Document:

Exhibit 10.2

 

 

FOURTH AMENDMENT TO LEASE

 

 

FOURTH AMENDMENT TO LEASE dated as of this 17th day of August, 2017
by and between BOSTON PROPERTIES LIMITED PARTNERSHIP, a Delaware limited partnership (“Landlord”) and PROTEON THERAPEUTICS,
INC., a Delaware corporation (“Tenant”).

 

 

RECITALS

 

By Lease dated July 13, 2009 (as amended by the instruments described below, the “Lease”),
Landlord did lease to Tenant and Tenant did hire and lease from Landlord 4,943 square feet of rentable floor area (the “Rentable
Floor Area of the Premises”) on the first (1st) floor of the building (the “Building”) known as and
numbered 200 West Street, Waltham, Massachusetts (referred to in the Lease as the “Premises” and hereinafter referred
to as the “Original Premises”).

 

By First Amendment to Lease dated as of September 14, 2012 (the “First
Amendment”), Landlord and Tenant extended the Term of the Lease for one (1) period of six (6) months upon all of the same
terms and conditions set forth in the Lease except as set forth in the First Amendment.

 

By Second Amendment to Lease dated as of October 17, 2013 (the “Second
Amendment”), Landlord and Tenant extended the Term of the Lease for one (1) period of one (1) year upon all of the same terms
and conditions set forth in the Lease except as set forth in the Second Amendment.

 

By Third Amendment to Lease dated as of August 4, 2014 (the “Third
Amendment”), Landlord and Tenant extended the Term of the Lease for one (1) period of forty-two (42) months upon all of the
same terms and conditions set forth in the Lease except as set forth in the Third Amendment.

 

Landlord and Tenant have agreed to (i) extend the Term of the Lease
for one (1) period of fifteen (15) months upon the terms and conditions contained in the Lease, except as otherwise set forth in
this Fourth Amendment to Lease (the “Fourth Amendment”), (ii) provide Tenant with an option to further extend the Term
of the Lease for one (1) additional period of one (1) year and (iii) make certain other modifications to the Lease, as further
set forth in this Fourth Amendment.

 

In addition, Tenant has determined to lease from Landlord an additional
2,552 square feet of rentable floor area (the “Rentable Floor Area of the Additional Premises”) located on the first
(1st) floor of the Building, which space is shown on Exhibit A attached hereto and made a part hereof (the “Additional
Premises”).

 

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	200 West Street\Amendments\Proteon Fourth Amendment (e)

     

    

 

Landlord and Tenant are entering into this Fourth Amendment to set
forth said agreements.

 

NOW THEREFORE, in consideration of One Dollar ($1.00) and other good
and valuable consideration in hand this date paid by each of the parties to the other, the receipt and sufficiency of which are
hereby severally acknowledged, and in further consideration of the mutual promises herein contained, Landlord and Tenant hereby
agree to and with each other as follows:

 

		1.	(A)      The Term of the Lease, which but for this Fourth Amendment is scheduled to expire on June 30, 2018, is hereby extended
for one (1) period of fifteen (15) months commencing on July 1, 2018 and expiring on September 30, 2019 (the “Fourth Extended
Term”), unless extended or sooner terminated in accordance with the provisions of the Lease, upon all the same terms and
conditions contained in the Lease as herein amended.

 

(B)        Any rights of Tenant to extend
the Term of the Lease pursuant to the terms of the Lease are hereby deleted and of no further force and effect, but Tenant shall
have the right to extend the Term for one (1) period of one (1) year as provided in this Section 1(B).

 

(i)       On the conditions (which conditions
Landlord may waive by written notice to Tenant) that at the time of exercise of the option to extend and at the commencement date
of the extension option period (i) there exists no Event of Default (defined in Section 7.1 of the Lease) and there have been no
more than two (2) Event of Default occurrences during the Fourth Extended Term, (ii) this Lease is still in full force and effect,
and (iii) Tenant has neither assigned this Lease nor sublet the Premises except for an assignment or subletting permitted without
Landlord’s consent under Section 5.6.4 of the Lease, Tenant shall have the right to extend the Term hereof upon all the same
terms, conditions, covenants and agreements herein contained (except for the Annual Fixed Rent which shall be adjusted during the
option period as herein below set forth) for one (1) period of one (1) year as hereinafter set forth. Notwithstanding any implication
to the contrary Landlord has no obligation to make any additional payment to Tenant in respect of any construction allowance or
the like or to perform any work to the Premises as a result of the exercise by Tenant of such option.

 

 (ii)     If Tenant desires to exercise said option to extend the Term, then Tenant shall give notice to Landlord (“Exercise Notice”), not earlier than twelve (12) months nor later than six (6) months prior to the expiration of the Term, as it may have been previously extended, hereunder of Tenant’s request for Landlord’s quotation (“Landlord’s Rent Quotation”) of the annual fair market rent for the Premises as of the commencement date of the extension period, such quotation to be based on the use of the Premises as first class office space utilizing properties of a similar character within the Boston West Suburban market and including consideration of all relevant factors (including, without limitation, premises within the Complex if at the time such quotation is requested such premises shall be available for rent) (hereinafter called the “Annual Market Rent”). Within thirty (30) days after Landlord’s receipt of Tenant’s notice requesting such a quotation, Landlord shall notify Tenant of Landlord’s quotation of the Annual Market Rent. If at the expiration of fifteen (15) days after the date when Landlord provides Landlord’s Rent Quotation to Tenant as aforesaid (the “Negotiation Period”), Landlord and Tenant have not reached agreement on a determination of an Annual Fixed Rent for such extension period and executed a written instrument extending the Term of this Lease pursuant to such agreement, then Tenant shall have the right, for fifteen (15) days following the expiration of the Negotiation Period, to make a request to Landlord for a broker determination (the “Broker Determination”) of the Prevailing Market Rent (as defined in Exhibit D attached hereto) for such extension period, which Broker Determination shall be made in the manner set forth in Exhibit D. If Tenant timely shall have requested the Broker Determination, then the Annual Fixed Rent for such extension period shall be the Prevailing Market Rent as determined by the Broker Determination. If Tenant does not timely request the Broker Determination, then the Annual Fixed Rent during such extension term shall be equal to the greater of (a) Landlord’s Rent Quotation or (b) the Annual Fixed Rent in effect during the last twelve (12) month period of the Lease Term immediately prior to such extension term.

 

    	 2
	 
	200 West Street\Amendments\Proteon Fourth Amendment (e)

    	Exhibit 10.2

    

 

 (iii)     Upon the giving of the Exercise Notice by Tenant to Landlord exercising Tenant’s option to extend the Lease Term in accordance with the provisions of Section 1(B)(ii) above, then this Lease and the Term hereof automatically shall be deemed extended for the option period, without the necessity for the execution of any additional documents (except that Landlord and Tenant agree to enter into an instrument in writing setting forth the Annual Fixed Rent for the extension term as determined in the relevant manner set forth in this Section 1); and in such event all references herein to the Term or the term of this Lease shall be construed as referring to the Term, as so extended, unless the context clearly otherwise requires and except that there shall be no further option to extend the Lease Term.

 

		2.	(A)   Effective as of the Additional Premises Commencement Date (as hereinafter defined), the Additional Premises shall constitute
a part of the “Premises” demised to Tenant under the Lease, so that the Premises (as defined in Section 1.1 of the
Lease) shall include both the Original Premises and the Additional Premises and shall contain a total of 7,495 square feet of rentable
floor area. By way of example, the option to extend the Term of the Lease provided in Section 1(B) above shall apply to both the
Original Premises and the Additional Premises collectively but not to either space independently.

 

 (B)     For the purposes hereof, the “Additional Premises Commencement Date” shall be the later to occur of (i) the date on which the Landlord’s Work (as that term is defined in Exhibit B attached hereto) is deemed substantially complete in accordance with the terms and provisions of said Exhibit B or (ii) January 1, 2018. As soon as may be convenient after the Additional Premises Commencement Date has been determined, Landlord and Tenant agree to join with each other in the execution of a written Declaration, in substantially the form of Exhibit E attached to the Lease, in which such Additional Premises Commencement Date shall be stated.

