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Exhibit 10.8
SECOND AMENDMENT TO LEASE AGREEMENT
    This Second Amendment to Lease Agreement (this “Second Amendment”) is made and intended to be effective as of September 1, 2021 (the “Effective Date”), between HARBOR BAY NLA LLC, a Delaware limited liability company (together with any of its successors or assigns, hereinafter called the “Landlord”), and PENUMBRA, INC., a Delaware corporation (together with any of its respective successors or assigns permitted by the Existing Lease (as defined below), hereinafter called the “Tenant”).

RECITALS
A.Landlord (as successor-in-interest to SKS Harbor Bay Associates, LLC) and Tenant are parties to that certain Lease Agreement dated as of December 17, 2015 (the “Original Lease”), as amended by that certain First Amendment to Lease Agreement dated as of July 14, 2021 (the “First Amendment” and the Original Lease, as so amended, collectively, the “Existing Lease”).
B.Landlord and Tenant have agreed to make certain amendments and modifications to the Existing Lease, all pursuant to and subject to the terms and conditions more fully set forth herein.
NOW, THEREFORE, in consideration of the recitals set forth above, the covenants and agreements contained herein, and other good and valuable consideration, the receipt, adequacy and total sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree as follows:
1.Recitals/Terms.  All recitals to this Second Amendment set forth above are hereby incorporated herein.  All terms used but not otherwise defined herein shall have the meanings set forth for such terms in the Existing Lease.
2.Amendments to Existing Lease.  The Existing Lease is hereby modified and amended as follows:
(a)Notwithstanding anything set forth in the Basic Lease Information to the contrary, the “Expiration Date” shall be December 31, 2036.  The foregoing shall have no impact whatsoever on the Extension Options set forth in Article 51 of the Existing Lease, all of which shall remain in full force and effect and available to Tenant in accordance with Article 51 and the other provisions of the Existing Lease as if the original Expiration Date was the Expiration Date as revised in the immediately preceding sentence.
(b)The first sentence of the definition of “Must-Take Space” in the Basic Lease Information of the Existing Lease is hereby deleted in its entirety and replaced as follows:

“Must-Take Space: collectively means any space in any of the Buildings (other than the Initial Premises) which becomes vacant on or before September 30, 2031 due to the expiration of earlier termination of a lease of that space to a tenant other than Tenant.”
(c)For the period prior to January 1, 2022, Section 3 of the First Amendment shall control as it relates to Base Rent for the Premises; provided, however, that with respect to the 1431 Harbor Bay Building which was made a part of the Premises as of July 14, 2021, as 
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well as any Must-Take Space which is added to the Premises in the future, Tenant shall still be entitled to one hundred fifty (150) days of Base Rent abatement as is contemplated in the Existing Lease, such Base Rent Abatement with respect to the 1431 Harbor Bay Building to commence as of July 14, 2021 and expire as of December 11, 2021.  Commencing as of January 1, 2022 and through the Expiration Date (as modified by Section 2 (a) above, such period being referred to herein as the “Extension Term”), Section 3 of the First Amendment shall no longer control and the paragraph entitled “Base Rent” in the Basic Lease Information of the Existing Lease (including the schedule of Base Rent) shall control but shall be deemed replaced as follows:

“The Base Rent for the Premises shall be as set forth in Exhibit K.  For the avoidance of doubt, upon any Must-Take Space being added to the Premises during the Term, the Base Rent will be re-calculated from and after the date that such Must-Take Space is added, as follows:  the then-applicable Base Rent payable for the then-existing Premises (using the then-applicable rate per square foot of rentable space) shall be multiplied by the applicable rentable square feet being added to the Premises, and such product shall be added to and thus be part of Base Rent going forward, and further, all of such Base Rent shall adjust upward in accordance with the schedule set forth in Exhibit K.”

(d)Notwithstanding anything set forth in the Basic Lease Information of the Existing Lease to the contrary, (i) the “Tenant Improvement Allowance” for the Must-Take Space with respect to the 1431 Harbor Bay Building shall equal $131.25 on a rentable square foot basis (inclusive of the Tenant Improvement Allowance provided to Tenant with respect to the 1431 Harbor Bay Building pursuant to the terms of the First Amendment in the amount of $31.25 per rentable square foot), and (ii) the “Tenant Improvement Allowance” for the Must-Take Space with respect to the 1301 Harbor Bay Building shall equal (1) $31.25 per rentable square foot, plus (2) an amount based on an amortization of an additional allowance amount initially set at $77.93 per rentable square foot of 1301 Harbor Building Must-Take Space as of the commencement date of such Must-Take Space (by way of example only, if the 1301 Harbor Bay Building Must-Take Space commencement date is June 1, 2023, the amount set forth in clause (2) above shall equal $74.58 per rentable square foot of such Must-Take Space, or, if such 1301 Harbor Bay Building Must-Take Space commencement date is June 1, 2028, the amount set forth in clause (2) above shall equal $58.29 per rentable square foot of Must-Take Space).  For the avoidance of doubt, the Tenant Improvements (as such term is defined in Section 2.1 of Exhibit C of the Existing Lease) with respect to the 1431 Harbor Bay Building Must-Take Space and the 1301 Harbor Bay Building Must-Take Space shall be performed and undertaken in accordance with, and shall in all respects (inclusive of the process for disbursement  of any Tenant Improvement Allowance described above, as set forth in Section 2.2.2 of Exhibit C attached to the Existing Lease (“Section 2.2.2”)) be subject to the terms and conditions of, Exhibit C attached to the Existing Lease (except to the extent such terms expressly and specifically conflict with this Section 2(c), in which case the terms of this Section 2(c) shall control), provided that Tenant will not be required to use union-affiliated labor or any Landlord-specified contractor or vendor in the performance of any such Tenant Improvements.

(e)Notwithstanding anything to the contrary contained in the Existing Lease, in addition to any Tenant Improvements undertaken by Tenant with respect to the 1431 Harbor Bay Building Must-Take Space, Tenant (and Landlord as and to the extent described on Exhibit S attached hereto) shall have the obligation to perform and complete (or cause to be performed or completed) the improvement work outlined in Exhibit S attached hereto (the “New Improvement Work”).  Any New Improvement Work performed (or caused to be performed) by Tenant shall be undertaken and completed in accordance with Exhibit T attached hereto.  
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With respect to payment for any New Improvement Work, there shall be a total aggregate monetary allowance provided by Landlord with respect to the New Improvement Work (whether performed or caused to be performed by Landlord or Tenant) equal to $7,494,244.33 (the “New Improvement Work Allowance”).  As such, the following procedures shall apply with respect to paying and being reimbursed for any New Improvement Work:

(i)Any New Improvement Work performed or caused to be performed by Tenant shall, at Tenant’s option, either be paid for by Tenant or paid directly by Landlord to either Tenant (in accordance with Section 2.2.2) or Tenant’s applicable contractor(s), provided that Landlord shall only be obligated to pay Tenant’s contractor(s) directly after receipt of invoices and within thirty (30) days following presentation of a partial (or final, as applicable) lien waiver from Tenant’s contractor(s) for all completed and paid for work to date, together with a certification from Tenant that such contractor is entitled to such payment and Tenant’s request to make such payment. Landlord will use commercially reasonable efforts to assist Tenant in obtaining any necessary approvals from any owners’ association who may retain approval rights over portions of the New Improvement Work. If Tenant elects to pay for any phase of the New Improvement Work itself, then Tenant may seek reimbursement from Landlord during the course of design and construction of such phase in accordance with Section 2.2.2 . Within thirty (30) days following Completion of a New Improvement Work project which has been paid for by Tenant, Landlord shall reimburse Tenant for any cost thereof which has not been previously disbursed by Landlord pursuant to Section 2.2.2, provided that Tenant delivers to Landlord (1) receipts of invoices therefor, (2) partial (or final, as applicable) lien waivers from Tenant’s contractor(s) for all completed and paid for work to date, and (3) a certification from Tenant that each such contractor has been paid in full.

(ii)Any amount which is paid by Landlord directly to contractor(s), or reimbursed to Tenant pursuant to Section 2(d)(i) above, shall be deducted from and reduce the remaining available New Improvement Work Allowance on a dollar for dollar basis.  Further, any amounts which are reasonably expended by Landlord in connection with New Improvement Work projects which are to be performed by (or caused to be performed by) Landlord pursuant to Exhibit S shall also be deducted from and reduce the remaining available New Improvement Work Allowance on a dollar for dollar basis (although, for accounting purposes, and because Tenant is nonetheless monetarily responsible for the New Improvement Work performed (or caused to be performed) by Landlord pursuant to the Existing Lease, Landlord shall send invoices therefor, together with reasonably detailed back-up documentation/records of all such work, to Tenant with such invoices being deemed paid by Tenant from the New Improvement Work Allowance).

(iii)If there are funds available from the New Improvement Work Allowance after Completion of all New Improvement Work, then such funds shall be made available to Tenant provided that such funds are used by Tenant in connection with additional, actual improvements to the Premises (i.e., Alterations) which are reasonably approved by Landlord to the extent approval is required by the terms of the Existing Lease.   

