Document:

Exhibit10165-FormofNewRestStockAwardAgreementforGRT2012IncCompPlanTrustees

Exhibit 10.165
RESTRICTED STOCK AWARD AGREEMENT
Issued Pursuant to the
Glimcher Realty Trust
2012 Incentive Compensation Plan

THIS RESTRICTED STOCK AWARD AGREEMENT (“Agreement”), effective May 7, 2014 (the “Effective Date”), represents the grant of restricted stock (“Stock”) by Glimcher Realty Trust (the “Company”), to ___________________________ (the “Participant”) pursuant to the terms, provisions, and definitions of the Glimcher Realty Trust 2012 Incentive Compensation Plan (the “Plan”), which was adopted on February 15, 2012 by the Company’s Board of Trustees (“Board”) and approved on May 10, 2012 by the Company’s common shareholders.  Stock granted hereby is intended to be restricted and shall be subject to the restrictions set forth in this Agreement and the Plan.  
The Plan provides a complete description of the terms and conditions governing the Stock. If there is any inconsistency between the provisions of this Agreement and the provisions of the Plan, the Plan’s provisions shall completely supersede and replace the inconsistent or conflicting provisions of this Agreement. All capitalized terms shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein. The parties hereto agree as follows:
1.General Stock Grant Information. The individual named above has been selected to be a Participant in the Plan and receive shares of Stock, as specified below (the “Shares”): 
		
	a.
	Date of Grant:  ____________.

		
	b.
	Number of Shares Granted: ____________.

		
	c.
	Type of Shares Granted: Restricted Common Stock.

		
	d.
	Price Per Share on the Date of Grant: $____________.

		
	e.
	Latest Vesting Date:  ____________.

2.Grant of Stock. The Company hereby grants to the Participant the Shares set forth above, at the stated per share price, which is one hundred percent (100%) of the Fair Market Value (defined herein) of a Share on the Date of Grant (defined above), in the manner and subject to the terms and conditions of the Plan and this Agreement.  The Executive Compensation Committee has determined that the “Fair Market Value” of a Share on the Date of Grant is equal to the closing market price of the Shares on the New York Stock Exchange on the Date of Grant.
3.Restrictions.

a.Transfer Restrictions.  Except as otherwise provided in Section 3(c), the Shares may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution, at any time prior to the periods and in accordance with the lapsing schedule set forth below in Section 3(b) below.  No sale, transfer, pledge, assignment, alienation or 

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hypothecation of the Shares in violation of this Section 3(a), whether voluntary or involuntary, by operation of law or otherwise, shall be valid as to any person, assignee or transferee with respect to any interest in the Shares whatsoever.  Unless otherwise stated herein, the Participant shall continue to be treated as the owner of the Shares for purposes of this Agreement and shall continue to be bound by all of the terms and provisions hereof.  The restrictions set out in this Section 3(a) are referred to in this Agreement as the “Transfer Restrictions.”

b.Lapse of the Transfer Restrictions.  The Shares shall be subject to the Transfer Restrictions through the Vesting Date specified below and  shall lapse as follows: 

	
		
	

Vesting Date
	Percentage of Shares Granted for Which
Transfer Restrictions Shall Have Lapsed

	First Annual Anniversary of Date of Grant
	33%

	Second Annual Anniversary of Date of Grant
	66%

	Third Annual Anniversary of Date of Grant
	100%

Shares with respect to which the Transfer Restrictions shall have lapsed under this Section 3(b) (the “Vested Shares”) will, effective on and after the Vesting Date, thereafter be free of the Transfer Restrictions, but such Vested Shares will continue to be subject to all of the remaining terms and conditions of this Agreement as applicable.  Any Shares for which the Transfer Restrictions have not yet lapsed pursuant to the terms of this Agreement shall not be considered Vested Shares (the “Non-Vested Shares”).

c.Discontinuation of Board Service by the Participant. 

