Document:

EX-10.3

 Exhibit 10.3 

Execution Version 
 INVESTORS’
RIGHTS AGREEMENT 
 AMONG 
 ATI
PHYSICAL THERAPY, INC. 
 AND 

THE HOLDERS PARTY HERETO FROM TIME TO TIME 

Dated as of February 24, 2022 
  

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
		
	 ARTICLE I BOARD OF DIRECTORS; VOTING AGREEMENT
	  	 	1	 
			
	 Section 1.1
	 	Series A Preferred Director Designation	  	 	1	 
			
	 Section 1.2
	 	Vacancies and Removal	  	 	1	 
		
	 ARTICLE II RESTRICTIONS ON TRANSFER OF SERIES A PREFERRED STOCK
	  	 	2	 
			
	 Section 2.1
	 	Transfers Generally	  	 	2	 
			
	 Section 2.2
	 	Permitted Transfers	  	 	2	 
			
	 Section 2.3
	 	Right of First Refusal	  	 	3	 
		
	 ARTICLE III CERTAIN COVENANTS
	  	 	3	 
			
	 Section 3.1
	 	Information Rights	  	 	3	 
			
	 Section 3.2
	 	Insurance	  	 	4	 
			
	 Section 3.3
	 	Confidentiality	  	 	4	 
			
	 Section 3.4
	 	Withholding Taxes	  	 	5	 
			
	 Section 3.5
	 	Expenses	  	 	5	 
		
	 ARTICLE IV MISCELLANEOUS
	  	 	5	 
			
	 Section 4.1
	 	Entire Agreement; Parties in Interest	  	 	5	 
			
	 Section 4.2
	 	No Recourse	  	 	6	 
			
	 Section 4.3
	 	Governing Law	  	 	6	 
			
	 Section 4.4
	 	Jurisdiction	  	 	6	 
			
	 Section 4.5
	 	Waiver of Jury Trial	  	 	6	 
			
	 Section 4.6
	 	Specific Performance; Remedies	  	 	7	 
			
	 Section 4.7
	 	Notice	  	 	7	 
			
	 Section 4.8
	 	Amendments; Waivers	  	 	8	 
			
	 Section 4.9
	 	Counterparts	  	 	8	 
			
	 Section 4.10
	 	Assignment	  	 	8	 
			
	 Section 4.11
	 	Severability	  	 	8	 
			
	 Section 4.12
	 	Termination	  	 	8	 
		
	 ARTICLE V DEFINITIONS
	  	 	8	 
			
	 Section 5.1
	 	Certain Definitions	  	 	8	 
			
	 Section 5.2
	 	Construction	  	 	11	 

  
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 LIST OF EXHIBITS 
  

			
	EXHIBIT A	  	SCHEDULE OF INVESTORS
		
	EXHIBIT B	  	PREFERRED HOLDER JOINDER
	
	LIST OF ANNEXES
		
	ANNEX I	  	RESTRICTIVE LEGEND TO THE PREFERRED STOCK CERTIFICATES
		
	ANNEX II	  	DISQUALIFIED INSTITUTION LIST

  
 ii 

 INVESTORS’ RIGHTS AGREEMENT 

This INVESTORS’ RIGHTS AGREEMENT (this “Agreement”), dated as of February 24, 2022, is made by and among ATI
Physical Therapy, Inc., a Delaware corporation (the “Company”), and each of the Parties listed on Exhibit A hereto from time to time as an “Investor” (each, an “Investor” and, collectively, the
“Investors” and, together with the Company, the “Parties”). Capitalized terms used in this Agreement and not otherwise defined shall have the meanings specified in Section 5.1. 

PRELIMINARY STATEMENTS 

A. Concurrently with the execution and delivery hereof, the Company shall issue and sell to the Investors, and the Investors shall purchase
from the Company, an aggregate of 165,000 shares of Series A Senior Preferred Shares (the “Series A Preferred Stock”) on the terms and subject to the conditions set forth in the Purchase Agreement (as defined below). 

B. The Company has filed with the Secretary of State of the State of Delaware the Certificate of Designation, which sets forth certain
designations, rights, preferences, powers, restrictions and limitations of the Series A Preferred Stock. 
 C. The Parties each desire to
enter into this Agreement to establish certain additional rights, preferences, powers, qualifications, restrictions and limitations of the Series A Preferred Stock. 

NOW, THEREFORE, in consideration of the foregoing premises and the respective representations, warranties, covenants and agreements contained
herein and other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the parties hereby agree as follows: 

ARTICLE I 
 BOARD OF
DIRECTORS; VOTING AGREEMENT 
 SECTION 1.1 Series A Preferred Director Designation. Until such time
after the Closing Date that (a) as of any applicable fiscal quarter end, the Company’s trailing 12-month Consolidated Adjusted EBITDA (as defined by and determined in accordance with the Credit
Agreement in the form in effect on the Closing Date and, for the avoidance of doubt, without giving effect to any subsequent amendment thereof) exceeds $100,000,000 or (b) the Lead Investor ceases to hold at least 50.1% of the Series A
Preferred Stock held by it as of the Closing Date (as defined in the Purchase Agreement), the holders of Series A Preferred Stock, voting as a separate class, shall have the right to designate and elect one (1) director to serve on the Board of
Directors (the “Series A Preferred Director”); provided, that, such Series A Preferred Director shall be (i) independent of the Lead Investor, (ii) “independent” under all applicable laws and national
securities exchange regulations that apply to the Company, and (iii) free of any actual, potential or perceived conflict of interest. 

SECTION 1.2 Vacancies and Removal. To the extent not inconsistent with Section 141(k) of the General
Corporation Law of the State of Delaware and the Company’s Governing Documents: (i) the Investors shall have the exclusive right to instruct that the Series A Preferred Director be removed from the Board of Directors, and the Company, the
Board of Directors and each Investor shall take all Necessary Action to cause the removal of any director designated or elected by the Investors at the instruction of the Investors; and (ii) the Investors shall have the exclusive right to
designate another director to fill a vacancy created by reason of death, removal or resignation of the Series A Preferred Director and the Company, the Board of Directors and the Investors shall take all Necessary Action to cause any such vacancy to
be filled by a replacement candidate designated by the Investors (consistent with the other provisions of this Agreement and the Certificate of Designation) as promptly as reasonably practicable. 

  
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 ARTICLE II 

RESTRICTIONS ON TRANSFER OF SERIES A PREFERRED STOCK 

SECTION 2.1 Transfers Generally. Any Transfer not made in compliance with the requirements of this Agreement
shall be null and void ab initio, shall not be recorded on the books of the Company or its transfer agent and shall not be recognized by the Company. Each Party acknowledges and agrees that any breach of this Agreement would result in
substantial harm to the other parties hereto for which monetary damages alone could not adequately compensate. Therefore, the Parties unconditionally and irrevocably agree that any non-breaching Party shall be
entitled to seek protective orders, injunctive relief and other remedies available at law or in equity (including, without limitation, seeking specific performance or the rescission of purchases, sales and other transfers of Transfer Stock not made
in strict compliance with this Agreement). 
 SECTION 2.2 Permitted Transfers. 

(a) Subject to Section 2.3, each Holder may Transfer any Preferred Stock (a “Permitted Transfer”) to
(i) other Holders and their respective Affiliates (including, for the avoidance of doubt, their limited partners and accounts or funds managed or advised by any Holder or its Affiliates) and (ii) other Persons reasonably acceptable to the
Company; provided, that, in the case of the foregoing clauses (i) and (ii), each such Prospective Transferee shall be provide to the Company a properly completed and executed Internal Revenue Service (“IRS”) Form W-9 or appropriate IRS Form W-8 claiming complete exemption from dividend withholding tax before such Transfer shall be effective; provided, further, that no
Transfers will be permitted to any Disqualified Institution without the prior written consent of the Company (which consent may be withheld, conditioned or delayed in its sole discretion), and no Transfer shall be made in violation of the Securities
Act or any applicable state securities Laws or that results (or could reasonably be expected to result) in the Company being required to register the Preferred Stock pursuant to applicable securities Laws. In connection with any Permitted Transfer,
such Prospective Transferee shall execute and deliver to the Company a Preferred Holder Joinder, in substantially the form attached hereto as Exhibit B, at the time of or prior to any Transfer (unless such Prospective Transferee is a Holder
before giving effect to such Transfer). 
 (b) Notwithstanding Section 2.1, if an Event of Noncompliance shall
occur and not be cured by the Company within the applicable cure period, for so long as such Event of Noncompliance is continuing, the Preferred Stock shall be freely transferable by any Holder at any time during the continuation of such Event of
Noncompliance, subject to compliance with applicable securities Laws. 
 (c) The Company shall keep at its principal office a register for
the registration of the Preferred Stock. Upon the surrender of any certificate representing any Preferred Stock at the Company’s principal office, the Company shall, upon the request of the Holder of such certificate, promptly (but in any event
within three Business Days after such request) prepare, execute and deliver (at the Company’s expense) new certificates in exchange therefor representing Preferred Stock with an aggregate Stated Value represented by the surrendered certificate.
Such certificate shall be registered in the name requested by the Holder of the surrendered certificate and shall represent the Stated Value of the Preferred Stock as is requested by the Holder of the surrendered certificate. Dividends shall
accumulate on the aggregate Stated Value of the Preferred Stock represented by such new certificates from the date on which Dividends have been fully paid on the aggregate Stated Value of the Preferred Stock represented by the surrendered
certificate. The issuance of such new certificates shall be made without charge to the Holders, and the Company shall pay for any cost incurred by the Company in connection with such issuance, including any documentary, stamp and similar issuance or
transfer tax in respect of the preparation, execution and delivery of such new certificates pursuant to this Section 2.2(c). All transfers and exchanges of Preferred Stock shall be made promptly by direct registration on
the books and records of the Company and the Company shall take all such other actions as may be required to reflect and facilitate all transfers and exchanges not prohibited by this Section 2.2(c). 

