Document:

exhibit108leaseagreement

RESTAURANT LEASE  1",1, •• , THIS RESTAURANT LEASE (the "Lease"), dated for reference purposes as of  J'Ii~,';j ) c,-"- 2014 ( the "[ease Execution Date'). is entered into by and between Sunset  Triangle Investors, LLL a Ca lifornia Iimileu liabil ily company (,'Landlord"). and La Conq,  LLC. a Ca li fornia limited li ability company (' 'Tenant'' herein),  Land lord and Tenant hereby agree as fo ll ows:  SECTION L FUNDAMENTAL PROVISIONS  (A) Prem ises: The leased premises (the "Premises") consist of rest au ram space  located at 370 1 Slmset Blvd. in the City of Los Angeles, Ca lifornia. Subject to the  fo regoing and the other terms and conditions of this Lease, the floor area of tbe Prem ises  comprises of approximately 2,434 square feet (incl usive of the indoor patio) rentable  square feet (the "Floor Area of the Premises"). The Prem ises are dep icted on th e floor  plan anachcd as Exhibit A (the "Floor Plan"). Tenant expressly acknowledges that the  black shack behind 3701 W. SunserBlvd .. Los AngcJes, Ca lifornia , 90026 is not part of the  Premist:s.  (B) Legal Non-Confollll ing Use: The Premises is cU lTently a legal  non-conforming usc, Landlord will nut approve any building improvements or applications  which may im pact or change the status of the existing legal non-conform ing use,  (C) Lease Tenn : The Lease shall be for a term of One Hundred and Twenty  Seven ( 117) months fo ll owing the Commencement Date (the "Lease Tcrm "), and shall  exp ire at midnight On the last day of the Lease Term. rmless sooner terminated as herein  prov ided (the "Lease Termination Date") ,  (D) Lease Execution Date: As set forth in the initial paragraph above.  (El Lease Commencement Date: Lease Exec ution Date.  (F) Rent Commencemen t Date: Seven (7) months fo ll owi ng Lease  Commencement Date. No later than August 30, 2014 or Land lord shall ha\"e the  option to temlinate the Lease upon noti ce to Tenant.  (G) Minimum MonthlyRent. Subject to H below, the Minimum Monthly Rent  starring in Year Onc shal l be S 13,265 .30 (Thil1een Thousand Two Hundred and Sixty Five  Dollars and Th irty Cents) with the first month's rent and Security Dcposit as provided for  below payab le upon exec ution of the Lease,  For purposes of the above schedule, "Month I" means the 1110nth during which the  Commencemem Dale occurs.  

 

(H) Annual Monthly Rent Incrcascs: The Minimum Monthl y Rent shall  increase by three perccnt (3%) each year during the Lease Term and any ex tens ion. with  the first sllch increase commencing on the anniYersary dale of the lease commencement  date.  (I ) Ex tension Option. Pursuant [ 0 Exhibit B allached to th is Leasc. landlord  grants to Tenant two (2) options to extend the lease Term. If Tenant timely aDd properly  exerci ses such extension 0plion(s) in accordance w ith Exh ibit B, then all references in Ihis  Lease to the Lease Ten" shall mean the lease Ten" as ex tended pursuant to Exh ibi t B,  and all references to the Lease Termination Date shal l mean th e Leasc Term as extendcd  pursuant to Exhibit B. Minimum Monthly Rent duri ng any such ex tension of the lease  Ten" sha ll be detellllined as set forth in Exhibit B.  (J) Tenan t Improvement Allowance: Landlord agrees to pay Tenant a Tenant  Improvement A ll owance of565.000 immediately upon evidence thal lhe l iquor license has  tran sfCITed into Tenant·s name/entity, upon wh ich tim e Tenant waives any righttD cancel  lease.  (K) Security Deposit: Concurrently with the execution of thi s Lease. Tenanl  sha ll deli ver to Landlord the Security Deposit as set fo rth on Exhibit F attached bereto (the  '·SO·') . Upon any uncured default or breach of thi s lease by Tenant, Land lord shall be  entitled to draw upon the SO. Any such draw shall be without waiyer or any rights  landlord may have under this Lease or at law or in equity as a result of Ihe default, as a  s~toff for full or partia l compensati on for the default. If any portion of the SD is drawn  upon after a defau lt by Tenant, Tenant sha ll within ten ( 10) business days after "'Tinen  deman d by Landlord or Tenam shall deposit wi th l andl ord in cash an alllount that when  combined wi lh the undrawn amount remaining under the SO equals the tolal SD. Failu re to  compl y with the immediately preceding sentence with sueh ten ( 10) business days shall be  a del" ult by Tenant under Ihis lease. landlord shall not be required 10 keep the SD  separate from its general funds and Tenant shall nO! be entitled to interest on slIch SD;  Tenant waives the provisions of Cal ifo rnia Civ il Code Section 1950.7. and a ll other  proYisiol1s of law now in force or Ihal become in fo rce after the date of execution of this  Lease thai proyide that Landlord may claim from a security deposit only those sums  reasonably necessary to remedy defaults in thc paymcnt of relll , to repair damage caused by  Tenan l, or to clean the Prcmises.  (l l Ulilities Used on the Prem ises: I\ s bill ed pursuant to Seclion 15 hereof.  (M) Common Area Maintenance Charges : As bi llcd pursuant to Sections 24  through 27 hereof.  (N) Common Area Utility Charges : As billed pUrSUal1l10 Sections 25 through  27 hereof.  (0) Permitted Uses: As sel forth in Section 19.  (P) Business Hours: As sei forth in Section 18.  2  

 

 

 

grou nd and underl ying leases and mOl1gages which now or hereafter affect this Lease as provided  herein.  SECTlOI\ 5. SURRENDER OF POSSESSION  Upon lhe expirati on o r other lcnninalion of the Lease Tenl1, Tenant shall pro mptly and  peacefully surrender the Premises to Landlord. broom clean, in good condition and repa ir. except  for ordinary wear and tear, and Tenant shall remove all of its trade tixtures and equipm ent from the  Premises. Any damage caused by such remova l sha ll be repaired by Tenant at its expense. Any  trade tixmfcs. personal property or equ ipment not removed by Tenant on or prior to the expiratjon  or earlier termina tion of the Lease Term shall be deemed to have become fixtures (as to trade  fixtures). or abandoned (as to personal property and equipment). Landlord may store personal  property or eq uipment left on Ihe Premises in Tena nt ' s name. at Tenant"s cost, and without notice  to Tenant. and thereafter Landlord may dispose of such property as provided by law. Tenant  hereby wai ve, all claims for damages that may be caused by Landlord terminating Tenant' s  occupancy in accordance with th is Lease or removi ng and storin g Tenant' s personal properly. and  wil l hold Landl ord hanlli ess from loss, COStS, or damages occasioned thereby. Removal of trade  fixUlres shall be at the sale cost and ex pense of Tenant. If Landlord sells or retains such o'ade  fixtures. Landlord may rece ive and retain the proceeds of sucb sa le to offset agaillst the costs  inc lined by Landlord in stori ng and sel ling such property and any other amo unts due under thi s  Lease. Tenant shall also del iver all keys belonging to the Prem ises to Land lord or Landlord's  agent on the date the Lease exp ires or otherwise tenn inates; provided , however. the del ivery of  keys to any employee or agent of Landl ord shall not operate as a termination of th is Lease or a  sun'ender of the Premises.  SECTION 6. ACCESS BY LANDLORD  Landlord and its agents shall ha ve the right to enter into and upon tbe Premises at all  reasonable ti mes fo ll owing reasonable prior notice to Tenant fo r the purposes of inspecting.  clean ing, repairing, altering, adding to, or improving the Premises or the Building, but thi s right  shall not be construed as an agreement on the part of Landlord to perfonn such acts . Landlord  sha ll have the right to show the Premises to prospective tenants for six (6) months prior to the  expiration of the Lease Term and to place and maintain "For Rent" signs in a conspicuous place on  th e Premises for ni nety (90) days prior 10 th e expirati on ur the Lease Term.  SECTION 7. OPERATING COVENANT - AB. ... rno 'ME NT  Tenant covenantS and agrees that during the Lease Term it will continuously and  un intenuptedl y operate and conduct within the Premises the business that it is required to operate  a!ld conduct und er the provisio ns hereof excepl while the Premises are being remode led or are  unrentab le by reason of fire or other unavoidable casualty. and that il wi ll at all times kecp and  maintain w ithin and upon the Premises an adequate stock of merchandi se and trade fixtures and  have suffi cicnt person nel to service and suppl y thc usual and ordinary demand and requirements of  its customers. Tenant agrees that it w ill keep the Premi ses in a neat. clean and orderly condi tion  and that all lrash and rubbi sh generated by it shall be deposited within prescribed receptacles in  designated service areas. and Tenant shall leave Ihe service areas in a clean and orderly condition.  Tenant further acknowledges an d agrees that Landlo rd has the sole right to determine the  4  

 

appropriatc mix of tenants at rhe Building and to change sllch mi x in Landlord 's discretion from  timc to time . In light of the foregoing considerations. Tenant agrees thar. ill the event that Tenant  rail s to oren for business for ten (10) consecut ive business days, Landlord shall be entitled to deem  the Premises abandoned . Without waiving any other rights hereunder, if landlord deems the  Promises abandoned it shall post conspicuously 011 the door of the Premises a notice that the  Prem ises are deemed abandoned and mai l a copy of such notice pursuant herein . If Tenant fails to  meet and confer with Landlord at the Landl ord's omces. personally or through a representative  aut horized to accept service of process, and such fai lure continues for ten ( 10) days following the  mailing of the notice of abandonment (running concurrently with, not in addition to, any stannory  notice period required for termination of the tenancy). Landlord shaU be entitled to re-enter and  re take the Premises by any reasonable means. inc luding, without limitation. removi ng and/or  replacing the locks. Landlord shall also be entitled to re-let the l'rcmises, and sell any or all goods  found tbereon. Tenant IVai,-es any and aU claims for damages based upon Landlord ' s re-entry Or  re- letting of the Premises, or sa le of goods in compliance with this Section. Landlord's rights  under this section are in addition to all other rights and remedies avai lab le to Landlord for breach  of any provision of thi s Lease.  SECTION 8. HOLDOVER TENANCY  rf with Landlord', consent Tenant shall retain possession of the Premises or an y part  thcreof following the expiration or sooner tennination of this Lease for any reason, Tenant shall  becomc a tenant from month to month at a minimnl11 monthly rental of onc hundred fifty percent  ( 150%) orthe amount of the Minimum Monthly Rent for the last month of the Lease Term. Such  tenancy shall be subject to all orthe co.nditions. provis ions and obligations of this Lease insofar as  the samc arc applicable to a month ro month tenancy and shall continue until terminated by  Landlord or Tenant, such tenllination to be exercised by the terminating party giving at least lhirty  (30) days' prior written notice to the other party. Nothing in this section shall be deemed to be a  grant to Tenant of any righ t to holdover. and if Landlord does not consent to such holding over.  Tenant shall be deemed a trespasser and Landlord may exercise all rights and remed ies under this  Lease or applicable law to regain possession of the Premises.  SECTION 9. MI.J.'<IMUM MONTHLY RENT AND ADDITIONAL RENT  Tenant agrees to pay rent to Landlord , without notice or demand and withoUl offset or  deduction. at Landlord's address sct forth in Section I, or sllch place as Landlord may by notice to  Tenant from time to ti me direct, as follows:  (A) The Minimum Monthly Rent set forth in Section leG), in advancc on the  first day of each month ofrbe lease Term and any extensions thereof. except that the firsl  mooth ' , installment of Minimum Monthly Rent shall be paid by Tenant upon the execution  of this Lease and subject to the Rent Commencement Date in Section I (Fl.  (B) All charges other than Minimum Monthly Rent payable by Tenant  hereundc r shall be deemed "Additional Rent," and landlord shall have the same remedies  for a default in payment of Additiona l Rent as fo r a default in the payment of Minimum  Month ly Rent. The failure of any bank to honor a check ofT enant in payment of Minimum  Monthly Rent or Additional Rent shall be a default hereunder. The Mi nimum Monthly  5  

 

Rent and Add itiona l Rem (including. without limitation, any charges du e under this lease)  are sometimes herein collecti vely referred to as "Rent"" or "rent."  SECTJOI" 10. LIQ UOR T.TCENSE  Tenant requests lhat the ABC License Type 47 #3 15174 (the "License") currentl y owned  by Jesus M Pimo dba EI Conquistador be acquired for 565.000 for the benefit of Tenant. Tenant is  solely responsib le for completing the transfer oftbe liq uor license. Tenant has advised Landlord  that Tenant is an experienced restauralll operator and that it is familiar with the procedures for  acquiring the License and shall acquire the License through an escrow (the "Escrow"). Tenant  agrees to begi n the process of the liquor license transfer immediately upon l ease Execution .  In the event Tenant has actively pursued transfer ofrhe li quor li cense. but as of ninety (90)  days afler the Commencement Date, the liquor license is not transferred. Tenaut shall have the  right to cance l tbe Lease agreement upon wrinen notice to Landlord. In the event the liquor lice nse  has not been transferred to Tenant as of the expiration of sa id ninety (90) period. Landlord may  thereafter tenninate this Lease agreement upon wrillen notice to Tenant. In the event that Tenant is  in default and docs not cure their default, or upon lease expiratlon, Tenant agrees to immcdiately  seU or assign liquor license back to Landlord for the amount of S 1.00. Tenant expressly  acknowledges and agrees that in the event Tenan t breaches the foregojng but not immediately  transferring the liquor license to landlord, then in addition to its other remedies. l andlord shal l be  entitled to specific performance and other equitable remedies without the necessi ty of proving the  inadequacy of its legal remedies.  SECTION 11. TENANT IMPROVEMENT ALLOWANCE  landlord agrees to pay Tenant a Tenant Improvement Allowance of ~65,000 immediately  upon evidence that the liquor license has transferred in to Tenant's name/entity. upon wh ich time  Tenant waives its right to cancel the lease pursuant to Section 10.  SECTION 12. SECURITY INTEREST  As additional security for Tenant's obligations under this Lease, Tenant hereby grants to  landlord a lien and security interest in and to al l present and future right, title and interest of  Tenant in and to the fo ll owi ng (the "Collateral' "): (a) all inventory, equipment, tixtures and oth er  goods (as thosc tcrms are defined in Division 9 of the Ca liforn ia Unifol1n Commerc ial Code (I he  ·'UCC·). and whether existing now or in the futurc) now or in the future located at, upon or aboUl,  or aftixed or attached to or installed in , the Premises. or used or to be used in connection w ith or  othelwise relat ing to the Prcmises or the ownership , use, development, constlUction, maintenance,  management. operation, marketing, leas ing or occupancy of the Premises; (b) all present and  fu ture right. tit le and interest of Ten ant in and to all accounts, genera l intangibles. chattel paper,  deposit accounts. money. instruments and documents (as those terms are delined in the UCC) and  a ll other agreements . obligations, righrs and wrinen materials (in each case whether existing now  or in the fll rurc) now or in the future relating to or othcrwise arising in connection with or derived  frum the Premises . Tenan t hereby grants Land lord the right to file a financing statement in the  appropriate filing office to perfect Landlord 's security interest in and to the personal property  6  

 

described abovc. Landlord shall have, in addition to all rights and remedics provided herein. all  the rights and remedies or a "secured party" under the UCC and other app li cab le law.  SECTION 13. LATE CHARGES  Tcnam hereby ac.knowledges that late payment by Tenant lo Landlord of Rent and other  sums due hereunder wi ll cause Landlord to incur costs not contemplated by this Lease. the exact  amount of whi ch wi ll be extremely diffi cult to ascertain . Sucb costS include. but are not limited to,  processing and accounting charges and late charges which may be imposed on Landlord by the  tel1115 of any Illaster lease, 1ll0l1gage, or deed oftntst eovcring the Premises . Accordingly. if any  installment or Rent or any other sum due from Tenant shall not be receivcd by Landlord or  Landlord's designee by the end of business hours on the fourth (4'h) day after the day such amount  was due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such overdue  amoun!. The parties hereby agree that such late charge represems a fair and reasonable estimate of  the costs Landlord will incur by reason of late payment of TenanL. Acceptance of such late charge  by Landlord shall in no event constitute a waive r ofTcnant's default with respect to such overdue  amount nor prevent Land lord from exercising any of thc other rights and remed ies granted  hereunder including. without limi tation. Landlord's option to declare tbat tbe Lease is tertninated.  Where Tenant is in an'ears in paymem of Rent or any other charges due hereunder.  Landlord shall hal'e the right, in its sole and absolute discretion, to apply any monies rece ived from  Tenam to the overdue charges or to any amoums due hereunder, regardless of any designation of  such payments made by Tenant.  SERCTION t4 . TAXES  On the tirst day of each month. Tcnant sha ll pay to Landlord , in advancc, one twelfth  (111 2) of the es timated Taxes Applicable to the Premises. "Taxes" shall mean and include a ll real  estate taxes. assessments. gOI'ernmental levies, municipal taxes. COWlty taxes or any other  governmenta l charge, general or special , ordinary or extrao rdinary, unforeseen as well as foreseen,  ofany kind or na mre whatsoever. which arc or may be assessed, levied or imposed upon all or any  pan of the land. the Building and the sidewalks. plazas or streets in front of or adjacent thereto,  including any tax attributable to a change of ownership of the Building or the Building or the  making of improvemenrs at th e Build ing or th e ProperlY. any tax, excise or fee measured by or  payable with respect to any rent and levied against Landlord, and any expenses incuITed by  Landlord in contest ing any of the foregoing or assessed valuations. If, due to a fumre change in the  method of taxation or in the taxing authority, a new or additional real estate tax or a fra nchi se,  income. rransiL. profit or other tax or govel11mcntal imposition, however desil,'I1ated, shall be levied  against Land lord, the Building. and/or all or any part oftbe Building, or sidewalk. in addition to or  in substitution for, in whole or in part. any tax which wou ld constilUte Taxes or in li eu of additional  Taxes. sllch tax or imposi tion shal l be deemed for purposes hereof to be included with in Taxes .  ''Taxes Applicable to the Premises" shall mean , in the case the Building or the parcel on whi ch  the Building is located is separately assessed, th e ratio that the floor Area ofrhe Premises bears to  the Floor Area of the assessed parcel or Building.  Tenant sha ll also pay to Landlord as Additional Rent Tenant's share (based on the same  propol1ion as is llsed to calculate the "Taxes Applicable [0 the Premises") ofthc cost and expenses  7  

 

paid or incUlTed by Landlord for profcssional or other serv ices (including but not limitcd to fees  and expenses of consultants. attomeys, appra isers and experts) in counection with contestin g  Taxes or assessments or in connection with the efforts to sec ure lowered real estate tax  assessments on the Building or Building or to resist increased assessments. Tenant shal l be liable  hereunder onl y fo r slich costs and ex penses incurred in connection wi th Taxes assessed o.r to be  assessed for tax periods OCCUlTing within l.he Lease Term. To the extent such t:OS lS and expenses  are attributable to tax es assessed for tax periods that are only partially included witbin tbe Lease  Tenll . Tenant 's share shall be prorated. Tenant shall pay Additiona l Rent hereu nderuJlo.n demand  therefor by landlord accompanied by suitable evidcnce of the amount demanded.  Tcnant shall also promptly pay when due any taxes app licable to its leaseh old interest and  any personal property [axes levied against property of Tena11l situated on the Prem ises directly to  th e appropriat e taxing authority.  SECTlOl\ 15. UTILITY USAGE AT THE PREMISES  Tcnant hereby covenants and agrees to pa y prompt ly all charges for heal, light. water.  sewer, garbage, pest control and fo r all Other utilities used on or in connection w ith the Prcmiscs  durin g the Lease Tenn. Any pon ion of the utility cbarge allocated to Common Areas sha[1 be  incl uded in the Common Area Util ity Charge as hereinafter deiincd. Common Area Utility  Charges , ha ll be governed by Sections 25 through.1Q of this Lease.  SECTION 16. USE OF PREMISES AND BUILDING FACILITIES  [6 .1 Tenant shall use the Premises solely for the purposes set forth in this Lease  and for no other purpose wi thou t obtaini ng the prior written consent of Landlord .  Tenant acknowledges th at neithcr Landlord nor any agent of Landlord has made  an y representation or warranty with respect to the Premises or with respect to the  suitability of [he Premises or the Building for thc conductofTenant 's business, nor  has Landlord agreed to undertake any modification , altera ti on or improvement to  th e Premises or the Building, except as sct fo rtb in this Lease. Tenant exprcssly  understands and acknowledges tha t the Prem ises are leased hercunder without a  Co nd itional Use Permit ("CU P") in place and that at all times as an express  condition of Tenan r's Right to Use the Premises hereunder, that any such use will  be consistent with the Premises current legal, non-conforming condi tions such that  no CUP shall be required . Subject to the forego ing, any condition and hours of use  of the Premises sball be controiJed by the Liquor License secu re by Tenanl for the  Premises (collectively the "ABC' hours and conditions"). Tenant shall promptl y  comply with all laws, ordinances, orders and regulations affect ing the Premises and  the Build ing. including, witho ut Limitation, any rules and regulations that may be  attached to this Lease and to any reasonable modifications to these rules and  regu larions as landlord may adoJlt from time to time . Tenant acknowledges that,  except for landlord' s obligatio ns pursuant to this Lease, Tenant is solcly  responsible for ensuring that the Premises comply with any and all governmental  codes, regu lations and laws applicable to Tenant's conduct of busi ness on the  Premises, and that Tenant is sole ly responsible for any alterations or improvements  that may be required by such codes . regulations, and laws, whether now cx isting or  R  

 

herea fter adopted. Tenant wi ll not perf 01111 any act or can y all any practices that  may injure the Premises or the Building; that may be a nu isance or menace to other  tenants in the Bui lding; or that shall in any way interfere with t.he quiet enjoymel1!  of such other tenanrs or residents.  16 .2 Tenant herein covenants by and for him self or herself. his or her he irs ,  executors, administrators and assigns, and all persons claiming under or through  hi m or her, and thi s lease is made and accepted upon and subject to the fo ll owing  cond itions ; That there shall be no di scriminati on against or sewegation of any  person or group of persons on account of race, color, religion. creed, national  origin , ancestry. ethnicity. disabi li ty, age. marital status, sex or sexual orieutatiol1 in  the leasing. subleasing. transferring. lise, occupancy. tenure or enjoyment of the  Premises. nor shall Tenaut or any person claiming under or through Tenant.  estab lish or permi t any such practice or practices of discrimination or segregation  with reference to the selection, location. number. use or occupancy of tenants.  subtenants. or vendees of the Prem ises.  16.3 l undlord may, but shall have no obi igation to , in1plemcnt security measures  for the Building Premises and or Build ing, such us the use of security guards, traffic  patrols, searches of persons entering the Premises or Building. Building Landlord,  irs agentS, employees, directOrs, shareholders: partners . parents, subsi diaries l  affili ates, at torn eys, accountants . lenders and ground lessees, if any, shaU have no  liability for the failure to implement or exerci se aoy such security. or (provided  landlord ac ts in good fai th) the implementation or exercise of any such security  measures or for any resu lling disturbance of Tenant ' s, customer ' s, employee ' s,  suppli er ' s or agent ' s usc or enjoyment of the Prem ises Building.  16.4 Tenant expressly acknow ledges that the black shack behind 370 I W. Sunset  B lvd., l os Angeles. Cali fnm ia, 9002(, is not part of the Premises.  SECTION 17. PARKJNG  Tenant sha ll have the exclusive right to use two (2) dedicated parki ng spaces in the parkil1g  area located at the rear of the Prem ises at no additional charge . These spaces are available for  Tenant's exclusive usc from 8am until 6pm. seven days a week.  SECTION 18. BUILDING BUSINESS HOURS  Landlord has no minimum or max imum building business hours ("Business I'Tours"), and only  requires Tenant to operate within legal business hours as set forth in AB C liquor license or other  governmental entity.  9  

 

SECTTON 19. PERMITTED USES  Tenant sha li occupy the premises for the fo llowing Pem1 itted Use ami for no other plllvose  whatsoever:  The opcralion ofa fu ll -service rcstaura ntfbar with a Type 471iquor license. As an exp ress  condition of the Lease. Tcnant shall not engage in any use, that in Landlord's disc retion. is not in  stric t conformance with any CU P/CUB or other governmenta l regulation application to tbe  PreI11i~es.  SECTION 20. LEGA L NON-CONFORMING USE  The Premises is currently a legal non-conforming use. Landlord will not approve any  building improvements or applications which may impact or change the status of the ex isting legal  non-confonning use. Tenant hereby acknowledges same and for itself, its representative.  affi liates. subsidiaries. Managers. Members and agents, (co ll ec tively, th e "Releasors"). does  hereby fully and unconditionally remise and release, landlord. including its agents.  representatives. attomeys, insureds, dircetors, officers. members, managers, shareholders and  employecs (thc "Releasees"), of and from all. and all manner of. claims, causes of action. actions,  ohliglllions. damages. whether known or unknown, suspected or unsuspected. and whether or not  concealed or hidden. that Releasors may have. or has had , against any of the Re leasees. arising out  of or relating . directly or indirectl y to this Paragraph 20. Tenant fun her hereby acknowledges that  it has read this paragraph carefu ll y and understands its contents. and is aware that this is an  agreement nor 1'0 sue the Releasees and constitutes a complete release o f liabi lity by it in favor of  tbe Releasees as and to the ex tent provided herein.  SECTTON 21. SIGNS  Tenant will display no signs (each. a "Sign") and perm it no such Sign upon any patt of the  Premises. exccpr in accordance with the laws and requ irements of the City and other governmental  authorities and with the plior wrinen approva l of landlord of both the content and style of the Sign  in Landlord's discretion. that same arc visually complimen tary to the Premises and the adjacent  Ten3nt(s) . In the event Landlord approves any Sign. Tenant will nonetheless rcmove same at the  expiration or tennina tion of the Lease and repair any damage or injury cansed thereby. and if not  so removed by Tenant. then Landlord may remove same and repai r any damage at Tenant 's  expense. In the event there becomes due to any governmental entity a charge connected with any  Sign of Tenant. Tenant sha ll pay such charge in a prompt manner directly to stich governmenta l  entity.  SECTION 22. COM MON AREAS DEFINED  "Common Areas" sha ll mean. if any. the landscaped areas. trash area , park ing area. and  any other public or semi-public faci lities or improvements (includ ing building systems, interior  pedestrian thoroughfares) .  10  

 