i.      Non-Cause Termination or Discontinuation of a Participant’s Board Service. Except in the case of the Participant’s death or Disability (as defined below), if the Participant’s service on the Board is discontinued or terminated for any reason, other than For Cause (as defined below), then such Participant shall be permitted to keep any Non-Vested Shares; however, such shares shall be subject to the vesting schedule stated in Section 3(b) and Transfer Restrictions.  In the event the Participant dies while serving on the Board, the Non-Vested Shares held by the deceased Participant pursuant to this Agreement shall convert to Vested Shares and shall no longer be subject to the vesting schedule stated in Section 3(b) or the Transfer Restrictions.  In the event that a Participant’s service on the Board is terminated as a result of the Participant’s Disability (as defined below), the Non-Vested Shares held by the Participant pursuant to this Agreement shall convert to Vested Shares and shall no longer be subject to the vesting schedule stated in Section 3(b) or the Transfer Restrictions.  For purposes of this Agreement, the term “Disability” means the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or to last for a continuous period of not less than twelve (12) months, the permanence and degree of which shall be supported by medical evidence satisfactory to the Committee. Notwithstanding anything to the contrary set forth herein, the Committee shall determine, in its sole and absolute discretion in accordance with Code Section 409A (or any successor provision), (i) whether the Participant has ceased to perform services of any kind due to a Disability and, if so, (ii) the first date of such Disability.
ii.For Cause Termination or Discontinuation of a Participant’s Board Service.  If a Participant’s service on the Board is discontinued or terminated For Cause, then any Non-Vested Shares shall be immediately forfeited, returned to and canceled by the Company, and shall be deemed to have 

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been forfeited by the Participant; provided that the Executive Compensation Committee (exclusive of the Participant, if necessary) may, in its sole and absolute discretion, allow the Participant to retain the Non-Vested Shares (either in whole or in part) upon such terms and conditions as may be specified in writing by the Executive Compensation Committee.  For purposes of this Section 3(c)(ii), “For Cause” shall mean a Participant’s: (A) commission of an act of dishonesty directly involving the Company, including, but not limited to, misappropriation of funds or property of the Company or any Affiliate or Subsidiary; (B) continued engagement in activities or conduct injurious to the reputation of the Company (as determined by a committee of independent members of the Board of Trustees exclusive of the Participant) after written notice from the Chairman of the Board (or the Lead Independent Trustee if the Participant is the Chairman of the Board) to the Participant giving five (5) Business Days to cease such activity; (C) continued refusal to perform the Participant’s assigned duties and responsibilities as a member of the Board or any of its committees after written notice from the Chairman of the Board (or the Lead Independent Trustee if the Participant is the Chairman of the Board) to the Participant giving five (5) Business Days to resume performance of such duties; (D) a material violation or breach (as determined by a committee of independent members of the Board of Trustees exclusive of the Participant) of any agreement, policy, guideline, regulation, charter provision, rule, or code of the Company or Board (including any committee thereof) that governs the conduct of the Participant; or (E) pleading guilty or no contest to or conviction of any felony under federal or state law. For purposes of this section a “Business Day,” shall be any day other than a Saturday, Sunday, or holiday as designated and recognized under federal law. 

4.  Administration. This Agreement and the rights of the Participant hereunder are subject to all the terms and conditions of the Plan, as the same may be amended from time to time, as well as to such rules and regulations as the Executive Compensation Committee may adopt for administration of the Plan.  It is expressly understood that the Executive Compensation Committee is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of the Plan and this Agreement, all of which shall be binding upon the Participant.  Any inconsistency between the Agreement and the Plan shall be resolved in favor of the Plan.

5. Reservation of Shares.  At all times there shall be reserved for issuance and/or delivery upon grant such number of shares of Stock as shall be required for issuance or delivery upon the grant of the Shares hereunder.

6.  Adjustments.  The Shares subject to this Agreement shall also be subject to adjustment in accordance with Section 4.4 of the Plan.