(f)Exhibit K to the Existing Lease is hereby deleted in its entirety and replaced by Exhibit K of this Second Amendment.
3.Payment of Common Area Improvements Escrow.  Within thirty (30) days after the Effective Date, Landlord shall pay to Tenant the sum of $1,092,051.03, thereby releasing to Tenant in full the amount of escrow collected by Landlord from Tenant in connection with certain improvements to the Common Areas. 
4.Memorandum of Lease.  Within thirty (30) calendar days following the Effective Date, Landlord and Tenant shall cause the existing Memorandum of Lease for the 
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Premises to be amended, in a form to be agreed upon by Landlord and Tenant, to reflect the change in Term.  Tenant shall pay all fees to record the amendment to the Memorandum of Lease and any applicable transfer taxes resulting from this Second Amendment.
5.Confirmation.  Except as expressly modified by the terms and provisions of this Second Amendment, all of the terms and provisions of the Existing Lease are unchanged and continue in full force and effect and all rights, remedies, liabilities and obligations evidenced by the Existing Lease are hereby acknowledged by Tenant to be valid and subsisting and to be continued in full force and effect.  The Existing Lease, as modified and amended hereby, is hereby ratified and confirmed by Landlord and Tenant, and every provision, covenant, condition, obligation, right, term and power contained in and under the Existing Lease, as modified and amended hereby, shall continue in full force and effect.  All references to the Lease in the Existing Lease shall mean the Existing Lease as modified and amended by this Second Amendment.  Tenant represents and warrants to Landlord that, as of the date hereof:  (i) Tenant is not in default under the Existing Lease and, to Tenant’s knowledge, no event or condition exists which, with the giving of notice or the passage of time or both, would give rise to a default by Tenant under the Existing Lease, (ii) Tenant has no knowledge of a right or claim of set off, discount, deduction, defense or counterclaim or any claim that could be asserted in any action brought to enforce the Existing Lease or otherwise asserted against Landlord in connection with the Existing Lease, and (iii) there is no default by Landlord under the Existing Lease through and as of the date of this Second Amendment; the foregoing representations in clauses (ii) and (iii) notwithstanding, Landlord acknowledges that Tenant has not yet exercised the audit right set forth in Section 5.4 of the Existing Lease and reserves the right to make  claims based on such exercise if Tenant does exercise such audit rights.
6.Costs and Expenses.  Each party shall be responsible for and shall pay all costs and expenses incurred by such  party  in connection with the preparation, negotiation, execution and delivery of this Second Amendment and the amendment to the Memorandum of Lease, including the legal fees and expenses of Landlord and Tenant respectively.
7.Representations and Warranties.  Tenant hereby reaffirms in their entirety all of the representations and warranties set forth in the Existing Lease and this Second Amendment, as of the Effective Date, except for any such representations or warranties that were made as of a specific date.
8.Brokerage. Tenant represents and warrants to Landlord that it has been represented on an exclusive basis by Tenant's Broker in negotiation of this Second Amendment. Landlord acknowledges that a brokerage fee is due the Tenant’s Broker from Landlord for this Second Amendment pursuant to the Tenant’s Broker Commission Agreement attached to the Existing Lease as Exhibit Q, excepting that the commission rate for the Second Amendment with respect to the Premises shall be $1.50 per rentable square foot per year for years eleven through fifteen (11-15) in the Extension Term and will be payable fifty percent (50%) upon execution and exchange of this Second Amendment, and (ii) fifty percent (50%) on October 1, 2021.  For the avoidance of any doubt, said commission shall be paid on 185,360 square feet of rentable area (i.e., the Premises).  The brokerage fee with respect to the Must Take Space shall remain due and payable in accordance with the Tenant’s Broker Commission Agreement.  The Tenant’s Broker Commission Agreement is reattached hereto as Exhibit Q.  Except as modified herein, the Broker Commission Agreement remains in full force and effect.   Except for amounts owing to Tenant’s Broker as described herein, each party hereby agrees to indemnify and hold the other party harmless of and from any and all damages, losses, 
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costs, or expenses (including, without limitation, all attorneys’ fees and disbursements) by reason of any claim of or liability to any other broker or other person claiming through the indemnifying party and arising out of or in connection with the negotiation, execution, and delivery of this Second Amendment.  Tenant Broker is an intended third-party beneficiary of the terms of this Section 8, which may not be modified without the written consent of Tenant’s Broker.
9.No Other Modifications.  Landlord and Tenant hereby acknowledge and agree that the Existing Lease has not been modified, amended, canceled, terminated, released, superseded or otherwise rendered of no force or effect except as described herein.
10.Parties Bound.  This Second Amendment shall be binding upon the parties hereto and their respective permitted successors and assigns.
11.Counterparts.  This Second Amendment may be executed in counterparts, each of which shall be an original but all of which together shall constitute one agreement, binding on all of the parties hereto notwithstanding that all of the parties hereto are not signatories to the same counterpart.  For purposes of this Second Amendment, each of the parties hereto agrees that a facsimile copy of the signature of the person executing this Second Amendment on either party’s behalf shall be effective as an original signature and legally binding and effective as an execution counterpart hereof.  Each of the undersigned parties authorizes the assembly of one or more original copies of this Second Amendment through the combination of the several executed counterpart signature pages with one or more bodies of this Second Amendment including the Exhibits, if any, to this Second Amendment, such that this Second Amendment shall consist of the body of this Second Amendment, counterpart signature pages which collectively will contain the signatures of the undersigned parties hereto, and the Exhibits, if any, to this Second Amendment.  Each such compilation of this Second Amendment shall constitute one original of this Second Amendment.
12.Signor’s Warranty.  Each individual executing and delivering this Second Amendment on behalf of the party hereby warrants and represents to the other party solely in his or her capacity as an officer of the applicable signatory that he or she has been duly authorized and has the power to make such execution and delivery.
13.Captions.  Article, Section and/or paragraph headings used herein are for convenience of reference only and shall not affect the construction of any provision hereof.
(This space is intentionally left blank; signature page follows)

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    IN WITNESS WHEREOF, the parties have executed this Second Amendment as of the Effective Date.

									
			LANDLORD:

			
			HARBOR BAY NLA LLC,
a Delaware limited liability company        

			
			By:          

			Name:          

			Title:          

			
			
			
			TENANT:

			
			PENUMBRA, INC.,
a Delaware corporation
			
			By:  /s/ Adam Elsesser        

			Name  Adam Elsesser        

			Title:  Chairman, President and CEO        

Signature Page to Second Amendment to Lease Agreement

    IN WITNESS WHEREOF, the parties have executed this Second Amendment as of the Effective Date.

									
			LANDLORD:

			
			HARBOR BAY NLA LLC,
a Delaware limited liability company        

			
			By:  /s/ Mathew Ballinger        

			Name:  Mathew Ballinger        

			Title:  SVP        

			
			
			
			TENANT:

			
			PENUMBRA, INC.,
a Delaware corporation
			
			By:          

			Name          

			Title:          

									
			

