Document:

Document

December 8th, 2020

Dr. Mahkam Zanganeh 
[**]

Email: [**]

Re: Offer of Employment
Dear Maky:
We are delighted to offer you the position of Chief Operating Officer at Summit Therapeutics Inc. (“the Company”). Your start date was November 22, 2020. We trust you will bring the same knowledge, skills and experience you have provided to our Board of Directors to bear on your new role as an officer of the Company. This offer letter, together with the appendices attached hereto, sets forth the details of your employment and we would ask you to read through each of the sections and sign where indicated to accept this offer.
An overview of the terms of your employment and compensation is set out below and in Appendix 1, Appendix 2, and Appendix 3.
Title:  Chief Operating Officer. This position is classified as an exempt position under the Fair Labor Standards Act (“FLSA”).
Reporting relationship:  Position reports to CEO. 
Job Duties:  You will be expected to perform those duties and responsibilities commonly associated with your position as Chief Operating Officer, as well as other duties commensurate with your position as may be requested by the Company from time to time. 
Base Salary:  Your initial salary will be four hundred and fifty thousand US dollars ($450,000.00) on an annual base salary subject to deductions for taxes and other withholdings as required by law or the policies of the Company, and payable in accordance with the Company’s normal monthly payroll schedule.  Such base salary may be adjusted from time to time in accordance with normal business practice and in the sole discretion of the Company.
Eligibility for Bonuses and Bonus Potential:  Please refer to the terms set out in Appendix 2.

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Benefits:  Please refer to the details in Appendix 2.  Employee contributions for benefits will be determined annually and may be subject to change from time to time.  
Expense Reimbursements:  Please refer to the details in Appendix 2.
Vacation and Sick Time:  Please refer to the details in Appendix 2.
Confidentiality and Non-Solicitation Agreement:  A condition precedent of your employment is execution of the Confidentiality and Inventions Agreement (see Appendix 3), which must be signed promptly.  You may not participate in any consulting activities during your employment with the Company, without Board approval and you must at all times abide by your fiduciary obligations to the Company and your obligations relating to confidentiality. 
In addition, as a Company employee, you will be expected to abide by the Company’s policies and procedures at all times.  You remain subject to the Non-Executive Director agreement between you and the Company relating to your continued service as a director.  Further, the Company’s premises, including all workspaces, furniture, documents, and other tangible materials, and all information technology resources of the Company (including computers, data, and other electronic files, and all internet and email use) are subject to oversight and inspection by the Company at any time.  Company employees should have no expectation of privacy with regard to any Company premises, materials, resources, or information.   
Based on the representations that you have made, the Company understands that you are under no restrictions, including any contractual restrictions, prohibiting you from entering into an employment relationship with the Company and performing all of the duties of your position as Chief Operating Officer. As an employee, you will comply with any confidentiality, non-competition and non-solicitation agreements you may have signed with previous employers and you represent that any such agreements will not affect your abilities to perform your responsibilities on behalf of the Company. You agree to indemnify and hold the Company harmless for any liability the Company may incur as the result of the existence of any such covenants, obligations or commitments and alleged violations of the same made by any former employer.
This written offer supersedes any oral or written representations made to you during the interview process by any representative of the Company.  This letter shall not be construed as an agreement, either express or implied, to employ you for any stated term, and in no way shall alter the Company’s policy of employment at will.  
We look forward to working with you as an employee and sincerely believe this position offers an excellent opportunity for you to make a significant contribution to our organization as well as to enhance your own career.

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To accept this offer, please sign below and return a copy to the undersigned no later than December 21st, 2020.
Sincerely,
Robert W. Duggan
CEO

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ACCEPTANCE
I,   Mahkam Zanganeh  , accept the terms and conditions of the above offer of employment.
Accepted by:   Mahkam Zanganeh  
Signature:  /s/ Mahkam Zanganeh   11/22/2021
                        Signature / DateAppendix 1

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Details of Employment Offer
These terms are incorporated into and made a part of the employment offer from the Company to Dr. Mahkam Zanganeh.
You understand and agree that you owe a fiduciary duty of loyalty, fidelity and allegiance to act at all times in the best interests of the Company and you will not knowingly become involved in a conflict of interest with the Company.  In addition, you will comply with all of the Company’s rules issued from time to time.
The Company is an at-will employer. This means that your employment with the Company is voluntarily entered into and you are free to resign at any time, with or without notice. Similarly, the Company is free to conclude the employment relationship at any time, for any lawful reason or no reason and with or without notice. Accordingly, there is no promise that your employment will continue for a set period of time or that your employment will be terminated only under particular circumstances. No supervisor or manager of the Company is authorized to make any oral or written representations that alter this “at-will” relationship. Any exception to this “at-will” relationship must be approved by me or by my designee in writing.
Your employment is contingent upon satisfactory proof that you are legally authorized to work in the United States. All individuals who are offered employment are required to submit proof of their identity and employment authorization.  The Company may obtain background check reports both pre-employment and from time to time during your employment with the Company, as necessary. 
Other than the Confidentiality, Inventions, and Non-Solicitation Agreement, this offer letter is the entire agreement between you and the Company and no other verbal or written agreements, promises or representations that are not specifically stated in this offer are or will be binding upon the Company and were not detrimentally relied upon by you in deciding whether to accept this offer. Any changes to the terms and conditions in this offer letter are effective only if signed by a duly authorized agent of the Company.  The resolution of any disputes under this offer letter will be governed by California law.

