Document:

EX-10.29

   

  Exhibit 10.29

   

  SUBLEASE

   

  THIS SUBLEASE (the “Sublease”) is made as of the 6th day of October, 2021 (the “Effective Date”), by and between HUBSPOT, INC., a Delaware corporation (“Sublandlord”), and CARGURUS, INC., a Delaware corporation (“Subtenant”).

  RECITALS

   

  1.Sublandlord is the Tenant under that certain Lease with Two Canal Park Massachusetts, LLC, as Landlord (“Master Landlord”), dated April 21, 2015 (the “Original Lease”), as amended by that certain First Amendment to Lease dated August 10, 2016, Second Amendment to Lease dated March 12, 2018, Third Amendment to Lease dated December 2, 2019, Fourth Amendment to Lease dated January 6, 2020, and Fifth Amendment to Lease dated July 2, 2021 (the “Fifth Amendment”)(collectively, the “Amendments”), together with the Original Lease, the “Master Lease”), a copy of which is attached hereto as Exhibit A, of certain premises consisting of approximately: (i) 17,358 rentable square feet on the first (1st) floor; (ii) approximately 50,602 rentable square feet on the second (2nd) floor; (iii) approximately 48,047 rentable square feet on the third (3rd) floor; (iv) approximately 48,059 rentable square feet on the fourth (4th) floor; and (v) approximately 41,201 rentable square feet on the fifth (5th) floor for a total of approximately 205,267 rentable square feet (the “Premises”) in the building (the “Building”) commonly known as Two Canal Park, Cambridge, Massachusetts 02141 and more particularly described in the Master Lease.  Any capitalized terms used herein but not otherwise defined in this Sublease shall have the meanings ascribed thereto in the Master Lease.

  2.Subtenant wishes to sublease from Sublandlord and Sublandlord wishes to sublease to Subtenant a portion of the Premises consisting of approximately 48,059 rentable square feet located on the fourth (4th) floor of the Building and substantially as shown on Exhibit B attached hereto (the “Subleased Premises”), subject to the terms and conditions of this Sublease.

  NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

  a.Demise.  Sublandlord hereby subleases to Subtenant, and Subtenant hereby subleases from Sublandlord, the Subleased Premises, together with the right to use, in common with others entitled thereto, the common areas of the Building under the Master Lease necessary or appropriate to Subtenant’s use of the Subleased Premises, subject to the terms of the Master Lease and any rules and regulations established from time to time by Master Landlord or Sublandlord with respect to the use of such common areas, including, without limitation, rules and regulations relating to face-coverings and other safety measures relating to COVID-19.

  b.Condition of Subleased Premises.  The parties acknowledge that Subtenant is currently in occupancy of the Subleased Premises, has inspected the same and the Building and is fully familiar with the physical condition thereof, and Subtenant agrees to accept the Subleased Premises in its “AS IS” condition as of the Sublease Commencement Date (as hereinafter defined), with all faults and without any obligation on the part of Sublandlord to modify, improve or otherwise prepare the Subleased Premises for Subtenant’s occupancy.  Subtenant 

  1

   

  

   

  acknowledges that, except as expressly set forth in this Sublease, no representations have been made to Subtenant with respect to the condition of the Subleased Premises.  Sublandlord has made no warranty or representation, express or implied, as to the fitness and availability of the Subleased Premises for any particular use. 

  c.Sublease Term.  The term of this Sublease (the “Sublease Term”) shall commence on December 1, 2022 (the “Sublease Commencement Date”) and shall expire on November 30, 2023 (the “Sublease Expiration Date”), unless earlier terminated in accordance with this Sublease. 

  d.Yearly Rent.  Beginning on the Fourth Floor Premises Rent Commencement Date (as defined in the Fifth Amendment to the Master Landlord Lease) through November 30, 2023, Subtenant shall pay yearly rent (“Yearly Rent”) to Sublandlord at an annual rate of Eighty-Two and 00/100 Dollars ($82.00) per rentable square foot in equal monthly installments of Three Hundred Twenty-Eight Thousand Four Hundred Three and 17/100 Dollars ($328,403.17) in advance without demand on the first day of each calendar month during the Sublease Term.  All such payments shall be paid to Sublandlord without deduction, offset, abatement, notice or demand, at Sublandlord’s address set forth above, or at such other place as Sublandlord shall from time to time designate in writing to Subtenant, in lawful currency of the United States.  Rent shall be prorated for any partial calendar month during the Term.  

  e.Subtenant’s Proportionate Share.  For purposes of the Sublease, “Subtenant’s Proportionate Share” shall be equal to 100% representing the ratio of the rentable area of the Subleased Premises to the entire rentable area of the Premises on the 4th floor of the Building.

  f.Additional Rent.  Beginning on the Fourth Floor Premises Rent Commencement Date, Subtenant shall pay Subtenant’s Proportionate Share of (a) all Operating Costs and Tax Excess assessed or charged to Sublandlord pursuant to Article 9 of the Master Landlord Lease (as amended by Section 10 and Section 11 of the Fifth Amendment to the Master Landlord Lease) with respect to the Fourth Floor Premises (as defined in the Fifth Amendment to the Master Landlord Lease), (b) all other additional rent or charges payable by Sublandlord under the Master Landlord Lease and attributable to the Subleased Premises (collectively, “Additional Rent”).  Subtenant shall pay directly and on time all billings for all telephone, electricity used in the Subleased Premises that are separately metered or submetered and either billed directly to the Subleased Premises by the utility company or billed by Master Landlord and allocable to the Subleased Premises based upon the usage shown on the submeters for the Subleased Premises.  

  g.Access.  Subtenant acknowledges and agrees that Master Landlord is responsible for the access control or other system for limiting and security access to the Building and Subtenant shall be responsible for maintaining any access control or other system for limiting and securing access to the Subleased Premises and Sublandlord shall have no obligation to Subtenant to provide any access system or other security to the Subleased Premises.  Notwithstanding the foregoing, Subtenant shall provide an access card and/or key to each of Sublandlord and Master Landlord solely for the purpose that Sublandlord and Master Landlord may exercise the rights afforded to each of them under this Sublease (by incorporation) and the Master Lease.

  h.Late Charges.  If Subtenant fails to pay any installment of Yearly Rent or Additional Rent on or before its due date, Subtenant shall pay to Sublandlord the interest and administrative fees payable under Article 6 of the Master Lease for such outstanding amount, provided, however, that Sublandlord agrees to waive the administrative fees and interest charges for the 

  2

   

  

   

  first (1st) occasion, if any, in any twelve (12)-month period, if such unpaid amounts are paid within five (5) business days after written notice from Sublandlord that such amounts are delinquent.  Such administrative fees and interest shall constitute Additional Rent hereunder due and payable with the next monthly installment of Yearly Rent due under this Sublease.

  i.Incorporation of Master Lease by Reference.  Except to the extent such terms and provisions are inconsistent with or are specifically contrary to the express written provisions of this Sublease and except as provided in this Section 9, all of the terms, covenants and conditions of the Master Lease are by this reference incorporated herein and made a part of this Sublease with the same force and effect as if fully set forth herein,  provided, however, that for purposes of such incorporation, (i) the term “Lease” as used in the Master Lease shall refer to this Sublease; (ii) the term “Landlord” as used in the Master Lease shall refer to Sublandlord, except in Articles 8, 10, 18, and 23 and Section 29.4 and Section 29.7 where “Landlord” will continue to refer to Master Landlord; (iii) the term “Tenant” as used in the Master Lease shall refer to Subtenant; (iv) the term “Term” as used in the Master Lease shall refer to the Sublease Term defined herein; (v) the term “Premises” as used in the Master Lease shall refer to the Subleased Premises; and (vi) the term “Tenant’s Proportionate Share” as used in the Master Lease shall refer to Subtenant’s proportionate share.  In the event of any inconsistency between the provisions set forth in this Sublease and the provisions of the Master Lease, as incorporated herein, the provisions of this Sublease shall control as between Sublandlord and Subtenant.

  i.The following provisions of the Master Lease are expressly not incorporated into this Sublease:  Articles 3, 4 and 7, the last paragraph of Article 12, Sections 9.7, 15.2, 15.3A, 26(b), 29.3, 29.11, 29.16, 29.17, 29.18, 29.19, 29.20, 29.21, and 29.22, Exhibits 2, 5, 6, 7, 8 and 11, the Amendments, and the following defined terms contained in Exhibit 1, and any references made thereto: “Commencement Date”, “Estimated Commencement Date”, “Rent Commencement Date”, “Expiration Date”, “Yearly Rent”, “Security Deposit”, “Tenant’s Proportionate Share”, “Broker”, and “Parking”.

  ii.Notwithstanding the incorporation of Section 29.12 of the Lease, Subtenant will only have the right to use and obligation to pay for thirty (30) Parking Passes during the Sublease Term. 

  iii.Master Landlord shall have all the same rights and remedies with respect to the Subleased Premises as Master Landlord has with respect thereto under the Master Lease.  This Sublease is expressly subject and subordinate to any mortgages or deeds of trust to which the Master Lease is now or hereafter subject and subordinate pursuant to Article 24 of the Master Lease without the requirement of delivering any so-called non-disturbance agreement to Subtenant.

  iv.Without limiting any other term or provision of this Sublease, Subtenant shall not have the right to exercise any rights or options, if any, set forth in the Master Lease to extend or renew the term, to expand the Premises or lease any expansion space, or to terminate the Sublease earlier than the Sublease Expiration Date.  Subtenant shall have no right to audit Master Landlord’s records pursuant to Section 9.7 of the Master Lease nor to request that Master Landlord seek an abatement of real estate taxes.

  v.All rights of termination, if any, of the Tenant set forth in Article 18 of the Master Lease entitled “Damage By Fire, Etc.” and Article 20 of the Master Lease entitled “Condemnation – Eminent Domain” are reserved to Sublandlord, to be exercised or waived in its 

  3

   

  

   

  sole discretion.  Notwithstanding the foregoing, in the event of any casualty or condemnation pursuant to Article 18 or Article 20 of the Master Lease affecting the Subleased Premises under circumstances which, under the Master Lease, entitle Sublandlord to terminate the Master Lease, Subtenant may give written notice to Sublandlord at least five (5) Business Days prior to the date under Article 18 or Article 20 of the Master Lease by which Sublandlord must notify Master Landlord of Sublandlord’s intention to exercise its termination right, requesting that Sublandlord exercise such termination right.  If, after receipt of Subtenant’s request, Sublandlord exercises its right to terminate the Master Lease pursuant and consistent with the provisions of Article 18 or Article 20 of the Master Lease, this Sublease shall automatically terminate on the date the Master Lease so terminates.  If, after receipt of Subtenant’s request, Sublandlord does not exercise its right under Article 18 or Article 20 to terminate the Master Lease, this Sublease shall nevertheless terminate thirty (30) days after Sublandlord’s receipt of Subtenant’s request.  In addition, if a casualty or other damage to the Subleased Premises shall occur that will materially adversely affect Subtenant’s ability to use and occupy the Sublease Premises during the final four (4) months of the Sublease Term, Subtenant shall have the right to terminate this Sublease by written notice to Sublandlord.  Sublandlord shall provide Subtenant with a copy of any notice received from Master Landlord under Article 20 promptly following Sublandlord’s receipt thereof.  

  vi.Notwithstanding the incorporation of Section 8.8 of the Master Lease, Sublandlord shall have no liability to Subtenant or any other party on account of any Service Interruption and Subtenant’s right to abate the rent payable under this Sublease shall be conditioned upon and limited to the amount of rent that Sublandlord is entitled to abate under the Master Lease with respect to the Subleased Premises. 

  vii.Notwithstanding the incorporation of Article 27 of the Master Lease, all notices hereunder shall be delivered to the addresses set forth herein and otherwise in accordance with Section 19 of this Sublease.

  j.Permitted Use.  Subtenant shall use the Subleased Premises solely for the uses specified in Section 6.1 of the Master Lease in accordance with all the terms, conditions, restrictions, covenants and other provisions of the Master Lease, and not for any other uses.

  k.Signs.  Sublandlord shall request the consent of Master Landlord for Subtenant to continue to include Subtenant’s name on any currently existing building signage.  Any changes, replacements or additions by Subtenant to such directory or directories shall be at Subtenant’s sole cost and expense.

  l.Covenants of the Parties.

  i.With respect to the Subleased Premises, Subtenant covenants and agrees to assume, perform and observe all the terms, covenants and conditions required to be performed by Sublandlord, as Tenant under the Master Lease except to the extent such terms, covenants and conditions conflict with the terms of this Sublease in which event the terms of the Sublease shall control and specifically excluding the obligations to pay rent, which obligation shall be governed by the terms of this Sublease.  Subtenant further agrees that Subtenant’s performance of all such obligations shall be performed by Subtenant for the benefit of Sublandlord as well as for the benefit of Master Landlord, and that Sublandlord shall have, with respect to Subtenant, this Sublease and the Subleased Premises, all of the rights and benefits provided to Master Landlord by the Master Lease.

