Document:

psnl-ex1016_256.htm

 

Exhibit 10.16

AMENDMENT NO. 1 TO LEASE

 

This AMENDMENT NO. 1 TO LEASE (“Amendment”) is dated as of this 8th day of December, 2021, by and between ARDENWOOD VENTURES I, LLC, a Delaware limited liability company (“Landlord”), and PERSONALIS, INC., a Delaware corporation (“Tenant”).

 

RECITALS

 

A.Landlord and Tenant entered into that certain Lease Agreement dated as of August 24, 2021 (the “Lease”) for premises located at 6600 Dumbarton Circle in Fremont, California, comprised of approximately 100,808 rentable square feet of floor area as more particularly described in the Lease;

 

B.Landlord and Tenant now desire to amend the Lease on the terms and conditions set forth

herein.

 

AGREEMENT

 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree as follows:

 

1.Definitions. All capitalized terms used in this Amendment but not otherwise defined shall have the meanings assigned to them in the Lease.

 

2.Elevator. The first sentence of Paragraph 2 of the Work Letter is hereby amended in its entirety to read as follows:

 

“Tenant shall cause the Tenant Parties to construct, furnish or install all improvements, equipment or fixtures, that Tenant deems reasonably necessary for Tenant’s intended use of the Leased Premises, including laboratory, research and development, and manufacturing facilities, which may include, without limitation, a new freight elevator (collectively, the “Tenant Improvements”).”

 

3.Initial TI Budget. Paragraph 3(b)(iii) of the Work Letter is hereby amended in its entirety to read as follows:

 

“Prior to the TI Allowance Deadline, on or before the 30th day following submission of the application for payment, so long as Tenant is not in monetary default, or material non- monetary default beyond the expiration of any notice and cure periods expressly set forth in the Lease or this Work Letter, under the terms of this Work Letter or the Lease, Landlord shall pay a share of such payment pari passu with Tenant, determined by multiplying the amount of such payment by a fraction, the numerator of which is the amount of the Tenant Improvement Allowance, and the denominator of which is $33,409,720, based on the “Initial TI Budget,” defined herein as the September 27, 2021 budget delivered to Landlord by Tenant, which includes reasonable detail on the estimated construction cost of all Tenant Improvement work and materials for the entire Leased Premises, and the estimated cost of all professional services, fees and permits in connection therewith. Tenant shall pay the balance of such payment, provided that at such time as Landlord has paid the entire Tenant Improvement Allowance on account of such Tenant Improvement work, all billings shall be paid entirely by Tenant. If upon completion of the Tenant Improvement work and payment in full to the Tenant Improvement Contractor, the architect and engineer, and payment in full of all fees and permits, the portion of the cost of the Tenant

 

1.

 
 

 

 

Improvement work, architects’ and engineers’ fees, permits and fees theretofore paid by Landlord is less than the Tenant Improvement Allowance, Landlord shall reimburse Tenant for costs expended by Tenant for Tenant Improvement work up to the amount by which the Tenant Improvement Allowance exceeds the portion of such cost theretofore paid by Landlord, it being the intent of the parties that Tenant shall in such case be entitled to the benefit of the entire Tenant Improvement Allowance. Landlord shall have no obligation to advance the Tenant Improvement Allowance to the extent it exceeds the total cost of the Tenant Improvement work. In no event shall Landlord have any responsibility for the cost of the Tenant Improvement work in excess of the Improvement Allowance. Landlord shall have no obligation to make any payments to Tenant Improvement Contractor’s material suppliers or subcontractors or to determine whether amounts due them from Tenant Improvement Contractor in connection with the Tenant Improvement work have, in fact, been paid.”

 

4.Ratification. The Lease, as amended by this Amendment, is hereby ratified by Landlord and Tenant and Landlord and Tenant hereby agree that the Lease, as so amended, shall continue in full force and effect.

 

5.Miscellaneous.

5.1Voluntary Agreement. The parties have read this Amendment and the mutual releases contained in it, and on the advice of counsel they have freely and voluntarily entered into this Amendment.

 

5.2Attorney’s Fees. If either party commences an action against the other party arising out of or in connection with this Amendment, the prevailing party shall be entitled to recover from the non- prevailing party, reasonable attorney’s fees and costs of suit.

 

5.3Successors. This Amendment shall be binding on and inure to the benefit of the parties and their successors.

 

5.4Counterparts. This Amendment may be signed in two or more counterparts. When at least one such counterpart has been signed by each party, this Amendment shall be deemed to have been fully executed, each counterpart shall be deemed to be an original, and all counterparts shall be deemed to be one and the same agreement.

 

5.5Capitalized Terms. Capitalized terms used in this Amendment and not otherwise defined herein shall have the same meaning ascribed to such terms in the Lease.

 

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

 

	
LANDLORD:
	
 
	
 
	
TENANT:
	
 

	
 
	
 
	
 

	
ARDENWOOD VENTURES I, LLC,
	
 
	
PERSONALIS, INC.,

	
a Delaware limited liability company
	
 
	
a Delaware corporation

	
By:
	
/s/ Mark S. Whiting
	
 
	
By:
	
/s/ Aaron Tachibana

	
Printed Name:
	
Mark S. Whiting
	
 
	
Printed Name:
	
Aaron Tachibana

	
Title:
	
Manager and sole member
	
 
	
Title:
	
CFO

	
 
	
 
	
 
	
 
	
 

 

 

2.psnl-ex1018_257.htm

 

Exhibit 10.18

 

Personalis, Inc.

 

Non-Employee Director Compensation Policy

 

Amended by the Board of Directors: February 17, 2022

 

 

Each member of the Board of Directors (the “Board”) of Personalis, Inc. (the “Company”) who is a non-employee director of the Company (each such member, a “Non-Employee Director”) will receive the compensation described in this Non-Employee Director Compensation Policy (the “Director Compensation Policy”) for his or her Board service.