 

    	 3
	 
	200 West Street\Amendments\Proteon Fourth Amendment (e)

    	Exhibit 10.2

    

 

		3.	(A)    For the portion of the Lease Term prior to July 1, 2018, Annual Fixed Rent for the Original Premises shall continue
to be paid by Tenant as provided in the Lease. During the Fourth Extended Term, Annual Fixed Rent shall be payable by Tenant for
the Original Premises at the annual rate of $182,891.00 (being the product of (i) $37.00 and (ii) the Rentable Floor Area of the
Original Premises (being 4,943 square feet)).

 

(B)       During the period from the Additional
Premises Commencement Date through the end of the Fourth Extended Term, Annual Fixed Rent shall be payable by Tenant for the Additional
Premises at the annual rate of $94,424.00 (being the product of (i) $37.00 and (ii) the Rentable Floor Area of the Additional Premises
(being 2,552 square feet)).

 

(C)       Annual Fixed Rent shall be payable
during the extension option period, if exercised, as set forth in Section 1(B) above.

 

		4.	For the purposes of computing “Landlord’s Tax Expenses Allocable to the Premises” (as defined in Section
2.7 of the Lease), “Operating Expenses Allocable to the Premises” (as defined in Section 2.6 of the Lease), and Tenant
payments for electricity (as determined pursuant to Sections 2.5 and 2.8 of the Lease) for the portion of the Lease Term on and
after the Additional Premises Commencement Date, the “Rentable Floor Area of the Premises” shall comprise a total of
7,495 square feet including the Rentable Floor Area of the Original Premises (being 4,943 square feet) and the Rentable Floor Area
of the Additional Premises (being 2,552 square feet). For the portion of the Lease Term prior to the Additional Premises Commencement
Date, the Rentable Floor Area of the Premises shall continue to be as provided in the Lease for such purposes.

 

		5.	Effective as of the Additional Premises Commencement Date, the definition of “Base Operating Expenses” contained
in Section 2.6 of the Lease shall be deleted in its entirety and the following substituted therefor:

 

“Base Operating Expenses” with respect to the Original Premises
shall mean Landlord’s Operating Expenses for calendar year 2015 (that is, the period beginning January 1, 2015 and ending
December 31, 2015). “Base Operating Expenses” with respect to the Additional Premises shall mean Landlord’s Operating
Expenses for calendar year 2018 (that is, the period beginning January 1, 2018 and ending December 31, 2018). Base Operating Expenses
in either case shall not include (i) market-wide cost increases due to extraordinary circumstances, included but not limited to
Force Majeure (as defined in Section 6.1 of the Lease), conservation surcharges, boycotts, strikes, embargoes or shortages and
(ii) the cost of any Permitted Capital Expenditures.

 

		6.	Effective as of the Additional Premises Commencement Date, the definition of “Base Taxes” contained in Section
2.7 of the Lease shall be deleted in its entirety and the following substituted therefor:

 

“Base Taxes” with respect to the Original Premises means Landlord’s
Tax Expenses (hereinbefore defined) for fiscal tax year 2015 (that is, the period beginning July 1, 2014 and ending June 30, 2015).
“Base Taxes” with respect to the Additional Premises means Landlord’s Tax Expenses for fiscal tax year 2018 (that
is, the period beginning July 1, 2017 and ending June 30, 2018).

 

    	 4
	 
	200 West Street\Amendments\Proteon Fourth Amendment (e)

    	Exhibit 10.2

    

 

		7.	Landlord agrees to perform the work to prepare the Additional Premises for Tenant’s use and occupancy in accordance with
the Work Letter attached hereto as Exhibit B.

 

		8.	As of the Additional Premises Commencement Date, the “Number of Parking Spaces” for which Tenant is entitled pursuant
to Section 1.1 of the Lease shall be increased to thirty-one (31), eight (8) of which be provided in the structured parking facility
located on the Site and the remainder of which shall be provided on the surface parking areas of the Site.

 

		9.	Landlord and Tenant acknowledge that Landlord is holding a security deposit in the amount of $14,005.17 and in the form of
letter of credit (the "Existing Letter of Credit"). Concurrent with the execution of this Fourth Amendment by Tenant,
Tenant shall deliver to Landlord an amendment to the Existing Letter of Credit (the "Letter of Credit Amendment") reasonably
satisfactory to Landlord that (i) increases the amount of the Existing Letter of Credit by $7,868.67 so that such amount (as so
increased) shall be $21,873.84 and (ii) extends the final expiration date of the Existing Letter of Credit to a date not sooner
than September 30, 2019. Thereafter, the Existing Letter of Credit (as amended by the Letter of Credit Amendment) shall be deemed
to be the “Security Deposit” as such term is defined in Section 1 of the Lease (as amended). Landlord shall continue
to hold the Security Deposit in accordance with the terms and conditions of the Lease.

 

		10.	(A)   Tenant warrants and represents that Tenant has not dealt with any broker in connection with the consummation of this
Fourth Amendment other than Transwestern RBJ (the “Broker”); and in the event any claim is made against Landlord relative
to dealings by Tenant with brokers other than the Broker, Tenant shall defend the claim against Landlord with counsel of Tenant’s
selection first approved by Landlord (which approval will not be unreasonably withheld) and save harmless and indemnify Landlord
on account of loss, cost or damage which may arise by reason of such claim.

 

(B)     Landlord warrants and represents
that Landlord has not dealt with any broker in connection with the consummation of this Fourth Amendment other than the Broker;
and in the event any claim is made against Tenant relative to dealings by Landlord with brokers other than the Broker, Landlord
shall defend the claim against Tenant with counsel of Landlord’s selection first approved by Tenant (which approval will
not be unreasonably withheld) and save harmless and indemnify Tenant on account of loss, cost or damage which may arise by reason
of such claim.

 

    	 5
	 
	200 West Street\Amendments\Proteon Fourth Amendment (e)

    	Exhibit 10.2

    

 

		11.	Except as otherwise expressly provided herein, all capitalized terms used herein without definition shall have the same meanings
as are set forth in the Lease.

 

		12.	Except as herein amended the Lease shall remain unchanged and in full force and effect. All references to the “Lease”
shall be deemed to be references to the Lease as previously amended and as herein amended.

 

		13.	Each of Landlord and Tenant hereby represents and warrants to the other that all necessary action has been taken to enter this
Fourth Amendment and that the person signing this Fourth Amendment on its behalf has been duly authorized to do so.

 

		14.	The parties acknowledge and agree that this Fourth Amendment may be executed by electronic signature, which shall be considered
as an original signature for all purposes and shall have the same force and effect as an original signature. Without limitation,
“electronic signature” shall include faxed versions of an original signature or electronically scanned and transmitted
versions (e.g., via pdf) of an original signature.

 

 

 

 

[signatures appear on next page]

 

 

 

 

 

 

    	 6
	 
	200 West Street\Amendments\Proteon Fourth Amendment (e)

    	Exhibit 10.2

    

 

EXECUTED as of the date and year first above written.

 

	 	 	LANDLORD:	 
	 	 	 	 	 	 
	WITNESS:	 	BOSTON PROPERTIES LIMITED PARTNERSHIP
	 	 	 	 	 	 
	 	 	By:	Boston Properties, Inc.,	 
	 	 	 	its general partner	 
	/s/ Patrick Kimble	 	 	 	 	 
	 	 	By: 	/s/ Bryan J. Koop	 
	 	 	Name:	Bryan J. Koop	 
	 	 	Title:	Executive VP Boston Region
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	TENANT:	 	 
	WITNESS:	 	 	 	 	 
	 	 	PROTEON THERAPEUTICS, INC.	 
	 	 	 	 	 	 
	/s/ George Eldridge	 	 	 	 	 
	George Eldridge	 	 	 	 	 
	 	 	By: 	/s/ Timothy Noyes	 
	 	 	Name:	Timothy Noyes	 
	 	 	Title:	President & CEO	 

 

 

 

 

 

    	 7
	 
	200 West Street\Amendments\Proteon Fourth Amendment (e)

    	Exhibit 10.2

    

 

EXHIBIT A

Additional Premises

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	Exhibit A
	 
	200 West Street\Amendments\Proteon Fourth Amendment (e)

    	Exhibit 10.2

    

 

 

 

    	Exhibit A
	 
	200 West Street\Amendments\Proteon Fourth Amendment (e)

    	Exhibit 10.2

    

 

EXHIBIT B

 

WORK LETTER

 

1.1       Substantial Completion

 

		(A)	Plans and Construction Process.