  
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 (d) Upon receipt of evidence reasonably satisfactory to the Company (it being understood
that an affidavit of the applicable Holder shall constitute such evidence) of the ownership and the loss, theft, destruction or mutilation of any certificate evidencing Preferred Stock, and in the case of any such loss, theft or destruction, upon
receipt of indemnity reasonably satisfactory to the Company, or, in the case of any such mutilation upon surrender of such certificate, the Company shall (at its expense) execute and deliver in lieu of such certificate a new certificate of like kind
representing the Preferred Stock represented by such lost, stolen, destroyed or mutilated certificate and dated the date of such lost, stolen, destroyed or mutilated certificate. 

(e) Unless otherwise agreed to by the Company and the applicable Holder, each certificate representing Series A Preferred Stock shall bear a
restrictive legend in substantially the form attached hereto as Annex I and shall be subject to the restrictions set forth therein. In addition, such certificate may have notations, additional legends or endorsements required by law, exchange
rules or agreements to which the Company and any Holder (in its capacity as a Holder) is subject, if any. 

SECTION 2.3 Right of First Refusal. 

(a) Subject to the terms of Section 2.2, each Holder hereby unconditionally and irrevocably grants to the Major
Holders a Right of First Refusal to purchase all or any portion of Transfer Stock that such Holder may propose to transfer in a Proposed Holder Transfer, at the same price and on the same terms and conditions as those offered to the Prospective
Transferee. 
 (b) Each Holder proposing to make a Proposed Holder Transfer must deliver a Proposed Transfer Notice to each Major Holder not
later than thirty (30) days prior to the consummation of such Proposed Holder Transfer. Such Proposed Transfer Notice shall contain the material terms and conditions (including price and form of consideration) of the Proposed Holder Transfer,
the identity of the Prospective Transferee and the intended date of the Proposed Holder Transfer. To exercise its Right of First Refusal under this Article II, the Exercising Major Holder must deliver a Major Holder Notice to the selling
Holder and other Major Holders within fifteen (15) days after delivery of the Proposed Transfer Notice specifying the number of shares of Transfer Stock to be purchased by such Exercising Major Holder. 

(c) If any Holder becomes obligated to sell any Transfer Stock to any Major Holder under this Agreement and fails to deliver such Transfer
Stock in accordance with the terms of this Agreement, the Major Holder may, at its option, in addition to all other remedies it may have, send to such Holder the purchase price for such Transfer Stock as is herein specified and transfer to the name
of the Major Holder (or request that the Company effect such transfer in the name of a Major Holder) on the Company’s books any certificates, instruments, or book entry representing the Transfer Stock to be sold. 

ARTICLE III 
 CERTAIN
COVENANTS 
 SECTION 3.1 Information Rights. Without the prior affirmative vote or written consent of the
Holder Majority approving such action or omission, the Company shall, so long as any Series A Preferred Stock remains outstanding, furnish to the Investors: 

  
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 (a) within 120 days after the end of each fiscal year of the Company, (i) a balance
sheet as of the end of such year, (ii) statements of income and of cash flows for such year and (iii) a statement of stockholders’ equity as of the end of such year, all such financial statements audited and certified by an
independent certified public accountant of recognized national standing; provided, however, the obligations under this Section 3.1(a) may be satisfied with respect to any financial statements of the Company by
furnishing (x) such financial statements of the Borrower under the Credit Agreement or (y) the Company’s Form 10-K or 10-Q, as applicable, filed with the
SEC or any securities exchange, in each case, within the time periods specified in this clause (a); 
 (b) within 50 days (or, in the case of
the fiscal quarter ending March 31, 2022, within 75 days) after the end of each quarter of each fiscal year of the Company, unaudited statements of income and cash flows for such fiscal quarter, and an unaudited balance sheet as of the end of
such fiscal quarter, all prepared in accordance with GAAP (except that such financial statements may (x) be subject to normal year-end audit adjustments; and (y) not contain all notes thereto that
may be required in accordance with GAAP); provided, however, the obligations under this Section 3.1(b) may be satisfied with respect to any financial statements of the Company by furnishing (x) such
financial statements of the Borrower under the Credit Agreement or (y) the Company’s Form 10-K or 10-Q, as applicable, filed with the SEC or any securities
exchange, in each case, within the time periods specified in this clause (b); and 
 (c) notices (other than notices delivered for immaterial
administrative purposes) and information provided to any lender under the Credit Agreement (including, for the avoidance of doubt, any reports or information delivered to the administrative agent, trustee or other similar agent acting on behalf of
such holders or lenders) at substantially the same times and in the same manner (the Company may fulfill its obligations under this Section 3.1(c) by causing each Investor to have access to any website by which the Company
provides information to any lender under the Credit Agreement); provided, however, the Company shall have no obligation to deliver any such information or materials unless (i) such information or materials are publicly available
at the time of delivery to the Investors and (ii) with respect to any applicable Investor, such Investor, by advance written notice to the Company, has elected to receive such information or materials. 

An Investor may direct the Company in writing not to furnish some or all of such information to it and the Company agrees not to furnish such
information to such Investors until directed otherwise in writing by such Investor. 
 SECTION 3.2
Insurance. Except where the failure to do so would not reasonably be expected to have a Material Adverse Effect (as defined in the Purchase Agreement), the Company will maintain or cause to be maintained, with financially sound and
reputable insurers, such insurance coverage with respect to liability, loss or damage in respect of the assets, properties and businesses of the Company and the Restricted Subsidiaries as may customarily be carried or maintained under similar
circumstances by Persons of established reputation engaged in similar businesses, in each case in such amounts (giving effect to self-insurance), with such deductibles, covering such risks and otherwise on such terms and conditions as shall be
customary for such Persons. 
 SECTION 3.3 Confidentiality. The Holders shall treat confidentially, and
shall cause their Affiliates and subsidiaries and their respective Representatives to treat confidentially all information received pursuant to Section 3.1 that is not publicly available at the time of receipt until such
time that such information becomes publicly available other than by reason of improper disclosure by the Holders or any of their respective Affiliates or subsidiaries and their respective Representatives, provided, that such
information may be disclosed by any Holder to (a) another Holder, (b) any Affiliate of such Holder and its and their respective Representatives, including internal and external advisors, in any such case on a “need to know” basis
solely in connection with the transactions contemplated hereby, and (c) any Person to which the Holder is then-entitled to Transfer Series A Preferred Stock, in each case, if the applicable recipient has been informed by Holder of the
confidential nature of such information and has been advised of their obligation to keep such information confidential; and provided further that, if any Holder discloses any information pursuant to this
Section 3.3 to any Person, then such Holder shall be liable for any disclosure made or permitted by such Person that would constitute a breach of this Section 3.3 if such disclosure was made or
permitted by such Holder. 

  
 4 

 SECTION 3.4 Withholding Taxes. 

(a) Within five (5) Business Days after the Initial Issue Date, each Holder of Series A Preferred Stock acknowledges and agrees that it
is, and it and any permitted transferee shall be, for so long as it is a Holder of Series A Preferred Stock, a (i) “United States person” as defined in section 7701(a)(30) of the Internal Revenue Code of 1986, as amended (the
“Code”) or (ii) “foreign government” within the meaning of section 892 of the Code that is eligible and claiming the benefits of the exemption from taxation under section 892 of the Code and, in each case, shall provide a
properly completed and executed IRS Form W-9 or appropriate Form W-8 claiming complete exemption from dividend withholding. 

(b) Prior to a determination (as defined in Section 1313(a) of the Code), change in Law, issuance of a Treasury regulation, precedential
Revenue Ruling or similar guidance or a bona fide settlement of an audit, examination or other administrative or judicial proceeding, in each case, to contrary effect, each Holder of Series A Preferred Stock agrees to treat, and the Company agrees
to report, no dividend for U.S. federal income tax purposes as includible in income by a Holder under Section 305(c) of the Code solely as a result of the undeclared and unpaid dividends accruing and accumulating on the Series A Preferred Stock
and being added to the then-current Stated Value. 
 (c) Each applicable Holder of Series A Preferred Stock shall indemnify the Company for
any withholding taxes (and any interest or penalties imposed thereon) imposed on the Company with respect to amounts payable with respect to such Holder’s Preferred Stock. To the extent that any Holder may be required to indemnify the Company
hereunder, such Holder and the Company may jointly control the related withholding tax audit or other proceeding and neither Party shall settle such claim without the consent of the other Party, which consent shall not be unreasonably withheld,
conditioned or delayed. 
 SECTION 3.5 Expenses. The Company shall pay all reasonable and documented out-of-pocket expenses incurred by each Holder (but limited, in the case of legal fees and expenses, to the actual reasonable and documented out-of-pocket fees, disbursements and other charges of one firm of outside counsel for the Holders) in connection with: (a) any amendment, modification or waiver of any provision of any Transaction
Document (but only to the extent the preparation of any such amendment, modification or waiver was requested by the Company); and (b) without duplication of the obligations set forth in Section 3.5(a), the enforcement
of their respective rights in connection with the Transaction Documents. 
 ARTICLE IV 

MISCELLANEOUS 

SECTION 4.1 Entire Agreement; Parties in Interest. This Agreement (including the annexes and exhibits hereto)
and the other Transaction Documents constitute the entire agreement, and supersede all other prior agreements and understandings, both written and oral, between the Parties with respect to the subject matter hereof. This Agreement shall be binding
upon and inure solely to the benefit of each Party and their respective successors, legal representatives and permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any rights,
benefits or remedies of any nature whatsoever under or by reason of this Agreement, except for the provisions of this Section 4.1 and Section 4.2 of this Agreement, which shall be enforceable by
the beneficiaries contemplated thereby. 