SECTION 23. USE OF COMMON A REAS  Landlo rd herehy grants to Tenant and to its employees. agents. customers and invitees tbe  non-exclusive right, in common wi th al l other occupants of the Build ing, whether as tenants or as  owners. and their em ployees, agents, customers and invitees, for and during the Lease Tenn. to use  the Common Areas as they may exist frol11 time to tirne , such use to be in m':I,;Ordilm.:t: with ruks  and regu lations establi shed by Landlord from time to time by notice to Tenan t. Landlord shall at  a ll times have excl usi ve control an d management of the Common Areas and no regulation thereof  shal l be deemed a constructivc or actual evic ti on o r cmit le Tenant to com pensation or a reduction  or abatement of rent. The rules and regulations established by Landlord may include limitations  011 the hours during whieh Tenant may use the Common Areas for access to the Premises.  Landlord reSerVeS the unrestr icted right. without the same constituting an eviction and without  incuning any liability to Tenant therefore, to make changes in the Common Areas including, but  not limited to. closing off, reducin g the size of, or eliminating all or a portion of the Common  Areas or changing the an'angement, size, and or location of publ ic entrances . passageways, doors  and walks. Landlord shall have the right to make such changes in the plan of the Building as  Landlord deems necessary and, in rcspcct thereto, shall have the light to crecr addit ional sales  areas. buildings. or structures. plamers. plamer boxes, fountains, and other landscaping devices or  features and shall have the right to pJace sales kiosks and erect promotional and other Signs withi n  the Common Areas as Landlord may from time to time deem desirable so long as same does nor  unreasonably interfere with Tenant's bus iness operat ions.  SECTION 24. COMMON AREA MAI NTENANCE CHARGE  Tenant shall pay Tenant' s Prorata Share (ca lcul ated in accordance with Sec ti on 26) ofrhe  Common Area Maintenance Charge. Thc "Common Area Mainten ance Charge" shall mean the  actual amount of all costs and expenses of every kind or nature paid or incurred by Landlord by  reason of its ownershi p. operation or main tenance of the Building (except utility charges prov ided  for in Section 25), including, wi thout limitaiion, the costs and ex penses of (a) operating,  maintaining (incl uding j anitoria l services), and (subject to Section 16.3) securing the Common  Areas (b) making repairs and replacements to the Co mmon Areas including but nO! lim ited to  improvements necessary to satisfy requirements of applicable codes and laws. (e) liab ili ty and  property insurance ( including ren tal interruption insurance) and/or self- insurance and deductibles  andlor sclf-insured retentions, Cd) advertisi ng, COmmon area programming and emel1ainmcnt  arrangcd by Landlord for the benefit of the Building. (c) Taxes levied on the Common Areas, (I) a  reaso nable allowance for the depreciati on of maintenance equipment used in Common Area  maintenance, (g) w ithout dupli cating any expenses inc luded in Common Area Maintenance  Charge under any other provis ion of thi s Section 24, any COIDlnon area maintenance or other  charges assessed to the Ruilding under any covenants. conditions. restrictions or simi lar  documents that encumber the Building (colleclivel y. the " CC&Rs"); and. (h) a management  charge "fTfive percent (5 %) of the Landlord 's gross operating income of the Bui lding. Tenant's  Prorata Share of the Common Area Maintenancc Charge shall bc dctermined pursuant to  Sed illn 26 and shal l be paid pursuant to Section 27 .  T~"'ir P~OI2"To,.S ","'IZOZ 0\= \\1;;: ('o .... ti2.ClA(\L.C All-fA MAv'rn::N'\NCL ell Ir"e,f,t  5Mu ... NC; [<.\(C£\?O >\>4 11 P~SQ.t)A"I1(, fool pea..'fef.)e. (0<2. ~\O 000 f>'CQ'-{CM,)  fc~ 1\-,E; PeD.-\co ~CNI2. '/2NL 'r /'II n~ (.0MlV\eI\lCffiUlT Cf t\lE' LE'ffi~. O-IA;~~ S\\-kfX  f (\Ie- ~~\roLLAi.tE ~I)~~c>\ ~~ Mi(t~\\.((£ (;\II\-e&ES S ""'Ll. ,..1 1 t-I[Q-8\~t ~'f Mel(."  11\";1"1 IW" VW-8f\""-t (~";i.~ i'<'I!.'fC'f\Q, ro12. PIA~0Ses I\\?'QE'C~, "C.cNTe L-L.~e. lI:: ('O~\~DI'\  1\"-'.'>fI rv.."tI~m.lM.(U: C\l IrUES ' _,( "II-~ 1AE¥\t-/ 11 f\-t.L Cob,MOI-l >ro.e-F\ M~II ... (TE\tAWCC t\M.oe~  \)\\\e<L r\1-I ey~)~ fOe. \I\;~~>, \NSu..~~CES Ie I->J.tctl AOZI\ \).'t(..\\7 CtlM2(H'S Il-~  \~E¥-\{ Iv( At-I"c;."' ..... \?).{ r. Ah ~ ) 1  'U W ~~  

 

SE CTION 25. COMMON AREA UTILITY CHAR GE  Tenant shall pay Tenan!"s prorata sbare (calc ulated in accordance wi th Section 22) of the  Common Area Uti lity Charge. "Common Area Utili ty Charge" shall mean all costs and all  expenses in cUlTed or expended for aU utility services re lated to the Common Areas including.  without limitation. (a) heating. (b) lighting. (c) g.arbage. (d) pest contro l, and (e) water ano sewer  charges. Tenant 's prorata share of the Common Area Utility Cbarge shal l be determined pursuant  to Section 26 and shall be paid pursuant to Section 27.  SECTIO \' 26. PR O RATA SH ARE O F COMMON AREA CHARGES  Land lord may calculate Tenant's prorata share (", Pro rata Share" or "prorata sha r e") of  the Common Area Maintenance Charge and the Common Area Ut ility Charge (collectively, the  "C ommon Area C harges'") based on any of the following methods (Landlord may change  methods at any time upon thil1y (30) days prior written notice to Tenant) :  (i) a fraction , the numerator of which is total rentable Floor Area of the  Premises (2 ,434 square feet) and the denominator of wh ich is the total rentable Floor Area  of the Building (8983 square feet);  (i i) in accordance wilb the allocations set forth in the CC&Rs: or  (iii) any other met hod as Landlord may detel111ine to fa irly and equitably  allocate Co mmon Area Charges among Tenant and the residents, tenants and occupants of  the Building.  SECTTON 27. PAYMENT OF THE C O MMON AREA C HARGES  Tcnant ' s promta share of the Common Area Charges shall be considered Additional Rcnt  and shall be paid in monthly installments on the first day of each calendar month ofthe Lease Tem1  (prorated for any fractional month) in advance in an amollnt estimated by Landlord . Within ninety  (90) days aftcr th e end of each fi scal year, Landlord shall endeavor to make available to Tenant a  reasonably detai led statement of costs and expenses paid or incurred by Landlord du ring such  period for the Common Area Maintenance Charge and the Common Area Utility Charge. Within  one hundred twenty (120) days after the end of each fiscal year. Landlord shall rebate to Tenant  any payment of Common Area Charges in excess of Tenant's actual Common Area Chargcs  calculated pursuant to Sections 24 through 26.  SECTION 28. OTHE R USES  (A) Tenant funher covenants and agrees that it will at its expense:  (i) maintain persona l property insu rance in comp liance wi th Section 38  of this Lease havi.ng a limit of not less than the full replacement value of Ten ant's personal  property located on the Premises including, withoUt limitation, fixnt res and inventolY;  (ti) keep the Premises clean and in a neat, sanitary condit ion, keep all  plumbing in the Premises and sanitaty systems and installations serving the Premises in a  12  

 

good state of repair and operating condition to the points they connect with the main  plumhing and sanitary systems serving the Building as a whole:  (iii ) promptl y replace any and all glass (including min'ors) in the  Prcmises and in the perimeter walls th crcot~ the frames for such glass, and any lettering and  ornamentation on such g lass. \vhich may be broken or damaged:  (iv) cause all rubbish, garbage, waste and other debris generated on the  Premises to be removed to such reasonab le location and in such manner as may be  spec ified by Landlord from timc to time; and adhere to Prcmises and Buildillg wide and  Premises speci fic cleanillg requirements according to stalldards spec ified by Land l.ord:  (v) obtain and keep in effect at all times during the Lease Tenn all  pennits and ]jcenscs required by any governmenta l alllhorities (including City and County  Health ])epaI1l1l cnts) for tbe operat ion of its business from the Premises . inc lud ing any  pennits and licenses requ ired for the preparation or sak of food and oth er products;  (vi) If required by the City of Los Angeles or any other governmental  agenc y, ins tall all air filtration system (such as a "smog hog") for its wood-fired ovens and  other cooki ng devices that may generate smoke. fumes or odors: such system shall be  sufti cient to comply with all applicable requirements of the City of Los Ange les and  otherwise shall be reasonably acceptable to Landlord; and  (v ii) adhere to those IUles and regulations which Landlord shall establish  [rom time to time including, w ithout limi lation. merchand ising and customer service  standarels.  (B) Tenant covenants that it sha ll:  (i) Comply with and adopt such means and precaut ions as Landlord  may from time to time establish with respect to Tenant's playing mus ic on the Premises so  as not to disturb neighbors of areas sttI10unding the Premises.  (ii) not create, or penni t to be created. any nox ious odor. smoke. or  fumes that are di slUplive to the occupants of the Building or tbe operations of any othe r  tenants or occupants of the Bui Iding; and.  (iii) oot install. place or pennirany awrung on tbe perimeter walls of the  Premises unless approved in writ ing by Landlord . and each such awning so approyed shall.  to the sat isfaction of Landlord, be kept clean and in good order and state of repair and  appearance by and at the expense of Tenant including, whenever neccssary in the judgment  of Landlord. tbe replacement of awning coverings with materia ls approved by Landlord .  SECTION 29. PEST CONTROL  Tenant shall operatc its busincss in and on the Premises in such a way that no Ycrnlin or  pests wil l cOl11e tt'O I11 the Premises to other parts of the Building.  13  

 

SECTION 30. PRESENT CONDITION OF PREMISES  Tenant expressly accepts tbe Premises in their present condition. "as is" and "where is" and  without warranty or any kind or natnre whatsoever, other that Landlord sha ll waITant that as of the  delivery of the Premises to Tena nt the Premises arc term ite free and that all building systems  (including but not limited to HV AC. electrical. pl umbing erc.) are in good working order and shall  warrant all building systems for a period of one year from the date of delivery.  SECTION 31. CARE OF PREMlSES  At its sale cost. Tenant sball maintain and preserve thc Premises at all times, including but  not limited to interior walls and wall coveri ngs, floors and floor coverings. and fixtures in good  order, condi tion and repair, reasonable wear and tear excepted. Tenan t shall use the Premises and  the Common .!\rcas on ly in accordance with reasonable business standards and practices . Tenant  will not permit or commit waste. damage. or injury to the Premises or cause any such waste,  da mage. or injury to the Common Areas. In addition, Tenant wi ll at all times main tain thc gas.  steam, sewer and water pipes up to the poin t at whi ch such pipcs and uti lity systcms connect with a  main Building servicc (i.c., a util ity system scrving the Building as a wholc) and become dedicated  pipes serv ing Tenant 's Premises . regardless oflocatlon in the Building, and ifmisuse of the utili ty  systems by Tenan t causes blockage or damage that requires repair outside Tenant 's Premises to a  main Building service, then Landlord may speciall y allocate the cost of such repair to Tenant.  Tenant shall maintai n all pipes and plumbing fixtu res withi n thc Premises and any such pipes and  plum bing located outside of the Premises w ithout but dedicated specifically to. Tenant ' s Premises  (other than any pipes that run througb Tenant' s Premises without being used by Tenant). Tenam  shall maintain all air filtration devices in good condition and repair and in a manner th at docs not  permit smoke. fllmes or odors to disturb tenants. or occupants of the Building or the general public.  All ma intenance and repairs to be performed by Tenant sha ll be at Tenant's so le cost and expense.  If Tenant fails to maintain the Premises in good order, condition and repair, Landlord shall  have the right to give Tenant notice to do such acts as are reasonably required to so maintain the  Premises. In the cven t Tenant fa il s to commence such work with in fi ve (5) days of notice (or such  shorter time as Landlord may reasonab ly require in the case of risk of damage to persons or  propenYl and to diligentl y prosecute it to completion (with Land lord entitled to define the cure  period in its reasonable di scretion in the case of risk of damage to persons or propenyl. then  Landlord shan have the righl. at its option. and in addition to all other remed ies. and w ithout  waiv ing Tenant 's default. to do such acts and expend such funds at the expense of Tenalll as are  reasonably required to perfOllll such work . Any amount so ex pended by Landlord plus an  administrative fcc of ten perc.ent (10%) of the cost of taking such actions shall be paid by Tenant  promptl y on demand. Landlord shall have no liabi li ty to Tenant for any damage. inconvenience 01'  interference with the use of the Premises by Tenant a, a resu lt of performing any such work .  SECTION 32. GREASE CONTROL  Tenant shall not dispose of any grease or cooki ng oils except via methods and in conta iners  approved by Landlord. Grease and cooking oils may not be disposed of through any drains. If  required by Los Angeles Department of Publ ic Health, Tenant shall install and maintain in good  and clean condition the grcasc trap(s) to serve the Premiscs . In this case. Tcnant shall clean out all  14  

 

grease traps month ly or such oth er frequenc y as designatcd by Landlord and shaU provide  evidence of such periodic rnaimenance acceptable to Landlord , Wllicll may include cop ies of  current ;;erv ice contrac ts. All maintenance and repairs to be performed by Tenant shall be at  Tenant's sole cost and expense. In the event Tenant fails to perfonll regular serv ice to grease traps,  Landlord shall give Tenant notice to do such acts as arc reasonably required to so maintain tbe  Premises. In the even t Tenant fail s ( 0 commence sLlch work w ith in fi ve (5) days of notice and to  diligenrl y prosecute it to completion, tben Landlord shall have tbe righI, at irs option, and in  additi on to all other remedies, and without wa iving Tenant 's defau lt, to do such acts and expend  such hmds at the expense of Tenant as arc reasonably requircd to perform such work. Any amou nt  so expended by Landlord shall be paid by Tenant promptly on demand as Additional Rem.  Landlord shall have no liabi lity to Tenant for any damage, inconvenience or in terference with the  use of the Premises by Tenant as a resul t of performing such work .  SECTION 33. AL TERA TION, ADDITION AND IMPROVEMENT  Tenant shall not make or a ll ow to be made any alteration , addition or improvement to the  Premises, struerural or non structural, ordinary or extraordinalY, without the prior written consent  of Landlord. All alterations. additions and improvements shall be at the sole cost and expense of  Tenant and sball become [he property of Landlord. remaining in and surrendered w ith the Premises  as a part thereof at [he expiration or tcnnination of thi s Lease. without di sturbance, molestati on or  inJUlY· In performing alterations, add itions or improvements, Tenant shall comply with all  applicable laws , ordinances, rules and regulations of any governmental entity with auLbority over  the Premises, Tenant sball also indemnify and bold Landlord harmless from all damages, loss,  liens or expenses arising ou t of th is work.  SECTION 34, TENANT'S IMPROVEMENTS  Prior to opening its restaurant, Tena nt shall make improvements to the exterior of the  Premises to bene I' the appearance of the exterio r fa~ade, to include new storefront wi ndow system,  landscapi ng. lighting and ncw ex terior painting in a co lor and scheme compl imentary to the other  Tenants at the Propel1y. Land lord shall not unreasonably withhold its approval of the color lIsed to  paint the exteri or. Tenant recognizes Landlord' s interest in maintaining control and co nsistency of  the overa ll desib'11 aesthetic of the entire Property. Tenant expressly acknowledges and agrees that  in th e event Tenant breaches the foregoing provision , Landlord in additi on [Q its other legal  remedies, shall be entitled to specific performance and other equitable relief without the necessity  of provi ng th e inadequacy of its legal remedies  Any improvements matle by the Tenant sha ll not in any degree, affect [he existing legal  non-confonn ing use whether made to the interior or exterior of the Premises . Tenani shall obtain  Landlord"s approva l of Tenant's wo rking drawings and specificati o ns pri or to Tenant 's  commencing constnlcti on of any alteration, addition or improvement on or to the Premises.  Landlord's approval of plans or specifications shall not constinl1e an assumption of the  responsibility for the accuracy or suffi ciency of such plans and specifications or their compli ance  with applicable codes, regulations or stanltes, which responsi bili ty is solely Tenant's. All design,  architectura l and engineering costs of or related to any aiterations, addi tions or improvements shall  be borne by Tenant.  15  

 

All alterations, additions and improvements shall be completed in accordance with detailed  plans and specifications prepared by an arcbitect licensed by the State ofCaJifornia (aod approved  in writi ng by Landlord) th at have been approved in writin g by Landlord. Tenalll , Or irs conu·actors  or rheir representatives, agents or employees, shall check in with Landlord prior to commencing  work . Tenant or its contractors or their represenlalives, agen ts or employees, perfonninl!  wnstructinn work shall be licensed .nti bonded in the state of Califootia and shall be solely  responsible for obtaining any necessary permits required by governing loca l authorities.  All consl1lJction work requ ired or penllittcd by rhis lease, whether by Landlord or by  Tenant. shall be done in good and workmanlike manner, by contractors duly li censed in the State  of Cal ifornia and in compliance with all app licable laws and ordinances. regulations .. any  improvements requ ired because of the Americans with Disabilities Act. and orders of  governmenta l authority and insurers of the Premises.  Upon completion of any al terations , additions or improvements. Tenam sball provide  as-bui lt drawings to l.and lord. Tenanr may also be requ ired to update Landlord's standard  buil ding records. Landlord shall have th e right to inspect work and post notices of  non-responsibi li ty.  SECTION 35, ALTERATION OF BUTl.DmC  If Landlord elects to perform any alterarion , renovation, remodeling, repair or orher  building operations (co llecti vely "Building Operations") at the Premises or tbe BUilding. Tenam  sha ll permit Landlord. its agems. employees, licensees and contraclors to enter and perform in the  Premises such activi ties as are reasonabl y necessary to accomplish the Building Operatiuns.  SEcnON 36. DAMAGE OR DESTRUCnOl\  In rbe event th e Premises is destroyed or damaged by fire, eartbquake, or other casualty 10  suc h an extent to render the same untenantable in whole or in substant ial part. Tenanr sha ll givc  Landlord iml11ediate notice of the occurrence of any such casualty and Land lord may elect eithcr to  repair or rebuild the Premises or to terminate this Lease upon givi ng notice of such election in  wrir ing to Tenant lVith in ninety (90) days of the OCCU'Tence of the casualty. If Landlord elects to  repair or rebuild the Premises. during such period the Minimum Month ly Rent and Addirional  Rent of the Premi ses shall be abated in th e same ratio that the portion of the Premi ses rendered for  the time being ttufit for occupancy shall bear to the floor Arca of the Prcmises : provided, bowever,  Landlord shall in no event be required to repair or replace any property of Tenant. If, within one  hundred eighty (1 RO) days after Landlord has obtained all required govemmental permits and has  cOlllmenccd restoration and repair work, Landlord has not completed the repair or rebuilding so  tbat the Premises are avai lab le for Tenant ' s occupancy. Tenant may tenninate the Lease by thirty  (30) days written not ice to Land lord given within ten (10) days of expiration of such period.  Should Tenant re occupy a portion of the Premises fo r the purpose of conducting business du ring  the period the restoration work is taking pl ace and prior to the date that the Premises arc made  completely tenantable. or unlilthe Landlord 's termination of the Lease is effective, the Minimum  Monthly Rem payab le by Tenant shall be abated to that pan of the Premises occupied by it. No  damages, compensation or claim shall be payable by Land lord for inconven iencc . loss of business  or annoyance arising from any repair or restorati on of any ponion of the Premises or of the  16  

 

Building. Landlord shall use its best efforts to effect any such repair or restoration in such manner  as not unreasonably to interfere w ith Tenant's occupancy.  If th e Building is damaged or destroyed to such an cxtent that, in Landlord'5 opinion, it is  not practical to repair or rebuild. th en Landlord may, at its option, telm inate tbis Lease by notice to  Tenalll wilhin ninety (90) days or lhe OCCurrence of lhe casualty.  SECTION 37. INDEMNITY  All persona l propeny on the Premises shall be at the risk of Tenant. landlord and  landlord 's agcnts. employees. and contractors shall not be liable for any damage either to person  or property. susrained by Tenan t or otbers, including. without limitation, damage caused by any of  the fo llowing: dereets now or hereafter occurrin g in th e Premises or the Bui lding, intenuption or  utility services (including but not limited to the loss of power. gas, water, te lephone, cable or other  utility service). fire. natural disaster. force majeure, Or any act or neglect of other tenants or other  occupants of the Premises or the Building or any other person. or th e happening of any accident  from whatsoever cause in or abou t the Building or th e Building. l andl ord and Landlord 's agents,  emp loyees and contractors shall not bc liable for any damage caused by bursting or leaking of  water. gas. sewer. or steam pipes. Tenant agrees to indemnify, defend and hold Landlord and  Landlord's agents. emp loyees and contractors harmless from any and all injuty. loss. claims,  liabi lity. cost or expense. or damage to any person or property arising fro m. related to, or in  connection with the Premi ses unless caused by the gross negligence or wi llful misconduct of  landlord or Land lord 's agents, employees or co ntractors . Tenant agrees to indemni fy, defend, and  hold Landlord and Landl ord 's agents hanll iess fro m any and all injury. loss. claims or damage to  any person or property anywhere occasioned by any act, omission. neglect or default of Tenant.  and its agents. employees and contractors.  SECTION 38. lNSURAl"CE  Tenant shall maintain at all ti mes during the Lease Term the fol lowing coverages in the  fo ll owing amounts.  (A) Commercia l Genera l Li abi lj ty In surance coveri ng the insu red against  claims of bodily injury. personal injUly and property damage arising Ollt of Tenant' s  operat ions. assumed I iabi l ities or use of the Premises. including a Broad form Commercial  General liability endorsement coveting th e insuring provisions of this Lease and the  performance by Tenant of the indemnity agreements set f0l1h in Section 37 of thi s Lease,  (and with owned and non -owned automobile liabi lity coverage, and liquor liability  coverage in the event alcoholic beverages are served Ol' sold at the Premises) for limits of  liability not less than :  Bodily lnj ury and  Propaty Damage l iabil it)'  17  S I ,000.000 each occurrence  51,000,000 annual aggregate  

 

Personal Injury Liability $ 1,000 ,000 each occurrence  $ 1,000,000 annual aggregate  (B) Ph ys ical Damage Insuranc.e covering Ci) all fumiture, trade fixtures.  equipment. merchandise and all other items of Tenanr's property on the Prcmises installed  by, for, or at the expense of Tenanl. (ii) rbe Alterations, including any Alterations which  Landlord permits!O be insralled above th e ceiling of the Premises or be low the floor of the  Premises. and (iii) all other improvemcnts, alterations and additions !O rhe Premises,  including any irnpro\'ements, alterations or addirions insta ll ed at Tenalll ' s request above  the ceiling of the Premises or below the floor of the Prem ises. Such insurance shall be  wrincn on a "physical loss or damagc" basis under a "spccial fonn" policy. fo r the full  replacement cost va lue new without deduction for depreciation of the covered items and in  amounts that meet any co-insurance ciallses of the policies ofinsW'ancc and shall include a  vandalism and malicious mischief endorsement, sprinkler leakage coverage and  eart hquake sprinkler l eakag~ coverage.  (el Workers' compensarion insurance as required by law.  (D) Lo,s-o l:income, business interruption and extra-expense insurance in such  amounts as will reimburse Tenant for direct and indirect loss of earnings attributable to all  perils commonly insured against by prudent tenants or attributable to preven tion of loss of  access to the Premises or to the Building as a result of such perils.  (E) The minimum li mits of policies of insurance required of Ten ant under this  Lease shall in no cvent limit the liability ofTcnant under this Lease. Such insurance shall:  (i) name Landlord, and any other party it so specifies. as an additional insured;  (ii) speci li call y cover rhe liabi lity assumed by Tenant under thi s Lease. including, but not  limited to. Tenan t's ob ligalions under lhi s Lease; (iii) be issued by an insurance company  which is othelwisc acceptable to Landlord and licensed to do business in California; ( iv) be  primary insurance as to all claims thereunder and prov ide that any insurance carried by  Landlord is excess and is non-contributi ng with any insurance requirement of Tenant;  (v) provide that such insurance shall not be canceled or coverage changed unless  rh irty (30) days' prior written notice shall have bec n given to l andlord and any mOl1gagee  or ground or underlying lessor of Landlord: (\'i) contain a cross-liability endorsement or  severabil ity of interest clause acceptable to Landlord; and (vii) with respect to the  in surance required above, have deductible amounts not exceedin g Ten Thousand Do ll ars  (S I 0.000.00). Tenant shall del iver said policy or policies or certificates thereof to  Latllllord all or before the Lease Commencement Date and at least thirty (30) days before  the expiration dates thereof. If Tenant shall fai l to procure slich insurance. or to deliver  slleh policies or certificate, within such time periods, Landlord may, at its option , in  addit ion to all of its other rights and remedies under this Lease, and without regard to any  notice or cure periods, if any, set fOl1h elsewhere in this Lease, procure such policies for  18  

 

the account of Tenant, and the cost thereof shall be paid to Landlord as Additional Rent  within ten (10) days after del ivery of bi lis therefor.  (f) Tenant shall carty and maintain during the emire Lease Term. at T~nant ' s  sole cost and expense, increascd amou nts of the insurance required to bc carried by Tenam  pursuant to this section. and such other reasonable types of insurance coverage and in such  reasonable amounts covering the Premises and Tenant's operations therein. as may be  reasonably requested by Landlord.  SECTI ON 39. COOKING SURFACES: FIRE TNSURAI\'CE  PREMIUM  Tenant shall provide all cooking surfaces with hood . vent. fi ltration. and fire suppression  systems that have been approved by local health officials and applicable bui lding codes to issue  maximum tire insurance rate credit. If by reason of any act or omission on the part of Tenant,  whether or not Landlord has consented to the same. Landlord 's fire insurance premiulll on the  Bui lding is increased, Tenant shall reimburse Landlord for the increased portion of the premium,  which sum shaH be Additional Rem and payable on demand.  SECTION 40. WA IVER OF S UBROGATION  Tenant hereby waives any and every claim against Landlord that arises or may arise in  Tenant's favor or in favor of anyone. including any insurance company, claiming th rough or under  Tenant (by way of subrogation Or otherwise) for any loss or damage to any bui lding, structure or  tangibl e personal property. even though such loss or damage might have bee n occasioned by the  negligence of Landlord, its agents or employees, to the extent such loss or damage is covered by  insurance benefiting Tenant or was required under the terms of this Lease to be covered by  insu rance procured by Tenant.  Landlord hereby waives any and every claim that arises or may arise in Landlord' s favor or  in favor of anyone, including any insurance company, claiming through or under Landlord (by  way of subrogation or otherwise) for any loss or damage to any building, snueture or tangible  personal propeny, even though such loss or damage mjght have been occasioned by the negl igence  of Tenant. its agents or employees. to the exten t such loss or damage is actually covered by  insurance benefiting Landlord.  SECTION 4 I. lJ"SOL VENCY  Landlord , Tenant (as either debtor or debtor-in- possession), any Tenant's guarantor and  any appointed trustee ("T rustee"), agree that if a peiition is filed by or against Tenant to have  Tenant adjudicated a bankrupt. or if any petition for reo rganization or atTangement is filed by or  against Tenant (each a "Petition") under any chapter of Title II of the United States Code as it  now exists or is hereafter amcnded (the "Bankrup tcy Code"), the fo ll owing provisions shall  appl y:  (A) Landlord. Tenant and Trustee bereby acknow ledge that this Lease is a  "lease of real property in a shopping center" for the purposes of Section 365(b)(3) of the  Bankntptcy Code.  19  

