Document:

EX-10.4

 Exhibit 10.4 

THIRD AMENDMENT TO LEASE 

THIS THIRD AMENDMENT TO LEASE (“Third Amendment”) is made and entered into as of the 17th day of
August, 2015, by and between MULLROCK 3 TORREY PINES, LLC, a Delaware limited liability company (“Landlord”) and OREXIGEN THERAPEUTICS, INC., a Delaware corporation (“Tenant”). 

R E C I T A L S: 

A. Landlord and Tenant entered into that certain Office Lease dated as of December 7, 2007 (the “Original
Lease”), as amended by (i) that certain First Amendment to Lease dated as of September 23, 2008 by and between Landlord and Tenant (“First Amendment”), (ii) that certain Partial Lease Termination Agreement
dated as of February 22, 2012 by and between Landlord and Tenant (“Agreement”), and (iii) that certain Second Amendment to Lease dated as of February 15, 2013 by and between Landlord and Tenant (“Second
Amendment”), whereby Landlord leased to Tenant and Tenant leased from Landlord certain space located in that certain building located and addressed at 3344 North Torrey Pines Court, San Diego, California (the
“Building”). The Original Lease, as modified by the First Amendment, the Second Amendment and the Agreement, may be referred to herein as the “Lease.” 

B. By this Third Amendment, Landlord and Tenant desire to expand the size of the Existing Premises (as defined below) and to
otherwise modify the Lease as provided herein. 
 C. Unless otherwise defined herein, capitalized terms as used herein shall
have the same meanings as given thereto in the Lease. 
 NOW, THEREFORE, in consideration of the foregoing recitals and the
mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

A G R E E M E N T: 

1. The Existing Premises. Landlord and Tenant hereby agree that pursuant to the Lease, Landlord currently leases to
Tenant and Tenant currently leases from Landlord 22,229 rentable and 19,818 usable square feet (consisting of 9,628 rentable and 8,584 usable square feet of space on the first (1st) floor of
the Building and 12,601 rentable and 11,234 usable square feet of space on the second (2nd) floor of the Building) and commonly known as Suites 100 and 200 (collectively, the
“Existing Premises”), as more particularly described in the Lease. 
 2. Expansion of the Existing
Premises; Expansion Commencement Date. 
 2.1. Expansion Space. That certain space containing an aggregate 7,706
rentable square feet in the other building in the Project located at 3366 North Torrey Pines Court (the “3366 Building”) and which space is commonly known as Suites 301, 310, 320 and 322, as outlined on the floor plan attached
hereto as Exhibit “A” and made a part hereof, may be collectively referred to herein as the “Expansion Space.” The Expansion Space consists of 7,706 rentable square feet in the aggregate. Section 7 of the Second
Amendment is hereby deemed deleted in its entirety and is of no further force or effect. 
 2.2. Expansion Commencement
Date. Effective as of the date (“Expansion Commencement Date”) of Substantial Completion (as defined in the Work Letter Agreement attached hereto) of the Tenant Improvements in the Expansion Space (or the date Substantial
Completion would have occurred but for Tenant Delays (as defined in Exhibit “B”)), Tenant shall lease from Landlord and Landlord shall lease to Tenant the Expansion Space. The Expansion Commencement Date is anticipated to be
November 16, 2015. Effective upon the Expansion Commencement Date, the Existing Premises shall be increased to include the Expansion Space. Landlord and Tenant hereby stipulate and agree that the addition of the Expansion Space to the Existing
Premises shall increase the number of square feet leased by Tenant in the Project to a total of 29,935 rentable square feet. Effective as of the Expansion Commencement Date, all references to the “Premises” shall mean and refer to the
Existing Premises as expanded by the Expansion Space. 

 3. Expansion Space Term. The term of Tenant’s lease of the Expansion
Space shall commence as of the Expansion Commencement Date. Tenant’s lease of the Expansion Space shall terminate on August 31, 2017 (“Lease Expiration Date”). The period from the Expansion Commencement Date through the
Lease Expiration Date shall be referred to herein as the “Expansion Space Term.” 
 4. Monthly
Basic Rent. Effective as of the Expansion Commencement Date, Tenant shall pay, in accordance with the provisions of this Section 4.1, Monthly Basic Rent for the Expansion Space as follows: 

 

					
	 Months of Expansion
Space Term
	 	 Monthly Basic Rent
	 	 Monthly Basic Rent Per

Rentable Square Foot

	Expansion 
Commencement Date – 12	 	$31,209.30	 	$4.05
			
	13 – August 31, 2017	 	$32,134.02	 	$4.17

 5. Tenant’s Percentage and Base Year. Notwithstanding anything to the contrary in
the Lease, commencing as of the Expansion Commencement Date, Tenant’s Percentage for the Expansion Space shall be 19.44%. The total rentable square feet of the 3366 Building is 39,644 feet. The Base Year for the Expansion Space shall be the
calendar year 2015; provided, however, in no event shall Tenant be liable for any “Excess Expenses” (as defined in Section 4.3 of the Original Lease) during the first twelve (12) months following the Expansion Commencement Date.
The Base Year for the Existing Premises shall remain the calendar year 2013. 
 6. Parking. Effective as of the
Expansion Commencement Date, Tenant shall be entitled to an additional nineteen (19) unreserved, uncovered surface parking spaces at no additional cost to Tenant. Tenant’s use of such additional parking privileges shall be subject to all
of the terms and provisions of Section 6.2 of the Original Lease as modified by the First Amendment and the Second Amendment. 