  4

   

  

   

  ii.Subtenant covenants and agrees that this Sublease is expressly made subject and subordinate in all respects to (i) the Master Lease and to all of its terms, covenants and conditions (including without limitation those provisions not incorporated herein by reference, as set forth in Section 9 of this Sublease); and (ii) any and all matters to which the tenancy of Sublandlord, as tenant under the Master Lease, is or may be subordinate.  Subtenant shall not do, or permit or suffer to be done, any act or omission by Subtenant, its agents, employees, contractors or invitees which is prohibited by the Master Lease, or which would constitute a violation or default thereunder, or result in a forfeiture or termination of the Master Lease or render Sublandlord liable for damages, fines, penalties, costs or expenses under the Master Lease.  Unless otherwise agreed to by the applicable parties in writing, in the event that the Master Lease expires or terminates during the Sublease Term for any reason, this Sublease shall terminate on the date of such expiration or termination of the Master Lease, with the same force and effect as if such expiration or termination date had been specified in this Sublease as the Sublease Expiration Date and Sublandlord shall have no liability to Subtenant in the event of any such expiration or termination, except to the extent that such expiration or termination is attributable to Sublandlord’s default under the Master Lease, or a voluntary act or omission by Sublandlord.

  iii.As long as this Sublease is in full force and effect, Subtenant shall be entitled, with respect to the Subleased Premises, to the benefit of Master Landlord’s obligations and agreements to furnish utilities and other services to the Subleased Premises and to repair and maintain the common areas, roof, building systems and all other obligations of Master Landlord under the Master Lease.  Notwithstanding anything provided herein or the Master Lease to the contrary, Subtenant covenants and agrees that Sublandlord shall not be obligated to furnish any services or utilities of any nature whatsoever or be responsible for the performance of any of Master Landlord’s obligations under the Master Lease, and shall not be liable in damages or otherwise for any negligence of Master Landlord or for any damage or injury suffered by Subtenant as a result of any act or failure to act by Master Landlord, or any default by Master Landlord in the performance of its obligations under the Master Lease, nor shall any such action, failure to act, or default by Master Landlord constitute a constructive eviction or default by Sublandlord hereunder.  Notwithstanding anything to the contrary contained in this Sublease or the Master Lease, Sublandlord shall not be bound by and expressly does not make any of the indemnifications, representations or warranties, if any, made by Master Landlord under the Master Lease.  If Master Landlord shall default in the performance of its obligations under the Master Lease with respect to the Subleased Premises, Sublandlord, upon receipt of written notice thereof from Subtenant, shall use commercially reasonable efforts to cause Master Landlord to perform its obligations under the Master Lease and to enforce the terms thereof, provided such commercially reasonable efforts shall not require Sublandlord to expend any money to cause Master Landlord to perform its obligations under the Master Lease unless Subtenant shall reimburse Sublandlord for any costs incurred by Sublandlord, including, without limitation, reasonable attorneys’ fees.  

  iv.Except as expressly provided in this Sublease, including, without limitation, Section 15(b)(ii) below, Sublandlord shall not incur any liability whatsoever to Subtenant for any injury, inconvenience, incidental or consequential damages incurred or suffered by Subtenant as a result of the exercise by Master Landlord of any of the rights reserved to Master Landlord under the Master Lease, nor shall such exercise constitute a constructive eviction or a default by Sublandlord hereunder.  Subtenant’s obligations to pay Yearly Rent, Additional Rent and any 

  5

   

  

   

  other charges due under this Sublease shall not be reduced or abated in the event that Master Landlord fails to provide any service, to perform any maintenance or repairs, or to perform any other obligation of Master Landlord under the Master Lease, except if and only to the extent that Sublandlord’s obligation to pay Yearly Rent, Additional Rent and other charges under the Master Lease with respect to the Subleased Premises is actually abated as a result of Master Landlord’s failure.

  v.In all provisions of the Master Lease requiring the approval or consent of, or notice to, Master Landlord, Subtenant shall be required to obtain the approval or consent of, or provide notice to, both Master Landlord and Sublandlord.  If Sublandlord’s consent shall be required under the terms of this Sublease, Sublandlord shall not be deemed to be unreasonable in withholding such consent if Master Landlord withholds its consent thereto (unless Sublandlord’s default or other action is the sole cause of Master Landlord’s withholding of consent and Sublandlord’s giving of its consent will not be a breach or default under the Master Lease) and Sublandlord shall have no liability to Subtenant for any loss, damage or injury in the event that Master Landlord withholds its consent.

  vi.Sublandlord covenants that, subject to the terms and conditions of the Master Lease and this Sublease, if and so long as Subtenant keeps and performs each term and condition herein contained on its part to be kept and performed, Subtenant shall not be disturbed in the enjoyment of the Subleased Premises by Sublandlord or by anyone claiming by, through or under Sublandlord.

  vii.Whenever a notice is given or received pursuant to the Master Lease by or to Sublandlord or Subtenant which has relevance to the Subleased Premises, Sublandlord and Subtenant each agree promptly to provide the other with a copy of such notice.

  viii.Sublandlord represents to Subtenant that (i) Sublandlord has not received any written notice of any default or breach from Master Landlord under any covenants, conditions, restrictions, rights or provisions of the Master Lease and (ii) to Sublandlord's actual knowledge without inquiry or investigation, there has been no default and no event has occurred that with notice or lapse of time or both would constitute a default under the Master Lease, and (iii) a true, complete and correct copy of the Master Lease is attached hereto as Exhibit A.

  m.Assignment and Subletting.  Subtenant covenants and agrees this Sublease shall not be assigned, voluntarily or by operation of law or otherwise, or the Subleased Premises further sublet, in whole or in part, or any part thereof suffered or permitted by Subtenant to be used or occupied by others without Master Landlord’s and Sublandlord’s prior written consent (which consent of Sublandlord will not be unreasonably withheld, conditioned or delayed in accordance with the same terms and conditions in the Master Lease applicable to Master Landlord’s consent rights) and any such assignment or sublease shall be subject to all of the terms and conditions of Article 16 of the Master Lease, including, without limitation, the provisions thereof which define what activities will constitute an assignment or sublease and the standards for Master Landlord and Sublandlord to grant or withhold consent thereto.  No consent to any assignment or subletting shall be deemed to be a consent to any further assignment or subletting, and no assignment or subletting or consent thereto shall release or subordinate the primary liability of Subtenant under this Sublease in any regard whatsoever.  Notwithstanding the foregoing, Subtenant shall have the right to assign this Sublease or transfer the entirety or any portion of the Subleased Premises, to a Permitted Assignee (as defined in Section 16(a) of the Master Lease) or 

  6

   

  

   

  an Affiliated Entity (as defined in Section 16(c) of the Master Lease), without obtaining Sublandlord’s consent, but subject to Subtenant obtaining any required consent of Master Landlord.

  n.Insurance.  Subtenant shall obtain and maintain all insurance types and coverage for the Subleased Premises as specified in the Master Lease to be obtained and maintained by Sublandlord, in amounts not less than those specified in the Master Lease.  All such policies of insurance shall be subject to and comply with the terms and provisions of the Master Lease and shall, in addition, name Sublandlord as an additional insured thereunder.  Subtenant hereby agrees that the property damage insurance carried by Subtenant hereunder shall provide for the waiver by the insurance carrier of any right of subrogation against Sublandlord and Master Landlord, and Subtenant further agrees that, with respect to any damage to property, the loss of which is covered by insurance carried by Subtenant under this Sublease, Subtenant releases Sublandlord and Master Landlord from any and all claims with respect to such loss to the extent of the insurance proceeds paid with respect thereto.

  o.Indemnification.

  (a)	Except to the extent caused by the negligence or willful misconduct of Sublandlord, Master Landlord or any of their respective agents, employees or contractors, Subtenant will save Master Landlord and the Sublandlord harmless, and will defend and indemnify Master Landlord and Sublandlord, from and against any and all costs, expenses (including reasonable attorneys’ fees), damages, claims, liabilities, losses, fines or penalties asserted by or on behalf of any person, firm, corporation or public authority arising from or based upon (i) any injury to person, or loss of or damage to property, sustained or occurring in or on the Subleased Premises; or (ii) any injury to person, or loss of or damage to property, sustained or occurring elsewhere in or about the Building (other than on the Subleased Premises) to the extent arising out of Subtenant’s use or occupancy of the Building or the Subleased Premises, or caused by the act or omission of any person for whose conduct Subtenant is legally responsible; or (iii) any work or other act done (other than by Master Landlord or Sublandlord or their respective contractors, agents or employees) in the Subleased Premises during the Term of this Sublease; or (iv) the omission, fault, willful act, negligence or other misconduct of Subtenant or any of Subtenant’s agents, employees, licensees, contractors, customers or invitees; or (v) the failure of Subtenant to perform and discharge any of its covenants and obligations under this Sublease.  

  	(b)	Except to the extent caused by the negligence or willful misconduct of Subtenant, Master Landlord or their respective agents, contractors or employees, Sublandlord will save Subtenant harmless, and will defend and indemnify Subtenant, from and against any and all costs, expenses (including reasonable attorneys’ fees), damages, claims, liabilities, losses, fines or penalties asserted by or on behalf of any person, firm, corporation or public authority arising from or based upon (i) the negligence or willful misconduct of Sublandlord or any of Sublandlord’s agents, employees or contractors, or (ii) the failure of Sublandlord to perform and discharge any of its covenants and obligations under this Sublease.  In addition to the foregoing, Subtenant shall not do or permit anything to be done which would cause a default under the Master Lease (exclusive of defaults under any of the redacted provisions of the Master Lease), or termination or forfeiture by reason of any right of termination or forfeiture, reserved or vested in the Master Landlord under the Master Lease. 

