Document:

EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into as of November 5, 2015, by and between Mark Frost
(“Executive”) and Analogic Corporation (the “Company”). 
 WITNESSETH THAT: 

WHEREAS, the Company is desirous of employing Executive in an executive capacity on the terms and conditions, and for the consideration,
hereinafter set forth, and Executive is desirous of being employed by the Company on such terms and conditions and for such consideration. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth below, and for other good and valuable consideration, it is
hereby covenanted and agreed by Executive and the Company as follows: 
  

	1.	Effective Date. The “Effective Date” shall mean the date of this Agreement as first above written. 

  

	2.	Commencement and Nature of Employment. Executive’s employment (the “Employment Period”) will commence on or before November 30, 2015 (the “Start Date”) and shall end
when terminated pursuant to Section 7 of this Agreement. Such employment shall be “at will” which means that it may be terminated by either party at any time and for any reason. 

 

	3.	Position and Duties. 

  

	 	3.1	During the Employment Period, Executive shall (i) serve as the Senior Vice President, Chief Financial Officer and Treasurer of the Company, subject to necessary approvals of the Company’s Board of Directors,
(ii) report directly to the Chief Executive Officer of the Company and, on its direction, to the Board of Directors of the Company (the “Board”), and (iii) perform similar duties as requested or appropriate for affiliates
of the Company, including without limitation any subsidiary (the “Affiliated Entities”). 

  

	 	3.2	During the Employment Period, Executive shall devote full business time, energies and talents to serving in the positions described in Section 3.1 and shall perform those duties faithfully and efficiently;
provided, however, that it shall not be a violation of this Section 3.2 for Executive to (i) engage in charitable, religious, educational and community activities; (ii) manage his and his family’s personal investments and
affairs; (iii) participate in professional organizations; and (iv) serve on the boards of charitable, religious and educational entities. 

  

	4.	Compensation. During the Employment Period, the Company shall compensate Executive as follows: 

	 	4.1	Base Salary. Beginning on the Start Date, Executive shall receive an annual base salary (“Annual Base Salary”) of $380,000, payable in bi-weekly installments or otherwise in accordance with the
Company’s then-current payroll policies. 

  

	 	4.2	Annual Incentive Program. Effective as of the Start Date and without any proration, Executive shall participate in the Company’s FY2016 Annual Incentive Program (the “FY16 AIP”) with a
target award equal to sixty percent (60%) of Executive’s Annual Base Salary (i.e., $228,000). 

  

	 	4.3	Long-Term Incentive Program. Without any proration, Executive shall participate in the Company’s FY 2016-2018 Long Term Incentive Program (the “FY16-18 LTIP”) with a target award equal to
one hundred fifty percent (150%) of Executive’s Annual Base Salary (i.e., $570,000). The Compensation Committee of the Board (the “Compensation Committee”) will grant Executive’s FY16-18 LTIP award at its first
quarterly meeting after the Start Date. 

  

	 	4.4	FY16 AIP and FY16-18 LTIP Participation. Executive’s participation in the FY16 AIP and FY16-18 LTIP will be according to valuation methodologies and other terms and conditions as applicable to other
similarly situated executives of the Company (the “Other Executives”). Participation in the FY16-18 LTIP is subject to Executive’s acceptance of the Company’s standard award agreements, which award agreements include a
non-competition covenant. 

  

	 	4.5	Employee Benefits. During the Employment Period, Executive shall receive four (4) weeks per year of vacation and shall be eligible to participate in such health and other benefit programs (including the
Company’s Non-Qualified Deferred Compensation Plan) as are offered to the Other Executives. 

  

	 	4.6	Expense Reimbursement. Subject to the requirements of Section 12.5, the Company will reimburse Executive for all reasonable expenses incurred by him in the performance of his duties in accordance with the
Company’s then-current reimbursement policies. 

  

	 	4.7	Modification of Compensation Programs and Arrangements. Executive’s compensation may be reviewed and adjusted by the Compensation Committee pursuant to its normal review policies. Executive’s
participation in the programs referenced in the Agreement, and Executive’s participation in any other compensation, incentive or benefit programs, shall be subject to the terms and conditions of such programs, as may be amended or terminated by
the Company. 

  

	5.	Other Compensation. As a further inducement to Executive’s willingness to enter into this Agreement, the Company shall compensate Executive as follows: 

 

	 	5.1	 Sign-On Bonus. The Company shall, as soon as practicable after the Start Date, pay Executive a one-time cash bonus of $38,000 (the
“Cash Bonus”). If Executive’s employment is terminated by the Company for Cause within one (1) year following the Start Date, Executive will be required to repay the Cash Bonus in full. If Executive resigns his employment
within one (1) year from the Start 

	 	
Date (other than in connection with Executive’s resignation for Good Reason in connection with a Change in Control Event as provided in Section 9), Executive will be required to repay a
pro-rated portion of Cash Bonus, calculated as the (i) the Cash Bonus minus an amount equal to (ii) the Cash Bonus multiplied by a fraction, the numerator of which is the number of days that Executive was employed in the year following the
Start Date, and the denominator of which is 365. 

  

	 	5.2	Time-Based Restricted Stock Units. The Company shall, at the first quarterly Compensation Committee meeting after the Start Date, grant Executive a number of restricted stock units equal to $350,000 divided by
the closing price of the Company’s common stock on the grant date (the “RSU Grant”). The RSU grant shall vest ratably (in equal increments of 50% per annum) on the first and second anniversaries of the grant date, subject
to Executive’s continued employment with the Company through the applicable vesting date. The RSU Grant shall be granted under and subject to the terms of the Company’s Amended and Restated 2009 Stock Incentive Plan. The RSU Grant shall
also be subject to Executive’s acceptance of the Company’s standard award agreement, which agreement includes a non-competition covenant. 

  

	6.	Relocation. It is expected that Executive will relocate his family to the Boston area following the Start Date. To assist in the relocation, Executive will be eligible to participate in the Company’s
relocation program, including (i) guaranteed home buyout program based on current appraised value of Executive’s principal residence; (ii) reimbursement for the reasonable cost of selling Executive’s current residence and buying
a new residence; (iii) two house hunting trips for Executive and his spouse; (iv) temporary housing for up to four months; (v) insuring, packing, storing, loading, shipping and/or trucking and moving all of the goods from
Executive’s home in Niskayuna, NY, to Executive’s new home in the Boston area and (vi) payment of an amount equal to one (1) month’s Base Salary for incidental expenses. To the extent applicable, the imputed income
for items (i) through (v) above will be grossed up for tax purposes. If Executive resigns his employment within one (1) year from the Start Date (other than for Good Reason in connection with a Change in Control Event as provided in
Section 9), Executive will be required to repay a pro-rated portion all relocation benefits received under the Company’s relocation program (including the allocable portion any tax gross up paid with respect to such amount) (the
“Relocation Benefits”), calculated as the (i) the Relocation Benefits minus an amount equal to (ii) the Relocation Benefits multiplied by a fraction, the numerator of which is the number of days that Executive was employed in the
one (1) year period following the Start Date, and the denominator of which is 365. 

	7.	Termination of Employment. 

  

	 	7.1	Death or Disability. Executive’s employment shall terminate automatically upon Executive’s death or Disability. If the Company determines in good faith that the Disability of Executive has occurred
during the Employment Period, it may provide Executive with written notice in accordance with Section 16.6 of this Agreement of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company
shall terminate effective on the 30th day after receipt of such notice by Executive (the “Disability Effective Date”). “Disability” shall, unless otherwise required under applicable law, mean the inability of
Executive to perform the essential functions of Executive’s positions with the Company on a full-time basis as a result of incapacity due to mental or physical illness, which inability exists for 12 or more weeks during any rolling 12-month
period. 

  

	 	7.2	By the Company. The Company may terminate Executive’s employment with or without Cause. In the event the Company terminates Executive’s employment without Cause, the Company shall provide at least 60
days’ prior written notice to Executive of such termination (the “Company’s Notice Period”). During the Company’s Notice Period, Executive shall remain an employee of the Company, receiving his Base Salary and all
benefits under Section 4.4 above, through the Date of Termination. For purposes of this Agreement, “Cause” means (a) any intentionally dishonest, illegal, or insubordinate conduct which is materially injurious to the Company or
any of its subsidiaries or which results in an improper substantial personal benefit, (b) material breach by Executive of any provision of any employment, nondisclosure, non-competition, or similar agreement or Company policy to which Executive
is a party or is bound, (c) Executive’s material nonperformance or gross dereliction of duty, (d) Executive’s conviction of or plea of guilty to a felony or any crime involving moral turpitude; provided, however, that no
termination for Cause shall be valid under this Agreement unless (i) the Company has provided written notice to Executive describing in reasonable detail the event purporting to constitute Cause within 30 days after the actual knowledge of the
Company’s Chief Executive Officer, General Counsel, or Vice President of Human Resources of the event purporting to constitute Cause, (ii) if such event is curable, Executive has failed to cure such event within 30 days following receipt
of such written notice, and (iii) the Company terminates Executive’s employment within 30 days after such failure to cure such event. The failure by Executive or the Company to set forth any fact or circumstance that contributes to a
showing of Cause, as the case may be, shall not waive any right of the Company or preclude the Company from asserting such fact or circumstance in enforcing the Company’s rights. 

 

	 	7.3	 By Executive. In the event Executive terminates his employment other than in connection with his death or Disability, Executive shall
provide at least 60 days’ prior written notice to the Company of such termination; provided, however, that the Company may elect to terminate Executive’s employment at any point during such period, and such termination shall not constitute
a termination by the 

	 	
Company (the applicable period, the “Executive’s Notice Period”). During the Executive’s Notice Period, Executive shall remain an employee of the Company, and shall receive
his then-applicable Base Salary and benefits as may then be provided under Section 4.5 above, through the Date of Termination. 