Signature Page to Second Amendment to Lease Agreement

Exhibit K
Base Rent
																								
	New Rent Schedule / RSF	New 1301 Rent	New 1311 Rent	New 1401 Rent	New 1431 Rent	New Total Rent	New Total Rent with Must Take Space	Date
	$2.0055	$74,109	$59,862	$98,365	$139,402	$371,738	$435,781	1/1/2022
	$2.0055	$74,109	$59,862	$98,365	$139,402	$371,738	$435,781	2/1/2022
	$2.0055	$74,109	$59,862	$98,365	$139,402	$371,738	$435,781	3/1/2022
	$2.0055	$74,109	$59,862	$98,365	$139,402	$371,738	$435,781	4/1/2022
	$2.0055	$74,109	$59,862	$98,365	$139,402	$371,738	$435,781	5/1/2022
	$2.0055	$74,109	$59,862	$98,365	$139,402	$371,738	$435,781	6/1/2022
	$2.0055	$74,109	$59,862	$98,365	$139,402	$371,738	$435,781	7/1/2022
	$2.0055	$74,109	$59,862	$98,365	$139,402	$371,738	$435,781	8/1/2022
	$2.0055	$74,109	$59,862	$98,365	$139,402	$371,738	$435,781	9/1/2022
	$2.0055	$74,109	$59,862	$98,365	$139,402	$371,738	$435,781	10/1/2022
	$2.0055	$74,109	$59,862	$98,365	$139,402	$371,738	$435,781	11/1/2022
	$2.0055	$74,109	$59,862	$98,365	$139,402	$371,738	$435,781	12/1/2022
	$2.0657	$76,332	$61,658	$101,316	$143,584	$382,890	$448,862	1/1/2023
	$2.0657	$76,332	$61,658	$101,316	$143,584	$382,890	$448,862	2/1/2023
	$2.0657	$76,332	$61,658	$101,316	$143,584	$382,890	$448,862	3/1/2023
	$2.0657	$76,332	$61,658	$101,316	$143,584	$382,890	$448,862	4/1/2023
	$2.0657	$76,332	$61,658	$101,316	$143,584	$382,890	$448,862	5/1/2023
	$2.0657	$76,332	$61,658	$101,316	$143,584	$382,890	$448,862	6/1/2023
	$2.0657	$76,332	$61,658	$101,316	$143,584	$382,890	$448,862	7/1/2023
	$2.0657	$76,332	$61,658	$101,316	$143,584	$382,890	$448,862	8/1/2023
	$2.0657	$76,332	$61,658	$101,316	$143,584	$382,890	$448,862	9/1/2023
	$2.0657	$76,332	$61,658	$101,316	$143,584	$382,890	$448,862	10/1/2023
	$2.0657	$76,332	$61,658	$101,316	$143,584	$382,890	$448,862	11/1/2023
	$2.0657	$76,332	$61,658	$101,316	$143,584	$382,890	$448,862	12/1/2023
	$2.1276	$78,622	$63,508	$104,356	$147,891	$394,377	$462,313	1/1/2024
	$2.1276	$78,622	$63,508	$104,356	$147,891	$394,377	$462,313	2/1/2024
	$2.1276	$78,622	$63,508	$104,356	$147,891	$394,377	$462,313	3/1/2024
	$2.1276	$78,622	$63,508	$104,356	$147,891	$394,377	$462,313	4/1/2024
	$2.1276	$78,622	$63,508	$104,356	$147,891	$394,377	$462,313	5/1/2024
	$2.1276	$78,622	$63,508	$104,356	$147,891	$394,377	$462,313	6/1/2024
	$2.1276	$78,622	$63,508	$104,356	$147,891	$394,377	$462,313	7/1/2024
	$2.1276	$78,622	$63,508	$104,356	$147,891	$394,377	$462,313	8/1/2024
	$2.1276	$78,622	$63,508	$104,356	$147,891	$394,377	$462,313	9/1/2024
	$2.1276	$78,622	$63,508	$104,356	$147,891	$394,377	$462,313	10/1/2024

Exhibit K

																								
	$2.1276	$78,622	$63,508	$104,356	$147,891	$394,377	$462,313	11/1/2024
	$2.1276	$78,622	$63,508	$104,356	$147,891	$394,377	$462,313	12/1/2024
	$2.1915	$80,981	$65,413	$107,486	$152,328	$406,208	$476,198	1/1/2025
	$2.1915	$80,981	$65,413	$107,486	$152,328	$406,208	$476,198	2/1/2025
	$2.1915	$80,981	$65,413	$107,486	$152,328	$406,208	$476,198	3/1/2025
	$2.1915	$80,981	$65,413	$107,486	$152,328	$406,208	$476,198	4/1/2025
	$2.1915	$80,981	$65,413	$107,486	$152,328	$406,208	$476,198	5/1/2025
	$2.1915	$80,981	$65,413	$107,486	$152,328	$406,208	$476,198	6/1/2025
	$2.1915	$80,981	$65,413	$107,486	$152,328	$406,208	$476,198	7/1/2025
	$2.1915	$80,981	$65,413	$107,486	$152,328	$406,208	$476,198	8/1/2025
	$2.1915	$80,981	$65,413	$107,486	$152,328	$406,208	$476,198	9/1/2025
	$2.1915	$80,981	$65,413	$107,486	$152,328	$406,208	$476,198	10/1/2025
	$2.1915	$80,981	$65,413	$107,486	$152,328	$406,208	$476,198	11/1/2025
	$2.1915	$80,981	$65,413	$107,486	$152,328	$406,208	$476,198	12/1/2025
	$2.2572	$83,410	$67,375	$110,711	$156,898	$418,394	$490,474	1/1/2026
	$2.2572	$83,410	$67,375	$110,711	$156,898	$418,394	$490,474	2/1/2026
	$2.2572	$83,410	$67,375	$110,711	$156,898	$418,394	$490,474	3/1/2026
	$2.2572	$83,410	$67,375	$110,711	$156,898	$418,394	$490,474	4/1/2026
	$2.2572	$83,410	$67,375	$110,711	$156,898	$418,394	$490,474	5/1/2026
	$2.2572	$83,410	$67,375	$110,711	$156,898	$418,394	$490,474	6/1/2026
	$2.2572	$83,410	$67,375	$110,711	$156,898	$418,394	$490,474	7/1/2026
	$2.2572	$83,410	$67,375	$110,711	$156,898	$418,394	$490,474	8/1/2026
	$2.2572	$83,410	$67,375	$110,711	$156,898	$418,394	$490,474	9/1/2026
	$2.2572	$83,410	$67,375	$110,711	$156,898	$418,394	$490,474	10/1/2026
	$2.2572	$83,410	$67,375	$110,711	$156,898	$418,394	$490,474	11/1/2026
	$2.2572	$83,410	$67,375	$110,711	$156,898	$418,394	$490,474	12/1/2026
	$2.3249	$85,913	$69,396	$114,032	$161,605	$430,946	$505,184	1/1/2027
	$2.3249	$85,913	$69,396	$114,032	$161,605	$430,946	$505,184	2/1/2027
	$2.3249	$85,913	$69,396	$114,032	$161,605	$430,946	$505,184	3/1/2027
	$2.3249	$85,913	$69,396	$114,032	$161,605	$430,946	$505,184	4/1/2027
	$2.3249	$85,913	$69,396	$114,032	$161,605	$430,946	$505,184	5/1/2027
	$2.3249	$85,913	$69,396	$114,032	$161,605	$430,946	$505,184	6/1/2027
	$2.3249	$85,913	$69,396	$114,032	$161,605	$430,946	$505,184	7/1/2027
	$2.3249	$85,913	$69,396	$114,032	$161,605	$430,946	$505,184	8/1/2027
	$2.3249	$85,913	$69,396	$114,032	$161,605	$430,946	$505,184	9/1/2027
	$2.3249	$85,913	$69,396	$114,032	$161,605	$430,946	$505,184	10/1/2027
	$2.3249	$85,913	$69,396	$114,032	$161,605	$430,946	$505,184	11/1/2027
	$2.3249	$85,913	$69,396	$114,032	$161,605	$430,946	$505,184	12/1/2027
	$2.3947	$88,490	$71,478	$117,453	$166,453	$443,874	$520,352	1/1/2028
	$2.3947	$88,490	$71,478	$117,453	$166,453	$443,874	$520,352	2/1/2028
	$2.3947	$88,490	$71,478	$117,453	$166,453	$443,874	$520,352	3/1/2028

Exhibit K

																								
	$2.3947	$88,490	$71,478	$117,453	$166,453	$443,874	$520,352	4/1/2028
	$2.3947	$88,490	$71,478	$117,453	$166,453	$443,874	$520,352	5/1/2028
	$2.3947	$88,490	$71,478	$117,453	$166,453	$443,874	$520,352	6/1/2028
	$2.3947	$88,490	$71,478	$117,453	$166,453	$443,874	$520,352	7/1/2028
	$2.3947	$88,490	$71,478	$117,453	$166,453	$443,874	$520,352	8/1/2028
	$2.3947	$88,490	$71,478	$117,453	$166,453	$443,874	$520,352	9/1/2028
	$2.3947	$88,490	$71,478	$117,453	$166,453	$443,874	$520,352	10/1/2028
	$2.3947	$88,490	$71,478	$117,453	$166,453	$443,874	$520,352	11/1/2028
	$2.3947	$88,490	$71,478	$117,453	$166,453	$443,874	$520,352	12/1/2028
	$2.4665	$91,144	$73,622	$120,977	$171,446	$457,190	$535,953	1/1/2029
	$2.4665	$91,144	$73,622	$120,977	$171,446	$457,190	$535,953	2/1/2029
	$2.4665	$91,144	$73,622	$120,977	$171,446	$457,190	$535,953	3/1/2029
	$2.4665	$91,144	$73,622	$120,977	$171,446	$457,190	$535,953	4/1/2029
	$2.4665	$91,144	$73,622	$120,977	$171,446	$457,190	$535,953	5/1/2029
	$2.4665	$91,144	$73,622	$120,977	$171,446	$457,190	$535,953	6/1/2029
	$2.4665	$91,144	$73,622	$120,977	$171,446	$457,190	$535,953	7/1/2029
	$2.4665	$91,144	$73,622	$120,977	$171,446	$457,190	$535,953	8/1/2029
	$2.4665	$91,144	$73,622	$120,977	$171,446	$457,190	$535,953	9/1/2029
	$2.4665	$91,144	$73,622	$120,977	$171,446	$457,190	$535,953	10/1/2029
	$2.4665	$91,144	$73,622	$120,977	$171,446	$457,190	$535,953	11/1/2029
	$2.4665	$91,144	$73,622	$120,977	$171,446	$457,190	$535,953	12/1/2029
	$2.5405	$93,879	$75,831	$124,606	$176,590	$470,906	$552,033	1/1/2030
	$2.5405	$93,879	$75,831	$124,606	$176,590	$470,906	$552,033	2/1/2030
	$2.5405	$93,879	$75,831	$124,606	$176,590	$470,906	$552,033	3/1/2030
	$2.5405	$93,879	$75,831	$124,606	$176,590	$470,906	$552,033	4/1/2030
	$2.5405	$93,879	$75,831	$124,606	$176,590	$470,906	$552,033	5/1/2030
	$2.5405	$93,879	$75,831	$124,606	$176,590	$470,906	$552,033	6/1/2030
	$2.5405	$93,879	$75,831	$124,606	$176,590	$470,906	$552,033	7/1/2030
	$2.5405	$93,879	$75,831	$124,606	$176,590	$470,906	$552,033	8/1/2030
	$2.5405	$93,879	$75,831	$124,606	$176,590	$470,906	$552,033	9/1/2030
	$2.5405	$93,879	$75,831	$124,606	$176,590	$470,906	$552,033	10/1/2030
	$2.5405	$93,879	$75,831	$124,606	$176,590	$470,906	$552,033	11/1/2030
	$2.5405	$93,879	$75,831	$124,606	$176,590	$470,906	$552,033	12/1/2030
	$2.6167	$96,695	$78,106	$128,344	$181,887	$485,033	$568,591	1/1/2031
	$2.6167	$96,695	$78,106	$128,344	$181,887	$485,033	$568,591	2/1/2031
	$2.6167	$96,695	$78,106	$128,344	$181,887	$485,033	$568,591	3/1/2031
	$2.6167	$96,695	$78,106	$128,344	$181,887	$485,033	$568,591	4/1/2031
	$2.6167	$96,695	$78,106	$128,344	$181,887	$485,033	$568,591	5/1/2031
	$2.6167	$96,695	$78,106	$128,344	$181,887	$485,033	$568,591	6/1/2031
	$2.6167	$96,695	$78,106	$128,344	$181,887	$485,033	$568,591	7/1/2031
	$2.6167	$96,695	$78,106	$128,344	$181,887	$485,033	$568,591	8/1/2031

