Document:

mram_Ex10_38

		
			Exhibit 10.38
		

		
			 
		

		
			EXECUTIVE EMPLOYMENT AGREEMENT
		

		
			For
		

		
			Patrick Patla
		

		
			 
		

		
			This Executive Employment Agreement ("Agreement"), made between Everspin Technologies, Inc. (the "Company") and Patrick Patla ("Executive") (collectively, the "Parties"), is effective as of January 9, 2017.
		

		
			 
		

		
			WHEREAS, Executive has been performing services for the Company pursuant to the terms of an offer letter from the Company dated December 16, 2016 (the "Offer Letter"); and
		

		
			 
		

		
			WHEREAS, the Company desires for Executive to continue providing services to the Company, and Executive is willing to continue such employment by the Company, on the amended and restated terms and conditions set forth in this Agreement, which terms shall replace and supersede the terms of the Offer Letter in their entirety;
		

		
			 
		

		
			Now, THEREFORE, in consideration of the mutual promises and covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereto agree as follows:
		

		
			 
		

		
			1.        Employment by the Company.
		

		
			 
		

		
			1.1       Position.  Executive shall continue to serve as the Company's Senior Vice President of Marketing. During Executive's employment with the Company, Executive will devote Executive's best efforts and substantially all of Executive's business time and attention to the business of the Company, except for approved vacation periods and reasonable periods of illness or other incapacities permitted by the Company's general employment policies.
		

		
			 
		

		
			1.2       Duties and Location. Executive shall continue to perform such duties as are required by the Company's President and Chief Executive Officer, to whom Executive_  will report. Executive's primary work location shall continue to be the Company's headquarters in Chandler, Arizona. The Company reserves the right to reasonably require Executive to perform Executive's duties at places other than Executive's primary office location from time to time, and to require reasonable business travel. The Company may modify Executive's job title and duties as it deems necessary and appropriate in light of the Company's needs and interests from time to time.
		

		
			 
		

		
			1.3       Policies and Procedures. The employment relationship between the Parties shall continue to be governed by the general employment policies and practices of the Company, except that when the terms of this Agreement differ from or are in conflict with the Company's general employment policies or practices, this Agreement shall control.
		

		
			 
		

		
			2.         Compensation.
		

		
			 
		

		
			2.1       Salary.  For services to be rendered hereunder, Executive shall continue to receive a base salary at the rate of two hundred sixty thousand dollars ($260,000) per year (the "Base Salary"), subject to standard payroll deductions and withholdings and payable in accordance with the Company's regular payroll schedule. Executive's Base Salary shall be reviewed by the Board of Directors (the "Board") for possible adjustment annually.
		

		
			

		 

		

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			2.2       Bonus.  Executive will be eligible for an annual discretionary bonus of up to 30% of Executive's Base Salary. Executive's annual target bonus percentage, whether Executive receives an annual bonus for any given year, and the amount of any such annual bonus, will be determined by the Board in its sole discretion based upon the Company's and Executive's achievement of objectives and milestones to be determined on an annual basis by the Board in consultation with Executive. Bonuses are generally paid by March 15 following the applicable bonus year, and Executive must be an active employee on the date any Annual Bonus is paid in order to earn any such Annual Bonus. Executive will not be eligible for, and will not earn, any Annual Bonus (including a prorated bonus) if Executive's employment terminates for any reason before the date Annual Bonuses are paid.
		

		
			 
		

		
			2.3       Standard Company Benefits. Executive shall continue to be entitled to participate in all employee benefit programs for which Executive is eligible under the terms and conditions of the benefit plans that may be in effect from time to time. The Company reserves the right to cancel or change the benefit plans or programs it offers to its employees at any time.
		

		
			 
		

		
			2.4       Expenses.  The Company will reimburse Executive for reasonable travel,  entertainment or other expenses incurred by Executive in furtherance or in connection with the performance of Executive's duties hereunder, in accordance with the Company's expense reimbursement policy and requirements of the Internal Revenue Service as in effect from time to time.
		

		
			 
		

		
			2.5       Equity.  Executive has been granted options to purchase forty thousand (40,000) shares of the Company's Common Stock (the "Options"), the terms of which shall continue to be governed in all respects by the governing plan documents, grant notices and stock option agreements. Executive shall be eligible to receive further stock grants and/or stock option awards in the sole discretion of the Board.
		

		
			 
		

		
			2.6       Sign On Bonus. Executive has been provided a sign on bonus of ten thousand dollars ($10,000), which Executive must pay back if he voluntarily terminates his employment relationship with the Company on or before December 16, 2017.
		

		
			 
		

		
			3.               Termination of Employment; Severance.
		

		
			 
		

		
			3.1             At-Will Employment. Executive's employment relationship is at- will. Either Executive or the Company may terminate the employment relationship at any time, with or without Cause or advance notice.
		

		
			 
		

		
			3.2             Termination Without Cause; Resignation for Good Reason.
		

		
			 
		

		
			(i)               The Company may terminate Executive's employment with the Company at any time without Cause (as defined below).  Further, Executive may resign at any time for Good Reason (as defined below).
		