7. Condition of the Expansion Space. Except as specifically set forth in the Lease (and the Work Letter Agreement
attached hereto), after Landlord substantially completes the Tenant Improvements and subject to Section 11.1 of the Original Lease, Tenant hereby agrees to accept the Expansion Space in its “as-is” condition and Tenant hereby
acknowledges that Landlord, except as provided in the Work Letter Agreement attached hereto as Exhibit “B,” shall not be obligated to provide or pay for any improvement work or services related to the improvement of the Expansion Space. As
provided in the Work Letter Agreement, Tenant shall pay Tenant’s Contribution (in the amount of Four Thousand Seventy-Eight and 35/100 Dollars ($4,078.35)) concurrently with Tenant’s execution and delivery of this Third Amendment to
Landlord. 
 8. Extension Option. The parties acknowledge that the existing Extension Option shall apply to the
Premises as expanded to include the Expansion Space. 
 9. Brokers. Each party represents and warrants to the other
that no broker, agent or finder negotiated or was instrumental in negotiating or consummating this Third Amendment other than The Muller Company (“Landlord’s Broker”) and Hughes Marino, Inc. (“Tenant’s
Broker”). Landlord shall be solely responsible for any brokerage commissions and fees owing to Landlord’s Broker and Tenant’s Broker. Each party further agrees to defend, indemnify and hold harmless the other party from and
against any claim for commission or finder’s fee by any entity (other than Landlord’s Broker or Tenant’s Broker) who claims or alleges that they were retained or engaged by the first party or at the request of such party in connection
with this Third Amendment. 
 10. Disclosures and Utility Usage Information. Pursuant to Civil Code Section 1938,
Landlord states that, as of the date hereof, the Premises (including the Existing Premises and the Expansion Space) has not undergone inspection by a Certified Access Specialist (“CASp”) to

 
determine whether the Premises meet all applicable construction-related accessibility standards under California Civil Code Section 55.53. If Tenant is billed directly by a public utility
with respect to Tenant’s electrical usage at the Premises, upon request, Tenant shall provide monthly electrical utility usage for the Premises to Landlord for the period of time requested by Landlord (in electronic or paper format) or, at
Landlord’s option, provide any written authorization or other documentation required for Landlord to request information regarding Tenant’s electricity usage with respect to the Premises directly from the applicable utility company. 

11. Signing Authority. Each individual executing this Third Amendment on behalf of Tenant and Landlord hereby represents
and warrants that it is a duly incorporated and existing entity qualified to do business in the State of California and that it has full right and authority to execute and deliver this Third Amendment and that each person signing on behalf of
Landlord and Tenant is authorized to do so. 
 12. No Further Modification. Except as set forth in this Third
Amendment, all of the terms and provisions of the Lease shall remain unmodified and in full force and effect. 
 [REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK] 

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

													
	LANDLORD:	 		 	 MULLROCK 3 TORREY PINES, LLC, a Delaware

limited liability company

				
		 		 	By:	 	 Mullrock 3 Torrey Pines Manager, LLC,

a Delaware limited liability company
 Its Non-Member
Manager

				
		 		 	By:	 	 Mullrock 3, LLC,
 a Delaware limited
liability company
 Its Sole Member

						
		 		 		 	By:	 		 	 Muller-Rock 3, LLC,
 a California
limited liability company
 Its Managing Member

							
		 		 		 		 		 	By:	 	 /s/ Stephen J. Muller

		 		 		 		 		 	Name:	 	 Stephen J. Muller

		 		 		 		 		 	Title:	 	 Managing Member

			
	“TENANT”	 		 	 OREXIGEN THERAPEUTICS, INC.,
 a
Delaware corporation

				
		 		 	By:	 	 /s/ Joseph Hagan

		 		 		 	 Name:
	 	 	 	 Joseph Hagan

		 		 		 	 Title:
	 	 	 	 Executive Vice President, Chief Business Officer and Chief Financial
Officer

				
		 		 	By:	 	/s/ Stephen Moglia
		 		 		 	Name:	 	 	 	Stephen Moglia
		 		 		 	Title:	 	 	 	Vice President, Chief Accounting Officer

 EXHIBIT A 

EXPANSION SPACE 
  

 

 EXHIBIT B 

TENANT WORK LETTER 

This Tenant Work Letter (“Tenant Work Letter” or “Work Letter Agreement”) sets forth the
terms and conditions relating to the construction of improvements for the Expansion Space. All references in this Tenant Work Letter to the “Third Amendment” shall mean the relevant portions of the Third Amendment to which this Tenant Work
Letter is attached as Exhibit B. 
 SECTION 1 

BASE, SHELL AND CORE 

Landlord has constructed, through its contractor, the base, shell and core of the Expansion Space and of the Building
(collectively, the “Base, Shell and Core”), and, except as expressly set forth below, Tenant shall accept the Base, Shell and Core in its current “As-Is” condition existing as of the Expansion Commencement Date. Landlord
shall construct in the Expansion Space certain “Tenant Improvements” (as defined below) pursuant to the provisions of this Tenant Work Letter. Except for the Tenant Improvement work described in this Tenant Work Letter, and except as
expressly set forth elsewhere in this Work Letter Agreement and in the Lease, Landlord shall not be obligated to make or pay for any alterations or improvements to the Expansion Space, the Existing Premises or the Building; provided, however, that
Landlord shall also add HVAC to that portion of the Expansion Space which is not currently serviced by HVAC; provided, further, however, that in the event that, as of the Expansion Space Commencement Date, the Common Areas, the Base, Shell and Core
(including the base building HVAC, plumbing, electrical, elevator and mechanical systems serving the Expansion Space), in its condition existing as of such date with regard to the Tenant Improvements (but only with respect to a general office use of
space) and based solely on an unoccupied basis, (A) does not comply with applicable laws in effect as of the Expansion Space Commencement Date (including the ADA), or (B) contains latent defects (not caused by Tenant’s acts or
omissions), then Landlord shall be responsible, at Landlord’s sole cost and expense which shall not be included in Operating Expenses (except as otherwise permitted in (and not excluded in) Section 4 of the Original Lease) for correcting
any such non-compliance to the extent and as and when required by applicable laws, and/or correcting any such latent defects as soon as reasonably possible after receiving notice thereof from Tenant or otherwise becoming aware of same. 