  7

   

  

   

  (c)	In case any action or proceeding is brought against a party for which the other party has covenanted under this Sublease to indemnify such party, the indemnifying party will, at its sole expense, defend such action or proceeding and employ counsel reasonably satisfactory to the indemnified party.  The indemnities set forth in this Section 15 shall survive the expiration or earlier termination of this Sublease.

  p.Sublandlord’s Approval of the Subtenant’s Alterations and Improvements.  Subtenant shall not perform any changes, alterations, additions or improvements to the Subleased Premises without the prior written consent of Sublandlord and Master Landlord to the extent Master Landlord’s consent is required under the terms of the Master Lease.  Sublandlord’s consent shall not be unreasonably withheld, conditioned or delayed.  Any Alterations approved by Sublandlord shall be subject to and performed in accordance with all of the terms and conditions of the Master Lease, including, without limitation, Article 12 of the Master Lease.  

  q.Surrender; and Holding Over.

  i.At the expiration or earlier termination of this Sublease, Subtenant shall quit and surrender the Subleased Premises in vacant, broom clean condition, damage by casualty excepted.  Without limitation of any of the foregoing, Subtenant shall on or before the expiration or earlier termination of this Sublease, (i) remove all of Subtenant’s personal property (provided that Subtenant shall not be required to remove its wiring and cabling); and (ii) remove all trash and broom sweep the Subleased Premises.  If any personal property of Subtenant shall remain in the Subleased Premises after the termination of this Sublease, at the election of Sublandlord, (x) it shall be deemed to have been abandoned by Subtenant and may be retained by Sublandlord as its own property; or (y) such property may be removed and disposed of by Sublandlord at the expense of Subtenant.  Subtenant’s obligation to observe or perform under this Section 17 shall survive the expiration or earlier termination of this Sublease.

  ii.If Subtenant fails to surrender the Subleased Premises in the condition required hereunder on the expiration or earlier termination of the Sublease, such holding over shall render Subtenant a tenant-at-sufferance only, and shall be subject to all of the terms and provisions of this Sublease, and Subtenant shall pay to Sublandlord the sum of (i) monthly holdover Yearly Rent equal to 150% of the Base Rent payable in the last month of the Sublease Term plus any Additional Rent as set forth in this Sublease; and (iii) any and all other costs and expenses incurred by Sublandlord in connection with such holdover as reasonably determined by Sublandlord.  

  r.Default.

  i.For purposes of this Sublease, in the event Subtenant shall default in the performance of any of the terms, conditions or covenants of this Sublease, Subtenant’s cure period shall be five (5) business days with respect to monetary defaults and twenty (20) days with respect to non-monetary defaults, in either case, after notice from Sublandlord (provided that with respect to non-monetary defaults that reasonably require more than twenty (20) days to cure, Subtenant shall have such additional period of time required provided that Subtenant commences such cure within such twenty (20) day period and thereafter diligently pursues such cure to completion).

  ii.In the event that Subtenant shall default in the payment of Yearly Rent or Additional Rent hereunder, or default in the performance or observance of any of the terms, 

  8

   

  

   

  conditions and covenants of this Sublease, which default shall not be cured within the grace periods set forth in this Sublease, Sublandlord, in addition to and not in limitation of any rights otherwise available to it, shall have the same rights and remedies with respect to such default as are provided to Master Landlord under the Master Lease with respect to defaults by the Tenant thereunder, with the same force and effect as though all such provisions relating to any such default or defaults were herein set forth in full, and Subtenant shall have all of the obligations of the Tenant under the Master Lease with respect to such default.  Except for Subtenant’s liability under Section 17(b) of this Sublease, in no event shall either party be liable to the other for any special, punitive or consequential damages of any kind.

  s.Notice.  Any notice, consent, request, bill, demand or statement hereunder by either party to the other party shall be in writing and delivered or served in accordance with Article 27 of the Master Lease and addressed as follows: if to Sublandlord: 25 First Street, Second Floor, Cambridge, Massachusetts  02141, Attn:  General Counsel, with a copy to Goodwin Procter LLP, 100 Northern Avenue, Boston, MA  02210, Attn:  Katherine L. Murphy, Esquire; if to Subtenant: CarGurus, Inc. 2 Canal Park, Fourth Floor, Cambridge, Massachusetts, 02141, Attn: Director of Real Estate, with copies to CarGurus, Inc. 2 Canal Park, Fourth Floor, Cambridge, Massachusetts, 02141, Attn: General Counsel, and Dain, Torpy, Le Ray, Wiest & Garner, P.C., 745 Atlantic Avenue, Fifth Floor, Boston, Massachusetts, 02111, Attn: Eric Labbe, or to such other address and attention as any of the above shall notify the others in writing.

  t.Rules and Regulations.  Subtenant shall abide by any rules and regulations from time to time established by Master Landlord under the Master Lease; provided, that, Sublandlord or Master Landlord provides written notice to Subtenant of any such rules and regulations, not attached to the Master Lease.

  u.Recording.  In the event that this Sublease or a copy hereof or any notice hereof shall be recorded by Subtenant, then such recording shall constitute a default by Subtenant entitling Sublandlord to immediately terminate this Sublease, without notice or opportunity to cure such default.  Without limiting the foregoing, Sublandlord acknowledges that Subtenant will be required to file this Sublease in accordance with applicable SEC regulations.

  v.Quiet Enjoyment.  Sublandlord covenants that so long as there is no default of Subtenant in existence and continuing beyond the expiration of applicable notice and cure periods, Subtenant shall quietly enjoy the Subleased Premises from and against the claims of all persons claiming by, through and under Sublandlord subject, nevertheless, to the covenants, agreements, terms, provisions and conditions of this Sublease and the Master Lease, and the lien of the mortgages, ground leases and/or underlying leases to which this Sublease and the Master Lease are subject and subordinate.

  w.No Brokers.  Each party represents to the other that it has not dealt with any real estate broker, finder or other person with respect to this Sublease in any manner.  Each party shall hold harmless the other party from all damages resulting from any claims that may be asserted against the other party by any broker, finder or other person with whom the indemnifying party has or purportedly has dealt.  

  x.Governing Law; Interpretation and Partial Invalidity.  This Sublease shall be governed and construed in accordance with the laws of the Commonwealth of Massachusetts, without regard to any conflict of law principles.  If any term of this Sublease, or the application thereof to any person or circumstances, shall to any extent be invalid or unenforceable, the remainder of 

  9

   

  

   

  this Sublease, or the application of such term to persons or circumstances other than those as to which it is invalid or unenforceable, shall not be affected thereby, and each term of this Sublease shall be valid and enforceable to the fullest extent permitted by law.  The titles for the Sections of this Sublease are for convenience only and are not to be considered in construing this Sublease.  This Sublease contains all of the agreements of the parties with respect to the subject matter hereof and supersedes all prior dealings between them with respect to such subject matter.  No delay or omission on the part of either party to this Sublease in requiring performance by the other party or exercising any right hereunder shall operate as a waiver of any provision hereof or any rights hereunder, and no waiver, omission or delay in requiring performance or exercising any right hereunder on any one occasion shall be construed as a bar to or waiver of such performance or right on any future occasion.

  y.Binding Agreement.  This Sublease shall become effective and binding only upon the mutual execution and delivery of this Sublease by both Sublandlord and Subtenant and receipt of the Master Landlord Sublease Consent.  This Sublease shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, subject to the provisions of the Master Lease and this Sublease regarding assignment and subletting.  This Sublease shall not be modified or amended, except by a written document executed by both parties to this Sublease and specifically identifying the provision(s) being modified or amended.

  z.Counterparts and Authority.  This Sublease may be executed in multiple counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same document.  Sublandlord and Subtenant each represent and warrant to the other that the person or persons executing this Sublease on its behalf has or have authority to do so and that such execution has fully obligated and bound such party to all terms and provisions of this Sublease.

  aa.Master Landlord Sublease Consent.  This Sublease is subject to and conditioned upon Sublandlord obtaining the written consent of Master Landlord hereto in form and content reasonably acceptable to Sublandlord and Subtenant (“Master Landlord Sublease Consent”).  Notwithstanding anything in this Sublease to the contrary, this Sublease shall be of no force or effect whatsoever, or be binding in any way, unless and until Master Landlord has given its Master Landlord Sublease Consent.  If the Master Landlord Sublease Consent is not obtained within thirty (30) days after the Effective Date, either party may have the option to terminate this Sublease by providing written notice to the other party.

  [Signatures commence on following page]

   

  10

   

  

   

  EXECUTED as an instrument under seal as of the Effective Date.

  SUBLANDLORD:

   

  HUBSPOT, INC., 

  a Delaware corporation

   

  By:	 /s/ John Kelleher	

  Name: John Kelleher	

  Title: General Counsel	

   

   

  SUBTENANT:

   

  CARGURUS, INC., 

  a Delaware corporation

   

  By: /s/ Jason Trevisan				

  Name: Jason Trevisan				

  Title: CEO					

  	 

  11

   

  

   

  EXHIBIT A

   

  COPY OF MASTER LEASE

   

   

  A

   

   

  4827-6448-3324, v. 3

  

   

  EXHIBIT B

   

  SUBLEASED PREMISES

   

   

   

   

   

   

   

  

   

  CONSENT TO SUBLEASE

   

  	This CONSENT TO SUBLEASE (the “Consent”) dated this 6th day of October, 2021 (the “Effective Date”), is made by and among TWO CANAL PARK MASSACHUSETTS, LLC, a Delaware limited liability company (the “Landlord”), HUBSPOT, INC., a Delaware corporation (the “Tenant”), and CARGURUS, INC., a Delaware corporation (the “Subtenant”).

   

  RECITALS:

   

  A.	WHEREAS, Landlord and Tenant entered into that certain Lease dated April 21, 2015, as amended by that certain First Amendment to Lease dated August 10, 2016, Second Amendment to Lease dated March 12, 2018, Third Amendment to Lease dated December 2, 2019, Fourth Amendment to Lease dated January 6, 2020, and Fifth Amendment to Lease dated July 2, 2021 (collectively, the “Lease”), whereby Tenant leases certain premises from Landlord consisting of approximately: (i) 17,358 rentable square feet on the first (1st) floor; (ii) approximately 50,602 rentable square feet on the second (2nd) floor; (iii) approximately 48,047 rentable square feet on the third (3rd) floor; (iv) approximately 48,059 rentable square feet on the fourth (4th) floor; and (v) approximately 41,201 rentable square feet on the fifth (5th) floor for a total of approximately 205,267 rentable square feet (the “Premises”) in the building located at Two Canal Park, Cambridge, Massachusetts (the “Building”); 

   

  B.	WHEREAS, pursuant to Section 16 of the Lease, Tenant shall not sublet any portion of the Premises without the prior written consent of Landlord; 

   

  C.	WHEREAS, Tenant and Subtenant desire to enter into that certain Sublease dated October 6, 2021 (the “Sublease”, a copy of which is attached hereto as Exhibit “A”), pursuant to which Tenant desires to sublease a portion of the Premises consisting of approximately 48,059 rentable square feet located on the fourth (4th) floor of the Building (the “Subleased Premises”); and

   

  D. 	WHEREAS, Tenant has requested Landlord’s consent to such Sublease and Landlord is willing to consent to the Sublease subject to the terms and conditions set forth herein. 

   

  AGREEMENT:

   

  NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

   

  1.       	Consent to Sublease.  The Landlord hereby consents to the Sublease; provided however, such consent is granted by Landlord only upon the terms and conditions set forth in this Consent. Landlord shall not be bound by any of the terms, covenants, conditions, provisions of the Sublease, except to the extent otherwise expressly agreed to in this Consent. 

   

  2.      	Non-Release of Tenant and Further Transfers. Neither the Sublease nor this Consent shall release or discharge Tenant from any liability, whether past, present or future, under the Lease or alter the primary liability of Tenant to pay the rent and perform and comply with all of the obligations of Tenant under the Lease. Neither the Sublease nor this Consent shall be construed as 

   

   

  

   

  a waiver of Landlord’s right to consent to any further subletting either by Tenant or by Subtenant or to any assignment by Subtenant of the Sublease, or as a consent to any portion of the Subleased Premises being used or occupied by any other party. 

   

  3.     Sublease Term.  Tenant and Subtenant hereby acknowledge that the term of the Sublease (the “Sublease Term”) shall begin on December 1, 2022 and shall expire on November 30, 2023 or upon expiration or earlier termination of the Lease (the “Sublease Expiration Date”). 

   

  4.	Sublease Profits. Pursuant to Section 16(f) of the Lease, Tenant hereby acknowledges that Tenant shall pay to Landlord, fifty percent (50%) of any Net Transfer Profit in connection with the Sublease which amount shall be paid in accordance with the terms and conditions of the Lease. 

   

  5.	Subordination of Sublease to Lease. The Sublease is in all respects subordinate to the terms of the Lease.  Insofar as the terms of the Sublease purport to amend or modify or are in conflict with the terms of the Lease, the terms of the Lease shall control, and such Lease terms applicable to the Subleased Premises shall apply in all respects to Subtenant, except that Subtenant’s obligation to pay rent and other charges to Tenant shall be determined by the Sublease. Landlord assumes no liability whatsoever on account of anything contained in the Sublease. Tenant and Subtenant acknowledge and agree that in the event of any conflict between the terms and conditions of the Sublease and the terms of the Lease, the terms and conditions of the Lease will control as between Tenant and Landlord.