		
			 
		

		
			(ii)             In the event Executive's employment with the Company is terminated by the Company without Cause, or Executive resigns for Good Reason, then provided such termination constitutes a "separation from service" (as defined under Treasury Regulation Section 1.409A-l(h), without regard to any alternative definition thereunder, a "Separation from Service"), and provided Executive remains in compliance with all contractual obligations to the Company, then the Company shall provide Executive with the following severance benefits,  subject to the terms and conditions set forth in Section 4:
		

		
			 
		

		
			(a)              The Company shall pay Executive severance in the form of continuation of Executive's Base Salary for six (6) months after the date of Executive's Separation from Service. These salary continuation payments will be paid on the Company's regular payroll schedule, subject to standard deductions and 

		 

		

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withholdings, over the six (6) month period following Executive's Separation from Service; provided, however, that no payments will be made prior to the 60th day following Executive's Separation from Service. On the 60th day following Executive's Separation from Service, the Company will pay Executive in a lump sum the salary continuation payments that Executive would have received on or prior to such date under the original schedule with the balance of the cash severance being paid as originally scheduled.
		

		
			 
		

		
			(b)             Provided that Executive timely elects continued coverage under COBRA, the  Company shall pay Executive's COBRA premiums to continue Executive's coverage (including coverage for eligible dependents, if applicable) ("COBRA Premiums") through the period (the "COBRA Premium Period") starting on the Executive's Separation from Service and ending on the earliest to occur of: (i) six (6) months following Executive's Separation from Service; (ii) the date Executive becomes eligible for group health insurance coverage through a new employer; or (iii) the date Executive ceases to be eligible for COBRA continuation coverage for any reason, including plan termination. In the event Executive becomes covered under another employer's group health plan or otherwise cease to be eligible for COBRA during the COBRA Premium Period, Executive must immediately notify the Company of such event. Notwithstanding the foregoing, if the Company determines, in its sole discretion, that it cannot pay the COBRA Premiums without a substantial risk of violating applicable law, the Company instead shall pay to Executive, on the first day of each calendar month remaining in the COBRA Premium Period, a fully taxable cash payment equal to the applicable COBRA premiums for that month, subject to applicable tax withholdings, which Executive may, but is not obligated to, use toward the cost of COBRA premiums.
		

		
			 
		

		
			(c)              The vesting of Executive's Options shall be accelerated such that the shares subject to the Options that would have vested in the six (6) month period following Executive's Separation from Service shall be deemed immediately vested and exercisable as of Executive's last day of employment.
		

		
			 
		

		
			3.3             Termination for Cause; Resignation Without Good Reason; Death or Disability.
		

		
			 
		

		
			(i)               The Company may terminate Executive's employment with the Company at any time for Cause. Further, Executive may resign at any time without Good Reason. Executive's employment with the Company may also be terminated due to Executive's death or disability.
		

		
			 
		

		
			(ii)             If Executive resigns without Good Reason, or the Company terminates Executive 's employment for Cause, or  upon  Executive's  death  or  disability, then (i) Executive will no longer vest in the Options, (ii) all payments of compensation by the Company to Executive hereunder will terminate immediately (except  as to amounts already earned), and (c) Executive will not be entitled to any severance benefits, including (without limitation) the Severance, COBRA Premiums, Special Cash Payments or Accelerated Vesting.  In addition, Executive shall resign from all positions and terminate any relationships as an employee, advisor, officer or director with the Company and any of its affiliates, each effective on the date of termination.
		

		
			 
		

		
			4.               Conditions to Receipt of Severance Benefits. Executive's receipt of the severance benefits described in Section 3.2 is contingent upon Executive signing and not revoking a separation agreement and release of claims in a form reasonably satisfactory to the Company (the "Separation Agreement"). No severance benefits will be paid or provided until the Separation Agreement becomes effective. Executive shall also resign from all positions and terminate any relationships as an employee, advisor, officer or director with the Company and any of its affiliates, each effective on the date of termination.
		

		
			 
		

		
			5.               Section 409A. It is intended that all of the severance benefits and other payments payable under this Agreement satisfy, to the greatest extent possible, the exemptions from the application of Internal Revenue Code Section 409A provided under Treasury Regulations 1.409A-l(b)(4), 1.409A-l(b)(5) and 1.409A-

		 

		

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l(b)(9), and this Agreement will be construed to the greatest extent possible as consistent with those provisions, and to the extent no so exempt, this Agreement (and any definitions hereunder) will be construed in a manner that complies with Section 409A. For purposes of Code Section 409A (including, without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), Executive's right to receive any installment payments under this Agreement (whether severance payments, reimbursements or otherwise) shall be treated as a right to receive a series of separate payments and, accordingly, each installment payment hereunder shall at all times be considered a separate and distinct payment. Notwithstanding any provision to the contrary in this Agreement, if Executive is deemed by the Company at the time of Executive's Separation from Service to be a "specified employee" for purposes of Code Section 409A(a)(2)(B)(i), and if any of the payments upon Separation from Service set forth herein and/or under any other agreement with the Company are deemed to be "deferred compensation", then to the extent delayed commencement of any portion of such payments is required in order to avoid a prohibited distribution under Code Section 409A(a)(2)(B)(i) and the related adverse taxation under Section 409A, such payments shall not be provided to Executive prior to the earliest of (i) the expiration of the six-month period measured from the date of Executive's Separation from Service with the Company, (ii) the date of Executive's death or (iii) such earlier date as permitted under Section 409A without the imposition of adverse taxation.  Upon the first business day following the expiration of such applicable Code Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to this Paragraph shall be paid in a lump sum to Executive, and any remaining payments due shall be paid as otherwise provided herein or in the applicable agreement. No interest shall be due on any amounts so deferred.
		

