Document:

Exhibit
10.23

 

SECOND
AMENDMENT TO OFFICE LEASE

 

THIS
SECOND AMENDMENT TO OFFICE LEASE dated February 11, 2020 (this “Second Amendment”) is entered into by and
between G&I VIII WESTCORE WEST WARREN LP, a Delaware limited partnership (“Landlord”), and ENOVIX CORPORATION,
a Delaware corporation (“Tenant”), with reference to the following:

 

R
E C I T A L S

 

WHEREAS,
M West Propco XX, LLC, a Delaware limited liability company (“Original Landlord”), and Tenant entered into that
certain Office Lease dated January 13, 2016 (the “Original Lease”), as amended by that certain First Amendment to
Office Lease dated June 24, 2015 by and between M West Propco – West Warren, LLC, a Delaware limited liability company (“Successor
Landlord”), and Tenant (collectively, the “Lease”), whereby Tenant leases certain premises (the “Original
Premises”) consisting of approximately 52,642 rentable square feet of space located at 3481 and 3501 W. Warren Avenue, Fremont,
California. Landlord is the successor-in-interest to Original Landlord and Successor Landlord under the Lease. All capitalized
terms used herein and not otherwise defined herein shall have the meanings ascribed to such terms in the Lease; and

 

WHEREAS,
Landlord and Tenant desire by this Second Amendment to amend the Lease in order to, among other things, (a) extend the term
of the Lease for an additional one hundred twenty six (126) month period commencing on the Expansion Date (as such term is defined
below), (b) expand the Original Premises leased by Tenant under the Lease to include certain additional premises consisting of
approximately 16,016 rentable square feet commonly known as 46600 Fremont Boulevard, Fremont, California (the “Additional
Premises”), which constitutes the remainder of the Building; (c) provide for the Rent to be paid by Tenant for the Expanded
Premises during the Expanded Premises Term (as such terms are defined below); and (d) further amend, modify and supplement the
Lease as set forth herein.

 

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

 

1.             
Recitals. The Recitals set forth above are incorporated herein as though set forth in full herein.

 

2.             Condition
Precedent. Landlord and Tenant acknowledge that the Additional Premises is currently occupied by another Nachi America
Inc. (the “Existing Tenant”). This Second Amendment is expressly conditioned upon (a) the execution by Landlord and
the Existing Tenant of an agreement terminating the Existing Tenant’s lease of the Additional Premises, upon terms and conditions
acceptable to Landlord in its sole and absolute discretion, and (b) the Existing Tenant’s vacation and surrender of the Additional
Premises to Landlord (collectively, the “Condition Precedent”).

 

3.             
Extension of Lease Term. Notwithstanding anything to the contrary contained in the Lease and subject to the satisfaction
of the Condition Precedent, Landlord and Tenant agree that the Lease Expiration Date shall be extended such that the Lease Term
shall expire on August 31, 2030 (the “New Lease Expiration Date”), unless sooner terminated in accordance with
the terms of the Lease. The period from the Expansion Date through the New Lease Expiration Date shall be referred to herein as
the “Expanded Premises Term.” Tenant acknowledges that Tenant has no option or right to extend the Lease Term beyond
the Expanded Premises Term, except as expressly provided in Section 2.4 of the Original Lease (provided that such option may only
be exercised with respect to the entire Expanded Premises and not a part of the Expanded Premises).

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4.             
Expansion; Description of Premises. Subject to satisfaction of the Condition Precedent, commencing on the date (the
 “Expansion Date”) immediately following the date the Existing Tenant vacates and surrenders the Additional Premises
to Landlord, anticipated to be March 1, 2020, Landlord shall lease to Tenant, and Tenant shall lease from Landlord, the Additional
Premises as shown on Exhibit A attached hereto and incorporated herein by this reference, upon all of the terms and conditions
of the Lease except as otherwise set forth herein. Therefore, the Lease is hereby amended such that, from and after the Expansion
Date, all references in the Lease to the “Premises” shall mean and refer to the entirety of the space in the Original
Premises and the Additional Premises, which is approximately 68,658 rentable square feet and consists of the entire Building (the
entirety of such space is referred to herein as the “Expanded Premises”). Notwithstanding anything to the contrary
contained herein, Landlord shall not be obligated to deliver possession of the Additional Premises to Tenant until Tenant has
provided to Landlord evidence of liability and property insurance coverage covering the Additional Premises pursuant to Article
9 of the Original Lease. Landlord may elect to deliver to Tenant a memorandum or amendment to the Lease setting forth the Expansion
Date, and Tenant shall execute and return such memorandum or amendment to Landlord within ten (10) days after Tenant’s receipt
thereof. If Tenant fails to execute and return the memorandum or amendment within such 10-day period, Tenant shall be deemed to
have approved and confirmed the dates set forth therein, provided that such deemed approval shall not relieve Tenant of its obligation
to execute and return the memorandum or amendment.

 

5.             
Base Monthly Rent for the Expanded Premises. Notwithstanding anything to the contrary contained in the Lease and
in addition to paying all other amounts due under the Lease, including, without limitation, Tenant’s Share of Project Expenses
with respect to the Expanded Premises in accordance with Section 7 below, Tenant shall pay Base Monthly Rent for the Expanded
Premises during the Expanded Premises Term according to the following schedule:

 

	Months of the Expanded Premises Term	 	Base Monthly Rent	 
	1 – 12*	 	$	102,987.00	 
	13 – 24	 	$	106,076.61	 
	25 – 36	 	$	109,258.91	 
	37 – 48	 	$	112,536.68	 
	49 – 60	 	$	115,912.78	 
	61 –72	 	$	119,390.16	 
	73 – 84	 	$	122,971.86	 
	85 – 96	 	$	126,661.02	 
	97 – 108	 	$	130,460.85	 
	109 – 120	 	$	134,374.68	 
	121 – 126	 	$	138,405.92	 

 

	* Subject to abatement of Base Monthly Rent for the Expanded Premises for first six (6) full calendar months of the Expanded Premises Term pursuant to Section 6 below.