   

  6.     Limitation of Subtenant Rights. Except as otherwise set forth herein, any rights of Subtenant under the Sublease may be enforced by Subtenant only against Tenant, and Subtenant shall have no right to enforce any of Tenant’s rights under the Lease against Landlord by virtue of the Sublease, this Consent, or otherwise.

   

  7.    Intentionally Omitted. 

   

  8.       Assignment of Rents and Event of Termination of Lease. Tenant hereby assigns and transfers to Landlord, the Tenant’s interest in the Sublease and all rentals and income arising therefrom.  Landlord, by consenting to the Sublease agrees that until a default shall occur in the performance of Tenant's obligations under the Lease, Tenant may receive, collect and enjoy the rents accruing under the Sublease. In the event Tenant shall be in default in the performance of its obligations to Landlord under the Lease, Landlord may, at its option by written notice to Tenant, elect to receive and collect, directly from Subtenant, all rent and any other sums owing and to be owed under the Sublease. In the event that the Lease shall be terminated, Landlord may, at its option by written notice to Subtenant either: (a) terminate the Sublease, or (b) elect to succeed to Tenant's interest in the Sublease and cause Subtenant to attorn to Landlord, as further set forth in Section 10 below. 

   

  9.         Landlord's Election to Receive Rents.  Landlord shall not, by reason of the Sublease, nor by reason of the collection of rents or any other sums from the Subtenant pursuant to Section 8 above, be deemed liable to Subtenant for any failure of Tenant to perform and comply with any obligation of Tenant, and Tenant hereby irrevocably authorizes and directs Subtenant, upon receipt 

   

   

  

   

  of any written notice from Landlord stating that a default exists under the Lease in the performance of Tenant's obligations under the Lease (beyond the applicable notice and cure period set forth in the Lease), to pay to Landlord the rents and any other sums due and to become due under the Sublease.  Tenant agrees that Subtenant shall have the right to rely upon any such statement and request from Landlord, and that Subtenant shall pay any such rents and any other sums to Landlord without any obligation or right to inquire as to whether such default exists and notwithstanding any notice from or claim from Tenant to the contrary.  Tenant shall not have any right or claim against Subtenant for any such rents or any other sums so paid by Subtenant to Landlord.  Landlord shall credit Subtenant with any rent received by Landlord under such assignment but the acceptance of any payment on account of rent from the Subtenant as the result of any such default shall in no manner whatsoever be deemed an attornment by the Landlord to Subtenant or by Subtenant to Landlord, be deemed a waiver by Landlord of any provision of the Lease or serve to release Tenant from any liability under the terms, covenants, conditions, provisions or agreements under the Lease.  Notwithstanding the foregoing, any other payment of rent from the Subtenant directly to Landlord, regardless of the circumstances or reasons therefor, shall in no manner whatsoever be deemed an attornment by the Subtenant to Landlord in the absence of a specific written agreement signed by Landlord to such an effect. 

   

  10.      Landlord's Election of Attornment.  In the event Landlord elects, at its option, to cause Subtenant to attorn to Landlord pursuant to Section 8(b), above, Landlord shall undertake the obligations of Tenant under the Sublease from the time of the exercise of the option, but Landlord shall not: (a) be liable for any prepayment of more than one month's rent or any security deposit paid by Subtenant; (b) be liable for any previous act or omission of Tenant  under the Lease or for any other defaults of Tenant under the Sublease; (c) be subject to any defenses or offsets previously accrued which Subtenant may have against Tenant; or (d) be bound by any changes or modifications made to the Sublease without the written consent of Landlord.

   

  11.     Brokers Fee. Tenant and Subtenant agree to indemnify and hold Landlord harmless from and against any loss, cost, expense, damage or liability, including reasonable attorneys’ fees, incurred as a result of a claim by any person or entity that it is entitled to a commission, finder’s fee or like payment in connection with the Sublease.

   

  12.     Notices. All notices, demands and requests which may or are required to be given by either party to the other pursuant to this Consent shall be in writing  and shall be given by (a) personal delivery; (b) United States registered or certified mail, postage prepaid, return receipt requested; or (c) reputable overnight carrier (i.e. Federal Express or UPS). All notices, demands and requests which shall be served upon either party in the manner aforesaid shall be deemed sufficiently served or given: (i) upon personal delivery; (ii) one (1) day after being sent by reputable overnight carrier for next day delivery; or (ii) three (3) days after being mailed via registered or certified mail. Refusal to accept delivery shall constitute receipt. The parties shall be notified at the following:

   

  	If to Landlord, then to:	Two Canal Park Massachusetts, LLC

  					c/o Intercontinental Real Estate Corporation

  					1270 Soldiers Field Road

  					Boston, MA 02135

   

   

  

   

  Attention: Scott Kelly, Regional Director – Asset Management 

  	 

  if to Tenant, then to:		HubSpot, Inc.

  25 First Street – 2nd Floor

  				Cambridge, Massachusetts 02141

  				Attention: General Counsel

   

     If to Subtenant, then to:	CarGurus, Inc. 

  2 Canal Park – 4th Floor

  Cambridge, Massachusetts, 02141

  Attn: Director of Real Estate

   

   with copies to:	CarGurus, Inc. 

  2 Canal Park – 4th Floor

  Cambridge, Massachusetts, 02141

  Attn: General Counsel, and 

   

  Dain, Torpy, Le Ray, Wiest & Garner, P.C.

  745 Atlantic Avenue – 5thFloor

  Boston, Massachusetts, 02111

  Attn: Eric Labbe

  				 

   

  13.  Review Fee and Attorneys Fees.  Pursuant to Section 16(e) of the Lease, Tenant shall pay to Landlord a review fee in the amount of Landlord’s reasonable, out of pocket costs for Landlord’s review of any requests by Tenant to sublet the Premises.

   

  14.  Subtenant Waiver.  The parties hereto acknowledge that Subtenant is currently in occupancy of the Subleased Premises pursuant to that certain Lease, dated October 8, 2014 (as amended to date, the “CarGurus Lease”) between Landlord and Subtenant, the term of which is scheduled to expire on November 30, 2022.  In consideration of the execution of the Sublease by Tenant and the execution and delivery of this Consent by Landlord, Subtenant hereby irrevocably waives the right to extend the term of the CarGurus Lease pursuant to Section 29.16 thereof.  

   

   

  [SIGNATURE PAGE TO FOLLOW] 

   

   

   

  

   

  IN WITNESS WHEREOF, the undersigned have executed this Consent as of the Effective Date.  

   

  LANDLORD:

  TWO CANAL PARK MASSACHUSETTS, LLC, 

  a Delaware limited liability company

   

  By:  Bay State REIT, LLC 

          a Delaware limited liability company, its Manager

   

  By:  U.S. Real Estate Investment Fund REIT, Inc. 

           a Delaware corporation, its Manager

   

  By:      /s/ Thomas Taranto

  Name:  Thomas Taranto

  Title:    Vice President

   

  		 

  TENANT: 

   

  	
	HUBSPOT, INC.
a Delaware corporation 

	 

	 
By:       /s/ John Kelleher
Name:	John Kelleher
Title:	General Counsel

	 

   

  	 

  SUBTENANT:

   

  CARGURUS, INC.

   

  By:	/s/ Jason Trevisan

  Name: Jason Trevisan	

  Title:   CEO

   

   

   

  

   

  EXHIBIT “A” TO CONSENT TO SUBLEASE

   

  The SubleaseEX-10.30

  Exhibit 10.30

  SUBLEASE

   

  CARGURUS, INC., a Delaware corporation, with a place of business at 2 Canal Park, Suite 4, Cambridge, MA 02141 (“Sublessor”), and AMYLYX PHARMACEUTICALS, INC., a Delaware corporation, with a place of business at 43 Thorndike Street, Cambridge, MA 02141 (“Sublessee”), make this Sublease as of December 23, 2021.

   

  Preliminary Statement

   

  Sublessor is the tenant under a Lease dated June 19, 2018, by and between Sublessor and US PARCEL A, LLC (“Lessor”), as landlord (hereinafter referred to as the “Lease” and attached hereto as Exhibit A), with respect to premises (the “Premises”) consisting of approximately 48,393 rentable square feet on the entire second (2nd) through fifth (5th) floors and a portion of the first (1st) floor of the building (the “Building”) commonly known as 121 First Street, Cambridge, Massachusetts, as more particularly described in the Lease. 

   

  Sublessor desires to sublet to Sublessee, and Sublessee desires to accept from Sublessor, a portion of the Premises containing approximately 24,393 rentable square feet comprising the entire second (2nd) and third (3rd) floors and a portion of the first (1st) floor of the Building as shown on Exhibit B (the “Subleased Premises”), on the terms and conditions set forth in this Sublease.

   

  Agreement

   

  In consideration of the mutual covenants of this Sublease and other valuable consideration, the receipt and sufficiency of which Sublessee and Sublessor hereby acknowledge, Sublessor and Sublessee agree as follows:

   

  1.	Subleased Premises.  Sublessor hereby subleases to Sublessee, and Sublessee hereby subleases from Sublessor, the Subleased Premises subject to the terms and conditions of this Sublease. Sublessor shall deliver the Subleased Premises to Sublessee on the Commencement Date (as hereinafter defined) in such “AS IS, WHERE IS” condition as exists on the date delivered to Sublessee, free of all occupants other than Sublessee, except that Sublessor shall deliver the Subleased Premises to Sublessee broom clean, with (a) the offices, conference rooms, base wiring and technology and other improvements substantially in accordance with the floor plan/furniture plan attached hereto as Exhibit B, (b) all personal property of Sublessor removed therefrom, and (c) all Base Building HVAC and Building electrical, plumbing, sewer and mechanical systems serving the Subleased Premises in working condition (the “Delivery Condition”). Upon delivery of possession of the Subleased Premises to Sublessee in accordance with the terms hereof, Sublessee shall conclusively be deemed to have accepted the Subleased Premises in the condition delivered and to have acknowledged that the same are in good condition and satisfactory to Sublessee in all respects and Sublessor has no obligation to make any improvements the Subleased Premises. Sublessee acknowledges that Sublessor has made no representations or warranties concerning the Subleased Premises or the Building or their fitness for Sublessee’s purposes, except as expressly set forth in this Sublease. Sublessee shall have access to the Subleased Premises and the Common Areas (as such term is defined in the Lease) 

  1

  

  twenty-four (24) hours per day, seven (7) days per week, fifty-two (52) weeks per year during the Sublease Term, subject to the terms and conditions of the Lease.

  2.	Term. The term of this Sublease (the “Sublease Term”) shall commence on the later of (i) the date on which Sublessor delivers the Subleased Premises to Sublessee in the Delivery Condition (the “Delivery Date”), and (ii) the date on which Lessor consents to this Sublease in writing in accordance with Section 17 below (the “Commencement Date”) and shall, subject to Section 21 below, terminate on the date that is thirty-six (36) months after the Rent Commencement Date, or such sooner date upon which the Sublease Term may expire or terminate under this Sublease, the Lease or pursuant to law.  Sublessee anticipates that the Delivery Date will occur on or about January 1, 2022. Promptly following the final determination of the Commencement Date and upon request of Sublessor, Sublessor and Sublessee shall jointly execute a written declaration specifying the actual Commencement Date. Sublessor shall not terminate the Lease voluntarily or otherwise such that the Lease will terminate at any time during the Sublease Term for any reason, including, without limitation, on account of any casualty or condemnation event, unless pursuant to the terms of this Sublease, Sublessor has the right to terminate this Sublease on account of such casualty or condemnation event and Sublessor property terminates this Sublease.

