Document:

EX-10.10

 Exhibit 10.10 

SECOND AMENDMENT TO LEASE  

(989 Market Street) 

THIS SECOND AMENDMENT TO LEASE (“Second Amendment”) is made and entered into as of the 11th day of August, 2011 (“Effective Date”) by and between 989 MARKET ASSOCIATES, LLC, a Delaware limited liability company (“Landlord”) and ZENDESK INC., a Delaware
corporation (“Tenant”). 
 R E C I T A L S: 

A. Tenant and 989 Market Street, LLC, a Nevada limited liability company (“Former Landlord”), entered into that
certain Office Lease dated April 29, 2011, as amended by that certain First Amendment to Lease dated July 28, 2011, as assigned by Former Landlord to Landlord on July 29, 2011 (collectively, the “Lease”), whereby
Landlord leases to Tenant and Tenant leases from Landlord certain office space consisting of approximately 16,200 rentable square feet comprising the entire third (3rd) floor of that certain office building (“Building”)
commonly known as 989 Market Street, located and addressed at 989 Market Street, Suite 300, San Francisco, California 94103 (“Original Premises”). 

B. Tenant desires to expand its Original Premises and Landlord desires to lease additional space to Tenant on the terms and conditions set
forth herein. 
 C. Unless otherwise defined herein, capitalized terms as used herein shall have the same meanings as given in the Lease.

 NOW, THEREFORE, in consideration of the foregoing recitals and the mutual covenants contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 A G R E E M E N
T: 
 1. Premises. 

(a) Additional Premises. Effective as of November 1, 2011 (the “Expansion Date”), Landlord leases
to Tenant and Tenant leases from Landlord, the entire second (2nd) Floor of the Building (the “Additional Premises”) and deemed to contain 17,588 square feet, as measured by
ANSI/BOMA 1996 standards. Tenant’s leasing of the Additional Premises will be upon all of the existing terms of the Lease and any and all references in the Lease to the “Premises” shall be deemed to include the Original Premises and
Additional Premises, except as provided to the contrary in this Second Amendment. All furniture and fixtures in the Additional Premises on the Expansion Date shall be deemed to be the property of Tenant. Tenant’s lease of the Additional
Premises does not constitute the exercise of any of Tenant’s expansion, first refusal, or first offer rights under the Lease and all of Tenant’s rights thereunder remain in full force and effect, except as modified by this Second
Amendment. 

 (b) Term. Unless the Lease is extended or earlier terminated as provided
in the Lease, the term for the Additional Premises is thirty-six (36) months commencing on the Expansion Date and will run concurrently with the Lease Term for the Original Premises, expiring on October 31, 2014. 

(c) Term Extension for Premises. The Lease Term for the Original Premises is hereby amended so that it runs concurrently
with that of the Additional Premises, expiring on October 31, 2014. Landlord acknowledges and agrees that the Base Rent for the Original Premises during June though October of 2014 shall be $35,910 per month. 

(d) Early Access to Additional Premises. Landlord shall give Tenant nonexclusive access to the Additional Premises
between the Effective Date and the Expansion Date for the purposes of Tenant’s installing in the Additional Premises voice and data cabling and outlets, telephone equipment and furniture, fixtures, and equipment. During such access period,
prior to the Expansion Date, (i) Tenant covenants that Tenant’s access and use of the Additional Premises prior to the Expansion Date shall be subject to all provisions of the Lease, except that Tenant’s obligation to pay Base Rent
and Additional Rent for the Additional Premises shall not apply during such access periods and (ii) Tenant shall not conduct any business in the Additional Premises and none of Tenant’s employees shall office in the Additional Premises.
Such access shall not advance the Expiration Date of the Lease. 
 2. Base Rent, Monthly Installments. Tenant shall pay
to Landlord the following monthly installments of Base Rent for the lease of the Additional Premises. 
  

									
	 Full calendar months
of Lease Term
	  	Annual Base Rent
per rentable square feet	 	  	Monthly Installment
of Base Rent	 
	 01-12
	  	$	33.00	  	  	$	48,367	  
	 13-24
	  	$	34.00	  	  	$	49,833	  
	 25-36
	  	$	35.00	  	  	$	51,299	  

 Landlord, at its cost and expense, shall cause all utilities for the Additional Premises to be separately
metered or charged directly to Tenant by the provider. Tenant, on a direct-pay basis with the provider, shall pay for all electricity, heat, light, power, telephone, and other utilities and services used on the Additional Premises, all maintenance
charges for utilities, and any storm sewer charges or other similar charges for utilities imposed by any governmental entity or utility provider, together with any taxes, penalties, surcharges or the like for utilities, pertaining to Tenant’s
use of the Additional Premises. Tenant shall pay its share of all charges for jointly metered utilities based upon consumption, as well as its pro rata share of janitorial, as reasonably determined by Landlord. 

