Document:

a101wla-811068xv3xcrossr

                           CROSSROADS, SAN MATEO, CALIFORNIA                                       OFFICE LEASE          This Office Lease (the "Lease"), dated as of the date set forth in Section 1 of the Summary of Basic Lease  Information (the "Summary"), below, is made by and between BCSP CROSSROADS PROPERTY LLC, a Delaware  limited liability company ("Landlord"), and HEALTHEQUITY, INC., a Delaware corporation ("Tenant").                          SUMMARY OF BASIC LEASE INFORMATION    TERMS OF LEASE                             DESCRIPTION    1.     Date:                               January 17, 2020    2.     Premises                                      (Article 1).           2.1   Building:                     1825 South Grant Street                                              San Mateo, California 94402           2.2   Premises:                     Approximately 7,614 rentable  square  feet  of  space                                              located  on  the seventh  (7th)  floor  of  the  Building  and                                              commonly known as Suite 725, as further set forth in                                              Exhibit A to the Office Lease.           2.3   Project:                      The  Building  and  the  adjacent  buildings  located  at                                               1875  and  1855  South  Grant  Street,  San  Mateo,                                              California    3.     Lease Term                                    (Article 2).           3.1   Length of Term:               Three (3) years and one (1) month.           3.2   Lease Commencement            March 1, 2020.                Date:           3.3   Lease Expiration Date:        The  last  day  of  the  thirty-seventh  (37th)  full  calendar                                              month of the Lease Term.    4.     Base Rent (Article 3):                                                                                    Monthly Base                                                 Monthly                 Rent     Period During        Annualized            Installment           per Rentable      Lease Term           Base Rent           of Base Rent            Square Foot    Lease Months 1-12      $415,724.40          $34,643.70*               $4.55    Lease Months 13-24     $428,196.12           $35,683.01               $4.69    Lease Months 25-36     $441,042.00           $36,753.50               $4.83      Lease Month 37          N/A                $37,856.11               $4.97    * Subject to the Rent Abatement Period set forth in Section 3.2 below.                                                                                                                                                                          CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs                                                 [Healthequity, Inc.]   

 

     5.     Tenant's Share                                (Article 4):                        Approximately 4.7304%.                                                  6.     Permitted Use                                 (Article 5):                        General  office  use  consistent  with  a  first-class  office                                              building.    7.     Security Deposit                              (Article 21):                       $41,366.39.    8.     Parking Pass Ratio                            (Article 28):                       3.3 unreserved parking passes for every 1,000 rentable                                              square  feet  of  the  Premises,  of  which,  subject  to  the                                              terms of Article 28 of the Lease.    9.     Address of Tenant                   HealthEquity, Inc.          (Section 29.18):                    15 W. Scenic Pointe Drive, Suite 100                                              Draper, Utah 84020                                              Attention:  General Counsel                                               And with a required copy to:                                                                                            Colliers International                                               6440 South Millrock Drive, #500                                              Salt Lake City, Utah 84121                                              Attention: Lora Munson, Executive Vice President                                                     10.    Address of Landlord                           (Section 29.18):                    See Section 29.18 of the Lease.    11.    Brokers                             Jones  Lang  LaSalle  and  Cushman  &  Wakefield,          (Section 29.24):                    representing  Landlord and  Colliers  International,                                              representing Tenant.                                                   12.    Improvement Allowance (Exhibit B):  $15.00 per rentable square foot of the Premises.                                                                                                                                                                             CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               -2-                               [Healthequity, Inc.]   

 

                                                                                 Page(s)                                         ARTICLE 1                                                                 PREMISES, BUILDING, PROJECT, AND COMMON AREAS          1.1   Premises, Building, Project and Common Areas.                1.1.1  The Premises.  Landlord hereby leases to Tenant and Tenant hereby leases from Landlord  the premises set forth in Section 2.2 of the Summary (the "Premises").  The outline of the Premises is set forth in  Exhibit A attached hereto.  Landlord and Tenant hereby acknowledge and agree that the rentable square footage of  the Premises is as set forth in Section 2.2 of the Summary, and that such rentable square footage shall not be subject  to remeasurement or modification.  The parties hereto agree that the lease of the Premises is upon and subject to the  terms, covenants and conditions herein set forth, and Tenant covenants as a material part of the consideration for this  Lease to keep and perform each and all of such terms, covenants and conditions by it to be kept and performed and  that this Lease is made upon the condition of such performance.  The parties hereto hereby acknowledge that the  purpose of Exhibit A is to show the approximate location of the Premises in the "Building," as that term is defined in  Section 1.1.2, below, only, and such Exhibit is not meant to constitute an agreement, representation or warranty as to  the construction of the Premises, the precise area thereof or the specific location of the "Common Areas," as that term  is defined in Section 1.1.3, below, or the elements thereof or of the accessways to the Premises or the "Project," as  that term is defined in Section 1.1.2, below.  Except as specifically set forth in this Lease and in the Tenant Work  Letter attached hereto as Exhibit B (the "Tenant Work Letter"), Tenant shall accept the Premises in their existing,  "as is" condition, and Landlord shall not be obligated to provide or pay for any improvement work or services related  to the improvement of the Premises.  Tenant also acknowledges that neither Landlord nor any agent of Landlord has  made any representation or warranty regarding the condition of the Premises, the Building or the Project or with  respect to the suitability of any of the foregoing for the conduct of Tenant's business, except as specifically set forth  in this Lease and the Tenant Work Letter.  The taking of possession of the Premises by Tenant shall conclusively  establish that the Premises and the Building were at such time in good and sanitary order, condition and repair, subject  only to (i) to Landlord's obligation to complete any punch list items in accordance with Section 1.1 of the Tenant  Work Letter, and (ii) Landlord's obligations set forth in Article 7 of this Lease with respect to the maintenance and  repair of the Base Building (as defined in Section 8.2 of this Lease).                1.1.2  The  Building  and  The  Project.   The  Premises  are  a  part  of  the  building  set  forth  in  Section 2.1 of  the  Summary  (the  "Building").   The  Building  is  part  of  an  office  project  currently  known  as  "Crossroads."  The term "Project," as used in this Lease, shall mean (i) the Building and the Common Areas, (ii)  adjacent office buildings as set forth in Section 2.3 of the Summary (the "Adjacent Buildings"), (iii) the associated  parking areas, and (iv)  the  outside  plaza  areas  and  the  land  (which  is  improved  with  landscaping  and  other  improvements)  upon  which  the  Building, Adjacent  Buildings and  the  Common  Areas  are  located,  and  (iv)  at  Landlord's discretion, any additional real property, areas, land, buildings or other improvements added thereto outside  of the Project.                1.1.3  Common Areas.  Tenant shall have the non-exclusive right to use in common with other  tenants in the Project, and subject to the rules and regulations referred to in Article 5 of this Lease, those portions of  the Project which are provided, from time to time, for use in common by Landlord, Tenant and any other tenants of  the Project (such areas, together with such other portions of the Project designated by Landlord, in its discretion,  including certain areas designated for the exclusive use of certain tenants, or to be shared by Landlord and certain  tenants, are collectively referred to herein as the "Common Areas").  The Common Areas shall consist of the "Project  Common Areas" and the "Building Common Areas."  The term "Project Common Areas," as used in this Lease,  shall mean the portion of the Project designated as such by Landlord.  The term "Building Common Areas," as used  in  this  Lease,  shall  mean  the  portions  of  the  Common  Areas  located  within  the  Building  designated  as  such  by  Landlord.  The manner in which the Common Areas are maintained and operated shall be at the sole discretion of  Landlord and the use thereof shall be subject to such rules, regulations and restrictions as Landlord may make from  time to time.  Landlord reserves the right to close temporarily, make alterations or additions to, or change the location  of elements of the Project and the Common Areas.                                                                                                                                                                           CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               (1)                               [Healthequity, Inc.]   

 

                                                                                 Page(s)          1.2   Temporary  Premises.   Commencing on February  18,  2020 (the  "Temporary  Premises  Commencement  Date") and  continuing  through  and  including  the  date  (the  "Temporary  Premises  Expiration  Date") immediately preceding the earlier to occur of (a) the Landlord Work Substantial Completion Date, (b) the date  that Tenant elects upon five (5) days' written notice to Landlord, to occupy the Premises from and after the Lease  Commencement Date, notwithstanding the Substantial Completion Date has not yet occurred, and (c) April 30, 2020,  Tenant shall lease approximately 3,437 rentable square feet of space located on the seventh (7th) floor of the Building,  commonly known as Suite 700 and as more particularly set forth on Exhibit A-2, attached hereto (the "Temporary  Premises") upon the terms and conditions set forth in this Section 1.2 and this Lease.  The period of Tenant's lease of  the Temporary Premises, commencing as of the Temporary Premises Commencement Date and continuing through  and including the Temporary Premises Expiration Date, shall be referred to herein as the "Temporary Premises  Term".   Landlord  and  Tenant  hereby  acknowledge  and  agree  that  the  rentable  square  footage  of  the  Temporary  Premises, as set forth herein, shall not be subject to re-measurement or modification.  Tenant's lease of the Temporary  Premises shall be upon all of the terms and conditions set forth in this Lease as though the Temporary Premises was  the Premises, provided that (i) Tenant shall not be required to pay monthly Base Rent for the Temporary Premises,  (ii) Tenant shall not be required to pay Tenant's Share of Direct Expenses for the Temporary Premises for the period  commencing on the Temporary Premises Commencement Date and continuing through and including February 29,  2020, and following such period (to the extent the Temporary Premises Expiration Date has not occurred) Tenant shall  pay  all  Direct  Expenses  attributable  to  the  Temporary  Premises,  provided  that  Tenant's  Share  of  the  Temporary  Premises shall be equal to 2.1353%, (iii) Tenant shall have no right to alter or improve the Temporary Premises,  (iv) Tenant shall have no right to sublease or otherwise transfer any interest in the Temporary Premises, and (v) Tenant  shall accept the Temporary Premises in its existing, "as is" condition, the terms of the Tenant Work Letter shall be  inapplicable to the Temporary Premises, and Landlord shall have no obligation to provide or pay for improvements  of  any  kind  with  respect  to  the  Temporary  Premises.   Tenant  shall  surrender  the  Temporary  Premises  upon  the  expiration of the Temporary Premises Term in the condition received (reasonable wear and tear excepted).  Landlord  shall have the right, at Tenant's sole cost and expense, to repair and restore the Premises to the condition existing prior  to Landlord's delivery thereof to Tenant (reasonable wear and tear excepted).  Any such amounts due to Landlord  from Tenant hereunder shall be paid by Tenant within ten (10) days following demand.  In the event that Tenant shall  fail to timely vacate and surrender the Temporary Premises upon the expiration of the Temporary Premises Term,  then the terms of Article 16 of this Lease shall be applicable (with the holdover rent due thereunder to be calculated  as if Tenant had paid monthly Base Rent for the Temporary Premises during the Temporary Premises Term at the per  rentable square foot rate payable by Tenant for the Premises as of the Lease Commencement Date).            Landlord shall allow Tenant access to the Temporary Premises beginning on February 1, 2020 for the purpose  of Tenant installing furniture, equipment or fixtures (including Tenant's data and telephone equipment and cabling) in  the Temporary Premises.  Prior  to  Tenant's  entry  into  the Temporary Premises  as permitted  by  the terms of  this  Paragraph, Tenant shall have submitted a schedule to Landlord for its approval, which schedule shall detail the timing  and purpose of Tenant's entry.  Tenant shall hold Landlord harmless from and indemnify, protect and defend Landlord  against any loss or damage to the Building or Temporary Premises and against injury to any persons caused by Tenant's  actions pursuant to this Paragraph.                                         ARTICLE 2                                                                                    LEASE TERM          2.1   Lease Term.  The terms and provisions of this Lease shall be effective as of the date of this Lease.   The term of this Lease (the "Lease Term") shall be as set forth in Section 3.1 of the Summary, shall commence on  the date set forth in Section 3.2 of the Summary (the "Lease Commencement Date"), and shall terminate on the date  set forth in Section 3.3 of the Summary (the "Lease Expiration Date") unless this Lease is sooner terminated as  hereinafter provided.  Tenant hereby acknowledges that the Premises are currently occupied by another tenant of the  Building.  If Landlord is unable for any reason to deliver possession of the Premises to Tenant on any specific date,  then Landlord shall not be subject to any liability for its failure to do so, and such failure shall not affect the validity  of this Lease or the obligations of Tenant hereunder.  For purposes of this Lease, the term "Lease Month" shall mean  each succeeding calendar month during the Lease Term; provided that the first Lease Month shall commence on the  Lease Commencement Date and shall end on the last day of the first (1st) full calendar month of the Lease Term and  that the last Lease Month shall expire on the Lease Expiration Date.  At any time during the Lease Term, Landlord                                                                                                                                                                          CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               (2)                               [Healthequity, Inc.]   

 

                                                                                 Page(s)   may deliver to Tenant a notice in the form as set forth in Exhibit C, attached hereto, as a confirmation only of the  information set forth therein, which Tenant shall execute and return to Landlord within five (5) days of receipt thereof.          2.2   Option Term.                  2.2.1  Option Right.  Landlord hereby grants to the originally named Tenant herein ("Original  Tenant") one (1) option to extend the Lease Term for a period of three (3) years (the "Option Term"), which option  shall  be exercisable only  by  written  notice  delivered  by  Tenant  to  Landlord as  provided in  Section  2.2.3 below,  provided that the following conditions (the "Option Conditions") are satisfied:  (i) as of the date of delivery of such  notice, Tenant is not in default under this Lease; (ii) Tenant is not in default under this Lease at the time Landlord and  Tenant execute an amendment to this Lease extending the Lease Term for the Option Term, and as of the end of the  Lease Term, Tenant is not in default under this Lease; (iii) Tenant has not previously been in default under this Lease  more than once; and (iv) the Lease then remains in full force and effect and Original Tenant occupies the entire  Premises at the time the option to extend is exercised and as of the commencement of the Option Term.  Landlord  may, at Landlord's option, exercised in Landlord's sole and absolute discretion, waive any of the Option Conditions  in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect.  Upon the  proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those,  if any, which are waived by Landlord), the Lease Term, as it applies to the Premises, shall be extended for a period of  three (3) years.  The rights contained in this Section 2.2 shall be personal to Original Tenant and may be exercised by  Original Tenant only (and not by any assignee, sublessee or other "Transferee," as that term is defined in Section 14.1  of this Lease, of Tenant's interest in this Lease).                2.2.2  Option Rent.  The rent payable by Tenant during the Option Term (the "Option Rent")  shall be equal to the "Fair Market Rent", as defined below, for the Premises as of the commencement of the Option  Term.  As used herein, the "Fair Market Rent" shall mean the rent (including additional rent and considering any  "base year" or "expense stop" applicable thereto), including all escalations, at which tenants, as of the commencement  of the Option Term, are leasing non-expansion, non-sublease, non-encumbered, non-equity space comparable in size,  location and quality to the Premises, for a similar lease term, which comparable space is located in the Project and in  the  "Comparable  Buildings,"  as  that  term  is  defined,  below and  which  comparable  transactions (collectively, the  "Comparable Transactions") are entered into within the six (6) month period immediately preceding Landlord's  delivery of the Option Rent Notice (as defined in Section 2.2.3 below), and taking into consideration only the following  concessions (the "Concessions"): (a) rental abatement concessions, if any, being granted such tenants in connection  with such comparable space, (b) tenant improvements or allowances provided or to be provided for such comparable  space, taking into account, and deducting the value of, the existing improvements in the Premises, such value to be  based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by a  typical general office user, and (c) other reasonable monetary concessions being granted such tenants in connection  with such comparable space; provided, however, that in calculating the Option Rent, no consideration shall be given  to (i) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with Tenant's  exercise of its right to lease the Premises during the Option Term or in connection with the Comparable Transactions  or the fact that landlords are or are not paying real estate brokerage commissions in connection with such Comparable  Transactions,  and  (ii) any  period  of  rental  abatement,  if  any,  granted  to  tenants  in  Comparable  Transactions  in  connection with the design, permitting and construction of tenant improvements in such comparable spaces.  The  Option Rent shall additionally include a determination as to whether, and if so to what extent, Tenant must provide  Landlord  with  financial  security,  such  as  a  letter  of  credit  or  guaranty,  for  Tenant's  Rent  obligations  during  the  applicable Option Term.  Such determination shall be made by reviewing the extent of financial security then generally  being imposed in Comparable Transactions from tenants of comparable financial condition and credit history to the  then existing financial condition and credit history of Tenant (with appropriate adjustments to account for differences  in the then-existing financial condition of Tenant and such other tenants).  If in determining the Option Rent a tenant  improvement allowance is granted under item (b) above, Landlord may, at Landlord's sole option, elect any or a  portion of the following:  (A) to grant some or all of the Concessions to Tenant in the form as described above (i.e.,  as free rent or as an improvement allowance), and (B) to adjust the rental rate component of the Option Rent to be an  effective  rental  rate  which  takes  into  consideration  the  total  dollar  value  of  the  Concessions  (in  which  case  the  Concessions evidenced in the effective rental rate shall not be granted to Tenant).  For purposes of this Lease, the term  “Comparable Buildings” shall mean Class A office properties which are substantially similar in size, construction  quality,  age, and use,  and  are  located  within  the  City  of  San  Mateo,  Foster  City,  and  Redwood  Shores.                                                                                                                                                                           CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               (3)                               [Healthequity, Inc.]   

 

                                                                                 Page(s)   Notwithstanding anything to the contrary contained in this Section 2.2.2 above, if there are not a sufficient number of  Comparable Transactions with a comparable lease term to the Option Term to determine the Fair Market Rent for a  lease of such duration, then the Fair Market Rent for purposes of this Section 2.2 shall be equal to that of Comparable  Transactions with a term of five (5) years, provided that the Concessions shall be appropriately prorated on a fractional  basis to account for the difference between the Option Term and the lease terms of the Comparable Transactions.                2.2.3  Exercise of Option.  The option contained in this Section 2.2 shall be exercised by Tenant,  if at all, only in the following manner:  Tenant shall deliver written notice to Landlord of its intention to extend the  Lease Term not more than twelve (12) months and not less than nine (9) months prior to the expiration of the initial  Lease Term (the "Option Interest Notice").  Landlord, within thirty (30) days after receipt of Tenant's Option Interest  Notice, shall deliver notice (the "Option Rent Notice") to Tenant setting forth the Option Rent.  If Tenant wishes to  exercise such option, Tenant shall, on or before the date occurring thirty (30) days after Tenant's receipt of the Option  Rent Notice, exercise the option by delivering written notice thereof to Landlord (the "Option Exercise Notice").   Concurrently with Tenant's delivery of the Option Exercise Notice, Tenant may, at its option, object to the Option  Rent contained in the Option Rent, in which case the parties shall follow the procedure, and the Option Rent shall be  determined, as set forth in Section 2.2.4 below.  If Tenant fails to so object, then the Option Rent shall be as set forth  in the Option Rent Notice.  If Tenant fails to deliver the Option Exercise Notice by the date set forth above for such  delivery, Tenant shall be deemed to have waived its right to extend the Lease Term pursuant to this Section 2.2.                  2.2.4  Determination of Option Rent.  In the event Tenant timely and appropriately objects to  the Option Rent, Landlord and Tenant shall attempt to agree upon the Option Rent using their best good-faith efforts.   If Landlord and Tenant fail to reach agreement within thirty (30) days following Tenant's objection to the Option Rent,  (the "Outside Agreement Date"), then each party shall make a separate determination of the Option Rent, as the case  may be, within thirty (30) days, and such determinations shall be submitted to arbitration in accordance with Sections  2.2.4.1 through 2.2.4.7 below.                       2.2.4.1  Landlord and Tenant shall each appoint one arbitrator who shall by profession be  a real estate broker, lawyer or appraiser who shall have been active over the five (5) year period ending on the date of  such appointment in the leasing (or appraisal, as the case may be) of commercial office properties in San Mateo and  surrounding areas.  The determination of the arbitrators shall be limited solely to the issue of whether Landlord's or  Tenant's submitted Option Rent, is the closest to the actual Option Rent as determined by the arbitrators, taking into  account the requirements of Section 2.2.3 of this Lease.  Each such arbitrator shall be appointed within fifteen (15)  days after the Outside Agreement Date.                       2.2.4.2  The  two  arbitrators  so  appointed  shall  within  ten  (10)  days  of  the  date  of  the  appointment of the last appointed arbitrator agree upon and appoint a third arbitrator who shall be qualified under the  same criteria set forth hereinabove for qualification of the initial two arbitrators.                       2.2.4.3  The three arbitrators shall within thirty (30) days of the appointment of the third  arbitrator reach a decision as to whether the parties shall use Landlord's or Tenant's submitted Option Rent, and shall  notify Landlord and Tenant thereof.                       2.2.4.4  The decision of the majority of the three arbitrators shall be binding upon Landlord  and Tenant.                       2.2.4.5  If either Landlord or Tenant fails to appoint an arbitrator within fifteen (15) days  after the applicable Outside Agreement Date, the arbitrator appointed by one of them shall reach a decision, notify  Landlord and Tenant thereof, and such arbitrator's decision shall be binding upon Landlord and Tenant.                       2.2.4.6  If the two arbitrators fail to agree upon and appoint a third arbitrator, or both parties  fail to appoint an arbitrator, then the appointment of the third arbitrator or any arbitrator shall be dismissed and the  matter to be decided shall be forthwith submitted to arbitration under the provisions of the JAMS, but subject to the  instruction set forth in this Section 2.2.4.                                                                                                                                                                           CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               (4)                               [Healthequity, Inc.]   