 

(B) Tenant, Trustee or Tenant ' s guarantor sbaLl perform each and every  ob ligation of Tenant under thjs Lease, inclUding but not limited to the obligations set forth  herein. when and as required under the provis ions of this Lease. unti l such time as this  Lease is terminated, rejected or assumed.  (C) Within uneen (I S) days after the filing of the Petit ion . Tenalll, Trustee or  Tenant 's guarantor shall provide Landlord with adequate protection for the performance of  Tenant' s obligations under this Lease from the date oftil ing until such tim e as this Lease is  tcnllinated. rejected. or assumed. The adequate protection shall be effected by the  establishment of an cscrow fund (to be beld by the court or an illdependent escrow agent  approved by Landlord and the court) in the amOWl! at issue or by bonding.  (D) Reasonable compensation for the use and occupancy of the Premises shall  be an amount equal to tile sum of all Minimum Monthly Rent. all Addi tiona l Rent, and all  other charges otherwise due under the provisions of this Lease, including lega l fees  incun'ed in enforcing Tenant's posi-petition obligations and in obtaining relief from the  stay.  (E) Tenant or Tntstee shall reject or assume thi s Lease within sixty (60) days  aher the filing of a Petition under any chapter of the Bankruptcy Code.  (F) Tenant or Trustee shall give Landlord at least thirty (30) days prior written  notice of any abandonment of the Premises.  (G) Tenant or Trustee sha ll give Land lord at least thirty (30) days prior written  notice of any proceeding relating to adm ini strat ive claims.  (H) 1£ Tenant fails to time ly and fully perfonn any of its obligations under this  Lease before the ti ling of the Pet ition , whether or not Land lord bas given Tenant written  notice of the default and whether or not any time pcriod for perfonnance or cure set forth  herei n expires before the fi ling of the Petiti on, Tenant sha ll be deemed to have been in  default on tile date th e Petition was filed for all purposes under tbe Bankruptcy Code.  including but not limited to the application of Section 365(b)( I) and Section 365(b)(4).  (f) Neither Tenant nor Trustee ma y assume this Lease un less Tenant or  Trustee: (I) cures or provides adequate assurance that it will promptly cure all defaults  under thi s Lease: (2) compensates or provides adequate ass urance that it wili promptly  compensate Landlord for any pecuniary loss (inc luding attollleys fee .• and cOStS incurred  in enforcing Tenant's obligations) resulting from such dcfault(s) ; (3) provides adequate  assurance that it will fu lly and timel y perform all or Tenant's funtre obligations under th is  Lease: and (4) satisfies any additional requirements for assumption set fonb in the  Bankruptcy Code. as it now exists or is hereafter amended .  (J) For thc purposes of Section 365(b)( I) of the Bankruptcy Code, prompt cure  shall mcan cure withio thiny (30) days after asswnptioo.  20  

 

(K) Tenant 's interest in th is Lease may not be assigned un less Tenant or Trustee  assumes this Lease and provides Land lord with adequate assurance that the proposed  assignee wi ll fully and ti mely perfOnll all ofTenani" s future obl igations under th is Lease.  (L) For the purposes of Section 365(b)( I), Section 365(b)(3) and  Section 365(1)(2) of the Bankruplcy Code, adequale assurance of future perfomlance of  th is Lease by Tenant. Tl1Istee or any proposed assignee wi ll require that: (a) Tenant.  Tl1Istce or the proposed ass ignee deposi t an amOllnt equal to three (3) months of Min imum  Monthl y Rent and three (3) months Additional Rent into an escrow fund (to be held by the  co urt or an independent escrow agent approved by Landlord and the court) as security for  such futu re performance: (b) the reorga nized Tenant or Tm stee demo nstrate that it has  restaurant experience in restaurants of comparahle ::;ize and fi nancial abili lY to operate a  restaurant from th e Premises in the manner contemplated by this Lease and that it meets all  of Landlord 's othe r reasonable criteria met by Tenant as of lhe Commeneemem Date:  (cl the ponion of the ren t, if any, payable unde r th is lease attr ibutable to sales by Tenant  wi ll not decline substantiall y; (d) the use of the Premises wi ll be subject to all provisions of  [his Lease, and (e) the usc oftbe Premises will not cause Landlord or Tenant to be in breach  of an y provisions set fonh in any other lease or financing agreement or other agreement  relating to the Building at the time. In addition , if this Lease is to be assigned. adequate  assurance of fiJmre performance by the proposed ass ignee shall require that: (il the  assignee demonstrates that it satisfies tbe requirements set forth herein; (ii) the assib",ee  pays. wben due to the mortgagee, the full amount of any payments which Landlord may be  ob ligated to make to any mortgagee as a result of such assiglUnent, and (iii) the assignee  agrees to perfOnll fu ll y and comp letely and assumes in wliting any and all of Tenant 's  ob li gations relating to the Premises or this Lease, incl uding but not limited to any  obliga tion to pay for improvements constructed by Landlord contained in any agreement or  instrument other than tbis Lease, i r any.  (M) If Tenant or Trustee intends to assume this Lcase, Tenant or Trustee shall  pro\'ide Landlord with thirty (30) days prior written notice of the proposed assumption,  wh ich notice shall be sepa rate fro m and in additio n to any notice given to credi tors  generall y and shall set fo lth any adequate assurance of prompt cure, compensation fo r  pecuniary loss and adequate assurance of fumre perfollnanee to be provided to Landlord .  (N) If Tenant or Trustee intends to assign th is Lease, Tenant or Trustee shall  provide Landlord with th irty (30) days prior written notice of the proposed assign ment,  "'h ich notice shall be separate from and in addition to any notice provided to creditors  generally and sha ll set fot1 h: (a) the name, address, state and federal tax identification  numbers. and any oiher federal, s tate or local registration numbers of the proposed  assignee; (b) aU of the telms and conditions of the proposed assignment: and (cl the  assignee 's proposed adequate assurance of fu rure perform ance to be provided to Landlord.  (0) I fTcnant is in defau lt under the provis ions of this Lease. Landlord shall not  be requi red to provide Tenant or Trustee with incidenta l services or supplies under thi s  Lease before Tenant assumes this Lease unless Tenant com pensates Landlord for such  services and suppli es as required un der this Lease and before asstl mption.  2 1  

 

(P) No default under thi s Lease by Tenant, ei tber before or atler the fi ling ortbe  Petitioll. shall be deemed to have been wai,'ed unless specifically waived in wri ting by  Land lord .  SECTION 42. DEFAULT AND R E ENTRY  (A) Tenant shall be deemed to be in default immediately upon breach of an y  term or condition of tbi s Lease or any other agreement between Landlord and Tenant  rel at ing to the Premises including wi thout limitation any agreemen t re lating to the  construction of tenant improvements, whether cntered into concurrentl y herew ith, or  during the term of ulis Lease . it being understood that timely payment and performance is  of the essence herein. Tenam shall. however, have the right to cure defaults rela ting to  paymcn t of Rent for a period of th ree (3) days after wlitten noti ce from Landlord  describing sllch default, and shall have the ri ght to cure any other default for a period often  ( 10) days after written notice from Landlord describing tile nature of such defau lt (any and  all not ices running eoneuITently with, not in addition to. any stanttory notice period  required for termination of the tenancy). If th e default is other than failure to pay Rcnt, and  by its nature cannot be cured within ten (10) days. then Tenant shall havc a IOta I pcri od of  no more thall thirty (30) days from the nOlice of ddau lt lO cure such default: provided that  Tenant commences such cure withi n ten (10) days of the notice of default, and thereafter  di ligentl y prosecutes such cure to completion with in such 30 day period. The forego ing  cure rights shall not apply to dcli berate concealment or falsificati on of any info1111ation that  Tenant is required to de liver to Land lord under this Lease. any failure to comply wi th th e  requirements of Exhibit C hereof, 01' any default or breach by Tenant that results in an  immincnt threat [0 health , pub lic safety 0 1' propeny damage.  IF TENA NT. RECEIV ES MORE THAN 3 OTICES OF DEFA ULT W ITHIN ANY  TWELVE ( 12) MONTH PERIOD. UN DER ANY PROV[S[O OR PROVISIONS Of T i llS  LEASE. THE' REGARDLESS OF WHETHER SUCH PRIOR DEFAULTS HAVE BEEN  TlMEL Y CURED, THE FOURTH SUCH DEFAULT (EVEN IF OF A DIFFERENT NATURE)  SHALL CONSTITUTE A NON CU RABLE DEFAULT AND LANDLORD SHALL BE  ENT ITLE D TO TERMINATE TH IS LEASE BY TH IRTY (30) DAYS NOTICE TO TENANT.  On the date specified in a notice of tel1nination (whether for a defau lt that is not timel y  cured or for a non-cw-able default). thc Lease Telm sbaLJ tellninate. whereupon Tenant shal l not be  entitled (0 possess ion of the Premises but shall f0l1hwith quit and surrender the Premises to  Landlord in accordance \ViUl th is Lease, but Tenant shall remain liable as hereinafter provided. If  thi s Lease shall have been so terminated by Land lord. Landlord may. at any tim e thereatier,  recover possess ion of the Premises by an y lawful means and remove Tenant or other occupants  and their effects . Soch rellnin at ioD o f thi s Lease by notice. lawful entry or otherwise shall be  without prejudice to any remedies which l andl ord might otherwise have for an'ears of Rent or for  prior brcach of the provisions of this Lease.  eB) Ifth is Lease is tellninated due to default by Tenant, Tenant shall indemnify  Landlord against all expenses or loss of Rent and any other payments due hcreunder .  22  

 

(C) Remedies Upon Default. Upon the occun-ence of any event or default by  Tenant. Landlord shall have, in addit ion 10 any other remedies available to Landlord at law  or in equity, th e option to pursue anyone or more of the fo ll owing remedies. each and all of  which shall be cumulative and non-exc lusive, wi thout any notice or demand whatsoever:  0) The worth at the rime o[award of any unpaid rent which has  been carned at the:: time of such tenninatioo; p lus  (ii) The worth at the time of award of the amount by which the  un paid rent which would have been earned after termination umil tbe time of award exceeds the  amount of such renta l loss that Tenant proves could have been reasonabl y avo ided: plus  (iii) The worth at the time of award of the amou nt by w hich the  unpaid rent for tbe balance oftbc Lease Ternl after the time o[award exceeds the amouot ofsucb  rental loss that Tcnant prm'es cou ld have been reasonabl y avoided: plus  (iv) Any other amount necessary to compensate Landlord for all  the detriment proximately causcd by Tenant ' s fa ilure to perform its obli gations under this Lease or  which in the ordinary course of things would be likel y to result thcrefrom, specifically including  but nut li mited to. brokerage commissions and advertising expenses incurred, expenses of  remodcling the Premises or any portion thereof for a new tenant. whether for the same or a  different use, and any special concessions made to obtain a new tenant, including, without  limitation. any rent abatement; and  (v) At Landlord's election, such other amounts ill addition to or  in lieu of the foregoing as may be pennitted from time to time by app li cable law.  The term "rent" or "Rent"" as used in this scction sha ll be dcemed to bc and to mean aU  sums of every nature required to be paid by Tenant pursuant to the tenns of this Lease. wbether to  Landlord or to others. As used in this section (i) and @ . above, the "worth at the time of award"  shall be computed by allowing interest at the Interest Rate set forth in thi s Lease. As uscd above  (iii) , th e "worth at the time of award" sba ll bc computed by discounting such amount at the  discount ratc of the Federal Reserve Bank of San Francisco at the time of award plus one  percent (1 %).  Landlord also shall have the remedy described in California Civil Codc Section 1951.4  (lessor may continue lease in effect aftcr lessee 's breach and abandonment and recover rent as it  becomes due. ir lessee has the right to sublet or assign, subject only to reasonable limi tations).  Accordingly. if Landlord docs not elcct to tetminate thi s Lcase on account of any default by  Tenant, Landlord may. fi'om time to time. without tetminating this Lease. enforce all of its rights  and remedies utlder this Lease, including the right to recover all rent as it becomes tluc.  Landlord may, bur sha ll not be obligated to, make any such pa),l1lent or perfonn or  otherwise cure any such ob li gation, provision. covenant or condition on Tenant's pan to be  observed or performed (and may enter the Premises [or such purposes). In the event of Tenant 's  failure to perfonn any of its ubli gations or covenants under tb is Lease. and such failme to perfornl  poses a materia l risk of injury or harm to persons or damage to or loss of property. then Landlord  shall have the right to cure or otherwise perian1l such covenant or obligation at any time after such  23  

 

failure to perfo llll by Tenant, whethe r or not any such notice or cure period set fOith herein above  1,a5 ex pired. Any sucb actions undertaken by Landlord pursuant to the forego ing provis ions of this  paragraph shall not be deemed a waiver of Landlord's rights and remed ies as a result of Ten ant 's  fa ilure !O perfollll and shall not re lease Tenant from any of its obligations under thi s Lease. Tenant  sha ll pay to Lan dlord. within iifleen 05) days after dcli very by Landlord to Tcnant of statclllents  therefOlc (i) sums equal to expend itures reason ably made and obligations incurred by Landlurd in  connection with Landlord 's perfoL1l1ance or cure of any of Ten ant ' s obli gations pursuant to th e  provi sions of th is paragraph; and (ii) sums equal to a ll expenditures made and obligations incurred  by Landlord in coUecting or attem pting to collect the Rent or in enforcing or attempting to enforce  any rights of Land lord under this Leasc or pursuant to law, including, without limitation, all lega l  fees and other amounts so expended. Tenant 's obli gations under thi s paragraph shall survive the  expirat ion or sooner tennination of the Lease Tellll .  SECTION 43. INTEREST  Whenever in this Lease any sum payabl e to Landlord is not paid when due, the same sha ll.  at Land lord 's option , bear interest at thc rate offive percent (5 %) over the prime rate of interest as  annoullced and chargcd by Bank of Amelica, N.A., for short term, unsecured loans (the "Interest  Rate"); provided Lhat if a maximum rate of interest is ever imposed by law ancl the interest rate  charged hereunder would otherwise exceed such maximulll rate. the interest rate sha ll be deemed  automatical ly reduced to tile maxi lllulll rate permitted by law.  SECTION 44. EMINENT DOMAIN:  (A) If all of the Premises sh all be taken by cminenl domain or destroyed by the  action of any publ ic or quasi-publi c authoriry, or in the even t of conveyance in lieu thereof,  the Leasc TCl111 shal l cease as oftbe date possession shall be taken by such authority. and  Tenant shall pay Rent up to that date with an appropriate refund by Landlord of such Rent  as sha ll have been paid in advance for a period subsequent to the date of the takin g or  possessIon . If only a pan of the Premises are so taken or conveyed, then the M inimum  Month ly Rem shall be abated in the same proportion as th e area so taken bears to the total  area of the Premises p ri or to the taking and this Lease sball continue in full force and effect  as to the portion of the Premises remaining a fter such taking or conveyance. If a  substan ti a l part of the Premises or a substantia l part of the access thereto is taken ur  conveyed, Landlord or Tenant may termi nate th is Lease by wrillcn notice to th e other  w ithin thirty (30) days after the ex tent of the partial taki ng is finall y settled and known to  bmh parties.  (B ) If a pOltion of thc Building or Building is taken or conveyed, whether or not  the Premises is affected, and the C011linued operation of the Building or Premises is not in  L andlord ' s so le opinion. economical. then Landlord may tenninate this Lease by ootice tn  Tenant " 'ithin sixty (60) days after possession is taken by the public auth ority.  (Cl All com pensati on paid fo r any such taking or conveyance. whcther for the  who le or a part of the Premises or the Building, shall be the property of Landlord, w hether  such damages shall be awarded as compensation for diminution in [he va lue of the  leasehold or of th e fee, and Tenant hereby assigns rOLandlord all ofTenant's ri gh t, title  24  

 

and interest in and to any and all such compensation; providcd, however, that Tenant shall  be emit led to clai m. prove and receive in the co ndemnati on proceedings such award as  may, under the laws of the State of Ca li fom i a, he expressly all ocated to Tenant' s stoc k an d  tTade fi xrurcs or relocation expense, provided that such award shall be made by the cou rt in  addition to , and not resu lt in reduction of. the award made to Landl ord.  (D) 1t ; s ex.pressly understood and agreed that the prov isions of thi s Sec tion  shall not be applied to any condem nation or taki ng for governmental occupanc y fur a  li mited peri od of time.  SECTION 45. KEYS  If Tenant uses locking devices other than those provided by Land lord (whi ch shall onl y be  all owed after review and approval of any proposed devises by Land lord). Tenant agrees to provide  Landlo rd. at the time of the installarion of sucb devices. witb keys or the locking combi nation to  the Premises for lise by Landlord or its agent. Landlord shall give Tenant reasonable prior notice  before lIsing keys to access the Premises.  SECTION 46. NON WAIVER  No delay or omiss io n in the exercise of allY right or remedy by Landlord shall impair such  right or remedy or be constlUed as a wa iver. No act or conduct of Landlord, includin g without  limitaTion, acceptancc of tbe keys to the Premises . shan constirute an acc.eptance of the sUlTender  of the Prem ises by Tenant before the exp irat ion of the term. Only wri tten notice from Landlord to  Tenant shall c.onstitute acceptance of the surrender of the Premises and accomp lish termination of  the Lease. Landlord ' s consent to or approval of any acr by Tenanr requ iring Landlorcl 's consent or  approval shal l not be deemed to waive or render unnecessary Landlord 's consent or approval of  any subsequent act by Tenant. Any wa iver by Landlord of any default must be in wri ting and shall  not be a waiver of any other defaul t coneeming the same or any oth er provision of the Lease.  TENANT SPEC IFICALLY ACKNOWLEDGES AND AGR EES TH AT, WH ERE TENANT  HAS RECEIVED A NOTICE TO CURE A DEFAULT (WHETHER RENT OR NON -RENT),  NO ACCEPTANCE BY LAN DLORD OF RENT SHALL BE DEEMED A WAIVER OF SUCH  DEFAlJlT, fNCLUD ING BUT WITHOUT LHvlITATlON. AFTER RECE lPT OF PARTlAL  PA YMENT OF RE NT, AND LA!\'D LORD MAY R EFUND SAME AND CONTINUE ANY  PENDING ACTION TO COLLECT THE FULL AMOUNT DUE, OR MAY MODIFY ITS  DEMA ND TO THE UNPAID PORTION . IN EITHER EVENT THE DEFAULT SHALL BE  DEEMED UNCURED UNTIL THE FULL AM OUNT IS PAID IN GOOD FUN DS.  SECTION 47. ASSIGNMENT OR SUBLEASE  (A) Tenant sball not assign , sell , convey, mortgage, pledge, or in any manner  transfer its interest ill this Lease or the Premises whether voluntari ly or by operation of law.  or sublease all or any part of the Premises, or allow any other person or entity (except  Tenant ' s authorized employees and other represcntatives) to occupy or lIse all or any part  of the Premises (each of the foregoing: a "Transfer"), without firs t obtaini ng Land l ord ~s  wrinen consent. L andlord lllay wirhhold its consent for such reasons as it deems proper. ill  its reasonable Lii scretion taking in to account the unique nature of th e Premises. Any  25  

 

assignment. encumbrancc, or sublease or other Transfer without Landlord's conscnt shall  be void and. at Land lord 's elect ion . sba ll constitute a default. The acceptance of rent by  Landlord from any other person shall not be deemed to be a waiver by Landlord of any  provision of this Lease or to be Landlord's co nsent to any Transfer.  (B) If Landlord consents lO a Transfer, as a condition thereto which the parties  bereby agree is reasonable, Tenant sba ll pay to Landlord fifty percent (50%) of any  "Transfer Premium." as that term is defined in this section. received by Tenant hom such  Transferee. "Transfer Premium" shall mean all rent, additional rent or other  consideration payable by such Transferce in excess of thc Rent and Additional Rent  payable by Tenant under this Lease on a per rentab le sq uare foot basis if less than all of the  Premises is transferred, after deducting the reasonable expenses incurred by Tenant for  (i) any reasonable changes, alterations and improvements to tbe Premises in connection  with the Transfer (but on ly to the extent approved by Landlord), and (ii) any reasonable  brokerage commissious in eOlUlection with the Trans fer. "Transfer Premium" sha ll also  include, bur not be limited to, key money and bonus money paid by Transferee to Tenalll in  connection with such Transfer, and any payment in excess oftair market value for services  rendered by Tenant to Transferee or for assets. fixtures. inventory, equipment, or fumiture  transfen-ed by Tenant to Transferee in connection with suc h Transfer.  (C) By giving consent to any assignment, encumbrance or sub lease, Landlord  shall not be deemed to have waivcd the right to refuse to grant its consent to any fu t1her  assignment. encumbrance or sublease. Tenant will rei mburse Landlord, upon demand , for  reasonable attomeys ' rees incwTed by Landlord in connection witb re\'iewing any request  for consent to an assignmcnt, encumbrance or sublease,  SECTION 48. SUCCESSORS  All or the terms, covenants and conditions contained in this Lease sha ll apply to and be  binding upon Landlord and Tenant and their respcctive heirs, executors, administrators, successors  and assigns.  SECTION 49. SUBORD INATION; FINANCIAL STATEMENTS:  NON-DISTURBANCE  (A) This Lease is and shall bc subject and subordinate to all master leases,  ground leases, mortgages or deeds of trust andlor other encumbrances (co ll ectively,  "Security Device") that may now or hereatier affect this Lease or the Premises and to all  renewa ls, mudifications , replacements and extensions thereof The provisions of this  section shall be self-operative and no further instrument of subordination shall be req uired,  [n eonfilll1ation of such subordination. Tenant shall promptly execute and deli vcr. at its  own cost and expense, whatever instruments as may be required for such purposes  (i ncluding any instruments required by any mOl1gage lender or purchaser of the Bu; Iding or  the Building), and in tbe evem Tenant fails to do so withi n ten (10) days after demand in  writ ing, Tenant shall be in default o[thi, Lease, [n such event, without linliting Landlord 's  rights and remedies under this Lease, Tenant does hereby make, constirute and irre vocably  26  

 

appoint Landlord as its attorney in fact and in its name. place and stead so to execute ami  delh'er any such illstlUlllenr in the name ofTenalll and in Tenant's stead.  (E) Tenant covenants and agrees that if th e estate of Landlord in the Premises is  Tcrm inatcd by a sale, assiglUllelll, transfer, foreclosure of Landlord's interest in the  Premises or by reason of a defaull under any underl ying lease: mortgage, security  instrwllel1l or otherwise. tben Tenant. at the option and upon request of transferee of  Land lord's interest ("S uccessor Land lord") shall, subject to the non -disturbance  provisions of Section 49(E), (i) fully and completely attorn to and perform all the terms,  covcnan ts and conditions of this Lcase on Tenant 's part to be performed for sllch Successor  Land lord with tbe same force and effect as if the Sliccessor Landlord was the Landlord  originally named in this Lease. or (ii ) enler into a new Lease with the Successor Landlord.  as La ndlord, for the remain ing Lease Term on tbe salne tenns and conditions and with the  same options, if any, then remaining. The foregoi ng provisions of clause (i) of this section  shaU inure to the benefit of such Successor Landlord, shall be self-operati ve upon the  exercise of such option. and no f\llther shall be required to give effect to these provisions.  Tenant agrees to execute upon demand of any such Successor Landlord, !i'om time to time,  any instruments which may be necessary or appropriate to evidence such attornment and  sctting forih the terms and conditions of its tenancy. Tenant hereby constitutes and  appoints Landlord or any such Successor Landlord to be Tenant ' s attamey in fact,  irrevocably anci conp led with an interest, to execute and deliver such instntmcnr of  attomment or such new lease if Tenant refuses or fails to do so promptly upon request.  Tenant furtber waives the provisions of any statute or rule of law now or hereafter in effect  wh ich may give or purport to give Tenant any right ofeleetion to terminate th is Lease or to  sulTender possession of the Premises in the event any proceeding is brought by the  mortgagee or ho lder. Tenant fi.trt he r agrees that this Lease shall not be adversel y affected  in any way whatsoevcr by any sueb proceeding. Following Tenant's wtitlen request,  Landlord shal l request and shall use commercially reasonable effons to obtain from the  mortgage lender fo r the Building a subordination, non-disturbance and anormllent  agreement on ule lender's standa rd form, provided that Land lord shall have no liab ili ty to  T t:llan l i r th e lenuer is un\villing- to prov ide or make any modifications to any such  agreement.  (C) If a lender, ground lessor or master lessor requests reasonable modifi cations  of this Lease as a condition ofthc obtaining. continuing or renewing of financing for wbich  the Building or land represents collateral. in w hole or in part, Tenant will not unreasonably  withhold its consent thereto, provided that such modificmions do not materiaUy and  advcrsely cither incrcase tbe obligations of Tenant hereunder or affect the rights of Tenanl  uuder this Lease.  (0) From time to time wi thin ten (1 0) days after written request therefor, Tenant  sha ll deliver to Landlord a copy of the finan cial statements (including at least a year end  balance sheet and a statement of profit and loss) of Ten ant (and of each Guarantor, if any,  of Tenan t 's obligations under th is Lease) for each of the three mas! recentl y completed  years. prepared in accordance w ith generall y accepted accounting princip les, all  then-avai lable subsequent interim statements, any financial information required herein,  and sllch olher financial information as may reasonably be requested by Land lord or  27  