  

	 	7.4	Date of Termination. “Date of Termination” means, (i) if Executive’s employment ends other than for death or Disability, Executive’s last day of employment with the Company; and
(ii) if Executive’s employment is terminated by reason of death or Disability, the date Executive’s death or the Disability Effective Date, as the case may be. 

 

	8.	Obligations of the Company upon Termination. 

  

	 	8.1	Termination for Any Reason or No Reason. In the event of the termination of Executive’s employment hereunder for any reason or for no reason, the Company will pay to Executive (or to his estate) (i) the
portion of his Annual Base Salary that has accrued prior to such termination and has not yet been paid, and (ii) an amount equal to the value of his accrued unused vacation days, (iii) reimbursement for expenses properly incurred by
Executive on behalf of the Company prior to such termination and properly documented in accordance with Section 4.6 above, and (iv) to the extent not theretofore paid or provided, any other amounts or benefits required to be paid or
provided or which Executive is eligible to receive under any plan or agreement of or with the Company through the Date of Termination (all such amounts, collectively, the “Accrued Obligations”). The Accrued Obligations will be paid
as required by law but in any event promptly after termination or as provided by any applicable plan or agreement. 

  

	 	8.2	Termination by the Company Other Than for Cause; Other Than by Reason of Executive’s Death or Disability; and Other than in Connection with a Change in Control Event. Subject to Executive’s execution of
a general release of claims against the Company, its Affiliated Entities and each of their officers, directors, employees, agents and attorneys, in a form reasonably acceptable to the Company and such release becoming irrevocable within sixty
(60) days following the Date of Termination (the “Severance Conditions”), if Executive’s employment is terminated by the Company other than for Cause or by reason of Executive’s death or Disability, and other than in
connection with a Change in Control Event (as defined below), then in addition to the Accrued Obligations, the Company shall: 

  

	 	8.2.1	beginning on the sixtieth (60th) day following the Date of Termination pay to Executive a sum equal to his most recent Annual Base Salary for a period of twelve
(12) months, such payment to be made in approximately equal installments according to the Company’s then-current payroll practices (except as otherwise provided below in the case of amounts that are subject to a prior deferral election).

	 	8.2.2	Provide continued coverage under the Company’s group medical and dental plans (the “Health Plans”), if and to the extent permitted by such plans and subject to their terms, and also subject to
Executive paying his normal proportion of the cost thereof, for a period of twelve (12) months from the Date of Termination of employment, and if the Health Plans do not permit such continued coverage, and if Executive should be eligible for
and properly elect health care continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), Executive’s COBRA payments, and if applicable for family coverage, for health coverage that
is paid by the Company to active and similarly-situated employees who receive the same type of coverage, for a period of equal to twelve (12) months from the Date of Termination, unless the provision of the foregoing benefits will violate the
nondiscrimination benefits of applicable law, in which case the Company payments will not apply. Any obligations under this Section 8.2.1 shall cease at such earlier time as Executive becomes eligible for coverage under another employer’s
group medical plan, and Executive shall immediately inform the Company in writing of such occurrence. 

  

	 	8.2.3	Pay to Executive a sum equal to his actual bonus as calculated according to the Annual Incentive Program in the fiscal year in which such termination occurs, payable at such time and in the manner provided in such Plan;
provided that, notwithstanding the date of Executive’s termination within such fiscal year, Executive’s actual bonus will be calculated using an amount not less than the Annual Base Salary actually earned by Executive in the fiscal year in
which termination occurs. 

  

	 	8.3	Death, Disability, or by the Company for Cause. If Executive’s employment is terminated by the Company for Cause, or by reason of Executive’s death or Disability, this Agreement shall terminate without
further obligations to Executive or Executive’s legal representatives under this Agreement, other than for payment of the Accrued Obligations. 

  

	 	8.4	Effect of Termination on Other Positions. If, on the Date of Termination, Executive is a member of the Board or the board of directors of any Affiliated Entity, or holds any other office or position with the
Company or any Affiliated Entity, Executive shall, unless otherwise requested by the Company, be deemed to have resigned from all such offices and positions as of the Date of Termination. Executive agrees to execute such documents and take such
other actions as the Company may request to reflect such resignation. 

  

	9.	Change of Control. 

  

	 	9.1	 If, within twenty four (24) months following a Change in Control Event (the “CIC Period”), Executive’s employment is
terminated by the Company without Cause and not for death or Disability, or if Executive resigns his employment for Good Reason, the Company shall, subject to the Severance Conditions, pay Executive,

	 	
or pay on Executive’s behalf (i) the amounts set forth in Sections 8.1 and 8.2 above at the times provided therein; and (ii) an amount equal to Executive’s target bonus,
without proration, under the Annual Incentive Program for the fiscal year in which such termination occurs, payable at the time of termination. 

  

	 	9.2	Notice of Termination. Following a Change in Control Event, any termination by the Company for Cause or by Executive for Good Reason pursuant to this Agreement shall be communicated by a Notice of Termination (as
defined below) to the other party. A “Notice of Termination” means a written notice that (i) indicates the specific termination provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in
reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated, and (iii) if the date of termination is other than the date of receipt of such notice,
specifies the date of termination (which shall be not more than 15 days after the giving of such notice). The failure by Executive or the Company to set forth in the Notice of Termination any fact or circumstance that contributes to a showing of
Good Reason or Cause, as the case may be, shall not waive any right of Executive or the Company or preclude Executive or the Company from asserting such fact or circumstance in enforcing Executive’s or the Company’s rights.

  

	 	9.3	Change in Control Event. “Change in Control Event” means: 

  

	 	9.3.1	consummation of any merger or consolidation in which (i) the Company is a constituent party or (ii) a subsidiary of the Company is a constituent party and the Company issues shares of its capital stock
pursuant to such merger or consolidation (except, in the case of both clauses (i) and (ii) above, any such merger or consolidation involving the Company or a subsidiary in which the shares of capital stock of the Company outstanding
immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for shares of capital stock that represent, immediately following such merger or consolidation and in approximately the same relative
proportions, at least 51% by voting power of the capital stock of (x) the surviving or resulting corporation or (y) if the surviving or resulting corporation is a wholly owned subsidiary of another corporation immediately following such
merger or consolidation, of the parent corporation of such surviving or resulting corporation); 

  

	 	9.3.2	the issuance, sale or transfer, in a single transaction or series of related transactions, of capital stock representing at least 51% of the voting power of the outstanding capital stock of the Company immediately
following such transaction; 

  

	 	9.3.3	the sale of all or substantially all of the assets of the Company; or 

  

	 	9.3.4	 a change in the composition of the Board that results in the Continuing Directors (as defined below) no longer constituting a majority of the

	 	
Board (or, if applicable, the Board of Directors of a successor corporation to the Company), where the term “Continuing Director” means at any date a member of the Board
(x) who was a member of the Board on the date of the initial adoption of the Plan by the Board or (y) who was nominated or elected subsequent to such date by at least a majority of the directors who were Continuing Directors at the time of
such nomination or election or whose election to the Board was recommended or endorsed by at least a majority of the directors who were Continuing Directors at the time of such nomination or election; provided, however, that there shall be excluded
from this clause (y) any individual whose initial assumption of office occurred as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies
or consents, by or on behalf of a person other than the Board. 

  

	 	9.4	“Good Reason” means (i) the assignment to Executive of any responsibilities or duties inconsistent in any respect with Executive’s Position and Duties (as defined below), excluding any action
that is remedied by the Company promptly after receipt of written notice given by Executive; (ii) any failure by the Company to provide any of the Ongoing Compensation (as defined below), excluding any failure that is remedied by the Company
promptly after receipt of written notice given by Executive; (iii) the Company requiring Executive to be based at any location other than those locations described in the Position and Duties; or (iv) any purported termination by the
Company of Executive’s employment other than for Cause, death, or Disability. 

  

	 	9.5	“Position and Duties” means (i) a position (including, without limitation, offices, titles, and reporting requirements), authority, duties, and responsibilities that are at least commensurate in
all material respects with the most significant of, and the highest grade or level of, those that were held or exercised by Executive or assigned to Executive at any time during the 120-day period immediately preceding the Change in Control Event,
and (ii) services that are performed at the location where Executive was employed immediately preceding the Effective Date or any other location less than 35 miles from Peabody, Massachusetts. 

 

	 	9.6	 “Ongoing Compensation” means, in connection with the CIC Period (i) an annual base salary paid in accordance with the
Company’s usual and customary payroll practices, equal to the base salary in effect immediately prior to the Change in Control Event. Executive’s annual base salary shall be reviewed at least annually and shall be adjusted at any time and
from time to time as shall be consistent with adjustments in base salary generally awarded in the ordinary course of business to the Other Executives. Executive’s annual base salary shall not be reduced after any such increase, and, after any
such increase, the term “annual base salary” shall refer to the annual base salary as so increased; (ii) eligibility for annual and long term bonuses in accordance with the Company’s then existing incentive plans;
(iii) eligibility (including for Executive’s family, as the case may be) to participate in and receive benefits under, all incentive, savings, retirement and 

	 	
welfare plans, practices, policies, and programs generally applicable to the Other Executives, but in no event shall such plans, practices, policies, and programs provide Executive’s (or
Executive’s family) with incentive opportunities, savings opportunities, retirement benefits opportunities or welfare benefits that are, in each case, less favorable, in the aggregate, than the most favorable of the corresponding opportunities
that were provided by the Company for Executive under such plans, practices, policies, and programs as were in effect at any time during the 120-day period immediately preceding the Change in Control Event; (iv) prompt reimbursement for all
reasonable business expenses incurred by Executive in accordance with the practices, policies, and procedures of the Company; and (v) paid vacation in accordance with the most favorable plans, practices, policies, and programs of the Company as
were in effect for Executive at any time during the 120-day period immediately preceding the Change in Control Event. 