 

                                                                                 Page(s)                       2.2.4.7  The cost of arbitration shall be paid by Landlord and Tenant equally.                                         ARTICLE 3                                                                                     BASE RENT          3.1   In General.  Tenant shall pay, without prior notice or demand, to Landlord or Landlord's agent at  the management office of the Project, or, at Landlord's option, at such other place as Landlord may from time to time  designate in writing, by a check for currency which, at the time of payment, is legal tender for private or public debts  in the United States of America, base rent ("Base Rent") as set forth in Section 4 of the Summary, payable in equal  monthly installments as set forth in Section 4 of the Summary in advance on or before the first day of each and every  calendar month during the Lease Term, without any setoff or deduction whatsoever.  On or before the date that is ten  (10) days following Tenant's execution and delivery of this Lease to Landlord, Tenant shall pay to Landlord an amount  equal to $48,348.90, which amount shall be applied to the first Base Rent and Tenant's Share of "Direct Expenses,"  as that term is defined in Section 4.2.2, below, due under this Lease following the Rent Abatement Period set forth in  Section 3.2 below.  If any Rent payment date (including the Lease Commencement Date) falls on a day of the month  other than the first day of such month or if any payment of Rent is for a period which is shorter than one month, the  Rent for any fractional month shall accrue on a daily basis for the period from the date such payment is due to the end  of such calendar month or to the end of the Lease Term at a rate per day which is equal to 1/365 of the applicable  annual  Rent.   All  other  payments  or  adjustments  required  to  be  made  under  the  terms  of  this  Lease  that require  proration on a time basis shall be prorated on the same basis.          3.2   Abated Base Rent.  Provided that Tenant is not then in default under the terms of this Lease, then  Tenant shall not be obligated to pay the Base Rent otherwise attributable to the Premises (the "Rent Abatement")  during  the  first  full  calendar  month of  the  Lease  Term  (the "Rent  Abatement  Period").  Landlord  and  Tenant  acknowledge  that  the  aggregate  amount  of  the  Base  Rent  Abatement  equals  $34,643.70 "Abatement  Amount".   Tenant  acknowledges  and  agrees  that  the  foregoing  Rent  Abatement  has  been  granted  to  Tenant  as  additional  consideration for entering into this Lease, and for agreeing to pay the Rent and perform the terms and conditions  otherwise required under this Lease.  If Tenant shall be in default under this Lease and shall fail to cure such default  within the notice and cure period, if any, permitted for cure pursuant to this Lease, then Landlord may at its option,  elect, in addition to any other remedies Landlord may have under this Lease, the following remedy:  that the dollar  amount of the unapplied portion of the Rent Abatement as of such default shall be converted to a credit to be applied  to the Base Rent applicable at the end of the Lease Term and Tenant shall immediately be obligated to begin paying  Base Rent for the Premises in full.                                         ARTICLE 4                                                                                 ADDITIONAL RENT          4.1   General Terms.  In addition to paying the Base Rent specified in Article 3 of this Lease, Tenant  shall pay "Tenant's Share" of the annual "Direct Expenses," as those terms are defined in Sections 4.2.6 and 4.2.2 of  this Lease, respectively.  Such payments by Tenant, together with any and all other amounts payable by Tenant to  Landlord pursuant to the terms of this Lease, are hereinafter collectively referred to as the "Additional Rent", and the  Base Rent and the Additional Rent are herein collectively referred to as "Rent."  All amounts due under this Article 4  as Additional Rent shall be payable for the same periods and in the same manner as the Base Rent.  Without limitation  on other obligations of Tenant which survive the expiration of the Lease Term, the obligations of Tenant to pay the  Additional Rent provided for in this Article 4 shall survive the expiration of the Lease Term.          4.2   Definitions of Key Terms Relating to Additional Rent.  As used in this Article 4, the following  terms shall have the meanings hereinafter set forth:                4.2.1  "Tenant's Share " shall mean the amount set forth in Section 5 of the Summary.                4.2.2  ""Direct Expenses" shall mean "Operating Expenses" and "Tax Expenses."                                                                                                                                                                          CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               (5)                               [Healthequity, Inc.]   

 

                                                                                 Page(s)                4.2.3  "Expense Year" shall mean each calendar year in which any portion of the Lease Term  falls, through and including the calendar year in which the Lease Term expires, provided that Landlord, upon notice  to Tenant, may change the Expense Year from time to time to any other twelve (12) consecutive month period, and,  in the event of any such change, Tenant's Share of Direct Expenses shall be equitably adjusted for any Expense Year  involved in any such change.                4.2.4  "Operating  Expenses"  shall  mean  all  expenses,  costs  and  amounts  of  every  kind  and  nature which Landlord pays or accrues during any Expense Year because of or in connection with the ownership,  management, maintenance, security, repair, restoration or operation of the Project, or any portion thereof.  Without  limiting the generality of the foregoing, Operating Expenses shall specifically include any and all of the following:   (i) the cost of supplying all utilities, the cost of operating, repairing, maintaining, and renovating the utility, telephone,  mechanical,  sanitary,  storm drainage,  and elevator  systems,  and  the  cost of  maintenance  and service contracts  in  connection therewith; (ii) the cost of licenses, certificates, permits and inspections for the Project and the cost of  contesting any governmental enactments which may affect Operating Expenses, and the costs incurred in connection  with a governmentally mandated transportation system management program or similar program; (iii) the cost of all  insurance carried by Landlord in connection with the Project as reasonably determined by Landlord; (iv) the cost of  landscaping, relamping, and all supplies, tools, equipment and materials used in the operation, repair and maintenance  of the Project, or any portion thereof; (v) the cost of parking area operation, repair, restoration, and maintenance; (vi)  fees and other costs, including management fees, consulting fees, legal fees and accounting fees, of all contractors and  consultants in connection with the management, operation, maintenance and repair of the Project; (vii) payments under  any equipment rental agreements and the fair rental value of any management office space and tenant amenity spaces;  (viii) subject to item (f), below, wages, salaries and other compensation and benefits, including taxes levied thereon,  of all persons engaged in the operation, maintenance and security of the Project; (ix) costs under any instrument  pertaining to the sharing of costs by the Project; (x) operation, repair, maintenance and replacement of all systems and  equipment  and  components  thereof  of  the  Project;  (xi)  the  cost  of  janitorial,  alarm,  security  and  other  services,  replacement of wall and floor coverings, ceiling tiles and fixtures in common areas, maintenance and replacement of  curbs and walkways, repair to roofs and re-roofing; (xii) amortization (including interest on the unamortized cost)  over such period of time as Landlord shall reasonably determine, of the cost of acquiring or the rental expense of  personal property used in the maintenance, operation and repair of the Project, or any portion thereof; (xiii) the cost  of  capital  improvements  or  other  costs  incurred  in  connection  with  the  Project  (A)  which  are  intended  to  effect  economies  in  the  operation  or  maintenance  of  the  Project,  or  any  portion  thereof,  or  to  reduce  current  or  future  Operating Expenses or to enhance or improve the safety or security of the Project (including without limitation the  communication systems) or its occupants, (B) that are required to comply with present or anticipated conservation  programs, (C) which are replacements or modifications of nonstructural items located in the Common Areas required  to  keep  the  Common  Areas  in  good  order  or  condition,  or  (D)  that  are  required  under  any  governmental  law  or  regulation; provided, however, that any capital expenditure shall be amortized (including interest on the amortized  cost) over its reasonable useful life as Landlord shall reasonably determine consistent with sound real estate accounting  principles;  and  (xiv)  costs,  fees,  charges  or  assessments  imposed  by,  or  resulting  from  any  mandate  imposed  on  Landlord by, any federal, state or local government for fire and police protection, trash removal, community services,  or other services which do not constitute "Tax Expenses" as that term is defined in Section 4.2.5, below, (xv) market  rental and expenses to operate, maintain and repair amenities and programming provided by Landlord for the benefit  of tenants; (xvi) cost of tenant relation programs reasonably established by Landlord, and (xvii) payments under any  easement, license, operating agreement, declaration, restrictive covenant, or instrument pertaining to the sharing of  costs by the Building, including, without limitation, any covenants, conditions and restrictions affecting the property,  and reciprocal easement agreements affecting the property, any parking licenses, and any agreements with transit  agencies affecting the Project (collectively, "Underlying Documents").  Notwithstanding the foregoing, for purposes  of this Lease, Operating Expenses shall not, however, include:                       (a)    costs,  including  legal  fees,  space  planners'  fees,  advertising  and  promotional         expenses (except as otherwise set forth above), and brokerage fees incurred in connection with the original         construction or development, or original or future leasing of the Project, and costs, including permit, license         and inspection costs, incurred with respect to the installation of tenant improvements made for new tenants         initially occupying space in the Project after the Lease Commencement Date or incurred in renovating or         otherwise improving, decorating, painting or redecorating vacant space for tenants or other occupants of the                                                                                                                                                                           CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               (6)                               [Healthequity, Inc.]   

 

                                                                                 Page(s)          Project (including, without limitation, "spec suites") (excluding, however, such costs relating to any common         areas of the Project or parking facilities);                       (b)    except as set forth in items (xii), (xiii), and (xiv) above, depreciation, interest and         principal payments on mortgages and other debt costs, if any, penalties and interest, costs of capital repairs         and alterations, and costs of capital improvements and equipment;                       (c)    costs  for  which  the  Landlord  is  reimbursed  by  any  tenant  or  occupant  of  the         Project or by insurance by its carrier or any tenant's carrier or by anyone else, and electric power costs for         which any tenant directly contracts with the local public service company;                       (d)    any bad debt loss, rent loss, or reserves for bad debts or rent loss;                       (e)    costs associated with the operation of the business of the partnership or entity         which constitutes the Landlord, as the same are distinguished from the costs of operation of the Project (which         shall specifically include, but not be limited to, accounting costs associated with the operation of the Project).          Costs associated with the operation of the business of the partnership or entity which constitutes the Landlord         include costs of partnership accounting and legal matters, costs of defending any lawsuits with any mortgagee         (except as the actions of the Tenant may be in issue), costs of selling, syndicating, financing, mortgaging or         hypothecating any of the Landlord's interest in the Project, and costs incurred in connection with any disputes         between Landlord and its employees, between Landlord and Project management, or between Landlord and         other tenants or occupants;                       (f)    the wages and benefits of any employee who does not devote substantially all of         his or her employed time to the Project unless such wages and benefits are prorated to reflect time spent on         operating and managing the Project vis-a-vis time spent on matters unrelated to operating and managing the         Project; provided, that in no event shall Operating Expenses for purposes of this Lease include salaries and         all other compensation (including fringe benefits) of persons generally considered to be higher in rank than         the position of a person, regardless of title, who supervises property managers that manage the Project and         other projects of Landlord and affiliates of Landlord;                       (g)    amount paid as ground rental for the Project by the Landlord;                       (h)    except for a Project management fee, overhead and profit increment paid to the         Landlord or to subsidiaries or affiliates of the Landlord for services in the Project to the extent the same         exceeds the costs of such services rendered by qualified, first-class unaffiliated third parties on a competitive         basis;                       (i)    any  compensation  paid  to  clerks,  attendants  or  other  persons  in  commercial         concessions operated by the Landlord, provided that any compensation paid to any concierge at the Project         shall be includable as an Operating Expense;                       (j)    rentals and other related expenses incurred in leasing air conditioning systems,         elevators  or  other  equipment  which  if  purchased  the  cost  of  which  would  be  excluded  from  Operating         Expenses as a capital cost, except equipment not affixed to the Project which is used in providing janitorial         or similar services and, further excepting from this exclusion such equipment rented or leased to remedy or         ameliorate an emergency condition in the Project;                       (k)    all items  and  services  for  which  Tenant  or  any  other  tenant  in  the  Project         reimburses Landlord or which Landlord provides  selectively  to  one  or  more  tenants (other  than Tenant)         without reimbursement;                       (l)    any costs expressly excluded from Operating Expenses elsewhere in this Lease;                                                                                                                                                                           CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               (7)                               [Healthequity, Inc.]   

 

                                                                                 Page(s)                       (m)    rent for any office space occupied by Project management personnel to the extent         the size or rental rate of such office space exceeds the size or fair market rental value of office space occupied         by management personnel of the comparable buildings in the vicinity of the Building, with adjustment where         appropriate for the size of the applicable project;                       (n)    costs arising from the gross negligence or willful misconduct of Landlord or its         agents, employees, vendors, contractors, or providers of materials or services;                        (o)    costs incurred to comply with laws relating to the removal of hazardous material         (as defined under applicable law) which was in existence in the Building or on the Project prior to the Lease         Commencement Date, and was of such a nature that a federal, State or municipal governmental authority, if         it had then had knowledge of the presence of such hazardous material, in the state, and under the conditions         that it then existed in the Building or on the Project, would have then required the removal of such hazardous         material or other remedial or containment action with respect thereto; and costs incurred to remove, remedy,         contain, or treat hazardous material, which hazardous material is brought into the Building or onto the Project         after the date hereof by Landlord or any other tenant of the Project and is of such a nature, at that time, that         a federal, State or municipal governmental authority, if it had then had knowledge of the presence of such         hazardous material, in the state, and under the conditions, that it then exists in the Building or on the Project,         would have then required the removal of such hazardous material or other remedial or containment action         with respect thereto;                        (p)    entertainment  and  travel  expenses  for  any  purpose  not  directly  related  to  the         operations and management of the Building;                        (q)    rentals and other related expenses incurred in leasing air conditioning systems,         elevators  or  other  equipment  which  if  purchased  the  cost  of  which  would  be  excluded  from  Operating         Expenses as a capital cost, except equipment not affixed to the Project which is used in providing janitorial         or similar services and, further excepting from this exclusion such equipment rented or leased to remedy or         ameliorate an emergency condition in the Project; and                       (r)    costs arising from Landlord's charitable or political contributions.          If Landlord is not furnishing any particular work or service (the cost of which, if performed by Landlord,  would be included in Operating Expenses) to a tenant who has undertaken to perform such work or service in lieu of  the performance thereof by Landlord, Operating Expenses shall be deemed to be increased by an amount equal to the  additional Operating Expenses which would reasonably have been incurred during such period by Landlord if it had  at its own expense furnished such work or service to such tenant.  If the Project is not one hundred percent (100%)  occupied  during  all  or  a  portion  of  any  Expense  Year,  Landlord  shall  make  an  appropriate  adjustment  to  the  components of Operating Expenses for such year to determine the amount of Operating Expenses that would have  been incurred had the Project been one hundred percent (100%) occupied; and the amount so determined shall be  deemed to have been the amount of Operating Expenses for such year.                  4.2.5  Taxes.                       4.2.5.1 "Tax Expenses" shall mean all federal, state, county, or local governmental or  municipal taxes, fees, charges or other impositions of every kind and nature, whether general, special, ordinary or  extraordinary, (including, without limitation, real estate taxes, general and special assessments, transit taxes, leasehold  taxes or taxes based upon the receipt of rent, including gross receipts or sales taxes applicable to the receipt of rent,  unless  required  to be  paid  by  Tenant,  personal  property  taxes  imposed  upon  the  fixtures,  machinery,  equipment,  apparatus, systems and equipment, appurtenances, furniture and other personal property used in connection with the  Project, or any portion thereof), which shall be paid or accrued during any Expense Year (without regard to any  different  fiscal  year  used  by  such  governmental  or  municipal  authority)  because  of  or  in  connection  with  the  ownership, leasing and operation of the Project, or any portion thereof.                                                                                                                                                                           CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               (8)                               [Healthequity, Inc.]   

 

                                                                                 Page(s)                       4.2.5.2 Tax Expenses shall include, without limitation:  (i) Any tax on the rent, right to  rent or other income from the Project, or any portion thereof, or as against the business of leasing the Project, or any  portion thereof; (ii) Any assessment, tax, fee, levy or charge in addition to, or in substitution, partially or totally, of  any  assessment,  tax,  fee,  levy  or  charge  previously  included  within  the  definition  of  real  property  tax,  it  being  acknowledged by Tenant and Landlord that Proposition 13 was adopted by the voters of the State of California in the  June  1978  election  ("Proposition  13")  and  that  assessments,  taxes,  fees,  levies  and  charges  may  be  imposed  by  governmental agencies for such services as fire protection, street, sidewalk and road maintenance, refuse removal and  for other governmental services formerly provided without charge to property owners or occupants, and, in further  recognition of the decrease in the level and quality of governmental services and amenities as a result of Proposition  13, Tax Expenses shall also include any governmental or private assessments or the Project's contribution towards a  governmental or private cost-sharing agreement for the purpose of augmenting or improving the quality of services  and amenities normally provided by governmental agencies; (iii) any tax or assessment levied in connection with  Metrorail or any similar transportation system; (iv) Any assessment, tax, fee, levy, or charge allocable to or measured  by the area of the Premises or the Rent payable hereunder, including, without limitation, any business or gross income  tax or excise tax with respect to the receipt of such rent, or upon or with respect to the possession, leasing, operating,  management, maintenance, alteration, repair, use or occupancy by Tenant of the Premises, or any portion thereof; and  (v) Any assessment, tax, fee, levy or charge, upon this transaction or any document to which Tenant is a party, creating  or transferring an interest or an estate in the Premises.                       4.2.5.3 Any costs and expenses (including, without limitation, reasonable attorneys' and  consultants'  fees)  incurred  in  attempting  to  protest,  reduce  or  minimize  Tax  Expenses  shall  be  included  in  Tax  Expenses in the Expense Year such expenses are incurred.  Tax refunds shall be credited against Tax Expenses and  refunded to Tenant regardless of when received, based on the Expense Year to which the refund is applicable, provided  that in no event shall the amount to be refunded to Tenant for any such Expense Year exceed the total amount paid by  Tenant as Additional Rent under this Article 4 for such Expense Year.  Notwithstanding anything to the contrary set  forth in this Lease, (a) only Landlord may institute proceedings to reduce Tax Expenses and the filing of any such  proceeding by Tenant without Landlord's consent shall constitute an event of default by Tenant under this Lease, and  (b) Landlord shall not be obligated to file any application or institute any proceeding seeking a reduction in Tax  Expenses. If Tax Expenses for any period during the Lease Term or any extension thereof are increased after payment  thereof for any reason, including, without limitation, error or reassessment by applicable governmental or municipal  authorities,  Tenant  shall  pay  Landlord  upon  demand  Tenant's  Share  of  any  such  increased  Tax  Expenses.   Notwithstanding anything to the contrary contained in this Section 4.2.5 (except as set forth in Section 4.2.5.1, above),  there shall be excluded from Tax Expenses (i) all excess profits taxes, franchise taxes, gift taxes, capital stock taxes,  inheritance and succession taxes, estate taxes, federal and state income taxes, and other taxes to the extent applicable  to Landlord's general or net income (as opposed to rents, receipts or income attributable to operations at the Project),  (ii) any items included as Operating Expenses, and (iii) any items paid by Tenant under Section 4.5 of this Lease.          4.3   Allocation of Expenses.                4.3.1  Method of Allocation.  The parties acknowledge that the Building is a part of a multi- building project and that the costs and expenses incurred in connection with the Project (i.e., the Direct Expenses)  should be shared between the tenants of the Building and the tenants of the Adjacent Buildings.  Accordingly, as set  forth in Section 4.2 above, Direct Expenses (which consists of Operating Expenses and Tax Expenses) are determined  annually for the Project as a whole, and a portion of the Direct Expenses, which portion shall be determined by  Landlord on an equitable basis, shall be allocated to the tenants of the Building (as opposed to the tenants of Adjacent  Buildings) and such portion shall be the Building Direct Expenses for purposes of this Lease.  Such portion of Direct  Expenses allocated to the tenants of the Building shall include all Direct Expenses attributable solely to the Building  and an equitable portion of the Direct Expenses attributable to the Project as a whole.                4.3.2  Cost Pools.  Landlord shall have the right, from time to time, to equitably allocate some or  all of the Direct Expenses for the Project among different portions or occupants of the Project (the "Cost Pools"), in  Landlord's reasonable discretion.  Such Cost Pools may include, but shall not be limited to, the office space tenants of  a building of the Project or of the Project, and the retail space tenants of a building of the Project or of the Project.   The Direct Expenses within each such Cost Pool shall be allocated and charged to the tenants within such Cost Pool  in an equitable manner.                                                                                                                                                                          CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               (9)                               [Healthequity, Inc.]   

 

                                                                                 Page(s)          4.4   Calculation and Payment of Additional Rent.  Tenant shall pay to Landlord, in the manner set  forth in Section 4.4.1, below, and as Additional Rent, an amount equal to Tenant's Share of Direct Expenses.                4.4.1  Statement of Actual Direct Expenses and Payment by Tenant.  Landlord shall endeavor  to give to Tenant following the end of each Expense Year, a statement (the "Statement") which shall state the Direct  Expenses incurred or accrued for such preceding Expense Year, and which shall indicate the amount of Tenant's Share  of Direct Expenses.  Upon receipt of the Statement for each Expense Year commencing or ending during the Lease  Term,  Tenant shall pay, with its next installment of Base Rent due, the full amount of Tenant's Share of Direct  Expenses for such Expense Year, less the amounts, if any, paid during such Expense Year as "Estimated Direct  Expenses," as that term is defined in Section 4.4.2, below, and if Tenant paid more as Estimated Direct Expenses than  the actual Tenant's Share of Direct Expenses, Tenant shall receive a credit in the amount of Tenant's overpayment  against Rent next due under this Lease.  The failure of Landlord to timely furnish the Statement for any Expense Year  shall not prejudice Landlord or Tenant from enforcing its rights under this Article 4.  Even though the Lease Term has  expired  and  Tenant  has  vacated  the  Premises,  when  the  final  determination  is  made  of  Tenant's  Share  of  Direct  Expenses for the Expense Year in which this Lease terminates, Tenant shall immediately pay to Landlord Tenant's  Share of Direct Expenses, and if Tenant paid more as Estimated Direct Expenses than the actual Tenant's Share of  Direct Expenses, Landlord shall, within thirty (30) days, deliver a check payable to Tenant in the amount of the  overpayment.  The provisions of this Section 4.4.1 shall survive the expiration or earlier termination of the Lease  Term.                4.4.2  Statement of Estimated Direct Expenses.  In addition, Landlord shall endeavor to give  Tenant a yearly expense estimate statement (the "Estimate Statement") which shall set forth Landlord's reasonable  estimate (the "Estimate") of what the total amount of Direct Expenses for the then-current Expense Year shall be and  the estimated Tenant's Share of Direct Expenses (the "Estimated Direct Expenses").  The failure of Landlord to  timely furnish the Estimate Statement for any Expense Year shall not preclude Landlord from enforcing its rights to  collect  any  Estimated  Direct  Expenses  under  this Article  4,  nor  shall  Landlord  be  prohibited  from  revising  any  Estimate Statement or Estimated Direct Expenses theretofore delivered to the extent necessary.  Thereafter, Tenant  shall pay, with its next installment of Base Rent due, a fraction of the Estimated Direct Expenses for the then-current  Expense Year (reduced by any amounts paid pursuant to the last sentence of this Section 4.4.2).  Such fraction shall  have as its numerator the number of months which have elapsed in such current Expense Year, including the month  of such payment, and twelve (12) as its denominator.  Until a new Estimate Statement is furnished (which Landlord  shall  have  the  right  to  deliver  to  Tenant  at  any  time),  Tenant  shall  pay  monthly,  with  the  monthly  Base  Rent  installments, an amount equal to one-twelfth (1/12) of the total Estimated Direct Expenses set forth in the previous  Estimate Statement delivered by Landlord to Tenant.            4.5   Taxes and Other Charges for Which Tenant Is Directly Responsible.                4.5.1  Tenant  shall be  liable for  and shall pay  ten (10) days before delinquency,  taxes  levied  against Tenant's equipment, furniture, fixtures and any other personal property located in or about the Premises.  If  any such taxes on Tenant's equipment, furniture, fixtures and any other personal property are levied against Landlord  or Landlord's property or if the assessed value of Landlord's property is increased by the inclusion therein of a value  placed upon such equipment, furniture, fixtures or any other personal property and if Landlord pays the taxes based  upon such increased assessment, which Landlord shall have the right to do regardless of the validity thereof but only  under proper protest if requested by Tenant, Tenant shall upon demand repay to Landlord the taxes so levied against  Landlord or the proportion of such taxes resulting from such increase in the assessment, as the case may be.                4.5.2  If the tenant improvements in the Premises, whether installed and/or paid for by Landlord  or Tenant and whether or not affixed to the real property so as to become a part thereof, are assessed for real property  tax purposes at a valuation higher than the valuation at which tenant improvements conforming to Landlord's "building  standard" in other space in the Building are assessed, then the Tax Expenses levied against Landlord or the property  by reason of such excess assessed valuation shall be deemed to be taxes levied against personal property of Tenant  and shall be governed by the provisions of Section 4.5.1, above.                4.5.3  Notwithstanding any contrary provision herein, Tenant shall pay prior to delinquency any  (i) rent tax or sales tax, service tax, transfer tax or value added tax, or any other applicable tax on the rent or services                                                                                                                                                                          CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               (10)                              [Healthequity, Inc.]   