SECTION 2 

CONSTRUCTION DRAWINGS FOR THE EXPANSION SPACE 

Prior to the execution of the Third Amendment, Landlord and Tenant have approved a detailed scope of work for the construction
of certain improvements in the Expansion Space (the “Scope of Work”), which Scope of Work is attached hereto as Schedule “1.” Based upon and in conformity with the Scope of Work, Landlord shall cause its architect and
engineers to prepare and deliver to Tenant, for Tenant’s approval, detailed specifications and engineered working drawings for the tenant improvements shown on the Scope of Work (the “Working Drawings”). The Working Drawings
shall incorporate modifications to the Scope of Work as necessary to comply with the floor load and other structural and system requirements of the Building. To the extent that the finishes and specifications are not completely set forth in the
Scope of Work for any portion of the tenant improvements depicted thereon, the actual specifications and finish work shall be in accordance with the specifications for the Building’s standard tenant improvement items, as determined by Landlord
in its commercially reasonable discretion. Within five (5) business days after Tenant’s receipt of the Working Drawings, Tenant shall approve or disapprove the same, which approval shall not be unreasonably withheld; provided, however,
that Tenant may only disapprove the Working Drawings to the extent such Working Drawings are inconsistent with the Scope of Work or if the Working Drawings reflect a lesser standard than Building standard and only if Tenant delivers to Landlord,
within such five (5) business days period, specific changes proposed by Tenant which are consistent with the Scope of Work or such Building standards and do not constitute changes which would result in any of the circumstances described in
items (i) through (iv) below. If any such revisions are timely and properly proposed by Tenant, Landlord shall cause its architect and engineers to revise the 

 
Working Drawings, within five (5) business days, to incorporate such revisions and submit the same for Tenant’s approval in accordance with the foregoing provisions, and the parties
shall follow the foregoing procedures for approving the Working Drawings until the same are finally approved by Landlord and Tenant. Upon Landlord’s and Tenant’s approval of the Working Drawings, the same shall be known as the
“Approved Working Drawings.” The tenant improvements shown on the Scope of Work or Approved Working Drawings shall be referred to herein as the “Tenant Improvements.” Tenant shall make no changes, change orders or
modifications to the Scope of Work or the Approved Working Drawings without the prior written consent of Landlord, which consent may be withheld in Landlord’s commercially reasonable discretion if such change or modification would:
(i) directly delay the Substantial Completion of the Expansion Space; (ii) increase the cost of designing or constructing the Tenant Improvements above the cost of the tenant improvements depicted in the Scope of Work; (iii) be of a
quality lower than the quality of the standard tenant improvement items for the Building; and/or (iv) require any changes to the Base, Shell and Core or structural improvements or systems of the Building. The Scope of Work, Working Drawings and
Approved Working Drawings shall be collectively referred to herein as, the “Construction Drawings.” 
 SECTION 3

 CONSTRUCTION AND PAYMENT FOR COSTS OF TENANT IMPROVEMENTS 

Landlord shall cause a contractor designated by Landlord (the “Contractor”) to construct the Tenant
Improvements as depicted on the Approved Working Drawings, in compliance with all applicable laws in effect at the time of construction, and in good workmanlike manner. Except as otherwise provided in this Work Letter Agreement and except for
Tenant’s Contribution (as defined below), Landlord shall pay for the entire cost of the design and construction of the Tenant Improvements. In the event Tenant requests any changes, change orders or modifications to the Scope of Work or above
Building standard, Working Drawings (if any) and/or the Approved Working Drawings (if any) (which Landlord approves pursuant to Section 2 above) which increase the cost to construct the Tenant Improvements above the cost of the tenant
improvements as described in the Scope of Work, Tenant shall pay such increased cost to Landlord immediately upon Landlord’s request therefor, and, in any event, prior to the date Landlord causes the Contractor to commence construction of such
changes, change orders or modifications. In no event shall Landlord be obligated to pay for any of Tenant’s furniture, computer systems, telephone systems, equipment or other personal property which may be depicted on the Construction Drawings;
such items shall be paid for by Tenant. Landlord and Tenant acknowledge and agree that Tenant’s Contribution toward the cost of the Tenant Improvements (which pertains to the Additional Tenant Alternates described on the attached Schedule
“1”) is an amount equal to Four Thousand Seventy-Eight and 35/100 Dollars ($4,078.35) (“Tenant’s Contribution”), which Tenant’s Contribution shall be payable by Tenant to Landlord concurrently with Tenant’s
execution and delivery of this Third Amendment to Landlord. 
 SECTION 4  

SUBSTANTIAL COMPLETION 

4.1 Substantial Completion. For purposes of the Third Amendment, including for purposes of determining the Expansion
Commencement Date (as set forth in Section 2 of the Third Amendment), “Substantial Completion” of the Expansion Space shall occur upon the completion of construction of the Tenant Improvements in the Expansion Space pursuant to
the Approved Working Drawings, with the exception of any punchlist items (which are only minor details of construction, decoration or adjustment which do not substantially interfere with Tenant’s ability to occupy the Expansion Space for the
conduct of Tenant’s business operations in the ordinary course) and any tenant fixtures, work-stations, built-in furniture, or equipment to be installed by Tenant or under the supervision of Contractor. Landlord shall cause such punchlist items
to be corrected promptly thereafter. 
 4.2 Tenant Delays. If there shall be a delay or there are delays in the
Substantial Completion of the Expansion Space as a result of any of the following (collectively, “Tenant Delays”): 