7.  Exclusion from Pension Computations.  By acceptance of the grant pursuant to this Agreement, the Participant hereby agrees that any income or gain realized upon the receipt of the Stock hereof, upon the disposition of the Shares received, or upon the lapse of the restrictions pursuant to the terms of this Agreement, is special incentive compensation and shall not be taken into account, to the extent provided under the applicable plan documents and to the extent permissible under applicable law, as “wages,” “salary,” or “compensation” in determining the amount of any payment under any pension, retirement, incentive, profit sharing, bonus or deferred compensation plan of the Company or any of its Subsidiaries or Affiliates.

8.  Amendment.  The Executive Compensation Committee may, with the consent of the Participant, at any time or from time to time amend the provisions, terms and conditions of this 

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Agreement, and may at any time or from time to time amend the provisions, terms and conditions of this Agreement in accordance with the Plan and applicable law.  

9.      Notices.  Any notice which either party hereto may be required or permitted to give to the other shall be in writing, and may be delivered personally or by mail, postage prepaid, or overnight courier, addressed as follows:  if to the Company, at its office at 180 East Broad Street, 21st Floor, Attn: General Counsel, Columbus, Ohio 43215 or at such other address as the Company by notice to the Participant may designate in writing from time to time; and if to the Participant, at the address shown below his or her signature on this Agreement, or at such other address as the Participant by notice to the Company may designate in writing from time to time.  Notices shall be effective upon receipt.  

10.    Withholding Taxes.  The Company shall have the right to withhold from a Participant, or otherwise require such Participant to pay, any Withholding Taxes (defined below) arising as a result of the grant of any Shares, the lapse of any Transfer Restrictions on any Shares, the transfer of any Shares, any tax election by the Participant, or any other taxable event.  If the Participant shall fail to make such Withholding Tax payments when and as required, the Company (or its Affiliates or Subsidiaries) shall, to the extent permitted by law, have the right to deduct any such Withholding Taxes from any payment of any kind otherwise due to such Participant or to take such other action as may be necessary to satisfy such Withholding Taxes.  If the Participant makes an election pursuant to Section 83(b) of the Code concerning a Restricted Share Award then the Participant shall submit a copy of such election to the Company.  In satisfaction of the requirement to pay Withholding Taxes, the Participant may make a written election which may be accepted or rejected in the discretion of the Executive Compensation Committee, to tender other Shares to the Company (either by actual delivery or attestation) having an aggregate Fair Market Value equal to the Withholding Taxes.  “Withholding Taxes” means any federal, state, or local income, employment, payroll, or similar tax related to the Shares that are required to be withheld by the Company.

11.Registration; Legend.  The Company may postpone the issuance and delivery of Shares under this Agreement until (a) the admission of such Shares to listing on any stock exchange or exchanges on which Stock of the Company of the same class are then listed and (b) the completion of such registration or other qualification of such Shares under any state or federal law, rule or regulation as the Company shall determine to be necessary or advisable.  The Participant shall make such representations and furnish such information as may, in the opinion of counsel for the Company, be appropriate to permit the Company, in light of the then existence or non-existence with respect to such Shares of an effective registration statement under the Securities Act of 1933, as amended, to issue the Shares in compliance with the provisions of that or any comparable act.  The Company may cause the following or a similar legend to be set forth on each certificate representing the Stock granted hereunder unless counsel for the Company is of the opinion as to any such certificate that such legend is unnecessary:

THE SALE OR TRANSFER OF THE COMMON SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE, WHETHER VOLUNTARY, INVOLUNTARY, OR BY OPERATION OF LAW, IS SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AS SET FORTH IN THE 2012 INCENTIVE COMPENSATION PLAN (THE “PLAN”) AND IN THE ASSOCIATED RESTRICTED STOCK AWARD AGREEMENT FOR THE HOLDER HEREOF. A COPY OF THE PLAN AND SUCH RESTRICTED STOCK AWARD AGREEMENT MAY BE OBTAINED FROM GLIMCHER REALTY TRUST. 