 

                                                                                 Page(s)   herein or otherwise respecting this Lease, (ii) taxes assessed upon or with respect to the possession, leasing, operation,  management, maintenance, alteration, repair, use or occupancy by Tenant of the Premises or any portion of the Project,  including the Project parking facility; or (iii) taxes assessed upon this transaction or any document to which Tenant is  a party creating or transferring an interest or an estate in the Premises.          4.6   Landlord's Records.  Upon Tenant's written request given not more than ninety (90) days after  Tenant's receipt of a Statement for a particular Expense Year, and provided that Tenant is not then in default under  this Lease beyond the applicable notice and cure period provided in this Lease, specifically including, but not limited  to, the timely payment of Additional Rent (whether or not the same is the subject of the audit contemplated herein),  Landlord shall furnish Tenant with such reasonable supporting documentation in connection with said Direct Expenses  as Tenant may reasonably request.  Landlord shall provide said documentation to Tenant within sixty (60) days after  Tenant's written request therefor.  Within one hundred eighty (180) days after receipt of a Statement by Tenant (the  "Audit Period"), if Tenant disputes the amount of Direct Expenses set forth in the Statement, an independent certified  public  accountant  (which  accountant  (A)  is  a  member  of  a  nationally  or  regionally  recognized certified  public  accounting firm which has previous experience in auditing financial operating records of landlords of office buildings,  (B) shall not already be providing primary accounting and/or lease administration services to Tenant and shall not  have provided primary accounting and/or lease administration services to Tenant in the past three (3) years, (C) is not  working on a contingency fee basis [i.e., Tenant must be billed based on the actual time and materials that are incurred  by the certified public accounting firm in the performance of the audit], and (D) shall not currently or in the future be  providing  accounting  and/or  lease  administration  services  to  another  tenant  in  the  Building  and/or  the  Project  in  connection with a review or audit by such other tenant of Direct Expenses), designated and paid for by Tenant, may,  after reasonable notice to Landlord and at reasonable times, audit Landlord's records with respect to the Statement at  Landlord's corporate offices, provided that (i) Tenant is not then in default under this Lease (beyond the applicable  notice and cure periods provided under this Lease), (ii) Tenant has paid all amounts required to be paid under the  applicable Estimate Statement and Statement, and (iii) a copy of the audit agreement between Tenant and its particular  certified public accounting firm has been delivered to Landlord prior to the commencement of the audit.  In connection  with such audit, Tenant and Tenant's certified public accounting firm must agree in advance to follow Landlord's  reasonable  rules  and  procedures  regarding  an  audit  of the  aforementioned  Landlord records,  and  shall  execute  a  commercially  reasonable  confidentiality agreement  regarding  such  audit.  Any  audit  report  prepared  by  Tenant's  certified public accounting firm shall be delivered concurrently to Landlord and Tenant within the Audit Period.   Tenant's failure to audit the amount of Direct Expenses set forth in any Statement within the Audit Period shall be  deemed to be Tenant's approval of such Statement and Tenant, thereafter, waives the right or ability to audit the  amounts set  forth  in such  Statement.  If  after  such  audit,  Tenant  still  disputes  such Direct  Expenses,  an  audit  to  determine the proper amount shall be made, at Tenant's expense, by an independent certified public accountant (the  "Accountant") selected by Landlord and subject to Tenant's reasonable approval; provided that if such audit by the  Accountant proves that Direct Expenses set forth in the particular Statement were overstated by more than seven  percent (7%), then the cost of the Accountant and the cost of such audit shall be paid for by Landlord.  Tenant hereby  acknowledges that Tenant's sole right to audit Landlord's records and to contest the amount of Direct Expenses payable  by Tenant shall be as set forth in this Section 4.6, and Tenant hereby waives any and all other rights pursuant to  applicable law to audit such records and/or to contest the amount of Direct Expenses payable by Tenant.                                         ARTICLE 5                                                                                  USE OF PREMISES          5.1   Permitted Use.  Tenant shall use the Premises solely for the Permitted Use set forth in Section 6 of  the Summary and Tenant shall not use or permit the Premises or the Project to be used for any other purpose or  purposes  whatsoever  without  the  prior  written  consent  of  Landlord,  which  may  be  withheld  in  Landlord's  sole  discretion.  Tenant shall comply with the terms of Exhibit F, attached hereto.          5.2   Prohibited Uses.  Tenant further covenants and agrees that Tenant shall not use, or suffer or permit  any person or persons to use, the Premises or any part thereof for any use or purpose contrary to the provisions of the  Rules and Regulations set forth in Exhibit D, attached hereto, or in violation of the laws of the United States of  America,  the  State  of  California,  the  ordinances,  regulations  or  requirements  of  the  local  municipal  or  county  governing body or other lawful authorities having jurisdiction over the Project) including, without limitation, any such                                                                                                                                                                          CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               (11)                              [Healthequity, Inc.]   

 

                                                                                 Page(s)   laws, ordinances, regulations or requirements relating to hazardous materials or substances, as those terms are defined  by applicable laws now or hereafter in effect, or any Underlying Documents.  Tenant shall not do or permit anything  to be done in or about the Premises which will in any way damage the reputation of the Project or obstruct or interfere  with the rights of other tenants or occupants of the Building, or injure or annoy them or use or allow the Premises to  be used for any improper, unlawful or objectionable purpose, nor shall Tenant cause, maintain or permit any nuisance  in, on or about the Premises.  Tenant shall comply with, and Tenant's rights and obligations under the Lease and  Tenant's use of the Premises shall be subject and subordinate to, all recorded easements, covenants, conditions, and  restrictions now or hereafter affecting the Project.                                         ARTICLE 6                                                                              SERVICES AND UTILITIES          6.1   Standard  Tenant  Services.   Landlord shall  provide  the  following  services  on  all  days  (unless  otherwise stated below) during the Lease Term.                6.1.1  Subject  to  limitations  imposed  by  all  governmental  rules,  regulations  and  guidelines  applicable thereto, Landlord shall provide heating and air conditioning ("HVAC") when necessary for normal comfort  for normal office use in the Premises from 8:00 A.M. to 6:00 P.M. Monday through Friday (collectively, the "Building  Hours"), except for the date of observation of New Year's Day, President's Day, Independence Day, Labor Day,  Memorial Day, Thanksgiving Day, Christmas Day and, at Landlord's discretion, other locally or nationally recognized  holidays which are observed by other buildings comparable to and in the vicinity of the Building (collectively, the  "Holidays").                6.1.2  Landlord shall provide adequate electrical wiring and facilities for connection to Tenant's  lighting fixtures and incidental use equipment, provided that (i) the connected electrical load of the incidental use  equipment does not exceed an average of five (5) watts per usable square foot of the Premises, calculated during  Building Hours, on a monthly basis, and the electricity so furnished for incidental use equipment will be at a nominal  one hundred twenty (120) volts and no electrical circuit for the supply of such incidental use equipment will require a  current capacity exceeding twenty (20) amperes, and (ii) the connected electrical load of Tenant's lighting fixtures  does not exceed an average of one (1) watt per usable square foot of the Premises, calculated during Building Hours,  upon a monthly basis, and the electricity so furnished for Tenant's lighting will be at a nominal two hundred seventy- seven (277) volts, which electrical usage shall be subject to applicable laws and regulations, including Title 24.   Tenant  shall bear the cost of replacement of lamps, starters and ballasts for non-Building standard lighting fixtures within the  Premises.                6.1.3  Landlord shall provide city water from the regular Building outlets for drinking, lavatory  and toilet purposes in the Building Common Areas and the Premises.                6.1.4  Landlord shall provide janitorial services to the Premises Monday through Friday, except  the date of observation of the Holidays, in and about the Premises and window washing services in a manner consistent  with other comparable buildings in the vicinity of the Building.                6.1.5  Landlord shall provide nonexclusive, non-attended automatic passenger elevator service  during the Building Hours, shall have one elevator available at all other times, including on the Holidays.                6.1.6  Landlord  shall  provide  nonexclusive  freight  elevator  service  subject  to  scheduling  by  Landlord.                6.1.7  Subject to applicable laws and the other provisions of this Lease, and except in the event  of an emergency, Tenant shall have access to the Building, the Premises and the Building Common Areas, other than  common areas requiring access with a Building engineer, twenty-four (24) hours per day, seven (7) days per week,  every day of the year; provided, however, that Tenant shall only be permitted to have access to and use of the Project                                                                                                                                                                           CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               (12)                              [Healthequity, Inc.]   

 

                                                                                 Page(s)   parking areas, freight elevator, loading dock, mailroom and other limited-access areas of the Building during the  normal operating hours of such portions of the Building.          Tenant shall cooperate fully with Landlord at all times and abide by all regulations and requirements that  Landlord may reasonably prescribe for the proper functioning and protection of the HVAC, electrical, mechanical and  plumbing systems servicing the Premises.          6.2   Overstandard Tenant Use.  Tenant shall not, without Landlord's prior written consent, use heat- generating machines, machines other than normal fractional horsepower office machines, or equipment or lighting  other than Building standard lights in the Premises, which may affect the temperature otherwise maintained by the air  conditioning system or increase the water normally furnished for the Premises by Landlord pursuant to the terms of  Section 6.1 of this Lease.  If Tenant uses water, electricity, heat or air conditioning in excess of that supplied by  Landlord pursuant to Section 6.1 of this Lease, Tenant shall pay to Landlord, upon billing, the actual cost of such  excess consumption, the cost of the installation, operation, and maintenance of equipment which is installed in order  to supply such excess consumption, and the cost of the increased wear and tear on existing equipment caused by such  excess consumption; and Landlord may install devices to separately meter any increased use and in such event Tenant  shall  pay  the  increased  cost  directly  to  Landlord, on demand,  at  the  rates  charged by  the public utility  company  furnishing the same, including the cost of installing, testing and maintaining of such additional metering devices.   Tenant's  use of  electricity  shall  never  exceed  the  capacity  of  the  feeders  to  the  Project  or  the  risers  or  wiring  installation, and subject to the terms of Section 29.31, below, Tenant shall not install or use or permit the installation  or use of any computer or electronic data processing equipment in the Premises, without the prior written consent of  Landlord; provided, however, the foregoing restriction shall not apply to general office use of printers and personal  computers on the desktops of Tenant's employees.  If Tenant desires to use heat, ventilation or air conditioning during  hours other than those for which Landlord is obligated to supply such utilities pursuant to the terms of Section 6.1 of  this Lease, Tenant shall give Landlord such prior notice, if any, as Landlord shall from time to time establish as  appropriate, of Tenant's desired use in order to supply such utilities, and Landlord shall supply such utilities to Tenant  at such hourly cost per zone to Tenant (which shall be treated as Additional Rent) as Landlord shall from time to time  establish.   Notwithstanding  any  provision  to  the  contrary  contained  in  this  Lease,  Tenant  shall  pay  to  Landlord,  Landlord's standard charge, for any services provided to Tenant which Landlord is not obligated to provide to Tenant  pursuant to the terms of this Lease.          6.3   Interruption of Use.  Tenant agrees that Landlord shall not be liable for damages, by abatement of  Rent or otherwise, for failure to furnish or delay in furnishing any service (including telephone and telecommunication  services),  or  for  any  diminution  in  the  quality  or  quantity  thereof,  when  such  failure  or  delay  or  diminution  is  occasioned, in whole or in part, by breakage, repairs, replacements, or improvements, by any strike, lockout or other  labor trouble, by inability to secure electricity, gas, water, or other fuel at the Building or Project after reasonable  effort to do so, by any riot or other dangerous condition, emergency, accident or casualty whatsoever, by act or default  of Tenant or other parties, or by any other cause beyond Landlord's reasonable control; and such failures or delays or  diminution  shall  never  be  deemed  to  constitute  an  eviction  or  disturbance  of  Tenant's  use  and  possession  of  the  Premises or relieve Tenant from paying Rent or performing any of its obligations under this Lease.  Furthermore,  Landlord shall not be liable under any circumstances for a loss of, or injury to, property or for injury to, or interference  with, Tenant's business, including, without limitation, loss of profits, however occurring, through or in connection  with or incidental to a failure to furnish any of the services or utilities as set forth in this Article 6.                                         ARTICLE 7                                                                                      REPAIRS          Tenant shall, at Tenant's own expense, keep the Premises, including all improvements, fixtures, furnishings,  and  systems  and  equipment  therein  (including,  without  limitation,  plumbing  fixtures  and  equipment  such  as  dishwashers, garbage disposals, and insta-hot dispensers)  in good order, repair and condition at all times during the  Lease Term.  In addition, Tenant shall, at Tenant's own expense, but under the supervision and subject to the prior  approval of Landlord, and within any reasonable period of time specified by Landlord, promptly and adequately repair  all damage to the Premises and replace or repair all damaged, broken, or worn fixtures and appurtenances, except for  damage caused by ordinary wear and tear or beyond the reasonable control of Tenant; provided however, that, at                                                                                                                                                                          CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               (13)                              [Healthequity, Inc.]   

 

                                                                                 Page(s)   Landlord's  option,  or  if  Tenant  fails  to  make  such  repairs,  Landlord  may,  but  need  not,  make  such  repairs  and  replacements,  and  Tenant  shall  pay  Landlord  the  cost  thereof,  including  a  percentage  of  the  cost  thereof  (to  be  uniformly established for the Building and/or the Project) sufficient to reimburse Landlord for all overhead, general  conditions, fees and other costs or expenses arising from Landlord's involvement with such repairs and replacements  forthwith upon being billed for same.  Notwithstanding the foregoing, Landlord shall be responsible for repairs to the  exterior walls, foundation and roof of the Building, the structural portions of the floors of the Building, and the base  building  systems  and  equipment  of  the  Building,  except  to  the  extent  that  such  repairs  are  required  due  to  the  negligence or willful misconduct of Tenant; provided, however, that if such repairs are due to the negligence or willful  misconduct of Tenant, Landlord shall nevertheless make such repairs at Tenant's expense, or, if covered by Landlord's  insurance, Tenant shall only be obligated to pay any deductible in connection therewith.  Landlord may, but shall not  be required to, enter the Premises at all reasonable times to make such repairs, alterations, improvements or additions  to the Premises or to the Project or to any equipment located in the Project as Landlord shall desire or deem necessary  or as Landlord may be required to do by governmental or quasi-governmental authority or court order or decree.   Tenant hereby waives any and all rights under and benefits of subsection 1 of Section 1932 and Sections 1941 and  1942 of the California Civil Code or under any similar law, statute, or ordinance now or hereafter in effect.                                         ARTICLE 8                                                                            ADDITIONS AND ALTERATIONS          8.1   Landlord's  Consent  to  Alterations.   Tenant  may  not  make  any  improvements,  alterations,  additions or changes to the Premises or any mechanical, plumbing or HVAC facilities or systems pertaining to the  Premises  (collectively,  the  "Alterations")  without  first  procuring  the  prior  written  consent  of  Landlord  to  such  Alterations, which consent shall be requested by Tenant not less than thirty (30) days prior to the commencement  thereof, and which consent shall not be unreasonably withheld by Landlord, provided it shall be deemed reasonable  for Landlord to withhold its consent to any Alteration which adversely affects the structural portions or the systems  or equipment of the Building or is visible from the exterior of the Building.  Notwithstanding the foregoing, Tenant  shall be permitted to make Alterations following ten (10) business days notice to Landlord, but without Landlord's  prior consent, to the extent that such Alterations are decorative only (i.e., installation of carpeting or painting of the  Premises).  The construction of the initial improvements to the Premises shall be governed by the terms of the Tenant  Work Letter and not the terms of this Article 8.            8.2   Manner  of  Construction.   Landlord  may  impose,  as  a  condition  of  its  consent  to  any  and  all  Alterations or repairs of the Premises or about the Premises, such requirements as Landlord in its reasonable discretion  may  deem  desirable,  including,  but  not  limited  to,  the  requirement  that  Tenant  utilize  for  such  purposes  only  contractors,  subcontractors,  materials,  mechanics  and  materialmen  selected  by  Tenant  from  a  list  provided  and  approved by Landlord, the requirement that upon Landlord's request, Tenant shall, at Tenant's expense, remove such  Alterations upon the expiration or any early termination of the Lease Term.  Tenant shall construct such Alterations  and perform such repairs in a good and workmanlike manner, in conformance with any and all applicable federal,  state, county or municipal laws, rules and regulations and pursuant to a valid building permit, issued by the City of  San Mateo, all in conformance with Landlord's construction rules and regulations; provided, however, that prior to  commencing to construct any Alteration, Tenant shall meet with Landlord to discuss Landlord's design parameters  and code compliance issues.  In the event Tenant performs any Alterations in the Premises which require or give rise  to governmentally required changes to the "Base Building," as that term is defined below, then Landlord shall, at  Tenant's expense, make such changes to the Base Building.  The "Base Building" shall include the structural portions  of the Building, and the public restrooms, elevators, exit stairwells and the systems and equipment located in the  internal core of the Building on the floor or floors on which the Premises are located.  In performing the work of any  such Alterations, Tenant shall have the work performed in such manner so as not to obstruct access to the Project or  any portion thereof, by any other tenant of the Project, and so as not to obstruct the business of Landlord or other  tenants in the Project.  Tenant shall not use (and upon notice from Landlord shall cease using) contractors, services,  workmen, labor, materials or equipment that, in Landlord's reasonable judgment, would disturb labor harmony with  the workforce or trades engaged in performing other work, labor or services in or about the Building or the Common  Areas.  In addition to Tenant's obligations under Article 9 of this Lease, upon completion of any Alterations, Tenant  agrees to cause a Notice of Completion to be recorded in the office of the Recorder of the County of San Mateo in  accordance with Section 8182 of the Civil Code of the State of California or any successor statute, and Tenant shall                                                                                                                                                                          CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               (14)                              [Healthequity, Inc.]   

 

                                                                                 Page(s)   deliver to the Project construction manager a reproducible copy of the "as built" drawings of the Alterations as well  as all permits, approvals and other documents issued by any governmental agency in connection with the Alterations.          8.3   Payment for Improvements.  If payment is made by Tenant directly to contractors, Tenant shall  (i) comply with Landlord's requirements for final lien releases and waivers in connection with Tenant's payment for  work to contractors, and (ii) sign Landlord's standard contractor's rules and regulations.  If Tenant orders any work  directly from Landlord, Tenant shall pay to Landlord an amount equal to five percent (5%) of the cost of such work  to compensate Landlord for all overhead, general conditions, fees and other costs and expenses arising from Landlord's  involvement with such work.  If Tenant does not order any work directly from Landlord, Tenant shall reimburse  Landlord for Landlord's  reasonable, actual, out-of-pocket costs and expenses actually incurred in connection with  Landlord's review of such work.  At Landlord's option, prior to the commencement of construction of any Alteration,  Tenant shall provide Landlord with the reasonably anticipated cost thereof, which Landlord shall disburse during  construction pursuant to Landlord's standard, commercially reasonable disbursement procedure.          8.4   Construction Insurance.  In addition to the requirements of Article 10 of this Lease, in the event  that Tenant makes any Alterations, prior to the commencement of such Alterations, Tenant shall provide Landlord  with evidence that Tenant carries or has caused its Contractor to carry "Builder's All Risk" insurance in an amount  approved  by  Landlord  covering  the  construction  of  such  Alterations,  and  such  other  insurance  as  Landlord  may  reasonably require, it being understood and agreed that all of such Alterations shall be insured by Tenant pursuant to  Article 10 of this Lease immediately upon completion thereof.  In addition, Tenant's contractors and subcontractors  shall be required to carry Commercial General Liability insurance in an amount approved by Landlord and otherwise  in accordance with the requirements of Article 10 of this Lease.  Landlord may, in its discretion, require Tenant to  obtain a lien and completion bond or some alternate form of security satisfactory to Landlord in an amount sufficient  to ensure the lien-free completion of such Alterations and naming Landlord as a co-obligee.          8.5   Landlord's Property.  All Alterations, improvements, fixtures, equipment and/or appurtenances  which may be installed or placed in or about the Premises, from time to time, shall be at the sole cost of Tenant and  shall be and become the property of Landlord, except that Tenant may remove any Alterations, improvements, fixtures  and/or equipment which Tenant can substantiate to Landlord have not been paid for with any Tenant improvement  allowance funds provided to Tenant by Landlord, provided Tenant repairs any damage to the Premises and Building  caused  by  such  removal  and returns  the  affected portion of  the Premises  to  a  building  standard  tenant  improved  condition as determined by Landlord; provided, however, that notwithstanding the foregoing, upon request by Tenant  at the time of Tenant's request for Landlord's consent to any Alteration or improvement, Landlord shall notify Tenant  whether  the  applicable  Alteration  or  improvement  will  be  required  to  be  removed  pursuant  to  the  terms  of  this  Section 8.5.  Furthermore, Landlord may, by written notice to Tenant prior to the end of the Lease Term, or given  following any earlier termination of this Lease, require Tenant, at Tenant's expense, to remove any Alterations and/or  improvements and/or  systems  and  equipment  within  the Premises  and  to  repair  any damage  to  the Premises  and  Building caused by such removal and return the affected portion of the Premises to a building standard tenant improved  condition as determined by Landlord.  If Tenant fails to complete such removal and/or to repair any damage caused  by the removal of any Alterations and/or improvements and/or systems and equipment in the Premises and return the  affected  portion  of  the  Premises  to  a  building  standard  tenant  improved  condition  as  reasonably determined  by  Landlord,  Landlord  may  do  so  and  may  charge  the  cost  thereof  to  Tenant.   Tenant  hereby  protects,  defends,  indemnifies and holds Landlord harmless from any liability, cost, obligation, expense or claim of lien in any manner  relating to the installation, placement, removal or financing of any such Alterations, improvements, fixtures and/or  equipment in, on or about the Premises, which obligations of Tenant shall survive the expiration or earlier termination  of this Lease.                                         ARTICLE 9                                                                             COVENANT AGAINST LIENS          Tenant shall keep the Project and Premises free from any liens or encumbrances arising out of the work  performed, materials furnished or obligations incurred by or on behalf of Tenant, and shall protect, defend, indemnify  and hold Landlord harmless from and against any claims, liabilities, judgments or costs (including, without limitation,  reasonable attorneys' fees and costs) arising out of same or in connection therewith.  Tenant shall give Landlord notice                                                                                                                                                                          CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               (15)                              [Healthequity, Inc.]   