  
 5 

 SECTION 4.2 No Recourse. Notwithstanding anything to the
contrary in this Agreement, no Party shall assert any claim against any Person that is not party to this Agreement, including any Representatives, Affiliates or direct or indirect equityholders of any Party (or any Affiliate of any of the foregoing)
(each a “Nonparty Affiliate” and, collectively, the “Nonparty Affiliates”) with respect to matters arising under or relating to this Agreement or the Transactions (as defined in the Purchase Agreement) or hold or
attempt to hold any Nonparty Affiliate liable for any actual or alleged inaccuracies, misstatements or omissions with respect to information furnished by a party or such Persons concerning such party or the business of the Company and its
Subsidiaries, this Agreement or the Transactions, to the maximum extent permitted by Law; provided, that, the foregoing shall not apply to the Related Parties of the Company party to any other Transaction Document with respect to their
representations, warranties, covenants and agreements thereunder. 
 SECTION 4.3 Governing Law. This
Agreement shall be governed by and construed in accordance with the Laws of the State of Delaware, without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause
the application of the Laws of any jurisdiction other than the State of Delaware. 
 SECTION 4.4 Jurisdiction.
Except as otherwise expressly provided in this Agreement, each Party, by its execution hereof: (a) hereby irrevocably submits to the exclusive jurisdiction of the United States District Court located in the State of Delaware and the Court of
Chancery of the State of Delaware located in Wilmington, Delaware for the purpose of any action, claim, cause of action or suit (in contract, tort or otherwise), in any way arising out of or relating to this Agreement, its negotiation or terms, or
the Transactions; (b) hereby waives to the extent not prohibited by applicable Law, and agrees not to assert by way of motion, as a defense or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the
above-named courts, that its property is exempt or immune from attachment or execution, that any such proceeding brought in one of the above-named courts is improper, that the venue is improper, or that this Agreement or the subject matter hereof
may not be enforced in or by such court; and (c) hereby agrees not to commence or prosecute any such action, claim, cause of action or suit other than before one of the above-named courts, nor to make any motion or take any other action seeking
or intending to cause the transfer or removal of any such action, claim, cause of action or suit to any court other than one of the above-named courts, whether on the grounds of inconvenient forum or otherwise. Each party hereby consents to service
of process in any such proceeding in any manner permitted by the Laws of Delaware, and further consents to service of process by nationally recognized overnight courier service guaranteeing overnight delivery, or by registered or certified mail,
return receipt requested, at its address specified pursuant to Section 4.7. Notwithstanding the foregoing in this Section 4.4, a Party hereto may commence any action, claim, cause of action or suit
in a court other than the above-named courts solely for the purpose of enforcing an order or judgment issued by one of the above-named courts. 

SECTION 4.5 Waiver of Jury Trial. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH
OF THE PARTIES HERETO HEREBY WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN RESPECT OF ANY ISSUE, ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE), IN
ANY WAY ARISING OUT OF OR RELATED TO THIS AGREEMENT, ITS NEGOTIATION OR TERMS, OR THE TRANSACTIONS, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING. EACH OF THE PARTIES HERETO ACKNOWLEDGES THAT THIS SECTION 4.5
CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH SUCH OTHER PARTIES ARE RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT AND ANY OTHER AGREEMENTS RELATING HERETO OR CONTEMPLATED HEREBY. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF
THIS SECTION 4.5 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 

  
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 SECTION 4.6 Specific Performance; Remedies. The parties
hereby expressly recognize and acknowledge that immediate, extensive and irreparable damage would result, no adequate remedy at law would exist, and damages would be difficult to determine in the event that any provision of this Agreement is not
performed in accordance with its specific terms or otherwise breached. Therefore, in addition to, and not in limitation of, any other remedy available to any party hereto, a party under this Agreement will be entitled to specific performance of the
terms hereof and immediate injunctive relief, without the necessity of proving the inadequacy of money damages as a remedy and without bond or other security being required. Such remedies, and any and all other remedies provided for in this
Agreement, will, however, be cumulative in nature and not exclusive and will be in addition to any other remedies whatsoever which any party may otherwise have. Each of the parties hereto hereby acknowledges and agrees that it may be difficult to
prove damages with reasonable certainty, that it may be difficult to procure suitable substitute performance, and that injunctive relief and/or specific performance will not cause an undue hardship to the parties. Each of the parties hereto hereby
further acknowledges that the existence of any other remedy contemplated by this Agreement does not diminish the availability of specific performance of the obligations hereunder or any other injunctive relief. Each party hereto hereby further
agrees that in the event of any action by any other party for specific performance or injunctive relief, it will not assert that a remedy at law or other remedy would be adequate or that specific performance or injunctive relief in respect of such
breach or violation should not be available on the grounds that money damages are adequate or any other grounds. 

SECTION 4.7 Notice. 

(a) Any notices or other communications required or permitted hereunder will be deemed to have been properly given and delivered if in writing
by such party or its legal representative and delivered personally or sent by email or nationally recognized overnight courier service guaranteeing overnight delivery, addressed as follows: 

If to the Company: 
 ATI Physical
Therapy, Inc. 
 790 Remington Boulevard 

Bolingbrook, Illinois 60440 

Attention:  Joanne Fong and Joseph Jordan 

Email:       joanne.fong@atipt.com and joseph.jordan@atipt.com 

with a copy (which shall not constitute notice) to: 

Weil, Gotshal & Manges LLP 

201 Redwood Shores Parkway, Suite 400 

Redwood Shores, CA 94065-1134 

Attention:  Matt Stewart 

Email:       matt.stewart@weil.com 

If to any Investor, to the address set forth below such Investor’s name on the applicable signature page hereto. 

(b) Notice or other communication pursuant to Section 4.7(a) will be deemed given or received when delivered, except
that any notice or communication received by email transmission on a non-Business Day or on any Business Day after 5:00 p.m. addressee’s local time or overnight delivery on a non-Business Day will be deemed to have been given and received at 9:00 a.m. addressee’s local time on the next Business Day. Any Party may specify a different address, by written notice to the other Parties.
The change of address will be effective upon the other Parties’ receipt of the notice of the change of address. 

  
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 SECTION 4.8 Amendments; Waivers. Any provision of this Agreement
may be amended or waived if, and only if, such amendment or waiver is in writing and signed, in the case of an amendment, by the Holder Majority (as defined in the Certificate of Designation), or in the case of a waiver, by the Party against whom
the waiver is to be effective. No knowledge, investigation or inquiry, or failure or delay by the Company or any Investor in exercising any right hereunder will operate as a waiver thereof nor will any single or partial exercise thereof preclude any
other or further exercise of any other right hereunder. No waiver of any right or remedy hereunder will be deemed to be a continuing waiver in the future or a waiver of any rights or remedies arising thereafter. 

SECTION 4.9 Counterparts. This Agreement may be executed in two or more counterparts, each of which
constitutes an original, and all of which taken together constitute one instrument. A signature delivered by facsimile or other electronic transmission (including e-mail) will be considered an original
signature. Any Person may rely on a copy of this Agreement. 
 SECTION 4.10 Assignment. This
Agreement will be binding upon and will inure to the benefit of the Parties and their respective permitted assigns and successors. Neither this Agreement nor any of the rights, interests or obligations hereunder may be assigned by any of the Parties
without the prior written consent of the other Parties. Any assignment or transfer in violation of this Section 4.10 shall be null and void. 

SECTION 4.11 Severability. In the event that any provision of this Agreement, or the application
thereof becomes or is declared by a court of competent jurisdiction to be illegal, void, invalid or unenforceable, the remainder of this Agreement will continue in full force and effect and the application of such provision to other Persons or
circumstances will be interpreted so as reasonably to effect the intent of the Parties. The Parties further agree to replace such illegal, void, invalid or unenforceable provision of this Agreement with a legal, valid and enforceable provision that
achieves, to the extent possible, the economic, business and other purposes of such illegal, void, invalid or unenforceable provision. 

SECTION 4.12 Termination. This Agreement shall terminate and be of no further force and effect upon
redemption of all the Preferred Stock in full in accordance with the Certificate of Designation, as applicable; provided, that, Section 3.3 and this Article IV shall survive the termination of
this Agreement. 
 ARTICLE V 

DEFINITIONS 

SECTION 5.1 Certain Definitions. 

(a) Capitalized terms used but not otherwise defined herein have the meanings specified or incorporated by reference in the Charter. 

(b) The following words and phrases have the meanings specified in this Section 5.1(b): 

“Affiliate” means, as to any Person, any other Person which, directly or indirectly, controls, or is controlled by, or is
under common control with, such Person. As used in this definition, “control” (including, with its correlative meanings, “controlled by” and “under common control with”) means the possession, directly or indirectly, of
the power to direct or cause the direction of management or policies of a Person, whether through the ownership of securities or partnership or other ownership interests, by contract or otherwise. 

  
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 “Board of Directors” means the board of directors or other governing body
of the Company. 
 “Business Day” means any day that is not a Saturday or Sunday or other day on which the commercial banks
in New York City are authorized or required by law to remain closed. 
 “Certificate of Designation” means that certain
Certificate of Designation of Series A Senior Preferred Stock of the Company, dated as of February 24, 2022. 

“Charter” means the Company’s Second Amended and Restated Certificate of Incorporation, filed on June 16, 2021, as
amended from time to time in accordance with its terms and the terms of this Agreement and which includes, for the avoidance of doubt, the Certificate of Designation. 

“Credit Agreement” means that certain Credit Agreement, dated as of February 24, 2022, by and among ATI Holdings
Acquisition, Inc., Wilco Intermediate Holdings, Inc., the lenders from time to time party thereto, and Barclays Bank PLC, as administrative agent and collateral agent. 

“Disqualified Institution” means any entity that is set forth in Annex II. 

“Equity Interests” means capital stock and all warrants, options or other rights to acquire capital stock, but excluding any
debt security that is convertible into, or exchangeable for, capital stock. 
 “Event of Noncompliance” has the meaning set
forth in the Certificate of Designation. 
 “Exercising Major Holder” means any Major Holder electing to exercise the Right
of First Refusal. 
 “Governing Documents” means, with respect to the Company, its certificate of incorporation and bylaws.

 “Holder” means each holder of Series A Preferred Stock of the Company. For the avoidance of doubt, to the extent any
Person holds both (i) Series A Preferred Stock and (ii) any other Equity Interests of the Company, such Person shall be deemed to be a Holder with respect to such Person’s Series A Preferred Stock only. 

“Holder Majority” means, for so long as any Series A Preferred Stock remains outstanding, the Holders holding a majority of
the Stated Value of the then-outstanding Series A Preferred Stock; provided, that, such majority must include the Lead Investor for so long as it holds at least 50.1% of the Preferred Stock held by it as of the Closing Date. Series A
Preferred Stock held by Advent International Corporation, together with its controlled Affiliates and funds managed or advised by it or any or its respective controlled Affiliates (other than any portfolio company), shall not be treated as
outstanding for the purpose of determining whether the Holder Majority has consented or agreed to any matter. 
 “Law”
means any applicable U.S. or foreign, federal, state, provincial, municipal or local law (including common law), statute, ordinance, rule, regulation, code, policy, directive, standard, license, treaty, judgment, order, injunction, decree or agency
requirement of or undertaking to or agreement with any governmental entity. 
 “Lead Investor” means, collectively,
Knighthead Master Fund, LP, Knighthead (NY) Fund, L.P., Knighthead Annuity & Life Assurance Company and Knighthead Distressed Opportunities Fund, L.P. and any of their Affiliates that are Holders. 