 

		(1)	Landlord’s Work. Landlord shall perform
the items of work shown as “Turn-Key Scope” listed on Exhibit C attached to this Fourth Amendment (by virtue of an
“X” being noted in the Turn-Key Scope column) (“Landlord’s Work”); provided, however, that Landlord
shall have no responsibility for the installation or connection of Tenant’s computer, telephone, other communication equipment,
systems or wiring. Any items of work requested by Tenant and not shown on Exhibit C as Landlord Work shall be deemed to be Change
Proposal(s) (as defined below) and shall be subject to the terms and provisions of subsection (2) below. In connection with the
foregoing, it is acknowledged and agreed that a portion of Landlord’s Work will be undertaken in the Original Premises while
Tenant is in occupancy thereof, and accordingly that Landlord and Tenant shall cooperate with each other in good faith so as to
enable Landlord to perform such work in an efficient and cost-effective manner and to minimize interference with Tenant’s
business operations in the Original Premises (consistent with the nature of the work being performed) including specific work to
be completed outside normal business hours as agreed upon by the parties.

 

 

		(2)	Change Orders. Tenant shall have the right, in accordance herewith, to submit for Landlord’s approval change
proposals with respect to items of work not shown on the Plans (each, a “Change Proposal”). Landlord agrees to respond
to any such Change Proposal within such time as is reasonably necessary (taking into consideration the information contained in
such Change Proposal) after the submission thereof by Tenant, advising Tenant of any anticipated increase in costs which costs
shall include a construction management fee equal to six percent (6%) of the Change Proposal (“Change Order Costs”)
associated with such Change Proposal, as well as an estimate of any delay which would likely result in the completion of the Landlord’s
Work if a Change Proposal is made pursuant thereto (“Landlord’s Change Order Response”). Tenant shall have the
right to then approve or withdraw such Change Proposal within five (5) days after receipt of Landlord’s Change Order Response.
If Tenant fails to respond to Landlord’s Change Order Response within such five (5) day period, such Change Proposal shall
be deemed withdrawn. If Tenant approves Landlord’s Change Order Response, then such Change Proposal shall be deemed a “Change
Order” hereunder and if the Change Order is made, then the Change Order Costs associated with the Change Order shall be deemed
additions to the Tenant Plan Excess Costs and shall be paid in the same manner as Tenant Plan Excess Costs are paid as set forth
in Section 1.4 of this Work Letter.

 

    	Exhibit B
	 
	200 West Street\Amendments\Proteon Fourth Amendment (e)

    	Exhibit 10.2

    

 

		(3)	Tenant Response to Requests for Information and Approvals. Except to the extent that another time period is expressly
herein set forth, Tenant shall respond to any request from Landlord, Landlord’s architect, Landlord’s contractor and/or
Landlord’s Construction Representative for approvals or information in connection with Landlord’s Work, within two
(2) business days of Tenant’s receipt of such request. In addition, Tenant shall, within two (2) business days after receipt
thereof from Landlord, execute and deliver to Landlord any affidavits and documentation required in order to obtain all permits
and approvals necessary for Landlord to commence and complete Landlord’s Work on a timely basis (“Permit Documentation”).

 

		(4)	Time of the Essence. Time is of the essence in connection with Tenant’s obligations under this Section
1.1.

 

		(B)	Substantial Completion; Tenant Delay.

 

		(1)	Landlord’s Obligations. Subject to delays due to Tenant Delays (as hereinafter defined) and delays due
to Force Majeure, as defined in Section 6.1 of the Lease, Landlord shall use reasonable speed and diligence to have the Landlord’s
Work substantially completed on or before January 1, 2018 (the “Estimated Additional Premises Commencement Date”),
but Tenant shall have no claim against Landlord for failure so to complete construction of Landlord’s Work in the Additional
Premises, except for the right to terminate the Lease solely with respect to the Additional Premises, without further liability
to either party, in accordance with the provisions hereinafter specified in Section 1.2 of this Work Letter.

 

		(2)	Definition of Substantial Completion. The Landlord’s Work shall be treated as having been substantially
completed on, and the Additional Premises Commencement Date shall therefore occur, on the later of:

 

		(a)	The date on which Landlord’s Work, together with common facilities for access and services to the Additional Premises,
has been completed (or would have been completed except for Tenant Delay) except for items of work and adjustment of equipment
and fixtures which can be completed after occupancy has been taken without causing substantial interference with Tenant’s
use of the Additional Premises (i.e. so-called “punch list” items), or

 

    	Exhibit B
	 
	200 West Street\Amendments\Proteon Fourth Amendment (e)

    	Exhibit 10.2

    

 

		(b)	The date when permission has been obtained from the applicable governmental authority, to the extent required by law, for occupancy
by Tenant of the Additional Premises for the Permitted Use, unless the failure to obtain such permission is due to a Tenant Delay.

 

In the event of any dispute as to the date on which Landlord’s Work has
been completed, the reasonable determination of Landlord’s architect as to such date shall be deemed conclusive and binding
on both Landlord and Tenant.

 

		(3)	Incomplete Work. Landlord shall complete as soon as conditions practically permit any incomplete items of Landlord’s
Work, and Tenant shall cooperate with Landlord in providing access as may be required to complete such work in a normal manner.

 

		(4)	Early Access by Tenant. Landlord shall permit Tenant access for installing Tenant’s trade fixtures in portions
of the Additional Premises prior to substantial completion when it can be done without material interference with remaining work
or with the maintenance of harmonious labor relations. Any such access by Tenant shall be upon all of the terms and conditions
of the Lease (other than the payment of Annual Fixed Rent) and shall be at Tenant’s sole risk, and Landlord shall not be
responsible for any injury to persons or damage to property resulting from such early access by Tenant.

 

		(5)	Prohibition on Access by Tenant Prior to Actual Substantial Completion. If, prior to the date that the Landlord’s
Work is in fact actually substantially complete, the Landlord’s Work is deemed to be substantially complete as a result of
a “Tenant Delay” (as defined below) (i.e. and the Additional Premises Commencement Date has therefore occurred), Tenant
shall not (except with Landlord’s consent) be entitled to take possession of the Additional Premises for the Permitted Use
until the Additional Premises are in fact actually substantially complete.

 

		(C)	Tenant Delay.

 

		(1)	A “Tenant Delay” shall be defined as the following:

 

		(a)	Tenant’s failure timely to respond to any request from Landlord, Landlord’s architect, Landlord’s contractor
and/or Landlord’s Construction Representative or to timely provide all required Permit Documentation to Landlord within the
applicable time periods set forth in this Work Agreement;

 

    	Exhibit B
	 
	200 West Street\Amendments\Proteon Fourth Amendment (e)

    	Exhibit 10.2

    

 

		(b)	Tenant’s failure to pay the Tenant Plan Excess Costs in accordance with Section 1.4 herein below;

 

		(c)	Any delay due to items of work for which there is long lead time in obtaining the materials therefor or which are specially
or specifically manufactured, produced or milled for the work in or to the Additional Premises and require additional time for
receipt or installation;

 

		(d)	Any delay due to changes, alterations or additions required or made by Tenant with respect to items not shown on the Plans
including, without limitation, Change Orders; or

 

		(e)	Any other delays caused by Tenant, Tenant’s contractors, architects, engineers, or anyone else engaged by Tenant in connection
with the preparation of the Additional Premises for Tenant’s occupancy, including, without limitation, utility companies
and other entities furnishing communications, data processing or other service, equipment, or furniture.

 

		(2)	Tenant Obligations with Respect to Tenant Delays.

 

		(a)	Tenant covenants that no Tenant Delay shall delay the Additional Premises Commencement Date or the obligation to pay Annual
Fixed Rent or Additional Rent, regardless of the reason for such Tenant Delay or whether or not it is within the control of Tenant.
Landlord’s Work shall be deemed substantially completed as of the date when Landlord’s Work would have been substantially
completed but for any Tenant Delays, as determined by Landlord in the exercise of its good faith business judgment.