 

                                                                                 Page(s)   at least twenty (20) days prior to the commencement of any such work on the Premises (or such additional time as  may be necessary under applicable laws) to afford Landlord the opportunity of posting and recording appropriate  notices of non-responsibility.  Tenant shall remove any such lien or encumbrance by bond or otherwise within ten (10)  business days after notice by Landlord, and if Tenant shall fail to do so, Landlord may pay the amount necessary to  remove such lien or encumbrance, without being responsible for investigating the validity thereof.  The amount so  paid shall be deemed Additional Rent under this Lease payable upon demand, without limitation as to other remedies  available to Landlord under this Lease.  Nothing contained in this Lease shall authorize Tenant to do any act which  shall subject Landlord's title to the Building or Premises to any liens or encumbrances whether claimed by operation  of law or express or implied contract.  Any claim to a lien or encumbrance upon the Building or Premises arising in  connection with any such work or respecting the Premises not performed by or at the request of Landlord shall be null  and void, or at Landlord's option shall attach only against Tenant's interest in the Premises and shall in all respects be  subordinate to Landlord's title to the Project, Building and Premises.                                         ARTICLE 10                                                                                     INSURANCE          10.1  Indemnification and Waiver.  Tenant hereby assumes all risk of damage to property or injury to  persons in, upon or about the Premises from any cause whatsoever (including, but not limited to, any personal injuries  resulting from a slip and fall in, upon or about the Premises) and agrees that Landlord, its partners, subpartners and  their respective officers, agents, servants, employees, and independent contractors (collectively, "Landlord Parties")  shall not be liable for, and are hereby released from any responsibility for, any damage either to person or property or  resulting from the loss of use thereof, which damage is sustained by Tenant or by other persons claiming through  Tenant.  Tenant shall indemnify, defend, protect, and hold harmless the Landlord Parties from any and all loss, cost,  damage, expense and liability (including without limitation court costs and reasonable attorneys' fees) incurred in  connection with or arising from any cause in, on or about the Premises (including, but not limited to, a slip and fall),  any  acts,  omissions  or  negligence  of  Tenant  or  of  any  person  claiming  by,  through  or  under  Tenant,  or  of  the  contractors, agents, servants, employees, invitees, guests or licensees of Tenant or any such person, in, on or about the  Project or any breach of the terms of this Lease, either prior to, during, or after the expiration of the Lease Term,  provided that the terms of the foregoing indemnity shall not apply to the negligence or willful misconduct of Landlord  or any Landlord Parties.  Should Landlord be named as a defendant in any suit brought against Tenant in connection  with or arising out of Tenant's occupancy of the Premises, Tenant shall pay to Landlord its costs and expenses incurred  in such suit, including without limitation, its actual professional fees such as reasonable appraisers', accountants' and  attorneys' fees.  The provisions of this Section 10.1 shall survive the expiration or sooner termination of this Lease  with respect  to  any  claims or  liability  arising  in  connection with  any event  occurring prior  to  such  expiration  or  termination.            10.2  Tenant's Compliance With Landlord's Fire and Casualty Insurance.  Tenant shall, at Tenant's  expense, comply with all insurance company requirements pertaining to the use of the Premises.  If Tenant's conduct  or use of the Premises causes any increase in the premium for such insurance policies then Tenant shall reimburse  Landlord  for  any  such  increase.  Tenant,  at  Tenant's  expense,  shall  comply  with  all  rules,  orders,  regulations  or  requirements of the American Insurance Association (formerly the National Board of Fire Underwriters) and with any  similar body.          10.3  Tenant's  Insurance.   Tenant  shall  maintain  the  following coverages  in  the following  amounts.   Landlord makes no representation or warranty to Tenant that the amount of insurance required to be carried by Tenant  under the terms of this Lease is adequate to fully protect Tenant's interests.  Tenant is encouraged to evaluate its  insurance  needs  and  obtain  whatever  additional  types  or  amounts  of  insurance  that  it  may  deem  desirable  or  appropriate.                 10.3.1 Commercial  General  Liability  Insurance  on  an  occurrence  form  covering  the  insured  against claims of bodily injury, personal injury and property damage (including loss of use thereof) arising out of  Tenant's operations, and contractual liabilities (covering the performance by Tenant of its indemnity agreements)  including a Broad Form endorsement covering the insuring provisions of this Lease and the performance by Tenant                                                                                                                                                                          CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               (16)                              [Healthequity, Inc.]   

 

                                                                                 Page(s)   of the indemnity agreements set forth in Section 10.1 of this Lease and including products and completed operations  coverage for limits of liability on a per location basis of not less than:         Bodily Injury and                       $5,000,000 each occurrence        Property Damage Liability               $5,000,000 annual aggregate         Personal Injury Liability               $5,000,000 each occurrence                                                $5,000,000 annual aggregate                                                Subject to commercially reasonable deductibles                10.3.2 Physical Damage Insurance covering (i) all office furniture, business and trade fixtures,  office equipment, free-standing cabinet work, movable partitions, merchandise and all other items of Tenant's property  on the Premises installed by, for, or at the expense of Tenant, (ii) the "Tenant Improvements," as that term is defined  in the Tenant Work Letter, and any other improvements which exist in the Premises as of the Lease Commencement  Date (excluding the Base Building) (the "Original Improvements"), and (iii) all other improvements, alterations and  additions to the Premises.  Such insurance shall be written on an "all risks" of physical loss or damage basis, for the  full replacement cost value (subject to reasonable deductible amounts) new without deduction for depreciation of the  covered  items  and  in  amounts  that  meet  any  co-insurance  clauses  of  the  policies  of  insurance  and  shall  include  coverage for damage or other loss caused by fire or other peril including, but not limited to, vandalism and malicious  mischief, theft, water damage of any type, including sprinkler leakage, bursting or stoppage of pipes, and explosion,  and providing business interruption coverage for a period of one year.                10.3.3 Worker's Compensation and Employer's Liability or other similar insurance pursuant to all  applicable state and local statutes and regulations.          10.4  Form of Policies.  The minimum limits of policies of insurance required of Tenant under this Lease  shall in no event limit the liability of Tenant under this Lease.  Such insurance shall (i) except with respect to Worker's  Compensation  and  Employer's  Liability, name  Landlord,  and  any  other  party  the  Landlord  so  specifies,  as  an  additional insured, including Landlord's managing agent, if any; (ii) specifically cover the liability assumed by Tenant  under this Lease, including, but not limited to, Tenant's obligations under Section 10.1 of this Lease; (iii) be issued by  an  insurance  company  having  a  rating  of  not  less  than  A-VIII in  Best's  Insurance  Guide  or  which  is  otherwise  acceptable to Landlord and licensed to do business in the State of California; (iv) be primary and non-contributory  insurance  as  to  all  claims  thereunder  and  provide  that  any  insurance  carried  by  Landlord  is  excess  and  is  non- contributing with any insurance requirement of Tenant; (v) be in form and content reasonably acceptable to Landlord;  and (vi) provide that said insurance shall not be canceled or coverage changed unless fifteen (15) days' prior written  notice shall have been given to Landlord and any mortgagee of Landlord.  Tenant shall deliver said policy or policies  or certificates thereof to Landlord on or before the Lease Commencement Date and at least thirty (30) days before the  expiration dates thereof.  Further, Landlord shall have the right, from time to time, to request copies of policies of  Tenant's insurance required hereunder, which Tenant shall thereafter provide within ten (10) business days.  In the  event Tenant shall fail to procure such insurance, or to deliver such policies or certificate, Landlord may, at its option,  procure such policies for the account of Tenant, and the cost thereof shall be paid to Landlord within five (5) days  after delivery to Tenant of bills therefor.          10.5  Subrogation.  Landlord and Tenant intend that their respective property loss risks shall be borne by  reasonable insurance carriers to the extent above provided, and Landlord and Tenant hereby agree to look solely to,  and seek recovery only from, their respective insurance carriers in the event of a property loss to the extent that such  coverage is agreed to be provided hereunder.  The parties each hereby waive all rights and claims against each other  for such losses, and waive all rights of subrogation of their respective insurers, provided such waiver of subrogation  shall not affect the right to the insured to recover thereunder.  The parties agree that their respective insurance policies  are now, or shall be, endorsed such that the waiver of subrogation shall not affect the right of the insured to recover  thereunder, so long as no material additional premium is charged therefor.          10.6  Additional Insurance Obligations.  Tenant shall carry and maintain during the entire Lease Term,  at Tenant's sole cost and expense, increased amounts of the insurance required to be carried by Tenant pursuant to this  Article  10 and  such  other  reasonable  types  of  insurance  coverage  and  in  such  reasonable  amounts  covering  the                                                                                                                                                                          CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               (17)                              [Healthequity, Inc.]   

 

                                                                                 Page(s)   Premises and Tenant's operations therein, as may be reasonably requested by Landlord, but in no event in excess of  the amounts and types of insurance then being required by landlords of buildings comparable to and in the vicinity of  the Building.                                         ARTICLE 11                                                                             DAMAGE AND DESTRUCTION          11.1  Repair  of  Damage  to  Premises  by  Landlord.   Tenant  shall  promptly  notify  Landlord  of  any  damage to the Premises resulting from fire or any other casualty.  If the Premises or any Common Areas serving or  providing access to the Premises shall be damaged by fire or other casualty, Landlord shall promptly and diligently,  subject to reasonable delays for insurance adjustment or other matters beyond Landlord's reasonable control, and  subject to all other terms of this Article 11, restore the Base Building and such Common Areas.  Such restoration shall  be to substantially the same condition of the Base Building and the Common Areas prior to the casualty, except for  modifications required by zoning and building codes and other laws or by the holder of a mortgage on the Building or  Project or any other modifications to the Common Areas deemed desirable by Landlord, which are consistent with the  character of the Project, provided that access to the Premises and any common restrooms serving the Premises shall  not be materially impaired.  Upon the occurrence of any damage to the Premises, upon notice (the "Landlord Repair  Notice")  to  Tenant  from  Landlord,  Tenant  shall  assign  to  Landlord  (or  to  any  party  designated  by  Landlord)  all  insurance  proceeds  payable  to  Tenant  under  Tenant's  insurance  required  under Section 10.3 of  this  Lease,  and  Landlord shall repair any injury or damage to the Tenant Improvements and the Original Improvements installed in  the  Premises  and  shall  return  such  Tenant  Improvements  and  Original  Improvements  to  their  original  condition;  provided that if the cost of such repair by Landlord exceeds the amount of insurance proceeds received by Landlord  from Tenant's insurance carrier, as assigned by Tenant, the cost of such repairs shall be paid by Tenant to Landlord  prior to Landlord's commencement of repair of the damage.  In the event that Landlord does not deliver the Landlord  Repair Notice within sixty (60) days following the date the casualty becomes known to Landlord, Tenant shall, at its  sole  cost  and  expense,  repair  any  injury  or  damage  to  the  Tenant  Improvements  and  the  Original  Improvements  installed in the Premises and shall return such Tenant Improvements and Original Improvements to their original  condition.  Whether or not Landlord delivers a Landlord Repair Notice, prior to the commencement of construction,  Tenant shall submit to Landlord, for Landlord's review and approval, all plans, specifications and working drawings  relating thereto, and Landlord shall select the contractors to perform such improvement work.  Landlord shall not be  liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant's business resulting in any way  from such damage or the repair thereof; provided however, that if such fire or other casualty shall have damaged the  Premises or Common Areas necessary to Tenant's occupancy, and the Premises are not occupied by Tenant as a result  thereof, then during the time and to the extent the Premises are unfit for occupancy, the Rent shall be abated in  proportion to the ratio that the amount of rentable square feet of the Premises which is unfit for occupancy for the  purposes permitted under this Lease bears to the total rentable square feet of the Premises.  In the event that Landlord  shall not deliver the Landlord Repair Notice, Tenant's right to rent abatement pursuant to the preceding sentence shall  terminate as of the date which is reasonably determined by Landlord to be the date Tenant should have completed  repairs to the Premises assuming Tenant used reasonable due diligence in connection therewith.          11.2  Landlord's Option to Repair.  Notwithstanding the terms of Section 11.1 of this Lease, Landlord  may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by  notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such  notice to include a termination date giving Tenant sixty (60) days to vacate the Premises, but Landlord may so elect  only if the Building or Project shall be damaged by fire or other casualty or cause, whether or not the Premises are  affected, and one or more of the following conditions is present: (i) in Landlord's reasonable judgment, repairs cannot  reasonably be completed within one hundred eighty (180) days after the date of discovery of the damage (when such  repairs are made without the payment of overtime or other premiums); (ii) the holder of any mortgage on the Building  or Project or ground lessor with respect to the Building or Project shall require that the insurance proceeds or any  portion thereof be used to retire the mortgage debt, or shall terminate the ground lease, as the case may be; (iii) the  damage is not fully covered by Landlord's insurance policies; (iv) Landlord decides to rebuild the Building or Common  Areas so that they will be substantially different structurally or architecturally; (v) the damage occurs during the last  twelve (12) months of the Lease Term; or (vi) any owner of any other portion of the Project, other than Landlord, does  not intend to repair the damage to such portion of the Project; provided, however, that if Landlord does not elect to                                                                                                                                                                          CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               (18)                              [Healthequity, Inc.]   

 

                                                                                 Page(s)   terminate  this  Lease  pursuant  to  Landlord's  termination  right  as  provided  above,  and  the  repairs  cannot,  in  the  reasonable opinion of Landlord, be completed within one hundred eighty (180) days after being commenced, Tenant  may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date  of such damage, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice,  which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by  Tenant.  Notwithstanding the provisions of this Section 11.2, Tenant shall have the right to terminate this Lease under  this Section 11.2 only if each of the following conditions is satisfied: (a) the damage to the Project by fire or other  casualty was not caused by the gross negligence or intentional act of Tenant or its partners or subpartners and their  respective officers, agents, servants, employees, and independent contractors; (b) Tenant is not then in default under  this Lease; (c) as a result of the damage, Tenant cannot reasonably conduct business from the Premises; and, (d) as a  result of the damage to the Project, Tenant does not occupy or use the Premises at all.          11.3  Waiver of Statutory Provisions.  The provisions of this Lease, including this Article 11, constitute  an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any  part of the Premises, the Building or the Project, and any statute or regulation of the State of California, including,  without limitation, Sections 1932(2) and 1933(4) of the California Civil Code, with respect to any rights or obligations  concerning damage or destruction in the absence of an express agreement between the parties, and any other statute  or regulation, now or hereafter in effect, shall have no application to this Lease or any damage or destruction to all or  any part of the Premises, the Building or the Project.                                         ARTICLE 12                                                                                    NONWAIVER          No provision of this Lease shall be deemed waived by either party hereto unless expressly waived in a writing  signed thereby.  The waiver by either party hereto of any breach of any term, covenant or condition herein contained  shall not be deemed to be a waiver of any subsequent breach of same or any other term, covenant or condition herein  contained.  The subsequent acceptance of Rent hereunder by Landlord shall not be deemed to be a waiver of any  preceding breach by Tenant of any term, covenant or condition of this Lease, other than the failure of Tenant to pay  the particular Rent so accepted, regardless of Landlord's knowledge of such preceding breach at the time of acceptance  of such Rent.  No acceptance of a lesser amount than the Rent herein stipulated shall be deemed a waiver of Landlord's  right to receive the full amount due, nor shall any endorsement or statement on any check or payment or any letter  accompanying such check or payment be deemed an accord and satisfaction, and Landlord may accept such check or  payment without prejudice to Landlord's right to recover the full amount due.  No receipt of monies by Landlord from  Tenant after the termination of this Lease shall in any way alter the length of the Lease Term or of Tenant's right of  possession hereunder, or after the giving of any notice shall reinstate, continue or extend the Lease Term or affect any  notice  given  Tenant  prior  to  the  receipt  of  such  monies,  it  being  agreed  that  after  the  service  of  notice  or  the  commencement of a suit, or after final judgment for possession of the Premises, Landlord may receive and collect any  Rent due, and the payment of said Rent shall not waive or affect said notice, suit or judgment.                                         ARTICLE 13                                                                                  CONDEMNATION          If the whole or any part of the Premises, Building or Project shall be taken by power of eminent domain or  condemned by any competent authority for any public or quasi-public use or purpose, or if any adjacent property or  street shall be so taken or condemned, or reconfigured or vacated by such authority in such manner as to require the  use, reconstruction or remodeling of any part of the Premises, Building or Project, or if Landlord shall grant a deed or  other  instrument  in  lieu  of  such  taking  by  eminent  domain  or  condemnation,  Landlord  shall  have  the  option  to  terminate this Lease effective as of the date possession is required to be surrendered to the authority.  If more than  twenty-five  percent  (25%)  of  the  rentable  square  feet  of  the  Premises  is  taken, or  if  access  to  the  Premises  is  substantially impaired, in each case for a period in excess of one hundred eighty (180) days, Tenant shall have the  option to terminate this Lease effective as of the date possession is required to be surrendered to the authority.  Tenant  shall not because of such taking assert any claim against Landlord or the authority for any compensation because of  such taking and Landlord shall be entitled to the entire award or payment in connection therewith, except that Tenant                                                                                                                                                                          CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               (19)                              [Healthequity, Inc.]   

 

                                                                                 Page(s)   shall have the right to file any separate claim available to Tenant for any taking of Tenant's personal property and  fixtures belonging to Tenant and removable by Tenant upon expiration of the Lease Term pursuant to the terms of this  Lease, and for moving expenses, so long as such claims do not diminish the award available to Landlord, its ground  lessor with respect to the Building or Project or its mortgagee, and such claim is payable separately to Tenant.  All  Rent shall be apportioned as of the date of such termination.  If any part of the Premises shall be taken, and this Lease  shall not be so terminated, the Rent shall be proportionately abated.  Tenant hereby waives any and all rights it might  otherwise have pursuant to Section 1265.130 of The California Code of Civil Procedure.  Notwithstanding anything  to the contrary contained in this Article 13, in the event of a temporary taking of all or any portion of the Premises for  a period of one hundred and eighty (180) days or less, then this Lease shall not terminate but the Base Rent and the  Additional Rent shall be abated for the period of such taking in proportion to the ratio that the amount of rentable  square feet of the Premises taken bears to the total rentable square feet of the Premises.  Landlord shall be entitled to  receive the entire award made in connection with any such temporary taking.                                         ARTICLE 14                                                                           ASSIGNMENT AND SUBLETTING          14.1  Transfers.   Tenant  shall  not,  without  the  prior  written  consent  of  Landlord,  assign,  mortgage,  pledge,  hypothecate,  encumber,  or  permit  any  lien  to  attach  to,  or  otherwise  transfer,  this  Lease  or  any  interest  hereunder, permit any assignment, or other transfer of this Lease or any interest hereunder by operation of law, sublet  the Premises or any part thereof, or enter into any license or concession agreements or otherwise permit the occupancy  or use of the Premises or any part thereof by any persons other than Tenant and its employees and contractors (all of  the foregoing are hereinafter sometimes referred to collectively as "Transfers" and any person to whom any Transfer  is made or sought to be made is hereinafter sometimes referred to as a "Transferee").  If Tenant desires Landlord's  consent to any Transfer, Tenant shall notify Landlord in writing, which notice (the "Transfer Notice") shall include  (i) the proposed effective date of the Transfer, which shall not be less than thirty (30) days nor more than one hundred  eighty (180) days after the date of delivery of the Transfer Notice, (ii) a description of the portion of the Premises to  be transferred (the "Subject Space"), (iii) all of the terms of the proposed Transfer and the consideration therefor,  including calculation of the "Transfer Premium", as that term is defined in Section 14.3 below, in connection with  such Transfer, the name and address of the proposed Transferee, and a copy of all existing executed and/or proposed  documentation  pertaining  to  the  proposed  Transfer,  including  all  existing  operative  documents  to  be  executed  to  evidence such Transfer or the agreements incidental or related to such Transfer, provided that Landlord shall have the  right to require Tenant to utilize Landlord's standard Transfer documents in connection with the documentation of  such Transfer, (iv) current financial statements of the proposed Transferee certified by an officer, partner or owner  thereof, business credit and personal references and history of the proposed Transferee and any other information  reasonably required by Landlord which will enable Landlord to determine the financial responsibility, character, and  reputation of the proposed Transferee, nature of such Transferee's business and proposed use of the Subject Space,  and (v) an executed estoppel certificate from Tenant in the form attached hereto as Exhibit E.  Any Transfer made  without  Landlord's  prior  written  consent  shall,  at  Landlord's  option,  be  null,  void  and  of  no  effect,  and  shall,  at  Landlord's option, constitute a default by Tenant under this Lease.  Whether or not Landlord consents to any proposed  Transfer, Tenant shall pay Landlord's reasonable review and processing fees, as well as any reasonable professional  fees (including, without limitation, attorneys', accountants', architects', engineers' and consultants' fees) incurred by  Landlord, not to exceed $3,000.00 for a Transfer in the ordinary course of business, within thirty (30) days after written  request by Landlord.          14.2  Landlord's  Consent.   Landlord  shall  not  unreasonably  withhold  or  delay  its  consent  to  any  proposed Transfer of the Subject Space to the Transferee on the terms specified in the Transfer Notice.  Without  limitation as to other reasonable grounds for withholding consent, the parties hereby agree that it shall be reasonable  under this Lease and under any applicable law for Landlord to withhold consent to any proposed Transfer where one  or more of the following apply:                14.2.1 The  Transferee  is  of  a  character  or  reputation  or  engaged  in  a  business  which  is  not  consistent with the quality of the Building or the Project;                                                                                                                                                                           CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               (20)                              [Healthequity, Inc.]   