  
 9 

 “Major Holder” means any Holder that, individually or together with such
Holder’s Affiliates, holds, in the aggregate, at least 25% of the then-outstanding Series A Preferred Stock. 
 “Major Holder
Notice” means written notice from a Major Holder notifying the selling Holder(s) that such Major Holder intends to exercise its Right of First Refusal as to some or all of the Transfer Stock with respect to any Proposed Holder Transfer.

 “Necessary Action” means, with respect to a specified result, all actions, to the fullest extent permitted by applicable
law and, in the case of any action by the Company that requires a vote or other action on the part of the Company’s board of directors, to the extent such action is consistent with the fiduciary duties of the Company’s board of directors,
necessary to cause such result, including, without limitation: (a) voting or providing a written consent or proxy with respect to the Company’s common stock; (b) causing the adoption of amendments to the Governing Documents;
(c) executing agreements and instruments; and (d) making, or causing to be made, with governmental, administrative or regulatory authorities, all filings, registrations or similar actions that are required to achieve such result. 

“Person” means any individual, corporation, limited liability company, partnership (including limited partnership), joint
venture, association, joint stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 

“Preferred Stock” means, to the extent issued and outstanding, the Series A Preferred Stock. 

“Proposed Holder Transfer” means any assignment, sale, offer to sell, pledge, mortgage, hypothecation, encumbrance,
disposition of or any other like transfer or encumbering of any Transfer Stock (or any interest therein) proposed by any of the Holders, other than to an Affiliate of such Holder. 

“Proposed Transfer Notice” means written notice from a Holder setting forth the terms and conditions of a Proposed Holder
Transfer. 
 “Prospective Transferee” means any person to whom a Holder proposes to make a Proposed Holder Transfer. 

“Purchase Agreement” means that certain Series A Senior Preferred Stock Purchase Agreement, dated as of February 24,
2022, by and among the Company and the “Purchasers” signatory thereto. 
 “Related Parties” means, with respect
to any specified Person, such Person’s controlled or controlling Affiliates and the respective directors, trustees, officers, employees, agents and advisors of such Person and such Person’s controlled or controlling Affiliates. 

“Representatives” means, with respect to any specified Person, such Person’s directors, partners, officers, employees,
members, and agents and the attorneys, accountants, experts and advisors of such Person and such Person’s Affiliates. 

“Restricted Subsidiar(ies)” means, as to any Person, any subsidiary of such Person that is not an Unrestricted Subsidiary.

 “Right of First Refusal” means the right, but not the obligation, of the Major Holders, to purchase some or all of the
Transfer Stock with respect to a Proposed Holder Transfer, on the terms and conditions specified in the Proposed Transfer Notice. 

“SEC” means the U.S. Securities and Exchange Commission. 

  
 10 

 “Securities Act” means the Securities Act of 1933, as amended. 

“Stated Value” has the meaning set forth in the Certificate of Designation. 

“Transaction Document” means, collectively, this Agreement, the Purchase Agreement, the Certificate of Designation and the
Warrant Agreement. 
 “Transfer” means any assignment, sale, offer to sell, pledge, mortgage, hypothecation, encumbrance,
disposition of or any other like transfer or encumbering of any Transfer Stock (or any interest therein). 
 “Transfer
Stock” means shares of Preferred Stock owned by a Holder or issued to a Holder after the date hereof (including without limitation, in connection with any stock split, stock dividend, recapitalization, reorganization or the like). 

“Unrestricted Subsidiary” means any subsidiary of ATI Holdings Acquisition, Inc. that is listed on Schedule 5.10 of the
Credit Agreement or designated by ATI Holdings Acquisition, Inc. as an Unrestricted Subsidiary after the Closing Date (as defined in the Credit Agreement) pursuant to Section 5.10 of the Credit Agreement. Notwithstanding anything to the
contrary contained herein, no APC Manager (as defined in the Credit Agreement) shall constitute an Unrestricted Subsidiary. 

“Warrant Agreement” means that certain Warrant Agreement, dated as of February 24, 2022, by and between the Company and
Continental Stock Transfer & Trust Company, as warrant agent. 
 SECTION 5.2 Construction. 

(a) The Parties intend that each representation, warranty, covenant and agreement contained in this Agreement shall have independent
significance. The headings are for convenience only and shall not be given effect in interpreting this Agreement. References to sections, articles, schedules or exhibits are to the sections, articles, schedules and exhibits contained in, referred to
by or attached to this Agreement, unless otherwise specified. The words “hereof,” “herein” and “hereunder” and words of similar import, when used in this Agreement, refer to this Agreement as a whole and not to any
particular provision of this Agreement. The words “include,” “includes” and “including” in this Agreement mean “include/includes/including without limitation.” All references to “$”, currency,
monetary values and dollars set forth herein shall mean U.S. dollars. The use of the masculine, feminine or neuter gender or the singular or plural form of words shall not limit any provisions of this Agreement. References to a Person also include
its permitted assigns and successors. Any reference to a statute refers to the statute, any amendments or successor legislation and all rules and regulations promulgated under or implementing the statute, as in effect at the relevant time. The word
“will” shall be construed to have the same meaning as the word “shall”. With respect to the determination of any period of time, “from” shall mean “from and including”. The word “or” shall not be
exclusive. The word “extent” in the phrase “to the extent” shall mean the degree to which a subject or other thing extends, and such phrase shall not mean simply “if.” All references to the knowledge of the Company or
any of its Affiliates or facts known by any such Person shall mean actual knowledge of any authorized officer of such Person. Whenever any action must be taken hereunder on or by a day that is not a Business Day, then such action may be validly
taken on or by the next day that is a Business Day. Any reference herein to any law shall be construed as referring to such law as codified or reenacted in whole or in part, and as in effect from time to time. The Parties acknowledge and agree that
(a) each Party and its counsel has reviewed, or has had the opportunity to review, the terms and provisions of this Agreement, (b) any rule of construction to the effect that any ambiguities are resolved against the drafting Party shall
not be used to interpret this Agreement and (c) the provisions of this Agreement shall be construed fairly as to all Parties and not in favor of or against any Party, regardless of which Party was generally responsible for the preparation of
this Agreement and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of such previous drafts of this Agreement or any other Transaction Document or the fact that any clauses have been added, deleted or
otherwise modified from any prior drafts of this Agreement or any other Transaction Document. 

  
 11 

 (b) Except as otherwise expressly provided herein, all terms of an accounting or financial
nature shall be construed in accordance with GAAP (as defined in the Certificate of Designation), as in effect from time to time; provided, that, if the Company notifies the Investors that the Company requests an amendment to any
provision hereof to eliminate the effect of any change occurring after the Initial Issue Date (as defined in the Certificate of Designation) in GAAP or in the application thereof on the operation of such provision, regardless of whether any such
notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice
shall have been withdrawn or such provision amended in accordance herewith. 
 (c) Notwithstanding any other provision contained herein or in
the definition of “Capital Lease” (as defined in the Certificate of Designation), only those leases (assuming for purposes hereof that such leases were then in existence) that would constitute Capital Leases in conformity with GAAP as in
effect prior to giving effect to the adoption of ASU No. 2016-02 “Leases (Topic 842)” and ASU No. 2018-11 “Leases (Topic 842)” shall be
considered Capital Leases hereunder, and all calculations and deliverables, as applicable, under this Agreement shall be made, prepared or available, as applicable, in accordance therewith; provided, that, all financial statements
required to be provided hereunder may, at the option of the Company, be prepared in accordance with GAAP without giving effect to the foregoing treatment of Capital Leases. 

[Remainder of page intentionally left blank] 

  
 12 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed and
delivered as of the date first above written. 
  

			
	COMPANY:
	ATI PHYSICAL THERAPY, INC.
		
	By:	 	 /s/ Joseph Jordan

	Name:	 	Joseph Jordan
	Title:	 	Chief Financial Officer

 [SIGNATURE PAGE TO INVESTORS
RIGHTS AGREEMENT] 

 
			
	
	INVESTOR:
	
	KNIGHTHEAD MASTER FUND, L.P.
	
	By: Knighthead Capital Management,
	LLC, its Investment Manager
		
	By:	 	 /s/ Laura Torrado

	Name:	 	Laura Torrado
	Title:	 	General Counsel
	
	KNIGHTHEAD (NY) FUND, L.P.
	
	By: Knighthead Capital Management,
	LLC, its Investment Advisor
		
	By:	 	 /s/ Laura Torrado

	Name:	 	Laura Torrado
	Title:	 	General Counsel
	
	KNIGHTHEAD ANNUITY & LIFE
	ASSURANCE COMPANY
	
	By: Knighthead Capital Management,
	LLC, its Investment Advisor
		
	By:	 	 /s/ Laura Torrado

	Name:	 	Laura Torrado
	Title:	 	General Counsel

 [SIGNATURE PAGE TO INVESTORS
RIGHTS AGREEMENT] 

 
			
	KNIGHTHEAD DISTRESSED OPPORTUNITIES FUND, L.P.
	
	By: Knighthead Capital Management,
	LLC, its Investment Manager
		
	By:	 	 /s/ Laura Torrado

	Name:	 	Laura Torrado
	Title:	 	General Counsel
	
	Knighthead Capital Management, LLC
	280 Park Avenue, 22nd Floor
	New York, New York 10017
	Attention: Michael Friedberg, Andrew
	Shannahan, Laura Torrado
	Email: ops@knighthead.com,
	ashannahan@knighthead.com,
	ltorrado@knighthead.com
	
	with a copy to:
	
	Kirkland & Ellis LLP
	601 Lexington Avenue
	New York, New York 10022
	Attention: Tim Cruickshank; H. Thomas Felix
	Email: tim.cruickshank@kirkland.com; tommy.felix@kirkland.com

 [SIGNATURE PAGE TO INVESTORS’
RIGHTS AGREEMENT] 

 
			
	MARATHON ASSET MANAGEMENT, LP
	
	On behalf of certain of its managed funds and
	accounts
		
	By:	 	 /s/ Louis Hanover

	Name:	 	Louis Hanover
	Title:	 	Chief Investment Officer
	
	Marathon Asset Management, LP
	One Bryant Park, 38th Floor
	New York, New York 10036
	Attention: Randy Raisman
	Email: rraisman@marathonfund.com

 [SIGNATURE PAGE TO INVESTORS
RIGHTS AGREEMENT] 

 
			
	CASPIAN SELECT CREDIT MASTER FUND, LTD.
		