3. Security Deposit. Tenant shall deposit an additional security deposit in the amount of $46,475, in cash, with Landlord
on the Expansion Date. Effective as of the Expansion Date, Section 1.5 of the Lease is deleted in its entirety and replaced with the following: 

“1.16 Security Deposit. (Section 7): $81,035.00 in cash.” 

  
 2 

 4. Right of First Offer. Paragraph 4 of the Addendum to the Lease is hereby
amended in its entirety and replaced with the following: 
 Provided that on the date of any ROFO Notice (as herein defined), Tenant
is not in breach or default of the Lease after any applicable notice was given and any applicable grace or cure period has expired, Tenant shall have a one-time right of first offer to lease any space in the Building (the “ROFO
Space”), which space becomes available between June 1, 2012 and October 31, 2014, for direct lease from Landlord for a term to expire as of Expiration Date, unless Tenant has otherwise extended its Option to Renew for the
Premises, including the Offer Space pursuant to Paragraph 2 of the Addendum to the Lease. Landlord shall give Tenant written notice thereof (the “ROFO Notice”). The ROFO Notice shall specify the location and rentable square footage
of the portion of the ROFO Space that is available for direct lease (the “Offer Space”) and the Fair Market Rate as reasonably determined by Landlord for the Offer Space; provided, however, that notwithstanding the foregoing, if the
Fair Market Rate, as determined by Landlord, were less than the Base Rent rate payable under the Lease for the lease of the Additional Premises, then the Base Rent payable by Tenant for the lease of the Offer Space shall be equal to the Base Rent
rate applicable to the Additional Premises. Tenant shall have five (5) business days (the “Acceptance Period”) after its receipt of the ROFO Notice in which to exercise its right of first offer to lease by delivering to
Landlord, before the Acceptance Period expires, written notice executed by Tenant exercising the right of first offer to lease the Offer Space on the terms and conditions contained in the ROFO Notice; provided, however, that notwithstanding the
foregoing, if Tenant timely exercises the right of first offer during the Acceptance Period, and Landlord and Tenant do not, within forty-five (45) days after the Acceptance Period expires, execute a mutually-satisfactory amendment to the Lease
adding the Offer Space to the Premises at the rate and otherwise on the terms and conditions contained in the ROFO Notice, then Tenant’s exercise of the right of first offer shall thereupon automatically terminate and be null and void and of no
force or effect, whereupon Landlord shall no longer have any obligation under the Lease, this Addendum or otherwise to offer to lease any of the ROFO Space to Tenant under any circumstances. If Tenant fails to deliver to Landlord, before the
Acceptance Period expires, written notice executed by Tenant exercising the right of first offer to lease the Offer Space, or if Tenant delivers such written notice to Landlord during the Acceptance Period, but Landlord and Tenant do not execute a
mutually-satisfactory amendment to this Lease within the period of forty-five (45) days after the Acceptance Period expires, then Landlord shall thereupon be free to lease the Offer Space to any other tenant or prospective tenant of the
Building on any terms and conditions agreed to by them. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS SECOND AMENDMENT, (i) Tenant’s rights pursuant to this Paragraph are personal to Tenant and nontransferable and shall
automatically terminate if Tenant assigns the Lease, as amended, or any of Tenant’s rights under the Lease, as amended, to any person or entity (other than pursuant to a Permitted Disposition) or subleases all or any portion of the Premises to
any person or entity (other than pursuant to a Permitted Disposition); and (ii) Tenant’s rights pursuant to this Paragraph shall automatically terminate if, on the date of any ROFO Notice, a default or breach by Tenant under the Lease has
occurred and is continuing after any applicable notice is given and any applicable cure period has expired. 

  
 3 

 5. Tenant’s Pro-Rata Share. Effective as of the Expansion Date,
Section 1.5 of the Lease is deleted in its entirety and replaced with the following: 
 “1.5 Tenant’s Pro-Rata Share of
the Building Area. (Section 2.1): 34.27% (subject to verification pursuant to Section 2.1).” 
 6. Landlord’s
Share of Operating Expenses. Effective as of the Expansion Date, Section 1.14 of the Lease is deleted in its entirety and replaced with the following:  