 

		(b)	Tenant shall reimburse Landlord the amount, if any, by which the cost of Landlord’s Work is increased as the result of
any Tenant Delay.

 

		(c)	Any amounts due from Tenant to Landlord under this Section 1.1(C)(2) shall be due and payable within thirty (30) days of billing
therefore (except that amounts due in connection with Change Orders shall be paid as provided in Section 1.4), and shall be considered
to be Additional Rent. Nothing contained in this Section 1.1(C)(2) shall limit or qualify or prejudice any other covenants, agreements,
terms, provisions and conditions contained in the Lease.

 

    	Exhibit B
	 
	200 West Street\Amendments\Proteon Fourth Amendment (e)

    	Exhibit 10.2

    

 

1.2          Outside Completion Date

 

If Landlord shall have failed substantially to complete Landlord’s Work
in the Additional Premises described in the Plans on or before March 1, 2018 (which date shall be extended automatically for such
periods of time as Landlord is prevented from proceeding with or completing the same by reason of Landlord’s Force Majeure
as defined in Section 6.1 of the Lease or any Tenant Delay, without limiting Landlord’s other rights on account thereof),
Tenant shall have the right to terminate the Lease solely with respect to the Additional Premises (but not with respect to the
Original Premises) by giving notice to Landlord of Tenant’s desire to do so before such completion and within the time period
from the Outside Completion Date (as so extended) until the date which is thirty (30) days subsequent to the Outside Completion
Date (as so extended); and, upon the giving of such notice, the term of the Lease solely with respect to the Additional Premises
(but not with respect to the Original Premises) shall cease and come to an end without further liability or obligation on the part
of either party unless, within thirty (30) days after receipt of such notice, Landlord substantially completes Landlord’s
Work; and such right of termination shall be Tenant’s sole and exclusive remedy for Landlord’s failure so to complete
Landlord’s Work within such time.

 

1.3         Quality and Performance of Work

 

Except to the extent to which Tenant shall have given Landlord notice of respects
in which Landlord has not performed Landlord’s construction obligations under this Work Letter not later than the end of
the sixth (6th) full calendar month next beginning after the Additional Premises Commencement Date, Tenant shall be
deemed conclusively to have approved Landlord’s construction and shall have no claim that Landlord has failed to perform
any of Landlord’s obligations under this Work Letter. Landlord agrees to correct or repair at its expense items which are
then incomplete or do not conform to the work contemplated under the Plans and as to which, in either case, Tenant shall have given
notice to Landlord, as aforesaid.

 

1.4        Tenant Plan Excess Costs

 

Notwithstanding anything contained in this Work Letter to the contrary, it
is understood and agreed that Tenant shall be fully responsible for the costs of any items of work not shown on Exhibit C attached
to this Fourth Amendment and the costs of any items of work shown as “Not Included in Turn-Key” on said Exhibit C (by
virtue of an “X” being noted in the Not Included in Turn-Key column) (the “Tenant Plan Excess Costs”).
To the extent, if any, that there are Tenant Plan Excess Costs, Tenant shall pay Landlord, as Additional Rent, the Tenant Plan
Excess Costs prior to the commencement of the Landlord’s Work.

 

    	Exhibit B
	 
	200 West Street\Amendments\Proteon Fourth Amendment (e)

    	Exhibit 10.2

    

 

EXHIBIT C

Tenant Plans and Turnkey Scope

 

 

DELINEATION OF TENANT IMPROVEMENT TURN-KEY SCOPE  

 

 7/26/17  

 

	Element	Description	
        Turn - Key

        Scope
	Not Included 

in Turn-Key
	Demolition	
        Remove existing demising wall separating suites along with one office and one closet.

         

         
	
        X

         

         

         

         

         
	
         

         

         

         

         

         

	Electrical	
        Relocate existing light fixtures to accommodate new layout in premises suite.

         

         
	
        X

         

         

         

         

         

         

         
	
         

         

         

         

         

         

         

         

	
        Doors/ Frames / Hardware & Glass

         

         

         
	
        For clarification, the opening between the Original Premises and the Additional Premises
        will be equal to the width of the office removed in the Additional Premises to accommodate such opening.

         

        In addition and for clarification, any difference in ceiling between the Original Premises
        and the Additional Premises will be corrected by a soffit.
	
        X

         

         

         

         

         
	
         

         

         

         

         

         

 

    	Exhibit C
	 
	200 West Street\Amendments\Proteon Fourth Amendment (e)

    	Exhibit 10.2

    

 

DELINEATION OF TENANT IMPROVEMENT TURN-KEY SCOPE  

 

 7/26/17  

 

	Element	Description	
        Turn - Key

        Scope
	Not Included 

in Turn-Key
	
        Drywall

         
	
        Build new demising wall in expansion suite.

         

         
	
        X

         

         
	
         

         

         

         

	 
	
        Acoustic Ceilings

         
	
        Patch existing ceiling tile and grid after demising wall removal and build.

         

         
	
        X

         

         

         
	 
	Flooring	Patch carpet after demising wall removal and shampoo existing carpet.	
        X

         

         

         

         
	
         

         

         

	
         
		
         
	
        

	
         

        Wall Finishes
	
         

        Paint expansion suite to match existing.
	
         

        X

         
	 
	
        Equipment/

        Specialties

         
	Appliances by tenant	 	X
	
        Fire Protection

         
	Relocate/add sprinkler heads to accommodate new layout to meet code.	X	 
	Plumbing	No work.	
         

         
	 
	HVAC	No work.	
         

         

         

         

         
	 
	 	
         

         
	
         

         
	
         

         

 

    	Exhibit C
	 
	200 West Street\Amendments\Proteon Fourth Amendment (e)

    	Exhibit 10.2

    

 

DELINEATION OF TENANT IMPROVEMENT TURN-KEY SCOPE  

 

 7/26/17  

 

	Element	Description	
        Turn - Key

        Scope
	Not Included 

in Turn-Key
	
        Millwork

         

         
	No work	
         

         

         

         

         
	 
	 

 

 

 

 

 

 

 

 

 

 

    	Exhibit C
	 
	200 West Street\Amendments\Proteon Fourth Amendment (e)

    	Exhibit 10.2

    

 

DELINEATION OF TENANT IMPROVEMENT TURN-KEY SCOPE  

 

 7/26/17  

 

	Element	Description	
        Turn - Key

        Scope
	Not Included 

in Turn-Key
	Tel/Data	
         

        Supply and install new Tel/Data wiring and equipment.

         
	
         

         
	
         

        X

         

	Design Services	
        Architectural Design.

         

        Engineering Design (life safety only).

         

        Sprinkler Design.

         

        Signage Design (interior)

         

        Additional Design Services

         

         

         

         

         

         

         

         

         

         

         

        

         
	
        X

         

        X

         

        X

         

         

         

         

         

         
	
         

         

         

         

         

         

        X

         

        X

 

 

    	Exhibit C
	 
	200 West Street\Amendments\Proteon Fourth Amendment (e)

    	Exhibit 10.2

    

 

EXHIBIT D

BROKER DETERMINATION OF PREVAILING MARKET RENT

 

 

The following procedures and requirements shall apply to the Broker Determination of
Prevailing Market Rent called for pursuant to Section 8 of the Third Amendment to Lease to which this Exhibit is attached:

 

1.       Tenant's Request. Tenant shall send a notice
to Landlord by the time set for such notice in the applicable section of the Lease, requesting a Broker Determination of the Prevailing
Market Rent, which notice to be effective must (i) make explicit reference to the Lease and to the specific section of the Lease
pursuant to which said request is being made, (ii) include the name of a broker selected by Tenant to act for Tenant, which broker
shall be affiliated with a major Boston commercial real estate brokerage firm selected by Tenant and which broker shall have at
least ten (10) years experience dealing in properties of a nature and type generally similar to the Building located in the Boston
West Suburban Market, and (iii) explicitly state that Landlord is required to notify Tenant within thirty (30) days of an additional
broker selected by Landlord.

 

2.       Landlord's Response. Within thirty (30) days
after Landlord's receipt of Tenant's notice requesting the Broker Determination and stating the name of the broker selected by
Tenant, Landlord shall give written notice to Tenant of Landlord's selection of a broker having at least the affiliation and experience
referred to above.