	By:	 	 /s/ Richard A. Roman

	Name:	 	Richard A. Roman
	Title:	 	Authorized Signatory
	
	CASPIAN SOLITUDE MASTER FUND, L.P.
		
	By:	 	 /s/ Richard A. Roman

	Name:	 	Richard A. Roman
	Title:	 	Authorized Signatory
	
	CASPIAN HLSC1, LLC
		
	By:	 	 /s/ Richard A. Roman

	Name:	 	Richard A. Roman
	Title:	 	Authorized Signatory
	
	CASPIAN SC HOLDINGS, L.P.
		
	By:	 	 /s/ Richard A. Roman

	Name:	 	Richard A. Roman
	Title:	 	Authorized Signatory
	
	SPRING CREEK CAPITAL, LLC
		
	By:	 	 /s/ Richard A. Roman

	Name:	 	Richard A. Roman
	Title:	 	Authorized Signatory

 [SIGNATURE PAGE TO INVESTORS
RIGHTS AGREEMENT] 

 
			
	CASPIAN FOCUSED OPPORTUNITIES FUND, L.P.
		
	By:	 	 /s/ Richard A. Roman

	Name:	 	Richard A. Roman
	Title:	 	Authorized Signatory
	
	BLACKSTONE ALTERNATIVE MULTI- STRATEGY SUB FUND IV, LLC
	
	By: Blackstone Alternative Investment
	Advisors LLC, its Investment Adviser
	
	By: Caspian Capital LP, its Sub-Adviser
		
	By:	 	 /s/ Richard A. Roman

	Name:	 	Richard A. Roman
	Title:	 	Authorized Signatory
	
	BLACKSTONE ALTERNATIVE INVESTMENT FUND PLC
	
	On behalf of its sub-fund Blackstone
	Diversified Multi Strategy Fund
	
	By: Caspian Capital LP, its Sub-Adviser
		
	By:	 	 /s/ Richard A. Roman

	Name:	 	Richard A. Roman
	Title:	 	Authorized Signatory
	
	 Caspian Capital LP
 10 E. 53rd
Street, 35th Fl.

	New York, NY 10022
	Attention: Legal Department
	Email: legal@caspianlp.com; ops@caspianlp.com; irene@caspianlp.com; tiger@caspianlp.com

 [SIGNATURE PAGE TO THE
INVESTORS RIGHTS AGREEMENT] 

 
			
	ONEX CAPITAL SOLUTIONS
	HOLDINGS, LP
	
	By: Onex Capital Solutions GP, LP, its general partner
	
	By: Onex Capital Solutions GP, LLC,
	its general partner
		
	By:	 	 /s/ Steve Gutman

	Name:	 	Steve Gutman
	Title:	 	General Counsel
	
	Onex Capital Solutions Holdings, LP
	930 Sylvan Avenue Suite 105
	Englewood Cliffs, NJ 07632
	
	Attention: Andrew Walker/Chris Clark
	
	Email: notifications@onexcredit.com ,
	cclark@onexcredit.com

 [SIGNATURE PAGE TO THE
INVESTORS RIGHTS AGREEMENT] 

 EXHIBIT A 

SCHEDULE OF INVESTORS 

Name 
 Knighthead Distressed Opportunities
Fund, L.P. 
 Knighthead Annuity & Life Assurance Company 

Knighthead Master Fund, L.P. 
 Knighthead (NY) Fund, L.P. 

Marathon Distressed Credit Master Fund 
 MCSP Sub LLC 

Marathon StepStone Master Fund LP 
 Caspian Select Credit Master
Fund, Ltd. 
 Caspian Solitude Master Fund, L.P. 
 Caspian
HLSC1, LLC 
 Caspian SC Holdings, L.P. 
 Spring Creek Capital,
LLC 
 Caspian Focused Opportunities Fund, L.P. 
 Blackstone
Alternative Multi-Strategy Sub Fund IV, LLC (BXII) 
 Blackstone Alternative Multi-Strategy Sub Fund IV, LLC (BXIIb) 

Blackstone Alternative Investment Fund Plc (BXIII) 
 Blackstone
Alternative Investment Fund Plc (BXIIIb) 
 Onex Capital Solutions Holdings, L.P. 

 EXHIBIT B 

PREFERRED HOLDER JOINDER 

JOINDER TO 

INVESTORS’ RIGHTS AGREEMENT 

This JOINDER (this “Joinder”) to the Investors’ Rights Agreement, dated as of February 24, 2022 (as amended,
restated, supplemented or otherwise modified from time to time, the “Agreement”), by and among ATI Physical Therapy, Inc., a Delaware corporation, and each of the Parties listed on 

Exhibit A thereto as an “Investor”, is made as of [•] by [•], a [•] (the “Joining Holder”).
Capitalized terms used herein but not otherwise defined have the meanings set forth in the Agreement. 
 Pursuant to
Section 2.2(a) of the Agreement, the shares of Series A Preferred Stock are transferable to the Joining Holder if, and only if, the Joining Holder executes and delivers this Joinder in accordance with the terms of the
Agreement. 
 The Joining Holder agrees as follows. 

1. The Joining Holder acknowledges that the Joining Holder is acquiring the shares of Series A Preferred Stock subject to the terms and
conditions of the Agreement and that all the shares of Series A Preferred Stock acquired by the Joining Holder shall be bound by and subject to the terms of the Agreement. 

2. Upon execution of this Joinder, the Joining Holder will become a party to the Agreement and will be fully bound by, and subject to, all of
the terms and conditions of the Agreement as if the undersigned were an original signatory to the Agreement as a Holder. 
 3. This Joinder
shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the
application of the Laws of any jurisdiction other than the State of Delaware. 
 4. Any notice required to be provided by the Agreement shall
be given to the Joining Holder at the address listed on the Joining Holders’ signature page hereto. 
 5. A signature delivered by
facsimile or other electronic transmission (including e-mail) will be considered an original signature. Any Person may rely on a copy of this Joinder. 

[Remainder of page intentionally left blank] 

 IN WITNESS WHEREOF, the Joining Holder has caused this Joinder to be duly executed
and delivered as of the date first written above. 
  

			
	[•]
		
	By:	 	  

		 	Name:
		 	Title:
	
	Address:

 ANNEX I 

RESTRICTIVE LEGEND TO THE SERIES A PREFERRED STOCK CERTIFICATE 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND WITHOUT A VIEW TO DISTRIBUTION AND HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER STATE SECURITIES LAWS. NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THIS SECURITY OR ANY INTEREST OR PARTICIPATION THEREIN MAY BE MADE EXCEPT
(A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR (B) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS AND, IN THE CASE OF CLAUSE (B), UNLESS ATI PHYSICAL THERAPY, INC.
RECEIVES (OR WAIVES THE REQUIREMENT TO RECEIVE) AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO ATI PHYSICAL THERAPY, INC. TO THE EFFECT THAT REGISTRATION IS NOT REQUIRED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS. 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE DESIGNATIONS, RIGHTS, PREFERENCES, POWERS, RESTRICTIONS AND LIMITATIONS SET FORTH IN THE
CERTIFICATE OF DESIGNATION OF SERIES A SENIOR PREFERRED STOCK FOR ATI PHYSICAL THERAPY, INC. (THE “COMPANY”) FILED WITH THE SECRETARY OF STATE FOR THE STATE OF DELAWARE PURSUANT TO SECTION 151 OF THE DELAWARE GENERAL CORPORATION LAW (THE
“SERIES A COD”) AND THE DESIGNATIONS, RIGHTS, PREFERENCES, POWERS, RESTRICTIONS AND LIMITATIONS SET FORTH IN THE INVESTORS’ RIGHTS AGREEMENT BY AND AMONG THE COMPANY AND CERTAIN HOLDERS OF THE COMPANY’S SECURITIES PARTY THERETO
(THE “INVESTORS’ RIGHTS AGREEMENT”). NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY BE MADE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF THE SERIES A COD
AND THE INVESTORS’ RIGHTS AGREEMENT. A COPY OF THE SERIES A COD AND THE INVESTORS’ RIGHTS AGREEMENT SHALL BE FURNISHED WITHOUT CHARGE BY THE COMPANY TO ANY HOLDER UPON REQUEST. 

 ANNEX II 

DISQUALIFIED INSTITUTION LIST 

(See Attached.)Document

Exhibit 10.12

THIRD AMENDMENT TO LEASE
THIS THIRD AMENDMENT TO LEASE (this "Third Amendment") is made as of September 11, 2018, by and between ARE-MA REGION NO. 64, LLC, a Delaware limited liability company ("Landlord"), and MODERNA, INC., a Delaware corporation ("Tenant").

RECITALS

A.Tenant and Landlord are now parties to that certain Net Lease dated as of August 29, 2016 ("Original Lease"), as amended by that certain First Amendment to Lease dated as of April 10, 2017, and as further amended by that certain Second Amendment to Lease dated as March 16, 2018 (as amended, the "Lease"). Pursuant to the Lease, Tenant leases certain premises known as 100 Tech Drive, Norwood, Massachusetts (the "Premises"). The Premises are more particularly described in the Lease. Capitalized terms used herein without definition shall have the meanings defined for such terms in the Lease.

B.At Tenant's request, Landlord and Tenant have agreed to amend the Lease as more particularly set forth in this Third Amendment.

NOW, THEREFORE, in consideration of the foregoing Recitals, which are incorporated herein by this reference, the mutual promises and conditions contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree as follows:

1.Use of Initial Tenant Work Allowance. Section 3.1(f) of the Original Lease is hereby amended to provide that the Initial Tenant Work Allowance shall not be available for any work completed (or reimbursement requested) after March 31, 2019.