Exhibit K

																								
	$2.6167	$96,695	$78,106	$128,344	$181,887	$485,033	$568,591	9/1/2031
	$2.6167	$96,695	$78,106	$128,344	$181,887	$485,033	$568,591	10/1/2031
	$2.6167	$96,695	$78,106	$128,344	$181,887	$485,033	$568,591	11/1/2031
	$2.6167	$96,695	$78,106	$128,344	$181,887	$485,033	$568,591	12/1/2031
	$2.6952	$99,596	$80,449	$132,195	$187,344	$499,584	$585,648	1/1/2032
	$2.6952	$99,596	$80,449	$132,195	$187,344	$499,584	$585,648	2/1/2032
	$2.6952	$99,596	$80,449	$132,195	$187,344	$499,584	$585,648	3/1/2032
	$2.6952	$99,596	$80,449	$132,195	$187,344	$499,584	$585,648	4/1/2032
	$2.6952	$99,596	$80,449	$132,195	$187,344	$499,584	$585,648	5/1/2032
	$2.6952	$99,596	$80,449	$132,195	$187,344	$499,584	$585,648	6/1/2032
	$2.6952	$99,596	$80,449	$132,195	$187,344	$499,584	$585,648	7/1/2032
	$2.6952	$99,596	$80,449	$132,195	$187,344	$499,584	$585,648	8/1/2032
	$2.6952	$99,596	$80,449	$132,195	$187,344	$499,584	$585,648	9/1/2032
	$2.6952	$99,596	$80,449	$132,195	$187,344	$499,584	$585,648	10/1/2032
	$2.6952	$99,596	$80,449	$132,195	$187,344	$499,584	$585,648	11/1/2032
	$2.6952	$99,596	$80,449	$132,195	$187,344	$499,584	$585,648	12/1/2032
	$2.7761	$102,584	$82,863	$136,161	$192,965	$514,572	$603,227	1/1/2033
	$2.7761	$102,584	$82,863	$136,161	$192,965	$514,572	$603,227	2/1/2033
	$2.7761	$102,584	$82,863	$136,161	$192,965	$514,572	$603,227	3/1/2033
	$2.7761	$102,584	$82,863	$136,161	$192,965	$514,572	$603,227	4/1/2033
	$2.7761	$102,584	$82,863	$136,161	$192,965	$514,572	$603,227	5/1/2033
	$2.7761	$102,584	$82,863	$136,161	$192,965	$514,572	$603,227	6/1/2033
	$2.7761	$102,584	$82,863	$136,161	$192,965	$514,572	$603,227	7/1/2033
	$2.7761	$102,584	$82,863	$136,161	$192,965	$514,572	$603,227	8/1/2033
	$2.7761	$102,584	$82,863	$136,161	$192,965	$514,572	$603,227	9/1/2033
	$2.7761	$102,584	$82,863	$136,161	$192,965	$514,572	$603,227	10/1/2033
	$2.7761	$102,584	$82,863	$136,161	$192,965	$514,572	$603,227	11/1/2033
	$2.7761	$102,584	$82,863	$136,161	$192,965	$514,572	$603,227	12/1/2033
	$2.8593	$105,662	$85,349	$140,245	$198,753	$530,009	$621,306	1/1/2034
	$2.8593	$105,662	$85,349	$140,245	$198,753	$530,009	$621,306	2/1/2034
	$2.8593	$105,662	$85,349	$140,245	$198,753	$530,009	$621,306	3/1/2034
	$2.8593	$105,662	$85,349	$140,245	$198,753	$530,009	$621,306	4/1/2034
	$2.8593	$105,662	$85,349	$140,245	$198,753	$530,009	$621,306	5/1/2034
	$2.8593	$105,662	$85,349	$140,245	$198,753	$530,009	$621,306	6/1/2034
	$2.8593	$105,662	$85,349	$140,245	$198,753	$530,009	$621,306	7/1/2034
	$2.8593	$105,662	$85,349	$140,245	$198,753	$530,009	$621,306	8/1/2034
	$2.8593	$105,662	$85,349	$140,245	$198,753	$530,009	$621,306	9/1/2034
	$2.8593	$105,662	$85,349	$140,245	$198,753	$530,009	$621,306	10/1/2034
	$2.8593	$105,662	$85,349	$140,245	$198,753	$530,009	$621,306	11/1/2034
	$2.8593	$105,662	$85,349	$140,245	$198,753	$530,009	$621,306	12/1/2034
	$2.9451	$108,831	$87,909	$144,453	$204,716	$545,909	$639,950	1/1/2035

Exhibit K

																								
	$2.9451	$108,831	$87,909	$144,453	$204,716	$545,909	$639,950	2/1/2035
	$2.9451	$108,831	$87,909	$144,453	$204,716	$545,909	$639,950	3/1/2035
	$2.9451	$108,831	$87,909	$144,453	$204,716	$545,909	$639,950	4/1/2035
	$2.9451	$108,831	$87,909	$144,453	$204,716	$545,909	$639,950	5/1/2035
	$2.9451	$108,831	$87,909	$144,453	$204,716	$545,909	$639,950	6/1/2035
	$2.9451	$108,831	$87,909	$144,453	$204,716	$545,909	$639,950	7/1/2035
	$2.9451	$108,831	$87,909	$144,453	$204,716	$545,909	$639,950	8/1/2035
	$2.9451	$108,831	$87,909	$144,453	$204,716	$545,909	$639,950	9/1/2035
	$2.9451	$108,831	$87,909	$144,453	$204,716	$545,909	$639,950	10/1/2035
	$2.9451	$108,831	$87,909	$144,453	$204,716	$545,909	$639,950	11/1/2035
	$2.9451	$108,831	$87,909	$144,453	$204,716	$545,909	$639,950	12/1/2035
	$3.0335	$112,096	$90,547	$148,786	$210,858	$562,287	$659,158	1/1/2036
	$3.0335	$112,096	$90,547	$148,786	$210,858	$562,287	$659,158	2/1/2036
	$3.0335	$112,096	$90,547	$148,786	$210,858	$562,287	$659,158	3/1/2036
	$3.0335	$112,096	$90,547	$148,786	$210,858	$562,287	$659,158	4/1/2036
	$3.0335	$112,096	$90,547	$148,786	$210,858	$562,287	$659,158	5/1/2036
	$3.0335	$112,096	$90,547	$148,786	$210,858	$562,287	$659,158	6/1/2036
	$3.0335	$112,096	$90,547	$148,786	$210,858	$562,287	$659,158	7/1/2036
	$3.0335	$112,096	$90,547	$148,786	$210,858	$562,287	$659,158	8/1/2036
	$3.0335	$112,096	$90,547	$148,786	$210,858	$562,287	$659,158	9/1/2036
	$3.0335	$112,096	$90,547	$148,786	$210,858	$562,287	$659,158	10/1/2036
	$3.0335	$112,096	$90,547	$148,786	$210,858	$562,287	$659,158	11/1/2036
	$3.0335	$112,096	$90,547	$148,786	$210,858	$562,287	$659,158	12/1/2036

Exhibit K

Exhibit Q
Tenant’s Broker Commission Agreement
Exhibit Q

Exhibit Q

Exhibit Q

Exhibit Q

Exhibit Q

Exhibit Q

Exhibit Q

Exhibit Q

Exhibit S
New Improvement Work1

^For the avoidance of doubt, Landlord shall be responsible for completing the work with respect to the HVAC units which do not exclusively serve Tenant’s space in the 1301 Harbor Bay Building (i.e., the units which serve the Common Areas), and Tenant shall be responsible for completing the work with respect to the HVAC units which exclusively serve Tenant’s space in the 1301 Harbor Bay Building. 