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6.              Abatement
of Six (6) Months of Base Monthly Rent for the Expanded Premises. Notwithstanding anything to the contrary contained
in the Lease, Landlord and Tenant hereby agree that for the first six (6) full calendar months of the Expanded Premises Term
(anticipated to be March 1, 2020 through August 31, 2020), the Base Monthly Rent due for the Expanded Premises (i.e.,
$102,987.00 per month) shall be fully abated; provided, that (i) at no time is there an uncured Event of Tenant’s
Default under the Lease, and (ii) Tenant agrees that notwithstanding the foregoing Base Monthly Rent abatement, Tenant shall
observe and perform all of the other terms, covenants and provisions set forth in the Lease and this Second Amendment,
including without limitation, payment of all other monetary obligations required to be paid by Tenant under the Lease,
including, but not limited to, payment of Tenant’s Share of Project Expenses with respect to the Expanded Premises in
accordance with Section 7 below.

 

7.            
Tenant’s Share. Effective as of the Expansion Date and in addition to paying all other amounts due under the Lease,
including, without limitation, the Base Monthly Rent for the Expanded Premises set forth in Section 5 above, Tenant shall pay
Tenant’s Share of Project Expenses allocable to the Expanded Premises in accordance with Section 3.2 of the Original Lease. For
such purpose, effective as of the Expansion Date, Tenant’s Share set forth in Section G of the Summary shall be adjusted to reflect
the Expanded Premises as follows:

 

	“G.          Tenant’s
    Share:

                     (§
    3.2.2.5)
	100.00% of the Building based
    on the ratio that the rentable square footage of the Premises bears to the total rentable square footage in the Building.”

 

8.            
Condition of the Original Premises and the Additional Premises. Tenant acknowledges that it has been and continues
to be in possession of the Original Premises, is familiar with the condition of the Original Premises and accepts the Original
Premises in its presently existing, “as is” condition, with all faults and without representation, warranty or improvements
by Landlord of any kind whatsoever, except as expressly provided in the Lease. Tenant hereby agrees that the Additional Premises
shall be taken “as is”, “with all faults”, “without any representations or warranties,” except
as provided in this Section and the Tenant Work Letter attached as Exhibit B to this Second Amendment. Tenant hereby acknowledges
that it has had an opportunity to investigate and inspect the condition of the Additional Premises and the suitability of same
for Tenant’s purposes, and Tenant does hereby waive and disclaim any objection to, cause of action based upon, or claim that its
obligations hereunder should be reduced or limited because of the condition of the Additional Premises or the suitability of same
for Tenant’s purposes. Tenant acknowledges that neither Landlord nor any agent nor any employee of Landlord has made any representations
or warranty with respect to the Additional Premises or with respect to the suitability of the Additional Premises for the conduct
of Tenant’s business and Tenant expressly warrants and represents that Tenant has relied solely on its own investigation and inspection
of the Additional Premises in its decision to enter into this Second Amendment and let the Additional Premises in an “as
is” condition. No promise of Landlord to alter, remodel, repair, or improve the Original Premises or the Additional Premises
and no representation, express or implied, respecting any matter or thing relating to the Original Premises or the Additional
Premises has been made to Tenant by Landlord or its broker or sales agent other than as may be contained herein. Notwithstanding
the foregoing, certain improvements to the Expanded Premises shall be made in accordance with the Tenant Work Letter attached
as Exhibit B to this Second Amendment.

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9.           
Inspection by a CASp in Accordance with Civil Code §1938. Landlord hereby informs Tenant that the Expanded
Premises have not undergone inspection by a Certified Access Specialist (CASp). The foregoing verification is included in this
Second Amendment solely for the purpose of complying with California Civil Code Section 1938 and shall not in any manner affect
Landlord’s and Tenant’s respective responsibilities for compliance with construction-related accessibility standards as provided
under the Lease. Tenant hereby acknowledges that the Project, the Building and the Expanded Premises have not undergone inspection
by a CASp. As required by Section 1938 of the California Civil Code, Landlord hereby states as follows: “A Certified Access
Specialist (CASp) can inspect the subject premises and determine whether the subject premises comply with all of the applicable
construction-related accessibility standards under state law. Although state law does not require a CASp inspection of the subject
premises, the commercial property owner or lessor may not prohibit the lessee or tenant from obtaining a CASp inspection of the
subject premises for the occupancy or potential occupancy of the lessee or tenant, if requested by the lessee or tenant. The parties
shall mutually agree on the arrangements for the time and manner of the CASp inspection, the payment of the fee for the CASp inspection,
and the cost of making any repairs necessary to correct violations of construction-related accessibility standards within the
premises.” In furtherance of the foregoing, Landlord and Tenant hereby agree that any CASp inspection requested by Tenant
shall be conducted by a CASp inspector approved by Landlord at Tenant’s sole cost and expense and any repairs necessary to correct
violations of construction-related accessibility standards within the Expanded Premises disclosed by such inspection shall be
performed by Tenant at its sole cost and expense.