 4.2.1 Tenant’s failure to timely approve any matter requiring Tenant’s
approval, and/or Tenant’s failure to timely perform any other obligation or act required of Tenant hereunder; 
 4.2.2 a
breach by Tenant of the terms of this Tenant Work Letter or the Lease (as modified by the Third Amendment); 
 4.2.3
Tenant’s request for changes in the Construction Drawings (other than changes to conform to the Scope of Work or Landlord’s Building standard specifications for the Building); and 

4.2.4 Tenant’s requirement for materials, components, finishes or improvements which are different from, or not included
in, the Scope of Work or Landlord’s Building standard specifications for the Building; 
 4.2.5 any changes in the
Construction Drawings and/or the Tenant Improvements required by applicable laws if such changes are directly attributable to Tenant’s specific use of the Expansion Space (in a manner different from its use of the Existing Premises); 

then, notwithstanding anything to the contrary set forth in the Third Amendment and regardless of the actual date of the Substantial
Completion of the Expansion Space, and provided that Landlord notified Tenant in writing of such delay, the Expansion Commencement Date (as set forth in Section 2 of the Third Amendment) shall be deemed to be the date the Expansion Commencement
Date would have occurred if no Tenant Delays, as set forth above, had occurred (other than delay prior to such written notice from Landlord). 

SECTION 5 

MISCELLANEOUS 

5.1 Tenant’s Entry Into the Expansion Space Prior to Substantial Completion. Subject to the terms hereof and
provided that Tenant and its agents do not interfere with the Contractor’s work in the Project, the Building and the Expansion Space, at Landlord’s reasonable discretion, Landlord shall use commercially reasonable efforts to allow Tenant
access to the Expansion Space not less than thirty (30) days prior to the anticipated Substantial Completion of the Expansion Space for the purpose of Tenant installing equipment and/or fixtures (including Tenant’s data and telephone
equipment) and Tenant’s furniture in the Expansion Space. Prior to Tenant’s entry into the Expansion Space as permitted by the terms of this Section 5.1, Tenant shall submit a schedule to Landlord and the Contractor, for their
approval, which schedule shall detail the timing and purpose of Tenant’s entry. In connection with any such entry, Tenant acknowledges and agrees that Tenant’s employees, agents, contractors, consultants, workmen, mechanics, suppliers and
invitees shall fully cooperate, work in harmony and not, in any manner, interfere with Landlord or Landlord’s contractors (including the Contractor), agents or representatives in performing work in the Project, the Building and the Expansion
Space, or interfere with the general operation of the Building and/or the Project. If at any time any such person representing Tenant shall not be cooperative or shall otherwise cause or threaten to cause any such disharmony or interference,
including, without limitation, labor disharmony, and Tenant fails to immediately institute and maintain corrective actions as directed by Landlord, then Landlord may revoke Tenant’s entry rights upon twenty-four (24) hours’ prior
written notice to Tenant. Tenant acknowledges and agrees that any such entry into the Expansion Space or any portion thereof by Tenant or any person or entity working for or on behalf of Tenant shall be deemed to be subject to all of the terms,
covenants, conditions and provisions of the Lease (as modified by this Third Amendment), excluding only the covenant to pay Rent (until the occurrence of the Expansion Space Commencement Date). Tenant further acknowledges and agrees that Landlord
shall not be liable for any injury, loss or damage which may occur to any of Tenant’s work made in or about the Expansion Space in connection with such entry or to any property placed therein prior to the Expansion Space Commencement Date, the
same being at Tenant’s sole risk and liability. Tenant shall be liable to Landlord for any damage to any portion of the Expansion Space, including the Tenant Improvement work, caused by Tenant or any of Tenant’s employees, agents,
contractors, consultants, workmen, mechanics, suppliers and invitees. If the performance of Tenant’s work in connection with such entry causes extra costs to be incurred by Landlord or requires the use of any Building services, Tenant shall
promptly reimburse Landlord for such extra costs and/or shall pay Landlord for such Building services at Landlord’s standard rates then in effect. In addition, Tenant shall hold Landlord harmless from and indemnify, protect and defend Landlord
against any loss or damage to the Expansion Space or Project and against injury to any persons caused by Tenant’s actions pursuant to this Section 5.1. 

 5.2 Tenant’s Representative. Tenant has designated Stephen Moglia as
its sole representative with respect to the matters set forth in this Tenant Work Letter, who, until further notice to Landlord, shall have full authority and responsibility to act on behalf of the Tenant as required in this Tenant Work Letter. 

5.3 Landlord’s Representative. Landlord has designated Helena Mosby as its sole representative with respect to the
matters set forth in this Tenant Work Letter, who, until further notice to Tenant, shall have full authority and responsibility to act on behalf of the Landlord as required in this Tenant Work Letter. 

5.4 Time of the Essence in This Tenant Work Letter. Unless otherwise indicated, all references herein to a “number
of days” shall mean and refer to calendar days. Landlord shall use commercially reasonable, good faith, efforts and all due diligence to complete all phases of the Construction Drawings and the permitting process and to receive the permits, as
soon as possible after the execution of this Amendment. Both Landlord and Tenant shall use commercially reasonable, good faith, efforts and all due diligence to cooperate with each other to complete all phases of the Construction Drawings, as soon
as possible after the execution of this Third Amendment, and, in that regard, shall meet on a scheduled basis to be reasonably determined by Landlord and Tenant, to discuss progress in connection with the same. 