*During such time as the 1301 Harbor Bay Building remains a multi-tenant building, Landlord (or Tenant with respect to the HVAC units exclusively serving Tenant’s space), as applicable, shall complete this work, and Tenant shall use amounts available from the New Improvement Work Allowance to pay for the work or reimburse Landlord therefor, as applicable; provided, however, that Landlord and Tenant acknowledge and agree that, absent Landlord’s one-time concession to provide the New Improvement Work Allowance pursuant to this Second 

1 All roof work to be carried out in accordance with a schedule prepared by Tenant. Further, Landlord shall support and cooperate with Tenant in efforts to cause the Empire Parkway Centre Owners Association to engage April Phillips Design Works Inc. for design, and use recommended vendors for oversite, of the Common Area Maintenance project, in all such cases to the extent Landlord is permitted to do so pursuant to the guidelines of the Empire Parkway Centre Owners Association.
Exhibit S

Amendment, the cost of all of such work would otherwise be Tenant’s responsibility pursuant to the Existing Lease.
Exhibit S

Exhibit T

Work Letter for Tenant-Performed New Improvement Work 

        1.     Tenant’s Work.  Tenant shall perform any and all work associated with New Improvement Work (which is Tenant’s responsibility) (collectively, “Tenant’s New Improvement Work”) in accordance with the Construction Documents, as defined in Section 2 of this Work Letter, and shall cause Completion (as defined below) of all such Tenant’s New Improvement Work.  Tenant shall obtain all necessary permits and licenses required in connection with Tenant’s New Improvement Work, and shall cause all Tenant’s New Improvement Work to be completed in accordance with applicable laws.  Tenant shall comply with each of those provisions of the Existing Lease pertaining to mechanics’ liens.  “Completion” means, with respect to any phase of Tenant’s New Improvement Work, (a) the construction of the applicable phase of Tenant’s New Improvement Work is completed substantially in accordance with the Construction Documents and in accordance with all applicable local, state and federal laws, codes, rules, regulations and ordinances, as evidenced by the issuance by the municipality of a certificate of occupancy (or its equivalent) permitting the occupancy of the entirety of the applicable phase of Tenant’s New Improvement Work without material condition or qualification (it being agreed that the certificate of occupancy may be a temporary certificate of occupancy so long as such temporary certificate of occupancy permits occupancy without risk of revocation due to failure to complete any “punch list” items); (b) all claims for work performed or materials provided for the construction of the Tenant’s New Improvement Work have been paid in full, as evidenced by lien releases and lien waivers (or other evidence reasonably satisfactory to Landlord) from all persons providing such work or materials; and (c) all so-called “punch list” items have been completed.
        2.    Preparation of Plans.    All of the following may be carried out in phases, and the procedure outlined below will apply to each phase of Tenant’s New Improvement Work:
        2.1    For each of Tenant’s New Improvement Work project, Tenant shall cause to be prepared a set of design intent drawings (“Design Intent Drawings”) which will not be for construction but will show the location of all full height partitions, circulation patterns, electrical/cabling plans based on furniture layout, furniture plans, finish plans and written specifications, etc. with respect to such project.  Tenant will deliver the Design Intent Drawings to Landlord for Landlord’s approval.  Landlord is deemed to have approved the Design Intent Drawings unless Landlord gives written objections to the Design Intent Drawings to Tenant within fifteen (15) Business Days after receipt thereof specifying in what respect the Design Intent Drawings are objected to.  The sole basis for Landlord’s objection shall be that the proposed Tenant’s New Improvement Work will adversely affect the Base Building or Building Systems or fail to comply with applicable laws.  If Landlord so objects, then Tenant shall submit revised Design Intent Drawings to Landlord and Landlord shall approve or disapprove in accordance with the same procedures (Landlord’s scope of such review to be limited to the changes made to address Landlord’s objections). 
        2.2    Tenant shall, based upon the approved Design Intent Drawings, prepare, or cause to be prepared, construction documents (“Construction Documents”) for the Tenant’s New Improvement Work.  The Construction Documents will be in sufficient scope and detail to satisfy requirements for (i) obtaining permits for construction of the applicable phase of Tenant’s New Improvements Work; (ii) obtaining firm cost bids for the construction; and (iii) directing the construction of the applicable phase of Tenant’s New Improvement Work.  Tenant will submit the Construction Documents to Landlord for Landlord’s approval.  Landlord is deemed to have approved the Construction Documents unless Landlord gives written objections to the Construction Document to Tenant within fifteen (15) Business Days after Landlord’s receipt thereof.  If Landlord objects to the Construction Documents, then Tenant shall submit revised 
Exhibit T

Construction Documents to Landlord and Landlord shall approve or disapprove the revised Construction Documents in accordance with the same procedures set forth in this Section 2.2 (Landlord’s scope of such review to be limited to the changes made to address Landlord’s objections). 
        3.    Selection of Contractors and Subcontractors. Tenant is entitled to use contractors and subcontractors of its choosing for Tenant’s New Improvement Work, and such contractors and subcontractors need not be members of any trade unions.
        4.    Change Orders.  Tenant may authorize changes to the Construction Documents without Landlord’s consent or approval unless the change (i) materially adversely affects the Base Building or Building Systems; or (ii) does not comply with applicable laws.  If Landlord’s approval or consent is required under this Section 4, such approval or consent will not be unreasonably withheld, delayed or conditioned, and is deemed given if not refused by Landlord within fifteen (15) Business Days after receipt of Tenant’s request for the same.
        5.    Landlord Fees.  Landlord shall charge no fees (e.g. management fees, engineer fees, supervision fees, design fees, elevator fees, dock fees, security fees, after-hours access fees, etc.) in connection with Tenant’s New Improvement Work.  
        6.    Representatives.  Either Landlord or Tenant may, by written notice to the other, designate a person or company to act as its representative for all purposes of this Work Letter.
        7.    Time.  Tenant’s construction of the Tenant’s New Improvement Work (including receipt of deliveries) shall not be not subject to any time restrictions imposed by Landlord (but may be subject to restrictions imposed by applicable laws) so that Tenant may (subject to applicable laws) perform all aspects of Tenant’s New Improvement work at any time, including, without limitation, during business hours.
        8.    No Removal.  Tenant will not be required to remove any part of the Tenant’s New Improvement Work prior to, upon, or after the expiration or earlier termination of the Existing Lease.
Exhibit TDocument

Exhibit 10.19
PENUMBRA, INC.
AMENDED AND RESTATED 2014 EQUITY INCENTIVE PLAN
STOCK OPTION AGREEMENT
NOTICE OF STOCK OPTION GRANT
Unless otherwise defined herein, the terms defined in the Penumbra, Inc. 2014 Equity Incentive Plan (the “Plan”) will have the same defined meanings in this Stock Option Agreement which includes the Notice of Stock Option Grant (the “Notice of Grant”), the Terms and Conditions of Stock Option Grant, attached hereto as Exhibit A, the Exercise Notice, attached hereto as Exhibit B, and all other exhibits, appendices, and addenda attached hereto (together, the “Option Agreement”).
Participant Name:                
Address:                

The undersigned Participant has been granted an Option to purchase Common Stock of Penumbra, Inc. (the “Company”), subject to the terms and conditions of the Plan and this Option Agreement, as follows:
Grant Number:                    ______________________________
Date of Grant:                        ______________________________
Vesting Commencement Date:            ______________________________
Exercise Price per Share (in U.S. Dollars):        $_____________________________
Total Number of Shares Subject to Option:         ______________________________
Total Exercise Price (in U.S. Dollars):        $_____________________________
Type of Option:                    ___ Incentive Stock Option
                            ___ Nonstatutory Stock Option
Term/Expiration Date:                ______________________________
Vesting Schedule:
Subject to any acceleration provisions contained in the Plan or set forth below, this Option will vest and be exercisable, in whole or in part, in accordance with the following schedule:

Twenty-five percent (25%) of the Shares subject to this Option will vest on the one (1) year anniversary of the Vesting Commencement Date, and one forty-eighth (1/48th) of the Shares subject to this Option will vest each month thereafter on the same day of the month as the Vesting Commencement Date (and if there is no corresponding day, on the last day of the month), subject to Participant continuing to be a Service Provider through each such date.
    