“1.14 Landlord’s Share of Operating Expenses. (Section 6.2): The amount of Operating Expenses for the Building incurred for the
calendar year 2012.” 
 7. Tenant Improvement Allowance. Tenant shall be entitled to a tenant improvement
allowance in the amount of $184,674.00 (constitution $10.50 per square foot) (the “Allowance”). Tenant shall be entitled to use the Allowance for soft costs or towards Base Rent. Landlord shall deposit with Tenant the amount of the
Allowance, in cash, simultaneously with Tenant’s execution of this Lease.  
 8. Brokers. Each party
represents and warrants to the other that no broker, agent or finder negotiated or was instrumental in negotiating or consummating this Second Amendment other than Cornish & Carey Newmark Knight Frank represented Tenant and Sansome Street
Advisors represented Landlord. Each party further agrees to defend, indemnify and hold harmless the other party from and against any claim for a commission or finder’s fee by any entity who claims or alleges that they were retained or engaged
by the first party or at the request of such party. 
 9. Signing Authority. Each individual executing this
Second Amendment on behalf of Tenant hereby represents and warrants that Tenant is a duly formed and existing entity qualified to do business in the State of California and that Tenant has full right and authority to execute and deliver this Second
Amendment and that each person signing on behalf of Tenant is authorized to do so. 
 10. Counterparts and Fax
Signatures. This Second Amendment may be executed in counterparts, each of which shall be deemed an original, but such counterparts, when taken together, shall constitute one agreement. This Second Amendment may be executed by a party’s
signature transmitted by facsimile or other electronic means (collectively, “faxed signatures”), and copies of this Second Amendment executed and delivered by means of faxed signatures shall have the same force and effect as copies
hereof executed and delivered with original signatures. Both parties hereto may rely upon faxed signatures as if such signatures were originals. Either party executing and delivering this Second Amendment by facsimile or other electronic means shall
promptly thereafter deliver a counterpart signature page of this Second Amendment containing said party’s original signature. Both parties hereto agree that a faxed signature page may be introduced into evidence in any proceeding arising out of
or related to this Second Amendment as if it were an original signature page. 

  
 4 

 11. No Further Modification. Except as set forth in this Second Amendment,
all of the terms and provisions of the Lease shall continue to apply and shall remain unmodified and in full force and effect. Effective as of the Effective Date hereof, all references to the “Lease” shall refer to the Lease as amended by
this Second Amendment. 
 [SIGNATURES ATTACHED HERETO] 

  
 5 

 IN WITNESS WHEREOF, this Second Amendment has been executed as of the day and year first above
written. 
  

							
	Landlord:	 		 	 989 MARKET ASSOCIATES, LLC,
 a
Nevada limited liability company

				
	 Date: 8/11, 2011
	 		 	By: 	 	/s/ Thomas R. Owens

							
		 		 	Name: 	 	Thomas R. Owens

							
		 		 	Its Duly-Authorized 	 	CEO

							
			
	 Tenant:
	 		 	 ZENDESK INC.,
 a
Delaware corporation

				
	 Date: 8/10, 2011
	 		 	By: 	 	/s/ Rick Rigoli

							
		 		 	Name: 	 	Rick Rigoli

							
		 		 	Its Duly-Authorized 	 	CFO

  
 6EX-10.11

 Exhibit 10.11 

THIRD AMENDMENT TO LEASE 

THIS THIRD AMENDMENT TO LEASE (“Third Amendment”) is entered into as of September 11, 2013 (the “Third Amendment
Effective Date”), by and between HMC MID-MARKET VENTURES LLC, a Delaware limited liability company (“Landlord”) and ZENDESK INC., Delaware corporation (“Tenant”) with reference to the following facts: 

 

	A.	Landlord (as successor in interest to 989 Market Associates) and Tenant are parties to that certain Office Lease dated April 29, 2011 and that certain Addendum to Office Lease attached thereto (collectively, the
“Original Lease”), which lease has been previously amended by that certain First Amendment to Lease dated June 28, 2011 (the “First Amendment” and by that certain Second Amendment to Lease entered into as of
August 11, 2011 (the “Second Amendment”) (the Original Lease, as so amended, being referred to herein as the “Lease”), pursuant to which Landlord leases to Tenant space described as
“Suite 200” and “Suite 300” (collectively, the “Premises”), consisting of the entire second (2nd) and third (3rd) floors, respectively, of the building located at 989 Market
Street, San Francisco, California (the “Building”). 

  

	B.	The Lease, by its terms is scheduled to expire on October 31, 2014 (“Current Termination Date”), and the parties desire to extend the Lease Term, all on the following terms and conditions.

  

	C.	Landlord has remeasured the Premises in accordance with the guidelines for such measurements specified in the American National Institute Publication ANSI.Z65.1-1996, as adopted by the Building Owners and Managers
Association, as interpreted and applied by Landlord’s measurement firm to the Building and the Premises (“1996 BOMA”, and such remeasurement being referred to herein as the “New Measurement”). As a consequence
of the New Measurement, Landlord has determined that the Premises consist of 34,891 rentable square feet. 