   

  Notwithstanding anything herein to the contrary, Sublessor shall use commercially reasonable efforts to permit Sublessee to have access to the Subleased Premises during the thirty (30) days prior to the Delivery Date solely for the purposes of installing operational wiring and telecommunications, setting up workstations, and establishing general operations in preparation for Sublessee’s occupancy.  Such access by Sublessee prior to the Delivery Date shall be subject to Sublessor’s concurrent right to occupy the Subleased Premises, and shall be further subject to all of the terms and conditions of this Sublease, other than the payment of Base Rent and Additional Rent, and Sublessor shall not be responsible for any injury to persons or damage to property resulting from such early access by Sublessee. 

   

  3.	Use.  (a)  Sublessee shall use and occupy the Subleased Premises only for the use permitted under the Lease (the “Permitted Uses”). Sublessee shall also comply with all laws governing or affecting Sublessee’s use of the Subleased Premises for the Permitted Use, and Sublessee acknowledges that Sublessor has made no representations or warranties concerning whether the Permitted Uses comply with such laws.

   

  	(b)	Notwithstanding anything to the contrary contained in this Sublease or the Lease, Sublessor shall be responsible for the purchase and installation of a key card access system, which will grant Sublessee with access to the Building in accordance with Section 1 of this Sublease.

   

  	(c)	Sublessor will provide a directory listing for the name of Sublessee in the Building lobby, at Sublessor’s expense. Any other desired signage shall be subject to all terms of the Lease and shall be subject to Lessor’s, Sublessor’s, and the City of Cambridge’s approval, which approval of Sublessor shall not be unreasonably withheld, conditioned, or delayed. Sublessee shall be solely responsible at its sole cost and expense for (i) obtaining and maintaining all necessary licenses, permits and approvals for such signage, and (ii) the installation, maintenance, repair, replacement, and removal of any such approved signage.

  2

  

   

  4.	Monthly Base Rent. Commencing on the date occurring one hundred eighty (180) days after the Commencement Date (the “Rent Commencement Date”), and continuing during the Sublease Term, Sublessee shall pay to Sublessor, base rent (“Base Rent”) at the annual rental rate of (i) $76.00 per rentable square foot in the Subleased Premises from the Rent Commencement Date through the date immediately preceding the first anniversary of the Rent Commencement Date, which is equal to $152,000.00 per month, (ii) $77.90 per rentable square foot in the Subleased Premises from the first anniversary of the Rent Commencement Date through the date immediately preceding the second anniversary of the Rent Commencement Date, which is equal to $155,800.00 per month, and (iii) $79.85 per rentable square foot in the Subleased Premises from the second anniversary of the Rent Commencement Date through the date immediately preceding the third anniversary of the Rent Commencement Date, which is equal to $159,700.00 per month.  The first monthly installment shall be delivered to Sublessor by Sublessee upon execution of this Sublease by Sublessee.  If the Sublease Term includes a partial calendar month at its beginning or end, the monthly installment of Base Rent for such partial month shall be prorated at the rate of 1/30th of the monthly installment for each day in such partial month within the Sublease Term and shall be payable in advance on the first day of such partial month occurring within the Sublease Term.  The Base Rent shall be paid to Sublessor at its offices located at the address set forth in the opening paragraph of this Sublease, Attention: Accounts Receivable, or such other place as Sublessor may designate in writing, in lawful money of the United States of America, without demand, deduction, offset or abatement.  All sums due under this Sublease other than Base Rent shall be deemed “Additional Rent”.  Any installment of Base Rent or Additional Rent which is unpaid after ten (10) days following the date when due shall bear interest at the lesser of (a) an annual rate of twelve percent (12%) or (b) the highest rate permitted by law, from the date due until the date fully paid.

   

  5.	Operating Expenses, Taxes and Utilities. Sublessee shall pay (i) commencing January 1, 2023, 50% (“Sublessee’s Proportionate Share”) of the sums payable under Section 6.3 of the Lease which exceed the Common Area Operating Charges for calendar year 2022, (ii) commencing July 1, 2023, Sublessee’s Proportionate Share of the sums payable under Section 5.1 of the Lease which exceed the Real Estate Taxes for the fiscal year ending June 30, 2022, and (iii) commencing on the Commencement Date, 100% of the sums payable under Section 7.1 of the Lease solely with respect to electricity consumed in the Subleased Premises as shown on a check meter, and (iv) all other additional rent and other charges payable under the Lease which would not have become due and payable but for the acts and/or omissions of Sublessee, its employees, agents, or contractors under this Sublease, and (v) all other additional rent and other charges payable under the Lease with respect to the Subleased Premises which are otherwise attributable to the Subleased Premises.  Sublessee shall make estimated payments of Sublessee’s Proportionate Share of the amounts due under Sections 5.3 and 6.4 of the Lease to Sublessor to the extent Lessor requires the same of Sublessor, as tenant under the Lease.  Unless a shorter period exists for payment of the same under the Lease, all amounts for which no time period is specified herein shall be due to Sublessor from Sublessee within ten (10) business days of billing for the same. If Lessor shall issue to Sublessor any credit or refund in respect of Real Estate Taxes or Common Area Operating Charges relating to any period for which Sublessee is making corresponding payments under this Sublease, Sublessor shall (a) provide Sublessee with a copy of the supporting documentation received by Sublessor, and (b) give to Sublessee a credit or 

  3

  

  refund equal to Sublessee’s Proportionate Share of the portion of such credit or refund. In addition, unless otherwise billed by Sublessor under this Sublease, Sublessee shall pay the appropriate utility companies for all utilities consumed within the Subleased Premises during the Sublease Term.  Sublessee’s obligations hereunder shall survive the expiration or earlier termination of this Sublease.

   

  6.	Security Deposit. Upon execution and delivery of this Sublease by Sublessee, Sublessee shall pay to Sublessor the sum of $456,000.00 (the “Security Deposit”) as security for the full and timely payment and performance of Sublessee’s obligations under this Sublease.  If Sublessee fails to pay or perform in a full and timely manner any of its obligations under this Sublease, Sublessor may apply all or any portion of the Security Deposit toward curing any such failure and compensating Sublessor for any loss, damage or expenses arising from such failure.  If Sublessor so applies any portion of the Security Deposit, Sublessee shall, within five (5) business days of written demand therefor, pay to Sublessor the amount necessary to restore the Security Deposit to its original amount, and failure to do so shall automatically be deemed a default, without the need for additional notice and/or cure periods.  Sublessor may commingle the Security Deposit with Sublessor’s funds and shall not be obligated to pay interest on the Security Deposit to Sublessee.  If Sublessor assigns its interest in this Sublease and transfers the Security Deposit (or any balance thereof) to its assignee, Sublessee shall look only to such assignee for the application and return of the Security Deposit.

   

  7.	Subordination to Lease. (a)  This Sublease is subject and subordinate to the terms and conditions of the Lease and Sublessor does not purport to convey, and Sublessee does not hereby take, any greater rights in the Subleased Premises than those accorded to or taken by Sublessor as tenant under the Lease.  Sublessee shall not cause a default under the Lease or permit its employees, agents, contractors or invitees to cause a default under the Lease.  If the Lease terminates before the end of the Sublease Term, Sublessor shall not be liable to Sublessee for any damages arising out of such termination. 

   

  	(b)	Except as otherwise specified in this Sublease, all of the terms and conditions of the Lease are incorporated as a part of this Sublease, but all references in the Lease to “Landlord”, “Tenant”, “Leased Premises”, “Term”, “Annual Fixed Rent”, “Commencement Date”, and “Security Deposit” shall be deemed to refer, respectively, to Sublessor, Sublessee, Subleased Premises, Sublease Term, Base Rent, Commencement Date, and Security Deposit, as defined in this Sublease. Capitalized terms used but not defined in this Sublease shall have the meaning ascribed to such terms in the Lease.  In the event of a conflict or ambiguity between the provisions of the Lease and the provisions of this Sublease, the provisions of this Sublease shall govern and control.  To the extent incorporated into this Sublease, Sublessee shall perform the obligations of the Sublessor, as tenant under the Lease.  Notwithstanding any other provision of this Sublease, Sublessor, as sublandlord under this Sublease, shall have the benefit of all rights, remedies and limitations of liability enjoyed by Lessor, as the landlord under the Lease, but (i) Sublessor shall have no obligations under this Sublease to perform the obligations of Lessor, as landlord under the Lease, including, without limitation, any obligation to provide services, perform maintenance or repairs, or maintain insurance; (ii) Sublessor shall not be bound by any representations or warranties of the Lessor under the Lease; (iii) in any instance where the consent of Lessor is required under the terms of the Lease, the consent of Sublessor and Lessor 

  4

  

  shall be required; and (iv) provided Sublessor has used commercially reasonable efforts to cause Lessor to perform its obligations, Sublessor shall not be liable to Sublessee for any failure or delay in Lessor’s performance of its obligations, as landlord under the Lease, nor shall Sublessee be entitled to terminate this Sublease or abate the Base Rent or Additional Rent due hereunder.  Upon request of Sublessee, Sublessor shall, at Sublessee’s expense, use reasonable efforts to cooperate with Sublessee in its efforts to cause Lessor to perform its obligations under the Lease.  Notwithstanding anything in this Sublease to the contrary, Sublessee shall have no obligation to (i) cure any default of Sublessor under the Lease except to the extent caused by Sublessee’s default under this Sublease, (ii) perform any obligation of Sublessor under the Lease that arose before the Sublease Commencement Date or that relates to any portion of the Premises leased by Sublessor that is not within the Subleased Premises, (iii) remove any alterations or additions installed within the Subleased Premises before the Sublease Commencement Date, or (iv) discharge any liens on the Subleased Premises or the Building that arise out of any work performed, or claimed to be performed, by or at the direction of Sublessor except for work to be undertaken for or on behalf of Sublessee.   

  	(c)	Notwithstanding the foregoing and except as set forth in the following paragraph, the following provisions of the Lease are incorporated herein with the following the specified modification(s):  Sublessee shall have the right to utilize the CambridgeSide parking garage in accordance with Section 1.3, provided that Sublessee shall be entitled, but not obligated, to use Sublessee’s Proportionate Share (currently twenty (20) spaces) of Sublessor’s total parking allotment, and further provided that to the extent any associated parking fees are paid directly by Sublessor to Lessor or to the operator of such parking garage, said parking fees shall be paid to Sublessor upon demand as Additional Rent.  Following completion of construction of the parking garage to be located at 119 First Street by and affiliate of Lessor, all of Sublessee’s parking spaces under this sub-section (c) shall be relocated from the CambridgeSide parking garage to the 119 First Street parking garage upon thirty (30) days’ prior written notice from Sublessor.

  	Further notwithstanding any contrary provision of this Sublease, the following terms and conditions of the Lease (and references thereto) are not incorporated as provisions of this Sublease: 1.1; 1.5; 2.1; 2.2; 3.1; 3.2; 3.3; 4.1; 4.2; 4.3; 4.4; 6.3(c); 8.12; 10.4; 10.5; 11.1; 14.3; 14.14; 14.20; 14.26; Exhibit B; Exhibit B-1; Exhibit C; Exhibit E; Exhibit F; Exhibit H; Exhibit J; Exhibit K. 

   

  	(d)	Notwithstanding any contrary provision of this Sublease, (i) in any instances where Lessor, as landlord under the Lease, has a certain period of time in which to notify Sublessor, as tenant under the Lease, whether Lessor will or will not take some action, Sublessor, as sublandlord under this Sublease, shall have an additional ten-day period after receiving such notice in which to notify Sublessee, (ii) in any instance where Sublessor, as tenant under the Lease, has a certain period of time in which to notify Lessor, as landlord under the Lease, whether Sublessor will or will not take some action, Sublessee, as subtenant under this Sublease, must notify Sublessor, as sublandlord under this Sublease, at least five (5) business days before the end of such period, but in no event shall Sublessee have a period of less than ten (10) days in which so to notify Sublessor unless the period under the Lease is ten (10) days or less, in which case the period under this Sublease shall be one (1) day less than the period provided to Sublessor under the Lease, and (iii) in any instance where a specific grace period is granted to 

  5

  

  Sublessor, as tenant under the Lease, before Sublessor is considered in default under the Lease, Sublessee, as subtenant under this Sublease, shall be deemed to have a grace period which is three (3) days less than Sublessor’s grace period before Sublessee is considered in default under this Sublease, but in no event shall any grace period be reduced to less than three (3) days unless the period under the Lease is three (3) days or less, in which case the period under this Sublease shall be one (1) day less than the period provided to Sublessor under the Lease.