		
			 
		

		
			6.               Definitions.
		

		
			 
		

		
			6.1             Cause.  For purposes of this Agreement, "Cause" for termination of Executive's employment will mean:  (a) commission of any felony or crime involving fraud, dishonesty or moral turpitude under the laws of the United States or any state thereof; (b) attempted commission of, or participation in, a fraud or act of dishonesty against the Company; (c) intentional, material violation of any contract or agreement between Executive and the Company or of any statutory duty owed to the Company; (d) unauthorized use or disclosure of the Company's confidential information or trade secrets; or (e) gross misconduct.
		

		
			 
		

		
			6.2             Good Reason. For purposes of this Agreement, Executive shall have "Good Reason" for resignation from employment with the Company if any of the following actions are taken by the Company or a successor corporation or entity without Executive's prior written consent: (a) a material reduction in Executive's base salary, which the Parties agree is a reduction of at least 10% of Executive's Base Salary (unless pursuant to a salary reduction program applicable generally to the Company's similarly situated employees); (b) a material reduction in Executive's duties (including responsibilities and/or authorities), provided, however, that a change in job position (including a change in title) shall not be deemed a "material reduction" in and of itself unless Executive's new duties are materially reduced from the prior duties; or (c) relocation of Executive's  principal place of employment to a place that increases Executive's one-way commute by more than thirty-five (35) miles as compared to Executive's principal place of employment immediately prior to such relocation. In order to resign for Good Reason, Executive must provide written notice to the Board within 30 days after the first occurrence of the event giving rise to Good Reason setting forth the basis for Executive's resignation, allow the Company at least 30 days from receipt of such written notice to cure such event, and if such event is not reasonably cured within such period, Executive must resign from all positions Executive then holds with the Company not later than 30 days after the expiration of the cure period.
		

		
			 
		

		
			7.               Proprietary Information Obligations. Executive shall remain bound by the terms of the Employee Proprietary Information and Inventions Assignment Agreement that Executive previously executed.
		

		
			 
		

		
			8.               Outside Activities During Employment.
		

		
			

		 

		

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			8.1             Non-Company Business. Except with the prior written consent of the Board, Executive will not during Executive's employment with the Company undertake or engage in any other employment, occupation or business enterprise, other than ones in which Executive is a passive investor. Executive may engage in civic and not-for-profit activities so long as such activities do not materially interfere with the performance of Executive 's duties hereunder.
		

		
			 
		

		
			8.2             No Adverse Interests. Executive agrees not to acquire, assume or participate in, directly or indirectly, any position, investment or interest known to be adverse or antagonistic to the Company, its business or prospects, financial or otherwise.
		

		
			 
		

		
			9.               Dispute Resolution. To ensure timely and economical resolution of any disputes that may arise in connection with Executive's employment with the Company, as a condition of Executive's employment, Executive and the Company hereby agree that any and all claims, disputes or controversies of any nature whatsoever arising out of,  or relating to, this letter, or its interpretation, enforcement, breach, performance or execution, Executive 's employment with the Company, or the termination of such employment, shall be resolved, to the fullest extent permitted by law, by final, binding and confidential arbitration conducted before a single arbitrator by the American Arbitration Association ("AAA") under the then-applicable AAA employment arbitration rules (which can be found at http://www.adr.org/). The arbitration shall take place in Phoenix, Arizona; provided, however, that if the arbitrator determines there will be an undue hardship to Executive to have the arbitration in such location, the arbitrator will choose an alternative appropriate location. Executive and the Company each acknowledge that by agreeing to this arbitration procedure, both Executive and the Company waive the right to resolve any such dispute, claim or demand through a trial by jury or judge or by administrative proceeding. Executive will have the right to be represented by legal counsel at Executive's expense at any arbitration proceeding. The arbitrator shall: (i) have the authority to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be available under applicable law in a court proceeding; and ii) issue a written statement signed by the arbitrator regarding the disposition of each claim and the relief, if any, awarded as to each claim, the reasons for the award, and the arbitrator's essential findings and conclusions on which the award is based. The arbitrator, and not a court, shall also be authorized to determine whether the provisions of this paragraph apply to a dispute, controversy, or claim sought to be resolved in accordance with these arbitration procedures. The Company shall pay all costs and fees in excess of the amount of court fees that Executive would be required to incur if the dispute were filed or decided in a court of law. Nothing in this Agreement is intended to prevent either Executive or the Company from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any arbitration.
		

		
			 
		

		
			10.             General Provisions.
		

		
			 
		

		
			10.1           Notices. Any notices provided must be in writing and will be deemed effective upon the earlier of personal delivery (including personal delivery by fax) or the next day after sending by overnight carrier, to the Company at its primary office location and to Executive at the address as listed on the Company payroll.
		

		
			 
		

		
			10.2           Severability.  Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction to the extent possible in keeping with the intent of the parties.
		