 

10.         
Insurance. The following parties shall be additional insureds under the liability policies maintained by Tenant relating
to the Premises and the Lease: (i) Landlord, (ii) G&I VIII Fremont Milpitas LLC, (iii) Local Capital Group LLC, (iv) Local
Partners VII LLC, (v) LP VII Manager LLC, (vi) DRA Advisors, LLC, and (vii) CBRE, and their officers, members, managers, directors,
partners and employees.

 

11.         
Parking. Notwithstanding anything in the Lease to the contrary, Tenant shall have the right to use all of the parking
spaces at the Project in connection with the Expanded Premises.

 

12.         
Permitted Sublease. Notwithstanding anything to the contrary contained in the Lease, Tenant shall, upon not less than
five (5) days prior written notice to Landlord (along with any relevant information as may be reasonably required hereunder),
be entitled to sublease to the Existing Tenant a portion of the Expanded Premises not to exceed an aggregate of 1,000 rentable
square feet of the Expanded Premises to be occupied for the use permitted under the Lease and such use and occupancy shall not
require Landlord’s approval, provided such space is not separately demised and that any such use and occupancy by the Existing
Tenant otherwise complies with the provisions of the Lease. Tenant shall nevertheless at all times remain fully responsible and
liable for the payment of rent and the performance and observance of all of Tenant’s obligations under the Lease.

 

13.        
Estoppel. Tenant hereby certifies and acknowledges, that as of the date hereof (a) Landlord is not in default
in any respect under the Lease, (b) Landlord is currently holding a Security Deposit in the amount of $134,956.54 under the Lease,
and (c) there are no offsets against rent payable under the Lease. Tenant acknowledges and agrees that: (i) the representations
herein set forth constitute a material consideration to Landlord in entering into this Second Amendment; (ii) such representations
are being made by Tenant for purposes of inducing Landlord to enter into this Second Amendment; and (iii) Landlord is relying
on such representations in entering into this Second Amendment. 

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14.         
Brokers. Tenant hereby represents and warrants to Landlord that Tenant has not entered into any agreement or taken
any other action which might result in any obligation on the part of Landlord to pay any brokerage commission, finder’s fee or
other compensation with respect to this Second Amendment, other than to CBRE, and Tenant agrees to indemnify and hold Landlord
harmless from and against any losses, damages, costs or expenses (including without limitation, attorneys’ fees) incurred by Landlord
by reason of any breach or inaccuracy of such representation or warranty.

 

15.         
Landlord’s Address for Payment of Rent. Landlord’s address for payment of Rent under the Lease is hereby amended as
follows:

 

Lockbox
Address:        G&I VIII Westcore West Warren LP

                                      PO
Box 398418 

                                      San
Francisco, CA 94139-8418

 

Overnight
Address:      Wells Fargo Lockbox Services, Dept #38418 

                                      3440
Walnut Avenue, Building A, Window H

                                      Fremont,
CA 94538 

                                      Reference:
Tenant ID # CNV ____

 

Electronic
Wiring and ACH Instructions:

 

                                      Wells
Fargo Bank, N. A. 

                                      San
Francisco, CA

                                      ABA
# 121-000-248 

                                      Account
# 4727881906 

                                      Account
Name: G&I VIII Westcore West Warren LP

                                      Reference:
Tenant ID # CNV ____

 

16.         
Landlord’s Address for Notices. Landlord’s address for notices under Section P of the Summary and for all other purposes
under the Lease (except for payment of Rent as provided in Section 14 above) is hereby amended as follows:

 

Notice
Address:            G&I VIII Westcore West Warren LP 

                                      c/o
DRA Advisors LLC 

                                      220
East 42nd Street, 27th Floor

                                      New
York, NY 10017

                                      Attention:
Asset Manager

 

                                      With
copies to:

 

                                      CBRE
Property Management 

                                      225
West Santa Clara Street, 12th Floor

                                      San
Jose, CA 95113 

                                      Attention:
West Warren Property Manager

 

                                      and

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                                      Local
Capital Group

                                      The
Presidio 

                                      572
Ruger Street, Suite A

                                      San
Francisco, CA 94129

                                      Attention:
Dan J. Poritzky

 

                                      and

 

                                      Ziontz
 & Radick LLP

                                      233
Wilshire Blvd. 

                                      Suite
600 

                                      Santa
Monica, CA 90401

                                      Attention:
Mitch Ziontz, Esq.

 

17.         
Ratification. Except as otherwise specifically herein amended, the Lease is and shall remain in full force and effect
according to the terms thereof. In the event of any conflict between the Lease and this Second Amendment, this Second Amendment
shall control.

 

18.         
Attorneys’ Fees. Should either party institute any action or proceeding to enforce or interpret this Second Amendment
or any provision thereof, for damages by reason of any alleged breach of this Second Amendment or of any provision hereof, or
for a declaration of rights hereunder, the prevailing party in any such action or proceeding shall be entitled to receive from
the other party all cost and expenses, including actual attorneys’ and other fees, reasonably incurred in good faith by
the prevailing party in connection with such action or proceeding. The term “attorneys’ and other fees” shall
mean and include attorneys’ fees, accountants’ fees, and any and all consultants’ and other similar fees incurred
in connection with the action or proceeding and preparations therefore. The term “action or proceeding” shall mean
and include actions, proceedings, suits, arbitrations, appeals and other similar proceedings.

 

19.         
Submission. Submission of this Second Amendment by Landlord to Tenant for examination and/or execution shall not in
any manner bind Landlord and no obligations on Landlord shall arise under this Second Amendment unless and until this Second Amendment
is fully signed and delivered by Landlord and Tenant; provided, however, the execution and delivery by Tenant of this Second Amendment
to Landlord shall constitute an irrevocable offer by Tenant of the terms and conditions herein contained, which offer may not
be revoked for thirty (30) days after such delivery.