 NOW,
THEREFORE, in consideration of the above recitals which by this reference are incorporated herein, the mutual covenants and conditions contained herein and other valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Landlord and Tenant agree as follows: 
 1. Extension . Commencing on November 1, 2014 (“Extension
Date”), the Lease Term is hereby extended for a period of five (5) years and shall expire on October 31, 2019 (“Extended Termination Date”), unless sooner terminated in accordance with the terms of the Lease. That
portion of the Lease Term commencing on the Extension Date and ending on the Extended Termination Date shall be referred to herein as the “Extended Term”, and unless the context clearly provides otherwise, from and after the
Extension Date, references in the Lease to the “Lease Term” shall be deemed to include the Extended Term, and references in the Lease to the “Expiration Date” shall mean Extended Termination Date. 

 2.Base Rent. The schedule of Base Rent payable with respect to the Premises during
the Extended Term shall be as follows: 
  

									
	 Period
	  	Annual Rate Per
Rentable Square Foot	 	  	Monthly Base
Rent	 
	 November 1, 2014—October 31, 2015
	  	$	52.00	  	  	$	151,194.33	  
	 November 1, 2015—October 31, 2016
	  	$	53.56	  	  	$	155,730.15	  
	 November 1, 2016—October 31, 2017
	  	$	55.17	  	  	$	160,411.36	  
	 November 1, 2017—October 31, 2018
	  	$	56.82	  	  	$	165,208.88	  
	 November 1, 2018—October 31, 2019
	  	$	58.53	  	  	$	170,180.85	  

 All such Base Rent shall be payable by Tenant in accordance with the terms of the Lease. 

3.Operating Expenses, Real Estate Taxes, Services and Utilities . 

(a) Generally. Tenant shall continue to pay Tenant’s Pro Rata Share of Operating Expenses and Real Estate Taxes in accordance with
the terms of the Lease, except that during the Extended Term, Tenant shall pay for janitorial services and utilities for Suite 300 in the same manner as Tenant pays for janitorial services and utilities for Suite 200, as detailed in
Section 2 of the Second Amendment; provided, however, if any utility is not separately metered for Suite 300, then Tenant shall pay Tenant’s Pro Rata Share for such utility to Landlord without regard for Landlord’s cost for such
utility with respect to the Building during the Base Year. Accordingly, janitorial services and Building utilities (to the extent Tenant paid for such utilities under this Section 3(a)) shall be excluded from Operating Expenses for the Base
Year and subsequent calendar years of the Lease Term for purposes of determining escalations under Section 6.2 of the Original Lease. 

(b) Base Year and Tenant’s Pro Rata Share. During the Extended Term, (i) the Base Year shall be calendar 2015, and
(ii) based on the New Measurement, Tenant’s Pro Rata Share shall be 31.3%. 
 4. Improvements to Premises. 

(a) Condition. Tenant has inspected the Premises and agrees to accept the same in “as is” condition without any agreements,
representations, understandings or obligations on the part of Landlord to (i) perform any alterations, additions, repairs or improvements (other than Landlord’s maintenance and repair obligations under the Original Lease), (ii) fund
or otherwise pay for any alterations, additions, repairs or improvements (except as expressly set forth herein), or (iii) grant Tenant any free rent, concessions, credits or contributions of money. Tenant shall be permitted to perform
Alterations in the Premises, subject to the terms and conditions set forth in Section 10.4 of the Original Lease. 
 (b)
Allowance. 
 (i) Allowance. So long as no default has occurred and is continuing after written notice and expiration of the
applicable cure periods on the Extension Date (but subject to the terms and conditions of Section 4(c) below), Landlord agrees to contribute a sum of $523,365.00 (i.e., $15.00 per rentable square foot of the Premises) (the
“Allowance”) toward the cost of Tenant’s Alterations constructed after the Extension Date. If Tenant is in default under the Lease and such default is continuing at the time the Allowance would otherwise be disbursed to Tenant,
the Allowance shall not be forfeited, but disbursement thereof shall be postponed until the applicable default is cured. In no event shall Landlord be required to disburse an amount greater than the Allowance. 

 (ii) Conversion to Rent. Tenant may elect to apply any unused portion of the Allowance
toward Rent payable under the Lease (as amended hereby) by delivering written notice of such election to Landlord on or before the Extension Date. 

(iii) Use of Allowance. Except as otherwise set forth in this Section 4(b)(iii), Tenant may only use the Allowance for the
following: (i) the cost of preparing design and construction documents in connection with the construction of Alterations in the Premises after the Extension Date, (ii) hard costs in connection with the construction of Alterations in the
Premises after the Extension Date, (iii) Landlord’s construction management fee in amount equal to five percent (5%) of the total cost of the applicable Alterations, (iv) Rent, pursuant to the provisions of
Section 4(b)(ii) above, and (v) permitting costs in connection with Alterations to be installed or constructed in the Premises after the Extension Date (collectively, the “Allowance Items”). In no event shall Tenant
be permitted to apply the Allowance toward furnishings, equipment, trade fixtures, cabling or moving expenses. 
 (iv) Allowance Use
Periods. If Tenant has not used the entire amount of the Allowance on or before December 31, 2015 or has otherwise elected to apply the Allowance to Base Rent, as permitted by Section 4(b)(ii) above, then any unused portion of the
Allowance that Tenant is entitled to use shall automatically be credited against the monthly installment(s) of Base Rent next due and payable until exhausted. 