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Appendix 2
Summary of Compensation and Benefits
						
	1. Salary:	Annual gross base salary of US $450,000.00 payable by direct deposit in accordance with the Company’s normal bi-monthly payroll schedule.
	2. Bonus:	Each calendar year of your employment, you shall be eligible to receive a discretionary bonus in an amount to be solely determined by the Company of up to forty-five percent (45%) of your annual base salary, payable in accordance with the Company’s normal payroll practices. Your bonus eligibility starts from 2021`. Factors considered by the Company in determining the discretionary bonus include your performance and the performance of the Company.  Because retention is an important reason for the Company’s implementation of an annual bonus system, you must be employed by the Company on the date of the bonus payout to be eligible to receive a bonus, if such discretionary bonus is awarded.
	3. Vacation, Sick, &
Holidays:
	You shall receive paid vacation, sick, and holidays according to the Company’s policies for similarly situated executives and as required by state and local law. Notwithstanding the above, you shall always be entitled to at least 4 weeks of vacation per year (accruing 1.66 vacation days per month) and may, according to Company Policy,  carry over days of accrued but unused vacation day benefits earned in one year into the next year. Upon termination of your employment for any reason, you will be paid for any accrued but unused vacation day benefits, but not sick time.
	4. Insurance and Retirement Plans:	You shall be entitled to participate in the Company’s group insurance plans for its employees (“Group Insurance”), which includes Healthcare, Dental, Life and Disability Plans for which Company and employee contributions will be determined annually. You shall also be entitled to participate in a 401k ‘Safe Harbor’ retirement plan.  Details of these benefit plans will be provided.
	5. Board Service:	While serving as an officer, you shall not receive compensation otherwise owed to you in your capacity as a member of the Board. However, all Board fees paid through the date of the commencement of your employment as an officer shall be retained. Any and all options granted to you as compensation for your service as a Board member  shall be retained and shall continue to vest in accordance with their terms.

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	6. Stock Option:	You have received options to purchase up to 2,400,000 shares of the Company’s Common Stock. The vesting will be four equal annual installments, with the initial vesting period being November 22, 2021, and then on the next three anniversary’s of such date.  Vesting during each annual period will be subject to satisfaction of performance conditions as determined by the Board or at the Board’s election, the Compensation Committee (the “Committee”).  Performance conditions may be determined by the Board or the Committee to be met in whole or in part, and if determined to be met in part, a pro rata portion of options shall vest in any annual period.    Following the Committee’s review in connection with the vesting date for an annual period, all Unvested Options not otherwise determined to vest by the Board or the Committee shall terminate.  The Company shall provide you with additional details and documentation regarding the options, including the terms and conditions governing eligibility, entitlement to and receipt of title. All stock option awards are subject to the approval of the Board in their absolute discretion.
	7. Expense & Mileage
Reimbursement:
	You shall be reimbursed in accordance with Company policy in effect from time to time.

Please note that the terms and conditions of your employment, including the bonus and benefit programs made available by the Company, and the rules, terms and conditions for participation in such bonus and benefit plans, may be changed by the Company at any time without advance notice.

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Appendix 3
SUMMIT CORPORATION 

CONFIDENTIALITY, INVENTIONS, NON-COMPETE AND 
NON-SOLICITATION AGREEMENT

I, Dr. Mahkam Zanganeh, have been advised that the success and growth of Summit Corporation and any U.S. subsidiary (jointly the “Company”), depends, to a significant degree, on the development, ownership, use and protection of commercially valuable technical and non-technical information. It is important to the Company that all such information which heretofore has been developed or may be developed in the future by the Company, by me or other Company employees, be protected. Accordingly, as a condition to, and in connection with, my employment or continued employment by the Company, I acknowledge and agree to the following:

1.    CONFIDENTIALITY AND NON-DISCLOSURE

1.1    Access to Confidential information

    As a valued employee of the Company, I understand that I will receive, observe, have access to, or be involved in the conception, discovery or development of, information, products or processes which the Company considers to be a trade secret, or confidential, proprietary information, including, but not limited to, ideas, functions, Inventions (as subsequently defined), analysis, protocols, benchmarks, modeling, projects, specifications, devices, new product formulations, improvements on existing products, software, codes, formulas, logarithms, distribution methods, know-how, systems, techniques, research and development, schematics or technical documentation, marketing strategies, customer and supplier lists, anticipated customer requirements, pricing, unpublished financial or accounting or tax information, information about potential acquisitions, divestitures and investments, business trends or projections, employee personal information and/or any other information relating to the Company its affiliates and their domestic or international business (hereinafter, individually or collectively, referred to as “Confidential Information”).