5.5 Tenant’s Lease Default. Notwithstanding any provision to the contrary contained in the Third Amendment, if
Tenant is in default of a monetary obligation under the Lease following notice and the applicable cure period, then (i) in addition to all other rights and remedies granted to Landlord pursuant to the Lease, at law and/or in equity, Landlord
shall have the right to cause Contractor to cease the construction of the Expansion Space, and (ii) all other obligations of Landlord under the terms of this Work Letter Agreement shall be forgiven until such time as such default is cured
pursuant to the terms of the Lease. 
 5.6 Contractor’s Warranties and Guarantees. Landlord hereby assigns to
Tenant all warranties and guarantees by Contractor relating to the Tenant Improvements, which assignment shall be on a non-exclusive basis such that the warranties and guarantees may be enforced by Landlord
and/or Tenant, and Tenant hereby waives all claims against Landlord relating to, or arising out of the construction of, the Tenant Improvements. 

 SCHEDULE 1 

SCOPE OF WORK 
  

					
	

	  		  	 6490 MARINDUSTRY PLACE
 SAN
DIEGO, CA 92121
 858-587-1901, F: 587-1903

LICENSE #444203

			
	 PROJECT: OREXIGEN
	  		  	8/5/2015
			
	                     Suite 301, 310,
320, & 322

                    3366 Torrey 
Pines Court 3rd Floor

                    La Jolla, CA
92037
	  		  	Tom Brunson
		  	 Plan Date:

Architect:
	  	 N/A

N/A

  

																					
	CONTACT:	  	 Helena Mosby
	  		  				  				  				  			
	PHONE:	  	 858.587.9955
	  		  				  				  				  			
	EMAIL:	  	 hmosby@themullercompany.com
	  		  				  				  				  			
							
	 CSI

CODES
	  	 DESCRIPTION
	  	TOTAL
QTY	  	UNIT PRICE	 	  	 	 	  	UNIT
TOTAL	 	  	SUB
TOTAL	 
	DIV. 1	  	 GENERAL CONDITIONS:
	  		  				  				  				  			
	01001	  	 Superintendent
	  	1	  	$	6,800.00	  	  	 	ls	  	  	$	6,800.00	  	  			
	01005	  	 Project Manager
	  	1	  	$	1,700.00	  	  	 	ls	  	  	$	1,700.00	  	  			
	01007	  	 Project Engineer
	  	1	  	$	425.00	  	  	 	ls	  	  	$	425.00	  	  			
		  	 SUBTOTAL
	  		  				  				  				  	$	8,925.00	  
		  		  		  				  				  				  	  
	  
	 
							
		  	 JOB REQUIREMENTS:
	  		  				  				  				  			
	01030	  	 Job site labor & continuous clean up
	  	120	  	$	32.00	  	  	 	hr	  	  	$	3,840.00	  	  			
	01600	  	 Misc. job materials
	  	1	  	$	450.00	  	  	 	ls	  	  	$	450.00	  	  			
	01860	  	 Clean up - Final
	  	7706	  	$	0.28	  	  	 	sf	  	  	$	2,157.68	  	  			
		  	 SUBTOTAL
	  		  				  				  				  	$	6,447.68	  
		  		  		  				  				  				  	  
	  
	 
							
	DIV. 2	  	 SITE WORK:
	  		  				  				  				  			
							
	02050	  	 Demolition: (Removal and Disposal cost)
	  		  				  				  				  			
		  	 Remove existing doors and dispose of at 301, 322, & 320
	  	18	  	$	35.00	  	  	 	ea	  	  	$	630.00	  	  			
		  	 Carpet & base at suites 301, 322, and 320
	  	4277	  	$	0.35	  	  	 	sf	  	  	$	1,496.95	  	  			
		  	 Millwork - suite 301 open area
	  	100	  	$	9.50	  	  	 	lf	  	  	$	950.00	  	  			
		  	 Walls to create cased openings
	  	180	  	$	1.20	  	  	 	sf	  	  	$	216.00	  	  			
		  	 Barricades/Protection / walk-off mats/air scrubbers
	  	1	  	$	350.00	  	  	 	ls	  	  	$	350.00	  	  			
		  	 Dump fees
	  	1	  	$	950.00	  	  	 	ea	  	  	$	950.00	  	  			
		  	 SUBTOTAL
	  		  				  				  				  	$	4,592.95	  
		  		  		  				  				  				  	  
	  
	 
							
	DIV. 8	  	 DOORS/WINDOWS:
	  		  				  				  				  			
							
	08200	  	 Doors/Frames/Hardware:
	  		  				  				  				  			
		  	 3070 stain grade assembly w/ single light. Match existing hardware
	  	18	  	$	1,025.00	  	  	 	ea	  	  	$	18,450.00	  	  			
		  	 SUBTOTAL
	  		  				  				  				  	$	18,450.00	  
							
	09250	  	 Drywall/Framing:
	  		  				  				  				  			
		  	 Infill (1) window, frame (5) cased openings, Misc. patching
	  	1	  	$	1,920.00	  	  	 	ls	  	  	$	1,920.00	  	  			
		  	 SUBTOTAL
	  		  				  				  				  	$	1,920.00	  
							
	09500	  	 T-Bar/Acoustic:
	  		  				  				  				  			
		  	 Misc.tile replacement
	  	1	  	$	550.00	  	  	 	ls	  	  	$	550.00	  	  			
		  	 SUBTOTAL
	  		  				  				  				  	$	550.00	  
							