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12.  Miscellaneous.

a.This Agreement shall not confer upon the Participant any right to continuation of service in any capacity to the Company nor shall this Agreement interfere in any way with the Company’s right to terminate the Participant’s service at any time.

b.The Participant shall, to the extent permitted by applicable law and the Plan, have full voting rights as a stockholder of the Company with respect to the Shares granted hereunder and the right to receive applicable dividends for the Stock granted hereunder.

c.With the approval of the Board, the Executive Compensation Committee may terminate, amend, or modify the Plan; provided, however, that no such termination, amendment, or modification of the Plan may in any way adversely affect the Participant’s rights under this Agreement or be contrary to applicable law.

d.This Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 

e.To the extent not preempted by federal law, this Agreement shall be governed by, and construed in accordance with the laws of the State of New York.

f.All obligations of the Company under the Plan and this Agreement, with respect to the Shares, shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.

g.The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

h.By executing this Agreement and accepting this Award or other benefit under the Plan, the Participant and each person claiming under or through the Participant shall be conclusively deemed to have indicated their acceptance and ratification of, and consent to, any action taken under the Plan by the Company, the Board, or the Executive Compensation Committee.

i.The Participant, every person claiming under or through the Participant, and the Company hereby waives to the fullest extent permitted by applicable law any right to a trial by jury with respect to any litigation directly or indirectly arising out of, under, or in connection with the Plan or this Agreement issued pursuant to the Plan.

j.This Agreement, the Plan, and any certificate representing the Stock (including an electronic certificate) granted hereunder shall constitute the entire agreement and understanding between the Participant and the Company concerning the grant of the Stock hereunder and with respect to the subject matter contained herein. This Agreement, the Plan, and any certificate representing the Stock (including an electronic certificate) granted hereunder supersede all prior agreements and the understandings between the Parties with respect to the grant of the Stock hereunder and with respect to the subject matter contained herein.

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13.Exculpation. This Agreement and all documents, agreements, understandings and arrangements relating hereto have been executed on behalf of the Company by the undersigned in his/her capacity as an officer or Trustee of the Company, which has been formed as a Maryland real estate investment trust pursuant to Declaration of Trust, as amended and restated, and not individually, and neither the trustees, officers or shareholders of the Company nor the trustees, directors, officers or shareholders of any Subsidiary or Affiliate of the Company shall be bound or have any personal liability hereunder or thereunder.  Each party hereto shall look solely to the assets of the Company for satisfaction of any liability of the Company with respect to this Award and all documents, agreements, understanding and arrangements relating hereto and will not seek recourse or commence any action against any of the trustees, officers, agents or shareholders of the Company or any of the trustees, directors, agents, officers or shareholders of any Subsidiary or Affiliate of the Company, or any of their personal assets for the performance or payment of any obligation hereunder or thereunder.  The foregoing shall also apply to any future documents, agreements, understandings, arrangements and transactions between the parties hereto.

14.Change in Control of the Company.  Any Non-Vested Shares granted to the Participant hereunder shall immediately vest in their entirety on the day immediately prior to the date of a Change in Control of the Company and no longer be subject to Transfer Restrictions stated herein.  

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first set forth above.

GLIMCHER REALTY TRUST

By:_________________________________________

Print Name: __________________________________

Title: ________________________________________

ACKNOWLEDGED & ACCEPTED:

______________________________________
Signature

Print Name: ____________________________

Address:    _____________________________

_____________________________

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(Form of Restricted Stock Award Agreement – Trustee)EXHIBIT 10.1

 

FOURTH AMENDMENT TO SUBLEASE

 

THIS FOURTH AMENDMENT TO SUBLEASE (“Fourth Amendment”) is entered into as of the 14th day of July, 2014 by and between Vertex Pharmaceuticals Incorporated (“Sublandlord”) and Momenta Pharmaceuticals, Inc. (“Subtenant”).