   

  8.	Assignments and Subleases. Notwithstanding any provision of the Lease incorporated herein to the contrary, Sublessee shall not assign, mortgage, transfer (by operation of law or otherwise), or hypothecate this Sublease or sublet, license or permit any other party to use or occupy any portion of the Subleased Premises (individually, a “Transfer”) without the prior written consent of Sublessor and Lessor, which they shall not unreasonably withhold, condition or delay.  The following transactions shall be deemed assignments of this Sublease requiring such prior written consent:  (i) any assignment, mortgage, pledge or other transfer of this Sublease; (ii) any sublease, license or occupancy agreement with respect to any portion of the Subleased Premises; (iii) if Sublessee or any of its successors or assigns is a corporation, any sale, pledge or other transfer of all or a majority of the capital stock of Sublessee or any such successor or assign (unless such stock is publicly traded on a recognized security exchange or over-the-counter market; for clarification, so long as Sublessee is a publicly-traded company, consent will not be required), any merger, consolidation or reorganization of or into Sublessee or any such successor or assign, and any sale of all or substantially all of the assets of Sublessee or such successor or assign; (iv) if Sublessee or any of its successors or assigns is a partnership, limited liability partnership or limited liability company, any change in its partners or members; and (v) if Sublessee is a trust, any change in the identity of its trustees or any transfer of a beneficial interest in such trust.  If Sublessor and Lessor consent to any such Transfer, such Transfer shall comply with the requirements of Section 8.12 of the Lease and Sublessee shall pay over to Sublessor 50% of the excess of such amounts payable each month in connection with a Transfer to the extent such amounts are in excess of the amounts due to Sublessor hereunder.  Lessor’s refusal to consent to a Transfer shall be deemed a reasonable reason for Sublessor to withhold its consent to a Transfer, without any obligation on the part of Sublessor to dispute Lessor’s refusal.  Nothing contained herein shall be deemed to limit or amend the rights of Lessor under Section 8.12 of the Lease.  Notwithstanding anything to the contrary contained in this Section 8, Lessor’s and Sublessor’s prior written consent shall not be required for any assignment or sublease to a Related Party (as defined in Section 8.12(b) of the Lease), provided that (a) the Assignment Conditions Precedent (as defined in Section 8.12(a) of the Lease) are satisfied with respect to each such assignment or sublease, and (b) Sublessee provides Sublessor with 30 days’ prior written notice of any such assignment or sublease (a “Permitted Transfer”). Notwithstanding the preceding sentence, as between Sublessor and Sublessee (only), a Permitted Transfer shall also include (1) any transaction or occurrence (by one or more transfers of stock or any other type of ownership, membership or beneficial interest in Sublessee provided (i) there is no change of control (as defined below) of such corporation or other limited liability entity, and (ii) the Transfer is for a valid business purpose of Sublessee and is not a subterfuge for the provisions of this Section 8, and (2) any merger, consolidation, re-organization or any sale of all or substantially all of Sublessee with or into a publicly-traded entity with a market capitalization equal to or in excess of the market capitalization of Sublessee. For the purposes hereof, “control” shall mean the direct or indirect ownership of more than fifty (50%) percent of the beneficial 

  6

  

  interest of the entity in question or the power to direct the management and operation of the entity in question. Except as expressly set forth herein, any attempt by Sublessee to Transfer the Subleased Premises or the Sublease without the prior written consent of both Sublessor and Lessor shall be void.  No consent by the Sublessor pursuant to this Section shall be deemed a waiver of the obligation to obtain the Sublessor’s consent on any subsequent occasion; no waiver of the foregoing restrictions or any portion thereof shall constitute a waiver or consent in any other instance; and Sublessee shall remain at all times primarily liable for the performance and payment of all terms, conditions, covenants and agreements contained herein.  

   

  9.	Insurance. From the date upon which Sublessee first enters the Subleased Premises for any reason, throughout the Sublease Term, and thereafter so long as Sublessee uses or occupies any part of the Subleased Premises, Sublessee shall maintain insurance of such types, in such policies, with such endorsements and coverages, and in such amounts as are required pursuant to Section 10.2 of the Lease, and such additional insurance as may be required by Sublessor, in Sublessor’s reasonable discretion.  All insurance policies shall name Lessor, Sublessor and any other party required by either as additional insureds. Further, each policy shall contain provisions giving Sublessor and each of the other additional insureds at least thirty (30) days’ prior written notice of any cancellation, non-renewal or material change in coverage (to the extent that the same is reasonably available in the insurance industry; provided, however, that if such notice is not provided by any insurance company, then Sublessee shall be responsible for providing such notice to Sublessor).  Sublessee shall obtain a waiver of subrogation for the benefit of Sublessor and Lessor to the extent required of “Tenant” for the benefit of “Landlord” under Section 10.6 of the Lease.  Sublessor shall obtain a waiver of subrogation for the benefit of Sublessee to the extent required of “Landlord” for the benefit of “Tenant” under Section 10.6 of the Lease. Sublessee shall promptly pay all insurance premiums and shall provide Sublessor with policies or certificates evidencing such insurance upon Sublessee’s execution of this Sublease and prior to entering the Subleased Premises. Sublessee’s obligations hereunder shall survive the expiration or earlier termination of this Sublease.

   

  10.	Alterations. Notwithstanding any provisions of the Lease incorporated herein to the contrary, Sublessee shall not make any alterations, improvements or installations in the Subleased Premises without in each instance obtaining the prior written consent of both Lessor and Sublessor, which consent of Sublessor shall not be unreasonably withheld, conditioned or delayed, subject to the applicable provisions of the Lease.  If Sublessor and Lessor consent to any such alterations, improvements or installations, Sublessee shall perform and complete such alterations, improvements and installations at its expense, in compliance with applicable laws and in compliance with Section 8.6 and other applicable provisions of the Lease.  If Sublessee performs any alterations, improvements or installations without obtaining the prior written consent of both Lessor and Sublessor, Sublessor may remove such alterations, improvements or installations, restore the Subleased Premises and repair any damage arising from such a removal or restoration, and Sublessee shall be liable to Sublessor for all costs and expenses incurred by Sublessor in the performance of such removal, repairs or restoration. Sublessee shall have no obligation to remove any Specialty Alterations or movable trade fixtures, improvements or alterations located or installed in the Subleased Premises prior to the Delivery Date. 

   

  7

  

  11.	Indemnification by Sublessee.  (a) Sublessee agrees to protect, defend (with counsel reasonably approved by Sublessor), indemnify and hold Sublessor harmless from and against any and all claims, damages, liabilities, costs and expenses, including reasonable attorneys’ fees (other than those arising solely from any negligence or willful misconduct of Sublessor or its agents or employees in or about Subleased Premises), arising or resulting from:  (i) the conduct or management of or from any work or thing whatsoever done in or about the Subleased Premises during the Sublease Term or any period which Sublessee may occupy the same; (ii) any condition arising, and any injury to or death of persons, damage to property or other event occurring or resulting from an occurrence in or about the Subleased Premises during the Sublease Term or any period which Sublessee may occupy the same; (iii) any breach or default on the part of Sublessee in the performance of any covenant or agreement on the part of Sublessee to be performed pursuant to the terms of this Sublease or (iv) from any negligent act, omission or willful misconduct on the part of Sublessee or any of its agents, employees, licensees, invitees or assignees.  Sublessee further agrees to protect, defend (with counsel reasonably approved by Sublessor), indemnify and hold Sublessor harmless from and against any and all claims, damages, liabilities, costs and expenses, including reasonable attorneys’ fees, incurred in connection with any such indemnified claim or any action or proceeding brought in connection therewith. The foregoing shall survive the expiration or early termination of this Sublease. 

  (b) Sublessor agrees to protect, defend (with counsel reasonably approved by Sublessee), indemnify and hold Sublessee harmless from and against any and all claims, damages, liabilities, costs and expenses, including reasonable attorneys’ fees (other than those arising solely from any negligence or willful misconduct of Sublessee or its agents or employees in or about the Building), arising or resulting from:  (i) any breach or default on the part of Sublessor in the performance of any covenant or agreement on the part of Sublessor to be performed pursuant to the terms of this Sublease or (ii) from any negligent act, omission or willful misconduct on the part of Sublessor or any of its agents or employees.  Sublessor further agrees to protect, defend (with counsel reasonably approved by Sublessee), indemnify and hold Sublessee harmless from and against any and all claims, damages, liabilities, costs and expenses, including reasonable attorneys’ fees, incurred in connection with any such indemnified claim or any action or proceeding brought in connection therewith. The foregoing shall survive the expiration or early termination of this Sublease.

  12.	Default.  In the event of a default by Sublessee in the full and timely performance of its obligations under this Sublease after the expiration of applicable notice and cure periods, including, without limitation, its obligation to pay Base Rent or Additional Rent, Sublessor shall have all of the rights and remedies available to “Landlord” under the Lease as if Sublessor were “Landlord” and Sublessee were “Tenant”, including without limitation the rights and remedies set forth in Articles 12 and 13 of the Lease. The foregoing shall survive the expiration or early termination of this Sublease.

  13.	Brokers.  Sublessor and Sublessee each represent and warrant to the other that it has not dealt with any broker other than CBRE, Inc. (the “Broker”) in connection with the consummation of this Sublease.  Sublessor and Sublessee each shall indemnify and hold harmless the other against any loss, damage, claims or liabilities arising out of the failure of its 

  8

  

  representation or the breach of its warranty set forth in the previous sentence.  The foregoing shall survive the expiration or earlier termination of this Sublease.

   

  14.	Notices.  All notices and demands under this Sublease shall be in writing and shall be effective (except for notices to Lessor which shall be given in accordance with Section 14.1 of the Lease) upon the earlier of (i) receipt at the address set forth below by the party being served, (ii) two days after being sent to the address set forth below by United States certified mail, return receipt requested, postage prepaid, or (iii) one day after being sent to the address set forth below by a nationally recognized overnight delivery service that provides tracking and proof of receipt.  A notice given on behalf of a party hereto by its attorney shall be deemed a notice from such party.

   

  If to Lessor:	As required under the Lease

   

  	If to Sublessor:	CarGurus, Inc.

  				2 Canal Park, Suite 4

  				Cambridge, MA 02141

  				Attention: Robert Mirabello

   

  	with a copy to:		CarGurus, Inc.

  				2 Canal Park, Suite 4

  				Cambridge, MA 02141

  	Attention: General Counsel	

   

  If to Sublessee:	At the address set forth in the opening paragraph of this Sublease

   

  	Either party may change its address for notices and demands under this Sublease by notice to the other party.

   

  15.	Entire Agreement.  This Sublease contains all of the agreements, conditions, warranties and representations relating to the sublease of the Subleased Premises and may be amended or modified only by written instruments executed by both Sublessor and Sublessee.

   

  16.	Authority.  Sublessor and Sublessee each represent and warrant to the other that the individual(s) executing and delivering this Sublease on its behalf is/are duly authorized to do so and that this Sublease is binding on Sublessee and Sublessor in accordance with its terms.  Simultaneously with the execution of this Sublease, Sublessee shall deliver evidence of such authority to Sublessor in a form reasonably satisfactory to Sublessor.

   

  17.	Condition Precedent.  This Sublease, and the rights and obligations of Sublessor and Sublessee under this Sublease (other than those obligations which arise hereunder prior to the Commencement Date), are subject to the condition that Lessor consent to the subleasing of the Subleased Premises to the extent required under the Lease, and this Sublease shall be effective only upon the receipt by Sublessor of such consent.  Sublessee agrees to join such consent if so requested by Lessor in the form requested by Lessor.  In the event such consent is not received by the date that occurs thirty (30) days after submission of a fully executed version of the 

  9

  

  Sublease to Lessor, each of Sublessor and Sublessee shall have the right to rescind its execution of this Sublease, and upon exercise of such right, this Sublease shall be void and the installment of Base Rent and the Security Deposit which are paid on Sublessee’s execution of this Sublease shall be returned to Sublessee.