(c) Disbursement of Allowance. If the Allowance is applied to Base Rent, then Landlord shall apply the Allowance monthly toward the
payment of Base Rent. If Tenant elects to have the Allowance used for Allowance Items, the Allowance shall be paid to Tenant in periodic disbursements within thirty (30) days after (but no earlier than the fifth day of the calendar month
immediately following the expiration of such 30-day period) Landlord’s receipt of the following documentation: (A) Tenant’s application for payment and a certified statement from Tenant’s contractor substantially in the form of
AIA Document G-702, covering all work for which disbursement is to be made up to a date specified therein (a “Tenant Disbursement Request”); (B) a certification from the applicable project architect substantially in the form of
the Architect’s Certificate for Payment which is located on AIA Document G702, Application and Certificate of Payment; and (C) contractor’s, subcontractor’s and material supplier’s waivers of liens which shall cover all
Alterations for which disbursement is being requested and all other statements and forms required for compliance with the mechanics’ lien laws of the State of California together with all such invoices, contracts, or other supporting data as
Landlord or Landlord’s mortgagee may reasonably require. Upon completion of the applicable Alterations, Tenant shall furnish Landlord with: (1) general contractor and architect’s completion affidavits, (2) full and final waivers
of lien, (3) receipted bills covering all labor and materials expended and used, (4) as-built plans for the applicable Alterations in the Premises, and (5) the certification of Tenant’s architect that the applicable Alterations
have been installed in a good and workmanlike manner, in accordance with plans approved by Landlord, and in accordance with applicable Laws. Landlord shall not be required to disburse any part of the Allowance more than one time per calendar month,
or to disburse any part of the Allowance (taken in the aggregate) during the continuance of an uncured default (without regard to any notice or cure period), and Landlord’s obligation to disburse shall only resume when and if such default is
cured. If Landlord, in good faith, disputes any item in a Tenant Disbursement Request based on non-compliance of any work with plans approved by Landlord or due to any substandard work, and Landlord delivers a written objection to any such item
setting forth Landlord’s reasons for its dispute (a “Draw Dispute Notice”), within ten (10) business days following delivery of the Tenant Disbursement Request, Landlord may deduct the amount of such disputed item from the
payment. Landlord and Tenant shall diligently, and in good faith, endeavor to resolve any such dispute. Landlord’s payment of any portion of the Allowance shall not be deemed Landlord’s approval or acceptance of the work furnished or
materials supplied as set forth in the applicable Tenant Disbursement Request. 

 5. Security Deposit. Concurrently with Tenant’s execution and delivery of this
Third Amendment, Tenant shall pay Landlord the amount necessary to increase the Security Deposit to $302,388.66. 
 6. Renewal
Options. 
 (a) Deletion of Prior Renewal Options. Any prior Tenant option to renew or otherwise extend the Lease Term is
hereby deleted in its entirety, and shall have no further force or effect. 
 (b) Grant of Options; Conditions. Tenant shall have the
right to further extend the Lease Term (a “Renewal Option”) with respect to the entire Premises for two (2) additional periods as follows: (i) the first for a period of forty-two (42) months commencing on
November 1, 2019 and expiring on April 30, 2023 (the “First Renewal Term”), and (ii) the second for a period of fifty (50) months, commencing on May 1, 2023 and expiring on June 30, 2027 (the
“Second Renewal Term”, and collectively referred to herein as the “Renewal Terms”) if: 
 (i) Landlord
receives irrevocable notice of exercise of the applicable Renewal Option (“Renewal Notice”) no earlier than thirteen (13) months and no later than ten (10) months prior to the expiration of the Extended Term or First
Renewal Term, as the case may be; and 
 (ii) Tenant is not in default under the Lease beyond the applicable notice and the grace period at
the time that Tenant delivers its Renewal Notice or at the time Tenant delivers (or is deemed to have delivered) its Binding Notice or Rejection Notice (as said terms are defined below); and 

(iii) Tenant occupies the entire Premises at the time that Tenant delivers the applicable Renewal Notice and at the time Tenant delivers (or
is deemed to have delivered) its Binding Notice or Rejection Notice; and 
 (iv) The Lease has not been assigned (other than pursuant to a
Permitted Disposition) prior to the date that Tenant delivers the applicable Renewal Notice or at the time Tenant delivers (or is deemed to have delivered) its Binding Notice or Rejection Notice. 