 In the event Participant ceases to be a Service Provider for any or no reason before Participant vests in the Options, the Options and Participant’s right to acquire any Shares or cash hereunder will immediately terminate.
Termination Period:
In the event of cessation of Participant’s status as a Service Provider, this Option will be exercisable, to the extent vested, for a period of [three (3) months] after Participant ceases to be a Service Provider, unless such termination is due to Participant’s death or Disability, in which case the Option shall be exercisable, to the extent vested, for a period of [twelve (12) months]1 after Participant ceases to be a Service Provider.  Notwithstanding the foregoing sentence, in no event may this Option be exercised after the Term/Expiration Date as provided above and this Option may be subject to earlier termination as provided in Section 15 of the Plan.  
By Participant’s signature and the signature of the representative of the Company below, Participant and the Company agree that this Option is granted under and governed by the terms and conditions of the Plan and this Option Agreement, including the Terms and Conditions of Stock Option Grant, attached hereto as Exhibit A, the Exercise Notice, attached hereto as Exhibit B, and all other exhibits, appendices and addenda attached hereto, all of which are made a part of this document.  Participant acknowledges receipt of a copy of the Plan.  Participant has reviewed the Plan and this Option Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Option Agreement and fully understands all provisions of the Plan, this Option and the Option Agreement.  Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions relating to the Plan or this Option Agreement.  Participant further agrees to notify the Company upon any change in the residence address indicated below.

PARTICIPANT        PENUMBRA, INC.

                
Signature        Signature
                
Print Name        Print Name
                                          Title
Address:

        
        

EXHIBIT A
TERMS AND CONDITIONS OF STOCK OPTION GRANT

    -2-

1.Grant of Option.  
(a)The Company hereby grants to the individual (“Participant”) named in the Notice of Stock Option Grant of this Option Agreement (the “Notice of Grant”) an option (the “Option”) to purchase the number of Shares set forth in the Notice of Grant, at the exercise price per Share set forth in the Notice of Grant (the “Exercise Price”), subject to all of the terms and conditions in this Option Agreement and the Plan, which is incorporated herein by this reference.  Subject to Section 20(c) of the Plan, in the event of a conflict between the terms and conditions of the Plan and the terms and conditions of this Option Agreement, the terms and conditions of the Plan will prevail.
(b)For U.S. taxpayers, the Option will be designated as either an Incentive Stock Option (“ISO”) or a Nonstatutory Stock Option (“NSO”).  If designated in the Notice of Grant as an ISO, this Option is intended to qualify as an ISO under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”).  However, if this Option is intended to be an ISO, to the extent that it exceeds the $100,000 rule of Code Section 422(d) it will be treated as an NSO.  Further, if for any reason this Option (or portion thereof) will not qualify as an ISO, then, to the extent of such nonqualification, such Option (or portion thereof) shall be regarded as a NSO granted under the Plan.  In no event will the Administrator, the Company or any Parent or Subsidiary or any of their respective employees or directors have any liability to Participant (or any other person) due to the failure of the Option to qualify for any reason as an ISO.  
(c)For non-U.S. taxpayers, the Option will be designated as an NSO.
2.Vesting Schedule.  Except as provided in Section 3, the Option awarded by this Option Agreement will vest in accordance with the vesting provisions set forth in the Notice of Grant.  Unless specifically provided otherwise in this Option Agreement or other written agreement between Participant and the Company or any of its Subsidiaries or Parents, as applicable, Shares subject to this Option that are scheduled to vest on a certain date or upon the occurrence of a certain condition will not vest in accordance with any of the provisions of this Option Agreement, unless Participant will have been continuously a Service Provider from the Date of Grant until the date such vesting occurs.
3.Administrator Discretion.  The Administrator, in its discretion, may accelerate the vesting of the balance, or some lesser portion of the balance, of the unvested Option at any time, subject to the terms of the Plan.  If so accelerated, such Option will be considered as having vested as of the date specified by the Administrator.
4.Exercise of Option.  
(a)Right to Exercise.  This Option may be exercised only within the term set out in the Notice of Grant, and may be exercised during such term only in accordance with the Vesting Schedule set out in the Notice of Option Grant and with the applicable provisions of the Plan and the terms of this Option Agreement.
(b)Method of Exercise.  This Option is exercisable by delivery of an exercise notice (the “Exercise Notice”) in the form attached as Exhibit B to the Notice of Grant or in a manner and pursuant to such procedures as the Administrator may determine, which will state the election to exercise the Option, the number of Shares in respect of which the Option is being exercised (the “Exercised Shares”), and such other representations and agreements as may be required by the Company pursuant to the provisions of the Plan.  The Exercise Notice will be completed by Participant and delivered to the Company.  The Exercise Notice will be accompanied 
    -3-

by payment of the aggregate Exercise Price as to all Exercised Shares and of any Tax Obligations (as defined in Section 6(a)).  This Option will be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by the aggregate Exercise Price, together with any applicable Tax Obligations.  
5.Method of Payment.  Payment of the aggregate Exercise Price will be by any of the following, or a combination thereof, at the election of Participant:
(a)cash in U.S. dollars; 
(b)check designated in U.S. dollars; 
(c)consideration received by the Company under a formal cashless exercise program adopted by the Company in connection with the Plan; or
(d)if Participant is a U.S. employee, surrender of other Shares which have a Fair Market Value on the date of surrender equal to the aggregate Exercise Price of the Exercised Shares and that are owned free and clear of any liens, claims, encumbrances, or security interests, provided that accepting such Shares, in the sole discretion of the Administrator, will not result in any adverse accounting consequences to the Company.
6.Tax Obligations.  
(a)Responsibility for Taxes.  Participant acknowledges that, regardless of any action taken by the Company or, if different, Participant’s employer (the “Employer”) or any Parent or Subsidiary to which Participant is providing services (together, the “Service Recipients”), the ultimate liability for any tax and/or social insurance liability obligations and requirements in connection with the Option, including, without limitation, (i) all federal, state, and local taxes (including Participant’s Federal Insurance Contributions Act (FICA) obligations) that are required to be withheld by any Service Recipient or other payment of tax-related items related to Participant’s participation in the Plan and legally applicable to Participant, (ii) Participant’s and, to the extent required by any Service Recipient, the Service Recipient’s fringe benefit tax liability, if any, associated with the grant, vesting, or exercise of the Option or sale of Shares, and (iii) any other Service Recipient taxes the responsibility for which Participant has, or has agreed to bear, with respect to the Option (or exercise thereof or issuance of Shares thereunder) (collectively, the “Tax Obligations”), is and remains Participant’s sole responsibility and may exceed the amount actually withheld by the applicable Service Recipient(s).  Participant further acknowledges that no Service Recipient (A) makes any representations or undertakings regarding the treatment of any Tax Obligations in connection with any aspect of the Option, including, but not limited to, the grant, vesting or exercise of the Option, the subsequent sale of Shares acquired pursuant to such exercise and the receipt of any dividends or other distributions, and (B) makes any commitment to and is under any obligation to structure the terms of the grant or any aspect of the Option to reduce or eliminate Participant’s liability for Tax Obligations or achieve any particular tax result.  Further, if Participant is subject to Tax Obligations in more than one jurisdiction between the Date of Grant and the date of any relevant taxable or tax withholding event, as applicable, Participant acknowledges that the applicable Service Recipient(s) (or former employer, as applicable) may be required to withhold or account for Tax Obligations in more than one jurisdiction.  If Participant fails to make satisfactory arrangements for the payment of any required Tax Obligations hereunder at the time of the applicable taxable event, Participant acknowledges and agrees that the Company may refuse to issue or deliver the Shares.
    -4-