  

	 	9.7	280G. 

  

	 	9.7.1	Notwithstanding any other provision of this Agreement or any other plan, arrangement or agreement to the contrary, if any of the payments or benefits provided or to be provided by the Company or its affiliates to
Executive or for Executive’s benefit pursuant to the terms of this Agreement or otherwise (“Covered Payments”) constitute parachute payments (“Parachute Payments”) within the meaning of Section 280G of the
Internal Revenue Code of 1986, as amended (the “Code”) and would, but for this Section 9.7 be subject to the excise tax imposed under Section 4999 of the Code (or any successor provision thereto) or any similar tax imposed
by state or local law or any interest or penalties with respect to such taxes (collectively, the “Excise Tax”), then prior to making the Covered Payments, a calculation shall be made comparing (A) the Net Benefit (as defined
below) to Executive of the Covered Payments after payment of the Excise Tax to (B) the Net Benefit to Executive if the Covered Payments are limited to the extent necessary to avoid being subject to the Excise Tax. Only if the amount calculated
under (A) above is less than the amount under (B) above will the Covered Payments be reduced to the minimum extent necessary to ensure that no portion of the Covered Payments is subject to the Excise Tax (that amount, the “Reduced
Amount”). “Net Benefit” shall mean the present value of the Covered Payments net of all federal, state, local, foreign income, employment and excise taxes. 

 

	 	9.7.2	 If there is a reduction pursuant to this Agreement, the Covered Payment reduction contemplated by the preceding section 9.7.1 shall be implemented by
determining the “Parachute Payment Ratio” (as defined below) for each “parachute payment” and then reducing the “parachute payments” in order beginning with the “parachute payment” with the highest Parachute
Payment Ratio. For “parachute payments” with the same Parachute Payment Ratio, such “parachute payments” shall be 

	 	
reduced based on the time of payment of such “parachute payments,” with amounts having later payment dates being reduced first. For “parachute payments” with the same
Parachute Payment Ratio and the same time of payment, such “parachute payments” shall be reduced on a pro rata basis (but not below zero) prior to reducing “parachute payments” with a lower Parachute Payment Ratio. The term
“Parachute Payment Ratio” shall mean a fraction the numerator of which is the value of the applicable “parachute payment” that must be taken into account by Executive for purposes of Section 4999(a) of the Code, and the
denominator of which is the actual amount to be received by Executive in respect of the applicable “parachute payment”. For example, in the case of an equity grant that is treated as contingent on the change in control because the time at
which the payment is made or the payment vests is accelerated, the denominator shall be determined by reference to the fair market value of the equity at the acceleration date, and not in accordance with the methodology for determining the value of
accelerated payments set forth in Treasury Regulation Section 1.280G-1Q/A-24(b) or (c). 

  

	 	9.7.3	Any determination required under this Section 9.7, including whether any payments or benefits are parachute payments, shall be made by the Company in its sole discretion. Executive shall provide the Company with
such information and documents as the Company may reasonably request in order to make a determination under this Section. The Company’s determination shall be final and binding on Executive. 

 

	10.	No Mitigation. In no event, except as set forth expressly in this or another agreement signed by Executive, shall Executive be obligated to seek other employment or take any other action by way of mitigation of
the amounts payable to Executive under any of the provisions of this Agreement and, subject to the aforesaid exception, such amounts shall not be reduced whether or not Executive obtains other employment. 

 

	11.	Restrictive Covenants/Other Conditions to Employment. As a condition of employment hereunder and the effectiveness of this Agreement, Executive, prior to commencing employment: 

 

	 	11.1	shall execute and deliver to the Company its standard Proprietary Information and Inventions Agreement; and 

  

	 	11.2	shall make himself available for and cooperate regarding a drug test and background and credit checks, including a consumer report and an investigative consumer report; 

 

	 	11.3	shall provide proof satisfactory to the Company of his eligibility to work in the United States, including the proof described in Form I-9; 

 

	 	11.4	shall sign all consents necessary to the accomplishment of the foregoing. 

 Should Executive not satisfy the conditions set forth in this Section 11, or should the drug test or
background check yield results unsatisfactory to the Company, Executive shall not commence employment and this Agreement shall be null and void, with no obligations owing to Executive. 

 

	12.	Payments Subject to Section 409A. Subject to the provisions in this Section 12, any severance payments or benefits under this Agreement shall begin only upon the date of Executive’s
“separation from service” (determined as set forth below) which occurs on or after the date of termination of employment. The following rules shall apply with respect to distribution of the payments and benefits, if any, to be provided to
Executive under this Agreement: 

  

	 	12.1	It is intended that each installment of the severance payments and benefits provided under this Agreement shall be treated as a separate “payment” for purposes of Section 409A of the Internal Revenue Code
and the guidance issued thereunder (“Section 409A”). Neither Executive nor the Company shall have the right to accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by
Section 409A. 

  

	 	12.2	If, as of the date of Executive’s “separation from service” from the Company, Executive is not a “specified employee” (within the meaning of Section 409A), then each installment of the
severance payments and benefits shall be made on the dates and terms set forth in this Agreement 

  

	 	12.3	If, as of the date of Executive’s “separation from service” from the Company, Executive is a “specified employee” (within the meaning of Section 409A), then: 

 

	 	12.3.1	Each installment of the severance payments and benefits due under this Agreement that, in accordance with the dates and terms set forth herein, will in all circumstances, regardless of when the separation from service
occurs, be paid within the short-term deferral period (as defined under Section 409A) shall be treated as a short-term deferral within the meaning of Treasury Regulation Section 1.409A-1(b)(4) to the maximum extent permissible under
Section 409A and shall be paid at the time and in the matter set forth in this Agreement; and 

  

	 	12.3.2	 Each installment of the severance payments and benefits due under this Agreement that is not described in paragraph (i) above and that would,
absent this subsection, be paid within the six-month period following Executive’s “separation from service” from the Company shall not be paid until the date that is six months and one day after such separation from service (or, if
earlier, Executive’s death), with any such installments that are required to be delayed being accumulated during the six-month period and paid in a lump sum on the date that is six months and one day following Executive’s separation from
service and any subsequent installments, if any, being paid in accordance with the dates and terms set forth herein; provided, however, that the preceding provisions of this sentence shall not apply to any installment of severance payments and

	 	
benefits if and to the maximum extent that such installment is deemed to be paid under a separation pay plan that does not provide for a deferral of compensation by reason of the application of
Treasury Regulation 1.409A-1(b)(9)(iii) (relating to separation pay upon an involuntary separation from service). Any installments that qualify for the exception under Treasury Regulation Section 1.409A-1(b)(9)(iii) must be paid no later than
the last day of Executive’s second taxable year following the taxable year in which the separation from service occurs. 

  

	 	12.4	The determination of whether and when Executive’s separation from service from the Company has occurred shall be made in a manner consistent with, and based on the presumptions set forth in, Treasury Regulation
Section 1.409A-1(h). Solely for purposes of this paragraph (d), “Company” shall include all persons with whom the Company would be considered a single employer as determined under Treasury Regulation Section 1.409A-(h)(3).

  

	 	12.5	All reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A to the extent that such reimbursements or in-kind benefits are
subject to Section 409A, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during Executive’s lifetime (or during a shorter period of time specified in this Agreement), (ii) the
amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the
calendar year following the year in which the expense is incurred and (iv) the right to reimbursement is not subject to set off or liquidation or exchange for any other benefit. 

 

	 	12.6	The Company may withhold (or cause to be withheld) from any payments made under this Agreement, all federal, state, city or other taxes as shall be required to be withheld pursuant to any law or governmental regulation
or ruling. 

  

	13.	Return of Company Property. Upon termination of employment for any reason, Executive shall promptly return to the Company any keys, credit cards, passes, confidential documents or material, computer equipment, or
other property belonging to the Company, and Executive shall also return all writings, files, records, correspondence, notebooks, notes and other documents and things (including any copies thereof) containing confidential information or relating to
the business or proposed business of the Company or the Affiliated Entities or containing any trade secrets relating to the Company or the Affiliated Entities. For purposes of the preceding sentence, the term “trade secrets” shall have the
meaning ascribed to it under the Uniform Trade Secrets Act. Executive agrees to represent in writing to the Company upon termination of employment that he has complied with the foregoing provisions of this Section. 

 

	14.	 Assistance with Claims. Executive agrees that, consistent with Executive’s business and personal affairs, during and after his employment
by the Company, he will assist the Company and the Affiliated Entities in the defense of any claims, or potential claims that 

	 	
may be made or are threatened to be made against any of them in any action, suit or proceeding, whether civil, criminal, administrative or investigative (a “Proceeding”), and
will assist the Company and the Affiliated Entities in the prosecution of any claims that may be made by the Company or the Affiliated Entities in any Proceeding, to the extent that such claims may relate to Executive’s employment or the period
of Executive’s employment by the Company. The Company agrees to reimburse Executive for all of Executive’s reasonable out-of-pocket expenses associated with such assistance, including travel expenses. Any amounts to be paid to Executive
pursuant to this Section 14 shall be paid by the Company no later than thirty (30) days of the date on which Executive notifies the Company that such expenses were incurred. 