   

  18.	Holdover.  Upon the expiration of the Sublease Term or earlier termination of this Sublease, Sublessee covenants to quit and surrender to Sublessor the Subleased Premises, broom clean, in such order and condition as is required under the Lease at the expiration of the Lease term, ordinary wear and tear, damage by fire or other casualty and removal and restoration obligations of Sublessor under the Lease excepted, and, at Sublessee’s expense, to remove all property of Sublessee.  Any property not so removed shall be deemed to have been abandoned by Sublessee and may be retained or disposed of at Sublessee’s expense by Sublessor, as Sublessor shall desire.  If Sublessee or any of its property remains on the Subleased Premises beyond the expiration or earlier termination of this Sublease, such holding over shall not be deemed to create any tenancy at will, but the Sublessee shall be a tenant at sufferance only and shall pay rent at a daily rate equal to (i) for the first sixty (60) days following such expiration or earlier termination, one hundred fifty percent (150%), and (2) thereafter, two hundred percent (200%), of the Rent due under this Sublease for the period immediately prior to such termination or expiration, and other charges due thereunder and shall, in addition, perform and observe all other obligations and conditions to be performed or observed by Sublessee hereunder.  In addition, after the first thirty (30) days, Sublessee shall indemnify and hold harmless Sublessor from and against any and all liability, loss, cost, damage and expenses suffered or incurred by Sublessor arising out of or resulting from any failure on the part of Sublessee to yield up the Subleased Premises when and as required under this Sublease.  The foregoing shall survive the expiration or early termination of this Sublease.

  19.	Not an Offer.  The submission of an unsigned copy of this Sublease to Sublessee for Sublessee’s consideration does not constitute an offer to sublease the Subleased Premises.  This Sublease shall become binding only upon the execution and delivery of this Sublease by Sublessor and Sublessee, subject to Section 17 above.

  20.	No Offset; Independent Covenants; Waiver.tc  \l 2 "3.9		No Offset; Independent Covenants; Waiver"  Base Rent and Additional Rent (collectively, “Rent”) shall be paid without notice or demand, and without setoff, counterclaim, defense, abatement, suspension, deferment, reduction or deduction, except as expressly provided herein. Sublessee waives all rights (i) to any abatement, suspension, deferment, reduction or deduction of or from Rent, except to the extent otherwise expressly set forth herein, and (ii) to quit, terminate or surrender this Sublease or the Subleased Premises or any part thereof, except as expressly provided herein.  Sublessee hereby acknowledges and agrees that the obligations of Sublessee hereunder shall be separate and independent covenants and agreements, that Rent shall continue to be payable in all events, and that the obligations of Sublessee hereunder shall continue unaffected, unless the requirement to pay or perform the same shall have been terminated pursuant to an express provision of this Sublease.

   

  21. 	Option to Extend Sublease Term. (a)  Provided that, at the time of such exercise, (i) this Sublease is in full force and effect, and (ii) no default shall have occurred and be continuing (either at the time of exercise or at the commencement of the Extended Term) after the expiration 

  10

  

  of applicable notice and cure periods, and (iii) except for a Permitted Transfer, the originally-named Sublessee shall not have assigned this Sublease or further sublet the Subleased Premises, (iv) either the entity under a Permitted Transfer or the originally-named Sublessee shall be physically occupying fifty percent (50%) or more of the Subleased Premises for the conduct of its business, and (v) Sublessee’s financial condition or creditworthiness, as determined by Sublessor in its sole but reasonable discretion, has not materially deteriorated since the date of full execution of this Sublease (any of which conditions described in clauses (i), (ii), (iii), (iv), and (v) may be waived by Sublessor at any time in Sublessor’s sole discretion), Sublessee shall have the right and option to extend the Sublease Term for the then-current Subleased Premises for one extended term (the “Extended Term”) of three (3) years by giving written notice (the “Exercise Notice”) to Sublessor not later than twelve (12) months prior to the expiration date of the Sublease Term then in effect. The effective giving of the Exercise Notice shall automatically extend the Sublease Term for the Extended Term, and no instrument of renewal or extension need be executed. In the event that Sublessee fails timely to give the Exercise Notice to Sublessor, this Sublease shall automatically terminate at the end of the then-current Sublease Term and Sublessee shall have no further option to extend the Sublease Term.   The Extended Term shall be on all the terms and conditions of this Sublease, except that: (1) during the Extended Term, Sublessee shall have no further option to extend the Sublease Term, (2) the Base Rent for the Extended Term shall be the Fair Market Rental Value of the Subleased Premises as of the commencement of the Extended Term, taking into account all relevant factors, determined pursuant to Section 21(b) below, and (3) Sublessor shall not be required to furnish any materials or perform any work to prepare the Subleased Premises for Sublessee’s occupancy during the Extended Term and Sublessor shall not be required to provide any work allowance or reimburse Sublessee for any alterations made or to be made by Sublessee, or to grant Sublessee any rent concession.

   

  (b)	Promptly after receiving Sublessee’s notice extending the Sublease Term of this Sublease pursuant to Section 21(a) above, Sublessor shall provide Sublessee with Sublessor’s good faith estimate of the Fair Market Rental Value (as defined in Paragraph 20(c) below) of the Subleased Premises for the upcoming Extended Term (the “Rent Determination Notice”), but in no event shall Sublessor be required to deliver such notice sooner than eleven (11) months prior to the expiration of the Sublease Term then in effect. If Sublessee is unwilling to accept Sublessor’s estimate of the Fair Market Rental Value as set forth in Sublessor’s Rent Determination Notice, and the parties are unable to reach agreement thereon within thirty (30) days after the delivery of such notice by Sublessor, then either party may submit the determination of the Fair Market Rental Value of the Subleased Premises to arbitration by giving notice to the other party naming the initiating party’s arbitrator within ten (10) days after the expiration of such thirty (30) day period. Within fifteen (15) days after receiving a notice of initiation of arbitration, the responding party shall appoint its own arbitrator by notifying the initiating party of the responding party’s arbitrator. If the second arbitrator shall not have been so appointed within such fifteen (15) day period, the Fair Market Rental Value of the Subleased Premises shall be determined by the initiating party’s arbitrator. If the second arbitrator shall have been so appointed, the two arbitrators thus appointed shall, within fifteen (15) days after the responding party’s notice of appointment of the second arbitrator, appoint a third arbitrator. If the two initial arbitrators are unable timely to agree on the third arbitrator, then either may, on behalf of both, request such appointment by the Boston office of JAMS, Inc., or its successor, or, on its failure, refusal or 

  11

  

  inability to act, by a court of competent jurisdiction.  The Fair Market Rental Value of the Subleased Premises for the Extended Term shall be determined by the method commonly known as Baseball Arbitration, whereby Sublessor’s selected arbitrator and Sublessee’s selected arbitrator shall each set forth its respective determination of the Fair Market Rental Value of the Subleased Premises, and the third arbitrator must select one or the other (it being understood that the third arbitrator shall be expressly prohibited from selecting a compromise figure). Sublessor’s selected arbitrator and Sublessee’s selected arbitrator shall deliver their determinations of the Fair Market Rental Value of the Subleased Premises to the third arbitrator within five (5) business days of the appointment of the third arbitrator and the third arbitrator shall render his or her decision within ten (10) days after receipt of both of the other two determinations of the Fair Market Rental Value of the Subleased Premises. The third arbitrator’s decision shall be binding on both Sublessor and Sublessee. The third arbitrator shall be a commercial real estate broker who is independent from the parties and who has not worked for either party or their affiliates in the prior five (5) years and who has at least ten (10) years’ experience in comparable buildings in Cambridge, Massachusetts. Each party shall pay the fees of its own arbitrator, and the fees of the third arbitrator shall be shared equally by the parties. In the event Sublessee initiates the aforesaid arbitration process and as of the commencement of the Extended Term the amount of the Base Rent for the Extended Term has not been determined, Sublessee shall pay the amount determined by Sublessor for the Subleased Premises and when the determination has actually been made, an appropriate retroactive adjustment shall be made as of the commencement of the Extended Term if necessary. In the event that such determination shall result in an overpayment by Sublessee of any Base Rent, such overpayment shall be paid by Sublessor to Sublessee promptly after such determination has been made, and if such determination shall result in an underpayment by Sublessee of any Base Rent, Sublessee shall pay any such amounts to Sublessor promptly following such determination.

   

  (c)	For purposes of this Section 21, the determination of “Fair Market Rental Value” shall mean the then-fair market rental value of the Subleased Premises taking into account all then-relevant factors, whether favorable to Sublessor or Sublessee, and based upon rental rates agreed to in comparable transactions executed by Sublessor within six (6) months prior to such determination with new subtenants for comparable space in the Building or, if comparable transactions do not exist in the Building, then an amount that landlords of comparable, multi‐tenanted commercial office buildings in Cambridge, Massachusetts have agreed to accept with tenants of comparable creditworthiness for comparable space (in terms of condition and floor location) of a comparable size, for a comparable use, for a nonrenewal term equal to the Extended Term, and commencing as of the first day of the Extended Term, and taking into account all other relevant factors.

   

  22.	Expansion Option. 

   

  a.Subject to the terms and conditions of this Section 22, Sublessee shall have the right during the Sublease Term to expand the Subleased Premises by (1) the entire fourth (4th) floor (approximately 12,000 rsf) of the Building, or (2) the entire fourth (4th) and fifth (5th) floors (approximately 24,000 rsf) of the Building, by delivering six (6) months’ prior written notice to Sublessor (the “Request Notice”). As used in this Section 22, “Expansion Space” shall mean and refer to space on the fourth (4th) floor and/or fifth (5th) floor of the Building, as the case may be, that Sublessor reasonably determines will be vacant and free of any third party as of the date 

  12

  

  Sublessor will deliver the Expansion Space to Sublessee. Anything to the contrary contained herein notwithstanding, Sublessee’s expansion option hereunder is subordinate to any written commitment (e.g., an executed letter of intent) of Sublessor to sublease any or all of the Expansion Space to a third party in effect as of the date of the Request Notice.

  b.Within twenty (20) days of receipt of the Request Notice, Sublessor shall serve written notice to Sublessee (“Sublessor’s Expansion Notice”) specifying the location and size of the Expansion Space and the date that Sublessor estimates the Expansion Space will be delivered to Sublessee. The Expansion Space shall be on all the terms and conditions of this Sublease, except: (1) if Sublessee does not serve the Request Notice prior to the six-month anniversary of the Commencement Date, then Base Rent for the Expansion Space shall be the Fair Market Rental Value of the Expansion Space as of the first day of the term for the Expansion Space, taking into account all relevant factors, determined pursuant to Section 22(e) below (and Sublessor’s good faith estimate of such Fair Market Rental Value shall be specified in Sublessor’s Expansion Notice), and (2) Sublessor shall not be required to furnish any materials or perform any work to prepare the Expansion Space for Sublessee’s occupancy and Sublessor shall not be required to provide any work allowance or reimburse Sublessee for any alterations made or to be made by Sublessee to the Expansion Space, or to grant Sublessee any rent concession. Sublessee’s use and occupancy of the Expansion Space shall be coterminous with Sublessee’s use and occupancy of the Subleased Premises, including the benefit of any Extended Term. Sublessee shall accept possession of the Expansion Space in its “as is” condition. If Sublessee accepts Sublessor’s estimate of the Fair Market Rental Value of the Expansion Space, then Sublessor and Sublessee agree to enter into an amendment to this Sublease memorializing the addition of the Expansion Space to this Sublease, but failure of the parties to execute such an amendment shall have no effect on the effectiveness of the expansion of the Subleased Premises to include the Expansion Space, and the economic terms associated therewith, as set forth above. If Sublessee is unwilling to accept Sublessor’s estimate, then the parties shall determine the Fair Market Rental Value for the Expansion Space pursuant to Section 22(c) below, following which the parties agree to enter into an amendment to this Sublease memorializing the addition of the Expansion Space to this Sublease, but failure of the parties to execute such an amendment shall have no effect on the effectiveness of the expansion of the Subleased Premises to include the Expansion Space, and the economic terms associated therewith, as set forth above.