 

required by any existing or potential m0l1gage lender or purchaser of the Building Or the  Building. Landlord shall use commerciall y reasonable efforts to keep confidential all such  tinaneial statements provided to it by Tenant pursuant to this sec ti on , except that Landlord  sha ll have the ri ght to provide copies of such tinancial infol111ation to any existing or  pOlcntialmongage lender or purchaser of the Bui Iding onhe Building (and thcir rcspective  employees. agents and representatives) so long as the recipient is inSlructeu lo keep such  infol111arion confidential.  (E) With respect to Security Devices entered into by Landlord after thc  execution of this Lease. Tenants subordination of this Lcasc shall bc subject to receiving a  commercial reasonable non-disturbance agreement (a "Non-Disturbance Agreement")  from the Lender which Non-Disturbance Agreement provides that Tenant's possession of  the Premises, and this Lease, including any options to extend the tenll hercof. will not be  disturbed so long as Tenant is not in Breach hereof and attoms to the record owner of the  Building or Premises . FU11her. within 60 days after the execution of this Lease. Landlord  shall, if requested by Tenant, use its commercially reasonable efforts LO obtain a  Non-Disttlrbancc Agreement from the holder of any pre-existing Security Device which is  sec ured by the Premises or Building. In the evem tbat Land lord is unable to provide the  Non-Disturbance Agreement within said 60 days. then Tenant may. at Tenant's option.  directly contact Lender and attempt to negot iate for the exec ution and deli very of a  Non-Disturbance Agrecment.  SECTION 50. NOTICES  Any demand, request or notice whi ch either parry hereto desires or may be required to  make or deliver to the other shall be in writing and shall be deemed deli vered when personally  delivcr~d. or wbeD de livered by private cou rier service (such as Federal Express) or two (2) days  after being dcposited in the United States Mail . in registered or certitied f0I111. retum receipt  requested, addressed to the addresses in Sections 1 (R) and ~ or such other addresses as shall  havc bcen last designated by notice in writing from one pal1y to the other.  SECTION 51. ESTOPPEL CERTIFICATES  Within seven (7) days following any written request that Landlord may make from time to  timc. Tenant shall execute and deliver to Landlord a statement eenify ing: (a) the date of  commencement orthis Lease: (b) thc fac t Ihat this Lease is unmodified and in full force and effect  (or, if there havc been modifications hereto. that thi s Lease is in full force and effect, as Illod ified .  and stating the date and nature of such modifications): (c) the date to which the Minimum Month ly  Rent and other sums payable under this Lease have been paid; (d) the fa ct that there are no current  defaults UDder this Lease by e ither Landlord or Tenant except as specifi ed in Tenant's sta tement:  (e) if so requested. that Tenant will allorn to any purchaser or other party that succeeds to the  interest of Landlord under this Lcasc; and (f) such other reasonable and pel1incnt mattcrs as are  requested by Landlord. Landlord and Tenant intend that any statement delivered pursuant to this  secti on may be relied upon by any mortgagee. beneficiary. pllIchaser or prospective purchaser of  the Building or any inlere,uherein . rrTenant shall fai l to respond within seven (7) days lIl' receipt  of a written request by Landlord, Tenant sha ll be deemed to have given a cCl1ificate as above  provided withoutlllodification and shall conclusively be deemed to have adm irred the acc uracy of  28  

 

any information suppl ied by Landlord to a prospectivc purcbaser or mongagee. that this Lease is in  fi.I1I force and effect, that th ere are no un cured defaults in Landlord ' s performance, that tbe  consideration f,)!" Lease is as stated in thi s Lease and that not more than one momh's Minilll ulll  Month Iy Rent has been paid in advance .  SECTION 52. BROKER'S COMMISSION  Tcnant is represented by Lorena Tomb from BRC Advisors Inc and Landl ord is  represented by LS Realty Group. Landlord agrees to pay a commiss ion equal to six percent (6%)  for the first five (5) years ofthc initial term of the Lease and three pcrcent (3%) for the last five (5)  years or tlle lease . The first ha lf of commission to be paid upon Illutual lease execution between  Landlord and Tenant. The second balfto be paid upon Tenant opening for business. Said  commission to be split 50/50 between Landl ord' s broker and Tenan t 's broker. Landl ord further  agrees to hold Tenant barmless against any and all brokerage claims. Land lord and Tenant  acknowledge that they have not uti li zed a broker ill thi s transaction except for BRC Advisors Inc  representing the Tenant and LS Real ty Group representing the Landlord.  SECTION 53. ATTORNEYS' FEES  Ifin connection with any default by Tenan t in rhe pe rf0 n11anCe orany of the provisions of  thi s Lease. Land lord employs an attomey. Tenant shal l pay all costs, expenses, aod attorneys ' fees  expended or incurred hy Land lord in conn ect ion therewith . In the event of liti gation between the  parries hereto, dec laratory or otherwise. for the enfo rcement of any of the covenants, temlS or  conditions of thi s Lease. the non prevail ing pm1y shall pay the cost thereof and anorneys' fees  actually mCUlTed by !lIe prevai ling pany. which shall be detemlined and fixed by the court as part  of the judgment.  SECTTON 54. THlRD PARTIES  This Lease sha ll not create any rights in any olher tenant or occupant of rhe Building. nor  shall any lease between Landlord and any other tenant or occ upant of the Building create any  rights in Tenant under thi s Lease. No action of Landl ord in en forcing or waivi ng any provision of  any lease between Landlord and another tenant or occupant of the Building shall obligate Landl ord  to enforce or waive any similar provision in this Lease, nor shall any action of Landlord under this  Lease obl igate Landlord to take any simijar actioD under any other Icase.  SECTION 55. ENTIRE AGREEi\'fENT  This instrument, along with any Exh ibits and attachments hereto. constitutes the entire  agreement between Landlord and Tenant relative to the Premises and this agreement and the  Ex hi bits and attachments may be altcred, amended or revoked onl y by an instnl111ent in writi ng  signed by both Landlord and Tenant.  TENANT ACKt-iOWLEDGES AND UNDERSTANDS THAT THE LEASING  GUIDELINES ADOPTED FROM TIME TO TIME BY L<\l~DI..orm DO NOT CONFER  ANY RIGHTS ON TENANT, AND THAT TENANT'S RIGHTS ARE DESCRIBED  EXCLUSIVELY IN THIS LEASE,  29  

 

No waiver by Landlord of any of the tellllS, covenants or conditions of this Lease shall be  effecti ve lin less in writ ing and signed by Landlord.  There are no oral agreements or representations between the parties hereto affecting this  Lease and thi s Lease supersedes and cancels any and all previous negotiations, arrangements.  brochures. agreements Or representations and understandings) if any, bcrw'een the panies hereto ur  displa yecl by Landlord to Tenant with respect 10 the subject matter thereof.  This Lease shall be govell1ed by and constlUed in accordance with th e laws of Califomia  and, irany pro visions oftbis Lease shall 10 any extent be invalid, the remainder of this Lease shall  not be affected thereby. The titles of the several Sections contained herein are for conven ience  only and shall not be considered in constming this Lease. Un less repllb'llant to the context. the  words "Landlord" and "Tenant" appearing in th is Lease shall be constlUed to mean those named  above and their rcspective heirs. personal representat ives, executors, administrators, successors  and assigns.  SECTION 56. Lf!\fTT A TlON OF LfABILlTY  Tenant agrees to look solely to Landlord 's estate and imerest in the Premises for the  satisfaction of any right or remedy of Tenant for the collection of a judgment (or other judicial  proce~s ) requiring the paymenl of money by Landlord, in the event of any liabi lity by Landlord.  and no other property or assets of Landlord shall be subject to levy, execution , attachment, or other  enforcc ment procedure [or the satisfaction of Tenant ' s remedies under or with respect to thi s  Lease. the relalionship of Land lord and Tenant hereunder, Tenant's use and occupancy of the  Premises, or any otber liabil ity of Land lord to Tenant.  SECTION 57. REQUIREMENTS OF LA W  Tenant shall comply with all laws, orders and regulations of federa l. state, county and  muni cipa l authurities. and with any direction of any public officer or officers, pursuant to law,  which shall impose any violarion , order or duty upon Landlord or Tenant with respect to the  Premises or the use Dr occupation thcreof.  SECTION 58. NllMBER AND GENDER; ADVERBS  The tenns " Land lord" and "Tenant" whenever used herein shall be applicab le to one or  more persons. as tbe case may be, and the singular shall include the plural and neutcr sha ll inc lude  the mascu line and feminine and if th ere be more than one. the obligations thereof shall be joint and  several. The adverbs "herein", "hereunder". " here to". "hereby", "hereinafter", erc., whenever the  ~ame shall appear herein. sha ll mean and refer to this Lease in its entirety and not to any specific  Section or other part th ereof.  SECTION 59. NO PAlnNERSHIP OR JOINT VENT RE  Nothing contained herein shall be deemed or construed to create rhe relarionship of  principal and agcnt, or partnership. or joint venturc between the parties hereto, it being understood  and agreed that neither the method of compming of rem nor any other provision contained herein .  30  

 

nor an y ac tS of the parties hereto, shall be deemed to create any relationship between the panics  hereto other than til e re lationsh ip of Landlord and Tenant.  SECTION 60. GUARANTOR  ConCUl1'ent w ith Tenant' s execution and delivery of this Lease, Tenanl sha ll ca use the  Guarantor identified in Section 1 (T) to execute and deli ver to Landlord a Guaranty of Lease in the  [01111 attached as Exhibit D ro this Lease.  31  

 

IN WITNESS WHEREOf, Landlord and Tenant have executed thi s L ease as of the day  and year first above written.  LA NDLORD:  Sunset Triangle InYestors, LLC, a California  limited liability Company  BY&~  .fake Mathews  Its: Ma nager  TENANT:  By: Tyle.  ./  Its: Manager and jointly and severally  as Guarantor herein  32  

 

I ' ll  EXHIBIT A  FLOOR PLAN  L!  r <_.  L 1,~1 .~  r 1  - ING FJ OOR PLAN  [XIS I - $ " " Fl yr.  H Ol wESi <;UN ~ ,  .:.· .. ,ct ..... ,_  3701 Lease Exhibits  

 

-~ --,  l l  EXIS TlNG FLOOR PLAN  HOI .... 'EST '.i V"Sn BLVD  3701 Lease Exhibits  "  

 

EXHffi IT B  OPTION(S) TO RENEW  370 1 Lcas~ Exhib its  So long as the person or entity originall y named in th e Lease as the "Tenant" occupies the  entircty of the Premises and has not assigned. subleased or othelwisc transfclTcd its rights in th e  Lease or U1C Premises, Tenant sha ll have two (2) options (cach. an "Extension Option ") to  ex tend the telll' of th is Lease for a period oftive (5) years per Extension Option from the Lease  Tenn ination Datc, or th e ex piration of each prior Extension Period for which Tenan t has  properl y exercised an Extension Option. as th e case may be (each , an " Ex tension Period"), with  respect to the eotirety of the Premises. subject to the foUowing terms and conditions. If Landlord  grants Tenant more than one ( I) Extension Option, Tenant 's right to exerci se the second and any  subsequent Extension Option is condition ed upon Tenant' s timely and proper exercise of each  preceding Ex tension Option. Eac h Extension Option sha ll be exerc ised, if at a ll , by notice of  exercise given to Landlord by Tenant not more than ninc (9) months nor less than six (6) months  prior to the expiration of the Lease TClm or then-appli cable Ex tension Period, as the case may  be. Anything herein to the contrary notwithstanding, if (i) more than two (2) defaults have  occurrcd prior to Tenant 's exercise of an Extension Option or (i i) Tenant is in default under any  of the tenns. CO\'enants or conditions of th is Lease. e ither at the time Tenant exercises the  app licabl e Extension Option or on the commencement datc of the applicab le Ex tension Period.  Landlord shall have, in addition to all of Landlord 's other ri ghts and remedies provided in this  Lease, the right to tenninate aU Extension Options UP0 tl notice to Tcnant and, upon such  termination. the Extension Options sha ll be of no force or effect whatsoever.  In the event an Extension Option is exercised in a timely fashion. th e Lease shall be  cxtended for the applicable Ext.ensi on Period upon all of the tern,s and conditions of th is Lease.  pro vided that thc Minimum Month ly Rent for such Extension Period sha ll be three percent (3%)  abo\'e the Minimum Monthly Rent fo r the munth immediately prior to tbe Ex tensi on Period in  questi on. No leasi ng com miss ions shall be due or payable to any broker reta ined by Tenant with  regard to this Lease for any Extension Period.  Upon each anniversary of the date ofeommencement of each applicable Extensi on Period (each.  an "Adj ustm ent Date") , the Minimum Monthly Rent duc per month shall be increased by an  amount equal to three percent (3.0%) of the monthly Minimum Month ly Rent for th e previous  year.  The parties express ly agree Lhat thc provisions or th is Exhibit B shall be implcmented in  accord ance w ith express terms of this Exhibit Band tmder such other procedures a the parties  may agree to in Lheir sole discreti on , and except as ex pressly set forth above, sha ll NOT be  subject to or governed by rhe provisions of California Code urCivil Procedure Section 1280 ct  seq. as an arbitration, and a ll sueh arbitrat ion provisiuns are hereby intentiona lly waived.  

 

370 I Leas~ Exhibits  TENANTS INITIALS: (r'\- 03  Landlord: _2_1-___________ _  

 

370 I Lease Exh ibi ts  H /.t DU, ~~ Ji EXHIBIT C  1Ii~ ur'I.( LV' I\/-J<r!< W \  OR.. AN,! o1/16R. GJ/lq.,./'l;loJ- I'o-o ~) '-i t  SPECIA L COND ITIONS  Tenant shall be requ ired to inslall , maintain, repair, i_l1 specl and service an air fi ltrati on system  17 /lW (such as a "smog hog'") for its wood-fired ovens and o ther cooking deyices that may generare  , V" smoke. fumes or odors: such system shall bc sufficicnt to comply with nil appli cab le  requirements or the Ciry of Los Angeles and ulhenvise shall be reasonabl y acceptable to  Landlord. Tenant shall nO!Jcause or permj l i~ usc' of allY slich oven!) or olhcr cooking devices to  annQY or di sturb the resid~J1l5 of the Builtling, other tenants or OCClIp(lIltS of the Buildi ng, or the  general public . lfLandlord receives complaints that Tenant's use of such O\'c,n~ or cooking  dc\"ices is annoying or disturbing th e residents of the Build ing. orher tenants or occupants of the  Bu ild ing, or the general public. Landl ord may rt:q uire that Tenant immediately cease use of such  ovens or cooking devices or take other conective measures as required by Landlord. The fail ure  of Tenant to comply with such req uiremen ts shall constitute an immed iate default and breach by  Tenant of this Lease.  TENANTS IN ITIALS: -\- L-=-- ...J.Vf- -- ~ Landlord:  

 

3701 Lease Exhibits  EXHiBIT D  The GUARANTY OF LEASE ("'Guaranty") is entered into this ::;...... day o r  f d1f"IAL ... I , 20 l ~. by and between Dustin Lancaster and Tyler BeU , jointly Ull d severally  ("G ua ra ntor"). and Sunset Triangle Investors, LLC. a Califomia limited liabil ity company  (" La ndlord--).  RECITALS  A, A Cetlain Restaurant Lease of even date herewith (the " Lease") has been, or will  be, cxecutccl by and between Landlorcl and Du,t in Lancaster and Tyler Edl (Guarantor herei n )  as the Tenant thereunder ('"Tenant" ), covering certain premises withill the buildi_ng located at  370 I W. Sunset Blvd. , Los Angeles, California 90026, all as more particularly described therein.  Except where otherwise provided in thi s Guaran ty, all initially capi talized terms used herein shall  have the meanings ascribed to them in the Lease.  B. Landlord is requ iri ng as a condition to its execution of the [case that the  undersigned guarantee the full pcrfonnancc ofrhc obligations of Ten ant then:undt.:r.  C. Guarantor acknowledges that it will receive a direct or illdirect fIllancial benefit  I,'om the lease and therefore desires that Landlord enter into the Lease with Tenant.  NOW, THEREFOR E, for other good and valuab le consideration, the rece ipt and  suHic icncy of \vhicb arc bereby acknowJc:dgcd. Guarantor hereby covcni1nt~ iim! agrct:s (:loS  follows:  1. Guaranty of Tenant!s Pay ment and Performance . Guarantor uncon ditionally ami  irrevoca bl y guarantees to Landlord the fu ll, prompt and complete performance of each and all of  tbe terms. covenants and co nditions of the Lease (including any amendments and extensions  thereto) required to be performed by Tenant thereundcr, including, but not limited to , the du e and  punctual payment of all Minimum Monthl y Rent, Additional Rent, an d any and all other charges  or Stuns. or any poniol1s thereof. to accrue or become due from Tenant to Landlord during the  Lease Term pursuant to th e Lease. im:luding any renewa l or ex tensions th ereof and any ho ldi ng  over (--G uaranteed Sums").  2. Tenant' s Failure to Perform, Tf Tenant fails to pay any Guaranteed SUIllS when due  under the Lease . then. with in ten ( 10) days rollowing \vrinen notice to Guarantor by Landlord,  Guarantor shall pa y to Land lord or Land lord' s desif,'11ated agent, by certified check or cashi er' s  chcck, any such Guamnlecd Sums as may be, due and owing from Tenant to Landlord by reason  of Tenant' s failun: to so perform.  3. Other Lease Provisions. If Tenant fails to perf01ll1 any covenants, tellllS or conditions  of rhe Lease as required to be performed (other than as provided for in Section 2 above) . then  upon written norice to Guarantor by Landlord, Guarantor shall commence and complete  performance of the conditions, covenants and terms wi thin. five (5) busin ess days after the date  of Landlord 's nQtice to Guarantor of such failure by Tenant to so perfonn; provided, however,  that in the event the perfonnance by Guarantor cannot reasonabl y be completed wi thin fi ve (5)  

 

3701 lease Exhibits  business days, Guarantor shall COIlUllence perfOnllanCC within that time and diligently pursue the  sallle: to completion within u reasonable period of time.  4 . Additional Damages and Inte rest. In addition to the payment of Guaranteed Sums and  the perfurmance of any and all other provisions. conditions and terms of the lease which may be  requ ired of Guarantor by reason of Tenant's failure to perform, Guarantor agrees to pay to  Landlord any and all incidenta l damages and expenses incuned by Landlord as a resul t of  Tenant's failure to pcrfonn, which ex penses shall include, without limitation. actual attomcys'  fees. Guarantor further agrees to pay to Landlord interest on, any and all sums due and owing  Landlord by reaSOLl of Tenant' s failure to pay saille at the maximulTl lawful rate at the timo of  payment thereof. or if there is LlO prescribed maximum rute. then ten percent (10%) per annum.  5. Enfo rce ment by L lildiord . The liability of Guarantor under thi s (juaranty is all  absolute and unconditional guaranty of payment and of perfollllance and not of co llectabilit)'.  This Guaranty shall be enforceable against Guarantor. its successors and assigns. without the  necessiry for any SUiT on Landlord against Tenant or otherwise with respect to the Lease, and  w ithollt the necessity of any notice of nonpayment. l1onperfol1nancc or nonobservance or of any  not ice of acceptance of this Guaranty or of any othcr notice. or demand La w hi ch Ciuaran tor might  otherwise be entitled. all of which Guarantor hereby expressly waives except to the extent notice  is specifically required by this Guaranty. Guarantor further agrees that Landl ord may enforce  this GUal"alllY withollt the necessity of resoning to or exhausting any security. and withollt the  necess ity of proceeding agai nst any other guarantor. The vaLidi ty of this Guaranty and the  obligation of Guarantor hcreunder shall not be tellllinatcd, affected or impaired by reason of  Landlord's a"crlion or failure to asscrt by l andlord against Tenant of any of the rights Or  remedies resen'ed to landlord by the Lease. at law or in equity. and the exercise or non-exercise  by l andlord of any such right or remedies shall not constitute a lega l or equitabl e discharge of  Guarantors, The liability of Guarantor hereunder is coextensive with that of Ten(llll and is jo int  and several.  6. G uaranto r ' s , ,,. ivCI's. Guarantor hereby waives, to the extent permitted by law and  except as specifica ll y provided herein: (a) all not ices and presentments to Guarantor. to Tenant,  or to any other person. including. but not lim ited to. no ti ces o f the acceptance of this Guaranty,  or of default in the paymen t ofthc Guaranteed SUIllS (or any portion thereof) , and enforcement of  any right or remedy with respect thereto or notice of any othcr matters re lating thereto; (b) any  statute of limitations affecting Guaranror's liability hcrcunder or the enforcement thereof; (e) all  defenses based upon any disability of Tenant and any and all other waivable defenses: (d) any  and aU right to pa<ticipate in any Security Deposit held by Landlord now or in the future. and  (e.) all prillciples or provisions of law \\'hich conflict with the terms of thi s Guaranty, Guarantor  further agrees that Landlord may enforce his Guaranty upon the occun'cncc of any default under  (he Lease. notwithstanding the existence of any dispute between Landlord and Tenant with  respect to the existence of the default or payment of the Guaranteed SUIllS (or any portion  thereof) or any count erclaim set-off or other claim which Tenant may allege agai nst Landlord  w ith n:spcct thereto. Moreover, Guarantor agrees thor its ob ligations shall not be affected by any  circumstances \vhich constitute a legal or equitable discharge ofa guarantor or surety,  7. Continuing Guaranty. Thi s Guaranty shall be a continuing guaranty. The liabilit ies  and obligations of Guarantor herellllder shall be absolute. uncondi tionat, ano ,hall not be  

 

3701 i.ease ExhibiL'  released. di scharged or ill any way affected by any of the following matters. regardless of  whether Or not Landlord bas notice or knowledge thereof: (a) any alllendment. modification ot~  or supplement 10 the lease, any execution of a new Lease or any assi,b'11ITICnlIlT transfer thereof:  (b) any exercise or noncxerci se of an y right, power. remedy or pri vilege under or in respect of  the Lease of th is Guarant y or any waiver, consent. ex tension. renewal. modifi cation or transfer  thereof: (c) any bankl11ptcy. insolvency. rcorg(ll1iz3tion. an'angement, readjustment. composition.  liquidalion or sinlilar proceeding !"\.:lau.::d to Tenant or Tenant's assets; (d) any limi tation on the  liabi lity or obligation of Tenant under the Lease or its estate in banknlptey or of any remedy for  the enforcemenl thereof, resulting from the operation of any present or future provi sion of  Bankruptcy Code Or other stanltc, whether state or federal. or from the deci sion of <1n y court' or  (e) any transfer by Ten ant ur any assignment of Tenant's interest under the Lease.  8. :-10 Subrogation . Guarantor agrees that until slich ti me as all of Tenant ' s obl igations to  Landlord have been full y and irrcvocabl y paid and discharged, no payment by Guarantor  pursuant to any provision hereof shall emilie Guarantor. by subrogation or otherwise. to the  rights of Landlord under the Lease 10 any payment by Tenant or to any of the property of TenanL  Guarantor further agrees thar, to the extent the v.'aiver of its light of subrogati on as set forth  herein is found by a cOlin of competent jW'isdietion to be void or vo idablc for any reason . any  fights of subrogation Guarantor may have against TcnaDi shall be junior and subordinate to any  right Landlord may have againsr Tenant.  9. Notices. All notices. requests and demands 10 be made hereunder to the pani cs hereto  shall be ill writing and Notices may be either deli vered personally or sent by prepaid , regis tered  or cenified mail , an d if so mailed, shall be deemed to ha,·e been given five (5) days followi ng the  date lipa n wh ich it was deposited in the 111ai1. The addresse, of the pan ies for the purposes  hereof shall be the addresses set fOrlh fur such parties in Section I of the lease. or such orher  addresses which the panies may provide to Olle another in accordance herewith .  10. Parti a l Payments . Guarantor's payment of a ponion. bur not all. of the Guaranteed  Sums. shall in no way limir. affect. modify or abridge Guarantor's liability for that ponion of the  Guaranteed Sums which is not paid . \Vithout in any way limiting the generality of the foregoing.  in the event that Landlord is awarded a judgment in any suit brought to enforce Guarantor's  covenant to pay a portion of the Guaranteed Sums, such judgment shall in no way be deemed to  rel ease Guarantor fr0111 its covenant to pay any porti on of the Guaranteed Sums \vhich is not the  subject of such suit.  I I . No Benefit to T hird Pa rties . Thi s Guaranty is solely for the bene!; t or Landl ord and is  nOI intended 10 nor shal l it be decmed to be for the benefit of any third party, includ in g Tenant.  12. Successors and Assigns. Th is Guaranty shall be binding UPOll Guaralltor. iLS successors  and ass igns. shall inure to the benefit of. and sha ll be enforceable by Landlord. its successors ano  assigns. Thi s Guaranty may be assi,bTJlcd in who le or in part by Landlord without notice to  {fUilrantof.  13 . Attorneys' Fees . L11 tbe event of any liligalion arising our of or in connection \vith this  Guaran ty: including for rhe enforcement of any of the covenants, terms or conditions hereof, lhe  non-prevai ling party s ilall pay the costs thereof and at!Omeys ' fees actuall y incurred by the  

 

3701 Lease Exhibits  prev~i1ing party (including the fees and charges of legal assistams or other non-anorney  per50nnei performing services under the supervision of an attol11ey), which sha ll he determined  and fixed by the e01l11 as part of the judgment, whether or not such litigation is prosecuted to  judgment. Guarantor covenants and agrees that Guaramor intends by thi s Section 13 10  compensate for attomeys ' fees actually incLilTed by the prevailing patty to the palticu lar  attorneys involved at such attorneys' th en norma l hottriy rates ami that this Section 13 shall  t:onstitutc an instruction to rhe court that stich rate or rates shaH be deemed reasonable.  14. Governing Law. Th is Guaranty shull be governed by ancl constlued in accordance with  the laws of the State of California. and Guarantor hereby consents to the jurisdiction of the COU l1S  of the State of California.  Ij . In validity . Every provision or Ihis Guaranty is intended to be severable. In the event  an y tenll or provision herein is declared to be illegal , invalid or unenforceable for any reason  whatsoever by a court of competent jurisdiction. such illegality, invalidity or unenforeeability  shall not affect tile balance of the terms and provisions hereof, which terms and proviSions shall  remain ill full force and effect.  16. Modification or Guaranty. This Guaranty constinltes the fu ll and complete agreement  between tbe panies hereto and it is understood and agreed thai the provis ions hereof may only be  modi lied by a writing executed by both partics hereto.  17. Miscellaneous Rules of Consll·ucti on . Whenever the singular or mascul ine or neuter is  used in th is Guaranty, the same sha ll he construed to mean the plural, fem inine or body corporate  where tbe context of rhis Guaranty or the pal1ies hereto may so require. The locative acl\'crbs  "herein", "hereunder" , "hereto", "hereby" , "hereafter", etc. , whenever the same ~hall appear in  this Guaranty, shall mean and refer to this Guaranty in its entirety and not to Guaranty Page 5 of  flve any 'peeific Sec tion or ut her pan Ihereor. In addition. any captions or headings used in this  Guaranty arc for reference purposes only and are in no way to be constlued as part of thjs  Guaranty.  18. Duration of Guaranty. At such time as the Lease has expi red or otherwise been  tel1l1inated and the entire unpaid balance or the Guaranteed Sums for the term of the Lease  (int:ludi ng any portion of the term remaining unexpired at the time the Lease is termin ated),  together with all interest accrued thereon. is paid in ntll and all other obligations of Tenan t ullder  the Lease arc fully performed and satisfied, Guarantor shall be released [rom all duties and  rcsponsibi litie::; a,<; ~et forth in this Guaranty.  