 

3.       Selection of Third Broker. Within ten (10)
days thereafter the two (2) brokers so selected shall select a third such broker also having at least the affiliation and experience
referred to above.

 

4.       Rental Value Determination. Within thirty
(30) days after the selection of the third broker, the three (3) brokers so selected, by majority opinion, shall make a determination
of the annual fair market rental value of the Premises for the period referred to in the Lease. Such annual fair market rental
value determination (x) may include provision for annual increases in rent during said term if so determined, (y) shall take into
account the as-is condition of the Premises and (z) shall take account of, and be expressed in relation to, the tax and operating
cost bases and provisions for paying for so-called tenant electricity as contained in the Lease. The brokers shall advise Landlord
and Tenant in writing by the expiration of said thirty (30) day period of the annual fair market rental value which as so determined
shall be referred to as the Prevailing Market Rent.

 

5.       Resolution of Broker Deadlock. If the Brokers
are unable to agree at least by majority on a determination of annual fair market rental value, then the brokers shall send a notice
to Landlord and Tenant by the end of the thirty (30) day period for making said determination setting forth their individual determinations
of annual fair market rental value, and the highest such determination and the lowest such determination shall be disregarded and
the remaining determination shall be deemed to be the determination of annual fair market rental value and shall be referred to
as the Prevailing Market Rent.

 

    	Exhibit D
	 
	200 West Street\Amendments\Proteon Fourth Amendment (e)

    	Exhibit 10.2

    

 

6.       Costs. Each party shall pay the costs and
expenses of the broker selected by it and each shall pay one half (1/2) of the costs and expenses of the Third Broker.

 

7.       Failure to Select Broker or Failure of Broker
to Serve. If Tenant shall have requested a Broker Determination and Landlord shall not have designated a broker within the time
period provided therefor above, then Tenant's Broker shall alone make the determination of Prevailing Market Rent in writing to
Landlord and Tenant within thirty (30) days after the expiration of Landlord's right to designate a broker hereunder. If Tenant
and Landlord have both designated brokers but the two brokers so designated do not, within a period of fifteen (15) days after
the appointment of the second broker, agree upon and designate the Third Broker willing so to act, the Tenant, the Landlord or
either broker previously designated may request the Boston Bar Association (or such organization as may succeed to the Boston Bar
Association) to designate the Third Broker willing so to act and a broker so appointed shall, for all purposes, have the same standing
and powers as though he had been seasonably appointed by the brokers first appointed. In case of the inability or refusal to serve
of any person designated as a broker, or in case any broker for any reason ceases to be such, a broker to fill such vacancy shall
be appointed by the Tenant, the Landlord, the brokers first appointed or the Boston Bar Association as the case may be, whichever
made the original appointment, or if the person who made the original appointment fails to fill such vacancy, upon application
of any broker who continues to act or by the Landlord or Tenant such vacancy may be filled by the Boston Bar Association and any
broker so appointed to fill such vacancy shall have the same standing and powers as though originally appointed.

 

 

 

 

 

 

 

 

 

 

 

 

	Exhibit D
	 
	200 West Street\Amendments\Proteon Fourth Amendment (e)EX-4.1

 Exhibit 4.1 

REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into
as of November 3, 2017 by and between Tesla, Inc., a Delaware corporation (“Parent”), and JCD Investments, LLC, a Minnesota limited liability company (“Seller”), and James S. Dudley (“Owner”,
and together with the Seller, the “Seller Parties”). 
 RECITALS 

WHEREAS, pursuant to that certain Share Purchase Agreement, dated as of November 3, 2017 (as the same may be amended from
time to time, the “Purchase Agreement”), by and among Parent, Perbix Machine Company, Inc., a Minnesota corporation (the “Company”), Seller, the sole legal and beneficial owner of the Company Shares, and Owner, the
sole legal and beneficial holder of all Securities in the Seller, Parent shall acquire the Company through the purchase of the Company Shares (the “Purchase”). 

WHEREAS, as a condition and inducement to the willingness of the Seller Parties to consummate the Purchase and the other
transactions contemplated by the Purchase Agreement, the Seller parties have requested that Parent enter into this Agreement. 

WHEREAS, in order to induce Seller Parties to consummate the Purchase and the other transactions contemplated by the Purchase
Agreement, Parent is willing to enter into this Agreement. 
 NOW, THEREFORE, in consideration of the
covenants and other agreements of each party hereto contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and accepted, the parties hereto hereby agree as follows: 

1. Definitions. All capitalized terms that are used but not defined herein shall have the respective meanings ascribed to such
terms in the Purchase Agreement. For all purposes of and under this Agreement, the following capitalized terms shall have the respective meanings below: 

(a) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(b) “Form S-3” means a registration statement on Form
S-3 promulgated by the SEC under the Securities Act, as such form is in effect on the date hereof, or any successor or replacement form of registration statement promulgated by the SEC under the Securities Act
from and after the date hereof, in any such case which similarly permits inclusion or incorporation of substantial information by reference to other documents filed by Parent with the SEC. 

(c) “Holder” means Seller or a transferee to whom registration rights granted under this Agreement are assigned pursuant to
Section 7 hereof. 
 (d) “Registrable Securities” means, for each Holder,
(i) the number of shares of Parent Common Stock held by such Holder that are Aggregate Closing Shares issued to Seller pursuant to the Purchase Agreement, and (ii) any Parent Common Stock issued as a dividend or other distribution with
respect to or in exchange for or in replacement of the stock referenced in clause (i) above, and for all Holders, the sum of the Registrable Securities held by them as a group; provided, however, that shares
of Parent Common Stock held by a particular Holder shall cease to be Registrable Securities (x) after the Registration Statement with respect to the sale of such securities shall have been declared effective under the Securities Act and such
securities shall have been disposed of in accordance with the Registration Statement and with Section 3 hereof, or (y) at such time as such Holder is eligible to sell such securities under Rule 144 of the Securities Act without
any limitation as to volume or manner of sale. 

 (e) “Securities Act” means the Securities Act of 1933, as amended. 

(f) “SEC” means the United States Securities and Exchange Commission. 

2. Effectiveness. This Agreement shall be effective as of the Closing. 

3. Registration of Offers and Sales of Registrable Securities. 

(a) Subject to applicable Legal Requirements, Parent’s receipt of necessary information from the Seller Parties and the Company, and
Section 3(b), and in accordance with the terms of the Purchase Agreement, including Section 7.3(c) thereof, Parent shall file a registration statement on Form S-3 (or if Form S-3 is not available for purposes of registering the resale of the shares of Parent Common Stock to be issued as Aggregate Closing Shares, then on another appropriate form) (the “Registration
Statement”) registering the resale of all Registrable Securities; provided that, Parent’s obligation to include the Registrable Securities of any Holder in the Registration Statement shall be expressly conditioned upon
Parent’s prior receipt of all information and materials regarding such Holder as specified in Section 8 and the taking of all action required to be taken by such Holder. The Registration Statement when declared
effective (including the documents incorporated therein by reference) shall (i) comply as to form with all applicable requirements of the Securities Act and the Exchange Act and (ii) shall not contain any untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, other than, in each case, to the extent, but only to the extent, any untrue statement or omission or alleged untrue
statement or omission, was made in reliance upon and in conformity with written information furnished by or on behalf of the Company, any Seller Party, or any Seller Indemnified Party to Parent for use therein, or arose in connection with the
failure of the Company, any Seller Party, or any Seller Indemnified Party to comply with its covenants and agreements hereunder, if any. 