 

	15.	Successors. This Agreement is personal to Executive and shall not be assignable by Executive without the prior written consent of the Company. This Agreement and any rights and benefits hereunder shall inure to
the benefit of and be enforceable by Executive’s legal representatives, heirs or legatees. This Agreement and any rights and benefits hereunder shall inure to the benefit of and be binding upon the Company and its successors and assigns,
including any corporation with which or into which the Company may be merged or which may succeed to its assets or business. 

  

	16.	Miscellaneous. 

  

	 	16.1	Entire Agreement/Modification/Choice of Law/Enforceability/Jury Waiver. Both Executive and the Company acknowledge that this Agreement is the entire agreement of the parties, and supersedes any prior or
contemporaneous discussions, understandings, or agreements, with respect to the subject matter hereof. This Agreement may be amended only in a written agreement duly executed by the parties hereto. This Agreement shall be deemed to have been made in
the Commonwealth of Massachusetts and shall be governed by and construed in accordance with the laws of such commonwealth, without giving effect to conflict of law principles. Both parties agree that any action, demand, claim or counterclaim
relating to the terms and provisions of this Agreement, or to its formation or breach, or to Executive’s employment or the termination thereof, shall be commenced only in Massachusetts in a court of competent jurisdiction, and further
acknowledge that venue for such actions shall lie exclusively in Massachusetts. Both parties hereby waive and renounce in advance any right to a trial by jury in connection with such legal action. 

 

	 	16.2	Withholding. The Company may withhold from any amounts payable under this Agreement such Federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation.

  

	 	16.3	No Guarantee of any Tax Consequences. The Company makes no guarantee of any tax consequences with respect to any payment hereunder including, without limitation, under Section 409A of the Code.

  

	 	16.4	 Severability. The invalidity or unenforceability of any provision of this Agreement will not affect the validity or enforceability of any other
provision of 

	 	
this Agreement, and this Agreement will be construed as if such invalid or unenforceable provision were omitted (but only to the extent that such provision cannot be appropriately reformed or
modified). 

  

	 	16.5	Waiver of Breach. No waiver by any party hereto of a breach of any provision of this Agreement by any other party, or of compliance with any condition or provision of this Agreement to be performed by such other
party, will operate or be construed as a waiver of any subsequent breach by such other party of any similar or dissimilar provisions and conditions at the same or any prior or subsequent time. 

 

	 	16.6	Notices. Notices and all other communications provided for in this Agreement shall be in writing and shall be delivered personally or sent by registered or certified mail, return receipt requested, postage
prepaid, or prepaid overnight courier to the parties at the addresses set forth below (or such other addresses as shall be specified by the parties by like notice): 

to the Company: 
 Analogic
Corporation 
 8 Centennial Drive 

Peabody, MA 01960 
 Attention:
President and CEO 
 with a copy to: 

Analogic Corporation 
 8
Centennial Drive 
 Peabody, MA 01960 

Attention: Vice President and General Counsel 

or to Executive: 
 At the most
recent address maintained 
 by the Company in its personnel records 

 

	 	16.7	Each party, by written notice furnished to the other party, may modify the applicable delivery address, except that notice of change of address shall be effective only upon receipt. Such notices, demands, claims and
other communications shall be deemed given in the case of delivery by overnight service with guaranteed next day delivery, the next day or the day designated for delivery; or in the case of certified or registered U.S. mail, five days after deposit
in the U.S. mail; provided, however, that in no event shall any such communications be deemed to be given later than the date they are actually received. 

	 	16.8	Survivorship. Upon the expiration or other termination of this Agreement, the respective rights and obligations of the parties hereto shall survive such expiration or other termination to the extent necessary to
carry out the intentions of the parties under this Agreement. 

  

	 	16.9	Counterparts. This Agreement may be executed in separate facsimile or electronic counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement.

  

	 	16.10	Representations. Executive hereby acknowledges that he understands this Agreement, enters into this Agreement voluntarily, and that his employment under this Agreement will not conflict with any legal duty owed
by him to any other party, or with any agreement to which he is a party or by which he is bound, including, without limitation, any non-competition or non-solicitation provision contained in any such agreement, and that he has disclosed to the
Company all such agreements. Executive will not bring to the Company or any Affiliated Entity, use for their benefit or disclose to any of their employees, agents or contractors, or to anyone for their benefit any confidential or proprietary
information of any other person, including, without limitation, any prior employer. 

 IN WITNESS THEREOF, Executive has
hereunto set his hand, and the Company has caused these presents to be executed in its name and on its behalf, all as of the day and year first above written. 
  

					
	ANALOGIC CORPORATION	 		 	MARK FROST
			
	 /s/ John J. Fry
	 		 	 /s/ Mark Frost

	John J. Fry	 		 	
	Senior Vice President, General Counsel and Secretary	 		 	
			
	Date: November 5, 2015	 		 	Date: November 5, 2015pbyi-ex101_200.htm

 

Exhibit 10.1

FOURTH AMENDMENT

THIS FOURTH AMENDMENT (this “Amendment”) is made and entered into as of July 31, 2015, by and between CA-10880 WILSHIRE LIMITED PARTNERSHIP, a Delaware limited partnership (“Landlord”), and PUMA BIOTECHNOLOGY, INC., a Delaware corporation (“Tenant”).

RECITALS

	
A.
	
Landlord and Tenant are parties to that certain lease dated October 4, 2011 (the “Original Lease”), as previously amended by Commencement Letter dated January 10, 2012, First Amendment dated November 28, 2012 (the “First  Amendment”),  Commencement Letter dated  January 9, 2013, Second Amendment dated December 2, 2013 (the “Second Amendment”), Commencement Letter dated January 14, 2014 and Third Amendment dated March 18, 2014 (the “Third Amendment”) (as amended, the “Lease”).   Pursuant to the Lease, Landlord has leased to Tenant space currently containing approximately 25,683 rentable square feet (the “Existing Premises”) described as Suite Nos. 2000, 2020, 2050 and 2150 on the 20th and 21st floors of the building commonly known as 10880 Wilshire Boulevard located at 10880 Wilshire Boulevard, Los Angeles, California (the “Building”).

	
B.
	
The Lease will expire by its terms on December 31, 2018 (the “Existing Expiration Date”), and the parties wish to extend the term of the Lease on the following terms and conditions.

	
C.
	
The parties wish to  expand the Premises (defined in the Lease) to include additional  space, containing approximately 26,057 rentable square feet described as Suite No. 1700 on the 17th floor of  the Building and shown  on  Exhibit A  attached hereto  (the “Expansion  Space”),  on the following terms and conditions.

NOW, THEREFORE, in  consideration  of  the  above recitals  which  by  this  reference  are incorporated  herein,  the  mutual  covenants  and  conditions  contained  herein  and  other  valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant agree as follows:

	
1.
	
Extension.   The term of the Lease is hereby extended through March 31, 2026 (the “Extended Expiration Date”).   The portion of the term of the Lease beginning on January 1, 2019 (the “Extension Date”) and ending on the Extended Expiration Date shall be referred to herein as the “Extended Term”.

	
2.
	
Expansion.

	
 
	
2.1.
	
Effect of Expansion.  Effective as of the Expansion Effective Date, the Premises shall be increased from 25,683 rentable square feet on the 20th and 21st floors to 51,740 rentable square feet on the 17th, 20th and 21st floors by the addition of the Expansion Space, and, from and after the Expansion Effective Date, the Existing Premises and the Expansion Space shall collectively be deemed the Premises. The term of the Lease for the Expansion Space (the “Expansion Term”) shall commence on the Expansion Effective Date and, unless sooner terminated in accordance with the Lease, end on the Extended Expiration Date.  From and after the Expansion Effective Date, the Expansion Space shall be subject to all the terms and conditions of the Lease except as provided herein.  Except as may be expressly provided herein, (a) Tenant shall not be entitled to receive, with respect to the Expansion Space, any allowance, free rent or other financial concession  granted with respect to the Existing Premises, and (b) no representation or warranty made by Landlord with respect to the Existing Premises shall apply to the Expansion Space.

	
 
	
2.2.
	
Expansion Effective Date.  As used herein, “Expansion Effective Date” means the earlier of (i) the date on which Tenant first occupies the Expansion Space for the purpose of conducting its business operations therein, or (ii) April 1, 2016.

	
 
	
2.3.
	
Confirmation Letter.  At any time after the Expansion Effective Date,  Landlord may deliver to Tenant a notice substantially in the form of Exhibit C attached hereto, as a confirmation of the information set forth therein.  Tenant shall execute and return (or, by written notice to Landlord, reasonably object to) such notice within 10 days after receiving it.

 

 

 

1

 

 

	
3.
	
Base Rent. 

	
 
	
3.1.
	