		
			 
		

		
			

		 

		

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			10.3           Waiver.  Any waiver of any breach of any provisions of this Agreement must be in writing to be effective, and it shall not thereby be deemed to have waived any preceding or succeeding breach of the same or any other provision of this Agreement.
		

		
			 
		

		
			10.4           Complete Agreement. This Agreement constitutes the entire agreement between Executive and the Company with regard to this subject matter and is the complete, final, and exclusive embodiment of the Parties' agreement with regard to this subject matter. This Agreement is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and it supersedes any other such promises, warranties or representations, including (without limitation) the Offer Letter. It is entered into without reliance on any promise or representation other than those expressly contained herein, and it cannot be modified or amended except in a writing signed by a duly authorized officer of the Company.
		

		
			 
		

		
			10.5           Counterparts.  This Agreement may be executed in separate counterparts, any one of which need not contain signatures of more than one party, but all of which taken together will constitute one and the same Agreement.
		

		
			 
		

		
			10.6           Headings.  The headings of the paragraphs hereof are inserted for convenience only and shall not be deemed to constitute a part hereof nor to affect the meaning thereof.
		

		
			 
		

		
			10.7           Successors and Assigns. This Agreement is intended to bind and inure to the benefit of and be enforceable by Executive and the Company, and their respective successors, assigns, heirs, executors and administrators, except that Executive may not assign any of his duties hereunder and he may not assign any of his rights hereunder without the written consent of the Company, which shall not be withheld unreasonably.
		

		
			 
		

		
			10.8           Tax Withholding and Indemnification.  All payments and awards contemplated or made pursuant to this Agreement will be subject to withholdings of applicable taxes in compliance with all relevant laws and regulations of all appropriate government authorities. Executive acknowledges and agrees that the Company has neither made any assurances nor any guarantees concerning the tax treatment of any payments or awards contemplated by or made pursuant to this Agreement. Executive has had the opportunity to retain a tax and financial advisor and fully understands the tax and economic consequences of all payments and awards made pursuant to the Agreement.
		

		
			 
		

		
			10.9           Choice of Law. All questions concerning the construction, validity and interpretation of this Agreement will be governed by the laws of the State of Arizona.
		

		
			 
		

		
			IN WITNESS WHEREOF,  the Parties have executed this Agreement on the day and year first written above.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						EVERSPIN TECHNOLOGIES, INC.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Phillip LoPresti

				
	
					
						 

					
					
						 

					
					
						Phillip LoPresti

				
	
					
						 

					
					
						 

					
					
						President and Chief Executive Officer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						EXECUTIVE

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						/s/ Patrick Patla

				
	
					
						 

					
					
						 

					
					
						Patrick Patla

				

		
			 
		

		 

		

			6mram_Ex10_39

		
			Exhibit 10.39
		

		
			THIRD AMENDMENT TO
SUBLEASE AGREEMENT
		

		
			 
		

		
			This THIRD AMENDMENT TO SUBLEASE AGREEMENT (this "Amendment") is made and entered into effective as of this 9th day of October, 2017 (the "Effective Date"), by and between NXP USA, Inc. a Delaware corporation (hereinafter referred to as "Sublandlord"), and Everspin Technologies, Inc., a Delaware corporation (hereinafter referenced to as "Subtenant").
		

		
			 
		

		
			RECITALS:
		

		
			 
		

		
			WHEREAS, VWP-BV CM 5670, LLC, a Delaware limited liability company ("Master Landlord"), and Sublandlord, as successor in interest to NXP Semiconductors USA, Inc., a Delaware corporation, entered into that certain Lease dated June 23, 2014 (the "Lease") regarding the lease of certain premises located at 5670 West Chandler Blvd., Chandler, Arizona 85226, as more particularly described in the Lease (the "Premises"); and
		

		
			 
		

		
			WHEREAS, Sublandlord and Subtenant entered into that certain Sublease Agreement dated effective January 31, 2017 (the "Original Sublease"), as amended by that certain First Amendment to Sublease Agreement dated February 13, 2017 (the "First Amendment"), and as further amended by that ce1iain Second Amendment to Sublease Agreement dated February 28, 2017 (the "Second Amendment", and together with the Original Sublease and the First Amendment, the "Sublease").
		

		
			 
		

		
			WHEREAS, pursuant to the Original Sublease, Subtenant subleased from Sublandlord approximately 6,560 square feet out of the first floor of the Premises as more particularly identified therein (the "Lab Premises").
		

		
			 
		

		
			WHEREAS, pursuant to the First Amendment, Subtenant subleased from Sublandlord approximately 3,463 square feet out of the first floor of the Premises as more particularly identified therein (the "Existing Office Premises", and together with the Lab Premises, the "Existing Subleased Premises").
		

		
			 
		

		
			WHEREAS, capitalized terms used in this Amendment and not otherwise defined will have the same meaning as given to them in the Sublease.
		

		
			 
		

		
			WHEREAS, the parties desire to amend the Sublease in accordance with the terms and conditions of this Amendment.
		

		
			 
		

		
			NOW, THEREFORE, in consideration of the foregoing premises, the mutual promises hereinafter made and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
		

		
			 
		

		
			1.            Renewal Term.  Section l .c. of the Second Amendment is hereby deleted in its entirety. Section 2(a) of the Original Sublease is hereby amended such that Subtenant's renewal term, if exercised, will expire on August 31, 2024.
		