The Director Compensation Policy may be amended at any time in the sole discretion of the Board or the Compensation Committee of the Board.

A Non-Employee Director may decline all or any portion of his or her compensation by giving notice to the Company prior to the date cash is to be paid or equity awards are to be granted, as the case may be. 

Annual Cash Compensation

Commencing at the beginning of the first calendar quarter each year, each Non-Employee Director will receive the cash compensation set forth below for service on the Board. The annual cash compensation amounts will be payable in equal quarterly installments, in arrears no later than 30 days following the end of each quarter in which the service occurred, prorated for any partial quarter of service. All annual cash fees are vested upon payment. 

	
1.
	
Annual Board Service Retainer: 

a.All Eligible Directors: $40,000

b.Lead Independent Director (as applicable): $60,000 (in lieu of above)

c. Chair of the Board (as applicable): $80,000 (in lieu of above)

	
2.
	
Annual Committee Member Service Retainer:

a.Member of the Audit Committee: $10,000

b.Member of the Compensation Committee: $7,500

c.Member of the Nominating and Corporate Governance Committee: $5,000

	
3.
	
Annual Committee Chair Service Retainer (in lieu of Committee Member Service Retainer):

a.Chair of the Audit Committee: $20,000

b.Chair of the Compensation Committee: $15,000

c.Chair of the Nominating and Corporate Governance Committee: $10,000

 

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Equity Compensation

Equity awards will be granted under the Company’s 2019 Equity Incentive Plan, as amended from time to time, or any successor equity incentive plan (the “Plan”). All stock options granted under the Director Compensation Policy will be Nonstatutory Stock Options (as defined in the Plan), with a term of ten years from the date of grant (subject to earlier termination upon a termination of the Non-Employee Director’s Continuous Service (as defined in the Plan)) and an exercise price per share equal to 100% of the Fair Market Value (as defined in the Plan) of a share of the Company’s common stock on the date of grant.  

(a)Automatic Equity Grants.  

(i)Initial Grant for New Directors.  Without any further action of the Board, each person who is elected or appointed for the first time to be a Non-Employee Director will automatically, upon the date of his or her initial election or appointment to be a Non-Employee Director, be granted: (x) a Nonstatutory Stock Option to purchase a number of shares of the Company’s common stock (the “Initial Option Grant”) with a value of $125,000 determined using Black-Scholes’ valuation methodology based on the average closing price of the Company’s common stock over the 90 calendar days prior to the grant date and with such number of shares rounded down to the nearest whole share and (y) a restricted stock unit (“RSU”) award  covering a number of shares of the Company’s common stock (the “Initial RSU Grant” and, together with the Initial Option Grant, the “Initial Grants”) with a value of $125,000 determined by dividing such dollar value by the average closing price of the Company’s common stock over the 90 calendar days prior to the grant date and rounding down to the nearest whole share.  Each Initial Grant will vest in a series of three successive equal annual installments over the three-year period measured from the date of grant, subject to the Non-Employee Director’s Continuous Service through each applicable vesting date.

(ii)Annual Grant.  Without any further action of the Board, at the close of business on the date of each annual meeting of the Company’s stockholders (each, an “Annual Meeting”), each person who is then a Non-Employee Director will automatically be granted: (x) a Nonstatutory Stock Option to purchase a number of shares of the Company’s common stock (the “Annual Option Grant”) with a value of $82,500 determined using Black-Scholes’ valuation methodology based on the average closing price of the Company’s common stock over the 90 calendar days prior to the grant date and with such number of shares rounded down to the nearest whole share and (y) an RSU award covering a number of shares of Company’s common stock (the “Annual RSU Grant” and, together with the Annual Option Grant, the “Annual Grants”) with a value of $82,500 determined by dividing such dollar value by the average closing price of the Company’s common stock over the 90 calendar days prior to the grant date and rounding down to the nearest whole share.  Each Annual Grant will vest upon the earlier of the one (1) year anniversary of the grant date or the day prior to the Company’s next Annual Meeting occurring after the grant date, subject to the Non-Employee Director’s Continuous Service through the vesting date.

(b)Change in Control.  Notwithstanding the foregoing vesting schedules, for each Non-Employee Director who remains in Continuous Service with the Company until immediately prior to the closing of a Change in Control (as defined in the Plan), the shares subject to his or her 

 

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then-outstanding equity awards that were granted pursuant to the Director Compensation Policy will become fully vested immediately prior to the closing of such Change in Control.

(c)Remaining Terms.  The remaining terms and conditions of each stock option or RSU award, including transferability, will be as set forth in the Company’s standard Option or RSU award agreement, each in the form adopted from time to time by the Board, except that the post-termination exercise period for each stock option granted pursuant to the Director Compensation Policy shall equal the lesser of (i) 36 months from the date of termination of the Non-Employee Director’s Continuous Service for any reason other than removal with cause by a vote of the stockholders in accordance with the Company’s bylaws and (ii) the remaining period of the applicable stock option’s ten-year term.

Expenses

The Company will reimburse Non-Employee Directors for ordinary, necessary and reasonable out-of-pocket travel expenses to cover in-person attendance at and participation in Board and committee meetings; provided, that the Non-Employee Director timely submits to the Company appropriate documentation substantiating such expenses in accordance with the Company’s travel and expense policy, as in effect from time to time.

Non-Employee Director Compensation Limit

Notwithstanding anything herein to the contrary, the cash compensation and equity compensation that each Non-Employee Director is entitled to receive under this Director Compensation Policy shall be subject to the limits set forth in Section 3(d) of the Plan.

 

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