 

20.         
Counterparts. This Second Amendment may be executed in several counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same agreement.

 

[SIGNATURES
ON NEXT PAGE] 

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IN
WITNESS WHEREOF, this Second Amendment has been executed by the parties as of the date first referenced above.

 

 

	 	“Landlord”
	 	 	 
	 	G&I VIII WESTCORE WEST WARREN
    LP,
	 	a Delaware limited partnership
	 	 	 
	 	By:	G&I
                    VIII Fremont Milpitas, LLC, 

a
Delaware limited liability company,

its
General Partner
 
	 	 	 
	 	 	By:	/s/ Valla
    Brown
	 	 	Name:	Valla Brown
	 	 	Title:	Vice President

  

	 	“Tenant”
	 	 	 
	 	ENOVIX CORPORATION,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Harrold
    Rust
	 	Name:	Harrold
    Rust
	 	Title:	CEO

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EXHIBIT
A

 

OUTLINE
OF ADDITIONAL PREMISES

 

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EXHIBIT
B

 

TENANT
WORK LETTER

 

This
Tenant Work Letter shall set forth the terms and conditions relating to the construction of the improvements in the Expanded
Premises. This Tenant Work Letter is essentially organized chronologically and addresses the issues of the construction of
the Expanded Premises, in sequence, as such issues will arise during the actual construction of the Expanded Premises. All
references in this Tenant Work Letter to Sections of  “this Second Amendment” shall mean the relevant portion of
the sections of the Second Amendment to which this Tenant Work Letter is attached as Exhibit B and of which this Tenant Work
Letter forms a part, all references to the “Lease” shall mean the Lease defined in the Second Amendment, and all
references in this Tenant Work Letter to Sections of “this Tenant Work Letter” shall mean the relevant portion of Sections
1 through 5 of this Tenant Work Letter.

 

SECTION
1

LANDLORD’S
INITIAL CONSTRUCTION IN THE EXPANDED PREMISES

 

1.1          
Base, Shell and Core of the Expanded Premises. Landlord or its predecessors-in-interest have constructed the base,
shell, and core of the Expanded Premises (the “Base, Shell, and Core”). Tenant shall accept the Base, Shell and Core
in their “AS IS” condition, without representation, warranty or any improvements by Landlord except as specifically
set forth in the Second Amendment, the Lease or this Tenant Work Letter.

 

SECTION
2 

EXPANDED
PREMISES IMPROVEMENTS

 

2.1          Expanded
Premises Improvement Allowance. Tenant shall be entitled to a one-time improvement allowance (the “Expanded Premises
Allowance”) of up to One Million Seven Hundred Sixteen Thousand Four Hundred Fifty and No/100 Dollars ($1,716,450.00) for
the costs relating to the design and construction of Tenant’s improvements which are permanently affixed to the Expanded Premises
(the “Expanded Premises Improvements”). The Expanded Premises Improvements shall include, but not be limited to, electrical,
structural, HVAC, emergency power and dry or clean room infrastructure for the Expanded Premises. In no event shall Landlord be
obligated to make disbursements pursuant to this Tenant Work Letter in a total amount which exceeds the Expanded Premises Allowance
for the Expanded Premises Improvements. In the event that the actual cost of the Expanded Premises Improvements is less than the
Expanded Premises Allowance, Tenant shall not be entitled to such excess or any credit, deduction or offset against rent or any
other amounts due under the terms of the Lease. All Expanded Premises Improvements for which the Expanded Premises Allowance has
been made available shall be deemed Landlord’s property under the terms of the Lease.

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2.2
          Disbursement of the Expanded Premises Allowance.

 

                               2.2.1   
Expanded Premises Improvements Allowance Items. Except as otherwise set forth in this Tenant Work Letter, the
Expanded Premises Allowance shall be disbursed by Landlord for costs related to the construction of the Expanded Premises Improvements
and for the following items and costs (collectively, the “Expanded Premises Improvements Allowance Items”) as such
relates to the Expanded Premises Improvements: (i) payment of the fees of the “Architect” and the “Engineers,”
as those terms are defined in Section 3.1 of this Tenant Work Letter, and payment of the fees incurred by, and the cost
of documents and materials supplied by, Landlord and Landlord’s consultants in connection with the preparation and review of the
 “Construction Drawings,” as that term is defined in Section 3.1 of this Tenant Work Letter; (ii) the cost of
any changes in the Base, Shell and Core when such changes are required by the Construction Drawings; (iii) the cost of any
changes to the Construction Drawings or Expanded Premises Improvements required by all applicable building codes (the “Code”);
and (iv) the “Landlord Supervision Fee”, as that term is defined in Section 4.1 of this Tenant Work Letter.

 

 2.2.2     Disbursements.
Not more often than one time per month, Tenant shall deliver to Landlord: (i) a request for payment; (ii) paid receipts evidencing
the labor rendered and materials delivered to the Expanded Premises; (iii) evidence of payment by Tenant of the amount for which
reimbursement is requested; and (iv) executed unconditional mechanics’ lien releases from those “Tenant’s Agents”,
as that term is hereinafter defined, who have performed the Expanded Premises Improvements for which payment is requested, which
releases shall comply with the appropriate provisions, as reasonably determined by Landlord, of applicable laws. Thereafter, Landlord
shall deliver a check to Tenant made payable to Landlord in payment of the lesser of: (A) the amounts so requested by Tenant,
as set forth in this Section 2.2.2. less a ten percent (10%) retention (the aggregate amount of such retentions to be known
as the “Final Retention”), and (B) the balance of any remaining available portion of the Expanded Premises Allowance
(not including the Final Retention), provided that Landlord does not dispute any request for payment based on non-compliance
of any work with the “Approved Working Drawings”, as that term is defined in Section 3.4 below, or due
to any substandard work. Landlord’s payment of such amounts shall not be deemed Landlord’s approval or acceptance of the work
furnished or materials supplied as set forth in Tenant’s payment request. If Tenant has not requested payment of any portion of
the Expanded Premises Allowance by December 31, 2021, then Tenant shall not be entitled to any further payments of, and shall
not have any further right to, such portion of the Expanded Premises Allowance.