	09680	  	 Floor Covering:
	  		  				  				  				  			
		  	 Carpet- Shaw Meld 5A165 Stipple 64505 in 301, 322 and 320
	  	523	  	$	20.00	  	  	 	sy	  	  	$	10,454.89	  	  			
		  	 Base- Johnsonite 4”
	  	1141	  	$	1.28	  	  	 	lf	  	  	$	1,460.48	  	  			
		  	 Floor Prep allowance
	  	5	  	$	70.00	  	  	 	hr	  	  	$	350.00	  	  			
		  	 SUBTOTAL
	  		  				  				  				  	$	12,265.37	  
							
	09900	  	 Paint:
	  		  				  				  				  			
		  	 Walls
	  	18183	  	$	0.55	  	  	 	sf	  	  	$	10,000.65	  	  			
		  	 SUBTOTAL
	  		  				  				  				  	$	10,000.65	  

 8/5/20159:18 AM13366 Torey Pines Orexigen Suite 301 310 322 320 8.05.15 

  
 SCHEDULE 1 

-1- 

																			
	 DIV. 15
	  	MECHANICAL:	  				  				 				  			
						
	 15400
	  	Plumbing:	  	 	NIC	  	  				 				  			
	 15800
	  	Heating/Air Conditioning:	  	 	NIC	  	  				 				  			
		  		  				  				 				  			
	 DIV. 16
	  	ELECTRICAL:	  				  				 				  			
	 16050
	  	Misc. electrical circuitry allowance	  	 	1  	  	  	$	1,800.00 ea	  	 	$	1,800.00	  	  			
		  	SUBTOTAL	  				  				 				  	$	1,800.00	  
		  		  				  				 				  			
		  		  				  				 	  
	  
	 	  	  
	  
	 
	 01015
	  	Contingency	  				  	 	2.00%	  	 	$	1,299.03	  	  	$	1,299.03	  
		  		  				  				 				  			
		  		  				  				 	  
	  
	 	  	  
	  
	 
		  	SUBTOTAL	  				  				 	$	66,250.68	  	  			
	 01025
	  	Profit & Overhead	  				  				 	$	5,300.05	  	  			
	 01140
	  	Insurance	  				  				 	$	662.51	  	  			
						
		  	TOTAL ESTIMATE	  				  				 	$	72,213.24	  	  			
		  		  				  				 	  
	  
	 	  	  
	  
	 
		  		  	 	Sq. Ft. 7706	  	  	 	Cost per Sq. Ft.	  	 	$	9.37	  	  			
					
	 ALTERNATES: Included profit and overhead
	  				  				 				  			
	 [1]
	  	Add - alt. to supply and install new carpet in suite 310 figured $20sy	  	  				 	$	10,616.58	  	  			
	 [2]
	  	Add - alt. to infill (2) doors at corridor including carpet patch and paint	  	  				 	$	1,713.79	  	  			
	 [3]
	  	Add - alt. to provide and install new suite entrance at suite 320	  	  				 	$	2,754.55	  	  			
					
		  	(Alternates above will be included in Landlords scope of work)	  	  				 				  			
				
	 ADDITIONAL TENANT ALTERNATES: Included profit and overhead
	   
	  				 				  			
				
			  				 				  			
		  		  				  				 	  
	  
	 	  			
	 DIV. 6
	  	WOOD:	  				  				 				  			
						
	 06400
	  	Millwork:	  				  				 				  			
		  	 Demo existing base cabinets. Remove countertop, cut down and
edge band end of counter. Add end panel to exposed side
of base
cabinet that remains. Remove upper cabinet
	     
	  				 	$	1,124.00	  	  			
		  		  				  				 	  
	  
	 	  			
	 DIV. 8
	  	DOORS/WINDOWS:	  				  				 				  			
		  		  				  				 				  			
	 08200
	  	Doors/Frames/Hardware:	  				  				 				  			
		  	Provide and install new door assembly for IT Rm	  				  				 	$	1,178.75	  	  			
		  	SUBTOTAL	  				  				 				  			
		  		  				  				 				  			
	 09250
	  	Drywall/Framing:	  				  				 				  			
		  	 Demo, frame and tape existing pass through at IT Rm. for new door
	  				  				 	$	717.60	  	  			
		  	SUBTOTAL	  				  				 				  			
		  		  				  				 				  			
		  		  				  				 	  
	  
	 	  			
	 DIV. 16
	  	ELECTRICAL:	  				  				 				  			
	 16050
	  	Add (2) separate circuits outlets for IT Rm	  				  				 	$	517.50	  	  			
		  	Add (2) separate circuits for copier outlets	  				  				 	$	540.50	  	  			
		  		  				  				 				  			
		  	SUBTOTAL	  				  				 				  			
		  		  				  				 				  			
		  		  				  				 	  
	  
	 	  			
		  	TOTAL TENANT ALTERNATE	  				  				 	$	4,078.35	  	  			
		  		  				  				 	  
	  
	 	  			

 EXCLUSIONS 

Building permit and processing fees, SDGE/Water assessment fees, asbestos abatement, backflow prevention devices, waxing of all hard surface
flooring, bonds, engineering, plans, ADA issues not referenced above. 
 Recycling fee, Data/Phone/Audio Video/Security systems and cabling,
Union Labor. 
 New title-24 requirements for electrical, Plumbing 

8/5/20159:18 AM23366 Torey Pines Orexigen Suite 301 310 322 320 8.05.15 

 