		
			 
		

		
			
		

		
			

		 

		

			Third Amendment to Sublease Agreement
Page 1 of 7

		

 

		

		
			 
		

		
			2.          Expansion of the Premises.  Effective as of December 1, 2017 (the "Office Expansion Date"), the term "Subleased Premises" shall mean the Existing Subleased Premises and those certain premises consisting of approximately 17,951 rentable square feet located adjacent to the Existing Subleased Premises (the "Expansion Office Premises"). The Lab Premises, the Existing Office Premises and the Expansion Office Premises are depicted on Exhibit A attached hereto. Except as expressly set forth otherwise herein, the Expansion Office Premises shall be subject to the same terms and conditions as the Existing Subleased Premises, as set forth in the Sublease. For clarification, the initial Term (with respect to the entire Subleased Premises) expires on January 31, 2022,  and Subtenant's option to renew the Term, set forth in Section 2 of the Original Sublease, must be exercised with respect to the entire Subleased Premises.
		

		
			 
		

		
			3.          Rent.  From and after the Office Expansion Date, Base Rent for the Subleased Premises shall be as set forth in the tables below. Base Rent during the renewal term shall be as set forth below, and the provisions in Section 2(a) of the Original Sublease regarding Fair Market Rent are hereby deleted. For purposes of calculating Base Rent, the rentable area of the Lab Premises is stipulated to be 6,560 square feet, the rentable area of the Existing Office Premises is stipulated to be 3,463 square feet, and the rentable area of the Expansion Office Premises is stipulated to be 17,951 square feet.
		

		
			 
		

			
					
						LAB PREMISES

					
					
						    

					
					
						 

					
					
						    

					
					
						 

				
	
					
						Lease Month

					
					
						 

					
					
						Annual Base Rent for
Expansion Premises

					
					
						 

					
					
						Monthly Base Rent
for Expansion Premises

				
	
					
						December 1, 2017- February 28, 2018

					
					
						 

					
					
						$20.00 per rentable square foot

					
					
						 

					
					
						$10,933.33

				
	
					
						March 1, 2018- February 28, 2019

					
					
						 

					
					
						$20.50 per rentable square foot

					
					
						 

					
					
						$11,206.67

				
	
					
						March 1, 2019 - February 28, 2020

					
					
						 

					
					
						$21.00 per rentable square foot

					
					
						 

					
					
						$11,480.00

				
	
					
						March 1, 2020 - February 28, 2021

					
					
						 

					
					
						$21.50 per rentable square foot

					
					
						 

					
					
						$11,753.33

				
	
					
						March 1, 2021- January 31, 2022

					
					
						 

					
					
						$22.00 per rentable square foot

					
					
						 

					
					
						$12,026.67

				
	
					
						February 1, 2022 - January 31, 2023

					
					
						 

					
					
						$22.00 per rentable square foot

					
					
						 

					
					
						$12,026.67

				
	
					
						February 1, 2023 - January 31, 2024

					
					
						 

					
					
						$22.00 per rentable square foot

					
					
						 

					
					
						$12,026.67

				
	
					
						February 1, 2024 - August 31, 2024

					
					
						 

					
					
						$22.00 per rentable square foot

					
					
						 

					
					
						$12,026.67

				

		
			 
		

		
			
		

		
			

		 

		

			Third Amendment to Sublease Agreement
Page 2 of 7

		

 

		

		
			 
		

			
					
						EXISTING OFFICE PREMISES

					
					
						    

					
					
						 

					
					
						    

					
					
						 

				
	
					
						Lease Month

					
					
						 

					
					
						Annual Base Rent for
Expansion Premises

					
					
						 

					
					
						Monthly Base Rent
for Expansion Premises

				
	
					
						December 1, 2017 - October 31, 2018

					
					
						 

					
					
						$18.50 per rentable square foot

					
					
						 

					
					
						$5,338.79

				
	
					
						November 1, 2018 - November 30, 2019

					
					
						 

					
					
						$18.00 per rentable square foot

					
					
						 

					
					
						$5,194.50

				
	
					
						December 1, 2019 - November 30, 2020

					
					
						 

					
					
						$18.50 per rentable square foot

					
					
						 

					
					
						$5,338.79

				
	
					
						December 1, 2020 - November 30, 2021

					
					
						 

					
					
						$19.00 per rentable square foot

					
					
						 

					
					
						$5,483.08

				
	
					
						December 1, 2021 - November 30, 2022

					
					
						 

					
					
						$19.50 per rentable square foot

					
					
						 

					
					
						$5,627.38

				
	
					
						December 1, 2022 - November 30, 2023

					
					
						 

					
					
						$20.00 per rentable square foot

					
					
						 

					
					
						$5,771.67

				
	
					
						December 1, 2023 - August 31, 2024

					
					
						 

					
					
						$20.50 per rentable square foot

					
					
						 

					
					
						$5,915.96

				

		
			 
		

			
					
						EXPANSION OFFICE PREMISES

					
					
						    

					
					
						 

					
					
						    

					
					
						 

				
	
					
						Lease Month

					
					
						 

					
					
						Annual Base Rent for
Expansion Premises

					
					
						 

					
					