 

 2.2.3     Final
Retention. Subject to the provisions of this Tenant Work Letter, a check for the Final Retention payable to Tenant shall
be delivered by Landlord to Tenant following Tenant’s receipt of paid receipts as defined in Section 2.2.2 above, totaling
the amount of the Expanded Premises Allowance, provided that with respect to work for which the Expanded Premises Allowance is
paid (i) Tenant delivers to Landlord properly executed unconditional mechanics’ lien releases in compliance with applicable laws;
(ii) Tenant has satisfied its obligations under Section 4.5 below, and (iii) Landlord has determined that no substandard
work exists which adversely affects the mechanical, electrical, plumbing, heating, ventilating and air conditioning, life safety
or other systems of the Expanded Premises, the curtain wall of the Expanded Premises, or the structure of the Expanded Premises.
Notwithstanding the foregoing, Tenant shall deliver final lien releases in compliance with applicable laws for all Expanded Premises
Improvements promptly upon completion of the Expanded Premises Improvements.

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  2.3
      Standard Leasehold Improvement Package. Landlord has established or may establish specifications
(the “Specifications”) for the Building standard components to be used in the construction of the Expanded Premises
Improvements in the Expanded Premises (collectively, the “Standard Improvement Package”), which Specifications shall
be supplied to Tenant by Landlord. The quality of Expanded Premises Improvements shall be equal to or of greater quality than
the quality of the Specifications, provided that Landlord may, at Landlord’s option, require such improvements to comply
with certain Specifications. Landlord may make changes to the Specifications for the Standard Improvement Package from time to
time.

 

SECTION
3 

CONSTRUCTION
DRAWINGS

 

3.1
        Selection of Architect/Construction Drawings. Tenant shall retain an architect/space
planner, subject to Landlord’s prior approval, which approval shall not be unreasonably withheld or delayed (the “Architect”),
to prepare the “Construction Drawings,” as that term is defined in this Section 3.1. The plans and drawings
to be prepared by Architect and the engineers (“Engineers”) hereunder shall be known collectively as the “Construction
Drawings.” All Construction Drawings shall comply with the drawing format and specifications as determined by Landlord,
and shall be subject to Landlord’s and Tenant’s approval. Tenant and Architect shall verify, in the field, the dimensions
and conditions as shown on the relevant portions of the base building plans, and Tenant and Architect shall be solely responsible
for the same, and Landlord shall have no responsibility in connection therewith. Landlord’s review of the Construction Drawings
as set forth in this Section 3, shall be for its sole purpose and shall not imply Landlord’s review of the same,
or obligate Landlord to review the same, for quality, design, Code compliance or other like matters. Accordingly, notwithstanding
that any Construction Drawings are prepared or reviewed by Landlord or its space planner, architect, engineers and consultants,
and notwithstanding any advice or assistance which may be rendered to Tenant by Landlord or Landlord’s space planner, architect,
engineers, and consultants, Landlord shall have no liability whatsoever in connection therewith and shall not be responsible for
any omissions or errors contained in the Construction Drawings, and Tenant’s waiver and indemnity set forth in the Lease
shall specifically apply to the Construction Drawings.

 

3.2
         Final Space Plan. Within thirty (30) days after execution of this Second
Amendment, Tenant shall supply Landlord with four (4) copies signed by Tenant of its final space plan for the Expanded Premises
before any architectural working drawings have been commenced. The final space plan (the “Final Space Plan”) shall
include a layout and designation of all offices, rooms and other partitioning, their intended use, and equipment to be contained
therein. Landlord may request clarification or more specific drawings for special use items not included in the Final Space Plan.
Landlord shall advise Tenant within thirty (30) days after Landlord’s receipt of the Final Space Plan for the Expanded
Premises if the same is unsatisfactory or incomplete in any respect. If Tenant is so advised, Tenant shall promptly cause the
Final Space Plan to be revised to correct any deficiencies or other matters Landlord may reasonably require.

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3.3         Final
Working Drawings. Upon the approval of the Final Space Plan by Landlord, Tenant shall promptly, and in any event
within thirty (30) days after such approval, cause the Architect and the Engineers to complete the architectural and engineering
drawings for the Expanded Premises Improvements, and the final architectural working drawings in a form which is complete to allow
subcontractors to bid on the work and to obtain all applicable permits (collectively, the “Final Working Drawings”)
and shall submit the same to Landlord for Landlord’s approval. Tenant shall supply Landlord with four (4) copies signed
by Tenant of such Final Working Drawings. Landlord shall advise Tenant within thirty (30) days after Landlord’s receipt
of the Final Working Drawings if the same is unsatisfactory or incomplete in any respect. If Tenant is so advised, Tenant shall
immediately revise the Final Working Drawings in accordance with such review and any disapproval of Landlord in connection therewith.

