Document:

Exhibit 101 Fifth Lease Amendment Agreement

		
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			FIFTH LEASE AMENDMENT AGREEMENT
		

		
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			This FIFTH LEASE AMENDMENT AGREEMENT (this “Agreement”) is entered into as of September  28 , 2017 (the “Effective Date”), by and between Peninsula Innovation Partners, LLC, a Delaware limited liability company (“Landlord”) and Pacific Biosciences of California, Inc., a Delaware corporation (“Tenant”).
		

		
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			RECITALS
		

		
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				 A.
			WHEREAS, Landlord and Tenant are parties to the following leases (each, a “Lease”, and collectively, the “Leases”):

		
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				 (i)
			Lease dated as of December 10, 2009 and modified by that certain Commencement Date Certificate dated by Tenant as August 24, 2010 and by Landlord as of September 8, 2010, as amended by that certain Second Amendment to Industrial Lease [sic] dated as of August 13, 2010, as further amended.by that certain Third Amendment to Industrial Lease dated as of December 29, 2010, as further amended by that certain Fourth Amendment to Lease dated as of March 30, 2015, as further amended by that certain Fifth Amendment to Lease dated as of March 30, 2015, as further amended by that certain Lease Amendment Agreement (the “Lease Amendment Agreement”) dated as of July 23, 2015, as further amended by that certain Second Lease Amendment Agreement (the “Second Lease Amendment Agreement”), as further amended by that certain Third Lease Amendment Agreement (the “Third Lease Amendment Agreement”) dated as of January 27, 2017, and as further amended by that certain Fourth Lease Amendment Agreement (the “Fourth Lease Amendment Agreement”) dated as of May 31, 2017, pursuant to which Landlord leases to Tenant certain premises (the “940 Hamilton Premises”) consisting of approximately 29,371 square feet located at 940 Hamilton Avenue (formerly known as 1394 Willow Road), Menlo Park, California for a tern that currently expires on September 30, 2017;

		
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				 (ii)
			Lease dated as of September 24, 2009, as amended by that certain First Amendment to Lease Agreement dated as of May 19, 2010, as further amended by that certain Second Amendment to Industrial Lease dated as of August 13, 2010, as further amended by that certain Third Amendment to Industrial Lease dated as of December 29, 2010, as further amended by that certain Fourth Amendment to Lease dated as of March 30, 2015, as further amended by that certain Fifth Amendment to Lease dated as of March 30, 2015, as further amended by the Lease Amendment Agreement, as further amended by the Second Lease Amendment Agreement, as further amended by the Third Lease Amendment Agreement, and as further amended by the Fourth Lease Amendment Agreement, pursuant to which Landlord leases to Tenant certain premises (the “960 Hamilton Premises”) consisting of approximately 22,267 square feet located at 960 Hamilton Avenue (formerly known as 1392 Willow Road), Menlo Park, California for a term that currently expires on September 30, 2017; and

		
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				 (iii)
			Lease dated as of December 15, 2010 and modified by that certain Commencement Date Certificate dated by Tenant as of February 4, 2011 and by Landlord as 
		

		 

		

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			of March 16, 2011, as further amended by that certain First Amendment to Lease dated as of March 30, 2015, as further amended by that certain Second Amendment to Lease dated as of March 30, 2015, as further amended by the Lease Amendment Agreement, as further amended by the Second Lease Amendment Agreement, as further amended by the Third Lease Amendment Agreement, and as further amended by the Fourth Lease Amendment Agreement, pursuant to which Landlord leases to Tenant certain premises (the “1010 Hamilton Premises” and collectively with the 940 Hamilton Premises and the 960 Hamilton Premises, the “Premises”) consisting of approximately 21,240 square feet located at 1010 Hamilton Avenue, Menlo Park, California for a term that currently expires on September 30, 2017.

		
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				 B.
			WHEREAS, in connection with the termination of the Leases, Landlord and Tenant desire to set forth their agreement with respect to certain issues related to Tenant's transition out of the Premises, and to modify the Leases on the terms and conditions set forth below.