(b) Notwithstanding Section 3(a) or Section 3(c): (i)(A) Parent shall not be required to
file the Registration Statement contemplated by Section 3(a) during any trading Parent “blackout” period under Parent’s securities trading policies, (B) Parent shall not be required to file the
Registration Statement contemplated by Section 3(a) if Parent, in its reasonable good faith judgment, has determined that the offer and sale or other disposition of Registrable Securities pursuant to the Registration
Statement would require public disclosure by Parent of material nonpublic information that Parent is not otherwise obligated to disclose or that is not reasonably available, and (C) Parent shall not be deemed to have breached its obligations
hereunder or under the Purchase Agreement if Parent shall fail to fulfill its obligations under Section 3(a) at a time when sales of Parent Common Stock have been suspended globally under Parent’s then effective
registration statements or during times when new registration statements are not permitted to be filed under SEC rules, provided, that if Parent delays the filing of the Registration Statement pursuant to this
Section 3(b)(i), it shall use commercially reasonable efforts to file such Registration Statement as soon as reasonably practicable following the lapsing or expiration of the circumstances that led Parent to
delay such filing; and (ii) in the event that Parent has not received the consent of its independent registered public accounting firm or other required consents from auditors to include such firm’s audit report in the Registration
Statement, then Parent shall not be required to file the Registration Statement contemplated by Section 3(a) until Parent shall have received such consents, provided, that Parent has used commercially
reasonable efforts to obtain such consents, which shall not require they payment of any monetary amount or other consideration. 
 (c)
Parent shall use its commercially reasonable efforts to: (i) to the extent that the Registration Statement is not automatically effective upon filing with the SEC, cause the Registration Statement to be declared effective as promptly as
reasonably practicable after the filing thereof with the SEC and shall request 

  
 -2- 

 
acceleration of effectiveness of the Registration Statement by the SEC no later than the end of the second (2nd) Business Day after receiving
notice from the SEC that it will not review the Registration Statement or that any SEC comments have been resolved to the satisfaction of the SEC; (ii) keep the Registration Statement effective until the earlier to occur of (A) the date on
which all Registrable Securities included in the Registration Statement have been sold, (B) such time as each Holder is eligible to sell all Registrable Securities under Rule 144 of the Securities Act without any limitation as to volume or
manner of sale, or (C) the nine (9) month anniversary of the effectiveness of the Registration Statement; (iii) prepare and file with the SEC such amendments to the Registration Statement and amendments or supplements to the
prospectus used in connection therewith as may be necessary to comply with the provisions of the Securities Act with respect to the sale or other disposition of all Registrable Securities included in the Registration Statement; (iv) furnish to
each Holder such number of copies of any prospectus (including any preliminary prospectus and any amended or supplemented prospectus) in conformity with the requirements of the Securities Act as each Holder may reasonably request in order to effect
the offering and sale of the Registrable Securities to be offered and sold by such Holder thereunder, but only while Parent shall be required under the provisions hereof to cause the Registration Statement to remain effective; (v) register or
qualify the Registrable Securities covered by the Registration Statement under the securities or blue sky laws of such jurisdictions as each Holder shall reasonably request, provided, however, that Parent shall not
be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such jurisdiction where it has not been qualified or is not otherwise subject to a general consent for
service of process; and (vi) notify each Holder, promptly, but in no event later than five (5) Business Days, after it shall receive notice thereof, of the date and time the Registration Statement and each post-effective amendment thereto
shall have become or been declared effective, or an amendment or supplement to any prospectus forming a part of the Registration Statement shall have been filed with the SEC. Parent shall take commercially reasonable efforts to cause its transfer
agent after delivery of a customary written request by a Holder or its broker (accompanied by customary supporting representation letters and similar materials, including such materials customarily required for delivery of an opinion of Parent
counsel) upon the sale by such Holder of any shares of Registrable Securities that are sold pursuant to the effective Registration Statement to promptly remove the relevant legends, or the book entry restrictions containing the substance of the
relevant legends, to such shares, if applicable (including without limitation taking commercially reasonable efforts to cause its counsel to issue customary opinions upon receipt of customary supporting materials from the applicable Holder and its
broker), and otherwise facilitate the movement of such shares from restricted to unrestricted accounts at the request of any Holder upon such sale, in each case with a view to reasonably assisting the Holder to complete such sale during such period
of effectiveness. 
 4. Suspension of Offers and Sales of Registrable Securities under Registration
Statement. At any time from and after the effective date of the Registration Statement, Parent may restrict offers and sales or other dispositions of Registrable Securities under the Registration Statement, and a Holder will not be able to
offer or sell or otherwise dispose of Registrable Securities thereunder, by delivering a written notice (a “Suspension Notice”) to all Holders of Registrable Securities (such delivery shall be made to such Holder in accordance with
the notices provisions hereof) stating that a delay in the offer and sale or other disposition of Registrable Securities is necessary because Parent, in its reasonable good faith judgment, has determined that the offer and sale or other disposition
of Registrable Securities would require public disclosure by Parent of material nonpublic information that is not included in the Registration Statement; provided, however, Parent may not suspend offers and sales
or other dispositions of Registrable Securities pursuant to this Section 4 for more than
one-hundred-and-eighty (180) days in the aggregate in any one year period. Promptly following the cessation or
discontinuance of the facts and circumstances forming the basis for any Suspension Notice, Parent shall use its commercially reasonable efforts to (i) amend the Registration Statement and/or amend or supplement the related prospectus included
therein to the extent necessary, (ii) take all other actions reasonably necessary, to allow the offer and sale or other disposition of Registrable Securities to recommence as promptly as possible, and (iii) promptly notify all Holders of
Registrable Securities in writing when such offers and sales or other dispositions of Registrable Securities under the Registration Statement may recommence. Upon receipt of a 

  
 -3- 

 
Suspension Notice, Holders shall immediately suspend their use of the Registration Statement and any prospectus included therein or forming a part thereof to offer and sell or otherwise dispose
of Registrable Securities, and shall not offer or sell or otherwise dispose of Registrable Securities under the Registration Statement or any prospectus included therein or forming a part thereof until receipt of a notice from Parent pursuant to the
preceding sentence that offers and sales or other dispositions of Registrable Securities may recommence. Holders shall keep the fact that Parent has delivered a Suspension Notice and any non-public information
provided by Parent in connection therewith confidential, shall not disclose or reveal the Suspension Notice or any such information to any person or entity and shall not use such information for securities trading or any other purpose. 

5. Fees and Expenses. All of the out-of-pocket
expenses incurred in connection with any registration of Registrable Securities pursuant to this Agreement, including all SEC fees, blue sky registration and filing fees, New York Stock Exchange notices and filing fees, printing fees and expenses,
transfer agents’ and registrars’ fees and expenses and all reasonable fees and expenses of Parent’s outside counsel and independent accountants shall be paid by Parent. Notwithstanding anything herein to the contrary, Parent shall not
be responsible for selling expenses of any Holder, including (i) underwriting discounts, (ii) selling commissions, (iii) fees, commissions and expenses of underwriters, brokers, dealer managers and similar securities industry
professionals, (iv) stock transfer taxes applicable to the sale of Registrable Securities, and (v) fees and disbursements of legal counsel, financial advisors, accountants, and other professionals for any Holder, each of which shall be the
responsibility of the Holders in proportion to the Registerable Securities owned by such Holders. 
 6. Indemnification. 

(a) To the extent permitted by applicable Legal Requirements, Parent shall indemnify and hold harmless each Holder, and each of its directors,
officers, partners, members and employees, agents, legal counsel, independent accountants, and other representatives, and each person controlling such Holder within the meaning of Section 15 of the Securities Act (each, a “Seller
Indemnified Party”), with respect to which registration, qualification or compliance has been effected pursuant to this Agreement, from and against all losses, damages and liabilities (or actions in respect thereof), including any of the
foregoing incurred in settlement of any litigation, commenced or threatened, arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in the Registration Statement, the prospectus forming a part
thereof or included therein, and any amendment or supplement thereto, incident to any such registration, qualification or compliance, or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, or any violation by Parent of any rule or regulation promulgated under the Securities Act, Exchange Act or state securities laws applicable to Parent in connection with any such registration,
qualification or compliance, and Parent shall reimburse each Seller Indemnified Party for any legal and any other expenses reasonably incurred by them in connection with investigating, preparing or defending any lawsuit, claim or action relating
thereto; provided, however, that Parent shall not be required to indemnify, hold harmless, or otherwise be liable to any Seller Indemnified Party, in each case, to the extent, but only to the extent, that any such
loss, damage, liability or expense arises out of, or is based on, (i) any untrue statement or omission or alleged untrue statement or omission, made in reliance upon and in conformity with written information furnished by or on behalf of the
Company, any Seller Party, or any Seller Indemnified Party to Parent for use therein, or (ii) the failure of the Company, any Seller Party, or any Seller Indemnified Party to comply with its covenants and agreements hereunder, if any. 