 

                                                                                 Page(s)                14.2.2 The Transferee intends to use the Subject Space for purposes which are not permitted under  this Lease;                14.2.3 The Transferee is either a governmental agency or instrumentality thereof or a non-profit  organization;                14.2.4 The Transferee is not a party of reasonable financial worth and/or financial stability in light  of the responsibilities to be undertaken in connection with the Transfer on the date consent is requested;                14.2.5 The proposed Transfer would cause a violation of another lease for space in the Project, or  would give an occupant of the Project a right to cancel its lease; or                14.2.6 Either  the  proposed  Transferee,  or  any  person  or  entity  which  directly  or  indirectly,  controls, is controlled by, or is under common control with, the proposed Transferee, (i) occupies space in the Project  at the time of the request  (provided, however, that Landlord may not withhold its consent to an assignment or a  sublease pursuant to the terms of this Section 14.2.6(i) to the extent Landlord cannot meet such occupant’s space  needs) for consent, or (ii) is negotiating with Landlord or has negotiated with Landlord during the six (6) month period  immediately preceding the date Landlord receives the Transfer Notice, to lease space in the Project.          If Landlord consents to any Transfer pursuant to the terms of this Section 14.2 (and does not exercise any  recapture  rights  Landlord  may  have  under Section 14.4 of  this  Lease),  Tenant  may  within  six  (6)  months  after  Landlord's consent, but not later than the expiration of said six-month period, enter into such Transfer of the Premises  or portion thereof, upon substantially the same terms and conditions as are set forth in the Transfer Notice furnished  by Tenant to Landlord pursuant to Section 14.1 of this Lease, provided that if there are any material changes in the  terms and conditions from those specified in the Transfer Notice (i) such that Landlord would initially have been  entitled to refuse its consent to such Transfer under this Section 14.2, or (ii) which would cause the proposed Transfer  to be more favorable to the Transferee than the terms set forth in Tenant's original Transfer Notice, Tenant shall again  submit the Transfer to Landlord for its approval and other action under this Article 14 (including Landlord's right of  recapture, if any, under Section 14.4 of this Lease).  Notwithstanding anything to the contrary in this Lease, if Tenant  or any proposed Transferee claims that Landlord has unreasonably withheld or delayed its consent under Section 14.2  or otherwise has breached or acted unreasonably under this Article 14, their sole remedies shall be a suit for contract  damages (other than damages for injury to, or interference with, Tenant's business including, without limitation, loss  of profits, however occurring) or declaratory judgment and an injunction for the relief sought, and Tenant hereby  waives all other remedies, including, without limitation, any right at law or equity to terminate this Lease, on its own  behalf and, to the extent permitted under all applicable laws, on behalf of the proposed Transferee.          14.3  Transfer Premium.  If Landlord consents to a Transfer, as a condition thereto which the parties  hereby agree is reasonable, Tenant shall pay to Landlord fifty percent (50%) of any "Transfer Premium," as that  term is defined in this Section 14.3, received by Tenant from such Transferee.  "Transfer Premium" shall mean all  rent, additional rent or other consideration payable by such Transferee in connection with the Transfer in excess of  the Rent and Additional Rent payable by Tenant under this Lease during the term of the Transfer on a per rentable  square foot basis if less than all of the Premises is transferred, after deducting the reasonable expenses incurred by  Tenant for (i) any changes, alterations and improvements to the Premises in connection with the Transfer, (ii) any free  base rent reasonably provided to the Transferee in connection with the Transfer (provided that such free rent shall be  deducted only to the extent the same is included in the calculation of total consideration payable by such Transferee),  and  (iii) any  brokerage  commissions  in  connection  with  the  Transfer  and  (iv)  legal  fees  reasonably  incurred  in  connection with the Transfer (collectively, "Tenant's Subleasing Costs").  "Transfer Premium" shall also include,  but not be limited to, key money, bonus money or other cash consideration paid by Transferee to Tenant in connection  with such Transfer, and any payment in excess of fair market value for services rendered by Tenant to Transferee or  for assets, fixtures, inventory, equipment, or furniture transferred by Tenant to Transferee in connection with such  Transfer.  The determination of the amount of Landlord's applicable share of the Transfer Premium shall be made on  a monthly basis as rent or other consideration is received by Tenant under the Transfer.  For purposes of calculating  the Transfer Premium on a monthly basis, Tenant's Subleasing Costs shall be deemed to be expended by Tenant in  equal monthly amounts over the entire term of the Transfer.                                                                                                                                                                          CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               (21)                              [Healthequity, Inc.]   

 

                                                                                 Page(s)          14.4  Landlord's Option as to Subject Space.  Notwithstanding anything to the contrary contained in  this Article 14, in the event Tenant contemplates a Transfer of all or a portion of the Premises, Tenant shall give  Landlord notice (the "Intention to Transfer Notice") of such contemplated Transfer (whether or not the contemplated  Transferee or the terms of such contemplated Transfer have been determined).  The Intention to Transfer Notice shall  specify  the portion of  and  amount of rentable  square feet  of  the Premises  which Tenant intends  to  Transfer (the  "Contemplated  Transfer  Space"),  the  contemplated  date  of  commencement  of  the  contemplated  Transfer  (the  "Contemplated Effective Date"), and the contemplated length of the term of such contemplated Transfer, and shall  specify that such Intention to Transfer Notice is delivered to Landlord pursuant to this Section 14.4 in order to allow  Landlord to elect to recapture the Contemplated Transfer Space.  Thereafter, Landlord shall have the option, by giving  written notice to Tenant within fifteen (15) days after receipt of any Intention to Transfer Notice, to recapture the  Contemplated Transfer Space.  Such recapture shall cancel and terminate this Lease with respect to such Contemplated  Transfer Space as of the Contemplated Effective Date.  In the event of a recapture by Landlord, if this Lease shall be  canceled with respect to less than the entire Premises, the Rent reserved herein shall be prorated on the basis of the  number of rentable square feet retained by Tenant in proportion to the number of rentable square feet contained in the  Premises, and this Lease as so amended shall continue thereafter in full force and effect, and upon request of either  party, the parties shall execute written confirmation of the same.  If Landlord declines, or fails to elect in a timely  manner, to recapture such Contemplated Transfer Space under this Section 14.4, then, subject to the other terms of  this Article 14, for a period of nine (9) months (the "Nine Month Period") commencing on the last day of such fifteen  (15) day period, Landlord shall not have any right to recapture the Contemplated Transfer Space with respect to any  Transfer made during the Nine Month Period, provided that any such Transfer is substantially on the terms set forth  in the Intention to Transfer Notice, and provided further that any such Transfer shall be subject to the remaining terms  of this Article 14.  If such a Transfer is not so consummated within the Nine Month Period (or if a Transfer is so  consummated,  then  upon  the  expiration  of  the  term  of  any  Transfer  of  such  Contemplated  Transfer  Space  consummated within such Nine Month Period), Tenant shall again be required to submit a new Intention to Transfer  Notice to Landlord with respect any contemplated Transfer, as provided above in this Section 14.4.          14.5  Effect of Transfer.  If Landlord consents to a Transfer, (i) the terms and conditions of this Lease  shall in no way be deemed to have been waived or modified, (ii) such consent shall not be deemed consent to any  further Transfer by either Tenant or a Transferee, (iii) Tenant shall deliver to Landlord, promptly after execution, an  original executed copy of all documentation pertaining to the Transfer in form reasonably acceptable to Landlord, (iv)  Tenant  shall  furnish  upon  Landlord's  request  a  complete  statement,  certified  by  an  independent  certified  public  accountant, or Tenant's chief financial officer, setting forth in detail the computation of any Transfer Premium Tenant  has derived and shall derive from such Transfer, and (v) no Transfer relating to this Lease or agreement entered into  with respect thereto, whether with or without Landlord's consent, shall relieve Tenant or any guarantor of the Lease  from any liability under this Lease, including, without limitation, in connection with the Subject Space.  In the event  that Tenant subleases all or any portion of the Premises in accordance with the terms of this Article 14, Tenant shall  cause such subtenant to carry and maintain the same insurance coverage terms and limits as are required of Tenant, in  accordance with the terms of Article 10 of this Lease.  Landlord or its authorized representatives shall have the right  at all reasonable times to audit the books, records and papers of Tenant relating to any Transfer, and shall have the  right to make copies thereof.  If the Transfer Premium respecting any Transfer shall be found understated, Tenant  shall, within thirty (30) days after demand, pay the deficiency, and if understated by more than two percent (2%),  Tenant shall pay Landlord's costs of such audit.          14.6  Additional Transfers.  For purposes of this Lease, the term "Transfer" shall also include (i) if  Tenant is a partnership, the withdrawal or change, voluntary, involuntary or by operation of law, of fifty percent (50%)  or more of the partners, or transfer of fifty percent (50%) or more of partnership interests, within a twelve (12)-month  period, or the dissolution of the partnership without immediate reconstitution thereof, and (ii) if Tenant is a closely  held corporation (i.e., whose stock is not publicly held and not traded through an exchange or over the counter), (A)  the dissolution, merger, consolidation or other reorganization of Tenant or (B) the sale or other transfer of an aggregate  of fifty percent (50%) or more of the voting shares of Tenant (other than to immediate family members by reason of  gift or death), within a twelve (12)-month period, or (C) the sale, mortgage, hypothecation or pledge of an aggregate  of fifty percent (50%) or more of the value of the unencumbered assets of Tenant within a twelve (12)-month period.          14.7  Occurrence of Default.  Any Transfer hereunder shall be subordinate and subject to the provisions  of this Lease, and if this Lease shall be terminated during the term of any Transfer, Landlord shall have the right to:                                                                                                                                                                           CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               (22)                              [Healthequity, Inc.]   

 

                                                                                 Page(s)   (i) treat such Transfer as cancelled and repossess the Subject Space by any lawful means, or (ii) require that such  Transferee attorn to and recognize Landlord as its landlord under any such Transfer.  If Tenant shall be in default  under this Lease, Landlord is hereby irrevocably authorized, as Tenant's agent and attorney-in-fact, to direct any  Transferee to make all payments under or in connection with the Transfer directly to Landlord (which Landlord shall  apply towards Tenant's obligations under this Lease) until such default is cured.  Such Transferee shall rely on any  representation by Landlord that Tenant is in default hereunder, without any need for confirmation thereof by Tenant.   Upon any assignment, the assignee shall assume in writing all obligations and covenants of Tenant thereafter to be  performed or observed under this Lease.  No collection or acceptance of rent by Landlord from any Transferee shall  be deemed a waiver of any provision of this Article 14 or the approval of any Transferee or a release of Tenant from  any obligation under this Lease, whether theretofore or thereafter accruing.  In no event shall Landlord's enforcement  of any provision of this Lease against any Transferee be deemed a waiver of Landlord's right to enforce any term of  this Lease against Tenant or any other person.  If Tenant's obligations hereunder have been guaranteed, Landlord's  consent to any Transfer shall not be effective unless the guarantor also consents to such Transfer.          14.8  Non-Transfers.   Notwithstanding  anything  to  the  contrary  contained  in  this Article 14,  an  assignment or subletting of all or a portion of the Premises to an affiliate of Tenant (an entity which is controlled by,  controls, or is under common control with, Tenant), shall not be deemed a Transfer under this Article 14, provided  that Tenant notifies Landlord of any such assignment or sublease and promptly supplies Landlord with any documents  or information requested by Landlord regarding such assignment or sublease or such affiliate, and further provided  that such assignment or sublease is not a subterfuge by Tenant to avoid its obligations under this Lease.  "Control,"  as used in this Section 14.8, shall mean the ownership, directly or indirectly, of at least fifty-one percent (51%) of the  voting securities of, or possession of the right to vote, in the ordinary direction of its affairs, of at least fifty-one percent  (51%) of the voting interest in, any person or entity.                                         ARTICLE 15                                                                     SURRENDER OF PREMISES; OWNERSHIP AND                               REMOVAL OF TRADE FIXTURES          15.1  Surrender of Premises.  No act or thing done by Landlord or any agent or employee of Landlord  during the Lease Term shall be deemed to constitute an acceptance by Landlord of a surrender of the Premises unless  such intent is specifically acknowledged in writing by Landlord.  The delivery of keys to the Premises to Landlord or  any agent or employee of Landlord shall not constitute a surrender of the Premises or effect a termination of this  Lease, whether or not the keys are thereafter retained by Landlord, and notwithstanding such delivery Tenant shall be  entitled to the return of such keys at any reasonable time upon request until this Lease shall have been properly  terminated.  The voluntary or other surrender of this Lease by Tenant, whether accepted by Landlord or not, or a  mutual termination hereof, shall not work a merger, and at the option of Landlord shall operate as an assignment to  Landlord  of  all  subleases  or  subtenancies  affecting  the  Premises  or  terminate  any  or  all  such  sublessees  or  subtenancies.          15.2  Removal of Tenant Property by Tenant.  Upon the expiration of the Lease Term, or upon any  earlier termination of this Lease, Tenant shall, subject to the provisions of this Article 15, quit and surrender possession  of the Premises to Landlord in as good order and condition as when Tenant took possession and as thereafter improved  by Landlord and/or Tenant, reasonable wear and tear and repairs which are specifically made the responsibility of  Landlord  hereunder  excepted.   Upon  such  expiration  or  termination,  Tenant  shall,  without  expense  to  Landlord,  remove or cause to be removed from the Premises all debris and rubbish, and such items of furniture, equipment,  business and trade fixtures, free-standing cabinet work, movable partitions and other articles of personal property  owned by Tenant or installed or placed by Tenant at its expense in the Premises, and such similar articles of any other  persons claiming under Tenant, as Landlord may, in its sole discretion, require to be removed, and Tenant shall repair  at its own expense all damage to the Premises and Building resulting from such removal.                                                                                                                                                                           CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               (23)                              [Healthequity, Inc.]   

 

                                                                                 Page(s)                                         ARTICLE 16                                                                                   HOLDING OVER          If Tenant holds over after the expiration of the Lease Term or earlier termination thereof, such tenancy shall  be a tenancy-at-sufferance, and shall not constitute a renewal hereof or an extension for any further term, and in such  case Rent shall be payable at a daily rate equal to the product of (i) the daily Rent applicable during the last rental  period  of  the Lease  Term  under  this  Lease,  and  (ii)  a percentage  equal  to 150%  during  the first  two  (2)  months  immediately following the expiration or earlier termination of the Lease Term, and 200% thereafter.  Such tenancy  shall be subject to every other applicable term, covenant and agreement contained herein.  Nothing contained in this  Article 16 shall be construed as consent by Landlord to any holding over by Tenant, and Landlord expressly reserves  the right to require Tenant to surrender possession of the Premises to Landlord as provided in this Lease upon the  expiration or other termination of this Lease.  If Tenant holds over without Landlord's express written consent, and  tenders payment of rent for any period beyond the expiration of the Lease Term by way of check (whether directly to  Landlord, its agents, or to a lock box) or wire transfer, Tenant acknowledges and agrees that the cashing of such check  or acceptance of such wire shall be considered inadvertent and not be construed as creating a month-to-month tenancy,  provided Landlord refunds such payment to Tenant promptly upon learning that such check has been cashed or wire  transfer received. The provisions of this Article 16 shall not be deemed to limit or constitute a waiver of any other  rights or remedies of Landlord provided herein or at law.  If Tenant fails to surrender the Premises upon the termination  or expiration of this Lease, in addition to any other liabilities to Landlord accruing therefrom, Tenant shall protect,  defend, indemnify and hold Landlord harmless from all loss, costs (including reasonable attorneys' fees) and liability  resulting  from  such  failure,  including,  without  limiting  the  generality  of  the  foregoing,  any  claims  made  by  any  succeeding tenant founded upon such failure to surrender and any lost profits to Landlord resulting therefrom.  Tenant  agrees that any proceedings necessary to recover possession of the Premises, whether before or after expiration of the  Lease Term, shall be considered an action to enforce the terms of this Lease for purposes of the awarding of any  attorney’s fees in connection therewith.                                         ARTICLE 17                                                                              ESTOPPEL CERTIFICATES          Within ten (10) business days following a request in writing by Landlord, Tenant shall execute, acknowledge  and deliver to Landlord an estoppel certificate, which, as submitted by Landlord, shall be substantially in the form of  Exhibit E, attached hereto (or such other form as may be required by any prospective mortgagee or purchaser of the  Project, or any portion thereof), indicating therein any exceptions thereto that may exist at that time, and shall also  contain any other information reasonably requested by Landlord or Landlord's mortgagee or prospective mortgagee.   Any such certificate may be relied upon by any prospective mortgagee or purchaser of all or any portion of the Project.   Tenant shall execute and deliver whatever other instruments may be reasonably required for such purposes.  At any  time during the Lease Term, Landlord may require Tenant to provide Landlord with a current financial statement and  financial statements of the two (2) years prior to the current financial statement year.  Such statements shall be prepared  in accordance with generally accepted accounting principles and, if such is the normal practice of Tenant, shall be  audited by an independent certified public accountant.  Failure of Tenant to timely execute, acknowledge and deliver  such estoppel certificate or other instruments shall constitute an acceptance of the Premises and an acknowledgment  by Tenant that statements included in the estoppel certificate are true and correct, without exception.  Notwithstanding  the foregoing, in the event that (i) stock in the entity which constitutes Tenant under this Lease (as opposed to an entity  that "controls" Tenant or is otherwise an "affiliate" of Tenant, as those terms are defined in Section 14.8 of this Lease)  is publicly traded on a national stock exchange, and (ii) Tenant has its own, separate and distinct 10K and 10Q filing  requirements (as opposed joint or cumulative filings with an entity that controls Tenant or with entities which are  otherwise Affiliates of Tenant), then Tenant's obligation to provide Landlord with a copy of its most recent current  financial statement shall be deemed satisfied.                                                                                                                                                                           CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               (24)                              [Healthequity, Inc.]   

 

                                                                                 Page(s)                                         ARTICLE 18                                                                                  SUBORDINATION          This Lease shall be subject and subordinate to all present and future ground or underlying leases of the  Building or Project and to the lien of any mortgage, trust deed or other encumbrances now or hereafter in force against  the Building or Project or any part thereof, if any, and to all renewals, extensions, modifications, consolidations and  replacements thereof, and to all advances made or hereafter to be made upon the security of such mortgages or trust  deeds, unless the holders of such mortgages, trust deeds or other encumbrances, or the lessors under such ground lease  or underlying leases, require in writing that this Lease be superior thereto.  Tenant covenants and agrees in the event  any proceedings are brought for the foreclosure of any such mortgage or deed in lieu thereof (or if any ground lease  is  terminated),  to  attorn,  without  any  deductions  or  set-offs  whatsoever,  to  the  lienholder  or  purchaser  or  any  successors thereto upon any such foreclosure sale or deed in lieu thereof (or to the ground lessor), if so requested to  do so by such purchaser or lienholder or ground lessor, and to recognize such purchaser or lienholder or ground lessor  as the lessor under this Lease, provided such lienholder or purchaser or ground lessor shall agree to accept this Lease  and not disturb Tenant's occupancy, so long as Tenant timely pays the rent and observes and performs the terms,  covenants and conditions of this Lease to be observed and performed by Tenant.  Landlord's interest herein may be  assigned as security at any time to any lienholder.  Tenant shall, within ten (10) days of request by Landlord, execute  such  further  instruments  or  assurances  as  Landlord  may  reasonably  deem  necessary  to  evidence  or  confirm  the  subordination or superiority of this Lease to any such mortgages, trust deeds, ground leases or underlying leases.   Tenant waives the provisions of any current or future statute, rule or law which may give or purport to give Tenant  any right or election to terminate or otherwise adversely affect this Lease and the obligations of the Tenant hereunder  in the event of any foreclosure proceeding or sale.                                         ARTICLE 19                                                                                DEFAULTS; REMEDIES          19.1  Events of Default.  The occurrence of any of the following shall constitute a default of this Lease  by Tenant:                19.1.1 Any failure by Tenant to pay any Rent or any other charge required to be paid under this  Lease, or any part thereof, when due unless such failure is cured within five (5) business days after the date due; or                19.1.2 Except where a specific time period is otherwise set forth for Tenant's performance in this  Lease, in which event the failure to perform by Tenant within such time period shall be a default by Tenant under this  Section 19.1.2, any failure by Tenant to observe or perform any other provision, covenant or condition of this Lease  to be observed or performed by Tenant where such failure continues for thirty (30) days after written notice thereof  from Landlord to Tenant; provided that if the nature of such default is such that the same cannot reasonably be cured  within a thirty (30) day period, Tenant shall not be deemed to be in default if it diligently commences such cure within  such period and thereafter diligently proceeds to rectify and cure such default; or                19.1.3 Abandonment pursuant to Applicable Law of the Premises by Tenant; or                19.1.4 The failure by Tenant to observe or perform according to the provisions of Articles 5, 14,  17 or 18 of this Lease where such failure continues for more than two (2) business days after notice from Landlord;  or                19.1.5 Tenant's failure to occupy the Premises within thirty (30) business days after the Lease  Commencement Date.          The notice periods provided herein are in lieu of, and not in addition to, any notice periods provided by law.                                                                                                                                                                           CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               (25)                              [Healthequity, Inc.]   

 

                                                                                 Page(s)          19.2  Remedies Upon Default.  Upon the occurrence of any event of default by Tenant, Landlord shall  have, in addition to any other remedies available to Landlord at law or in equity (all of which remedies shall be distinct,  separate and cumulative), the option to pursue any one or more of the following remedies, each and all of which shall  be cumulative and nonexclusive, without any notice or demand whatsoever.                19.2.1 Terminate this Lease, in which event Tenant shall immediately surrender the Premises to  Landlord, and if Tenant fails to do so, Landlord may, without prejudice to any other remedy which it may have for  possession or arrearages in rent, enter upon and take possession of the Premises and expel or remove Tenant and any  other person who may be occupying the Premises or any part thereof, without being liable for prosecution or any claim  or damages therefor; and Landlord may recover from Tenant the following:                       (i)    The worth at the time of award of the unpaid rent which has been earned at the         time of such termination; plus                       (ii)   The worth at the time of award of the amount by which the unpaid rent which         would have been earned after termination until the time of award exceeds the amount of such rental loss that         Tenant proves could have been reasonably avoided; plus                       (iii)  The worth at the time of award of the amount by which the unpaid rent for the         balance of the Lease Term after the time of award exceeds the amount of such rental loss that Tenant proves         could have been reasonably avoided; plus                       (iv)   Any  other  amount  necessary  to  compensate  Landlord  for  all  the  detriment         proximately caused by Tenant's failure to perform its obligations under this Lease or which in the ordinary         course of things would be likely to result therefrom, specifically including but not limited to, brokerage         commissions and advertising expenses incurred, expenses of remodeling 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; and                       (v)    At  Landlord's  election,  such  other  amounts  in  addition  to  or  in  lieu  of  the         foregoing as may be permitted from time to time by applicable law.          The term "rent" as used in this Section 19.2 shall be deemed to be and to mean all sums of every nature  required to be paid by Tenant pursuant to the terms of this Lease, whether to Landlord or to others.  As used in Sections  19.2.1(i) and (ii), above, the "worth at the time of award" shall be computed by allowing interest at the rate set forth  in Article 25 of this Lease, but in no case greater than the maximum amount of such interest permitted by law.  As  used in Section 19.2.1(iii) above, the "worth at the time of award" shall be computed by discounting such amount  at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus one percent (1%).                  19.2.2 Landlord shall have the remedy described in California Civil Code Section 1951.4 (lessor  may continue lease in effect after lessee's breach and abandonment and recover rent as it becomes due, if lessee has  the  right  to  sublet  or  assign,  subject  only  to  reasonable  limitations).   Accordingly,  if  Landlord  does  not  elect  to  terminate this Lease on account of any default by Tenant, Landlord may, from time to time, without terminating this  Lease, enforce all of its rights and remedies under this Lease, including the right to recover all rent as it becomes due.                19.2.3 Landlord shall at all times have the rights and remedies (which shall be cumulative with  each other and cumulative and in addition to those rights and remedies available under Sections 19.2.1 and 19.2.2,  above, or any law or other provision of this Lease), without prior demand or notice except as required by applicable  law, to seek any declaratory, injunctive or other equitable relief, and specifically enforce this Lease, or restrain or  enjoin a violation or breach of any provision hereof.          19.3  Subleases of Tenant.  Whether or not Landlord elects to terminate this Lease on account of any  default by Tenant, as set forth in this Article 19, Landlord shall have the right to terminate any and all subleases,  licenses,  concessions  or  other  consensual  arrangements  for  possession  entered  into  by  Tenant  and  affecting  the                                                                                                                                                                          CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               (26)                              [Healthequity, Inc.]   