 

3.4         Permits.
Promptly after approval by Landlord of the Final Working Drawings (the “Approved Working Drawings”), Tenant
shall immediately submit the Approved Working Drawings to the appropriate municipal authorities for all applicable building permits
necessary to allow “Contractor,” as that term is defined in Section 4.1. below, to commence and fully complete
the construction of the Expanded Premises Improvements (the “Permits”), and, in connection therewith, Tenant shall
coordinate with Landlord in order to allow Landlord, at its option, to take part in all phases of the permitting process and shall
supply Landlord, as soon as possible, with all plan check numbers and dates of submittal and obtain the Permits in a timely manner.
Notwithstanding anything to the contrary set forth in this Section 3.4, Tenant hereby agrees that neither Landlord nor
Landlord’s consultants shall be responsible for obtaining any building permit or certificate of occupancy for the Expanded
Premises and that the obtaining of the same shall be Tenant’s responsibility; provided however that Landlord shall, in any
event, cooperate with Tenant in executing permit applications and performing other ministerial acts reasonably necessary to enable
Tenant to obtain any such permit or certificate of occupancy. No changes, modifications or alterations in the Approved Working
Drawings may be made without the prior written consent of Landlord.

 

3.5         Time
Deadlines. Tenant shall use its best, good faith, efforts and all due diligence to cause the Architect and the Engineers
to complete all phases of the Construction Drawings and the permitting process and to receive the permits as soon as possible
after the execution of the Second Amendment, and, in that regard, shall meet with Landlord on a scheduled basis to be determined
by Landlord, to discuss Tenant’s progress in connection with the same.

 

SECTION
4 

CONSTRUCTION
OF THE IMPROVEMENTS

 

4.1         Contractor. A general contractor shall be retained by Tenant to construct the Expanded Premises Improvements. Such general contractor
(“Contractor”) shall be approved in writing by Landlord, such approval not to be unreasonably withheld or delayed.
Promptly after approval by Landlord of the Contractor, Tenant shall cause the Contractor to prepare a construction schedule and
Tenant shall submit the same to Landlord for Landlord’s approval. Landlord shall supervise the construction by Contractor,
and Tenant shall pay a construction supervision fee (the “Landlord Supervision Fee”) to Landlord in an amount equal
to two and one-half percent (2 1⁄2%) of the Expanded Premises Allowance.

    4

     

    

4.2          Competitive
Bidding. Intentionally deleted.

 

4.3         
Tenant’s Agents. All subcontractors, laborers, materialmen, and suppliers used by Tenant (such subcontractors,
laborers, materialmen, and suppliers, and the Contractor to be known collectively as “Tenant’s Agents”) must
be approved by Landlord, which approval shall not be unreasonably withheld or delayed. If Landlord does not approve any of Tenant’s
proposed subcontractors, laborers, materialmen or suppliers, Tenant shall submit other proposed subcontractors, laborers, materialmen
or suppliers for Landlord’s written approval.

 

4.4          Construction
of Expanded Premises Improvements.

 

                                          4.4.1         Tenant’s
Agents.

 

                                                           4.4.1.1
Landlord’s General Conditions for Tenant’s Agents and Expanded Premises Improvements Work. The Expanded
Premises Improvements shall be constructed substantially in accordance with the Approved Working Drawings.

 

                                                           4.4.1.2
Indemnity. Tenant’s indemnity of Landlord as set forth in the Lease shall also apply with respect to any and
all costs, losses, damages, injuries and liabilities related in any way to any act or omission of Tenant or Tenant’s Agents,
or anyone directly or indirectly employed by any of them, or in connection with Tenant’s non-payment of any amount arising
out of the Expanded Premises Improvements and/or any disapproval of all or any portion of any request for payment. Such indemnity
by Tenant, as set forth in the Lease, shall also apply with respect to any cost of the Expanded Premises Improvements in excess
of the Expanded Premises Allowance and all costs, losses, damages, injuries and liabilities related in any way to Landlord’s
performance of any ministerial acts reasonably necessary (i) to permit Tenant to complete the Expanded Premises Improvements,
or (ii) to enable Tenant to obtain any building permit or certificate of occupancy for the Expanded Premises.

 

                                                           4.4.1.3
Requirements of Contractor. The Contractor shall guarantee to Tenant and for the benefit of Landlord that the Expanded
Premises Improvements shall be free from any defects in workmanship and materials for a period of not less than one (1) year from
the date of completion thereof. The Contractor shall be responsible for the replacement or repair, without additional charge,
of all work done or furnished in accordance with its contract and any of its subcontracts that shall become defective within one
(1) year after the completion of the work. The correction of such work shall include, without additional charge, all additional
expenses and damages incurred in connection with such removal or replacement of all or any part of the Expanded Premises Improvements,
and/or the Premises that may be damaged or disturbed thereby. All such warranties or guarantees as to materials or workmanship
of or with respect to the Expanded Premises Improvements shall be contained in the Contract shall be written such that such guarantees
or warranties shall inure to the benefit of both Landlord and Tenant, as their respective interests may appear, and can be directly
enforced by either. Tenant covenants to give to Landlord any assignment or other assurances which may be necessary to effect such
right of direct enforcement.

    5

     

    

                                                           4.4.1.4
  Insurance Requirements.

 

                                                                        4.4.1.4.1      
General Coverages. The Contractor shall carry worker’s compensation insurance covering all of their respective
employees, and shall also carry public liability insurance, including property damage, all with limits, in form and with companies
as are required by be carried by Tenant as set forth in the Lease. The Contractor shall submit to Landlord a Certificate of Insurance
naming Landlord as additional insured.