 

RECITALS

 

A.              Sublandlord and Subtenant entered into a sublease, dated as of September 14, 2004 as amended by a First Amendment to Sublease dated September 7, 2005, a Second Amendment to Sublease dated November 16, 2005, and a Third Amendment to Sublease dated January 27, 2006 (as amended, “Sublease”) in which Sublandlord subleased to Subtenant that certain real property consisting of a total of 78,454 rentable square feet of which 52,817 rentable square feet are on the fourth floor, 506 rentable square feet are on the first floor, and 25,131 rentable square feet are on the fifth floor (collectively, “Sublease Premises”) of the building located at 675 West Kendall Street, Cambridge, Massachusetts (“Building”); and

 

B.              Sublandlord’s rights in the Building are pursuant to a Master Lease, as defined in the Sublease, with BMR-675 West Kendall Street LLC dated January 18, 2001, as amended;  and

 

C.              The Sublease is scheduled to expire on April 30, 2015; and

 

D.              Sublandlord and Subtenant desire to extend the Term of the Sublease to expire on April 30, 2018, provide Subtenant with certain rights with respect to the remainder of the fifth (5th) floor and the entire sixth (6th) floor, and make other revisions and amendments to the Sublease, all on the terms and conditions set forth herein.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Sublandlord and Subtenant, for themselves and their respective successors and assigns, covenant and agree as follows:

 

1.              Extension of Sublease Term.  The Sublease Term is extended to expire on April 30, 2018.  Subtenant shall have no right to further extend the Sublease Term.  References in the Sublease to the Sublease Term or the Term shall mean as extended hereby.  The definition of “Expiration Date” in the Defined Terms is amended to be “April 30, 2018.”  The extension period of the Sublease Term commencing May 1, 2015 and expiring on the Expiration Date is defined to be the “Fourth Amendment Extension Term.”

 

2.              Fixed Rent.  During the Fourth Amendment Extension Term, the Fixed Rent shall be $4,824,921.00, payable in monthly installments of $402,076.75 and Schedule 1 of the Sublease is amended to add a new Rental Period row “(d)” to page 2, section (ii) “Sublease Premises Fixed Rent” as follows:

 

 

	
Premises:
    	
 
    	
Rental Period:
    	
 
    	
Annual Rent Per
   Rentable Square
   Foot:
    	
 
    	
Annual Fixed Rent:
    	
 
    	
Payable in Monthly
   Installments:
    	
 
    
	
(ii) Sublease Premises (“Sublease Premises Fixed Rent”)
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
.....
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(d) From May 1, 2015 through April 30, 2018
    	
 
    	
$61.50 (for the Sublease Premises)
    	
 
    	
$
    	
4,824,921.00
    	
 
    	
$
    	
402,076.75
    	
 
    
												

 

3.               Sublandlord Work.  At Sublandlord’s sole expense, Sublandlord shall separate the existing PH neutralization system so that Subtenant shall be the sole user of the separated system within a reasonable period of time following the Effective Date of this Fourth Amendment (not to exceed thirty (30) days after the date on which Sublandlord ceases to use laboratory space in the Building).   Subtenant shall thereafter maintain, repair, and, if necessary, replace the system serving the Sublease Premises at Subtenant’s sole expense and shall hold the MWRA permit for the separated system serving the Sublease Premises.

 