		
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			AGREEMENT
		

		
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			NOW THEREFORE, in consideration of the promises and the mutual covenants hereinafter contained, the parties hereto agree as follows:
		

		
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				 1.
			Extension of Lease Term.

		
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				 (a)
			960 Hamilton Premises.  The Term of the Lease for the 960 Hamilton Premises expires on September 30, 2017. Tenant has requested, and Landlord has agreed to grant, an extension of the Term of the Lease for the 960 Hamilton Premises. The Term of the Lease for the 960 Hamilton Premises is hereby extended to expire on December 31, 2017. Clauses 1(c)(i)-(ii) of the Fourth Lease Amendment Agreement are hereby deleted in their entirety and replaced with the following:

		
			“(i) Tenant shall have surrendered the entirety of the 960 Hamilton Premises in compliance with section 5 of the Lease Amendment Agreement on or before December 31, 2017, and (ii) Tenant shall not be in Default under any Lease as of the date Tenant surrenders the entirety of the 960 Hamilton Premises (collectively, the “960 Hamilton Early Payment Conditions”)” 
		

		
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				 (b)
			1180 Hamilton Premises.  Landlord has granted Tenant a license to use a portion of 1180 Hamilton Avenue, Menlo Park, California as the Storage Space (as defined in the Second Lease Amendment Agreement) during the Storage Space Period (as defined in the Second Lease Amendment Agreement). Provided that Tenant has fully vacated the premises licensed to it by Landlord at 1190 Hamilton Avenue, Menlo Park, California not later than September 30, 2017 (the “Vacation Condition”), then the Storage Space Period shall be extended to expire on the earliest to occur of (i) December 31, 2017, (ii) the date that Tenant informs Landlord it no longer requires the Storage Space, and (iii) the date that all of the Leases are terminated due to Tenant’s default. It is an express condition precedent to the extension of the Storage Space Period that the Vacation Condition shall have occurred.

		
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				 2.
			Miscellaneous. Except as otherwise expressly provided herein, all defined terms used in this Agreement shall have the same respective meanings as are provided for such defined terms in the Leases. Insofar as the specific terms and provisions of this Agreement purport to amend or modify or are in conflict with the specific terms, provisions and exhibits of the Leases, the terms and provisions of this Agreement shall govern and control; in all other respects, the terms, provisions and exhibits of the Leases shall remain unmodified and in full force and effect. Landlord and Tenant hereby agree that (a) this 
		

		 

		

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			Agreement is incorporated into and made a part of each Lease, (b) any and all references to the Leases hereinafter shall include this Agreement and (c) the Leases and all terms, conditions and provisions of the Leases are in full force and effect as of the date hereof, except as expressly modified and amended hereinabove. If either Landlord or Tenant brings an action or proceeding to enforce the terns hereof or declare rights hereunder, the Prevailing Party (as hereafter defined) in any such proceeding shall be entitled to reasonable attorneys' fees. The term “Prevailing Party” shall include, without limitation, a party who substantially obtains or defeats the relief sought. Time is of the essence with respect to each and every time period described in this Agreement.

		
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			[Signatures appear on following page]
		

		
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			IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Effective Date.
		

		
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			TENANT:
		

		
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			PACIFIC BIOSCIENCES OF 
CALIFORNIA, INC.,
		

		
			a Delaware corporation
		

		
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						By:

					
					
						/s/ Ben Gong

				
	
					
						Name:

					
					
						Ben Gong

				
	
					
						Its:

					
					
						VP Finance

				

		
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			LANDLORD:
		

		
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			PENNINSULA INNOVATION 
PARTNERS, LLC
		

		
			a Delaware limited liability company
		

		
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						By:

					
					
						/s/ Fergus O’Shea

				
	
					
						Name:

					
					
						Fergus O’Shea

				
	
					
						Its:

					
					
						Director

				

		
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			4Exhibit 102 Offer letter for Kathy O as Chief Commercial Officer

		

			

		

		
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			October 19, 2017
		

		
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			Kathy Ordoñez
		

		
			1228 Crestwood Drive
		

		
			Delray Beach, FL 33483 
		

		
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			Dear Kathy,
		

		
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			On behalf of Pacific Biosciences (or “the Company”), I am pleased to offer you a position as Chief Commercial Officer and Executive Vice President.   You will be reporting to Mike Hunkapiller.
		