 

                                                                                 Page(s)   Premises or may, in Landlord's sole discretion, succeed to Tenant's interest in such subleases, licenses, concessions or  arrangements.  In the event of Landlord's election to succeed to Tenant's interest in any such subleases, licenses,  concessions or arrangements, Tenant shall, as of the date of notice by Landlord of such election, have no further right  to or interest in the rent or other consideration receivable thereunder.          19.4  Efforts  to  Relet.   No re-entry  or  repossession,  repairs,  maintenance,  changes,  alterations  and  additions, reletting, appointment of a receiver to protect Landlord's interests hereunder, or any other action or omission  by Landlord shall be construed as an election by Landlord to terminate this Lease or Tenant's right to possession, or  to accept a surrender of the Premises, nor shall same operate to release Tenant in whole or in part from any of Tenant's  obligations hereunder, unless express written notice of such intention is sent by Landlord to Tenant.  Tenant hereby  irrevocably waives any right otherwise available under any law to redeem or reinstate this Lease.                                         ARTICLE 20                                                                          COVENANT OF QUIET ENJOYMENT          Landlord covenants that Tenant, on paying the Rent, charges for services and other payments herein reserved  and on keeping, observing and performing all the other terms, covenants, conditions, provisions and agreements herein  contained on the part of Tenant to be kept, observed and performed, shall, during the Lease Term, peaceably and  quietly have, hold and enjoy the Premises subject to the terms, covenants, conditions, provisions and agreements  hereof without interference by any persons lawfully claiming by or through Landlord.  The foregoing covenant is in  lieu of any other covenant express or implied.                                         ARTICLE 21                                                                                 SECURITY DEPOSIT          Concurrently with Tenant's execution of this Lease, Tenant shall deposit with Landlord a security deposit  (the "Security Deposit") in the amount set forth in Section 7 of the Summary, as security for the faithful performance  by Tenant of all of its obligations under this Lease.  If Tenant defaults with respect to any provisions of this Lease,  including, but not limited to, the provisions relating to the payment of Rent, the removal of property and the repair of  resultant damage, Landlord may, without notice to Tenant, but shall not be required to apply all or any part of the  Security Deposit for the payment of any Rent or any other sum in default and Tenant shall, upon demand therefor,  restore the Security Deposit to its original amount.  Any unapplied portion of the Security Deposit shall be returned  to Tenant, or, at Landlord's option, to the last assignee of Tenant's interest hereunder, within sixty (60) days following  the expiration of the Lease Term.  Tenant shall not be entitled to any interest on the Security Deposit.  Tenant hereby  waives the provisions of Section 1950.7 of the California Civil Code, or any successor statute and all other provisions  of law, now or hereafter in effect, which (i) establish the time frame by which a landlord must refund a security deposit  under  a  lease,  and/or  (ii) provide  that  a  landlord  may  claim  from  a  security  deposit  only  those  sums  reasonably  necessary to remedy defaults in the payment of rent, to repair damage caused by a tenant or to clean the premises, it  being agreed that Landlord may, in addition, claim those sums specified in this Section above and/or those sums  reasonably  necessary  to  compensate  Landlord  for  any  loss  or  damage  caused  by  Tenant's  default  of  this  Lease,  including, but not limited to, all damages or rent due upon termination of this Lease pursuant to Section 1951.2 of the  California Civil Code.                                         ARTICLE 22                                                                         SUBSTITUTION OF OTHER PREMISES          Landlord shall have the right to move Tenant to other space in the Project comparable to the Premises (e.g.  comparable finishes, comparable number of office, comparable doors and hardware), and all terms hereof shall apply  to the new space with equal force; provided that Tenant's then existing monetary obligations under this Lease shall  not be increased as a result of such relocation of the Premises.  In such event, Landlord shall give Tenant prior notice,  shall provide Tenant, at Landlord's sole cost and expense, with tenant improvements at least equal in quality to those  in the Premises and shall move Tenant's effects to the new space at Landlord's sole cost and expense at such time and                                                                                                                                                                          CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               (27)                              [Healthequity, Inc.]   

 

                                                                                 Page(s)   in such manner as to inconvenience Tenant as little as reasonably practicable.  In addition, Landlord shall reimburse  Tenant for the reasonable costs and expenses incurred by Tenant in connection with such relocation (including, but  not  limited  to,  the  costs  of  reasonable  supplies  of  replacement  stationery  and communication  and telephone  installations), within thirty (30) days of Landlord's receipt of an invoice therefor.  Simultaneously with such relocation  of  the  Premises,  the  parties  shall  immediately  execute  an  amendment  to  this  Lease  stating  the  relocation  of  the  Premises,  provided,  however,  that  notwithstanding  the  foregoing,  (i) in  no  event  shall  the  rentable  area  of  the  Relocation Space be less than one hundred percent (100%) of the rentable area of the Premises; and (ii) Tenant's Base  Rent shall not increase as a result of such relocation.                                         ARTICLE 23                                                                                       SIGNS          23.1  Full Floors.  Subject to Landlord's prior written approval, in its sole discretion, and provided all  signs are in keeping with the quality, design and style of the Building and Project, Tenant, if the Premises comprise  an entire floor of the Building, at its sole cost and expense, may install identification signage anywhere in the Premises  including in the elevator lobby of the Premises, provided that such signs must not be visible from the exterior of the  Building.          23.2  Multi-Tenant Floors.  If other tenants occupy space on the floor on which the Premises is located,  Tenant's identifying signage near the entry to the Premises shall be provided by Landlord, at Tenant's cost, and such  signage shall be comparable to that used by Landlord for other similar floors in the Building and shall comply with  Landlord's then-current Building standard signage program.          23.3  Prohibited Signage and Other Items.  Any signs, notices, logos, pictures, names or advertisements  which  are  installed  and  that  have  not  been  separately  approved  by Landlord  may  be  removed  without  notice  by  Landlord at the sole expense of Tenant.  Tenant may not install any signs on the exterior or roof of the Project or the  Common Areas.  Any signs, window coverings, or blinds (even if the same are located behind the Landlord-approved  window coverings for the Building), or other items visible from the exterior of the Premises or Building, shall be  subject to the prior approval of Landlord, in its sole discretion.          23.4  Building Directory.  Tenant shall have the right, at Tenant's sole cost and expense, to designate one  (1) name strip on the Building directory (as and to the extent any directory exists at the Building), and any subsequent  changes to Tenant's name strip shall be following Tenant's receipt of Landlord's reasonable consent thereto.                                         ARTICLE 24                                                                              COMPLIANCE WITH LAW          Tenant shall not do anything or suffer anything to be done in or about the Premises or the Project which will  in any way conflict with any law, statute, ordinance or other governmental rule, regulation or requirement now in  force or which may hereafter be enacted or promulgated.  At its sole cost and expense, Tenant shall promptly comply  with all such governmental measures.  Should any standard or regulation now or hereafter be imposed on Landlord or  Tenant by a state, federal or local governmental body charged with the establishment, regulation and enforcement of  occupational, health or safety standards for employers, employees, landlords or tenants, then Tenant agrees, at its sole  cost and expense, to comply promptly with such standards or regulations.  Tenant shall be responsible, at its sole cost  and expense, to make all alterations to the Premises as are required to comply with the governmental rules, regulations,  requirements or standards described in this Article 24.  The judgment of any court of competent jurisdiction or the  admission of Tenant in any judicial action, regardless of whether Landlord is a party thereto, that Tenant has violated  any of said governmental measures, shall be conclusive of that fact as between Landlord and Tenant.          For purposes of Section 1938 of the California Civil Code, Landlord hereby discloses to Tenant, and Tenant  hereby acknowledges, that the Premises have not undergone inspection by a Certified Access Specialist (CASp). As  required by Section 1938(e) of the California Civil Code, Landlord hereby states as follows:  "A Certified Access  Specialist (CASp) can inspect the subject premises and determine whether the subject premises comply with all of the                                                                                                                                                                          CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               (28)                              [Healthequity, Inc.]   

 

                                                                                 Page(s)   applicable construction-related accessibility standards under state law.  Although state law does not require a CASp  inspection of the subject premises, the commercial property owner or lessor may not prohibit the lessee or tenant from  obtaining a CASp inspection of the subject premises for the occupancy or potential occupancy of the lessee or tenant,  if requested by the lessee or tenant.  The parties shall mutually agree on the arrangements for the time and manner of  the CASp inspection, the payment of the fee for the CASp inspection, and the cost of making any repairs necessary to  correct violations of construction-related accessibility standards within the premises."  In furtherance of the foregoing,  Landlord and Tenant hereby agree as follows:  (a) any CASp inspection requested by Tenant shall be conducted, at  Tenant's sole cost and expense, by a CASp approved in advance by Landlord; and (b) pursuant to this Article 24 above,  Tenant, at its cost, is responsible for making any repairs within the Premises to correct violations of construction- related accessibility standards identified by such CASp inspection requested by Tenant, in accordance with the terms  of Article 8 above.                                         ARTICLE 25                                                                                   LATE CHARGES          If any installment of Rent or any other sum due from Tenant shall not be received by Landlord or Landlord's  designee within five (5) business days after Tenant's receipt of written notice from Landlord that said amount is due,  then Tenant shall pay to Landlord a late charge equal to ten percent (10%) of the overdue amount plus any reasonable  attorneys'  fees  incurred  by  Landlord  by  reason  of  Tenant's  failure  to  pay  Rent  and/or  other  charges  when  due  hereunder.  Notwithstanding the foregoing, Tenant shall be entitled to notice upon the expiration of a five (5) day cure  period prior to imposition of any late charge under this Article 25 one (1) time per twelve (12) month period; after  such written notice has been provided to Tenant in a twelve (12) month period, Tenant shall not be entitled to any  further notice prior to imposition of a late charge under this Article 25 in such twelve (12) month period.  The late  charge shall be deemed Additional Rent and the right to require it shall be in addition to all of Landlord's other rights  and remedies hereunder or at law and shall not be construed as liquidated damages or as limiting Landlord's remedies  in any manner.  In addition to the late charge described above, any Rent or other amounts owing hereunder which are  not paid within ten (10) days after the date they are due shall bear interest from the date when due until paid at a rate  per annum equal to the lesser of (i) the annual "Bank Prime Loan" rate cited in the Federal Reserve Statistical Release  Publication H.15, published on the first Tuesday of each calendar month (or such other comparable index as Landlord  and Tenant shall reasonably agree upon if such rate ceases to be published) plus two (2) percentage points, and (ii) the  highest rate permitted by applicable law.                                         ARTICLE 26                                                            LANDLORD'S RIGHT TO CURE DEFAULT; PAYMENTS BY TENANT          26.1  Landlord's Cure.  All covenants and agreements to be kept or performed by Tenant under this  Lease shall be performed by Tenant at Tenant's sole cost and expense and without any reduction of Rent, except to  the extent, if any, otherwise expressly provided herein.  If Tenant shall fail to perform any obligation under this Lease,  and such failure shall continue in excess of the time allowed under Section 19.1.2, above, unless a specific time period  is otherwise stated in this Lease, Landlord may, but shall not be obligated to, make any such payment or perform any  such act on Tenant's part without waiving its rights based upon any default of Tenant and without releasing Tenant  from any obligations hereunder.          26.2  Tenant's Reimbursement.  Except as may be specifically provided to the contrary in this Lease,  Tenant  shall  pay  to  Landlord,  upon  delivery  by  Landlord  to  Tenant  of  statements  therefor:   (i)  sums  equal  to  expenditures reasonably made and obligations incurred by Landlord in connection with the remedying by Landlord  of Tenant's defaults pursuant to the provisions of Section 26.1; (ii) sums equal to all losses, costs, liabilities, damages  and expenses referred to in Article 10 of this Lease; and (iii) sums equal to all expenditures made and obligations  incurred by Landlord in collecting or attempting to collect the Rent or in enforcing or attempting to enforce any rights  of Landlord under this Lease or pursuant to law, including, without limitation, all reasonable legal fees and other  amounts so expended.  Tenant's obligations under this Section 26.2 shall survive the expiration or sooner termination  of the Lease Term.                                                                                                                                                                          CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               (29)                              [Healthequity, Inc.]   

 

                                                                                 Page(s)                                         ARTICLE 27                                                                                ENTRY BY LANDLORD          Landlord reserves the right at all reasonable times and upon at least 24 hours' notice to Tenant, which notice  may be verbal (except in the case of an emergency, where no notice shall be required), to enter the Premises to (i)  inspect them; (ii) show the Premises to prospective purchasers, or to current or prospective mortgagees, ground or  underlying lessors or insurers or, during the last twelve (12) months of the Lease Term, to prospective tenants; (iii)  post  notices  of  nonresponsibility;  or  (iv)  alter,  improve  or  repair  the  Premises  or  the  Building,  or  for  structural  alterations,  repairs  or  improvements  to  the  Building  or  the  Building's  systems  and  equipment.   Notwithstanding  anything to the contrary contained in this Article 27, Landlord may enter the Premises at any time to (A) perform  services required of Landlord, including janitorial service; (B) take possession due to any breach of this Lease in the  manner provided herein; and (C) perform any covenants of Tenant which Tenant fails to perform.  Landlord may make  any  such  entries  without  the  abatement  of  Rent,  except  as  otherwise  provided  in  this  Lease,  and  may  take  such  reasonable steps as required to accomplish the stated purposes.  Except in the case of an emergency, Tenant shall have  the right to have a representative of Tenant accompany the entrant, provided that Tenant's representative is reasonably  available.  Tenant hereby waives any claims for damages or for any injuries or inconvenience to or interference with  Tenant's business, lost profits, any loss of occupancy or quiet enjoyment of the Premises, and any other loss occasioned  thereby.  For each of the above purposes, Landlord shall at all times have a key with which to unlock all the doors in  the Premises, excluding Tenant's vaults, safes and special security areas designated in advance by Tenant.  In an  emergency, Landlord shall have the right to use any means that Landlord may deem proper to open the doors in and  to the Premises.  Any entry into the Premises by Landlord in the manner hereinbefore described shall not be deemed  to be a forcible or unlawful entry into, or a detainer of, the Premises, or an actual or constructive eviction of Tenant  from any portion of the Premises.  No provision of this Lease shall be construed as obligating Landlord to perform  any repairs, alterations or decorations except as otherwise expressly agreed to be performed by Landlord herein.                                         ARTICLE 28                                                                                  TENANT PARKING          Tenant  shall have  the right  to rent  from  Landlord,  commencing on  the  Lease  Commencement Date,  the  amount of parking passes set forth in Section 8 of the Summary, on a monthly basis throughout the Lease Term, which  parking passes shall pertain to Project parking areas.  Tenant shall pay to Landlord for automobile parking passes on  a monthly basis the prevailing rate charged from time to time at the location of such parking passes; provided that  during the initial Lease Term only, such parking passes shall be free of charge (except for any taxes as contemplated  by the next sentence).  In addition, Tenant shall be responsible for the full amount of any taxes imposed by any  governmental authority in connection with the renting of such parking passes by Tenant or the use of the parking  facility by Tenant.  Tenant's continued right to use the parking passes is conditioned upon Tenant abiding by all rules  and regulations which are prescribed from time to time for the orderly operation and use of the parking facility where  the parking passes are located (including any sticker or other identification system established by Landlord and the  prohibition of vehicle repair and maintenance activities in the Project's parking facilities), Tenant's cooperation in  seeing that Tenant's employees and visitors also comply with such rules and regulations and Tenant not being in  default  under  this  Lease.   Tenant's  use  of  the  Project  parking  facility  shall  be  at  Tenant's  sole  risk  and  Tenant  acknowledges and agrees that Landlord shall have no liability whatsoever for damage to the vehicles of Tenant, its  employees and/or visitors, or for other personal injury or property damage or theft relating to or connected with the  parking rights granted herein or any of Tenant's, its employees' and/or visitors' use of the parking facilities.  Tenant's  rights hereunder are subject to the terms of any Underlying Documents.  Landlord specifically reserves the right to  change the size, configuration, design, layout and all other aspects of the Project parking facility at any time (provided  that Tenant's parking rights are not reduced as a result thereof) and Tenant acknowledges and agrees that Landlord  may, without incurring any liability to Tenant and without any abatement of Rent under this Lease, from time to time,  temporarily close-off or restrict access to the Project parking facility for purposes of permitting or facilitating any such  construction, alteration or improvements.  Landlord shall use commercially reasonable efforts to cause any such work  to be conducted in a manner designed to minimize inconvenience to the Tenant Parties and to provide alternative  parking (if necessary), at no additional cost to Tenant.  Landlord may delegate its responsibilities hereunder to a  parking operator in which case such parking operator shall have all the rights of control attributed hereby to the                                                                                                                                                                          CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               (30)                              [Healthequity, Inc.]   

 

                                                                                 Page(s)   Landlord.  The parking passes rented by Tenant pursuant to this Article 28 are provided to Tenant solely for use by  Tenant's own personnel and such passes may not be transferred, assigned, subleased or otherwise alienated by Tenant  without Landlord's prior approval.  Tenant may validate visitor parking by such method or methods as the Landlord  may establish, at the validation rate from time to time generally applicable to visitor parking.                                         ARTICLE 29                                                                            MISCELLANEOUS PROVISIONS          29.1  Terms; Captions.  The words "Landlord" and "Tenant" as used herein shall include the plural as  well as the singular.  The necessary grammatical changes required to make the provisions hereof apply either to  corporations or partnerships or individuals, men or women, as the case may require, shall in all cases be assumed as  though in each case fully expressed.  The captions of Articles and Sections are for convenience only and shall not be  deemed to limit, construe, affect or alter the meaning of such Articles and Sections.          29.2  Binding Effect.  Subject to all other provisions of this Lease, each of the covenants, conditions and  provisions of this Lease shall extend to and shall, as the case may require, bind or inure to the benefit not only of  Landlord and of Tenant, but also of their respective heirs, personal representatives, successors or assigns, provided  this clause shall not permit any assignment by Tenant contrary to the provisions of Article 14 of this Lease.          29.3  No Air Rights.  No rights to any view or to light or air over any property, whether belonging to  Landlord or any other person, are granted to Tenant by this Lease.  If at any time any windows of the Premises are  temporarily darkened or the light or view therefrom is obstructed by reason of any repairs, improvements, maintenance  or cleaning in or about the  Project, the same shall be without liability to Landlord and without any reduction or  diminution of Tenant's obligations under this Lease.          29.4  Modification  of  Lease.   Should  any  current  or  prospective  mortgagee  or  ground  lessor  for  the  Building or Project require a modification of this Lease, which modification will not cause an increased cost or expense  to Tenant or in any other way materially and adversely change the rights and obligations of Tenant hereunder, then  and in such event, Tenant agrees that this Lease may be so modified and agrees to execute whatever documents are  reasonably required therefor and to deliver the same to Landlord within ten (10) business days following a request  therefor.  At the request of Landlord or any mortgagee or ground lessor, Tenant agrees to execute a short form of  Lease and deliver the same to Landlord within ten (10) business days following the request therefor.          29.5  Transfer of Landlord's Interest.  Tenant acknowledges that Landlord has the right to transfer all  or any portion of its interest in the Project or Building and in this Lease, and Tenant agrees that in the event of any  such transfer, Landlord shall automatically be released from all liability under this Lease and Tenant agrees to look  solely to such transferee for the performance of Landlord's obligations hereunder after the date of transfer and such  transferee shall be deemed to have fully assumed and be liable for all obligations of this Lease to be performed by  Landlord, including the return of any Security Deposit, and Tenant shall attorn to such transferee.          29.6  Prohibition Against Recording.  Except as provided in Section 29.4 of this Lease, neither this  Lease, nor any memorandum, affidavit or other writing with respect thereto, shall be recorded by Tenant or by anyone  acting through, under or on behalf of Tenant.          29.7  Landlord's Title.  Landlord's title is and always shall be paramount to the title of Tenant.  Nothing  herein contained shall empower Tenant to do any act which can, shall or may encumber the title of Landlord.          29.8  Relationship of Parties.  Nothing contained in this Lease shall be deemed or construed by the  parties hereto or by any third party to create the relationship of principal and agent, partnership, joint venturer or any  association between Landlord and Tenant.                                                                                                                                                                           CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               (31)                              [Healthequity, Inc.]   