						Monthly Base Rent
for Expansion Premises

				
	
					
						December 1, 2017- October 31, 2018

					
					
						 

					
					
						$0.00 per rentable square foot

					
					
						 

					
					
						$0.00

				
	
					
						November 1, 2018 - November 30, 2019

					
					
						 

					
					
						$18.00 per rentable square foot

					
					
						 

					
					
						$26,926.50

				
	
					
						December 1, 2019 - November 30, 2020

					
					
						 

					
					
						$18.50 per rentable square foot

					
					
						 

					
					
						$27,674.46

				
	
					
						December 1, 2020 - November 30, 2021

					
					
						 

					
					
						$19.00 per rentable square foot

					
					
						 

					
					
						$28,422.42

				
	
					
						December 1, 2021- November 30, 2022

					
					
						 

					
					
						$19.50 per rentable square foot

					
					
						 

					
					
						$29,170.38

				
	
					
						December 1, 2022 - November 30, 2023

					
					
						 

					
					
						$20.00 per rentable square foot

					
					
						 

					
					
						$29,918.33

				
	
					
						December 1, 2023 - August 31, 2024

					
					
						 

					
					
						$20.50 per rentable square foot

					
					
						 

					
					
						$30,666.29

				

		
			 
		

		
			4.          Early Access. Sublandlord shall permit Subtenant to access the Expansion Office Premises prior to the Expansion Office Date for the purpose of making the Expansion Office Premises ready for occupancy and such access shall be subject to all of the provisions of
		

		
			 
		

		
			
		

		
			

		 

		

			Third Amendment to Sublease Agreement
Page 3 of 7

		

 

		

		
			 
		

		
			the Sublease (other than the requirement to pay Rent); provided, however, that the (i) consent of Master Landlord is obtained prior to such access (or any occupancy); and (ii) Subtenant delivers to Sublandlord copies of policies of insurance required under the Sublease or certificates evidencing the existence and amounts of such insurance. Said early access or possession shall not advance the expiration date of the Tenn.
		

		
			 
		

		
			5.          Furniture.  Sublandlord shall leave the furniture located in the Expansion Office Premises as of the Expansion Office Date for Subtenant's use (the "Furniture"). Sublandlord shall have no duty to repair or replace the Furniture during the Term of the Sublease, and Sublandlord makes no representation or warranty as to the quality or condition of the Furniture. On or before November 30, 2019, Subtenant shall pay Sublandlord $12,000.00 in exchange for a bill of sale from Sublandlord conveying the Furniture to Subtenant in its "AS IS" condition.
		

		
			 
		

		
			6.          Permitted Use.  The Existing Office Premises and the Expansion Office Premises may only be used by Subtenant for general office purposes together with related marketing, training and other administrative support services and for no other reason or purpose.
		

		
			 
		

		
			7.          As Is.  The Expansion Office Premises shall be delivered to Subtenant in its present condition, "AS IS" and "WITH ALL FAULTS" as set forth in Section 10 of the Original Sublease. Sublandlord's obligation to install common hallways or other access-ways within the Subleased Premises as set forth in Section 10(b) of the Original Sublease is hereby terminated.
		

		
			 
		

		
			8.          Security Deposit.  Within one (1) business day after the Effective Date, Subtenant shall deposit an additional $32,264.00 with Sublandlord,  which amount shall become part of the Security Deposit.
		

		
			 
		

		
			9.          Parking.  As of the Expansion Office Date, notwithstanding Section 12 of the Original Sublease to the contrary, Subtenant shall be permitted to use 84 uncovered, unreserved parking spaces at $0.00 per month, and 28 covered, reserved parking spaces at
		

		
			$40.00 per space per month. Notwithstanding the foregoing, commencing on the Office Expansion Date and expiring 11 months thereafter, parking charges for 20 of the covered, reserved parking spaces shall be abated.
		

		
			 
		

		
			10.        Master Landlord Consent.  Sublandlord and Subtenant each acknowledge and agree that this Amendment is subject to and conditioned upon the Sublandlord obtaining the prior written consent of Master Landlord in accordance with the terms of the Lease.
		

		
			 
		

		
			11.        Full Force and Effect.  Except as expressly amended by this Amendment, all terms and conditions of the Sublease remain unmodified, in full force and effect.
		

		
			 
		

		
			12.        Broker. The parties acknowledge that they have not dealt with any broker or finder in connection with this Amendment, except David Barrett and Jamie Swirtz, agents for CBRE ("Broker"), and Jim Sadler, agent for Keyser ("Subtenant's Broker"). Sublandlord agrees to pay, pursuant to a separate agreement, any commissions due to Broker and Subtenant's Broker arising in connection with this Amendment. Sublandlord and Subtenant hereby represent and warrant each to the other that they have not employed any agents, brokers or other such parties in connection  with this Amendment,  other than Broker  and Subtenant's Broker,
		

		
			 
		

		
			
		

		
			

		 

		

			Third Amendment to Sublease Agreement
Page 4 of 7

		

 

		

		
			 
		

		
			and each agrees that they shall indemnity and hold the other harmless from and against any and all claims of all other agents, brokers or other such parties claiming by, through or under the respective indemnifying party in connection with this Amendment.
		