(c) Base Rent Payable During Renewal Terms. The Base Rent rate per rentable square foot for the Premises during each Renewal Term shall
equal the Prevailing Market (defined below) rate per rentable square foot for the Premises, determined as set forth below. 
 (d) Initial
Procedure for Determining Prevailing Market. After receipt of a Renewal Notice from Tenant, Landlord shall advise Tenant in writing of Landlord’s determination of the Prevailing Market rate for the Premises for the applicable Renewal Term.
Within fifteen (15) days after the date on which Landlord delivers such notice, Tenant shall either (i) give Landlord final binding written notice of Tenant’s exercise of the applicable Renewal Option (“Binding
Notice”) upon the terms set forth in Landlord’s notice, or (ii) if Tenant disagrees with Landlord’s determination, provide Landlord with written notice of rejection (“Rejection Notice”). If Tenant fails to
provide Landlord with either a Binding Notice or a Rejection Notice within such fifteen (15) day period, Tenant shall be deemed to have delivered a Rejection Notice. If Tenant provides Landlord with a Binding Notice, Landlord and Tenant shall
enter into a Renewal Amendment (as defined below) upon the terms and conditions set forth in Landlord’s notice to Tenant. If Tenant provides (or is deemed to have provided) Landlord with a Rejection Notice, Landlord and Tenant shall work
together in good faith to agree upon the Prevailing Market rate for the Premises for the applicable Renewal Term. Upon agreement, Landlord and Tenant shall enter into a Renewal Amendment (defined below) in accordance with the terms and conditions

 
agreed upon. However, if Landlord and Tenant fail to agree upon the Prevailing Market rate within thirty (30) days after the date Tenant provides Landlord with a Rejection Notice (the
“Negotiation Period”), the Prevailing Market rate shall be determined in accordance with the arbitration procedures described below. 

(e) Arbitration Procedure. 

(i) Within five (5) business days after the date of expiration of the Negotiation Period, Landlord and Tenant shall each simultaneously
submit to the other, in a sealed envelope, its good faith estimate of the Prevailing Market rate for the applicable Renewal Term, together with any documentation and/or materials deemed relevant by said party to support the dollar amount reflected
in said estimate (collectively referred to as the “Estimates”). If the higher of such Estimates is not more than 105% of the lower of such Estimates, then Prevailing Market rate shall be the average of the two Estimates. If the
Prevailing Market rate is not resolved by the exchange of Estimates, then, within fourteen (14) days after the exchange of Estimates, Landlord and Tenant shall each select a real estate broker to determine which of the two Estimates most
closely reflects the Prevailing Market rate for the Premises during the applicable Renewal Term. Each such real estate broker so selected shall have had at least the immediately preceding ten (10) years’ experience as a real estate broker
leasing first-class office space in the San Francisco financial district and “Mid-Market” area, with working knowledge of current rental rates and practices. 

(ii) Upon selection, Landlord’s broker and Tenant’s broker shall work together in good faith to agree upon which of the two
Estimates most closely reflects the Prevailing Market rate for the Premises for the applicable Renewal Term. The Estimate chosen by the brokers shall be binding on both Landlord and Tenant. If either Landlord or Tenant fails to appoint a broker
within the fourteen (14) day period referred to above, the broker appointed by the other party shall be the sole broker for the purposes hereof. If the two brokers cannot agree upon which of the two Estimates most closely reflects the
Prevailing Market within twenty (20) days after their appointment, then, within fourteen (14) days after the expiration of such twenty (20) day period, the two brokers shall select a third broker meeting the aforementioned criteria.
After the third broker (the “Arbitrator”) has been selected as provided for above, then, as soon thereafter as practicable but in any case within fourteen (14) days, the Arbitrator shall make his or her determination as to
which of the two Estimates most closely reflects the Prevailing Market rate for the applicable Renewal Term, and such Estimate shall be binding on both Landlord and Tenant. The parties shall share equally in the costs of the Arbitrator. Any fees of
any appraiser, broker, counsel or experts engaged directly by Landlord or Tenant, however, shall be borne by the party retaining such appraiser, broker, counsel or expert. 

(iii) If the Prevailing Market rate has not been determined by the commencement date of the applicable Renewal Term, Tenant shall pay Base
Rent upon the terms and conditions in effect during the last month of the Extended Term or the First Renewal Term, as the case may be, until the time as the Prevailing Market rate has been determined for such applicable Renewal Term. Upon such
determination, the Base Rent for the Premises shall be retroactively adjusted to the commencement of the applicable Renewal Term. If such adjustment results in an underpayment of Base Rent by Tenant, Tenant shall pay Landlord the amount of such
underpayment within thirty (30) days after the determination thereof. If such adjustment results in an overpayment of Base Rent by Tenant, Landlord shall credit such overpayment against the next installment of Base Rent due under the Lease (as
amended hereby) and, to the extent necessary, any subsequent installments, until the entire amount of such overpayment has been credited against Base Rent. 