  
 SCHEDULE 1 

-2-Exhibit

Exhibit 10.1

Separation Agreement
This Separation Agreement is being executed by Jeffrey T. Bowman (hereinafter “Executive”) as a condition of and in consideration of his receipt of certain financial benefits from Crawford & Company, a Georgia corporation (hereinafter the “Company”) pursuant to an employment agreement between Executive and the Company.  Executive and the Company may be referred to collectively herein as the “Parties.” 
W I T N E S S E T H:
WHEREAS, the Parties entered into an Employment Agreement effective January 1, 2013 (hereinafter the “Employment Agreement”). 
WHEREAS, the Parties’ employment relationship was terminated effective August 21, 2015 (“Termination Date”); 
WHEREAS, in Paragraph 11.2 of the Employment Agreement, the Company agreed to provide Executive certain benefits if one of several events regarding the Parties’ employment relationship occurred, but only if and when Executive thereafter executed a document including certain provisions including a release of claims and acknowledging and ratifying certain restrictive covenants;
WHEREAS, the Company has agreed to provide Executive certain additional benefits also only if and when Executive thereafter executed such document;
WHEREAS, this Separation Agreement, which has served as an exhibit to the Employment Agreement, is intended to fulfill Executive’s above-referenced obligation and thus entitle him to the above-referenced benefits from the Company; 
NOW, THEREFORE, for and in consideration of the consideration provided Executive by the Company in Paragraph 11.2 of the Employment Agreement and in Paragraph 2 herein, the Company and Executive agree to the following terms: 
1.    Effective Date. The Effective Date of this Separation Agreement, and thus the Effective Date the Company’s obligations under Paragraph 11.2 of the Employment Agreement and under this Agreement, shall be the date on which Executive has delivered an executed original of this Agreement to the Board of Directors of the Company (hereinafter the “Board”) and Executive’s acceptance of the terms of this Separation Agreement has become irrevocable under Paragraph 14 of this Separation Agreement. 

2.    Additional Benefits.  In addition to the benefits to be provided Executive in Paragraph 11.2 of the Employment Agreement, including payment of severance equal to two (2) times his Base Salary, payment of prorated bonus (if any), and payment of COBRA premiums for up to eighteen (18) months, the Company hereby agrees to the following:
(a)    Bowman shall be entitled to receive his benefits under the Crawford Savings & Investment Plan and the Crawford & Company Deferred Compensation Plan in accordance with the terms of those plans;
(b)    the Company shall transfer to Bowman his cellular telephone (including current telephone number) and laptop computer, subject to routine review by the Company and the removal by the Company of all Company information from such devices;
(c)    the Company shall not issue any press release or make any public announcement relating to Bowman’s separation of service without his prior approval, which shall not be unreasonably withheld, or except as required by law;
(d)    the Company shall continue to pay Bowman his Base Compensation (as defined in the Employment Agreement), in accordance with the Company’s payroll procedures, through September 30, 2015;

Exhibit 10.1

(e)    the Company shall continue to pay Bowman an automobile allowance of $1,000 per month for the 24-month period beginning on September 1, 2015; 

(f)    the Company hereby immediately vests 8,333 unvested shares of Company stock awarded to Bowman under the 2015 Crawford & Company Long Term Incentive Plan award, and Bowman herby consents to such accelerated vesting;  

(g)    the Company shall continue to pay the annual premiums on the term life insurance policy currently in effect for the two years following Bowman’s separation from service, not to exceed $10,000 per year, and Bowman shall be responsible for the payment of the premiums following such period; and

(h)    the Company shall purchase from Bowman up to 500,000 shares of Class A Common Stock of the Company at $6.62 per share, being the average closing price since the Company’s most recent earnings announcement on August 3, 2015, pursuant to a separate written agreement to be entered into between Bowman and the Company as soon as administratively practicable.

All payments shall be subject to applicable tax withholding.

3.    Release of Claims. 

(a)For purposes of this Paragraph 3, the term “The Released Parties” shall mean the Company together with its current and former officers, directors, members, agents, employees, attorneys, successors, assigns, affiliates, and insurers.

(b)Executive hereby releases The Released Parties from any and all claims, demands, charges, complaints, liabilities, obligations, actions, causes of action, suits, costs, expenses, losses, attorneys’ fees, and damages of any nature whatsoever, known or that Executive should have known, for relief of any nature at law or in equity, which Executive now has, owns or holds, or claims to have, own or hold, or which he at any time heretofore had, owned or held, or claimed to have, own or hold against The Released Parties, including, but in no way limited to: any claim under Title VII of the Civil Rights Act of 1964, as amended; 42 U.S.C. §1981; The Americans With Disabilities Act (“ADA”); The Family and Medical Leave Act (“FMLA”); The Age Discrimination in Employment Act (“ADEA”); The Employee Retirement Income Security Act (“ERISA”); all “whistleblower claims” or other claims involving the violation of public policy, retaliation, or interference with legal rights; any and all other federal, state, and local employment or discrimination laws; any tort, fraud or constitutional claims; and any alleged breach of contract claims or claims of promissory estoppel. It is agreed that this is a general release and it is to be broadly construed as a release of all claims; provided that, notwithstanding the foregoing, this Paragraph 3 is not intended to include a release of any claims that cannot be released hereunder by law; and provided further that, this Paragraph 3 is not intended to release the Company from its obligations under the Employment Agreement or this Separation Agreement or to release the Company from liability resulting from any breach of the Employment Agreement or this Separation Agreement by the Company. 

4.    No Admission. Executive recognizes and acknowledges that this Agreement does not constitute and shall not be construed as an admission of any acts of misconduct by The Released Parties, and The Released Parties do not admit, and in fact specifically deny, any wrongdoing, liability, or culpability arising out of, related to, or connected with Executive’s employment with the Company. 

5.    Non-Disparagement. Except as otherwise required by law, Executive shall not make any statement, written or oral, in any forum or media, public or private, or take any action, that disparages the Company. Without limiting the foregoing, the statements prohibited by this paragraph include negative references to the Company’s products and services, corporate policy, officers, and/or directors. 