 

370 I Lease Ex hibits  TN WITNESS WHEREOF. Guarantor ha, executcd this Guaranty as of the day  and y,,-,ar first above writtell .  GUARANTOR :  Dustin Lancasler  Gufu:antor's Signature  LAl\'ULORD:  Sunset Triangle. Investors LtC. a  Californ ia lim ited liabil ity Company  

 

3701 Lease Exhibits  EXHIBIT E  BU ILD ING RULES AND REG ULATIONS  I. Except as specifica lly provided in the Lease to which these Rules and  Regula tions are attached. no sign , including "A" Board type. placard, pi ctu re.  advertisement. name or notice shall be installed or displayed on any part of the outside or  inside of the Premises withoullhe prior written consent of Landlord. Landlord shall have  the right to remove, at TCl1ant's expense and without notice ~ any sign install ed or  displayed in \'ioI3tion of this rule. All approwd signs or lettering on doors and walls  shall bt: printed. painted, aftixed or inscribed at the expense of Tenant by a person  approved by Landlord.  2. Tenant shall not place anything or allow anYlhing to be placed near thc  glass of any window. door. partition or wall , which may appear unsightly from outside  the Premises at the discretion of the Landlord .  3. Tenant shall not obstnlct any Common Areas, including sidewalk,. halls.  passages. ex its. entrances, elevators or stairways in or about the Premises. Landlord shall  in all case~,,; retain the right to control and prevent access thereto of all persons whose  presence in the judgment of Landlord would be prejudicial to the safety. character.  reputation and interest of the Premises and its tenantS and occupants: providing that  nothing herein contained shall be construed to prevent such access to persons with \\-hom  any tenan t nOl1nall y deals in the ordinary course of this business , unless slleh pl!rsons are  engaged in illegal Or unlawful actlvilies. '0 tenant and 110 employee or in vitee of any  tenant shall go upon the roof of the Premises.  4. All Common Area cleaning and janitorial sen'ices for the Premises and  the Prem ises shall be provided exc lusively as outlined in the Lease. Tenant shall not  cause any unnecessary labor by carelessness or indi ffcrence tu the good order and  cleanliness of rhe Prenlises. Use or the C0I111110n Areas for business activity is at the sole  discretion of the Landlord . Tenant further agrees to any res trictions whatsoever applied  by Landlord regarding such lise Ten an t also ab'fees to inUllediatcly remove any personal  property o r trade fixt ures at Landlord's reques t.  5. Upon the commencement of' the initial Lease Term. Land lord will furnish  Tenant, free of charge, with two keys to each door lock in the Premises. Landlord may  charge a reasonable fee for any additional keys and/or addi ti onal securi ty syslC111 access  device. Tena11l shal l nor alrer an y lock. install a new add iri onallock, or boil on any door  of its Premises without prior written approval from Landlord . Tenan t shall provide  Landlord with keys for all locks. Tenant, upon the te111lination of its tenancy, sha ll  deli ver to Landlord the keys to al l doors, and all security system access devises.  Landlord shall be pro\'ided access to Premises upon 24 hours' prior notice to Tenant of  Landlord 's inrcnt to enler (provided that Landlord may enter without notice in the event  of an emergency). Tn the event locks. glass in the doors, partition or windows of the  

 

370 I Lease hhibi t,  prem ises are broken. it i, Tenant ' s responsibi lity to rcplaee or repa ir. If Tenant t~,i1S to  comply. Landlord may repair or rcpiacl! at the expense ofTcnanL  6. No delivery shall be made tl," t impedes or interferes with any other tenant  or the operation of th e Premi ses. In its use of {he loading areas for the Premises, Tcm.ll1t  shall not obstruct or pcrmit the obstruction of the loadin g areas. and at J]O time shall  Tenant park vehicles lherein except for loading and un loading. No furn it ure. freight, or  equi pment of any kind shall be brought into the Prem ises w ithout the consent of Landlord  and al l moving of the same into or out of the Premises shall be done at such time and in  sllch manner as Landlord sha ll designate. Every person employed to move sllch  equipment in or out of the Premises mllst be acceptable to Landlord. Landlord will not  be responsible for loss of; Or da mage to. any such equipment or other property from any  cause, and all damage done to the Premises by ma intaining or moving such equipment or  other propeny shall be repaired at the expense of Tenant.  7. Tenant sha ll not place a load lipan any floo r of the Premises that exceeds  the load per square foot that such Door was designed to cany and that is allowed by law.  Landlord shall have the right 10 prescribe the weight, size and pos ition of all equipment,  materials. furnirure or Other propeny brought into the Premises. Heavy objects shall. if  considered necessary by Landlord. stand on such platfonTIS as detell11ined by Land lord to  he necessary to properly distribute the weight, which platforms sha ll be provided at  Tenant 's expense. Any bus iness mach ine or mechanical equipment belonging to Tenant  that causes Doise or vibrar ion that may be transm itted to the strucntre of {he Prem ises,  demised premises or to any space therein, to such a degree as to he objeclionable to  Land lord or lO any tenant in the Premises, shall be placed and maimained by Tenant. at  Tenant's ex pense. on vibration eliminators or other devices sufficient to eliminate noise  or vibration.  8. Tenant shall not usc or keep in Ihe Premises any kerosene , gasoline or  flam mab le or combusti ble nuid or material ot her than those lim ited quamities necessary  for the operation or ma intenance of office eq ui pment. Tenan t shall nol use or permit to  be used in the Premises any foul hazardous or noxi ous gas, substance, or pen11it or all ow  the Prem.iscs to be occupied or used in a manner offensive or objectionable [Q Landlord  or any other occupant of the Premises by rca son of noise. odors or vibrations from the  Premises. nor shaJl Tenant bring into or keep on or aboUl the Premises any animal other  than service .mimals sllch as see ing-guide dog.  9. Tenant shall not wasle or misuse util ities including bur not li mited to  electrici ty. water, lrash rcmO\'al and agrees to cooperate fully with Landlord to assure the  most effective operation of the building and to comply with any govern mental encrgy- saving rules. laws or regulations of wh ich Tenant has aerual notice. and shall refrain from  attempting to adjust controls. Except for establi,hed Premises bours, which may be  changed from time to timt: hy Landlord: access to the Premises. or the halls, corridors)  cJeyators or stairways in the Prem ises. or to the Premises, may be refused un less the  person seeking access is known to the person or employee of the Premi'ses in charge and  hai; a pas~ or is properly identified. Tenant sha ll be responsible for all persons for whom  it requests passes and shall be liab le to Landlord for a ll ac ts of such persons. Landlord  

 

3701 Lease Exhibi ts  shall Dot be liable for damages for any error with regard to the admission to or exclus ion  from the Premisc~ of any person . Landlord reSCIYCS the right to prevent access to {ile  Premises in case of inva::; ion, mob. riol. public excitement or other cOllllllotion hy closing  the doors or by other appropri ate action. Landlord reserves the ri ght to close and keep  locked all entrance and exi t doors of the Prem ises on lega l holidays. and on other days  during sllch hours as Landlord may deem necessa.ry.  10. Tenant shall clo,e and lock the doors of its Premise, and entirely shut off  all ttliliti es services other than those utilities services specifically requested to be left on  by Landlord before Tenant and its employees leave the Premises. Tenant agrees to leave  any and ail lights on during Mandatory Business hours as outlined in Exhi bit E ill order  to maintai n adequate iiluminarion of sUD"ollnding areas. It is the Tenant '. responsibility  to instal l timi ng devises Or make other an-ungcmenrs ro ensure compliance with this  proviston. Tenant shall be rcsponsible for any damage or injuries sustained by other  tenants or occupants of the Premises or by Land lord for Tenant's noncompliance with  this ntle.  11 , The to il et rooms. toi lets. urinals, wash bowls and other apparatus shall not  be used for any purpose other than that lor wh ich they were constntcted and no fore ign  substance of any kind whatsoever shall be thrown therein , The expense of any breakage,  stoppage or damage resulting from violation of th_is rule shall be horne by the Tenant  who. or whose employee or Invitec. shall have caused it.  12. Tenant shall not create a nuisance. whic h may interfere with the qu iet  t:I1Joyment of other tenants OJ' occ upan ts of the Premises Tenant !:ihal l not use the  Premises for any business or activity other than tilat specifically provided Tenant's Lease.  13. Except as pennitted in the I"ease. Tenant sha ll nOt install any radio or  television antenna, loudspeaker or otber devices on the roof Or exterior walh of the  Premises. Tenant shall not interfere with radio. \ViFi or television broadcasting or  reception from or in th e Premises Or dsc\vherc.  14. Tenant sha ll nOl deface the Premises or any pan thereof except in  accordance with the provisions of the Lease pertaining to alterat ions. Landlord reserves  the right to direct electric ians as to where and how telephone and cable lines arc to be  introduced to the Premises. Tcnant ,hall not cut or bore holes for wires. Tenant shall not  affix any floor covering to the floor of the Prem ises or any wall or ce iling coverings in  any manner except as appro\"ed by L"-ndlord. Tenant shall repair any damage resu lting  from noncompli"nce with this tulc.  15. Tenant , hall not install . maintain or operate upon the Prem ises any  vending machine. A TM machine. \"ideo game or other coin-operated or coin-activated  device without the wrillen consent of Landlord,  16. Landlord reserves the righ t to exclude or expel from the Premise, any  person who. in Land lord 's judgment. is intoxicated or under the influence of any liquor or  drug or v.,:110 is in violation or any of the Ru les and Regu lations of the Premises.  

 

3701 Lease Exhibits  17. Tenant shall not dispose of garbage. refuse or other trash generated from  its Premises except in trash facilities provided or approved by LandJ ord. Tenant shall not  place in any garbage receptacle any material that is recyclable or cannOt bc disposcd of in  lhe ordinary and customary manner of garbage disposal. All wood pallets received are  the respons ibility of the Tenant to dispose of offsite and shall not be s tored on sire  withom prior consent of Landlord. Recyc.ling, including the proper disposal of used  cooking oil, is mandatory. All recycl ing, garbage, and pallcts shall be dcpositcd in  accordance with [he direct ions issued by Landlord, which may change fro m time to lime  at the discretion of Landlord . Landlord reserves tile right to assess fines for any trash,  rec ycling or pallets not disposed of per Landlord's direction .  18. Tenant shall comply with all safety, ftre protection and evacuation  procedures and regulatio ns established by Land lord or any gO\'emment agency.  19. Tenan t assumes any and all responsibility for protecting its Premises from  tbeft, robbery and pilferage, which includes keep ing doors locked and other means of  entry ro the Premises closed.  20. Landlord may waive anyone or more of these Rules and Regulations for  rhe benefit of Tenant or any other tenant. but no such waiver by Landlord shalt be  consnu-cd as a waiver of SllCh Rules and Regulations in favor of Tenant or any other  tenant. nor prevent Landlord from enforcing any such Rul es and RCbTUiatiol1s against any  or all of the tenants of the Premises.  21. These Hules and Regulations are in add iLi on to, and shall not be constl1led  to in any way modify or amend. in whole or in part, the terms, covenant", agreements and  condition s ofthc Lease.  22. If Tenant uses locking. devices other than those provided by Landlord,  Tenanr agrees to provide l andlord. at the lime ur the installation of sllch devices. with  keys or the loc ki ng combinat ion to the Premises [or use by Landlord or its agent.  FUlthcrmorc, at Landlord!,s request. Tenant is required to provide Landlord with a copy  of its Premise's key.  23 . Landlord reserves the right to make such other and reasonable Rules and  Rt:gulations as, in its judgment. may from time to ti me be needed for safety and security.  for care and c lean liness of the Premises and for the preservation of good order therein.  Tenant agrees to abide by all such Rules and Rq,'Ulations hereinabove stated and any  additional rules and regulations [hat are adopted. Landlord re.serve the right. By 30 days  written nOtice to Tenant, LO rescind, al ter or waive any rule(s) or regulation(s) at any time.  24 . Tenant shall be responsi bl e for the observation of all Ol'the foregoing rules  by Tellam's employees, agents, clients , customers. incites and guests. Smoking is  restr icted in and around the Premises includi ng public areas oefinco as lobb ies.  restrOOIllS, stairwells. and garage. Absolutely no smoking is permitted within 25 feet of  any of the exteri or entry (0 include all other work areas and Tenant understands that state  

 

3701 Lease Exhibits  law governs smoking in the common areas of [he Premises and agrees to abide by such  law.  25. Landlord may di rect the use of all pest extermination and scavenger  contractors at such intervals as Landlord ma y require. Should it be determined that  Tenanr 1s operation practices arc creating or expanding the invasioD or pests, Tenant wi ll  be responsibl e ror all costs to including pest extcrnlination of the building.  26, It is understood and agreed that whenever the work "Tenant" occurs tn  these Rules and Regulation ~. it shall mean Tenant's associates, agents. clerks. employees  and \'isitors. Wherever the word "Landlord" occurs in these Rules and Regulations. it is  understood and agreed that it sl1a ll mean Landlord 's assigns, agents, clerks, employees  and visitors.  TE" ANrs~:  Landlord: /r!v'- 

 

3701 Lease Exhibits  EXHIBIT F  SECURITY DEPOSIT  The Security Deposit shall be $53 ,061.20 (Fifty Three Thousand Sixty One Dollars and  Twenty Cents).  

 

SUNSET TRIANGLE INVESTORS, LL e  Jan uary 24, 2014  Re : 3701 Sunset Bou levard (the "Premises")  La Conq. LLC  Atte11l ion: Dusti n Lancaster and Tyler Be ll  In considerati on ofLaConq. LLC entering into a lease for the subject Premi ses and the  two of you executing YOllr personal guarantee of same. the undersigned agrees [hat during  the duration of La Conq's tenancy of rhe Premises it shall ha\"c have' two rcsclyC'd  parking spaces in the parking lot to the rear or the Premises rc!';cf\'ed for its l:111ployces  with 24 hULlr access to these parking sptu.:es.  SUNSET TR IAl'\GLE lJ\'VESTORS, L LC, a Ca liforn ia  limited liability company  B~~  Jake Mathews. ItS j anager  Acknowledged and Agreed  La Conq. LLC  BY : ~~Hf.~ ____ _  d individually. joint ly and severally  

 

AMENDMENT TO LEASE  This Amendment to Lease (Lhe "Amendment") is made and entered into this 4 day  of September, 2020, by and between SRT LA Retail, LLC, a Delaware limited liability company  ("Landlord") and La Conq. LLC, a California limited liability company ("Tenant").  B..ECIIe.J.£  A. Landlord and Tenant are parties to that certain lease agreement dated February 5,  20 \4 (the "Lease"), wherein Landlord has leased to Tenant and Tenant has leased from Landlord  approximately 2,434 square feet of space located at 3701 Sunset Boulevard, Los Angeles,  California (the "Premises"). Landlord currently holds S53,091.20 provided by Tenant as a  security deposit (the "Security Deposit"). Capitalized terms that are not defined in this  Amendment are defined in the Lease.  S. Landlord and Tenant desire to amend the Lease to extend the Lease Term and to  document the parties' agreement to modify and amend the terms and conditions of the Lease, all  in accordance with the following.  NOW, THEREFORE, in consideration of the foregoing recitals and the mutual covenants  contained herein, and for other good and valuable consideration, the receipt and sufficiency of  which are hereby acknowledged, Landlord and Tenant hereby agree as follows:  AGREEMENT  I. Extension of the Term . Landlord and Tenant hereby agree to extend the Lease Term for  two (2) years to September 5, 2026 (the "First Extension Term"). For the avoidance of  doubt, pursuant to this Amendment, the First Extension Term shall extend the Lease by a  total of twenty-four (24) months, changing the Lease Term from one hundred twenty-seven  (127) months to one hundred fifty-one months (151). The existing term of the Lease shall  govern the First Extension Term, including, without limitation, the payment of any  Additional Rent due under the Lease; provided however, that the Base Rent for the first year  of the First Extension Term shall be 103% of the Base Rent due for the last year of the  original Lease Term, and the Base Rent for the second year of the First Extension Term  09JU1I20 I  

 

shall be 103% of that in effect for the first year of the First Extension Tenn. Tenant shall  retain its extension options set forth in the Lease.  2. Monthly Minimum Rem Abatement. Landlord hereby agrees to abate sixty percent (60%)  of the Monthly Minimum Rent payable by Tenant for the Premises for the months of July,  August and September 2020. Landlord shall also fully abate the payment of the Rent and  Taxes for the month of April 2020 in the total amount of $19,044.46, and Landlord shall  abate fifty percent (50'10) of the Monthly Minimum Rent for June 2020 ($7,919.73).  Landlord and Tenant agree and acknowledge that all amounts due for May 2020 have been  paid.  3. Reduced Rent Period. Beginning in October, 2020 and ending on the earlier of February 28,  2021 or the Open Business Date (as defined below) (the "Reduced Rent Period"), Tenant  shall pay Landlord forty percent (40%) of the Monthly Minimum Rent, and Landlord shall  apply a portion of the Security Deposit to pay the remaining balance of the Monthly  Minimum Rent due during each month of the Reduced Rent Period. Tenant shall continue to  pay all Additional Rent due for the Premises during the Reduced Rent Period.  The "Open Business Date" shall be the first day of the first calendar month  following the calendar month in which Tenant's restaurant/food service operations in the  Premises may reopen to the public for "on premises" indoor restaurant/food services either  without limitation or subject only to Limited Business Health Restrictions. " Limited  Business Health Restrictions" means ongoing social-distancing and other health-protection  limitations or restrictions on businesses open to the public that pennit indoor, "on premises"  operations, such as food service and restaurant operations, and are intended to protect the  health of Tenant' s customers and stafT, that do not materially negatively impact Tenant's  operations, including, without limitation, the foll owing: (i) social distancing requirements or  protocols applicable to customers and/or stafT, such as reductions in the number of pennitted  tables or counter-spaces, and/or minimum distance requirements between tables and  customers, provided that such limitations do not reduce capacity by more than ten percent  ( 10%) from February, 2020 levels, (ii) mandatory stafTand/or customer " fever elimination"  temperature readings as a condition to work or service, (iii) requirements that stafTwear face  masks, gloves or other similar protective equipment, or take other, similar health protection  ~~~o 2  

 

measures as part of ongoing business operations open to the public, (iv) requirements for  increased after hours or business hours sanitation and cleaning of the premises and contact  surfaces, and/or (v) provisions requiring Tenant to provide customers and/or staffwilh hand  sanitizer, disinfectant wipes, hand-washing facilities, or olher similar heallh protection  measures. The determination of the Open Business Date shall be made by Landlord in good  failh and such good failh determination by Landlord shall be deemed final and binding on  the parties, absent manifest error.  4. AmQunt Owed Upon Execution. Tenant shall pay Landlord concurrently with the execution  Qfthis Amendment a total of 53 I ,450.29, which amount consists of: (i) fifty percent (50%)  of the Monlhly Minimum Rent for June (57,919.73); (ii) all Taxes due in June of2020  ($3,205); (iii) 40% of the July Monthly Minimum Rent ($6,335.78); (iv) July 2020 Taxes  due ($3 ,205); (v) 40% of the August Minimum Monthly Rent ($6,335.78); and (vi) all  Additional Rents due fQr August ($4,449.00). This amount is in addition to any amounts  due per the Lease as amended herein for September, 2020.  5. Beginning September 6, 2020, (reporting period of September 1, 2020 to  August 30, 2021), in addition to lhe Minimum Monlhly Rent and Additional Rent due under  the Lease, Tenant shall pay Landlord Percentage Rent as set forth below. "Percentage Rent"  shall be an amount equal to, for each Lease Year, eight percent (8%) of Gross Sales (as  defined below) in excess of such Lease Year' s natural breakpoint" made in , upon or from  the Premises during such Lease Year. Percentage Rent shall be computed each calendar  monlh, on or before the tenth (10th) day of the following calendar month , Tenant shall pay  to Landlord the Percentage Rent for such month. For the avoidance of doubt, the monthly  Percentage Rent shall be equal to eight percent (8%) of monthly Gross Sales in excess of  one/twelfth (1 /12) of such Lease Year's natural breakpoint. The natural breakpoint shall  increase annually by three percent (3%), in conjunction with lhe Annual Monthly Rent  Increases as described in Section I(H) of the Lease.  At the close of each Lease Year and within thirty (30) days thereafter, Tenant  shall submit to Landlord a written statement, showing in reasonably accurate detail, the  amount of Gross Sales of Ten ant during the preceding Lease Year. Thereupon, an  adjustment shall be made with respect to said Base Rent and Percentage Rent as follows: If  ~~~o 3  

 

Tenant paid to Landlord an amount of Percentage Rent greater than Tenant is in fact  required to pay for the Lease Year under the terms hereof, the excess shall be applied  against amounts due from Tenant pursuant to the Lease, except that ifany unused excess  exists at the expiration or termination of this Lease, such sum shall be paid to Tenant within  thirty (30) days after Tenant returns the Premises in the condition required under this Lease.  If Tenant paid to Landlord an amount of Percentage Rent less than Tenant is required to  pay, Tenant shall immediately pay the difference to Landlord. The first S 16,000 collected  by Landlord as Percentage Rent under this provision shall be applied to replenish the  Tenant's Security Deposit, and thereafter shall be paid to Landlord.  "Gross Sales" means the actual sales or rental price of all services, goods, wares,  and merchandise sold, leased, licensed, or delivered, and the actual charges for all services  perfonned by Tenant or by any Subtenant, licensee, or concessionaire in, at, from, or arising  out of the use of the Premises, wholesale and retail , whether cash, credit, exchange, or  otherwise, without reserve or deduction for inability or failure to collect. Gross Sales shall  include without limitation, sales, rentals, and services: (i) when the order for them originates  in , at, from, or arising out of the use of the Premises, whether delivery or perfonnance is  made from the Premises or from some other place; (ii) made or performed by mail,  telephone, telegraph. electronic mail , text, video, mobile application, internet, or any future  technological means; (iii) made or performed by mechanical or other vending devices in the  Premises; or (iv) that Tenant or any Subtenant, licensee, concessionaire, or other person in  the nonnal and customary course of its business would credit or attribute to its operations in  any part of the Premises. Any deposit that is not refunded shall be included in Gross Sales.  Each installment sale or credit sale shall be treated as a sale for the full price in the month  during which the sale is made, regardless of whether or when Tenant receives payment for  it. Gross Sales shall not be reduced by any franchise, occupancy. capital stock, income, or  similar tax based on income or profits. The definition of "Gross Sales" shall exclude: (i) tips  or gratuities; (ii) city, county, State, or federal sales, use, gross receipts, or excise taxes on  sales or services rendered from the Premises where such taxes are added to the price, or are  stated separately in the bill , and are paid by Tenant directly to the applicable governmental  agency; (iii) sums collected and paid out by Tenant for any sales or retail excise tax imposed  4  

 

by any duly constituted governmental authority; (iv) any exchange of goods or merchandise  between the stores of Tenant where such exchange of goods or merchandise is made solely  for the convenient operation of the business of Tenant and not for the purpose of  consummating a sale which has theretofore been made in, on, or from the Premises, or for  the purpose of depriving Landlord of the benefit of a sale which otherwise would be made  in, on, or from the Premises; (v) the amount ofretums to shippers, suppliers, or  manufacturers; (vi) gift certificates or vouchers until the time that the foregoing have been  redeemed; (vii) insurance proceeds or credits received for the settlement of damage,  accident, loss, or destruction to Tenant's Personal Property, trade fixtures, produce,  restaurant supplies, and/or products; (viii) any promotional sales, complimentary meals,  beverages, and merchandise to third-parties; (ix) the amount of any cash or credit refund  made upon any sale; (x) sales of machinery, equipment, Personal Property, and/or trade  fixtures; (xi) me amOUnL of any cash or credit refund made upon any sale in or from the  Premises previously included in Gross Sales hereunder, not to exceed the sum so previously  included, where the meal or merchandise sold is thereafter returned by the purchaser and  accepted by Tenant; (xii) all sums received by Tenant for lost or damaged products,  produce, or merchandise; and (xiii) fees and/or charges paid directly to credit card issuers  and/or third party delivery services. If, for the purpose of making sales or rentals of goods  or provision of services, Tenant subleases, licenses, or in any manner allows use of space in  the Premises (to the extent permitted hereunder) to another ("Subtenant"), Tenant is  responsible for ensuring that Subtenant's books and records conform to me requirements in  this Lease. Tenant shall include in its monthly report of Gross Sales, but separately noted,  the Gross Sates of Subtenant. In addition, Tenant shall report as additional Gross Sales all  rentals, commissions, revenue, income, or other compensation received by Tenant from  Subtenant as payment for use of the Premises, or part of me Premises. The failure of any  Subtenant to maintain its books and records of account as required in this subsection, or to  report correctly Gross Sales, shall be deemed a failure on the part of Ten ant to conform to  the requirements of this Lease. Tenant agrees to furnish or cause to be furnished to  Landlord simultaneously with the payment of Percentage Rent (if any) a statement of Gross  Sales of the Tenant, certified as true and correct by Tenant, within ten (10) days after the  close of each calendar month , and an annual statement of Gross Sales within thirty (30) days  09~]f2{) 5  