		
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			You will receive a salary of $1.00 annually, paid twice monthly according to the Pacific Biosciences payroll schedule.
		

		
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			You will be reimbursed for reasonable and necessary transportation and accommodation expenses incurred in connection with your business travel.
		

		
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			We will also be recommending to our Board of Directors that you be granted an option to purchase up to 375,000 shares of the Company’s common stock (subject to adjustment for any stock splits, reverse splits, combinations, dividends, and the like after the date hereof).  This stock option is subject to the availability of shares under the Company’s current stock plan and must be approved by our Board of Directors, which will vote on this in a meeting of the Board of Directors, or its delegates, after your start date.  The option will vest over a four-year period, without a cliff, at a monthly rate of 1/48th of the total grant, provided that you remain employed with the Company.
		

		
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			You will be offered our standard Pacific Biosciences of California, Inc. Change in Control Severance Agreement, a copy of which is attached.
		

		
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			We will be offering you our standard benefits package.  You will also be eligible for up to 15 days of vacation and up to 10 days of sick time per year, and you will receive designated Company holidays.  The terms of our time off with pay policies are outlined in our employee handbook. 
		

		
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			All forms of compensation referred to in this letter agreement are subject to reduction to reflect applicable withholding and payroll taxes and other deductions required by law.    
		

		
			Your employment with Pacific Biosciences is for no specified period of time.  Your employment with the Company will be “at will,” meaning that either you or the Company may terminate your 
		

		 

		

			

		

		

			 

		

 

		

			 

		

		employment at any time and for any reason, with or without cause.  Any contrary representations that may have been made to you are superseded by this letter agreement.  This is the full and complete agreement between you and the Company on this term.  Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and a duly authorized officer of the Company (other than you). 
		

		
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			You represent that the performance of your duties in the position described above will not violate the terms of any agreements you may have with others, including your former employer. You also understand that you are not to bring to or use at Pacific Biosciences any confidential information of your prior employers.
		

		
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			Your employment is also conditioned upon your agreement and execution of the attached Pacific Biosciences At Will Employment, Confidential Information, Invention Assignment, and Arbitration Agreement.  
		

		
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			Upon your acceptance of this offer (as evidenced by your return of a signed copy of this letter and the attached agreement to the company), this letter agreement and the Pacific Biosciences At Will Employment, Confidential Information, Invention Assignment, and Arbitration Agreement constitute the complete agreement between you and the Company, contain all of the terms of your employment with the Company and supersede any prior agreements, representations or understandings (whether written, oral or implied) between you and the Company.  
		

		
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			As required by law, your employment with Pacific Biosciences is contingent upon your providing legal proof of identity and authorization to work within the United States on your first day of employment. In addition, to the extent permitted by applicable law, Pacific Biosciences may require current or new employees to submit to, and pass, a background check if such testing is required by a Pacific Biosciences customer in order for that individual to provide goods or services to the customer. Additionally, any employee authorized to drive a Company vehicle, or who is receiving a vehicle allowance, must provide a valid and current driver’s license and consent to a DMV check.
		

		
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			To accept our offer, please sign and date this letter in the space provided below. If you accept our offer, your first day of employment will be October 30, 2017. 
		

		
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			This offer of employment will terminate if it is not accepted, signed, and returned by midnight Pacific Time, October 30, 2017. 
		

		
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			Pacific Biosciences is committed to hiring employees like you that have the courage, creativity, and experience to develop new ideas for new markets.  
		

		
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			We look forward to your joining us!
		

		

		

		 

		

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			1305 O’Brien Drive, Menlo Park, CA  94025

		

 

		

			 

		

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						/s/ Mike Hunkapiller

				

		
			Pacific Biosciences By: Mike Hunkapiller,  Chairman, CEO & President
		

		
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						10/30/17

				

		
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			I have read and accept this employment offer:
		

		
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						/s/ Kathy Ordoñez

				

		
			Kathy Ordoñez
		

		
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						10/30/17

				

		
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			1305 O’Brien Drive, Menlo Park, CA  94025

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