Existing Premises from and after April 1, 2016.  With respect to the Existing Premises from and after April 1, 2016, the Base Rent schedules set forth in Section 2., “Base Rent” of the Third Amendment, Section 2., “Base Rent” of the Second Amendment, Section 2., “Base Rent” of the First Amendment, and Section 1.4., “Base Rent” of the Original Lease shall be deleted in their entirety and the schedule of Base Rent for the Existing Premises shall be as follows:

 

	
Period
	
 
	
Annual Rate Per Square

Foot (rounded to the

nearest 100th of a dollar)
	
 
	
 
	
Monthly Base Rent
	
 

	
April 1, 2016 through March 31, 2017
	
 
	
$
	
51.60
	
 
	
 
	
$
	
110,436.90
	
 

	
April 1, 2017 through March 31,  2018
	
 
	
$
	
53.15
	
 
	
 
	
$
	
113,754.29
	
 

	
April 1,  2018 through March 31, 2019
	
 
	
$
	
54.74
	
 
	
 
	
$
	
117,157.29
	
 

	
April 1,  2019 through March 31, 2020
	
 
	
$
	
56.38
	
 
	
 
	
$
	
120,667.30
	
 

	
April 1, 2020 through March 31, 2021
	
 
	
$
	
58.08
	
 
	
 
	
$
	
124,305.72
	
 

	
April 1, 2021 through March 31, 2022
	
 
	
$
	
59.82
	
 
	
 
	
$
	
128,029.76
	
 

	
April 1, 2022 through March 31, 2023
	
 
	
$
	
61.61
	
 
	
 
	
$
	
131,860.80
	
 

	
April 1, 2023 through March 31, 2024
	
 
	
$
	
63.46
	
 
	
 
	
$
	
135,820.27
	
 

	
April 1, 2024 through March 31, 2025
	
 
	
$
	
65.37
	
 
	
 
	
$
	
139,908.14
	
 

	
April 1, 2025 through the Extended Expiration

   Date (i.e. March 31, 2026)
	
 
	
$
	
67.33
	
 
	
 
	
$
	
144,103.03
	
 

 

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

	
 
	
3.2.
	
Expansion Space During Expansion Term.  With respect to the Expansion Space during the Expansion Term, the schedule of Base Rent shall be as follows:

 

	
Period During the

Expansion Term
	
 
	
Annual Rate Per Square

Foot (rounded to the

nearest 100th of a dollar)
	
 
	
 
	
Monthly Base Rent
	
 

	
Expansion Effective Date through March 31, 2017
	
 
	
$
	
51.60
	
 
	
 
	
$
	
112,045.10
	
 

	
April 1, 2017 through March 31, 2018
	
 
	
$
	
53.15
	
 
	
 
	
$
	
115,410.80
	
 

	
April 1, 2018 through March 31, 2019
	
 
	
$
	
54.74
	
 
	
 
	
$
	
118,863.35
	
 

	
April 1, 2019 through March 31, 2020
	
 
	
$
	
56.38
	
 
	
 
	
$
	
122,424.47
	
 

	
April 1, 2020 through March 31, 2021
	
 
	
$
	
58.08
	
 
	
 
	
$
	
126,115.88
	
 

	
April 1, 2021 through March 31, 2022
	
 
	
$
	
59.82
	
 
	
 
	
$
	
129,894.15
	
 

	
April 1, 2022 through March 31, 2023
	
 
	
$
	
61.61
	
 
	
 
	
$
	
133,780.98
	
 

	
April 1, 2023 through March 31, 2024
	
 
	
$
	
63.46
	
 
	
 
	
$
	
137,798.10
	
 

	
April 1, 2024 through March 31, 2025
	
 
	
$
	
65.37
	
 
	
 
	
$
	
141,945.51
	
 

	
April 1, 2025 through the Extended Expiration

   Date (i.e. March 31, 2026)
	
 
	
$
	
67.33
	
 
	
 
	
$
	
146,201.48
	
 

 

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

Base Rent Abatement Applicable to the Expansion Space.  Notwithstanding anything in this Amendment to the contrary, so long as Tenant is not in Default (as defined in Section 19 of the Original Lease), Tenant shall be entitled to an abatement of Base Rent in the amount of $112,045.10 per month applicable to seven (7) consecutive full calendar months of the Expansion Term commencing with the second (2nd) full calendar month of the Expansion Term.  The total amount of Base Rent abated in accordance with the foregoing shall equal $784,315.70 (the “Abated Base Rent”).  Only Base Rent shall be abated pursuant to this Section, and all Additional Rent (as defined in Section 3 of the Original Lease) and other costs and charges specified in this Amendment and/or the Lease shall remain as due and payable pursuant to the provisions of this Amendment and/or the Lease.

2

 

	
4.
	
Cash Security Deposit; Letters of Credit. 

	
 
	
4.1.
	
Cash Security Deposit.  Landlord, pursuant to the terms of the Lease, currently retains a cash Security Deposit in the amount of$36,434.00 as security for Tenant's performance of its obligations under the Lease.  Landlord and Tenant acknowledge that such Security Deposit was not previously reduced on January I, 2015 as contemplated by Section 3 of the First Amendment.  Within thirty (30)  days after following the satisfaction of Tenant's  obligations  under  Section  4.2.A  below, Landlord  shall  return  such Security Deposit to Tenant by way of a check or credit against Base Rent next due under the Lease.

	
 
	
4.2.
	
Replacement or Amendment of Existing Letter of Credit.

	
 
	
A.
	
Increase in Letter of Credit Amount.  Pursuant to Section  6 of Exhibit F to the Original Lease, Tenant provided Landlord with a Letter of  Credit (defined  in Section  6.1 of Exhibit F to the Original Lease) issued by Wells Fargo Bank N.A. and described as Irrevocable Standby Letter of Credit Number IS0005128  dated November 16, 2011. Landlord and Tenant acknowledge that the Letter of Credit Amount (defined in Section 6.1 of Exhibit F to the Original Lease) was not previously reduced and, as such, the current Letter   of   Credit Amount is $1,000,000.00.  Concurrently with Tenant's execution of this Amendment, Tenant shall increase the Letter of Credit Amount from $1,000,000.00 to $2,500,000.00 by way of either an amendment to the Letter of Credit or a replacement Letter of Credit that satisfies all of the requirements of Section 6 of Exhibit F to the Original Lease.  If Tenant elects to provide Landlord with a replacement Letter of Credit, Landlord, thirty (30) days after its' receipt of the replacement Letter of Credit, shall return the existing Letter of Credit to the issuer of the existing Letter of Credit to Wells Fargo Bank along with Landlord's authorization  to  cancel  the  existing Letter  of  Credit.    Notwithstanding the forgoing, if Wells Fargo Bank is the issuer of the replacement Letter of Credit, Landlord, upon receipt of Wells Fargo Bank's written commitment to issue the replacement Letter of Credit, shall work together in good faith with Wells Fargo Bank to exchange the existing Letter of Credit for the replacement Letter of Credit in accordance with commonly accepted industry practices.

	
 
	
B.
	
Reduction in Letter of Credit Amount. Section 6.6 of Exhibit F to the Original Lease (entitled Reduction in Letter of Credit Amount) is hereby amended to read as follows:

“Provided that, during the 12 month period immediately preceding the effective date of any reduction of the Letter of Credit, no Default has occurred under this Lease which was not cured by Tenant within any applicable notice and cure periods (the “LC Reduction Conditions”), Tenant may reduce the Letter of Credit Amount so that the reduced Letter of Credit Amounts will be as follows: (a) $2,000,000.00 effective as of April 1, 2018; (b) $1,500,000.00 effective as of April 1, 2019;  and (c) $1,000,000.00 effective as of April 1, 2021.   If Tenant is not entitled to reduce the Letter of Credit Amount as of a particular reduction effective date due to Tenant's failure to satisfy the LC Reduction Conditions described above, then any subsequent reduction(s) Tenant is entitled to hereunder shall be reduced by the amount of the reduction Tenant would have been entitled to had Tenant satisfied the LC Reduction Conditions necessary for such earlier reduction.  Notwithstanding anything to the contrary  contained herein, if Tenant has been in Default under this Lease at any time prior to the effective date of any reduction of the Letter of Credit Amount and Tenant has failed to cure such Default within any applicable notice and cure period, then Tenant shall have no further right to reduce the Letter of Credit Amount as described  herein. Any  reduction  in  the  Letter  of  Credit Amount  shall  be accomplished by Tenant providing Landlord with a substitute letter of credit in the reduced  amount or  an  amendment to the then  existing Letter of  Credit reflecting the reduced amount.”

	
5.
	
Tenant's Share. With respect to the Expansion Space during the Expansion Term, Tenant's Share shall be 4.4317%.

	
6.
	
Expenses and Taxes.

	
 
	
6.1.
	
Existing Premises from and after April1, 2016.  With respect to the Existing Premises from and after April 1, 2016, Tenant shall pay for Tenant's Share of Expenses and Taxes in accordance with the terms of the Lease; provided, however, that, with respect to the Existing Premises from and after April 1, 2016, the Base Year for Expenses and Taxes shall be calendar year 2016.

	
 
	
6.2.
	
Expansion Space During Expansion Term. With respect to the Expansion Space during the Expansion Term, Tenant shall pay for Tenant's Share of Expenses and Taxes in accordance with the terms of the Lease; provided, however, that, with respect to the Expansion Space during the Expansion Term, the Base Year for Expenses and Taxes shall be calendar year 2016.

3

 

	
7.
	
Improvements to Existing Premises and Expansion Space. 

	
 
	
7.1.
	
Configuration and Condition of Existing Premises and Expansion Space.    Tenant acknowledges that it is in possession of the Existing Premises and that it has inspected the Expansion Space, and agrees to accept each such space in its existing configuration and condition, without any representation by Landlord regarding its configuration or condition and without any obligation on the part of Landlord to perform or pay for any alteration or improvement, except as may be otherwise expressly provided in this Amendment.

	
 
	
7.2.
	
Responsibility for Improvements to Existing Premises and Expansion Space.

Landlord shall perform improvements to the Existing Premises and the Expansion Space in accordance with Exhibit B attached hereto.

	
8.
	
Other Pertinent Provisions.    Landlord and Tenant agree that, effective as of the date of this Amendment (unless different effective date(s) is/are specifically referenced in this  Section), the Lease shall be amended in the following additional respects:

	
 
	
8.1.
	