2.Brokers. Landlord and Tenant each represents and warrants that it has not dealt with any broker, agent or other person (collectively, "Broker") in connection with the transaction reflected in this Third Amendment and that no Broker brought about this transaction. Landlord shall only pay commissions to Broker pursuant to a separate written agreement between Landlord and Broker. Landlord and Tenant each hereby agree to indemnify and hold the other harmless from and against any claims by any Broker, claiming a commission or other form of compensation by virtue of having dealt with Tenant or Landlord, as applicable, with regard to this Third Amendment.

3.OFAC. Tenant and all beneficial owners of Tenant are currently (a) in compliance with and shall at all times during the Term of the Lease remain in compliance with the regulations of the Office of Foreign Assets Control (“OFAC”) of the U.S. Department of Treasury and any statute, executive order, or regulation relating thereto (collectively, the “OFAC Rules"), (b) not listed on, and shall not during the term of the Lease be listed on, the Specially Designated Nationals and Blocked Persons List, Foreign Sanctions Evaders List or the Sectoral Sanctions Identifications List, which are all maintained by OFAC and/or on any other similar list maintained by OFAC or other governmental authority pursuant to any authorizing statute, executive order, or regulation, and (c) not a person or entity with whom a U.S. person is prohibited from conducting business under the OFAC Rules.

4.Miscellaneous.

a.This Third Amendment is the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous oral and written agreements and discussions. This Third Amendment may be amended only by an agreement in writing, signed by the parties hereto.

			
	729682814.3

1

b.This Third Amendment is binding upon and shall inure to the benefit of the parties hereto, and their respective successors and assigns.

c.This Third Amendment may be executed in 2 or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature process complying with the U.S. federal ESIGN Act of 2000) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. Electronic signatures shall be deemed original signatures for purposes of this Third Amendment and all matters related thereto, with such electronic signatures having the same legal effect as original signatures.

d.Except as amended and/or modified by this Third Amendment, the Lease is hereby ratified and confirmed and all other terms of the Lease shall remain in full force and effect, unaltered and unchanged by this Third Amendment. In the event of any conflict between the provisions of this Third Amendment and the provisions of the Lease, the provisions of this Third Amendment shall prevail. Whether or not specifically amended by this Third Amendment, all of the terms and provisions of the Lease are hereby amended to the extent necessary to give effect to the purpose and intent of this Third Amendment.

[Signatures are on the next page.]

			
	729682814.3

2

IN WITNESS WHEREOF, the parties hereto have executed this Third Amendment as of the day and year first above written.

LANDLORD:

ARE-MA REGION NO. 64, LLC,
a Delaware limited liability company

By:    ALEXANDRIA REAL ESTATE EQUITIES, L.P.,
    a Delaware limited partnership, 
managing member

    By:    ARE-QRS CORP.,
        a Maryland corporation,
        general partner
            /s/ Jackie Clem
            By: Jackie Clem 
            Senior Vice President, RE Legal Affairs

TENANT:

MODERNATX, INC.,
a Delaware corporation
By: /s/ Steve Harbin 
Its: Norwood Site Head

			
	729682814.3

3

FOURTH AMENDMENT TO LEASE
THIS FOURTH AMENDMENT TO LEASE (this “Fourth Amendment”) is made as of March 28, 2019, by and between ARE-MA REGION NO. 64, LLC, a Delaware limited liability company ("Landlord"), and MODERNA, INC., a Delaware corporation ("Tenant").

RECITALS

A.         Tenant and Landlord are now parties to that certain Net Lease dated as of August 29, 2016 ("Original Lease"), as amended by that certain First Amendment to Lease dated as of April 10, 2017, as further amended by that certain Second Amendment to Lease dated as of March 16, 2018, and as further amended by that certain Third Amendment to Lease dated as of September 11, 2018 (as amended, the “Lease”). Pursuant to the Lease, Tenant leases certain premises known as 100 Tech Drive, Norwood, Massachusetts (the "Premises"). The Premises are more particularly described in the Lease. Capitalized terms used herein without definition shall have the meanings defined for such terms in the Lease.

B.    At Tenant's request, Landlord and Tenant have agreed to amend the Lease as more particularly set forth in this Fourth Amendment.

NOW, THEREFORE, in consideration of the foregoing Recitals, which are incorporated herein by this reference, the mutual promises and conditions contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree as follows:

1.Use of Initial Tenant Work Allowance. Section 3.1(f) of the Original Lease is hereby amended to provide that the Initial Tenant Work Allowance shall not be available for any work completed (or reimbursement requested) after September 30, 2019.

2.Brokers. Landlord and Tenant each represents and warrants that it has not dealt with any broker, agent or other person (collectively, “Broker”) in connection with the transaction reflected in this Fourth Amendment and that no Broker brought about this transaction. Landlord shall only pay commissions to Broker pursuant to a separate written agreement between Landlord and Broker. Landlord and Tenant each hereby agree to indemnify and hold the other harmless from and ·against any claims by any Broker, claiming a commission or other form of compensation by
virtue of having dealt with Tenant or Landlord, as applicable, with regard to this Fourth Amendment.    ·    · ·

3.OFAC. Tenant and all beneficial owners of Tenant are currently (a) in compliance with and shall at all times during the Term of the Lease remain in compliance with the regulations of the Office of Foreign Assets Control ("OFAC") of the U.S. Department of Treasury and any statute, executive order, or regulation relating thereto (collectively, the "OFAC Rules"), (b) not listed on, and shall not during the term of the Lease be listed on, the Specially Designated Nationals and Blocked Persons List, Foreign Sanctions Evaders List or the Sectoral Sanctions Identifications List, which are all maintained by OFAC and/or on any other similar list maintained by OFAC or other governmental authority pursuant to any authorizing statute, executive order, or regulation, and (c) not a person or entity with whom a U.S. person is prohibited from conducting business under the OFAC Rules.

4.Miscellaneous.
a.This Fourth Amendment is the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous oral and written

			
	731832169.1

1

agreements and discussions. This Fourth Amendment may be amended only by an agreement in writing, signed by the parties hereto.

b.This Fourth Amendment is binding upon and shall inure to the benefit of the parties hereto, and their respective successors and assigns.

c.This Fourth Amendment may be executed in 2 or more counterparts, each of which-shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature process complying with the U.S. federal ESIGN Act of 2000) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. Electronic signatures shall be deemed original signatures for purposes of this Fourth Amendment and all matters related thereto, with such electronic signatures having the same legal effect as original signatures.

d.Except as amended and/or modified by this Fourth Amendment, the Lease is hereby ratified and confirmed and all other terms of the Lease shall remain in full force and effect, unaltered and unchanged by this Fourth Amendment. In the event of any conflict between the provisions of this Fourth Amendment and the provisions of the Lease, the provisions of this Fourth Amendment shall prevail. Whether or not specifically amended by this Fourth Amendment, all of the terms and provisions of the Lease are hereby amended to the extent necessary to give effect to the purpose and intent of this Fourth Amendment.

[Signatures are on the next page.]

			
	731832169.1

2

IN WITNESS WHEREOF, the parties hereto have executed this Fourth Amendment as of the day and year first above written.

LANDLORD:

ARE-MA REGION NO. 64, LLC,
a Delaware limited liability company

By:    ALEXANDRIA REAL ESTATE EQUITIES, L.P.,
    a Delaware limited partnership, 
managing member

    By:    ARE-QRS CORP.,
        a Maryland corporation,
        general partner
    /s/ Jackie Clem
             By: Jackie Clem 
             Senior Vice President, RE Legal Affairs

TENANT:

MODERNATX, INC.,
a Delaware corporation
    /s/ Juan Andres
             By: Juan Andres 
             Its: Chief Tecnical Operations and Quality Officer

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OMNIBUS AMENDMENT TO THREE MODERNA LEASE AGREEMENTS

THIS OMNIBUS AMENDMENT TO THREE MODERNA LEASE AGREEMENTS (this “Amendment”) is made as of December 30, 2021, by and between ARE-MA REGION NO. 92, LLC, a Delaware limited liability company and owner of the property commonly known as One Investors Way, Norwood, Massachusetts (“One Investors Landlord”), ARE-MA REGION NO. 64, LLC, a Delaware limited liability company and owner of the property commonly known as 100 Tech Drive, Norwood, Massachusetts (“100 Tech Landlord”), and ARE-MA REGION NO. 83, LLC, a Delaware limited liability company and owner of the property commonly known as One Upland Road, Norwood, Massachusetts (“One Upland Landlord”) (collectively, “Landlords”), and MODERNATX, INC., a Delaware corporation (“Tenant”). 
RECITALS
A.One Investors Landlord and Tenant are parties to that certain Lease Agreement dated as of April 16, 2021 (the “One Investors Lease”), with respect to the real property and improvements thereon located at 1 Investors Way, Norwood, Massachusetts, as more particularly described in the One Investors Lease.
B.100 Tech Landlord (as successor-in-interest to Campanelli-TriGate Norwood Upland, LLC) and Tenant are parties to that certain Net Lease dated as of August 29, 2016, as amended by that certain First Amendment to Lease dated as of April 10, 2017, as further amended by that certain Second Amendment to Lease dated as of March 16, 2018, as further amended by that certain Third Amendment to Lease dated as of September 11, 2018, as further amended by that certain Fourth Amendment to Lease dated as of March 28, 2019 (as amended, the “100 Tech Lease”), with respect to the real property and improvements thereon located at 100 Tech Drive, Norwood, Massachusetts, as more particularly described in the 100 Tech Lease. 
C.One Upland Landlord (as successor-in-interest to BR Norwood Owner, LLC) and Tenant are parties to that certain Lease Agreement dated as of October 10, 2007, as amended by that certain First Amendment to Lease dated as of February 15, 2019, as further amended by that certain Second Amendment to Lease dated as of February 15, 2019, as further amended by that certain First Amendment to Lease Guaranty dated April 30, 2019, and as further amended by that certain Third Amendment to Lease Agreement dated as of May 21, 2020 (as amended, the “One Upland Lease”). Collectively, the One Investors Landlord, 100 Tech Landlord, and One Upland Landlord shall be referred to herein as the “Landlords”, and the One Investors Lease, 100 Tech Lease, and One Upland Lease shall be referred to herein as the “Leases”. 
D.Landlords and Tenant desire to extend the terms of the Leases and otherwise amend the Leases upon the terms and conditions contained herein. All capitalized terms not defined herein shall have the same meaning ascribed to such terms in the Leases.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual promises and agreements hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlords and Tenant hereby agree as follows:
1.Term. The terms of the Leases are extended to and including September 30, 2042. 