4.              Right of First Offer.  Provided Subtenant is not then in default under the terms, covenants and conditions of this Sublease, Subtenant shall have the right to sublease in its entirety, or such lesser portion as shall be available, as provided below, the premises currently subleased to Genzyme Corporation consisting of the entire sixth floor and a portion of the fifth floor of the Building constituting in the aggregate approximately 65,070 rentable square feet (“Expansion Space”) when it becomes available, as defined below.  Space is “available” for purposes of this Article when (i) it is vacated by the prior subtenant, such subtenant’s lease having expired or been terminated by Sublandlord, or the space is scheduled to be vacant and Sublandlord currently desires to begin marketing the space and (ii) any subtenants having superior rights to such space, including, but not limited to, Genzyme Corporation, which has an existing extension option with respect to the Expansion space, have declined or failed to exercise such rights.  In such event, Sublandlord shall give written notice to Subtenant (the “ROFO Notice”) of the date of availability of the Expansion Space and the terms and conditions on which Sublandlord intends to offer it to the public, which shall include a term coterminous with the Sublease Term and the Fixed Rent in effect shall be the fair market rental for the Expansion Space in its “As Is” condition as determined in accordance with the process set forth below and Subtenant shall have a period of ten (10) days after delivery of the ROFO Notice to Subtenant in which to exercise Subtenant’s right to lease the Expansion Space upon the terms and conditions contained in Sublandlord’s notice, failing which Sublandlord may lease the Expansion Space to any third party on whatever basis Sublandlord desires, and Subtenant shall have no further rights with respect to the Expansion Space.  Without limiting the generality of the foregoing, if Sublandlord leases all or any portion of the Expansion Space to a third party pursuant to the preceding sentence and such Expansion Space is subsequently vacated again during the Term of this Sublease or any renewal hereof, Subtenant shall not have a new right of first offer to lease such Space.  Notwithstanding the foregoing, Sublandlord shall have the absolute right to renew or 

 

 

extend any existing subtenant’s lease.  If Subtenant exercises its right to sublease hereunder, Sublandlord and Subtenant shall have thirty (30) days following Subtenant’s exercise of Subtenant’s right to lease the Expansion Space to attempt to agree on fair market rental for the Expansion Space and in the event the parties cannot agree on fair market rental for the Expansion Space during that period then the fair market rental shall be determined by the process set forth in Exhibit B to this Fourth Amendment.  If Subtenant exercises its right to sublease hereunder, effective as of the date Sublandlord delivers to Subtenant possession of the Expansion Space in broom clean condition with all personal property of others removed therefrom, the Expansion Space shall automatically be included within the Sublease Premises and subject to all the terms and conditions of the Sublease, except as set forth in Sublandlord’s notice and as follows:

 

a.              Subtenant’s Share shall be recalculated, using the total square footage of the Sublease Premises, as increased by the Expansion Space.

 

b.              The Expansion Space shall be leased on an “as is” basis and Sublandlord shall have no obligation to improve the Expansion Space or grant Subtenant any improvement allowance thereon.

 

c.               If requested by either party, Sublandlord and Subtenant shall, prior to the beginning of the term for the Expansion Space, execute an amendment of the Sublease memorializing the inclusion of the Expansion Space and the Annual Rent for the Expansion Space.

 

d.              Nothing herein shall be construed as to prohibit Sublandlord from extending the term of the lease of any existing subtenant.

 

e.               Section 1(e) of the Sublease shall be amended to provide that Sublandlord shall rent to Subtenant additional parking spaces in an amount equal to 1.5 spaces per 1,000 rentable square feet of floor area in the Expansion Space at the rate per space set forth in the Sublease.

 

f.                This option is not transferable; the parties hereto acknowledge and agree that they intend that the aforesaid right of first offer shall be “personal” to Subtenant as set forth above and that in no event will any assignee or sublessee (other than a transferee pursuant to a change of control described in Section 5(e) of the Sublease explicitly excluded from the definition of a “Transfer” under such Section 5(e)) have any rights to exercise the aforesaid right.

 

5.               Definitions. Unless otherwise set forth in this Fourth Amendment, all capitalized terms shall have the same meaning as set forth in the Sublease.

 

6.               Effective Date. This Fourth Amendment shall take effect as of the date on which Landlord consents in writing to this Fourth Amendment (“Effective Date”).