 

                                                                        4.4.1.4.2      
Special Coverages. Tenant shall carry “Builder’s All Risk” insurance in an amount to be approved
by Landlord covering the construction of the Expanded Premises Improvements, and such other insurance as Landlord may require,
it being understood and agreed that the Expanded Premises Improvements shall be insured by Tenant pursuant to the Lease immediately
upon completion thereof. Such insurance shall be in amounts and shall include such extended coverage endorsements as may be reasonably
required by Landlord including, but not limited to, the requirement that all of Tenant’s Agents shall carry excess liability
and Products and Completed Operation Coverage insurance, in amounts, in form and with companies as are required to be carried
by Tenant as set forth in the Lease.

 

                                                                        4.4.1.4.3
      General Terms. Certificates for all insurance carried pursuant to this Section 4.4.1.4 shall be delivered to
Landlord before the commencement of construction of the Expanded Premises Improvements and before the Contractor’s equipment
is moved onto the site. All such policies of insurance must contain a provision that the company writing said policy will give
Landlord thirty (30) days prior written notice of any cancellation or lapse of the effective date or any reduction in the amounts
of such insurance. In the event that the Expanded Premises Improvements are damaged by any cause during the course of the construction
thereof, Tenant shall immediately repair the same at Tenant’s sole cost and expense. The Contractor shall maintain all of
the foregoing insurance coverage in force until the Expanded Premises Improvements are fully completed and accepted by Landlord,
except for any Products and Completed Operation Coverage insurance required by Landlord, which is to be maintained for ten (10)
years following completion of the work and acceptance by Landlord and Tenant. All policies carried under this Section 4,4,1.4
shall insure Landlord and Tenant, as their interests may appear as well as Contractor and Tenant’s Agents. All insurance,
except Worker’s Compensation, maintained by Tenant’s Agents shall preclude subrogation claims by the insurer against
anyone insured thereunder. Such insurance shall provide that it is primary insurance as respects the owner and that any other
insurance maintained by owner is excess and noncontributing with the insurance required hereunder. The requirements for the foregoing
insurance shall not derogate from the provisions for indemnification of Landlord by Tenant under Section 4.4.1.2 of this
Tenant Work Letter.

 

4.4.2
     Governmental Compliance. The Expanded Premises Improvements shall comply in all respects with
the following: (i) state, federal, city or quasi-governmental laws, codes, ordinances and regulations, as each may apply according
to the rulings of the controlling public official, agent or other person; (ii) applicable standards of the American Insurance
Association (formerly, the National Board of Fire Underwriters) and the National Electrical Code; and (iii) building material
manufacturer’s specifications. 

    6

     

    

4.4.3      Inspection
by Landlord. Landlord shall have the right to inspect the Expanded Premises Improvements at all times during construction,
provided however, that Landlord’s failure to inspect the Expanded Premises Improvements shall in no event constitute a waiver
of any of Landlord’s rights hereunder nor shall Landlord’s inspection of the Expanded Premises Improvements constitute
Landlord’s approval of the same. Should Landlord disapprove any portion of the Expanded Premises Improvements, Landlord
shall timely notify Tenant in writing of such disapproval and shall specify the items disapproved. Any defects or deviations in,
and/or disapproval by Landlord of, the Expanded Premises Improvements shall be rectified by Tenant at no expense to Landlord,
provided however, that in the event Landlord determines that a defect or deviation exists or disapproves of any matter in connection
with any portion of the Expanded Premises Improvements and such defect, deviation or matter might adversely affect the mechanical,
electrical, plumbing, heating, ventilating and air conditioning or life-safety systems of the Premises, Landlord may take such
action as Landlord deems necessary, at Tenant’s expense and without incurring any liability on Landlord’s part, to
correct any such defect, deviation and/or matter, including, without limitation, causing the cessation of performance of the construction
of the Expanded Premises Improvements until such time as the defect, deviation and/or matter is corrected to Landlord’s
satisfaction.

 

4.5
          Notice of Completion; Copy of Record Set of Plans. Within ten
(10) days after completion of construction of the Expanded Premises Improvements, Tenant shall cause a Notice of Completion to
be recorded in the office of the Recorder of the county in which the Expanded Premises are located in accordance with applicable
laws, and shall furnish a copy thereof to Landlord upon such recordation. If Tenant fails to do so, Landlord may execute and file
the same on behalf of Tenant as Tenant’s agent for such purpose, at Tenant’s sole cost and expense. At the conclusion
of construction, (i) Tenant shall cause the Architect and Contractor (A) to update the Approved Working Drawings as necessary
to reflect all changes made to the Approved Working Drawings during the course of construction, (B) to certify to the best of
their knowledge that the “record-set” of as-built drawings are true and correct, which certification shall survive
the expiration or termination of the Lease, and (C) to deliver to Landlord two (2) sets of copies of such record set of drawings
within ninety (90) days following issuance of a certificate of occupancy for the Expanded Premises, (ii) Tenant shall deliver
to Landlord a copy of all warranties, guaranties, and operating manuals and information relating to the improvements, equipment,
and systems in the Expanded Premises, and (iii) Tenant shall deliver to Landlord the original signed permit card, indicating final
approval by all applicable departments.

 

SECTION
5 

MISCELLANEOUS

 

5.1
         Tenant’s Representative. Tenant has designated Harrold Rust as
its sole representative with respect to the matters set forth in this Tenant Work Letter, who, until further notice to Landlord,
shall have full authority and responsibility to act on behalf of the Tenant as required in this Tenant Work Letter.

 

5.2         Landlord’s
Representative. Prior to the commencement of construction of the Expanded Premises Improvements, Landlord shall designate
a representative with respect to the matters set forth in this Tenant Work Letter, who, until further notice to Tenant, shall
have full authority and responsibility to act on behalf of the Landlord as required in this Tenant Work Letter.