1.2    Nondisclosure/Non-Use of Confidential Information

    I agree that, during the period of my employment by the Company and after the termination of my employment for any reason, I will not, without the express prior written consent of the Company, disclose to any person, firm, corporation or other entity, or seek to use for my own benefit or for the benefit of any third party, such Confidential Information.  However, this restriction shall not apply and I will be released from the same with respect to that information, but only that specific information: which 
    
(a)    which has already become public by publication or otherwise, through no fault or conduct of mine, or others acting on my behalf or in concert with me; or

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(b)    to the extent expressly permitted by Section 6 herein or as otherwise to the extent expressly permitted by applicable law.  

1.3    Nondisclosure/Non-Use of Third-Party Confidential Information

    I recognize that, in connection with my employment responsibilities, I may gain access to information which third parties (such as customers or suppliers of the Company) deem to be their trade secrets or confidential, proprietary information and which has been disclosed, in confidence, to the Company (“Third-Party Information”). During the period of employment by the Company and after the termination of employment for any reason, I agree that I will not disclose to any person, firm, corporation or other entity, or seek to use for my own benefit or for the benefit of any third party, any such Third-Party Information.

1.4    Competitive Intelligence

I recognize that the Company has a legitimate business goal to be the leading competitor in the marketplace.  I understand that any information that I obtain about the Company’s competitors must be obtained lawfully. I understand that the Company will not seek or accept any confidential or competitive information obtained through misrepresentation, coercion, illegal or improper means.  Further, I understand that if I obtain information in this manner, the Company will terminate my employment.

1.5    Return of Company Property

    I agree that all Company information and any tangible property (whether or not constituting Confidential Information) to which I am given access to, or which is developed by me, during the period of my employment shall be and shall remain the exclusive property of the Company and shall, upon the termination of my employment or on demand by the Company, be surrendered to the Company, together with all copies, abstracts or excerpts, including any computer files or other materials which embody or which may disclose such information, etc.  I further agree that I shall return to the Company any originals or duplicates of any tangible or intangible Company property.
                            
2.    INVENTIONS

2.1    I agree that the Company shall be the exclusive owner of any improvement, development, idea, design, modification, formulation, know-how, trade secret, research, discovery or invention (hereinafter collectively called “Inventions”), whether patentable or not, (and the same shall be considered a “work made for hire” for the Company by me), which I conceive, make, develop, or improve, during my employment, either solely or jointly with others, whether during or outside of normal working hours, and relating to any project, method, functions, analysis, protocols, benchmarks, modeling, specifications, devices, new product formulations, re-formulations, improvements on existing products, software, codes, source codes, formulas, logarithms, distribution methods, systems, 

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techniques, research and development, schematics or technical documentation that is used, sold or is under development or consideration by the Company (hereinafter called the “Company  Products”) now or at any time during the course of my employment, or which are now used in, or in the future might be particularly adapted to, the production, use, sale or development of any of the Company’s Products, and I will  immediately disclose the same in writing to the President of the Company or other person duly designated by the Company.

I further agree that I will promptly disclose such Inventions to the Company and will assign to the Company all of my rights, title and interests in and to such Inventions and will perform all acts and execute all assignments and other documents necessary to establish the Company’s exclusive title and rights to such Inventions, as well as all patent, trademark or copyright applications and assignments of the same as may be required by the Company in connection therewith without additional compensation. In the event that my employment is terminated, for any reason whatsoever, I agree to assist the Company in pursuing and obtaining appropriate patents, copyrights, and trademarks filings provided that, with respect to my post-termination cooperation, the Company will pay reasonable compensation and expense for my time.

2.2    Exceptions and Presumptions

    To the extent I have, or claim, any prior right to, or interest in, any trade secrets, confidential information or inventions that I do not wish to be covered by my obligations under this Agreement, including my agreement to disclose and assign to the Company all rights, title and interests thereto, I have fully listed all such trade secrets, confidential information and inventions in the attached Schedule “A”.  I agree that, in the absence of a particular matter or item being listed on such Schedule A, I am not claiming, and will not claim, any rights with respect to such matter or item.  Further, to the extent any such trade secret, confidential information or invention claimed, and is listed by me, on such Schedule A, my reserved rights will apply only to those specified matters, and will not extend to any improvements or derivations which may, during the course of my employment (and for six months thereafter) be made to, or be based upon, such scheduled matters.