 

7.               Ratification. The Sublease, as amended hereby, is hereby ratified, confirmed and deemed in full force and effect in accordance with its terms. Each party represents to the other that such party (a) is currently unaware of any default by the other party under the Sublease; and (b) has full power and authority to execute and deliver this Fourth Amendment and this Fourth Amendment represents a valid and binding obligation of such party enforceable in accordance with its terms.

 

 

8.               Multiple Counterparts. This Fourth Amendment may be executed in multiple counterparts, each of which when so executed and delivered shall be deemed to be originals and together shall constitute but one and the same instrument.

 

9.               No Offer. Submission of this instrument for examination and signature by Subtenant does not constitute an offer to lease or a reservation of or option for lease, and this instrument is not effective as a sublease amendment or otherwise until executed and delivered by both Sublandlord and Subtenant and consented to by Master Landlord.

 

10.            Brokers.  Sublandlord shall pay a commission to Cassidy Turley and CB Richard Ellis / New England (collectively, “Brokers”) in connection with this Sublease transaction pursuant to Sublandlord’s separate agreement with the Brokers. Except for the Brokers, each of Subtenant and Sublandlord warrants and represents to the other that it has dealt with no other broker or agent in connection with this Sublease transaction.  Each of Sublandlord and Subtenant agrees to indemnify, defend and save harmless the other and Master Landlord from any and all costs, expenses, attorneys’ fees, charges or liability arising out of any claim by any broker or agent, other than the Brokers, as a result of such party’s conversations, correspondence, other dealings or actions in connection with this Sublease.

 

11.            Master Landlord Consent. BMR-675 West Kendall Street LLC, a Delaware limited liability company, as a successor to Kendall Square, LLC is the Master Landlord as defined in the Sublease under the Master Lease, also defined in the Sublease. Following the parties’ execution of this Fourth Amendment, Sublandlord shall promptly submit this Fourth Amendment to the Master Landlord for its consent. The effectiveness of this Fourth Amendment is conditioned on the consent to this Fourth Amendment by Master Landlord as indicated by its execution of this Fourth Amendment in the space provided below (or the execution of another consent form reasonably satisfactory to Sublandlord and Subtenant) on or before August 31, 2014.

 

IN WITNESS WHEREOF, the parties hereto have executed this instrument under seal as of the day and year first above written.

 

 

	
 
    	
SUBLANDLORD:
    
	
 
    	
 
    
	
 
    	
VERTEX PHARMACEUTICALS INCORPORATED
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/ Ian Smith
    
	
 
    	
 
    
	
 
    	
By: Ian Smith
    
	
 
    	
Its: CFO
    

 

[Signatures continue on the following pages]

 

 

	
 
    	
SUBTENANT:
    
	
 
    	
 
    
	
 
    	
MOMENTA PHARMACEUTICALS, INC.
    
	
 
    	
 
    
	
 
    	
 
    	
/s/ Richard P. Shea
    
	
 
    	
By: 
    	
Richard P. Shea
    
	
 
    	
 
    	
Senior Vice President and CFO
    

 

 

EXHIBIT A

MASTER LANDLORD CONSENT

 

The undersigned, BMR-675 West Kendall Street LLC, hereby consents to this Fourth Amendment, subject to the terms and conditions of that certain Consent to Sublease dated as of September 23, 2004, by and between KS Parcel A, LLC (as predecessor-in-interest to Master Landlord), Sublandlord and Subtenant.

 

	
 
    	
MASTER LANDLORD
    
	
 
    	
 
    
	
 
    	
BMR-675 WEST KENDALL STREET LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    
	
 
    	
Its:
    

 

 

EXHIBIT B

DETERMINATION OF FAIR MARKET RENTAL VALUE

 

In connection with the Expansion Space, if Subtenant shall object to Sublandlord’s determination of the fair market rental value of the Expansion Space, the following procedures and requirements shall apply:

 