 

after the close of each Lease Year or within thirty (30) days after the expiration or  termination of the Lease Term. Tenant shall keep and maintain the following books and  records: true copies of all federal , state, and local tax returns and sales tax reports; records of  daily bank deposits of the entire receipts from transactions at or from the Premises; sales  slips, including those for mail or telephone orders; settlement report sheets of transactions  with concessionaires and licensees; records showing that merchandise returned by  customers was purchased by such customers; receipts or other records of merchandise taken  out on approval ; daily dated cash register tapes; point of sale (POS) register reports; sales  books; purchase invoices; inventory records; pricing schedules or other materials showing  mark-up; duplicate validated bank deposit slips; bank statements; sales journals; general  ledgers; financial statements; support documents regarding any exclusion or deduction from  Gross Sales; and any and all other records which may be examined or required to be kept by  an independent accountant in performing an audit of Tenant' s Gross Sales or which may be  requested by Landlord. The preceding shall collectively be referred to as the "Records."  Tenant shall preserve the Records at the Premises for at least three (3) years after expiration  of each Lease Year or Partial Lease Year.  6. Rieht to Audit Tenant's Records. Landlord shall have the right from time to time, during  normal business hours and upon reasonable notice to Tenant, by its accountants or  representatives to audit all statements of Gross Sales of Tenant and/or its subtenant,  licensee, or concessionaire, and in connection with such audits to examine the Records,  including, without limitation, all supporting data and all tax records, and Tenant shall make  or cause to be made the Records readily available for such examination. Landlord or its  representatives shall have the right to copy the Records of Tenant supporting their  examination of Gross Sales. If any such audit discloses that the actual Gross Sales exceed  those reported by more than five percent (%5), Tenant shall forthwith pay: (i) the cost of  such audit and (i i) Percentage Rent due, ifany, along with interest charges at ten percent  ( 10%) or the maximum rate allowed by law if such rate is lower than the set percentage. In  the event the audit discloses that Tenant overreports its Gross Sales and is due a refund,  Tenant will be granted a credit toward future rents after deducting the cost of the audit. If  Tenant subleases, licenses, or in any manner allows the Premises to be used by another party  09~1I20 6  

 

(the "Subtenant"), Tenant is responsible for ensuring that the Subtenant's Records confonn  to the requirements of this Lease.  7. Acknowledaement of Cured Default. Tenant acknowledges that defaults to date that have  been addressed by this Amendment shall constitute one (I) cured default for purposes of  Section 42(a) of the Lease.  8. NQ Broker. Landlord and Tenant hereby warrant to each other that they have had no  dealings with any real estate broker or agent in connection with the negotiation of this  Amendment. and that they know of no real estate broker or agent who is entitled to a  commission in connection with this Amendment. Each party agrees to indemnify and  defend the other party against and hold the other party harmless from any and all claims,  demands, losses, liabilities, lawsuits, judgments. and costs and expenses (including, without  limitation, reasonable attorney's fees) with respect to any leasing commission alleged to be  owing on account of any dealings with any broker or agent, occurring by, through or under  the indemnifying party.  9. Confidentiality. The parties agree that Landlord, Tenant and their respective agents or any  other parties acting for or on behalf of Landlord or Tenant shall keep completely  confidential the tenns and conditions of this Amendment (collectively the "Confidential  Infonnation") and agree not to disclose any matters set forth in this Amendment or  disseminate or distribute any infonnation concerning the tenns. details or conditions hereof  to any person, finn or enticy without obtaining the express written consent of the other party  (to be given or withheld by the party in its sole discretion), provided, however, that  Landlord may make any disclosures that it concludes, in its sole and absolute discretion,  should be made under U.S. securities laws as a subsidiary ofa public company.  10. No Further Modification. All other tenns and conditions of the Lease shall remain in full  force and effect.  II. Conflict. This Second Amendment modifies and amends the Lease. To the extent there are  any inconsistencies between this Second Amendment and the Lease, the tenns and  provisions of this Second Amendment shall control.  (Signature Page to Follow]  09A:lll20 7  

 

IN WITNESS WHEREOF. Landlord and Tenant have executed this Second Amendment  to Lease as of the date first above written.  LANDLORD:  SRT SF Retail I, LLC  a Delaware limited liability company  By:  Name: Andrew Batinovich  President  Its :  TENANT:  La Conq, LLC  A California Limited liability company  :twtlit LMtafW  By:  Name: Dustin Lancaster  Its: Manager  By:  Name: Tyler Bell  Its: manager  0."""" 8  

 

GUARANTOR AGREEMENT:  For value received, and in consideration of Landlord's entering into the foregoing Amendment,  each of the undersigned ("Guarantor"), having fully read and understood said Amendment,  hereby consents to the terms and conditions of such Amendment and acknowledges and agrees  that Landlord's and Tenant's execution of such Amendment shall not limit, waive or otherwise  impair the obligations of the undersigned pursuant to that certain Guaranty of Lease given by the  undersigned in favor of Landlord (the "Guaranty") dated February 5, 2014. The undersigned  specifically reaffirms the terms and conditions of the Guaranty and agrees that it shall remain in  fuJI force and effect with respect to the Original Lease, as amended by this Amendment.  GUARANTOR:  :t¥tJtlit Ulltcarter  By;  Name: Dustin Lancaster  By: ~  Name; Tyler Bell  09103/20 9  

 

APPLICATION OF SECURITY DEPOSIT  (Tenants in Possession)  Project 10: psilver  ~-------------------------- LeaselD: t0000626  Tenant Name: La Cong (EI Condor)  Apply $47.762.78 of the Security Deposit to the following charges:  CTI  Charge Code Description  60% of BRE per COVID Amendment  60% of BRE per COVID Amendment  60% of BRE per COVID Amendment  60% of BRE per COVID Amendment  60% of BRE per COVID Amendment  Charge Date  1011/2020  1111/2020  12/1/2020  11112021  211/2021  Amount  Explanation (provide reason and appropriate backup) : Z $47,762.78 >- Per Amendment to Lease dated 9/4/2020 security deposits to be applied to 60% Base Rent  October 2020 - Feb 2021  Date: ___ .....:9:.:../8::::.:./.=:.20.:;..:2::.::0~  Approved:  Signed: Karen Uribe  Property Manager  Regional CounselEX-4.2

 Exhibit 4.2 

DESCRIPTION OF SECURITIES 

The following summary of the material terms of the securities of Frazier Lifesciences Acquisition Corporation (“we,” “us,”
“our” or “the company”) is not intended to be a complete summary of the rights and preferences of such securities and is subject to and qualified by reference to our amended and restated memorandum and articles of association
incorporated by reference as an exhibit to the company’s Annual Report on Form 10-K for the period ended December 31, 2020, and applicable Cayman Islands law. We urge you to read our
amended and restated memorandum and articles of association in their entirety for a complete description of the rights and preferences of our securities. 

Certain Terms 
 Unless otherwise stated in this Exhibit or
the context otherwise requires, references to: 
  

	 	•	 	 “Companies Law” are to the Companies Act (2021 Revision) of the Cayman Islands as the same may be
amended from time to time; 

  

	 	•	 	 “founder shares” are to our Class B ordinary shares initially issued to our sponsor, and any such
shares transferred to our directors, in a private placement prior to the Initial Public Offering and the Class A ordinary shares that will be issued upon the automatic conversion of the Class B ordinary shares at the time of our initial
business combination (for the avoidance of doubt, such Class A ordinary shares will not be “public shares”); 

  

	 	•	 	 “Initial Public Offering” are to the company’s offering that closed on December 11, 2020;

  

	 	•	 	 “initial shareholders” are to our sponsor and each other holder of founder shares upon the consummation
of our Initial Public Offering; 

  

	 	•	 	 “ordinary shares” are to our Class A ordinary shares and our Class B ordinary shares;

  

	 	•	 	 “our founding team” are to our executive officers and directors; 

 

	 	•	 	 “private placement units” are to the units to be issued to our sponsor in a private placement
simultaneously with the closing of the Initial Public Offering, which private placement units are identical to the units sold to the public, subject to certain limited exceptions as described in this Annual Report on Form 10-K; 

  

	 	•	 	 “private placement warrants” are to the warrants sold as part of the private placement units and upon
conversion of working capital loans, if any; 

  

	 	•	 	 “public shares” are to our Class A ordinary shares sold as part of the units in our Initial Public
Offering (whether they were purchased in our Initial Public Offering or thereafter in the open market); 

  

	 	•	 	 “public shareholders” are to the holders of our public shares, including our sponsor and founding team
to the extent our sponsor and/or members of our management team purchase public shares, provided that our sponsor’s and each member of our management team’s status as a “public shareholder” will only exist with respect to such
public shares; and 

  

	 	•	 	 “sponsor” are to Frazier Lifesciences Sponsor LLC, a Cayman Islands limited liability company.

 General 
 We are a
Cayman Islands exempted company and our affairs are governed by our amended and restated memorandum and articles of association, the Companies Law and the common law of the Cayman Islands. Pursuant to our amended and restated memorandum and articles
of association, we are authorized to issue 479,000,000 Class A ordinary shares and 20,000,000 Class B ordinary shares, as well as 1,000,000 preference shares, $0.0001 par value each. The following description summarizes certain terms of
our shares as set out more particularly in our amended and restated memorandum and articles of association. Because it is only a summary, it may not contain all the information that is important to you. 

 Units 

Each unit consists of one Class A ordinary share and one-third of one redeemable warrant. Each
whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as described in this Annual Report on Form 10-K. Pursuant to the
warrant agreement, a warrant holder may exercise its warrants only for a whole number of the company’s Class A ordinary shares. This means only a whole warrant may be exercised at any given time by a warrant holder. The units will
automatically separate into their component parts and will not be traded after completion of our initial business combination. 
 Private Placement Units

 The private placement units (including the private placement shares, the private placement warrants and Class A ordinary
shares issuable upon exercise of such warrants) will not be transferable or salable until 30 days after the completion of our initial business combination (except, among other limited exceptions as described under “Transfers of Founder
Shares and Private Placement Units,” in this Annual Report on Form 10-K, to our officers and directors and other persons or entities affiliated with our sponsor) and the private placement warrants
included therein will not be redeemable by us (except as described below under “Redemption of warrants for cash when the price per Class A ordinary share equals or exceeds $10.00”) so long as they are held by our
sponsor or its permitted transferees. Holders of our private placement units are entitled to certain registration rights. If we do not consummate an initial business combination within 24 months from the closing of the Initial Public
Offering, the proceeds from the sale of the private placement units held in the trust account will be used to fund the redemption of our public shares (subject to the requirements of applicable law) and the private placement units (and the
underlying securities) will expire worthless. Further, if we seek shareholder approval, we will complete our initial business combination only if a majority of the ordinary shares, represented in person or by proxy and entitled to vote thereon,
voted at a shareholder meeting are voted in favor of the business combination. In such case, our sponsor and each member of our management team have agreed to vote their founder shares, private placement shares and any public shares purchased during
or after the Initial Public Offering in favor of our initial business combination. Otherwise, the private placement units are identical to the units sold in the Initial Public Offering. 

Our sponsor and our management team have agreed not to transfer, assign or sell any of their private placement units, private placement
shares, private placement warrants and any Class A ordinary shares issued upon conversion or exercise thereof until 30 days after the completion of our initial business combination, except, among other limited exceptions as described under
the section of this Annual Report on Form 10-K entitled “Transfers of Founder Shares and Private Placement Units,” transfers made to our officers and directors and other persons or entities
affiliated with our sponsor. 
 In order to fund working capital deficiencies or finance transaction costs in connection with an intended
initial business combination, our sponsor or an affiliate of our sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. Up to $1,500,000 of such loans may be convertible into private
placement units of the post-business combination company at a price of $10.00 per unit at the option of the lender. 
 Ordinary Shares 

Upon the closing of the Initial Public Offering, 17,751,000 of our ordinary shares were outstanding, including: 

 

	 	•	 	 13,800,000 Class A ordinary shares underlying the units issued as part of the Initial Public Offering;

  

	 	•	 	 501,000 Class A ordinary shares underlying the private placement units; and 

 

	 	•	 	 3,450,000 Class B ordinary shares held by our initial shareholders. 

Ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders. Except as
described below, holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a vote of our shareholders except as required by law. Unless specified in our
amended and restated memorandum and articles of association, or as required by applicable provisions of the Companies Law or applicable stock exchange rules, the affirmative vote of a majority of our

  
 2 

 
ordinary shares that are voted is required to approve any such matter voted on by our shareholders. Approval of certain actions will require a special resolution under Cayman Islands law, being
the affirmative vote of at least two-thirds of our ordinary shares that are voted, and pursuant to our amended and restated memorandum and articles of association; such actions include amending our amended and
restated memorandum and articles of association and approving a statutory merger or consolidation with another company. Our board of directors is divided into three classes, each of which will generally serve for terms of three years with only
one class of directors being appointed in each year. There is no cumulative voting with respect to the appointment of directors, with the result that the holders of more than 50% of the shares voted for the appointment of directors can appoint all
of the directors. Our shareholders are entitled to receive ratable dividends when, as and if declared by the board of directors out of funds legally available therefor. 

Prior to our initial business combination, only holders of our founder shares will have the right to vote on the appointment of directors.
Holders of our public shares will not be entitled to vote on the appointment of directors during such time. In addition, prior to the completion of an initial business combination, holders of a majority of our founder shares may remove a member of
the board of directors for any reason. The provisions of our amended and restated memorandum and articles of association governing the appointment or removal of directors prior to our initial business combination may only be amended by a special
resolution passed by holders representing at least two-thirds of our issued and outstanding Class B ordinary shares. 

Because our amended and restated memorandum and articles of association authorizes the issuance of up to 479,000,000 Class A ordinary
shares, if we were to enter into a business combination, we may (depending on the terms of such a business combination) be required to increase the number of Class A ordinary shares which we are authorized to issue at the same time as our
shareholders vote on the business combination to the extent we seek shareholder approval in connection with our initial business combination. 

Our board of directors is divided into three classes with only one class of directors being appointed in each year and each class (except for
those directors appointed prior to our first annual general meeting) serving a three-year term. In accordance with Nasdaq corporate governance requirements, we are not required to hold an annual general meeting until one year after our first fiscal
year end following our listing on Nasdaq. As an exempted company, there is no requirement under the Companies Law for us to hold annual or extraordinary general meetings to appoint directors. We may not hold an annual or extraordinary general
meeting to appoint new directors prior to the consummation of our initial business combination. Prior to the completion of an initial business combination, any vacancy on the board of directors may be filled by a nominee chosen by holders of a
majority of our founder shares. In addition, prior to the completion of an initial business combination, holders of a majority of our founder shares may remove a member of the board of directors for any reason. 

We will provide our public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of our
initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation of our
initial business combination, including interest earned on the funds held in the trust account and not previously released to us to pay our income taxes, if any, divided by the number of the then-outstanding public shares, subject to the limitations
described herein. The amount in the trust account is initially anticipated to be $10.00 per public share. The per share amount we will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting
commissions we will pay to the underwriters. The redemption rights may include the requirement that a beneficial owner must identify itself in order to valid redeem its shares. Our sponsor and our founding team have entered into an agreement with
us, pursuant to which they have agreed to waive their redemption rights with respect to their founder shares, private placement shares and any public shares purchased during or after the Initial Public Offering in connection with (i) the
completion of our initial business combination and (ii) a shareholder vote to approve an amendment to our amended and restated memorandum and articles of association (A) that would modify the substance or timing of our obligation to
provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within
24 months from the Initial Public Offering, or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares or pre-initial business combination
activity. Unlike many blank check companies that hold 

  
 3 

 
shareholder votes and conduct proxy solicitations in conjunction with their initial business combinations and provide for related redemptions of public shares for cash upon completion of such
initial business combinations even when a vote is not required by law, if a shareholder vote is not required by applicable law or stock exchange rule and we do not decide to hold a shareholder vote for business or other reasons, we will, pursuant to
our amended and restated memorandum and articles of association, conduct the redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to completing our initial business combination. Our amended
and restated memorandum and articles of association will require these tender offer documents to contain substantially the same financial and other information about the initial business combination and the redemption rights as is required under the
SEC’s proxy rules. If, however, a shareholder approval of the transaction is required by applicable law or stock exchange rule, or we decide to obtain shareholder approval for business or other reasons, we will, like many blank check companies,
offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek shareholder approval, we will complete our initial business combination only if we receive approval
pursuant to an ordinary resolution under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the company. However, the participation of our sponsor, officers,
directors, advisors or their affiliates in privately-negotiated transactions (as described in this Annual Report on Form 10-K), if any, could result in the approval of our initial business combination even if
a majority of our public shareholders vote, or indicate their intention to vote, against such initial business combination unless restricted by applicable Nasdaq rules. For purposes of seeking approval of the majority of our issued and outstanding
ordinary shares, non-votes will have no effect on the approval of our initial business combination once a quorum is obtained. Our amended and restated memorandum and articles of association will require that
at least five days’ notice will be given of any general meeting. 
 If we seek shareholder approval of our initial business combination
and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended and restated memorandum and articles of association provides that a public shareholder, together with any affiliate
of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to Excess Shares,
without our prior consent. However, we would not be restricting our shareholders’ ability to vote all of their shares (including Excess Shares) for or against our initial business combination. Our shareholders’ inability to redeem the
Excess Shares will reduce their influence over our ability to complete our initial business combination, and such shareholders could suffer a material loss in their investment if they sell such Excess Shares on the open market. 

Additionally, such shareholders will not receive redemption distributions with respect to the Excess Shares if we complete our initial
business combination. And, as a result, such shareholders will continue to hold that number of shares exceeding 15% and, in order to dispose such shares would be required to sell their shares in open market transactions, potentially at a loss. 

If we seek shareholder approval, we will complete our initial business combination only if we receive approval pursuant to an ordinary
resolution under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the company. In such case, our sponsor and each member of our founding team have agreed to vote
their founder shares, private placement shares and public shares purchased during or after the Initial Public Offering in favor of our initial business combination. As a result, in addition to our initial shareholders’ founder shares and
private placement shares, we would need 3,924,501, or 22.1%, of the 13,800,000 public shares sold in the Initial Public Offering to be voted in favor of an initial business combination in order to have our initial business combination approved
(assuming all issued and outstanding shares are voted and the over-allotment option is not exercised). The other members of our founding team are subject to the same arrangements with respect to any public shares acquired by them in or after the
Initial Public Offering. Additionally, each public shareholder may appoint to redeem their public shares irrespective of whether they vote for or against the proposed transaction or vote at all. 

Pursuant to our amended and restated memorandum and articles of association, if we do not consummate an initial business combination within
24 months from the closing of the Initial Public Offering, we will (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but no more than ten

  
 4 

 
business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust
account, including interest earned on the funds held in the trust account and not previously released to us to pay our income taxes, if any (less up to $100,000 of interest to pay dissolution expenses), divided by the number of the then-outstanding
public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such
redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in each case of clause (ii) and (iii), to our obligations under Cayman Islands law to provide for claims of creditors
and the requirements of other applicable law. Our sponsor and each member of our founding team have entered into an agreement with us, pursuant to which they have agreed to waive their rights to liquidating distributions from the trust account with
respect to any founder shares or private placement shares they hold if we fail to consummate an initial business combination within 24 months from the closing of the Initial Public Offering (although they will be entitled to liquidating
distributions from the trust account with respect to any public shares they hold if we fail to complete our initial business combination within 24 months from the closing of the Initial Public Offering). 

In the event of a liquidation, dissolution or winding up of the company after a business combination, our shareholders are entitled to share
ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of shares, if any, having preference over the ordinary shares. Our shareholders have no preemptive or other
subscription rights. There are no sinking fund provisions applicable to the ordinary shares, except that we will provide our public shareholders with the opportunity to redeem their public shares for cash at a per share price equal to the aggregate
amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us to pay our income taxes, if any, divided by the number of the then-outstanding public shares, upon the
completion of our initial business combination, subject to the limitations described herein. 
 Founder Shares 

The founder shares are designated as Class B ordinary shares and, except as described below, are identical to the Class A ordinary
shares included in the units sold in the Initial Public Offering, and holders of founder shares have the same shareholder rights as public shareholders, except that: 
  

	 	•	 	 prior to our initial business combination, only holders of our founder shares will have the right to vote on the
appointment of directors; 

  

	 	•	 	 the founder shares are subject to certain transfer restrictions, as described in more detail below;

  

	 	•	 	 our sponsor and our founding team have entered into an agreement with us, pursuant to which they have agreed to
(i) waive their redemption rights with respect to any founder shares, private placement shares and public shares they hold, (ii) to waive their redemption rights with respect to any founder shares, private placement and any public shares
purchased during or after the Initial Public Offering in connection with a shareholder vote to approve an amendment to our amended and restated memorandum and articles of association (A) that would modify the substance or timing of our
obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business
combination within 24 months from the Initial Public Offering, or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares or pre-initial business
combination activity and (iii) waive their rights to liquidating distributions from the trust account with respect to any founder shares or private placement shares they hold if we fail to consummate an initial business combination within
24 months from the Initial Public Offering, (although they will be entitled to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete our initial business combination within
24 months from the Initial Public Offering); 

  
 5 

	 	•	 	 the founder shares will automatically convert into our Class A ordinary shares at the time of our initial
business combination as described below adjacent to the caption “Founder shares conversion and antidilution rights” and in our amended and restated memorandum and articles of association; and 

 

	 	•	 	 the founder shares are entitled to registration rights. 

If we submit our initial business combination to our public shareholders for a vote, our sponsor and our founding team have agreed to vote
their founder shares, private placement shares and any public shares purchased during or after the Initial Public Offering in favor of our initial business combination. If we seek shareholder approval, we will complete our initial business
combination only if a majority of the ordinary shares, represented in person or by proxy and entitled to vote thereon, voted at a general meeting are voted in favor of the business combination. In such case, our sponsor and each member of our
founding team have agreed to vote their founder shares, private placement shares and any public shares purchased during or after the Initial Public Offering in favor of our initial business combination. As a result, in addition to our initial
shareholders’ founder shares, we would need 3,924,501, or 22.1%, of the 13,800,000 public shares sold in the Initial Public Offering to be voted in favor of an initial business combination in order to have our initial business combination
approved (assuming all issued and outstanding shares are voted and the overallotment option is not exercised). 
 The founder shares will
automatically convert into Class A ordinary shares on the first business day following the consummation of our initial business combination at a ratio such that the number of Class A ordinary shares issuable upon conversion of all founder
shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding (excluding the private placement shares underlying the
private placement units) upon completion of the Initial Public Offering, plus (ii) the sum of the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities
or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial business combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into
Class A ordinary shares issued, deemed issued, or to be issued, to any seller in the initial business combination and any private placement units, private placement shares, private placement warrants and Class A ordinary shares issued
upon conversion or exercise thereof issued to our sponsor, members of our founding team or any of their affiliates upon conversion of working capital loans. In no event will the Class B ordinary shares convert into Class A ordinary shares
at a rate of less than one to one. 
 Except as described herein, our sponsor and our founding team have agreed not to transfer, assign or
sell (i) any of their founder shares until the earliest of (A) one year after the completion of our initial business combination and (B) subsequent to our initial business combination, (x) if the closing price of our Class A
ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination, or (y) the date on which we complete a liquidation, merger, share exchange, reorganization or other similar
transaction that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property and (ii) any of their private placement units, private placement shares, private placement
warrants and Class A ordinary shares issued upon conversion or exercise thereof until 30 days after the completion of our initial business combination. Any permitted transferees will be subject to the same restrictions and other agreements
of our sponsor and our founding team with respect to any founder shares, private placement units, private placement shares, private placement warrants and Class A ordinary shares issued upon conversion or exercise thereof. We refer to such
transfer restrictions throughout this Annual Report on Form 10-K as the lock-up. Notwithstanding the foregoing, if the closing price of our Class A ordinary shares
equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination, the founder shares will be released from the lock-up. 

Prior to the completion of our initial business combination, only holders of our founder shares will have the right to vote on the appointment
of directors. Holders of our public shares will not be entitled to vote on the appointment of directors during such time. In addition, prior to the completion of an initial business combination, holders of a majority of our founder shares may remove
a member of the board of directors for any reason. These 

  
 6 

 
provisions of our amended and restated memorandum and articles of association may only be amended by a special resolution passed by holders representing at least
two-thirds of our issued and outstanding Class B ordinary shares. With respect to any other matter submitted to a vote of our shareholders, including any vote in connection with our initial business
combination, except as required by law, holders of our founder shares and holders of our public shares will vote together as a single class, with each share entitling the holder to one vote. 

Register of Members 
 Under the Companies
Law, we must keep a register of members and there should be entered therein: 
  

	 	•	 	 the names and addresses of the members of the company, a statement of the shares held by each member, which:

  

	 	•	 	 distinguishes each share by its number (so long as the share has a number); 

 

	 	•	 	 confirms the amount paid, or agreed to be considered as paid, on the shares of each member;

  

	 	•	 	 confirms the number and category of shares held by each member; and 

 

	 	•	 	 confirms whether each relevant category of shares held by a member carries voting rights under the Articles, and
if so, whether such voting rights are conditional. 

  

	 	•	 	 the date on which the name of any person was entered on the register as a member; and 

 

	 	•	 	 the date on which any person ceased to be a member. 

For these purposes, “voting rights” means rights conferred on shareholders, including the right to appoint or remove directors, in
respect of their shares to vote at general meetings of the company on all or substantially all matters. A voting right is conditional where the voting right arises only in certain circumstances. 

Under Cayman Islands law, the register of members of our company is prima facie evidence of the matters set out therein (i.e. the register of
members will raise a presumption of fact on the matters referred to above unless rebutted) and a member registered in the register of members will be deemed as a matter of Cayman Islands law to have legal title to the shares as set against its name
in the register of members. 
 Further, the Cayman Islands court has the power to order that the register of members maintained by a company
should be rectified where it considers that the register of members does not reflect the correct legal position. If an application for an order for rectification of the register of members were made in respect of our ordinary shares, then the
validity of such shares may be subject to re-examination by a Cayman Islands court. 
 Preference Shares 

Our amended and restated memorandum and articles of association will authorize 1,000,000 preference shares and will provide that preference
shares may be issued from time to time in one or more series. Our board of directors will be authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any
qualifications, limitations and restrictions thereof, applicable to the shares of each series. Our board of directors will be able to, without shareholder approval, issue preference shares with voting and other rights that could adversely affect the
voting power and other rights of the holders of the ordinary shares and could have anti-takeover effects. The ability of our board of directors to issue preference shares without shareholder approval could have the effect of delaying, deferring or
preventing a change of control of us or the removal of our founding team. We have no preference shares issued and outstanding at the date hereof. Although we do not currently intend to issue any preference shares, we cannot assure you that we will
not do so in the future. No preference shares are being issued or registered in the Initial Public Offering. 