    7

     

    

5.3
         Time of the Essence in This Tenant Work Letter. Unless otherwise indicated,
all references herein to a “number of days” shall mean and refer to calendar days. In all instances where Tenant is
required to approve or deliver an item, if no written notice of approval is given or the item is not delivered within the stated
time period, at Landlord’s sole option, at the end of such period the item shall automatically be deemed approved or delivered
by Tenant and the next succeeding time period shall commence.

 

5.4
        Tenant’s Lease Default. Notwithstanding any provision to the contrary
contained in the Lease, if a default by Tenant under this Tenant Work Letter or the Lease beyond any applicable notice and cure
period has occurred at any time on or before the substantial completion of the Expanded Premises Improvements, then (i) in addition
to all other rights and remedies granted to Landlord pursuant to the Lease, Landlord shall have the right to withhold payment
of all or any portion of the Expanded Premises Allowance and (ii) all other obligations of Landlord under the terms of this Tenant
Work Letter shall be forgiven until such time as such default is cured pursuant to the terms of the Lease.

    8Exhibit 10.24

 

Amendment
to

 

INSIDER
LETTER

 

This AMENDMENT TO THE INSIDER
LETTER (the “Amendment”), dated as of May ___, 2021, by and among RODGERS SILICON
VALLEY ACQUISITION CORP., a Delaware corporation (“Company”) and each stockholder identified on the signature pages hereto.
Capitalized terms used herein and not otherwise defined herein shall have the meaning ascribed to them in the Insider Letter, dated as
of December 1, 2020 (the “Insider Letter”), by and among the Company, the Sponsor and the Insiders.

 

W I
T N E S S E T H :

 

		A.	The Company, the Sponsor and the Insiders entered into the Insider Letter.

 

		B.	The Company, the Sponsor and the Insiders desire to make an amendment to the Insider Letter as set forth
in this Amendment.

 

The parties hereto accordingly
agree as follows:

 

		1.	Amendment.

 

Section 7.(a) of the Insider
Letter is hereby deleted and the following is inserted in its place:

 

“7. (a) The Sponsor and each
Insider agrees that it, he or she shall not Transfer any Founder Shares until the earlier of (A) one year after the completion of
the Company’s initial Business Combination or (B) subsequent to the Company’s initial Business Combination, (x) if
the last reported sale price of the Common Stock equals or exceeds $14.00 per share (as adjusted for stock splits, stock dividends, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Company’s
initial Business Combination or (y) the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization
or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of Common
Stock for cash, securities or other property (the “Founder Shares Lock-up Period”).”

 

2.            No
Other Amendments. Except for the amendments expressly set forth in this Amendment, the Insider Letter shall remain unchanged and in
full force and effect.

 

3.            Entire
Agreement. The Insider Letter (as amended by this Amendment), sets forth the entire agreement of the parties hereto with respect to
the subject matter hereof and thereof, and there are no restrictions, promises, representations, warranties, covenants or undertakings
with respect to the subject matter hereof or thereof, other than those expressly set forth in the Insider Letter (as amended by this Amendment).
The Insider Letter (as amended by this Amendment) supersedes all prior and contemporaneous understandings and agreements related thereto
(whether written or oral), all of which are merged herein.

 

4.            Governing
Law. This Amendment shall for all purposes be deemed to be made under and shall be construed in accordance with the laws of the State
of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another
jurisdiction. Each of the parties hereby agrees that any action, proceeding, or claim against it arising out of or relating in any way
to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern
District of New York, and irrevocably submits to such personal jurisdiction, which jurisdiction shall be exclusive. Each of the parties
hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.

 

     

     

    

 

5.            Severability.
A determination by a court or other legal authority of competent jurisdiction that any provision of this Amendment is legally invalid
shall not affect the validity or enforceability of any other provision hereof. The parties hereto shall cooperate in good faith to substitute
(or cause such court or other legal authority to substitute) for any provision so held to be invalid a valid provision, as alike in substance
to such invalid provision as is lawful.

 

6.            Counterparts;
Facsimile Signatures. This Amendment may be executed in counterparts, each of which shall constitute an original, but all of which
shall constitute one agreement. This Amendment shall become effective upon delivery to each party hereto an executed counterpart or the
earlier delivery to each party hereto an original, photocopied, or electronically transmitted signature pages that together (but
need not individually) bear the signatures of all other parties.

 

7.            Captions.
Captions are not a part of this Amendment, but are included for convenience, only.

 

8.            Further
Assurances. Each party hereto shall execute and deliver such documents and take such action, as may reasonably be considered within
the scope of such party’s obligations hereunder, necessary to effectuate the transactions contemplated by this Amendment.

 

[Signature page follows.]

 

    2

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Amendment to be duly executed by their respective authorized signatories as of the date first indicated above.

 

	 	SPONSOR
	 	 
	 	Rodger Capital, LLC
	 	 
	 	By:	                
	 	Name: Thurman J. Rodgers
	 	Title: Manager
	 	 
	 	INSIDERS
	 	 
	 	Name: Emmanuel T. Hernandez
	 	 
	 	 
	 	Name: Lisan Hung
	 	 
	 	 
	 	Name: Steven J. Gomo
	 	 
	 	 
	 	Name: John D. McCranie
	 	 
	 	 
	 	Name: Joseph I. Malchow
	 	 
	 	ACKNOWLEDGED AND AGREED:
	 	 
	 	RODGERS SILICON VALLEY ACQUISITION CORP.
	 	 
	 	 
	 	Name: Thurman J. Rodgers

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