Further, I understand that, in accordance with Section 2872 of the California Labor Code, I am not required to assign Inventions to the Company for which no equipment, supplies, facilities or trade secret or Confidential Information of the Company was used, and which was developed entirely on my own time, unless: (a) the Invention relates to the business of Company or to the Company’s actual or demonstrably anticipated research or development; or (b) the Invention results from any work performed by me for the Company. 

The foregoing limited exclusion does not apply to any patent or invention covered by a contract between the Company and the United States or any of its agencies requiring full title to such patent or invention to be in the United States.

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    I further acknowledge that it is reasonable, and so agree, that any trade secret, confidential information or invention conceived, developed or claimed by me within six months after the termination of my employment with the Company, for any reasons whatsoever, shall be deemed to have been conceived or developed during the course of my employment by the Company, and shall be subject to this Agreement.
                                        
2.3    Binding Upon My Estate

    I understand that my obligations and the Company’s rights under this Agreement shall continue notwithstanding any termination or cessation of my employment with the Company, and that these obligations shall be binding upon my heirs, executors, assigns, or other legal representatives, and shall inure to the benefit of the Company, its parent/affiliates, and its successors and assignees.

3.    RESTRICTIONS ON SOLICITATION

3.1    Non-Solicitation: I agree that, during my employment by the Company and for a period of twelve (12) months after I cease my employment with the Company for any reason, I will not, directly or indirectly, (a) contact any of the Company’s customers, acquisition target or funding sources with whom I had contact while employed by the Company for the purpose of soliciting their business, directing them to anyone other than the Company for goods or services or as acquisition targets provided by the Company, or seeking funding for research or development in the field of Clostridium difficile and any other program or technology that the Company may develop or acquire during my employment or  (b) solicit customers, acquisition targets or funding sources with whom I had contact while employed by the Company, either for my own account or on behalf of any Competing Business, to induce, or attempt to induce, any customer or acquisition target of the Company to refrain from contracting with the Company and/or to cancel or to fail to renew a contract with the Company.

3.2    Non-Solicitation Definitions:

3.2.1    “Competing Business” means any business entity of the type and character engaged in by the Company with respect to (i) research or development of therapeutics in the field of Clostridium difficile or any other program or technology that the Company may develop or acquire during my employment, or (ii) where the Competing Business, directly or indirectly, solicits, diverts, takes away, or attempts to solicit, divert or take away, customers or funding sources of the Company which, during the previous twelve (12) months prior to the cessation of my employment, contracted with the Company. Under the circumstances of my employment by the Company, I agree that these time, activity, customer and contact restrictions are reasonable.

4.    REMEDIES OF COMPANY

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4.1    In the event of my breach of this Agreement, including, but not limited to, any circumstance under which I have already disclosed or used (or it appears likely or imminent that I will disclose or use) any Confidential Information, I agree that the Company would be irreparably damaged by reason of my breach, disclosure or use and, therefore, in addition to any other statutory, legal or equitable remedies to which the Company may be entitled, the Company shall have the right to obtain preliminary and/or permanent injunctive relief against me with respect to such breach, disclosure or use, and any such injunction may be without bond by the Company, any such bond requirement being hereby waived by me. I agree that any claim or cause of action that I may have against the Company arising out of my employment with the Company will not constitute a defense to the Company’s enforcement of this Agreement. Further, I agree to indemnify and hold the Company harmless from any loss or expense (including attorneys’ and other professionals’ fees and expert witness costs) that the Company incurs as a result of my breach of this Agreement. I further agree that in the event any violation hereunder is determined, the period of non-disclosure and non-solicitation shall be extended by a period of time equal to that period beginning when such violation commenced and ending when the activities constituting such violation shall have terminated.   Additionally, I acknowledge and agree that the non-disclosure and non-solicitation obligations herein are essential to the protection of the Company’s legitimate business interests and protection of its trade secrets and Confidential Information.   

4.2    I understand and acknowledge that my disclosure or use of Confidential Information by me may expose me to civil and criminal liability under applicable laws, including, but not limited to, any applicable federal or state trade secret acts.

5.    SCOPE OF DISCLOSURE RESTRICTIONS

5.1    Nothing in this Agreement prohibits me from communicating with government agencies about possible violations of federal, state, or local laws or otherwise providing information to government agencies, filing a complaint with government agencies, or participating in government agency investigations or proceedings.  I understand that I am not required to notify the Company of any such communications; provided, however, that nothing herein authorizes the disclosure of information I obtained through a communication that was subject to the attorney-client privilege.  Further, notwithstanding my confidentiality and nondisclosure obligations, I acknowledge that the Company is hereby advising me as follows pursuant to the Defend Trade Secrets Act: “An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order.”