		
			 
		

		
			13.        Authority.  Each party represents and warrants that it has due power and lawful authority to execute and deliver this Amendment and to perform its obligations hereunder; and the Sublease and this Amendment are the valid, binding and enforceable obligations of such patty.
		

		
			 
		

		
			
		

		
			

		 

		

			Third Amendment to Sublease Agreement
Page 5 of 7

		

 

		

		
			 
		

		
			IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the Effective Date.
		

		
			 
		

		
			 
		

			
					
						SUBLANDLORD:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						NXP USA, INC.,

					
					
						 

				
	
					
						a Delaware corporation

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Mark Kroeker

					
					
						 

				
	
					
						Name:

					
					
						Mark Kroeker

					
					
						 

				
	
					
						Title:

					
					
						Authorized Representative

					
					
						 

				
	
					
						Date:

					
					
						10-12-2017

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						SUBTENANT:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						EVERSPIN TECHNOLOGIES, INC.,

					
					
						 

				
	
					
						a Delaware corporation

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Jeff Winzeler

					
					
						 

				
	
					
						Name:

					
					
						Jeff Winzeler

					
					
						 

				
	
					
						Title:

					
					
						C.F.O.

					
					
						 

				
	
					
						Date:

					
					
						10-17-2017

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

			Third Amendment to Sublease Agreement
Page 6 of 7

		

 

		

		
			 
		

		
			CONSENT OF LANDLORD TO AMENDMENT TO SUBLEASE
		

		
			 
		

		
			See attached.
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			Third Amendment to Sublease Agreement
Page 7 of 7

		

 

		

		
			 
		

		
			EXHIBIT A
		

		
			 
		

		
			THE SUBLEASED PREMISES
		

		
			 
		

		
			The space identified as "6,560 RSF" on the attached exhibit is the Lab Premises.
		

		
			The space identified as "3,463 RSF" on the attached exhibit is the Existing Office Premises.
		

		
			The space identified as " 17,951 RSF" on the attached exhibit is the Expansion Office Premises.
		

		
			 
		

		
			
		

		
			

		 

		

			Third Amendment to Sublease Agreement
Exhibit A

		

 

		

		
			 
		

		
			
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			Third Amendment to Sublease Agreement
Exhibit A

		

 

		

		
			 
		

		
			CONSENT OF LANDLORD TO THIRD AMENDMENT TO SUBLEASE
		

		
			 
		

		
			KWC Chandler-Midway LLC, an Arizona limited liability company (" Master  Landlord"), as successor to VWP-BV CM 5670,  LLC, a Delaware limited liability company (the "Original Landlord"), hereby consents to the terms and conditions of that certain Third Amendment to Sublease Agreement (the "Third Amendment") by and between NXP USA, Inc., a Delaware corporation ('Sublandlord") and Everspin Technologies,  Inc., a Delaware corporation ("Subtenant"),  subject to the following terms and conditions:
		

		
			 
		

		
			1.          Incorporation of Terms. Capitalized terms used herein and not defined herein shall have the meaning ascribed thereto in the Third Amendment.
		

		
			 
		

		
			2.          Monument Sign.  Attached hereto as Exhibit  A is a copy of that certain Sign Panel License Agreement, dated as  of September 4, 2013, (the "License Agreement") by and between Chandler Midway Corporate Center Condominium Association (the "Association") and the Original Landlord. Attached hereto as Exhibit B is a copy of that certain Monument Sign Agreement, dated December 7, 2016,  by and among the Association, the Original Landlord, VWP-BV Condos, LLC, a Delaware limited liability company, and VWP-BV CM 5710, LLC, a Delaware  limited liability company (the "Monument Sign  Agreement"). "Monument Sign"  shall mean that certain monument sign identified as, and defined as, "Monument Sign" in the Monument Sign Agreement. "Panel" shall have the meaning ascribed thereto in the License Agreement. Notwithstanding the final sentence of Section 39.1 of the Lease, Master Landlord transfers its right to use the Panel pursuant to the License  Agreement to Subtenant (the "Panel  Sign Usage"), subject to the following terms and conditions:
		

		
			 
		

		
			(a)        The Panel Sign Usage shall only apply during such time as Subtenant is subleasing and occupying one hundred percent (100%) of the Premises leased by Sublandlord from Master Landlord under the Lease (subject to any period of non-occupancy as a result of damage or destruction, in which event the terms and provisions of Article 12 of the Lease shall apply to determine the cessation of the period of non-occupancy).
		

		
			 
		

		
			(b)        The Panel Sign Usage shall not be transferable by Subtenant and shall not apply to or be deemed transferred to any other subtenant of Sublandlord without the consent of Master Landlord.
		

		
			 
		

		
			(c)        Subtenant shall comply with all of the terms and provisions of Section 39.1 of the Lease and the License Agreement governing the use of the Panel as set forth therein.
		

		
			 
		

		
			(d)        The original term of the License Agreement (referred to therein as the "Duration of Term") expires December 1, 2023.  Section 3.2 of the License Agreement (as amended pursuant to the Monument Sign Agreement) provides that Master Landlord shall have a right of first refusal (the "ROFR") to extend the term of the License Agreement for four (4) consecutive terms of five (5) years each.  Provided Sublandlord has not exercised its Early Termination Right under Section 2.4 of the Lease to terminate the Lease on May 31,  2022 and the Association complies with the terms and provisions of Section 3.2 governing the ROFR, Master Landlord shall continue to exercise the ROFR during such period that the Lease remains in full force and effect.
		

