date of execution of this Amendment, Subtenant shall provide Sublandlord with all necessary access to the Subleased Premises, and shall cooperate with Sublandlord in all respects, to undertake and complete the Sublandlord’s Work, it being understood that Subtenant shall not be entitled to any abatement of rent or claims of any kind against Sublandlord in connection with any inconvenience or accommodations which are required by Sublandlord, or in connection with any interference with Subtenant’s business operations or damage to any of Subtenant’s property, as part of the completion of the Sublandlord’s Work. Subtenant, at its sole cost and expense and prior to the commencement of the Sublandlord’s Work, shall promptly remove all personal property, trade fixtures, equipment, office furniture and/or other similar items, if any, as may be required by Sublandlord for Sublandlord to undertake and complete the Sublandlord’s Work.

 

 

 

 

EXHIBIT B

 

DESCRIPTION OF SUBLANDLORD’S WORK

 

 

(See attached)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00324-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00324-of-00352.parquet"}]]