(b) To the extent permitted by applicable Legal Requirement, if Registrable Securities held by a Holder are included in the securities as to
which such registration, qualification or compliance is being effected, such Holder shall, severally but not jointly, indemnify and hold harmless Parent and its Affiliates and each of its and their respective directors, officers, employees, agents,
legal counsel, independent accountants, and other 

  
 -4- 

 
representatives, each person controlling Parent within the meaning of Section 15 of the Securities Act, as well as each other Holder, each such other Holder’s directors, officers,
employees, agents, legal counsel, independent accountants, and other representatives, and each person controlling each such other Holders within the meaning of Section 15 of the Securities Act (each a “Parent Indemnified
Party”), from and against all losses, damages and liabilities (or actions in respect thereof) arising out of, or based on, any untrue statement (or alleged untrue statement) of a material fact contained in the Registration Statement, the
prospectus forming a part thereof or included therein, and any amendment or supplement thereto, incident to any such registration, qualification or compliance, or any omission (or alleged omission) to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading, or any violation by such Holder of any rule or regulation promulgated under the Securities Act, Exchange Act or state securities laws applicable to such Holder in connection
with any such registration, qualification or compliance, and such Holder shall reimburse each Parent Indemnified Party for any legal or any other expenses reasonably incurred by them in connection with investigating or defending any such lawsuit,
claim or action relating thereto, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such registration statement, prospectus, offering circular or
other document in reliance upon and in conformity with written information furnished by such Holder to Parent specifically for use therein. 

(c) Each party entitled to indemnification under this Section 6 (the “Indemnified Party”) shall
give notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has received written notice of any lawsuit, claim or action as to which indemnity may be sought hereunder,
and shall permit the Indemnifying Party to assume the defense of any such lawsuit, claim or action; provided, however, that counsel for the Indemnifying Party, who shall conduct the defense of such claim or
litigation, shall be approved by the Indemnified Party (whose approval shall not be unreasonably withheld, delayed or conditioned), and the Indemnified Party may participate in such defense at such party’s expense (including by retaining its
own counsel at its own expense) and, upon reasonable request, will be apprised of all progress in any proceeding the defense of which has been assumed by the Indemnifying Party to the extent permitted by applicable Legal Requirement;
provided, further that the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this Agreement except to the extent, but only to the
extent, that the Indemnifying Party’s ability to defend against such claim or litigation is materially and adversely impacted by the failure to give such notice. No Indemnifying Party, in the defense of any such lawsuit, claim or action shall,
except with the consent of each Indemnified Party, consent to entry of any judgment or enter any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to the Indemnified Party of a release from
all liability in respect to such lawsuit, claim or action. 
 (d) If the indemnification required by this
Section 6 from the Indemnifying Party is unavailable to or insufficient to hold harmless an Indemnified Party in respect of any indemnifiable losses, claims, damages, liabilities, or expenses, then the Indemnifying Party
shall contribute to the amount paid or payable by the Indemnified Party as a result of such losses, claims, damages, liabilities, or expenses in such proportion as is appropriate to reflect relative fault of the Indemnified and Indemnifying Parties,
in connection with the actions which resulted in such losses, claims, damages, liabilities, or expenses, as well as any other relevant equitable considerations. The relative fault of the Indemnifying Party and the Indemnified Party shall be
determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact, has been made by, or relates to information supplied by, such Indemnifying Party or Indemnified
Parties, and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of the losses, claims, damage, liabilities, and expenses referred
to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with any investigation or proceeding. Parent and the Holders agree that it would not be just and equitable if contribution
pursuant to this Section 6(c) were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the prior provisions of this
Section 6(c). 

  
 -5- 

 (e) The provisions of this Section 6 shall govern any indemnification
pursuant to this Section 6, notwithstanding anything to the contrary in the Purchase Agreement, including the indemnification provisions contained in Article VIII thereof. 

(f) The obligations of Parent and each Holder under this Section 6 shall survive the permitted transfer of any
Registrable Securities by any Holder, the completion of any offering and sale or other disposition of Registrable Securities in the Registration Statement filed with the SEC pursuant to this Agreement, and the termination of this Agreement, until
the expiration of any statute of limitations relating to the subject matter of this Section 6. 
 7.
Limitation on Assignment of Registration Rights. The rights of each Holder under this Agreement may not be assigned by a Holder to any other Person unless such a transfer is (a) if Holder is a natural person, pursuant to
(i) a transfer of Registrable Securities by will or intestate succession, or (ii) a trust created for the benefit of Holder or his or her family members for estate planning purposes, (b) if Holder is not a natural person, to its
subsidiaries, partners, members, stockholders or stockholders’ subsidiaries, or (c) with the prior written consent of Parent. Prior to a permitted transfer of rights under this Agreement, Holder must furnish Parent with written notice of
the name and address of such transferee and the Registrable Securities with respect to which such registration rights are being assigned and a copy of a duly executed written instrument, in form and substance reasonably satisfactory to Parent, by
which such transferee assumes all of the obligations and liabilities of its transferor hereunder and agrees itself to be bound hereby. No transfer of rights under this Agreement shall be permitted if, immediately following such transfer, the offer
and sale or other disposition of Registrable Securities by the transferee is not restricted under the Securities Act. 
 8.
Information by Holders. Any Holder of Registrable Securities to be included in the Registration Statement shall furnish to Parent such information regarding such Holder, the Registrable Securities held by such Holder and the offer and
sale or other distribution proposed by such Holder as may be required or desirable in connection with any registration, qualification or compliance contemplated by this Agreement, under applicable Legal Requirements in order to permit Parent to
comply with all applicable requirements of the Securities Act and the Exchange Act in connection with the registration of all Registrable Securities of such Holder under the Securities Act, and/or as Parent may otherwise reasonably request. Upon any
disposal of Registrable Securities under the Registration Statement by a Holder, such Holder shall deliver to Parent a notice of transfer certifying such disposition and acknowledging compliance with the prospectus delivery requirements of the
Securities Act in connection therewith. 
 9. Reporting. Subject to Section 2 of this Agreement, prior to
termination of this Agreement, Parent shall use its commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents required of Parent under the Securities Act and the Exchange Act. Each Seller Party shall use
its commercially reasonable efforts to, upon Parent’s reasonable request: (a) assist Parent and its Representatives in the preparation of any audited historical and pro forma financial statements of the Company and any of its Subsidiaries
that may be required in connection with Parent’s securities reporting obligations related to this Agreement, the Purchase Agreement or any of the transactions contemplated hereby or thereby (“Required Company Financials”) or
the filing of the Registration Statement, which audited historical Required Company Financials shall (i) be true and correct in all material respects, (ii) have been prepared in accordance with GAAP consistently applied through the periods
indicated and consistent with each other, and (iii) present fairly the financial condition of the Company and its Subsidiaries at the date or dates therein indicated and the results of operations and cash flows for the period or periods therein
specified; (b) promptly furnish such information as Parent may reasonably request in connection with such financial statements, the Registration Statement, or related to the performance of Parent’s securities reporting obligations relating
to this Agreement, the Purchase Agreement, or any of the transactions contemplated hereby or thereby; and (c) complete, execute, acknowledge and deliver, or use their commercially reasonable efforts to cause to be completed, executed,
acknowledged and delivered by the appropriate Representatives of the Company, the Company Subsidiaries or the Company 

  
 -6- 

 
Securityholders, in each case, such questionnaires and other documents, certificates and instruments as may be reasonably requested by Parent in connection with the filing of the Registration
Statement or the financial statements or the performance of Parent’s securities reporting obligations relating to this Agreement, the Purchase Agreement or any of the transactions contemplated hereby or thereby. 

10. Delay of Registration. No Holder shall have any right to take any action to restrain, enjoin, or otherwise delay any
registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Agreement. 