 

                                                                                 Page(s)          29.9  Application of Payments.  Landlord shall have the right to apply payments received from Tenant  pursuant  to  this  Lease, regardless of Tenant's  designation  of  such payments,  to  satisfy any obligations of Tenant  hereunder, in such order and amounts as Landlord, in its sole discretion, may elect.          29.10 Time of Essence.  Time is of the essence with respect to the performance of every provision of this  Lease in which time of performance is a factor.          29.11 Partial Invalidity.  If any term, provision or condition contained in this Lease shall, to any extent,  be invalid or unenforceable, the remainder of this Lease, or the application of such term, provision or condition to  persons or circumstances other than those with respect to which it is invalid or unenforceable, shall not be affected  thereby, and each and every other term, provision and condition of this Lease shall be valid and enforceable to the  fullest extent possible permitted by law.          29.12 No Warranty.  In executing and delivering this Lease, Tenant has not relied on any representations,  including, but not limited to, any representation as to the amount of any item comprising Additional Rent or the amount  of the Additional Rent in the aggregate or that Landlord is furnishing the same services to other tenants, at all, on the  same level or on the same basis, or any warranty or any statement of Landlord which is not set forth herein or in one  or more of the exhibits attached hereto.          29.13 Landlord Exculpation.  The liability of Landlord or the Landlord Parties to Tenant for any default  by Landlord under this Lease or arising in connection herewith or with Landlord's operation, management, leasing,  repair, renovation, alteration or any other matter relating to the Project or the Premises shall be limited solely and  exclusively to an amount which is equal to the interest of Landlord in the Building, provided that in no event shall  such liability extend to any sales or insurance proceeds received by Landlord or the Landlord Parties in connection  with the Project, Building or Premises.  Neither Landlord, nor any of the Landlord Parties shall have any personal  liability therefor, and Tenant hereby expressly waives and releases such personal liability on behalf of itself and all  persons claiming by, through or under Tenant.  The limitations of liability contained in this Section 29.13 shall inure  to the benefit of Landlord's and the Landlord Parties' present and future partners, beneficiaries, officers, directors,  trustees, shareholders, agents and employees, and their respective partners, heirs, successors and assigns.  Under no  circumstances shall any present or future partner of Landlord (if Landlord is a partnership), or trustee or beneficiary  (if Landlord or any partner of Landlord is a trust), have any liability for the performance of Landlord's obligations  under this Lease.  Notwithstanding any contrary provision herein, neither Landlord nor the Landlord Parties shall be  liable under any circumstances for injury or damage to, or interference with, Tenant's business, including but not  limited to, loss of profits, loss of rents or other revenues, loss of business opportunity, loss of goodwill or loss of use,  in each case, however occurring.          29.14 Entire Agreement.  It is understood and acknowledged that there are no oral agreements between  the parties hereto affecting this Lease and this Lease constitutes the parties' entire agreement with respect to the leasing  of the Premises and supersedes and cancels any and all previous negotiations, arrangements, brochures, agreements  and understandings, if any, between the parties hereto or displayed by Landlord to Tenant with respect to the subject  matter thereof, and none thereof shall be used to interpret or construe this Lease.  None of the terms, covenants,  conditions or provisions of this Lease can be modified, deleted or added to except in writing signed by the parties  hereto.          29.15 Right to Lease.  Landlord reserves the absolute right to effect such other tenancies in the Project as  Landlord in the exercise of its sole business judgment shall determine to best promote the interests of the Building or  Project.  Tenant does not rely on the fact, nor does Landlord represent, that any specific tenant or type or number of  tenants shall, during the Lease Term, occupy any space in the Building or Project.          29.16 Force Majeure.  Any prevention, delay or stoppage due to strikes, lockouts, labor disputes, acts of  God,  acts of war,  terrorist  acts,  inability  to obtain  services,  labor,  or materials  or reasonable substitutes  therefor,  governmental actions, civil commotions, fire or other casualty, and other causes beyond the reasonable control of the  party obligated to perform, except with respect to the obligations imposed with regard to Rent and other charges to be  paid by Tenant pursuant to this Lease (collectively, a "Force Majeure"), notwithstanding anything to the contrary  contained in this Lease, shall excuse the performance of such party for a period equal to any such prevention, delay                                                                                                                                                                          CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               (32)                              [Healthequity, Inc.]   

 

                                                                                 Page(s)   or stoppage and, therefore, if this Lease specifies a time period for performance of an obligation of either party, that  time period shall be extended by the period of any delay in such party's performance caused by a Force Majeure.          29.17 Waiver of Redemption by Tenant.  Tenant hereby waives, for Tenant and for all those claiming  under Tenant, any and all rights now or hereafter existing to redeem by order or judgment of any court or by any legal  process or writ, Tenant's right of occupancy of the Premises after any termination of this Lease.          29.18 Notices.   All  notices,  demands,  statements,  designations,  approvals  or  other  communications  (collectively, "Notices") given or required to be given by either party to the other hereunder or by law shall be in  writing,  shall  be  (A)  sent  by  United  States  certified  or  registered  mail,  postage  prepaid,  return  receipt  requested  ("Mail"), (B) delivered by a nationally recognized overnight courier, or (C) delivered personally.  Any Notice shall  be sent, transmitted, or delivered, as the case may be, to Tenant at the appropriate address set forth in Section 9 of the  Summary, or to such other place as Tenant may from time to time designate in a Notice to Landlord, or to Landlord  at the addresses set forth below, or to such other places as Landlord may from time to time designate in a Notice to  Tenant.  Any Notice will be deemed given (i) three (3) days after the date it is posted if sent by Mail, (ii) the date the  overnight courier delivery is made, or (iii) the date personal delivery is made.  As of the date of this Lease, any Notices  to Landlord must be sent, transmitted, or delivered, as the case may be, to the following addresses:                             c/o Beacon Capital Partners, LLC                             44 Montgomery Street, Suite 1210                             San Francisco, CA 94104                             Attention:  Mr. McClure Kelly                               and                              c/o Beacon Capital Partners, LLC                             200 State Street, 5th Floor                             Boston, Massachusetts  02109                             Attention:  General Counsel                              and                              Allen Matkins Leck Gamble Mallory & Natsis LLP                             1901 Avenue of the Stars                             Suite 1800                             Los Angeles, California 90067                             Attention:  Anton N. Natsis, Esq.          29.19 Joint and Several.  If there is more than one Tenant, the obligations imposed upon Tenant under  this Lease shall be joint and several.          29.20 Authority.  If Tenant is a corporation, trust or partnership, each individual executing this Lease on  behalf of Tenant hereby represents and warrants that Tenant is a duly formed and existing entity qualified to do  business in California and that Tenant has full right and authority to execute and deliver this Lease and that each  person signing on behalf of Tenant is authorized to do so.  In such event, Tenant shall, within ten (10) days after  execution of this Lease, deliver to Landlord satisfactory evidence of such authority and, if a corporation, upon demand  by Landlord, also deliver to Landlord satisfactory evidence of (i) good standing in Tenant's state of incorporation and  (ii) qualification to do business in California.          29.21 Attorneys' Fees.  In the event that either Landlord or Tenant should bring suit for the possession of  the Premises, for the recovery of any sum due under this Lease, or because of the breach of any provision of this Lease  or for any other relief against the other, then all costs and expenses, including reasonable attorneys' fees, incurred by  the prevailing party therein shall be paid by the other party, which obligation on the part of the other party shall be  deemed to have accrued on the date of the commencement of such action and shall be enforceable whether or not the  action is prosecuted to judgment.                                                                                                                                                                          CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               (33)                              [Healthequity, Inc.]   

 

                                                                                 Page(s)          29.22 Governing Law; WAIVER OF TRIAL BY JURY.  This Lease shall be construed and enforced  in  accordance  with  the  laws  of  the  State  of  California.   IN  ANY  ACTION  OR  PROCEEDING  ARISING  HEREFROM,  LANDLORD  AND  TENANT  HEREBY  CONSENT  TO  (I)  THE  JURISDICTION  OF  ANY  COMPETENT COURT WITHIN THE STATE OF CALIFORNIA, (II) SERVICE OF PROCESS BY ANY MEANS  AUTHORIZED BY CALIFORNIA LAW, AND (III) TO THE EXTENT PERMITTED BY APPLICABLE LAW,  IN  THE  INTEREST  OF  SAVING  TIME  AND  EXPENSE,  TRIAL  WITHOUT  A  JURY  IN  ANY  ACTION,  PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES HERETO AGAINST THE  OTHER OR THEIR SUCCESSORS IN RESPECT OF ANY MATTER ARISING OUT OF OR IN CONNECTION  WITH  THIS  LEASE,  THE  RELATIONSHIP  OF  LANDLORD  AND  TENANT,  TENANT'S  USE  OR  OCCUPANCY  OF  THE  PREMISES,  AND/OR  ANY  CLAIM  FOR  INJURY  OR  DAMAGE,  OR  ANY  EMERGENCY OR STATUTORY REMEDY.  IN THE EVENT LANDLORD COMMENCES ANY SUMMARY  PROCEEDINGS  OR  ACTION  FOR  NONPAYMENT  OF  BASE  RENT  OR  ADDITIONAL  RENT,  TENANT  SHALL NOT INTERPOSE ANY COUNTERCLAIM OF ANY NATURE OR DESCRIPTION (UNLESS SUCH  COUNTERCLAIM SHALL BE MANDATORY) IN ANY SUCH PROCEEDING OR ACTION, BUT SHALL BE  RELEGATED TO AN INDEPENDENT ACTION AT LAW.          29.23 Submission of Lease.  Submission of this instrument for examination or signature by Tenant does  not constitute a reservation of, option for or option to lease, and it is not effective as a lease or otherwise until execution  and delivery by both Landlord and Tenant.          29.24 Brokers.  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 Lease, excepting only the real estate brokers  or agents specified in Section 11 of the Summary (the "Brokers"), and that they know of no other real estate broker  or agent who is entitled to a commission in connection with this Lease.  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, costs and expenses (including without limitation reasonable attorneys' fees) with respect to any leasing  commission or equivalent compensation alleged to be owing on account of any dealings with any real estate broker or  agent, other than the Brokers, occurring by, through, or under the indemnifying party.  The terms of this Section 29.24  shall survive the expiration or earlier termination of the Lease Term.          29.25 Independent Covenants.  This Lease shall be construed as though the covenants herein between  Landlord and Tenant are independent and not dependent and Tenant hereby expressly waives the benefit of any statute  to the contrary and agrees that if Landlord fails to perform its obligations set forth herein, Tenant shall not be entitled  to make any repairs or perform any acts hereunder at Landlord's expense or to any setoff of the Rent or other amounts  owing hereunder against Landlord.          29.26 Project or Building Name and Signage.  Landlord shall have the right at any time to change the  name of the Project or Building and to install, affix and maintain any and all signs on the exterior and on the interior  of the Project or Building as Landlord may, in Landlord's sole discretion, desire.  Tenant shall not use the name of the  Project or Building or use pictures or illustrations of the Project or Building in advertising or other publicity or for any  purpose other than as the address of the business to be conducted by Tenant in the Premises, without the prior written  consent of Landlord.          29.27 Counterparts.  This Lease may be executed in counterparts with the same effect as if both parties  hereto had executed the same document.  Both counterparts shall be construed together and shall constitute a single  lease.          29.28 Confidentiality.  Tenant acknowledges that the content of this Lease and any related documents are  confidential information.  Tenant shall keep such confidential information strictly confidential and shall not disclose  such  confidential  information  to  any  person  or  entity  other  than  Tenant's  financial,  legal,  and  space  planning  consultants.  Notwithstanding the foregoing, Tenant shall have the right to record the Lease with or otherwise provide  the Lease to the Security and Exchange Commission in connection with its reporting and similar requirements, and  Landlord agrees that such actions will not be a violation of this Section 29.28.                                                                                                                                                                           CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               (34)                              [Healthequity, Inc.]   

 

                                                                                 Page(s)          29.29 Building Renovations.  It is specifically understood and agreed that Landlord has no obligation and  has made no promises to alter, remodel, improve, renovate, repair or decorate the Premises, Building, or any part  thereof  and  that  no  representations  respecting  the  condition  of  the  Premises  or  the  Building  have  been  made  by  Landlord to Tenant except as specifically set forth herein or in the Tenant Work Letter.  However, Tenant hereby  acknowledges that Landlord is currently renovating or may during the Lease Term renovate, improve, alter, or modify  (collectively,  the  "Renovations")  the  Project,  the  Building  and/or  the  Premises.   Tenant  hereby  agrees  that  such  Renovations shall in no way constitute a constructive eviction of Tenant nor entitle Tenant to any abatement of Rent.   Landlord shall have no responsibility and shall not be liable to Tenant for any injury to or interference with Tenant's  business arising from the Renovations, nor shall Tenant be entitled to any compensation or damages from Landlord  for loss of the use of the whole or any part of the Premises or of Tenant's personal property or improvements resulting  from the Renovations, or for any inconvenience or annoyance occasioned by such Renovations.          29.30 No Violation.  Tenant hereby warrants and represents that neither its execution of nor performance  under this Lease shall cause Tenant to be in violation of any agreement, instrument, contract, law, rule or regulation  by which Tenant is bound, and Tenant shall protect, defend, indemnify and hold Landlord harmless against any claims,  demands, losses, damages, liabilities, costs and expenses, including, without limitation, reasonable attorneys' fees and  costs, arising from Tenant's breach of this warranty and representation.          29.31 Communications and Computer Lines.  Tenant may install, maintain, replace, remove or use any  communications  or  computer  wires  and  cables  serving  the  Premises  (collectively,  the  "Lines"),  provided  that  (i)  Tenant shall obtain Landlord's prior written consent, use an experienced and qualified contractor approved in writing  by Landlord, and comply with all of the other provisions of Articles 7 and 8 of this Lease, (ii) an acceptable number  of spare Lines and space for additional Lines shall be maintained for existing and future occupants of the Project, as  determined in Landlord's reasonable opinion, (iii) the Lines therefor (including riser cables) shall be appropriately  insulated  to  prevent  excessive  electromagnetic  fields  or  radiation,  shall  be  surrounded  by  a  protective  conduit  reasonably acceptable to Landlord, and shall be identified in accordance with the "Identification Requirements," as  that  term  is  set  forth  hereinbelow,  (iv)  any  new  or  existing  Lines  servicing  the  Premises  shall  comply  with  all  applicable governmental laws and regulations, (v) as a condition to permitting the installation of new Lines, Landlord  may require that Tenant remove existing Lines located in or serving the Premises and repair any damage in connection  with such removal, and (vi) Tenant shall pay all costs in connection therewith.  All Lines shall be clearly marked with  adhesive  plastic  labels  (or  plastic  tags  attached  to  such  Lines  with  wire)  to  show  Tenant's  name,  suite  number,  telephone number and the name of the person to contact in the case of an emergency (A) every four feet (4') outside  the Premises (specifically including, but not limited to, the electrical room risers and other Common Areas), and (B)  at the Lines' termination point(s) (collectively, the "Identification Requirements").  Landlord reserves the right, upon  notice to Tenant at any time prior to the expiration or earlier termination of this Lease, to require that Tenant, at  Tenant's sole cost and expense, remove any Lines located in or serving the Premises which were installed by or on  behalf of Tenant prior to the expiration or earlier termination of this Lease.          29.32 Transportation  Management.   Tenant  shall  fully  comply  with  all  present  or  future  programs  intended to manage parking, transportation or traffic in and around the Project and/or the Building, and in connection  therewith, Tenant  shall take responsible action for  the  transportation  planning  and management  of  all  employees  located at the Premises by working directly with Landlord, any governmental transportation management organization  or  any  other  transportation-related  committees  or  entities.   Such  programs  may  include,  without  limitation:  (i)  restrictions on the number of peak-hour vehicle trips generated by Tenant; (ii) increased vehicle occupancy; (iii)  implementation of an in-house ridesharing program and an employee transportation coordinator; (iv) working with  employees and any Project, Building or area-wide ridesharing program manager; (v) instituting employer-sponsored  incentives  (financial  or  in-kind)  to  encourage  employees  to  rideshare;  and  (vi)  utilizing  flexible  work  shifts  for  employees.          29.33 Prohibited  Persons;  Foreign  Corrupt  Practices  Act  and  Anti-Money  Laundering.  Neither  Tenant nor any of its affiliates, nor any of their respective members, partners or other equity holders, and none of their  respective officers, directors or managers is, nor prior to or during the Lease Term, will become a person or entity  with whom U.S. persons or entities are restricted from doing business under (a) the Patriot Act (as defined below), (b)  any other requirements contained in the rules and regulations of the Office of Foreign Assets Control, Department of  the Treasury (“OFAC”) (including any “blocked” person or entity listed in the Annex to Executive Order Nos. 12947,                                                                                                                                                                          CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               (35)                              [Healthequity, Inc.]   

 

                                                                                 Page(s)   13099 and 13224 and any modifications thereto or thereof or any other person or entity named on OFAC’s Specially  Designated Blocked Persons List) or (c) any other U.S. statute, Executive Order (including the September 24, 2001,  Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit or  Support Terrorism) or other governmental action (collectively, “Prohibited Persons”).  Prior to and during the Lease  Term, Tenant, and to Tenant’s knowledge, its employees and any person acting on its behalf have at all times fully  complied with, and are currently in full compliance with, the Foreign Corrupt Practices Act of 1977 and any other  applicable  anti-bribery  or  anti-corruption  laws.  Tenant  is  not  entering  into  this  Lease,  directly  or  indirectly,  in  violation of any laws relating to drug trafficking, money laundering or predicate crimes to money laundering. As used  herein, “Patriot Act” shall mean the USA Patriot Act of 2001, 107 Public Law 56 (October 26, 2001) and all other  statutes, orders, rules and regulations of the U.S. government and its various executive departments, agencies and  offices interpreting and implementing the Patriot Act.                                                                                                                                                                           CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               (36)                              [Healthequity, Inc.]   

 

                                                                                 Page(s)          IN WITNESS WHEREOF, Landlord and Tenant have caused this Lease to be executed the day and date first  above written.    LANDLORD:                                      TENANT:    BCSP CROSSROADS PROPERTY LLC,                  HEALTHEQUITY, INC.,    a Delaware limited liability company           a Delaware corporation      By:  /s/ McClure Kelly                                          By:  /s/ Darcy Mott                                                    Name:  McClure Kelly                            Name: Darcy Mott      Title: Senior Managing Director                 Title:  CFO                                                     Date:  January 23, 2020            The  date  of  this  Lease  shall  be  and  remain  as  set  forth  in   Section 1 of the Summary.  The date below the Landlord's   signature is merely intended to reflect the date of Landlord's   execution of this Lease.                                                                                                                                                                             CROSSROADS  811068.04/WLA                                                                   Office Lease  375985-00061/1-24-20/cb/ejs               (37)                              [Healthequity, Inc.]Exhibit

Exhibit 4.1

FORM OF
REGISTRATION RIGHTS AGREEMENT
Registration Rights Agreement, dated [•], 2019 (this “Agreement”), by and among Columbia Property Trust, Inc., a Maryland real estate investment trust (the “Company”), and each of the parties listed on the signature pages hereto under the caption “Holders” (collectively, with their permitted assignees, as applicable, the “Holders”). 
RECITALS 
WHEREAS, on October [•], 2019, the Company entered into that certain Contribution Agreement (the “Normandy Contribution Agreement”) by and among, certain of the Holders, the Company and Columbia Property Trust Operating Partnership, L.P. (“Columbia OP”), pursuant to which, subject to the satisfaction of the conditions set forth therein, Columbia OP and a subsidiary of Columbia OP shall acquire all of the interests in certain specified Persons for cash and Series A Convertible, Perpetual Preferred Units (the “Series A Preferred Units”) of Columbia OP;
WHEREAS, concurrently with the execution of this Agreement, each of the Holders acquired Series A Preferred Units in connection with the consummation of the transactions contemplated by the Normandy Contribution Agreement and, as a result thereof, owns of record Series A Preferred Units; 
WHEREAS, on the terms and subject to the conditions set forth in the Amended and Restated Agreement of Limited Partnership of Columbia OP, dated as of [•] (the “Amended and Restated Limited Partnership Agreement”), (i) each Series A Preferred Unit is convertible into one Common Unit of Columbia OP (“Common Units”) and (ii) each Common Unit is exchangeable for a cash payment from Columbia OP or, at the Company’s election, one share of the Company’s common stock, par value $0.01 per share (“Common Stock”), with each such conversion and exchange ratio, as applicable, subject to adjustment from time to time as specified in the Amended and Restated Limited Partnership Agreement; and 
WHEREAS, in connection with the consummation of the transactions contemplated by the Normandy Contribution Agreement, the Company desires to grant certain registration rights to the Holders with respect to the shares of Common Stock that may be received by Holders pursuant to any exchange of Common Units into shares of Common Stock by exercise of the exchange right set forth in Section 8.5 of the Amended and Restated Limited Partnership Agreement;
NOW THEREFORE, in consideration of these premises, the representations, warranties and covenants contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I
DEFINITIONS AND CONSTRUCTION

1.1Definitions.  Capitalized terms not otherwise defined in this Agreement shall have the respective meanings set forth below:

“Exchange Notice” has the meaning set forth in the Amended and Restated Limited Partnership Agreement.
“Participating Holders” means, with respect to any Shelf Registration Statement (as defined below) or any prospectus supplement or post-effective amendment thereto, the Holders named therein as selling stockholders whose Registrable Securities are registered for offer and sale pursuant to such Shelf Registration Statement, prospectus supplement or post-effective amendment.
“Person” means any individual, partnership, corporation, limited liability company, unincorporated organization, association, estate, trust or other entity. 
“Registrable Securities” means (a) any shares of Common Stock issuable upon the conversion, exchange or exercise of any Common Units beneficially owned by the Holders on the date hereof (including Common Units issuable upon conversion of Series A Preferred Units beneficially owned by the Holders as of the date hereof), without regard to any vesting or other conditions to which such Common Units may be subject, (b) any shares of Common Stock issued or issuable, directly or indirectly, in exchange for or with respect to the Common Stock referenced in clause (a) above by way of stock dividend, stock split or combination of shares or in connection with a reclassification, recapitalization, merger, share exchange or conversion, consolidation or other similar event or reorganization, and (c) any securities issued in replacement of or exchange for any securities described in clause (a) or (b) above. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when (i) a registration statement with respect to the sale of such securities shall have been declared effective under the Securities Act and such securities shall have been disposed of in accordance with such registration statement, or (ii) such securities are eligible for sale pursuant to Rule 144 under the Securities Act (without regard to the limitations in Rule 144 under the Securities Act concerning the manner of sale, volume of sales or publication of current public information by the Company). 
“SEC” means the U.S. Securities and Exchange Commission. 
“Securities Act” means the Securities Act of 1933. 
1.2Interpretation; Construction.  The Article and Section headings in this Agreement are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provision of this Agreement. References to Articles and Sections in this Agreement, unless otherwise indicated, are references to Articles and Sections of this Agreement. The parties to this Agreement have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises with respect to any term or provision of this Agreement, this Agreement shall be construed as if drafted jointly by the parties to this Agreement, and no presumption or burden of proof shall arise favoring or disfavoring any party to this Agreement by virtue of the authorship of any of the terms or 

provisions of this Agreement. Any reference to any federal, state, county, local or foreign statute or law shall be deemed to refer to such statute or law as amended from time to time and also to refer to all rules and regulations promulgated thereunder, as may be amended from time to time. For all purposes of and under this Agreement, (i) the word “including” shall be deemed to be immediately followed by the words “without limitation;” (ii) words (including defined terms) in the singular shall be deemed to include the plural and vice versa; (iii) the terms “hereof,” “herein,” “hereto,” “herewith” and any other words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular term or provision of this Agreement; or (iv) the use of the word “or” shall not be exclusive. 

ARTICLE II
RESALE SHELF REGISTRATION RIGHTS

2.1Resale Shelf Registration Rights.  