  
 7 

 Warrants 

Public shareholders’ warrants 

Each whole warrant entitles the registered holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to
adjustment as discussed below, at any time commencing on the later of one year from the closing of the Initial Public Offering and 30 days after the completion of our initial business combination, provided in each case that we have an effective
registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the warrants and a current prospectus relating to them is available (or we permit holders to exercise their warrants on a cashless
basis under the circumstances specified in the warrant agreement) and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder. Pursuant to the warrant
agreement, a warrant holder may exercise its warrants only for a whole number of Class A ordinary shares. 
 This means only a whole
warrant may be exercised at a given time by a warrant holder. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase at least three units, you will not be
able to receive or trade a whole warrant. The warrants will expire five years after the completion of our initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation. 

We will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a warrant and will have no obligation to
settle such warrant exercise unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying the warrants is then effective and a prospectus relating thereto is current, subject to our satisfying
our obligations described below with respect to registration, or a valid exemption from registration is available. No warrant will be exercisable and we will not be obligated to issue a Class A ordinary share upon exercise of a warrant unless
the Class A ordinary share issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. In the event that the conditions
in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event will we be required
to net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the Class A
ordinary share underlying such unit. 
 We have agreed that as soon as practicable, but in no event later than 20 business days after the
closing of our initial business combination, we will use our commercially reasonable efforts to file with the SEC a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants, and we will use our
commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of our initial business combination, and to maintain the effectiveness of such registration statement and a current prospectus relating
to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement; provided that if our Class A ordinary shares are at the time of any exercise of a warrant not listed on a national
securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise their warrants to do so on a
“cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event we so appoint, we will not be required to file or maintain in effect a registration statement. If a registration statement covering the
Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th day after the closing of the initial business combination, warrant holders may, until such time as there is an effective registration statement and
during any period when we will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption, but we will use our
best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. 
 In addition,
if (x) we issue additional Class A ordinary shares or equity linked securities for capital raising purposes in connection with the closing of our initial business combination at an issue price or effective issue price of less than $9.20
per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our initial shareholders or their

  
 8 

 
affiliates, without taking into account any founder shares held by our initial shareholders or such affiliates, as applicable, prior to such issuance including any transfer or reissuance of such
shares (the “Newly Issued Price”)), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination, and
(z) the volume-weighted average trading price of our Class A ordinary shares during the 10 trading day period starting on the trading day after the day on which we consummate our initial business combination is below $9.20 per share, the
exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $10.00 and $18.00 per share redemption trigger prices adjacent to “Redemption of
warrants for cash when the price per Class A ordinary share equals or exceeds $10.00” and “Redemptions of warrants for cash when the price per Class A ordinary share equals or exceeds
$18.00” will be adjusted (to the nearest cent) to be equal to 100% and 180% of the higher of the Market Value and the Newly Issued Price, respectively. 

Redemptions of warrants for cash when the price per Class A ordinary share equals or exceeds $18.00. Once the
warrants become exercisable, we may call the warrants for redemption (except as described herein with respect to the private placement warrants): 
  

	 	•	 	 in whole and not in part; 

 

	 	•	 	 at a price of $0.01 per warrant; 

 

	 	•	 	 upon not less than 30 days’ prior written notice of redemption to each warrant holder; and

  

	 	•	 	 if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as
adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending
on the third trading day prior to the date on which notice of the redemption is given to the warrant holders (the “Reference Value”). 

We will not redeem the warrants as described above unless a registration statement under the Securities Act covering the issuance of the
Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those shares is available throughout the 30-day redemption period. If and when the
warrants become redeemable by us, we may exercise our redemption right even if we are unable to register or qualify the underlying securities for sale under all applicable state securities laws. As a result, we may redeem the warrants as set forth
above even if the holders are otherwise unable to exercise the warrants. 
 We have established the last of the redemption criterion
discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrant
holder will be entitled to exercise his, her or its warrant prior to the scheduled redemption date. However, the price of the Class A ordinary shares may fall below the $18.00 redemption trigger price (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) as well as the $11.50 (for whole shares) warrant exercise price after the redemption notice is issued. 

Redemption of warrants for cash when the price per Class A ordinary share equals or exceeds $10.00. Once the
warrants become exercisable, we may redeem the outstanding warrants: 
  

	 	•	 	 in whole and not in part; 

 

	 	•	 	 at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption; provided that
during such 30 day period holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to the table below, based on the redemption date and the “fair market
value” of our Class A ordinary shares (as defined below) except as otherwise described below; provided, further, that if the warrants are not exercised on a cashless basis or otherwise during such 30 day period, we shall redeem such
warrants for $0.10 per share; 

  
 9 

	 	•	 	 if, and only if, the Reference Value (as defined above under “Redemptions of warrants for cash when the
price per Class A ordinary share equals or exceeds $18.00”) equals or exceeds $10.00 per share (as adjusted for share subdivisions, share dividends, reorganizations, recapitalizations and the like) on the trading day
before we send the notice of redemption to the warrant holders; and 

  

	 	•	 	 if the Reference Value is less than $18.00 per share (as adjusted for share subdivisions, share dividends,
reorganizations, recapitalizations and the like), the private placement warrants must also be concurrently called for redemption on the same terms as the outstanding public warrants, as described above. 

The numbers in the table below represent the number of Class A ordinary shares that a warrant holder will receive upon exercise in
connection with a redemption by us pursuant to this redemption feature, based on the “fair market value” of our Class A ordinary shares on the corresponding redemption date (assuming holders elect to exercise their warrants and such
warrants are not redeemed for $0.10 per warrant), determined based on volume-weighted average price of our Class A ordinary shares as reported during the 10 trading days immediately following the date on which the notice of redemption is sent
to the holders of warrants, and the number of months that the corresponding redemption date precedes the expiration date of the warrants, each as set forth in the table below. We will provide our warrant holders with the final fair market value
no later than one business day after the 10-trading day period described above ends. 
 Pursuant to
the warrant agreement, references above to Class A ordinary shares shall include a security other than Class A ordinary shares into which the Class A ordinary shares have been converted or exchanged for in the event we are not the
surviving company in our initial business combination. The numbers in the table below will not be adjusted when determining the number of Class A ordinary shares to be issued upon exercise of the warrants if we are not the surviving entity
following our initial business combination. 
 The share prices set forth in the column headings of the table below will be adjusted as of
any date on which the number of shares issuable upon exercise of a warrant or the exercise price of the warrant is adjusted as set forth under the heading “Anti-dilution Adjustments” below. If the number of shares issuable upon exercise of
a warrant is adjusted, the adjusted share prices in the column headings will equal the share prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the exercise price of the warrant after such adjustment and
the denominator of which is the price of the warrant immediately prior to such adjustment. In such an event, the number of shares in the table below shall be adjusted by multiplying such share amounts by a fraction, the numerator of which is the
number of shares deliverable upon exercise of a warrant immediately prior to such adjustment and the denominator of which is the number of shares deliverable upon exercise of a warrant as so adjusted. If the exercise price of the warrant is adjusted
as a result of raising capital in connection with the initial business combination, the adjusted share prices in the column headings will by multiplied by a fraction, the numerator of which is the higher of the Market Value and the Newly Issued
Price as set forth under the heading “Anti-dilution Adjustments” and the denominator of which is $10.00. 
  

																																					
	 Redemption Date (period to

expiration of warrants)
	  	Fair Market Value of Class A Ordinary Shares	 
	  	<$10.00	 	  	$11.00	 	  	$12.00	 	  	$13.00	 	  	$14.00	 	  	$15.00	 	  	$16.00	 	  	$17.00	 	  	>$18.00	 
	 60 months
	  	 	0.261	 	  	 	0.281	 	  	 	0.297	 	  	 	0.311	 	  	 	0.324	 	  	 	0.337	 	  	 	0.348	 	  	 	0.358	 	  	 	0.361	 
	 57 months
	  	 	0.257	 	  	 	0.277	 	  	 	0.294	 	  	 	0.310	 	  	 	0.324	 	  	 	0.337	 	  	 	0.348	 	  	 	0.358	 	  	 	0.361	 
	 54 months
	  	 	0.252	 	  	 	0.272	 	  	 	0.291	 	  	 	0.307	 	  	 	0.322	 	  	 	0.335	 	  	 	0.347	 	  	 	0.357	 	  	 	0.361	 
	 51 months
	  	 	0.246	 	  	 	0.268	 	  	 	0.287	 	  	 	0.304	 	  	 	0.320	 	  	 	0.333	 	  	 	0.346	 	  	 	0.357	 	  	 	0.361	 
	 48 months
	  	 	0.241	 	  	 	0.263	 	  	 	0.283	 	  	 	0.301	 	  	 	0.317	 	  	 	0.332	 	  	 	0.344	 	  	 	0.356	 	  	 	0.361	 
	 45 months
	  	 	0.235	 	  	 	0.258	 	  	 	0.279	 	  	 	0.298	 	  	 	0.315	 	  	 	0.330	 	  	 	0.343	 	  	 	0.356	 	  	 	0.361	 
	 42 months
	  	 	0.228	 	  	 	0.252	 	  	 	0.274	 	  	 	0.294	 	  	 	0.312	 	  	 	0.328	 	  	 	0.342	 	  	 	0.355	 	  	 	0.361	 
	 39 months
	  	 	0.221	 	  	 	0.246	 	  	 	0.269	 	  	 	0.290	 	  	 	0.309	 	  	 	0.325	 	  	 	0.340	 	  	 	0.354	 	  	 	0.361	 
	 36 months
	  	 	0.213	 	  	 	0.239	 	  	 	0.263	 	  	 	0.285	 	  	 	0.305	 	  	 	0.323	 	  	 	0.339	 	  	 	0.353	 	  	 	0.361	 

  
 10 

																																					
	 Redemption Date (period to

expiration of warrants)
	  	Fair Market Value of Class A Ordinary Shares	 
	  	<$10.00	 	  	$11.00	 	  	$12.00	 	  	$13.00	 	  	$14.00	 	  	$15.00	 	  	$16.00	 	  	$17.00	 	  	>$18.00	 
	 33 months
	  	 	0.205	 	  	 	0.232	 	  	 	0.257	 	  	 	0.280	 	  	 	0.301	 	  	 	0.320	 	  	 	0.337	 	  	 	0.352	 	  	 	0.361	 
	 30 months
	  	 	0.196	 	  	 	0.224	 	  	 	0.250	 	  	 	0.274	 	  	 	0.297	 	  	 	0.316	 	  	 	0.335	 	  	 	0.351	 	  	 	0.361	 
	 27 months
	  	 	0.185	 	  	 	0.214	 	  	 	0.242	 	  	 	0.268	 	  	 	0.291	 	  	 	0.313	 	  	 	0.332	 	  	 	0.350	 	  	 	0.361	 
	 24 months
	  	 	0.173	 	  	 	0.204	 	  	 	0.233	 	  	 	0.260	 	  	 	0.285	 	  	 	0.308	 	  	 	0.329	 	  	 	0.348	 	  	 	0.361	 
	 21 months
	  	 	0.161	 	  	 	0.193	 	  	 	0.223	 	  	 	0.252	 	  	 	0.279	 	  	 	0.304	 	  	 	0.326	 	  	 	0.347	 	  	 	0.361	 
	 18 months
	  	 	0.146	 	  	 	0.179	 	  	 	0.211	 	  	 	0.242	 	  	 	0.271	 	  	 	0.298	 	  	 	0.322	 	  	 	0.345	 	  	 	0.361	 
	 15 months
	  	 	0.130	 	  	 	0.164	 	  	 	0.197	 	  	 	0.230	 	  	 	0.262	 	  	 	0.291	 	  	 	0.317	 	  	 	0.342	 	  	 	0.361	 
	 12 months
	  	 	0.111	 	  	 	0.146	 	  	 	0.181	 	  	 	0.216	 	  	 	0.250	 	  	 	0.282	 	  	 	0.312	 	  	 	0.339	 	  	 	0.361	 
	 9 months
	  	 	0.090	 	  	 	0.125	 	  	 	0.162	 	  	 	0.199	 	  	 	0.237	 	  	 	0.272	 	  	 	0.305	 	  	 	0.336	 	  	 	0.361	 
	 6 months
	  	 	0.065	 	  	 	0.099	 	  	 	0.137	 	  	 	0.178	 	  	 	0.219	 	  	 	0.259	 	  	 	0.296	 	  	 	0.331	 	  	 	0.361	 
	 3 months
	  	 	0.034	 	  	 	0.065	 	  	 	0.104	 	  	 	0.150	 	  	 	0.197	 	  	 	0.243	 	  	 	0.286	 	  	 	0.326	 	  	 	0.361	 
	 0 months
	  	 	—  	 	  	 	—  	 	  	 	0.042	 	  	 	0.115	 	  	 	0.179	 	  	 	0.233	 	  	 	0.281	 	  	 	0.323	 	  	 	0.361	 

 The exact fair market value and redemption date may not be set forth in the table above, in which case, if the
fair market value is between two values in the table or the redemption date is between two redemption dates in the table, the number of Class A ordinary shares to be issued for each warrant exercised will be determined by a straight-line
interpolation between the number of shares set forth for the higher and lower fair market values and the earlier and later redemption dates, as applicable, based on a 365 or 366-day year, as applicable. For
example, if the volume-weighted average price of our Class A ordinary shares as reported during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of the warrants is $11.00 per share, and
at such time there are 57 months until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.277 Class A ordinary shares for each whole warrant. For an example
where the exact fair market value and redemption date are not as set forth in the table above, if the volume-weighted average price of our Class A ordinary shares as reported during the 10 trading days immediately following the date on which
the notice of redemption is sent to the holders of the warrants is $13.50 per share, and at such time there are 38 months until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their
warrants for 0.298 Class A ordinary shares for each whole warrant. In no event will the warrants be exercisable in connection with this redemption feature for more than 0.361 Class A ordinary shares per warrant (subject to adjustment).

 This redemption feature is structured to allow for all of the outstanding warrants to be redeemed when the Class A ordinary shares
are trading at or above $10.00 per share, which may be at a time when the trading price of our Class A ordinary shares is below the exercise price of the warrants. We have established this redemption feature to provide us with the flexibility
to redeem the warrants without the warrants having to reach the $18.00 per share threshold set forth above under “Redemptions of warrants for cash when the price per Class A ordinary share equals or exceeds
$18.00” Holders choosing to exercise their warrants in connection with a redemption pursuant to this feature will, in effect, receive a number of shares for their warrants based on an option pricing model with a fixed volatility input as of
the date of the prospectus relating to our Initial Public Offering. This redemption right provides us with an additional mechanism by which to redeem all of the outstanding warrants, and therefore have certainty as to our capital structure as the
warrants would no longer be outstanding and would have been exercised or redeemed. We will be required to pay the applicable redemption price to warrant holders if we choose to exercise this redemption right and it will allow us to quickly proceed
with a redemption of the warrants if we determine it is in our best interest to do so. As such, we would redeem the warrants in this manner when we believe it is in our best interest to update our capital structure to remove the warrants and pay the
redemption price to the warrant holders. 

  
 11 

 As stated above, we can redeem the warrants when the Class A ordinary shares are
trading at a price starting at $10.00, which is below the exercise price of $11.50, because it will provide certainty with respect to our capital structure and cash position while providing warrant holders with the opportunity to exercise their
warrants on a cashless basis for the applicable number of shares. If we choose to redeem the warrants when the Class A ordinary shares are trading at a price below the exercise price of the warrants, this could result in the warrant holders
receiving fewer Class A ordinary shares than they would have received if they had chosen to wait to exercise their warrants for Class A ordinary shares if and when such Class A ordinary shares were trading at a price higher than the
exercise price of $11.50. 
 No fractional Class A ordinary shares will be issued upon exercise. If, upon exercise, a holder would be
entitled to receive a fractional interest in a share, we will round down to the nearest whole number of the number of Class A ordinary shares to be issued to the holder. If, at the time of redemption, the warrants are exercisable for a security
other than the Class A ordinary shares pursuant to the warrant agreement (for instance, if we are not the surviving company in our initial business combination), the warrants may be exercised for such security. At such time as the warrants
become exercisable for a security other than the Class A ordinary shares, the Company (or surviving company) will use its commercially reasonable efforts to register under the Securities Act the security issuable upon the exercise of the
warrants. 
 A holder of a warrant may notify us in writing in the event it elects to be subject to a requirement that such holder will not
have the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the warrant agent’s actual knowledge, would beneficially own in excess of 4.9% or
9.8% (as specified by the holder) of the Class A ordinary shares issued and outstanding immediately after giving effect to such exercise. 

Anti-dilution Adjustments. If the number of outstanding Class A ordinary shares is increased by a capitalization or share dividend
payable in Class A ordinary shares, or by a sub-divisions of ordinary shares or other similar event, then, on the effective date of such capitalization or share dividend,
sub-divisions or similar event, the number of Class A ordinary shares issuable on exercise of each warrant will be increased in proportion to such increase in the outstanding ordinary shares. A rights
offering made to all or substantially all holders of ordinary shares entitling holders to purchase Class A ordinary shares at a price less than the “historical fair market value” (as defined below) will be deemed a share dividend of a
number of Class A ordinary shares equal to the product of (i) the number of Class A ordinary shares actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible
into or exercisable for Class A ordinary shares) and (ii) one minus the quotient of (x) the price per Class A ordinary share paid in such rights offering and (y) the historical fair market value. For these purposes,
(i) if the rights offering is for securities convertible into or exercisable for Class A ordinary shares, in determining the price payable for Class A ordinary shares, there will be taken into account any consideration received for
such rights, as well as any additional amount payable upon exercise or conversion and (ii) “historical fair market value” means the volume-weighted average price of Class A ordinary shares as reported during the 10 trading day
period ending on the trading day prior to the first date on which the Class A ordinary shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights. 

In addition, if we, at any time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or
other assets to all or substantially all the holders of Class A ordinary shares on account of such Class A ordinary shares (or other securities into which the warrants are convertible), other than (a) as described above, (b) any
cash dividends or cash distributions which, when combined on a per share basis with all other cash dividends and cash distributions paid on the Class A ordinary shares during the 365-day period ending on
the date of declaration of such dividend or distribution does not exceed $0.50 (as adjusted to appropriately reflect any other adjustments and excluding cash dividends or cash distributions that resulted in an adjustment to the exercise price or to
the number of Class A ordinary shares issuable on exercise of each warrant) but only with respect to the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50 per share, (b) to satisfy the redemption
rights of the holders of Class A ordinary shares in connection with a proposed initial business combination, (d) to satisfy the redemption rights of the holders of Class A ordinary shares in connection with a shareholder vote to amend
our amended and restated memorandum and articles of association 

  
 12 

 
(A) to modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our initial business
combination or to redeem 100% of our public shares if we do not complete our initial business combination within 24 months from the closing of the Initial Public Offering or (B) with respect to any other provision relating to the rights of
holders of our Class A ordinary shares or pre-initial business combination activity, or (e) in connection with the redemption of our public shares upon our failure to complete our initial business
combination, then the warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each Class A ordinary
share in respect of such event. 
 If the number of outstanding Class A ordinary shares is decreased by a consolidation, combination,
reverse share sub-division or reclassification of Class A ordinary shares or other similar event, then, on the effective date of such consolidation, combination, reverse share sub-division, reclassification or similar event, the number of Class A ordinary shares issuable on exercise of each warrant will be decreased in proportion to such decrease in outstanding Class A ordinary
shares. 
 Whenever the number of Class A ordinary shares purchasable upon the exercise of the warrants is adjusted, as described
above, the warrant exercise price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of which will be the number of Class A ordinary shares purchasable upon the
exercise of the warrants immediately prior to such adjustment and (y) the denominator of which will be the number of Class A ordinary shares so purchasable immediately thereafter. 

In case of any reclassification or reorganization of the outstanding Class A ordinary shares (other than those described above or that
solely affects the par value of such Class A ordinary shares), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation or merger in which we are the continuing corporation and that does
not result in any reclassification or reorganization of our issued and outstanding Class A ordinary shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of us as an entirety or
substantially as an entirety in connection with which we are dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu of the
Class A ordinary shares immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of Class A ordinary shares or other securities or property (including cash) receivable upon
such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants would have received if such holder had exercised their warrants immediately prior to such
event. If less than 70% of the consideration receivable by the holders of Class A ordinary shares in such a transaction is payable in the form of Class A ordinary shares in the successor entity that is listed for trading on a national
securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the
registered holder of the warrant properly exercises the warrant within thirty days following public disclosure of such transaction, the warrant exercise price will be reduced as specified in the warrant agreement based on the Black-Scholes value (as
defined in the warrant agreement) of the warrant. The purpose of such exercise price reduction is to provide additional value to holders of the warrants when an extraordinary transaction occurs during the exercise period of the warrants pursuant to
which the holders of the warrants otherwise do not receive the full potential value of the warrants. 
 The warrants have been issued in
registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure
any ambiguity or correct any defective provision or correct any mistake, including to conform the provisions of the warrant agreement to the description of the terms of the warrants and the warrant agreement set forth in the prospectus relating to
the Initial Public Offering, but requires the approval by the holders of at least 65% of the then outstanding public warrants to make any change that adversely affects the interests of the registered holders. You should review a copy of the warrant
agreement filed as an exhibit to our registration statement, for a complete description of the terms and conditions applicable to the warrants. 

  
 13 

 The warrant holders do not have the rights or privileges of holders of ordinary shares and
any voting rights until they exercise their warrants and receive Class A ordinary shares. After the issuance of Class A ordinary shares upon exercise of the warrants, each holder will be entitled to one vote for each share held of record
on all matters to be voted on by shareholders. 
 No fractional shares will be issued upon exercise of the warrants. If, upon exercise of
the warrants, a holder would be entitled to receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number the number of Class A ordinary shares to be issued to the warrant holder. 

We have agreed that, subject to applicable law, any action, proceeding or claim against us arising out of or relating in any way to the
warrant agreement will be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and we irrevocably submit to such jurisdiction, which jurisdiction will be the exclusive
forum for any such action, proceeding or claim. This provision applies to claims under the Securities Act but does not apply to claims under the Exchange Act or any claim for which the federal district courts of the United States of America are the
sole and exclusive forum. 
 Private placement warrants 

Except as described below, the private placement warrants have terms and provisions that are identical to those of the warrants sold as part of
the units in the Initial Public Offering. The private placement warrants (including the Class A ordinary shares issuable upon exercise of the private placement warrants) will not be transferable, assignable or salable until 30 days
after the completion of our initial business combination (except pursuant to limited exceptions as described in the prospectus related to the Initial Public Offering under “Transfers of Founder Shares and private placement warrants,” to
our officers and directors and other persons or entities affiliated with the initial purchasers of the private placement warrants) and they will not be redeemable by us (except as described above under “Redemption of warrants for cash when
the price per Class A ordinary share equals or exceeds $10.00”) so long as they are held by our sponsor or its permitted transferees. Our sponsor, or its permitted transferees, has the option to exercise the private
placement warrants on a cashless basis. If the private placement warrants are held by holders other than our sponsor or its permitted transferees, the private placement warrants will be redeemable by us in all redemption scenarios and exercisable by
the holders on the same basis as the warrants included in the units sold in the Initial Public Offering. Any amendment to the terms of the private placement warrants or any provision of the warrant agreement with respect to the private
placement warrants will require a vote of holders of at least 50% of the number of the then outstanding private placement warrants. 
 If
holders of the private placement warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering his, her or its warrants for that number of Class A ordinary shares equal to the quotient obtained by
dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the “historical fair market value” (defined below) over the exercise price of the warrants by (y) the
historical fair market value. The “historical fair market value” will mean the average reported closing price of the Class A ordinary shares for the 10 trading days ending on the third trading day prior to the date on which the notice
of warrant exercise is sent to the holders of warrants. The reason that we have agreed that these warrants will be exercisable on a cashless basis so long as they are held by our sponsor and permitted transferees is because it is not known at this
time whether they will be affiliated with us following a business combination. If they remain affiliated with us, their ability to sell our securities in the open market will be significantly limited. We expect to have policies in place that
restrict insiders from selling our securities except during specific periods of time. Even during such periods of time when insiders will be permitted to sell our securities, an insider cannot trade in our securities if he or she is in possession of
material non-public information. Accordingly, unlike public shareholders who could exercise their warrants and sell the Class A ordinary shares received upon such exercise freely in the open market in
order to recoup the cost of such exercise, the insiders could be significantly restricted from selling such securities. As a result, we believe that allowing the holders to exercise such warrants on a cashless basis is appropriate. 

Dividends 
 We have not paid any cash
dividends on our ordinary shares to date and do not intend to pay cash dividends prior to the completion of a business combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital
requirements and general financial condition subsequent to 

  
 14 

 
completion of a business combination. The payment of any cash dividends subsequent to a business combination will be within the discretion of our board of directors at such time, and we will only
pay such dividend out of our profits or share premium (subject to solvency requirements) as permitted under Cayman Islands law. Further, if we incur any indebtedness in connection with a business combination, our ability to declare dividends may be
limited by restrictive covenants we may agree to in connection therewith. 
 Our Transfer Agent and Warrant Agent 

The transfer agent for our ordinary shares and warrant agent for our warrants is Continental Stock Transfer & Trust Company. We have
agreed to indemnify Continental Stock Transfer & Trust Company in its roles as transfer agent and warrant agent, its agents and each of its shareholders, directors, officers and employees against all claims and losses that may arise out of
acts performed or omitted for its activities in that capacity, except for any claims and losses due to any gross negligence or intentional misconduct of the indemnified person or entity. 

Certain Differences in Corporate Law 

Cayman Islands companies are governed by the Companies Law. The Companies Law is modeled on English Law but does not follow recent English Law
statutory enactments, and differs from laws applicable to United States corporations and their shareholders. Set forth below is a summary of the material differences between the provisions of the Companies Law applicable to us and the laws
applicable to companies incorporated in the United States and their shareholders. 
 Mergers and Similar Arrangements. In certain
circumstances, the Companies Law allows for mergers or consolidations between two Cayman Islands companies, or between a Cayman Islands exempted company and a company incorporated in another jurisdiction (provided that is facilitated by the laws of
that other jurisdiction) so as to form a single surviving company. 
 Where the merger or consolidation is between two Cayman Islands
companies, the directors of each company must approve and enter into a written plan of merger or consolidation containing certain prescribed information. That plan or merger or consolidation must then be authorized by either (a) a special
resolution (usually a majority of two-thirds in value of the voting shares voted at a general meeting) of the shareholders of each company; or (b) such other authorization, if any, as may be specified in
such constituent company’s articles of association. No shareholder resolution is required for a merger between a parent company (i.e., a company that owns at least 90% of the issued shares of each class in a subsidiary company) and its
subsidiary company. The consent of each holder of a fixed or floating security interest of a constituent company must be obtained, unless the court waives such requirement. If the Cayman Islands Registrar of Companies is satisfied that the
requirements of the Companies Law (which includes certain other formalities) have been complied with, the Registrar of Companies will register the plan of merger or consolidation. 