ACTIVEUS 191091489v.3

2.Base Rent. The base rent schedules for each of the Leases is hereby modified as follows:
a.One Investors Lease: The definition of “Base Rent” set forth on page 1 of the One Investors Lease is hereby deleted in its entirety and replaced with the following:    
“Beginning on the Rent Commencement Date, annual Base Rent shall be $6,466,500.00, subject to annual increases on the Adjustment Date as set forth herein.
												
	Year	Annual Base Rent	Monthly Base Rent	Base Rent/RSF
	February 17, 2022 – February 28, 2023	$6,466,500.00	$538,875.00	$26.94
	March 1, 2023 – February 29, 2024	$6,660,495.00	$555,041.25	$27.75
	March 1, 2024 – February 28, 2025	$6,860,310.00	$571,692.50	$28.58
	March 1, 2025 – February 28, 2026	$7,066,119.00	$588,843.25	$29.44
	March 1, 2026 – February 28, 2027	$7,278,103.00	$606,508.58	$30.33
	March 1, 2027 – February 29, 2028	$7,496,446.00	$624,703.83	$31.24
	March 1, 2028 – February 28, 2029	$7,721,339.00	$643,444.92	$32.17
	March 1, 2029 – February 28, 2030	$7,952,979.00	$662,748.25	$33.14
	March 1, 2030 – February 28, 2031	$8,191,569.00	$682,630.75	$34.13
	March 1, 2031 – February 29, 2032	$8,437,316.00	$703,109.67	$35.16
	March 1, 2032 – February 28, 2033	$8,690,435.00	$724,202.92	$36.21

2

												
	March 1, 2033 – February 28, 2034	$8,951,148.00	$745,929.00	$37.30
	March 1, 2034 – February 28, 2035	$9,847,200.00	$820,600.00	$41.03
	March 1, 2035 – February 29, 2036	$10,142,400.00	$845,200.00	$42.26
	March 1, 2036 – February 28, 2037	$10,447,200.00	$870,600.00	$43.53
	March 1, 2037 – February 28, 2038	$10,761,600.00	$896,800.00	$44.84
	March 1, 2038 – February 28, 2039	$11,085,600.00	$923,800.00	$46.19
	March 1, 2039 – February 29, 2040	$11,419,200.00	$951,600.00	$47.58
	March 1, 2040 – February 28, 2041	$11,762,400.00	$980,200.00	$49.01
	March 1, 2041 – September 30, 2042	$12,115,272.00	$1,009,606.00	$50.48

b.100 Tech Lease: Schedule I of the 100 Tech Lease is hereby deleted in its entirety and replaced with the Fixed Rent set forth below. 
									
	Lease Year	Annual Fixed Rent
	Monthly Fixed Rent

	October 1, 2017 – September 30, 2018	$6,193,317.90
	$516,109.83

	October 1, 2018 – September 30, 2019	$6,348,150.85
	$529,012.57

	October 1, 2019 – September 30, 2020	$6,506,854.62
	$542,237.89

	October 1, 2020 – September 30, 2021	$6,669,525.98
	$555,793.83

	October 1, 2021 – September 30, 2022	$6,836,264.13
	$569,688.68

3

									
	October 1, 2022 – September 30, 2023	$7,007,170.74
	$583,930.90

	October 1, 2023 – September 30, 2024	$7,182,350.01
	$598,529.17

	October 1, 2024 – September 30, 2025	$7,361,908.76
	$613,492.40

	October 1, 2025 – September 30, 2026	$7,545,956.48
	$628,829.71

	October 1, 2026 – September 30, 2027	$7,734,605.39
	$644,550.45

	October 1, 2027 – September 30, 2028	$7,927,970.53
	$660,664.21

	October 1, 2028 – September 30, 2029	$8,126,169.79
	$677,180.82

	October 1, 2029 – September 30, 2030	$8,329,324.03
	$694,110.34

	October 1, 2030 – September 30, 2031	$8,537,557.13
	$711,463.09

	October 1, 2031 – September 30, 2032	$8,750,996.06
	$729,249.67

	October 1, 2032 – September 30, 2033	$9,626,095.68
	$802,174.64

	October 1, 2033 – September 30, 2034	$9,914,878.56 
	$826,239.88

	October 1, 2034 – September 30, 2035	$10,212,324.96 
	$851,027.08

	October 1, 2035 – September 30, 2036	$10,518,694.68 
	$876,557.89

	October 1, 2036 – September 30, 2037	$10,834,255.56 
	$902,854.63

	October 1, 2037 – September 30, 2038	$11,159,283.24 
	$929,940.27

	October 1, 2038 – September 30, 2039	$11,494,061.76 
	$957,838.48

	October 1, 2039 – September 30, 2040	$11,838,883.56 
	$986,573.63

4

									
	October 1, 2040 – September 30, 2041	$12,194,050.08 
	$1,016,170.84

	October 1, 2041 – September 30, 2042	$12,559,871.64 
	$1,046,655.97 

c.One Upland Lease: Article I of the One Upland Lease is hereby amended by modifying the following subsections as follows:
1.04 Term and Possession: The Initial Term of the Lease is hereby extended for a period expiring on September 30, 2042 (the “Expiration Date”). The Lease is hereby amended so that all references to the “Lease Term” and the “Initial Term” in the Lease shall refer to the Initial Term as extended hereunder, and the new Expiration Date as modified herein.
(a) From August 1, 2020, Base Rent for the Premises shall be paid as follows and all references to the “Base Rent” in the Lease shall be deemed to refer to the Base Rent set forth in the table below: 
5

									
	Period
	Annual Base Rent
	Monthly Base Rent

	8/1/2020-7/31/2021	$5,700,024.47
	$475,002.04
	8/l/2021-7/31/2022	$5,794,593.41
	$482,882.78
	8/l /2022-7/31/2023
	$5,794,593.41
	$482,882.78
	8/l/2023-7/31/2024	$5,891,999.42
	$490,999.95
	8/l/2024-7/31/2025	$5,891,999.42
	$490,999.95
	8/l/2025-7/31/2026	$5,992,327.61
	$499,360.63
	8/1/2026-7/31/2027	$5,992,327.61
	$499,360.63
	8/l/2027-7/31/2028	$6,095,665.65
	$507,972.14
	8/1/2028-7/31/2029	$6,095,665.65
	$507,972.14
	8/1/2029-7/31/2030	$6,202,103.82
	$516,841.99
	8/l/2030-7/31/2031	$6,202,103.82
	$516,841.99
	8/l/2031-7/31/2032	$6,311,735.15
	$525,977.93
	8/l/2032-7/31/2033	$6,311,735.15
	$525,977.93
	8/l /2033-7/31/2034
	$6,424,655.41
	$535,387.95
	8/1/2034-7/31/2035	$6,424,655.41
	$535,387.95
	8/1/2035-9/30/2035	2 month period
	$545,080.27
	10/1/2035-9/30/2036	$7,195,227.20
	$599,602.27
	10/1/2036-9/30/2037	$7,411,084.02
	$617,590.34
	10/1/2037-9/30/2038	$7,633,416.54
	$636,118.05
	10/1/2038-9/30/2039	$7,862,419.04
	$655,201.59
	10/1/2039-9/30/2040	$8,098,291.61
	$674,857.63
	10/1/2040-9/30/2041	$8,341,240.36
	$695,103.36
	10/1/2041-9/30/2042	$8,591,477.57
	$715,956.46

3.    Extension Rights. In lieu of any existing extension rights in the Leases, Tenant is hereby granted three (3) consecutive extension rights for each of the three Leases. Accordingly, the Leases are hereby amended as follows:
a.One Investors Lease: Section 41(a) of the One Investors Lease is hereby amended by deleting “two (2) consecutive rights” and replacing it with “three (3) consecutive rights”.
b.100 Tech Lease: Section 10.2 of the 100 Tech Lease is hereby amended by deleting the first sentence in its entirety and replacing it with the following:
“Tenant shall have three (3) consecutive rights to extend the term of this Lease for five (5) years each (each, an “Extension Term”), provided that Tenant shall give Landlord notice of Tenant's exercise of such option no sooner than twenty-four 
6

(24) months and no later than eighteen (18) months prior to the expiration of the then current Term, and provided further that Tenant shall not be in default   at the time of giving such notice under this Lease beyond applicable notice and cure periods.”
c.One Upland Lease: Section 1.04 of the One Upland Lease is hereby amended by deleting “four options to extend” and replacing it with “three options to extend”.
4.     Alterations and Restoration. For ease of administration and consistency, Landlords and Tenant agree that the process for approval by Landlords of Tenant’s proposed Tenant Improvements (as defined below), and the restoration obligations associated therewith, shall be governed by the One Investors Lease, notwithstanding any contrary provisions of the 100 Tech Lease or One Upland Road Lease. The Landlords acknowledge and agree that the Tenant Improvements will be designed and performed in furtherance of a master planning effort undertaken by Tenant and reviewed by the Landlords, the effect of which will be to treat the three Premises as a unified whole, without regard to property line and Premises boundaries. Each Landlord agrees to be reasonable in reviewing and approving applicable Tenant Improvements on its Premises, regardless of the location of such Tenant Improvements within the overall project. Notwithstanding anything to the contrary contained in the One Investors Lease regarding restoration of Installations (as defined in the One Investors Lease), Tenant shall have no obligation to remove and restore at the end of the Term any new buildings or expansions of existing buildings, landscaping, planted areas, walks, roadways, parking, and other new installations and improvements on the Premises outside of the existing buildings.
5.    Tenant Improvement Allowance. Each of the three Landlords agrees to provide an additional tenant improvement allowance of $60.00 per rentable square foot of the applicable Premises, for an aggregate total of $41,010,780.00 (the “2021 Tenant Improvement Allowance” or “2021 TIA”), broken down as follows: $14,400,000.00 under the One Investors Lease, $12,025,860.00 under the 100 Tech Lease, and $14,584,920.00 under the One Upland Lease. Notwithstanding that the 2021 TIA has been allocated to each of the separate Landlords, Tenant is not bound by such allocation, and the Landlords acknowledge and agree that Tenant may apply any amount of the 2021 TIA to Tenant Improvements across the three Premises as Tenant sees fit, without regard to each Landlord’s portion of the total. Notwithstanding contrary provisions of the Leases governing disbursement of tenant allowance funds, the 2021 Tenant Improvement Allowance shall be disbursed and used as follows:
a.Tenant shall have no right to any portion of the 2021 TIA that is not disbursed before the second anniversary of the date hereof. 
b.Costs. The 2021 TIA shall be used solely for the payment of design (including A&E drawings), permits and construction, and construction management costs in connection with the construction of tenant improvements, site work, new structures and other hard construction costs (the “Tenant Improvements”) at the properties covered by the three Leases (collectively, the "TI Costs"). The 2021 TIA shall not be used to purchase any furniture, personal property or other non-building system materials or equipment, including, but not be limited to, non-ducted biological safety cabinets and other scientific equipment not incorporated into the Tenant Improvements; provided, 
7