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6.    MISCELLANEOUS

6.1    Severability

    In the event a court of competent jurisdiction determines that any provision of this Agreement is unreasonable, invalid or unenforceable, the court has the power to alter the provisions to make them reasonable, valid and enforceable.  Any such provision shall be independent and separate from all other provisions and the invalidity of any one or more such provisions shall not affect the enforceability of the other provisions in this Agreement.  Additionally, although the Company and I believe that the limitations as to time, geographical area and scope of activity contained herein are reasonable and do not impose a greater restraint than necessary to protect the goodwill or other business interests of the Company, if it is judicially determined otherwise, the limitations shall be reformed to the extent necessary to make them reasonable and not to impose a restraint that is greater than necessary to protect the goodwill or other legitimate business interests of the Company; provided, however, that in the event that such reformation is judicially determined to be impermissible, the parties authorize the Court to strike any language necessary to make the limitations reasonable and not impose a restraint that is greater than necessary to protect the goodwill or other legitimate business interests of the Company. The Company and I agree that the remaining provisions of such applicable section shall be valid and binding as though any invalid or unenforceable provision had not been included.

6.2    Non-Disparagement

    I agree that I will not directly or indirectly say or do anything that would disparage, reflect negatively on, or call into question the Company’s business operations, products, reputation, business relationships, or the reputation of any past or present directors, officers, employees, agents or affiliates, parents or subsidiaries of the Company.  

6.3    Governing Law/Jurisdiction

    This Agreement, the construction of its terms, and the interpretation of my rights, duties and obligations shall be governed by and construed in accordance with the substantive laws of the State of California, without regard to choice of law principles.  I agree that any of my rights or obligations under this Agreement shall, upon election of the Company, be adjudicated in a state or federal court located in Massachusetts as to which I hereby submit to personal jurisdiction.  If the Company so elects, such courts shall have exclusive jurisdiction over any and all disputes, claims or defenses arising out of, in relation to, or in connection with, this Agreement, and I agree that, I will not oppose any effort by the Company to dismiss, or to transfer to a state or federal court located in Massachusetts any action filed by me in any other court or jurisdiction.
    
6.4    Governing Agreement/Amendments/Waivers

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    I agree that this Agreement is in addition to, and not in lieu of, any other obligations or agreements which I have entered into with the Company concerning the subject matter, except that, to the extent that any such agreement is inconsistent with the provisions of this Agreement, the provisions, of this Agreement shall govern.  No amendment, modification or waiver of this Agreement, or any of its provisions, shall be effective, binding, or enforceable, unless in writing and signed by both parties to this Agreement. I acknowledge and agree that I have the right to consult with counsel prior to signing this Agreement. 

6.5    Assignment

    My obligations under this Agreement are personal and shall not be assigned by me.  This Agreement shall, however, be binding upon and inure to the benefit of the Company and its successors and assigns, including any corporation or entity with which or into which the Company may be merged or that may succeed to all or substantially all of its assets or business.  I expressly consent to be bound by the provisions of this Agreement for the benefit of any successor or assign of the Company without the necessity that this Agreement be re-signed, in which event “Company” shall be interpreted to include any successor or assign of the Company.  

Acknowledged and agreed:

DR. MAHKAM ZANGANEH

By:    /s/ Mahkam Zanganeh              

Name:    Mahkam Zanganeh            

Title:    Chief Operating Officer                    

Date:    11/22/2020                

Countersigned:

SUMMIT THERAPEUTICS

By:    /s/ Michael Donaldson            

Name:    Michael Donaldson            

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Title:    Chief Financial Officer                        

Date:    11/22/2020                

SUMMIT CORPORATION

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CONFIDENTIALITY, INVENTIONS, NON-COMPETE AND 
NON-SOLICITATION AGREEMENT

SCHEDULE “A”

    In accordance with Section 2 (INVENTIONS) of the above referenced Agreement, I claim prior rights to the following:

                            

                            

                            

                            

    (If none, initial here     /s/ Mahkam Zanganeh        )

DR. MAHKAM ZANGANEH

By:                                

Name:                                

Title:                            
    
Date:                                