California Public Resources Code § 25402.10.   If Tenant (or any party  claiming by, through or under Tenant) pays directly to the provider for any energy  consumed at the Building, Tenant, promptly upon request, shall deliver to Landlord  (or, at Landlord's option, execute and deliver to Landlord an instrument enabling Landlord to obtain from such provider) any data about such consumption that Landlord, in its reasonable judgment, is required to disclose to a prospective buyer, tenant or mortgage lender under California Public Resources Code § 25402.10 or any similar law.

	
 
	
8.2.
	
California Civil Code Section 1938.  Pursuant to California Civil Code § 1938, Landlord hereby states that the Existing Premises and the Expansion Space have not undergone inspection by a Certified Access Specialist (CASp) (defined in California Civil Code § 55.52).

	
 
	
8.3.
	
Parking.   With respect to the Existing Premises, Tenant currently has the right, but not the obligation, to lease up to an aggregate of 56 unreserved parking passes; provided, however, Tenant may convert up to three (3) of such 56 unreserved passes into three (3) reserved parking passes in the Parking Facility (as defined in Section 24 of the Original Lease). Such rights shall remain in place through the Extended Term. With respect to the Expansion Space during the Expansion Term, subject to the terms and conditions set forth in Section 24 of the Original Lease, as amended herein, Tenant shall have the right, but not the obligation, to lease up to 78 additional unreserved parking  passes.   Prior to the Expansion Effective Date, Tenant shall notify Landlord in writing of the number of additional unreserved parking passes which Tenant initially elects to lease during the Expansion Term.  Thereafter, Tenant may increase or decrease the number of additional unreserved parking passes to be used by Tenant pursuant to this Section 8.3   upon a minimum of 30 days prior written notice to Landlord.  Tenant shall pay Landlord the current rate of $180.00 per unreserved parking pass per month, plus applicable taxes, if any.   Such parking rate shall be subject to increase from time to time to reflect the prevailing market rates consistently charged in the Parking Facility.

	
 
	
8.4.
	
Notice Addresses.  Any notice required under the terms of the Lease to be given to Landlord shall be sent to the following addresses:

CA-10880 WILSHIRE LIMITED PARTNERSHIP

c/o Equity Office

10880 Wilshire Boulevard

Suite 1010

Los Angeles, CA  90024

Attention: Property Manager

With copies to:

CA-10880 WILSHIRE LIMITED PARTNERSHIP

c/o Equity Office

222 South Riverside Plaza

Suite 2000

Chicago, IL  60606

Attention: Managing Counsel

4

 

and

Equity Office

222 South Riverside Plaza

Suite 2000

Chicago, IL  60606

Attention: Lease Administration

	
 
	
8.5.
	
Extension Option.  Tenant shall have the right extend the Extended  Term for the entire Premises  only  for  one  additional  period  of  five  (5)  years  pursuant  to  the  terms  and conditions set forth in Section 3., “Extension Option” of  EXHIBIT    F, “ADDITIONAL  PROVISIONS” of the Original Lease;  provided,   however,   all references  to the phrase   (a) “Term”  shall be deleted  and the phrase “Extended  Term” shall be substituted therefore;   and (b) “Expiration  Date” shall be deleted and the phrase “Extended  Expiration Date” shall be substituted therefore.

	
 
	
8.6.
	
Acceleration Option.  Section 4., “Acceleration Option” of EXHIBIT F, “ADDITIONAL PROVISIONS” of the Original Lease is hereby deleted in its entirety and of no further force and effect.

	
9.
	
Miscellaneous.

	
 
	
9.1.
	
This Amendment and the attached exhibits, which are hereby incorporated into and made a part of this Amendment, set forth the entire agreement between the parties with respect to the   matters   set forth   herein.  There have been no additional oral or written representations or agreements.  Tenant shall not be entitled, in connection with entering into  this  Amendment,  to  any  free  rent,  allowance,  alteration,  improvement or  similar economic incentive to which Tenant may have been entitled in connection with entering into the Lease, except as may be otherwise expressly provided in this Amendment.

	
 
	
9.2.
	
Except as herein modified or amended, the provisions, conditions and terms of the Lease shall remain unchanged and in full force and effect.

	
 
	
9.3.
	
In the case of any inconsistency between the provisions of the Lease and this Amendment, the provisions of this Amendment shall govern and control.

	
 
	
9.4.
	
Submission of this Amendment by Landlord is not an offer to enter into this Amendment but rather is a solicitation for such an offer by Tenant.  Landlord shall not be bound by this Amendment until Landlord has executed and delivered it to Tenant.

	
 
	
9.5.
	
Capitalized terms used but not defined in this Amendment shall have the meanings given in the Lease.

	
 
	
9.6.
	
Tenant shall indemnify and hold Landlord, its trustees, members, principals, beneficiaries, partners,  officers,  directors,  employees,  mortgagee(s)  and  agents,  and  the  respective principals and members of any such agents harmless from all claims of any brokers (other than L.A.  Realty Partners)  claiming to have represented  Tenant in  connection with this Amendment.  Landlord shall indemnify and hold Tenant, its trustees, members, principals, beneficiaries,  partners,  officers,  directors,  employees,  and  agents,  and  the  respective principals  and  members  of  any  such  agents  harmless  from  all  claims  of  any  brokers claiming  to  have  represented  Landlord  in  connection  with  this  Amendment.    Tenant acknowledges that any assistance rendered by any agent or  employee of any affiliate of Landlord  in connection  with this Amendment has been  made as an accommodation  to Tenant solely in furtherance of consummating the transaction  on behalf of Landlord, and not as agent for Tenant.

	
 
	
9.7.
	
Each signatory of this Amendment represents hereby that he or she has the  authority to execute and deliver it on behalf of the party hereto for which such signatory is acting.

[SIGNATURES ARE ON FOLLOWING PAGE]

5

 

IN WITNESS WHEREOF,  Landlord and Tenant have duly executed this Amendment as of the day and year first above written.

 

	
 
	
 
	
LANDLORD:
	
 

	
  
	
  
	
CA-10880 WILSHIRE LIMITED PARTNERSHIP, a
	
 

	
 
	
 
	
Delaware limited partnership
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
By: EOP Owner GP L.L.C., a Delaware limited liability company, its general partner
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
By:
	
/s/ Frank Campbell
	
 

	
 
	
 
	
 
	
 
	
Name:
	
Frank Campbell
	
 

	
 
	
 
	
 
	
 
	
Title:
	
Managing Director
	
 

 

	
 
	
 
	
TENANT:

	
 
	
 
	
 

	
 
	
 
	
PUMA BIOTECHNOLOGY, INC., a Delaware corporation

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
 
	
/s/ Alan H. Auerbach

	
 
	
 
	
Name:
	
 
	
Alan H. Auerbach

	
 
	
 
	
Title:
	
 
	
Chief Executive Officer and President

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
 
	
/s/ Charles R. Eyler

	
 
	
 
	
Name:
	
 
	
Charles R. Eyler

	
 
	
 
	
Title:
	
 
	
Senior Vice President – Finance & Treasurer

 

 

 

6

 

EXHIBIT A

OUTLINE AND LOCATION OF EXPANSION SPACE

TO BE ATTACHED

 

1

 

EXHIBIT B

WORK LETTER

As used in this Exhibit B (this “Work Letter”), the following terms shall have the following meanings:   “Agreement” means the Amendment of which this Work Letter is a part.   The “Premises” shall mean the Existing Premises and the Expansion Space.  “Tenant Improvements” means all improvements to be constructed in the Premises pursuant to this Work Letter.  “Tenant Improvement Work” means the construction of the Tenant Improvements, together with any related work (including demolition) that is necessary to construct the Tenant Improvements.

1 ALLOWANCE.

1.1 Allowance.     Tenant  shall  be  entitled  to  a  one-time  tenant  improvement  allowance  (the “Allowance”) in the aggregate  amount  of $1,818,380.00   (i.e., $55.00  per rentable  square  foot  of the Expansion Space plus $15.00 per rentable square foot of the Existing Premises) to be applied toward (a) the Allowance Items (defined  in Section 1.2 below) and/or (b) a credit against Base Rent applicable  to the Expansion Space coming due under the Agreement from and after the last day of the eighth (8th) full calendar  month  of  the  Expansion   Term  and/or  (c)  the  cost  of  purchasing  furniture,   fixtures,  and equipment  to  be used  in the  Premises  by Tenant  and/or  (d)  costs  associated  with  the  installation  of telephone   and  data  cabling,   and/or   (e)  costs  associated   with  moving  into  the  Expansion   Space. Notwithstanding  the foregoing,  the total portion  of the Allowance  that is applied toward  items (b), (c), (d) and/or (e) shall not exceed, in the aggregate, $645,815.00 (i.e., $10.00 per rentable square foot of the Expansion  Space  plus  $15.00  per  rentable  square  foot  of the  Existing  Premises).  Tenant,  by written notice  to  Landlord  (the  “Allowance  Notice”)  shall  advise  Landlord  of  the  manner  in which  Tenant desires to apply the Allowance.    Any portion  of the Allowance  that is applied  toward  the cost of the Tenant  Improvement  Work  shall  applied  in accordance  with  Section 1.2 below.    Any portion of the Allowance that is applied as a credit against Base Rent shall be applied against the installment of Base Rent for  the  ninth  (9th)  full  calendar  month  of  the  Expansion  Term    and,  if  necessary,  consecutive calendar months thereafter.   Any portion of the Allowance that is applied toward  items (c), (d) and (e) shall be disbursed to Tenant  within  45 days after Landlord's receipt of paid invoices from Tenant with respect to Tenant's  actual costs of items (c), (d) and (e) as described  above; provided that Tenant shall also be required to provide Landlord with unconditional waivers of mechanics  liens with respect to any items that relate to work of a type for which a mechanics lien could be potentially be filed.  Tenant shall be responsible  for all costs  associated  with the Tenant  Improvement  Work,  including  the costs of the Allowance  Items, to the extent such costs exceed the lesser of (i) the Allowance,  or (ii) the aggregate amount  that  Landlord   is  required   to  disburse   for   such   purpose   pursuant   to  this   Work   Letter. Notwithstanding any contrary provision of this Agreement, if Tenant fails to use the entire Allowance by December 31, 2016, the unused amount shall revert to Landlord and Tenant shall have no further rights with respect thereto.

