Document:

tmdx-ex101_96.htm

 

Exhibit 10.1 

OMNIBUS AMENDMENT #2 TO LEASE 

200 Minuteman and 30 Minuteman 

This OMNIBUS AMENDMENT #2 TO LEASE (this “Amendment”) is entered into and dated as of the 1st day of June 2020 (the “Omnibus Amendment #2 Effective Date”), by and between WHETSTONE 200 MINUTEMAN PARK, LLC, a Delaware limited liability company (“200 Minuteman Landlord”), and WHETSTONE 30 MINUTEMAN PARK, LLC, a Delaware limited liability company (“30 Minuteman Landlord”, and collectively with 200 Minuteman Landlord, the “Landlord”), each having an address for purposes hereof at One Market Plaza, Spear Tower Suite 4125, San Francisco, California 94105, and TRANSMEDICS GROUP, INC., a Massachusetts corporation, as tenant (“Tenant”), having an address for purposes hereof at 200 Minuteman Road, Andover, Massachusetts 01810. 

WITNESSETH: 

WHEREAS, 200 Minuteman Landlord and Tenant are the present parties to that certain Lease dated as of June 25, 2004 (the “200 Minuteman Original Lease”), as amended and affected by (i) that certain Commencement Letter dated as of August 9, 2006, (ii) that certain First Amendment to Lease dated as of September 28, 2004, (iii) that certain Second Amendment to Lease dated as of November 29, 2005, (iv) that certain Third Amendment to Lease dated as of June 12, 2006, (v) that certain Fourth Amendment to Lease dated as of February 1, 2007, (vi) that certain Fifth Amendment to Lease dated as of April 30, 2010, (vii) that certain Omnibus Amendment #1 to Lease dated as of January 9, 2020 (the “Omnibus Amendment #1), and (viii) that certain letter dated as of March 1, 2020, regarding the delivery of Expansion Premises B (collectively, the “200 Minuteman Existing Lease”), pursuant to which 200 Minuteman Landlord leases to Tenant and Tenant leases from 200 Minuteman Landlord a portion of the building located at 200 Minuteman Road, Andover, Massachusetts 01810 (the “200 Minuteman Building”), containing a stipulated 95,394 rentable square feet in the aggregate (collectively, the “200 Minuteman Premises”), comprised of (a) 19,635 rentable square feet located on the first floor of the 200 Minuteman Building and (b) 75,759 rentable square feet located on the third floor of the 200 Minuteman Building; 

WHEREAS, 30 Minuteman Landlord and Tenant are the present parties to that certain Lease dated as of June 25, 2004 (the “30 Minuteman Original Lease”) as amended and affected by (i) that certain Commencement Letter dated as of April 1, 2005, (ii) that certain First Amendment to Lease dated as of September 28, 2004, (iii) that certain letter agreement dated as of April 19, 2005 (the “Parking Letter Agreement”), (iv) that certain Second Amendment to Lease dated as of November 29, 2005, (v) that certain Third Amendment to Lease dated as of April 30, 2010, and (vi) Omnibus Amendment #1 (collectively, the “30 Minuteman Existing Lease” and together with the 200 Minuteman Existing Lease, the “Existing Lease”), pursuant to which 30 Minuteman Landlord leases to Tenant and Tenant leases from 30 Minuteman Landlord the entire building located at 30 Minuteman Road, Andover, Massachusetts 01810 (the “30 Minuteman Building”), containing a stipulated 10,500 rentable square feet (the “30 Minuteman Premises”, and collectively with the 200 Minuteman Premises, the “Premises”); 

WHEREAS, the Term of the Existing Lease is currently scheduled to expire on December 31, 2026; and 

WHEREAS, Landlord and Tenant desire to enter into this Amendment in order to (i) further extend the Term of the Existing Lease, and (ii) amend certain other terms and provisions of the Existing Lease. All initial capitalized terms used and not otherwise defined in this Amendment shall have the meaning ascribed to such terms in the Existing Lease. 

1

 

NOW, THEREFORE, for good and valuable consideration, and in consideration of the mutual agreements contained in this Amendment, Landlord and Tenant hereby agree and amend the Existing Lease as follows: 

1. Recitals. The above recitals are incorporated herein by this reference. 

2. Lease. As of the Omnibus Amendment #2 Effective Date, all references to the “Lease” in this Amendment shall mean and refer to the Existing Lease, as amended and affected by this Amendment; provided, however, that the 200 Minuteman Existing Lease and the 30 Minuteman Existing Lease shall continue to be separate and distinct leases, and all references to the “Lease” in the 200 Minuteman Existing Lease shall mean and refer to the 200 Minuteman Existing Lease, as amended and affected by this Amendment (the “200 Minuteman Lease”), and all references to the “Lease” in the 30 Minuteman Existing Lease shall mean and refer to the 30 Minuteman Existing Lease, as amended and affected by this Amendment (the “30 Minuteman Lease”). 