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SUBLEASE
THIS SUBLEASE, made and entered into as of the 1st day of March, 2021, by and between MAKY ZANGANEH & ASSOCIATES INC, a California corporation having an office and place of business at 2882 San Hill Road, Suite 106, Menlo Park, CA 94025, hereinafter called "Sublandlord", and SUMMIT THERAPUETICS SUB INC. a Delaware corporation, having an office and principal place of business at  One Broadway 14th Floor Cambridge, MA 02142.
hereinafter called "Subtenant".
W I T N E S S E T H :
WHEREAS, by a certain written lease agreement dated September 20,  2019 (hereinafter called the “Master Lease”), Sand Hill Commons REIT, Inc. (hereinafter called "Owner") leased to Sublandlord those certain premises ("Premises") consisting of 4,960 feet of space (Suite 106) located on the 1st floor in the building ("Building") located at and commonly known as 2882 Sand Hill Road, Menlo Park, California, which, together with such other improvements and appurtenances therein mentioned, are more particularly described in said Master Lease; and 
WHEREAS, Subtenant desires to sublease from Sublandlord, and Sublandlord is willing to sublet to Subtenant, that portion of the Premises which is shown hatched on the plan attached hereto as Exhibit "A", containing approximately 4,500 square feet of space (hereinafter called the "Sublease Premises"), on the terms and conditions more particularly hereinafter set forth; and
WHEREAS, Sublandlord and Subtenant intend that Subtenant shall have the use of the office furniture (the “Personal Property”) on the Premise for the duration of the Term (hereinafter defined).
NOW, THEREFORE, in consideration of the mutual covenants, conditions and agreements herein contained, Sublandlord and Subtenant agree as follows:
1.DEMISE; SUBLEASE PREMISES
1.1.Sublandlord, for and in consideration of the rents and covenants specified to be paid, performed and observed by Subtenant, does hereby let, sublet, lease and demise to Subtenant the aforementioned Sublease Premises for the term and according to the covenants and conditions contained herein.
2.   TERM
2.1.This Sublease shall be for a term of approximately nineteen (19) months (the “Sublease Term”) commencing on March 15, 2021 (the “Sublease Commencement Date”) and terminating on September 30, 2022 (the “Sublease Expiration Date”).  
2.2.Subtenant and Subtenant’s representatives may enter the Sublease Premises any time after the execution date of the Sublease Agreement so long as (a) Landlord has consented to the Sublease and (b) Subtenant and Subtenant’s representatives comply with the terms and conditions of the Sublease including the Insurance 

requirements provided herein. So long as these conditions as satisfied, Subtenant may, on notice to Sublandlord, have early access to the Sublease Premises for the purposes of assessing and performing installation of telephone, data cabling, etc.  (“Prior Access Period”). Subtenant shall not be responsible for payment of Rent or Operating Expenses (defined herein) during the Prior Access Period.  Subtenant shall not conduct business from the Sublease Premises during the Prior Access Period.
2.3.During the Sublease Term, Subtenant shall have the right to access and use building amenities including the gym and cafeteria in the manner provided in the Master Lease.   
3.   RENT
3.1.Subtenant shall pay to Sublandlord as rent for said Sublease Premises as follows:
									
	Period	Monthly Base Rent	Monthly Base Rent per Rentable Square Foot
	3/15/21 – 9/30/21	$57,960.00	$12.88
	10/1/21 – 9/30/22	$59,670.00	$13.26

.
3.2.In addition, Subtenant shall promptly pay to Sublandlord, Subtenant’s Proportionate Share (which is 90.73%) of Sublandlord’s Proportionate Share (which is 5.684% of the Operating Costs allocable to the Building, as defined in Article 5 of Master Lease and Section 1.9) of the Operating Costs (“Additional Rent”).    Subtenant shall pay Sublandlord Additional Rent within ten (10) days of receipt of such accounting of costs.  
3.3.In addition to the Rent and Additional Rent, Subtenant shall promptly pay to Sublandlord (i) any amounts due as a result of Subtenant’s requests, including, but not limited to costs incurred for after hours HVAC use pursuant to the terms of the Master Lease (ii) proportionate amount of Sublandlord’s cable, internet and phone cost and office supplies (if Subtenant uses Sublandlord’s services); and (iii) any amount due to compensate Sublandlord for damages resulting from the negligent or willful misconduct of Subtenant (“Additional Costs”).
3.4.Payment of said Sublease Rent, Additional Rent and Additional Costs shall be made to Sublandlord at the following address or at such other place as Sublandlord may designate in writing, without any offset or deduction whatsoever.
Rent Payment Address:    Maky Zanganeh & Associates, Inc. 
                2882 Sand Hill Road, Suite 106
                Menlo Park, CA 94025
                Attn:  Maky Zanganeh