		
			 
		

		
			(e)        Section 5.1 of the License Agreement (as amended by the Monument Sign Agreement) provides that, commencing December l, 2023, Master Landlord, in its capacity as the Licensee under the License Agreement, pay the Association an annual fee of $2,500.00 (the " Fee"),  due and payable by December 15th of each year.  Provided Sublandlord has not exercised its Early Termination Right under Section 2.4 of the Lease to terminate the Lease on May 31,  2022, on December 1, 2023 and on the first day of December in each succeeding year during the balance of the Term of the Lease, Sublandlord shall pay
		

		
			 
		

		
			
		

		
			

		 

 

		

		
			 
		

		
			Master Landlord the Fee in order that Master Landlord may pay the Association the Fee on or before December 15 th of each such year.
		

		
			 
		

		
			3.          Building Fascia Sign.  Pursuant to Section 39.1 of the Lease, Sublandlord has the right to place one sign on the Building fascia. Subtenant shall be entitled to succeed to Sublandlord's right to place one sign on the Building fascia during such period that Subtenant is subleasing and occupying one hundred percent (100%) of the Premises leased by Sublandlord from Master Landlord under the Lease (subject to any period of non-occupancy as a result of damage or destruction, in which event the terms and provisions of Article 12 of the Lease shall apply to determine the cessation of the period of non-occupancy). Subtenant further acknowledges and agrees that the Building fascia signage Subtenant installs shall be subject to the review and consent of Master Landlord and the City of Chandler, all as more fully set forth in Section 39.1 of the Lease.
		

		
			 
		

		
			4.          Roofing Antennae. To the extent Subtenant desires to install Antennae (as such term is defined in Section 1.4 of the Lease) on the roof of the Building, Subtenant shall comply with all of the terms and conditions set forth in Section 1.4 of the Lease governing the Antennae.
		

		
			 
		

		
			5.          Miscellaneous.
		

		
			 
		

		
			(a)         By consenting to the Third Amendment, Master Landlord is not relieving Sublandlord of any of its obligations, duties, liabilities or responsibilities under the Lease or waiving Master Landlord's rights to enforce the Lease as against Sublandlord.
		

		
			 
		

		
			(b)        Master Landlord reserves all of its rights under the Lease as against Sublandlord and shall not be required under any condition to pursue remedies against the Subtenant prior to, or in conjunction with any actions against Sublandlord under the Lease.
		

		
			 
		

		
			(c)        Contemporaneously with the delivery of this executed Consent, pursuant to Section 14.5 of the Lease Sublandlord will tender to Master Landlord (i) a check in the amount of One Thousand and 00/100 Dollars ($1,000.00), as and for the administrative fee Landlord is entitled to recover in accordance with Article 14.5 of the Lease and (ii) a check in the amount of Seven Hundred Fifty and 00/100 Dollars ($750.00), as and for the legal costs incurred by Master Landlord in the review and approval of the Panel Sign Usage and Building fascia signage requests.
		

		
			 
		

		
			(d)        Sublandlord acknowledges that there exists no default, breach, failure of condition or event of default by Master Landlord under the Lease, nor any event or condition which, with notice or the passage of time, or both, would constitute a default, breach, failure of condition or event of default thereunder, and Master Landlord has, as of the date hereof, complied with all of the terms and conditions of the Lease. In case of any conflict between the provisions of this Consent and the provisions of the Sublease, the provisions of this Consent shall prevail unaffected by the Sublease.
		

		
			 
		

		
			(e)        This Consent may be executed in any number or counterparts, all such counterparts shall be deemed to constitute one and the same instrument, and each such counterpart shall be deemed an original hereof.
		

		
			 
		

		
			[Signature page follows]
		

		
			 
		

		
			
		

		
			

		 

		

			2

		

 

		

		
			 
		

		
			IN WITNESS WHEREOF, the undersigned have executed this Consent of Landlord to Third Amendment to Sublease to be effective as of the date first above written.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						MASTER LANDLORD:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						KWC CHANDLER-MIDWAY LLC,

				
	
					
						 

					
					
						an Arizona limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Kramer-Wilson Company, Inc.,

				
	
					
						 

					
					
						 

					
					
						a Delaware corporation, its Manager

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Kevin Wilson

				
	
					
						 

					
					
						 

					
					
						Its:

					
					
						President

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						SUBLANDLORD:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						NXP USA, INC., a Delaware corporation

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Mark Kroeker

				
	
					
						 

					
					
						 

					
					
						Print Name:

					
					
						Mark Kroeker

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Authorized Representative

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						SUBTENANT:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						EVERSPIN TECHNOLOGIES, INC., a Delaware corporation

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Jeff Winzeler

				
	
					
						 

					
					
						 

					
					
						Print Name:

					
					
						Jeff Winzeler

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						C.F.O.

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			3

		

 

		

		
			 
		

		
			EXHIBIT A
		

		
			 
		

		
			Sign Panel License Agreement
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			 
		

		
			EXHIBIT B
		

		
			 
		

		
			Monument Sign Agreement

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