(b)Tax Withholding.  Pursuant to such procedures as the Administrator may specify from time to time, the applicable Service Recipient(s) shall withhold the amount required to be withheld for the payment of Tax Obligations.  The Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to time, may permit Participant to satisfy such Tax Obligations, in whole or in part (without limitation), if permissible by applicable local law, by (i) paying cash in U.S. dollars, (ii) electing to have the Company withhold otherwise deliverable Shares having a fair market value equal to the minimum amount that is necessary to meet the withholding requirement for such Tax Obligations (or such greater amount as Participant may elect if permitted by the Administrator, if such greater amount would not result in adverse financial accounting consequences), (iii) having the amount of such Tax Obligations withheld from Participant’s wages or other cash compensation paid to Participant by the applicable Service Recipient(s), (iv) delivering to the Company Shares that Participant owns and that have vested with a fair market value equal to such Tax Obligations, or (v) selling a sufficient number of such Shares otherwise deliverable to Participant through such means as the Company may determine in its sole discretion (whether through a broker or otherwise) equal to the minimum amount that is necessary to meet the withholding requirement for such Tax Obligations (or such greater amount as Participant may elect if permitted by the Administrator, if such greater amount would not result in adverse financial accounting consequences).  Further, if Participant is subject to tax in more than one jurisdiction between the Date of Grant and a date of any relevant taxable or tax withholding event, as applicable, Participant acknowledges and agrees that the applicable Service Recipient(s) (and/or former employer, as applicable) may be required to withhold or account for tax in more than one jurisdiction.  
(c)Notice of Disqualifying Disposition of ISO Shares.  If the Option is an ISO, and if Participant sells or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (i) the date two (2) years after the Date of Grant, or (ii) the date one (1) year after the date of exercise, Participant immediately will notify the Company in writing of such disposition.  Participant agrees that Participant may be subject to income tax withholding by the Company on the compensation income recognized by Participant.
(d)Section 409A.  Under Section 409A, a stock right (such as the Option) that vests after December 31, 2004 (or that vested on or prior to such date but which was materially modified after October 3, 2004) that was granted with a per share exercise price that is determined by the Internal Revenue Service (the “IRS”) to be less than the fair market value of an underlying share on the date of grant (a “discount option”) may be considered “deferred compensation.”  A stock right that is a “discount option” may result in (i) income recognition by the recipient of the stock right prior to the exercise of the stock right, (ii) an additional twenty percent (20%) federal income tax, and (iii) potential penalty and interest charges.  The “discount option” also may result in additional state income, penalty and interest tax to the recipient of the stock right.  Participant acknowledges that the Company cannot and has not guaranteed that the IRS will agree that the per Share exercise price of this Option equals or exceeds the fair market value of a Share on the date of grant in a later examination.  Participant agrees that if the IRS determines that the Option was granted with a per Share exercise price that was less than the fair market value of a Share on the date of grant, Participant shall be solely responsible for Participant’s costs related to such a determination.  In no event will the Company or any of its Parent or Subsidiaries have any liability or obligation to reimburse, indemnify, or hold harmless Participant for any taxes, penalties and interest that may be imposed, or other costs that may be incurred, as a result of Section 409A.
7.Rights as Stockholder.  Neither Participant nor any person claiming under or through Participant will have any of the rights or privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such Shares (which may be in book entry form) will have been issued, recorded on the records of the Company or its transfer 
    -5-

agents or registrars, and delivered to Participant (including through electronic delivery to a brokerage account).  After such issuance, recordation and delivery, Participant will have all the rights of a stockholder of the Company with respect to voting such Shares and receipt of dividends and distributions on such Shares.
8.No Guarantee of Continued Service.  PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER, WHICH UNLESS PROVIDED OTHERWISE UNDER APPLICABLE LAW IS AT THE WILL OF THE APPLICABLE SERVICE RECIPIENT AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER.  PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS OPTION AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S RIGHT OR THE RIGHT OF ANY SERVICE RECIPIENT TO TERMINATE PARTICIPANT’S RELATIONSHIP AS A SERVICE PROVIDER, SUBJECT TO APPLICABLE LAW, WHICH TERMINATION, UNLESS PROVIDED OTHERWISE UNDER APPLICABLE LAW, MAY BE AT ANY TIME, WITH OR WITHOUT CAUSE.
9.Nature of Grant.  In accepting the Option, Participant acknowledges, understands and agrees that:
(a)the grant of the Option is voluntary and occasional and does not create any contractual or other right to receive future grants of options, or benefits in lieu of options, even if options have been granted in the past; 
(b)all decisions with respect to future option or other grants, if any, will be at the sole discretion of the Administrator; 
(c)Participant is voluntarily participating in the Plan; 
(d)the Option and any Shares acquired under the Plan are not intended to replace any pension rights or compensation;
(e)the Option and Shares acquired under the Plan and the income and value of same, are not part of normal or expected compensation for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments; 
(f)the future value of the Shares underlying the Option is unknown, indeterminable, and cannot be predicted with certainty; 
(g)if the underlying Shares do not increase in value, the Option will have no value; 
(h)if Participant exercises the Option and acquires Shares, the value of such Shares may increase or decrease in value, even below the Exercise Price;
(i)for purposes of the Option, Participant’s status as a Service Provider will be considered terminated as of the date Participant is no longer actively providing services to the 
    -6-

Company or any Parent or Subsidiary (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is a Service Provider or the terms of Participant’s employment or service agreement, if any), and unless otherwise expressly provided in this Option Agreement (including by reference in the Notice of Grant to other arrangements or contracts) or determined by the Administrator, (i) Participant’s right to vest in the Option under the Plan, if any, will terminate as of such date and will not be extended by any notice period (e.g., Participant’s period of service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where Participant is a Service Provider or the terms of Participant’s employment or service agreement, if any, unless Participant is providing bona fide services during such time); and (ii) the period (if any) during which Participant may exercise the Option after such termination of Participant’s engagement as a Service Provider will commence on the date Participant ceases to actively provide services and will not be extended by any notice period mandated under employment laws in the jurisdiction where Participant is employed or terms of Participant’s engagement agreement, if any; the Administrator shall have the exclusive discretion to determine when Participant is no longer actively providing services for purposes of this Option grant (including whether Participant may still be considered to be providing services while on a leave of absence and consistent with local law); 
(j)unless otherwise provided in the Plan or by the Administrator in its discretion, the Option and the benefits evidenced by this Option Agreement do not create any entitlement to have the Option or any such benefits transferred to, or assumed by, another company nor be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the Shares; and
(k)the following provisions apply only if Participant is providing services outside the United States:
(i)the Option and the Shares subject to the Option are not part of normal or expected compensation or salary for any purpose; 
(ii)Participant acknowledges and agrees that no Service Recipient shall be liable for any foreign exchange rate fluctuation between Participant’s local currency and the United States Dollar that may affect the value of the Option or of any amounts due to Participant pursuant to the exercise of the Option or the subsequent sale of any Shares acquired upon exercise; and
(iii)no claim or entitlement to compensation or damages shall arise from forfeiture of the Option resulting from the termination of Participant’s status as a Service Provider (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is a Service Provider or the terms of Participant’s employment or service agreement, if any), and in consideration of the grant of the Option to which Participant is otherwise not entitled, Participant irrevocably agrees never to institute any claim against any Service Recipient, waives his or her ability, if any, to bring any such claim, and releases each Service Recipient from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, Participant shall be deemed irrevocably to have agreed not to pursue such claim and agrees to execute any and all documents necessary to request dismissal or withdrawal of such claim.
10.No Advice Regarding Grant.  The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding Participant’s participation in the Plan, or Participant’s acquisition or sale of the Shares underlying the Option.  
    -7-

Participant is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan.
11.Data Privacy.  Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of Participant’s personal data as described in this Option Agreement and any other Option grant materials by and among, as applicable, the Service Recipients for the exclusive purpose of implementing, administering and managing Participant’s participation in the Plan.  
Participant understands that the Company and the Service Recipient may hold certain personal information about Participant, including, but not limited to, Participant’s name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any Shares or directorships held in the Company, details of all Options or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in Participant’s favor (“Data”), for the exclusive purpose of implementing, administering and managing the Plan.
Participant understands that Data may be transferred to a stock plan service provider, as may be selected by the Company in the future, assisting the Company with the implementation, administration and management of the Plan.  Participant understands that the recipients of the Data may be located in the United States or elsewhere, and that the recipients’ country of operation (e.g., the United States) may have different data privacy laws and protections than Participant’s country.  Participant understands that if he or she resides outside the United States, he or she may request a list with the names and addresses of any potential recipients of the Data by contacting his or her local human resources representative.  Participant authorizes the Company, any stock plan service provider selected by the Company and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing his or her participation in the Plan.  Participant understands that Data will be held only as long as is necessary to implement, administer and manage Participant’s participation in the Plan.  Participant understands if he or she resides outside the United States, he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or her local human resources representative.  Further, Participant understands that he or she is providing the consents herein on a purely voluntary basis.  If Participant does not consent, or if Participant later seeks to revoke his or her consent, his or her status as a Service Provider and career with the Service Recipient will not be adversely affected.  The only adverse consequence of refusing or withdrawing Participant’s consent is that the Company would not be able to grant Participant Options or other equity awards or administer or maintain such awards.  Therefore, Participant understands that refusing or withdrawing his or her consent may affect Participant’s ability to participate in the Plan.  For more information on the consequences of Participant’s refusal to consent or withdrawal of consent, Participant understands that he or she may contact his or her local human resources representative.
12.Address for Notices.  Any notice to be given to the Company under the terms of this Option Agreement will be addressed to the Company at Penumbra, Inc., One Penumbra Place, Alameda, CA 94502, or at such other address as the Company may hereafter designate in writing.
13.Non-Transferability of Option.  This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime of Participant only by Participant.  
    -8-