(iv) Renewal Amendment. If Tenant is entitled to and properly exercises any Renewal Option, Landlord shall prepare an amendment (a
“Renewal Amendment”) to reflect changes in 

 
the Base Rent, Base Year (which shall be the calendar year in which the commencement of the applicable Renewal Term occurs), term, termination date and other appropriate terms. Tenant shall
execute and return the Renewal Amendment to Landlord within fifteen (15) days after Tenant’s receipt of same, but an otherwise valid exercise of a Renewal Option shall be fully effective whether or not the applicable Renewal Amendment is
executed. 
 (v) Prevailing Market. For purposes of this First Renewal Option, “Prevailing Market” shall mean the
arms length fair market annual rental rate per rentable square foot under renewal leases and amendments (other than renewal amendments with rental rates not based on 100% of the then applicable fair market rental rates) for closed transactions
entered into on or about the date on which the Prevailing Market is being determined hereunder for space comparable to the Premises in the Building and office buildings comparable to the Building in the “Mid-Market” district of San
Francisco, California. “Mid-Market” is hereby defined as that set of recently renovated office buildings located in the area bordered by Market Street to the north, 3rd Street to the east, Brannan Street to the south, and 11th Street to
the west, including buildings located immediately on both sides of each of the aforementioned streets, in San Francisco. The determination of the Prevailing Market shall take into account any material economic differences between the terms of the
Lease and any comparison lease, such as rent abatements, tenant improvement allowances, amenities, construction costs and other concessions and the manner, if any, in which the Landlord under any such lease is reimbursed for operating expenses and
taxes, as well as the level of improvements and finishes existing in the Premises. The determination of Prevailing Market shall also take into consideration any reasonably anticipated changes in the Prevailing Market rate from the time such
Prevailing Market rate is being determined and the time such Prevailing Market rate will become effective under the Lease. 
 7. Right
of First Offer. The Right of First Offer set forth in Section 4 of the Addendum to Office Lease, as superseded and replaced in its entirety by Section 4 of the Second Amendment, is hereby amended so that such Right of First Offer
shall become an ongoing right. The limitation on the Right of First Offer set forth in Section 4 of the Second Amendment that the applicable ROFO Space become available between June 1, 2012 and October 31, 2014 is hereby deleted and
shall be of no further force or effect, allowing Tenant to exercise its Right of First Offer on space after October 31, 2014 (but during the Term only), subject to the terms and conditions set forth herein and in Section 4 of the Addendum
to Office Lease. Further, the following shall be added before the last sentence of Section 4 of the Addendum to Office Lease: 

“; provided, however, Landlord may not execute a lease for the Offer Space with any other tenant or prospective tenant of the Building on
a per square foot base rental rate that is less than ninety percent (90%) of the base rental rate per square foot set forth in the ROFO Notice. To the extent that Landlord proposes to lease Offer Space to a new tenant or prospective tenant at a
base rental rate that is less than ninety percent (90%) of the base rental rate per square foot set forth in the ROFO Notice, then Landlord shall be obligated to send a new ROFO Notice to Tenant with the economic terms offered to the other
tenant as required by Section 4 of the Addendum to Office Lease.” 
 All other terms and conditions of the Right of First Offer
set forth in Section 4 of the Second Amendment shall remain in full force and effect. 
 8. Assignment and Subletting.
Section 16 of the Original Lease is hereby amended as follows: 
 (a) Transfer Premium. With respect to the calculation any
Transfer Premium under the terms of Section 16.1 of the Original Lease, if Tenant does not require the applicable subtenant to pay 

 
operating expenses and taxes under the sublease with such subtenant (i.e., a full service gross sublease), then for purposes of determining the Transfer Premium only, the Base Rent rate for the
Lease (as amended hereby) in effect for the applicable sublease term shall be increased by $4.00 per rentable square foot for the applicable portion of the Premises that is the subject of such sublease (and such deemed increase in Base Rent for
purposes of calculating the Transfer Premium shall be in lieu of Tenant’s obligation to pay Operating Expenses and Real Estate Taxes under the Lease, which amounts to be paid by Tenant shall be excluded from the calculation of any Transfer
Premium). 
 (b) Conditions to Landlord Recapture. Section 16.2 of the Original Lease is hereby amended so that Landlord’s
right to recapture the portion of the Premises that is the subject of a proposed sublease, as set forth in the last sentence of Section 16.2, shall be subject to the following conditions: 

(i) The portion of the Premises that is the subject of a proposed sublease is greater than fifty-two percent (52%) of the total rentable
area of the Premises at the time of the proposed sublease, and 
 (ii) The proposed sublease term is either (x) two years or longer,
or (y) exceeds eighty percent (80%) of the then remaining Lease Term, including any Renewal Term, if Tenant has properly exercised a Renewal Option set forth in Section 6 above. 