3. Extension of Expiration Date. Notwithstanding anything contained in the Existing Lease to the contrary, the Term of the Lease with respect to the entire Premises (i.e., the 105,894 rentable square feet comprised of the 200 Minuteman Premises and the 30 Minuteman Premises) is hereby extended beyond the currently scheduled expiration date of December 31, 2026 to December 31, 2027 (the “Extended New Expiration Date”) (unless sooner terminated in accordance with the terms and provisions contained in the Lease). Effective as of the Omnibus Amendment #2 Effective Date, all references to the “New Expiration Date” in the Existing Lease shall mean and refer to the Extended New Expiration Date. 

4. Expansion Premises Commencement Date. Notwithstanding anything contained in the Existing Lease to the contrary, the defined terms “Expansion Premises A Commencement Date”, “Expansion Premises B Commencement Date” and “Expansion Premises Commencement Date” under the Existing Lease, all shall be amended to mean October 23, 2020. 

5. Base Rent. In furtherance of the foregoing amendments, the rent charts set forth in Section 6(a) of Omnibus Amendment #1 are hereby deleted and replaced with the following: 

2

 

200 Minuteman 

 

	
Time Period
	
 
	
Rent Per

Sq. Foot
	
 
	
 
	
Annual Base Rent

for Expansion

Premises A

(39,774 RSF)
	
 
	
 
	
Annual Base Rent

for Expansion

Premises B

(11,735 RSF)
	
 
	
 
	
Annual Base Rent

for 200

Minuteman

Existing Premises

(43,885 RSF)
	
 
	
 
	
Annual Base Rent

for entire 200

Minuteman

Premises
	
 
	
 
	
Monthly

Installment

Amount
	
 

	
December 23, 2019 -

   October 22, 2020
	
 
	
$
	
17.50
	
 
	
 
	
$
	
0.00
	
 
	
 
	
$
	
0.00
	
 
	
 
	
$
	
767,987.50
	
 
	
 
	
$
	
767,987.50
	
 
	
 
	
$
	
63,998.96
	
 

	
October 23, 2020 -

   December 22, 2020
	
 
	
$
	
17.50
	
 
	
 
	
$
	
696,045.00
	
 
	
 
	
$
	
205,362.50
	
 
	
 
	
$
	
767,987.50
	
 
	
 
	
$
	
1,669,395.00
	
 
	
 
	
$
	
139,116.25
	
 

	
December 23, 2020 -

   December 22, 2021
	
 
	
$
	
17.94
	
 
	
 
	
$
	
713,446.13
	
 
	
 
	
$
	
210,496.56
	
 
	
 
	
$
	
787,187.19
	
 
	
 
	
$
	
1,711,129.88
	
 
	
 
	
$
	
142,594.16
	
 

	
December 23, 2021 -

   December 22, 2022
	
 
	
$
	
18.39
	
 
	
 
	
$
	
731,282.28
	
 
	
 
	
$
	
215,758.98
	
 
	
 
	
$
	
806,866.87
	
 
	
 
	
$
	
1,753,908.12
	
 
	
 
	
$
	
146,159.01
	
 

	
December 23, 2022 -

   December 22, 2023
	
 
	
$
	
18.85
	
 
	
 
	
$
	
749,564.34
	
 
	
 
	
$
	
221,152.95
	
 
	
 
	
$
	
827,038.54
	
 
	
 
	
$
	
1,797,755.82
	
 
	
 
	
$
	
149,812.99
	
 

	
December 23, 2023 -

   December 22, 2024
	
 
	
$
	
19.32
	
 
	
 
	
$
	
768,303.44
	
 
	
 
	
$
	
226,681.77
	
 
	
 
	
$
	
847,714.50
	
 
	
 
	
$
	
1,842,699.72
	
 
	
 
	
$
	
153,558.31
	
 

	
December 23, 2024 -

   December 22, 2025
	
 
	
$
	
19.80
	
 
	
 
	
$
	
787,511.03
	
 
	
 
	
$
	
232,348.82
	
 
	
 
	
$
	
868,907.36
	
 
	
 
	
$
	
1,888,767.21
	
 
	
 
	
$
	
157,397.27
	
 

	
December 23, 2025 -

   December 22, 2026
	
 
	
$
	
20.29
	
 
	
 
	
$
	
807,198.81
	
 
	