14.Successors and Assigns.  The Company may assign any of its rights under this Option Agreement to single or multiple assignees, and this Option Agreement shall inure to the benefit of the successors and assigns of the Company.  Subject to the restrictions on transfer herein set forth, this Option Agreement shall be binding upon Participant and his or her heirs, executors, administrators, successors and assigns.  The rights and obligations of Participant under this Option Agreement may be assigned only with the prior written consent of the Company.
15.Additional Conditions to Issuance of Stock.  If at any time the Company will determine, in its discretion, that the listing, registration, qualification or rule compliance of the Shares upon any securities exchange or under any state, federal or non-U.S. law, the tax code and related regulations or under the rulings or regulations of the United States Securities and Exchange Commission or any other governmental regulatory body or the clearance, consent or approval of the United States Securities and Exchange Commission or any other governmental regulatory authority is necessary or desirable as a condition to the exercise of the Options or the purchase by, or issuance of Shares, to Participant (or his or her estate) hereunder, such exercise, purchase or issuance will not occur unless and until such listing, registration, qualification, rule compliance, clearance, consent or approval will have been completed, effected or obtained free of any conditions not acceptable to the Company.  Subject to the terms of the Option Agreement and the Plan, the Company shall not be required to issue any certificate or certificates for (or make any entry on the books of the Company or of a duly authorized transfer agent of the Company of) the Shares hereunder prior to the lapse of such reasonable period of time following the date of exercise of the Option as the Administrator may establish from time to time for reasons of administrative convenience.
16.Language.  If Participant has received this Option Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.
17.Interpretation.  The Administrator will have the power to interpret the Plan and this Option Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but not limited to, the determination of whether or not any Shares subject to the Option have vested).  All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon Participant, the Company and all other interested persons.  Neither the Administrator nor any person acting on behalf of the Administrator will be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this Option Agreement.
18.Electronic Delivery and Acceptance.  The Company may, in its sole discretion, decide to deliver any documents related to the Option awarded under the Plan or future options that may be awarded under the Plan by electronic means or require Participant to participate in the Plan by electronic means.  Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through any on-line or electronic system established and maintained by the Company or a third party designated by the Company.
19.Captions.  Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction of this Option Agreement.
20.Option Agreement Severable.  In the event that any provision in this Option Agreement will be held invalid or unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Option Agreement.
    -9-

21.Amendment, Suspension or Termination of the Plan.  By accepting this Option, Participant expressly warrants that he or she has received an Option under the Plan, and has received, read and understood a description of the Plan.  Participant understands that the Plan is discretionary in nature and may be amended, suspended or terminated by the Administrator at any time.
22.Governing Law and Venue.  This Option Agreement will be governed by the laws of California, without giving effect to the conflict of law principles thereof.  For purposes of litigating any dispute that arises under this Option or this Option Agreement, the parties hereby submit to and consent to the jurisdiction of the State of California, and agree that such litigation will be conducted in the courts of Santa Clara County, California, or the U.S. federal courts for the Northern District of California, and no other courts, where this Option is made and/or to be performed.
23.Country Addendum.  Notwithstanding any provisions in this Option Agreement, this Option shall be subject to any special terms and conditions set forth in an appendix (if any) to this Option Agreement for any country whose laws are applicable to Participant and this Option (as determined by the Administrator in its sole discretion) (the “Country Addendum”).  Moreover, if Participant relocates to one of the countries included in the Country Addendum (if any), the special terms and conditions for such country will apply to Participant, to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons.  The Country Addendum (if any) constitutes a part of this Option Agreement.
24.Modifications to the Option Agreement.  This Option Agreement constitutes the entire understanding of the parties on the subjects covered.  Participant expressly warrants that he or she is not accepting this Option Agreement in reliance on any promises, representations, or inducements other than those contained herein.  Modifications to this Option Agreement or the Plan can be made only in an express written contract executed by a duly authorized officer of the Company.  Notwithstanding anything to the contrary in the Plan or this Option Agreement, the Company reserves the right to revise this Option Agreement as it deems necessary or advisable, in its sole discretion and without the consent of Participant, to comply with Code Section 409A or to otherwise avoid imposition of any additional tax or income recognition under Section 409A of the Code in connection with the Option.
25.No Waiver.  Either party’s failure to enforce any provision or provisions of this Option Agreement shall not in any way be construed as a waiver of any such provision or provisions, nor prevent that party from thereafter enforcing each and every other provision of this Option Agreement.  The rights granted both parties herein are cumulative and shall not constitute a waiver of either party’s right to assert all other legal remedies available to it under the circumstances.
26.Tax Consequences.  Participant has reviewed with his or her own tax advisors the U.S. federal, state, local and non-U.S. tax consequences of this investment and the transactions contemplated by this Option Agreement.  With respect to such matters, Participant relies solely on such advisors and not on any statements or representations of the Company or any of its agents, written or oral.  Participant understands that Participant (and not the Company) shall be responsible for Participant’s own tax liability that may arise as a result of this investment or the transactions contemplated by this Option Agreement.
*          *          *
    -10-

EXHIBIT B
PENUMBRA, INC.
2014 EQUITY INCENTIVE PLAN
EXERCISE NOTICE
Penumbra, Inc.
One Penumbra Place
Alameda, CA 94502

Attention:  Stock Administration

1.Exercise of Option.  Effective as of today, ________________, _____, the undersigned (“Purchaser”) hereby elects to purchase ______________ shares (the “Shares”) of the Common Stock of Penumbra, Inc. (the “Company”) under and pursuant to the 2014 Equity Incentive Plan (the “Plan”) and the Stock Option Agreement, dated ________ and including the Notice of Grant, the Terms and Conditions of Stock Option Grant, and other exhibits, appendices and addenda attached thereto (the “Option Agreement”).  Unless otherwise defined herein, capitalized terms used in this Exercise Notice shall be ascribed the same defined meanings as set forth in the Option Agreement (or, as applicable, the Plan or other written agreement or arrangement as specified in the Option Agreement).
2.Delivery of Payment.  Purchaser herewith delivers to the Company the full purchase price of the Shares and any Tax Obligations (as defined in Section 6(a) of the Option Agreement) to be paid in connection with the exercise of the Option.
3.Representations of Purchaser.  Purchaser acknowledges that Purchaser has received, read and understood the Plan and the Option Agreement and agrees to abide by and be bound by their terms and conditions.
4.Rights as Stockholder.  Until the issuance (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company) of the Shares, no right to vote or receive dividends or any other rights as a stockholder will exist with respect to the Shares subject to the Option, notwithstanding the exercise of the Option.  The Shares so acquired will be issued to Purchaser as soon as practicable after the Option is exercised in accordance with the Option Agreement.  No adjustment will be made for a dividend or other right for which the record date is prior to the date of issuance, except as provided in Section 15 of the Plan.
5.Tax Consultation.  Purchaser understands that Purchaser may suffer adverse tax consequences as a result of Purchaser’s purchase or disposition of the Shares.  Purchaser represents that Purchaser has consulted with any tax consultants Purchaser deems advisable in connection with the purchase or disposition of the Shares and that Purchaser is not relying on the Company for any tax advice.
6.Entire Agreement; Governing Law.  The Plan and Option Agreement are incorporated herein by this reference.  This Exercise Notice, the Plan and the Option Agreement (including the exhibits, appendices, and addenda thereto) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of 
    

the Company and Purchaser with respect to the subject matter hereof, and may not be modified adversely to the Purchaser’s interest except by means of a writing signed by the Company and Purchaser.  This Option Agreement is governed by the internal substantive laws, but not the choice of law rules, of California.
Submitted by:        Accepted by:
PURCHASER        PENUMBRA, INC.

                    
Signature        Signature
                    
Print Name        Print Name
Address:                
            Title
            

        

                    
            Date Received
    -2-

PENUMBRA, INC.
2014 EQUITY INCENTIVE PLAN
STOCK OPTION AGREEMENT
COUNTRY ADDENDUM

Terms and Conditions
This Country Addendum includes additional terms and conditions that govern the stock option (the “Option”) to purchase shares of the Common Stock of Penumbra, Inc. (the “Company”) granted pursuant to the terms and conditions of the Penumbra, Inc. 2014 Equity Incentive Plan (the “Plan”) and the Stock Option Agreement to which this Country Addendum is attached (the “Option Agreement”) to the extent the individual to whom the Option was granted (“Participant”) resides in one of the countries listed below.  
Notifications
This Country Addendum also includes information regarding exchange controls and certain other issues of which Participant should be aware with respect to his or her participation in the Plan.  The information is based on the securities, exchange control and other laws in effect in the respective countries as of [______], 2020.  Such laws often are complex and change frequently.  As a result, the Company strongly recommends that Participant not rely on the information in this Country Addendum as the only source of information relating to the consequences of Participant’s participation in the Plan because the information may be out of date at the time Participant exercises the Options or sells the Shares acquired under the Plan. 
In addition, the information contained herein is general in nature and may not apply to Participant’s particular situation and the Company is not in a position to assure Participant of any particular result.  Accordingly, Participant is advised to seek appropriate professional advice as to how the relevant laws of Participant’s country may apply to his or her situation.  
Finally, if Participant is a citizen or resident of a country other than the one in which Participant currently is working or transfers to another country after the grant of the Option, or is considered a resident of another country for local law purposes, the information contained herein may not be applicable to Participant in the same manner.  In addition, the Company, in its discretion, shall determine the extent to which the terms and conditions contained herein shall apply to Participant under these circumstances.  
[JURISDICTION-SPECIFIC COUNTRY ADDENDA TO BE INSERTED IF/AS APPROPRIATE]

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