                 
4.   INCORPORATION OF MASTER LEASE
4.1.The provisions of the Master Lease are, except as otherwise herein specifically provided, hereby incorporated in this Sublease with the same effect as if entirely rewritten herein, and shall fix the rights and obligations of the parties hereto with respect to the Sublease Premises with the same effect as if Sublandlord and Subtenant were, respectively, the landlord and tenant named in the Master Lease.  Subtenant hereby covenants to perform the covenants and undertakings of Sublandlord as tenant under the Master Lease to the extent the same are applicable to the Sublease Premises during the term of this Sublease, and agrees not to do or permit to be done any act which shall result in a violation of any of the terms and conditions of said Master Lease.  Except as otherwise specifically provided herein, Sublandlord is to have the benefit of the covenants and undertakings of Owner as landlord in the Master Lease to the extent the same are applicable to the Sublease Premises during the term of this Sublease. It is expressly understood and agreed, however, that Sublandlord is not in the position to render any of the services or to perform any of the obligations required of Sublandlord by the terms of this Sublease, and that performance by Sublandlord of its obligations hereunder are conditioned upon due performance by Owner of its corresponding obligations under the Master Lease.  It is further understood and agreed, therefore, that notwithstanding anything to the contrary contained in this Sublease, Sublandlord shall not be in default under this Sublease for failure to render such services or perform such obligations required of Sublandlord by the terms of this Sublease which are the responsibility of the Owner as landlord under the Master Lease, but Sublandlord agrees to take all reasonable measures to insure that Owner performs said obligations. The term "reasonable measures" shall include measures that it would reasonably take in its own behalf but shall not include legal action against Owner for its failure to so perform unless Subtenant agrees to pay all costs and expenses in connection therewith. 
5.   MODIFICATIONS TO MASTER LEASE
5.1.The parties agree that the following provisions of the Master Lease are, for the purposes of this Sublease, hereby deleted: Sections 1.3, 1.4, 1.6, 1.7, 1.8, 1.9, 1.12, 1.13, 1.15,  1.17, 1.18, all of Section 2, 3, 4, 5.1, 5.2, 5.6, 6, 12.2, 13, 19, 36, 40, 45; Exhibit A, B and C.
5.2.The parties agree that the following provisions of the Master Lease are, for the purposes of this Sublease, hereby modified: Sections 7.3 to the extent that Subtenant shall not undertake any Alterations without Sublandlord’s approval. Section 9.1.1 to require Subtenant to name Sublandlord and Owner as additional insureds on Subtenant’s commercial general liability coverage; Section 44 (Parking) as modified hereinafter.
5.3.Sections 5.3 and 5.4 are hereby modified to provide that Subtenant shall be responsible for paying Subtenant’s proportionate share of Sublandlord’s Proportionate Share of the Operating Costs, as set forth herein in Section 3.2. 

5.4.The remaining provisions of said Master Lease shall, for the purposes of this Sublease to the extent applicable to the Sublease Premises and to the extent that same are applicable, remain in full force and effect as between Sublandlord and Subtenant, except as said provisions have been otherwise amended or modified by this Sublease. Should there be any conflict between the terms of this Sublease as specifically set out herein and the terms of the Master Lease which are incorporated herein by reference, the terms specifically set out herein shall control, however, any right granted to Subtenant by this Sublease Agreement shall be limited to the breadth and scope of those rights as conferred by the Master Lease.
5.5.Subtenant shall have the right to use up to eighteen (18) parking spaces in the parking lot adjacent to the Building. 
6.   HOLDING OVER
6.1.Any holding over by Subtenant beyond the expiration date of this Sublease shall be deemed unlawful unless expressly consented to by Sublandlord in writing, and Sublandlord shall be entitled to any and all remedies in law or in equity by reason of such unlawful holding over by Subtenant.  Subtenant agrees to indemnify and save Sublandlord harmless against and from any and all loss, cost, expense and liability incurred by Sublandlord under the Master Lease and under applicable law, whether at law or in equity, by reason of any such holding over.
7.   NOTICES
7.1.All notices, requests, demands and other communications with respect to this Sublease, whether or not herein expressly provided for, shall be in writing and shall be deemed to have been duly given the next business day after being deposited (in time for delivery by such service on such business day) with a national or international courier service, for delivery to the parties at the following addresses (which such addresses may be changed by either party by giving written notice thereof to the other):
If to Sublandlord:  Maky Zanganeh & Associates, Inc.
    2882 Sand Hill Road, Suite 106
    Menlo Park, CA 94025
        Attn:  Maky Zangeneh  

If to Subtenant:    At the Sublease Premises
        Attn: Chief Financial Officer

8.   SUBLEASE SUBORDINATE TO MASTER LEASE
8.1.This Sublease is subject and subordinate in all respects to said Master Lease.  Subtenant acknowledges that it has received a copy of said Master Lease.
9.   ASSIGNMENT AND SUBLETTING