 
	
$
	
238,157.54
	
 
	
 
	
$
	
890,630.05
	
 
	
 
	
$
	
1,935,986.39
	
 
	
 
	
$
	
161,332.20
	
 

	
December 23, 2026 -

   December 22, 2027
	
 
	
$
	
20.80
	
 
	
 
	
$
	
827,378.78
	
 
	
 
	
$
	
244,111.48
	
 
	
 
	
$
	
912,895.80
	
 
	
 
	
$
	
1,984,386.05
	
 
	
 
	
$
	
165,365.50
	
 

	
December 23, 2027 -

   December 31, 2027
	
 
	
$
	
21.32
	
 
	
 
	
$
	
848,063.24
	
 
	
 
	
$
	
250,214.27
	
 
	
 
	
$
	
935,718.20
	
 
	
 
	
$
	
2,033,995.71
	
 
	
 
	
$
	
169,499.64
	
 

 

3

 

30 Minuteman 

 

	
Time Period
	
 
	
Rent Per

Sq. Foot
	
 
	
 
	
Annual Base Rent for 30

Minuteman Existing

Premises

(10,500 RSF)
	
 
	
 
	
Monthly Installment

Amount
	
 

	
December 23, 2019 - December 22, 2020
	
 
	
$
	
17.50
	
 
	
 
	
$
	
183,750.00
	
 
	
 
	
$
	
15,312.50
	
 

	
December 23, 2020 - December 22, 2021
	
 
	
$
	
17.94
	
 
	
 
	
$
	
188,343.75
	
 
	
 
	
$
	
15,695.31
	
 

	
December 23, 2021 - December 22, 2022
	
 
	
$
	
18.39
	
 
	
 
	
$
	
193,052.34
	
 
	
 
	
$
	
16,087.70
	
 

	
December 23, 2022 - December 22, 2023
	
 
	
$
	
18.85
	
 
	
 
	
$
	
197,878.65
	
 
	
 
	
$
	
16,489.89
	
 

	
December 23, 2023 - December 22, 2024
	
 
	
$
	
19.32
	
 
	
 
	
$
	
202,825.62
	
 
	
 
	
$
	
16,902.13
	
 

	
December 23, 2024 - December 22, 2025
	
 
	
$
	
19.80
	
 
	
 
	
$
	
207,896.26
	
 
	
 
	
$
	
17,324.69
	
 

	
December 23, 2025 - December 22, 2026
	
 
	
$
	
20.29
	
 
	
 
	
$
	
213,093.67
	
 
	
 
	
$
	
17,757.81
	
 

	
December 23, 2026 - December 22, 2027
	
 
	
$
	
20.80
	
 
	
 
	
$
	
218,421.01
	
 
	
 
	
$
	
18,201.75
	
 

	
December 23, 2027 - December 31, 2027
	
 
	
$
	
21.32
	
 
	
 
	
$
	
223,881.53
	
 
	
 
	
$
	
18,656.79
	
 

 

4

 

6. Time Period for Requisition of Work Allowance. Notwithstanding anything contained in the Existing Lease to the contrary, Landlord and Tenant hereby agree that Tenant shall have until December 23, 2021 to requisition the Work Allowance. Accordingly, effective as of the Omnibus Amendment #2 Effective Date, the Work Letter attached as Exhibit B to Omnibus Amendment #1 is hereby amended by deleting the penultimate sentence of the first paragraph of Section 2 thereof and replacing it with the following: “Any portion of the Work Allowance that is not requisitioned by December 23, 2021 shall be deemed forfeited by Tenant, and Landlord shall have no further obligation with respect thereto.” 

7. Brokers. Landlord and Tenant each represents and warrants to the other that in the negotiation of this Amendment it dealt with no broker(s) or other party or parties entitled to any commission, fee or other compensation in connection with this Amendment. Each of Tenant and Landlord hereby indemnifies and agrees to defend and hold the other harmless from and against any claim or liability arising out of any inaccuracy or alleged inaccuracy of the above representation. Landlord and Tenant acknowledge and agree that Landlord shall not be responsible for paying any commissions due to any brokers in connection with this Amendment. 