Exhibit 10.1

6.    Restrictive Covenants from Employment Agreement. The provisions of Paragraph 12 of the Employment Agreement are hereby incorporated by reference in their entirety into this Separation Agreement; provided that, by executing this Separation Agreement, Executive agrees that the post-employment restrictive periods referenced in Paragraphs 12.2 and 12.3 of the Employment Agreement shall be extended by one (1) year such that they shall run for a period of two (2) years following the Termination Date.

7.    Non-Competition. Executive agrees that for a period of two (2) years following the Termination Date, he shall not engage in any activities within the United States of America on behalf of a Competitor.  For purposes of this Paragraph 7, (a) the term “Activities” shall mean activities that are the same as, or substantially similar to, those activities performed by Executive on behalf of the Company during the Parties’ employment relationship and (b) the term “Competitor” shall mean a business of any form that is engaged in the Business of Crawford (as that term is defined in Paragraph 12.3 of the Employment Agreement).  Executive acknowledges that during his employment with the Company he served as a “key employee” of Employer within the meaning of O.C.G.A. § 13-8-51 and that Executive otherwise had a primary duty of managing and directing the overall business of the Company.  Therefore, Executive agrees that the terms, territory, and scope of the restraint contemplated by this Paragraph 7 are reasonable and necessary to protect the Company’s legitimate business interests.

8.    Injunctive Relief. Executive acknowledges that should he violate the provisions of Paragraphs 6 or 7 of this Agreement, it will be difficult to determine the resulting damages to the Company and that monetary damages would not be adequate in any event. In addition to any other remedies it may have, the Company shall be entitled to temporary and permanent injunctive relief without the necessity of proving actual damage. 
9.    Cooperation. Executive will, to the extent reasonably requested in writing, cooperate with and provide information to the Company in any pending or future litigation or investigation in which the Company is a party or involved and regarding which Executive, by virtue of his association with the Company, has relevant knowledge or information. Executive will, in any such litigation or investigation, without the necessity of a subpoena, provide, in any jurisdiction in which the Company requests, truthful testimony relevant to said litigation or investigation. Executive will also meet with the Company’s personnel and/or counsel regarding such litigation or investigation to the extent reasonably requested in writing, provided that Executive may participate in such meetings by telephone if meeting in person would interfere with his employment or business obligations. Executive will remain available by telephone, on a reasonable basis that will not unduly interfere with his employment or business obligations, to provide information to the Company regarding matters he worked on, persons he dealt with, and other knowledge he gained in his capacity as the President and CEO of the Company. The Company will reimburse Executive for reasonable expenses he actually incurs in fulfilling his obligations under this Paragraph 8, but he will not be paid an hourly rate or any other fee for the time he spends in meeting those obligations. 
10.    Severability. Each provision of this Separation Agreement is intended to be read and interpreted with every reasonable inference given to its enforceability. However, the Parties also intend that if any provision of this Separation Agreement is held to be invalid, void or unenforceable, the remainder of the provisions hereof shall remain in full force and effect and shall in no way be affected, impaired or invalidated. It is also the Parties’ intent that if a court should determine that any restrictive covenant contained in this Separation Agreement is unenforceable because of over-breadth, then the court shall have the Parties’ mutual consent to modify said covenant so as to make it reasonable and enforceable under the circumstances. In that regard, with respect to the territorial provision set forth in Paragraph 6 above, Executive agrees that such restrictions specifically include all states, countries, cities, and political subdivisions of the United States of America and may be modified to include and/or exclude such states, countries, cities or political subdivisions as the court may deem reasonable and necessary to protect the Company’s legitimate business interests.
11.    Other Employment. Executive acknowledges and represents that he has substantial experience and knowledge such that he can readily obtain subsequent employment without violating the terms of this Separation Agreement. Further, notwithstanding his obligations under Paragraphs 5 and 6 of this Separation Agreement, Executive agrees to disclose the terms of Paragraphs 6 and 7 of this Separation Agreement to any person or entity that employs him within two (2) years of the Termination Date. To that end, the Company agrees to furnish Executive another copy of this Separation Agreement upon written request of Executive. 

Exhibit 10.1

12.    Entire Agreement. This Separation Agreement constitutes the entire agreement between the Parties regarding the subject matter herein, and it supersedes and replaces any prior agreements between the Parties regarding the subject matter herein. Provided that, nothing in this Separation Agreement is intended to relieve the Parties of their respective obligations under the Employment Agreement.  
13.    Governing Law. This Separation Agreement shall in all respects be interpreted, construed, and governed by and in accordance with the laws of the State of Georgia.  Employee hereby agrees that the state courts of Georgia and federal courts sitting in Georgia shall have exclusive jurisdiction over any dispute arising under this Agreement.  Employee hereby consents to personal jurisdiction in Georgia. 
14.    Opportunity To Review. Executive represents and acknowledges that he has carefully read and understands all of the provisions of this Agreement, and that he is voluntarily entering into this Separation Agreement. Executive understands that, along with all other claims, he is waiving all claims for age discrimination under the Age Discrimination in Employment Act (“ADEA”). Executive represents and acknowledges that he has hereby been advised in writing to, and has been afforded the right and opportunity to, consult with an attorney prior to executing this Separation Agreement; that he has forty-five (45) days within which to consider whether he wants to accept the terms of this Separation Agreement; that he has seven (7) days following his execution of this Separation Agreement within which to revoke his acceptance of the terms of this Separation Agreement; and that this Separation Agreement will not become effective until after the revocation period has expired. 
AGREED TO BY:
/s/Jeffrey T. Bowman                        8/24/15
Jeffrey T. Bowman                        Date
/s/Charles H. Ogburn                        8/24/15
Charles H. Ogburn                        Date

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