1.2 Disbursement of the Allowance.  Except  as otherwise  provided  in this  Work Letter, the Allowance shall be disbursed by Landlord only for the following items (the “Allowance Items”):  (a) the fees of the Architect  (defined  in Section 2.1 below) and the Engineers  (defined  in Section 2.1 below); (b) plan-check, permit and license fees relating to performance of the Tenant Improvement Work; (c) the cost of performing the Tenant Improvement  Work, including after hours charges, testing and inspection costs,  freight  elevator   usage,  hoisting  and  trash  removal  costs,  and  contractors'  fees  and  general conditions;  (d) the  cost  of  any  change  to  the  base,  shell  or  core  of  the  Expansion  Space,  Existing Premises or Building  required  by the Plans (defined  in Section 2.1 below) (including  if such change is due to the fact  that  such  work  is prepared  on an unoccupied  basis),  including  all direct  architectural and/or engineering fees and expenses  incurred in connection  therewith; (e) the cost of any change to the Plans  or  Tenant  Improvement   Work  required  by Law;  (f) the  Landlord  Supervision  Fee  (defined  in Section 3.2.2 below); (g) sales and use taxes; and (h) all other costs expended  by Landlord in connection with the performance of the Tenant Improvement Work.

2 PLANS AND PRICING.

2.1 Selection  of Architect.   Landlord  shall retain the architect/space  planner (the “Architect”) and the engineering consultants  (the “Engineers”) of Landlord's choice to prepare all architectural  plans for the Premises and all engineering  working drawings relating to the structural,  mechanical,  electrical, plumbing,  HVAC,  life-safety,   and  sprinkler  work  in  the  Premises.     The  plans  and  drawings  to  be prepared  by the  Architect  and  the Engineers  shall  be referred  to  in this  Work  Letter  as the “Plans.” Tenant  shall  be responsible  for  ensuring  that  all elements  of the design  of the Plans  are suitable  for

Tenant's use of the Premises, and neither the preparation of the Plans by the Architect or the Engineers nor Landlord's approval of the Plans shall relieve Tenant from such responsibility.

2.2 [Intentionally Omitted.]

1

 

2.3 [Intentionally Omitted.]

2.4 Additional  Programming Information.   Landlord and Tenant acknowledge that they have approved   the    space   plan    for   the   Premises   prepared   by                ,   dated                , 2015, job number            (the “Space Plan”).  Tenant shall deliver to Landlord, in writing, all information that, together with the Space Plan, is necessary, in the judgment of Landlord, the Architect  and  the  Engineers,  to  complete the  architectural,  engineering  and  final  architectural working drawings for the Premises in a form that is sufficient to enable subcontractors to bid on the work and to obtain all applicable permits for the Tenant Improvement Work (the “Construction Drawings”), including  electrical  requirements,  telephone  requirements,  special  HVAC  requirements,  plumbing requirements,  and  all  interior  and  special  finishes  (collectively,  the   “Additional   Programming Information”).  The  Additional  Programming  Information  shall  be  consistent  with  Landlord's requirements for avoiding aesthetic, engineering or other conflicts with the design and function of the balance of the Building (collectively, the “Landlord Requirements”)  and shall otherwise be subject to Landlord's reasonable approval.   Landlord shall provide Tenant with notice approving or reasonably disapproving the Additional Programming Information within five (5) business days after the later of Landlord's  receipt  thereof  or  the  mutual  execution  and  delivery  of  this  Agreement.    If Landlord disapproves the Additional Programming Information, Landlord's notice of disapproval shall describe with reasonable specificity the basis for such disapproval and the changes that would be necessary to resolve Landlord's objections. If Landlord disapproves the Additional Programming Information, Tenant shall  modify the  Additional  Programming Information  and  resubmit  it  for  Landlord's  review  and approval.  Such procedure shall be repeated as necessary until Landlord has approved the Additional Programming Information.  If requested by Tenant, Landlord, in its sole and absolute discretion, may assist Tenant, or cause the Architect and/or the Engineers to assist Tenant, in preparing all or a portion of the  Additional  Programming  Information;  provided, however, that,  whether  or  not  the  Additional Programming Information is prepared with such assistance, Tenant shall be solely responsible for the timely preparation and delivery of the Additional Programming Information and for all elements thereof and, subject to Section 1 above, all costs relating thereto.

2.5 Construction Drawings.   After approving the Additional Programming Information, Landlord shall cause the Architect and the Engineers to prepare and deliver to Tenant Construction Drawings that conform to the Space Plan and the approved Additional Programming Information.  Such preparation and delivery shall occur within 15 business days after the later of Landlord's approval of the Additional Programming Information or the mutual execution and delivery of this Agreement.  Tenant shall approve or disapprove the Construction Drawings by notice to Landlord.  If Tenant disapproves the Construction Drawings, Tenant's notice of disapproval shall specify any revisions Tenant desires in the Construction Drawings.  After receiving such notice of disapproval, Landlord shall cause the Architect and/or the Engineers to revise the Construction Drawings, taking into account the reasons for Tenant's disapproval (provided, however, that  Landlord  shall not  be  required to  cause the  Architect or the Engineers to make any revision to the Construction Drawings that is inconsistent with the Landlord Requirements  or  that  Landlord  otherwise  reasonably  disapproves),  and  resubmit  the  Construction Drawings to Tenant for its approval.  Such revision and resubmission shall occur within five (5) business days after the later of Landlord's receipt of Tenant's notice of disapproval or the mutual execution and delivery of this Agreement if such revision is not material, and within such longer period of time as may be reasonably necessary (but not more than 15 business days after the later of such receipt or such mutual execution and delivery) if such revision is material.  Such procedure shall be repeated as necessary until Tenant has approved the Construction Drawings. The Construction Drawings approved by Landlord and Tenant are referred to in this Work Letter as the “Approved Construction Drawings”.

2.6 Construction   Pricing.     Within  10 business  days  after  the  Construction  Drawings  are approved by Landlord and Tenant, Landlord shall provide Tenant with Landlord's  reasonable estimate (the “Construction  Pricing Proposal”) of the cost of all Allowance Items to be incurred by Tenant in connection  with  the  performance  of  the  Tenant  Improvement  Work  pursuant  to  the  Approved Construction Drawings.  Tenant shall provide Landlord with notice approving or disapproving the Construction Pricing Proposal.  If Tenant disapproves the Construction Pricing Proposal, Tenant's notice of disapproval shall be accompanied by proposed revisions to the Approved Construction Drawings that Tenant requests in order to resolve its objections to the Construction Pricing Proposal, and Landlord shall respond as required under Section 2.7 below.  Such procedure shall be repeated as necessary until the Construction Pricing Proposal is approved by Tenant.  Upon Tenant's approval of the Construction Pricing Proposal, Landlord may purchase the items set forth in the Construction Pricing Proposal and commence construction relating to such items.

2

 

2.7 Revisions to Approved Construction Drawings.  If Tenant requests any revision to the Approved Construction  Drawings,  Landlord  shall provide Tenant  with notice  approving  or reasonably disapproving such revision,  and, if Landlord  approves such revision,  Landlord  shall have such revision made  and  delivered   to  Tenant,  together  with  notice  of  any  resulting   change  in  the  most  recent Construction  Pricing  Proposal,  if any, within  10 business  days after the later  of Landlord's receipt  of such request or the mutual execution  and delivery of this Agreement if such revision is not material, and within such longer period of time as may be reasonably necessary  (but not more than 15 business days after the later  of such receipt  or such execution  and delivery)  if such revision  is material,  whereupon Tenant,  within  one (1)  business  day,  shall  notify  Landlord  whether  it  desires  to  proceed  with  such revision.    If  Landlord  has  commenced  performance  of  the  Tenant  Improvement  Work,  then,  in  the absence of such authorization, Landlord shall have the option to continue such performance disregarding such revision.  Landlord shall not revise the Approved Construction Drawings without Tenant's consent, which shall not be unreasonably withheld, conditioned or delayed.

2.8 Time Deadlines.  Tenant shall use its best efforts to cooperate with Landlord and its architect, engineers  and other consultants  to complete all phases of the Plans, approve the Construction Pricing Proposal and obtain the permits for the Tenant Improvement Work as soon as possible after the execution  of  this  Agreement,  and  Tenant  shall  meet  with  Landlord, in  accordance with a schedule determined by Landlord, to discuss the parties'  progress.

3 CONSTRUCTION.

3.1 Contractor.   A contractor designated by Landlord (the “Contractor”) shall perform the Tenant Improvement Work.  In addition, Landlord may select and/or approve of any subcontractors, mechanics and materialmen used in connection with the performance of the Tenant Improvement Work.