however, the 2021 TIA may be used for Tenant’s voice and data cabling, special electrical power distribution, telephone and security systems. 
Landlord shall have no obligation to bear any portion of the cost of any of the Tenant Improvements except to the extent of the 2021 TIA and except to the extent that any remaining contributions or allowances remain under each of the existing Leases as of the date hereof.
c.Procedure. During the course of construction of the Tenant Improvements, Landlord shall reimburse Tenant for TI Costs once a month (such reimbursement not to exceed, in the aggregate, the amount of the 2021 TIA) against a draw request in Landlord’s standard form, containing evidence of payment of such TI Costs by Tenant and such certifications, lien waivers (including a conditional lien release for each progress payment and unconditional lien releases for the prior month’s progress payments), inspection reports and other matters as Landlord customarily obtains, to the extent of Landlord’s approval thereof for payment, no later than the last day of the calendar month immediately following the calendar month in which the draw request was made. Upon completion of the Tenant Improvements (and prior to any final disbursement of the 2021 TIA), Tenant shall deliver to Landlord: (i) sworn statements setting forth the names of all contractors and first tier subcontractors who did the work and final, unconditional lien waivers from all such contractors and first tier subcontractors; (ii) as-built plans (one copy in print format and two copies in electronic CAD format) for such Tenant Improvements; (iii) a certification of substantial completion in Form AIA G704, (iv) a certificate of occupancy for the premises covered by each Lease, to the extent not already delivered; and (v) copies of all operation and maintenance manuals and warranties affecting the premises covered by each Lease.
d.Nonpayment; Offset Right; Disputes. If any Landlord fails timely to pay any portion of the 2021 TIA when such portion is properly due to Tenant and as to which Tenant has satisfied each of the foregoing requisition conditions, and such failure shall continue for 30 days after written notice from Tenant to such Landlord (which such notice shall describe in detail the basis on which Tenant asserts that such Landlord has wrongfully failed to disburse such amount), then Tenant, provided no Default has occurred and is continuing, may deliver a second notice to such Landlord that includes in at least 14 point-type and all capitals (with the rest of the notice in standard font and type-size) the phrase “FAILURE TO IMMEDIATELY RESPOND COULD RESULT IN THE FORFEITURE OF RIGHTS” (an “Offset Notice”), which notice shall specify the portion of the TI Allowance that has not been timely paid and the date upon which request for payment was first sent to such Landlord, and, if such Landlord fails to disburse the amount expressly referenced in the Offset Notice within 10 business days, then Tenant shall have the right to have such unpaid amount credited against the next installment(s) of Base Rent thereafter due under the applicable Lease, until such sums due Tenant have been fully paid by such Landlord or fully credited and accounted for; provided however, that the amount so offset by Tenant in any calendar month shall not exceed 20% of the amount of the monthly installment of Base Rent payable by Tenant to Landlord under the applicable Lease with respect to such calendar month. If, however, Landlord notifies Tenant prior to the expiration of such 10 business day period that Landlord disputes that Landlord has wrongfully 
8

failed to disburse the amount claimed by Tenant, and if Landlord and Tenant are not able to reach agreement with respect to such dispute (with Landlord disbursing any undisputed amounts which Landlord is required to disburse under this Work Letter) within 10 business days after Tenant’s receipt of a such notice from Landlord, then the parties shall submit such dispute to arbitration conducted by the American Arbitration Association in Boston, Massachusetts in accordance with the “Expedited Procedures” of its Commercial Arbitration Rules, in which case Base Rent shall not be offset by such disputed amount unless and until Tenant prevails in such arbitration and the arbitrator concludes that Tenant has the right to such offset right and determines the amount owed to Tenant by Landlord, if any, that is to be offset against Base Rent. All costs associated with arbitration shall be awarded to the prevailing party as determined by the arbitrator.
e.Tenant Improvement Progress Reports. On or before the 10th day of each calendar month during the course of design and construction of the Tenant Improvements, Tenant shall deliver to Landlords a Tenant Improvement progress report in a form provided by Landlords completed to provide all of the most up-to-date information regarding Tenant’s progress with respect the design and construction of the Tenant Improvements.
     6.    Cross-Default. Tenant agrees that a “Default” under the One Investors Lease or “Event of Default” under the 100 Tech Lease and One Upland Lease shall automatically constitute a Default or Event of Default, as applicable, under all three Leases.
7.    Authority. Landlords represent and warrant to Tenant that they have the right, power and authority to execute and deliver this Amendment and to perform their obligations hereunder, and this Amendment is a valid and binding obligation of Landlords enforceable against Landlords in accordance with the terms hereof. Tenant represents and warrants to Landlords that it has the right, power and authority to execute and deliver this Amendment and to perform its obligations hereunder, and this Amendment is a valid and binding obligation of Tenant enforceable against Tenant in accordance with the terms hereof. Tenant acknowledges and agrees that Landlords are in full compliance with the terms of the Leases and no event exists or has occurred that constitutes or could ripen into a Landlord default under the Leases.
8.Brokerage. Landlords and Tenant each hereby represents that, other than Newmark Grubb Knight Frank and Jones Lang LaSalle (collectively, the “Brokers”), it has not dealt with any broker, agent or other person entitled to a commission, compensation, or fee with respect to the transactions contemplated by this Amendment. Landlords and Tenant each hereby agree to defend, indemnify, and hold harmless the other, and its successors and assigns, against and from all claims, losses, liabilities, and expenses, including, without limitation, reasonable attorneys’ fees, arising out of any claim by any broker, agent, or other person or entity, other than the Brokers, claiming a commission or other form of compensation based upon alleged dealings with the indemnifying party with respect to this Amendment. Landlords shall be responsible to pay the commission due to the Brokers pursuant to a separate agreement.
9.Ratification; Conflict; Amendment. Except as amended herein, the Leases shall remain in full force and effect and the parties hereto ratify and reconfirm the Leases. On and after the date hereof, each reference in the Leases to “this Lease,” “the Lease,” “hereunder,” “hereof,” or words of like import, and each reference to the Lease in any other agreements, documents, or instruments executed and delivered pursuant to, or in connection with, the Leases, will mean and be a reference to the Leases as amended by this Amendment. In the 
9

event of any conflict between this Amendment and the Leases, the provisions of this Amendment shall control. No amendment or modification of this Amendment, and no further amendment or modification of the Leases, will be effective unless it is in writing and signed by Landlords and Tenant.
10.Governing Law. This Amendment shall be governed by the laws of the Commonwealth of Massachusetts without regard to its conflict of law provisions.
11.Counterparts. This Amendment may be executed in as many counterparts as the parties hereto may deem necessary or convenient, and each such counterpart shall be deemed an original but all of which, together, shall constitute but one and the same document. Counterparts may be delivered via electronic mail (including PDF or any electronic signature process complying with the U.S. federal ESIGN Act of 2000) or other transmission method, and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. Electronic signatures shall be deemed original signatures for purposes of this Amendment and all matters related thereto, with such electronic signatures having the same legal effect as original signatures.
12.Successors and Assigns. The provisions hereof shall inure to the benefit of, and be binding upon, the parties hereto and their successors and permitted assigns.
13.Attorneys’ Fees. In the event of a dispute between the parties, the prevailing party shall be entitled to have its reasonable attorneys’ fees and costs paid by the other party.
14.Acknowledgment. Tenant and Landlords each acknowledge that it has read the provisions of this Amendment, understands them, and is bound by them. Time is of the essence in this Amendment.
[Remainder of Page Intentionally Left Blank]
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IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Amendment under seal as of the day and year first above written.
LANDLORDS:

ARE-MA REGION NO. 92, LLC,
a Delaware limited liability company

By:    ALEXANDRIA REAL ESTATE EQUITIES, L.P.,
    a Delaware limited partnership, 
managing member

    By:    ARE-QRS CORP.,
        a Maryland corporation,
        general partner
    /s/ Mark Hikin
            By: Mark Hikin 
            Its: Vice President, RE Legal Affairs

ARE-MA REGION NO. 64, LLC,
a Delaware limited liability company

By:    ALEXANDRIA REAL ESTATE EQUITIES, L.P.,
    a Delaware limited partnership, 
managing member

    By:    ARE-QRS CORP.,
        a Maryland corporation,
        general partner
    /s/ Mark Hikin
            By: Mark Hikin 
            Its: Vice President, RE Legal Affairs

11

ARE-MA REGION NO. 83, LLC,
a Delaware limited liability company

By:    ALEXANDRIA REAL ESTATE EQUITIES, L.P.,
    a Delaware limited partnership, 
managing member

    By:    ARE-QRS CORP.,
        a Maryland corporation,
        general partner
    /s/ Mark Hikin
            By: Mark Hikin 
            Its: Vice President, RE Legal Affairs

TENANT:
MODERNATX, INC.,
a Delaware corporation
/s/ David Meline
By: David Meline 
Its: Chief Financial Officer

12

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