1.              Subtenant’s Request. Subtenant shall send a notice to Sublandlord within five (5) business days after expiration of the thirty (30) day negotiation period, requesting an independent determination of the fair market rental value of the Expansion Space (the “Broker Determination”), which notice to be effective must (i) include the name of a broker selected by Subtenant to act for Subtenant, which broker shall be affiliated with a major Boston commercial real estate brokerage firm selected by Subtenant and which broker shall have at least ten (10) years’ experience dealing in properties of a nature and type generally similar to the Building located in the Boston/Cambridge market, and (ii) explicitly state that Sublandlord is required to notify Subtenant within ten (10) days of an additional broker selected by Sublandlord.  Failure of Subtenant to send such notice within said five (5) business day period shall constitute acceptance of Sublandlord’s last written fair market rental value proposal, which shall be the rent for the Expansion Space.

 

2.              Sublandlord’s Response. Within ten (10) days after Sublandlord’s receipt of Subtenant’s notice requesting the Broker Determination and stating the name of the broker selected by Subtenant, Sublandlord shall give written notice to Subtenant of Sublandlord’s selection of a broker having at least the affiliation and experience referred to above.

 

3.              Selection of Third Broker. Within ten (10) days thereafter the two (2) brokers so selected shall select a third such broker also having at least the affiliation and experience referred to above, who shall not have performed services for either Sublandlord or Subtenant, in the previous seven (7) years.

 

4.              Rental Value Determination. Within thirty (30) days after the selection of the third broker, the three (3) brokers so selected, by majority opinion, shall make a determination of the annual fair market rental value in as-is, built-out condition of the Expansion Space. Such annual fair market rental value determination (x) may include provision for annual increases in rent during said term if so determined, (y) shall take into account the as-is condition and location in the Building of the Expansion Space and (z) shall take account of, and be expressed in relation to, the provisions for paying real estate tax, operating costs, utilities and other items of additional rent as contained in the Sublease and all other relevant factors. The brokers shall advise Sublandlord and Subtenant in writing by the expiration of said thirty (30) day period of the annual fair market rental value which as so determined shall be referred to as the “Prevailing Market Rent”.

 

5.              Resolution of Broker Deadlock. If the brokers are unable to agree at least by majority on a determination of annual fair market rental value, then the brokers shall send a notice to Sublandlord and Subtenant by the end of the thirty (30) day period for making said determination setting forth their individual determinations of annual fair market rental value, and the highest such determination and the lowest such determination shall be disregarded and the remaining determination shall be deemed to be the determination of annual fair market rental value and shall be referred to as the Prevailing Market Rent.

 

 

6.              Costs. Each party shall pay the costs and expenses of the broker selected by it and each shall pay one half (1/2) of the costs and expenses of the third broker.

 

7.              Failure to Select Broker or Failure of Broker to Serve. If Subtenant shall have requested a Broker Determination and Sublandlord shall not have designated a broker within the time period provided therefor above, then Subtenant’s broker alone make the determination of Prevailing Market Rent within thirty (30) days after the expiration of Sublandlord’s right to designate a broker hereunder. If Subtenant’s and Sublandlord’s brokers have been designated but the two brokers so designated do not, within a period of fifteen (15) days after the appointment of the second broker, agree upon and designate the third broker willing so to act, the Subtenant, the Sublandlord or either broker previously designated may request the Greater Boston Real Estate Board, Inc. to designate the third broker willing so to act. In case of the inability or refusal to serve of any person designated as a broker, or in case any broker for any reason ceases to be such, a broker to fill such vacancy shall be appointed by the Subtenant, the Sublandlord, the brokers first appointed or the said Greater Boston Real Estate Board, Inc., as the case may be, whichever made the original appointment, or if the person who made the original appointment fails to fill such vacancy, upon application of any broker who continues to act or by the Sublandlord or Subtenant, such vacancy may be filled by the said Greater Boston Real Estate Board, Inc.. Any broker appointed by the Greater Boston Real Estate Board, Inc., pursuant to the provisions hereof shall, for all purposes, have the same standing and powers as though he had been originally appointed by the party originally designated to make such appointment by the terms hereof.

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