11. Notices. Any notice or other communication required or permitted to be delivered to any party under this Agreement shall be
made and given in compliance with the provisions of Section 10.1 of the Purchase Agreement and, if to a Holder other than Seller, to such Holder’s address as set forth in any notice delivered pursuant to Section 7 of
this Agreement. 
 12. Amendment of this Agreement. Subject to the provisions of applicable Legal Requirements, Parent and the
Seller may amend this Agreement at any time pursuant to an instrument in writing signed on behalf of each of both of them. 
 13.
Governing Law. This Agreement, including the validity hereof and the rights and obligations of the parties hereunder, and all claims, causes of action (whether in contract, tort or statute) or other matter based upon, arising out
of, or related to this Agreement, the negotiation, administration, execution or performance of this Agreement (including any claim or cause of action based upon, arising out of, or related to any representation or warranty made in or in connection
with this Agreement), or any transactions contemplated by this Agreement or any other matters contemplated herein (the “Relevant Matters”) shall be governed by and construed and enforced in accordance with the laws of Delaware
applicable to contracts made and to be performed entirely in such state (without giving effect to the conflicts of laws provisions thereof).. 

14. Consent to Jurisdiction. The parties hereto agree that any legal proceeding by or against any party hereto or with respect
to or arising out of this Agreement or otherwise concerning any other Relevant Matter shall be brought exclusively in the Delaware Court of Chancery. By execution and delivery of this Agreement, each party hereto irrevocably and unconditionally
submits to the exclusive jurisdiction of such court therefrom solely for the purposes of disputes arising under this Agreement or otherwise with respect to or concerning any Relevant Matter and not as a general submission to such jurisdiction or
with respect to any other dispute, matter or claim whatsoever. The parties hereto irrevocably consent to the service of process out of such court in any such action or proceeding by the delivery of copies thereof by overnight courier to the address
for such party to which notices are deliverable hereunder. Any such service of process shall be effective upon delivery. Nothing herein shall affect the right to serve process in any other manner permitted by applicable laws. The parties hereto
hereby waive any right to stay or dismiss any action or proceeding under or in connection with this Agreement or any Relevant Matter brought before the foregoing courts on the basis of (i) any claim that it is not personally subject to the
jurisdiction of the above-named court for any reason, or that it or any of its property is immune from the above-described legal process, (ii) that such action or proceeding is brought in an inconvenient forum, that venue for the action or
proceeding is improper or that this Agreement may not be enforced in or by such court, or (iii) any other defense that would hinder or delay the levy, execution or collection of any amount to which any party hereto is entitled pursuant to any
final judgment of any court having jurisdiction. 
 15. Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES ALL RIGHT TO TRIAL BY JURY AND ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT, OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR ANY RELEVANT MATTER, INCLUDING THE ACTIONS OF ANY PARTY HERETO IN
NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF. 

  
 -7- 

 16. Arbitration. Disputes between the parties shall be resolved pursuant to binding
arbitration to be held in Chicago, Illinois in accordance with the then current rules of the American Arbitration Association and judgment upon the award rendered may be entered in any court having personal jurisdiction over the judgment debtor.
Such arbitration shall be conducted by a single arbitrator chosen by mutual agreement of Parent and the Seller Parties. Alternatively, at the request of either Parent or the Seller Parties before the commencement of arbitration, the arbitration
shall be conducted by three independent arbitrators, none of whom shall have any competitive interests with the Parent or the Seller Parties. Parent and the Seller shall each select one arbitrator. The two arbitrators so selected shall select a
third arbitrator none of whom shall have any prior relationship with Parent or the Seller Parties. The arbitrator or majority of the three arbitrators, as the case may be, shall set a limited time period and establish procedures designed to reduce
the cost and time for discovery while allowing the parties an opportunity, adequate in the sole judgment of the arbitrator or majority of the three arbitrators, as the case may be, to discover relevant information from the opposing parties about the
subject matter of the dispute. The decision of the arbitrator or a majority of the three arbitrators, as the case may be, shall be final, binding, and conclusive upon the parties hereto with respect to the subject matter of the arbitration. Such
decision shall be written and shall be supported by written findings of fact and conclusions which shall set forth the award, judgment, decree or order awarded by the arbitrator(s), including attorneys’ and experts’ fees and costs awarded
to the prevailing party. Until the termination of the arbitration proceedings, the fees and costs of the arbitrator(s) shall be borne as follows: 50% shall be borne by Parent and 50% shall be borne by the Seller Parties. 

17. Entire Agreement. This Agreement and the documents and instruments and other agreements among the parties hereto referenced
herein, including the Purchase Agreement (and the documents and instruments and other agreements among the parties thereto referenced therein) constitute the entire agreement among the parties hereto with respect to the subject matter hereof and
supersede all prior agreements and understandings both written and oral, among the parties with respect to the subject matter hereof, and are not intended to confer upon any other person any rights or remedies hereunder; provided,
however, that prior to the Closing, this Agreement shall not supersede the Confidentiality Agreement, dated as of September 22, 2017 entered into between the Company and Parent. 

18. Severability. In the event that any provision of this Agreement or the application thereof, becomes or is declared by a
court of competent jurisdiction to be illegal, void or unenforceable, the remainder of this Agreement will continue in full force and effect and the application of such provision to other persons or circumstances will be interpreted so as reasonably
to effect the intent of the parties hereto. The parties further agree to replace such void or unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the fullest extent possible, the economic, business
and other purposes of such void or unenforceable provision. 
 19. Successors and Assigns. Subject to the provisions of
Section 7, the provisions of this Agreement shall inure to the benefit of, and shall be binding upon, the successors and permitted assigns of the parties hereto. 

20. Specific Performance. The parties hereto agree that irreparable damage would occur in the event that any of the provisions
of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to seek an injunction or injunctions to prevent breaches of this Agreement and to
enforce specifically the terms and provisions hereof, this being in addition to any other remedy to which they are entitled at law or in equity and the parties hereby agree to waive any requirements for posting a bond in connection with any such
action. 
 21. Other Remedies. Any and all remedies herein expressly conferred upon a party will be deemed cumulative
with and not exclusive of any other remedy conferred hereby, or by law or equity upon such party, and the exercise by a party of any one remedy will not preclude the exercise of any other remedy. 

  
 -8- 

 22. Interpretation. When a reference is made in this Agreement to a Section,
such reference shall be to a Section of this Agreement unless otherwise indicated. The words “include,” “includes” and “including” when used herein shall be deemed in each case to be followed by the words “without
limitation.” All payments to be made under this agreement shall be made in U.S. dollars. All references to “$” herein refer to U.S. Dollars. The parties hereto agree that they have been represented by counsel during the
negotiation and execution of this Agreement and, therefore, waive the application of any law, regulation, holding or rule of construction providing that ambiguities in an agreement or other document will be construed against the party drafting
such agreement or document. All references to currency herein are to lawful money of the United States unless otherwise indicated. The meanings given to terms defined herein will be equally applicable to both the singular and plural forms of such
terms. For purposes of this Agreement, whenever the context requires, (i) the singular number will include the plural, and vice versa; (ii) the masculine gender will include the feminine and neuter genders; (iii) the feminine gender
will include the masculine and neuter genders; and (iv) the neuter gender will include the masculine and feminine genders. 
 23.
Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and
delivered to the other party, it being understood that all parties need not sign the same counterpart. The exchange of a fully executed Agreement (in counterparts or otherwise) by electronic transmission in .PDF format or by facsimile shall be
sufficient to bind the parties to the terms and conditions of this Agreement. 
 24. Termination. This Agreement shall
terminate and cease to be of any force and effect upon the earliest of (i) termination of the Purchase Agreement, (ii) at such time as Seller is eligible to sell all Registrable Securities under Rule 144 of the Securities Act without any
limitation as to volume or manner of sale, and (iii) one (1) year after the Closing. Notwithstanding anything herein to the contrary, the obligations under Sections 6 and 9 and Sections 11 through this
Section 24 will survive any termination of this Agreement. 
 [Remainder of Page Intentionally Left Blank] 

  
 -9- 

 IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the date first above written. 
  

			
	 TESLA, INC.

		
	 By:
	 	 /s/ Deepak Ahuja

	 Name: Deepak Ahuja

	 Title: Chief Financial Officer

 [Registration Rights Agreement] 

 
			
	JCD INVESTMENTS, LLC
		
	By:	 	/s/ James S. Dudley
	Name: James S. Dudley
	Title: President and Owner

  

			
	 JAMES S. DUDLEY

	
	 /s/ James S. Dudley

 [Registration Rights Agreement]

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