(a)Subject to any contractual lock-up applicable to any Holder, promptly following delivery by a Holder of an Exchange Notice pursuant to the Amended and Restated Limited Partnership Agreement, together with a written certification from such Holder, in form and substance reasonably satisfactory to the Company’s legal counsel, certifying to such Holder’s compliance with the factual requirements of Rule 144 under the Securities Act, the Company shall use its reasonable best efforts to (i) cause the Company’s legal counsel to deliver to the transfer agent for the Common Stock an opinion of counsel in such form as the transfer agent deems sufficient to cause any shares of Common Stock issuable pursuant to such Exchange Notice to be issued without legends restricting the transfer of such shares of Common Stock without the registration of such shares of Common Stock under the Securities Act prior to such transfer and (ii) deliver to such Holder shares of Common Stock in book-entry form free of any legend restricting the transfer of such shares of Common Stock without the registration of such shares of Common Stock under the Securities Act prior to such transfer.

(b)If the Company is unable to deliver shares of Common Stock to the applicable Holder free of restrictive legends as contemplated by Section 2.1(a), the Company shall use its reasonable best efforts to file within 30 days following delivery by such Holder of an Exchange Notice, and cause to be declared effective as promptly as possible thereafter, a Registration Statement on Form S-3 (or any successor form thereto providing for “short-form” registration) in accordance with Rule 415 under the Securities Act (such registration statement, a “Shelf Registration Statement”) or one or more prospectus supplements or post-effective amendments to an already effective Shelf Registration Statement to register the offer and sale of all Registrable Securities covered by such Exchange Notice through ordinary course brokerage or dealer transactions not involving an underwritten public offering; provided that if the Company has already filed a Shelf Registration Statement pursuant to Section 2.1(c) or 2.1(d) that is effective, the Company shall file any prospectus supplement with respect to all Registrable Securities covered by such Exchange Notice within five (5) days of receipt of the information reasonably required from the applicable Holder to be included in such prospectus supplement. 

(c)No later than 30 days following the one year anniversary of this Agreement, the Company shall use its reasonable best efforts to file a new, or amend an existing, Shelf Registration Statement to permit the registration of all Registrable Securities pursuant to this 

Agreement, and to cause such Shelf Registration Statement to be declared effective as promptly as possible thereafter.  Any Shelf Registration Statement or amendment to an existing Shelf Registration Statement filed pursuant to this Section 2.1(c) shall include, and may be limited to, such disclosures as are required by Rule 430B under the Securities Act (referring to the unnamed selling security holders in a generic manner by identifying the initial offering of the securities to the Holders) in order to ensure that all of the Holders may be added to such Shelf Registration Statement at a later time through the filing of a prospectus supplement rather than a post-effective amendment.

(d)If the Company files any Shelf Registration Statement for the benefit of one or more Holders, the Company shall include in such Shelf Registration Statement such disclosures as may be required by Rule 430B under the Securities Act (referring to the unnamed selling security holders in a generic manner by identifying the initial offering of the securities to the Holders) in order to ensure that all of the Holders may be added to such Shelf Registration Statement at a later time through the filing of a prospectus supplement rather than a post-effective amendment.

(e)To the extent the Company is a well-known seasoned issuer (as defined in Rule 405 under the Securities Act) (a “WKSI”) at the time any Shelf Registration Statement is filed by the Company pursuant to Section 2.1(b), the Company shall cause such Shelf Registration Statement to be an automatic shelf registration statement (as defined in Rule 405 under the Securities Act) on Form S-3. The Company shall use its commercially reasonable efforts to remain a WKSI (and to not become, and to seek relief from any determination by the SEC that it is, an ineligible issuer (as defined in Rule 405 under the Securities Act)) during the period during which the Registrable Securities remain Registrable Securities. If the Company does not pay the filing fee covering the Registrable Securities at the time the automatic shelf registration statement is filed, the Company agrees to pay such fee at such time or times as the Registrable Securities are to be sold in compliance with the SEC rules. If any automatic shelf registration statement has been outstanding for at least three years, at the end of the third year the Company shall refile a new automatic shelf registration statement covering the Registrable Securities that remain unsold. If at any time when the Company is required to re-evaluate its WKSI status the Company determines that it is not a WKSI, the Company shall use its reasonable best efforts to refile, and cause to be declared effective, the applicable Shelf Registration Statement on Form S-3 (or any successor form thereto providing for “short-form” registration). 

(f)Notwithstanding the foregoing, if the Chief Executive Officer of the Company, in consultation with the Company’s lead independent director, in good faith determines that filing a Shelf Registration Statement or prospectus supplement, or causing a Shelf Registration Statement or post-effective amendment to any effective Shelf Registration Statement to become effective, pursuant to this Agreement would (i) materially impede, delay or interfere with any material financing, offer and sale of securities, acquisition, merger, tender offer, business combination, corporate reorganization or other similar significant transaction involving the Company, or (ii) require the Company to disclose material, non-public information that would otherwise not be required to be disclosed under applicable law and that the Company has a bona fide business purpose for preserving as confidential, then the Company may defer its obligation to pursue such filing and effectiveness pursuant to this Agreement for not more than 60 consecutive days following (i) delivery by a Holder of an Exchange Notice pursuant to the Amended and 

Restated Limited Partnership Agreement or (ii) in the case of a Shelf Registration Statement to be filed pursuant to Section 2.1(c), the end of such 30-day period.

2.2Registration Procedures.  If and whenever the Company is required to effect or cause the registration of any Registrable Securities pursuant to this Agreement, the Company shall, subject to Section 2.1(f), act as expeditiously as possible to: 

(a)prepare and make all filings with the SEC required for the consummation of such registration, including (if necessary) preparing and filing a Shelf Registration Statement (including all required exhibits and financial statements), and one or more amendments or supplements thereto, for the disposition of such Registrable Securities as contemplated by Section 2.1, which registration statement shall comply as to form in all material respects with the requirements of the applicable registration form and include all financial statements required by the SEC to be filed therewith, and the Company shall use its reasonable best efforts to cause such Shelf Registration Statement to become effective; provided, however, that the Company shall (i) furnish to the Participating Holders drafts of such filings (including all exhibits thereto and each document incorporated by reference therein to the extent then required by the rules and regulations of the SEC) a reasonable period prior to filing, (ii) consider in good faith such reasonable changes in any such documents prior to the filing thereof as the Participating Holders may provide in writing, and (iii) make such of the representatives of the Company as shall be reasonably be requested by the Participating Holders available for the discussion of such documents; provided, further, that the Company shall not file any registration statement, or supplement or amendment thereto, to which any Participating Holder shall reasonably object; 

(b)prepare and file with the SEC such pre- and post-effective amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement continuously effective for so long as any Registrable Securities whose offer and sale are registered thereunder remain outstanding and to comply with the provisions of the Securities Act with respect to the sale or other disposition of all Registrable Securities covered by such registration statement; 

(c)furnish, without charge, to each Participating Holder such number of copies of such registration statement, each pre- and post-effective amendment and supplement thereto (in each case including all exhibits), the prospectus included in such registration statement and any other prospectus filed under Rule 424 under the Securities Act in connection therewith, in each case, in conformity with the requirements of the Securities Act, and other documents, as such Participating Holder may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities owned by such Participating Holder (the Company hereby consenting to the use in accordance with all applicable law of each such registration statement (or amendment or post-effective amendment thereto) and each such prospectus by each such Participating Holder in connection with the offering and sale of the Registrable Securities covered by such registration statement or prospectus); 

(d)use its commercially reasonable efforts to register or qualify the Registrable Securities covered by such registration statement under such other securities or state “blue sky” laws of such jurisdictions as any Participating Holders shall reasonably request in writing, and do any and all other acts and things that may be reasonably necessary or advisable to enable such 

Participating Holders to consummate the disposition of the Registrable Securities in such jurisdictions (including keeping such registration or qualification in effect for so long as such registration statement remains in effect), except that in no event shall the Company be required to qualify to do business as a foreign corporation in any jurisdiction where it would not, but for the requirements of this Section 2.2(d), be required to be so qualified, to subject itself to taxation in any such jurisdiction or to consent to general service of process in any such jurisdiction; 

(e)promptly notify each Participating Holder (i) when such registration statement, any post-effective amendment or any prospectus supplement related thereto has been filed with the SEC and, with respect to the registration statement or any post-effective amendment, when the same has become effective; (ii) of any request by the SEC for amendments or supplements to the registration statement or the prospectus related thereto or for additional information; (iii) of the issuance by the SEC of any stop order suspending the effectiveness of the registration statement or the initiation of any proceedings for that purpose; (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the securities or state “blue sky” laws of any jurisdiction or the initiation of any proceeding for such purpose; (v) of the existence of any fact of which the Company becomes aware that results in the registration statement or any amendment thereto, the prospectus related thereto or any supplement thereto, any document incorporated therein by reference containing an untrue statement of a material fact or omitting to state a material fact required to be stated therein or necessary to make any statement therein not misleading (which notice shall notify the Participating Holders only of the occurrence of such an event and shall provide no additional information regarding such event to the extent such information would constitute material non-public information); and, if the notification relates to an event described in clause (v), the Company shall promptly prepare and furnish to each such Participating Holder a reasonable number of copies of a prospectus supplemented or amended so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein in the light of the circumstances under which they were made not misleading; 

(f)cause all such Registrable Securities covered by such registration statement to be listed on the principal securities exchange on which similar securities issued by the Company are then listed (if any), if the listing of such Registrable Securities is then permitted under the rules of such exchange; and

(g)use its reasonable best efforts to prevent the issuance or obtain the prompt withdrawal of any order suspending the effectiveness of the registration statement, or the prompt lifting of any suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction, in each case, as promptly as reasonably practicable. 

2.3Registration Expenses.  All reasonable and documented out-of-pocket expenses incurred by the Company or any Holder in connection with the performance of or compliance with this Agreement shall be paid by the Company, including, (i) all registration and filing fees, and any other fees and expenses associated with filings required to be made with the SEC or any applicable self-regulatory organization, (ii) all fees and expenses in connection with compliance with any securities or “blue sky” laws, (iii) all printing, duplicating, word processing, messenger, 

telephone, facsimile and delivery expenses (including expenses of printing certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust Company or other depositary and of printing prospectuses), (iv) all fees and disbursements of counsel for the Company and of all independent certified public accountants of the Company, (v) all fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange on which similar securities of the Company are then listed (or on which exchange the Registrable Securities are proposed to be listed), (vi) all reasonable and documented fees and disbursements of Goodwin Procter LLP, as counsel for the Holders (or such other counsel as may be designated by the applicable Holder), and (vii) all of the Company’s internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting duties). The Company shall not be required to pay, and each Person that sells securities pursuant to a Shelf Registration Statement hereunder will bear and pay, all sales discounts and commissions applicable to the Registrable Securities sold for such Person’s account and all transfer taxes (if any) attributable to the sale of Registrable Securities.

2.4Required Holder Information.  It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Article II that each Participating Holder shall furnish to the Company such information regarding themselves, and the Registrable Securities held by them, as the Company may from time to time reasonably request in order for the Company to effect such registration.

2.5No Inconsistent Agreements.  The Company shall not hereafter enter into any agreement with respect to its securities that is inconsistent in any material respect with the rights granted to the Holders in this Agreement. 

ARTICLE III
INDEMNIFICATION

3.1Indemnification by the Company.  The Company shall (a) indemnify and hold harmless, to the fullest extent permitted by law, each Holder, and such Holder’s officers, directors, managers, members, partners and stockholders, against all losses, claims, actions, damages, liabilities and expenses, joint or several, to which any of the foregoing Persons may become subject under the Securities Act or otherwise, insofar as such losses, claims, actions, damages, liabilities or expenses arise out of or are based upon any untrue or alleged untrue statement of a material fact contained in any Shelf Registration Statement or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, and (b) reimburse such Persons for any legal or other expenses reasonably incurred by any of them in connection with investigating or defending any such loss, claim, action, damage or liability, except in the case of clauses (a) and (b) insofar as the same are caused by or contained in any information furnished in writing to the Company by such Holder expressly for use therein or by such Holder’s failure to deliver a copy of the Shelf Registration Statement or any amendments or supplements thereto (if the same was required by applicable law to be so delivered) after the Company has furnished such Holder with a sufficient number of copies of the same prior to any written confirmation of the sale of Registrable Securities. This indemnity shall be in addition to any liability the Company may otherwise have.

3.2Indemnification by the Holders.  In connection with any registration in which a Holder is participating, each such Holder shall furnish to the Company in writing such information as the Company may reasonably request for use in connection with any Shelf Registration Statement, subject to the final sentence of this Section 3.1.  Each Holder shall (a) indemnify and hold harmless, to the fullest extent permitted by law, the Company, each officer, director and stockholder of the Company, against any losses, claims, actions, damages, liabilities or expenses resulting from any untrue or alleged untrue statement of material fact contained in the Shelf Registration Statement or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, and (b) reimburse such Persons for any legal or other expenses reasonably incurred by any of them in connection with investigating or defending any such loss, claim, action, damage or liability, but only in the case of clauses (a) and (b) to the extent that such untrue statement or omission was made in reliance on and in conformity with any information so furnished in writing by such Holder expressly for use in such Shelf Registration Statement or any amendment thereof or supplement thereto; provided that the obligation to indemnify and reimburse expenses shall be several, not joint and several, for each Holder and shall not exceed an amount equal to the net proceeds actually received by such Holder from the sale of Registrable Securities pursuant to such Shelf Registration Statement. This indemnity shall be in addition to any liability such Holder may otherwise have.  The Company and the Holders hereby acknowledge and agree that, unless otherwise expressly agreed to in writing by the applicable Holders, the only information furnished or to be furnished to the Company for use in any Shelf Registration Statement or prospectus relating to the Registrable Securities or in any amendment, supplement or preliminary materials associated therewith are statements specifically relating to (i) transactions or the relationship between the applicable Holders and its Affiliates, on the one hand, and the Company, on the other hand, (ii) the beneficial ownership of Registrable Securities by such Holder and its Affiliates, (iii) the name and address of such Holder and (iv) any additional information about such Holder or the plan of distribution (other than for an underwritten offering) required by law or regulation to be disclosed in any such document.

3.3Procedures for Indemnification.  Promptly after receipt by an indemnified party of notice of the commencement of any action involving a claim referred to in this Article III, such indemnified party shall, if a claim pursuant to this Article III in respect thereof is made against an indemnifying party, give written notice to the latter of the commencement of such action. The failure of any indemnified party to notify an indemnifying party of any such action shall not (unless such failure shall have materially prejudiced the indemnifying party through the forfeiture of substantive rights or defenses) relieve the indemnifying party from any liability in respect of such action that it may have to such indemnified party hereunder. In case any such action is brought against an indemnified party, the indemnifying party shall be entitled to participate in and to assume the defense of the claims in any such action that are subject or potentially subject to indemnification hereunder, jointly with any other indemnifying party similarly notified to the extent that it may wish, with counsel reasonably satisfactory to such indemnified party, and after written notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be responsible for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense thereof; provided that, if any indemnified party shall have reasonably concluded, based on the advice of counsel, that there are one or more legal or equitable defenses available to such indemnified party which are additional to or conflict with those available to the indemnifying party, or that such claim or 

litigation involves or could have an effect upon matters beyond the scope of the indemnity provided hereunder, the indemnifying party shall not have the right to assume the defense of such action on behalf of such indemnified party without such indemnified party’s prior written consent (but, without such consent, shall have the right to participate therein with counsel of its choice) and such indemnifying party shall reimburse such indemnified party for that portion of the fees and expenses of any counsel retained by the indemnified party which is reasonably related to the matters covered by the indemnity provided hereunder. If the indemnifying party is not entitled to, or elects not to, assume the defense of a claim, (i) it shall not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim, and (ii) no indemnified party shall, without the prior written consent of the indemnifying party, settle or compromise or consent to the entry of any judgment with respect to any action in respect of which indemnification or contribution could be sought under this Article III unless such consent includes a waiver by such indemnified party of its right to pursue indemnification from the indemnifying party under this Article III. 

3.4Other Remedies.  If the indemnification provided for in this Article III is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, claim, damage, liability or action referred to in this Article III, then the indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amounts paid or payable by such indemnified party as a result of such loss, claim, damage, liability or action in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other hand in connection with the statements or omissions which resulted in such loss, claim, damage, liability or action as well as any other relevant equitable considerations; provided that the maximum amount of liability in respect of such contribution shall be limited, in the case of each Holder, to an amount equal to the net proceeds actually received by such Holder from the sale of Registrable Securities effected pursuant to the applicable registration. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties agree that it would not be just and equitable if contribution pursuant hereto were determined by pro rata allocation or by any other method or allocation which does not take account of the equitable considerations referred to herein. No Person guilty or liable of fraudulent misrepresentation within the meaning of Section 11(f) of the Securities Act shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 

ARTICLE IV
MISCELLANEOUS

4.1Rule 144.  The Company covenants that so long as it remains subject to the reporting provisions of the Securities Exchange Act of 1934 (the “Exchange Act”), it will timely file the reports required to be filed by it under the Securities Act or the Exchange Act (including the reports under Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144 under the Securities Act, as such rule may be amended) and will use its reasonable best 

efforts to take such further action as may be reasonably required to enable the Holders to sell Registrable Securities pursuant to Rule 144 under the Securities Act.

4.2Amendments and Waivers.  Any provision of this Agreement may be amended, modified, supplemented or waived with the written approval of each of the Company and the Holders holding at least ninety percent (90%) of the Registrable Securities hereunder. Any amendment or waiver effected in accordance with this Section 4.2 shall be binding upon each Holder and the Company. No delay or omission to exercise any right, power or remedy accruing to any party, upon any breach or default of any other party under this Agreement will impair any such right, power or remedy of such party, nor will it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of any similar breach or default thereafter occurring, nor will any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring, nor will any provision of this Agreement be implied from any course of dealing between the parties hereto. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach of default under this Agreement or any waiver on the part of any party of any provisions or conditions of this Agreement must be made in writing and will be effective only to the extent specifically set forth in such writing. 

4.3Notices.  All notices, demands and other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given (a) when personally delivered, (b) when transmitted by electronic mail if the sender on the same day sends a confirming copy of such notice in accordance with immediately following clause (c) or (c) the day on which the same has been delivered to the intended recipient if sent prepaid by a nationally recognized overnight delivery service (with tracking capability), in each case to the respective parties at the address set forth below, or at such other address as such party may specify by written notice to the other party hereto: 

If to the Company:

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Attn:  [•]
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With a copy (which shall not constitute notice) to:    

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Attn:  [•]
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If to the Holders, as directed on the applicable signature page hereto.

4.4Successors and Assigns.  Except as otherwise provided herein, this Agreement shall bind and inure to the benefit of and be enforceable by the Company and its successors and assigns and each Holder and his, her and its respective successors, permitted assigns and heirs, whether so expressed or not. This Agreement may not be assigned by the Company, without the prior written consent of the holders of at least ninety percent (90%) of the Registrable Securities. Each Holder shall have the right to assign all or part of its or his rights and obligations under this Agreement to any Person (i) to whom such Holder transfers Registrable Securities, Series A Preferred Units or Common Units and (ii) who executes a written joinder with the Company agreeing to be bound by the terms and conditions of this Agreement, which joinder shall be in a form reasonably satisfactory to the Company. No Person shall have any rights under this Agreement until a joinder contemplated by this Section 4.4 has been executed by such Person and the Company.

4.5Entire Agreement.  This Agreement and the other agreements referenced herein constitute the entire agreement among the parties hereto with respect to the subject matter hereof, and supersede any prior agreement or understanding among them relating to such matter, whether oral or written. 

4.6Governing Law.  This Agreement shall in all respects be governed by, and construed in accordance with, the laws of the State of New York applicable to agreements made and to be performed entirely within such State, including all matters of construction, validity and performance. 

4.7Jurisdiction; Court Proceedings; Waiver of Jury Trial. 
 
(a)AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY.

(b)EACH OF THE PARTIES IRREVOCABLY SUBMITS TO THE NON‐EXCLUSIVE JURISDICTION OF ANY FEDERAL OR STATE COURT LOCATED IN NEW YORK COUNTY IN THE STATE OF NEW YORK, FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. EACH OF THE PARTIES HERETO FURTHER AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S. REGISTERED MAIL TO SUCH PARTY’S RESPECTIVE ADDRESS SET FORTH ABOVE WILL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING WITH RESPECT TO ANY MATTERS TO WHICH IT HAS SUBMITTED TO JURISDICTION IN THIS PARAGRAPH. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY OBJECTION TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY IN ANY FEDERAL OR STATE COURT LOCATED IN NEW YORK COUNTY IN THE STATE OF NEW YORK, AND HEREBY AND THEREBY FURTHER IRREVOCABLY AND UNCONDITIONALLY WAIVES 

AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

4.8Counterparts.  This Agreement may be executed by facsimile or .pdf signatures and in any number of counterparts with the same effect as if all signatory parties had signed the same document. All counterparts shall be construed together and shall constitute one and the same instrument. 

4.9Severability.  Should any provision of this Agreement or the application thereof to any Person or circumstance be held invalid or unenforceable to any extent (a) such provision shall be ineffective to the extent, and only to the extent, of such unenforceability and shall be enforced to the greatest extent permitted by law, (b) such unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision as applied (i) to other Persons or circumstances or (ii) in any other jurisdiction, and (c) such unenforceability shall not affect or invalidate any other provision of this Agreement. 

4.10Remedies; Specific Performance.  All remedies, either under this Agreement or by law or otherwise afforded to the parties hereunder, shall be cumulative and not alternative. The parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. Accordingly, the parties agree that, in addition to any other remedies, each party shall be entitled to enforce the terms of this Agreement by a decree of specific performance without the necessity of proving the inadequacy of money damages as a remedy. 

4.11Further Assurances.  Each party hereto shall do and perform or cause to be done and performed all such further acts and things and shall execute and deliver all such other agreements, certificates, instruments, and documents as any other party hereto reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby. 

4.12Independent Nature of the Rights and Obligations of Holders.  The rights and obligations of each Holder hereunder are several and not joint with the obligations of any Holder, and no Holder shall be responsible in any way for the performance of the obligations of any other Holder hereunder. The decision of each Holder to enter into this Agreement has been made by such Holder independently of any Holder. Nothing contained herein, and no action taken by any Holder pursuant hereto, shall be deemed to constitute the Holders as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Holders are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated hereby and the Company acknowledges that the Holders are not acting in concert or as a group, and the Company will not assert any such claim, with respect to such obligations or the transactions contemplated hereby. 

4.13Termination .  This Agreement shall terminate and be of no further force and effect when there shall no longer be any Registrable Securities outstanding; provided that Section 2.3 and Article III shall survive any such termination. 

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IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be duly executed and delivered in its name and on its behalf, all as of the day and year above first written. 
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By:        
Name:
Title:

[Signature Page - Registration Rights Agreement]

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be duly executed and delivered in its name and on its behalf, all as of the day and year above first written. 
HOLDER:
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By:        
Name:
Title:

Contact Information:
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Attention:  [•]
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[Signature Page - Registration Rights Agreement]

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