8. Miscellaneous. Landlord and Tenant hereby acknowledge and agree that, except as specifically amended by the terms of this Amendment, all of the terms, covenants and provisions of the Existing Lease are hereby ratified and confirmed and shall remain in full force and effect. To the extent that there is any inconsistency between the terms and provisions of the Existing Lease and the terms and provisions of this Amendment, the terms and provisions of this Amendment shall control. Tenant hereby certifies that, to Tenant’s knowledge, Landlord is not in default under the Existing Lease and no state of fact or condition exists which, upon either the passage of time and/or the giving of notice, could give rise to a default of Landlord under the Existing Lease. Landlord hereby certifies that, to Landlord’s knowledge, Tenant is not in default under the Existing Lease and no state of fact or condition exists which, upon either the passage of time and/or the giving of notice, could give rise to a default of Tenant under the Existing Lease. This Amendment may be executed in two (2) or more counterparts, and by the exchange of facsimile or other electronic signatures with the same force and effect as original ink signatures. When each party has signed and delivered at least one (1) such counterpart, each counterpart shall be deemed an original, and, when taken together with the other signed counterparts, shall constitute one Amendment, which shall be binding upon and effective as to Landlord and Tenant as of the date first above-written. Each of Landlord and Tenant hereby represents and warrants to the other that the individual(s) executing this Amendment on their respective behalf are duly authorized to do so, and that such authorization remains in full force and effect and has not been modified or revoked. 

[SEE NEXT PAGE FOR SIGNATURES] 

5

 

WITNESS the execution hereof as of the date first above written. 

 

	
LANDLORD:

	
 
	
 

	
WHETSTONE 200 MINUTEMAN PARK, LLC,

	
a Delaware limited liability company

	
 
	
 

	
By:
	
/s/ Rajiv S. Patel

	
 
	
Name: Rajiv S. Patel

	
 
	
Title: President

	
 
	
 

	
WHETSTONE 30 MINUTEMAN PARK, LLC,

	
a Delaware limited liability company

	
 
	
 

	
By:
	
/s/ Rajiv S. Patel

	
 
	
Name: Rajiv S. Patel

	
 
	
Title: President

	
 
	
 

	
TENANT:

	
 
	
 

	
TRANSMEDICS GROUP, INC. a Massachusetts

	
corporation

	
 
	
 

	
By:
	
/s/ Stephen Gordon

	
 
	
Name: Stephen Gordon

	
 
	
Title: CFO

 

6Document

Exhibit 10.1

EXHIBIT A

AMENDMENT TO THE 
MARRIOTT INTERNATIONAL, INC. STOCK AND CASH INCENTIVE PLAN

THIS AMENDMENT to the Marriott International, Inc. Stock and Cash Incentive Plan, as amended and restated effective January 1, 2008, and as subsequently amended from time to time (the “Plan”), is made this 8th day of May, 2020, as follows (new language underlined and deleted language struck):

1.Article 12.2 of the Plan is hereby amended to read as follows:

12.2 Non-Employee Director Deferred Share Awards. On the first (1st) full trading day immediately following each Annual Meeting, each Non-Employee Director designated by the Board shall receive a Non-Employee Director Deferred Share Award of a number of Shares determined by the Board before such Annual Meeting. Each Non-Employee Director Deferred Share Award shall be fully vested vest and become nonforfeitable on a daily pro-rata basis over the twelve (12) month period following the grant when granted and the subject vested Shares shall be distributed to the Non-Employee Director in a lump sum within 30 days following the Non-Employee Director’s Termination of Service, unless the Non-Employee Director makes an advance election designating another time or form of distribution. Any such advance election must be made in writing on a form and in a manner prescribed by the Committee (or its delegate(s)) and delivered to the Company on or before (and become irrevocable by) the last day of the calendar year that immediately precedes the year of grant of the Non-Employee Director Deferred Share Award. The Non-Employee Director shall have no voting, transfer, liquidation, dividend or other rights of a stockholder of the Company with respect to Non-Employee Director Deferred Share Awards prior to such time that the subject Shares are distributed to the Non-Employee Director.

2.The first sentence of Article 15.1 of the Plan is hereby amended to read as follows:

15.1 Treatment of Awards.  Except as otherwise explicitly provided in any Award Agreement with a grant date on or after February 1, 2016, if a Participant who is actively employed by the Company incurs a Covered Termination of Employment (as defined in Article 15.2 below) within three (3) months preceding or twelve (12) twenty-four (24) months following a Change in Control (as defined in Article 15.3 below), then the following shall occur with respect to any Awards held by or granted to such Participant (or any Beneficiary) immediately following the later to occur of such Change in Control and such Covered Termination of Employment (the “Trigger Date”):

3.Article 15.2(b) of the Plan is hereby amended to read as follows:

         (b) Good Reason.  Any voluntary termination of employment of a Participant following: (A) a material diminution in the Participant’s base compensation, target annual bonus or target stock incentive; (B) a material diminution in the Participant’s position, authority, duties or responsibilities as in effect immediately prior to the Change in Control, provided that a Change in Control (including the fact that the Company’s stock is not publicly held or is held or controlled by a single stockholder as a result of a Change in Control) shall 

not of itself be deemed a material diminution in the Participant’s position or authority, duties or responsibilities, or; (C) a material diminution in the position, authority, duties, or responsibilities of the supervisor to whom the Participant is required to report as in effect immediately prior to the Change in Control, including a requirement that the Participant report to a corporate officer or employee instead of reporting directly to the Board of the Company or a Subsidiary,; (D) a material diminution in the budget over which the Participant retains authority; or (E) a material change in geographic location at which the Participant must perform services to a distance of more than fifty (50) miles from its location immediately prior to the date of a Change in Control; provided that, with respect to any Awards that are subject to Code Section 409A, the voluntary termination also must qualify for treatment as an involuntary separation from service under the safe harbor described in Treasury Regulation Section 1.409A-1(n)(2). 

4.Article 15.3 of the Plan is hereby amended to read as follows:

15.3 Change in Control Definition.  A Change in Control shall occur if:

        (a) Acquisition of Voting Securities.  Any Person directly or indirectly becomes the Beneficial Owner of more than thirty percent (30%) (fifty percent (50%) if the Person is a Marriott family member (as defined in Item 404 of the Securities Exchange Commission’s Regulation S-K) or a trust, company or other entity under the control (as defined in Rule 12(b)(2) under the Exchange Act) of one or more of such Marriott family members) of the Company’s then outstanding voting securities (measured on the basis of voting power), provided that the Person (i) has not acquired such voting securities directly from the Company, (ii) is not the Company or any of its Subsidiaries, (iii) is not a trustee or other fiduciary holding voting securities under an employee benefit plan of the Company or any of its Subsidiaries, (iv) is not an underwriter temporarily holding the voting securities in connection with an offering thereof, and (v) is not a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of Company stock; or

        (b) Merger, or Consolidation, etc.  The consummation by the Company (whether directly involving the Company or indirectly involving the Company through one or more subsidiaries or affiliates) of a merger, consolidation, reorganization, business combination or other similar transaction merges or consolidates with any other corporation, other than such a transaction merger or consolidation resulting in where the holders of the voting securities of the Company outstanding immediately prior to such transaction merger or consolidation representing own fifty percent (50%) or more of the combined voting power of the voting securities of the surviving entity Company, the other corporation (if such corporation is the surviving corporation) or the parent of the Company or other corporation, in each case outstanding immediately following such transaction after such merger or consolidation; or

        (c) Change in Majority of Board.  Continuing Directors cease to represent a majority of the Board, where “Continuing Directors” shall mean, on any date, individuals who, at the beginning of and continuously throughout the two year period ending on such date, served as the directors of the Board on November 7, 2008, together with and any other Director director who was appointed, elected or nominated for election as a Director during such period (other than a Director designated by a person who shall have entered into an 

agreement with the Company to effect a transaction described in Article 15.3(a), (b) or (d)) whose appointment, election or nomination for election by the stockholders is approved by at least two-thirds a majority of the Directors who were Continuing Directors on the date of such appointment, election or nomination for election at such time.  No individual initially elected or nominated as a Director of the Company as a result of an actual or threatened election contest with respect to Directors or as a result of any other actual or threatened solicitation of proxies by or on behalf of any person other than the Board shall be a Continuing Director; or

        (d) Sale, Liquidation or Other Disposition.  The stockholders of the Company approve a plan of complete dissolution or liquidation of the Company or the Company sells or disposes all or substantially all of its assets in any single transaction or a series of related transactions.

In no event, however, shall a Change in Control be deemed to occur upon a merger, consolidation or other reorganization effected primarily to change the State of the Company’s incorporation or to create a holding company structure pursuant to which the Company becomes a wholly-owned subsidiary of an entity whose outstanding voting securities immediately after its formation are beneficially owned, directly or indirectly and in substantially the same proportion, by the persons who beneficially owned the Company’s outstanding voting securities immediately prior to the formation of such entity.

Notwithstanding the foregoing provisions of Article 15.3, with respect to any Award (or portion of any Award) that is subject to Code Section 409A and for which Change in Control constitutes a payment event, if any event described in this Article 15.3 does not qualify as a “change in control event” within the meaning of Code Section 409A(a)(2)(A)(v) and the regulations thereunder, then such event shall constitute a Change in Control for purposes of the foregoing provisions of Section 15.3 only to the extent such status does not result in taxation pursuant to Code Section 409A, and appropriate provision shall be made for the protection of any rights to future distribution, including, without limitation, a nonqualified deferred compensation account allocation of equivalent value.

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