The reference to ten (10) days for Tenant to rescind a request for Landlord’s consent to a sublease in the last sentence of
Section 16.2 is hereby increased to thirty (30) days. 
 Under all circumstances, Landlord may not unreasonably withhold,
condition, or delay its consent to a sublease or assignment by Tenant. Further, the definition of “Permitted Disposition” is hereby amended to include related entities, subsidiaries, parent companies or any other company in which Tenant
has a controlling interest. 
 9. Miscellaneous. 

(a) This Third Amendment sets forth the entire agreement between the parties with respect to the matters set forth herein. There have been no
additional oral or written representations or agreements. 
 (b) Except as herein modified or amended, the provisions, conditions and terms
of the Lease shall remain unchanged and in full force and effect. 
 (c) In the case of any inconsistency between the provisions of the
Lease and this Third Amendment, the provisions of this Third Amendment shall govern and control. 
 (d) Submission of this Third Amendment
by Landlord is not an offer to enter into this Third Amendment but rather is a solicitation for such an offer by Tenant. Landlord shall not be bound by this Third Amendment until Landlord has executed and delivered the same to Tenant.(e) Capitalized
terms used in this Third Amendment shall have the same definitions as set forth in the Lease to the extent that such capitalized terms are defined therein and not redefined in this Third Amendment. 

(f) Tenant hereby represents to Landlord that Tenant has dealt with no broker, other than Cornish & Carey Newmark Knight Frank
(“Tenant’s Broker”) in connection with this Third Amendment. Tenant agrees to defend, indemnify and hold Landlord harmless from all claims of any 

 
brokers (other than Tenant’s Broker) claiming to have represented Tenant in connection with this Third Amendment. Landlord hereby represents to Tenant that Landlord has dealt with no broker
in connection with this Third Amendment other than Sansome Street Advisors. Landlord agrees to defend, indemnify and hold Tenant harmless from all claims of any brokers claiming to have represented Landlord in connection with this Third Amendment.

 (g) Each signatory of this Third Amendment represents hereby that he or she has the authority to execute and deliver the same on behalf
of the party hereto for which such signatory is acting. 
 (h) Tenant and Landlord acknowledge that the content of the Lease and any related
documents are confidential information. Both Landlord and Tenant shall keep such confidential information strictly confidential and shall not disclose such confidential information to any person or entity, other than to the members, shareholders, or
parent companies of each respective party (and each such party shall include the prospective investors or any existing investor of such party) and/or their respective financial advisors, legal advisors, leasing brokers and space planning
consultants. Either party shall be relieved of its obligations to hold confidential information in strict confidence with respect to any portion of such confidential information that: (i) is or later falls within the public domain without
breach of the Lease; (ii) was known to, or independently developed by, the non-disclosing party prior to disclosure; (iii) becomes known to the disclosing party from a third party not owing any obligation of confidence to the
non-disclosing party; (iv) the disclosing party is subject to banking, insurance or other regulation, or requirements of the Securities Exchange Commission, that would require confidential information to be disclosed to examiners or auditors,
government officials, or other parties in accordance with Laws. Notwithstanding the foregoing, at the request of Tenant, Tenant and Landlord shall mutually agree on a public announcement of the execution of this Third Amendment and the extended
Lease Term. 
 (i) Tenant represents and warrants to Landlord that Tenant is currently in compliance with and shall at all times during the
term of the Lease through and including the Expiration Date (including any extension thereof) remain in compliance with the regulations of the Office of Foreign Asset Control (“OFAC”) of the Department of the Treasury (including
those named on OFAC’s Specially Designated and Blocked Persons List) and any statute, executive order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to
Commit, or Support Terrorism), or other governmental action relating thereto. 
 (j) The Premises have not undergone an inspection by a
Certified Access Specialist (CASp). This notice is given pursuant to California Civil Code Section 1938. 
 (k) This Third Amendment
may be executed in multiple counterparts each of which is deemed an original but together constitute one and the same instrument. This Third Amendment may be executed in “pdf” format and each party has the right to rely upon a pdf
counterpart of this Third Amendment signed by the other party to the same extent as if such party had received an original counterpart. 

[SIGNATURES ARE ON FOLLOWING PAGE] 

 IN WITNESS WHEREOF, Landlord and Tenant have duly executed this Third Amendment as of the
Third Amendment Effective Date. 
  

			
	LANDLORD:
	
	HMC MID-MARKET VENTURES LLC,a Delaware limited liability company
		
	By:	 	 /s/ Illegible

	Name:	 	 Illegible

	Title:	 	 President

	
	TENANT:
	
	ZENDESK INC.,
	Delaware corporation
		
	By:	 	 /s/ Mikkel Svane

	Name:	 	 Mikkel Svane

	Title:	 	 Chief Executive Officer

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