9.1.Subtenant shall not assign this Sublease, nor suffer or permit it to be assigned by operation of law or otherwise, nor shall the Subtenant let, sublet or underlet or permit the said Sublease Premises or any part thereof to be used or occupied by others without the written consent of Sublandlord, such consent not to be unreasonably withheld and further subject to Owner prior written consent.
10.   CONDITION; USE OF FURNITURE
10.1.Subtenant acknowledges that it has inspected the Sublease Premises demised hereunder and is fully satisfied with their condition and accepts the same, "as is".  Sublandlord has made no representation or warranties of any nature whatsoever with regard to the Sublease Premises, other than those set forth herein, and Sublandlord shall have no obligation or duty with regard to preparation of the Sublease Premises for occupancy by Subtenant.
10.2.Subtenant further acknowledges that it shall be, at Subtenant’s sole cost and expense, responsible for all restoration requirements to the extent required by the Master Lease and this Sublease at the end of the Sublease Term.
10.3.Subtenant shall have the use of all furniture present in the Sublease Premises (“Furniture”) during the Term at no additional charge. Sublandlord makes no representations or warranties with respect to the condition of the Furniture and Subtenant accepts the use of the Furniture in its “as is” condition.  Subtenant shall be responsible for replacing any Furniture that is broken or destroyed, subject to normal wear and tear.
11.   BROKERS
11.1.Sublandlord and Subtenant each represent and warrant to the other that it has had no dealings with any real estate broker or agent in connection with the negotiation of this Sublease, and that they know of no other real estate broker or agent who is or might be entitled to a commission in connection with this Sublease.
12.   INDEMNITY
12.1.Subtenant  shall defend, indemnify and save harmless Sublandlord against and from any and all liability, damage, expense, cause of action, suits, claims or judgments for injury or death to persons or damage to property sustained by anyone in, on or about said Sublease Premises or any part thereof, arising out of or in any way connected with Subtenant's use or occupation of the Sublease Premises or this Sublease, including without limitation any breach or violation of Section 14 below.
13.   HAZARDOUS SUBSTANCES
13.1.Subtenant shall not cause or permit any "Hazardous Substances" (as hereinafter defined) to be used, stored, generated or disposed of in, on or about the Sublease Premises by Subtenant, its agents, employees, contractors or invitees, except for such Hazardous Substances as are normally utilized in the activities which are permitted on the Sublease Premises pursuant to the Master Lease and this Sublease and which are necessary to Subtenant's business.  Any such Hazardous Substances 

permitted on the Sublease Premises as hereinabove provided, and all containers therefor, shall be used, kept, stored and disposed of in a manner that complies with all federal, state and local laws or regulations applicable to any such Hazardous Substances.  Subtenant shall defend, indemnify and hold harmless Sublandlord from any and all claims, damages, fines, judgments, penalties, costs, expenses or liabilities (including, without limitation, any and all sums paid for settlement of claims, attorneys' fees, consultant and expert fees) arising during or after the Sublease term from or in connection with the use, storage, generation or disposal of Hazardous Substances in, on or about the Sublease Premises by Subtenant, Subtenant's agents, employees, contractors or invitees. As used herein, "Hazardous Substances" means any substance with is toxic, ignitable, reactive, or corrosive and which is regulated by any state or local government or by the United States government. "Hazardous Substances" includes any and all material or substances which are defined as "hazardous waste", "extremely hazardous waste" or a "hazardous substance" pursuant to state, federal or local governmental law. "Hazardous Substances" includes but is not restricted to asbestos, polychlorinated biphenyls ("PCBs") and petroleum products.
14.   SIGNAGE
14.1.Subtenant shall have the right, at Subtenant sole cost and expense and subject to the written approval of Owner, to furnish Subtenant leased name on a wall within  the Subleased Premises. 
15.   MISCELLANEOUS
15.1.This Agreement and any Exhibits attached hereto:
15.1.1.Contain the entire agreement among the parties hereto with respect to the subject matter covered hereby;
15.1.2.May not be amended or rescinded except by an instrument in writing executed by each of the parties hereto;
15.1.3.Shall inure to the benefit of and be binding upon the successors and permitted assigns of the parties hereto.
15.1.4.The cure periods provided for in the Master Lease between Sublandlord and Owner shall be applicable to the Parties in this Sublease.
16.   CONSENT BY OWNER
16.1.This Sublease is subject to and conditioned upon the written consent of Owner to this subletting and to the signage to be made to the Sublease Premises by Subtenant, such consent (if so required) to be given by Owner executing this Sublease in the space provided therefor below no later than March 15, 2021.

[REMAINDER OF PAGE INTENTIONALLY BLANK, SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the parties have hereunto set their hands and seals as of the day and year first above written.

						
		Sublandlord:
		MAKY ZANGANEH & ASSOCIATES, INC.
		
		By: /s/ Mahkam Zanganeh
		
		Name: Mahkam Zanganeh
		
		Title: CEO / Founder
		
		
		
		Subtenant:
		SUMMIT THERAPEUTICS SUB INC.
		
		By: /s/ Michael Donaldson
		
		Name: Michael Donaldson
		
		Title: CFO
		
		

This subletting is hereby consented to and approved as provided in this Sublease. 
						
		Owner:
		SAND HILL COMMONS REIT, INC.
		
		By: /s/ Katie Vaz         2021.03.26
		
		Name: Katie Vaz
		
		Title: Authorized Signatory
		
		

EXHIBIT A
OUTLINE OF SUBLEASED PREMISES

Red hatched areas identify Summit space and shared space (e.g., kitchen, storage room and conference rooms).

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