  c.If Sublessee is unwilling to accept Sublessor’s estimate of the Fair Market Rental Value of the Expansion Space as set forth in Sublessor’s Expansion Notice, and the parties are unable to reach agreement thereon within thirty (30) days after the delivery of such notice by Sublessor, then either party may submit the determination of the Fair Market Rental Value of the Expansion Space to arbitration by giving notice to the other party naming the initiating party’s arbitrator within ten (10) days after the expiration of such thirty (30) day period.  Within fifteen (15) days after receiving a notice of initiation of arbitration, the responding party shall appoint its own arbitrator by notifying the initiating party of the responding party’s arbitrator. If the second arbitrator shall not have been so appointed within such fifteen (15) day period, the Fair Market Rental Value of the Expansion Space shall be determined by the initiating party’s arbitrator. If the second arbitrator shall have been so appointed, the two arbitrators thus appointed shall, within fifteen (15) days after the responding party’s notice of appointment of the second arbitrator, appoint a third arbitrator. If the two initial arbitrators are unable timely to agree on the third arbitrator, then either may, on behalf of both, request such appointment by the Boston 

  13

  

  office of JAMS, Inc., or its successor, or, on its failure, refusal or inability to act, by a court of competent jurisdiction.  The Fair Market Rental Value of the Expansion Space shall be determined by the method commonly known as Baseball Arbitration, whereby Sublessor’s selected arbitrator and Sublessee’s selected arbitrator shall each set forth its respective determination of the Fair Market Rental Value of the Expansion Space, and the third arbitrator must select one or the other (it being understood that the third arbitrator shall be expressly prohibited from selecting a compromise figure). Sublessor’s selected arbitrator and Sublessee’s selected arbitrator shall deliver their determinations of the Fair Market Rental Value of the Expansion Space to the third arbitrator within five (5) business days of the appointment of the third arbitrator and the third arbitrator shall render his or her decision within ten (10) days after receipt of both of the other two determinations of the Fair Market Rental Value of the Expansion Space. The third arbitrator’s decision shall be binding on both Sublessor and Sublessee. The third arbitrator shall be a commercial real estate broker who is independent from the parties and who has not worked for either party or their affiliates in the prior five (5) years and who has at least ten (10) years’ experience in comparable buildings in Cambridge, Massachusetts. Each party shall pay the fees of its own arbitrator, and the fees of the third arbitrator shall be shared equally by the parties. In the event Sublessee initiates the aforesaid arbitration process and as of the commencement of the term for the Expansion Space the amount of the Base Rent for the Expansion Space has not been determined, Sublessee shall pay the amount determined by Sublessor for the Expansion Space and when the determination has actually been made, an appropriate retroactive adjustment shall be made as of the commencement of the term for the Expansion Space if necessary. In the event that such determination shall result in an overpayment by Sublessee of any Base Rent, such overpayment shall be paid by Sublessor to Sublessee promptly after such determination has been made, and if such determination shall result in an underpayment by Sublessee of any Base Rent, Sublessee shall pay any such amounts to Sublessor promptly following such determination.

  d.For purposes of this Section 22, the determination of “Fair Market Rental Value” shall mean the then-fair market rental value of the Expansion Space, taking into account all then-relevant factors, whether favorable to Sublessor or Sublessee, and based upon rental rates agreed to in comparable transactions executed by Sublessor within six (6) months prior to such determination with new subtenants for comparable space in the Building or, if comparable transactions do not exist in the Building, then an amount that landlords of comparable, multi‐tenanted commercial office buildings in the Cambridge, Massachusetts have agreed to accept with tenants of comparable creditworthiness for comparable space (in terms of condition and floor location) of a comparable size, for a comparable use, for a nonrenewal term equal to the term for the Expansion Space, and commencing as of the first day of the term for the Expansion Space, and taking into account all other relevant factors

  e.Notwithstanding any contrary provision of this Section 22 or any other provision of this Sublease, it shall be a condition of any exercise by Sublessee of its right to expand into the Expansion Space that, on the date Sublessee deliver its Request Notice and on the commencement date of the term for the Expansion Space, (i) the Lease and this Sublease are in full force and effect, and (ii) no default under this Sublease shall have occurred and be continuing after the expiration of applicable notice and cure periods, and (iii) except for a Permitted Transfer, the originally-named Sublessee shall not have assigned this Sublease or further sublet the Subleased Premises, (iv) either the entity under a Permitted Transfer or the 

  14

  

  originally-named Sublessee shall be physically occupying fifty percent (50%) or more of the Subleased Premises for the conduct of its business, and (v) Sublessee’s financial condition or creditworthiness, as determined by Sublessor in its sole but reasonable discretion, has not materially deteriorated since the date of full execution of this Sublease (which conditions under clauses (i), (ii), (iii), (iv) and (v) above Sublessor may waive by written notice to Sublessee at any time).

  23. 	Furniture. Sublessee shall have the right to use all furniture, fixtures, and equipment (including AV) located within the Subleased Premises as of the Commencement Date (the “Furniture”), as more fully shown on the inventory list attached hereto as Exhibit C. Sublessor expressly disclaims any warranties with respect to the Furniture and the same is provided to Sublessee in “AS IS, WHERE IS” condition. The Furniture shall remain the property of Sublessor, and Sublessee shall leave the Furniture in the Subleased Premises at the expiration of the Sublease Term in the condition received, reasonable wear and tear only excepted.

   

  24.	Damages.  In no event shall Sublessor ever be liable to Sublessee for any loss of profits, rents or other revenues, loss of business opportunity, loss of goodwill, loss of use, or for any form of punitive, special or other indirect or consequential damages, in each case however occurring.  In no event (other than a holdover as set forth in Section 18 above) shall Sublessee ever be liable to Sublessor for any loss of profits, rents or other revenues, loss of business opportunity, loss of goodwill, loss of use, or for any form of punitive, special or other indirect or consequential damages, in each case however occurring.

   

   [The remainder of this page is intentionally left blank; signature page immediately follows]

   

   

  15

  

   

  IN WITNESS WHEREOF, Sublessor and Sublessee execute this Sublease as of the date first written above.

   

  SUBLESSOR:	SUBLESSEE:

  CARGURUS, INC.	AMYLYX PHARMACEUTICALS, INC.

   

  By: /s/ Jason Trevisan	By: /s/ James Frates

  Name: Jason Trevisan	Name: James Frates

  Title: CEO	Title: CFO

   

   

   

   

  16

  

  Exhibit A

   

  Lease

   

   

   

   

  17

  

  Exhibit B

    

  Plan of Subleased Premises

   

  18

  

   

  19

  

   

  20

  

   

  21

  

   

   

  Exhibit C

   

  Furniture Inventory

   

  22

  

  BY EMAIL

   

   

  January 10, 2022

   

  CarGurus, Inc.

  2 Canal Park, 4th Floor

  Cambridge, MA 02141

  Attention: Robert Mirabello, Director, Real Estate & Facilities

  Email: rmirabello@cargurus.com

   

  Amylyx Pharmaceuticals, Inc.

  43 Thorndike Street

  Cambridge, MA 02141

  Attention: Dan Sitte

  Email: dan_sitte@amylyx.com

  Re:	Office Space at 121 First Street, Cambridge, MA (the “Leased Premises”) / Proposed Sublease to Amylyx Pharmaceuticals, Inc.

  Dear Robert and Dan:

  Reference is hereby made to that certain Lease for the above referenced Leased Premises by and between US Parcel A, LLC (“Landlord”) and CarGurus, Inc. (“Tenant”) dated as of June 19, 2018, as amended by that certain letter agreement by and between Landlord and Tenant dated as of October 2, 2018 (as amended, the “Lease”). Capitalized terms used by not defined herein shall have the meanings given to such terms in the Lease.

  By email dated December 23, 2021, Tenant has notified Landlord of a proposed sublease of a portion of the Leased Premises consisting of the entire second (2nd) and third (3rd) floors and a portion of the first (1st) floor of the Building (the “Subleased Premises”) to Amylyx Pharmaceuticals, Inc. (“Subtenant”) pursuant to the terms of a certain Sublease dated as of December 23, 2021 by and between Tenant and Subtenant, a fully executed copy of which is attached hereto as Exhibit A (the “Sublease”). Pursuant to Section 8.12 of the Lease, and without alteration, modification, amendment or waiver of any of the terms and conditions of the Lease, Landlord hereby consents to the Sublease subject to the following:

  1.For the avoidance of doubt, Tenant and Subtenant acknowledge and agree that neither Tenant nor Subtenant shall have the right to park on the surface parking lot located at 121 First Street/55 Bent Street adjacent to the Building.

  2.In the event that Tenant is requested from time to time to deliver a status certificate under Section 14.7 of the Lease, or in the event that Subtenant is requested by Landlord to deliver a like status certificate under said Section 14.7 of the Lease, Subtenant shall, upon not less than five (5) business days’ prior written request by either Tenant or Landlord, as applicable, execute and deliver to Tenant and to Landlord a statement in writing certifying as to the matters set forth in said Section 14.7 with respect to the Sublease and as to all rent, additional rent, compensation and other economic consideration paid by Subtenant to Tenant in connection with the Sublease (for purposes of determining Net Transfer Profits 

  23

  

  received by Tenant in connection with the Sublease). Tenant agrees to provide a similar certificate to Subtenant or to Landlord from time to time upon not less than five (5) business days’ prior written request by either Subtenant or Landlord. Any such statement delivered pursuant to this letter agreement may be relied upon by any prospective purchaser or mortgagee of the Subleased Premises.

  3.Landlord consents to the definition of “Permitted Transfer” in Section 8 of the Sublease. Landlord’s prior written consent shall not be required for any assignment or sublease by Subtenant to a Related Party of Subtenant, provided that the Assignment Conditions Precedent are satisfied with respect to each such assignment or sublease. No consent by Landlord pursuant to Section 8 of the Sublease shall be deemed a waiver of the obligation to obtain Landlord’s consent on any subsequent occasion, and no waiver by Landlord of the foregoing restrictions or any portion thereof shall constitute a waiver or consent by Landlord in any other instance.

  4.Subtenant shall provide Tenant and Landlord with policies or certificates evidencing such insurance reasonably satisfactory to Tenant and Landlord upon Subtenant’s execution of the Sublease and prior to entering the Subleased Premises.

  5.Subtenant acknowledges and agrees that Subtenant’s indemnification obligations under Section 11 of the Sublease shall equally extend to Landlord, except for claims, damages, liabilities, costs and expenses, including reasonable attorneys’ fees, arising solely from any negligence or willful misconduct of Landlord or its agents or employees in or about Subleased Premises.

  6.The Sublease may be amended or modified only by written instruments executed by both Tenant and Subtenant and approved in writing by Landlord.

  7.Tenant and Subtenant agree that Landlord is a third-party beneficiary of any provisions of the Sublease running in favor of Landlord, and Landlord is entitled to enforce such provisions directly.

  Kindly acknowledge Tenant’s and Subtenant’s acceptance of and agreement with the foregoing by countersigning this letter agreement in the space indicated below and returning the executed counterpart to Landlord by email at dnotter@urbanspacesllc.com.

  Sincerely,

  US PARCEL A, LLC

   

   

  By:	/s/ David Notter			

  David Notter, Authorized Signatory

   

   

   

   

   

   

  24

  

  ACCEPTED AND AGREED TO:

   

  CARGURUS, INC.

   

   

  By:	/s/ Jason Trevisan			

  	Name: Jason Trevisan

  	Title: CEO

   

   

  AMYLYX PHARMACEUTICALS, INC.

   

   

  By:	/s/ James Frates			

  	Name: James Frates

  	Title: CFO

   

  25

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00340-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00340-of-00352.parquet"}]]