3.2 Construction.

3.2.1 Over-Allowance Amount.  If  the  Construction Pricing Proposal  exceeds   the Allowance,  then,  concurrently  with  its  delivery  to  Landlord  of  approval  of  the  Construction  Pricing Proposal, Tenant  shall  deliver  to Landlord  cash in the amount  of such  excess  (the “Over-Allowance Amount”).  Any Over-Allowance Amount shall be disbursed by Landlord before the Allowance and pursuant to the same procedure as the Allowance.  After the Construction  Pricing  Proposal is approved by Tenant, if any revision  is made to the Approved Construction  Drawings  or the Tenant Improvement Work  that  increases  the  Construction   Pricing  Proposal, or if the Construction Pricing Proposal is otherwise increased to reflect the actual cost of all  Allowance  Items to be incurred by Tenant in connection with the performance of the Tenant Improvement  Work pursuant to the Approved Construction   Drawings, then Tenant shall deliver any resulting Over-Allowance Amount  (or  any resulting increase in the Over-Allowance Amount) to Landlord immediately upon Landlord's request.

3.2.2 Landlord's Retention of Contractor.   Landlord  shall  independently   retain  the Contractor  to perform  the Tenant  Improvement  Work  in accordance  with  the  Approved  Construction Drawings.      Tenant   shall   pay   a   construction   supervision   and   management   fee   (the  “Landlord Supervision Fee”) to Landlord  in an amount equal to two percent (2%) of the aggregate amount of all Allowance Items other than the Landlord Supervision Fee.

3.2.3 Contractor's Warranties.  Tenant  waives  all claims  against  Landlord  relating  to any defects  in the Tenant  Improvements;  provided,  however,  that  if, within  30 days  after  substantial completion  of  the  Tenant  Improvement  Work,  Tenant  provides  notice  to  Landlord  of  any non-latent defect in the Tenant Improvements, or if, within  11 months  after substantial  completion  of the Tenant Improvement Work, Tenant provides notice to Landlord of any latent defect in the Tenant Improvements, then Landlord  shall,  at its option,  either  (a) assign  to Tenant  any right  Landlord  may have  under the Construction Contract  (defined  below) to require the Contractor to correct, or pay for the correction  of, such defect, or (b) at Tenant's expense, use reasonable  efforts to enforce such right directly against the Contractor  for  Tenant's benefit.    As used  in this  Work  Letter,  “Construction Contract” means  the construction contract  between Landlord and the Contractor pursuant to which the Tenant Improvements will be constructed.

4 COMPLETION.

Tenant acknowledges  and agrees that the Tenant Improvement  Work may be performed during Building  HVAC  Hours  before  or  after  the  Expansion  Effective  Date.  Landlord and Tenant shall cooperate with each other in order to enable the Tenant Improvement Work to be performed in a timely manner and with as little inconvenience to the operation of Tenant's business as is reasonably possible.  Notwithstanding any contrary provision of this Agreement, any delay in the completion of the Tenant Improvement Work or inconvenience suffered by  Tenant  during  the  performance of the Tenant Improvement Work shall not delay the Expansion Effective Date, nor shall it subject Landlord to any liability for any  loss or  damage  resulting  therefrom  or  entitle  Tenant  to  any  credit,  abatement or adjustment of rent or other sums payable under the Lease.

3

 

5 MISCELLANEOUS.    

Notwithstanding  any  contrary  provision  of  this  Agreement,  if  Tenant defaults  under  this  Agreement  before  the  Tenant  Improvement  Work  is  completed,  Landlord's obligations under this Work Letter shall be excused until such default is cured and Tenant shall be responsible for any resulting delay in the completion of the Tenant Improvement Work.   This Work Letter shall not apply to any space other than the Existing Premises and the Expansion Space.

 

 

 

4

 

EXHIBIT C

10880 WILSHIRE BOULEVARD

CONFIRMATION LETTER

                      , 2015

PUMA BIOTECHNOLOGY, INC.

10880 Wilshire Boulevard

Suite 2150

Los Angeles, California

	
Re:
	
Fourth Amendment (the “Amendment”) dated                           ,2015, between  CA-10880 WILSHIRE LIMITED PARTNERSHIP, a Delaware limited partnership (“Landlord”), and PUMA BIOTECHNOLOGY, INC., a Delaware  corporation (“Tenant”), concerning Suite 1700 (the “Expansion  Space”)  on the 17th floor of the building located at 10880 Wilshire Boulevard, Los Angeles, California.

Lease ID:                        

Business Unit Number:                               

Dear:                                  

In accordance with the Amendment, Tenant accepts possession of the Expansion Space and confirms the following:

1. The Expansion Effective Date is                     and the Extended Expiration Date is                                           

Please acknowledge the foregoing by signing all three (3) counterparts of this letter in the space provided below and returning two (2) fully executed counterparts to my attention.   Please note that, pursuant to  Section 2.3  of  the Amendment, if Tenant fails to  execute and return  (or,  by notice to Landlord, reasonably object to) this letter within 10 days after receiving it, Tenant shall be deemed to have executed and returned it without exception.

Agreed and Accepted as of                      , 2015.

 

	
“Tenant”:
	
 
	
“Landlord”:

	
 
	
 
	
 
	
EQUITY OFFICE MANAGEMENT, L.L.C.,

	
PUMA BIOTECHNOLOGY, INC., a
	
 
	
as agent for CA-10880 Wilshire Limited

	
Delaware corporation
	
 
	
Partnership

	
 
	
 
	
 
	
 
	
 

	
By: 
	
 
	
 
	
By: 
	
 

	
Name: 
	
 
	
 
	
Name: 
	
 

	
Title: 
	
 
	
 
	
Title: 
	
 

 

 

 

Exhibit C

1

 

EXHIBIT D

FORM OF LETTER OF CREDIT

                                                           

[Name of Financial Institution]

 

	
 
	
 
	
Irrevocable Standby

	
 
	
 
	
Letter of Credit

	
 
	
 
	
No.
	
 

	
 
	
 
	
Issuance Date:
	
 

	
 
	
 
	
Expiration Date: 
	
 

	
 
	
 
	
Applicant:
	
 
	
PUMA 

	
 
	
 
	
BIOTECHNOLOGY, INC.,  a Delaware 
corporation

Beneficiary

CA-10880 WILSHIRE LIMITED PARTNERSHIP,  a Delaware limited partnership

Equity Office

222 South Riverside Plaza, Suite 2000

Chicago, Illinois 60606

Attention: Treasury Department.

A copy of any notices

and amendments should be sent to:

CA-10880 Wilshire Limited Partnership

c/o Equity Office

10880 Wilshire Boulevard

Suite 1010

Los Angeles, CA  90024

Attention:  Property Manager

Ladies/Gentlemen:

We hereby establish our Irrevocable Standby Letter of Credit in your favor for the account of the above    referenced     Applicant     in    the     amount     of                          U.S. Dollars ($                     ) available for payment at sight by your draft drawn on us when accompanied by the following documents:

	
1.
	
An original copy of this Irrevocable Standby Letter of Credit.

	
2.
	
Beneficiary's dated  statement  purportedly  signed  by an authorized  signatory  or agent reading: “This  draw in the amount  of                        U.S. Dollars  ($                       ) under your Irrevocable  Standby Letter of Credit No.                    represents funds due and owing to us pursuant  to the terms of that certain lease by and between CA-10880 WILSHIRE LIMITED PARTNERSHIP, a Delaware limited partnership, as landlord, and  PUMA BIOTECHNOLOGY, INC.,  a Delaware corporation,  as tenant, and/or any amendment to the lease or any other agreement between such parties related to the lease.”

It  is  a  condition   of  this  Irrevocable   Standby  Letter  of  Credit  that  it  will  be  considered automatically  renewed  for  a one  year  period  upon the expiration  date set forth  above  and upon  each anniversary  of such date, unless at least 45 days prior to such expiration  date or applicable  anniversary thereof, we notify you in writing,  by certified  mail return receipt  requested  or by recognized  overnight courier service at the addresses  set forth above, that we elect not to so renew this Irrevocable  Standby Letter of Credit.  In addition to the foregoing, we understand and agree that you shall be entitled to draw upon this Irrevocable  Standby  Letter  of Credit  in accordance  with  1 and 2 above  in the event that we elect not to renew this Irrevocable  Standby Letter of Credit and, in addition, you provide us with a dated statement purportedly signed by an authorized signatory or agent of Beneficiary stating that the Applicant has failed to provide you with an acceptable  substitute irrevocable standby letter of credit in accordance with the terms of the above referenced  lease.   We further acknowledge and agree that:  (a) upon receipt of the documentation required herein, we will honor your draws against this Irrevocable Standby Letter of Credit without inquiry into the accuracy of Beneficiary's signed statement 

Exhibit D

1

 

and regardless of whether Applicant  disputes the content of such statement; (b) this Irrevocable Standby Letter of Credit shall permit partial draws and, in the event you elect to draw upon less than the full stated amount hereof, the stated amount of this Irrevocable Standby Letter of Credit shall be automatically reduced by the amount of such partial draw; and (c) you shall be entitled to transfer your interest in this Irrevocable Standby Letter of Credit from time to time and more than one time without our approval and without charge.  In the event of a transfer, we reserve the right to require reasonable evidence of such transfer as a condition to any draw hereunder.

This Irrevocable Standby Letter of Credit is subject to the International Standby Practices

(ISP98) ICC Publication No. 590.

We hereby engage with you to honor drafts and documents drawn under and in compliance with the terms of this Irrevocable Standby Letter of Credit.

All communications to us with respect to this Irrevocable Standby Letter of Credit must be addressed to our office located  at               to  the attention of               .

 

	
 
	
 
	
Very truly yours,

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

 

Exhibit D

2

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