Where the merger or consolidation involves a foreign company, the procedure is similar, save that with respect to the foreign company, the
directors of the Cayman Islands exempted company are required to make a declaration to the effect that, having made due enquiry, they are of the opinion that the requirements set out below have been met: (i) that the merger or consolidation is
permitted or not prohibited by the constitutional documents of the foreign company and by the laws of the jurisdiction in which the foreign company is incorporated, and that those laws and any requirements of those constitutional documents have been
or will be complied with; (ii) that no petition or other similar proceeding has been filed and remains outstanding or order made or resolution adopted to wind up or liquidate the foreign company in any jurisdictions; (iii) that no
receiver, trustee, administrator or other similar person has been appointed in any jurisdiction and is acting in respect of the foreign company, its affairs or its property or any part thereof; and (iv) that no scheme, order, compromise or
other similar arrangement has been entered into or made in any jurisdiction whereby the rights of creditors of the foreign company are and continue to be suspended or restricted. 

Where the surviving company is the Cayman Islands exempted company, the directors of the Cayman Islands exempted company are further required
to make a declaration to the effect that, having made due enquiry, they are of the opinion that the requirements set out below have been met: (i) that the foreign company is able to pay its 

  
 15 

 
debts as they fall due and that the merger or consolidated is bona fide and not intended to defraud unsecured creditors of the foreign company; (ii) that in respect of the transfer of any
security interest granted by the foreign company to the surviving or consolidated company (a) consent or approval to the transfer has been obtained, released or waived; (b) the transfer is permitted by and has been approved in accordance
with the constitutional documents of the foreign company; and (c) the laws of the jurisdiction of the foreign company with respect to the transfer have been or will be complied with; (iii) that the foreign company will, upon the merger or
consolidation becoming effective, cease to be incorporated, registered or exist under the laws of the relevant foreign jurisdiction; and (iv) that there is no other reason why it would be against the public interest to permit the merger or
consolidation. 
 Where the above procedures are adopted, the Companies Law provides certain limited appraisal rights for dissenting
shareholders to be paid a payment of the fair value of his shares upon their dissenting to the merger or consolidation if they follow a prescribed procedure. In essence, that procedure is as follows: (a) the shareholder must give his written
objection to the merger or consolidation to the constituent company before the vote on the merger or consolidation, including a statement that the shareholder proposes to demand payment for his shares if the merger or consolidation is authorized by
the vote; (b) within 20 days following the date on which the merger or consolidation is approved by the shareholders, the constituent company must give written notice to each shareholder who made a written objection; (c) a shareholder
must within 20 days following receipt of such notice from the constituent company, give the constituent company a written notice of his intention to dissent including, among other details, a demand for payment of the fair value of his shares;
(d) within seven days following the date of the expiration of the period set out in paragraph (b) above or seven days following the date on which the plan of merger or consolidation is filed, whichever is later, the constituent company,
the surviving company or the consolidated company must make a written offer to each dissenting shareholder to purchase his shares at a price that the company determines is the fair value and if the company and the shareholder agree the price within
30 days following the date on which the offer was made, the company must pay the shareholder such amount; and (e) if the company and the shareholder fail to agree a price within such 30 day period, within 20 days following the date on
which such 30 day period expires, the company (and any dissenting shareholder) must file a petition with the Cayman Islands Grand Court to determine the fair value and such petition must be accompanied by a list of the names and addresses of the
dissenting shareholders with whom agreements as to the fair value of their shares have not been reached by the company. At the hearing of that petition, the court has the power to determine the fair value of the shares together with a fair rate of
interest, if any, to be paid by the company upon the amount determined to be the fair value. Any dissenting shareholder whose name appears on the list filed by the company may participate fully in all proceedings until the determination of fair
value is reached. These rights of a dissenting shareholder are not available in certain circumstances, for example, to dissenters holding shares of any class in respect of which an open market exists on a recognized stock exchange or recognized
interdealer quotation system at the relevant date or where the consideration for such shares to be contributed are shares of any company listed on a national securities exchange or shares of the surviving or consolidated company. 

Moreover, Cayman Islands law has separate statutory provisions that facilitate the reconstruction or amalgamation of companies in certain
circumstances, schemes of arrangement will generally be more suited for complex mergers or other transactions involving widely held companies, commonly referred to in the Cayman Islands as a “scheme of arrangement” which may be tantamount
to a merger. 
 In the event that a merger was sought pursuant to a scheme of arrangement (the procedures for which are more rigorous and
take longer to complete than the procedures typically required to consummate a merger in the United States), the arrangement in question must be approved by a majority in number of each class of shareholders and creditors with whom the arrangement
is to be made and who must in addition represent three-fourth in value of each such class of shareholders or creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meeting summoned for that purpose.
The convening of the meetings and subsequently the terms of the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder would have the right to express to the court the view that the transaction should
not be approved, the court can be expected to approve the arrangement if it satisfies itself that: 

  
 16 

	 	•	 	 we are not proposing to act illegally or beyond the scope of our corporate authority and the statutory provisions
as to majority vote have been complied with; 

  

	 	•	 	 the shareholders have been fairly represented at the meeting in question; the arrangement is such as a
businessman would reasonably approve; and 

  

	 	•	 	 the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Law
or that would amount to a “fraud on the minority.” 

 If a scheme of arrangement or takeover offer (as described
below) is approved, any dissenting shareholder would have no rights comparable to appraisal rights (providing rights to receive payment in cash for the judicially determined value of the shares), which would otherwise ordinarily be available to
dissenting shareholders of United States corporations. 
 Squeeze-out Provisions. When a
tender offer is made and accepted by holders of 90% of the shares to whom the offer relates within four months, the offeror may, within a two-month period, require the holders of the remaining shares to
transfer such shares on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands, but this is unlikely to succeed unless there is evidence of fraud, bad faith, collusion or inequitable treatment of the shareholders.

 Further, transactions similar to a merger, reconstruction and/or an amalgamation may in some circumstances be achieved through means
other than these statutory provisions, such as a share capital exchange, asset acquisition or control, or through contractual arrangements of an operating business. 

Shareholders’ Suits. Campbells, our Cayman Islands legal counsel, is not aware of any reported class action having been brought in
a Cayman Islands court. Derivative actions have been brought in the Cayman Islands courts, and the Cayman Islands courts have confirmed the availability for such actions. In most cases, we will be the proper plaintiff in any claim based on a breach
of duty owed to us, and a claim against (for example) our officers or directors usually may not be brought by a shareholder. However, based both on Cayman Islands authorities and on English authorities, which would in all likelihood be of persuasive
authority and be applied by a court in the Cayman Islands, exceptions to the foregoing principle apply in circumstances in which: 
  

	 	•	 	 a company is acting, or proposing to act, illegally or ultra vires (beyond the scope of its authority);

  

	 	•	 	 the act complained of, although not beyond the scope of the authority, could be effected if duly authorized by
more than the number of votes which have actually been obtained; or 

  

	 	•	 	 those who control the company are perpetrating a “fraud on the minority.” 

A shareholder may have a direct right of action against us where the individual rights of that shareholder have been infringed or are about to
be infringed. 
 Enforcement of Civil Liabilities. The Cayman Islands has a different body of securities laws as compared to the
United States and provides less protection to investors. Additionally, Cayman Islands companies may not have standing to sue before the Federal courts of the United States. 

We have been advised by Campbells, our Cayman Islands legal counsel, that the courts of the Cayman Islands are unlikely (i) to recognize
or enforce against us judgments of courts of the United States predicated upon the civil liability provisions of the federal securities laws of the United States or any state; and (ii) in original actions brought in the Cayman Islands, to
impose liabilities against us predicated upon the civil liability provisions of the federal securities laws of the United States or any state, so far as the liabilities imposed by those provisions are penal in nature. In those circumstances,
although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands will recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without
retrial on the merits based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation to pay the sum for which judgment has been given provided certain conditions are met. For a foreign judgment to
be enforced in the 

  
 17 

 
Cayman Islands, such judgment must be final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in
respect of the same matter, impeachable on the grounds of fraud or obtained in a manner, and or be of a kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands (awards of punitive or multiple damages
may well be held to be contrary to public policy). A Cayman Islands Court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere. 

Special Considerations for Exempted Companies. We are an exempted company with limited liability (meaning our public shareholders have
no liability, as members of the company, for liabilities of the company over and above the amount paid for their shares) under the Companies Law. The Companies Law distinguishes between ordinary resident companies and exempted companies. Any company
that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company
except for the exemptions and privileges listed below: 
  

	 	•	 	 annual reporting requirements are minimal and consist mainly of a statement that the company has conducted its
operations mainly outside of the Cayman Islands and has complied with the provisions of the Companies Law; 

  

	 	•	 	 an exempted company’s register of members is not open to inspection; 

 

	 	•	 	 an exempted company does not have to hold an annual general meeting; 

 

	 	•	 	 an exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings
are usually given for 20 years in the first instance); 

  

	 	•	 	 an exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman
Islands; 

  

	 	•	 	 an exempted company may register as a limited duration company; and an exempted company may register as a
segregated portfolio company. 

 Amended and Restated Memorandum and Articles of Association 

Our amended and restated memorandum and articles of association contains provisions designed to provide certain rights and protections relating
to the Initial Public Offering that will apply to us until the completion of our initial business combination. These provisions cannot be amended without a special resolution. As a matter of Cayman Islands law, a resolution is deemed to be a special
resolution where it has been approved by either (i) the affirmative vote of at least two-thirds (or any higher threshold specified in a company’s articles of association) of a company’s
shareholders entitled to vote and so voting at a general meeting for which notice specifying the intention to propose the resolution as a special resolution has been given; or (ii) if so authorized by a company’s articles of association,
by a unanimous written resolution of all of the company’s shareholders. Our amended and restated memorandum and articles of association provides that special resolutions must be approved either by at least
two-thirds of our shareholders who attend and vote at a general meeting of the company (i.e., the lowest threshold permissible under Cayman Islands law), or by a unanimous written resolution of all of our
shareholders. 
 Further, our amended and restated memorandum and articles of association provides that a quorum at our general meetings
will consist of one-third of the ordinary shares entitled to vote at such meeting and present in person or by proxy; provided that a quorum in connection with any meeting that is convened to vote on a business
combination or any amendment to our amended and restated memorandum and articles of association (A) that would modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their
shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 24 months from the closing of the Initial Public Offering or (B) with
respect to any other provision relating to the rights of holders of our Class A ordinary shares or pre-initial business combination activity shall be a majority of the ordinary shares entitled to vote at
such meeting being individuals present in person or by proxy or if a corporation or other non-natural person by its duly authorized representative or proxy. 

  
 18 

 Our initial shareholders and their permitted transferees, if any, who collectively
beneficially own approximately 20% of our ordinary shares upon the closing of the Initial Public Offering, will participate in any vote to amend our amended and restated memorandum and articles of association and will have the discretion to vote in
any manner they choose. Specifically, our amended and restated memorandum and articles of association provides, among other things, that: 
  

	 	•	 	 if we do not consummate an initial business combination within 24 months from the closing of the Initial
Public Offering, we will (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem the public shares, at a
per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us to pay
our income taxes, if any (less up to $100,000 of interest to pay dissolution expenses), divided by the number of the then-outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders
(including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and
dissolve, subject in the case of clauses (ii) and (iii) to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law; 

 

	 	•	 	 prior to the completion of our initial business combination, we may not issue additional securities that would
entitle the holders thereof to (i) receive funds from the trust account or (ii) vote as a class with our public shares (a) on our initial business combination or on any other proposal presented to shareholders prior to or in
connection with the completion of an initial business combination or (b) to approve an amendment to our amended and restated memorandum and articles of association to (x) extend the time we have to consummate a business combination beyond
24 months from the Initial Public Offering or (y) amend the foregoing provisions; 

  

	 	•	 	 although we do not intend to enter into a business combination with a partner business that is affiliated with
our sponsor, our directors or our executive officers, we are not prohibited from doing so. In the event we enter into such a transaction, we, or a committee of independent directors, will obtain an opinion from an independent investment banking firm
which is a member of FINRA or an independent valuation or accounting firm that such a business combination or transaction is fair to our company from a financial point of view; 

 

	 	•	 	 if a shareholder vote on our initial business combination is not required by applicable law or stock exchange
rule and we do not decide to hold a shareholder vote for business or other reasons, we will offer to redeem our public shares pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, and will
file tender offer documents with the SEC prior to completing our initial business combination which contain substantially the same financial and other information about our initial business combination and the redemption rights as is required under
Regulation 14A of the Exchange Act; 

  

	 	•	 	 our initial business combination must occur with one or more partner businesses that together have an aggregate
fair market value of at least 80% of the net assets held in the trust account (excluding the amount of deferred underwriting discounts held in trust and taxes payable on the interest earned on the trust account) at the time of signing the agreement
to enter into the initial business combination; 

  

	 	•	 	 if our shareholders approve an amendment to our amended and restated memorandum and articles of association
(A) that would modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our initial business combination or to redeem 100% of our public
shares if we do not complete our initial business combination within 24 months from the Initial Public Offering or (B) with respect to any other provision 

  
 19 

	 	 
relating to the rights of holders of our Class A ordinary shares or pre-initial business combination activity, we will provide our public shareholders
with the opportunity to redeem all or a portion of their ordinary shares upon such approval at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including
interest earned on the funds held in the trust account and not previously released to us to pay our income taxes, if any, divided by the number of the then-outstanding public shares, subject to the limitations described herein; and

  

	 	•	 	 we will not effectuate our initial business combination solely with another blank check company or a similar
company with nominal operations. 

 In addition, our amended and restated memorandum and articles of association provides
that under no circumstances will we redeem our public shares in an amount that would cause our net tangible assets to be less than $5,000,001. 

The Companies Law permits a company incorporated in the Cayman Islands to amend its memorandum and articles of association with the approval
of a special resolution. A company’s articles of association may specify that the approval of a higher majority is required but, provided the approval of the required majority is obtained, any Cayman Islands exempted company may amend its
memorandum and articles of association regardless of whether its memorandum and articles of association provides otherwise. Accordingly, although we could amend any of the provisions relating to our proposed offering, structure and business plan
which are contained in our amended and restated memorandum and articles of association, we view all of these provisions as binding obligations to our shareholders and neither we, nor our officers or directors, will take any action to amend or waive
any of these provisions unless we provide dissenting public shareholders with the opportunity to redeem their public shares. 
 Anti-Money
Laundering — Cayman Islands 
 In order to comply with legislation or regulations aimed at the prevention of money
laundering, we are required to adopt and maintain anti-money laundering procedures, and may require subscribers to provide evidence to verify their identity and source of funds. Where permitted, and subject to certain conditions, we may also
delegate the maintenance of our anti-money laundering procedures (including the acquisition of due diligence information) to a suitable person. 

We reserve the right to request such information as is necessary to verify the identity of a subscriber. In some cases the directors may be
satisfied that no further information is required since an exemption applies under the Anti-Money Laundering Regulations (2020 Revision) of the Cayman Islands, as amended and revised from time to time (the “Regulations”). Depending on the
circumstances of each application, a detailed verification of identity might not be required where: 
  

	 	(a)	 the subscriber makes the payment for their investment from an account held in the subscriber’s name at a
recognized financial institution; 

	 	(b)	 the subscriber is regulated by a recognized regulatory authority and is based or incorporated in, or formed
under the law of, a recognized jurisdiction; or 

	 	(c)	 the application is made through an intermediary which is regulated by a recognized regulatory authority and is
based in or incorporated in, or formed under the law of a recognized jurisdiction and an assurance is provided in relation to the procedures undertaken on the underlying investors. 

For the purposes of these exceptions, recognition of a financial institution, regulatory authority or jurisdiction will be determined in
accordance with the Regulations by reference to those jurisdictions recognized by the Cayman Islands Monetary Authority as having equivalent anti-money laundering regulations. 

  
 20 

 In the event of delay or failure on the part of the subscriber in producing any information
required for verification purposes, we may refuse to accept the application, in which case any funds received will be returned without interest to the account from which they were originally debited. 

We also reserve the right to refuse to make any distribution payment to a shareholder if our directors or officers suspect or are advised that
the payment of such distribution to such shareholder might result in a breach of applicable anti-money laundering or other laws or regulations by any person in any relevant jurisdiction, or if such refusal is considered necessary or appropriate to
ensure our compliance with any such laws or regulations in any applicable jurisdiction. 
 If any person resident in the Cayman Islands
knows or suspects, or has reasonable grounds for knowing or suspecting, that another person is engaged in criminal conduct or is involved with terrorism or terrorist property and the information for that knowledge or suspicion came to their
attention in the course of business in the regulated sector or other trade, profession, business or employment, the person will be required to report such knowledge or suspicion to (i) the Financial Reporting Authority of the Cayman Islands,
pursuant to the Proceeds of Crime Law (2020 Revision) of the Cayman Islands if the disclosure relates to criminal conduct or money laundering or (ii) a police officer of the rank of constable or higher, or the Financial Reporting Authority,
pursuant to the Terrorism Law (2018 Revision) of the Cayman Islands, if the disclosure relates to involvement with terrorism or terrorist financing and property. Such a report will not be treated as a breach of confidence or of any restriction upon
the disclosure of information imposed by any enactment or otherwise. 
 Data Protection in the Cayman Islands — Privacy Notice 

We have certain duties under the Data Protection Act, 2017 of the Cayman Islands (the “DPA”) based on internationally accepted
principles of data privacy. 
 Introduction 

This privacy notice puts our shareholders on notice that through your investment in the company you will provide us with certain personal
information which constitutes personal data within the meaning of the DPA (“personal data”). 
 In the following discussion, the
“company” refers to us and our affiliates and/or delegates, except where the context requires otherwise. 
 Investor Data 

We will collect, use, disclose, retain and secure personal data to the extent reasonably required only and within the parameters that could be
reasonably expected during the normal course of business. We will only process, disclose, transfer or retain personal data to the extent legitimately required to conduct our activities of on an ongoing basis or to comply with legal and regulatory
obligations to which we are subject. We will only transfer personal data in accordance with the requirements of the DPA, and will apply appropriate technical and organizational information security measures designed to protect against unauthorized
or unlawful processing of the personal data and against the accidental loss, destruction or damage to the personal data. 
 In our use of
this personal data, we will be characterized as a “data controller” for the purposes of the DPA, while our affiliates and service providers who may receive this personal data from us in the conduct of our activities may either act as our
“data processors” for the purposes of the DPA or may process personal information for their own lawful purposes in connection with services provided to us. 

We may also obtain personal data from other public sources. Personal data includes, without limitation, the following information relating to
a shareholder and/or any individuals connected with a shareholder as an investor: name, residential address, email address, contact details, corporate contact information, signature, nationality, place of birth, date of birth, tax identification,
credit history, correspondence records, passport number, bank account details, source of funds details and details relating to the shareholder’s investment activity. 

  
 21 

 Who this Affects 

If you are a natural person, this will affect you directly. If you are a corporate investor (including, for these purposes, legal arrangements
such as trusts or exempted limited partnerships) that provides us with personal data on individuals connected to you for any reason in relation your investment in the Company, this will be relevant for those individuals and you should transmit the
content of this Privacy Notice to such individuals or otherwise advise them of its content. 
 How the Company May Use Your Personal Data 

The company, as the data controller, may collect, store and use personal data for lawful purposes, including, in particular: 

 

	 	(i)	 where this is necessary for the performance of our rights and obligations under any purchase agreements;

  

	 	(ii)	 where this is necessary for compliance with a legal and regulatory obligation to which we are subject (such as
compliance with anti-money laundering and FATCA/CRS requirements); and/or 

  

	 	(iii)	 where this is necessary for the purposes of our legitimate interests and such interests are not overridden by
your interests, fundamental rights or freedoms. 

 Should we wish to use personal data for other specific purposes
(including, if applicable, any purpose that requires your consent), we will contact you. 
 Why We May Transfer Your Personal Data 

In certain circumstances, we may be legally obliged to share personal data and other information with respect to your shareholding with the
relevant regulatory authorities such as the Cayman Islands Monetary Authority or the Tax Information Authority. They, in turn, may exchange this information with foreign authorities, including tax authorities. 

We anticipate disclosing personal data to persons who provide services to us and their respective affiliates (which may include certain
entities located outside the US, the Cayman Islands or the European Economic Area), who will process your personal data on our behalf. 
 The Data
Protection Measures We Take 
 Any transfer of personal data by us or our duly authorized affiliates and/or delegates outside of the
Cayman Islands shall be in accordance with the requirements of the DPA. 
 We and our duly authorized affiliates and/or delegates shall
apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of personal data, and against accidental loss or destruction of, or damage to, personal data. 

We shall notify you of any personal data breach that is reasonably likely to result in a risk to your interests, fundamental rights or
freedoms or those data subjects to whom the relevant personal data relates. 
 If you consider that your personal data has not been handled
correctly, or you are not satisfied with the company’s responses to any requests you have made regarding the use of your personal data, you have the right to complain to the Cayman Islands’ Ombudsman. The Ombudsman can be contacted by
calling +1 (345) 946-6283 or by email at info@ombudsman.ky. 

  
 22 

 Certain Anti-Takeover Provisions of our Amended and Restated Memorandum and Articles of Association

 Our amended and restated memorandum and articles of association provides that our board of directors is classified into three classes
of directors. As a result, in most circumstances, a person can gain control of our board only by successfully engaging in a proxy contest at two or more annual general stock meetings. 

Our authorized but unissued Class A ordinary shares and preference shares are available for future issuances without shareholder approval
and could be utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved Class A ordinary shares and
preference shares could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise. 

Securities Eligible for Future Sale 
 As
of December 31, 2020, we had 13,800,000 Class A ordinary shares issued and outstanding on an as-converted basis. These shares are freely tradable without restriction or further registration under the
Securities Act, except for any Class A ordinary shares purchased by one of our affiliates within the meaning of Rule 144 under the Securities Act. All of the outstanding founder shares (3,450,000 founder shares) and all of the outstanding
private placement shares (501,000 private placement shares) are restricted securities under Rule 144, in that they were issued in private transactions not involving a public offering. 

Rule 144 
 Pursuant to
Rule 144, a person who has beneficially owned restricted shares or warrants for at least six months would be entitled to sell their securities provided that (i) such person is not deemed to have been one of our affiliates at the time
of, or at any time during the three months preceding, a sale and (ii) we are subject to the Exchange Act periodic reporting requirements for at least three months before the sale and have filed all required reports under
Section 13 or 15(d) of the Exchange Act during the 12 months (or such shorter period as we were required to file reports) preceding the sale. 

Persons who have beneficially owned restricted shares or warrants for at least six months but who are our affiliates at the time of, or
at any time during the three months preceding, a sale, would be subject to additional restrictions, by which such person would be entitled to sell within any three-month period only a number of securities that does not exceed the greater of:

  

	 	•	 	 1% of the total number of ordinary shares then outstanding, which equals 177,510 shares immediately after the
Initial Public Offering; and 

  

	 	•	 	 the average weekly reported trading volume of the Class A ordinary shares during the four calendar weeks
preceding the filing of a notice on Form 144 with respect to the sale. 

 Sales by our affiliates under Rule 144 are
also limited by manner of sale provisions and notice requirements and to the availability of current public information about us. 
 Restrictions on
the Use of Rule 144 by Shell Companies or Former Shell Companies 
 Rule 144 is not available for the resale of securities
initially issued by shell companies (other than business combination related shell companies) or issuers that have been at any time previously a shell company. However, Rule 144 also includes an important exception to this prohibition if the
following conditions are met: 

  
 23 

	 	•	 	 the issuer of the securities that was formerly a shell company has ceased to be a shell company;

  

	 	•	 	 the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange
Act; 

  

	 	•	 	 the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable,
during the preceding 12 months (or such shorter period that the issuer was required to file such reports and materials), other than Form 8-K reports; and 

 

	 	•	 	 at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC
reflecting its status as an entity that is not a shell company. 

 As a result, our initial shareholders will be able to
sell their founder shares and our sponsor will be able to sell its private placement warrants, and the securities underlying the foregoing, pursuant to Rule 144 without registration one year after we have completed our initial business
combination. 
 Registration and Shareholder Rights 

The holders of the founder shares, private placement units, private placement shares, private placement warrants, Class A ordinary
shares underlying the private placement warrants and warrants that may be issued upon conversion of working capital loans (and any Class A ordinary shares issuable upon the exercise of the private placement warrants and warrants that may be
issued upon conversion of working capital loans) will be entitled to registration rights pursuant to a registration and shareholder rights agreement to be signed at the closing of the Initial Public Offering. The holders of these securities are
entitled to make up to three demands, excluding short form demands, that we register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to our
completion of our initial business combination. However, the registration and shareholder rights agreement provides that we will not permit any registration statement filed under the Securities Act to become effective until termination of the
applicable lock-up period, which occurs (i) in the case of the founder shares, as described in the following paragraph, and (ii) in the case of the private placement warrants and the respective
Class A ordinary shares underlying such warrants, 30 days after the completion of our initial business combination. We will bear the expenses incurred in connection with the filing of any such registration statements. 

Except as described herein, our sponsor and our founding team have agreed not to transfer, assign or sell (i) any of their founder shares
until the earliest of (A) one year after the completion of our initial business combination and (B) subsequent to our initial business combination, (x) if the closing price of our Class A ordinary shares equals or exceeds $12.00
per share (as adjusted for share divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days
after our initial business combination, or (y) the date on which we complete a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of our public shareholders having the right to exchange their
ordinary shares for cash, securities or other property, and (ii) any of their private placement units, private placement shares, private placement warrants and Class A ordinary shares issued upon conversion or exercise thereof until
30 days after the completion of our initial business combination. Any permitted transferees will be subject to the same restrictions and other agreements of our sponsor and founding team with respect to any founder shares, private
placement units, private placement shares, private placement warrants and Class A ordinary shares issued upon conversion or exercise thereof. We refer to such transfer restrictions throughout this Annual Report on Form 10-K as the lock-up. 
 In addition, pursuant to the registration
and shareholder rights agreement, our sponsor, upon and following consummation of an initial business combination, will be entitled to nominate three individuals for appointment to our board of directors, as long as the sponsor holds any securities
covered by the registration and shareholder rights agreement. 

  
 24 

 Listing of Securities 

Our units, Class A ordinary shares and warrants are listed on Nasdaq under the symbols “FLACU,” “FLAC” and
“FLACW,” respectively. The units will automatically separate into their component parts and will not be traded following the completion of our initial business combination. 

  
 25

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